Full text of Economic Indicators : April 1982
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97th Congress, 2d Session
Economic Indicators
APRIL 1982
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
MAY 2 0 1982
> ~~. %t 1313
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1982
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
FREDERICK W. RICHMOND (New York)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.45 foreign), or by subscription at $21.00 per year ($26.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1982, gross national product fell $3.2 billion or 0.4 percent,
both at annual rates. Real output (GNP adjusted for price changes) fell 3.9 percent from the fourth quarter level and
the implicit price deflator rose at a 3.6 percent annual rate.
BILLIONS OF DOLLARS
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
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
1,800
1,800
1,600
1,600
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
J
1974
1975
1977
1976
1978
1979
L
I
1981
1980
I
L
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE'
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imf >orts of
goocIs and ser vices
Go' 'ernment purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
166.4
195.0
229. 8
228.7
206. 1
257.9
322. 3
375. 3
415.8
395. 3
450.5
4. 1
.7
14.2
13.4
26. 8
13. 8
-4.2
-.6
13.4
23.3
26. 0
68.8
77.5
109. 6
146.2
154. 9
170. 9
183.3
219.8
281.3
339. 8
367.3
64.7
76.7
95.4
132. 8
128. 1
157. 1
187.5
220. 4
267. 9
316. 5
341.3
1980: III— 2, 637. 3 1, 682. 2
IV... 2, 730. 61, 751. 0
377. 1
397. 7
44.5
23.3
342.4
346. 1
1981: I—. 2, 853. 0 1, 810. 1
II.... 2, 885. 8 1, 829. 1
III... 2, 965. 0 1, 883. 9
IV_. 2, 998. 3 1, 908. 3
437. 1
458. 6
463.0
443.3
29.2
20.8
29.3
24.7
1982: IP... 2, 995. 1 1, 950. 7
392.6
23. 8
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1, 077. 6 672.2
1, 185. 9 737.1
1, 326. 4 812.0
1, 434. 2 888. 1
1, 549. 2 976.4
1, 718. 0 1, 084. 3
1, 918. 0 1, 205. 5
2, 156. 1 1, 348. 7
2, 413. 9 1, 510. 9
2, 626. 11, 672. 8
2, 925. 5 1, 857. 8
Final
sales
Total
234. 9
253. 1
270.4
304. 1
339. 9
362. 1
394.5
432.6
473.8
534. 7
591.2
96.2
101. 7
102.0
111. 0
122. 7
129.2
143.9
153.4
167. 9
198.9
230.2
70.2
73. 1
72.8
77.0
83.0
86.0
93.3
100.0
111. 2
131.7
154. 3
26.0
28.5
29. 1
33. 9
39. 7
43. 2
50.6
53. 4
56. 7
67.2
75.9
138.7
151.4
168.5
193. 1
217.2
232. 9
250. 6
279. 2
305. 9
335.8
361.0
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
2, 909. 4
297.9
322.7
533.5
558. 6
194.9
212. 0
131. 4
141.6
63.5
70.4
338.6
346.6
2, 653. 4
2, 748. 0
367.4
368.2
368.0
365.6
338.2
347.5
338. 7
341.0
576.5
577.4
588. 9
622.0
221. 6
219.5
226.4
253.3
145. 2
148.2
154. 1
169.7
76.4
71.3
72.2
83.5
354. 9
357.9
362.5
368.7
2, 848. 5
2, 862. 5
2, 937. 6
2, 989. 0
359.0
335. 1
628.0
255.7
171.5
84. 1
372.3
3, 035. 1
Source: Department of Commerce, Bureau of Economic Analysis.
State
and
local
National
defense
Nondefense
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Personal
conGross
national sumption
product
expenditures
Period
Gross private d<jmestic
i ivestmemt
Nonresidential
fixed
Residential
fixed
Ex]sorts of g sods
s nd servici3S
Govern ment pure bases of
gooc Is and ser vices
Change
in busiTtf»+
lieC
Exports Imports
ness in- exports
ventories
Total
Federal
State
and
local
Final
sales
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
. 1, 233. 9
1, 300. 4
1, 371. 7
1, 436. 9
1, 483. 0
1, 480. 7
1, 510. 3
696.8
737. 1
768.5
763.6
780.2
823.7
863. 9
904.8
930. 9
935. 1
958.9
112.2
121.0
138. 1
135.7
119.3
125. 6
140.6
153.4
163.3
158. 4
162.4
53.7
63.8
62. 3
48.2
42.2
51.2
60.6
62. 4
59. 1
48. 1
45.2
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14. 0
10.2
-2.9
7.1
1. 6
.7
15. 5
27.8
32.2
25.4
21. 9
24. 6
37.7
52.0
44.9
71.0
77.5
97.3
108.5
103. 6
110. 1
113. 2
127.5
146.9
161. 1
160.4
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103. 0
109.2
109. 1
115. 5
250.1
253. 1
253. 5
261.2
266.7
266.8
272.3
277.8
281.8
290. 0
291. 7
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101. 7
108.1
111. 5
146.4
151.4
157.6
164.5
169. 3
170.0
171.6
178.0
180. 1
181.9
180.2
1, 114. 3
1, 175. 3
1, 237. 7
1, 236. 8
1, 240. 4
1, 292. 6
1, 359. 7
1, 422. 9
1, 472. 9
1, 483. 6
1, 503. 2
1980: III.. 1, 471. 9
IV... 1, 485. 6
930.8
946.8
155. 5
157.0
44. 7
50.6
-5.0
-7.2
57. 6
48.5
160.5
157.4
102.8
108.9
288.2
289.8
106.9
107.4
181.3
182.4
1, 476. 9
1, 492. 7
1981: I.... 1, 516. 4
II— 1,510.4
III.. 1, 515. 8
IV.- 1, 498. 4
960.2
955. 1
962.8
957.5
162.0
161. 1
163. 9
162.7
51.0
47.8
42.7
39.4
-1.4
10.8
14.9
42
50.9
46.2
43. 2
39.2
162.5
161.5
160. 1
157.4
111.6
115.4
116.9
118.2
293.6
289.5
288.3
295.4
111.2
108.7
109.6
116.6
182.5
180.7
178.8
178.8
1, 517. 8
1, 499. 6
1, 500. 9
1, 494. 2
1982: I «•_. 1, 483. 6
966.8
162.4
38. 3
-17.5
37.8
153.7
115.8
295.8
118.3
177.5
1, 501. 1
1971.
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Period
Gross
national
product
Persona,1 consumption expe nditures
Total
Gross private
domestic
investtment
NonresNonDurable durable
Services idential
fixed
goods
Residential
fixed
Expor ts and
imports of goods
and s«srvices
Governnlent purchases <)f goods
and s«;rvices
Exports Imports Federal
State
and
local
1971
1972
1973
1974
1975
1976
1977
1978.
1979
1980
1981
96.01
100. 00
105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 36
193. 71
96. 5
100.0
105.7
116.3
125.2
131. 6
139.5
149. 1
162.3
178.9
193.7
99.0
100. 0
101.7
108.2
117.3
123.9
129. 2
136.2
144. 8
156.0
166.4
96.6
100.0
108.3
123. 1
132. 1
137.0
143.4
153.2
169.8
188.6
202.4
95.6
100.0
104. 7
113.0
121. 6
129. 6
139.9
150. 1
162. 1
178. 1
195.2
96.2
100.0
103. 8
115.4
132.2
138. 6
146.2
157. 7
171.3
186.8
202.5
94.8
100.0
109. 1
120. 3
131.0
140.7
158.0
178.3
200.5
218.6
233.3
97. 0
100.0
112. 7
134.7
149.6
155.2
161.9
172. 4
191.5
211. 0
229.0
93.3
100.0
116. 7
164. 6
179.5
185.5
205.4
214. 0
245.4
290. 1
295.5
92.7
100.0
106. 3
114.9
126.0
133. 5
142.9
153. 7
165. 1
183.9
206.4
94. 7
100.0
106. 9
117.4
128. 3
137.0
146.0
156. 9
169.8
184.7
200.3
1980: III
IV
179. 18
183. 81
180. 7
184.9
157.5
160.5
190.0
195.2
180.3
184.3
189. 1
192.4
221.9
223.3
213.4
219.9
289. 7
296.4
182. 4
197.4
186.7
190.0
1981: I
II
III
IV
188. 14
191. 06
195. 61
200. 10
188.5
191.5
195. 7
199.3
162.3
165.4
168.3
170. 1
199.2
200.4
203.7
206.2
188.4
192.2
197.6
202.3
195. 0
201.4
204.5
208. 9
228.7
231.8
235.4
238.8
226. 1
228. 0
229. 8
232.2
303.1
301.2
289.8
288.5
199.4
201.9
206. 6
217.2
194.5
198.0
202. 8
206.2
1982: I "
201. 88
201.8
171.9
207.2
206.3
209.3
242.0
233.6
289.3
216.2
209.8
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal con sumption expenditijires
Gross ilational product
Current
dol-
Period
5.2
8.6
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
10.1
11.8
8.1
8.0
10.9
11.6
12.4
12.0
8.8
11.4
11.8
1980: III
IV
149
1981: I
II..
III..
IV
19.2
_
_
1982: I"
Implicit
price
deflator
-0.2
5.4
5.5
48
3.2
-.2
2.0
5.4
5.0
42
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
9.2
2.4
3.8
10.7
10.5
10.4
9.8
7.7
3.4
5.7
5.8
-.6
-1.1
-1.6
46
-4.5
1.4
9.8
6.4
9.9
9.5
-.4
-3.9
3.6
8.6
Chain
price
index
9.2
47
11.4
Fixedweighted
price
index
(1972
weights)
Constant
(1972)
dollars
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
5.2
48
40
5.9
9.4
9.0
5.8
Current
dollore
Constant
(1972)
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
6.9
8.1
9.6
10.2
9.4
9.9
11.0
11.2
11.9
12.0
10.7
11.1
2.2
3.7
5.8
43
-.6
2.2
5.6
49
47
2.9
.5
2.5
46
43
3.7
5.7
10.1
7.6
5.2
6.0
6.8
8.9
10.2
8.3
46
43
3.6
6.0
10.3
7.7
5.3
6. 3
7.1
9.3
10.6
9.0
45
42
3.5
6.0
10.4
7.8
5.3
6.3
7.2
9.6
11.0
9.1
9.0
14.3
17.4
5.1
7.0
8.8
9.7
9.5
10. 1
9.5
10.1
10.2
10.0
8.6
7.9
9.5
8.6
142
43
12.5
5.3
5.8
-2.1
3.3
-2.2
8.0
6.5
9.0
7.7
10.3
6.5
8.7
7.4
10.9
6.5
8.2
7.2
5.7
5.6
9.2
40
5.0
5.7
5.3
5.3
49
41
5.9
9.1
9.2
5.7
6.2
7.5
8.7
8.6
9.3
9.3
6. 4
7.6
9.4
9.6
9.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross c omestic
prodtlet of
nonfin ancial
corp<srate
busi ness
(billic ns of
doll irs)
(Quarterly data at seasonally adjusted annual rates]
Current-do lar cost and profit per unit of output (dollars; i
Capital
consumption
ComTotal
allowcost
ances Indirect penNet
sation
with business
and!
in3
of
profit
capital taxes
terest
employconees
sumption
adjustment
Current
dollars
1972
dollars
563.7
609.9
678.0
759.4
818.9
890.0
1, 001. 3
1, 129. 5
1, 270. 7
1, 417. 0
1, 535. 2
1, 732. 9
599.6
626.8
678.0
731.9
708.2
6942
745.5
799. 0
845. 1
873.3
867.2
896. 6
0. 940
.973
1.000
1. 038
1. 156
1.282
1.343
1.414
1.504
1.623
1.770
1.933
1980: III... 1, 537. 7
IV
1, 604 7
860.4
876.9
1.787
1.830
.196
.197
.181
.188
1.203
1.230
1981: I
1, 690. 1
II.... 1, 716. 3
III... 1, 760. 3
IV... 1, 764. 8
901.0
901.2
901.1
883.0
1.876
1.904
1.954
1.999
. 197
.204
.211
.222
. 199
.202
.206
.211
1.244
1. 266
1.295
1.336
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
0.087
0.106
. 091
. 113
.092
. 113
.093
. 114
. 112 . 127
.137
. 140
.141
. 141
. 144
.146
. 153
.148
.169
.153
.191
.176
.208
.204
1
Output is measured by gross domestic product of nonflnanciat corporate
business
in 1972 dollars.
1
This is equal to the deflator for gross domestic product of nonfinancial corporate
business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpc rate prof ts with
invent ary valualAon and
capr al consuii iption
£idjustmen ts
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.088
.099
.107
.107
.090
.124
.144
.158
.163
.157
.143
.163
0.045
.047
. 049
.055
.059
.059
.071
. 074
.080
.080
.073
.066
0.043
.052
. 058
.053
.030
. 065
.073
.084
.083
.077
.070
.098
7.126
7.467
7.688
7.891
7.622
7.881
8.132
8.348
8.384
8.384
8.432
8.638
4498
4788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.159
10. 085
11.097
.067
.068
.141
.146
.070
.075
.071
.071
8.496
8.496
10. 218
10. 450
.067
.070
.073
.077
.169
. 163
.169
. 153
.076
.064
.066
.057
.093
.098
. 103
.096
8. 633
8.679
8. 667
8.544
10. 743
10. 984
11. 226
11. 415
0.631 0.028
. 641 .029
. 659 .028
. 692 .031
.042
.786
.044
.837
.878
.040
. 924 .042
.044
.996
1.092
.052
1.196
.065
.072
1.285
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees '
Propri etors'
mcom ; with
inventor v valuation anc capital
consul!nption
adjust ments
Farm
Ill
IV-
Profits with inv sntory
valual ion ad jus tment
and ivithout ca pital
consum ption adjiistment
Total
Total
15. 0
18.7
32.8
26.5
24. 6
19. 1
18. 4
26. 1
30.8
23.4
22.4
22. 1
22.5
54.4
58. 1
61.0
62. 2
65. 4
75. 0
85. 1
91.0
100.7
107. 2
112.4
107.6
111.6
20. 2
21. 0
22. 6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
33.6
32. 0
32.4
83.2
96.6
108. 3
94. 9
110.5
138. 1
164.7
185. 5
196.8
182.7
191.7
1, 722. 4
1, 752. 0
1, 790. 7
1, 821. 3
18.9
21.7
24.7
24.4
113.2
112.5
112.4
111.5
32.7
33.3
33.9
34.5
1, 844. 9
18.2
110.8
34. 8
2, 291. 1
2, 320. 9
2, 377. 6
2, 399. 1
1981: I
II
of persons
with
capital
consumption
adjustment
Corpor ate profit;• with inv entorv va uation
and capital consumptio i adjustments
652, 2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 771. 6
1, 597. 4
2, 204. 8 1, 661. 8
871.5
1971
963. 6
1972..
1, 086. 2
1973
1, 160. 7
1974
1, 239. 4
1975
1, 379. 2
1976
1, 546. 5
1977
1, 745. 4
1978 _
1, 963. 3
1979.
1980. __
_ ... 2, 121. 4
2, 347. 2
1981
2, 122. 4
1980: III
IV
Nonfarm
Rental
1982: I"
i Includes employer contributions for social insurance. (See also p. 5.)
Profits
before
tax
86.6
100.6
125.6
136. 7
132. 1
166.3
192.6
223. 3
255. 4
245.5
233.3
177.9
183.3
82. 0
94.0
105. 6
96. 7
120.6
151. 6
176.7
199.0
212.7
199.8
205. 6
195.9
201.0
203. 0
190.3
195. 7
177.6
217. 7
205. 1
209. 1
190.4
Inventory
valua-
Capital
Net
coninterest
sumption
adjustment
adjustment
237.6
249.5
-4.6
-6.6
-20. 0
-40.0
-11.6
-14.7
-15.8
-24. 3
-42.6
-45.7
-27.7
-41.7
—48. 4
1.3
2.7
2.7
-1.8
-10. 1
-13.5
— 12. 0
-13.5
— 15. 9
-17.2
-13.9
-17.9
-17.8
46. 5
51.2
60.2
76. 1
84 5
87.2
100.9
115.8
143. 4
179. 8
215.4
185.3
193.3
257.0
229. 0
234. 4
212.8
-39.2
-24.0
-25. 3
-22.3
-14.7
-14.7
-13.4
-12.8
200.8
211.0
220.2
229.7
-10.6
-9.7
237.9
Source: Department ol Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Total
personal
consumption
expenditures
Period
Total
durable
goods >
Motor
vehicles
and
parts
Retail ssales of
new pa ssenger
cars(nlillions
of uilits)
Nondura ble goods
Durable goocIs
Furniture
and
household
Total
nondurable1
goods
Food
Clothing
and
shoes
Gasoline
and oil
Services
Domestics
Imports
672. 2
737. 1
812.0
888. 1
976.4
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8
1, 857. 8
97.2
111. 1
123.3
121. 5
132.2
156.8
178.8
199. 3
212.3
211.9
232.0
45.4
52.4
57. 1
50. 4
55. 8
72.6
85.0
94 3
95.5
89. 9
98.3
ment
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72. 9
81. 1
84. 6
92.6
1980: III--. 1, 682. 2
IV
1, 751. 0
208.8
223.3
87.0
94.6
84 6
88.9
6742
703.5
347.7
360.4
105. 3
109.4
85.3
90.5
799. 2
824.2
6.4
6.6
2.3
2.5
1, 810. 1
238.3
227.3
236.2
226.4
105.4
93.4
101.6
92.8
92.3
92.4
93.2
92.6
726.0
735.3
751.3
760.3
372.5
377.8
386. 5
391. 1
113.4
115.8
117.5
117.0
93.5
92.4
95.1
97.4
845.8
866.5
896.4
921.5
5.6
6.9
5.2
7. 4
2.7
2.2
2.2
2.2
236.8
101.9
91.7
766.1
397. 2
119.5
96.8
947.8
6.0
2.3
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
_
.
1981: I
II
1, 829. 1
III—- 1, 883. 9
IV- _. 1, 908. 3
1982: I"
1, 950. 7
' Total includes other items not shown separately.
278.8
300.6
333.4
373.4
407.3
441. 7
479.0
529.8
602. 2
675.7
743.2
1442
154.9
172. 1
193. 7
213.6
230.6
250. 3
276. 4
312. 1
345.7
382.0
50.6
55.4
61.4
64 8
69. 6
75.3
82. 1
91. 9
98.9
1048
115.9
23.9
25.4
28.6
36.6
40. 4
44 0
48.2
52. 7
68. 4
89.0
946
296. 2
325. 3
355.2
393.2
437. 0
485 7
547.7
619.6
696. 3
785. 2
882.6
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
Source: Department of Commerce, Bureau of Economic Analysis.
1.6
1. 6
1.8
1.4
1.6
1.5
2. 1
2.0
2. 3
2.4
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $10.4 billion (annual rate) in March following a rise of $15.4 billion in February. Wages and
salaries rose $1.1 billion in March, compared with an increase of $10.8 billion in February. Personal interest income
rose $5.5 billion in March and transfer payments $5.8 billion, while farm proprietors' income declined $2.9 billion.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
2,800
2,400
2,400
TOTAL PERSONAL INCOME
v
2,000
2,000
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
WAGE AND SALARY DISBURSEMENTS
800
800
1
in "* "*'
600
600
„....-•••••"
OTHER INCOME
I
I
I
.
!
"
'
"
400
400
„
.
.
.
.
.
•
»
"
'
TRANSFER
PAYMENTS
\
200
200
160
160
120
120
100
100
I III
80
1974
I III II
80
1975
1978
1979
1980
*SEASONAILY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
..
3
Wage
Rental Personal Personal Transfer
Total
and
Other Proprietc rs income income
personal salary
labor 12
dividend interest
pay- 3
of
income disburse- income
Farm
Nonfarm persons * income income ments
ments '
Period
1974
1975
1976
1977.
1978
1979
1980
1981
1981
Less: PerNonsonal confarm
tributions personal
for social income •
insurance
1, 168. 6
1, 265. 0
1, 391. 2
.__ 1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2
2, 404. 1
765.7
806. 4
889.9
983.8
1, 105. 2
1, 236. 1
1, 343. 7
1, 482. 7
55.8
64.5
75.9
89.0
102.2
118.6
137. 1
154. 1
26.5
24.6
19.1
18.4
26.1
30.8
23.4
22.4
62.2
65.4
75.0
85. 1
91.0
100.7
107.2
112.4
23.5
23.0
23. 5
25. 1
27.4
30. 5
31.8
33.6
29. 1
29.9
36.5
38.7
43. 1
48.6
54.4
61. 3
112. 4
123.2
132.5
151. 6
173.2
209.6
256. 3
308. 5
141.2
178.3
194. 3
207.5
223. 3
249. 4
294.2
333.2
47.9
50. 4
55.5
61. 1
69. 6
80.6
87.9
104. 2
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 112. 6
2, 353. 5
1981: Mar
2, 340. 4
Apr
2, 353. 8
May
2, 367. 4
June
2, 384. 3
July.... 2, 419. 2
Aug
2, 443. 4
Sept
2, 462. 6
Get
2, 475. 2
Nov
2, 492. 4
Dec
2, 492. 0
1, 452. 8
1, 459. 6
1, 467. 3
1, 473. 9
1, 484. 9
1, 500. 3
1, 510. 3
1, 517. 5
1, 527. 7
1, 522. 4
149.5
150.9
151.6
153. 0
154.8
156.3
157. 8
159. 2
160.4
161.7
18. 2
20. 2
21.7
23. 2
24.4
25. 2
24.4
24.9
24. 7
23.7
114.2
113.0
112.2
112. 2
112.2
112.4
112.5
111. 9
111.4
111.0
32. 9
33. 1
33.3
33.5
33. 7
33.9
34. 1
34.3
34. 5
34.7
58. 3
59.4
60. 2
61. 1
62. 4
63.0
63.5
63.9
64. 1
64. 3
295.2
297. 9
300. 6
3041
309.2
315.7
322. 3
326. 3
328.9
330.8
321. 9
322.5
323.5
326.5
341. 9
341.7
343. 0
343.6
347.4
349.9
102.6
102.9
103. 1
103. 3
104.3
105.2
105. 5
106. 3
106.8
106.6
2, 295. 4
2, 306. 4
2, 318. 1
2, 333. 1
2, 366. 4
2, 389. 3
2, 409. 0
2, 420. 6
2, 437. 6
2, 437. 8
1982: Jan
2, 499. 0 1, 531. 4
Feb »-. 2, 514. 3 1, 542. 2
Mar »._ 2, 524. 8 1, 543. 3
162.7
163.8
164. 9
21. 1
18.2
15. 3
110.6
110.8
110.9
34.8
34.8
34. 8
64.5
64.8
64.8
333. 1
338. 4
343.9
351.2
352.7
358. 5
110.5
111. 4
111.7
2, 446. 9
2, 464. 7
2, 477. 5
i The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements,
' Consists of employer contributions to private pension, health, and wcifare
funds;
workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
• With capital consumption adjustment.
' Consists mainly of social insurance benefits, direct relief, and veterans
payments
8
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Deoartment of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income fell slightly in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE]
2,400 IT
BILLIONS OF DOLLARS* (RATIO SCALE)
q 2,400
3,000
3,000
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
PAT
Period
Personal
income
sonal
tax
and
nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays '
Bil lions of d ollars
1973
1, 065. 2 150. 7
914.5
835. 5
1974
1, 168. 6 170.2
913. 2
998. 3
1975
1, 265. 0 168.9 1, 096. 1 1, 001. 8
1976. . . 1, 391. 2 196.8 1, 194. 4 1, 111. 9
1977
1, 538. 0 226. 5 1,311. 5 1, 237. 5
1978
1, 721. 8 258,8 1, 462. 9 1, 386. 6
1979
1, 943. 8 302. 0 1, 641. 7 1, 555. 5
1980
2, 160. 2 338.5 1, 821. 7 1, 720. 4
1981
2, 404. 1 388.2 2, 016. 0 1, 908. 4
Per c apita
dispo sable
persona income
Equals :
Personal
saving Current
dollars
1972
dollars
Per cap ita personal cc nsumption exp snditures
Current
dollars
1972
dollars
Dol lars
79.0
85. 1
94. 3
82.5
74. 1
76.3
86. 2
101.3
107.6
4,315
4,667
5,075
5,477
5,954
6,571
7,293
8,002
8,770
4,083
4,013
4,055
4,161
4,266
4,409
4,493
4,473
4,526
Percent
change Saving
in real as percent of Populaper
tion
capita dispos(thouable
dispossands) *
perable
perincome
sonal
income
Per cent
3,831
4,152
4,521
4,972
5, 472
6,058
6,712
7,348
8,082
3, 626
3,570
3,612
3,777
3,922
4,064
4, 135
4,108
4, 171
5.8
-1.7
1.0
2.6
2.5
3.4
1.9
-.4
1.2
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
5. 3
211, 939
213, 898
215, 981
218, 086
220, 289
222, 629
225, 106
227, 654
229, 870
Seas onally ad usted ann ual rates
1980:
III- 2, 182. 1 341.5 1, 840. 6 1, 729. 2
IV.. 2, 256. 2 359.2 1, 897. 0 1, 799. 4
111.4
97.6
8,074
8,299
4,468
4,488
7,379
7,660
4,083
4,142
3.0
1.8
6. 1
5.1
227, 977
228, 578
1981:
I... 2, 319. 8 372. 0
II— 2, 368. 5 382.9
III.. 2, 441. 7 399. 8
IV.. 2, 486. 5 398.0
1, 858. 9
1, 879. 0
1, 935. 1
1, 960. 5
88.9
106.6
106.9
128.0
8,504
8,651
8,873
9,051
4,511
4,517
4,535
4,541
7,903
7,969
8, 186
8,270
4,192
4,161
4, 184
4, 150
2.1
.5
1.6
.5
46
5.4
5.2
6. 1
229, 051
229, 537
230, 142
230, 749
1982: I •>_. 2, 512. 7 397.4 2, 115. 3 2, 003. 3
112. 1
9,147
4,534
8,435
4, 181
—.6
5.3
231, 249
1, 947. 8
1, 985. 6
2, 042. 0
2, 088. 5
i Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
* Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
According to current estimates for the fourth quarter of 1981, gross and net farm income were unchanged from their
third quarter levels.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
200
200
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME ^ »*
20
20
V—V
\/
vx
J
1973
1974
,1975
197(5
1978
L
J
10
L
1980
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc>ss farm incc>me
Period
Total '
1974
1975-.
1976
1977
1978
1979_.
1980
1981"- . .
Net farni income
Cash marketing r*iceipts
Total
Livestock
and
products
Crops
98.3
100.3
101. 8
108. 7
127. 5
151. 9
150. 5
164.7
92. 4
88.2
94.8
96.3
112. 9
131. 9
136. 4
142. 7
41. 4
43.0
46. 1
47.6
59.2
68. 5
67. 4
68.8
51. 1
45. 1
48.7
48.7
53.7
63.4
69. 0
73.9
1980:1...
II
III
IV. _
149.3
145. 8
151. 9
155. 1
133. 0
131.9
139.2
141. 5
66. 3
64.0
68.9
70. 4
1981:1
II
III
IV "
159.2
163. 9
167.9
167.8
142.5
143. 1
144. 0
141. 1
69.8
68.9
69.4
67. 0
._.
1
Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities
valued at average prices during the year.
Value of
inventory2
changes
Production
expenses
Current
dollars
1967
dollars s
4.0
72.2
75.9
83. 1
90.3
101. 1
119. 2
130.7
141.7
26.1
24.5
18. 7
18.4
26. 5
32.7
19. 9
23.0
17.7
15.2
11.0
10. 2
13.5
15. 1
8. 1
8.4
66.7
67.9
70.3
71. 1
.9
— 1. 9
-3.7
-3.3
125.9
128.9
132. 2
135. 6
23. 4
16. 9
19. 7
19.5
9.9
6.9
7.9
7.6
72.7
74.2
74.6
74. 1
-.5
3.4
6.0
7. 1
139.3
141. 0
143.3
143.2
19. 9
22. 9
24. 6
24.6
7.5
8.5
8.9
8.7
-1.6
3.4
-2.4
1.0
.6
5.3
-2. 0
' Income in current dollars divided by the consumer price index (Department
of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
According to revised estimates for the fourth quarter of 1981, corporate profits before tax fell $21.6 billion (annual
rate) while after-tax profits declined $12.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
240
240
200
200
160
160
120
120
80
'*
V-1'
^/
TAX LIABILITY
nu,m«.uvulVUII'£
40
40
I
J
I
1973
1975
1974
L
1976
1977
1978
1979
1980
SOURCE: DEPARTMENT OF COMMERCE
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Profil s (before tax) wit a inventc)ry valua tion
adjustn lent '
Dome stic iudu stries
]S onfinant :ial
Total J
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980.
1981
1980: III
IV
82.0
94. 0
105. 6
96.7
120.6
151.6
176.7
199.0
212.7
199. 8
205.6
195.9
201.0
74.9
85.3
92.0
80.4
107. 6
137.4
161.2
179.3
182.4
168.7
181. 4
165.0
173.4
14.1
15. 3
15. 9
15.0
11.8
17. 1
23.5
29.3
31. 6
30.6
24.5
28.7
30.5
60.8
70.0
76.0
65. 4
95.8
120. 3
137.7
150.0
150.8
138. 1
156.9
136.2
142.9
34. 1
40.7
45.5
39. 0
52.6
69.2
76.2
85.3
88.9
74.5
82. 0
68. 5
76.2
Wholesale
and
retail
trade
11.7
13.4
13.9
12.5
21.3
22.4
27.0
24.5
23.0
20.9
28.7
20. 4
22.6
1981: I
II...
217.7
205. 1
209. 1
190.4
192. 3
182.3
184. 6
166.4
28.6
24. 3
22.7
22. 4
163.7
158.0
161.9
144.0
90. 4
84.4
85. 1
68.0
27. 5
28.4
30. 1
28.6
Total
ManuFinancial
Total' facturmg
Ill
IV
Profits after tax
Un-
Inventory
Dividends
tributed
prof-
tion
adjustment
49.0
58.9
76.6
85. 1
81.5
102.5
120. 0
140.3
167.8
163.2
155. 5
159. 1
164.3
22.9
24.4
27.0
29.9
30.8
37.4
39.9
44.6
50. 2
56.0
63. 1
56.7
57.7
26.1
49.6
55.2
50.7
65. 1
80. 1
95.7
117.6
107.2
92.4
102.4
106.6
169. 2
152. 7
156.3
144.0
59.6
62. 0
64.8
66.0
109.6
90.6
91. 5
78.0
Tax
Profits
before
tax
liability
Total
86. 6
100.6
125.6
136.7
132. 1
166.3
192. 6
223.3
255. 4
245. 5
233.3
237.6
249. 5
37.5
41.6
49.0
51.6
50. 6
63.8
72.6
83. 0
87.6
82.3
77.7
78.5
85.2
257. 0
229.0
234 4
212. 8
87.7
76. 4
78. 1
68. 8
1982: I"
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
1
Includes rest of the world, not shown separately.
8
345
66. 8
' Includes industries not shown separately.
Source: Department ot Commerce, Bureau of Economic Analysis.
-4.6
-6.6
-20.0
-40.0
-11.6
-14.7
— 15. 8
-243
-42.6
-45.7
-27. 7
-41.7
-48.4
-39.2
-24.0
-25.3
-22.3
-10.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter, business fixed investment was unchanged from its fourth quarter
level and residential investment outlays declined $1.5 billion. There was a $40.0 billion decrease in inventories
following a $9.4 billion increase in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
SEASONALLY ADJUSTED ANNUAL RATES
450
450
7
GROSS PRIVATE DOMESTIC
INVESTMENT
400
400
350
300
300
250
250
200
150
100
50
-50
1974
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980.
1981
1980: III
IV
1981: I
II
III
IV
1982: I '
Gross
private
domestic
investment
166.4
195.0
229. 8
228.7
206.1
257.9
322.3
375.3
415.8
395. 3
450.5
377.1
397.7
437. 1
458. 6
463.0
443.3
392.6
Nom"esidential ixed
investment
Total
107.9
121.0
143.3
156. 6
157.7
174. 1
205. 5
242.0
279.7
296. 0
328. 9
294. 0
302. 1
315.9
324. 6
335.1
339.8
339. 8
Structures
Producers'
durable
equipment
40.5
44. 1
51.0
55.9
55.4
58.8
64. 6
78.7
96.3
108.8
125.7
107.3
111.5
117.2
123. 1
128.3
134.3
134. 1
Source: Department of Commerce, Bureau of Economic Analysis.
67. 4
76.9
92.3
100. 7
102.3
115.3
140.9
163. 3
183.4
187. 1
203. 1
186.8
190.7
198.7
201.5
206.8
205. 5
205.7
Res idential fix ed investm ent
Total
50.9
63.8
68.0
57. 9
55.3
72.0
95.8
111.2
118.6
105.3
105.5
99.2
113.0
116. 7
110.7
100.5
94.2
92.7
Nonfarm
structures
48.9
61.5
65. 6
54.8
52.4
68.8
91. 9
106.9
113.9
100. 3
100.0
94.5
107.6
111.4
105.4
94.9
88.4
87. 1
structures
0.7
.7
.7
1.3
1.0
1. 1
1.5
1.8
1.8
2.0
2.3
1.7
2.2
2.2
2. 1
2.3
2.5
2.4
Producers'
durable
equipment
1.3
1. 5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
3.2
3.0
3. 1
3.2
3.2
3.3
3.3
3.2
Change in business low entories
Total
7.7
10. 2
18.5
14. 1
-6.9
11.8
21.0
22.2
17.5
-5.9
16.2
-16.0
-17.4
4.5
Nonfarm
6.4
9.6
15.2
16.0
-10.5
13. 9
20.2
21.8
13.4
-4.7
13.8
-12.3
-14.0
6.8
23. 3
27.5
21.5
23. 1
-40.0
-38.8
9.4
3.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
According to the Commerce Department January-February survey, nonfarm business spending for new plant and equipment for the year 1982 is expected to be 7.3 percent above 1981. Spending in 1981 was 8.7 percent above 1980.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
400
300
— 300
200
200
40
30
30
1974
1977
1976
1975
1979
1978
1980
1981
1982
J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi Dment
jJonmanu facturin
Ma nufactur ing
Period
Total
Plant
Equipment
Total
Durable
goods
Nondurable
goods
Trans- Public
Total Mining porta- utilities
tion
T
services '
Communication
and
other 2
Trade
Starts of
plant and
equipment
projects,
manufacturing 3
1974
1975. _ _
1976
1977
1978
1979
1980
1981 4
1982 . _
156. 98 64.29 92.69
157. 71 65.21 92.50
171. 45 71. 20 100. 25
198. 08 80.31 117. 77
231. 24 92.70 138. 54
270. 46 105. 73 164. 73
295. 63 117. 55 178. 08
321. 49 133. 46 188. 04
345. 11
53.21
54.92
59. 95
69.22
79.72
98.68
115. 81
126. 79
136. 81
27.44
26.33
28.47
34. 04
40. 43
51.07
58.91
61.84
67.24
25. 76
28.59
31.47
35. 18
39. 29
47. 61
56.90
64. 95
69.58
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 81
194. 70
208. 30
4.62
6. 10
7.44
9. 24
10.21
11.38
13.51
16.86
18.33
8.23
8.68
8. 89
9.40
10.68
12.35
12. 09
12. 05
13. 53
19.83
19.98
22.37
26.79
29. 95
33.96
35.44
38.40
40.20
47. 79
46. 23
49. 30
56.54
68. 66
79.26
81. 79
86. 33
90.48
23. 30
21. 80
23.51
26.90
32. 02
34.83
36. 99
41. 06
45.75
61.24
56. 51
59.38
77.40
88. 16
112. 98
123. 32
135. 19
1981: I...
IIIII.
IV._
312. 24
316. 73
328. 25
327. 83
124. 50
125. 49
130. 11
126. 91
61.24
63. 10
62. 58
60.78
63.27
62.40
67.53
66. 14
187.
191.
198.
200.
74
24
13
92
16.20
16. 80
17.55
16.81
11.74
11.70
11. 61
13. 12
36.05
37.84
39. 55
39. 74
83.43
85.88
87.55
88. 33
40. 32
39.02
41.89
42.92
35.41
32.90
33. 33
33.68
129. 23
133. 51
141. 21
62.95
64.79
69.96
66.28 201. 11
68.72 203. 26
71.25 213. 91
17.26
17.20
19.34
12. 14
12. 05
15.01
39.33
39. 64
40.83
89.46
89.92
91.08
42.93
44.45
47.65
1982: !<__
330. 34
II 4 . 336. 77
2nd
half' 355. 12
128.
131.
136.
136.
57
05
40
67
183.
185.
191.
191.
67
68
85
17
' Wholesale and retail trade; finance, insurance, and real estate; and personal,
business, and professional services.
' "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
1
Starts are estimated by adding changes in carryover to expenditures during
given
period.
{
Planned capital expenditures as reported by business in January and February 1982, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell 98,000 in March and unemployment rose 279,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS"
112
112
SEASONALLY ADJUSTED
108
108
104
104
CIVILIAN LABOR FORCE
100
„,„.,.„..."•""•
100
"""••«.„.„„.....-•••
96
96
92
EMPLOYMENT
.,.«•"
92
.„...,....•••
88
88
„.«"•"*
'••...„..."-"
84
84
80
80
12
8
4
0
1982
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1976
19771978*- _
1979
1980-1981
Noninstitutional
population
158,
161,
164,
166,
169,
172,
[Thousands of persons 16 years of age and over, except as noted]
Unempl ayment
Civilian e mploymerit
Total
labor
Nonagri cultural
15
force
Civilian
Civilian UnemPart-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ing
force
ment
Total for
nomic
over
tural
Armed
reasons '
Forces)
294 88, 752
166 92, 017
027 96, 048
951 98, 824
848 99, 303
272 100, 397
7,406
6,991
6, 202
6, 137
7,637
8,273
98,
101,
104,
107,
109,
110,
302
142
368
050
042
812
96,
99,
102,
104,
106,
108,
158 88, 752
009 92, 017
251 96, 048
962 98, 824
940 99, 303
670 100, 397
171,
171,
171,
172,
172,
172,
172,
172,
173,
173,
581
770
956
172
385
559
758
966
155
330
1982: Jan_- 173, 495
Feb- 173, 657
Mar- 173, 843
99, 364
100, 345
100, 855
101, 419
102, 612
102, 152
100, 389
101, 028
100, 502
99, 562
8,271
7,561
7,731
8,485
8,130
7, 947
7,884
8, 216
8, 676
9,013
110, 492
110, 906
111, 420
110, 565
110, 827
110, 978
110, 659
111, 170
111, 430
111, 348
108, 364
108, 777
109, 293
108, 434
108, 688
108, 818
108, 494
109, 012
109, 272
109, 184
3, 334
3,369
3,298
3,373
4,064
4,499
7,406
6,991
6, 202
6, 137
7,637
8,273
2,366
1,942
1,414
1,241
1,871
2, 285
62. 1
62. 8
63.6
64.1
64. 2
64.3
406
878
045
430
864
840
258
343
172
613
3,343
3, 470
3,405
3, 348
3,342
3,404
3, 358
3, 378
3,372
3,209
97, 063
97, 408
97, 640
97, 082
97, 522
97, 436
96, 900
96, 965
96, 800
96, 404
4, 290
4,200
4,264
4, 033
4, 374
4,350
4,656
5,009
5, 026
5, 288
7,958
7,899
8,248
8, 004
7,824
7,978
8,236
8, 669
9,100
9,571
2,269
2,187
2,231
2,363
2, 170
2,217
2,248
2,292
2,364
2, 372
64.4
64. 6
64.8
64.2
64. 3
64. 3
64.1
64. 3
64.4
64.2
99, 581
99, 590
99, 492
3,411
3,373
3,349
06, 170
96, 217
96, 144
5,071
5,563
5,717
9, 298
9, 575
9, 854
2, 399
2,724
2,954
64.0
64. 1
64. 2
100,
100,
101,
100,
100,
100,
100,
100,
100,
99,
97, 831 10, 183 111, 038 108, 879
97, 946 10, 378 111, 333 109, 165
98, 471 10, 290 111,521 109, 346
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
' Total labor force as percent of noninstitutional population 16 years of age and
over.
85, 421
88, 734
92, 661
95, 477
95, 938
97, 030
,\ *
Seas<mally adj usted
U aadjusted
1981: MarApr- May.
June_
JulyAug—
SeptOct—
Nov_
Dee-
3,331
3,283
3,387
3,347
3,364
3,368
Labor
force
participation
rate
(per-2
cent)
'Data beginning 1978 not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March the seasonally adjusted unemployment rate rose to 9.0 percent from 8.8 percent in February.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
1982
•UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
1Jnemployment nite (perc ent of ci1/ilian lab or force in group)
By s ex and a ge
Total
(all
civilian
workers)
Period
1976
1977
1978
1979
1980
1981
7.6
1981: M a r _ _ _
Apr
May._
June
July__
Aug
Sept
Oct. .
Nov_.
Dec
7.3
7.3
7.5
7.4
7.2
7.3
7.6
8.0
8.3
8.8
1982: Jan __
Feb
Mar
7.7
7.1
6. 1
5.8
7. 1
...
8. 5
8.8
9.0
Men
20
years
and
over
Women
20
years
and
over
Both
sexes
16-19
years
White
ExpeBlack rienced
wage
and
and
other salary
workers
WoMarmen
who
ried
men, mainspouse tain
present families
5.9
5.2
4.3
4,2
5.9
6.3
7.4
7.0
6.0
5.7
6.4
6.8
19. 0
17.8
16.4
16. 1
17.8
19. 6
7.0
6.2
5.2
5.1
6.3
6.7
13.1
13.1
11.9
11.3
13.1
14.2
7.3
6.6
5.6
5.5
6.9
7.3
4.2
3.6
2.8
2.8
4.2
4.3
10.1
6.0
5.8
6.3
6.6
6.6
6.7
6.6
6.7
19.2
19.0
19. 4
19.2
18.7
19. 0
19.7
20.4
21.4
21.5
6.4
6.4
6.7
6.4
6.3
6.2
6.6
7.0
7.4
7.7
13.6
13.2
13.7
14.2
13.8
14. 7
14.8
15.2
15. 2
15.7
7.0
6.9
7.2
7.0
6.8
4. 1
21.7
22.3
21.9
7.5
7.7
7.9
15. 1
15.9
16.6
6. 1
5. 8
6.0
6.2
6.7
7.1
7.9
7.5
7.6
7.9
6. 6
6.9
7.0
7.2
7.4
7.2
7.6
7.9
k
' Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
B y s sleeted g roups
By race
9.4
8.5
8.3
9.2
Fulltime
workers
7.3
6.6
5.6
10.1
9,9
9. 0
5. 3
10.4
6.9
7.3
8,8
8.8
9.4
9.6
9.9
7.1
9.1
9,2
9.6
9,2
9.3
9.6
9.6
9,5
6. 9
7. 1
7.3
7.6
8.0
8.5
3.8
4.0
4.2
3.9
4.0
4.4
4.8
5.2
5.7
10.4
10. 7
11.2
10.1
10.7
10.6
10. 8
10.5
7.1
6.8
6.9
7.3
7.7
8.1
8.7
8.2
8.4
8.8
5.3
5.3
5.5
10.4
10. 2
10. 6
8.4
8.5
8.9
6. 9
Labor
force
Part- time
lost
time
(perwork- cent)
'
ers
Source: Department of Labor, Bureau of Labor Statistics.
10.2
8.3
7.6
6.5
6.3
7.9
8.5
8.2
8.2
8.6
7.9
7.9
7.9
8.5
9.1
9.5
9.2
10.1
9.6
10.0
10, 8
10.0
9.8
10. 4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In March, the percentage of unemployed persons who had been out of work for less than 1 5 weeks fell, and the percentage out of work for 1 5 weeks and longer periods rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
50
40
REENTRANTS
30
20
20
JOB LEAVERS
10
10
-
1982
197&
* SEASONALLY
1979
1978
1980
SOURCE: DEPARTMENT OF LABOR
Period
1977
1978
1979
1980
198L
1981: Mar..
Apr__
May_June—
July..
Aug—
Sept—
Oct._.
Nov__
Dec..
1982: Jan.__
Feb
Mar_
1982
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percen t distribiition of iinemPercent distrib ation of 1-inem1
State pi ograms Insured
unem- Special
plo yment bjr duration '
pl<iyment 1 >y reason
unemployUnemment,
ployployment
all
[nsured
27
ment
Less
New unem- Initial regular benefit
15-26
weeks
5-14
Job
ReenJob
(thou- than 5
enproclaims
ploy- claims grams
and
losers leavers trants trants
sands) weeks weeks weeks
(unadover
ment
(unad-2 justed) J
justed)
Wee kly aver age, thouisands
6,991
6.202
6,137
7,637
8,273
7,958
7,899
8,248
8,004
7,824
7,978
8,236
8,669
9,100
9,571
9,298
9,575
9,854
41.8
46.2
48. 1
43.1
41.7
41.2
40. 6
41.1
40.8
42.6
41.5
42.2
42.7
42.3
42.8
41. 3
39.6
38.8
30.5
31.0
31.7
32.3
30.7
30.3
31.5
31.7
30.0
29.6
30.8
30.9
30.9
31.7
32.0
32.9
31.9
31.2
13.1
12.4
11.5
13.8
13.6
13.3
13.4
12.9
15.2
14.0
13.5
13.7
13.4
13.5
12.6
13.0
15. 1
16.3
14.7
10.4
8.7
10.7
14.0
15.2
14.5
14.2
14.0
13.8
14.2
13.2
13.0
12.5
12. 6
12.8
13.4
13.7
45.3
41.7
42.9
51.7
51.6
50.2
50.1
49.8
51. 6
49. 5
51.4
52.8
52.4
53. 6
56. 1
56.7
54.3
57.4
> Detail may noi add to 100 percent because of rounding.
> Includes State (50 States. District of Columbia, Puerto Eico, and Virgin
Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and STJA (special unemployment assistance).
1981
ADJUSTED
13.0
14.1
14.3
11.7
11.2
11.3
11.4
12.4
11.1
11.9
11.0
11.0
11.2
10.0
9.7
9. 1
10.2
9.0
28.1
29.9
29.4
25.2
25.4
26. 0
25.9
26.0
25.2
26. 6
25.5
24.6
25. 0
25. 5
23.5
22.7
24.0
22. 9
13.6
14.3
13.3
11.4
11.9
12.4
12.5
11.8
12. 0
12.0
12.2
11.7
11.5
10. 9
10.7
11.5
11.6
10.7
2,655
2,359
2,434
3,350
3,048
2,954
2,949
2,904
2,897
2,767
2,844
2,961
3, 159
3,428
3,583
3,546
3,484
3,736
375
346
388
488
460
435
405
408
407
397
435
482
522
541
567
562
517
594
3,308
2,645
2,592
3,837
3,410
3,948
3,453
3,111
2,949
3,012
2,874
2,680
2,753
3,228
3,935
4,681
4,723
572
' FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
In March, total nonasricultural employment as measured by the payroll survey fell by 218,000.
MILLIONS OF PERSONS' (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
i,,, \
20
11 I I I ) i i
1978
INI!
1979
I I I i 1 M II
1980
1981
I
1982
1978
1981
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1982
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Gtoods-prc duoing i adustries
"D*—!* J
jrerioa
Total
nonagricultural
employ- Total 3
ment
Construction
Service-pi oducing Industrie s
Trans- Whole- Finance,
Cover nment
Ma nufactur ing
insurportasale
ance, Services
tion
and
Non- Total
State
and
and
Durable
retail
Total goods durable
Federal and
public trade
real
local
goods
utilities
estate
1977
1978
1979
1980-.
1981
82, 471
86, 697
89, 823
90, 564
91, 543
24, 346
25, 585
26, 461
25, 718
25, 672
3,851
4,229
4,463
4, 399
4,307
19, 682
20, 505
21, 040
20, 300
20, 261
11, 597
12, 274
12, 760
12, 181
12, 136
8,086
8, 231
8,280
8,118
8,125
58, 125
61, 113
63, 363
64, 847
65, 871
4,713
4,923
5,136
5,143
5,151
18, 516
19, 542
20, 192
20, 386
20, 738
4,467
4,724
4,975
5,168
5,331
15, 303
16, 252
17, 112
17, 901
18, 598
2,727
2, 753
2,773
2, 866
2,772
12, 399
12,919
13, 174
13, 383
13, 282
1981: Mar__
Apr...
May..
June
July..
Aug —
Sept._
Oct.__
Nov
Dec._.
91, 347
91, 458
91, 564
91,615
91, 880
91, 901
92, 033
91, 832
91, 522
91, 113
25, 705
25, 700
25, 705
25, 818
25, 939
25, 931
25, 930
25, 662
25, 418
25, 104
4,416
4,418
4,334
4,284
4,272
4,275
4,272
4,259
4,229
4,193
20, 191
20, 332
20, 414
20, 424
20, 535
20, 505
20, 496
20, 241
20, 017
19, 736
12, 099
12, 207
12, 254
12, 278
12, 333
12, 332
12, 311
12, 115
11, 932
11,714
8,092
8,125
8, 160
8, 146
8,202
8, 173
8, 185
8, 126
8, 085
8, 022
65, 642
65, 758
65, 859
65, 797
65, 941
65, 970
66, 103
66, 170
66, 104
66, 009
5,139
5,161
5,148
5,149
5,167
5, 170
5,186
5,168
5,147
5,122
20, 635
20, 636
20, 714
20, 717
20, 796
20, 862
20, 872
20, 916
20, 838
20, 735
5,293
5,316
5,326
5,331
5,344
5,354
5,366
5,360
5,355
5,366
18, 371
18, 475
18, 540
18, 560
18, 642
18, 667
18, 774
18, 788
18, 838
18, 856
2,781
2,767
2,779
2,781
2,777
2,770
2,765
2,759
2,748
2,741
13, 423
13, 403
13, 352
13, 259
13, 215
13, 147
13, 140
13, 179
13, 178
13, 189
1982: J a n _ _ 90, 879
Feb "_ 91, 040
Mar". 90, 822
24, 801
24, 841
24, 660
4, 085 19, 550 11, 596
4, 168 19, 507 11, 562
4, 122 19, 375 11, 485
5, 361 18, 845
5, 364 18, 918
5, 373 18, 898
2, 742
2, 737
2,732
13, 157
13, 154
13, 167
7,954 66, 078
7,945 66, 199
7, 890 66, 162
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 nonaericultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
5, 124 20, 849
5, 101 20, 925
5,088 20, 904
are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing establishments.
' Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross
hourly e arnings
Aver age weekly ' lours
Total
private
nonagricultural *
Period
Manufa cturing
Total
Overtime
36.9
36. 5
36. 1
36. 1
36. 0
35.8
35.7
35.3
35.2
40. 7
40. 0
39. 5
40. 1
40. 3
40.4
40. 2
39.7
39.8
3.8
3.3
1981: Mar
Apr
May
June
July
Aug
_.
Sept
Oct..
Nov_ __ _.
Dec-
35.3
35.4
35.3
35.2
35.3
35.2
34. 9
35.0
35.0
34.9
39.9
40.2
40. 3
40. 1
40.0
40. 0
39.3
39.5
39. 3
39. 0
2.8
2.9
3.2
1982: Jan
Feb " ...
Mar » . _ _
34.2
35.0
34.8
37.3
39. 5
39. 0
1973
1974
19751976
1977
1978
1979
1980
1981
_.- -
-
2. 6
3. 1
3.5
3.6
3.3
2.8
2.8
3. 0
3.0
3.0
2.7
2.7
2.5
2. 4
2.3
2. 4
2.3
Adjusted h<jurly earnin gs indexJ —to tal private
nonagric ultural
Percent cha nge from
a year earlier *s
Index, 19 77 = 100
Total
private
nonagricultural '
Manufacturing
$3.94
4. 24
4.53
4. 86
5.25
5.69
6.16
6.66
7.25
$4.09
4.42
4.83
5.22
5. 68
6.17
6.70
7.27
7.98
74. 1
80.0
86.7
92.9
100.0
108. 1
116.8
127.3
139.0
101. 1
98.3
97.6
99.0
100.0
100.5
97.4
93.5
92.6
6.2
8.0
8.4
7.2
7.6
-0.1
-2.8
8.0
9.0
9.2
-3.1
-4.0
-1.0
7.09
7.14
7. 18
7.23
7.26
7.34
7.37
7.39
7.45
7.45
7.80
7.90
7.95
7.99
8. 02
8.08
8.14
8. 15
8. 18
8.19
135.8
136.7
137.7
138.4
139. 0
140.7
141.5
141.9
143.2
143. 5
92.8
93. 1
93.0
92.9
92.2
92.6
92. 1
92.0
92.5
92.3
9.5
9.6
9.5
9.0
8.9
9.3
9.3
8.6
8.4
8.2
-.9
-.3
-.3
-.5
7.52
7.52
7. 56
8.37
8. 32
8. 36
145. 1
145. 2
145. 8
93.1
92.9
93. 5
8.5
7.6
7.4
Current
dollars
1977
dollars 3
Current
dollars
&1
1977
dollars
_ 7
1.4
1.0
.5
-1.7
-1.3
-1.3
-1.3
• Qo
A
.2
.2
.8
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <sarnings
Total pri vate nonagricu Itural '
Period
Current
dollars
1973
1974_ .
1975.
1976
1977
1978
1979- _
1980.-1981
_
1981: Mar
Apr
May
June
July
Aug
Sept.-.
Oct
Nov
Dec—
1982: Jan.- __
Feb »
Mar »
1
•
. _.
. _.
_
$145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 91
235. 10
255. 20
250. 28
252. 76
253. 45
254. 50
256. 28
258. 37
257. 21
258. 65
260. 75
260. 01
257. 18
263. 20
263. 09
Manufacturing
1977
dollars 3
$198. 35
190. 12
184.16
186. 85
189. 00
189. 31
183. 41
172. 74
170. 13
171. 07
172. 18
171. 25
170. 92
169. 95
170. 09
167. 56
167. 74
168. 33
167. 21
164. 96
168. 39
168. 76
$166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
269. 34
288. 62
317. 60
311. 22
317. 58
320. 39
320. 40
320. 80
323. 20
319. 90
321. 93
321. 47
319. 41
312. 20
328. 64
326. 04
$235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 04
395. 60
392. 33
390. 29
388. 98
388. 05
397. 41
397. 11
380. 80
404. 07
414. 77
412. 92
402. 40
418. 10
418. 84
Percent chiinge from a
year e arlier,
total pri'irate nonagricu Itural 5
Current
dollars
Current dollars5
Also includes other private industry groups shown on p. 14.
'Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings^ divided by the consumer price index on a
1977=100 base. Eevised index for urban \vage earners and clerical workers used
beginning 1978.
Construction
Wholesale
and retail
trade
$111.76
119. 02
126. 45
133. 79
142. 52
153. 64
164. 96
176. 46
190. 35
187. 08
188. 63
189. 07
189. 71
190. 95
192. 28
194. 21
192. 04
193. 60
193. 95
192. 13
194. 56
194. 30
6.2
6.4
5.7
7.3
7.7
7.8
8.0
ag
8.5
9.2
9.5
9.9
9.2
10.0
9.8
8. 1
7.7
7.2
6. 1
3.7
5. 9
4.8
1977
dollars
— 0. 0
— 4. 1
— 3. 1
1. 5
1.2
.2
—3. 1
—5. 8
-1.5
— 1. 2
—. 4
. 1
—.3
-.7
—. 9
— 2. 5
-2. 1
-2.0
-2.4
-4.1
— 1. 4
-1.6
4
5 Monthly
changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Output yei hour
of all ijersons
Hours of 2all
pers ons
Out put'
Compe nsation
per 1 lour!
Unit labor
CO sts
Implici t price
defla tor 4
NonPriPriNon- Private NonPriNonNonPrivate NonPrivate
farm
vate
vate
farm business farm
farm
farm business
vate
farm
business business
business sector business business business business business business business
sector
sector
sector sector sector sector sector sector sector
sector
sector
Period
1977== 100; qua rterly dat a season illy ad jus ted
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
51.4
548
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
78.5
80.9
86.2
92.0
90.2
78.1
80.4
85.9
91.9
90.1
91.2
90.7
93.4
97.0
97.4
90.0
89.7
92. 5
96.4
96.8
86. 1
89.2
92.4
94.8
92.7
86.7
89.6
93.0
95.3
93. 1
58.2
62. 0
66.0
71.3
78.0
58.6
62.5
66.6
71.7
78.4
67.6
69. 5
71.5
75.2
67.6
69.7
71.7
75.2
843
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74.1
81.6
88.5
94. 1
100.0
104. 7
107.7
88.1
94.0
100.0
104.9
107.7
93.4
96.1
100.0
104. 9
108.2
92.7
95.9
100. 0
105. 1
108.7
948
97.9
100.0
99.8
99.5
95,0
98. 1
100.0
99.8
99. 1
85.5
92. 9
100.0
108.4
119.3
86.0
93.0
100.0
108. 5
119.0
90.2
94.8
100.0
108.6
119.9
90.5
94.8
100.0
108.7
120.0
90.4
94.7
100.0
107.4
116.9
89.9
100. 0
107.0
116.2
106.8
109.0
106.8
108.8
107.5
108.5
108.1
109.1
99.3
100.4
98.8
99.7
131.5
1446
130.8
143.9
132.4
1440
132.4
144.3
127.6
139.4
127.4
139.7
1980: III
IV
105.7
107.5
105.8
107.7
106.3
108.4
106.9
108.8
99.4
99. 1
99.0
99.0
133. 1
135.9
132.3
135.4
133. 9
137. 1
133.6
136.8
129.1
132.2
128.8
131.9
1981: I
II
III ....
IV
109.5
109.5
109.4
107.5
106.3
109.7
109.4
109.0
106.9
106. 1
109.2
108.2
108.4
108.4
107.5
109.7
109.0
109. 1
108. 9
108.0
100.3
101.2
100.9
99.2
98.9
100.0
100.4
99.9
98.2
98.3
139.8
143.3
146.5
148.5
151.4
139.2
142. 4
145.7
147.9
150. 9
139.4
141.6
145.2
149.7
153. 0
139. 1
141.9
145. 8
150.7
153.6
135.4
137. 5
140.9
143. 9
1449
135.3
137.5
141.2
1447
145.5
1968
1969-.
1970.
1971
1972
1973.
1974
—
_
1975.
1976
1977
1978
1979—
—
1980
1981
—
1982: I »
-
542
842
945
Perce nt change ; quarterl.Y data at seasonal] y adjuste i annual rates
5.1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.8
7.0
7.5
6.5
44
6.7
41
6.8
40
49
4.0
47
-.8
3.0
6.6
6.6
-1.0
2.9
6.9
6.9
-1.9
-1.7
-.5
3.0
3.9
.4
-1.4
-.4
3.1
42
.4
.9
3.6
3.5
2.7
-2.3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3.1
2.8
49
12.1
45
4.4
3.4
5.4
9.4
48
45
3.0
3.7
1975
1976
1977
1978
1979.
-1.9
6.3
6.3
47
2.8
-2.2
6.7
6.4
4.9
2.7
-41
2.9
4.0
49
3.1
-42
3.4
43
5.1
3.4
2.3
3.3
2. 1
—.2
-.3
2. 1
3.2
2.0
-.2
-.7
9.6
8.6
7.7
8.4
9.6
7.2
5.5
8.6
10.4
10.4
9.7
47
5.6
7.4
8.8
10.3
5. 1
10.1
7.6
8.5
9.7
7.4
47
5.5
8.7
1980
1981
-.8
2.0
-.9
1.9
-.6
.9
-.6
1.0
—.2
1. 1
-.3
.9
10.2
10.0
10.0
9.9
10.4
10.3
9.0
9.2
9.3
9.7
9.6
1.1
6.9
2.9
7.1
-.2
8.1
-.7
7.3
1.3
-1.1
3.6
o
9.5
8.6
9.0
9.8
8.1
9.8
10.1
5.3
9.8
9.9
10.0
7.9
-.1
3.0
-3.5
.8
-.2
3.4
-2.5
.4
44
1.4
11.7
6.9
6.6
7.0
10.0
11.0
-1.7
-6.9
11.9
10.4
g
47
3.5
— 1. 1
-6.6
10.4
8.9
11.4
10.1
-3.3
-3.3
-1.0
.3
2.8
2.2
1968—
1969
1970
1971
1972
1973
1974
-1.9
1980: III
IV
II
III
IV
-6.8
7.9
-1.1
-1.4
-7.7
1982: I »
-4.2
-3.0
1981: I
g
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
8
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
1
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
8. 1
5. 1
8.8
9.3
5.5
9.6
9.5
6.3
10.6
8. 1
11.5
8.1
8.4
9. 1
8. 1
3.0
141
6.2
10.1
5.8
7.0
8.6
8.2
6.5
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.8 percent in March following a rise of 1.2 percent in February. The index for March was
7.2 percent below the year earlier level.
INDEX, 1967=100*
(RATIO SCALE]
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
(RATIO SCALE]
UTILITIES AND MINING PRODUCTION
160
160
120
1978
1979
1980
1981
1982
100
MANUFACTURING PRODUCTION
PERCENT* (RATIO SCALE]
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
120
70
1978
1979
1980
1981
1982
1978
* SEASONALLY ADJUSTED
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
prodm:tion
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try produ ction inde xes, 1967 = 100
M£omfacturi ng
PerPeriod
Index,
1967=
100
1967 proportion
1975
1976
1977
1978.
1979
1980
1981
100. 00
117.8
130.5
138. 2
146. 1
._ 152.5
147. 0
151.0
1981: Mar
Apr
May
June
July
Aug
Sept_._
Oct
Nov.—
Dec
._
1982: Jan
.
Feb " . _ _ _
Mar »
_
cent
change
from
year
earlier
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
Total
able
Nondur-
Utilities
able
51. 98
109. 3
122. 3
130. 0
139.7
146.4
136.7
140.5
35.97
126. 4
141. 8
150.5
156. 9
164.0
161.2
164. 8
6. 36
112. 8
114.2
118. 2
124.0
125.5
132. 7
142.2
5. 69
146. 0
151.7
156. 5
161. 4
166. 0
168.3
169. 1
73.4
81. 1
82. 7
85. 6
87.4
80.0
79.9
72. 9
79.5
81.9
84.4
85.7
79. 1
78. 5
77
81
83
84
83
78
76
78.9
84. 9
87.4
90. 1
91. 7
85.8
142.1
142.5
143.5
143.2
143.6
143.4
140.9
137.8
134. 4
131.3
165.3
165. 9
166.4
165.8
167. 1
167.3
165.9
162. 8
160.3
157.4
143.2
135.2
135.4
141.7
146.5
146. 0
145.0
145.3
143. 3
142.6
167.8
167.6
170.7
172.7
173. 1
171.9
167. 8
168. 1
168.9
168.2
82.1
81. 1
81. 1
81.3
81. 9
81.6
80.0
77.7
75.5
72.4
79.8
79.8
80. 0
79.6
79. 8
79. 6
78.3
76.6
74. 8
73. 1
78
86.9
78
86. 4
76
86. 2
127.0
129.6
128.6
154.7
156. 4
155. 6
144. 3
142.3
138.7
171.8
168.7
168.7
71.3
72.0
71.0
71.0
72.0
71.4
-1.9
-4.7
151.6
152.0
152. 8
152. 4
153.2
153.2
151. 1
148.0
145.0
142.0
140.6
142. 3
141. 2
-7. 1
-6.3
-7.2
138.3
140.5
139.7
i Output as percent of capacity.
Annual data are averages of four monthly indexes.
'Quarterly data entered"in last month of quarter. Annual data are averages of
quarterly data.
3
Mining
Mt mufacturi ng
Materials
(Federal
WharComReserve Federal
ton
series) Reserve merce
series *
series 2
series
87. 95
116. 3
130. 3
138.4
146.8
153.6
146.7
150.4
152.1
151.9
152.7
152.9
153.9
153.6
151. 6
149. 1
146.3
143.4
.0
2.5
6.2
8.1
9.7
8.0
5.0
1.7
Dur-
Capacit v utilizati on rate, p ercent '
72
Sources Board of Governors of the Federal Reserve System, Department o:
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc ucts
Final 1Products
Equipwnent
Coiisumer goods
Period
Total
1981: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-
—
_ _
—
_
„
1982: Jan
Feb »
Mar »
Materials
Construction
supplies
Supplementary
group:
Energy
total
47.82
115.7
124.4
125. 1
118.2
127.6
135.9
142. 2
147. 2
145.3
149.5
NonDurable durable
goods
goods
19. 79
S7.68
7. 89
120. 6
124.4
133.8
146.2
131.5
125.6
126.3
135.3
128. 9
125. 1
121. 4
124. 0
135.2
141. 9
137. 1
141.9
154. 0
145.3
145. 1
149. 1
159. 2
148. 8
155.8
150.8
136.7
145.4
148.9
150.9
140.5
147.9
149.0
149.9
151. 3
151.4
152. 1
151. 5
150.0
148.9
147.2
146.3
148.3
148.9
150.7
150.3
150.7
149.6
147.8
146.5
144.0
142.0
143.6
144.3
147.3
147.9
146.5
142.5
140.4
136.3
129.7
123.2
150. 1
150.7
152. 1
151.2
152.3
152. 5
150. 8
150. 5
149. 7
149.5
150.0
151.4
152. 1
153.0
154. 1
154.0
152.9
152. 1
151.5
152. 1
179.3
181.0
182. 0
183.6
184.8
184.4
182.7
180.5
179.0
179.0
157. 1
156.3
156. 1
154.9
156. 2
156.8
154.6
151.4
148.7
145.9
149. 0
147.9
146.5
143.4
144.3
144.0
139.7
135.2
130. 1
127.0
154.4
152.9
153. 4
154.0
155. 3
155.2
152. 5
148. 5
144. 6
139.0
137.7
132. 6
133. 5
138.0
141.2
140.5
136.8
136. 9
137.2
136.7
142.8
144.6
143.9
139.7
141. 8
141.4
119.9
125.3
126.0
147.6
148.4
147.5
147.1
148.4
147. 4
172.2
172.7
170.6
143.2
145.3
144. 0
123.9
126.3
124.7
137.0
138.6
137.1
139.7
137.6
137.0
Total
1967 proportion
1972
1973
1974
1975
1976 .
1977
1978
1979
1980
1981
Interm ediate
prod uots
Total
Business
Total
SO. 14
103. 8
114.5
120. 0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
IS. 63
118.0
134. 2
142.4
128. 2
135.4
147.8
160.3
171.3
173.2
181. 1
IS. 89
126. 5
137.2
135. 3
123. 1
137. 2
145. 1
154. 1
160.5
151.9
154. 4
6.4$
39. 29
12.23
128. 4
139. 8
134.5
116. 3
132.6
140.6
151. 7
158. 0
140.9
141.9
122. 3
133.9
132.4
115.5
131. 7
138. 6
148. 3
156. 4
147. 6
151.6
125.2
128.3
125.5
125. 5
129. 1
132.9
135. 4
137. 9
137.7
137.4
[1967=100, seasonally adjusted]
Non durable inanufact ures
D urable nrmnufacti ires
Primar;f metals
Period
Total
Iron
steel
Fabricated
metal
products
Nonelectrical
maery
Electrical
machinery
Transp ortation
equip ment
Total
Motor
vehicles
and
parts
Lumber
and
products
ADparel
products
Print- Cheming
icals
and
and
pub- prodlishing ucts
Foods
1967 proportion
1972
1973
1974
1975
1976
1977
_
1978..
1979
...
1980
1981
6.57
112. 1
126. 7
123. 1
96. 4
109.7
111. 1
119. 9
121.3
102.3
107. 9
4. si
6.93
9. IB
8. OS
9.S7
4. BO
8. 75
116. 0
133. 7
140. 1
125. 1
134.5
143.6
153. 6
163. 7
162.8
171.2
122.2
143. 1
143.8
116.5
134.8
145. 4
159. 4
175.0
172.8
178.4
108.2
118. 3
108.7
97. 4
111. 1
122.2
132. 5
135.4
116.9
116. 1
135. 8
148.8
128.2
111. 1
142.0
161. 1
169. 9
159.9
119.0
122. 3
3. 31
109.4
117. 3
114.3
107. 6
125.7
134. 2
134.2
134.4
127.0
120.4
7. 74
112. 1
124.7
124. 2
109. 9
123.9
131.0
141. 6
148. 5
134. 1
136.4
1.64
120. 8
126.0
116. 2
107. 6
123. 2
131. 2
136. 3
136.9
119.3
119. 1
4. 7S
107. 1
122.3
119. 8
95. 8
104.8
103. 8
113.2
113.2
92.4
99.8
112.7
118. 2
118. 2
113.3
122. 5
127. 6
131. 5
136. 9
139. 6
144.2
143. 6
154. 5
159. 4
147. 2
170.9
185.7
197.4
211. 8
207. 1
215.6
116.8
120.9
124.0
123. 4
133.0
138. 8
142.7
147.5
149.6
152. 1
1981: Mar
Apr
May__
June
July
Aug
Sept..
Oct.. . . .
Nov. .
Dec
114.9
110. 6
111.9
107.4
109.4
113. 1
108.6
102. 3
96.6
89.6
108.0
103.4
105.6
98.5
99. 7
105. 1
99. 2
92.2
87.2
79.2
139.2
139.5
138.4
139.3
140. 1
140.0
136.8
133.8
130.2
126.1
169. 2
169.7
172. 1
174. 1
176.7
176. 4
173.9
169.7
167.9
167.4
177.4
178.8
179.9
180. 1
180.9
182. 6
180.0
179.6
175. 7
170.7
119.5
121. 3
123.7
123.4
119.8
115. 4
114.2
110.6
106. 1
103.7
127. 1
130.7
136.4
137. 5
130. 5
123. 1
120.4
113.8
105.5
100.4
125. 6
126. 3
126.2
122. 5
122. 9
119. 1
113. 2
109. 6
104. 7
104.8
120.2
121. 6
122.6
121. 1
122. 6
122. 6
122. 5
117.8
113.8
114. 1
142.7
141.6
141.3
143. 1
144.4
146. 1
145. 9
145. 6
143.4
145.3
218. 5
219. 8
220. 6
218.4
221. 5
219.2
216. 3
208. 8
204. 6
199.8
152.4
151. 9
152. 2
151. 3
151. 6
151. 9
150.7
151. 4
153.0
152.8
1982: Jan _
Feb * _ _ .
Mar »._ __ _ _
89.4
88.4
84. 8
79.2
78.8
120.7
122. 7
121.8
160.8
161.8
159.6
168.2
173. 1
173.0
96.5
101.8
103. 8
90.4
98. 6
105.0
99.2
101.4
145.7
146.4
145.8
195. 8
197.2
151.3
152. 3
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
Constructio n contracts1
Private
Total new
construction
expenditures
Period
Resiclential
Total
Total*
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1977= floor space
100)
(millions of
square feet)
Bi] lions of doll ars
1975
1976
1977
1978
1979
1980
1981
135. 9
151. 1
173.8
205.6
230.8
230.3
237. 0
95. 1
112.0
135.7
159.7
181. 7
174.9
183.5
46.5
60. 5
81.0
93.4
99.0
87. 3
85.8
344
47.3
65.7
75.8
78.6
63. 1
62.0
20.8
19.9
22.5
29.6
39.9
43.8
50.4
27.8
31.5
32. 2
36.7
42. 8
43.9
47.3
40.9
39. 1
38.2
45. 9
49. 1
55.4
53.5
Seasonall y adjusted a nnual rates
1981: Feb
Mar...
Apr__
May
June
July.
Aug
Sept
Oct
_.
Nov
Dec
2545
250.3
246.5
235.9
234.0
233.9
229.8
230.9
230.4
233. 0
235.8
193.2
189.6
189.9
184. 1
181.8
182.3
180.6
178.6
179. 2
180.6
182.8
99.7
96.3
95.2
89.7
86.0
82. 9
80.5
78.5
78.3
78.2
79.8
75. 1
73.0
72.9
67.7
64.3
60. 5
58.1
55.9
52.8
50.9
51. 1
48.5
48.7
4&9
47.9
48.7
51.2
52.0
51. 8
51.6
52.9
53. 7
45. 0
447
45.8
46.5
47.2
48.2
48.0
48.4
49.4
49.5
49.3
61.3
60. 6
56. 6
51.8
52.2
51.6
49.3
52. 2
51. 1
52.4
53. 1
1982: Jan "
Feb "
Mar "
232.7
230.4
181.1
179.3
78.3
76.4
51.3
50.7
54.0
54.6
48.8
48.4
51.6
51. 1
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
!
F. W. Dodge series. Relates to 50 States beginning 1969 for value indei and
beginning 1971 for floor space.
66. 0
79.0
100.0
114. 0
121.0
106.0
107.0
555
592
739
977
1, 059
904
906
Seasonally
Seasonally adjusted
adjusted
annual
rates
112
1,006
117
1,005
123
956
102
1,017
109
972
99
882
99
944
100
817
101
891
92
849
112
848
116
97
105
675
781
758
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands or units or homes, except as noted]
New priv ate homes
IS ew private lousing uni s
Units started, by type of striicture
Period
1974
1975
1976
1977
1978
1979
1980
1981
Total
1 unit
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1, 084. 2
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852. 2
705.4
2-4
units
68.1
64. 0
85.9
121.7
125.0
122.0
109.5
91.1
Units
5 or more
units
381.6
2043
289.2
414.4
462.0
429.0
330.5
287.7
ized
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 190. 6
979.6
Units
completed
Homes
sold
Homes for
sale at
end of
period *
Vacancy
rate for
rental
housing
units
(percent)1
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 501. 6
1, 265. 7
519
549
646
819
817
709
545
436
346
313
353
402
414
3398
336
272
6. 2
6.0
5.6
5.2
5.0
5.4
5.4
5.2
Seasonally adjusted armual rates
1981: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan"
Feb"
Mar »
1
2
_
1,318
1, 301
1,172
1, 046
1,040
946
899
854
860
882
863
868
776
705
696
614
623
507
554
550
108
97
105
89
88
76
62
78
81
74*
347
336
291
252
256
256
214
269
225
258
1, 153
1, 186
1, 167
963
913
865
850
722
723
789
1,353
1,439
1,299
1,353
1,320
1,233
1,202
1,265
1,067
1,114
518
467
481
417
408
364
335
359
388
456
328
329
326
318
312
308
304
291
282
272
5.0
885
924
947
592
559
606
70
83
85
223
282
256
832
795
870
1,063
894
393
369
334
275
277
273
5.3
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not
strictly
comparable with earlier data.
8
New series beginning March 1979.
5.0
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2.2 percent in February, while inventories declined $1% billion. According to the advance survey,
retail sales declined ]/£ percent in March following a rise of 2]/£> percent in February.
BILLIONS OF DOLLARS'(RATIO. SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550
-
500
TOTAL BUSINESS
INVENTORIES -
\
450
400
350
300
TOTAL BUSINESS
SALES
250
50 200
40
1978
1982
RATIO*
1.80
150;
ATIO
1.70' _INVENTO RY-SALES R
1.W
1.40
170
1978
1979
1981
1980
1982
TOT
*-x
•^_
AL BUSINESS
%,
3B
V..Jnm._iq-W1^""09*!#" yN...*!^
\
1
1 1 1 M ! i 1 i E1
1978
1979
i i i i i 1 i i i ii
1981
1980
R etail
Wholesale
2
Sales
bales *
Inventories3
177, 625
182, 230
204, 277
229, 623
259, 046
294, 579
321, 084
350, 886
1981: Feb.. .
350, 273
Mar.
350, 220
Apr
352, 594
May
352, 852
June
356, 820
July
355, 061
Aug.
354, 838
Sept—
353, 844
Oct
346, 747
Nov .
345, 450
Dec.
342, 573
1982: Jan
. 336, 548
Feb zJ>._
344, 259
Mar . . __ _
285, 807
288, 375
318, 544
350, 998
396, 490
444, 670
476, 534
512, 750
485, 543
487, 690
489, 512
492, 800
496, 475
499, 633
504, 218
509, 794
512, 512
515, 405
512, 750
510, 558
508, 775
1
The
1
IiiventorieS3
DurNonable durable
goods goods
stores stores
Millions of d ollars, seasonally adjustec
Inven-3
Sales2 tories
47, 748
46, 623
50, 694
55, 987
65, 036
76, 109
87, 931
97, 839
99, 564
98, 288
98, 840
98, 964
98, 027
97, 445
97, 359
97, 440
96, 249
96, 738
94, 920
94, 367
96, 747
Tntnl
56, 948 45, 082
56, 697 49, 012
64, 078 54, 781
72, 311 60, 435
83, 891 67, 057
93, 870 74, 529
104, 441 79, 325
111, 179 86, 566
104, 929 85, 201
105, 018 86, 128
105, 038 86, 263
105, 349 86, 361
106, 756 87, 299
105, 768 87, 292
107, 516 87, 961
108, 802 87, 823
108, 708 86, 413
110, 243 86, 733
111, 179 86, 572
111, 154 85, 320
109, 150 87, 574
87, 164
term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
»1 Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
i i 1 1 1 1 1 11 11
1982
COUNCIL OF ECONOMIC ADVISERS
Total business '
1974
1975, .
1976.
19771978..
1979..
1980..
1981.
—
\
_
1 1 1 1 1 I i 1 ! 11
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Period
j£*
RETAIL
1.30
100;
-
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 716
27, 216
27, 197
27, 601
27, 166
27, 488
27, 725
27, 759
28, 098
27, 810
26, 354
26, 436
26, 206
25, 316
26, 762
26, 993
30, 964
33, 765
36, 631
39, 711
43, 744
49, 128
54, 609
59, 350
58, 004
58, 527
59, 097
58, 873
59, 574
59, 533
59, 863
60, 013
60, 059
60, 297
60, 366
60, 004
60, 812
60, 171
Tntnl
Invento •y- sales
ratio *
Dur- NonTotal
able durable busi-J
goods goods ness
stores stores
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 530 43, 135
102, 520 49, 914
109, 228 53, 265
114, 114 53, 747
125, 693 58, 835
116, 118 54, 355
116, 148 53, 944
116, 968 54, 629
118, 191 55, 560
120, 010 56, 764
121, 993 57, 865
123, 341 58, 545
124, 376 58, 761
125, 364 59, 014
125, 618 58, 907
125, 693 58, 835
124, 229 57, 807
123, 419 56, 925
38, 206
38, 388
41, 432
46, 395
52, 606
55, 963
60, 367
66, 858
61, 763
62, 204
62, 339
62, 631
63, 246
64, 128
64, 796
65, 615
66, 350
66, 711
66, 858
66, 422
66, 494
1.45
1.57
1.48
1.46
1. 44
1.44
1.45
1. 42
1. 39
1.39
1. 39
1.40
1.39
1. 41
1.42
1. 44
1. 48
1. 49
1.50
1. 52
1.48
Retail
1.48
1. 44
1.38
1. 40
1.43
1.44
1.41
1. 39
1. 36
1.35
1. 36
1.37
1. 38
1. 40
1. 40
1. 42
1.45
1.45
1.45
1. 46
1. 41
NOTE.—Wholesale and retail trade (and total business) revised beginning 1978.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' orders rose slightly, while shipments and inventories fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180 -SHIPME NTS
' TOTAL
_
'
-u/-*——' ~\>^
-.^_^—•"
-
"""^1
~~
-
200
-
DURABLE 3OODS
-
BILLIONS OF DOLLARS * (RATIO SCALE)
J20
L
INVENTORES
280
^~^~~
_
\
1—~~\
-
,_.-- — ""
DURABLE
GOODS
'
NONDURABLE GOODS
p
—•«-•*""
=
1 1 1 11 11 1 11
11111
11
11111!
IN!
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180 irNEW OF?DERS
—^
160
^^v
" '~~*\-/~\ I
TOTAL
-x ^
X
—
-
1 mil i l l
—
-
1979|
18
GOOC S
~
-vv^
i
1980
in u h i in
(1981
i 1 1 1 1 1 1 l_i_l i
1975
1976
1977
1978
1979
1980
1981
_
,
1 1 1 1 1 1 _tiiiilniij_
1?
'1978
198*
1979
1980
IM 1i
1981
1 1 11 iI i1 1 11
1982;
Mamifacturer 3' new on ers1
ManufacDurab le goods
Manu- turers'
facCapital
invenNon- turers' tory
Nongoods
—
durable
Total
Total Durable
durable
unfilled
indusgoods
shipTotal
goods orders3 ments
goods
tries,
nonratio *
defense
Milliejns of dol ars, seaso nally adjusted
102, 874
112, 581
121, 646
137, 712
161, 390
171, 603
184, 690
86, 595
98, 802
113,201
126, 953
143, 941
153, 828
166, 481
50, 689
59, 267
67, 848
75, 803
78, 003
84, 990
48, 113
53, 934
59, 104
68, 138
75, 826
81, 491
1981: Feb... 165, 508
Mar.. 165, 804
Apr... 167, 491
May.. 167, 527
June- 171, 494
July _. 170, 324
Aug__ 69, 518
Sept.. 68, 581
Oct .. 164, 085
Nov 161, 979
Dec.. 161, 081
84, 215
85, 058
86, 327
86, 664
88, 770
87, 319
86, 841
86, 179
82, 583
81, 641
81, 146
81, 293 264, 496
80, 746 266, 524
81, 164 267, 506
80, 863 269, 260
82, 724 269, 709
83, 005 271, 872
82, 677 273, 361
82, 402 276, 616
81, 502 278, 440
80, 338 279, 544
79, 935 275, 878
1982: Jan... 156, 861
Feb ». 59, 938
Mar »_ 58, 860
77, 740
80, 268
79, 402
79, 121 275, 175 184, 057
79, 670 276, 206 184, 470
79, 458 275, 230 183, 843
42, 939 159, 934
175, 193
189, 157
210, 079
241, 572
257, 979
275, 878
175, 620
176, 229
177, 123
177, 635
178, 676
180, 855
182, 221
185, 140
186, 718
187, 275
184, 690
i Monthly average for year and total for mouth. Shipments are the same as sales.
' Book value, end of period.
" End of period.
' For annual periods, ratio of weighted average inventories to average monthly
I IM I
COUNCIL OF ECONOMIC ADVISERS
NonDurable durable
goods
goods
43, 656
y~ ^~
/\
_
Manufacturers' sh ipments 'Manufac turers' im "entories2
Total
1 1 iii h 11 11
INVENTC RY-SHIPM ENTS RAT 10
* SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
Period
1 1 if i11 1111
/ i
1.4
1 1 1 1 1 1 ! ! 1 ! 1
1 1 1 1 1 i 1 ! 1 ! 1
RAT O*
•-
I III11
1 1 1 1 1 1 1 | 1 1 !
• •* 1^"A.
-
1978
—
-
60
!
'
_
'NOND URABLE
~~s'
•
\
NONDURA iLE GOODS
ii
-
DURABLE C OODS
.,'
\
—
.-•—\
40
-
TOTAL
......
-
_,^, *•-"";^•wy-"~
,-'"
_/•-''
—
"—
r-""~
62, 612 99, 543
67, 511 115, 027
72, 367 131, 612
80, 182 147, 576
86, 376 155, 059
91, 188 166, 504
51, 398
61, 076
72, 358
79, 353
79, 264
85, 067
11, Oil 43, 130 173, 829
12, 799 48, 145 182, 499
15, 276 53, 951 204, 814
19, 450 59, 254 261, 082
22, 510 68, 223 304, 963
22, 548 75, 795 319, 729
23, 468 81, 437 319, 865
1.84
1.69
1.61
1.57
1.57
1.65
1.62
88, 876 166, 987
90, 295 167, 361
90, 383 168, 584
91, 625 169, 340
91, 033 170, 913
91, 017 172, 611
91, 140 170, 063
91, 476 168, 444
91, 722 159, 005
92, 269 159, 923
91, 188 159, 469
85, 446
86, 729
87, 180
88, 164
88, 303
89, 696
87, 350
86, 278
77, 804
79, 956
21, 185
24, 460
24, 723
23, 865
23, 230
24, 226
24, 700
23, 026
20, 996
23, 813
22, 518
81, 541
80, 632
81, 404
81, 176
82, 610
82, 915
82, 713
82, 166
81, 201
79, 967
322, 045
323, 602
324, 694
326, 508
325, 918
328, 206
328, 757
328, 613
323, 538
321, 478
79, 705 319, 865
1.60
1.61
1.60
1.61
1.57
1. 60
1.61
1.64
1. 70
1.73
1.71
21, 571 79, 094 319, 192
21, 045 79, 250 318, 302
22, 065 79, 269 318, 844
1.75
1.73
1.73
57, 060
85, 149 42, 019
79, 764
91, 118 156, 189 77, 095
91, 736 159, 051 79, 801
91, 387 159, 405 80, 136
shipments; for monthly data, ratio o< inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In March, the producer price index for all finished goods declined 0.1 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.2 percent, and prices of other finished consumer goods were down 0.4 percent. Prices of capital
equipment rose 0.5 percent from their February level.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
160 '-
140
140
120
1982
SOURCE: DEPARTMENT OF 1ABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
]Finishec . goods
Fmished goods e xcludin g
cons umer re ods
Period
Total
finConished sumer
goods foods Total
Consjumer g oods
Total
Capital
Nondur- equipable ment
Inl.ermedi ate
Crud 3 mater lals
naaterials
Total
fin•
Foodished
stuffs
Foods
consumer Total and Other Total and Other
feedfeeds '
goods
stuffs
1974
147.5 166.9 139.3 138.6 125. 9 146. 8 141. 0 149. 3 162.9
1975
163.4 181.0 156. 2 153.1 138.2 163.0 ]62. 5 163. 6 180.0
1976
170.6 180.4 166. 1 162.6 144.5 174.8 173.4 169.7 189. 1
1977
181.7 189. 9 177.7 174.3 152.8 189.3 184.6 180.7 201.5
1978. _
195. 9 207.2 190. 7 186.7 166. 9 200. 0 199. 2 194. 9 215.6
1979
217.7 226. 2 213.3 211. 5 183. 2 231.3 216.5 217. 9 242. 2
1980
247.0 239.5 247. 8 250. 8 206.2 283.9 239. 8 248.9 280.3
1981
269. 8 253.6 273.3 276. 4 218. 6 319.6 264. 3 271. 3 306.0
1981: Mar
. 265. 7 252.3 268. 4 272. 1 214. 4 315. 1 257.9 267.8 301. 5
Apr
268.2 252.7 271.5 275. 5 216.2 319.8 260.2 270.4 304. 1
May.
_ 268.8 253. 3 272. 0 275. 6 217.7 318.8 262. 0 270. 6 305.7
June
270.3 254.5 273.7 277. 1 218. 9 320. 4 264. 1 272. 0 306.9
July
271.3 256. 6 274.3 277.4 218.5 321.2 265.6 272.9 308. 1
Aug. _ _ _ 272. 1 256.8 275. 2 277.9 219. 6 321. 5 267.4 273. 3 309.7
Sept . _
272. 6 255. 5 276.4 279.3 219. 5 323.9 267. 8 273. 9 309.8
Oct
274.2 255. 0 278.6 281.4 222.5 325.3 270.5 275.2 309.7
Nov
275.5 253.2 280.9 283. 8 224. 5 328. 0 272. 5 276.3 310.6
Dec .
276. 1 253. 1 281.6 284.2 224. 3 328.9 274. 1 276. 6 311. 3
1982: Jan ..
277.3 255. 9 282.4 284.8 224.0 330. 1 275.2 277.9 312. 4
Feb
276.9 257. 1 281. 5 284.0 222.6 329.6 274. 1 277.7 311.4
Mar .
276.5 256.7 281. 1 283. 0 223. 9 327. 0 275.5 276.8 310.4
1
Intermediate materials for food manufacturing and feeds.
22
200. 2
195. 3
185.3
190.5
203. 1
226. 1
252.6
250.4
255. 3
257.3
255.6
255. 1
251.0
251.4
242.5
238.3
233. 6
234. 3
239.5
240. 2
237.5
159. 5
178.6
189.4
202. 3
216. 5
244.4
282. 3
310. 2
304. 9
307.6
309. 5
310.8
312.3
314. 1
314.8
315. 1
316. 3
317.0
317.8
316.7
315. 8
196. 1
196.9
202. 7
209.2
234.4
274.3
304.6
329.0
328.4
333. 2
333.7
336.9
337. 6
334.4
328.4
322.7
318. 1
313.8
319.2
317.3
314.6
NOTE.—Data revised for November 1981.
Source: Department of Labor, Bureau of Labor Statistics.
189. 4
191.8
190. 2
192. 1
216. 2
247. 9
259.2
257.4
260. 9
264.2
260. 9
265. 0
264.9
261.9
252.0
246. 1
240. 8
234. 1
244.4
246. 1
246.7
208.9
206.9
228. 5
245. 0
272.3
330.0
401. 0
482.4
472.8
480.6
489. 6
490.8
493.2
489.7
492.2
486.9
483.9
485. 1
479.9
470.6
461. 0
CONSUMER PRICES
In March, the consumer price index for all urban consumers fell 0.3 percent, seasonally adjusted (0.1 percent unadjusted). Food and beverase prices were down 0.3 percent, seasonally adjusted, and energy prices were down 1.7
percent, unadjusted.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
300
300
280
280
260
260
240
240
220
220
200
180
160
160
1976
1977
1978
1981
1980
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1967=100; monthly data seasonally adjusted, except as noted]
Tramsportal ion
Housing
Ret. imp. .. 100.0
Financ- Apparel
Food
ingi
and
and
Home taxes,
upkeep
bever- Total * pur£ind
ages
Total1
chase insurance
NSA
NSA
19.3
IS. 9
46.0
17.5
9.6
4.6
1974
1975
1976
1977
1978
1979
_
1980
1981
1981: Mar_.
Apr__
May__
June_.
JulyAug_.
Sept..
Oct___
Nov .
Dec_1982: Jan...
Feb.Mar_.
158.7
172. 1
177.4
188.0
206.3
228.5
248.0
267.3
264.5
265.0
265.4
266.0
267.7
269. 1
270.9
271.5
271. 9
272. 1
274.1
275.8
274.9
AU
items 1
Period
NSA
5
147.7
161. 2
170.5
181. 5
195.4
217.4
246. 8
272.4
265. 1
266. 8
269.0
271. 3
274.4
276.5
279.3
279. 9
280.7
281.5
282. 5
283.4
283. 1
148.8
164.5
174.6
186.5
202.8
227. 6
263.3
293.5
282. 8
284. 9
288.4
291.6
296. 3
299.3
303.2
303. 3
304.8
305.9
306.7
307.9
306.9
142.7
160. 3
168.4
179.5
196. 7
223. 1
254. 3
267.7
261. 1
260. 7
263. 0
266.6
271.4
272. 6
274.5
272. 5
270. 2
270.5
269.3
270.4
269.2
181. 1
201. 9
212.8
227. 2
257.8
308.9
396. 0
472.5
441. 1
447. 1
458. 3
467.2
480.0
488. 3
501.8
501.8
505. 6
506.3
506.0
507.2
500. 9
136.2
142.3
147.6
154.2
159. 6
166.6
178.4
186.9
184.9
185. 7
185. 8
186. 1
187. 1
188.4
189.0
189. 5
189.3
189.4
189.3
190. 1
190. 9
1
Includes items not shown separately.
•28 Includes
iiuijuueo direct
uueui pricing of
01diesel
aieseiand
and"gasohol
gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
• Estimated series, finance includes financing, taxes and insurance.
• Eelative importance, December 1981.
137.7
150. 6
165.5
177. 2
185.5
212. 0
249.7
280.0
275.3
274. 5
275.8
276.9
279. 7
281.4
284. 6
288. 2
290. 8
292. 5
291. 9
289. 9
287. 1
New
cars
Motor
fuel 2
Medical
care
Energy 3
All items
less food,
energy,
Serv- and home
ices purchase
and
finance 4
NSA
3.5
6.0
4.9
117.5
127. 6
135.7
142. 9
153. 8
166.0
179.3
190.2
183. 1
186. 1
189. 9
192.0
192.8
192.8
193.7
194.0
194. 6
196. 1
196.0
194. 5
194. 6
159.9
170.8
177.9
188. 2
196. 3
265. 6
369. 1
410. 9
424. 7
413. 4
410. 4
406.5
404. 3
404.7
408.3
414. 6
418. 1
420.3
413. 1
403. 6
387.6
150.5
168.6
184. 7
202.4
219.4
239. 7
265.9
294. 5
284. 0
286.6
289. 2
292. 0
295.9
299.4
302. 0
305.0
308.3
310.5
312.9
315.0
318. 1
43.2
49. 8
159.7 152. 1
176.6 166.6
189. 3 180.4
207.3 194.3
220.4 210.9
275.9 234. 2
361. 1 270.3
410. 0 305.7
409.3 293. 0
409.8 296.0
411. 3 299. 9
414. 0 303. 3
415. 7 308.6
416. 1 312.2
417. 1 316. 9
414. 9 318.4
414. 1 321. 4
414.6 322.9
416.4 324.4
413. 0 325.6
406. 1 325.7
138.5
150.5
160.8
170.6
180.9
194. 1
211. 6
231.6
225. 1
226.8
228.4
230.3
232. 6
234.4
236. 5
238. 3
239.8
241.4
242. 5
243.4
244.6
11.1
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
OO
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Perceir change from preceding
1
perioc ; season:illy adiu sted
Percenl, change from 3 rjaonths
eaiiier; season ajly adjiisted
annual rates
Percen ; change from 6 inonths
earlie r; seasortally adjiisted
annua rates
Consum<;r goods
Consume•r goods
Consum ;r good?
Period
Total
finished
goods
1973
1974
1975
1976
1977—^
1978
1979
1980
1981—1981: Mar
Apr_
May._
June.
July
Aug
Sept
Got
Nov
Dec
1982: Jan
Feb
Mar
Foods
Capital Total
equipfinished
Exclud- ment
goods
ing
foods
7.4
20.5
6.7
6.0
6.7
8.5
17.5
14.2
8.4
1.4
1.2
.0
.5
.1
.2
.5
.8
.9
.1
.2
3
—.4
22.5
11.8
13. 0
18.3
5.5
6.6
3.7 -2.5
6.9
6.9
9,2
11.7
7.4
12.8
7.5
11.8
1.5
7.0
.8
1. 1
.2
.9
.2
.2
.5
.6
.8
.4
.1
.3
.o
.2
-.2
.6
17
.5
.2
—.0
1.1
.4
-. 1
.5
-.2
-. 1
...
. _._
—
„
5.3
22. 6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
.7
.9
.7
.8
.6
.7
.1
1.0
.7
.6
.4
—.4
.5
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
12.8
11. 8
9.4
7. 1
4.7
5.0
3.4
4.3
5. 1
5.2
4.6
2.0
.6
1
Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for November 1981.
5. 1
3.2
4.7
3.5
6. 3
5.6
1.6
-2. 5
-5.5
-3.7
1.4
6.3
5.8
16.5
15.9
11.3
7.6
2.8
3.4
3.2
5.9
8.8
7.2
4.9
.3
-1. 7
11.6
10.5
9.7
10. 0
8.6
8.5
5.7
7.6
7.8
9.7
7. 1
2.4
2.1
10.7
10. 5
9.6
9.9
8.2
7.2
5.3
4.5
5.0
4.3
4.5
3. 6
2.9
Capital
equipExclud- ment
Foods
ing
foods
4.4
3.2
3. 1
4.3
4.8
5.2
2.6
1.8
-.1
-1.1
-.5
.2
.9
13.0
13.9
11.9
11.9
9.2
7.3
5.4
4.3
6.0
5. 2
5.4
4.4
2.7
11.7
9. 9
10.2
10.8
9.5
9. 1
7.8
8.1
8.2
7.7
7.4
5.1
5.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted ']
Sousing;
Period
1974
1975
1976
1977
1978
1979
1980
1981
1981: MarApr..
May.
JuneJuly.
Aug.
Sept.
Oct..
Nov.
Dec..
1982: Jan..
Feb..
Mar.
Tra nsporta tion
FiApFood
nanc- parel
All 2 and
Home ing,
items bever- Total » pur- taxes, and
upages
chase and keep
insur-
12.2
7.0
4.8
6.8
9.0
13.3
12.4
8.9
.6
.4
.8
.7
1. 1
.8
1. 1
.4
.5
.4
.3
.2
-.3
12. 0
6.2
.8
7.6
11. 6
10.0
10. 1
4.3
.3
.2
.2
.2
.6
.5
.7
.2
.1
.1
.7
.6
0
13.4
7.5
5.4
7.6
9.9
15.2
13.7
10.2
.5
.7
1.2
1. 1
1.6
1. 0
1.3
.0
.5
.4
.3
.4
2
NSA
NSA
10. 1
10.0
4. 3
8.4
11.2
15.8
11.4
1.2
-.7
— .2
.9
1.4
1.8
14.6
7. 6
1.6
11. 2
14.7
27.5
23.3
17. 9
.9
1.4
2. 5
1. 9
2.7
1.7
2.8
0
.8
.1
-. 1
.2
-1.2
.4
.7
-.7
-.8
.1
-.4
.4
-. 4
8.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6
.5
.4
.1
.2
.5
.7
.3
.3
-1
.1
1
All
items
less
food,
Med- En- Serv- energy,
New Motor ical ergy* ices
and
Total 3 cars fuel 3 care
home
purchase
and
finances
NSA
13.3
9.8
as
43
7.7
18.2
14.7
11.0
1. 0
Q
.5
.4
1.0
.6
1. 1
1.3
.9
.6
-.2
7
.4
. 4 -1.0
1 Annual changes are from December to December, not seasonally adjusted.
Include? items not shown separately,
' Includes direct pricing of diesel and gasohol beginning September 1981.
' Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor oil, coolant, etc.
* Estimated series. Finance includes financing.taxes, and insurance.
2
24
11.5 20.6
7.3 11.0
4.8
2.6
7.2
4.9
6.2
8. 5
7. 4 52.2
7.5 18.9
6.8
9.4
—.4
2.3
1. 6 -2.7
ij
2.0
1. 1 -1.0
.4 -.5
0
.1
.5
.9
.2
1.5
.3
.8
.8
.5
1
i
I-T
-.8 -2.3
. 1 -4.0
12.4
9. 9
10. 1
8.8
8.8
10. 1
10. 0
12. 5
.9
.9
.9
1.0
1.3
1.2
.9
1. 0
1. 1
.7
.8
21. 6
11. 6
6. 9
7.2
8. 0
37.4
18. 1
11.9
2. 0
.1
.4
.7
.4
.1
.2
-.5
o
.i
.4
. 7 -.8
1.0 -1.7
11.3
8. 1
7.3
7.9
9.3
13.7
14.2
13. 0
.8
1.0
1.3
1. 1
1.7
1. 2
1.5
.5
.9
.5
.5
.4
.0
11. 1
6.3
6.8
5.5
6.9
7.5
9.9
9.4
.6
.8
.7
.8
1.0
.8
.9
.8
.6
.7
.5
.4
.5
Adden dum:
All it ems
percent change
(annua 1 rate)
From From
3
6
months months
earlier earlier
9.6
8.0
7.3
8. 1
11.3
11. 3
12.8
9.7
8.4
5.4
4.8
3.7
1.0
11.4
10. 0
9.3
8.8
9.6
9.3
10.4
10.5
9.8
9. 1
7.2
6.0
3.2
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by Farmers rose 1.5 percent in April and prices paid by farmers were unchanged in the month ended
April 15.
INDEX, 1977=100
(RATIO SCALE)
INDEX, 1977=100
(RATIO SCALE)
180
160
60 I i i i i i I
I
IiiiiiIiiiiiIiiiiiI
I
IiiiiiIiiiiiI
I
IiiiiiIiiiiiIiiiiiIiiiiiIiiiiiIiiiii
RATIO -I/
RATIO
80
80
1982
1974
.V RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices received by fa rmers
Period
1974
1975
1976
1977
1978
1979
1980
1981
1981: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr
All farm
products
_
_
105
101
102
100
115
132
134
138
143
142
142
142
137
133
130
130
128
132
133
133
135
Crops
Livestock
and
products
117
105
102
100
105
116
125
134
143
142
138
138
129
120
119
121
122
126
123
120
123
1
Includes items not shown separately.
* Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
94
98
101
100
124
147
144
142
143
141
146
146
145
146
140
138
133
137
142
145
147
Prices paid by fanners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, and
and wage
wage rates *
rates
81
89
95
100
108
123
138
150
150
150
150
150
151
151
150
150
150
154
154
155
155
81
89
95
100
109
125
139
150
151
151
151
150
150
150
149
149
148
153
153
154
154
83
91
97
100
108
125
138
148
149
149
150
148
148
148
147
147
145
148
151
150
150
Ratio *
130
113
107
100
106
107
97
92
95
95
95
95
91
88
87
87
85
86
86
86
87
law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
28
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
M1 rose in March following a decline in February, Growth in the broader aggregates accelerated in March.
BILLIONS OF DOLLARS'(RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
200 I M I i i i i i i i s
1974
IIni IInIi
1975
i i i i s i II i M
1976
i nMIs M i i
1977
nInIIi s II
1978
I I II I j I I n I
1979
i i i ii i i i i Ii
1980
IMIii iIIi i
1981
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I M I I I i I I I I j 200
1982
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1981: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar "
1
Ml
M2
M3
L
Sum of currency,
demand deposits,
travelers' checks,
and other checkable deposits
(OCD)i
Ml plus overnight RPs and
Eurodollars,
MMMF
balances (general
purpose and
broker/dealer),
and savings and
small time
deposits
M2 plus large
time deposits,
term RPs, and
institution-only
MMMF
balances
M3 plus other
liquid assets
277.4
291.0
310.4
335.5
363.2
389. 0
414.5
440.9
424.4
433.3
429. 2
428.4
429. 4
431. 1
431.2
432. 9
436.4
440. 9
448. 6
447.3
448.2
911.2
1, 026. 9
1, 171. 2
1, 297. 7
1, 403. 9
1, 518. 9
1, 656. 1
1, 822. 4
1, 701. 0
1, 723. 1
1, 732. 3
1, 740. 7
1, 753. 6
1, 772. 2
1, 778. 1
1, 789. 3
1, 809. 7
1, 822. 4
1, 840. 9
1, 847. 5
1, 864. 7
Net of demand deposits due to foreign commercial banks and official
institutions.
2
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
26
1, 064. 3
1, 166. 2
1, 305. 0
1, 464. 6
1, 629. 0
1, 779. 3
1, 963. 1
2, 187. 8
2, 023. 9
2, 046. 2
2, 065. 1
2, 082. 0
2, 102. 4
2, 125. 8
2, 138. 0
2, 151. 0
2, 174 5
2, 187. 8
2, 203. 9
2, 214. 5
2, 235. 4
1, 249. 8
1, 376. 6
1, 531. 4
1, 724. 3
1, 938. 9
2, 153. 9
2, 370. 4
2, 643. 3
2, 437. 9
2, 455. 5
2, 483. 1
2, 506. 6
2, 530. 4
2, 559. 7
2, 577. 2
2, 599. 4
2, 628. 3
2, 643. 3
Percent change fi om year
or 6 imonths earlier 2
Ml
4.4
4.9
6.7
8.1
8.3
M2
5.6
12.7
14. 1
10.8
8.2
8.2
9.0
7. 1
6.6
6.4
6.8
8.8
5.7
6.8
5.6
5.7
3.2
-.2
3.4
5. 9
9. 1
7.7
8.0
10.0
9.0
10.1
9.4
10.5
10. 8
11.5
9.3
7.8
9. 1
9.6
10.2
8.7
10.0
Source: Board of Governors of the Federal Beserve System.
M3
8.4
9.6
11.9
12.2
11.2
9.2
10.3
11.4
11.8
12.1
11.0
12. 5
12.3
12.8
11.6
10.5
10. 9
10.4
9.9
8.5
9.3
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
repurchase
agreeOther ments
De- checkCur- mand able (RPs),
net,
Period rency
de- deposits plus
posits ' (OCD) over-
Money market
mutua 1 fund
balances
Small Large
dedeSavGeneral
ings nomi- nomipurpose Insti- de- nation nation
and tution posits time
time
broker/ only
dede- 2
•p-in-Vi-jill g HU
posits posits!
Euro- dealer
dollars
NSA
NSA
NSA
Dec:
1974. 67. 8
1975. 73.8
1976. 80.6
1977- 88. 6
1978- 97.4
1979- 106. 1
1980- 116.2
1981- 123. 1
1981:
Mar_ 117.8
Apr.. 119. 1
May. 119.4
June. 119. 7
July- 120.5
Aug_. 120.7
Sept. 121. 1
Oct-- 121.3
Nov. 121.8
Dec- 123. 1
1982:
Jan 123.8
Feb- 124. 6
Mar*>_ 125.1
Term
Shortrepur- Term
term
chase Euro- Sav- Treas- Bank- Comagree- dollars ings
ury
ers' merments (net) bonds secu- accept- cial
(RPs)
rities ances paper
NSA
NSA
207. 4
214.1
224. 4
239. 6
253.9
262. 2
267.2
236.4
0.4
.9
2.7
4.2
8.4
16. 9
26.9
77.0
7.2
7.5
13. 7
18.8
24. 1
26. 3
35.0
38. 1
2. 1
3.2
2.8
2.9
7. 1
34.3
61.8
150. 8
0.2
.4
.6
.9
3. 1
9. 3
13.9
33.7
337.6
387.7
451.7
490. 4
47919
421. 7
398. 9
343.6
290.0
340.9
396. 5
454. 1
533.9
652.6
751. 7
854.7
144.4
129.8
118. 2
145. 2
194.6
221. 8
257. 9
300.4
8.4
9.0
15.0
21.0
27.5
30.2
37. 8
35.4
8.0
9.7
13. 1
18.7
29.9
42. 9
48. 4
65.8
63.2
67. 2
71.7
76.4
80.3
79. 6
72.3
67. 7
53.6
77. 1
81. 1
89.9
99. 3
128. 5
156.7
177.9
10.6 50. 1
8.4 48. 0
8. 8 51.7
11.8 62.9
21. 4 79.0
26. 6 97.2
31. 8 98.2
39.8 104.3
243. 0
243.5
240.4
237. 7
236.7
236.6
234. 7
235. 7
235.7
236.4
59. 5
66. 5
65.2
66.7
68. 1
69.5
71.2
71.6
74.7
77.0
36.5
36.8
41. 0
42. 9
42.3
43. 1
39.6
36.1
36. 9
38. 1
85.3
95.8
98. 6
102.8
112.7
122. 1
130.4
137. 1
144. 6
150. 8
20. 2
21.3
19.5
20. 1
21.6
23.3
26. 6
29.4
32. 0
33.7
378. 5
378.8
373.5
366. 8
361.0
350. 9
343. 1
339.6
340. 9
343. 6
782.0
784. 1
795.8
805. 5
814.0
830.8
839. 7
849. 8
856.8
854.7
269.8
267. 6
278.4
285. 6
293. 1
299.9
302. 3
302.2
300. 6
300.4
36. 1
36. 7
37.7
38.8
37. 2
33.4
33.8
33. 4
35.6
35.4
52. 1
52. 6
57.0
57.9
58. 7
61.0
61. 2
62. 8
64.3
65. 8
70. 6
70.3
70.0
69. 7
69. 4
68.9
68.4
67.9
67.7
67.7
161. 9
157.6
158.2
160. 3
161.8
164. 1
168. 1
176.0
180. 0
177.9
33.3
34. 6
35.6
36. 4
37.2
37.4
37.6
37.2
38. 1
39.8
239.3
234. 5
233.0
81.1
83.8
85.7
43.3
43.0
43.3
154.4
155.4
158.4
32.5 348.8
30.5 348. 6
31.5 350.7
852.3
859.5
870. 1
302.7
308. 0
312.2
32. 5
32. 5
31. 8
' Net of demand deposits due to foreign commercial banks and official institutions.
2
Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
96. 1
94. 2
97.2
100.3
100. 9
102.5
103. 9
104.4
103.7
104. 3
NOTE.—See p. 26 for overall measures, and note regarding revisions.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installm ent credit e xtended
Installm ent credit li quidated
.renod
Total '
Automobile
Revolving
Automobile
Total >
Revolving
Net change in amount outstanding
Total*
Automobile
Revolving
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
306, 076
336, 341
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 454
94, 404
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
128, 068
140, 135
163, 276
172, 675
189, 179
222, 138
254, 589
286, 396
304, 628
316, 447
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
82, 977
84, 809
31, 243
35, 616
41, 764
81, 348
96, 090
111,546
126, 653
135, 438
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,448
19, 894
495
2,976
10, 465
15, 204
18, 736
14, 715
477
9,595
1,970
1,340
2, 170
6,248
9,035
8,628
1,415
4,697
1981: Feb
MarApr.
_ _
May
June
July
Aug
Sept.
Oct .
Nov
Dec
28, 682
29, 370
29, 271
28, 377
29, 223
28, 290
28, 323
29, 406
26, 836
27, 370
26, 656
8,229
8,499
7,459
7,384
7,515
8,059
8,396
9,000
7,490
8,073
7,352
11, 738
11, 620
12, 383
11, 876
12, 658
11,706
11, 663
12, 263
11, 753
11, 379
11, 592
26, 837
26, 399
26, 549
26, 806
27, 192
26, 739
25, 895
26, 431
25, 834
26, 770
26, 689
7,398
6,973
6,811
7,498
7,366
7,003
6,537
6,921
6,466
7,509
7,284
11, 419
11, 110
11, 443
11, 520
11, 651
11, 590
11, 486
11, 692
11, 429
11, 358
11, 533
1,845
2,971
2,722
1,571
2,031
1,551
2,428
2,975
1,002
600
-33
831
1, 526
648
-114
149
1,056
1,859
2,079
1,024
564
68
319
510
940
356
1,007
116
177
571
324
21
59
1982: Jan._.
Feb
26, 888
27, 150
7,474
7,283
11, 070
11, 730
26, 445
27, 075
7,595
7,339
11, 266
1 1, 885
443
75
-121
-56
-196
-155
1974
1975
1976
1977
1978
1979
1980
1981
_
.
i Includes "mobile home" and "other," not shown separately.
Source: Board of Governors of the Federal Eeserve Systems.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial bank loans and investments rose again in March. Adjusted total, required, and nonborrowed reserves
fell slightly in February and rose in March.
BILLIONS OF DOLLARS'(RATIO
BILLIONS OF DOLLARS'(RATIO SCALE)
ALL COMMERCIAL BANKS
40
40
1974
1975
1976
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
loans
and
investments
1975:
1976:
1977:
1978:
1979:
1980:
1981:
Dee._
Dec
Dec
Dec
Dec.
Dec
Dec_ . __
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All c ommercial 1 sanks '
Depositt>ry institiitions3
igs (milReserves a djusted for changes Borrowii
lions of dollars,
Loans <ind leases
Investnlents
in resei•ve requirem ents
unadj listed)
CommerOther
.S3.
SeaRecial and Treasury
NonTotal
Total J industrial
secuTotal
sonal
borrowed quired
rities
securities
loans
745.2
804.6
891.5
1, 013. 5
1, 135. 9
1, 239. 6
1, 317. 0
517.4
555. 0
632. 5
747.0
849. 9
915. 1
974.5
189.6
190.9
210.9
245. 9
291. 2
326. 8
358.5
82.2
100. 8
99. 8
93.8
94.5
110.0
111.0
145.6
148.8
159.3
172. 8
191.5
214. 4
231.6
31.16
31.70
33. 18
35.08
36.37
39.01
40.53
31.03
31.65
32.61
34.22
34.90
37.32
39. 89
30.89
31.43
32.99
34.85
36.04
38.49
40.21
1981: Feb..
1, 255. 7
Mar
1, 261. 0
Apr__
1, 267. 9
May
1, 285. 1
June
1, 295. 4
July
1, 302. 8
Aug.. _ .1, 312. 2
Sept
__ 1, 317. 8
Oct
1, 324. 0
Nov_. .
1, 327. 5
Dec
1, 317. 0
924.4
928.8
934.5
948.5
957.2
964.0
972. 7
979.0
982.8
986. 1
974.5
330.0
331.4
332.8
339.4
345. 1
350.9
356. 6
360.6
363.7
363.4
358.5
113.4
112. 9
113.9
116.0
116.7
116.4
115. 6
113.2
112.5
110.3
111.0
217.9
219.4
219.5
220.6
221.6
222. 3
223.8
225. 6
228.7
231.2
231.6
39. 12
39.24
39.41
39. 63
39.62
39.73
39. 81
40.31
40. 12
40.15
40.53
37.82
38.24
38. 07
37.40
37.58
38. 05
38.39
38.86
38. 94
39.49
39.89
38.77
38. 96
39.24
39.37
39.28
39.39
39. 52
39. 90
39.84
39.81
40.21
1,338
2,220
2,039
1,679
1,417
1,451
1,179
661
636
148
197
161
259
291
248
220
222
152
79
53
1982: Jan
Feb
Mar *
975.8
986.6
995. 9
361. 1
366.0
370. 2
114.3
115. 3
114 6
232.0
232.6
233. 6
41.28
40.93
41.09
39.76
39. 14
39.53
40.86
40.62
40. 73
1,526
1,713
1,611
75
132
174
1, 322. 1
1, 334. 6
1, 344. 1
1
Data are averages of Wednesday figures.
1
8 Excludes loans to commercial banks in the
United States.
Data are averages of daily figures.
Note.—Beginning Dec. 1981, banks loans and investments and reserves aggre-
28
127
62
558
874
1,473
1,617
636
1,301
994
13
12
54
134
82
116
53
gates have been reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars: quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credit market f unds
Period
Total
Internal'
Total
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 »
1980: I
II
III
IV
1981: I
II
III
IV '
—
-
165.8
208.7
202. 9
167.9
223.4
264.2
320.4
366.7
336.2
381.2
359.6
265.4
325.4
394.3
336.5
416.0
393.4
379.0
85.0
91.7
85. 6
119.7
1342
156. 1
171. 9
190.6
196.8
228.5
194.9
192.9
199.2
200.3
222.0
228.2
236.4
227.3
80.8
117.0
117.3
48.3
89.2
108. 1
148.5
176. 1
139.3
152.7
164.7
72.5
126.3
194.0
1145
187.8
157.0
151.7
57.6
72.9
82.8
41.7
643
84.6
93.2
104.8
106. 1
113.5
126.7
70. 1
93.3
134.3
76.2
149.2
116.4
112.0
Securities
and
mortgages
40.7
36.9
39. 1
49.7
48. 0
48.1
45.8
39.5
66.5
42.0
65.9
62.3
63.5
74 1
60. 4
55.0
3. 1
49.5
1
Undistributed profits (after inventory valuation and capital consumption
adjustments!, capital consumption allowances, and foreign branch profits,
dividends, and subsidiaries' earnings retained abroad.
' Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Loans
and
shortterm
paper
16. 9
36.0
43.6
-8.0
16.3
36.5
47. 4
65.3
39.7
71.5
60.8
Other 2
23.2
44.0
345
6.5
249
23.5
55.3
71.4
33.2
39.3
37.9
7.8
2.4
29.8
60. 2
15.8
94 2
113.3
33. 0
59.6
38.3
38.6
40. 5
39.7
643
Total
Capital
expenditures 3
149. 1
99.0
191.9 ' 121. 5
190. 1
137.9
150.9
109.7
201.4
148.3
174 1
228.5
199.2
290.9
220.9
340.6
216.9
291.7
3345
259.9
310.6
224 1
212.0
224 8
289. 1 207. 1
2243
342.4
302.7
231.6
350. 9
265.4
340.7
281.8
343.8
260.8
Discrepcrease
ancy
in
(sources
finanless
cial
uses)
assets
In-
50. 1
70. 5
52.2
41.2
53.0
544
91.7
119.7
749
746
86.5
12.8
82.0
118.2
71.1
85.5
58.9
83.0
16.7
16.7
12.9
17.0
22.0
35.7
29.5
26.2
445
46.7
49.0
40.7
36.3
51.9
33.7
65. 1
52.7
35.2
' Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curreiit assets
End of period
Total
SEC series:2
1970
1971
1972.
1973
1974
FTC-FRB series:'
1974
1975
1976
1977
1978
1979
1980
_
1980: I.
II
III
IV
1981: I
II
III
_
Cash
Curirent liabil ties
U.S.
Notes
governand
Invenment
acsecuri- counts tories
ties receivable
Total
Net
working
capital
Current
ratio l
492. 3
529. 6
599. 3
697.8
790. 7
50. 2
53.3
59.0
66. 3
71. 1
11. 0
10. 6
12.8
12.3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263.9
313.6
35.0
43. 8
55. 8
66.4
71.7
304 9
326.0
375.6
450. 9
530.4
211. 3
220. 5
282.9
340. 3
402.3
93.6
105. 5
92.7
110.7
128. 1
187.4
203.6
223.7
246.9
260. 3
1. 615
1.625
1.595
1.548
1.491
735.4
759.0
826.8
902. 1
1, 030. 0
1, 200. 9
1, 281. 6
1, 234 0
1, 232. 2
1, 254 9
1, 281. 6
1, 321. 2
1, 317. 4
1, 349. 2
73.2
82. 1
88.2
95.8
104.5
116. 1
121.0
110.5
111.5
113.4
121.0
120.5
118. 5
118.3
11. 1
19.0
23.4
17.6
16.3
15.6
17.3
15.2
14.0
16.4
17.3
17.0
17.7
16. 0
265.8
272. 1
292.8
324.7
383.8
456.8
491.2
470.3
463.4
478.7
491.2
507.3
507.4
519.7
319.5
315.9
342.4
3748
426.9
501.7
525.4
518.9
525.0
524.5
525.4
542.8
540.0
557.2
65. 9
69. 9
80. 1
89.2
98.5
110.8
126.7
119.2
118.3
121.9
126.7
133.6
133.7
138. 1
453.4
451. 6
494.7
549.4
665.5
809. 1
877.2
836.5
826.0
850. 5
877.2
910.9
908. 1
951. 1
269.8
2642
281.9
313.2
373.7
456.3
498.3
467.7
463.0
477.2
498.3
5040
500.8
529. 1
183.6
187.4
212.8
236. 2
291.7
352.8
37a9
368.8
363. 1
373.4
378.9
406.9
407.2
422.0
282. 0
307.4
332.2
352.7
364. 6
391.8
4044
397.5
406.2
404 3
404 4
410.3
409.3
398. 1
1.622
1.681
1.672
1.642
1.548
1.484
1.461
1.475
1.492
1.475
1.461
1.450
1.451
1.419
i1 Total current assets divided by total current liabilities.
Based on data from Statistics of Income. Department of the Treasury.
' Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Other
current
assets
Notes
Other
and
current
accounts liabilities
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978. for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Most interest rates in April were slightly above their March levels.
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1981
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
Period
1976
1977
1978
1979
1980— ___
1981
1981: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr »
Week ended:
1982: Mar 13
20
27
Apr 3
10
17
24
May 1"
High-grade Corporate Prime com- Discount
U.S. Tre asury securi ;y yields
rate
mercial
municipal
Aaa
Constant nnatalities.'
(N.Y.
paper,
3-month
bonds
1
F.R.
6
(Standard
bills
3-year
10-year & Poor's) 3 ( Moody 's) months * Bank) 5
4
5. 50
6.77
7.61
8. 43
5. 34
6.49
4. 989
7.42
6.69
8.02
5. 46
*4 5. 61
5. 265
5. 56
7.46
8.29
8.41
8.73
7. 99
7.221
5.90
9.72
10.28
9.44
9.63
10.91
6.39
10. 041
11.55
11. 46
11.94
12.29
11. 77
_.
8. 51
11. 506
13.41
14.44
13.91
14. 17
14.76
11.23
14.077
13-13
14.09
13.68
13.88
14. 17
10.55
13. 635
13-14
14. 10
14.32
15.08
10.73
16.66
16. 295
14-14
13.47
15.22
14.29
10.56
13.75
14557
14-14
14.28
16.09
15.15
11. 03
14.38
14.699
14.94
14-14
14. 89
16.00
16.62
12.13
15. 612
14-14
16.22
15.32
15.93
14.951
15.49
12.86
14-14
15.50
15. 15
14.72
12.67
15.40
__
13. 873
14-13
14.22
13. 11
13.39
11.71
11.96
11. 269
13-12
13.66
13. 72
12. 14
14.23
10. 926
12.77
12-12
14.64
14. 59
15. 18
13. 35
13. 16
12. 412
12-12
14.43
14.73
12.81
15.27
14. 27
13. 780
12-12
14. 13
13.86
12.72
14.58
13.47
12. 493
12-12
13.87
14. 47
13.64
14. 18
12.45
12. 821
12. 058
12. 909
12. 553
13. 399
12. 893
12. 849
12. 497
12. 469
13.94
14. 19
14. 18
14. 47
14.36
14.21
14. 09
14.02
13. 80
13.90
13.86
14. 15
14. 13
13. 85
13.69
13.78
12.50
12.81
12.90
12. 99
12.86
12.57
12. 18
12.20
1
Rate on new issues within period; bank-discount basis.
1
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
'1Weekly data are Wednesday figures.
Prior to November 1,1979, data are for 4-6 months paper.
' Average effective rate for year; opening and closing rate for month and week.
30
14.55
14.55
14.53
14.66
14.68
14.53
14.31
14.29
13. 17
13.62
13.46
13.86
13. 74
13.78
13.53
13.46
12-12
12-12
12-12
12-12
12-12
12-12
12-12
12-12
Prime
Newrate
home
charged
mortgage
vields
by 5
(FIILBB)«
banks
9.00
6.84
9.02
6. 83
9.56
9.06
10.78
12.67
12. 66
15. 27
14.70
18.87
14. 15
17H-18
14.10
18-20%
14.67
20/2-20
14.72
20-20H
20/2-20K
15.27
15.29
20/2-19K
15.65
19/2-18
16.38
18-16
15.87
15%-15%
3
15.25
15 4-15%
15.12
15K-16K
15.83
16/2-16/2
16/2-16/2
16H-16/2
16H-16K
16/2-16/2
16H-16H
16/2-16/2
16M-16/2
16H-16K
16K-16/2
• Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Eates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in April.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
COMPOSITE PRICE INDEX STOCK
(NYSE).
40
30 I
I iiiii
1974
I
i i iii I
1975
1976
I
1977
i i i i iIiii i i
IIi MIi Ii II
1978
1979
i IIiIIiii M
ii IIIII Ii II
1980
1981
I i I I i I i I I I i I 30
1982
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15 -
10
5 -
J
1974
1975
1976
1977 .
1978
1979
1981
1980
COUNCIL OF ECONOMIC ADVISERS
SOURCESi NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
I
Common s took 5 vields
(perc ent)
Comimon stock p rices '
New York Stock Exch ange indexe s(Dec. 31. 1 965=50) -
Period
Composite Industrial Transportation
1976
1977
1978
1979
1980
1981
1981: Apr—
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Feb
Mar
Apr__
Week ended:
1982: Mar 20
27
Apr 3
10
17
24
May 1
_.
54.46
53. 69
53.70
58.32
68. 10
74.02
77.60
76.28
76.80
74.98
75.24
68.37
69.40
71.49
71.81
60.44
57. 86
58.23
6476
78.70
85.44
90.57
88.78
Utility
86.64
86. 72
78.07
78.93
80.86
81.70
36.97
40. 92
39.22
38.20
37. 35
38. 91
38.34
38.27
39.23
38.90
40. 22
38. 17
38.87
40.73
40.22
52. 94
55. 25
56.65
61.42
64.25
73. 52
7459
74.65
79.79
7497
73.76
69.38
72.56
76.47
7474
97492
894. 63
820. 23
844 40
891. 41
932. 92
1, 004 86
979. 52
996. 27
947. 94
926. 25
853. 38
853. 25
860. 44
878. 28
67.91
66. 16
63.86
66.97
76.85
74.78
71.51
75.59
62.04
59.09
55. 19
57.91
39.30
38.32
38.57
39.20
70. 99
70.50
69.08
71.44
63. 11
64.97
65! 11
66.46
66.88
67.24
67.62
70.61
72.91
73. 18
74. 99
75.47
75.84
76.50
54.43
56. 22
56. 18
57.54
58.36
58.03
58.09
38.45
38.95
38.80
38.90
39. 12
39.47
39.41
67.56
69.79
69.82
71.16
71.51
71.96
71.43
' Average of daily closing prices.
«Includes all Hie slocks (more than 1,500) listed on the NYSE
' Includes 30 stocks.
«Includes 500 stocks.
» Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices, fcarnings-price ratios based on prices at end of quarter.
Finance
Dow& Poor's
Jones
composite Dividendprice
industrial
index
ratio
average 3 (1941-43=
10)'
39.57
41.09
43.50
47.34
60. 61
72.61
80.63
76.78
76.71
74.42
73.27
63.67
65.65
67.68
68.27
saes
L
1982
102. 01
98.20
96.02
103. 01
118. 78
128. 05
13443
131.73
132. 28
129. 13
129. 63
118. 27
119. 80
122. 92
123. 79
3.77
4 62
5.28
5.47
5.26
5.20
486
4.98
5.03
5.18
5. 16
5.69
5.65
5.54
5.57
853. 41
833. 15
812. 33
844. 96
117.
114
110.
116.
28
50
84
31
5.95
6.06
6.28
5.99
801. 22
823. 02
828. 58
838. 61
840. 70
849. 07
853. 80
109. 74
112. 89
113. 09
115. 44
116. 20
116. 74
117. 42
6.38
6. 17
6.22
6.01
6.00
6. 01
5.94
Earningsprice
ratio
8.90
10.79
12.03
13.46
12.66
11.44
13.13
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 6 months of fiscal year 1982, there was a budget deficit of $71.9 billion, compared to a deficit of $65.2
billion a year earlier.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
RECEIPTS AND OUTLAYS
700
700
600
600
500
500
OUTLAYS
Y
RECEIPTS
400
300
300
200
200
1974
1975
1977
1976
1978
1979
1981
1983
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars)
Period
Receipts
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982'
1983 »
Cumulative total, first 6 months:
Fiscal year 1981Fiscal year 1982- _
1
Estimates from Current Budget Estimates, April 1982.
32
_
Outlays
Surplus or
deficit ( — )
Federal debt ( end of period)
Gross
Held by
the public
207.3
230.8
263.2
279.1
298. 1
81.2
355.6
399.6
463.3
517.1
599.3
628.4
665. 1
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728. 9
767.0
-23.4
-148
-4.7
— 45. 2
-66.4
-13.0
— 44. 9
-48.8
-27.7
— 59. 6
-57.9
-100.5
-101.9
437.3
468.4
486.2
544.1
631.9
646.4
709. 1
780.4
833.8
914.3
1, 003. 9
1, 135. 9
1, 269. 3
323.8
343.0
346.1
396. 9
480.3
498. 3
551.8
610.9
644.6
715. 1
794.4
916.4
1, 034. 4
260.6
289. 6
325. 8
361.5
-65.2
-71.9
970.9
1, 066. 4
778.6
862.8
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal year 1982, budget receipts were $29.0 billion hisher than a year earlier and budget
outlays were $35.7 billion higher.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
400
300
200
200
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
\
300
300
200
200
100
100
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
C)utlays
Receipts
Nationa defense
Period
Total
IndiCorpovidual ration
income income
taxes
taxes
Other
Total
Department of
Defense,
military
Total
Interna- Health
and
Intional
income terest Other
affairs security
Fiscal year or period :
1972. __
1973
1974
1975
1976
Transition quarter.
1977
1978...
_
1979
1980
198]
1982'..
19831
207.3
230. 8
263. 2
279. 1
298.1
81,2
355. 6
399, 6
463. 3
517. 1
599. 3
628.4
665. 1
94.7
103.2
119. 0
122. 4
131.6
38.8
157.6
181. 0
217.8
244. 1
285.9
298. 9
304. 5
32.2
36.2
38. 6
40. 6
41.4
8.5
54.9
60. 0
65.7
64.6
61. 1
51. 6
64. 6
80.4
91.4
105.7
116. 1
125.0
34.0
143.0
158. 6
179. 8
208.4
252. 2
277. 9
296. 0
230. 7
245.6
267.9
324. 2
364. 5
94.2
400.5
448. 4
491.0
576.7
657.2
728. 9
767.0
76.6
74.5
77. 8
85.6
89.4
22.3
97.5
105. 2
117.7
135.9
159.8
187. 6
221. 4
75. 1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115. 0
132.8
156. 1
182. 8
215. 9
4.7
4. 1
5. 7
6.9
5.6
2.2
4.8
5.9
6. 1
10.7
11. 1
11.4
12. 1
Cumulative total, first 6
months:
Fiscal year 1981
Fiscal year 1982
260.6
289.6
125.7
137. 1
23.0
22. 9
111.9
129.5
325.8
361.5
76. 6
90.3
74.8
88.2
5.3
5. 6
i Estimates from Current Budget Estimates, April 1982.
80.0 20.6
90.4 22. 8
104.8 28.0
134.3 30.9
158. 9 34.5
7.2
41. 0
174.5 38.0
187.4 44.0
207. 1 52.6
248.3 64. 5
291. 1 82.5
323. 1 99.2
339.4 113.6
143.0
157. 3
37. 5
48.7
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
107.5
117. 3
112.7
107.6
80.5
63. 4
59. 6
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1981, according to revised estimates, Federal receipts fell $11.1 billion (annual rate) and
expenditures rose $33.2 billion, yielding a deficit of $100.0 billion. In the first quarter of 1982, expenditures rose
$7.9 billion,- receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
600
500
400
400
300
300
50
50
SURPLUS
V/A I
DEFICIT
-50
-50
-100
-100
1974
1976
1979
1978
1980
1981
1982
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal CJovernm ent receip ts
Period
Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
F« deral Gc)vernmeiit expenclitures
Subsidies Less:
GrantsPurContriin-aid
less
Wage
butions
current accruals national
chases Trans- to State Net
income
for
Total of goods fer pay- and interest surplus of less
and
and
social inments local
paid Govern- disservices
surance
ment en- burse- product
governterprises ments accounts
ments
(-),
Fiscal year:
365.9
1977
1978
414.2
1979
480.7
527.3
1980
1981
613. 0
166.4
186.4
223. 1
249.7
290.7
58.8
67.2
75.8
70.6
69.6
24.5
27.2
29. 1
35.7
56. 6
116.2
133.4
152.7
171.3
196. 1
411.7
450.5
494.7
578.2
667.9
140.3
150.7
163. 4
190.2
218.3
169.8
182.2
201.8
239.3
279. 7
66.3
74.7
79. 1
86.7
90. 1
28.4
33.5
40. 6
51.2
66.9
7.0
9.6
9.8
10.8
13.0
0.0
-.0
.0
.0
.1
-45.8
-36.3
-14.0
-50.9
-54.9
Calendar
year:
1977
375.1
1978
431.5
1979
494.4
1980
540.8
626.0
1981
1980: III.. 540.8
IV... 573.2
617.4
1981:1
II— 621.0
Ill— 638.3
IV-. 627.2
1982: I"
170. 1
194. 9
231.4
257.8
296.2
259.4
272.9
283.3
293.2
306.4
302.0
298. 8
61.6
71.2
74.6
70.2
66.0
66.7
72.6
74.6
64. 8
25. 0
28. 1
29.4
40.6
61. 2
42.9
49. 1
60.6
62. 6
61.8
59.9
50.8
118. 5
137.2
159.0
172. 2
202.5
171.8
178.6
198.9
200.4
203.7
207.0
214.5
421.5
460.7
509. 2
602.0
688.4
615.0
641.1
6640
668.2
694.0
727.2
735. 1
143.9
153.4
167.9
198.9
230.2
194.9
212.0
221.6
219.5
226.4
253.3
255. 7
172.8
185. 6
209. 1
249.8
284.5
265.3
269.0
271.9
274.8
293.6
297.9
302.4
67.5
77.3
80.4
88.0
87.2
87,7
91.8
90.2
89. 6
85.4
83.7
82.9
29. 1
35.2
42.3
53.3
73.1
53.5
55.2
67.7
70.4
75.6
78.7
81.0
8.2
9.3
9.4
12.0
13.4
13.7
13.1
12.6
13.9
13.3
13.6
13. 1
.0
.0
-.0
.0
.0
.0
.0
.0
.0
.2
—.1
—.2
-46.4
-29.2
— 14. 8
-61.2
-62.4
-742
-67.9
-46.6
-47.2
-55.7
-100.0
ea4
58.3
Sources: Department of Commerce (Bureauof Economic Analysis), Department of the Treasury, and Office ol Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industria produc;tion (sesisonally adjuste d)
Period
1975
1976
1977
1978
--1979
1980
1981 *.
1981: Apr
May
Juue
July____
Aug
Sept
Oct
Nov »_ .
Dec »__.
1982: Jan ».._
Feb »___
Mar »
United
States
Canada
Japan
117.8
130.5
138.2
146. 1
152.5
147.0
151.0
151.9
152.7
152.9
153.9
153.6
151.6
149. 1
146.3
143.4
140.6
142.3
141.2
140.3
148.5
152.2
157.7
166.0
162.7
164.8
168.0
170.2
171.7
167.7
164.8
162.3
160.0
158.6
157.8
154.4
163.9
182. 0
189.7
201. 1
217.7
232.5
239.3
237.0
232.6
238.4
241. 1
234. 1
243. 1
246.7
246. 4
244.4
244. 1
245. 4
GerFrance many
Italy
137.1
149. 1
152.0
154. 1
161.8
162.3
160. 0
161
161
158
161
161
161
161
161
158
161
161
127.6
143.5
145. 1
147.9
157.6
166.5
162.2
168. 5
158.5
158.8
163.6
138.0
163. 9
159.2
170. 0
160.5
156.5
163.8
139
149
152
154
161
160
157
156
159
160
157
157
160
160
160
162
156
155
Consumer Ijrices (uiaadjuste( i)
United United CanKing- States1 ada Japan France
dom
114.3
117.4
122.9
126.9
131.7
122. 9
118.0
117. 4.
116.5
118. 2
117.7
117.7
118.6
121.4
119. 2
118.0
117.8
118.8
' Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
161.2
170. 5
181.5
195.4
217.4
246.8
272.4
266.8
269.0
271.3
274.4
276.5
279.3
279.9
280. 7
281.5
282.5
283. 4
283. 1
160.1
172. 1
185.9
202. 5
221.0
243.5
273. 9
267.2
269.6
273.8
276. 2
278.2
280.2
283.0
285.4
286.7
288.7
292. 1
295.8
205. 8
224.9
243. 0
252.3
261.3
282. 3
296.2
294.5
297. 0
297.3
296.4
294.7
299.5
300.7
299.8
299.8
300.7
299.8
Germany
178.9
196. 1
214. 5
233.9
259. 1
294.2
332. 7
323. 1
326.0
329.2
334.9
339. 0
342.9
347. 1
350. 3
352.4
356.0
359. 6
144.2
150. 4
155.9
160.2
166.8
175. 9
186.4
184.7
185.4
186.3
187. 1
187.7
188.6
189.2
190. 1
190.7
192.3
192.8
193. 1
Italy
186.8
218. 1
255.2
286. 2
328.5
398.0
472.4
461.3
46R7
473.9
477.7
481.0
487.7
497.5
506. 0
511. 1
517.7
524.4
529. 1
United
Kingdom
216.5
252.4
292.4
316. 6
359. 0
423. 6
473.9
469.4
472.4
475.2
477.3
480.8
483.5
487.9
493. 0
496. 1
499.0
499. 1
national Trade Administration, Offloe of Planning and Research, in International
Economic Indicator!.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mera landise i mports
Merck andise e xports *
5
General im ports
Domesti 3 exports
Period
Monthly
average:
1974*
1975*
1976*.
1977*
1978*
1979*
1980—
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- mate- Manubever- matefacrials
ages,
rials
ages,
tured Total ' and
and to- and
to- and
goods
bacco
fuels
bacco
fuels
Total
(c.i.f.
value)
4,602
4,257
5,398
6, 379
8, 360
9, 352
10, 427
9,240
8,823
11, 042
13, 368
15, 504
18, 519
21, 415
11, 873
11, 379
11, 325
11,816
11, 645
11, 622
13, 361
11,971
13, 127
12, 826
11, 414
12, 584
11, 527
12, 402
22, 779
21, 983
23, 266
22, 248
23, 033
21, 074
24, 398
22, 317
24, 194
23, 568
20, 699
23, 870
19, 900
21, 237
F.a.s. vah IB
8,174 8,053
8,971 8,842
9,602 9,456
10, 103 9,912
11, 973 11,753
15, 155 14,869
18, 386 18, 036
19, 473
1981
1981: Mar___ 21, 278
Apr
19, 786
May__ 18, 899
June__ 19, 750
July.. .19, 289
Aug... 19, 031
Sept.. 19, 551
Got... 19, 163
Nov.. 19, 153
Dec... 18, 885
1982: Jan___ 18, 737
Feb. . 18, 704
Mar_ , 18, 602
19, 075
20, 843
19, 377
18, 528
19, 340
18, 919
18, 720
19, 108
18, 733
18, 751
18, 377
18, 350
18, 341
18, 127
1,269
1,399
1,436
1,330
1,717
2,049
2,534
1,317 5,294
1,266 5,913
1,341 6,437
1, 548 6, 679
1,746 7,873
2,352 9,716
2,810 11,991
8,547
8,209
10, 290
12, 533
14, 563
17, 455
20, 406
2,767
3,304
2,891
2,667
2,573
2,549
2,470
2, 772
2,920
2,675
2, 515
2,279
2,482
2,673
2,752
3,219
2,530
2,526
2,342
2,430
2,662
2,795
2,863
2,872
2,934
3,076
3,434
3,151
21, 748
21, 029
22, 249
21, 232
22, 005
20, 114
23, 242
21, 274
23, 077
22, 508
19, 746
22, 829
19, 090
20, 349
12, 857
13, 558
13, 276
12, 619
13, 456
13, 060
12, 991
12, 947
12, 458
12, 590
12, 318
12, 463
11, 876
11, 822
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.
* Total arrivals of imported goods other than intransit shipments.
Note.—Imports on c.i.f. basis beginning 1982 not strictly comparable with
earlier periods.
Manufactured
goods
Mer chandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s:) (f.a.8.)
imless
less
ports
imimports
(cusports
(e.i.f.)
toms (f.a.s.)
value)
892 2,672
827 2,716
991 3,457
1,186 4,463
1,312 4,325
1,478 5,949
1,546 7,831
Custoiris value
1,529 7,739
1,612 7,471
1,471 8,878
1,665 7, 146
1,472 8,249
1,390 6,576
1,479 7,779
1, 393 7,411
1,583 7, 642
1,413 7,468
1,542 6, 174
1,340 8,269
1,154 5,845
1, 529 5,717
-372
762
-688
-2, 430
-2, 590
-2, 300
-2, 020
-2, 275
249
-2, 463
-2,333
-2, 255
-825
-4, 212
— 1, 724
-3,914
-3, 356
-861
-4, 092
QQ7
oo
t
-1,747
-1,065
148
— 1,440
-3, 265
-3, 530
-3, 364
-3, 030
-3, 306
-705
-3,480
-3, 349
-3, 283
-1,784
-5,367
-2, 766
-5, 031
-4, 415
-1,814
-5, 134
-1,197
-2, 635
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic and
foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports,
and trade balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
S
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1981, the current account was virtually in balance, following a $2.1 billion surplus in the third
quarter. The shift largely reflected an increase in the merchandise trade deficit to $9.2 billion from $7,0 in the third
quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
M srchandise
Period
Exports
1973
1974
1975
1976_ ..
1977
1978
1979
1980
1981 "
1980: 1...
II.IIIIV1981: !.__
II__
IIL_
IV".
71,410
98, 306
107, 088
114, 745
120, 816
142, 054
184, 473
223, 966
236, 300
54, 898
55, 667
56, 252
57, 149
60, 990
60, 369
57, 929
57, 012
Imports
Inve•stment in come 3
1 2
Mot
i>i Kit
balflQC 6
Receipts
Payments
-70,499
911 21, 808 — 9, 655
-103, 649 -5,343 27, 587 -12,084
-98, 041 9, 047 25, 351 -12, 564
-124,051 -9, 306 29, 286 -13,311
— 151,689 -30, 873 32, 179 -14,217
-175,813 -33, 759 43, 265 -21,865
-211,819 -27,346 66, 699 -33, 236
-249,308 -25, 342 75, 936 -43, 174
— 264, 117 -27, 817 90, 057 -53,300
-65,024 - 10, 126 20, 465 — 10,629
-62,411 -6, 744 16, 860 — 10, 342
— 59, 154 — 2,902 18, 850 - 10, 697
-62, 719 -5,570 19, 764 -11,507
— 65, 651 -4, 661 21, 581 -12,498
-67,263 -6,894 22, 413 -13,649
-64,955 -7, 026 23, 301 - 14, 043
-66,248 -9, 236 22, 762 — 13, 111
Net
12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
36, 757
9,836
6,518
8, 153
8,257
9,083
8,764
9,258
9,651
Net
military
transactions
Nettravel
and
transportation
receipts
-2, 070 -3, 158
-1,653 -3, 184
-746 -2, 792
559 -2, 558
1,528 — 3, 293
738 -3, 178
-1,947 — 2,622
-798
-2,515
— 508
- 1, 943
-532
-918
-152
-427
-38
-455
-76
-715
— 633
-568
-211
-698
-87
-590
91
245
Other
services,
net 3
Balance
on
goods
and
services »
Remittances,
pensions,
and
other
unilateral
transfers >
7, 140
3, 184 11,021 -3,881
2, 124
9, 309 -7, 186
3,986
4,598 22, 893 -4,613 18, 280
4,384
9, 382 — 4, 998
4, 711
5, 182 -9,493 -4, 617 — 14, 110
5,792 -9,008 -5,067 — 14,075
1,414
7,008 — 5, 593
5,460
6,674 10, 779 -7, 056 3,723
6,578
6,852 13, 340 -6,762
-217 -1,878 -2,095
1,523
-545
1,592
787 -1,332
4,975
6,478 — 1,503
1,719
3,734 -2,344
1,390
1,838
1,640
4,861 - 1, 527 3, 334
1,212
2,730 -1,518
1,769
3,963 - 1, 848 2, 115
1,728
-85
1,786 - 1, 871
1,717
1
Excludes military grants.
'.Adjusted
from Census data for differences in timing and coverage.
3
Fees and royalties from XJ.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
Balance
on
current
account
Source: Department of Commerce. Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the private capital accounts, U.S. claims on foreigners reported by U.S. banks increased $42.4 billion in the fourth
quarter, compared with a $15.2 billion increase in the third. Claims were increased $31.4 billion by the transfer of
assets from abroad to establish International Banking Facilities (IBFs).
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET ,I
-30
-40
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted.l
ij.S. assets abroad, ne t
[inc •ease/capit£il outflow (
Period
Foreigii assets in the U.S.,
net [increase/c!ipital inflow (+)P
U.S.
official
reserve
assets 1 2
Other
U.S.
Government
assets
U.S.
private
assets
-22,874
— 34, 745
-39, 703
-51, 269
-34, 785
-61, 070
-62, 639
-84, 776
-106,578
158
-1,467
-849
— 2, 558
-375
732
- 1, 133
-8, 155
-5, 175
-2, 644
366
-3,474
-4, 214
-3, 693
— 4, 644
-3, 767
-5, 165
-5, 138
-20, 388
-33, 643
-35, 380
-44, 498
-30, 717
-57, 159
-57, 739
-71,456
-96, 265
-12,639
II
— 24, 837
III— -19,302
IV— -27, 995
1981: I
-22,407
II
-21,980
III— -16,709
rv'__ -45, 485
-3,268
502
- 1, 109
-4, 279
-4,529
— 905
4.
262
- 1, 456 -7, 915 7,509
- 1, 187 -24, 152 7,232
-1,427 -16,766 11, 651
-1,094 -22,622 23, 870
- 1, 395 - 16, 483 7, 140
- 1, 485 - 19, 590 12, 888
- 1, 282 - 15, 423 15, 849
-976 -44, 771 38, 479
Total
1973
1974 .
1975
1976
1977
19781979
1980
1981 »
1980: I
Total
6,026
18, 388
34, 241
10, 546
7,027
15, 670
36, 518
17, 693
51, 218
36, 816
33, 561
63, 748
38, 946 -13,757
15, 492
50, 261
74, 356
5,208
1
Consists of gold, special drawing rights (SDEs), convertible currencies, and
the U.S. reserve position in the IMF.
* Quarterly data are not seasonally adjusted.
Foreign
official
assets
-7,462
7,557
7,686
7,711
5,503
-2, 779
-5, 663
8,147
Other
foreign
assets
12, 362
23, 696
8, 643
18, 826
14, 403
30, 187
52, 703
34, 769
69, 148
14, 971
-326
3,965
16, 158
1, 637
15, 667
21,512
30, 332
Statis tical
discrejsancy
U.S.
official
Allocareserve
tions
assets,
of_
Of
Total
net 1
special
which
:
(sum
of
(unaddrawing
Seasonal justed,
the
rights
adjustitems
end of
(SDKs) with sign ment
reversed) discrep- period)
ancy
1,139
1, 152
1,093
1, 152
1, 093
-2, 654
-1, 620
5, 753
10, 367
-2, 323
11, 398
21, 140
29, 640
24, 551
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
30, 075
6,073
-206
1,355
18, 151
2,676 -3,291
2,736
2, 139
-401
10, 840
7,880
1, 161
— 1, 255 -2, 631
1,875
7,090
21, 491
21, 943
22, 994
26, 756
30, 410
29, 582
29, 716
30, 075
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
Page
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, Private 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—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
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 Budget Receipts and 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
For sale by the Superintendent of Documents. U.S. Government Priming Office, Washington, D.C. 20402
Price $2.75 (single copy) ($3.45 foreign). Subscription price: $21.00 per year; £26.25
for foreign mailing.
US. SOVERNMBfT PRINTING OFFICE : 1982 O—93-431
@FedFRASER