Consumers' Prices

Name: Consumers' Prices
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The following is plain-text output generated by Optical Character Recognition. 98th Congress 1st Session Economic Indicators MAY 1983 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 ROGER W JEPSEN Iowa Chairman LEE H HAMILTON Indiana Vice Chairman SENATE WILLIAM V ROTH JR Delaware JAMES ABDNOR South Dakota STEVEN D SYMMS Idaho MACK MATTINGLY Georgia ALFONSE M D AMATO New York LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland HOUSE OF REPRESENTATIVES GILLIS W LONG Louisiana PARREN J MITCHELL Maryland AUGUSTUS F HAWKINS California DAVID R OBEY Wisconsin JAMES H SCHEUER New York CHALMERS P WYLIE Ohio MARJORIE S HOLT Maryland DAN LUNGREN California OLYMPIA J SNOWE Maine BRUCE R BARTLETT Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN FELDSTEIN Chairman WILLIAM A NISKANEN Member WILLIAM POOLE Member PUBLIC LAW 120 SlST 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 4 25 a single copy 5 35 foreign or by subscription at 25 00 per year 31 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter of 1983 gross national product rose 62 7 billion or 8 3 percent both at annual rates Real output GNP adjusted for price changes rose 2 5 percent annual rate and the implicit price deflator rose at a 5 7 percent annual rate BILLIOh45 OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE RATIO SCALE 3 200 O 3 200 SEASON kLLY ADJUSTED ANNL AL RATES f f f 7 snn X 2 600 f Ann S GNP IN CURRENT DOLLA RS X V i X o nnn nnn T I i 1 200 I I i Aftf GNP IN 1972 DOLLAR s I i I I 1978 I 1979 I I i I 1980 I I I I 1981 I I 1982 i I 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 T inal Federal Net exports Exports Imports Total Total National defense Nondefense State and local sales El IV 1982 I n m IV I r Source Department of Commerce Bureau of Economic Analysis Goveniment pureh ises of goc ds and servi ces Exports aiid imports of goods and services Gross private domestic investment GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Period Gross national product G ross privat e dome stic invest ment Personal consumpChange tion in expendi Nonresi Residen business dential tial fixed tures invenfixed tories IV I r n m 1981 HI IV 1982 I Govern ment purch ases of g o s and services Federal Net exports Ex ports of go ods amd services Exports Total Imports Total National defense Nondefense State and local Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Gross private domestic investment Personal c onsumption expen ditures Period Gross national product Durable goods HI IV n m able goods Services Exports Imports Total National defense Nondefense State and local IV I r Residential fixed Source Department of Commerce Bureau of Economic Analysis dential fixed I Gove rnment pure aases of goo ds and sernces Federal Total Exports anc imports of goods anc1 services CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Ore ss national prc duct Period I n m IV HI IV 1982 Constant 1972 dollars Current dollars l r Implicit price deflator Personal consumption e spenditures 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 Chain price index Fixedweighted price index 1972 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Curirent dollar co 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 1972 dollars Total cost and profit 2 Capital consumption allowances with capital consumption adjustment Indirect business taxes 3 Compensation of employees Corporate profits with inventory valuation md capital C msumption adjustments Net interest IV Ip I n m IV I n m Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol lars 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left tax liability Profits Total 3 4 Profits after tax n utput U of all employees 1972 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies 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 employees1 Proprietors income with inventory viiluation and capital coiisumption adjust ments Farm HI IV I n ni IV I r Nonfarm Corporate profits with inv entory valuatio n and capital consumption adjustments Rental income of persons with capital consumption adjustment Profits nth inventory valuation adjustmt nt and withou t capital consiimption adjust ment Net interest adjustment Inventory valuation adjustment Profits Total Capital consump Total 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 No ndurable goods Durabl 3 goods Period Total personal consumption expenditures Total durable goods Motor vehicles and parts 111 1 Furniture and household equipment Food Clothing and shoes Gasoline and oil Other Services 64 9 Domestics Imports m IV I n in IV I r Source Department of Commerce Bureau of Economic Analysis Total nondurable goods Other Eetail sal es of new passengi er cars millions of units SOURCES OF PERSONAL INCOME Personal income rose 20 2 billion annual rate in April following a rise of 14 9 billion in March Wages and salaries rose 12 8 billion in April compared with a rise of 9 1 billion in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS i I i i i ii SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE 1983 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Total personal income Wage and salary disbursements 1 Proprietors income 3 Other labor income 2 Farm Personal dividend income Apr May June July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr p 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 interest income Transfer payments 5 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 According to revised estimates real per capita disposable income rose in the first quarter BILLIONS OF DOLLARS RATIO SCALE 2 400 P BILLIONS OF DOLLARS RATIO SCALE q J 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 l Equals Personal saving Per c apita disposable personal inc me Current dollars 1972 dollars Billions of dol ars I Per capitai personal consulnption expen itures Current dollars 1972 dollars Saving as percent of disposable personal income Population thousands 2 Per cent Do lars Percent change in real per capita disposable personal income Seas onally adju sted annual rates IV F HI IV 1982 I n m 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 first quarter of 1983 according to preliminary estimates gross farm income fell 9 3 billion annual rate and net farm income fell 5 8 billion BILLIONS OF DOLLARS 200 RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE NET FARM INCOME A 20 J V L I I 1983 I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE Billions of dollars quarterly data at seasonally adjusted annual rates In come iross Period of farm operators from farmi ng Net farai farm incom e Cas h marketing receipts Total l Total Livestock and products Crops n m IV lp IV 1982 I 1 Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year 1967 dollars n m Current dollars I Value of inventory changes 2 income Production expenses Income in current dollars divided by the consumer price index Department of Labor Source Department of Agriculture except as noted CORPORATE PROFITS In the first quarter of 1983 according to preliminary estimates corporate profits before tax rose 2 4 billion annual rate from their fourth quarter level and after tax profits fell 5 4 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Pr fits before t ax with inventory valuati on adjustmen t 1 Profits after ta X Do nestic industiies Period Nonfinancial m Total 2 Total IV lp HI IV 1982 I n m Financial Tax liability Total Dividends sale and retail trade Total 3 See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately i Manufacturing Profits before tax Undistributed profits Inventory valuation adjustment Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter of 1983 business fixed investment fell 0 3 billion annual rate from its fourth quarter level and residential investment outlays rose 19 1 billion There was a 37 3 billion decrease in inventories following a 48 3 billion decrease in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES 50 x H X J L i i 1 1 I l i i J I L SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Gross Period III IV domestic investment 195 0 Nonresk ential fixed in vestment Total Structures Producers durable equipment Eesidential fbLed investment Total Nonfarm structures Farm structures Change i n business mver tones Producers durable equipment Total Nonfarm I II Ill IV Ir Source Department of Commerce Bureau of Economic Analysis 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 1983 is expected to be 1 7 percent below the 1982 level Spending in 1982 was 1 6 percent below the 1981 level 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 Plan t and equip ment Period Total Plant Equipment Total Durable goods Nondurable goods Trade Total Mining Transportation HI IV I n m IV 1983 I 44 n 4 2nd half Wholesale and retail trade finance insurance and real estate and personal business and professional services 2 Other consists of construction social services and membership organizations and forestry fisheries and agricultural services 10 Starts of plant and Nonmanuifaeturing M Anufacturin g Public utilities and services l Communication and other 2 ment projects manufacturing Starts are estimated by adding changes in carryover to expenditures during given period Planned capital expenditures as reported by business in late January and February 1983 corrected for biases 4 Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 355 000 in April and unemployment fell 53 000 MILLIONS OF PERSONS MILLIONS OF PERSONS 16 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 Civilian e mploymeB t Period Noninstitutional population including resident Armed Forces Resident Armed Forces employment P T Unemployment Total labor force including resident Armed Forces Total employment including resident Armed Forces Unemp oyment Nonagiricultural p labor lorce Total Unad usted Agricultural ii Totai Parttime for economic reasons loiai Tntnl 15 weeks and over Laboi force participa tion rate per cent Total Civilian Seas Mially adjiisted 1982 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Total labor force as percent of noninstitutional population both including resident Armed Forces 3 Civilian labor force as percent of civilian noninstitutional population 4 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 The seasonally adjusted unemployment rate for all civilian workers declined slightly to 10 2 percent in April from 10 3 percent in March The overall unemployment rate which includes resident Armed Forces in the labor force was unchanged at 10 1 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemp oyment ra te percen t of civilia n labor force in group Period Unemployment rate all workers 1 By sex and a ge By race Both sexes 16 19 years civilian workers Men 20 years and over Women 20 years and over Apr MayJune July Aug Sept Oct Nov Dee Jan Feb Mar Apr Black a nd other White Total Black Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 2 12 By s elected grou JS A 11 All Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost percent Source Department of Labor Bureau of Labor Statistics 9 9 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April the percentage of unemployed persons who had been out of work for more than 15 weeks fell and the percentage out of work for less than 15 weeks rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT A JOB LOSERS T 50 X REENTRANTS NEW ENTRANTS SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Period TT ployment thousands Percent distribution of unemplo yment by dura tion 1 Less than 5 5 14 weeks 15 26 weeks 27 weeks and over Steite progi ams Percent distribution of unemplc yment by rea son Job losers Job leavers Reentrants New entrants Insured unemploy Initial claims Insured unemployment all regular programs unadjusted 2 Special unemployment benefit claims unadjusted 3 t Weekly ave rage thousarids Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb Mar Apr Detail may not add to 100 percent because of rounding 2 Includes State 50 States District of Columbia Puerto Eico and Virgin Islands ex servieemen UCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program Federal supplemental compensation program Source tration irtment of Labor Bureau of Labor Statistics and Employment and Training Adminis 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 258 000 in April following a rise of nearly 200 000 in March MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE r WHOLESALE AND RETAIL TRADE r F i M ALL NONAGRICULTUR ESTAI LISHMENTS SERVICES 70 GOVERNMENT I II I I I I I I I SE VICE PRODU CING INDUSTRIE S 60 MANUFACTURING GOODS P RODUCING INDlJSTRIES n i i i i 1 i i i M M 1979 I I 1 i CONSTRUCTION MI i i i i i 1 t i i ii I I IIN SEASON ALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers 1 seasonally adjusted Service reducing ind ustries Goods producing in ustries Total nonagriPeriod employment lanufacturing Total Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr Construction Total Durable goods Wholesale and retail trade Finance insurance and real estate State and local Federal Services Government Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the p ay 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 14 Total Transportation and public utilities 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 2 Includes mining not s ning 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 weekly hours Period Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb r Mar r Apr Average gi oss hourly earnings Manilla cturing Total private nonagricultural 1 Total Total private nonagricultural l Overtime Manufacturing Adjuste d hourly earnin gs index total private nonagricultural 2 Ind ex Percent ehang e from a year earlic r 4 s 1977 dollars 3 Current dollars Current dollars dollars AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Percent cl iange from a year earlier total private n onagrieultural 5 Avera ge gross weekly eairaings Period Total private nonagneultural 1 Current dollars Apr May June July Aug Sept Oct Nov Dee 1983 Jan Feb r Mar r Apr Manufacturing 1977 dollars Wholesale and retail trade Current dollars 1977 dollars Current dollars 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 Revised index for urban wage earners and clerical workers used beginning 1978 Construction Monthly changes based on indexes to two decimal places Based on unadjusted data 3 Source Department of Labor Bureau of Labor Statistics PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output pc T hour of all persons Period Business sector Nonfarm business sector Outp ut Business sector x Compensation per hou r 3 all Hours of 2 perse n s Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Unit labor CO st Real com pensation 4 per h our Business sector Nonfarm business sector Implici t price defla tor 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 19rf uarterly c ata seasoilally adjus ted IV Ir I n m IV 1982 I n m 1983 r r 152 2 r 153 3 Pe reent change quarterly data a t seasonal y adjusted annual rates I n m IV 1982 I n m IV 1983 I r Output refers to gross domestic product originating in the sector in 1972 dollars 2 Hours of all persons in private industry engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 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 4 Hourly compensation divided by the consumer price index 16 5 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Data relate to all persons engaged in the sector 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 rose 2 1 percent in April following a rise of 1 2 percent in March The index for April was 1 7 percent above its year earlier level INDEX RATIO SCALE INDEX TOTAL INDUSTRIAL PRODUCTION 180 RATIO SCALE UTILITIES AND MINI NG PRODU CTION 180 P x r s O UTILITIES S V r J MINING V f MANUFACTURING PRODUCTION i i iiiIiiiii 1980 I 1 1 M I i ii Mill PERCENT RATIO SCALE NONDURABLE N DURABLE SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Seasonally adjusted Total Capacity u tilization rate percent Industry pro uction indexes indus trial produ ction Manufa cturing Manufacturing Index proportion Apr May June July Aug Sept Get Nov Dec 1983 Jan r Feb r Mar r Apr Output as percent of capacity Annual data are averages of the four monthly indexes Percent change from year earlier Mining Total Durable Utilities Nondurable Federal Reserve series Commerce 2 senes Materials Federal Reserve series Sources Board of Governors of the Federal Reserve System and Department of Commerce Bureau of Economic Analysis 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prod uets Intermedia te products Final products Period C onsumer good s Total Total Durable goods Materials Equij ment Nondurable goods Total Total Business Construction supplies Supplementary group Energy total 1967 proportion Apr May June July Aug Sept Oct Nov Dee Jan r Feb r Mar r Apr seasonally adjusted IS endurable imanufacture s Durable m gtnufaetures Transp artation equip ment Primary metals Period Total Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods Apr May June July Aug Sept Get Nov Dee J a n r Feb r Marr Apr proportion Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Constructio n contracts 2 Private Period Total new construction expenditures Resi dential Total Commercial and industrial New housing Total 1 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet I illions of dollars Mar Apr May June July Aug Sept Oct Nov Dec 1983 Jan r Feb r Mar Apr Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted Seasonal ly adjusted annu al rates Seasonally adjusted annual rates r 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 prhrate homes New private housing units Units started b type of structur e Period Total unit units 5 or more units Units authorized r Units completed Homes sold r Homes for sale at end of period Vacancy rate for rental housing units percent Seasonal ly adjusted annu al rates 1982 Apr May June July Aug Sept Oct Nov Dec 1983 Jan Peb r Mar r Apr Seasonally adjusted 2 Quarterly data entered in last month of quarter Series ginning 1979 not strictly comparable with earlier data 3 New series beginning March 1979 r 880 r r 1 065 r 928 r 1 029 r 1 154 r 1 227 r 1 326 r r NOTE Units authorized beginning 1978 relate to 16 000 permit issuing places data for 1973 77 are for 14 000 places Seasonally adjusted units authorized revised beginning 1981 unadjusted beginning 1982 Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Total and Trade Business sales rose 1 8 percent in March and inventories fell 5 billion According to the advance survey total retail sales rose 1 6 percent in April following a rise of 1 7 percent in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES RETAIL INVENTORIES v X 90 TOTAL BUSINESS SALES RETAIL SALES RATIO lIlllIlllli SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total biisiness l Who esale Sales Period Sales Inven 3 tones Sales 2 Inventories 3 Inventory s ales ratio 4 Retail Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores c c Total business l Ketail Millions of dollars seasonally adjusted Mar Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb r Mar r AprP 1 r r 260 307 r 297 663 r 327 284 r 356 099 r r 347 061 r 344 934 r 353 110 r 349 742 r 347 676 r 343 426 r 342 882 r 336 905 r 338 722 r 338 388 r r 351 036 r 398 890 r 450 736 r 492 885 r 526 152 r r 520 440 r 523 370 r r r 521 145 r r r r 513 888 r r r 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 ata ratio of inventories at end of month to sales for month c r c r 1 44 r 1 51 r 1 50 r 1 52 r 1 47 r 1 49 r 1 50 r 1 52 r 1 52 r 1 54 r 1 52 r 1 51 r Corrected Note Total business and manufacturing revised beginning 1977 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In March manufacturers shipments and orders rose while inventories fell In April according to advance data durable goods shipments and new orders rose again BILLIONS OF DOLLARS RATIO SCALE INVENT ORES 280 d 240 BILLIONS OF DOLLARS RATIO SCALE SHIPME NTS f t 140 m a TOTAL p DURABLE GO DOS 80 w V A jfluje Nor DURABLE f tfii j tt DURABLE GC ODS i i i i i I i i i i i i i NEW Of 3DERS zx y V SSwnnrt N NDURABLE Q ODS V I M 1 I I i i i Ii1 i ii ii M M l l l l l l l 1981 l l l l l i l M I I I 1I 1 I M SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1983 COUNCIL OF ECONOMIC ADVISERS Manufa icturers ship ments 1 1 lanufaeturers new ordersi Manufa cturers inveiitories 2 Durabl e goods Period Total Durable goods K vN i I i Il I I i i Ii l IIl iIi ii I I i i i i l I i l i lI i i i It 1 i ii ii INVENT DRY SHIPI IENTS RA no Ut DURABLE GOO DS 80 ODS NO N DURABLE GO RAT o f i F TOTAL j GO DDS BILLI ONS OF DOLLARS RATIO S CALE f TOTAL Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio 4 Millions of doliars seasoilally adjust ed Mar r Apr r May r June r July r Aug r Sept r Get r Nov r Dee r 1983 Jan r Feb r Mar r Apr 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 Note Series revised beginning 1977 Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In April the producer price index for all finished goods fell 0 1 percent seasonally adjusted Prices of finished consumer foods rose 1 2 percent prices of other finished consumer goods fell 0 5 percent and prices of capital equipment fell 0 3 percent INDEX RATIO SCALE INDEX RATIO SCALE FINISHED GOODS SEASONALLY ADJUSTED TOTAL FINISHED GOODS CONSUMER FOODS 220 CAPITAL EQUIPMENT CONSUMER GOODS EXCLUDING FOODS i 1111 i l l COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Internicdiate ma terials Pin shed goods F nished go ids excluding consumer foo Is Period Total finished goods Consumer foods Consumer gc ods r 1982 Apr May June July Aug Sept Oct Nov Dec r 1983 Jan Feb Mar Apr Intermediate materials for food manufacturing and feeds 22 Total Total 1975 Nondurable Capital equipment Durable Total H L j consum Total Foods and feeds l Cnide materials Other Total Source Department of Labor Bureau of Labor Statistics Foodstuffs and feedstuffs Other CONSUMER PRICES In April the consumer price index for all urban consumers rose 0 6 percent seasonally adjusted 0 7 percent not seasonally adjusted The index was 3 9 percent above its level in April 1982 INDEX RATIO SCALE 320 INDEX RATIO SCALE 320 UNADJUSTED SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted Ti ansportati an Houising All She Iter Period All items l Food Total Renters costs 2 NSA Rel imp Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb Mar Apr Maintenance and repairs Eelative importance December 1982 Fuel and Medical care Ener items less food energy and shelter NSA Includes items not shown separately December 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 tc Homeowners costs 2 NSA Total J Apparel and upkeep omer utilities Total l New cars Motor fuel gy Inergy excludes motor oil coolant etc beginning January 1983 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 Data beginning 1983 incorporate a rental equivalence measure for homeownership costs Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted Ch ange from p eceding period Change from 3 montl s earlier ann ial rate Change from 6 montl is earlier ann ual rate Consume r goods Consum sr goods Consum er goods Total Period finished Capital equipment Excluding foods Poods goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Change from year earlier total finished goods NSA Cha nge Dec to Dec N SA r C lange moiith to mon th Jan r Feb Mar r Apr Apr May June July Aug Sept Oct Nov Dec r Source Department of Labor Bureau of Labor Statistics NOTE NSA indicates data are not seasonally adjusted CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted Hotising Tr Misportation Shelter All items 1 Food Total l Total 1 Renters costs Homeowners Maintenance and NSA Period All items ApFuel and other utilities parel and upkeep Medical care Energy 3 Addendu m All items percent charige annual i ate NSA Total l New cars Motor fuel 2 food energy and shelter From 3 months earlier From 6 months earlier From year earlier NSA Chang e Decem ber to D ecembei NSA Change month t month 1982 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr q r l Includes 2 Includes items not shown separately 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 Energy excludes motor oil coolant etc beginning January 1983 NOTE NSA indicates data are not seasonally adjusted 24 Data beginning January 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 2 percent in April and prices paid by farmers rose were unchanged in the month ended April 15 INDEX RATIO SCALE INDEX RATIO SCALE RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS I rices Prices received by farm ers Period All farm products Livestock and products Crops paid by farmer s All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates Ratio 2 Production items Apr May June July Aug Sept Oct Nov Dee Jan Feb Mar Apr 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 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 declined in April and growth slowed in the broader aggregates BILLIONS OF DOLLARS RATIOSCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dec Dec 1982 Apr May June July Aug Sept Oct Nov Dec 1983 Janr Feb r Mar r Apr 3 1 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 MMDAs 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 Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate Percent shange from year or 6 m onths earlier M2 M r 2 866 0 r r 5 8 r r NOTE See page 26 for components Ml Source Board of Governors of the Federal Reserve 9 4 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Dee Apr May June July Aug Sept Oct Nov Dee 1983 Jan r Feb r Mar r Apr p Currency Demand deposits 1 Other checkable deposits OCD General purpose and broker dealer Institution only NSA Pp nj eriod Overnight repurchase agreements RPs net plus overnight Eurodollars NSA NSA Money market mutusil fund bala nces Money market deposit accounts MMDAs Small Large denomination time deposits 2 denomination time deposits 2 NSA Term repurchase agreements RPs Term Eurodollars net NSA Savings deposits NSA o tr Sav bonds Shortterm Treasury securities Bankers acceptances paper r 81 1 r r 203 6 r 210 3 r C nm om 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 Travelers checks are a component of money stock but are not shown here NSA indicates data are not seasonally adjusted Source Board of Governors of the Federal Reserve System NOTE See p 26 for overall measures CONSUMER INSTALLMENT CREDIT Millions of dollars monthly data seasonally adjusted Installinent credit e xtended Period Mar Apr May June July Aug Sept Get Nov Dee 1983 Jan r Feb r Mar Total 2 Automobile Installn lent credit Ikpidated Revolving Total 2 Automobile Through 1982 calculated as the difference between credit extensions and credit liquidations Beginning 1983 calculated as change in amount outstanding 2 Includes mobile home and other not shown separately Revolving Amount ou tstanding end of period sea sonally adjus ted Net change in arr ount outstanding l Total Automobile Revolving Total 2 Automobile Revolving Note Extensions and liquidations not available after December 1982 Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND INVESTMENTS AND RESERVES Commercial and industrial loans declined in April BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE hALL COMMERCIAL BANKS LOANS AND LEAS S INVESTMENT IN OTHER SECURITIES SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted except as noted Al I commercial banks 1 Loans a nd leases Period Dec Dec Dec Dec Dec Dec Dec Total loans and investments Total Commercial and industrial loans Depo sitory instituticms 3 Reserves adjust ed Invest nents U S Treasury securities Other securities Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Data are averages of Wednesday figures Excludes loans to commercial banks in the United States Data are averages of daily figures 28 Borr swings millions of dollars unad usted for changes in re serve requireinents Total Nonborrowed r 29 75 r 31 15 r 32 83 r 34 23 r 36 23 r 37 93 r r 29 70 r 30 58 r 31 96 r 32 76 r 34 54 r 37 29 r r 38 66 r 38 77 r r 37 09 r 37 66 r 37 75 r 38 32 r 38 69 r r 39 01 r 39 21 r 39 66 r 39 93 r 40 41 r 40 78 r 40 12 r r 40 15 Required r 29 48 r 30 96 r 32 59 r 33 91 r 35 71 r 37 61 r 40 28 r 38 38 r r 40 01 r 40 28 r 39 59 r 39 76 r r 39 57 r 39 91 r 38 72 r 39 45 r 39 79 r Total r r r r r Seasonal r NOTE Beginning Dec 1981 bank loans and investments and reserves aggregates 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 Uses Sources External Period Total Internal C redit market fimds 1 Total r 1981 III IV 1982 l rr nr m T IV 1983 lp mortgages Loans and short term paper Securities Total and Total Other Capital expenditures 3 Increase in financial assets Discrepancy sources less uses Plant and equipment residential structures inventory investment and mineral rights from U S Government NOTE Data revised beginning Source Board of Governors of the Federal Eeserve System Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abr af TT 0 Consists of tax liabilities trade debt and direct foreign investment in the U S CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted C urrent liabiliti 3S Curren t assets U S End of period Total SEC series FTC FEB series r III r IV r 1982 I r r II Ill IV Cash Government securities Notes and accounts receivable Total current assets divided by total current liabilities Based on data from Statistics of Income Department of the Treasury Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Federal Trade Commission 2 3 NOTE SEC series not available after 1974 Other current assets Inventories Total Notes and accounts payable Other current liabilities Net working capital Current ratio See Federal Reserve Bulletin July 1978 for details regarding the series Data revised beginning 1981 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 in early May and then rose PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S COUNCIL OF ECONOMIC ADVISERS SEE TABLE BELOW Percent per annum U S I easury security yields Period 3 month bills x Constant nnaturities 3 year Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb Mar Apr May p Week ended 1983 Apr May p 2 10 year High grade municipal bonds Standard3 Poor s Prime commercial paper 6 months r r Rate on new issues within period bank discount basis 2 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 vear high and low rate for month and week 30 Corporate Aaa bonds Moody s Discount rate N Y F R Bank Prime rate charged by banks New home mortgage yields FHLBB r 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 again in May INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE f J i iiIi PERCENT PERCENT 20 20 EARNINGS PRICE RATIO ON COMMON STOCKS S P COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Co mmon stock priceJ S 1 Common st ock yields perce nt 5 Ne r York Stock Ex change indexes C ee O 2 Period Composite Apr May June July Aug Sept Oct Nov Dec 1983 Jan Feb Mar Apr May Week ended 1983 Apr May p Industrial Transporta Utility Dow Jones industrial average 3 Dividendprice ratio Earningsprice ratio Average of daily closing prices Includes all the stocks 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 Jiiarnings Finance Standard Poor s composite index r price ratios based on prices at end of quarter 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 Cor 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 7 months of fiscal year 1983 there was a budget deficit of 132 5 billion compared to a budget deficit of 62 2 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS 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 l 1984 estimates l Cumulative total first 7 months Fiscal year 1982 Fiscal year 1983 1 Estimates from Current Budget Estimates April Budget receipts Budget outlays Budget surplus or deficit Off budget outlays Total 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 7 months of fiscal year 1983 budget receipts were 22 3 billion lower than a year earlier and budget outlays were 48 0 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 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 r seeipts Nation al defense Period Total Individual income taxes Corporation income taxes Other Total Total Fiscal year or period Transition quarter estimates estimates l Cumulative total first 7 months Fiscal year 1982 Fiscal year Estimates from Current Budget Estimates April 1983 NOTE One substantial change was made in the January 1983 Budget in the functional classification the interest function was changed to net interest Formerly the interest function total included all Treasury interest payments including those made to trust funds The new net interest func tional total netted out Department of Defense military International affairs Health and income security Net interest Other the amount paid by the Treasury to the public Intragovernmental payments are Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1983 according to preliminary estimates Federal receipts rose 14 9 billion annual rate and expenditures fell 15 4 billion yielding a deficit of 173 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS OR DEFICIT CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual ratesi Federa Government receipts Period Total Fiscal year Calendar year III IV 1982 I II Ill IV I r Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal jovernment expenditures Total Contributions for social insurance Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget 34 Purchases of goods and services Transfer payments Grantsin aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Surplus or deficit Less Wage accruals less disbursements national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consunn r prices anadjusted Indu strial proc uction seiisonally adji sted Period May June July Aug Sept Oct Nov Dec 1983 Jan Feb Mar Apr 3 1 United States Canada Japan France Germany Italy r 137 4 r 138 0 r r r 142 5 r 140 6 r r 215 3 r 225 2 r 227 5 r 228 4 r 224 3 r 229 0 r 228 2 r 227 9 r 230 9 r 223 4 r 229 5 r 227 9 r 227 3 r r r r r United States l United Kingdom Japan France Germany r r r 118 6 r 119 6 r l 9 7 r 120 1 r l 9 7 r l 7 8 r Beginning January 1978 data relate to all urban consumers Canada Italy United Kingdom tration Office of Trade Investment and Analysis Trade Performance Division in International Economic Indicators Source National sources as reported by Department of Commerce International Trade Adminis U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mer chandise exp rts 1 Period Total domestic and foreign exports Geileral import s Domestic exports Total 2 Food beverages and tobacco Crude materials and fuels Merch andise trade balance Merc handise im orts Manufactured goods Total 2 3 Exports Crude materials and fuels Manufactured goods Total c i f value n q less imports customs value Exports f a s less imports f a 8 Exports f a s less imports c i f a Food beverages and tobacco a s valu e Monthly average Customs value Mar Apr May June July Aug Sept Get Nov Dec Jan Feb Mar Apr 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 c i f 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 Is lands exports are reflected in the figures for domestic and foreign exports combined and trade balance Data for 1975 79 for domestic and foreign exports combined total general imports and trade balance include trade of the Virgin Islands Data are as revised for 1982 months in March issue Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1983 the merchandise trade deficit fell to 8 4 billion from 12 1 billion in the fourth quarter of 1982 BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise l Period In vestment incontie 3 Net travel and transportation receipts Other services net 3 Balance on goods and services Exports Imports Net balance I II HI IV I p n in P 1983 lp 1 Receipts Payments Excludes military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net 2 3 Source Department of Commerce Bureau of Economic Analysis 36 Net Remittances pensions and other unilateral transfers 1 Net military transactions Balance on current account U S INTERNATIONAL TRANSACTIONS Continued Among capital account transactions U S claims on foreigners reported by U S banks increased 106 7 billion in 1982 compared with an 84 5 billion increase in 1981 U S liabilities to private foreigners reported by U S banks increased 69 8 billion in 1982 compared with a 44 2 billion increase in 1981 BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED CHANGE IN FOREIGN ASSETS IN THE U S NET A COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net Foreign assets in the 1J S net increase3 capital inflowv increase capit al outflow Period Total Other U S Governassets U S private assets Total Foreign official assets Other foreign assets m p 25 597 IV P 1981 I n m IV 1982 U S official reserve assets l 2 I II Consists of go d special drawiiig rights SDKs convertible cui reneies and the U S reserve position in the IMF 2 Quarterly data are not seasonal y adjusted Statistical discrepancy Allocations of special drawing rights SDRs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy TT official assets net 1 unadjusted end of period Sources D spartment of C mmerce Burea i of Economic A nalysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING Pa e 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 General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised Not available also not applicable For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 4 25 single copy 5 35 foreign Subscription price 25 00 per year 31 25 for foreign mailing 38 O U S GOVERNMENT PRINTING OFFICE

Consumers' Prices

DATE: May 1983

PART OF:

Economic Indicators : May 1983

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-. "Consumers' Prices," 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-. "May 1983," Economic Indicators (May 1983) : 25-25. https://fraser.stlouisfed.org/title/1/item/414/toc/70601 , accessed on December 12, 2019.

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Economic Data