Full text of Economic Indicators : October 1983
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98th Congress, 1st Session Economic Indicators OCTOBER 1983 Prepared for the Joint Economic Committee by the Council of Economic Advisers FEDERAL RESERVE BANK OF CHICAGO UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1983 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—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 23, 1949. 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, B.C. 20402 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the third quarter, gross national product rose $91.3 billion or 11.6 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 7.9 percent (annual rate) and the implicit price deflator rose at a 3.4 percent annual rate. BILLIONS OF DOLLARS 3,400 (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 3,400 SEASONALLY ADJUSTED ANNUAL RATES 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 GNP . IN CURRENT DOLLARS _ 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 \ 1,400 GNP IN 1972 DOLLARS 1,200 1,200 I 1975 1977 1976 1979 1978 1980 1981 1982 SOURCE: DEPARTMENT OF COMMERCE I I 1983 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1971 1972 1973 1974 1,077.6 1975 1976 1Q77 1978 1979 1980 1981 1982 1981: HI IV 1982: I n m 1983: Gross national product IV I n n\p 1,185.9 1,326.4 1,434.2 1,549.2 1,718.0 1,918.3 2,163.9 2,417.8 2,631.7 2,954.1 3,073.0 3,004.9 3,032.2 3,021.4 3,070.2 3,090.7 3,109.6 3,171.5 3,272.0 3,363.3 Personal consumption expenditures 672.2 737.1 812.0 888.1 976.4 1,084.3 1,204.4 1,346.5 1,507.2 1,668.1 1,857.2 1,991.9 1,886.1 1,904.1 1,938.9 1,972.8 2,008.8 2,046.9 2,073.0 2,147.0 2,186.5 Gross private domestic investment 166.4 195.0 229.8 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 414.5 495.8 476.2 422.9 432.5 425.3 377.4 404.1 450.1 501.0 Source: Department of Commerce, Bureau of Economic Analysis. Exports arid imports of goods and services Govenunent purchjises of goc ds and services T?inal Federal Net exports 4.1 .7 14.2 13.4 26.8 13.8 -4.0 -1.1 13.2 23.9 26.3 17.4 22.8 29.2 29.9 33.3 .9 5.6 17.0 -8.5 -25.9 Exports Imports Total Tntal 68.8 64.7 77.5 109.6 146.2 154.9 170.9 182.7 218.7 281.4 338.8 368.8 347.6 367.5 371.0 358.4 364.5 346.0 321.6 326.9 327.1 339.2 76.7 95.4 132.8 128.1 157.1 186.7 219.8 268.1 314.8 342.5 330.2 344.7 341.7 328.5 331.2 345.0 316.1 309.9 335.6 365.1 234.9 253.1 270.4 304.1 339.9 362.1 393.8 431.9 474.4 537.8 595.7 649.2 600.3 622.8 629.8 631.6 655.7 679.7 677.4 683.4 701.8 96.2 101.7 102.0 111.0 122.7 129.2 143.4 153.6 168.3 197.0 229.2 258.7 232.4 248.5 249.7 244.1 261.7 279.2 273.5 273.7 281.2 National defense 70.2 73.1 72.8 77.0 83.0 86.0 92.8 100.3 111.8 131.2 154.0 179.4 154.9 166.7 168.1175.2 183.6 190.8 194.4 199.4 205.8 Nondefense 26.0 28.5 29.1 33.9 39.7 43.2 50.6 53.3 '56.5 65.9 75.2 79.3 77.5 81.8 81.7 68.9 78.1 88.5 79.1 74.3 75.4 State and local 138.7 151.4 168.5 193.1 217.2 232.9 250.4 278.3 306.0 340.8 366.5 390.5 367.9 374.3 380.0 387.5 394.0 400.5 404.0 409.7 420.6 1,070.0 1,175.7 1,307.9 1,420.1 1,556.1 1,706.2 1,895.3 2,137.4 2,403.5 2,641.5 2,935.6 3,097.5 2,971.4 3,017.9 3,047.1 3,081.4 3,095.6 3,165.9 3,210.9 3,286.6 3,351.5 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Period Gross national product Personal consumption expenditures Residential fixed 1,122.4 1,185.9 1,254.3 1,246.3 1,231.6 1,298.2 1,369.7 1,438.6 1,479.4 1,475.0 1,513.8 1,485.4 696.8 737.1 767.9 762.8 779.4 823.1 864.3 903.2 927.6 931.8 956.8 970.2 112.2 121.0 138.1 135.7 119.3 125.6 140.3 158.3 169.9 165.8 174.4 166.1 53.7 63.8 62.3 48.2 42.2 51.2 60.7 62.4 59.1 47.1 44.7 37.8 1981: ffl IV 1,525.8 1,506.9 962.9 955.7 177.0 176.3 43.1 39.4 1982: 1,485.8 1,489.3 1,485.7 1,480.7 961.4 968.8 971.0 979.6 173.6 167.1 163.3 160.5 36.3 37.8 36.5 40.6 1,490.1 1,525.1 1,554.4 986.7 1,010.6 1,019.2 159.9 163.0 168.7 45.5 52.6 56.9 I ffl IV 1983: I n ffl * Govermment purehases of gOO( s and services Change dential fixed 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 n Exi)orts of go ods a nd services G ross private dome stic invest]nent Final Federal business inventories Net exports Imports Exports Total Total 8.1 1.6 10.2 17.2 11.6 -6.7 .7 250.1 253.1 253.3 260.3 265.2 265.2 269.2 274.6 278.3 284.3 286.5 291.8 103.7 101.7 95.9 National defense Nondefense State and local 66.4 64.9 65.4 65.7 67.4 70.0 73.6 78.8 27.6 29.7 31.0 31.8 35.0 34.7 34.8 36.4 36.8 37.8 146.4 151.4 157.4 163.6 167.8 168.4 168.8 174.3 176.2 177.9 176.1 175.2 1,114.3 1,175.7 1,237.1 1,234.7 ,238.4 ,290.4 ,356.4 ,422.6 ,472.2 ,479.4 ,505.3 ,494.8 15.5 27.8 32.2 25.4 22.0 24.0 37.2 50.3 43.0 28.9 103.5 110.1 112.9 126.7 146.2 159.1 159.7 147.3 69.3 76.7 81.8 80.7 71.4 84.7 90.9 102.7 109.0 108.8 116.7 118.4 39.8 39.9 159.0 158.7 119.1 118.8 286.8 289.6 111.8 114.5 74.4 75.7 37.4 38.7 175.0 175.1 ,509.7 ,500.9 -10.2 -3.4 -1.3 -22.7 35.2 33.4 24.0 23.0 151.8 154.5 146.4 136.5 116.6 121.1 122.4 113.5 289.4 285.8 292.2 299.7 114.5 110.3 116.9 124.4 75.5 77.8 80.4 81.4 39.1 32.5 36.5 43.0 174.9 175.4 175.3 175.2 ,495.9 ,492.7 ,487.0 ,503.4 -15.4 -5.4 20.5 12.3 137.3 136.2 139.9 116.8 123.9 131.1 292.9 292.1 296.1 118.4 117.6 119.6 82.7 84.2 85.7 35.7 33.4 33.9 174.5 174.5 176.6 1,505.5 1,530.5 1,549.6 7.8 13.3 16.0 7.3 -4.4 8.5 -9.4 16.1 6.0 4.8 8.7 71.0 77.5 97.3 108.5, 96.6 97.4 96.8 100.4 100.3 102.1 106.4 110.4 116.6 73.1 68.3 66.9 28.5 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Personal consumption expenditures Period Gross national product Total Durable goods 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 96.01 100.00 105.75 115.08 125.79 132.34. 140.05 150.42 163.42 178.42 195.14 206.88 96.5 100.0 105.7 116.4 125.3 131.7 139.3 149.1 162.5 179.0 194.1 205.3 99.0 100.0 101.7 108.2 1981: ffl IV 196.94 201.22 1982: I n ffl IV 1983: I n mP Nondurable goods Gross ]private domestic investment Services Residential fixed 96.2 100.0 94.8 100.0 109.1 120.3 117.3 123.9 129.2 136.4 145.0 156.2 167.3 174.8 108.5 123.4 132.5 137.2 143.6 153.4 169.9 188.1 202.5 209.0 103.8 115.4 132.2 138.6 146.3 157.2 170.8 186.2 201.9 209.7 195.9 199.2 169.3 171.2 203.8 205.5 197.9 202.5 203.36 206.15 208.03 210.00 201.7 203.6 206.9 209.0 172.9 174.2 176.1 176.1 206.8 207.6 210.2 211.2 212.83 214.55 216.37 210.1 212.5 214.5 177.3 177.5 179.2 210.6 213.4 215.8 Source: Department of Commerce, Bureau of Economic Analysis. Gove rnment pure bases of goo ds and sernces Federal Nonresidential fixed 95.6 100.0 104.7 113.0 121.6 129.6 139.3 150.0 162.3 178.8 195.8 211.6 96.6 100.0 Exports an< I imports of goods am i services Exports Imports Total National defense Nondefense State and local 152.7 166.0 187.5 209.3 227.7 100.0 105.6 114.2 128.2 135.7 144.6 153.8 162.5 180.8 204.5 210.0 94.7 100.0 107.0 118.0 129.4 138.3 148.4 159.7 173.7 191.5 208.1 222.9 207.9 217.0 208.3 220.0 207.0 211.2 210.2 213.8 281.8 273.6 281.8 278.5 218.0 221.3 223.8 224.4 222.7 225.1 228.3 234.3 209.1 212.3 213.9 205.7 217.3 220.9 224.7 228.5 265.4 270.7 278.4 230.9 232.7 235.2 234.9 236.7 240.1 221.7 222.6 222.7 231.6 234.8 238.2 164.6 179.6 185.6 205.5 214.1 246.1 289.4 293.4 278.9 92.7 100.0 106.3 114.9 126.0 133.5 142.8 153.1 164.8 185.2 207.7 222.0 231.2 233.8 289.4 287.7 240.8 240.9 240.9 238.4 236.1 236.0 236.3 235.6 244.9 243.9 247.2 238.0 240.2 242.5 97.0 100.0 112.7 93.3 100.0 116.7 131.0 140.7 158.0 178.3 200.5 218.5 233.5 240.2 134.8 149.6 155.3 161.9 172.6 192.5 212.9 230.8 236.0 203.7 208.5 235.7 239.2 206.3 209.4 213.4 217.2 208.1 211.1 209.6 209.9 219.8 223.1 225.2 207.7 206.3 206.6 100.0 106.6 115.1 124.9 132.4 141.9 CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Personal consumption eiipenditures Grc ss national prc>duct Period Constant (1972) dollars Current dollars 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: M IV 1982: I n ffl IV 1983: I n IIP Chain price index 10.1 11.8 8.1 8.0 10.9 11.7 12.8 11.7 8.8 12.2 4.0 13.3 3.7 -1.4 6.6 2.7 2.5 3.4 5.7 5.8 .6 -1.2 5.4 5.5 5.0 2.8 -.3 2.6 -1.9 3.6 -4.9 -5.5 1.0 -1.0 -1.3 5.0 4.2 8.2 13.3 11.6 2.6 9.7 7.9 5.5 3.3 3.4 8.6 1971 1972 Implicit price deflator 5.8 8.8 9.3 5.2 5.8 7.4 8.6 9.2 9.4 6.0 9.4 9.0 4.3 5.6 3.7 3.8 Fixedweighted price index (1972 weights) 4.8 4.0 6.0 9.4 9.1 4.9 4.1 6.0 9.1 9.2 5.7 Implicit price deflator Constant (1972) dollars Current dollars 4.3 4.2 3.6 6.1 10.4 7.7 5.3 6.0 7.3 9.3 10.7 9.0 5.9 7.8 7.0 5.2 3.9 6.4 5.1 3.5 6.1 10.4 7.8 5.3 6.2 7.4 9.7 11.1 9.2 5.7 2.4 3.1 .9 3.6 3.7 5.7 10.1 7.6 5.1 5.8 7.0 9.0 10.2 8.4 5.8 7.7 7.0 5.0 4.0 6.5 4.1 2.9 10.0 3.5 2.2 4.6 4.0 2.3 4.7 4.4 1.6 4.9 4.2 8.9 8.4 9.6 10.2 9.4 9.9 11.0 11.1 11.8 11.9 10.7 11.3 7.3 11.4 3.9 3.5 -3.0 5.6 5.2 5.9 5.0 5.3 4.7 5.9 4.7 7.5 7.2 7.5 7.8 3.6 4.3 4.4 3.4 4.3 4.1 5.2 15.1 7.6 5.8 6.3 7.8 9.5 9.8 9.5 6.4 6.1 7.6 8.9 8.9 9.4 6.5 9.0 8.2 NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. Fixedweighted price index (1972 weights) 4.3 3.7 5.8 4.2 -.7 2.2 5.6 5.0 4.5 2.7 .5 2.7 1.4 8.1 Chain price index 7.5 6.8 4.8 3.5 6.7 5.1 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Curirent-dollar GO st and profit per unit of output (dolla rs) 1 Gross <3 omestic product of ilonfinancial corporate business (billions o f dollars) Period Current dollars 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: Compensation of employ- 0.973 1.000 .038 .156 .282 .343 .418 .508 .617 .793 1.960 2.072 0.091 .092 .093 .112 .137 .141 .145 .155 .171 .198 .217 .245 0.113 .113 .114 .127 .140 .141 .141 .144 .149 .172 .199 .209 n m 1,683.3 1,718.8 1,778.6 1,778.9 883.7 888.7 898.6 878.9 1.905 1.934 1.979 2.024 .207 .213 .217 .229 .195 .198 .199 .204 n m 1,764.9 1,780.2 1,786.8 1,775.0 864.3 860.5 859.5 846.4 2.042 2.069 2.079 2.097 .236 .242 .247 .254 .204 .207 .209 .215 .659 .692 .786 .837 .878 .928 .998 1.094 1.218 1.302 1.397 1.272 1.290 1.306 1.342 1.374 1.394 1.403 1.419 1,817.6 1,892.4 856.0 885.8 2.123 2.136 .252 .245 .218 .223 1.428 1.416 I I n 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. Corporate profits with inventory valuation iind capital cc nsumption adjustments Net interest Total 626.8 678.0 731.9 708.2 694.2 745.5 795.8 846.3 876.1 859.5 887.5 857.7 IV 1 Indirect business taxes 3 609.9 678.0 759.4 818.9 890.0 1,001.3 1,128.4 1,276.2 1,416.8 1,540.7 1,739.9 1,776.7 IV 1982: I 1983: 1972 dollars Total cost and profit 2 Capital consumption allowances with capital consumption adjustment 0.641 3 4 Profits tax liability Profits after tax 4 CompenOutput per per hour sation hour of of all all employees (1972 employees (dollars) 0.029 .028 .031 .042 .044 .040 .040 .044 .050 .065 .074 .076 0.099 .107 .107 .090 .124 .144 .163 .168 .154 .140 .169 .145 0.047 .049 .055 .059 .059 .071 .075 .079 .079 .078 .074 .048 0.052 .058 .053 .030 .065 .073 .088 .089 .075 .062 .095 .097 7.450 7.664 7.849 7.555 7.774 8.002 8.144 8.216 8.201 8.126 8.332 8.373 4.778 5.052 5.429 5.937 6.507 7.024 7.558 8.198 8.969 9.894 10.850 11.700 .064 .070 .081 .080 .168 .163 .177 .169 .081 .071 .075 .068 .148 .147 .148 .135 .053 .051 .049 .040 8.290 8.319 8.392 8.323 8.342 8.330 8.409 8.421 10.541 10.730 10.957 11.171 .080 .079 .072 .073 .086 .092 .102 .101 .095 .096 .099 .095 .070 .066 .156 .187 .049 .062 .108 .125 r 8.492 8.627 11.463 11.614 11.795 11.952 r 12.126 12.213 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] National income Period Compensation of employees1 with Proprietors' inventory vaJuation and capital coiisumption adjust ments Farm 1971 1972 1973 1974 n ffl IV 1983: I n P 1.3 2.7 2.7 46.5 51.2 60.2 76.1 84.5 87.2 102.5 121.7 153.8 192.6 -10.1 -13.5 -11.3 -12.7 -14.8 -16.3 — 11.0 -1.1 88.5 85.8 42.7 45.6 197.6 192.0 208.3 201.5 227.7 217.2 -19.4 -15.7 -10.7 -9.5 27.4 16.8 15.8 26.0 83.7 88.1 87.8 90.2 47.4 49.0 50.9 52.3 162.0 166.8 168.5 161.9 167.7 170.3 168.3 157.2 173.2 178.8 177.3 167.5 -5.5 -8.5 -9.0 -10.3 -5.6 -3.5 .1 4.7 265.0 268.3 256.4 254.7 22.2 21.0 ' 15.6 98.4 106.2 111.8 54.1 54.8 53.9 181.8 218.2 168.0 192.7 169.7 203.3 -1.7 -10.6 -15.1 13.9 25.6 38.2 248.3 243.8 2,423.4 2,435.6 1,791.7 1,815.6 35.0 31.3 2,419.7 2,448.9 2,458.9 2,474.0 1,834.2 1,859.9 1,879.5 1,889.0 2,528.5 2,612.8 1,923.7 1,968.7 2,011.3 UL 1 -4.6 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 1,036.3 1,152.1 1,301.1 1,458.1 1,599.6 1,769.2 1,865.7 1982: I 1979.. adjustment -6.6 -20.0 -40.0 -11.6 -14.7 -16.2 -24.0 -43.1 -42.9 -23.6 -8.4 20.2 21.0 22.6 23.5 1981: ffl IV.. .. Inventory valuation adjustment Profits Total Net interest 86.6 100.6 125.6 136.7 132.1 166.3 194.7 229.1 252.7 234.6 227.0 174.2 54.4 58.1 61.0 62.2 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 931.4 Capital consump- Total 82.0 94.0 105.6 96.7 120.6 151.6 178.5 205.1 209.6 191.7 203.3 165.9 18.7 32.8 26.5 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 877.5 Profits with inventory ^valuation adjustme nt and withou t capital consiunption adjust]nent 96.6 108.3 94.9 110.5 138.1 167.3 192.4 194.8 175.4 192.3 164.8 15.0 718.0 801.3 1980 1981 1982 1975 1976 1977 1978 Nonfarm 652.2 871.5 963.6 1,086.2 1,160.7 1,239.4 1,379.2 1,550.5 1,760.3 1,966.7 2,116.6 2,373.0 2,450.4 Corporate p rofits with mv€ ntory valuation and capital <jonsumption adjustments Rental income of persons with capital consumption adjustment Includes employer contributions for social insurance. (See also p. 5.) 83.2 -1.8 249.9 261.1 268.0 265.3 246.1 Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Motor vehicles and parts Furniture and household equipment 1978 1979 1980 1981 1982 976.4 1,084.3 1,204.4 1,346.5 1,507.2 1,668.1 1,857.2 1,991.9 97.2 111.1 123.3 121.5 132.2 156.8 178.2 200.2 213.4 214.7 236.1 244.5 45.4 52.4 57.1 50.4 55.8 72.6 84.8 95.7 96.6 90.7 101.6 109.9 37.2 41.7 47.1 50.6 53.5 59.1 65.7 72.8 81.8 86.3 93.3 93.5 14.6 16.9 19.2 20.5 22.9 25.2 27.7 31.7 35.1 37.7 41.2 41.1 278.8 300.6 333.4 373.4 407.3 441.7 478.8 528.2 600.0 668.8 733.9 761.0 1981: m IV 1,886.1 1,904.1 243.5 230.8 107.7 96.5 93.8 93.4 42.0 40.9 1982: I 1,938.9 1,972.8 2,008.8 2,046.9 239.4 242.9 243.4 252.1 106.4 107.6 109.4 116.1 91.7 93.9 93.5 94.9 2,073.0 2,147.0 2,186.5 258.5 277.7 284.2 118.4 133.9 137.2 97.3 100.8 102.8 Period 1971 1972 1973 1974 1975 1976 672.2 737.1 812.0 888.1 1977 : n m IV 1983: I n m* Total durable goods Source: Department of Commerce, Bureau of Economic Analysis Retail sal es of new passeng er cars (millions of units) Noiidurable go ods Durable5 goods Total personal consumption expenditures Total nondurable goods Services Clothing and shoes Gasoline and oil 144.2 154.9 172.1 193.7 213.6 230.6 249.8 275.9 311.6 345.1 375.9 396.9 50.6 55.4 61.4 64.8 69.6 75.3 82.6 92.4 99.1 104.6 115.3 119.0 23.9 25.4 28.6 36.6 40.4 44.0 48.1 51.2 66.6 84.8 94.6 91.5 60.1 64.9 71.2 78.2 83.7 91.9 98.2 108.8 122.8 134.3 148.1 153.5 296.2 325.3 355.2 393.2 437.0 485.7 547.4 618.0 693.7 784.5 887.1 986.4 8.7 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.6 6.2 5.8 1.6 1.6 1.8 1.4 1.6 1.5 2.1 2.0 2.3 2.4 2.3 2.2 741.1 747.7 378.9 383.2 116.8 117.2 95.1 95.6 150.2 151.7 901.5 925.6 6.8 5.1 2.2 2.2 41.3 41.4 40.5 41.0 749.7 754.7 766.6 773.0 388.1 394.7 400.4 404.5 118.4 119.0 119.2 119.6 94.0 89.6 91.3 91.1 149.2 151.5 155.6 157.9 949.7 975.2 998.9 1,021.8 5.8 5.7 5.6 6.0 2.2 2.0 2.2 2.5 42.9 43.1 44.2 777.1 799.6 818.7 411.7 419.6 428.8 120.0 126.4 125.5 87.3 90.3 93.4 158.1 163.3 170.9 1,037.4 1,069.7 1,083.6 6.1 6.9 7.0 2.3 2.3 2.3 Other Food Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income increased $25.2 billion (annual rate) in September following a rise of $8.3 billion in August. in August and by three telephone strike, special payments to Postal Service employees, and hurricane damage. Without special factors, personal income would have increased by about $23 billion in September and $16 billion in August. BILLIONS OF DOLLARS*(RATiO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 1,000 1,000 WAGE AND SALARY DISBURSEMENTS 800 800 OTHER INCOME 400 ........ "1 TRANSFER PAYMENTS \ .... " 200 200 160 160 120 . 1979 1980 1981 1983 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Proprietors ' income 3 Period 1973 1974 1975. 1976 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June.... July r. Aug r Sept p Total personal income 1,065.2 1,168.6 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 2,597.4 2,617.8 2,633.1 2,645.0 2,652.6 2,650.5 2,670.1 2,689.0 2,719.3 2,732.6 2,747.4 2,755.7 2,781.0 disbursements * 702.7 765.7 806.4 889.9 983.2 ,106.3 ,237.6 ,356.7 ,493.2 ,568.1 ,581.2 ,583.1 ,583.1 ,591.8 ,608.9 ,606.3 ,616.8 ,632.1 1,652.2 1,660.9 1,673.5 1,680.7 1,690.2 income 12 48.8 55.8 64.5 75.9 89.4 102.5 114.9 128.0 143.5 156.6 159.1 159.7 160.4 161.2 162.6 164.2 166.0 168.1 170.1 172.2 174.3 176.3 178.4 Farm 32.8 61.0 26.5 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 18.3 23.8 28.1 26.1 22.9 21.3 22.3 22.1 21.4 19.4 16.6 14.7 15.5 62.2 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p, 4) to 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 88.3 89.1 89.0 92.5 96.7 97.8 100.8 103.1 106.6 109.0 110.3 111.5 113.5 Rental income of4 persons 22.6 23.5 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 51.4 52.8 52.9 51.0 53.8 54.1 54.3 54.6 54.8 55.0 55.3 50.8 55.8 Personal dividend income 26.5 29.1 29.9 36.5 39.6 45.3 50.8 56.8 62.8 66.4 66.8 67.4 68.0 68.3 68.7 68.9 68.9 69.0 69.4 69.5 70.2 70.9 71.6 Personal interest income 93.9 112.4 123.2 132.5 152.8 179.4 218.7 266.0 341.3 366.2 362.2 361.7 363.3 364.3 360.0 356.0 355.7 355.0 356.9 359.4 363.8 369.0 373.8 Transfer payments 5 119.5 141.2 178.3 194.3 207.9 223.8 250.3 297.6 337.2 374.5 383.1 392.9 401.0 403.0 395.4 398.1 402.0 402.7 406.7 406.7 403.5 402.1 403.2 4 Less: Personal contributions for social insurance 42.6 47.9 50.4 55.5 61.1 69.8 81.1 88.7 104.6 112.0 112.8 112.8 112.7 113.1 116.6 116.2 116.8 117.6 118.8 119.5 120.1 120.3 121.0 Nonfarm personal income 6 1,023.7 1,131.8 1,229.1 1,359.3 1,506.5 1,689.7 1,899.3 2,119.5 2,377.0 2,5271.6 2,549h7 2,564.5 2,575.5 2,589.4 2,600.2 2,599.7 2,618.4 2,637.5 2,668.5 2,683.8 2,701.2 2,711.3 2,735.5 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 again in the third quarter. BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 FT BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 DOLLARS* (RATIO SCALE) 11,000 10,000 9,000 8,000 7,000 — 6,000 5,000 4,000 4,000 3,000 3,000 1975 1983 * 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 incc me Current dollars 1972 dollars 868.4 951.4 1,065.2 1,168.6 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 116.7 141.0 150.7 170.2 168.9 196.8 226.4 258.7 301.0 336.5 387.4 402.1 751.8 810.3 914.5 998.3 1,096.1 1,194.4 1,314.0 1,474.0 1,650.2 1,828.9 2,047.6 2,176.5 Current dollars 1972 dollars 691.1 757.7 835.5 913.2 1,001.8 1,111.9 1,236.0 1,384.6 1,553.5 1,718.7 1,912.4 2,051.1 60.7 52.6 79.0 85.1 94.3 82.5 78.0 89.4 96.7 110.2 135.3 125.4 3,620 3,860 4,315 4,667 5,075 5,4i7 5,965 6,621 7,331 8,032 8,906 9,377 3,752 3,860 4,080 4,009 4,051 4,158 4,280 4,441 4,512 4,487 4,587 4,567 Percent change in real per capita disposable Saving as percent of disposable personal Population (thousands) 2 income Per cent Do lars B dlions of doll ars 1971 1972 1973.... 1974 1975 1976 1977 1978 1979 1980 1981 1982 Per capitaL personal consurnption expen( itures 3,237 3,511 3,831 4,152 4,521 4,972 5,468 6,048 6,695 7,326 8,078 8,581 3,511 3,623 3,566 3,609 3,774 3,924 4,057 4,121 4,092 4,162 4,180 2.4 2.9 5.7 -1.7 1.0 2.6 2.9 3.8 1.6 -.6 2.2 -.4 8.1 6.5 8.6 8.5 8.6 6.9 5.9 6.1 5.9 6.0 6.6 5.8 207,692 209,924 211,939 213,898 215,981 218,086 220,289 222,629 225,106 227,694 229,916 232,118 3,355 Seas onally adju sted annual rates 1981: DI IV 1982: I n m IV 1983: I np m .... 2,490.9 2,516.6 2,528.1 2,563.2 2,591.3 2,632.0 398.9 396.1 400.2 404.2 399.8 404.1 2,092.0 2,120.5 2,127.9 2,159.0 2,191.5 2,227.8 1,942.3 1,961.5 1,997.0 2,031.9 2,068.4 2,107.0 149.7 159.0 130.8 127.1 123.0 120.8 9,088 9,188 9,199 9,315 9,430 9,562 4,640 4,612 4,562 4,574 4,558 4,576 8,194 8,250 8,382 8,511 8,644 8,785 4,183 4,141 4,156 4,180 4,178 4,204 7.8 -2.4 -4.3 1.1 -1.4 1.6 7.2 7.5 6.1 5.9 5.6 5.4 230,187 230,797 231,304 231,790 232,387 232,990 2,657.7 2,713.6 2,761.4 401.8 412.6 399.9 2,255.9 2,301.0 2,361.5 2,134.2 2,209.5 2,250.6 121.7 91.5 110.9 9,661 9,834 10,068 4,599 4,629 4,693 8,878 9,176 9,322 4,226 4,319 4,345 2.0 2.6 5.6 5.4 4.0 4.7 233,501 233,984 234,544 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 third quarter, according to preliminary estimates, gross farm income fell $0.9 billion (annual rate) and net farm income fell $1.1 billion. BILLIONS OF DOLLARS* (RATIO SCALE) 200 BILLIONS OF DOLLARS* (RATIO SCALE) 200 160 160 120 120 100 100 80 80 60 60 NET FARM INCOME- 40 40 /N •.«•"" I I I -J— 20 J 10 1975 1976 1977 1978 1979 L 1980 J L 1981 20 J 1982 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE L_J 10 1983 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] In come Crross Period Total 1976 1977 1978 1979 1980 1981 1982 1981: I n m IV 1982: I n m IV 1983: I r r np m 100.6 102.9 108.7 127.2 150.4 150.1 167.1 162.2 95.4 96.2 112.9 131.8 140.5 142.3 144.6 161.2 165.1 172.2 169.7 Livestock and products Crops Value of inventory changes 2 Production expenses Current dollars 1967 dollars 3 .8 4.9 -5.3 7.6 -1.9 82.7 88.9 99.5 118.1 128.6 137.0 140.1 25.6 20.1 19.8 27.7 32.3 21.5 30.1 22.1 15.9 11.8 10.9 14.2 14.8 8.7 11.0 7.6 72.7 69.0 75.6 75.0 3.1 10.1 9.5 7.9 135.1 136.5 137.8 138.6 26.1 28.6 34.4 31.1 9.9 10.7 12.5 11.0 70.7 71.0 70.2 68.9 76.9 71.0 72.1 77.4 2.0 1.7 -3.5 4.2 141.0 141.5 140.3 137.6 27.4 17.0 15.6 28.2 9.7 5.9 5.3 9.6 71.5 70.8 70.1 72.5 70.5 75.6 3.5 -6.3 12.3 136.6 135.1 135.3 24.4 21.6 20.5 8.3 7.3 6.8 3.4 -1.5 1.1 59.2 68.6 67.8 69.2 70.2 45.8 49.0 48.6 53.7 63.2 72.7 73.1 74.4 141.9 138.5 145.7 143.0 69.2 69.5 70.1 68.0 168.4 158.5 155.9 165.8 147.6 142.0 142.3 146.3 161.0 156.7 155.8 144.0 141.3 145.7 88.9 43.1 46.3 47.6 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 inventor}' of crop and livestock commodities valued at average prices during the year. Net fanri income farm ineom<3 Cas b marketing rece pts Total 1 1975 of farm ope rators from farming 3 75.0 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 1983, corporate profits before tax rose $33.6 billion (annual rate) from their first quarter level and after-tax profits rose $19.0 billion. BILLIONS OF DOLLARS 320 BILLIONS OF DOLLARS 320 280 280 240 240 40 40 1975 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Prc>fits (before U ix) with inve ntory valuaticjn adjustmen t 1 Profits after taX Doinestic industiies Nonfinancial Period Total 2 Total 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: HI IV 1982: I n ra IV 1983: I np m. 1 2 Financial 82.0 94.0 105.6 96.7 120.6 151.6 178.5 205.1 209.6 191.7 203.3 165.9 208.3 201.5 167.7 170.3 168.3 157.2 74.9 85.3 92.0 80.4 14.1 15.3 15.9 15.0 107.6 137.4 163.4 185.4 179.0 161.9 179.7 144.1 186.5 174.7 147.0 148.5 147.6 133.1 168.0 192.7 147.8 172.2 Total 3 60.8 70.0 76.0 34.1 40.7 45.5 11.8 17.1 23.1 31.0 30.3 26.9 20.3 20.9 18.8 18.1 15.5 20.4 22.2 25.5 65.4 95.8 120.3 140.3 154.4 148.6 134.9 159.4 123.2 167.7 156.5 131.5 128.1 125.4 107.6 39.0 52.6 69.2 78.3 86.9 85.6 72.9 86.7 59.0 93.3 76.9 60.9 61.4 65.5 48.3 29.8 33.8 118.0 138.4 53.7 68.1 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Manufacturing Profits before tax Tax liability 86.6 100.6 125.6 136.7 132.1 37.5 41.6 49.0 Total Dividends sale and retap trade 26.6 26.9 27.1 23.6 32.8 27.6 33.3 37.8 30.2 27.4 25.2 27.5 166.3 194.7 229.1 252.7 234.6 227.0 174.2 227.7 217.2 173.2 178.8 177.3 167.5 51.6 50.6 63.8 72.7 83.2 87.6 84.8 82.8 59.2 83.7 75.6 60.3 61.4 60.8 54.0 49.0 58.9 76.6 85.1 81.5 102.5 122.0 145.9 165.1 149.8 144.1 115.1 144.0 141.7 112.9 117.4 116.5 113.5 27.8 33.9 169.7 203.3 61.5 76.0 108.2 127.2 11.7 13.4 13.9 12.5 21.3 22.4 3 22.9 24.4 27.0 29.9 30.8 37.4 40.8 47.0 52.7 58.6 64.7 68.7 66.4 67.3 67.7 67.8 68.8 70.4 71.4 72.0 73.7 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Undistributed profits 26.1 34.5 49.6 55.2 50.7 65.1 81.2 98.9 112.4 91.2 79.5 46.4 77.6 74.4 45.2 49.5 47.7 43.1 36.7 55.2 Inventory valuation adjustment -4.6 -6.6 -20.0 -40.0 -11,6 -14.7 -16.2 -24.0 -43.1 -42.9 -23.6 -8.4 -19.4 -15.7 -5.5 -8.5 -9.0 -10.3 -1.7 -10.6 -15.1 GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the third quarter, business fixed investment rose $12.1 billion (annual rate) and residential investment outlays rose $12.3 billion. There was an $11.8 billion increase in inventories following a decrease of $14.5 billion in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 550 1975 1983 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Change iii business uiven ;ones Residential fis ed investment Nonresic ential fixed inivestment M private domestic investment Period Structures Producers' durable equipment 107.9 121.0 143.3 40.5 44.1 51.0 67.4 76.9 92.3 156.6 157.7 174.1 100.7 102.3 115.3 140.8 170.2 191.9 197.9 218.8 414.5 205.2 248.9 290.2 308.8 352.2 348.3 55.9 55.4 58.8 64.4 78.7 98.3 110.9 133.4 141.9 1981: HI IV 495.8 476.2 360.6 367.6 137.0 145.5 222.1 1982: I 422.9 432.5 425.3 377.4 361.3 144.7 144.2 140.0 138.6 404.1 450.1 501.0 332.1 166.4 195.0 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 ....; 229.8 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 n m IV 1983: I n THP Total 352.7 342.3 337.0 336.3 348.4 Source: Department of Commerce, Bureau of Economic Analysis. 132.9 127.4 130.5 206.4 223.6 216.5 208.5 202.2 198.4 199.3 208.8 217.9 Total 50.9 63.8 68.0 57.9 55.3 72.0 95.8 111.2 118.6 102.9 104.3 90.8 Nonfarm structures Farm structures Producers' durable equipment Total Nonfarm 1.8 1.9 2.1 2.3 2.5 2.9 3.0 3.2 3.2 7.7 10.2 18.5 14.1 -6.9 11.8 23.0 26.5 14.3 9.8 18.5 24.5 9.6 15.2 16.0 10.5 13.9 21.9 25.4 8.6 -4.5 10.9 -23.1 1.5 1.6 3.2 3.3 33.6 14.3 24.1 6.2 83.2 86.1 83.4 91.2 .9 1.6 1.3 2.3 3.2 3.3 3.3 3.3 -25.7 11.2 -4.9 -56.4 -27.6 8.8 -2.3 -53.7 106.7 123.3 135.5 1.3 1.5 1.7 3.4 3.5 3.6 -39.4 -14.5 11.8 -39.0 -10.3 22.3 48.9 61.5 0.7 65.6 54.8 52.4 68.8 92.0 107.0 114.0 98.1 99.8 86.0 .7 .7 1.3 1.0 1.1 1.5 1.7 1.7 1.8 1.3 1.5 101.7 94.3 97.0 89.5 87.3 91.0 87.9 96.8 111.3 128.4 140.7 1.3 1.5 1.7 6.4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS According to the Commerce equipment for the year 1983 Department July-August survey, nonfarm business spending for new plant and is expected to be 3.1 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) 500 400 400 300 300 200 40 40 30 30 1975 1976 1977 1978 1980 1979 1981 1982 1983 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]nent Period Total Plant Equipment Total 1975 1976 1977 1978 1979 1980 1981 1982 1983 4 1982: I n m IV 1983: I n 4 m4 IV Nonmanuiacturing Id anufaeturin g Durable goods Nondurable goods Total Mining Transportation Public utilities Trade and services l Communication and other 2 21.80 23.51 26.90 32.02 34.83 36.99 Starts of plant and equipment manufacturing 3 56.59 59.39 77.73 157.71 171.45 198.08 231.24 270.46 295.63 321.49 316.43 306.57 65.23 71.12 80.19 92.63 105.75 117.57 133.35 134.58 92.48 100.33 117.89 138.60 164.68 178.06 188.14 181.86 54.92 59.95 69.22 79.72 98.68 115.81 126.79 119.68 113.97 26.33 28.47 34.04 40.43 51.07 58.91 61.84 56.44 51.49 28.59 31.47 35.18 39.29 47.61 56.90 64.95 63.23 62.49 102.79 111.50 128.87 151.52 171.77 179.81 194.70 196.75 192.60 6.10 7.44 9.24 10.21 11.38 13.51 16.86 15.45 12.71 8.68 8.89 9.40 10.68 12.35 12.09 12.05 11.95 11.13 19.98 22.37 26.79 29.95 33.96 35.44 38.40 41.95 42.18 46.23 49.30 56.54 68.66 79.26 81.79 86.33 86.95 87.68 326.95 321.87 313.76 303.18 139.07 137.52 134.43 127.32 187.89 184.34 179.33 175.86 127.47 122.76 118.26 110.23 60.39 58.28 56.61 50.51 67.08 64.48 61.65 59.72 199.49 199.11 195.51 192.95 17.43 16.38 14.57 13.41 12.00 12.17 11.29 12.33 40.35 41.45 43.02 43.00 87.82 88.74 86.88 84.36 41.87 293.03 293.46 313.04 326.73 125.40 125.60 167.62 167.86 109.86 108.79 117.44 119.80 50.74 48.48 53.00 53.73 59.12 60.31 64.44 66.07 183.17 184.67 195.61 206.93 12.03 10.91 13.29 14.60 11.04 10.88 10.51 12.08 41.61 41.48 42.09 43.53 82.38 85.85 89.31 93.18 36.11 23.35 35.54 40.40 43.54 27.71 1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 10 3 41.06 40.46 38.90 40.36 39.75 39.84 88.41 113.50 123.58 135.61 104.35 26.74 28.68 25.31 23.62 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 1983, corrected for biases. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 382,000 in September and unemployment fell 276,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* *16 Y E A R S OF AGE AND O V E R SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Nonins itu tionali Period 1977 19784 1979 1980 1981 1982 including resident Armed Forces 160,689 163,541 166,460 169,349 171,775 173,939 Resident Armed Forces 1,656 1,631 1,597 1,604 1,645 1,668 Total labor force Total employ resident Armed Forces including resident Armed Forces 100,665 103,882 106,559 108,544 110,315 111,872 93,673 97,679 100,421 100,907 102,042 101,194 Nonagricultural 174,360 174,549 174,718 174,864 1983: Jan Feb Mar Apr May June July Aug Sept 175,021 175,169 175,320 175,465 175,622 175,793 175,970 176,122 176,297 1,670 1,668 1,660 1,665 1,667 1,664 1,664 1,671 1,669 1,668 1,664 1,682 1,695 99,009 102,251 104,962 106,940 108,670 110,204 Total 92,017 96,048 98,824 99,303 100,397 99,526 Agricultural 3,283 3,387 3,347 3,364 3,368 3,401 Part-time Total 88,734 92,661 95,477 95,938 97,030 96,125 for Total economic reasons l weeks and over Total 2 Civil3 ian 3,369 3,298 3,373 4,064 4,499 5,852 6,991 6,202 6,137 7,637 8,273 10,678 1,942 1,414 1,241 1,871 2,285 3,485 62.6 63.5 64.0 64.1 64.2 64.3 62.3 63.2 63.7 63.8 63.9 64.0 64.5 64.4 64.5 64.5 64.1 64.1 64.0 64.1 64.0 64.6 64.5 64.7 64.7 64.2 64.1 64.2 64.2 63.8 63.7 63.6 63.7 63.7 64.3 64.2 64.4 64.4 SeasonallyY adjusted 112,528 112,420 112,702 112,794 101,213 100,844 100,796 100,758 110,858 110,752 111,042 111,129 99,543 99,176 99,136 99,093 3,363 3,413 3,466 3,411 96,180 95,763 95,670 95,682 6,495 6,403 6,411 6,425 11,315 11,576 11,906 12,036 3,856 4,167 4,524 4,732 112,215 112,217 112,148 112,457 112,418 113,600 113,539 113,943 114,063 100,770 100,727 100,767 101,129 101,226 102,454 102,949 103,245 103,640 110,548 110,553 110,484 110,786 110,749 111,932 111,875 112,261 112,368 99,103 99,063 99,103 99,458 99,557 100,786 101,285 101,563 101,945 3,412 3,393 3,375 3,371 3,367 3,522 3,527 3,489 3,290 95,691 95,670 95,729 96,088 96,190 97,264 97,758 98,074 98,655 6,845 6,481 6,202 6,082 5,928 5,729 5,636 5,789 6,106 11,446 11,490 11,381 11,328 11,192 11,146 10,590 10,699 10,423 4,634 4,618 4,615 4,356 4,517 4,589 4,417 4,020 3,850 1 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. Labor force particii>ation rate (pe rcent) 15 labor force Unadju sted 1982: Sept Oct Nov Dec Unempl jyment Civilian ernployment 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 overall unemployment rate, which includes resident Armed Forces in the labor force, fell to 9.1 percent in September from 9.4 percent in August. The unemployment rate for all civilian workers fell to 9.3 percent in September from 9.5 percent in August. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 1979 1982 •UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE; DEPARTMENT OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate (percen t of civilia n labor force in group) Period Unemployment rate, all workers 1 By race B y sex and a ge Black aiid other civilian workers Men 20 years and over Women 20 years and over 6.9 6.0 5.8 7.0 7.5 9.5 7.1 6.1 5.8 7.1 7.6 9.7 5.2 4.3 4.2 5.9 6.3 17.8 16.4 16.1 17.8 19.6 23.2 6.2 5.2 5.1 6.3 6.7 8.8 7.0 6.0 5.7 6.4 6.8 8.3 Sept.. Oct.... Nov... Dec... 10.1 10.3 10.6 10.7 10.2 10.5 10.7 10.8 9.6 9.8 10.0 10.1 8.4 8.7 9.0 9.2 1983: Jan... Feb ... Mar... Apr ... May... June.. July.. Aug... Sept .. 10.2 10.2 10.1 10.1 10.0 9.8 9.3 9.4 9.1 10.4 10.4 10.3 10.2 10.1 10.0 9.5 9.5 9.3 9.6 9.9 9.6 9.8 9.6 9.0 8.8 8.8 8.7 9.0 8.9 8.8 8.4 8.5 8.6 7.9 8.0 7.8 1977 1978 1979 1980 1981 1982 1982: 1 2 Both sexes 16-19 years White Black Total Experienced wage and salary workers Married men, spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost (percent) 2 8.6 13.1 11.9 11.3 13.1 14.2 17.3 14.0 12.8 12.3 14.3 15.6 18.9 6.6 5.6 5.5 6.9 7.3 9.3 3.6 2.8 2.8 4.2 4.3 6.5 8.5 8.3 9.2 10.4 11.7 6.6 5.6 5.3 6.9 7.3 9.6 9.9 9.0 8.8 8.8 9.4 10.5 7.6 6.5 6.3 7.9 8.5 11.0 23.8 24.1 24.2 24.5 9.1 9.3 9.6 9.7 18.1 18.4 18.5 18.8 19.8 20.1 20.2 20.8 9.8 10.1 10.5 10.7 7.2 7.5 7.6 7.8 12.4 11.3 12.5 13.2 10.2 10.5 10.6 10.8 10.6 10.3 11.3 11.1 11.7 12.0 12.4 12.7 22.7 22.2 23.5 23.4 23.0 23.6 22.8 23.0 21.8 9.1 9.2 9.0 8.9 8.9 8.6 8.2 8.2 8.1 19.0 18.0 18.5 18.8 18.6 18.9 17.9 18.1 17.2 20.8 19.7 19.9 20.8 20.6 20.6 19.5 20.0 19.0 10.1 10.1 10.1 9.9 9.8 9.4 9.0 9.1 8.8 7.1 7.2 7.1 7.1 7.0 6.6 6.1 6.3 6.1 13.2 13.0 13.5 13.2 12.9 12.8 11.6 11.6 12.2 10.3 10.4 10.3 10.2 9.9 9.7 9.4 9.4 9.2 10.6 10.1 10.5 10.6 11.0 12.1 10.2 10.1 10.0 11.7 12.0 11.8 11.4 11.5 10.8 10.4 10.6 10.6 Unemployed as percent of total labor force including resident Armed Forces. Aggregate hours lost by the unemployed and persons on part time for economic reas cent of potentially available labor force hours. 12 By s elected grouj)S 9.4 Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In September, the percentages of unemployed persons who had been out of work for less than 5 weeks and for more than 27 weeks rose, while the percentages out of work for 5-14 weeks and for 15-26 weeks declined. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 JOB LOSERS 50 If 40 40 30 - A^. - - REENTRANTS 30 -^ 20 V 20 NEW ENTRANTS 10 - 10 - / """'«»„„« JOB LEAVERS i ii 1979 1980 1983 1979 1980 1981 1982 1983 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Dur ation of tmemployiment Period Unemployment (thousands) P sreent dig tribution i Be ison for imemployment: percent distributio n 1 Stat e progra ms Numbe r of Less than 5 weeks 5-14 weeks 15-26 weeks 27 weeks and over Average (mean) Medi- Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 p eia ployment benefit claims (unadjusted) 3 W eekly avc3rage, thousa nds 1978 1979 1980 1981 1982 6,202 6,137 7,637 8,273 10,678 46.2 48.1 43.1 41.7 36.4 31.0 31.7 32.3 30.7 31.0 12.4 11.5 13.8 13.6 16.0 10.4 8.7 10.7 14.0 16.6 11.9 10.8 11.9 13.7 15.6 5.9 5.4 6.5 6.9 8.7 41.7 42.9 51.7 51.6 58.7 14.1 14.3 11.7 11.2 7.9 29.9 29.4 25.2 25.4 22.3 14.3 13.3 11.4 11.9 11.1 2,359 2,434 3,350 3,047 4,057 346 388 488 460 583 2,645 2,592 3,837 3,410 4,590 1982: Sept Get Nov Dee 11,315 11,576 11,906 12,036 35.1 33.9 32.9 32.9 31.1 30.2 29.5 28.3 16.0 16.8 18.2 17.4 17.8 19.1 19.4 21.3 16.6 17.1 17.3 18.0 9.4 9.6 10.0 10.1 60.7 62.4 61.6 60.6 6.8 6.8 6.6 6.9 21.2 19.8 21.3 21.8 11.3 11.0 10.4 10.7 4,379 4,615 4,635 4,428 654 659 618 546 4,282 4,391 4,635 5,074 807 897 708 1983: Jan Feb Mar Apr May June July Aug Sept 11,446 11,490 11,381 11,328 11,192 11,146 10,590 10,699 10,423 30.8 32.6 30.7 32.1 31.9 32.8 32.7 34.2 36.2 28.9 27.1 28.1 28.5 27.0 26.1 26.1 28.3 26.9 16.8 16.8 16.7 15.0 15.7 14.7 17.1 14.7 12.9 23.5 23.5 24.5 24.4 25.3 26.4 24.2 22.9 24.0 19.4 19.0 19.1 19.0 20.4 22.0 21.7 19.9 20.2 11.5 9.6 10.3 11.3 12.3 11.8 9.9 8.9 9.1 59.1 60.2 60.4 59.7 60.5 58.4 58.5 57.9 57.3 7.4 7.5 8.0 7.2 7.2 7.0 7.0 7.2 8.3 23.1 22.0 21.5 22.0 21.1 21.7 22.9 23.6 22.5 10.4 10.3 10.2 11.0 11.2 12.9 11.6 11.3 11.9 3,941 3,907 3,894 3,832 3,586 3,329 3,110 2,991 2,896 509 485 493 484 458 411 384 414 393 5,459 5,437 5,134 4,642 3,947 3,481 r 3,275 2,917 936 953 691 1,117 1,445 1,086 849 C 737 655 1 Detail may not add to 100 percent because of rounding. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 3 Federal supplemental compensation program. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 733,000 in September, largely reflecting the return to work of persons on strike in August. MILLIONS OF PERSONS* 90 MILLIONS OF PERSONS* (ENLARGED SCALE) 22 WHOLESALE AND RETAIL TRADE ^—-*=^— ^ ^^- i**"rM' ALL N ONAGRICUL1 URAL ESTABLISHAAEN1 S 80 20 _ SERVICES \ ....»»* - 70 GOVERNMENT * — ---- SERVICE-Pf ODUCING INDU!STRIES 60 MANUFACTURING \ 20 50 40 __ — CONSTRUCTION GOODS -PRODUCING IN DUSTRIES 30 \ HIIIIIIIIMIUlllllIIMII """""*.. ~** - (ff „......,...••»"" 20 -l 1 1 1 i 1 1 ! 1 1 1 1 V I i i i i Ii i l ii l l i 1 i 1 ii i il l l l l i Ii l i ii 1979 1981 1980 1982 I 1 I 1 1 I 1 I 1 1 IK 1983 1 M 1 I I 1 I I II N •^***^ i—>—1 — 1979 i i ii i t iii i i 111111111l i 11 111i 11 11 i 111 111111 1980 1981 1982 1983 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; 1 seasonally adjusted] Serviee-producing indiistries Goods- woducing inc ustries Period Total nonagricultural employment Id anufacturing Total 2 Construction Total 24,346 25,585 26,461 25,658 25,497 23,907 3,851 4,229 4,463 19,682 20,505 21,040 1981 1982 86,697 89,823 90,406 91,156 89,596 4,346 4,188 3,911 20,285 20,170 18,853 1982: Sept Oct Nov Dec 89,235 88,938 88,785 88,665 23,530 23,287 23,131 23,061 3,875 3,847 3,843 3,815 1983: Jan Feb Mar Apr May June July r.... Aug r..... Septp... 88,885 88,746 88,814 89,090 89,421 89,844 90,152 89,735 90,468 23,186 23,049 23,030 23,159 23,347 23,518 23,724 23,832 23,927 3,905 3,790 3,757 3,786 3,860 3,933 3,974 4,022 4,050 1977 1978 1979 1980 82,471 Durable goods Nondurable goods Finance, insurance, and real estate , Government Services Federal State and local 5,146 5,165 5,081 15,303 16,252 17,112 17,890 18,619 19,064 2,727 4,724 4,975 5,160 5,298 5,34:0 2,753 2,773 2,866 2,772 2,739 12,399 12,919 13,174 13,375 13,259 13,064 65,705 65,651 65,654 65,604 5,054 5,033 5,019 5,008 20,380 20,344 20,320 20,256 5,351 5,350 5,356 5,367 19,136 19,144 19,187 19,215 2,735 2,742 2,746 2,747 13,049 13,038 13,026 13,011 65,699 65,697 65,784 65,931 66,074 66,326 66,428 65,903 66,541 4,979 4,966 4,963 4,988 4,993 4,992 4,984 4,343 5,015 20,355 20,343 20,350 20,329 20,356 20,494 20,529 20,591 20,494 5,374 5,384 5,391 5,423 5,435 5,451 5,465 5,488 5,485 19,238 19,262 19,356 19,478 19,546 19,668 19,770 19,829 19,889 2,748 2,742 2,742 2,738 2,756 2,742 2,738 2,733 2,741 13,005 13,000 12,982 12,975 12,988 12,979 12,942 12,919 12,917 11,100 8,280 8,098 8,061 7,753 4,713 4,923 5,136 18,555 18,358 18,222 18,193 10,862 10,685 10,577 10,559 7,693 7,673 7,645 7,634 18,244 18,245 18,267 18,376 18,493 18,582 18,733 18,785 18,854 10,594 10,608 10,617 10,689 10,788 10,844 10,961 11,018 11,073 7,650 7,637 7,650 7,687 7,705 7,738 7,772 7,767 7,781 8,086 8,231 Wholesale and retail trade 18,516 19,542 20,192 20,310 20,547 20,401 58,125 61,113 63,363 64,748 65,659 65,689 11,597 12,274 12,760 12,187 12,109 1 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- Total Transportation and public utilities 4,467 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] iAverage weekly Average gi oss hourly earn ings hours Period 1974 1975 1976 Manufa cturing Total private nonagrieultural 1 Total 36.5 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug r . Sept". 36.1 36.1 36.0 35.8 35.7 35.3 35.2 34.8 34.8 34.7 34.7 34.8 35.1 34.5 34.8 34.9 35.1 35.1 35.0 35.0 35.2 Total private nonagrieultural l Overtime 40.0 39.5 40.1 3.3 2.6 3.1 40.3 40.4 40.2 39.7 39.8 38.9 38.8 38.9 39.0 39.0 39.7 39.2 39.5 40.1 40.0 40.1 40.2 40.3 40.7 3.5 3.6 3.3 2.8 2.8 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.6 2.9 2.7 2.9 3.0 3.1 3.3 Manufacturing $4.42 4.83 $4.24 4.53 4.86 5.25 5.69 6.16 6.66 7.25 7.67 7.73 7.76 7.78 7.82 7.88 7.91 7.91 7.95 7.97 8.00 8.03 7.98 8.08 5.22 5.68 6.17 6.70 7.27 7.99 8.50 8.57 8.58 8.61 8.63 8.68 8.76 8.75 8.78 8.79 8.82 r 8.85 8.84 8.88 Adjuste d hourly earnin gs index — total private nonagncultural 2 Percent chang e from a year earlie r 4 5 Ind ex, 1977 == 100 Current dollars Current dollars 1977 dollars 3 80.0 86.7 92.9 100.0 108.1 116.8 127.3 138.9 148.3 150.0 150.7 151.1 151.9 152.7 153.4 153.4 154.0 154.6 154.8 155.2 155.0 155.9 98.3 97.6 99.0 100.0 100.5 97.4 93.5 92.6 93.3 93.1 93.1 93.4 94.1 94.7 95.3 95.0 94.8 94.7 94.8 r 94.7 94.0 94.2 8.0 8.4 7.2 7.6 8.1 8.0 9.0 9.1 6.8 6.1 6.2 5.7 6.0 5.4 5.7 5.4 5.2 4.8 4.6 4.3 3.6 3.9 1977 dollars -2.8 -.7 1.4 1.0 .5 -3.1 -4.0 -1.0 .8 1.2 1.2 1.1 2.0 1.8 2.4 1.6 1.2 1.4 2.1 2.1 1.2 1.2 AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Percent eh ange from a year earlier, total private n onagricultural 5 Averajge gross weekly esirnings Period Total ])rivate nonagnc ultural l Current dollars 1974 1975 1976 1977 1978 1979 1980 1981 1982 $154.76 163.53 175.45 189.00 203.70 219.91 235.10 255.20 266.92 Manufacturing 1977 dollars 3 Construction Wholesale and retail trade Current dollars $176.80 $249.25 $119.02 189.00 189.31 183.41 172.74 170.13 167.87 190.79 209.32 228.90 249.27 269.34 288.62 318.00 330.65 266.08 283.73 295.65 318.69 342.99 367.78 399.26 426.45 126.45 133.79 142.52 153.64 164.96 176.46 190.62 198.10 6.4 5.7 7.3 7.7 7.8 8.0 6.9 8.5 4.6 $190.12 184.16 186.85 1982: Sept Get Nov Dec 269.00 269.27 269.97 272.14 166.98 166.32 166.96 168.61 332.52 333.76 335.79 336.57 425.59 427.25 426.24 437.18 199.06 200.65 200.98 203.19 4.0 3.4 3.4 4.4 1983: Jan Feb Mar Apr May June July r Aug r . Sept" 276.59 272.90 275.27 277.46 279.75 280.80 281.05 279.30 284.42 171.48 169.61 170.45 170.85 171.42 171.85 171.37 169.48 171.85 344.60 343.39 345.63 352.08 351.60 353.68 355.77 356.25 361.42 461.35 439.20 438.00 443.54 441.19 440.82 440.89 440.08 449.01 202.57 200.65 202.88 203.83 205.76 207.68 207.67 207.02 207.97 6.8 3.1 4.3 4.7 4.6 4.9 4.8 3.7 6.0 1 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 1977 = 100 base. Revised index for urban wage earners and clerical workers used beginning 1978. 2 3 1977 dollars Current dollars 4.1 -3.1 1.5 1.2 .2 -3.1 -5.8 1.5 -1.3 -.9 1.6 — 1.1 .5 3.1 -.2 .6 .7 1.2 2.4 2.5 1.3 3.2 4 Monthly changes based on indexes to two decimal places. 5 Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Outp ut l Output pe T hour of allpersons Period Business sector Nonfarm business sector Business sector Hours of all perse ns 2 Nonfarm business sector Business sector per Compens ation hour 3 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Implicit price defla tor 5 Unit .abor CO st Eeal com pensation per h our 4 Business sector Nonfarm business sector Business sector Nonfarm business sector 191r 7 = 100; ciuarterly ( ata seasontally adjus ted 1969 85.5 86.5 79.0 78.8 92.5 91.1 54.2 54.8 89.6 90.6 63.4 63.4 63.2 63.3 1970 1971 1972 1973 1974 86.2 89.2 92.4 94.7 92.5 86.8 89.7 93.0 95.3 92.9 78.4 80.7 86.1 91.7 89.9 78.0 80.3 85.8 91.7 89.8 91.0 89.8 89.5 92.3 96.2 96.7 58.2 62.0 66.1 71.3 78.0 58.7 62.5 66.7 71.7 78.5 90.8 92.8 95.7 97.3 95.9 91.5 93.5 96.6 97.8 96.4 67.5 69.5 71.5 75.3 84.4 67.6 90.5 93.2 96.8 97.3 69.7 71.7 75.3 84.5 66.0 69.0 71.3 75.3 82.4 66.3 69.3 71.3 74.0 81.6 1975 1976 1977 1978 1979 94.5 97.6 100.0 100.6 99.4 94.7 97.8 100.0 100.6 99.1 88.2 93.8 100.0 105.5 107.8 87.8 93.7 100.0 105.7 108.0 93.3 96.0 100.0 104.9 108.5 92.7 95.8 100.0 105.0 109.0 85.5 92.9 100.0 108.6 118.7 86.0 93.0 100.0 108.6 118.4 96.3 98.9 100.0 100.9 99.1 96.8 99.0 100.0 100.9 98.9 90.5 95.1 100.0 108.0 119.5 90.8 95.1 100.0 108.0 119.5 90.4 94.7 100.0 107.5 117.2 90.0 94.6 100.0 107.1 116.5 1980 1981 1982 98.9 101.3 101.2 98.4 100.3 100.2 106.5 109.8 106.7 106.5 109.3 106.3 107.6 108.4 105.4 108.2 109.0 106.0 131.2 143.9 155.1 130.7 143.5 154.7 96.5 95.9 97.4 96.1 95.6 97.1 132.7 142.1 153.3 132.8 143.0 154.4 128.1 140.1 147.7 128.1 140.4 148.6 1981: m IV 102.3 101.2 101.1 99.9 111.2 108.9 110.5 108.2 108.7 107.7 109.4 108.2 145.5 148.2 145.1 147.7 95.6 95.6 95.3 95.4 142.3 146.4 143.5 147.8 141.5 144.3 141.8 145.0 1982: I 101.1 100.7 101.1 101.9 100.0 99.9 100.4 100.8 107.2 106.9 106.6 106.0 106.5 106.7 106.5 105.4 106.0 106.2 105.4 104.0 106.5 106.8 106.0 104.6 151.6 153.9 156.5 158.7 151.3 153.5 156.1 158.3 97.1 97.4 97.1 98.0 96.9 97.1 96.9 97.8 149.9 152.9 154.7 155.6 151.3 153.6 155.4 157.1 145.5 147.5 148.5 149.4 146.4 148.3 149.1 150.5 106.7 104.5 106.2 107.5 104.9 106.5 108.1 160.7 162.1 164.3 161.0 162.7 164.5 99.4 99.2 99.4 99.5 99.6 99.5 151.5 n m IV 1983: I np rn .... r 102.5 !03.8 105.0 101.7 !03.3 104.6 r r 107.1 l!0.2 112.9 r l!0.0 113.1 r 156.5 157.3 153.7 152.4 153.6 154.6 156.9 !56.2 r 158.3 !57.4 r !52.7 Peireent change; quarte rly data at, seasonally adjusted annual rates 1969 0.2 -0.3 2.9 2.9 2.6 3.2 7.0 6.5 1.5 1.1 6.7 6.8 4.9 4.7 1970 1971 1972 1973 1974 .8 3.6 3.5 2.6 -2.4 .3 3.3 3.7 2.4 -.8 3.0 6.6 6.6 -2.0 -1.0 2.9 6.9 6.8 -2.0 -1.6 .5 3.0 3.9 .4 -1.3 -.4 3.1 4.3 .5 7.3 6.6 6.5 8.0 9.4 7.0 6.6 6.7 7.6 9.4 1.3 2.2 3.1 1.6 -1.4 1.0 2.2 3.3 1.3 — 1.4 6.4 2.9 2.9 5.3 12.1 6.6 3.1 2.8 5.0 12.2 4.5 4.4 3.4 5.5 9.5 4.8 4.5 3.0 3.8 10.2 1975 1976 1977 1978 1979 2.2 3.3 2.4 .6 -1.2 -2.0 6.4 6.6 5.5 2.3 -2.2 6.7 6.7 5.7 2.2 -4.1 3.0 4.1 4.9 3.5 4.1 3.4 4.4 5.0 3.7 9.6 8.6 7.7 8.6 9.4 9.6 8.1 7.5 8.6 9.0 .5 2.6 1.2 .9 1.7 .4 2.2 1.0 .9 -2.0 7.3 5.1 5.1 8.0 10.7 7.5 4.8 5.2 8.0 10.7 9.8 4.7 5.6 7.5 9.0 10.3 5.1 5.7 7.1 8.8 1980 1981 1982 -.5 2.4 j -.7 1.9 -.1 -1.3 3.1 -2.8 -1.4 2.7 -2.8 .8 .7 2.7 -.7 .7 -2.7 10.5 9.7 7.7 10.4 9.8 7.8 -2.6 -.6 1.5 2.8 -.6 1.6 11.1 7.1 7.9 11.1 7.7 7.9 9.2 9.4 5.4 10.0 9.6 5.8 1981: HI IV 4.7 -4.1 3.8 -4.4 5.2 -7.8 4.3 -8.3 .5 -3.9 .5 -4.0 9.6 7.5 9.6 7.6 -2.2 .3 -2.1 .3 4.7 12.2 5.6 12.6 9.9 8.2 10.0 9.5 1982: I II Ill IV -.4 -1.6 1.7 3.3 -6.3 -1.0 -1.1 -2.3 -6.2 .8 -.6 -4.1 -6.0 .6 -2.7 -5.4 -6.2 1.2 -2.9 -5.3 9.4 6.4 6.7 5.7 10.0 5.8 7.2 5.8 6.3 1.1 -1.0 3.7 6.8 .5 -.6 3.7 9.8 8.1 5.0 2.3 9.9 6.2 4.7 4.4 3.4 5.5 2.7 2.6 3.7 5.4 2.2 3.7 4.9 !3.2 11.4 2.1 6.5 5.0 1.2 6.2 6.1 5.4 3.5 5.6 6.8 4.3 4.5 5.8 -.7 .8 7.2 .1 -.3 1983: I II 2.0 5.4 4.8 r III".... 1 -2.5 2.0 3.2 2.2 .6 -1.5 .1 — .4 2.3 1.3 r 3.7 6.6 5.0 4.2 !2.2 10.0 r 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. A.\sn includes an estimate of wages, salaries, and supplemental payments for the selfemployed. 4 Hourly compensation divided by the consumer price index. 16 5 3.3 -1.8 .8 r 3.0 -2.1 g r 5.5 3.3 2.7 r r 5.3 3.2 2.5 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 1.5 percent in September, following a rise of 1.2 percent in August. The index for September was 11.9 percent above its year earlier level. INDEX, 1967= 100* INDEX, 1967=100* (RATIO SCALE) TOTAL INDUSTRIAL PRODUCTION (RATIO SCALE) UTILITIES AND MINING PRODUCTION MANUFACTURING PRODUCTION MANUFACTURING CAPACITY UTILIZATION RATE 120 1979 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF T <E FEDERAL RESERVE SYSTEM [Seasonally adjusted] Period 1967 proportion 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June r July r Aug r Sept" 1 2 from year earlier 129.8 129.3 117.8 130.5 138.2 146.1 152.5 147.0 151.0 138.6 137.3 135.7 134.9 135.2 137.4 138.1 140.0 142.6 144.4 146.4 149.6 151.4 153.7 Mining Total 87.95 100.00 Output as percent of capacity. Annual data are averages of the four monthly indexes. Manufa cturing Manufacturing Percent 1967 = 100 Capacity u ilization rate , percent l Industry proc uction indexes , 1967 = 100 To tal Indus trial produ ction 8.4 -.4 8.9 10.8 5.9 5.7 4.4 -3.6 2.7 -8.2 9.4 -9.0 -7.8 -5.7 -2.3 -3.4 -1.2 1.7 3.7 5.6 7.8 9.4 11.9 129.8 129.4 116.3 130.3 138.4 146.8 153.6 146.7 150.4 137.6 137.1 135.0 134.0 134.5 136.7 138.2 140.4 143.1 145.1 147.4 150.4 152.3 155.0 Durable 51.98 127.1 125.7 109.3 122.3 130.0 139.7 146.4 136.7 140.5 124.7 123.5 120.3 119.3 119.9 122.5 123.9 126.3 129.1 131.0 133.2 136.8 138.6 141.7 Utilities Nondurable 35.97 133.8 134.6 126.4 141.8 150.5 156.9 164.0 161.2 164.8 156.2 156.7 156.2 155.3 155.6 157.4 159.0 160.7 163.3 165.4 167.8 170.2 172.1 174.2 6.36 114.7 115.3 112.8 114.2 118.2 124.0 125.5 132.7 142.2 126.1 114.7 115.9 116.8 118.4 121.9 115.6 112.6 111.6 112.8 112.6 114.9 116.1 117.3 5.69 145.4 143.7 146.0 151.7 156.5 161.4 166.0 168.3 169.1 168.7 167.5 167.8 166.7 164.2 163.1 162.0 165.8 169.3 169.7 169.8 176.0 177.9 175.9 Commerce series 2 Federal Reserve series Industrial materials (Federal Eeserve series) 87.6 86 91.7 83.7 72.9 79.6 82.2 84.7 86.0 79.6 79.4 71.1 70.6 69.4 68.8 68.9 70.0 70.6 71.6 72.9 73.8 74.9 76.3 77.1 78.4 83 77 81 83 84 83 78 76 70 69 . 87.0 73.3 81.1 82.6 85.6 87.6 80.4 80.7 70.1 69.0 67.9 67.0 66.6 68.7 70.1 71.5 72.5 73.5 74.4 76.4 77.4 78.4 r 68 70 73 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 [1967 = 100, seasonally adjusted] Prod ucts Final produets Period C/onsumer good s Total Total Durable goods 1967 proportion 47.82 27.68 7.89 1973 1974 1975 1976 124.4 125.1 118.2 127.6 135.9 142.2 147.2 145.3 149.5 141.5 140.0 138.7 138.3 139.5 140.1 138.9 139.9 142.8 144.5 146.4 149.0 150.2 152.7 131.5 128.9 124.0 137.1 145.3 149.1 150.8 145.4 147.9 142.6 143.4 142.2 141.3 142.0 143.6 143.4 144.3 147.7 150.4 152.4 155.0 156.0 158.2 146.2 135.3 121.4 141.9 154.0 159.2 155.8 136.7 140.5 129.2 131.3 126.5 124.6 125.9 131.6 134.4 136.3 140.5 145.5 149.2 153.0 154.3 158.2 1977... 1978 1979 1980 1981 1982 1982: Intermedia ;e products Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June r. July r Aug r Sept* Materials Equij ment Nondurable goods 19.79 125.6 126.3 125.1 135.2 141.9 145.1 148.8 148.9 150.9 148.0 148.2 148.5 147.9 148.4 148.3 147.0 147.5 150.5 152.3 153.6 155.8 156.6 158.3 Total Total 20.14 114.5 120.0 110.2 114.6 123.0 132.8 142.2 145.2 151.8 139.8 135.2 134.0 134.2 136.1 135.3 132.7 133.8 136.2 136.5 138.2 140.7 142.4 145.2 Business 12.63 134.2 142.4 128.2 135.4 147.8 160.3 171.3 173.2 181.1 157.9 150.5 147.1 146.4 148.1 146.6 142.7 143.7 146.9 147.7 150.2 153.0 154.8 158.4 12.89 137.2 135.3 123.1 137.2 145.1 154.1 160.5 151.9 154.4 143.3 143.7 141.6 141.8 141.5 143.7 145.3 147.8 150.8 152.2 154.5 158.1 161.0 163.2 Construction supplies 6.42 39.29 139.8 134.5 116.3 132.6 140.6 151.7 158.0 140.9 141.9 124.3 125.5 122.5 123.4 123.0 127.0 129.7 133.1 136.4 138.4 142.1 145.8 148.6 150.7 133.9 132.4 115.5 131.7 138.6 148.3 156.4 147.6 151.6 133.7 132.0 130.0 128.4 127.8 132.0 134.9 137.6 139.7 141.7 143.7 147.5 149.6 151.7 Supplementary group: Energy total 12.23 128.3 125.5 125.5 129.1 132.9 135.4 137.9 137.7 137.4 135.7 132.7 134.1 133.3 132.2 132.4 131.0 131.9 133.9 133.8 133.6 138.6 138.9 138.0 [1967 = 100, seasonally adjusted] ftendurable imanufacture s Durable m umfaetures Transp wtation equip ment Primary metals Period Total 1967 proportion 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Sept Get Nov Dee 1983: Jan Feb Mar Apr May June r July r Aug r Sept p 6.57 126.7 123.1 96.4 109.7 111.1 119.9 121.3 102.3 107.9 75.3 73.2 69.6 63.6 63.5 73.1 77.9 81.2 83.1 84.9 84.8 85.5 87.4 89.8 Iron and steel Fabricated metal products 4.21 5.93 9.15 122.3 119.8 95.8 104.8 103.8 113.2 113.2 92.4 99.8 61.7 56.4 54.1 47.5 46.6 59.0 64.3 66.9 68.5 69.5 69.7 71.8 74.6 124.7 124.2 109.9 123.9 131.0 141.6 148.5 134.1 136.4 114.8 112.3 107.6 107.0 107.3 107.6 110.3 113.9 115.3 115.5 118.5 122.5 125.1 127.6 133.7 140.1 125.1 134.5 143.6 153.6 163.7 162.8 171.2 149.0 144.9 140.4 139.6 139.2 138.0 136.2 138.6 143.1 146.1 149.5 154.2 157.1 160.6 Source: Board of Governors of the Federal Reserve System. 18 Nonelectrical machinery Electrical machinery Total 8.05 143.1 143.8 116.5 134.8 145.4 159.4 175.0 172.8 178.4 169.3 167.0 165.4 165.5 165.5 169.5 168.9 173.8 177.2 180.1 182.4 188.2 187.9 193.9 9.27 118.3 108.7 97.4 111.1 122.2 132.5 135.4 116.9 116.1 104.9 105.3 100.8 100.2 103.7 106.3 109.6 110.1 111.4 113.8 116.6 119.7 121.4 123.6 Motor vehicles and parts 4.50 148.8 128.2 111.1 142.0 161.1 169.9 159.9 119.0 122.3 109.8 113.5 103.0 101.7 108.8 113.9 123.0 123.2 125.5 130.4 136.2 142.3 145.1 148.9 Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1.64 3.31 4.72 7.74 8.75 126.0 116.2 107.6 123.2 131.2 136.3 136.9 119.3 119.1 112.6 119.9 117.2 119.1 121.4 130.0 130.2 128.7 132.1 135.8 137.4 141.3 144.5 117.3 114.3 118.2 118.2 113.3 122.5 127.6 131.5 136.9 139.6 144.2 144.1 144.3 142.0 141.7 142.8 141.3 144.0 145.9 145.7 145.2 147.4 151.0 154.3 156.2 154.5 120.9 124.0 123.4 133.0 138.8 142.7 147.5 149.6 152.1 151.1 149.0 151.5 152.0 152.8 154.4 153.0 152.0 153.7 155.6 157.7 159.3 107.6 125.7 134.2 134.2 134.4 127.0 120.4 159.4 147.2 170.9 185.7 197.4 211.8 207.1 215.6 196.1 196.4 194.1 192.8 195.9 197.6 202.3 205.7 208.5 211.0 214.7 217.6 220.2 NEW CONSTRUCTION [Monthly data seasonally adjusted] Constructioii contracts 2 Private Period Total new construction expenditures Resic .ential Total Commercial and industrial New housing units Total l Other Federal, State, and local Total value index (1977 = 100) Commercial and industrial floor space (millions of square feet) I illions of dollars 135.9 151.1 173.8 205.6 230.4 230.7 239.4 232.0 1975 1976 1977 1978 1979 1980 1981 1982 95.1 112.0 135.7 159.7 181.6 175.7 186.1 181.0 46.5 60.5 81.0 93.4 99.0 87.3 86.6 74.8 34.4 47.3 65.7 75.8 78.6 63.1 62.7 51.9 20.8 27.8 19.9 22.5 29.6 39.9 43.8 51.3 54.6 31.5 32.2 36.7 42.7 44.7 48.2 51.5 66.0 79.0 100.0 114.0 122.0 107.0 107.0 111.0 40.9 39.1 38.2 45.9 48.8 55.0 53.3 51.1 Annual rates Annual rates 1982: 1983: Aug Sept Oct Nov Dec 231.6 230.7 234.1 243.7 240.2 179.5 178.2 181.9 190.5 190.8 72.7 71.7 76.4 81.2 86.0 52.6 53.0 53.6 55.8 58.6 Jan Feb Mar Apr r May r June r July r Aug" Septp 247.9 243.0 241.9 247.4 254.8 264.3 269.6 274.8 272.7 195.0 194.3 194.9 199.5 206.0 214.7 218.5 221.4 222.2 89.7 93.6 96.1 102.0 107.5 113.5 118.2 120.2 118.4 63.4 68.8 72.3 77.3 82.2 87.9 92.7 94.8 92.7 1 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. 555 592 739 977 1,059 904 906 685 r 54.5 54.6 54.1 54.6 52.6 52.3 51.9 51.4 54.7 52.2 52.2 52.5 52.2 53.2 49.4 110 r 105 122 131 717 671 656 608 595 53.3 51.0 49.7 46.8 46.3 49.0 48.1 50.5 50.5 52.0 49.8 49.0 50.7 52.2 52.2 52.2 50.7 53.3 52.9 48.7 47.0 47.9 48.7 49.6 51.1 53.4 50.6 127 119 131 129 148 151 137 146 143 803 693 632 652 734 785 741 783 830 l!4 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 pri\> ate homes New private housing units Period Units started, by type of structure Total 1975 1976 1977 1978 1979 1980 1981 1982 1,160.4 1,537.5 1,987.1 2,020.3 1,745.1 1,292.2 1,084.2 1,062.2 1 unit 892.2 1,162.4 1,450.9 1,433.3 1,194.1 852.2 705.4 662.6 2-4 units 64.0 85.9 121.7 125.0 122.0 109.5 91.1 80.0 5 or more units 204.3 289.2 414.4 462.0 429.0 330.5 287.7 319.6 Units authorized 939.2 1,296.2 1,690.0 1,800.5 1,551.8 1,190.6 985.5 1,000.5 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,317.2 1,377.2 1,657.1 1,867.5 1,870.8 1,501.6 1,265.7 1,005.5 549 646 819 817 709 545 436 412 313 353 402 414 3 398 336 272 251 6.0 5.6 5.2 5.0 5.4 5.4 5.0 5.3 936 1,077 1,053 1,035 1,195 1,138 1,147 1,164 1,353 r 1,386 1,418 1,699 473 481 545 529 611 593 611 635 665 666 609 578 247 245 246 251 5.3 Seasonal ly adjusted annu al rates 1982: Sept Oct Nov Dee 1983: Jan Feb Mar Apr May June July r Aug r Sept" 1 1,134 1,142 1,361 1,280 1,694 1,784 1,605 1,506 1,807 1,736 1,804 1,909 1,652 683 716 868 842 1,126 1,103 1,008 1,001 1,183 1,127 1,032 1,141 1,009 90 66 79 79 100 117 100 117 96 123 135 114 141 361 360 414 359 468 564 497 388 528 486 637 654 502 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. 1,029 1,154 1,227 1,326 1,447 1,479 1,467 1,536 1,635 1,761 1,782 1,652 1,506 259 262 262 266 273 285 292 297 5.5 5.7 5.5 5.8 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; 1973-77 are for 14,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade Manufacturing and trade sales rose 0.5 percent in August and inventories rose $6 billion. According to the advance survey, total retail sales rose 1.6 percent in September following a decline of 1.6 percent in August. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 600 160 150 550 140 500 130 450 RETAIL INVENTORIES 120 110 400 100 350 MANUFACTURING - AND TRADE SALES - 300 «**** RETAIL SALES 250 200 iiiiiIiii 1979 RATIO* 1.80 150 - 1.70 1980 1981 1982 1983 INVENTORY-SALES RATIO MANUFACTURING AND TRADE — 1.60 1.50 1.40 1.30 I l i l i i i i 11 100 1979 1.20 1980 1982 1981 1983 1979 1983 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Manufact uing and trac e 1 COUNCIL OF ECONOMIC ADVISERS Inventories 3 Inventories 3 Sales 2 Period Qaloc 2 4 Inventory-sales ratio Ee ,ail Wholesale Sales 2 Inven- Total Durable Nondura- goods stores ble goods stores Total Manufac- Durable Nondura- goods stores ble goods stores turing Retail i Millions of dollars, seasonally ?tdjusted 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Get Nov Dec 1983: Jan Feb Mar Apr May June July r Aug p Sept* 1 2 3 182,230 204,277 229,624 260,307 297,663 327,284 356,099 344,179 288,375 318,544 351,036 398,890 450,736 492,885 526,152 511,942 46,623 50,694 55,987 66,117 78,680 92,658 100,673 95,363 56,697 64,078 72,311 85,685 98,394 112,341 116,986 118,790 49,012 54,781 60,435 67,286 75,047 80,235 87,298 89,640 15,247 18,150 20,724 23,218 25,196 24,401 26,335 26,739 33,765 36,631 39,711 44,067 49,850 55,834 60,963 62,901 71,744 79,273 89,530 102,790 111,229 116,430 126,833 128,250 33,356 37,841 43,135 49,987 53,717 54,400 59,095 59,597 38,388 41,432 343,426 342,882 336,905 338,722 338,391 521,257 521,000 519,797 513,888 511,942 94,341 92,527 91,806 91,912 91,389 119,190 119,537 120,162 118,349 118,790 89,069 89,897 90,905 92,492 92,459 25,831 26,619 27,154 28,721 28,723 63,238 63,278 63,751 63,771 63,736 128,258 129,788 128,849 127,619 128,250 60,204 61,668 60,581 59,417 59,597 68,054 68,120 68,268 68,202 68,653 345,337 341,490 348,009 351,100 363,925 373,572 372,434 374,241 507,550 507,665 503,222 504,796 505,658 505,521 505,826 511,892 94,790 92,245 92,943 92,586 97,529 100,479 100,315 100,297 117,564 116,417 116,591 117,498 115,855 115,630 115,745 117,506 92,308 91,164 93,263 95,449 98,431 99,173 99,521 r 97,955 99,480 28,307 27,490 29,160 30,668 32,124 32,663 32,539 r 30,795 31,679 64,001 63,674 64,103 64,781 66,307 66,510 66,982 r 67,160 67,801 127,869 130,392 129,327 129,901 131,654 132,501 131,905 134,688 59,735 61,517 60,412 60,640 61,401 62,019 61,284 62,726 68,134 68,875 68,915 69,261 70,253 70,482 70,621 71,962 See page 21 for mamfactoring. Monthly average for }ear and total f ar month. Book value, end of period, seasonal!; adjusted. 20 46,395 52,803 57,512 62,030 67,738 68,653 1.57 1.48 1.46 1.44 1.43 1.45 1.44 1.51 1.52 1.52 1.54 1.52 1.51 1.47 .49 .45 .44 .39 .35 .36 1.37 1.44 1.38 1.40 1.43 1.44 1.42 1.40 1.41 1.44 1.44 1.42 1.38 1.39 1.39 1.43 1.39 1.36 1.34 1.34 1.33 1.37 4 For anjiual periods, rtitio of weightecl average inventones to average monthly sales ; for monthly data, ratio of inventories a t end of month to sales for mo nth. Source: department of 3ommerce (Buireau of Economie Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In August, manufacturers' shipments, inventories, and orders rose. In September, according durable goods shipments rose and new orders fell. BILLIONS OF DOLLARS* (RATIO SCALE) 240 ^SHIPME NTS 200 IBU 160 — ~^s* - — "1^^- — , i" , r^ / ^**x *^ *^^ "" ' " ^« TOTAL BILLIONS OF DOLLARS * (RATIO SCALE) J60 320 ~~ INVENT ORES 280 740 ~ 200 iii^V****""""**"^ -**.*«*" OM-J*1"^ r \ Nor^DURABLE .^ ""r,»Ui"»«t| r,^^ * ^ ~~ 19O .ttt*"******* •••"""" / DURABLE GCX3DS — 100 -7 QA I M I l l l l l l l .--.*•* NO sIDURABLE GC ODS - AH BILLIONS OF DOLLARS* (RATIO SCALE) 240 p" %»H GO ODS 1 1 111 11 1111 TOTAL ''''••linn mi 160 ~ 1 II I 1 11 1 1 1I ~1 - DURABLE G«DOS 80 ,*-*"" _^^*****\ *f***^^ to advance data, E — r-^^w. ^/^** ~ ~ ^- ~*~*»* TOTAL "* '^^.^ [)URABLE GOODS ,ttff<i _ E-NEW OFRDERS — - IAD 1 ^V" - 1 Af) - 100 F1^ ^*""*1 f 1^ \ *%| * ^.^,-^^w^ V N(ENDURABLE G(DODT""*""'^ 80 h u l l l l 1 l l 1 1 i i 1 ii I l 40 I 1 1 i i 1 i l1 1 i 1 1 1 1 1 1 1 1 1 1 (I I 1i 111 1 r INVENTORY-SHIPMENTS RATIO ^ m-f* 60 I M I l l l l l l l 1 11111111 11 i i i 1 i I i 1 1 ii i1 1 i i I i i i 1 1 i i l i l i I i i l i 1980 1979 1981 1982 1983 1983 * SEASON ALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Manufa cturers' shipinents 1 ft[amifacturers new orders i Manufa< 3turers' inven tones 2 Durabl 3 goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods Manufacturers' unfilled orders 3 Manufacturers' inventoryshipments ratio 4 Millions of do liars, seasoiaally adjust ed 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug* Sept p 1 8 3 86,595 98,802 113,202 126,905 143,936 154,391 168,129 159,177 43,656 50,689 59,267 67,848 76,060 77,550 83,872 76,843 42,939 48,113 53,935 59,057 67,876 76,841 84,257 82,334 159,934 175,193 189,195 210,415 241,113 264,114 282,333 264,902 102,874 112,581 121,575 137,834 160,554 174,547 186,222 175,200 57,060 62,612 67,620 72,581 80,559 89,567 96,111 89,702 85,149 99,543 115,061 131,616 147,466 156,142 167,924 157,371 42,019 51,398 61,111 72,409 79,513 79,341 83,725 75,103 11,011 12,799 15,291 19,458 23,231 23,259 24,059 20,687 43,130 48,145 53,950 59,207 67,953 76,801 84,199 82,268 173,829 182,499 205,675 262,671 305,453 325,908 323,346 300,971 160,016 160,458 154,194 154,318 154,543 77,250 76,419 72,478 73,005 73,495 82,766 84,039 81,716 81,313 81,048 273,809 271,675 270,786 267,920 264,902 181,543 180,520 179,675 177,061 175,200 92,266 91,155 91,111 90,859 89,702 155,700 156,572 152,362 152,604 157,382 72,965 72,348 70,735 71,067 76,180 18,741 20,217 20,127 19,9^3 19,679 82,735 84,224 81,627 81,537 81,202 305,564 301,678 299,846 298,132 300,971 158,239 158,081 161,803 163,065 167,965 173,920 172,598 175,989 77,744 77,769 79,595 80,241 82,669 86,582 85,646 r 87,918 88,752 80,495 80,312 82,208 82,824 85,296 87,338 86,952 88,071 262,117 260,856 257,304 257,397 258,149 257,390 258,176 259,698 172,506 171,572 169,377 169,814 170,734 169,840 169,693 170,440 89,611 89,284 87,927 87,583 87,415 87,550 88,483 89,258 162,871 157,757 162,587 166,025 169,874 178,489 175,455 178,261 82,355 77,449 79,951 83,101 84,456 90,905 88,234 r 89,978 89,498 20,507 19,175 20,032 22,592 22,228 24,289 21,580 r 23,028 24,010 80,516 80,308 82,636 82,924 85,418 87,584 87,221 88,283 305,599 305,268 306,053 309,015 310,922 315,488 318,348 320,622 Monthly average for year and total for month. Shipments are the same as sales. Book value, end of period. End of period. 1.84 1.69 1.61 1.57 1.57 1.66 1.64 1.73 1.71 1.69 1.76 1.74 1.71 1.66 1.65 1.59 1.58 1.54 1.48 1.50 1.48 4 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 September, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Prices of finished consumer foods rose 0.7 percent and prices of other finished consumer goods rose 0.2 percent. Prices of capital equipment fell 0.3 percent. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 320 320 300 300 160 140 120 120 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967=100; monthly data seasonally adjusted] Intern-lediate materials Fini shed goods Period Total finished goods 1975 1976 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr Mav r June July Aug Sept 1 163.4 170.6 181.7 195.9 217.7 247.0 269.8 280.7 282.8 283.8 285.5 286.4 283.3 283.8 283.0 283.0 283.7 285.0 285.3 286.4 286.9 Finished goc>ds excluding consumer foocIs Consumer foods 181.0 180.4 189.9 207.2 226.2 239.5 253.6 259.3 258.3 258.2 258.2 258.8 258.3 260.9 261.4 264.2 262.9 261.2 259.6 260.7 262.4 Total 156.2 166.1 177.7 190.7 213.3 247.8 273.3 285.8 288.9 290.3 292.5 293.5 289.5 289.2 288.1 287.1 288.4 290.8 291.8 292.9 293.0 Intermediate materials for food manufacturing and feeds. 22 Consumer gc ods Total Durable 153.1 138.2 144.5 162.6 174.3 186.7 211.5 250.8 276.5 287.8 291.2 293.2 295.8 296.7 290.8 290.0 288.0 286.7 288.3 291.3 292.5 293.2 293.7 152.8 166.9 183.2 206.2 218.6 226.7 227.8 228.5 229.8 230.4 229.6 232.2 232.6 232.4 232.9 233.7 233.8 234.7 233.8 Nondurable 163.0 174.8 189.3 200.0 231.3 283.9 319.6 333.6 338.6 341.7 345.3 346.4 337.3 333.7 329.7 327.4 330.0 334.6 336.8 337.4 338.9 Capital equipment 162.5 173.4 184.6 199.2 216.5 239.8 264.3 279.4 281.9 282.0 283.1 284.4 283.9 285.0 285.8 285.6 286.2 287.3 287.7 289.6 288.8 Total finished 163.6 169.7 180.7 194.9 217.9 248.9 271.3 281.0 283.0 284.4 286.2 287.0 283.1 283.4 282.2 282.3 282.9 284.4 284.6 285.5 286.4 Total 180.0 189.1 201.5 215.6 242.2 280.3 306.0 310.4 310.8 310.9 311.7 311.8 310.1 309.8 308.6 307.2 308.6 311.4 312.2 314.0 316.1 Foods and feeds l 195.3 185.3 190.5 203.1 226.1 252.6 250.3 239.4 236.7 234.0 233.7 234.0 236.0 239.4 239.8 246.3 245.3 243.2 242.3 250.5 260.9 Cnide materials Other Total 178.6 189.4 196.9 202.7 209.2 234.4 274.3 304.6 329.0 319.5 315.4 314.3 317.3 316.6 315.8 316.8 318.9 323.9 324.1 323.5 319.7 326.5 328.0 202.3 216.5 244.4 282.3 310.1 315.7 316.3 316.6 317.4 317.5 315.6 315.0 313.7 311.9 313.3 316.5 317.4 318.8 320.3 Source: Department of Labor, Bureau of Labor Statistics. Foodstuffs and feedstuffs 191.8 190.2 192.1 216.2 247.9 259.2 257.4 247.8 239.5 237.0 239.4 240.3 243.0 248.8 250.5 258.0 255.0 251.0 244.6 254.2 254.6 Other 206.9 228.5 245.0 272.3 330.0 401.0 482.3 473.9 478.6 480.4 484.8 480.6 472.6 463.3 466.4 466.5 472.9 479.6 481.2 482.3 486.1 CONSUMER PRICES In September, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted (also 0.5 percent not seasonally adjusted). The index was 2.9 percent above its level in September 1982. INDEX, 1967=100 (RATIO SCALE) 320 INDEX, 1967= 100 (RATIO SCALE) 320 300 300 280 280 260 260 240 240 220 220 200 200 180 160 160 140 1977 1976 1975 1979 1978 1980 1981 1982 SEE NOfE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS [1967 = 100, except as noted; monthly data seasonally adjusted, except as noted] Ti ansportati on Hou sing All She Iter Period All items * Food HomeTotal * Total Renters' 2 costs 1 2 3 4 100.0 161.2 170.5 181.5 195.4 217.4 246.8 272.4 289.1 293.3 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 299.3 300.3 301.8 19.0 175.4 180.8 192.2 211.4 234.5 254.6 274.6 285.7 287.5 288.1 288.2 288.1 288.3 288.3 290.1 291.3 292.2 291.3 291.0 291.6 292.5 57.7 164.5 174.6 186.5 202.8 227.6 263.3 293.5 314.7 319.3 320.5 319.9 317.4 318.9 318.9 318.7 320.4 321.5 322.1 323.4 324.2 325.8 21.3 169.7 179.0 191.1 210.4 239.7 281.7 314.7 337.0 342.3 342.6 340.7 336.0 338.3 339.1 339.2 341.6 342.7 343.6 345.3 346.6 348.4 6.9 100.2 100.8 101.1 101.3 101.7 102.2 102.5 103.1 103.6 104.3 13.9 100.0 100.7 100.9 100.9 101.7 102.0 102.2 102.7 103.0 103.5 Maintenance and repairs Relative importance, December 1982. Fuel and Apparel and other utilities upkeep 8.4 167.8 182.7 202.2 216.0 239.3 278.6 319.2 350.8 357.5 362.7 367.1 369.6 368.9 366.9 365.1 365.8 368.8 368.9 370.1 371.1 373.6 5.2 142.3 147.6 154.2 159.6 166.6 178.4 186.9 191.8 192.8 193.3 193.2 192.7 193.2 194.2 194.1 194.5 195.8 196.5 197.7 198.4 198.4 Total * New cars Motor3 fuel Ener- Medical care gy 4 and shelter NSA 0.5 187.6 199.6 214.7 233.0 256.4 285.7 314.4 334.1 338.4 339.4 339.0 337.8 342.9 339.4 339.9 343.6 344.3 345.1 346.1 347.9 346.6 Includes items not shown separately. December 1982 = 100. 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 costs NSA NSA Rel. imp.5 1975 1976 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug Sept owners' 2 items less food, energy, 21.8 150.6 165.5 177.2 185.5 212.0 249.7 280.0 291.5 295.6 296.4 296.0 295.8 293.9 289.1 289.0 292.1 295.8 297.1 298.6 301.6 304.1 3.5 127.6 135.7 142.9 153.8 166.0 179.3 190.2 197.6 199.6 199.2 198.7 199.3 199.4 201.1 202.6 201.3 200.6 200.8 200.8 202.5 204.5 6.2 170.8 177.9 188.2 196.3 265.6 369.1 410.9 389.4 396.0 395.4 394.2 391.2 378.3 353.0 349.5 363.2 378.1 380.9 382.5 387.1 388.9 6.0 168.6 184.7 202.4 219.4 239.7 265.9 294.5 328.7 336.3 338.7 341.8 344.4 347.2 350.1 351.7 353.3 354.8 356.4 358.4 360.3 361.7 12.4 176.6 189.3 207.3 220.4 275.9 361.1 410.0 416.1 421.0 426.6 430.2 431.3 6 420.5 404.9 401.3 409.3 419.5 420.9 422.3 425.4 428.2 47.3 149.4 159.9 169.5 179.1 191.5 208.3 228.1 245.6 248.7 250.1 250.7 251.9 253.1 254.2 254.9 255.5 256.1 257.0 258.5 259.7 260.9 6 Energy 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] Period Ch ange from p receding period Change from 3 month s earlier, anntml rate Change from 6 month s earlier, ann ual rate Consume;r goods Consume r goods Consume>r goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Chsinge, Dec. to Dec., N SA 18.3 6.6 3.7 6.9 9.2 12.8 11.8 7.1 3.7 1974 1975 1976 1977 1978 1979 1980 1981 1982 13.0 5.5 2.5 6.9 11.7 7.4 7.5 1.4 2.1 20.5 6.7 6.0 6.7 8.5 17.5 14.2 8.5 4.2 15.3 10.8 4.4 6.5 7.8 11.1 13.5 9.2 4.0 22.6 8.2 6.4 7.3 7.9 8.8 11.4 9.2 3.9 C lange, moiith to mon th 1982: Sept Oct Nov Dec 0.1 .4 .6 .3 1983: Jan Feb Mar Apr Mayr June r July Aug r Sept -1.1 .2 -.3 0 .2 .5 .1 .4 .2 -0.4 -.0 0 .2 0.4 .7 .9 .3 -.2 1.0 .2 1.1 -.5 -.6 -.6 .4 .7 -2.0 .3 -.7 .5 .6 1.0 .4 .2 .2 -0.1 3.7 4.3 5.2 -7.7 -1.5 -1.8 .8 9.6 6.7 8.1 7.8 3.5 2.2 1.1 3.6 4.4 .0 .4 .5 -.2 .4 .3 .1 .2 .4 .1 .7 -.3 .7 2.4 -4.7 .4 -.1 2.9 3.3 3.9 2.7 .2 4.2 4.1 9.5 3.1 .3 -6.8 3.3 1.9 -3.2 7.6 -11.2 5.5 -2.3 4.7 8.3 7.0 3.3 2.7 2.7 2.0 2.4 1.7 2.1 3.0 4.8 2.1 1.5 .9 .1 -.6 -1.3 -1.0 1.4 1.8 2.8 4.2 0.7 -2.6 4.9 6.2 4.7 8.4 11.0 8.7 4.3 4.0 3.9 3.5 3.6 3.6 3.7 3.7 1.6 -.1 -2.2 -4.4 -5.0 -3.6 1.2 2.2 4.0 2.4 1.9 2.8 2.6 2.2 2.0 2.7 3.3 2.1 2.2 2.2 2.2 2.1 2.3 1.8 1.4 1.4 1.4 6.0 -3.1 -3.5 -.7 1.2 2.4 4.7 3.7 1.9 1.0 -.2 .8 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] Hoiising Period All items l Food Total 1 Total 1 Renters' costs Addenduma: All items, percent chan ge (annual nite) Tninsportati on All Sh elter Homeowners' Maintenance and NSA NSA Fuel and other utilities Apparel and upkeep Total l New cars Motor fuel 2 Medical care Energy 3 items less food, energy, and shelter From 3 months earlier From 6 months earlier From year earlier NSA Chan|re, Deeenriber to 1 )ecembe r, NSA 1974 1975 1976 1977 1978 1979 1980 1981 1982 12.2 7.0 4.8 6.8 9.0 13.3 12.4 8.9 3.9 12.2 6.5 .6 8.0 11.8 10.2 10.2 4.3 3.1 13.4 7.5 5.4 7.6 9.9 15.2 13.7 10.2 3.6 16.2 5.5 7.1 7.2 10.1 10.3 10.6 9.2 4.2 11.4 7.3 4.2 8.7 11.5 17.4 15.1 9.9 2.4 16.6 11.2 9.0 8.1 5.9 16.0 13.6 14.5 9.7 8.7 2.3 4.5 4.2 3.2 5.5 6.8 3.6 1.6 11.0 9.1 5.8 6.5 7.7 11.3 13.5 10.4 6.1 21.6 11.6 6.9 7.2 8.0 37.4 18.1 11.9 1.3 11.3 6.4 8.5 52.2 18.9 9.4 -6.5 12.4 9.9 10.1 8.8 8.8 10.1 10.0 12.5 11.0 0.2 -.2 -.3 .3 0.0 -.2 -.3 -.8 0.9 .7 .9 .8 0.5 1.3 .8 .3 0.4 .6 .2 .5 4.1 3.3 2.1 .5 6.9 7.2 5.1 2.3 5.0 5.1 4.6 3.9 .1 .9 ,7 -.6 -.3 .1 0 .8 1.0 -3.3 -6.7 -1.0 3.9 4.1 .7 .4 1.2 .5 .8 .8 .5 .5 .4 .5 .6 .5 .4 -2.5 -3.7 -.9 2.0 2.5 .3 .3 .7 .7 .5 .4 .3 .2 .2 .4 .6 .5 .5 -.4 -1.2 .4 2.1 5.1 5.4 4.7 4.2 5.3 1.4 .4 .5 .8 1.9 2.9 3.4 4.7 5.4 3.8 3.5 3.6 3.9 3.5 2.6 2.4 2.6 2.9 13.3 9.8 8.8 4.3 7.7 18.2 14.7 11.0 1.7 11.5 7.3 4.8 7.2 6.2 7.4 7.5 6.8 1.6 0.1 .3 — .1 — .1 -.6 -1.6 -.0 1.1 1.3 .4 .5 1.0 .8 20.6 11.0 2.6 4.9 7.0 5.2 6.5 7.2 9.9 9.4 6.1 Change, month o month 1982: Sept Oct Nov Dec 0.1 .4 0 -.3 0.2 .2 .0 -.0 -0.1 .4 2 -.8 -0.5 .1 -.6 -1.4 1983: Jan Feb Mar Apr May June July Aug Sept .2 -.2 .1 .6 .5 .2 .4 .4 .5 .1 0 .6 .4 .3 -.3 — .1 .2 .3 .5 0 — .1 .5 .3 .2 .4 .2 .5 .7 .2 .0 .7 .3 .3 .5 .4 .5 1 2 3 0.6 .3 .2 .4 .5 .3 .6 .5 •7 1.2 1.5 1.2 .7 1.5 -1.0 .1 1.1 .2 .2 .3 .5 — .4 -.2 -.5 -.5 .2 .8 .0 .3 .3 .7 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, tc. 4 0.7 .2 .0 .8 .3 .2 .5 .3 .5 0.7 .3 — .1 -.4 Energy excludes motor oil, coolant, etc. beginning January 1983. NOTE.—NSA indicates data are not seasonally adjusted. 24 0.1 .3 — .1 -.3 .3 .5 — .1 .2 .7 .4 .6 .4 0 4 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 were unchanged in October and prices paid by farmers were unchanged in the month ended October 15. INDEX, 1977=100 (RATIO SCALE) INDEX, 1977=100 (RATIO SCALE) 60 1983 SOURCE; DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [1977 = 100] P rices Pri ces received by farm ers Period All farm products Livestock and products Crops All commodities, services, interest, taxes, and wage rates l paid by farmer s Production items, interest, taxes, and wage rates 113 107 100 106 125 138 148 149 107 97 93 86 !54 154 153 148 149 148 82 82 81 156 157 157 158 159 159 158 159 159 158 150 151 152 153 154 154 152 153 154 153 82 84 84 86 86 84 82 87 r 84 84 89 89 139 133 105 116 125 134 121 95 100 108 123 138 150 156 95 100 109 125 139 151 154 1982: Oct Nov Dec 128 128 127 114 117 114 142 139 139 156 156 156 1983: Jan Feb Mar Apr May June July Aug Sept Get 128 132 134 136 137 134 131 139 r !36 136 114 118 121 127 129 126 125 139 r !35 137 142 146 146 145 144 141 137 139 137 135 157 158 159 159 160 160 160 160 161 161 1979 1980 1981 1982 1 101 102 100 115 132 134 105 102 100 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, id wasre and wage rates. 2 Ratio 2 91 97 100 108 98 101 100 124 147 144 143 145 1975 1976 1977 1978 Production items r NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1977 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS Growth in the monetary aggregates was little changed in September. BILLIONS OF DOLLARS*(RATIOSCALE) 2,600 BILLIONS OF DOLLARS* (RATIO SCALE) 400 400 200 200 1975 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL A COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billons of dollars, seasonally adjusted] Period 1975: 1976: 1977: 1978: 1979: 1980: 1981: 1982: 1982: Dec Dec Dec Dec Dec Dec Dec Dee Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug Sept" Ml M2 Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCD) l Ml plus overnight RPs and Eurodollars, MMMF balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits 291.1 310.4 , ..... 335.5 363.2 389.0 414.1 440.6 478.2 463.2 468.7 474.0 478.2 482.1 491.1 497.6 496.5 507.4 511.7 515.5 516.7 517.1 1,023.0 1,163.5 1,286.4 1,388.5 1,497.5 1,630.3 1,794.9 1,959.5 1,917.0 1,929.7 1,945.0 1,959.5 2,010.0 2,050.8 2,069.9 2,074.8 2,096.2 r 2,114.4 r 2,126.3 2,136.9 2,145.1 1 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 M3 L M2 plus large time deposits, term RPs, and institution-only MMMF M3 plus other liquid assets 1,161.7 1,296.3 1,451.8 1,613.5 1,758.4 1,936.7 2,167.9 2,377.6 2,333.9 2,352.0 2,370.2 2,377.6 2,403.3 2,430.6 2,447.1 2,453.9 2,476.2 r 2,498.8 2,510.2 r 2,528.3 2,543.4 Percent change from pear or 6 m onths earlier 2 1,371.9 1,522.4 1,711.0 1,922.9 2,131.8 2,343.6 2,622.0 2,896.8 2,840.5 2,866.0 2,882.4 2,896.8 2,930.6 2,960.2 2,987.6 3,006.0 3,032.1 3,059.9 NOTE.—See page 27 for components. Source: Board of Governors of the Federal Reserve System. M2 Ml 4.9 6.6 8.1 8.3 7.1 6.5 6.4 8.5 6.6 8.8 9.8 11.2 12.6 14.8 15.4 12.2 14.6 14.5 14.3 10.7 8.0 12.6 13.7 10.6 7.9 7.9 8.9 10.1 9.2 9.9 10.6 10.5 10.5 14.2 16.1 16.6 15.6 16.2 16.4 11.9 8.6 7.4 M3 9.4 11.6 12.0 11.1 9.0 10.1 11.9 9.7 11.4 11.8 11.9 10.7 10.8 10.0 9.9 8.9 9.1 r !0.5 9.1 8.2 8.0 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Other DePeriod Currency mand deposits l checkable depos- its (OCD) Overnight repurchase agreements (RPs), net, plus overnight Eurodollars NSA Dee: 1975 1976 1977 1978 1979 1980 1981 1982 1982: Sept Get Nov Dee 1983: Jan Feb Mar Apr May June July Aug Septp ... Money market mutua 1 fund bala nees Gener- al purpose Institution only and broker/ dealer NSA NSA Money market deposit accounts (MMDAs) Savings depos- its 338.1 391.0 446.0 521.8 635.9 731.7 828.6 859.1 129.9 "118.2 43.2 388.8 453.0 491.6 481.2 423.1 400.7 344.4 359.3 883.2 878.0 874.9 859.1 253.8 262.0 266.8 236.4 239.8 17.0 26.9 76.6 101.3 130.5 131.3 131.9 132.8 234.0 236.0 237.6 239.8 94.3 97.0 100.1 101.3 41.5 43.9 45.2 44.3 185.1 187.6 191.1 182.2 48.2 49.3 49.9 47.6 43.2 350.0 358.0 366.4 359.3 134.2 135.6 137.0 138.0 139.3 140.3 140.9 141.8 143.0 239.4 238.7 240.1 238.9 242.5 244.0 245.8 244.5 243.4 104.5 112.5 116.0 115.0 120.9 122.7 124.2 125.8 126.0 47.3 48.8 48.7 50.6 55.1 56.0 52.7 r 52.1 52.7 166.7 159.6 154.0 146.7 141.1 r 139.7 r 138.7 r 139.2 137.5 46.1 45.2 43.5 41.0 40.4 39.2 38.6 38.4 39.1 189.1 277.7 320.5 341.2 356.8 367.3 368.4 366.3 366.9 335.1 325.7 322.7 321.5 323.1 325.0 323.5 322.1 320.6 0.9 2.7 4.2 8.4 214.1 224.4 239.7 2.7 2.4 2.4 6.4 33.4 61.4 150.9 182.2 0.4 .6 .9 3.1 9.5 14.9 36.0 47.6 Large denomination time deposits 2 NSA 5.8 10.6 14.7 20.3 21.2 28.4 36.1 44.3 73.9 80.6 88.6 97.5 106.3 116.2 123.2 132.8 Small denomination time deposits 2 1 Net of demand deposits due to foreign commercial banks and official institutions. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 2 Term repurchase agreements (RPs) Term Eurodollars (net) NSA NSA a _. Savings bonds Shortterm Treasury securities Bankers' acceptances mercial paper 48.0 51.7 62.9 79.2 97.0 98.1 104.2 108.8 145.2 194.9 222.2 258.9 302.6 333.8 8.4 14.2 19.5 27.1 30.1 34.8 37.2 40.3 9.7 13.1 18.4 29.0 41.5 48.0 65.3 80.1 67.2 71.7 76.4 80.2 79.5 72.3 67.7 67.9 99.3 128.7 156.9 176.3 217.6 8.4 8.8 11.8 21.6 26.7 31.6 40.6 44.9 336.1 339.6 340.4 333.8 36.4 37.7 39.4 40.3 80.6 81.1 79.5 80.1 67.5 67.6 67.8 67.9 203.6 210.3 214.5 217.6 41.4 42.8 43.1 44.9 113.7 112.3 107.3 108.8 797.4 310.7 755.1 297.9 733.8 296.2 725.7 300.2 720.1 299.2 722.1 304.1 735.1 r 305.6 748.0 r311.6 757.7 317.9 40.6 40.8 41.7 42.7 45.3 44.5 42.8 44.8 44.9 81.1 83.5 86.0 88.7 90.8 91.3 68.1 68.5 68.8 69.2 69.6 69.8 219.3 219.3 224.5 230.4 231.4 237.0 45.3 43.2 42.0 41.2 40.8 40.2 113.5 115.1 119.2 122.5 123.4 122.9 76.8 80.8 89.7 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] Installnnent Credit 63itended Installnlent credit liq uidated Net change in aml ount Amount ou tstanding, en i of period, sea sonally adjus ted outstanding Period 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Get Nov Dee 1983: Jan Feb Mar Apr May June July Aug Total 2 Automobile 180,083 210,740 52,420 257,600 297,668 324,777 306,076 334,508 344,901 28,024 28,619 28,650 31,691 30,777 63,743 75,641 87,981 93,901 83,454 93,240 95,997 7,162 7,488 8,041 10,177 9,716 Revolving Total 2 Automobile 36,956 43,934 87,596 105,125 120,174 128,068 139,829 150,061 12,728 12,705 12,614 12,778 12,491 172,675 49,444 189,179 222,138 254,589 286,396 304,628 316,291 331,805 27,768 27,363 28,781 29,676 28,359 53,278 60,437 69,245 79,186 82,977 84,745 91,099 7,542 7,139 8,111 8,643 8,225 1 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 35,616 41,764 81,348 96,090 111,546 126,653 135,362 145,696 12,529 12,394 12,533 12,739 11,990 Total 2 Automobile 7,408 21,561 35,462 2,976 10,465 43,079 38,381 1,448 18,217 13,096 256 1,256 -131 2,015 2,418 2,725 735 2,582 2,271 2,696 4,406 4,840 3,388 15,204 18,736 14,715 477 8,495 4,898 -380 349 -70 1,534 1,491 625 -233 1,221 689 1,313 1,973 2,421 2,521 Revolving 1,340 2,170 6,248 9,035 8,628 1,415 4,467 4,365 199 311 81 39 501 68 -135 1,177 917 514 1,210 821 313 Total 2 Automobile 169,387 57,279 190,725 226,646 269,392 307,115 308,137 326,274 339,316 334,343 335,180 335,593 336,897 339,316 342,041 342,776 345,358 347,629 350,325 354,731 359,571 362,959 67,798 82,890 101,863 116,523 116,808 125,323 130,235 127,271 127,473 127,694 128,824 130,235 130,860 130,627 131,848 132,537 133,850 135,823 138,244 140,765 Revolving 14,467 16,505 36,427 45,004 53,174 54,650 58,722 62,830 62,007 62,120 62,302 62,326 62,830 62,898 62,763 63,940 64,857 65,371 66,581 67,402 67,715 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 were about unchanged in September. BILLIONS OF DOLLARS* (RATIO SCALE) 1,800 1,600 1,400 BILLIONS OF DOLLARS*(RATIO SCALE) 1,800 1,600 [-ALL COMMERCIAL BANKS 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 INVESTMENT IN OTHER SECURITIES -V 200 180 160 140 120 200 180 160 140 120 , 100 100 80 80 60 60 40 40 1976 1975 1977 1979 1982 1981 1980 1983 * 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,sitory institutio ns Al commercial ban i S 1 E Bserves adjust sd Loans a nd leases Period 1975: 1976: 1977: 1978: 1979: 1980: 1981: 1982: Total loans and investments Total 2 Born)wings (millions of dollars, unad usted) for changes i a Investinents 3 res erve requirem ents Commercial and industrial loans U.S. Treasury securities 189.6 190.9 210.9 245.9 145.6 148.8 159.3 172.8 191.5 214.4 231.4 239.2 26.38 26.80 28.00 29.44 30.71 32.46 33.75 36.23 26.25 26.74 27.43 28.57 29.24 30.77 33.11 35.60 26.11 26.52 127 62 13 12 291.2 326.8 358.0 392.3 82.2 100.8 99.8 93.8 94.5 110.0 111.0 130.9 27.81 29.21 30.38 31.94 33.43 35.73 558 874 1,473 1,617 636 697 54 134 82 116 53 33 Other securities Total Nonborrowed Required Total Seasonal Dec Dec Dec Dec Dec Dec Dec Dec 804.6 891.5 1,013.5 1,135.9 1,239.6 1,316.3 1,412.0 632.5 747.0 849.9 915.1 973.9 1,042.0 1982: Sept Oct Nov Dec 1,389.4 1,397.5 1,398.5 1,412.0 1,033.5 1,038.1 1,036.4 1,042.0 392.5 394.8 392.0 392.3 118.2 122.3 126.4 130.9 237.6 237.2 235.8 239.2 35.11 35.37 35.83 36.23 34.17 34.89 35.21 35.60 34.72 34.96 35.43 35.73 976 455 579 697 102 86 47 33 1983: Jan Feb Mar Apr May June July Aug Septl 1,428.2 1,436.3 1,450.1 1,460.6 1,474.4 1,488.0 1,499.9 1,513.2 1,520.3 ,045.0 ,048.7 ,056.3 ,059.5 ,063.3 ,070.6 ,080.9 ,091.0 ,096.3 395.1 394.9 396.2 392.9 392.9 395.0 399.2 r 402.5 402.6 139.8 144.5 151.0 157.8 166.1 171.2 172.9 174.4 176.9 243.3 243.1 242.8 243.4 245.0 246.2 246.1 247.8 247.1 35.63 36.10 36.80 37.15 37.13 37.61 37.80 37.69 37.72 35.10 35.52 36.01 36.14 36.18 35.98 36.35 36.15 36.28 35.09 35.66 36.37 36.68 36.68 37.13 37.29 37.25 37.22 500 557 852 993 902 1,714 1,382 r l,573 1,446 33 39 53 82 98 121 172 198 191 1 2 3 745.2 517.4 555.0 Data are averages of Wednesday figures. Excludes loans to commercial banks in the United States. Data are averages of daily figures. 28 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 Ci edit market fu nds Period Total Internal l Total Securities Total Total Loans and short-term paper and mortgages 56.7 69.9 30.7 54.5 72.4 80.5 88.2 90.9 92.2 84.1 Other 2 38.7 38.2 35.8 32.8 20.9 52.4 22.5 45.2 36.0 43.6 -8.0 16.3 36.6 47.7 67.3 38.5 69.7 38.9 44.0 34.5 6.5 22.1 24.3 61.3 345.7 333.2 365.8 308.6 230.6 240.5 100.7 104.4 37.2 76.6 96.7 141.8 156.9 143.7 135.2 68.1 1982: I II Ill IV 302.8 329.9 327.4 274.5 233.5 240.2 244.0 244.3 69.3 89.7 83.4 30.2 102.8 89.9 89.0 54.6 24.8 38.6 39.6 77.8 78.0 51.3 49.4 23.2 -33.4 -.2 -5.6 — 24.4 1983: 325.0 370.7 250.7 267.8 74.3 102.9 73.3 67.7 67.6 71.2 5.7 -3.5 1.0 35.2 192.4 190.1 156.9 210.8 254.1 317.5 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 I UP 91.7 85.6 119.7 134.2 157.4 175.7 188.8 189.5 20.7 26.3 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abr _°*d- . . ,. . ^ * Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. 68.8 52.8 43.0 16.0 191.9 190.1 150.9 201.8 237.6 293.6 346.7 320.1 324.3 250.9 232.1 279.3 270.4 222.0 Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 121.5 137.9 109.7 148.3 175.1 201.6 219.4 221.2 261.6 231.2 70.5 52.2 41.2 53.5 62.5 92.0 127.3 98.9 62.7 19.7 0.5 .0 6.0 9.0 16.5 23.8 -1.0 13.1 41.6 57.7 242.4 242.2 -10.3 37.1 30.3 21.8 70.8 50.5 56.9 52.5 73.3 64.1 49.3 54.5 240.1 200.2 275.7 202.4 316.2 252.1 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] C urrent Curren assets TT <•; End of period Total Cash Government securities liabilitit s Net Notes and accounts receivable Other current assets Inventories Total Notes and accounts payable Other current liabilities 211.3 93.6 105.5 92.7 110.7 128.1 working capital ratio * SEC series: 2 1970 1971 1972 1973 1974 492.3 529.6 599.3 697.8 790.7 50.2 53.3 59.0 66.3 71.1 7.7 11.0 10.6 12.8 12.3 206.1 221.1 735.4 759.0 827.4 11.1 19.0 23.5 18.2 17.2 16.7 18.7 17.4 22.4 16.5 16.5 18.9 22.4 25.8 35.0 43.8 55.8 66.4 71.7 304.9 326.0 375.6 450.9 530.4 453.4 510.6 587.5 596.4 575.0 65.9 69.9 80.3 90.1 101.1 116.0 131.8 154.6 172.4 154.7 157.8 165.1 172.4 517.2 572.9 179.7 193.3 248.2 288.5 200.4 225.7 263.9 322.1 313.6 265.8 319.5 315.9 220.5 282.9 340.3 402.3 187.4 1.615 203.6 223.7 246.9 260.3 1.625 1.595 1.548 1.491 282.0 307.4 332.4 355.5 374.3 407.5 437.8 442.3 453.2 FTC-FRB series: 3 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: I rr 1983: n inrr IV 1,417.6 1,416.6 1,440.9 1,424.3 73.2 82.1 88.2 97.2 105.5 118.0 126.9 131.8 143.8 121.8 124.0 126.7 143.8 lp 1,435.0 139.5 912.7 1,043.7 1,214.8 1,327.0 1,419.1 1,424.3 1 272.1 431.8 505.1 510.6 575.0 533.2 530.9 533.8 591.5 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 Corpo•ations, Federal Trade Commission and Department of Commerce. 2 3 342.5 376.9 292.9 330.3 388.0 459.0 506.8 530.3 542.8 585.1 669.5 807.3 889.3 976.8 383.0 460.8 513.6 559.1 417.7 971.1 542.7 428.4 985.7 985.6 1,002.5 550.7 431.9 431.0 971.1 542.7 435.0 435.5 447.5 428.4 438.4 453.2 1.622 1.681 1.671 1.638 1.559 1.505 1.492 1.453 1.467 1.438 1.437 1.437 1.467 976.9 530.0 446.8 458.1 1.469 451.6 495.1 557.1 269.8 264.2 282.1 317.6 550.1 555.1 183.6 187.4 213.0 239.6 286.5 346.5 375.7 See Federal Reserve Bulletin, July 1978, for details regarding the series. Series revised beginning 1978. Sources: Board of Governors of the Federal Reserve System, Department of Commerce, Federal Trade Commission, and Securities and Exchange Commission. NOTE.—SEC series not available after 1974. 29 INTEREST RATES AND BOND YIELDS Interest rates declined overall in October. PERCENT PER ANNUM 1975 SOURCE; SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. T reasury security ^yields Period 3-month bills 1 Constant irlaturities 3-year 1977 1978 1979 1980 1981 1982 1982: Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug Sept Oct Week ended: 1983: Oct 1 8 15 22 29 Nov 5 1 5.265 7.221 10.041 11.506 14.077 10.686 7.750 8.042 8.013 7.810 8.130 8.304 8.252 8.19 8.82 9.12 9.39 9.05 8.71 8.73 8.72 8.83 8.63 8.66 8.41 6.69 8.29 9.72 11.55 14.44 12.92 2 10-year 7.42 8.41 9.44 11.46 13.91 13.00 High-grade municipal bonds (Standard3 & Poor's) 5.56 5.90 6.39 8.51 11.23 11.57 10.62 9.98 9.88 9.64 9.91 9.84 9.76 9.66 10.32 10.90 11.30 r 11.07 10.87 10.91 10.55 10.54 10.46 10.72 10.51 10.40 10.38 10.85 11.38 11.85 11.65 11.54 9.59 9.97 9.91 9.45 9.48 9.16 8.96 9.03 9.51 9.46 9.72 9.57 9.64 10.82 10.74 10.95 10.79 10.98 11.46 11.38 11.60 11.47 11.68 9.52 9.47 9.66 9.65 9.79 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 Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper. 5 Average effective rate for year; high and low rate for month and week. 2 30 Corporate Aaa bonds (Moody's) 8.02 8.73 9.63 11.94 14.17 13.79 r Prime commercial 4 5.61 7.99 10.91 12.29 14.76 11.89 4 Discount rate (N.Y. F.R. Bank) 5 5.46 7.46 10.28 11.77 13.41 11.02 Prime rate charged 5by banks 6.83 9.06 12.67 15.27 18.87 14.86 High-low High-low 12.12 11.68 11.83 11.79 12.01 11.73 11.51 11.46 11.74 12.15 12.51 12.37 12.25 9.21 8.72 8.50 8.15 8.39 8.48 8.48 8.31 9.03 9.36 9.68 9.28 8.98 10.00- 9.50 9.50- 9.00 9.00-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8,50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 13.50-12.00 12.00-11.50 11.50-11.50 11.50-11.00 11.00-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 11.00-10.50 11.00-11.00 11.00-11.00 12.22 12.20 12.22 12.21 12.34 9.02 8.96 9.04 8.93 9.00 8.50-8.50 8.50-8.50 8.50-8.50 8.50 8.50 8.50-8.50 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 New-home mortgage (FHLBB) 6 9.02 9.56 10.78 12.66 14.70 15.14 14.41 13.81 13.69 13.49 13.16 13.41 12.42 12.67 12.36 12.50 r 12.38 12.57 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose in October. INDEX, DEC 31, 1965=50 INDEX, DEC. 31, 1965=50 - 50 40 1975 1983 PERCENT 20 20 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 1983 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Co mmon stock price s 1 Nevv York Stock Exc hange indexes (I>ee. 31, 1965 = 5 O) 2 Standard & Period Composite 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug Sept Oct Week ended: 1983: Oct 1 8 15 22 29 1 Industrial Transporta- 3 4 Poor's composite index (194143 = 10)4 Dividendprice ratio 53.69 53.70 58.32 68.10 74.02 68.93 70.21 76.10 79.75 80.30 83.25 84.74 87.50 90.61 94.61 96.43 96.74 93.96 96.70 96.78 57.86 58.23 64.76 78.70 85.44 78.18 80.08 86.67 90.76 92.00 95.37 97.26 100.61 104.46 109.43 112.52 113.21 109.50 112.76 112.87 41.09 43.50 47.34 60.61 72.61 60.41 61.39 66.64 71.92 73.40 75.65 79.44 83.28 85.26 89.07 92.22 92.91 88.06 94.56 95.41 40.92 39.22 38.20 37.35 38.91 39.75 40.36 42.67 43.46 42.93 45.59 45.92 45.89 46.22 47.62 46.76 46.61 46.94 48.16 48.73 55.25 56.65 61.42 64.25 73.52 71.99 69.66 80.59 88.66 86.22 85.66 86.57 93.22 99.07 102.45 101.22 99.60 95.76 97.00 94.79 894.63 820.23 844.40 891.41 932.92 884.36 917.27 988.71 1,027.76 1,033.08 1,064.29 1,087.43 1,129.58 1,168.43 1,212.86 1,221.47 1,213.93 1,189.21 1,237.04 1,252.20 118.78 128.05 119.71 122.43 132.66 138.10 139.37 144.27 146.80 151.88 157.71 164.10 166.39 166.96 162.42 167.16 167.65 5.28 5.47 5.26 5.20 5.81 5.63 5.12 4.92 4.93 4.79 4.74 4.59 4.44 4.27 4.26 4.21 4.35 4.24 4.25 97.24 97.28 98.40 96.66 95.29 113.49 113.25 114.98 112.85 111.07 94.32 95.31 95.83 95.79 95.05 48.57 49.24 48.86 48.51 48.34 96.37 96.51 97.16 93.95 92.20 1,244.80 1,251.83 1,266.87 1,253.33 1,242.15 167.96 168.18 170.47 167.58 165.21 4.23 4.24 4.19 4.27 4.31 Average of daily closing prices. Includes all the" stocks (more than 1,500) listed on the NYSE. Includes 30 stocks. Includes 500 stocks. 5 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2 Finance Utility Dow-Jones industrial average 3 Common st ock yields (perce nt) 5 98.20 96.02 103.01 4.62 Earningsprice ratio 10.79 12.03 13.46 12.66 11.96 11.60 11.26 8.99 r 8.12 7.50 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 Corporation. 31 FEDERAL FINANCE FEDERAL OUTLAYS, AND DEBT In fiscal year 1983f there was a budget deficit of $195.4 billion, compared to a budget deficit of $110.6 billion in fiscal 1982. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 900 800 800 700 700 600 500 500 400 400 300 300 BUDGET SURPLUS OR DEFICIT (-) -100 -100 -200 -200 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 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: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 1983 p 1984 (estimates): First Concurrent Resolution, June 23, 1983 1.... Mid-Session Review, July 1983 2 1 Budget receipts 32 Budget surplus or deficit (— ) 207.3 230.8 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 600.6 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 795.9 -23.4 -14.8 -4.7 -45.2 -66.4 -13.0 -44.9 -48.8 -27.7 -59.6 -57.9 -110.6 -195.4 679.6 668.4 849.5 848.1 -169.9 -179.7 First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items. Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, July 25, 1983. 2 Budget outlays Off-budget outlays Total surplus or deficit (— ) Federal debt (end of period) Gross Held by the public 8.1 7.3 1.8 8.7 10.4 12.5 14.2 21.0 17.3 12.4 23.4 -14.9 6.1 -53.2 -73.7 -14.7 -53.6 -59.2 -40.2 -73.8 -78.9 -127.9 -207.7 468.4 486.2 544.1 631.9 646.4 709.1 780.4 833.8 914.3 1,003.9 1,147.0 1,381.9 323.8 343.0 346.1 396.9 480.3 498.3 551.8 610.9 644.6 715.1 794.4 929.4 1,141.8 14.0 193.7 1,614.6 1,611.9 1,339.4 .1 1.4 437.3 Sources: Department of the Treasury and Office of Management and Budget, except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal year 1983, billion higher. $17.2 lower in fiscal 1982 and $67.5 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 300 200 BUDGET OUTLAYS 600 600 500 500 NONDEFENSE ^++ 400 400 300 300 200 200 100 100 1975 1976 1977 1978 1979 1980 FISCAL YEARS 1982 1981 1984 1983 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND IUDGET [Billions of dollars] Budget outlays Budget r seeipts Nation al defense Period Total Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 1983 p 1984 (estimates) l 207.3 230.8 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 600.6 668.4 Individual income taxes 94.7 103.2 119.0 122.4 131.6 38.8 157.6 181.0 217.8 244.1 285.9 297.7 288.9 296.0 Corporation income taxes 32.2 36.2 38.6 40.6 41.4 8.5 54.9 60.0 65.7 64.6 61.1 49.2 37.0 64.1 Other 80.4 91.4 105.7 116.1 125.0 34.0 143.0 158.6 179.8 208.4 252.2 270.8 274.6 308.3 1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, Julv 25, 1983, Total 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 795.9 848.1 Total 76.6 74.5 77.8 85.6 89.4 22.3 97.5 105.2 117.7 135.9 159.8 187.4 210.5 242.3 Department of Defense, military 75.1 73.2 77.6 84.9 87.9 21.9 95.6 103.0 115.0 132.8 156.1 182.9 205.0 235.7 International affairs 4.7 4.1 5.7 6.9 5.6 2.2 4.8 5.9 6.1 10.7 11.1 10.0 8.9 13.5 Health and income security Net interest 80.0 90.4 104.8 134.3 158.9 41.0 174.5 187.4 207.1 248.3 291.1 322.4 361.4 365.7 15.5 17.3 21.4 23.2 26.7 6.9 29.9 35.4 42.6 52.5 68.7 84.7 87.0 103.5 Other 53.9 59.3 58.2 74.2 83.9 21.8 93.8 114.4 117.5 129.3 126.5 123.9 128.2 123.1 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter, Federal receipts rose $29.3 billion (annual rate) and expenditures rose $12.1 billion, yielding a deficit of $166.1 billion. In the third quarter, according to preliminary estimates, expenditures rose $13.6 billion; receipts data are incomplete. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 900 800 800 700 400 400 300 300 SURPLUS OR DEFICIT (-) -100 -100 -200 -200 1975 1976 1977 1978 1979 1981 1980 1982 1983 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal (jovernment expenditur 3S Federal Governmeiit receipts Period Total Fiscal year: 1978 1979 1980 1981 1982 Calendar year: 1978 1979 1980 1981 1982 1981: HI IV 1982: I n HI IV 1983: I n 414.3 480.8 525.9 610.3 627.8 431.6 493.6 540.9 627.0 617.4 638.8 629.2 619.5 622.2 615.2 612.6 623.3 652.6 mP Personal tax and nontax receipts 186.5 222.6 250.4 289.3 Corporate profits tax accruals 67.3 76.1 Indirect business tax and nontax accruals Contributions for social insurance Total Transfer payments Grantsin-aid to State and local governments 450.4 495.6 576.5 668.1 740.0 150.4 164.1 189.3 218.5 251.0 182.2 201.8 239.4 53.6 50.3 133.3 153.1 170.0 196.9 215.7 279.3 310.2 79.1 86.7 90.1 83.4 27.2 29.1 35.5 74.7 Net interest paid 33.5 40.6 50.7 67.7 Subsidies less current surplus of Government enterprises 9.7 9.9 10.4 12.5 13.2 or deficit LessWage accruals less disbursements 0.0 -.0 .0 .1 -.0 310.4 69.9 70.5 51.3 194.9 230.6 257.7 298.6 304.7 308.6 303.8 306.5 308.5 300.6 303.0 71.3 74.2 70.3 67.5 46.5 68.2 61.4 47.6 48.4 47.8 42.1 28.1 29.4 39.0 56.4 48.3 55.8 55.0 49.5 47.7 47.9 48.3 137.2 159.5 173.9 204.5 217.9 206.2 209.1 215.8 217.6 218.9 219.3 461.0 509.7 602.1 689.2 764.4 701.2 725.0 728.0 735.4 773.5 820.9 153.6 168.3 197.0 229.2 258.7 232.4 248.5 249.7 244.1 261.7 279.2 185.6 209.2 251.5 286.6 321.1 295.3 300.1 302.5 311.2 325.9 344.8 77.3 80.5 88.7 87.9 83.9 86.4 84.2 82.5 85.1 83.0 85.0 35.2 42.4 53.4 73.2 84.9 75.2 79.0 79.7 82.3 88.6 89.1 9.5 9.2 11.5 12.4 15.8 .0 -.0 .0 12.3 13.2 13.4 12.7 14.2 22.8 .3 .0 -.1 .0 .0 .0 297.7 304.2 286.7 48.6 59.8 48.6 56.0 55.4 228.5 232.6 236.1 806.6 818.7 832.3 273.5 273.7 281.2 340.3 347.0 343.7 85.8 86.7 86.4 88.4 91.8 100.8 18.6 18.2 19.8 -1.3 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, 34 Purchases of goods and services and Office of Management and Budget. 82.2 .1 -.0 .0 -.4 national income and product accounts -36.1 -14.8 -50.7 -57.8 -112.2 -29.5 -16.1 -61.2 -62.2 -147.1 -62.4 -95.8 -108.5 -113.2 -158.3 -208.2 -183.3 -166.1 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967 = 100] Consume r prices (imadjusted) Indu strial prod action (sestsonally adju sted) Period 1975 1976 1977 1978 1979 1980 1981 1982" 1982: Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug Septp 1 United States Canada Japan 117.8 140.3 149.0 152.7 163.9 130.5 138.2 146.1 152.5 147.0 151.0 138.6 135.7 134.9 135.2 137.4 138.1 140.0 142.6 144.4 r 146.4 r 149.6 r ;. !51.4 153.7 157.8 167.6 165.1 166.6 148.8 142.0 142.6 141.8 149.3 149.2 149.9 151.6 153.3 r !57.1 158.4 France 182.0 189.7 201.1 215.3 225.2 227.5 228.4 223.6 228.6 226.6 227.3 225.9 231.5 230.6 231.1 r 233.3 234.0 241.4 Germany 139 149^ 152 154 161 160 157 154 156 156 155 156 156 155 156 159 r !57 r 137.1 149.1 152.0 154.1 161.8 127.6 143.5 145.1 147.9 157.6 162.3 159.9 156.3 166.5 162.7 159.1 147.4 152.0 150.0 150.0 148.9 148.2 141.5 148.5 r 145.1 146.9 133.3 152 152 151 154 154 157 155 157 !61 160 160 Italy 158 United Kingdom United States * 114.3 117.4 123.2 127.4 132.2 123.7 118.8 119.6 119.7 117.8 120.5 120.7 122.9 121.3 121.7 122.4 119.8 161.2 170.5 181.5 195.4 217.4 246.8 272.4 289.1 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 299.3 300.3 301.8 r Canada 160.1 172.1 185.9 202.5 221.0 243.5 273.9 303.4 311.2 313.3 313.4 312.5 313.9 317.1 317.1 317.9 321.5 322.9 324.5 324.5 Japan France Germany 205.8 224.9 243.0 252.3 261.3 282.2 296.2 304.1 310.0 306.6 306.0 306.6 305.5 307.5 308.6 312.0 309.7 308.3 307.4 178.9 196.1 214.5 233.9 259.1 294.2 332.7 373.1 379.5 383.2 386.4 390.1 392.9 396.5 401.8 404.5 406.9 410.4 412.8 144.2 150.4 155.9 160.2 166.8 175.9 186.3 196.2 198.5 198.9 199.4 199.8 200.0 199.8 200.3 201.1 201.8 202.6 203.2 Italy United Kingdom 186.8 216.5 252.4 292.4 316.6 359.0 423.6 473.9 514.7 521.3 523.9 522.9 523.5 525.8 526.7 534.1 536.4 537.7 540.6 543.0 545.4 218.1 255.2 286.2 328.5 398.0 472.4 549.4 582.7 590.3 594.4 602.7 610.5 616.0 622.2 628.2 632.2 638.5 641.1 649.4 tration, Office of Trade Investment and Analysis, Trade Performance Division, in International Economic Indicators. Beginning January 1978 data relate to all urban consumers. 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] Merc handise expo rts 1 Period Total domestic and foreign exports Gerleral Domestic exports Total 2 Food, beverages, and tobacco Crude materials and fuels Merchandise trade balance Merc tiandise imp orts Manufactured goods Total 2 import S 3 Food, beverages, and tobacco Crude materials and fuels Manufactured goods Total (c.i.f. value) 827 991 2,716 3,457 4,463 4,325 5,949 4,257 5,398 6,379 8,360 9,352 10,427 8,823 11,042 13,368 15,504 18,519 21,415 Exports (t „ „ \ less imports (customs value) Exports (f.a.s.) less imports (f.a.s.) Exports (f.a.s.) less imports I^.a.s. valu 3 Monthly average: 1975* 1976* 1977* 1978* 1979* 1980 8,971 9,602 10,103 11,973 15,155 18,386 8,847 9,462 9,919 11,762 14,886 18,043 1,399 1,436 1,330 1,717 2,049 2,534 1,266 1,341 1,548 1,746 2,352 2,810 5,913 6,437 6,679 7,873 9,716 11,991 8,209 10,290 12,533 14,563 17,455 20,406 1,186 1,312 1,478 1,546 7,831 762 -688 -2,430 -2,590 -2,300 -2,020 148 -1,440 -3,265 -3,530 -3,364 -3,030 Customs value 1981 1982 1982: Sept Get Nov Dec 19,473 17,683 17,320 16,671 15,852 16,347 19,075 17,256 16,584 16,284 15,476 15,913 2,767 2,248 1,926 2,128 2,051 1,966 2,752 2,793 2,751 2,688 2,440 2,420 12,857 11,643 11,331 10,942 10,484 10,648 21,748 20,329 20,581 21,006 18,892 19,154 1,529 1,485 1,701 1,686 1,499 1,414 7,739 6,200 5,917 6,727 5,785 6,158 11,873 12,002 12,304 11,903 10,978 10,988 22,779 21,240 21,518 21,932 19,737 20,002 -2,275 -2,647 -3,261 -4,335 -3,041 2,808 3,306 -3,558 -4,198 -5,261 -3,885 -3,655 1983: Jan Feb Mar Apr May June July Aug Sept 17,393 16,326 16,752 16,074 15,566 17,008 16,629 16,630 17,387 17,007 15,984 16,335 15,722 15,186 16,652 16,300 16,243 17,022 2,312 2,224 2,307 2,079 2,010 2,194 2,114 2,086 2,337 2,760 2,443 2,375 2,549 2,279 2,377 2,382 2,781 2,756 11,263 10,743 11,062 10,545 10,331 11,560 11,125 10,855 11,189 20,021 19,015 19,525 19,771 21,514 21,024 21,950 22,782 22,175 1,582 1,530 1,479 1,612 1,652 1,456 1,560 1,551 1,587 5,911 4,413 4,655 4,511 5,845 5,562 6,014 6,577 6,445 11,981 12,561 12,672 12,856 13,351 13,249 13,842 13,913 13,377 20,962 19,906 20,381 20,675. 22,473 21,964 22,988 23,817 23,194 -2,628 -2,689 -2,774 -3,697 -5,948 -4,016 -5,321 -6,152 -4,788 -3,569 -3,580 -3,630 -4,601 -6,907 -4,956 -6,359 -7,187 -5,807 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 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 Islands 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. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter, the current account deficit rose to $9.7 billion from $3.6 billion, largely as a result of a widening of the merchandise trade deficit to $14.7 billion from $8.8 billion in the first quarter. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 -15 -15 1975 SOURCE.- 1983 COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)] Imvestment ineonie 3 Merchandise 1 f' Period 1 2 3 -7,186 -12,084 15,503 12,787 15,975 17,962 20,565 31,218 29,570 33,483 27,304 1,653 -746 559 1,528 621 -1,778 -2,286 -1,355 179 -3,184 -2,792 -124,228 -151,907 -176,020 -212,028 -249,781 -265,086 -247,606 -12,564 13,311 — 14,217 -21,680 -32,914 -42,875 -52,760 -56,842 57,812 58,383 -66,214 -66,224 -8,402 -7,841 22,043 21,801 -13,888 -12,892 8,155 8,909 179 -515 -184 -30 2,053 1,988 1,801 2,571 -1,884 -1,986 -83 585 55,636 54,996 52,241 48,344 -61,739 60,850 -65,319 59,698 -6,103 -5,854 13,078 -11,354 20,761 22,316 21,569 19,499 -13,824 -14,779 -14,748 -13,491 6,937 7,537 6,821 6,008 -51 201 54 -26 -208 -561 -557 -769 2,050 1,914 1,906 1,951 2,625 3,236 -4,854 -4,190 -2,061 -1,802 -1,742 -2,431 564 1,434 -6,596 -6,621 49,506 48,913 -58,316 -63,574 -8,810 -14,661 17,697 19,190 -12,608 -13,257 5,089 5,933 516 201 -935 -1,445 2,114 2,098 -2,026 -7,874 -1,561 -1,838 -3,587 -9,712 1982: I 1983: I 11" 9,147 27,587 25,351 29,286 32,179 42,245 64,132 72,445 86,243 84,146 1981: III IV IV 3,986 Balance on current account -5,505 8,903 -9,483 -31,091 33,966 -27,555 25,544 -28,067 36,389 -103,811 -98,185 Ill Remittances, pensions, and other unilateral transfers 1 Payments 98,306 107,088 114,745 120,816 14?,054 184,473 224,237 237,019 211,217 n Other services, net 3 Balance on goods and services l Receipts Imports 1975 1976 1977 1978 1979 1980 1981 1982 Net travel and transportation receipts • Net balance Exports 1974 Net military transactions 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 36 Net -2,558 -3,565 -3,573 -2,935 — 1,434 -598 -2,095 22,749 4,598 9,205 4,711 5,272 -9,894 6,013 -10,340 4,686 5,735 7,477 7,172 11,523 8,060 7,822 -3,177 1,962 18,136 -4,613 4,207 -4,998 -4,617 -14,511 -5,106 -15,446 -964 -5,649 421 -7,056 4,592 -6,931 -8,034 — 11,211 United States are excluded from investment income and included in other services, net. 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 decreased $3.5 billion in the second quarter compared to an increase of $15.9 billion in the first quarter. Liabilities to foreigners and international financial institutions reported by U.S. banks increased $4.1 billion in the second quarter, compared with a $13.5 billion increase in the first quarter. BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 160 SEASONALLY ADJUSTED 40 40 !\ CHANGE IN FOREIGN ASSETS IN THE U.S., NET A \. 20 -20 -20 -40 -40 -601 1 L I -60 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted] Foreign assets in the IJ.S., net [increase}/ capital inflowf <+)]" U.S. assets abroad, net [increase /capitail outflow (— ) 1 Period Total U.S. official reserve assets 1 2 Other U.S. Government assets U.S. private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights (SDRs) Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U S official assets, net 1 (unadjusted, end of period) 15,883 16,226 18,747 19,312 18,650 18,956 26,756 30,074 33,958 33,643 366 -3,474 -35,380 -4,214 44,498 -3,693 -30,717 -4,660 -57,202 3,746 -59,453 -5,140 -72,757 100,348 5,078 -5,732 -107,348 15,670 36,518 51,319 64,036 38,752 54,922 80,678 87,866 10,546 7,027 17,693 36,816 33,678 -13,665 15,566 5,430 3,172 23,696 8,643 18,826 14,503 30,358 52,416 39,356 75,248 84,694 _4 262 -1,274 -973 -16,001 47,106 16,731 41,551 -5,880 8,792 22,611 32,760 632 5,680 -1,145 1,350 29,715 30,074 -1,089 -1,132 -794 -1,950 -807 -1,489 -2,502 -934 29,560 -38,313 22,803 -16,670 27,124 31,612 17,613 11,517 -3,061 1,930 2,642 1,661 30,185 29,682 14,972 9,855 3,768 7,887 15,082 14,657 -729 IV -31,456 -40,934 -26,099 -19,553 881 -1,190 1,042 29,944 30,671 30,993 33,958 1983: I HP 21,699 -1,369 -787 16 -1,053 -1,126 -19,859 259 16,452 10,703 49 2,686 16,403 8,016 8,833 379 -212 801 34,261 33,876 1974 1975 1976 1977 1978 1979 1980 1981 1982 34,745 -39,703 51,269 -34,785 -61,130 -64,331 -86,052 110,601 -118,045 -1,467 849 2,558 375 732 1,133 -8,155 5,175 -4,965 1981: HE IV -17,279 -47,817 1982: I n m 34,241 1 Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserv' position in the IMF. 2 Quarterly data are not seasonally adjusted. -1,458 1,139 1,152 1,093 5,897 10,544 -2,023 12,540 25,404 29,556 24,238 41,390 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 Nonfmancial 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 1 2 2 3 3 4 4 5 6 7 8 9 10 , 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 11 12 13 14 15 15 16 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—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices for Finished Goods Changes in Consumer Prices Prices Received and Paid by Farmers 22 23 24 24 25 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 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 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. T Revised. c Corrected. ... 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 : 1983 0—26-626
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