Full text of Economic Indicators : June 1982

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Congress, 2d Session

Economic Indicators
JUNE 1982

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1982

St

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
FREDERICK W. RICHMOND (New York)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)

SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)

JAMES K. GALBRAITH, Executive Director

COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $2.75 a single copy
($3.45 foreign), or by subscription at $21.00 per year ($26.25 for foreign mailing)
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter of 1982, gross national product was unchanged from its fourth
quarter level. Real output (GNP adjusted for price changes) fell 3.7 percent, annual rate, and the implicit price
deflator rose at a 3.8 percent annual rate.
BILLIONS OF DOLLARS

(RATIO SCALE]

BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES

3,000

3,000

2,800

2,800
2,600

2; 600
GNP
- IN CURRENT DOLLARS -

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

GNP
IN 1972 DOLLARS
1,200

1975

1974

1979

1978

1976

1980

1982

1981

COUNCIL OF ECONOMfC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Period

Gross
national
product

Gross
private
domestic
investment

672.2

4.1

68.8

.7
14.2
13.4
26.8
13.8
-4.2
-.6
13.4
23.3
26.0

77.5
109.6
146.2
154.9
170.9
183.3
219.8
281.3
339.8
367.3

Federal
Net

exports

72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
154.3

1,070.0
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,897.0
2,133.9
2,396.4
2,632.0
2,909.4

194.9
212.0

131.4
141.6

63.5
70.4

338.6
346.6

2,653.4
2,748.0

576.5
577.4
588.9
622.0

221.6
219.5
226.4
253.3

145.2
148.2
154.1
169.7

76.4
71.3
72.2
83.5

354.9
357.9
362.5
368.7

2,848.5
2,862.5
2,937.6
2,989.0

626.4

253.6

169.7

83.9

372.8

3,035.3

29.2
20.8
29.3
24.7

367.4
368.2
368.0
365.6

338.2
347.5
338.7
341.0

31.5

356.9

325.4

377.1
397.7

44.5
23.3

1981: I
II
Ill
IV

2,853.0
2,885.8
2,965.0
2,998.3

1,810.1
1,829.1
1,883.9
1,908.3

437.1
458.6
463.0
443.3

1982:

2,998.4

1,946.7

393.8

State and
local

138.7
151.4
168.5
193.1
217.2
232.9
250.6
279.2
305.9
335.8
361.0

533.5
558.6

1,682.2
1,751.0

64.7
76.7
95.4
132.8
128.1
157.1

Nondefense
26.0
28.5
29.1
33.9
39.7
43.2
50.6
53.4
56.7
67.2
75.9

297.9
322.7

2,637.3
2,730.6




National
defense

342.4
346.1

1980: III
IV

Source: Department of Commerce, Bureau of Economic Analysis.

Total

187.5
220.4
267.9
316.5
341.3

1975
1976
1977
1978
1979
1980
1981

888.1
976.4
1,084.3
1,205.5
1,348.7
1,510.9
1,672.8
1,857.8

I

Imports

96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
230.2

166.4
195.0
229.8
228.7
206.1
257.9
322.3
375.3
415.8
395.3
450.5

737.1
812.0

Exports

234.9
253.1
270.4
304.1
339.9
362.1
394.5
432.6
473.8
534.7
591.2

1,077.6
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.0
2,156.1
2,413.9
2,626.1
2,925.5

1971
1972
1973
1974

Gover iment purch ises of
goo ds and sem ces

Exports arid imports of goods and
services

Personal
consumption
expenditures

70.2
73.1

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Gross
national
product

Period

Personal
consumption
expenditures

Ex ports of goo ds
and services

jrross private
dom estic investirlent

Governm ;nt purchases of goods
and services
Final

Change
XT

dential
fixed

Residential fixed

business
inventories

Net
exports

Exports

Imports

Total

1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

1,122.4
1,185.9
1,255.0
1,248.0
1,233.9
1,300.4
1,371.7
1,436.9
1,483.0
1,480.7
1,510.3

696.8
737.1
768.5
763.6
780.2
823.7
863.9
904.8
930.9
935.1
958.9

112.2
121.0
138.1
135.7
119.3
125.6
140.6
153.4
163.3
158.4
162.4

53.7
63.8
62.3
48.2
42.2
51.2
60.6
62.4
59.1
48.1
45.2

8.1
10.2
17.2
11.6
6.7
7.8
12.3
14.0
10.2
2.9
7.1

1.6
.7
15.5
27.8
32.2
25.4
21.9
24.6
37.7
52.0
44.9

71.0
77.5
97.3
108.5
103.6
110.1
113.2
127.5
146.9
161.1
160.4

69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109.1
115.5

250.1
253.1
253.5
261.2
266.7
266.8
272.3
277.8
281.8
290.0
291.7

1980: III
IV

1,471.9
1,485.6

930.8
946.8

155.5
157.0

44.7
50.6

-5.0
-7.2

57.6
48.5

160.5
157.4

102.8
108.9

1981: I
II
Ill
IV

1,516.4
1,510.4
1,515.8
1,498.4

960.2
955.1
962.8
957.5

162.0
161.1
163.9
162.7

51.0
47.8
42.7
39.4

1.4
10.8
14.9
4.2

50.9
46.2
43.2
39.2

162.5
161.5
160.1
157.4

1982:

1,484.5

965.4

163.0

38.4

39.3

152.1

I

-17.1

Federal

103.7
101.7
95.9
96.6
97.4
96.8

State and
local

146.4
151.4
157.6
164.5

100.7
99.8
101.7
108.1
111.5

169.3
170.0
171.6
178.0
180.1
181.9
180.2

1,114.3
1,175.3
1,237.7
1,236.8
1,240.4
1,292.6
1,359.7
1,422.9
1,472.9
1,483.6
1,503.2

288.2
289.8

106.9
107.4

181.3
182.4

1,476.9
1,492.7

111.6
115.4
116.9
118.2

293.6
289.5
288.3
295.4

111.2
108.7
109.6
116.6

182.5
180.7
178.8
178.8

1,517.8
1,499.6
1,500.9
1,494.2

112.8

295.5

117.7

177.8

1,501.6

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]

Period

1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

Gross
national
product

Personal c jnsumption
expem itures
Total

Durable
goods

96.01
100.00
105.69
114.92
125.56
132.11
139.83
150.05
162.77
177.36
193.71

96.5
100.0
105.7
116.3
125.2
131.6
139.5
149.1
162.3
178.9
193.7

99.0
100.0
101.7
108.2
117.3
123.9
129.2
136.2
144.8
156.0
166.4

Nondurable goods

96.6
100.0
108.3
123.1
132.1
137.0

Gross priva te domestic
mves ,ment
Services

Exports a id imports
of goods a id services

N
dential
fixed

Exports

Residential fixed

Imports

Government purchases
of goods a ad services
Federal

State and
local

153.2
169.8
188.6
202.4

95.6
100.0
104.7
113.0
121.6
129.6
139.9
150.1
162.1
178.1
195.2

96.2
100.0
103.8
115.4
132.2
138.6
146.2
157.7
171.3
186.8
202.5

94.8
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.6
233.3

97.0
100.0
112.7
134.7
149.6
155.2
161.9
172.4
191.5
211.0
229.0

93.3
100.0
116.7
164.6
179.5
185.5
205.4
214.0
245.4
290.1
295.5

92.7
100.0
106.3
114.9
126.0
133.5
142.9
153.7
165.1
183.9
206.4

94.7
100.0
106.9
117.4
128.3
137.0
146.0
156.9
169.8
184.7
200.3

USA

1980:

III
IV

179.18
183.81

180.7
184.9

157.5
160.5

190.0
195.2

180.3
184.3

189.1
192.4

221.9
223.3

213.4
219.9

289.7
296.4

182.4
197.4

186.7
190.0

1981:

I
II
Ill
IV

188.14
191.06
195.61
200.10

188.5
191.5
195.7
199.3

162.3
165.4
168.3
170.1

199.2
200.4
203.7
206.2

188.4
192.2
197.6
202.3

195.0
201.4
204.5
208.9

228.7
231.8
235.4
238.8

226.1
228.0
229.8
232.2

303.1
301.2
289.8
288.5

199.4
201.9
206.6
217.2

194.5
198.0
202.8
206.2

201.99

201.7

171.8

207.2

206.2

207.6

239.9

234.7

288.5

215.5

209.7

1982: I

Source: Department of Commerce, Bureau of Economic Analysis.




CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Persona! consumption e xpenditures

Ore ss national pr jduct

Period

Current
dollars

1970

5.2
8.6

1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1980:
1981:

1982:

10.1
11.8

8.1
8.0
10.9
11.6
12.4
12.0
8.8
11.4

Constant
(1972)
dollars

Implicit
price
deflator

Chain price
index

5.9
9.1
9.2
5.7
6.2
7.5
8.7
8.6
9.3

10.7

9.3
10.5

9.0
10.4

9.8
7.7
10.0
8.6
5.2

9.2

2.4
3.8

I

19.2
4.7
11.4
4.6

8.6
-1.6

-4.5

9.8
6.4
9.9
9.5

.0

-3.7

3.8

I

1.4

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

Fixedweighted
price index

(1972

5.8
4.3
-.6
2.2
5.6
4.9
4.7
2.9
.5
2.5

4.6
4.3
3.7
5.7
10.1
7.6
5.2
6.0
6.8
8.9
10.2
8.3

4.6
4.3
3.6
6.0
10.3
7.7
5.3
6.3
7.1
9.3
10.6
9.0

4.5
4.2
3.5
6.0
10.4
7.8
5.3
6.3
7.2
9.6
11.0
9.1

14.3
17.4

5.1
7.0

8.8
9.7

9.5
10.1

9.5
10.1

10.2
7.9
9.5
8.6

14.2
4.3
12.5
5.3

5.8
2.1
3.3

8.0
6.5
9.0
7.7

10.3
6.5
8.7
7.4

10.9
6.5
8.2
7.2

5.0

8.3

4.8

5.5

5.1

5.3
4.9
4.1

11.8
14.9

Chain price
index

weights)

6.9
8.1
9.6
10.2
9.4
9.9
11.0
11.2
11.9
12.0
10.7
11.1

5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
9.2

Implicit
price
deflator

Constant
(1972)
dollars

Current
dollars

5.2
4.8
4.0
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
9.4

-0.2
3.4
5.7
5.8
-.6
-1.1
5.4
5.5
4.8
3.2
-.2
2.0

HI
IV

n
rn
rv

Fixedweighted
price index
(1972
weights)

2.2
3.7

-2.2

3.4

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]

Current-dollar cc st and profit per unit of output (dollars)>

Gross ( omestie
product of lonfinancial
corporate business
(billions c f dollars)
Period
Current
dollars

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

1972
dollars

563.7
609.9
678.0
759.4

599.6
626.8
678.0

818.9

708.2
694.2
745.5
799.0

Total
cost and
profit 2

Capital
consumption
allowances
with
capital
consumption
adjustment

Indirect
business
taxes 3

Compensation of
employ-

Corporate profits with inventory
valuation imd capital ec nsumption
adjustments
Net
interest

Total

0.940

0.087

.091
.092
.093
.112
.137
.141
.146
.153
.169
.191
.208

0.106
.113
.113
.114
.127
.140
.141
.144
.148
.153
.176
.204

0.631
.641

0.028

0.088

.659
.692
.786
.837
.878
.924
.996
1.092
1.196
1.285

.029
.028
.031
.042
.044
.040
.042
.044
.052
.065
.072

.099
.107
.107
.090
.124
.144
.158
.163
.157
.143
.163

1981:

873.3
867.2
896.6

HI
IV

1,537.7
1,604.7

860.4
876.9

1.787
1.830

.196
.197

.181
.188

1.203
1.230

.067
.068

.141
.146

I

1,690.1
1,716.3
1,760.3
1,764.8

901.0
901.2
901.1

IV

1980:

890.0
1,001.3
1,129.5
1,270.7
1,417.0
1,535.2
1,732.9

.973
1.000
1.038
1.156
1.282
1.343
1.414
1.504
1.623
1.770
1.933

883.0

1.876
1.904
1.954
1.999

.197
.204
.211
.222

.199
.202
.206
.211

1.244
1.266
1.295
1.336

.067
.070
.073
.077

I

1,761.8

875.4

2.013

.228

.207

1.361

.081

II
Ill

1982:

731.9

845.1

1
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.




3
4

Profits
tax
liability

0.045
.047

.049
.055
.059
.059
.071
.074
.080
.080
.073
.066

Output
of all
employees (1972

after tax s

0.043
.052
.058
.053
.030

Compensation per
hour of
all
employees
(dollars)

7.126
7.467
7.688

7.891
7.622

7.881
8.132

4.498
4.788
5.068
5.458
5.989
6.596

.065
.073
.084
.083
.077
.070
.098

8.348
8.384
8.384
8.432
8.638

10.085
11.097

.070
.075

.071
.071

8.496
8.496

10.218
10.450

.169
.163
.169
.153

.076
.064
.066
.057

.093
.098
.103
.096

8.633
8.679
8.667
8.544

10.743
10.984
11.226
11.415

.136

.039

.096

8.538

11.653

7.138
7.713
8.347

9.159

Indirect business tax and nontax liability plus business transfer payments less subsidies.
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
employees 1

Proprietors' income with
inventory v£iluation and
capital co isumption
adjust ments

Farm

Nonfarm

1974
1975
1976
1977
1978
1979
1980
1981

871.5
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,546.5
1,745.4
1,963.3
2,121.4
2,347.2

718.0
801.3
877.5
931.4
1,036.3
1,152.3
1,299.7
1,460.9
1,596.5
1,771.6

15.0
18.7
32.8
26.5
24.6
19.1
18.4
26.1
30.8
23.4
22.4

61.0
62.2
65.4
75.0
85.1
91.0
100.7
107.2
112.4

1980: HI
IV

2,122.4
2,204.8

1,597.4
1,661.8

22.1
22.5

1981: I

2,291.1
2,320.9
2,377.6
2,399.1

1,722.4
1,752.0
1,790.7
1,821.3

1982: I

2,398.0

1,844.7

1971
1972
1973

n
ra
rv

1

652.2

Corporate p rofits with inv antory valuatio n and capital consumption
adjustments

Eental
income of
persons
with
capital
consumption
adjustment

Profits v. ith inventory valuation
adjustmt nt and withou t capital
cons imption adjust ment

Net
interest

adjustment

125.6
136.7
132.1
166.3
192.6
223.3
255.4
245.5
233.3

-4.6
-6.6
-20.0
-40.0
-11.6
-14.7
-15.8
-24.3
-42.6
-45.7
-27.7

1.3
2.7
2.7
-1.8
-10.1
-13.5
-12.0
-13.5
-15.9
-17.2
-13.9

46.5
51.2
60.2
76.1
84.5
87.2
100.9
115.8
143.4
179.8
215.4

195.9
201.0

237.6
249.5

-41.7
-48.4

-17.9
-17.8

185.3
193.3

203.0
190.3
195.7
177.6

217.7
205.1
209.1
190.4

257.0
229.0
234.4
212.8

-39.2
-24.0
-25.3
-22.3

-14.7
-14.7
-13.4
-12.8

200.8
211.0
220.2
229.7

152.2

161.9

171.8

-9.9

-9.7

238.6

83.2

82.0

23.5
23.0
23.5
25.1
27.4
30.5
31.8
33.6

94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8
205.6

107.6
111.6

32.0
32.4

177.9
183.3

18.9
21.7
24.7
24.4

113.2
112.5
112.4
111.5

32.7
33.3
33.9
34.5

16.9

110.7

34.8

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

Inventory
valuation
adjustment

Profits

Total

96.6
108.3
94.9
110.5
138.1
164.7
185.5
196.8
182.7
191.7

54.4
58.1

Capital
consump-

Total

20.2
21.0
22.6

86.6
100.6

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondura )le goods

Durable goods
Period

Total
personal
consumption
expenditures

278.8
300.6
333.4
373.4
407.3
441.7
479.0
529.8
602.2
675.7
743.2

144.2
154.9

50.6
55.4

172.1
193.7
213.6
230.6
250.3
276.4
312.1
345.7
382.0

45.4
52.4

123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.9
232.0

57.1
50.4
55.8
72.6
85.0
94.3
95.5
89.9
98.3

37.2
41.7
47.1
50.6
53.5
59.1
65.8
72.9
81.1
84.6
92.6

HI
IV

1,682.2
1,751.0

208.8
223.3

87.0
94.6

84.6
88.9

674.2
703.5

I

1,810.1
1,829.1
1,883.9
1,908.3

238.3
227.3
236.2
226.4

105.4
93.4
101.6
92.8

92.3
92.4
93.2
92.6

1,946.7

237.4

103.4

90.6

n
m
IV

1982: I
1

Total
nondurable
goodsl

97.2
111.1

1973
1974
1975
1976
1977
1978
1979
1980
1981

1981:

Motor
vehicles
and parts

672.2
737.1
812.0
888.1
976.4
1,084.3
1,205.5
1,348.7
1,510.9
1,672.8
1,857.8

1971
1972

1980:

Total
durable
goods 1

Furniture
and
household
equipment

Total includes other items not shown separately.




Food

Clothing
and shoes

Gasoline
and oil

Services

Retail sal es of new
passeng er cars
(millions of units)
Domestics

Imports

61.4
64.8
69.6
75.3
82.1
91.9
98.9
104.8
115.9

23.9
25.4
28.6
36.6
40.4
44.0
48.2
52.7
68.4
89.0
94.6

325.3
355.2
393.2
437.0
485.7
547.7
619.6
696.3
785.2
882.6

8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2

1.6
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3

347.7
360.4

105.3
109.4

85.3
90.5

799.2
824.2

6.4
6.6

2.3
2.5

726.0
735.3
751.3
760.3

372.5
377.8
386.5
391.1

113.4
115.8
117.5
117.0

93.5
92.4
95.1
97.4

845.8
866.5
896.4
921.5

7.4
5.6
6.9
5.2

2.7
2.2
2.2
2.2

762.4

396.5

118.4

95.3

946.9

6.0

2.3

296.2

Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $16.6 billion (annual rate) in May following a rise of $8.7 billion in April. Wages and salaries
rose $7.8 billion in May, compared with a decline of $2.3 billion in April. Personal interest income rose $4.2 billion
in May and transfer payments $4.3 billion.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)
2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,400

1,400

1,200

1,200
1,000

1,000
WAGE AND SALARY DISBURSEMENTS

800

800

600
, ..« • "
„.. • " "
OTHER INCOME
»««•"'*''"*

....^

400

400

TRANSFER
PAYMENTS

\
200

200

1(50

160

120

120

100

100

I I II II

80
1974

1975

1976

I II III

I I II I I I I I I

1977

I I I I I I I II
1979

1978

I I II I I 1 1

i111111111

INI!

1980

1981

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE

80

1982

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor $' income 3
Period

salary
disbursements *

Other labor
income 1 2

Rental
income of
persons 4

Personal
dividend
income

23.5
23.0

29.1
29.9

26.1
30.8
23.4
22.4

85.1
91.0
100.7
107.2
112.4

23.5
25.1
27.4
30.5
31.8
33.6

Farm

Nonfarm

1,391.2
1,538.0
1,721.8
1,943.8
2,160.2
2,404.1

1974
1975
1976

765.7
806.4
889.9
983.8
1,105.2
1,236.1
1,343.7
1,482.7

89.0
102.2
118.6
137.1
154.1

2,367.4
2,384.3
2,419.2
2,443.4
2,462.6
2,475.2
2,492.4
2,492.0

1,467.3
1,473.9
1,484.9
1,500.3
1,510.3
1,517.5
1,527.7
1,522.4

151.6
153.0
154.8
156.3
157.8
159.2
160.4
161.7

21.7
23.2
24.4
25.2
24.4
24.9
24.7
23.7

112.2
112.2
112.2
112.4
112.5
111.9
111.4
111.0

2,497.9
2,513.3
2,522.8
2,531.5
2,548.1

1,531.4
1,542.9
1,541.5
1,539.2
1,547.0

162.7
163.8
164.9
165.8
166.5

19.6
16.2
15.0
15.0
15.0

110.6
110.6
110.9
110.7
110.8

1,168.6
1,265.0

1977
1978
1979
1980
1981
1981:

Total
personal
income

May
June
July
Aug
Sept
Oct
Nov
Dec

1982: Jan
Feb
Mar
Apr"
May"

55.8
64.5
75.9

26.5
24.6
19.1
18.4

!
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.
3
With inventory valuation and capital consumption adjustments.




62.2
65.4
75.0

Personal
interest
income

Transfer
payments 5

36.5
38.7
43.1
48.6
54.4
61.3

112.4
123.2
132.5
151.6

141.2
178.3
194.3
207.5

173.2
209.6
256.3
308.5

33.3
33.5
33.7
33.9
34.1
34.3
34.5
34.7

60.2
61.1
62.4
63.0
63.5
63.9
64.1
64.3

34.8
34.8
34.8
34.9
35.0

64.5
64.8
64.8
65.0
65.2

Less:
Personal
contributions
for social
insurance

Nonfarm
personal
income 6

47.9
50.4

1,131.8
1,229.1

223.3
249.4
294.2
333.2

55.5
61.1
69.6
80.6
87.9
104.2

1,359.3
1,505.0
1,679.2
1,892.9
2,112.6
2,353.5

300.6
304.1
309.2
315.7
322.3
326.3
328.9
330.8

323.5
326.5
341.9
341.7
343.0
343.6
347.4
349.9

103.1
103.3
104.3
105.2
105.5
106.3
106.8
106.6

2,318.1
2,333.1
2,366.4
2,389.3
2,409.0
2,420.6
2,437.6
2,437.8

333.6
338.9
343.5
348.1
352.3

351.2
352.6
359.0
364.8
369.1

110.5
111.4
111.7
111.9
112.7

2,447.4
2,465.6
2,475.8
2,484.0
2,500.2

4

With capita! consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5

6

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income fell slightly in the first quarter.
BILLIONS Of DOLLARS* (RATIO SCALE]

BILLIONS OF DOLLARS* (RATIO SCALE)

2,400 cr

2,400

1,800

1,800

2,000

1,600
1,400
1,200
1,000

800

DOLLARS* (RATIO SCALE]
10,000
9,000
8,000
7,000
6,000
5,000

4,000

3,000

3,000
1974

1982

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE

Period

Personal
income

Less:
Personal
tax and
nontax

COUNCIL OF ECONOMIC ADViSERS

Equals:
Disposable
personal
income

Less:
Personal
outlays '

Equals:
Personal
saving

Per c apita
disposable personal
incc me
Current
dollars

1972
dollars

Billions of dol ars
1973
1974
1975
1976
1977
1978
1979
1980
1981

1,065.2
1,168.6
1,265.0
1,391.2

1,538.0
1,721.8
1,943.8
2,160.2
2,404.1

150.7
170.2
168.9
196.8
226.5
258.8
302.0
338.5
388.2

914.5
998.3
1,096.1
1,194.4
1,311.5
1,462.9
1,641.7
1,821.7
2,016.0

Per capitai personal
eonsurnption
expem itures
Current
dollars

1972
dollars

Dol iars

835.5
913.2
1,001.8
1,111.9
1,237.5
1,386.6
1,555.5
1,720.4
1,908.4

79.0
85.1

94.3
82.5
74.1
76.3
86.2
101.3
107.6

4,315
4,667
5,075

5,477
5,954
6,571
7,293
8,002
8,770

Percent
change in
real per
capita
disposable

Saving as
percent of
disposable
personal

Population
(thousands) 2

income

Per cent

4,083
4,013
4,055
4,161
4,266
4,409
4,493
4,473
4,526

3,831
4,152
4,521
4,972
5,472
6,058
6,712
7,348
8,082

3,626
3,570
3,612
3,777
3,922
4,064
4,135
4,108
4,171

5.8

8.6

-1.7

1.0
2.6
2.5
3.4
1.9
-.4
1.2

8.5
8.6
6.9
5.6
5.2
5.2
5.6
5.3

211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,654
229,870

Seas(mally adjus ed annual r ates

1980: III
IV

2,182.1
2,256.2

341.5
359.2

1,840.6
1,897.0

1,729.2
1,799.4

111.4
97.6

8,074
8,299

4,468
4,488

7,379
7,660

4,083
4,142

3.0
1.8

6.1
5.1

227,977
228,578

1981: I
II
Ill
IV

2,319.8
2,368.5
2,441.7
2,486.5

372.0
382.9
399.8
398.0

1,947.8
1,985.6
2,042.0
2,088.5

1,858.9
1,879.0
1,935.1
1,960.5

88.9
106.6
106.9
128.0

8,504
8,651
8,873
9,051

4,511
4,517
4,535
4,541

7,903
7,969
8,186
8,270

4,192
4,161
4,184
4,150

2.1
.5
1.6
.5

4.6
5.4
5.2
6.1

229,051
229,537
230,142
230,749

1982: I

2,511.4

398.1

2,113.3

1,999.5

113.8

9,139

4,532

8,418

4,175

-.8

5.4

231,243

1

Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period-




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

FARM INCOME
In the fourth quarter of 1981, gross and net farm income were unchanged from their third quarter levels. Data are
not yet available for 1982.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

I 200

200

100

100

GROSS FARM INCOME
80

80

60

60

40

40
NET FARM INCOME

20

20

J
1973

L

,1975

1974

1977

1976

1980

1978

'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1981

COUNCIL OF ECONOMIC AOViSERS

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

In come of farm ope rators

from farmi ng

(jross farm incom

Net farn income

Cas h marketing rece pts
Total '
Total

Livestock and
products

Crops

Value of
inventory
changes 2

Production
expenses

Current
dollars

1967 dollars

3

1974
1975
1976
1977
1978
1979
1980
1981 "

98.3
100.3
101.8
108.7
127.5
151.9
150.5
164.7

92.4

41.4

88.2
94.8
96.3
112.9
131.9
136.4
142.7

43.0
46.1
47.6
59.2
68.5
67.4
68.8

51.1
45.1
48.7
48.7
53.7
63.4
69.0
73.9

-1.6
3.4
2.4
1.0
.6
5.3
-2.0
4.0

90.3
101.1
119.2
130.7
141.7

24.5
18.7
18.4
26.5
32.7
19.9
23.0

1980: I
II
Ill
IV

149.3
145.8
151.9
155.1

133.0
131.9
139.2
141.5

66.3
64.0
68.9
70.4

66.7
67.9
70.3
71.1

.9
1.9
-3.7
-3.3

125.9
128.9
132.2
135.6

23.4
16.9
19.7
19.5

9.9
6.9
7.9
7.6

1981: I
II
Ill

159.2
163.9
167.9
167.8

142.5
143.1
144.0
141.1

69.8
68.9
69.4
67.0

72.7
74.2
74.6
74.1

-.5
3.4
6.0
7.1

139.3
141.0
143.3
143.2

19.9
22.9
24.6
24.6

7.5
8.5
8.9
8.7

IV
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.




3

72.2
75.9
83.1

26.1

Income in current dollars divided by the consumer price index (Department of Labor).

Source: Department of Agriculture, except as noted.

17.7
15.2
11.0
10.2
13.5
15.1
8.1

8.4

CORPORATE PROFITS
According to revised estimates for the first quarter, corporate profits before tax fell $41.0 billion (annual rate)
while after-tax profits declined $25.9 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
320

320
SEASONALLY ADJUSTED ANNUAL RATES

280

280

240

240

200

200

160

120

120

" "
"
80

UNDISTRIBUTED PROFITS ..
.

„.«•;•„.

X.-'

80

V"

~'r- \
TAX LIABILITY

40

0

40

_

J

1974

ii

L

1975

1976

1977

1979

1978

1
1980

1981

1

1982

COUNCIL OF ECONOMIC ADVISERS

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

Profits after ta X

Pr ofits (before t ax) witb inve ntory valuation adjustmen t *
Do mestic indust ries

Profits
before tax

Nonfinancial

Period
Total

2

Total

82.0
94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8

1971
1972
1973
1974

205.6

74.9
85.3
92.0
80,4
107.6
137.4
161.2
179.3
182.4
168.7
181.4

1980: III
IV

195.9
201.0

1981: I
II

1975
1976
1977
1978
1979
1980
1981

Ill
IV

1982: I

Financial

14.1
15.3
15.9
15.0
11.8
17.1
23.5

Total 3

60.8
70.0
76.0
65.4

34.1
40.7
45.5
39.0

29.3
31.6
30.6
24.5

95.8
120.3
137.7
150.0
150.8
138.1
156.9

52.6
69.2
76.2
85.3
88.9
74.5
82.0

165.0
173.4

28.7
30.5

136.2
142.9

217.7
205.1
209.1
190.4

192.3
182.3
184.6
166.4

28.6
24.3
22.7
22.4

161.9

146.7

22.0




86.6
100.6
125.6
136.7
132.1
166.3
192.6

37.5
41.6
49.0
51.6

Whole
sale and
retail
trade

11.7
13.4
13.9
12.5
21.3

T

valuation
adjustment

Dividends

Undistributed
profits

49.0
58.9
76.6
85.1
81.5
102.5
120.0
140.3
167.8
163.2
155.5

22.9
24.4
27.0
29.9
30.8
37.4
39.9
44.6
50.2
56.0
63.1

26.1
34.5
49.6
55.2
50.7
65.1
80.1
95.7
117.6
107.2
92.4

-6.6
-20.0
40.0
-11.6
-14.7
15.8
-24.3
-42.6
-45.7
27.7

Total

4.6

22.4
27.0
24.5
23.0
20.9
28.7

223.3
255.4
245.5
233.3

50.6
63.8
72.6
83.0
87.6
82.3
77.7

68.5
76.2

20.4
22.6

237.6
249.5

78.5
85.2

159.1
164.3

56.7
57.7

102.4
106.6

-41.7
-48.4

163.7
158.0
161.9
144.0

90.4
84.4
85.1
68.0

27.5
28.4
30.1
28.6

257.0
229.0
234.4

212.8

87.7
76.4
78.1
68.8

169.2
152.7
156.3
144.0

59.6
62.0
64.8
66.0

109.6
90.6
91.5
78.0

-39.2
-24.0
25.3
-22.3

124.7

53.2

26.6

171.8

53.7

118.1

66.8

51.3

9.9

'See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.

2

Manufacturing

Tax
liability

3

Includes industries not shown separately.

Source: Department of Commerce, Bureau of Economic Analysis.

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter, business fixed investment declined $1.4 billion from its fourth
quarter level and residential investment outlays declined $2.0 billion. There was a $36.8 billion decrease in
inventories following a $9.4 billion increase in the fourth quarter.
MLL1ONS OF DOl LARS

BILLIC)NS OF DOLLARS
500

500
SEA jONALLY ADJUSTED ANNUAL RATES

s^•*s.

/

GROS S PRIVATE DOME STIC
INVESTMENT

/-^

^*

250

^

s

V
\

""

s****

/^
S
/
"^

N

r^^"r\. A
XX
^**—**

**""

NONRES IDENT1AL
FIXED IN i/FSTMFNT , '
.

250

^^^

i

RESIDENTS
FIXED INVESTAAENT

150

150
*'x

~^*""m'~'

100
-•*"

,„

,,,.,v
%.i

1

-50

1974

1

„,..__

1

I
1976

1975

^"*

'""••*. 1 >
^ *^^ -

1

1

.•••

......-•-..„.
i

1
1979

1978

1977

100

50

''''•-..
•V... ,..iiii"">.(

"••«.»*

»•*]

j-*

CHANGE IN BUS INESS
INVENTORIE S

50
„...••"•..,

•s

1980

•-.

0

'• •^

i

i

1981

1

50

1982

COUNCIL OF ECONOMIC ADVISERS

SOURCE; DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Residential fix ed investment

Nonresi< ential fixed in vestment
Period

1971
1972

domestic
investment

Total

166.4
195.0
229.8
228.7
206.1
257.9
322.3
375.3
415.8
395.3
450.5

1973
1974
1975
1976
1977
1978
1979
1980
1981

107.9
121.0
143.3
156.6
157.7
174.1
205.5
242.0
279.7
296.0
328.9

Structures

Producers'
durable

Total

Nonfarm
structures

Farm
structures

Change iii business
inver ;ones
Producers'
durable

Total

Nonfarm

108.8
125.7

67.4
76.9
92.3
100.7
102.3
115.3
140.9
163.3
183.4
187.1
203.1

50.9
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
105.3
105.5

48.9
61.5
65.6
54.8
52.4
68.8
91.9
106.9
113.9
100.3
100.0

0.7
.7
.7
1.3
1.0
1.1
1.5
1.8
1.8
2.0
2.3

1.3
1.5
1.7
1.8
1.9
2.1
2.3
2.6
2.9
3.0
3.2

7.7
10.2
18.5
14.1
-6.9
11.8
21.0
22.2
17.5
5.9
16.2

6.4
9.6
15.2
16.0
-10.5
13.9
20.2
21.8
13.4
4.7
13.8

40.5
44.1
51.0
55.9
55.4
58.8
64.6
78.7
96.3

1980:

HI
IV

377.1
397.7

294.0
302.1

107.3
111.5

186.8
190.7

99.2
113.0

94.5
107.6

1.7
2.2

3.0
3.1

-16.0
-17.4

-12.3
14.0

1981:

I
II

m
IV

437.1
458.6
463.0
443.3

315.9
324.6
335.1
339.8

117.2
123.1
128.3
134.3

198.7
201.5
206.8
205.5

116.7
110.7
100.5
94.2

111.4
105.4
94.9
88.4

2.2
2.1
2.3
2.5

3.2
3.2
3.3
3.3

4.5
23.3
27.5
9.4

6.8
21.5
23.1
3.7

I

393.8

338.4

135.3

203.1

92.2

86.6

2.4

3.2

36.8

35.7

1982:

Source: Department of Commerce, Bureau of Economic Analysis.




EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department April-May survey, nonfarm business spending for new plant and
equipment for the year 1982 is expected to be 2.2 percent above 1981. Spending in 1981 was 8.7 percent above
1980.
BILLIONS OF DOLLARS (RATIO SCALE)
500

BILLIONS OF DOLLARS (RATIO SCALE)
500

400

400

300

— 300

200

200

40

30
1974

1975

1977

1978

1979

1980

1981

1982

J/ SEE FOOTNOTE * BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT Of COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plan t and equipment
Period

Total

Plant

Equip-

ment
Total

Durable
goods

Total

able
goods

Mining

Transportation

Public
utilities

and
services 1

nication
and
other 2

manufai

156.98
157.71
171.45
198.08
231.24
270.46
295.63
321.49
328.60

1974
1975
1976
1977
1978
1979
1980
1981
1982"
1981:

Starts of
plant and

Nonmanufactoring

M anufaeturin g

I
II
Ill

IV

1982: I 4
II
III 4
4

IV

64.29
65.21
71.20
80.31
92.70
105.73
117.55
133.46

92.69
92.50
100.25
117.77
138.54
164.73
178.08
188.04

53.21
54.92
59.95
69.22
79.72
98.68
115.81
126.79
127.29

27.44
26.33
28.47
34.04
40.43
51.07
58.91
61.84
61.17

25.76
28.59
31.47
35.18
39.29
47.61
56.90
64.95
66.12

103.78
102.79
111.50
128.87
151.52
171.77
179.81
194.70
201.31

4.62
6.10
7.44
9.24
10.21
11.38
13.51
16.86
17.24

8.23
8.68
8.89
9.40
10.68
12.35
12.09
12.05
12.57

19.83
19.98
22.37
26.79
29.95
33.96
35.44
38.40
39.55

47.79
46.23
49.30
56.54
68.66
79.26
81.79
86.33
88.79

23.30
21.80
23.51
26.90
32.02
34.83
36.99
41.06
43.15

61.24
56.51
59.38
77.40
88.16
112.98
123.32
135.19

312.24
316.73
328.25
327.83

128.57
131.05
136.40
136.67

183.67
185.68
191.85
191.17

124.50
125.49
130.11
126.91

61.24
63.10
62.58
60.78

63.27
62.40
67.53
66.14

187.74
191.24
198.13
200.92

16.20
16.80
17.55
16.81

11.74
11.70
11.61
13.12

36.05
37.84
39.55
39.74

83.43
85.88
87.55
88.33

40.32
39.02
41.89
42.92

35.41
32.90
33.33
33.68

327.72
323.75
328.04
334.78

139.49

188.23

128.32
125.69
128.55
127.01

60.84
60.67
61.44
61.82

67.48
65.02
67.11
65.19

199.40
198.07
199.48
207.78

17.60
16.33
16.71
18.29

11.99
12.01
12.97
13.34

40.12
40.04
38.25
40.05

87.80
87.62
88.07
91.16

41.89
42.08
43.48
44.94

27.73

'Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services.
2
"Other" consists of construction; social services and membership organizations; and forestry,
fisheries, and agricultural services.

10



3

Starts are estimated by adding changes in carryover to expenditures during given period.
4
Planned capita! expenditures as reported by business in late April and May 1982, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 777,000 in May and unemployment rose 242,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

112

112
SEASONALLY ADJUSTED

108

108
104

104
CIVILIAN LABOR FORCE

100

100

....-••'"•••••"••--..„.

^ M" "
.
' "

96

96
EMPLOYMENT

92

92

88

88
,„•••«"*•*

84

84

80

1974

1981

1982

*16 Y E A R S OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of persons 16 years of age and over, except as noted]
Unemp oyment

Civilian e mployment

Period

Civilian
employment

Noninstitutional
population

88,752
92,017
96,048
98,824
99,303
100,397

Total labor
force
(including
Armed
Forces)

labor force

7,406
6,991
6,202
6,137
7,637
8,273

98,302
101,142
104,368
107,050
109,042
110,812

96,158
99,009
102,251
104,962
106,940
108,670

88,752
92,017
96,048
98,824
99,303
100,397

3,331
3,283
3,387
3,347
3,364
3,368

ployment

Nonagr cultural
Total

Total

1977
1978*
1979
1980
1981

158,294
161,166
164,027
166,951
169,848
172,272

1981: May
June
July
Aug
Sept
Oct
Nov
Dec

171,956
172,172
172,385
172,559
172,758
172,966
173,155
173,330

100,855
101,419
102,612
102,152
100,389
101,028
100,502
99,562

7,731
8,485
8,130
7,947
7,884
8,216
8,676
9,013

111,420
110,565
110,827
110,978
110,659
111,170
111,430
111,348

109,293
108,434
108,688
108,818
108,494
109,012
109,272
109,184

101,045
100,430
100,864
100,840
100,258
100,343
100,172
99,613

3,405
3,348
3,342
3,404
3,358
3,378
3,372
3,209

1982:

173,495
173,657
173,843
174,020
174,201

97,831
97,946
98,471
98,858
99,957

10,183
10,378
10,290
9,957
9,957

111,038
111,333
111,521
111,824
112,841

108,879
109,165
109,346
109,648
110,666

99,581
99,590
99,492
99,340
100,117

3,411
3,373
3,349
3,309
3,488

1976

I nadjusted

Jan
Feb
Mar
Apr
May

Total

15 weeks

economic
reasons l
3,334
3,369
3,298
3,373
4,064
4,499

7,406
6,991
6,202
6,137
7,637
8,273

2,366
1,942
1,414
1,241
1,871
2,285

62.1

97,640
97,082
97,522
97,436
96,900
96,965
96,800
96,404

4,264
4,033
4,374
4,350
4,656
5,009
5,026
5,288

8,248
8,004
7,824
7,978
8,236
8,669
9,100
9,571

2,231
2,363
2,170
2,217
2,248
2,292
2,364
2,372

64.8
64.2
64.3
64.3
64.1
64.3
64.4
64.2

96,170
96,217
96,144
96,032
96,629

5,071
5,563
5,717
5,834
5,763

9,298
9,575
9,854
10,307
10,549

2,399
2,724
2,954
3,015
3,286

64.0
64.1
64.2
64.3
64.8

85,421
88,734
92,661
95,477
95,938
97,030

62.8
63.6
64.1
64.2
64.3

Seas< >nally adjus ted

1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Total labor force as percent of noninstitutional population 16 years of age and over.




Part-time

Agricul-

Labor
force
participation rate
(percent) 2

* Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In May the seasonally adjusted unemployment rate rose to 9.5 percent from 9.4 percent in April.
PERCENT' (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED}

25

25

10

1982
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS

SOURCE; DEPARTMENT OF LABOR

[Monthly data seasonally adjusted]
Unemployment rate (pe rcent of civi an labor fort e in group)

By sex and ag e

By

By ace

Total

Period

(all
civilian
workers)

Men
20 years

Women
20 years

Both
sexes

16-19

White

Black and
other

years

Experienced
wage and
workers

Married

selected gro jps
Women

men,

who

spouse
present

maintain
families

7.7
7.1
6.1
5.8
7.1
7.6

5.9
5.2
4.3
4.2
5.9
6.3

7.4
7.0
6.0
5.7
6.4
6.8

19.0
17.8
16.4
16.1
17.8
19.6

7.0
6.2
5.2
5.1
6.3
6.7

13.1
13.1
11.9
11.3
13.1
14.2

7.3
6.6
5.6
5.5
6.9
7.3

4.2
3.6
2.8
2.8
4.2
4.3

10.1
9.4

1981: May

7.5

June
July

Oct
Nov
Dec

7.4
7.2
7.3
7.6
8.0
8.3
8.8

6.3
6.1
5.8
6.0
6.2
6.7
7.1
7.9

6.7
6.6
6.7
6.6
6.9
7.0
7.2
7.4

19.4
19.2
18.7
19.0
19.7
20.4
21.4
21.5

6.7
6.4
6.3
6.2
6.6
7.0
7.4
7.7

13.7
14.2
13.8
14.7
14.8
15.2
15.2
15.7

7.2
7.0
6.8
6.9
7.3
7.6
8.0
8.5

1982: Jan
Feb
Mar
Apr
May

8.5
8.8
9.0
9.4
9.5

7.5
7.6
7.9
8.2
8.4

7.2
7.6
7.9
8.3
8.3

21.7
22.3
21.9
23.0
23.1

7.5
7.7
7.9
8.4
8.5

15.1
15.9
16.6
16.9
17.2

8.2
8.4
8.8
9.2
9.3

1976
1977

1978
1979
1980
1981

Aug
Sept

:....

1
Aggregate hours lost by the unemployed and persons on part time for economic reasons
cent of potentially available labor force hours.

12



Labor
force
time lost

Full-time
workers

Part-time
workers

10.1

10.4

7.3
6.6
5.6
5.3
6.9
7.3

4.0
4.2
3.9
4.0
4.4
4.8
5.2
5.7

10.4
10.7
11.2
10.1
10.7
10.6
10.8
10.5

7.1
7.1
6.8
6.9
7.3
7.7
8.1
8.7

9.6
9.2
9.3
9.6
9.6
9.5

5.3
5.3
5.5
6.0
6.1

10.4
10.2
10.6
11.5
11.8

8.4
8.5
8.9
9.2
9.2

8.5
8.3
9.2

Source: Department of Labor, Bureau of Labor Statistics.

9.9

9.0
8.8
8.8
9.4

(percent) *

8.3
7.6
6.5
6.3
7.9
8.5

10.2

8.6
7.9
7.9
7.9
8.5
9.1
9.5

9.2

10.1

9.6

10.0

10.8
10.0
10.9
10.5

10.4
10.4
11.1

9.8

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentage of unemployed persons who had been out of work for less than 15 weeks fell, and the
percentage out of work for 15 weeks and longer periods rose.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

REASON FOR UNEMPLOYMENT

JOB LOSERS

-

50

40

-

REENTRANTS

30 -.

20
JOB LEAVERS

10

-

-

10 -

1978

1982

1978

1979

1980

1981

1982

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data season,

„
Period

ployment
(thousands)

Percent distribution of unemplo >nnent by
dura ion 1
Less
than 5
weeks

5-14
weeks

15-26
weeks

27
weeks
and over

djusted, except as noted]

Percent distribution of unemplo (Tnent by
reas on '

Job
losers

Job
leavers

Reentrants

New
entrants

Sta te

progr ams
Insured
unemployment

Initial
claims

Insured
unemployment, all
regular
programs
(unadjusted) 2

Special
unemployment
benefit
claims
(unadjusted) 3

Wee kly average , thousands

1981:

1982:

10.7
14.0

45.3
41.7
42.9
51.7
51.6

13.0
14.1
14.3
11.7
11.2

28.1
29.9
29.4
25.2
25.4

13.6
14.3
13.3
11.4
11.9

2,655
2,359
2,434
3,350
3,048

375
346
388
488
460

3,308
2,645
2,592
3,837
3,410

12.9
15.2
14.0
13.5
13.7
13.4
13.5
12.6

14.2
14.0
13.8
14.2
13.2
13.0
12.5
12.6

49.8
51.6
49.5
51.4
52.8
52.4
53.6
56.1

12.4
11.1
11.9
11.0
11.0
11.2
10.0

26.0
25.2
26.6
25.5
24.6
25.0
25.5
23.5

11.8
12.0
12.0
12.2
11.7
11.5
10.9
10.7

2,904
2,897
2,767
2,844
2,961
3,159
3,428
3,583

408
407
397
435
482
522
541
567

3,111
2,949
3,012
2,874
2,680
2,753
3,228
3,935

13.0
15.1
16.3
14.7
15.6

12.8
13.4
13.7
14.7
15.8

56.7
54.3
57.4
57.4
56.9

22.7
24.0
22.9
23.0
23.5

11.5
11.6
10.7
10.5
11.1

3,546
3,484
3,736
4,022
4,032

562
517
594
579
595

4,681
4,723
4,892
4,760
4,388

30.5
31.0
31.7
32.3
30.7

13.1
12.4
11.5
13.8
13.6

14.7
10.4

6,137
7,637
8,273

41.8
46.2
48.1
43.1
41.7

May
June
July
Aug
Sept
Oct
Nov
Dee

8,248
8,004
7,824
7,978
8,236
8,669
9,100
9,571

41.1
40.8
42.6
41.5
42.2
42.7
42.3
42.8

31.7
30.0
29.6
30.8
30.9
30.9
31.7
32.0

Jan
Feb
Mar
Apr
May

9,298
9,575
9,854
10,307
10,549

41.3
39.6
38.8
38.5
37.0

32.9
31.9
31.2
32.1
31.7

1977

6,991
6,202

1978
1979
1980
1981

il may not add to 100 percent because of rounding.

8.7

9.7
9.1
10.2

9.0
9.1
8.4
3

572

FSB and SUA. These programs started January 1975 and regular reporting began March 1975.

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
ployment assistance).




13

NONAGRICULTURAL EMPLOYMENT
In May, total nonagricultural employment as measured by the payroll survey was about unchanged from its April
level.
MILLIONS OF PERSONS'

MILLIONS Of PERSONS* (ENLARGED SCALE)

22
WHOLESALE AND RETAIL TRADE

90
20

ALL NONAGRICULTURAL
ESTABLISHMENTS

80

70

16

SERVICE-PRODUCING
INDUSTRIES

60

22
MANUFACTURING

50

\

20

40

CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES

30

LLUA,LU,,,LL xjLUjJUuuuu
1979
1980

20
1978

1981

1982

1978

1980
1980

1979

1981

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1982
1982

"

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;J seasonally adjusted]
Service-] roducing ind ustries

Goods- producing inc ustries
Total
nonagriPeriod
employment

H anufacturing

Total 2

Construction

Total

Durable
goods

Nondurable
goods

Total

Transportation and
public
utilities

Wholesale and
retail
trade

Government

Finance,
insurance,
and real
estate

Services
Federal

State
and
local

1977
1978
1979
1980
1981

82,471
86,697
89,823
90,406
91,105

24,346
25,585
26,461
25,658
25,481

3,851
4,229
4,463
4,346
4,176

19,682
20,505
21,040
20,285
20,173

11,597
12,274
12,760
12,187
12,117

8,086
8,231
8,280
8,098
8,056

58,125
61,113
63,363
64,748
65,625

4,713
4,923
5,136
5,146
5,157

18,516
19,542
20,192
20,310
20,551

4,467
4,724
4,975
5,160
5,301

15,303
16,252
17,112
17,890
18,592

2,727
2,753
2,773
2,866
2,772

12,399
12,919
13,174
13,375
13,253

1981: May
June
July
Aug
Sept
Oct
Nov
Dec

91,131
91,286
91,396
91,322
91,363
91,224
90,996
90,642

25,540
25,656
25,718
25,637
25,583
25,393
25,176
24,908

4,223
4,185
4,175
4,146
4,124
4,101
4,071
4,026

20,332
20,334
20,379
20,311
20,267
20,097
19,903
19,676

12,237
12,246
12,266
12,228
12,184
12,059
11,901
11,724

8,095
8,088
8,113
8,083
8,083
8,038
8,002
7,952

65,591
65,630
65,678
65,685
65,780
65,831
65,820
65,734

5,158
5,162
5,168
5,168
5,181
5,162
5,150
5,128

20,543
20,590
20,620
20,650
20,660
20,654
20,623
20,524

5,295
5,302
5,311
5,319
5,328
5,325
5,324
5,331

18,517
18,556
18,615
18,654
18,707
18,773
18,815
18,834

2,776
2,777
2,775
2,769
2,764
2,757
2,749
2,756

13,302
13,243
13,189
13,125
13,140
13,160
13,159
13,161

1982:

90,460
90,459
90,304
89,993
89,969

24,684
24,631
24,450
24,226
24,177

3,966
3,974
3,934
3,890

19,517
19,454
19,319
19,154
19,120

11,622
11,575
11,490
11,360
11,341

7,895
7,879
7,829
7,794
7,779

65,776
65,828
65,854
65,767
65,792

5,125
5,115
5,100
5,089
5,064

20,630
20,670
20,655
20,583
20,629

5,326
5,326
5,336
5,328
5,327

18,831
18,867
18,904
18,924
18,920

2,741
2,737
2,736
2,730
2,728

13,123
13,113
13,123
13,113
13,124

Jan
Feb
Mar
Apr"....
May "....

3,899

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 monthExcludes 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 working-age population, whereas the estimates in this table are based on reports from em-

14



ploying establishments.
5
Includes mining, not shown separately.
NOTE.—Series revised beginning 1980 to reflect benchmark revisions; in addition seasonally adjusted data revised beginning 1977.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average giross hourly
earn mgs

Average weekl}
hours
Period

Manufa cturing

Total
private
nonagricultural *

1976
1977
1978
1979
1980
1981
1981: May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr".
May p

Overtime

Total

3.8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8

40.7
40.0

36.9

1973
1974
1975

36.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
35.4
35.2
35.3
35.2
35.0
35.1
35.1
35.0
34.4
35.0
34.9
34.9
35.0

Total
private
nonagricultural '

39.5
40.1
40.3
40.4
40.2
39.7
39.8
40.2
40.1
40.0
39.9
39.4
39.5
39.3
39.1
37.6
39.4
39.0
39.0
39.1

3.1
3.0
3.0
3.0
2.7
2.7
2.5
2.4
2.3
2.4
2.3
2.4
2.4

Manufacturing

$3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.19
7.23
7.27
7.34
7.37
7.40
7.45
7.46
7.52
7.53
7.54
7.58
7.63

Adjuste d hourly earnin gs index— total private
2
nonagric ultural

Ind ex,
1977 = 100
Current
dollars

Percent chang e from a year
earli , 4 5
r

Current
dollars

1977
dollars 3

$4.09
4.42
4.83
5.22

74.1
80.0
86.7
92.9

5.68
6.17
6.70
7.27
7.99
7.94
7.99
8.03
8.09
8.14
8.16
8.20
8.20
8.38
8.34
8.37
8.43
8.48

100.0
108.1
116.8
127.3
138.9
137.6
138.4
139.1
140.5
141.4
142.0
143.0
143.5
144.9
145.0
145.4
146.2
147.4

6.2
8.0
8.4
7.2
7.6
8.1
8.0
9.0
9.1

101.1
98.3
97.6
99.0
100.0
100.5

97.4
93.5
92.6
93.0
92.9
92.2
92.5
92.1
92.1
92.3
92.3
92.9
92.8
93.3
93.7
93.5

9.4
8.9
8.8
9.3
9.3
8.6
8.4
8.2
8.3
7.5
7.2
7.1
7.1

1977 dollars
0.1

2.8
-.7
1.4
1.0
.5
-3.1
-4.0
-1.0
-.4
-.6
-1.7
-1.4
-1.4
-1.4
-.9
-.4
.1
.1
.6
.7
.6

AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n onagricultural 5

Avera ge gross weekly earnings
Period

Total private nonagrieultural
Current dollars

1973
1974
1975

1976
1977
1978
1979
1980
1981
1981:

May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr"
May p
1

l

1977 dollars

Manufacturing

3




Wholesale and
Current dollars

3

$145.39
154.76

$198.35
190.12

163.53
175.45
189.00
203.70
219.91
235.10
255.20
254.53
254.50
256.63
258.37
257.95
259.74
261.50
261.10
258.69
263.55
263.15
264.54
267.05

184.16
186.85
189.00
189.31
183.41
172.74
170.13
171.98
170.92
170.18
170.09
168.05
168.44
168.82
167.91
165.93
168.62
168.90
169.47
169.45

Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided bv the consumer price index on a 1977 = 100 1
Revised index for urban wage earners and clerical workers used beginning 1978.
4
Monthly changes based on indexes to two decimal places.
2

Construction

1977 dollars

Current dollars

$166.46
176.80
190.79
209.32
228.90
249.27
269.34
288.62
318.00
319.19
320.40
321.20
322.79
320.72
322.32
322.26
320.62
315.09
328.60
326.43
328.77
331.57
5

$235.89

249.25
266.08
283.73
295.65
318.69
342.99
367.78
398.52
393.68
391.65
400.34
401.12
386.54
407.01
416.64
415.14
405.50
420.71
420.29
418.01
429.75

$111.76
119.02
126.45
133.79
142.52
153.64
164.96
176.46
190.95
189.66
189.71
191.27
192.56
193.56
192.96
194.53
194.56
193.05
195.20
195.23
195.89
198.70

6.2
6.4
5.7
7.3
7.7
7.8
8.0
6.9
8.5
9.9
9.2
10.0
9.6
8.4
7.9
7.3
6.1
3.7
6.2
4.8
4.4
5.2

0.0
-4.1

-3.1
1.5
1.2
.2
3.1
-5.8
-1.5
1

-.3

-1.1^
-2.2
2.0
1 R
l.O

-2.4
-4.1
-1.1
-1.6
-1.8
-1.2

Based on unadjusted data.

NOTE.—Series revised to reflect benchmark and seasonal adjustment revision:
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of all
2
pers ms

Out]Hit l
Period

Private
business
sector

Nonfarm
business
sector

Private
business
sector

Output per hour of all

pen ons

Nonfarm
business
sector

Private
business
sector

Nonfarm
business
sector

Compensation per

hoi r 3

Private
business
sector

Implic t price
4
defla tor

Unit labor
CO sts

Nonfarm
business
sector

Private
business
sector

Nonfarm
business
sector

Private
business
sector

Nonfarm
business
sector

977 = 100; quarterly c ata seasonsilly adjustec1

1969

76.9
79.2

76.7
78.9

90.3
92.7

88.5
91.3

85.2
85.4

86.7
86.4

50.6
54.2

51.4
54.8

59.5
63.5

59.3
63.4

60.3
63.3

60.5
63.4

1970
1971
1972
1973
1974

78.5
80.9
86.2
92.0
90.2

78.1
80.4
85.9
91.9
90.1

91.2
90.7
93.4
97.0
97.4

90.0
89.7
92.5
96.4
96.8

86.1
89.2
92.4
94.8
92.7

86.7
89.6
93.0
95.3
93.1

58.2
62.0
66.0
71.3
78.0

58.6
62.5
66.6
71.7
78.4

67.6
69.5
71.5
75.2
84.2

67.6
69.7
71.7
75.2
84.3

66.2
69.1
71.5
75.3
82.4

66.4
69.4
71.4
74.1
81.6

1975
1976
1977
1978
1979

88.5
94.1
100.0
104.7
107.7

88.1
94.0
100.0
104.9
107.7

93.4
96.1
100.0
104.9
108.2

92.7
95.9
100.0
105.1
108.7

94.8
97.9
100.0
99.8
99.5

95.0
98.1
100.0
99.8
99.1

85.5
92.9
100.0
108.4
119.3

86.0
93.0
100.0
108.5
119.0

90.2
94.8
100.0
108.6
119.9

90.5
94.8
100.0
108.7
120.0

90.4
94.7
100.0
107.4
116.9

89.9
94.5
100.0
107.0
116.2

1980
1981

106.8
109.0

106.8
108.8

107.5
108.5

108.1
109.1

99.3
100.4

98.8
99.7

131.5
144.6

130.8
143.9

132.4
144.0

132.4
144.3

127.6
139.4

127.4
139.7

105.7
107.5

105.8
107.7

106.3
108.4

106.9
108.8

99.4
99.1

99.0
99.0

133.1
135.9

132.3
135.4

133.9
137.1

133.6
136.8

129.1
132.2

128.8
131.9

109.5
109.5
109.4
107.5

109.7
109.4
109.0
106.9

109.2
108.2
108.4
108.4

109.7
109.0
109.1
108.9

100.3
101.2
100.9
99.2

100.0
100.4
99.9
98.2

139.8
143.3
146.5
148.5

139.2
142.4
145.7
147.9

139.4
141.6
145.2
149.7

139.1
141.9
145.8
150.7

135.4
137.5
140.9
143.9

135.3
137.5
141.2
144.7

106.4

106.2

107.6

108.0

98.9

98.3

151.2

150.8

152.8

153.3

144.9

145.4

1968

1980:

DI
IV

1981: I

n
m
IV

1982: I

Percent eh ange; quart erly data a seasonally adjusted armual rates

1968
1969

5.1
2.9

5.3
2.9

1.7
2.6

1970
1971
1972
1973
1974

-.8
3.0
6.6
6.6

1.0
2.9
6.9
6.9

1.7
-.5
3.0
3.9
.4

-1.9

-1.9

-1.9

-2.2

-1.4

.4
3.1
4.2
.4

3.3
.2

3.3
-.3

7.8
7.0

7.5
6.5

4.4
6.7

4.1
6.8

4.0
4.9

4.0
4.7

.9
3.6
3.5
2.7
2.3

.3
3.3
3.7
2.5

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

6.6
3.1
2.8
4.9

4.8
4.5
3.0
3.7

11.9

12.1

4.5
4.4
3.4
5.4
9.4

9.6
8.6
7.7
8.4

7.2
5.1
5.5
8.6

7.4
4.7
5.5
8.7

10.4

10.4

-2.4

6.3
6.3
4.7
2.8

1980
1981
1980: HI
IV
1981: I

n
m

6.7
6.4
4.9
2.7

2.9
4.0
4.9
3.1

3.4
4.3
5.1
3.4

2.3
3.3
2.1
-.2
.3

2.1
3.2
2.0
-.2
-.7

10.1

9.6
8.1
7.6
8.5
9.7

-.8
2.0

1975
1976
1977
1978
1979

-.9
1.9

.6
.9

-.6
1.0

-.2
1.1

-.3
.9

10.2
10.0

9.9

10.4

10.3

10.0

8.8

9.0

1.1
6.9

2.9
7.1

-.2
8.1

-.7
7.3

1.3
-1.1

3.6
-.2

9.5
8.6

9.0
9.8

8.1
9.8

10.1

7.9

3.0
3.5
.8

4.4
1.4
-1.7

11.9
10.4

11.7

7.9
-.1
-.3

-1.1
J £

IV
1982:

2.0
3.2

-6.8

-7.7

I

-3.9

-2.5

1

-4.1

2

-3.0

-4.2

3.4
-2.5

.4
-.9
3.0

4.7
3.5
-1.1
-6.6

.9

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.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.

16



-6.9

.5
4

5.3

10.1

9.7
4.7
5.6
7.4
8.8

10.3

9.2
9.3

9.7
9.6

9.8
9.9

10.0
11.0

5.1
5.8
7.0
8.6

8.2

6.9
6.6

7.0
8.1

10.0

6.2

6.5

9.3
5.5

9.6
9.5
6.3

10.6
13.0

11.5
14.1

10.4

8.9

11.4
10.1

7.6

7.9

8.6

7.3

2.6

2.1

Current dollar gross domestic product divided by constant dollar gross domestic product.

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

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.2 percent in May following a decline of 0.8 percent in both April and March. The index
for May was 8.1 percent below the year earlier level.
INDEX, 1967=100*

INDEX, 1967=100*

(RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

180

180

(RATIO SCALE]

UTILITIES AND MINING PRODUCTION

160

160

UTILITIES

140

MINING

120

120

1978

1980

1979

1981

1982
100
1980

1978

MANUFACTURING PRODUCTION

1981

1982

PERCENT* (RATIO SCALE)
100

MANUFACTURING CAPACITY UTILIZATION RATE

90
140

120

70

1978

1982

1978

1981

1979

1982

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Seasonally adjusted]

Total
indu trial
produ ction
Index,
1967 = 100

1967 proportion

1975
1976
1977
1978
1979
1980
1981
1981: May
June
July

Aug
Sept

Oct
Nov
Dec
1982: Jan
Feb
Mar

Apr p

May ".
1

1fanufacturinj

Manufacturing

Percent
change
from year
earlier

-8.9
10.8
5.9
5.7
4.4
3.6
2.7
6.2

8.1
9.7
8.0
5.0
1.7
-1.9
-4.7
-7.1
5.9
-6.8
-7.4
8.1

Mining
Total

87.95
116.3
130.3
138.4
146.8
153.6
146.7
150.4
152.8
152.4
153.2
153.2
151.1
148.0
145.0
142.0
138.5
140.9
140.2
139.2
139.1

Durable




Utilities

Nondurable

51.98

35.97

6.36

109.3
122.3
130.0
139.7
146.4
136.7
140.5
143.5
143.2
143.6
143.4
140.9
137.8
134.4
131.3
127.1
129.3
128.3
127.3
127.0

126.4
141.8
150.5
156.9
164.0
161.2
164.8
166.4
165.8
167.1
167.3
165.9
162.8
160.3
157.4
155.1
157.8
157.3
156.6
156.7

112.8
114.2
118.2
124.0
125.5
132.7
142.2
135.4
141.7
146.5
146.0
145.0
145.3
143.3
142.6
144.5
142.4
138.5
133.3
130.1

Output as percent of capacity.
Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of quarterly data.

2
3

100.00
117.8
130.5
138.2
146.1
152.5
147.0
151.0
152.7
152.9
153.9
153.6
151.6
149.1
146.3
143.4
140.7
142.9
141.7
' 140.6
140.3

Cap acity utilizati on rate, perc mt l

Industry proc uction indexes , 1967=100

5.69
146.0
151.7
156.5
161.4
166.0
168.3
169.1
170.7
172.7
173.1
171.9
167.8
168.1
168.9
168.2
171.8
170.4
169.9
170.0
169.1

Materials
(Federal
Reserve
series)

73.4
81.1
82.7
85.6
87.4
80.0
79.9

81.1
81.3
81.9
81.6
80.0
77.7
75.5
72.4
71.4
72.9
71.8
70.5
69.9

Federal
Reserve

72.9
79.5
81.9
84.4
85.7
79.1
78.5
80.0
79.6
79.8
79.6
78.3
76.6
74.8
73.1
71.1
72.2
71.7
71.0
70.8

Commerce

Wharton
series 3

77
81
83
84
83
78
76

78.8
84.4
87.3
90.0
91.5
85.6

78

86.4

76

86.3

72
72

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]
Proc ucts
Intermedia te products

Final F roducts
Period

Equi; ment

(Consumer goo( s
Total
Total

Durable
goods

Materials

Nondurable
goods

Construction
supplies

Total
Total

Business

Supplementary
group:
Energy
total

1967 proportion

47.85

37.68

7.89

19.79

30.14

13.63

12.89

6.42

39.29

12.23

1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1981: May

115.7
124.4
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5

124.4
131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9

118.0
134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1

126.5
137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4

128.4
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9

150.7
150.3
150.7
149.6
147.8
146.5
144.0
142.0

152.1
153.0
154.1
154.0
152.9
152.1
151.5
152.1

182.0
183.6
184.8
184.4
182.7
180.5
179.0
179.0

156.1
154.9
156.2
156.8
154.6
151.4
148.7
145.9

146.5
143.4
144.3
144.0
139.7
135.2
130.1
127.0

139.6
141.8
141.5
142.6
143.8

120.1
125.9
128.3
131.2
134.2

147.2
147.3
145.9
144.1
142.6

172.2
171.6
. 169.0
166.0
163.3

143.4
146.3
145.2
143.8
143.5

124.2
127.5
125.7
123.4
123.9

122.3
133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
153.4
154.0
155.3
155.2
152.5
148.5
144.6
139.0
137.2
140.4
138.6
136.4
135.5

125.2
128.3
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
133.5
138.0
141.2
140.5
136.8
136.9
137.2
136.7

142.8
144.1
USA
143.2
143.3

120.6
125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
152.1
151.2
152.3
152.5
150.8
150.5
149.7
149.5
147.4
148.1
146.8
147.1
147.6

103.8
114.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8

151.3
151.4
152.1
151.5
150.0
148.9
147.2
146.3

133.8
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
147.3
147.9
146.5
142.5
140.4
136.3
129.7
123.2

June
July

Aug
Sept

Oct
Nov
Dee

1982: Jan
Feb
Mar
Apr".
May"

139.5
138.9
138.1
136.8
136.3

[1967 = 100, seasonally adjusted]

Ifondurable manufacture s

Durable m inufactures
Primarj metals
Period
Total

Iron and
steel

Fabricated metal
products

Nonelectrical
machinery

Transp ortation
equip ment
Electrical
machinery
Total

Motor
vehicles
and parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals and
products

Foods

6.57

4.21

5.93

9.15

8.05

9.27

4.50

1.64

3.31

4.72

7.74

8.75

1972
1973
1974
1975
1976
1977
1978
1979
1980
1981

112.1
126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9

107.1
122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8

112.1
124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4

116.0
133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2

122.2
143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4

108.2
118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1

135.8
148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3

120.8
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1

109.4
117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4

112.7
118.2
118.2
113.3
122.5
127.6
131.5
136.9
144.2

143.6
154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6

116.8
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1

1981: May
June
July
Aug
Sept
Oct
Nov
Dec

111.9
107.4
109.4
113.1
108.6
102.3
96.6
89.6

105.6
98.5
99.7
105.1
99.2
92.2
87.2
79.2

138.4
139.3
140.1
140.0
136.8
133.8
130.2
126.1

172.1
174.1
176.7
176.4
173.9
169.7
167.9
167.4

179.9
180.1
180.9
182.6
180.0
179.6
175.7
170.7

123.7
123.4
119.8
115.4
114.2
110.6
106.1
103.7

136.4
137.5
130.5
123.1
120.4
113.8
105.5
100.4

126.2
122.5
122.9
119.1
113.2
109.6
104.7
104.8

122.6
121.1
122.6
122.6
122.5
117.8
113.8
114.1

141.3
143.1
144.4
146.1
145.9
145.6
143.4
145.3

220.6
218.4
221.5
219.2
216.3
208.8
204.6
199.8

152.2
151.3
151.6
151.9
150.7
151.4
153.0
152.8

89.7
88.5
83.2
76.6
73.0

79.6
78.5
73.4
65.4

120.7
121.4
121.1
120.1
119.1

160.9
16Q.O
157.3
154.3
152.1

168.2
172.9
172.5
173.6
173.4

96.6
102.0
104.6
106.4
110.2

90.4
98.6
106.2
111.5
119.6

145.6
146.4
145.9
144.7
143.5

196.7
201.3
200.3
198.1

151.1
151.7
150.5

1967 proportion

1982:

Jan
Feb
Mar
Apr"
May"

Source: Board of Governors of the Federal Reserve Svstem.

18



.

99.2
104.9
103.5
102.9

139.6

NEW CONSTRUCTION
Constructio n contracts 2

Private
Period

Total new
construction
expenditures

Eesi dential
Total

and industrial

New housing

Total '

Other

Federal,
State, and
local

Total value
index
(1977 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

I illions of dollars

1975
1976
1977
1978
1979
1980
1981

135.9
151.1
173.8
205.6
230.8
230.3
237.0

95.1
112.0
135.7
159.7
181.7
174.9
183.5

46.5
60.5
81.0
93.4
99.0
87.3
85.8

20.8
19.9
22.5
29.6
39.9
43.8
50.4

34.4
47.3
65.7
75.8
78.6
63.1
62.0

27.8
31.5
32.2
36.7
42.8
43.9
47.3

38.2
45.9
49.1
55.4
53.5

Seasonally
adjusted

Seasonal ly adjusted annit al rates

1981:

Apr
May
June
July
Aug
Sept
Oct
NOT
Dec
1982: Jan
Feb
Mar*
Apr"
May"

246.5
235.9
234.0
233.9
229.8
230.9
230.4
233.0
235.8
232.7
232.9
234.2
232.8

189.9
184.1
181.8
182.3
180.6
178.6
179.2
180.6
182.8
181.1
181.4
180.9
182.5

95.2
89.7
86.0
82.9
80.5
78.5
78.3
78.2
79.8
78.2
76.2
76.8
76.9

48.9
47.9
48.7
51.2
52.0
51.8
51.6
52.9
53.7

72.9
67.7
64.3
60.5
58.1
55.9
52.8
50.9
51.1
51.2
50.4
52.3
51.1

1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series- Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.

66.0
79.0
100.0
114.0
121.0
106.0
107.0

40.9
39.1

54.0
55.5
55.4
56.5

45.8
46.5
47.2
48.2
48.0
48.4
49.4
49.5
49.3
48.8
49.7
48.6
49.1

56.6
51.8
52.2
51.6
49.3
52.2
51.1
52.4
53.1

123
102
109
99
99
100
101
92
112

51.6
51.6
53.3
50.4

115
97
105
88
94

555

592
739
977
1,059
904
906

Seasonally
adjusted
annual rates
956
1,017
972
882
944
817
891
849
848
675
781
758
688
620

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]

New priv ate homes

New private housing units

Units started; b} type of structur

Period

Total
1974
1975
1976
1977
1978
1979

1980
1981

1,337.7
1,160.4
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2

1 unit

888.1
892.2
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4

2-4 units

68.1
64.0
85.9
121.7
125.0
122.0
109.5
91.1

5 or more units

381.6
204.3
289.2
414.4
462.0
429.0
330.5
287.7

Units
authorized
1,074.4
939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5

Vacancy rate

Homes sold

Homes for
sale at end of
period *

1,728.5
1,317.2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7

519
549
646
819
817
709
545
436

346
313
353
402
414
3
398
336
272

1,299
1,353
1,320
1,233
1,202
1,265
1,067
1,114
1,063
920
929
965

481
417
408
364
335
359
388
456

326
318
312
308
304
291
282
272

399
376
385
345
391

275
274
269
264
258

Units
completed

for rental
housing units
(percent) 2

6.2
6.0
5.6
5.2
5.0
5.4
5.4

Seasonal ly adjusted annu al rates

1981:

May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar"
Apr"
May "
1

1,172
1,046
1,040
946
899
854
860
882

776
705
696
614
623
507
554
550

105
89
88
76
62
78
81
74

291
252
256
256
214
269
225
258

1,178
986
941
878
835
738
743
797

885
945
931
888
1,086

592
568
621
572
622

70
84
67
65
101

223
293
243
251
363

803
792
851
879
969

Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
nth earlier data.
3
New series beginning March 1979.
2




5.0
5.0
5.0

5.3

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for 197377 are for 14,000 places.
Source: Department of Commerce, Bureau of the Cejisus.

19

BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales declined in April while inventories rose slightly. According to the advance survey, retail sales rose
1 */2 percent in May following a rise of % percent in April.
BILLIONS OF DOLLARS'(RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE]
600

140
130

550

TOTAL BUSINESS
INVENTORIES

500

-

-

i?n

\

xrf

400

90

/"

,,•""•""•""•"••"

>», „

350

_^—^^

r

110
450

.x-^

-RETAIL INVES TORIES

-

,„
,,

•-•..„„.-•'"' \
RETAIL SALES

..,-•-•••""""'

70

300

TOTAL BUSINESS
SALES

—

.It""***"1

.-•''

250

50

-

-

200

40

1 1 n f 1 1 1 1 n 1 i 1 1 1 1 1 f 1 M 1 l 1 1 t 1 i 1 1 1 1 i l ll i I l i i 1 1 f i i l l 1 1 ( 1 1 1
1979

1978

1980

1981

1982

RATIO*
1.80

150

_ INVENTORY-SALES RATIO

1.70

TOTAL BUSINESS

1.50

MB11** •"***•

S*V
"

1.40
1.30

—

170

100
1979

1978

1980

1 i 1 1 1 1 1 1 1 1 1

1982

1981

"
^

1978

1 1 1 M

>^/>V

V
^rT^ "'••-•" 1i-^. \
RETAIL
p

1 1 1 1 1

1979

>
>

i n 11 i 1 1M 11 ii
1
1980 1

j£X^
f^P

1 1 1 1 1 1 1 1 1

1981

~

\v,..

1 M I 1 1 1 II

11

1982

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Total b isiness *

Sales
Period
Sales

2

Inven-

Sales

2

Inventory-s ales ratio 4

Re tail

Who esale
InvenTotal

2

Durable
goods
stores

Inventories
Nondurable goods
stores

Total

Durable
goods
stores

3

Nondurable goods
stores

Total

Retail

Millions of dollars, seasonally adjusted

1974
1975
1976
1977
1978
1979
1980
1981

177,625
182,230
204,277
229,623
259,046
294,579
321,084
350,886

285,807
288,375
318,544
350,998
396,490
444,670
476,534
512,750

47,748
46,623
50,694
55,987
65,036
76,109
87,931
97,839

56,948
56,697
64,078
72,311
83,891
93,870
104,441
111,179

45,082
49,012
54,781
60,435
67,057
74,529
79,325
86,566

14,118
15,247
18,150
20,724
23,313
25,401
24,716
27,216

30,964
33,765
36,631
39,711
43,744
49,128
54,609
59,350

71,067
71,744
79,273
89,530
102,520
109,228
114,114
125,693

32,861
33,356
37,841
43,135
49,914
53,265
53,747
58,835

38,206
38,388
41,432
46,395
52,606
55,963
60,367
66,858

1.45
1.57
1.48
1.46
1.44
1.44
1.45
1.42

1.48
1.44
. 1.38
1.40
1.43
1.44
1.41
1.39

1981:

Apr
May
June
July
Aug
Sept
Oet
Nov
Dec

352,594
352,852
356,820
355,061
354,838
353,844
346,747
345,450
342,573

489,512
492,800
496,475
499,633
504,218
509,794
512,512
515,405
512,750

98,840
98,964
98,027
97,445
97,359
97,440
96,249
96,738
94,920

105,038
105,349
106,756
105,768
107,516
108,802
108,708
110,243
111,179

86,263
86,361
87,299
87,292
87,961
87,823
86,413
86,733
86,572

27,166
27,488
27,725
27,759
28,098
27,810
26,354
26,436
26,206

59,097
58,873
59,574
59,533
59,863
60,013
60,059
60,297
60,366

116,968
118,191
120,010
121,993
123,341
124,376
125,364
125,618
125,693

54,629
55,560
56,764
57,865
58,545
58,761
59,014
58,907
58,835

62,339
62,631
63,246
64,128
64,796
65,615
66,350
66,711
66,858

.39
.40
.39
.41
.42
.44
.48
1.49
1.50

1.36
1.37
1.38
1.40
1.40
1.42
1.45
1.45
1.45

1982:

Jan
Feb
Mar
Apr"
May"

336,284
342,701
343,299
339,646

510,460
508,315
507,619
508,535

94,367
95,854
97,580
94,568

111,154
108,714
109,369
111,185

85,320
87,418
87,277
87,899
89,236

25,316
26,696
26,958
27,758
28,456

60,004
60,722
60,319
60,141
60,780

124,131
123,395
123,332
123,171

57,807
56,957
56,803
56,583

66,324
66,438
66,529
66,588

1.52
1.48
1.48
1.50

1.45
1.41
1.41
1.40

lr
2
3

Fhe term "business" also includes manufacturing (see j
Monthly average for year and total for month,
Book value, end of period, seasonally adjusted.

20



4
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.

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments, inventories, and orders declined. According to advance data for May, durable
goods new orders and shipments rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

200
180

r-SHIPME NTS

TOTAL

•

E
-

-^_

x

\-~~-—'~\i-

r

'^~

^^—^-^"

-

BILLIONS OF DOLLARS * (RATIO SCALE)
320
280 —INVENTORES
.*---""v
240

_—-ir —"~~~"^

_

-

TOTAL
"

DURABLE GOODS

";r.--.

\
,.--- " "
—•'"'"

^••""-"-•-~«y-''~

-

—•••*"""""*"*

'"""

\

DURABLE GOODS

NONDURABLE GOODS

-

-

-~-'~~\
'
\
NONDURA 5LE GOODS

_^ ..-*•*

^——— """
,,,,,!

i i ii i 1 >i i i I

1 1 i 1 1 1 1 1 M

BILLIONS OF DOLLARS'(RATIO SCALE)
'l(X>
180 —NEW OFRDERS

-

^^

—•

-^^

1 i i M i

1

—

linn

-

^vy^

r

^"v_

_

i I n i 1 i i iM I I 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 II 1 M

'
_

TOTAL

-

-

RAT
Li

1 1 M 1 ! 1 1 1 11

i M 11h ii 11

o*
INVENTC RY-SHIPM ENTS RAT IO

DURABLE C OODS

^_

80

~,'~~

-,

*^^S^ S***^

\

.^.-

'

^—^
' NOND
JRABLE GOOD S

r\

IS

60

V

-

v--~

*•—

-

^
1

-

n ,, ln I
1.4

1978

1979

1981

1980

1 ! 1 i i 11 I 1 I i

1978

1982

H M ,i

1979

1980

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

n Mi!11 iE i 1 i 1M i H 1 1 1
1981
1982
COUNCIL OF ECONOMIC ADVISERS

Manufa cturers' shipinents 1

IV .anufaeturers new orders i

Manufaj cturers' inven tones 2

Nondurable goods

Manufacturers'
unfilled
orders 3

Manufacturers'
inventory —
shipments

Durabl 1 goods
.

Period

Durable
goods

Nondurable goods

Durable
goods

Total

Nondurable goods

Capital
Total
Total

industries,
nondefense

Millions of do lars, seasoitally adjust 3d
86,595
98,802
113,201
126,953
143,941
153,828
166,481

1975
1976
1977
1978
1979
1980
1981
1981:

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1982: Jan
Feb
Mar
Apr
May"
1
2
3

43,656
50,689
59,267
67,848
75,803
78,003
84,990

42,939
48,113
53,934
59,104
68,138
75,826
81,491

159,934
175,193
189,157
210,079
241,572
257,979
275,878

102,874
112,581
121,646
137,712
161,390
171,603
184,690

57,060
62,612
67,511
72,367
80,182
86,376
91,188

85,149
99,543
115,027
131,612
147,576
155,059
166,504

42,019
51,398
61,076
72,358
79,353
79,264
85,067

11,011
12,799
15,276
19,450
22,510
22,548
23,468

43,130
48,145
53,951
59,254
68,223
75,795
81,437

173,829
182,499
204,814
261,082
304,963
319,729
319,865

1.84
1.69
1.61
1.57
1.57
1.65
1.62

167,491
167,527
171,494
170,324
169,518
168,581
164,085
161,979
161,081

86,327
86,664
88,770
87,319
86,841
86,179
82,583
81,641
81,146

81,164
80,863
82,724
83,005
82,677
82,402
81,502
80,338
79,935

267,506
269,260
269,709
271,872
273,361
276,616
278,440
279,544
275,878

177,123
177,635
178,676
180,855
182,221
185,140
186,718
187,275
184,690

90,383
91,625
91,033
91,017
91,140
91,476
91,722
92,269
91,188

168,584
169,340
170,913
172,611
170,063
168,444
159,005
159,923
159,469

87,180
88,164
88,303
89,696
87,350
86,278
77,804
79,956
79,764

24,723
23,865
23,230
24,226
24,700
23,026
20,996
23,813
22,518

81,404
81,176
82,610
82,915
82,713
82,166
81,201
79,967
79,705

324,694
326,508
325,918
328,206
328,757
328,613
323,538
321,478
319,865

1.60
1.61
1.57
1.60
1.61
1.64
1.70
1.73
1.71

156,597
159,429
158,442
157,179

77,476
79,759
79,454
79,020
81,426

79,121
79,670
78,988
78,159

275,175
276,206
274,918
274,179

184,057
184,470
183,430
183,356

91,118
91,736
91,488
90,823

156,362
158,467
159,372
155,715

77,268
79,217
80,501
77,630
78,730

21,744
20,461
22,069
21,443
20,441

79,094
79,250
78,871
78,085

319,518
318,553
319,479
318,012

1.76
1.73
1.74
1.74

Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.




4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.

Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of finished
consumer foods rose 0.7 percent, and prices of other finished consumer goods were down 0.4 percent. Prices of
capital equipment rose 0.4 percent from their April level.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE]

180

180

160

160

140

140

120
1982

SOURCE; DEPARTMENT OF IABOR

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100; monthly data seasonally adjusted]
Internlediate ma terials

Total
finished
goods

Period

Consumer
foods

Nondurable

Capital
equipment

Consumer g x>ds
Total
Total

1974
1975
1976
1977
1978
1979
1980
1981

Criide maten als

Total

Fin shed goods

Foods
and
feeds *

Other

Total

Foodstuffs
and
feedstuffs

F nished go sds excluding consumer foo is

Durable

Other

147.5
163.4
170.6
181.7
195.9
217.7
247.0
269.8

166.9
181.0
180.4
189.9
207.2
226.2
239.5
253.6

139.3
156.2
166.1
177.7
190.7
213.3
247.8
273.3

138.6
153.1
162.6
174.3
186.7
211.5
250.8
276.5

125.9
138.2
144.5
152.8
166.9
183.2
206.2
218.6

146.8
163.0
174.8
189.3
200.0
231.3
283.9
319.6

141.0
162.5
173.4
184.6
199.2
216.5
239.8
264.3

149.3
163.6
169.7
180.7
194.9
217.9
248.9
271.3

162.9
180.0
189.1
201.5
215.6
242.2
280.3
306.0

200.2
195.3
185.3
190.5
203.1
226.1
252.6
250.3

159.5
178.6
189.4
202.3
216.5
244.4
282.3
310.1

196.1
196.9
202.7
209.2
234.4
274.3
304.6
329.0

190.2
192.1
216.2
247.9
259.2
257.4

208.9
206.9
228.5
245.0
272.3
330.0
401.0
482.3

189.4
191.8

1981:

May
June
July
Aug
Sept
Oct
Nov
Dec

268.8
270.3
271.3
272.1
272.6
274.2
275.5
276.3

253.3
254.5
256.6
256.8
255.5
255.0
253.2
253.0

272.0
273.7
274.3
275.2
276.4
278.6
280.9
281.9

275.6
277.1
277.4
277.9
279.3
281.4
283.8
284.6

217.7
218.9
218.5
219.6
219.5
222.5
224.5
224.7

318.8
320.4
321.2
321.5
323.9
325.3
328.0
329.3

262.0
264.1
265.6
267.4
267.8
270.5
272.5
274.1

270.6
272.0
272.9
273.3
273.9
275.2
276.3
276.9

305.7
306.9
308.1
309.7
309.8
309.7
310.6
311.1

255.6
255.1
251.0
251.4
242.5
238.3
233.6
233.2

309.5
310.8
312.3
314.1
314.8
315.1
316.3
316.9

333.7
336.9
337.6
334.4
328.4
322.7
318.1
313.6

260.9
265.0
264.9
261.9
252.0
246.1
240.8
234.1

489.6
490.8
493.2
489.7
492.2
486.9
483.9
484.6

1982:

Jan
Feb
Mar
Apr
May

277.8
276.9
276.5
276.7
276.8

255.9
257.1
256.7
260.8
262.7

283.0
281.5
281.1
280.1
279.6

285.6
284.0
283.0
281.1
280.1

224.4
222.6
223.9
223.4
224.3

331.3
329.6
327.0
324.3
321.8

275.4
274.1
275.5
276.5
277.7

278.5
277.7
276.8
276.8
276.6

312.0
311.4
310.4
308.5
308.8

237.8
240.2
237.5
243.2
247.3

317.6
316.7
315.8
313.3
313.4

319.3
317.3
314.6
320.2
327.3

244.5
246.1
246.7
255.4
262.2

480.3
470.6
461.0
460.3
468.0

1

:

Intermediate materials for food manufacturing and feeds.

NOTE.—Data revised for January 1982.

22



Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In May, the consumer price index for all urban consumers rose 1.0 percent, seasonally adjusted (also 1.0 percent
unadjusted). Food and beverages prices were up 0.8 percent, seasonally adjusted, and energy prices were up 1.6
percent, unadjusted.
INDEX, 1967= 100 (RATIO SCALE)
320

INDEX, 1967=100 (RATIO SCALE)
320
UNADJUSTED

300

300

280

280

260

260

240

240

ALL ITEMS

140

II I i i i i
1974

1975

1981

1976

SEE NOTE ON TABLE BELOW

i II I I I I I i
1982

COUNCIL OF ECONOMIC ADVISERS

SOURCE; DEPARTMENT OF LABOR

[1967 = 100; monthly data seasonally adjusted, except as noted]
Transportatio n

Housing
Period

All
items J

Pood
and
beverages

Total '

NSA

Home
purchase
NSA

Financing,
taxes,
and
insurance
NSA

Apparel
and
upkeep

Total '

New
cars

Motor
fuel 2

Medical
care

Energy 3

Services

All items
less food,
energy,
and home
purchase
finance

NSA

4

Rel. imp.5.

100.0

17.5

46.0

9.6

12.9

4.6

19.3

3.5

6.0

4.9

11.1

43.S

49.8

1974
1975
1976
1977
1978
1979
1980
1981
1981: May
June
July
Aug
Sept:
Get
Nov
Dec
1982: Jan
Feb
Mar
Apr
May

147.7
161.2
170.5
181.5
195.4
217.4
246.8
272.4

158.7
172.1
177.4
188.0
206.3
228.5
248.0
267.3

148.8
164.5
174.6
186.5
202.8
227.6
263.3
293.5

142.7
160.3
168.4
179.5
196.7
223.1
254.3
267.7

136.2
142.3
147.6
154.2
159.6
166.6
178.4
186.9

137.7
150.6
165.5
177.2
185.5
212.0
249.7
280.0

117.5
127.6
135.7
142.9
153.8
166.0
179.3
190.2

159.9
170.8
177.9
188.2
196.3
265.6
369.1
410.9

152.1
166.6
180.4
194.3
210.9
234.2
270.3
305.7

138.5
150.5
160.8
170.6
180.9
194.1
211.6
231.6

265.4
266.0
267.7
269.1
270.9
271.5
271.9
272.1

288.4
291.6
296.3
299.3
303.2
303.3
304.8
305.9

263.0
266.6
271.4
272.6
274.5
272.5
270.2
270.5

185.8
186.1
187.1
188.4
189.0
189.5
189.3
189.4

275.8
276.9
279.7
281.4
284.6
288.2
290.8
292.5

189.9
192.0
192.8
192.8
193.7
194.0
194.6
196.1

410.4
406.5
404.3
404.7
408.3
414.6
418.1
420.3

411.3
414.0
415.7
416.1
417.1
414.9
414.1
414.6

299.9
303.3
308.6
312.2
316.9
318.4
321.4
322.9

228.4
230.3
232.6
234.4
236.5
238.3
239.8
241.4

282.5
283.4
283.1
284.3
287.1

274.1
275.8
274.9
275.7
277.8

306.7
307.9
306.9
309.5
313.7

269.3
270.4
269.2
272.3
279.3

189.3
190.1
190.9
191.1
191.0

291.9
289.9
287.1
282.6
283.8

196.0
194.5
194.6
196.0
196.5

413.1
403.6
387.6
361.8
365.1

150.5
168.6
184.7
202.4
219.4
239.7
265.9
294.5
289.2
292.0
295.9
299.4
302.0
305.0
308.3
310.5
312.9
315.0
318.1
321.3
324.2

159.7
176.6
189.3
207.3
220.4
275.9
361.1
410.0

269.0
271.3
274.4
276.5
279.3
279.9
280.7
281.5

181.1
201.9
212.8
227.2
257.8
308.9
396.0
472.5
458.3
467.2
480.0
488.3
501.8
501.8
505.6
506.3
506.0
507.2
500.9
508.4
516.2

416.4
413.0
406.1
395.7
402.1

324.4
325.6
325.7
328.7
331.8

242.5
243.4
244.6
246.1
247.0

1

Includes items not shown separately.
lncludes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc.
4
Estimated series. Finance includes financing, taxes, and insurance.
5
Relative importance, December 1981.
2

3




NOTE.—NSA indicates data are -not seasonally adjustedData beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

Foods

22.5
13.0
5.5
-2.5
6.9
11.7
7.4
7.5
1.4

7.4
20.5
6.7
6.0
6.7
8.5
17.5
14.2
8.5

.2
.5
.8
.1
2
-.7
-.1

.0
.5
.1
.2
.5
.8
.9
.3

.7
.8
.6
.7
.1
1.0
.7
.6

9.4
7.1
4.7
5.0
3.4
4.3
5.1
5.5

1.1
.5
-.2
1.6
.7

.4
g
-.4
-.7
4

.5
-.5
.5
.4
.4

5.4
2.0
.3
-1.6
-.1

Capital
equipment

Consum er goods

Total
finished
goods

Excluding foods

Foods

Capital
equipment

5.3
22.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2

-.5

.5
-.3
— .1
.1
.0

Jan
Peb
Mar
Apr
May

Excluding foods

Foods

.2
.6
.4
.3
.2
.6
.5
.3

1981: May
June
July
Aug
Sept
Oct
Nov
Dee

1

Excluding foods

Consum er goods

Total
finished
goods

Capital
equipment

11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.8
7.1

1973
1974
1975
1976
1977
1978
1979
1980
1981

1982:

Consum er goods

Total
finished
goods

Percen , change fro m 6 months earlier;
seas onally adjus ;ed annual r ates

Percen t change fro <n 3 months earlier;
seas onally adjus ted annual r ates

Percen change fro m preceding period;
seasonally adjusted l

11.3
7.6
2.8
3.4
3.2
5.9
8.8
7.8

3.5
6.3
5.6
1.6
2.5

-5.5
-3.9
1.4
6.3
6.0
7.9
9.0

9.7
10.0
8.6
8.5
5.7
7.6
7.8
9.7

9.6
9.9
8.2
7.2
5.3
4.5
5.0
4.5

3.1
4.3
4.8
5.2
2.6
1.8
-.1
-1.2

11.9
11.9
9.2
7.3
5.4
4.3
6.0
5.5

10.2
10.8

6.1
.3
-2.2
-6.2
-5.4

4.7

7.4
2.4
2.1
1.6
5.4

4.8
3.6
2.9
1.8
.9

-.5
.2
.9
4.6
7.6

6.0
4.4
2.7
-.2

7.5
5.1
5.8
4.5
3.9

-2.6

9.5
9.1
7.8
8.1
8.2
7.7

Source: Department of Labor, Bureau of Labor Statistics.

Annual changes are from December to December (unadjuste

NOTE.—Based on revised data for January 1982.

CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted *

Tra nsportati m

Housing

Total

2

Financing,
taxes,
and
insur-

NSA

parel
and
upkeep

Total

2

New
cars

Motor
fuel 3

Medical
care

Energy4

1981: May
June
July
Aug
Sept
Get
Nov
Dec
Jan
Feb
Mar
Apr
May

1

12.0
6.2
.8
7.6
11.6
10.0
10.1
4.3

13.4
7.5
5.4
7.6
9.9
15.2
13.7
10.2

10.1
10.0
4.3
8.4
11.2
15.8
11.4
1.2

14.6
7.6
1.6
11.2
14.7
27.5
23.3
17.9

8.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6

13.3
9.8
8.8
4.3
7.7
18.2
14.7
11.0

11.5
7.3
4.8
7.2
6.2
7.4
7.5
6.8

20.6
11.0
2.6
4.9
8.5
52.2
18.9
9.4

12.4
9.9
10.1
8.8
8.8
10.1
10.0
12.5

21.6
11.6
6.9
7.2
8.0
37.4
18.1
11.9

.8
.7
1.1
.8
1.1
.4
.5
.4

.2
.2
.6
.5
.7
.2
.1
.1

1.2
1.1
1.6
1.0
1.3
.0
.5
.4

.9
1.4
1.8
.4
.7
.7
-.8
.1

2.5
1.9
2.7
1.7
2.8
0
.8
.1

.1
.2
.5
.7
.3
.3
— .1
.1

.5
.4
1.0
.6
1.1
1.3
.9
.6

2.0
1.1
.4
0
.5
.2
.3
.8

-.7
-1.0
-.5
.1
.9
1.5
.8
.5

.9
1.0
1.3
1.2
.9
1.0
1.1
.7

.4
.7
.4
.1
.2

.3
.2
-.3
.2
1.0

.7
.6
3
.3
.8

.3
.4
.3
.8
1.4

-.4
.4
-.4
1.2
2.6

— .1
.2
1.2
1.5
1.5

-.1
.4
.4
.1

-.2
-.7
1.0
-1.6
.4

-.8
.1
.7
.3

-1.7
-2.3
-4.0
-6.7
.9

.8
.7
1.0
1.0
.9

1

Annual changes are from December to December, not seasonally adjusted.
Includes items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc.
5
Estimated series. Finance includes financing, taxes, and insurance.
2

3
Includes
4

24



Services

NSA

12.2
7.0
4.8
6.8
9.0
13.3
12.4
8.9

1974
1975
1976
1977
1978
1979
1980
1981

1982:

Food
and
beverages

Home
purchase
NSA

Period

All
items 2

All items
less food,
energy,
and
home
purchase

J

Adde idum:
All item percent
change (annual
ra te)
From
3
months
earlier

From
6
months
earlier

7.3
7.9
9.3
13.7
14.2
13.0

11.1
6.3
6.8
5.5
6.9
7.5
9.9
9.4

-.2
.1

1.3
1.1
1.7
1.2
1.5
.5
.9
.5

.7
.8
1.0
.8
.9
.8
.6
.7

7.3
8.1
11.3
11.3
12.8
9.7
8.4
5.4

9.3
8.8
9.6
9.3
10.4
10.5
9.8
9.1

.4
.8
-1.7
-2.6
1.6

.5
.4
.0
.9
.9

.5
.4
.5
.6
.4

4.8
3.7
1.0
.8
3.7

7.2
6.0
3.2
2.8
3.7

K

11.3
8.1

NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2,2 percent in May and prices paid by farmers rose 0.6 percent in the month
ended May 15.
INDEX, 1977=100

INDEX, 1977=100

(RATIO SCALE)

(RATIO SCALE)

180

180

160

160

140

140

120

120

100

100

PRICES RECEIVED

80

80

60 I i M M I i M i i

iJj,,,XJJjJJl^Lti.-iJj..XXXJ.l.lJ.J^L.i111 I i Li4J-.t4-lj-J.-i 14 114 l-Ll-l i M | I I i i M I I M i I ) | 1 i i i i I I | I M ' 60
RATIO -L/

1982
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

[1977 = 100]
F rices paid by fanner s

Pri ces received by farm ers

Period

1974
1975
1976
1977
1978
1979
1980
1981

Livestock and
products

All farm
products

All commodities,
services,
interest, taxes,
and wage rates l

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio

2

105
101
102
100
115
132
134
138

117
105
102
100
105
116
125
134

94
98
101
100
124
147
144
142

81
89
95
100
108
123
138
150

89
95
100
109
125
139
150

83
91
97
100
108
125
138
148

130
113
107
100
106
107
97
92

May
June
July
Aug
Sept
Oct
Nov
Dee

142
142
142
137
133
130
130
128

142
138
138
129
120
119
121
122

141
146
146
145
146
140
138
133

150
150
150
151
151
150
150
150

151
151
150
150
150
149
149
148

149
150
148
148
148
147
147
145

95
95
95
91
88
87
87
85

1982: Jan
Feb
Mar
Apr
May

132
133
133
135
138

126
123
120
123
124

137
142
145
147
151

154
154
155
155
156

153
153
154
154
155

148
151
150
150
151

86
86
86
87
88

1981:

1

Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
2




81

NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
Ml declined in May, while growth in the broader aggregates continued at about the March and April pace.

BILLIONS OF DOLLARS'(RATIO SCALE)

BILLIONS Of DOLLARS' (RATIO SCALE]

2,600

COUNCIL OF ECONOMIC ADVISERS

EDERAL RESERVE 5

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

M3

M2

Ml

L

M2 plus large time
deposits, term RPs, and
institution-only MMMF

M3 plus other liquid
assets

Percent ;hange from year or 6
rr onths earlier 2

Ml plus overnight RPs
Period

1974:
1975:
1976:
1977:
1978:
1979:
1980:
1981:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1981: May
June
July
Aug
Sept
Get

Nov
Dec
1982: Jan
Feb
Mar
Apr
May"
1

Sum of currency,
demand deposits,
travelers' checks, and
other checkable deposits
(OCD) '

277.4

291.0
310.4
335.5
363.2
389.0
414.5
440.9
429.2
428.4
429.4
431.1
431.2
432.9
436.4
440.9
448.6
447.3
448.3
452.3
451.5

and Eurodollars,
MMMF balances
(general purpose and
broker/dealer), and
savings and small time
deposits
911.2
1,026.9
1,171.2

1,297.7
1,403.9
1,518.9
1,656.1
1,822.7
1,732.4
1,740.9
1,753.7
1,772.4
1,778.3
1,789.5
1,809.9
1,822.7
1,841.3
1,848.0
1,865.2
1,880.7
1,897.1

Net of demand deposits due to foreign commercial banks and official institutions.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.

26



1,064.3
1,166.2
1,305.0
1,464.6
1,629.0
1,779.3
1,963.1
2,188.1
2,065.2
2,082.1
2,102.5
2,126.0
2,138.1
2,151.1
2,174.7
2,188.1
2,204.3
2,215.0
2,235.8
2,257.9
2,278.1

1,249.8
1,376.6
1,531.4
1,724.3
1,938.9
2,153.9
2,370.4
2,642.0
2,483.1
2,506.6
2,530.4
2,559.7
2,577.2
2,600.0
2,629.3
2,641.9
2,665.1
2,698.8

NOTE.—Data revised beginning May 1981.
Source: Board of Governors of the Federal Keserve System

Ml

4.4
4.9
6.7
8.1
8.3
7.1

6.6
6.4
5.7
6.8
5.6
5.7
3.2
-.2
3.4
5.9
9.1
7.7
8.1
9.2
7.0

M2

5.6
12.7
14.1

10.8
8.2
8.2
9.0

10.0
9.4

10.5
10.8
11.5
9.3
7.8
9.1
9.6

10.2
8.7

M3

8.4

9.6

11.9
12.2
11.2
9.2

10.3
11.4
11.9
12.5
12.3
12.8
11.6
10.5
10.9
10.4
9.9
8.5
9.3

10.0
10.5

10.2

9.9

9.7

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

Period

Currency

Demand
deposits '

Other
checkable
deposits
(OCD)

Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars

Money market
mutua 1 fund
bala nces
General
purpose
and
broker/
dealer
NSA

NSA

Dec:
1974
1975
1976
1977
1978
1979
1980
1981

2.1
3.2
2.8
2.9
7.1

0.2
.4
.6
.9
3.1
9.3

NSA

290.0
340.9
396.5
454.1
533.9
652.6
751.7
854.7

144.4
129.8
118.2
145.2
194.6
221.8
257.9
300.3

9.0

8.0
9.7

15.0
21.0
27.5
30.2
37.8
35.4

Sav
ings
bonds

13.1
18.7
29.9
42.9
48.4
66.7

8.4

Shortterm
Treasury
securities

Bankers'
acceptances

Com
mercial
paper

10.6

50.1
48.0
51.7
62.9

80.3
79.6
72.3
67.7

53.6
77.1
81.1
89.9
99.3
128.5
156.7
175.5

11.8
21.4
26.6
31.8
39.7

79.0
97.2
98.2
104.2

63.2
67.2
71.7
76.4

16.9
26.9
77.0

34.3
61.8
151.2

13.9
33.7

240.4
237.7
236.7
236.6
234.7
235.7
235.7
236.4

65.2
66.7
68.1
69.5
71.2
71.6
74.7
77.0

41.0
42.9
42.3
43.1
39.6
36.1
36.9
38.1

98.8
102.9
112.8
122.2
130.6
137.3
144.9
151.2

19.5
20.1
21.6
23.3
26.6
29.4
32.0
33.7

373.5
366.8
361.0
350.9
343.1
339.6
340.9
343.6

795.8
805.5
814.0
830.8
839.7
849.8
856.8
854.7

278.3
285.6
293.1
299.8
302.3
302.2
300.6
300.3

37.7
38.8
37.2
33.4
33.8
33.4
35.6
35.4

57.0
57.9
58.7
61.0
61.2
63.4
65.5
66.7

70.0
69.7
69.4
68.9
68.4
67.9
67.7
67.7

158.2
160.3
161.8
164.1
168.1
176.0
179.9
175.5

35.6
36.4
37.1
37.3
37.6
37.1
38.1
39.7

97.1
100.3
100.8
102.4
103.8
104.4
103.7
104.2

239.3
234.6
233.0
233.0
232.6

81.1
83.8
85.7
88.6
87.0

43.2
42.9
43.0
40.4
42.7

154.9
156.0
159.2
161.9
164.3

32.5
30.5
31.5
31.5
32.8

348.8
348.6
350.7
350.5
350.9

852.3
859.4
870.0
881.6
893.7

302.6
308.0
312.5
317.0
321.1

32.5
32.5
31.5
34.2
32.4

69.5
73.5

67.8
67.8

178.0
195.3

40.2
39.1

105.4
108.2

Dec

119.4
119.7
120.5
120.7
121.1
121.3
121.8
123.1

1982:
Jan
Feb
Mar
Apr
May"

123.8
124.6
125.1
126.3
127.4

Nov

7.2
7.5

NSA

Term
Eurodollars
(net)

13.7
18.8
24.1
26.3
35.0
38.1

80.6
88.6
97.4
106.1
116.2
123.1

1981:
May
June
July
Aug
Sept
Oct

0.4
.9
2.7
4.2
8.4

Large
denomination time
deposits 2

Term
repurchase
agreements
(KPs)

NSA

Small
denomination time
deposits 2

337.6
387.7
451.7
490.4
479.9
421.7
398.9
343.6

207.4
214.1
224.4
239.6
253.9
262.2
267.2
236.4

67.8
73.8

Institution
only

Savings
deposits

1

Net of demand deposits due to foreign commercial banks and official institutions.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.

8.4
8.8

NOTE.—See p. 26 for overall measures, and note regarding revisions.
NSA indicates data are not seasonally adjusted.

2

Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]

Total '

Automobile

Net char ge in amount ou standing

Insta Iment credit liqu: dated

Insta llment credit exte nded
Revolving

Total »

Automobile

Revolving

Total >

172,765
180,083
210,740
257,600
297,668
324,777
306,076
336,341

46,514
52,420
63,743
75,641
87,981
93,901
83,454
94,404

33,213
36,956
43,934
87,596
105,125
120,174
128,068
140,135

163,276
172,675
189,179
222,138
254,589
286,396
304,628
316,447

46,019
49,444
53,278
60,437
69,245
79,186
82,977
84,809

31,243
35,616
41,764
81,348
96,090
111,546
126,653
135,438

9,489
7,408
21,561
35,462
43,079
38,381
1,448
19,894

1981: Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec

29,271
28,377
29,223
28,290
28,323
29,406
26,836
27,370
26,656

7,459
7,384
7,515
8,059
8,396
9,000
7,490
8,073
7,352

12,383
11,876
12,658
11,706
11,663
12,263
11,753
11,379
11,592

26,549
26,806
27,192
26,739
25,895
26,431
25,834
26,770
26,689

6,811
7,498
7,366
7,003
6,537
6,921
6,466
7,509
7,284

11,443
11,520
11,651
11,590
11,486
11,692
11,429
11,358
11,533

2,722
1,571
2,031
1,551
2,428
2,975
1,002

1982:

26,888
27,150
27,462
28,684

7,474
7,283
7,183
7,871

11,070
11,730
12,143
12,416

26,445
27,075
26,472
27,509

7,595
7,339
7,211
7,638

11,266
11,885
11,836
11,917

443
75
990

1974
1975
1976
1977
1978
1979
1980
1981

1

Jan
Feb
Mar
Apr

Includes "mobile home" and "other," not shown separately.




600
-33

1,175

Automobile

495
2,976
10,465
15,204
18,736
14,715

477
9,595

648
-114

149
1,056
1,859
2,079
1,024

564
68
-121

-56
-28
233

Revolving

1,970
1,340
2,170
6,248
9,035
8,628
1,415
4,697

940
356
1,007

116
177
571
324
21
59
-196
-155

307
499

Source: Board of Governors of the Federal Reserve Svstem.

27

BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial bank loans and investments rose again in May.

Reserves also rose.
BILLIONS OF DOLLARS'(RATIO SCALi)

BILLIONS OF DOLLARS'(RATIO SCALE)
1,800

1,800
1,600
1,400

1,600 [-ALL COMMERCIAL BANKS
1,400
1,200

1,200

1,000

1,000

800

800

600

600
LOANS AND LEASES

400

400

INVESTMENT IN OTHER SECURITIES

200
180
160
140
120

200
180
160
140
120

100

100

80

80

60

60

40

40
1974

1975

1982

1976

* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
Depo sitory institutic ns 3

A 1 commercial banks '

Period

Loans a nd leases
Total loans
and
investments
Total

1975:
1976:
1977:
1978:
1979:
1980:
1981:

2

Eeserves adjust sd
for changes in
re serve reqmrernents

Investinents

Borr swings
(millions of dollars,
unad usted)

Commercial
and industrial
loans

U.S. Treasury
securities

145.6
148.8
159.3
172.8
191.5
214.4
231.4

31.16
31.70
33.18
35.08
36.37
39.01
40.53

31.65
32.61
34.22
34.90
37.32
39.89

30.89
31.43
32.99
34.85
36.04
38.49
40.21

558
874
1,473
1,617
636

13
12
54
134
82
116
53

Other
securities

Total

Non-

borrowed

Required

Total

Seasonal

Dec
Dec
Dec
Dec
Dec
Dec
Dec

745.2
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3

517.4
555.0
632.5
747.0
849.9
915.1
973.9

189.6
190.9
210.9
245.9

291.2
326.8
358.0

82.2
100.8
99.8
93.8
94.5
110.0
111.0

1981: May
June
July
Aug
Sept
Oct
Nov
Dec

1,285.1
1,295.4
1,302.8
1,312.2
1,317.8
1,324.0
1,327.5
1,316.3

948.5
957.2
964.0
972.7
979.0
982.8
986.1
973.9

339.4
345.1
350.9
356.6
360.6
363.7
363.4
358.0

116.0
116.7
116.4
115.6
113.2
112.5
110.3
111.0

220.6
221.6
222.3
223.8
225.6
228.7
231.2
231.4

39.63
39.62
39.73
39.81
40.31
40.12
40.15
40.53

37.40
37.58
38.05
38.39
38.86
38.94
39.49
39.89

39.37
39.28
39.39
39.52
39.90
39.84
39.81
40.21

2,220
2,039
1,679
1,417
1,451
1,179
661
636

259
291
248
220
222
152
79
53

1982:

1,320.1
1,332.4
1,342.5
1,352.5
1,362.0

974.5
985.2
995.0
1,002.0
1,010.8

360.3
365.6
370.0
373.1
378.9

114.1
115.1
114.4
116.6
116.3

231.5
232.0
233.1
234.0
234.9

41.28
40.93
41.09
41.18
41.33

39.76
39.14
39.53
39.61
40.22

40.86
40.62
40.73
40.91
40.97

1,526
1,713
1,611
1,581
1,105

75
132
174
167
237

Jan
Feb
Mar
Apr
May ".

'Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.

2

3

28



31.03

127
62

NOTE.—Beginning Dec. 1981, banks loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
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]

Uses

Sources
External
Period

Total

165.8
208.7
202.9
167.9
223.4
264.2
320.4
366.7
336.2
377.1
359.6
265.4
325.4
394.3
327.0
411.9
408.5
360.9
332.7

1972
1973
1974

1975
1976
1977
1978
1979
1980
1981
1980: I
II

m

IV
1981: I
II
Ill
IV
1982: I"

Internal

C redit market fu nds

l

Total

85.0
91.7
85.6
119.7
134.2
156.1
171.9
190.6
196.8
229.9
194.9
192.9
199.2
200.3
222.0
228.2
236.4
232.9
226.7

Total

Securities
and
mortgages

Loans and
short-term
paper

40.7

16.9
36.0
43.6
-8.0
16.3
36.5
47.4
65.3
39.7
73.1

57.6
72.9
82.8
41.7
64.3
84.6
93.2
104.8
106.1
107.3
126.7
70.1
93.3
134.3
70.4
145.3
121.3
92.2
126.3

80.8
117.0
117.3
48.3
89.2
108.1
148.5
176.1
139.3
147.2
164.7
72.5
126.3
194.0
105.0
183.7
172.1
128.0
106.0

36.9
39.1
49.7
48.0
48.1
45.8
39.5
66.5
34.2
65.9
62.3
63.5
74.1
56.2
51.7
9.4
19.3
47.7

1

Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
2

v

60.8
7.8
29.8
60.2
14.2
93.6
111.9
72.9
78.6

Total

Other 2

23.2
44.0
34.5
6.5
24.9
23.5
55.3
71.4
33.2
39.9
37.9
2.4
33.0
59.6
34.5
38.5
50.7
35.8
-20.3

149.1
191.9
190.1
150.9
201.4
228.5
290.9
340.6
291.7
324.8
310.6
224.8
289.1
342.4
300.1
350.8
345.8
302.5
277.6

Capital
expenditures 3

Increase in
financial
assets

99.0
121.5
137.9
109.7
148.3
174.1
199.2
220.9
216.9
258.7

50.1

70.5
52.2
41.2
53.0
54.4
91.7
119.7
74.9
66.1
86.5
12.8
82.0
118.2

224.1
212.0
207.1
224.3
231.6
265.4
281.8
256.1
228.4

68.5
85.4
64.0
46.4
49.2

Discrepancy
(sources less
uses)

16.7
16.7
12.9
17.0
22.0
35.7
29.5
26.2
44.5
52.2
49.0
40.7
36.3
51.9
26.8
61.1
62.7
58.3

55.1

3

Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.

Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.

Source: Board of Governors of the Federal Reserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]

Curren assets
End of period

Total

Cash

U.S.
Governsecurities

SEC series: 2
1970
1971
1972
1973
1974
FTC-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1980: III
IV
1981: I
II
Ill
IV
1

Notes and
accounts
receivable

C urrent liabiliti 3S

3




Total

Notes and
accounts
payable

Other
current
liabilities

211.3
220.5

93.6
105.5
92.7

492.3
529.6
599.3
697.8
790.7

50.2
53.3
59.0
66.3
71.1

7.7
11.0
10.6
12.8
12.3

206.1
221.1
248.2
288.5
322.1

193.3
200.4
225.7
263.9
313.6

35.0
43.8
55.8
66.4
71.7

304.9
326.0
375.6
450.9
530.4

282.9
340.3
402.3

735.4
759.0
826.8
902.1
1,030.0
1,200.9
1,281.6
1,361.4
1,254.9
1,281.6
1,321.2
1,317.4
1,349.2
1,361.4

73.2
82.1
88.2
95.8
104.5
116.1
121.0
124.5
113.4
121.0
120.5
118.5
118.3
124.5

11.1
19.0
23.4
17.6
16.3
15.6
17.3
15.8
16.4
17.3
17.0
17.7
16.0
15.8

265.8
272.1
292.8
324.7
383.8
456.8
491.2
512.3
478.7
491.2
507.3
507.4
519.7
512.3

319.5
315.9
342.4
374.8
426.9
501.7
525.4
565.3
524.5
525.4
542.8
540.0
557.2
565.3

65.9
69.9
80.1
89.2
98.5
110.8
126.7
143.4
121.9
126.7
133.6
133.7
138.1
143.4

453.4
451.6
494.7
549.4
665.5
809.1
877.2
962.3
850.5
877.2
910.9
908.1
951.1
962.3

269.8
264.2
281.9
313.2
373.7
456.3
498.3
541.3
477.2
498.3
504.0
500.8
529.1
541.3

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 Corpoitions. Federal Trade Commission.
2

Other
current
assets

Inven-

Net
working
capital

Current
ratio 1

110.7
128.1

187.4
203.6
223.7
246.9
260.3

1.615
1.625
1.595
1.548
1.491

183.6
187.4
212.8
236.2
291.7
352.8
378.9
421.0
373.4
378.9
406.9
407.2
422.0
421.0

282.0
307.4
332.2
352.7
364.6
391.8
404.4
399.1
404.3
404.4
410.3
409.3
398.1
399.1

1.622
1.681
1.672
1.642
1.548
1.484
1.461
1.415
1.475
1.461
1.450
1.451
1.419
1.415

NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and
Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Most interest rates rose in June.
PERCENT PER ANNUM

DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK

CORPORATE Aaa BONDS
(MOODY'S)

6 '

1974

1981

SOURCE: SEE TABLE BELOW

1982

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

U.S. 1Veasury security yields
Period

1976
1977

1978
1979
1980
1981
1981: May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr
May
June "
Week ended:
1982: May 15
22
29
June 5
12
19
26
July 3

3-month
bills >

Constant nnaturities
3-year

2

10-year

4.989
5.265
7.221
10.041
11.506
14.077
16.295
14.557
14.699
15.612
14.951
13.873
11.269
10.926
12.412
13.780
12.493
12.821
12.148
12.108

6.77
6.69
8.29
9.72
11.55
14.44
15.08
14.29
15.15
16.00
16.22
15.50
13.11
13.66
14.64
14.73
14.13
14.18
13.77
14.45

7.61
7.42
8.41
9.44
11.46
13.91
14.10
13.47
14.28
14.94
15.32
15.15
13.39
13.72
14.59
14.43
13.86
13.87
13.62
14.28

12.248
12.189
11.480
11.520
12.074
12.248
12.588
13.269

13.73
13.71
13.71
13.99
14.08
14.57
14.95

13.53
13.57
13.66
13.92
13.97
14.36
14.70

High-grade
municipal
bonds
(Standard &
Poor's) 3




Prime
paper,
6 months 4

Discount rate
(N.Y. F.E.
Bank) 5

5.90
6.39
8.51
11.23
10.73
10.56
11.03
12.13
12.86
12.67
11.71
12.77
13.16
12.81
12.72
12.45
11.99

8.43
8.02
8.73
9.63
11.94
14.17
14.32
13.75
14.38
14.89
15.49
15.40
14.22
14.23
15.18
15.27
14.58
14.46
14.26
14.79

"5.34
"5.61
4
7.99
10.91
12.29

14.76
16.66
15.22
16.09
16.62
15.93
14.72
11.96
12.14
13.35
14.27
13.47
13.64
13.02
13.73

5.50
5.46
7.46
10.28
11.77
13.41
13-14
14-14
14-14
14-14
14-14
14-14
14-13
13-12
12-12
12-12
12 12
12-12
12-12
12 12

11.79
11.96
12.07
12.09
12.31
12.62
12.56

14.22
14.23
14.21
14.50
14.62
14.79
15.10

13.01
12.94
12.76
13.00
13.20
13.86
14.49

12-12
12 12
12-12
12-12
12-12
12 12
12-12

6.49
5.56

"Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department,
3
Weekly data are Wednesday figures.
4
Prior to November 1, 1979J data are for 4-6 months paper.
5
Average effective rate for year; opening and closing rate for month and week.

30

Corporate
Aaa bonds
(Moody's)

12

Prime rate
charged 5by
banks

New-home
yields
(FHLBB) 6

6.84

9.00

6.83
9.06
12.67
15.27
18.87
18-20K
20^-20
20-20 &
20^-20^
20&-19J£
19&-18
18-16
15%-15%
15^4-15%
15%-16%

9.02
9.56
10.78
12.66
14.70
14.10
14.67
14.72
15.27
15.29
15.65
16.38
15.87
15.25
15.12
15.67
15.84
15.96

16fc 16fc
16fc-16J£
16&-16JS
16£ 16M

16&-16X
16^ 16J£
16&-16&
16&-16&
16&-16&
16&-16&
16&-16JS
16£-

6

Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.

COMMON STOCK PRICES AND YIELDS
Stock prices declined in June.
INDEX, DEC 31, 1965=50

INDEX, DEC 31,1965=50

50

- 50

40

40

30

30
1982

PERCENT
20

PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

15

10

10

1974

1975

1976

1978

1977

1979

1980

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

1981

Co mmon stock price s >
Ne^v York Stock Ex change indexes (] )ec. 31, 1965 — 5O)

Common st ock5yields
(perce nt)

2

Period
Composite

Industrial

1982

COUNCIL OF ECONOMIC ADVISERS

Transportation

Utility

Finance

Dow-Jones
industrial
average 3

Standard &
Poor's
composite
index (194143 = 10)4

Dividendprice ratio

1976
1977
1978
1979
1980
1981

54.46
53.69
53.70
58.32
68.10
74.02

60.44
57.86
58.23
64.76
78.70
85.44

39.57
41.09
43.50
47.34
60.61
72.61

36.97
40.92
39.22
38.20
37.35
38.91

52.94
55.25
56.65
61.42
64.25
73.52

974.92
894.63
820.23
844.40
891.41
932.92

102.01
98.20
96.02
103.01
118.78
128.05

3.77
4.62
5.28
5.47
5.26
5.20

1981: May
June
July
Aug
Sept
Get
Nov
Dec

76.28
76.80
74.98
75.24
68.37
69.40
71.49
71.81

88.78
88.63
86.64
86.72
78.07
78.93
80.86
81.70

76.78
76.71
74.42
73.27
63.67
65.65
67.68
68.27

38.27
39.23
38.90
40.22
38.17
38.87
40.73
40.22

74.65
79.79
74.97
73.76
69.38
72.56
76.47
74.74

979.52
996.27
947.94
926.25
853.38
853.25
860.44
878.28

131.73
132.28
129.13
129.63
118.27
119.80
122.92
123.79

4.98
5.03
5.18
5.16
5.69
5.65
5.54
5.57

1982:

67.91
66.16
63.86
66.97
67.07
63.10

76.85
74.78
71.51
75.59
75.97
71.59

62.04
59.09
55.19
57.91
56.84
53.04

39.30
38.32
38.57
39.20
39.40
37.35

70.99
70.50
69.08
71.44
69.16
63.19

853.41
833.15
812.33
844.96
846.72
804.01

117.28
114.50
110.84
116.31
116.35
109.70

5.95
6.06
6.28
5.99
5.97

68.40
66.57
65.35
64.19
63.21
62.53
62.62

77.51
75.39
74.03
72.76
71.63
70.81
71.20

58.21
56.36
54.57
53.65
53.08
52.52
52.76

40.00
39.25
38.73
38.06
37.64
37.33
36.74

70.89
68.30
66.39
64.75
63.24
62.84
62.39

861.89
838.09
828.84
813.33
802.06
796.02
803.25

118.64
115.38
113.37
111.42
109.92
108.68
108.92

Earningsprice ratio

5.83
6.05
6.09
6.15
6.33
6.35
6.26

Jan
Feb
Mar
Apr
May
June ".
Week ended:
1982: May 15
22
29
June 5
12
19
26

1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
3
Includes 30 stocks.
4
Includes 500 stocks,
5
Standard & Poor's series. Dividend-price ratios based on Wednest




8.90
10.79
12.03
13.46
12.66
11.93
11.44
13.13
12.44

price ratios based on prices at end of quarter.
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 Cor-

)sing prices. Earnings-

Potion.

31

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 8 months of fiscal year 1982, there was a budget deficit of $81.1 billion, compared to a deficit of
$64.2 billion a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

800

800

RECEIPTS AND OUTLAYS

700

700

600

600

500

500

400

400

300

|N 200

1974

1975

1976

1977

1978

1979

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]

Federal debt end of period)
Period

Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982 '
1983 (estimates):
Current Budget Estimates, April 1982 *
First Concurrent Resolution, June 23, 1982
Cumulative total, first 8 months:
Fiscal year 1981
Fiscal year 1982
1

Estimates from Current Budget Estimates, Office of Management and Budget, April 1982.

32



Outlays

Receipts

Surplus or
deficit (— )

207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
628.4

230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.9

45.2
-66.4
-13.0
44.9
-48.8
-27.7
59.6
-57.9
-100.5

665.1
665.9

767.0
769.8

373.1
402.1

437.2
483.3

Held by the
public

437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,135.9

346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
916.4

-101.9
-103.9

1,269.3

1,034.4

-64.2
81.1

974.8
1,076.8

775.4
868.5

23.4
-14.8
-4.7

323.8
343.0

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 8 months of fiscal year 1982,
outlays were $46.1 billion higher.

budget receipts were $29.0 billion higher than a year earlier and budget

BILLIONS OF DOLLARS
400
RECEIPTS

BILLIONS OF DOLLARS
400

300

200

200

OTHER RECEIPTS
100

100

CORPORATION INCOME TAXES
1

600

600
OUTLAYS

500

500

400

400

NONDEFENSE
300

300

200

200

100

100
1974

1975

1976

1977

1978

1979

1980

1982

1981

1983

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]

Outlays

Recei pts

Nation al defense
Period

Total

Individual
income
taxes

Corpomcome
taxes

Other

Total

Total

Defense,

International
affairs

Health and
income
security

Interest

Other

military

Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982 *
1983 1

207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
628.4
665.1

119.0
122.4
131.6
38.8
157.6
181.0
217.8
244.1
285.9
298.9
304.5

Cumulative total, first 8 months:
Fiscal year 1981
Fiscal year 1982

373.1
402.1

174.9
188.4

1

94.7
103.2

40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
51.6
64.6

80.4
91.4
105.7
116.1
125.0
34.0
143.0
158.6
179.8
208.4
252.2
277.9
296.0

230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.9
767.0

76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.8
187.6
221.4

75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.8
215.9

33.4
31.4

164.8
182.3

437.2
483.3

103.7
121.9

101.3
119.0

32.2
36.2
38.6

Estimates from Current Budget Estimates, Office of Management and Budget, April 1982.




5.7
6.9
5.6
2.2
4.8
5.9
6.1
10.7
11.1
11.4
12.1

80.0
90.4
104.8
134.3
158.9
41.0
174.5
187.4
207.1
248.3
291.1
323.1
339.4

22.8
28.0
30.9
34.5
7.2
38.0
44.0
52.6
64.5
82.5
99.2
113.6

48.8
53.9
51.6
66.5
76.1
21.5
85.7
105.9
107.5
117.3
112.7
107.6
80.5

7.8
7.3

191.7
211.8

51.0
64.0

83.1
78.3

4.7
4.1

20.6

Sources: Department of the Treasury and Office of Management and Budget-

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, according to revised estimates, Federal receipts fell $17.3 billion (annual rate) and expenditures
rose $6.2 billion, yielding a deficit of $123.5 billion. There was a deficit of $100.0 billion in the fourth quarter of
1981.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

700

700

600

600

500

500

400

300

300

50

50
SURPLUS

"^ VM uzzn
DEFICIT

VM

-50

-50

-100
1974

1975

1976

1978

1977

CALENDAR

1979

1980

YEARS

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal jrovernmem expenditur es

Federa Orovernme nt receipts

Period
Total

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

166.4

Indirect
business
tax and
nontax
accruals

Total

Contributions for
social
insurance

Purchases
of goods
and
services

Transfer
payments

r
in-aid to
State
and
local
governments

Subsidies
Net
interest
paid

or deficit

current
surplus of
Government
enterprises

Wage
accruals
less
disbursements

national
income
and
product
accounts

Fiscal year:
1977
1978
1979
1980
1981

365.9
414.2
480.7
S27.3
613.0

186.4
223.1
249.7
290.7

58.8
67.2
75.8
70.6
69.6

24.5
27.2
29.1
35.7
56.6

116.2
133.4
152.7
171.3
196.1

411.7
450.5
494.7
578.2
667.9

140.3
150.7
163.4
190.2
218.3

169.8
182.2
201.8
239.3
279.7

74.7
79.1
86.7
90.1

28.4
33.5
40.6
51.2
66.9

7.0
9.6
9.8
10.8
13.0

0.0
-.0
.0
.0
.1

-45.8
-36.3
— 14.0
-50.9
-54.9

Calendar year:
1977
1978
1979
1980
1981

375.1
431.5
494.4
540.8
626.0

170.1
194.9
231.4
257.8
296.2

61.6
71.2
74.6
70.2
66.0

25.0
28.1
29.4
40.6
61.2

118.5
137.2
159.0
172.2
202.5

421.5
460.7
509.2
602.0
688.4

143.9
153.4
167.9
198.9
230.2

172.8
185.6
209.1
249.8
284.5

67.5
77.3
80.4
88.0
87.2

29.1
35.2
42.3
53.3
73.1

8.2
9.3
9.4
12.0
13.4

.0
.0
-.0
.0
.0

46.4
-29.2
-14.8
— 61.2
-62.4

66.3

1980:

III
IV

540.8
573.2

259.4
272.9

66.7
72.6

42.9
49.1

171.8
178.6

615.0
641.1

194.9
212.0

265.3
269.0

87.7
91.8

53.5
55.2

13.7
13.1

.0
.0

— 74.2
-67.9

1981:

I
II
Ill
IV

617.4
621.0
638.3
627.2

283.3
293.2
306.4
302.0

74.6
64.8
66.4
58.3

60.6
62.6
61.8
59.9

198.9
200.4
203.7
207.0

664.0
668.2
694.0
727.2

221.6
219.5
226.4
253.3

271.9
274.8
293.6
297.9

90.2
89.6
85.4
83.7

67.7
70.4
75.6
78.7

12.6
13.9
13.3
13.6

.0
.0
.2
— .1

-46.6
-47.2
55.7
- 100.0

609.9

299.7

45.0

50.7

214.5

733.4

253.6

302.6

83.5

80.8

12.7

-.2

-123.5

1982: I

Hourees: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.

34



INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consume r prices (\madjusted)

Indu strial prod uction (ses sonally adju sted)
Period

United
States

Canada

Japan

France

Germany

Italy

United
Kingdom

United
States *

Canada

Japan

France

Germany

178.9

Italy

United
Kingdom

1975
1976
1977
1978
1979
1980
1981 "

117.8
130.5
138.2
146.1
152.5
147.0
151.0

140.3
148.5
152.2
157.7
166.0
162.7
164.8

163.9
182.0
189.7
201.1
217.7
232.5
239.3

139
149
152
154
161
160
157

137.1
149.1
152.0
154.1
161.8
162.3
160.0

127.6
143.5
145.1
147.9
157.6
166.5
162.6

114.3
117.4
122.9
126.9
131.7
122.9
118.0

161.2
170.5
181.5
195.4
217.4
246.8
272.4

160.1
172.1
185.9
202.5
221.0
243.5
273.9

205.8
224.9
243.0
252.3
261.3
282.3
296.2

196.1
214.5
233.9
259.1
294.2
332.7

144.2
150.4
155.9
160.2
166.8
175.9
186.4

186.8
218.1
255.2
286.2
328.5
398.0
472.4

216.5
252.4
292.4
316.6
359.0
423.6
473.9

1981: June
July
Aug
Sept
Get
Nov
Dec

152.9
153.9
153.6
151.6
149.1
146.3
143.4

171.7
167.7
164.8
162.3
160.0
157.4
156.0

238.4
241.1
234.1
243.1
246.7
246.4
244.4

160
157
157
160
160
160
162

158
161
161
161
161
161
158

160.0
166.2
127.5
163.1
154.7
163.6
158.9

118.2
117.7
117.7
118.6
121.4
119.2
117.7

271.3
274.4
276.5
279.3
279.9
280.7
281.5

273.8
276.2
278.2
280.2
283.0
285.4
286.7

297.3
296.4
294.7
299.5
300.7
299.8
299.8

329.2
334.9
339.0
342.9
347.1
350.3
352.4

186.3
187.1
187.7
188.6
189.2
190.1
190.7

473.9
477.7
481.0
487.7
497.5
506.0
511.1

475.2
477.3
480.8
483.5
487.9
493.0
496.1

1982: Jan p
Feb"
Mar p
Apr* 1
May"

140.7
142.9
141.7
140.6
140.3

153.2
153.2
150.5

244.1
244.4
245.1
242.8

156
156
157

161
163
161

156.7
164.1
161.4
161.5

117.7
118.4
119.1

282.5
283.4
283.1
284.3
287.1

288.7
292.1
295.8
297.5

300.7
299.8
300.4
302.9

356.0
359.6
363.8
368.2

192.3
192.8
193.1
194.0
195.2

517.7
524.4
529.1
533.9
539.8

499.0
499.1
503.5
513.6

iginning January 1978 data relate to all urban consumers.

Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Planning and Research, in International Economic Indicators.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc handise expo rts 1
Period

Total
domestic
and
foreign
exports

Merc handise im] orts

Domestic exports
Total

2

Food,
beverages, and
tobacco

Crude
materials and
fuels

Geileral impor s
Manufactured
goods

Total 2

Merch andise trade balance

3

Exports

Food,
beverages, and
tobacco

Crude
materials and
fuels

Manufactured
goods

Total
(c.i.f.
value)

892
827
991
1,186
1,312
1,478
1,546

2,672
2,716
3,457
4,463
4,325
5,949
7,831

4,602
4,257
5,398
6,379
8,360
9,352
10,427

Exports
(f.a.s.)
less
imports
(f.a.s.)

Exports
(f.a.s.)
less
imports
(c.Lf.)

-372
762
-688
-2,430
-2,590
-2,300
-2,020

9,240
8,823
11,042
13,368
15,504
18,519
21,415

less
imports
(customs
value)

-1,065
148
— 1,440
-3,265
-3,530
-3,364
-3,030

I"'.a.s. valu 3

Monthly average:
1974*
1975*
1976*
1977*
1978*
1979*
1980

8,174
8,971
9,602
10,103
11,973
15,155
18,386

8,053
8,842
9,456
9,912
11,753
14,869
18,036

1,269
1,399

1,436
1,330
1,717
2,049
2,534

1,317
1,266
1,341
1,548
1,746
2,352
2,810

5,294
5,913
6,437
6,679
7,873
9,716
11,991

8,547
8,209
10,290
12,533
14,563
17,455
20,406

Customs value

1981

19,473

19,075

2,767

2,752

12,857

21,748

1,529

7,739

11,873

22,779 -2,275

-3,306

1981: May
June

18,899
19,750

18,528
19,340

2,667
2,573

2,526
2,342

12,619
13,456

21,232
22,005

1,665
1,472

7,146
8,249

11,816
11,645

22,248 -2,333
23,033 -2,255

-3,349
-3,283

July
Aug
Sept
Oct
Nov
Dec

19,289
19,031
19,551
19,163
19,153
18,885

18,919
18,720
19,108
18,733
18,751
18,377

2,549
2,470
2,772
2,920
2,675
2,515

2,430
2,662
2,795
2,863
2,872
2,934

13,060
12,991
12,947
12,458
12,590
12,318

20,114
23,242
21,274
23,077
22,508
19,746

1,390
1,479
1,393
1,583
1,413
1,542

6,576
7,779
7,411
7,642
7,468
6,174

11,622
13,361
11,971
13,127
12,826
11,414

21,074
24,398
22,317
24,194
23,568
20,699

-825
-4,212
-1,724
-3,914
-3,356
-861

-1,784
-5,367
-2,766
-5,031
-4,415
— 1,814

Jan
Feb
Mar
Apr
May

18,737
18,704
18,602
17,843
18,218

18,350
18,341
18,127
17,441
17,807

2,279
2,482
2,673
2,506
2,478

3,076
3,434
3,151
2,898
2,912

12,463
11,876
11,822
11,428
11,837

22,829
19,090
20,349
17,387
20,558

1,340
1,154
1,529
1,435
1,569

8,269
5,845
5,717
5,033
4,906

12,584
11,527
12,402
10,337
13,219

23,870 -4,092
-387
19,900
21,237 -1,747
-456
18,165
21,509 -2,340

-5,134
-1,197
-2,635
-322
-3,291

1982:

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported gqods other than intransit shipments.

NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.




Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports, and trade balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
The balance on current account shifted to a surplus of $1.2 billion in the first quarter from a deficit of $0.9 billion
in the fourth quarter of 1981. A decrease in the merchandise trade deficit, to $6.1 billion from $9.2 billion, more
than accounted for the shift.
BILLIONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

-15
1982

SOURCE:

COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]

In vestment incorn e 3

Merchandise *
Period
Exports

Imports

Net
balance

71,410
98,306
107,088
114,745
120,816
142,054
184,473
224,237
236,254

70,499
103,649
-98,041
-124,051
-151,689
-175,813
-211,819
-249,575
-264,143

1980: III
IV

55,786
57,856

1981: I
II

Net
military
transactions

transportation

services,
net 3

Balance
on goods
and
services l

Remittances,
pensions,
and other
unilateral
transfers l

Balance
on
current
account

Receipts

Payments

-5,343
9,047
-9,306
-30,873
33,759
-27,346
-25,338
27,889

21,808
27,587
25,351
29,286
32,179
42,245
64,129
72,686
85,945

-9,655
-12,084
12,564
— 13,311
-14,217
21,680
-32,914
-42,776
52,908

12,153
15,503
12,787
15,975
17,962
20,565
31,215
29,910
33,037

-2,070
-1,653
-746
559
1,528
621
-2,035
-2,471
-1,541

-3,158
-3,184
-2,792
-2,558
-3,293
-3,125
-2,429
-940
-231

3,184
3,986
4,598
4,711
5,224
5,955
5,690

7,144
7,702

11,021
9,309
22,893
9,382
-9,451
-9,743
5,095
8,303
11,079

-59,735
-63,046

-3,949
5,190

17,848
18,877

- 10,485
-11,518

7,363
7,359

-286
-742

-114
-174

1,810
1,879

4,824
3,131

— 1,444
-2,195

3,380
936

Ill
IV

60,683
60,284
57,694
57,593

64,995
-66,831
-65,539
-66,778

-4,312
-6,547
-7,845
-9,185

20,528
21,642
22,048
21,727

-12,405
— 13,441
— 13,865
-13,198

8,123
8,201
8,183
8,529

-487
-587
61
-528

-495
-139
.200
203

1,838
1,981
1,960
1,924

4,667
2,909
2,559
943

1,422
-1,510
-1,808
1,870

3,245
1,399
751
927

1982: I".

55,610

61,669

-6,059

21,188

-14,208

6,980

213

44

1,992

3,170

-1,990

1,180

1973
1974
1975
1976

1977
1978
1979~
1980
1981

1

911

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2

3

36



Net

NOTE.—Series revised.
Source: Department of Commerce, Bureau of Economic Analysis.

7,140
3,881
-7,186
2,124
18,280
-4,613
4,384
-4,998
-4,617 - 14,068
-5,030 -14,773
-5,561
-466
-6,783
1,520
4,471
-6,608

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the private capital accounts, U.S. claims on foreigners reported by U.S. banks increased $34.7 billion in the first
quarter of 1982, compared with a $42.7 billion increase in the fourth quarter of 1981. Much of the increase,
$25.1 billion, reflected activity of International Banking Facilities (IBFs), which were authorized in December 1981.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

-20

-20

-40

-40

-60

1982

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Foreign assets in the 1 J.S., net
[increas 3/capital infhni ( + )] 2

U.S. assets abroad, net
[ nerease/capit il outflow ( — ) ]
Period
Total

U.S.
official
reserve
assets l 2

Other U.S.
Government
assets

U.S.
private
assets

Allocations

Foreign
official
assets

of special
drawing
rights
(SDKs)

Total

Other
foreign
assets

-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,344
-86,026
- 109,294

158
-1,467
-849
2,558
-375
732
1,133
— 8,155
-5,175

-2,644

366
-3,474
4,214
-3,693
-4,660
3,743
-5,126
-5,137

20,388
-33,643
-35,380
-44,498
-30,717
-57,202
59,469
-72,746
-98,982

18,388
34,241
15,670
36,518
51,319
64,036
38,460
54,484
77,921

6,026
10,546
7,027
17,693
36,816
33,678
-13,697
15,442
4,785

8,643
18,826
14,503
30,358
52,157
39,042
73,136

m
IV

-19,635
-28,512

-1,109
-4,279

-1,390
-1,154

— 17,136
-23,079

12,647
25,356

7,541
7,678

5,106
17,677

1981: I
II
Ill
IV

-22,796
-21,566
-17,257
-47,677

-4,529
-905
-4
262

-1,375
-1,518
1,257
-987

-16,892
-19,143
- 15,996
-46,952

8,470
13,464
16,880
39,107

5,361
-2,861
-5,835
8,119

3,109
16,324
22,715
30,988

1982: I"

-38,223

-1,089

909

-36,225

25,828

-3,173

29,001

1973
1974

1975
1976
1977
1978
1979
1980
1981
1980:

12,362
23,696

Statistical t iscrepancy
Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

-2,654

1,139
1,152
1,093

U.S. official
assets, net l
(unadjusted,
' end of
period)
14,378
15,883

-1,620
5,753
10,367
-2,465
11,866
25,212
28,870
25,809

16,226
18,747
19,312
18,650
18,956
26,756
30,075

3,608
2,219

1,093

-2,754
2,605

22,994
26,756

9,988
6,703
-374
9,497

-829
503
-2,144
2,474

30,410
29,582
29,716
30,075

11,214

-875

29,944

i
1

Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.




NOTE.—Series revised.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treas-

ury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

page

Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

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