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98th Congress, 1st Session

Economic Indicators
APRIL 1983
Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1983

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)

HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)

BRUCE R. BARTLETT, Executive Director

COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, Chairman
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402

11



TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1983, gross national product rose $68.5 billion or 9.1
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 3.1 percent (annual rate) and the
implicit price deflator rose at a 5.8 percent annual rate.
BILLIOhJS OF DOLLARS

BILLIONS OF DOLLARS (RATIO SCALE)

(RATIO SCALE)

3,200
•5

x

SEASONS LLY ADJUSTED ANNU AL RATES

3,200

.^^-1

AA/1

^^~

o pnn

~
2 800

-

>X

2 AQO

9 Aori
X " "
" " ^

_

_

GNP

IN CURRENT DOLLA RS

2,400

^r
^\

V.
.s

2,400

2 200

/

-

-

,^*

-

1 snn

1 800

^
X ^

1 600

.
\

1 Ann

\

++**

^

-

GNP
IN 1972 DOLLAF

"*

s

-

X---*

1 200

i

\

I

I

I

1977

1976

1975

I

i

I

I

I

I

1979

1978

i

I I
1980

I

I

I

1

i

I

1

1982

1981

I

I

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

1974
1975
1976
1977
1978
1979
1980
1981
1982

1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,633.1
2,937.7
3,059.3

1981: ffl
IV
1982: I

Personal
consumption
expenditures

Gross
private
domestic
investment

Imports

Total
Tntfl]

National
defense

-4.0
-1.1
13.2
25.2
26.1
20.5

154.9
170.9
182.7
218.7
281.4
339.2
367.3
350.8

72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.4
153.7
178.6

486.0
468.9

25.9
23.5

367.2
367.9

341.3
344.4

600.2
626.3

230.0
250.5

1,919.4
1,947.8
1,986.3
2,030.8

414.8
431.5
443.3
391.5

31.3
34.9
6.9
9.1

359.9
365.8
349.5
328.1

328.6
330.9
342.5
319.1

630.1
630.9
651.7
676.8

2,054.0

430.6

16.6

330.2

313.6

675.5

2,980.9
3,003.2

1,868.8
1,884.5

IV

2,995.5
3,045.2
3,088.2
3,108.2

1983: Ip.

3,176.7

Source: Department of Commerce, Bureau of Economic Analysis.




Exports

101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.2
228.9
257.9

737.1
812.0

0.7
14.2
13.4
26.8
13.8

-rv

Federal

253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
538.4
596.9
647.4

888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1

n
m....

Net
exports

Goveniment purchf ises of
goo ds and servi ces

76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.0
341.3
330.3

195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3

1972
1973

Exports aiid imports of goods and
services

77.5
109.6
146.2

Non-

defense

State and
local

i

sales

33.9
39.7
43.2
50.6
53.3
56.5
65.8
75.2
79.3

151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
341.2
368.0
389.4

1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,643.1
2,917.3
3,083.1

154.4
166.9

75.7
83.6

370.1
375.7

2,949.1
2,989.9

249.7
244.3
259.0
278.7

166.2
176.2
182.7
189.3

83.5
68.2
76.3
89.4

380.4
386.6
392.7
398.0

3,031.1
3,061.4
3,083.5
3,156.5

271.9

191.6

80.3

403.6

3,205.2

73.1

28.5
29.1

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

G ross prival e
dome;stic invest]nent
Personal
consumpChange
tion
in
expendi- Nonresi- Residen- business
dential tial fixed
tures
invenfixed
tories

1975
1976
1977
1978
1979
1980
1981
1982

1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
,369.7
,438.6
,479.4
,474.0
,502.6
,476.9

737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
930.5
947.6
956.9

121.0
138.1
135.7
119.3

1981: HI
IV

1,510.4
1,490.1

1982: I

n
ra

IX]ports of go ods
1
£ind service}

Federal
Net
exports

Total

Imports

Exports

Total

108.5
103.5
110.1
112.9
126.7
146.2
159.2
158.5
148.1

76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.6
116.4
116.3

253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.6
287.1
291.3

39.2
36.5

157.8
156.9

118.7
120.4

-15.4
-4.4
3.4
-20.3

36.9
35.7
27.5
27.2

151.7
154.4
147.5
138.8

12.4

24.0

138.5

10.2

0.7

125.6
140.3
158.3
169.9
166.1
172.0
165.7

63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.2
44.9
40.3

17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-5.0
9.0
9.2

15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.6
42.0
31.8

951.4
943.4

173.9
174.2

42.9
39.9

16.5
4.8

IV

1,470.7
1,478.4
1,481.1
1,477.2

949.1
955.0
956.3
967.0

172.0
166.7
163.4
160.9

38.9
40.1
39.5
42.9

1983: lp

1,488.5

972.4

162.0

49.9

1972
1973
1974

Government purch ases of
gooc s and services

77.5
97.3

National
defense

Nondefense

State
and local

Final
sales

97.4
96.8
100.4
100.3
102.1
106.5
110.4
116.4

68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.1
73.5
78.6

31.8
35.0
34.7
34.8
36.4
36.8
37.8

167.8
168.4
168.8
174.3
176.2
178.1
176.7
174.9

1,175.3
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.0
1,493.7
1,486.0

286.4
291.3

110.7
116.0

74.3
76.1

36.5
39.9

175.7
175.3

1,493.9
1,485.3

114.7
118.7
120.0
111.6

289.2
285.3
291.1
299.5

114.4
110.3
116.2
124.7

74.5
78.2
80.6
81.0

39.8
32.1
35.5
43.7

174.9
175.0
174.9
174.8

1,486.1
1,482.7
1,477.8
1,497.5

114.5

292.6

117.5

81.1

36.4

175.1

1,500.9

101.7
95.9
96.6

73.1

28.5
27.6
29.7
31.0

151.4
157.4
163.6

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period

Gross
national
product

100.00
105.75
115.08

1972
1973

Total

Durable
goods

1974
1975
1976
1977
1978
1979
1980
1981
1982

125.79
132.34
140.05
150.42
163.42
178.64
195.51
207.15

100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.2
194.5
206.0

1981: ffl
IV

197.36
201.55

196.4
199.8

169.7
171.3

1982: I

n
m
IV

203.68
205.98
208.51
210.42

202.2
204.0
207.7
210.0

1983: I p

213.41

211.2

100.0
101.7
108.2

117.3
123.9
129.2
136.4
145.0
156.3
167.5
174.9

100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.4
202.7
208.8

Services

100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3

Exports an I imports of
goods am i services

Gove rnment pure bases of goc>ds and
services
Federal

Nonresidential
fixed

Residential fixed

Exports

100.0
103.8
115.4
132.2

100.0
109.1
120.3
131.0
140.7

100.0
112.7

Imports

State
and local

Total

National
defense

Nondefense

100.0
106.3
114.9
126.0

100.0
106.6
115.1
124.9
132.4
141.9

138.3
148.4
159.7
173.7
191.6
208.2
222.7

100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.3
293.1
284.1

133.5
142.8
153.1
164.8
185.2
207.4
221.6

152.7
166.0
187.4
209.0
227.2

100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
181.0
204.2
210.1

100.0
107.0
118.0
129.4

178.8
196.3
213.3

138.6
146.3
157.2
170.8
186.1
201.3
210.0

158.0
178.3
200.5
218.5
233.6
238.5

134.8
149.6
155.3
161.9
172.6
192.5
213.1
231.8
236.9

204.2
205.6

198.6
203.6

203.0
206.8

235.8
239.2

232.6
234.5

287.7
286.1

207.8
216.0

207.9
219.5

207.4
209.4

210.7
214.3

173.0
174.0
176.1
176.3

206.8
207.1
210.0
211.0

207.4
210.6
215.3
219.7

207.6
211.3
210.7
210.4

240.5
238.6
238.8
236.3

237.3
236.8
236.9
236.5

286.4
278.8
285.4
286.0

218.3
221.6
223.0
223.5

223.0
225.2
226.5
233.6

209.6
212.6
214.9
204.8

217.5
220.9
224.5
227.8

177.4

210.0

222.9

209.5

240.0

238.4

273.9

231.4

236.2

220.6

230.5

Source: Department of Commerce, Bureau of Economic Analysis.




Nondurable
goods

Gross private
domestic investment

CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption e xpenditures

Ore>ss national pr sduct
Period

Current
dollars

8.6
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.9
11.6
4.1
11.4
3.0
-1.0
6.8
5.8
2.6

1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: HI
IV
1982:

I

n
m
IV

1983: I

p

9.1

Constant
(1972)
dollars

3.4
5.7
5.8
-.6
-1.2

5.4
5.5
5.0
2.8
-.4
1.9
-1.7

2.2
5.3
-5.1

2.1
.7
-1.1

3.1

Implicit
price
deflator

Chain price
index

Fixedweighted
price index
(1972
weights)

Constant
(1972)
dollars

Current
dollars

4.9
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
9.0
9.4
6.4

4.8
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.9
9.6
6.2

9.0
8.8

9.2
8.4

8.9
8.5

5.0
4.6
6.0
5.1

4.8
4.1
5.9
4.9

7.6
6.1
8.1
9.3

5.8

3.5

3.2

4.6

NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.

Fixedweighted
price index
(1972
weights)

4.3
3.7
5.7

4.3
3.6
6.1

4.2
3.5
6.1

10.1

10.4

10.4

7.6
5.1
5.8
7.0
9.0

7.7
5.3
6.0
7.3
9.3

7.8
5.3
6.2
7.4
9.7

10.3

10.7

11.2

8.6
5.9

9.1
6.0

9.3
5.8

8.2
7.0

8.0
7.2

7.6
7.1

5.0
3.5
7.5
4.5

5.2
3.6
7.1
5.5

4.8
3.2
7.3
5.6

2.3

11.3

4.3
4.6
5.0
3.7

Chain price
index

2.5
2.5
.6
4.5

8.1
9.6

5.0
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.3
9.4
6.0

Implicit
price
deflator

2.3

2.5

1.9

3.7
5.8
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.3
1.8
1.0

10.2

9.4
9.9
11.0
11.1
11.8
11.9
10.6
10.6

6.9

2.9

3.4

-3.3

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]

Cur rent-dollar cc st and profit per unit of output (dolla rs) 1

Gross t omestic
product of nonfinancial
corporate business
(billions c)f dollars)
Period
Current
dollars

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r

n
m

IV
I

n

HI
IV r
1

Corporate profits with inventory
valuation Mid capital c(msumption
Indirect
business
taxes 3

Compensation of
employ-

adjustments

Net
interest

Profits

Total

tax
liability

Profits
after
tax 4

563.7
609.9
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,537.7
1,732.3
1,776.4

1981: I

1982:

1972
dollars

Total
cost and
profit 2

Capital
consumption
allowances
with
capital
consumption
adjustment

599.6
626.8
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
860.3
881.3
855.3

0.940
.973
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.787
1.966
2.077

0.087
.091
.092
.093
.112
.137
.141
.145
.155
.171
.200
.222
.250

0.106
.113
.113
.114
.127
.140
.141
.141
.144
.149
.173
.202
.213

0.631
.641
.659
.692
.786
.837
.878
.928
.998
1.094
1.211
1.305
1.391

0.028
.029
.028
.031
.042
.044
.040
.040
.044
.050
.061
.071
.085

0.088
.099
.107
.107
.090
.124
.144
.163
.168
.154
.143
.165
.139

0.045
.047
.049
.055
.059
.059
.071
.075
.079
.079
.075
.072
.046

0.043
.052
.058
.053
.030
.065
.073
.088
.089
.075
.068
.093
.093

1,683.3
1,715.0
1,763.6
1,767.2

883.0
884.2
887.5
870.4

1.906
1.940
1.987
2.030

.211
.218
.224
.236

.196
.202
.203
.208

1.267
1.289
1.315
1.349

.062
.069
.074
.078

.170
.161
.171
.159

.081
.069
.074
.063

.089
.091
.097
.096

1,756.6
1,771.0
1,794.4
1,783.4

858.8
857.9
859.3
845.3

2.045
2.064
2.088
2.110

.242
.247
.251
.259

.205
.211
.214
.221

1.376
1.388
1.392
1.409

.082
.085
.085
.086

.140
.134
.146
.135

.045
.043
.049
.046

.095
.091
.097
.089

Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-

lars.
2

This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.




3
4

per hour
of all
employees (1972

Compensation per
hour of
all
employees
(dollars)

7.115
7.450
7.664
7.849
7.555
7.774
8.002
8.144
r
8.216
r
8.201
r
8.170
r
8.315
8.378

4.491
4.778
5.052
5.429
5.937
6.507
7.024
7.558
r
8.198
r
8.969
r
9.892
r
10.850
11.653

r

r

A

8.330
8.323
r
8.328
r
8.279
r

10.553
10.731
10.951
r
!1.172
r
r

r

r

r

r

8.288
8.343
r
8.438
8.447

l 1.403
!1.577
l 1.744
11.898

r

Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

National
income

Compensation of
employees1

Proprietors' income with
inventory viiluation and
capital coiisumption
adjust ments

Farm

877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,598.6
1,767.6
1,856.5

96.6
108.3
94.9

2,387.3
2,404.5

1,789.1
1,813.4

27.1
24.6

100.4
99.5

2,396.9
2,425.2
2,455.6
2,468.8

1,830.8
1,850.7
1,868.3
1,876.1

17.8
17.4
16.6
24.1

1,908.5

18.4

1982:

IV

718.0
801.3

1983: I"
1

18.7

_ Net
interest

adjustment

132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9

-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2

2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-17.8
-16.8
-4.9

51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
187.7
235.7
264.9

210.3
199.4

233.3
216.5

-23.0
-17.1

-17.1
-15.5

244.0
249.5

167.2
162.2
170.0
163.3

171.6
171.7
180.3
175.9

-4.4
-9.4
-10.3
-12.6

-10.1
-6.9
-3.8
1.3

258.7
267.5
268.1
265.3

7.1

266.9

94.0

110.5
138.1
167.3
192.4
194.8
181.6
190.6
160.8

33.6
33.6

193.1
183.9

98.6
99.9
101.7
104.8

33.9
34.2
34.6
33.9

157.1
155.4
166.2
164.6

110.1

100.6
125.6
136.7

105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
165.7

35.3

Includes employer contributions for social insurance. (See also p. 5.)

Capital
consump-

Inventory
valuation
adjustment

Profits

Total

21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
32.9
33.9
34.1

1981: ffl
IV
I

Total

58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3

1974
1975
1976
1977
1978
1979
1980
1981
1982 r

n
ra r

Nonfarm

Profits T*ith inventory ivaluation
adjustme nt and withou t capital
constunption adjust]nent

32.8
26.5
24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0

963.6
1,086.2
,160.7
,239.4
,379.2
,550.5
,760.3
,966.7
2,117.1
2,352.5
2,436.6

1972
1973

Corporate p rofits with inv<jntory valuation and capital <Consumption
adjustments

Eental
income of
persons
with
capital
consumption
adjustment

-.7
Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

Total
personal
consumption
expenditures

Total
durable
goods

Motor
vehicles
and
parts

Furniture and
household
equipment

Food

Clothing
and
shoes

Gasoline
and oil

25.4

Other

Services
Domestics

Imports

55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.7
114.6
118.6

325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
782.5
874.1
966.3

1.6

28.6
36.6
40.4
44.0
48.1
51.2
66.6
87.0
96.8
93.7

64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
135.0
147.9
152.4

9.3

50.6
53.5
59.1
65.7
72.8
81.8
86.3
93.4
92.8

154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
343.7
375.3
397.3

9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8

1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2

104.0
93.9

93.8
93.3

43.4
42.4

741.3
746.5

378.0
382.3

115.9
116.0

97.7
97.5

149.7
150.7

886.3
908.3

6.8
5.2

2.2
2.2

237.9
240.7
240.3
251.8

103.2
103.3
104.3
113.8

91.0
93.2
92.7
94.3

43.7
44.2
43.3
43.7

749.1
755.0
768.4
775.7

387.9
395.0
401.3
405.1

117.5
118.4
119.1
119.4

95.3
91.3
94.2
94.0

148.4
150.4
153.8
157.2

932.4
952.1
977.6
1,003.3

5.8
5.5
5.5
6.1

2.2
2.0
2.2
2.5

256.4

114.7

95.5

46.1

776.4

409.5

120.0

89.7

157.3

1,021.2

6.0

2.4

812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1

111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.3
234.6
242.7

52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
89.7
98.6
106.2

41.7
47.1

1981: IH
IV

1,868.8
1,884.5

241.2
229.6

1982:

IV

1,919.4
1,947.8
1,986.3
2,030.8

1983: Ip

2,054.0

Source: Department of Commerce, Bureau of Economic Analysis.




Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
670.4
734.5
762.1

737.1

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

I

Other

19.2
20.5
22.9
25.2
27.7
31.7
35.1
38.3
42.6
43.7

1972

n
m

Retail sales of new
passengrer cars
(millions of units)

No adurable go ods

Durable? goods

16.9

SOURCES OF PERSONAL INCOME
Personal income rose $14.6 billion (annual rate) in March, following a rise of $2.6 billion in February. Wages and
salaries rose $9.0 billion in March, compared with a decline of $2.0 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800

3,200
2,800
2,400

2,400

TOTAL PERSONAL INCOME

2,000

2,000

1,600
1,400

1,600
1,400

1,200

1,200

1,000

1,000
800

800
,,..."""**

600

600

OTHER INCOME

\
""""

400

400
TRANSFER
PAYMENTS

200

200

160

160
120

120
1975

1979

1978

1976

1982

1980

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

1983

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

Total
personal
income

Proprietor ' income 3
salary

Other labor

Farm

ments l

1975
1976....
1977
1978
1979
1980
1981
1982

1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9

889.9
983.2
1,106.3
1,237.6
1,356.1
1,493.9
1,560.7

1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec

2,518.6
2,535.5
2,556.2
2,566.3
2,588.3
2,592.0
2,597.2
2,609.4
2,627.7
2,635.0

1983: Jan r.
Feb r.
Mar"

2,641.7
2,644.3
2,658.9

Nonfarm

Personal
dividend
income

Personal
interest
income

65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3

23.0
23.5

29.9
36.5

123.2
132.5

89.4
102.5
114.9
127.2
140.4
153.8

24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0

24.8
26.6
27.9
32.9
33.9
34.1

39.6
45.3
50.8
55.9
62.5
67.0

1,542.6
1,546.6
1,560.4
1,562.9
1,569.5
1,570.3
1,570.1
1,571.5
1,572.2
1,579.9

150.2
151.3
152.5
153.6
154.6
155.5
156.5
157.2
157.9
158.7

16.3
16.9
17.3
18.0
17.3
16.6
16.0
17.1
27.7
27.5

98.8
99.3
100.3
100.2
100.9
101.7
102.5
104.2
105.3
104.9

34.0
34.1
34.2
34.3
34.5
34.6
34.7
34.8
34.4
32.5

1,596.1
1,594.1
1,603.1

159.6
160.6
161.6

19.1
18.3
17.8

108.7
110.0
111.4

35.2
35.3
35.4

806.4

64.5
75.9

1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workmen's
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.




Eental
income of
persons 4

Transfer
payments 5

Less:
Personal
contributions
for social
insurance

Nonfarm
personal
income 6

152.8
179.4
218.7
263.4
329.0
371.2

178.3
194.3
207.9
223.8
250.3
297.2
336.3
374.7

69.8
81.1
88.7
104.9
111.7

1,506.5
1,689.7
1,899.3
2,117.3
2,364.1
2,518.8

65.9
66.1
66.2
66.1
66.6
67.3
67.7
68.4
68.9
69.3

363.8
368.0
372.0
376.0
377.6
378.3
378.8
376.0
374.0
373.8

357.5
363.9
364.8
366.9
379.7
380.2
383.3
392.7
399.6
401.3

110.6
110.8
111.6
111.7
112.4
112.5
112.4
112.4
112.4
112.8

2,470.8
2,486.8
2,506.9
2,516.0
2,538.5
2,542.8
2,548.5
2,559.4
2,567.0
2,574.4

69.7
69.8
69.8

375.3
377.4
380.0

394.5
394.9
396.4

116.4
116.2
116.7

2,589.4
2,592.6
2,607.6

4

50.4
55.5
61.1

1,229.1
1,359.3

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5

6

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to preliminary estimates, real per capita disposable income rose in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

4,000

3,000

3,000
1975

1983

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
tax and
nontax
payments

COUNCIL OF ECONOMIC ADVISERS

Equals:
Disposable
personal
income

Less:
Personal
outlays *

Equals:
Personal
saving

Per c apita
disposabk3 personal
incc)me

Current
dollars

1972
dollars

Billions of dol ars

Per capit i, personal
consulnption
expen iitures
Current
dollars

1972
dollars

1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9

170.2
168.9
196.8
226.4
258.7
301.0
336.3
386.7
397.2

998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,824.1
2,029.1
2,172.7

913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,717.9
1,898.9
2,030.5

1981: HI
IV

IV

2,458.2
2,494.6
2,510.5
2,552.7
2,592.5
2,624.0

398.1
393.2
393.4
401.2
394.4
399.7

2,060.0
2,101.4
2,117.1
2,151.5
2,198.1
2,224.3

1,925.7
1,942.7
1,977.9
2,007.2
2,046.1
2,090.9

134.4
158.6
139.1
144.3
152.0
133.4

8,951
9,107
9,155
9,285
9,461
9,549

1983: F

2,648.3

401.4

2,247.0

2,115.1

131.9

9,623

85.1
94.3
82.5
78.0
89.4
96.7
106.2
130.2
142.2

4,667
5,075
5,477
5,965
6,621
7,331
8,012
8,827
9,363

4,152
4,521
4,972
5,468
6,048
6,695
7,323
8,018
8,494

3,566
3,609
3,774
3,924
4,057
4,121
4,087
4,123
4,124

4,557
4,559
4,527
4,552
4,555
4,547

8,120
8,167
8,300
8,406
8,550
8,718

4,134
4,088
4,104
4,121
4,116
4,151

4,556

8,796

4,164

4,009
4,051
4,158
4,280
4,441
4,512
4,472
4,538
4,545

Saving as
percent of
disposable
personal
income

Population
(thousands) 2

Per cent

Do lars

1974
1975
1976
1977
1978
1979
1980
1981
1982

Percent
change in
real per
capita
disposable
personal
income

1.0
2.6
2.9
3.8
1.6
-.9
1.5
.2

8.5
8.6
6.9
5.9
6.1
5.9
5.8
6.4
6.5

3.7
.2

6.5
7.5

-1.7

213,898

215,981
218,086
220,289
222,629
225,106
227,654
229,872
232,056

Seas Dnally adju sted annual rates

1982: I

n
in

1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.




2.2
.3
17

6.6
6.7
6.9
6.0

230,145
230,751
231,246
231,724
232,320
232,934

.8

5.9

233,504

-2.8

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the first quarter of 1983, according to preliminary estimates, gross farm income fell $9.3 billion (annual rate)
and net farm income fell $5.8 billion.
BILLIONS OF DOLLARS*
200

BILLIONS OF DOLLARS* (RATIO SCALE)

(RATIO SCALE)

1200

100

100

80

60

60

NET FARM INCOME-

40

40

A
20 —

I

20

V

A

I I

10
1980

1978

1977

1975

1981

1982

1983

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE DEPARTMENT OF AGRICULTURE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Income
(jross
Period

Cas h

Total l

Total

of farm ope rators from farming
Net farai income

farm incom

marketing rece ipts
Livestock and
products

V lu
Crops

inventory
changes 2

Production
expenses

Current
dollars

1967 dollars

3

58.8
68.6
67.8
68.5
69.3

49.0
48.6
53.7
63.1
71.7
75.0
74.7

3.4
-2.4
1.0
1.1
5.6
-4.3
5.5
.2

75.8
83.3
90.2
100.6
119.0
130.5
141.6
144.4

18.7
18.4
26.7
32.4
20.1
25.1
20.4

142.5
142.3
146.7
142.5

67.9
69.4
71.0
65.7

74.6
72.9
75.7
76.8

2.5
5.3
7.2
7.0

139.0
141.0
143.2
143.2

22.8
23.7
28.3
25.6

8.7
8.8
10.2
9.1

IV

164.5
163.0
161.9
169.8

144.4
144.4
143.2
144.1

67.4
70.1
70.4
69.4

77.0
74.3
72.8
74.7

.5
-.5
.3
.5

143.8
144.3
144.6
144.8

20.7
18.7
17.3
25.0

7.3
6.5
5.9
8.5

1983: Ip

160.5

140.2

70.0

70.2

1.5

141.3

19.2

6.5

101.0
101.9
108.6
127.3
151.3
150.6
166.8
164.8

88.9
95.4
96.2
112.5
131.7
139.5
143.5
144.0

43.1
46.3
47.6

161.8
164.7
171.5
168.8

n
m

1975

1976
1977
1978
1979
1980
1981
1982
1981: I

n
m
IV

1982: I

1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
8
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.




45.8

3

25.2

Income in current dollars divided by the consumer price index (Department of Labor).

Source: Department of Agriculture, except as noted.

15.6
11.0
10.2
13.6
14.9
8.2

9.2
7.1

CORPORATE PROFITS
In the fourth quarter of 1982, according to revised estimates, corporate profits before tax fell $4.4 billion (annual
rate) from their third quarter level and after-tax profits fell $1.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I

320

320

SEASONALLY ADJUSTED ANNUAL RATES

280

280

240

240

200 —

200

160

160

v^"^
PROFITS AFTER TAX

UNDISTRIBUTED PROFTS

120

120
"\

80

1

'4,
\

TAX LIABI ITY

^•J"
<**«"
40

40

J
1974

1975

1976

L

J

1977

1978

J

L
1979

1980

1981

SOURCE: DEPAl MENT OF COMMERCE

L

1982

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1
Prc)fits (before t ax) with inventory valuati on adjustment

Profits after ta X

Doinestic industiies
Period

Total

Financial

94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
165.7

1972
1973
1974
1975.,

1976
1977
1978
1979
1980
1981
1982 r
1981: JH
IV
1982: I

n
mr
IV

Profits
before tax

Nonfinancial
Total 2

85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
169.1
184.6
147.6

15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
29.2
22.7
23.8

210.3
199.4

189.3
173.7

20.8
20.4

167.2
162.2
170.0
163.3

150.3
144.1
153.7
142.4

20.0
22.2
24.2
28.7

Total 3

70.0
76.0
65.4

95.8
120.3
140.3
154.4
148.6
140.0
162.0
123.9
168.5
153.3
130.4
121.9
129.5
113.7

Manufacturing

13.4

45.5
39.0
52.6
69.2
78.3
86.9
85.6
74.5
86.3
55.9
92.2
73.7
57.7
56.6
62.7
46.7

13.9
12.5
21.3
22.4
26.6
26.9
27.1
24.6
33.4
28.7
33.0
35.7
31.9
26.8
27.4
28.6

100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9

41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.7
81.2
57.7
82.4
71.6
56.7
55.3
60.9
58.0

Whole
sale and
retail
trade

40.7

Tax
liability

233.3
216.5

171.6
171.7
180.3
175.9

Total

1

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.




150.8
144.9
115.0
116.3
119.4
117.9

24.4

27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.1
65.1
70.3
66.8
68.1
68.8
69.3
70.5
72.4
73.5

1983: I".
2

58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
157.8
150.9
117.1

Dividends

3

Includes industries not shown separately.

Source: Department of Commerce, Bureau of Economic Analysis.

Undistributed
profits

34.5
49.6

55.2
50.7
65.1
81.2
98.9
112.4
99.7
85.8
46.9
84.0
76.9
46.1
47.0
48.8
45.5

Inventory
valuation
adjustment

-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
-23.0
-17.1

-4.4
-9.4
-10.3
-12.6
7

GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter of 1983, business fixed investment rose $0.9 billion (annual
rate) from its fourth quarter level and residential investment outlays rose $18.5 billion. There was a $28.5 billion
decrease in inventories following a $48.3 billion decrease in the fourth quarter.
BILLIONS OF DOLLARS
550

BILLIONS OF DOLLARS
550

SEASONALLY ADJUSTED ANNUAL RATES

500

500

450

450

400

350

350

300

300
NONRESIDENTIAL
-FIXED INVESTMENT -

250

250

200

200
RESIDENTIAL
-FIXED INVESTMENT-

150

150

100

100
^CHANGE IN BUSINESS_

50

50

INVENTORIES

0

0
I

-50

I
1975

I

J

L

J

I

L

1977

1976

J
1979

1978

L

I
1981

1980

1982

I

I

-50

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Pillions of dollars; quarterly data atseasonally adjusted annual rates]

Period

Gross
private
domestic
investment

Nonresi( ential fixed in irestment
Total

1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3

157.7
174.1
205.2
248.9
290.2
309.2
346.1
348.0

1981: HI
IV

486.0
468.9

1982: I

Structures

Producers'
durable
equipment

Residential fix ed investment

Total

Nonfarm
structures

Farm
structures

Change iii business
inven xmes
Producers'
durable
equipment

Total

Nonfarm

58.8
64.4
78.7
98.3
110.5
129.7
141.5

92.3
100.7
102.3
115.3
140.8
170.2
191.9
198.6
216.4
206.5

63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
103.2
104.9
96.2

61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.3
99.7
90.5

.7
1.3
1.0
1.1
1.5
1.7
1.7
1.9
2.1
2.5

1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2

11.8
23.0
26.5
14.3
-10.0
20.5
-23.8

9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
5.7
15.0
-24.3

353.0
360.2

132.7
139.6

220.2
220.6

101.2
95.5

95.6
89.4

2.4
2.9

3.2
3.2

31.8
13.2

24.6
6.0

ffl
IV

414.8
431.5
443.3
391.5

357.0
352.2
344.2
338.4

141.4
143.6
141.3
139.6

215.6
208.6
203.0
198.8

93.4
95.5
94.3
101.4

87.9
89.6
88.7
95.7

2.4
2.8
2.4
2.5

3.1
3.2
3.2
3.2

-35.6
-16.2
4.7
-48.3

36.0
-15.0
3.7
-50.0

1983: Ip

430.6

339.3

140.4

198.9

119.9

114.0

2.5

3.3

-28.5

-26.6

195.0

n

121.0
143.3
156.6

Source: Department of Commerce, Bureau of Economic Analysis.




44.1
51.0
55.9
55.4

76.9

0.7

1.5
1.7

10.2
18.5
14.1
-6.9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department January-February survey, nonfarm business spending for new plant and
equipment for the year 1983 is expected to be 1.7 percent below the 1982 level. Spending in 1982 was 1.6
percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)

500

500
SEASONALLY ADJUSTED ANNUAL RATES

400

400
TOTAL NEW PLANT AND EQUIPMENT

300

300

200

200

NONMANUFACTURING

,,
.

.»""*"*"

,•••»*"

100

100

80

80

MANUFACTURING

60

60

40

40

I

30

I

I

1975

I

I
1976

1979

1978

1980

IJlJ

1982

1981

30

1983

J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plan t and equipment
Total

Period

Plant

Anufacturin g
1

Equipment
Total

Durable
goods

Nondurable
goods

Total

1976
1977
1978
1979
1980
1981
1982
1983 4

157.71
171.45
198.08
231.24
270.46
295.63
321.49
316.43
310.92

65.21
71.20
80.31
92.70
105.73
117.55
133.46
134.47

92.50
100.25
117.77
138.54
164.73
178.08
188.04
181.96

54.92
59.95
69.22
79.72
98.68
115.81
126.79
119.68
115.90

26.33
28.47
34.04
40.43
51.07
58.91
61.84
56.44
54.22

28.59
31.47

102.79
111.50

35.18
39.29
47.61
56.90
64.95
63.23
61.69

1981: ffl
IV

328.25
327.83

136.40
136.67

191.85
191.17

130.11
126.91

62.58
60.78

1982: I

327.72
323.22
315.79
302.77

139.49
137.95
135.14
127.15

188.23
185.28
180.65
175.61

128.32
123.77
119.46
110.09
112.81
111.30
119.34

1975

n
ffl
IV

1983: I 44

n

4

2nd half .

302.25
302.20
318.71




Mining

Transportation

Public
utilities

Trade
and
services l

Communication
and
other 2

ment
projects,
manufacturing3

21.80
23.51
26.90

56.51
59.38
77.40
88.16
112.98
123.32
135.19
104.78

128.87
151.52
171.77
179.81
194.70
196.75
195.02

6.10
7.44
9.24
10.21
11.38
13.51
16.86
15.45
15.46

8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.00

19.98
22.37
26.79
29.95
33.96
35.44
38.40
41.95
41.00

46.23
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.78

32.02
34.83
36.99
41.06
40.46
39.78

67.53
66.14

198.13
200.92

17.55
16.81

11.61
13.12

39.55
39.74

87.55
88.33

41.89
42.92

33.33
33.68

60.84
59.03
57.14
50.50

67.48
64.74
62.32
59.59

199.40
199.46
196.33
192.68

17.60
16.56
14.63
13.31

11.99
12.32
11.28
12.41

40.12
41.40
43.38
42.88

87.80
88.85
87.31
84.00

41.89
40.33
39.73
40.06

27.73
29.03
25.61
23.37

52.76
50.85
56.39

60.05
60.45
62.94

189.44
190.90
199.37

14.56
14.62
16.25

10.95
11.59
10.68

41.00
41.37
40.85

85.38
85.23
90.02

37.55
38.09
41.58

1
Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services.
2
"Other" consists of construction; social services and membership organizations; and forestry,
fisheries, and agricultural services.

10

Starts of
plant and

Nonmanuifacturing

8.68

8

Starts are estimated by adding changes in carryover to expenditures during given period.
Planned capital expenditures as reported by business hi late January and February 1983, corrected for biases.
4

Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment was about unchanged in March and unemployment fell 110,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]
Unemp loyment

Civilian e mploymen t
Total
labor
force
including
resident
Armed
Forces

Total
employment
including
resident
Armed
Forces

f" T
uivnian
labor
lorce

6,991
6,202
6,137
7,637
8,273
10,678

100,665
103,882
106,559
108,544
110,315
111,872

93,673
97,679
100,421
100,907
102,042
101,194

99,009 92,017
102,251 96,048
104,962 98,824
106,940 99,303
108,670 100,397
110,204 99,526

98,471
98,858
99,957
100,683
101,490
101,177
99,851
99,825
99,379
98,849

10,290
9,957
9,957
10,886
11,036
10,710
10,695
10,942
11,476
11,628

111,149
111,408
112,043
111,811
112,090
112,303
112,528
112,420
112,702
112,794

101,268
101,152
101,659
101,345
101,262
101,372
101,213
100,844
100,796
100,758

109,478
109,740
110,378
110,147
110,416
110,614
110,858
110,752
111,042
111,129

99,597
99,484
99,994
99,681
99,588
99,683
99,543
99,176
99,136
99,093

97,262
97,265
97,994

12,517
12,382
11,879

112,215
112,217
112,148

100,770
100,727
100,767

110,548
110,553
110,484

99,103
99,063
99,103

Noninstitutional
population
including
resident
Armed
Forces

Resident
Armed
Forces

f T
uivinan
employment

1977
19784
1979,....
1980
1981
1982

160,689
163,541
166,460
169,349
171,775
173,939

1,656
1,631
1,597
1,604
1,645
1,668

92,017
96,048
98,824
99,303
100,397
99,526

1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee

173,338
173,512
173,691
173,854
174,038
174,200
174,360
174,549
174,718
174,864

1,671
1,668
1,665
1,664
1,674
1,689
1,670
1,668
1,660
1,665

1983: Jan
Feb
Mar

175,021
175,169
175,320

1,667
1,664
1,664

Period

Unemployment

Nonagiicultural

1Jnadjuste d

Agricultural

Total

Parttime for
economic
reasons l

Total

15
weeks
and
over

Total 2

Civilian 3

88,734
92,661
95,477
95,938
97,030
96,125

3,369
3,298
3,373
4,064
4,499
5,852

6,991
6,202
6,137
7,637
8,273
10,678

1,942
1,414
1,241
1,871
2,285
3,485

62.6
63.5
64.0
64.1
64.2
64.3

62.3
63.2
63.7
63.8
63.9
64.0

3,367
3,356
3,446
3,371
3,445
3,429
3,363
3,413
3,466
3,411

96,230
96,128
96,548
96,310
96,143
96,254
96,180
95,763
95,670
95,682

5,611
5,750
5,731
5,561
5,577
5,820
6,495
6,403
6,411
6,425

9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036

2,962
3,080
3,267
3,517
3,569
3,637
3,856
4,167
4,524
4,732

64.1
64.2
64.5
64.3
64.4
64.5
64.5
64.4
64.5
64.5

63.8
63.9
64.2
64.0
64.1
64.1
64.2
64.1
64.2
64.2

3,412
3,393
3,375

95,691
95,670
95,729

6,845
6,481
6,202

11,446
11,490
11,381

4,634
4,618
4,615

64.1
64.1
64.0

63.8
63.7
63.6

3,283
3,387
3,347
3,364
3,368
3,401

Seasonally adjusted

1
Persons at work. Economic reasons include slack work, material shortages, inability to find fullne work, etc.
2
Total labor force as percent of noninstitutional population (both including resident Armed
^
r«F
&
3
Civilian labor force as percent of civilian noninstitutional population.




Total

Laboi force
participa tion rate
(per cent)

4
Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment.
_
, ,
„
, , c, • •
0
Source: Department ofTLabor, Bureau ofTLabor Statistics.

11

SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate for all civilian workers declined slightly to 10.3

percent in March from

10.4 percent in February. The overall unemployment rate, which includes resident Armed Forces in the labor force,
also declined slightly, to 10.1 percent from 10.2 percent in February.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

25

20

r%^v
TEENAGERS
(16-19)

10
WOMEN 20 YEARS
AND OVER

\
-MEN 20 YEARSAND OVER

0 I I I II
1979

1983

1979

1981

1980

1982

•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

1983

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemp oyment ra te (pereen t of civilia n labor force in group)

Period

Unemployment
rate, all
work-

ers 1

ers

Men
20 years
and over

Both
sexes

and

16-19

over

5.8
7.0
7.5
9.5
8.9
9.2
9.3
9.4
9.7
9.7
10.1
10.3
10.6
10.7

9.0
9.3
9.4
9.5
9.8
9.9
10.2
10.5
10.7
10.8

10.2
10.2
10.1

10.4
10.4
10.3

1979
1980
1981
1982
Mar...

Apr ...
May...
JuneJuly..
Aug...
Sept ..
Oct....
Nov...

Dec ...
Jan...

Feb ...
Mar...
1

Black a [id other

years

7.0
6.0

7.1

White




Black

Total

Experienced
wage and
salary
workers

Married

Women

men,

who

spouse
present

maintain
families

Labor
force
time lost
Fulltime
workers

Parttime
workers

9.9

(percent) 2

5.1
6.3
6.7
8.6

13.1
11.9
11.3
13.1
14.2
17.3

14.0
12.8
12.3
14.3
15.6
18.9

6.6
5.6
5.5
6.9
7.3
9.3

3.6
2.8
2.8
4.2
4.3
6.5

9.4
8.5
8.3
9.2
10.4
11.7

6.6
5.6
5.3
6.9
7.3
9.6

9.0
8.8
8.8
9.4
10.5

7.6
6.5
6.3
7.9
8.5
11.0

21.9
22.8
22.9
22.5
23.9
23.8
23.8
24.1
24.2
24.5

7.9
8.3
8.4
8.4
8.7
8.7
9.1
9.3
9.6
9.7

16.6
16.8
17.1
17.1
17.4
17.7
18.1
18.4
18.5
18.8

18.0
18.4
18.6
18.6
18.8
19.1
19.8
20.1
20.2
20.8

8.7
9.1
9.2
9.2
9.4
9.4
9.8
10.1
10.5
10.7

5.6
6.0
6.1
6.4
6.6
6.8
7.2
7.5
7.6
7.8

10.8
11.5
11.9
12.1
12.0
11.7
12.4
11.3
12.5
13.2

8.9
9.1
9.2
9.4
9.6
9.7
10.2
10.5
10.6
10.8

10.0
10.8
10.5
10.0
11.2
10.4
10.6
10.3
11.3
11.1

10.3
10.4
10.7
10.4
10.7
10.9
11.7
12.0
12.4
12.7

22.7
22.2
23.5

9.1
9.2
9.0

19.0
18.0
18.5

20.8
19.7
19.9

10.1
10.1
10.1

7.1
7.2
7.1

13.2
13.0
13.5

10.3
10.4
10.3

10.6
10.1
10.5

11.7
12.0
11.8

6.2
5.2

5.7
6.4
6.8
8.3

17.8
16.4
16.1
17.8
19.6
23.2

8.0
8.3
8.3
8.7
8.9
9.0
9.6
9.8
10.0
10.1

7.9
8.1
8.2
8.1
8.3
8.3
8.4
8.7
9.0
9.2

9.6
9.9
9.6

9.0
8.9
8.8

Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.

12

By s elected grou] >s

By race

Women
20 years

5.2
4.3
4.2
5.9
6.3
8.8

6.9
6.0

1983:

civilian
work-

6.1
5.8
7.1
7.6
9.7

1977
1978

1982:

By sex and a f

e

Source: Department of Labor, Bureau of Labor Statistics.

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentage of unemployed persons who had been out of work for more than 15 weeks and for
weeks rose, and the percentage out of work for less than 5 weeks fell.

5-14

PERCENT DISTRIBUTION4
70

PERCENT DISTRIBUTION
70

REASON FOR UNEMPLOYMENT
60

*r

Xw JOB LOSERS t

/ M, Vv'

r

50

Y****

40

30

20

-

10

o L
1979

1983

1979

1981

1982

1983

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

TT
,
Period

(thousands)

Percent iistribution of unemplo1^Tuent by
durat ion l
Less
than 5
weeks

5-14
weeks

15-26
weeks

27
weeks
and
over

Sta te
progr ams

Percent distribution of unemployment by
reas on *

Job
losers

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment, all
regular
programs
(unadjusted) 2

Special
unemployment
benefit
claims
(unadjusted) 3

1
Weekly ave]-age, thousarids

46.2
48.1
43.1
41.7
36.4

31.0
31.7

12.4
11.5

1980
1981
1982

6,202
6,137
7,637
8,273
10,678

32.3
30.7
31.0

13.8
13.6
16.0

8.7
10.7
14.0
16.6

1982: Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec

9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036

38.7
38.3
37.2
34.3
36.7
36.0
35.1
33.9
32.9
32.9

31.3
31.7
31.5
32.3
30.1
30.7
31.1
30.2
29.5
28.3

16.2
15.4
15.7
16.0
16.5
16.6
16.0
16.8
18.2
17.4

1983: Jan
Feb
Mar

11,446
11,490
11,381

30.8
32.6
30.7

28.9
27.1
28.1

16.8
16.8
16.7

1978
1979

1

10.4

41.7
42.9
51.7




22.3

13.3
11.4
11.9
11.1

2,359
2,434
3,350
3,047
4,057

346
388
488
460
583

2,645
2,592
3,837
3,410
4,590

29.9
29.4
25.2
25.4

14.3

51.6
58.7

14.3
11.7
11.2
7.9

13.7
14.6
15.7
17.4
16.6
16.8
17.8
19.1
19.4
21.3

57.2
57.6
57.3
59.0
58.3
58.6
60.7
62.4
61.6
60.6

9.0
8.8
8.3
7.9
7.5
7.4
6.8
6.8
6.6
6.9

23.0
22.9
23.1
22.7
22.8
22.2
21.2
19.8
21.3
21.8

10.8
10.7
11.2
10.4
11.3
11.9
11.3
11.0
10.4
10.7

3,775
3,982
3,972
4,011
3,988
4,136
4,379
4,615
4,635
4,428

574
573
579
560
539
617
654
659
618
546

4,892
4,760
4,387
4,328
4,495
4,398
4,282
4,391
4,635
5,074

23.5
23.5
24.5

59.1
60.2
60.4

7.4
7.5
8.0

23.1
22.0
21.5

10.4
10.3
10.2

3,941
3,907
3,894

509
485
493

5,459
5,437

Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (OCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
2

14.1

3

807
897
708
936
953
691

Federal supplemental compensation program.

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured
February.

by the payroll survey rose 120,000 in March, after falling in

MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)
22

WHOLESALE AND RETAIL TRADE

90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80

20

SERVICES
\ iitT..*'»""

-

..•••1"*""il*

GOVERNMENT
SERVICE-PRODUCING
INDUSTRIES

60

MANUFACTURING

\

20

50

40

GOODS-PRODUCING
INDUSTRIES

30

CONSTRUCTION

\

2 MLJJ_LL

20
1979

1981

1980

1982

1979

1983

1 8
9 0

1981

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1982 1983
COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; * seasonally adjusted]
Serviee-j reducing ind ustries

Goods- producing inclustries
Total
nonagriPeriod
employment

1978

& Anufacturing

Total 2

Construction

Total

Durable
goods

Nondurable
goods

Total

Transportation and
public
utilities

Services

19,542
20,192
20,310
20,551
20,551

4,724
4,975
5,160
5,301
5,350

16,252
17,112
17,890
18,592
19,001

2,753
2,773
2,866
2,772
2,739

12,919
13,174
13,375
13,253
13,050

5,336
5,335
5,342
5,352
5,359
5,360
5,367
5,357
5,363
5,377

18,904
18,929
18,963
18,988
19,042
19,048
19,084
19,074
19,135
19,148

2,736
2,730
2,728
2,739
2,737
2,740
2,731
2,740
2,745
2,761

13,123
13,122
13,125
13,093
12,898
12,933
13,029
13,019
13,009
12,994

5,384
5,403
5,410

19,200
19,205
19,293

2,749
2,751
2,748

12,989
12,986
12,969

86,697
89,823
90,406
91,105
89,630

1979
1980
1981
1982
1982: Mar
Apr
May
June
July

Aug r....
Sept

Get
Nov
Dec

1983: Jan r
Feb r

p

Mar ....

25,585
26,461
25,658
25,481
23,882

4,229
4,463
4,346
4,176
3,913

20,505
21,040
20,285
20,173
18,848

12,274
12,760
12,187
12,117
11,112

8,231
8,280
8,098
8,056
7,736

61,113
63,363
64,748
65,625
65,748

90,304
90,083
90,166
89,839
89,535
89,313
89,264
88,877
88,750
88,565

24,450
24,289
24,255
23,994
23,840
23,657
23,530
23,239
23,081
22,986

3,934
3,938
3,988
3,940
3,927
3,899
3,883
3,856
3,854
3,818

19,319
19,169
19,115
18,930
18,813
18,672
18,572
18,325
18,181
18,131

11,490
11,375
11,332
11,203
11,133
10,993
10,900
10,666
10,550
10,519

7,829
7,794
7,783
7,727
7,680
7,679
7,672
7,659
7,631
7,612

65,854
65,794
65,911
65,845
65,695
65,656
65,734
65,638
65,669
65,579

5,007
4,992
4,983

20,655
20,584
20,652
20,595
20,615
20,550
20,492
20,441
20,425
20,316

88,920
88,735
88,854

23,162
23,018
23,025

3,927
3,789
3,768

18,208
18,224
18,263

10,576
10,609
10,632

7,632
7,615
7,631

65,758
65,717
65,829

4,949
4,937
4,933

20,487
20,435
20,476

1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-

14



4,923

5,136
5,146
5,157
5,058

5,100
5,094

5,101
5,078
5,044
5,025

5,031

Government

Finance,
insurance,
and real
estate

Wholesale and
retail
trade

Federal

State
and
local

putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi"oss hourly
earn ings

Average weekly
hours
Period

1974

1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan r
Feb r
Mar*

Manufa eturing

Total
private
nonagricultural 1

Total

36.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
34.9
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
35.1
34.4
34.9

Total
private
nonagrieultural 1

Overtime

40.0
39.5
40.1
40.3
40.4
40.2
39.7

3.3

2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
2.3
2.4
2.3
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.3
2.6

39.8
38.9
39.0
39.0
39.1
39.2
39.2
39.0
38.8
38.8
38.9
38.9
39.8
39.1
39.6

Manufacturing

$4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.67
7.54
7.59
7.65
7.67
7.71
7.74
7.72
7.77
7.79
7.82
7.87
7.89
7.88

Adjustc d hourly earnings index— total private
nonagncultural 2
Ind ex,
= 100

Percent chang e from a year
earlic r 4 5

1977:

1977
dollars 3

Current
dollars

Current
dollars

$4.42

80.0

98.3

4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
8.37
8.44
8.48
8.52
8.56
8.57
8.56
8.56
8.61
8.62
8.67
8.75
8.75

86.7
92.9
100.0
108.1
116.8
127.3
138.9
148.4
145.4
146.3
147.7
148.1
148.9
149.9
150.1
150.8
151.2
152.1

97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.3
93.5
93.7
93.6
92.9
92.8
93.1
93.2
93.2
93.5
94.3
94.8
95.2
95.0

152.8
153.2
153.4

8.0
8.4

7.2
7.6
8.1
8.0
9.0
9.1
6.8
7.2
7.2
7.3
7.1
7.1
6.6
6.1
6.2
5.7
6.0
5.5
5.7
5.5

1977 dollars

-2.8

1

1.4
1.0
.5

-3.1
-4.0
-1.0
.8
.6
.8
.8
.2
.8
.8
1.2
1.2
1.1
2.1
1.9
2.3
1.7

AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent el lange from
a year earlier,
total private n onagricultural 5

Average gross weekly esirnings
Period

Current dollars

1974

1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan r
Feb r
Mar"

Manufacturing

Total ]arivate
nonagnc ultural l

$154.76
163.53

175.45
189.00
203.70
219.91
235.10
255.20
266.92
263.15
264.89
267.75
267.68
269.08
269.35
268.66
269.62
270.31
272.14
276.24
271.42
275.01

1977 dollars 3
$190.12
184.16
186.85

189.00
189.31
183.41
172.74
170.13
167.87
169.12
169.69
169.78
167.93
167.76
167.40
166.77
166.53
167.17
168.61
171.26
168.69
170.28

$176.80

$249.25

190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65
326.43
329.16
331.57
333.98
335.55
334.23
332.13
332.13
334.93
335.32
345.07
342.13
346.50

266.08
283.73
295.65
318.69
342.99
367.78
398.52
425.41
420.29
421.77
432.75
423.57
430.03
428.46
420.78
425.07
422.60
434.90
459.41
436.54
432.70

1

4
5

Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 base.
Revised index for urban wage earners and clerical workers used beginning 1978.




Wholesale and
retail trade

Current dollars

1977 dollars

Current dollars

2

3

Construction

$119.02
126.45

133.79
142.52
153.64
164.96
176.46
190.95
198.42
195.23
195.89
198.40
198.42
198.74
199.69
200.63
201.61
201.61
204.16
203.52
200.63
204.80

6.4

5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.6
4.8
4.5
5.2
4.9
4.7
4.3
4.0
3.5
3.4
4.7
6.8
3.1
4.8

4.1
-3.1
1.5
1.2
.2

-3.1
-5.8
1.5
-1.3
-1.6
1.7
-1.2
-1.9
-1.4
-1.4
-.9
-1.4
-1.1
.8
3.1
-.2
1.0

Monthly changes based on indexes to two decimal places.
Based on unadjusted data.

Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt?r hour of
allpe rsons

Period
Business
sector

Nonfarm
business
sector

Outp ut l
Business
sector

Compens ation per

Hours of all
persems 2

Nonfarm
business
sector

Business
sector

hou r 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Unit labor

Real com pensation
per h our 4
Business
sector

Nonfarm
business
sector

Implici t price
defla tor 5

CO st

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

19"r7 = 100; quarterly ( ata seasoilally adjusted

1969

85.5

86.5

79.0

78.8

92.5

91.1

54.2

54.8

89.6

90.6

63.4

63.4

63.2

63.3

1970
1971
1972
1973
1974

86.2

89.2
92.4
94.7
92.5

86.8
89.7
93.0
95.3
92.9

78.4
80.7
86.1
91.8
89.9

78.0
80.3
85.8
91.7
89.8

91.0
90.5
93.2
96.8
97.3

89.8
89.5
92.3
96.2
96.7

58.2
62.0
66.1
71.3
78.0

53.7
62.5
66.7
71.7
78.5

90.8
92.8
95.7
97.3
95.9

91.5
93.5
96.6
97.8
96.4

67.5
69.5
71.5
75.3
84.4

67.6
69.7
71.7
75.3
84.5

66.0
69.0
71.3
75.3
82.4

66.3
69.3
71.3
74.0
81.6

1975
1976
1977
1978
1979

94.5
97.6
100.0
100.6
99.6

94.7
97.8
100.0
100.6
99.3

88.2
93.8
100.0
105.5
107.8

87.8
93.7
100.0
105.7
108.0

93.3
96.0
100.0
104.9
108.2

92.7
95.8
100.0
105.0
108.7

85.5
92.9
100.0
108.6
119.1

86.0
93.0
100.0
108.6
118.8

96.3
98.9
100.0
100.9
99.4

96.8
99.0
100.0
100.9
99.2

90.5
95.1
100.0
108.0
119.5

90.8
95.1
100.0
108.0
119.6

90.5
94.7
100.0
107.5
117.2

90.0
94.6
100.0
107.1
116.5

1980
1981
1982 r.

98.9
100.7
101.0

98.5
99.9
99.9

106.2
108.9
106.4

106.3
108.6
105.8

107.9
108.7
105.9

131.4
144.1
154.5

130.9
143.6
154.0

96.7
96.0
97.0

96.3
95.7
96.7

132.9
143.1
153.1

133.0
143.8
154.1

128.3
140.4
148.1

128.3
140.8
149.0

100.7
100.7
101.0
100.3

100.4
100.1
100.0
99.1

109.1
109.1
109.6
107.8

109.2
109.0
109.1
107.1

108.3
108.3
108.5
107.5

108.8
108.9
109.1
108.0

140.0
142.5
145.7
148.3

139.6
142.0
145.1
147.7

96.5
96.3
95.7
95.7

96.2
96.0
95.3
95.3

139.0
141.5
144.2
147.9

139.1
141.9
145.1
149.0

136.5
138.8
141.9
144.6

136.5
138.9
142.3
145.5

100.1
100.4
101.3
102.0

99.3
99.5
100.4
100.4

106.3
106.4
106.7
105.9

106.0
106.1
106.3
104.9

106.2
106.0
105.3
103.9

106.7
106.6
105.9
104.5

151.1
153.5
155.9
158.0

150.6
152.8
155.3
157.4

96.8
97.1
96.7
97.6

96.5
96.6
96.4
97.2

150.9
152.9
153.8
154.9

151.6
153.5
154.7
156.7

145.9
147.5
149.1
150.1

146.6
148.1
149.8
151.5

102.6

101.6

107.1

106.5

104.5

104.8

159.8

159.7

98.8

98.8

155.8

157.2

152.3

153.4

1981:

Ir

n rr.
m r....
IV ....

1982: I rr

n .r
m r ....
IV ....

1983: I"

r

107.4
108.1
105.4

r

Peircent chan ge; quarte rly data at seasonall y adjusted annual ra tes

1969

0.2

-0.3

2.9

2.9

1970
1971
1972
1973
1974

.8
3.6
3.5
2.6
-2.4

.3
3.3
3.7
2.4
-2.5

.8
3.0
6.6
6.6
-2.0

-1.0
2.9
6.9
6.8
-2.1

1975
1976
1977
1978
1979

2.2
3.3
2.4
.6
-.9

2.0
3.2
2.2
.6
1.3

-2.0
6.4
6.6
5.5
2.3

2.2
6.7
6.7
5.7
2.2

1980
1981 r
1982 .

-.7
1.8
.3

-.9
1.4
.0

-1.5
2.5
-2.3

-1.5
2.2
-2.5

5.7
.0
1.2
-2.8

4.9
-1.2
-.3
-3.4

7.9
j
1.9
-6.4

7.2
-.8
.3
-7.1

-.8
1.3
3.7
2.6

.7
.9
3.4
.4

-5.4
.6
1.1
-3.0

-4.2
.6
.7
-5.0

2.2

4.8

4.6

6.2

r

1981: I r

n .r
m r ....

IV ....
r

1982: I r

n .r
m r ....

IV ....

1983: I p
1
2

2.6

3.2

-1.3




6.5

1.5

1.1

6.7

6.8

4.9

4.7

.5
3.0
3.9
.4

.4
3.1
4.3
.5

7.3
6.6
6.5
8.0
9.4

7.0
6.6
6.7
7.6
9.4

1.3
2.2
3.1
1.6
-1.4

1.0
2.2
3.3
1.3
-1.4

6.4
2.9
2.9
5.3
12.1

6.6
3.2
2.9
5.0
12.2

4.5
4.4
3.4
5.5
9.5

4.8
4.5
3.0
3.8
10.2

4.1
3.0
4.1
4.9
3.2

4.1
3.4
4.4
5.0
3.5

9,6
8.6
7.7
8.6
9.7

9.6
8.1
7.5
8.6
9.3

.5
2.6
1.2
.9
-1.4

.4
2.2
1.0
.9
-1.7

7.3
5.1
5.1
8.0
10.7

7.5
4.7
5.2
8.0
10.7

9.8
4.7
5.6
7.5
9.0

10.3
5.0
5.7
7.1
8.8

-.8

-.7
.7
-2.6

10.4
9.6
7.2

10.2
9.7
7.2

-2.8
-.7
1.0

-2.9
-.6
1.0

11.2
7.7
7.0

11.2
8.1
7.2

9.4
9.5
5.5

10.2
9.7
5.8

2.2
.3
.6
-3.8

11.8
7.4
9.1
7.5

11.9
7.2
9.0
7.4

1.1
-1.0
-2.6
.2

1.2
-1.2
-2.7
.2

5.8
7.3
7.8
10.6

6.6
8.4
9.4
11.2

11.6
6.6
9.3
8.0

12.1
7.1
10.2
9.2

-4.8
-.2
-2.6
-5.4

7.6
6.7
6.3
5.5

7.9
6.0
6.6
5.5

4.5
1.3
-1.4
3.5

4.8
.7
-1.1
3.5

8.5
5.3
2.4
2.9

7.2
5.1
3.1
5.1

3.7
4.3
4.4
2.7

3.3
4.0
4.9
4.5

1.4

4.7

6.1

5.1

6.5

2.4

1.3

5.9

5.2

-1.6

r

.7

-2.6
2.1
-.1
.7

-3.7
-4.6
-.7

-2.5
-5.5
2.3

Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including hours of proprietors
and unpaid family workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index.

16

7.0

5

r

Current dollar gross domestic product divided by constant dollar gross domestic product.

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Series revised.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.1 percent in March following a 0.3 percent increase in February. The index for March
was 1.8 percent below its year earlier level.
INDEX, 1967-100*

INDEX, 1967=100* (RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

180

180

160

160

140

(RATIO SCALE)

UTILITIES AND MINING PRODUCTION

140

UTILITIES

\

MINING

V'
1979

1980

1982

1981

1983

100
1979

MANUFACTURING PRODUCTION

1980

1981

1983

1982

PERCENT* (RATIO SCALE)

MANUFACTURING CAPACITY UTILIZATION RATE
90

80

f^.

70

60

1980

1983

1981

1983

1982

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Seasonally adjusted]

Total
indus trial
produ ction
Period
Index,
1967 = 100

1967 proportion

1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July

Aug
Sept

Get
Nov
Dec T
1983: Jan r
Febr

Mar"
1
2

Output as percent of capacity,
Annual data are averages of the four monthly indexes.




Manufacturing

Percent
change
from year
earlier

100.00

130.5
138.2
146.1
152.5
147.0
151.0
138.6
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
137.2
137.6
139.1

Capacity u tilization rate , percent

Industry proc notion indexes , 1967 = 100

10.8

5.9
5.7
4.4

-3.6
2.7

-8.2
-6.8
-7.7
-8.8
-9.3
-9.8
-9.9
-9.4
-9.0
-7.8
-5.7
-2.5
-3.7
-1.8

Manufa cturmg
Mining

Total

87. 95
130.3
138.4
146.8
153.6
146.7
150.4
137.6
140.1
138.7
137.9
137.7
138.1
138.0
137.1
135.0
134.0
134.5
136.6
137.4
139.2

Durable

51.98
122.3
130.0
139.7
146.4
136.7
140.5
124.7
128.2
126.7
126.1
125.5
125.9
124.9
123.5
120.3
119.3
119.9
122.3
123.5
125.3

x

Utilities

Nondurable

35. 97
141.8
150.5
156.9
164.0
161.2
164.8
156.2
157.3
156.1
155.0
155.3
155.7
156.9
156.7
156.2
155.3
155.6
157.3
157.5
159.2

6.36
114.2
118.2
124.0
125.5
132.7
142.2
r

!26.1

138.1
134.1
128.9
123.5
120.1
116.9
114.7
115.9
116.8
118.4
121.4
115.8
113.6

5.69
151.7
156.5
161.4
166.0
168.3
169.1
r
168.7
170.0
171.0
170.9
169.4
167.7
168.5
167.5
167.8
166.7
164.2
163.1
164.1
165.9

Federal
Reserve
series

79.5
81.9
84.4
85.7
79.1
78.5
69.8
71.6
70.8
70.2
70.0
70.0
69.8
69.2
68.0
67.4
67.5
68.4
68.7
69.4

Sources: Board of Governors of the Federal Reserve Systei
(Bureau of Economic Analysis).

Commerce
series 2

81
83
84

83
78
76
70
72
71
69
68

Materials
(Federal
Reserve
series)

81.1

82.7
85.6
87.4
80.0
79.9
68.9
71.8
70.5
69.4
68.8
68.5
68.2
67.7
66.6
65.7
65.2
67.1
67.7
68.5

and Department of Commerce

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]

Prod uets
Intermedia te products

Final p roducts
Period

CConsumer good s
Total

Total

Durable
goods

Materials

Equi{>ment
Nondurable
goods

Total
Total

Business

Construction
supplies

Supplementary
group:
Energy
total

1967 proportion

47.82

27.68

7.89

19.79

20.14

12.63

12.89

6.42

39.29

12.23

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

124.4
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5

131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6

146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
r
129.2

125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0

114.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8

134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9

137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3

139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3

133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7

128.3
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7

1982:

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r

143.3
142.6
142.2
142.1
142.5
141.2
140.0
138.7
138.3
139.5

141.5
142.1
143.6
144.8
145.8
144.1
143.4
142.2
141.3
142.0

128.1
130.7
132.6
134.6
137.3
132.9
131.3
126.5
124.6
125.9

146.8
146.6
147.9
148.8
149.1
148.6
148.2
148.5
147.9
148.4

145.9
143.4
140.4
138.4
138.0
137.3
135.2
134.0
134.2
136.1

169.0
164.9
159.9
156.7
154.9
153.9
150.5
147.1
146.4
148.1

145.2
143.7
142.6
141.9
142.8
144.7
143.7
141.6
141.8
141.5

125.6
123.6
122.2
123.1
124.1
127.1
125.5
122.5
123.4
123.0

138.5
136.2
134.3
133.5
133.0
132.8
132.0
130.0
128.4
127.8

137.6
136.7
136.5
136.2
136.4
134.8
132.7
134.1
133.3
132.2

1983:

Jan r
Feb r
Mar*

140.0
139.6
140.5

143.6
144.2
145.3

131.6
134.0
134.3

148.3
148.3
149.6

135.2
133.3
134.0

146.5
143.3
143.9

143.3
143.9
146.2

127.0
128.2
131.5

131.7
133.2
135.0

133.1
132.6
132.8

[1967 = 100, seasonally adjusted]

*'endurable inanufacture s

Durable m<inufaetures
Transp Drtation
equipment

Primary metals
Period
Total

1967 proportion

Iron and
steel

Fabricated metal
products

Nonelectrical
machinery

Electrical
machinery
Total

Motor
vehicles
and parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals and
products

Foods

6.57

4.21

5.93

9.15

8.05

9.27

4.50

1.64

3.31

4.72

7.74

8.75

126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3

122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7

124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8

133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0

143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3

118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9

148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8

126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6

117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4

118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
r
144.1

154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1

120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1

1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec r

83.0
76.4
75.2
72.8
72.9
72.9
73.2
69.6
63.6
63.5

73.0
65.1
62.4
58.0
58.1
57.4
56.4
54.1
47.5
46.6

121.1
119.1
115.8
115.0
115.5
114.3
112.3
107.6
107.0
107.3

157.3
153.7
150.0
147.4
147.1
147.2
144.9
140.4
139.6
139.2

172.6
172.2
170.9
170.8
170.3
169.7
167.0
165.4
165.5
165.5

104.4
105.9
110.0
111.6
112.7
107.0
105.3
100.8
100.2
103.7

105.6
110.7
119.8
124.0
127.2
116.7
113.5
103.0
101.7
108.8

103.5
106.2
110.6
112.2
116.9
120.3
119.9
117.2
119.1
121.4

145.9
144.2
143.8
142.6
143.9
145.3
144.3
142.0
141.7
142.8

200.3
198.6
193.6
193.2
194.1
195.6
196.4
194.1
192.8
195.9

150.8
149.7
150.5
151.0
151.0
150.7
149.0
151.5
152.0
152.8

Janr
Feb r
Mar"

72.9
76.6
79.0

59.0
64.8

107.6
109.6
11.1.8

138.0
135.7
137.8

169.5
169.4
171.6

105.8
109.9
110.2

113.3
123.0
122.5

130.0
132.4

141.4
142.5
145.3

196.0
196.6

154.4

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

1983:

,.

Source: Board of Governors of the Federal Reserve System.

18




NEW CONSTRUCTION
Constructio n contracts 2

Private
Period

Total new
construction
expenditures

Resi lential
Total

Commercial
and industrial

New housing
units

Total 1

Other

Federal,
State, and
local

Total value
index
(1977 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

I Billions of dollars

1976
1977

1978
1979
1980
1981
1982

151.1
173.8
205.6
230.4
230.7
238.2
229.6

r

47.3
65.7
75.8
78.6
63.1
62.7
52.0

60.5
81.0
93.4
99.0
87.3
86.6
75.0

112.0
135.7
159.7
181.6

175.7
185.2
179.4

19.9

31.5

32.2
36.7
42.7
44.7
47.4
50.6

38.2
45.9
48.8
55.1
53.0
50.2

Seasonally
adjusted

Seasonal ly adjusted annu al rates

1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Novr
Dec r
1983: Jan r
Feb p.
Mar p

222.6
224.6
226.1
228.7
231.6
227.6
228.1
228.1
230.8
239.6
239.0

256.1
250.9

49.2
51.0
49.6
51.0
49.8
51.5
52.3
53.1
52.3
54.7
57.3
65.9
69.2

69.2
70.0
72.3
75.5
75.3
73.4
72.1
71.5
75.7
81.7
87.0
93.5
95.4

173.0
173.6
175.1
179.9
182.7
178.7
176.6
177.0
179.8
187.5
191.4
200.2
201.3

1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.

54.1
55.0
54.3
53.9
56.5
53.9
52.8
53.7
52.7
53.6
52.8
54.3
54.8

49.8
48.6
48.5
50.6
50.9
51.4
51.7
51.8
51.4
52.2
51.7
52.4
51.1

592
739
977
1,059
904
906
685

79.0
100.0
114.0
122.0
107.0
107.0
111.0

39.1

22.5
29.6
39.9
43.8
51.3
53.8

Seasonally
adjusted
annual rates

r 115

49.6
51.0
51.0
48.8
48.9
48.9
51.4
51.1
51.0
52.1
47.6
55.9
49.6

759
734
707
645
778
694
717
671
656
608
595
803
693
632

no

88
94
111
98
112
117
105
122
131
127
119
131

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prrv ate homes

New private housing units
r

Units started, b) type of structure

Period
Total
1,160.4
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2

1975
1976
1977
1978
1979
1980
1981
1982.

1 unit

2-4 units

5 or more units

64.0
85.9
121.7
125.0
122.0
109.5
91.1
80.0

892.2
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6

204.3
289.2
414.4
462.0
429.0
330.5
287.7
319.6

Units
authorized
939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
992.7

Units
completed
1,317.2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5

Homes sold

Homes for
sale at end of
period 1

549
646

819
817
709
545
436
412

3

Vacancy rate
for rental
housing units
(percent) 2

313
353
402
414

398
336
272
251

6.0
5.6
5.2

5.0
5.4
5.4
5.0
5.3

Seasonal ly adjusted annu al rates
1982:

1983:

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan r
Feb r
Mar"

1

920
911
1,028
910
1,185
1,046
1,134
1,142
1,361
1,280
1,694
1,775
1,611

607
583
622
617
625
651
683
716
868
842

1,126
1,087
991

'

68
65
85
86
96
87
90
66
79
79
100
117
121

Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comp!
with earlier data.
3
New series beginning March 1979.




245
263
321
207
464
308
361
360
414
359
468
571
499

851
879
944
929
1,062
888
1,003
1,172
1,192
1,305
1,478
1,493
1,459

946
965
1,108
943
1,010
1,001
936
1,077
1,053
r
1,035
1,194
1,121

375
342
385
369
364
389
473
481
545
r
529
610
587
577

5.3

268
264
258
254
250
248
247
245
246
251

5.5

259
264
263

5.7

5.1
5.3

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
1973-77 are for 14,000 places.
Seasonally adjusted housing completions are as revised beginning 1980 in March issue.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales fell 1 percent in February and inventories rose slightly. According to the advance survey, total retail
sales rose slightly in March after having declined 1 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* [RATIO SCALE)

600

140

550

130

RETAIL INVENTORIES

120

500

110
450
100
400

90
350
RETAIL SALES
TOTAL BUSINESS
SALES

300

70

60

250

50
200

40 I I I I I I I
1979

1980

1981

1983

1982

RATIO*

1,80

150

INVENTO RY-SALES R ATIO

1.70

1 AH
1.50 —

TOT/a

1982

1981

M

RETAIL
1 I 1 I 1 1 1 1 1

1 M

M

I M

1 11

1980

1979

1983

«,««*,««*""*

/

_

170

1979

1

n,

1,40
1.30

^^o
* v- —^

BUSINESS.

%l>

i 1111111111
1981

Minium
1982

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Total biisiness 1
Period

Sales

tones 3

_

1 1 1 i 1 1 1 M

11

'1983

COUNCIL OF ECONOMIC ADVISERS

Sales

2

tories 3

Inventory-s ales ratio

Re tail

Wholesale
Sales

2

Y
^

2

Inventories

Durable

Total

Nondura-

goods
stores

ble goods
stores

Total

4

3

Durable

Nondura-

goods
stores

ble goods
stores

Tntal
1

business

Retail

Millions of dollars, seasonally iidjusted
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan r
Feb r
Mar p
1

182,230
204,277
229,623
260,355
297,662
327,142
354,187
342,167
r
343,090
344,416
341,930
350,931
348,141
346,641
342,029
341,702
335,184
336,747
336,663
343,677
339,548

288,375
318,544
351,176
399,154
450,657
492,787
526,971
512,133
522,038
521,168
523,887
519,212
521,243
521,430
521,750
521,799
520,721
515,265
512,252
507,557
508,074

46,623
50,694
55,987
66,117
78,680
92,658
100,673
95,363
96,898
99,198
97,348
99,290
98,019
95,790
94,341
92,527
91,806
91,912
91,389
94,790
91,985

56,697
64,078
72,311
85,685
98,394
112,341
116,986
118,790
115,029
115,861
119,423
118,132
119,828
119,854
119.190
119,537
120,162
118,349
118,790
117,564
116,212

49,012
54,781
60,435
67,286
75,047
80,235
87,298
89,640
88,049
87,701
88,468
90,813
88,603
89,469
89,069
89,897
90,905
92,492
92,459
92,295
91,197
91,515

The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly sales; for monthly

15,247
18,150
20,724
23,218
25,196
24,401
26,335
26,739
25,741
25,973
26,718
28,127
26,136
26,124
25,831
26,619
27,154
28,721
28,723
28,307
27,279
27,758

33,765
36,631
39,711
44,067
49,850
55,834
60,963
62,901
62,308
61,728
61,750
62,686
62,467
63,345
63,238
63,278
63,751
63,771
63,736
63,988
63,918
63,757

71,744
79,273
89,530
102,790
111,229
116,430
126,833
128,131
125,321
125,242
125,479
124,631
126,300
126,662
128,258
129,788
128,849
127,619
128,250
127,869
130,221

33,356
37,841
43,135
49,987
53,717
54,400
59,095
59,521
57,918
57,698
57,890
57,039
58,225
58,888
60,204
61,668
60,581
59,417
59,597
59,735
61,489

38,388

41,432
46,395
52,803
57,512
62,030
67,738
68,610
67,403
67,544
67,589
67,592
68,075
67,774
68,054
68,120
68,268
68,202
68,653
68,134
68,732

1.57
1.48
1.46
1.44
1.43
1.45
1.45
1.52
1.52
1.51
1.53
1.48
1.50
1.50
1.53
1.53
1.55
1.53
1.52
1.48
1.50

data, ratio of inventories at end of month to sales for month.

2

3

20



Note.—Data are as revised beginning 1978 in March issue.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Cem

1.44
1.38
1.40
1.43
1.44
1.42
1.40
1.41
1.42
1.43
1.42
1.37
1.43
1.42
1.44
1.44
1.42
1.38
1.39
1.39
1.43

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' new orders fell, while shipments, inventories, and unfilled orders were about unchanged. In March, according to advance data, durable goods shipments rose 1.9 percent and new orders rose 0.3
percent.
BILLICDNS OF DOLL<XRS * (RATIO S CALE)
320
280
INVENT ORES

BILLICDNS O F DOLLARS* (RATIOS CALE)
200
180 — SH IPME NTS
160
<~*^S"
TOTAL
*- " 1
140 :>**

^wiy—SP^••
~"

120
100

80

r*^—
^^^\

240
200

|—

.,

-

160

DURABLE GOC DS

^^Y^^j %»...,»

'.AM^m.*

^^mi t^

~^^

,

TOTAL
""'

DURABLE C 5OODS

-

'"\iltt,^

NO NDURABLE GC)ODS

100

60
_

80

_^,- «^"""

/
NONDLJRABLE GOOD S

«•*-**

_

40

1 1 1 1 1 M i l l i i i i i 1 1 i i ii 1 1 1 1 1I 1 ! I 11
BILLKDNS O F DOLLARS* (RATIO S<IALE)
200
180 — NF W Ol RDERS
160
F—~}
X^
>^/^
TOTAL
140 XV—*' ! **

i

i i i| I i i i i I i i i ii

—

~^*S ^

60

40

I H I M I I I I II i i i i i I i i i ii l l I I l I l M II

i N i n l m i i lI I I I I I I I I I I I I

RAT O*
2.2

120

DURABLE GCDODS

100

INVENTO RY-SHIPM ENTS RAT 0
2.0

*wt •

y jffi^ite*'***^^
80 .*£%,<•..iiM^wr •"^
""a**"""'"''""''! ft«.
- ^^-•***" '**f ,NON DURABLE GOC DS *""^
»^*
60

-

1.8
1.6
1.4

40
i i i 1 1 |l I 1 I 1 1 | 1 1
15 79
1980

Mill

i i i i i 1 i l i ii

1 I I I i I 11 1 1 i 1 1 i 1 1 1 M 1 1 1

1981

1.2

—

*/y*s~^

/^ ^\^^ !•

V—
NH-

• *^

_

_

1 1 1M 111M i

1 1M 1 i 11I 1 1

1979

1983

1982

—

/^*
/
^J.

1 1 1 1 1 1 1 1 1 1 1 1 1 ii 1 1 1 1 1 1 1

*SEASO ALLY AD JUSTED
SOURCE: C EPARTMEN T OF COMMERCE

Manufa cturers'

1982

1981

1980

1983

COUNCIL OF EC;ONOMIC ADVISERS

shipinents

l

Manufai eturers' invei tones 2

*[anufaeturers '

new ordersi

Durabl B goods
Period

i

Durable
goods

Nondurable goods

Durable
goods

TWol

Nondurable goods

Capital

Tnfol
Total

industries,
nondefense

Nondurable goods

Manufacturers'
unfilled
orders 8

Manufacturers'
inventory—
shipments
ratio 4

Millions of do ilars, seasoilally adjust 3d

1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Peb r
Mar"

98,802
113,201
126,953
143,935
154,249
166,217
157,164
158,142
157,517
156,114
160,828
161,519
161,382
158,619
159,278
152,473
152,343
152,815
156,592
156,366

1
Monthly average for year and
2
Book value, end of period.
8

End of period.




50,689
59,267
67,848
76,060
77,540
83,417
76,519
77,976
78,124
77,136
79,518
78,888
79,036
77,248
76,562
72,342
72,708
73,373
77,251
77,620
79,107

48,113
53,934
59,104
67,875
76,708
82,800
80,645
80,167
79,394
78,978
81,310
82,631
82,346
81,371
82,716
80,131
79,635
79,442
79,341
78,746

175,193
189,334
210,679
241,034
264,016
283,152
265,212
281,688
280,065
278,985
276,449
275,115
274,914
274,302
272,474
271,710
269,297
265,212
262,124
261,641

total for month. Shipments are the same as sales.

112,581
121,737
138,045
160,601
174,674
188,429
176,975
187,121
186,063
185,916
184,870
184,289
183,798
183,550
182,793
181,843
179,324
176,975
174,005
173,489

62,612
67,598
72,634
80,433
89,341
94,723
88,237
94,567
94,002
93,070
91,579
90,826
91,116
90,752
89,681
89,867
89,973
88,237
88,119
88,152

99,543
115,027
131,664
147,354
155,738
166,015
155,214
155,984
157,198
154,995
156,791
157,058
158,588
154,380
156,166
149,696
150,362
156,263
160,214
156,683

51,398
61,076
72,410
79,394
79,060
83,272
74,632
76,309
77,859
76,194
75,710
74,550
76,446
72,982
73,266
69,598
70,607
76,593
80,921
78,084
78,343

12,799
15,276
19,444
23,203
23,449
24,061
20,682
21,560
22,174
22,608
20,332
19,278
20,322
18,893
20,273
20,183
20,173
20,154
20,466
18,766
19,533

48,145
53,951
59,254
67,960
76,678
82,743
80,582
79,676
79,339
78,803
81,081
82,508
82,142
81,398
82,900
80,098
79,755
79,670
79,293
78,599

182,499
204,880
261,941
303,178
320,977
318,621
294,572
315,957
315,639
314,521
310,482
306,032
303,235
299,001
295,883
293,107
291,128
294,572
298,197
298,511

1.69
1.61
1.57
1.57
1.66
1.66
1.76
1.78
1.78
1.79
1.72
.70
.70
.73
.71
.78
.77
.74
1.67
1.67

4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.

Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods fell 0.1 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.5 percent, prices of other finished consumer goods fell 0.7 percent, and prices of capital
equipment rose 0.4 percent.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

320

320

— FINISHED GOODS

SEASONALLY

ADJUST ED

—
300

300
v

~^^/^**e*

280
3OODS

—
280

—

TOT; \l FINISHED

260

-

jS^'"

^^ /^^'

.'...*•'•'—'•"*

260

•;

s^yf^

240

CONSU/^ER FOODS

240

€.^..J

CAPITA L EQUIPMENT —

220

\

—

\..S\

.00

220

z^
<-<\
'

—
200

x

/ ^-^^ / CONSUMER GO DDS
*-x
.—
^,EXCLUDING FO(DDS
•*'*"
^'^^^^ "^ ^''
lf
_^^
/i "' .-*^*<f** ^

,

- "~^^^

**•«. •***""••.

180

180

^~~~'

~~"

—

^** •^^•^

160

160

_--""

—

140

120

140

M M I I M I M

Mill

1975

M|ll

1976

M M I I M I II
1977

1 1 1 1 1

Mill

Mill

| II II

I M I i I I M M
1980

1979

1978

M M I I I M M
1981

1 M M IM M I
1982

I M M I M IM
1983

120

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1967 = 100; monthly data seasonally adjusted]

Mm shed goods

Internlediate ma terials

Fimished go()ds excluding consumer foo Is
Period

Total
finished

goods

1975

,

1976
1977
1978
1979
1980
1981
1982 p
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec
1983: Jan
Feb
Mar
1

163.4
170.6
181.7
195.9
217.7
247.0
269.8
280.6
276.8
277.1
277.1
279.9
281.2
282.5
282.8
283.8
285.5
286.0
283.0
283.4
283.0

Consumer
foods

181.0
180.4

189.9
207.2
226.2
239.5
253.6
259.3
257.4
261.6
262.3
263.5
259.2
259.4
258.3
258.2
258.2
258.7
258.2
259.8
261.1

Total

156.2

166.1
177.7
190.7
213.3
247.8
273.3
285.7
281.2
280.4
280.1
283.4
286.6
288.2
288.9
290.3
292.5
293.1
289.1
289.2
288.2

Intermediate materials for food manufacturing and feeds.

22



Total
£

Consumer g()ods

Total
153.1
162.6
174.3
186.7
211.5
250.8
276.5
287.8
282.9
281.6
280.7
284.6
288.5
290.1
291.2
293.2
295.8
295.9
290.5
290.0
288.1

Durable

Nondurable

138.2
144.5

163.0

152.8
166.9
183.2
206.2
218.6
226.7
224.6
224.3
225.0
226.8
227.4
228.6
227.8
228.5
229.8
229.9
229.8
232.8
233.8

174.8
189.3
200.0
231.3
283.9
319.6
333.5
326.5
324.4
322.4
327.7
334.3
336.2
338.6
341.7
345.3
345.5
335.9
332.5
328.3

Capital
equipment
162.5
173.4

184.6
199.2
216.5
239.8
264.3
279.6
276.0
276.5
277.8
279.5
280.5
282.3
281.9
282.0
283.1
284.6
284.3
285.6
286.7

• V

J

Total
er goods

163.6
169.7
180.7
194.9
217.9
248.9
271.3
280.9
277.0
277.3
276.9
280.0
281.5
282.6
283.0
284.4
286.2
286.5
282.6
282.8
282.0

180.0
189.1
201.5
215.6
242.2

280.3
306.0
310.4
309.6
308.4
308.7
309.7
310.3
310.3
310.8
310.9
311.7
311.8
310.8
310.5
308.3

Foods
and
feeds *

195.3
185.3

190.5
203.1
226.1
252.6
250.3
239.6
239.3
243.4
246.0
245.6
242.1
239.8
236.7
234.0
233.7
234.3
236.2
238.8
239.6

Oniide materials

Other

Total

178.6
189.4
202.3

196.9
202.7
209.2
234.4
274.3
304.6
329.0
319.5
317.0
320.8
326.4
325.8
322.1
319.1
315.4
314.3
317.3
316.5
315.6
317.6
319.4

216.5
244.4
282.3
310.1
315.7
314.9
313.3
313.3
314.5
315.3
315.6
316.3
316.6
317.4
317.5
316.3
315,8
313.4

Source: Department of Labor, Bureau of Labor Statistics.

Foodstuffs
and
feedstuffs
191.8
190.2
192.1
216.2

247.9
259.2
257.4
247.8
249.3
255.7
261.0
258.6
251.0
246.9
239.5
237.0
239.4
240.3
243.0
248.8
250.5

Other

206.9

228.5
245.0
272.3
330.0
401.0
482.3
474.0
463.2
461.5
467.7
470.8
475.4
474.8
478.6
480.4
484.8
480.3
471.9
465.8
468.0

CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted and unadjusted.
The index was 3.6 percent above its level in March 1982.
INDEX, 1967=100 (RATIO SCALE)
320

INDEX, 1967 =100 (RATIO SCALE)
320

300

300

280

280

260

260

200

200

II

i I i i i i i
1977

I Iii iI

t Ii i ii
1975

1976

1978

1981

1982

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

120

II I
1983

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]

Ti•ansportati on

Hou sing

All

She Iter
Period

All
items *

Food

Total l

Total

Renters'
costs 2

NSA

Rel imp.5
1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan
Feb
Mar

100.0
161.2
170.5
181.5
195.4
217.4
246.8
272.4
289.1
283.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4

Homeowners'
costs 2
NSA

19.0
175.4
180.8
192.2
211.4
234.5
254.6
274.6
285.7
282.8
283.3
285.4
287.1
287.6
286.9
287.5
288.1
288.2
288.1
288.3
288.3
290.1

37.7
164.5
174.6
186.5
202.8
227.6
263.3
293.5
314.7
306.8
309.4
313.6
316.8
318.4
319.7
319.3
320.5
319.9
317.4
318.9
318.9
318.7

21.3
169.7
179.0
191.1
210.4
239.7
281.7
314.7
337.0
327.4
331.1
336.4
340.6
342.5
344.0
342.3
342.6
340.7
336.0
338.3
339.1
339.2

6.9

100.2
100.8
101.1
101.3

Maintenance
and
repairs

5

Eelative importance, December 1982.




Total l

New
cars

Motor
fuel 3

items
less
food,
energy,
and
shelter

Medical
care

Ener4

6.0
168.6
184.7
202.4
219.4
239.7
265.9
294.5
328.7
318.1
321.4
324.2
327.2
330.5
333.4
336.3
338.7
341.8
344.4
347.2
350.1
351.7

12.4

47.3

176.6
189.3
207.3
220.4
275.9
361.1
410.0
416.1
405.5
395.2
401.8
412.9
416.7
418.9
421.0
426.6
430.2
431.3
6
420.5
404.9
401.3

149.4
159.9
169.5
179.1
191.5
208.3
228.1
245.6
241.1
242.4
243.4
245.4
246.7
247.7
248.7
250.1
250.7
251.9
253.1
254.2
254.9

gy

NSA

13.9

0.5

8.4

5.2

21.8

3.5

6.2

100.0
100.7
100.9
100.9

187.6
199.6
214.7
233.0
256.4
285.7
314.4
334.1
327.2
331.6
334.5
336.1
334.7
335.9
338.4
339.4
339.0
337.8
342.9
339.4
339.9

167.8
182.7
202.2
216.0
239.3
278.6
319.2
350.8
340.8
341.4
345.5
348.5
350.3
353.1
357.5
362.7
367.1
369.6
368.9
366.9
365.1

142.3
147.6
154.2
159.6
166.6
178.4
186.9
191.8
190.6
190.8
191.1
191.5
192.2
192.7
192.8
193.3
193.2
192.7
193.2
194.2
194.1

150.6
165.5
177.2
185.5
212.0
249.7
280.0
291.5
286.6
282.5
285.1
291.5
294.1
295.3
295.6
296.4
296.0
295.8
293.9
289.1
289.0

127.6
135.7
142.9
153.8
166.0
179.3
190.2
197.6
195.7
196.1
196.5
197.2
198.0
199.2
199.6
199.2
198.7
199.3
199.4
201.1
202.6

170.8
177.9
188.2
196.3
265.6
369.1
410.9
389.4
385.0
362.7
368.0
387.4
393.4
395.9
396.0
395.4
394.2
391.2
378.3
353.0
349.5

1
Includes items not shown separately.
, 2 December 1982=100.
3
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,

etc.

Fuel
and
other
utilities

Apparel and
upkeep

6
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]

Ch ange from p receding pen od

Period

Change from 3 month s earlier, ann ml rate

Change from 6 montf s earlier, ann aal rate

Consunu?r goods

Consumt r goods

Consum jr goods

Total
finished

goods

Total

Capital
equipment

Excluding foods

Poods

finished

Capital
equipment

Excluding
foods

Foods

goods

Total
finished

goods

Capital
equipment

Excluding
foods

Poods

Change
from
year
earlier,
total
finished
goods

NSA
Chiinge, Dee. to Dee., N SA
1974
1975

11.7

7.4
7.5
1.4
2.1

12.8
11.8

7.1

3.5

22.6

6.7
6.0
6.7
8.5

5.5
2.5
6.9

6.6
3.7
6.9
9.2

1976
1977
1978
1979
1980
1981
1982 "

20.5

13.0

18.3

15.3
10.8

8.2
6.4
7.3
7.9
8.8

17.5
14.2

4.4
6.5
7.8
11.1
13.5

11.4

8.5
3.9

9.2
4.0

9.2
4.0

C mnge, moiith to mon th
1982:

1983:

Mar
Apr
May
June
July
Aug
Sept
Oct r
Novr
Dee r.
Jan
Feb r
Mar

3.6

2.8

1.7

2.3
4.9

2.1
1.5

5.4
7.2

2.7
2.8
3.6
4.4
4.9
6.2
4.4

8.2
2.4
1.2
.7

1.8
.6

9.6
6.7
8.1
6.6

5.2
5.9
6.6
3.5
2.2
1.1
3.9

0
2.5
3.8

-3.6
-7.6
-10.1

3.3
3.6
3.0

1.3
.6
.1

0.9

6.6

.2
.5

-.3
-.6

8.7
7.2

1.4
1.4
.6
.4
.7
.9
.0

.6
.4
.6

4.6
6.1
8.0
4.2
3.7
4.3
4.6

9.8
3.6

-.2
.6
.5

-1.0

0.5

.5
-.3

.1
-.4
-.0
0
.2

-0.3

1.8
-.2
.7

j

-0.2
1.6
.3

.1
0

1.0
.5
.5
.1
.4
.6
.2

-0.6

.5
-1.6

.1
-.1

i

.0
.4
.5

-1.1
-2.9
-4.1

.5
.4

-2.4
-4.4
5.4

2.4
10.2
14.1

-4.3

7.7
-1.5

2.2

5.7
4.6
4.1

0
-1.7

0
2.6

3.9
6.0
8.4

-2.6
-3.1
-3.6

11.0

8.1
1.4
-.1

-.8
.3
2.2

-2.1

4.2

4.4
4.1
5.8
4.3
4.0
3.9
3.7

3.5
3.6
4.0
3.6
3.6
3.7
3.5

2.7
2.4
3.4

2.1
2.1
2.2

3.3
3.0

Source: Department of Labor, Bureau of Labor Statistics.

NOTE.—NSA indicates data are not seasonally adjusted.

CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]

Ho ising

Tr insportati on

Shelter
All
items 1

Food

Ap-

Total »
Total

1

Renters'
costs

Homeowners'

Maintenance
and

NSA

Period

Fuel
and
other
utilities

parel
and
upkeep

Medical
care

Energy 3

All
items
less
food,
energy,
and
shelter

Addendum: All items percent
chaiige (annual r ate)

NSA

Total l

New
ears

Motor
fuel 2

From
3
months
earlier

From
6
months
earlier

From
year
earlier

NSA

Chang e, Decem ber to D eeember ,NSA

7.0
4.8
6.8
9.0

1975
1976
1977
1978
1979
1980
1981
1982

13.3
12.4

8.9
3.9

6.5
.6
8.0
11.8
10.2
10.2

4.3
3.1

7.5
5.4
7.6
9.9
15.2
13.7
10.2

3.6

7.3
4.2
8.7

5.5
7.1
7.2
10.1
10.3
10.6

11.5
17.4
15.1

9.2
4.2

9.9
2.4

11.2

9.0
8.1
5.9
16.0
13.6
14.5

9.7

9.8
8.8
4.3
7.7

2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6

18.2
14.7
11.0

1.7

7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6

11.0

2.6
4.9

8.5
52.2
18.9

9.4
-6.5

11.6

9.9

6.9
7.2
8.0

10.1

8.8
8.8
10.1
10.0
12.5
11.0

37.4
18.1
11.9

1.3

9.1
5.8
6.5
7.7

6.4
7.0
5.2

6.5
7.2
9.9
9.4
6.1

11.3
13.5
10.4

6.1

Change, month t<> month
1982:

Mar

Apr
May
June
July
Aug
Sept
Get
Nov
Dee

1983:

Jan
Feb
Mar

.2
1.0
1.1
.6
.3
.1
.4
0
-.3

0.1
.2
.7
.6
.2
.2
.2
.2
.0
-.0

.2
-.2
.1

.1
0
.6

-0.0

-0.3

.8
1.4
1.0
.5
.4
— .1

.4
-.2
-.8
.5
0
.1

-0.6

-0.3

1.1
1.6
1.2
.6
.4
-.5
.1
-.6

1.3
.9
.5
-.4
.4
.7
.3
j

-.4

-1.4

.7
.2
.0

0.6
.3
.2

1
Includes
2
Includes
3

0.7
.2
.0

1.5
-1.0

.1

0.4
.2
1.2
.9
.5
.8
1.2
1.5
1.2
.7
-.2
-.5
-.5

items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,

etc.

4

Energy excludes motor oil, coolant, etc. beginning January 1983.

NOTE.—NSA indicates data are not seasonally adjusted.

24



0.2
.1
.2
.2
.4
.3
.1
.3

-0.1
-1.4

.9
2.2
.9
.4
.1
.3

— .1

— .1

-.3

-.1

.3
.5
-.1

-.6
-1.6

-.0

0.2
.2
.2
.4
.4
.6
.2
-.2
-.3
.3

-1.8
-5.8

.1
.9
.7

-3.3
-6.7
-1.0

1.5
5.3
1.5
.6
.0
-.2
-.3
-.8

0.9
1.0
.9
.9
1.0
.9
.9
.7
.9
.8
.8
.8
.5

-1.4
-2.5

1.7
2.8
.9
.5
.5
1.3
.8
.3
4

0.6
.5
.4
.8
.5
.4
.4
.6
.2
.5

-2.5
-3.7

-.9

.5
.4
.3

1.3
1.1
5.0
9.8
11.3

8.2
4.1
3.3
2.1
.5
-.4
-1.2

.4

2.9
4.0
5.5
6.1
6.6
6.9
7.2
5.1
2.3

6.8
6.6
6.7
7.1
6.5
5.9
5.0
5.1
4.6
3.9

1.4
.4
.5

3.8
3.5
3.6

3.1

Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2.2 percent in April and prices paid by farmers were unchanged in the month
ended April 15.
INDEX, 1977=100

INDEX, 1977-100

(RATIO SCALE)

(RATIO SCALE)

60

60
1975

1976

1977

1980

1979

1978

1982

1981

1983

!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PA!
SOURCE DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[1977 = 100]
Pri ces
Period

All farm
products

received by farm ers

P rices paid by farmer S

Livestock and
products

Crops

1977
1978
1979
1980
1981
1982

101
102
100
115
132
134
139
133

105
102
100
105
116
125
134
121

98
101
100
124
147
144

1982: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

135
139
137
137
133
135
128
128
127

1983: Jan
Feb
Mar
Apr

128
132
134
137

1975
1976

1




Production
items, interest,
taxes, and wage
rates

Ratio 2

Production
items

100
109
125
139
151
154

97
100
108
125
138
148
149

113
107
100
106
107
97
93
85

155
156
156
157
157
157
156
156
156

154
155
155
155
155
154
153
154
153

149
150
151
151
150
149
148
149
148

87
89
88
87
85
86
82
82
81

157
158
159
159

156
157
157
158

150
151
152
153

82
84
84
86

89
95

89
95

143
144

100
108
123
138
150
156

123
126
125
125
117
124
114
117
114

147
151
149
148
147
146
142
140
139

114
118
121
127

142
146
146
146

Includes items not shown separately.
Percentage ratio of index of prices recei red bv farmers to inde^c of prices paid, interes ,, taxes,
and wage rates.
2

All commodities,
services,
interest, taxes,
and wage rates 1

91

NOTE.--The official indexes a re published on a 1910 -14 base as required b y law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other in< exes.
Source: Denartment of Aericult ure.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
In March, growth slowed in Ml and the broader aggregates.
BILLIONS OF DOLLARS*(RATIOSCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

400

400

200
1975

1983

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE,SYSTEM

[Averages of daily figures; billions of dollars, seasonally adjusted]

M3

Ml

Period

1975:
1976:
1977:
1978:
1979:
1980:
1981:
1982:

M2

Sum of currency,
demand deposits,
travelers' checks, and
other checkable deposits
(OCD) !

Ml plus overnight EPs
and Eurodollars,
MMMF balances
(general purpose and
broker/dealer),
MMDAs, and savings
and small time deposits

M3 plus other liquid
assets

M2

Ml

8.1
8.3
7.1
6.5
6.4
8.5

11.6
12.0
11.1
9.0
10.1
11.9
9.7

7.1
7.5
7.7
5.9
3.0
4.7
6.6
8.8
9.8
11.2
12.6
14.8
15.4

9.0
8.3
8.0
7.9
8.0
9.9
9.9
10.6
10.5
10.5
14.0
15.7
16.1

9.4
9.2
8.6
8.7
9.5
11.8
11.4
11.8
11.9
10.7
10.6
9.7
9.6

4.9
6.6

1,286.4
1,388.5
1,497.5
1,630.3
1,794.9
1,959.5
1,828.9
1,835.2
1,850.6
1,864.5
1,880.9
1,903.6
1,917.0
1,929.7
1,945.0
1,959.5
2,008.2
2,047.4
2,066.0

2,210.9
2,224.1
2,240.7
2,260.2
2,283.4
2,317.8
2,333.9
2,352.0
2,370.2
2,377.6
2,401.5
2,427.3
2,443.0

2,692.7
2,710.3
2,737.6
2,767.0
2,798.2
r
2,823.6
2,840.5
r
2,866.0
2,883.1

1,023.0
1,163.5

335.5
363.2
389.0
414.1
440.6
478.2

1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Decr
1983: Janr
Feb r
Mar p

448.6
449.3
452.4
453.4
454.4
458.3
463.2
468.7
474.0
478.2
482.1
491.1
497.5

1
Net of demand deposits due to foreign commercial banks and official institutions.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at an annual rate.

NOTE.—See page 26 for components.
Source: Board of Governors of the Federal Reserve System.

M3

12.6
13.7
10.6
7.9
7.9
8.9
10.1
9.2

1,371.9
1,522.4
1,711.0
1,922.9
2,131.8
2,343.6
2,622.0

291.1
310.4




M2 plus large time
deposits, term RPs, and
institution-only MMMF

Percent (change from fear or 6
m onths earlier

1,161.7
1,296.3
1,451.8
1,613.5
1,758.4
1,936.7
2,167.9
2,377.6

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Decr

26

L

9.4

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Money market
mutua 1 fund
bala noes

Period

Dec:
1975
1976
1977
1978
1979
1980
1981
1982 r ...
1982:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1983:
Jan r....
Feb T
Mar P

Currency

checkable
deposits
(OCD)

General
purpose
and
broker/
dealer

Institution
only

NSA

Other
Demand
deposits 1

Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars

NSA

NSA

43.2

194.9
222.2
258.9
302.6
333.8

34.8
34.3
35.6
36.6
40.4
47.1
48.2
49.3
49.9
47.6

43.2

346.6
345.9
346.6
347.2
345.0
346.7
350.0
358.0
366.4
358.7

840.7
847.2
852.5
859.3
872.9
879.8
883.2
878.0
874.9
859.7

315.8
321.2
322.1
327.4
332.1
334.9
336.1
339.6
340.4
333.8

35.6
38.1
37.0
36.3
34.5
37.0
36.4
37.7
39.4
40.3

46.1
45.2
43.5

189.1
277.7
320.5

332.5
322.1
318.8

798.1
756.1
734.9

310.6
298.0
296.1

Savings
bonds

Bankers'
acceptances

Commercial
paper

99.3
128.7
156.9
176.3

8.4
8.8
11.8
21.6
26.7
31.6
40.6

51.7
62.9
79.2
97.0
98.1
104.2

190.0
190.7
192.1
197.2
r
202.9
r
204.1
203.5
210.5
215.8

39.9
40.2
41.3
41.6
42.0
41.3
41.4
42.8
43.1

110.3
109.7
112.1
115.7
118.7
112.0
113.7
112.3
107.3

40.6
40.9
41.7

85.1
85.3
87.4
88.4
89.1
91.8
94.3
97.0
100.1
101.3

39.1
36.8
40.1
40.3
41.8
42.4
41.5
43.9
45.2
44.3

159.7
161.8
164.9
170.1
172.9
182.3
185.1
187.6
191.1
182.2

239.4
238.7
240.0

104.5
112.5
116.0

47.4
48.3
48.1

166.7
159.4
153.5

134.2
135.6
137.0

Shortterm
Treasury
securities

NSA

521.8
635.9
731.7
828.6
859.7

233.8
233.3
233.1
232.3
232.1
232.5
234.0
236.0
237.6
239.8

125.2
126.3
127.4
128.2
128.8
129.6
130.5
131.3
131.9
132.8

Term
Eurodollars
(net)

8.4
14.2
19.5
27.1
30.1
34.8
37.2
40.3

26,9
76.6
101.3

2.7
2.4

NSA

Term
repurchase
agreements
(EPs)

129.9
118.2
145.2

2,4
6.4
33.4
61.4
150.9
182.2

0.9
2.7
4.2
8.4
17.0

Small
denomination
time
deposits 2

338.1
391.0
446.0

0.4
.6
.9
3.1
9.5
14.9
36.0
47.6

214.1
224.4
239.7
253.8
262.0
266.8
236.4
239.8

Large
denomination
time
deposits 2

NSA

Savings
deposits

388.8
453.0
491.6
481.2
423.1
400.7
344.4
358.7

5.8
10.6
14.7
20.3
21.2
28.4
36.1
44.3

73.9
80.6
88.6
97.5
106.3
116.2
123.2
132.8

market
deposit
accounts
fMMD A cl

1

Net of demand deposits due to foreign commercial banks and official institutions.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2

9.7

67,2
71.7
76.4
80.2

13.1
18.4
29.0
41.5
48.0
65.3

79.5
72.3
67.7

74.0
77.9
83.8
84.7
83.7
80.9
80.6
80.8
79.0

67.7
67.7
67.7
67.7
67.6
67.5
67.5
67.6
67.8

76.8
80.8
89.7

48.0

Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve Svstem.

NOTE.—See p. 26 for overall measures.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installr]nent credit e:^tended
Period

1975
1976

1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb..

Total 2

Automobile

180,083
210,740
257,600
297,668
324,777

52,420
63,743
75,641
87,981
93,901
83,454
93,240
95,997
7,127
7,072
7,987
8,471
8,364
7,376
7,162
7,488
8,041
10,177
9,716

306,076
334,508
344,901
27,182
27,356
28,765
29,517
30,034
27,982
28,024
28,619
28,650
31,691
30,777

Installnlent credit lie uidated

Revolving

Total 2

Automobile

36,956
43,934
87,596
105,125
120,174
128,068
139,829
150,061
11,968
12,329
12,487
12,775
13,367
12,658
12,728
12,705
12,614
12,778
12,491

172,675
189,179
222,138
254,589
286,396
304,628
316,291
331,805
27,015
26,723
27,142
27,673
28,011
27,143
27,768
27,363
28,781
29,676
28,359

49,444

35,616

53,278
60,437
69,245
79,186
82,977
84,745
91,099
7,272
7,353
7,441
7,378
7,395
7,339
7,542
7,139
8,111
8,643
8,225

41,764
81,348
96,090
111,546
126,653
135,362
145,696
11,866
11,806
11,834
12,024
12,640
12,100
12,529
12,394
12,533
12,739
11,990

1
Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding.
2
Includes "mobile home" and "other," not shown separately.




Revolving

Amount ou tstanding, en d of period,
sea sonally adjus ted

Net change in air ount
outstanding *

Total 2

Automobile

7,408
21,561
35,462
43,079
38,381
1,448
18,217
13,096
167
633
1,623
1,844
2,023
839
256
1,256
-131
2,015
2,418
2,929
1,744

2,976
10,465

15,204
18,736
14,715
477
8,495
4,898
-145
-281
546
1,093
969
37
-380
349
-70
1,534
1,491
233
185

Revolving
1,340
2,170
6,248

9,035
8,628
1,415
4,467
4,365
102
523
653
751
727
558
199
311
81
39
501
68
_6

Total 2

Automobile

169,387
190,725
226,646
269,392
307,115
308,137
326,274
339,316
328,781
328,999
330,634
332,142
333,884
334,276
334,343
335,180
335,593
336,897
339,316
342,245
343,989

57,279
67,798
82,890
101,863
116,523
116,808
125,323
130,235
126,102
125,783
126,258
126,970
127,727
127,628
127,271
127,473
127,694
128,824
130,235
130,468
130,653

Revolving
14,467

16,505
36,427
45,004
53,174
54,650
58,722
62,830
58,997
59,457
60,144
60,784
61,458
61,867
62,007
62,120
62,302
62,326
62,830
62,898
62,892

Note.—Series is as revised beginning 1980 in March issue. Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve Svstem.

27

BANK LOANS AND INVESTMENTS, AND RESERVES
In March, commercial and industrial loans rose slightly.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800

BILLIONS OF DOLLARS* (RATIO

ALL COMMERCIAL BANKS

40

40
1975

1976

1983

1977

* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]

Al ! commercial ban b 1
Loans a nd leases
Period

1976:
1977:
1978:
1979:
1980:
1981:
1982:

Total loans
and
investments

Dec
Dec
Dec
Dec
Dec
Dec
Dec

1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

804.6

1
3

555.0
632.5

....




Other
securities
148.8

326.8
358.0
392.4

159.3
172.8
191.5
214.4
231.4
239.1

995.0
1,002.0
1,010.8
1,017.1
1,023.7
1,028.3
1,033.5
1,038.1
1,036.4
1,042.0

370.0
373.1
378.9
383.4
386.7
387.9
392.5
394.8
392.0
392.4

114.4
116.6
116.3
115.8
116.5
117.8
118.2
122.3
126.4
130.9

1,045.1
1,048.8
1,056.3

395.2
394.9
396.2

139.8
144.5
151.0

747.0
849.9
915.1
973.9
1,042.0

1,342.5
1,352.5
1,362.0
1,368.8
1,376.1
1,383.1
1,389.4
1,397.5
1,398.5
1,412.1
1,428.2
1,436.5
1,450.2

190.9
210.9
245.9
291.2

U.S. Treasury
securities

99.8
93.8
94.5
110.0
111.0
130.9

Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.

28

Commercial
and industrial
loans

E eserves adjust sd
for changes in
re serve requirernents

Invest!nents

100.8

891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.1

1983: Jan
Feb r.
Mar p
2

Total 2

Depo dtory institutio ns 3

Total

29.86
31.17

Nonborrowed

Born )wings
(millions of dollars,
unad usted)

Required

Total

Seasonal

62

12

32.59
33.93
35.95
37.67
40.39

558
874
1,473
1,617
636
697

54
134
82
116
53
33

36.80
36.87
37.39
37.37
37.83
38.29
38.63
39.40
39.84
40.26

37.99
38.16
38.15
38.27
38.21
38.49
39.18
39.47
40.06
40.39

1,611
1,581
1,105
1,205
669
5,10
976
455
579
697

174
167
237
239
225
119
102
86
47
33

40.43
39.88
39.93

40.41
40.04
40.30

500
557
854

33
39
53

29.81

32.82
34.26
36.46
37.99
40.89

30.60
31.95
32.79
34.77
37.35
40.26

233.1
234.0
234.9
235.9
235.9
237.1
237.6
237.2
235.8
239.1

38.36
38.43
38.50
38.58
38.52
38.80
39.57
39.88
40.46
40.89

243.3
243.2
242.8

40.96
40.46
40.72

29.59
30.98

NOTE.—Beginning Dec. 1981, banks loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Keserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses

Sources
External
Period

Total

192.4
190.1
156.9
210.8
252.2
315.4
346.3
333.7
352.2
310.0
333.6
381.2
348.9
345.0
298.1
354.1
331.2
256.3

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982.....
1981: I

n
m

1982:

IV
I

n
m
IV

Internal

Ci edit market funds

1

91.7
85.6
119.7
134.2
157.4
175.7
188.8
197.5
231.1
236.2
222.4
225.4
235.2
241.4
232.6
234.3
240.1
237.7

Total

100.7
104.4
37.2
76.6
94.9
139.7
157.5
136.2
121.1
73.8
111.3
155.8
113.7
103.6
65.5
119.8
91.1
18.6

Total

Securities
and
mortgages

Loans and
short-term
paper

36.0
43.6
-8.0
16.3
36.5
47.4
65.3
38.2
69.6
38.1
27.1
84.3
97.0
69.9
77.2
61.3
57.6
-43.6

20.7
26.3
38.7
38.2
33.9
31.9
25.9
57.5
23.1
42.6
41.6
34.8
3.2
12.7
20.7
35.4
44.5
69.6

56.7
69.9
30.7
54.5
70.4
79.3
91.2
95.7
92.6
80.7
68.7
119.1
100.2
82.5
97.9
96.7
102.1
26.0

1

Undistributed profits (alter inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.

Total

Other 2

44.0
34.5
6.5
22.1
24.5
60.4
66.3
40.6
28.5
-6.9
42.6
36.7
13.5
21.1
-32.3
23.1
-11.0
-7.4

191.9
190.1
150.9
201.8
237.6
294.2
347.1
317.9
314.8
267.5
318.2
352.2
304.6
284.0
240.6
298.6
303.8
227.2

Capital
expenditures8

121.5
137.9
109.7
148.3
175.1
202.2
219.8
220.5
260.9
247.8
233.5
260.0
284.6
265.5
244.0
248.4
268.2
230.8

Increase in
financial
assets

70.5
52.2
41.2
53.5
62.5
92.0
127.3
97.4
53.9
19.7
84.7
92.2
20.0
18.5
-3.4
50.2
35.6
-3.6

Discrepancy
(sources less
uses)

0.5
.0
6.0
9.0
14.7
21.2
-.8
15.8
37.4
42.4
15.4
29.0
44.2
61.0
57.5
55.5
27.5
29.1

3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.

Source: Board of Governors of the Federal Keserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitit38

Curren assets

End of period

SBC series: 2
1970
1971
1972
1973
1974
FTC-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1981: I

n
m

IV
1982: I

n

1

TT C!

Total

Cash

Government
securities

Notes and
accounts
receivable

3




Total

Notes and
accounts
payable

Other
current
liabilities

Net
working
capital

ratio *

492.3
529.6
599.3
697.8
790.7

50.2
53.3
59.0
66.3
71.1

7.7
11.0
10.6
12.8
12.3

206.1
221.1
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
827.4
912.7
1,043.7
1,218.2
1,333.5
1,427.1
1,374.5
1,388.3
1,410.9
1,427.1
1,423.6
1,419.4

73.2
82.1
88.2
97.2
105.5
118.0
127.1
131.7
126.6
126.2
125.1
131.7
121.3
123.4

11.1
19.0
23.5
18.2
17.3
17.0
19.3
17.9
19.2
19.9
18.0
17.9
17.1
17.4

265.8
272.1
292.9
330.3
388.0
461.1
510.6
536.7
528.0
533.1
542.4
536.7
537.8
534.4

319.5
315.9
342.5
376.9
431.6
505.5
543.7
587.1
560.2
565.3
577.0
587.1
593.8
589.2

65.9
69.9
80.3
90.1
101.3
116.7
132.7
153.6
140.5
143.8
148.3
153.6
153.6
155.0

453.4
451.6
495.1
557.1
669.3
807.8
890.9
980.0
923.2
931.5
967.2
980.0
985.7
982.6

269.8
264.2
282.1
317.6
382.9
461.2
515.2
562.9
520.3
525.9
549.5
562.9
555.0
554.9

183.6
187.4
213.0
239.6
286.4
346.6
375.7
417.1

282.0
307.4
332.4
355.5
374.4
410.5
442.6
447.1
451.3
456.8
443.7
447.1
437.9
436.8

1.622
1.681
1.671
1.638
1.559
1.508
1.497
1.456
1.489
1.490
1.459
1.456
1.444
1.445

Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission.
2

Other
current
assets

Inventories

402.9
405.5
417.7
417.1
430.8
427.8

NOTE.—SIC 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 fell during April.
PERCENT PER ANNUM
16

1982

1975
SOURCE: SEE TABLE BELO1

1983
COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

U.S. 1^reasury security yields
Period

1977

1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan
Feb
Mar
Apr"
Week ended:
1983: Mar 5
12
19
26
Apr 2
9
16
23
30^

3-month
bills l

Constant nlaturities 2
3-year

10-year

High-grade
municipal
bonds
(Standard &
Poor's) 3

5.265

6.69

7.221
10.041
11.506
14.077
10.686
12.493
12.821
12.148
12.108
11.914
9.006
8.196
7.750
8.042
8.013
7.810
8.130
8.304
8.252

8.29
9.72
11.55
14.44
12.92
14.13
14.18
13.77
14.48
14.00
12.62
12.03
10.62
9.98
9.88
9.64
9.91
9.84
9.76

7.42
8.41
9.44
11.46
13.91
13.00
13.86
13.87
13.62
14.30
13.95
13.06
12.34
10.91
10.55
10.54
10.46
10.72
10.51
10.40

5.56
5.90
6.39
8.51
11.23
11.57
12.72
12.45
11.99
12.42
12.11
11.12
10.61
9.59
9.97
9.91
9.45
9.48
9.16
8.96

9.63
11.94
14.17
13.79
14.58
14.46
14.26
14.81
14.61
13.71
12.94
12.12
11.68
11.83
11.79
12.01
11.73
11.52

7.944
8.205
8.256
8.434
8.680
8.664
8.165
8.030
8.150

9.48
9.78
9.83
10.03
10.06
9.90
9.71
9.77
9.68

10.25
10.51
10.52
10.60
10.62
10.52
10.37
10.38
10.33

8.92
9.28
9.15
9.09
9.35
9.13
8.93
9.07
8.72

11.63
11.72
11.79
11.76
11.75
11.66
11.51
11.46
11.44

1
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; high and low rate for month and week.

30



Corporate
Aaa bonds
(Moody's)

8.02
8.73

Prime
paper,
6 months 4

Discount rate
(N.Y. F.R.
Bank) 5

4

Prime rate
charged by
banks 5

5.61
5.46
7.99
7.46
10.28
10.91
11.77
12.29
14.76
13.41
11.89
11.02
13.47 12.00-12.00
13.64 12.00-12.00
13.02 12.00-12.00
13.79 12.00-12.00
13.00 12.00-11.50
10.80 11.50-10.00
10.86 10.00-10.00
9.21 10.00- 9.50
8.72
9.50- 9.00
8.50
9.00-8.50
8.15
8.50-8.50
8.39
8.50-8.50
8.48
8.50-8.50
8.48
8.50-8.50

9.06
12.67
15.27
18.87
14.86
16.50-16.50
16.50-16.50
16.50-16.50
16.50-16.50
16.50-15.50
15.50-13.50
13.50-13.50
13.50-12.00
12.00-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50

8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50 8.50
8.50-8.50

New-home
yields
(FHLBB) 6

9.02
9.56
10.78
12.66
14.70
15.14
15.67
15.84
15.89
15.40
15.70
15.68
14.98
14.41
13.81
13.69
13.49
r
!3.16
13.51

11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50

4

8.07
8.33
8.45
8.67
8.90
8.70
8.44
8.38
8.30

6.83

6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.

Source.. Department of the Treasury, Board of Governors of the Federal Reserve Systeir Feder>: _
System,
tl Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
Loa

COMMON STOCK PRICES AND YIELDS
Stock prices rose again in April.
INDEX, DEC 31, 1965=50
100

INDEX, DEC. 31,1965=50
1100

60 -

60

50 -

1983

1975

PERCENT
EARNINGS-PRICE RATIO ON COMMON STOCKS

(S&P)

1975

1976

1977

1978

1982

SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

Co mmon stock price s 1
Ne\v York Stock Ex change indexes (I)ec. 31, 1965=5O)

Common st ock yields
(percent) 5

2

Period
Composite

1977

1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr* 5
Week ended:
1983: Mar 12
19
26
Apr 2
9
16
23
30 p
1

Industrial

Transportation

3

4




Finance

Utility

Dow-Jones
industrial
average 3

Standard &
Poor's
composite
index (194143 = 10)4

Dividendprice ratio

Earnings price ratio

53.69
53.70
58.32
68.10
74.02
68.93
63.86
66.97
67.07
63.10
62.82
62.91
70.21
76.10
79.75
80.30
83.25
84.74
87.50
90.61

41.09
43.50
47.34
60.61
72.61
60.41
55.19
57.91
56.84
53.07
53.40
53.98
61.39
66.64
71.92
73.40
75.65
79.44
83.28
85.26

40.92

98.20

4.62

10.79

39.22
38.20
37.35
38.91
39.75
38.57
39.20
39.40
37.34
37.20
38.19
40.36
42.67
43.46
42.93
45.59
45.92
45.89
46.22

55.25
56.65
61.42
64.25
73.52
71.99
69.08
71.44
69.16
63.19
61.59
62.84
69.66
80.59
88.66
86.22
85.66
86.57
93.22
99.07

894.63

58.23
64.76
78.70
85.44
78.18
71.51
75.59
75.97
71.59
71.37
70.98
80.08
86.67
90.76
92.00
95.37
97.26
100.61
104.46

820.23
844.40
891.41
932.92
884.36
812.33
844.96
846.72
804.37
818.41
832.11
917.27
988.71
1,027.76
1,033.08
1,064.29
1,087.43
1,129.58
1,168.43

96.02
103.01
118.78
128.05
119.71
110.84
116.31
116.35
109.70
109.38
109.65
122.43
132.66
138.10
139.37
144.27
146.80
151.88
157.71

5.28
5.47
5.26
5.20
5.81
6.28
5.99
5.97
6.28
6.31
6.32
5.63
5.12
4.92
4.93
4.79
4.74
4.59
4.44

12.03
13.46
12.66
11.96

87.85
86.65
87.51
87.69
87.54
90.12
91.86
92.91

101.05
99.48
100.57
101.00
100.82
103.89
105.81
107.32

83.03
82.69
83.93
83.93
83.00
84.83
87.14
86.05

46.07
45.79
45.78
45.34
45.31
45.90
46.75
46.92

93.39
92.23
93.90
94.08
94.03
98.84
101.49
101.94

1,126.57
1,117.94
1,135.02
1,134.46
1,120.72
1,156.08
1,186.76
1,210.16

152.17
150.30
152.14
152.45
152.11
156.92
159.93
161.89

4.56
4.66
4.58
4.56
4.63
4.46
4.35
4.33

57.86

Average of daily closing prices.
Includes all the* stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
2

1983

COUNCIL OF ECONOMIC ADVISERS

13.23
12.93
11.27

NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal year 1983, there was a budget deficit of $129.2 billion, compared to a budget
deficit of $71.9 billion a year earlier.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

BUDGET RECEIPTS AND OUTLAYS

800

800

700

700

600

600
BUDGET OUTLAYS

500

500

400

300

300

BUDGET SURPLUS OR DEFICIT (-)

-100

-100

-200

-200
1978

1975

1979

1980

1981

1982

1983

1984

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]

Period

Budget
receipts

Budget
outlays

Budget
surplus or
deficit (— )

Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) l
1984 (estimates) l

207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
598.3
653.7

230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
808.5
843.9

-23.4
-14.8
-4.7
45.2
-66.4
13.0
-44.9
48.8
-27.7
-59.6
-57.9
-110.6
-210.2
-190.2

Cumulative total first 6 months:
Fiscal year 1982
Fiscal year 1983

289.6
276.9

361.5
406.1

71.9
-129.2

1

Estimates from Current Budget Estimates, April 1983.

32



Off-budget
outlays

Total
surplus or
deficit (— )

Federal debt ( end of period)
Gross

Held by the
public

1.8
8.7
10.4
12.5
14.2
21.0
17.3
16.8
14.4

-23.4
14.9
-6.1
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-227.0
-204.7

437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,392.0
1,622.6

323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,146.4
1,350.4

5.5
2.7

-77.4
-132.0

1,066.4
1,249.3

862.8
1,047.0

.1
1.4
8.1
7.3

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 1983, budget receipts were $12.7 billion lower than a year earlier and budget
outlays were $44.6 billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100

BUDGET OUTLAYS

600

600

500

500
NONDEFENSE

^++

_»^^

400

400

300

300

200

200

100

100
1975

1976

1977

1978

1982

1981

1979

1980
FISCAL YEARS

1984

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]
Budget outlays

Budget r sceipts
Nation al defense
Period
Total

Individual
income
taxes

Corporation
income
taxes

Other

Total
Total

Department of
Defense,
military

International
affairs

Health and
income
security

Net
interest

Other

Fiscal year or period:

1972
1973
1974
1975
1976
Transition quarter

1977
1978
1979
1980
1981
1982
1983 (estimates)
1984 (estimates)

208.4
252.2
270.8
276.7
305.3

576.7
657.2
728.4
808.5
843.9

289.6
276.9

137.1
138.6

22.9
12.3

129.5
126.0

361.5
406.1

279.1
298.1
81.2
355.6
399.6
463.3

517.1
599.3

617.8
l
l

Cumulative total first 6 months:
Fiscal year 1982
Fiscal year 1983
1

598.3
653.7

285.9
297.7
288.2
294.2

32.2
36.2
38.6
40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
49.2
33.4
54.2

207.3
230.8
263.2

94.7

103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244.1

80.4
91.4

105.7
116.1
125.0
34.0
143.0
158.6
179.8

Estimates from Current Budget Estimates, April 1983.

NOTE.—One substantial change was made in the January 1983 Budget in the functional classification: the interest function was changed to net interest. Formerly, the interest function total included all Treasury interest payments, including those made to trust funds. The new net interest func-




230.7
245.6
267.9
324.2
364.5

94.2
400.5
448.4

491.0

75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.9

361.7
367.1

15.5
17.3
21.4
23.2
26.7
6.9
29.9
35.4
42.6
52.5
68.7
84.7
88.0
102.3

53.9
59.3
58.2
74.2
83.9
21.8
93.8
114.4
117.5
129.3
126.5
123.9
132.1
115.7

157.3
180.1

48.6
53.7

59.6
64.3

4.7
4.1

80.0
90.4

104.8
134.3
158.9
41.0
174.5
187.4
207.1

245.4

209.0
236.7

5.7
6.9
5.6
2.2
4.8
5.9
6.1
10.7
11.1
10.0
11.9
13.4

90.3
103.3

88.2
100.5

5.7
4.7

76.6
74.5

77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.8
187.4
214.8

tional total is the amount
netted out.

248.3

291.1
322.4

by the Treasury to the public. Intragovernmental payments are

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1982, according to revised estimates, Federal receipts rose $1.3 billion (annual rate) and
expenditures rose $49.5 billion, yielding a deficit of $204.2 billion. In the first quarter of 1983, according to
preliminary estimates, expenditures fell $17.0 billion; receipts data are incomplete.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

900

900

800

800

700

600

400

300

SURPLUJSOR DEFI CIT (-)

mm

'^
-100

--

—

I
i. 1-i

—

1222

-200

1<?75

1976

1977

1979

1978

1981

1980

iI

1982

-100

-200
1983

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (joverament expenditur es

Federal Governme tit receipts

QllT—IllO

Period
Total

Fiscal year:
1978
1979
1980
1981
1982
Calendar year:
1978
1979
1980
1981
1982 r
1981: HI
IV
1982: I

n

ffl
IV r

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

Indirect
business
tax and
nontax
accruals

Contributions for
social
insurance

Total

Purchases
of goods
and
services

Transfer
payments

480.8
525.1
614.7
618.2

186.5
222.6
250.1
291.7
303.0

67.3
76.1
70.0
70.9
50.1

27.2
29.1
34.7
55.7
50.7

133.3
153.1
170.3
196.3
214.4

450.4
495.6
577.0
666.5
739.7

218.1
250.1

431.6
493.6
540.7
628.2
613.9
640.2
625.7
609.9
617.0
613.7
615.0

194.9
230.6
257.5
298.1
300.1
307.9
300.9
299.9
305.8
295.6
299.2

71.3
74.2
70.3
67.3
47.2
68.4
59.1
46.5
45.2
49.8
47.3

28.1
29.4
38.9
58.5
50.0
57.8
57.2
48.7
49.8
50.8
50.7

137.2
159.5
174.1
204.3
216.6
206.1
208.4
214.9
216.2
217.5
217.8

461.0
509.7
602.1
688.2
763.4
698.2
727.4
728.3
,736.6
769.7
819.2

153.6
168.3
197.2
228.9
257.9
230.0
250.5
249.7
244.3
259.0
278.7

185.6
209.2
251.4
286.6
322.2
295.1
300.7
303.2
312.8
327.4
345.3

51.4

227.3

802.2

271.9

339.6

414.3

1983: Ip

298.2

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.

34



150.4
164.1
189.8

182.2
201.8
239.4
279.2

310.8

Grantsin-aid to
State
and
local
governments

Net
interest
paid

Subsidies
less
current
surplus of
Government
enterprises

LessWage
accruals
less
disbursements

or deficit
/ \
national
income
and
product
accounts

12.8

.0
-.0
.0
.1
-.1

-36.1
-14.8
-51.9
-51.9
-121.5

83.0
85.0
82.0
84.6

35.2
42.4
53.1
71.9
85.0
74.0
79.0
79.6
82.8
88.7
89.1

9.5
9.2
11.7
13.1
14.6
13.0
13.6
12.7
11.6
12.6
21.4

.0
.0
-.0
.0
.0
.2
-.1
-.2
.0
.0
.0

-29.5
-16.1
-61.4
-60.0
-149.5
-58.0
-101.7
-118.4
-119.6
-156.0
-204.2

85.8

88.6

16.2

.0

74.7

33.5

79.1
86.7
90.1
83.4

40.6
50.6
66.2
82.5

77.3
80.5
88.7
87.7
83.7
86.3
83.6

9.7
9.9
10.5
13.1

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consume;r prices (imadjusted)

Indu strial prod uction (setisonally adju sted)
Period

1976
1977
1978
1979
1980.....
1981
1982*
1982: Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar*
1

United
States

130.5
138.2
146.1
152.5
147.0
151.0
138.6
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
r
137.2
r
137.6
139.1

Canada
148.5
152.2

157.8
167.4
164.6
167.3
149.2
152.1
153.5
149.6
144.8
151.2
146.1
141.6
r
142.6
141.2
148.2

Japan

France

Germany

182.0
189.7
201.1
217.7
232.5
239.5
242.2
240.7
236.4
241.8
243.0
242.3
245.1
237.7
244.8
244.3
243.6
241.6

149
152
154
161
160
157
155
156
157
159
151
151
154
156
156
r
!54
156
157

149.1
152.0

154.1
161.8
162.3
159.9
157.0

r

161
160
157
151
157
154
152
152

!51
155

Italy
143.5
145.1
147.9

157.6
166.5
162.7
159.0
161.3
160.4
154.0
158.6
127.5
153.6
147.4
152.0
150.0
r
150.0
148.9

United
States l

United
Kingdom

117.4
123.0
127.0
132.2
123.6
118.8
119.4
120.1
120.5
118.8
r
l!9.2

r
119.3
r
119.8
r
r

119.4

l!7.7

r

Beginning January 1978 data relate to all urban consumers.

Source: National sources as reported by Department of Commerce, International Trade Adminis-

120.4
120.5

Canada

170.5
181.5
195.4
217.4
246.8
272.4
289.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4

172.1
185.9
202.5
221.0
243.5
273.9
303.4
297.5
301.5
304.5
306.1
307.6
309.2
311.2
313.3
313.4
312.5
313.9
317.1

Japan

France

Germany

224.9
243.0
252.3
261.3
282.2
296.2
304.0
302.9
303.8
303.8
301.5
303.8
309.1
310.0
306.6
306.0
306.6
305.5

196.1
214.5
233.9
259.1
294.2
332.7
372.4
368.2
371.1
373.7
374.7
375.9
377.5
379.5
383.2
386.4
390.1
392.9

150.4

155.9
160.2
166.8
175.9
186.3
196.2
194.0
195.2
197.1
197.6
197.3
197.9
198.5
198.9
199.4
199.8
200.0

Italy

218.1
255.2
286.2
328.5
398.0
472.4
549.4
533.9
539.8
545.2
553.4
563.4
571.3
582.7
590.3
594.4
602.7
610.5
616.0

United
Kingdom
252.4
292.4
316.6
359.0
423.6
473.9
514.7
513.6
517.3
518.9
518.9
519.0
518.7
521.3
523.9
522.9
523.5
r
525.8

tration, Office of Trade Investment and Analysis, Trade Performance Division, in International
Economic Indicators.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]

MenJhandise expc rts 1
Period

Total
domestic
and
foreign
exports

Merchandise imj orts

Total 2

Food,
beverages, and
tobacco

Crude
materials and
fuels

Merch andise trade balance

Gerleral imporl S 3

Domestic exports
Manufactured
goods

Exports
/t „ Q \
less
imports
(customs
value)

Exports
(f.a.s.)
less
imports
(f.a.8.)

Exports
(f.a.8.)
less
imports

Food,
beverages, and
tobacco

Total 2

Crude
materials and
fuels

Manufactured
goods

Total
(c.i.f.
value)

827
991
1,186
1,312
1,478
1,546

2,716
3,457
4,463
4,325
5,949
7,831

4,257
5,398
6,379
8,360
9,352
10,427

8,823
11,042
13,368
15,504
18,519
21,415

7,739
6,200

11,873
12,002

22,779 -2,275
21,240 -2,647

-3,306
-3,558

5,850
5,725
5,035
4,909
6,175
6,671
7,195
5,917
6,727
5,785
6,158

11,939
12,138
10,654
13,163
12,830
11,200
13,456
12,304
1.1,903
10,978
10,988

20,399
20,889
18,508
21,422
22,129
20,756
23,992
21,518
21,932
19,737
20,002

-956
-1,557
291
-2,353
-2,364
-1,790
5,467
-3,261
-4,335
-3,041
-2,808

-1,785
-2,427
-503
-3,297
-3,306
-2,697
6,529
-4,198
-5,261
-3,885
-3,655

5,911
4,413

11,981
12,561

20,962 -2,628
19,906 -2,689
20,381

-3,569
-3,580
-3,630

7
1 .a.s. valu e

Monthly average:
1975*
1976*
1977*
1978*
1979*
1980

8,971
9,602
10,103
11,973
15,155
18,386

8,847
9,462
9,919
11,762
14,886
18,043

1,399
1,436
1,330
1,717
2,049
2,534

1,266
1,341
1,548
1,746
2,352
2,810

5,913
6,437
6,679
7,873
9,716
11,991

8,209
10,290
12,533
14,563
17,455
20,406

762

-688
-2,430
-2,590
-2,300
-2,020

148
— 1,440
-3,265
-3,530
-3,364
-3,030

Customs value

1981
1982

19,473
17,683

19,075
17,256

2,767
2,248

2,752
2,793

12,857
11,643

21,748
20,329

1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar

18,614
18,462
18,005
18,124
18,823
18,060
17,463
17,320
16,671
15,852
16,347

18,251
17,986
17,603
17,713
18,387
17,671
17,143
16,584
16,284
15,476
15,913

2,481
2,665
2,495
2,465
2,418
1,902
2,153
1,926
2,128
2,051
1,966

11,954
11,829
11,555
11,788
12,536
12,536
11,804
11,331
10,942
10,484
10,648

19,570
20,019
17,714
20,477
21,187
19,849
22,930
20,581
21,006
18,892
19,154

17,393
16,326
16,752

17,007
15,984
16,335

2,312
2,224
2,307

3,268
3,012
2,943
2,880
2,828
2,698
2,694
2,751
2,688
2,440
2,420
2,760
2,443
2,375

11,263
10,743
11,062

20,021
19,015

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.

NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-




1,529
1,485
1,217
1,455
1,443
1,541
1,537
1,436
1,681
1,701
1,686
1,499
1,414
1,582
1,530

lands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Data are as revised for 1982 months in March issue.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
For the year 1982, the current account was in deficit by $8.1 billion, compared with a surplus of $4.5 billion in
1981. An increase in the merchandise trade deficit to $36.3 billion from $27.9 billion accounted for most of the
shift.
BILLIONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

\
\

BALANCE ON GOODS
,,,.«vAND SERVICES

1982

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise 1 2

In vestment incontie 3
Net

Period

Net

military
transactions

travel and
transportation
receipts

Other
services,
net 3

Balance
on goods
and
services 1

Remittances,
pensions,
and other
unilateral
transfers 1

-7,186
2,124
-4,613
18,280
-4,998
4,384
-4,617 -14,068
-5,030 -14,773
-5,561
-466
1,520
-6,783
4,471
-6,608
-7,868 -8,093

Balance
on
current
account

Exports

98,306
107,088
114,745
120,816
142,054
184,473
224,237
236,254
211,013

1974

1975
1976
1977
1978
1979
1980
1981
1982 p
1981: I

n
m
IV

1982:

I

n
m

IV p

Imports

Net
balance

-103,649
-98,041

-124,051
-151,689
-175,813
-211,819
-249,575
-264,143
-247,344

-5,343
9,047
-9,306
-30,873
-33,759
-27,346
-25,338
-27,889
-36,331

27,587
25,351
29,286
32,179
42,245
64,129
72,686
85,945
85,901

-12,564
-13,311
-14,217
-21,680
-32,914
-42,776
-52,908
-57,181

15,503
12,787
15,975
17,962
20,565
31,215
29,910
33,037
28,720

-1,653
-746
559
1,528
621
-2,035
-2,471
-1,541
640

-3,184
-2,792
-2,558
-3,293
-3,125
-2,429
-940
-231
-1,333

3,986
4,598
4,711
5,224

5,955
5,690
7,144
7,702
8,079

9,309
22,893
9,382
-9,451
-9,743
5,095
8,303
11,079
-225

60,683
60,284
57,694
57,593

-64,995
66,831
-65,539
-66,778

-4,312
-6,547
-7,845
-9,185

20,528
21,642
22,048
21,727

-12,405
-13,441
-13,865
-13,198

8,123
8,201
8,183
8,529

-487
-587
61
-528

-495
-139
200
203

1,838
1,981
1,960
1,924

4,667
2,909
2,559
943

-1,422
-1,510
-1,808
-1,870

3,245
1,399
751
-927

55,607
55,001
52,334
48,071

-61,545
-60,763
-64,829
-60,207

-5,938
5,762
-12,495
-12,136

20,896
22,568
21,626
20,811

- 14,029
-14,874
-14,544
-13,735

6,867
7,694
7,082
7,076

167
247
201
24

-42
-295
-334
-662

3,082
2,028
2,044 . 3,928
-3,565
1,980
2,026 -3,672

-2,048
-1,740
-1,649
-2,431

1,034
2,188
-5,214
-6,103

1

Eeceipts

Payments

12,084

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Pees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.

Net

NOTE.—Data are as revised for 1982 in March issue.

2

8

36



Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
Among capital account transactions, U.S. claims on foreigners reported by U.S. banks increased $106.7 billion in
1982, compared with an $84.5 billion increase in 1981. U.S. liabilities to private foreigners reported by U.S. banks
increased $69.8 billion in 1982, compared with a $44.2 billion increase in 1981.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

-20

-20

-40

-40

-60

I

L

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the 1J.S., net
[inereas<3 /capital inflowv (+)] 2

U.S. assets abroad, net

1 increase /capit?il outflow (— )]
Period

Total

-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,344
-86,026
-109,294
-118,265

U.S.
official
reserve
assets 1 2

Other U.S.
Government
assets

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

-20,388

18,388

2,558
-375
732
-1,133
-8,155
-5,175
-4,965

366
33,643
-3,474 -35,380
4,214
44,498
-3,693 -30,717
-4,660 -57,202
-3,743 -59,469
-5,126 -72,746
98,982
5,137
-5,766 -107,535

34,241
15,670
36,518
51,319
64,036
38,460
54,484
77,921
84,494

6,026
10,546
7,027
17,693
36,816
33,678
-13,697
15,442
4,785
3,043

12,362
23,696
8,643
18,826
14,503
30,358
52,157
39,042
73,136
81,451

-22,796
-21,566
-17,257
-47,677

-4,529
-905
4
262

-1,375
-1,518
-1,257
-987

-16,892
19,143
-15,996
-46,952

8,470
13,464
16,880
39,107

5,361
2,861
-5,835
8,119

3,109
16,324
22,715
30,988

-31,257
-37,845
-25,597
IV"... -23,567

-1,089
-1,132
-794
-1,949

-904
-1,547
-2,496
-818

-29,264
-35,166
-22,307
-20,800

25,080
29,619
16,672
13,123

-3,122
1,998
2,494
1,673

Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)

Total (sum
of the items
with sign
reversed)

28,202
27,621
14,178
11,451

1973
1974

1975
1976
1977
1978
1979
1980
1981
1982*
1981: I

n
m

IV

1982: I

n
m

158
1,467
-849

-2,644

1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.




1,139
1,152
1,093

Of which:
Seasonal
adjustment
discrepancy

-2,654
-1,620
5,753
10,367
-2,465
11,866
25,212

1,093

5,142
6,038
14,139
16,546

assets, net l
(unadjusted,
end of
period)
14,378
15,883

16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958

28,870
25,809
41,864
9,988
6,703
-374
9,497

U S official

-829

503
-2,144
2,474

-802

672
-1,904
2,035

30,410
29,582
29,715
30,074
29,944
30,671
30,993
33,958

Note.—Data are as revised for 1982 in March issue.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross National Product
.
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business

1
2
2
3
3
4
4
5
6
7
8
9
10

,

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
^

11
12
• 13
14
15
15
16

,

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders

,

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

,

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
... Not available (also, not applicable).
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $4.25 (single copy) ($5.35 foreign).
Subscription price: $25.00 per year; $31.25 for foreign mailing.

38




U.S. GOVERNMENT PRINTING OFFICE : 1983

0—18-608