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