Full text of Economic Indicators : February 1980
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
96th Congress, 2d Session
Economic Indicators
February 1980
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980
ECONOMIC COMMITTEE
to Sec.
of Public
FVc*
SENATE
OF
S.
S.
LEE H
M.
W.
J.
S.
K.
V.
JR.
J.
M.
-
H.
A.
W.
P.
JOHN M.
OF
L.
C.
E.
120—
To
CONGRESS;
the
237 — 1st
fS J. Res, 55]
"Economic
/J7 ^>i?
0/
<?f /^ United
of
in
the
Committee be authorized to
a
entitled "Economic Indicators/ 5
quantity be
to
copy to each Member of Congress; the Secretary
the
of the Senate;
Clerk.
at Arms,
Doorkeeper of the House of
the libraries of the
House,
the
Library;
hundred copies to the
the
of copies to the
of Documents for
to
the
of Documents be
to
for
to the
23,
Charts
by Art 1''reduction Branch, Office of the
at $1.30 a
is
or by
at
($3.75
for
OF
B.C.
II
a
at
to
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter, gross national product rose $62.9 billion or 10.9 percent^
at annual rates. Real output (GNP adjusted for price changes) rose 2.1 percent from the third quarter level
the
implicit price deflator rose at an 8.7 percent annual rate.
BILLIONS OF DOLLARS
2,600
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
SEASONALLY
ADJUSTED ANNUAL RATES
2,400
2,400
2,200
2,200
2,000
2,000
GNP
INi CURRENT DOLLARS
1,800
1,800
1,600
1,600
1,400
1,400
---'
1,200
1,200
GNP
IN 1972 DOLLARS
1,000
1,000
1972
1973
1975
1974
1977
1976
1979
1978
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly
Gross
national
product
Period
Personal
consumption
expenditures
935. 5 579. 7
982. 4 018. 8
L 003. 4 668. 2
„ _ _ 1, 171. 1 733. 0
1973
1, 306. 6 809. 9
1, 412. 9 889.6
1975
1, 528. 8 979. 1
1976_
1, 702. 21, 089. 9
1977__
1, 899. 51, 210. 0
1978
2, 127. 6 1, 350. 8
2, 369. 41, 510. 0
I
2, Oil. 3 1, 287. 2
II. __ 2, 104 2 1, 331. 2
III.. 2, 159. 6 1, 369. 3
IV___ 2, 235. 21, 415. 4
I
2, 292. 1 1, 454. 2
II... 2, 329. 8 1,475. -9
III.. 2, 396, 5 1, 528, 6
w® _ 2, 459. 4i1, 581. 2
1970
1971..
__
1
This category
shown on p. 33.
1980
Exports
Gross
private
domestic
in vestment
146. 2
140. 8
160. 0
188. 3
220. 0
214. 6
190.9
243. 0
303.3
351. 5
387,2
327. 0
352.3
356. 2
370. 5
373. 8
395.4
392.3
387. 5
at seasonally
imports of
services
Net
exports
Exports
Imports
Total
1. 8
3. 9
1. 6
-3. 3
7. 1
0. 0
20. 4
8.0
-9.9
-10. 3
-4. 2
-22. 2
-7.6
-6. 8
-4. 5
4.0
54. 7
62. 5
65. 0
72.7
101. 6
137.9
147. 3
163.3
175. 9
207. 2
257. 8
184. 4
205. 7
213.8
224. 9
238. 5
243. 7
267. 3
281.8
52. 9
58.5
64. 0
75. 9
94. 4
131. 9
126. 9
155. 4
185. 8
217. 5
262. 0
206. 6
213. 3
220.6
229. 4
234. 4
251. 9
269, 5
292.3
207.9
218.9
233. 7
253. 1
269. 5
302. 7
338.4
361. 3
396. 2
435. 6
476.4
419.4
428. 3
440. 9
453. 8
460. 1
466. 6
477. 8
501. 2
-a i
-2.3
-10.5
for
rates'!
Total
97. 5
95.6
90. 2
102. 1
102. 2
111. 1
123. 1
129.7
144. 4
152. 6
166. 6
150. 9
148. 2
152. 3
159. 0
163. 6
161.7
162. 9
178.4
services
Federal
National
defense '
76. 3
73. 5
70 2
73. 5
73. 5
77. 0
83. 7
86.4
93. 7
99.0
108.3
97.6
98. 2
99. 0
101. 2
103.4
106. 0
109. 0
114. 6
Source: Department of Commerce,
of
Nondefense
21. 2
22. 1
26. 0
28. 6
28. 7
34. 1
39. 4
43. 3
50. 6
53. 6
58. 4
53. 3
50. 0
53.3
57. 8
60. 2
55. 7
53.9
63.8
State
and
local
110. 4
123. 2
137. 5
151. 0
167. 3
191. 5
215. 4
231. 6
251. 8
283.0
309. 8
268. 5
280. 1
288. 6
294.8
296. 5
304. 9
314. 9
322.8
of Economic Analysis.
Final
sales
926.2
978. 6
, 057. 1
.
. 288. 6
, 404. 0
, 539. 8
, 692. 1
1, 877. 6
2, 105. 2
2, 351. 0
1, 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
2, 272. 9
2, 296. 4
2, 381. 9
2, 452. 7
(Billions of 1972 dollars; quarterly
Gross private domestic
investment
at seasonally adjusted annual
Exports of goods
and services
Government purchases of
good? and services
Personal
conGross
national sumption
product
expenditures
JN on—
residential
fixed
Residential
fixed
655. 4
668. 9
691.9
733.0
767. 7
760. 7
774.6
820. 6
861. 7
900. 8
924. 6
114. 3
110.0
108. 0
116. 8
131. 0
130. 6
113.6
119. 0
129. 3
140. 1
148. 6
43.2
40.4
52. 2
62.0
59. 7
45. 0
38.8
47. 8
57. 7
60. 1
56. 7
10.6
4. 3
6. 6
9.4
16. 5
8.0
-9.8
6.6
13. I
14. 1
10. 0
-1.3
1.4
-. 6
-3.3
7.6
15. 9
22.6
15. 8
10.3
11.0
17.5
62.2
67. 1
67. 9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9
120.0
63. 5
65.7
68. 5
75.9
79.9
77. 1
67.5
80. 4
88.2
97.9
102.4
256. 7
250. 2
249.4
253. 1
252. 5
257. 7
262. 6
263. 3
268. 5
273.2
274.3
121. 8
110. 7
103. 9
102. I
96. 6
95. 8
96. 5
96. 4
100. 6
98. 6
99. 4
134. 9
139. 5
145. 5
151. 0
155. 9
161. 8
166. 1
166. 9
167. 9
174. 6
174. 9
1, 068. 2
1, 071. 0
I, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1. 385. 1
1, 421. 7
8
2
3
6
882.7
894.8
905. 3
920. 3
133. 1
140.3
141. 6
145. 5
59. 4
60.9
60. 2
60.0
16.5
15.6
12. 2
12.0
5.3
12. 3
13.3
12. 9
100. 7
109. 2
111.9
113. 8
95.4
96. 9
98. 5
101.0
270.7
271.3
274. 7
276.0
99.9
96. 6
98.5
99. 3
170.9
174.7
176. 2
176.6
1, 351.
1, 379.
1, 395.
1, 414.
I
1 430.6
II— 1. 422. 3
III.. 1, 433. 3
IV *_ 1, 440. 7
921.8
915.0
925.9
935. 9
147. 2
146.9
150.7
149.8
57.7
56.7
56.5
55.9
12. 3
18. 1
7. 1
2.5
17.0
13. 2
20. 1
19.8
117.0
116. 0
122. 2
124.6
100.0
102. 9
102. 1
104. 8
274.7
272.4
273. 1
276.9
101. 1
98. 1
97.4
100.9
173.6
174. 3
175.6
176.0
1,418.4
1, 404. 1
1, 426. 2
1, 438. 2
Period
1, 078. 8
.
1, 075. 3
1970—
1971 _ _ 1, 107. 5
1972_.
1, 171. 1
1, 235. 0
1973
1,217. 8
1974..
1, 202. 3
1975
1, 273. 0
1976 _
1, 340. 5
1977
1978 _ — 1, 399. 2
1979* - _ 1, 431. 7
!__._ 1, 367.
II— 1, 395.
III.. 1, 407.
IV.. 1, 426.
Change
in busi"WtfvfiNei/
ness in- exports
ventories
Exports Imports
Total
Federal
State
and
local
Final
sales
3
6
1
6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross
national
product
Period
Personal consumption expenditures
Total
1970
1971
1972
_ _
...
1976
1978_
_
9
1978: 1
II
III
IV
I .
II
IIIIV »
-_
NonresNonDurable durable
Services idential
goods
goods
fixed
Residential
fixed
Exports and
imports of goods
and services
Government purchases of goods
and services
Exports Imports Federal
State
and
local
86.72
91. 36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
165. 50
88.5
92. 5
96.6
100. 0
105. 5
116. 9
126. 4
132.8
140. 4
150. 0
163.3
93. 1
95.5
99.0
100.0
101. 6
108.4
117. 7
124. 3
129. 4
136.5
144.8
89.4
93. 6
96.6
100. 0
107.9
123. 8
133.4
138. 1
144. 7
154.6
171. 0
86. 1
90.5
95. 8
100.0
104.7
113. 6
123. 2
131.2
140. 7
150. 9
163. 4
86.6
91. 3
96. 4
100. 0
103. 8
115.3
132.2
138.5
146. 6
157. 8
171.3
87.7
90.6
94. 9
100.0
110.8
122. 3
132.8
142. 5
159. 3
179.7
201.4
87.9
93. 1
96. 6
100.0
116. 2
148. 3
163.6
169.9
178. 7
190.3
214.9
83. 3
89. 1
93.5
100.0
118. 2
171. 0
188.0
193.3
210. 7
222. 1
255.8
80.0
86.4
92. 6
100. 0
105. 8
115.9
127.5
134.6
143. 6
154. 8
167.7
81.9
88.3
94. 5
100.0
107.3
118.4
129.7
138.8
150.0
162. 1
177. 1
147. 05
150. 82
153. 45
156. 68
145.8
148.8
151.3
153. 8
133.0
135. 6
137.9
139.4
150. 0
153. 7
155. 7
158. 6
146. 8
149.4
152. 3
155. 0
153. 0
156. 0
159. 6
162. 3
169.3
176.7
183. 1
189. 5
183. 1
188.4
191. 1
197.6
216. 6
220. 2
223.9
227.2
151. 1
153. 4
154.6
160. 1
157. 1
160.3
163. 8
166.9
160. 22
163. 81
167. 20
170. 71
157.8
161.3
165. 1
169.0
142.
144.
145.
147.
164. 1
168. 9
173.2
177. 5
158.0
161. 0
165. 3
169.2
165. 4
169. 6
173.8
176.4
192. 6
199.2
205.5
208.7
203. 9
210. 1
218.7
226. 1
234. 5
244.9
264. 0
279. 0
161. 9
164.8
167.2
176. 8
170.8
174.9
179.3
183.4
4
1
3
4
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic
investment
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979"
1978: I
Constant
(1972)
dollars
Current
dollars
- -
II
III
IV
1979: I
II
III
IV 9
9. 1
7.7
5.0
8. 2
10. 1
11.6
8. 1
8.2
11.3
11.6
12. 0
11,4
8.4
19.8
10.9
14.8
10. 6
6.7
11.9
10.9
4. 4
2.6
3
ao
5.7
5. 5
— 1. 4
-1.3
5.9
5.3
4. 4
2.3
1.9
8.3
3.5
5.6
1. 1
-2.3
3. 1
2. 1
Implicit
price
deflator
Gross domestic product
Fixedweighted
price
index
(1972
weights)
Chain
price
index
4. 5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5. 2
6.0
7.3
8.8
6.3
10. 6
7.2
8.7
9.3
9.3
8.5
8. 7
4. 4
5.0
5. 3
5.0
4. 1
6.0
9. 9
9.4
5. 6
6. 3
7.4
8.9
6. 8
9.4
8.2
8.6
9.7
8.8
8.9
8.9
NOTE. —Annual changes from previous year and quarterly changes from
previous quarter.
4. 3
5.0
5. 2
4.9
4.0
6. 0
10.2
9.3
5. 6
6.4
7.5
9.4
6.8
9. 6
8.3
8.9
9.9
9.5
10. 0
9. 7
Current
dollars
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8. 5
11. 2
11.5
12. 0
11.3
8. 1
19.6
11. 1
14.8
10. 1
6.9
11.5
11.3
Constant
(1972)
dollars
4.4
2.6
.3
2.8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4
2.4
1.8
8. 1
3. 6
5.6
.9
-2. 1
3.2
2. 5
Implicit
price
deflator
4. 5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5. 1
5.9
7.3
8. 7
6.2
10. 6
7.2
8.7
9. 1
9.2
8.0
8.5
Chain
price
index
4. 4
5.0
5.3
5.0
4. 1
5.9
9. 6
9.4
5. 6
6.2
7.4
8.8
6.7
9.4
8.2
8.7
9.6
8.7
8.4
8.6
Fixedweighted
price
index
(1972
weights)
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
9.3
6.8
9.7
8.3
8.9
9.9
9.4
9.6
9.5
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)
[Quarterly data at seasonally adjusted annual rates)
Current-dollar cost and profit per unit of output (dollars) '
Total
cost
and
profit 2
Capital
conComsumption
penallowances Indirect sation
business
of
with
capital taxes 3 employconees
sumption
adjustment
Current
dollars
1972
dollars
1968
498. 4
541. 8
1969
560. 6
1970 _ _
602. 5
1971
671. 0
1972
752. 0
1973
808.8
1974
874. 1
1975
988.0
1976
1977 _
1, 106. 3
1978__
1, 246. 9
1979 *>— _ 1, 388. 5
581.6
607. 3
600. 6
619. 3
671.0
720.4
695. 0
680.0
730. 4
770.7
818. 7
844.3
0.857
. 892
.933
.973
1.000
1. 044
1. 164
1.285
1. 353
1.436
1. 523
1. 645
0.074
.079
. 088
. 094
.093
. 095
. 116
. 142
. 146
. 151
. 155
. 167
0.089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 137
. 140
. 143
. 150
1, 169. 1
1978: I
!!___ 1, 236. 5
I I I _ _ 1, 267. 9
IV___ 1, 314. 1
789.8
817. 1
826. 3
841.4
1. 480
1.513
1.535
1. 562
. 156
. 154
. 155
. 155
. 143
. 144
. 142
. 143
1.
1.
1.
1.
002
009
024
042
1, 346. 4
1979: I
II—_ 1, 370. 4
III*. 1, 401. 3
846. 6
841.0
842.4
1.590
1.629
1.664
. 158
. 165
. 170
. 145
. 148
. 151
1. 075
1. 104
1. 127
1
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate
business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0. 553
. 589
. 628
.645
. 661
. 699
. 796
.848
.890
.951
1. 020
1. 114
4
Net
interest
Corporate profits with
inventory valuation and
capital consumption
adjustments
Total
Profits
tax
liability
Profits
after4
tax
CompenOutput
per
sation
hour
per
hour
of all
employ- of all
employees
(1972
ees
dollars) (dollars)
0. 017 0. 124
. 022
. 109
. 086
. 028
.095
. 029
. 107
.028
. 032
. 105
. 043 .086
. 113
. 045
. 042
. 138
. 151
.043
157
. 048
. 158
. 056
0. 058
. 055
.045
.048
.050
.055
.061
.060
.072
.077
.084
.089
0. 066
. 055
. 041
.046
.057
.050
.024
. 053
.066
. 074
. 073
.069
7. 133
7. 154
7. 147
7. 389
7.631
7. 790
7.492
7.726
7. 973
8.064
8. 142
8. 113
3. 944
4.207
4.487
4.766
5.047
5.447
5.961
6.554
7.098
7.666
8.302
9.039
. 047
.047
. 049
.050
. 132
. 159
. 163
. 171
.071
.085
.086
.093
.061
.074
.077
.078
8.056
8. 138
8. 179
8.201
8.071
8. 212
8.379
8.544
.052
.054
. 057
. 161
. 159
. 157
.088
.085
. 091
.072
. 074
.066
8. 159
8. 100
8.095
8.770
8.941
9. 127
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
INCOME
of
at
Proprietors*
National
income
Period
Compensaof
employees l
consumption
adjustments
Farm
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
32.0
25. 4
23. 5
18.3
19.6
27.7
32.8
77. 9
66. 4
76.9
89. 6
97.2
86. 5
107.9
141. 3
162. 0
180. 8
195.4
83. 4
71.5
82.0
96. 2
115. 8
126. 9
120.4
156. 0
177. 1
206. 0
237. 3
-5. 5
5. 1
-5.0
— 6. 6
18. 6
-40. 4
-12.4
-14.6
-15. 2
-25. 2
-41. 9
3.5
1. 5
.3
2. 5
1. 9
-2.9
-12. 0
— 14. 5
-12. 0
-13. 1
-16. 7
30.8
37. 5
42. 8
47.0
52.3
69.0
78. 6
83.8
94.0
109. 5
129.5
1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8
25. 7
27. 7
26. 1
31. 3
83, 4
87.3
91.3
94. 4
25. 2
24.4
26. 8
27. 1
141.2
169.4
175. 2
184.8
153. 6
182.0
189.0
198. 6
177. 5
207. 2
212.0
227. 4
-23.9
-25. 1
-23. 0
-28.8
-12. 4
-12. 6
-13.8
-13.8
101. 5
106. 8
111. 9
117.6
1, 869. 0 1, 411. 2
1, 897, 9 1, 439. 7
1, 941. 9 1, 472. 8
1, 513. 1
34. 2
33. 7
30. 9
32.6
94.8
95. 5
99.4
102.0
27. 3
26. 8
26. 6
27.0
178. 9
176. 6
180. 8
193.3
191. 3
198. 3
233.3
227.9
242. 3
-39.
-36.
-44.
-46.
-14. 5
-14. 7
-17. 6
-20. 1
122. 6
125. 6
131. 5
138. 4
1, 621. 0
1, 703. 9
1. 752. 5
1.; 820. 0
I
II
III
IV »
1973
1974
1975
1978.
1977
1978
»
without
81.4
67.9
77. 2
92. 1
99. 1
83. 6
95.9
126. 8
150. 0
167. 7
178. 7
I
II
III
!¥____
_
inventory
18. 1
18. 6
20. 1
21.5
21. 6
21. 4
22. 4
22. 1
24. 7
25. 9
26. 9
571. 4
609. 2
650. 3
715, 1
799. 2
875.8
931. 1
1, 037. 8
1, 156. 9
1, 304. 5
1, 459. 2
_
Profits
52.3
51. 2
53. 4
58. !
60. 4
60.9
63.5
71.0
80.5
89. 1
98. 0
767.9
798. 4
858. 1
951. 9
1, 064. 6
1,
1, 215. 0
1, 359. 8
1, 525. 8
1, 724. 3
1, 925. 1
_
Nonfarm
Rental
income
of
sons
with
capital
consumption
adjustment
13.9
13.9
14. 3
ia o
i Includes employer contributions for social insurance. (See
p. 5.)
9
6
0
9
'
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION
of dollars except as
quarterly
at seasonally adjusted
l
Durable
Total
personal
consumption
expenditures
Total
durable!
Motor
vehicles
and
parts
579. 7
618.8
668. 2
733. 0
809. 9
889. 6
979. 1
1, 089. 9
1, 210. 0
1, 350. 8
1, 510. 0
85.5
84.9
97. 1
111.2
123. 7
122. 0
132. 6
157. 4
178. 8
200.3
213. 1
37. 7
34. 9
43. 8
50. 6
55.2
48.0
53. 4
70. 0
81. 6
91 2
91. 6
35.0
36. 7
39.4
44.8
50. 7
54, 9
58.0
64. 0
70.9
77. 6
85. 6
247. 0
264. 7
277. 7
299. 3
333. 8
376. 3
408. 9
443. 9
481.3
530. 6
596.9
I
II __
III—.
IV
1, 287.
1, 331.
1, 369.
1, 415.
2
2
3
4
185.3
200. 3
203. 5
212. 1
84. 1
93. 5
92. 4
94.9
72.4
76.5
78.9
82. 7
I _
II
III _.__
IV "...
1, 454. 2
1, 475. 9
1, 528, 6
1, 581. 2
213. 8
208. 7
213. 4
216. 5
97.7
89. 1
89. 8
89.8
82, 1
84. 2
87.3
88. 9
1970
19711973__._ _
1974
.
1976-
1978
1
Retail
"__
Total includes other items not shown separately.
Furniture
and
household
equipment
of
cars
of
Total
nondurable1
Services
Clothing
and
shoes
Gasoline
oil
126. 1
136. 3
140. 6
150.4
168. 1
189. 8
209. 6
227. 1
246. 7
271. 7
301. 9
45. 1
46. 6
50. 5
55. 1
61.3
65. 3
70. 1
75. 9
82.4
91. 2
99. 2
20.4
22. 0
23. 4
24. 9
27.8
36.4
39. 5
42.9
46.7
50. 9
65. 2
247.2
269. 1
293. 4
322.4
352.3
391.3
437. 5
488. 5
549. 8
619. 8
700.0
8. 5
7. I
8. 7
9.3
9. 7
7. 5
7. 1
8. 6
9. 1
9. 3
8. 3
1. 1
1.3
1.6
1. 6
1.8
1.4
1. 6
1.5
2. 1
2.0
2. 3
505. 9
521. 8
536. 7
558. 1
260. 6
267. 7
274. 5
283. 9
85. 4
89. 9
92. 7
96. 8
596. 0
609. 1
629. 1
645. 1
8.7
9. 9
9. 4
9. 3
571. 1
581. 2
604. 7
630. 6
292. 9
296. 7
303. 1
315. 2
95. 5
90. 9
101. 0
103.4
48. 1
49. 0
51. 5
55. 0
58.4
60. 2
68. 3
73. 7
669. 3
686. 0
710. 6
734. 1
9.3
8. 1
8. 6
7. 5
2. 1
2. 1
2. 0
1.9
2. 3
2, 5
2.2
2. 4
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $11.4 billion (annual rate) in January, following a $20.2 billion increase in December. The
January increase was affected by three special factors: The increase in the minimum wage added almost $2.0 billion
to wages and salaries,- government payments of special energy allowances to SSI recipients added about $4.6 billion
to transfer payments/ and an increase in the social security wage base added about $2.5 billion to personal contributions for social insurance.
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
2,000
2,000
1,800
1,600
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600 r*
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
/*-..
160
160
120
120
100
100
80
80
60
60
1972
1974
1973
1975
1976
1977
1978
1979
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthlj* data at seasonally adjusted annual rates]
Period
_
__
1975
1976
1977__
__
1979 v
Jan
Feb
Mar
Apr
May
June
July___
Aug
Sept
Oct
Nov _ _ _
Dec » _ _ _
Jan ^ _ _ _
Wage
3
Rental
Other Proprietors' income income
Total
and
labor
personal salary
of
income disburseincome 1 2 Farm
N on farm persons 4
ments!
942. 5
1, 052. 4
1, 154. 9
1 ?55 5
1, 381. 6
1, 531. 6
1, 717. 4
1, 923. 7
1, 834. 3
1, 851. 4
1, 872. 1
1, 880. 7
1, 891. 6
1, 905. 1
1, 933. 2
1, 946. 5
1, 960. 1
1, 981. 2
2, 004. 0
2, 024. 2
2, 035. 6
633.
701.
764.
805.
890.
984.
1, 103.
1, 227.
1, 177.
1, 188.
1, 202.
1, 205.
1, 210.
1, 220.
1, 229.
1, 236.
1, 247.
1, 257.
1, 271.
1, 282.
1, 288.
8
3
6
9
0
0
3
6
1
5
3
9
8
5
8
5
9
4
3
6
7
42. 0
48. 7
55. 6
65. 1
77. 4
91. 8
106. 5
122. 7
114. 5
116. 0
117. 4
118.9
120. 3
121. 8.
123. 3
124. 9
126. 4
128. 0
129. 6
131. 2
132. 8
18. 0
32. 0
25. 4
23. 5
18. 3
19. 6
27. 7
32. 8
33.0
34. 2
35.3
34.3
33. 5
33.4
32. 8
31. 0
28. 8
31. 0
33.2
33.5
30. 6
58. 1
60. 4
60. 9
63. 5
71. 0
80. 5
89. 1
98. 0
94. 8
94. 8
94. 9
95. 2
95.5
95.8
97. 9
99. 5
100. 9
101. 1
102. 1
102.8
102.0
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.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
21. 5
21. 6
21. 4
22. 4
22. 1
24. 7
25. 9
26. 9
27. 2
27. 3
27. 4
26. 0
27. 1
27. 2
27. 3
27. 3
25. 0
26. 8
27. 0
27. 2
27. 4
Dividends
24. 6
27. 8
31. 0
31. 9
37. 5
42. 1
47.' 2
52. 7
51. 1
51.7
51. 7
51.9
52. 5
52. 6
52. 5
52. 7
53.0
53. 6
54. 2
55. 2
55. 8
Less: PerNonPersonal Transfei sonal confarm
payinterest
tributions personal
5
income ments
for social income 6
insurance
74. 6
84. 1
103. 0
1 1 5. 5
127. 0
141. 7
1 63, 3
191. 7
178. 7
181. 0
183. 3
185, 8
187. 5
189. 4
191. 8
194. 4
197. 1
200. 7
203. 7
206. 7
210. 1
104. 1
118. 9
140. 8
178. 2
193. 8
208. 4
224. 1
252. 0
236. 0
236.7
239. 2
242. 3
243. 9
244. 7
258. 5
261. 2
262. 7
264. 8
265. 9
268. 6
274. 8
34. 2
42. 2
47. 7
50. 5
55. 6
61. 3
69. 6
80. 7
78. 1
78.7
79. 4
79. 5
79. 7
80. 2
80. 8
81. 0
81. 7
82. 2
83. 0
83. 6
86. 6
917. 3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1, 872. 9
1, 784. 3
1, 800. 1
1, 819. 5
1, 828. 8
1, 840. 3
1, 853. 7
1, 882. 3
1, 897. 3
1,913. 1
1, 931. 8
1, 952. 2
1, 971. 9
1, 985. 9
5 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
Real per capita disposable income
in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
SCALE)
10,000
9,000
PER CAPITA DISPOSABLE PERSONAL INCOME
4,000
3,000
3,000
1980
1972
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
P*»r
Period
sonal
Pertax
sona)
and
income nontax
payments
Equals :
Disposable
persona]
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per capita
disposable
personal income
Current
dollars
Billions of dollars
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 255. 5
1, 381. 6
1976
1, 531. 6
1977.
1978_ _ _ _ 1, 717. 4
1, 923. 7
1979 »
1971
1972
116.3
742.8
141. 2
801.3
150. 8
901. 7
984. 6
170.3
168. 8
086. 7
197. 1 1 184.5
226.4
305. 1
458.4
259.0
300. 0
623.7
685.5
751.9
831.3
913.0
1, 003. 0
1, 115.9
1, 240. 2
1, 386. 4
1, 550. 5
1972
dollars
Per capita personal consumption expenditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
7. 7
6. 2
7. 8
7. 3
7. 7
5. 8
5. 0
4. 9
4. 5
207, 053
208, 846
210,410
211 t 945
213, 566
215, 20,"i
216, 898
218, 594
220, 465
5.3
5.0
4.8
4.7
5.0
5.4
4. 3
3.4
217, 942
218, 335
218, 814
219, 286
219, 690
220, 166
220, 715
221, 288
Population
( thou-2
sands)
Dollars
57.3
49. 4
70.3
7L7
83.6
68.6
65.0
72.0
73.2
3,588
3, 837
4,285
4,646
5, 088
5,504
6,017
6,672
7,365
3,714
3,837
4, 062
3, 973
4, 025
4, 144
4,285
4,449
4,511
3,227
3, 510
3,849
' 4, 197
4S 584
5, 064
5,579
6, 179
6,849
3,342
3S 510
3, 648
3, 589
3,627
3,813
3,973
4, 121
4, 194
2. 6
3 3
5 9
— 2. 2
1. 3
3 0
3 4
3. 8
1. 4
5,906
6, 097
6, 258
6, 455
6, 619
6,704
6, 926
7, 145
4,050
4,098
4, 137
4, 197
4, 196
4, 156
4, 195
4, 229
1. 4
3. 3
3. 3
5.6
1. 2
-2.3
-.8
__. 4
_
annual rates
1978: !____ 1, 634. 8
II— 1, 689. 3
III.. 1, 742. 5
IV__ 1, 803. 1
1979: !____ 1, 852. 6
II. __ 1, 892. 5
III... 1, 946. 6
IV *_ 2, 003. 1
239. 8
252. 1
266.0
278.2
280.4
290. 7
306. 6
322. 1
1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
1, 572. 2
1, 601. 7
1, 640. 0
1, 681. 0
1
1
1
1
1
1
1
1
366. 1
405.6
493.0
515. 8
569.7
623. 5
74,6
71.2
70. §
71.5
79.2
85.9
- 70.3
57. 5
6,401
6,583
6,748
6,954
7, 157
7,275
7,430
7,596
Includes personal consumption expenditures, interest
by
to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad.. Annual data are for July I I "
- 1973
- - and
are averages of quarterly data beginning 1974. Quarterly data are sweimge for the
period.
4,389
4,425
4,461
4,522
4,536
4,510
4,501
4,496
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
In the fourth quarter, according to current estimates, net farm income before inventory adjustment fell $0.3 billion
(annual rate), while income after inventory adjustment rose $1.7 billion.
BILLIONS OF DOLLARS*
200
(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
,
Q
100
100
_GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
j_
20
20
y^*X *
>
10
10
1972
* SEASONALLY
1973
ADJUSTED
1974
1978
1977
1976
1975
1979
1980
ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population
Income received from farming
Gross income before inventory adjustment
Period
1972 .
1973 _ _ .
1974 .
1975___
1976. > _
1977
1978
1979
1978: I
II __
III
IV
1979: I
II. .
III___
IV___
From
From
From
all
farm nonfarm
sources sources sources Total i
34. 6
48. 9
45. 2
44. 5
40.3
42. 9
54. 0
-60. 5
16.9
29. 2
23.4
21. 9
16. 8
18. 0
25. 2
29. 9
17. 8
19.7
21. 8
22. 7
23. 5
24.9
28.8
30.5
70. 1
95. 5
100. 0
96.9
104. 2
107. 5
124.9
143.3
119. 8
124. 3
122. 2
133.4
140. 7
144.2
142. 5
145. 2
Cash receipts from
marketings
Livestock
Total
Crops
and
products
Billions of dollar?
61. 2
87. 1
92. 4
88. 2
94. 8
95.7
111. 0
129. 9
106. 2
111. 0
109.0
118. 0
127.7
130. 6
129.2
131.5
J
Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
23 Inventory of crops and livestock valued at the average price for the year.
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.
58-583
35. 7
45. 9
41. 4
43. 0
46. 1
47. 4
59. 0
67. 5
53.9
58. 3
60.4
63.4
70. 0
68. 0
64. 9
66.8
25.5
41. 1
51. 1
45. 1
48.7
48. 2
52. 1
62. 4
52. 4
52.7
48.6
54. 6
57. 7
62. 6
64.3
64. 7
Net to farm
operators
Production expenses
Before
inventory
adjustment
After
inventory
adjust-2
ment
17.8
29.9
27. 7
21. 1
21. 0
18.7
26. 3
29.8
24.8
27.3
24. 8
30.4
31.7
32.2
27. 5
27. 2
18.7
33. 3
26. 1
24. 5
18.7
19.8
27. 9
33, 3
25. 8
27. 8
26.3
31. 6
33.7
34. 7
31. 0
32. 7
Net income per
farm after inventory adjustment 3
Current
1967
dollars dollars 4
Dollars
52. 3
65.6
72. 2
75. 9
83. 1
88.8
98. 1
113. 5
95. 0
97.0
97. 4
103.0
109. 0
112.0
115'. 0
118.0
6, 526
11, 813
9,349
8, 846
6, 823
7,301
10, 434
12, 700
9,660
10, 400
9,840
11, 830
12, 830
13, 210
11, 800
12, 450
5,208
8,875
6, 330
5, 488
4,002
4,023
5, 340
5, 840
5, 110
5,370
4,980
5, 860
6,200
6, 170
5,350
5,470
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
1
CORPORATE PROFITS
In the third quarter ol 1979, corporate profits before tax rose $14.4 billion (annual rate) while after-tax
$9.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
280
280 |
SEASONALLY ADJUSTED ANNUAL RATES
240
240
200
200
PROFITS BEFORE TAX
160
160
120
120
PROFITS AFTER TAX
80
80
TAX LIABILITY
.---t
40
1972
\
\
UNDISTRIBUTED
PROFITS
40
1973
1975
1974
1977
1976
1978
1980
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1969 _ _ _
1970___
1971
1972___ _ „
1973
1974
1975
1976
1977
1978 _
1979 *
1978:1 _ _
II
III
IV
1979: I
II
III
IV *
153. 6
182. 0
189.0
198. 6
193. 3
191. 3
198. 3
143. 5
171. 0
178.8
189.0
181.4
179. 6
182.5
27. 2
28.9
30. 6
32. 1
31.9
32.0
33.8
116.3
142. 1
148.3
156. 9
149. 6
147.7
148.7
17. 9
22. 7
25. 5
25.8
18.6
22. 4
26.5
67. 6
83. 4
85. 1
90. 6
94. 1
90. 6
86.4
i See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
Includes rest of the world, not shown separately.
8
Profits after tax
Profits (before tax) with inventory
valuation
adjustment 1
Domeptic industries
Nonfinaneial
2
WholeTotal
Manu- sale
Total Finanfaccial
and
TotaP
tur- retail
ing
trade
74.2
77.9
62. 9
11.3
36.8
10. 1
62. 6
66. 4
9. 4
12.6
27. 1
50. 1
32. 4
72.4
11.7
76.9
14. 1
58. 2
89.6
84. 7
15.4
13. 3
69. 3
40. 6
97. 2
74. 1
14. 7
44. 1
90. 4
16. 2
86.5
62. 5
76. 9
14. 4
12.9
36. 6
101. 8
107.9
13.0
20.7
48.3
88.9
141. 3
133. 1
65. 7
23.3
17.8 115. 3
152. 1
162. 0
24. 1
73.5
23.8 128.3
180. 8
23.0
170. 6
29. 7 140. 9
81. 7
182. 1
195.4
33.0 149.2
89.7
!
3
Undistributed
profits
Inventory
valuation
adjustment
Profits
before
tax
Tax
liability
83.4
71.5
82.0
96.2
115. 8
126. 9
120.4
156.0
177. 1
206.0
237. 3
39. 7
34.5
37. 7
41. 5
48.7
52. 4
49.8
63.8
72.6
84. 5
93.7
43.8
37.0
44. 3
54. 6
67. 1
74.5
70.6
92.2
104.5
121. 5
144. 5
22. 6
22. 9
23. 0
24. 6
27. 8
31.0
31. 9
37.5
42. 1
47.2
52.7
21. 2
14. 1
21.3
30.0
39. 3
43.6
38. 7
54.7
62. 4
74.3
91.8
-5. 5
-5. 1
-5.0
-6. 6
-18.6
-40. 4
-12.4
-14. 6
-15.2
-25. 2
-41.9
177.5
207. 2
212. 0
227. 4
233. 3
227.9
242. 3
70. 8
84.7
87. 5
95. 1
91.3
88.7
94.0
106.7
122. 4
124. 6
132.3
142.0
139. 3
148.3
45. 1
46. 0
47. 8
49.7
51. 5
52. 3
52. 8
54.4
61. 6
76. 4
76.8
82. 6
90. 5
87.0
95.5
-23.9
-25. 1
-23.0
-28. 8
-39.9
-36.6
—44. 0
-46.9
—
Total
Dividends
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
According to revised estimates for the
quarter,
nonresidential construction outlays rose $5.4
Residential
outlays
$0.6 billion.
billion from the
quarter level.
producers*
as
billion.
$7.8
fell
to $6.7
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
150
100
100
50
50
-50
1972
1980
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted
Nonresidential fixed investment
Period
1969
1970. _
1971. _.
1972
1973. _ _
1974. _ _
1975.
1976
1977___
1978
1979 v
1978: I__
II
III
IV.
1979: I__
II _._
Ill
IV »
Gross
private
domestic
investment
146.2
140.8
160.0
188. 3
220.0
214. 6
190. 9
243. 0
303.3
351. 5
387. 2
327.0
352.3
356. 2
370.5
373. 8
395.4
392. 3
387. 5
Structures
Total
98.9
100.5
104. 1
116.8
136. 0
150. 6
150. 2
164. 9
189.4
221. 1
254. 6
203. 7
218. 8
225. 9
236. 1
243. 4
249. I
261. 8
264.2
Total
Nonfarm
Total
Nonfarm
35.7
37. 7
39.3
42. 5
49. 0
54.5
53.8
57. 3
62. 6
76. 5
92. 7
66. 9
75.2
79. 7
84. 4
84. 9
90.5
95.0
100. 4
34.3
36. 1
37. 8
41. 1
46. 9
51. 8
51. 3
54. 7
59. 8
73.3
89.0
63.8
72. 0
76. 4
81. 1
81. 2
86.8
91. 4
96.5
63. 3
62.8
64.7
74. 3
87. 0
96.2
96.4
107.6
126.8
144. 6
161.9
136. 8
143.6
146. 3
151. 8
158. 5
158.6
166.7
163. 9
58. 9
58. 1
59.9
69, 1
80. 1
88.2
87. 4
97. 4
116.3
132. 6
147.5
126.4
131.9
133.5
138. 9
146. 1
144. 5
150.0
149. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Producers1
durable
equipment
Residential
in bus!-
Total
37.9
36.6
49. 6
62.0
66. 1
55. 1
51.5
68. 1
91. 9
108.0
114. 2
100.5
107. 7
110. 2
113. 7
111.2
112.9
116. 0
116. 6
Nonfarm
structures
36.3
35. 1
47. 9
60.3
64. 3
52.7
49. 5
65. 7
88.8
104.4
110. 3
96.8
104. 3
106.4
110.0
107.8
109. 1
112.0
112, 1
Pro- 1
Farm ducers
durstrucable
tures equipment
0.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.8
1.9
1.9
1.4
1.9
1.9
1.5
1. 8
2.0
2. 3
0.9
,9
1.0
1. 1
1. 2
1.2
1. 1
1.3
1. 6
1.9
2.0
1.9
2. 0
1. 9
1.9
1.9
2. 0
2.0
2. 1
Total
a4
3. 8
8. 4
9.4
17.9
8.9
-10.7
10. 0
21. 9
22.3
18.5
22. 8
25.8
20.0
20. 6
19. 1
33.4
14. 5
6.7
Nonfarm
9.2
3.7
5. 1
as
14.7
10.8
-14.3
12. 1
20, 7
21. 3
16.8
22.0
25.3
18.5
19.3
18.8
32. 6
12. 6
3.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
to increase capital spending 10.9 percent in 1980, according to the Commerce Department survey
in November and December. Spending in 1979 was 14.7 percent above 1978, according to the OctoberNovember survey.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1972
1973
1974
1975
1977
1976
1978
1979
1980
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects 3
Expenditures for plant and equipment
Total i
1972__ ...
1973
1974
1975
1976
..
1977
1978 4
1979 .
1980 4 _ ___
1978: III
IV .—
1979: I
II .
III....
IV4___
I <
II 4 _
Nonmanufaeturing
Manufacturing
Period
88.44
99.74
1 12. 40
112.78
120. 49
135. 80
153. 82
176. 37
195. 67
155. 41
163. 96
165. 94
173. 48
179. 33
184. 82
189. 32
195. 76
Total
Durable
goods
Nondurable
goods
31.35
38. 01
46.01
47.95
52, 48
60. 16
67.62
78. 30
89.51
67.75
73. 24
71.56
76.42
80.22
83.04
85.02
89.11
15. 64
19. 25
22.62
21. 84
23. 68
27.77
31.66
37. 89
43. 76
32. 25
33.99
34.00
36.86
39.72
40. 16
42. 32
44.44
15.72
18.76
23.39
26. 11
28.81
32.39
35.96
40.41
45. 75
35. 50
39.26
37.56
39. 56
40.50
42. 88
42. 70
44. 68
Total
57.09
61. 73
66.39
64.82
68. 01
75. 64
86. 19
98. 07
106. 16
87. 66
90.71
94. 38
97. 06
99. 12
101. 28
104. 29
106. 65
* Excludes agrieuHural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
TransMining portation
2. 42
2.74
3. 18
3. 79
4.00
4.50
4.78
5. 52
6. 45
4.99
4. 98
5.46
5.31
5.42
5. 91
4.95
5.72
6. 03
6. 66
7.57
7.45
6.93
8. 05
10. 19
11. 25
8. 05
8.43
10. 08
9.71
10.29
10. 96
12. 76
Public
utilities
Communication
Commercial
and 2
other
Manufacturing
17. 00
18.71
20.55
20. 14
22. 28
25.80
29.48
83. 18
34.39
29. 62
31.73
32. 35
33.24
33.33
33. 76
33.07
11. 89 20.07
12. 85 21.40
13.96 22. 05
12. 74 20. 60
13. 30 20. 99
15.45 22. 97
18. 16 25. 71
20. 18 28.98
5 4.07
18.90 26.09
18.46 27. 12
18.75 27.73
20.29 28.51
20. 41 29.66
50 . 65
53. 52
35.21
47.57
52.49
48.24
51. 05
66. 73
72.44
28.60
38. 13
45.74
34. 50
29.66
32.54
34.93
16.96
19.97
21. 98
19.56
20.87
4.40
14.00
3.27
5.75
8.00
Public
utilities
2
Includes trade, service, construction, finance, and insurance.
?
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in October-December 1979. Plans are adjusted when necessary for systematic bias.
ailment of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell 108,000 in January while unemployment rose 338,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
110
110
SEASONALLY
ADJUSTED
100
100
CIVILIAN LABOR FORCE
»**
^
90
90
»••" \
EMPLOYMENT
\,,,.,«.X"
80
10'
UNEMPLOYMENT
0
I I i I I ! I I II
1972
I I
I I I I I I I I I I I
1973
I I I I I I I I I I I
1974
i i I ii
1975
i i i i i I i ii ii
1977
ill
1976
i i i i i I i i i i i
1978
i i i
M I I I I M
#16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
1979
I I M I I I I IM
1980
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Noninf if 11
S
... LI Lll-
Period
1974 _
1975. __
1976
1977
1978*..
1979...
tional
population
150, 827
1 53, 449
156, 048
158, 559
161, 058
163, 620
C ivilian Unememploy- ployment
men t
85,
84,
87,
90,
94,
96,
935
783
485
546
373
945
5,
7,
7,
6,
6,
5,
Total
labor
(.Civilian
force
labor
(includforce
ing
Armed
Forces)
076 93, 240 91, Oil
830 94, 793 92, 613
288 96, 917 94, 773
855 99, 534 97, 401
047 102, 537 100, 420
963 104, 996 102, 908
Unemployment
Civilian employment
Nonagricultural
Total
Agricultural
Total
85, 935
84, 783
87, 485
90, 546
94, 373
96, 945
3,492
3,380
3,297
3, 244
3, 342
3,297
82, 443
81, 403
84, 188
87, 302
91,031
93, 648
Part-time
for economic
reasons!
2, 709
3, 490
3,272
3, 297
3,216
3, 281
Labor
force
participation
rate
(DPF\JJC1
cent) '
Total
15
weeks
and
over
5,076
7,830
7,288
(>, 855
6,047
5,963
937
2,483
2, 339
1,911
1,379
1, 202
61. 8
61. 8
62. 1
62. 8
63.7
64.2
Seasonally adjusted
Unadjusted
448
633
909
008
260
469
685
891
106
468
682
898
94, 436
94, 765
95, 501
95, 675
96, 220
97,917
98, 891
98, 226
97, 576
98, 158
97, 943
98, 047
6,431
6,484
6, 165
5, 561
5, 253
6,235
6, 104
6, 137
5,798
5, 781
5, 776
5,836
102,061
102, 379
102, 505
102, 198
102, 398
102, 476
103, 093
103, 128
103, 494
103, 595
103, 652
103, 999
96, 157
96, 496
96, 623
96, 254
96, 495
96, 652
97, 184
97, 004
97, 504
97, 474
97, 608
97, 912
3,260
3,307
3, 320
3,215
3,246
3, 243
3, 267
3, 315
3, 364
3, 294
3,385
3,359
92, 897
93, 189
93, 303
93, 039
93, 249
93, 409
93, 917
93, 689
94, 140
94, 180
94, 223
94, 553
3,203
3, 176
3, 211
3, 279
3,283
3,284
3, 274
3,298
3, 167
3,315
3, 392
3,519
5,904
5,883
5, 882
5, 944
5,903
5,824
5, 909
6, 124
5,990
6, 121
6,044
6,087
1,229
1,239
1,291
1, 223
1, 212
1, 152
1, 067
1, 185
1, 152
1, 195
1, 191
1, 230
64. 1
64.2
64. 2
64. 0
64. 0
64. 0
64.3
64. 2
64. 3
64. 3
64. 2
64. 3
1980: Jan.. 165, 101
96, 145
7, 043 106, 310 104, 229
97, 804
3,270
94, 534
3, 513
6,425
1,334
64.4
1979: Jan..
Feb..
Mar_
Apr__
May.
JuneJuly.
Aug_
Sept.
Oct..
Nov.
Dec_
162,
162,
162,
163,
163,
163,
163,
163,
164,
164,
164,
164,
1
104, 155
104, 473
104, 595
104, 280
104, 476
1 04, 552
105, 175
105, 218
105, 586
105,688
1 05, 744
106, 088
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.
* Beginning 1978, data not strictly comparable with earlier
because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor6
of Labor Statistics.
11
UNEMPLOYMENT RATES
In January the seasonally adjusted unemployment rate rose to 6.2 percent from 5.9 percent in December.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
20
A^-wyN
4
/VA
TEENAGERS
(16-19)
BLACK
AND OTHER
10
WOMEN 20 YEARS
AND OVER
"ir
MEN 20 YEARS
AND OVER
1976
1977
1978
1980
1979
1976
1977
1978
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1979
1980
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1974
1975
1976
1977
1978
1979
__
_ _
1979: Jan.. _
Feb..__.
Mar
Apr
May
June
July.
jAug..
Sept
Oct
Nov
Dec_ _
1980: Jan
__
Unemployment rate (percent of civilian labor force in group)
By selected groups
By race
By sex and age
Total
(all
civilian
workers)
Men
20
years
and
over
5.6
8.5
7.7
7.0
6.0
5.8
3.8
6.7
5.9
5.2
4.2
4. 1
5.8
5.7
5.7
5.8
5.8
5.7
5.7
5.9
5.8
5.9
5.8
5.9
6.2
Women
20
years
and
over
Parttime
workers
Both
sexes
16-19
years
White
5.5
8. 0
7.4
7.0
6.0
5.7
16.0
19. 9
19.0
17.7
16. 3
16. 1
5.0
7.8
7.0
6.2
5.2
5. 1
9.9
13. 9
13. 1
13. 1
11.9
11. 3
5.3
8.2
7.3
6. 6
5.6
5.4
3.3
5. 8
5. 1
4.5
3.7
3.6
5. 1
8. 1
7.3
6.5
5.5
5. 3
8. 6
10. 3
10. 1
9.8
9.0
8. 7
6. 1
9. 1
8.3
7.6
6.5
6. 3
4.0
3.9
4.0
4. 0
3.9
4.0
4. 1
4.2
4. 2
4.2
4.3
4. 2
5.7
5.7
5.7
5.7
5.7
5.7
5.5
5.9
5.5
5.7
5.6
5. 7
16. 0
16.0
15.7
16.3
16. 5
15.4
15.8
16. 6
16. 2
16.4
15.9
16. 0
5.0
4.9
5.0
5.0
5.0
4.9
5.0
5.3
5. 1
5. 1
5. 1
5. 1
11.3
11.8
11.3
11.7
11.5
11.2
11.0
11. 0
10.8
11. 5
10.9
11. 3
5.4
5.3
5.4
5. 4
5.4
5.3
5.4
5.7
5.5
5. 6
5.5
5. 5
3.5
3.5
3.5
3.6
3.4
3.5
3.6
3. 7
3. 7
3.8
3.8
3. 7
5.2
5.2
5.2
5.3
5.2
5.2
5.3
5. 4
5.3
5. 4
5.4
5.4
9. 1
8.8
9.0
8.7
9.3
8.6
8.3
8.8
8.4
8.9
8.3
8.5
6.2
6.2
6.2
6. 4
6.3
6.3
6.4
6.4
6.2
6.4
6.4
6.4
4. 7
5.8
16. 3
5.4
11.8
5.8
4. 2
5. 7
8. 7
6. 7
» Aggregate hours lost by the unemployed and persons on part-timo for economic reasons as percent of potentially available labor force hours.
12
ExpeFullBlack rienced
time
wage Household
and
and
other salary
heads workers
workers
Labor
force
time
lost
(per-l
cent)
Source: Department of Labor, Bureau of Labor Statistics,
OF UNEMPLOYMENT AND UNEMPLOYMENT
ANCE PROGRAMS
In January, the percentage of unemployed persons who were job losers rose and the percentage who were job leavers,
reentrants, and new entrants fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
NEW ENTRANTS
JOB LEAVERS
i i ii
1976
1977
1978
1979
1976
1980
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemployment by reason 1
Period
Unemployment
(thousands)
Job
losers
Job
leavers
Reentrants
New
entrants
Percent distribution of unemployment by duration 1
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
State programs
Insured
unem- Initial
ploy- claims
ment
Insured
unemployment,
all
regular
programs 2
(unadjusted)
Special
unemployment
benefit
claims 3
(unadjusted)
Weekly average, thousands
1975. _
1976
1977_.__ __
1978
1979
1979: Jan___
Feb...
Mar__
Apr___
May._
June..
July__
Aug___
Sept__
Oct___
Nov...
Dec
1980' Jan
7,830
7,288
6, 855
6,047
5, 963
5,904
5, 883
5,882
5, 944
5, 903
5,824
5, 909
6, 124
5,990
6, 121
6, 044
6,087
6,425
55.4
49. 8
45.2
41. 5
42. 8
41.5
41.8
41. 7
42.4
40.0
41. 9
43. 1
44. 0
43.7
44.5
45. 4
44. 3
46. 9
10.4
12. 2
13. 0
14. 1
14. 3
15. 3
14. 0
14.7
14. 2
16.0
14.7
14.4
14.4
13.7
13. 6
14. 1
13. 0
12.2
23. 8
26. 0
28. 1
30. 0
29. 5
29. 2
29.8
30.0
29.9
30. 0
30.0
30. 1
29. 4
29. 2
28. 7
28.3
28. 8
28. 2
10. 4
12. 1
13.7
14.3
13. 4
14. 0
14.5
13. 7
13. 5
14. 0
13.4
12. 4
12. 2
13. 3
13. 1
12.3
13. 9
12. 7
37. 0
38. 3
41.7
46.2
48. 1
46. 9
47. 1
46.8
48. 1
47.4
49.3
48. 4
52. 0
46. 6
48. 3
48. 8
47.7
49. 6
1
2 Detail may DO! add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (TJCX), Federal (UCFE), and railroad ( R R ) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
31. 3
29. 6
30. 5
31. 0
31.7
32. 1
31.8
31.4
31.5
32. 2
31. 0
33. 2
28.5
34. 1
32. 1
31.3
32. 2
29. 7
16. 5
13. 8
13. 1
12.3
11. 5
12. 1
11.9
12.3
11.5
11.8
11. 2
10. 6
10.8
10.8
11. 1
11.0
11. 6
12.4
15.2
18. 3
14. 8
10.5
8. 7
8.9
9. 1
9.5
9. 0
8.5
8. 5
7.8
8. 7
8. 5
8. 5
8.9
8. 5
8.4
3,986
2,991
2,655
2,359
2,460
2, 345
2, 329
2,336
2, 381
2, 307
2, 320
2,407
2,492
2,488
2, 540
2,643
2, 631
2, 729
478
386
375
346
388
352
346
359
433
355
380
390
394
394
402
405
416
414
4, 937
3,846
3,308
2,645
2, 619
3, 198
3,209
2,921
2,610
2,230
2, 119
2,429
2,377
2, 164
2, 236
2, 559
3,047
3,740
1, 173
1, 152
572
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
nortagriculturol employment as measured by the payroll survey rose by 305,000 in January.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
22
90
20
80
WHOLESALE AND RETAIL TRADE
ALL NONAGRICULTURAL
ESTABLISHMENTS
SERVICES
70
..3
16
SERVICE-PRODUCING
INDUSTRIES
GOVERNMENT
60
22
MANUFACTURING
50
20
40 -
GOODS-PRODUCING
INDUSTRIES
CONSTRUCTION
z
30
ill
20
1976
2
1977
1979
1978
1980
II 1 I I I 1 I 1 I I
I I I! | I j M i l
I I I I I i i I I I I
I I I I I I I I I II
I 1 1 I I I I I I 1 I
1976
1977
1978
1979
1980
* SEASON ALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;! seasonally adjusted]
Service-producing industries
Goods-producing industries
TO
g
ji
Ferlod
Total
nonagricultural
employ- Total 2
ment
Construction
Trans- Whole- Finance,
Government
insurportasale
tion
ance, Services
and
State
Non- Total
and
and
Durable
retail
Federal and
Total goods durable
real
public trade
local
goods
utilities
estate
Manufacturing
1974_ - _ _
1975--1976
1977
1978 _.
1979*
78, 265
76, 945
79, 382
82, 423
86, 446
89, 482
24, 794
22, 600
23, 352
24, 346
25, 597
26, 574
4, 020
3, 525
3, 576
3* 851
4, 271
4, 644
20, 077
18, 323
18, 997
19, 682
20, 476
20, 973
11, 925
10, 688
11, 077
11, 597
12, 246
12, 690
8,
7,
7,
8,
8,
8,
152
635
920
086
230
283
53, 471
54, 345
56, 030
58, 077
60, 849
62, 908
4,725
4, 542
4, 582
4, 713
4, 927
5, 153
16, 987
17, 060
17, 755
18, 516
19, 499
20, 136
4,
4,
4,
4,
4,
4,
148
165
271
467
727
963
13, 441
13, 892
14, 551
15, 303
16, 220
17, 043
2,724
2,748
2, 733
2, 727
2, 753
2, 773
11,446
11, 937
12, 138
12, 352
12, 723
12, 841
1979: Jan. __
Feb___
Mar__
Apr
May__
June__
July__
Aug__.
Sept___
Oet___
Nov _ _
Dec 2> __
88, 433
88, 700
89, 039
89, 036
89, 398
89, 626
89, 713
89, 762
89, 803
89, 982
90, 100
90, 231
26, 382
26, 448
26, 627
26, 565
26, 651
26, 674
26, 723
26, 599
26, 593
26, 572
26, 533
26, 654
4,497
4,486
4,614
4,559
4,648
4,662
4,688
4, 674
4,671
4,694
4,714
4, 780
20, 958
21, 025
21, 073
21, 066
21, 059
21, 063
21, 079
20, 957
20, 949
20, 899
20, 836
20, 882
12, 640
12, 715
12, 751
12, 752
12, 739
12, 760
12, 786
12, 714
12, 737
12, 650
12, 587
12, 610
8, 318
8, 310
8,322
8,314
8,320
8,303
8,293
8,243
8,212
8,249
8,249
8,272
62, 051
62, 252
62, 412
62, 471
62, 747
62, 952
62, 990
63, 163
63, 210
63, 410
63, 567
63, 577
5,071
5, 094
5, 116
5,024
5, 130
5, 190
5, 169
5, 194
5, 180
5,218
5,229
5,206
19, 965
20, 016
20, 054
20, 088
20, 129
20, 116
20, 122
20, 126
20, 169
20, 243
20, 308
20, 246
4,868
4,884
4, 899
4,915
4, 936
4, 958
4,972
5,003
4,997
5,018
5, 039
5, 054
16, 670
16, 763
16, 833
16, 880
16, 954
17, 051
17, 092
17, 141
17, 191
17, 257
17, 298
17, 360
2,758
2,757
2,757
2, 758
2,770
2, 788
2,785
2, 813
2,762
2,770
2,771
2,771
12, 719
12, 738
12, 753
12, 806
12, 828
12, 849
12, 850
12, 886
12, 911
12, 904
12, 922
12, 940
1980: Jan *_._ 90, 536
26, 705
4,843 20, 867 12, 594
5,071 17, 414
2,782
12, 950
8,273 63, 831
»- Includes all full- and part-time wage and salary workers jn nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultaral employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
domestic servants; which count persons as employed wh@n they
14
5,236 20, 378
are not at work because of industrial disputes; and which are based on a sampl«
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
§ Includes mining, not shown separately.
Source: Department of Labor,
of Labor
[For production or oonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly earnings
Average weekly hours
Total
private
nonagricultural l
Period
Manufacturing
Total
Adjusted hourly earnings index — total private
nonagricultural 2
Percent change from
a year earlier 4
Index, 1967=100
Manufacturing
Overtime
Total
private
nonagricultural l
Current
dollars
1967
dollars s
Current
dollars
1967
dollars
1971
1972
1973
1974
1975
1976
1977
1978
1979 "
36. 9
37. 0
36. 9
36. 5
36. 1
36. 1
36. 0
35. 8
35.7
39. 9
40. 5
40. 7
40. 0
39. 5
40. 1
40. 3
40.4
40. 2
2.9
3.5
3.8
3. 3
2. 6
3. 1
3. 5
3.6
3.3
$3. 45
3.70
3. 94
4. 24
4. 53
4. 86
5. 25
5.69
6. 16
$3. 57
3. 82
4. 09
4. 42
4. 83
5. 22
5. 68
6. 17
6. 69
129. 2
137. 5
146. 0
157. 5
1 70. 6
183. 0
196. 8
212. 9
229. 8
106.5
1 09. 7
109. 7
106.7
1 05. 9
1 07. 3
108. 4
1 09. 0
105. 6
7.0
6. 4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
2.6
3.0
0
-2. 7
7
l! 3
1. 0
.6
-3. 1
1979: Jan
Feb
MarApr
May
_ _
June _ _ _
July__ _
Aug
Sept_.
Oct
Nov___ __
Dec *>__
35. 8
35.7
35. 9
35. 3
35. 7
35. 6
35. 6
35. 6
35. 7
35. 6
35.7
35.7
40. 6
40. 6
40. 6
39. 1
40. 2
40. 1
40. 2
40. 1
40.2
40. 2
40. 1
40. 3
3.7
3. 7
3.7
2. 7
3.5
3.4
3.3
3.2
3.2
3. 2
3. 3
3.2
5. 96
6. 00
6. 04
6. 04
6. 09
6. 13
6. 18
6. 22
6. 26
6. 28
6. 33
6.38
6. 46
6.51
6. 56
6. 56
6. 65
6. 68
6. 72
6. 74
6. 78
6.82
6.86
6.90
222. 6
224. 0
225. 2
226. 8
227. 5
229. 0
230. 9
232. 2
234. 3
234.9
237.3
239. 3
108.4
107. 8
107. 3
107. 0
106. 3
105. 8
105. 6
105. 1
104. 9
104. 1
104. 1
103. 7
8. 1
8.4
8. 2
8. 0
7. 8
7. 8
7.9
8. 1
8.2
7. 7
8.2
8.3
-1. 2
-1. 4
-2. 0
-2. 4
-2.8
-3. 0
-3. 3
-3. 5
-3. 6
-4. 1
-45
1980: Jan * _ _
35.7
40.4
3.3
6. 40
6. 92
239.8
102.5
7.7
-5.5
—
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period
Total private nonagricultural l
Current
dollars
1971.
1972.
1973
1974
1975.
1976__
_ _
1977.
19781979 *
1979: Jan
Feb_
Mar
Apr
May
June
July
. J
Aug
Sept,
Oct._
Nov__
Dec *
1980: Jan p_
_ _
$127. 31
136. 90
145. 39
154.76
163. 53
175. 45
189. 00
203. 70
219. 91
213. 37
214. 20
216. 84
213. 21
217. 41
218. 23
220. 01
221. 43
223. 48
223. 57
225. 98
227. 77
228. 48
Manufacturing
1967
dollars 3
$104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
101. 02
103. 88
103. 13
103. 31
100. 57
101. 55
100. 85
100. 60
100. 24
100. 04
99. 10
99.16
98.73
97. 64
$142.
154.
166.
176.
190.
209.
228.
249.
268.
262.
264.
266.
256.
267.
267.
270.
270.
272.
274.
275.
278.
279.
44
71
46
80
79
32
90
27
94
28
31
34
50
33
87
14
27
56
16
09
07
57
$211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 32
341. 69
331. 67
331. 60
335. 01
323. 41
341. 32
341. 87
341. 14
346. 70
352. 13
343. 31
347. 76
353. 19
356. 82
Percent change from ft
year earlier,
total private nonagricultural s
Current
dollars
Current dollars
*2 Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in maniiacturing.
3
Current, dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$101. 09
106.45
111.76
119. 02
126. 45
133. 79
142. 52
153.64
164. 96
159.90
160. 23
162. 19
163. 67
163. 00
1 63. 98
165. 28
165. 75
166. 91
167.56
169. 71
170. 17
170. 42
1967
dollars
6.2
7.5
6. 2
6.4
5. 7
7.3
7.7
7.8
8.0
9.2
9. 4
8. 6
5. 6
7. 8
7. 2
7. 2
7. 8
8. 1
7. 1
7.4
7.7
7. 1
1. 9
4. 1
-. 0
-4. 1
-3.2
1.4
1.2
.2
3 1
-. 1
-.5
-1. 6
4. 6
-2. 8
-3.4
-3. 9
3. 8
-3.8
-4.8
—4.8
-5.0
-6. 1
* Monthly change5? based on indexes to two decimal places.
* Based on unadjusted data.
Note.—Seasonally adjusted data in 1967 dollars revised beginning 1975.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
persons
Output l
Output per hour
of ail persons
Compensation
per hour 3
Unit labor
costs
Implicit price
deflator 4
PriNonNonPriNonNonPriNonNonPrivate
Private
Private
vate
farm
farm
vate
farm
farm
vate
farm
farm
business business
business business
business business
business business 3usiness business business Business
sector
sector
sector
sector sector
sector sector sector sector
sector
sector
sector
Period
1967=100; quarterly data seasonally adjusted
100. 0
105. 1
108. 3
100. 0
105. 3
108.5
100.0
101.8
104.6
100. 0
102. 1
105. 5
100.0
103.3
103.5
100.0
103. 2
102. 9
100. 0
107. 6
114.9
100.0
107. 3
114. 1
100. 0
104. 1
111. 0
100.0
104.0
110. 9
100.0
103.9
108.8
100.0
104.0
108.7
_
107. 3
110.3
117.5
124. 4
121. 4
107. 4
110. 2
117.8
124. 9
121. 8
103.0
102.4
105.5
109. 6
110.3
104. 2
103. 8
107.0
111. 5
112. 3
104.2
107.7
111.4
113. 6
110. 1
103.0
106. 2
110. 1
112. 0
108. 5
123. 1
131.4
139. 7
151.2
164.9
121. 7
129. 9
138.4
149.2
162.8
118.2
122. 0
125.4
133. 1
149.8
118. 1
122. 3
125.7
133.2
150.0
113. 9
118.9
123.2
130. 3
143. 1
114.0
119.2
122.9
127.9
141.4
1975
1976
1977
1978
1979 * --
118.7
126.4
133. 8
140. 7
144. 1
118.8
126.9
134. 3
141.5
144. 9
105. 6
108. 6
112.8
118. 1
121.9
107.4
111.0
115. 6
121. 1
125.4
112.4
116.4
118. 6
119. 2
118. 1
110.5
114.4
116. 2
116.8
115.5
181. 3
197. 2
213. 0
231. 2
252.8
178.9
193.8
209.3
227.3
247.6
161.3
169.4
179. 6
194. 0
214.0
161.8
169.4
180. 1
194.5
214.3
157.5
165.5
174. 8
187.2
203. 8
156.4
164.8
174.5
186. 1
202.2
1978: I _
II
III
IV _
136. 9
140. 3
141.8
144. 0
137.3
141. 1
142. 7
145. 0
115. 6
117.9
118. 4
120. 2
118.4
121. 1
121.6
123.4
118. 4
119. 0
119.7
119.8
116. 0
116.5
117.3
117. 6
224. 2
228.5
233. 6
238.4
220. 6
224.6
229. 4
234.3
189.4
192. 1
195. 2
199. 0
190. 2
192.7
195.6
199.3
180.9
185. 8
188.9
192.9
180.2
184.7
187. 8
191.4
1979: I _ _ _ .
II
III.. IV ».__.
144.4
143. 4
143. 8
144. 7
145.5
144. 2
144.6
145.5
121. 5
121. 3
122.0
123.0
124.8
124.9
125. 7
126.3
118.9
118.2
117.8
117. 6
116. 6
115.4
115. 0
115. 1
244.8
250.3
255. 6
260. 1
240. 2
244.8
249.9
255.4
205.9
211. 7
217.0
221. 1
206.0
212. 1
217.3
221. 8
197.2
202. 0
206. 1
210. 0
195. 1
200.3
204.7
208.6
1967
1968
1969
1970
1971
1972__
1973
1974
_
_
_
Percent change; quarterly data at seasonally adjusted annual rates
1967
1968
1969
1970
1971
1972_
1973
1974
_
__
2.0
5. 1
3.0
1. 9
5.3
3.0
-0.0
1.8
2.8
0.2
2. 1
3.4
2.0
3.3
.2
1.6
3.2
-.3
5.3
7. 6
6.8
5.5
7.3
6.3
3.3
4. 1
6.6
3.8
4.0
6.7
2.9
3.9
4.7
3.34.0
4.5
<|
_
2". 8
6.6
5.9
-2.4
-1. 1
2.6
6.9
6.0
— 2. 5
-1.6
-.6
3.0
3.9
.7
— 1. 2
-.4
3. 1
4. 2
.7
.7
3. 3
3. 5
1.9
-3.0
.1
3. 1
3.7
1.7
-3,1
7. 1
6.7
6.3
8.2
9. \
6.7
6.7
6.5
7.8
9. 1
6.4
3.3
2.8
6.2
12.5
6.5
3.5
2.8
6.0
12. 7
4.7
4. 4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10.5
-2.3
6.5
5.8
5.2
2.4
-2.5
6.9
5.8
5.4
2.4
-4.3
2.9
3.9
4.7
3. 3
-4.3
3.3
4. 1
4.8
3.5
2. 1
3.5
1.9
.5
-.9
1.9
3.5
1.6
.5
-1. 1
9.9
8.8
8.0
8.5
9.3
9.9
8.3
8.0
8.6
8.9
7.7
5.0
6.0
8.0
10.3
7.9
4.7
6.3
8.0
10.2
10. 1
5.0
5.6
7. 1
8.9
10.6
5.4
5.9
6.6
2.4
10. 5
4. 2
6.4
2.7
11. 5
4.5
6.8
3.9
8.4
1.7
6. 1
3.6
9.4
1.8
5.9
-1.5
2.0
2.4
.3
-.9
1.9
2.7
.8
10.9
7.9
9.2
8.5
11.4
7.5
8.8
8.8
12.6
5.8
6.6
8. 1
12.4
5.4
6.0
8.0
5.3
11.2
6.9
8.7
4.4
10.2
7.0
7.8
1.2
-2.9
1. 1
2.7
1. 2
-3.6
1.2
2.5
4.4
-.7
2.4
3.3
4.6
.5
2.6
1.9
-3.0
-2.2
-1.3
-.6
-3.2
-4. 1
-1.4
.5
11. 1
9.3
8.8
7.2
10.4
7.9
8.5
9.2
14.6
11.8
10. 3
7.8
14.0
12. 5
10. 1
8.6
9.3
10. 1
8.3
7.8
8. 1
11.0
9.0
7.9
1975
1976
1977___
1978
1979 * 1978: I
II
III
IV___
1979: I .
II
III
IV »_.__
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
s Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
4 supplemental payments for the self-employed.
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
a6
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose by 0.3 percent in January, following little change in the 3 preceding months. The January
index was 0.8 percent above its year earlier level, but fractionally below the March 1979 high.
INDEX, 1967=100*
(RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE)
160 -TOTAL INDUSTRIAL PRODUCTION -
180
160
140
140
-UTILITIES AND MINING PRODUmoN
fN*-X-
—^
\^
~\
UTILITIES
120
<*«»^ *%
** V 1
1
120
100
1976
180
i i 11 i I M
1977
1979
1978
X^'*"**
1980
MANUFACTURING PRODUCTION
100
MINING
i
, I M . I l , II.
1976
NONDURABLE
/-*v \ -/\
1977
^
160
M, I I I ,
III,
1978
•
v
'"1
IMIM
I, MM
1979
1980
PERC ENT* (RATIO SCALE)
100
140
MANUFACTURING CAPACITY UTILIZATION RATE
90
DURABLE
80
120
r~*
^-
•^-l*^~^
1
1
70
100
1976
* SEASONALLY
1977
1979
1978
1980
1 1 1 1 1 1 1 1 1 1 { M f M I i 1 i Ii 1 I i i I | I 1 1 ij
M 1 ! 1 I 1 M 1 |
1 1 1 1 1 i 1 1 ! 11
1977
1979
1980
1976
1978
ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1973
1974__
1975
_
1976
1977 .
1978 __
1979 ^
1979: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept_
Oct
Nov
Dec v
1980: Jan *>___
1
Output
2
Annual
1
Total industrial
production
Percent
Index,
1967 = change
from
100
year
earlier
100. 00
8.4
129. 8
129. 3
-.4
117.8
-8.9
130.5
10. 8
138.2
5.9
146. 1
5.7
152.2
4.2
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing
Total
Durable
Nondurable
Mining
Utilities
57. 95
129.8
129.4
116. 3
130. 3
138.4
146.8
153.3
51.98
127. 1
125. 7
109.3
122. 3
130. 0
139.7
146.4
85. 97
133. 8
134. 6
126.4
141. 8
150. 5
156.9
163.3
6. 86
114.7
115. 3
112.8
114. 2
118. 2
124. 0
125.3
5.69
145.4
143.7
146. 0
151.7
156.5
161.4
166.2
87. 6
83.8
72.9
79.5
81. 9
84.4
85.7
91. 8
87. 1
73.4
81. 1
82.7
85.6
87.2
151. 5
152. 0
153. 0
150.8
152.4
1.52. 6
152. 8
151. 6
152. 4
152. 2
152. 1
152.3
8. 2
8.3
7.7
4.4
5. 2
4. 4
3.9
2.4
2.6
1.7
1.0
.3
152.5
153.3
154.5
151. 6
153. 8
153. 9
154. 1
152. 4
153. 5
153.2
152.9
152. 9
146. 8
147.2
148.6
144.6
147.6
147. 6
147. 2
144. 2
145. 9
145.7
144.9
144.7
160. 7
162. 0
163.0
161.7
162. 8
163. 0
164. 1
164.3
164.6
164.0
164.4
164.7
123. 8
120. 9
122. 3
122.7
122.8
123. 9
124. 7
126.4
125. 8
128. 1
129. 8
132.0
166. 2
167.7
167. 1
167.4
166. 5
164. 2
164.8
165.5
165. 3
166. 1
167.4
168.0
86.4
86. 7
87. 1
85.3
86.3
86. 2
86. 1
84.9
85.3
84. 9
84.6
84.3
88.0
87.8
88. 3
87.0
87.4
87.6
87. 9
86. 9
86.8
86.6
86.3
85.9
152. 7
.8
153.3
144.8
165.5
132.9
168.4
84.3
86.0
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Manufacturing capacityl utilization
rate, percent
Federal Reserve
series
WharComTotal
ton 3
merce
2
Matemanuseries
series
rials
facturing
86
83
77
81
83
84
93.0
90.4
79.6
85.8
88.5
91.4
93.0
84
94.0
83
93.2
82
92.7
92. 1
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Products
Final Products
Equipment
Consumer goods
Period
TotaJ
NonDurable durable
goods
goods
Total
1967 proportion _
1970
1971 —
1972
1973
1974
1975
1976
1977
1978
1979 »
1979: Jan
Feb
Mar
Apr r
Ma3
June
July
Aue; _
Sept
Oct
Nov
Dec v
1980: Jan »
47. 82
27. 68
7. 89
105. 3
106.3
115.7
124. 4
125. 1
118.2
127. 6
135.9
142.2
147.0
146. 1
146.8
148.2
145. 4
147.8
147.6
147. 1
145.6
147. 2
146.8
146.7
147. 2
147.4
109.0
114.7
124. 4
131. 5
128.9
124.0
137. 1
145.3
149. 1
150.5
150.6
151.5
152.9
149. 1
152.0
151. 8
150.8
148.2
149.7
149.7
148.9
148.9
148.4
106. 1
118.8
133. 8
146.2
135. 3
121.4
141. 9
154.0
159.2
155.6
160.4
161. 1
163.6
151.6
160.5
158.6
157.2
147.5
151. 8
152.6
149.3
147.6
144.4
Intermediate
products
19. 79
110. 1
113. 1
120.6
125. 6
126. 3
125. 1
135.2
141.9
145. 1
148.5
146. 7
147.7
148.6
148. 0
148. 7
149. 1
148. 2
148. 5
148.9
148.6
148.7
149.4
150.0
Materials
Construction
supplies
Supplementary
group:
Energy
total
Total
Business
Total
20.14
100. 1
94. 7
103.8
114. 5
120.0
110.2
114.6
123.0
132. 8
142. 2
139.9
140. 4
141.7
140.4
141. 9
141.9
142. 1
141. 8
143.9
142.9
143.7
144.9
146. 1
12. 63
12.89
6. 42
39. 29
12.23
107. 0
104. 1
118.0
134.2
142. 4
128.2
135.4
147. 8
160. 3
171.4
168. 1
169.0
170.8
168.7
171.4
171. 5
171.4
171.5
173.6
172.0
172.7
174.5
176.3
112.9
116.7
126.5
137.2
135. 3
123. 1
137.2
145. 1
154. 1
160.0
160.8
161.4
160. 4
159.7
159.5
159.5
159.4
160. 6
159. 8
159.8
159.7
159.8
160. 1
111.0
116.8
128. 4
139.8
134.5
116.3
132. 6
140.6
151.7
156.9
159. 1
159.3
157. 1
156.0
156.4
156.3
156.4
157.3
156.3
156.8
156.7
156.3
156.2
109. 2
111. 3
122. 3
133.9
132. 4
115. 5
131. 7
138.6
148.3
156.0
155.0
155.2
156.3
154. 5
155.7
156.5
157.6
156.0
156. 3
156.3
156.2
156. 1
156.6
117. 0
119.5
125. 2
128.3
125.5
125. 5
129. 1
132. 9
135.4
137.8
138. 1
137.5
138.4
138.7
137.6
137.2
137. 1
136.8
136.8
137.2
138. 9
138.8
140. 0
[1967 = 100, seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1967 proportion.. .
1970__
1971 —
1972
1973
1974—
1975—
1976
1977.
1978—
1979 »_
1979: Jan_.
Feb
Mar
Apr ___
May
June- _
July
Aug.
Sept
Oct__
Nov
Dec »_
1980: Jan *
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
9. 16
104.4
100. 2
116. 0
133.7
140. 1
125. 1
134.5
143.6
153.6
163.7
161.2
162.9
164.0
161. 8
164. 3
164. 5
165.3
166. 2
165. 1
162. 3
163. 1
162.5
167. 9
6. 67
4. 21
6.93
106.6
100.2
112. 1
126.7
123. 1
96.4
109. 7
111. 1
119.9
121.3
123.4
120.4
123. 7
121.7
121.0
124.3
127. 1
121.0
121.7
118.0
117.2
116.4
114 6
104.7
96. 1
107. 1
122. 3
119.8
95.8
104.8
103.8
113.2
113.3
113.3
110.8
116. 2
115.8
114.3
118. 1
119.0
112. 0
115.0
108.2
108.0
107. 8
102. 4
103.5
112. 1
124.7
124.2
109.9
123. 9
131.0
141.6
148.6
149. 1
150.8
150.2
148.8
150. 3
149.3
149.3
147. 6
146.5
147.5
146.9
146.8
146. 7
Source: Board of Governors of the Federal Reserve System.
18
Nondurable manufactures
Transportation
equipment
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Total
Motor
vehicles
and
parts
8.06
9. 27
4.60
1. 64
3. 31
4.72
7. 74
8.76
108. 1
107.7
122.2
143. 1
143.8
116. 5
134.8
145.4
159.4
175.0
170.9
173. 2
174. 2
170.6
174.7
175. 1
174.4
171. 7
176.7
177.3
179.4
181. 4
182. 2
89.5
97.9
108.2
118.3
108.7
97. 4
111. 1
122.2
132. 5
135.3
141. 2
139. 9
143. 7
131.6
141. 9
139. 4
135.5
124.7
131.7
133. 7
128.2
126.2
121.8
92.3
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169. 9
160. 0
177.9
173. 1
179. 7
156.0
176.3
169.6
160. 2
138. 5
150.6
150.6
139.9
135.4
126. 7
105.6
113.8
120.8
126.0
116. 2
107.6
123.2
131.2
136.3
136.9
137.3
137. 2
137. 7
137.2
136. 1
136.8
135.2
138.0
138.6
138.7
135. 6
133.4
101.4
104.7
109. 4
117. 3
114.3
107.6
125. 7
134.2
134.2
107.0
107. 1
112. 7
118.2
118.2
113. 3
122.5
127. 6
131. 5
136.9
135.6
138.2
137.3
135.7
136.8
136.9
135.6
137. 7
137. 1
137.2
136.5
137.9
139 3
120.4
125.9
143.6
154.5
159.4
147.2
170.9
185.7
197.4
210. 4
206. 5
208.6
207.4
207.7
209.7
207. 8
210.5
213. 1
212.0
211. 4
214. 5
216.6
108.9
112.8
116.8
120. 9
124.0
123.4
133.0
138.8
142. 7
147.9
143.9
145.5
147.6
147.0
149.2
149. 5
149.4
148. 1
148.8
148. 6
148.3
148.2
130.3
133.5
136. 5
130. 8
128. 2
132. 0
129.7
130. 1
131.2
128.5
129.3
Foods
NEW CONSTRUCTION
Construction contracts2
Private
Period
Total new
construction
expenditures
Residential
Total
Total *
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1972-= floor space
100)
(millions of
square feet)
Billions of dollars
1973. .. _
1974 ...
1975
1976
1977
1978_ —
1979 » _ _
137.9
138. 5
134. 5
151. 1
174.0
206.2
226.9
105.4
100. 2
93.7
111.9
135.8
160.4
178.2
59.7
50.4
46.5
60.5
81.0
93.4
97. 2
50. 1
40.6
34. 4
47.3
65. 7
75.8
77.2
21.7
23.8
20. 8
19.9
22.5
29.6
38.7
24.0
25.9
26.4
31. 5
32.4
37.4
42.4
32.5
38.3
40.9
39. 1
38.2
45.8
48.7
39.6
39. 2
40.0
40.7
41.7
41. 9
42. 7
43.5
43. 2
44.6
44. 5
45.7
44.7
46.4
41.6
44. 0
44.5
48.4
46.0
51.0
49. 7
50.9
52.9
51. 8
52. 1
57.0
Seasonally adjusted annual rates
1979: Jan _
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct v
Nov
Dec *
1980: Jan »
212.3
210.9
216.7
216.4
223.4
224. 3
231. 1
230.3
232. 6
238.4
237.4
242.2
246. 1
165.9
169.3
172.7
171.9
175.0
178.3
180. 1
180.6
181. 6
185. 6
185.5
190. 1
189. 1
73.6
77.2
75. 9
76.0
75.7
77.7
77. 7
78. 3
79. 1
78.3
77.8
78.7
78.0
93.7
97.8
96.5
95. 7
95. 2
96.9
97.0
97.5
99.0
99.2
99. 1
100.3
99.3
* Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
a F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
32.5
32.4
36.2
35.5
38. 1
39.5
40.3
39. 6
39.4
41.7
41.9
44. 1
45. 1
109.2
103. 0
101.9
121. 0
153. 6
173. 1
182.9
1,010
840
555
592
739
977
1,050
Seasonally
Seasonally adjusted
adjusted
annual
rates
195
1,062
231
1,266
200
1,233
202
1, 123
178
1,045
177
1,009
181
1,062
163
1,006
185
1, 106
171
1, 118
156
1,010
183
969
190
1.253
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
1972
1973
1974
1975
1976
1977
1978 _
1979 *
Units started, by type of structure
Total
1 unit
2, 356. 6
2, 045. 3
1, 337. 7
1, 100. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 743. 6
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 193. 2
2-4
units
141.3
118.3
68. 1
64.0
85.9
121. 7
125.0
122. 1
5 or more
units
906. 2
795.0
381.6
204 3
289.2
414. 4
462.0
428.3
New private homes
Units
authorized
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
1, 537. 3
Units
completed
Homes
sold
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 868. 2
718
634
519
549
646
819
817
712
1,815
1,894
1,957
2, 015
2,016
1,866
1,745
1,739
1,943
1,824
1,831
1,871
774
697
784
722
707
689
778
746
717
692
590
559
Homes for
sale at
end of 1
period
409
418
346
313
353
401
413
403
Vacancy
rate for
rental
housing
units
(percent)2
5. 6
5.8
6.2
6.0
5.6
5.2
5.0
Seasonally adjusted annual rates
1979: Jan
Feb
Mar
Apr
May
June.
July
Aug
Sept
Oct
Nov p*
Dec
1980: Jan v
1,727
1,469
1,800
1,750
1, 801
1, 910
1,764
1,788
1, 874
1,710
1,522
1,517
1,420
1, 175
997
1, 275
1,273
1,229
1,276
1,222
1,237
1,237
1, 139
980
1,036
998
1
Seasonally adjusted.
23 Quarterly data entered in last month of quarter.
New series beginning March 1979.
121
93
119
113
120
123
130
152
123
129
114
110
135
431
379
406
364
452
511
412
399
514
442
428
371
287
1,451
1,425
1,621
1,517
1,618
1,639
1,528
1, 654
1,775
1,542
1,263
1,244
1,272
3
412
410
424
425
431
418
416
416
413
409
400
403
4.8
5.0
5.2
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Seasonally adjusted housing starts revised beginning 1977.
Source: Department of Commerce, Bureau of the Census.
19
SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 1 percent in December while inventories increased about $1% billion. According to the advance
survey, retail sales rose 21A percent in January following a 1A percent rise in December and a 1 percent increase in
November.
BILLIONS OF DOLLARS* (RATIO SCALE)
550
500
BILLIONS OF DOLLARS* (RATIO SCALE)
120
RETAIL INVENTORIES
TOTAL BUSINESS
INVENTORIES ^
450
-
400
90
350 -
-
^
r--^
300
80
70
250 -
/^^^
100
--—
TOT A . BUSINESS
SALES
^
p
^
-
RETAIL SALES
\ x- -
''
-
60
200
_
50
150 -
40
l l l i i Ii i ii
1976
1977
1978
1979
1980
RATIC}*
1.80
100
INVENTORY-SALES RATIO
1.70
1 60
TC)TAL BUSINESS
1.50
•*** \
Vc^.-..
1.40
RETAIL
1.30
1 1 I!
1 I M 1 1 1
1976
i i i i il i i i i i i i i i i 1 i i i i i i i i i i I i 1 1 i i
1 1 ! 1 1 I 1 1 i 11
1978
1980
1977
1979
120 i i t i i I i i i i i i i i i i I i i i t i i i i i i t t i i i 1 1 1 1 1 1 1 i t i i i i i i 1 1 i ( i i i
1976
7
1977
1978
1979
1980
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business
l
Retail
Wholesale
Sales 2
Period
Sales 2
Inven-s
Sales 2 tories
Inventories s
Inventories
NonDurable durable Total
goods
goods
stores stores
Total
NonDurable durable
goods goods
stores stores
Inventory-sales
ratio *
Total
business J
Retail
Millions of dollars, seasonally adjusted
1972
1973
1974
1975
1976 .
__
1977
1978
1979*
1979: Jan _
Feb ._
Mar
Aor
MayJune... _
July
Auc
Sept
Oct _..
Nov
Dec »
1980: Jan "
130, 049
151, 720
175, 350
179, 982
201, 814
224, 686
254, 125
288, 303
273, 304
274, 579
285, 372
275, 936
287, 139
283, 388
289, 206
293, 059
296, 394
299, 077
299, 256
302, 534
203, 161
234, 163
285, 519
285, 035
301, 736
338, 099
379, 630
426, 071
384, 190
387, 822
391,893
397, 530
401, 504
405, 966
413, 395
416, 956
417, 334
421, 205
424, 391
426, 071
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 625
67, 148
67, 495
70, 824
70, 444
72, 937
72, 625
75, 106
75, 733
76, 264
77, 915
78, 688
79, 341
1
The term "business" also includes manufacturing
1
Monthly average for year and total for month.
1
39, 786
46S 254
56, 537
55, 113
61, 307
67, 998
80, 771
90, 120
81, 543
83, 005
84, 078
84, 973
85, 257
85, 245
88, 144
88, 727
88, 393
88, 784
88, 961
90, 120
37, 422
41, 944
44, 692
48, 731
54, 597
60, 335
66, 568
73, 678
70, 855
71, 122
72, 045
71, 366
71, 914
71,803
72, 370
74, 794
76, 929
75,611
76, 427
76, 809
78, 545
(see page 21).
Book value, end of period, seasonally adjusted.
i por annua i periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
12, 369
14, 132
13, 921
15, 106
18, 073
20, 653
23, 160
25, 329
25, 250
25, 035
25, 450
24, 614
24, 731
24, 316
24, 471
25, 940
26, 972
25, 468
25, 270
25, 682
26, 603
25, 054
27, 812
30, 771
33, 626
36, 524
39, 682
43, 409
48, 349
45, 605
46, 087
46, 595
46, 752
47, 183
47, 487
47, 899
48, 854
49, 957
50, 143
51, 157
51, 127
51, 942
55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37,841
90, 120 43, 414
100, 818 48, 161
108, 096 51, 352
101, 739 49. 302
101, 175 49, 367
102, 226 49, 583
103, 379 50, 526
105, 162 51, 805
106, 382 52,518
108, 691 53, 753
109, 092 53, 667
107, 524 51, 834
108, 971 52, 095
109, 271 52, 267
108, 096 51, 352
30, 841
34, 819
38, 206
38, 388
41, 432
46, 706
52, 657
56, 744
52, 437
51, 808
52, 643
52, 853
53, 357
53, 864
54, 938
55, 425
55, 690
56, 876
57, 004
56, 744
L 50
1. 44
1.47 .
1.58
1. 48
1. 45
1.41
1.41
1.41
1.41
1. 37
1.44
1.40
1. 43
1.43
1. 42
1. 41
1.41
1.42
1.41
1.40
1.41
1.49
1.45
1.39
1. 40
1.44
1.43
1.44
1.42
1.42
1.45
1. 46
1.48
1. 50
1.46
1.40
1. 44
1.43
1.41
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' orders, shipments, and inventories rose again in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
180
- SHIPMENTS
160 r
^nirmiimo
TOTAL
140
120
100
JX^i—' v
u
'
-
, •-'
-
__„,
\
DURABLE GC)ODS
-
^\
NONDURA JLE GOODS
-
80
-
40
_„_.—.
"\~"
60
— --"""
-
\
NONDUR/\BLE GOODS
-
, . ,,,1 ,, ,,, , , i , , l , , i ,
-
40
iau
160
MF\A/ ODP^FDQ
TOTAL
140
Ju-^^"
120
100
*--•*""*
-
.-»••
~~~
--—"~~~~\
100
^-•'""~
-SL^—" —•'*"*"""*
-
-— ———
• 120
\ .
60
160 ^
-
DURABLE GO DOS
80
_^-^-"~"""""^
*-—•
"I
^1
TOTAL
200
•/•"
^-
j:
BILLIONS OF DOLLARS * (RATIO SCALE)
'28 0
240 - INVENTORIES
r—
s
1 1 1 I!
x^\X-^
-
xl
DURABLE C OODS
N
80
-
j*
f.'--*/
"
-"""""T
60
-,c^>'-:-
~..
j;;;:;.:
-
NONDURABL E GOODS
40
RAT O*
2.2
1
1 1 1
1
M i l l
i iiiiIiii ii
1977
1976
1978
1977
1978
1.8
-
^N
1.6
x/-.*^^-—^^
-
i i i Ii Ii i i ii i i i i i i i i i i 1 1 1 1 1 I1 1 1 1 1 1 1 M 1 I 1 1 1 1 1
1976
198Q
^^-V^
1977
1978
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
72, 954
84, 821
86, 617
98, 810
110, 842
124, 714
141, 000
39, 703
44, 253
43, 678
50, 697
58, 010
66, 505
73, 981
33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
1979: Jan___ 135, 301
Feb___ 135, 962
Mar _ _ 142, 503
Apr___ 134, 126
May__ 142, 288
June _ _ 138,960
July_._ 141, 730
Aug___ 142, 532
Sept__ 143, 201
Oct___ 145, 551
Nov___ 144, 141
Dec___ 146, 384
72, 897
73, 646
76, 855
70, 996
75, 698
72, 629
73, 585
74, 416
74, 012
75, 570
73, 657
74, 118
62, 404
62, 316
65, 648
63, 130
66, 590
66, 331
68, 145
68, 116
69, 189
69, 981
70, 484
72, 266
200, 908
203, 642
205, 589
209, 178
211, 085
214, 339
216, 560
219, 137
221, 417
223, 450
226, 159
227, 855
1980: Jan 5 __ 151, 336
77, 582
73, 754 232, 029 153, 756
1973
1974
1975 _
1976
1977
1978
1979. _ _
NonDurable durable
goods
goods
1
2 Monthly average for year and
Book value, end of period.
8
End of period.
4
131, 699
133, 994
135, 278
137, 903
139, 502
141, 700
143, 369
144, 966
145, 927
148, 042
150, 332
151, 376
total for month. Shipments are the same as sales.
For annual periods, ratio of weighted average inventories to average monthly
1980
Manufacturers' new orders!
Durable goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millions of dollars, seasonally adjusted
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
157, 915 101, 866 56, 048 87, 157 46, 740 12, 737
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 . 61, 061 99, 184 51, 047 12, 501
179, 981 115, 552 64, 430 112, 451 59, 562 15, 084
198, 041 129, 226 68, 816 128, 488 70, 145 18, 308
227, 855 151, 376 76, 479 144, 335 77, 215 21, 643
Total
1979
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l Manufacturers' inventories2
Period
1980
1979
INVENTORY-SHIPMENTS RATIO
1.2
1979
i i i i i Ii i i ii i Mi i i i i ii i i i i i Ii itii i i i i i Ii i i ii
2.0
1.4
1 1111111111
I 1 1 1 M
1976
-
69, 209
69, 648
70, 311
71, 275
71, 583
72, 639
73, 191
74, 171
75, 490
75, 408
75, 827
76, 479
141, 748
144, 036
148, 586
139, 332
143, 594
142, 269
140, 508
142, 664
147, 154
146, 640
146, 569
149, 758
79, 647
81, 312
83, 088
76, 099
77, 027
75, 820
72, 545
74, 029
77, 560
76, 663
75, 417
77, 751
78, 273 155, 137 81, 495
ManufacNonturers'
durable unfilled
goods orders 3
Manufacturers
inventory —
shipments
ratio *
33, 330
40, 417
43, 125
48, 137
52, 889
58, 343
67, 120
159, 468
187, 574
169, 126
173, 646
193, 150
238, 652
278, 846
1.58
1. 65
1. 83
1.66
1. 59
1. 52
1. 52
62, 101
62, 724
65, 498
63, 233
66, 567
66, 449
67, 963
68, 635
69, 594
69, 977
71, 152
72, 007
245, 113
253, 187
259, 267
264, 479
265, 782
269, 086
267, 863
267, 994
271, 946
273, 047
275, 471
278, 846
1.48
1.50
1.44
1. 56
1.48
1. 54
1.53
.1.54
1.55
1.54
1.57
1.56
23, 222 73, 642 282, 642
1. 53
21, 410
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
20, 737
21, 815
20, 999
21,419
22, 860
shipments; for monthly data, ratio of inventories at end of month to shipments
for5 month.
Preliminary; not charted.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
In January^ the producer
consumer foods fell 0.8 percent
increased 1.6 percent.
for all
goods
prices of other
1.6 percent, seasonally
of
consumer goods rose 2.8 percent, Prices of
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
120
100
100
I I I I I I I I I I
1974
I I I I I I ! I I I I
I I I I I I ! I i I I
1975
1976
I I I I I I I I I I I
1977
I I I I I I I I I I
1978
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
Finished goods
Intermediate
Crude materials
materials
Total
conFoodsumer
Consumer goods
stuffs
Foods
Capifinished Total and 1 Other Total and Other
Non- tal
Durfeedfeeds
dur- equip- goods
Total able
stuffs
able ment
113.4 113.2 113.6 119. 5 116. 6 118.7 118. 5 118. 9 127.6 127. 5 128. 0
118. 5 115.8 120. 5 123.5 129.2 131.6 168.4 128. 1 174. 0 180. 0 162. 5
138. 6 126.3 146. 8 141. 0 149. 3 162. 9 200. 2 159. 5 196. 1 189. 4 208.9
153. 1 138.2 163. 0 162. 5 163. 6 180. 0 195. 3 178.6 196. 9 191. 8 206.9
161.8 144. 4 173.3 173. 2 169. 0 189. 3 186. 6 189.5 205. 1 190. 1 233.6
172. 1 152.2 185. 4 184. 5 178.9 201.7 191. 0 202. 4 214. 3 190.9 258.4
183. 7 165. 8 195.4 199. 1 192. 6 215.5 201. 0 216. 4 240. 1 215.3 286. 7
208. 1 181.5 225. 8 216. 6 215. 5 242.7 223. 2 243. 8 282.2 247. 1 348.3
193. 2 174.3 205.6 208.5 203.7 226. 9 214. 7 227.7 262.6 235.7 313.0
195.2 176. 2 207.6 210.3 206. 1 229. 2 218.3 229. 9 269. 1 241. 7 320. 6
197.3 177.0 210. 6 211. 6 208. 4 231.6 216.5 232. 5 274. 2 245. 7 328. 0
199.7 178.4 213.7 214.0 209. 7 235.0 216.7 236. 2 273.2 244. 6 327. 1
202.4 179.5 217. 5 215.0 210.8 237.3 217. 0 238. 6 275. 1 242. 8 336.0
205.3 180.6 221. 7 216. 4 212. 0 239. 7 218.0 241.0 278.4 242. 9 345. 5
208.7 182.0 226. 6 218. 2 214. 8 243. 6 227. 2 244. 6 284. 6 250. 1 349. 7
212. 3 182. 0 232.7 217.9 218. 3 247. 1 229.3 248. 2 285. 2 248.8 354. 0
216.4 184.7 237.8 219.5 222. 2 250.7 230. 4 251. 9 291.4 252.3 365.4
219.6 186. 1 242. 3 221. 1 224. 2 254.6 231.2 256. 1 294.3 252. 2 373.9
222. 1 187.9 245. 2 222.8 227.4 257. 0 230.6 258.6 298.3 255. 1 380. 1
225.2 191.0 248.3 224.5 229.6 259.9 231.2 261.7 302. 2 255.8 390.2
231.5 197. 2 254.7 228. 2 233. 2 267. 1 224.9 269. 6 299.5 246. 0 401.0
Finished goods excluding
consumer foods
Period
1972 _
1973
1974
1975
1976. _
1977
1978
1979 »_
1979: Jan
Feb.
Mar_
Apr _ _
May
June
July
Aug
Sept
Oct__
Nov_
Dec_
1980: Jan
Total
finConished sumer
goods foods Total
117. 2
127.9
147. 5
163.4
170.3
180. 6
194. 6
215. 9
205.2
207.4
209. 4
211. 1
212. 1
213. 4
215. 9
218.3
221. 5
223. 4
226. 2
228. 3
231.9
121. 7
146. 4
166.9
181.0
180.2
189. 1
206. 7
226. 3
220.7
223.9
226.7
225.8
223.5
221. 3
222. 8
226. 2
229. 3
229.0
233. 5
233.9
232.0
115.4
120. 1
139.3
156. 2
165.5
176.2
188.9
210. 6
198.3
200. 2
202. 0
204.4
206. 5
208.8
211. 6
213.7
216. 9
219.5
221. 7
224. 2
229. 6
1
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
NOTE.—Seasonally adjusted data revised beginning 1975.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
in January, the consumer price
for all urban consumers rose 1.4
Food prices rose 0.9 percent (were unchanged seasonally adjusted).
(2.0
seasonally
and services
up 1.5
iA
seasonally
commodity prices
1.5
seasonally
(1.4
INDEX, 1967 =100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
120
100
1974
1973
1972
1977
1976
1975
1979
1978
1980
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967 = 100]
Period
1972
1973
1974
1975
1976
1977
1978
1979
_ _
All
items
Food
125.3 123.5
133. 1 141.4
147.7 161.7
161. 2 175.4
170.5 180.8
181.5 192.2
195.4 211.4
217.4 234.5
Commodities
less
food
119.4
123.5
136. 6
149. 1
156.6
165. 1
174.7
195. 1
Services
All
Food
at
home
Food
away
from
home
133.3
139. 1
152. 1
166. 6
180,4
194.3
210.9
234. 2
120.9
129.9
145.5
158.4
165.2
174.7
187. 1
208.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
234.5
121.6
141. 4
162.4
175.8
179.5
190.2
210.2
232.9
131.1
141. 4
159.4
174.3
186. 1
200.3
218.4
242. 9
204.7 223. 9
207. 1 228. 2
209. 1 230.4
211.5 232.3
214. 1 234.3
216. 6 235.4
218.9 236.9
221. 1 236.3
223.4 237. 1
225.4 238.2
227.5 239. 1
229. 9 241. 7
233. 2 243. 8
181. 9
183. 7
185.9
188.9
191.6
194.7
197.0
199.5
201. 8
203.4
205.4
207.2
.210. 4
221. 1
223.3
225. 1
227.0
229. 5
232. 1
234. 7
237. 6
240. 7
243. 6
246.2
249.3
253. 1
196.9 225.3
199. 2 228. 4
201.3 230. 6
203.4 232. 0
205. 3 233. 5
207. 4 234. 2
209.6 235.3
211. 5 235. 5
214.0 237.9
215.8 239.8
217.9 241.4
220.4 244. 8
223.5 244. 8
NOTE.— Data beginning January 1978 relate to all urban consumers. Earlier
related to urban wage earners and clerical workers.
Seasonally
revised beginning 1975.
Services
Durable
Nondurable
118.9
121.9
130.6
145.5
154.3
163.2
173.9
191. 1
119.8
1248
140.9
151.7
158.3
166. 5
174.3
198. 7
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
234.2
183. 1
184. 8
185.8
187.3
188.5
190. 0
191.5
193. 1
194.2
195.7
198. 4
200.3
202.5
181.4
183. 1
186.6
190. 0
193.2
197.2
201. 1
205.2
208.6
210. 3
212. 0
215.0
221. 8
221. 1
223. 6
225.5
227.5
230. 2
232.6
235. 1
237. 7
240.5
243. 5
246. 1
249.5
252. .9
All
119.4
123.5
136.6
149. 1
156.6
165. 1
174. 7
195. 1
Seasonally adjusted
Unadjusted
1979: Jan. _ _ _
Feb___.
Mar
Apr
May___
Jime___
July___
Aug
Sept___
Oct
Nov___
Dec..—
1980: Jan
Commodities less food
Food
All
commodities
224.4
227.6
229.9
231.0
232. 1
232.4
233.0
232. 5
235.4
237. 1
238. 5
242.3
241.8
231.0
233.6
235.9
238. 0
240.4
242. 2
244.3
246. 1
247.5
249.9
252. 0
254.4
256. 9
182.8
184.7
186.8
189. 1
191. 1
193. 7
196. 2
198.7
201.2
202.9
205. 1
207.3
211. 5
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percent change from preceding
period; seasonally adjusted l
Percent change from 3 months
earlier; seasonally adjusted
annual rates
Percent change from 6 months
earlier; seasonally adjusted
annual rates
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capita] Total
finequipished
Exclud- ment
goods
ing
Foods
foods
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
3.2
3.8
11.8
18. 3
6.6
3.3
6. 6
9. 2
12. 5
5.9
8.0
22. 5
13.0
5.5
-2.5
6.6
11.9
7. 5
2.0
2.0
7.4
20.5
6.7
4.9
6.1
8.4
17.8
2.4
2.0
5. 3
22. 6
8.2
6.4
7. 2
8.0
8.7
1979: Jan
Feb
Mar
Apr
M^ay
June
July
Aue
Sept.
Oct
Nov
Dec
1. 2
1. 1
1.0
.8
.5
.6
1. 2
1. 1
1.5
.9
1. 3
.9
1.5
1. 4
1.3
-. 4
-1.0
-1. 0
.7
1. 5
1.4
-. 1
2.0
.2
1. 1
1. 0
1. 1
1. 2
1.4
1.4
1.7
1. 7
1.9
1.5
1. 1
1.4
1.0
.9
.6
1. 1
.5
.7
.8
.'7^
.7
.8
.8
12. 6
14.3
13.9
12. 0
9.4
7.9
9.4
12. 2
16. 1
14. 6
15.3
12. 9
13.5
18.9
18.0
9.6
7
9. 2
-5. 2
4.9
15.3
11.6
13.5
8.3
12.7
14.3
13.6
14. 2
15.6
17.2
19. 3
21.0
23. 4
22.6
19.8
17.3
11.3
10.5
10. 5
11.0
9.2
9.4
8. 1
5.5
5.9
5. 4
9.3
9.4
10. 1
11.5
12. 1
12.3
11.8
10.8
10. 7
10.8
11.9
12. 0
13.7
14.5
12. 6
16.0
16. 3
11.5
8.7
3.5
1. 9
2. 1
2.3
2.9
9. 1
11.7
9.4
10. 6
11.8
13.4
14. 9
15.4
16.7
18. 3
20.3
20.9
20.4
20.3
8.6
9. 1
9.2
11. 1
9.9
9.9
9.5
7.4
7.6
6.7
7.4
7. 6
1980: Jan
1.6
-.8
2.8
1.6
16. 1
5.3
23.5
13.5
15.4
8.4
23.0
9.4
1971
1972
1973
1974
1975
1976
1077
1978
1979 p
_ -
__ .
Source: Department of Labor, Bureau of Labor Statistics.
* Annual changes are from December to December (unadjusted).
NOTE.—Seasonally adjusted data revised beginning 1975.
CHANGES IN CONSUMER PRICES
Percent change from preceding
period; seasonally adjusted 1
Period
1971
1972
1973
1974
1975
1976
1977
1978
1979
All
items
_
_
Food
Commodities
less
food
Services
Percent change from 3 months earlier; Percent change from 6 months earlier ;
seasonally adjusted annual rates
seasonally adjusted annual rates
All
items
All
items
Food
Commodities
less
food
Services
4. 1
3. 6
6. 2
11 3
8. 1
7. 3
7. 9
9. 3
13 7
4. 3
4. 7
20. 1
12. 2
6. 5
.6
8. 0
11 8
10. 2
.9
1. 1
1.0
1. 0
1.0
10
.8
1.0
1 1
12
1 1
1.4
1. 3
13
13
.8
1 1
1 1
.8
1 1
.8
.9
12
10
1 1
1 1
12
12
1 1
14
9.3
113
13. 0
13. 1
12.7
12. 8
13.3
13. 1
13.8
13.4
13.5
13.7
13.5
16. 4
16.0
12.4
9.2
6.4
5.8
3.5
6.5
7.9
10. 4
12. 1
9.7
10. 9
12.7
14.5
14. 6
15. 6
15.9
16.9
16.4
14.4
13.5
12. 7
6.8
9.7
11.8
12. 1
12. 3
13.2
14.0
13. 7
14.3
15. 1
14.9
15.8
9.5
10. 6
10. 9
11 1
12. 0
12.9
13.2
12. 9
13. 3
13.4
13. 3
13. 8
11.4
13. 3
13.8
12.9
12. 8
11 1
9. 1
6.3
6. 4
6.8
6.9
9.3
9.4
10.5
110
12. 1
12.7
14. 1
15. 2
15.7
16. 0
15. 1
15. 2
14. 5
8.8
9.6
9.5
9.4
110
12.5
13. 1
13.0
13.7
14.6
14. 3
15. 1
2.0
14
15. 6
8.6
18. 1
16.4
14.5
8.2
16. 2
15.7
1. 1
1.0
1. 2
1.0
1.0
1. 2
14
14
10
.6
.6
.3
.5
.1
10
.8
.7
14
1980: Jan___
14
0
2. 3
2. 5
5. 0
13. 2
6. 2
5. 1
4 9
7. 7
14 3
1
Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Services
3. 4
3. 4
8. 8
12. 2
7. 0
4. 8
6. 8
9. 0
13. 3
1979: Jan___
Feb___
Mar__
Apr
May__
June__
July__
Aug___
Sept__
Oct___
Nov__
Dee___
24
Food
Commodities
less
food
Seasonally adjusted data revised beginning 1975.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose about % percent in February and prices paid by farmers rose about % percent in the
month ended February 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
100 Li 1 I I I.' II I I I I I i i i i I i I i I i l I I I I 1 I i i i i i I i i i i i I I i I I I I I I I I I I I I I I I I I i I I I I I I i I i I i I I I I I I I I I I I I i i i i I i I i i i I i i i i i I i i i i i
PARITY RATIO (ACTUAL)
1972
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1972
1973
1974
1975
1976
1977
1978
1979
All farm
products
.
1979: Feb
Mar
Apr
May
June
July
j
Aug
Sept___
Oct
Nov
Dec
1980: Jan
Feb...
.
Crops
Prices paid by farmers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
items
items
products wage rates
Index, 1967 = 100
125
179
192
185
186
183
210
241
114
175
224
201
197
192
203
223
136
183
165
172
177
175
217
257
125
144
164
180
192
202
219
250
241
246
244
246
244
244
237
241
236
238
238
216
215
212
221
234
239
235
226
224
223
219
264
274
272
269
255
250
239
255
248
251
256
239
244
247
249
249
252
251
255
257
257
260
(S)
236
238
220
219
252
256
269
271
(3)
(3)
1
Percentage ratio of iodex of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
8
The adjusted parity ratio reflects Government payments mad® directly to
farmers.
123
133
151
166
176
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
Parity ratio l
Actual
Adjusted 8
121
146
166
182
193
200
217
248
74
91
86
76
71
66
70
71
79
94
87
76
72
68
72
72
236
244
247
248
248
251
249
254
256
256
258
74
74
73
73
72
71
69
70
68
68
67
75
75
73
74
73
72
70
70
68
69
68
263
266
65
65
66
66
8
Index discontinued. Consumer priceindex (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
STOCK
LIQUID
January money growth was in line with new target ranges.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
BILLIONS OF DOLLARS* (RATIO SCALE)
200
200
* SEASONALLY ADJUSTED
SOURCE:
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml- A
Period
Currency
plus
demand
deposits
1973:
1974:
1975:
1976:
1977:
1978:
1979:
1979:
Dec
Dec
Dec___
Dec
Dec
Dec__
Deep _
Jan .
Feb
Mar _ _
Apr
May
June _ _ _ _
July_ _
Aug_ __ _
Sept
Oct
Nov_p
Dec _
80: Jan *19
264. 1
275.3
287.9
305. 0
328. 4
351. 6
371. 5
350. 1
350. 0
351.9
356. 2
356. 1
360. 3
363.2
365. 4
367. 5
368.0
369. 6
371.5
372. 6
Ml-B
M2
M3
Ml- A plus
other
checkable
deposits at
banks and
thrift
institutions
Ml-B plus
overnight
RPs and
Eurodollars,
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions l
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
264. 4
275.7
289.0
307.7
332. 5
359.9
387.7
360. 0
360.7
363. 9
369.7
369. 5
374.3
378.0
380. 7
383.2
383.9
385. 3
387.7
389. 0
858. 1
906. 2
1, 022. 4
1, 166. 7
1, 294. 1
1, 400. 8
1, 523. 9
1, 406. 5
1, 412. 8
1, 425. 4
1, 440. 2
1, 448. 3
1, 464. 5
1, 476. 4
1, 489. 5
1, 499. 7
1, 507. 2
1, 514. 5
1, 523. 9
1, 532. 1
976. 1
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 622. 2
1, 773. 4
1, 630. 0
1, 640. 2
1, 652. 6
1, 666. 5
1, 674. 9
1, 689. 5
1, 702. 9
1, 719. 3
1, 738. 2
1, 751. 8
1, 762. 6
1, 773. 4
1, 784. 4
1 Total M2 excludes demand deposits held by thrift institutions at commerical
banks,
not shown separately in components.
2
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
26
Percent change 2
L
M3 plus
other liquid Ml- A Ml-B
assets
1, 137. 2
1, 242. 8
1, 369. 6
1, 523. 5
1, 715. 5
1, 926. 3
2, 138. 7
1, 937. 3
1, 952. 8
1, 976. 0
1, 998. 1
2, 016. 7
2, 043. 0
2, 057. 3
2, 074. 9
2, 103. 3
2, 115. 4
2, 124. 2
2, 138. 7
5.4
4.2
4. 6
5. 9
7.7
7. 1
5.7
3.9
3.0
1.8
4.0
3. 1
5.0
7.6
9.0
9. 1
6. 7
7.7
6.3
5.2
5.5
4. 3
4. 8
6.5
8. 1
8. 2
7.7
6.8
6.3
5.8
8. 8
6.9
8.2
10.3
11. 4
10. 9
7.8
8.7
7.3
5.9
M2
M3
7.0
5. 6
12.8
14. 1
10. 9
8.2
8.8
8.6
7.9
7. 8
8.3
7.8
19. 3
10. 2
11.2
0.7
9. 5
9.4
8.3
7.7
NOTE.—New series beginning 1959. See page 27 for detailed components.
See Federal Reserve Bulletin, February 1980.
Source: Board of Governors of the Federal Reserve System.
11.2
8. 5
9. 7
11. 9
12.4
11. 1
9.3
10. 7
9.9
9. 5
9. 6
7.7
8.5
9. 1
9. 9
10.6
10. 5
10. 7
10. 2
9.8
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small Large
Money
Over- market
deSavdeDe- Other repurnight
chase
Cur- mand check- agree- Euro- mutual ings nomi- nomiable
fund
de-<> nation nation
Period rency dedollars shares
posits time
time
posits deposits ments
(RPs)
de- 1
de(net)
posits posits 1
NSA
NSA
NSA
NSA
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secu- acceptcial
(RPs)
rities ances paper
NSA
NSA
Dec:
1973_ 61. 6
1974_ 67.8
1975_ 73.8
1976. 80.7
1977_ 88. 7
1978_ 97.6
1979* 106. 1
202.5
207.4
214. 1
224.4
239.7
253.9
265.4
0. 3
.4
1. 1
2. 7
4. 1
8.3
16. 2
6.8
7.2
7.5
13. 6
17.6
21. 3
20. 6
0.0
.0
.0
.0
1. 0
2.0
3.5
0. 1
2.3
3. 6
3.4
3.8
10. 3
43. 6
322. 2
333. 9
383. 9
447.7
486.5
476.0
417. 7
266.4
288. 9
340. 4
396.6
454.9
533.8
653. 5
110.9
144. 0
129. 6
118. 0
145. 2
194.7
219. 1
7. 1
8.4
9.0
15.0
21. 0
26.7
30.3
4.4
6.7
7. 9
10. 3
13.7
22. 8
31. 6
60.4
63.2
67.3
71.8
76.6
80. 7
80.0
49. 8
53.4
76.8
80.7
89.5
98.7
127.6
4.7
10.7
8.5
9.0
12. 3
22.6
28.8
41.9
50. 1
48. 1
51. 8
63. 1
79.4
97.3
1979:
Jan__
Feb__
Mar_
Apr__
May_
June_
July.
Aug__
Sept_
Oct__
Nov_
Dec v
251. 9
251. 1
252.3
256.0
255.2
258.5
260.6
261.7
262. 7
262. 7
263.7
265.4
9.9
10.8
12. 0
13.5
13.4
14. 1
14.8
15. 3
15.7
15.8
15.7
16. 2
20.3
20. 9
22. 0
22.4
23.5
23. 1
22. 0
21. 9
22. 6
22. 2
20. 3
20. 6
2.3
2.6
2.8
2.8
2.8
2.9
3.0
3.3
3.5
3. 4
3.2
3.5
12. 1
14.5
16.8
19. 2
21. 8
24. 6
28. 0
31. 2
33.7
36. 9
40. 4
43.6
468.0
460. 6
456. 9
452.6
448.9
450. 2
451. 0
450. 3
445.3
435. 9
422. 2
417.7
546.3
555. 9
565. 6
576.3
584.5
592. 0
597. 0
604.6
614. 2
627. 5
645. 8
653.5
197.4
200. 9
200. 0
198.4
197.3
195.4
197. 4
200. 4
207.4
213.6
218. 3
219. 1
26. 1
26.5
27. 2
27. 9
29.3
29.5
29.0
29.5
31. 1
31.0
29.7
30. 3
24. 4
27. 1
28.4
29. 1
29. 6
29.9
31.3
33.8
33. 6
33.5
34.0
31.6
80.6
80. 6
80. 5
80.6
80.6
80. 4
80. 0
80.0
80. 6
82.2
80.3
80.0
98.8
100.4
108. 2
114.2
122. 3
131. 2
128. 8
123. 2
128.6
124.4
122. 8
127.6
22.4
21.3
21. 3
21. 1
21. 0
21.5
22. 6
25.0
26. 6
27.2
28.6
28.8
81. 2
83. 1
85. 0
86.6
88.2
90. 4
91.8
93.6
95.7
96.4
96.0
97.3
1980: v
Jan 107. 3 265. 3
16. 5
20. 3
4.2
49.2 413.0
659. 1
221.9
30. 3
98.2
98.9
99.6
100.2
100.8
101.7
102. 6
103.7
104.8
105.4
105.9
106. 1
1
Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
NOTE.—New series beginning 1959.
NSA indicates data are not seasonally adjusted.
See Federal Reserve Bulletin, February 1980.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Period
Total 1
1972
1973
1974
1975 _ _
1976
1977
1978_ _
1979
1978: Nov
_ _
Dec
1979: Jan
Feb
Mar_
Apr
May _ _ _
June
July
. J
Aug_ _
Sept
Oct__
Nov
Dec
1
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 351
322, 712
25, 956
26, 516
25, 548
26, 452
26, 533
27, 009
27, 901
26, 139
26, 848
27, 583
28, 634
27, 695
26, 464
25, 805
Automobile
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
91, 847
7,788
7,833
7,549
7,756
7, 794
7,999
8,260
7, 178
7,447
7,667
8,430
7, 676
7,066
7,131
Revolving
Total *
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
120, 882
9, 176
9,424
9,417
9,357
9,714
9,722
10, 039
10, 136
9,856
10, 371
10, 699
10, 424
10, 613
10, 336
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 541
287, 004
22, 124
22, 117
22, 481
22, 889
22, 908
22, 904
24, 595
23, 581
24, 405
25, 137
24, 188
25, 509
24, 057
24, 255
Includes "mobile home" and "other," not shown separately.
Installment credit liquidated
Automobile
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
79, 293
6, 033
6,053
5,868
6, 191
6,308
6,612
7,035
6,488
6,831
7, 073
6, 607
7, 189
6,533
6,449
Revolving
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
112, 386
8,511
8,555
8,984
9,040
8,972
8,804
9,290
9, 340
9,427
9,584
9, 642
9,760
9,814
9,697
Net change in amount outstanding
Total s
14, 962
20, 218
9,489
7,765
21, 647
35, 278
44, 810
35, 708
3,832
4,399
3,067
3,563
3,625
4,105
3, 306
2,558
2,443
2,446
4,446
2, 186
2,407
1,550
Automobile
5, 621
5,910
495
2,976
10, 465
15, 204
19, 557
12, 554
1,755
1,780
1,681
1,565
1,486
1,387
1,225
690
616
594
1,823
487
533
682
Revolving
1, 174
2,003
1,970
1,340
2, 170
6, 248
7,776
8,496
665
869
433
317
742
918
749
796
429
787
1,057
664
799
633
Source: Board of Governors of the Federal Reserve System.
27
LOANS, INVESTMENTS, AND
were
Total
loans
and
investments
Period
1973:Dec___
197 : Dec
1975: D e c _ _ _
1976:Dec___
1977: Dec
1978: D e c _ _ _
1979: Dec
1979: Jan
Feb
Mar
Apr_
May
June_
July
Aug _
Sept.
Oct__
Nov__
Dec
1980: Jan 4
_
_
higher in January.
[Billions of dollars, seasonally adjusted ? except as noted]
All member banks 3
All commercial banks l
Borrowings (millions of dollars,
Reserves
Loans and leases
Investments
unadjusted)
CommerU.S.
Other
SeaNonRecial and
Total
Total
Total 2 industrial
Treasury
secusonal
borrowed quired
rities
securities
loans
647.8
713. 6
744. 6
804. 3
891. 1
1, 014. 3
1, 132. 5
460. 3
519. 9
516. 9
554. 8
632. 1
747. 8
847.2
165. 6
197. 3
189. 8
191. 2
211. 2
246. 5
290.4
58. 7
53.7
82. 1
100. 6
99. 5
93.4
93.8
128.8
140. 0
145. 7
149. 0
159 6
173. 1
191. 5
34.98
36. 66
34. 67
34. 94
36. 06
41.23
43.53
33.68
35. 94
34. 54
34.89
35. 49
40.36
42.06
34.68
36.41
34. 40
34.67
35. 87
41. 00
43. 13
1,298
703
127
62
558
874
1,454
41
32
13
12
54
134
81
1, 030. 9
1, 042. 0
1, 048. 9
1, 061. 0
1, 068. 8
1, 080. 0
1, 092. 2
1, 102. 8
1, 122. 8
1, 129. 1
1, 128. 6
1, 132. 5
759.9
770. 0
775. 7
786.6
793.3
803. 1
813.4
823. 3
840.0
845. 0
843.8
847.2
252. 6
256. 9
259. 8
263. 3
266.8
270.4
275. 5
279. 9
285.9
288. 6
288. 3
290.4
93. 0
93.2
93.9
94. 0
94. 1
94.8
95. 3
94. 1
95.2
95. 3
94. 3
93. 8
178. 0
178.8
179. 3
180. 4
181.4
182. 1
183. 5
185.4
187.6
188.8
190. 5
19L 5
41. 38
40. 88
40. 77
40.71
40.67
40. 59
40.86
41. 09
41.47
42.20
43. 08
43. 53
40. 38
39.90
39. 78
39.79
38.90
39. 17
39. 69
40.01
40. 13
40. 18
41. 16
42.06
41. 17
40. 67
40.61
40. 53
40. 53
40.37
40. 65
40.87
41. 28
41. 94
42.83
43. 13
994
973
999
897
1,777
1,396
1, 179
1,097
1,344
2, 022
1, 908
1, 454
112
114
121
134
173
188
168
177
169
161
141
81
1, 144. 9
858. 7
295.2
93.2
193.0
43.51
42.26
43. 16
1,264
74
1
Data are averages of Wednesday
3
3 Excludes loans to commercial banks
figures.
in the United States.
Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.
28
* Data for loans and investments are estimates.
_
,
, . _ , .„
„ .
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual
Sources
Uses
Total
Purchase
of
physical
assets 2
Increase
in
financial
assets
External
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 v
Total
_
1978: I
II
III
IV
1979: I
II
III
_
_
_
_ _
I\ *
Internal 1
Credit market funds
Total
Total
Longterm
Shortterm
Other
Discrepancy
( sources
less
uses)
104.4
127. 8
161.6
200.0
191. 3
150. 0
209. 7
242. 3
295. 7
342. 0
58.9
68. 6
80.8
83.8
75. 7
106. 8
125.3
139. 9
148.8
159. 5
45.5
59. 3
80.8
116. 2
115. 6
43. 2
84. 4
102. 3
146. 9
182. 5
40.7
45.2
58. 2
73. 0
82. 1
37.9
60. 7
79. 9
94. 7
113. 1
34. 2
41. 9
45. 3
49. 2
51. 6
44. 1
49. 1
53. 0
61.5
71. 3
6.5
3. 3
12. 9
23. 8
30. 6
-6.3
11. 6
26. 9
33.2
41.8
4.9
14. 1
22. 6
43. 1
33. 4
5.3
23.8
22. 4
52. 2
69.4
95. 9
119. 6
145.8
185. 6
179. 0
133.0
183.3
216. 8
274.3
323.5
80.3
86. 0
100.3
123.3
134. 7
99. 9
139.0
169.9
195. 9
223.4
15. 6
33.5
45. 6
62. 3
44. 4
33. 2
44. 3
46.9
78. 3
100. 1
8.5
8.2
15.8
14.4
12. 2
16. 9
26.4
25. 5
21.4
18.5
259. 6
297. 7
303. 5
322. 1
135. 0
150. 5
153, 8
155.9
124.5
147.2
149. 7
166.2
94. 7
92. 7
90.4
101. 1
51.2
65.2
63. 1
66. 5
43. 5
27.5
27.3
34.6
29.8
54. 5
59.3
65. 1
232. 5
281.3
284.4
298.9
177.0
203.2
199.9
203. 6
55. 0
78. 1
84. 4
95. 2
27.0
16.4
19. 1
23. 2
336.5
320.5
395. 4
315. 0
154. 4
159.0
161. 6
162. 8
182. 1
161.5
233. 8
152. 2
112. 1
126. 8
129. 4
83.2
66.4
76.8
75.4
66. 1
45.7
50.0
54. 0
17. 1
70.0
34.7
104. 4
69.0
324.6
305.3
369. 7
293. 7
214.0
230.7
228. 8
220.0
110.6
74. 6
140.9
73.7
11.9
15. 2
25.7
21.2
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
NOTE.—Data revised for 1979.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
SEC series: 2
1970
1971
1972 _ ..
1973
1974
FTC-FRB series: 3
1974
1975_ _
1976- _
1977
1,
1978—
Cash
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio l
492. 3
529.6
599. 3
697. 8
790.7
50.2
53.3
59.0
66. 3
71. 1
7.7
11.0
10.6
12. 8
12.3
206. 1
221. 1
248. 2
288. 5
322. 1
193. 3
200.4
225. 7
263. 9
313.6
35. 0
43. 8
55.8
66. 4
71.7
304. 9
326.0
375. 6
450. 9
530.4
211. 3
220. 5
282. 9
340.3
402.3
93.6
105. 5
92.7
110.7
128. 1
187.4
203. 6
223.7
246.9
260. 3
1. 615
1.625
1. 595
1. 548
1.491
735. 4
759. 0
826. 3
900.9
028. 1
73. 2
82. 1
87.3
94.3
103.5
11. 1
19. 0
23. 6
18. 7
17.8
265.8
272. 1
293.3
325.0
381. 9
319.5
315. 9
342.9
375. 6
428. 3
65.9
69.9
79.2
87.3
96.5
453.4
451. 6
492.7
546.8
662. 2
269. 8
264. 2
282. 0
313. 7
375. 1
183. 6
187.4
210.6
233. 1
287. 1
282. 0
307. 4
333.6
354. 1
365.9
1.622
1.681
1. 677
1.648
1.552
1978: I
II _
III
IV
925.0
954. 2
992.6
1, 028. 1
88.8
91. 3
91. 6
103.5
18. 6
17. 3
16. 1
17.8
337.4
356. 0
376.4
381.9
390. 5
399. 3
415. 5
428.3
89.6
90.3
92. 9
96.5
574.2
593. 5
626. 3
662. 2
325. 2
337.9
356.2
375. 1
249. 0
255. 6
270.0
287. 1
350.7
360. 7
366. 3
365.9
1.611
1.608
1. 585
1. 552
1979: I _
II
1, 078. 6
1, 110. 2
102.4
100. 1
19. 2
20.8
405.3
418.8
452. 6
468.9
99. 1
101.4
701.9
723.7
392.6
410. 5
309.2
313. 1
376. 7
386.5
1.537
1.534
1
2
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
* Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
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 climbed to record levels in February and early March.
PERCENT PER ANNUM
14
PERCENT PER ANNUM
114
12
10
CORPORATE Aaa BONDS
(MOODY'S)
vd/i
DISCOUNT
RATE
FEDERAL
RESERVE
^BANK OF
NEW YORK"
TREASURY BILLS
1972
1973
1974
1976
1975
1977
1978
1979
1980
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1974
1975
1976
1977_
1978
1979
1979: Feb
Mar.
Apr
May__
j -June
July
Aug
Sept
Oct__
Nov_
Dec___
1980: Jan
Feb
Week ended:
1980: Feb 2
9
16
23
Marl
8
1
3
3-month
bills *
Constant maturities
3-year
2
10-year
High-grade Corporate Prime com- Discount
mercial
rate
municipal
Aaa
(N.Y.
paper,
bonds
bonds
(Standard
F.R.
4-6
Bank) 5
& Poor's) 3 (Moody's) months 4
7. 886
5. 838
4.989
5. 265
7. 221
10. 041
9.265
9.457
9.493
9. 579
9. 045
9.262
9.450
10. 182
11. 472
11. 868
12. 071
12. 036
12. 814
7. 82
7. 49
6.77
6.69
8. 29
9.71
9.29
9.38
9.43
9. 42
8.95
8.94
9. 14
9.69
10.95
11. 18
10. 71
10. 88
12. 34
7. 56
7.99
7.61
7.42
8.41
9. 44
9. 10
9. 12
9. 18
9. 25
8.91
8.95
9. 03
9.33
10.30
10.65
10.39
10.80
12.41
6. 09
6.89
6. 49
5. 56
5.90
6.39
6. 19
6. 16
6. 14
6. 10
5.99
6.05
6. 10
6.40
6.98
7. 19
7.09
7. 21
8.04
8. 57
8. 83
8.43
8. 02
8. 73
9.63
9.26
9.37
9.38
9.50
9. 29
9. 20
9.23
9.44
10. 13
10.76
10.74
11.09
12. 38
9. 87
6. 33
5. 35
5. 60
7.99
4
10. 91
10. 01
9.96
9. 87
9. 98
9. 71
9. 82
10. 39
11. 60
13.23
4
13. 26
12.80
12. 66
13.60
12. 038
12. 086
12. 307
13. 162
13. 700
15. 136
11.24
11. 83
12. 12
13. 65
14. 07
11. 19
11.71
12. 01
12.99
13. 20
7. 36
7.60
7.70
8. 25
8.60
11. 49
11.95
12. 19
12. 74
12.88
12. 80
12. 79
12.96
14. 11
14. 68
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
4 Weekly data are Wednesday figures.
Beginning November 1, 1979, data are for 6 months paper.
5
Average effective rate for year; opening and closing rate for month
week.
30
7. 83
6. 25
5. 50
5. 46
7.46
10.28
9H-9H
9X2-91/2
9/2-9H
Prime
rate
charged
by
banks 5
10. 81
7. 86
6. 84
6. 83
9. 06
12.67
llji-ll«
n%-n%
n%-ll%
HJi-UJi
9/2-9/2
9/2-9/2
ll%-ll/2
9M-10
10-10H
10JHL1
11-12
12-12
12-12
12-12
12-13
ll%-12}i
12K-13/2
13/2-15
15^-15/2
15/2-15K
15K-15}i
15Ji-16%
12-12
12-12
12-13
13-13
13-13
13-
nlA-n%
Newhome
mortgage
yields
(FHLBB) e
8. 92
9.01
8.99
9.01
9.54
10.77
10. 20
10. 30
10.36
10.47
10. 66
10.78
11. 01
11.02
11.21
11.37
11. 64
11.89
15/-15/4
15K-15K
15K-15}!
15#-16#*
16H*-16%
16%-
6
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
* Range of 16M-16MSources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
Standard & Poor's Corporation.
COMMOH
PRICES AND YIELD!
Stock prices rose through mid-February/ then fell back.
INDEX, DEC 31, 1965=50
INDEX, DEC 31,1965=50
80
COMPOSITE PRICE INDEX STOCK
10
10
- 5
1972
1980
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
(percent)
Common stock prices l
Period
New York Stock Exchange indexes (Dec. 31, 1965 = 50) *
Composite Industrial Transportation
Finance
Utility
Standard
& Poor's
DowJones
composite Dividendprice
index
industrial
ratio
average 3 (1941-43=
10) 4
1974
1975
1976
1977
1978
1979
43. 84
45.73
54.46
53. 69
53.70
58. 32
48. 08
50. 52
60.44
57.86
58.23
64. 76
31.89
31. 10
39.57
41.09
43. 50
47. 34
29.79
31. 50
36. 97
40.92
39.22
38.21
49.67
47. 14
52.94
55.25
56.65
61. 42
759. 37
802. 49
974. 92
894. 63
820. 23
844. 40
82. 85
86. 16
102. 01
98.20
96. 02
103. 01
4.47
4.31
3. 77
4.62
5. 28
5. 45
1979: Feb.
Mar__ _
Apr
May
June
July__ _
Aug_ _
Sept.
Oct___
Nov _
Dec_ _
1980: Jan
Feb
Week ended :
1980: Feb 2
9
1623
Mar 1
55. 08
56. 19
57.50
56.21
57.61
58.38
61. 19
61.89
59.27
59.02
61. 75
63. 74
66.06
60.37
61.89
63. 63
62.21
63.57
64.24
67.71
69. 17
66.68
66.45
69.83
72. 67
76.42
42.27
43.22
45. 92
45. 60
47.54
48.85
52.48
52.21
48.09
47.61
50. 59
52. 61
57. 92
39.21
38.94
38. 63
37. 48
38.44
38.88
39. 26
38.39
36.58
36.55
37. 29
37. 08
36.22
56. 0§
57.65
59. 50
58.80
61.87
64. 43
68. 40
67.21
61.64
60.64
63. 21
64. 22
61. 84
825.
847.
864.
837.
838.
836.
873.
878.
840.
815
836.
860.
878.
18
84
96
41
65
95
55
50
39
78
14
74
22
98. 23
100. 11
102. 07
99.73
101. 73
102. 71
107. 36
108. 60
104. 47
103. 66
107. 78
110. 87
115. 34
5.43
5.36
5.35
5. 58
5.53
5. 50
5. 30
5.31
5.56
5.71
5. 53
5.41
5. 24
65.86
66.43
67.07
66. 02
64.69
75.71
76. 49
77.51
76. 57
75. 21
55.93
58. 02
58. 65
58. 02
57. 29
36.81
36. 97
36. 93
35. 87
34. 89
64.65
63. 92
63. 03
61. 00
58. 68
878.
882.
894.
875.
859.
43
95
23
04
35
114.
115.
117.
115.
113.
5.21
5. 23
5. 12
5. 21
5.41
1
Average of daily closing prices.
2
Includes all the stocks (more than 1,500) listed
3
Includes 30 stocks.
< Includes 500 stocks.
5
on the NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
68
80
12
35
14
Earningsprice
ratio
11.59
9. 15
8.90
10.79
12.03
13. 09
13.58
13.24
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 4 months of fiscal year 1980, there was a deficit of $29.2 billion. A year earlier, the deficit was $26.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
500
300
N200
200
50
50
SURPLUS W OR DEFICIT (-)
-50
-50
-100
-100
1972
1974
1973
1975
1976
1977
1978
1979
1981
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1970___
_ _
„
1971
1972
1973___
1974
1975
1976
Transition quarter1977__
1978
1979
(estimates) :
Second 2 Concurrent Resolution, November
1979
s
January Budget
(estimates) 3 _
Cumulative total,
Fiscal year
Fiscal year
1
2
4 months:
„__
Excludes non-interest-bearing public debt securities held by IMF.
Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28, 1979.
32
Outlays
Surplus or
deficit ( — )
Federal debt (end of
*
by
the
193.7
188.4
208. 6
232. 2
264. 9
281. 0
300.0
81. 8
357.8
402. 0
465.9
196.6
211.4
232. 0
247. 1
269. 6
326. 2
366.4
94. 7
402.7
450. 8
493. 7
-2.8
-23.0
-23.4
-14.8
-47
-45. 2
-66.4
-13.0
-45.0
-48.8
-27.7
382.6
409. 5
437.3
468. 4
486. 2
544. 1
631. 9
646.4
709, 1
780.4
833.8
284 §
304.3
323. 8
343. 0
346. 1
39& §
480.3
498.3
551.8
§10. 9
644 6
517.8
523. 8
600.0
547.6
563. 6
615.8
-29.8
-39.8
-15. 8
892.8
939.4
688.9
722.0
137,8
157.5
164.3
186, 6
-26.5
-29. 2
798.7
854.7
629. 5
668.8
3
Estimates from Budget of the United States Government, Fiscal Year 1981.
Sources: Department of the Treasury and
of
and
except as noted.
In the first 4
ol
1980,
$19,7 billion higher than a year ecriisr,
outlavs were
$22.3
BILLIONS OF DOLLARS
300
200
200
100
100
CORPORATION INCOME TAXES
\
0
0
500
500
OUTLAYS
400
400
300
300
NONDEFENSE
"
200
200
NATIONAL DEFENSE
100
100
1972
1973
976
1977
FISCAL YEARS
1974
1978
-J
1979
COUNCIL Of ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Outlays
Receipts
Period
Total
Fiscal year or period:
197019711972
19731974_
1975
1976
Transition
19771978__ _
1979
(estimates) 1
(estimates) 1
Cumulative total, first 4
months :
Fiscal year 1979
Fiscal year
1
CorpoIndividual ration
income income
taxes
taxes
Other
tional
affairs
and
income
security
Interest Other
193. 7
188.4
208. 6
232.2
264.9
281. 0
300. 0
81,8
357. 8
402. 0
465. 9
523. 8
600, 0
90.4
86.2
94. 7
103. 2
119. 0
122. 4
131. 6
38. 8
157. 6
181. 0
217, 8
238. 7
274. 4
32.8
26.8
32. 2
36. 2
38. 6
40. 6
41. 4
8. 5
54 9
60.0
65. 7
72. 3
71.6
70. 5
75.4
81. 7
92. 8
107. 4
118. 0
127.0
34. 5
145. 2
161. 1
182. 4
212. 8
254. 0
196. 6
211.4
232. 0
247. 1
269. 6
326. 2
366.4
94. 7
402. 7
450.8
493.7
563. 6
615.8
78. 6
75.8
76. 6
74.5
77.8
85. 6
89.4
22. 3
97. 5
105.2
117. 7
130. 4
146. 2
77. 1
74.5
75. 1
73.2
77. 6
84.9
87.9
21. 9
95.6
103. 0
115. 0
127. 4
142. 7
43
4. 1
4.7
4. 1
5.7
6. 9
5. 6
2.2
4. 8
5.9
6. 1
10. 4
9. 6
56, 1
70, 1
81.4
91.8
106.5
136. 3
160. 9
41. 5
176.7
189. 9
209. 8
247. 5
282. 4
18.3
19. 6
20. 6
22.8
28.0
30. 9
34.5
7.2
38.0
44.0
52. 6
63. 3
67.2
39.3
41.8
48. 8
53.9
51. 6
66. 5
76. 1
21.5
85.7
105. 9
107. 5
112. 0
110. 3
137. 8
157. 5
72. 3
84. 7
15. 3
15. 1
50. 3
57.7
164. 3
186,6
37. 2
42. 9
37/0
42. 0
1. 2
4. 2
66,5
77.9
17. 1
20, 5
42.4
41. 1
Estimates from Budget of the United States Government, Fiscal Year 1981.
Total
Departof
Defense,
military
Total
Sources: Department of the Treasury
of
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1979 Federal receipts rose $19.0 billion (annual rate) and expenditures rose $23.2 billion,
yielding a deficit of $11.3 billion. In the fourth quarter, according to revised estimates, expenditures rose $23.1
billion; receipts data are incomplete.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
5U
50
SURPLUS
^ ^ WA WA
Y//X
UL£A tz^i ki^^i v*££* YZZA Y//1
DEFICIT
-50
^y/fy
!\ \
|HW"
1
Q
Y&% tiZd Y/A
_ -50
1
inn
1972
1973
1974
1975
1977
1976
1978
1979
1980
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Surplus
or
deficit
Federal Government expenditures
Federal Government receipts
Subsidies Less:
GrantsWage
less
Purin-aid
Indirect ContriPersonal Corpocurrent accruals national
chases Trans- to State Net
rate business butions
tax
and
income
Total of goods fer pay- and interest surplus of less
for
Total nontax profits tax and
and
and
ments local
paid Govern- disnontax social intax
receipts accruals
services
ment en- burse- product
accruals surance
governterprises ments accounts
ments
(-),
Fiscal year:
313.9
1976_ _
1977 ___ 366.0
414. 7
1978 .
483. 7
1979-
137.0
166.0
186. 3
223.5
51.7
59.1
67.7
78.4
24.3
24.5
27.2
29. 4
100.9
116.4
133.5
152.4
371. 1
411.4
450. 1
493.6
125.7
140.3
150.7
162.4
156.5
169.6
182.0
201.7
57.6
66.3
74.7
79. 3
25. 2
28.4
33. 1
40.4
6.2
6.9
9.6
9.8
0.0
.0
.0
.0
-57.3
-45.5
-35.4
-9.9
Calendar
year:
1976__
1977__
1978
1979 v
1978: I
II___
ILL.
IV___
1979:1
II —
III..
IV »„
147. 2
169. 6
194.9
230.0
178. 9
188.8
200.9
211. 0
213.0
223.4
235.2
248.5
54.6
61.8
72.0
78.4
60.2
72.2
74.6
81.2
77.2
74.9
79.4
23. 4
25. 1
28. 1
30.0
26. 6
28.0
28.4
29. 3
29. 4
29. 9
30.0
30.7
106.3
118.9
137.0
159. 3
132. 2
135.8
138.2
142.0
155. 5
157.5
160.2
164. 1
385.0
421.7
459. 8
508. 7
447. 3
449. 4
462.6
479.7
486. 8
492.9
516. 1
539.2
129.7
144.4
152.6
166.6
150. 9
148.2
152.3
159. 0
163. 6
161.7
162. 9
178.4
161.7
172. 7
185.4
209.5
179.8
180. 7
188.8
192. 1
196.8
201. 9
217.6
221.7
61. 1
67.5
77.3
80.4
74.4
76.7
77.6
80. 7
77. 8
77.7
81.8
84.2
26.8
29. 0
34. 8
43.0
32.5
34. 0
35. 6
37. 1
40.0
42.6
43. 5
46. 0
5.8
8. 1
9.7
9. 1
9.7
9.8
8.4
10.9
8.3
9.0
10. 2
8.3
.0
.0
.0
.0
.0
.0
.2
.0
-.2
.0
.0
.0
-53. 6
-46.3
-27.7
-11.0
-49.4
-24. 6
-20.4
-16.3
-11. 7
-7.0
-11. 3
331.4
375.4
432. 1
497.8
397.8
424.8
442. 1
463. 5
475. 0
485. 8
504.8
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)
Period
1973
1974
1975 _
1976
1977
1978
1979
1979: Mar
Apr
May
June
July._._
Aug
Sept__._
Oct
Nov *_—
Dec p
1980* Jan »
Japan
United CanStates ada
129. 8
129. 3
117.8
130.5
138.2
146. 1
152.2
153. 0
150.8
152.4
152.6
152. 8
151.6
152.4
152.2
152. 1
152. 3
152. 7
143. 0
147.5
139.6
147. 4
152. 1
160.9
167.6
167. 4
164.3
166.7
165. 1
167.6
167.4
171.7
170.2
169. 9
167.9
France
Germany
Italy
145
148
139
148
152
156
147.7
145. 1
137. 1
149. 1
152.5
155. 8
161
157
162
161
167
167
165
161
163
161
161
164
164
169
163
164
164
165
134.6
140. 6
127. 6
143.7
145. 1
148. 4
157. 4
156. 6
157.4
152. 6
145.8
151. 1
150.9
160.0
166. 1
167. 1
165.2
190. 5
183. 1
163. 9
182. 0
189.7
201. 1
217. 5
210. 8
212. 5
216. 7
217.0
219.0
221. 1
218.2
223. 6
226.4
225.6
Consumer prices (unadjusted)
United United
King- States i
dom
133. 1
147.7
161. 2
170.5
181. 5
195.4
217. 4
209. 1
211. 5
214.1
216.6
218. 9
221. 1
223.4
225.4
227.5
229. 9
233.2
123.0
120. 0
114.3
117.4
122.8
126.6
131. 4
133.5
132. 8
134.4
137.7
135.4
129. 3
128.2
130.2
132.7
129.7
i Beginning January 1978 data relate to all urban consumers.
Can- Japan France
ada
130.3
144.5
160. 1
172. 1
185. 9
202. 5
221. 0
215.7
217. 2
219.3
220.3
222. 1
222. 9
224.9
226.5
228.7
230. 1
231. 3
147.9
184.0
205. 8
224. 9
243.0
252. 3
261.3
255. 1
258. 6
261.3
261.5
263.8
261. 1
264.4
267.7
266.7
268. 3
140.7
160.0
178.9
196. 1
214.5
233.9
258.5
249.4
251.8
254. 5
256.6
260.0
262. 7
264. 9
268. 1
269.8
272.0
Germany
127.2
136. 1
144.2
150.4
155.9
160.2
166. 6
164.4
165.3
165.7
166.6
167.7
167.8
168.3
168.7
169.3
170. 1
171.0
United
Kingdom
Italy
134. 0
159. 7
186. 8
218. 1
255.2
286.2
328.3
313.8
317.8
321.3
323.9
326.7
330. 6
339.2
345.5
350.0
355. 6
367.3
150.2
1743
216.5
252.4
292.4
316.6
359. 1
338.3
344. 1
346.8
352. 8
368.0
370.9
374.6
378.5
381.8
384.6
394. 1
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports l
Merchandise imports
General imports
Domestic exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
ages,
rials
tured Total and
to- and
and to- and
goods
bacco
fuels
bacco
fuels
F.a.s. value 5
Monthly
average :
1973
1974 _ _
Manu- Total
fac(c.i.f. 4
tured value)
goods
Merchandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
imless
imports
(cusports
toms (f.a.s.)
value)
trade
Exports
(f.a,s.)
less
imports
(c.i.f.)
Customs value
5, 902
8, 167
5, 811
8,053
1,078
1,269
895
1,317
3,728
5,294
5,790
8,450
1974_ _
8, 167
1975
8,966
1976
9,596
1977
10, 096
1978- _ .
11, 965
1979_ _
15, 136
1979: Jan____ 13, 265
F e b _ _ _ 13, 616
Mar___ 14, 297
Apr
13, 979
May___ 14, 083
June___ 14, 817
July___ 15, 691
Aug___ 15, 713
Sept _ 15, 822
Oct
_ 16, 680
Nov
16, 928
D e c _ _ _ 16, 742
1980: Jan
17, 348
8, 053
8, 842
9,456
9,912
11, 753
14, 868
13, 056
13, 392
14, Oil
13, 732
13, 799
14, 554
15, 455
15, 452
15, 569
16, 396
16, 575
16, 419
17, 018
1,269
1, 399
1, 436
1, 330
1, 717
2,049
1, 502
1, 597
1, 755
1,794
1,853
2, 072
2, 355
2, 164
2,296
2, 374
2,299
2,413
2,331
1,317
1,266
1, 341
1,548
1,746
2,351
2, 146
2,084
2, 237
2, 105
2,028
2,253
2,404
2, 480
2,583
2,534
2, 686
2,732
2, 854
5,294
5,913
6,437
6, 679
7,873
9, 715
8, 824
9,072
9,334
9, 145
9, 154
9,562
9,875
10, 033
10, 055
10, 444
10, 418
10, 719
11, 173
8,387
8,048
10, 084
12, 307
14, 332
17, 194
16, 528
14, 605
15, 358
15, 841
16, 438
16, 835
16, 806
18, 277
18, 407
19, 037
18, 548
19, 665
20, 945
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770
892
F.a.s.
892
827
991
1, 186
1,312
1,478
1,491
1, 262
1,443
1,531
1,457
1, 557
1,387
1,405
1,402
1,404
1, 689
1,712
1, 652
1, 120
2,653
value 5
2, 672
2,716
3,457
4, 463
4, 325
5,954
5,212
4,414
4, 861
5, 175
5, 173
5,487
5,999
6, 445
7,044
7,479
6, 379
7,775
7, 590
3,750
4,684
4, 602
4,257
5, 398
6,379
8, 360
9,353
9,516
8,645
8, 703
8,848
9,360
9, 385
9,061
9, 994
9,505
9,663
9, 950
9, 632
11, 183
6, 131
9,033
112
-283
-221
-229
-866
—866
9,033
—283 —221
312
8,654
918
853
4-RR
Wi
—1, 229
10, 825
3 034
13, 130 —2, 297 —2,211
15, 258 -2, 473-2, 367 -3,293
18, 244 -2, 125 -2, 057 -3, 108
17, 597
-3,263 -4, 332
15, 507
-990 - 1, 892
16, 318
-1,060 -2, 021
16, 847
-1,863 -2,868
- 3, 368
17, 451
<&, oOO
-2, 018 -3,053
17, 871
17, 854
-1,115 -2, 163
-2, 564 -3, 668
19, 381
19, 503
-2, 585 -3,681
20, 149
-2, 357 -3,469
19, 660
— 1, 620 -2,732
-2, 923 -4,068
20, 809
22, 107
-3, 597 -4, 760
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.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Seasonally adjusted data for 1979 revised.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
For the year 1979, the merchandise trade balance was in deficit by $29.1 billion, compared with a deficit of $33.7
billion in 1978.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-10
-10
-15
-15
1979
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise
Period
Imports
Exports
1972
1973
1974
1975
1976
1977
v
49, 381
71,410
98, 306
107, 088
114, 745
120, 816
142, 055
182, 423
12
Investment Income 3
Net
balance
Receipts
-55, 797 -6,416 14, 764
-70, 499
911 21, 808
- 103, 649 -5, 343 27, 587
-98, 041
9,047 25, 351
-124, 051 -9, 306 29, 286
-151,689 -30,873 32, 587
-175, 774 -33,719 43, 465
-211, 549 -29, 126
Payments
-6,544
-9, 655
-12,084
-12, 564
-13, 311
- 14, 598
-21, 820
Net
Net
military
transactions
Nettravel
and
transportation
receipts
8,220 -3, 420 -3, 063
12, 153 -2, 070 -3, 158
15, 503 -1, 653 -3, 184
12, 787
-746 -2, 725
674 -2, 465
15, 975
17, 989
1,679 -3, 200
492 -2, 985
21, 645
Other
services,
net 3
Balance
on
goods
and
services!
Remittances,
pensions^
and
other
unilateral
trans-l
fers
Balance
on
current
account
2, 789 -1,889 - 3, 854 -5, 744
7, 141
3, 185 11, 022 -3,881
3, 975
9,298 -7, 186
2, 113
4, 590 22, 952 -4, 613 18, 339
9, 603 -4, 998
4, 605
4, 725
4, 983 -9,423 -4, 670 -14,092
6,226 -8, 392 -5, 086 -13,478
!____
II _ _
III..
IV_.
30,
35,
36,
39,
712
396
532
412
-42, 629
-43, 329
-44,481
-45, 383
-11,917 9,776 -4, 537
-7,933 10, 256 -5,402
-7,949 10, 526 — 5, 574
-5,971 12, 907 -6, 308
5,239
4,854
4, 952
6,599
244
237
247
-239
-731
-798
-784
-672
1,439 -5, 725 -1,228 -6,953
1,501 -2, 139 -1,313 -3,452
1,603 -1,931 — 1, 233 -3, 164
85
1,682
1,399 -1, 314
I
II™
III*.
IV*..
41,
42,
47,
51,
300
744
288
091
-47, 447
-50, 491
-54, 602
-59, 009
-6, 147 14, 115 -7,251
-7,747 15, 404 -7,939
-7, 314 17, 506 -8, 712
-7, 918
6, 864
7, 465
8,794
34
-217
-384
-566
-840
-615
1, 520
1, 615
1, 623
1
Excludes military grants.
2
Adjusted from Census
3
for differences in timing
coverage.
Fees and royalties from U.S. direct iiiYestments abroad or from foreign direct
investments in the United States are excluded from investment income
included in other services, net.
415
1, 737 -1, 322
307 — 1, 363 - 1, 056
762
2, 136 -1,374
NOTE.—Merchandise data revised for 1978 annual and for 1979 quarterly; other
data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
In the
of
in the
outHows rose to $25.3 billion,
by $5.6 billion after
in
$15,5
previous
in the second quarter.
OF DOLLARS
40
OF DOLLARS
-10
-20
-20
-30
-30
-40 I
L
1971
1979
1972
COUNCIL OF ECONOMIC. ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of
U.S.
Period
Total
1972
1973
1974__
1975
1976
1977__
1978
* „
quarterly data
net
( — )]
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve1 2 ment
assets
-14,497
-4
-22, 874
158
-34,745 -1,467
-39,703 -849
-51,269 -2, 558
-35,793 -375
-60,957
732
-1, 107
as noted]
-1,568
-2, 644
366
-3,474
-4,214
-3, 693
-4, 656
in the U.S., 2
( +)]
assets
!
i
Total
Total
-12,925 21, 461
-20, 388 18, 388
-33,643 34, 241
35 380 15, 420
44, 498 36, 399
-31, 725 50, 823
— 57, 033 63, 713
10, 475
6,026
10, 546
6, 777
17, 573
36, 656
33, 758
of Other
foreign foreign
official
assets
reserve
10, 293
5,090
10, 244
5,259
13, 066
35, 416
31, 004
— 15, 113
10, 986
12; 362
23, 696
8,643
18, 826
14, 167
29, 956
Statistical
discrepancy
!
Allocations
of
special
drawing
rights
(SDR)
1
Consists of
the2 U.S.
position in the IMF.
Quarterly
are not
and
Department of
partment of
Treasury.
: assets,
net 1
(
adjust- justed,
ment
of
reversed) discrepancy period)
Total
of
the
items
2 655
-1,609
5,944
10 265
-937
10, 722
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 937
3, 965
901
7,975
517
-2, 145 -2, 716
1,301
930
19, 192
18, 864
18, 850
18, 650
985
4, 606
11, 163
737
-495 -3,756
21, 658
21, 246
18, 534
18, 937
710 — 1, 930
-15, 188
II
-5,466
III... -10, 049
!¥____ -30,254
187 -1,009 -14,366 18, 175 15, 618 14, 895 2,557
248 -1,263 -4, 451
941 -5,265 -5, 129 6,206
115 — 1, 390
4, 641
8, 774 15, 358
4,519 10, 717
182
-994 -29,442 29, 239 18, 764 16, 719 10, 475
10, 868
I
-7, 637 -3,585
1
-2,958 1,476 -9, 391 -9,227 16, 100
II.____ -16, 165
343 -1, 001 - 15, 507 6,057 - 10, 043- 10, 299 17, 497
III ^__ -23, 325 2, 779
5, 562
-756 -25, 348 23? 059
5, 371
i
IV*._
-644
-958
1
! or
1, 139
U.S.
official
of
Analysis)
De-
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
,
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal I ncome
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
!
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 Stocks Measures and I iquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price $1.30 (single copy). Subscription price: $15.00 per year; $3.75 additional
for foreign mailing.
38
o
U.S. GOVERNMENT PRINTING OFFICE : 1980 O-58-583
@FedFRASER