View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

96th Congress, 2d Session

Economic Indicators
DECEMBER

1980

m

Prepared for the Joint Economic Committee by the




Council of Economic Advisers
The 1980 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
$5.00 a copy from the Superintendent of Documents, Government Printing Office.

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec, 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)

HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)

JOHN M. ALBERTINE, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
STEPHEN M. GOLDFELD

§
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23,1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $2.00 a single copy
or by subscription at $17.00 per year ($21.25 for foreigp mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402

ii



TOTAL OUTPUT, INCOME, AND SPENDING
bROSS NATIONAL PRODUCT
According to current estimates for the third quarter, gross national product rose $65.2 billion or 10.8 percent, both
at annual rates. Real output (GNP adjusted for price changes) rose 0.9 percent from the second quarter level and
the implicit price deflator rose at a 9.8 percent annual rate. (See note below.)
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
2,600

2,600
SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

2,200

2,200

2,000

2,000
GNP

IN CURRENT DOLLARS

1,800

1,800

v

1,600

1,600

1,400

1,400

1,200

1,200
GNP
IN 1972 DOLLARS

1,000

1,000
1972

1974

1975

1977

1976

1978

1979

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

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

Period

Gross
national
product

Personal
consumption
expenditures

Gross
private
domestic
inventment

Government purchases of goods and
services

Exports and imports of
goods and services

Federal

Net
exports

Exports

Imports

Total

Total

National
defense

Nondefense

State
and
local

Final
sales

935. 5 579. 7
982. 4 618. 8
1, 063. 4 668. 2
1, 171. 1 733. 0
1, 306. 6 809. 9
1, 412. 9 889. 6
1, 528. 8 979. 1
1, 702. 2 1 089. 9
1, 899. 5 1, 210. 0
2, 127. 6 1, 350. 8
2, 368. 8 1, 509. 8

146. 2
140. 8
160. 0
188. 3
220. 0
214. 6
190. 9
243. 0
303. 3
351. 5
387. 2

1. 8
3. 9
1. 6

— 3. 3
7. 1
6. 0
20. 4
8. 0
— 9. 9
— 10. 3
—4. 6

54. 7
62. 5
65. 6
72. 7
101. 6
137. 9
147. 3
163. 3
175. 9
207. 2
257. 5

52 9
58. 5
64. 0
75 9
94. 4
131 9
126. 9
155 4
185. 8
217. 5
262. 1

207. 9
218. 9
233. 7
253 1
269.5
302 7
338. 4
361. 3
396. 2
435. 6
476. 4

97 5
95. 6
96. 2
102 1
102. 2
111 1
123. 1
129 7
144 4
152. 6
166. 6

76. 3
73. 5
70. 2
73. 5
73. 5
77. 0
83. 7
86. 4
93. 7
99. 0
108. 3

21.2
22. 1
26. 0
28. 6
28. 7
34. 1
39.4
43. 3
50. 6
53. 6
58.4

110. 4
123.2
137.5
151. 0
167. 3
191. 5
215.4
231. 6
251. 8
283. 0
309. 8

926. 2
978.6
, 057. 1
, 161. 7
, 288. 6
, 404. 0
, 539. 6
, 692. 1
1, 877. 6
2, 105. 2
2, 350. 6

1979:1
2, 292. 1 1, 454. 2
II-.. 2, 329. 8 1, 475. 9
III.. 2, 396. 5 1, 528. 6
IV... 2,456.9 1, 580. 4

373.8
395.4
392.3
387.2

4.0
-8. 1
-2.3
-11.9

238.5
243.7
267.3
280.4

234.4
251.9
269.5
292.4

460.1
466.6
477.8
501.2

163.6
161.7
162.9
178.4

103. 4
106.0
109.0
114.6

60.2
55. 7
53.9
63.8

296. 5
304.9
314.9
322.8

2, 272. 9
2, 296. 4
2, 381. 9
2, 451. 4

387.7
368.5
348.4

-13.6
-2.2
21.3

308. 1
307.0
313.2

321.7
309.2
291.9

517.2
528.3
533.6

186.2
193.3
191. 4

119.6
124. 1
129. 1

66.6
69.2
62.3

331.0
335. 0
342.2

2, 516. 1
2, 509. 9
2, 603. 3

1969
1970..
1971
1972
1973
1974
1975_.
1976
1977
1978
1979

0

80: I
2, 520. 8 1, 629. 5
II— .2, 521. 3 1, 626. 6
III*. 2, 586. 5 1, 683. 3

NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.




Source: Department of Commerce, Bureau of Economic Analysis.

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross private domestic
Exports of goods
investment
and services
Personal
conGross
Change
national sumpNonResi- in busition
product
NA*
JL>(Cli
resiExports Imports
dential ness in- exports
expend- dential
ventofixed
itures
fixed
ries

Period

1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1,217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
1, 431. 6

655.4
668.9
691. 9
733.0
767.7
760. 7
774. 6
820.6
861.7
900. 8
924.5

114. 3
110. 0
108. 0
116. 8
131. 0
130. 6
113. 6
119. 0
129. 3
140. 1
148. 8

43.2
40.4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
60. 1
56. 7

1979: I—. 1, 430. 6
II— 1, 422. 3
III- 1, 433. 3
IV- 1, 440. 3

921.8
915.0
925.9
935.4

147.2
146.9
150.7
150.5

57.7
56.7
56.5
55.8

1, 444. 7
1980:1
II___ 1, 408. 6
m>_ 1,411.7

936.5
910.8
921.9

151.2
145.3
143.5

51.7
40.7
42. 2

1969
1970
1971
1972
1973
1974
1975
1976 1977-- — -_
1978
1979

Government purchases of
goods and services

Total

Federal

State
and
local

Final
sales

9.4

-3. 3

8.0

15.9
22.6
15.8
10.3
11.0
17.6

62.2
67.1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9
119.9

12.3
18.1
7. 1

17.0
13.2
20. 1
20. 1

117.0
116.0
122. 2
124.3

100.0
102. 9
102. 1
104. 1

274.7
272.4
273. 1
277. 1

101. 1
98. 1
97.4
101. 1

173.6
174.3
175.6
176.0

1, 418. 4
1, 404. 1
1, 426. 2
1, 439. 0

.3
2.6

25.0
28.3
32.2

131.7
128.3
127.6

106.7
99.9
95.4

280.0
280.9
278.0

104.3
106.7
103.9

175.7
174.3
174. 1

1, 444. 4
1, 406. 0
1, 417. 8

-1.3

10.6

1.4
-.6

4.3

6. 6

16.5

7.6

-9.8
6.6

13. 1
14. 1
9.7

1.4

-6.2

63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97. 9
102.3

256.7
250.2
249.4
253. 1
252.5
257.7
262.6
263.3
268.5
273.2
274.3

121. 8
110.7
103.9
102. 1
96. 6
95. 8
96. 5
96.4
100. 6
98. 6
99.4

134. 9
139. 5
145. 5
151. 0
155.9
161. 8
166. 1
166. 9
167. 9
174. 6
174. 9

1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1, 385. 1
1, 421. 9

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]

Gross
national
product

Period

Personal consumption expenditures

Total

Gross private
domestic
investment

Exports and
imports of goods
and services

Government purchases of goods
and services

Nonres- ResiNonDurable durable
Services idential dential Exports Imports Federal
goods
goods
fixed
fixed

State
and
local

86.72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
165. 46

88.5
92.5
96.6
100.0
105. 5
116.9
126. 4
132.8
140.4
150.0
163.3

93. 1
95.5
99.0
100.0
101. 6
108.4
117.7
124.3
129. 4
136. 5
144. 8

89. 4
93.6
96.6
100. 0
107.9
123.8
133.4
138. 1
144.7
154.6
171. 0

86. 1
90.5
95.8
100.0
104.7
113. 6
123.2
131.2
140.7
150.9
163.4

86.6
91.3
96.4
100.0
103.8
115.3
132.2
138.5
146. 6
157.8
171.3

87.7
90.6
94.9
100.0
110.8
122.3
132.8
142.5
159.3
179.7
201.4

87.9
93. 1
96.6
100.0
116.2
148.3
163.6
169.9
178.7
190.3
214.8

83.3
89. 1
93.5
100. 0
118.2
171.0
188.0
193.3
210.7
222. 1
256.2

80.0
86.4
92.6
100.0
105.8
115.9
127.5
134.6
143.6
154.8
167.6

81.9
88.3
94.5
100.0
107.3
118.4
129.7
138.8
150.0
162. 1
177. 1

.

160. 22
163. 81
167. 20
170. 58

157.8
161.3
165. 1
169.0

142.4
144. 1
145.3
147.4

164. 1
168.9
173.2
177.6

158.0
161.0
165.3
169.2

165.4
169.6
173.8
176.2

192.6
199.2
205. 5
208.7

203.9
210. 1
218.7
225.7

234.5
244.9
264.0
280.8

161.9
164.8
167.2
176.4

170.8
174.9
179.3
183.5

1980: I _ . .—
II
III*

174. 48
178. 99
183. 23

174.0
178.6
182.6

151.5
153. 6
156.9

184. 1
188. 1
191.8

173.3
178.3
183.0

180.3
184.6
188.8

213.4
218.8
223.3

234.0
239.4
245.4

301.5
309.5
306.0

178.5
181.2
184.2

188.4
192.3
196.6

1969
19701971
1972
1973
1974
1975
1976
1977 —
1978
1979

—

1979: I—
II__
III

IV

NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.




Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1968
1969
1970
1971
1972
1973
^
1974
1975
1976
1977
1978
1979 .
1979:1
II
III.
IV

Constant
(1972)
dollars

Current
dollars
9.1
7.7
5.0
8.2

10.1
11. 6
8. 1
8.2

11.3
11,6
12.0
11.3
10.6
6. 7
11.9
10.5
10.8
.1
10. 8

.

1980: 1
II .
III »

4.4
2.6
-.3
3.0
5.7
5.5

— 1.4
-1.3
5.9
5.3
4.4
2.3

1. 1
-2.3
3. 1

2.0
1.2
— 9. 6
.9

Implicit
price
deflator

Chain
price
index

4.5
5.0
5.4
5. 1
4.1
5.8
9.7
9.6
5.2
6.0
7.3
8.8
9.3
9.3
8.5
8.4
9.5
10.7
9.8

NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.

Gross <iomestic iproduct
Fixedweighted
price
index
(1972
weights)

4.4
5.0
5.3
5.0
4.1
6.0
9.9
9.4
5.6
6.3
7.4
8.9
9.7
8.8
8.9
8.5
9.6
9. 1
9. 8

4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.4
7.5
9.3
9.9
9.5
10.0
9.4
10.9
9.7
9.5

Current
dollars
9.1
7.8
5.0
8. 1
10.1
11.5
7.9
8.5
11.2
11.5
12.0
11.2
10. 1
6.9
11.5
10.7
10.5
— .1
10.9

Constant
(1972)
dollars
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1.1
5.7
5.3
4.4
2.3
.9
-2. 1
3.2
2.4
1.4
— 9. 7
.8

Implicit
price
deflator
4.5
5. 1
5.3
5. 1
4.1
5. 7
9.3
9.7
5. 1
5.9
7.3
8.7
9. 1
9.2
8.0
8. 1
9.0
10. 7
10. 0

Chain
price
index

Fixedweighted
price
index
(1972
weights)

4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
8.8
9.6
8. 7
8.4
8. 1
9.2
9. 1
9. 8

4. 4
5. 0
5.2
4. 9
4. 0
5. 9
9. 9
9. 3
5. 6
6. 4
7. 5
9. 3
9.9
9. 4
9. 6
9. 1
10.6
9. 7
9. 5

Benchmark revisions wiE appear in the January 1981 issue of Economic
Indicators.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS

Period

Gross domestic
product of
n on financial
corporate
business
(billions of
dollars)
Current
dollars

1972
dollars

498.4
1968
541.8
1969
560.6
1970
602.5
1971
671.0
1972
752.0
1973.
808.8
1974
874.1
1975
988.0
1976
1, 106. 3
1977
1,246.9
1978 .
1979— _„ 1, 387. 7
1, 346. 4
1979: I
II.— 1, 370. 4
III... 1, 401. 3
1, 432. 9
IV
1980: I .— 1, 470. 1
II... 1,467.4
III*_ 1, 503. 5

581.6
607.3
600.6
619.3
671.0
720.4
695. 0
680.0
730.4
770.7
818.7
844.1
846.6
841.0
842. 4
846.3
848.0
822.5
823.7

[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per -unit of output (dollars) }

Total
cost
and
profit 2

0.857
.892
.933
.973
1.000
1.044
1.164
1.285
1.353
1.436
1.523
1.644
1.590
1.629
1.664
1.693
1. 734
1.784
1.825

Capital
consumption
ComallowpenNet
ances Indirect sation
business
of
inwith
3
employ- terest
capital taxes
ees
consumption
adjustment
0.553
0.089
0.074
.094
.589
.079
.628
. 103
.088
.094
. 110 .645
.661
. 110
.093
. 112
.095
.699
. 123 .796
.116
.848
. 142 . 136
.890
.137
. 146
.951
. 140
.151
1.020
. 155
.143
. 150 1.115
.167
. 145
1.075
.158
. 165 . 148 1. 104
. 151
.170
1. 127
. 154 1. 152
. 175
. 159
1. 182
. 179
1.220
. 190 . 173
.182
1.234
. 196

* Output is measured by gross domestic product of nonfinancial corporate
lousiness
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfmaneial corporate
business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.




0.017
.022
.028
.029
.028
.032
.043
.045
.042
.043
.048
.056
.052
.054
.057
.060
.064
.068
.072

Corporate profits with
inventory valuation and
capital consumption
adjustments

Total

Profits
tax
liability

0. 124
0.058
.055
. 109
.086
. 045
.095
.048
. 107 .050
.105
.055
.086
.061
. 113 .060
.072
. 138
. 151
.077
. 157
.084
.089
.157
. 161
.088
. 159 .085
.091
. 157
.092
.153
.148
.098
. 133
.071
.082
. 142

Profits
after4
tax
0.066
.055
.041
.046
.057
.050
.024
.053
.066
.074
.073
.068
.072
.074
.066
.061
.051
.062
.060

Com• Output
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7.110
7. 137
7. 139
7.377
7.608
7.767
7.480
7.720
7.967
8.052
8. 122
8.088
8. 125
8.071
8.065
8.056
8.055
8.017
8. 110

3.931
4.197
4.482
4.758
5.032
5.431
5.951
6.549
7.092
7.654
8.281
9. 014
8.734
8.909
9.093
9.279
9.524
9.778
10. 005

* With inventory valuation and capital consumption adjustments.
NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

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

National
income

Period

Compensation of
employees1

Proprietors1
income with
inventory valuation and capital
consumption
adjustments

Farm

Nonfarm

Rental
income
of persons
with
capital
consumption
adjustment

Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Profits
before
tax

Inventory
valuation
adjustment

Total
Total

Capital
Net
coninterest
sumption
adjustment

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978.
1979

767.9
798.4
858.1
951.9
1, 064. 6
1, 136. 0
1, 215. 0
1, 359. 8
1, 525. 8
1, 724. 3
1, 924. 8

571.4
609.2
650.3
715. 1
799.2
875.8
931.1
1, 037. 8
1, 156. 9
1, 304. 5
1, 459. 2

13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.3
19.6
27.7
32.8

52.3
51.2
53.4
58. 1
60.4
60.9
63.5
71.0
80.5
89. 1
98.0

18.1
18.6
20. 1
21.5
21.6
21.4
22.4
22. 1
24.7
25.9
26.9

81.4
67.9
77.2
92.1
99. 1
83.6
95.9
126.8
150.0
167.7
178.2

77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162.0
180.8
1949

83.4
71.5
82.0
96.2
115. 8
126.9
120.4
156.0
177. 1
206.0
236.6

-5.5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14.6
15. 2
-25.2
-41.8

3.5
1.5
.3
2.5
1.9
-2.9
-12.0
— 14. 5
-12.0
-13. 1
-16.7

30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94.0
109.5
129.7

1979: 1
II...
III
IV

1, 869. 0
1, 897. 9
1, 941. 9
1, 990. 4

1, 411. 2
1, 439. 7
1, 472. 8
1, 513. 2

34.2
33.7
30.9
32.5

94.8
95.5
99.4
102. 1

27.3
26.8
26.6
27.0

178.9
176.6
180.8
176.4

193.3
191.3
198.3
196.5

233. 3
227.9
242.3
243.0

-39.9
-36.6
-44. 0
-46.5

-14.5
-14.7
-17.6
-20. 1

122. 6
125.6
131.5
139.2

1980: 1
II

2, 035. 4 1, 555. 2
2, 024 6 1, 567. 2
2, 068. 6 1, 591. 5

27.7
23. 1
24. 1

102. 3
97.4
101.5

27.0
27.3
27.8

175.0
152.8
158. 3

197. 2
177.4
186.6

260.4
204.8
222.4

-63.2
-27.4
-35.9

-22.2
-24.6
-28.2

148.1
156.8
165.3

III 9

* Includes employer contributions for social insurance. (See also p. 5.)
NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.

Source: Department of Commerce, Bureau of Economic Analysis.

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

Nondurable goods

Total
personal
consumption
expenditures

Total
durablel
goods

Motor
vehicles
and
parts

579.7
618.8
668.2
733.0
809.9
889.6
979. 1
1, 089. 9
1, 210. 0
1, 350. 8
1, 509. 8

85.5
849
97.1
111.2
123.7
122.0
132.6
157.4
178.8
200.3
213.0

1, 454 2
1, 475. 9
1, 528. 6
1, 580. 4

213.8
208.7
213.4
216.2

37.7
349
43.8
50.6
55.2
48.0
53.4
70.0
81. 6
91.2
91.5
97.7
89. 1
89.8
89.4

Furniture
and
household
equipment
35.0
36.7
39.4
448
50.7
549
58.0
64.0
70.9
77.6
85.6
82. 1
84.2
87.3
88.9

1980: I
1, 629. 5
II
1, 626. 6
I I I * _ _ 1, 683. 3

220.2
195.7
208.5

92.9
71.8
79.7

88.2
86.0
89.9

Period

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978 ... _
1979 -1979: I
II
III ....
IV ....

1

Total
nondurablel
goods

Services

Clothing
and
shoes

Gasoline
and oil

45. 1
46.6
50.5
55. 1
61.3
65.3
70.1
75.9
82.4
91.2
99.2

247.2
269. 1
293.4
322. 4
352.3
391.3
437.5
488.5
549.8
619.8
699.8
669.3
686.0
710.6
733.5

8.5
7.1
8.7
9.3
9.7
7.5
7. 1
8.6
9.1
9.3
8.3
9.3
8.0
8. 6
7.5

1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.3
2. 5
2.2
2.4

757.3
776.9
808.9

7.9
5.5
6. 5

2.8
2.2
2.2

247.0
2647
277.7
299.3
333.8
376.3
408.9
443.9
481.3
530.6
596.9
571. 1
581. 2
6047
630.7

126. 1
136.3
140.6
150.4
168. 1
189.8
209.6
227. 1
246.7
271. 7
302.0
292.9
296.7
303. 1
315.6

95.5
96.9
101.0
103.6

20.4
22.0
23.4
249
27.8
36.4
39.5
42.9
46. 7
50.9
65. 1
58.4
60.2
68.3
73.4

652.0
654 1
665.8

322.6
325.8
334.9

103.9
104. 1
107.3

83.6
83.6
79.2

Total includes other items not shown separately.
NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.




Food

Retail sales of
new passenger
cars (millions
of units)
Domestics

Source: Department of Commerce, Bureau of Economic Analysis.

Imports

SOURCES OF PERSONAL INCOME
Personal income rose $23.4 billion (annual rate) in October, following a rise of $23.5 billion in September.
Wages and salaries were up $18.5 billion in October/ of this very large increase, about $5.2 billion was due to a
pay raise for Federal government employees and about $1.6 billion was due to a retroactive pay increase to communication workers. Excluding these special factors, wages and salaries were up $11.7 billion in October, compared
with an increase of $12.8 billion in September. (See note below.)
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400

BILLIONS OF DOLLARS*(RATIO SCALE)
2,400

2,000
1,800
1,60)

2,000
1,800
1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

800

600

600

„.„..««"""
OTHER INCOME

400

400

TRANSFER
PAYMENTS

200

200

160

160

120

120

100

100

80

80

60

I I I i i II i i i i i i i
1972
1973

60
1974

1975

1976

1977

1978

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Transfer
and
Other Proprietors' income s income
Total
Divi- Personal
pay- 5
interest
personal salary
labor 1 2
dends income ments
of
income disburseincome
Nonfarm
Farm
persons *
ments l

1972
942.5
633.8
1973
1, 052. 4 701.3
7646
1974
1, 154. 9
1975 ._ .. _ 1, 255. 5
805.9
890.0
1976
1, 381. 6
1977
1, 531. 6 984.0
1978 .
1, 717. 4 1, 103. 3
1, 924. 2 1, 227. 6
1979
1979: Oct.... 1, 981. 2 1, 257. 4
Nov
2, 005. 5 1, 271. 3
Dec
2, 028. 3 1, 282. 9
1980: Jan.- . 2, 046. 5 1, 293. 0
Feb
2, 055. 7 1, 304. 2
Mar
2, 070. 0 1, 314. 0
2, 072. 0 1, 309. 0
Apr
2, 079. 0 1, 309. 7
May
June
2, 090. 4 1, 312. 5
July.... 2, 124. 2 1, 314 9
2, 143. 0 1, 329. 9
Aug
Sept*... 2, 166. 5 1, 342. 7
Oct *
2, 189. 9 1, 361. 2

42.0
48.7
55.6
65. 1
77.4
91.8
106.5
122.7
128.0
129.6
131.2
132.8
134.4
136.0
137.4
138.7
139.9
141.0
142.2
143.4
144.6

iao

32.0
25.4
23.5
18.3
19.6
27.7
32.8
31.0
33.0
33.4
31.3
27.9
24.0
23.2
22.8
23.4
24.3
24 1
23.8
23.9

21.5
21.6
21.4
22.4
22. 1
247
25.9
26.9
26.8
27.0
27.2
27.2
26.6
27.2
27.4
27.1
27.4
27.6
27.8
28.0
28.2

58. 1
60.4
60.9
63. 5
71.0
80.5
89.1
98.0
101.1
102. 1
103.0
103.9
102.3
100.8
98.9
96.7
96.5
99.3
101.0
104.2
105. 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.
1
4 With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.




1979

246
27.8
31.0
31.9
37.5
42.1
47.2
52.7
53.6
542
55.2
55.8
56.6
57.5
58.1
58.5
59.2
59.3
59.8
59.9
60.2

746
841
103.0
115. 5
127.0
141.7
163,3
192. 1
200.7
205. 4
210.3
214 1
217.2
220.3
225.1
229. 1
232.2
2345
236.2
238.5
241.2

104 1
118.9
140.8
178.2
193.8
208. 4
224 1
252.0
2648
265.9
268.8
275.0
273.5
276.1
278.0
283.2
286.2
311.0
310.5
315. 1
315. 7

Less: PerNonsonal confarm
tributions personal
for social income 6
insurance

342
42.2
47.7
50.5
55.6
61.3
69.6
80.7
82.2
83.0
83.6
86.7
87.1
85.9
85.1
86.8
87.0
87.5
88.5
89. 1
90.2

917.3
1,011.9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674 2
1, 873. 4
1, 931. 8
1, 953. 9
1, 976. 1
1, 995. 9
2, 008. 3
2, 026. 2
2, 028. 8
2, 036. 0
2, 046. 6
2, 079. 5
2, 098. 1
2, 121. 6
2, 144 7

«Consists mainly of social insurance benefits, direct relief, and veterans
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
g
8

DISPOSITION OF PERSONAL INCOME
per capita disposable income rose In the third quarter. (See note below.)
' BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
2,000

3,000

3,000

1980

1972
* SEASONALLY .ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

•Less:
Personal
Pertax
sonal
and
income nontax
payments

Equals :
Disposable
personal
income

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays l

Per capita
disposable
personal income

Equals :
Personal
saving Current
dollars

Billions of dollars
1971
1972
1973
1974
1975
1976
1977.
1978
1979.

859. 1 116.3
942.5 141.2
1, 052. 4 150.8
1, 154. 9 170.3
1, 255. 5 168.8
1, 381. 6 197.1
... 1, 531. 6 226.4
1, 717. 4 259.0
- 1, 924 2 299.9

1972
dollars

Per capita personal consumption expenditures
Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

i
Saving
as percent of Population
dispos(thouable
sands) *
personal
income

Dollars

685.5
742.8
801.3
751.9
831.3
901.7
984.6
913.0
1, 086. 7 1, 003. 0
1, 184. 5 1, 115. 9
1, 305. 1 1, 240. 2
1, 458. 4 1, 386. 4
1, 624. 3 1, 550. 5

57.3
49.4
70.3
71.7
83.6
68.6
65.0
72.0
7& 8

3,588
3,837
4,285
4,646
5,088
5,504
6,017
6,672
7,367

3,714
3,837
4,062
3,973
4,025
4,144
4,285
4,449
4,512

3,227
3,510
3,849
4, 197
4,584
5,064
5,579
6,179
6,848

3,342
3,510
3,648
3,589
3,627
3,813
3,973
4,121
4,193

2.6
3.3
5.9
-2.2
1.3
3.0
3.4
3.8
1.4

7.7
6.2
7.8
7.3
7.7
5.8
5.0
4.9
4.5

207, 053
208, 846
210, 410
211,945
213,566
215,203
216,898
218, 594
220, 464

Seasonally adjusted annual rates
1979: !.._. 1, 852. 6 280.4
IL__ 1, 892. 5 290.7
III... 1, 946. 6 306.6
IV... 2, 005. 0 321.9

1, 572. 2 1, 493. 0
1, 601. 7 1, 515. 8
1, 640. 0 1, 569. 7
1, 683. 1 1, 623. 4

1980: L.__ 2, 057. 4 320.0 1, 737. 4 1, 672. 9
II.... 2, 080. 5 324.6 1, 755. 9 1, 669. 5
III»_ 2, 144. 6 334.0 1, 810. 7 1, 725. 7

79.2
85.9
70.3
59.7

7,157
7,275
7,430
7,606

4,536
4,510
4,501
4,502

6,619
6,704
6,926
7,142

4, 196
4,156
4, 195
4,227

1.2
-2.3
-.8
.1

5.0
5.4
4.3
3.5

219,
220,
220,
221,

64.4
86. 3
84. 9

7,834
7,900
8,121

4,502
4,423
4,448

7,348
7, 318
7,550

4,223
4,098
4,135

0
-6.8
2.3

3.7
4.9
4.7

221, 768
222, 277
222, 948

690
166
715
285

l
Includes personal consumption expenditures, interest paid by consumers to
NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
business,
and personal transfer payments to foreigners (net).
Indicators.
!
Includes Armed Forces abroad. Annual data are for July l through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
penod.
of the Census).

6



FARM INCOME
In the third quarter, gross farm income rose $2.8 billion (annual rate) while net farm income was virtually unchanged
from its second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
200

BILLIONS OF DOLLARS* (RATIO SCALE)
H200

100

100

GROSS FARM INCOME

80

80

60

60

40

40

NET FARM INCOME

20

20

10

10

1973

1974

1975

1976

1978

1977

1979

1980

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1981

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from, farming
Gross farm income
Period

Net farm income

Cash marketing receipts
Total l

Total

Livestock
and
products

Crops

Value of
inventory2
changes

Production
expenses

Current
dollars

1967
dollars 3

1972
1973-_.
1974..
1975
19761977
1978
1979

71.0
98.9
98.3
100.3
101.8
108. 1
126.9
149.6

61.2
87. 1
92. 4
88. 2
94. 8
95.8
112.5
131. 5

35.7
45.9
41.4
43.0
46. 1
47. 4
59.0
68.6

25. 5
41. 1
51. 1
45. 1
48.7
48.3
53.5
62.8

0. 9
3.4
-1.6
3.4
-2. 4
.6
.4
4. 1

52. 3
65.6
72.2
. 75.9
83. 1
90.3
100.8
118.6

18.7
33.3
26. 1
24.5
18.7
17.8
26. 1
31.0

14. 9
25. 1
17.7
15.2
11. 0
9.8
13.3
14. 2

1979: I

145.5
149. 1
149.9
154. 1

128.9
130.9
130. 6
135.4

69.7
68.2
66.9
69.7

59.2
62.7
63. 7
65. 7

3.2
3.9
5. 4
3.9

114.2
116. 3
119. 6
124. 2

31.3
32.8
30.3
29.9

15. 1
15.3
13.7
13. 1

152. 0
152.4
155.2

135.9
134. 5
142.7

69. 1
63.4
70.9

66.8
71. 1
71.8

1. 0
2.0
-3.5

127.4
129.6
132.5

24.6
22.8
22.7

10. 4
9.3
9. 1

II_

III_ _
IV

1980: I .
II
III

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.

70-735 0 - 8 0 - 2




3
Income in current dollars divided by the consumer price index (Department
of Labor).
„
^ _,.
j. * . • ix
*.
*. *
Source: Department of Agriculture, except as noted.

CORPORATE PROFITS
In the third quarter, according to current estimates, corporate profits before tax rose $17.6 billion (annual rate) while
after-tax profits rose $10.1 billion. (See note below.)
BILLIONS OF DOLLARS
280

BILLIONS OF DOLLARS
280

240

240

40

1972

1979

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory
valuation
adjustment l
Domestic industries
Nonfinancial

Period

1969
1970
1971
..
1972
1973
1974
1975
1976 -_
1977
1978 -1979
1979:1 -II
III
IV
1980: I
II
III »_

Total 2

__

77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162.0
180.8
194.9
193.3
191.3
198.3
196.5
197. 2
177.4
186.6

Total

74. 2
62.6
72. 4
84.7
90.4
76.9
101. 8
133. 1
152. 1
170.6
181.6
181.4
179.6
182. 5
183.0
181.1
164. 1
173.8

Financial

11. 3
12.6
14. 1
15.4
16.2
14.4
13.0
17.8
23.8
29.7
33.2
31.9
32.0
33.8
35.0
34.7
31.6
30.9

Total1

Manufacturing

Wholesale
and
retail
trade

62.9
50. 1
58.2
69.3
74. 1
62.5
88.9
115.3
128. 3
140.9
148.5
149.6
147.7
148.7
148. 0
146. 5
132.6
142.9

36.8
27. 1
32.4
40.6
44. 1
36.6
48.3
65.7
73.5
81.7
88.8
94. 1
90.6
86.4
84.0
93.0
73.4

10. 1
9.4
11.7
13. 3
14.7
12.9
20.7
23.3
24. 1
23.0
23.7
18.6
22.4
26.5
27.1
16.5
21.7

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

8



Profits after tax

Profits
before
tax

Tax
liability

Total

83.4
71.5
82.0
96.2
115.8
126.9
120.4
156. 0
177. 1
206.0
236.6
233. 3
227.9
242.3
243.0
260. 4
204. 8
222.4

39.7
34. 5
37.7
41.5
48.7
52. 4
49.8
63.8
72.6
84.5
92.5
91.3
88.7
94.0
96. 1
102.4
77.6
85.2

43.8
37.0
44.3
54.6
67. 1
74.5
70.6
92.2
104. 5
121.5
144.1
142.0
139.3
148.3
146.9
158.0
127. 1
137.2

Dividends

22. 6
22.9
23.0
24.6
27.8
31.0
31.9
37.5
42. 1
47.2
52.7
51.5
52.3
52. 8
54.4
56.7
58.6
59. 7

Undistributed
profits

21.2
14. 1
21.3
30.0
39.3
43.6
38.7
54. 7
62.4
74.3
91.4
90.5
87.0
95.5
92.5
101.3
68.5
77.6

Inventory
valuation
adjustment
-5.5
— 5. 1
-5.0
-6.6
— 18.6
-40.4
-12.4
-14.6
-15.2
-25.2
-41.8
-39.9
-36.6
-44.0
-46.5
-63.2
-27.4
-35.9

NOTE.—Benchmark revisions will appear in the January 1981 issue of Economi
Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.

GROSS PRIVATE DOMESTIC INVESTMENT
According to current estimates for the third quarter, business fixed investment rose $2.7 billion (annual rate) as nonresidential construction outlays fell $1.7 billion and producers' durable equipment purchases rose $4.4 billion. Residential investment outlays rose $5.3 billion. There was a $16.8 billion reduction of inventories following an $11.4
billion increase in the second quarter. (See note below.)
BILLIONS OF DOLLARS
450

BILLIONS OF DOLLARS
450

400

350

300,

250

200

100

50

-50

-50

1980

1972
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978.
1979
1979: !__...
II.
Ill
IV
1980: I
II..
Hip

Gross
private
domestic
investment

. . 146. 2

140.8
160.0
188.3
220.0
214. 6
190.9
243. 0
303.3
351.5
387.2
373.8
395.4
392.3
387.2
387.7
368.5
348. 4

Structures
Total

98.9
100. 5
104. 1
116.8
136. 0
150.6
150.2
164.9
189.4
221. 1
254.9
243.4
249. 1
261.8
265.2
272.6
268.2
270.9

Producers'
durable
equipment

Total

Nonfarm

Total

Nonfarm

35.7
37.7
39.3
42.5
49.0
54.5
53.8
57.3
62.6
76.5
92.6
849
90.5
95.0
100.2
103.3
103.7
102. 0

34.3
36. 1
37.8
41. 1
46.9
51. 8
51.3
54.7
59.8
73.3
88.9
81.2
86.8
91. 4
96.3
99.6
100.0
98. 3

63.3
62.8
64.7
74.3
87.0
96.2
96.4
107.6
126.8
144.6
162.2
158.5
158.6
166.7
165. 1
169.4
164.5
168.9

58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97. 4
116.3
132.6
147.8
146. 1
144.5
150.0
150.4
155.9
151.3
155.4

Nor E.—Benchmark revisions will appear in the January 1981 issue of Economic
indicators.




Residential fixed investment

Total

37.9
36.6
49.6
62.0
66. 1
55. 1
51.5
68. 1
91.9
108.0
114. 1
111.2
112.9
116.0
116.4
110.4
88.9
94.2

Nonfarm
structures
36.3
35. 1
47.9
60.3
64. 3
52.7
49.5
65.7
88.8
1044
110.2
107.8
109. 1
112.0
112.1
105.9
85.3
90.8

Farm
structures

Producers1
durable
equipment

0.7
.6
.7
.7
.6
1.2
.9
1.1
1. 5
1.8
1.9
1.5
1.8
2.0
2.3
2.3
1.8
1.6

0.9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1. 6
1. 9
2.0
1.9
2.0
2.0
2.1
2.2
1.9
1.9

Change in business inventories

Total

Nonfarm

9.4
3.8
6.4
9.4
17.9
8. 9
-10.7
10.0
21.9
22.3
18.2
19. 1
33.4
145
5.6
47
11.4
-16.8

9.2
3.7
5.1
8.8
147
10.8
-14.3
12.1
20. 7
21.3
16. 5
18.8
32.6
12.6
2.1
4.4
12.3
-10.7

Source: Department of Commerce, Bureau of Economic Analysis.

9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1980 is expected to be 8.8 percent above 1979,
according to the Commerce Department October-November survey. The revised and expanded series also shows
that spending is expected to increase 5.3 percent in the first quarter of 1981 and 4.3 percent in the second quarter.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS _OF DOLLARS (RATIO SCALE)
500

500
SEASONALLY ADJUSTED ANNUAL RATES

400

400

300

300

200

200

TOTAL NEW PLANT AND EQUIPMENT

100

100

80

80
MANUFACTURING

60

60

"""*..„„,..,

40

40

I

30

I

I

I

1973

I
1974

1

J

1 i
1975

J

I

L

1976

I

I

J

1977

I

L

1978

J

1 I

i

1979

i

i

1980

j/ y
i i

30

1981

J/ SEE FOOTNOTE 4 BELOW.
SOURCE! DEPARTMENT OF COMMERCE

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

Period

Total

Plant

Manufacturing

Equipment

Total

1973
1974
1975
1976
1977-..1978
1979_4 _ _
1980 ____
1979: III..
IV_.
1980: I. __
II..
III..
IV 4 _
1981: I «__
II 4 .

137. 70
156. 98
157. 71
171. 45
198. 08
231. 24
270. 46
294. 30
273. 15
284. 30
291. 89
294. 36
296. 23
294. 95
310. 59
323. 84

56.66
64.29
65.21
71.20
80.31
92.70
105. 73

81.04
92.69
92.50
100. 25
117. 77
138. 54
164. 73

108. 60
115. 96
116. 50
117. 59

175. 70
175. 93
177. 86
178. 64

42.37
53.21
54.92
59.95
69.22
79.72
98.68
114. 90
100. 11
106. 57

111; 77

115.
116.
115.
122.
130.

69
40
37
69
57

Durable
goods

Nondurable
goods

22. 75
27.44
26.33
28.47
34.04
40.43
51.07
58.25
52.13
55.03
58.28
59.38
58. 19
57.42
60.23
65.36

19.62
25. 76
28. 59
31.47
35. 18
39.29
47.61
56.65
47.97
51.55
53.49
56. 32
58.21
57.96
62.46
65.21

1 Wholesale and retail trade; finance, insurance, and real estate; and personal,
business,
and professional services.
2
"Other" consists of construction; social services and membership organizations;
and
forestry, fisheries, and agricultural services.
3
Starts are estimated by adding changes in carryover to expenditures during
given period.

10



Nonmanufacturing

Trans- Public
Total Mining porta- utilities
tion
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 40
173. 04
177. 73
180. 13
178. 66
179. 83
179. 58
187. 90
193. 27

3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.50
11.40
11.86
11.89
12.81
13.86
15.25
16. 07
18.02

7.41
8.23
8.68
8.89
9.40
10.68
12.35
11.98
12.67
13.20
12.47
12.09
12.23
11.25
11.50
11.60

17.97
19.83
19.98
22.37
26.79
29.95
33.96
34.62
35. 05
34.08
36.26
35.03
35.58
31.95
36.78
36.21

Trade
and
services *

Communication
and
other 2

45.53
47.79
46.23
49.30
56. 54
68.66
79.26
82.28
78.86
82.69
82. 17
81.07
81. 19
84.87
84.09
87.43

21. 12
23.30
21.80
23.51
26.90
32.02
34.83
37.02
35.05
35.90
37.34
37.66
36.97
36.26
39.48
40.01

Starts of
plant and
equipment
projects,
manufacturing 3

53.21
61.24
56.51
59.38
77.40
88.16
112. 98
26.82
32.53
32.43
29.41
27.74

Planned capital expenditures as reported by business in late October and
November 1980, corrected for biases.
NOTE.—Revised and expanded series; for details, see Survey of Current Business,
October 1980.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Seasonally adjusted employment rose 220,000 in November while unemployment fell 81,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

110

110
SEASONALLY ADJUSTED

100

100
CIVILIAN LABOR FORCE

90

90
EMPLOYMENT

„,.,.,

UNEMPLOYMENT

1972

1973

1974

1976

1975

1977

1979

1978

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

Noninctitn

Period

1974
1975
1976 .
1977
1978*
1979

COUNCIL OF ECONOMIC ADVISERS

n.

[Thousands of persons 16 years of age and over, except as noted]
Civilian employment
Total
labor
N onagricultural

tional employ- ploypopulament
ment
tion

150,
153
156,
158,
161,
163

827
449
048
559
058
620

85, 935
84 783
87 485
90, 546
94, 373
96 945

5,076
7 830
7, 288
6, 855
6,047
5 963

(including
Armed
Forces)
93, 240
94 793
96 917
99, 534
102, 537
104 996

labor
force

Total

Agricultural

Total

91, Oil
92 613
94 773
97 401
100, 420
102 908

85, 935
84, 783
87, 485
90, 546
94, 373
96, 945

3, 492
3, 380
3,297
3,244
3, 342
3, 297

82, 443
81, 403
84, 188
87, 302
91, 031
93, 648

1979: Nov_ 164, 682
Dec. 164, 898

97, 943
98, 047

5,776 105,744 103, 652
5,836 106, 088 103, 999

1980: Jan__
Feb._
Mar..
Apr__
May _
June.
Julv_
Aug__
Sept..
Oct__
Nov..

96, 145
96, 264
96, 546
96, 566
96. 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801

7,043
6,993
6,805
6,846
7,318
8,291
8,410
8,011
7,464
7,482
7,486

106, 310
106, 346
106, 184
106,511
107, 230
106, 634
107, 302
107, 139
107, 155
107, 301
107, 439

104,
104,
104,
104,
105,
104,
105,
105,
105,
105,
105,

229
260
094
419
142
542
203
025
034
180
320

1
Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
2
Total labor force as percent of noninstitutional population 16 years of age and
over.
*Data beginning 1978 not strictly comparable with earlier data because of




Unemployment

Part-tim* Total
for economic
reasons 1
2, 709 i 5, 076
3, 490
7,830
3, 272
7,288
3,297
6, 855
3,216
6,047
3, 281
5, 963

15

weeks
and
over

Labor
force
participation
rate
(per-2
cent)

2,483
2,339
1,911
1,379
1,202

937

61. 8
61. 8
62. 1
62. 8
63. 7
64. 2

Seasonally adjusted

Unadjusted

165, 101
165, 298
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201

1980

97, 608
97, 912

3, 385
3,359

94, 223
94, 553

3,392
3,519

6,044
6,087

1, 191
1,230

64.2
64.3

97, 804
97, 953
97, 656
97, 154
96, 988
96, 537
96, 996
97, 006
97, 207
97, 176
97, 396

3,270
3,326
3,358
3,242
3,379
3, 191
3,257
3, 180
3,442
3,324
3, 342

94, 534
94, 626
94, 298
93, 912
93, 609
93, 346
93, 739
93, 826
93, 765
93, 851
94, 054

3,513
3,406
3,418
3,816
4,349
3, 999
4, 113
4, 148
4,204
4,261
4, 168

6,425
6, 307
6,438
7,265
8,154
8,006
8, 207
8,019
7,827
8,005
7,924

1,334
1, 286
1,363
1,629
1,722
1,766
1,915
2, 184
2,326
2,318
2,308

64.4
64.3
64.2
64.3
64.6
64.2
64. 5
64.3
64.2
64.3
64.3

revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In November the seasonally adjusted unemployment rate fell slightly to 7.5 percent from 7.6 percent in October.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

1976

1977

1978

1980

1979

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

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

1974
1975
1976
1977
1978
1979

_.

1979: Nov
Dec

..

1980: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

Total
(all
civilian
workers)

Unemployment rate (percent of civilian labor force in group)
By selected groups
By sex and age
By race
Men Women Both
20
20
sexes
years years 16-19
and
and
over
over years

White

5.6
8.5
7.7
7.0
6.0
5.8

3.8
6.7
5.9
5.2
4.2
4.1

5.5
8.0
7.4
7.0
6.0
5.7

16.0
19.9
19.0
17.7
16.3
16.1

5.0
7.8
7.0
6.2
5.2
5. 1

5.8
5.9

4.3
4.2

5.6
5.7

15.9
16.0

5.1
5.1

10.9
11.3

5.5
5.5

3.8
3.7

6.2
6.0
6.2
7.0
7.8
7.7
7.8
7.6
7.5
7.6
7.5

4.7
4.6
4.9
5.9
6.6
6.7
6.7
6.6
6.7
6.4
6.3

5.8
5.7
5.7
6.3
6.6
6.5
6.7
6.5
6. 1
6.8
6.7

16.3
16.5
15.9
16.2
19.2
18.5
19.0
19. 1
17.5
18.4
18.7

5.4
5.3
5.4
6.2
6.9
6.8
6.9
6.8
6.5
6.7
6.6

11.8
11.5
11.8
12.6
13.9
13.6
14.2
13.6
14.2
14.3
14.0

5.8
5.7
5.9
6.7
7.6
7.4
7.5
7.4
7.2
7.4
7.2

4.2
4.0
4.3
4.9
5.3
5.3
5.4
5.4
5.2
5.2
5.2

i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



ExpeFullBlack rienced
time
wage Household
and
and
heads workother salary
ers
workers
3.3
5.1
9.9
5.3
8.1
8.2
5.8
13.9
7.3
5. 1
7.3
13.1
6.5
4.5
13.1
6.6
5.5
5.6
3.7
11.9
5.4
5.3
3.6
11.3

Labor
force
time
lost
Part(per-!
time
work- cent)
ers
8.6
10.3
10.1
9.8
9.0
8.7

6.1
9.1
8.3
7.6
6.5
6.3

5.4
5.4

8.3
8.5

6.4
6.4

5.7
5.6
5.8
6.6
7.5
7.4
7.6
7.4
7.3
7.3
7.3

8.7
8.9
8.3
8.9
9.3
8.8
8.7
8.6
8.6
9.4
8.6

6.7
6.6
6.8
7.5
8.8
8.3
8.5
8.3
8.2
8.4
8.3

Source: Department of Labor, Bureau of Labor Statistics.

MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In November the percentage of unemployed persons who were job losers, job leavers, and new entrants rose, while
the percentage who were reentrants fell.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

REASON FOR UNEMPLOYMENT

DURATION OF UNEMPLOYMENT

60

60

40

40
REENTRANTS

20

- 15-26 WEEKS

20

NEW ENTRANTS

v

%4«*w^
JOB LEAVERS
27 WEEKS
AND OVER
1976

1977

1978

1979

1980

1976

1977

1978

1979

1980

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemPercent distribution of unem- State programs Insured
unem- Special
ployment by reason 1
ployment by duration *
unemployUnemployment,
ployall
ment
Period
Insured
27
ment
Less
regular benefit8
Job
Reen- New
Initial
5-14
unemweeks
15-26
(thou- Job
enthan 5
pro- 2 claims
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unadover
ment
(unad- justed)
justed)
Weekly average, thousands
1975
7,830
10.4
55.4
23.8
10.4
15.2 3,986
31.3
37.0
16.5
478 4,937
1,173
1976
7,288
12.2
26. 0
49. 8
12. 1 38.3
18.3 2,991
13.8
29. 6
386
1,152
3,846
1977 .. . 6,855
13.0
45.2
28. 1
13.7
41.7
30.5
14.8 2,655
13. 1
375 3,308
572
1978
6,047
14.1
30.0
41.5
14.3 46.2
31.0
10.5 2,359
346
12.3
2, 645
1979
5,963 42.8
14.3 29.5
13.4
48. 1 31.7
11.5
8.7 2,434
388
2,592
1979: Nov.. 6,044
14.1 28.3
45.4
12.3 48.8
8.9 2,643
31.3
11.0
405 2,559
Dec... 6,087
13.0
44.3
28.8
32.2
13.9
8.5 2,631
47.7
11.6
416
3,047
46.9
1980: Jan.__ 6,425
12.2
28.2
12.7
8.4 2,729
49.6
12.4
29.7
414
3,740
45.9
Feb... 6,307
12.8
28.2
13. 1
47.1
12.4
32.7
7.8 2, 685
389
3,730
Mar.. 6,438
47.3
12.2
28.0
33.2
9.0 2,857
12.5
45.9
11.9
455 3,652
Apr... 7,265
49.8
12.8
27.1
9.2 3,204
10.3 45. 1 32.6
574 3,629
13.0
May.. 8,154
52.5
12.1 24.6
10.8
46.7
12.2
8.5 3,717
32.5
642 3,680
June. _ 8,006
56.3
10.9
22.2
10.5
36.4
9.2 4,009
41.6
12.8
617 3,790
July.. 8,207
55.5
10.4
42.2
33.8
10.8 3,880
22.7
13.2
11.3
530
4,140
54.4
Aug.. 8,019
11.2
23.6
10.8
41.2
31.3
15.9
506
11.6 3,778
3,908
Sept.. 7,827
56.0
10.5
22.7
37.4
10.7
33. 1
17.7
11.8 3,802
494 3,961
Oet__. 8,005 52.7
10.8
25. 5
11.0
31.2
13.2 3,589
39.8
15.8
3,662
446
Nov_. 7,924
52.8
11.6
24.2
11.5
38.8 32.0
15.0
14.2 3,329
403
i Detail may not add to 100 percent because of rounding.
* Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (EB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SU A (special unemployment assistance).




a FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 268,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

90

80

ALL NONAGRICULTURAL
ESTABLISHMENTS

70
SERVICE-PRODUCING
INDUSTRIES

60

50

40

GOODS-PRODUCING
INDUSTRIES

30

...,.2i*»«

20 MI l i i 1 1 1 I I I | 1 1 1 1 l h i i i i i 1 1 1 1 I 1 1 i 1 1 i 1 1 i 1 1 i i i i i 1 1 i 1 1 I i i i i
1976

1977

1979

1978

1980

1976

1977

1978

* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1979

1980

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 seasonally adjusted]
Service-producing industries

Goods-producing industries
Total
nonagricultural
employ- Total *
ment

xt
Uonstruction

78, 265
76, 945
79, 382
82, 471
86, 697
89, 886

24, 794
22, 600
23, 352
24, 346
25, 585
26, 504

4, 020
3,525
3, 576
3, 851
4, 229
4,483

1979 : Nov. _ 90, 552
Dee... 90, 678

26, 504
26, 590

4,553 20, 966 12, 693
4,615 20, 983 12, 706

1980: Jan...
Feb.__
Mar_.
Apr___
May__
June..
July..
Aug_.
Sept..
Oct *„
Nov *_

26, 715
26, 623
26, 476
26, 121
25, 745
25, 422
25, 163
25, 312
25, 476
25, 613
25, 766

4,745
4,659
4,529
4,467
4,436
4,379
4,322
4,359
4,404
4,437
4,472

Period

1974.
1975
1976
1977
1978
1979. .

91, 031
91, 186
91, 144
90, 951
90, 468
90, 047
89, 867
90, 142
90, 384
90, 612
90, 880

Trans- Whole- Finance,
Government
insurportaonlA
sale
ance, Services
tion
and
State
Non- Total
ATlrf
and
£kUU
retail
Federal and
Total Durable
durable
real
public trade
goods goods
local
estate
utilities
Manufacturing

20, 077
18, 323
18, 997
19, 682
20, 505
21, 062

20, 971
20, 957
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 044
20, 138
20, 243

11, 925
10, 688
11, 077
11, 597
12, 274
12, 772

12, 681
12, 715
12, 707
12, 442
12, 140
11, 947
11, 819
11,860
11, 955
12, 031
12, 100

8, 152
7,635
7,920
8,086
8, 231
8,290




4,725
4,542
4,582
4,713
4, 923
5, 141

16, 987
17, 060
17, 755
18, 516
19, 542
20, 269

4,148
4,165
4,271
4,467
4,724
4, 974

13, 441
13, 892
14, 551
15, 303
16, 252
17, 078

2,724
2,748
2, 733
2,727
2,753
2,773

11, 446
11, 937
12, 138
12, 399
12, 919
13, 147

8,273 64, 048
8,277 64, 088

5,216 20, 479
5,212 20, 448

5,049 17, 308
5,064 17, 362

2,773
2,773

13, 223
13, 229

8,290
8,242
8,231
8,200
8, 146
8,067
8,009
8,080
8,089
8, 107
8,143

5,202
5, 198
5, 202
5, 178
5, 167
5,134
5,114
5, 129
5,124
5,142
5,145

5,091
5,101
5, 115
5, 119
5, 137
5, 150
5,167
5, 180
5, 194
5,206
5,214

17, 462
17, 540
17, 580
17, 618
17, 659
17, 652
17, 760
17, 788
17, 861
17, 906
17, 981

2, 791
2,826
2,886
3, 115
2,960
2,951
2,893
2,828
2,765
2,770
2,776

13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 344
13, 338
13, 335

i 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

14

53, 471
54, 345
56, 030
58, 125
61, 113
63, 382

64, 316
64, 563
64, 668
64, 830
64, 723
64, 625
64, 704
64, 830
64, 908
64, 999
65, 114

20, 529
20, 637
20, 610
20, 531
20, 487
20, 459
20, 506
20, 589
20, 620
20, 637
20, 663

are not at work because of industrial disputes; 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,
a 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]
Average gross
hourly earnings

Average weekly hours
Period

Total
private
nonagricultural 1

Manufacturing
Total

Overtime

1971
1972
1973
1974
1975
1976
1977 .
1978—
1979.

36.9
37.0
36.9
36.5
36. 1
36.1
36.0
35.8
35.6

39.9
40.5
40.7
40.0
39.5
40.1
40.3
40.4
40.2

2.9
3.5
3.8
3.3
2.6
3. 1
3.5
3.6
3.3

1979: Nov
Dec

35.6
35.7

40.1
40.2

3.3
3.2

1980: Jan
Feb .,
Mar . .Apr
Mav - -June
July

35.6
35.5
35.4
35.3
35.1
35.0
34.9
35. 1
35.2
35.2
35.3

40.3
40.1
39.8
39.8
39.3
39.1
39.0
39.4
39.6
39.6
39.7

3.2
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8
2.9

W«AJ

.

Aug.

Sept
Oct*
Nov*

Adjusted hourly earnings index—total private
nonagricultural *

Total
private
nonagricultural *

Manufacturing

$3.45

$3.57

1967

Current
dollars

Current
dollars

dollars s

129.2
137.5
146.0
157.5
170.6
183.0
196.8
212. 9
229.8

106.5
109.7
109.7
106.7
105.9
107.3
108.4
109.0
105.6

6.87
6.91

237.3
239.4

104.1
103.8

6.93
6.99
7.06
7.11
7. 15
7.22
7.30
7.36
7.42
7.49
7.55

240.3
242.4
245.2
246.2
248.3
250.9

102.7
102.2
102.0
101.4
101.4
101.5
102.0
102.0
101.5
101.4

3.82
4.09
4.42
4.83
5.22
5.68
6.17
6.69

3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.34
6.39
6.41
6.45
6.51
6.54
6.57
6.62
6.67
6.71
6.77
6.82
6.90

Percent change from
a year earlier 4

Index, 1967=100

252. 1

254.0
255.4
257.7
260.3

7.0
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
8.2
8.3
7.9
8.2
8.9
8.6
9.1
9.4
9.2
9.3
9.0
9.7
9.7

1967

dollars

2.6
3.0
0
-2.7
-.7
1.3
1.0
.6
-3.1

-4.1
-4.5
-5.3
-5.2
-5.0
-5.2
-4.6
-4.2
-3.4
-3.0
-3.2
-2.6

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total private nonagricultural l

Period

Current
dollars
1971...
1972
.
1973
1974
1975
.
1976
1977.—
1978
1979
1979: Nov
Dec
1980: Jan..
Feb..
Mar
Apr
May..
June
July
Aug
Sept
Get*.v
Nov

..
...

$127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 30
225. 70
228. 12
228. 20
228. 98
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
238. 30
240. 06
243. 57

Manufacturing

1967
dollars 8
$104. 95
109. 26
109. 23
104.78
101. 45
102. 90
104. 13
104.30
100.73
99.03
98.88
97.52
96.53
95.82
95.08
. 94.16
93.77
94. 17
94.62
94.75
94.51

$142. 44
154. 71
166. 46
176.80
190. 79
209. 32
228. 90
249. 27
268. 94
275. 49
277. 78
279. 28
280. 30
280. 99
282.98
281. 00
282. 30
284. 70
289. 98
293. 83
296. 60
299. 74




$211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342.99
350. 76
355. 26
352. 86
357. 64
356. 85
359. 29
361. 74
366. 92
365. 79
366. 46
375. 87
373. 80
378. 70

Percent change from a
year earlier,
total private nonagricultural 5
Current
dollars

Current dollars

* Also includes other private industry groups shown on p. 14.
* Adjusted for interindustry employment shifts and for overtime in manufacturing.
1
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.

70-735 0 - 8 0 - 3

Construction

Wholesale
and retail
trade

$101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 64
16496
169. 52
170. 50
172. 13
172. 04
173. 45
172. 16
173. 98
173. 86
174.90
176.96
178. 48
179. 68
181. 93

6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
7.4
6.9
6.8
6'6
8.2
6.5
6.4
5.7
6.6
6.4
7.5
8.1

1967
dollars
1.9
4.1
-. 0
-4.1
3.2
1.4
1.2
.2
34
-4.9
-5.3
-6.2
-6.5
-7.0
-5.6
-6.9
-6.9
-6.5
-5.4
-5.5
-4.6

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

15

PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
persons

Output i

Output per hour
of ail persons

Compensation
per hour 3

Unit labor
costs

Implicit price
deflator 4

PriPriNonNonNonPriNonNonPrivate
Private
Private Nonvate
vate
farm
farm
farm
farm
vate
farm
farm
business
business
business business
business
business
business
business
business
business
business
business
sector
sector
sector
sector sector
sector
sector sector
sector
sector sector
sector

Period

1967=100; quarterly data seasonally adjusted

1967
1968
1969

100.0
105. 1
108.3

100. 0
105.3
108.5

100.0
101.7
104.5

100.0
102.0
105.4

100.0
103.3
103.6

100. 0
103.2
103.0

100.0
107.6
115.0

100.0
107.4
114.2

100.0
104. 1
111.0

100.0
104.0
110.9

100. 0
103.9
108.8

100.0
1040
108.7

1970
1971
1972
1973
1974

107.3
110.3
117.5
124. 4
121.4

107.4
110.2
117.8
124.9
121.8

102.8
102. 3
105.4
109.5
110.2

104.0
103.6
107.0
111.5
112.2

104.4
107.8
111.5
113.6
110.2

103.2
106.4
110. 1
112.0
108. 6

123.3
131.6
139.8
151,3
165.2

121.9
130.1
138. 4
149,2
163.0

118.2
122.0
125.4
133.2
149.8

118. 1
122. 3
125.7
133.2
150. 1

113.9
118.9
123.2
130.3
143. 1

1140
119.2
122.9
127.9
141.4

1975
1976
1977
1978
1979

118.7
126.4
133.8
140.7
144.1

118.8
126.9
134.3
141.5
144.9

105.4
108.4
112.7
118.0
121.8

107.2
110.8
115.4
121.0
125.3

112.6
116.6
118.7
119.3
118.3

110.7
114.6
116.4
116.9
115.7

181. 7
197.6
213.3
231. 4
253. 1

179.3
194.2
209.6
227.5
247.9

161.3
169.5
179.7
194.0
214.0

161.9
169.5
180. 1
194.6
214.4

157.5
165.5
174.8
187.2
203.8

156.4
164.8
1745
186. 1
202.1

1979: I
II
III
IV

144.4
143.4
143.8
144.8

145.5
144.2
144.6
145.5

121. 5
121.3
122.0
123. 0

124.8
124.9
125.7
126.2

118.9
118.3
117. 8
117.7

116.6
115.4
115.0
115.2

244. 8
250.4
255.7
260.3

240.2
244.9
249.9
255. 6

205.9
211.7
217.0
221. 1

206.0
212. 1
217,3
221.8

197.2
202.0
206. 1
209.7

195.1
200.3
2047
208.4

1980: I
II..
Ill »_„

144.8
140.3
140.0

145.6
140. 9
140.9

123. 1
120. 0
119. 7

126.7
123.8
123.3

117. 7
116.8
116.9

114.9
113. 8
114. 3

267.6
275.3
281. 1

262. 2
269. 0
274.7

227.5
235.6
240.4

228.2
236.3
240.5

214.5
220. 6
226.4

213.7
220.4
225.8

Percent change ; quarterly data at seasonally adjusted annual rates
2.0
5. 1
3.0

1.9
5.3
3.0

-0.0
1.7
2.7

0.3
2.0
3.3

2.0
3.3
.2

1.6
3.2
.2

5.3
7.6
6.9

5.4
7.4
6.4

3,3
4.1
6.6

3.8
40
6.7

2.9
3.9
4.7

3.3
40
45

-.9
2.8
6.6
5.9
-2.4

-1. 1
2.6
6.9
6.0
-2.5

-1.6
-.5
3. 1
3.9
.6

-1.3
4.
3." 2
4.2
.6

.7
3.3
3.4
1.9
-3.0

.2
3.0
3.6
1.7
-3.1

7.2
6.7
6.2
8.2
9.2

6.8
6.7
6.4
7.8
9.2

6.4
3.3
2.8
6.2
12.5

6.5
3.5
2.7
6.0
12.7

4.7
4.4
3.6
5.8
9.8

49
45
3. 1
41
10.5

1975
1976
1977
1978—
1979

-2.3
6.5
5.8
5.2
2.4

-2.5
6.9
5.8
5.4
2.4

-4.3
2.9
3.9
4.7
3.3

-4.4
3.3
4.2
4.9
3.5

2.1
3.5
1.8
.5
-.8

2.0
3.5
1.5
.5
-1.1

10. 0
8.8
8.0
8.5
9.4

10.0
8.3
7.9
8.6
9.0

7.7
5.0
6.0
8.0
10.3

7.9
4.7
6.3
8.0
10.2

10.1
5.0
5.6
7.1
8.9

10.6
5.4
5.9
6.6
8.6

1979: I
II
III
IV

1.2
-2.9
1. 1
2.8

1.2
-3.6
1.2
2.5

4.5
-.9
2.5
3. 1

4.7
.4
2.7
1.7

-3. 1
—2.0
— 1.4
-.3

-3.3
-3.9
-1.5
.8

11.0
9.5
8.7
7.5

10. 2
8.1
8.5
9.5

14.6
11.8
10.3
7.8

14.0
12.5
10.1
8.6

9.3
10. 1
8.3
7.2

8. 1
11.0
9.0
7.4

.2
1980: I
II
-12.0
-.8
III "._-

.2
-12.3
.1

.5
-9.6
-1.0

1.3
-8. 9
-1.4

-.3
-2.7
.3

— 1. 1
-3.7
1.5

11.7
12.0
8.7

10.7
10.8
8.8

12. 1
15.1
8.4

12.0
15.0
7.2

9.4
11.9
11.0

10.6
13.2
10.0

1967
1968
1969
1970
1971
1972
1973.. _
1974

__

i 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.
* Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
« Current dollar gross domestic product divided by constant dollar gross domestic product.

16



NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 1.4 percent in November, following revised increases of 1.8 percent in October and 1.5
percent in September.
INDEX, 1967=100*

(RATIO SCALE)

INDEX, 1967=100*

160 -TOTAL INDUSTRIAL PRODUCTION

(RATIO SCALE)

180 -UTILITIES AND MINING PRODUCTION -

160

140

UTILITIES

140
120

120
MINING

MANUFACTURING

PRODUCTION

100
1976

1977

1978

1979

1980

NONDURABLE
PERCENT* (RATIO SCALE)
100

MANUFACTURING

CAPACITY UTILIZATION RATE

90

80
120

70

1976

1976

1111111 iii
1977

1978

1111111111i
1979

1980

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 "DTODOTtiofi
1973.
1974
1975.
1976... _
1977
1978
1979..

Total industrial
production
Percent
Index,
1967= change
from
100
year
earlier
100 00
8.4
129.8
—.4
129.3
117.8
— 8.9
130.5
10.8
138.2
5.9
5.7
146. 1
4.4
152.5

COUNCIL OF ECONOMIC ADVISERS

[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing

Capacity utilization rate, percent *
Manufacturing
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series
series 3
series

Total

Durable

Nondurable

Mining

Utilities

87. 95
129.8
129.4
116.3
130.3
138.4
146.8
153.6

51. 98
127. 1
125.7
109.3
122.3
130.0
139.7
146. 4

85.97
133.8
134. 6
126.4
141.8
150.5
156.9
164.0

6.86
1147
115.3
112. 8
114.2
118.2
124.0
125.5

5. 69
145.4
143.7
146. 0
151.7
156.5
161.4
166. 0

91.8
87.1
73.4
81.1
82.7
85.6
87.4

87.6
83.8
72.9
79.5
81.9
844
85.7

86
83
77
81
83
84
83

92.9
90.2
79.4
85.5
88.1
90.9
92.7

81

91.8

80

91.3

76

85.7

76

83.5

1979- Nov
Dec

152.3
152.5

1. 1
.5

153.3
153.2

145.2
144.8

165.0
165.3

129.9 . 167.2
166.9
131. 4

86.2
86. 1

844
84 1

1980* Jan
Feb
Mar
Apr
TMTfl v
June
July
Aiiff
Sept5
Oct
Novp

152.7
152.6
152. 1
148.3
144.0
141.5
140.4
141.8
143.9
146.5
148.5

.5
.1
-.9
-1.9
-5.7
-7.5
-8.2
-6.8
-5.8
-4. 1
-2.5

153.4
153.0
152. 1
147.9
143.4
140.3
139.1
140.6
143.2
146.0
148. 0

144.7
144. 1
143.4
138.4
133.3
129.9
128.3
129.4
131.7
135.3
137.8

166.0
165.9
1647
161.6
158. 0
155.3
154.7
156.9
159.8
161.4
162.7

133.5
132. 9
133.0
133. 1
133.4
132.9
130.6
129.6
130.5
131.8
134.2

1648
167. 1
172. 0
169. 1
167. 7
169.3
171.8
173.8
171.6
170.8
171.4

86. 1
85.6
847
82. 1
78.3
75.7
73.7
746
76.3
78.3
79.6

83.9
83.5
82.8
80.3
77.6
75.7
74.9
75.5
76.6
77.9
78.8

» Output as percent of capacity.
Annual data are averages of four monthly indexes.
> Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
1




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

17

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

Period
Total

1967 proportion
1970 ,
1971
_
1972
_
1973
.
1974.
1975
_ _
1976,...-.,
1977
.
1978
—
—
1979 .
1979- Nov
Dec
1980* Jan
Feb
Mar
_Apr
May_
„ _ '_
June
July,
.
-_ _
u
iujr.
_
Aug
Sept
Oct p. Nov 9

47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.6
135. 9
142. 2
147. 2
147. 1
147.2
147. 0
147.7
147.7
145.4
143. 1
142.3
142.4
142.8
143.8
145.6
146.8

Equipment

NonDurable durable
goods
goods

Total

7.89

27. 68
109.0
114. 7
124. 4
131.5
128.9
124. 0
137. 1
145.3
149. 1
150.8
149. 1
148.6
147.9
148.4
148.6
145. 3
142.4
142. 1
142.0
142. 7
144. 1
146. 4
147.6

106. 1
118.8
133.8
146.2
135. 3
121.4
141.9
154.0
159.2
155.8
149.6
146.7
142.3
144.5
144. 1
136.3
128.8
128.2
128.3
128. 6
132.9
139.5
141.6

Intermediate
products

19. 79
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
135. 2
141. 9
145. 1
148.8
149. 0
149.3
150. 1
150.0
150.3
148.8
147.7
147.6
147.4
148.3
148.6
149. 1
150.0

Total

Business

Total

£0.14
100. 1
94.7
103.8
114.5
120.0
110.2
114. 6
123.0
132.8
142.2
144.2
145.2
145. 8
146.6
146.6
145. 6
144.0
142.6
142.9
142.9
143.3
144.5
145.8

12. 63
107.0
104. 1
118.0
134.2
142.4
128.2
135.4
147,8
160. 3
171. 3
172. 6
174. 1
174.9
176.0
176. 1
174.2
171.9
169. 8
170. 1
170.3
170.7
171.9
173.4

12.89

Materials

Construction
supplies
6.42
111.0
116.8
128.4
139.8
134. 5
116.3
132.6
140.6
151.7
158. 0
157.4
155.7
156.4
153. 8
152.3
139.4
133. 0
128.5
128.6
133. 1
137.5
140. 1
142.9

112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160.5
160.2
159.6
160.8
159.2
158.3
150.8
146. 2
143.5
144.5
147.6
150. 1
151.3
152. 8

89. 29

109.2
111.3
122. 3
133. 9
132.4
115.5
131. 7
138.6
148.3
156.4
156.2
156.6
157.0
156.5
155.3
151.0
144.3
140.0
136.5
138.6
142. 1
146. 1
149.0

Supplementary
group:
Energy
total
12. 2S
117.0
119. 5
125.2
128.3
125.5
125.5
129. 1
132.9
135. 4
137.9
138.3
138.4
138.6
139.4
139.6
139. 1
137.9
138.4
139.2
139.2
137.8
136.8
137.6

[1967=100, seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

1967 proportion
1970 ..
1971
1972
1973 1974
1975
1976 .
1977
1978
1979
1979: Nov.
Dec
1980: Jan
Feb
Mar_> .
Apr.. __ __ _
May
June
July .
«"*j
_ _
Aug
Sept
Oct v.
Nov *

Iron
and
steel

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

9. 15
104.4
100. 2
116. 0
133.7
140. 1
125. 1
134. 5
143.6
153.6
163.7
162.9
163. 0
167. 1
167.0
166.5
163.2
162. 1
158.3
158.5
158.8
159. 1
160. 5
161.5

6.57

4.21

5.93

106.6
100.2
112. 1
126.7
123. 1
96.4
109.7
111. 1
119.9
121. 3
117. 1
115.3
116.4
111. 9
113.7
106.4
96. 1
90.4
81.7
86.0
89.9
100.0
107. 7

104.7
96. 1
107. 1
122.3
119.8
95.8
104.8
103.8
113. 2
113.2
108. 1
106. 6
107.2
103.4
105.9
97.4
84.4
75.4
68. 1
75.3
79.8
93.8

102.4
103.5
112. 1
124.7
124.2
109. 9
123.9
131. 0
141. 6
148.5
146.9
146.2
145. 0
145.7
145.5
141.4
133.2
126. 1
123.8
125.8
129.0
132.4
134.6

Source: Board of Governors of the Federal Keserve System.

18



Nondurable manufactures

Transportation
equipment

Total

Motor
vehicles
and
parts

8.05

9.27

4.50

108. 1
107.7
122.2
143. 1
143.8
116.5
134.8
145.4
159.4
175.0
179.5
181.6
181.7
179.2
179.2
177.0
171.4
166.6
165. 0
166.7
167.8
169.9
171.9

89.5
97.9
108.2
118.3
108.7
97.4
111. 1
122. 2
132.5
135.4
128.3
127.3
122. 1
125.7
123. 8
115. 1
109.8
110.0
110.7
108. 3
112.9
118.9
120.9

92.3
118.6
135.8
148. 8
128.2
111. 1
142.0
161. 1
169.9
159. 9
139. 3
137. 1
126.2
133.9
130. 1
114. 7
105.9
106.7
107.9
104.4
113.4
124. 7
128.3

Lumber
and
products

Apparel
products

Print- Cheming
icals
and
and
pubprodlishing ucts

1.64
105.6
113.8
120.8
126. 0
116.2
107. 6
123.2
131.2
136.3
136. 9
135. 9
132.4
131.6
130.2
125.3
105.2
104. 5
109.7
112.8
121. 7
122. 7
121.4

8. SI
101.4
104.7
109.4
117.3
114.3
107.6
125. 7
134.2
134.2
134.4
133.5
131. 1
131.5
133.8
136. 1
131.3
128.6
127.2
121.5
123.8

4. 72
107.0
107. 1
112.7
118.2
118.2
113.3
122.5
127.6
131. 5
136.9
136. 2
137.8
138.9
139.9
139.2
136.5
135.5
135. 4
138.6
140.3
140. 1
141.5
142. 4

7. 74
120.4
125. 9
143. 6
154.5
159.4
147.2
170.9
185.7
197.4
211.8
215.3
216.8
218.0
217. 4
213.6
209. 1
199.2
191. 1
190.3
197.8
206.0
210.4

Foods

8.76
108.9
112.8
116.8
120. 9
124.0
123.4
133. 0
138.8
142. 7
147.5
147.9
148.4
148. 5
149.0
149.3
147.8
149.5
149.0
148.9
148.3
148.7
149. 2

NEW CONSTRUCTION
Construction contracts8

Private
Period

Total new
construction
expenditures

Residential
Total

Total1

Commercial and
industrial

New
housing
units

Other

Federal,
State,
and
local

Total value
index
(1972=
100)

Commercial and
industrial
floor space
(millions of
square feet)

Billions of dollars
1973
1974
1975
1976
1977
1978
1979

.

137.9
138.5
134.5
151. 1
174.0
205.5
229.0

105.4
100.2
93.7
111.9
135.8
159.6
179.9

59.7
50.4
46.5
60.5
81.0
93.4
99.0

50.1
40.6
34.4
47.3
65.7
75.8
78.6

21.7
23.8
20.8
19.9
22.5
29.6
39.9

24.0
25.9
26.4
31.5
32.4
36.6
41.0

32.5
38.3
40.9
39. 1
38.2
45.9
49.0

Seasonally
adjusted

Seasonally adjusted annual rates
1979: Oct
Nov
Dec
1980: Jan
Feb
Mar
Apr
May June.*
July
. J
Aug
Sept 9
Oct *..

239.9
239.4
244.0
259.6
248.8
237. 1
225.8
218.9
215.0
214.2
215. 1
224. 1
225.0

187.3
187.4
191.2
198. 1
191.7
180.6
171.5
164.8
161.3
158.9
162.6
168.6
169.9

101.5
101.8
102. 1
105.8
101.5
94.0
83.5
77.0
73.4
75.0
79.8
85.9
87.5

79.9
79.0
78.5
80.7
75.1
68.4
60.7
55.2
51.9
52.2
56.1
60.8
62.8

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

42.9
43.5
45.3
47.4
46.4
43.8
44.5
44.3
44.6
41.3
41. 0
40.5
39.7

109.2
103.0
101.9
121.0
153. 6
174.1
185.6

42.9
42.0
43.8
449
43.8
42.8
43.5
43.5
43.4
42.6
41.7
42.2
42.7

52.6
52.0
52.9
61.5
57.0
56.5
54.3
54.1
53.7
55.3
52.5
55.4
55. 1

171
172
183
190
171
155
130
125
145
148
192
163
167

1,010
840
555
592
739
977
1,050
Seasonally
adjusted
annual
rates
1,118
1,010
969
1,253
1,026
994
875
753
854
867
792
797
857

NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.

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

New private homes

New private housing units
Period

Units started, by type of structure
Total

1972
1973
1974
1975 ..
1976
1977
... ..
1978 .
.. ..
1979

1 unit

2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1

1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1

1,522
1,548
1,419
1,330
1,041
1,030
906
1,223
1,265
1,429
1,541
1,561
1,555

980
1,055
1,002
786
617
628
628
757
869
1,003
1,059
1,037
987

2-4
units

141.3
118.3
68. 1
640
85.9
121.7
125.0
122.0

5 or more
units
906.2
795.0
381.6
204.3
289.2
414.4
462.0
429.0

Homes for
sale at
end of
period *

Units
authorized

Units
completed

2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8

2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8

718
634
519
549
646
819
817
709

409
418
346
313
353
402
414
3
398

1,831
1,880
1,787
1,832
1,669
1,897
1,536
1, 469
1,502
1,405
1,251
1,274

617
571
584
548
458
345
458
544
646
638
573
548

399
398
396
384
377
364
351
340
333
330
336
335

Homes
sold

Vacancy
rate for
rental
housing
units
(percent)2
5.6
5.8
6.2
6.0
5.6
5.2
5.0
5.3

Seasonally adjusted annual rates
1979: Nov. ..
Dec
1980: Jan
Feb
Mar
Apr
May
June
July..
Aug
Sept 9
Oct 9
Nov 9

* Seasonally adjusted.
a Quarterly data entered in last month of quarter.
* New series beginning March 1979.




114
110
127
101
91
100
80
75
80
136
142
120
160

428
383
290
443
333
302
198
391
316
290
340
404
408

1,287
1,247
1,271
1, 168
968
789
825
1,078
1,236
1,361
1,564
1,333
1,371

5.2
5.0
5.4
5.5

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSIHESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2 percent in October while inventories rose $2H billion. According to the advance survey, retail
sales rose 1^ percent in November following increases of K percent in October and 1K percent in September.
BILLIONS OF DOLLARS*
140

BILLIONS OF DOLLARS* (RATIO SCALE)

(RATIO SCALE)

130
120
110

RETAIL INVENTORIES

\-

100

90
80
RETAIL SALES

70
60

50

40
1976

1977

150 —

1979

1978

RATIO*
1.80

1980

100
1980

1980

1976

* SEASONALLY ADJUSTED
SOURCEi DEPARTMENT OF COMMERCI

COUNCIL OF ECONOMIC ADVISERS

Total business 1

Wholesale

Retail
Sales

Period

Sales *

Inventories 8

Inven-8
Sales 2 tories

Total

2

Inventories

DurNonable durable Total
goods goods
stores stores

3

Dur- Nonable durable
goods goods
stores stores

Inventory-4sales
ratio
Total
business l

Retail

Millions of dollars, seasonally adjusted

1972
1973
1974
1975
1976
1977
1978
1979.
1979: Get
Nov
Dec
1980: Jan
Feb
Mar
Apr
May
June
July___
Aug
Sept
Oct»—
Nov*

.

130, 049
152, 237
175, 741
180, 263
202, 001
224, 786
254, 297
288, 388
298, 452
298, 949
302, 117
312, 458
310, 181
305, 165
294, 998
292, 478
294, 203
304, 154
308, 019
318, 321
325, 296

203, 161
234, 162
285, 518
285, 035
310, 736
337, 432
380, 643
426, 796
422, 710
425, 952
426, 796
431, 420
435, 155
439, 114
445, 170
445, 801
447, 031
449, 510
451, 951
454, 566
456, 911

8i The term "business" also includes manufacturing
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
4

29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 551
77, 322
78, 203
78, 678
80, 906
79, 299
78, 550
76, 391
76, 376
76, 629
80, 189
82, 606
85, 470
88, 080

39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 676
88, 819
89, 086
89, 676
90, 690
91, 342
91, 497
92, 378
92, 562
93, 633
94, 619
97, 111
98, 111
99, 661

37, 422
42, 461
45, 083
49, 013
54, 784
60, 435
66, 741
73, 837
75, 583
76, 421
77, 150
79, 464
77, 993
76, 534
75, Oil
74, 587
76, 001
78, 287
78, 770
80, 087
80, 519
81, 826

(see page 21).

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

20



12, 369
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
25, 656
25, 679
25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 212
25, 076
24, 821
25, 868
25, 460
26, 055

25, 054
28, 052
30, 965
33, 766
36, 633
39, 711
43, 283
48, 158
49, 927
50, 742
51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 789
53, 211
53, 949
54, 219
55, 059
55, 771

55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 538 50, 100
108, 862 53, 087
110,415 54, 523
110,383 54, 415
108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110, 252 52, 490
109, 837 51, 792
109, 768 51, 645
110, 786 51, 531
111, 323 52, 383
112, 840 52, 238
114,374 52, 453

30, 841
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
55,892
55,968
55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58, 123
59, 255
58, 940
60, 602
61, 921

1.50
1.43
1.47
1.58
1.48
1.44
1.41
1.41
1.42
1.43
1.41
1.38
1.40
1.44
1.51
1.52
1.52
1.48
1.47
1.43
1.40

1.40
1.40
1.48
1.44
1.38
1.39
1.43
1.45
1.46
1.44
1.41
1.36
1.39
1.43
1.47
1.47
1.44
1.42
1.41
1.41
1.42

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' orders and shipments rose in October while inventories fell. According to advance data, durable
goods new orders and shipments rose further in November.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS * (RATIO SCALE)

180
160
140

2»U
240

=-SHIPME NTS
2^~\•~*^

120
100

r-X_^X -

r—~H^

_r "

V

60

.-£.~—„.-"•*>«,/''
•—.*""•*"'

-

-v;:;;;>^^^_

^ '^

^^~~~^

H^-^

—
^~~~~" —I

-

•—'—

-

-

,-*"""*

120

.

100 >•*———"""

---

-

DURABLE GC>ODS

--—"

-

NONDURA M GOODS

-

80
mmm.^,.m~m

40

\"

-..-

"*"

-

60
I i i t ii

1 I 1 i I 1 1 1 1 ! 1

1 MIt

*<^^'~~" —^ " - v - / * -

TOTAL

140

_

^ \^s^

120

-

^-^^-^1

S

DURABLE C OODS

\

80
-

-^ */

60

.-^ ""*•""*"

-/^:^

RAT 0*
2.2

-

1.6
1.4

i

1977

• ,,,,!,.,,, ,,,,,!
1979
1978

r^/
-

..

' ^~v

^

1.2

1 II i 1 I I M 11

1976

1980

1973
1974
1975
1976
1977
1978
1979

NonDurable durable
goods
goods

72, 954 39, 703
84, 821 44, 253
86, 617 43, 678
98, 810 50, 697
110, 842 58, 010
124, 714 66, 505
141, 000 73, 981

Mill

1977

•^-^-J*^
1 1 | 1 I I I M II M ! M ! 1 1 1 M

.1978

1979

r\
1 M I1 I 1 1 1 1 1

1980

33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019

Manufacturers' new orders1

Durable goods
ManufacCapital
NonNon- turers'
goods
Durable
Total
Total
indus- durable unfilled
goods durable
Total
goods
goods orders3
tries,
nondefense
Millions of dollars, seasonally adjusted

124, 672
157, 915
158, 178
170, 156
180, 224
198, 334
228, 258

43, 245 76, 183 42, 853
56, 048 87, 157 46, 740
56, 412 85, 082 41, 957
61, 061 99, 184 51, 047
64, 472 112, 451 59, 562
68, 878 128, 488 70, 145
76, 569 144, 335 77, 215

11, 089
12, 737
10, 772
12, 501
15, 084
18, 308
21, 643

159, 468
187, 574
169, 126
173, 646
193, 561
239, 321
279, 710

1.58
1.65
1.83
1. 66
1.59
1.52
1.52

75, 340 146, 610 76, 521
76, 007 146, 996 75, 903
76, 569 149, 232 77, 199

21, 073 70, 089 274, 097
21, 754 71, 092 276, 767
22, 285 72, 033 279, 710

1.54
1.57
1.56

155, 588
154, 603
152, 065
143, 313
138, 920
138, 582
147, 104
147, 180
155, 262
158, 054

74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302
77, 361

283, 211
284, 924
286, 907
286, 629
284, 033
281, 044
282, 463
282, 997
285, 497
286, 849

1.53
1.54
1.59
1.69
1.72
1. 72
1.68
1.66
1.59
1.55

75, 544
73, 751
74, 191

70, 003 223, 476 148, 136
70, 574 226, 483 150, 476
72, 098 228, 258 151, 689

1980: Jan... 152, 088
Feb... 152, 889
Mar.. L50, 081
Apr... L43, 596
May.. 141, 515
June.. 141, 573
July.. 145, 678
Aug... 146, 643
Sept.. 152, 764
Oct...
156, 697
Nov5.

77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
80, 168

74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193
77, 200

232, 294
235, 096
238, 522
242,540
243, 402
243, 630
244, 105
243, 517
243, 615
242, 876

Manufacturers*
inventory—
shipments
ratio *

81, 426
101, 866
101, 766
109, 095
115, 751
129, 456
151, 689

1979: Oct... 145, 547
Nov.. 144, 326
Dec... 146, 289

154, 043
155, 314
157, 127
159, 877
160, 607
160, 404
160, 875
161, 081
160, 691
160, 137

i Monthly average for year and total for month. Shipments are the same as sales.
* Book value, end of period.
* End of period.
* For annual periods, ratio of weighted average inventories to average monthly




1 I 1 1 1

1980

1979

COUNCIL OF ICONOMIC ADVISERS

Manufacturers' shipments l Manufacturers' inventories2

Total

1 11 1 1I1 M 11

INVENTORY-SHIPMENTS RATIO

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Period

-

2.0
1.8

NONDURABl E GOODS

1 1 1 1 1 1 1 1 1 1 1 i i i i i i i i ii
1978
1977

1976

-V-

40

1976

NONDURA ^BLE GOODS

-

IIIii

40

180
160 ~ NFW ORHFR^

100

200
160

DURABLE GO DDS

x -

TOTAL

_

^.-i

80

~ INVENTORIES

78, 251
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436
82, 924
82, 739

81, 467 23, 859
81, 021 21, 480
77, 546 22, 590
72, 416 22, 162
67, 328 19, 589
66, 454 19, 954
74, 228 21, 608
72, 229 19, 371
78, 960 20, 860
80, 693 20, 618
81, 455 21, 723

33, 330
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120

shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
* Preliminary; not charted.
Source: Department of Commerce. Bureau of the Census.

21

PRICES

PRODUCER PRICES

In November the producer price index for all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.5 percent and prices of other finished consumer goods were up 0.7 percent. Prices of capital
equipment rose 0.6 percent.
INDEX, 1967=100 (RATIO SCALE)
260

INDEX, 1967=100 (RATIO SCALE)
260

120

120

100

100

1980

1972
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967=100; monthly data seasonally adjusted]
Finished goods
Intermediate
Crude materials
materials
Total
finFoodished
Consumer goods
Capistuffs
conFoods
tal
Nonsumer Total and Other Total and Other
DurfeedTotal able dur- equip- goods
feeds *
stuffs
able ment
113.4 113.2 113.6 119.5 116.6 118.7 118. 5 118. 9 127.6 127.5 128.0
118. 5 115.8 120.5 123.5 129.2 131.6 168.4 128. 1 174. 0 180. 0 162.5
138.6 126.3 146.8 141. 0 149.3 162. 9 200.2 159.5 196. 1 189.4 208.9
153.1 138.2 163.0 162. 5 163.6 180.0 195.3 178.6 196.9 191. 8 206.9
161. 8 144.4 173.3 173.2 169. 0 189.3 186. 6 189.5 205. 1 190. 1 233.6
172. 1 152.2 185. 4 184.5 178.9 201.7 191.0 202.4 214.3 190.9 258.4
183.7 165.8 195.4 199. 1 192.6 215. 5 201.0 216.4 240. 1 215.3 286.7
208.2 181.9 225.9 216.7 215.7 242.8 223.2 244.0 282.2 247.2 348.3
222.9 189.4 245.5 222.9 227.9 257.3 230. 5 258.9 298.4 255.2 380.2
225. 5 191. 6 248.4 224.8 229.9 260.2 231. 1 262.0 301.7 255.8 388.5
232.0 198. 1 255.0 228.4 233.6 267.3 225. 1 269.9 299.5 246.0 400. 9
238.6 202. 1 263.2 230.0 237. 6 272. 6 237.6 274.7 307.5 251.3 414.2
243. 0 200. 5 272.0 232. 0 241.4 273.9 230.2 276.5 300.9 244.4 408.2
246. 7 201.2 277. 7 236.2 241. 7 274.3 223.9 277.4 290.4 229.5 406. 2
248. 0 201. 0 280.2 236. 6 242. 6 275.4 237.6 277. 7 294. 1 235. 1 406.2
249.6 203. 7 281. 0 238.3 244.3 277.6 237.7 280.0 295. 2 237.7 404.2
251.7 207.0 282. 4 241.6 248.7 280. 0 247.6 282.0 313.9 259.2 417.5
252. 6 207. 3 283.4 243. 5 252. 7 282. 1 269.2 282. 9 331. 6 282.4 424.8
252.3 207. 0 283. 3 243.2 252. 3 283.7 271.6 284. 4 335.8 281.4 439.0
253.9 209. 5 284.0 246.6 253.8 286.3 288.0 286.2 342. 3 285.5 449.9
255.7 210.0 287.0 248. 0 255. 5 289. 1 292.8 288.9 346.2 287. 1 458.2

Finished goods excluding
consumer foods

Period

1972
1973. ..
1974
1975
1976.
1977
1978
1979
1979: Nov
Dec
1980: Jan _
Feb
Mar
Apr. _
May
June.
July
Aug_
Sept
Oct
Nov

Total
finConished sumer
goods foods Total

117.2
127.9
147.5
163.4
170.3
180.6
194. 6
216. 1
226.6
228. 5
232.2
235. 5
238.8
240.3
241. 0
242. 7
246.8
250.2
249.8
251.9
253.5

121.7
146.4
166.9
181.0
180.2
189. 1
206.7
226. 3
233.5
234. 1
232. 0
231.0
233.4
226. 9
227. 0
228. 7
237.6
247.9
247. 4
248. 7
250.0

115.4
120.1
139.3
156. 2
165. 5
176.2
188.9
210.8
222.2
224. 6
230.0
234. 6
238.2
242. 0
243. 0
244. 6
247.2
248.4
248. 1
250.4
252. 1

1
Intermediate materials for food manufacturing and manufactured animal
feeds.

22



NOTE.—Data revised for July 1980.
Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In October, the consumer price index for all urban consumers rose 1.0 percent seasonally adjusted (0.9 percent
unadjusted). Food prices rose 0.8 percent (0.5 percent unadjusted) and nonfood commodity prices were up 0.8 percent (also 0.8 percent unadjusted). Services prices were up 1.2 percent (1.1 percent unadjusted).
INDEX, 1967= 100 (RATIO SCALE)
300

INDEX, 1967=100 (RATIO SCALE)
300

140

140

120

120

110

110
1972

1980

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]
i

Period

1972
1973
1974
1975
1976
1977
1978
1979

.:..
_ _
...

All
items

125. 3
133. 1
147. 7
161. 2
170. 5
181. 5
195. 4
217. 4

Food

123. 5
14L 4
161. 7
175. 4
180. 8
192. 2
211. 4
234. 5

Commodities
less
food

Services

119. 4
123. 5
136. 6
149. 1
156. 6
165. 1
174. 7
195. 1

133. 3
139. 1
152. 1
166. 6
180. 4
194. 3
210. 9
234. 2

1
M "
commodi-

home

Food
away
iroiii
home

121. 6
141. 4
162.4
175. 8
179. 5
190. 2
210.2
232. 9

131. 1
141. 4
159. 4
174. 3
186. 1
200. 3
218.4
242. 9

Food
of
clt

laco

120. 9
129. 9
145. 5
158. 4
165. 2
174. 7
187. 1
208. 4

123. 5
141. 4
161. 7
175. 4
180. 8
192. 2
211. 4
234. 5

225.4
227.5
229.9
233.2
236.4
239.8
242.5
244.9
247. 6
247.8
249.4
251.7
253.9

238.2
239. 1
241.7
243.8
244.9
247.3
249. 1
250.4
252. 0
254.8
258.7
261. 1
262.4

203.4
205. 4
207.2

243.6
246.2
249.3

210.4
213.8
216.7
218. 6
220. 2
221.4
222.2
224.2
226. 6
228.3

253. 1
256.8
261.3
265.3
269. 2
274.2
272.4
272.5
274.8
277.9

215. 8
217.9
220.4
223.5
226. 1
228. 8
230.0
230.8
231.6
233. 0
235.8
238.7
240.7

NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.




119.4
123. 5
136. 6
149. 1
156. 6
165. 1
174. 7
195. 1

Services

Durable

Nondurable

118. 9
121.9
130.6
145.5
154. 3
163.2
173.9
191.1

119.8
124.8
140.9
151. 7
158.3
166.5
174.3
198.7

133. 3
139. 1
152. 1
166.6
180.4
194.3
210. 9
234.2

195.7
198.4
200.3
202.5
203.5
204.0
205. 1
206. 3
207.4
208.5
211.8
215. 1
217.7

210.3
212. 0
215.0
221.8
228.4
233.8
235. 1
235.5
235. 8
236.6
237. 6
238. 1
238.4

243.5
246. 1
249.5
252.9
256.8
261.6
265. 6
269.8
274. 7
272. 5
272. 3
274. 3
277. 6

Seasonally adjusted

Unadjusted

1979: Oct
Nov
Dec
1980: Jan
Feb.__
Mar
Apr
May
June
July.__
Aug
Sept.__
Oct

Commodities less food

Food

239. 8
241. 4
244.8
244.8
244.7
247. 1
248. 4
249. 2
250. 5
252.9
257. 5
261.6
263.6

237. 1
238.5
242.3
241.8
240.9
243.5
244.5
245. 1
246.0
248.9
254. 7
259.6
261.7

249.9
252.0
254.4

202.9
205. 1
207.3

256.9
258.6
260.6
262. 5
263.8
266. 1
267.3
269. 0
271. 4
273.4

211. 5
215.2
217.9
219. 0
219.8
220. 4
221.4
223. 5
226.0
227.8

Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

1971
1972
1973_
1974
1975
1976
1977
1978
1979

Percent change from preceding
period; seasonally adjusted *

Percent change from 3 months
earlier; seasonally adjusted
annual rates

Percent change from 6 months
earlier; seasonally adjusted
annual rates

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital Total
finequipExclud- ment ished
goods
Foods
ing
foods

Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods

Capital
equipExclud- ment
Foods
ing
foods

3.2
3.8
11.8
18.3
6.6
3.3
6.6
9.2
12.5

5.9
8.0
22.5
13.0
5.5
-2.5
6.6
11.9
7.5

2.0
2.0
7.4
20.5
6.7
4.9
6.1
8.4
17.8

2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
8.7

1979: Nov
Dee

1.2
.8

1.9
.3

1.1
1.2

.7
.9

16.1
13.3

13.5
8.6

21.5
17.9

9.5
10.0

14.1
.147

9.1
11.9

21.3
20.6

7.5
7.9

1980: Jan
Feb
Mar
Apr
May
June
July
AUS
Sept
Oct
Nov.

1.6
1.4
1.4
.6
.3
.7
1.7
1.4
-.2
.8
.6

-.9
-.4
1.0
-2.8
.0
.7
3.9
4.3
-.2
.5
.5

2.9
2.8
1.8
1.5
.5
.6
.8
.4
—.1
.6
.7

1.6
.7
.9
1.8
.2
.7
1.4
.8
.1
1.4
.6

15.7
16.7
19.3
147
9.7
6.7
11.3
16.2
12.2
8.5
5.4

5.2
-4.2
1.2
8. 5
-6.7
7 8
20.2
42.2
36.9
20.0
3.4

22.8
31.3
34.8
27.9
16.7
11.3
8.4
7.6
4.4
3.5
5.0

13.3
13.4
13.4
144
12.0
11.3
9.5
12.2
8.5
8.5
7.6

15.7
16.4
16.2
15.2
13. 1
12.8
13.0
12.9
9.4
9.9
10.6

8.4
4.3
3.6
-1.9
-5.5
-4.6
49
15.2
12.4
20. 1
21.3

23.6
26.3
26.1
25.3
23.8
22.5
17.7
12. 1
7.8
5.9
6.3

9.6
11.4
11.7
13.8
12.7
12.4
11.9
12.1
9.9
9.0
9.9

-

WV**J

_

Source: Department of Labor, Bureau of Labor Statistics.

i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for July 1980.

CHANGES IN CONSUMER PRICES
Percent change from preceding
period; seasonally adjusted l

Percent change from 3 months earlier; Percent change from 6 months earlier ;
seasonally adjusted annual rates
seasonally adjusted annual rates

Commodities
less
food

3.4
3.4
8.8
12.2
7. 0
4.8
6.8
9. 0
13. 3

4,3
4. 7
20. 1
12.2
6. 5
.6
8.0
11.8
10. 2

Commodities
less
food
2.3
2.5
5.0
13.2
6.2
5. 1
4. 9
7. 7
14 3

1979: Oct
Nov..
Dee—

1.0
1.0
1.2

.8
.7
1.4

.8
1.1
1.1

1.2
1.1
1.4

13.4
13.5
13.7

7.9
10.4
12.1

144
13.5
12.7

15.1
149
15.8

13.4
13.3
13.8

6.8
6.9
9.3

15.1
15.2
145

146
143
15.1

1980: Jan.—
Feb.Mar—
Apr—
May —
June—
July..
Aug...
Sept...
Oct.-

1.4
1.4
1.4
.9
.9
1.0
0
.7
1.0
1.0

0
-.0
1.0
.5
.3
.5
1.0
1.8
1.6
.8

2.0
1.7
1.3
.5
.4
.3
.5
.9
1. 1
.8

1.4
1.5
1.9
1.5
1.6
1.8
-.8
—. i
.7
1.2

15.6
17.2
18.1
15.9
13.6
11.6
7.6
6.9
7.0
11.3

8.6
5.6
3.8
6.0
7.6
5.6
7.4
140
18.9
18. 0

18.1
21.2
22.1
15.0
8.8
47
45
6.9
10.6
12.1

16.4
18.6
20.9
21.7
21.8
21.6
10.8
3.8
-.6
7.7

145
15.3
15.9
15.7
15.4
148
11.7
10.2
9.3
9.4

8.2
8.0
7.9
7.3
6.6
47
6.7
10.7
12. 1
12.6

16.2
17.3
17.3
16.5
148
13.0
9.6
7.9
7.6
8.2

15.7
16.7
18.3
19.0
20.2
21.2
16.1
12.4
9.9
9.2

Period

1971
1972
1973
1974
1975
1976 .
1977
1978
1979 .

1

All
items

Food

Services

All
items




Services

All
items

Food

Services

4. 1
3.6
6.2
11.3
8. 1
7. 3
7.9
9. 3
13. 7

Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.

24

Food

Commodities
less
food

Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 1.9 percent in November and prices paid by farmers rose 0.7 percent in the month
ended November 15.
INDEX, 1967=100

(RATIO SCALE)

i i i i I i i i i i I i i i | i I i i i i i I i i i i | | i i i |i I i i i i i I i i i i i I i i i i i I i i i i i I i i i |i | i i I |il I I I I I I I i i i i I i i i i i

100

i i i i i I i i i i i 100

140

140

120

120

100

100

80

80

1980

1972
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[1967=100]
Prices received by farmers
Period

1972
1973
1974
1975
1976
1977..
1978
1979

All farm
products

._

Crops

Livestock
and
products

Prices paid by farmers
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates

Ratio 2

125
179
192
185
186
183
210
241

114
175
224
201
197
192
203
223

136
183
165
172
177
175
217
257

125
144
164
180
192
202
219
250

125
149
169
186
198
208
227
261

121
146
166
182
193
200
217
248

101
124
117
103
97
91
96
97

1979: Nov
Dec

238
239

226
222

251
255

258
260

267
270

256
258

92
92

1980: Jan
Feb
Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov

236
238
234
224
227
232
247
256
261
260
265

220
220
220
217
223
226
242
250
259
259
273

252
255
247
232
232
237
252
262
263
263
259

269
271
274
274
275
278
280
283
286
288
290

281
283
287
285
285
287
290
294
297
299
301

263
266
270
268
268
270
273
278
282
284
287

88
88
85
82
83
83
88
90
91
90
91

_

.
.

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




NOTE.—The official indexes are published on a 1910-14 base as required by
law. The indexes have been converted to a 1967=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK MEASURES AND LIQUID ASSETS

The narrow measures of money slowed further in November, but M-2 and M-3 continued to accelerate. M-1A
remained within the FOMCs longer run ranges.
BILLIONS OF DOLLARS* (RATIO SCALi)

BILLIONS OF DOLLARS* (RATIO SCALE)

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

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

Ml-A

Period
Currency
plus
demand1
deposits

1973:
1974:
1975:
1976:
1977:
1978:
1979:
1979:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Jan
1980: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov*

_ _

264. 1
275.3
287.9
305.0
328.4
351.6
369.7
368.0
369. 7
370.8
373.7
373.1
367.6
367.8
371.3
373.7
379.7
383.7
386.7
388.9

Ml-B

M2

Ml-B plus
overnight
RPs and
Ml-A plus Eurodollars,
MMMF
other
shares, and
checkable
deposits at savings and
banks and
small time
thrift
deposits at
institutions commercial
banks and
thrift
institutions 2
264.4
275.7
289.0
307.7
332.5
359.9
386.4
384.2
386.4
388. 1
391.3
391.2
386.6
386.2
390. 9
394.5
401.6
406.9
410.8
414.0

858.1
906.2
1, 022. 4
1, 166. 7
1, 294. 1
1, 401. 5
1, 525. 5
1, 516. 4
1, 525. 5
1, 534. 5
1, 546. 7
1, 553. 1
1, 549. 9
1, 562. 1
1, 585. 7
1, 609. 7
1, 629. 2
1, 640. 9
1, 653. 6
1, 668. 8

i Net of demand deposits due to foreign commercial banks and official
institutions.
* Total M2 excludes demand deposits held by thrift institutions at commerical
banks,
not shown separately in components.
3
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.

26



M3
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions

976.1
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 623. 6
1, 775. 5
1, 765. 4
1, 775. 5
1, 786. 9
1, 804. 5
1,811. 1
1, 811. 1
1, 824. 2
1, 844. 5
1, 865. 2
1, 886. 3
1, 900. 8
1, 918. 2
1, 943. 5

L

Percent change 3

M3 plus
other liquid Ml-A Ml-B
assets

1, 137. 2
1, 242. 8
1, 369. 6
1, 523. 5
1, 715. 5
1, 927. 7
2, 141. 1
2, 126. 4
2, 141. 1
2, 155. 2
2, 175. 9
2, 190. 1
2, 200. 7
2, 216. 6
2, 229. 1
2, 243. 4
2, 268. 2
2, 295. 1

5.4
4.2
4.6
5.9
7.7
7. 1
5. 1
7.2
5.8
4.9
5.4
4.0
.5
-.1
.9
1.6
3.2
5.8
10.7
11.8

5.5
4.3
4.8
6.5
8. 1
8.2
7.4
8.3
6.8
5.8
6.1
48
1.9
1.0
2.3
3.3
5.3
8.2
12.9
14.9

M2

M3

7.0
5.6
12.8
14. 1
10.9
8.3
8.8
9.4
8.3
7.7
7.5
6.8
5.3
6.1
8.0
10. 0
11.0
11.6
13.8
14. 1

11.2
8.5
9.7
11.9
12.4
11.2
9.4
10.5
9.7
9.3
9.3
7.7
6.2
6.8
7.9
9.0
9.3
10.2
12.2
13.5

Nof E.—See page 27 for components.
See Federal Reserve Bulletin, February 1980, for details on series.
Source: Board of Governors of the Federal Beserve System.

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Money
Over- market
SavDe- Other repurnight
chase
checkmutual ings
Cur- mand
Euroagreeable
defund
Period rency de- 1
dollars shares
posits
posits deposits ments
(RPs)
/_ J.\
(net)
Q

NSA

Dec:
1973.
1974.
1975.
1976.
1977.
1978.
1979.

Small
denomination
time
deposits 2

Large
denomination
time
deposits 2

NSA

NSA

NSA

NSA

6.8
7.2
7.5

0.0
.0
.0
.0
1.0
2.0
3.6

0. 1 322.2
333.9
383.9
447.7
486.5
10. 3 476. 1
43.6 416.7

266.4
288.9
340.4
396.6
454.9
533.8
656.5

110.9
144.0
129.6
118.0
145.2
194.7
219.4

15.0
21.0
27. 3
30.5

8.4

16.7

13.6
17.6
21.9
21.7

1979:
Nov. 105. 9 262. 1
Dec.. 106.3 263.4

16.2
16.7

22.5
21.7

3.2
3.6

40.4 421. 3
43.6 416.7

647.8
656.5

218.5
219.4

1980:
Jan.. 107.3
Feb.. 108. 1
Mar. 108.9
Apr__ 109. 0
May. 110. 1
June. 111. 0
July. 112.0
Aug.. 113.4
Sept. 113. 9
Oct__ 115. 1
Nov*. 115. 9

17.3
17.6
18.0
19.0
18.4
19.6
20.8
21. 9
23.2
24. 1
25. 0

22.6
23.0
21.0
17.6
18. 5
19.6
23.0
25. 2
26.4
26. 0
26. 8

4. 1
4. 1

49.1
56.7
60.9
60. 4
66.8
74. 2
80.6
80.7
78.2
77.4
77. 0

661.8
671. 4
687.6
708.3
718.0
719. 6
717. 2
717. 1
720.9
727.9
743. 8

222. 5
228.6
230.7
234. 2
235. 0
230. 7
226.2
225.3
229. 0
232. 2
242. 1

263.5
265.6
264.2
258.6
257.7
260. 3
261.6
266.3
269. 8
271. 6
273. 1

0.3
.4
1.1
2.7

4. 1

3.6
2.7

2. 8

2.9
3.6
3.7
3.7
4.4
4.7

2.3
3.6
3.4
3.8

411.8
403. 1
391.9
377. 3
372.7
381.4
393.8
403.9
407.9
410.4
405. 6

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

NSA

10.3
13.7
22.8
31.9

60.4
63.2
67.3
71.8
76.6
80.6
80.0

49.8
53.4
76.8
80.7
89.5
98.7
127.5

8.5
9.0

12.3
22. 6
28.9

41.9
50. 1
48.1
51.8
63. 1
79,4
97.3

30.5
30.5

34.0
31.9

80.3
80.0

122.1
127.5

28.6
28.9

96.0
97.3

29.9
29.2
27.2
27. 1
27. 1
28. 1
29.3
31.7
30.9
32. 3
32. 6

34. 1
37.5
37.4
37.9
37.8
36.0
35.4
36.0
34. 1

79.2
78.1
76.8
75.2
74.0
73.3
72.8
72.6
73.2

127.6
128.8
136.3
146.3
151.8
148. 6
144. 2
147.2
157.3

28.4 99.0
27.6 99.3
28.8 99.8
29.5 100.6
29.4 99.5
30.2 96.5
30. 1 95.8
29. 6 96.6
31.3 98.5

7.1
8.4
9.0

202.5
207.4
214. 1
2244
239.7
253.9
263.4

61.6
67.8
73.8
80.7
88.7
97.6
106.3

Term
Shortrepur- Term
term
chase Euro- Sav- Treas- Bank- Comagree- dollars ings
ury
ers'
ments (net) bonds secu- accept- mercial
(RPs)
rities ances paper

4.4
6.7
7.9

4.7

10.7

NOTE.—NSA indicates data are not seasonally adjusted.
See also page 26.
Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT
[Millions of doDars; monthly data seasonally adjusted]
Installment credit extended
Period
Total *
1972—
1973
1974
1975
1976
1977
1978_
1979

„

1979: Oct

Nov

Dec

1980: Jan

Feb
Mar
Apr

May
June
July_._
w" J
Aug
SeptA

Oct

Automobile

Revolving

Total »

Automobile

Revolving

Net change in amount outstanding
Total *

Automobile

Revolving

152, 275
173, 035
172, 765
180, 441
211, 046
254, 057
298, 351
322, 558

43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
91, 847

24, 671
28, 714
33, 225
36, 968
43, 94686, 756
104, 587
120, 728

136, 787
152, 817
163, 276
172, 676
189, 384
218, 794
253, 541
287, 067

38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
79, 293

23, 497
26, 711
31, 255
35, 628
41, 776
80, 508
96, 811
112, 449

15, 488
20, 218
9,489
7,765
21, 662
35, 263
44, 810
35, 491

5,621
5,910
495
2,976
10, 465
15, 204
19, 557
12, 554

1,174
2,003
1,970
1, 340
2,170
6,248
7,776
8,279

27, 695
26, 464
25, 671

7,676
7,066
7,131

10, 424
10, 613
10, 196

25, 509
24, 057
24, 322

7,189
6,533
6,449

9,760
9,814
9,764

2,186
2,407
1,349

487
533
682

664
799
432

26, 702
27, 076
26, 620
22, 548
21, 239
20, 698
24, 497
25, 601
27, 308
27, 548

7,780
7,659
7,240
5,725
5,192
4,770
6,609
6,964
7,718
7,632

10, 475
10, 458
11, 038
10, 293
10, 089
9,635
10, 522
10, 652
10, 897
11, 118

25, 330
24, 781
25, 183
24, 533
24, 673
24, 161
25, 106
25, 586
25, 858
26, 083

6,808
6,778
6, 845
6,370
6,535
6,508
6,702
6,790
7,275
7, 142

10, 186
9,883
10,427
10, 681
10, 577
10, 383
10, 508
10, 510
10, 551
10, 651

1,372
2,295
1,437
-1,985
-3,434
-3, 463
-609
15
1,450
1,465

i Includes "mobile home" and "other," not shown separately.




Installment credit liquidated

972
881
395
-645
- 1, 343
-1,738
-93
174
443
490

Source: Board of Governors of the Federal Reserve System.

289
575
611
-388
-488
-748
14
142
346
467

27

BANK LOANS AND INVESTMENTS, AND RESERVES
Bank credit growth in November was again bolstered by the rapid rise in business lending. Total reserves declined
even as borrowings picked up.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

ALL COMMERCIAL BANKS

1,200

1,200

1,000

1,000

800

800

600

600

AND LEASES
400

400

200
180
160
140

200
180
160
140

INVESTMENT IN OTHER SECURITIES

_\

120

120

INVESTMENT IN
-U.S. TREASURY SECURITIE

100

100

\

80

60

60

40

40
1972

1973

1974

1976

1975

1977

1978

1979

1980

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

Total
loans
and
investments

Period

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks l
Borrowings (millions of dollars,
Reserves
Investments
Loans and leases
unadjusted)
CommerU.S.
Other
SeaReNoncial and
Total
Total
Total 2 industrial
secuTreasury
sonal
borrowed quired
securities
rities
loans

1973: Dec. .
1974: Dec
1975: Dec .
1976: Dec
1977: Dec
1978: Dec
1979: Dec

647. 8
713.6
744.6
8043
891. 1
1, 014. 3
1, 132. 5

460.3
519.9
516.9
554.8
632. 1
747.8
847.2

165.6
197.3
189.8
191.2
211.2
246.5
290.5

58.7
53.7
82.1
100.6
99.5
93.4
93.8

128.8
140.0
145.7
149.0
159.6
173.1
191.5

3498
36.66
3467
3490
36.00
41.16
43.57

33.68
35.94
3454
3485
35.43
40.29
42.10

3468
36.41
3440
3463
35.81
40.93
43. 13

1,298
703
127
62
558
874
1,473

41
32
13
12
54
134
82

1979: Nov
Dec

1, 128. 6
1, 132. 5

843.8
847.2

288.3
290.5

943
93.8

190.5
191.5

43.06
43.57

41.15
42.10

42.81
43.13

1,906
1,473

146
82

1, 144. 8
1, 162. 7
1, 165. 2
1, 161. 0
1, 154. 9
1, 152. 0
1, 160. 0
1, 177. 2
„_ 1, 191. 0
1, 204. 5
1, 221. 2

858.5
872.7
874.7
871.6
860.6
853.5
855.0
865.8
876.4
886.2
899.4

295.6
301.1
302.8
301.2
297.7
295.4
296.2
301.4
306.0
312.0
318.4

93.2
948
945
93.2
946
97.0
100.9
1044
106.6
107.9
109.3

193. 1
195.2
196.0
196.2
199.7
201.5
204.2
207.0
208.0
210.3
212.5

43.44
43.35
43.67
4485
4445
43.96
42.78
40.75
41.52
41.73
41.23

42.20
41.70
40.85
42.39
43.43
43.58
42.39
40.09
40.21
40.42
39. 17

43.19
43.14
43.48
4465
4427
43.76
42.50
40.45
41.26
41.52
40.73

1,241
1,655
2,824
2, 455
1,018
380
395
659
1,311
1,335
2,156

75
96
150
155
63
12
7
10
26
67

1980: Jan
Feb
Mar
Apr
May
June ' .»
July
Aue
Sept
Oct 4
Nov
V***J

» Data are averages of Wednesday figures.
loans to commercial banks in the United States.
Data are averages of daily figures. Reserves series reflects actual reserve
requirement percentages with no adjustment to eliminate the effect of changes in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data relate only to member banks,
1
Excludes
3

28



«Data for loans and investments are estimates.
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
External

*-

Credit market funds
Total

Internal 1

Total
Total

1970
1971
1972
1973___
1974
1975
1976-.
1977
1978
19791979: I
II

III
IV
1980: I
II _
Hip

Uses

___ __

_ _

104.4
127. 8
161. 6
200.0
191.3
150.0
209.7
242.3
295.7
341. 3
350.2
323. 3
377. 3
314. 9
315. 4
204.9
258.7

58.9
68.6
80.8
83.8
75.7
106.8
125.3
139.9
148.8
158. 3
154.4
159. 0
161. 6
158. 2
153.7
160. 1
165.7

45.5
59.3
80.8
116.2
115. 6
43.2
84.4
102.3
146.9
183.0
195. 8
164.3
215. 7
156. 7
161.7
44. 9
93. 1

Securities
and
mortgages
32. 1
41. 1
40. 6
37.0
39. 1
49. 3
48.8
46. 1
49.2
52. 4
48.955. 2
56.2
49.2
56.2
59. 1
61. 8

40.7
45.2
58.2
73.0
82. 1
37.9
60.7
79.9
94.7
114. 3
113.4
123. 9
126. 7
93.0
123.8
64.3
102. 0

1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Consists of tax liabilities, trade debt, and miscellaneous liabilities.

Loans
and
shortterm
paper
8.5
4. 1
17. 6
36. 1
43. 0
11 4
11. 9
33.8
45. 6
61.9
64. 5
68.7
70. 5
43. 8
67.7
5.2
40. 3

Other 2

4.9
14. 1
22.6
43. 1
33.4
5. 3
23.8
22.4
52.2
68. 7
82.4
40.4
89.0
63.7
37.9
-19.4
-9.0

Total

95.9
119.6
145.8
185.6
179.0
133.0
183.3
216.8
274. 3
319.4
324.8
294.6
360. 5
298. 3
294.9
109.0
240. 7

Purchase
of
physical
assets 3

Increase
in
financial
assets

80.3
86.0
100.3
123.3
134.7
99.9
139.0
169.9
195.9
221. 3
213. 0
228. 6
226. 6
216. 9
226.0
220.0
209. 1

15.6
33.5
45.6
62.3
44.4
33.2
44.3
46.9
78.3
98.2
111. 8
66. 1
133.9
81.4
68.9
-30.0
31.6

Discrepancy
(sources
less
uses)

8.5
8.2
15.8
14.4
12.2
16.9
26.4
25.5
21.4
21.9
25.5
28.7
16.8
16.6
20.6
14. 9
18.0

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 liabilities

Current assets
End of period
Total
SEC series:2
492. 3
1970
1971
529. 6
1972
599.3
697.8
1973
1974__
790. 7
3
FTC-FRB series:
1974
735. 4
1975
759.0
826.8
1976
902. 1
1977_
1, 030. 0
1978_
1, 200. 9
1979-

Cash

Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable

Other
current
assets

Total

Notes
and
accounts
payable

Other
current
liabilities

Net
working
capital

Current
ratio l

50.2
53.3
59.0
66.3
71. 1

7.7
11. 0
10.6
12. 8
12.3

206. 1
221. 1
248.2
288.5
322. 1

193.3
200. 4
225.7
263. 9
313.6

35.0
43.8
55. 8
66.4
71.7

304. 9
326.0
375.6
450. 9
530. 4

211.3
220. 5
282. 9
340. 3
402.3

93. 6
105. 5
92.7
110. 7
128. 1

187. 4
203. 6
223.7
246.9
260. 3

1.615
1.625
1.595
1. 548
1.491

73.2
82. 1
88. 2
95.8
104.5
116. 1

11. 1
19.0
23. 4
17. 6
16.3
15.6

265.8
272. 1
292. 8
324.7
383.8
456.8

319.5
315. 9
342.4
374.8
426.9
501. 7

65.9
69.9
80. 1
89.2
98.5
110. 8

453.4
451. 6
494. 7
549.4
665.5
809. 1

269.8
264. 2
281.9
313.2
373.7
456. 3

183.6
187.4
212. 8
236. 2
291. 7
352.8

282.0
307.4
332. 2
352.7
364.6
391.8

1. 622
1.681
1.672
1. 642
1.548
1.484

1979: I
II
III
IV

1, 081. 0
1, 108. 2
1, 169. 5
1, 200. 9

102.7
100. 1
103.7
116. 1

17. 4
18. 6
15.8
15. 6

408. 1
421. 1
453. 0
456.8

451.4
465.2
489.4
501.7

101.4
103. 2
107. 7
110.8

705.4
724.7
777.8
809. 1

391.3
406. 4
438.8
456.3

314. 1
318.3
339.0
352. 8

375.6
383.5
391.7
391.8

1.532
1.529
1.504
1.484

1980: I
II

1, 235. 2
1, 233. 8

110.2
111. 4

15. 1
13. 9

471. 2
464.2

519.5
525. 7

119.3
118.7

838.3
828. 1

467.9
463. 1

370. 4
364.9

397.0
405.7

1.474
1. 490

* 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.
NOTE.—SEC series not available after 1974.
1




See Federal Reserve Bulletin, July 1978, for details regarding the series.
Data revised beginning 1976.
Sources: Board of Governors of the Federal Reserve System, Federal Tradt
Commission, and Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
In December market interest rates moved above their March/April peaks.
PERCENT PER ANNUM
14

14
*MARGH 15.526

12

12

10

DISCOUNT
RATE
FEDERAL
RESERVE
^BANK OF _
NEW YORK

f

TREASURY BILLS

I Iii IiIiii

I I I I I I I I II

.LI I I I I I I I I I

1972

1973

1974

10

v-W

CORPORATE Aaa BONDS
(MOODY'S)

1977

1976

1975

1978

1979

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Treasury security yields
Period

1974_
1975
1976
>
1977
1978
1979
1979: Nov
Dec
1980: Jan
Feb
_
Mar
Apr
May
June .
July*
Aug_
Sept__ _
Oct
Nov
Week ended:
1980: Nov 15
22
29
Dec 6
13
20

3-month
bills1

Constant maturities 2
3-year

10-year

High-grade Corporate Prime com- Discount
municipal
rate
mercial
Aaa
(N.Y.
paper,
bonds
bonds
(Standard
F.R.
4-6
Bank) 5
& Poor's) 3 (Moody's) months 4

7.886
5.838
4.989
5.265
7.221
10. 041
11. 868
12. 071
12. 036
12. 814
15. 526
14. 003
9. 150
6.995
8. 126
9.259
10. 321
11. 580
13. 888

7.82
7.49
6.77
6.69
8.29
9.71
11.18
10.71
10.88
12.84
14.05
12. 02
9.44
8.91
9.27
10.63
11.57
12.01
13.31

7.56
7.99
7.61
7.42
8.41
9.44
10.65
10.39
10.80
12.41
12.75
11.47
10. 18
9.78
10.25
11. 10
11.51
11.75
12.68

6. 09
6.89
6.49
5.56
5.90
6.39
7.19
7.09
7.21
8. 04
9.09
8.40
7.37
7.60
8.08
8.62
8.95
9. 11
9.55

8.57
8.83
8.43
8.02
8.73
9.63
10.76
10.74
11.09
12.38
12.96
12. 04
10.99
10.58
11.07
11. 64
12. 02
12. 31
12.97

9.87
6.33
5.35
5.60
7.99
4
10. 91
4
13. 26
12.80
12.66
13.60
16.50
14.93
9.29
8.03
8.29
9.61
11. 04
12.32
14.73

13. 514
14. 309
14. 384
14. 649
16. 335
16. 667

12.99
13.33
13. 62
13.77
14. 10
14. 17

12.63
12.69
12.72
12.91
13. 19
13. 18

9.51
9.44
9.61
9.87
10.33
10.46

12.93
12.96
13.03
13. 15
13.47
13.49

14. 12
14.91
15.48
16.05
17.57
17. 49

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

30



Prime
rate
charged
by
banks 5

10.81
7.83
7.86
6.25
6.84
5.50
6. 83
5.46
9.06
7.46
12.67
10.28
15^-15/2
12-12
l
15 /^15^
12-12
12-12
15#-15Ji
12-13
15Ji-16»
13-13 16J4-19X
13-13
19^-19K
l
13-12 *18 /r-14
14-12
12-11
12-11
11-10
10-10
11-1 IK
10-11 11/2-13
13/2-14/2
11-11
11-12
14/2-17%
11-11
11-12
12-12
12-13
13-13
13-13

Newhome
mortgage
yields
(FHLBB)«
8.92
9.01
8.99
9.01
9.54
10.77
11.37
11.64
11.87
11.93
12.62
13.03
13.68
12.66
12.48
12.25
12.35
12.61
13.08

15K-15H
15/2-17
17-17%
17^-19
19-20
20-21^

* 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 witp
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 generally came down in December from the historical highs registered in the previous month.
INDEX, DEC 31, 1965=50
80

INDEX, DEC 31,1965=50
80

70 -

60

50 -

40

10

10

5 -

1980
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

COUNCIL OF ECONOMIC ADVISERS

Common stock 5yields
(percent)

Common stock prices *
Period

New York Stock Exchange indexes (Dec. 31, 1965=50) »
Composite Industrial Transportation

1974.
1975
_. „
1976—..._
1977.
1978
1979
1979: Nov.
Dec .
1980: JanFeb.
Mar
AprMay
.
June
July
Aue
Sept
Oct
Nov. - _.
Week ended:
Nov 15
22
29
Dec 6
13
20"___
A

J

Utility

43.84
45.73
54,46
53.69
53.70
58.32
59.02
61.75
63.74
66.06
59.52
58.47
61.38
65.43
68.56
70.87
73. 12
75.17
78. 15

48.08
50. 52
60.44
57.86
58.23
64.76
66. 45
69.82
72.67
76.42
68.71
66.31
69.39
74.47
78.67
82. 15
84.92
88.00
92.32

31.89
31. 10
39.57
41.09
43.50
47.34
47.61
50.59
52.61
57.92
51.77
48.62
51.07
54.04
59.14
62.48
65.89
70.76
77.23

29.79
31.50
36.97
40.92
39.22
38.21
36.55
37.29
37.08
36.22
33.38
35.29
37.31
38.53
38.77
38. 18
38.77
38.44
38.35

49.67
47. 14
52.94
55.25
56.65
61.42
60.64
63.21
64.22
61.84
54.71
57.32
61.47
65. 16
66.76
67.22
69.33
68.29
67.21

77.03
80.21
80.45
78.53
74.24
75. 71

90.77
95. 10
95.40
93.04
87.58
89. 18

75.01
79.99
81.56
78.90
73.43
74.70

38.26
38.70
38.79
38.00
36.57
37.42

67.36
67.89
67.47
66.51
6470
66.86

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




Finance

Standard
& Poor's
DowEarningsJones
composite Dividendprice
price
index
industrial3
ratio
ratio
average (1941-43=
10) 4
11.59
4.47
82. 85
759. 37
431
9. 15
802. 49
86.16
8.90
3.77
974.92
102. 01
462
10.79
894.63
98.20
12.03
5.28
96.02
820. 23
13.46
5.47
844. 40
103. 01
5.71
815. 78
103. 6$
13.77
5.53
836. 14
107.78
5.41
860. 74
116. 87
5.24
115. 34
878. 22
1498
5.87
104.69
803. 56
6.05
102. 97
786. 33
5.77
107. 69
828. 19
13.08
5.39
114. 55
869. 86
5.20
119. 83
909. 79
5.06
123. 50
947. 33
490
126. 51
946. 67
4.80
130. 22
949. 17
463
135. 65
971. 08

962. 30
993. 07
986. 11
968. 57
921. 91
925. 12

133. 79
139. 20
139. 58
136. 28
129. 19
131. 93

4.68
4.54
451
4.63
494
478

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

31

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
in the first month of fiscal 1981, there was a budget deficit of $17.4 billion, compared to a deficit of $14.6 billion a
year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS

600

600

500

500

400

400

300

300

200

200

50

50
SURPLUS (+) OR DEFICIT (-)

-50

-50
-100

-100
1972

1973

1974

1975

1976

1978

1977

1979

1980

1981

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OIFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period

Receipts

Fiscal year or period:
1970
1971
_
1972
1973
1974
1975
1976
Transition quarter
.
1977
1978
1979
1980 9
1981 (estimates) :
Mid-Session Review, July 1980 *
Second Concurrent Resolution, November
20, 1980_
First month:
Fiscal year 1980
Fiscal year 1981
1
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,1980.

32



Outlays

Surplus or
deficit ( — )

193.7
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
466.0
520.0

196. 6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450. 8
493.6
579.0

-2.8
-23. 0
-23.4
-14.8
-4.7
-45.2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.0

604.0

633.8

-29.8

605. 0

632.4

-27.4

33. 1
38.9

47.7
56. 3

14 6
-17.4

Federal debt ( end of period)
Gross

Held by
the public

382. 6
409. 5
437.3
468.4
486.2
544. 1
631.9
646.4
709.1
780.4
833.8
914.3

284.9
304.3
323.8
343.0
346. 1
396. 9
480.3
498.3
551.8
610. 9
644.6
715. 1

834.0
914.8

646.8
716.9

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 month of fiscal 1981, budget receipts were $5.8 billion higher than a year earlier and budget outlays were
$8.6 billion higher.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS
300

500

500

OUTLAYS

400

400

300

300

NONDEFENSE

200

200

100

100

_L
1972

_L
1973

1974

1975

_L

JL
1976

1977

1978

1979

1980

1981

v

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND Off ICE OF /MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Outlays

Receipts
National defense
Period

Fiscal year or period :
1970
1971.
1972
1973
1974.
1975
1976. _ _ _
Transition quarter
1977.
1978._
1979. _ _
1980 T>
1981 (estimates) 1
First month:
Fiscal year 1980_
Fiscal year 1981

Total

IndiCorpovidual ration
income income
taxes
taxes

Other

Total

193.7
188. 4
208.6
232. 2
264. 9
281.0
300. 0
81.8
357.8
402.0
466. 0
52Q. 0
604. 0

90.4
86. 2
94.7
103.2
119. 0
122.4
131.6
38.8
157. 6
181.0
217. 8
244. 1
278.2

32.8
26.8
32. 2
36.2
38.6
40. 6
41. 4
8.5
54.9
60. 0
65. 7
64. 6
66.4

70.5
75.4
81.7
92.8
107. 4
118. 0
127.0
34.5
145. 2
161. 1
182.4
211. 4
259.4

196.6
211. 4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450. 8
493.6
579. 0
633.8

78.6
75.8
76.6
74.5
77.8
85.6
89.4
22.3
97. 5
105.2
115. 8
135.9
157.5

77. 1
74.5
75. 1
73.2
77.6
84. 9
87.9
21.9
95.6
103.0
115. 0
132.8
153.9

4.3
4. 1
4.7
4. 1
5.7
6.9
5. 6
2.2
4.8
5.9
5.9
10. 5
10. 3

56. 1
70. 1
81.4
91.8
106.5
136.3
160.9
41.5
176.7
189.9
210. 1
250.3
293.8

18.3
19.6
20.6
22.8
28.0
30.9
34.5
7.2
38.0
44.0
52. 6
64.6
67.6

39.3
41.8
48. 8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
109.2
117.8
104. 6

33. 1
38. 9

18. 7
21.2

1. 5
1.3

12.9
16. 5

47.7
56.3

10.4
13. 0

10.2
12.7

1.2
1.0

19. 1
23.8

4. 1
5.3

12.9
13.1

1
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,1980.




Total

Interna- Health
Inand
Depart- tional
terest Othei
income
ment of affairs security
Defense,
military

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to current estimates, Federal receipts rose $20.1 billion (annual rate) and expenditures rose $29.3 billion, yielding a deficit of $58.4 billion, $9.2 billion higher than in the second quarter. (See note
below.)
BILLIONS OF DOLLARS
600
550 -

200

200
150

50

50
SURPLUS
£22 ^ £22 ^

I

DEFICIT
-50 -

-100

1972

i! i IHI

1974

1973

\y& \MA Y&$ j^j

"l| .

m III*M*

1975

~l

- -50

-100
1977

1976

1979

1978

1980

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Period

Federal Government expenditures

Subsidies Less:
GrantsWage
Indirect ContriPurless
in-aid
Personal Corpocurrent accruals
rate business butions
chases Trans- to State Net
tax
and
surplus
of
Total nontax profits tax and
less
Total of goods fer pay- and interest
for
tax
nontax social inand
ments local
paid Govern- disreceipts accruals
services
ment en- burseaccruals surance
governterprises ments
ments

Surplus
or
deficit
(-),
national
income
and
product
accounts

Fiscal year:
1976
313.9
1977
366.0
1978.. . _ 414. 7
483. 7
1979

137. 0
166. 0
186. 3
223. 5

51. 7
59. 1
67. 7
78. 4

24. 3
24. 5
27. 2
29. 4

100. 9
116. 4
133. 5
152. 4

371. 1
411.4
450. 1
493. 6

125. 7
140. 3
150. 7
162. 4

156. 5
169. 6
182. 0
201. 7

57. 6
66. 3
74. 7
79. 3

25. 2
28. 4
33. 1
40. 4

6.2
6. 9
9. 6
9.8

0.0
.0
.0
.0

-57.3
—45. 5
— 35.4
-9. 9

Calendar
year:
1976 .
331. 4
1977- « ... 375.4
432. 1
1978
1979
497. 6
475.0
1979: I
II — 485. 8
III_. 504. 8
rv... 524.7
1980: I
538. 4
11... 529.9
III*.. 55t>. 0

147. 2
169. 6
194. 9
230. 0
213. 0
223.4
235.2
248.5
246. 1
249.5
256. 2

54. 6
61. 8
72. 0
78. 2
77.2
74.9
79.4
81.4
86.8
65.6
71. 9

23. 4
25. 1
28. 1
30. 0
29. 4
29 9
30.0
30.7
33.8
43.0
48.4

106. 3
118. 9
137. 0
159. 3
155.5
157. 5
160.2
164. 1
171.7
171.8
173. 5

385. 0
421. 7
459. 8
509. 0
486.8
492. 9
516. 1
540.4
561.3
579. 1
608.4

129. 7
144. 4
152. 6
166. 6
163. 6
161. 7
162.9
178.4
186.2
193.3
191.4

161. 7
172. 7
185. 4
209. 8
196.8
201.9
217.6
222.7
230.0
235.7
264. 1

61. 1
67. 5
77. 3
80. 4
77.8
77.7
81.8
84.3
86.0
86.0
87.0

26. 8
29. 0
34. 8
43. 1
40.0
42.6
43.5
46. 2
50.2
54.3
53.8

5. 8
8. 1
9. 7
9. 1
8.3
9.0
10.2
8.8
8.9
9.8
12. 2

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

— 53. 6
-46. 3
-27. 7
— 11. 4
-11.7
-7.0
-11.3
-15.7
-22.9
-49.2
-58.4

NOTE.—Benchmark revisions will appear in the January 1981 issue of Economic
Indicators.

34



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

INTERNATIONAL STATISTICS

INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)

Period

1973
1974
1975
1976
1977
1978
1979
._ __
1980: Jan
Feb
Mar
Apr
May
June __.
July.___
Aug *.Sept*__
Oct »
Nov *
1

129.8
129. 3
117. 8
130. 5
138.2
146. 1
152.5
152.7
152.6
152. 1
148. 3
144.0
141. 5
140.4
141. 8
143.9
146 5
148. 5

GerFrance many

Japan

United CanStates ada

143. 0
147.5
139. 6
147. 3
150.5
156. 7
164.0
162.7
162.9
166.0
162.3
158. 9
157.7
157.8
159.2

190.5
183. 1
163. 9
182.0
189. 7
201. 1
217.7
229.0
241. 3
233. 1
236. 9
234.4
232. 1
233. 1
222. 1
231. 1

145
148
139
149
152
154
161
165
166
166
166
160
160
165
165
157

147.7
145. 1
137. 1
149. 1
152.7
155.3
163.2
168
169
169
168
164
163
166
164

Italy
134.6
140.6
127.6
143.5
145. 1
147.9
157.6
167. 8
174.9
174.2
176.6
162.5
167. 1
165. 2
142.7
160. 6

Consumer prices (unadjusted)

United United CanGerKing- States l ada Japan France many
dom
123.0
120.0
114. 3
117.4
123.0
126.8
131.4
130. 1
128. 4
126.5
123. 7
123.0
124.0
122. 8
118.5
116. 1

Beginning January 1978 data relate to all urban consumers.

133. 1
147. 7
161.2
170.5
181.5
195. 4
217.4
233.2
236. 4
239. 8
242.5
244. 9
247. 6
247.8
249. 4
251. 7
253.9

130.3
144.5
160. 1
172. 1
185.9
202.4
221.0
231.3
233. 3
235.8
237.2
240.0
242.7
244.5
246.8
249.0
251.2

147.9
184.0
205. 8
224.9
243.0
252.3
261.3
270.8
273.3
275. 5
280.2
282.7
283.5
284.2
283.7
288. 1

140.7
160.0
178.9
196. 1
214.5
233.9
259. 1
277.2
280. 2
283.4
286.7
289. 3
291. 1
295.5
298.4
301.0

127.2
136. 1
144.2
150.4
155.9
160.2
166.6
171.0
172.8
173.8
174.9
175.6
176.5
176.8
177.0
177.0
177. 3

United
Kingdom

Italy
134.0
159. 7
186. 8
218. 1
255.2
286.2
328.5
367.9
374.3
378.2
384.3
388.2
391.7
398. 4
402.4
410. 9
417.9

150.2
174.3
216.5
252.4
292.4
316.6
359. 0
394. 1
399.7
405.1
419. 0
422.8
426.8
430. 4
431.3
434. 1
436.8

Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.

U.S. MERCHANDISE EXPORTS AND IMPORTS
(Millions of dollars; monthly data seasonally adjusted]
Merchandise exports 1

Period

2

Food, Crude
bever- mate- Manufacages,
rials tured
Total 2
and to- and
bacco fuels goods

F.a.s. value 5
Monthly
average:
1973
1974

5,902
8, 167

1974
8,167
1975
8,966
1976
9,596
1977. ...
10, 096
19781 1, 965
1979
15, 136
1979: Oct____ 16, 680
Nov
16,928
Dec___ 16, 742
1980: Jan
17, 348
Feb.__ 17, 233
Mar
18, 534
Apr
18, 468
May
17, 678
June
18,642
July. .. 18, 075
Aug
19, 103
Sept. _ . 18, 701
Oct
19, 089

5,811
8,053

1,078
1,269

895
1,317

3,728
5,294

5,790
8,450

8,053 1,269
8,842 1,399
9,456 1,436
9,912 1,330
11,753 1,717
14, 868 2,049
16, 396 2,374
16, 575 2,299
16, 419 2,413
17, 018 2,331
16, 950 2,296
18, 165 2, 538
18, 137 2,410
17, 303 2, 190
18, 267 2,366
17, 765 2,471
18, 788 2,489
18, 400 2, 779
18, 660 2,690

1,317
1,266
1,341
1,548
1,746
2,351
2,534
2,686
2,732
2,854
2,826
2,991
2,867
2,816
2,921
2,821
3, 181
2, 782
2, 506

5, 294
5,913
6,437
6, 679
7,873
9,715
10, 444
10, 418
10, 719
11, 173
11, 373
11, 802
11, 745
11, 612
12, 277
12, 015
12, 477
12, 277
12, 609

8,387
8, 048
10, 084
12, 307
14, 332
17, 194
19, 037
18, 548
19; 665
20, 938
21, 640
20, 589
19, 257
20, 439
19, 893
18, 995
19, 236
19, 465
20, 061

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.
t T0ot&
l includes commodities and transactions not classified according to kind.
1 1 arnv
als of imported goods other than intransit shipments.
4 I . ?
C.i.f. (cost, insurance, and freight) import value at first port of entry in tht
L lined States. Data for 1973 are estimates.




trade

3

Domestic exports
Total
domestic and
foreign Total
exports

Merchandise
balance
General imports
ExExports
ports
(f.a.8.)
Food, Crude
less
(f.a.8.)
Total
bever- mate- Manuimfacless
rials
(c.i.f.
ages,
imtured value) * ports
and to- and
goods
ports
(cusbacco fuels
toms (f.a,s.)
value)
Customs value
Merchandise imports

770
892
F.a.s.
892
827
991
1, 186
1,312
1,478
1, 404
1, 689
1,712
1,652
1,406
1,544
1,503
1, 531
1,584
1,600
1,468
1,402
1, 592

1, 120
2,653
value 5
2,672
2,716
3,457
4,463
4,325
5,954
7,479
6,379
7,775
7,590
8,788
8,421
7,284
7,774
7,834
6,655
7,043
6,667
7, 120

3,750
4,684

6, 131
9,033

112
-283

-221

Exports
(f.a.8.)less
imports
(e.i.f.)

-229
-866

—866
4,602
9, 033
-283 —221
312
918
8,654
4, 257
853
5, 398 10, 825
—581 —488 —1, 229
6,379 13, 130 —2, 297 —2,211 —3, 034
8,360 15, 258 -2, 473-2, 367 -3,293
9,353 18, 244 -2, 125 -2, 057 -3, 108
-2, 357 -3,469
9,663 20, 149
-1,620 -2, 732
9,950 19, 660
-2, 923 -4, 068
9,632 20, 809
-3, 590 -4, 752
11, 183 22, 100
-4,407 -5,573
10, 829 22, 806
-2, 054 -3, 138
10, 176 21, 673
-788 -1,816
9,969 20, 284
-2, 762 -3,852
10, 628 21, 530
-1,251 -2, 280
9,951 20, 922
-920 -1,852
10, 187 19, 927
-132 -1,061
10, 192 20, 165
-764 -1,644
10, 485 20, 345
-972 -1,861
10, 611 20, 949

* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
The current account was in surplus by $4.9 billion in the third quarter, after a $2.4 billion deficit in the second quarter.
BjLUONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

BALANCE ON CURRENT ACCOUNT

-15

; SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Merchandise

Period

Exports

1972—
1973
1974
1975
1976
1977
1978
1979

Imports

Investment income8

12

Net
Vial.
UcwL—
n n AA
cvi-ll/c

Receipts

Payments

49, 381 — 55, 797 — 6,416 14, 764 — 6, 572
71,410 -70,499

911
98, 306 — 103, 649 — 5, 343
-98,
041
9, 047
107, 088
114, 745 — 124 051
9 306
151,
689
—
30*873
120, 816
142, 054 — 175, 813 33 759
182, 055 — 211, 524 — 29^ 469

21, 808 -9, 655
27, 587 — 12, 084
25, 351 — 12, 564
29 286 — 13, 311
32, 587 — 14, 598
42, 972 — 22, 073
65, 970 — 33,460

"Mot
li tJU

Net
military
transactions

Nettravel

and
transportation
receipts

Other
services,
net 8

Balance

on
goods
and
serv-l
ices

Remittances,
pensions,
__ j
and
other
uni—
la
t-oi+01*4)1
i/ci «*i

transfers 1

Balance
on
current
account

— 1, 275

— 3, 063
— 3, 158
— 3, 18
— 2, 792
— 2 558
— 3*293
— 3 188
— 2, 695

2, 766 — 1, 941 — 3, 854 -5,795
7, 140
3, 184 11, 021 -3,881
2, 124
9, 309 — 7, 186
3, 986
4, 598 22, 893 —4, 613 18, 280
4, 384
9, 382 —4, 998
4, 711
5, 086 — 9*, 464 —4! 605 -14,068
—
14
259
5 959 — 9, 204 — 5, 055
_788
5| 806
4,' 878 — 5| 666

8, 192
12, 153
15, 503
12, 787
15, 975
17^ 989
20, 899
32, 510

— 3, 420
— 2, 070
— 1 653
-746

559

1, 628

886

1978: IIIIV--

36, 828 -44, 336 -7, 508 10, 557 -5,717
38, 900 -45, 715 -6,815 12, 851 -6,343

4,840
6,508

139
3

-910
-774

1,506 -1,933 -1,233 -3, 166
-820
493 -1,313
1,571

1979:I-_II—

41, 805
42, 815
47, 198
50, 237

7,038
7,270
9,319
8,883

-29
-102
-443
-700

-611
-637
-834
-613

1,448
1,428
1,524
1,405 ,

1980: I_—

54, 708 -65, 558 -10,850 20, 846 -10,752
54, 710 -62,215 -7,505 16, 641 -10,508
56, 288 -59, 116 -2, 828 19, 113 -10,646

10, 094
6,133
8,467

-922
-944
-632

-690
-296
-248

-798 -1,812 -2, 610
1,570
1,557 -1, 105 -1,326 -2, 431
4,900
6,377 -1,477
1,618

IIIIV.-

II—

III".

1
Excludes
3

-46, 919 -5, 114 14, 263 -7,225

-50,885 -8, 070 15, 250 -7,980
-54,258 -7, 060 18, 050 -8, 731
-59,462 -9,225 18, 407 -9, 524

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 United States are excluded from investment income and
included in other services, net.

36



2,732
-110
2,506
-250

1,408
-1,324
-1,383 -1,493
1,099
-1,407
-1,552 -1,802

Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
the third quarter, capital outflows fell by $5.5 billion dollars, to a rate of $20.2 billion. Recorded capital inflows
Kcreased by $3.1 billion, to a rate of $11.0 billion. The statistical discrepancy, which had soared to over $20 billion
in the second quarter, was sharply reduced.
BILLIONS OF DOLLARS
40

BILLIONS OF DOLLARS

40

-10

-20

-30

-40
1972

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Period
Total

1972
1973
1974
1975
1976
1977
1978
1979

_4
- 14, 497
22 874
158
-34,745 -1,467
-39,703
849
-51,269 -2,558
35 793
-375
732
61 191
-61,774
1 133

-9,977
1978- III
IV___ -30,418

1979: I
!!___
III___
IV

U.S.
official
reserve
assets l 2

115
182

Other
U.S.
Government
assets

U.S.
private
assets

1 568
-2,644
366
-3,474
4 214
-3,693
-4, 644
3 783

12 925
20 388
-33,643
-35, 380
44 498
-31,725
-57, 279
-56,858

Foreign assets in the U.S.,
net [increase/capital inflow ( + )P

Total

Foreign
official
- assets

21, 461
10, 475
6,026
18, 388
34, 241
10, 546
7,027
15, 670
17, 693
36, 518
36, 575
50, 741
33, 293
64, 096
37, 575 -14,271

1 386 -8, 706 17, 069
991 -29,609 28, 048

4,777
18, 368

-7, 768 -3, 585 -1, 102 -3, 081 2, 201 -8, 744
991
322
-15, 300
14 631 6,407 -10,095
-25,215
2,779
5,789
-766 -27, 228 24, 941
-13,492
649
-925 -11, 918 4,025 -1,221

A980: I
-12,711
P
II.... -25, 712
W
III *>_ -20, 196

-3,268
502
-1, 109

-1,467 -7, 976 7, 194
1 191
25 023 7,949
-1^320 -17,767 11, 003

» Consists of gold, special drawing rights (SDK), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.




-7, 215
7,775
8, 025

Other
foreign
assets

10, 986
12, 362
23, 696
8, 643
18, 826
14, 167
30, 804
51, 845

Statistical
discrepancy

Allocations
of
special
drawing
rights
(SDR)

710

1, 139

12, 292
9? 680
10, 945
16, 502
19, 152
5,246

1, 139

14, 409
174
2,978

1, 152

U.S.
official
reserve
assets,
Of
Total
net 1
which : (unad(sum of
Seasonal justed,
the
adjust- end of
items
with sign ment
period)
reversed) discrepancy
-1,879
-2, 654
-1,620
5,753
10, 367
-880
11, 354
23, 848

13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956

-3, 926 -2, 850
1, 998
3, 190
74
3,020
1, 167
10, 385
—825 -3,641
2,400
11, 269

18, 850
18, 650
21, 655
21, 268
18, 557
18, 956

-99
6,975
1,460
20, 194
4,293 -4, 022

21, 491
21, 943
22, 994

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

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

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

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

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

11
12
13
14
15
15
16

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

17
18
19
19
20
21

PRICES
Producer Prices
.............................................................................................
Consumer Prices ........... .
..............................................................................
Changes in Producer Prices
..........................................................................
......
Changes in Consumer Prices
............................................
. .......... .
.......................
Prices Received and Paid by Farmers .....
...........................................................
_____
.

22
il
IN
i4
25

*.
* ..
...
.....

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

26
27
27
28
29
29
30
31

....

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

.

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

32
33
34

........

........

35
35
36

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402
Price $2.00 (single copy). Subscription price: $17.00 per year; $21.25
for foreign mailing.

OQ
^°




U.S. GOVERNMENT PRINTING OFFICE : 1980 O—70-735