Full text of Economic Indicators : December 1981
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
97th Congress, 1st Session Economic Indicators DECEMBER 1981 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1981 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) HENRY S. REUSS, Wisconsin, Chairman ROGER W. JEPSEN, Iowa, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) FREDERICK W. RICHMOND (New York) CLARENCE J. BROWN (Ohio) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) PAULA HAWKINS (Florida) MACK MATTINGLY (Georgia) LLOYD BENTSEN (Texas) WILLIAM PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JAMES K. GALBRAITH, Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L. WEIDENBAUM, Chairman WILLIAM A. NISKANEN JERRY L. JORDAN [PUBLIC LAW 120—Slsx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.75 a single copy ($3.45 foreign), or by subscription at $21.00 per year ($26.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 The 1980 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of Documents, Government Printing Office. It should be noted that many of the series have undergone major revisions since the Supplement was published in the fall of 1980. 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the third quarter, gross national product rose $79.2 billion or 11.4 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 1.4 percent from the second quarter level and the implicit price deflator rose at a 9.9 percent annual rate. BILLIONS OF DOLLARS 3,000 (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 GNP IN CURRENT DOLLARS \ 1,800 1,800 1,600 1,600 1,400 1,400 GNP IN 1972 DOLLARS 1,200 1,200 J L 1973 J 1974 1975 1976 1977 I L 1979 1978 I I I 1980 SOURCE: DEPARTMENT OF COMMERCE I I I 1981 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 investment Export s and imp»orts of gooc is and services Go^/eminent purchases of goods and services Federal Net exports State and local Final sales Total National defense 220. 1 234.9 253. 1 270. 4 304. 1 339.9 362. 1 394.5 432.6 473.8 534.7 95.7 96.2 101.7 102.0 111.0 122. 7 129.2 143.9 153.4 167.9 198.9 73.6 70.2 73. 1 72.8 77.0 83.0 86.0 93.3 100.0 111.2 131.7 22.2 26.0 28.5 29. 1 33.9 39.7 43.2 50.6 53. 4 56. 7 67.2 124.4 138.7 151.4 168.5 193. 1 217.2 232.9 250.6 279.2 305.9 335.8 989.5 1, 070. 0 1, 175. 7 1, 307. 9 1, 420. 1 1, 556. 1 1, 706. 2 1, 897. 0 2, 133. 9 2, 396. 4 2, 632. 0 Exports Imports Total 59.0 64.7 76.7 95.4 132.8 128. 1 157. 1 187.5 220. 4 267.9 316.5 Nondefense 992.7 621. 7 1, 077. 6 672.2 1, 185. 9 737. 1 1, 326, 4 812.0 1, 434. 2 888. 1 1, 549. 2 976.4 1, 718. 0 1, 084. 3 1, 918. 0 1, 205. 5 2, 156. 1 1, 348. 7 2, 413. 9 1, 510. 9 2, 626. 1 1, 672. 8 144.2 166.4 195.0 229. 8 228.7 206. 1 257.9 322. 3 375. 3 415.8 395.3 14.2 13.4 26.8 13.8 —4.2 -.6 13.4 23.3 65.7 68.8 77.5 109.6 146.2 154.9 170. 9 183.3 219.8 281. 3 339.8 2, 571. 7 1, 631. 0 1980: I II___ 2, 564. 8 1, 626. 8 III_. 2, 637. 3 1, 682. 2 IV___ 2, 730. 6 1, 751. 0 415.6 390. 9 377. 1 397.7 8.2 17.1 44.5 23.3 337.3 333.3 342. 4 346. 1 329. 1 316.2 297.9 322. 7 516.8 530.0 533.5 558. 6 190. 0 198.7 194. 9 212.0 125.0 128.7 131.4 141. 6 64.9 70.0 63.5 70.4 326.8 331.3 338. 6 346.6 2, 2, 2, 2, 1981: !__-_ 2, 853. 0 1, 810. 1 II— _ 2, 885. 8 1, 829. 1 III... 2, 965. 0 1, 883. 9 437. 1 458. 6 463.0 29.2 20.8 29.3 367.4 368.2 368.0 338.2 347.5 338. 7 576.5 577.4 588. 9 221.6 219. 5 226.4 145.2 148.2 154. 1 76.4 71.3 72.2 354.9 357.9 362. 5 2, 848. 5 2, 862. 5 2, 937. 6 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 6.7 4. 1 .7 Source: Department of Commerce, Bureau of Economic Analysis. 569. 557. 653. 748. 1 4 4 0 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Period Personal conGross national sumption product expenditures Gross private dc>mestie i] ivestment Nonresidential fixed Residential fixed Ex]sorts of gcsods and service3S Change in busiMa* IN CD ness in- exports ventories Governiaient pure bases of gooc is and ser vices Exports Imports Total Federal State and local Final sales 1, 085. 6 1, 122. 4 1, 185. 9 1, 255. 0 1, 248. 0 1, 233. 9 1, 300. 4 1, 371. 7 1, 436. 9 1, 483. 0 1, 480. 7 672. 1 696.8 737. 1 768.5 763. 6 780.2 823.7 863.9 904.8 930.9 935.1 113. 8 112.2 121. 0 138. 1 135.7 119.3 125. 6 140.6 153.4 163.3 158.4 41.0 53.7 63.8 62.3 48.2 42.2 51.2 60.6 62.4 59. 1 48.1 3.8 8. 1 10.2 17.2 11.6 -6.7 7.8 12.3 14.0 10.2 -2.9 3.9 1.6 .7 15.5 27.8 32.2 25.4 21.9 24. 6 37.7 52.0 70. 5 71.0 77.5 97.3 108. 5 103.6 110. 1 113.2 127. 5 146.9 161. 1 66.6 69. 3 76.7 81. 8 80.7 71. 4 84.7 91. 3 103.0 109. 2 109. 1 251. 1 250. 1 253. 1 253.5 261. 2 266.7 266. 8 272.3 277.8 281.8 290.0 110.6 103.7 101.7 95. 9 96.6 97.4 96.8 100. 7 99.8 101.7 108.1 140.5 146.4 151. 4 157.6 164.5 169.3 170.0 171.6 178.0 180. 1 181.9 1, 081. 8 1, 114. 3 1, 175. 7 1, 237. 8 1, 236. 4 1, 240. 6 1, 292. 7 1, 359. 3 1, 422. 9 1, 472. 9 1, 483. 6 1980: I— , 1, 501. 9 II... 1, 463. 3 III.. 1, 471. 9 IV... 1, 485. 6 943.4 919.3 930.8 946.8 165.0 156. 1 155.5 157.0 54.2 43. 1 44.7 50.6 -.9 1.3 -5.0 -7.2 50. 1 51.7 57.6 48.5 165.9 160.5 160. 5 157.4 115. 8 108.9 102.8 108.9 290. 1 291.9 288.2 289.8 107.6 110.7 106.9 107.4 182. 5 181.2 181.3 182.4 1, 502. 8 1, 462. 0 1, 476. 9 1, 492. 7 1981: I.... 1, 516. 4 960.2 955. 1 962.8 162.0 161.1 163.9 51.0 47.8 42.7 -1.4 10.8 14.9 50.9 46.2 43.2 162.5 161.5 160. 1 111.6 115.4 116.9 293.6 289. 5 288.3 111.2 108.7 109. 6 182.5 180.7 178.8 1, 517. 8 1, 499. 6 1, 500. 9 1970 1971. 1972 1973 1974 1975 1976 1977 1978 1979 1980 II— 1, 510. 4 Ill- 1, 515. 8 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100; quarterly data are seasonally adjusted] Gross national product Period PersonaI consump>tion expe nditures Total NonDurable durable goods Gross private dom estic invesifcment NonresServices idential fixed Residential fixed Expor ts and imports of goods and scjrvices Governnnent purchases of goods and s<srvices Exports Imports Federal State and local 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 91.45 96.01 100. 00 105. 69 114. 92 125. 56 132. 11 139. 83 150. 05 162. 77 177. 36 92.5 96.5 100.0 105. 7 116.3 125.2 131.6 139. 5 149. 1 162. 3 178.9 95.7 99.0 100.0 101.7 108.2 117. 3 123.9 129.2 136.2 144.8 156.0 93.6 96.6 100.0 108.3 123. 1 132. 1 137.0 143.4 153.2 169. 8 188.6 90.5 95.6 100.0 104.7 113.0 121.6 129. 6 139.9 150. 1 162. 1 178. 1 91.3 96.2 100.0 103.8 115. 4 132.2 138. 6 146.2 157.7 171.3 186.8 90.5 94.8 100.0 109. 1 120. 3 131.0 140.7 158. 0 178.3 200. 5 218.6 93.2 97.0 100.0 112. 7 134.7 149. 6 155.2 161. 9 172.4 191. 5 211.0 88.6 93.3 100.0 116. 7 164.6 179.5 185.5 205. 4 214.0 245.4 290. 1 86.6 92.7 100.0 106.3 114.9 126.0 133.5 142. 9 153.7 165. 1 183.9 88. 94. 100. 106. 117. 128. 137. 146. 156. 169. 184. 1980: I II III IV 171. 23 175. 28 179. 18 183. 81 172.9 177.0 180.7 184.9 151.9 154. 1 157.5 160.5 182.9 186.2 190.0 195.2 171.6 176.0 180.3 184.3 180.5 185.7 189. 1 192.4 212.6 217.4 221.9 223.3 203.4 207. 6 213.4 219.9 284.2 290.4 289.7 296.4 176.5 179.5 182.4 197.4 179. 1 182.8 186.7 190.0 1981: I II III 188. 14 191. 06 __ 195. 61 188.5 191.5 195. 7 162.3 165.4 168.3 200.4 203.7 199.2 188.4 192.2 197.6 195.0 201.4 228.7 231.8 235.4 226. 1 228.0 229.8 303. 1 301.2 289.8 199.4 201.9 206.6 194.5 198.0 202.8 Source: Department of Commerce, Bureau of Economic Analysis. 204.5 6 7 0 9 4 3 0 0 9 8 7 CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross iaational p roduct Constant (1972) dollars Current dollars Period Implicit price deflator Fixedweighted price index (1972 weights) Chain price index Constant (1972) dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index (1972 weights) 5.0 5.3 4.9 4. 1 5.9 9.1 9.2 5.7 6.2 7.5 8.7 8.6 5.0 5.2 4.8 4.0 5.9 9.4 9.0 5.8 6.4 7.6 9.4 9.6 8.4 6.9 8.1 9.6 10.2 9.4 9.9 11.0 11.2 11.9 12.0 10.7 3.7 2.2 3.7 5.8 43 -.6 2.2 5. 6 49 4.7 2.9 .5 45 46 43 3.7 5.7 10. 1 7.6 5.2 6.0 6.8 8.9 10.2 4.5 4.6 4.3 3.6 6.0 10.3 7.7 5.3 6.3 7.1 9.3 10.6 44 45 42 3.5 6.0 10.4 7.8 5. 3 6.3 7.2 9.6 11.0 9.3 9.8 9.2 10.7 8.7 8.8 9.3 10.5 9.7 9.3 9.0 10.4 12.9 -1.0 14.3 17.4 .8 -9.8 5. 1 7.0 12.0 9.8 8.8 9.7 12.5 9.7 9.5 10. 1 13.2 9.9 9. 5 10.1 9.8 6.4 9.9 9.8 7.7 10.0 10.2 7.9 9.5 14.2 43 12.5 5.8 -2.1 3.3 8.0 6.5 9.0 10.3 6.5 8.7 10.9 6.5 8.2 8.1 5.2 8.6 10. 1 11.8 8. 1 8.0 10.9 11.6 12.4 12.0 as 2.8 -.2 3.4 5.7 5.8 -.6 -1.1 5.4 5.5 4.8 3.2 -.2 5. 1 5.4 5.0 4.2 5.7 8.7 9.3 5.2 5.8 7.3 8.5 9.0 1980: 1 II III IV 12.6 -1. 1 11.8 149 3. 1 -9.9 2.4 3.8 1981: 1 II III 19.2 4.7 11.4 8.6 — 1. 6 1.4 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 Per sonal conssumption expenditures , NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Period Gross d omestic produlet of nonfin ancial corpc>rate busi ness (billic ns of doll Etrs) Current dollars 1972 dollars 544 1 1969 1970 563.7 609.9 1971 1972 678.0 759.4 1973 1974 818.9 1975 890.0 1976 1, 001. 3 1977 1, 129. 5 1978 1, 270. 7 1979 1, 417. 0 1980 1, 535. 2 1979:111.. 1, 432. 1 IV__. 1, 457. 7 1980: I 1, 502. 1 II. __ 1, 496. 3 III — 1, 537. 7 IV 1, 604 7 1981: I 1, 690. 1 II 1, 716. 3 Ill- 1, 760. 3 604.0 599. 6 626.8 678.0 731.9 708.2 6942 745. 5 799.0 845. 1 873.3 867.2 8743 873.4 878.2 853.2 860.4 876. 9 901.0 901.2 901. 1 Current-dol lar cost a nd profit per unit of outpu t (dollars) i Total cost and profit 2 0.901 . 940 . 973 1.000 1. 038 1. 156 1.282 1.343 1.414 1.504 1.623 1.770 1.638 1.669 1.710 1.754 1.787 1.830 1.876 1. 904 1.954 Capital consumption Comallowpenances Indirect sation business with 3 of capital taxes employconees sumption adjustment 0.078 . 087 .091 .092 .093 . 112 .137 . 141 . 146 . 153 . 169 . 191 . 172 . 175 . 180 . 192 . 196 . 197 . 197 .204 . 211 0.096 . 106 . 113 . 113 . 114 .127 . 140 . 141 . 144 . 148 .153 .176 . 154 .157 .161 . 173 . 181 . 188 . 199 .202 .206 1 Output is measured by gross domestic product of nonflnancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonflnancial corporate business with the decimal point shifted two places to the left. 1 Indirect business tax and nontax liability plus business transfer payments less subsidies. Net interest Corpc>rate profi ts with invent ory valualbion and capil,al consun iption iidjustmen ts Total 0. 594 0.022 0. 112 .028 .088 .631 . 641 . 029 .099 .028 .107 .659 .031 . 107 .692 . 042 .090 .786 .044 .124 .837 . 040 . 144 .878 . 158 . 924 .042 .044 . 163 .996 .052 1.092 .157 .065 .143 1. 196 . 154 .053 1. 104 . 146 .056 1. 135 .151 .060 1.158 .064 . 132 1. 193 . 141 1.203 .067 . 146 1.230 .068 . 169 1.244 . 067 . 163 . 070 1.266 . 073 . 169 1.295 Profits tax liability 0. 055 .045 .047 .049 .055 .059 .059 .071 .074 .080 . 080 .073 .081 .078 .085 .061 .070 .075 .076 .064 .066 Profits after4 tax 0.057 .043 .052 .058 .053 .030 .065 .073 .084 .083 .077 .070 .074 .067 .066 .071 .071 .071 .093 .098 . 103 ComOutput pener sation P hour per of all hour employof all ees employ(1972 ees dollars) (dollars) 7.098 7. 126 7.467 7.688 7.891 7.622 7. 881 8. 132 8.348 8.384 8.384 8.432 8.388 8.338 8.369 8.359 8.496 8.496 8.628 8.674 8.660 4213 4.498 4788 5.068 5.458 5.989 6.596 7. 138 7.713 8.347 9.159 10. 085 9.260 9.462 9.694 9.973 10. 218 10. 450 10. 737 10. 978 11.216 * With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] ConaNational income Period tion of employees1 Propri etors' inconn3 with inventor y valuation anc capital consuiiaption adjust ments Farm Corpor ate profits3 with inv entory va luation and capital consumptioia adjustm ents Profits with inv<3ntory valual"Aon adjus bment and ^without ca pital consum ption adjiistment of per- with capital consumption adjustment Total Total Profits before tax Inventory valua- Capital consumption adjustment Net Interest adjustment 14. 3 15.0 18.7 32.8 26. 5 24.6 19. 1 18. 4 26. 1 30.8 23.4 51.9 54.4 58. 1 61.0 62.2 65.4 75.0 85. 1 91. 0 100.7 107.2 19.7 20. 2 21.0 22. 6 23.5 23.0 23. 5 25. 1 27.4 30.5 31.8 71.4 83.2 96.6 108.3 94. 9 110. 5 138. 1 164.7 185.5 196.8 182.7 68.9 82. 0 94. 0 105.6 96.7 120.6 151. 6 176.7 199.0 212.7 199.8 75.4 86.6 100.6 125.6 136.7 132. 1 166.3 192. 6 223.3 255.4 245.5 -6.6 -4.6 6.6 -20. 0 40.0 -11.6 -14.7 -15.8 -24. 3 -42.6 -45.7 2.5 1.3 2.7 2.7 -1.8 -10. 1 -13.5 -12.0 -13.5 -15.9 -17.2 41.4 46.5 51. 2 60.2 76.1 84.5 87.2 100.9 115.8 143.4 179.8 0 0 4 8 25.7 23.3 22. 1 22.5 107.9 101. 6 107.6 111.6 31.2 31. 5 32.0 32.4 200.2 169.3 177.9 183.3 215.6 186.9 195.9 201.0 277.1 217.9 237.6 249.5 -61.4 -31. 1 -41.7 -48.4 -15.4 -17.6 -17.9 -17.8 165.4 175.3 185.3 193.3 2, 291. 1 1, 722. 4 2, 320. 9 1, 752. 0 ._ 2, 377. 6 1, 790. 7 18.9 21.7 24.7 113.2 112.5 112.4 32.7 33.3 33.9 203.0 190.3 195.7 217.7 205. 1 209.1 257.0 229. 0 234.4 -39.2 -24.0 -25.3 -14.7 -14.7 -13.4 200.8 211.0 220.2 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 810.7 871.5 963.6 1, 086. 2 1, 160. 7 1, 239. 4 1, 379. 2 1, 546. 5 1, 745. 4 1, 963. 3 2, 121. 4 612.0 652.2 718.0 801. 3 877.5 931.4 1, 036. 3 1, 152. 3 1, 299. 7 1, 460. 9 1, 596. 5 1980: I II III IV 2, osa 5 1, 558. 2, 070. 0 1, 569. 2, 122. 4 1, 597. 2, 204. 8 1, 661. 1981: I II III- Nonfarm Rental Source: Department of Commerce, Bureau of Economic Analysis. »Includes employer contributions for social insurance. (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Nondura ble goods Durable goo(is Total personal consumption expenditures Total durable1 goods Motor vehicles and parts 621.7 672.2 737. 1 ... 812.0 888. 1 976.4 1, 084. 3 1, 205. 5 1, 348. 7 1, 510. 9 1, 672. 8 85.2 97.2 111. 1 123.3 121.5 132.2 156.8 178.8 199.3 212.3 211.9 36.2 45.4 52. 4 57. 1 50.4 55.8 72.6 85.0 94.3 95. 5 89.9 Furniture and household equipment 35.2 37.2 41.7 47. 1 50.6 53.5 59. 1 65.8 72.9 81. 1 84.6 1, 631. 0 1, 626. 8 1, 682. 2 1, 751. 0 220.9 1944 208.8 223.3 100.6 77.5 87.0 94.6 1, 810. 1 1981: I 1, 829. 1 II III.— 1, 883. 9 238.3 227.3 236.2 105.4 93.4 101.6 Period 1970 1971 1972_ 1973 1974 1975 1976 1977 1978 1979 1980 _ 1980: I II III__IV._ i Total includes other items not shown separately. 4 Total nondurable1 goods Food Retail isales of new pa ssenger cars(niillions of uilits) Clothing and shoes Gasoline and oil Services Do- Immes- ports tics 265.7 278.8 300.6 333.4 373.4 407.3 441. 7 479.0 529.8 602.2 675.7 138.9 144.2 154.9 172. 1 193.7 213. 6 230.6 250. 3 276.4 312. 1 345.7 46.8 50. 6 55.4 61.4 64.8 69.6 75.3 82. 1 91.9 98.9 104.8 22.4 23.9 25.4 28.6 36.6 40.4 44.0 48.2 52. 7 68.4 89.0 270.8 296.2 325. 3 355.2 393.2 437.0 485 7 547.7 619.6 696.3 785.2 7.1 8.7 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.6 83.6 81.3 84.6 88.9 661. 1 664.0 674.2 703.5 336.2 338.4 347.7 360.4 102.2 102.3 105.3 109.4 89.4 90.9 85.3 90.5 749.0 768.4 799.2 824.2 7.9 5.4 6.4 6.6 2.7 92.3 92.4 93.2 726.0 735.3 751.3 372.5 377.8 386.5 113.4 115.8 117.5 93.5 92.4 95.1 845.8 866.5 896.4 7.4 5.6 6.9 2.7 2.2 2.2 Source: Department of Commerce, Bureau of Economic Analysis. 1.3 1. 6 1.6 1.8 1.4 1.6 1.5 2. 1 2.0 2.3 2.4 2. J 2.3 2.5 SOURCES OF PERSONAL INCOME Personal income rose $14.4 billion (annual rate) in November following a rise of $11.9 billion in October. Wages and salaries rose $10.4 billion in November, compared with increases of $6.2 billion in October and $10.0 billion in September. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 2,800 2,400 2,000 1,600 1,400 1,200 WAGE AND SALARY DISBURSEMENTS 1,000 800 800 ,„... 600 *"" -j 600 OTHER INCOME 400 400 \ .,„••»*«' ....••••••"•w" TRANSFER PAYMENTS \ 200 200 160 160 120 120 100 100 I I I I I I I I I I I II I II 80 1973 1974 1975 1976 LLLL 1977 1978 1979 1980 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period 1973 1974 1975 1976 1977 1978 1979 1980 ! 80 1981 COUNCIL OF ECONOMIC [Billions of dollars; monthly data at seasonally adjusted Wage 3 Rental Persona] Total and Other Propriet 3rs' income income personal salary labor 12 dividend of income disburseincome Farm Nonfarm persons 4 income l ments annual rates] Less: PerNonPersona] Transfer sonal confarm interest pay- 5 tributions personal income ments for social income 6 insurance 1, 065. 2 702.7 765. 7 1, 168. 6 806.4 1, 265. 0 1, 391. 2 889.9 983. 8 1, 538. 0 1, 721. 8 1, 105. 2 1, 943. 8 1, 236. 1 2, 160. 2 1, 343. 7 48.8 55. 8 64.5 75.9 89. 0 102.2 118.6 137. 1 32.8 26. 5 24. 6 19. 1 18.4 26. 1 30.8 23.4 61.0 62. 2 65. 4 75.0 85. 1 91. 0 100. 7 107.2 22.6 23. 5 23.0 23.5 25. 1 27.4 30.5 31.8 26. 5 29. 1 29.9 36. 5 38.7 43. 1 48.6 54.4 93.9 112.4 123.2 132. 5 151.6 173. 2 209. 6 256.3 119.5 141.2 178.3 194. 3 207.5 223. 3 249.4 294.2 42.6 47.9 50. 4 55.5 61. 1 69. 6 80.6 87. 9 1, 023. 7 1, 131. 8 1? 229. 1 1, 359. 3 1, 505. 0 1, 679. 2 1, 892. 9 2, 112. 6 1980: N o v _ _ _ 2, 257. 6 1, 400. 4 Dec 2, 276. 6 1, 411. 2 143.5 145. 0 22. 6 22. 6 111.5 111. 6 32.4 32. 5 55.9 56.7 269. 4 274. 1 313.2 314.7 91. 4 91.9 2, 209. 7 2, 228, 5 1981: Jan 2, 300. 7 Feb 2, 318. 2 Mar 2, 340. 4 Apr 2, 353. 8 May 2, 367. 4 June 2, 384. 3 July_.._ 2, 419. 2 2, 443. 4 Aug Sept__._ 2, 462. 6 Oct *____ 2, 474. 5 Nov "-_- 2, 488. 9 146.6 148. 0 149. 5 150.9 151.6 153. 0 154.8 156.3 157. 8 159.2 160. 5 19.9 18. 7 18.2 20.2 21.7 23. 2 24.4 25.2 24. 4 22.8 21.4 112. 8 112. 6 114. 2 113.0 112. 2 112. 2 112. 2 112. 4 112. 5 112. 2 111.9 32.5 32. 7 32.9 33. 1 33.3 33. 5 33.7 33.9 34. 1 34. 3 34.5 57.4 58.2 58. 3 59. 4 60. 2 61. 1 62. 4 63. 0 63.5 63.9 64. 1 281. 8 289. 1 295.2 297. 9 300. 6 304. 1 309.2 315. 7 322.3 328. 1 331. 0 318. 4 318.4 321.9 322. 5 323. 5 326. 5 341. 9 341.7 343. 0 343.8 345.3 101.9 102. 3 102,6 102.9 103. 1 103. 3 104.3 105.2 105. 5 106.3 106.8 2, 254. 8 2, 273. 2 2, 295. 4 2, 306. 4 2, 318. 1 2, 333. 1 2, 366. 4 2, 389. 3 2, 409. 0 2, 422. 0 2? 437. 2 1, 433. 1 1, 442. 8 1, 452. 8 1, 459. 6 1, 467. 3 1, 473. 9 1, 484. 9 1, 500. 3 1, 510. 3 1,516.5 1, 526. 9 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. s With inventory valuation and capital consumption adjustments. * With capital consumption adjustment. s Consists mainly of social insurance benefits, direct relief, and veterans payments. 6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the third quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,200 2,200 2,000 PER CAPITA DISPOSABLE PERSONAL INCOME 3,000 3,000 1973 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less: Period Personal income sonal tax and nontax payments Equals : Disposable personal income Less: Personal outlays 1 Per c apita dispo sable persona]I income Equals : Personal saving Current dollars 951.4 1, 065. 2 1, 168. 6 1, 265. 0 1, 391. 2 1, 538. 0 1, 721. 8 1, 943. 8 2, 160. 2 141. 0 150.7 170. 2 168. 9 196.8 226. 5 258.8 302. 0 33&5 Current dollars 1972 dollars Dol lars Bil lions of d ollars 1972 1973 1974 1975 1976 1977 1978 1979 1980 1972 dollars Per cap ita personal cc>nsumption exp snditures 810. 3 757.7 835.5 914.5 913.2 998.3 1, 096. 1 1, 001. 8 1, 194. 4 1, 111. 9 1, 311. 5 1, 237. 5 1, 462. 9 1, 386. 6 1, 641. 7 1, 555. 5 1, 821. 7 1, 720. 4 52.6 79.0 85. 1 94.3 82. 5 74. 1 76.3 86.2 101.3 3,860 4,315 4,667 5,075 5,477 5,954 6,571 7,293 8,002 3,860 4,083 4,013 4,055 4,161 4,266 4,409 4,493 4,473 Percent change Saving in real as percent of per disposcapita able disposperable perincome sonal income Per sent Population (thou-2 sands) 3,511 3,831 4,152 4,521 4,972 5,472 6,058 6,712 7,348 3,511 3,626 3,570 3,612 3,777 3,922 4,064 4,135 4,108 2.9 5.8 — 1. 7 1.0 2.6 2.5 3.4 1. 9 -.4 6.5 8.6 8. 5 8.6 6. 9 5.6 5.2 5.2 5.6 209, 924 211, 939 213, 898 215, 981 218, 086 220, 289 222, 629 225, 106 227, 654 Seas onaUy ad; usted ann ual rates 1, 678. 7 1, 674. 1 1, 729. 2 1, 799. 4 86.4 110. 0 111. 4 97.6 7,785 7,848 8,074 8,299 4,503 4,435 4,468 4,488 7,194 7,156 7,379 7,660 4,161 4,044 4,083 4,142 0.2 -5.9 3.0 1.8 4.9 6.2 6. 1 5. 1 226, 727 227, 332 227, 977 228, 578 1981: ! _ _ _ 2, 319. 8 372.0 1, 947. 8 1, 858. 9 II— 2, 368. 5 382.9 1, 985. 6 1, 879. 0 III- 2, 441. 7 399.8 2, 042. 0 1, 935. 1 88.9 106.6 106.9 8,504 8,651 8,873 4,511 4,517 4,535 7,903 7,969 8, 186 4,192 4, 161 4, 184 2. 1 .5 1.6 46 5.4 5.2 229, 051 229, 537 230, 142 1980: I II III__ IV. _ 2, 088. 2 2, 114. 5 2, 182. 1 2, 256. 2 323. 1 330.3 341.5 359.2 1, 765. 1 1, 784. 1 1, 840. 6 1, 897. 0 1 Includes pe rsonal cons amption ex penditures, i merest paid by consume rs to business, and p ersonal trarisfer payme nts to foreiplers (net). 2 Includes Armed Forces abroad. A nnual data iire averages of quarterly <lata, which are averages for the Ijeriod. 6 So urce: Depart ment of Con;imeree (Bureau of Econonlie Analysis and Bureau ofth e Census). FARM INCOME In the third quarter, according to revised estimates, gross farm income rose $2.5 billion (annual rate) and net farm income rose $1.4 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 [200 100 100 GROSS FARM INCOME 80 80 60 60 40 40 NET FARM INCOME . 20 20 V v,^,^ J 10 1973 L 1974 J 1975 1976 L J 1978 1977 1979 L 1980 1981 * SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Grc>ss farm incc>me Total i 1973 1974 1975 1976 1977 1978 1979 _ 1980 _ 1980:1 !!____ III___ IV_ _ 1981:1 II III Total Livestock and products Crops Value of inventory2 changes Production expenses Current dollars 1967 dollars 8 98.9 98.3 100.3 101.8 108. 7 127.5 151. 9 150.5 87. 1 92.4 88.2 94.8 96.3 112.9 131. 9 136.4 45. 9 41. 4 43.0 46. 1 47. 6 59.2 68. 5 67.4 41. 1 51. 1 45. 1 48.7 48.7 53.7 63.4 69.0 3.4 -1.6 3.4 -2.4 1.0 .6 5. 3 -2. 0 65.6 72.2 75.9 83. 1 90. 3 101. 1 119. 2 130.7 33.3 26. 1 24.5 18.7 18.4 26.5 32. 7 19.9 25. 1 17.7 15.2 11. 0 10. 2 13. 5 15. 1 8. 1 149.3 145. 8 151. 9 155. 1 133.0 131.9 139. 2 141.5 66.3 64.0 68. 9 70.4 66.7 67. 9 70.3 71. 1 .9 -1. 9 3.7 -3. 3 125. 9 128. 9 132. 2 135. 6 23. 4 16.9 19.7 19.5 9. 9 6.9 7. 9 7. 6 158.4 164.8 167.3 142. 5 144. 1 143.7 69.8 68.9 69.3 72. 7 75.2 74.4 -1. 2 3.4 5.9 139.3 141.8 142.9 19. 1 23.0 24.4 7. 2 8.6 8.8 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmqney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. 8-037 0 - 8 1 - 2 Net farni income Cash]marketing re3ceipts Period * Income in current dollars divided by the consumer price index (Department of Labor). Note.—Date revised beginning 1981. Source: Department of Agriculture, except as noted. CORPORATE PROFITS In the third quarter, according to revised estimates, corporate profits before tax rose $5.4 billion (annual rate) while after-tax profits rose $3.6 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 320 320 SEASONALLY ADJUSTED ANNUAL RATES 280 280 240 240 200 200 PROFITS BEFORE 160 160 PROFITS AFTER TAX •>= 120 A. 120 UNDISTRIBUTED PROFITS *^N 80 80 .-' TAX LIABILITY 40 40 ! i 1973 I 1974 1 1 ! 1975 I i i i 1976 1977 1978 1979 i i SOURCE: DEPARTMENT OF COMMERCE Period 1970. _ _._ 1971 _ _ _ _ . 1972 _. 1973 ..__ 1974___ 1975_ _ . __ 1976 1977 . __ 1978 1979 1980 . 1980: I _ _ II . III___ IV 1981: I II III __ [Billions of dollars; quarterly data at seasonally adjusted annual rates] Pro fits after )ry valua tion Profli bs (before tax) wit! i invent( adjustn lent l Domesstie indu stries Tax Profits >lonfinanc ;ial liabefore Divi2 bility Total dends Wholetax Total Manu- sale Total Financial and Total3 factur- retail mg trade 22. 5 34.2 62.4 41.3 12. 1 68.9 75. 4 9.5 50. 2 26. 6 22. 9 82. 0 37.5 34. 1 14. 1 49. 0 74.9 86.6 11.7 60.8 24. 4 41. 6 94.0 85. 3 58. 9 40. 7 13. 4 100.6 70.0 15. 3 27. 0 105. 6 76.6 45.5 49. 0 92.0 125.6 13.9 15.9 76. 0 29.9 51. 6 85. 1 96.7 12. 5 80. 4 39.0 15. 0 65.4 136.7 30. 8 50.6 81.5 132. 1 52. 6 21.3 11.8 120.6 107.6 95. 8 37.4 63.8 102. 5 69.2 22. 4 137. 4 151.6 166.3 17. 1 120.3 39. 9 72.6 120.0 176. 7 161.2 192. 6 27.0 23.5 137. 7 76. 2 44. 6 83. 0 140. 3 199.0 24. 5 85.3 223. 3 179. 3 29.3 150.0 50.2 212. 7 87.6 167.8 182.4 255. 4 23.0 88. 9 31. 6 150.8 56.0 82. 3 163.2 199.8 245.5 20.9 74.5 30.6 138. 1 168.7 53.9 182. 9 94. 2 215.6 179.0 277. 1 92. 1 14.8 33.3 145.7 55.7 71.5 146.5 186.9 157.5 25. 9 217. 9 30. 1 127. 5 61. 3 56.7 195. 9 78. 5 159. 1 165. 0 20. 4 237.6 68.5 28.7 136. 2 57.7 85.2 164.3 201.0 173.4 76.2 249. 5 22.6 30. 5 142. 9 217. 7 205. 1 209. 1 i 1981 COUNCIL OF ECONOMIC ADVISERS 192. 3 182. 3 184. 6 28.6 24. 3 22. 7 163.7 158.0 161. 9 90.4 84.4 85. 1 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. i 1980 27.5 28.4 30. 1 257.0 229. 0 234.4 87.7 76.4 78. 1 169.2 152. 7 156. 3 59.6 62. 0 64. 8 tax Undistributed profits Inventory tion adjustment 18.8 26. 1 34. 5 49.6 55. 2 50.7 65. 1 80. 1 95. 7 117.6 107.2 128. 9 90.7 102. 4 106.6 -6.6 -4.6 -6. 6 -20.0 -40. 0 -11.6 -14. 7 -15.8 -24. 3 -42. 6 -45. 7 -61. 4 -31. 1 -41.7 -48. 4 109. 6 90.6 91.5 -39.2 -24.0 -25.3 * Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the third quarter, business fixed investment rose $10.5 billion (annual rate) as nonresidential construction outlays rose $5.2 billion and producers' durable equipment purchases increased $5.3 billion. Residential investment outlays fell $10.2 billion. There was a $27.5 billion increase in inventories following a $23.3 billion increase in the second quarter. MILLIONS OF DO .LARS BILLIC)NS OF DOLLARS 500 500 SEA 5ONALLY ADJUSTED ANNUAL RATES >***** A*Z> A r^-^1 / Pv GROSS PRIVATE DOMES TIC ,^r^r INVESTMENT f \ •yen ^ _X-^ * s NONRES IDENTIAL , FIXED IN VESTMENT ++ OrtA 250 \X" + - «*' S*** k X***"" s ( —^-*^ Aftf) ^r ^**^S onn T^ A / \ 250 450 Jr *** 200 i en ^RESIDENTIA FIXED INVESTM ENT-^ ..,..-' 100 ^ i* \^^ 100 CHANGE IN BUSINEss INVENTORIES 50 \ %% X** i I 1973 -50 " '•*.«•••"*»* i 0-*""1"**"..,,.,....,.. »„.„..«,.,. "* I I «au».(r»i>*{ * \ 1 1974 i 1 i 1975 I I X 1 ******* 111 .i.***" *** ******««»** I 1976 1 I ! 1977 1 I 1978 i 1 50 „....*' ...«»""%v 1 1 i 1979 1 1 1980 SOURCE: DEPARTMENT C F COMMERCE Q I I I -50 1981 COUNCIL O F ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment T>_ •_ J Jreriou 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980. 1980: I II III IV 1981: I II III __ 144.2 166. 4 195. 0 229. 8 228.7 206. 1 257. 9 322. 3 375.3 415. 8 395. 3 415.6 390. 9 377. 1 397.7 437. 1 458. 6 463.0 Nonresidential fixed investmeni Total 103.9 107. 9 121.0 143. 3 156.6 157. 7 174. 1 205. 5 242. 0 279.7 296. 0 297.8 289. 8 294. 0 302. 1 315.9 324.6 335. 1 Structures 38.7 40. 5 44. 1 51. 0 55.9 55. 4 58.8 64. 6 78.7 96.3 108.8 108.2 108. 4 107.3 111. 5 117.2 123. 1 128.3 Producers' durable equipment 65.2 67.4 76.9 92. 3 100.7 102. 3 115.3 140.9 163. 3 183.4 187. 1 189.7 181. 4 186.8 190. 7 198.7 201. 5 206. 8 Source: Department of Commerce, Bureau of Economic Analysis. Re sidential fh:ed investrrlent Total 37. 1 50.9 63.8 68.0 57.9 55. 3 72.0 95. 8 111.2 118. 6 105.3 115. 2 93. 6 99. 2 113. 0 116.7 110. 7 100. 5 Nonfarm structures 35.4 48.9 61.5 65.6 54. 8 52.4 68.8 91. 9 106.9 113. 9 100.3 110. 1 88.9 94. 5 107.6 111.4 105.4 94.9 r arm structures TTofTv* 0. 6 .7 .7 .7 1.3 1. 0 1. 1 1. 5 1.8 1. 8 2.0 2. 2 1.8 1. 7 2.2 2. 2 2. 1 2.3 Producers' durable equipment 1. 1 1.3 1. 5 1.7 1. 8 1.9 2. 1 2.3 2, 6 2. 9 3.0 3. 0 2.9 3. 0 3. 1 3.2 3.2 3.3 Change in business in\rentories Total Nonfarm 3.2 7.7 10. 2 18.5 14. 1 -6.9 11.8 21.0 22. 2 17.5 -5. 9 2. 5 7.4 -16.0 -17.4 4.5 23. 3 27.5 3. 1 6. 4 9. 6 15. 2 16. 0 -10. 5 13. 0 20. 2 21.8 13. 4 -4.7 1. 5 6. 1 -12.3 -14.0 6.8 21. 5 23. 1 EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS According to the Commerce Department October-November survey, nonfarm business spending for new plant and equipment for the year 1981 is expected to be 9.1 percent above 1980. Expenditures in 1980 were 9.3 percent higher than in 1979. BILLIONS OF DOLLARS (RATIO SCALE) 500 BILLIONS OF DOLLARS (RATIO SCALE) 500 SEASONALLY ADJUSTED ANNUAL RATES 400 400 300 TOTAL NEW PLANT AND EQUIPMENT 300 200 200 +—" 100 100 80 80 ""MANUFACTURING \ 60 60 40 40 i 30 i i i 1974 30 1975 1977 1976 1979 1978 1980 1981 1982 _]/ SEE FOOTNOTE 4 BELOW. SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Plant ,and equi Dment I ^onmanu facturin DC Ma nufactur mg Period Total Plant Equipment Total 1973 1974 1975 1976 1977 1978 1979 1980 1981 : 4 1980: III.. iv_. 1981: !___ II__ III. IV4. 1982: 1 44 . II _ 137. 70 156. 98 157. 71 171. 45 198. 08 231. 24 270. 46 295. 63 322. 61 296. 23 299. 58 312. 24 316. 73 328. 25 332. 06 345. 46 354. 83 56.66 64.29 65.21 71.20 80. 31 92. 70 105. 73 117. 55 117. 59 120. 27 128. 57 131. 05 136. 40 81.04 42.37 92.69 53.21 92.50 54. 92 100. 25 59.95 117. 77 69. 22 138. 54 79.72 164. 73 98. 68 178. 08 115. 81 128. 26 178. 64 116. 40 179. 32 118. 63 183. 67 124. 50 185. 68 125. 49 191. 85 130. 11 132. 22 136. 47 140. 58 Durable goods 22. 75 27.44 26.33 28.47 34. 04 40. 43 51. 07 58. 91 62.94 58. 19 59. 77 61.24 63. 10 62.58 64.73 66.26 68. 34 Nondurable goods 19. 62 25.76 28.59 31.47 35. 18 39.29 47.61 56. 90 65.32 95.33 103. 78 102. 79 111.50 128. 87 151. 52 171. 77 179. 81 194. 35 58.21 58.86 63.27 62. 40 67. 53 67.50 70. 21 72. 24 179. 83 180. 95 187. 74 191. 24 198. 13 199. 84 208. 98 214. 25 1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 10 Trans- Public Total Mining porta- utilities tion 3.31 4.62 6. 10 7. 44 9.24 10.21 11.38 13. 51 16.80 13.86 15.28 16. 20 16.80 17. 55 16.59 17.23 17.81 7.41 8.23 8.68 8. 89 9.40 10. 68 12.35 12. 09 12.07 12.23 11. 70 11. 74 11.70 11. 61 13. 20 11. 79 13.89 17.97 19. 83 19.98 22.37 26.79 29.95 33.96 35.44 37. 94 35. 58 34.96 36. 05 37.84 39.55 38. 09 40. 14 40.29 Starts of plant and equipment projects, manufacturing 3 Trade and services * Communication and other 2 45.53 47. 79 46.23 49.30 56. 54 68. 66 79. 26 81.79 86.27 21. 12 23.30 21.80 23. 51 26.90 32. 02 34.83 36.99 41. 27 53.21 61.24 56.51 59. 38 77.40 88. 16 112. 98 123. 32 81. 19 82.91 83.43 85. 88 87.55 88.27 95. 12 96. 29 36. 97 36. 11 40. 32 39. 02 41.89 43.69 44. 71 45.97 27.74 33. 53 35. 41 32. 90 33. 33 3 Starts are estimated by adding changes in carryover to expenditures during given period. 4 Planned capital expenditures as reported by business in late October and November 1981, corrected for biases. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 190,000 in November, while unemployment rose 485,000. MILLIONS OF PERSONS 110 MILLIONS OF PERSONS* 110 1973 *16 Y E A R S OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR Noninstitutional population Period 1975 1976 1977 1978*___ 1979 1980 153, 449 156, 048 158, 559 _ 161, 058 163, 620 166, 246 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Unemph>yment C ivilian einploymen t Total labor N onagri cultural 15 Civilian Civilian Unemforce Part-time Total weeks Agriemploy- ploy- (includ- labor Total ecoand culment ment ing force Total for nomic 1 over tural Armed reasons Forces) 3,490 7,830 2,483 84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403 3,272 7,288 2,340 87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188 3,297 6, 855 1,911 90, 546 6, 855 99, 534 97, 401 90, 546 3,244 87, 302 3,216 6,047 1,379 94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031 3,281 5,963 1,202 96, 945 5,963 104, 996 102, 908 96, 945 3,297 93, 648 3,965 7,448 1,829 97, 270 7,448 106, 821 104, 719 97, 270 3, 310 93, 960 1981: Jan_. Feb.__ Mar._ Apr__ May__ June-July.. Aug.. Sept. Oct___ Nov__ 97, 801 97, 545 167, 585 96, 128 167, 747 96, 383 167, 902 97, 318 168, 071 98, 282 168, 272 98, 803 168, 480 99, 341 168, 685 100, 474 168, 855 100, 013 169, 049 98, 277 169, 252 98, 902 169, 435 98, 393 61.8 62. 1 62.8 63. 7 64.2 64.3 7,486 107, 404 105, 285 7,233 107, 191 105, 067 97, 339 97, 282 3,340 3,394 93, 999 93, 888 4,176 4,218 7,946 7,785 2,329 2,378 64.2 64.0 105, 543 105, 681 106, 177 106, 722 107, 406 106, 176 106, 464 106, 602 106, 236 106, 736 107, 029 97, 696 97, 927 98, 412 98, 976 99, 235 98, 392 98, 962 98, 944 98, 270 98, 217 98, 025 3,403 3,281 3,276 3,463 3,353 3,265 3, 258 3,370 3,310 3,337 3, 363 94, 294 94, 646 95, 136 95, 513 95, 882 95, 127 95, 704 95, 574 94, 959 94, 880 94, 662 4,474 4, 145 4,227 4, 044 4, 143 3,798 4,225 4, 187 4,537 5, 026 4,988 7,847 7,754 7, 764 7,746 8, 171 7,784 7,502 7,657 7,966 8, 520 9,004 2, 358 2,250 2, 192 2, 105 2, 168 2,315 2, 100 2, 194 2,212 2,251 2,330 64.2 64.3 64.5 64.8 65. 1 64.3 64.4 64.4 64. 1 64. 3 64.4 8, 543 8,425 8,087 7,396 7,545 8,279 7,934 7,758 7,687 8,024 8,470 107, 668 107, 802 108, 305 108, 851 109, 533 108, 307 108, 603 108, 762 108, 401 108, 894 109, 187 1 Persons at work. Economic reasons include siacK 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 ( T\(*Y~ VJJCI - cent) 2 Seascmally adj usted UiQ ad justed 1980: Nov.. 167, 201 Dec_. 167, 396 Labor force participation rate 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 rose to 8.4 percent from 8.0 percent in October. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 25 25 20 V I >\J \I TEENAGERS (16-19) 10 WOMEN 20 YEARS AND OVER / '"\ MEN M 20 20 YEARS AND OVER 1 11 1977 1981 1978 1979 1980 1981 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] 1Jnemployment nite (pere<?nt of chrilisLU lab or force in group ) By scsleeted g roups By race By s ex and a ge Total (all civilian workers) Men 20 years and over 8.5 7.7 7.0 6.0 5.8 7. 1 6.7 5.9 5.2 4.2 4. 1 5.9 8.0 7.4 7.0 6.0 5.7 6.3 19. 9 19. 0 17.7 16.3 16. 1 17.7 7.8 7.0 6.2 5.2 5. 1 6.3 13. 9 13. 1 13.1 11. 9 11.3 13.2 8.2 7.3 6.6 5.6 5. 4 6.8 1980: Nov Dee 7.5 7.4 6.4 6.2 6.7 6.8 18.6 17.8 6.6 6.5 14. 0 14. 0 1981: Jan . Feb Mar Apr.._ May June . July Aug_. r „___ Sept Oct _ Nov _ 7.4 7.3 7.3 7.3 7.6 7.3 7.0 7.2 7.5 8.0 8.4 6.0 6.0 5.9 5. i 6.3 6. 1 5.6 5.9 6.2 6.7 7.2 6.7 6.5 6.6 6. 6 6.8 6.5 6.7 6.5 6.8 7.0 7.3 19.0 19,3 19.1 19. 1 19.5 19.0 18. 1 18.8 19. 3 20.6 21.8 6.7 6.6 6.5 6.5 6.8 6.4 6.2 6. 1 6.5 6.9 7.4 12. 9 13. 1 13.7 13. 2 13.6 14.2 13.6 15.0 15. 1 15.5 15.5 Period 1975 1976 1977 1978 1979 1980. „___ Women Both 20 sexes years 16-19 and years over White 1 Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 Labor force time lost (per-l cent) Women who maintain families Fulltime workers Parttime workers 5. 1 4.2 3.6 2.8 2.7 4.2 10.0 10.0 9.3 8.5 8.3 9. 1 8. 1 7.3 6.5 5. 5 5.3 6.8 10.3 10. 1 9.8 9.0 8.7 8.7 9. 1 8.3 7.6 6.5 6.3 7.9 7.2 7.1 4.4 4.3 9.9 10.4 7.4 7.3 8.6 8.2 8.3 8.2 7.1 7.0 7.0 6.8 7.4 7.0 6.8 6.9 7.2 7.6 8.0 4.2 4. 1 4. 1 3.8 4. 1 4.2 3.9 3.9 4.3 4.7 5. 1 10.5 9.6 9.4 9.8 10.3 10.6 11.5 9.8 10.6 10.7 10.9 7. 1 7. 1 7. 1 6.9 7.3 7.0 6.7 6.7 7.2 7.7 8. 1 9.2 9. 1 9.0 9.0 9.7 9.2 9.3 9.7 9.6 9.5 10. 2 8.2 8. 1 8. 1 8.2 8.6 8.0 7.9 7.9 8.5 9. 1 9.4 Expe- MarBlack rienced ried wage men, and and other salary spouse workers present Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In November, the percentage of unemployed persons who had been out of work for 5-14 weeks rose, and the percentage out of work for shorter and longer periods fell. " PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT 60 60 50 50 40 40 REENTRANTS 30 30 20 20 NEW ENTRANTS 15-26 WEEKS \ 10 JOB LEAVERS 27 WEEKS AND OVER 1977 1978 1980 1979 1977 1981 1978 1979 1980 1981 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Percen t distrib ution of unemplo yment b.y duraticm 1 Unemployrnent Less (thou- than 5 sands) weeks „! Period 5-14 weeks 15-26 weeks 27 weeks and over State pi*ograms Insured unem- Special unemployment, ployall ment Insured New unem- Initial regular benefit enproclaims claims trants ploygrams (unadmerit (unad-2 justed) 8 justed) Percen t distrib ution of unempl oyment ' jy reasoii i Job losers Job Reenleavers trants Wee*kly avei age, thoussands 1976_____ 19771978... 1979..-. .... 1980_« 1980: Nov.. Dee__ 1981: Jan.. Feb.. Mar._ Apr__ MayJune-. July._ Aug — Sept.. Oct__ Nov.. 7,288 6,855 6,047 5,963 7,448 7,946 7,785 7,847 7,754 7,764 7,746 8,171 7,784 7,502 7,657 7,966 8,520 9,004 38.3 41.7 46.2 48. 1 43* 1 39.0 40.4 41.3 41.2 41.4 40.2 41.5 40.4 42. 6 41.0 41.8 42.9 42. 4 29.6 30. 5 31.0 31.7 32.4 3L7 2as 28.7 29.9 30.4 32.2 31. 8 30. 1 29.3 30.5 30.8 30. 6 31.8 13.8 13. 1 12.3 11.5 13.8 15.2 16.0 13.7 12.8 13. 1 13. 1 12. 6 15.4 14.3 13.8 14.2 13. 6 13.5 18.3 14.8 10.5 8.7 10.8 14.0 14.9 16.2 16.2 15.2 14.5 14. 1 14.1 13.8 14.7 13. 1 12.9 12.4 49.7 45.3 41. 6 42.8 51.9 53.5 54. 3 49.4 50. 7 49.7 49.7 50. 1 52.8 49.3 51.4 53.4 51. 8 53.4 12.2 13.0 14. 1 14. 3 11.6 11.3 10.5 11.6 11.5 11.2 11. 1 12.4 10.8 12. 0 11.0 10.9 11. 3 9.9 26.0 28. 1 30.0 29.5 25.2 24. 0 24.0 26.2 25.7 26. 4 26.3 26. 1 24.5 27. 0 25. 4 24.0 25. 4 25.8 12.1 13.7 14.3 13.4 11.4 11.2 11.2 12.8 12. 1 12.7 12.9 11.5 12. 0 11. 7 12. 3 11.7 11.6 10.9 2,991 2,655 2,359 2,434 3,350 3,367 3,083 2,982 2,825 2,906 2,923 2,945 2,972 2,821 2,938 3,055 3,215 3,432 386 375 346 388 489 424 415 417 410 433 415 414 418 401 433 490 528 533 3,846 3,308 2,645 2,592 3,837 3,726 4,085 4,621 4,264 3, 948 3,453 3, 111 2,949 3, 012 2,874 2,680 2,753 3, 152 1,152 572 > Detail may not add to 100 percent because of rounding. 3 FSB and SUA. These programs started January 19T5 and regular reporting 2 Includes State (50 States, District of Columbia, Puerto Eico, and Virgin began March 1975. Islands), ex-servicemen (UCX), Federal (TJCFE), and railroad (RE) proSource: Department of Labor (Bureau of Labor Statistics and Employment grams. Also includes Federal and State extended benefit programs. Does not and Training Administration). include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). 13 NONAGRICULTURAL EMPLOYMENT In November, total nonagricultural employment as measured by the payroll survey fell by 235,000. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 22 WHOLESALE AND RETAIL TRADE 90 20 ALL NONAGRICULTURAL ESTABLISHMENTS 80 * SERVICES ^-== „.*''•""•" 70 GOV 60 - RNMENT SERVICE-PRODUCING INDUSTRIES 22 MANUFACTURING 50 20 40 CONSTRUCTION GOODS-PRODUCING INDUSTRIES 30 \ .,..,..,„„.,..,.,..""'"" 20 1977 1978 1979 1977 1981 1980 1978 1979 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 1980 1981 N COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 seasonally adjusted] S(*rvice-pr oducing i ndustrie s Cloods-prc ducing i ndustries Total nonagricultural employ- Total 2 ment Construction _ 76, 945 79, 382 82, 471 86, 697 89, 823 90, 564 22, 600 23, 352 24, 346 25, 585 26, 461 25, 718 3,525 3, 576 3,851 4, 229 4,463 4,399 1980: Nov__ 90, 844 Dec... 90, 949 25, 629 25, 631 4,389 20, 188 12, 090 4,387 20, 175 12, 077 8,098 65, 215 8,098 65, 318 1981: Jan___ 91, 091 Feb___ 91, 258 Mar__ 91, 347 Apr 91, 458 May— 91, 564 June__ 91, 615 July__ 91, 880 Aug.— 91, 901 Sept__ 92, 033 Oct *>_p 91, 798 Nov 91, 561 25, 647 25, 657 25, 705 25, 700 25, 705 25, 818 25, 939 25, 931 25, 930 25, 651 25, 459 4,390 4,389 4,416 4, 418 4,334 4,284 4,272 4, 275 4,272 4, 260 4,242 8,090 8,103 8,092 8, 125 8, 160 8, 146 8,202 8, 173 8, 185 8, 119 8,085 t Period 1975 1976 1977... 1978___ 1979 1980 Trans- Whole- Finance, Gover nment insurportasale ance, Services tion and Total State Nonand and retail Federal and durable Total Durable real public trade goods goods local estate utilities Ma nufactui ing 18, 18, 19, 20, 21, 20, 323 997 682 505 040 300 20, 174 20, 177 20, 191 20, 332 20, 414 20, 424 20, 535 20, 505 20, 496 20, 227 20, 038 105 688 11, 077 11,597 12,274 12, 760 12, 181 12, 084 12, 074 12, 099 12, 207 12, 254 12, 278 12, 333 12, 332 12, 311 12, 108 11, 953 7,635 7,920 8,086 8,231 8,280 8,118 1 Includes all full- and part-time wage and ?alary 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 person?, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonaoicultural 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 54, 56, 58, 61, 63, 64, 345 030 125 113 363 847 65, 444 65, 601 65, 642 65, 758 65, 859 65, 797 65, 941 65, 970 66, 103 66, 147 66, 102 13,892 14,551 15, 303 16,252 17, 112 17, 901 2,748 2, 733 2,727 2, 753 2,773 2,866 11,937 12, 138 12, 399 12,919 13, 174 13, 383 5,114 20, 464 5,118 20, 470 5,235 18, 160 5,254 18, 240 2,796 2,800 13, 446 13, 436 5,124 5,135 5,139 5, 161 5, 148 5, 149 5, 167 5, 170 5, 186 5, 164 5, 161 5,268 5,283 5, 293 5,316 5, 326 5,331 5,344 5, 354 5, 366 5,359 5,355 18, 300 18, 343 18, 371 18, 475 18, 540 18, 560 18, 642 18, 667 18, 774 18, 782 18, 828 2,799 2, 795 2,781 2,767 2,779 2,781 2,777 2, 770 2,765 2, 756 2,757 13, 424 13, 445 13, 423 13, 403 13, 352 13, 259 13, 215 13, 147 13, 140 13, 176 13, 175 4,542 4, 582 4,713 4, 923 5,136 5,143 17, 17, 18, 19, 20, 20, 060 755 516 542 192 386 20, 529 20, 600 20, 635 20, 636 20, 714 20, 717 20, 796 20, 862 20, 872 20, 910 20, 826 4, 165 4,271 4,467 4,724 4,975 5,168 are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross hourly e>arnings Avenige weekly I lours Overtime Total private nonagricultural 1 Manufacturing Manufa cturing Total private non agricultural 1 Period Total Adjusted h surly earnin gs index2 —tc>tal private nonagric ultural Percent cha nge from a year eaiiier 4 5 Index, 19 77 = 100 1977 dollars 3 Current dollars Current dollars 1977 dollars 116.8 127.3 101.2 101.1 98.3 97.6 99.0 100. 0 100.5 97.4 93.5 6.4 6.2 8.0 8.4 7.2 7.6 8.1 8.0 9.0 7.59 7.63 132. 1 132.6 93.3 92.7 9.9 9.3 -2.5 -2.8 7. 69 7.74 7.80 7.90 7.95 7.99 8. 02 8.08 8. 14 8. 14 8. 16 133.8 135.0 135. 8 136.7 137.7 138.4 139. 0 140.7 141. 5 141. 8 143. 1 92.8 92.7 92.8 93.0 93.1 92.9 92.2 92.7 92. 1 92. 0 92.3 10. 0 -1.6 -1.3 1972 1973 1974 ... 1975 1976 . 1977 1978 1979 1980 37. 0 36. 9 36. 5 36. 1 36. 1 36. 0 35. 8 35.7 35. 3 40. 5 40. 7 40. 0 39.5 40. 1 40. 3 40. 4 40.2 39.7 3. 5 3.8 3.3 2. 6 3. 1 3.5 3.6 3.3 2.8 $3. 70 3. 94 4.24 4.53 4. 86 o. 25 5. 69 6. 16 6, 66 $3.82 4. 09 4.42 4.83 5.22 5. 68 6. 17 6.70 7.27 69.8 74. 1 80.0 86.7 92.9 100.0 108. 1 1980: Nov_ Dec 35.3 35.3 39.8 39.9 3.0 3.0 6.90 6. 94 1981: Jan - _ Feb Mar Apr. May June July Aug Sept__ _ _ Oct v _ Nov *>_ 35.3 35.2 35.3 35.4 35. 3 35.2 35. 3 35.2 34. 9 35.0 35. 1 40. 1 39.8 39.9 40. 2 40. 3 40. 1 40.0 40.0 39.3 39. 5 39. 3 3.0 2.8 2.8 2.9 3. 2 3.0 3. 0 3.0 2. 7 2.7 2. 5 6. 99 7.04 7.09 7. 14 7. 18 7.23 7.26 7. 34 7.37 7. 39 7. 44 9.9 9.5 9.6 9.5 9.0 8.9 9.3 9.3 8. 6 8.3 3.1 -. 1 -2.8 -.7 1.4 1.0 .5 -3. 1 -40 -.9 -.3 —.3 -.5 -1.7 -1.3 -1.3 -1.4 -1.0 AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly <earnings Period Total pri vate nonagiicu Itural 1 Current dollars 1972_ _ 1973. _ _ _ 1974 1975_ _ _ 1976. . _ 1977 ._ 1978 1979 1980 1980: Nov Dec 1981: Jan _ ... Feb.. Mar Apr May June July Aug _ Sept _ _ Oct »v ___ Nov $136. 90 145. 39 154. 76 163. 53 175. 45 189.00 203. 70 219. 91 235. 10 243. 57 244 98 246. 75 247. 81 250. 28 252. 76 253. 45 254. 50 256. 28 258. 37 257. 21 258. 65 261. 14 Manufacturing 1977 dollars 3 $198. 41 198. 35 190. 12 184 16 186. 85 189. 00 189. 31 183. 41 172. 74 171. 89 171. 19 171. 12 170. 20 170. 96 172. 06 171. 37 170. 92 170. 06 170. 20 167. 45 167. 74 168. 48 $154 71 166.46 176. 80 190. 79 209. 32 228. 90 249. 27 269. 34 288. 62 302. 08 304 44 308. 37 308. 05 311. 22 317. 58 320. 39 320. 40 320. 80 323. 20 319. 90 321. 53 320. 69 $221. 19 235. 89 249. 25 266. 08 283. 73 295. 65 318. 69 342. 99 367. 04 379. 81 382. 13 397. 94 380. 02 392. 33 390. 29 388. 98 388. 05 397. 41 397. 11 380. 80 401. 14 409. 94 Percent clnmge from a year e aiiier, total prb/ate nonagricu Ltural 5 Current dollars <Durrent dollars3 1 Also includes other private industry groups shown on p. 14. 2 Adjusted for interindustry employment shifts and for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index on a 1977=100 base. Revised index for urban wage earners and clerical workers used beginning 1978. 8-037 0 - 8 1 - 3 Construction Wholesale and retail trade $106. 45 111. 76 119. 02 126. 45 133. 79 142. 52 153. 64 164. 96 176. 46 182. 25 182. 65 184 18 186. 12 187. 08 188. 63 189. 07 189. 71 190. 95 192. 28 194. 21 192. 04 194. 24 7.5 6.2 6.4 5.7 7.3 7.7 7.8 8.0 6.9 8.2 7.9 9.5 9. 1 9.2 9.5 9.9 9.2 10.0 9.8 8. 1 7.7 7. 2 1977 dollars 4. 1 — .0 -4. 1 — 3. 1 1.5 1.2 .2 -3. 1 -5. 8 -3. 9 -4 1 -2. 0 -2. 1 — 1. 2 __. 4 .1 —. 3 -.7 -.9 -2.5 -2. 1 -2.0 4 Monthly 5 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 perst3ns Outf 5Utl Output Der hour of all p>ersons Compe nsation per 1 iour 3 Unit labor CO sts Implicilt price deflat ,or 4 PriNonPriNonNonNonPriNonNonPrivate Private Private vate farm farm farm vate farm farm vate 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 1977 == 100; qua rterly dat a season.illy adjuslted 1968 1969 76.9 79.2 76.7 78.9 90.3 92.7 88. 5 91.3 85.2 85.4 86.7 86.4 50.6 54.2 51.4 54.8 59. 5 63. 5 59.3 63.4 60.3 63.3 60.5 63.4 1970 1971 1972 1973 1974 78.5 80.9 86.2 92. 0 90.2 78. 1 80.4 85. 9 91.9 90. 1 91.2 90. 7 93.4 97.0 97.4 90. 0 89.7 92.5 96.4 96.8 86. 1 89.2 92.4 94. 8 92.7 86. 7 89.6 93. 0 95.3 93. 1 58.2 62.0 66. 0 71.3 78.0 58.6 62.5 66.6 71.7 78.4 67.6 69. 5 71.5 75. 2 84.2 67.6 69. 7 71. 7 75.2 84. 3 66.2 69. 1 71.5 75.3 82.4 66.4 69.4 71.4 74. 1 81. 6 1975 1976 1977 1978 1979 88.5 94. 1 100. 0 104.7 107.7 88. 1 94. 0 100.0 104. 9 107.7 93.4 96. 1 100.0 104. 9 108.2 92. 7 95.9 100. 0 105. 1 108.7 94.8 97.9 100.0 99.8 99.5 95.0 98. 1 100.0 99.8 99. 1 85.5 92. 9 100.0 108.4 119. 3 86.0 93.0 100.0 108. 5 119.0 90.2 94.8 100. 0 108.6 119.9 90.5 94.8 100.0 108. 7 120.0 90.4 94. 7 100.0 107.4 116.9 89.9 94.5 100.0 107.0 116.2 1980 106.8 106. 8 107.5 108. 1 99.3 98.8 131. 5 130.8 132.4 132.4 127.6 127.4 1979: III IV 107.7 108.2 107.8 108.2 108. 4 109. 1 109.0 109.4 99.4 99. 1 98.9 98.8 120.7 123. 2 120.2 123.0 121.4 124.3 121.5 124.4 118. 1 120.2 117.4 119.7 1980: I II III IV 108.7 105.4 105. 7 107.5 108.5 105. 1 105.8 107.7 109. 2 106.4 106.3 108. 4 109.8 107. 1 106. 9 108.8 99.5 99. 1 99. 4 99. 1 98.9 98.2 99. 0 99.0 126.4 130. 1 133. 1 135.9 126.0 129.4 132. 3 135.4 127 0 131.3 133. 9 137.0 127.4 131.8 133. 6 136.8 123.0 126. 1 129. 1 132.2 122.9 126.3 128. 8 131.9 1981: I II III *___ 109.5 109.5 109.4 109.7 109.4 109. 1 109.2 108.3 108.5 109.7 109. 0 109. 1 100. 3 101. 1 100.9 100.0 100.4 99. 9 139. 7 143.2 146.4 139. 1 142.4 145.6 139.4 141.6 145. 1 139. 1 141.9 145.7 135.4 137. 5 140.8 135.3 137.5 141. 1 Pereeint change ; quarterly7 data at seasonal 1y adjustec1 animal rates 1968 1969 5. 1 2.9 5.3 2.9 1.7 2.6 2.0 3.2 3.3 .2 3.3 -.3 7.8 7.0 7.5 6.5 4.4 6.7 4. 1 4.0 4.9 4.0 4.7 1970 1971 1972 1973 1974 -.8 3.0 6.6 6.6 -1.9 -1.0 2.9 6.9 6.9 -1.9 -1.7 -. 5 3.0 3.9 .4 -1.4 -.4 3. 1 4.2 .4 .9 3.6 3.5 2.7 -2.3 .3 3.3 3.7 2. 5 -2.4 7.4 6.6 6.5 8. 0 9.4 7.0 6.6 6.7 7.6 9.4 6.4 2.9 2.9 5.2 3. 1 6.6 4.8 4.5 3.0 11.9 2.8 4.9 12. 1 4.5 4.4 3.4 5.4 9.4 1975 1976 1977 1978 1979 -1.9 6.3 6.3 4.7 2.8 -2.2 6.7 6.4 4.9 2.7 -4. 1 2.9 4.0 4. 9 3. 1 -4.2 3.4 4.3 5. 1 3.4 2.3 3.3 2. 1 -.2 -. 3 2. 1 3.2 2.0 -.2 -.7 9.6 8.6 7. 7 8.4 10. 1 9. 6 8. 1 7.6 8.5 9.7 7.2 10.4 9.7 4.7 5.6 7.4 8.8 10.3 5. 1 8. 6 10.4 7.4 4.7 5.5 8.7 1980 -.8 -.9 -.6 -.6 -. 2 -.3 10.2 9.9 10.4 10.3 9.2 9.7 1979: III IV 2.4 1.7 2.6 1.5 3.6 2.8 3.7 1.8 -1.2 -1.0 -1. 1 -.2 8.9 8.6 8.6 9.7 10. 2 9.7 9.9 8.2 7.4 8.5 7.8 1980: I II III IV 1.8 -11.5 1. 1 _ 6.9 1.4 -12. 1 2.9 7. 1 .2 -9.9 -.2 8. 1 1. 1 -9.5 -.7 7.3 1.6 -1.8 1.3 -1. 1 .3 -2.9 3.6 -.2 10.7 12.3 9.5 8. 6 10.2 11.3 9.0 9.8 14.4 8. 1 9.7 11.3 11.3 7.9 —. 1 -.3 7.9 -1. 1 -1.3 3. 1 -3.5 .8 3.5 -2.5 .3 4.6 3.5 -1.0 4.3 -1.4 -1.6 11.8 10.4 9.2 11.6 9.6 9.3 6.9 6.6 1981: I II III *>_ 1 2 Output refers to gross domesl ic product originating in the sector in 1972 dollars. Hours of all persons in private industry engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 16 5. 1 5.5 9.8 9.0 9.8 10.3 6.8 9.9 14.6 5.3 10. 5 3. 7 10. 1 5.8 7.0 8.6 8.2 10. 1 9.8 9.9 10.0 7.0 10.0 11.0 10.0 10.9 8. 1 11. 1 6.2 6.5 4 Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Percent changes a~e from preceding period and are based on 9riginal data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 2.1 percent in November following decreases of 1.4 percent in October and 1.2 percent in September. The index for November was 1.8 percent below the year earlier level. INDEX, 1967=100* 180 (RATIO SCALE) INDEX, 1967=100* TOTAL INDUSTRIAL PRODUCTION 180 160 160 140 140 120 120 (RATIO SCALE) UTILITIES AND MINING PRODUCTION UTILITIES MINING 1977 1978 iiiiiIiiiii 1979 1980 1981 100 1977 MANUFACTURING PRODUCTION 1978 1979 1980 1981 PERCENT* (RATIO SCALE) 100 MANUFACTURING CAPACITY UTILIZATION RATE 90 80 120 70 1977 1977 1978 1979 1980 1981 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial produ<stion Percent Index, 1967= change from 100 year earlier 100. 00 —. 4 129.3 117.8 -8. 9 10.8 130. 5 138.2 5.9 5.7 146 1 4.4 152.5 -3.6 147.0 Period 1967 proportion 1974 1975 1976_ _ 1977 1978___ 1979 1980 1980: Nov Dec 1981: Jan__ Feb Mar Apr May June July Aug Sept__ Oct » Nov * _._ ___ ... _. _ _ _ [Seasonally adjusted] Indusstry prodtiction indcjxes, 1967 = 100 Mimufacturi ng Total Dur- able Nondur- Utilities able Mi mufacturi ng Materials (Federal WharComReserve Federal ton series) Reserve merce 2 series series 3 series 51. 98 125.7 109.3 122. 3 130.0 139. 7 146. 4 136.7 85.97 129.4 116.3 130. 3 138.4 146. 8 153. 6 146.7 134. 6 126.4 141.8 150.5 156. 9 164.0 161.2 6.36 115. 3 112.8 114.2 118. 2 124.0 125.5 132.7 5. 69 143. 7 146. 0 151.7 156.5 161.4 166.0 168.3 87. 1 73.4 81. 1 82.7 85.6 87.4 80.0 83.8 72.9 79.5 81. 9 84. 4 85.7 79. 1 83 77 81 83 84 83 78 89.8 78.9 84. 9 87.4 90. 1 91. 7 85. 8 78 86. 1 78 87. 1 78 86. 6 76 86. 5 87. 95 149.2 150.4 2.0 -1.4 148.9 150.4 139.2 140.3 163.0 165.0 135. 1 138. 6 169. 9 167.9 80.5 81.4 79.3 79.8 151.4 151. 8 152. 1 151.9 152.7 152.9 153.9 153. 6 151.7 149. 6 146. 5 1.0 -.7 .0 2. 5 6.2 8. 1 9.7 8.0 5. 1 2.0 -1. 8 151. 1 151. 2 151.6 152. 0 152.8 152.4 153.2 153.2 151.2 148. 7 145. 2 141. 0 140.8 142. 1 142. 5 143.5 143.2 143. 6 143. 4 140.9 138. 1 134.0 165.6 166. 2 165.3 165.9 166. 4 165.8 167. 1 167.3 166.2 164. 0 161.5 140.4 143. 1 143. 2 135.2 135.4 141.7 146. 5 146. 0 145.4 145. 1 144.4 167.6 166.4 167.8 167.6 170.7 172. 7 173. 1 171. 9 169. 1 168. 5 166. 6 82. 1 82.3 82. 1 81. 1 81.2 81.3 81. 9 81. 7 80.0 78.0 75.8 80.0 79.8 79.8 79.8 80. 0 79.6 79.8 79. 6 78.4 76. 9 74.9 1 umpui 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. Series revised. 2 3 Mining l Capacit y utilizatic>n rate, p ereent 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] Prod ucts 3 Final I roduets Total NonDurable durable goods goods Total 1967 proportion 1971 1972 1973 1974. 1975 1976 1977 1978 1979 1980 1980: Nov Dec 1981: Jan Feb Mar Apr May June July Aug Sept Oct 9 Nov p Equip ment Coiisumer go ods Period 47.82 106. 3 115.7 124.4 125. 1 118.2 127. 6 135.9 142. 2 147.2 145.3 147.4 147.8 147.8 148.2 149. 0 149. 9 151.3 151.4 152. 1 151. 5 150. 3 149.6 147.3 _ 7.89 118.8 133. 8 146. 2 135. 3 121.4 141.9 154. 0 159.2 155.8 136.7 143.4 141.3 140. 1 141. 2 143.6 144.3 147.3 147.9 146. 5 142.5 140.3 136.6 128.4 $7.68 114. 7 124.4 131.5 128.9 124.0 137. 1 145. 3 149. 1 150.8 145.4 148. 1 147. 1 146. 9 147.8 148. 3 148. 9 150.7 150. 3 150.7 149. 6 148.2 147.5 144.7 Interm ediate prod ucts 19. 79 113. 1 120. 6 125.6 126. 3 125. 1 135.2 141. 9 145. 1 148.8 148. 9 150. 0 149.3 149.6 150. 5 150. 1 150.7 152. 1 151.2 152. 3 152.5 151.3 151. 9 151.3 Total Business Total so. 14 12.63 104. 1 118.0 134. 2 142.4 128. 2 135.4 147. 8 160.3 171.3 173.2 173.9 177. 1 177.7 177.5 179. 3 181.0 182. 0 183.6 184.8 184.4 182.6 181. 1 178.2 12.89 116. 7 126.5 137.2 135. 3 123. 1 137. 2 145. 1 154. 1 160. 5 151.9 153.4 155.4 157.5 157.7 157. 1 156. 3 156. 1 154.9 156. 2 156.8 154.5 151. 6 149.0 94.7 103.8 114. 5 120. 0 110.2 114.6 123. 0 132. 8 142.2 145.2 146.5 148.8 149. 1 148.7 150.0 151.4 152. 1 153.0 154. 1 154. 0 153. 1 152. 3 150.8 Materials Construction supplies 6. 42 116. 8 128.4 139. 8 134.5 116. 3 132. 6 140.6 151. 7 158. 0 140.9 142.6 145. 2 148.4 148.9 149.0 147.9 146.5 143.4 144. 3 144.0 139. 6 134.3 131.5 39. 29 111.3 122. 3 133.9 132.4 115. 5 131.7 138. 6 148. 3 156. 4 147.6 150. 1 152. 2 153. 8 154.3 154.4 152. 9 153.4 154. 0 155.3 155.2 152.4 148.9 144. 9 Supplementary group: lOnergy total 12.23 119. 5 125. 2 128. 3 125. 5 125. 5 129. 1 132. 9 135. 4 137.9 137.7 137.0 137.7 138.5 138. 5 137.7 132. 6 133. 5 138.0 141. 2 140.5 137.5 137. 0 136.4 [1967 = 100, seasonally adjusted] D urable m anufactu res Primar]7 metals Period Total 1967 proportion 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1980: Nov Dec 1981: Jan Feb Mar Apr May June July Aug Sept Oct "p Nov _ 6.57 100. 2 112. 1 126. 7 123. 1 96.4 109.7 111. 1 119. 9 121.3 102.3 113.2 111. 5 114. 1 „ 114.5 _ __ 114. 9 __ 110.6 111. 9 107.4 109.4 113. 1 108.5 102. 6 96.8 Iron and steel 4.21 96. 1 107. 1 122. 3 119.8 95.8 104.8 103. 8 113.2 113. 2 92.4 107.6 103.0 108.7 108.4 108.0 103.4 105. 6 98.5 99.7 105. 1 99.2 93. 0 trical machinery Electrical machinery 5.93 103.5 112. 1 124. 7 124. 2 109. 9 123.9 131. 0 141. 6 148.5 134. 1 132. 3 135.7 135.8 137.6 139. 2 139.5 138.4 139.3 140. 1 140.0 137. 1 133.5 128.5 9. 15 100.2 116.0 133. 7 140. 1 125. 1 134.5 143. 6 153. 6 163.7 162.8 162.9 166.9 167.3 168.3 169.2 169.7 172. 1 174. 1 176.7 176.4 173.9 171.5 168. 0 8.05 107.7 122. 2 143. 1 143. 8 116. 5 134.8 145. 4 159.4 175.0 172.8 173.0 175. 1 177.6 174.9 177. 4 178.8 179.9 180. 1 180.9 182. 6 180. 0 179.0 173.2 Source: Board of Governors of the Federal Reserve System. 18 Non- Fabricated metal products Nonedurable n lanulact ures TranspcDrtation equip ment Total Motor vehicles and parts 9.27 97. 9 108.2 118. 3 108.7 97.4 111. 1 122.2 132. 5 135. 4 116.9 121.8 120.4 117.4 116. 1 119. 5 121. 3 123.7 123.4 119.8 115.4 114. 1 111. 0 106.3 4.50 118. 6 135. 8 148. 8 128.2 111. 1 142.0 161. 1 169. 9 159. 9 119.0 129.2 125. 7 120. 0 119.9 127. 1 130. 7 136.4 137. 5 130.5 123. 1 120. 2 113.8 104. 6 Lumber and products np ADparel products Print- Cheming icals and and pubprodlishing ucts 1.64 113. 8 120. 8 126. 0 116. 2 107. 6 123.2 131. 2 136. 3 136. 9 119.3 123.7 123.6 127.4 126. 2 125. 6 126. 3 126.2 122. 5 122.9 119. 1 113. 2 107. 1 3.31 104. 7 109.4 117. 3 114. 3 107.6 125.7 134. 2 134. 2 134. 4 127.0 125.7 122. 7 123. 8 121.6 120.2 121. 6 122. 6 121. 1 122. 6 122. 6 122. 5 4. 72 107. 1 112.7 118. 2 118.2 113. 3 122.5 127.6 131.5 136.9 139.6 142. 1 143.0 143. 9 144. 8 142.7 141. 6 141.3 143. 1 144.4 146. 1 145. 9 146.0 146. 1 7.74 125. 9 143. 6 154.5 159.4 147.2 170. 9 185.7 197. 4 211.8 207. 1 211.7 220.5 218. 9 219. 8 218.5 219. 8 220.6 218.4 221.5 219.2 217.9 213.8 Foods 8. 75 112. 8 116. 8 120. 9 124. 0 123. 4 133. 0 138. 8 142. 7 147. 5 149. 6 151. 6 151. 0 151. 9 152. 5 152. 4 151.9 152. 2 151.3 151. 6 151.9 151. 1 151.2 NEW CONSTRUCTION Private Period Total new construction expenditures Constructio n contracts2 Resiclential Total Total i 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) Bil lions of doll ars 139.2 135. 9 151. 1 173.8 205.6 230.8 230.3 1974 1975 1976 1977 1978 1979 1980 100.9 95. 1 112.0 135.7 159.7 181.7 174.9 50.4 46.5 60.5 81.0 93.4 99.0 87.3 40.6 34.4 47.3 65.7 75.8 78.6 63.1 23.8 20.8 19.9 22.5 29.6 39.9 43.8 26.7 27.8 31.5 32.2 36.7 42.8 43.9 38.3 40.9 39. 1 38.2 45.9 49. 1 55.4 103.0 101.9 121. 0 153.6 174 1 185.6 161. 8 Seasonally adjusted Season all]j adjusted ai mual rates 1980: Oct .. _ _ Nov Dec.- _ - . 1981: Jan Feb Mar Apr May June July Aug Sept 9 Oct 9 ___ Nov * 228.9 234.3 245.4 259.0 254.5 250.3 246.5 235.9 234.0 234.7 232.7 234.7 230.8 174.9 180.9 187.9 193.9 193.2 189.6 189.9 184.1 181.8 183.4 183.3 182. 5 179. 1 89.8 95. 6 98.9 100.7 99.7 96.3 95.2 89.7 86.0 85.3 84.7 83.8 80.8 642 68. 1 70.4 742 75. 1 73.0 72.9 67.7^ 643 60.5 58.1 55. 9 52.4 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. 41.5 42.5 45.1 48.3 48.5 48.7 48.9 47.9 48.7 51.2 52.0 51.8 51.0 43.6 42.8 43.9 449 45.0 447 45.8 46.5 47.2 46.8 46.6 46.9 47.2 167 205 193 192 177 183 172 160 170 153 156 159 157 142 540 53.4 57.6 65.2 61.3 60.6 56.6 51.8 52.2 51.4 49.4 52.2 51.7 840 555 592 739 977 1,059 898 Seasonally adjusted annual rates 865 1,034 1, 169 944 1,013 1,080 930 994 1,015 852 924 823 868 863 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 priv ate homes KFew private lousing unit s Period Units started, by type of stri icture Total 1973 1974 1975 1976 1977 1978 1979 1980 2, 045. 3 1, 337. 7 1, 100. 4 1, 537. 5 1, 987. 1 2, 020. 3 1, 745. 1 1, 292. 2 1 unit 1, 132. 0 888. 1 892.2 1, 162. 4 1, 450. 9 1, 433. 3 1, 194 1 852.2 5 or more units 118.3 795.0 68. 1 381. 6 2043 640 289.2 85.9 4144 121.7 462.0 125.0 122.0 429.0 109.5 330.5 2-4 units Homes for sale at end of 1 period Units authorized Units completed 1, 819. 5 1, 074 4 939.2 1, 296. 2 1, 690. 0 1, 800. 5 1, 551. 8 1, 190. 6 2, 100. 5 1, 728. 5 1, 317. 2 1, 377. 2 1, 657. 1 1, 867. 5 1, 870. 8 1, 501. 6 634 519 549 646 819 817 709 530 418 346 313 353 402 414 3 398 336 1,274 1,373 1,252 1, 389 1,362 1,519 1,273 1,377 1,324 1,226 1, 180 1,261 560 514 523 500 507 451 478 402 408 350 313 360 337 336 329 334 325 327 322 310 303 300 295 284 Homes sold Vacancy rate for rental housing units (percent)2 5.8 6.2 6.0 5.6 5.2 5.0 5.4 5.4 Seasonally adjusted armual rates 1980: Nov Dec 1981: Jan Feh Mar Apr. May June July Aug Sept* Oct *» Nov 9 1, 550 1,535 1,660 1,215 1,297 1,332 1, 158 1,039 1,047 941 916 864 871 1,019 974 993 791 838 897 764 688 704 606 645 508 560 143 131 149 112 105 92 106 88 86 76 60 82 92 1 Seasonally adjusted. 2 Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable with earlier data. * New series beginning March 1979. 388 430 518 312 354 343 288 263 257 259 211 274 219 1,366 1,249 1,214 1,165 1,153 1, 186 1, 167 963 913 865 850 722 718 5.0 5.2 5.0 5.0 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places ; data for 1973-77 are for 14,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business sales fell 2% percent in October, while inventories rose $5 billion. According to the advance survey, retail sales rose % percent in November following a 2 percent decline in October. BILLIONS OF DOLLARS* (RATIO SCALE) 600 BILLIONS ---------------- OF DOLLARS* ......... (RATIO SCALE) ____ 550 - 130 120 500 450 100 V 400 RETAIL INVENTORIES 110 TOTAL BUSINESS INVENTORIES 90 350 *««." ^v , < RETAIL SALES 70 300 X* \ TOTAL BUSINESS 60 SALES 250 50 200 40 1977 150 1.70 100 1979 1978 1980 1981 RATIO* 1.80 MI I i i I ii i i II i i i 1977 1978 1979 1980 ill ill i l ii 1981 .INVENTORY-SALES RATIO 1977 1981 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Total b usiness1 Restail Who .esale 2 Iiiventoriess Sales Period Sales 2 Inventories3 Inven-3 Sales2 tories Tnf n 1 DurNonable durable goods goods stores stores Tntnl Inventoi•y-4sales ratio NonDurTotal able durable busigoods goods ness1 stores stores Retail Mill ons of d ollars, seasonally adjusted 1973 1974 1975 1976 1977 1978 1979 1980 1980: Oct_ Nov Dec 1981: Jan Feb Mar_ Apr May June July___ _ Aug.. Sept Oct *>__ „ Nov » 153, 412 177, 625 _ 182, 230 204, 277 229, 623 258, 724 294, 733 320, 540 335, 873 339, 049 343, 752 349, 018 350, 334 349, 898 350, 923 349, 245 354, 442 354, 759 352, 783 353, 717 345, 064 233, 327 285, 807 288, 375 318, 544 350, 678 395, 252 444, 224 475, 202 473, 617 474, 884 475, 202 478, 451 481, 069 485, 467 487, 060 490, 254 494, 226 498, 098 502, 458 508, 132 513, 037 38, 014 47, 748 46, 623 50, 694 55, 987 64, 715 76, 264 86, 991 93, 282 93, 901 96, 591 98, 967 98, 016 96, 486 97, 577 96, 217 95, 564 97, 085 94, 674 96, 437 94, 176 45, 372 42, 462 56, 948 45, 082 56, 697 49, 012 64, 078 54, 781 72, 311 60, 435 83, 492 67, 057 93, 817 74, 529 105, 529 79, 721 104, 293 81, 552 105, 203 82, 764 105, 529 83, 443 104, 909 85, 463 106, 066 86, 810 105, 539 87, 608 105, 591 85, 855 105, 568 85, 501 107, 210 87, 384 106, 402 87, 350 107, 820 88, 591 109, 297 88, 699 111, 193 86, 803 87, 465 1 The lerni "business" also includes manufacturing (see page 21). 28 Monthly average for year and total for month. Book value, end of period, seasonally adjusted. * For annual periods, ratio of weighted average inventories to average monthly 20 14, 409 14, 118 15, 247 18, 150 20, 724 23, 313 25, 401 24, 827 25, 293 26, 007 25, 983 27, 075 28, 328 28, 429 26, 356 26, 536 27, 532 27, 753 28, 439 28, 380 26, 321 26, 695 28, 052 30, 964 33, 765 33, 631 39, 711 43, 744 49, 128 54, 894 56, 259 56, 757 57, 460 58, 388 58, 482 59, 179 59, 499 58, 965 59, 852 59, 597 60, 152 60, 319 60, 482 60, 770 63, 237 28, 418 71, 067 32, 861 71, 744 33, 356 79, 273 37, 841 89, 210 42, 970 101, 681 49, 898 108, 835 53, 274 111, 694 51,853 113, 106 52, 066 112, 639 52, 209 111, 694 51, 853 111, 790 52, 234 113, 507 52, 374 113, 404 51, 791 113, 963 52, 306 115,426 53, 529 117, 307 54, 880 119, 824 56, 199 121, 277 57, 121 122, 219 57, 124 123, 404 57, 468 34, 819 38, 206 38, 388 41, 432 46, 240 51, 783 55, 561 59, 841 61, 040 60, 430 59, 841 59, 556 61, 133 61,613 61, 657 61, 897 62, 427 63, 625 64, 156 65; 095 65, 936 1.41 1.45 1.57 1.48 1.46 1.44 1.43 1.45 1.41 1.40 1.38 1.37 1. 38 1.39 1.39 1.40 1. 39 1. 40 1.42 1. 44 1.49 1.40 1.48 1.44 1.38 1.39 1.42 1.43 1.38 1.39 1. 36 1.34 1.31 1.31 1. 29 1.33 1. 35 1.34 1.37 1.37 1.38 1.42 sales; for monthly data, ratio of inventories at end of month to sales for month. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS Manufacturers* inventories rose in October, while orders and shipments fell. According to advance data, durable goods new orders rose in November and shipments fell. BILLIONS OF DOLLARS * (RATIO SCALE) 320 _ 280 -INVENTC)RIES BILLIONS OF DOLLARS* (RATIO SCALE) 200 180 160 -SHIPMENTS- ^- 240 140 200 120 -~ =*— 100 _—-—-"~~ r^^ f ,-—•—' ' """" - TOTAL _—--i 1 AH DURABLE GOODS 80 _-—•*"*"" 1OA! GOODS DURABLE 60 NONDURABLE GOODS ___ ^ —"""**" _ BILLIONS OF DOLLARS* (RATIO SCALE) 200 180 ENEW OR DERS i AH 140' _ ' f ~^\^rr Ad ,—^\ _ - r DURABLE GO ODS \ _ 60 ^ n 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 x ^•^"* ^ .— - — *. ,,,,,| i i i 1 i 1 i i I iI 1 1 1 1 1 1 1 1 1 1 1 RAT 0* TOTAL ^ or» - — ^x\x—r \ ._s'~~~''^ 19D \ INVENTC)RY-SHiPM ENTS RAT 10 2.0 ** "*,^ ~~_^~^"^ _ *•— --*"" 1,8 - **»• -^ "^ 1.6 NONDURA 3LE GOODS ^V^ ^ 1.4 40 I l l l l l 1 I I II i iiii1 ii1 1i 1977 1978 1 | 1 1 1 I 1 1 1 M 1979 11111 11111 1980 i iii111111i ! 1981 1.2 11111i 11111 11111111111 11111111111 1977 1978 NonDurable durable goods goods Durab ie goods ManufacCapital NonNonturers' goods Total Durable durable Total durable unfilled indusgoods Total goods goods orders * tries. nondefense Millions of dolkirs, season ally adjusted 44, 228 43, 656 50, 689 59, 267 67, 848 75, 803 78, 003 40, 567 42, 939 48, 113 53, 934 59, 104 68, 138 75, 826 1980: Oct__. 161, 038 Nov__ 162, 384 Dee_. 163, 719 82, 518 83, 229 83, 482 78, 521 256, 218 169, 781 79, 155 257, 042 170, 275 80, 236 257, 979 171, 603 86, 437 161, 924 83, 364 86, 767 163, 020 83, 971 86, 376 166, 900 86, 577 1981: Jan__. 164, 588 Feb___ 165, 508 Mar__ 165, 804 Apr___ 167, 491 May._ 167, 527 June-- 171, 494 July.. 170, 324 Aug__ 169, 518 Sept.. 168, 581 Oct _ _ 164, 085 Nov * 83, 329 84, 215 85, 058 86, 327 86, 664 88, 770 87, 319 86, 841 86, 179 82, 583 80, 875 81, 259 81, 293 80, 746 81, 164 80, 863 82, 724 83, 005 82, 677 82, 402 81, 502 87, 529 88, 876 90, 295 90, 383 91, 625 91, 033 91, 017 91, 140 91, 476 91, 722 157, 792 159, 934 175, 193 189, 157 210, 079 241, 572 257, 979 261, 752 264, 496 266, 524 267, 506 269, 260 269, 709 271, 872 273, 361 276, 616 278, 440 101, 739 102, 874 112, 581 121, 646 137, 712 161, 390 171, 603 174, 223 175, 620 176, 229 177, 123 177, 635 178, 676 180, 855 182, 221 185, 140 186, 718 1 Monthly average for year and total for month. Shipments are the same as sales. 2 Book value, end of period. End of period. * For annual periods, ratio of weighted average inventories to average monthly 8 1 111 1 111111 1981 1980 Mamifacturer s new ore ers1 84, 794 86, 595 98, 802 113,201 126, 953 143, 941 153, 828 1974 1975 1976 1977 1978 1979 1980 I i i i i Ii i i il COUNCIL OF ECONOMIC ADVISERS Manufa(Jturers' sh ipments 1 Manufac turers'* im"entories2 Total y ^ 1979 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Period _ \ NONEJURABLE GOO US 40 56, 053 57, 060 62, 612 67, 511 72, 367 80, 182 86, 376 87, 268 85, 149 99, 543 115, 027 131, 612 147, 576 155, 059 165, 423 166, 987 167, 361 168, 584 169, 340 170, 913 172, 611 170, 063 168, 444 159, 005 46, 853 42, 019 51, 398 61, 076 72, 358 79, 353 79, 264 84, 208 85, 446 86, 729 87, 180 88, 164 88, 303 89, 696 87, 350 86, 278 77, 804 78, 652 12, 673 11, Oil 12, 799 15, 276 19, 450 22, 510 22, 548 40, 415 43, 130 48, 145 53, 951 59, 254 68, 223 75, 795 Manufacturers' inventory — shipments ratio4 191, 102 173, 829 182, 499 204, 814 261, 082 304, 963 319, 729 1.65 1.84 1.69 1. 61 1.57 1. 57 1.65 21, 625 78, 560 315, 912 23, 350 79, 049 316, 547 24, 664 80, 323 319, 729 1.59 1.58 1.58 24, 823 21, 185 24, 460 24, 723 23, 865 23, 230 24, 226 24, 700 23, 026 20, 996 23, 197 1.59 1.60 1.61 1.60 1.61 1.57 1.60 1. 61 1. 64 1.70 81, 216 81, 541 80, 632 81, 404 81, 176 82, 610 82, 915 82, 713 82, 166 81, 201 320, 566 322, 045 323, 602 324, 694 326, 508 325, 918 328, 206 328, 757 328, 613 323, 538 shipments; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 01 PRODUCER PRICES PRICES In November, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished consumer foods fell 0.5 percent, and prices of other finished consumer goods rose 0.8 percent. Prices of capital equipment rose 0.8 percent from their October level. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 300 140 - 140 120 120 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967 = 100; monthly data seasonally adjusted] j ?inishec1 goods In ;ermedi ate Crud e matei ials rnaterial s Total finFoodished stuffs Foods Capiconsumer Total and l Other Total and Other tal feedfeeds equip- goods stuffs ment 123. 5 129.2 131.6 168.4 128. 1 174. 0 180. 0 162.5 141. 0 149. 3 162.9 200.2 159. 5 196. 1 189. 4 208. 9 162.5 163. 6 180. 0 195. 3 178.6 196.9 191.8 206.9 173.4 169.7 189. 1 185.3 189.4 202. 7 190.2 228.5 184.6 180.7 201.5 190.5 202. 3 209.2 192. 1 245.0 199.2 194. 9 215. 6 203. 1 216.5 234. 4 216.2 272. 3 216.5 217.9 242.2 226. 1 244. 4 274.3 247.9 330.0 239. 8 248. 9 280. 3 252. 6 282.3 304.6 259.2 401. 0 249. 7 258.9 290.2 286. 1 290.5 330.7 283. 3 431.2 250.8 259. 7 293.5 270. 1 295.2 328. 1 275.9 438.9 253.7 262.7 297.4 270.6 299.4 328.8 272.9 447.8 256. 1 264. 6 298.5 260.1 301.3 332.4 263.8 479. 0 258.0 268. 1 301.6 253.4 305. 2 328. 1 258.4 477. 2 260.4 270.2 3046 254.4 308. 4 332.8 262.4 483.5 262.3 270.9 306. 1 253.5 310.0 331.3 256.7 491. 3 264. 1 272. 1 306. 8 252. 1 310.9 335.2 263.8 488. 1 265.9 273.0 307. 8 250.6 312.0 336.9 264. 7 491. 5 267.7 272.9 309.2 253.2 313.4 333.9 262.0 487.9 267.8 273.5 309.4 245.5 314.2 330.2 255.4 490.6 270.2 274.7 309. 3 i 242. 0 314. 3 324. 6 248.9 486. 9 272. 4 276.0 310. 2 237.4 315. 7 i 320.0 243.6 483.8 Finished goods e xcludin g cons umer fc>ods Period 1973 __ 1974 1975 1976 1977 1978 1979 1980. 1980: Nov Dec 1981: Jan Feb Mar__ Apr May June July Aug Sept Oct Nov _ _ _ Total Confinished sumer goods foods Total 127.9 147. 5 163.4 170.6 181.7 195. 9 217.7 247. 0 256.9 257.8 260.8 262.8 266.0 268. 1 269. 1 270.4 271.5 271.8 272.3 273.8 275.2 146.4 166.9 181. 0 180. 4 189.9 207. 2 226.2 239.5 250.8 250.9 251. 1 249.5 251. 9 251. 6 251.8 253. 0 256.5 256.4 256.5 255.9 254.6 120. 1 139. 3 156. 2 166. 1 177.7 190. 7 213. 3 247.8 257.3 258.4 262.3 265.4 268.8 271. 7 272. 9 274.3 274. 6 275.0 275.6 277.7 280.0 Conssumer goods Total Unable Nondurable 118.6 138.6 153. 1 162.6 174.3 186. 7 211.5 250.8 260. 1 261.2 265.3 268.7 272.6 275.7 276.6 277. 8 277.6 277. 5 278. 3 280.3 282. 6 115.4 125.9 138. 2 144. 5 152.8 166. 9 183.2 206. 2 213.3 212.9 213.6 214.7 214.0 215.7 217.9 218. 9 218. 3 219.4 218.7 222. 5 224.5 120. 5 146.8 163. 0 174.8 189.3 200. 0 231.3 283.9 294.8 297.4 303.9 309.0 316. 3 320.4 320. 4 321.7 321.9 320.8 322.9 323. 5 326.0 > Intermediate materials for food manufacturing and feeds. 22 NOTE.—Data revised for July 1981. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In November, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted (0.3 percent unadjusted). Food and beverage prices were up 0.2 percent, seasonally adjusted, and energy prices were down 0.2 percent, unadjusted. INDEX, 1967= 100 (RATIO SCALE) 320 INDEX, 1967=100 (RATIO SCALE) 320 UNADJUSTED 300 300 280 280 260 260 240 240 220 220 200 200 ALL ITEMS 180 180 160 140 1975 1973 1976 120 i Ii i i 1978 1977 1981 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967=100; monthly data seasonally adjusted, except as noted] Tr£insportat ion Housing Food All 1 and items beverages Period NSA 5 Rel. imp. ,. 100.0 1973 1974 1975 1976 1977 1978 1979— _ 1980 1980: Nov. Dec__ 1981: Jan_. Feb__ Mar. Apr._ May. JuneJuly.. Aug_. Sept_ Oct__ Nov__ 1 Includes 2 Includes 3 133. 1 147. 7 161.2 170.5 181.5 195.4 217.4 246.8 256.2 258.4 260.5 263.2 265. 1 266.8 269. 0 271.3 274.4 276. 5 279.3 279. 9 280. 7 Financ- Apparel ing, Home taxes, and Total i purupkeep and Total i chase insurance NSA NSA Motor fuel 2 Medical En- 3 ergy care NSA 18. 3 45. 5 10.8 12.0 4.9 19.0 3.6 5.9 4.7 10.8 41.6 49.6 139.5 158.7 172. 1 177.4 188. 0 206.3 228.5 248.0 260.2 262.6 262. 6 263. 4 2645 264.5 263.9 264.5 266. 7 268.7 271.3 271. 9 272.5 133.7 148.8 164.5 174.6 186.5 202.8 227.6 263. 3 274. 1 277.4 279.5 281.3 282.8 284.8 288.4 291.7 296. 5 299.4 303.3 303.3 304. 6 132.7 142. 7 160.3 168.4 179.5 196.7 223. 1 254. 3 267.3 267.2 266.2 263.0 261. 1 260.7 263. 0 266. 6 271.4 272. 6 274. 5 272.5 270. 2 160.6 181. 1 201.9 212.8 227. 2 257.8 308.9 396. 0 416.9 429.4 435.2 437. 1 441. 1 447. 1 458. 3 467.2 480.0 488. 3 501.8 501. 8 505.6 126.8 136.2 142. 3 147.6 154.2 159. 6 166.6 178.4 182.8 182.8 182.5 184. 0 185. 8 186. 1 185.7 185.8 186. 8 188.3 189.4 189. 7 189.3 123.8 137.7 150. 6 165.5 177.2 185.5 212.0 249.7 259. 9 262.4 267.0 273.4 275.9 275. 7 276.5 277.2 279.4 281. 1 284.4 287.8 290.2 111. 1 117.5 127.6 135.7 142. 9 153.8 166.0 179. 3 183.5 183.3 183.5 183. 3 182.5 185.7 190. 1 192.2 193. 3 193.4 194.6 194. 1 194. 5 118. 1 159.9 170.8 177.9 188.2 196.3 265. 6 369. 1 373.6 377.3 391.5 417.5 427. 1 421. 0 414.8 408.7 404.8 403.6 2 405. 8 410. 7 412. 8 137.7 150.5 168. 6 184.7 202.4 219.4 239. 7 265.9 274.6 276.2 279.2 281.7 284. 1 286. 6 289. 1 292. 1 295.9 299.6 302. 2 305. 1 308. 3 123. 5 159. 7 176.6 189. 3 207.3 220.4 275.9 361. 1 366. 1 370.4 381.7 401. 1 409.3 409.8 411. 3 414.0 415.7 416. 1 417. 1 414. 9 414. 1 139. 1 152. 1 166. 6 180.4 194. 3 210.9 234. 2 270.3 281.5 285.5 288.0 290.3 292.6 295.4 299.6 303. 1 308. 5 312. 1 316.9 318. 3 321.0 128.5 138. 5 150.5 160. 8 170.6 180.9 194. 1 211.6 219. 1 220.8 221.9 223. 7 225. 1 226. 9 228.3 229. 9 232. 6 234. 3 236. 7 238.4 239. 7 items not shown separately. direct pricing of diesel and gasohol beginning September 1981. Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motcr oil, coolant, etc. 4 Estimated series. Finance includes financing, taxes, and insurance. New cars All items less food, energy, Serv- and home ices purchase and finance 4 * Relative importance, December 1980. NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. QQ Source: Department of Labor, Bureau of Labor Statistics. «%3 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period Percent change from pre ceding period ; seasomilly adju stedi Percent* change from 3 naonths earlie r; season ally adjiisted annual rates Percen t change from 6 rnonths earlie r; seasonlally adjiisted annua I rates Consume;r goods Consumejr goods Consum »r goods Total finished goods Foods .. 3.8 11.8 18.3 6.6 3.7 6.9 9.2 12.8 11.8 8.0 22.5 13.0 5.5 2.5 6.9 11.7 7.4 7.5 2.0 7.4 20.5 6.7 6.0 6.7 8.5 17.5 14.2 2.0 5.3 22.6 8.2 6.4 7.3 7.9 8.8 11.4 1980: Nov........... Dee ..... .7 .4 .3 .0 .9 .4 .6 .4 1981: Jan...... Feb .. Mar Apr May June... July. Aug Sept Oct.... Nov . 1.2 .8 1.2 .8 .4 .5 .4 .1 .2 .6 .5 .1 — ,6 1.0 -.1 .1 .5 1.4 -.0 .0 —.2 -.5 1.6 1.3 1.5 1. 1 .3 .4 — .1 1.2 .9 .7 .9 .7 .7 .7 .7 .0 .9 .8 1972.. 1973 1974.. 1975 1976.... 1977 1978.. 1979 1980 „ ...... .. . Capital Total equipfinExclud- ment ished ing Foods goods foods Capital Total finequipished Exclud- ment goods ing foods __ o .3 .7 .8 8.0 8.3 9.2 9.5 13.3 11.7 9.9 6.8 5.2 4. 1 2.8 3.4 5.1 i Annual changes are from December to December (unadjusted). NofE.—Based on revised data for July 1981. Capital equipExclud- ment Foods ing foods 6.3 4.3 7.9 8.9 10.4 11.8 12.0 10.9 18. 1 16.9 9.5 8.2 11.4 10.9 1.8 -2.1 1.6 .8 3.7 1.8 8.0 7.5 5.6 9 -2.8 12.2 13.9 18.6 16.6 12.3 7.9 2.8 1.3 .7 3.9 7.6 9.3 10.7 12.0 11.0 10.0 9.8 8.7 8.5 5.7 6.6 7.2 9.7 8.8 10.8 10.5 9.7 10.0 8.4 7.0 48 4.3 4.6 8.9 2.0 2.9 1.3 .8 1.7 4. 3 5.6 3.7 3.4 2.2 9.4 10.9 13.7 144 13. 1 13. 1 9.5 6.7 42 3.4 44 10.7 10.5 11.9 10.2 10.3 10.9 9.8 9.3 7.7 7.7 7.8 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES [Percent change from preceding period; monthly data seasonally adjusted, except as noted l] Tra nsporta tion ]Housing FiAr\ PFood nanc- parel Med- En-4 All 2 and Home ing, ical ergy New Motor and 3 2 beveritems pur- taxes, up- Total cars fuel care ages Total * chase and keep insurance NSA NSA NSA A Period 1973. _ _ - 8.8 1974 12.2 1975.. > ... 7.0 1976...... 4,8 1977....— 6.8 9.0 1978 1979 . 13.3 12.4 1980 1980: Nov.. 1.1 Dec._ 1.0 .7 1981: Jan— Feb_ 1.0 Mar.. .6 .4 Apr.. May. .7 June. ,7 July.. 1.2 Aug... .8 Sept.. 1.2 Oct_. .4 .5 Nov- 18. 5 12.0 6.2 .8 7.6 11.6 10.0 10.1 1.2 .9 0 .3 ,4 0 -.2 .2 .8 .7 1.0 .2 ,2 3.4 6,9 13.4 10. 1 7.5 10.0 5.4 4.3 8.4 7.6 9.9 11.2 15.2 15.8 13.7 1L4 1.2 .7 1.2 -.0 .8 -.4 .6 -1.2 .5 ~ 7 2 .7 1.3 .9 1.4 1. 1 1.8 1.6 1.0 .4 .7 1.3 >j 0 o .4 .o 11. 1 14.6 7.6 1.6 11.2 14.7 27.5 23.3 3.0 3.0 1.4 .4 .9 1.4 2.5 1.9 2.7 1.7 2.8 0 .8 4.4 8.7 2.3 4.5 4.2 3.2 5. 5 6.8 .4 0 o .8 1.0 .2 -.2 .1 S5 .8 .6 .2 2 4.5 13.3 9.8 8.8 4.3 7.7 18.2 14.7 1.3 LO L8 2.4 ,9 — .1 .3 .3 ,8 .6 1.2 1.2 ,8 1 Annual changes are from December to December, not seasonally adjusted. 2 3 Include? items not shown separately. Includes direct pricing of diesel and gasohol beginning September 1981. 4 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc. 8 Estimated series. Finance includes financing, taxes, and insurance. 24 1.3 19.7 11.5 20. 6 7.3 11.0 4.8 2.6 7.2 4.9 6.2 8.5 7.4 52.2 7.5 ia9 .6 .1 «_ j 1.0 ,1 3.8 j 6.6 -.4 2.3 1.8 -1.4 2.4 -1.5 1. 1 -1.5 .6 -1.0 . 1 —8 . 3 .5 .6 g 1.2 .2 .5 5.2 12.4 9.9 10.1 8.8 8.8 10. 1 10.0 .6 .6 1.1 .9 ,9 .9 .9 1.0 1.3 1.3 .9 1.0 1.0 All Adden<lum: items All it ems less percent change food, Serv- energy, (annual rate) ices and From From home 3 6 3urehase and 5months months finance earlier earlier 6.2 16.8 21. 6 11.3 8. 1 11.6 7.3 6.9 7.2 7.9 8.0 9.3 37.4 13.7 18. 1 14.2 L3 -.5 1.2 1.4 3.1 .9 5. 1 .8 .8 2.0 .1 1.0 1.4 .4 .7 1.2 ,4 1.8 1.2 .1 .2 1.5 .4 -.5 -.2 .8 4.0 11. 1 6. 3 6.8 5, 5 6.9 7,5 9.9 .8 ,8 .5 .8 .6 .8 .6 ,7 1.2 .7 1.0 .7 .5 NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier wage earners and clerical workers. Source: Department of Labor, Bureau of Labor Statistics. 13.5 13.2 11.8 11.2 9.6 8.2 7.0 7.4 10.8 11.5 13.5 9.9 8.4 10.5 10.5 11.9 12.3 11. 4 10.0 9. 1 8.5 9.5 9.2 10.4 10.3 9.9 are for urban PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 0.8 percent in November and prices paid by farmers were unchanged in the month ended November 15. INDEX, 1977=100 INDEX, 1977=100 (RATIO SCALE) 1973 (RATIO SCALE) 1981 j/ RATIO OF INDEX OF PRICES RECEIVED 10 WDEX OF PRICES PAID. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [1977=100] Prices received by fa rmers Period All farm products 1973 1974__ .___-__ _. 1975 1976 ___ 1977_____________ 1978 _» 1979 . . . . 1980 . . 1980: Nov . Dec _^ .. 1981: Jan . . . . Feb . Mar Apr May . ,__ June July Aug . Sept Dct Nov 1 2 „ . 98 105 101 102 100 115 132 134 144 145 144 144 143 143 142 142 141 137 134 130 129 Crops Livestock and products 91 117 105 102 100 106 116 125 140 142 144 144 146 143 143 137 136 129 120 119 120 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910-14 base as required by 104 94 98 101 100 124 147 144 149 148 145 144 141 143 141 146 146 145 146 140 138 Pric es paid by farrners All commodi- Production items, ties, services, interest, Production interest, items taxes, taxes, andl and wage wage rates rates 71 81 89 95 100 108 123 139 144 144 147 148 149 150 150 151 150 151 151 151 151 72 81 89 95 100 109 125 140 145 145 149 149 150 151 151 152 151 150 150 149 149 73 83 91 97 100 108 125 138 144 145 146 147 148 150 150 150 149 149 149 147 147 Ratio2 138 130 113 107 100 106 107 96 100 101 98 97 96 95 95 94 94 91 89 86 85 law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS Growth in the monetary aggregates accelerated in November. BILLIONS OF DOLLARS*(RATIOSCALE) BILLIONS OF DOLLARS* (RATIO SCALE) Zl 2,400 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted] Ml- A Currency plus demand deposits plus travelers' checks l Period 1974: 1975: 1976: 1977: 1978: 1979: 1980: 1980: Dec Dec Dec Dec Dec Dec Dec Nov Dec 1981: Jan Feb Mar . Apr May_. June July Aug.-. Sept Oct Nov » _ _ 277. 1 290. 2 307.7 331. 4 354. 8 372.7 387. 7 391. 3 387.7 375. 1 367. 2 365.6 366.3 364. 7 361.9 361.4 362. 3 359.9 360.6 362.6 Ml-B Ml- A plus other checkable deposits (OCD) at banks and thrift institutions 278.0 291.8 311. 1 336.4 364. 2 390.5 415. 6 419. 1 415.6 419. 2 421. 2 425. 7 433.3 431.3 428.8 430. 1 432.8 431.8 433. 0 437.9 M2 Ml-B plus overnight RPs and Eurodollars, MMMF shares, and savings and small time deposits at commercial banks and thrift institutions 2 908.0 1, 024. 4 1, 169. 4 1, 296. 4 1, 404. 2 1, 525. 2 1, 669. 4 1, 668. 5 1, 669. 4 1, 680. 8 1, 695. 7 1, 718. 4 1, 737. 7 1, 743. 2 1, 749. 3 1, 760. 1 1, 777. 2 1, 786. 8 1, 798. 9 1, 824. 6 1 Net of demand deposits due to foreign commercial banks and official institutions. 3 Total M2 excludes demand deposits held by thrift institutions at commercial banks, not shown separately in components. 5 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. 26 M3 L M2 plus large time deposits and term RPs at commercial banks and thrift institutions M3 plus other liquid assets 1, 060. 4 1, 163. 0 1, 302. 3 1, 462. 5 1, 625. 9 1, 775. 6 1, 965. 1 1, 951. 0 1, 965. 1 1, 989. 3 2, 009. 1 2, 027. 0 2, 045. 7 2, 060. 7 2, 079. 0 2, 094. 0 2, 117. 5 2, 133. 7 2, 144. 2 2, 168. 3 1, 246. 0 1, 373. 5 1, 528. 9 1, 722. 7 1, 936. 8 2, 151. 7 2, 378. 4 2, 355. 6 2, 378. 4 2, 408. 7 2, 433. 6 2, 445. 1 2, 457. 4 2, 479. 9 2, 502. 8 2, 519. 4 2, 550. 8 2, 574. 4 Percent chan ge frorri year or 6 mont is earli<3r 3 Ml- A Ml-B 4.3 4.4 4.7 5.0 6.0 6.6 7.7 8. 1 7. 1 8.3 5. 0 7. 2 4.0 6.4 11.6 14.7 7. 7 10. 8 M2 5. 6 12.8 14.2 10.9 8. 3 8.6 9.5 13. 2 10. 3 10.2 8.4 -8. 0 7.2 7. 8 -10. 5 6. 9 9. 1 -11.8 8.3 10. 4 9.2 -13. 1 5.9 -12. 9 6.5 9.8 -7. 2 5.3 9.7 9.8 -2.7 5.6 -3. 1 2.9 8. 1 -3. 1 -. 1 7. 2 -1. 1 3. 1 9.6 0 . o M3 8.4 9.7 12.0 12.3 11.2 9. 2 10.7 13. 2 12.5 12.7 12. 1 12.3 12.5 11.6 11.9 10.8 11. 1 10.8 9.9 10.7 NOTE.—See p. 27 for components except travelers' checks, which can be computed from data shown on these two pages. Data revised beginning March 1981. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Overnight Small Money Over- market SavdeDe- Other repurnight chase checkmutual ings nomiCur- mand Euroagreeable de- nation fund Period rency de- l dollars shares posits time posits deposits ments (00 D) (RPs) de/Vnvf\ (net) posits 2 NSA Dec: 1974. 1975. 1976. 1977. 1978_ 1979. 1980. 2. 0 3.6 4.5 3. 8 10. 3 43.6 75. 8 486. 5 475. 5 416. 5 393. 0 28. 1 27.9 4.7 4.5 77.0 406. 1 75. 8 393. 0 738.0 756.8 27.5 27. 0 28.7 29. 3 31. 8 33.3 32.3 32.4 29. 8 26.9 27. 1 5. 2 4. 9 376.9 370.8 368.3 367. 0 361. 1 354.0 349. 1 340.7 334. 5 329. 6 330.8 775.7 783.3 789. 4 790.0 798.4 807. 7 811.3 821. 9 830. 7 841. 1 849. 7 17.8 28. 1 1980: Nov_ 115. 7 271.6 Dee__ 116. 1 267.4 27.9 28. 1 1981: Jan.. 116.6 Feb__ 117. 2 Mar_ 117.9 Apr__ 118. 9 May- 119. 8 June_ 119.9 July. 120.8 Aug__ 121. 2 Sept.. 121. 1 Oct.. 121. 4 Nov *> 122. 1 44. 3 54.3 60. 2 67.3 66.9 67.1 69. 0 70. 8 72.2 72.8 75. 6 254.4 245.8 243.5 243. 1 240.7 237.9 236.4 236.7 234. 4 234.7 235. 9 5. 0 9.4 2.3 333.9 3.6 383.9 3.4 447. 8 0.0 .0 .0 1.0 4.6 5.0 6.5 6.4 6.9 7.8 6.9 5.9 6. 5 80.7 92. 4 105. 6 117. 1 118. 1 122.8 134. 3 145. 4 157.0 166. 4 176.6 Term Shortrepur- Term term chase Euro- Sav- TreasBank- Comagree- dollars ings ury ers' merments (net) bonds secuaccept- cial (RPs) rities ances paper NSA 144.0 129. 6 117.9 145. 1 194.0 219. 7 256. 8 13.6 17.6 21. 9 21.8 27.9 0.9 1.6 3.4 NSA NSA 288.9 340. 1 396.2 453. 8 533.3 652. 7 756. 8 7.2 7.5 207.4 214. 1 224. 4 239. 7 253. 9 262.8 267. 4 67.8 73.8 80.6 88.6 97. 4 106. 1 116. 1 Large denomination time deposits 2 1 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. 8.4 9.0 NSA 15. 0 21. 0 27.7 30.7 38.9 9. 7 13. 1 18.7 29.9 42. 9 48.4 63.2 67. 2 71.8 76. 4 80.3 79. 6 72.3 53. 6 77. 1 81. 1 90. 1 99. 6 129. 3 159.9 11.9 21.7 27. 0 32.5 245. 4 256.8 37. 1 38.9 46. 3 48. 4 72.6 72. 3 154.6 159.9 31.3 99. 8 32.5 100. 2 268. 0 273.9 271. 0 269. 5 277. 2 287. 3 290.3 296.6 299. 9 298.9 295.9 40. 4 39. 5 37.6 38. 5 40.2 42.4 43. 5 43.7 47. 1 46.4 47. 8 50.2 52. 2 52.2 52.6 57.0 57.9 58.7 61.0 61. 2 71.9 71. 1 70. 7 70. 4 69.9 69. 7 69.3 68. 8 68.4 165. 1 169. 9 164. 6 157. 6 157. 5 160.3 160. 7 161.8 167.8 33.0 99. 2 32.0 99. 4 33. 0 97. 6 34.6 96.5 35.7 99. 1 36. 5 99.3 37.2 99.6 36.9 104. 8 37.0 106. 2 8.0 10.6 8.4 8.8 50. 1 48. 1 51.8 63. 1 79. 4 97. 3 100. 2 NOTE.—See p. 26 for overall measures. NSA indicates data are not seasonally adjusted. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installm ent credit e ^tended Installm ent credit li quidated Period Total 1 1973 1974_._ 1975 1976— 1977— 1978 _ _ 1979_._ 1980 __ 1980: Oct Nov Dec 1981: Jan Feb Mar Apr May June July Aug Sept Oct... __ . Automobile Revolving Automobile Revolving Total * 702 213 956 934 596 125 174 580 152, 817 163,276 172, 675 189, 179 222, 138 254, 589 286, 396 304, 477 43, 696 46, 019 49, 444 53, 278 60. 437 69, 245 79, 186 83, 037 26, 699 31, 243 35, 616 41, 764 81, 348 96, 090 111, 546 126, 655 20, 218 9,489 7,408 21, 561 35, 462 43, 079 38, 381 1,410 7,544 7, 117 7,234 11, 124 10, 953 11, 614 26, 663 25, 152 25, 530 7,343 6, 872 6,932 10, 851 10, 688 10, 998 702 839 1,619 7, 237 8,333 8,700 7,205 7,320 7,442 8, 178 8,573 9, 176 7,139 11,483 11,867 12, 071 12, 352 11, 904 12, 668 12, 190 11,964 12, 335 12, 208 26, 26, 26, 26, 26, 27, 26, 26, 26, 25, 7,300 7,354 7,018 6,777 7,515 7, 385 6,970 6, 458 6,894 6, 177 10 926 11, 426 11,484 11, 514 11, 554 11, 650 11,713 11,473 12,042 11,818 1, 996 3, 108 2,331 1,346 1, 930 1, 954 2,859 2, 819 1, 014 173, 035 172, 765 180,083 210, 740 257, 600 297, 668 324, 777 305, 887 49, 606 46, 514 52, 420 63, 743 75, 641 87, 981 93, 901 83, 002 27, 365 25, 991 27, 149 27, 059 28, 706 29, 822 28, 878 28, 149 29, 005 28, 750 28, 899 29, 428 26, 952 28, 33, 36, 43, 87, 105, 120, 129, i Includes "mobile home" and "other," not shown separately. Total * Net changek in amount outstanding 190 710 714 547 803 075 796 040 609 938 869 Automobile Revolving 2,976 10, 465 15, 204 18, 736 14,715 — 35 2, 003 1,970 1,340 2, 170 6,248 9, 035 8, 628 2,925 201 245 302 273 265 616 -63 979 557 441 587 838 350 5,910 495 1,682 428 -195 57 1,208 2, 115 2, 282 962 1,018 477 491 293 390 Source: Board of Governors of the Federal Eeserve System. 27 BANK LOANS AND INVESTMENTS, AND RESERVES Growth in commercial bank loans and investments decelerated in November. Total adjusted reserves were unchanged as a deadline in borrowings offset a rise in nonborrowed reserves. BILLIONS OF DOLLARS'(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) -ALL COMMERCIAL BANKS -60 60 40 40 1973 1974 1981 1975 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments Period 1974: 1975: 1976: 1977: 1978: 1979: 1980: Dec Dec... _ Dec Dec Dec Dec Dec__ COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All c ommercial k)anks l Depositc ry institu tions 3 igs (milReserves a djusted for changes Borrowii lions of dollars, Loans <a,nd leases Investnlents in resei ve requirem ents unadji jsted) CommerU.£5. Other cial and NonSeaReTotal 2 industrial Treasury secuTotal Total borrowed quired sonal securities rities loans 713.9 745. 1 804.6 891.3 _ 1, 013. 4 1, 134. 6 1, 237. 0 520. 1 517.2 555. 0 632.3 746.9 848. 9 912.5 197.4 189. 9 191.3 211. 2 246. 1 291. 1 324. 9 53. 7 82.2 100.6 99. 5 93.3 93.8 110.6 140.0 145. 7 149.0 159.5 173.2 191.8 213. 9 31. 22 31. 28 31.82 33. 27 35.21 36. 58 39. 19 30.49 31. 15 31.77 32. 70 34.34 35. 11 37.50 30.96 31. 02 31.55 33. 08 34.98 36. 25 38.72 703 127 62 558 874 1,473 1, 617 32 13 12 54 134 82 116 1980: Nov Dec_ _ 1, 224. 0 _ _ 1, 237. 0 901.5 912. 5 320. 7 324.9 110.5 110.6 212. 1 213.9 39. 19 39. 19 37. 13 37.50 38.67 38. 72 2, 156 1,617 99 116 1981: Jan Feb Mar Apr May June JuJv Aug__ Sept Oct .-. Nov 1, 253. 2 1, 262. 5 . 1, 262. 2 1, 267. 5 1, 280. 8 1, 288. 2 1, 294. 8 _ 1, 306. 0 ___ 1, 317. 6 1, 326. 9 1, 330. 4 923.4 930. 1 929.2 934.7 944. 6 949.8 954. 8 964. 5 976.0 982.7 986. 8 329.3 330.8 330.6 331.8 336. 0 340. 2 345.8 352. 3 357. 7 361.7 362.4 113.5 115.2 114. 8 115.1 117.5 119.3 120.4 119.4 117.6 117. 1 113.3 216.2 217. 2 218.2 217.7 218.8 219. 1 219. 7 222. 0 224. 1 227. 1 230.3 39. 18 38.95 39.07 39. 27 39.54 39. 35 39.61 39. 88 40.62 40.27 40.27 37. 79 37. 65 38. 07 37.93 37. 31 37. 31 37.93 38.46 39. 16 39. 09 39. 61 38.87 38. 67 38.82 39. 14 39. 37 39. 10 39. 36 39. 68 40.29 40. 08 40.00 1,405 1,278 1,004 1,343 2,154 2,038 1, 751 1,408 1,473 1, 149 120 148 197 161 259 291 248 220 222 594 79 _ 1 2 3 Data are averages of Wednesday figures. Excludes loans to commercial banks in the United States. Data are averages of daily figures. Prior to November 13, 1980, the date of implementation of the Monetary Control Act, data relate only to member banks. 28 685 Note.—Latest month's data for loans and investments are estima tes. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Credit, market f unds Period Total Internal 1 Total Total 133.7 165. 8 208.7 202.9 167.9 223.4 264.2 320.4 366. 7 336.2 359.6 265. 4 325. 4 394.3 340.7 396.6 393. 1 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1980: I II III IV 1981: I II III 9 73.5 85.0 91.7 85.6 119. 7 134.2 156. 1 171.9 190. 6 196.8 194.9 192.9 199.2 200.3 222.0 228.2 233.0 60.2 80.8 117.0 117. 3 48.3 89.2 108. 1 148.5 176. 1 139.3 164.7 72.5 126.3 194.0 118. 8 168.4 160. 1 45.6 57.6 72. 9 82.8 41.7 64.3 84. 6 93.2 104.8 106. 1 126.7 70. 1 93.3 134.3 78. 1 123.5 112.0 Securities and mortgages 41. 2 40. 7 36.9 39. 1 49. 7 48.0 48. 1 45.8 39.5 66. 5 65.9 62.3 63.5 74. 1 62. 1 29. 0 -4. 1 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. Loans and shortterm paper Other 2 14.6 23.2 44.0 34.5 6. 5 24.9 23.5 55. 3 71.4 33.2 37.9 2. 4 33.0 59.6 40.7 44.9 48. 1 4.4 16. 9 36.0 43.6 -8.0 16. 3 36.5 47. 4 65. 3 39.7 60.8 7.8 29.8 60.2 16. 0 94.5 116. 1 Total 122.7 149. 1 191.9 190. 1 150.9 201. 4 228.5 290. 9 340.6 291.7 310.6 224.8 289. 1 342.4 319.4 356. 3 362.9 In- Capital expenditures 3 crease in financial assets 86. 0 99.0 121. 5 137.9 109.7 148.3 174. 1 199.2 220. 9 216.9 224. 1 212.0 207. 1 224. 3 231.6 265.4 276. 1 36.7 50. 1 70.5 52.2 41.2 53. 0 54.4 91.7 119.7 74.9 86.5 12. 8 82.0 118.2 87.8 90.9 86.8 Discrepancy ( sources less uses) 11.0 16.7 16.7 12.9 17.0 22. 0 35.7 29.5 26.2 44. 5 49.0 40.7 36.3 51. 9 21.4 40. 3 30. 1 8 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] Curreiat assets End of period Total SEC series:2 492. 3 1970__. 529. 6 1971 1972 599. 3 1973 697. 8 1974 790.7 FTC-FRB series:3 735.4 1974 1975 759. 0 1976 826.8 902. 1 1977 1978 1, 030. 0 1, 200. 9 1979 1980 1, 281. 6 1980: I. II III IV Cash Curi •ent liabil ties U.S. Notes governand Invenment acsecuri- counts tories ties receivable Other current assets working capital Current ratio l 50.2 53. 3 59. 0 66.3 71. 1 11.0 10. 6 12.8 12. 3 7.7 206. 1 221. 1 248.2 288. 5 322. 1 193. 3 200.4 225.7 263. 9 313.6 35. 0 43. 8 55. 8 66.4 71.7 304. 9 326. 0 375. 6 450. 9 530.4 211. 3 220. 5 282. 9 340. 3 402.3 93. 6 105. 5 92. 7 110.7 128. 1 187. 4 203. 6 223.7 246. 9 260. 3 1. 615 1.625 1. 595 1. 548 1 491 73.2 82. 1 88.2 95.8 104.5 116. 1 121.0 11. 1 19.0 23.4 17.6 16.3 15. 6 17. 3 265.8 272. 1 292.8 324.7 383.8 456. 8 491. 2 319.5 315. 9 342.4 374.8 426. 9 501.7 525. 4 65.9 69.9 80. 1 89.2 98. 5 110.8 126. 7 453. 4 451. 6 494.7 549. 4 665.5 809. 1 877.2 269.8 264. 2 281.9 313.2 373.7 456. 3 498. 3 183.6 187.4 212. 8 236. 2 291.7 352. 8 378. 9 282. 0 307. 4 332.2 352. 7 364. 6 391.8 404.4 1.622 1.681 1.672 1.642 1.548 1.484 1.461 __ 1, 234. 0 1, 232. 2 1, 254 9 1, 281. 6 110.5 111.5 113.4 121. 0 15.2 14.0 16.4 17. 3 470.3 463. 4 478.7 491.2 518.9 525.0 524. 5 525.4 119.2 118.3 121.9 126.7 836.5 826. 0 850.5 877.2 467.7 462.8 477.0 498.3 368.8 363.2 373.5 378.9 397.5 406.2 404.3 404. 4 1.475 1. 492 1.475 1.461 1, 321. 2 1, 317. 7 120.5 118. 5 17.0 18.3 507. 3 507. 1 542. 8 540.0 133.6 133.7 910.9 908. 1 504.0 500.8 406. 9 407.2 410. 3 409. 6 1.450 1.451 1981: I II 1 Total current assets 1 Based on data from 3 divided by total current liabilities. Statistics of Income. Department of the Treasury. Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission. Total Net Notes Other and current accounts liabilities payable NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978. for details regarding the series. Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates rose in December. PERCENT PER ANNUM DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK I- / \! / 1973 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW Period 1975 1976 1977 1978 1979 1980 1980: Nov Dec 1981: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended: 1981: Nov 14 21 28 Dec 5 12 19 26 1982: Jan 2 [Percent per annum) High-grade Corporate Prime com- Discount U.S. Treeisury securit y yields municipal mercial rate 2 Aaa Constant nlaturities (N.Y. bonds paper, 3-month (Standard F.R. 6 bills » 10-year & Poor's) 3 (Moody's) months * Bank) « 3-year 7.99 7.49 *6. 33 6.25 5.838 6.89 8.83 4 7.61 6.77 4.989 6.49 8.43 5. 35 5.50 4 7.42 6.69 8.02 5.265 5.56 5. 60 5.46 4 8.41 8.29 7.221 5.90 a 73 7. 99 7.46 9.44 9.71 10.28 10. 041 6.39 9.63 10.91 11.55 11.46 8.51 11.94 11. 506 12.29 11.77 12.68 13. 31 11-12 9.55 14.73 13. 888 12.97 13.65 12.84 13.21 10.09 12-13 15. 661 16.49 12.57 13. 01 14. 724 9.65 15. 10 13-13 12.81 13.65 13. 19 13-13 10.03 14. 905 13. 35 14.87 13. 12 13.51 10.12 13.59 13-13 13. 478 13.33 13.68 14. 09 13-13 10.55 13.88 14 17 13. 635 15.08 14. 10 14.32 10.73 13-14 16.66 16. 295 14.29 13.47 15.22 10.56 14-14 13.75 14 557 14.28 15.15 11.03 16.09 14-14 14.38 14. 699 14.94 16.00 12. 13 16.62 14-14 15. 612 14.89 16.22 15.32 14-14 14. 951 15.93 _ 12.86 15.49 15.50 15. 15 14-14 12.67 14 72 15.40 13. 873 ._ 13.11 13.39 11.71 14.22 14-13 11. 269 11.96 1310. 926 1 2 11. 128 10. 693 10. 560 10. 400 10. 404 11. 101 11. 037 11. 690 13.07 12. 72 12. 67 13.06 13.46 13.56 14.15 13.29 13.09 13. 12 13. 32 13. 66 13.58 14. 00 10.98 11.60 11.81 12. 01 12.85 12. 88 13.03 Rate on new issues within period; bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. 8 Weekly data are Wednesday figures. * Prior to November 1,1979, data are for 4-6 months paper. 2 Average effective rate for year; opening and closing rate for month and week. 30 14. 18 13.92 13.92 13. 99 14. 16 14. 11 14.36 12. 19 11.45 11.04 11. 30 11. 60 12.34 12.71 13-13 13-13 13-13 13-12 12-12 12-12 12-12 12- Prime rate charged by banks 5 7.86 6.84 6.83 9.06 12.67 15.27 14/2-17% 17%-21/2 21H-20 20-19 19-17/2 17/2-18 18-20K 20/9-20 20-20H 20/2-20/2 20/2-19/2 19/2-18 18-16 15%- Newhome mortgage vields (FHLBB)« 9. 01 8.99 9.01 9. 54 10.77 12. 65 13.04 13.28 13.26 13.54 14.02 14.15 14.10 1467 14.72 15.27 15.29 15.65 16.36 17/2-17 17-16J4 16^-16 16-15% 153/4-15% 15%-15% 15%-15% 15%- 1 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose in December. INDEX, DEC 31, 1965=50 INDEX, DEC 31,1965=50 COMPOSITE PRICE INDEX STOCK (NYSE) - 5 5 - 1973 1981 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common s tock 5 yields ( perc ent) Cominon stock pirices 1 Period New York Stock Exch ange indexes3 (Dec. 31, 1 965 = 50) * Composite Industrial Transportation 1975 1976 1977 1978 1979 1980 1980: Nov __ Dec 1981: Jan Feb Mar Apr May.June July Aug Sept Oct Nov Week ended: 1981: Nov 14 21 28 Dec 5 12 19 26 45.73 54.46 53. 69 53.70 58.32 68. 10 78.15 76.69 76.24 73. 52 76.46 77. 60 76.28 76.80 74.98 75.24 68. 37 69.40 71.49 50. 52 60.44 57.86 58.23 64.76 78.70 92.32 90. 37 89.23 85. 74 89.39 90.57 88.78 88.63 86.64 86.72 78.07 78.93 80.86 31. 10 39. 57 41.09 43.50 47. 34 60.61 77.23 75.74 74.43 72.76 77.09 80.63 76.78 76.71 74.42 73.27 63.67 65.65 67.68 31.50 36.97 40.92 39.22 38. 21 37.35 38.35 37.84 38.53 37.59 37.82 38.34 38.27 39. 23 38.90 40.22 38. 17 38.87 40.73 47. 14 52. 94 55. 25 56.65 61.42 64.25 67.21 67.46 70. 04 68.48 72.82 74.59 74.65 79.79 74.97 73.76 69.38 72.56 76.47 802. 49 974. 92 894.63 820. 23 844. 40 891. 41 971. 08 945. 96 962. 13 945. 50 987. 18 1, 004. 86 979. 52 996. 27 947. 94 926. 25 853. 38 853. 25 860. 44 86. 16 102. 01 98.20 96.02 103. 01 118. 78 135. 65 133. 48 132. 97 128. 40 133. 19 134. 43 131.73 132. 28 129. 13 129. 63 118. 27 119.80 122. 92 4.31 3.77 4.62 5.28 5.47 5.26 4. 63 4.74 4.80 5.00 4.88 4.86 4.98 5.03 5. 18 5. 16 5.69 5.65 5.54 71.43 70.35 71.91 72. 97 72.59 71.38 71.22 80.66 79. 14 81.35 82. 97 82.58 81.24 81. 06 68.24 65.81 67.88 69.78 69. 41 68.02 67.43 40.84 41. 03 40.92 40.68 40.60 39.95 39.96 76.88 76. 14 76.91 76.94 75. 68 74.09 73.68 856. 55 847. 39 871. 53 887. 67 887. 10 872. 49 872. 03 122. 75 120. 81 123. 56 125. 70 125. 23 123. 06 122. 77 5. 54 5.66 5.50 5.47 5. 45 5.62 5.64 i Average of daily closing prices. a Includes all the stocks (more than 1,500) listed on the NYSE. s Includes 30 stocks. * Includes 500 stocks. s Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. Finance Utility Standard & Poor's DowEarningscomposite DividendJones price price index industrial3 ratio ratio average (1941-43= 10) 4 9. 15 8.90 10.79 12.03 13.46 12. 66 10.92 10.72 11.48 XOTE.—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 2 months of fiscal year 1982, there was a budget deficit of $28.7 billion, compared to a deficit of $25.8 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 800 700 500 400 300 300 200 200 50 50 SURPLUS (+) OR DEFICIT (-) 0 0 -50 -50 -100 -100 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Receipts Period Fiscal year or period : 1971 1972 1973 1974 1975 1976 _ _ Transition quarter 1977 1978 1979 1980 1981 _. „ _, 1982 (estimates): First Concurrent Resolution, May 21, 1981. Mid-Session Review, July 1981 l Cumulative total, first 2 months: Fiscal year 1981 _ _ __ Fiscal year 1982 _. 1 Estimates from Mid-Session Review of the 198® Budget, Office of Management and Budget, July 15,1981. 32 Outlays Surplus or deficit (-) Federal debt ( end of period) Gross Held by the public 188.4 208.6 232. 2 264.9 281. 0 300.0 81.8 357.8 402. 0 465.9 520. 1 602.6 211.4 232. 0 247. 1 269.6 326. 2 366.4 94.7 402.7 450.8 493.6 579. 6 660.5 -23.0 -23.4 -14.8 -4.7 -45. 2 -66. 4 -13.0 -45.0 -48.8 -27.7 -59. 5 -57.9 409. 5 437.3 468.4 486. 2 544 1 631.9 646.4 709. 1 780.4 833.8 914 3 1, 003. 9 304.3 323. 8 343.0 346. 1 396.9 480.3 498. 3 551.8 610. 9 644.6 715. 1 794.4 657.8 662.4 695. 5 7048 -37.7 -42.5 1, 079. 8 1, 079. 2 845.1 78. 1 89.8 103.9 118. 5 -25. 8 -28.7 920. 3 1, 019. 3 729. 1 815.8 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 2 months of fiscal 1982, budget receipts were $11.7 billion higher than a year earlier and budget outlays were $14.6 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 400 100 100 600 600 OUTLAYS 500 500 400 400 NONDEFENSE 300 300 200 200 NATIONAL DEFENSE 100 100 1973 1974 1975 1976 1977 1978 1979 1982 1981 1980 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] (Dutlays Receipts Nationa L defense Period Total Fiscal year or period: 1971 1972 . 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 (estimate) » Indi- Corpovidual ration income income taxes taxes Other Total Department of Defense, military Total Interna- Health Inand tional income terest Other affairs security 188.4 208. 6 232.2 264. 9 281.0 300.0 81.8 357.8 402. 0 465. 9 520. 1 602. 6 662.4 86.2 94. 7 103.2 119. 0 122.4 131.6 38.8 157.6 181.0 217. 8 244. 1 285.6 302. 9 26.8 32.2 36. 2 38.6 40. 6 41.4 8.5 54. 9 60. 0 65.7 64. 6 61. 1 66.8 75.4 81. 7 92. 8 107. 4 118.0 127.0 34.5 145. 2 161. 1 182. 4 211.4 255.9 292.7 211.4 232.0 247. 1 269.6 326. 2 366.4 94.7 402. 7 450.8 493. 6 579.6 660.5 704.8 75.8 76. 6 74.5 77. 8 85.6 89.4 22. 3 97.5 105.2 117.7 135.9 159.7 188. 1 74.5 75. 1 73.2 77. 6 84. 9 87.9 21. 9 95.6 103. 0 115.0 132. 8 156. 0 183.8 4. 1 4.7 4. 1 5.7 6.9 5.6 2.2 4.8 5.9 6. 1 10. 5 11. 1 11.4 70. 1 81.4 91.8 106.5 136.2 160.8 41.5 176.7 189. 9 209. 8 250.3 294.9 312.3 19.6 20.6 22.8 28.0 30.9 34.5 7.2 38.0 44.0 52.6 64.6 82.6 92.3 41.8 48.8 53.9 51. 6 66.5 76. 1 21.5 85.7 105. 9 107.5 118.4 112. 3 100.7 Cumulative total ,first2 months : Fiscal year 1981 ^ 78. 1 Fiscal year 1982 89. 8 42. 0 44.3 2.3 2.0 33.8 43.4 103.9 118.5 24. 9 28. 9 24. 3 28.2 1.7 1.7 45.9 51.0 10.7 14.7 20.8 22. 3 i Estimates from Mid-Session Review of the 198% Budget, Office of Management and Budget, July 15,1981. Sources: Department of the Treasury and Office ot Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter, according to revised estimates, Federal receipts rose $17.3 billion (annual rate) and expenditures rose $25.8 billion, yielding a deficit of $55.7 billion, $8.5 billion larger than the deficit in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 700 700 400 300 200 50 50 SURPLUS 0 DEFICIT -50 -50 -100 -100 1973 1974 1975 1976 1977 1979 1978 1981 1980 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Indirect ContriPurPersonal Corporate business butions chases Transtax and Total nontax profits tax and Total of goods fer payfor tax ments nontax .social inand receipts accruals services accruals surance Subsidies Less: Grants( } less Wage in-aid current accruals national to State Net income and interest surplus of Jess and paid Govern- dislocal ment en- burse- product governterprises ments accounts ments -' , Fiscal year: 365.9 1977 414. 2 1978 1979 480. 7 1980 527.3 166.4 - 186.4 223. 1 249.7 58.8 67.2 75. 8 70.6 24. 5 27. 2 29. 1 35.7 116. 2 133.4 152. 7 171.3 411. 7 450. 5 494. 7 578.2 140.3 150.7 163. 4 190.2 169.8 182. 2 201.8 239.3 66.3 74. 7 79. 1 86. 7 28. 4 33. 5 40.6 51. 2 Calendar year: 375. 1 1977 1978 431.5 494. 4 1979 1980 540.8 1980: 1 528.4 II... 520. 9 III.. 540. 8 IV___ 573. 2 1981: I 617. 4 II__- 621.0 III __ 638.3 170. 1 194. 9 231. 4 257. 8 246.9 252. 0 259. 4 272.9 283.3 293. 2 306.4 61. 6 71. 2 74.6 70.2 80.5 60. 9 66. 7 72.6 74.6 64. 8 66. 4 25. 0 28. 1 29. 4 40. 6 31.9 38.7 42. 9 49. 1 60.6 62.6 61.8 118. 5 137.2 159. 0 172. 2 169.2 169. 3 171. 8 178.6 198.9 200. 4 203.7 421. 5 460.7 509.2 602.0 564.7 587.3 615. 0 641. 1 664.0 668. 2 694. 0 143.9 153. 4 167.9 198. 9 190.0 198. 7 194. 9 212. 0 221.6 219. 5 226.4 172.8 185. 6 209. 1 249.8 228. 9 236. 0 265. 3 269.0 271. 9 274. 8 293.6 67.5 77.3 80.4 88.0 85. 5 87.2 87.7 91. 8 90.2 89.6 85. 4 29. 1 35.2 42. 3 53.3 50. 3 54. 4 53, 5 55.2 67.7 70. 4 75. 6 9.6 9.8 0.0 10.8 -. 0 .0 .0 -45.8 -36. 3 -14. 0 -50. 9 8. 2 .0 -46. 4 -29. 2 -14. 8 -61.2 -36. 3 -66. 5 -74.2 -67. 9 -46.6 -47.2 -55. 7 7. 0 9.3 9.4 12. 0 10. 1 11. 0 13.7 13. 1 12. 6 13. 9 13.3 Sources: Department of Commerce (Bureauof Economic Analysis); Department of the Treasury, and Office of Management and Budget. 34 Surplus or deficit Fe deral Gc)vernmeiit expem litures Federal (jovernm ent receip ts .0 -. 0 .0 .0 .0 .0 .0 .0 .0 .2 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] adjustet isonally . In*iustrial produc tion (ses 1) Period United CanStates ada 1974 1975 1976 1977 1978 1979 1980 * 1980: Dec 1981: Jan Feb Mar.... Apr May June July..— Aug*_— Sept *.. _ Oct*__Nov v 129.3 117.8 130. 5 138.2 146. 1 152.5 147.0 150.4 151.4 151.8 152. 1 151.9 152.7 152.9 153. 9 153.6 151. 7 149.6 146. 5 149.2 140.3 148. 5 152.2 157. 7 166.0 162.7 1649 163.4 165.9 168.9 168.5 171. 0 171.8 167.9 165.2 163. 2 161.4 Japan 183. 1 163. 9 182.0 189. 7 201. 1 217.7 232.5 234.4 236.4 237.9 235.9 237.0 232. 6 238.4 241. 1 234. 1 240.3 France 148 139 149 152 155 163 160 162 151 149 156 151 150 152 155 155 156 157 Conssumer p rices (untadjustec I) Germany United Can- Japan France 1 Italy King- United dom States ada 145. 1 137. 1 149. 1 152.0 154.1 161.8 162.3 157 158 166 161 163 163 158 161 160 158 140.6 120.0 127.6 114.3 143.5 117.4 145. 1 122.9 147.9 126.9 157.6 131.7 166.5 122.6 160. 5 117.2 158.7 116.2 170.6 117.5 169.1 117.4 168.2 116.9 158.5 116. 0 158.7 118. 1 162.9 118.2 138.0 118. 0 163.2 118.5 159.2 i Beginning January 1978 data relate to all urban consumers. Source: National sources as reported by Department of Commerce, Inter- 147.7 144. 5 184.0 160. 0 161.2 160. 1 205.8 178.9 170. 5 172. 1 224. 9 196. 1 181.5 185.9 243.0 214.5 195.4 202. 5 252.3 233.9 217.4 221.0 261. 3 259. 1 246.8 243.5 282.2 294.2 258.4 255.8 288.3 309. 1 260.5 259. 1 291. 1 312.7 263.2 261.7 290.8 315.6 265. 1 265.2 292.2 318.8 266.8 267.2 294.5 323. 1 269. 0 269.6 297.0 326. 0 271.3 273.8 297.3 329.2 274.4 276.2 296.4 334.9 276.5 278.2 294.7 339.0 279. 3 280.2 299.5 342.9 279.9 283.0 300.7 347. 1 280.7 285.4 Germany United Kingdom Italy 136.1 144.2 150.4 155.9 160. 2 166.8 175.9 179.4 180.9 182.3 183.5 184.7 185.4 186.3 187. 1 187.7 188.6 189.2 159. 7 186. 8 218. 1 255. 2 286.2 328.5 398. 0 432.5 440.7 449. 1 455.4 461. 3 468.7 473.9 477.7 481.0 487.7 497.5 174.3 216.5 252. 4 292.4 316. 6 359.0 423. 6 442. 7 445.5 449. 5 456.2 469.4 472.4 475.2 477. 3 480.8 483.5 487.9 492.4 national Trade Administration, Office of Planning and Eesearch, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merc iandise i mports Mercllandise exports 1 Gcjneral im ports Domesti c exports Period Monthly average: 1973 1974 Total domestic and foreign Total exports 5,902 8,167 1974* 8,170 1975* 8,971 1976* 9,602 1977* 10, 103 1978* 11, 973 1979* 15, 155 1980 18, 386 1980: Oet___ 19, 214 Nov___ 18,715 Dec.__ 19, 251 1981: Jan 18, 825 Feb___ 19, 764 Mar 21, 434 Apr 19, 818 May... 18, 869 June.__ 19, 870 July.... 19, 264 Aug.... 19, 050 Sept.. 19, 655 Oct._. .9, 044 Nov 19, 118 2 Food, Crude Food, Crude bever- mate- Manubever- mate2 facrials ages, rials ages, tured Total and and to- and to- and goods bacco fuels bacco fuels F.a.s. value 1 5,811 1,078 895 8,053 1,269 1,317 8,053 8,842 9,456 9,912 11, 753 14, 869 18, 036 18, 770 18, 344 18, 918 18, 459 19, 441 21, 000 19, 408 18, 499 19, 461 18, 894 18, 740 19, 212 18, 614 18, 716 1,269 1,399 1,436 1,330 1, 717 2,049 2,534 2,886 2,909 3,099 2,926 2,938 3,334 2,879 2,680 2,582 2,534 2,455 2,783 2,908 2,684 1,317 1,266 1,341 1,548 1,746 2,352 2,810 2,554 2,447 2,746 2,896 2, 936 3,245 2,458 2, 541 2,328 2,434 2,637 2,805 2,877 2,838 3,728 5,294 5,790 8,450 5,294 5,913 6,437 6,679 7,873 9,716 11,991 12, 473 12, 241 12, 368 11,913 12, 816 13, 658 13, 392 12, 562 13, 581 13, 046 13, 051 13, 030 12, 338 12, 580 8,548 8,209 10, 290 12, 533 14, 564 17, 455 20, 406 20, 347 19, 860 21, 436 23, 194 21, 922 20, 949 223 289 21, 310 21, 975 19, 807 23, 528 21, 229 23, 234 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. 1 Total includes commodities and transactions not classified according to kind. •1 Total arrivals of imported goods other than intransit shipments. C.i.f. (cost, insurance, and freight) import value at first port of entry in the United States. Data for 1973 are estimates. 5 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. Custon is value 770 1,120 892 2,653 F.a.s. value 5 892 2,672 827 2,716 991 3,457 1,186 4,463 1,312 4,325 1,478 5,949 1,546 7,831 1,583 7,506 1, 680 7,059 1,583 8,331 1,748 9,041 1,588 9, 141 1,609 7,478 ,477 8,947 ,676 7,206 1,467 8,270 ,385 6,598 ,500 7,768 ,396 7,400 ,602 7,646 3 Manufactured goods Mei chandise balance Exports Ex(f.a.s.) ports less (f.a.s.) Total imless (c.i.f. imvalue) * ports (cusports toms (f.a.s.) value) 3,750 4,684 6, 131 9,033 4,602 4,257 5,398 6, 379 8,360 9, 357 10, 427 10, 520 10, 572 10, 897 11, 777 10, 714 11, 294 11, 291 11,822 11, 597 11, 296 13, 636 11,932 13, 261 9,207 8,828 11, 047 13, 371 15, 504 18, 519 21, 415 21, 244 20, 751 22, 364 24, 265 22, 910 21, 886 23, 283 22, 314 22, 993 20, 728 24, 665 22, 231 24, 312 23, 530 112 -283 -221 trade Exports (f.a.s.) less imports (c.U.) -229 -866 -378 -1,037 762 143 -688 -1,445 -2, 430 -3, 268 -2, 590 -3, 530 -2, 300 -3, 364 -2, 020 -3,030 -1, 134 -2, 031 -1,145 -2, 036 -2, 185 -3, 113 -4, 370 -5,440 -2, 158 -3, 146 485 -451 -2, 471 -3, 465 -2,441 -3,445 -2, 105 -3, 123 — 542 -1,463 -4,478 -5, 614 -1,574 -2, 576 -4, 191 -5,268 -4, 412 NOTE.—Data beginning 1975 not strictly comparable with earlier data. Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign exports and trade balance. * Data for 1974-79 for total domestic and foreign exports, total general imports, and trade balance include trade of the Virgin Islands. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS in the third quarter, the merchandise trade deficit increased slightly to $7.0 billion from $6.9 billion in the second quarter. The current account registered a surplus of $2.1 billion, up from $1.1 billion in the second quarter. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 1973 1981 SOURCE: DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)] M erchandise Invejstment in come 3 12 Net Period Ex- ports Im- ports "NT iN of clholU«.l ance Re- ceipts Payments 71,410 -70,499 911 21, 808 -9, 655 98, 306 -103, 649 -5,343 27, 587 -12,084 9,047 25, 351 -12, 564 107, 088 -98,041 114, 745 -124,051 -9, 306 29, 286 -13,311 120, 816 -151,689 -30, 873 32, 179 -14,217 142, 054 -175,813 -33,759 43, 265 -21,865 184, 473 -211,819 -27,346 66, 699 -33,236 223, 966 -249,308 -25,342 75, 936 -43, 174 47, 236 -54, 210 -6,974 18, 055 -8,734 51, 367 -59, 726 -8,359 18, 952 -9,203 54, 898 -65,024 -10, 126 20, 465 -10,629 55, 667 -62,411 -6, 744 16, 860 - 10, 342 56, 252 -59, 154 -2,902 18, 850 -10,697 IV- 57, 149 -62, 719 -5,570 19, 764 -11,507 61, 098 -65,775 -4, 677 21, 566 -12,513 1981:1 II__. 60, 477 -67,387 -6,910 22, 399 -13,666 III*. 58, 037 -65,079 -7,042 23, 610 -14, 120 1973 1974 1975 1976 1977 1978 1979 1980 1979: IIIIV_. 1980: !.__ II_III_. 1 Excludes military grants. • Adjusted from Census data for differences in timing and coverage. 3 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 Net 12, 153 15, 503 12, 787 15, 975 17, 962 21, 400 33, 463 32, 762 9,321 9,749 9,836 6,518 8, 153 8,257 9, 053 8,733 9,490 military transactions Nettravel and transportation receipts -2,070 -3, 158 - 1, 653 -3, 184 -746 -2, 792 559 -2,558 1,528 -3,293 738 -3, 178 - 1, 947 -2,622 -2, 515 -798 -722 -565 -923 -545 -532 -918 -152 -427 -455 -38 -715 -76 -568 -668 __698 -245 -72 -66 Other services, net 3 Balance on goods and serv-1 ices RemittanceSj pensions, and other unilateral trans-1 fers Balance on current ac- count 7, 140 3, 184 11, 021 -3,881 2, 124 9,309 -7, 186 3,986 4,598 22, 893 -4, 613 18, 280 4,384 9, 382 -4, 998 4,711 5,182 -9,493 -4,617 -14, 110 5,792 -9,008 -5, 067-14,075 1,414 7,008 -5, 593 5,460 3,723 6,674 10, 779 -7,056 1,052 1,393 2,453 -1,401 -189 1,312 -1,501 1,390 -217 -1,878 -2, 095 1,523 -545 1,592 787 -1,332 4,975 6,478 -1,503 1,719 1,390 3,734 -2,344 1,838 3,263 4,790 -1,527 1,650 1, 142 2, 660 -1, 518 1,780 2, 100 3, 994 -1,894 1, 684 NOTE.—Data revised for first and second quarters of 1981. Source: Department of Commerce, Bureau of Economic Analysis. U S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. official reserve assets abroad were unchanged in the third quarter following an increase of $0.9 billion in the second quarter. Foreign official assets in the U.S. decreased 15.8 billion, following a *2.8 billion decrease in the second quarter. _^••••••••_——• BILLIONS OF DOLLARS 1 40 BILLIONS OF DOLLARS 40 SEASONALLY ADJUSTED 30 30 II 20 CHANGE IN FOREIGN ASSETS / IN THE U.S., NET ,»•* 1 1 t 1 I I t I I I 1 I 1 I 1 I 1 I " 20 i 10 -10 -10 -20 -20 -30 -30 -40 -40 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1 Foreigii assets in the U.S., net [increase/G< apital inflow (4~)j 2 U.S. assets abroad, net [inc rease/capit al outflow ( Period Total 1973___ __ 1974___ _„ 1975 1976 1977 1978 1979 1980 1979: III,__ -22, 874 -34, 745 -39, 703 -51,269 -34,785 -61,070 -62,639 -84, 776 -24, 942 IV— - 14, 003 1980: I -12, 639 II -24, 837 III -19,302 rv— -27, 995 1981: I -22,397 !!___ -21, 971 Ill P. -18,004 U.S. official reserve assets l 2 Other U.S. Government assets U.S. private assets 158 -2, 644 -20,388 -1, 467 366 -33, 643 -849 -3, 474 -35, 380 -2, 558 -4, 214 -44, 498 -375 -3,693 -30, 717 732 -4, 644 -57, 159 -1, 133 -3, 767 -57,739 -8, 155 -5, 165 -71,456 2,779 -778 -26, 943 -649 -925 -12,429 -3,268 -1,456 -7,915 502 -1, 187 -24, 152 -1, 109 - 1, 427 -16,766 -4, 279 -1,094 -22, 622 -4, 529 -1,395 -16,473 -905 - 1, 485 -19, 581 -4 - 1, 242 -16,758 Total 18, 388 6, 026 34, 241 10, 546 15, 670 7, 027 17,693 36, 518 51,218 36, 816 63, 748 33, 561 38, 946 -13, 757 15, 492 50, 261 24, 345 6,011 5,335 -1,295 7,509 -7,462 7,232 7,557 11, 651 7,686 23, 870 7,711 7, 140 5,503 12, 888 -2, 779 15; 056 -5, 847 1 Consists of gold, special drawing rights (SDKs), convertible currencies, and the2 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. Foreign official assets Other foreign assets 12, 362 23, 696 8,643 18, 826 14, 403 30, 187 52, 703 34, 769 18, 334 6,630 14, 971 -326 3, 965 16, 158 1,637 15, 667 20, 903 Statis tical discrej>ancy U.S. official reserve assets, of Tntnl Of net 1 special which: (sum of (unaddrawing the Seasonal justed, rights adjust- end of items (SDRs) with sign ment reversed) discrep- period) ancy Allocations 1, 139 1, 152 1, 152 1, 093 -2,654 -1, 620 5,753 10, 367 -2, 323 11, 398 21, 140 29, 640 -455 -3, 122 2,000 8,857 -206 6,073 1,355 18, 151 2,676 -3,291 2, 139 2,736 -340 10, 901 7,941 1,222 2,592 848 14, 378 15, 883 16, 226 18, 747 19, 312 18, 650 18, 956 26, 756 18, 557 18, 956 21, 491 21, 943 22, 994 26, 756 30,410 29, 582 29, 716 NOTE.—Data revised for first and second quarters of 1981. Sources: Department 01 Commerce (Bureau 01 Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment—Nonfarm Business Page 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Private Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit Bank Loans and I nvestments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402 Price S2.75 (single copy). Subscription price: $21.00 per year; $26.25 for foreign mailing. 38 35 35 36