Full text of Economic Indicators : March 1981
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97th Congress, 1st Session
Economic Indicators
MARCH 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE 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. WYLffi (Ohio)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 235 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.00 a single copy
or by subscription at $17.00 per year ($21.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement fo Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office.
It should be noted that many of the series have undergone major revisions since the Supplement
was published in the fall of 1980.
ii
TOTAL OUTPUTf INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1980, gross national product rose $93.3 billion or 14.9 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 3.8 percent from the third quarter level
and the implicit price deflator rose at a 10.7 percent annual rate.
.
BILLIONS OF DOLLARS
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
\
1,800
1,800
1,600
1,600
-==7-
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
J
L
1973
i
1974
I
I
I
1975
1976
I I
1977
I
I
I
1979
1978
J
I I
1980
SOURCE DEPARTMENT OF COMMERCE
I
I
I
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates ]
Personal
consumption
expenditures
Export;s and imj>orts of
goocIs and ser vices
Goi/ernment purchases of goods and
services
Federal
State
NaTotal
Nonand
tional
Total
delocal
defense
fense
Gross
private
domestic
investment
Net
exports
Exports
Imports
144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
6.7
4. 1
.7
14.2
13.4
26.8
13.8
-4.2
6
13.4
23.3
65.7
68.8
77.5
109.6
146.2
154.9
170.9
183.3
219.8
281.3
339.8
59.0
64.7
76.7
95.4
132.8
128. 1
157.1
187.5
220.4
267.9
316. 5
220.1
234.9
253. 1
270.4
304.1
339. 9
362.1
394.5
432. 6
473.8
534.7
95.7
96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
73.6
70.2
73. 1
72.8
77.0
P3. 0
86.0
93.3
100.0
111.2
131.7
22.2
26.0
28.5
29. 1
33.9
39.7
43.2
50.6
53.4
56.7
67.2
124.4
138.7
151.4
168.5
193. 1
217.2
232.9
250.6
279.2
305.9
335.8
989.5
1? 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
1979: I
2, 340. 6 1, 454. 1
II
2, 374. 6 1, 478. 0
III— 2, 444. 1 1, 529. 1
IV._ 2, 496. 3 1, 582. 3
408.3
423.2
421.7
410.0
19.9
8.2
17.9
7.6
259.1
266.8
293. 1
306.3
239.2
258.6
275.2
298.7
458.2
465.1
475.4
496.4
164.8
163. 6
165. 1
178.1
106.0
108.1
112.0
118.7
58.8
55.5
53. 1
59.4
293.4
301.6
310.4
318.3
2, 316. 2
2, 341. 5
2, 430. 8
2, 497. 1
1980: I
II
III__
IV—
415.6
390.9
377. 1
397.7
8.2
17. 1
44.5
23.3
337.3
333.3
342.4
346.1
329. 1
316.2
297.9
322.7
516.8
530.0
533.5
558.6
190.0
198.7
194.9
212.0
125.0
128.7
131.4
141.6
64.9
70.0
63.5
70.4
326.8
331.3
338.6
346. 6
2, 569. 1
2, 557. 4
2, 653. 4
2, 748. 0
Gross
national
product
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
992.7 621.7
-. 1, 077. 6 672.2
1, 185. 9 737.1
1, 326. 4 812.0
1, 434. 2 888. 1
. 1, 549. 2 976.4
1, 718. 01? 084. 3
1, 918. 01, 205. 5
2, 156. 11, 348. 7
2, 413. 9 1, 510. 9
2, 626. 1 1, 672. 8
2, 571. 71, 631. 0
2, 564. 8 1, 626. 8
2, 637. 3 1, 682. 2
2, 730. 6 1, 751. 0
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Personal
conGross
national sumption
product
expenditures
Period
Gross private dc>mestic
iiivestment
Nonresidential
fixed
Residential
fixed
Exisorts of g<>ods
and service3S
Governinent purebases of
gooc Is and ser vices
Change
in busiNW
jiNGTi
ness in- exports
Exports Imports
ventories
Total
Federal
State
and
local
Final
sales
1970_ _ _ 1, 085. 6
1971— _ _ 1, 122. 4
1972__
_ 1, 185. 9
1973_
_ _ 1, 255. 0
1, 248. 0
1974
1975- _ . 1, 233. 9
1, 300. 4
1976.
1, 371. 7
1977
1, 436. 9
1978_
1, 483. 0
1979
1980- _ __ 1, 480. 7
672. 1
696.8
737. 1
768.5
763.6
780.2
823. 7
863.9
904.8
930.9
935. 1
113.8
112.2
121. 0
138. 1
135.7
119.3
125.6
140.6
153.4
163.3
158.4
41.0
53.7
63. 8
62.3
48.2
42.2
51.2
60.6
62.4
59. 1
48.1
3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12. 3
14.0
10.2
-2.9
3.9
1.6
.7
15.5
27.8
32.2
25.4
21.9
24.6
37.7
52.0
70.5
71.0
77.5
97.3
108.5
103. 6
110. 1
113.2
127.5
146.9
161.1
66.6
69.3
76.7
81.8
80.7
71.4
84.7
91. 3
103.0
109.2
109. 1
251. 1
250. 1
253. 1
253. 5
261.2
266.7
266.8
272.3
277.8
281.8
290.0
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108. 1
140. 5
146.4
151.4
157.6
164.5
169. 3
170.0
171. 6
178.0
180. 1
181.9
1, 081. 8
1, 114. 3
1, 175. 7
1, 237. 8
1, 236. 4
1, 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1, 472. 9
1, 483. 6
1979: I— .1, 479. 9
!!___ 1, 473. 4
III- 1, 488. 2
IV__ 1, 490. 6
925.5
922.8
933.4
941.6
161.4
161.3
166.4
164. 1
60.8
59. 1
58.6
58. 1
15.4
18.4
7.6
-.7
36.0
31.6
41. 1
42.2
141. 1
140.5
151.3
154.8
105. 1
108.8
110.2
112.6
280.6
280.3
281. 1
285.3
102.9
100.8
99.9
103. 1
177. 7
179.4
181.2
182.2
1, 464. 4
1, 455. 0
1, 480. 6
1, 491. 3
1980: !___. 1, 501. 9
II— 1, 463. 3
III- 1, 471. 9
IV_._ 1, 485. 6
943.4
919.3
930.8
946.8
165.0
156. 1
155. 5
157.0
54.2
43. 1
44.7
50.6
-.9
1.3
-5.0
-7.2
50. 1
51.7
57.6
48.5
165. 9
160.5
160. 5
157.4
115.8
108.9
102.8
108.9
290.1
291.9
288.2
289.8
107.6
110.7
106.9
107.4
182.5
181. 2
181.3
182.4
1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Gross
national
product
Period
Persona 1 consump>tion expenditures
Total
1970- _
1971_
_
1972
1973. _ _
1974_ _ _ _
1975
1976_ _
1977
1978_ .
1979_
_ _
1980
91.45
_ _ 96. 01
_ 100. 00
105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
_
162. 77
177. 36
Gross private
dom estic
mves tment
NonresNonDurable durable
Services idential
fixed
goods
Residential
fixed
Exports and
imports of goods
and scjrvices
Governnlent purchases <jf goods
and s(srvices
Exports Imports Federal
State
and
local
92.5
96.5
100.0
105.7
116.3
125.2
131. 6
139. 5
149. 1
162.3
178.9
95.7
99.0
100.0
101. 7
108.2
117.3
123. 9
129.2
136.2
144.8
156.0
93.6
96. 6
100.0
108. 3
123. 1
132. 1
137.0
143.4
153.2
169.8
188.6
90.5
95.6
100.0
104. 7
113.0
121. 6
129.6
139.9
150. 1
162. 1
178. 1
91.3
96.2
100. 0
103.8
115.4
132.2
138.6
146.2
157. 7
171. 3
186.8
90.5
94.8
100. 0
109. 1
120.3
131.0
140.7
158. 0
178.3
200.5
218.6
93.2
97.0
100.0
112.7
134.7
149.6
155.2
161.9
172.4
191.5
211.0
88.6
93.3
100. 0
116.7
1646
179.5
185.5
205.4
214.0
245.4
290. 1
86.6
92.7
100.0
106.3
114. 9
126.0
133.5
142.9
153. 7
165. 1
183.9
88. 6
94.7
100.0
106.9
117. 4
128.3
137.0
146. 0
156.9
169.8
184.7
1979:1
II _ _
III-.
_ _
IV__ _
158.
161.
164.
167.
16
17
23
47
157. 1
160.2
163.8
168.0
142.0
143. 9
145.4
148.0
162.9
167.3
172. 1
176.9
157.7
159.9
163.3
167.4
165.5
169.2
173.4
176.8
191.9
198.4
204.6
207.7
183.7
189.9
193.7
197.9
227. 7
237.6
249.8
265.2
160. 1
162.2
165.2
172.8
165. 1
168. 1
171.3
174.7
1980: I_
II
III
IV
171. 23
175. 28
179. 18
183. 81
172.9
177.0
180.7
184.9
151.9
154. 1
157.5
160. 5
182.9
186.2
190.0
195.2
171.6
176.0
180.3
184.3
180.5
185.7
189. 1
192.4
212. 6
217.4
221. 9
223.3
203.4
207.6
213. 4
219.9
284.2
290.4
289. 7
296.4
176.5
179.5
182.4
197.4
179. 1
182. 8
186.7
190.0
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national p roduct
Period
1969
1970
19711972. __
1973_
1974
1975_ _
_1976
1977
1978
1979
1980 _
1979: I__
II _ _
III
IV
1980: I_
II_
III
IV.__
Constant
(1972)
dollars
Current
dollars
- -
_—
_
—
2.8
—.2
3.4
5.7
5.8
-.6
— 1. 1
5.4
5.5
48
3.2
-.2
3.9
-1.7
4. 1
.6
3. 1
-9. 9
2.4
3.8
8. 1
5.2
8.6
10. 1
11.8
8. 1
8.0
10. 9
11.6
12.4
12.0
as
.
—
_
__
_
Implicit
price
deflator
12.7
5.9
12.2
8.8
12.6
-1. 1
11.8
14.9
Gross clomestie j.>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
5. 1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
8.4
7.8
7.8
8. 1
9.3
9.8
9.2
10.7
NOTI.—Annual changes are from previous year and quarterly changes are
from previous quarter.
5. 1
5.4
4.9
4. 1
5.8
9.0
9. 1
5.7
6. 1
7.5
8.6
8.5
8.8
8.0
7.4
8.5
8.3
8.5
9.4
10.4
5. 1
5.2
4.8
4.0
5.8
9.3
9.0
5.7
6.3
7.6
9.2
9.4
9. 1
8.5
8.9
9.7
9.8
9. 1
9.2
10.0
Constant
(1972)
dollars
Current
dollars
2.8
.2
3.3
5.6
5.5
8.1
5.2
8.4
10. 0
11.5
7.9
8.3
10. 8
11.6
12.2
11.5
8.7
12. 1
5.8
11. 1
9.3
12. 0
-.6
11.6
15.6
n
-. 9
5.3
5.4
4.6
2.8
.2
3.4
-1.9
3.0
1. 0
2.5
-9.4
2.2
4.4
Implicit
price
deflator
5. 2
5.4
5.0
4. 2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
8.4
7.8
7.8
8. 1
9.3
9.8
9.2
10.7
Chain
price
index
5. 1
5.4
4.9
4. 1
5.8
9.0
9. 1
5.7
6.2
7.5
8.7
8.5
8.8
8.0
7.4
8.5
8.2
8.5
9.4
10.4
Fixedweighted
price
index
(1972
weights)
5. 1
5.2
4.8
4.0
5.8
9.3
9.0
5.7
6.3
7.6
9.2
9.4
9.2
8.5
8. 9
9.7
9.8
9. 1
9.2
10.0
Data for chain price and fixed-weighted price indexes are subject to revision.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
prodi ict of
nonfin ancial
eorpc>rate
busi ness
(billic>ns of
doll ars)
Period
1969
1970___
1971
1972
1973. _ _
1974__ _
1975__ _
1976
1977_ _
1978
1979
1980*
1979: I
II. __
III__
IV___
1980: I
!!___
III__.
IV *__
Current
dollars
1972
dollars
544. 1
563. 7
609.9
678.0
759.4
818.9
890.0
1, 001. 3
1, 129. 5
1, 270. 7
1, 417. 0
1, 535. 1
1, 378. 7
1, 399. 5
1, 432. 1
1, 457. 7
1, 502. 1
1, 496. 3
1, 537. 7
1, 604. 3
604.0
599.6
626.8
678.0
731.9
708.2
694.2
745. 5
799.0
845. 1
873.3
867. 1
874.7
870.8
874.3
873.4
878.2
853.2
860.4
876.7
Current-dol lar cost a nd profit 3er unit of outpu t (dollars) i
Total
cost
and
profit 2
0.901
.940
.973
1.000
1.038
1. 156
1. 282
1. 343
1.414
1.504
1.623
1.770
1.576
1.607
1.638
1. 669
1.710
1.754
1.787
1.830
Capital
consumption
Comallowpenances Indirect
sation
business
with
3
of
capital
taxes
employconees
sumption
adjustment
0.078
,087
. 091
.092
.093
. 112
. 137
. 141
. 146
. 153
. 169
. 191
. 161
. 168
. 172
.175
. 180
. 192
. 196
. 197
0. 096
. 106
. 113
. 113
. 114
. 127
. 140
. 141
. 144
. 148
. 153
. 176
. 150
. 151
. 154
. 157
. 161
. 173
.181
. 188
1 Output is measured by gross domestic product of nonflnaneial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonflnaneial corporate business with the decimal point shifted two places to the left.
s Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Net
interest
Corpc>rate profi ts with
inventsary valual}ion and
capr ml consun iption
iidjustmen ts
Total
0. 594 0. 022 0. 112
.088
.631
.028
.641
.029
.099
.028
.659
. 107
.692
.031
. 107
. 042 .090
.786
.044
. 124
.837
. 144
.878
.040
. 924 . 042 . 158
. 044
. 163
.996
1. 092
.052
.157
. 142
1. 196
.065
1. 052
. 047
.167
.050
. 159
1.079
1. 104
. 154
.053
1. 135
.056
. 146
1. 158
.060
. 151
.064
. 132
1. 193
. 141
1. 203
.067
1. 230
. 068
. 146
Profits
tax
liability
0. 055
.045
.047
.049
. 055
.059
.059
.071
. 074
.080
.080
.073
. 081
.079
.081
.078
.085
.061
.070
. 075
Profits
after4
tax
0. 057
.043
.052
. 058
.053
.030
.065
.073
.084
.083
.077
.070
.086
.080
.074
.067
.066
. 071
.071
.071
CompenOutput
per
sation
hour
per
hour
of all
employ- of all
employees
(1972
ees
dollars) (dollars)
7.098
7. 126
7.467
7. 688
7.891
7.622
7.881
8. 132
8.348
8.384
8.373
8.398
8.396
8.396
8.372
8.321
8.345
8.335
8.474
4.213
4.498
4. 788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9. 147
10. 055
8.830
9.062
9. 243
9.443
9. 667
9.959
10. 142
* 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]
Propr ietors'
meom e with
inventor y valuation anc1 capital
consulnption
adjust ments
ComNational
income
Period
tion of
employees *
Farm
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980"
1979: I
II _
III
IV
1980: I
II
III
IV*
612.0
810.7
652.2
871.5
963.6
718.0
1, 086. 2
801.3
877.5
1, 160. 7
931.4
1, 239. 4
1, 379. 2 1, 036. 3
1, 546. 5 1, 152. 3
1, 745. 4 1, 299. 7
1, 963. 3 1, 460. 9
2, 121. 4 1, 596. 5
1, 903. 6 1, 409. 9
1, 932. 0* 1, 439. 0
1, 986. 2 1, 476. 7
2, 031. 3 1, 518. 1
_ 2, 088. 5 1, 558. 0
2, 070. 0 1, 569. 0
2, 122. 4 1, 597. 4
2, 204. 5 1, 661. 8
14.3
15.0
18.7
32.8
26.5
24.6
19.1
18.4
26. 1
30.8
23.4
30.9
32.6
30.2
29.5
25.7
23.3
22. 1
22.5
Nonfarm
51.9
54.4
58.1
61.0
62.2
65.4
75.0
85. 1
91. 0
100.7
107.2
96.8
96.8
102.7
106.8
107.9
101.6
107.6
111.6
Rental
income
of perwith
capital
consumption
adjustment
19.7
20. 2
21. 0
22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
30.7
30. 1
30.3
31.0
31.2
31.5
32.0
32.4
Corpor ate profit s with inventory va luation
and capital co nsumptio Q adjustm ents
Profits 5 with inv entory
valualbion adjustment
and iwithout c&ipital
consum ption adjiistment
Profits
before
tax
Inventory
valuation
adjustment
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192. 6
223.3
255.4
245.5
253.1
250.9
262.0
255.4
277.1
217.9
237.6
249.2
-6.6
-4.6
-6.6
-20.0
-40.0
-11.6
-147
— 15.8
-243
-42.6
-45.7
-35.3
-37.9
-46.5
-50.8
—61.4
-31. 1
-41.7
-48.4
Total
Total
71.4
83.2
96.6
10&3
94.9
110. 5
138. 1
164.7
185.5
196.8
182.6
201.9
196.6
199.5
189.4
200.2
169.3
177.9
183. 0
68.9
82.0
94.0
105.6
96.7
120. 6
151.6
176.7
199.0
212.7
199.8
217.8
213. 0
215. 6
2045
215.6
186.9
195.9
200.8
Capital
consumption
adjustment
2.5
1.3
2.7
2.7
-1.8
-10. 1
-13.5
— 12.0
-13.5
-15.9
-17.2
-15.9
-16.4
-16. 1
-15.1
-15.4
-17.6
-17.9
-17.8
Net
interest
41.4
46.5
51.2
60.2
76.1
845
87.2
100.9
115.8
143.4
179.8
133.4
136.9
146. 8
156.5
165.4
175.3
185.3
193.3
Source: Department of Commerce, Bureau of Economic Analysis.
* Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of doEars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goo ds
Total
personal
consumption
expenditures
Total
durable
goods l
Motor
vehicles
and
parts
621. 7
672.2
737. 1
812.0
888. 1
976.4
1, 084 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8
85.2
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.9
36.2
45.4
52.4
57.1
50.4
55.8
72.6
85.0
94.3
95.5
89.9
35.2
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72.9
81. 1
84.6
265.7
278.8
300.6
333.4
373.4
407.3
441. 7
479.0
529.8
602.2
675.7
m___
1, 454 1
1, 478. 0
1, 529. 1
1, 582. 3
212.5
207.4
213.3
216.1
100.1
91.7
947
95.4
78.0
80.1
82.4
83.8
1980: I
II
III__.
IV
1, 631. 0
1, 626. 8
1, 682. 2
1, 751. 0
220.9
1944
208.8
223.3
100.6
77.5
87.0
946
83.6
81.3
846
88.9
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979: I
II
IV.
1
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars(ntrillions
of units)
Nondurable goods
Furniture
and
household
equipment
Total
nondurable
goods *
Services
Clothing
and
shoes
Gasoline
and oil
138.9
1442
1549
172. 1
193.7
213.6
230.6
250.3
276.4
312. 1
345.7
46.8
50.6
55.4
61.4
648
69.6
75.3
82. 1
91.9
98.9
1048
22.4
23.9
25.4
28. 6
36.6
40.4
440
48.2
52.7
68.4
89.0
270.8
296.2
325.3
355. 2
393.2
437.0
485 7
547.7
619.6
696.3
785.2
9.0
9.2
8.2
6.6
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.4
571.8
586.4
611.5
639.2
299. 1
306.0
3143
329.0
95.8
97.0
100.3
102.5
60.6
63.2
72. 1
77.6
669.9 1- 9. 1
6842
7.9
704.3
8.5
7.4
727.0
2.3
2.4
2.2
2.4
661.1
6640
6742
703.5
336.2
338.4
347.7
360.4
102.2
102. 3
105.3
109.4
89.4
90.9
85.3
90.5
749.0
768.4
799.2
824.2
2.9
2.1
2.3
2.5
Food
Domestics
7. 1
8.7
9.3
9.6
7.4
7.0
as
7.9
5.5
6.5
6.7
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $15.0 billion (annual rate) in February following a rise of $22.2 billion in January. Wafes
and salaries rose $7.0 billion in February compared to $20.7 billion in January.
BILLIONS OF DOLLMS*(RATJO SCALE)
WaiONS OF DOLLARS*(RATIO SCALE)
2,800
2,800
2,400
2,400
2,000
2,000
1600
1,600
1,400
1,400
1,200
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMB^TS
200
200
160
160
120
120
100
100
I II I I I I I I M
80
1973
1974
1975
1977
1976
I II 1 I I I I I 1 I
1978
1 1 1 I I 1 I I IH
1979
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE- DEPARTMENT OF COMMERCE
Period
1973
1974
1975
1976
1977
1978
1979
1980
80
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at
8
Wage
Total
Other Propriet ors* income
and
personal salary
labor
income disburse- income12 Farm
Nonfarm
ments *
seasonally adjusted annual rates]
Rental Personal Personal Transfer
income dividend
pay- 3
interest
of
persons * income income ments
Less: Personal con- Nonfarm
tributions personal
for social income8
insurance
13 065. 2 702.7
1, 168. 6
765.7
_ 1, 265. 0 806.4
1, 391. 2
889.9
1, 538. 0
983.8
1, 721. 8 lr 105. 2
1, 943. 8 1, 236. 1
2, 160. 2 1, 343. 7
48.8
55.8
645
75.9
89.0
102.2
118.6
137.1
32.8
26.5
246
19.1
18.4
26.1
30.8
23.4
61.0
62.2
65.4
75.0
85.1
91.0
100.7
107.2
22.6
23.5
23.0
23.5
25.1
27.4
30.5
31.8
26.5
29.1
29.9
36.5
38.7
43.1
48.6
544
93.9
112.4
123.2
132.5
151.6
173.2
209. 6
256.3
119.5
141.2
178.3
1943
207.5
223.3
249.4
2942
42.6
47.9
50.4
55.5
61.1
69.6
80.6
87.9
1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 112. 6
Feb
2, 086. 4 1, 315. 0
Mar
2, 101. 0 1, 322. 9
Apr
2, 102. 1 1, 317. 8
May
2, 114 1 1, 320. 1
June
2, 127. 1 1, 323. 2
July___ 2, 161. 2 1, 326. 3
Aug . 2, 179. 4 1, 342. 4
Sept___ 2, 205. 7 1, 356. 8
Qct
2r 234 3 1? 381. 7
Nov_._ 2, 257. 6 1, 400. 4
Dee-__ 2, 276. 6 1, 411. 2
130.8
132.6
133.8
135.0
136.3
137.7
139.1
140.4
141.9
143. 5
145.0
25.2
244
23.8
23.3
22.8
22.4
22.0
21.9
22.2
22.6
22.6
108.2
106.1
102.7
101.0
101.0
105. 1
106.3
111.4
111.5
111.5
111. 6
30.8
31.4
31.6
31.3
31.6
31.8
32.0
32.2
32.3
32.4
32.5
52.4
53.2
53.7
541
547
547
55.2
55.4
55.5
55.9
56.7
240.0
244.5
248.3
253.7
258.9
260.4
261.7
263.2
265.6
269.4
2741
270.4
271.9
275.9
281.4
2846
309.7
309.0
313.4
313.8
313.2
3147
86.4
86.2
85.6
85.8
86.2
87.0
88.3
89.1
90.4
91.4
91.9
2, 038. 3
2, 053. 1
2, 054 7
2, 067. 0
2, 080. 3
2, 114 5
2, 132. 7
2, 158. 7
2, 186. 8
2, 209. 7
2, 228. 5
1981: Jan »___ 2, 298. 8 1, 431. 9
Feb »___ 2, 313. 7 1, 438. 9
146.6
148.0
22. 1
21.4
111.6
112.0
32.5
32.7
57.4
58.2
280.3
286.4
318.2
318.0
101.8
101.9
2, 250. 9
2} 266. 4
-
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
1
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors* fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
* Consists mainly of social insurance benefits, direct relief, and veterans
payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agiieullural net interest.
Source: Department of Commeree, Bureau of Economic Analysis.
5
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200 LT
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
~3 2,200
2,000
3,000
3,000
1973
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays1
Per cjapita
dispctsable
persona i income
Equals:
Personal
saving Current
dollars
Bi]lions of d ollars
1972
951.4 141.0
1973
1, 065. 2 150.7
1974
1, 168. 6 170.2
1975___ _ 1, 265. 0 168.9
1976— __ 1, 391. 2 196.8
1977
1, 538. 0 226.5
1978
1, 721. 8 258.8
1979
1, 943. 8 302. 0
1980
_ 2, 160. 2 338.5
810.3
914.5
998.3
1, 096. 1
1, 194. 4
1, 311. 5
1, 462. 9
1, 641. 7
1, 821. 7
1981
1972
dollars
Per cap ita personal cc»nsumption exp enditures
Current
dollars
1972
dollars
52.6
79.0
85. 1
943
82.5
74. 1
76.3
86.2
101.3
3,880
4,346
4,710
5,132
5,550
6,046
6,688
7,441
8,176
3,880
4,112
4,050
4,101
4,216
4,332
4,487
4,584
4,571
sonal
income
Saving
as percent of Populadispostion
(thouable
persands) *
sonal
income
Per cent
Dollars
757.7
835.5
913.2
1, 001. 8
1, 111. 9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4
Percent
change
in real
per
capita
disposable
3,529
3,858
4,190
4,572
5,038
5,557
6, 166
6,848
7,508
3,529
3,652
3,603
3,653
3,828
3,982
4, 136
4,219
4, 197
6,613
6,708
6,923
7,145
7,349
7,313
7,539
7,827
4,209
4, 188
4,226
4,252
4,251
4,133
4,172
4,232
3. 1
6.0
-1.5
1.3
2.8
2.8
3.6
2.2
-.3
6.5
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
208, 873
210, 440
211, 945
213, 566
215, 203
216, 928
218, 749
220, 643
222, 808
5.3
219, 896
220, 335
220, 884
221, 455
221, 938
222, 447
223, 126
223, 721
Seastonally ad; listed arm ual rates
1979: !____ 1, 864. 6
II— 1, 906. 3
III- 1, 972. 3
IV_> 2, 032. 0
1980: !____ 2, osa 2
II___ 2, 114. 5
III__ 2, 182. 1
IV__ 2, 256. 2
284.4
293. 5
308.4
321.8
323. 1
330.3
341.5
359.2
1, 580. 2
1, 612. 8
1, 663. 8
1, 710. 1
1, 765. 1
1, 784. 1
1, 840. 6
1, 897. 0
1, 496. 3
1, 521. 9
1, 574. 5
1, 629. 4
1, 67a 7
1, 674. 1
1, 729. 2
1, 799. 4
83.8
90.9
89.3
80.7
86.4
110.0
111.4
97.6
7,186
7,320
7,533
7,722
7,953
8,020
8,249
8,479
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. Since data based on the 1980 census are now
4,574
4,570
4,598
4, 596
4,600
4,532
4,565
4,585
2.4
-.3
2.5
-.2
5. 6
5.4
4.7
.3
4.9
6.2
2.9
1.8
5.1
-5.8
6. 1
available only beginning April 1980, estimates here continue to be based on the
1970 census.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
n the fourth quarter of 1980, gross farm income rose $4.0 billion (annual rate) and net farm income rose $0.7 bilion from third quarter levels.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
I 200
100
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME :
20
20
*-.-.,/>
10
10
1974
1973
1975
1978
1977
1976
1979
1980
1981
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gr<>ss farm ine<3me
Net farna income
Cash marketing r sceipts
Period
Total
l
Total
Livestock
and
products
Crops
Value of
inventory2
changes
Produc-,
tion
expenses
Current
dollars
1967
dollars 3
1973.
1974
1975
1976
1977_
1978
1979
1980
98.9
98.3
100.3
101.8
108.1
126.9
149.6
153.8
87.1
92.4
88.2
94.8
95.8
112.5
131.5
140.3
45.9
41.4
43.0
46. 1
47.4
59.0
68.6
69.0
41. 1
51. 1
45. 1
48.7
48.3
53.5
62.8
71.3
3.4
-1.6
3.4
-2.4
.6
.4
4. 1
-2.0
65.6
72.2
75.9
83. 1
90.3
100.8
118.6
132. 1
33.3
26. 1
24.5
18.7
17.8
26. 1
31.0
21.7
25.1
17.7
15.2
11.0
9.8
13.3
14.3
8.8
1979: I
II
III
IV
145.5
149. 1
149.9
154.1
128.9
130.9
130.6
135.4
69.7
68.2
66.9
69.7
59.2
62.7
63.7
65.7
3.2
3.9
5.4
3.9
114.2
116.3
119.6
124.2
31.3
32.8
30.3
29.9
15.1
15.3
13.7
13.1
1980: I
II
III
IV
152.7
149.2
1548
137.0
135. 8
142. 8
145.8
67.9
65.6
70.5
72.5
69.0
70.2
72.3
73.3
.9
-1.8
-3.7
-3.3
127.4
130.4
133.6
136.9
25.3
18.8
21.2
21.9
10.7
7.7
8.5
8.5
<.
isas
1
Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
2
I Physical changes hi end-of-year inventory of crop and livestock commodities
Valued at average prices during the year.
3
Income in current dollars divided by the consumer price index (Department
of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the fourth quarter of 1980, corporate profits before tax rose $11.6 billion (annual rate) while after-tax profits rose
$5.0 billion, according to preliminary estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
160
120
120
80
80
40
40
1981
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
ory valuiition
Prc fits after tax
Profi ts (before tax) with invent
adjustr nent l
Domeptic indu stries
I^onfinan cial
Period
Total 2
1970
1971___
___ _
1972
_
1973
_ _
1974
1975
1976 _ _ _
1977
1978
1979_ _ _ __
1980* .
1979: I
II_ _
III___ _ _
IV _
1980: I
lira
IV*
_
1
68.9
82.0
94.0
105.6
96. 7
120.6
151. 6
176.7
199.0
212. 7
199.8
217.8
213. 0
215.6
204.5
215.6
186. 9
195.9
200. 8
Total
62.4
74.9
85.3
92.0
80.4
107.6
137.4
161.2
179.3
182.4
168.6
191.7
184.4
180.5
172.9
179.0
157.5
165.0
173. 1
ManuFinancial
Total1 facturln
§
12. 1
14. 1
15.3
15.9
15.0
11.8
17. 1
23. 5
29.3
31. 6
30.7
31.3
31.0
31. 5
32.6
33.3
30. 1
28.7
30.6
50.2
60.8
70.0
76.0
65.4
95.8
120. 3
137.7
150.0
150.8
138.0
160.4
153.4
149. 0
140.3
145.7
127.5
136.2
142. 5
26.6
34. 1
40. 7
45.5
39.0
52.6
69.2
76.2
85.3
88.9
11.7
13.4
13. 9
12.5
21. 3
22.4
27.0
24.5
23.0
99.4
91.5
84. 4
80.2
92. 1
61.3
68. 5
21. 0
22. 9
25.6
22. 6
14.8
25.9
20. 4
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
* Includes rest of the world, not shown separately.
8
Wholesale
and
retail
trade
9.5
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255. 4
245. 5
253. 1
250.9
262.0
255.4
277. 1
217.9
237.6
249. 2
34.2
37.5
41.6
49.0
51.6
50.6
63.8
72.6
83.0
87.6
82. 3
88.5
86.4
88.4
87.2
94.2
71.5
78.5
85. 1
41.3
49.0
58.9
76.6
85. 1
81.5
102.5
120.0
140.3
167.8
163. 1
164.6
164.6
173.6
168.2
182. 9
146.5
159. 1
164. 1
22.5
22.9
24.4
27.0
29.9
30.8
37.4
39.9
44. 6
50.2
56.0
49.0
49.8
50.2
51.6
53.9
55.7
56. 7
57.7
18.8
26. 1
34.5
49. 6
55.2
50.7
65. 1
80. 1
95.7
117.6
107. 1
115. 5
114.8
123.5
116.6
128.9
90.7
102.4
106.4
s Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-6.6
-4.6
-6.6
-20.0
— 40. 0
-11.6
-14.7
-15.8
-24.3
— 42. 6
-45.7
-35.3
-37.9
-46.5
-50.8
-61.4
-31. 1
-41.7
-48.4
GROSS PRIVATE DOMESTIC INVESTMENT
|According to revised estimates for the fourth quarter, business fixed investment rose $8.1 billion (annual rate) as
nonresidential construction outlays rose $4.2 billion and producers1 durable equipment purchases increased $3.9 billion. Residential investment outlays rose $13.8 billion. There was a $17.4 billion reduction of inventories following
a $16.0 billion reduction in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
SEASONALLY ADJUSTED ANNUAL RATES
450
400
400
X/
GROSS PRIVATE DOMESTIC
INVESTMENT
350
350
300
NONRESIDENTIAL
_ FIXED INVESTMENT **
250
\
250
^^
+-*•'
200
200
150
150
RESIPENT1A.
FIXED INVE$TMENT__-,*J*u=
100
-.,,~.~W^*"*
100
CHANGE IN BUSINESS
INVENTORIES
\
50
50
...^*J
I
-50
I
1973
I
I
I
L
i
1974
I I
1975
I
I
I
I
i
I
I
I
1
1978
1977
1976
1979
1980
1 1
1981
-50
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual ratesj
Gross
private
domestic
investment
Period
1970
1971
1972.^
1973
1974
1975
1976
1977
1978
1979
1980
1979:1
II
III
IV.
1980:1
II
III
IV
_
„
__
144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
408.3
423.2
421.7
410.0
415.6
390.9
377.1
397.7
Nonresidential fixed
investment
Total
103.9
107.9
121.0
143.3
156.6
157. 7
174.1
205.5
242.0
279.7
296.0
267.3
272.9
288.5
290.2
297.8
289.8
294.0
302. 1
Structures
38.7
40.5
44. 1
51.0
55.9
55.4
58.8
64.6
78.7
96.3
108.8
87.3
93.2
99.6
105.1
108.2
108.4
107.3
111.5
Producers1
durable
equipment
65.2
67.4
76.9
92.3
100.7
102.3
115.3
140. 9
163.3
183.4
187.1
179.9
179.7
189.0
185.1
189.7
181.4
186.8
190.7
Re*sidential fh[ed investnlent
Total
37.1
50.9
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
105.3
116. 7
117.2
119.8
120.6
115.2
93.6
99.2
113.0
Nonfarm
structures
35.4
48.9
61.5
65.6
548
52.4
68.8
91.9
106.9
113.9
100.3
112.5
112.9
114,9
115.4
110.1
88,9
945
107.6
Farm
structures
"1?
•MWM
0.6
.7
.7
.7
1.3
1.0
1.1
1.5
1.8
1.8
2.0
1.6
1.6
2.0
2.3
2.2
1,8
1.7
2.2
Producers'
durable
equipment
Change inbusiness in\rentories
TVvfrsil
1. 1
1.3
1.5
1.7
1.8
1.9
2.1
2.3
2.6
2.9
3.0
2.7
2.8
2.9
3.2
7.7
10.2
18.5
141
-6.9
11.8
21.0
22.2
17.5
-5.9
243
33.1
13.3
— g
3.0
2.9
3.0
3.1
2.5
7.4
ao
-iao
-17.4
Nonfarm
3.1
6.4
9.6
15.2
16.0
-10.5
13.9
20.2
21.8
13.4
-47
20.8
29.2
7.8
-44
1.5
6.1
-12.3
-140
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 10.2 percent abovej
1980, according to the Commerce Department January-February survey. Expenditures in 1980 were 9.3 percent
higher than in 1979.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
TOTAL NEW PLANT AND EQUIPMENT
100
100
80
80
60
60
40
40
30
30
1973
1976
1975
1974
1977
1978
1979
1980
1981
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
1^onmaniifacturin g
Mainufaetui 'ing
Period
Total
Plant
Equipment
Trans- Public
Total Mining porta- utilities
tion
Trade
and
serv-J
ices
Communication
andi
other 2
7.41
8.23
8. 68
8.89
9.40
10.68
12.35
12.09
12.87
17.97
19.83
19.98
22.37
26.79
29.95
33.96
35.44
38.27
45.53
47.79
46.23
49.30
56.54
68.66
79.26
81.79
86.93
21.12
23.30
21. 80
23.51
26.90
32. 02
34.83
36.99
41.93
53.21
61.24
56.51
59.38
77.40
88. 16
112. 98
123. 32
11.89
12.81
13.86
15.28
12.47
12.09
12.23
11.70
36.26
35.03
35.58
3496
82.17
81.07
81. 19
82.91
37.34
37.66
36.97
36. 11
32.43
29.41
27.74
33.53
59.51 188. 93
62.84 190. 61
15. 36
15.57
12.00
11.83
36.89
37.65
84.33
84. 17
40.34
41.39
65. 15 201. 53
16.24
13.85
39.18
89. 38
42.87
Total
Durable
goods
Nondurable
goods
1973 _ _ _
137. 70 56.66
1974
156. 98 64. 29
1975
157. 71 65.21
1976
171. 45 71. 20
1977___ _ 198. 08 80.31
1978
231. 24 92.70
270. 46 105. 73
1979
1980 4 __
295. 63 117. 55
1981
325. 72
81.04 42.37
92.69 53.21
92.50 54.92
100. 25 59.95
117. 77 69. 22
138. 54 79.72
164. 73 98.68
178. 08 115. 81
129. 85
22.75
27.44
26.33
28.47
34.04
40.43
51.07
58.91
66.47
19.62
25.76
28.59
31.47
35. 18
39.29
47.61
56. 90
63. 38
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 81
195. 87
3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.51
15.87
1980: !___
II__
III..
IV._
175. 93
177. 86
178. 64
179. 32
77
69
40
63
58.28
59.38
58. 19
59.77
53. 49
56.32
58.21
58.86
180. 13
178. 66
179. 83
180. 95
121. 17
126. 68
61.67
63. 84
134. 68
69.53
291.
294.
296.
299.
89
36
23
58
1981: I ^ 4 310. 10
II . 317. 29
2nd4
half
336. 21
115.
116.
117.
120.
96
50
59
27
111.
115.
116.
118.
i Wholesale a nd retail tra<Ie; finance,insurance, and real es iate; and p<jrsonal,
business, and p rofessional services.
2 "Other" cc nsists of construction; s ocial services and mernbership 01•ganizations; and forestry, fisheries,and agriculturalservic*38.
10
Starts of
plant and
equipment
projects,
manufacturing 3
|
* Starts <we estimat ed by addiiig changes in earryov*jr to expenclitures during^
given peri<>d.
*Planned capital e spenditures as reporte d by business in January and Febraary 1981, corrected!"or biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 231,000 in February while unemployment fell 93,000.
MILLIONS Of PERSONS*
110
MILLIONS OF PERSONS*
110
1973
1981
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Noninstitutional
population
1975
1976_____
1977
1978*
1979
1980
153, 449
156, 048
158, 559
161, 058
163, 620
166, 246
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Unempl oyment
Civilian eimploymezit
Total
labor
Nonagri cultural
15
Civilian Unemforce Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
and
culforce
ment
ment
ing
Total for ecoover
nomic 1
tural
Armed
reasons
Forces)
3,380
3,490
81,
403
7,830 2,483
84,
783
84, 783 7,830 94, 793 92, 613
3,272
7,288 2,340
87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
90, 546 6,855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031
3,281
5,963 1,202
96, 945 5,963 104, 996 102, 908 96, 945 3,297 93, 648
3,965
7,448 1,829
97, 270 7,448 106, 821 104, 719 97, 270 3,310 93, 960
104, 271
104, 171
104, 427
105, 060
104, 591
105, 020
104, 945
104, 980
105, 167
105, 285
105, 067
165, 298
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201
167, 396
96, 264
96, 546
96, 566
96, 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801
97, 545
6,993
6,805
6,846
7,318
8,291
8,410
8,011
7,464
7,482
7,486
7,233
1981: Jan. > 167, 585
Feb.. 167, 747
96, 128
96, 383
8,543 107, 668 105, 543
8,425 107, 802 105, 681
106, 357
106, 261
106, 519
107, 148
106, 683
107, 119
107, 059
107, 101
107, 288
107, 404
107, 191
1
Persons at work. Economic reasons include slack work, material sfaort«±ges, inability to find full-time work, etc.
* Total labor force as percent of noninstitutional population 16 years of age and
over.
*Data beginning 1978 not strictly comparable with earlier data because of
61.8
62. 1
62.8
63.7
64.2
64.3
Seas<anally adj usted
Uinadjusted
1980: Feb__
Mar__
Apr
MayJune~
July _
Aug__
Sept .
Oct..
Nov _
Dec_.
Labor
force
partici__pation
_ A*.--rate
(n&YVF*31
ftn-n 4~\ 2
cent//
*
97, 817 3,329
97, 628 3,337
97, 225 3,262
97, 116 3,352
96, 780 3,232
96, 999 3,267
97, 003 3,210
97, 180 3,399
97, 206 3,319
97, 339 3,340
97, 282 3,394
94, 488
94, 291
93, 963
93, 764
93, 548
93, 732
93, 793
93, 781
93, 887
93, 999
93, 888
3,454
3,470
3,803
4,276
3,969
4,086
4,143
4,183
4,220
4,176
4, 218
6, 454
6,543
7,202
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785
1,299
1,391
1,599
1,686
1,777
1,935
2, 150
2,295
2,292
2,329
2,378
64.2
64.3
64.6
64.2
64.4
64.3
64.2
64.2
64.2
64.0
3,403
3,281
94, 294
94, 646
4,474
4, 145
7,847
7,754
2,358
2,250
64.2
64. 3
97, 696
97, 927
643
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 February the seasonally adjusted unemployment rate was 7.3 percent, little changed from the 7.4 percent level
in January.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1980
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1981
COUNCIL OF ECONOMIC ADVISFRS
[Monthly data seasonally adjusted]
Period
Total
(all
civilian
workers)
Uneinployment rate ( aereent <)f civiliaia labor f orce in group)
Labor
3By select ed group s
By*sex and iige
By race
force
time
ExpeMen Women Both
lost
rienced House- Full- PartBlack
20
20
time
(pertime
wage hold
sexes White and
years years 16-19
work- cent) *
and
other salary
heads workand
and
ers
ers
over
over years
workers
5.9
8.0
7.4
7.0
6.0
5.7
6.3
19.9
19.0
17.7
16.3
16.1
17.7
6.2
6.3
6.9
7.6
7.5
7.6
7.6
7.4
7.6
7.5
7.4
47
5.0
5.8
6.4
6.4
6.6
6.5
6.6
6.4
6.4
6.2
5.8
5.8
6.2
6.5
6.4
6.6
6.5
6.2
6.7
6.7
6.8
16.6
16.2
16.4
18.9
7.4
7.3
6.0
6.0
6.7
6.5
1975
1976 -1977
1978
1979 1980._
8.5
7.7
7.0
6.0
5.8
41
1980: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
7. 1
6.7
5.9
5.2
4.2
13.9
13.1
13.1
11.9
11.3
13.2
8.2
7.3
6.6
5.6
5.4
6.8
5.8
5.1
45
3.7
3.6
49
8.1
7.3
6.5
5.5
5.3
6.8
10.3
10. 1
5.4
5.5
11.7
11.9
12.6
13.6
13.5
13.9
13.7
14 1
41
43
48
5.2
5.2
5.3
5.3
5.3
5.2
5.2
5.1
5.8
5.9
6.5
7.3
7.2
7.4
7.3
7.3
7.3
7.4
7.3
8.8
8.4
5.1
5.0
7.1
7.1
18.6
17.8
6.8
6.7
6.8
6.7
6.5
6.6
6.6
6.5
142
140
140
5.9
6.0
6.6
7.4
7.3
7.4
7.4
7.2
7.3
7.2
7.1
19.0
19.3
6.7
6.6
12.9
13. 1
7.1
7.0
ia3
18.7
18.8
17.8
ias
i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force boors.
12
*
7.8
7.0
6.2
5.2
5.1
6.3
6. 1
Source: Department of Labor, Bureau of Labor Statistics.
9.8
9.0
8.7
8.7
as
9.0
8.8
8.8
8.7
8.7
9. 1
8.6
8.2
9.2
9. 1
9. 1
8.3
7.6
6.5
6.3
7.9
6.6
6.8
7.6
8.6
ai
8.4
8.3
a2
8.4
as
8.2
8.2
8.1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In February the percentage of unemployed persons who were job losers rose, while the percentage who were job
leavers, reentrants, and new entrants fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
50
50
40
REENTRANTS
30
*V--
20
30
V^
20
NEW ENTRANTS
15-26
WEEKS
\
10
*At
10
*>+'
JOB LEAVERS
27 WEEKS
AND OVER
1977
1978
1979
1980
1981
1977
1978
1979
1980
1981
* SEASONALLY ADJUSTED
SOURCE,- DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percer it distribution of unemPerceEit distribution of unemState pi"ograms Insured
unem- Special
ployment b y duratkm 1
Pioyment yy reasoii *
ployunemUnemployment.
i
ployall
ment
Period
Insured
27
ment
Less
New
regular benefit
Initial
5-14
weeks
Job
Job
unem15-26
Reen(thouen- than 5
proclaims
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unadover
ment
(unad-2 justed) s
justed)
We€;kly avei age, thoujsands
1976
12.2
49.7
18.3 2,991
386 3,846
26.0
13.8
29.6
12. 1
7,288
38.3
1,152
1977
45.3
13.0
375 3,308
14.8 2,655
30.5
13. 1
6,855
28. 1
13.7
41.7
572
1978
14.
1
41.6
10.5
12.3
346
31.0
30.0
46.2
2,359
14.3
6,047
2,645
1979
14.3
11.5
2,434
42.8
8.7
388
29.5
13.4
5,963
48. 1 31.7
2,592
1980
11.6
51.9
25.2
11.4
13.8
10.8 3,350
489 3,837
7,448
43.1 32.4
1980: Feb.. 6,454
12.2
46.3
12.9
27.9
7.8 2,712
397 3,730
32.9
12.8
47.0
Mar._ 6,543
12.3
47.5
33.4
12. 1
9.0 2,890
464 3,652
27.7
12.5
45.5
Apr._ 7,202
9.2
50.1
12.7
3,202
549 3,629
26.7
12.9
10.5
45. 1 32.8
May_ 7,944
52.4
11.7
32.4
12.3
8.8 3,658
24.9
631 3,680
11.0
46.5
June. 7,811 55.4
11.0
13.0
22. 8
9.6 3,962
35.7
10.8
41.7
591 3,790
July__ 8,021
54.6
33.5
10.7 3,810
514 4,140
10.8
23.4
11.2
13.8
42.0
Aug__ 7,942
54.2
11.2
11.5 3,748
31.9
15.6
503 3,911
23.6
10.9
41.0
Sept.. 7,800
55.2
17.2
10.8
23.2
38.4
11.7 3,782
32.6
495 3,961
10.8
Oct.. 7,961
53.0
10.9
13.0 3,602
25.2
31.3
15.7
11.0
39.9
458 3,661
Nov.. 7,946
53.5
15.2
14.0 3,367
11.3
11.2
424 3,726
31.7
24.0
39.0
Dec.. 7, 785
54.3
16,0
14.9 3,083
10.5
11.2
40.4
28.8
415 4,085
24.0
1981: Jan.. 7,847
49.4
16.2 2,982
13.7
11.6
26.2
41.3
28.7
417 4,623
12.8
Feb__ 7, 754
16.2 2,825
12.8
50.7
11.5
12. 1 41.2
410
25.7
29. 9
» Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (IICX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal arid State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
3 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).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 51,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
WHOLESALE AND RETAIL TRADE
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
SERVICES
70
16
GOVERNMENT
60
SERVICE-PRODUCING
INDUSTRIES
22
MANUFACTURING
50
20
40
18|i|LJ
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
I IIIIIIII I
20
1977
1979
1978
1977
1981
1980
1978
19179
'SEASONALLY ADJUSTED
SOURCi: DEPARTMENT OF LABOR
1980
1981
!
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Service-pi•oducing industrie s
CSroods-pr<>ducing industries 5
Period
Total
nonagricultural
employment
1975... _.__.
1976
1977___ __
1978 ___ _
1979__- .
1980
1980: Jan___
Feb___
Mar__
Apr
May__
June.,.
July__
Aug_>
Sept__
Oct___
Nov..
Dee—
Trans- Whole- Finance,
Gover nment
insuriDorta—
sale
ance,
tion
Services
and
State
Non- Total
and
and
retail
Federal and
durable
Total Durable
real
public trade
goods goods
local
estate
utilities
Mamufactui ing
Total 2
Construction
76, 945
79, 382
82, 471
86, 697
89, 886
90, 657
22,
23,
24,
25,
26,
25,
600
352
346
585
504
855
3,525
3,576
3,851
4,229
4,483
4,469
18, 323
18, 997
19, 682
20, 505
21, 062
20, 361
10, 688
11, 077
11, 597
12, 274
12, 772
12, 215
7,635
7,920
8,086
8,231
8,290
8, 146
54, 345
56, 030
58, 125
61, 113
63, 382
64, 801
4,542
4,582
4,713
4, 923
5, 141
5,156
17, 060
17, 755
18, 516
19, 542
20, 269
20, 573
4,165
4,271
4,467
4,724
4,974
5,162
13, 892
14, 551
15, 303
16, 252
17, 078
17, 741
2,748
2,733
2,727
2,753
2,773
2,866
11, 937
12, 138
12, 399
12, 919
13, 147
13, 304
91, 031
91, 186
91, 144
90, 951
90, 468
90, 047
89, 867
90, 142
90, 384
90, 710
90, 961
91, 125
26, 715
26, 623
26, 476
26, 121
25, 745
25, 422
25, 163
25, 312
25, 476
25, 636
25, 811
25, 892
4,745
4,659
4,529
4,467
4,436
4,379
4,322
4,359
4,404
4,442
4,475
4,508
20, 971
20, 957
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 044
20, 157
20, 282
20, 312
12, 681
12, 715
12, 707
12, 442
12, 140
11, 947
11, 819
11, 860
11, 955
12, 043
12, 146
12, 160
8, 290
8,242
8,231
8,200
8, 146
8,067
8,009
8,080
8,089
8, 114
8, 136
8, 152
64,
64,
64,
64,
64,
64,
64,
64,
64,
65,
65,
65,
5,202
5,198
5,202
5, 178
5, 167
5, 134
5,114
5, 129
5, 124
5, 147
5, 132
5, 137
20, 529
20, 637
20, 610
20, 531
20, 487
20, 459
20, 506
20, 589
20, 620
20, 641
20, 660
20, 638
5,091 17, 462
5, 101 17, 540
5, 115 17,580
2,791
17, 618
17, 659
17, 652
17, 760
17, 788
17, 861
17, 913
5,225 17, 969
5,245 18, 068
2,951
2,893
2,828
2,765
2,788
2,790
2,789
13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 344
13, 371
13, 374
13, 356
1981: Jan*__ 91, 499
Feb P_ 91, 550
26, 042
25, 960
4,608 20, 350 12, 192
4,500 20, 370 12, 198
5,148 20, 782
5, 147 20, 892
5,265 18, 135
5,275 18, 164
2,786
2,753
13, 341
13, 359
8, 158 65, 457
8, 172 65, 590
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
—
• - - • the
• - 12th
- - of- the
- month. Excludes
~v *proprietors,
*y self-employed
vyv perwhich- includes
sons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
316
563
668
830
723
625
704
830
908
074
150
233
5, 119
5, 137
5, 150
5,167
5, 180
5, 194
5,214
2,826
2,886
3, 115
2,960
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
employing establishments.
3 Includes mining, not shown separately.
Source; Department of Labor, Bureau of Labor Statistics.
WEEKLY HOURS AND HOURLY
PRIVATE NONAGHICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Avera|£e gross
hourly earnings
'.
Aver age weekly aours
Total
private
nonagncultural l
Period
Manufsicturing
Total
Overtime
Adjusted h ourly earniiiigs index2 —t otal private
nonagriccultural
Percent cli ange from
a year earlier 4
Index, 1967=100
Total
private
nonagncultural *
Manufacturing
$3.82
4.09
4.42
4.83
5.22
5.68
6.17
6.69
7.27
137. 5
146.0
157. 5
170.6
183.0
196.8
212.9
229.8
250.7
109.7
109.7
106.7
105.9
107.3
108.4
109.0
105.6
101. 5
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
9. 1
-3.1
-3.9
Current
dollars
1967
dollars s
Current
dollars
1967
dollars
1972
„
__
1973_
1974
1975
..
1976.... „_„„_1977
........
1978...
....
1979
....
1980— ..........
37.0
36.9
36.5
36.1
36. 1
36. 0
35.8
35.6
35.3
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
40.2
39.7
3. 1
3.5
3.6
3.3
2.8
$3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
1980: Feb
Mar.__,
Apr
May.
June
July
Aug
Sept
Oct.
Nov
Dec
35.5
35.4
35.3
35. 1
35.0
34.9
35.1
35.2
35.3
35.4
35.4
40.1
39.8
39.8
39.3
39.1
39.0
39.4
39.6
39.7
39.9
40. 1
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8
2.9
3.1
6.45
6.51
6.54
6.57
6.62
6.67
6.71
6.77
6.83
6.91
6.95
6.99
7.06
7.11
7.15
7.22
7.30
7.36
7.42
7.49
7.58
7.63
242.4
245.2
246.2
248.3
250.9
252. 1
2540
255.4
257.9
260.9
261.9
102.2
102. 1
101.5
101.5
101.6
102.1
102.0
101.5
101.4
101.5
100.8
8.2
8.9
8.6
9.1
9.4
9.2
9.3
9.0
9.7
9.9
9.4
-5.2
-5.0
-5.2
-4.6
-4.2
-3.3
-3.0
-3.2
-2.6
—2.4
-2.8
1981: Jan *_..
Feb*
35.5
35.2
40.4
39.8
3. 1
7.02
7.03
7.68
7.71
2642
265.6
100.9
100.5
9.9
9.5
-1.7
-1.7
3.5
3.8
3.3
2.6
2.9
3.0
0
-2.7
-.7
1.3
1.0
.6
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTUR&L INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricuItural *
Period
Current
dollars
1972
1973
1974
1975
1976
1977
1978 .• .
1979
1980
1980: Feb
Mar
Apr,.__.
May
June
July
Aug
,
Sept
Oct
Nov
Dec._._
1981: Jan"
Feb *__
.
_
$136. 90
145. 39
15476
163. 53
175. 45
189. 00
203. 70
219. 30
235. 10
228. 98
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
238. 30
241. 10
24461
246. 03
249. 21
247. 46
Manufacturing
1967
dollars 3
$109. 26
109. 23
104 78
101. 45
102. 90
104 13
10430
100.73
95. 18
96.53
95.90
95.20
9428
93.88
9424
9462
9468
9481
95. 10
9470
95. 19
93. 66
$154 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
288. 62
280. 30
280. 99
282. 98
281. 00
282. 30
284 70
289. 98
293. 83
297. 35
302. 44
305. 96
310. 27
306. 86
$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 78
357. 64
356. 85
359. 29
361. 74
366. 92
365. 79
366. 46
375. 87
375. 18
379. 81
382. 87
398. 98
372. 28
Percent chiinge from a
year e aiiier,
total prii/ate nonagrieu Itural 5
Current
dollars
<Current dollar §
» Also inelndes other private industry groups shown on p. 14.
* Adjusted for interindustry employment shifts and for overtime in manufacturing.
3 Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978
Construction
Wholesale
and retail
trade
$106. 45
111.76
119.02
126. 45
133. 79
142. 52
153. 64
16496
175. 91
172. 04
173. 45
172. 16
173. 98
173. 86
17490
176. 96
178. 48
180. 00
182. 25
182. 01
18418
185. 47
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
6.8
6.6
8.2
6.5
6.4
5.7
6. 6
6.4
7.5
8.4
7.9
9.2
8.4
1967
dollars
41
—. 0
-4 1
-3.2
1.4
1.2
.2
-3.4
-5.5
-6.5
-7.0
-5.6
-6.9
-6.9
-6.5
-5.4
-5.5
-46
-3.8
-41
-2.3
-2.8
«Monthly
changes based on indexes to two decimal places.
5
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
pers ons
Out put 1
Period
Output i 3QT hour
of all i)ersons
Compc$nsation
per 1lour 3
Unit labor
COsts
Implici fc price
deflai tor 4
PriNonPriPriNonNon- Private NonNonPrivate
Private Nonvate
farm
vate
farm business farm
farm
farm business
vate
farm
business business
business business business business business business
sector business
sector business
sector
sector sector sector sector sector sector sector
sector
sector
1977== 100; quaj*terly dat a season ally adjus bed
1968
1969
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
51.4
548
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
1970
1971
1972
1973
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
67.6
69.7
71.7
75.2
66.4
69.4
71.4
843
66.2
69.1
71.5
75.3
82.4
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
108.4
92.7
95.9
100.0
105.1
108. 8
94.8
97.9
100.0
99.8
99.4
95.0
98.1
100.0
99. 8
99.0
85.5
92.9
100.0
108.4
119.2
86.0
93.0
100.0
108.5
11& 8
90.2
90.5
90.4
89.9
100.0
108.6
119.9
100. 0
108.7
120.0
100.0
107. 4
116.9
100.0
107.0
116.2
1980
106.7
106.7
107.8
108.4
99.0
98.4
131.1
130.4
132.4
132.4
127.6
127.4
1979: I
II
III
IV
107.7
107. 1
107.7
108.2
107.9
107. 1
107.8
108.2
108. 1
107.5
108.6
109.3
108.4
108. 1
109.2
109. 7
99.7
99.6
99.2
99.0
99.5
99.1
98.7
98.6
115.0
118.0
120.5
123.0
1149
117.6
119.9
122.7
115.4
118.5
121. 4
1242
115.4
118.7
121.5
1244
113. 4
115.8
118. 1
120.2
112.6
115. 1
117.4
119.7
1980: I
II
III
IV
108.7
105.4
105.7
107.0
108.5
105.1
105.8
107.2
109.5
106.7
106.5
108.7
110.0
107.3
107. 1
109.0
99.3
98.8
99.2
98.5
9ae
126.0
129.7
132.8
135.5
125.6
129.0
131.9
135.0
127. 0
131.3
133.9
137.6
127.4
131.8
133. 5
137.3
123.0
126. 1
129. 1
132.2
122.9
126.3
128.8
131.9
1974____
97.9
98.8
98.3
542
842
948
948
947
741
945
Perceiit change ; quarter!]i data at iseasonal!y adjustec 1 annual rates
1968
1969
5. 1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.7
7.0
7.4
6.5
42
6.7
3.9
6.8
4.0
49
40
47
1970
1971
1972
1973
1974
-.8
3.0
6.6
6.6
-1.9
-1.0
2.9
6.9
6.9
-1.9
-1.7
-.5
3.0
3.9
.4
-1.4
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
-2.3
.3
3.3
3.7
2.5
2.4
3. 1
42
.4
.9
3.6
3.5
2.7
11.9
2.8
49
12.1
45
44
3.4
5.4
9.4
48
45
3.0
3.7
1975
1976
1977
1978
1979
-1.9
6.3
6.3
4.7
2.8
-2.2
6.7
6.4
4.9
2.7
-4. 1
2.9
4.0
4.9
3.3
-4.2
3.4
4.3
5.1
3.5
2.3
3.3
9.6
8.6
7.7
9.6
a4
9.9
7.6
8.5
9.6
7.2
5.1
5.5
8.6
10.4
7.4
47
5.5
8.7
10.4
9.7
4.7
5.6
7.4
8.8
10.3
5. 1
-.2
-.4
2.1
3.2
2.0
-.2
-.8
1980
-.9
-1.0
-.5
—.4
—.4
-.6
10.0
9.7
10.5
10.4
9.2
9.7
1979: I
II
III
IV
4.0
-2.2
2.4
1.7
4. 1
-3.0
2.6
1.5
4.8
-2.0
4. 0
2.8
-1.1
4. 1
5.0
-.8
-.2
-.9
11.6
10.9
10.9
10.0
8. 1
12.4
11.2
10. 1
11.9
12. 1
9.8
9.7
9.9
8.8
8.4
8.2
7.4
8.1
8.9
8.5
7.8
1980: I
II
III
IV
1.8
-11.5
1. 1
5.2
1.4
-12. 1
2.9
5.4
9.9
9.0
144
8.1
9.9
146
5.3
9.7
11.3
11.3
1
2
.5
Q Q
^^ »/. »7
—.4
8.2
-.4
3. 1
1.8
1.4
-9.4
-.9
7.5
2. 1
-1.5
-1.1
1.3
-.3
8.5
8.6
.0
10.4
12.2
3.8
9.7
8.4
-1.9
-3.0
-2.8
-1.9
1.5
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers* contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
-1.9
-1.4
8. 1
9.6
11.2
9.3
9.6
11.5
11.8
10.5
9.8
9.9
iai
5.8
7.0
8.6
8.2
10.0
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
ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.5 percent in February following increases of 0.4 percent in January and 1.0 percent in
December.
INDEX, 1967=100* (RATIO SCALE)
180
1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
180
160
UTILITIES AND MINING PRODUCTION
160
UTILITIES
140
140
120
120
1977
M 111111111 M II IIIII II M 111111111 11111111111
1979
1978
1980
1981
MINING
110
MANUFACTURING PRODUCTION
1977
1978
1979
1980
1981
PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
1977
i M i h 11 MI I I I I I I I M
1977
1978
1981
i
1979
i i i i i h i MI
1980
i i i I i i i 11
1981
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1974
1975
1976
1977
1978..
1979
1980
Total in dustrial
produ<stion
Percent
Index,
1967= change
from
100
year
earlier
100. 00
129.3
-8.9^
117. 8
130.5
10.8
138.2
5.9
5.7
146. 1
4.4
152.5
147. 1
-3.5
.1
1980: Feb
Mar
Apr
May
June__
July
Aug
Sept
Get
Nov
Dec
152.6
152. 1
148.3
144.0
141.5
140.4
141.8
144. 1
146.9
149.4
150.9
-1.9
-5.7
-7.5
-8.2
-6.8
-5.6
-3.8
-1.9
-1.1
1981: Jan *
Feb *
151.5
150.8
-1.2
-.9
-.8
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodi]iction ind<3xes, 1967= 100
Miinufaeturi ng
Mining
Utilities
35.97
1346
126.4
141.8
150.5
156.9
164. 0
161. 1
6.S6
115.3
112.8
114.2
118.2
124.0
125.5
132.8
5. 69
143.7
146.0
151.7
156. 5
161.4
166.0
169.9
87. 1
73.4
81, 1
82. 7
85. 6
87.4
79.8
83.8
72.9
79.5
81.9
84.4
85. 7
79.0
144. 1
143.4
138.4
133. 3
129.9
128.3
129.4
131.7
135.8
139.3
140.5
165.9
164 7
161. 6
158.0
155.3
154.7
156.9
160.3
161.8
163. 3
165. 1
132.9
133.0
133. 1
133.4
132.9
130.6
129.6
130.5
132. 1
136.0
138.2
167. 1
172.0
169. 1
167.7
169.3
171.8
173.8
172.7
170.4
171.5
170.4
85.6
84. 7
82. 1
78. 3
75.7
73.7
74.6
76.4
78.4
80.4
81.2
83.5
82. 8
80. 3
77. 6
75. 7
74.9
75.5
76.7
78.2
79.4
79.9
141. 1
139.9
165.2
165. 1
140.5
141.5
172.0
170.4
81.7
81.2
80.0
79. 3
Total
Durable
Nondurable
87.95
129. 4
116.3
130.3
138.4
146.8
153. 6
146.6
61.98
125. 7
109.3
122.3
130. 0
139.7
146.4
136.6
153.0
152. 1
147. 9
143.4
140. 3
139.1
140.6
143.4
146. 4
149. 1
150.6
151.0
150. 2
1 Output as percent of capacity.
2 Annual data are averages of four monthly indexes,
s Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
l
Capacit y utilizati< an rate, percent
Mgknufaeturi ng
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series s
series
series
83
77
81
83
84
83
78
90.2
79.4
85. 5
88. 1
90. 9
92. 6
86.2
80
91. 3
76
85. 7
76
83. 6
78
84.0
Sources: Board of Governors of the Federal Beserve System, Department of
ommerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Procluets
Final :Products
Equif jjnent
Coiasumer go ods
Period
Total
NonDurable durable
goods
goods
Total
1967 proportion
1971
1972
1973
1974
,
1975
1976
,
1977
„,
1978
,_
1979__._
1980.—
1980: Feb
Mar
'
Apr
,
May
June___
.
July
__ —
Aug
Sept
Oct
Nov
Dec
..
1981: Jan »
...
Feb 9
47.82
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142.2
147.2
145.4
147.7
147.7
145.4
143. 1
142.3
142.4
142.8
143.9
145. 8
147.5
148.2
148.3
147.6
27.68
114.7
1244
131.5
128.9
124.0
137. 1
145.3
149.1
150.8
145.5
148.4
148.6
145,3
142.4
142. 1
142.0
142.7
144.3
146. 6
148.0
147.7
147.4
146.5
7.89
118.8
133.8
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.5
144.5
144. 1
136.3
128.8
128.2
128.3
128.6
132.7
139.6
142.9
141.1
138.3
137. 1
Internrlediate
proc ucts
19.79
113. 1
120.6
125.6
126.3
125. 1
135.2
141.9
145.1
148.8
149.2
150.0
150.3
148.8
147.7
147.6
147.4
148.3
148.9
149.4
150.1
150.4
151. 0
150.2
Total
Business
Total
Construction
supplies
20.14
947
103.8
1145
120.0
110.2
1146
123.0
132.8
142. 2
145. 1
146.6
146.6
145.6
1440
142.6
142.9
142.9
143.2
144 8
146.7
148.9
149.4
149. 1
12. 6S
104 1
118.0
1342
142.4
128.2
135.4
147.8
160.3
171.3
173.3
176.0
176. 1
1742
171.9
169.8
170.1
170.3
170.5
172.3
1745
177.5
178.3
177.7
12.89
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154 1
160.5
151.9
159.2
158.3
150.8
146.2
143.5
144.5
147.6
150.6
152.4
153.5
156. 1
156.9
1547
6.42
116.8
128.4
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.7
153.8
152.3
139.4
133.0
128.5
128.6
133. 1
137.4
140. 5
142. 8
1447
146.9
143. 1
Materials
39.29
111. 3
122.3
133. 9
132.4
115.5
131. 7
138. 6
148. 3
156.4
147.6
156.5
155.3
151.0
1443
140.0
136.5
138.6
142.4
146.4
150. 5
152.4
153.8
153. 3
Supplementary
group:
Energy
total
12. 2S
119.5
125.2
128.3
125.5
125.5
129. 1
132.9
135.4
137.9
138.7
139.4
139.6
139. 1
137.9
138.4
139.2
139.2
138.2
136.8
139.2
139.1
140. 1
140.0
[1967=100, seasonally adjusted]
Non durable inan uf act ures
Durable m anufactii ires
PrimarJT metals
Period
Total
Iron
flnri
steel
Fabricated
metal
products
Nontrical
machin—
ery
Electrical
machinery
Transp ortation
equif >ment
Total
Motor
vehicles
and
parts
9.27
97.9
108.2
118.3
108.7
97.4
111. 1
122.2
132.5
135. 4
116.8
125.7
123.8
115. 1
109.8
110.0
110.7
108.3
112.9
118.8
121.7
120. 6
117.4
116. 4
4.50
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169.9
159.9
118.8
133.9
130. 1
1147
105.9
106.7
107.9
1044
113.4
1242
129.0
126.3
119.0
117.9
%
1967 proportion19711972_
1973
1974
1975
1976
1977
1978
1979_.
1980-—
1980: Feb
Mar
Apr
May__
June__
July
Aug.._
Sept
Oct____
NOV
;
Dec__
1981: Jan*
Feb 9
,
.
6.57
100.2
112. 1
126.7
123. 1
96.4
109.7
111. 1
119.9
121.3
101.6
111.9
113.7
106.4
96. 1
90.4
81.7
86.0
90. 1
100.6
113.4
112. 1
112.9
111.7
4.21
96. 1
107. 1
122.3
119. 8
95.8
1048
103.8
113.2
113.2
91.7
103.4
105.9
97.4
84.4
75.4
68. 1
75.3
79.8
93.3
107.4
103.6
106.4
5.93
103.5
112. 1
1247
1242
109.9
123.9
131.0
141. 6
148.5
135.0
145.7
145. 5
141. 4
133.2
126. 1
123.8
125.8
129.0
132.8
134. 1
137.4
138.2
137.9
Source: Board of Governors of the Federal Reaerve System.
18
9. 15
100.2
116. 0
133.7
140. 1
125. 1
1345
143.6
153.6
163.7
162.7
167.0
166. 5
163.2
162. 1
158.3
158.5
158.8
159. 1
161.1
163.4
167.1
168.8
168. 1
8.05
107.7
122.2
143. 1
143.8
116.5
1348
145.4
159.4
175.0
172.7
179.2
179.2
177.0
171.4
166.6
165.0
166.7
167.5
170.0
173.0
1749
177.7
175.4
Lumber
and
products
«.p
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
1.64
113.8
120.8
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
130.2
125.3
105.2
1045
109.7
112.8
121.7
122. 6
122.2
1249
122.0
122.3
3.31
1047
109.4
117.3
1143
107.6
125.7
1342
1342
1344
128.6
133.8
136.1
131.3
128. 6
127. 2
121.5
123.8
126.7
127. 5
128.0
125.0
4.72
107. 1
112.7
118.2
118.2
113.3
122.5
127.6
131. 5
136.9
139.6
139.9
139.2
136. 5
135.5
135.4
138.6
140.3
140.3
141.5
142.7
144.9
145.6
146.2
7.74
125. 9
143. 6
154 5
159. 4
147.2
170.9
185.7
197.4
211. 8
206.7
217.4
213.6
209. 1
199.2
191. 1
190. 3
197. 8
206.8
209.1
212.0
218.8
219.0
Foods
8.76
112.8
116. 8
120. 9
1240
123.4
133.0
138.8
142.7
147.5
149.3
149.0
149.3
147.8
149.5
149. 0
148.9
148.3
148.6
149.4
150.5
151.4
151.1
NEW CONSTRUCTION
Constraction contracts8
Private
Total new
construction
expenditures
Period
Resiclential
Total
Total *
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1974
1975
1976
1977
1978
1979
1980
138.5
134. 5
151, 1
174.0
205.5
229.0
228. 7
100.2
93.7
111.9
135.8
159.6
179.9
173.6
50.4
46.5
60.5
81.0
93.4
99.0
86.9
23.8
20.8
19.9
22.5
29.6
39.9
43.4
40.6
344
47.3
65.7
75.8
78.6
62.8
25.9
26.4
31.5
32.4
36.6
41.0
43. 3
38.3
40.9
39. 1
38.2
45.9
49.0
55.1
Seasonally
adjusted
Seasonal! y adjusted ai inual rates
1980: Feb
Mar_
Apr.
May
"v- -June
July
. J
AUK
Sept
Oct
Nov_ _ _ _
Dec
1981: Jan »
Feb 9
248.8
237.1
225.8
218.9
215.0
214. 3
215. 1
223.7
226. 1
231. 6
247.4
261.9
252.5
101.5
94.0
83.5
77.0
73.4
74.3
78.6
84.4
87.4
93.7
100.2
103.2
101.0
191.7
180.6
171.5
164.8
161.3
158. 6
162. 1
167.9
171. 1
177.9
189.2
196.4
192.4
46.4
43.8
445
443
44.6
41.3
41.0
40.5
41.4
42.3
45.5
48.7
47. 5
75.1
68.4
60.7
55.2
51.9
52.2
56. 1
60.8
63.5
69.2
71. 1
75.4
74.5
i Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
> F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
103.0
101.9
121.0
153.6
174.1
185.6
161.8
43.8
42.8
43.5
43.5
43.4
43.0
42.4
43.0
42.3
41.9
43.5
445
43.9
57.0
56.5
543
54.1
53.7
55.7
53. 1
55.8
55. 1
53.7
58.3
65.5
60. 1
171
155
130
125
145
148
192
163
167
210
193
185
177
840
555
592
739
977
1,059
898
Seasonally
adjusted
annual
rates
1,011
967
881
805
857
857
824
822
865
1,034
1,169
944
1,013
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
^ ew private bousing unii
Units started, by type of stnicture
Period
1973
1974
1975
1976
1977.
1978
1979.
1980»____
_ .
Total
1 unit
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852.2
2-4
units
118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.5
5 or more
units
795.1)
381. 6
204.3
289.2
414.4
462.0
429.0
330.5
New privja,te homes
;S
Units
authorized
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 181. 6
Units
completed
Homes
sold
Homes for
sale at
end of1
period
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 500. 8
634
519
549
646
819
817
709
530
418
346
313
353
402
414
3
398
336
1,794
1,684
1,818
1,561
1,491
1,472
1,429
1,254
1,287
1,274
1,364
1,219
529
470
353
471
532
625
616
563
549
560
513
514
487
382
376
364
351
341
335
331
335
334
337
336
333
338
Vacancy
rate for
rental
housing
units
(percent)1
5.8
6.2
6.0
5.6
5.2
5.0
5.3
Seasonally adjusted armiial rates
1980: Feb
Mar
Apr
May
June
July
_
Aug
Sept
Oct__-____
Nov.. ...
Dec*. _ .
1981: Jan »
Feb*
1
Seasonally adjusted.
2
Quarterly data entered
3
1,273
1,040
1,044
938
1, 184
1,277
1,411
1,482
1,519
1, 550
1,535
1,615
1,218
777
628
650
651
760
867
971
1,032
1,009
1,019
974
992
779
in last month of quarter.
New series beginning March 1979.
98
89
99
87
77
83
133
140
121
143
131
146
127
398
323
295
200
347
327
307
310
389
388
430
477
312
1, 168
968
789
825
1,078
1,236
1,361
1,564
1, 333
1,355
1,235
1,228
1, 143
5.0
5.4
5.5
48
NOTE.—Units authorized beginning 1978 relate to 16,000 iHsnnit-issumg
places; data for 1973-77 are for 14,000 places.
Seasonally adjusted housing completions revised beginning
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2 percent in January while inventories rose $4.8 billion. According to the advance survey, retail
sales rose 1 percent in February following a 2% percent increase in January.
BILL ONS OF DOLI.ARS* (RATIOSCALE)
I4U
130 I'yn
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550
500
400
^
^
RETAIL INVENT DRIES
\
110 -
TOTAL BUSINESS
INVENTORIES
450
-
90
350
on
300
70
***
^^
„....>«*""
£f\
.^
^
.....--
,..,^
"""w/-
«*<
^ RETAIL SALES
s
250
TOTAL BUSINESS
SALES
-
50 -
200
40 1 1 1 1 i 1 ii i 1 1 1 1 1 1 1 1 1 i N i 1 1 i i i 1 1 1 1 1 1 1 i 1 1 1 I 1 1 1 1 1 1 1 1 1 i I n i 1 1
1977
1979
1978
1981
1980
RATIO*
1.80
I
150
100 Li ij ill t
1977
Mill
1978
1979
1980
1981
1977
1980
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business l
Wholesale
B<3tail
Sales
Period
Q_l__ 0
bales
*
Inventories 3
Inven-3
bales * tories
Q_1__, g
Tn+al
2
Iiiventorie s
DurNonable durable Trt+«l
goods goods
stores stores
3
Inventoi *y- sales
rat io *
DurNon- Total
able durable busigoods goods ness 1
stores stores
Retail
Mill ions of d ollars, seasonally adjusted
1973
152, 237
1974 _ _
175, 741
1975__ _ " _ „__
180, 263
1976
_
202, 001
1977
224, 786
1978
_ 254, 614
1979
289, 080
1980.
311, 879
Jan
312, 555
Feb_ _
311, 087
Mar
306, 234
Apr
_ 296, 391
May
293, 866
June_ __ „ 296,045
July—
305, 358
Aug. _ _
309, 078
Sept
_„ 318, 854
Oct_
326, 781
Nov________,. 329, 622
Dee___
333, 281
1981: Jan * _ _ _ _ . _ „ 339, 381
Feb»
234, 162
285, 518
285, 035
310, 736
337, 432
380, 786
426, 769
456,350
431, 131
435, 230
438, 860
444, 663
445, 462
446, 701
448, 727
450, 911
453, 437
455,257
456, 685
456, 350
461, 141
36, 822 46, 254 42, 461 14, 409 28, 052 63,237 28, 418 34, 819
45, 836 56, 537 45, 083 14, 118 30, 965 71, 067 32, 861 38, 206
44, 633 55, 113 49, 013 15, 247 33, 766 71, 744 33, 356 38, 388
48, 408 61, 307 54, 784 18, 150 36, 633 79, 273 37, 841 41, 432
53, 509 67, 998 60, 435 20, 724 39, 711 89, 210 42, 970 46, 240
62, 842 80, 771 67, 057 23, 313 43, 744 101, 681 49, 898 51, 783
73, 551 89, 676 74, 529 25, 401 49, 128 108, 835 53, 274 55, 561
82,280 100, 163 79, 721 24, 827 54, 894 111, 694 51, 853 59, 841
80, 906 90, 690 79, 561 26, 302 53, 259 108, 147 52, 104 56, 043
79, 299 91, 342 78, 899 26, 139 52, 760 108, 792 52, 368 56, 424
78, 550 91,497 77, 603 24, 127 53, 476 108, 841 52, 190 56, 651
76, 391 92, 378 76, 404 23, Oil 53, 393 109, 745 52, 282 57, 462
76, 376 92, 562 75, 975 22, 544 53, 431 109, 498 51, 648 57, 851
76, 629 93,633 77, 843 23, 589 54, 254 109, 438 51, 453 57, 985
80, 189 94, 619 79, 491 25, 071 54, 420 110,003 51, 249 58, 754
82, 606 97, 111 79, 829 24, 593 55, 236 110,283 51, 675 58, 608
85, 470 98, 111 80, 620 25, 094 55, 526 111, 711 51, 738 59, 972
88, 532 99, 275 81, 552 25, 293 56, 259 113, 106 52, 066 61, 040
89, 136 99, 956 82, 764 26, 007 56, 757 112, 639 52, 209 60, 430
90, 515 100, 163 83, 443 25, 983 57, 460 111, 694 51, 853 59, 841
92, 551 100, 057 85, 720 27, 179 58, 541 112, 063 52, 222 59, 841
86, 622 27, 482 59, 140
1
1 The lejrm "business" also includes manufacturing
Monthly average for year and total for month.
3
(see page 21).
Book value, end of period, seasonally adjusted.
J For annual periods, ratio of weighted average inventories to average monthly
for monthly data, ratio of inventories at end of month to sales for month.
20
1.43
1.47
1.58
1.48
1. 44
1.41
1.40
1.43
1.3$
1.40
1.43
1.50
1.52
1.51
1.47
1. 46
1.42
1.39
1.39
1.37
1.36
1.4Q
1.48
1.44
1.3$
1. 39
1.42
1.43
1. 38
1. 3P
1. 38
1.40
1.44
1.44
1. 41
1.38
1.38
1. 39
1. 39
1. 36
1.34
1. 31
NOTE.—Retail (and total business) revised beginning 1977.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' new orders, and shipments fell in February while inventories rose.
BILLI ONS OF DOLLARS* (RATIOS CALE)
200
NTS
180
-
" SHIPME
160
-
140
240
rx^-^~
TOTAL
-
- INVENTORES
200
TOTAL
-
-
DURABLE GOODS
80
*-"***
:
••"
'^J.
_____,_„*•"""*
>
•
'
^'"^^
' ...*"•
—
\—
NONDURAi LE GOODS
_
"
\
DURABLE
„--»--—" .—•-*
GOODS
100
80
_
..
_
„.»--—"" "•"**"*"
60
40
„-
r
160
100
60
r~
^*^*^*n•^
^^~~-—~~ ^*^-—
^
•^
^__^-o
120
8ILLICDNS OF DOLL^RS * (RATIO S CALE)
280
^-..^
.^
_
«•»• ******* **
— C~
NONDUR/\BLE GCX3DS
1
I
1
I
1
I
1
1
1
1
i i i ii i i ii iIi i i ii
1
~
I i i iii ,,,,,!,,,,,
BILLI DNS OF DOLLARS* (RATIO S(:ALE)
200
40
—NEW OFRDERS
180
160
—^A
140
-
120
^/^
-
TOTAL
-
--'
100i
80,
Mini
1977
^~\^—~<—^ ~~^^f
DURABLE C OODS
\
_
— '
,~ *
60
[*
-""~\
1978
Li 1 1 1 1 1 1 1 1 1 1. J_LI llhllll 1 ! M ! i M ! 1 1
1980
1981
1979
no
INVENT(DRY-SH!PI\/IENTS RA'
2.0
—J
^\
~~^,
/
RAT O*
22
1 1 11 1 I lill 1
.
""•^
_
-fff
1.8
—
_
../>••
—
1.6
f\^
^_.
^^^,
Vs/^^^-*—^
Ay^^-^
~^V^~
NONDURABl E GOODS
r***
_
14
40
i
, ,,,,
1978
1977
1,,,,,
1979
, , , , i i i i , ,,
1980
,,,,,!
1981
1.2
u t i i l ii in
1977
ii n i i i i i i i
1978
1 1 1 1 1 I I 1 | 11
1979
1 1 1 1 1 1 1 1 1 11
1980
l ii1 1iM iI 1
1981
^SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac iturers' sh ipments l Manufad burers' in\? entories
Durab le goods
ManufacCapital
Nonturers*
Nongoods
Durable
Total
Total
indus- durable unfilled3
goods durable
Total
goods orders
goods
tries,
nondefense
Millie>ns of doll ars, seasoiially adjussted
Total
Durable
goods
Nondurable
goods
84,821
86, 617
98, 810
110,842
124, 714
141, 000
149, 878
44, 253
43, 678
50, 697
58,010
66, 505
73, 981
75, 227
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
74, 651
157,
158,
170,
180,
198,
228,
244,
889
081
596
515
573
678
643
764
697
722
323
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
79, 741
80, 027
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193
77, 200
77, 981
79, 296
235, 096
238, 522
242, 540
243, 402
243, 630
244, 105
243, 517
243, 615
242, 876
244, 090
244, 493
1981: Jan... 161, 148
Feb ^_ 160, 782
80, 259
80, 819
80, 889 248, 408 164, 938
79, 963 251, 183 166, 143
Period
1974
1975
__
1976
1977
1978------1979
1980
1980: Feb_._ 152,
Mar__ 150,
Apr.._ 143,
May_ T 141,
Jime__ 141,
July.. 145,
Aug.. _ 146,
Sept.. 152,
Oct___ 156,
Nov.__ 157,
Dec___ 159,
915
178
156
224
334
258
493
Manufacturers*
inventory—
shipments
ratio *
101, 866
101, 766
109, 095
115, 751
129, 456
151, 689
161, 907
56, 048
56, 412
61, 061
64, 472
68, 878
76, 569
82, 586
87, 157
85, 082
99, 184
112, 451
128, 488
144, 335
150, 814
46, 740
41, 957
51, 047
59, 562
70, 145
77, 215
76, 228
12, 737
10, 772
12, 501
15, 084
18, 308
21, 643
21, 303
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120
74, 587
187, 574
169, 126
173, 646
193, 561
239, 321
279, 710
290, 735
1.65
1.83
1.66
1.59
1.52
1.52
1.61
155,
157,
159,
160,
160,
160,
161,
160,
160,
160,
161,
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436
82, 924
82, 739
83, 113
82, 586
154,
152,
143,
138,
138,
147,
147,
155,
158,
158,
162,
81, 021
77, 546
72,416
67, 328
66, 454
74, 228
72, 229
78, 960
80, 693
81, 047
82, 654
21, 480
22, 590
22, 162
19, 589
19, 954
21, 608
19, 371
20, 860
20, 618
21, 849
21, 673
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302
77, 361
77, 728
79, 503
284, 924
286, 907
286, 629
284, 033
281, 044
282, 463
282, 997
285, 497
286, 849
287, 907
290, 735
1.54
1.59
1.69
1.72
1. 72
1. 68
1.66
1.59
1.55
1.55
1.53
24, 513 80, 754 291, 677
20, 537 79, 863 292, 209
1.54
1.56
314
127
877
607
404
875
081
691
137
977
907
1 Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
*4 End of period.
For annual periods, ratio of weighted average inventories to average monthly
2
Mannifaeturers 5'' new ord ers l
2
603
065
313
920
5S2
104
180
262
054
775
157
83, 470 162, 090 81, 336
85, 040 161, 316 81, 453
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In February, the producer price Index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.6 percent and prices of other finished consumer goods were up 1.3 percent. Prices of capital
equipment rose 1.1 percent.
INDEX, 1967= ?00 {RATIO SCALE)
280
INDEX, 1967= 100 (RATIO SCALE)
280
TOTAL FINISHED
GOODS
CONSUMER FOODS
\,"
160
140
140
120
120
100
10)
1973
1981
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; month!.V data sseasonal ly ad jusited]
Ifinished goods
InlDermedi ate
E[laterials
Total
finished
Foods
Capiconsumer Total and 1 Other
tal
feeds
equip- goods
ment
123. 5 129.2 131.6 168.4 128. 1
141.0 149.3 162.9 200.2 159.5
162.5 163.6 180.0 195.3 178.6
173.2 169.0 189.3 186. 6 189.5
1845 178.9 201.7 191.0 202.4
199. 1 192.6 215.5 201.0 216.4
216.7 215.7 242.8 223.2 2440
239.5 248.8 280. 1 252.2 281.3
230.0 239.3 272.0 238. 1 273. 6
232. 1 242. 1 2740 233.2 276. 1
235.8 243.3 °747 229.0 277.2
236.6 2445 276.4 239.9 278.2
238.2 246.6 278.4 241. 0 280.3
241. 1 251.2 281.0 251.0 282.3
243.6 2543 283.7 266.0 284. 1
243.9 255. 1 285. 2 267.9 285.6
248. 1 257. 1 287.6 281.8 287. 1
248.4 258.4 289.8 2843 289.3
250.6 259.4 293.3 268.4 2942
253.0 261.5 296.8 268.7 298.0
255.8 263.6 297.9 260.7 299.8
Fimished goods exeludinj5
consinner fo ods
Period
1073
1974...
1975
1976
1977
1978
1979
1980_ _
1980: Feb.
Mar.
Apr
May
June-_
July
Aug
Sept
Oct_
'Nov
Dec—.
1981: Jan
Feb_
Total
Confinished sumer
goods foods Total
127.9
147. 5
163.4
170.3
180.6
194.6
216. 1
246.8
237.3
239.9
_ 241. 7
242.8
244.8
249. 0
252. 0
. 252.7
255. 1
256.3
257.5
__ 259.7
261.9
146.4
166.9
181.0
180.2
189.2
206.7
226.3
239.4
230.7
232.9
229. 8
230.8
232. 1
240.6
247.0
248.3
250.0
250.3
250.5
250.6
249.2
120. 1
139.3
156. 2
165.5
176.2
188.9
210.8
247.7
237.9
240.7
244.2
245.3
247.5
250.2
252.0
252.5
255.2
256.6
258.2
261. 1
2644.
Cons umer g oods
Total
118.6
138.6
153.1
161.8
172. 1
183.7
208.2
248.5
238.2
241.2
244.5
245.8
248.2
250.8
252.3
252.8
2548
256.7
258.0
261.0
2645
> Intermediate materials for food manufacturing and feeds.
22
able
Nondurable
115.4
125.9
138.2
1444
152.2
165.8
181.9
205.9
202.2
200.8
201.5
201.7
204 7
207.7
209.4
209. 1
212.3
212.5
212.4
212.5
213.5
120.5
146. 8
163. 0
173.3
185.4
195.4
225.9
283.9
269. 1
275.9
281.5
283.6
285.6
287.8
289. 1
290.3
291.4
2947
297.2
302.3
307.7
Tli i*
rri j. i
Crud e materials
Foodstuffs
Total and Other
feedstuffs
1740 180.0 162.5
196. 1 189. 4 208.9
196.9 191.8 206.9
205. 1 190. 1 233.6
2143 190.9 258.4
240. 1 215.3 286.7
282.2 247.2 348.3
3042 259.1 399.9
295. 1 250.3 390.0
288.4 242.9 3849
283. 1 2344 386.6
286. 1 238. 7 386.6
288.3 242.7 385. 1
303.6 260.9 394.3
317.5 276.8 403.6
321.8 278.7 413.0
327.2 282.8 421.0
329.2 283.3 426.5
325.3 275.8 430.1
322. 1 272.9 426.6
331.4 263.8 475.8
E.^-Data revised for October 1980.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In February, the consumer price index for all urban consumers rose 1.0 percent, seasonally adjusted (also 1.0 percent
unadjusted). Food prices rose 0.3 percent (0.8 percent unadjusted) and nonfood commodity prices were up 1.4 percent (1.3 percent unadjusted). Services prices were up 0.8 percent (also 0.8 percent unadjusted).
INDBC, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
160
140
140
120
120
1973
1981
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1973
1974
1975. _.
1976..
1977
1978
1979. _
1980
„.
All
items
Food
133.1
147.7
161.2
170.5
181. 5
195.4
217.4
246.8
141.4
161.7
175.4
180.8
192.2
211.4
234.5
2546
Services
commodities
123.5
136.6
149.1
156.6
165.1
174.7
195. 1
222.0
139. 1
152. 1
166. 6
180.4
1943
210.9
234.2
270.3
129.9
145.5
158.4
165.2
1747
187. 1
208.4
233.9
All
Food
at
home
Food
away
from
home
AH
141.4
161.7
175.4
180.8
192.2
211.4
2345
2546
141.4
162.4
175.8
179.5
190.2
210.2
232.9
251. 5
141.4
159.4
1743
186.1
200.3
218.4
242.9
267.0
123.5
136.6
149. 1
156.6
165. 1
174 7
195. 1
222.0
236.4
239.8
242.5
244.9
247.6
247.8
249.4
251.7
253. 9
256.2
258.4
260.5
263.2
244.9
247.3
249.1
250.4
252.0
254.8
258.7
261.1
262.4
264.5
266.4
268.6
270.8
213.8
216.7
218.6
220.2
221.4
222.2
224.2
226.6
228.3
230.0
231.0
232.4
235.4
256. 8
261. 3
265.3
269.2
274.2
272.4
272.5
274.8
277. 9
280.9
284.7
287.7
290. 1
226. 1
228.6
229.7
230.7
231. 6
233.0
235.9
238. 9
241. 1
243.5
245. 2
246.6
249.2
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Services
Dur•Liable
Nondurable
121.9
130.6
145.5
1543
163.2
173.9
191. 1
210.4
1248
140.9
151.7
158.3
166. 5
1743
198.7
235.2
139. 1
152. 1
166.6
180.4
1943
210.9
2342
270. 3
203. 0
2040
205.2
206. 7
207.7
208.8
212. 1
215.2
217.6
220.4
221. 3
221. 9
221.2
228.8
233. 3
2343
2349
235.5
236.4
237.4
238.4
239.2
240.3
242.0
247. 0
255. 0
257.2
261. 6
265.5
269.4
274. 1
272.4
272. 7
274 6
277.9
281.5
285.5
288.0
290.3
Seasonal ly adjusted
Unacljusted
1980: Feb
Mar
Apr
May
June
July
Aug
Sept___
Oct
Nov
Dec
1981: Jan___
Feb___
Comnaodities less food
Food
Commodities
less
food
2449
247.0
248.3
249.3
250.5
252.9
257. 6
262.0
2644
267.6
270.2
269.8
270.6
240.8
243.0
2440
2449
245.8
248.7
254.6
259.8
262.2
265.6
268.0
266.9
266.8
258.5
260.5
262.3
263.7
265. 6
266.9
268.9
271.4
273.6
276.5
279.4
282.0
285.0
214.9
217.5
218.5
219.5
220. 3
221. 3
223.4
225.9
228. 0
230.0
231.3
233.6
236.8
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percen » change from prtseeding
perioc 1; season ally adjusted1
Pereenib change from 3 EQonths
earlie r; season ally adjiisted
annua* rates
Percent change from 6 inonths
earlk»r; seasorlally adjilisted
annua 1 rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
Capital Total
finequipExclud- ment ished
goods
ing
Foods
foods
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
.
1972
1973
1974
1975
1976
1977
1978
1979
1980
—_
1980: Feb
Mar
:
Apr __
May
June__ ~_
July
Aug
__ Sept..--Oct
Nov
Dec
8.0
22.5
13.0
5.5
-2.5
6.9
11.7
7.4
7.3
2.0
7.4
20.5
6.7
4.8
6.8
8.5
17.5
14.0
2.0
5.3
22.6
8.2
6.4
7.3
7.9
8.8
11.4
1.3
-.6
1 . 1 1.0
.8 -1.3
.4
.5
.8
.6
1.7
3.7
1.2
2.7
.5
.3
.9
.7
.1
.5
.1
.5
2.5
1.3
1.4
.5
1.0
1.0
.6
.2
.8
.7
.5
.8
.9
1.6
.3
.7
1.2
1.0
.1
1.7
.1
.9
16. 1
17.5
13.4
9.6
8.4
12.6
16.0
13.5
10.2
7.0
7.8
-2.7
-.9
-3.7
.2
-1.4
20.2
31.2
31.0
16.6
5.5
3.6
28. 1
29.7
22.3
13.4
12.1
JO. 7
11.0
7.6
6.5
7.2
8.5
13.0
13.6
14.0
12.0
10.9
9.3
12.4
9.9
12.1
8.1
11.4
17.0
15.6
14.9
12.8
12.9
13.0
12.8
11.0
11.4
11.4
10.6
5.6
4. 1
1.3
-1.3
-1. 1
7.6
14.6
13.7
18.4
17.6
16.5
25.7
23.5
22.6
20.5
20.6
16.4
12.2
9.8
8.6
9. 1
8. 1
11.4
11.7
13.4
12.5
12.3
11.6
12.2
10.4
10.7
10.2
10. 7
1.2
1.3
1.0
1, 1
7.4
9.0
1.0
-1.7
10. 1
12.7
8.1
12.5
8.8
8.0
8.5
1.8
8. 3
9.9
10.1
10.3
3.8
11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.7
.9
.8
1981: Jan_
Feb.
.0
-.6
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for October.
CHANGES IN CONSUMER PRICES
Perceiit changej from pre ceding
perio d; seasoilally adju sted1
Period
1972_
1973
1974
1975
1976
1977
1978
1979
1980
All
items
Food
Commodities
less
food
Services
Percent c tiange frc)m 3 mont hs earlier; Percent c tiange frc>m 6 months earlier;
season!illy adju sted annu al rates
season!illy adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
3.4
8.8
12.2
7.0
4.8
6.8
9.0
13.3
12.4
4.7
20. 1
12.2
6.5
.6
8.0
11.8
10.2
10.2
2.5
5.0
13.2
6.2
5.1
49
7.7
14.3
11.5
3.6
6.2
11.3
8.1
7.3
7.9
9.3
13.7
14.2
1980: Feb___
Mar__
Apr___
May_«
June__
July__
Aug___
Sept_Oct__
Nov__
Dec__.
1.3
1.3
.9
.9
1.0
.1
.8
1.0
1.0
1. 1
1.0
-.2
.9
.5
.4
.5
1.0
1.9
1.7
.9
1.2
1.0
1.7
1.2
.5
.5
.4
.5
.9
1. 1
.9
.9
.6
1.4
1.7
1.5
1.5
1.7
-.6
.1
.7
1.2
1.3
1.4
16.5
17.3
15.0
13.1
11.4
8.0
7.6
7.8
12.0
13.5
13.2
4.9
3.3
5.0
7.4
5.8
7.6
14.0
19.7
19.5
16.5
13.1
20. 1
20. 7
14.3
8.8
5.2
5.2
7.3
10.6
12.7
12.4
9.9
18.1
20. 1
20. 1
20.4
20.5
10.8
5.0
.7
8.3
13.5
16.8
15.4
15.8
15.3
14.8
14.3
11.4
10.3
9.6
10.0
10.5
10.5
8.3
7.7
6.9
6. 1
4.5
6.3
10.6
12.5
13.4
15.2
16.3
17.0
16.9
15.7
14.3
12.7
9.7
8. 1
7.9
8.9
9.8
10.2
17.0
18.2
18.9
19.2
20.3
15.4
12.4
10.2
9.6
9.2
8.5
1981: Jan___
Feb__.
.7
1.0
-.1
.3
1.0
1.4
.9
.8
11.8
11.2
8.4
4.6
10.2
12.4
15.3
13.1
11.9
12.3
13.8
10.3
11.4
12.4
11.8
13.3
1
Annual changes are from December to December (unadjusted).
NOTE.-—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor* Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 1.9 percent in March and prices paid by farmers rose 0.7 percent in the month ended
March 15.
INDEX, 1967=100
(RATIO SCALE)
INDEX, 1967= 100
320
320
80
,80
1974
1975
1981
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Prices received by fiirmers
Period
All farm
products
Crops
Livestock
and
products
Prices paid by fanners
All commodi- Production
items,
ties, services, interest,
Production
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates
Ratio2
1973___
1974
1975
1976
1977
1978___
1979.
1980
179
192
185
186
183
210
241
246
175
224
201
197
192
203
223
241
183
165
172
177
175
217
257
251
144
164
180
192
202
219
250
281
149
169
186
198
208
227
261
293
146
166
182
193
200
217
249
277
124
117
103
97
91
96
96
88
1980: Mar
Apr
May^..
June.
July
Aug
Sept
Oct
Nov
Dec__
234
225
228
233
247
257
261
261
264
265
220
218
224
228
242
252
260
259
271
272
247
232
232
237
252
262
263
263
260
259
276
276
276
279
281
284
287
289
291
292
288
287
287
289
291
295
299
300
303
303
272
270
270
273
275
280
284
286
289
290
85
82
83
84
88
90
91
90
91
91
264
263
258
276
276
274
253
252
246
299
300
302
312
312
314
293
294
296
SS
88
85
1981: J a n _ _ _ _ _ _ _ _ _
Feb
Mar *»__
1
2
_
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
law. The indexes have been converted to a 1967=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
In Februaryf the narrow measures of money were below their 1981 ranges. M-2 and M-3 moved within their
ranges.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
200
COUNCIl OF ECONOMIC ADViSIRS
[Averages of dally figures; billions of dollars, seasonally adjusted]
Ml-A
Period
Currency
plus
demandl
deposits
1974:
1975:
1976:
1977:
1978:
1979:
1980:
Dec
Dec
Dec
Dec__.
Dec
Dee..__
Dec
„
Feb
Mar
'Apr
„
May _ _ _ ^
June
_
July
_____
Aug
Sept_
Oct__
Nov
Dec
.
1981: Jan
Feb *
275.3
287.9
305.0
328.4
351.6
369.8
384.8
373.5
372.9
366.7
367. 1
370.9
373.5
379.5
383.4
386.3
388.4
384.8
372.8
366. 0
Ml-B
Ml-A plus
other
checkable
deposits at
banks and
thrift
institutions
275.7
289.0
307.7
332. 6
360. 1
386.9
411.9
391.4
391.4
386.3
386. 1
391.3
395.5
402. 7
408. 0
412.0
415.0
411.9
416. 1
417. 3
M2
L
I*ereent change 3
Ml-B plus
overnight
M2 plus
RPs and
large time
Eurodollars,
deposits
MMMF
M3 plus
and term
shares, and
other liquid Ml-A Ml-B
RPs at
savings and
assets
commercial
small time
banks and
deposits at
thrift
commercial
institutions
banks and
thrift
institutions 2
4.3
4.2
1, 244. 1
1, 058. 6
906. 2
4.8
4.6
1, 371. 4
1, 161. 0
1, 022. 4
6.5
1, 526. 1
5.9
1, 299. 7
1, 166. 7
8. 1
7.7
1, 720. 2
1, 294. 1
1, 460. 3
8.3
7. 1
1, 934. 9
1, 623. 6
1, 401. 5
7.4
5.2
2, 151. 8
1? 775. 5
1, 526. 0
6.5
4. 1
2, 372. 0
1, 957. 9
1, 673. 4
6.0
5.3
2, 188. 5
1, 805. 4
1, 547. 6
4.7
3.9
2, 203. 8
1, 554. 6
1, 813. 0
1.7
.2
2, 213. 3
1, 811. 9
1, 550. 4
.8
•o
2, 229. 8
1, 825. 7
1, 563. 7
2.3
.6
2? 242. 7
1, 846. 2
13 587. 6
3.7
1.6
2, 258. 2
1, 867. 7
1, 612. 5
5.9
3.2
2, 282. 7
1, 632. 5
1, 889. 5
8.7
5.7
2, 306. 5
1, 904. 6
1,644.4
2, 319. 1 11.0 13.7
1, 921. 8
1, 656. 5
2, 346. 5 11.9 15.5
1, 670. 8
1, 946. 1
7.6 10.8
2,372.0
1, 957. 9
1? 673. 4
.4 10. 7
1, 681. 3
1, 978. 9
7.4
-7.0
1, 993. 3
I, 692. 0
1
Net cf demand deposits due to foreign commercial banks and official
institutions.
* Total M2 excludes demand deposits held by thrift institutions at commercial
banks, not shown separately in components.
M3
M2
M3
5.6
12.8
14. 1
10. 9
8.3
8.9
9.7
7.6
7.0
5.4
6.3
8.2
10.4
11.3
11.9
14.2
14.2
11.1
8.7
7.4
8.5
9.7
11.9
12.4
11.2
9.4
10.3
9.4
7.9
6.2
6.9
8. 1
9.3
9.5
10.4
12.5
13.6
12.5
12.3
11. 3
s
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small Large
Money
Over- market
SavdedeDe- Other repurnight
chase
checkmutual ings nomi- nomiCur- mand
Euroagreeable
fund
de- nation nation
Period rency de- J
dollars shares
posits time
time
posits deposits ments
(RPs)
de- 2
de{•na+\
{neii)
posits posits 2
NSA
NSA
NSA
NSA
Dec:
1974.
1975.
1976.
1977.
1978.
1979.
1980.
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers* merments (net) bonds secu- acceptcial
(RPs)
rities ances paper
NSA
NSA
2.7
4.2
8.6
17.0
27. 1
7.2
7.5
13.6
17.6
21.9
21.7
27.6
0.0
.0
.0
1.0
2.0
3.6
4. 6
2.3
3.6
3.4
3.8
10.3
43.6
75.8
333.9
383.9
447.7
486.4
475.8
417. 0
393. 6
288.9
340. 4
396.6
454.9
533.8
656.2
763.2
144.0
129.6
118.0
145.2
194.7
219.0
248.0
8.4
9.0
15.0
21.0
27.3
30.5
36.5
8. 1
9.8
13.0
18.4
30.0
43.1
48.4
63.2
67.2
71.8
76.6
80.6
80.0
72.8
53.4
76.8
80.7
89.5
98.7
127.5
158.7
265.4
264. 0
257.7
256.9
259.9
261.4
266. 0
269.5
271. 2
272. 6
268.4
17.9
18.4
19. 5
19.0
20.4
22.0
23.2
24.6
25. 7
26.6
27.1
24.2
22.7
19.4
20.5
21.7
25.5
27.9
29.2
28. 1
27.9
27.6
4. 1
3.6
2.7
2.8
2.9
3.6
3.7
3.7
4.4
4.7
4.6
56.7
60.9
60.4
66.8
74.2
80.6
80.7
78.2
77.4
77.0
75.8
404.0
393. 3
379. 4
375. 2
384. 6
398.0
408. 1
412. 1
414.2
407.8
393.6
670.2
685.7
705.3
715.3
715.8
712.4
712.6
716.4
723.6
741.6
763.2
227.4
229.5
232.4
233. 1
228.6
224.0
223.3
226. 8
229. 8
238.8
248.0
30.3
28.9
29. 1
28.9
30.0
31. 1
33.8
33.5
35.5
36.5
36.5
49.5
49.2
49.9
50.3
48.9
48.4
48.4
45.2
43.6
46.1
48.4
78.1
76.8
75.2
740
73.3
72.8
72.6
73.2
74.6
72.9
72.8
129.3
137.2
147.2
152.1
148.7
1447
147.2
1548
149. 1
149.7
158.7
1981:
Jan... 116.6 256. 2
Feb*. 117.3 248.8
43.3
51.2
27.4
26.9
5.1
4.9
80.7 377. 1
92.4 367.3
778. 1
786.5
258.8
263.5
38.8
37.9
67.8
73.8
80.7
88.7
97.6
106. 3
116.4
207.4
214. 1
224.4
239. 7
253.9
263. 5
268.4
1980:
Feb__ 108. 1
Mar. 108.9
Apr_. 109.0
May. 110.2
June. 111.0
July. 112. 1
Aug.- 113.5
Sept. 113.9
Oct.. 115. 1
Nov. 115. 8
Dec.. 116.4
0.4
1. 1
* Itfet of demand deposits due to foreign commercial banks and official institutions.
2 Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
10.7
50.2
as 4ai
9.0 51.8
12.3 eai
22.6 79.4
28.4 97.3
342 100. 1
99.3
99. S
2as 100. §
28,3 09.5
29.1 96.5
28.9 95.8
2a§ 96.6
30.0 §a?
31.0 99.0
32.5 99.2
26.9
27.9
342
ioai
NOTE.—NSA indicates data are not seasonally adjusted.
See p. 26 for overall measures.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installm ent credit e xtended
Period
Installm ient credit li quidated
Net changej in amount outstanding
T>i_J-x. ^
Total *
1973
1974_
1975
1976
1977
1978
1979.
1980
....
1980: Jan
Feb__
Mar
Apr_
May
June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan___
1
__
Automobile
Revolving
Automobile
Revolving
Total1
817
276
675
179
138
589
396
477
43, 696
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037
26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655
20,218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410
10, 500
10, 756
10, 634
10, 347
10, 302
10, 341
10, 679
10, 700
11, 143
11, 124
10, 953
11, 614
25, 196
25, 178
25, 227
24, 891
24, 770
24, 394
25, 196
25, 687
26, 009
26, 663
25, 152
25, 530
6,903
6,991
6,859
6,565
6,574
6,576
6,785
7,045
7,434
7,343
6,872
6,932
9,971
10, 034
10, 373
10, 677
10, 589
10,436
10, 641
10, 419
10, 665
10, 851
10, 688
10, 998
2,727
2,403
654
-1,671
-2, 677
-2,045
-1, 199
489
1,055
702
839
1,619
11, 483
26, 190
7,300
10, 926
173,035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305,887
49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002
28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580
27,923
27, 581
25, 881
23, 220
22, 093
22, 349
23, 997
26, 176
27, 064
27, 365
25, 991
27, 149
8,441
7,973
7,372
5,922
5,533
5,550
6,068
7,400
7, 518
7,544
7, 117
7,234
27, 059
7, 237
Includes "mobile home" and "other," not shown separately.
Total *
152,
163,
172,
189,
222,
254,
286,
304,
869
Automobile
5, §10
495
2,976
10, 465
15,204
18, 736
14, 715
-35
1,538
982
513
Revolving
2,003
1,§70
1S340
2, 170
6,248
9,035
8,628
2,925
529
722
261
-643
-1,041
-1?G26
—717355
84
201
245
302
-33i
-287
-63
557
-95
38
281
47S
273
265
616
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Bank credit growth slowed in February. Total reserves declined.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
1,600
ALL COMMERCIAL BANKS
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
40
1973
1974
1975
1980
1981
*SEASONMLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNO1S OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
and
investments
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dee
1979: Dec
1980: Dec
1980: Feb
Mar
Apr
May
June
Julv...
Aug
Sept
Oct
Nov___
Dec
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Deposit*jry institiitions8
Allccommercial I>anks l
Borrowiiigs (millions of dollars,
Reserves
Investr nents
Loans and leases
unadj usted)
Commercs
U .8.
Other
SeaReNoncial and Treasury
Total
Total
secuTotal2 industrial
sonal
borrowed quired
rities
securities
loans
713.9
745. 1
804 6
891.3
1, 013. 4
1, 134. 6
1, 237. 3
520. 1
517.2
555.0
632.3
746.9
848.9
912.7
197.4
189.9
191.3
211.2
246. 1
291. 1
324.9
53.7
82.2
100.6
99.5
93.3
93.8
110.7
140.0
145.7
149.0
159.5
173.2
191.8
213.9
36.66
34 67
34 90
36.00
41. 16
43.46
40. 13
35.94
3454
3485
35.43
40.29
41.98
38.44
36.41
3440
3463
35.81
40.93
43.13
39.58
1, 164. 4
1, 168. 2
1, 165. 3
. 1, 158. 7
1, 156. 0
1, 163. 5
1, 180. 9
1, 193. 3
1, 206. 5
1, 224 2
1, 237. 3
874 1
877. 1
874.6
863.2
856.3
857.5
868. 3
878.0
887.5
901.7
912.7
301.7
304.2
303.4
299. 1
296.9
298.0
303. 3
308.3
313.8
320.7
324.9
95. 1
95.0
93.8
95.5
98.1
102.0
105.7
107.7
109. 1
110.5
110.7
195.3
196. 1
196.8
200. 1
201.7
204 1
206.9
207.5
209.9
212. 1
213.9
43.35
43.67
4485
4445
43.96
42.78
40.75
41.52
41.73
41.23
40. 13
41.70
40.85
42.39
43.43
43.58
42.39
40.09
40.21
40.42
39.17
38.44
1, 253. 5
1, 262. 9
923.6
930.3
329.5
331. 5
113.6
115. 3
216.3
217.2
40. 10
39.76
38.70
38.45
1981: Jan
Feb*
i Data are averages of Wednesday figures.
»Excludes
loans to commercial banks in the United States.
3
Data are averages of daily figures. Reserves series reflects actual reserve
requirement percentages with no adjustment to eliminate the effect of changes in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data relate only to member banks.
28
703
127
62
558
874
32
13
12
54
134
82
116
43.14
43.48
4465
44 27
43.76
42.50
40.45
41.26
41.52
40.73
39.58
1,655
2,824
2,455
1,018
380
395
659
1,311
1,335
2,156
1,617
96
150
155
63
12
7
10
26
67
99
116
39. 56
39.58
1,405
1,278
120
148
1,473
1,617
* Data for loans and investments are estimates.
NOTE.—Commercial bank loans and investments revised beginning 1972.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credii ; market \'unds
Period
Total
Internal 1
Total
Total
1970
1971
1972
1973
1974
1975
1976_ _
1977
1978
1979
1980'
1980: 1
I I
III
_ _
IV'
Securities
and
mortgages
Loans
and
shortterm
paper
Other2
Total
Capital
expenditures 3
82.0
87.7
100.9
124. 3
141. 2
110.0
147.5
177.3
205.6
229.4
225. 1
18.8
36.8
50. 1
70.5
52. 2
41.2
52.0
54.2
90.0
116. 6
61.5
8. 8
15. 5
14.3
8. 1
13.8
20.8
28.3
24.8
29.4
31.4
234.0
218.4
213.8
234.3
92.9
-22.8
87.9
88.0
30.0
37.2
25.2
33.2
107.7
133.3
166.5
209. 1
201.5
164.9
220.3
259.8
320.4
375.4
318.0
61.8
73.5
85.0
91.7
85. 6
119.7
134.2
156. 1
171.9
190.6
197. 0
45.9
59.8
81.4
117.3
115.8
45. 2
86.1
103. 7
148.5
184.8
121.0
40.8
45.3
58. 2
73.0
82.2
37.9
60. 7
79.9
94.8
114. 3
101. 1
32.2
41.2
40.6
37.0
39.2
49.3
48. 7
46. 1
49.2
52.5
62.0
4. 1
17.6
36. 1
43.0
-11. 4
11.9
33.8
45.6
61.9
39. 1
25.4
23.8
53. 7
70.4
19.9
7.3
100.8
124.5
151.0
194.8
193.4
151. 1
199.5
231. 6
295.6
346.0
286.6
356.8
232.9
326.9
355.5
194.9
192.9
199.2
201.2
161.9
40.0
127.7
154.3
124.5
57.3
103.5
119. 1
56.4
59.0
67. 1
65.5
68. 1
-1.7
36.4
53.5
37. 4
-17.3
24.2
35.3
326.9
195.7
301.7
322.3
1
Undistributed profits (after inventory valuation and capital consumption,
adjustments), capital consumption allowances, and foreign branch profits,
rlltri/loTirls
««<1 subsidiaries'
ciiHoifliciriao' earnings
oorninorc ra+ainaA
aKrrMirl
dividends,
and
retained abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
5. 1
14.5
23.2
44. 3
33.7
8.5
DisIncrepcrease
ancy
in
(sources
less
financial
uses)
assets
6.9
s
Plant and equipment, residential structures, inventory investment, and min"
eral rights from U.S. Government.
_
. .
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current liabil ities
Current assets
End of period
Total
SEC series:2
1970
492.3
1971
529.6
1972
599. 3
1973
697.8
1974
790.7
3
FTC-FRB series:
1974
735.4
1975
759.0
1976
826.8
1977
902. 1
1978
_ 1, 030. 0
1979
1, 200. 9
Cash
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
Other
and
current
accounts liabiMf loo
payable
Net
working
capital
Current
ratio1
50.2
53.3
59.0
66. 3
71. 1
11.0
10.6
12. 8
12.3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263.9
313.6
35.0
43. 8
55.8
66.4
71.7
304. 9
326.0
375.6
450.9
530.4
211.3
220. 5
282. 9
340.3
402.3
93.6
105. 5
92.7
110.7
128. 1
187.4
203.6
223.7
246. 9
260.3
1. 615
1.625
1.595
1. 548
1.491
73.2
82. 1
88.2
95.8
104.5
116. 1
11. 1
19. 0
23.4
17.6
16.3
15.6
265.8
272. 1
292.8
324.7
383.8
456. 8
319.5
315.9
342.4
374.8
426.9
501.7
65.9
69.9
80. 1
89.2
98.5
110.8
453.4
451.6
494.7
549.4
665.5
809. 1
269.8
264.2
281.9
313.2
373.7
456.3
183.6
187.4
212.8
236.2
291.7
352.8
282. 0
307.4
332. 2
352.7
364.6
391.8
1.622
1,681
1.672
1.642
1.548
1.484
1979: I
II
III
IV
1, 081. 0
1, 108. 2
1, 169. 5
1, 200. 9
102.7
100. 1
103.7
116. 1
17.4
18.6
15.8
15.6
408. 1
421. 1
453.0
456.8
451.4
465.2
489.4
501.7
101.4
103.2
107.7
110.8
705.4
724.7
777.8
809. 1
391.3
406.4
438.8
456.3
314. 1
318.3
339.0
352.8
375. 6
383.5
391.7
391.8
1. 532
1. 529
1.504
1.484
1980: I
II
III
1, 235. 2
1, 233. 8
1, 255. 8
110.2
111.5
113.2
15. 1
13.8
16. 3
471.2
464.2
479.2
519.5
525.7
525. 1
119.3
118.7
122.0
838.3
828. 1
852. 1
4§7. 9
463. 1
477.3
370.4
364.9
374.8
397.0
405.7
403. 7
1.474
1.490
1.474
1
Total current assets divided by total current liabilities.
1
Based on data from Statistics of Income, Department of the
1
Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
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
Market interest rates declined on balance during March. The prime rate dropped to 17^ percent.
PERCENT PER ANNUM
16
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1973
SOURCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1975__ _ _ _ _ _ _
1976
______
1977
1978
....
1979
1980_
1980: M a r _ _ _ _ _ _ _
Apr
May— June
July
Aug
_
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar__
Week ended:
1981: Feb 28
Mar 7
14___
21
28.____
Apr 4
3-month
bills i
Constant rnaturities 2
3-year
10-year
High-grade Corporate Prime com- Discount
mercial
municipal
rate
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
4-6
Bank) 5
& Poor's) 3 (Moody's) months 4
5.838
4.989
5.265
7.221
10. 041
11. 506
15. 526
14. 003
9. 150
6.995
8. 126
9.259
10. 321
11. 580
13. 888
15. 661
14. 724
14. 905
13. 478
7.49
6.77
6.69
8.29
9.71
11.55
14.05
12. 02
9.44
8.91
9.27
10.63
11.57
12. 01
13.31
13.65
13.01
13.65
13.51
7.99
7.61
7.42
8.41
9.44
11.46
12.75
11.47
10.18
9.78
10.25
11. 10
11. 51
11.75
12.68
12. 84
12.57
13. 19
13. 12
6.89
6.49
5.56
5.90
6.39
8.51
9.09
8.40
7.37
7.60
8.08
8.62
8.95
9. 11
9.55
10.09
9.65
10.03
10.12
8.83
8.43
8.02
8.73
9.63
11.94
12.96
12. 04
10.99
10.58
11.07
11. 64
12. 02
12. 31
12.97
13.21
12.81
13.35
13.33
6.33
5.35
5.60
7.99
4
10. 91
12.29
16.50
14.93
9.29
8.03
8.29
9.61
11. 04
12. 32
14.73
16.49
15. 10
14.87
13.59
14. 103
14. 463
13. 996
12. 758
12. 695
12. 501
13.80
13.95
13.55
13.06
13.57
13.32
13.43
13.04
12.71
13.27
10. 17
10.39
10.32
9.79
9.99
13.45
13.61
13.31
13.06
13.32
14.45
14.83
13.99
12.76
13. 02
* Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department,
s Weekly data are Wednesday figures.
* Beginning November 1,1979, data are for 6 months paper.
«Average effective rate for year; opening and closing rate for month and week.
2
30
Prime
rate
charged
by
banks 5
7.86
6.25
6. 84
5.50
6.83
5.46
9.06
7.46
12.67
10.28
15.27
11.77
3
13-13 16 /4-19/2
19H-19K
13-13
13-12 *18l/2-14
14-12
12-11
12-11
11-10
11-11/2
10-10
10-11 11K-13
13X2-14/2
11-11
11-12
14K2-17%
17%-21/2
12-13
21^-20
13-13
20-19
13-13
13-13
19-17/2
13-13
13-13
13-13
13-13
13-13
13-
New-
home
mortgage
yields
(FHLBB)«
9.01
8.99
9.01
9.54
10.77
12.65
12.62
13.03
13.68
12.66
12.48
12. 25
12.35
12.61
13.04
13.28
13.26
13.54
19K-19
19-19
19-18
18-17/2
17^-17/2
17/2-
• 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.
*On May 1,1980 range of 18^-19 was in effect.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Most stock price indexes rebounded to near-record highs in March.
INDEX, DEC 31,1965=50
DEC 3\ 1965=50
80
70 -
60
COMPOSITE PRICE INDEX STOCK
(NYSE)
30 I i i i i i I i i i i i
i i i i i Ii i
i i Iii i i i
Ii iiii
i i i ii Ii ii
Ii iiii
i i i i i I i i i i i i i i i i I i i i i i i i i i i I i i i i i I 3Q
EARNINGS-PRICE RATIO ON COMMON STOCKS
- 5
5 -
1973
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISEtS
Common stock 5 yields
(perc ent)
Cominon stock piices l
Period
Composite Industrial Transportation
1975
1976
1977
1978
1979
„„
1980
,. _
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec. .__
1981: Jan
Feb
Mar
Week ended:
1981: Feb 14_
21
28
Mar 7
14
21
28
1
8
8
Utility
45. 73
54.46
53.69
53.70
58.32
68. 10
59.52
58. 47
61.38
65.43
68.56
70.87
73. 12
75. 17
78. 15
76.69
76.24
73.52
76.46
50. 52
60.44
57.86
58.23
64.76
78.70
68.71
66.31
69.39
74.47
78.67
82. 15
84.92
88.00
92.32
90.37
89.23
85.74
89,39
31. 10
39.57
41.09
43.50
47.34
60.61
51.77
48.62
51.07
54. 04
59. 14
62.48
65. 89
70.76
77.23
75.74
74.43
72.76
77.09
31.50
36.97
40.92
39.22
38.21
37. 35
33.38
35.29
37.31
38.53
38.77
38. 18
38.77
38.44
38. 35
37.84
38.53
37.59
37.82
73.47
72.95
73.75
74.87
75.39
76.94
78.07
85.59
85.08
86.17
87.59
88. 13
89.77
91.38
73.09
71.50
71.82
74. 10
75.48
77.87
79.62
37.75
37.43
37. 32
37.37
37.55
38.26
38.06
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 500 stocks.
• Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Standard
& Poor's
Dowcomposite Dividend- EarningsJones
index
industrial3
Finance
ratio
ratio
average (1941-43=
10) *
9.15
47.14
802. 49
431
sai§
8.90
52. 94
102.01
974.92
3.77
462
10.79
55. 25
98.20
894.63
12.03
96.02
56. 65
5.28
820. 23
13.46
61.42
5.47
103. 01
844.40
5.26
64.25
118. 78
891. 41
1498
5.87
10469
54.71
803. 56
57.32
102. 97
6.05
786. 33
5.77
107. 69
61.47
828. 19
13.08
5.39
114.55
65. 16
869. 86
5.20
119. 83
66.76
909. 79
5.06
67.22
123. 50
947. 33
11.72
490
69.33
126. 51
946. 67
480
130. 22
68.29
949. 17
463
67.21
135. 65
971. 08
474
133. 48
67. 46
945. 96
480
70.04
132. 97
962. 13
5.00
128. 40
68.48
945. 50
488
72.82
133. 19
987. 18
New York Stock Exch ange indexe s(Dec. 31, 1 965=50) *
68.51
67.72
68.92
70.29
71.23
74.25
74.95
941. 29
939. 06
957. 42
968. 94
978. 47
993. 75
1, 003. 22
128. 24
127. 37
128. 93
130. 64
131. 57
13407
135. 68
5.00
5.00
5.02
494
499
484
475
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 5 months of fiscal 1981, there was a budget deficit of $56.0 billion, compared to a deficit of $38.2 billion
a year earlier.
BILLIONS OF DOLLARS
800
RECEIPTS AND OUTLAYS
BILLIONS OF DOLLARS
800
700
700
600
600
500
500
OUTLAYS
RECEIPTS
400
40)
300
305
200
WO
50
50
SURPLUS (+) OR DEFICIT (-)
0
0
-50
-50
-100
1973
1974
1975
1976
1977
-100
1978
1979
1980
1981
1982
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1971______
1972._____
_
1973
1974
1975
.
1976
Transition quarter
.
1977
1978
1979
1980.
...
1981 »„_
19821
..
„
.
Cumulative total, first 5 months:
Fiscal year 1980
__
Fiscal year 1981
1
Estimates from Fiscal Year-1989 Budget Revisions, March 1981.
32
Outlays
Receipts
188.4
208.6
232.2
2649
281.0
300.0
81.8
357.8
402. 0
465.9
520.0
600.3
650.3
195.3
217.6
Surplus or
deficit ( — )
Federal debt ( end of period)
Gross
Held by
the public
-23.0
-23.4
402. 7
450.8
493.6
579.6
655.2
695.3
-148
-47
-45. 2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.6
-54.9
-45.0
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709.1
780.4
833.8
914.3
992.6
1, 075. 4
3048
323.8
343.0
346.1
396.9
480. 3
498.3
551.8
610.9
644 i
715. 1
786.1
846. 1
233.5
273.6
-38.2
-56.0
861.6
956.9
670.8
763.4
211.4
232.0
247. 1
269. 6
326.2
366.4
947
Sources: Department of the Treasury and Office ol Management and Budget,
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1981, budget receipts were $22.3 billion higher than a year earlier and budget outlays
were $40.1 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
100
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
1973
1974
1975
1976
1977
1978
FISCAL YEARS
1979
1982
1981
1980
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Dutlays
Reccdpts
Nationa I defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
Fiscal year or period:
1971
1972
1973
.__
1974
1975
1976
_.....Transition quarter
1977
1978
1979
1980
.
1981 »
.
19821
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
465.9
520.0
600.3
650.3
86.2
947
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244 1
277.4
288.2
26.8
32.2
36.2
38.6
40.6
41.4
8.5
549
60.0
65.7
646
64 7
62.4
75.4
81.7
92.8
107.4
118.0
127.0
345
145.2
161. 1
182.4
211.4
258.2
299.7
211.4
232.0
247.1
269.6
326.2
366.4
947
402.7
450.8
493.6
579.6
655.2
695.3
75.8
76.6
745
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
162. 1
188.8
745
75.1
73.2
77.6
849
87.9
21.9
95.6
103. 0
115.0
132.8
158.6
1848
41
47
41
5.7
6.9
5.6
2.2
48
5.9
6.1
10.7
11.3
11.2
70.1
81.4
91. 8
106.5
136.2
160.8
41.5
176.7
189.9
209.8
251.3
296.4
3148
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
52.6
645
77.2
82.5
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
107.5
117.3
108.2
98.0
Cumulative total, first 5
months:
Fiscal year 1980
Fiscal year 1981
195.3
217.6
100.2
112.0
16.5
144
78.6
91.2
233.5
273.6
54 1
63.0
53.0
61.6
48
43
98.4
119.6
25.5
31.7
50.7
55.0
1
Estimates from Fiscal Year 198$ Budget Revisions, March 1981.
Sources: Department of the Treasury and Office o* Management and Budget.
33
FEDERAL SECTOR, NATIONAL
In the fourth quarter of 1980, according to preliminary estimates. Federal receipts rose $32.3 billion (annual rate)
and expenditures rose $26.1 billion, yielding a deficit of $68.0 billion, $6.2 billion lower than in the third quarter.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
600
500
400
300
300
200
200
50
50
SURPLUS
DEFICIT
-50
-50
-100
-100
1973
1974
1976
1975
1978
1977
1980
1979
1981
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCf
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal <Sovernm ent receirj>ts
Period
Persona! Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
F gderal G overame nt expen ditures
Subsidies Less:
GrantsPurless
Wage
Contriin-aid
chases Trans- to State Net
current accruals national
butions
Total of goods fer pay- and interest surplus of less
for
income
ments local
and
social inand
paid Govern- disservices
ment en- burse- product
governsurance
terprises ments accounts
ments
Fiscal year:
1977
365.9
414. 2
1978
1979
408.7
1980
527.3
166. 4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
24.5
27. 2
29. 1
35.7
116.2
133.4
152. 7
171.3
411.7
450.5
494.7
57&2
140.3
150.7
163.4
190.2
169.8
182. 2
201. 8
239.3
66.3
74.7
79.1
86.7
28.4
33.5
40.6
51.2
7.0
9.6
9.8
10.8
0. 0
-.0
.0
.0
-45.8
-36.3
-14.0
-50.9
Calendar
year:
375. 1
1977
1978
431.5
1979. _ _„ 494.4
1980 9
540.8
1979: I
477.0
!!__„ 485. 9
III.. 500.6
IV___ 514.0
1980:1
528.4
II
520. 9
inn 540.8
IV 9, 573. 1
170. 1
194.9
231. 4
257.8
216. 7
225.7
236.2
247. 1
246.9
252.0
259.4
272.9
61. 6
71.2
74. 6
70. 1
75.3
73.5
75.3
74.3
80.5
60.9
66.7
72.5
25.0
28. 1
29. 4
40.6
29.4
29.4
29.3
29.6
31.9
38.7
42. 9
49. 1
118.5
137.2
159.0
172. 2
155.5
157.4
159.9
163.0
169. 2
169.3
171.8
178.6
421.5
460.7
509. 2
602.0
488.4
494. 0
515.8
538.6
564.7
587.3
615. 0
641.1
143.9
153.4
167.9
198.9
1648
163.6
165. 1
178. 1
190.0
198.7
194.9
212.0
172.8
185.6
209. 1
249.8
196.8
201. 4
216. 6
221.7
228. 9
236.0
265.3
269.0
67.5
77.3
80.4
88.0
78.2
77.8
80.8
84.9
85.5
87.2
87.7
91.8
29. 1
35.2
42. 3
53.3
40. 0
42.0
42.9
44.4
50.3
54.4
53.5
55.2
8.2
9.3
9.4
12. 0
8.5
9.2
10.5
9.5
10. 1
11.0
13.7
13. 1
.0
.0
-.0
.0
-.0
.0
.0
0
.0
.0
.0
.0
-46.4
-29.2
-14.8
-61.2
-11. 5
-8. 1
-15.2
-24.5
-36.3
-66.5
-74.2
-68.0
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustrial1 producjtion (se*isonally adjuste< i)
Period
1974
1975
1976
1977
1978
1979
1980 »
1980: Mar
Apr
Mav
June
July— .
Aug
Sept....
Oct
Nov *__
Dec *— _
1981: Jan'...
Feb 9
GerFrance many
United
States
Canada
Japan
129.3
117.8
130.5
138.2
146. 1
152.5
147. 1
152. 1
148.3
144. 0
141.5
140.4
141.8
144. 1
146.9
149.4
150.9
151.5
150.8
147.5
139.6
147.3
150.5
156.7
164.0
161.5
165.5
162.2
158.6
158. 3
157.5
158.9
161. 5
162.5
163.4
164.2
183. 1
163. 9
182.0
189.7
201. 1
217.7
232.5
233. 1
236.9
234.4
232. 1
233. 1
222. 1
231.3
233.3
230.2
235.2
236.9
148
139
149
152
155
163
160
166
166
160
160
165
165
156
160
154
162
145. 1
137. 1
149. 1
152.7
155.3
163.2
163.7
169
168
164
163
164
161
160
163
160
157
Consumer j>riees (uiladjustec 1)
United United CanGer1
Italy King- States
ada Japan France many
dom
140.6
127.6
143.5
145. 1
147.9
157.6
165.4
174. 2
176.6
162.5
167. 1
165.2
142.7
160.9
163.4
169.9
160.4
158.6
120. 0
114.3
117.4
123.0
126.8
131.4
122.4
125. 8
124.0
123.8
123.9
123.2
119.6
117.7
118.2
118 3
117.4
1
Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
147.7
161.2
170. 5
181. 5
195.4
217.4
246.8
239.8
242.5
244.9
247.6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
184. 0
205.8
224.9
243.0
252.3
261.3
282.2
275.5
280.2
282.7
283.5
284.2
283.7
288. 1
288.5
289. 1
287.2
290.7
144.5
160. 1
172. 1
185.9
202.5
221. 0
243.5
235.8
237.2
240.0
242.7
244.5
246. 8
249.0
251.2
254.3
255.8
259. 1
261.7
160. 0
178.9
196. 1
214.5
233.9
259. 1
293. 6
283.4
286.7
289.3
291. 1
295.5
298.4
301.0
304.3
306.4
309. 1
312.7
136.1
144.2
150.4
155.9
160.2
166.8
175.9
173.8
174.9
175.6
176.5
176.8
177.0
177.0
177.3
178.3
179.4
180.9
182.3
United
Kingdom
Italy
159.7
186.8
218. 1
255.2
286.2
328.5
398.1
378.2
3843
388.2
391.7
398.7
403.5
411. 6
418.6
427.4
433.0
441.2
449.1
174.3
216.5
252.4
292.4
316.6
359.0
423.6
405.1
419.0
422.8
426.8
430.4
431.3
434. 1
436.8
440.3
442. 7
445.5
449.5
national Trade Administration, Office of Planning and Research, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercl landise exports l
Merc handise iimports
G<meral im ports
Domesti c exports
Period
Monthly
average:
1973
1974
Total
domestic and
foreign Total
exports
2
Food, Crude
bever- mate- Manufacrials
ages,
tured
and to- and
goods
fuels
bacco
F. a.s. valuea
Total 2
Manufactured
goods
Mer ehandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
Total
imless
(c.i.f.
imvalue) * ports
(cusports
toms (f.a.s.)
value)
trade
Exports
(f.a.s.)
less
imports
(c.i.f.)
Custoiris value
5
5,902
8, 167
5,811
8,053
1,078
1,269
895
1,317
3,728
5,294
5,790
8,450
1974
8,167
1975
8,966
1976
9,596
1977
10, 096
1978
11,965
1979
15, 138
1980
18, 386
1980: Feb.__ 16, 984
Mar— _ 18,265
Apr
18, 567
May__ 17, 647
June. _ 18, 440
July— 18, 267
Aug___ 19, 087
Sept-- 18, 828
Oct.._ 19, 214
Nov___ 18, 715
Dec___ 19, 251
1981: Jan.... 18, 825
Feb___ 19, 764
8,053
8,842
9,456
9,912
11,753
14, 869
18, 036
16, 695
17, 887
18, 228
17,270
18, 059
17, 953
18, 771
18, 521
18, 770
18, 344
18, 918
18, 459
19, 441
1,269
1,399
1,436
1,330
1, 717
2,049
2,534
2,176
2,535
2,375
2,153
2,365
2,445
2,534
2,724
2,886
2,909
3,099
2,926
2,938
1,317
1,266
1,341
1,548
1,746
2,352
2,810
2,811
2,961
2,877
2,891
2,867
2,825
3, 149
2,752
2,554
2,447
2,746
2,896
2,936
5,294
5,913
6,437
6, 679
7,873
9,716
11,991
11, 253
11, 557
11, 860
11, 541
12, 124
12, 227
12, 448
12, 483
12, 473
12, 241
12, 368
11,913
12, 816
8,387
8,048
10, 084
12, 307
14, 332
17, 188
20, 406
21, 779
20, 947
19, 766
20, 587
20, 353
19, 139
19, 713
19, 941
20, 347
19, 860
21, 436
23, 194
21, 922
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.
11° ,inc!udes commodities and transactions not classified according to kind.
! 2,°., arnvals ol imported goods other than intransit shipments.
• C/j.1. (cost, insurance, and freight) import value at first port of entry in the
United
States. Data for 1973 are estimates.
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for export
and at foreign port of exportation for imports.
Food, Crude
bever- materials
ages,
and to- and
fuels
bacco
3
770 1,120 3, 750
892 2,653 4,684
F.a.s. ^value *
892 2,672 4,602
827 2,716 4,257
991 3,457 5,398
1, 186 4,463 6,379
1,312 4,325 8,360
1,478 5,949 9, 357
1,546 7,831 10, 427
1,411 9, 173 10, 576
1,558 8,577 10, 345
1,498 7,744 9,971
1,536 8,034 10, 421
1,592 8, 174 10, 063
1,594 6,853 10, 138
1,467 7,292 10, 390
1,391 7,112 10, 524
1,583 7,506 10, 520
1,680 7,059 10, 572
1,583 8,331 10, 897
1,748 9,041 11, 777
1,588 9, 141 10, 714
6, 131
9, 033
112
-283
—221
—229
-866
—866
9,033
—283 —221
312
918
8, 654
853
10,825
—581 —488 -1, 229
13, 130 ,—2, 297 —2,211 —3, 034
15,258 -2, 473-2, 367 -3,293
18, 238 -2,117 -2, 050 -3, 101
21, 415 •-_-_-• __ -2, 020 -3, 030
-4, 794 -5, 963
22, 947
-2, 682 -3, 783
22, 048
- 1, 198 -2, 245
20, 812
-2, 941 -4, 036
21, 683
-1,912 -2, 963
21, 403
-872 -1,808
20, 074
-626 -1,578
20, 665
-1,112 -2, 008
20, 837
-1, 134 -2, 031
21, 244
-1,145 -2, 036
20, 751
-2,185 -3, 113
22, 364
-4, 370 -5, 440
24, 265
-2, 158 -3, 146
22, 910
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account registered a slight surplus in 1980, $0.1 billion, despite an $82 billion oil bill.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
1980
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Merehandise
Invtjstment iiicome 3
12
Net
Period
Im-
Ex-
ports
ports
1973_____
1974
1975____
1976
1977
1978
1979
1980"
Net
balance
71, 410 -70,499
911
98, 306 -103,649 -5,343
107,088 -98, 041
9,047
114, 745 - 124, 051 -9,306
120, 816 -151,689 -30,873
142, 054 -175,813 -33, 759
182, 068 — 211,454 -29, 386
221, 781 -249, 135 -27, 354
Re-
ceipts
Payments
on
current
ac-
count
7,038
7,270
9,319
8,883
-102
-443
-700
-29
-611
-637
—834
-613
1,448
1,428
1,524
1,405
2,730
-100
2,514
-183
-1,324
1,406
-1,383 -1,483
1, 107
-1,407
-1,552 -1,735
10, 062
6, 102
8,056
8,316
-922
-994
-636
-758
-671
-277
-228
-114
1,570
-809
1,557 -1, 115
1,686
6,020
1,684
2,983
-1,812 -2, 621
-1,326 -2, 441
4,493
-1,527
687
-2, 296
1980: !____
II
III__
IV*._
54, 604
54, 605
56, 181
56, 391
-65,452 -10,848 20, 824 -10,762
-62, 108 -7,503 16, 620 -10,518
-59,039 -2,858 18, 756 -10,700
- 62, 536 -6, 145 19, 830 -11,514
14, 263
15, 250
18, 050
18, 407
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.
Balance
-7,225
-7,980
-8, 731
-9, 524
-46, 922
-50,876
-54, 259
-59, 397
36
on
goods
and
serv-1
ices
Remittances,
pensions,
and
other
unilateral
transfers 1
12, 153
15, 503
12, 787
15, 975
17, 989
20, 899
32, 510
32, 535
41, 806
42, 816
47, 207
50, 239
1
Excludes military grants.
2
Adjusted from Census data
3
and
transportation
receipts
Other
services,
net 3
Balance
21, 808 -9, 655
27, 587 -12,084
25, 351 -12,564
29, 286 -13,311
32, 587 - 14, 598
42, 972 -22,073
65, 970 -33,460
76, 029 -43, 494
1979:I___
II._.
III..
IV..
-5, 116
-8,060
-7,052
-9, 158
Npt
J.^1 Clf
military
transactions
Nettravel
-2, 070 -3, 158
-1,653 -3, 188
-746 -2, 792
559 -2, 558
1,628 -3,293
886 -3, 188
-1,275 -2,695
-3, 309 -1,290
3, 184 11, 021 -3, 881
7, 140
2,124
3,986
9,309 -7, 186
4,598 22, 893 -4, 613 18, 280
4,384
9, 382 -4, 998
4,711
5,086 -9,464 -4, 605-14,068
5,959 -9, 204 -5,055 -14,259
-705
5,806
4,961 -5,666
118
7,077 -6,959
6,496
NOTE.—Data revised beginning 1979.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
Strong foreign demand (or credit caused a significant increase, $47 billion, in U.S. bank claims on foreigners during
1980. The capital account recorded an outflow of $37 billion, virtually covered by the extraordinary $36 billion
statistical discrepancy, probably reflecting inadequate reporting of capital transactions.
BILLIONS OF DOLLARS
OF DOLLARS
40
40
-10
-30
-30
-40
-40
19-80
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[inc rease/capitjal outflow (
:-)]
Period- Total
-22, 874
1973
1974___ ... -34, 745
1975
-39, 703
1976
... —51, 269
1977
-35, 793
1978
-61, 191
1979
-61,774
1980'
-84,502
1979: I
-7, 768
n... -15,300
III... —25, 215
IV
-13,492
1980: I
-12,706
II
-25, 708
III.- — 19, 135
IV»__ -26, 951
Foreigia assets in the U.S.,
net [increase/c apital inflow (+)]*
U.S.
official
reserve
assets 1 2
Other
U.S.
Government
assets
158
-1,467
-849
-2, 558
-375
732
-1,133
-8, 155
-3, 585
322
2,779
-649
-3, 268
502
-1,109
-4, 279
6,026
-20, 388 18, 388
10, 546
-33, 643 34, 241
7,027
-35, 380 15, 670
17, 693
44,498 36, 518
36, 575
-31, 725 50, 741
33, 293
-57, 279 64,096
-56, 858 37, 575 -14,271
16, 179
71, 236 47, 626
-3, 081 2,201 -8,744
-14,631 6,407 — 10,095
5,789
-27, 228 24,941
QOK
^^ *J£tij
-11, 918 4,025 -1,221
-1,467 -7, 971 7,194 -7, 215
7,775
-1, 191 -25, 019 7,949
-1,374 -16,652 11, 763
7,991
7,628
-1,079 -21, 593 20, 720
U.S.
private
assets
Total
-2, 644
366
-3, 474
-4,214
-3, 693
—4,644
3,783
-5, 111
-1,102
-991
766
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the
9 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
12, 362
23, 696
8,643
18, 826
14, 167
30, 804
51, 845
31, 446
10, 945
16, 502
19, 152
5,246
14, 409
174
3,771
13,092
Statis tical
discrei>ancy
U.S.
official
Allocareserve
tions
assets,
of
Total
Of
net*
special
(sum
of
which:
(unaddrawing
the
Seasonal
rights
adjust- justed,
items
fSDTH
end of
\pUS\>)
with sign ment
reversed) discrepancy
1,139
1,152
1,139
1, 152
14, 378
-2, 654
15, 883
-1,620
16, 226
5,753
18, 747
10, 367
19, 312
-880
18, 650
11, 354
18, 956
23, 765
26, 756
35, 605
74 21, 655
3,022
1,168 21, 268
10, 375
-833 -3, 642 18, 557
2,400 18, 956
11, 202
-93 21, 491
6,981
1,465 21, 943
20, 200
2,879 -4, 032 22, 994
2,658 26, 756
5,544
NOTB.—Data revised beginning 1979.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury'
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product......................................................................................
Gross National Product in 1972
........................................................................
Implicit Price Delators for Gross
..............................................................
Changes in GNP and GNP Price
....................................................................
Nonfinanciat Corporate Business—
.......................................................
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
—
..................................................
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
Unemployment Insurance Programs.........................................
Nonagricultural Employment.................................................................................
Average Weekly Hours and Hourly
—Private Nonagricultural
..................
..............
Average Weekly Earnings—Private Nonagricultural Industries.....................................................
Productivity and Related Data, Private
Sector.
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization..................................................................
Industrial Production—Major
Groups
Selected Manufactures...........................................
New Construction
New Private Housing and Vacancy Rates.......................................................................
Business Sales and Inventories—Total
Trade................................................................
Manufacturers* Shipments, Inventories,
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
.....................................................................
Components of Money Stock Measures
Liquid
Consumer Installment Credit.................................................................................
Bank Loans and Investments, and Reserves.....................................................................
Sources and Uses of Funds, Nonfarm
Corporate
........................................
..
Current Assets and Liabilities of
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
Basis.
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries............................................
U.S. Merchandise Exports and Imports........................................................................
U.S. International Transactions...........................................
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