Common Stock Prices and Yields

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

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O CO H o p ft1 4 n O fl CO O H H oo H O 3 3 M O T3 d O O td 8 8 I 09 KO O o hJ I I 0 o O o M vo 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 oy REPRESENTATIVES RICHARD BOLLING Missouri LEE H HAMILTON Indiana GILLIS W LONG Louisiana PARREN J MITCHELL Maryland FREDERICK W RICHMOND New York CLARENCE J BROWN Ohio MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California CHALMERS P WYLIE Ohio SENATE WILLIAM V ROTH JR Delaware JAMES ABDNOR South Dakota STEVEN D SYMMS Idaho PAULA HAWKINS Florida MACK MATTINGLY Georgia LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland JAMES K GALBRAITH Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L WEIDENBAUM Chairman WILLIAM A NISKANEN JERRY L JORDAN PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION fSJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 75 a single copy 3 45 foreign or by subscription at 21 00 per year 26 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 The 1980 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is available at 5 00 Q copy from the Superintendent of Documents Government Printing Office It should be noted that many of the series have undergone major revisions since the Supplement was published in the fall of 1980 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the fourth quarter gross national product rose 19 9 billion or 2 7 percent both at annual rates Real output GNP adjusted for price changes fell 5 2 percent from the third quarter level and the implicit price deflator rose at an 8 4 percent annual rate BILLIONS OF DOLLARS 3 000 RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 3 000 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1972 DOLLARS I I I 1973 J L 1976 I I I 1977 J L J 1978 J L 1979 L 1980 SOURCE DEPARTMENT OF COMMERCE 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 imp orts of gooc s and ser vices Go ernment purchases of goods and services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales I II III IV I II III IV 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 Gross private d Dmestic i nvestmemt Ex ports of g oods aind servic BS Personal conGross national sumption product expenditures Nonresidential fixed Residential fixed II III IV I II III IV Period Change in busi Kfaf IN ex ness in exports ventories Govern ment punihases of goocis and ser vices Final sales Total Federal State and local Exports Imports IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Persona L consump tion expenditures Gross national product Period Total Gross private dom estic mves tment NonresNonDurable durable Services idential goods fixed goods Residential fixed Expor ts and imports of goods and s jrvices Governnlent purchases f goods and s jrvices Exports Imports Federal State and local I II III IV I II m IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross inational p roduct Period Constant 1972 dollars Current dollars I II III IV I II III IV Implicit price deflator Per sonal con sumption expenditu res Fixedweighted price index 1972 weights Chain price index NOTE Annual changes are from previous year and quarterly changes are from previous quarter Current dollars Constant 1972 dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights L Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Gross c omestic prodi let of nonfin ancial corp 3rate busi ness billic ns of doll ars Period Current dollars Total cost and profit 2 1972 dollars I II III IV I II III Quarterly data at seasonally adjusted annual rates Current do lar cost and profit per unit of outpu t dollars i Capital consumption g Comallowances Indirect penNet with business sation in3 of terest capital taxes employconees sumption adjustment Total Profits tax liability 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 s Indirect business tax and nontax liability plus business transfer payments less subsidies Corpc rate profi ts with invent Dry valuation and capil al consun iption idjustmen ts Profits after tax ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars 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 ietors1 mcom e with inventor y valuation ancl capital consurnption adjust ments Compensation of employees Farm Nonfarm Rental Corpoi ate profit s with inventory va luation and capital cc nsumptio n adjustmtents Profits s with inventory valua fcion ad jus tment and iwithout ciipital consum ption adjiistment of per with capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest s I II III IV I II IllIV i Includes employer contributions for social insurance See also p 5 Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondurable goods Durable goo is Total personal consumption expenditures Total durable goods l Motor vehicles and parts I II III IV I II IIL IV Period 1 Total includes other items not shown separately Furniture and household equipment Total nondurable goods l Retail sales of new passenger cars nlillions of ujaits Services Clothing and shoes Gasoline and oil Food Domestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income rose 4 4 billion annual rate in December following a rise of 14 2 billion in November Wages and salaries fell 0 7 billion in December compared with an increase of 8 6 billion in November BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE I I I OTHER INCOME TRANSFER PAYMENTS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted Wage 3 Rental Other Proprietc rs income income Personal Total and personal salary labor 12 dividend of income disburse income Farm Nonfarm persons 4 income l ments annual rates Less PerNonPersonal Transfer sonal cont farm interest pay 3 tributions personal income ments for social income 8 insurance Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items 1 With inventory valuation and capital consumption adjustments 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 slightly in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS T i Period Less Pprsonal Pertax sonal and income nontax payments Equals Disposable persona income Less Personal outlays l Per c apita dispc sable persona income Equals Personal saving Current dollars Bil lions of d ollars dollars Per cap ita personal cc nsumption exp enditures Current dollars 1972 dollars Dol lars Percent change Saving in real as percent of per capita disposable disposperable sonal perincome sonal income Per cent Population thou 2 sands Seas onally ad usted ann ual rates 1980 I III IV I IL III IV Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net 2 Includes Armed Forces abroad Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the fourth quarter according to preliminary estimates gross farm income fell 0 8 billion annual rate and net farm income fell 0 7 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE GROSS FARM INCOME NET FARM INCOME w 10 I I I 1973 J L 1974 J 1975 J L L L J L I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE I ho 1981 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Grc ss farm inec me Total II III IV Total Livestock and products Current dollars 1967 dollars Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Crops Value of inventory changes 2 Production expenses II III IV Net farni income Cash marketing r 3eeipts Period Income in current dollars divided by the consumer price index Department of Labor Data revised beginning 1981 Source Department of Agriculture except as noted CORPORATE PROFITS In the third quarter according to current estimates corporate profits before tax rose 5 4 billion annual rate while after tax profits rose 3 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TAX LIABILITY I J L I I 1975 I I I 1976 I 1977 I I 1978 I I L J L COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Profits after tax Profil bs before tax wit i invent Dry valmition adjustn lent 1 Dome stic indu stries Period Ionfinan 2ial Total I II III IV Total Dividends Undistribu ted profits Inventory valuation adjustment Total3 Wholesale and retail trade Financial See p 4 for profits with inventory valuation and capital consumption adjustments 2 Includes rest of the world not shown separately 8 Tax liability Manufacturmg Total v 1980 I IT III IV Profits before tax 3 Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According io preliminary estimates for the fourth quarter business fixed investment fell 2 5 billion annual rate as nonresidential construction outlays rose 3 1 billion and producers durable equipment purchases fell 5 6 billion Residential investment outlays declined 7 1 billion There was a 17 6 billion increase in inventories following a 27 5 billion increase in the third quarter BILLIC NS 500 OF DOLLARS EMILLIONS OF DOI LARS 500 SEA 5ONALLY ADJUSTED ANNUAL RATES s At f Ann GROSS PRIVATE DOMES TIC INVESTMENT mS S r r j Ann N X r OAA fSl sk S NONRES IDENTIAL FIXED IN ESTMENT J a OAA 1CA 1CA RESIDENTIA FIXED INVESTS ENT CHANGE IN BUSINEss INVENTORIES 50 X tll li ttti y 50 v f O UM I l d X X X X i 50 I i 1973 I I I I I 1975 I I I 1976 I I I I 1977 I I 1978 I I I I I 1979 I P i i i COUNCIL O F ECONOMIC ADVISERS SOURCE DEPARTMENT C F COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Non residential fixed investmen i Gross private domestic investment n Fenod II III IV 1981 I II III IV Total Structures Producers durable equipment Source Department of Commerce Bureau of Economic Analysis Re sidential bced investalent Total Nonfarm structures I Farm structures Producers durable equipment Change in business m vrentories Total Nonfarm ft EXPENDITURES FOR NEW PLANT AND EQUIPMENT NONFARM BUSINESS According to the Commerce Department November December survey nonfarm business spending for new plant and equipment for the year 1982 is expected to be 7 4 percent above 1981 The survey conducted in October November and reported in December indicated a sizable increase in spending in the first half of 1982 the results from the latest survey suggest that first half spending plans may have been revised downward since the previous survey BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE J SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Plant and equi pment I onmani ifacturin g Ma nufactur ing Period Total Plant Equipment Trade and services Communication and other si m Total Durable goods Nondurable goods III IV I II III IV II 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 Trans Public Total Mining porta utilities tion Starts of plant and equipment projects manufacturing Starts are estimated by adding changes in carryover to expenditures during given period 4 Planned capital expenditures as reported by business in October December 1981 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 840 000 in December while unemployment rose MILLIONS OF PERSONS 110 MILLIONS OF PERSONS Y E A R S OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Noninstitutional population Period COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted Unempl syment Civilian einploymerj t Total labor Nonagricultural 15 Civilian Unemforce Civilian Part time Total weeks Agriemploy ploy includ labor Total for ecoand culment ing ment force Total nomic over tural Armed reasonsl Forces Jan Feb Mar Apr May June July Aug Sept Oet Nov Dec U Persons at work Economic reasons include slack work material shortages inability to find full time work etc a Total labor force as percent of noninstitutional population 16 years of age and over Data beginning 1978 not strictly comparable with earlier 4ata because of Seascmally adj usted Uiiadj usted 1980 Dec Labor force participation rate per z 4 cent g 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 December the seasonally adjusted unemployment rate rose to 8 9 percent from 8 5 percent in November PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted 1Qnemployment nxte perc ent of cb ilian lab or force in group Total all civilian workers Period Men Women Both 20 20 sexes years years 16 19 and and years over over White Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 Fulltime workers Marmen who ried men mainspouse tain present families Labor force Part time lost time perwork cent ers Wo ExpeBlack rienced wage and and other salary workers By sesleeted g roups By race B y s ex and a ge Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In December the percentage of unemployed persons who had been out of work for less than 1 5 weeks rose and the percentage out of work for 1 5 weeks and longer fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT 60 60 LESS THAN 5 WEEKS WEEKS REENTRANTS NEW ENTRANTS 15 26 WEEKS V k V JOB LEAVERS 27 WEEKS AND OVER SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR Period Unemployment thousands Dec Jan 7 847 Feb 7 754 Mar 7 764 Apr 7 746 May 8 171 June 7 784 July 7 502 Aug Sept 7 966 Oct Nov 9 004 D e c COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Percen t distribiution of inemPercen t distrib ution of imem State pi ograms Insured l plo yment b duration 1 unem Special Pi oyment 1 y reasoi i ployunemment ployall ment 27 Insured Less weeks Job Reen New unem Initial regular benefit Job than 5 weeks weeks enproclaims and losers leavers trants trants ploy claims weeks grams unad 3 over ment unad justed justed 2 We kly avei age thornsands Detail may not add to 100 percent because of rounding NOTE Seasonally adjusted data revised for insured unemployment and 2 Includes State 50 States District of Columbia Puerto Rico and Virgin initial claims beginning 1977 Islands ex servicemen UCX Federal UCFE and railroad RR proSource Department of Labor Bureau of Labor Statistics and Employment grams Also includes Federal and State extended benefit programs Does not and Training Administration include FSB Federal supplemental benefits and SUA special unemployment assistance s FSB and SUA These programs started January 1975 and regular reporting began March 1975 13 NONAGRICULTURAL EMPLOYMENT In December total nonagricultural employment as measured by the payroll survey fell by MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 22 WHOLESALE AND RETAIL TRADE 90 20 ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES 22 MANUFACTURING GOODS PRODUCING INDUSTRIES CONSTRUCTION X I I I I I II I I 11 r I M 1 II i 1 1 1 1 I M i ii i i i i i 1 i i i ii i i i i i I i i i i i SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR N COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Service pr oducing iIndustrie s Trans Whole Finance Goveriament Ma nufactur ing insurportasale ance Services tion and State Non Total and and Durable durable retail Federal and Total goods real public trade local goods utilities estate Gtoods pro ducing iiadustries Feriod T ATII n l Total nonagricultural employ Total ment Construction Dec Jan Feb Mar Apr May June July Aug Sept Oct p Novp Dec i Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for anv part of the pay period the of the month Excludes proprietors self employed per which includes 12th sons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 S 12 39S 12 91S C Mi are not at work because of industrial disputes bad weather etc even if they are not paid for the time off and which are based on a sample of the workmgage population whereas the estimates in this table are based on reports from employing establishments Includes mining not shown 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 except as noted Overtime Total private nonagricultural Manufacturing Manufa cturing Total private nonagricultural 1 Period Total Adjusted h ourly earnin gs index tc tal private nonagricultural 2 Averag e gross hourly e arnings Avcnige weekly I lours Percent cha nge from a year earlier 4 5 Index IS177 100 Current dollars 1977 dollars s Current dollars 1977 dollars Jan Feb Mar Apr May June July Aug Sept Oct Nov 9 Dec Dec ai ao AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total pri vrate nonagricu itural l Period Current dollars Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec v Manufacturing 1977 dollars 3 19a a Percent chainge from a year earlier total prhrate nonagricu tural 5 Current dollars Current dollars Also includes other private industry groups sho vn 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 on a base Revised index for urban wage earners and clerical workers used beginning 1978 Construction Wholesale and retail trade a dollars Monthly changes based on indexes to two decimal places 5 Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS SECTOR Hours of 2all pers MIS l Outf mt Period Output per hour of all p ersons Compc nsation per i lour 3 Unit labor COsts Implici t price defla tor 4 PriNonNonPriNonNonPriNonNonPrivate Private Private vate farm farm vate farm 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 qua rterly dat a season ally ad jus ted III IV I II III IV I II III ioa Perceiat change quarterlyf data at seasonal y adjuste i annual rates III IV I II III IV I II III 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 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 16 i r 4 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 2 1 percent in December following decreases of 1 9 percent in November and 1 6 percent in October The index for December was 4 7 percent below the year earlier level INDEX RATIO SCALE INDEX TOTAL INDUSTRIAL PRODUCTION RATIO SCALE UTILITIES AND MINING PRODUCTION 160 UTILITIES iV X MINING MANUFACTURING PRODUCTION 180 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Total in dustrial produ stion Percent Index 1967 change from 100 year earlier COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusstry produiction indc xes Mi inufacturi ng i Utilities 3rcent l Capacityy utilizaticm rate p Msinufacturi ng Materials Federal WharReserve Federal Comton series Reserve merce 2 series 3 series series Total Durable Nondurable Mining 1980 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec i Output as percent of capacity Annual data are averages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of quarterly data Series revised 3 Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Proclucts Final 1Products Coiasumer go ods Period Total 1967 proportion Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 9 Equipjment NonDurable durable goods goods Total Intern lediate prod ucts Total Business Construction supplies Total Materials so Supplementary group Energy total seasonally adjusted Durable m anufactu ires Primary metals Period Total 1967 proportion Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov 9 Dec 9 Iron and steel Fabricated metal products trical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Ao v parel products Print Chemicals ing Foods and and prodpublishing ucts Source Board of Governors of the Federal Reserve System 18 Non Non durable Bnanufact ures Transp ortation equip ment NEW CONSTRUCTION Private Total new construction expenditures Period Construct n contracts2 Resic ential Total Commercial and industrial New Total l housing units Federal State Other and local CommerTotal value cial and index industrial 1972 floor space 100 millions of square feet Bil lions of doll ars T Seasonally Seasonally adjusted adjusted annual rates Seasonall y adjusted ai inual rates No v Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct v Nov i Includes nonhotisekeeping residential construction and additions and alterations not shown separately F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space a 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 S ew private tiousing unil s Units started by type of strticture Period Total unit units or more units New priv ate homes Units authorized Units completed Homes sold Homes for sale at end of 1 period Vacancy rate for rental housing units percent Seasonally adjusted arinual rates 1980 Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec v Seasonally adjusted 2 Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March 1979 NOTE Units authorized beginning 1978 relate to 16 000 permit issuing places data for 1973 77 are for 14 000 places Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales were about unchanged in November while inventories rose 314 billion According to the advance survey retail sales rose 1 3 percent in December following a percent increase in November BILLIONS OF DOLLARS RATIO SCALE 140 BILLIONS OF DOLLARS RATIO SCALE RETAIL INVENTORIES TOTAL BUSINESS SALES RETAIL SALES 60 iiw RATIO INVENTORY SALES RATIO 1 60 RETAIL A i IIii TOTAL BUSINESS i i i i i i i i i i I i i i ii SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total b usinessl COUNCIL OF ECONOMIC ADVISERS Who esale Re tail 2 In ventorie 33 Sales Period nlAa 2 Inventories3 Qolo i 2 Inventories3 DurNonable durable goods goods stores stores Tni nl Tnt nl DurNonable durable goods goods stores stores Invento y sales ratio Total business J Retail Millions of d ullars se asonally adjusted v 1980 Nov Dec 1981 Jan Feb Mar Apr May June July Aug Sept Get Nov v Dec The term business also includes manufacturing see page 21 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 20 sales for monthly data ratio of inventories at end of month to sales for month Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS Manufacturers inventories rose in November new orders were about unchanged and shipments fell According to advance data durable goods new orders rose in December and shipments fell BILLIONS OF DOLLARS RATIO SCALE S20 280 INVENT DRIES BILLIONS OF DOLLARS RATIO SCALE 240 r r TOTAL r An DURABLE GOODS XA BILLIONS OF DOLLARS RATIO SCALE r j TOTAL I I I M I I I I II v f INVENTC RY SHIPM ENTS RAT v V 1 6 pA n V 1 4 NONDURA JLE GOODS V II 1 1 1 I 1 1 1 M 1 M 1 1 I 1 1 1 M II II i i i i i I ni ii i 1I I I I 11I I I iiiiijinii 1979 SEASON ALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total NonDurable durable goods goods Manufaeturers new ord ers1 Dumb e goods ManufacCapital Nonturers Nongoods Durable durable Total durable unfilled Total indusgoods Total goods orders 3 goods tries nondefense Millio ns of dolhtrs season ally adjus ted Nov Dec Jan Feb Mar Apr May June July Aus Sept Oct Nov Dec v f Monthly average for year and total for month Shipments are the same as sales 2 Book value end of period a End of period For annual periods ratio of weighted average inventories to average monthly i I IIIIi IIiI COUNCIL OF ECONOMIC ADVISERS 2 Manufacturers shi pmentsl Manufact urers inv entories Period v i i i i i Ii i I ii i i i I i I i i I iI i i I i i II i i ii RAT O 2 2 on DURABLE GOODS M iM iM NONC URABLE GOO DS V X T 1x K JA x OA NEW OR DERS Qf H Manufacturers inventory shipments ratio Oil 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 December the producer price index for all finished goods rose 0 3 percent seasonally adjusted Prices of finished consumer foods rose 0 1 percent and prices of other finished consumer goods were up 0 2 percent Prices of capital equipment increased 0 6 percent from their November level INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF LABC COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Jfinishec goods Period Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Total fin Conished sumer goods foods Total Cons umer goods Total Tin UUinui Nondurable Intermediate materials for food manufacturing and feeds 22 In1 ermedi ate Eaaterials i i Total finished Foods Capiconsumer Total and Other tal feeds equip goods ment Finished goods excludin g consumer fc ods rri Crud e materials Foodstuffs Total and Other feedstuffs NOTE Data revised for August 1981 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In December the consumer price index for all urban consumers rose 0 4 percent seasonally adjusted 0 3 percent unadjusted Food and beverage prices were up 0 5 percent seasonally adjusted and energy prices were up 0 1 percent unadjusted INDEX RATIO SCALE 320 INDEX RATIO SCALE 320 UNADJUSTED ALL ITEMS I I I I I I I II 1973 i i i i i Ii ii iI 1974 i i ii i I i i i i i i i i Ii i Ii i iii i i i i i Ii i iii 1979 i i i i i Ii i ii SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted except as noted Tninsportation Housing Finane Apparel Food ing and Home taxes All and Period items bever Total i purand upkeep Total1 chase insurages ance NSA NSA NSA Rel imp Dec 1981 Jan Feb Mar Apr MayJune July Aug Sept Oct Nov Dec Includes Items not shown separately Includes direct pricing of diesel and gasohol beginning September 1981 Fuel oil coal and bottled gas gas piped and electricity and motor fuel motor oil coolant etc 4 Estimated series Finance includes financing taxes and insurance New cars Motor fuel 2 Medical care Energy 3 All items less food energy Serv and home ices purchase and finance 4 4 7 NSA ieae Relative importance December 1980 NOTE NSA indicates data are not seasonally adjusted Data beginning 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers yn Source Department of Labor Bureau of Labor Statistics 3 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change i rrom pre ceding period seasonsilly ad jussted 1 Period Percent change from 3 nlonths earlie r season ally adjuisted annual rates Perceni change from 6 naonths earlie r season ally adjiisted annualI rates Consume r goods Consumejr goods Consumesr goods Total finished goods Capital Total equipfinExclud ment ished ing goods Foods foods Capital Total equipfinExclud ment ished goods ing Foods foods Dec Jan Feb 1 2 Mar 8 Apr 4 May 5 June 4 July 2 Aug 1 Sept 6 Oct 5 Nov 3 Dec Foods Capita equip Exclud ment ing foods Annual changes are from December to December unadjusted NOTE Based on revised data for August Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted l Tra nsporta tion Sousingr Period FiAr ApFood nanc parel Med En 4 All 2 and Home ing ical 3 items bever Total 2 pur taxes and Total 2 New Motor care ergy upcars fuel ages chase and keep insurance NSA NSA NSA Dec Jan 7 Feb 1 0 Mar 6 4 Apr May 7 June 7 July Aug Sept 1 2 Oct 4 5 Nov 4 Dec g Annual changes are from December 2 8 Includes items not shown separately o to December not seasonally adjusted Includes direct pricing of diesel and gasohol beginning September 1981 Fuel oil coal and bottled gas gas piped and electricity and motor fuel motor oil coolant etc 8 Estimated series Finance includes financing taxes and insurance 24 All Adden ium items All it ems less percent change food Serv energy annua rate ices and home From From 3 6 purchase and 5 months months finance earlier earlier NOTE NSA indicates data are not seasonally adjusted Data beginning 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 3 1 percent in December and prices paid by farmers declined 0 7 percent in the month ended December 15 INDEX INDEX RATIO SCALE RATIO SCALE 1973 J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices received by f irmers Period Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1 2 All farm products Crops Livestock and products Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates NOTE The official indexes are published on a 1910 14 base as required by Pric es paid by f arrners All commodi Production items ties services Production interest interest items taxes taxes and l and wage wage rates rates Ratio law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS Growth in the monetary aggregates decelerated in December BILLIONS OF DOLLARS RATIOSCALE BILLIONS OF DOLLARS RATIO SCALE M AA SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE S Averages of daily figures billions of dollars seasonally adjusted Ml Sum of currency demand deposits travelers checks and other checkable deposits OCD at banks and thrift institutions 2 Period 1974 Dec 1975 Dec 1976 Dec 1977 Dec 1978 Dec 1979 Dec 1980 Dec 1981 Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec M L Ml plus overnight RPs and M2 plus large Eurodollars time deposits and MMMF shares M3 plus other term RPs at and savings and commercial banks liquid assets and thrift small time deposits at cominstitutions mercial banks and thrift institutions 2 Percent change fr om year or 6 inonths ea rlier 3 Ml M Net of demand deposits due to foreign commercial banks and official institutions 2 Total Ml and M2 exclude demand deposits held by thrift institutions at commercial banks not shown separately in components 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate 26 M M NOTE See p 27 for components except travelers checks Source Board of Governors of the Federal Keserve System COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Overnight Small Large Money dedeDe Other repur Over market Savcheck chase night mutual ings nomi nomiCur mand able agree Euro fund de nation nation Period reney de l time posits deposits ments dollars shares posits time OCD RPs de 2 de x net posits posits2 NSA Dec Jan 116 6 Feb 117 2 Mar 117 9 Apr 118 9 May 119 8 June 119 9 July 120 8 Aug 121 2 Sept Oct Nov Dec v NSA NSA Term Shortrepur Term term chase Euro Sav Treas Bank Comagree dollars ings ury ers ments net bonds secu accept mercial RPs rities ances paper NSA 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 and more than respectively NSA NOTE See p 26 for overall measures NSA indicates data are not seasonally adjusted Source Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars monthly data seasonally adjusted Installirlent credit extended Period Total i Automobile Installrrtent credit li quidated Revolving Total i Automobile Revolving Net changej in amount outstanding Total i Automobile Revolving Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Includes mobile home and other not shown separately Source Board of Governors of the Federal Reserve System 27 LOANS AND INVESTMENTS AND RESERVES Growth in commercial bank loans and investments decelerated in November In December total adjusted reserves and nonborrowed reserves rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1974 Dec 1975 Dec 1976 Dec 1977 Dec 1978 Dee 1979 Dec 1980 Dec 1981 Dec 1980 Nov Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depositc ry institu tions 3 All c ommercial fc anks l Borrowiiigs milReserves adjusted for changes lions of dollars Loans imd leases In vest nlents in resei ve requirem ents unadji Listed Total loans and investments Total 2 Commercial and industrial loans o U k5 Treasury securities a U Data are averages of Wednesday figures Excludes loans to commercial banks in the United States s Data are averages of daily figures Prior to November the date of implementation of the Monetary Control Act data relate only to member banks 28 Other securities Total Nonborrowed Required Total Seasonal NOTE Latest month s data for loans and investments are estimates Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Credit market f unds Period Total Internal l Total Total I II III IV 1981 I II III Securities and mortgages Loans and shortterm paper i Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad Consists of tax liabilities trade debt and direct foreign investment in the U S Other Total Capital expenditures 3 Increase in financial assets Discrepancy sources less uses Plant and equipment residential structures inventory investment and mineral rights from U S Government Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Curreiat assets End of period Total SEC series FTC FRB series I II III IV 1981 I II Cash Cur rent liabil ties U S Notes governand Invenment acsecuri counts tories ties receivable Other current assets Net working capital Current ratio l Total current assets divided by total current liabilities Based on data from Statistics of Income Department of the Treasury 3 Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Federal Trade Commission Total Notes Other and current accounts liabilities payable NOTE SEC series not available after 1974 See Federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Reserve System Federal Trade Commission and Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Interest rates rose in January PERCENT PER ANNUM 16 DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK F 10 CORPORATE Aaa BONDS MOODY S X COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S Treiisury securii y yields Period Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1982 Jan Week ended 1981 Dec Jan month bills1 Constant nlaturities 2 3 year 10 year High grade Corporate Prime com Discount municipal mercial rate Aaa bonds paper N Y bonds Standard F R Poor s 3 Moody s months 4 Bank 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 Prior to November 1 1979 data are for 4 6 months paper Average effective rate for year opening and closing rate for month and week 30 a 73 Prime rate charged by banks X2 17X H 20l K 20H 20H 20 2 19X2 19X Newhome mortgage yields FIILBB JK3 1 K Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Rates beginning January 1973 not strictly comparable with prior rates Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices fell in January INDEX DEC INDEX DEC EARNINGS PRICE RATIO ON COMMON STOCKS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common s tock 5 yields perc ent Comnnon stock pi ices l Period New York Stock Exch ange indexes5 Dec Composite Industrial Transportation Dec 1981 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1981 Dec Jan Earningsprice ratio i Average of daily closing prices Includes all the stocks more than 1 500 listed on the XYSE Includes 500 stocks 6 Includes 30 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter 3 Finance Utility Standard Dow Poor s Jones composite Dividendprice industrial index ratio average XOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 2 months of fiscal year 1982 there was a budget deficit of 28 7 billion compared to a deficit of 25 8 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS SURPLUS OR DEFICIT I I 1974 r I I I 1977 I 1978 I I 100 I FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Period Fiscal year or period Transition quarter estimates First Concurrent Resolution May Mid Session Review July 1981 Cumulative total first 2 months Fiscal year 1981 Fiscal year Estimates from Mid Session Review of the 1982 Budget Office of Management and Budget July Outlays Surplus or deficit Federal debt end of period Gross Held by the public Sources Department of the Treasury and Office of Management and Budget except as noted FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 2 months of fiscal 1982 budset receipts were 11 7 billion higher than a year earlier and budget outlays were 14 6 billion higher 400 BILLIONS OF DOLLARS BILLIONS OF DOLLARS OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Dutlays Receipts Nationa defense Period Fiscal year or period Transition quarter estimate Total Indi Corpovidual ration Other income income taxes taxes Total Interna Health and InDepart tional income terest Other ment of affairs security Defense military Cumulative total first 2 months Fiscal year Fiscal year Estimates from Mid Session Review of the 1982 Budget Office of Management and Budget July Total Sources Department of the Treasury and Office oi Management and Budget 33 SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter Federal receipts rose 17 3 billion annual rate and expenditures rose 25 8 billion yielding a deficit of 55 7 billion In the fourth quarter according to preliminary estimates expenditures rose 25 4 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Surplus or Subsidies Less Grantsdeficit ContriPurin aid Wage less T chases Trans to State Net butions current accruals national for Total of goods fer pay and interest surplus of less income social inand ments paid Govern disand local governsurance services ment en burse product ments terprises ments accounts F sderal G overnme at expen ditures Federal jovernm ent receip ts Period Indirect Personal Corpo business rate tax and profits tax and Total nontax tax nontax receipts accruals accruals Fiscal year I II III Calendar year IV IL III 638 3 IV Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Con sumer p riees urladjustec I In dustrial producjtion seiisonally adjuste d Period United States Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec v Canada Japan L United United CanKing States1 ada dom Germany Italy Japan France Germany France Beginning January 1978 data relate to all urban consumers Source National sources as reported by Department of Commerce Inter Italy United King dom 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 Merchandise iimports Mercllandise exports l G meral im ports Domesti c exports5 Period Monthly average Total domestic and foreign Total exports Nov Dec Jan Feb Mar Apr 19 818 May June July Aug Sept Oet Nov Food Crude Food Crude bever matebever mate Manu2 facrials ages ages rials tured Total and to and and to and goods bacco bacco fuels fuels F a s valu e Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978 Total includes commodities and transactions not classified according to kind 1 Total arrivals of imported goods other than intransit shipments 1 C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates 5 F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Custonis value F a s value Manufactured goods Total c i f value Mei chandise trade balance ExExports f a B ports Exports less f a s f a s imless less imports imports cus c ports c Lf toms f a s value NOTE Data beginning 1975 not strictly comparable with earlier data Data for 1980 and 1981 include trade of the U S Virgin Islands except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign exports and trade balance Data for 1974 79 for total domestic and foreign exports total general imports and trade balance include trade of the Virgin Islands Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the third quarter the merchandise trade deficit increased slightly to 7 0 billion from 6 9 billion in the second quarter The current account registered a surplus of 2 1 billion up from 1 1 billion in the second quarter BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits M erchandise Period Exports III IV II III IV 1981 I II III Imports Inv jstment inicome 3 12 NTot il Glf hnl Udl ance Receipts Payments Excludes military grants 2 Adjusted from Census data 3 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 NTot LN CL Net military transactions Nettravel and transportation receipts Other services net 3 Balance on goods and services l Remittances pensions and otner uni 1 itPFll Id LCI t l transfers 1 Balance on current account Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S official reserve assets abroad were unchanged in the third quarter following an increase of 0 9 billion in the second quarter Foreign official assets in the U S decreased 5 8 billion following a 2J billion decrease in the second quarter BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 CHANGE IN FOREIGN ASSETS IN THE U S NET v COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted Credits debits 1 U S assets abroad net inc rease eapit al outflow Period Total III IV I II Ill IV I Ill U S official reserve assets l 2 Other U S Government assets U S private assets Foreig a assets in the U S net increase e ipital inflow j Total Consists of gold special drawing rights SDRs convertible currencies and the U S reserve position in the IMF s Quarterly data are not seasonally adjusted Foreign official assets Other foreign assets Statis tical discrejjancy U S official reserve assets of Tntnl Of net 1 special sum of which unaddrawing Seasonal justed the rights items SDRs with sign adjust end of ment reversed discrep period ancy Allocations Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Nonfarm Business EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales 3 and Inventories Total and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit Bank Loans and I nvestments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 75 single copy 3 45 foreign Subscription price 21 00 per year 26 25 for foreign mailing U S GOVERNMENT PRINTING OFFICE 1982 O

Common Stock Prices and Yields

DATE: January 1982

PART OF:

Economic Indicators : January 1982

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Common Stock Prices and Yields," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "January 1982," Economic Indicators (January 1982) : 33-33. https://fraser.stlouisfed.org/title/1/item/389/toc/271647 , accessed on December 9, 2019.

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Economic Data