New Construction

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The following is plain-text output generated by Optical Character Recognition. 97th Congress 2d Session Economic Indicators APRIL 1982 Prepared for the Joint Economic Committee by the Council of Economic Advisers MAY t 1313 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong HENRY S REUSS Wisconsin Chairman ROGER W JEPSEN Iowa Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri LEE H HAMILTON Indiana GILLIS W LONG Louisiana PARREN J MITCHELL Maryland FREDERICK W RICHMOND New York CLARENCE J BROWN Ohio MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California CHALMERS P WYLIE Ohio SENATE WILLIAM V ROTH JR Delaware JAMES ABDNOR South Dakota STEVEN D SYMMS Idaho PAULA HAWKINS Florida MACK MATTINGLY Georgia LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland JAMES K GALBRAITH Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L WEIDENBAUM Chairman WILLIAM A NISKANEN JERRY L JORDAN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts draun 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 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the first quarter of 1982 gross national product fell 3 2 billion or 0 4 percent both at annual rates Real output GNP adjusted for price changes fell 3 9 percent from the fourth quarter level and the implicit price deflator rose at a 3 6 percent annual rate BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1972 DOLLARS J L I I L 1982 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Gross national product Period Personal consumption expenditures Gross private domestic investment Export s and imf orts of goocIs and ser vices Go ernment purchases of goods and services Federal Net exports Exports Imports Total III IV I II III IV IP Final sales Total Source Department of Commerce Bureau of Economic Analysis State and local National defense Nondefense GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Personal conGross national sumption product expenditures Period Gross private d jmestic i ivestmemt Nonresidential fixed Residential fixed Ex sorts of g sods s nd servici3S Govern ment pure bases of gooc Is and ser vices Change in busiTtf lieC ness in exports Exports Imports ventories Total Federal State and local Final sales III IV I II III IV I IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Period Gross national product Persona 1 consumption expe nditures Total Gross private domestic investtment NonresNonDurable durable Services idential fixed goods Residential fixed Expor ts and imports of goods and s srvices Governnlent purchases f goods and s rvices Exports Imports Federal State and local III IV I II III IV I Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Personal con sumption expenditijires Gross ilational product Current dol Period III IV Implicit price deflator I Chain price index I II III IV Fixedweighted price index 1972 weights Constant 1972 dollars 8 6 NOTE Annual changes are from previous year and quarterly changes are from previous quarter Current dollore Constant 1972 dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Period Gross c omestic prodtlet of nonfin ancial corp srate busi ness billic ns of doll irs Quarterly data at seasonally adjusted annual rates Current do lar cost and profit per unit of output dollars i Capital consumption ComTotal allowcost ances Indirect penNet with business sation and in3 of profit capital taxes terest employconees sumption adjustment Current dollars 1972 dollars III IV I II III IV Output is measured by gross domestic product of nonflnanciat corporate business in 1972 dollars 1 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies Corpc rate prof ts with invent ary valualAon and capr al consuii iption idjustmen ts Total Profits tax liability Profits after tax 4 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 Compensation of employees Propri etors mcom with inventor v valuation anc capital consul nption adjust ments Farm Nonfarm Rental of persons with capital consumption adjustment Corpor ate profit with inv entorv va uation and capital consumptio i adjustments Profits with inv sntory valual ion ad jus tment and ivithout ca pital consum ption adjiistment Total Total I II Ill IV Inventory valuaadjustment III IV Profits before tax 1982 I i Includes employer contributions for social insurance See also p Capital Net coninterest sumption adjustment Source Department ol Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Total personal consumption expenditures Period Total durable goods Motor vehicles and parts Retail ssales of new pa ssenger cars nlillions of uilits Nondura ble goods Durable goocIs Furniture and household Total nondurable goods 1 Food Clothing and shoes Gasoline and oil Services Domestics Imports ment III IV I II III IV I Total includes other items not shown separately Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 10 4 billion annual rate in March following a rise of 15 4 billion in February Wages and salaries rose 1 1 billion in March compared with an increase of 10 8 billion in February Personal interest income rose 5 5 billion in March and transfer payments 5 8 billion while farm proprietors income declined 2 9 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME v WAGE AND SALARY DISBURSEMENTS in OTHER INCOME II I TRANSFER PAYMENTS I III I III II SEASONAILY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE 1982 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates 3 Wage Rental Total and Other Proprietc rs income income Personal Personal Transfer personal salary labor 12 dividend interest pay 3 of income disburse income Farm Nonfarm persons income income ments ments Period Less PerNonsonal confarm tributions personal for social income insurance Mar Apr May June July Aug Sept Get Nov Dec Jan Feb Mar i 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 wcifare funds workmen s compensation directors fees and a few other minor items 1 With inventory valuation and capital consumption adjustments With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments 8 Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Deoartment of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income fell slightly in the first quarter BILLIONS OF DOLLARS RATIO SCALE 2 400 IT BILLIONS OF DOLLARS RATIO SCALE q SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less PAT Period Personal income sonal tax and nontax payments Equals Disposable personal income Less Personal outlays Bil lions of d ollars Per c apita dispo sable persona income Equals Personal saving Current dollars 1972 dollars Per cap ita personal cc nsumption exp snditures Current dollars 1972 dollars Dol lars Percent change Saving in real as percent of Populaper tion capita dispos thouable dispossands perable perincome sonal income Per cent Seas onally ad usted ann ual rates 1980 III IV I II III IV I i Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net 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 According to current estimates for the fourth quarter of 1981 gross and net farm income were unchanged from their third quarter levels BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE RATIO SCALE GROSS FARM INCOME NET FARM INCOME V V vx J L J 10 L SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 1981 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Grc ss farm incc me Period Total Net farni income Cash marketing r iceipts Total Livestock and products Crops II III IV II III IV 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 Value of inventory changes 2 Production expenses Current dollars 1967 dollars s Income in current dollars divided by the consumer price index Department of Labor Source Department of Agriculture except as noted CORPORATE PROFITS According to revised estimates for the fourth quarter of 1981 corporate profits before tax fell 21 6 billion annual rate while after tax profits declined 12 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES V 1 TAX LIABILITY nu m uvulVUII I J I L SOURCE DEPARTMENT OF COMMERCE 1981 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Profil s before tax wit a inventc ry valua tion adjustn lent Dome stic iudu stries S onfinant ial Total J III IV Wholesale and retail trade I II Total ManuFinancial Total facturmg Ill IV Profits after tax Un Inventory Dividends tributed prof tion adjustment Tax Profits before tax liability Total I 1 See p 4 for profits with inventory valuation and capital consumption adjustments 1 Includes rest of the world not shown separately 8 Includes industries not shown separately Source Department ot Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the first quarter business fixed investment was unchanged from its fourth quarter level and residential investment outlays declined 1 5 billion There was a 40 0 billion decrease in inventories following a 9 4 billion increase in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Period III IV 1981 I II III IV 1982 I Gross private domestic investment Nom esidential ixed investment Total Structures Producers durable equipment Source Department of Commerce Bureau of Economic Analysis Res idential fix ed investm ent Total Nonfarm structures structures Producers durable equipment Change in business low entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT NONFARM BUSINESS According to the Commerce Department January February survey nonfarm business spending for new plant and equipment for the year 1982 is expected to be 7 3 percent above 1981 Spending in 1981 was 8 7 percent above 1980 BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE J SEE FOOTNOTE 4 BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Plant and equi Dment jJonmanu facturin Ma nufactur ing Period Total Plant Equipment Total Durable goods Nondurable goods Trans Public Total Mining porta utilities tion T services Communication and other 2 Trade Starts of plant and equipment projects manufacturing I IIIII IV II nd half Wholesale and retail trade finance insurance and real estate and personal business and professional services Other consists of construction social services and membership organizations and forestry fisheries and agricultural services 10 1 Starts are estimated by adding changes in carryover to expenditures during given period Planned capital expenditures as reported by business in January and February 1982 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 98 000 in March and unemployment rose MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE EMPLOYMENT YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Noninstitutional population Thousands of persons 16 years of age and over except as noted Unempl ayment Civilian e mploymerit Total labor Nonagri cultural 15 force Civilian Civilian UnemPart time Total weeks Agriemploy ploy includ labor Total and culment ing force ment Total for economic over tural Armed reasons Forces Jan Feb Mar Persons at work Economic reasons include slack work material shortages inability to find full time work etc Total labor force as percent of noninstitutional population 16 years of age and over Seas mally adj usted U aadjusted 1981 MarApr May June JulyAug SeptOct Nov Dee Labor force participation rate per 2 cent Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey which added about 250 000 to labor force and to employment Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In March the seasonally adjusted unemployment rate rose to 9 0 percent from 8 8 percent in February PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted 1Jnemployment nite perc ent of ci1 ilian lab or force in group By s ex and a ge Total all civilian workers Period M a r Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Men 20 years and over Women 20 years and over Both sexes 16 19 years White ExpeBlack rienced wage and and other salary workers WoMarmen who ried men mainspouse tain present families k Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 B y s sleeted g roups By race Fulltime workers Labor force Part time lost time perwork cent ers Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In March the percentage of unemployed persons who had been out of work for less than 1 5 weeks fell and the percentage out of work for 1 5 weeks and longer periods rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS REENTRANTS JOB LEAVERS SEASONALLY SOURCE DEPARTMENT OF LABOR Period L 1981 Mar Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar 1982 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Percen t distribiition of iinemPercent distrib ation of 1 inem State pi ograms Insured 1 unem Special plo yment bjr duration pl iyment 1 y reason unemployUnemment ployployment all nsured 27 ment Less 15 26 weeks 5 14 Job Reen New unem Initial regular benefit Job thou than 5 enproand losers leavers trants trants ploy claims grams claims sands weeks weeks weeks unadover ment unad 2 justed J justed Wee kly aver age thouisands Detail may noi add to 100 percent because of rounding Includes State 50 States District of Columbia Puerto Eico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RE programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and STJA special unemployment assistance 1981 ADJUSTED FSB and SUA These programs started January 1975 and regular reporting began March 1975 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT In March total nonasricultural employment as measured by the payroll survey fell by MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 90 ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES 30 i I I I i i 1978 INI 1979 I I I i 1 M II I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR 1982 COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Gtoods prc duoing i adustries D J jrerioa Total nonagricultural employ Total 3 ment Construction Service pi oducing Industrie s Trans Whole Finance Cover nment Ma nufactur ing insurportasale ance Services tion and Non Total State and and Durable durable retail Total goods Federal and public trade real local goods utilities estate Mar Apr May June July Aug Sept Oct Nov Dec J a n Feb Mar Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonaericultural 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 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 workingage 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 Average gross hourly e arnings Aver age weekly lours Total private nonagricultural Period Manufa cturing Total Overtime Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Adjusted h jurly earnin gs index to tal private nonagric ultural J Percent cha nge from a year earlier s Index Total private nonagricultural Manufacturing Current dollars 1977 dollars 3 Current dollars dollars Q o A AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly sarnings Total pri vate nonagricu Itural Period Current dollars Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Manufacturing 1977 dollars Percent chiinge from a year e arlier total pri irate nonagricu Itural 5 Current dollars Current dollars5 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 on a base Eevised index for urban vage earners and clerical workers used beginning 1978 Construction Wholesale and retail trade ag dollars Monthly changes based on indexes to two decimal places Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS SECTOR Output yei hour of all ijersons Hours of 2all pers ons Out put Compe nsation per 1 lour Unit labor CO sts Implici t price defla tor 4 NonPriPriNon Private NonPriNonNonPrivate Non Private farm farm vate 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 Period qua rterly dat a season illy ad jus ted III IV I II III IV I Perce nt change quarterl Y data at seasonal y adjuste i annual rates o g III IV II III IV I I g 1 Output refers to gross domestic product originating in the sector in 1972 dollars 8 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 1 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 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 0 8 percent in March following a rise of 1 2 percent in February The index for March was 7 2 percent below the year earlier level INDEX RATIO SCALE INDEX TOTAL INDUSTRIAL PRODUCTION 180 RATIO SCALE UTILITIES AND MINING PRODUCTION MANUFACTURING PRODUCTION PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial prodm tion COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indus try produ ction inde xes M omfacturi ng PerPeriod Index proportion Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar cent change from year earlier Total able Nondur Utilities able 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 3 Mining Mt mufacturi ng Materials Federal WharComReserve Federal ton series Reserve merce series series 2 series Dur Capacit v utilizati on rate p ercent 72 Sources Board of Governors of the Federal Reserve System Department o Commerce Bureau of Economic Analysis and Wharton School of Finance INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Proc ucts Final 1Products Equipwnent Coiisumer goods Period Total 1981 Mar Apr May June July Aug Sept Oct Nov Dec Construction supplies Materials Supplementary group Energy total NonDurable durable goods goods 19 79 S Total Jan Feb Mar Business Total SO Total 1967 proportion Interm ediate prod uots IS IS seasonally adjusted Non durable inanufact ures D urable nrmnufacti ires Primar f metals Period Total Iron steel Fabricated metal products Nonelectrical maery Electrical machinery Transp ortation equip ment Total Motor vehicles and parts Lumber and products ADparel products Print Cheming icals and and pub prodlishing ucts Foods 1967 proportion si IB 8 OS 9 S7 4 BO S Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Constructio n contracts1 Private Total new construction expenditures Period Resiclential Total Total Commercial and industrial New housing Other Federal State and local CommerTotal value cial and index industrial 1977 floor space 100 millions of square feet Bi lions of doll ars Seasonall y adjusted a nnual rates 1981 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Seasonally Seasonally adjusted adjusted annual rates Includes nonhousekeeping residential construction and additions and alterations not shown separately F W Dodge series Relates to 50 States beginning 1969 for value indei and beginning 1971 for floor space 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 or units or homes except as noted New priv ate homes IS ew private lousing uni s Units started by type of striicture Period Total unit units Units 5 or more units ized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted armual rates 1981 Mar Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 8 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 rose 2 2 percent in February while inventories declined 1 billion According to the advance survey retail sales declined percent in March following a rise of 2 percent in February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES TOTAL BUSINESS SALES RATIO ATIO 1 70 INVENTO RY SALES R 1 W AL BUSINESS 3B V Jnm iq W y N M i 1 i E1 1979 i i i i i 1 i i i ii R etail Wholesale 2 Sales bales Inventories Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb z J Mar The 1 IiiventorieS3 DurNonable durable goods goods stores stores Millions of d ollars seasonally adjustec InvenSales2 tories Tntnl term business also includes manufacturing see page 21 Monthly average for year and total for month Book value end of period seasonally adjusted 1 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 20 i i COUNCIL OF ECONOMIC ADVISERS Total business I i SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Period j RETAIL TOT x Tntnl Invento y sales ratio Dur NonTotal able durable busigoods goods nessJ stores stores Retail NOTE Wholesale and retail trade and total business revised beginning 1978 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In March manufacturers orders rose slightly while shipments and inventories fell BILLIONS OF DOLLARS RATIO SCALE SHIPME NTS TOTAL u DURABLE 3OODS BILLIONS OF DOLLARS RATIO SCALE J20 L INVENTORES DURABLE GOODS NONDURABLE GOODS p IN BILLIONS OF DOLLARS RATIO SCALE irNEW OF DERS v I TOTAL x X mil i l l GOOC S vv i 1980 in u h i in 1981 i l i l i tiiiilniij IM 1i iI i Mamifacturer 3 new on ers1 ManufacDurab le goods Manu turers facCapital invenNon turers tory Nongoods Total Durable durable Total indus durable unfilled shipgoods Total goods orders3 ments goods tries nonratio defense Milliejns of dol ars seaso nally adjusted Feb Mar Apr May June July Aug Sept Oct Nov Dec J n a Feb Mar i Monthly average for year and total for mouth Shipments are the same as sales Book value end of period End of period For annual periods ratio of weighted average inventories to average monthly I IM I COUNCIL OF ECONOMIC ADVISERS NonDurable durable goods goods y Manufacturers sh ipments Manufac turers im entories2 Total 1 1 iii h 11 11 INVENTC RY SHIPM ENTS RAT 10 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Period 1 1 if i i i RAT O I III A NOND URABLE s NONDURA iLE GOODS ii DURABLE C OODS TOTAL wy r Oil shipments for monthly data ratio o inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRODUCER PRICES PRICES In March the producer price index for all finished goods declined 0 1 percent seasonally adjusted Prices of finished consumer foods fell 0 2 percent and prices of other finished consumer goods were down 0 4 percent Prices of capital equipment rose 0 5 percent from their February level INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF 1ABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Finishec goods Fmished goods e xcludin g cons umer re ods Period Total finConished sumer goods foods Total Consjumer g oods Total Capital Nondur equipable ment Inl ermedi ate Crud 3 mater lals naaterials Total fin Foodished stuffs Foods consumer Total and Other Total and Other feedfeeds goods stuffs Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Intermediate materials for food manufacturing and feeds 22 NOTE Data revised for November 1981 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In March the consumer price index for all urban consumers fell 0 3 percent seasonally adjusted 0 1 percent unadjusted Food and beverase prices were down 0 3 percent seasonally adjusted and energy prices were down 1 7 percent unadjusted INDEX RATIO SCALE 320 INDEX RATIO SCALE SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of LABOR monthly data seasonally adjusted except as noted Tramsportal ion Housing Ret imp Financ Apparel Food ingi and and Home taxes bever Total pur ind upkeep Total1 ages chase insurance NSA NSA 19 3 IS Mar Apr May June JulyAug Sept Oct Nov Dec 1982 Jan Feb Mar AU items 1 Period NSA Includes items not shown separately Includes direct pricing of diesel and gasohol beginning September 1981 iiuijuueo uueui 01 aiesei and gasohol 8 Fuel oil coal and bottled gas gas piped and electricity and motor fuel Estimated series finance includes financing taxes and insurance Eelative importance December 1981 New cars Motor fuel 2 Medical care Energy 3 All items less food energy Serv and home ices purchase and finance 4 NSA 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 OO CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Perceir change from preceding 1 perioc season illy adiu sted Percenl change from 3 rjaonths eaiiier season ajly adjiisted annual rates Percen change from 6 inonths earlie r seasortally adjiisted annua rates Consum r goods Consume r goods Consum r good Period Total finished goods Mar Apr May June July Aug Sept Got Nov Dec 1982 Jan Feb Mar Foods Capital Total equipfinished Exclud ment goods ing foods o Capital Total equipfinExclud ment ished ing Foods goods foods Annual changes are from December to December unadjusted NOTE Based on revised data for November Capital equipExclud ment Foods ing foods Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted Sousing Period Tra nsporta tion FiApFood nanc parel All 2 and Home ing items bever Total pur taxes and upages chase and keep insurNSA MarApr May JuneJuly Aug Sept Oct Nov Dec 1982 Jan Feb Mar NSA All items less food Med En Serv energy New Motor ical ergy ices and Total 3 cars fuel 3 care home purchase and finances NSA as Q Annual changes are from December to December not seasonally adjusted Include 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 Estimated series Finance includes financing taxes and insurance 2 24 ij i I T o i Adden dum All it ems percent change annua 1 rate From From 3 6 months months 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 rose 1 5 percent in April and prices paid by farmers were unchanged in the month ended April 15 INDEX RATIO SCALE INDEX RATIO SCALE I i i i i i I I IiiiiiIiiiiiIiiiiiI I IiiiiiIiiiiiI I IiiiiiIiiiiiIiiiiiIiiiiiIiiiiiIiiiii RATIO I RATIO V RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices received by fa rmers Period Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr 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 Prices paid by fanners All commodi Production items ties services Production interest interest items taxes taxes and 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 28 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS M1 rose in March following a decline in February Growth in the broader aggregates accelerated in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 200 I M I i i i i i i i s 1974 IIni IInIi 1975 i i i i s i II i M 1976 i nMIs M i i 1977 nInIIi s II 1978 I I II I j I I n I 1979 i i i ii i i i i Ii 1980 IMIii iIIi i 1981 SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I M I I I i I I I I j COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Ml Period 1974 Dec 1975 Dec 1976 Dec 1977 Dec 1978 Dec 1979 Dec 1980 Dec 1981 Dec 1981 Mar Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar 1 M2 M3 L Sum of currency demand deposits travelers checks and other checkable deposits OCD i Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer and savings and small time deposits M2 plus large time deposits term RPs and institution only MMMF balances M3 plus other liquid assets Net of demand deposits due to foreign commercial banks and official institutions 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate 26 Percent change fi om year or 6 imonths earlier 2 Ml M Source Board of Governors of the Federal Beserve System M COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Overnight repurchase agreeOther ments De check RPs able CurPeriod rency mand deposits net deplus posits OCD over Money market mutua 1 fund balances Small Large dedeSavGeneral ings nomi nomipurpose Insti de nation nation and tution posits time time broker only dede 2 p in Vi jill g HU posits posits Euro dealer dollars NSA NSA NSA Dec Mar 117 8 Apr May 119 4 June 119 7 July 120 5 Aug 120 7 Sept 121 1 Oct 121 3 Nov 121 8 Dec Jan 123 8 Feb 124 6 Mar Term Shortrepur Term term chase Euro Sav Treas Bank Comagree dollars ings ury ers merments net bonds secu accept cial RPs rities ances paper NSA NSA 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 NOTE See p 26 for overall measures and note regarding revisions 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 Installm ent credit e xtended Installm ent credit li quidated renod Total Automobile Revolving Automobile Total Revolving Net change in amount outstanding Total Automobile Revolving Feb MarApr May June July Aug Sept Oct Nov Dec Jan Feb i Includes mobile home and other not shown separately Source Board of Governors of the Federal Eeserve Systems 27 BANK LOANS AND INVESTMENTS AND RESERVES Commercial bank loans and investments rose again in March Adjusted total required and nonborrowed reserves fell slightly in February and rose in March BILLIONS OF DOLLARS RATIO BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Total loans and investments Dee Dec Dec Dec Dec Dec Dec COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All c ommercial 1 sanks Depositt ry institiitions3 igs milReserves a djusted for changes Borrowii dollars lions of Loans ind leases Investnlents in resei ve requirem ents unadj listed CommerOther S3 SeaRecial and NonTotal Total J industrial Treasury secuTotal sonal borrowed quired rities securities loans Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Data are averages of Wednesday figures 1 8 Excludes loans to commercial banks in the United States Data are averages of daily figures Note Beginning Dec 1981 banks loans and investments and reserves aggre 28 gates have been reduced because of shifts from U S banking offices to International Banking Facilities IBFs Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Credit market f unds Period Total Internal Total Total I II III IV 1981 I II III IV Securities and mortgages 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 Loans and shortterm paper Other Total Capital expenditures Discrepcrease ancy in sources finanless cial uses assets In 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 Curreiit assets End of period Total SEC series FTC FRB series I II III IV 1981 I II III Cash Curirent liabil ties U S Notes governand Invenment acsecuri counts tories ties receivable Total Net working capital Current ratio l a i Total current assets divided by total current liabilities 1 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 Other current assets 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 Most interest rates in April were slightly above their March levels PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum Period Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr Week ended 1982 Mar Apr May 1 High grade Corporate Prime com Discount U S Tre asury securi y yields rate mercial municipal Aaa Constant nnatalities N Y paper 3 month bonds 1 F R 6 Standard bills 3 year 10 year Poor s 3 Moody s months Bank Rate on new issues within period bank discount basis 1 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 1Weekly 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 Prime Newrate home charged mortgage vields by 5 FIILBB banks H H 20 2 20K K K 16K H 16 2 16H 16K H 16H M 16 2 16H 16K 16K 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 Eates 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 rose in April INDEX DEC INDEX DEC COMPOSITE PRICE INDEX STOCK NYSE I I iiiii I i i iii I I 1977 i i i i iIiii i i IIi MIi Ii II 1978 i IIiIIiii M ii IIIII Ii II I i I I i I i I I I i I PERCENT 20 EARNINGS PRICE RATIO ON COMMON STOCKS S P J COUNCIL OF ECONOMIC ADVISERS SOURCESi NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION I Common s took 5 vields perc ent Comimon stock p rices New York Stock Exch ange indexe s Dec Period Composite Industrial Transportation Apr May June July Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr Week ended 1982 Mar 20 27 Apr May Utility Average of daily closing prices Includes all Hie slocks more than 1 500 listed on the NYSE Includes 30 stocks Includes 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices fcarnings price ratios based on prices at end of quarter Finance Dow Poor s Jones composite Dividendprice industrial index ratio average saes L Earningsprice ratio NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 6 months of fiscal year 1982 there was a budget deficit of 71 9 billion compared to a deficit of 65 2 billion a year earlier BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 RECEIPTS AND OUTLAYS OUTLAYS Y RECEIPTS FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Period Receipts Fiscal year or period Transition quarter Cumulative total first 6 months Fiscal year 1981Fiscal year Estimates from Current Budget Estimates April Outlays Surplus or deficit Federal debt end of period Gross Held by the public Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 6 months of fiscal year 1982 budget receipts were 29 0 billion hisher than a year earlier and budget outlays were 35 7 billion higher BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS OUTLAYS NONDEFENSE FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars C utlays Receipts Nationa defense Period Total IndiCorpovidual ration income income taxes taxes Other Total Department of Defense military Total Interna Health and In Other tional income affairs security terest Fiscal year or period Transition quarter Cumulative total first 6 months Fiscal year 1981 Fiscal year i Estimates from Current Budget Estimates April 1982 Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1981 according to revised estimates Federal receipts fell 11 1 billion annual rate and expenditures rose 33 2 billion yielding a deficit of 100 0 billion In the first quarter of 1982 expenditures rose 7 9 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS V A I DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal CJovernm ent receip ts Period Personal Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and nontax accruals Surplus or deficit F deral Gc vernmeiit expenclitures Subsidies Less GrantsPurContriin aid less Wage butions current accruals national chases Trans to State Net income for Total of goods fer pay and interest surplus of less and and social inments local paid Govern disservices surance ment en burse product governterprises ments accounts ments Fiscal year Calendar year III 540 8 IV II Ill IV I ea4 58 3 Sources Department of Commerce Bureauof Economic Analysis Department of the Treasury and Office ol Management and Budget 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industria produc tion sesisonally adjuste d Period United States Apr May Juue July Aug Sept Oct Nov Dec Jan Feb Mar Canada Japan GerFrance many Italy Consumer Ijrices uiaadjuste i United United CanKing States1 ada Japan France dom Beginning January 1978 data relate to all urban consumers Source National sources as reported by Department of Commerce Inter Germany Italy R United Kingdom national Trade Administration Offloe of Planning and Research in International Economic Indicator U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mera landise i mports Merck andise e xports 5 General im ports Domesti 3 exports Period Monthly average Total domestic and foreign Total exports 2 Food Crude Food Crude bever mate Manubever matefacrials ages rials ages tured Total and to and and to and goods bacco fuels bacco fuels Total c i f value F a s vah IB Mar Apr 19 786 May June July Aug Sept Got Nov Dec Jan Feb Mar Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978 2 Total includes commodities and transactions not classified according to kind Total arrivals of imported goods other than intransit shipments Note Imports on c i f basis beginning 1982 not strictly comparable with earlier periods Manufactured goods Mer chandise trade balance Exports Ex f a s ports Exports less f a s f a 8 imless less ports imimports cusports e i f toms f a s value Custoiris value QQ7 oo t Data beginning 1980 include trade of the U S Virgin Islands except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign exports and trade balance Data for 1974 79 for total domestic and foreign exports total general imports and trade balance include trade of the Virgin Islands Source Department of Commerce Bureau of the Census S U S INTERNATIONAL TRANSACTIONS In the fourth quarter of 1981 the current account was virtually in balance following a 2 1 billion surplus in the third quarter The shift largely reflected an increase in the merchandise trade deficit to 9 2 billion from 7 0 in the third 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 srchandise Period Exports II IIIIV II IIL IV Imports Inve stment in come 3 1 2 Mot i i Kit balflQC 6 Receipts Payments Net Net military transactions Nettravel and transportation receipts Other services net 3 Balance on goods and services Remittances pensions and other unilateral transfers Excludes military grants Adjusted from Census data for differences in timing and coverage 3 Fees and royalties from XJ 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 Balance on current account Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the private capital accounts U S claims on foreigners reported by U S banks increased 42 4 billion in the fourth quarter compared with a 15 2 billion increase in the third Claims were increased 31 4 billion by the transfer of assets from abroad to establish International Banking Facilities IBFs BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS IN THE U S NET I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted l ij S assets abroad ne t inc ease capit il outflow Period Foreigii assets in the U S net increase c ipital inflow P U S official reserve assets 1 2 Other U S Government assets U S private assets II III IV I 22 407 II 21 980 III rv Total I Total Consists of gold special drawing rights SDEs convertible currencies and the U S reserve position in the IMF Quarterly data are not seasonally adjusted Foreign official assets Other foreign assets Statis tical discrejsancy U S official Allocareserve tions assets of Of Total net 1 special sum of which unaddrawing Seasonal justed the rights items SDKs with sign adjust end of ment reversed discrep period ancy Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Nonfarm Business Page EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit Bank Loans and Investments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and 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 Priming Office Washington D C 20402 Price 2 75 single copy 3 45 foreign Subscription price 21 00 per year for foreign mailing US SOVERNMBfT PRINTING OFFICE 1982 O

New Construction

DATE: April 1982

PART OF:

Economic Indicators : April 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-. "New Construction," 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-. "April 1982," Economic Indicators (April 1982) : 21-21. https://fraser.stlouisfed.org/title/1/item/392/toc/137744 , accessed on December 7, 2019.

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Economic Data