View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

97th Congress, 1st Session

Economic Indicators
FEBRUARY 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. WYUE (Ohio)

SENATB
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 RfSOLUTION fS J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House oj'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 2331949.
Charts drawn by Art Production Branch3 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:
OF DOCUMENTS
PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, Is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office.
it should be noted that many of the series have undergone major revisions since the Supplement
was published In the fall of 1980.

..




TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1980, gross national product rose $95.0 billion or 15.2 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 4.0 percent from the third quarter level
and the implicit price deflator rose at a 10.7 percent annual rate.
BILLIONS OF DOLLARS
3,000

(RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
3.QOQ
SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

GNP
IN CURRENT DOLLARS

\

1,800

1,800

1,400

1,400
GNP
IN 1972 DOLLARS

1
1973

1 1
1974

I

I
1975

I

I I
1976

I
1977

I I
1978

I

I I
1979

1
1980

SOURCE: DEPARTMENT OF COMMERCE

1 1
1981

COUNCIL OF ECONOMIC ADVISERS

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

_,
Period

Gross
national
product

Personal
consumption
expenditures

Gross
private
domestic
investment

Export s and imp1>orts of
gooc Is and ser m'es

Go^/ernment purchases of goods and
services

Federal
Net
exports

Exports

Imports

Total

Total

National
defense

Nondefense

State
and
local

Final
sales

1970
992.7 621.7
1971
1, 077. 6 672.2
1972
1, 185. 9 737. 1
1973__ __ 1, 326. 4 812.0
1974__
1, 434. 2 888. 1
1975__ _ 1, 549. 2 976.4
1976___
1, 718. 0 1, 084. 3
1977
1, 918. 0 1, 205. 5
1978___
2, 156. 1 1, 348. 7
1979
2, 413. 9 13 510. 9
1980 *
2, 626. 5 1? 672. 3

144.2
166.4
195. 0
229. 8
228.7
206. 1
257.9
322.3
375.3
415. 8
395.4

6.7
4. 1
.7
14.2
13.4
26.8
13.8
— 4. 2
-. 6
13.4
24.2

65.7
68.8
77.5
109.6
146. 2
154. 9
170.9
183.3
219. 8
281.3
340. 1

59.0
64. 7
76. 7
95.4
132.8
128. 1
157. 1
187. 5
220. 4
267. 9
315.9

220. 1
234. 9
253. 1
270.4
304. 1
339.9
362. 1
394.5
432. 6
473.8
534.6

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
83.0
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
335.7

989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
I , 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 631. 8

61, 454. 1
61, 478. 0
11, 529. 1
31, 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

23 571. 7 1, 631. 0
2, 564. 81 ? 626.8
2, 637. 31, 682. 2
2, 732. 31, 749. 2

415.6
390. 9
377. 1
398. 1

8.2
17. 1
44.5
26. 9

337.3
333.3
342.4
347. 5

329. 1
316.2
297.9
320. 5

516. 8
530.0
533.5
558.0

190.0
198. 7
194. 9
212. 1

125.0
128. 7
131.4
141. 6

64.9
70.0
63.5
70. 4

326.8
331. 3
338.6
346.0

2, 569. 1
2, 557. 4
2, 653. 4
2, 747. 5

1979: I
2, 340.
II
2, 374.
III_. 2, 444.
IV._ 2, 496.
1980: I
II
III__
IV v
~

Source: Department of Commerce, Bureau of Economic Analysis.




GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exisorts of g<>ods
and serviceJS

Gross private dcwnestic
iiivestment

Personal
conGross
national sumption
produc-t
expenditures

Nonresidential
fixed

Residential
fixed

1, 085. 6
1, 122. 4
.. 1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
_ 1, 300. 4
1, 371. 7
1, 436. 9
1. 483. 0
i; 480. 9

672. 1
696.8
737. 1
768.5
763.6
780.2
823. 7
863.9
904.8
930.9
9349

113.8
112.2
121. 0
138. 1
135.7
119.3
125.6
140.6
153.4
163. 3
158.2

41. 0
53.7
63.8
62.3
48.2
42.2
51.2
60.6
62.4
59. 1
48.2

3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12. 3
14 0
10.2
-2.6

3.9
1.6
.7
15.5
27.8
32.2
25. 4
21.9
246
37. 7
52.3

70.5
71. 0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146.9
161.2

1 479. 9
1, 473. 4
1, 488. 2
I, 490. 6

925.5
922.8
933.4
941.6

161.4
161.3
166.4
164. 1

60.8
59. 1
58. 1

sae

15.4
18.4
7.6
-.7

36. 0
31.6
41. 1
42.2

1980: !_._. 1 501.9
II__. 1, 463. 3
III.. 1, 471. 9
IV*. 1, 486. 5

943.4
919.3
930.8
946.0

165. 0
156. 1
155. 5
156.1

542
43.1
44 7
50.8

Q

L3
-5.0
-5.8

50. 1
51.7
57.6
49.7

Period

1970_
1971.
1972. _
1973
1974
1975_
1976__
19771978__
1979.
1980*

1979: I— II—
III._
IV__

Governinent pureliases of
gooc j? and ser vices

Change
in busii^Tot
ness in- export* Export? Imports
ventories

Final
sales

Total

Federal

State
and
local

66.6
69.3
76.7
81.8
80. 7
71.4
847
91. 3
103.0
109. 2
109.0

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
108.2

140. 5
146. 4
151.4
157.6
1645
169. 3
170.0
171. 6
178.0
180. 1
181.8

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. 5

141. 1
140.5
151.3
1548

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

165. 9
160.5
160.5
158. 1

115.8
108.9
102.8
108.3

290. 1
291.9
288.2
289.7

107.6
110.7
106.9
107. 6

182. 5
181.2
181. 3
182. 1

1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 4

.L^Cl

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

Gross
national
product

Period

Persona1 consumption expe nditures

Total

Gross private
dom estic
investbment

Nonres- ResiNon1^1
Durable
durable Services idential dential
fixed
fixed
goods
T~\

Expor ts and
imports of goods
and sejrviees

Governnlent purchases <)f goods
and sc;rvices

Exports Imports Federal

State
and
local

1970
1971_ _
1972
1973- __
1974_ _
1975_ __
1976
19771978- _
1979- .
1980 * _ _ _

91.45
96. 01
100. 00
105. 69
_
114 92
125. 56
132. 11
_ _ 139. 83
150. 05
_ _ _ 162. 77
177. 36

92.5
96.5
100.0
105.7
116. 3
125.2
131.6
139.5
149. 1
162.3
178.9

95.7
99.0
100.0
101.7
108.2
117.3
123.9
129.2
136.2
1448
156. 0

93. 6
96.6
100.0
108.3
123. 1
132. 1
137. 0
143.4
153.2
169.8
188.5

90.5
95. 6
100. 0
1047
113. 0
121.6
129.6
139. 9
150. 1
162. 1
178. 1

91.3
96.2
100.0
103.8
115. 4
132.2
138. 6
146.2
157.7
171.3
186.8

90.5
948
100.0
109. 1
120.3
131.0
140. 7
158.0
178.3
200. 5
218.5

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
164 6
179.5
185. 5
205.4
214 0
245.4
289.9

86.6
92.7
100.0
106.3
114 9
126.0
133. 5
142. 9
153.7
165. 1
183.8

137.
146.
156.
169.
184

1979: I_
II
III_
IV

158. 16
161. 17
164 23
167. 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: !___
_
_ 171. 23
II
_
_ _ 175. 28
III
179. 18
IV »
183. 80

172.9
177.0
180.7
1849

151. 9
154 1
157.5
160. 5

182. 9
186.2
190. 0
195. 1

171.6
176.0
180. 3
1843

180.5
185.7
189. 1
192. 1

212. 6
217.4
221. 9
222.9

203.4
207.6
213. 4
219.8

2842
290.4
289. 7
295.9

176.5
179.5
182. 4
197. 1

179.1
182.8
186.7
190. 0

_

Source: Department of Commerce, Bureau of Economic Analysis.




88. 6
94 7
100. 0
106. 9
117. 4

12S. 3
0
0
9
8
7

CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted rates]
Gross national p roduct

Period

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980"
1979:1
II
III
IV
1980: I._
II
III
IV *

Constant
(1972)
dollars

Current
dollars

—_

- -

—

Implicit
price
deflator

2.8
_. 2
3.4
5.7
5.8
— .6
-1. 1
5.4
5.5
4.8
3.2
-.1
3.9
-1.7
4. 1
.6
3. 1
-9.9
2.4
4.0

8.1
5.2
8.6
10. 1
11.8
8. 1
8.0
10.9
11.6
12.4
12.0
8,8
12.7
5.9
12.2
8.8
12.6
-1. 1
11.8
15.2

Gross <domestic ] 3rodiict
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

NOTE.—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
10.5

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. 1

Constant
(1972)
dollars

Current
dollars

Implicit
price
deflator
5.2
5.4
5.0
42
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

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
15.7

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
4.5

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

ao

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. 1

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]

Period

Gross d omestic
prodiict of
nonfin ancial
corpcjrate
busi ness
(billic>ns of
doll ars)
Current
dollars

1972
dollars

544. 1
1969
563.7
1970
609.9
1971
678.0
1972
759.4
1973
818.9
1974
890.0
1975
1, 001. 3
1976
1, 129. 5
1977
1, 270. 7
1978
1, 417. 0
1979
1, 533. 3
1980*
1, 378. 7
1979: I
II. __ 1, 399. 5
III__ 1, 432. 1
IV_._ 1, 457. 7
1, 502. 1
1980: I
!!___ 1, 496. 3
IIIi'. 1,537.7

604.0
599.6
626.8
678.0
731.9
708. 2
694.2
745.5
799.0
845. 1
873.3
866.2
874.7
870.8
874.3
873.4
878.2
853.2
860.4

Current-do lar cost and profit 3er unit of outpu t (dollars]

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
1.771
1.576
1.607
1. 638
1.669
1.710
1.754
1.787

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

0.096
. 106
. 113
. 113
. 114
.127
. 140
. 141
. 144
. 148
. 153
. 176
. 150
. 151
. 154
.157
. 161
. 173
. 181

* Output is measured by gross domestic product of nonfinancial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
a Indirect business tax and nontax liability plus business transfer payments
less subsidies.




Net
interest

1

Corpc>rate profi ts with
invent ory valuaition and
capil,al consun iption
iidjustmen ts

Total

0.594 0.022 0. 112
.028
.631
.088
.641
. 029 .099
.028
. 659
. 107
.692
.031
.107
.042
.786
.090
. 044 . 124
.837
.878
.040
. 144
. 924 . 042 . 158
.044
.996
. 163
1. 092
. 052 . 157
.065
. 141
1. 197
1.052
.047
. 167
.050
1.079
. 159
1. 104
.053
. 154
. 056 . 146
1. 135
1. 158
.060
. 151
.064
1. 193
. 132
1.203
. 141
.067

Profits
tax
liability
0.055
.045
.047
. 049
. 055
.059
.059
.071
.074
.080
.080
.071
. 081
.079
.081
.078
.085
.061
.070

Profits
after4
tax
0.057
.043
.052
.058
.053
.030
.065
.073
. 084
.083
.077
.070
.086
.080
. 074
.067
.066
.071
.071

CompenOutput
sation
per
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)

7. 098
7. 126
7. 467
7. 688
7. 891
7. 622
7. 881
8. 132
8.348
8. 384
8.373
8.398
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
9.945
10. 192

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

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

National
income

Period

Propr ietors'
incom e with
inventor y valuation anc l capital
consul nption
adjust ments

Compensation of
employ-1
ees

Farm

1970_
1971
1972_
1973
1974_
1975
1976
19771978
1979_
1980 *___
1979: I
II
III
IV
1980: I
II
III
IV*

810.7
871.5
963. 6
1, 086. 2
1, 160. 7
1, 239. 4
_ _ _ 1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
_ ___ 2, 119. 5
1, 903. 6
1, 932. 0
1, 986. 2
__ 2, 031. 3
2, 088. 5
2, 070. 0
2, 122. 4
_

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
22.6

612.0
652.2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 409. 9
1, 439. 0
1, 476. 7
1, 518. 1
1, 558. 0
1, 569. 0
1, 597. 4
1, 661. 6

Nonfarm

51.9
544
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
111.8

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

Rental
of persons
with
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 profits3 with inventory va luation
and capital co nsumptioia adjustm ents
Profits 5 with inv entory
valualbion adjus tment
and iwithout cai-pital
consum ption adjiistment
Total
Total

71.4
83.2
96. 6
108.3
94.9
110. 5
138. 1
164.7
185.5
196.8
180.7
201.9
196.6
199.5
189.4
200.2
169.3
177.9

68.9
82.0
94.0
105. 6
96.7
120.6
151.6
176.7
199.0
212.7
197.8
217.8
213.0
215.6
204.5
215. 6
186.9
195.9

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
241.8
253. 1
250. 9
262.0
255.4
277. 1
217.9
237.6

-6.6
-4.6
-6.6
20.0
-40. 0
-11.6
-14.7
-15.8
-24.3
-42.6
-43.9
-35.3
-37.9
-46.5
-50.8
-61. 4
-31.1
-41.7
-41.4

Capital
consumption
adjustment

Net
interest

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

41.4
46.5
51.2
60.2
76.1
845
87.2
100.9
115.8
143. 4
179.9
133.4
136.9
146.8
156.5
165.4
175.3
185.3
193.6

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goo<is

Period

Total
personal
consumption Total
expendi- durable
goods 1
tures

Motor
vehicles
and
parts

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

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. 3

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

1979: I
II
III__.
IV

1, 454 1
1, 478. 0
1, 529. 1
1, 582. 3

212.5
207.4
213. 3
216.1

100. 1
91.7

1, 631. 0
1980: I
II
1, 626. 8
III... 1, 682. 2

220.9
1944
208.8
223.4

100.6
77.5
87.0
94.5

rvx_.

1, 749. 2

943

95.5
89.9
947

95.4

i Total includes other items not shown separately.




Retail sales of
new pa ssenger
cars(nmillions
of u nits)

Nondura :>le goods
Furniture
and
household
equipment
35.2
37.2
41.7
47. 1
50. 6
53.5
59. 1
65.8
72.9
81.1

Total
nondurable
goods l

Food

Clothing Gasoline Services
and
and oil
shoes

138.9
1442
154 9
172. 1
193.7
213.6
230.6
250. 3
276.4
312. 1
345.5

46.8
50.6
55.4
61.4
64.8
69.6
75. 3
82. 1
91.9
98.9
1048

22.4
23.9
25.4
28.6
36.6
40.4

846

265.7
278.8
300.6
333. 4
373.4
407.3
441.7
479. 0
529.8
602.2
675.4

78.0
80. 1
82.4
83.8

571.8
586.4
611.5
639.2

299. 1
306.0
3143
329.0

83.6
81.3

661. 1
664 0
6742
702.2

336.2
338.4
347.7
359.7

846

89.0

Do- Immes- ports
tics

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
785.1

7.1
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6

95.8
97.0
100.3
102.5

60.6
63.2
72. 1
77.6

669.9
6842
7043
727.0

9. 1

7.9
8.5
7.4

2.3
2.4
2.2
2.4

102.2
102.3
105.3
109.3

89.4
90.9
85.3
90.2

749.0
768.4
799.2
823.7

7.9
5.5
6.5
6.7

2.9
2.1
2.3
2.5

440

Source: Department of Commerce, Bureau of Economic Analysis.

1.3
1.6
1.6
1.8
1.4
1.6
1.5

2. 1

2.0
2.3
2.4

SOURCES OF PERSONAL INCOME
Personal income rose $21.3 billion (annual rate) in January following a rise of $19.7 billion in December. The increase in January was affected by two special factors: an increase in the minimum wage added about $2.0 billion
to wages and salaries and an increase in the social security tax rate and taxable wage base added about $8.8 billion
to personal contributions for social insurance—an item that is deducted in calculating total personal income.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,400

1,400
1,200

1,200
WAGE AND SALARY DISBURSEMENTS

1,000

1,000
800

800

600

600
OTHER INCOME

400

400

Ju-—"
TRANSFER
PAYMENTS

\
200

200

160

160

120

120

100

100

80

1974

1973

1975

1977

1976

1978

1979

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

80

1980

1981

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental Personal Personal Transfer
Other Proprietc >rs' income 3 income
Total
and
paydividend interest
labor 1 2
personal salary
of
income disburseincome
Farm
Nonfarm persons 4 income income ments °
1
ments

Less: PerNonsonal confarm
tributions personal
for social income 6
insurance

48.8
55.8
64.5
75.9
89.0
102.2
118.6
137. 1

32.8
26.5
24.6
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
54.4

93.9
112.4
123.2
132.5
151.6
173.2
209.6
256.2

119.5
141.2
178.3
194.3
207.5
223.3
249.4
294.2

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

1, 306. 1
1, 315. 0
1, 322. 9
1, 317. 8
1, 320. 1
1, 323. 2
1, 326. 3
1, 342. 4
1, 356. 8
1, 381. 7
1, 400. 4
1, 410. 9

129. 1
130.8
132.6
133.8
135.0
136.3
137. 7
139. 1
140.4
141.9
143. 5
145.0

27.6
25.2
24.4
23.8
23.3
22.8
22.4
22.0
21.9
22. 1
22.4
23.2

109.5
108.2
106. 1
102.7
101.0
101.0
105. 1
106. 3
111.4
111.5
111.5
112.2

31.4
30.8
31.4
31.6
31.3
31.6
31. 8
32.0
32.2
32.3
32.4
32.5

51.6
52.4
53.2
53.7
54. 1
54.7
54.7
55.2
55.4
55.5
55. 9
56.7

235.2
240.0
244.5
248.3
253.7
258.9
260.4
261.7
263.2
265.6
269. 1
273.5

272.7
270.4
271.9
275.9
281.4
284.6
309.7
309. 0
313.4
313.8
313.2
314.6

86. 1
86.4
86.2
85.6
85.8
86.2
87.0
88.3
89. 1
90.4
91.4
91.9

2, 027. 4
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. 4
2, 228. 2

1981: Jan*___ 2, 298. 1 1, 431. 2

146. 6

23.3

113. 7

32.5

57.4

278.5

316.7

101. 7

2, 249. 1

1973
1974
1975
1976
1977
1978
1979
1980*

1, 065. 2
702.7
1, 168. 6
765.7
806.4
1, 265. 0
889.9
._ 1, 391. 2
983.8
1, 538. 0
1, 721. 8 1, 105. 2
1, 943. 8 1, 236. 1
2, 160. 2 1, 343. 6

2, 077. 2
1980: Jan
Feb
2, 086. 4
2, 101. 0
Mar
2, 102. 1
Apr
2, 114. 1
May
2, 127. 1
June
July___ 2, 161. 2
2, 179. 4
Aug
Sept___ 2, 205. 7
Oct
2, 234. 2
Nov___ 2, 257. 1
Dec *-- 2, 276. 8

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.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.




4

With capital consumption adjustment.
* Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000

4,000

3,000

3,000

1973

1981

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Less:
p«_
irersonal
tax
Personal
and
income nontax
payments

Period

Equals:
Disposable
personal
income

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Per c apita
dispc sable
personal income
Current
dollars

951.4
1, 065. 2
1, 168. 6
_ 1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2

141.0
150.7
170.2
168. 9
196.8
226. 5
258.8
302.0
338.6

810.3
914.5
998. 3
1, 096. 1
1, 194. 4
1, 311. 5
1, 462. 9
1, 641. 7
1, 821. 6

Current
dollars

1972
dollars

Dol lars

Billions of d ollars

1972
1973
1974
1975___
1976
1977
1978
1979
1980*

1972
dollars

Per cap ita personal ccmsumption exp enditures

757.7
835.5
913. 2
1, 001. 8
1, 111. 9
1, 237. 5
1, 386. 6
1, 555. 5
1, 719. 8

52. 6
79.0
85. 1
94. 3
82.5
74. 1
76.3
86.2
101.8

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

3,529
3,858
4,190
4,572
5,038
5,557
6, 166
6,848
7,506

3,529
3,652
3,603
3,653
3,828
3,982
4, 136
4,219
4, 196

Percent
change Saving
in real as percent of
per
capita disposable
disposperable
sonal
perincome
sonal
income
Per cent

3. 1
6.0
-1.5
1.3
2.8
2.8
3.6
2. 2
-.3

Population
(thousands) *

6.5
8.6
8.5
8.6
6.9
5.6
5. 2
5.2
5.6

208,
210,
211,
213,
215,
216,
218,
220,
222,

873
440
945
566
203
928
749
643
808

5.3
5.6
5.4
4.7

219,
220,
220,
221,

896
335
884
455

4.9
6. 2
6. 1
5.2

221,
222,
223,
223,

938
447
126
721

Seas onally ad. Justed ann ual rates

1979: !____
!!___
III.
IV..

1, 864. 6
1, 906. 3
1, 972. 3
2, 032. 0

284.4
293.5
308.4
321.8

1, 580. 2
1, 612. 8
1, 663. 8
1, 710. 1

1, 496. 3
1, 521. 9
1, 574. 5
1, 629. 4

83. 8
90. 9
89.3
80.7

7,186
7,320
7,533
7,722

4,574
4,570
4,598
4,596

6,613
6,708
6, 923
7, 145

4,209
4, 188
4,226
4,252

1980: !____ 2, 088. 2 323. 1 1, 765. 1 1, 678. 7

86.4
110.0
111.4
99.5

7, 953
8,020
8,249
8,478

4,600
4,532
4, 565
4,585

7,349
7,313
7, 539
7,819

4,251
4, 133
4, 172
4,228

!!___ 2, 114. 5 330.3 1, 784. 1 1, 674. 1
III__ 2, 182. 1 341.5 1, 840. 6 1, 729. 2
IV P_ 2, 256. 0 359.3 1, 896. 7 1, 797. 2

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




2. 4
-.3
2.5
-. 2
.3
-5. 8
2.9
1.8

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
In the fourth quarter, according to revised estimates, gross farm income rose $4,0 billion (annual rate) and net farm income rose $0.7 billion from third quarter levels.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

200

I 200

100

100
GROSS FARM INCOME

80

80

60

60

40

40

NET FARM INCOME '

20

20

10

10
1973

1974

1975

1976

1977

1978

1979

1980

1981

* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc>ss farm incc>me

Period

Net farni income

Cash imarketing rejceipts
Total l

Total

Livestock
and
products

Crops

Value of
inventory2
changes

Production
expenses

Current
dollars

1967
dollars 3

1973
1974
1975
1976
1977
1978
1979
1980 9

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

152.7
149.2
154.8
158.8

137.0
135.8
142.8
145.8

67.9
65.6
70.5
72.5

69.0
70.2
72.3
73.3

.9
-1.8
-3.7
-3.3

127.4
130.4
133.6
136.9

25.3
18.8
21.2
21.9

10.7
7.7
8.5
8.5

1980: I
II
III
IV 9

__.

1
Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities
valued at average prices during the year.




3
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 of 1980, corporate profits before tax rose $19.7 billion (annual rate) while after-tax profits rose
$12.6 billion.
BILLIONS OF DOLLARS
320

BU1IONS OF DOLLARS
320

280

120

120

80

80

40

40

1981
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
>ry valu£ition
Profii bs (before tax) wit a inventc
adjustn nent 1
Dome ptie indu stries
Is f onfinan cial

Period
Total *

1970
1971
1972__
1973__
_
1974
1975_ _ __
___
1976
1977. _ __
1978
1979
1980*
_
1979: I
II
III__ __
IV
1980: I
II
_._
Ill
IV*__.

68.9
82.0
94.0
105.6
96.7
120. 6
151.6
176.7
199. 0
212.7
197.8
217.8
213. 0
215.6
204. 5
215. 6
186.9
195.9

Total

62.4
74. 9
85.3
92.0
80.4
107.6
137.4
161.2
179.3
182.4
166.5
191.7
184. 4
180.5
172.9
179.0
157.5
165.0

ManuFinancial
Total1 facturmg
12. 1
14. 1
15. 3
15.9
15.0
11.8
17. 1
23.5
29.3
31.6
30.2
31. 3
31.0
31.5
32. 6
33.3
30. 1
28.7

50.2
60. 8
70.0
76.0
65.4
95.8
120.3
137.7
150.0
150.8
136.2
160.4
153. 4
149.0
140.3
145.7
127.5
136.2

26.6
34. 1
40.7
45.5
39.0
52.6
69. 2
76.2
85.3
88. 9

9.5
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

1
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

Profits
before
tax

Tax
liability

75.4
86.6
100.6
125. 6
136.7
132. 1
166. 3
192.6
223. 3
255. 4
241.8
253. 1
250. 9
262.0
255.4
277. 1
217.9
237.6

34.2
37.5
41.6
49.0
51. 6
50.6
63.8
72.6
83.0
87. 6
80.7
88.5
86.4
88.4
87.2
94.2
71.5
78.5

Total

Dividends

Undistributed
profits

41.3
49. 0
58.9
76.6
85. 1
81.5
102.5
120.0
140. 3
167.8
161. 1
164.6
164.6
173.6
168.2
182. 9
146.5
159. 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
105.1
115.5
114.8
123.5
116.6
128.9
90. 7
102.4

»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
-43.9
-35.3
-37.9
—46. 5
-50.8
-61.4
-31. 1
-41.7
-41.4

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter, business fixed investment rose $6.0 billion (annual rate) as
nonresidential construction outlays rose $3.2 billion and producers* durable equipment purchases increased $2.7 billion. Residential investment outlays rose $14.1 billion. There was a $15.2 billion reduction of inventories following a
$16.0 billion reduction in the third quarter.
IMILLIONS OF DO1.LARS

BILLIC)NS OF DOLLARS

500

500
SEAS>ONALLY ADJUSTED >ANNUAL RATES

450

350

400

v^^x
^N^

nc ^^^^ ^^\

GROSS PRIVATE DOMES*
INVESTMENT
\

^r
/

350

OftA

>
250

*—s

250

\^'
+" *^

S**^
/^

k

200

NONRK IDENTIAL
^,
FIXED IN>/ESTMENT,^^

x^

_x**N
^
"^

****

200

^*
150

*

RESIPENTIA .
FIXED INVESTS ENT—^^,-.--

100

^.....^m*

—-«—....»,.

V—^-^

0

i

i

i

I

I 1
1974

1973

100

CH ANGE IN BUSINESS
INVENTORIES

*"**^r*i* tm* I-*********

50

50

.«. ---.-»

»»**i'"i""i*t*««««,........«
X-^^,

\

1

I

!

I

X

""'1

!

I

1976

1975

50

•*"*""X,

I

I

i

i
1978

1977

i i
1979

o

X......

1

1

i

1980

1

1

I

-50

1981

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

PprinH

tic

investment

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980*
1979:1
II
III
IV
1980:1
II
III
IV *

investmenl

Gross
private
domes-

_

1442
166.4
195.0
229.8
228.7
206.1
257.9
322.3
375.3
415.8
395.4
408.3
423.2
421.7
410.0
415.6
390.9
377.1
398.1

Total

103.9
107.9
121.0
143.3
156.6
157.7
174. 1
205.5
242.0
279.7
295.4
267.3
272.9
288.5
290.2
297.8
289. 8
294.0
300.0

Structures

Producers'
durable
equipment

38.7
40.5
44. 1
51.0
55.9
55.4
58.8
64. 6
78.7
96.3
108.6
87.3
93.2
99.6
105. 1
108.2
108.4
107.3
110.5

65.2
67.4
76.9
92.3
100.7
102.3
115.3
140.9
163.3
183.4
186.8
179.9
179.7
189.0
185. 1
189.7
181.4
186.8
189.5

Re sidential fh[ed investatent

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
113.3

Nonfarm
structures
35.4
48. 9
61.5
65.6
54.8
52.4
68.8
91.9
106.9
113. 9
100.3
112.5
112. 9
114.9
115.4
110. 1
88.9
94.5
107.9

Jcarm
structures

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
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
3.0
3.0
2.9
3.0

3. 1

Change in business invrentories

TYitfll

3.2
7.7
10.2
18.5
14. 1
-6.9
11.8
21.0
22.2
17.5
-5.3
24.3
33. 1
13.3
-.8
2.5
7.4

-iao
-15.2

Nonfarm
3. 1
6.4
9.6

15.2
16.0
-10.5
13.9
20.2
21.8
13.4
-4. 1
20.8
29.2
7.8

-4.4

1.5

6. 1
-12.3
-11.7

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 10.8 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

400

400

300

300

200

200

TOTAL NEW PLANT AND EQUIPMENT

100

100

80

80

..««.».. »'**x \
MANUFACTURING

60

60

40

40

30

30
1973

1974

1977

1976

1975

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
Matfiufaetu]ing

Period

Total

Plant

Equipment
Dur-

1973_ _ _
1974
1975___
1976
1977_ _ _
1978
1979
1980 44
1981 _ _ _
1979: IIIIV__
1980: !___
II__
III..
4

137. 70
156. 98
157. 71
171. 45
198. 08
231. 24
270. 46
294. 30
326. 13
273. 15
284. 30
291. 89
294. 36
296. 23
IV _ 294. 95
1981: 1 44__ 310. 59
II . 323. 84

56.66
64.29

81.04
92. 69

92.50

65.21
71.20
80.31
92. 70
105. 73

100. 25
117. 77
138. 54
164. 73

106. 58
108. 60
115. 96
116. 50
117. 59

166. 56
175. 70
175. 93
177. 86
178. 64

Nondur-

Total

able
goods

able
goods

42.37

22.75
27.44

19.62 95.33
25.76 103. 78

53.21

54.92
59.95
69.22
79.72

98. 68
114. 90
131. 12
100. 11
106. 57
111. 77
115. 69
116. 40
115. 37
122. 69
130. 57

26. 33

28.47

34. 04

40.43
51.07

58.25
66.00

52. 13

55.03
58.28
59.38
58. 19

57.42
60.23
65.36

28. 59 102. 79
31.47 111. 50
35. 18 128. 87
39.29 151. 52
47.61 171. 77
56.65 179. 40
65. 12 195. 00
47.97 173. 04
51. 55 177. 73
53.49 180. 13
56.32 178. 66
58.21 179. 83
57.96 179. 58
62.46 187. 90
65.21 193. 27

1
Wholesale and retail trade; finance, insurance, and real estate; and personal,
business,
and professional services.
2
"Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.

10



Starts of
plant and
equipment
ComTrade muni- projects,
manufacTrans- Public and
3
Total Mining porta- utilities serv- cation turing
and
tion
ices * other 2
]^onmamifacturin g

3.31
4.62
6. 10
7.44
9. 24
10.21
11.38
13. 50
16.04
11.40
11.86
11.89
12.81
13.86
15.25
16.07
18.02

7.41
8.23
8.68
8. 89
9. 40
10.68
12.35
11.98
12. 96
12.67
13.20
12.47
12.09
12.23
11.25
11.50
11.60

17.97
19.83
19.98
22.37
26. 79
29.95
33.96
34.62
37.64
35.05
34.08
36.26
35.03
35.58
31.95
36.78
36.21

45.53
47.79
46.23
49. 30
56.54
68.66
79.26
82.28
87. 83
78.86
82.69
82. 17
81.07
81. 19
84.87
84.09
87. 43

21. 12
23.30
21. 80
23.51
26.90
32.02
34.83
37.02
40. 54
35.05
35.90
37.34
37.66
36.97
36.26
39.48
40.01

53.21
61.24
56.51
59.38
77.40
88. 16
112. 98
26. 82
32.53
32.43
29.41
27.74

« Starts are estimated by adding changes in carryover to expenditures during
given period.
« Planned capital expenditures as reported by business in late October-December 1980, corrected for biases.
Source: Department 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 62,000.
MILLIONS OF PERSONS*
110

MILLIONS OF PERSONS
110

1981

1973
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Period

COUNCIL OF ECONOMIC ADVISERS

[Thousands3 of persoiis 16 years of age and over, except as noted]
Unempl ayment
Civilian eimploymerit
Total
Noninlabor
Nonagri cultural
15
stituforce Civilian
Civilian UnemPart-time Total weeks
Agritional
employ- ploy- (includ- labor
Total
ecoculand
populament
ing
ment
force
Total for
nomic l
over
tural
Armed
tion
reasons
Forces)

84, 783
87, 485
90, 546
94, 373
96, 945
97, 270

3,380
3,297
3,244
3,342
3,297
3,310

104, 208
104, 271
104, 171
104, 427
105, 060
104, 591
105, 020
104, 945
104, 980
105, 167
105, 285
105, 067

97, 708
97, 817
97, 628
97, 225
97, 116
96, 780
96, 999
97, 003
97, 180
97, 206
97, 339
97, 282

3,287
3,329
3,337
3,262
3,352
3,232
3,267
3,210
3,399
3,319
3,340
3,394

94, 421
94, 488
94, 291
93, 963
93, 764
93, 548
93, 732
93, 793
93, 781
93, 887
93, 999
93, 888

8,543 107, 668 105, 543

97, 696

3,403

94, 294

153,
156,
158,
161,
163,
166,

1980: Jan..
Feb__
Mar__
Apr__
MayJune.
July _
Aug__
Sept _
Oct..
Nov.
Dec..

165, 101
165, 298
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201
167, 396

96, 145
96, 264
96, 546
96, 566
96, 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801
97, 545

7,043
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

96, 128

449
048
559
058
620
246

84, 783
87, 485
90, 546
94, 373
96, 945
97, 270

106, 289
106, 357
106, 261
106, 519
107, 148
106, 683
107, 119
107, 059
107, 101
107, 288
107, 404
107, 191

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 years of age and
over.
*Data beginning 1978 not strictly comparable with earlier data because of




3,490
3,272
3, 297
3,216
3,281
3,965

7,830
7,288
6,855
6,047
5,963
7,448

2,483
2,340
1,911
1,379
1,202
1,829

61.8
62. 1
62.8
63.7
64.2
64.3

3,549
3,454
3,470
3,803
4,276
3,969
4,086
4,143
4,183
4,220
4,176
4,218

6,500
6, 454
6, 543
7,202
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785

1,319
1,299
1,391
1,599
1, 686
1,777
1,935
2, 150
2,295
2,292
2,329
2,378

64.4
64.3
64.2
64. 3
64.6
64.2
64.4
64.3
64.2
64.2
64.2
64.0

4,474

7,847

2,358

64.2

Seas(snally adj usted

Uiaadjusted

1

81, 403
84, 188
87, 302
91, 031
93, 648
93, 960

7,830 94, 793 92, 613
7,288 96, 917 94, 773
6,855 99, 534 97, 401
6,047 102, 537 100, 420
5,963 104, 996 102, 908
7,448 106, 821 104, 719

1975
1976
1977
1978*
1979
1980

Labor
*force
_
participation
rate
(per-2
4.\ 2
cent)

revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In January the seasonally adjusted unemployment rate was 7.4 percent, the same as in December.
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 ADVISERS

[Monthly data seasonally adjusted]

Total
Period

(all

civilian

workers)

1975
1976
1977.
1978
1979
1980

.

1980: Jan fc
Feb
Mar
Apr
May

June
July.
Aug

Sept..

Oct
Nov
Dec

1981: Jan

Unernployme nt rate ( percent <>f civiliaii labor f<orce in giroup)
]3y select ed group s
B y gsex and t^ge
By race
Women Both
20
sexes
years years 16-19
and
and
years
over
over

White

Men
20

8.5
7.7
7.0
6.0
5.8
7.1

6.7
5.9
5.2
4.2
4. 1
5.9

8.0
7.4
7.0
6.0
5.7
6.3

19.9
19.0
17.7
16.3
16. 1
17.7

7.8
7.0
6.2
5.2
5.1
6.3

13.9
13.1
13. 1
11.9
11.3
13.2

8.2
7.3
6.6
5.6
5.4
6.8

6.2
6.2
6.3
6.9
7.6
7.5
7.6
7.6
7.4
7.6
7.5
7.4

4.8
4.7
5.0
5.8
6.4
6.4
6.6
6.5
6.6
6.4
6.4
6.2

5.8
5.8
5.8
6.2
6.5
6.4
6.6
6.5
6.2
6.7
6.7
6.8

16.5
16.6
16.2
16.4
18.9

5.5
5.4
5.5

18.3
18.7
18.8
17.8
18.5
18.6
17.8

6.8
6.7
6.8
6.7
6.5
6.6
6.6
6.5

11.9
11.7
11.9
12. 6
13.6
13.5
13.9
13.7
14. 1
14.2
14.0
14.0

5.9
5.9
6.0
6.6
7.4
7.3
7.4
7.4
7.2
7.3
7.2
7.1

7.4

6.0

6.7

19.0

6.7

12.9

7. 1

* Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



ExpeFullBlack rienced
time
wage Household
and
and
other salary
heads workers
workers

6. 1

Labor
force
time
lost
Part(per-l
time
work- cent)
ers

8.1
7.3
6.5
5.5
5.3
6.8

10.3
10. 1

9.1
8.3
7.6
6.5
6.3
7.9

4.3
4.8
5.2
5.2
5.3
5.3
5.3
5.2
5.2
5.1

5.8
5.8
5.9
6.5
7.3
7.2
7.4
7.3
7.3
7.3
7.4
7.3

8.7
8.8
8.4
8.8
9.0
8.8
8.8
8.7
8.7

6.7
6.6
6.8
7.6

8.6
8.2

as

5. 1

7. 1

9.2

8.2

5.8

5. 1

4.5
3.7
3.6
4.9
4.2

4. 1

Source: Department of Labor, Bureau of Labor Statistics.

9.8
9.0
8.7
8.7

9. 1

ae

8. 1
8.4
8.3
&2
8.4
8.2

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*

REASON FOR UNEMPLOYMENT

DURATION OF UNEMPLOYMENT

60

60

50

50

40

40
REENTRANTS

30

30

20

20

NEW ENTRANTS

15-26
WEEKS

\

10

10

JOB LEAVERS
27 WEEKS
AND OVER

1977

1978

* SEASONALLY

1979

1980

1977

1981

1978

1979

1980

1981

ADJUSTED

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
*•

Percerit distribution of unem1
pl oyment 3y reasoii

Unemi
plojment
(thousands)

Job
losers

1976
7,288
1977
6,855
1978
6,047
1979
5,963
1980
7,448
1980: Jan__ 6,500
Feb__ 6,454
Mar__ 6,543
Apr_ _ 7,202
May_ 7,944
June. 7,811
July__ 8,021
Aug__ 7,942
Sept__ 7,800
Oct.. 7,961
Nov., 7,946
Dec__ 7,785
1081: Jan.. 7,847

49.7
45.3
41.6
42.8
51.9
47. 0
46. 3
47.5
50. 1
52.4
55.4
54.6
54.2
55.2
53.0
53.5
54. 3
49.4

Period

Job
Reenleavers trants

New
entrants

Percerit distrib ution of unemplo yment b y duratk> n i

Less
than 5
weeks

5-14
weeks

15-26
weeks

27
weeks
and
over

29.6
30.5
31. 0
31.7
32.4
30.8
32.9
33.4
32. 8
32.4
35.7
33. 5
31.9
32.6
31. 3
31.7
28.8
28.7

13.8
13. 1
12.3
11.5
13.8
12.0
12.2
12. 1
12.9
12.3
13.0
13.8
15.6
17.2
15.7
15.2
16.0
13.7

18.3
14.8
10.5
8.7
10.8
8.4
7.8
9.0
9.2
8.8
9. 6
10.7
11.5
11.7
13.0
14.0
14.9
16.2

Insured
unem- Special
ployunemment,
ployall
ment
Insured
uiiem- Initial regular benefit
proclaims
ploy- claims grams
(unadment
(unad-2 justed) s
justed)
State pi •ograms

We*>kly aver age, thoussands
12. 2
13. 0
14. 1
14.3
11.6
12.5
12. 9
12.3
12. 7
11.7
11.0
10.8
11.2
10.8
10.9
11.3
10.5
11.6

26. 0
28. 1
30.0
29.5
25.2
28.0
27.9
27.7
26.7
24.9
22.8
23.4
23.6
23.2
25.2
24.0
24.0
26.2

12. 1
13.7
14.3
13.4
11.4
12. 6
12.8
12.5
10.5
11.0
10.8
11.2
10.9
10. 8
11.0
11.2
11.2
12.8

38.3
41.7
46.2
48. 1
43.1
48.8
47.0
45.5
45. 1
46.5
41.7
42. 0
41.0
38.4
39.9
39.0
40.4
41.3

2,991
2,655
2,359
2,434

386
375
346
388

3,846
3,308
2,645
2,592

2,740
2,712
2,890
3,202
3,658
3,962
3,810
3,748
3,782
3,602
3,367
3,083
2,982

414
397
464
549
631
591
514
503
495
458
424
415
417

3,740
3,730
3,652
3,629
3,680
3, 790
4, 140
3,911
3,961
3,661
3,726
4,085

1,152
572

» InDetail may not(5add
to 100 percent because of rounding.
3 FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
9jP<tes State ° stat*sf District of Columbia, and Puerto Rico), ex-servicemen (IJCX), Federal (UCFE), and railroad (RR) programs. Also includes
Source: Department of Labor (Bureau of Labor Statistics and Employment
Federal and State extended benefit programs. Does not include FSB (Federal
and Training Administration).
supplemental benefits) and SUA (special unemployment assistance).




13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultura! employment as measured by the payroll survey rose 374,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)

/yAlUIONS OF PERSONS*

22

90
ALL NONAGRICULTURAL
ESTABLISHMENTS

80

70

60

SERVICE-PRODUCING
INDUSTRIES

50

40

CONSTRUCTION

30

i 1 1 1 1 11 i i i 1 11 11

20

1977

1981

1980

ii i 1 1 1 1 1

1978

1979

1980

198

•SEASONALLY ADJUSTED ——COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers;1 seasonally adjusted]

G oods-pre(diicing i ndustries
•p__J^J
.renoa

Total
nonagricultural
employment

Finance,
TransGover nment
Wholeinsurportasale
ance, Services
tion
Total
and
State
Nonand
and
Durable
retail
Federal and
Total
durable
real
public
goods
trade
local
goods
utilities
estate

Ma nufactui ing

ConTotal *

struction

76, 945
79, 382
82, 471
86, 697
89, 886
90, 656

22, 600
23, 352
24, 346
25, 585
26, 504
25, 856

3,525 18, 323 10, 688
3,576 18, 997 11, 077

1980: Jan— 91, 031
Feb.__ 91, 186

26, 715
26, 623
26, 476
26, 121
25, 745
25, 422
25, 163
25, 312
25, 476
25, 636

4,745
4,659
4,529
4,467
4,436
4,379
4,322

1975
1976
1977
1978
1979
1980 ^

Mar-_ 91, 144
Apr
90, 951
May__ 90, 468

June__ 90, 047
July.. 89, 867

Aug__ 90, 142

Sept_. 90, 384
Oct... 90, 710

Service-pi*oducing IndustrieJS

3,851 19,
4,229 20,
4,483 21,
4,469 20,

4, 359

682
505
062
363

20, 971
20, 957
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 044
20, 157
20, 282
20, 328

11,
12,
12,
12,

597
274
772
216

12, 681
12, 715
12, 707
12, 442
12, 140
11, 947
11, 819
11, 860
11, 955
12, 043
12, 146
12, 169

Nov__ 90, 961

25,811

Dec *>_ 91, 116

25, 904

4,404
4,442
4,475
4,507

1981: Jan p.. 91, 490

26, 051

4,612 20, 357 12, 202

54, 345
56, 030
58, 125
8,231 61, 113
8,290 63, 382
8, 147 64, 800

4,542

17, 060
4, 582 17, 755
4,713 18, 516
4,923 19, 542
5, 141 20, 269
5, 155 20, 573

4, 165 13, 892
4,271 14, 551
4,467 15, 303
4,724 16, 252
4,974 17, 078
5, 162 17, 740

2,748
2,733
2,727
2,753
2,773
2,867

11, 937
12, 138
12, 399
12, 919
13, 147
13, 304

64, 316
64, 563
64, 668
64, 830
64, 723
64, 625
64, 704
64, 830
64, 908
65, 074
65, 150
65, 212

5,202 20, 529
5, 198 20, 637
5,202 20, 610
5, 178 20, 531
5, 167 20, 487
5, 134 20, 459
5, 114 20, 506
5, 129 20, 589
5, 124 20, 620
5, 147 20, 641
5, 132 20, 660
5, 130 20, 638

5,091
5, 101
5, 115
5, 119
5, 137
5, 150
5, 167
5, 180
5, 194
5,214

17, 462
17, 540

2,791

8, 155 65, 439

5, 149 20, 757

7,635
7,920
8,086

8,290
8,242

8,231
8,200

8, 146
8,067
8,009
8,080
8,089

8, 114
8, 136
8, 159

i 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 per*.!_*_ .._i_i. "..
i*hi _ _ . . , -.
.'
. .
."
.
..
t
this table
not comparable
with estimates!of nonagricultural1 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



5,225
5,243

17, 618
17, 659
17, 652
17, 760
17, 788
17, 861
17, 913
17, 969
18, 052

2,893
2,828
2,765
2,788
2,790
2,796

13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 344
13, 371
13, 374
13, 353

5,265

18, 123

2,800

13,345

17,580

2,826
2,886

3, 115
2,960

2,951

are not at work because of industrial disputes, bad weather, etc., even if they
areQ not paid for the time off; and which are based on a sample of the working*% population, whereas the estimates in this table are based on reports Iron
' Includes mining, not
not, shown senaratfilv.
separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag56 gross
hourly earnings

Aver age weekly lours
Total
private
nonagricultural *

Period

Manufa icturing
Total

Overtime

Total
private
nonagricultural l

Manufacturing

Adjusted h ourly earnin gs index2 —tc)tal private
nonagric ultural
Percent ch ange from
a year earlier 4

Index, 1!367=100
Current
dollars

1967
dollars 3

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

3.5
3.8
3.3
2.6
3.1
3.5
3.6
3.3
2.8

$3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66

$3.82
4.09
4.42
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

1980: Jan
Feb....
Mar.-..._._
Apr

35. 6
35. 5
35.4
35.3
35.1
35.0
34.9
35.1
35.2
35.3
35.4
35.4

40.3
40. 1
39.8
39.8
39.3
39.1
39.0
39.4
39. 6
39.7
39.9
40. 1

3.2
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8
2.9
3.1

6.41
6.45
6.51
6.54
6.57
6.62
6.67
6.71
6.77
6.83
6.91
6.94

6.93
6.99
7.06
7.11
7. 15
7.22
7.30
7.36
7.42
7.49
7.58
7.63

240.3
242.4
245.2
246.2
248.3
250.9
252. 1
2540
255.4
257. 9
260.9
261.6

102.6
102.2
102. 1
101.5
101.5
101.6
102. 1
102. 0
101.5
101.4
101.5
100.7

7.9
8.2
8.9
8.6
9.1
9.4
9.2
9.3
9.0
9.7
9.9
9.3

-4.2
-3.3
-3.0
-3.2
-2.6
-2.4
-2.9

35.5

40.4

3. 1

7.02

7.69

264.3

100.9

10.0

-1.6

Ma,y

June
_
July
Aug
Sept...
Oct
Nov
...
Dec*
1981: Jan*.

9. 1

3.0
0

-2.7

-.7
1.3
1.0
.6

-3.1
-3.9
-5.3
-5.2
-5.0
-5.2
-46

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu Itural l

Period

Current
dollars

1972
1973
1974
1975
1976
1977
1978
1979
1980 9
1980: Jan.__ _
Feb___
Mar_ _
Apr
May
June
.
July
Aug
Sept
Oct . _
Nov
Dec 9
1981:
Jan"
fe
_
1

_ _
___

$136. 90
145. 39
15476
163. 53
175. 45
189. 00
203. 70
219. 30
235. 10
228. 20
228, 98
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
238. 30
241. 10
244 61
245. 68
249. 21

Manufacturing

1967
dollars 3
$109. 26
109. 23
104 78
101. 45
102. 90
104 13
10430
100. 73
95. 18
97.44
96.53
95.90
95.20
94 28
93.88
9424
9462
9468
94 81
95. 10
9457
95. 19

$154 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
288. 62
279. 28
280. 30
280. 99
282. 98
281. 00
282. 30
284 70
289. 98
293. 83
297. 35
302. 44
305. 96
310. 68

$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 78
352. 86
357. 64
356. 85
359. 29
361. 74
366. 92
365. 79
366. 46
375. 87
375. 18
379. 81
383. 90
399. 74

Percent ch*inge from a
year e arlier,
total prh/ate nonagricu Itural 5
Current
dollars

Current dollan3

Also includes other private industry groups shown on p. 14.
'Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
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
164 96
175. 91
172. 13
172. 04
173. 45
172. 16
173. 98
173. 86
174 90
176. 96
178. 48
180. 00
182. 25
181. 69
184 76

7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
6.9
6.8
6.6

8. 2

6.5
6.4
5.7
6.6

6. 4

7.5
8.4
7.7
9.2

1967
dollars
4. 1

-.0

-4 1
-3.2
1.4
1.2
.2

-3.4
-5.5
-6.2
-6.5
-7.0
-5.6
-6.9
-6.9
-6.5
-5.4
-5.5
-46

-3.8
-42

-2.3

* Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
NOTE.—Seasonally adjusted data in 1967 dollars revised beginning 1976.
Source: Department of Labor, Bureau of Labor Statistics.

15

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

Out]put*
Period

Output per hour
of all i>ersons

Compe nsation
perllour 3

Unit labor
CO sts

Implici t price
defla tor 4

PriNonNonNonNonPriPriNonNonPrivate
Private
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
1977== 100; qua rterly da1 a season ally ad justed

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
542

51.4
^ 548

59.5
63.5

59.3
63.4

60.3
63.3

60.5
63.4

1970
1971
1972
1973
1974

78.5
80.9
86.2
92.0
90.2

78.1
80.4
85.9
91.9
90. 1

91.2
90.7
93.4
97.0
97.4

90.0
89.7
92.5
96.4
96.8

86. 1
89.2
92.4
948
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
842

67.6
69.7
71.7
75.2
843

66.2
69. 1
71.5
75.3
82.4

66.4
69.4
71.4
741
81.6

1975
1976
1977
1978
1979

88.5
94 1
100.0
104.7
107.7

88.1
94.0
100.0
1049
107.7

93.4
96. 1
100.0
104.9
108. 4

92.7
95.9
100.0
105. 1
108.8

948
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

nas

90. 2
948
100.0
108. 6
119. 9

90.5
948
100. 0
108. 7
120.0

90.4
947
100.0
107.4
116. 9

89.9
945
100.0
107.0
116.2

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

114.9
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

98.6
97.9
98.8
98.3

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

1980

.

Perceiat change ; quarterl]f data at seasonall y adjustec1 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

40
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
.4
3. 1
42
.4

.9
3.6
3.5
2.7
-2.3

.3
3.3
3.7
2.5
2.4

7.4
6.6
6.5
8.0
9.4

7.0
6.6
6.7
7.6
9.4

6.4
2.9
2.9
5.2
11.9

6.6
3. 1
2.8
49
12.1

45
4.4
3.4
5.4
9.4

48
45
3.0
3.7
10.1

1975
1976.
1977
1978
1979

-1.9
6.3
6.3
4.7
2.8

-2.2
6.7
6.4
49
2.7

-4 1
2.9
4.0
4.9
3.3

-4.2
3.4
43
5. 1
3.5

2.3
3.3
2. 1
—.2
-.4

2.1
3.2
2.0
-.2
-.8

9.6
8.6
7.7
8.4
9.9

9.6
8. 1
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
47
5.6
7.4
8.8

10.3
5. 1
5.8
7.0
8.6

1980

-.9

-1.0

-.5

-.4

~"~~. 4k

-.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
40
2.8

5.0
-1. 1
41
1.8

-.8
-.2
-1.5
-1. 1

-.9
-1.9
-1.4
-.3

11.6
10.9
8.5
8.6

10.9
10.0
8.1
9.6

12.4
11.2
10. 1
9.8

11. 9
12. 1
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

.5
-9.9
—.4
8.2

1.4
-9.4
—.9
7.5

1.3
-1.9
1.5
-2.8

.0
-3.0
3.8
-1.9

10.4
12.2
9.7
8.4

9.9
11.2
9.3
9.6

9.0
144
8. 1
11.5

9.9
14 6
5.3
11.8

9.7
10.5
9.8
9. 9

11.3
11.3
8.2
10.0

»Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
s 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



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

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 0.6 percent in January following increases of 1.0 percent in December and. 1.7 percent in
November.
INDEX, 1967=100*

(RATIO SCALE)

INDEX, 1967=100* (RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

UTILITIES AND MINING PRODUCTION
180

160
UTILITIES

140

120

v %

MINING

110

MANUFACTURING PRODUCTION

180

,I

1977

1978

1979

1980

1981

PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE

160

90
140

80
120

70

1981

1977

1977

1978

1979

1980

1981

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 proportion
1974
1975
1976
1977

1978___
1979
1980 »
1980: Jan
Feb
Mar
Apr
May__

June.
July
Aug.

SeptOct
Nov
Dec v

1981: Jan *_ _

Total in dustrial
produ ction
Percent
Index,
1967= change
from
100
year
earlier
100. 00
-. 4
129. 3
117.8
-8.9
130.5
10.8
138. 2
5.9
5.7
146. 1
4.4
152.5
147. 1
-3. 5

152. 7
152. 6
152. 1
148.3
144.0
141. 5
140.4
141.8
144. 1
146. 9
149.4
150.9
151. 8

.5

.1

-.9

-1.9
-5.7
-7.5
-8.2
-6.8
-5.6
-3.8
1.9

-1. 1

-. 6

COUNCIL OF ECONOMIC ADVISERS

[Seasonally adjusted]
Indu 3try prodiiction ind<3xes, 1967= 100
Mi mufacturi ng
Mining

Utilities

85.97
134. 6
126.4
141. 8
150. 5
156. 9
164. 0
161. 1

6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7

5. 69
143.7
146.0
151.7
156. 5
161. 4
166.0
170.3

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

144.7
144. 1
143. 4
138.4
133.3
129.9
128. 3
129.4
131.7
135.8
139.3
140.4

166.0
165.9
164. 7
161. 6
158.0
155.3
154.7
156.9
160. 3
161.8
163. 3
164.9

133.5
132.9
133. 0
133. 1
133.4
132. 9
130.6
129.6
130. 5
132.1
135.4
137.7

164.8
167. 1
172.0
169. 1
167.7
169.3
171.8
173.8
172.7
170.4
171.3
173.6

86. 1
85.6
84. 7
82. 1
78. 3
75. 7
73.7
74. 6
76.3
78.4
80.3
81.3

83.9
83.5
82.8
80. 3
77.6
75.7
74. 9
75.5
76.6
78.2
79.4
79.8

141. 1

165.7

139.4

175.3

81.7

80.0

Total

Durable

Nondurable

87. 95

129.4
116.3
130.3
138. 4
146.8
153.6
146.6

51.98
125.7
109. 3
122. 3
130. 0
139. 7
146.4
136. 6

153.4
153. 0
152. 1
147.9
143. 4
140.3
139. 1
140.6
143.4
146.4
149. 1
150.4

151. 1

12 Output as percent of capacity.
Annual data are averages of four monthly indexes.
3
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.




Capacit y utilizati< 3n rate, p ercent 1
Mi inufacturi ng
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series
series 3
series
83
77
81
83
84
83

90. 2
79.4
85.5
88. 1
90.9
92.6

80

91.3

76

85. 7

76

83. 5

Sources: Board of Governors of the Federal Reserve System, Department of
ommerce (Bureau of Economic Analysis), and Wharton School of Finance.
Com:

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proclucts
Final 1Products
Equip>ment

Coiisumer goods

Period
Total

Total
1967 proportion
1971
1972
1973
1974
1975
1976
—
1977
1978
1979
1980"
—
1980: Jan
Feb
Mar
Apr
__ _ —
May
_—
June
July
Aug
_ _
Sept
Oct
Nov
Dee*.
1981: Jan »

47.82
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142. 2
147.2
145.3
147. 0
147.7
147.7
145. 4
143. 1
142.3
142.4
142. 8
143. 9
145.8
147.4
148. 1
148.6

27.68
1147
124.4
131.5
128.9
124. 0
137.1
145.3
149. 1
150.8
145.5
147.9
148.4
148.6
145.3
142.4
142. 1
142.0
142.7
144. 3
146.6
147.9
147.9
147.8

Internatediate
prod ucts

NonDurable durable
goods
goods
19.79
7.89
113. 1
118.8
120.6
133.8
146.2
125.6
126. 3
135.3
125. 1
121.4
135.2
141. 9
141.9
154.0
145. 1
159.2
148.8
155.8
149.2
136.5
142. 3
150. 1
144. 5
150.0
150.3
144. 1
148.8
136.3
147.7
128.8
147.6
128.2
147.4
128.3
148.3
128. 6
148.9
132.7
149.4
139.6
149.9
142.9
141.1
150. 6
151.9
137.5

Total

Business

Total

20.14

12.63
104. 1
118.0
134.2
142.4
128.2
135.4
147.8
160.3
171. 3
173.2
174. 9
176.0
176. 1
174.2
171.9
169.8
170. 1
170.3
170.5
172.3
174.6
176.4
178.2

12.89
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160.5
151.9
160.8
159.2
158.3
150.8
146.2
143.5
144.5
147.6
150.6
152. 4
153.6
156.2
157.5

94.7
103.8
114.5
120.0
110.2
114. 6
123.0
132.8
142.2
145.1
145. 8
146. 6
146.6
145.6
144. 0
142.6
142. 9
142.9
143.2
144.8
146. 8
148.3
149.7

Construction
supplies
6. 42
116.8
128.4
139.8
134.5
116.3
132. 6
140.6
151.7
158.0
140. 8
156.4
153.8
152.3
139.4
133. 0
128.5
128.6
133. 1
137.4
140. 5
142.8
145.9
147. 7

Materials

89.29
111.3
122.3
133. 9
132. 4
115.5
131. 7
138. 6
148.3
156.4
147.7
157.0
156.5
155.3
151.0
144.3
140.0
136. 5
138.6
142.4
146.4
150. 4
152.7
153.8

Supplementary
group:
Energy
total
12. 2S
119.5
125.2
128.3
125.5
125.5
129. 1
132.9
135.4
137.9
138.9
138.6
139.4
139.6
139. 1
137.9
138.4
139.2
139.2
138.2
136. 8
139. 1
141. 1
142.4

[1967=100, seasonally adjusted]
Durable m anufactu res

Primary? metals
Period
Total

1967 proportion
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 »
1980: Jan
Feb
Mar
Apr
May__ _
June
July
Aug
Sept
Oct
Nov
Dec v. _
1981: Jan*

6.57
100.2
112. 1
126.7
123. 1
96.4
109.7
111. 1
119.9
121. 3
101.7
__ 116.4
111.9
113. 7
106.4
96. 1
90.4
81. 7
_
86.0
90. 1
100.6
_ 113.5
113.3
112.7

Iron
and
steel

4.21
96. 1
107. 1
122. 3
119.8
95.8
104. 8
103.8
113. 2
113. 2
91.8
107. 2
103.4
105.9
97. 4
84.4
75.4
68. 1
75.3
79.8
93.3
107.2
104.7

trical
machin—
ery

5.93
103.5
112. 1
124.7
124.2
109. 9
123. 9
131.0
141. 6
148.5
134.9
145. 0
145.7
145.5
141.4
133.2
126. 1
123.8
125.8
129.0
132.8
133.9
136.3
137.6

100.2
116.0
133.7
140. 1
125. 1
134.5
143.6
153.6
163.7
162.6
167. 1
167.0
166.5
163. 2
162. 1
158.3
158.5
158.8
159. 1
161. 1
163.4
165. 2
167. 8

Source: Board of Governors of the Federal Reserve System.

18



Non-

Fabricated
metal
products

9. 15

Electrical
machinery

8.05
107.7
122.2
143. 1
143.8
116.5
134. 8
145.4
159. 4
175.0
172.8
181.7
179.2
179.2
177.0
171.4
166.6
165.0
166.7
167.5
170.0
173.3
175.3
177.3

Non<lurable rnanufact ures

Transp ortation
equip>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
116.7
122. 1
125.7
123. 8
115. 1
109.8
110.0
110.7
108.3
112. 9
118.8
121.7
120.5
117.5

4.50
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169.9
159.9
118.8
126.2
133.9
130. 1
114.7
105.9
106.7
107.9
104.4
113. 4
124.2
129.0
126.7
119.4

Lumber
and
products

ApF
pareli
products

1.64
113.8
120.8
126.0
116.2
107.6
123. 2
131.2
136.3
136.9
119. 5
131.6
130. 2
125.3
105.2
104.5
109. 7
112.8
121. 7
122.6
122.2
124.9
124.7

104.7
109.4
117. 3
114.3
107.6
125.7
134.2
134.2
134.4
129.0
131.5
133. 8
136. 1
131.3
128.6
127.2
121.5
123.8
126.7
127.5
129.9

3. SI

Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts

4. 72
107. 1
112. 7
118.2
118. 2
113.3
122. 5
127.6
131. 5
136.9
139.6
138. 9
139.9
139.2
136.5
135. 5
135.4
138.6
140. 3
140.3
141. 5
142.7
144.8
146.2

7. 74
125. 9
143. 6
154.5
159.4
147.2
170.9
185. 7
197.4
211.8
206. 6
218.0
217.4
213.6
209. 1
199. 2
191. 1
190.3
197.8
206. 8
209.1
212.1
217.3

8. 76
112.8
116. 8
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149. 1
148. 5
149.0
149.3
147.8
149. 5
149.0
148.9
148.3
148.6
149.4
149.5
149. 7|

NEW CONSTRUCTION
Constructio n contracts1

Private
Period

Total new
construction
expenditures

Resid ential
Total

Total1

Commercial and
industrial

New
housing

Other

Federal,
State,
and
local

Total value
index
(1972=
100)

Commercial and
industrial
floor space
(millions of
square feet)

103.0
101.9
121.0
153. 6
174. 1
185.6
161.8

840
555
592
739
977
1,059
898

Billions of doll ars

138.5
134.5
151, 1
174.0
205.5
229.0
227.8

1974
1975
1976
1977
1978
1979
1980 »..

100.2
93.7
111.9
135.8
159.6
179.9
172.6

50.4
46.5
60.5
81.0
93.4
99. 0
86.2

23.8
20.8
19.9
22.5
29.6
39.9
43.4

40.6
34.4
47.3
65.7
75.8
78.6
62.8

25.9
26.4
31.5
32.4
36.6
41.0
43.0

38.3
40.9
39. 1
38.2
45.9
49.0
55.2

Seasonally
adjusted

Seas on all]1 adjusted aiinual rates
1980: Jan
Feb
Mar
Apr
May

June
July
Aug
Sept
Oct
Novp
Dee _
1981: Jan » _ _ _
U

J

259.6
248.8
237.1
225. 8
218.9
215.0
214.3
215. 1
223. 7
226. 1
231.6
242.4
255.6

198. 1
191.7
180.6
171.5
164.8
161. 3
158.6
162. 1
167.9
171. 1
177.9
184. 0
192. 0

47.4
46.4
43.8
44.5
44. 3
44.6
41.3
41. 0
40.5
41.4
42. 3
45.5
48.0

80.7
75. 1
68.4
60.7
55.2
51.9
52.2
56. 1
60. 8
63.5
69. 2
71. 1
75.7

105.8
101.5
94.0
83.5
77.0
73.4
74.3
78.6
84.4
87.4
93.7
96. 0
100.7

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

44.9
43. 8
42.8
43.5
43.5
43.4
43.0
42. 4
43. 0
42.3
41. 9
42.5
43.3

61.5
57.0
56.5
54.3
54.1
53.7
55.7
53. 1
55.8
55. 1
53.7
58.4
63.7

190
171
155
130
125
145
148
192
163
167
210
193
185

Seasonally
adjusted
annual
rates
1, 135
1,011
967
881
805
857
857
824
822
865
1,034
1,169
944

NOTE.—Floor space data revised for 1980.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]

New priv ate homes

Kfew private lousing unit,s

Period

Units started, by type of struicture
Total

1973
1974
1975
1976
1977
1978
1979
1980"

2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 0

1 unit
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852. 1

2-4
units

118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.8

5 or more
units
795.0
381.6
204.3
289.2
414.4
462.0
429.0
330. 1

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 of 1
period

2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 498. 5

634
519
549
646
819
817
709
531

418
346
313
353
402
414
3
398
337

1,787
1,832
1, 669
1,897
1,536
1,469
1,502
1,405
1,256
1, 285
1,269
1,380

596
529
470
353
471
532
625
616
563
549
559
527
493

393
382
376
364
351
341
335
331
335
334
338
337
336

Vacancy
rate for
rental
housing
units
(percent)2
5.8
6.2
6.0
5.6
5.2
5.0
5.3

Seasonally adjusted aiinual rates
1980: Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov*
Dec"
1981: Jan »
1
a
8

1,389
1, 273
1,040
1,044
938

1, 184
1,277
1,411
1,482
1,519
1,550
1,532
1,585

965
777
628
650
651
760
867
971

1,032
1,009
1,019

971
941

Seasonally adjusted.
Quarterly data entered in last month of quarter.
New series beginning March 1979.




119
98
89
99
87
77
83
133
140
121
143
135
142

305
398
323
295
200
347
327
307
310
389
388
426
502

1,271
1, 168
968
789
825

1,078
1,236
1,361
1,564
1, 333
1,355
1,235
1,213

5.0
5.4
5.5
4.8

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1973-77 are for 14,000 places.
Seasonally adjusted housing starts and homes sold revised beginning 1978.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—TOTAL AND 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* (RATIO SCALE)

BILOUN513F DOLLARS *
140
130

600
550

(RATIO SCALE)

120

500

RETAIL INVENTORIES

450

V

110

TOTAL BUSINESS
INVENTORIES

100

400

90

350

80

300

70

irt«.,.«

RETAIL SALES

60

250

^S

TOTAL

BUSINESS
SALES

50

200

40

RATIO*
1.80

150

1.70

1977

1979

1978

1980

1981

1980

1981

INVENTORY-SALES RATIO

1.60

RETAIL

1.50
1.40

TOTAL BUSINESS

1.30

1 1 M 11

100

1977

1978

1979

him

1.20
1980

1977

1981

1979

1978

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total b usiness l

Who iesale

Period

29
C 1
Sales

Inventories 8

InvenCS If* 29.
Sales tories
"

Inventoi•y-sales
rat io 4

Re tail

Sales 2
TVvf «i1

In ventorie s*

DurNonable durable
goods goods
stores stores

TVvfol

NonDurable durable
goods goods
stores stores

Total
business l

Retail

Mill ons of d o liars, seasonally adjusted

1973
1974
1975
1976
1977
1978
1979
1980 »
1979: Dec
1980: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec »

152, 237
175, 741
180, 263
202, 001
224, 786
254, 297
288, 388
1.. 310, 852

234, 162
285, 518
285, 035
310,736
337, 432
380, 643
426, 796
456, 322

36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 551
82, 280

46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 676
99, 541

42, 461
45, 083
49, 013
54, 784
60, 435
66, 741
73, 837
78, 694

14, 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
25, 032

28, 052 63, 237 28, 418
30, 965 71, 067 32, 861
33, 766 71, 744 33, 356
36, 633 79, 273 37, 841
39, 711 89, 210 42, 970
43, 283 101, 538 50, 100
48, 158 108,862 53, 087
53, 662 112, 288 51, 856

34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
60, 432

1.43
1.47
1.58
1.48
1.44
1.41
1.41
1.44

302, 117
312, 458
310, 181
_
305, 165
294, 998
292, 478
294, 203
304, 154
_ _ _ 308, 019
318, 321
_ 325, 838
328, 983
;__ 333, 018

426, 796
431, 420
435, 155
439, 114
445, 170
445, 801
447, 031
449, 510
451, 951
454, 566
456, 532
457, 986
456, 322

78, 678
80, 906
79, 299
78, 550
76, 391
76, 376
76, 629
80, 189
82, 606
85, 470
88, 532
89, 136
91, 333

89, 676
90, 690
91, 342
91, 497
92, 378
92, 562
93, 633
94, 619
97,111
98, 111
99, 275
99, 956
99, 541

77, 150
79, 464
77, 993
76, 534
75, Oil
74, 587
76, 001
78, 287
78, 770
80, 087
80, 609
82, 125
82, 362

25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 212
25, 076
24, 821
25, 868
25, 591
26, 524
26, 185

51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 789
53, 211
53, 949
54, 219
55, 018
55, 601
56, 177

108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110, 252 52, 490
109, 837 51, 792
109, 768 51, 645
110, 786 51, 531
111,323 52, 383
112,840 52, 238
114, 381 52, 687
113, 940 52, 804
112, 288 51, 856

55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58, 123
59, 255
58, 940
60, 602
61, 694
61, 136
60, 432

1.41
1.38
1. 40
1.44
1.51
1.52
1.52
1.48
1.47
1.43
1.40
1.39
1.37

1981: Jan *
1

1.41
1.36
1.39
1.43
1.47
1.47
1.44
1.42
1.41
1.41
1.42
1.39
1.36

84, 009 26, 936 57, 073

The lerm "business" also includes manufacturing (see page 21).
*3 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.




1

x

1.40
1.48
1.44
1.38
1.39
1.43
1.45
1.41

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. According to advance data, durable goods
orders fell in January while shipments rose slightly.
BILL) DNS OF DOLLARS* (RATIOSCALE)
200
180 " SHIPME

-

NTS

160

—

140
120

240

r^^^

TOTAL

-

H

-^

—-***""""'
__*

BiLLIC3NS OF DOLU\RS * (RATIO S CALE)
280

200

~

!

_

- INVENTORES
_

— i_—-——— —i _^———-^

X

__

^^•—"'''"l
***?!^——

—

TOTAL
;

160

»-•--«-—-

_

100

80

»

*—% ,»«.*•**"*'*' *'
"1^
'"

60

-

DUR-ABLE GOODS

*-***"

—«.•———""***"

"V

*••*"*'*****

•*""*^—y^^

-

t^..»..— ••"'"

80
NONDURAB LE GOODS

^.
^

••

120

_^

-?-*-

1 111 1 1111 11

~
-

RAT o*
22

-

DURABLE C OODS
"~"
'- •""'^ y/
v/
.—*****"
%

x-^""^
^-*

- ..-"""

1.8

^

I,,,,,
1978

—

_

s~\.

|

1 .1 1 1 1 1 1 . . 1

1979

1980

IIM1

1.6

Vy — ^^

1.4

_

,,,,,!
1981

1.2

/^^\

—JA ^^—-^'^
*^_
^—^^,~Jv*~^

~

40
1977

INVENT*^RY-SHIP^/IENTS RA"no

*

NONDURABL E GOODS

, , ,. ,i . , i . .

MMlllllll
1977

Ml»llll«

1978

COUNCIL OF ECONOMIC ADVISERS

Manufac turers* sh pments

Total

\^

M 1 M I 1 1 1 11 1 1 1 1111 11 11 1 1 1 11 I 1 M 11
1979
1981
1980

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Period

1 1 M 1 I | M 11

1981

1980

^

sr
-^ *-'(*

I Mi i i

i i i i < I i i i > iM M l l l l l l l
1979
1978

1977

2.0

\

80

-;

— \"

Af)

~*S*^

~

_

.LLU.LLu.LiJ

f-V—"t—^ ~^^f
^>~—^s^
TOTAL

100

60

~

.•*•'

NONDUR/\BLE GOODS

i i i . i I1 1 i ii , i , , , i i i . .,

BILLI DNS OF DOLL ARS* (RATIO SC:ALE)
200
180 —NEW OF3DERS
160

"
-

DURABLE GOODS

_

60

140

\

100

4U

111i 1111111

'"

l

NonDurable durable
goods
goods

Manufact urers' inv entories

Total

2

NonDurable durable
goods
goods

Manu facturers ' new orders l

Total

Durab e goods
ManufacCapital
Nonturers'
goods
durable
unfilled
indusTotal
goods orders 3
tries,
nondefense

Manufacturers'
inventory —
shipments
ratio *

Millio ns of dollsirs, seasonally adjusted

1974
1975
1976
1977
1978
1979
1980-.-

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, 915
158, 178
170, 156
180, 224
198, 334
228, 258
244, 493

101,
101,
109,
115,
129,
151,
161,

866
766
095
751
456
689
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

1980: Jan___
Feb_._
Mar__
Apr
May__
June__
July_.
Aug.—
Sept__
Oct.__
Nov
Dec___

152, 088
152, 889
150, 081
143, 596
141, 515
141,573
145, 678
146, 643
152, 764
156, 697
157, 722
159, 323

77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
79, 741
80, 027

74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193
77, 200
77, 981
79, 296

232, 294
235, 096
238, 522
242, 540
243, 402
243. 630
244, 105
243, 517
243, 615
242, 876
244, 090
244, 493

154, 043
155, 314
157, 127
159, 877
160, 607
160, 404
160, 875
161, 081
160, 691
160, 137
160, 977
161, 907

78, 251
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436
82, 924
82, 739
83, 113
82, 586

155, 588
154, 603
152, 065
143, 313
138, 920
138, 5S2
147, 104
147, 180
155, 262
158, 054
158, 775
162, 157

81, 467
81, 021
77, 546
72,416
67, 328
66, 454
74, 228
72, 229
78, 960
80, 693
81, 047
82, 654

23, 859
21, 480
22, 590
22, 162
19, 589
19, 954
21, 608
19, 371
20, 860
20, 618
21, 849
21, 673

74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302
77, 361
77, 728
79, 503

283,211
284, 924
286, 907
286, 629
284, 033
281, 044
282, 463
282, 997
285, 497
286, 849
287, 907
290, 735

1.53
1.54
1. 59
1.69
1.72
1. 72
1. 68
1.66
1.59
1.55
1.55
1.53

80, 851

23, 494

1981: Jan*

80, 231

J Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
s End of period.
* For annual periods, ratio of weighted average inventories to average monthly




shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.

21

PRODUCER PRICES

PRICES

In January, the producer price index for all finished goods rose 0.9 percent, seasonally adjusted. Prices of finished
consumer foods were about unchanged and prices of other finished consumer goods were up 1.2 percent. Prices of
capital equipment rose 1.0 percent.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967 =100 (RATIO SCALE)
280

- 160

140

140

120

120

100

100
1981

1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[i96<r=100; month]y data iseasonal ly adjussted]
^inishec I goods

Imbermedi ate
rnateria]Is
Total
finished
CapiFoods
consumer 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
184.5 178.9 201.7 191.0 202.4
199. 1 192.6 215.5 201.0 216.4
216.7 215.7 242.8 223.2 244. 0
239.5 248. 8 280. 1 252.2 281.3
228. 2 235.8 267.3 228. 1 269.4
230. 0 239.3 272.0 238. 1 273. 6
232. 1 242. 1 274.0 233.2 276. 1
235.8 243. 3 274.7 229. 0 277.2
236. 6 244. 5 276.4 239.9 278.2
238.2 246.6 278.4 241. 0 280.3
241. 1 251. 2 281. 0 251.0 282.3
243. 6 254.3 283.7 266.0 284. 1
243.9 255. 1 285.2 267.9 285.6
247. 0 256.5 286. 8 280.3 286.4
248.4 258.4 289. 8 284.3 289.3
250.6 259.4 293.3 268. 4 294.2
253.0 261.5 296.8 268.7 298. 0

Finished goods e xcludin g
cons inner fc»ods

Period

Total
finConished sumer
goods foods Total

Conssinner coods
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

127. 9
147.5
163.4
170.3
180.6
194.6
216. 1
246.8
234.2
237. 3
239.9
241. 7
242.8
244.8
249.0
252. 0
252.7
254.5
256.3
257.5
259.7

146.4
166.9
181.0
180.2
189.2
206.7
226.3
239.4
232. 0
230. 7
232.9
229. 8
230.8
232. 1
240.6
247. 0
248.3
249.5
250.3
250. 5
250.6

120.1
139.3
156.2
165.5
176.2
188.9
210.8
247.7
233.4
237.9
240. 7
244.2
245.3
247. 5
250.2
252. 0
252. 5
254. 5
256.6
258.2
261. 1

118.6
138.6
153. 1
161.8
172. 1
183.7
208.2
248.5
232.5
238.2
241.2
244. 5
245.8
248.2
250. 8
252. 3
252.8
254.3
256.7
258.0
261.0

Intermediate materials for food manufacturing and feeds.

22



Timahl<»

115.4
125. 9
138.2
144. 4
152.2
165. 8
181.9
205.9
198.9
202.2
200.8
201.5
201. 7
204.7
207.7
209.4
209. 1
211.3
212. 5
212.4
212. 5

Nondurable
120.5
146.8
163.0
173.3
185.4
195.4
225.9
283.9
261.4
269. 1
275. 9
281.5
283. 6
285. 6
287. 8
289. 1
290.3
291.2
294. 7
297.2
302.3

rri A i

Crud e mateiials

Total

174.0
196. 1
196.9
205. 1
214.3
240. 1
282.2
304.2
288.8
295. 1
288.4
283. 1
286. 1
288. 3
303. 6
317.5
321.8
326.9
329.2
325. 3
322. 1

Foodstuffs
and
feedstuffs
180. 0
189.4
19L8
190. 1
190.9
215.3
247.2
259. 1
245.9
250.3
242.9
234.4
238. 7
242.7
260.9
276.8
278.7
282. 8
283. 3
275.8
272.9

Other

162.5
208.9
206.9
233.6
258.4
286.7
348.3
399.9
379.6
390.0
384.9
386. 6
386.6
385. 1
394. 3
403.6
413.0
420. 3
426.5
430. 1
426. 6

NOTE.—Data beginning 1976 revised to reflect 1972 input-output relationships
and new seasonal adjustments. Data for September 1980 revised, routinely,
to reflect late reports, etc.
Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In January, the consumer price index (or all urban consumers rose 0.7 percent, seasonally adjusted (0.8 percent unadjusted). Food prices fell 0.1 percent (rose 0.8 percent unadjusted) and nonfood commodity prices were up 1.0
percent (0.6 percent unadjusted). Services prices were up 0.9 percent (1.1 percent unadjusted).
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967= 100 (RATIO SCALE)

140

120
1973
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]

All
items

Food

Commodities
less
food

1973....
133.1
1974.
147. 7
1975..,
161. 2
1976..
.. 170.5
1977
181. 5
1978
195.4
1979
_ 217.4
1980. ._,
246.8

141.4
161.7
175.4
180. 8
192. 2
211.4
234.5
254.6

123.5
136.6
149.1
156. 6
165. 1
174.7
195. 1
222.0

Period

Services

commodities

All

Food
at
home

Food
away
from
home

139.1
152. 1
166.6
180.4
194.3
210.9
234.2
270.3

129.9
145.5
158.4
165.2
174. 7
187.1
208.4
233.9

141.4
161.7
175.4
180.8
192.2
211. 4
234 5
254.6

141. 4
162.4
175.8
179. 5
190.2
210.2
232.9
251.5

141.4
159.4
174.3
186.1
200. 3
218.4
242.9
267.0

233. 2
236.4
239.8
242.5
244.9
247. 6
247.8
249.4
251.7
253.9
256.2
258.4
260. 5

243.8
244. 9
247. 3
249. 1
250.4
252.0
254.8
258.7
261. 1
262.4
264.5
266.4
268. 6

210. 4
213.8
216.7
218.6
220.2
221.4
222.2
224.2
226.6
228.3
230.0
231.0
232. 4

253. 1
256.8
261.3
265.3
269. 2
274.2
272.4
272.5
274.8
277.9
280.9
284.7
287.7

223.6
226. 1
228. 6
229.7
230.7
231. 6
233.0
235.9
238. 9
241. 1
243.5
245.2
246.6

NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.




All

123.5
136.6
149. 1
156.6
165.1
174.7
195. 1
222.0

Services

Dur_ i_i _
able

Nondurable

121.9
130. 6
145.5
154.3
163.2
173.9
191. 1
210.4

124.8
140.9
151.7
158.3
166. 5
174.3
198.7
235.2

139.1
152.1
166.6
180.4
194.3
210.9
234.2
270.3

202.2
203. 0
204.0
205. 2
206. 7
207.7
208.8
212. 1
215.2
217.6
220.4
221. 3
221.9

222.2
228.8
233.3
234.3
234.9
235.5
236.4
237.4
238.4
239.2
240.3
242.0
247.0

253.6
257.2
261.6
265.5
269.4
274. 1
272.4
272.7
274.6
277.9
281.5
285.5
288. 0

Seasonal]y adjust ed

Unacljusted

1980: Jan
Feb,___
Mar
Apr^
May_-_
June...
July_._
Aug
Sept...
Oct
Nov...
Dec
1981: Jan__

Comnlodities less food

Food

245.3
244. 9
247.0
248.3
249.3
250.5
252.9
257. 6
262.0
264.4
267.6
270.2
269.8

241. 9
240.8
243.0
244. 0
244. 9
245.8
248.7
254. 6
259.8
262.2
265.6
268.0
266.9

257. 1
258.5
260.5
262.3
263. 7
265.6
266.9
268.9
271.4
273.6
276.5
279.4
282.0

211.3
214.9
217. 5
218.5
219.5
220. 3
221.3
223.4
225. 9
228.0
230.0
231.3
233.6

Seasonally adjusted data revised beginning 1976.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

Percen , change from pre ceding
perioc ; season:lUy adjusted 1

Percent , change from 3 nlonths
earlie r; season ally adjuisted
annual rates

Percen t change from 6 ntionths
earlie r; season ally adjiisted
annua rates

Consunw3r goods

Consume2r goods

Consumesr goods

Total
finished
goods

Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods

Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods

Capital
equipExclud- ment
Foods
ing
foods

3.8
11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.7

8.0
22. 5
13. 0
5.5
-2.5
6.9
11.7
7.4
7.3

2.0
7.4
20.5
3.7
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

1980: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1.6
1.3
1. 1
.8
.5
.8
1.7
1.2
.3
.7
.7
.5

-.6
-.6
1.0
-1.3
.4
.6
3.7
2.7
.5
.5
.3
.1

2.9
2.5
1.3
1.4
.5
1.0
1.0
.6
.2
.6
.9
.5

1.5
.8
.9
1.6
.3
.7
1.2
1.0
.1
1.3
.6
.9

16.3
16.1
17.5
13.4
9.6
8.4
12.6
16.0
13.5
9. 1
7.0
7.8

6.6
-2.7
.9
-3.7
.2
-1.4
20.2
31.2
31.0
15.6
5.5
3.6

22.9
28.1
29.7
22.3
13.4
12. 1
10.7
11.0
7.6
5.7
7.2
8.5

12.9
13. 0
13.6
14.0
12.0
10.9
9.3
12.4
9.9
10.2
8. 1
11.4

16. 1
17.0
15.6
14.9
12.8
12.9
13. 0
12.8
11.0
10.9
11.4
10.6

7.6
5.6
4. 1
1.3
-1.3
— 1. 1
7.6
14.6
13.7
17.9
17.6
16.5

23.3
25.7
23.5
22.6
20.5
20.6
16.4
12.2
9.8
8.2
9.1
8. 1

10.1
11.4
11.7
13.4
12.5
12.3
11.6
12.2
10.4
9.7
10.2
10.7

1981: Jan

.9

.0

1.2

1.0

8.4

1.8

11.0

10.1

8.8

8.5

8.3

10.1

1972
1973
1974
1975
1976
1977
1978
1979
1980.__.

Source: Department of Labor, Bureau of Labor Statistics.

i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data.

CHANGES IN CONSUMER PRICES
Percen t change5 from pre ceding
period ; seasoilally adju sted1

Percent change frc>m 3 mont lis earlier; Percent c lange frc m 6 mont is earlier;
seasoniilly adju sted annu al rates
seasonsilly ad jus?ted annuiil rates
Commodities
i ___
less
food

—
-

3.4
8.8
12. 2
7.0
48
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

Commodities
i_
less
food
2.5
5.0
13.2
6.2
5. 1
4.9
7.7
14.3
11.5

1980: Jan___
Feb__.
Mar__
Apr
May__
June
July__
Aug___
Sept..
Oct___
Nov_.
Dec__.

1.4
1.3
1.3
.9
.9
1.0
.1
.8
1.0
1.0
1. 1
1.0

.1
-.2
.9
.5
.4
.5
1.0
1.9
1.7
.9
1.2
1.0

1.8
1.7
1.2
.5
.5
.4
.5
.9
1. 1
.9
.9
.6

.1,5
1.4
1.7
1. 5
1.5
1.7
-.6
.1
.7
1.2
1.3
1.4

15.7
16. 5
17.3
15.0
13. 1
11.4
8.0
7.6
7.8
12. 0
13. 5
13.2

8.9
4.9
3.3
5.0
7.4
5.8
7.6
14. 0
19.7
19.5
16. 5
13. 1

17.2
20. 1
20. 7
14.3
8.8
5.2
5.2
7.3
10. 6
12.7
12.4
9.9

17.7
18. 1
20. 1
20. 1
20.4
20.5
10.8
5.0
.7
8.3
13. 5
16.8

14.9
15.4
15.8
15.3
14.8
14. 3
11.4
10.3
9. 6
10.0
10. 5
10.5

8.9
8.3
7.7
6.9
6. 1
4.5
6.3
10.6
12.5
13.4
15.2
16.3

16.0
17.0
16. 9
15.7
14. 3
12.7
9.7
8. 1
7.9
8.9
9.8
10.2

16.7
17.0
18.2
18.9
19. 2
20.3
15.4
12.4
10.2
9.6
9.2
8.5

1981: Jan___

.7

—. 1

1.0

.9

11.8

8.4

10.2

15.3

11.9

13.8

11.4

11.8

Period

1972
1973
1974
1975..
1976.
1977
1978
1979
1980

All
items

Food

Services

All
items




All
items

Food

Commodities
i
less
food

Services

3.6
6.2
11.3
8. 1
7.3
7.9
9.3
13.7
14.2

i 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

Services

Seasonally adjusted data revised beginning 1976.
Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.4 percent in February and prices paid by farmers rose 0.3 percent in the month ended
February 15.
INDEX, 1967=100

INDEX, 1967=100

(RATIO SCALE)

100 | i i i I i I II II < I M I III I I I I I JJJ.1 I 1 I 1 J II II III 1 II J I I I 1.1 1.1 1 I I II I n l I 1 I I | i M 1 I I I i I I I I I I I I

(RATIO SCALE)

I i I i I i I I I t I I I i i I I i I 100
RATIO 1

RATIO -I/

80

80
1981

1973
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

[1967=100]
Prices received by fa rmers
Period

All farm
products

19731974
1975
1976
1977
1978
1979
1980
1980: Feb
Mar
Apr
May
June
July
AugSept
Oct
Nov
Dec
1981: Jan
Feb*
1
Includes
2

.

.

Crops

Livestock
and
products

Ratio 2

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

239
234
225
228
233
247
257
261
261
264
265

221
220
218
224
228
242
252
260
259
271
272

255
247
232
232
237
252
262
263
263
260
259

272
276
276
276
279
281
284
287
289
291
292

285
288
287
287
289
291
295
299
300
303
303

268
272
270
270
273
275
280
284
286
289
290

88
85
82
83
84
88
90
91
90
91
91

264
263

276
275

253
254

299
300

312
312

293
294

88
88

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




Pric 3S paid by famners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, and
and wage
wage rates *
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.

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK MEASURES AND LIQUID ASSETS

In January, the narrow measures of money were affected by inflows from demand and other accounts to NOW accounts, authorized nationwide on December 31, 1980. Growth in M-2 and M-3 accelerated.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400

BILLIONS OF DOLLARS'(RATIO SCALE)

COUNCIL OF ECONOMIC ADVISERS

Period

1974: Dec-;;.1,.,;,!,,...,™
1975: Dee^vU-.--,,—
1976: Dee-.w
1977: Dee.. .,_„__..
1978: Dee-_
1979: Dec _
1980: Dec
1980: Jan_
Feb
Mar
Apr,
May
June
July
Aug
____
Sept
.
Get
Nov_
Dec
1981: Jan *

[Averages of daily figures; billions of dollars, seasonally adjusted]
M2
Ml-B
M3
Ml-A
L
Ml-B plus
overnight
M2 plus
RPs and
Ml-A plus Eurodollars, large time
MMMF
deposits
other
shares, and
and term
M3 plus
Currency
checkable
other liquid
RPs at
plus
deposits at savings and
small time commercial
assets
demand
banks and
banks and
deposits at
deposit^ K
thrift
thrift
institutions Commercial
banks and institutions
thrift
institutions 2
1, 244. 1
906. 2
1, 058. 6
275. 7
275. 3
289.0
1, 371. 4
1, 022. 4
1, 161. 0
287.9
307.7
1, 526. 1
1, 299. 7
305. 0
1, 166. 7
1, 294. 1
1, 460. 3
1, 720. 2
328.4
332.6
1, 934. 9
1, 401. 5
1, 623. 6
360. 1
351.6
2, 151. 8
386.9
1, 526. 0
1, 775. 5
369.8
1, 957. 9
411.9
1, 673. 4
3848
1, 534. 7
388.3
2, 166. 0
1, 786. 6
370.6
391.4
2, 188. 5
1, 805. 4
1, 547. 6
373.5
2, 203. 8
391.4
1, 554. 6
1, 813. 0
372.9
2, 213. 3
1, 550. 4
386. 3
1, 811. 9
366.7
1, 563. 7
1, 825. 7
2, 229. 8
367. 1
386. 1
2, 242. 7
391.3
1, 587. 6
1, 846. 2
370.9
2,258.2
395.5
1, 612. 5
1, 867. 7
373.5
2, 282. 7
1, 889. 5
402.7
1, 632. 5
379. 5
408.0
1, 644. 4
2, 306. 5
1, 904. 6
383.4
1, 921. 8
412.0
2, 319. 1
386.3
1, 656. 5
1, 946. 1
1, 670. 8
2, 346. 5
388.4
415. 0
1, 957. 9
1, 673. 4
384.8
411.9
1, 978. 4
416. 1
1, 681. 9
372.8

* Net of demand deposits due tc foreign commercial banks and official
institutions.
* Total M2 excludes demand deposits held by thrift institutions at commercial
banks, not shown separately in components.

26



8

I*ercent change 3

Ml-A Ml-B

4.2
4.6
5.9
7.7

7. 1

5.2

4. 1
4.8
5.3
3.9
.2
-.5
.6
1.6
3.2
5.7

11.0
11.9
7.6
-.4

43
48
6.5
8.1
8.3
7.4
6.5
5.7
6.0
47
1.7
.8
2.3
3.7
5.9
8.7

13.7
15.5
10.8
10.7

M2

5.6

12.8
14. 1
10.9
8.3
8.9
9.7
7.7
7.6
7.0
5.4
6.3
8.2

10.4
11.3
11.9
14.2
142

11.1
8.8

M3

8.5
9.7

11.9
12.4
11.2
9.4

10.3
9.2
9.4
7.9
6.2
6,9
8.1
9.3
9.5

10. 4
12.5
13.6
12.5
12.2

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
Money
Over- market
SavDe- Other repurnight
chase
Cur- mand check- agree- Euro- mutual ings
dePeriod rency de- 1 able ments dollars fund
shares posits
posits deposits (RPs)
(netl
\lH3\iJ
NSA

NSA

NSA

NSA

Dec:
1974. 67.8
1975. 73.8
1976. 80.7
1977. 88.7
1978_ 97.6
1979. 106.3
1980" 116. 4

207.4
214. 1
224.4
239.7
253.9
263.5
268. 4

17.0
27. 1

13. 6
17.6
21. 9
21.7
27.6

1980:
Jan.. 107.3
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

263.3
265.4
264. 0
257.7
256.9
259.9
261.4
266.0
269.5
271.2
272.6
268.4

17.7
17.9
18.4
19.5
19.0
20.4
22.0
23.2
24.6
25.7
26.6
27. 1

23.0
24.2
22.7
19.4
20.5
21.7
25.5
27.9
29.2
28. 1
27.9
27.6

4. 1
4. 1
3.6
2.7
2.8
2.9
3.6
3.7
3.7
4.4
4.7
4.6

49. 1
56.7
60.9
60.4
66.8
74.2
80.6
80.7
78.2
77.4
77.0
75.8

1981:
Jan ». 116. 6 256.2

43.3

27.8

5.1

80.7 377.5

0.4

1. 1

2.7
4.2
8.6

7.2
7.5

0.0
.0
.0
1.0
2.0
3.6
4.6

Term
Shortrepur- Term
term
nomi- nomi- chase Euro- Sav- Treas- BankCom1
nation nation agree- dollars ings
ury
merers
time ments (net) bonds secu- accept- cial
time
(RPs)
dederities ances paper
posits 2 posits 2
NSA
NSA
Small

Large

288.9
340.4
396.6
454.9
533.8

656. 2

144. 0
129.6
118. 0
145.2
194.7
219. 0

660.9

221.6

2.3 333.9
3.6 383.9

3. 4 447. 7

3.8 486.4

10.3 475. 8
43.6 417.0
75.8 393.6
412.4
404. 0

393.3
379.4
375.2
384.6

398. 0
408. 1
412. 1
414.2
407. 9
393.6

* Net of demand deposits due to foreign commercial banks and official institutions.
2
Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.

de-

de-

248.0

763.2

8.4
9.0

15.0
21. 0
27.3
30.5
36.5

741.6
763.2

226.8
229.8
238.8
248.0

30.3
30.3
28.9
29. 1
28.9
30.0
31. 1
33.8
33.5
35.5
36.5
36.5

777.8

257. 9

38.6

670. 2

685.7
705.3

715.3
715.8
712.4
712.6
716.4
723.6

227.4
229.5
232.4

233. 1

228.6
224.0

223. 3

63.2
67.2
13.0 71.8
18.4 76.6
30.0 80.6
43.1 80.0

53.4
76.8
80.7
89. 5
98.7
127.5

12.3
22.6
28.4

50.2
48. 1
51.8
63. 1
79.4
97.3

79.2
78. 1
76.8
75.2
74. 0
73.3
72.8
72.6
73.2
74.6
72.9

127.8
129.3
137. 2
147.2
152. 1
148.7
144.7
147.2
154.8
149.1
149.7

27.7
26.9
27.9
28.5
28.3
29. 1
28.9
2S.5
30.0
31.0
32.5

99.0
99.3
99.8
100. 6
99.5
96.5
95.8
96.6
98.7
99.0
99.2

8. 1
9.8

45.6
49.5
49.2
49.9
50.3
48.9
48.4
48.4
45.2
43.6
46. 1

10.7

8.5
9.0

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]
Installertent credit e xtended
* J
Period

Installirtent credit li quidated

Net change* in amount outstanding

T>

Total l

Automobile

Revolving

Total l

Automobile

Revolving

Total l

Automobile

Revolving

173, 035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305, 887

49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002

28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580

152, 817
163, 276
172, 675
189, 179
222, 138
254, 589
286, 396
304, 477

43, 696
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037

26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655

20, 218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410

5, 910
495
2,976
10, 465
15, 204
18, 736
14, 715
-35

2,003
1,970
1,340
2,170
6,248
9,035
8,628
2,925

__

26, 638

7,735

10, 146

24, 605

6, 721

9,745

2,033

1,014

401

1980: Jan
Feb
Mar_,_ T __
Apr
Mav
Jime___
July
Aug
Sept
Oct.
__
Ifov
Dec

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

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

1,538
982
513
— 643
-1,041
-1,026
-717
355
84
201
245
302

529
722
261
-330
-287
-95
38
281
478
273
265
616

1973__. _,.__..__
1974
1975___ _ _ _ _ _ _ _ _
1976_
1977_
1978
___
1979.
1980
1979: Dec

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




Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS AND INVESTMENTS, AND RESERVES
Bank credit growth picked up in January. Total reserves were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

ALL COMMERCIAL

1,200

BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

BANKS

1,200

1,000

1,000

800

800
600

600

AND LEASES
400

400

200
180
160

200
180
160
140

INVESTMENT IN OTHER SECURITIES

140

INVESTMENT IN
"U.S. TREASURY SECURITIES

120

120

100

100

80

80

60

60

i Iiii

40

L-Ll

1973

1974

40

I I I I !

1975

1977

1976

1978

1980

1979

1981

*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS 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: Jan
Feb
Mar
Apr
May
June
Julv..._
Aug
Sept
Oct
Nov
Dec. _

713.6
744.6
804 3
891. 1
1, 014. 3
1, 132. 5
1, 234. 1

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
Depositc>ry instituitions3
Allc ommereial t>anks l
i
Borrowiiigs (milReserves
lions of dollars,
Loans iand leases
Investnients
unadji listed)
d
CommerU .S.
Other
SeaNonRecial and Treasury
Total
Total
Total 2 industrial
secuborrowed
sonal
quired
securities rities
loans
32
703
35.94
36.41
36.66
519.9
140.0
197.3
53.7
13
3454
3440
127
516.9
3467
82. 1
145.7
189.8
12
62
34.90
3485
3463
5548
191.2
100. 6
149. 0
54
558
35.81
36.00
35.43
632. 1
211.2
99.5
159. 6
134
874
40.29
40.93
747.8
41. 16
93.4
173. 1
246.5
82
1,473
43. 13
41.98
847.2
43.46
93.8
191.5
290.5
38.44
116
1,617
39. 58
40. 13
910.1
323.1
109.6 2143

1, 144 8
1, 162. 7
1, 165. 2
1, 161. 0
1, 154. 9
1, 152. 0
_ 1, 160. 0
1, 177. 2
1, 191. 0
1, 204. 5
1, 221. 2
1, 234 1

858.5
872.7
8747
871.6
860.6
853.5
855.0
865.8
876.4
886.2
899.4
910. 1

295.6
301. 1
302.8
301.2
297.7
295.4
296.2
301.4
306.0
312.0
318.4
323. 1

1, 250. 8

921.5

327.9

1981: Jan 4

97.0
100.9
104 4
106.6
107.9
109.3
109.6

193. 1
195.2
196.0
196.2
199.7
201.5
2042
207.0
208.0
210.3
212.5
2143

43.44
43.35
43.67
44.85
4445
43.96
42. 78
40.75
41.52
41.73
41.23
40. 13

42.20
41.70
40.85
42.39
43.43
43.58
42.39
40.09
40.21
40.42
39. 17
38.44

43.19
43. 14
43.48
44 65
4427
43.76
42.50
40.45
41.26
41.52
40.73
39.58

1,241
1,655
2,824
2, 455
1,018
380
395
659

1,311
1,335
2, 156
1,617

75
96
150
155
63
12
7
10
26
67
99
116

112. 7

216.5

40. 10

38.70

39.56

1,405

120

93.2
948
945

93.2

946

» Data are averages of Wednesday figures.
* Excludes loans to commercial banks in the United States.
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.
3

28



1

Data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Credil i market i unds

Period

Total

Inter-1
nal

Total
Total

Securities
and

mortgages

Loans
and
shortterm
paper

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

107.7
133. 3
166.5
209. 1
201.5
164.9
220.3
259.8
320.4
375.4
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

1980:1
II
III
IV*

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

1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends, and subsidiaries'earnings retained abroad.
2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.

DisIncrepcrease
ancy
(sources
in
less
finan• i
cial
uses)
assets

Total

Capital
expenditures 3

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

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

15.5
14.3
8. 1
13.8
20.8
28.3
24.8
29.4
31.4

37.4
-.17. 3
24.2
35.3

326.9
195.7
301.7
322. 3

234.0
218.4
213. 8
234.3

92.9
-22.8
87.9
88. 0

30.0
37.2
25.2
33.2

Other 2

5. 1
14.5
23.2
44.3
33.7

8.5

6.9
8.8

3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System.

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

Curreiat assets
End of period
Total

Cash

Notes
U.S.
governand
Invenment
acsecuri- counts tories
ties receivable

Other
current
assets

Total^

Net

Notes
Other
and
current
accounts liabilitlAQ
payable

working
capital

Current
ratio l

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
902.1
1977.
1978
1, 030. 0
1979
1, 200. 9

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

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

__ 1, 235. 2
1, 233. 8

110.2
111.4

15. 1
13.9

471.2
464. 2

519.5
525.7

119.3
118.7

838.3
828. 1

467.9
463. 1

370.4
364. 9

397.0
405. 7

1.474
1.490

1979: I
II

III

* Total current assets divided by total current liabilities.
* Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
1




See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Tradt
Commission, and Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Short-term interest rates came down somewhat in late February, but longer-term bond yields registered smaller declines.
PERCENT PER ANNUM

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1973
COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Trejasury seeurilty yields
Period

3-month
bills1

1975
1976
1977
.
1978
—~
1979
1980
1980: Feb
Mar
Apr
May
June
July

5. 838
4. 989
5. 265
7. 221
10. 041
11. 506
12. 814
15. 526
14. 003
9. 150
__

6.995

8. 126

Aug

9.259
n_

10. 321
11. 580
13. 888
15. 661
14. 724
14. 905

1981: Jan 31
Feb 7._—
14
21.
28
Mar 7

15. 199
14. 657
15. 397
15. 464
14. 103
14. 463

Sept

Oct
Nov
Dec
1981: Jan
Feb
Week ended:

Constant n laturities 2
3-year

10-year

High-grade Corporate Prime communicipal
mercial
Aaa
paper,
bonds
(Standard
4-6
3 (Moody's)
& Poor's)
months 4

7.49
6.77
6.69
8.29
9.71
11. 55
12.84
14.05
12. 02
9.44
8.91
9.27
10. 63
11.57
12. 01
13.31
13.65
13.01
13.65

7.99
7.61
7.42
8.41
9.44
11. 46
12.41
12.75
11.47
10. 18
9.78
10.25
11. 10
11. 51
11.75
12.68
12.84
12.57
13. 19

6.89
6. 49
5.56
5.90
6.39
8.51
8.04
9.09
8.40
7.37
7.60
8.08
8.62
8.95
9. 11
9.55
10.09
9.65
10.03

8.83
8.43
8.02
8.73
9.63
11.94
12. 38
12.96
12. 04
10. 99
10.58
11. 07
11. 64
12.02
12.31
12.97
13.21
12. 81
13.35

6.33
5.35
5.60
7.99
4
10. 91
12.29
13.60
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. 13
13.41
13.86
13.53
13.80

12.74
12.95
13.39
13. 16
13.32

9.89
9.85
9.99
10.09
10. 17
—.

12.98
13.07
13.41
13.51
13.45

15. 02
14.90
15.20
15. 02
14.45

1 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.
2

30



Discount
rate

Prime
rate
charged

Bank) •

banks 5

(N.Y.
F.R.

by

7.86
6.25
6. 84
5. 50
6. 83
5.46
9.06
7.46
12.67
10. 28
15.27
11.77
12-13
15^-163^
3
13-13 16 4-19K
13-13 19>i-19^
13-12 *18l/2-14
14-42
12-11
12-11
11-10
10-10
11-I1H
10-11 11H-13
11-11 13^2-14/2
11-12
14K2-1734
12-13
17*A-2iy2
21H-20
13-13
20-19
13-13
13-13
13-13
13-13
13-13
13-13
13-

Newhome
mortgage
vields
(FHLBB)«

9.01
8.99
9. 01
9.54
10.77
12.65
11.93
12.62
13.03
13. 68
12.66
12.48
12. 25
12.35
12.61
13.04
13.28
13.28

20-20
20-19K

19M-19K
19K2-19H
19H-19

19-

* 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 1,1680 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
Stock prices continued to back off a bit through late February and then recovered somewhat in the last week.
INDEX, DEC 31,1965=50

INDEX, DEC 31,1965=50

80

70 -

COMPOSITE PRICE INDEX STOCK
(NYSE)

EARNINGS-PRICE RATIO ON COMMON STOCKS

5 -

- 5

1973

1981

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

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent)»

Cominon stock pirices l
Period

Composite Industrial Transportation

1975
1976
1977
1978___
...
1979__._—
1980
1980: Feb...
Mar
Apr...
May
June
July.......
Aug
Sept
Get
Nov
Dec
1981: Jan
Feb_
Week ended:
1981: Jan 17____
24
31
Feb 7
14
21.. ..
28

Utility

45.73
5446
53. 69
53.70
58.32
68. 10
66.06
59.52
58.47
61.38
65.43
68.56
70.87
73. 12
75.17
78. 15
76.69
76. 24
73.52

50. 52
60.44
57.86
58.23
64.76
78. 70
76.42
68.71
66.31
69.39
74. 47
78.67
82. 15
84.92
88.00
92.32
90.37
89. 23
85. 74

31. 10
39.57
41.09
43.50
47.34
60.61
57.92
51.77
48.62
51. 07
54. 04
59. 14
62. 48
65.89
70.76
77.23
75. 74
74.43
72.76

31.50
36.97
40. 92
39. 22
38.21
37.35
36. 22
33.38
35.29
37.31
38.53
38.77
38. 18
38.77
38.44
38.35
37.84
38.53
37.59

76.75
75. 52
74.68
73. 79
73.47
72.95
73.75

89.91
88.31
87. 25
85.97
85.59
85.08
86.17

74. 46
74.27
73.66
74.36
73.09
71.50
71.82

3R57
38.39
38. 08
37.84
37. 75
37.43
37. 32

1
Average of daily closing prices,
a8 Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
«Includes 500 stocks.
* Staiidard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.




Standard
& Poor's
DowEarningsJones
composite Dividendprice
price
index
industrial
ratio
ratio
Finance
average 3 (1941-43=
10) 4
9.15
47. 14
431
802. 49
86.16
52. 94
974.92
102. 01
8.90
3.77
4.62
55. 25
98.20
10.79
89463
56.65
12. 03
96.02
820. 23
5.28
61.42
13. 46
5.47
844 40
103. 01
64.25
5.26
891. 41
118. 78
61.84
5.24
115.34
878. 22
1498
5.87
54.71
803. 56
10469
57.32
6.05
102. 97
786. 33
5.77
107. 69
61.47
828. 19
5.39
65. 16
869. 86
114.55
13.08
5. 20
66.76
909.79
119. 83
67.22
5.06
123. 50
947. 33
11.78
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
68.48
128. 40
945. 50

New York Stock Exeb ange indexe s(Dec. 31, 1 965=50) *

70.62
69.03
68.43
68.63
68.51
67.72
68.92

968. 72
949. 71
945. 43
942. 93
941. 29
939. 06
957. 42

133. 85
131. 57
130. 22
128. 84
128. 24
127. 37
128. 93

476
483

4.89
4.97
5.00
5.00
5.02

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.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 4 months of fiscal 1981, there was a budget deficit of $40.4 billion, compared to a deficit of $28.9 billion
a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
800

800

RECEIPTS AND OUTLAYS'

700

700

600

600

500

500'

OUTLAYS

400

400

300

300

200
50

50
SURPLUS (*) OR DEFICIT (-)

0

0
-50

-50

-100

-100
1973

1974

1975

1976

1977

1978

1979

1980

1982

19S1

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:
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981 *
1982 !. ..
Cumulative total, first 4 months:
Fiscal year 1980
_ _
Fiscal year 1981

_

i Estimates from Budget of the United States Government, Fiscal Year 1982,
January 15,1981.

32



Outlays

Receipts

Surplus or
deficit ( — )

Federal debt ( end of period)
Held by
the public

188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402. 0
465. 9
520.0
607.5
711.8

211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450. 8
493.6
579.6
662.7
739.3

-23.0
-23.4
-148
-4.7
—45. 2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.6
-55.2
-27.5

409. 5
437.3
468.4
486.2
544. 1
631.9
646.4
709. 1
780.4
833.8
914. 3
992. 4
1, 057. 7

304. 3
323.8
343.0
346. 1
396. 9
480.3
498.3
551.8
610.9
644. 6
715. 1
787. 1
832. 1

157.5
179.2

186.4
219.7

-28.9
-40.4

854.7
940. 5

668.8
749.5

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

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1981, budget receipts were $21.7 billion higher than a year earlier and budget outlays
were $33.3 billion higher.
X^
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS j

200

100

600

600
OUTLAYS

500

500

400

400
NONDEFENSE

\

300

300

200

200
NATIONAL DEFENSE

100

100
1973

1974

1975

1976

1977

1978

1979

1981

1980

1982

V

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

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

[Billions of dollars]
()utlays

Rece ipts
Nationa]I defense
Period

Fiscal year or period :
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981 *
__
1982 i

Total

188.4
208. 6
232.2
264.9
281. 0
___ 300. 0
81.8
357.8
402.0
465.9
520. 0
_
607.5
711.8

Cumulative total, first 4
months :
Fiscal year 1980 _.
Fiscal year 1981
_

157.5
179.2

Total

211.4
232.0
247. 1
269. 6
326.2
366.4
94.7
402. 7
450. 8
493. 6
579. 6
662.7
739.3

75.8
76.6
74.5
77. 8
85.6
89.4
22. 3
97. 5
105. 2
117.7
135.9
161. 1
184.4

74.5
75. 1
73.2
77. 6
84.9
87.9
21.9
95.6
103. 0
115.0
132.8
157.6
180.0

186.4
219.7

42. 9
50. 1

42. 0
49. 0

86.2
94. 7
103.2
119. 0
122.4
131.6
38.8
157.6
181.0
217.8
244. 1
284.0
331.7

54 9
60.0
65. 7
64.6
66.0
64. 6

75.4
81.7
92.8
107.4
118.0
127.0
34.5
145.2
161. 1
182.4
211.4
257.5
315.5

84.7
96.7

15. 1
13. 8

57.7
68.7

26. 8
32.2
36.2
38. 6
40.6
41.4

8.5

1
Estimates from Budget of the United States Government, Fiscal Year 1982,
January 15,1961.




Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military

Indi- Corpovidual ration Other
income income
taxes
taxes

Total

4. 1
4.7

4. 1
5.7

6. 9

5.6
2.2
4.8
5.9
6.1

10.7
11.3
12.2
4. 0

3.3

70. 1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209.8
251.3
297.7
329.6

19. 6
20.6
22. 8
28. 0
30.9
34.5

38.0
44.0
52.6
64.5
80.4
89. 9

7.2

41.8
48. 8
53.9
51. 6
66.5
76. 1
21.5
85.7
105.9
107.5
117.3
112.3
123.2

77.9
95.4

20.5
25.3

41.0
45.5

Sources: Department of the Treasury and Office oi Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1980, according to current estimates, Federal receipts rose $19.9 billion (annual rate) and expenditures rose $27.7 billion, yielding a deficit of $74.2 billion, $7.7 billion higher than in the second quarter. In
the fourth quarter, according to revised estimates, expenditures rose $24.4 billion/ receipts data are incomplete.
BULKDNS
700

,

BILLIONS OF DO LLARS
700

OF DOLLARS

SEASOI*JALLY ADJUSTED ANh UAL RATES

..'X

600

_
Cf\f\

_
crjn

-^
EXPEN DITURES

400
—
-•"*

+*(

300

^^
d

V

^^

*«*

-

200

Ann

/
s/
s> —x

i

l

l

I

I

I

X
i

50

^-r

r---^
/
-

300

I

I

I

I

I

|

I

I

I

DEFICIT

-50
1flA

WMMV®

1<?75

1974

i

i

i i i

i

I

I

I K
N

200

50

•j i Illl••II

Q

400

RECEIPTS

i

SURPLUS

1973

i i

,V""'

'

**d
r
X

...

1976

1978

1977

mm

B

1979

ll

-

-50

1981

1980

CALENDAR YEARS
SOURCE. DEPARTMENT O F COMMERCE

COUNCIL O F ECONOMIC ADVISERS

[Bill]tons of d<)llars; quarterly data at sea;sonally adjuf ited annual irates]

Period

Surplus

F€jderal Gcjvernmeiit expentlitures

Federal (jiovernm ent receipts

Subsidies Less: deficit
GrantsWage
less
( }
Indirect ContriPurin-aid
- ' ,
Personal Corpocurrent accruals national
chases Trans- to State Net
rate business butions
tax
and
income
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
and
tax
ments local
nontax social inand
paid Govern- disreceipts accruals
services
accruals surance
ment en- burse- product
governterprises 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

245
27.2
29. 1
35.7

116.2
133.4
152. 7
171.3

411.7
450. 5
494.7
57a2

140.3
150.7
163.4
190.2

169.8
182.2
201.8
239.3

66.3
74.7
79. 1
86.7

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
-140
-50.9

Calendar
year:
375. 1
1977
1978
431.5
494.4
1979
1980 »
539.4
477.0
1979: I
!!___ 485.9
III.. 500.6
IV__. 5140
1980: I
528.4
II. __ 520.9
III.. 540.8
IV *_

170. 1
194.9
231.4
257.8
216.7
225.7
236.2
247. 1
246. 9
252.0
259.4
273.0

61.6
71.2
746

25.0
28. 1
29.4
40.6
29.4
29.4
29.3
29.6
31.9
38.7
42. 9
48.9

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
601.6
488.4
494 0
515.8
538.6
5647
587.3
615. 0
639.4

143.9
153.4
167.9
198.9
1648
163.6
165. 1
178. 1
190.0
198.7
194.9
212. 1

172.8
185.6
209. 1
249.4
196.8
201.4
216. 6
221.7
228.9
236.0
265.3
267.6

67.5
77.3
80.4
87.9
78.2
77.8
80.8
84.9
85.5
87.2
87.7
91.4

29. 1
35.2
42.3
53.4
40.0
42.0
42. 9
44 4
50.3
544
53.5
55.3

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
-148
-62.3
-11.5
-8. 1
-15.2
-245
-36.3
-66.5
-742

ea7

75.3
73.5
75.3
743
80. 5
60.9
66.7

Sources: Department of Commerce (Bureauof 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 dustrial produc tion (seaisonally iadjustec 1)
Period

1974
1975
1976
1977._
1978
1979
1980 »„
1980: Feb
Mar....
Apr
Mav
June....
July....
Aug
Sept....
Oct "...
Nov •*..
Dec "...
1981: Jan'—.

United
States

Canada

129.3
117.8
130.5
138.2
146. 1
152.5
147. 1
152.6
152. 1
148.3
144.0
141.5
140.4
141.8
144. 1
146.9
149. 4
150.9
151.8

147.5
139. 6
147.3
150.5
156.7
164. 0
,_
162.9
166.0
162.3
158.9
157.6
157. 2
158.9
161.8
163.1
164. 4

France

Germany

Italy

183. 1
148
139
163. 9
182.0
149
152
189. 7
155
201. 1
161
217.7
.,
232.5
166
241.3
166
233.1
166
236. 9
234.4
160
232.1
160
165
233. 1
222.1
165
156
231.3
160
233.3
230.2
156
233.6

145. 1
137. 1
149. 1
152.7
155. 3
163.2

140.6
127.6
143.5
145. 1
147.9
157. 6
165.4
174.9
174.2
176.6
162.5
167.1
165.2
142.7
160.9
163.4
169.9
159.4

Japan

169
169
168
164
163
164
161
160
163
164

Con*sumer p rices (uiladjustec I)

United United CanKing- States1 ada Japan France
dom

120.0
114.3
117.4
123.0
126.8
131.4

147.7
161.2
170.5
181.5
195.4
217.4
246.8
236.4
239.8
242.5
244.9
247.6
247.8
249.4
251.7
253. 9
256.2
258.4
260.5

127.2
125.8
124.0
123.8
123.9
122.8
119. 1
117.3
117.8
117-8

• Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-

144.5
160.1
172. 1
185.9
202.5
221.0
243.5
233 3
235.8
237.2
240.0
242.7
244.5
246,8
249.0
251.2
254.3
255.8
259.1

184.0
205.8
224.9
243.0
252.3
261.3
282.2
273.3
275.5
280.2
282. 7
283.5
284.2
283.7
288.1
288. 5
289. 1
287.2

160.0
178. 9
196. 1
214.5
233.9
259.1
293.6
280.2
283.4
286.7
289.3
291. 1
295.5
298.4
301.0
304. 3
306.4
309.1

Germany
136. 1
144.2
150.4
155.9
160.2
166.8
175. 9
172.8
173. 8
174.9
175.6
176.5
176.8
177.0
177.0
177.3
178.3
179. 4
180.9

Italy

159.7
186.8
218. 1
255.2
286.2
328.5
398.1
3743
378. 2
384.3
388.2
391.7
398.7
403.5
411.6
418.6
427.4
433.0

United
Kingdom

174.3
216.5
252.4
292.4
316.6
359. 0
423.6
399.7
405.1
419.0
422. 8
426.8
430.4
431.3
434. 1
436.8
440.3
442.7
445.5

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]
Merellandise exports l

Merc mndise imports
1

Domes ti e exports$
Period

Total
domes*
tic and
foreign Total
exports

2

Ge neral im ports

Food, Crude
Food, Crude
bever- mate- Manu*
bever- mate- ManiH
fae2
faerials
ages,
rials
ages,
tured
tured Total and
and to- and
and
togoods
goods
bacco
fuels
fuels
bacco

P.a.s. valu<i 5

Monthly
average:
1973
_ _ _ 5,902
1974
8,167

5,811
8,053

,078
, 269

895
1, 317

1974
8, 167
1975
8,966
1976
9,596
1977
10, 096
1978
11,965
1979
15,138
1980
18, 386
1980: Jan... 17, 419
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
Dee__. 19, 251
1981: Jan "_. 18, 825

8, 053
8,842
9,456
9, 912
11,753
14,869
18, 036
17, 079
16, 695
17, 887
18, 228
17, 270
18, 059
17, 953
18, 771
18, 521
18, 770
18, 344
18, 918
18, 459

,269
,399
,436
1,330
1,717
2,049
2,534
2,208
2,176
2,535
2,375
2,153
2,365
2,445
2,534
2,724
2,886
2,909
3,099
2,926

1,317
1,266
1,341
1,548
1, 746
2,352
2,810
2,847
2,811
2,961
2,877
2,891
2,867
2,825
3, 149
2,752
2, 554
2,447
2,746
2,896

Custonris value
3,728
5,294

5,790
8, 450

5,294 8,387
5,913 8,048
6, 437 10,084
6,679 12, 307
7,873 14, 332
9,716 17,188
11,991 20, 406
11,364 21,142
11, 253 21, 779
11, 557 20,947
11,860 19, 766
11,541 20, 587
12, 124 20, 353
12, 227 19, 139
12, 448 19, 713
12, 483 19, 941
12, 473 20, 347
12, 241 19, 860
12, 368 1 21, 436
11,913 j 23, 194

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 197S.
t J° i inc
!ud,lses commodities and transactions not classified according to kind.
arrlTa
a £°<, /cost
. of imported goods other than intransit shipments.
TT M/-J » insurance, and freight) import value at first port of entry in tht
United btates. Data for 1973 are estimates.
•*~*if f * (?ee alon8?de sniP> val«e basis: at U.S. port of exportation for export
and at foreign port of exportation for imports.



Men:'handise trade
balance
ExExports
(f.tl.S.)
ports Exports
(f.a.s.) (f.a.s.)
less
Total
imless
less
(e.i.f.
imports
imvalue) * ports
ports
(e.i.f.)
(customs (f.a.s.)
value^

770
892
F.a.s.
892
827
991
1,186
1, 312
1,478
1,546
1, 663
1,411
1,558
1,498
1,536
1,592
1,594
1, 467
1,391
1,583
1,680
1,583
1,748

1, 120
2,653
value §
2,672
2,716
3,457
4,463
4, 325
5,949
7,831
8, 145
9,173
8,577
7,744
8,034
8, 174
6,853
7,292
7,112
7,506
7,059
8,331
9,041

3,750
4, 684
4,602
4,257
5,398
6, 379
8,360
9,357
10, 427
10, 815
10, 576
10, 345
9,971
10, 421
10, 063
10, 138
10, 390
10, 524
10, 520
10, 572
10, 897
11, 777

6, 131
9, 033

112
-283

—221

-229
-366

—866
—283 —221
9,033
918
312
8,654
853
—581 —488 —1, 229
10, 825
13, 130 -2, 297 —2,211 —3, 034
15, 258 -2,473 -2, 367 -3,293
18, 238 -2, 117 -2, 050 -3, 101
-2, 020 -3,030
21,415
-3, 723 -4, 880
22, 299
-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

NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 revised.
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
Although the merchandise trade deficit rose in the fourth quarter of 1980f the deficit for the year as a whole ($26.7
billion) was $2.6 billion lower than in 1979.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

-15
1972

1980

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Inviistment iiicomes

M erchandise 12

Period

1973
1974
1975
1976
1§77_
1978. „_-_
1979
1980 *

Exports

Imports

WA+
jw e \i •
halUi**—

ance

Re- • Payceipts ments

71, 410 -70,499
911 21, 808 -9, 655
98, 306 -103,649 -5,343 27, 587 -12,084
107, 088 -98, 041
9, 047 25, 351 -12,564
114, 745 -124,051 -9, 306 29, 286 -13, 311
120, 816 -151,689 -30,873 32, 587 -14,598
142, 054 -175,813 -33,759 42, 972 -22, 073
182, 069 -211,453 -29, 384 65, 970 — 33, 460
221, 974 -248, 709 26, 735

-7,225
-7, 980
-8, 731
-9, 524

1979:I___
II—
IIIIV. ,

41, 807
42, 817
47, 206
50, 239

-46,922
-50,876
-54,259
— 59,396

1980: 1....
II
III".

54, 603
54, 606
56,184
56, 581

-65,452 -10,849 20, 846 -10,752
-62, 108 -7,502 16, 641 -10,508
-59,009 -2, 825 19, 113 -10,646
— 62, 140 -5,559

rvx_

1
Excludes military grants.
1
Adjusted from Census data
3

-5, 115 14, 263
-8, 059 15, 250
-7, 053 18, 050
-9, 157 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.

36



Net

NetNet
travel Other
servand
miliices,
transtary
net 1
trans- portation
actions
receipts

12, 153 -2, 070 -3, 158
15, 503 -1,653 -3, 188
12, 787
-746 -2,792
15, 975
559 -2,558
17,989
1, 628 -3,293
886 -3, 188
20, 899
32, 510 — 1, 275 -2, 695

Balance
on
goods
and
services *

Remittances,
pensions,
and
other
unilateral
trans^
fers 1

Balance
on
current
account

3,184 11, 021 -3,881
7,140
2, 124
3,986
9,309 -7, 186
4,598 22, 893 -4, 613 18, 280
9, 382 -4, 998 4,384
4,711
5, OS6 -9,464 -4, 605-14,068
5,959 -9,204 -5,055 -14,259
-788
4,878 -5,666
5, 806

2,732
-110
2,506
-250

-1,324
1,408
-1,383 -1,493
1,099
-1,407
— 1,552 -1,802

7, 038
7,270
9,319
8,883

-29
-102
-443
-700

-611
-637
—834
-613

1,448
1,428
1,524
1,405

10, 094
6, 133
8,467

-922
-944
-632

-690
-296
-248

-798 -1,812 —2, 610
1,570
1, 557 -1,105 -1,326 -2, 431
4,900
6,377 -1,477
1,618

NOTE.—Merchandise data for 1979 and 1980 are as revised in the January 1981
issue; other data to be revised late?.
Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the third quarter, capital outflows fell 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
40

BILLIONS OF DOLLARS

40

-30

-40

-40
1972

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit al outflow ( -)]
Period
Total

1973,..
1974
1975
1976
1977
1978
1979
1980 9
1979: !..__
II...
III_»_
IV.._
1980: I..—
II..III 9,
IV 9

U.S.
official
reserve
assets l 2

-22, 874
158
-34, 745 -1,467
-39,703
-849
-51,269 -2,558
-35, 793
-375
-61, 191
732
-61,774 -1,133
— 8, 154
-7,768 -3, 585
-15,300
322
-25, 215
2, 779
-13,492
-649
-12,711 -3, 268
-25, 712
502
-20, 196 -1,109
-4,279

Foreigii assets in the U.S.,
net [inerease/e«ipital inflow

c+)p

Other
U.S.
Government
assets

U.S.
private
assets

-2, 644
366
-3,474
-4,214
-3,693
-4,644
-3,783

-20, 388
-33,643
-35,380
-44, 498
-31,725
-57, 279
-56, 858

6,026
18,388
10, 546
34, 241
7, 027
15, 670
17, 693
36, 518
36, 575
50, 741
33,293
64, 096
37,575 -14,271

12, 362
23, 696
8,643
18, 826
14, 167
30, 804
51,845

-1,102
-991
-766
-925
-1,467
-1,191
-1,320

-3, 081
-14,631
-27, 228
-11,918
-7,976
-25,023
-17,767

-8, 744
2,201
6,407 -10,095
5,789
24, 941
4,025 -1,221
7, 194 -7, 215
7,775
7,949
8,025
11, 003

10, 945
16, 502
19,152
5, 246
14,409
174
2, 978

Total

» Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.




Foreign
official
assets

Other
foreign
assets

Statis tical
discre]>aney

U.S.
official
Allocareserve
tions
assets,
of
TWal
Of
net*
special
(sum
of
which:
(unaddrawing
Seasonal
the
rights
adjust- justed,
items
end of
(SDR)
with sign ment
reversed) discrep- period)
ancy

1, 139

1,139

1,152

-2, 654
-1,620
5, 753
10, 367
-880
11,354
23, 848

74
3,020
1,167
10, 385
-825 -3, 641
11, 269
2,400
-99
6,975
1,460
20, 194
4,293 -4,022

14, 378
15,883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
21,655
21, 268
18, 557
18, 956
21,491
21, 943
22, 994
26, 756

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross National Product.
Gross National Product in 1972 Dollars.
Implicit Price Delators for Gross
Product.
Changes in GNP and GNP Wee Measures.;..............................
Nonfinanciai Corporate
—Output, Costs,
Profits.
National Income.
Personal Consumption Expenditures.
Sources of Personal Income.
Disposition of Personal Income.................:
Farm Income.

1
2
2
3
3
4
4
5
6
7

Corporate Profits.

8

Gross Private Domestic Investment.
Expenditures for New Plant and Equipment—Nonfann Business.............

9
10

...

EMPLOYMENT,
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

11
12
13
14
15
15
16

ACTIVITY

Industrial Production and Capacity Utilization.
Industrial Production—Major Market Groups and Selected Manufactures.... %.
New Construction.
New Private Housing and Vacancy Rates...................
Business Sales and Inventories—Total and Trade.
Manufacturers* Shipments, Inventories, and Orders.

17
18
19
19
20
21

PRICES
Producer Prices.................................................... —
Consumer Prices.
Changes in Producer Prices.
Changes in Consumer Wees.
Prices Received and Paid by Farmers........................................

22
23
24
24
25

MONEY, CREDIT, AND
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 Nonfinanciai Corporate Business.
Current Assets and Liabilities of Nonfinanciai Corporations.
Interest Rates and Bond Yields.
Common Stock Prices and Yields.

26
27
27
28
29
29
30
31

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

32
33
34

INTERNATIONAL
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Exports and Imports.
U.S. International Transactions.
For sale by the

Price

of Documents, U.8. Government Printing Office, Washington, B.C. 2W02
copy).
price: $lf.OO per year; $21.25
tar foreign, matting..

38



35
35
36

U.S. GOVERNMENT PRINTING OFFICE : 1981 O—74-820

O