Full text of Economic Indicators : July 1983
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98th Congress, 1st Session Economic Indicators JULY 1983 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1983 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) ROGER W. JEPSEN, Iowa, Chairman LEE H. HAMILTON, Indiana, Vice Chairman SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) MACK MATTINGLY (Georgia) ALFONSE M. D'AMATO (New York) LLOYD BENTSEN (Texas) WILLIAM PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) HOUSE OF REPRESENTATIVES GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) AUGUSTUS F. HAWKINS (California) DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) CHALMERS P. WYLIE (Ohio) MARJORIE S. HOLT (Maryland) DAN LUNGREN (California) OLYMPIA J. SNOWE (Maine) BRUCE R. BARTLETT, Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN FELDSTEIN, Chairman WILLIAM A. NISKANEN, Member WILLIAM POOLE, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled "Economic Indicators*' Resolved by the Senate and Home of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $4.25 a single copy ($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, B.C. 20402 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the second quarter of 1983, gross national product rose $102.2 billion or 13.5 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 8.7 percent (annual rate) and the implicit price deflator rose at a 4.5 percent annual rate. (GNP and related data have been revised beginning 1980.) BILLIONS OF DOLLARS 3,400 BILLIONS OF DOLLARS (RATIO SCALE) 3,400 (RATIO SCALE) SEASONALLY ADJUSTED ANNUAL RATES 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 GNP .IN CURRENT DOLLARS. 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 \ GNP 1,400 1,400 IN 1972 DOLLARS 1,200 1,200 J 1975 I J L 1977 1976 J L J L__L 1980 1979 1978 1981 L 1982 SOURCE: DEPARTMENT OF COMMERCE I I I 1983 COUNCIL OF ECONOMIC ADVISERS DBillions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1972 1973 1974 1975 1976 1977 1978 1979 1980 r 1981 r 1982 r Gross national product Personal consumption expenditures Gross private domestic investment 1,718.0 1,918.3 2,163.9 2,417.8 2,631.7 2,954.1 3,073.0 812.0 888.1 976.4 1,084.3 1,204.4 1,346.5 1,507.2 1,668.1 1,857.2 1,991.9 195.0 229.8 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 414.5 1981: HI r IV r 3,004.9 3,032.2 1,886.1 1,904.1 1982: I r II r r 3,021.4 3,070.2 3,090.7 3,109.6 3,171.5 3,273.7 1,185.9 1,326.4 1,434.2 1,549.2 in r IV 1983: I r 11 Note.—Series revised beginning 1980, Exports aiid imports of goods and services Federal Net exports Exports Imports Total Tnfol National defense Nondefense State and local final sales 132.8 128.1 157.1 186.7 219.8 268.1 314.8 342.5 330.2 253.1 270.4 304.1 339.9 362.1 393.8 431.9 474.4 537.8 595.7 649.2 101.7 102.0 111.0 122.7 129.2 143.4 153.6 168.3 197.0 229.2 258.7 72.8 77.0 83.0 86.0 92.8 100.3 111.8 131.2 154.0 179.4 28.5 29.1 33.9 39.7 43.2 50.6 53.3 56.5 65.9 75.2 79.3 168.5 193.1 217.2 232.9 250.4 278.3 306.0 340.8 366.5 390.5 1,175.7 1,307.9 1,420.1 1,556.1 1,706.2 1,895.3 2,137.4 2,403.5 2,641.5 2,935.6 3,097.5 367.5 371.0 344.7 341.7 600.3 622.8 232.4 248.5 154.9 166.7 77.5 81.8 367.9 374.3 2,971.4 3,017.9 29.9 33.3 .9 5.6 358.4 364.5 346.0 321.6 328.5 331.2 345.0 316.1 629.8 631.6 655.7 679.7 249.7 244.1 261.7 279.2 168.1 175.2 183.6 190.8 81.7 68.9 78.1 88.5 380.0 387.5 394.0 400.5 3,047.1 3,081.4 3,095.6 3,165.9 17.0 -12.5 326.9 321.7 309.9 334.3 677.4 683.3 273.5 274.8 194.4 201.9 79.1 72.8 404.0 408.6 3,210.9 3,284.2 26.8 13.8 -4.0 -1.1 13.2 23.9 26.3 17.4 77.5 109.6 146.2 154.9 170.9 182.7 218.7 281.4 338.8 368.8 347.6 495.8 476.2 22.8 29.2 1,938.9 1,972.8 2,008.8 2,046.9 422.9 432.5 425.3 377.4 2,073.0 2,151.3 404.1 451.5 737.1 Goveniment purchsises of g°° ds and services 0.7 14.2 13.4 76.7 95.4 73.1 Source: Department of Commerce, Bureau of Economic Analysis. 151.4 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Period Gross national product G ross privatie dome stic investinent Personal consumpChange tion Residenexpendi- Nonresidential tial fixed business tures invenfixed tories 1972 1973 1974 1975 1976 1977 1978 1979 1980 r 1981 r 1982 r 1,185.9 1,254.3 1,246.3 1,231.6 1,298.2 1,369.7 1,438.6 1,479.4 1,475.0 1,513.8 1,485.4 737.1 767.9 762.8 779.4 1981: m r IV r 121.0 138.1 63.8 62.3 823.1 864.3 903.2 927.6 931.8 956.8 970.2 135.7 119.3 125.6 140.3 158.3 169.9 165.8 174.4 166.1 48.2 42.2 51.2 60.7 62.4 59.1 47.1 44.7 37.8 1,525.8 1,506.9 962.9 955.7 177.0 176.3 43.1 39.4 ffl IV r 1,485.8 1,489.3 1,485.7 1,480.7 961.4 968.8 971.0 979.6 173.6 167.1 163.3 160.5 36.3 37.8 36.5 40.6 1983: I r ILp 1490.1 1521.4 986.7 1,010.5 159.9 161.8 45.5 51.2 1982: Ir n r.r Govern naent purchases of goo<3 s and services IX]jorts of go ods stnd services Federal Net exports Exports Imports Total Total National defense Nondefense 77.5 97.3 108.5 103.5 110.1 112.9 126.7 146.2 159.1 159.7 147.3 81.8 80.7 71.4 84.7 90.9 102.7 109.0 108.8 116.7 118.4 253.1 253.3 260.3 265.2 265.2 269.2 274.6 278.3 284.3 286.5 291.8 101.7 95.9 96.6 97.4 96.8 100.4 100.3 102.1 106.4 110.4 116.6 73.1 68.3 28.5 27.6 7.8 13.3 16.0 7.3 -4.4 8.5 -9.4 15.5 27.8 32.2 25.4 22.0 24.0 37.2 50.3 43.0 28.9 66.9 66.4 64.9 65.4 65.7 67.4 70.0 73.6 78.8 16.1 6.0 39.8 39.9 159.0 158.7 119.1 118.8 286.8 289.6 111.8 114.5 -10.2 -3.4 -1.3 -22.7 35.2 33.4 24.0 23.0 151.8 154.5 146.4 136.5 116.6 121.1 122.4 113.5 289.4 285.8 292.2 299.7 -15.4 -4.5 20.5 10.2 137.3 134.2 116.8 124.0 292.9 292.2 10.2 17.2 11.6 -6.7 0.7 76.7 State and local Final sales 29.7 31.0 31.8 35.0 34.7 34.8 36.4 36.8 37.8 151.4 157.4 163.6 167.8 168.4 168.8 174.3 176.2 177.9 176.1 175.2 1,175.3 1,237.1 1,234.7 1,238.4 1,290.4 1,356.4 1,422.6 1,472.2 1,479.4 1,505.3 1,494.8 74.4 75.7 37.4 38.7 175.0 175.1 1,509.7 1,500.9 114.5 110.3 116.9 124.4 75.5 77.8 80.4 81.4 39.1 32.5 36.5 43.0 174.9 175.4 175.3 175.2 1,495.9 1,492.7 1,487.0 1,503.4 118.4 118.2 82.7 85.5 35.7 32.7 174.5 174.0 1,505.5 1,525.9 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100; quarterly data are seasonally adjusted] Personal c onsumption expen ditures Period Gross national product Total Durable goods •M- 3 able goods Gross private domestic investment Services dential fixed 1972 1973 1974 1975 1976 1977 1978 1979 1980 r 1981 r 1982 r 100.00 105.75 115.08 125.79 132.34 140.05 150.42 163.42 178.42 195.14 206.88 100.0 105.7 116.4 125.3 131.7 139.3 149.1 162.5 179.0 194.1 205.3 100.0 101.7 108.2 117.3 123.9 129.2 136.4 145.0 156.2 167.3 174.8 100.0 108.5 123.4 132.5 137.2 143.6 153.4 169.9 188.1 202.5 209.0 100.0 104.7 113.0 121.6 129.6 139.3 150.0 162.3 178.8 195.8 211.6 115.4 132.2 138.6 146.3 157.2 170.8 186.2 201.9 209.7 1981: m r . IV r 196.94 201.22 195.9 199.2 169.3 171.2 203.8 205.5 197.9 202.5 203.36 206.15 208.03 210.00 201.7 203.6 206.9 209.0 172.9 174.2 176.1 176.1 212.83 215.17 210.1 212.9 177.3 177.8 1982: I r. n rr m r. IV 1983: I r. n* NOTE.—Series revised beginning 1980. Residential fixed Exports anc i imports of goods ancI services Gove rnment pure mses of goo ds and serraces Federal Exports Imports Total National defense Nondefense 100.0 106.6 115.1 124.9 100.0 105.6 114.2 State and local 131.0 140.7 158.0 178.3 200.5 218.5 233.5 240.2 100.0 112.7 134.8 149.6 155.3 161.9 172.6 192.5 212.9 230.8 236.0 116.7 164.6 179.6 185.6 205.5 214.1 246.1 289.4 293.4 278.9 100.0 106.3 114.9 126.0 133.5 142.8 153.1 164.8 185.2 207.7 222.0 132.4 141.9 152.7 166.0 187.5 209.3 227.7 128.2 135.7 144.6 153.8 162.5 180.8 204.5 210.0 100.0 107.0 118.0 129.4 138.3 148.4 159.7 173.7 191.5 208.1 222.9 203.7 208.5 235.7 239.2 231.2 233.8 289.4 287.7 207.9 217.0 208.3 220.0 207.0 211.2 210.2 213.8 206.8 207.6 210.2 211.2 206.3 208.1 209.4 211.1 213.4 ' 209.6 217.2 209.9 240.8 240.9 240.9 238.4 236.1 236.0 236.3 235.6 281.8 273.6 281.8 278.5 218.0 221.3 223.8 224.4 222.7 225.1 228.3 234.3 209.1 212.3 213.9 205.7 217.3 220.9 224.7 228.5 210.6 213.7 219.8 223.7 ' 244.9 247.6 238.0 239.7 265.4 269.5 230.9 232.4 234.9 236.2 221.7 222.6 231.6 234.8 100.0 103.8 207.7 207.3 100.0 109.1 120.3 100.0 Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Grc ss national prc duct Period Constant (1972) dollars Current dollars 8.6 10.1 11.8 8.1 8.0 10.9 11.7 12.8 11.7 8.8 12.2 4.0 13.3 3.7 -1.4 6.6 2.7 2.5 1971 1972 1973 1974 1975 1976 1977 1978 1979 r 1980r 1981 r 1982 1981: fflr. r IV 1982: I r .r nr mr.... IV 1983: I rp 8.2 13.5 n 3.4 5.7 5.8 -.6 -1.2 5.4 5.5 5.0 2.8 -.3 2.6 -1.9 Implicit price deflator Personal consumption &:itpenditures Chain price index 5.0 4.2 5.8 8.8 3.6 -4.9 -5.5 1.0 -1.0 -1.3 9.3 5.2 5.8 7.4 8.6 9.2 9.4 6.0 9.4 9.0 4.3 5.6 3.7 3.8 2.6 8.7 5.5 4.5 Fixedweighted price index (1972 weights) 5.6 5.2 5.9 5.0 5.3 4.7 5.9 4.7 8.1 9.6 10.2 9.4 9.9 11.0 11.1 11.8 11.9 10.7 11.3 7.3 11.4 3.9 7.5 7.2 7.5 7.8 3.6 5.1 3.4 5.2 5.2 16.0 4.9 4.1 6.0 9.1 9.2 5.7 6.1 7.6 8.9 8.9 9.4 6.5 9.0 8.2 NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. Series revised beginning 1980. 4.8 4.0 6.0 9.4 9.1 5.8 6.3 7.8 9.5 9.8 9.5 6.4 8.9 8.4 Implicit price deflator Constant (1972) dollars Current dollars 3.7 5.8 4.2 — .7 2.2 5.6 5.0 4.5 2.7 .5 2.7 1.4 Chain price index 3.5 -3.0 2.4 3.1 .9 3.6 3.7 5.7 10.1 7.6 5.1 5.8 7.0 9.0 10.2 8.4 5.8 7.7 7.0 5.0 4.0 6.5 4.1 4.3 3.6 6.1 10.4 7.7 5.3 6.0 7.3 9.3 10.7 9.0 5.9 7.8 7.0 5.2 3.9 6.4 5.1 2.9 10.0 2.2 5.5 2.3 5.4 4.3 Fixedweighted price index (1972 weights) 4.2 3.5 6.1 10.4 7.8 5.3 6.2 7.4 9.7 11.1 9.2 5.7 7.5 6.8 4.8 3.5 6.7 5.1 1.6 5.6 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Cun•ent-dollar co st and profit per unit of output (dollairs) 1 Gross d omestic product of ilonfinancial corporate business (billions o f dollars) Period Current dollars 1972 1973 1974 1975 1976 1977 1978 1979 1980 r. 1981 r. 1982 r. 1981: I rr n .r mr IV . 1982: I rr nr mr IV . 1983: I r Indirect business taxes3 Compensation of employ- Corporate profits with inventory valuation imd capital ccmsumption adjustments _ Net interest Profits Total tax liability 609.9 678.0 759.4 818.9 890.0 1,001.3 ,128.4 ,276.2 ,416.8 ,540.7 ,739.9 ,776.7 ,683.3 ,718.8 ,778.6 ,778.9 ,764.9 ,780.2 ,786.8 ,775.0 599.6 626.8 678.0 731.9 708.2 694.2 745.5 795.8 846.3 876.1 859.5 887.5 857.7 883.7 888.7 898.6 878.9 864.3 860.5 859.5 846.4 0.940 .973 1.000 1.038 1.156 1.282 .343 .418 .508 .617 .793 .960 2.072 .905 .934 .979 2.024 2.042 2.069 2.079 2.097 0.087 .091 .092 .093 .112 .137 .141 .145 .155 .171 .198 .217 .245 .207 .213 .217 .229 .236 .242 .247 .254 0.106 .113 .113 .114 .127 .140 .141 .141 .144 .149 .172 .199 .209 .195 .198 .199 .204 .204 .207 .209 .215 1,817.6 856.0 2.123 .252 .218 563.7 1970 1971 1972 dollars Total cost and profit 2 Capital consumption allowances with capital consumption adjustment 0.631 .641 .659 .692 .786 .837 .878 .928 .998 1.094 1.218 1.302 1.397 1.272 1.290 1,306 1.342 1.374 1.394 1.403 1.419 0.028 1.428 .070 .029 .028 .031 .042 .044 .040 .040 .044 .050 .065 .074 .076 .064 .070 .081 .080 .080 .079 .072 .073 Profits after tax* Output per hour of all employees (1972 /tailored Compensation per hour of all employees (dollars) 0.045 0.043 .090 .124 .144 .163 .168 .154 .140 .169 .145 .168 .163 .177 .169 .148 .147 .148 .135 .047 .049 .055 .059 .059 .071 .075 .079 .079 .078 .074 .048 .081 .071 .075 .068 .053 .051 .049 .040 .052 .058 .053 .030 .065 .073 .088 .089 .075 .062 .095 .097 .086 .092 .102 .101 .095 .096 .099 .095 7.115 7.450 7.664 7.849 7.555 7.774 8.002 8.144 8.216 8.201 8.126 8.332 8.373 8.290 8.319 8.392 8.323 8.342 8.330 8.409 8.421 4.778 5.052 5.429 5.937 6.507 7.024 7.558 8.198 8.969 9.894 10.850 11.700 10.541 10.730 10.957 11.171 11.463 11.614 11.795 11.952 .156 .049 .108 8.492 12.126 0.088 .099 .107 .107 4.491 i 1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol- lars. 8. 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. 4 With inventory valuation and capital consumption adjustments. NOTE.—Series revised beginning 1980. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Compensation of employees1 National income Proprietors' income with inventory vailuation and capital coiisumption adjust ments Farm 1972 1973 1974 1975 1976 1977 1978 1979 r 1980r 1981r 1982 963.6 1,086.2 1,160.7 1,239.4 1,379.2 1,550.5 1,760.3 1,966.7 2,116.6 2,373.0 2,450.4 718.0 801.3 18.7 32.8 877.5 931.4 1,036.3 1,152.1 1,301.1 1,458.1 1,599.6 1,769.2 1,865.7 1981: HP. IV 2,423.4 2,435.6 1982: F.r nr m r. IV 1983: I r IP Corporate p rofits with invcmtory valuation and capital (;onsumption adjustments Rental income of persons with capital consumption adjustment Nonfarm Profits with inventory ivaluation adjustme nt and withou ; capital consiunption adjust tnent Capital consump- Total Inventory valuation adjustment Profits Total -13.5 -11.3 -12.7 -14.8 -16.3 -11.0 — 1.1 -19.4 -15.7 -10.7 -9.5 268.0 265.3 173.2 178.8 177.3 167.5 -5.5 -8.5 -9.0 -10.3 -5.6 -3.5 .1 4.7 265.0 268.3 256.4 254.7 169.7 — 1.7 -8.5 13.9 23.0 248.3 244.4 94.0 105.6 100.6 125.6 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 96.7 120.6 151.6 178.5 205.1 209.6 191.7 203.3 165.9 136.7 132.1 166.3 194.7 229.1 252.7 234.6 227.0 174.2 -6.6 -20.0 -40.0 -11.6 -14.7 -16.2 -24.0 -43.1 -42.9 -23.6 _8.4 88.5 85.8 42.7 45.6 197.6 192.0 208.3 201.5 227.7 217.2 27.4 16.8 15.8 26.0 83.7 88.1 87.8 90.2 47.4 49.0 50.9 52.3 162.0 166.8 168.5 161.9 167.7 170.3 168.3 157.2 22.2 24.1 98.4 106.0 54.1 54.8 181.8 168.0 26.5 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 1,791.7 1,815.6 35.0 31.3 2,419.7 2,448.9 2,458.9 2,474.0 1,834.2 ,859.9 ,879.5 ,889.0 2,528.5 ,923.7 ,969.9 21.0 22.6 23.5 1 Includes employer contributions for social insurance. (See also p. 5.) Note.—Series revised beginning 1980. adjustment 51.2 60.2 76.1 84.5 87.2 102.5 121.7 153.8 192.6 249.9 261.1 96.6 108.3 94.9 110.5 138.1 167.3 192.4 194.8 175.4 192.3 164.8 58.1 61.0 62.2 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 < Net interest 2.7 2.7 -1.8 -10.1 Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durablej goods Period Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Services Domestics Imports 50.6 53.5 59.1 65.7 72.8 81.8 86.3 93.3 93.5 325.3 355.2 393.2 437.0 485.7 547.4 618.0 693.7 784.5 887.1 986.4 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.6 6.2 5.8 1.6 1.5 2.1 2.0 2.3 2.4 2.3 2.2 107.7 96.5 93.8 93.4 42.0 40.9 741.1 747.7 378.9 383.2 116.8 117.2 95.1 95.6 150.2 151.7 901.5 925.6 6.8 5.1 2.2 2.2 239.4 242.9 243.4 252.1 106.4 107.6 109.4 116.1 91.7 93.9 93.5 94.9 41.3 41.4 40.5 41.0 749.7 754.7 766.6 773.0 388.1 394.7 400.4 404.5 118.4 119.0 119.2 119.6 94.0 89.6 91.3 91.1 149.2 151.5 155.6 157.9 949.7 975.2 998.9 1,021.8 5.8 5.7 5.6 6.0 2.2 2.0 2.2 2.5 258.5 278.1 118.4 134.5 97.3 100.5 42.9 43.1 777.1 799.8 411.7 420.1 120.0 126.3 87.3 90.9 158.1 162.6 1,037.4 1,073.4 6.1 6.9 2.3 2.3 243.5 230.8 1982: Ir.r 1,938.9 1,972.8 2,008.8 2,046.9 1983: I r 2,073.0 2,151.3 Other 64.9 71.2 78.2 83.7 91.9 98.2 108.8 122.8 134.3 148.1 153.5 1,886.1 1,904.1 Note.—Series revised beginning 1980. Gasoline and oil 25.4 28.6 36.6 40.4 44.0 48.1 51.2 66.6 84.8 94.6 91.5 1981: nr. up Clothing and shoes 55.4 61.4 64.8 69.6 75.3 82.6 92.4 99.1 104.6 115.3 119.0 888.1 976.4 1,084.3 1,204.4 1,346.5 1,507.2 1,668.1 1,857.2 1,991.9 n nr. ivr Food 154.9 172.1 193.7 213.6 230.6 249.8 275.9 311.6 345.1 375.9 396.9 41.7 47.1 IV Total nondurable goods 300.6 333.4 373.4 407.3 441.7 478.8 528.2 600.0 668.8 733.9 761.0 52.4 57.1 50.4 55.8 72.6 84.8 95.7 96.6 90.7 101.6 109.9 737.1 812.0 Other Retail sal es of new passeng«r cars (millions of units) 16.9 19.2 20.5 22.9 25.2 27.7 31.7 35.1 37.7 41.2 41.1 111.1 123.3 121.5 132.2 .156.8 178.2 200.2 213.4 214.7 236.1 244.5 1972 1973 1974 1975 1976 1977 1978 1979 1980r 1981r 1982r Noiidurable go ods Source: Department of Commerce, Bureau of Economic Analysis. 1.6 1.8 1.4 SOURCES OF PERSONAL INCOME Personal income rose $13.4 billion (annual rate) in June, following a rise of $30.1 billion in May. Wages and salaries rose $10.1 billion in June, compared with a rise of $21.3 billion in May. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 — 1,200 1,200 1,000 1,000 WAGE AND SALARY DISBURSEMENTS 800 800 600 600 OTHER INCOME 400 TRANSFER PAYMENTS 200 _ 200 s\_._.~ 160 160 120 120 1976 1977 1979 1978 1980 1981 1982 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 1983 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Total personal income Period 1975 1976 1977 1978 1979 1980 r 1981 r 1982r 1982: June r July r Aug r Sept r. Oet r Nov r Dee r. 1983: Jan r Peb r Marr. Aprr. May r June* ,. 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 2,572.5 2,589.8 2,586.7 2,597.4 2,617.8 2,633.1 2,645.0 2,652.6 2,650.5 2,670.1 2,690.5 2,720.6 2,734.1 Wage and salary disbursements l 806.4 889.9 983.2 1,106.3 1,237.6 1,356.7 1,493.2 1,568.1 1,571.7 1,578.9 1,579.2 1,581.2 1,583.1 1,583.1 1,591.8 1,608.9 1,606.3 1,616.8 1,632.1 1,653.3 1,663.4 Proprietorsi' Other labor income * 2 64.5 75.9 89.4 102.5 114.9 128.0 143.5 156.6 156.4 157.4 158.1 159.1 159.7 160.4 161.2 162.6 164.2 166.0 168.1 170.1 172.2 Farm income 3 Nonfarm 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 15.5 15.0 14.1 18.3 23.8 28.1 26.1 22.9 21.3 22.3 23.6 24.4 24.1 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. ^ Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 3 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 89.1 87.7 87.5 88.3 89.1 89.0 92.5 96.7 97.8 100.8 103.1 106.6 108.3 Rental income of persons 4 Personal dividend income Personal interest income 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 49.7 50.5 50.8 51.4 52.8 52.9 51.0 53.8 54.1 54.3 54.6 54.8 55.0 29.9 36.5 39.6 45.3 50.8 56.8 62.8 66.4 65.5 65.9 66.5 66.8 67.4 68.0 68.3 68.7 68.9 68.9 69.0 69.4 69.5 123.2 132.5 152.8 179.4 218.7 266.0 341.3 366.2 371.1 368.2 363.9 362.2 361.7 363.3 364.3 360.0 356.0 355.7 355.0 356.6 358.4 Transfer payments a 178.3 194.3 207.9 223.8 250.3 297.6 337.2 374.5 365.6 378.9 379.2 383.1 392.9 401.0 403.0 395.4 398.1 402.0 402.7 403.9 402.5 Less: Personal contributions for social insurance 50.4 55.5 61.1 69.8 81.1 88.7 104.6 112.0 112.1 112.7 112.8 112.8 112.8 112.7 113.1 116.6 116.2 116.8 117.6 118.6 119.4 Nonfarm personal income 6 1,229.1 1,359.3 1,506.5 1,689.7 1,899.3 2,119.5 2,377.0 2,527.6 2,527.4 2,545.2 2,543.1 2,549.7 2,564.5 2,575.5 2,589.4 2,600.2 2,599.7 2,618.4 2,637.5 2,666.8 2,680.5 5 Consists mainly of social insurance benefits, direct relief, and veterans payments. 8 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. NOTE.—Series revised beginning 1980. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to preliminary estimates, real per capita disposable income rose in the second quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,400 2,400 4,000 3,000 1983 1975 c SEASONALLY ADJUSTED ANNUAL RATES SOURCE; DEPARTMENT OF COMMERCE Period Personal income Less: Personal tax and nontax payments COUNCIL OF ECONOMIC ADVISERS Equals: Disposable personal income Less: Personal outlays * Equals: Personal saving Percapita disposable personal incc me Current dollars 1972 dollars Billions of doll ars 1974 1975 1976 1977 1978.... 1979 1980 r 1981 r 1982 r 1,168.6 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 170.2 168.9 196.8 226.4 258.7 301.0 336.5 387.4 402.1 998.3 1,096.1 1,194.4 1,314.0 1,474.0 1,650.2 1,828.9 2,047.6 2,176.5 Per capitf i personal consulnption expem litures Current dollars 1972 dollars 85.1 94.3 82.5 78.0 89.4 96.7 110.2 135.3 125.4 4,667 5,075 5,477 5,965 6,621 7,331 8,032 8,906 9,377 4,009 4,051 4,158 4,280 4,441 4,512 4,487 4,587 4,567 Saving as percent of disposable personal income Population (thou- 2 sands) Per cent Do!lars 913.2 1,001.8 1,111.9 1,236.0 1,384.6 1,553.5 1,718.7 1,912.4 2,051.1 Percent change in real per capita disposable personal income 4,152 4,521 4,972 5,468 6,048 6,695 7,326 8,078 8,581 3,566 3,609 3,774 3,924 4,057 4,121 4,092 4,162 4,180 -1.7 1.0 2.6 2.9 3.8 1.6 -.6 2.2 -.4 8.5 8.6 6.9 5.9 6.1 5.9 6.0 6.6 5.8 213,898 215,981 218,086 220,289 222,629 225,106 227,694 229,916 232,118 7.2 7.5 6.1 5.9 5.6 5.4 230,187 230,797 231,304 231,790 232,387 232,990 5.4 3.9 233,501 233,978 Seas Dually adiu stcd annual rates 1981: mr.... r IV ..... 1982: I rr nr mr.... IV ..... 1983: I r HP. 2,490.9 2,516.6 2,528.1 2,563.2 2,591.3 2,632.0 398.9 396.1 400.2 404.2 399.8 404.1 2,092.0 2,120.5 2,127.9 2,159.0 2,191.5 2,227.8 1,942.3 1,961.5 1,997.0 2,031.9 2,068.4 2,107.0 149.7 159.0 130.8 127.1 123.0 120.8 9,088 9,188 9,199 9,315 9,430 9,562 4,640 4,612 4,562 4,574 4,558 4,576 8,194 8,250 8,382 8,511 8,644 8,785 4,183 4,141 4,156 4,180 4,178 4,204 7.8 -2.4 -4.3 1.1 — 1.4 1.6 2,657.7 2,715.0 401.8 412.2 2,255.9 2,302.8 2,134.2 2,213.5 121.7 89.4 9,661 9,842 4,599 4,623 8,878 9,194 4,226 4,319 2.0 2.1 1 Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 2 Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages for the period. NOTE.—Series revised beginning 1980. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the first quarter of 1983, according to current estimates, gross farm income fell $9.3 billion (annual rate) and net farm income fell $5.8 billion. BILLIONS OF DOLLARS* (RATIO SCALE) 1 200 BILLIONS OF DOLLARS* (RATIO SCALE) 200 100 100 80 80 60 60 NET FARM INCOME- 40 40 % 20 20 V I I I 1975 1 * SEASONALLY ADJUSTED ANNUAL I I I I I I I I J 1978 1976 I I I L 1980 1979 I 1981 I 1982 I 1983 RATES COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income (iross farm Period Cas h Total * Total of farm operators from farmi ng Net farai income incom marketing reee ipts Livestock and products Crops 5.5 .2 15.6 11.0 10.2 13.6 14.9 8.2 9.2 7.1 74.6 72.9 75.7 76.8 2.5 5.3 7.2 7.0 139.0 141.0 143.2 143.2 22.8 23.7 28.3 25.6 8.7 8.8 10.2 9.1 77.0 74.3 72.8 74.7 .5 -.5 .3 .5 143.8 144.3 144.6 144.8 20.7 18.7 17.3 25.0 7.3 6.5 5.9 8.5 141.3 19.2 6.5 43.1 46.3 47.6 58.8 68.6 67.8 68.5 69.3 49.0 48.6 53.7 63.1 71.7 75.0 74.7 161.8 164.7 171.5 168.8 142.5 142.3 146.7 142.5 67.9 69.4 71.0 65.7 n ra IV 164.5 163.0 161.9 169.8 144.4 144.4 143.2 144.1 67.4 70.1 70.4 69.4 1983: I" 160.5 140.2 70.0 n ffl IV 1982: I 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 8 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. 45.8 70.2 3 1967 dollars 3 18.7 18.4 26.7 32.4 20.1 25.1 20.4 88.9 95.4 96.2 112.5 131.7 139.5 143.5 144.0 1981: I Current dollars 75.8 83.3 90.2 100.6 119.0 130.5 141.6 144.4 101.0 101.9 108.6 127.3 151.3 150.6 166.8 164.8 1975 1976 1977 1978 1979 1980 1981 1982 Value of inventory changes 2 Production expenses 3.4 -2.4 1.0 1.1 5.6 -4.3 -1.5 25.2 Income in current dollars divided by the consumer price index (Department of Labor). Source: Department of Agriculture, except as noted. CORPORATE PROFITS In the first quarter of 1983, according to revised estimates, corporate profits before tax rose $2.2 billion (annual rate) from their fourth quarter level and after-tax profits fell $5.3 billion. BILLIONS OF DOLLARS 320 BILLIONS OF DOLLARS 320 280 80 80 40 40 1983 1975 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Prc>fits (before tiix) with inve ntory valuatiim adjustmen t 1 Profits after taX Doinestic industiies Period Nonfinancial Total 2 Total 1972 1973 1974 1975 1976.... 1977 1978 1979 1980 r 1981 r 1982 r 94.0 105.6 96.7 120.6 151.6 178.5 205.1 1981: m r IV r 1982: I rr 208.3 Financial Profits before tax Wlinla Total3 Manufacturing IV 201.5 167.7 170.3 168.3 157.2 15.3 15.9 15.0 11.8 17.1 23.1 31.0 30.3 26.9 20.3 20.9 18.8 18.1 15.5 20.4 22.2 25.5 76.0 65.4 95.8 120.3 140.3 154.4 148.6 134.9 159.4 123.2 167.7 156.5 131.5 128.1 125.4 107.6 40.7 45.5 39.0 52.6 69.2 78.3 86.9 85.6 72.9 86.7 59.0 93.3 76.9 60.9 61.4 65.5 48.3 13.4 13.9 12.5 21.3 22.4 26.6 26.9 27.1 23.6 32.8 27.6 33.3 37.8 30.2 27.4 25.2 27.5 1983: I r 168.0 147.8 29.8 118.0 53.7 27.8 191.7 203.3 165.9 nr mr n* 1 See p. 4 for profits with inventory valuation and capital 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 8 70.0 consumption adjustments. Total Dividends Undistributed profits sale and retail trade 85.3 92.0 80.4 107.6 137.4 163.4 185.4 179.0 161.9 179.7 144.1 186.5 174.7 147.0 148.5 147.6 133.1 209.6 Tax liability Inventory valuation adjustment 217.2 173.2 178.8 177.3 167.5 41.6 49.0 51.6 50.6 63.8 72.7 83.2 87.6 84.8 82.8 59.2 83.7 75.6 60.3 61.4 60.8 54.0 58.9 76.6 85.1 81.5 102.5 122.0 145.9 165.1 149.8 144.1 115.1 144.0 141.7 112.9 117.4 116.5 113.5 24.4 27.0 29.9 30.8 37.4 40.8 47.0 52.7 58.6 64.7 68.7 66.4 67.3 67.7 67.8 68.8 70.4 34.5 49.6 55.2 50.7 65.1 81.2 98.9 112.4 91.2 79.5 46.4 77.6 74.4 45.2 49.5 47.7 43.1 -6.6 -20.0 -40.0 -11.6 -14.7 -16.2 -24.0 -43.1 -42.9 -23.6 -8.4 -19.4 -15.7 -5.5 -8.5 -9.0 -10.3 169.7 61.5 108.2 71.4 72.0 36.7 -1.7 -8.5 100.6 125.6 136.7 132.1 166.3 194.7 229.1 252.7 234.6 227.0 174.2 227.7 Note.—Series revised beginning 1980. Source: Department of Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the second quarter of 1983, business fixed investment rose $3.2 billion (annual rate) and residential investment outlays rose $15.5 billion. There was a $10.6 billion decrease in inventories following a decrease of $39.4 billion in the first quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1975 1983 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Gross private domestic investment Total 55.9 55.4 58.8 64.4 78.7 98.3 110.9 133.4 141.9 .7 1.3 1.0 1.1 1.5 1.7 1.7 1.8 1.3 1.5 1.5 1.7 1.8 1.9 2.1 2.3 2.5 2.9 3.0 3.2 3.2 26.5 14.3 -9.8 18.5 -24.5 13.9 21.9 25.4 8.6 -4.5 10.9 -23.1 360.6 367.6 137.0 145.5 223.6 222.1 101.7 94.3 97.0 89.5 1.5 1.6 3.2 3.3 33.6 14.3 24.1 6.2 422.9 432.5 425.3 377.4 361.3 352.7 342.3 337.0 144.7 144.2 140.0 138.6 216.5 208.5 202.2 198.4 87.3 91.0 87.9 96.8 83.2 86.1 83.4 91.2 .9 1.6 1.3 2.3 3.2 3.3 3.3 3.3 -25.7 -11.2 -4.9 -56.4 -27.6 -8.8 -2.3 -53.7 404.1 451.5 332.1 335.3 132.9 127.7 199.3 207.6 111.3 126.8 106.7 121.8 1.3 1.5 3.4 3.5 -39.4 -10.6 -39.0 -8.6 1982: I rr 1983: I rp n. NOTE.—Series revised beginning 1980. Nonfarm 0.7 495.8 476.2 IV Total 65.6 54.8 52.4 68.8 92.0 107.0 114.0 98.1 99.8 86.0 1981: mrr IV nr mr Farm structures 61.5 1982 1980 1981 rr Nonfarm structures 63.8 68.0 57.9 55.3 72.0 95.8 111.2 118.6 102.9 104.3 90.8 157.7 174.1 205.2 248.9 290.2 308.8 352.2 348.3 1974 1975 1976 1977 1978 1979 r Total Producers' durable equipment 92.3 100.7 102.3 115.3 140.8 170.2 191.9 197.9 218.8 206.4 195.0 229.8 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 414.5 1972 1973 Structures Producers' durable equipment Change iii business inven #nes Residential fix ed investment NonresM ential fixed irnvestment 121.0 143.3 156.6 44.1 51.0 76.9 Source: Department of Commerce, Bureau of Economic Analysis. 10.2 18.5 14.1 -6.9 11.8 23.0 9.6 15.2 16.0 -10.5 EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS According to the Commerce Department April-May survey, nonfarm business spending for new plant and equipment for the year 1983 is expected to be 3.4 percent below the 1982 level. Spending in 1982 was 1.6 percent below the 1981 level. BILLIONS OF DOLLARS (RATIO SCALE) 500 BILLIONS OF DOLLARS (RATIO SCALE) 400 40 40 30 30 1975 1976 1977 1979 1978 1981 1980 1982 1983 J/ SEE FOOTNOTE 4 BELOW. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Plan t and equipment Period Total Plant 1anufacturin g Equipment Total 1975 1976 1977 1978 1979 1980 1981 1982 1983 4 1982: I n m IV 1983: I 4 n4 m4 IV Durable goods Nondurable goods Total Mining 157.71 171.45 198.08 231.24 270.46 295.63 321.49 316.43 305.53 65.21 71.20 80.31 92.70 105.73 117.55 133.46 134.47 92.50 100.25 117.77 138.54 164.73 178.08 188.04 181.96 54.92 59.95 69.22 79.72 98.68 115.81 126.79 119.68 112.79 26.33 28.47 34.04 40.43 51.07 58.91 61.84 56.44 51.95 28.59 31.47 35.18 39.29 47.61 56.90 64.95 63.23 60.84 102.79 111.50 128.87 151.52 171.77 179.81 194.70 196.75 192.73 7.44 9.24 10.21 11.38 13.51 16.86 15.45 13.24 327.72 323.22 315.79 302.77 139.49 137.95 135.14 127.15 188.23 185.28 180.65 175.61 128.32 123.77 119.46 110.09 60.84 59.03 57.14 50.50 67.48 64.74 62.32 59.59 199.40 199.46 196.33 192.68 293.03 302.23 306.83 320.02 125.40 167.62 109.86 110.97 114.09 116.25 50.74 49.64 53.34 54.09 59.12 61.34 60.75 62.15 183.17 191.25 192.74 203.77 1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and proSessional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 10 Starts of plant and Nonmanuifacturing Transportation Public utilities Trade and services l Communication and other 2 ment projects, manufacturing3 9.40 10.68 12.35 12.09 12.05 11.95 10.80 19.98 22.37 26.79 29.95 33.96 35.44 38.40 41.95 41.59 46.23 49.30 56.54 68.66 79.26 81.79 86.33 86.95 87.13 26.90 32.02 34.83 36.99 41.06 40.46 39.97 17.60 16.56 14.63 13.31 11.99 12.32 11.28 12.41 40.12 41.40 43.38 42.88 87.80 88.85 87.31 84.00 41.89 40.33 39.73 40.06 27.73 29.03 25.61 23.37 12.03 13.69 13.54 13.70 11.04 10.65 9.94 11.58 41.61 42.18 40.46 42.12 82.38 85.33 87.41 93.37 36.11 39.40 41.39 43.00 23.35 6.10 8.68 8.89 21.80 23.51 56.51 59.38 77.40 88.16 112.98 123.32 135.19 104.78 3 Starts are estimated by adding changes in carryover to expenditures during given period. * Planned capital expenditures as reported by business in late April and May 1983, corrected for biases. _ _ _ _ Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 1.2 million in June and unemployment fell 46,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* *16 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Civilian e mployment Period 1977 1978 4 1979 1980 1981 1982 Noninstitutional population including resident Armed Forces 160,689 163,541 166,460 169,349 171,775 173,939 Eesident Armed Forces 1,656 1,631 1,597 1,604 1,645 1,668 Oivuian employment 92,017 96,048 98,824 99,303 100,397 99,526 Unemployment 6,991 6,202 6,137 7,637 8,273 10,678 Total labor force including resident Armed Forces Total employment including resident Armed Forces 100,665 103,882 106,559 108,544 110,315 111,872 93,673 97,679 100,421 100,907 102,042 101,194 Unemp oyment Nonagiicultural rr •!• v/ivilian labor force Total Agricultural Total Parttime for econom- Labor force participation rate (pen;ent) 15 Total ic weeks and over Total 2 Civilian 3 reasons l 99,009 92,017 102,251 96,048 104,962 98,824 106,940 99,303 108,670 100,397 110,204 99,526 3,283 3,387 3,347 3,364 3,368 3,401 88,734 92,661 95,477 95,938 97,030 96,125 3,369 3,298 3,373 4,064 4,499 5,852 6,991 6,202 6,137 7,637 8,273 10,678 1,942 1,414 1,241 1,871 2,285 3,485 £2.6 33.5 64.0 64.1 64.2 64.3 62.3 63.2 63.7 63.8 63.9 64.0 Seas anally adjiisted Unadj usted 1982: June July Aug Sept Oct Nov Dec 173,854 174,038 174,200 174,360 174,549 174,718 174,864 1,664 1,674 1,689 1,670 1,668 1,660 1,665 100,683 101,490 101,177 99,851 99,825 99,379 98,849 10,886 11,036 10,710 10,695 10,942 11,476 11,628 111,811 112,090 112,303 112,528 112,420 112,702 112,794 101,345 101,262 101,372 101,213 100,844 100,796 100,758 110,147 110,416 110,614 110,858 110,752 111,042 111,129 99,681 99,588 99,683 99,543 99,176 99,136 99,093 3,371 3,445 3,429 3,363 3,413 3,466 3,411 96,310 96,143 96,254 96,180 95,763 95,670 95,682 5,561 5,577 5,820 6,495 6,403 6,411 6,425 10,466 10,828 10,931 11,315 11,576 11,906 12,036 3,517 3,569 3,637 3,856 4,167 4,524 4,732 64.3 64.4 64.5 64.5 64.4 64.5 64.5 64.0 64.1 64.1 64.2 64.1 64.2 64.2 1983: Jan Feb Mar Apr May June 175,021 175,169 175,320 175,465 175,622 175,793 1,667 1,664 1,664 1,671 1,669 1,668 97,262 97,265 97,994 98,840 99,543 101,813 12,517 12,382 11,879 11,035 10,765 11,570 112,215 112,217 112,148 112,457 112,418 113,600 100,770 100,727 100,767 101,129 101,226 102,454 110,548 99,103 110,553 99,063 110,484 99,103 110,786 99,458 110,749 99,557 111,932 100,786 3,412 3,393 3,375 3,371 3,367 3,522 95,691 95,670 95,729 96,088 96,190 97,264 6,845 6,481 6,202 6,082 5,928 5,729 11,446 11,490 11,381 11,328 11,192 11,146 4,634 4,618 4,615 4,356 4,517 4,589 64.1 64.1 64.0 64.1 64.0 64.6 63.8 63.7 63.6 63.7 63.7 64.3 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Total labor force as percent of noninstitutional population (both including resident Armed Forces). 3 Civilian labor force as percent of civilian noninstitutional population. 4 Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment. _ ,T , ™ ,• T ^ c, • • 0 Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, declined in June to 9.8 percent. The unemployment rate for all civilian workers also declined, to 10.0 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 25 25 ~\ r+ * »* / / +— 20 20 BLACK AND OTI- ER y '*1 ~S «.V* <* ~'\j t**\ + + . 'V V S* r^v' §i * r^ *+i TEENAGERS (16-19) 15 15 *v>/' t *%f 4 'VS. VyV >x^ ^**^-. 10 10 ALL C VILIAN WORK ERS^X^J \ - ^^ t^*** ***"*», —\-^ ^^*^/' ,,./ WHITE 5 5 0 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 I I I I | i 1 I 1 I 1 1 1 1 1 1 1 1 1 1 1 I I 1 1 1 I1 1 1 1 1 1979 1980 1981 0 1983 1982 &PS XV^r WOMEN 20 YEARS AND OVER ***** ^^^ —*ww. 1 11 11111 1 11 1979 ,>^^ 7 -*1T^ '«^,»«'v,^ MEN 20 > 'EARS ?n£ '— AND OVER M ( I 1 I 11 I I i I 1 .I . . . . I n . . . 1 l I 1 1 1 i I il 1 1980 1982 1981 •UNEMPLOYMENT AS PERCENT OF CIVILIA M LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPA8TMEN T OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unempl oyment ra te (percent of civilian labor force in group) By sex and a£e Byselected grou])S Unemployment rate, all workers 1 civilian workers Men 20 years and over Women 20 years and over 6.9 6.0 5.8 7.0 7.5 9.5 7.1 6.1 5.8 7.1 7.6 9.7 5.2 4.3 4.2 5.9 6.3 8.8 7.0 6.0 5.7 6.4 6.8 8.3 17.8 16.4 16.1 17.8 19.6 23.2 6.2 5.2 5.1 6.3 6.7 8.6 13.1 11.9 11.3 13.1 14.2 17.3 14.0 12.8 12.3 14.3 15.6 18.9 6.6 5.6 5.5 6.9 7.3 9.3 3.6 2.8 2.8 4.2 4.3 6.5 1982: June.. July .. Aug... Sept .. Oct.... Nov... Dee... 9.4 9.7 9.7 10.1 10.3 10.6 10.7 9.5 9.8 9.9 10.2 10.5 10.7 10.8 8.7 8.9 9.0 9.6 9.8 10.0 10.1 8.1 8.3 8.3 8.4 8.7 9.0 9.2 22.5 23.9 23.8 23.8 24.1 24.2 24.5 8.4 8.7 8.7 9.1 9.3 9.6 9.7 17.1 17.4 17.7 18.1 18.4 18.5 18.8 18.6 18.8 19.1 19.8 20.1 20.2 20.8 9.2 9.4 9.4 9.8 10.1 10.5 10.7 1983: Jan... Feb ... Mar... Apr ... May... June.. 10.2 10.2 10.1 10.1 10.0 9.8 10.4 10.4 10.3 10.2 10.1 10.0 9.6 9.9 9.6 9.8 9.6 9.0 9.0 8.9 8.8 8.4 8.5 8.6 22.7 22.2 23.5 23.4 23.0 23.6 9.1 9.2 9.0 8.9 8.9 8.6 19.0 18.0 18.5 18.8 18.6 18.9 20.8 19.7 19.9 20.8 20.6 20.6 10.1 10.1 10.1 9.9 9.8 9.4 Period 1977 1978 1979 1980 1981 1982 1 By race All All Both sexes 16-19 years Black aiad other White Unemployed as percent of total labor force including resident Armed Forces. Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours. 2 12 Black Total Experienced wage and salary workers Married men, spouse present Women who maintain families Labor force time lost (percent) 2 Fulltime workers Parttime workers 9.4 8.5 8.3 9.2 10.4 11.7 6.6 5.6 5.3 6.9 7.3 9.6 9.9 9.0 8.8 8.8 9.4 10.5 7.6 6.5 6.3 7.9 8.5 11.0 6.4 6.6 6.8 7.2 7.5 7.6 7.8 12.1 12.0 11.7 12.4 11.3 12.5 13.2 9.4 9.6 9.7 10.2 10.5 10.6 10.8 10.0 11.2 10.4 10.6 10.3 11.3 11.1 10.4 10.7 10.9 11.7 12.0 12.4 12.7 7.1 7.2 7.1 7.1 7.0 6.6 13.2 13.0 13.5 13.2 12.9 12.8 10.3 10.4 10.3 10.2 9.9 9.7 10.6 10.1 10.5 10.6 11.0 12.1 11.7 12.0 11.8 11.4 11.5 10.8 Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In June, the percentage of unemployed persons who had been out of work for more than 15 weeks and the percentage out of work for less than 15 weeks were unchanged. PERCENT DISTRIBUTION* 70 PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT 60 JOB LOSERS V 50 - 40 REENTRANTS 20 NEW ENTRANTS 10 10 - 0 I I I 1 1 § 1 1 1 1 1 i i 11 1 1 1 1 i ill 1 1 1 1 1 1 1 1 i 11 i i i i i I i i 111 t i i i ) l i i i i 1979 1980 1979 1983 1980 1981 1982 1983 * SEASONALLY ADJUSTED COUNCll OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] TT Period ployment (thousands) Percent < listribution of unemplo^pment by durat ion * Less than 5 weeks Percent distribution of lunemployment by reas on 27 5-14 weeks 15-26 weeks weeks and over Job losers Job leavers Reentrants New entrants State Propams Insured unemployment Initial claims Insured unemployment, all regular programs (unadiust- Special unemployment benefit claims (unadjust- ed)* ed) 3 1Weekly ave rage, thousarids 1978 1979 1980 1981 1982 14.3 13.3 11.4 11.9 11.1 2,359 2,434 3,350 3,047 4,057 346 388 488 460 583 2,645 2,592 3,837 3,410 4,590 17.4 16.6 16.8 17.8 19.1 19.4 21.3 59.0 58.3 58.6 60.7 62.4 61.6 60.6 7.9 7.5 7.4 6.8 6.8 6.6 6.9 22.7 22.8 22.2 21.2 19.8 21.3 21.8 10.4 11.3 11.9 11.3 11.0 10.4 10.7 4,011 3,988 4,136 4,379 4,615 4,635 4,428 560 539 617 654 659 618 546 4,328 4,495 4,398 4,282 4,391 4,635 5,074 23.5 23.5 24.5 24.4 25.3 26.4 59.1 60.2 60.4 59.7 60.5 58.4 7.4 7.5 8.0 7.2 7.2 7.0 23.1 22.0 21.5 22.0 21.1 21.7 10.4 10.3 10.2 11.0 11.2 12.9 3,941 3,907 3,894 3,832 3,586 3,329 509 485 493 484 458 411 5,459 5,437 5,134 4,642 3,947 41.7 36.4 13.6 16.0 8.7 10.7 14.0 16.6 10,466 10,828 10,931 11,315 11,576 11,906 12,036 34.3 36.7 36.0 35.1 33.9 32.9 32.9 32.3 30.1 30.7 31.1 30.2 29.5 28.3 16.0 16.5 16.6 16.0 16.8 18.2 17.4 11,446 11,490 11,381 11,328 11,192 11,146 30.8 32.6 30.7 32.1 31.9 32.8 28.9 27.1 28.1 28.5 27.0 26.1 16.8 16.8 16.7 15.0 15.7 14.7 1983: Jan Feb Mar Apr May June .... 1 2 29.9 29.4 25.2 25.4 22.3 12.4 11.5 13.8 June.... July Aug Sept Oet Nov Dec 1982: 58.7 14.1 14.3 11.7 11.2 7.9 31.0 31.7 32.3 30.7 31.0 6,202 6,137 7,637 8,273 10,678 46.2 48.1 43.1 10.4 41.7 42.9 51.7 51.6 Detail mav not add to 100 percent because of rounding. Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 3 807 897 708 936 953 691 1,117 1,445 1,086 Federal supplemental compensation program. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 344,000 in June following a rise of 315,000 in May. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 22 WHOLESALE AND RETAIL TRADE 90 ALL NONAGRICULTURAL ESTABLISHMENTS 20 SERVICES [^ 80 - 16 70 GOVERNMENT A\| i i i I i i i i 1 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 SERVICE-PRODUCING INDUSTRIES 60 MANUFACTURING 20 50 40 CONSTRUCTION .GOODS-PRODUCING . INDUSTRIES 30 20 1979 1979 1980 1980 1982 1981 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; 1 seasonally adjusted] Goods- producing in< ustries rn A i Period lotai nonagricultural employment Service-p reducing N anufacturing Total2 Construction Total Durable goods Nondurable goods Total Transportation and public utilities 1978 1979 1980 1981.. 1982 86,697 89,823 90,406 91,156 89,596 25,585 26,461 25,658 25,497 23,907 4,229 4,463 4,346 4,188 3,911 20,505 12,274 12,760 12,187 12,109 11,100 8,231 8,280 8,098 8,061 7,753 61,113 63,363 64,748 65,659 65,689 4,923 21,040 20,285 20,170 18,853 1982: June July Aug Sept Oct Nov Dee 89,775 89,450 89,264 89,235 88,938 88,785 88,665 24,001 23,843 23,672 23,530 23,287 23,131 23,061 3,933 3,916 3,893 3,875 3,847 3,843 3,815 18,918 18,802 18,666 18,555 18,358 18,222 18,193 11,169 11,095 10,961 10,862 10,685 10,577 10,559 7,749 7,707 7,705 7,693 7,673 7,645 7,634 1983: Jan r Feb Mar Apr'..... May r.... Junep... 88,886 88,746 88,814 89,101 89,416 89,760 23,186 23,049 23,030 23,159 23,347 23,514 3,905 3,790 3,757 3,786 3,863 3,946 18,244 18,245 18,267 18,376 18,486 18,560 10,594 10,608 10,617 10,689 10,783 10,830 7,650 7,637 7,650 7,687 7,703 7,730 1 Includes all hill- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial dis- 14 Wholesale and retail trade indtistries Finance, insurance, and real estate Government Services Federal State and local 5,146 5,165 5,081 19,542 20,192 20,310 20,547 20,401 4,975 5,160 5,298 5,340 16,252 17,112 17,890 18,619 19,064 2,753 2,773 2,866 2,772 2,739 12,919 13,174 13,375 13,259 13,064 65,774 65,607 65,592 65,705 65,651 65,654 65,604 5,099 5,075 5,056 5,054 5,033 5,019 5,008 20,454 20,438 20,410 20,380 20,344 20,320 20,256 5,339 5,342 5,344 5,351 5,350 5,356 5,367 19,046 19,083 19,097 19,136 19,144 19,187 19,215 2,738 2,737 2,739 2,735 2,742 2,746 2,747 13,098 12,932 12,946 13,049 13,038 13,026 13,011 65,700 65,697 65,784 65,942 66,069 66,246 4,980 4,966 4,963 4,988 4,991 4,997 20,355 20,343 20,350 20,329 20,354 20,457 5,374 5,384 5,391 5,423 5,431 5,451 19,238 19,262 19,356 19,478 19,565 19,711 2,748 2,742 2,742 2,749 2,749 2,745 13,005 13,000 12,982 12,975 12,979 12,885 5,136 4,724 putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments. * Includes mining, not shown separately. „ _ .,.,«, , » , « . . Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] iAverage weekly Average giross hourly earnings hours Period 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: June July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr r May r June* Manilladuring Total private nonagricultural * .. Total 36.5 36.1 36.1 36.0 35.8 35.7 35.3 35.2 34.8 34.9 34.9 34.8 34.8 34.7 34.7 34.8 35.1 34.5 34.8 34.9 35.1 35.1 Total private nonagricultural 1 Overtime 3.3 2.6 3.1 3.5 3.6 3.3 2.8 2.8 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.6 2.9 2.7 2.9 40.0 39.5 40.1 40.3 40.4 40.2 39.7 39.8 38.9 39.1 39.1 39.0 38.8 38.9 39.0 39.0 39.7 39.2 39.5 40.1 39.9 40.1 Manufacturing $4.42 $4.24 4.53 4.83 5.22 5.68 6.17 6.70 7.27 7.99 8.50 8.51 8.54 8.56 8.57 8.58 8.61 8.63 8.68 8.76 8.75 8.78 8.79 8.82 4.86 5.25 5.69 6.16 6.66 7.25 7.67 7.67 7.70 7.73 7.73 7.76 7.78 7.82 7.88 7.91 7.91 7.95 7.98 8.00 Adjuste d hourly earnings index— total private 2 nonagncultural Percent chanj ^ from a year earlif , r 4 5 Ind ex, 1977--100 Current dollars 1977 dollars 3 80.0 86.7 92.9 100.0 108.1 116.8 127.3 138.9 148.3 148.0 148.8 149.6 150.0 150.7 151.1 151.9 152.7 153.4 153.4 154.0 154.6 154.8 Current dollars 8.0 8.4 7.2 7.6 8.1 8.0 9.0 9.1 6.8 7.0 7.0 6.6 6.1 6.2 5.7 6.0 5.4 5.7 5.4 5.2 4.8 4.6 98.3 97.6 99.0 100.0 100.5 97.4 93.5 92.6 93.3 92.8 92.8 93.0 93.1 93.1 93.4 94.1 94.7 95.3 95.0 94.8 94.7 94.7 1977 dollars -2.8 -.7 1.4 1.0 .5 -3.1 -4.0 -1.0 .8 .1 .7 .7 1.2 1.2 1.1 2.0 1.8 2.4 1.6 1.2 1.4 2.1 AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Percent el tange from a year earlier, total private n onagrieultural 5 Averajge gross weekly eiirnmgs Period Total iirivate nonagnc ultural l Current dollars 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: June July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr r May r June* 1 $154.76 163.53 175.45 189.00 203.70 219.91 235.10 255.20 266.92 267.68 268.73 269.00 269.00 269.27 269.97 272.14 276.59 272.90 275.27 277.46 280.10 280.80 Manufacturing 1977 dollars 3 $190.12 184.16 186.85 189.00 189.31 183.41 172.74 170.13 167.87 167.93 167.54 167.18 166.98 166.32 166.96 168.61 171.48 169.61 170.45 170.85 171.63 171.85 Also includes other private industry groups shown on p. 14. Adjusted for interindustry employment shifts and for overtime in manufacturing. Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 1 Revised index for urban wage earners and clerical workers used beginning 1978. 2 3 Construction Wholesale and retail trade Current dollars 1977 dollars Current dollars $176.80 190.79 209.32 228.90 249.27 269.34 288.62 318.00 330.65 332.74 333.91 333.84 332.52 333.76 335.79 336.57 344.60 343.39 345.63 352.08 350.72 353.68 $249.25 266.08 283.73 295.65 318.69 342.99 367.78 399.26 426.45 425.78 431.47 428.72 425.59 427.25 426.24 437.18 461.35 439.20 438.00 443.54 442.38 441.26 $119.02 126.45 133.79 142.52 153.64 164.96 176.46 190.62 198.10 197.78 199.36 199.68 199.06 200.65 200.98 203.19 202.57 200.65 202.88 203.83 206.07 207.36 6.4 5.7 7.3 7.7 7.8 8.0 6.9 8.5 4.6 4.8 4.9 4.3 4.0 3.4 3.4 4.4 6.8 3.1 4.3 4.7 4.9 5.2 —4.1 -3.1 1.5 1.2 .2 -3.1 -5.8 -1.5 -1.3 -2.0 -1.3 -1.4 __.9 -1.6 -1.1 .5 3.1 -.2 .6 .7 1.4 2.7 4 Monthly changes based on indexes to two decimal places. Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 5 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of allpe rsons Period Output 1 Compens ition per hour s Hours of 2all persons Real com sensation per h BUT 4 Business sector Nonfarm business sector 1969 85.5 86.5 79.0 78.8 92.5 91.1 54.2 54.8 89.6 1970 1971 1972 1973 1974 86.2 89.2 92.4 94.7 92.5 86.8 89.7 93.0 95.3 92.9 78.4 80.7 86.1 r 91.7 89.9 78.0 80.3 85.8 91.7 89.8 91.0 90.5 93.2 96.8 97.3 89.8 89.5 92.3 96.2 96.7 58.2 62.0 66.1 71.3 78.0 58.7 62.5 66.7 71.7 78.5 1975 1976 1977 1978 1979 r. 94.5 97.6 100.0 100.6 99.4 94.7 97.8 100.0 100.6 99.1 88.2 93.8 100.0 105.5 107.8 87.8 93.7 100.0 105.7 108.0 93.3 96.0 100.0 104.9 108.5 92.7 95.8 100.0 105.0 109.0 85.5 92.9 100.0 108.6 118.7 1980 r. 1981 r. 1982 r. 98.9 101.3 101.2 98.4 100.3 100.2 106.5 109.8 106.7 106.5 109.3 106.3 107.6 108.4 105.4 108.2 109.0 106.0 100.5 101.1 102.3 101.2 100.1 100.1 101.1 99.9 109.2 109.8 111.2 108.9 109.2 109.4 110.5 108.2 108.6 108.6 108.7 107.7 101.1 100.7 101.1 101.9 100.0 99.9 100.4 100.8 107.2 106.9 106.6 106.0 106.5 106.7 106.5 105.4 102.5 103.5 101.7 102.8 107.1 109.9 106.7 109.5 Business sector Nonfarm business sector Implici t price defla tor 5 Unit abor CO st Business sector Nonfarm business sector Business sector Nonfarm business sector 90.6 63.4 63.4 63.2 63.3 90.8 92.8 95.7 97.3 95.9 91.5 93.5 96.6 97.8 96.4 67.5 69.5 71.5 75.3 84.4 67.6 69.7 71.7 75.3 84.5 66.0 69.0 71.3 75.3 82.4 66.3 69.3 71.3 74.0 81.6 86.0 93.0 100.0 108.6 118.4 96.3 98.9 100.0 100.9 99.1 96.8 99.0 100.0 100.9 98.9 90.5 95.1 100.0 108.0 119.5 90.8 95.1 100.0 108.0 119.5 r 90.4 94.7 100.0 107.5 117.2 90.0 94.6 100.0 107.1 116.5 131.2 143.9 155.1 130.7 143.5 154.7 96.5 95.9 97.4 96.1 95.6 97.1 132.7 142.1 153.3 132.8 143.0 154.4 128.1 140.1 147.7 128.1 140.4 148.6 109.1 109.2 109.4 108.2 139.7 142.2 145.5 148.2 139.3 141.8 145.1 147.7 96.3 96.1 95.6 95.6 96.0 95.8 95.3 95.4 139.0 140.7 142.3 146.4 139.2 141.6 143.5 147.8 136.3 138.2 141.5 144.3 136.2 138.4 141.8 145.0 106.0 106.2 105.4 104.0 106.5 106.8 106.0 104.6 151.6 153.9 156.5 158.7 151.3 153.5 156.1 158.3 97.1 97.4 97.1 98.0 96.9 97.1 96.9 97.8 149.9 152.9 154.7 155.6 151.3 153.6 155.4 157.1 145.5 147.5 148.5 149.4 146.4 148.3 149.1 150.5 104.5 106.2 104.9 106.5 160.7 162.2 161.0 162.8 99.4 99.3 99.5 99.6 156.9 156.8 158.3 158.4 151.5 153.1 152.4 154.2 6.8 4.9 4.7 6.6 3.1 2.8 5.0 12.2 4.5 4.4 3.4 5.5 9.5 4.8 4.5 3.0 3.8 10.2 7.5 4.8 5.2 8.0 10.7 9.8 4.7 5.6 7.5 9.0 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector 197 7 = 100; q[uarteriy <3 ata seasontally adjus ted 1981: Ir n r.r m r.... IV .... 1982: I rr n .r in r.... IV .... 1983: I r HP Peircent chan aje; quarte rly data a , seasonal!y adjusted annual rates 1969 0.2 1970 1971 1972 1973 1974 .8 3.6 3.5 2.6 -2.4 1975 1976 1977 1978 r 1979 . 1980 r. 1981 rr. 1982 . r 1981: I r n r..... m r... IV ... r 1982: I r n r..... m r... IV ... 1983: I r n*.... 2.9 2.9 2.6 3.2 7.0 6.5 1.5 1.1 6.7 .3 3.3 3.7 2.4 -2.5 -.8 3.0 6.6 6.6 -2.0 -1.0 2.9 6.9 6.8 r -1.6 -.5 3.0 3.9 .4 -1.3 -.4 3.1 4.3 .5 7.3 6.6 6.5 8.0 9.4 7.0 6.6 6.7 7.6 9.4 1.3 2.2 3.1 1.6 -1.4 1.0 2.2 3.3 1.3 -1.4 6.4 2.9 2.9 5.3 12.1 2.2 3.3 2.4 .6 -1.2 2.0 3.2 2.2 .6 -1.5 -2.0 6.4 6.6 5.5 2.3 -2.2 -4.1 3.0 4.1 4.9 3.5 -4.1 3.4 4.4 5.0 3.7 9.6 8.6 7.7 8.6 9.4 9.6 8.1 7.5 8.6 9.0 .5 2.6 1.2 .9 -1.7 .4 2.2 1.0 .9 -2.0 7.3 5.1 5.1 8.0 10.7 -.5 2.4 -.1 -.7 1.9 -.1 -1.3 3.1 -2.8 -1.4 -.8 .7 -2.7 -.7 .7 -2.7 10.5 9.7 7.7 10.4 9.8 7.8 -2.6 -.6 1.5 -2.8 -.6 1.6 11.1 7.1 7.9 11.1 7.7 7.9 9.2 9.4 5.4 10.0 9.6 5.8 5.9 2.2 4.7 -4.1 5.2 .4 3.8 -4.4 8.3 2.3 5.2 -7.8 2.3 .1 .5 -3.9 2.4 .5 .5 -4.0 11.5 7.4 9.6 7.5 11.5 7.3 9.6 7.6 .8 -1.0 -2.2 .3 .9 -1.1 -2.1 .3 5.3 5.0 4.7 12.2 6.0 6.9 5.6 12.6 11.2 5.6 9.9 8.2 11.6 6.6 10.0 9.5 -.4 -1.6 1.7 3.3 .1 -.4 2.3 1.3 .8 -.6 4. j -6.0 .6 -2.7 -5.4 -6.2 1.2 -2.9 -5.3 9.4 6.4 6.7 5.7 10.0 5.8 7.2 5.8 6.3 1.1 -1.0 3.7 6.8 .5 -.6 3.7 9.8 8.1 5.0 2.3 9.9 6.2 4.7 4.4 3.4 5.5 2.7 2.6 3.7 5.4 2.2 3.7 2.0 4.1 3.7 4.3 4.9 10.9 2.1 6.5 1.2 6.3 5.4 3.7 6.8 4.6 5.8 7.2 .4 3.3 -.4 3.0 .2 5.5 4.4 5.3 4.7 -0.3 -6.3 -1.0 -1.1 -2.3 4.2 10.9 -2.0 6.7 6.7 5.7 2.2 2.7 -2.8 7.8 .8 4.3 -8.3 -6.2 1 Output refers to gross domestic product originating in the sector in 1972 dollars. 2 Hours of all persons in private industry engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self- * Hourly compensation divided by the consumer price index. 16 5 ^ r r r 10.3 5.1 5.7 7.1 8.8 r Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Series revised. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 1.1 percent in June, the same as the rise in May. The index for June was 5.2 percent above its year earlier level. INDEX, 1967=100* (RATIO SCALE) INDEX, 1967=100* TOTAL INDUSTRIAL PRODUCTION 180 180 160 160 140 140 (RATIO SCALE) UTILITIES AND MINI NG PRODU CTION /y^ ""^1 r/^^ |—*~ss/- UTILITIES / 4 f"""™*^* v/\ MINING •~-*r 120 -N \ \ \ \ 120 V I 111 I i i i i i 1979 1980 1981 1982 \ 1983 100 i ii i l l i n n i i i i i 1 1 1 1 i i 1979 MANUFACTURING PRODUCTION 1980 1 1I 11 I 1 1 1 1 L 1981 1 1 1 1 1 1 1 1 1 1 1 1 1i 11 1 11 1I 1 1982 1 1983 PERC ENT* MANUFACTURING CAPACITY UTILIZATION RATE 90 80 70 120 60 1979 * SEASONALLY 1980 1983 1979 1980 1981 1982 1983 ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Seasonally adjusted] Period Index, 1967 = 100 1967 proportion 1976 1977 1978 1979 1980.. 1981 1982 1982: June July Aug Sept Get Nov Dec 1983: Jan Feb Mar r . Apr r May r June p 1 2 Manufa cturing Manufacturing Percent change from year earlier Mining Total 87.95 100.00 130.5 138.2 146.1 152.5 147.0 151.0 138.6 138.7 138.8 138.4 137.3 135.7 134.9 135.2 137.4 138.1 140.0 142.7 144.3 145.9 Capacity u tilization rate , percent l Industry proe uction indexes , 1967 = 100 To tal Indus trial production 10.8 5.9 5.7 4.4 -3.6 2.7 -8.2 -9.3 -9.8 -9.9 -9.4 -9.0 -7.8 -5.7 -2.3 -3.4 -1.2 1.8 3.7 5.2 Output as percent of capacity. Annual data are averages of the four monthly indexes. 130.3 138.4 146.8 153.6 146.7 150.4 137.6 137.7 138.1 138.0 137.1 135.0 134.0 134.5 136.7 138.2 140.4 143.1 145.0 146.6 Durable 51.98 122.3 130.0 139.7 146.4 136.7 140.5 124.7 125.5 125.9 124.9 123.5 120.3 119.3 119.9 122.5 123.9 126.3 129.1 131.2 133.2 Utilities Nondurable 35.97 141.8 150.5 156.9 164.0 161.2 164.8 156.2 155.3 155.7 156.9 156.7 156.2 155.3 155.6 157.4 159.0 160.7 163.3 164.9 165.9 6.36 114.2 118.2 124.0 125.5 132.7 142.2 126.1 123.5 120.1 116.9 114.7 115.9 116.8 118.4 121.9 115.6 112.6 111.7 112.6 113.1 5.69 151.7 156.5 161.4 166.0 168.3 169.1 168.7 169.4 167.7 168.5 167.5 167.8 166.7 164.2 163.1 162.0 165.8 169.2 169.7 170.3 Federal Reserve series r 79.6 82.2 84.7 r 86.0 r 79.6 r 79.4 Commerce2 series r 81 83 84 83 r 78 76 70 71 r 71.1 71.3 r 71.4 r 71.2 r r 70.6 69.4 r 68.8 r 68.9 r 70.0 r 70.6 r 71.6 72.9 73.7 74.4 69 68 Materials (Federal Reserve series) 81.1 82.6 85.6 r 87.6 r 80.4 r 80.7 r r r 70.1 r 70.0 r 69.7 r 69.5 r 69.0 r 67.9 r 67.0 r 66.6 r 68.7 r 70 70.1 71.5 72.5 73.4 74.2 Sources: Board of Governors of the Federal Reserve System and Department of Commerce (Bureau of Economic Analysis). NOTE.—Federal Reserve capacity utilization data revised beginning 1967. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967 = 100, seasonally adjusted] Prod uets Intermedia te products Final products Period C onsumer good s Total Total Durable goods 1967 proportion 47.82 27.68 7.89 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 124.4 125.1 118.2 127.6 135.9 142.2 147.2 145.3 149.5 141.5 142.1 142.5 141.2 140.0 138.7 138.3 139.5 140.1 138.9 139.9 142.8 144.5 146.0 131.5 128.9 124.0 137.1 145.3 149.1 150.8 145.4 147.9 142.6 144.8 145.8 144.1 143.4 142.2 141.3 142.0 143.6 143.4 144.3 147.6 149.5 151.3 146.2 135.3 121.4 141.9 154.0 159.2 155.8 136.7 140.5 129.2 134.6 137.3 132.9 131.3 126.5 124.6 125.9 131.6 134.4 136.3 140.1 144.6 148.8 1982: June July Aug Sept Get Nov Dee.... 1983: Jan Feb Mar r. Apr r Mayr. June* Materials Equip ment Nondurable goods 19.79 125.6 126.3 125.1 135.2 141.9 145.1 148.8 148.9 150.9 146.0 148.8 149.1 148.6 148.2 148.5 147.9 148.4 148.3 147.0 147.5 150.6 151.5 152.3 Total Total Business 20.14 12.63 114.5 120.0 110.2 114.6 123.0 132.8 142.2 145.2 151.8 139.8 138.4 138.0 137.3 135.2 134.0 134.2 136.1 135.3 132.7 133.8 136.2 137.5 138.7 134.2 142.4 128.2 135.4 147.8 160.3 171.3 173.2 181.1 157.9 156.7 154.9 153.9 150.5 147.1 146.4 148.1 146.6 142.7 143.7 147.0 148.6 149.8 12.89 137.2 135.3 123.1 137.2 145.1 154.1 160.5 151.9 154.4 143.3 141.9 142.8 144.7 143.7 141.6 141.8 141.5 143.7 145.3 147.8 150.8 151.9 153.5 Construction supplies 6.42 139.8 134.5 116.3 132.6 140.6 151.7 158.0 140.9 141.9 124.3 123.1 124.1 127.1 125.5 122.5 123.4 123.0 127.0 129.7 133.1 136.8 138.5 140.9 Supplementary group: Energy total 39.29 133.9 132.4 115.5 131.7 138.6 148.3 156.4 147.6 151.6 133.7 133.5 133.0 132.8 132.0 130.0 128.4 127.8 132.0 134.9 137.6 139.8 141.5 143.3 12.23 128.3 125.5 125.5 129.1 132.9 135.4 137.9 137.7 137.4 135.7 136.2 136.4 134.8 132.7 134.1 133.3 132.2 132.4 131.0 131.9 133.9 134.1 134.9 [1967=100, seasonally adjusted] * endurable imanufacture s Durable numufactures Transp<irtation equipment Primary metals Period Total 1967 proportion 1973 1974 1975 1976 1977 1978 1979.... 1980 1981 1982 1982: June July Aug Sept Get Nov Dec 1983: Jan Feb Mar T Apr r May r. June* 6.57 126.7 123.1 96.4 109.7 111.1 119.9 121.3 102.3 107.9 75.3 72.8 72.9 72.9 73.2 69.6 63.6 63.5 73.1 77.9 81.2 82.5 85.1 86.9 Iron and steel Fabricated metal products 4.21 122.3 119.8 95.8 104.8 103.8 113.2 113.2 92.4 99.8 61.7 58.0 58.1 57.4 56.4 54.1 47.5 46.6 59.0 64.3 66.9 68.5 70.3 Source: Board of Governors of the Federal Reserve System. 18 5.93 124.7 124.2 109.9 123.9 131.0 141.6 148.5 134.1 136.4 114.8 115.0 115.5 114.3 112.3 107.6 107.0 107.3 107.6 110.3 113.9 115.3 116.1 117.3 Nonelectrical machinery 9.15 133.7 140.1 125.1 134.5 143.6 153.6 163.7 162.8 171.2 149.0 147.4 147.1 147.2 144.9 140.4 139.6 139.2 138.0 136.2 138.6 143.2 146.6 147.6 Electrical machinery Total 8.05 143.1 143.8 116.5 134.8 145.4 159.4 175.0 172.8 178.4 169.3 170.8 170.3 169.7 167.0 165.4 165.5 165.5 169.5 168.9 173.8 177.5 179.6 182.3 9.27 118.3 108.7 97.4 111.1 122.2 132.5 135.4 116.9 116.1 104.9 111.6 112.7 107.0 105.3 100.8 100.2 103.7 106.3 109.6 110.1 111.4 113.6 116.9 Motor vehicles and parts 4.50 148.8 128.2 111.1 142.0 161.1 169.9 159.9 119.0 122.3 109.8 124.0 127.2 116.7 113.5 103.0 101.7 108.8 113.9 123.0 123.2 125.5 130.3 136.7 Lumber and products 1.64 126.0 116.2 107.6 123.2 131.2 136.3 136.9 119.3 119.1 112.6 112.2 116.9 120.3 119.9 117.2 119.1 121.4 130.0 130.2 128.7 132.1 135.8 Apparel products 3.31 117.3 114.3 107.6 125.7 134.2 134.2 134.4 127.0 120.4 Printing and publishing Chemicals and products 4.72 7.74 118.2 118.2 113.3 122.5 127.6 131.5 136.9 139.6 144.2 144.1 142.6 143.9 145.3 144.3 142.0 141.7 142.8 141.3 144.0 145.9 145.5 145.0 145.9 154.5 159.4 147.2 170.9 185.7 197.4 211.8 207.1 215.6 196.1 193.2 194.1 195.6 196.4 194.1 192.8 195.9 197.6 202.3 205.7 208.8 210.9 Foods 8.75 120.9 124.0 123.4 133.0 138.8 142.7 147.5 149.6 152.1 151.1 151.0 151.0 150.7 149.0 151.5 152.0 152.8 154.4 153.0 152.0 153.5 NEW CONSTRUCTION Construetion contracts 2 Private Period Total new construction expenditures Resi<lential Total Commercial and industrial New housing Total1 Other Federal, State, and local Total value index (1977 = 100) Commercial and industrial floor space (millions of square feet) IMillions of dollars 151.1 173.8 205.6 230.4 230.7 239.4 232.0 1976 1977 1978.. 1979 1980 1981 r. 1982 r 19.9 22.5 29.6 39.9 43.8 51.3 54.6 47.3 65.7 75.8 78.6 63.1 62.7 51.9 60.5 81.0 93.4 99.0 87.3 86.6 74.8 112.0 135.7 159.7 181.6 175.7 186.1 181.0 31.5 32.2 36.7 42.7 44.7 48.2 51.5 45.9 48.8 55.0 53.3 51.1 r Seasonally adjusted Seasonal ly adjusted ammaH rates May r June r. Julyr Augr. Septr Oct r. Nov r. Dec r Jan r Febr Mar r Apr r May* June p 1982: 1983: 230.9 233.4 230.8 231.6 230.7 234.1 243.7 240.2 247.9 243.0 241.9 245.5 253.2 259.7 , . i 1T A additions AX 1 Includes nonhousekeeping residential construction and and alterations, not shown separately. 2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. NOTE.—Series on new construction expenditures revised beginning 1980. 1 54.3 56.9 55.0 54.5 54.6 54.1 54.6 52.6 53.4 51.0 49.7 46.8 46.3 48.9 50.1 49.3 51.4 52.6 53.0 53.6 55.8 58.6 63.4 68.8 72.3 77.3 82.3 86.6 75.2 75.5 73.8 72.7 71.7 76.4 81.2 86.0 89.7 93.6 96.1 102.0 107.6 112.4 180.9 182.9 180.8 179.5 178.2 181.9 190.5 190.8 195.0 194.3 194.9 198.0 204.7 211.9 51.5 50.5 52.0 52.3 51.9 51.4 54.7 52.2 52.0 49.8 49.0 49.2 50.8 50.6 592 739 977 1,059 904 906 685 79.0 100.0 114.0 122.0 107.0 107.0 111.0 39.1 38.2 50.0 50.4 50.0 52.2 52.5 52.2 53.2 49.4 52.9 48.7 47.0 47.5 48.5 47.9 Seasonally adjusted annual rates 94 111 98 112 117 105 122 131 127 119 131 129 148 151 645 778 694 717 671 656 608 595 803 693 632 652 734 785 \ and ««J McGraw-Hill U»S2.»n, Will 1 i. Census) n Sir. Tl ,* Sources: Department of Commerce (Bureau oft the Information Systems Company, F. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New prrv ate homes New private housing units Units started, bj type of structurej Period Total 1975 1976 1977., 1978 1979 1980 1981 1982 1,160.4 1,537.5 1,987.1 2,020.3 1,745.1 1,292.2 1,084.2 1,062.2 1 unit 892.2 1,162.4 1,450.9 1,433.3 1,194.1 852.2 705.4 662.6 2-4 units 5 or more units 64.0 85.9 121.7 125.0 122.0 109.5 91.1 80.0 204.3 289.2 414.4 462.0 429.0 330.5 287.7 319.6 Units authorized 939.2 1,296.2 1,690.0 1,800.5 1,551.8 1,190.6 985.5 1,000.5 Units completed Homes sold Vacancy rate Homes for sale at end of period l housing units (percent) 2 1,317.2 1,377.2 1,657.1 1,867.5 1,870.8 1,501.6 1,265.7 1,005.5 549 646 819 817 709 545 436 412 313 353 402 414 3 398 336 272 251 6.0 5.6 5.2 5.0 5.4 5.4 5.0 5.3 943 1,010 1,001 936 1,077 1,053 1,035 1,195 1,138 r l,147 1,158 1,370 369 364 389 473 481 545 529 611 593 r 611 r 637 r 657 638 254 250 248 247 245 246 251 5.1 Seasonal [y adjusted annu al rates 1982: June July Aug Sept Get Nov $ee 1983: Jan Feb Mar Apr r May r June" 1 910 ,185 ,046 ,134 ,142 ,361 ,280 ,694 ,784 ,605 ,506 ,799 ,747 617 625 651 683 716 868 842 1,126 1,103 1,008 1,001 1,187 1,103 86 96 87 90 66 79 79 100 117 100 117 98 134 207 464 308 361 360 414 359 468 564 497 388 514 510 Seasonally adjusted. 2 Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable with earlier data. 3 New series beginning March 1979. 924 1,065 928 ,029 ,154 ,227 ,326 ,447 ,479 ,467 ,536 1,635 1,761 259 262 r 262 r 267 r 280 289 5.3 5.5 5.7 5.5 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; 1973-77 are for 14,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Total and Trade Business sales rose 3.4 percent in May and inventories rose $1.4 billion. According to the advance survey, total retail sales rose 0.7 percent in June following a rise of 3.1 percent in May. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 600 160 150 550 140 500 RETAIL INVENTORIES 130 450 120 110 400 100 350 90 f____?t, 80 300 RETAIL SALES 70 250 60 200 50 1979 1980 1981 1982 1983 RATIO* 150 100 1 1 1 1 1 i iI 1 1 1 1 i i i i 1 1 1 ii i I 1 1 i n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ii i 1 1 1 i I i 1 1 i i 1979 1980 1983 1979 1983 1982 1981 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Total bu siness l Period COUNCIL OF ECONOMIC ADVISERS Re tail Wholesale Inventory-sales ratio * Inventories 3 Sales2 Sales2 Inven- Sales2 InvenTotal Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Total Retail Millions of dollars, seasonally £idjusted 1975 1976 1977 1978 1979 1980 1981 1982 1982: May June July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr r May* June* 1 2 3 182,230 204,277 229,624 260,307 297,663 327,284 356,099 344,179 288,375 318,544 351,036 398,890 450,736 492,885 526,152 511,942 46,623 50,694 55,987 66,117 78,680 92,658 100,673 95,363 56,697 64,078 72,311 85,685 98,394 112,341 116,986 118,790 49,012 54,781 60,435 67,286 75,047 80,235 87,298 89,640 15,247 18,150 20,724 23,218 25,196 24,401 26,335 26,739 33,765 36,631 39,711 44,067 49,850 55,834 60,963 62,901 71,744 79,273 89,530 102,790 111,229 116,430 126,833 128,250 33,356 37,841 43,135 49,987 53,717 54,400 59,095 59,597 38,388 41,432 46,395 52,803 57,512 62,030 67,738 68,653 1.57 1.48 1.46 1.44 1.43 1.45 1.44 1.51 1.44 1.38 1.40 1.43 1.44 1.42 1.40 1.41 353,110 349,742 347,676 343,426 342,882 336,905 338,722 338,391 519,119 521,040 521,145 521,257 521,000 519,797 513,888 511,942 99,290 98,019 95,790 94,341 92,527 91,806 91,912 91,389 118,132 119,828 119,854 119.190 119,537 120,162 118,349 118,790 90,813 88,603 89,469 89,069 89,897 90,905 92,492 92,459 28,127 26,136 26,124 25,831 26,619 27,154 28,721 28,723 62,686 62,467 63,345 63,238 63,278 63,751 63,771 63,736 124,631 126,300 126,662 128,258 129,788 128,849 127,619 128,250 57,039 58,225 58,888 60,204 61,668 60,581 59,417 59,597 67,592 68,075 67,774 68,054 68,120 68,268 68,202 68,653 1.47 1.49 1.50 1.52 1.52 1.54 1.52 1.51 1.37 1.43 1.42 1.44 1.44 1.42 1.38 1.39 345,337 341,490 348,009 351,407 363,320 507,550 507,665 503,222 504,796 506,235 94,790 92,245 92,943 92,586 96,742 117,564 116,417 116,591 117,498 116,244 92,308 91,164 93,263 95,449 r 98,423 99,120 28,307 27,490 29,160 30,668 r 32,013 32,373 64,001 63,674 64,103 64,781 r 66,410 66,747 127,869 130,392 129,327 129,901 131,842 59,735 61,517 60,412 60,640 61,602 68,134 68,875 68,915 69,261 70,240 1.47 1.49 1.45 1.44 1.39 1.39 1.43 1.39 1.36 1.34 The term "business" also includes manufacturing (see page 21). Monthly average for year and total for month. Book value, end of period, seasonally adjusted. 20 4 For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of inventories at end of month to sales for month. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In June, manufacturers' shipments and orders rose, while inventories fell. BILLIONS OF DOLLARS * (RATIO SCALE) 360 BILLIONS OF DOLLARS* (RATIO SCALE) 240 - 320 -INVENTORIES- DURABLE GOODS NONDURABLE GOODS BILLIONS OF DOLLARS* (RATIO SCALE) 240 — ^-NEW Ol3DERS — i ff\ •tAf) j-"^|—'^p-x^ -^XJT-T^.^,IM"*^ TOTAL •v**r~*~+ ^XX^ - ion 100 _ 40 I I I I 11 I I I I I i 1 1 1 1 1 1 1 1 1 i ~ - RATIO 2.2 INVENTORY-SHIPMENTS RATIO 2.0 DURABLE GOODS 1.8 ^ 1* 80 "*^& Io-*"'~*"~ N( ENDURABLE G 500$""*"*^ ~ - 1,6 60 1.4 in,. Inn, i i i 1 1 I ii 1 1i i i i 1 1 I i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M l l l l l l l l l 1979 1980 1981 1982 1.2 i 1 1 i 1 1 i 1 1 1 1 I 1 1 1 1 1 1 M i i 1979 1983 1 1 1 1 1 1l 1l M t i i i I I 1 1 i l l 1 1 ii 1982 1981 1980 * SEASONALLY ADJUSTED SOURCE: DEPART/WENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufa cturers' shiprnents * 1Manufacturers new orders i Manufat ;turers' raven tones 2 Durabh3 goods Period Total Durable goods 1983 Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods 12,799 15,291 48,145 53,950 59,207 67,953 76,801 84,199 82,268 83,113 83,829 83,350 82,735 84,224 81,627 81,537 81,202 80,516 80,308 82,636 82,924 85,313 86,891 Manufacturers' unfilled orders 3 Manufacturers' inventoryshipments ratio4 Mdlions of do lars, seasoimlly adjust)3d 1976.. 1977 1978 1979 1980 1981 1982 1982: May June July Aug Sept Get Nov Dec 1983: Jan Feb Mar Apr May r June p 1 2 3 98,802 113,202 126,905 143,936 154,391 168,129 159,177 163,007 163,120 162,417 160,016 160,458 154,194 154,318 154,543 158,239 158,081 161,803 163,372 168,155 172,516 50,689 59,267 67,848 76,060 77,550 83,872 76,843 79,680 79,197 78,856 77,250 76,419 72,478 73,005 73,495 77,744 77,769 79,595 80,548 82,964 85,938 48,113 53,935 59,057 67,876 76,841 84,257 82,334 83,327 83,923 83,561 82,766 84,039 81,716 81,313 81,048 80,495 80,312 82,208 82,824 85,191 86,578 175,193 189,195 210,415 241,113 264,114 282,333 264,902 276,356 274,912 274,629 273,809 271,675 270,786 267,920 264,902 262,117 260,856 257,304 257,397 258,149 257,191 Monthly average for year and total for month. Shipments are the same as sales. Book value, end of period. End of period. 112,581 121,575 137,834 160,554 174,547 186,222 175,200 183,378 182,811 182,099 181,543 180,520 179,675 177,061 175,200 172,506 171,572 169,377 169,814 170,734 169,617 62,612 67,620 72,581 80,559 89,567 96,111 89,702 92,978 92,101 92,530 92,266 91,155 91,111 90,859 89,702 89,611 89,284 87,927 87,583 87,415 87,574 99,543 115,061 131,616 147,466 156,142 167,924 157,371 159,466 159,986 158,913 155,100 156,572 152,362 152,604 157,382 162,871 157,757 162,587 166,331 170,086 176,782 51,398 61,111 72,409 79,513 79,341 83,725 75,103 76,353 76,157 75,563 72,965 72,348 70,735 71,067 76,180 82,355 77,449 79,951 83,407 84,773 89,891 19,458 23,231 23,259 24,059 20,687 20,306 19,932 19,931 18,741 20,217 20,127 19,983 19,679 20,507 19,175 20,032 22,592 22,302 23,265 182,499 205,675 262,671 305,453 325,908 323,346 300,971 316,518 313,384 309,880 305,564 301,678 299,846 298,132 300,971 305,599 305,268 306,053 309,015 310,945 315,211 1.69 1.61 1.57 1.57 1.66 1.64 1.73 1.70 1.69 1.69 1.71 1.69 1.76 1.74 1.71 1.66 1.65 1.59 1.58 1.54 1.49 4 For annual periods, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES In June, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished consumer foods fell 0.6 percent and prices of other finished consumer goods rose 1.1 percent. Prices of capital equipment rose 0.2 percent. INDEX, 1967=100 (RATIO SCALE) JA> — INDEX, 1967=100 (RATIO SCALE) 320 - FINISHED GOODS SEASONALLY ADJUST ED 300 300 ^x"* _ /r^e* 280 ^ X 280 s*** """—^^^^^^ — FINISHED 3OODS -^^ __ TOT>U 260 260 •"" ""^x"" s&'f^ 240 CONSUAAER FOODS 240 £f<3 /"'""~3P 220 CAPITA L EQUIPMENT—\ 220 — V/". 200 200 ''^'' ^ X ^ *-' CONSUMER GO DDS ^^ x^X" *^ / ^ EXCLUDING FO<DDS .-•'" .••• « -' \ — 180 180 ~" ^X^" ^^x- ^~~' — ^x'** 160 1AO ^---"X — 140 140 — 120 1 I I I I I I 1 ! I! 1975 i i I I i i i i ii I I 1 I 1 I i i I I 1 1976 1977 i iiII Ii1 ii I I I I I I I M II 1979 1978 1 I I i 1 I I I i II 1 I I 1 1 I 1 1 1 I ! 1982 1981 1980 1 1 i I i I 1111 I 120 1983 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967 = 100; monthly data seasonally adjusted] Fun shed goods Period Total finished goods 1975 1976 1977 1978 1979..., 1980 1981 1982 1982: June July Aug Sept Get Nov Dec 1983: Jan Feb r Mar Apr May June 1 163.4 170.6 181.7 195.9 217.7 247.0 269.8 280.7 279.9 281.2 282.5 282.8 283.8 285.5 286.4 283.3 283.8 283.0 282.8 283.7 285.0 Consumer foods 181.0 180.4 189.9 207.2 226.2 239.5 253.6 259.3 263.5 259.2 259.4 258.3 258.2 258.2 258.8 258.3 260.9 261.1 264.2 262.9 261.2 Finished go(Mis excluding consumer footIs 156.2 166.1 177.7 190.7 213.3 247.8 273.3 285.8 283.4 286.6 288.2 288.9 290.3 292.5 293.5 289.5 289.2 288.2 286.9 288.5 290.8 Intermediate materials for food manufacturing and feeds. 22 Consumer gc ods Total Total Durable Nondurable 153.1 138.2 144.5 152.8 163.0 162.6 174.3 186.7 211.5 250,8 276.5 287.8 284.6 288.5 290.1 291.2 293.2 295.8 296.7 290.8 290.0 288.1 286.6 288.2 291.3 166.9 183.2 206.2 218.6 226.7 226.8 227.4 228.6 227.8 228.5 229.8 230.4 229.6 232.2 233.8 232.4 232.6 233.7 174.8 189.3 200.0 231.3 283.9 319.6 333.6 327.7 < 334.3 336.2 338.6 341.7 345.3 346.4 337.3 333.7 328.3 326.7 330.0 334.6 Intern-lediate ma terials Cnide mater als Foods and feeds 1 Foodstuffs and feedstuffs Total Capital equipment 162.5 173.4 184.6 199.2 216.5 239.8 264.3 279.4 279.5 280.5 282.3 281.9 282.0 283.1 284.4 283.9 285.0 286.7 285.9 286.6 287.3 CO sun } 163.6 169.7 180.7 194.9 217.9 248.9 271.3 281.0 280.0 281.5 282.6 283.0 284.4 286.2 287.0 283.1 283.4 282.0 282.0 282.9 284.4 Total 180.0 189.1 201.5 215.6 242.2 280.3 306.0 310.4 309.7 310.3 310.3 310.8 310.9 311.7 311.8 310.1 309.8 308.3 307.6 308.9 311.4 195.3 185.3 190.5 203.1 226.1 252.6 250.3 239.4 245.6 242.1 239.8 236.7 234.0 233.7 234.0 236.0 239.4 239.6 245.9 245.1 243.2 Other Total 178.6 196.9 202.7 209.2 234.4 274.3 304.6 329.0 319.5 325.8 322.1 319.1 315.4 314.3 317.3 316.6 315.8 316.8 319.4 323.9 323.9 323.5 189.4 202.3 216.5 244.4 282.3 310.1 315.7 314.5 315.3 315.6 316.3 316.6 317.4 317.5 315.6 315.0 313.4 312.3 313.7 316.5 Source: Department of Labor, Bureau of Labor Statistics. 191.8 190.2 192.1 216.2 247.9 259.2 257.4 247.8 258.6 251.0 246.9 239.5 237.0 239.4 240.3 243.0 248.8 250.5 258.0 255.0 251.0 Other 206.9 228.5 245.0 272.3 330.0 401.0 482.3 473.9 470.8 475.4 474.8 478.6 480.4 484.8 480.6 472.6 463.3 468.0 466.3 472.6 479.6 CONSUMER PRICES In June, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.3 percent not seasonally adjusted). The index was 2.6 percent above its level in June 1982. INDEX, 1967=100 (RATIO SCALE) 320 INDEX, 1967= 100 (RATIO SCALE) 320 300 300 280 280 260 260 240 240 220 220 ^XAU. ITEMS 200 200 180 180 160 140 140 120 1975 1977 1976 1979 1978 1980 1981 1982 SiE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR 1983 COUNCIL OF ECONOMIC ADVISERS [1967 = 100, except as noted; monthly data seasonally adjusted, except as noted] Ti•ansportati an Hou sing All She Iter Period All items l Food Total1 RentTotal ers costs 2 NSA Rel. imp.5 1975 1976 1977 1978 1979 1980 1981 1982 1982: June July Aug Sept Oct Nov Dec 1983: Jan Peb Mar Apr May June 1 2 3 4 100.0 161.2 170.5 181.5 195.4 217.4 246.8 272.4 289.1 290.6 292.2 292.8 293.3 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 19.0 175.4 180.8 192.2 211.4 234.5 254.6 274.6 285.7 287.1 287.6 286.9 287.5 288.1 288.2 288.1 288.3 288.3 290.1 291.3 292.2 291.3 21.3 169.7 179.0 191.1 210.4 239.7 281.7 314.7 337.0 340.6 342.5 344.0 342.3 342.6 340.7 336.0 338.3 339.1 339.2 341.6 342.7 343.6 Maintenance and repairs NSA NSA 6.9 13.9 100.2 100.8 101.1 101.3 101.7 102.2 102.5 100.0 100.7 100.9 100.9 101.7 102.0 102.2 0.5 187.6 199.6 214.7 233.0 256.4 285.7 314.4 334.1 336.1 334.7 335.9 338.4 339.4 339.0 337.8 342.9 339.4 339.9 343.6 344.3 345.1 Includes items not shown separately. December 1982=100. Includes direct pricing of diesel and gasohol beginning September 1981. Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc. 5 37.7 164.5 174.6 186.5 202.8 227.6 263.3 293.5 314.7 316.8 318.4 319.7 319.3 320.5 319.9 317.4 318.9 318.9 318.7 320.4 321.5 322.1 Homeowners' costs2 Relative importance, December 1982. Fuel and other utilities 8.4 167.8 182.7 202.2 216.0 239.3 278.6 319.2 350.8 348.5 350.3 353.1 357.5 362.7 367.1 369.6 368.9 366.9 365.1 365.8 368.8 368.9 Apparel and upkeep Total1 New cars Motor fuel 3 Medical care Iner4 gy items less food, energy, and shelter 5.2 142.3 147.6 154.2 159.6 166.6 178.4 186.9 191.8 191.5 192.2 192.7 192.8 193.3 193.2 192.7 193.2 194.2 194.1 194.5 195.8 196.5 21.8 150.6 165.5 177.2 185.5 212.0 249.7 280.0 291.5 291.5 294.1 295.3 295.6 296.4 296.0 295.8 293.9 289.1 289.0 292.1 295.8 297.1 3.5 127.6 135.7 142.9 153.8 166.0 179.3 190.2 197.6 197.2 198.0 199.2 199.6 199.2 198.7 199.3 199.4 201.1 202.6 201.3 200.6 200.8 6.2 170.8 177.9 188.2 196.3 265.6 369.1 410.9 389.4 387.4 393.4 395.9 396.0 395.4 394.2 391.2 378.3 353.0 349.5 363.2 378.1 380.9 6.0 168.6 184.7 202.4 219.4 239.7 265.9 294.5 328.7 327.2 330.5 333.4 336.3 338.7 341.8 344.4 347.2 350.1 351.7 353.3 354.8 356.4 12.4 176.6 189.3 207.3 220.4 275.9 361.1 410.0 416.1 412.9 416.7 418.9 421.0 426.6 430.2 431.3 6 420.5 404.9 401.3 409.3 419.5 420.9 47.3 149.4 159.9 169.5 179.1 191.5 208.3 228.1 245.6 245.4 246.7 247.7 248.7 250.1 250.7 251.9 253.1 254.2 254.9 255.5 256.1 257.0 6 Energy excludes motor oil, coolant, etc. beginning January 1983. NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Data beginning 1983 incorporate a rental equivalence measure for homeownership costs. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted] Change from p receding per od Change from 3 month s earlier, anniml rate Change from 6 month s earlier, anniial rate Consunu;r goods Consume r goods Consunu r goods Total finished goods Period Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Change from year earlier, total finished goods NSA Chiinge, Dec. to Dec., N SA 1974 1975 1976 1977 1978 1979 1980 1981 1982 18.3 20.5 13.0- 6.6 3.7 6.9 9.2 5.5 6.9 11.7 7.4 7.5 1.4 2.1 12.8 11.8 7.1 3.7 15.3 10.8 22.6 8.2 6.4 7.3 7.9 8.8 6.7 6.0 6.7 8.5 -2.5 17.5 14.2 4.4 6.5 7.8 11.1 13.5 11.4 9.2 4.0 9.2 3.9 8.5 4.2 C lange, moiith to mon th 1982: 1983: -1.6 .1 -.4 -.0 0 .2 &::::=:::::: June 0.6 .4 .6 -.1 .0 .4 .5 4.6 6.1 8.0 4.2 3.7 4.3 5.2 9.8 -3.6 -4.3 -7.7 -1.5 -1.8 .8 -.7 .2 4.2 3.6 -.3 -.7 -.2 .4 .6 1.2 -.5 -.5 .6 -.3 .2 -2.4 -4.7 -.7 -.1 -.6 1.1 .2 2.9 .2 -.3 -.2 1.0 .1 -.1 .3 .5 -1.1 Jan Febr. Mar r. 1.4 1.4 .6 .4 .7 .9 .3 0.5 1.0 .5 .5 .1 .4 .6 .3 June July Aug Sept Oct Nov Dec -2.0 9.5 3.1 2.4 10.2 14.1 9.6 6.7 8.1 7.8 -3.2 -7.6 -11.1 -5.7 -2.5 3.6 4.4 4.9 6.2 4.7 2.7 2.7 3.3 1.5 .9 .1 -.7 1.2 2.2 2.8 2.3 -.7 -1.3 -1.0 4.7 3.7 4.5 .2 NOTE.—NSA indicates data are not seasonally adjusted. 5.2 5.9 6.6 3.5 2.2 1.1 3.6 .8 2.7 2.8 8.2 2.4 1.2 0 2.6 3.9 6.0 8.4 11.0 .7 -2.6 -3.1 -3.5 8.7 1.6 i -2.1 4.5 -5.1 -3.6 1.9 5.8 4.3 4.0 3.9 3.5 3.5 3.6 4.0 3.6 3.6 3.7 3.7 2.4 1.9 3.4 2.2 2.2 2.2 2.8 2.5 2.1 2.3 2.0 1.8 4.4 4.1 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES [Percent change from preceding period; monthly data seasonally adjusted, except as noted] Hotising Tninsportati on Shelter Period All items > Food Total1 Total 1 Renters' costs Ap- Homeowners' Maintenance and repairs NSA NSA Fuel and other utilities parel and upkeep Total1 New cars Motor2 fuel Medical care Energy 3 All items less food, energy, and shelter Addendum: All items percent charige (annual rate) From 3 months earlier From 6 months earlier From year earlier NSA Chang e, Decem ber to D eeember , NSA 7.0 4.8 6.8 9.0 1975 1976 1977 1978 1979 1980 1981 1982 13.3 12.4 8.9 3.9 6.5 .6 8.0 11.8 10.2 10.2 4.3 3.1 7.5 5.4 7.6 9.9 15.2 13.7 10.2 3.6 7.3 4.2 8.7 5.5 7.1 7.2 10.1 10.3 10.6 11.5 17.4 15.1 9.2 4.2 9.9 2.4 11.2 9.0 8.1 5.9 16.0 13.6 14.5 9.7 9.8 8.8 4.3 7.7 2.3 4.5 4.2 3.2 5.5 6.8 3.6 1.6 1.7 7.3 4.8 7.2 6.2 7.4 7.5 6.8 1.6 2.2 .9 .4 .1 .3 .1 -.1 0.4 .4 .6 .2 -.2 -.3 .3 -.6 .1 .9 .7 -.6 -.3 .1 18.2 14.7 11.0 11.0 2.6 4.9 8.5 52.2 18.9 9.4 6.5 9.9 10.1 11.6 6.9 7.2 8.0 1.3 5.2 6.5 7.2 9.9 9.4 6.1 2.8 .9 .5 .5 1.3 .8 .3 0.8 .5 .4 .4 .6 .2 .5 .8 *-2.5 .8 -3.7 -.9 .5 2.0 .5 .4 2.5 .3 .5 .5 .4 .3 .2 .2 .4 8.8 8.8 10.1 10.0 12.5 11.0 37.4 18.1 11.9 9.1 5.8 6.5 7.7 6.4 7.0 11.3 13.5 10.4 6.1 Change, month tio month 1982: 1983: June July Aug Sept Oct Nov Dec Jan Peb Mar Apr May June 1.1 .6 .3 .1 .4 0 -.3 0.6 .2 -.2 .2 .2 .0 -.0 — .1 .2 -.2 .1 .6 .5 .2 .1 0 .6 .4 .3 -.3 .5 0 -.1 .5 .3 .2 1.0 .5 .4 .4 2 -.8 0.5 -.4 .4 .7 .3 1.2 .6 .4 -.5 .1 -.6 -i -A -1.4 .7 .2 .0 .7 .3 .3 0.6 .3 .2 .4 .5 .3 1 Includes items not shown separately. 3 Fuel oil, coal, and bottled gas; gas (piped) 4 Energy excludes motor oil, coolant, etc. beginning January 1983. 1.5 -1.0 .1 1.1 .2 .2 0.2 .4 .3 .1 .3 i -.3 -.2 -.5 -.5 .2 .8 .0 .3 .5 -.1 .2 .7 .4 _ September 1981. electricity; and motor fuel, motor oil, coolant, NOTE.—NSA indicates data are not seasonally adjusted. 24 0.7 .2 .0 .8 .3 .2 0.9 .5 .8 1.2 1.5 1.2 .7 -1.6 -.0 1.1 1.3 .4 5.3 1.5 .6 .0 -.2 .3 -.8 -3.3 -6.7 -1.0 3.9 4.1 .7 0.9 1.0 .9 .9 .7 .9 .8 9.8 11.3 8.2 4.1 3.3 2.1 .5 -.4 -1.2 .4 2.1 5.1 5.4 6.9 7.2 5.1 2.3 7.1 6.5 5.9 5.0 5.1 4.6 3.9 1.4 .4 .5 .8 1.9 2.9 3.8 3.5 3.6 3.9 3.5 2.6 5.5 6.1 6.6 Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 2.2 percent in July and prices paid by farmers were unchanged in the month ended July 15. INDEX, 1977=100 INDEX, 1977=100 (RATIO SCALE) (RATIO SCALE) 60 I M I M I I M I I I I I I I I I I I I I I I I I I I I I I M I I I I I M I I I I I I I I I I M 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 J I I I I I I I I I I I I I I I I I I M I I I I I I I I 60 RATIO I/ RATIO 60 60 1975 1976 1983 1977 I ' RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [1977=100] Pri ces received Period All farm products Livestock and products Crops Production items Batio2 100 105 116 125 134 121 89 95 100 109 125 139 151 154 91 97 100 108 125 138 148 149 113 107 100 106 107 97 93 86 137 133 136 128 128 127 125 117 124 114 117 114 147 148 147 142 139 139 157 157 157 156 156 156 155 155 154 153 154 153 151 150 149 148 149 148 87 85 87 82 82 81 128 132 134 136 137 134 131 114 118 121 127 129 126 123 142 146 146 145 144 r !41 139 157 158 159 159 160 160 160 156 157 157 158 159 159 158 150 151 152 153 154 154 152 82 84 84 86 86 84 82 105 102 1977 1978 1979 1980 1981 1982 100 115 132 134 139 133 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July 1 paid by farmer s Production items, interest, taxes, and wage rates 89 95 100 108 123 138 150 156 101 102 Includes items not shown Percentage ratio of index and wage rates. All commodities, services, interest, taxes, and wage rates l 98 101 100 124 147 144 143 145 1975 1976 2 I'rices by farm ers prices received by farmers to index of prices paid, interest, taxes, NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS Growth in Ml and M2 slowed in June; growth in M3 was unchanged. BILLIONS OF DOLLARS'(RATIO SCALE) 2,600 2,400 2,200 BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 2,400 2,200 2,000 2,000 AA3 1,800 1,800 1,600 1,600 1,400 1,400 AA2 1,200 1,200 1,000 1,000 800 800 600 600 400 400 I I I I I I I I I II I I I I I I I I I II 200 1975 1976 1977 I i i i iIi i ii I I I I I I I I II 1980 1981 1979 1978 200 1982 1983 'SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1975: 1976: 1977: 1978: 1979: 1980: 1981: 1982: Dec Dec Dec Dec Dec Dec Dec Dec 1982: June July Aug Sept Oct Nov Dec 1983: Janr Feb r Mar r Apr r May r June p 1 Ml M2 Sum of currency, demand deposits, travelers' checks, and other checkablel deposits (OCD) Ml plus overnight RPs and Eurodollars, MMMF balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits 291.1 310.4 335.5 363.2 389.0 414.1 440.6 478.2 ,023.0 ,163.5 ,286.4 453.4 454.4 458.3 463.2 468.7 474.0 478.2 482.1 491.1 497.6 496.5 507.4 511.7 ,864.5 ,880.9 ,903.6 ,917.0 1,929.7 1,945.0 1,959.5 2,010.0 2,050.8 2,069.9 2,074.7 2,096.0 2,114.6 26 L M2 plus large time deposits, term RPs, and institution-only MMMF M3 plus other liquid assets 1,161.7 1,296.3 1,451.8 1,613.5 1,758.4 1,936.7 2,167.9 2,377.6 ,388.5 ,497.5 ,630.3 ,794.9 ,959.5 Net of demand deposits due to foreign commercial banks and official institutions. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate. Percent c hange from pear or 6 months earlier 2 M3 2,260.2 2,283.4 2,317.9 2,333.9 2,352.0 2,370.2 2,377.6 2,403.3 2,430.6 2,447.1 2,454.0 2,476.3 2,498.8 r M2 Ml 1,371.9 1,522.4 1,711.0 1,922.9 2,131.8 2,343.6 2,622.0 2,896.8 4.9 6.6 2,767.0 2,798.2 2,823.6 2,840.5 2,866.0 2,882.4 2,896.8 2,930.7 2,960.5 5.9 3.0 4.7 6.6 8.8 9.8 11.2 12.6 14.8 15.4 12.2 14.6 14.5 NOTE.—See page 27 for components. Source: Board of Governors of the Federal Reserve System. 8.1 8.3 7.1 6.5 6.4 8.5 M3 9.4 12.6 13.7 10.6 7.9 7.9 11.6 12.0 11.1 9.0 10.1 10.1 11.9 9.2 9.7 8.9 7.9 8.0 9.9 9.9 10.6 10.5 10.5 14.2 16.1 16.6 15.6 16.1 16.5 r 8.7 9.5 !1.9 11.4 11.8 11.9 10.7 10.8 10.0 9.9 8.9 9.2 10.5 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Period Dec: 1975 1976 1977 1978 1979 1980 1981 1982 1982: June July Aug Sept Oct Nov Dec 1983: r Jan .... Feb r Mar r Apr May r..... June p ... , Currency Demand deposits1 General purpose and broker/ dealer Institution only NSA NSA NSA Money market mutuaIfund balaiaces Money market . deposit accounts (MMDAs) Savings deposits Small denomination time deposits 2 327.4 332.1 334.9 336.1 339.6 340.4 333.8 36.3 34.5 37.0 36.4 37.7 39.4 40.3 797.4 755.1 733.8 725.7 720.1 722.2 310.7 297.9 296.2 300.4 299.5 304.0 40.6 40.8 41.7 42.7 45.3 44.6 43.2 338.1 391.0 446.0 521.8 635.9 731.7 828.6 859.1 232.3 232.1 232.5 234.0 236.0 237.6 239.8 88.4 89.1 91.8 94.3 97.0 100.1 101.3 40.3 41.8 42.4 41.5 43.9 45.2 44.3 170.1 172.9 182.3 185.1 187.6 191.1 182.2 36.6 40.4 47.1 48.2 49.3 49.9 47.6 43.2 347.2 345.0 346.7 350.0 358.0 366.4 359.3 239.4 238.7 240.1 238.9 242.5 244.0 104.5 112.5 116.0 115.0 120.9 122.7 47.3 48.8 48.7 50.6 55.1 56.5 166.7 159.6 154.0 146.7 140.9 139.3 46.1 45.2 43.5 41.0 40.4 39.2 189.1 277.7 320.5 341.2 356.8 367.3 335.1 325.7 322.7 321.5 323.0 324.9 134.2 135.6 137.0 138.0 139.3 140.3 * Net of demand deposits due to foreign commercial banks and official institutions. 2 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NSA 859.3 872.9 879.8 883.2 878.0 874.9 859.1 26.9 76.6 101.3 453.0 491.6 481.2 423.1 400.7 344.4 359.3 128.2 128.8 129.6 130.5 131.3 131.9 132.8 NSA 194.9 222.2 258.9 302.6 333.8 388.8 .6 .9 3.1 9.5 14.9 36.0 47.6 17.0 Term Eurodollars (net) 9.7 13.1 18.4 29.0 41.5 48.0 65.3 80.1 0.4 0.9 2.7 4.2 8.4 Term repurchase agreements (RPs) 8.4 14.2 19.5 27.1 30.1 34.8 37.2 40.3 2.7 2.4 2.4 6.4 33.4 61.4 150.9 182.2 214.1 224.4 239.7 253.8 262.0 266.8 236.4 239.8 Large denomination time deposits 2 NSA 5.8 10.6 14.7 20.3 21.2 28.4 36.1 44.3 80.6 88.6 97.5 106.3 116.2 123.2 132.8 73.9 Other checkable deposits (OCD) Overnight repurchase agreements (RPs), net, plus overnight Eurodollars 129.9 118.2 145.2 oatr oavings bonds 67.2 71.7 Shortterm Treasury securities Bankers' acceptances CftTTI ommercial paper 8.4 8.8 48.0 76.8 76.4 80.2 79.5 72.3 67.7 67.9 80.8 89.7 99.3 128.7 156.9 176.3 217.6 26.7 31.6 40.6 44.9 51.7 62.9 79.2 97.0 98.1 104.2 108.8 84.7 83.7 80.9 80.6 81.1 79.5 80.1 67.7 67.6 67.5 67.5 67.6 67.8 67.9 197.2 202.9 204.1 203.6 210.3 214.5 217.6 41.6 42.0 41.3 41.4 42.8 43.1 44.9 115.7 118.7 112.0 113.7 112.3 107.3 108.8 81.2 83.8 68.1 68.5 219.3 219.3 45.3 43.2 113.5 115.1 11.8 21.6 Travelers checks are a component of money stock but are not shown here. NSA indicates data are not seasonally adjusted. Source: Board of Governors of the Federal Reserve System. NOTE.-—See p. 26 for overall measures. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] InstaUnnent credit eittended Period 1975 1976 1977 1978 1979 1980 1981 1982 1982: May June July Aug Sept Get Nov Dee 1983: Jan Peb Mar Apr May Total2 Automobile 180,083 210,740 257,600 297,668 324,777 306,076 334,508 344,901 29,517 30,034 27,982 28,024 28,619 28,650 31,691 30,777 52,420 63,743 75,641 87,981 93,901 83,454 93,240 95,997 8,471 8,364 7,376 7,162 7,488 8,041 10,177 9,716 Instatelent credit liq uidated Revolving Total2 Automobile Revolving Total2 Automobile 36,956 43,934 87,596 105,125 120,174 128,068 139,829 150,061 12,775 13,367 12,658 12,728 12,705 12,614 12,778 12,491 172,675 189,179 222,138 254,589 286,396 304,628 316,291 331,805 27,673 28,011 27,143 27,768 27,363 28,781 29,676 28,359 49,444 53,278 60,437 69,245 79,186 82,977 84,745 91,099 7,378 7,395 7,339 7,542 7,139 8,1UL 8,643 8,225 35,616 41,764 81,348 96,090 111,546 126,653 135,362 145,696 12,024 12,640 12,100 12,529 12,394 12,533 12,739 11,990 7,408 21,561 35,462 43,079 38,381 1,448 18,217 13,096 1,844 2,023 839 256 1,256 -131 2,015 2,418 2,725 735 2,582 2,271 2,696 2,976 10,465 15,204 18,736 14,715 477 8,495 4,898 1,093 969 37 -380 349 -70 1,534 1,491 625 -233 1,221 689 1,313 1 Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding. 2 Includes "mobile home" and "other," not shown separately. Net change in am1 ount outstanding Amount ou standing, en 1 of period, sea sonally adjus ted Revolving 1,340 2,170 6,248 9,035 8,628 1,415 4,467 4,365 751 727 558 199 311 81 39 501 68 -135 1,177 917 514 Total2 Automobile 169,387 57,279 190,725 226,646 269,392 307,115 308,137 326,274 339,316 332,142 333,884 334,276 334,343 335,180 335,593 336,897 339,316 342,041 342,776 345,358 347,629 350,325 67,798 82,890 101,863 116,523 116,808 125,323 130,235 126,970 127,727 127,628 127,271 127,473 127,694 128,824 130,235 130,860 130,627 131,848 132,537 133,850 Revolving 14,467 16,505 36,427 45,004 53,174 54,650 58,722 62,830 60,784 61,458 61,867 62,007 62,120 62,302 62,326 62,830 62,898 62,763 63,940 64,857 65,371 Note.—Extensions and liquidations not available after December 1982. Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND INVESTMENTS, AND RESERVES Commercial and industrial loans rose slightly in June. BILLIONS OF DOLLARS'(RATIO BILLIONS OF DOLLARS*(RATIO SCALE) 1,800 1,600 ALL COMMERCIAL BANKS 1,400 1,200 1,000 1,000 800 800 LOANS AND LEASES 600 600 400 400 INVESTMENT IN OTHER SECURITIES -V 120 200 180 160 140 120 100 100 200 180 160 140 80 80 60 60 40 40 1975 1976 1977 1980 1979 1982 1981 1983 •SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] Al commercial ban]ks 1 Period 1976: 1977: 1978: 1979: 1980: 1981: 1982: Dec Dec Dec Dec Dec Dec Dec Total loans and investments Loans a nd leases Total2 Depos itory institutions 3 R.eserves adjustssd for changes in re serve require!nents Investinents Commercial and industrial loans U.S. Treasury securities Other securities Total Nonborrowed Borr<jwings (millions of dollars, unad justed) Required Total Seasonal 804.6 891.5 1,013.5 1,135.9 1,239.6 1,316.3 1,412.1 555.0 632.5 747.0 849.9 915.1 973.9 1,042.0 190.9 100.8 210.9 245.9 291.2 326.8 358.0 392.4 99.8 93.8 94.5 110.0 111.0 130.9 148.8 159.3 172.8 191.5 214.4 231.4 239.1 29.75 31.15 32.83 34.23 36.23 37.93 40.78 29.70 30.58 31.96 32.76 34.54 37.29 40.15 29.48 30.96 32.59 33.91 35.71 37.61 40.28 1,473 1,617 636 697 54 134 82 116 53 33 1982: June.... July Aug Sept Oct Nov Dec 1,368.8 1,376.1 1,383.1 1,389.4 1,397.5 1,398.5 1,412.1 1,017.1 1,023.7 1,028.3 1,033.5 1,038.1 1,036.4 1,042.0 383.4 386.7 387.9 392.5 394.8 392.0 392.4 115.8 116.5 117.8 118.2 122.3 126.4 130.9 235.9 235.9 237.1 237.6 237.2 235.8 239.1 38.96 39.01 39.21 39.66 39.93 40.41 40.78 37.75 38.32 38.69 38.72 39.45 39.79 40.15 38.65 38.69 38.89 39.27 39.53 40.01 40.28 1,205 669 510 976 455 579 697 239 225 119 102 86 47 33 1983: 1,428.2 1,436.5 1,450.2 1,460.6 1,474.4 1,487.9 1,045.1 1,048.8 1,056.3 1,059.5 1,063.3 1,070.6 395.2 394.9 396.2 392.9 393.0 395.0 139.8 144.5 151.0 157.8 166.1 171.1 243.3 243.2 242.8 243.4 245.0 246.2 40.12 40.34 41.00 41.30 41.24 41.72 39.59 39.76 40.21 40.29 40.29 40.08 39.57 39.91 40.57 40.83 40.79 41.24 500 557 852 993 r 902 1,716 33 39 53 82 98 121 1 2 3 Jan Feb Mar Apr May June p. Data are averages of Wednesday figures. Excludes loans to commercial banks in the United States. Data are averages of daily figures. 28 62 558 874 12 NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have been reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs). Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources External Period Total 192.4 190.1 156.9 210.8 252.2 315.4 346.3 333.7 352.2 319.4 348.9 345.0 310.5 350.9 335.3 280.8 373.4 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: 1H IV 1982: I n ra IV 1983: Ip Internal Ci edit market funds l Total 100.7 104.4 37.2 76.6 94.9 139.7 157.5 136.2 121.1 83.3 113.7 103.6 77.9 116.6 95.2 43.3 124.6 91.7 85.6 119.7 134.2 157.4 175.7 188.8 197.5 231.1 236.1 235.2 241.4 232.6 234.3 240.1 237.5 248.8 Total Securities and mortgages Loans and short-term paper 20.7 36.0 43.6 -8.0 56.7 69.9 30.7 54.5 70.4 79.3 91.2 95.7 92.6 94.8 100.2 82.5 105.1 100.3 108.0 66.1 100.6 26.3 38.7 38.2 33.9 31.9 25.9 57.5 23.1 51.5 3.2 12.7 27.9 39.9 47.8 90.4 77.9 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. 16.3 36.5 47.4 65.3 38.2 69.6 43.3 97.0 69.9 77.2 60.4 60.2 -24.3 22.7 Total Other 2 44.0 34.5 6.5 22.1 24.5 60.4 66.3 40.6 28.5 -11.7 13.5 21.1 -27.1 16.3 -12.8 -22.8 24.0 191.9 190.1 150.9 201.8 237.6 294.2 347.1 317.9 314.8 271.5 304.6 284.0 240.4 284.4 306.7 254.3 322.1 Capital expenditures 3 121.5 137.9 109.7 148.3 175.1 202.2 219.8 220.5 260.9 246.2 284.6 265.5 241.9 248.4 268.2 226.3 237.9 Increase in financial assets 70.5 52.2 41.2 53.5 62.5 92.0 127.3 97.4 53.9 25.3 20.0 18.5 -1.5 36.0 38.5 28.0 84.2 Discrepancy (sources less uses) 0.5 .0 6.0 9.0 14.7 21.2 -.8 15.8 37.4 48.0 44.2 61.0 70.2 66.5 28.7 26.5 51.3 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current liabilitie5S Curren b assets TT Q End of period Total SIC series: 2 1970 1971 1972 1973 1974 FTC-FEB series: 3 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: HI IV 1982: I n ffl IV 1 Cash 492.3 529.6 599.3 697.8 790.7 50.2 53.3 59.0 66.3 71.1 735.4 759.0 827.4 912.7 1,043.7 1,218.2 1,333.5 1,426.8 1,430.9 73.2 82.1 88.2 97.2 105.5 118.0 127.1 131.9 143.7 125.1 131.9 122.0 124.4 126.9 143.7 1,410.5 1,426.8 1,424.6 1,422.6 1,446.9 1,430.9 Government securities - Notes and accounts receivable 3 Total Notes and accounts payable Other current liabilities Net working capital 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 11.1 19.0 23.5 18.2 17.3 17.0 19.3 18.0 23.1 18.1 18.0 16.9 17.1 19.6 23.1 265.8 272.1 292.9 330.3 388.0 461.1 510.6 536.2 517.0 319.5 315.9 342.5 376.9 431.6 505.5 543.7 587.1 577.5 577.0 587.1 592.7 588.4 598.0 577.5 65.9 69.9 80.3 90.1 101.3 116.7 132.7 153.6 169.6 148.3 153.6 153.7 155.8 162.7 169.6 453.4 451.6 495.1 557.1 669.3 807.8 890.9 979.5 976.5 269.8 264.2 282.1 317.6 382.9 461.2 515.2 562.4 548.7 282.0 307.4 332.4 355.5 374.4 410.5 442.6 447.3 454.4 966.7 979.5 549.0 562.4 183.6 187.4 213.0 239.6 286.4 346.6 375.7 417.1 427.8 417.7 417.1 988.0 987.5 1,005.2 976.5 555.5 555.1 559.7 548.7 432.5 432.4 445.5 427.8 436.6 435.1 441.7 454.4 542.0 536.2 539.2 536.8 539.7 517.0 Total current assets divided by total current liabilities. Based on data from Statistics of Income, Department of the Treasury. Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission. 2 Other current assets Inventories 187.4 203.6 223.7 246.9 260.3 443.7 447.3 ratio l 1.615 1.625 1.595 1.548 1.491 1.622 1.681 1.671 1.638 1.559 1.508 1.497 1.457 1.465 1.459 1.457 1.442 1.441 1.439 1.465 NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series. Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates rose again in July. PERCENT PER ANNUM 1983 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW [Percent per annum] U.S.I reasury security yields Constant nlaturities Period 2 3-month bills * 3-year 1977 1978 1979 1980 1981 1982 1982: June July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Week ended: 1983: June 4 11 18 25 July 2 9 16 23 30 Aug 6 5.265 7.221 10.041 11.506 14.077 10.686 12.108 11.914 9.006 8.196 7.750 8.042 8.013 7.810 8.130 8.304 8.252 8.19 8.82 9.12 8.65 8.64 8.73 8.98 9.09 9.10 9.07 9.19 9.13 9.36 10-year High-grade municipal bonds (Standard & Poor's) 3 5.56 5.90 6.39 8.02 8.73 6.69 7.42 8.29 9.72 11.55 14.44 12.92 14.48 14.00 12.62 12.03 10.62 9.98 9.88 9.64 9.91 9.84 9.76 9.66 10.32 10.90 8.41 9.44 11.46 13.91 13.00 14.30 13.95 13.06 12.34 10.91 10.55 10.54 10.46 10.72 10.51 10.40 10.38 10.85 11.38 8.51 11.23 11.57 12.42 12.11 11.12 10.61 9.59 9.97 9.91 9.45 9.48 9.16 8.96 9.03 9.51 9.46 9.63 11.94 14.17 13.79 14.81 14.61 13.71 12.94 12.12 11.68 11.83 11.79 12.01 11.73 11.51 11.46 11.74 12.15 10.17 10.29 10.20 10.45 10.47 10.77 10.92 10.93 11.06 10.79 10.87 10.71 10.87 11.01 11.25 11.40 11.36 11.57 9.74 9.71 9.40 9.33 9.38 9.51 9.45 9.36 9.51 11.76 11.77 11.66 11.71 11.85 12,02 12.13 12.17 12,31 • 1 Rate on new issues within period; bank-discount basis. 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Prior to November 1, 1979, data are for 4-6 months paper. 5 Average effective rate for year; high and low rate for month and week. 30 Corporate Aaa bonds (Moody's) Prime commercial paper, 6 months 4 Discount rate (N.Y. F.R. Bank)5 Prime rate charged 5by banks 13.79 13.00 10.80 10.86 9.21 8.72 8.50 8.15 8.39 8.48 8.48 8.31 9.03 9.36 5.46 7.46 10.28 11.77 13.41 11.02 12.00-12.00 12.00-11.50 11.50-10.00 10.00-10.00 10.00- 9.50 9.50- 9.00 9.00-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 6.83 9.06 12.67 15.27 18.87 14.86 16.50-16.50 16.50-15.50 15.50-13.50 13.50-13.50 13.50-12.00 12.00-11.50 11.50-11.50 11.50-11.00 11.00-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 8.78 9.03 8.95 9.16 9.11 9.27 9.37 9.41 9.46 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 4 5.61 7.99 10.91 12.29 14.76 11.89 4 New-home mortgage (FHLBB) 6 9.02 9.56 10.78 12.66 14.70 15.14 15.40 15.70 15.68 14.98 14.41 13.81 13.69 13.49 13.16 13.41 12.42 r !2.67 12.41 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices on average were little changed in July from their June levels. INDEX, DEC 31, 1965=50 INDEX, DEC 31,1965=50 COMPOSITE STOCK PRICE INDEX (NYSE) 1975 1976 1977 1978 1979 1980 1981 1982 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 1975 1983 Co mmon stock prices l Period Nevv York Stock lx< hange indexes (Itee. 31, 1965 =&0) Composite 1977 1978 1979 1980 1981 1982 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar . Apr May June July Week ended: 1983: June 4 11 18 25 July 2 9 16 23 30 1 Industrial Transportation Utility 3 Finance Dow-Jones industrial average 3 Standard & Poor's composite index (194143 = 10)4 Dividendprice ratio 38.20 37.35 38.91 39.75 37.20 38.19 40.36 42.67 43.46 42.93 45.59 45.92 45.89 46.22 47.62 46.76 46.61 55.25 56.65 61.42 64.25 73.52 71.99 61.59 62.84 69.66 80.59 88.66 86.22 85.66 86.57 93.22 99.07 102.45 101.22 99.60 894.63 820.23 844.40 891.41 932.92 884.36 818.41 832.11 917.27 988.71 1,027.76 1,033.08 1,064.29 1,087.43 1,129.58 1,168.43 1,212.86 1,221.47 1,213.93 98.20 96.02 103.01 118.78 128.05 119.71 109.38 109.65 122.43 132.66 138.10 139.37 144.27 146.80 151.88 157.71 164.10 166.39 166.96 4.62 5.28 5.47 5.26 5.20 5.81 6.31 6.32 5.63 5.12 4.92 4.93 4.79 4.74 4.59 4.44 4.27 4.26 4.21 47.20 46.67 46.91 46.88 46.33 46.35 46.57 46.86 46.60 101.71 100.39 102.14 101.97 100.04 99.75 99.33 100.08 98.93 1,206.67 1,195.95 1,235.12 1,243.15 1,219.95 1,211.71 1,201.70 1,215.08 1,224.52 163.34 162.69 167.15 170.30 167.56 167.43 165.88 167.20 167.01 4.33 4.37 4.22 4.13 4.24 4.20 4.27 4.17 4.21 53.69 53.70 58.32 68.10 74.02 68.93 62.82 62.91 70.21 76.10 79.75 80.30 83.25 84.74 87.50 90.61 94.61 96.43 96.74 57.86 58.23 64.76 78.70 85.44 78.18 71.37 70.98 80.08 86.67 90.76 92.00 95.37 97.26 100.61 104.46 109.43 112.52 113.21 41.09 43.50 47.34 60.61 72.61 60.41 53.40 53.98 61.39 66.64 71.92 73.40 75.65 79.44 83.28 85.26 89.07 92.22 92.91 40.92 39.22 94.55 94.33 96.88 98.67 97.15 97.12 96.18 96.76 96.75 109.59 109.54 113.03 115.70 113.84 113.84 112.45 113.10 113.28 89.06 90.64 92.66 93.87 94.01 93.44 91.79 92.60 93.55 Average of duly closing prices. Includes all the stocks (more than 1,500) listed on the NYSE. Includes 30 stocks. 4 Includes 500 stocks. 8 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2 Common stock yields (perce Qt) 5 a Earningsprice ratio 10.79 12.03 13.46 12.66 11.96 r 11.60 11.26 r 8.99 8.15 price ratios based on prices at end of quarter. 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 RECEIPTS, OUTLAYS, AND DEBT In the first 9 months of fiscal year 1983, there was a budget deficit of $158.4 billion, compared to a budget deficit of $74.4 billion a year earlier. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 800 800 700 600 500 400 - 300 -100 -100 -200 -200 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Period Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 -. 1983 (estimates) l 1984 (estimates): First Concurrent Resolution, June 23, 1983 2 .... Mid-Session Review, July 1983l Cumulative total first 9 months: Fiscal year 1982 Fiscal year 1983 Budget receipts Budget surplus or deficit (— ) Off-budget outlays Total surplus or deficit (-) Federal debt ( end Gross of period) Held by the pubfic -13.0 -44.9 -48.8 -27.7 -59.6 -57.9 -110.6 -209.8 7.3 1.8 8.7 10.4 12.5 14.2 21.0 17.3 16.3 -23.4 -14.9 -6.1 -53.2 -73.7 -14.7 -53.6 -59.2 -40.2 -73.8 -78.9 -127.9 -226.2 437.3 468.4 486.2 544.1 631.9 646.4 709.1 780.4 833.8 914.3 1,003.9 1,147.0 1,390.8 346.1 396.9 480.3 498.3 551.8 610.9 644.6 715.1 794.4 929.4 1,145.4 849.5 848.1 -169.9 -179.7 14.0 -193.7 1,614.6 1,611.9 1,339.4 542.9 601.8 -74.4 -158.4 11.3 7.1 -85.7 -165.5 1,084.7 1,324.3 871.8 1,093.9 207.3 230.8 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 599.9 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 809.8 679.6 668.4 468.5 443.4 1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, July 25, 1983. 32 Budget outlays 2 -23.4 -14.8 -4.7 -45.2 -66.4 .1 1.4 8.1 323.8 343.0 First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items. Sources: Department of the Treasury and Office of Management and Budget, except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 9 months of fiscal year 1983, budget receipts were $25.1 outlays were $58.9 billion higher. billion lower than a year earlier and budget BILLIONS Of DOLLARS BILLIONS OF DOLLARS 300 100 BUDGET OUTLAYS 600 600 500 500 NONDEFENSE \ ^++ ^^ 400 400 300 300 200 200 100 100 1975 1976 1978 1977 1982 1981 1979 1980 FISCAL YEARS 1984 1983 COUNCIL OF ECONOMIC ADVISERS' SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Budget r(jceipts Budget outlays Nation al defense Period Total Individual income taxes Corporation income taxes Health and income security Net interest 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 809.8 848.1 76.6 74.5 77.8 85.6 89.4 22.3 97.5 105.2 117.7 135.9 159.8 187.4 214.8 242.3 75.1 73.2 77.6 84.9 87.9 21.9 95.6 103.0 115.0 132.8 156.1 182.9 208.9 235.7 4.7 4.1 5.7 6.9 5.6 2.2 4.8 5.9 6.1 10.7 11.1 10.0 11.0 13.5 80.0 90.4 104.8 134.3 158.9 41.0 174.5 187.4 207.1 248.3 291.1 322.4 361.7 365.7 15.5 17.3 21.4 23.2 26.7 6.9 29.9 35.4 42.6 52.5 68.7 84.7 89.0 103.5 53.9 59.3 58.2 74.2 83.9 21.8 93.8 114.4 117.5 129.3 126.5 123.9 133.3 123.1 542.9 601.8 138.3 156.4 135.1 152.4 7.7 6.9 239.4 273.6 77.8 81.2 79.7 83.7 207.3 230.8 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 599.9 668.4 94.7 103.2 119.0 122.4 131.6 38.8 157.6 181.0 217.8 244.1 285.9 297.7 288.5 296.0 40.6 41.4 8.5 54.9 60.0 65.7 64.6 61.1 49.2 35.2 64.1 80.4 91.4 105.7 116.1 125.0 34.0 143.0 158.6 179.8 208.4 252.2 270.8 276.2 308.3 Cumulative total first 9 months: Fiscal year 1982 Fiscal year 1983 468.5 443.4 220.7 212.8 42.0 26.7 205.8 203.9 1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, July 25, 1983. NOTE.—One substantial change was made in the January 1983 Budget in the functional classification: the interest function was changed to net interest. Formerly, the interest function total includ- International affairs Total Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 1983 (estimates) l 1984 (estimates) l 32.2 36.2 38.6 Department of Defense, military Other Total Other ed all Treasury interest payments, including those made to trust funds. The new net interest functional total is the amount paid by the Treasury to the public. Intragovernmental payments are netted out. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1983, according to revised estimates, Federal receipts rose $10.7 billion (annual rate) and expenditures fell $14.3 billion, yielding a deficit of $183.3 billion. In the second quarter, according to preliminary estimates, expenditures rose $8.6 billion; receipts data are incomplete. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 800 700 600 500 - 500 400 400 300 300 SURPLUS OR DEFICIT (-) I -100 -100 -200 -200 1975 1976 1977 1978 1979 1980 1982 1981 1983 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal (Government expenditur es Federal Governme nt receipts Period Total Fiscal year: 1978 1979 r 1980 r 1981 1982 r Calendar year: 1978 1979 r 1980 r 1981 1982 r 1981: fflr. r IV 1982: I r.r Personal tax and nontax receipts Corporate profits tax accruals 74.7 79.1 86.7 90.1 83.4 33.5 40.6 50.7 67.7 82.2 251.0 239.4 279.3 310.2 71.3 74.2 70.3 67.5 46.5 68.2 61.4 47.6 48.4 47.8 42.1 28.1 29.4 39.0 56.4 48.3 55.8 55.0 49.5 47.7 47.9 48.3 137.2 159.5 173.9 204.5 217.9 206.2 209.1 215.8 217.6 218.9 219.3 461.0 509.7 602.1 689.2 764.4 701.2 725.0 728.0 735.4 773.5 820.9 153.6 168.3 197.0 229.2 258.7 232.4 248.5 249.7 244.1 261.7 279.2 185.6 209.2 251.5 286.6 321.1 295.3 300.1 302.5 311.2 325.9 344.8 77.3 80.5 88.7 87.9 83.9 86.4 84.2 82.5 85.1 83.0 85.0 35.2 42.4 53.4 73.2 84.9 75.2 79.0 79.7 82.3 88.6 89.1 48.6 48.6 55.3 228.5 232.5 806.6 815.2 273.5 274.8 340.3 343.5 85.8 86.5 88.4 91.6 18.6 17.7 IV 194.9 230.6 257.7 298.6 304.7 308.6 303.8 306.5 308.5 300.6 303.0 1983: I r. 623.3 297.7 303.9 Net interest paid 53.6 50.3 431.6 493.6 540.9 627.0 617.4 638.8 629.2 619.5 622.2 615.2 612.6 34 Total Transfer payments 150.4 164.1 189.3 218.5 69.9 70.5 51.3 NOTE.—Series revised beginning 1980. Purchases of goods and services 450.4 495.6 576.5 668.1 740.0 186.5 222.6 250.4 289.3 310.4 n* Contributions for social insurance Subsidies less current surplus of Government enterprises 133.3 153.1 170.0 196.9 215.7 414.3 480.8 525.9 610.3 627.8 n r m r. Indirect business tax and nontax accruals Grantsin-aid to State and local governments 67.3 76.1 27.2 29.1 35.5 182.2 201.8 Surplus or deficit Less: Wage accruals less disbursements national income and product accounts 0.0 -.0 .0 .1 -.0 -36.1 -14.8 -50.7 -57.8 -112.2 9.5 9.2 11.5 12.4 15.8 12.3 13.2 .0 -.0 .0 .1 -.0 13.4 12.7 14.2 22.8 -.1 .0 .0 .0 -29.5 -16.1 -61.2 -62.2 -147.1 -62.4 95.8 -108.5 -113.2 -158.3 -208.2 .0 -183.3 9.7 9.9 10.4 12.5 13.2 .3 .0 -1.3 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967 = 100] Indu strial prod action (seaisonally adju sted) Period 1976 1977 1978 1979 1980 1981 1982 " 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June* 1 United States Canada Japan 130.5 138.2 146.1 152.5 147.0 151.0 138.6 138.8 138.4 137.3 135.7 134.9 135.2 137.4 138.1 r 140.0 142.7 144.3 145.9 148.5 152.2 157.8 167.4 164.6 167.3 149.2 144.8 151.2 146.1 141.6 142.5 140.5 r 148.0 r 151.2 r 150.1 152.7 182.0 189.7 201.1 215.3 225.2 227.5 228.4 228.2 227.9 230.9 223.4 229.5 227.9 227.3 225.9 231.5 r 230.6 231.3 France Germany 149 149.1 152.0 154.1 161.8 162.3 159.9 156.3 152 154 161 160 157 r !54 151 151 154 156 156 155 156 156 155 156 159 r 152 155 154 152 152 151 154 154 !57 155 155 Consume r prices (iunadjusted) United Kingdom Italy 143.5 145.1 147.9 157.6 166.5 162.7 159.0 158.6 127.5 153.6 147.4 152.0 150.0 150.0 148.9 148.2 r !41.5 148.1 Beginning January 1978 data relate to all urban consumers. Source: National sources as reported by Department of Commerce, International Trade Adminis- 117.4 123.2 127.4 132.2 123.7 118.8 119.4 119.4 r 119.8 120.1 119.7 r l!7.8 120.5 r l!9.9 r 122.2 r !20.7 121.3 122.6 United States l Canada 170.5 181.5 195.4 217.4 246.8 272.4 289.1 292.2 292.8 293.3 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 172.1 185.9 202.5 221.0 243.5 273.9 303.4 306.1 307.6 309.2 311.2 313.3 313.4 312.5 313.9 317.1 317.1 317.9 Japan France Germany 224.9 243.0 252.3 261.3 282.2 296.2 304.1 301.5 303.8 309.1 310.0 306.6 306.0 306.6 305.5 307.5 308.6 312.0 196.1 214.5 233.9 259.1 294.2 332.7 372.4 374.7 375.9 377.5 379.5 383.2 386.4 390.1 392.9 396.5 401.8 404.5 150.4 155.9 160.2 166.8 175.9 186.3 196.2 197.6 197.3 197.9 198.5 198.9 199.4 199.8 200.0 199.8 200.3 201.1 Italy 218.1 255.2 286.2 328.5 398.0 472.4 549.4 553.4 563.4 571.3 582.7 590.3 594.4 602.7 610.5 616.0 622.2 628.2 United Kingdom 252.4 292.4 316.6 359.0 423.6 473.9 514.7 518.9 519.0 518.7 521.3 523.9 522.9 523.5 525.8 526.7 534.1 536.4 537.7 tration, Office of Trade Investment and Analysis, Trade Performance Division, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merc handise exports1 Period Total domestic and foreign exports Geiteral import s Domestic exports Total2 Food, beverages, and tobacco Merchandise trade balance Merc landise imp>orts Crude materials and fuels Manufactured goods Total2 Food, beverages, and tobacco Crude materials and fuels 8 Manufactured goods Total (c.i.f. value) 4,257 5,398 6,379 8,360 9,352 10,427 8,823 11,042 13,368 15,504 18,519 21,415 Exports it „ _ \ (t.a.s.; less imports (customs value) Ixports (f.a.s.) less imports (f.a.s.) Exports (f.a.s.) less imports (c.i.f.) ]^.a.s. valu B Monthly average: 1975* 1976* 1977* 1978* 1979* 1980 8,971 9,602 10,103 11,973 15,155 18,386 8,847 9,462 9,919 11,762 14,886 18,043 1,399 1,436 1,330 1,717 2,049 2,534 1,266 1,341 1,548 1,746 2,352 2,810 5,913 6,437 6,679 7,873 9,716 11,991 8,209 10,290 12,533 14,563 17,455 20,406 827 991 1,186 1,312 1,478 1,546 2,716 3,457 4,463 4,325 5,949 7,831 762 148 -688 -2,430 -2,590 -2,300 -2,020 -1,440 -3,265 -3,530 -3,364 -3,030 Customs value 1981 1982 1982: May June July Aug Sept.. Get Nov Dee 1983: Jan Feb Mar Apr May June 19,473 17,683 18,124 18,823 18,060 17,463 17,320 16,671 15,852 16,347 17,393 16,326 16,752 16,074 15,566 17,008 19,075 17,256 17,713 18,387 17,671 17,143 16,584 16,284 15,476 15,913 17,007 15,984 16,335 15,722 15,186 16,652 2,767 2,248 2,752 2,793 12,857 21,748 11,643 , 20,329 1,529 1,485 7,739 6,200 11,873 12,002 22,779 -2,275 21,240 -2,647 -3,306 -3,558 2,465 2,418 1,902 2,153 1,926 2,128 2,051 1,966 2,880 2,828 2,698 2,694 2,751 2,688 2,440 2,420 11,788 12,536 12,536 11,804 11,331 10,942 10,484 10,648 20,477 21,187 19,849 22,930 20,581 21,006 18,892 19,154 1,541 1,537 1,436 1,681 1,701 1,686 1,499 1,414 4,909 6,175 6,671 7,195 5,917 6,727 5,785 6,158 13,163 12,830 11,200 13,456 12,304 11,903 10,978 10,988 21,422 22,129 20,756 23,992 21,518 21,932 19,737 20,002 -2,353 -2,364 -1,790 -5,467 -3,261 -4,335 -3,041 -2,808 -3,297 -3,306 -2,697 -6,529 -4,198 5,261 -3,885 -3,655 2,312 2,224 2,307 2,079 2,010 2,194 2,760 2,443 2,375 2,549 2,279 2,377 11,263 10,743 11,062 10,545 10,331 11,560 20,021 19,015 19,525 19,771 21,514 21,024 1,582 1,530 1,479 1,612 1,652 1,456 5,911 4,413 4,655 4,511 5,845 5,562 11,981 12,561 12,672 12,856 13,351 13,249 20,962 19,906 20,381 20,675 22,473 21,964 -2,628 -2,689 -2,774 -3,697 -5,948 -4,016 -3,569 -3,580 -3,630 -4,601 -6,907 -4,956 1 Department of Defense shipments of pant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978. 2 Total includes commodities and transactions not classified according to kind. 3 Total arrivals of imported goods other than intransit shipments. NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods. Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance. 'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade balance include trade of the Virgin Islands. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 1983, the current account deficit fell to $3.0 billion from $6.6 billion in the fourth quarter. The merchandise trade deficit fell to $8.7 billion from $11.4 billion in the fourth quarter of 1982. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 -10 -15 -15 1983 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)] Merchandise l '" > Period In vestment inconae 3 N A tions 15,503 12,787 15,975 17,962 20,565 31,218 29,570 33,483 27,304 -1,653 -746 559 1,528 621 -1,778 -2,286 -1,355 179 -3,184 -2,792 -2,558 -3,565 -3,573 -2,935 -1,434 -598 -2,095 -13,888 -12,892 8,155 8,909 179 -515 -184 -30 2,053 1,988 1,801 2,571 -1,884 -1,986 -83 585 20,761 22,316 21,569 19,499 -13,824 -14,779 -14,748 -13,491 6,937 7,537 6,821 6,008 -51 201 54 -26 -208 -561 -557 -769 2,050 1,914 1,906 1,951 2,625 3,236 -4,854 -4,190 -2,061 -1,802 1,742 -2,431 564 1,434 -6,596 -6,621 17,814 -12,579 5,235 702 -723 2,042 -1,482 -1,563 -3,045 Exports Imports balance Receipts Payments 98,306 107,088 114,745 120,816 142,054 184,473 224,237 237,019 211,217 -103,811 -98,185 -124,228 -151,907 -176,020 -212,028 -249,781 -265,086 -247,606 -5,505 8,903 -9,483 -31,091 -33,966 -27,555 -25,544 -28,067 36,389 27,587 25,351 29,286 32,179 42,245 64,132 72,445 86,243 84,146 -12,084 -12,564 -13,311 -14,217 -21,680 -32,914 -42,875 -52,760 -56,842 57,812 58,383 -66,214 -66,224 8,402 -7,841 22,043 21,801 n ra IV 55,636 54,996 52,241 48,344 -61,739 60,850 -65,319 -59,698 -6,103 -5,854 -13,078 -11,354 1983: lp. 49,563 -58,301 -8,738 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: TTT IV 1982: I 1 Excludes military grants. Adjusted from Census data for differences in timing and coverage. Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services, net. 2 3 36 Remittances, pensions, and other unilateral trans-1 fers Net travel and transportation receipts Net military Net Other services, net 3 Balance on goods services * 3,986 9,147 4,598 22,749 4,711 9,205 5,272 -9,894 6,013 -10,340 5,735 4,686 7,172 7,477 8,060 11,523 7,822 -3,177 NOTE.—Series is as revised beginning 1974 in June issue. Source: Department of Commerce, Bureau of Economic Analysis. Balance on account 1,962 -7,186 -4,613 18,136 -4,998 4,207 -4,617 -14,511 -5,106 -15,446 -964 -5,649 421 7,056 4,592 -6,931 -8,034 -11,211 U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, claims on foreigners reported by U.S. banks increased $17.5 billion in the first quarter of 1983, unchanged from the fourth-quarter increase. Liabilities to private foreigners reported by U.S. banks increased $12.8 billion in the first quarter, compared with a $5.1 billion increase in the fourth quarter. BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 -20 -20 -40 -40 -60 -60 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net Foreign assets in the 1J.S., net [increase;/ capital inflow* <+)] 2 [Jicrease/capitiil outflow (— )1 Period U.S. Other U.S. assets l z assets Total 1974 1975 1976 1977 1978 1979 1980.. 1981 1982 -34,745 -39,703 -51,269 -34,785 -61,130 -64,331 -86,052 -110,601 -118,045 -1,467 -849 -2,558 -375 732 -1,133 -8,155 -5,175 -4,965 1981: HI IV -17,279 -47,817 1982: I -31,456 -40,934 -26,099 -19,553 -21,783 n m IV 1982: I" U.S. private assets Total Other foreign assets (SDKs) Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official assets, net l (unadjusted, end of period) 366 -33,643 -3,474 -35,380 -4,214 -44,498 -3,693 -30,717 -4,660 -57,202 -3,746 -59,453 -5,140 -72,757 -5,078 -100,348 -5,732 -107,348 34,241 15,670 36,518 51,319 64,036 38,752 54,922 80,678 87,866 10,546 7,027 17,693 36,816 33,678 -13,665 15,566 5,430 3,172 23,696 8,643 18,826 14,503 30,358 52,416 39,356 75,248 84,694 -4 262 -1,274 -973 -16,001 -47,106 16,731 41,551 -5,880 8,792 22,611 32,760 632 5,680 -1,145 1,350 29,715 30,074 -1,089 -1,132 -794 -1,950 -787 -807 -1,489 -2,502 -934 -1,060 -29,560 -38,313 -22,803 -16,670 -19,936 27,124 31,612 17,613 11,517 17,275 -3,061 1,930 2,642 1,661 -37 30,185 29,682 14,972 9,855 17,312 3,768 7,887 15,082 14,657 7,554 -729 881 -1,190 1,042 -340 29,944 30,671 30,993 33,958 34,261 1 Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve position in the IMF. 2 Quarterly data are not seasonally adjusted. Foreign official assets Statistical discrepancy Allocations of special drawing 15,883 16,226 18,747 19,312 18,650 18,956 26,756 30,074 33,958 -1,458 5,897 1,139 1,152 1,093 10,544 -2,023 12,540 25,404 29,556 24,238 41,390 NOTE.—Series is as revised beginning 1974 in June issue. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment—Nonfarm Business 1 2 2 3 3 4 4 5 6, 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force 1 Selected Unemployment Rates I Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Business Sector ;... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices for Finished Goods Changes in Consumer Prices Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit Bank Loans and Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations..... Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. ... Not available (also, not applicable). For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402. Price $4.25 (single copy) ($5.35 foreign). Subscription price: $25.00 per year; $31.25 for foreign mailing. 38 O U.S. GOVERNMENT PRINTING OFFICE : 1983 0—23—466
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