Farm Income

Name: Farm Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 97th Congress 2d Session Economic Indicators SEPTEMBER 1982 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong HENRY S REUSS Wisconsin Chairman ROGER W JEPSEN Iowa Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOILING Missouri LEE H HAMILTON Indiana GILLIS W LONG Louisiana PARREN J MITCHELL Maryland AUGUSTUS F HAWKINS California 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 MARTIN S FELDSTEIN Chairman Designate WILLIAM A NISKANEN 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 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 u TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the second quarter of 1982 gross national product rose 49 7 billion or 6 8 percent both at annual rates Real output GNP adjusted for price changes rose 2 1 percent annual rate and the implicit price deflator rose at a 4 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 I i I 1977 I i 1978 I i 1979 I 1980 I I 1981 I I I 1982 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Total I Source Department of Commerce Bureau of Economic Analysis Total HI IV n Imports I Exports Final Federal Net exports IV Goveriiment purchjises of goc ds and services Exports aiid imports of goods and services n ra Gross private domestic investment National defense Nondefense State and local GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Gross national product Period Personal consumption expenditures 3ross private dom estic investnlent HI IV I I n T in l IV Oh unange in business inventories Residential fixed n ra Governmu nt purchases of goods and services Nonresidential fixed ports of goo ds and services Net exports Exports 71 0 Imports Total Federal State and local sales A IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Period Gross national product Personal c Misumption expen litures Total Durable goods Nondurable goods Gross priva te domestic mves tment Services Exports aiid imports of goods aiid services Nonresidential fixed Residential fixed Exports ffl IV I n m IV 1982 I n Source Department of Commerce Bureau of Economic Analysis Imports Governmen t purchases of goods a nd services Federal State and local CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Grc ss national pr duct Period Current dollars Constant 1972 dollars HI IV I n m IV 1982 I n Implicit price deflator Chain price index Personal consumption e spenditures Fixedweighted price index 1972 weights Chain price index Fixedweighted price index 1972 weights NOTE Annual changes are from previous year and quarterly changes are from previous quarter Implicit price deflator Constant 1972 dollars Current dollars Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Current dollar cc st and profit per unit of output dolla rs 1 Gross d omestic product of ilonfinancial corporate business billions c f dollars Period Current dollars HI IV I dollars Total cost and profit 2 n m IV 1982 I n Capital consumption allowances with capital consumption adjustment Indirect business taxes 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 the3decimal point shifted two places to the left Indirect business tax and nontax liability plus business transfer payments less subsidies Compensation of employees 4 Corporate profits with inventory valuation md capital c msumption adjustments Net interest Total Profits tax liability Profits after tax o per hour of all employees 1972 dollars Compensation per hour of all employees 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 Period National income Compensation of employeesl Proprietors income with inventory vttluation and capital coiisumption adjust ments Farm Nonfarm Corporate p rofits with inv sntory valuatio n and capital sonsumption adjustments Rental income of persons with capital consumption adjustment Profits dth inventory valuation adjustmc nt and withou t capital constimption adjust ment Total HI IV I II in IV 1982 I n 1 Inventory valuation adjustment Profits Total Capital eonsump Net interest adjustment Source Department of Commerce Bureau of Economic Analysis Includes employer contributions for social insurance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondural le goods Durable goods Period Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Total nondurable goods Food Clothing and shoes Gasoline and oil Services Retail salres of new passeng er cars millions of units Domestics Imports HI IV I n in IV 1982 I n 1 Total includes other items not shown separately Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 8 6 billion annual rate in August following a rise of 26 2 billion in July About 12 0 billion of the July increase resulted from a cost of living adjustment to several transfer programs Wages and salaries rose 2 6 billion in August compared with a rise of 7 8 billion in July BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE 1982 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Proprietor 3 income 3 Period Total personal income salary Aug Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug 1 Farm ments Sept Other labor 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 3 With inventory valuation and capital consumption adjustments Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments Less Personal contributions for social insurance Nonfarm personal income With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest 5 6 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose in the second quarter BILLIONS OF DOLLARS RATIO SCALE q 2 400 BILLIONS OF DOLLARS RATIO SCALE 2 400 C SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax payments COUNCIL OF ECONOMIC ADVISERS Equals Disposable personal income Less Personal outlays 1 Equals Personal saving Per c apita disposable personal incc me Per capitai personal consulnption expenclitures Current dollars Current dollars 1972 dollars Billions of doll ars dollars Saving as percent of disposable personal income Population thou 2 sands Per cent Do lars Percent change in real per capita disposable personal income Seas anally adju sted annual rates 1980 m IV I n m IV 1982 I n 1 Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net 2 Includes Armed Forces abroad Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the fourth quarter of 1981 gross and net farm income each declined 2 7 billion annual rate from their third quarter levels Data are not yet available for 1982 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 200 n GROSS FARM INCOME NET FARM INCOME V J I I 1975 I J I I I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE I 1981 I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income Jross Period Gas h Total 1 Total 1980 I n m IV 1981 I n m IV Crops Value of inventory changes 2 Production expenses Current dollars 1967 dollars Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Net farni income marketing receipts Livestock and products of farm ope rators from farmi ng farm incom B Income in current dollars divided by the consumer price index Department of Labor Source Department of Agriculture except as noted CORPORATE PROFITS In the second quarter of 1982 according to revised estimates corporate profits before tax were about unchanged from their first quarter level while after tax profits rose 1 3 billion annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Pr ofits before t ax with inve ntory valuation adjustmen t 1 Profits after ta X Doimestic indust ries Total 2 Total See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Includes industries not shown separately I ffl IV n I Whole sale and retail trade IV Manufacturing n m Total 3 Tax liability Financial Inventory valuation adjustment Profits before tax Nonfmaneial Period Total Dividends Undistributed profits NOTE First and second quarter 1982 estimates of profits tax liability have been revised to incorporate the effects of the enactment of the Tax Equity and Fiscal Responsibility Act of 1982 Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the second quarter business fixed investment declined 4 8 billion annual rate from its first quartet level and residential investment outlays rose 2 1 billion There was a 16 2 billion decrease in inventories following a 35 6 billion decrease in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES V GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES i i I i I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates WOSS Period private domestic investment Nonresic ential fixed urvestment Total m I rv n m IV 1982 I n Producers durable equipment Total Nonfarm structures Farm structures Source Department of Commerce Bureau of Economic Analysis Structures Residential fc ed investment Change iii business inveu tones Producers durable equipment Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT NONFARM BUSINESS According to the Commerce Department July August survey nonfarm business spending for new plant and equipment for the year 1982 is expected to be 0 7 percent above 1981 Spending in 1981 was 8 7 percent above 1980 BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE 500 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT MANUFACTURING I 30 I I J U I SEE FOOTNOTE 4 BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Plant and equip ment Period Total Plant M anufaeturin g Equipment Total Durable goods 1981 I n in IV 1982 I n4 m4 IV Nondurable goods 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 Mining Total Starts of plant and Nonmanuifaeturing Transportation Public utilities Trade and services ment projects manufacturing Communication and other Starts are estimated by adding changes in carryover to expenditures during given period 4 Planned capital expenditures as reported by business in late July and August 1982 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment rose 107 000 in August and unemployment rose 15 000 MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted Unemp oyment Civilian e mployment Period Noninstitutional population Civilian employment Total labor force including Armed Forces labor force ployment Total Part time AgriculTotal Total 15 weeks economic reasons Aug Sept Get Nov Dec Jan Feb Mar Apr May June July Aug Seas anally adjus ted U nadjusted 1 Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 3 Total tabor force as percent of noninstitutional population 16 years of age ami over Ijabor force participation rate2 percent i 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 August the seasonally adjusted unemployment rate was 9 8 percent the same as in July PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED I A TEENAGERS WOMEN 20 YEARS AND OVER w MEN 20 YEARS AND OVER Lu UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR 1982 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted TJnemployment rate p jrcent of civt ian labor fon e in group I y sex and ag e Period Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug 1 Total all civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Labor force time lost percent Black and other Experienced wage and salary workers Married men spouse present Women who maintain families Full time workers Part time workers Aggregate hours lost by the unemployed and persons on part time for economic reasons as pe nt of potentially available labor force hours 12 By selected gro ups By race 4 2 Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August the percentage of unemployed persons who had been out of work for less than 15 weeks fell slightly and the percentage out of work for 15 weeks and longer periods rose slightly PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS REENTRANTS 30 20 JOB LEAVERS NEW ENTRANTS i I SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMtNT OF LABOR Monthly data seasonally adjusted except as noted Percent distribution of unemplo yment by dura tion IT Period thousands Less than 5 weeks 5 14 weeks 15 26 weeks 27 weeks and over Percent distribution of unemployment by rea son Job losers Job leavers Reentrants New entrants Sta te progr ams Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Special unemployment benefit claims unadjusted 1 Weekly avei age thousan ds Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 1 Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia Puerto Rico 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 SUA special unemployment assistance 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 August total nonagricultural employment as measured by the payroll survey fell 211 000 from its July level MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE 22 WHOLESALE AND RETAIL TRADE 90 ALL 20 NONAGRICULTURAL ESTABLISHMENTS SERVICES VICES GOVERNMENT SERVICE PRODUCING INDUSTRIES 60 22 MANUFACTURING CONSTRUCTION GOODS PRODUCING INDUSTRIES 30 UmrtiiM SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers seasonally adjusted Service p reducing ind astries Goods producing inc ustries Period Total nonagricultural employment Anufaeturing 1 Total 2 Construction Durable goods Wholesale and retail trade Finance insurance and real estate Jan Feb Mar Apr May June July Aug 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 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 are not at work because of industrial dis State and local Aug Sept Oct Nov Dec Federal Government Services Transportation and public utilities Total Total Nondurable goods putes bad weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 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 giross hourly earnings Average weekly hours Manufa eturing Total private nonagricultural Period Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug Overtime Manufacturing Total Total private nonagrieultural Adjust d hourly earnin gs index total private nonagrie ultural 2 Percent chan re from a year earlii3r 4 5 Ind ex Current dollars Current dollars 1977 dollars dollars C AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Percent cllange from a year earlier total private nonagricultural s Average gross weekly eaunings Period Manufacturing Total mvate nonagncultural Current dollars dollars 3 Construction Wholesale and retail trade Current dollars Aug Sept Oct Nov Dee Jan Feb Mar Apr May June July Aug v Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing 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 1977 dollars Current 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 BUSINESS SECTOR Outp u t Period Business sector 1 Output per hour of all persons Hours of all perse ns 2 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Compens ation per 3 Unit labor hour Business sector Nonfarm business sector Implicit price defla tor 4 COst Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly ata seasons lly adjuste m IY I I n m rv n 78 8 Percent ch ange quart erly data alj seasonally adjusted aiinual rates M IY 1981 I n ffl IV 1982 I n 1 Output refers to gross domestic product originating in the sector in 1972 dollars Hours of all persons in private industry engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 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 selfemployed 2 16 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 0 5 percent in August following a 0 1 percent rise in July and a 0 5 percent decline in June The index for August was 10 2 percent below the year earlier level INDEX RATIO SCALE INDEX TOTAL INDUSTRIAL PRODUCTION RATIO SCALE UTILITIES AND MINING PRODUCTION UTILITIES I MINING MANUFACTURING PRODUCTION PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Seasonally adjusted Total indiLstrial produ ction Period Index proportion Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug 1 2 3 Industry proe uetion indexes Percent change from year earlier 1tfanufacturini Mining Total Durable Utilities Nondurable 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 Cap acity utilizati on rate perc ent Manufacturing Materials Federal Reserve series Federal Reserve series Commerce series 2 Wharton series Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prod ucts Intermedia te products Final Produets Period C onsumer good s Total 1967 proportion Aug Sept Get Nov Dec 1982 Jan Feb Mar Apr May June July Aug Total Durable goods Materials Equip ment Nondurable goods Total Total Business Construction supplies Supplementary group Energy total seasonally adjusted Sfondurable inanufacture s Durable m inufaetures Primary metals Period Total 1967 proportion Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug Iron and steel Source Board of Governors of the Federal Reserve System 18 Fabricated metal products Nonelectrical machinery Transpcjrtation equipment Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods NEW CONSTRUCTION Constraction contracts 2 Private Period T al new con itruetion exp nditures Besiclential Total Commercial and industrial New housing units Total 1 Federal State and local Other Total value index Commercial and industrial floor space millions of square feet E illions of dollars Seasonally adjusted Seasonal ly adjusted annu al rates Seasonally adjusted annual rates 1981 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July p Aug p 1 Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 P W Dodge series Eelates to 50 States beginning 1969 for value index 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 of units or homes except as noted New prirv ate homes New private housing units Units started b r type of structure Period 1 unit Total units or more units Units authorized Units completed Homes sold Vacancy rate Homes for sale at end of period housing units percent Seasonal iy adjusted annu al rates 1981 Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June p July P Aug p 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 fell slightly in July and inventories rose slightly According to the advance survey retail sales fell 0 9 percent in August following a rise of 1 2 percent in July BILLIONS OF DOLLARS RATIO SCALE 140 BILLIONS OF DOLLARS RATIO SCALE V 350 RETAIL SALES 300 TOTAL BUSINESS SALES I i i i i i 1 1 i i 1 1 i i i l i l 1 1 l l 1 1 i I i l i 1 1 i l l i i I i i i i i i i i i i 1 1 ii i i RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total biisiness COUNCIL OF ECONOMIC ADVISERS Inventory 5 ales ratio 4 He tail Who esale Inventories 3 Sales 2 Period Sales 2 tories 3 Sales 2 tories 3 Total Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores business Retail Millions of dollars seasonally iidjusted July Aug Sept Get Nov Dec Jan Feb Mar Apr May June July pp Aug The term business also includes manufacturing see page 21 Monthly average for year and total for month Book value end of period seasonally adjusted 4 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 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In July manufacturers1 shipments and inventories were about unchanged new orders rose and unfilled orders fell In August according to advance estimates durable goods shipments and new orders fell BILLIONS OF DOLLARS RATIO SCALE INVENTORIES BILLIONS OF DOLLARS RATIO SCALE DURABLE GOODS NONDURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE 200 RATIO 2 2 INVENTORY SHIPMENTS RATIO SEASON ALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1981 COUNCIL OF ECONOMIC ADVISERS Manufa cturers shipiBents 1 I tanufacturers new orders i Manufa cturers inveritories 2 Durabl 3 goods Period Total Durable goods 1982 Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio Millions of do liars seasoilally adjust 3d July Aug Sept Oct Nov Dec 1982 Jan Peb Mar Apr May June July p Aug Monthly average for year and total for month 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 shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In August the producer price index for all finished goods rose 0 6 percent seasonally adjusted Prices of finished consumer foods rose 0 1 percent and prices of other finished consumer goods increased 0 8 percent Prices of capital equipment rose 0 7 percent from their July level INDEX RATIO SCALE INDEX RATIO SCALE i i i i iIi i i i i 120 i i i i i I i i i i i I SOURCE D1PARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Fin ished goods Period Total finished goods Consumer foods Fiwished go ds excluding consumer foo Is Total Durable Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Intermediate materials for food manufacturing and feeds 22 Nondurable Cnade mater als Total Foods and feeds Other Total Foodstuffs and feedstuffs Other Total a r Consumer gc ods Total NOTE Data revised for April 1982 Internlediate ma terials Capital equipment Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In August the consumer price index for all urban consumers rose 0 3 percent seasonally adjusted 0 2 percent unadjusted Food and beverages prices fell 0 3 percent seasonally adjusted and energy prices were unchanged unadjusted INDEX RATIO SCALE INDEX RATIO SCALE UNADJUSTED ALL ITEMS SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS monthly data seasonally adjusted except as noted Transportatic n Housing Period All items 1 Food and beverages Total 1 NSA Rel imp B Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug 1 Home purchase NSA Home financing taxes and insurance NSA Apparel and upkeep 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 5 An experimental measure using a rental equivalence approach for homeownership costs Effective with data for January 1983 the consumer price index for all urban consumers will incorporate a rental equivalence measure 2 3 Total New cars Motor fuel 2 Medical care Ener3 gy NSA All items less food energy and home purchase and finance All items X l 5 NSA Eelative importance December 1981 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 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percen change froin 3 months earlier seas onally adjus ted annual r ites Percenl change froin preceding period seasonally adjusted Period Consumejr goods Total finished Aug Sept Oct Nov Dec finished Foods goods Excluding foods Capital equipment Jan Feb Mar Apr May June July Aug Consun 3r goods Total Capital equipment Excluding foods Foods goods Consume r goods Total finished Excluding foods Foods goods Capital equipment Percenl change froin 6 months earlier seas onally adjus ted annual r ates j i l Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted NOTE Based on revised data for April 1982 CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted Tra nsportaticm Housing Home Period All items 2 Food and beverages financ Total 2 Home purchase NSA Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug t ing taxes and insurance Apparel and upkeep Total l Energy4 All items X l 6 s NSA Medical care NSA Motor fuel 3 E Annual changes are from December to December not seasonally adjusted 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 5 Estimated series Finance includes financing taxes and insurance 6 An experimental measure using a rental equivalence approach for homownership costs Effective with data for January 1983 the consumer price index for all urban consumers will incorporate a 2 New cars All items less food energy and home purchase g Addeiidum All item 3 percent change annual ra te From 3 months earlier From 6 months earlier rental equivalence measure NOTE NSA indicates data are not seasonally adjusted beginning January 1978 are for all urban consumers earlier data are for urban wage earnand clerical workers J Data ers Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 3 percent in September and prices paid by farmers were unchanged in the month ended September 15 INDEX INDEX RATIO SCALE RATIO SCALE I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I 1977 Ii i i i i Ii i i i i Ii i i i i I i i i i I i i i i i I i i i i RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC SOURCE DEPARTMENT OF AGRICULTURE ADVISERS Pri ces received by Period All farm products Livestock and products Crops Batio 2 Production items Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug Sept Includes items not shown separately Percentage ratio of index of prices received by fanners to index of prices paid interest taxes and wage rates paid by fanner s Production items interest taxes and wage rates All commodities services interest taxes and wage rates I rices farm ers NOTE The official indexes are published on a 1910 14 base as required by 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 Ml rose in August for the first time since April while growth in the broader aggregates continued to accelerate BILLIONS OF DOLLARS RATIOSCALE BILLIONS OF DOLLARS RATIO SCALE M r AA Ij ii i Li i i i i i I II Ii i i t i l i II i SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug p M2 M3 L Sum of currency demand deposits travelers checks and other checkable deposits OCD 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 BPs 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 an annual rate 26 Percent change from year or 6 m onths earlier Source Board of Governors of the Federal Reserve System Ml M M COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Money market mutua Ifund bala nces Overnight repur Other Currency Dec Aug Sept Get Nov Dec Jan Feb Mar Apr May June July p Aug checkable deposits OCD agreements RPs net plus overnight Eurodollars General purpose and broker dealer Institution only NSA Perinrl Demand deposits 1 NSA Small denomination time deposits Large denomination time deposits 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 Term repurchase agreements RPs Term Eurodollars net NSA NSA Savings deposits NSA Qav ings bonds Shortterm Treasury securities Bankers acceptances C nm paper L 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 Insta llment credit ext nded Period Total l Automobile Revolving Total Automobile Revolving Jan Feb Mar Apr May June July Includes mobile home and other not shown separately Automobile July Aug Sept Oct Nov Dec 1 Total Revolving Net charige in amount ou standing Insta Iment credit liqui dated l Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND INVESTMENTS AND RESERVES Growth in commercial bank loans and investments continued to decelerate in August BILLIONS OF DOLLARS RATIO BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS LOANS AND LEASES INVESTMENT IN OTHER SECURITIES V SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depo dtory instituticm s 3 Al1 commercial bank s 1 Period Total loans and investments Loans and leases Total 2 Commercial and industrial loans U S Treasury securities Total Seasonal Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Data are averages of Wednesday figures 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 aggregates have been Kequired Nonborrowed Total Other securities Bornjwings millions of dollars una l usted Dec Dec Dec Dec Dec Dec Dec Eeserves adjust 3d for changes in re serve requiresnents Investinents reduced because of shifts from U S banking offices to International Banking Facilities IBFs Reserves adjusted for changes in reserve requirements revised beginning 1959 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 Uses Sources External Period Total Ci edit market funds Internal Total Total I n ra IY 1982 I p n Securities and mortgages Loans and short term paper Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad 2 Consists of tax liabilities trade debt and direct foreign investment in the U S 3 Plant and equipment residential structures inventory investment and mineral rights from U S Total Other Capital expenditures Increase in financial assets Discrepancy sources less uses Government Note Series revised beginning 1977 Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Current liabilitie s Current assets End of period SEC series FTC FRB series HE IV 1981 I n m IV 1 TT Total Cash Government securities Notes and accounts receivable Total Notes and accounts payable Other current liabilities ratio Net working capital Total current assets divided by total current liabilities 2 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 Other current assets Inventories 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 fell again in September PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S I I I I I i I I I I I COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S I reasury security yields Period Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug Sept Week ended 1982 Aug Sept Oct 2 1 3 month bills1 Constant naaturities 2 3 year 10 year High grade municipal bonds Standard3 Poor s Rate on new issues within period bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Prior to November data are for 4 6 months paper 5 Average effective rate for year opening and closing rate for month and week 2 30 Corporate Aaa bonds Moody s Prime commercial paper 4 6 months 4 Discount rate N Y F R Bank 5 Prime rate charged 5 by banks llM J New home mortgage yields FHLBB 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 Bates beginning January 1973 not strictly comparable with prior rates Sources Department of the Treasury Board of Governors of the Federal Eeserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS In September stock prices continued the rise begun in late August INDEX DEC INDEX DEC SO EARNINGS PRICE RATIO ON COMMON STOCKS S P 10 J 1974 L I I I 1975 J L 1976 I I I I I I I I I 1979 J L 1980 SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION J L 1981 Common stock price s 1 Ne v York Stock Ex shange indexes I ec O 2 Period Composite Sept Oct Nov Dec 1982 Jan Feb Mar Apr May June July Aug Sept Week ended 1982 Aug Sept Industrial Transportation COUNCIL OF ECONOMIC ADVISERS Utility Finance Dow Jones industrial average Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks 4 Includes 500 stocks 5 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter Standard Poor s composite index Common st ock yields percent Dividendprice ratio 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 RECEIPTS OUTLAYS AND DEBT In the first 11 months of fiscal year 1982 there was a budget deficit of 109 0 billion compared to a budget deficit of 64 3 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS BUDGET SURPLUS OR DEFICIT FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Period Fiscal year or period Transition quarter estimates First Concurrent Resolution June Mid Session Review July 1982 l Cumulative total first 11 months Fiscal year 1981 Fiscal year 1982 Budget receipts Budget surplus or deficit Off budget outlays Total surplus or deficit Federal debt end of period Gross Held by the public Estimates from Mid Session Review of the 1983 Budget Office of Management and Budget July Budget outlays 437 3 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 11 months of fiscal year 1982 budget receipts were 19 1 billion higher than a year earlier and budget outlays were 63 7 billion higher BILLIONS OF DOLLARS 400 BUDGET RECEIPTS BILLIONS OF DOLLARS INDIVIDUAL INCOME TAXES OTHER RECEIPTS CORPORATION INCOME TAXES J I I BUDGET OUTLAYS NONDEFENSE FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Budget outlays Budget njceipts Nation al defense Period Total Individual income taxes Corporation income taxes Fiscal year or period Transition quarter l 1983 l Cumulative total first 11 months Fiscal year 1981 Fiscal year Other Total Estimates from Mid Session Review of the 1983 Evdget Office of Management and Budget July Depart Total Defense military International affairs Health and income security Interest Other Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1982 according to revised estimates Federal receipts rose 7 1 billion annual rate and expenditures rose 8 3 billion yielding a deficit of 119 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS 0 0 DEFICIT J CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernmem expenditur Federal Governme at receipts Personal Period Total Fiscal year Calendar year HI IV 1981 I n m IV 1982 I n tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total Transfer payments and local governments NOTE First and second quarter 1982 estimates of profits tax liability have been revised to incorporate the effects of the enactment of the Tax Equity and Fiscal Responsibility Act of Purchases of goods and services Grantsin aid to State Net interest paid Subsidies less current surplus of Government enterprises 6 9 Less Wage accruals less disbursements Surplus or deficit national income and product accounts Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Indu strial prod uction seeLsonally adju sted Period United States Sept Oct Nov Dec 1982 Jan Feb Mar Apr May p June p July p Ang 1 Canada Japan Prance Germany Consume r prices iinadjusted United Kingdom Italy United States Canada Japan France Germany Beginning January 1978 data relate to all urban consumers Italy United Kingdom Source National sources as reported by Department of Commerce International Trade Administration Office of Planning and Research in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Her 3handise expc rts 1 Period Total domestic and foreign exports Total 2 Pood beverages and tobacco Crude materials and fuels Merch andise trade balance Merc bandise imj orts Geileral import s 3 Exports Total 2 Food beverages and tobacco Crude materials and fuels Manufactured goods Total c i f value less imports customs value Domestic exports Manufactured goods a a o Exports f a s less imports f a s Exports f a s less imports c i f a s valu 3 Monthly average Customs value Aug Sept Get Nov Dee 1982 Jan Feb Mar Apr May June July Aug 1 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 3 Total arrivals of imported goods other than intransit shipments NOTE Imports on e Lf basis beginning 1982 not strictly comparable with earlier periods 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 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 The surplus on current account increased to 2 1 billion in the second quarter from 1 1 billion in the first quarter The merchandise trade deficit fell slightly to 5 8 billion from 5 9 billion in the first quarter BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 SEASONALLY ADJUSTED BALANCE ON GOODS AND i SERVICES g BALANCE ON CURRENT ACCOUNT MERCHANDISE TRADE t i V I 15 I I I 1975 I I 1976 j L J L I I I I SOURCE DEPARTMENT OF COMMERCE I I COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits f debits Merchandise l 2 Period Exports Imports In vestment incorn e 3 Net balance Eeceipts Payments Net Net Net military transactions transportation receipts services net 3 Balance on goods and services Othor Remittances pensions and other unilateral transfers Balance on current account j g j HI IV I IV lp IP n ffl 1 Excludes military grants Adjusted from Census data for differences in timing and coverage Pees 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 2 3 Note Data revised for first quarter of Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 33 9 billion in the second quarter compared with 32 7 billion in the first quarter reflecting activity of International Banking Facilities IBFs and the on going transfer of U S banks business from offshore branches to their IBFs Liabilities to private foreigners reported by U S banks increased 24 1 billion the third consecutive large quarterly increase BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted Foreign assets in the 1IS net increas B capital inflowv 2 U S assets abroad net i increase capitiil outflow Period Total U S official reserve assets l 2 Other U S Government assets U S private assets Total Foreign official assets Other foreign assets ffl IV I Statistical discrepancy Allocations of special drawing rights SDEs n m IV 1982 I n Consists of gold special drawing rights SDEs convertible currencies and the U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy assets netl unadjusted end of period TT rrffininl NOTE Data revised for first quarter of 1982 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 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 for Finished Goods 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 Receipts 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 38 U S GOVERNMENT PRINTING OFFICE

Farm Income

DATE: September 1982

PART OF:

Economic Indicators : September 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-. "Farm Income," 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-. "September 1982," Economic Indicators (September 1982) : 9-9. https://fraser.stlouisfed.org/title/1/item/401/toc/49423 , accessed on December 5, 2019.

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Economic Data