Full text of Economic Indicators : August 1983

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98th Congress, 1st Session

Economic Indicators
AUGUST

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. S5]
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
($535 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 revised estimates for the second quarter of 1983, gross national product rose $98.5 billion or 13.0
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 9.2 percent (annual rate) and the
implicit price deflator rose at a 3.5 percent annual rate.
BILLIONS OF DOLLARS
3,400

BILLIONS OF DOLLARS (RATIO SCALE)
3,400

(RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES

3,200

3,200

3,000

3,000

2,800

2,800
2,600

2,600
GNP

. IN CURRENT DOLLARS.

2,400

2.400
2,200

2,200

2,000

1,800

1,800

1,600

\

1,400

1,400

GNP
IN 1972 DOLLARS

1,200

i
1975

1977

1976

1979

1978

I I
1980

1981

1982

SOURCE: DEPARTMENT OF COMMERCE

1983

COUNCIL OF ECONOMIC ADVISERS

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

Period

Gross
national
product

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

1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,954.1
3,073.0

1981: UI
IV
1982: I

Personal
consumption
expenditures

Gross
private
domestic
investment

Federal
Net
exports

888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,857.2
1,991.9

166.4
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
474.9
414.5

26.8
13.8
-4.0
-1.1
13.2
23.9
26.3
17.4

3,004.9
3,032.2

1,886.1
1,904.1

495.8
476.2

n
m

3,021.4
3,070.2
3,090.7
3,109.6

1,938.9
1,972.8
2,008.8
2,046.9

1983: I r

3,171.5
3,270.0

2,073.0
2,148.4

1,077.6
1,185.9

IV

n

672.2
737.1
812.0

4.1
.7

Exports

Imports

Total

Nondefense

rmal
sales

26.0
28.5

153.6
168.3
197.0
229.2
258.7

72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
154.0
179.4

29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.3

193.1
217.2
232.9
250.4
278.3
306.0
340.8
366.5
390.5

1,070.0
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,935.6
3,097.5

600.3
622.8

232.4
248.5

154.9
166.7

77.5
81.8

367.9
374.3

2,971.4
3,017.9

328.5
331.2
345.0
316.1

629.8
631.6
655.7
679.7

249.7
244.1
261.7
279.2

168.1
175.2
183.6
190.8

81.7
68.9
78.1
88.5

380.0
387.5
394.0
400.5

3,047.1
3,081.4
3,095.6
3,165.9

309.9
335.1

677.4
682.1

273.5
272.7

194.4
199.9

79.1
72.8

404.0
409.4

3,210.9
3,281.9

170.9
182.7
218.7
281.4
338.8
368.8
347.6

234.9
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
595.7
649.2

22.8
29.2

367.5
371.0

344.7
341.7

422.9
432.5
425.3
377.4

29.9
33.3
.9
5.6

358.4
364.5
346.0
321.6

404.1
451.8

17.0
-12.3

326.9
322.8

14.2
13.4

68.8
77.5
109.6
146.2
154.9

National
defense

State and
local

70.2
73.1

76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
342.5
330.2

Source: Department of Commerce, Bureau of Economic Analysis.




Goveniment purchiises of
goc ds and senn ces

Exports arid imports of goods and
services

64.7

96.2
101.7
102.0
111.0
122.7
129.2
143.4

138.7
151.4
168.5

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

Period

Gross
national
product

Personal
consumption
expenditures

G ross privatee
dome stic investinent
Nonresidential
fixed

Residential fixed

112.2
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
174.4
166.1

53.7
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.7
37.8

aaid services

Change
in
business
inventories

1971
1972
1973

,122.4
,185.9
,254.3

1974
1975
1976
1977
1978
1979
1980
1981
1982

,246.3
,231.6
,298.2
,369.7
,438.6
,479.4
1,475.0
1,513.8
1,485.4

696.8
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
956.8
970.2

1,525.8
1,506.9

962.9
955.7

177.0
176.3

43.1
39.4

16.1

n
m

1,485.8
1,489.3
1,485.7
1,480.7

961.4
968.8
971.0
979.6

173.6
167.1
163.3
160.5

1983: I r

1,490.1
1,523.4

986.7
1,009.9

159.9
162.3

1981:

IH
IV

1982: I

IV

n

Govern ment purch ases of
gOO( Is and sen>ices

IX]JOTtS Of gO ods

Federal
Net
exports

Ixports

Total

Imports

Total

National
defense

29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.8
37.8

1,114.3
1,175.7
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,505.3
1,494.8

74.4
75.7

37.4
38.7

175.0
175.1

1,509.7
1,500.9

114.5
110.3
116.9
124.4

75.5
77.8
80.4
81.4

39.1
32.5
36.5
43.0

174.9
175.4
175.3
175.2

1,495.9
1,492.7
1,487.0
1,503.4

118.4
117.6

82.7
84.7

35.7
32.9

174.5
174.3

1,505.5
1,527.4

108.5
103.5
110.1
112.9
126.7
146.2
159.1
159.7
147.3

250.1
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
286.5
291.8

103.7
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.4
116.6

73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.6
78.8

39.8
39.9

159.0
158.7

119.1
118.8

286.8
289.6

111.8
114.5

-10.2
-3.4
-1.3
-22.7

35.2
33.4
24.0
23.0

151.8
154.5
146.4
136.5

116.6
121.1
122.4
113.5

289.4
285.8
292.2
299.7

-15.4

20.5
11.0

137.3
134.4

116.8
123.4

292.9
291.9

1.6
.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.0
28.9

6.0

36.3
37.8
36.5
40.6
45.5
52.4

7.8
13.3
16.0

7.3
-4.4

8.5
-9.4

4.0

71.0
77.5
97.3

Final
sales

146.4
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.1
175.2

69.3
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.7
118.4

8.1
10.2
17.2
11.6
-6.7

Nondefense

State
and local

28.5
27.6

Source: Department of Commerce, Bureau of Economic Analysis.

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

Gross
national
product

Total

Gross private
domestic investment

Durable
goods

Nondurable
goods

Services

Residential fixed

96.2

94.8
100.0
109.1

1974
1975
1976
1977
1978
1979
1980
1981
1982

96.5
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.1
205.3

99.0
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.3
174.8

96.6
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
209.0

95.6
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
195.8
211.6

100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
201.9
209.7

120.3
131.0
140.7
158.0
178.3
200.5
218.5
233.5
240.2

1981: HI
IV

196.94
201.22

195.9
199.2

169.3
171.2

203.8
205.5

197.9
202.5

203.7
208.5

1982: I

n
m

203.36
206.15
208.03
210.00

201.7
203.6
206.9
209.0

172.9
174.2
176.1
176.1

206.8
207.6
210.2
211.2

206.3
209.4
213.4
217.2

1983: I r

212.83
214.66

210.1
212.7

177.3
177.9

210.6
213.3

219.8
223.6

IV

n

Source: Department of Commerce, Bureau of Economic Analysis.




Gove rmnent pure liases of goc ds and
sersices
Federal

Nonresidential
fixed

96.01
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.14
206.88

1971
1972
1973

Exports am i imports of
goods am1 services

Ixports

Imports
Total

National
defense

Nondefense

State
and local

94.7
100.0

149.6
155.3
161.9
172.6
192.5
212.9
230.8
236.0

93.3
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.4
278.9

92.7
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.7
222.0

141.9
152.7
166.0
187.5
209.3
227.7

135.7
144.6
153.8
162.5
180.8
204.5
210.0

107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.1
222.9

235.7
239.2

231.2
233.8

289.4
287.7

207.9
217.0

208.3
220.0

207.0
211.2

210.2
213.8

208.1
211.1
209.6
209.9

240.8
240.9
240.9
238.4

236.1
236.0
236.3
235.6

281.8
273.6
281.8
278.5

218.0
221.3
223.8
224.4

222.7
225.1
228.3
234.3

209.1
212.3
213.9
205.7

217.3
220.9
224.7
228.5

207.7
207.0

244.9
243.9

238.0
240.1

265.4
271.5

230.9
232.0

234.9
236.1

221.7
221.5

231.6
234.9

97.0
100.0
112.7
134.8

100.0
106.6
115.1
124.9
132.4

100.0
105.6
114.2
128.2

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

Gro ss national pro duct
Period

Constant
(1972)
dollars

Current
dollars

1971
1972

8.6
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.2
4.0

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

13.3
3.7

n
m

-1.4
6.6
2.7
2.5

1983: I r

8.2
13.0

IV

n

3.4

Implicit
price
deflator

Personal 3onsumption estpenditures

Chain price
index

5.0
4.2

Fixedweighted
price index
(1972
weights)

Implicit
price
deflator

Constant
(1972)
dollars

Current
dollars

8.1

3.7

9.6

5.8
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.5
2.7
1.4

4.9
4.1
6.0
9.1

4.8
4.0
6.0
9.4

9.2
5.7
6.1
7.6
8.9
8.9
9.4
6.5

9.1
5.8
6.3
7.8
9.5
9.8
9.5
6.4

9.4
9.0

9.0
8.2

8.9
8.4

11.4

1.3

4.3
5.6
3.7
3.8

5.6
5.2
5.9
5.0

5.3
4.7
5.9
4.7

7.5
7.2
7.5
7.8

2.4
3.1
.9
3.6

2.6
9.2

5.5
3.5

3.6
4.4

3.4
4.4

5.2

15.4

2.9
9.7

5.7
5.8
^.6

-1.2
5.4
5.5
5.0
2.8

__.3

2.6
1.9
3.6

-4.9
5.5
1.0

-1.0

5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.4
6.0

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

10.2
9.4
9.9

11.0
11.1
11.8
11.9
10.7
11.3
7.3

4.3
3.7
5.7

4.2

4.3
3.6
6.1

3.5
6.1

10.4

5.8
7.0
9.0

5.3
6.0
7.3
9.3

7.8
5.3
6.2
7.4
9.7

10.2

10.7

11.1

8.4
5.8

9.0
5.9

9.2
5.7

7.7
7.0

7.5
6.8

5.0
4.0
6.5
4.1

7.8
7.0
5.2
3.9
6.4
5.1

4.8
3.5
6.7
5.1

2.2
5.1

2.3
5.0

1.6
5.2

7.6
5.1

3.5

Fixedweighted
price index
(1972
weights)

10.4

10.1

-3.0

3.9

Chain price
index

7.7

Source: Department of Commerce, Bureau of Economic Analysis.

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

Cun ent-dollar cost and profit per unit of output (dollai s) 1

Gross d omestic
product of ilonfinancial
corporate business
(billions o f dollars)
Period
Current
dollars

Compensation of
employ-

0.973
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.960
2.072

0.091
.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245

0.113
.113
.114
.127
.140
.141
.141
.144
.149
.172
.199
.209

1.905
1.934
1.979
2.024

.207
.213
.217
.229

.195
.198
.199
.204

IV

2.042
2.069
2.079
2.097

.236
.242
.247
.254

.204
.207
.209
.215

.786
.837
.878
.928
.998
1.094
1.218
1.302
1.397
1.272
1.290
1.306
1.342
1.374
1.394
1.403
1.419

I
II*

1,817.6
1,890.7

856.0
883.5

2.123
2.140

.252
.245

.218
.224

1.428
1.419

n
m

IV
1982: I

n
m

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

lars.
2

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




0.641
.659
.692

3
4

Output
per hour
of all
employees (1972
dollars)

Compensation per
hour of
all
employees
(dollars)

7.450

4.778

.095
.096
.099
.095

7.664
7.849
7.555
7.774
8.002
8.144
8.216
8.201
8.126
8.332
8.373
8.290
8.319
8.392
8.323
8.342
8.330
8.409
8.421

5.052
5.429
5.937
6.507
7.024
7.558
8.198
8.969
9.894
10.850
11.700
10.541
10.730
10.957
11.171
11.463
11.614
11.795
11.952

.108
.124

8.492
8.605

12.126
12.212

Corporate profits with inventory
valuation a nd capital cc nsumption
adjustments

Net
interest
Total

626.8
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
887.5
857.7
883.7
888.7
898.6
878.9
864.3
860.5
859.5
846.4

609.9

1975
1976
1977
1978
1979
1980
1981
1982
1981: I

1

Indirect
business
taxes 3

678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.9
1,776.7
1,683.3
1,718.8
1,778.6
1,778.9
1,764.9
1,780.2
1,786.8
1,775.0

1971
1972
1973
1974

1983:

1972
dollars

Total
cost and
profit 2

Capital
consumption
allowances
with
capital
consumption
adjustment

Profits
tax
liability

0.047
.049
.055

0.029
.028
.031
.042
.044
.040
.040
.044
.050
.065
.074
.076

0.099
.107
.107
.090
.124
.144
.163
.168
.154
.140
.169
.145

.064
.070
.081
.080

.168
.163
.177
.169

.080
.079
.072
.073

.148
.147
.148
.135

.059
.059
.071
.075
.079
.079
.078
.074
.048
.081
.071
.075
.068
.053
.051
.049
.040

.070
.066

.156
.186

.049
.061

Profits
after
tax 4

0.052
.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.097

.086
.092
.102
.101

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
employees *

Proprietors' income with
inventory vsiluation and
capital coiisumption
adjust ments

Farm

1981:
1982:

82.0

,036.3
,152.1
,301.1
,458.1
,599.6
,769.2
,865.7

96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
192.3
164.8

94.0
105.6
96.7
120.6
151.6
178.5
205.1

2,423.4
2,435.6

1,791.7
1,815.6

35.0
31.3

88.5
85.8

42.7
45.6

2,419.7
2,448.9
2,458.9
2,474.0

1,834.2
1,859.9
1,879.5
1,889.0

27.4
16.8
15.8
26.0

83.7
88.1
87.8
90.2

2,528.5
2,612.0

1,923.7
1,968.8

22.2
23.6

98.4
106.1

m
IV
I

n...
ffl
IV

1983: I r

n

1

83.2

21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
41.4
49.9

877.5

931.4

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

Inventory
valuation
adjustment

Profits

Total

20.2

718.0
801.3

Capital
consump-

Total

54.4
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
89.7
87.4

652.2

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

Nonfarm

Profits \*ith inventory •<valuation
adjustmc ;nt and withou t capital
constimption adjust tnent

15.0
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
30.5
21.5

871.5
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,373.0
2,450.4

1971
1972

Corporate p rofits with inv sntory valuatio n and capital 3onsumption
adjustments

Rental
income of
persons
with
capital
consumption
adjustment

86.6
100.6
125.6
136.7
132.1
166.3
194.7
229.1

Net
interest

adjustment

1.3
2.7
2.7

-6.6
-20.0
40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-8.4

1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-11.0
-1.1

46.5
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
249.9
261.1

-10.7
-9.5

268.0
265.3

-4.6

203.3

252.7
234.6
227.0

165.9

174.2

197.6
192.0

208.3

227.7

201.5

217.2

-19.4
-15.7

47.4
49.0
50.9
52.3

162.0
166.8
168.5
161.9

167.7
170.3
168.3
157.2

173.2
178.8
177.3
167.5

-5.5
-8.5
-9.0
-10.3

-5.6
-3.5
.1
4.7

265.0
268.3
256.4
254.7

54.1
54.8

181.8
214.7

168.0
189.3

169.7
199.1

-1.7
-9.8

13.9
25.4

248.3
244.0

209.6

191.7

Source: Department of Commerce, Bureau of Iconomic Analysis.

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

Period

Total
durable
goods

Motor
vehicles
and
parts

Furniture and
household
equipment

Retail sal es of new
passeng er cars
(millions of units)

No [idurable goods

Durabh3 goods
Total
personal
consumption
expenditures

Other

Total
nondurable
goods

Food

Clothing
and
shoes

Gasoline
and oil

Services
Other

Domestics

8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8

1.6
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2

925.6

6.8
5.1

2.2
2.2

149.2
151.5
155.6
157.9

949.7
975.2
998.9
1,021.8

5.8
5.7
5.6
6.0

2.2
2.0
2.2
2.5

158.1
163.1

1,037.4
1,072.2

6.1
6.9

2.3
2.3

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

672.2
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,857.2
1,991.9

97.2
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
236.1
244.5

45.4
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.6
109.9

37.2
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
93.3
93.5

14.6
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
41.1

278.8
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
733.9
761.0

144.2
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
375.9
396.9

50.6
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
115.3
119.0

23.9
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
91.5

78.2
83.7
91.9
98.2
108.8
122.8
134.3
148.1
153.5

1981: m
IV

1,886.1
1,904.1

243.5
230.8

107.7
96.5

93.8
93.4

42.0
40.9

741.1
747.7

378.9
383.2

116.8
117.2

95.1
95.6

150.2
151.7

901.5

1982:

1,938.9
1,972.8
2,008.8
2,046.9

239.4
242.9
243.4
252.1

106.4
107.6
109.4
116.1

91.7
93.9
93.5
94.9

41.3
41.4
40.5
• 41.0

749.7
754.7
766.6
773.0

388.1
394.7
400.4
404.5

118.4
119.0
119.2
119.6

94.0
89.6
91.3
91.1

2,073.0
2,148.4

258.5
278.0

118.4
134.6

97.3
100.4

42.9
43.0

777.1
798.2

411.7
418.3

120.0
126.6

87.3
90.3

I

n
m
IV

1983:

I

nr.

Source: Department of Commerce, Bureau of Economic Analysis.




Imports

60.1
64.9
71.2

296.2
325.3
355.2
393.2
437.0
485.7
547.4

618.0
693.7
784.5

887.1
986.4

SOURCES OF PERSONAL INCOME
Personal income rose $15.5 billion (annual rate) in July, following a rise of $13.3 billion in June. Wages and
salaries rose $12.2 billion in July, compared with a rise of $8.9 billion in June.
BILLIONS OF DOLLARS * (RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)
3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

1,000

-t.«.«•"•**"**

1,000

WAGE AND
AND SALARY DISBURSEMENTS

800

800

600

600
OTHER INCOME

400

400
TRANSFER
PAYMENTS
\
,

200

200
_

A-..—•»

160

160
i?n I i i i i i I i i i i i
1975

ii ii iIiiiii
1976

i ii i i Iii i i i IiI Ii Ii IIIi
1977

i I I I I I i I I i I I I I I I I I i i t I t i I I I I I I i i I i i I I I I I i i I I I I i t i I i I i i i I 120
1979

1978

1980

1981

1982

* 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

Proprietors ' income 3
salary
disbursements ^

Other labor
income * 2

Farm

Nonfarm

Kental
income of
persons 4

Personal
dividend
income

Personal
interest
income

Transfer
payments 5

Less:
Personal
contributions
for social
insurance

Nonfarm
personal
income 6

1975
1976
1977
1978
1979
1980
1981
1982

1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,435.0
2,578.6

702.7
765.7
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.2
1,568.1

48.8
55.8
64.5
75.9
89.4
102.5
114.9
128.0
143.5
156.6

32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
30.5
21.5

61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
89.7
87.4

22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
41.4
49.9

26.5
29.1
29.9
36.5
39.6
45.3
50.8
56.8
62.8
66.4

93.9
112.4
123.2
132.5
152.8
179.4
218.7
266.0
341.3
366.2

119.5
141.2
178.3
194.3
207.9
223.8
250.3
297.6
337.2
374.5

55.5
61.1
69.8
81.1
88.7
104.6
112.0

1,131.8
,229.1
,359.3
,506.5
,689.7
,899.3
2,119.5
2,377.0
2,527.6

1982: July
Aug
Sept
Oct
Nov
Dec

2,589.8
2,586.7
2,597.4
2,617.8
2,633.1
2,645.0

1,578.9
1,579.2
1,581.2
1,583.1
1,583.1
1,591.8

157.4
158.1
159.1
159.7
160.4
161.2

15.0
14.1
18.3
23.8
28.1
26.1

87.7
87.5
88.3
89.1
89.0
92.5

50.5
50.8
51.4
52.8
52.9
51.0

65.9
66.5
66.8
67.4
68.0
68.3

368.2
363.9
362.2
361.7
363.3
364.3

378.9
379.2
383.1
392.9
401.0
403.0

112.7
112.8
112.8
112.8
112.7
113.1

2,545.2
2,543.1
2,549.7
2,564.5
2,575.5
2,589.4

1983: Jan
Feb
Mar
Aprr
May r
June r
July"

2,652.6
2,650.5
2,670.1
2,689.1
2,722.3
2,735.6
2,751.0

1,608.9
1,606.3
1,616.8
1,632.1
1,652.2
1,661.1
1,673.3

162.6
164.2
166.0
168.1
170.1
172.2
174.3

22.9
21.3
22.3
22.3
24.7
24.0
22.9

96.7
97.8
100.8
103.1
106.6
108.5
109.3

53.8
54.1
54.3
54.6
54.8
55.0
55.3

68.7
68.9
68.9
69.0
69.4
69.5
70.2

360.0
356.0
355.7
355.0
356.6
358.4
360.2

395.4
398.1
402.0
402.7
406.7
406.4
405.7

116.6
116.2
116.8
117.6
118.8
119.5
120.1

2,600.2
2,599.7
2,618.4
2,636.1
2,668.2
2,682.1
2,698.5

1973
1974

..

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 inventor}' valuation and capital consumption adjustments.




4

42.6
47.9
50.4

1,023.7

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6

Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable income rose in the second quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,600

BILLIONS OF DOLLARS* (RATIO SCALE)
2,600
2,400
2,200
2,000
1,800
1,600

3,000

3,000
1983

1975
r 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:
Personal1
outlays

Iquals:
Personal
saving

Perc apita
disposable personal
inct>me

Per capitsi personal
consulnption
expen Jitures

Current
dollars

Current
dollars

1972
dollars

Billions of doll ars

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

868.4
951.4
1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,435.0
2,578.6

116.7
141.0
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.4
402.1

751.8
810.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,047.6
2,176.5

1972
dollars

Do lars

691.1
757.7
835.5
913.2
,001.8
,111.9
,236.0
,384.6
,553.5
,718.7
,912.4
2,051.1

60.7

52.6
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
135.3
125.4

3,620
3,860
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,906
9,377

3,752
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,587
4,567

Percent
change in
real per
capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population
(thousands) 2

Per cent

3,237
3,511
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,078
8,581

3,355
3,511
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,162
4,180

2.4
2.9
5.7
1.7
1.0
2.6
2.9
3.8
1.6
-.6
2.2
-.4

8.1
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.6
5.8

207,692
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
229,916
232,118

7.8

1.6

7.2
7.5
6.1
5.9
5.6
5.4

230,187
230,797
231,304
231,790
232,387
232,990

2.0
2.4

5.4
4.0

233,501
233,982

Seas anally adju sted annual rates
1981: HI
IV
1982: I

n
m
IV

1983: I r

n

2,490.9
2,516.6
2,528.1
2,563.2
2,591.3
2,632.0

398.9
396.1
400.2
404.2
399.8
404.1

2,092.0
2,120.5
2,127.9
2,159.0
2,191.5
2,227.8

1,942.3
1,961.5
1,997.0
2,031.9
2,068.4
2,107.0

149.7
159.0
130.8
127.1
123.0
120.8

9,088
9,188
9,199
9,315
9,430
9,562

4,640
4,612
4,562
4,574
4,558
4,576

8,194
8,250
8,382
8,511
8,644
8,785

4,183
4,141
4,156
4,180
4,178
4,204

2,657.7
2,715.7

401.8
412.7

2,255.9
2,303.0

2,134.2
2,210.8

121.7
92.2

9,661
9,842

4,599
4,626

8,878
9,182

4,226
4,316

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.




-2.4
-4.3

1.1
-1.4

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

FARM INCOME
In the second quarter of 1983, according to preliminary estimates, gross farm income rose $0.5 billion (annual rate)
and net farm income rose $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200

BILLIONS OF DOLLARS* (RATIO SCALE)
200
160

160

ROSS FARM INCOME

120

120

100

100

80

80

60

60

NET FARM INCOME -

40

40

/N
%
%
20

i
i
20

V
I

10

I I
1975

i 1977
i I

1976

1978

i i i

I I I

I I I

1979

1980

1981

I I
1982

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

10

1983

COUNCIL OF ECONOMIC ADVISERS

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

Income of farm operators from farming
(JTOSS farm incom 3
Period

Cas h marketing receipts
Total !
Total

1975
1976
1977
1978

1979
1980
1981
1982
r

1981: I r
TL .r

mr

IV .

1982: I rr

n.
mrr

IV .
1983: I rp

n

Livestock and
products

24-318 0 - 8 3 - 2

Crops

Value of
inventory
changes 2

Production
expenses

Current
dollars

1967 dollars 3

15.9
11.8
10.9
14.2
14.8
8.7

100.6
102.9
108.7
127.2
150.4
150.1
167.1
162.2

88.9
95.4
96.2
112.9
131.8
140.5
142.3
144.6

43.1
46.3
47.6
59.2
68.6
67.8
69.2
70.2

45.8
49.0
48.6
53.7
63.2
72.7
73.1
74.4

3.4
-1.5
1.1
.8
4.9
-5.3
7.6
-1.9

75.0
82.7
88.9
99.5
118.1
128.6
137.0
140.1

25.6
20.1
19.8
27.7
32.3
21.5
30.1
22.1

161.2
165.1
172.2
169.7

141.9
138.5
145.7
143.0

69.2
69.5
70.1
68.0

72.7
69.0
75.6
75.0

3.1
10.1
9.5
7.9

135.1
136.5
137.8
138.6

26.1
28.6
34.4
31.1

10.7
12.5
11.0

168.4
158.5
155.9
165.8

147.6
142.0
142.3
146.3

70.7
71.0
70.2
68.9

76.9
71.0
72.1
77.4

2.0
-1.7
-3.5
-4.2

141.0
141.5
140.3
137.6

27.4
17.0
15.6
28.2

9.7
5.9
5.3
9.6

161.4
161.9

142.1
141.3

72.0
70.8

70.1
70.5

-1.5
1.6

136.6
135.5

24.8
26.4

11.6
12.2

1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the consumer price index (Department of Labor).




Net farni income

NOTE.—Series revised beginning 1970.
Source: Department of Agriculture, except as noted.

11.0
7.6
9.9

CORPORATE PROFITS
In the second quarter of 1983, according to preliminary estimates, corporate profits before tax rose $29.4 billion
(annual rate) from their first quarter level and after-tax profits rose $15.9 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
320

320

280

80

80

40

40

1983

1975
SOURCE.- DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prcrfits (before t ix) with inve ntory valuaticjn adjustmen t 1

Profits after taIX

Doinestie industries

Period

Nbnfinaneial
Total 2
Total

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

82.0
94.0
105.6

74.9
85.3
92.0

80.4
107.6
137.4
163.4
185.4
179.0
161.9
179.7
144.1
186.5
174.7
147.0
148.5
147.6
133.1

15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
20.3
20.9
18.8
18.1
15.5
20.4
22.2
25.5

147.8
170.6

29.8
33.7

1981:

III
IV

1982:

I
II
Ill
IV

96.7
120.6
151.6
178.5
205.1
209.6
191.7
203.3
165.9
208.3
201.5
167.7
170.3
168.3
157.2

1983:

I
II p

168.0
189.3

1
2

Financial

14.1

Total 3

60.8
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
159.4
123.2
167.7
156.5
131.5
128.1
125.4
107.6
118.0
136.9

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




Manufacturing

Profits
before tax

Tax
liability

58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
144.1
115.1
144.0
141.7
112.9
117.4
116.5
113.5

30.8
37.4
40.8
47.0
52.7
58.6
64.7
68.7
66.4
67.3
67.7
67.8
68.8
70.4

55.2
50.7
65.1
81.2
98.9
112.4
91.2
79.5
46.4
77.6
74.4
45.2
49.5
47.7
43.1

108.2
124.1

71.4
72.0

36.7
52.1

Wholesale and
retail
trade

34.1
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
86.7
59.0
93.3
76.9
60.9
61.4
65.5
48.3

11.7
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
32.8
27.6

86.6
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
227.0
174.2

33.3
37.8

227.7
217.2

30.2
27.4
25.2
27.5

173.2
178.8
177.3
167.5

37.5
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
82.8
59.2
83.7
75.6
60.3
61.4
60.8
54.0

53.7

27.8

169.7
199.1

61.5
75.0

3

Total

49.0

Dividends

22.9
24.4
27.0
29.9

Includes industries not shown separately.

Source: Department of Commerce, Bureau of Economic Analysis.

Undistributed
profits

26.1
34.5
49.6

Inventory
valuation
adjustment

-4.6

-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-8.4
-19.4
-15.7
-5.5
-8.5
-9.0
-10.3
-1.7
-9.8

r

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1983, business fixed investment rose $3.8 billion (annual
rate) and residential investment outlays rose $16.4 billion. There was an $11.9 billion decrease in inventories
following a decrease of $39.4 billion in the first quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
550-

CHANGE IN BUSINESS
INVENTORIES

-50
1983

1975
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL QF ECONOMIC ADVISERS

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

Nonresid ential fixed imrestment
Period

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

HI
IV

1982: I

n

Ill
IV

1983: I r

n

private
domestic
investment

166.4
195,0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
474.9
414.5

Total

Producers'
durable
equipment

Total

Nonfarm
structures

Farm
structures

Producers
durable
equipment

Total

Nonfarm

1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2

10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
9.8
18.5
-24.5

6.4
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-4.5
10.9
23.1

1.5
1.6

3.2
3.3

33.6
14.3

24.1
6.2

83.2
86.1
83.4
91.2

.9
1.6
1.3
2.3

3.2
3.3
3.3
3.3

25.7
-11.2
-4.9
-56.4

-27.6
-8.8
-2.3
-53.7

106.7
122.7

1.3
1.5

3.4
3.5

39.4
-11.9

-39.0
-10.4

67.4

50.9

48.9

0.7

143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
352.2
348.3

40.5
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
133.4
141.9

76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.8
206.4

63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
90.8

61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.0

.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5

495.8
476.2

360.6
367.6

137.0
145.5

223.6
222.1

101.7
94.3

97.0
89.5

422.9
432.5
425.3
377.4

361.3
352.7
342.3
337.0

144.7
144.2
140.0
138.6

216.5
208.5
202.2
198.4

87.3
91.0
87.9
96.8

404.1
451.8

332.1
335.9

132.9
127.4

199.3
208.5

111.3
127.7

107.9
121.0

Source: Department of Commerce, Bureau of Economic Analysis.




Structures

Change iri business
inven ones

Residential fix ed investment

1.3
1.5
1.7

7.7

EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department April-May survey, nonfarm business spending for new plant and
equipment for the year 1983 is expected to be 3.4 percent below the 1982 level. Spending in 1982 was 1.6
percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500

BILLIONS OF DOLLARS (RATIO SCALE)

400

60

40

40

30

30
1975

1976

1977

1979

1978

1980

1981

1982

1983

J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Plant and equip ment
Period

Total

Plant

14 anufacturin g

Equipment

Total

Nonmanu faeturing

Durable
goods

Nondurable
goods

Total

56.51

11.38
13.51
16.86
15.45
13.24

9.40
10.68
12.35
12.09
12.05
11.95
10.80

59.38
77.40
88.16
112.98
123.32
135.19
104.78

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

183.17
191.25
192.74
203.77

12.03
13.69
13.54
13.70

11.04
10.65
9.94
11.58

41.61
42.18
40.46
42.12

82.38
85.33
87.41
93.37

36.11
39.40
41.39
43.00

23.35

1977
1978
1979
1980
1981
1982 4
1983

31.47
35.18
39.29
47.61
56.90
64.95
63.23
60.84

102.79
111.50
128.87
151.52
171.77
179.81
194.70
196.75
192.73

1982: I
II
Ill
IV

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

60.84
59.03
57.14
50.50

67.48
64.74
62.32
59.59

1983: I 4
II 4
Ill 4

293.03
302.23
306.83
320.02

125.40

167.62

109.86
110.97
114.09
116.25

50.74
49.64
53.34
54.09

59.12
61.34
60.75
62.15

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



Communication
and
other 2

23.51
26.90
32.02
34.83
36.99
41.06
40.46
39.97

28.59

28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.95

IV

Trade
and
services *

21.80

54.92
59.95
69.22
79.72
98.68
115.81
126.79
119.68
112.79

26.33

100.25
117.77
138.54
164.73
178.08
188.04
181.96

1

Public
utilities

46.23
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.13

65.21
71.20
80.31
92.70
105.73
117.55
133.46
134.47

92.50

Transportation

19.98
22.37
26.79
29.95
33.96
35.44
38.40
41.95
41.59

157.71
171.45
198.08
231.24
270.46
295.63
321.49
316.43
305.53

1975
1976

Mining

Starts of
plant and
eouinment
projects,
manufacturing 3

6.10
7.44
9.24
10.21

8.68
8.89

3

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

Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 499,000 in July and unemployment fell 556,000.
MILLIONS OF PERSONS*

MILLIONS OF PKSQNS*

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS 1

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

Civilian e mploymen t
Noninstitutional
population
including
resident
Armed
Forces

Besident
Armed
Forces

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

1982: July
Aug
Sept
Get
Nov
Dec

174,038
174,200
174,360
174,549
174,718
174,864

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

1983: Jan
Feb
Mar
Apr
May
June
July

175,021
175,169
175,320
175,465
175,622
175,793
175,970

1,667
1,664
1,664
1,671
1,669
1,668
1,664

Period

Total
labor
force
including
resident
Armed
Forces

Total
employment
including
resident
Armed
Forces

Civilian
labor
force

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

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

101,490
101,177
99,851
99,825
99,379
98,849

11,036
10,710
10,695
10,942
11,476
11,628

112,090
112,303
112,528
112,420
112,702
112,794

101,262
101,372
101,213
100,844
100,796
100,758

110,416
110,614
110,858
110,752
111,042
111,129

99,588
99,683
99,543
99,176
99,136
99,093

3,445
3,429
3,363
3,413
3,466
3,411

96,143
96,254
96,180
95,763
95,670
95,682

97,262
97,265
97,994
98,840
99,543
101,813
103,273

12,517
12,382
11,879
11,035
10,765
11,570
10,707

112,215
112,217
112,148
112,457
112,418
113,600
113,539

100,770
100,727
100,767
101,129
101,226
102,454
102,949

110,548 99,103
110,553 99,063
110,484 99,103
110,786 99,458
110,749 99,557
111,932 100,786
111,875 101,285

3,412
3,393
3,375
3,371
3,367
3,522
3,527

95,691
95,670
95,729
96,088
96,190
97,264
97,758

Civilian
employment

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

Unemployment

Nonagrieultural

Total

loiai

Tntnl

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

Parttime for
economic
reasons *

Total

15
weeks
and
over

2
Tnt«l
J.OUL1

CwHMHl 3

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
0.7
63.8
63.9
64.0

5,577
5,820
6,495
6,403
6,411
6,425

10,828
10,931
11,315
11,576
11,906
12,036

3,569
3,637
3,856
4,167
4,524
4,732

64.1
64.1
64.2
64.1
64.2
64.2

6,845
6,481
6,202
6,082
5,928
5,729
5,636

11,446
11,490
11,381
11,328
11,192
11,146
10,50)

4,634
4,618
4,615
4,356
4,517
4,589
4,417

64.4
64.5
64.5
64.4
64.5
64.5
64.1
64.1
64.0
64.1
64.0
64.6
64.5

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

Seas anally adjiisted

Unadj usted

1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Total labor force as percent of noninstitutional population (both including resident Armed
Forces).
3
Civilian labor force as percent of civilian noninstitutional population.




Agricultural

Labor force
participa bon rate
(pensent)

63.8
63.7
63.6
63.7
63.7
64.3
64.2

4
Data beginning 1978 not strictly comparable with earlier data because of revisions in the 1
hold survey, which added about 250,000 to labor force and to employment.

Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force,
declined in July to 9.3

percent. The unemployment rate for all civilian workers also declined, to 9.5

PERCENT* (SEASONALLY ADJUSTED)

percent.

PERCENT* (SEASONALLY ADJUSTED)

25

20

TEENAGERS
(16-19)

15

10

10

WOMEN 20 YEARS
AND OVER

'"'''/ '"**»***"»,***£
-MEN 20 YEARSAND OVER

I 11 i | | i i i i i | | | | | | | | | 11 | | | 11 | | | | | | | | | |
1979

1979

1983

1980

1982

1981

•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 civilian labor force in group)

Period

1980
1981
1982
July..
Aug...
Sept ..
Oct....
Nov...

Dec ...
1983: Jan...

Feb ...
Mar...

Apr ...
May...
JuneJuly ..

By sex and age
All
civilian
workers

7.0

6.0
5.7
6.4
6.8
8.3

17.8
16.4
16.1
17.8
19.6
23.2

6.2
5.2
5.1

5.8
7.1
7.6
9.7

9.7
9.7
10.1
10.3
10.6
10.7

9.8
9.9
10.2
10.5
10.7
10.8

8.9
9.0
9.6
9.8
10.0
10.1

8.3
8.3
8.4
8.7
9.0
9.2

10.2
10.2
10.1
10.1
10.0
9.8
9.3

10.4
10.4
10.3
10.2
10.1
10.0
9.5

9.6
9.9
9.6
9.8
9.6
9.0
8.8

9.0
8.9
8.8
8.4
8.5
8.6
7.9

1

Black a ad other

Women
20 years
and
over

5.2
4.3
4.2
5.9
6.3
8.8

7.1
6.1

Both
sexes
16-19
years

White

12



Black

Total

Experienced
wage and
salary
workers

Married
men,
spouse
present

Women
who
maintain
families

Fulltime
workers

Parttime
workers

9.9
9.0

Labor
force
time lost
(percent) 2

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

8.5
8.3
9.2
10.4
11.7

6.6
5.6
5.3
6.9
7.3
9.6

8.8
8.8
9.4
10.5

7.6
6.5
6.3
7.9
8.5
11.0

23.9
23.8
23.8
24.1
24.2
24.5

8.7
8.7
9.1
9.3
9.6
9.7

17.4
17.7
18.1
18.4
18.5
18.8

18.8
19.1
19.8
20.1
20.2
20.8

9.4
9.4
9.8
10.1
10.5
10.7

6.6
6.8
7.2
7.5
7.6
7.8

12.0
11.7
12.4
11.3
12.5
13.2

9.6
9.7
10.2
10.5
10.6
10.8

11.2
10.4
10.6
10.3
11.3
11.1

10.7
10.9
11.7
12.0
12.4
12.7

22.7
22.2
23.5
23.4
23.0
23.6
22.8

9.1
9.2
9.0
8.9
8.9
8.6
8.2

19.0
18.0

20.8
19.7
19.9
20.8
20.6
20.6
19.5

10.1
10.1
10.1
9.9
9.8
9.4
9.0

7.1
7.2
7.1
7.1
7.0
6.6
6.1

13.2
13.0
13.5
13.2
12.9
12.8
11.6

10.3
10.4
10.3
10.2
9.9
9.7
9.4

10.6
10.1
10.5
10.6
11.0
12.1
10.2

11.7
12.0
11.8
11.4
11.5
10.8
10.4

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

Byselected grou]JS

By race

Men
20 years
and over

6.0
5.8
7.0
7.5
9.5

6.9

1977
1978
1979

1982:

Unemployment
rate, all
workers 1

18.5
18.8
18.6
18.9
17.9

9.4

Source: Department of Labor, Bureau of Labor Statistics.

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentage of unemployed persons who had been out of work for less than 15 weeks was about
unchanged, the percentage out of work for 15-26 weeks rose, and the percentage out of work 27 weeks and over
declined.
PERCENT DISTRIBUTION*
70

PERCENT DISTRIBUTION

70

REASON FOR UNEMPLOYMENT
60

50

40

40

30

REENTRANTS

30

-

!V

20

20

NEW ENTRANTS

10

10 -,

JOB LEAVERS

1979

1979

1983

1980

ii11iIi
1981

1982

1983

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Monthly data seasonally adjusted, except as noted]

TT
u em

Period

(thousands)

Percent ( iistrihution of unemplo}raient by
duration l
Less
than 5
weeks

5-14
weeks

15-26
weeks

27
weeks
and
over

Percent distribution of lunemplo pment by
reas on

Job
losers

Job
leavers

Reentrants

New
entrants

State
progr ams
Insured
unemployment

Initial
claims

Insured
unemployment, all
regular
programs
(unadjusted) 2

Special
unemployment
benefit
claims
(unadjusted) 3

1Weekly ave rage, thousanids

7.9

29.9
29.4
25.2
25.4
22.3

14.3
13.3
11.4
11.9
11.1

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

346
388
488
460
583

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

58.3
58.6
60.7
62.4
61.6
60.6

7.5
7.4
6.8
6.8
6.6
6.9

22.8
22.2
21.2
19.8
21.3
21.8

11.3
11.9
11.3
11.0
10.4
10.7

3,988
4,136
4,379
4,615
4,635
4,428

539
617
654
659
618
546

4,495
4,398
4,282
4,391
4,635
5,074

59.1
60.2
60.4
59.7
60.5
58.4
58.5

7.4
7.5
8.0
7.2
7.2
7.0
7.0

23.1
22.0
21.5
22.0
21.1
21.7
22.9

10.4
10.3
10.2
11.0
11.2
12.9
11.6

3,941
3,907
3,894
3,832
3,586
3,329
3,110

509
485
493
484
458
411
384

5,459
5,437
5,134
4,642
3,947
3,481

10.4

7,637
8,273
10,678

31.0
31.7
32.3
30.7
31.0

12.4

48.1
43.1
41.7
36.4

11.5
13.8
13.6
16.0

8.7
10.7
14.0
16.6

41.7
42.9
51.7
51.6
58.7

1982: July
Aug
Sept
Oct
Nov
Dec

10,828
10,931
11,315
11,576
11,906
12,036

36.7
36.0
35.1
33.9
32.9
32.9

30.1
30.7
31.1
30.2
29.5
28.3

16.5
16.6
16.0
16.8
18.2
17.4

16.6
16.8
17.8
19.1
19.4
21.3

1983: Jan
Feb
Mar
Apr
May
June ....
July

11,446
11,490
11,381
11,328
11,192
11,146
10,590

30.8
32.6
30.7
32.1
31.9
32.8
32.7

28.9
27.1
28.1
28.5
27.0
26.1
26.1

16.8
16.8
16.7
15.0
15.7
14.7
17.1

23.5
23.5
24.5
24.4
25.3
26.4
24.2

1978
1979

6,202
6,137

1980
1981
1982

46.2

1
Detail may not add to 100 percent because of rounding.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.




14.1
14.3

11.7
11.2

3

807
897

708
936
953
691
1,117
1,445
1,086
849

Federal supplemental compensation program.

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment
411,000 in June.

as measured by the payroll survey rose 487,000 in July following a rise of

MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)
22
WHOLESALE AND RETAIL TRADE

90
ALL NONAGRICULTURAL
ESTABLISHMENTS

20

80

70

16

SERVICE-PRODUCING
INDUSTRIES

60

MANUFACTURING

20

50

40

CONSTRUCTION
.GOODS-PRODUCING
INDUSTRIES

30

20

mo

1979

1983

1980

1981

1982

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1983

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; * seasonally adjusted]
Service-p roducing ind ustries

Goods- producing inc ustries
Total
nonagriPeriod
employment

M anufaeturing

Total

2

Construction

1977
1978
1979
1980
1981
1982

82,471
86,697
89,823
90,406
91,156
89,596

24,346
25,585
26,461
25,658
25,497
23,907

3,851
4,229
4,463
4,346

1982: July
Aug
Sept
Oct
Nov
Dec

89,450
89,264
89,235
88,938
88,785
88,665
88,885
88,746
88,814
r
89,090
89,421
89,832
90,319

1983: Jan
Feb
Mar
Apr
May r....
June r....
July"....

r

Total

Durable
goods

Nondurable
goods




Wholesale and
retail
trade

Government

Finance,
insurance,
and real
estate

Services
Federal

State
and
local

12,109
11,100

8,280
8,098
8,061
7,753

58,125
61,113
63,363
64,748
65,659
65,689

4,713
4,923
5,136
5,146
5,165
5,081

18,516
19,542
20,192
20,310
20,547
20,401

4,467
4,724
4,975
5,160
5,298
5,340

15,303
16,252
17,112
17,890
18,619
19,064

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

13,259
13,064

18,802
18,666
18,555
18,358
18,222
18,193

11,095
10,961
10,862
10,685
10,577
10,559

7,707
7,705
7,693
7,673
7,645
7,634

65,607
65,592
65,705
65,651
65,654
65,604

5,075
5,056
5,054
5,033
5,019
5,008

20,438
20,410
20,380
20,344
20,320
20,256

5,342
5,344
5,351
5,350
5,356
5,367

19,083
19,097
19,136
19,144
19,187
19,215

2,737
2,739
2,735
2,742
2,746
2,747

12,932
12,946
13,049
13,038
13,026
13,011

18,244
18,245
18,267
18,376
18,493
18,587
18,749

10,594
10,608
10,617
10,689
10,788
10,843
10,971

7,650 r 65,699
7,637 65,697
7,650 r 65,784
7,687 65,931
7,705 66,074
7,744 66,298
7,778 66,570

4,979
4,966
4,963
4,988
4,993
4,991
4,977

20,355
20,343
20,350
20,329
20,356
20,485
20,498

5,374
5,384
5,391
5,423
5,435
5,451
5,471

19,238
19,262
19,356
19,478
19,546
19,660
19,802

2,748
2,742
2,742
r
2,738
2,756
2,745
2,737

13,005
13,000
12,982
12,975
12,988
12,966
13,085

11,597
12,274
12,760
12,187

4,188
3,911

19,682
20,505
21,040
20,285
20,170
18,853

23,843
23,672
23,530
23,287
23,131
23,061

3,916
3,893
3,875
3,847
3,843
3,815

23,186
23,049
23,030
23,159
23,347
23,534
23,749

3,905
3,790
3,757
3,786
3,860
3,941
3,984

8,086
8,231

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

Total

Transportation and
public
utilities

r

2,727

12,399
12,919
13,174
13,375

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

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

iAverage weekly

Average gi oss hourly
earnings

hours
Period

Manufa cturing

Total
private
nonagricultural 1

1974
1975

1976
1977
1978
1979
1980
1981
1982

40.3
40.4
40.2
39.7
39.8
38.9
39.1
39.0
38.8
38.9
39.0
39.0
39.7
39.2
39.5
40.1
r
40.0
r
40.2
40.3

34.9
34.8
34.8
34.7
34.7
34.8
35.1
34.5
34.8
34.9
35.1
35.1
35.1

1983: Jan
Feb
Mar
Apr
May
June
July"

3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3

40.0
39.5
40.1

35.8
35.7
35.3
35.2
34.8

1982: July
Aug
Sept
Oct
Nov
Dec

Overtime

Total

36.5
36.1
36.1
36.0

Total
private
nonagricultural l

2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.4
2.6
2.9
2.7
2.9
3.1

Manufacturing

$4.42

$4.24
4.53

4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
8.54
8.56
8.57
8.58
8.61
8.63
8.68
8.76
8.75
8.78
8.79
8.82
8.85

4.86
5.25
5.69
6.16
6.66
7.25
7.67
7.70
7.73
7.73
7.76
7.78
7.82
7.88
7.91
7.91
7.95
r
7.97
8.00
8.02

Adjuste d hourly earninggs index—total private
nonagnc ultural 2
Percent change from a year
earlier 4 5

Index,
1977== 100

Current
dollars

1977
dollars 3

Current
dollars
80.0

86.7
92.9
100.0
108.1
116.8
127.3
138.9
148.3
148.8
149.6
150.0
150.7
151.1
151.9
152.7
153.4
153.4
154.0
154.6
154.8
155.2

8.0

98.3
97.6

8.4
7.2
7.6
8.1
8.0
9.0
9.1
6.8

99.0
100.0
100.5
97.4
93.5
92.6
93.3
92.8
93.0
93.1
93.1
93.4
94.1
94.7
95.3
95.0
94.8
94.7
94.7
94.6

1977 dollars
-2.8

n

1.4
1.0
.5

-3.1
-4.0
-1.0
.8

7.0
6.6
6.1
6.2
5.7
6.0

.7
.7
1.2
1.2
1.1
2.0

5.4
5.7
5.4
5.2
4.8
4.6
4.3

1.8
2.4
1.6
1.2
1.4
2.1
2.1

AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent eh ange from
a year earlier,
5
total private n<^agricultural

Avera £e gross weekly eairnings
Period

Current dollars
1974
1975
1976
1977

$154.76

163.53
175.45
189.00
203.70
219.91
235.10
255.20
266.92

1978
1979
1980
1981
1982
1982:

Manufacturing

Total ])rivate
nonagnc ultural *

July
Aug
Sept
Oct
Nov
Dee

268.73
269.00
269.00
269.27
269.97
272.14

1983: Jan
Feb
Mar
Apr
May r
June
July*

276.59
272.90
275.27
277.46
279.75
280.80
281.50

1977 dollars 3

Construction

Wholesale and
retail trade

Current dollars

$249.25
266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.45

$119.02
126.45
133.79

189.00
189.31
183.41
172.74
170.13
167.87

$176.80
190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65

167.54
167.18
166.98
166.32
166.96
168.61

333.91
333.84
332.52
333.76
335.79
336.57

431.47
428.72
425.59
427.25
426.24
437.18

199.36
199.68
199.06
200.65
200.98
203.19

6.4
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.6
4.9
4.3
4.0
3.4
3.4
4.4

202.57
200.65
202.88
203.83
205.76
207.36
207.03

6.8
3.1
4.3
4.7
4.6
5.2
4.6

$190.12
184.16
186.85

171.48
169.61
170.45
170.85
171.42
171.85
171.65

1977 dollars

Current dollars

344.60
343.39
345.63
352.08
351.60
r
354.56
356.66

461.35
439.20
438.00
443.54
441.19
r
441.19
441.26

142.52
153.64
164.96
176.46
190.62
198.10

-4.1
-3.1

1.5
1.2
.2

-3.1
5.8

-1.5
1.3

-1.3
-1.4
-.9

-1.6
-1.1
.5
3.1
-.2
.6
.7
1.2
2.7
2.4

4

Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
5

,'age earners and clerical workers used beginning 1978,

24-318 0 - 8 3 - 3




15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pc;r hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Outf ut

Business
sector

l

Hours of all
2
persem s

Nonfarm
business
sector

Business
sector

Compensation per

hou r 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

19rf7 = 100; ( [uarterly ( ata

per h our 4

Business
sector

CO

Nonfarm
business
sector

Implic t price
defla tor 5

Unit labor

Heal com pensation

st

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

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
91.7
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

58.7
62.5
66.7
71.7
78.5

90.8
92.8
95.7
97.3
95.9

91.5
93.5
96.6
97.8
96.4

67.5
69.5
71.5
75.3
84.4

67.6
69.7
71.7
75.3
84.5

66.0
69.0
71.3
75.3
82.4

66.3
69.3
71.3
74.0
81.6

1975
1976
1977
1978
1979

94.5
97.6
100.0
100.6
99.4

94.7
97.8
100.0
100.6
99.1

88.2
93.8
100.0
105.5
107.8

87.8
93.7
100.0
105.7
108.0

93.3
96.0
100.0
104.9
108.5

92.7
95.8
100.0
105.0
109.0

85.5
92.9
100.0
108.6
118.7

86.0
93.0
100.0
108.6
118.4

96.3
98.9
100.0
100.9
99.1

96.8
99.0
100.0
100.9
98.9

90.5
95.1
100.0
108.0
119.5

90.8
95.1
100.0
108.0
119.5

90.4
94.7
100.0
107.5
117.2

90.0
94.6
100.0
107.1
116.5

1980
1981
1982

98.9
101.3
101.2

98.4
100.3
100.2

106.5
109.8
106.7

106.5
109.3
106.3

107.6
108.4
105.4

108.2
109.0
106.0

131.2
143.9
155.1

130.7
143.5
154.7

96.5
95.9
97.4

96.1
95.6
97.1

132.7
142.1
153.3

132.8
143.0
154.4

128.1
140.1
147.7

128.1
140.4
148.6

100.5
101.1
102.3
101.2

100.1
100.1
101.1
99.9

109.2
109.8
111.2
108.9

109.2
109.4
110.5
108.2

108.6
108.6
108.7
107.7

109.1
109.2
109.4
108.2

139.7
142.2
145.5
148.2

139.3
141.8
145.1
147.7

96.3
96.1
95.6
95.6

96.0
95.8
95.3
95.4

139.0
140.7
142.3
146.4

139.2
141.6
143.5
147.8

136.3
138.2
141.5
144.3

136.2
138.4
141.8
145.0

n
m

101.1
100.7
101.1
101.9

100.0
99.9
100.4
100.8

107.2
106.9
106.6
106.0

106.5
106.7
106.5
105.4

106.0
106.2
105.4
104.0

106.5
106.8
106.0
104.6

151.6
153.9
156.5
158.7

151.3
153.5
156.1
158.3

97.1
97.4
97.1
98.0

96.9
97.1
96.9
97.8

149.9
152.9
154.7
155.6

151.3
153.6
155.4
157.1

145.5
147.5
148.5
149.4

146.4
148.3
149.1
150.5

1983: I r

102.5
103.9

101.7
103.2

107.1
110.3

106.7
109.9

104.5
106.2

104.9
106.5

160.7
162.1

161.0
162.7

99.4
99.2

99.5
99.6

156.9
156.1

158.3
157.6

151.5
152.6

152.4
153.6

1981: I

n
m
IV

1982: I

IV

n.

Peircent

change; quarte rly data at seasonal] y adjusted annual rates

1969

0.2

-0.3

2.9

2.9

2.6

3.2

7.0

6.5

1.5

1.1

6.7

6.8

4.9

4.7

1970
1971
1972
1973
1974

.8
3.6
3.5
2.6
-2.4

.3
3.3
3.7
2.4
-2.5

-.8
3.0
6.6
6.6
-2.0

-1.0
2.9
6.9
6.8
-2.0

-1.6
-.5
3.0
3.9
.4

-1.3
-.4
3.1
4.3
.5

7.3
6.6
6.5
8.0
9.4

7.0
6.6
6.7
7.6
9.4

1.3
2.2
3.1
1.6
-1.4

1.0
2.2
3.3
1.3
-1.4

6.4
2.9
2.9
5.3
12.1

6.6
3.1
2.8
5.0
12.2

4.5
4.4
3.4
5.5
9.5

4.8
4.5
3.0
3.8
10.2

1975
1976
1977
1978
1979

2.2
3.3
2.4
.6
-1.2

2.0
3.2
2.2
.6
-1.5

2.0
6.4
6.6
5.5
2.3

-2.2
6.7
6.7
5.7
2.2

4.1
3.0
4.1
4.9
3.5

4.1
3.4
4.4
5.0
3.7

9.6
8.6
7.7
8.6
9.4

9.6
8.1
7.5
8.6
9.0

.5
2.6
1.2
.9
-1.7

.4
2.2
1.0
.9
2.0

7.3
5.1
5.1
8.0
10.7

7.5
4.8
5.2
8.0
10.7

9.8
4.7
5.6
7.5
9.0

10.3
5.1
5.7
7.1
8.8

1980
1981
1982

-.5
2.4
^
5.9
2.2
4.7
—4.1

-.7
1.9
.1

-1.3
3.1
-2.8

-1.4
2.7
-2.8

g
.7
-2.7

7
.7
-2.7

10.5
9.7
7.7

10.4
9.8
7.8

-2.6
-.6
1.5

-2.8
-.6
1.6

11.1
7.1
7.9

11.1
7.7
7.9

9.2
9.4
5.4

10.0
9.6
5.8

5.2
.4
3.8
-4.4

8.3
2.3
5.2
-7.8

7.8
.8
4.3
-8.3

2.3
.1
.5
-3.9

2.4
.5
.5
-4.0

11.5
7.4
9.6
7.5

11.5
7.3
9.6
7.6

.8
-1.0
-2.2
.3

.9
-1.1
-2.1
.3

5.3
5.0
4.7
12.2

6.0
6.9
5.6
12.6

112
5.6
9.9
8.2

11.6
6.6
10.0
9.5

n
m

-.4
-1.6
1.7
3.3

.1
4.
2.3
1.3

-6.3
-1.0
-1.1
-2.3

-6.2
.8
g
-4.1

-6.0
.6
-2.7
-5.4

-6.2
1.2
-2.9
-5.3

9.4
6.4
6.7
5.7

10.0
5.8
7.2
5.8

6.3
1.1
-1.0
3.7

6.8
.5
-.6
3.7

9.8
8.1
5.0
2.3

9.9
6.2
4.7
4.4

3.4
5.5
2.7
2.6

3.7
5.4
2.2
3.7

1983: I r

2.0
5.7

3.7
6.1

4.2
12.5

4.9
12.7

2.1
6.5

1.2
6.2

5.4
3.5

6.8
4.3

5.8
-.7

7.2
.1

3.3
-2.1

3.0
-1.6

5.5
3.1

5.3
3.3

1981: I

n
m
rv

1982: I

IV

n.

1

Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including hours of proprietors
and unpaid family workers. Estimates based primarily on establishment data.
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.
2

16



5

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

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

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.8 percent in July, following a rise of 1.1 percent in June. The index for July was 7.1
percent above its year earlier level.
INDEX, 1967=100* (RATIO SCALE)

INDEX, 1967=100* (RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

180

180

UTILITIES AND MINING PRODUCTION

MINING"

ii ill i
1982

MANUFACTURING PRODUCTION
MANUFACTURING CAPACITY UTILIZATION RATE

120
1979
* SEASONALLY

1981

1982

1983

ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Seasonally adjusted]

Period
Index,
1967 = 100

1967 proportion
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar
Apr r
May r
June r
July"
1
2

100.00
129.8
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
138.8
138.4
137.3
135.7
134.9
135.2
137.4
138.1
140.0
142.6
144.4
146.0
148.6

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




Capacity u tilization rate , percent l

Industry pro<3 uction indexes , 1967 = 100

Total

indus trial
produ ction

Manufa cturing

Manufacturing

Percent
change
from year
earlier

8.4
-.4

8.9
10.8
5.9
5.7
4.4
3.6
2.7
-8.2
-9.8
-9.9
9.4
-9.0
-7.8
-5.7
-2.3
3.4
-1.2
1.7
3.7
5.3
7.1

Mining

Total

87.95
129.8
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
138.1
138.0
137.1
135.0
134.0
134.5
136.7
138.2
140.4
143.1
145.0
146.8
149.4

Durable

51.98
127.1
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
125.9
124.9
123.5
120.3
119.3
119.9
122.5
123.9
126.3
129.1
131.0
133.0
136.1

Utilities

Nondurable

35.97
133.8
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
155.7
156.9
156.7
156.2
155.3
155.6
157.4
159.0
160.7
163.3
165.1
166.9
168.6

6.36
114.7
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
120.1
116.9
114.7
115.9
116.8
118.4
121.9
115.6
112.6
111.6
113.2
113.8
115.9

5.69
145.4
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
167.7
168.5
167.5
167.8
166.7
164.2
163.1
162.0
165.8
169.3
169.9
170.3
172.8

Federal
Reserve
series

Commerce
series 2

87.6

86

83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
71.4
71.2
70.6
69.4
68.8
68.9
70.0
70.6
71.6
72.9
73.7
74.6
75.8

83
77
81
83
84
83
78
76
70
69
68
70

Materials
(Federal
Reserve
series)

91.7
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
69.7
69.5
69.0
67.9
67.0
66.6
68.7
70.1
71.5
72.5
73.5
74.4
76.0

Sources: Board of Governors of the Federal Reserve System and Department of Commerce
(Bureau of Economic Analysis).

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Prod ucts
Intermedia!& products

Final p roducts
Period

C onsumer good s
Total
Total

1967 proportion

47.62

27.68

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
142.5
141.2
140.0
138.7
138.3
139.5
140.1
138.9
139.9
142.8
144.5
146.0
148.0

131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
145.8
144.1
143.4
142.2
141.3
142.0
143.6
143,4
144.3
147.7
149.9
151.4
154.0

1982: July

Aug
Sept

Oct
Nov
Dec

1983:

Jan
Feb
Mar
Apr r.

May r .
June r.
July"

Durable
goods

7.89
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
137.3
132.9
131.3
126.5
124.6
125.9
131.6
134.4
136.3
140.5
145.0
149,2
154.2

Materials

Equip ment
Nondurable
goods

Total
Total

Business

19.79

20.14

12.63

12.89

125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
149.1
148.6
148.2
148.5
147.9
148.4

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
154.9
153.9
150.5
147.1
146.4
148.1

137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
142.8
144.7
143.7
141.6
141.8
141.5
143.7
145.3
147.8
150.8
152.1
153.7
156.1

148.3
147.0
147.5
150.5
151.9
152.3
153.9

138.0
137.3
135.2
134.0
134.2
136.1
135.3
132.7
133.8
136.2
137.0
138.5
139.8

146.6
142.7
143.7
146.9
148.0
149.8
151.3

Construction
supplies

6.42
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
124.1
127.1
125.5
122.5
123.4
123.0
127.0
129.7
133.1
136.4
138.6
140.2
143.4

Supplementary
group:
Energy
total

39.29

12.23

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
136.4
134.8
132.7
134.1
133.3
132.2
132.4
131.0
131.9
133.9
133.8
134.0
137.1

133.0
132.8
132.0
130.0
128.4
127.8
132.0
134.9
137.6
139.7
141.8
143.6
146.8

[1967 = 100, seasonally adjusted]
Durable miinufactures
Period
Total

1967 proportion

1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: July

Aug
Sept

Oct
Nov
Dec

1983: Jan
Feb
Mar
Apr T
May r

June r
July*.

6.57
126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
72.9
72.9
73.2
69.6
63.6
63.5
73.1
77.9
81.2
83.1
84.9
85.8
88.6

Iron and
steel

Fabricated metal
products

4.21

5.93

122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
58.1
57.4
56.4
54.1
47.5
46.6
59.0
64.3
66.9
68.5
69.5
70.3

124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
115.5
114.3
112.3
107.6
107.0
107.3
107.6
110.3
113.9
115.3
115.5
117.6
120.0

Source: Board of Governors of the Federal Reserve System.

18



Nonelectrical
machinery

9.15
133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
147.1
147.2
144.9
140.4
139.6
139.2
138.0
136.2
138.6
143.1
145.9
149.0
152.7

^
Transp station
equipment

Primary metals
Electrical
machinery

Total

8.05
143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
170.3
169.7
167.0
165.4
165.5
165.5
169.5
168.9
173.8
177.2
180.1
182.1
186.6

9.27
118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
112.7
107.0
105.3
100.8
100.2
103.7
106.3
109.6
110.1
111.4
113.8
116.5
120.0

Motor
vehicles
and parts

4.50
148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
127.2
116.7
113.5
103.0
101.7
108.8
113.9
123.0
123.2
125.5
130.4
136.2
142.3

Lumber
and
products

Apparel
products

1.64

3.31

126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
116.9
120.3
119.9
117.2
119.1
121.4

117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4

130.0
130.2
128.7
132.1
135.8
138.0

endurable imanufacture s
Printing
and
publishing

4.72
118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
143.9
145.3
144.3
142.0
141.7
142.8
141.3
144.0
145.9
145.7
145.2
147.5
148.5

Chemicals and
products

Foods

7.74

8.75

154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
194.1
195.6
196.4
194.1
192.8
195.9
197.6

120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
151.0
150.7
149.0
151.5
152.0
152.8
154.4
153.0
152.0
153.7
154.7

202.3
205.7
208.5

210.9
212.7

NEW CONSTRUCTION
Construction contracts 2

Private

Period

Total new
construction
expenditures

Resi lential

Total

Commercial
and industrial

New housing

Total l

Other

Federal,
State, and
local

Total value
index
(1977 = 100)

Commercial
and industrial
floor space
(millions of
square feet)

I Millions of dollars

1975
1976
1977
1978
1979
1980
1981
1982

135.9
151.1
173.8
205.6
230.4
230.7
239.4
232.0

95.1
112.0
135.7
159.7
181.6
175.7
186.1
181.0

46.5
60.5
81.0
93.4
99.0
87.3
86.6
74.8

34.4
47.3
65.7
75.8
78.6
63.1
62.7
51.9

20.8
19.9
22.5
29.6
39.9
43.8
51.3
54.6

27.8
31.5
32.2
36.7
42.7
44.7
48.2
51.5

39.1
38.2
45.9
48.8
55.0
53.3
51.1

Seasonally
adjusted

Seasonal ly adjusted annu al rates

1982:

June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar
Apr
May"
June p
July*

233.4
230.8
231.6
230.7
234.1
243.7
240.2
247.9
243.0
241.9
245.5
253.2
259.7

182.9
180.8
179.5
178.2
181.9
190.5
190.8
195.0
194.3
194.9
198.0
204.7
211.9

75.5
73.8
72.7
71.7
76.4
81.2
86.0
89.7
93.6
96.1
102.0
107.6
112.4

49.3
51.4
52.6
53.0
53.6
55.8
58.6
63.4
68.8
72.3
77.3
82.3
86.6

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.

66.0
79.0
100.0
114.0
122.0
107.0
107.0
111.0

40.9

56.9
55.0
54.5
54.6
54.1
54.6
52.6
53.4
51.0
49.7
46.8
46.3
48.9

50.5
52.0
52.3
51.9
51.4
54.7
52.2
52.0
49.8
49.0
49.2
50.8
50.6

50.4
50.0
52.2
52.5
52.2
53.2
49.4
52.9
48.7
47.0
47.5
48.5
47.9

111
102
112
117
105
122
131
127
119
131
129
148
151
137

555
592
739
977
1,059
904
906
685
Seasonally
adjusted
annual rates

778
694
717
671
656
608
595
803
693
632
652
734
785
741

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, P. 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
Period

Units started, hj type of structure

Total

1975
1976
1977
1978
1979
1980
1981
1982

1 unit

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

892.2
1,162.4

1,185
1,046
1,134
1,142
1,361
1,280
1,694
1,784
1,605
1,506
1,807
1,752
1,741

625
651
683
716
868
842
1,126
1,103
1,008
1,001
1,183
1,146
1,010

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

2-4 units

5 or more units

64.0

204.3

85.9
121.7
125.0
122.0
109.5
91.1
80.0

289.2
414.4
462.0
429.0
330.5
287.7
319.6

Units
authorized

939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5

Units
completed
,317.2
,377.2
,657.1

,867.5
,870.8
,501.6
,265.7
,005.5

Homes sold

Homes for
sale at end
of
period l

549
646
819
817
709
545
436
412

313
353
402
414
3
398
336
272
251

364
389
473
481
545
529

250
248
247
245
246
251
259
262
262
r
266
r
277
r
290
293

Vacancy rate
housing units
(percent) 2
6.0
5.6
5.2

5.0
5.4
5.4
5.0
5.3

Seasona] ly adjusted annu al rates
1982:

July
Aug
Sept
Get
Nov
Dec

1983: Jan
Feb
Mar
Apr
May r
June r.
July*
1

96
87
90
66
79
79
100
117
100
117
96
124
134

464
308
361
360
414
359
468
564
497
388
528
482
597

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




1,065
928
1,029
1,154
1,227
1,326
1,447
1,479
1,467
1,536
1,635
1,761
1,782

1,010
1,001
936
1,077
1,053
1,035
1,195
1,138
1,147
1,164
1,354
1,388

611
593
611
r
635
r
661
r
663
620

5.3
5.5

5.7
5.5

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales rose 2.5 percent in June and inventories fell $0.5 billion. According to the advance survey, total
retail sales were about unchanged in July following a rise of 0.3 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
160
150

BILLIONS OF DOLLARS* (RATIO SCALE)

600
550

140

500

130

450

RETAIL INVENTORIES

120
110

400

100
350

90

1M,**"»""%Mlil

300

RETAIL SALES

70
250

60
200

50
1979

1980

1981

1982

1983

150

1.40

100

11 11 I 11 i i i

1.20
1980

1979

1982

1981

1979

1983

1983

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Total bu siness *

COUNCIL OF ECONOMIC ADVISERS

Wholesale

Inventory-sales ratio 4

Be tail

Inventories 3

Sales2

Period
Sales

2

T

. • 3
tones
•*

Sales

2

T

, • 33
tones

Total

Durable
goods
stores

Nondurable goods
stores

Total

Durable
goods
stores

Nondurable goods
stores

Total
business 1

1.57
1.48
1.46
1.44
1.43
1.45
1.44
1.51
1.49
1.50
1.52
1.52
.54
.52
.51
.47
.49
.45
.44
1.39
1.35

Retail

Millions of dollars, seasonally *idjusted
182,230
204,277
229,624
260,307
297,663
327,284
356,099
344,179

288,375
318,544
351,036
398,890
450,736
492,885
526,152
511,942

46,623
50,694
55,987
66,117
78,680
92,658
100,673
95,363

56,697
64,078
72,311
85,685
98,394
112,341
116,986
118,790

49,012
54,781
60,435
67,286
75,047
80,235
87,298
89,640

15,247
18,150
20,724
23,218
25,196
24,401
26,335
26,739

33,765
36,631
39,711
44,067
49,850
55,834
60,963
62,901

71,744
79,273
89,530
102,790
111,229
116,430
126,833
128,250

33,356
37,841
43,135
49,987
53,717
54,400
59,095
59,597

38,388
41,432
46,395
52,803
57,512
62,030
67,738
68,653

349,742
347,676
343,426
342,882
336,905
338,722
338,391

521,040
521,145
521,257
521,000
519,797
513,888
511,942

98,019
95,790
94,341
92,527
91,806
91,912
91,389

119,828
119,854
119.190
119,537
120,162
118,349
118,790

88,603
89,469
89,069
89,897
90,905
92,492
92,459

26,136
26,124
25,831
26,619
27,154
28,721
28,723

62,467
63,345
63,238
63,278
63,751
63,771
63,736

126,300
126,662
128,258
129,788
128,849
127,619
128,250

58,225
58,888
60,204
61,668
60,581
59,417
59,597

68,075
67,774
68,054
68,120
68,268
68,202
68,653

345,337
341,490
348,009
r
351,100
363,925
372,998

507,550
507,665
503,222
504,796
505,658
505,187

94,790
92,245
92,943
92,586
97,529
100,393

117,564
116,417
116,591
117,498
115,855
115,345

92,308
91,164
93,263
95,449
98,431
r
98,685
98,656

28,307
27,490
29,160
30,668
32,124
r
32,335
32,088

64,001
63,674
64,103
64,781
66,307
r
66,350
66,568

127,869
130,392
129,327
129,901
131,654
132,452

59,735
61,517
60,412
60,640
61,401
61,955

68,134
68,875
68,915
69,261
70,253
70,497

1975
1976
1977

1978
1979
1980.
1981
1982
1982: June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May r
June p
July*
1
2
3

The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.

20



1.44
1.38
1.40
1.43
1.44
1.42
1.40
1.41
1.43
1.42
1.44
1.44
1.42
1.38
1.39
1.39
1.43
1.39
1.36
1.34
1.34

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

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
240

_

B-SHIPME NTS

200
180
160

—

140

-

120
100

on

_
*m

~^S* ' ""1r^X-*

"' ^%—i

TOTAL

240

**^

~
-

ui»*^>»***»* * *1ji *2*j*j$**

\

Not1vIDURABLE

~-**~ ~~

*~~^
GO ODS

-

«**

100

L
NONDURABLE GOODS

1 1 1 1I I 1 1I 1i

60

E
—

E-NEW Of RDERS

i fjr\

—
-

1 Af)

^v -

j**\—*T*'x^

^^

** r+*^S'

—

TOTAL

^^*

[DURABLE

100

60

120

80

, , , . , ! . . in 1 1 1 1 1 1 1 i 1 1 1
Mil. I
BILLIONS OF DOLLARS* (RATIO SCALE)
240

80

160

DURABLE GOODS
^

ii tit

-

180

200

DURABLE Ga DOS

m

AH

BILLIONS OF DOLLARS * (RATIO SCALE)
360
320 —INVENTORIES280

GOO DS

^%*%.^......i
)NDURABLE O lODs"""*"""**

•i^**

-

•*

11111

40

RATIO*
2.2

INVENTORY-SHIPMENTS RATIO

2.0
1.8
1.6
1.4

1 11111 11111

i i i11 1 i i iii i i i i i I i i i i I i i I 1 1 i I 1 1 1 i

1979

1981

1980

| 1 11 1 1! 1 1 1|

1.2

1979

1983

1982

1982

1981

1980

* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufa cturers' shipinents *

Manufac3turers' inven tories 2

1ianufaeturers new orders
Durable3 goods

Period
Total

Durable
goods

1983

Nondurable goods

Durable
goods

Total

Nondurable goods

Total
Total

Capital
goods
industries,
nondefense

Nondurable goods

11,011
12,799
15,291
19,458
23,231

43,130

Manufacturers'
unfilled
orders 3

Manufacturers'
inventory—
shipments
ratio 4

Mdlions of do liars, seasoimlly adjust*3d
1975
1976
1977

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

86,595

98,802
113,202
126,905
143,936
154,391
168,129
159,177
163,120
162,417
160,016
160,458
154,194
154,318
154,543
158,239
158,081
161,803
163,065
167,965
173,920
173,111

1
Monthly average for year and
2
Book value, end of period.
3

End of period.




43,656
50,689
59,267
67,848
76,060
77,550
83,872
76,843
79,197
78,856
77,250
76,419
72,478
73,005
73,495
77,744
77,769
79,595
80,241
82,669
86,582
85,630

42,939
48,113

53,935
59,057
67,876
76,841
84,257
82,334
83,923
83,561
82,766
84,039
81,716
81,313
81,048
80,495
80,312
82,208
82,824
85,296
87,338
87,481

159,934
175,193
189,195
210,415
241,113
264,114
282,333
264,902
274,912
274,629
273,809
271,675
270,786
267,920
264,902
262,117
260,856
257,304
257,397
258,149
257,390
258,363

total for month. Shipments are the same as sales.

102,874
112,581
121,575
137,834
160,554
174,547
186,222
175,200
182,811
182,099
181,543
180,520
179,675
177,061
175,200
172,506
171,572
169,377
169,814
170,734
169,840
169,712

57,060
62,612
67,620
72,581
80,559
89,567
96,111
89,702
92,101
92,530
92,266
91,155
91,111
90,859
89,702
89,611
89,284
87,927
87,583
87,415
87,550
88,651

85,149
99,543
115,061
131,616
147,466
156,142
167,924
157,371
159,986
158,913
155,700
156,572
152,362
152,604
157,382
162,871
157,757
162,587
166,025
169,874
178,489
175,486

42,019
51,398
61,111

72,409
79,513
79,341
83,725
75,103
76,157
75,563
72,965
72,348
70,735
71,067
76,180
82,355
77,449
79,951
83,101
84,456
90,905
87,719

23,259
24,059
20,687
19,932
19,931
18,741
20,217
20,127
19,983
19,679
20,507
19,175
20,032
22,592
22,228
24,289
21,555

48,145
53,950
59,207
67,953
76,801
84,199
82,268
83,829
83,350
82,735
84,224
81,627
81,537
81,202
80,516
80,308
82,636
82,924
85,418
87,584
87,767

173,829
182,499

205,675
262,671
305,453
325,908
323,346
300,971
313,384
309,880
305,564
301,678
299,846
298,132
300,971
305,599
305,268
306,053
309,015
310,922
315,488
317,867

.84

.69
.61
.57
.57
1.66
1.64
1.73
1.69
1.69
1.71
1.69
1.76
1.74
1.71

1.66
1.65
1.59
1.58
1.54
1.48
1.49

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 July, the producer price index for all finished goods rose 0.1 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.6 percent and prices of other finished consumer goods rose 0.4 percent. Prices of capital
equipment rose 0.1 percent.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)
320

160

160

140

140

120 I I I i I I I I I I I I

I I I I I I I I I II

I I I I I I I I I II

1975

1933
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1967 = 100; monthly data seasonally adjusted]
Internlediate ma terials

Fin] shed goods
Period

Total
finished
goods

Consumer
foods

Fimished goc)ds excluding consumer foo Is

1

163.4
170.6
181.7
195.9
217.7
247.0
269.8
280.7
281.2
282.5
282.8
283.8
285.5
286.4
283.3
283.8
283.0
282.8
283.7
285.0
285.3

181.0
180.4
189.9
207.2
226.2
239.5
253.6
259.3
259.2
259.4
258.3
258.2
258.2
258.8
258.3
260.9
261.4
264.2
262.9
261.2
259.6

156.2
166.1
177.7
190.7
213.3
247.8
273.3
285.8
286.6
288.2
288.9
290.3
292.5
293.5
289.5
289.2
288.1
286.9
288.5
290.8
291.8

Intermediate materials for food manufacturing and feeds.

22



163.0
174.8
189.3
200.0
231.3
283.9
319.6
333.6
334.3
336.2
338.6
. 341.7
345.3
346.4
337.3
333.7
329.7
326.7
330.0
334.6
336.8

162.5
173.4
184.6
199.2
216.5
239.8
264.3
279.4
280.5
282.3
281.9
282.0
283.1
284.4
283.9
285.0
285.8
285.9
286.6
287.3
287.7

Total
Total

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

Nondurable

Capital
equipment

Consumer gc»ods

153.1
162.6
174.3
186.7
211.5
250.8
276.5
287.8
288.5
290.1
291.2
293.2
295.8
296.7
290.8
290.0
288.0
286.6
288.2
291.3
292.5

Durable
138.2
144.5
152.8
166.9
183.2
206.2
218.6
226.7
227.4
228.6
227.8
228.5
229.8
230.4
229.6
232.2
232.6
232.4
232.6
233.7
233.8

Cnide mater als

Total
finished

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

163.6
169.7
180.7
194.9
217.9
248.9
271.3
281.0
281.5
282.6
283.0
284.4
286.2
287.0
283.1
283.4
282.2
282.0
282.9
284.4
284.6

180.0
189.1
201.5
215.6
242.2
280.3
306.0
310.4
310.3
310.3
310.8
310.9
311.7
311.8
310.1
309.8
308.6
307.6
308.9
311.4
312.2

195.3
185.3
190.5
203.1
226.1
252.6
250.3
239.4
242.1
239.8
236.7
234.0
233.7
234.0
236.0
239.4
239.8
245.9
245.1
243.2
242.3

178.6
189.4
202.3
216.5
244.4
282.3
310.1
315.7
315.3
315.6
316.3
316.6
317.4
317.5
315.6
315.0
313.7
312.3
313.7
316.5
317.4

196.9
202.7
209.2
234.4
274.3
304.6
329.0
319.5
322.1
319.1
315.4
314.3
317.3
316.6
315.8
316.8
318.9
323.9
323.9
323.5
319.7

191.8
190.2
192.1
216.2
247.9
259.2
257.4
247.8
251.0
246.9
239.5
237.0
239.4
240.3
243.0
248.8
250.5
258.0
255.0
251.0
244.6

206.9
228.5
245.0
272.3
330.0
401.0
482.3
473.9
475.4
474.8
478.6
480.4
484.8
480.6
472.6
463.3
466.4
466.3
472.6
479.6
481.2

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In July, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (also 0.4 percent not
seasonally adjusted). The index was 2.4 percent above its level in July 1982.
INDEX, 1967=100 (RATIO SCALE)
320

INDEX, 1967= 100 (RATIO SCALE)
320

300

300

280

280

260

260

240

240
220

200

180

160

140

1980

1981

1982

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

1983

COUNCIL OF ECONOMIC ADVISERS

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

Ti ansportaticm

Hou sing
SheIter
Period

All

items 1

Food

Total *

Total

Eenters'
costs 2

NSA

Rel. imp.5
1975
1976
1977
1978
1979
1980
1981
1982
1982: July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June
July
1
2
3
4

100.0
161.2
170.5
181.5
195.4
217.4
246.8
272.4
289.1
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
295.5
297.1
298.1
299.3

19.0
175.4
180.8
192.2
211.4
234.5
254.6
274.6
285.7
287.6
286.9
287.5
288.1
288.2
288.1
288.3
288.3
290.1
291.3
292.2
291.3
291.0

21.3
169.7
179.0
191.1
210.4
239.7
281.7
314.7
337.0
342.5
344.0
342.3
342.6
340.7
336.0
338.3
339.1
339.2
341.6
342.7
343.6
345.3

6.9

100.2
100.8
101.1
101.3
101.7
102.2
102.5
103.1

Maintenance
and
repairs

NSA

NSA

13.9

100.0
100.7
100.9
100.9
101.7
102.0
102.2
102.7

0.5
187.6
199.6
214.7
233.0
256.4
285.7
314.4
334.1
334.7
335.9
338.4
339.4
339.0
337.8
342.9
339.4
339.9
343.6
344.3
345.1
346.1

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

tc.

5

57.7
164.5
174.6
186.5
202.8
227.6
263.3
293.5
314.7
318.4
319.7
319.3
320.5
319.9
317.4
318.9
318.9
318.7
320.4
321.5
322.1
323.4

Homeowners'
costs 2

Relative importance, December 1982.




Fuel
and
other
utilities

8.4
167.8
182.7
202.2
216.0
239.3
278.6
319.2
350.8
350.3
353.1
357.5
362.7
367.1
369.6
368.9
366.9
365.1
365.8
368.8
368.9
370.1

Apparel and
upkeep

5.2
142.3
147.6
154.2
159.6

166.6
178.4
186.9
191.8
192.2
192.7
192.8
193.3
193.2
192.7
193.2
194.2
194.1
194.5
195.8
196.5
197.7

Total J

21.8
150.6
165.5
177.2
185.5
212.0
249.7
280.0
291.5
294.1
295.3
295.6
296.4
296.0
295.8
293.9
289.1
289.0
292.1
295.8
297.1
298.6

New
cars

Motor
fuel 3

3.5
127.6
135.7
142.9
153.8
166.0
179.3
190.2
197.6
198.0
199.2
199.6
199.2
198.7
199.3
199.4
201.1
202.6
201.3
200.6
200.8
200.8

6.2
170.8
177.9
188.2
196.3
265.6
369.1
410.9
389.4
393.4
395.9
396.0
395.4
394.2
391.2
378.3
353.0
349.5
363.2
378.1
380.9
382.5

Medical
care

6.0
168.6
184.7
202.4
219.4
239.7
265.9
294.5
328.7
330.5
333.4
336.3
338.7
341.8
344.4
347.2
350.1
351.7
353.3
354.8
356.4
358.4

Ener-

. gy 4

12.4
176.6
189.3
207.3
220.4
275.9
361.1
410.0
416.1
416.7
418.9
421.0
426.6
430.2
431.3
6
420.5
404.9
401.3
409.3
419.5
420.9
422.3

All
items
less
food,
energy,
and
shelter

47.5
149.4
159.9
169.5
179.1
191.5
208.3
228.1
245.6
246.7
247.7
248.7
250.1
250.7
251.9
253.1
254.2
254.9
255.5
256.1
257.0
258.5

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

23

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

Period

Change from pi eceding peri od

Change from 3 month s earlier, annilal rate

Change from 6 montl s earlier, ann ual rate

Consume r goods

Consum 3r goods

Consum sr goods

Total
finished
goods

Capital
equipment

Excluding foods

Foods

Total
finished
goods

Capital
equipment

Excluding
foods

Foods

Total
finished

Excluding
foods

Foods

goods

Capital
equipment

Change
from
year
earlier,
total
finished

goods

NSA

Chiinge, Dec. to Dec., N SA
1974
1975
1976
1977
1978
1979
1980
1981
1982

18.3

13.0

20.5

22.6

6.6
3.7
6.9
9.2

5.5

6.7
6.0
6.7
8.5

8.2
6.4
7.3
7.9
8.8

-2.5

6.9
11.7

7.4
7.5
1.4
2.1

12.8
11.8

7.1
3.7

15.3
10.8

4.4
6.5
7.8

17.5
14.2

11.4

11.1
13.5

8.5
4.2

9.2
3.9

9.2
4.0

C mnge, moiith to mon th
0.5
.5
.1
.4
.6
.3

1982: July
Aug
Sept
Get
Nov
Dec

1983: Jan
Feb
Mar r.
Apr r.
May
June r
July

.1
-.4
-.0
0
.2
-.2
1.0
.2
1.1
-.5
-.6
-.6

-1.1

.2
-.3
-.1
.3
.5
.1

0.4
.6
-.1
.0
.4
.5

1.4
.6
.4
.7
.9
.3

-1.6

6.1
8.0
4.2
3.7
4.3
5.2

-.3
-.7
.5
.6
1.1
.4

8.1
7.8

.8
.2
4.2
4.1
9.5
3.1
-.3

-2.4
-4.7

-.7
.1
2.9
3.6

9.6
6.7

1.5
-1.8

-.7

-.2
.4
.3
.0
.2
.2
.1

-2.0

10.2
14.1

-3.6
-4.3
-7.7

-3.2
-7.6
-11.2
-5.7

2.5
4.7
8.5

-6.8

5.9
6.6
3.5
2.2
1.1
3.6

2.8
3.6
4.4
4.9
6.2
4.7

2.4
1.2
.7
-2.6
-3.1
-3.5

2.7
2.7
2.0
2.8
2.3
2.1
2.5

1.5
.9
.1
-.7

-.7
1.2
2.4
4.7
3.7
1.9
1.0

-1.3
-1.0

1.4

2.6
3.9
6.0

8.4
11.0

8.7
1.6
-.1
-2.2
-4.5
-5.1
-3.6

1.2

5.8
4.3
4.0
3.9
3.5

3.6
4.0
3.6
3.6
3.7
3.7

2.4
1.9
2.8
2.8
2.5
2.0
2.7

2.2
2.2
2.2
2.1
2.3
1.8
1.4

4.1

Source: Department of Labor, Bureau of Labor Statistics.

NOTE.—NSA indicates data are not seasonally adjusted.

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

Hoiising

All

Sh elter
Period

All
items l

Food

Total l

Total1

Renters'
costs

Addendum: All items percent
charige (annual rate)

Trsmsportati on

Homeowners'

Maintenance
and

NSA

NSA

Fuel
and
other
utilities

Apparel
and
upkeep

Total1

New
cars

Motor
fuel 2

Medical
care

Energy 3

items
less
food,
energy,
and
shelter

From
3
months
earlier

From
6
months
earlier

From
year
earlier

NSA

Chang e, Decem ber to D ecember , NSA
1974
1975

1976
1977
1978
1979
1980
1981
1982

12.2

12.2

13.4

11.4

16.2

7.0
4.8
6.8
9.0

6.5
.6
8.0

7.5
5.4
7.6
9.9

7.3
4.2

13.3
12.4

11.8
10.2
10.2

8.9
3.9

4.3
3.1

15.2
13.7
10.2

3.6

8.7

5.5
7.1
7.2

11.5
17.4
15.1

10.1
10.3
10.6

9.9
2.4

9.2
4.2

16.6
11.2

9.0
8.1
5.9
16.0
13.6
14.5

9.7

8.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6

13.3

11.5

9.8
8.8
4.3
7.7

1.7

7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6

0.9
.4
.1
.3
.1
-.1

0.4
.6
.2
-.2
.3
.3

-.6

.1
.9
.7
-.6
-.3
.1
0

18.2
14.7
11.0

20.6
11.0

12.4

2.6

10.1

21.6
11.6

11.3

11.0

9.1
5.8
6.5
7.7

4.9
8.5

8.8
8.8

52.2
18.9

10.1
10.0
12.5
11.0

37.4
18.1
11.9

1.3

6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1

1.0
.9
.9
.7
.9
.8

0.9
.5
.5
1.3
.8
.3

0.5
.4
.4
.6
.2
.5

.8 *-2.5
.8 -3.7
-.9
.5
2.0
.5
.4
2.5
.3
.5
.3
.6

.5
.4
.3
.2
.2
.4
.6

9.4
-6.5

9.9

6.9
7.2
8.0

11.3
13.5
10.4

6.1

Change, month t 3 month
1982: July
Aug
Sept
Oct
Nov
Dec

0.6
.3
.1
.4
0
-.3

0.2
-.2
.2
.2
.0
-.0

1983: Jan
Feb
Mar
Apr
May
June
July

.2
-.2
.1
.6
.5
.2
.4

.1
0
.6
.4
.3
-.3
— .1

0.5
.4

0.6
.4

— .1

— 5

.4
2

.1
-.6

-.8

— 1.4

.5
0

.7
.2
.0
.7
.3
.3
.5

— .1

.5
.3
.2
.4

-0.4

.4
.7
.3
i

^

0.6
.3
.2
.4
.5
.3
.6

1
Includes
2
Includes
3

0.7
.2
.0
.8
.3
.2
.5

1.5
-1.0

.1
1.1
.2
.2
.3

0.5
.8
1.2
1.5
1.2
.7
-.2
-.5
-.5
.2
.8
.0
.3

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,

tc.

4

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

NOTE.—NSA indicates data are not seasonally adjusted.

24



0.4
.3
.1
.3
i

-.3
.3
.5
— .1

.2
.7
.4
.6

-1.6

-.0
1.1
1.3
.4
.5

1.5
.6
.0
-.2
.3
-.8
-3.3
-6.7
-1.0

3.9
4.1
.7
.4

11.3

8.2
4.1
3.3
2.1
.5
-.4
-1.2

.4
2.1
5.1
5.4
4.7

6.1
6.6
6.9
7.2
5.1
2.3

6.5
5.9
5.0
5.1
4.6
3.9

1.4
.4
.5
.8
1.9
2.9
3.4

3.8
3.5
3.6
3.9
3.5
2.6
2.4

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

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 2.2 percent in July and prices paid by farmers were unchanged in the month ended
July 15.
INDEX, 1977=100 (RATIO SCALE)

INDEX, 1977=100

(RATIO SCALE)

180

180

160

160

140

140

120

120

100

100
PRICES RECEIVED

80

80

60

60

RATIO -I/
140

1975

1976

1983

1977

V RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[1977 = 100]

Pri 3cs
Period

All farm
products

Prices

received by farm ers
Livestock and
products

Crops

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

147
148
147
142
139
139

157
157
157
156
156
156

155
155
154
153
154
153

151
150
149
148
149
148

87
85
87
82
82
81

142
146
146
145
144
141
139

157
158
159
159
160
160
160

156
157
157
158
159
159
158

150
151
152
153
154
154
152

82
84
84
86
86
84
82

139
133

1982: July
Aug
Sept
Oct
Nov
Dec

137
133
136
128
128
127

125
117
124
114
117
114

1983:

128
132
134
136
137
134
131

114
118
121
127
129
126
123

Jan
Feb
Mar
Apr
May
June
July

1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices
and wage rates.




113
107
100

100
108
125
138
148
149

105
116
125
134
121

105
102
100

Ratio 2

Production
items

108
123
138
150
156

89
95
100

101
102
100
115
132
134

1976
1977
1978
1979
1980
1981
1982

Production
items, interest,
taxes, and wage
rates

89
95
100
109
125
139
151
154

98
101
100
124
147
144
143
145

1975

paid by farmer s

91
97

106
107
97
93
86

NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
Growth in Ml and the broader aggregates slowed in July.
BILLIONS OF DOLLARS'(RATIO SCALE)
2,600
2,400
2,200

BILLIONS OF DOLLARS* (RATIO SCALE)
2,600

2,400
2,200
2,000

2,000

AA3

1,800

1,800

1,600

1,600

1,400

1,400

M2
1,200

1,200

1,000

1,000

800

800

600

600

400

400

200

I I I I II
1975

200
1976

1977

1980

1979

1978

1982

1981

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]

Period

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June
July"
1

Ml

M2

M3

L

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

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

M3 plus other liquid
assets

291.1
310.4
335.5

363.2
389.0
414.1
440.6
478.2
454.4
458.3
463.2
468.7
474.0
478.2
482.1
491.1
497.6
496.5
507.4
511.7
515.5

1,023.0
1,163.5
1,286.4
1,388.5
1,497.5
1,630.3
1,794.9
1,959.5
1,880.9
1,903.6
1,917.0
1,929.7
1,945.0
1,959.5
2,010.0
2,050.8
2,069.9
r
2,074.8
r
2,096.2
r
2,114.3
2,125.4

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 <
earlier at an annual rate.

26



1,161.7
1,296.3

1,451.8
1,613.5
1,758.4
1,936.7
2,167.9
2,377.6
2,283.4
2,317.9
2,333.9
2,352.0
2,370.2
2,377.6
2,403.3
2,430.6
2,447.1
2,454.0
r
2,476.5
r
2,499.3
2,510.0

Percent (Change from pear or 6
m onths earlier 2

1,371.9
1,522.4
1,711.0
1,922.9
2,131.8
2,343.6
2,622.0
2,896.8
2,798.2
2,823.6
2,840.5
2,866.0
2,882.4
2,896.8
2,930.7
2,960.5
2,988.3

NOTE.—See page 27 for components.
Source: Board of Governors of the Federal Reserve System.

Ml

M2

4.9
6.6
8.1
8.3
7.1

12.6
13.7
10.6

6.5
6.4
8.5
3.0
4.7
6.6
8.8
9.8
11.2
12.6
14.8
15.4
12.2
14.6
14.5
14.3

8.9

7.9
7.9

10.1
9.2
8.0
9.9
9.9

10.6
10.5
10.5
14.2
16.1
16.6
15.6
r
!6.2
r
!6.4
11.8

M3

9.4

11.6
12.0
11.1
9.0

10.1
11.9
9.7

9.5

11.9
11.4
11.8
11.9
10.7
10.8
10.0
9.9
8.9
9.2

10.5
9.1

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

DePeriod

Currency

mand
deposits 1

Other
checkable
deposits
(OCD)

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

NSA

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

Money market
mutuaIfund
bala nces
Gener-

al
purpose
and
broker/
dealer

Institution
only

NSA

NSA

8.4
17.0
26.9
76.6
101.3

5.8
10.6
14.7
20.3
21.2
28.4
36.1
44.3

61.4
150.9
182.2

.6
.9
3.1
9.5
14.9
36.0
47.6

232.1
232.5
234.0
236.0
237.6
239.8

89.1
91.8
94.3
97.0
100.1
101.3

41.8
42.4
41.5
43.9
45.2
44.3

172.9
182.3
185.1
187.6
191.1
182.2

40.4
47.1
48.2
49.3
49.9
47.6

239.4
238.7
240.1
238.9
242.5
244.0
245.7

104.5
112.5
116.0
115.0
120.9
122.7
124.2

47.3 166.7
48.8 159.6
48.7 154.0
50.6 146.7
55.1 r!41.1
r
56.0 r 139.6
52.4 138.4

46.1
45.2
43.5
41.0
40.4
39.2
38.6

73.9

214.1

80.6
88.6
97.5
106.3
116.2
123.2
132.8

224.4
239.7
253.8
262.0
266.8
236.4
239.8

128.8
129.6
130.5
131.3
131.9
132.8
134.2
135.6
137.0
138.0
139.3
140.3
140.9

0.9
2.7
4.2

2.7
2.4
2.4
6.4

Money
market
deposit
accounts
(MMDAs)

Small
denomination
time
deposits 2

Large
denomination
time
deposits 2

NSA

Term
repurchase
agreements
(RPs)

Term
Eurodollars
(net)

NSA

NSA

Savings
bonds

Shortterm
Treasury
securities

Bankers'
acceptances

Commercial
paper

8.4
8.8
11.8
21.6
26.7
31.6
40.6
44.9

48.0
51.7

62.9
79.2
97.0
98.1
104.2
108.8

338.1
391.0
446.0
521.8
635.9
731.7
828.6
859.1

129.9
118.2
145.2
194.9
222.2
258.9
302.6
333.8

8.4
14.2
19.5
27.1
30.1
34.8
37.2
40.3

9.7
13.1
18.4
29.0
41.5
48.0
65.3
80.1

67.2
71.7
76.4

43.2

388.8
453.0
491.6
481.2
423.1
400.7
344.4
359.3

80.2
79.5
72.3
67.7
67.9

76.8
80.8
89.7
99.3
128.7
156.9
176.3
217.6

43.2

345.0
346.7
350.0
358.0
366.4
359.3

872.9
879.8
883.2
878.0
874.9
859.1

332.1
334.9
336.1
339.6
340.4
333.8

34.5
37.0
36.4
37.7
39.4
40.3

83.7
80.9
80.6
81.1
79.5
80.1

67.6
67.5
67.5
67.6
67.8
67.9

202.9
204.1
203.6
210.3
214.5
217.6

42.0
41.3
41.4
42.8
43.1
44.9

118.7
112.0
113.7
112.3
107.3
108.8

189.1 335.1 797.4
277.7 325.7 755.1
320.5 322.7 733.8
341.2 321.5 725.7
356.8 r323.1 720.1
367.3 r 325.0 r722.1
368.4 323.5 735.0

310.7
297.9
296.2
300.4
299.5
r
304.7
306.3

40.6
40.8
41.7
42.7
45.3
r
44.5
42.8

81.2
83.8
86.7

68.1
68.5
68.8

219.3
219.3
224.5

45.3
43.2
42.0

113.5
115.1
119.2

0.4

33.4

Savings
deposits

1

Net of demand deposits due to fore ign commer cial banks an I official ins itutions.
Small denomination an d large den omination < eposits are t lose issued in amounts of less than
$100,000 and nlore than $ 100,000, res pectively.
2

Trave ers checks are a comp<ment of mo ley stock bu t are not shown here.
NSA indicates data are not s easonally a< justed.
Soiirr e: Board of Governors if the Federal Reserve •ivstem.

NOTE.—See p. 26 for overall measures.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installnnent credit e?tended

Installrr ent credit liq uidated

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

Net change in am1 ount
sutstanding

Period

1975
1976
1977
1978
1979
1980
1981
1982
1982:

June
July
Aug
Sept

Get
Nov
Dee
1983: Jan
Feb
Mar...
Apr
May
June

Total 2

Automobile

180,083
210,740
257,600

52,420

297,668
324,777
306,076
334,508
344,901
30,034
27,982
28,024
28,619
28,650
31,691
30,777

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

Revolving

Total 2

Automobile

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

172,675

49,444

189,179
222,138
254,589
286,396
304,628
316,291
331,805
28,011
27,143
27,768
27,363
28,781
29,676
28,359

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

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




Revolving

35,616
41,764
81,348
96,090
111,546
126,653
135,362
145,696
12,640
12,100
12,529
12,394
12,533
12,739
11,990

Total 2
7,408

21,561
35,462
43,079
38,381
1,448
18,217
13,096
2,023
839
256
1,256
-131
2,015
2,418
2,725
735
2,582
2,271
2,696
4,406

Automobile
2,976
10,465
15,204

18,736
14,715
477
8,495
4,898
969
37
-380
349
-70
1,534
1,491
625
233
1,221
689
1,313
1,973

Revolving

1,340
2,170
6,248
9,035
8,628
1,415
4,467
4,365
727
558
199
311
81
39
501
68
-135
1,177
917
514
1,210

Total 2

Automobile

169,387
190,725
226,646

57,279
67,798

269,392
307,115
308,137
326,274
339,316
333,884
334,276
334,343
335,180
335,593
336,897
339,316
342,041
342,776
345,358
347,629
350,325
354,731

82,890
101,863
116,523
116,808
125,323
130,235
127,727
127,628
127,271
127,473
127,694
128,824
130,235
130,860
130,627
131,848
132,537
133,850
135,823

Revolving

14,467
16,505
36,427
45,004
53,174
54,650
58,722
62,830
61,458
61,867
62,007
62,120
62,302
62,326
62,830
62,898
62,763
63,940
64,857
65,371
66,581

Note.—Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial and industrial loans rose again in July.
BILLIONS OF DOLLARS*(RATIO

BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
1,600
ALL COMMERCIAL BANKS
1,400
1,200
1,000
800

LOANS AND LEASES

600

600

400

400

INVESTMENT IN OTHER SECURITIES

200
180
160
140
120

200
180
160
140

„„.„««•«"•'"
„.......».•»""""'

120
100

100

INVESTMENT IN
U.S. TREASURY SECURITIES

60

60

40 I I I I I I I I I I I I

I i iiii

1975

1976

M I II I I I I II

II II II I I I II

I I I II I I I I I I

I III II I III I

III II II I I II

1978

1979

1980

1981

1977

1982

1983

* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

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

AL commercial ban b 1

Period

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

Loans and leases
Total loans
and
investments

Total 2

82.2
100.8
99.8
93.8
94.5
110.0
111.0
130.9

145.6
148.8
159.3
172.8
191.5
214.4
231.4
r
239.2

29.75
31.15
32.83
34.23
36.23
37.93
40.78

116.5
117.8
118.2
122.3
126.4
130.9

235.9
237.1
237.6
237.2
235.8
r
239.2
243.3
243.1
242.8
243.4
245.0
246.2
246.0

745.2
804.6

517.4
555.0

891.5
1,013.5
1,135.9
1,239.6
1,316.3
r
l,412.0

632.5
747.0
849.9
915.1
973.9
1,042.0

189.6
190.9
210.9
245.9
291.2
326.8
358.0
r
392.3

1982: July
Aug
Sept
Oct
Nov
Dec

1,376.1
1,383.1
1,389.4
1,397.5
1,398.5
r
l,412.0

1,023.7
1,028.3
,033.5
,038.1
,036.4
,042.0

386.7
387.9
392.5
394.8
392.0
r
392.3

1
2
3

1,428.2
l,436.3
r
1,450.1
1,460.6
1,474.4
r
l,488.0
1,499.9
r

r
r

,045.0
,048.7
,056.3
,059.5
,063.3
,070.6
,081.0

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

28



for changes in
re serve requireroents

U.S. Treasury
securities

r

395.1
394.9
396.2
392.9
393.0
395.0
399.1

139.8
144.5
151.0
157.8
166.1
r
!71.2
172.9

Other
securities

r

Total

Nonborrowed

8

Bom) wings
(millions of dollars,
unad usted)

R eserves adjust 3d
Invest!nents

Commercial
and industrial
loans

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1983: Jan
Feb
Mar
Apr
May
June
July*

Depos itory institutions

Required

Total

Seasonal

127
62

13
12

30.58
31.96
32.76
34.54
37.29
40.15

29.10
29.48
30.96
32.59
33.91
35.71
37.61
40.28

558
874
1,473
1,617
636
697

54
134
82
116
53
33

39.01
39.21
39.66
39.93
40.41
40.78

38.32
38.69
38.72
39.45
39.79
40.15

38.69
38.89
39.27
39.53
40.01
40.28

669
510
976
455
579
697

225
119
102
86
47
33

40.12
40.34
41.00
41.30
41.24
41.72
41.93

39.59
39.76
40.21
40.29
40.29
40.08
40.47

39.57
39.91
40.57
40.83
40.79
41.24
41.42

500
557
852
993
902
r
l,714
1,382

33
39
53
82
98
121
172

29.37

29.24
29.70

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

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

Uses
External

Period
Total

Ci edit market fuiids

Internal l
Total
Total

192.4
190.1
156.9
210.8
252.2
315.4
346.3
333.7
352.2
319.4

91.7
85.6
119.7
134.2
157.4
175.7
188.8
197.5
231.1
236.1

100.7
104.4
37.2
76.6
94.9
139.7
157.5
136.2
121.1
83.3

348.9
345.0

235.2
241.4

113.7
103.6

n
m
IV

310.5
350.9
335.3
280.8

232.6
234.3
240.1
237.5

77.9
116.6
95.2
43.3

1983: lp

373.4

248.8

124.6

1973
1974

1975
1976
1977
1978
1979
1980
1981
1982
1981: M
IV
1982: I

Loans and
short-term
paper

Securities
and
mortgages

56.7
69.9
30.7
54.5
70.4
79.3
91.2
95.7
92.6
94.8
100.2
82.5
105.1
100.3
108.0
66.1
100.6

20.7
26.3

38.7
38.2
33.9
31.9
25.9
57.5
23.1
51.5
3.2

12.7
27.9
39.9
47.8
90.4
77.9

1

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

Total

Other 2

Capital
expenditures 3

121.5
137.9
109.7
148.3
175.1

36.0
43.6
-8.0
16.3
36.5
47.4
65.3
38.2
69.6
43.3

44.0
34.5
6.5
22.1
24.5
60.4
66.3
40.6
28.5
-11.7

191.9
190.1
150.9
201.8
237.6
294.2
347.1
317.9
314.8
271.5

97.0
69.9

13.5
21.1

304.6
284.0

284.6
265.5

77.2
60.4
60.2
-24.3

-27.1
16.3
-12.8
-22.8

240.4
284.4
306.7
254.3

241.9

22.7

24.0

322.1

237.9

202.2

219.8
220.5
260.9
246.2

248.4
268.2
226.3

Increase in
financial
assets

70.5
52.2
41.2
53.5
62.5
92.0
127.3
97.4
53.9
25.3
20.0
18.5
j5
36.0
38.5
28.0
84.2

Discrepancy
(sources less
uses)

0.5
.0
6.0
9.0

14.7
21.2
-.8

15.8
37.4
48.0
44.2
61.0
70.2
66.5
28.7
26.5
51.3

3

Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government,
Source: Board of Governors of the Federal Reserve System.

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

Current liabilitM58

Curren assets
TT Q

End of period
Total

Cash

Government
securities

Notes and
accounts
receivable

Other
current
assets

Inventories

Total

Notes and
accounts
payable

Other
current
liabilities

Net
working
capital

ratio 1

SEC series: 2

1970
1971
1972
1973
1974

492.3
529.6
599.3
697.8
790.7

50.2
53.3
59.0
66.3
71.1

735.4
759.0
827.4
1,043.7
1,218.2
1,333.5
1,426.8
1,430.9

73.2
82.1
88.2
97.2
105.5
118.0
127.1
131.9
143.7

1,410.5
1,426.8

125.1
131.9

1,424.6
1,422.6
1,446.9
1,430.9

122.0
124.4
126.9
143.7

7.7

11.0
10.6
12.8
12.3

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

.615
.625
.595
.548
.491

453.4
451.6
495.1
557.1
669.3
807.8
890.9
979.5
976.5

562.4
548.7

183.6
187.4
213.0
239.6
286.4
346.6
375.7
417.1
427.8

282.0
307.4
332.4
355.5
374.4
410.5
442.6
447.3
454.4

542.0
536.2

577.0
587.1

549.0
562.4

417.7
417.1

443.7
447.3

539.2
536.8
539.7

592.7
588.4
598.0
577.5

65.9
69.9
80.3
90.1
101.3
116.7
132.7
153.6
169.6
148.3
153.6
153.7
155.8
162.7
169.6

269.8
264.2

517.0

319.5
315.9
342.5
376.9
431.6
505.5
543.7
587.1
577.5

555.5

432.5
432.4
445.5
427.8

436.6
435.1
441.7
454.4

.622
.681
.671
.638
.559
.508
.497
.457
.465
.459
.457
.442
.441
.439
.465

206.1
221.1
248.2
288.5

322.1

PTC-FRB series: 3

1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: m
IV
1982: I

n
m

IV
1

912.7

11.1
19.0
23.5
18.2
17.3
17.0
19.3
18.0
23.1
18.1
18.0
16.9
17.1
19.6
23.1

265.8

272.1
292.9
330.3
388.0

461.1
510.6
536.2

517.0

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

3




966.7
979.5
988.0
987.5
1,005.2
976.5

282.1
317.6
382.9

461.2
515.2

555.1
559.7
548.7

NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Keserve System, Federal Trade Commission, and
Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose again in August.
PERCENT PER ANNUM

1975

1982

1976

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]

U.S. T reasury security yields

Period

3-month bills

1977
1978
1979
1980
1981
1982
1982: Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June
July
Aug*
Week ended:
1983: July 2
9
16
23
30
Aug 6
13
20
27
Sept. 3

l

Constant nlaturities
3-year

2

10-year

5.265
7.221
10.041
11.506
14.077
10.686

6.69
8.29
9.72
11.55
14.44
12.92

7.42
8.41
9.44
11.46
13.91
13.00

9.006
8.196
7.750
8.042
8.013
7.810
8.130
8.304
8.252
8.19
8.82
9.12
9.39

12.62
12.03
10.62
9.98
9.88
9.64
9.91
9.84
9.76
9.66
10.32
10.90
11.30

9.09
9.10
9.07
9.19
9.13
9.36
9.57
9.43
9.18
9.28

10.47
10.77
10.92
10.93
11.06
11.38
11.58
11.17
11.03

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

Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
partment.
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



Prime
commercial
paper,
6 months 4
4

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

Prime rate
charged by
banks 5

5.90
6.39
8.51
11.23
11.57

9.63
11.94
14.17
13.79

5.61
7.99
10.91
12.29
14.76
11.89

High-low

High-low

13.06
12.34
10.91
10.55
10.54
10.46
10.72
10.51
10.40
10.38
10.85
11.38
11.84

11.12
10.61
9.59
9.97
9.91
9.45
9.48
9.16
8.96
9.03
9.51
9.46

13.71
12.94
12.12
11.68
11.83
11.79
12.01
11.73
11.51
11.46
11.74
12.15
12.51

10.80
10.86
9.21
8.72
8.50
8.15
8.39
8.48
8.48
8.31
9.03
9.36
9.68

11.50-10.00
10.00-10.00
10.00- 9.50
9.50- 9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50

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
10.50-10.50
10.50-10.50
10.50-10.50

11.01
11.25
11.40
11.36
11.57
11.95
12.10
11.71
11.58

9.38
9.51
9.45
9.36
9.51
9.65
9.86
9.67
9.60

11.85
12.02
12.13
12.17
12.31
12.62
12.71
12.40
12.32

9.11
9.27
9.37
9.41
9.46
9.79
9.90
9.67
9.39

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

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

5.56

1

2

Corporate
Aaa bonds
(Moody's)

r the Treasury De-

8.02
8.73

4

5.46
7.46

10.28
11.77
13.41
11.02

6.83

9.06
12.67
15.27
18.87
14.86

New-home
mortgage
(FHLBB) 6

9.02
9.56

10.78
12.66
14.70
15.14
15.68
14.98
14.41
13.81
13.69
13.49
13.16
13.41
12.42
12.67
r
!2.36
12.49

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

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.

COMMON STOCK PRICES AND YIELDS
Stock prices declined in August.
INDEX, DEC 31,1965=50
1100

INDEX, DEC. 31,1965=50
100

40

20

10 ~>

1975
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

COUNCIL OF ECONOMIC ADVISERS

Co mmon stock prices 1
Nevv York Stock Exc hange indexes (E>ec. 31, 1965=5O)

Common st Dck yields
(perce tit) 5

2

Period
Composite

1977
1978

1979
1980
1981
1982
1982:

July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June
July
Aug p
Week ended:
1983: July 2
9
16
23
30
Aug 6
13
20
27
1

Industrial

Transportation

53.70
58.32
68.10
74.02
68.93
62.82
62.91
70.21
76.10
79.75
80.30
83.25
84.74
87.50
90.61
94.61
96.43
96.74
93.92

57.86
58.23
64.76
78.70
85.44
78.18
71.37
70.98
80.08
86.67
90.76
92.00
95.37
97.26
100.61
104.46
109.43
112.52
113.21
109.45

41.09
43.50
47.34

97.15
97.12
96.18
96.76
96.75
93.82
93.05
94.86
93.96

113.84
113.84
112.45
113.10
113.28
109.51
108.27
110.65
109.40

53.69

Utility

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

60.61
72.61
60.41
53.40
53.98
61.39
66.64
71.92
73.40
75.65
79.44
83.28
85.26
89.07
92.22
92.91
87.96

39.22
38.20
37.35
38.91
39.75
37.20
38.19
40.36
42.67
43.46
42.93
45.59
45.92
45.89
46.22
47.62
46.76
46.61
46.92

55.25
56.65
61.42
64.25
73.52
71.99
61.59
62.84
69.66
80.59
88.66
86.22
85.66
86.57
93.22
99.07
102.45
101.22
99.60
95.75

894.63
820.23
844.40
891.41
932.92
884.36
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
1,212.86
1,221.47
1,213.93
1,187.98

103.01
118.78
128.05
119.71
109.38
109.65
122.43
132.66
138.10
139.37
144.27
146.80
151.88
157.71
164.10
166.39
166.96
162.33

94.01
93.44
91.79
92.60
93.55
89.55
87.83
87.42
87.00

46.33
46.35
46.57
46.86
46.60
46.30
46.77
47.13
47.38

100.04
99.75
99.33
100.08
98.93
95.39
95.18
97.30
95.43

1,219.95
1,211.71
1,201.70
1,215.08
1,224.52
1,189.28
1,172.91
1,195.43
1,191.48

167.56
167.43
165.88
167.20
167.01
162.11
160.91
163.99
162.27

40.92

Average of daily closing prices.

* Includes 30 SockT^ ^^ **" ''^ ^^ ^ *"
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-




Finance

Dow-Jones
industrial
average 3

98.20
96.02

Dividendprice ratio

4.62

5.28
5.47
5.26
5.20
5.81
6.31
6.32
5.63
5.12
4.92
4.93
4.79
4.74
4.59
4.44
4.27
4.26
4.21

Earningsprice ratio

10.79
12.03
13.46

12.66
11.96
11.60
11.26
8.99
8.15

4.24
4.20
4.27
4.17
4.21
4.34
4.39
4.29
4.40

price ratios based on prices at end of quarter.
NoTE.-All data relate to stocks listed on the New York Stock Exchange (NYSB).
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 10 months of fiscal year 1983, there was a budget deficit of $179.8 billion, compared to a budget
deficit of $94.2 billion a year earlier.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS

800

800

700

700

600

600

500

500

-100

-200

-200
1975

1976

1977

1979

1978

1980

1981

1982

1983

1984

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

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

[Billions of dollars]

Period

Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) 1
1984 (estimates):
First Concurrent Eesolution, June 23, 1983 2 ....
Mid-Session Review, July 1983 l
Cumulative total first 10 months:
Fiscal year 1982
Fiscal year 1983

Budget
receipts




Budget
surplus or
deficit (-)

Off-budget
outlays

Federal debt end of period)
Gross

Held by the
public

-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
226.2

323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,145.4

14.0

-193.7

1,614.6
1,611.9

1,339.4

12.4
8.4

-106.7
-188.2

1,094.6
1,331.6

886.1
1,105.8

230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
809.8

-23.4
-14.8
-4.7
-45.2
66.4
-13.0
44.9
-48.8
27.7
-59.6
-57.9
-110.6
-209.8

.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
16.3

679.6
668.4

849.5
848.1

-169.9
-179.7

513.1
487.3

607.4
667.1

94.2
-179.8

2

Total
surplus or
deficit (— )

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
1,390.8

207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
599.9

1
Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget,
July 25, 1983.

32

Budget
outlays

23.4
— 14.9
-6.1

First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items.

Sources: Department of the Treasury and Office of Management and Budget, except as noted.

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal year 1983, budget receipts were $25.8 billion lower than a year earlier and budget
outlays were $59.7 billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
BUDGET RECEIPTS

300

300
INDIVIDUAL INCOME TAXES

\

200

200
OTHER RECEIPTS

100
CORPORATION INCOME TAXES
I
I

BUDGET OUTLAYS

600

600

500

500
NONDEFENSE

^+~*

400

400

300

300

200

200

100

100
1975

1978

1976

1979

1980
FISCAL YEARS

1982

1981

1984

1983

COUNCIL OF ECONOMIC ADVISERS

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

[Billions of dollars"
budget outlays

Budget rt ceipts
Nation il defense
Period

Total

Individual
income
taxes

Corporation
income
taxes

Fiscal year or period:
1972
1973
1974
1975 ,
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) l
1984 (estimates) 1

207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
599.9
668.4

94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244.1
285.9
297.7
288.5
296.0

32.2
36.2
38.6
40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
49.2
35.2
64.1

Gumulative total first 10 months:
Fiscal year 1982
Fiscal year 1983

513.1
487.3

244.7
234.7

42.6
27.6

Other

Total

Department of
Defense,
military

International
affairs

105.7
116.1
125.0
34.0
143.0
158.6
179.8
208.4
252.2
270.8
276.2
308.3

230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
809.8
848.1

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
242.3

73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.9
208.9
235.7

4.7
4.1
5.7
6.9
5.6
2.2
4.8
5.9
6.1
10.7
11.1
10.0
11.0
13.5

225.9
225.0

607.4
667.1

155.1
173.8

151.4
169.4

8.2
7.9

80.4
91.4

1
Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget,
July 25, 1983.




Total

75.1

Health and
income
security

Net
interest

Other

134.3
158.9
41.0
174.5
187.4
207.1
248.3
291.1
322.4
361.7
365.7

15.5
17.3
21.4
23.2
26.7
6.9
29.9
35.4
42.6
52.5
68.7
84.7
89.0
103.5

58.2
74.2
83.9
21.8
93.8
114.4
117.5
129.3
126.5
123.9
133.3
123.1

268.0
302.8

84.9
88.8

91.2
93.8

80.0
90.4
104.8

53.9
59.3

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 functional total is the amount paid by the Treasury to the public. Intragovernmental payments are
netted out.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, according to preliminary estimates, Federal receipts rose $28.7 billion (annual rate) and
expenditures rose $9.1 billion, yielding a deficit of $163.7 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

900

900

800

500

400

400

300

— 300

SURPLUS OR DEFICIT (-)

m

-100

•I

-100

-200

-200
1975

1976

1977

1978

1979

1982

1981

1980

1983

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Federal Governmerit receipts

Period

Fiscal year:
1978
1979
1980
1981
1982
Calendar year:
1978
1979
1980
1981
1982
1981: III.
IV
1982: I
II
Ill
IV

1983: I
11 r

Total

Personal
tax and
nontax
receipts

Corporate
profits
tax
accruals

Indirect
business
tax and
nontax
accruals

Contributions for
social
insurance

27.2

Total

Purchases
of goods
and
services

Transfer
payments

33.5
40.6

279.3
310.2

153.6
168.3
197.0
229.2
-258.7
232.4
248.5
249.7
244.1
261.7
279.2

185.6
209.2
251.5
286.6
321.1
295.3
300.1
302.5
311.2
325.9
344.8

77.3
80.5
88.7
87.9
83.9
86.4
84.2
82.5
85.1
83.0
85.0

35.2
42.4
53.4
73.2
84.9
75.2
79.0
79.7
82.3
88.6
89.1

9.5
9.2
11.5
12.4
15.8
12.3
13.2
13.4
12.7
14.2
22.8

273.5
272.7

340.3
345.7

85.8
86.8

88.4
91.6

18.6
17.6

186.5
222.6
250.4
289.3
310.4

67.3
76.1
69.9
70.5
51.3

29.1
35.5
53.6
50.3

133.3
153.1
170.0
196.9
215.7

450.4
495.6
576.5
668.1
740.0

150.4
164.1
189.3
218.5
251.0

182.2
201.8
239.4

431.6
493.6
540.9
627.0
617.4
638.8
629.2
;. 619.5
622.2
615.2
612.6

194.9
230.6
257.7
298.6
304.7
308.6
303.8
306.5
308.5
300.6
303.0

71.3
74.2
70.3
67.5
46.5
68.2
61.4
47.6
48.4
47.8
42.1

28.1
29.4
39.0
56.4
48.3
55.8
55.0
49.5
47.7
47.9
48.3

137.2
159.5
173.9
204.5
217.9
206.2
209.1
215.8
217.6
218.9
219.3

461.0
509.7
602.1
689.2
764.4
701.2
725.0
728.0
735.4
773.5
820.9

623.3
652.0

297.7
304.3

48.6
59.0

48.6
56.2

228.5
232.6

806.6
815.7

34



Net
interest
paid

Subsidies
less
current
surplus of
Government
enterprises

74.7
79.1
86.7
90.1
83.4

414.3
480.8
525.9
610.3
627.8

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

Grantsin-aid to
State
and
local
governments

50.7
67.7
82.2

9.7
9.9
10.4

12.5
13.2

or deficit
Wage
accruals
less
disbursements

national
income
and
product
accounts

0.0
-.0
.0
.1
-.0

-36.1
-14.8
-50.7
-57.8
-112.2

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

-29.5
-16.1
-61.2
-62.2
-147.1
-62.4
-95.8
- 108.5
-113.2
-158.3
-208.2

.3
.0
-.1
.0
.0
.0
.0

-1.3

-183.3
-163.7

INTERNATIONAL STATISTICS

INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]

Indu strial prod action (sef isonally adju sted)
Period

1975

1976
1977
1978
1979
1980
1981
1982 P
1982: Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June"
Julyp
1

United
States

Canada

Japan

France

117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
138.4
137.3
135.7
134.9
135.2
137.4
138.1
140.0
r
!42.6
r
!44.4
r
!46.0
148.6

140.3
148.5
152.2
157.8
167.4
164.6
167.3
149.2
151.2
146.1
141.6
142.5
140.5
148.0
r
151.3
r
149.9
r
!52.5
154.8

163.9

139

182.0
189.7
201.1
215.3
225.2
227.5
228.4
r
229.1
r
229.7
r
223.6
r
228.6
r
226.6
227.3
225.9
231.5
230.6
r
231.1
234.0

149
152
154
161
160
157
154
151
154
156
156
155
156
156
155
156
159

Germany

Consume?r prices (imadjusted)

Italy

127.6
143.5
145.1
147.9
161.8 157.6
166.5
162.3
159.9 162.7
156.3 159.0
127.5
155
154
153.6
147.4
152
152.0
152
150.0
151
150.0
154
148.9
154
148.2
157
141.5
155
r
148.5
155
145.8

United
States l

United

114.3
117.4
123.2
127.4
132.2
123.7

137.1
149.1
152.0
154.1

161.2

118.8
l!9.6
119.8
120.1
119.7
117.8
120.5
r
!20.7
r
122.9
r
!21.3
r
!21.7
r
!22.4
119.8
r

Beginning January 1978 data relate to all urban consumers.

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

170.5
181.5
195.4
217.4
246.8
272.4
289.1
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
295.5
297.1
298.1
299.3

Canada

Japan

France

Germany

160.1
172.1
185.9
202.5
221.0
243.5
273.9
303.4
307.6
309.2
311.2
313.3
313.4
312.5
313.9
317.1
317.1
317.9
321.5

205.8
224.9
243.0
252.3
261.3
282.2
296.2
304.1
303.8
309.1
310.0
306.6
306.0
306.6
305.5
307.5
308.6
312.0
309.7

178.9
196.1
214.5
233.9
259.1
294.2
332.7
r
373.1
375.9
377.5
379.5
383.2
386.4
390.1
392.9
396.5
401.8
404.5
406.9

144.2
150.4
155.9

160.2
166.8
175.9
186.3
196.2
197.3
197.9
198.5
198.9
199.4
199.8
200.0
199.8
200.3
201.1
201.8

Italy

186.8
218.1
255.2
286.2
328.5
398.0
472.4
549.4
563.4
571.3
582.7
590.3
594.4
602.7
610.5
616.0
622.2
628.2
632.2

United
Kingdom

216.5
252.4
292.4
316.6
359.0
423.6
473.9
514.7
519.0
518.7
521.3
523.9
522.9
523.5
525.8
526.7
534.1
536.4
537.7
540.6

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]
Merc handise expo its 1
Period

Total
domestic
and
foreign
exports

Total 2

Food,
beverages, and
tobacco

Grade
materials and
fuels

Merchandise trade mlance

Merc landise imp orts

Gen eral import s 3

Domestic exports
Manufactured
goods

Total 2

Pood,
beverages, and
tobacco

Crude
materials and
fuels

Manufactured
goods

Total
(c.Lf.
value)

827
991

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

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

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

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

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

Exports
(f.a.s.)
less
imports
(c.i.f.)

I^.a.s. valu<
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

1981
1982

19,473
17,683

1982: June
July
Aug
Sept
Oct
Nov
Dec

1983: Jan
Feb
Mar
Apr
May
June
Julv

762

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

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

19,075
17,256

2,767
2,248

2,752
2,793

12,857
11,643

21,748
20,329

1,529
1,485

7,739
6,200

11,873
12,002

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

-3,306
-3,558

18,823
18,060
17,463
17,320
16,671
15,852
16,347

18,387
17,671
17,143
16,584
16,284
15,476
15,913

2,418
1,902
2,153
1,926
2,128
2,051
1,966

2,828
2,698
2,694
2,751
2,688
2,440
2,420

12,536
12,536
11,804
11,331
10,942
10,484
10,648

21,187
19,849
22,930
20,581
21,006
18,892
19,154

1,537
1,436
1,681
1,701
1,686
1,499
1,414

6,175
6,671
7,195
5,917
6,727
5,785
6,158

12,830
11,200
13,456
12,304
11,903
10,978
10,988

22,129
20,756
23,992
21,518
21,932
19,737
20,002

-2,364
1,790
-5,467
-3,261
-4,335
-3,041
-2,808

-3,306
-2,697
-6,529
-4,198
-5,261
-3,885
-3,655

17,393
16,326
16,752
16,074
15,566
17,008
16,629

17,007
15,984
16,335
15,722
15,186
16,652
16,300

2,312
2,224
2,307
2,079
2,010
2,194
2,114

2,760
2,443
2,375
2,549
2,279
2,377
2,382

11,263
10,743
11,062
10,545
10,331
11,560
11,125

20,021
19,015
19,525
19,771
21,514
21,024

1,582
1,530
1,479
1,612
1,652
1,456

5,911
4,413
4,655
4,511
5,845
5,562

11,981
12,561
12,672
12,856
13,351
13,249

20,962
19,906
20,381
20,675
22,473
21,964
22,988

-2,628
-2,689
-2,774
-3,697
-5,948
-4,016

-3,569
-3,580
-3,630
-4,601
-6,907
-4,956
-6,359

1,399
1,436

1,186
1,312
1,478
1,546

7,831

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

Customs value

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.




Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
<j n

U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the merchandise trade deficit rose to $14.8 billion from $8.7 billion in the first quarter. In
the first quarter the current account deficit fell to $3.0 billion from $6.6 billion in the fourth quarter.
BILLIONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

-5

-10

-10

-15

-15
1975

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

l

j

In vestment ineonae 3

military
transactions

Net
travel and
transportation
receipts

Net

Period

1974
1975
1976
1977
1978
1979
1980
1981
1982
1981:

m

IV
1982:

I

n
ffl
IV

1983: I p .
ILp
1
2
3

Other
services,
net 3

Balance
on goods

Remittances,
pensions,
and other
unilateral
trans-1
fers

Balance
on

current
account

Exports

Imports

Net
balance

98,306
107,088
114,745
120,816
142,054
184,473
224,237
237,019
211,217

-103,811
-98,185
-124,228
-151,907
-176,020
-212,028
-249,781
-265,086
-247,606

-5,505
8,903
-9,483
-31,091
-33,966
-27,555
-25,544
-28,067
36,389

27,587
25,351
29,286
32,179
42,245
64,132
72,445
86,243
84,146

- 12,084
-12,564
-13,311
14,217
-21,680
32,914
-42,875
-52,760
-56,842

15,503
12,787
15,975
17,962
20,565
31,218
29,570
33,483
27,304

-1,653
746
559
1,528
621
-1,778
-2,286
-1,355
179

-3,184
2,792
-2,558
-3,565
-3,573
-2,935
-1,434
-598
-2,095

57,812
58,383

-66,214
-66,224

-8,402
-7,841

22,043
21,801

13,888
-12,892

8,155
8,909

179
-515

-184
-30

2,053
1,988

1,801
2,571

-1,884
-1,986

-83
585

55,636
54,996
52,241
48,344

-61,739
-60,850
-65,319
-59,698

-6,103
-5,854
13,078
-11,354

20,761
22,316
21,569
19,499

-13,824
-14,779
-14,748
-13,491

6,937
7,537
6,821
6,008

-51
201
54
-26

-208
-561
-557
-769

2,050
1,914
1,906
1,951

2,625
3,236
-4,854
-4,190

-2,061
-1,802
-1,742
-2,431

564
1,434
-6,596
-6,621

49,563
49,029

-58,301
-63,869

-8,738
14,840

17,814

-12,579

5,235

702

-723

2,042

-1,482

-1,563

-3,045

Receipts

Payments

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the

36



Net

and

services

l

9,147
3,986
22,749
4,598
9,205
4,711
5,272 -9,894
6,013 -10,340
4,686
5,735
7,477
7,172
11,523
8,060
7,822 -3,177

1,962
-7,186
18,136
-4,613
4,207
-4,998
-4,617 -14,511
-5,106 -15,446
-964
-5,649
421
-7,056
4,592
-6,931
-8,034 -11,211

United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $17.5 billion in the first quarter of
1983, unchanged from the fourth-quarter increase. Liabilities to private foreigners reported by U.S. banks
increased $12.8 billion in the first quarter, compared with a $5.1 billion increase in the fourth quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
60

160
SEASONALLY ADJUSTED

40

40
CHANGE IN
FOREIGN ASSETS

IN THE U.S., NET

/,

20

V

20

-20

-20

-40

-40

-60 I

I

I

-60

I

1975

1983

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
outflow (— ) 1

Foreign assets in the 1J.S., net
[increase;/ capital inflovv (+)] 2

t increase /capitail

Period
Total

1974
1975
1976
1977
1978
1979
1980
1981
1982

U.S.
official
reserve
assets * 2

-34,745
-39,703
-51,269
-34,785
-61,130
-64,331
-86,052
-110,601
-118,045

-1,467

1981: TTT
IV

-17,279
-47,817

1982: I

Other U.S.
Government
assets

U.S.
private

Total

assets

- 16,001
47,106

16,731
41,551

-5,880
8,792

22,611
32,760

632
5,680

-1,145
1,350

29,715
30,074

-807
-1,489
-2,502
-934

29,560
-38,313
-22,803
-16,670

27,124
31,612
17,613
11,517

-3,061
1,930
2,642
1,661

30,185
29,682
14,972
9,855

3,768
7,887
15,082
14,657

729

881
-1,190
1,042

29,944
30,671
30,993
33,958

-1,060

- 19,936

17,275

-37

17,312

7,554

-340

34,261

-1,274
973

IV

-31,456
-40,934
-26,099
-19,553

-1,089
-1,132
-794
-1,950

1983: Ip

-21,783

-787

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




-1,458
5,897
10,544
-2,023
12,540
25,404
29,556
24,238
41,390

U.S. official
assets, net 1
(unadjusted,
end of
period)

36,518
51,319
64,036
38,752
54,922
80,678
87,866

-4
262

1

Of which:
Seasonal
adjustment
discrepancy

23,696
8,643
18,826
14,503
30,358
52,416
39,356
75,248
84,694

34,241
15,670

n
m

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

10,546
7,027
17,693
36,816
33,678
-13,665
15,566
5,430
3,172

366
33,643
-3,474 -35,380
4,214
44,498
-3,693 -30,717
-4,660
57,202
-3,746 -59,453
-5,140 -72,757
-5,078 -100,348
-5,732 -107,348

849
-2,558
375
732
-1,133
-8,155
-5,175
-4,965

Foreign
official
assets

Statistical d .screpancy
Allocations
of special
drawing
rights
(SDKs)

1,139
1,152
1,093

15,883

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

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

P*

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
v
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

f

MONEYf 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



O

U.S. GOVERNMENT PRINTING OFFICE : 1983

0—24-318