Common Stock Prices and Yields

Name: Common Stock Prices and Yields
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 97th Congress 1st Session Economic Indicators JANUARY 1981 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong HENRY S REUSS Wisconsin Chairman ROGER W JEPSEN Iowa Vke Chairman SENATE HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri WILLIAM V ROTH JR Delaware LEE H HAMILTON Indiana JAMES ABDNOR South Dakota STEVEN D SYMMS Idaho GILLIS W LONG Louisiana PAULA HAWKINS Florida PARREN J MITCHELL Maryland MACK MATTINGLY Georgia FREDERICK W RICHMOND New York LLOYD BENTSEN Texas CLARENCE J BROWN Ohio WILLIAM PROXMIRE Wisconsin MARGARET M HECKLER Massachusetts EDWARD M KENNEDY Massachusetts JOHN H ROUSSELOT California PAUL S SARBANES Maryland CHALMERS P WYLIE Ohio JAMES K GALBRAITH Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L WEIDENBAUM Chairman Designate PUBLIC LAW 120 Slsx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 00 a single copy or by subscription at 17 00 per year 21 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 The 1980 Supplement fo Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is available at 5 00 a copy from the Superintendent of Documents Government Printing Office It should be noted that many of the series have undergone major revisions since the Supplement was published in the fall of 1980 TOTAL OUTPUT AND GROSS NATIONAL PRODUCT According to preliminary estimates for the fourth quarter gross national product rose 104 1 billion or 16 7 percent both at annual rates Real output GNP adjusted for price changes rose 5 0 percent from the third quarter level and the implicit price deflator rose at an 11 2 percent annual rate BILLIONS OF DOLLARS RATIO SCALE 3 000 BILLIONS OF DOLLARS RATIO SCALE 3 000 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS t GNP IN 1972 DOLLW I I I t974 i i i i 1 197S I I I 197 SOURCE DEPARTMENT OF COMMERCE I98f 1980 COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Gross national product Period Personal consumption expenditures Gross private domestic investment Exporl s and imj orts of gooc1s and serdees Federal Net exports l I III IV II III IV Exports Imports Total State and local Final sales Total National defense NOTE Data reflect the recent benchmark revision of the nationalincome and product accounts For see Survey of Current December 1980 Goi eminent purchases of goods and services Nondefense Source Department of Commerce Bureau of Economic GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Gross private dc mestic iiivestment Exijorts of gc ods and service5S Governrnent pure bases of good s and seryiees Personal conGross national sumption product expenditures w jw onresidential fixed Residential fixed I Ill 1 48a 2 IV II III IV Q L Period Change in busi Kf x iNet ness in exports Exports Imports ventories Total ioa Federal State and local Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Persona1 consumpition expenditures Gross national product Period Total II III IV Exports Imports Federal State and local NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Business December 1980 Governnaent purchases jf goods and scjrvices Nonres ResiNonT t t Durable durable Services idential dential goods fixed fixed goods Exports and imports of goods and stjrvices II III IV Gross private dom estic invesibment Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted rates Gross domestic jroduct Gross national pproduct C0a s tan t 1972 dollars Current dol Period 1a e t II III IV 1980 L II III IV i S 0 m lie a9 12 7 t L 8 16 7 Implicit price deflator Chain price index NOTE Annual changes from previous year and quarterly changes from previous quarter Source Department of Commerce Bureau of Economic Analysis Fixedweighted price index 1972 weights ao as Current dollora as Constant 1972 dollars Implicit price deflator Chain price index ao 7 4 as a Fixedweighted price index 1972 weights a Date reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Business December 1980 Data for chain price and fixed weighted indexes are subject to further revision NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Gross c omestic prodi ict of nonfin ancial corp srate bus ness billic ns of doll ars Period Current dollars Total cost and profit 2 1972 dollars III Ill Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars i EL L Capital consumption Compenallowances Indirect sation business of with capital taxes employees consumption adjustment Net interest I 181 Output is measured by gross domestic product of nonfinaneial corporate business in 1972 dollars 2 This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies Corpcirate profi ts with invent ory valualbion and capii al consul iption jidjustmec ts Total Profits tax liability Profits after tax ComOutput penper sation hour per of all hour employ of all employees I Af O 1972 ees dollars dollars With inventory valuation and capital consumption adjustments NOTE Data reflect the recent benchmark revision of the national income and product accounts For detail see Survey of Current Business December 1980 Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Compensation of employees1 Propnietors1 mcom e with inventor y valuation anc capital consulnption adjust ments Farm osa I II III IV 1980 I II HI IVX Nonfarm Rental income of perwith capital consumption adjustment Includes employer contributions for social insurance See also p 5 NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Business December 1980 Corpor ate profitss with inventory va luation and capital co nsumptio n adjustm ents Profits with inv entory valualdon adjustment and vithout 02ipital consum ption adjiistment Total Total Profits before tax Inven tory valua f ion Capital Net coninterest sumption adjustment adjustment JL O 4c ia i Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondura ale goods Durable goo is Total personal consumption Total expendi durable goods l tures Motor vehicles and parts Furniture and household equipment I II IV Period m IV 1S 0 I n iii Total nondurable goods 1 Clothing Gasoline Services and and oil shoes i Total includes other items not shown separately NOTE Data reflect the recent benchmark revision of the national ineomeand product accounts For details see Survey ttf Current Buftoea December Food Retail sales of new passenger cars nlillions of u tuts Do Immes ports tics ioa7 440 Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 21 0 billion annual rate in December following a rise of 25 2 billion in November Wages and salaries were up 12 9 billion in December compared with an increase of 18 4 billion in November OF DOLLARS RAT1O SCALE BILLIONS OF DOLLARS RATIO SCALE WOO WAGE AND SALARY DISBURSEMENTS m i BOO OTHER NCOME TRANSFER PAYMENTS i IN i h n M SEASONALLY ADJUSTED ANNUAL RATES SOWCfe DEPARTMENT OF COMMERCE Period Dec COUNCIL OF ECONOMIC ADVJSPS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total Other Propriety rs income s income Personal Personal Transfer and personal salary labor 12 dividend interest pay 5 of income disburse income Farm Nonfarm persons 4 income income ments l ments Jan Feb Mar Apr May June I July Aug Sept Oct Nov Dec Less PerNonsonal confarm tributions personal for social income 6 insurance The of wage and disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contribufor insurance and the excess of wage accruals over wage disbursements 8 of employer contributions to private pension health and welfare workmen s compensation directors fees a few other minor items 8 inventory valuation capital consumption adjustments 4 consumption adjustment BO Consists mainly of social insurance benefits direct relief and veteran payments 6 Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Bumnms December Source Department of Commerce Bureau of Eeonomie Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the fourth quarter BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Less Personal Pertax sonal and Income nontax payments Equals Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less Personal outlays1 Per c apita dispcisable persona income Equals Personal saving Current dollars Billions of d ollars l dollars Per cap ita personal ccmsumption exp enditures Current dollars 1972 dollars Percent change in real per capita disposable sonal income Saving as percent of disposable personal income Population thou 2 sands Dollars g Seas onally ad usted ann ual rates III IV III IV I 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 areonly averages for the period Since data based on the 1980 census are now fZ H6 to April December 1980 estimates here continue to be based on the 1970 census NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Business December 1980 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the fourth quarter according to preliminary estimates gross farm income rose 3 7 billion annual rate and net farm income rose 0 3 billion from third quarter levels BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE I GROSS FARM INCOME NET FARM INCOME I 10 L SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Grc ss farm incc me Period Total i I II III IV 1980 I II III IV Total Livestock and products Crops L Value of inventory changes 2 Production expenses Current dollars 1967 dollars Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Net farni income Cash marketing rejceipts s Income in current dollars divided by the consumer price index Department of Labor NOTE Data revised for 1980 Source Department of Agriculture except as noted CORPORATE PROFITS In the third quarter according to current estimates corporate profits before tax rose 19 7 billion annual rate while after tax profits rose 12 6 billion BILLIONS OF DOLLARS WLUONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits after tax Profi bs before tax wit i inventsDry valmition adjustn lent l Dome ptie indu stries 1 onfinan Dial Period Total II III IV 1980 I II III IV Total ManuFinancial Total1 facturing See p 4 for Inventory valuation and capital consumption adjustments of the world not shown 8 not 8 Wholesale and retail trade Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current 1980 of of 16 0 billion reduction in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS 500 NONRES1DENTIAI FIXED INVESTMENT 1973 SOUiCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Nonresidential fixed investment Period I II III IV II III IV 9 Gross private domestic investment Total Structures Producers1 durable equipment NOTE Data reflect the recent benchmark revision of the income and product accounts For details see Survey of Current Business December 1980 ed Resddential fix investnclent Total Nonfarm structures Farm structures Producers durable equipment Change in busiimrentories Total Nonfarm of Commerce Bureau of Economic Analysis 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT NONFARM BUSINESS Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 10 8 percent above 1980 according to the Commerce Department annual November December survey Expenditures in 1980 were 8 8 percent higher than in 1979 according to preliminary figures released in December BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE 500 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW RANT AND EQUIPMENT MANUFACTURING I J SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly at seasonally adjusted annual rates Plant and equipment Period Total Plant Equipment Total IIIIV II IIL IV I II 1 Other I onmaniifaeturin g Ma nufactui ing Durable goods Nondurable goods trade real services of construction social services membership agricultural services Total Mining Source 10 are Trans Public porta utilities tion Trade and services Communication and other by Starts of plant and equipment projects manufacturing In carryover to expenditures during as by business in late October Defor biases of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment rose 414 000 in January while unemployment was up 62fOOO MILLIONS OF PERSONS 110 MILLIONS OF PERSONS Y E A R S OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNCJL OF ECONOMIC ADVISERS Thousands of persons 16 years of and over except as noted Civilian eiaaploymeiit rri A lotal Noninlabor stituCivilian Unem force Civilian tional employ ploy includ labor populament force ment ing Armed tion Forces Period Total Agricultural Nonagricultural Part time Total for economic reasons Jan i Persons at work Economic reasons include slack work material shortages inability to find full time work etc 2 Total labor force as percent of noninstitutional population 16 of age and over Data beginning 1978 not strictly comparable with earlier data because of Labor force participation rate per 2 cent Total 15 weeks and over Seas mally adjusted U nadjusted 1980 Jan Feb Mar Apr MayJuneJuly Aug Sept Oct Nov Dee Unemp syment revisions in the household survey which added about 250 000 to labor force and to employment NOTE Seasonally 1976 Department of Labor Bureau of Labor 11 SELECTED UNEMPLOYMENT RATES In January the seasonally adjusted unemployment rate was 7 4 percent the same as in December SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF KONOMIC ADVISERS Unernployment Total ail civilian workers Period Byi ex Men 20 years and ige White o o Get Nov i Jan July Aug as 7 1 lost toy the of 12 on for ias Feb Mar Apr ers per cent ai K Parttime work Experienced House Fulltime wage hold and and other salary heads workers workers Black Labor force time lost By select ed group s By race Women Both 20 sexes years 16 19 and years ao f civiilaia labor f orce in g1roup adjusted of of 1976 Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In January the percentage of unemployed persons who were job losers fell while the percentage who were job leavers reentrants and new entrants rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT REENTRANTS NEW ENTRANTS WEEKS 10 JOB LEAVERS 27 WEEKS AND OVER SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Percen t distribiution of unempl Dyment 1 y reasori i Period Unemployment thousands Job losers Job Reenleavers trants Percen t distribiution of iunemplo yment b jr duratic n 1 Less New 5 14 than 5 weeks entrants weeks 15 26 weeks State pi ograms Insured unemployment all 27 Insured weeks unem Initial regular proand ploy claims grams 2 over ment unadjusted Jan Feb Mar Apr May JuneJulyAug Sept Oet Nov Dee Jan Wee kly average thoussands Detail may not add to 100 percent because of rounding s Includes State 50 Slates District of Columbia and Puerto Rico ex servicemen UCX Federal UCFE and railroad EB programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance Special unemployment benefit claims s unadjusted be aif Ma h 19 A TheS6 programs staned January 1975 and regular reporting NOTE Seasonally adjusted data revised beginning Pepartment of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRIOULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 374 000 in January MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES i I i i I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR 1981 COUNCIL OF ECONOMIC ADVISiRS Thousands of wage and salary workers l seasonally adjusted Groods pro ducing i ttdustriesi P rir H A enou Total nonagricultural employ Total 2 ment Construction Serviee pi odueing Industrie58 Trans Whole Finance Ma nufactui ing Gover nment portainsursale tion ance Services and Non Total State and and retail Total Durable durable Federal and public trade real goods goods local utilities estate Jan Feb Mar AprMay June July Aug Sept Oct Nov Dec Jan Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and of the Armed Forces Total derived from this table not comparable of employment of the civilian labor force on p 11 as they 14 are not at work because of industrial disputes and which are based on a samplt of the working age population whereas the estimates in this table are based on reports from 1 Includes mining not of of AVERAGE HOURS AND HOURLY PRIVATE NONAGRICUIiTURMi For production or nonsupervisory workers monthly data seasonaEy adjusted Averag e gross hourly cjarnings Aver age weekly 1lours Total private nonagrieultural 1 Period Overtime Total private nonagricultural l Manufacturing Manufa eturing Total Adjusted h ourly earnin gs index to tal private nonagricultural 2 Percent cli ange from a year csarfier 4 Index Current dollars 1967 dollars s Current dollars Jan Feb MarApr May June July Aug Sept Oct Nov Dee Jan dollars AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURMI INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total pri vate nonagrieuItural Period Current dollars Jan Feb Mar Apr May June July Aug Sept Oct Nov Dee Jan 1 Also Includes Manufacturing 1967 dollars Percent chirage from a year arlier total prrrate nonagrieu Itural s Current dollars iCurrent dollars3 other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing 3 Current dollar index Cor earnings divided oy the consumer price index R evised index for urban wage earners and clerical workers beginning Construction Wholesale and retail trade dollars Monthly changes based on indexes to two decimal places Based on data Source Department of Labor Bureau of Labor IS PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS SECTOR Hours of 2all persems Outirat1 Output i er hour of ail p ersons Compensation per 1lour 3 Unit labor cossts Impliciit price deflat tor 4 PriNonNonPriPriNonNonPrivate Non Private Non Private vate farm farm farm vate farm farm vate farm business business business business business business business business business business business business sector sector sector sector sector sector sector sector sector sector sector sector Period quarterly dat a season illy adjust ed ai sai ioas nas I II III IV ioa I II III IV Perceiat change quarter r data at seasonal y adjustec1 annual rates g Q ai 1 8 I 11 5 II 1 1 III 6 3 IV I III IV to 2 Hours of all hours of tie 16 product in the sector In 1972 dollars in private industry engaged in the sector inclpding family Estimates based primarily on social of employers contributions for i Also an estimate of wages salaries for the self employed product by constant dollar gross domes ai NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Data reflect the recent benchmark revision of the national income and product accounts by the Department of Commerce Source Department of Labor Bureau of Labor Statistics INDUSTRIAL PRODUCTION UTILIZATION Industrial production rose 1 0 percent in December following revised increases of 1 6 percent in November and 1 9 percent in October 1NDBC RATIO SCALE INDEX RATIO SCALE CTION 180 UTILITIES AND MINI MG TOTAL INDUSTRIAL PRODUCTION un x UTILITIES v i fi X 100i 180 MANUFACTURING PRODUCTION h M 1976 NONDURABLE 160i A i v f i t v MINING I i 1 M 1 111 1 i I fi PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE 140 r I M I I I I II ii SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial produ ction Percent Period Index 1967 change from 100 year earlier 1967 proportion COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indu stry prodiiction ind 3xes Msanufacturi ng Utilities Capacit y utilizati cm rate p ercent l Mamufaeturi ttg Materials Federal WharReserve Federal Comton series Reserve merce 2 series 3 series series Total Durable Nondurable S Mining Dec Jan Feb Mar Apr May June JulyAug Sept Oet Nov 9 Dec v Output as percent of capacity Annual data are averages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of quarterly data 2 3 Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prod ucts Final 1Products Total NonDurable durable goods goods Total Dec Jan Feb May June July Aug Get A Equipjment Coiisumer goods Period Intern tediate prod ucts Total Total Business Materials Construction supplies Supplementary group Energy total 12 2S seasonally adjusted Durable m anufactu res Primarjr Period Total 1967 proportion Dec Feb Apr May July Sept Oct of Iron and steel of the 4 21 Non Fabricated metal products trical machinery Electrical machinery 5 9S Non durable rnanufact ures Transpt3rtation equip ment Total Motor vehicles and parts Lumber and products F Apparel products S S Print Cheming icals and and pubprodlishing ucts Foods NEW CONSTRUCTION Construct a contracts1 Private Total construction expenditures Period Resid ential Total Total1 Commercial and industrial New housing units Federal State and local Other Total value index Commercial and industrial floor space millions of feet Bil lions of doll ars Seasonally adjusted SeGScnalh adjusted atinual rates Dec 1980 Jan Feb Mar Apr May Julie w J July Aug Sept Get Nov p Dee Includes nonhousekeeping residential construction and additions and alterations not shown separately 3 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted annual rates Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted ew private housing unilbs Units started by type of stnicture Period Total unit units or more units New priv ate homes Homes for sale at end ofl period Yacaney rate for rental housing units percent 1 Units authorized Units completed a Homes sold Seasonally adjusted aiinual rates New Oct Nov Dec Dec 1980 Jan Feb Mar Apr May June July Aug in of NOTE Units for 1973 77 are of tor places to IN QfTORIES TOTAL UND TRADE Business sales rose 1 percent in December while inventories fell 1 billion According to the advance survey retail sales rose 2 percent in January following a slight increase in December BILLIONS OF DOLLARS BILLIONS OF DOLLARS fRAUO SCALE RATIO SCALE TOTAL BUSINESS INVENTORIES j TOTAL BUSINESS SALES 50i RATIO 1 80 INVENTORY SALES RATIO TOTAL BUSINESS RETAIL 1 30 ill J 19ff Wholesale R Jtail 2 Q i n Inventories3 CJ 1 Sales29 n Inventories3 DurTVd al Inventoij sales IiiventorieS 3 Sales bales COUNCIL Of ECONOMIC ADVISERS Total business Period SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Non able goods stores durable goods stores DurTVvf ol Non able durable goods goods stores stores ratio Total business l Retail Millions of d ollars seasonally adjustec June July Aug Sept Oct Nov Dec Oil Dec 1980 Jan Feb Mar Apr May 1981 Jan 1 The term business also includes manufacturing 2 Monthly average for year and total for month see page 21 Book value end of period seasonally adjusted For annual periods ratio of weighted average Inventories to average monthly sales for monthly data ratio of inventories at end of to for month Preliminary not charted Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS Manufacturers orders shipments and inventories rose in December BILLI DNS OF DOLLARS RATIO S CALE SHIPMENTS 140 BULK NS OF DOLb RS RATIO SCALE 280 TOTAL A pX s i X f f tf s p NONDURA 3LE GOODS X Sf x v S c r I RAT k j 2 iiiiihiin INVENT DRY SHIPI IENTS RA no i i i ii mult IIIIlllMM NONDURABL E GOODS i iiniliiiii Ii 1 1 it mm NONDURA BLE GOODS m DURABLE C OODS x TOTAL M i i i 1 1 i i i i i 1 1 i i ii BULKDNS OF DOLLARS RATIO S IALE NEW OFRDERS i DURABLE GCK DS ii h yv iOTAL H vi INVENTDRIES 160 DURABLE GODDS r V x A i MI h i M i M i n i i n n II II 1 h 1 II 1978 itiiihiiM SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Manufac turers sh ipments 1 Manufad iurers inv entories 2 Period Total NonDurable durable goods goods Durab le goods ManufacCapital Non turers Nongoods durable unfilled Total Durable durable Total indusgoods Total goods goods orders 3 tries nondefense Millions of dolhirs seasonlally adjus ted Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Monthly average for year and total for month Shipments are the same as sales 2 Book value end of period 3 End of period 4 For annual periods ratio of weighted average inventories to average monthly Manu facturen J new ord ers Manufacturers inventory shipments ratio L shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In December the producer price index for all finished goods rose 0 6 percent seasonally adjusted Prices of finished consumer foods fell 0 4 percent and prices of other finished consumer goods were up 0 9 percent Prices of capital equipment rose 1 0 percent INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS raonthl Y data sseasonally adjus ted J Finishec I goods In termedi ate Crud e mateilals rnaterial s lotai finFoodished Cons umer goods Capistuffs conFoods sumer Total and 1 Other Total and Other Non tal Tins feedTotal aKlo dur equip goods feeds stuffs able ment E ai a F inished goods exeludin g consumer f c ods Period Dec 1980 Jan Feb Mar Apr May June July A ug Sept Oct Nov Dec Total Confinished sumer goods foods Total Intermediate materials for food manufacturing and feeds 22 rp 4 i NOTE Data revised for August 1980 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In December the consumer price index for all urban consumers rose 1 1 percent seasonally adjusted 0 9 percent unadjusted Food prices rose 1 1 percent 0 7 percent unadjusted and nonfood commodity prices were up 0 6 percent 0 4 percent unadjusted Services prices were up 1 5 percent 1 4 percent unadjusted INDBC RATIO SCA14 300 INDEX RATIO SCALE SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT Of IAKM Period All Food items Services commodities All Food at home NOTE Data bej to May 244 9 June 247 6 July Aug 249 4 Sept Oct 253 9 Nov 256 2 Dec Jai vets 1978 cle to all Food away from home Durable Nondur All Services able Seasonal iy adjusted Unacljusted 1979 Dec 1980 Jan Feb Mar Apr ComDaodities less food Food Commodities less food r Source of f sties 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percenl change from pre ceding period season adju sted1 dly fp8 Period Percent change from 3 nicnths earlie r seasonally adji isted annual rates Percem change from 6 nmonths earlier season ally adjuisted annual rates Consume r goods Consume r goods Consumejr goods Total finished goods Capital Total finequipExclud ment ished goods ing Foods foods Capital Total equipfinExclud ment ished ing Foods goods foods Capital equipExclud ment Foods ing foods as iaa ias Dec 1980 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec a Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted NOTE Based on revised data for August 1080 CHANGES IN CONSUMER PRICES Percen t change from preceding perio d season ally ad jussted Commodities less food Dee Period All items 1980 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Food Services Percent c lange frc m 3 mont tis earlier Percent e tiange f ro m 6 mont is earlier seasonsilly adjujsted annuld rates seasonsilly adjusited annul3 1 rates All items Services All items Food Commodities less food Services R Annual changes are from December to December unadjusted NOTE Data beginning January 1978 relate to all urban consumers Earlier data relate to urban wage earners and clerical workers 24 Food Commodities less food ao Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 0 8 percent in January January 1 5 INDEX by 2 4 in the SCALE INDEX SCALE I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by fas rmers Period All farm products Crops Livestock and products by fanners Prices Production All items ties interest Production interest items taxes 2 1 rates Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1981 Jan i iO Includes items not shown separately Percentage ratio of index of recei ed by farmers to index of prices interest taxes wage rates NOTE The law The son are to a for on a to as by 25 MONEY CREDIT AND SECURITYMARKETS MONEY STOCK MEASURES AND LIQUID ASSETS The narrow measures of money declined in December while growth in M 2 and M 3 slowed BILLIONS OF DOLLARS RATIO SCALE H 2 400 BHUONS OF DOLLARS RATIO SCALE COUNCtl OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Ml A Period Currency plus demandl deposits 1974 Dec 1975 Dec 1976 Dec 1977 Dec 1978 Dec Dec Dec 1979 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Ml B Ml A plus other checkable deposits at banks and thrift institutions M2 Ml B plus overnight RPs and Eurodollars MMMF shares and savings and small time deposits at commercial banks and thrift institutions Net cf demand deposits due to foreign commercial banks and official institutions 2 Total M2 excludes demand deposits held by thrift institutions at commercial banks not shown separately in components 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted rate 26 M3 M2 plus large time deposits and term RPs at commercial banks and thrift institutions I3ercent change 3 L M3 plus other liquid Ml A Ml B assets o M M NOTE Data reflect benchmark and other revisions see Federal Reserve Bulletin for January 1981 Source Board of Governors of the Federal Beserve System COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Overnight Small Money deDe Other repur Over market Savcheck chase night mutual ings nomiCur mand able agree Euro fund de nation Period rency deposits deposits ments dollars shares posits time RPs defn net posits 2 NSA NSA NSA NSA Dec Large denomination time deposits 2 Term Shortrepur Term term chase Euro Sav Treas Bank Comagree dollars ings ury ers merments net bonds secu accept cial RPs rities ances paper NSA NSA Dec Jan 107 3 Feb Mar 108 9 Apr May 110 2 June 111 0 July 112 1 Aug Sept 113 9 Oct Nov 115 8 Dee i Net of demand deposits due to foreign commercial banks and official insti tutions 2 Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively NOTE NSA indicates data are not seasonally adjusted Data see NOTE page 28 Source of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars monthly data Installirlent credit e xtended adjusted Net change in amount outstanding Installrrlent credit liquidated O j Feriod Total l Automobile Revolving Total Automobile Revolving Total OiO Dec Jan Feb Mar Apr May June July Aug Sept Get Nov Dec S li Includes mobile home other separately of of the Revolving iil 6 859 Automobile BANK LOANS AND INVESTMENTS AND RESERVES Bank credit growth slowed in December Total reserves declined reflecting the drop in required reserves BILLIONS OF DOLLARS RATIO SCALE 1 400 BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS AND LEASES INVESTMENT IN OTHER SECURITIES A INVESTMENT IN U S TREASURY SECURITIES SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES SOURCE BOARD OF GOVEiNORS OF THE FEDERAL RESERVE SYSTEM Period Total loans and investments 1974 Dec Dec Dec Dec Dec Dec Deo Dec Jan Feb Mar Apr May June July Aug Oct 1 204 5Nov Dec COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depositc ry instituitions 3 Allcjommercial k anks l Borrowiiigs milReserves lions of dollars Loans and leases Investnaents unadji listed CommerCJ f 4 1 f U b Utner NonSeaRecial and Total Total Total 2 industrial Treasury secuborrowed quired sonal securities rities loans are of figures Eieludes loans to in the United States Data are averages of daily figures Reserves actual reserve requirement percentages with no adjustment to the effect of in Regulations D and M Prior to November the date of implementation of the Monetary Control Act data only to member banks Data for loans and investments are Source Board of Governors of the Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Credil market funds Period Total Internal1 Total Total II III IV 1980 I II III Securities and mortgages Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits 3 Consists of tax liabilities trade debt and miscellaneous liabilities Loans and shortterm paper Other Total Purchase of physical assets Increase in financial assets Discrepancy sources less uses s Plant and equipment residential structures inventory investment and mineral rights from U S Government Source Board of Governors of the Federal Keserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Curre nt assets End of period Total Cash Current liabilities Notes U S governand Invenment actories securi counts ties receivable Other current assets Total Notes and accounts payable Other current liabilities Net working capital Current ratio l SEC series FTC FRB series I I II III IV 1980 I II Total current assets divided by total current liabilities on data from Statistics of Income Department of the Treasury Based on data from Quarterly Financial Report fo Manufacturing Mining and s Based 1 See Federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Reserve System Commission Securities Exchange not 29 INTEREST RATES AND BOND YIELDS Short term interest rates came down somewhat in January and early February from their December peaks but longerterm bond yields registered smaller declines PERCENT PER ANNUM 16 PERCENT PER ANNUM SOURCE SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1981 Jan Week ended 1981 Jan Feb 7 Feb 14 U S Tre asury securiiby yields Constant Daaturities 2 3 month 1 bills 10 year 3 year Prime NewHigh grade Corporate Prime com Discount home rate municipal mercial rate Aaa charged N Y mortgage bonds paper bonds by 5 yields Standard3 Moody s F R 4 6 4 FHLBB banks Bank Poor s months a K H 19K H j J jHr J f13 J Rate on new issues within period bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department Weekly data are Wednesday figures Beginning November 1 1979 data are for 6 months paper Average effective rate for year opening and closing rate for month and week OA s Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Rates beginning January 1973 not strictly comparable with prior rates Range of 18J3 19 Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices continued to back off a bit in January and early February INDEX DEC INDEX DEC SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common s tock 5yields perc ent Cominon stock piices l Period Composite Industrial Transportation Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1981 Jan Week ended 1980 Dec Jan Feb 7 Utility Average of daily closing prices a Includes all the stocks more than 1 500 listed on the NYSE s Includes 30 stocks Includes 500 stocks Standard Poor s Dowcomposite Dividend EarningsJones index ratio Finance industrial ratio average New York Stock Exch ange indexe s Dec NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Stand FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 3 months of fiscal 1981 there was a budget deficit of 33 6 billion compared to a deficit of 24 5 billion a year earlier BILLIONS OF DOLLARS 800 RECEIPTS AND BILLIONS OF DOLLARS 800 OUTLAYS f SO SURPLUS OR DEFICIT FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Fiscal year or period Transition quarter l 1982i Receipts Cumulative total first 3 months Fiscal year 1980 Fiscal year i Estimates January 15 Budget of the Untied States Government Fiscal Year Outlays Surplus or deficit Federal debt end of period Gross Held by the public Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1981 budget receipts were 13 0 billion higher than a year earlier and budget outlays were 22 1 billion higher BILLIONS OF DOLLARS 400 RECEIPTS BILLIONS OF DOLLARS CORPORATION INCOME TAXES OUTLAYS NONDEFENSE NATIONAL DEFENSE J FISCAL YEARS V COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars utlays Rece ipts Nationa defense Period Total Indi Corpovidual ration Other income income taxes taxes Fiscal year or period Transition quarter Cumulative total first 3 months Fiscal year 1980 Fiscal year Total Estimates from Budget of the United States Government Fiscal Year 198S January Total Interna Health and InDepart tional income terest Other ment of affairs security Defense military R ai Sources Department of the Treasury and Office oi Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter according to current estimates Federal receipts rose 19 9 billion annual rate and expenditures rose 27 7 fcillion yielding a deficit of 74 2 billion 7 7 billion higher than in the second quarter In the fourth quarter according to preliminary estimates expenditures rose 23 3 billion receipts data are incomplete BILUONS OF DOLLARS 700 BILLIONS OF DOLLARS 700 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES RECEIPTS M 50 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I N 200 50 SURPLUS DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCi COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receipts Period Indirect Persona Corpo business rate tax and profits tax and Total n ft n t fix lAvPAl Lit A tax nontax receipts accruals accruals F jderal G svernmeiat expen iitures Subsidies Less GrantsContriWage Purless in aid butions chases Trans to State Net current accruals for Total of goods fer pay and interest surplus of less social inand ments local paid Govern dissurance services ment en bursegovernments terprises ments Surplus or deficit national income and product accounts Fiscal year R Calendar year II III 500 6 IV I 528 4 II III 540 8 IV NOTE Data reflect the recent benchmark revision of the national income and product accounts For details see Survey of Current Business December 0 J Q Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES In dustrial produc tion seaisonally adjuste i Period Feb Mar Apr Mav June July Aug Sept Oct Nov Dec United United CanGerKing States1 ada Japan France many dom France Germany Italy United States Canada Japan Coasumer f rices uimdjustec I Beginning January 1978 data relate to all urban consumers ieo o m a g Italy United King dom i C 422 f 426 i Source National sources as reported by Department of Commerce International Trade Administration Office of Planning and Research in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merchtandise esports l Mercllandise imports Domesti 3 exports Period Total domestic and foreign Total exports 3 Ge neral im ports Food Crude Food Crude bever mate Manubever mate2 facrials ages rials ages tured Total and to and and to and goods bacco fuels bacco fuels F a s valu 3 Monthly average Dee Jan 17 348 Feb Mar 18 534 Apr 18 468 May 17 678 June 18 642 July Aug 19 103 Sept Oct Nov 18 634 Dec Customis value F a s 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 I Total includes commodities and transactions not classified according to kind s T qtal arrivals of imported goods other than intransit shipments C i f cost insurance and freight import value at first port of entry in tht united States Data for 1973 are estimates Manufactured goods Men handise trade balance ExExports f n s ports Exports f a s f a s less Total imless less e Lf imvalue ports ports imports c i f customs f a s value value f 398 6f f f f s F a s free alongside ship value basis at U S of exportation for exports and at foreign port of exportation for imports NOTE Data beginning 1975 not strictly comparable with earlier data Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS Although the merchandise trade deficit rose in the fourth quarter of 1980 the deficit for the year as a whole 26 7 billion was 2 6 billion lower than in 1979 BILLIONS OF DOLLARS 101 BILLIONS OF DOLLARS 10 SEASONALLY ADJUSTED BALANCE ON CURRENT ACCOUNT VX BALANCE ON GOODS AND SERVICES N SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Invcjstment iricorne 3 Merehandise 12 Period Exports Imports Wat iNeb Knl Mctl ance Receipts Payments military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United are excluded from investment income and in other services nit Balance on current account III 1 Excludes 2 RemittanceSy pensions and otner unilateral transfers II III IV Other services net 3 Balance on goods and services III IV iv NF t Li cli Net military transactions Nettravel and transportation receipts NOTE Merchandise data revised for 1979 and 1980 other data to be later Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the third quarter capital outflows ell by 5 5 billion to a rate of 20 2 billion Recorded capital inflows increased by 3 1 billion to a rate of 11 0 billion The statistical discrepancy which had soared to over 20 billion in the second quarter was sharply reduced BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad ne t increase capit al outflow Period Total III IV I 7 768 n in IV I 12 711 II III U S official reserve assets 2 Other U S Government assets U S private assets Foreigii assets in the U S net inerease c apital inflow P Total Other foreign assets Allocations of Total special drawing sum of the rights items SDR with sign reversed Consists of gold special drawing rights SDR convertible currencies and the U S reserve position in the IMF 1 Quarterly data are not seasonally adjusted Foreign official assets Statisstieal discre 3ancy U S official reserve assets Of net1 which unadSeasonal justed adjust end of ment discrep period ancy Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Nonfarm Business Page EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit Bank Loans and Investments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlaws by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 2 00 single copy Subscription price 17 00 per year 21 25 for foreign mailing OQ UJS GOVERNMENT PRINTING OFFICE 198 O

Common Stock Prices and Yields

DATE: January 1981

PART OF:

Economic Indicators : January 1981

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Common Stock Prices and Yields," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "January 1981," Economic Indicators (January 1981) : 33-33. https://fraser.stlouisfed.org/title/1/item/373/toc/171082 , accessed on December 9, 2019.

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Economic Data