Full text of Economic Indicators : June 1981

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97th Congress, 1st Session

Economic Indicators
JUNE 1981
Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981

JOINT
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVE
RICHARD BOLLING (Missouri)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
FREDERICK W. RICHMOND (New York)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLffi (Ohio)

SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)

JAMES K. GALBRAITH, Executive Director

COUNCIL OF ECONOMIC ADVISERS

f

MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L, JORDAN

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

Economic Indicators, published monthly, is available at $2.50 a single
or by subscription at $19.50 per year ($23.75 for foreign mailing) from:
OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
The 1980 Supplement fo Economic Indicators, which describes each series and gives annual data
lor years not shown in the monthly issues, is available at $5.00 Q copy from the Superintendent of
Documents, Government Printing Office. It should be noted that many of the series have undergone
major revisions since the Supplement was published in the fall of 1980,




TOTAL OUTPUT, INCOME,

SPENDING

NATIONAL PRODUCT
According to revised estimates for the first quarter of 1981, gross national product rose $122.4 billion or 19.2 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 8.6 percent from the fourth quarter
level and the implicit price deflator rose at a 9.8 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
3,000

BILLIONS OF DOLLARS (RATIO SCALE)
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,80)

2,800

2,600

2,600

2,400

2,400

2,200

2200

2,000

2,000

GNP

IN CURRENT DOLLARS

\

1,800

1,800

1,60)

1,600

-7

1400

1,400

GNP

IN 1972 DOLLARS
1,200

1,200

I I
1973

J

I

L

J

\

L

1976

1975

1974

I

I

1977

I

I

l

I

I

I

I

1979

1978

J_

J

1980

! SOURCE DEPARTMENT OF COMMERCE

I

L

1981

COUNCIL OF ECONOMIC ADV1SIRJ

(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
Period

tional
product

Personal
consumption
expenditures

Gross
private
domestic
investment

Export:s and imf )orts of
goocIs and scr vices

Federal

Net
exports

Exports

Im-

ports

Total

Na-

Total

tional

de-

fense

253. 1

22.2
26.0
28.5
29. 1
33. 9
39.7
43.2
50.6
53.4
56.7
67.2

250.6
279.2
305.9
335.8

1? 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1,- 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0

293. 1
306.3

275.2
298.7

475.4
496.4

165. 1
178. 1

112.0
118.7

53.1
59.4

310.4
318.3

2, 430. 8
2, 497. 1

337.3
333.3
342.4

329. 1
316.2

516.8
530. 0

125.0
128.7
131.4
141.6

649

70.0
63.5
70.4

326.8

331.3
338. 6

346.6

' 2, 569. 1
2, 557. 4
2, 653. 4
2, 748. 0

145. 2

76.4

3549

'2, 848. 5

1979: III.. 2, 444 1 1, 529. 1
IV.. 2, 496. 3 1, 582. 3

421.7
410.0

17.9

I
. 2? 571. 7 1, 631. 0
II... 2, 564 8 1? 626. 8
III.. 2, 637. 3 1, 682. 2
IV... 2, 730. 6 1, 751. 0

415.6
390.9
377. 1
397. 7

17.1

8.2

23.3

1981: I.... 2t 853. 0 1, 810. 1

437. 1

29.2

445

76.7
95.4
132.8
128. 1
157. 1
187.5

1244
138.7
151.4
168.5
193. 1
217.2
232. 9

73.6
70.2
73. 1
72.8
77.0
83.0
86.0
93.3
100. 0
111.2
131.7

316.5

13.4
23.3

1549
170.9
183.3
219.8
281.3
339. 8

7.6

220. 1

and

local

432.6
473.8
534.7

13.4
26.8
13.8
-4.2
-.6

59.0

fense

Final
sales

220.4
267.9

144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322. 3
375.3
415.8
395.3

6.7
41
.7
142

Nonde-

State

95.7
96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9

65.7
68.8
77.5
109.6
146.2

1970
992.7 621.7
1971
1? 077. 6 672.2
1972
1, 185. 9 737.1
1973
.. 1, 326. 4 812.0
1974
1, 434. 2 888. 1
1, 549. 2 976.4
1975
1976
„ 1, 718. 0 1, 084. 3
1977... __ 1, 9ia 0 1, 205. 5
1978
2, 156. 1 1, 348. 7
2, 413. 9 1, 510. 9
1979
1980
2, 626. 1 1, 672. 8

647

2349

270.4

304 1

339.9

362. 1
394 5

346. 1

297.9
322.7

533.5
558.6

190.0
198.7
194 9
212.0

367.4

338.2

576.5

221.6

Source: Department of Commerce, Bureau of Economic Analysis.




Go'irernment purchases of goods and
services

989.5

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

Ex|3orts of g<sods
Gross srivate dcjmestic
anci service5S
iiivestmem
Personal
conGross
Change
national sumpNonResi- in busition
product
"NT—*iNet
resiExports Imports
dential ness in- exports
expenddential
ventofixed
itures
fixed
ries

1, 085. 6
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
1, 300. 4
1? 371. 7
.. 1, 436. 9
1, 483. 0
1, 480. 7

672. 1
696.8
737. 1
768.5
763.6
780.2
823. 7
863.9
904.8
930.9
935.1

113.8
112.2
121. 0
138. 1
135.7
119. 3
125.6
140.6
153.4
163.3
158.4

41.0
53.7
63.8
62. 3
48.2
42.2
51.2
60.6
62.4
59. 1
48.1

1979: III- 1, 488. 2
IV.. I, 490. 6

933.4
941.6

166.4
164. 1

1980: !___- 1, 501. 9
!!___ 1, 463. 3
III.. I, 471. 9
IV_._ 1, 485. 6

943.4
919.3
930.8
946.8

1981: I-._. 1, 516. 4

960.2

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

Governinent pure bases of
gooc is and ser vices

Total

Federal

State
and
local

Final
sales

12.3
14.0
10.2
-2.9

3.9
1.6
.7
15.5
27.8
32.2
25.4
21.9
246
37.7
52.0

70.5
71.0
77.5
97.3
108.5
103. 6
110. 1
113.2
127.5
146. 9
161.1

66.6
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109. 1

251. 1
250. 1
253. 1
253. 5
261. 2
266.7
266.8
272. 3
277.8
281.8
290.0

110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108. 1

140. 5
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178.0
180. 1
181.9

1, 081. 8
1, 114 3
1, 175. 7
1, 237. 8
1, 236. 4
1, 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1, 472. 9
1, 483. 6

58.6
58. 1

7.6
-.7

41.1
42.2

151.3
1548

110.2
112.6

281. 1
285.3

99.9
103. 1

181.2
182.2

1, 480. 6
1, 491. 3

165. 0
156. 1
155. 5
157.0

54.2
43. 1
44.7
50.6

-.9
1.3

-5.0
-7.2

50. 1
51.7
57.6
48.5

165. 9
160.5
160.5
157.4

115.8
108.9
102.8
108.9

290. 1
291.9
288. 2
289.8

107.6
110.7
106.9
107.4

182.5
181.2
181.3
182.4

1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7

162.0

51.0

— 1.4

50.9

162.5

111.6

293.6

111.2

182.5

1, 517. 8

3.8

8. 1
10.2
17.2
11.6
-6.7
7.8

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

Gross
national
product

Period

Persona I consume>tion expe nditures

Total

Gross private
dom estic
invesitment

NonresNonDurable durable
Services idential
fixed
goods

Residential
fixed
90.5
948
100.0

91. 45
96.01
100. 00
105. 69
114 92
125.56
132. 11
139. 83
150. 05
.— 162. 77
177. 36

92.5
96.5
100.0
105.7
116.3
125. 2
131. 6
139.5
149. 1
162. 3
178.9

95.7
99.0
100.0
101.7
108.2
117.3
123.9
129.2
136.2
1448
156.0

93.6
96.6
100.0
108.3
123. 1
132. 1
137.0
143.4
153.2
169.8
188.6

90.5
95. 6
100.0
1047
113.0
121.6
129.6
139.9
150. 1
162. 1
178. 1

91.3
96.2
100.0
103.8
115.4
132.2
138.6
146.2
157.7
171.3
186.8

1979: III
IV

164 23
167. 47

163.8
168.0

145.4
148.0

172. 1
176.9

163.3
167.4

1980: I
II
III
IV

171.
175.
179.
183.

23
28
18
81

172.9
177.0
180.7
184.9

151.9
154 1
157.5
160.5

182.9
186.2
190.0
195.2

1981: I

188. 14

188.5

162.3

199.2

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

Source: Department of Commerce, Bureau of Economic Analysis.




Expor ts and
imports of goods
and sejrvices

Governnlent purchases <3f goods
and sc;rvices

Exports Imports Federal

State
and
local

178.3
200.5
218.6

93.2
97.0
100.0
112.7
1347
149.6
155.2
161.9
172.4
191.5
211.0

88.6
93.3
100. 0
116.7
1646
179.5
185.5
205. 4
2140
245.4
290. 1

86.6
92.7
100.0
106.3
114 9
126.0
133.5
142. 9
153.7
165. 1
183.9

88.6
947
100.0
106.9
117.4
128.3
137. 0
146.0
156.9
169.8
1847

173.4
176.8

2046
207.7

193.7
197.9

249.8
265.2

165.2
172.8

171.3
1747

171.6
176.0
180.3
1843

180.5
185.7
189. 1
192.4

212.6
217.4
221.9
223.3

203.4
207.6
213.4
219.9

284.2
290.4
289.7
296.4

176.5
179.5
182.4
197.4

179. 1
182.8
186.7
190.0

188.4

195.0

228. 7

226. 1

303. 1

199.4

1945

109. 1
120.3
131.0
140.7

isa o

CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Per sonal con sumption expenditu res

Gross national p roduct
Period

1969
1970.
1971
1972__
1973
1974
1975
1976
1977
—->
1978....
1979
1980
1979: III
IV
.
1980:1
II
Ill

Constant
(1972)
dollars

Current
dolt
lars

.
—
...

8.1
5.2
8.6

10. 1
11.8
8. 1
8.0

10.9
11.6
12.4
12.0

as

....

IV

1981: 1.....

12.2

8.8

2.8
-.2
3.4
5.7
5.8
-.6
-LI
5.4
5.5
48
3.2
-.2
4.1
.6
3.1

Implicit
price
deflator

Fixedweighted
price
index
(1972
weights)

Chain
price
index

5.1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
7.8

8. 1

5.0
5.3
4.9
41
5.9
9.1
9.2
5.7
6.2
7.5
8.7
8.6
7.3
8.6
8.7
8.8
9.3

5.0
5.2
48
40
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
8.8

8.4
6.9

8. 1
9.6

10.2

9.4
9.9

11.0
11.2
11.9
12.0
10.7

Implicit
price
deflator

Chain
price
index

Fixedweighted
price
index
(1972
weights)

3.7
2.2
3.7
5.8
43
-.6
2.2
5.6
49
47
2.9
.5
47
3.6
.8

45
46
43
3.7
5.7

45
46
43
3.6
6.0

44
45
42
3.5
6.0

10.1

10.3

10.2

7.6
5.2
6.0
6.8
8.9

10.3
9.7
9.3
9.0

12.9
-1.0

143

-9.8
5. 1
7.0

9.8
8.8
9.7

142

5.8

8.0

-9.9

2.4
3.8

10.7

10.5

10.4

19.2

8.6

9. 8

9.8

10.2

NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.

1 nv»n

Constant
(1972)
dollars

146
147

12.6
—LI
11.8
14.9

9.3
9.8
9.2

Current
dollars

17.4

9.4

10.7
12.0

10.4

7.7
5.3
6.3
7.1
9.3

10.6

7.8
5.3
&3
7.2
9.6
1LO

9.9

10.4

10.9
12.5
9.7
9.5

1L4

13,2

9.9
9.5

10.1

10.1

10.3

10.9

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross d omestic
prodiict of
nonfin ancial
corp<3i*ate
busi ness
(billic>ns of
doll M*S)

Period

Current
dollars
5441
1969
1970
563.7
1971
609.9
1972
678.0
1973
759.4
1974
818.9
1975
890. 0
1976
1, 001. 3
1977. .
1, 129. 5
1978
1, 270. 7
1979
1, 417. 0
1980..
1, 535. 2
1979:111.. 1, 432. 1
IV... 1, 457. 7
1980: I
1, 502. 1
II... 1, 496. 3
Ill— 1, 537. 7
IV
1, 604 7
1981: I... 1, 690. 1

[Quarterly data at seasonally adjusted annual rates]
Current-do lar cost a nd profit per unit of outpu t (dollars) i

Total
cost
and
profit 2

1972
dollars

6040
599.6
626.8
678.0
731.9
708.2
6942
745.5
799.0
845. 1
873.3
867.2
8743
873.4
878.2
853.2
860.4
876.9
901.0

0. 901
.940
.973
1.000
1. 038
1. 156
1. 282
1.343
1.414
1.504
1.623
1.770
1.638
1.669
1.710
1.754
1.787
1.830
1.876

Capital
consumption
Comallowances Indirect penNet
sation
with business
in3
of
terest
capital taxes
employconees
sumption
adjustment
0.096
0.078
. 106
.087
. 113
.091
.092
. 113
. 114
.093
.112
.127
. 140
.137
.141
. 141
. 144
.146
.153
. 148
. 153
.169
.176
.191
. 172 . 154
.175
.157
.180
. 161
. 192 .173
.181
.196
. 197 . 188
. 199
.197

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




0. 594
.631
.641
.659
.692
.786
.837
.878
.924
.996
1.092
1.196
1. 104
1. 135
1. 158
1. 193
1.203
1.230
1.244

0. 022
.028
.029
. 028
. 031
.042
.044
.040
.042
.044
.052
.065
.053
. 056
.060
.064
.067
.068
.067

Corpcirate profi ts with
invent ory valuat'Aon and
capilDal consun iption
!
idjustmen ts

Total

Profits
tax
liability

0. 112
0. 055
. 088 .045
.047
.099
. 107 .049
. 107 .055
.090
.059
. 124 .059
. 144 .071
.074
.158
. 163 .080
. 157 .080
. 143 .073
.154
.081
. 146 .078
.151
.085
. 132 .061
. 141 . 070
. 146 .075
. 169 .079

Profits
after4
tax
0.057
.043
.052
.058
.053
.030
.065
.073
.084
.083
.077
.070
.074
.067
.066
.071
.071
.071
. 089

ComOutput
penper
sation
hour
per
hour
of all
employ- of aU
ees
employ(1972
ees
dollars) (dollars)
7.098
7.126
7. 467
7.688
7. 891
7.622
7.881
8.132
8.348
8.384
8. 373
8.411
8.372
8.321
8. 345
8.335
8.474
8.472
8.588

4213
4498
4788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.147
10. 060
9. 243
9.443
9.667
9.945
10. 192
10. 420
10. 700

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

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

National
income

Period

Propr ietors1
mcom e with
inventor y valuation anc i capital
consulnption
adjust ments

Compensation of
employ-1
ees

Farm

612,0
1970.
810.7
652. 2
871.5
1971
718.0
1972.
963. 6
1, 086. 2 801.3
1973
1, 160. 7 877.5
1974. — —
931.4
1975_»_.
„ 1, 239. 4
1, 379. 2 1, 036. 3
19761, 546. 5 1, 152. 3
1977- — —
1, 745. 4 1, 299. 7
1978
15 963. 3 1, 460. 9
1979
2, 121. 4 1, 596. 5
1980.__
1, 986. 2 1, 476. 7
1979: III
2, 031. 3 1, 518. 1
IV
2, 088. 5 1, 558. 0
1980: !_._„
2, 070. 0 1, 569. 0
II.....
III
.. 2? 122. 4 1, 597. 4
IV . . .. 2, 204. 8 1, 661. 8
2, 291. 1 1, 722. 4

1981: I.....

Nonfarm

Rental
of persons
with
capital
consumption
adjustment

Corporate profits5 with inventory valuation
and capital co nsumptio n adjustm ents
Profits > with inv entory
valualkion ad jus tment
and iwithout caipital
consum ption adjiistment

Capital

Inventory
valua-

sumption
adjustment

Total
Total

Profits
before

f"int%

tax

adjustment

con-

Net

interest

14.3
15.0
18.7
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
30.2
29. 5
25.7
23.3
22. 1
22.5

51.9
54.4
58.1
61.0
62.2
65.4
75. 0
85. 1
91.0
100.7
107.2
102.7
106.8
107.9
101.6
107.6
111.6

19.7
20. 2
21. 0
22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
30.3
31.0
31.2
31.5
32.0
32.4

71.4
83. 2
96. 6
108.3
94.9
110. 5
138. 1
164.7
185.5
196.8
182.7
199.5
189.4
200.2
169.3
177.9
183.3

68.9
82.0
94.0
105.6
96.7
120. 6
151.6
176.7
199.0
212. 7
199.8
215.6
204.5
215.6
186.9
195. 9
201.0

75.4
86.6
100. 6
125. 6
136.7
132. 1
166.3
192.6
223.3
255.4
245. 5
262. 0
255.4
277.1
217.9
237.6
249.5

-6.6
-4.6
-6.6
-20.0
—40. 0
11.6
-14.7
-15.8
-24.3
-42.6
-45.7
-46.5
-50.8
-61.4
-31. 1
-41.7
-48.4

2.5
1.3
2.7
2.7
-1.8
-10. 1
-13.5
-12.0
-13.5
— 15. 9
-17.2
-16. 1
-15. 1
-15.4
-17.6
-17.9
-17.8

41.4
46.5
51.2
60.2
76. 1
84,5
87.2
100.9
115.8
143.4
179.8
146. 8
156.5
165. 4
175.3
185.3
193.3

18.9

113.2

32.7

203.0

219.9

259. 1

OQ O
Of. &

-16.9

200.8

»Includes employer contributions for social insurance. (See also p. 5.)

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual
Nondura ale

Durable goocIs

Total
personal
consumption
expenditures

Total
durablel
goods

Motor
vehicles
and
parts

621. 7
672.2
737. 1
812. 0
888. 1
976.4
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8

85.2
97.2
111. 1
123.3
121.5
132. 2
156.8
178.8
199.3
212. 3
211.9

36.2
45.4
52.4
57. 1
50.4
55. 8
72.6
85.0
94. 3
95.5
89.9

Furniture
and
household
equipment
35.2
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72.9
81. 1
84.6

1979: III__. 1, 529. 1
IV.... 1, 582. 3

213.3
216. 1

94.7
95.4

1980: I
II
III._.
IV.___

1,631,0
1, 626. 8
1, 682. 2
1, 751. 0

220.9
194.4
208.8
223.3

1981: I

1, 810. 1

238.3

Period

1970
1971_____._
1972___»
1973.._.._.
1974
1975_,______
1976
1977
1978
„_„_
1979_._. — _
1980——.

Food

Clothing
and
shoes

Gasoline
and oil

Services

Domestics

Imports

265.7
278. 8
300. 6
333.4
373.4
407.3
441.7
479.0
529.8
602.2
675.7

138.9
144.2
154.9
172. 1
193. 7
213. 6
230.6
250. 3
276.4
312. 1
345.7

46.8
50.6
55.4
61. 4
64.8
69.6
75.3
82. 1
91.9
98. 9
104.8

22. 4
23.9
25.4
28. 6
36.6
40.4
44. 0
48.2
52.7
68. 4
89.0

270.8
296. 2
325. 3
355.2
393. 2
437. 0
485 7
547.7
619. 6
696. 3
785.2

9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6

82.4
83.8

611.5
639.2

3143
329. 0

100. 3
102.5

72. 1
77.6

704. 3
727.0

8.5
7.4

2.2
2.4

100.6
77.5
87.0
94.6

83.6
81.3
84.6
88.9

661. 1
664.0
674.2
703.5

336.2
338.4
347.7
360. 4

102. 2
102.3
105.3
109.4

89.4
90. 9
85.3
90.5

749.0
768. 4
799.2
824.2

7.9
5.5
6.5
6.7

2. 1

2.3
2.5

105.4

92.3

726.0

372.5

113.4

93.5

845.8

7.4

2.7

i Total includes other items not shown separately.




Total
nondurablel
goods

Retail
of
new passenger
cars ( nlillions
of uiaits)

7. 1

8.7

Source: Department of Commerce, Bureau of Economic Analysis.

1.3
1.6
1.6
1.8
1.4
1.6
1.5

2. 1
2. 0

2.3
2.4

2.9

SOURCES OF PERSONAL INCOME
Personal income rose $13.7 billion (annual rate) in May following a rise of $13.0 billion in April. Wages and salaries rose $6.4 billion in May compared to $5.0 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,400

1,400
1,200

1,200
WAGE AND SALARY DISBURSEMENTS

1,000

1,000
800

800

600

600

OTHER INCOME

400

400

....,..•«'""""

TRANSFER
PAYMENTS

\
200

200

160

160

120

120

100

100

80
1974

1973

1975

1977

1976

1979

1978

80
1980

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted
Wage
3
Rental Persona]
Other Propriet<3rs' income income
and
Total
labor 1 2
personal salary
dividend
of
income disburseincome
Nonfarm persons * income
Farm
l
ments

Period

1981

annual rates]
Less: Per- NonPersonal Transfer sonal confarm
payinterest
tributions personal
6
income ments 5 for social income
insurance

1, 065. 2
702.7
1, 168. 6 765.7
806.4
1, 265. 0
1, 391. 2 889.9
1, 538. 0 983.8
1, 721. 8 1, 105. 2
1, 943. 8 1, 236. 1
___ 2, 160. 2 1, 343. 7

48.8
55.8
64.5
75.9
89.0
102.2
118.6
137. 1

32.8
26.5
24. 6
19. 1
18.4
26. 1
30.8
23.4

61.0
62.2
65.4
75.0
85. 1
91.0
100.7
107.2

22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8

26.5
29. 1
29.9
36.5
38.7
43. 1
48.6
54.4

93.9
112.4
123.2
132.5
151.6
173.2
209.6
256.3

119.5
141.2
178.3
194. 3
207.5
223.3
249.4
294.2

42. 6
47.9
50.4
55.5
61. 1
69. 6
80.6
87.9

1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1? 505. 0
1, 679. 2
1, 892. 9
2, 112. 6

1980: May... 2, 114. 1 1? 320. 1
June
2, 127. 1 1, 323. 2
July__. 2, 161. 2 1, 326, 3
Aug
2? 179. 4 1, 342. 4
Sept___ 2, 205. 7 1, 356. 8
Get____ 2, 234. 3 1, 381. 7
Nov
2, 257. 6 1, 400. 4
Dec_
2, 276. 6 1, 411. 2

135.0
136.3
137.7
139. 1
140.4
141. 9
143.5
145.0

23.3
22. 8
22.4
22.0
21.9
22.2
22.6
22.6

101.0
101.0
105, 1
106.3
111.4
111. 5
111.5
111.6

31.3
31.6
31.8
32.0
32.2
32.3
32.4
32.5

54. 1
54.7
54.7
55.2
55.4
55.5
55.9
56.7

253.7
258.9
260.4
261.7
263.2
265.6
269.4
274.1

281.4
284.6
309.7
309.0
313.4
313.8
313.2
314.7

85.8
86.2
87.0
88.3
89. 1
90.4
91.4
91.9

2, 067. 0
2, 080. 3
2, 114. 5
2, 132. 7
2? 158. 7
2, 186. 8
2, 209. 7
2, 228. 5

1981: Jan
2, 300. 7
Feb
2, 318. 2
Mar
2, 340. 4
Apr 11
P. . _2, 353. 5
May .— 2, 367. 2

146.6
148. 0
149. 5
150.9
151.6

19.9
18.7
18.2
20.4
22. 4

112.8
112. 6
114.2
113.4
113. 1

32.5
32.7
32.9
'33. 1
33.3

57.4
58.2
58.3
59. 4
60.2

281.8
289. 1
295.2
298.8
301.6

318.4
318.4
321.9
322.4
323. 6

101.9
102. 3
102. 6
102.8
102. 9

1973..
1974
1975
1976
1977
1978
1979
1980.

1, 433. 1
1, 442. 8
1, 452. 8
1, 457. 8
1, 464. 2

* The total of
and
disbursements and other labor income differs
from compensation of employees
p. 4) in that it
employer contribufor
and the
over
disbursements.
2
Consists of employer contributions to
pension, health, and welfare
fends;
workmen's compensation; directors'
a few
minor items.
1
With inventory valuation
capital
adjustments.




4

2, 254 8
2, 273. 2
2, 295. 4
2, 305. 9
2, 317. 2

With
consumption adjustment.
* Consists mainly of social insurance benefits, direct relief, and veterans
payments.
8
Personal income exclusive of farm proprietors' income, farm
farm other
labor income,
agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

2,200
2,000

4,000

3,000

3,000
1973

1981

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

T

P*»r-

Period

Personal
income

sonal
tax
and
nontax
payments

Equals :
Disposable
persona]
income

Less:
Personal
outlays 1

Per c apita
dispc sable
persona income

Equals :
Personal
saving Current
dollars

Billions of d ollars

1972__
1973— _„_
1974
1975
1976
1977
1978
1979
1980.

951.4
1, 065. 2
1, 168.6
1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2

141. 0
150.7
170.2
168.9
196.8
226. 5
258. 8
302.0
338.5

810.3
914.5
998. 3
1, 096. 1
1, 194. 4
1, 311. 5
1, 462. 9
1, 641. 7
1, 821. 7

1972
dollars

Per cap ita personal ccmsumption exp enditures

Current
dollars

1972
dollars

Do!lars

757. 7
835.5
913.2
1, 001. 8
1, 111.9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4

52.6
79.0
85. 1
943
82.5
74 1
76.3
86.2
101.3

3,880
4,346
4,710
5, 132
5,550
6,046
6, 688
7,441
8,176

3,880
4, 112
4,050
4,101
4,216
4,332
4,487
4, 584
4,571

Percent
change Saving
in real as percent of
per
capita disposable
disposable
sonal
perincome
sonal
income
Per cent

Population
(thousands) *

3,529
3,858
4,190
4,572
5,038
5,557
6, 166
6,848
7,508

3,529
3,652
3,603
3,653
3,828
3,982
4, 136
4,219
4, 197

3.1
6.0
-1.5
1.3
2.8
2.8
3.6
2. 2
-.3

6.5
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6

208, 873
210, 440
211, 945
213, 566
215, 203
216, 928
218, 749
220, 643
222, 808

Seassonally ad. usted ann ual rates
1979: III._ 1, 972. 3 308.4 1, 663. 8 1, 574 5
IV.. 2, 032. 0 321.8 1,710. 1 1, 629. 4

89.3
80.7

7,533
7,722

4,598
4, 596

6,923
7,145

4, 226
4,252

—.2

2.5

5.4
47

220, 884
221, 455

1, 678. 7
1, 674 1
1, 729. 2
1, 799. 4

86.4
110.0
111.4
97.6

7,953
8,020
8,249
8,479

4,600
4, 532
4,565
4,585

7,349
7,313
7,539
7,827

4,251
4,133
4,172
4,232

.3
-5.8
2.9
1.8

49
6.2
6. 1
5.1

221,
222,
223,
223,

1981: !.__ 2, 319. 8 372.0 1, 947. 8 1, 858. 9

88.9

8,688

4,609

8,074

4,283

2. 1

46

224, 184

1980: !._.. 2, 088. 2
II
2, 114. 5
IlL_ 2, 182. 1
IV.. 2, 256. 2

323. 1
330.3
341.5
359.2

1, 765. 1
1, 784. 1
1, 840. 6
1, 897. 0

i Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners inet).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are averages for the period. Since data based on the 1980 census are not yet




938
447
126
721

available for all months since April 1970, estimates here continue to be based on
the 1970 census.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

FARM INCOME
In the first quarter of 1981, gross farm income fell $1.6 billion (annual rate) and net farm income fell $4.2 billion
from fourth quarter levels.
BILLIONS OF DOLLARS*

(RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
I 200

200

100

100

GROSS FARM INCOME

80

80

60

60

40

40

NET FARM INCOME :

20

20

10

10

1973
* SEASONALLY

1974

1975

1977

1976

1978

1979

1980

1981

ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc ss farm incc«ne

Period
Total *

1973
1974
1975. _ _ „
.
1976
•
1977
...
1978
.
1979
1980__._

Net farai income

Cashimarketing njeeipts
Total

Livestock
and

products

Crops

Value of
inventory2
changes

98.9
98.3
100.3
101. 8
108. 1
126.9
149.6
153.8

87. 1
92.4
88.2
94. 8
95.8
112.5
131. 5
140.3

45.9
41.4
43.0
46. 1
47.4
59.0
68.6
69.0

41. 1
51. 1
45. 1
48. 7
48.3
53.5
62.8
71.3

-2.4
.6

1979: III
IV.....

149.9
154. 1

130.6
135.4

66.9
69. 7

1980: I
II
III
IV

152.7
149.2
154.8
158.8

137.0
135.8
142.8
145.8

157.2

141.8

.

.

1981: I

_.




Current
dollars

1967
dollars 3

33.3
26. 1
24. 5
18.7
17.8
26. 1
31.0
21.7

25. 1
17.7
15.2
11.0

4. 1
-2.0

65.6
72. 2
75.9
83. 1
90. 3
100.8
118.6
132. 1

63.7
65.7

5.4
3.9

119.6
124.2

30.3
29. 9

13.7
13.1

67.9
65.6
70.5
72.5

69.0
70.2
72. 3
73.3

-1.8
-3.7
-3.3

.9

127.4
130.4
133. 6
136.9

25.3
18.8
21.2
21.9

10.7

70.2

71.6

-1.4

139.5

17.7

6.7

* Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-pf-year inventory of crop and livestock commodities
valued at average prices during the year.

80-818 0 - 8 1 - 2

Production
expenses

3.4

-1.6
3.4
.4

9.8

13.3
14.3
8.8

7.7
8.5
8.5

3 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 1981, according to revised estimates, corporate profits before tax rose $9.6 billion (annual
rate) while after-tax profits rose $3.7 billion.
BILUONS OF DOLLARS
320

BIU1ONS OF DOLLARS

280

120

80

40

40

1973

1974

1981

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pro fits after tax

3ry valueition
Profi ts (before tax) wit i inventc
adjustn lent l
Dome «tic indu stries
Period
Total

Financial

ManuTotal * facturmg

1970
1971
1972
1973
1974___
1975
1976.
1977
1978
1979
198CL___
1979: III
IV
I
II .
III________
IV.

68.9
82.0
94.0
105. 6
96,7
120.6
151. 6
176.7
199.0
212. 7
199.8
215. 6
204.5
215.6
186.9
195. 9
201.0

62. 4
74.9
85.3
92.0
80.4
107.6
137.4
161. 2
179 3
182. 4
168.7
180.5
172, 9
179.0
157. 5
165.0
173.4

12. 1
14. 1
15.3
15.9
15. 0
11.8
17. 1
23. 5
29.3
31.6
30.6
31.5
32.6
33.3
30. 1
28.7
30.5

50.2
60. 8
70. 0
76.0
65. 4
95.8
120.3
137.7
150. 0
150.8
138. 1
149.0
140. 3
145.7
127. 5
136.2
142. 9

26.6
34. 1
40. 7
45. 5
39.0
52.6
69. 2
76.2
85.3
88. 9
74.5
84. 4
80.2
92. 1
61.3
68.5
76.2

!___„..__.„_

219. 9

194.4

28.7

165.7

91.4

* See p. 4 for profits
adjustments.
1
rest of the




Inventory
not

consumption

Inventory
valuation
adjustment

Tax
liability

11.7
13.4
13.9
12. 5
21.3
22.4
27.0
24.5
23.0
20.9
25.6
22. 6
14. 8
25.9
20.4
22.6

75.4
86.6
100.6
125. 6
136.7
132. 1
166.3
192. 6
223.3
255. 4
245.5
262. 0
255.4
277. 1
217.9
237. 6
249.5

34. 2
37.5
41.6
49. 0
51. 6
50.6
63.8
72. 6
83.0
87.6
82. 3
88.4
87.2
94. 2
71.5
78.5
85.2

22. 5
41.3
22.9
49. 0
24.4
58.9
27. 0
76.6
85. 1
29. 9
81.5
30,8
102,5 • 37.4
39. 9
120. 0
140.3
44.6
50.2
167.8
163.2
'56. 0
50.2
173.6
168, 2
51. 6
182. 9
53. 9
55. 7
146. 5
56. 7
159. 1
57.7
164.3

18.8
26. 1
34.5
49.6
55.2
50.7
65. 1
80. 1
95.7
117. 6
107.2
123. 5
116.6
128. 9
90.7
102. 4
106.6

— 41. 7
-48. 4

27.5

259. 1

91. 1

168.0

59.6

108.4

-39. 2

*5onfinan< 3ial
Total 2

Undistributed
profits

Profits
before
tax

Wholesale
and
retail
trade
9.5

Total

' Includes industries not shown
Department of Commerce,

Dividends

of Economic

-6.6
-4.6
-6.6
-20. 0
-40.0
-11.6
- 14.. 7
-15. 8
-24.3
-42.6
-45.7
-46. 5.
-50.8
-61.4
-31. 1

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter, business fixed investment rose $1 3.8 billion (annual rate) as nonresidential construction outlays rose $5.7 billion and producers1 durable equipment purchases increased $8.0 billion.
Residential investment outlays rose $3.7 billion. There was a $4.5 billion increase in inventories following a $17.4
billion reduction in the fourth quarter.
BILLIONS OF DOLLARS
500

BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED ANNUAL RATES

450

450

400

400
GROSS PRIVATE DOMESTIC
INVESTMENT

350

350

300

300
NONRESIDENTIAL
.FIXED INVESTMENT

250

250

200

200

150

150
RESIDENTIAL
.FIXED INVESTMENT.

100

100
-CHANGE IN BUSINESS
INVENTORIES
\

50

50

0

0
-50

-SO
1973

1974

1980

1975

SOURCE: DEPARTMENT OF COMMERCE

1981

COUNCIL OF ECONOMIC ADVISERS

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

13

» j
Fenod

1970
._
1971
1972
1973
1974
1975
1976
1977
....
1978
1979
1980
1979: III
IV.
1980:1
...
II
III
IV
1981: I

Gross
private
domestic
investment

144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
421.7
410. 0
415.6
390.9
377. 1
397.7
437. 1

Nonresidential fixed
investment

Total

103.9
107.9
121.0
143.3
156.6
157.7
174. 1
205.5
242.0
279.7
296.0
288.5
290.2
297.8
289.8
294.0
302. 1
315.9

Structures

38.7
40.5
44. 1
51.0
55.9
55.4
58.8
64.6
78.7
96.3
108.8
99.6
105. 1
108.2
108.4
107.3
111.5
117.2

Producers1
durable
equipment
65.2
67.4
76.9
92.3
100.7
102.3
115.3
140.9
163.3
183.4
187.1
189.0
185. 1
189.7
181.4

isas

190.7
198.7

Source: Department of Commerce, Bureau of Economic Analysis.




Re sidential fh[ed investnlent

Total

37.1
50.9
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118. 6
105.3
119.8
120.6
115.2
93.6
99.2
113.0
116.7

Nonfarm
structures
35.4
48.9
61.5
65.6
54.8
52.4
68.8
91.9
106.9
113.9
100.3
114.9
115.4
110. 1
88.9
94.5
107.6
111.4

i?
structures

0.6
.7
.7
.7
1.3
1.0

1. 1

1.5
1.8
1.8
2.0
2.0
2.3
2.2
1.8
1.7
2.2
2.2

Producers1
durable
equipment
1. 1

1.3
1.5
1.7
1.8
1.9

Change in business in\rentories

Total
3.2
7.7

Nonfarm
3. 1

6.4
9.6

10.2
18.5
14. 1
-6.9
11.8
21. 0
22.2
17.5
-5.9
13.3

15.2
16.0
-10.5
13.9
20.2
21.8
13.4
-4.7

3. 1

-16. 0
-17.4

6. 1
-12.3
-140

3.2

4.5

6.8

2. 1

2.3
2.6
2.9
3.0
2.9
3.0
3.0
2.9
3.0

-.8
2.5
7.4

7.8

-4.4

1.5

EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 8.4 percent above
1980, according to the Commerce Department April-May survey. Expenditures in 1980 were 9.3 percent higher
than in 1979.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)

500

400

TOTAL NEW PLANT AND EQUIPMENT

40

30
1973

1975

1974

1976

1977

1978

1979

1980

1981

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

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
Ma nufactui ing

Period

1973
1974
1975
1976
1977
1978
1979
1980_ ___
1981 4
1980: !___
II_.
IIL.
IV..
1981: !___
II 4 _
HI*.
IV*.

Total

137. 70
156. 98
157. 71
171. 45
198. 08
231. 24
270. 46
295. 63
320. 51
291. 89
294. 36
296. 23
299. 58
312. 24
311. 87
322. 88
333. 09

Plant

56.66
64.29
65. 21
71.20
80.31
92.70
105. 73
117. 55

115. 96
116. 50
117. 59
120. 27
128. 57

Equipment
Total

Durable
goods

Nondurable
goods

81. 04 42.37
92.69 53. 21
92.50 54. 92
100. 25 59.95
117. 77 69.22
138. 54 79.72
164. 73 98.68
178. 08 115. 81
127. 88
175. 93 111. 77
177.86 115. 69
178. 64 116. 40
179. 32 118. 63
183. 67 124. 50
121. 99
130. 46
133. 45

22. 75
27.44
26. 33
28.47
34.04
40.43
51.07
58.91
63.99
58.28
59.38
58. 19
59.77
61. 24
60. 28
64.90
68.65

19.62
25.76
28.59
31.47
35. 18
39.29
47.61
56.90
63.89
53. 49
56.32
58.21
58.86
63.27
61.71
65.56
64. 80

1 Wholesale and retail trade; finance, insurance, and real estate; and personal,
business, and professional services.
2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.

10



services1

Starts of
plant and
equipment
Com- projects,
muni- manufaccation turing 3
and
other 2

45. 53
47.79
46.23
49.30
56.54
68. 66
79.26
81. 79
85.22
82. 17
81.07
81. 19
82.91
83. 43
84.55
84. 12
88.33

21. 12
23.30
21.80
23.51
26.90
32.02
34.83
36.99
41.09
37.34
37.66
36.97
36. 11
40.32
40.54
40.97
42.43

1*Ionnianiifaeturin g

Trans- Public
Total Mining porta- utilities
tion
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 81
192. 62
180. 13
178. 66
179. 83
180. 95
187. 74
189. 88
192. 42
199. 64

3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.51
16.91
11.89
12.81
13.86
15.28
16.20
15. 93
17.51
17.87

7.41
8.23
8.68
8.89
9.40
10. 68
12.35
12. 09
12. 14
12.47
12.09
12.23
11.70
11.74
11. 48
11.58
13. 71

17.97
19. 83
19.98
22.37
26.79
29.95
33.96
35.44
37.26
36.26
35. 03
35.58
34.96
36.05
37. 39
38.23
37.31

Trade
and

53.21
61.24
56.51
59.38
77.40
88. 16
112. 98
123. 32
32.43
29.41
27.74
33.53
35.41

8
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late April and May
1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Seasonally adjusted employment rose 259,000 in May while unemployment increased 425,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

no

no

1981
*16 YEARS OF AGE AND OVER,
SOURCE: DEPARTMENT OF LABOR

Period

1975
1976
1977
1978*.
1979
1980

Noninstitutional
population
153, 449
156, 048
158, 559
161, 058
163, 620
166, 246

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]
Civilian eimploymerit
Unempl oyment
Total
labor
N onagri cultural
15
Civilian ^Unem- force Civilian
Part-time Total weeks
Agriemploy^ ploy- (includ- labor
Total
for
ecoand
culment
ing
ment
force
Total
nomic 1
tural
over
Armed
reasons
Forces)
3,490
7, 830 2,483
84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7, 288 2, 340
87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
90, 546 6,855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031
3,281
5,963 1,202
96, 945 5,963 104, 996 102,908 96, 945 3,297 93, 648
3,965
7,448 1,829
97, 270 7,448 106, 821 104, 719 97, 270 3,310 93, 960

Labor
force
participation
rate
/___
(per-2
cent)
A\

*

61. 8
62. 1
62.8
63.7
64.2
64.3

Seas(mally adj usted

Uitiadjusted

1980: May.
June.
July__
Aug__
Sept..
Oct__
Nov._
Dee_.

165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201
167, 396

96, 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801
97, 545

7,318
8,291
8,410
8,011
7,464
7,482
7,486
7,233

107,
106,
107,
107,
107,
107,
107,
107,

148
683
119
059
101
288
404
191

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

060
591
020
945
980
167
285
067

97, 116
96, 780
96, 999
97, 003
97, 180
97, 206
97, 339
97, 282

3,352
3,232
3,267
3,210
3,399
3,319
3,340
3,394

93, 764
93, 548
93, 732
93, 793
93, 781
93, 887
93, 999
93, 888

4,276
3,969
4,086
4, 143
4, 183
4,220
4,176
4,218

7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785

1,686
1,777
1, 935
2, 150
2,295
2, 292
2,329
2,378

64.6
64, 2
64.4
64.3
64.2
64. 2
64. 2
64.0

1981: J a n _ _
Feb.__
Mar_
Apr__
May._

167, 585
167, 747
167, 902
168, 071
168, 272

96, 128
96, 383
97, 318
98, 282
98, 803

8,543
8,425
8,087
7,396
7,545

107,
107,
108,
108,
109,

668
802
305
851
533

105, 543
105, 681
106, 177
106, 722
107, 406

97, 696
97, 927
98, 412
98, 976
99, 235

3,403
3,281
3,276
3,463
3,353

94, 294
94, 646
95, 136
95, 513
95, 882

4,474
4, 145
4,227
4,044
4, 143

7,847
7,754
7,764
7,746
8, 171

2, 358
2,250
2, 192
2, 105
2, 168

64. 2
64. 3
64. 5
64. 8
65. 1

1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
v
2 Total labor force as percent of noninstitutional vpopulation
16 years of age
over.
* and

revisions in the household survey, which added about 250,000 to labor force and
to employment.
_
TV _*
^of,Labor,
«
o+ *• *•
T ^
T t*
Source:
Department
Bureau
of« Labor
Statistics.

*Data beginning 1978 not strictly comparable with earlier data because of




11

SELECTED UNEMPLOYMENT RATES
In May the seasonally adjusted unemployment rate rose to 7.6 percent, 0.3 percentage point above the FebruaryApril level.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

20

II

-

\

15

TEENAGERS
(16-19)

10

WOMEN 20 YEARS
AND OVER

MEN 20 YEARS
AND OVER

I II I ll I I I I
1977

1977

1981

1979

1978

1980

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

1981

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
1Jnemplo yment nite (perc snt of ehfilian lab or force in group )
By & ex and a ge
By s(elected g roups
By race

Total
(all
civilian
workers)

Period

1975
1976
1977
1978
1979
1980.... _ _ _ _ ,
1980: May
June
July_______
Aug
Sept
Got
Nov..
Dec
1981: Jan
Feb
Mar
Apr__
May

_

_

Men
20
years
and
over

Women Both
20
sexes
years
16-19
and
years
over

White




WoMarmen
ried
who
mainmen,
spouse tain
present families

Fulltime
workers

10. 0
10.0

8. 1

8.5
7.7
7.0
6.0
5.8
7.1

6.7
5.9
5.2
4.2
4. 1
5.9

8.0
7.4
7.0
6.0
5.7
6.3

16.3
16. 1
17.7

5. 1

6.3

13.9
13. 1
13.1
11.9
11.3
13. 2

7.6
7.5
7.6
7.6
7.4
7.6
7.5
7.4

6.4
6.4
6. 6
6.5
6.6
6.4
6.4
6.2

6.5
6.4
6.6
6.5
6.2
6.7
6.7
6.8

18.9
18.3
18.7
18.8
17.8
18.5
18.6
17.8

6.8
6.7
6.8
6.7
6.5
6.6
6.6
6.5

13.6
13.5
13.9
13.7
14. 1
14. 2
14.0
14.0

7.4
7.3
7.4
7.4
7.2
7.3
7.2

4.6
4.6
4.9
4.8
4.7
4.6
4.4
4.3

10.4

7.4
7.3
7.3
7.3
7. 6

6.0
6.0
5.9
5.8
6.3

6.7
6.5
6.6
6.6
6.8

19.0
19,3
19. 1
19. 1
19.5

6.7
6.6
6.5

12. 9
13. 1
13.7
13. 2
13. 6

7.1
7.0
7.0
6.8
7.4

4.2

10. 5

19.9
19.0
17.7

7.8
7.0
6.2
5.2

6. 5

6.8

1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12

ExpeBlack rienced
wage
and
and
other salary
workers
8.2
7.3
6.6

5. 6

5.4
6.8

7. 1

5. 1

4.2
3.6
2.8
2.7
4.2

4. 1
4. 1
3.8

4. 1

9.3
8.5
8.3

9. 1
8.3
8.5
8.8
9.0
9.0

10.2
9.9

9.6
9.4
9.8

10.3

7.3
6.5
5.5
5.3
6.8

7.3
7.2
7.4
7.3
7.3
7.3
7.4
7.3

7. 1
7. 1
7. 1

6.9
7.3

Source: Department of Labor, Bureau of Labor Statistics.

Labor
force
time
Partlost
time
(per- !
work- cent)
ers

10.3
10. 1
9.8
9.0
8.7
8.7

9.0
8.8
8.8
8.7
8.7

9. 1

8.6
8.2
9.2

9. 1
9.0

9. 0

9.7

9. 1

8.3
7.6
6.5
6.3
7.9
8.6

8. 1

8.4
8.3
8.2
8.4
8.3
8.2
8.2

8. 1

8.1
8.2
8.6

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In May, the percentage of unemployed persons who had been out of work less than 5 weeks rose, as usually occurs
with a rise in unemployment.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

DURATION OF
60

50

40

30

30 -

20

20
15-26
WEEKS

10 -

10 27 WEEKS
AND OVER

1977

1978

1979

1980

1977

1981

1981

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Monthly data seasonally adjusted, except as noted]
Percen t distrib ution of imemplo yment b;y duratic n 1
Period

Unemi
ployment
Less
(thou- than 5
sands) weeks

5-14
weeks

15-26
weeks

38.3
41.7
46.2
48. 1
43. 1
46.5
41.7
42.0
41.0
38.4
39.9
39.0
40.4
41.3
41. 2
41. 4
40.2
41. 5

29.6
30. 5
31.0
31.7
32.4
32. 4
35.7
33.5
31.9
32.6
31.3
31.7
28.8
28.7
29.9
30. 4
32.2
31.8

13.8
13. 1
12.3
11.5
13. 8
12. 3
13.0
13.8
15.6
17. 2
15.7
15.2
16.0
13.7
12. 8
13. 1
13. 1
12. 6

27
weeks
and
over

Insured
unem- Special
unemployment,
ployall
ment
Insured
New unem- Initial regular benefit
enproclaims
ploy- claims
trants
(unadgrams
ment
(unad-2 justed) 3
justed)

Percen t distrib ution of inempi oyment 1;>y reasori i

Job
losers

Job
Reenleavers trants

State pi ograms

Wee kly aver age, thoussands

1976
1977__
1978
1979
1980
1980: May_
June.
July..
Aug__
Sept..
Oct..
Nov..
Dec__
1981: Jan..
Feb..
Mar__
Apr__
May.

7,288
6,855
6,047
5,963
7,448
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785
7,847
7,754
7,764
7,746
8, 171

18. 3
14. 8
10.5
8.7
10.8
8.8
9.6
10.7
11.5
11.7
13.0
14.0
14.9
16.2
16. 2
15.2
14.5
14. 1

49.7
45. 3
41.6
42.8
51. 9
52.4
55.4
54.6
54.2
55.2
53.0
53.5
54.3
49.4
50.7
49. 7
49.7
50. 1

Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin
Islands), ex-servicenien (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and SUA (special unemployment assistance).




12.2
13.0
14. 1
14.3
11.6
11. 7
11.0
10.8
11.2
10.8
10. 9
11.3
10.5
11.6
11.5
11. 2
11. 1
12. 4

26.0
28. 1
30. 0
29.5
25.2
24.9
22. 8
23. 4
23.6
23.2
25. 2
24. 0
24.0
26.2
25.7
26. 4
26. 3
26. 1

12. 1
13.7
14. 3
13.4
11.4
11.0
10.8
11.2
10.9
10.8
11.0
11.2
11.2
12.8
12. 1
12.7
12. 9
11.5

2,991
2,655
2, 359
2,434
3,350
3,658
3,962
3,810
3,748
3,782
3,602
3,367
3, 083
2,982
2,825
2,906
2,923
2,945

386
375
346
388
489
631
591
514
503
495
458
424
415
417
410
433
415
414

3,846
3,308
2,645
2,592
3,837
3, 680
3,790
4, 140
3, 911
3, 961
3, 661
3,726
4,085
4,621
4,264
3,948
3,453
3, 112

1,152
572

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural employment as measured by the payroll survey was virtually unchanged in May from its April
level.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

22
WHOLESALE AND RETAIL TRADE

90
ALL NONAGRICULTURAL
ESTABLISHMENTS

80

70

60

SERVICE-PRODUCING
INDUSTRIES
MANUFACTURING

50

40

I ! 1 I 1 I I 1 I ! i

M I ! I I I I I I I

! I I I I I I 1 1 1 i

i I I 1 i I I I 1 I I

I I I I I I I LLLJ>

GOODS-PRODUCING
INDUSTRIES

30

2 MI 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2Q MI 1 1 1 1 1
1977

1978

1979

1979

1981

1980

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1980

1981

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 seasonally adjusted]

Service-pr oducing Industrie s

G oods-prc>ducing iiadustries
f>__,J _ J
Jreriod.

Total
nonagricultural
employ- Total 2
ment

Construction

Trans- Whole- Finance,
Gover nment
Ma nufactur ing
portainsursale
ance,
tion
Total
and
NonState
and
and Services
retail
durable
Federal and
Total Durable
real
public trade
goods goods
local
utilities
estate

1975___
1976__.
1977
1978 ___
1979. _
1980

76, 945
79, 382
82, 471
86, 697
893 886
90? 657

22,
23,
24,
25,
26,
25,

600
352
346
585
504
855

3,525
3,576
3, 851
4,229
4, 483
4, 469

18,
18,
19,
20,
21,
20,

1980: May..
June._
July__
Aug__
Sept__
Oet___
Nov. _
Dec.__

90, 468
90, 047
89, 867
90, 142
90, 384
90, 710
90, 961
91, 125

25, 745
25, 422
25, 163
25, 312
25, 476
25, 636
25,811
25, 892

4,436
4,379
4, 322
4, 359
4,404
4, 442
4,475
4,508

20, 286
20, 014
19, 828
19, 940
20, 044
20, 157
20, 282
20, 312

1981: Jan_. .
Feb__
Mar__
Apr vMay*L

91,481
91j 653
91, 705
91, 490
91, 474

26, 041
25, 988
26, 010
25, 830
25, 678

4,610
4,518
4, 514
4, 441
4,315

20,
20,
20,
20,
20,

323
997
682
505
062
361

345
375
396
440
412

7,635
7, 920
8,086
8, 231
8,290
8, 146

54,
56,
58,
61.
63,
64,

12, 140 "
11,947
11,819
11,860
11, 955
12, 043
12, 146
12, 160

8, 146
8,067
8, 009
8, 080
8,089
8, 114
8, 136
8, 152

12,
12,
12,
12,
12,

8,
8,
8,
8,
8,

10,
11,
11,
12,
12,
12,

688
077
597
274
772
215

188
196
222
259
238

1
Includes all full- and part-time
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 Forees.'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
domestic servants; which count
as employed when they

14



157
179
174
181
174

345
030
125
113
382
801

4, 542
4,582
4,713
4, 923
5, 141
5, 156

17,060
17, 755
18, 516
19, 542
20, 269
20, 573

4, 165
4, 271
4,467
4, 724
4, 974
5, 162

13, 892
14, 551
15, 303
16, 252
17, 078
17, 741

2,748
2, 733
2,727
2, 753
2,773
2,866

11, 937
12, 138
12, 399
12, 919
13, 147
13, 304

64, 723
64, 625
64, 704
64, 830
64, 908
65, 074
65, 150
65, 233

5,
5,
5,
5,
5,
5,
5,
5,

167
134
114
129
124
147
132
137

20,
20,
20,
20,
20,
20,
20,
20,

487
459
506
589
620
641
660
638

5, 137
5, 150
5, 167
5, 180
5, 194
5, 214
5,225
5,245

17, 659
17, 652
17,760
17, 788
17, 861
17, 913
17, 969
18, 068

2, 960
2, 951
2, 893
2, 828
2,765
2,788
2, 790
2,789

13, 313
13, 279
13, 264
13, 316
13, 344
13, 371
13, 374
13, 356

65,
65,
65,
65,
65,

5,
5,
5,
5,
5,

142
156
164
162
163

20,
20,
20,
20,
20,

762
885
917
808
888

5,268
5, 277
5,284
5,297
5,307

18, 133
18, 181
18, 212
18, 275
18, 366

2, 801
2,794
2,786
2, 786
2,779

13, 334
13, 372
13, 332
13, 332
13, 293

440
665
695
660
796

are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor,
of Labor Statistics.

AND HOURLY
PRIVATE NON&GRICULTUR&Ii INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly ekarnings

Averjage weekly 1lours

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

—
...

mm

1980: May
June
July
Aug
Sept
Oct
Nov.
Dec

....

1981 : Jan....
Feb.
Mar
Apr*
May*

Overtime

Total
private
nonagricultural l

Manufacturing

Manufa cturing

Total
private
nonagneultural l

Period

Total

Adjusted h<surly earnin gs index2 —to tal private
nonagric ultural
Percent ch ange from
a year cjarlier 4

Index, IS 67 = 100
Current
dollars

1967
dollars 3

Current
dollars

1967
dollars

37.0
36.9
36.5
36. 1
36.1
36. 0
35.8
35.6
35.3

40.5
40.7
40.0
39.5
40.1
40.3
40.4
40.2
39.7

3.5
3.8
3.3
2.6
3. 1
3.5
3.6
3.3
2.8

$3.70
3.94
4.24
4. 53
4.86
5.25
5.69
6. 16
6.66

$3.82
4.09
4.42
4.83
5.22
5.68
6.17
6.69
7.27

137. 5
146.0
157.5
170. 6
183.0
196.8
212.9
229.8
250.7

109.7
109.7
106.7
105. 9
107. 3
108.4
109. 0
105. 6
101. 5

6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
9. 1

3.0
0
-2.7
-.7
1.3
1.0
.6
-3.1
-3.9

35.1
35.0
34.9
35.1
35.2
35.3
35.4
35.4

39.3
39.1
39.0
39.4
39.6
39.7
39.9
40.1

2.6
2.4
2.5
2.7
2.7
2.8
2.9
3. 1

6.57
6.62
6.67
6.71
6.77
6.83
6.91
6. 95

7.15
7.22
7.30
7.36
7.42
7.49
7.58
7.63

248.3
250.9
252. 1
2540
255.4
257. 9
260.9
261.9

101.5
101.6
102. 1
102.0
101.5
101.4
101. 5
100.8

9. 1
9.4
9.2
9.3
9.0
9.7
9.9
9.4

-4.6
-4.2
-3.3
-3.0
-3.2
-2.6
-2.4
-2.8

35.5
35.3
35.4
35.4
35.3

40.4
39.8
40.0
40.1
40.2

3. 1
2.9
2.9
2.9
3. 1

7.02
7.06
7. 11
7. 13
7.17

7.69
7.73
7.80
7.89
7.93

264.4
266.6
268.6
269.8
271.5

101.0
100.9
101. 1
101.2
101.2

10.0
10.0
9.5
9.6
9.4

-1.6
-1.3
-.9
-.4
-.3

.....

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

Period

Current
dollars
1972__.
1973
1974
1975
1976
1977.
1978
19791980
May
June
July
Aug....

..
.

»

Oct
Nov-^
Dec.
Jan
Feb.__. ..
Apr *_ ...
"
.
1

.

....
.

_ _

$136. 90
145. 39
15476
163. 53
175. 45
189. 00
203. 70
219. 30
235. 10
230. 61
231. 70
232. 78
235. 52
238. 30
241. 10
244. 61
246. 03
249. 21
249. 22
251. 69
252. 40
253. 10

Manufacturing

1967
dollars 3
$109. 26
109. 23
104. 78
101.45
102. 90
104. 13
104. 30
100. 73
95. 18
94.28
93.88
94.24
9462
94 68
9481
95. 10
9470
95. 19
9433
94 73
94 64
9430

$154.71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
288. 62
281. 00
282. 30
284 70
289. 98
293. 83
297. 35
302. 44
305. 96
310. 68
307. 65
312. 00
316. 39
318. 79

$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 78
361. 74
366. 92
365. 79
366. 46
375. 87
375. 18
379. 81
382. 87
400. 40
379. 34
395. 55
389. 30
390. 08

Percent eha nge from a
year e arlier,
total privrate nonagricu] tural 5
Current
dollars

(Durrent dollars

Also includes other prirate industry
shown on p. 14.
'Adjusted for interindustry employment shifts and for overtime in manufacturing.
s Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical m-orkers used beginning 1978.




Construction

Wholesale
and retail
trade

$106. 45
111.76
119. 02
126.45
133. 79
142.52
153. 64
164. 96
175. 91
173. 98
173.86
174 90
176. 96
178. 48
180. 00
182. 25
182. 01
185. 08
186. 44
187. 73
189. 54
189. 66

7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
6.5
6.4
5.7
6.6
6.4
7.5
8.4
7.9
9.5
8.8
9.1
9.8
9.6

1967
dollars
4. 1
— .0
-4 1
-3.2
1.4
1.2
.2
-3.4
-5.5
-6.9
-6.9
-6. 5
-5.4
-5.5
-4.6
-3.8
-41
-2.0
-2.3
-1.3
-. 1
-. 2

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

15

PRODUCTIVITY AND
Hours5 of 2 all
pers ons

Out put 1

Period

DATA, PRIVATE BUSINESS SECTOR
Output per hour
of all isersons

Comp<*nsation
per biour 3

Unit labor

cc sts

Implici t price
defla tor 4

NonPriNonNonNonNonPriPriNonPrivate
Private
Private
vate
farm
farm
farm
farm
vate
farm
vate
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector
sector
sector sector sector sector sector
sector
1977== 100; qmirterly da!,a season ally ad justed

1968
1969-

76.9
79.2

76.7
78.9

90.3
92.7

88.5
91.3

85.2
85.4

86.7
86.4

50.6
54.2

51.4
54.8

59.5
63.5

59.3
63.4

60.3
63.3

60.5
63.4

1970
1971
1972
1973
1974

78.5
80.9
86.2
92.0
90.2

78. 1
80.4
85.9
91.9
90. 1

91.2
90.7
93.4
97.0
97.4

90.0
89.7
92.5
96.4
96.8

86. 1
89.2
92.4
94.8
92.7

86.7
89.6
93.0
95.3
93.1

58.2
62.0
66.0
71.3

67.6
69.5
71.5
75.2
84.2

67.6
69.7
71.7
75.2
84.3

66.2
69. 1
71.5
75.3
82.4

66.4
69.4
71.4

7ao

58.6
62.5
66.6
71.7
78.4

1975
1976
1977
1978
1979

88.5
94. 1
100.0
104. 7
107. Y

88. 1
94.0
100.0
104.9
107.7

93.4
96. 1
100.0
104.9
108.4

92.7
95.9
100.0
105. 1
108.8

94.8
97.9
100.0
99.8
99.4

95.0
98.1
100.0
99.8
99.0

85.5
92.9
100.0
108.4
119.2

86.0
93.0
100.0

90.2
94.8
100. 0

118.8

119.9

90.5
94.8
100. 0
108.7
120.0

90.4
94.7
100.0
107.4
116.9

100.0
107.0
116.2

1980

106.8

106.8

107.8

108.3

99.1

9a6

131.1

130.5

132. 3

132.4

127.6

127.4

99.2
99.0

98.7
98.6

120.5
123.0

119.9
122.7

121.4
124.2

121.5
124.4

118. 1
120.2

117.4
119.7

ioas ioae

741

81.6
89.9

945

1979: III
IV

107.7
108.2

107.8
108.2

108.6
109. 3

109. 2
109. 7

1980: I
II
III
IV

108.7
105.4
105.7
107.5

108.5
105. 1
105.8
107.7

109.5
106.7
106.5
108.7

110.0
107.3
107. 1
109. 1

99.3
98.8
99.2
98.9

98.6
97.9
98.8
98.7

126.0
129.7
132. 8
135.5

125.6
129.0
131.9
135.0

127.0
131.3
133.9
137.0

127.4
131.8
133.5
136.8

123.0
126. 1
129. 1
132.2

122.9
126.3
128.8
131.9

1981: I

109. 4

109.7

109.5

110.0

99.9

99.7

139.3

138.7

139.4

139.2

135.5

135.4

Perceiit change ; quarterl}r data at tseasonal] y adjustec [ annual rates
5. 1
2.9

5. 3
2.9

1.7
2.6

2.0
3.2

3.3
.2

3.3
-.3

7.7
7.0

7.4
6.5

4.2
6.7

3.9
6.8

40
49

40
47

1970
1971
1972
1973
1974.

-.8
3.0
6.6
6.6
-1.9

-1.0
2.9
6.9
6.9
-1.9

-1.7
-.5
3.0
3.9
.4

-1.4
-.4
3. 1
4.2
.4

.9
3.6
3.5
2.7
-2.3

.3
3.3
3.7
2.5
-2.4

7.4
6.6
6.5
8.0
9.4

7.0
6.6
6.7
7.6
9.4

6.4
2.9
2.9
5.2

11.9

6.6
3.1
2.8
4.9

12.1

45
44
3.4
5.4
9.4

48
45
3.0
3.7

1975...
1976
1977
1978
1979

-1.9
6.3
6.3
4.7
2.8

-2.2
6.7
6.4
49
2.7

-4. 1
2.9
4.0
4.9
3.3

-4.2
3.4
4.3
5. 1
3.5

2.3
3.3
2.1
-.2
-.4

2.1
3.2
2.0
.2
-.8

9.6

7.2
5.1
5.5
8.6

10.4

7.4
47
5.5
8.7

10.4

9.7
47
5.6
7.4
8.8

10.3

7.7
8.4
9.9

9.6
8.1
7.6
8.5
9.6

1980..

-.8

-.9

-.5

-.5

-.3

-.4

10.0

9.8

10.3

10.3

9.2

9.7

1979: III
IV

2.4
1.7

2.6
1.5

4.0
2.8

4. 1
1.8

-1.5
-1.1

-1.4
-.3

as

8.1
9.6

10.1

9.7
9.9

8.2
7.4

8.5
7.8

1980: I
II
III
IV

1.8
-11.5
1.1
6.9

1.4
-12.1
2.9
7.1

.5
-9.9
-.4
8.3

1.4
-9.4
-.9
7.5

1.3
-1.9
1.5
-1.2

.0
-3.0
3.8
-.4

10.4
12.2
9.7
8.4

9.7

11.3
11.3

7,5

7.6

3. 1

3.5

4.3

4.0

11.7

1968.....
1969....

1981: I

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.
* Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.

16



a6

8.6

9.9

11.2

9.8

9.0

14.4

9.3
9.6

8.1
9.7

11.4

7.1

9.9

14.6

10.5

10.1

9.8
9.9

7.2

10.4

5.3

10.1
5.1
5.8
7.0
8.6

8.2

10.0

11.3

4
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

industrial production rose 0.3 percent in May following a 0.1 percent increase in April and a 0.5 percent increase
in March.
1967=100*

180

(RATIO SCALE)

INDEX, 1967 =] 00 *

TOTAL INDUSTRIAL PRODUCTION

(RATIO SCALE)

UTILITIES AND MINING PRODUCTION
180

160

160
UTILITIES

140

140

120

>-<

120

1978

1977

1979

I |j 1 1 1 1 1 i l l
1980

MINING

1981

110

MANUFACTURING PRODUCTION
1977

1978

1979

1980

1981

PERCENT* (RATIO SCALE)
100

MANUFACTURING CAPACITY UTILIZATION RATE

90

80
120

70

1977

1981

1977

1978

1979

1980

1981

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE; BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total in dustrial
produ etioa
Percent
Period
Index,
1967= change
from
100
year
earlier
100, 00
1967 proportion
—.4
1974. __
_
129. 3
-8.9
1975. ._ _ _ _ _
„ 117. 8
130.5
10.8
1976
____. „
1977..- .__ __ 138.2
5.9
.
146 1
5.7
4.4
152.5
1979
-3.5
147. 1
1980
_.
June.
July.......
.
Sept. .
Oct
Nov
Dec... ...

144.0
141.5
140.4
141.8
144. 1
146.9
149.4
151.0

Jan—
Feb
Mar
Apr 9
May 9

151. 7
151. 5
152.2
152.3
152.8

___
_

-5.7
-7.5
-8.2
-6.8
-5.6
— 3.8
-1.9
-1.0
ij
7
.1
2.7
6. 1

[Seasonally adjusted)
Indu stry prodiiction indc3xes, 1967 = 100
Miimifacturi ng

Mswmfaeturi ng
Materials
(Federal
WharComReserve Federal
ton
series) Reserve merce
2
series
series
series s

Total

Durable

Nondurable

Mining

Utilities

87.95
129.4
116.3
130.3
138.4
146.8
153.6
146.6

'61. 98
125. 7
109. 3
122. 3
130. 0
139. 7
146. 4
136.6

35.97
134. 6
126. 4
141. 8
150. 5
156. 9
164. 0
161. 1

6. 36
115.3
112. 8
114. 2
118.2
124.0
125. 5
132.9

5. 69
143.7
146. 0
151.7
156.5
161.4
166.0
169.9

87. 1
73.4
81. 1
82.7
85. 6
87.4
79.8

83.8
72.9
79.5
8L9
84.4
85.7
79. 0

143.4
140.3
139. 1
140.6
143.4
146.4
149. 1
150. 6

133.3
129.9
128.3
129.4
131.7
135. 8
139. 3
140.6

158.0
155. 3
154. 7
156.9
160.3
161.8
163.3
165.0

133.4
132 9
130. 6
129.6
130.5
132. 1
136.0
139.3

167. 7
169.3
171.8
173.8
172. 7
170.4
171.5
170. 3

78. 3
75. 7
73.7
74.6
76.4
78.4
80.4
81. 3

77.6
75.7
74.9
75.5
76.7
78. 2
79.4
79.9

151. 1
151. 0
151.7
152. 3
152.9

141. 4
140.7
142. 2
142.7
143. 5

165. 2
166. 1
165. 5
166. 1
166.6

141. 1
143.3
143.8
136.2
135.7

171.0
168. 5
169.3
170.8
171. 3

81.7
81.7
81.7
80.9
81.0

80.0
79.8
79.9
80.0
80. 1

» Output as percent of capacity.
* Annual data are averages of four monthly indexes.
8
Quarterly data entered In last month of quarter. Annual data are averages of
data. Data revised.




Capacit y utilizati<m rate, p ercent l

83
77
81
83
84
83
78

90. 1
79.3
85.4
87.9
90.7
92.4
86.7

76

85. 4

76

83.2

78

87.2

78

86.7

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

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prodlucts
Final 1Products

Total

NonDurable durable
goods
goods

Total
1967 proportion
1971
1972
1973
1974
1975
1976
1977..
1978
1979
.
1980
1980: May
June
July
Aug
Sept
Oct
Nov
•
Dec
1981: Jan
Feb
Mar
Apr ^
May*

Equip>ment

Coiisumer goods

Period

_ _

_.

47.82
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142.2
147.2
145.4
143. 1
142.3
142.4
142.8
143. 9
145.8
147.5
148.3
148.3
147.9
149.3
150.4
151. 1

7.89
118.8
133.8
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.5
128.8
128.2
128.3
128.6
132.7
139.6
142.9
141.3
138. 8
138.9
143.3
144. 0
146. 9

27, 68
114.7
124.4
131.5
128.9
124.0
137. 1
145.3
149. 1
150.8
145.5
142.4
142. 1
142.0
142.7
144.3
146. 6
148.0
147.7
147.2
146. 9
148.2
149.3
150. 0

Intermicdiate
prod ucts

19. 79
113. 1
120.6
125.6
126. 3
125. 1
135.2
141.9
145. 1
148. 8
149. 1
147.7
147.6
147.4
148.3
148.9
149.4
150. 1
150.2
150.5
150. 1
150.2
151. 3
151.2

Materials

Construction
supplies

Total

Business

Total

20.14
94.7
103. 8
114.5
120.0
110.2
114.6
123.0
132.8
142.2
145. 1
144.0
142.6
142.9
142.9
143.2
144.8
146.7
149.1
149.8
149. 1
150.8
151.9
152.7

12. 6$
104. 1
118.0
134.2
142.4
128. 2
135.4
147.8
160.3
171.3
173.3
171.9
169. 8
170. 1
170.3
170.5
172.3
174.5
177.8
178.9
178.3
180.5
182. 2
183.3

12.89
116.7
126.5
137.2
135.3
123. 1
137.2
145.1
154. 1
160.5
151.9
146.2
143.5
144.5
147.6
150.6
152. 4
153.5
156. 1
157.7
156.9
156.5
156.0
155. 6

6.42
116.8
128.4
139.8
134. 5
116.3
132. 6
140.6
151.7
158. 0
140.7
133.0
128.5
128.6
133. 1
137.4
140. 5
142.8
144.6
147.4
147.3
147.6
146.4
145. 4

39.29
111.3
122. 3
133. 9
132.4
115.5
131. 7
138.6
148. 3
156.4
147.7
144.3
140.0
136.5
138. 6
142.4
146.4
150. 5
152.6
153.8
154.2
154.4
153.4
153.8

Supplementary
group:
Energy
total
12. 2S
119.5,
125. 2s
128. 3
125. 5s
125. 5
129. 1
132.9
135.4
137. 9'
138. 8]
137. 9;
138. 4!
139. 2

139. 20.
138. 2
136.8
139.2
139.7
139. 9
139. 2
138. 2
134. 4133.9

[1967=100, seasonally adjusted]
Durable m anufactu res

PrimaryIT metals
Period

1967 proportion
1971
..._
1972
1973
1974
1975____
.___
1976
1977
1978.
1979
„
1980
1980: May
June
July
Aug
„
Sept
.
Oct_
Nov
_
Dec__
1981: Jan.
Feb
Marp
Apr
May3*

Total

Iron
and
steel

6.57
100.2
112. 1
126.7
123. 1
96.4
109.7
111. 1
119. 9
121.3
101.6
96. 1
90. 4
81.7
86.0
90. 1
100.6
113.4
112. 1
113.9
114.2
114.0
112.3
111. 0

4. 21
96. 1
107. 1
122. 3
119.8
95. 8
104. 8
103.8
113. 2
113. 2
91.7
84.4
75.4
68. 1
75.3
79.8
93.3
107.4
103.5
108. 0
107. 8
106.3
104. 8

Fabricated
metal
products

5. 93
103.5
112. 1
124.7
124.2
109.9
123. 9
131.0
141.6
148.5
135.0
133.2
126. 1
123.8
125.8
129. 0
132.8
134. 1
137.4
137.6
139. 1
141.3
141. 6
142. 1

Source: Board of Governors of the Federal Reserve System.

18



Non-

trical
machin—
ery

Electrical
machinery

9.15
100.2
116. 0
133. 7
140. 1
125. 1
134. 5
143.6
153.6
163.7
162.8
162. 1
158.3
158. 5
158.8
159. 1
161. 1
163. 4
167.5
168.9
169. 1
170.7
171.9
172. 7

8.05
107.7
122.2
143. 1
143.8
116. 5
134.8
145.4
159. 4
175.0
172.7
171.4
166. 6
165.0
166. 7
167. 5
170.0
173.0
174. 9
177.9
174. 6
177. 1
178.4
179. 6

Non<durable rnanufact ures

Transp ortation
equipunent
Motor
Total

ve-

hicles
and
parts

4.50
97.9 118.6
108.2 135.8
118.3 148.8
108.7 128.2
97.4 111. 1
111. 1 142. 0
122.2 161.1
132.5 169.9
135.4 159.9
116.8 118.8
109.8 105.9
110.0 106.7
110.7 107.9
108.3 1044
112.9 113.4
118. 8 124. 2
121.7 129.0
120.6 126.3
117, 3 119.2
114. 9 117. 5
119.3 127.4
120. 4 129.8
123.5 135. 8
9.27

Lumber
and

products

Apparel
products

1.64

3.81

113.8
120.8
126.0
116. 2
107. 6
123.2
131. 2
136. 3
136.9
119.3
104.5
109.7
112.8
121.7
122. 6
122. 2
124.9
122.0
126. 3
126. 3
125.4
125.0

104.7
109.4
117. 3
114.3
107.6
125.7
134. 2
134.2
134.4
128.6
128.6
127.2
121.5
123.8
126. 7
127.5
128.0
125. 1
125.9
124. 0
123.6

Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts

4.72
107. 1
112. 7
118.2
118.2
113. 3
122.5
127.6
131. 5
136.9
139.6
135.5
135. 4
138.6
140. 3
140. 3
141. 5
142.7
144.9
145.5
145. 8
144. 1
142. 7
143. 1

7.74
125. 9
143. 6
154. 5
159.4
147. 2
170. 9
185.7
197.4
211. 8
206.7
199. 2
191. 1
190.3
197.8
206. 8
209.1
212.0
218.8
219.2
220.9
219. 3
220. 5

8. 75
112.8
116.8
120. 9
124.0
123.4
133. 0
138.8
142. 7
147. 5
149.2
149. 5
149. 0
148.9
148.3
148. 6
149.4
150.5
150.7
150.0
151. 5
152. 2
153. 0

NEW CONSTRUCTION
Constructio n contracts2

Private
Total new
construction
expenditures

Period

Resid ential
Total

Total1

Commercial and
industrial

New

housing
units

Federal,
State,
Other

and

local

CommerTotal value cial and
index
industrial
(1972=
floor space
100)
(millions of
square feet)

Bil lions of dollars

1974.
1975
1976
1977
1978
1979
1980

.

..

138.5
134.5
151. 1
174.0

205.5

229. 0
228.7

100.2
93.7
111. 9
135.8
159.6
179.9
173.6

50.4
46.5
60.5
81.0
93.4
99.0
86.9

40.6

344

47.3
65.7
75.8
78.6
62.8

23.8
20.8
19.9
22.5
29.6
39.9
43.4

25.9
26.4
31.5
32.4
36.6
41. 0
43.3

38.3
40.9
39. 1
38.2
45.9
49.0
55.1

43.5
43.4
43.0
42.4
43,0
42.3
41. 9
43.5
44.5
44.5
45. 1
44.8

54.1
53.7
55.7
53. 1
55.8
55. 1
53. 7
58.3
65.5
60.6
60.3

Seasonall\y adjusted ai inual rates

218.9
215.0
214. 3
215. 1

1980: May
June
July

Aug

223.7

Sept.

Oct
Nov
Dec
...
1981: Jan
Feb
Mar »
Apr 9
Mayp

226. 1
231. 6
247.4

261.9
253.9

251.5
244. 6

164. 8
161.3
158.6
162. 1
167.9
171. 1
177.9
189.2
196.4
193.4
191.2
190.4

55.2
51.9
52.2
56. 1
60.8
63.5
69.2
71.1
75.4
74.4
72.8
71.2

77.0
73.4
74.3
78.6
84.4
87.4
93.7
100.2
103. 2
100.6
97.4
97.0

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

44.3
44.6
41.3
41.0
40.5
41.4
42.3
45.5
48.7
48.3
48.8
48.6

542

103. 0
101. 9
121.0
153.6
174. 1
185.6
161.8

840
555
592
739
977
1,059
898
Seasonally
Seasonally adjusted
adjusted
annual
rates
129
805
145
857
148
857
192
824
163
822
167
865
205
1,034
193
1,169
185
944
177
1,013
183
1,080
172
930
160
994

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
islew private housing uni ts

Units started, by type of stnicture

Period

1973
1974
1975
1976..
1977
1978_.__
1979
1980___,

.„

Total

1 unit

2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2

1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852.2

2-4
units

118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.5

5 or more
units
795.0
381.6
204.3
289.2
414.4
462.0
429.0
330.5

New priv ate homes
Units
authorized
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 190. 6

Units
completed

Homes
sold

Homes for
sale at
end of 1
period

2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 501. 6

634
519
549
646
819
817
709
530

418
346
313
353
402
414
3
398
336

1,561
1,491
1,472
1,429
1,254
1,287
1,274
1,373
1,252
1, 389
1,354
1,499

471
532
625
616
563
549
560
514
523
500
507
436
504

351
341
335
331
335
334
337
336
329
334
325
329
326

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

Seasonally adjusted aiinual rates

1980: May
June
Julv
Aug
Sept
Oct
Nov
Dec
1981: Jan—
Feb
Mar v
Apr »
May
1
2 Seasonally adjusted.
Quarterly data entered
3

938
1,184
1,277
1,411
1,482
1,519
1,550
1,535
1,660
1,215
1,297
1,340
1,152

651
760
867
971
1,032
1,009
1,019
974
993
791
838
900
753

in last month of quarter.
New series beginning March 1979.




87
77
83
133
140
121
143
131
149
112
105
93
114

200
347
327
307
310
389
388
430
518
312
354
347
285

864
1,094
1,232
1,355
1,518
1, 351
1,366
1,249
1,214
1, 165
1, 153
1, 186
1, 182

5.6
5.7
5.0
5.2

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.

19

SALES AND INVENTORIES—TOTAL AND TRADE
Business sales fell slightly in April while inventories rose $2.7 billion. According to the advance survey, retail sales
rose slightly in May following a 2 percent decline in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
140

BILLIONS OF DOLLARS* (RATIO SCALE)
600

130

550

120
500

TOTAL BUSINESS
INVENTORIES

450

RETAIL INVENTORIES

110
100

400

90

350

80

300

70
TOTAL BUSINESS
SALES

250

,.»**"
RETAIL SALES

60

50
200

40
1977

1979

1978

1980

1981

RATIO*
1.80

150

INVENTORY-SALES RATIO

100 1 I I I I i II I I I I

1977

1978

1979

1980

1981

1977

1981

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total biusiness l

Re tail

Who esale

Sales 2
Period

Sales 2

Inventories 3

Inven-3
Sales 2 tories

In ventorie 3 3

NonDurable durable
goods goods
stores stores

T/\fn1

TPntol

NonDurable durable
goods goods
stores stores

Inventoi v-sales
rat o 4
Total
business l

Retail

Milli ons of d o liars, se asonally adjusted
1973
153, 429 233, 280 38, 014 45, 372 42, 461
1974
.
177, 652 285, 929 47, 748 56, 948 45, 083
1975
182, 252 286, 619 46, 623 56, 697 49, 013
1976
204, 285 313, 507 50, 694 64, 078 54, 784
1977___
„ _ _ _ 227, 264 341, 745 55, 987 72, 311 60, 435
1978 _
256, 486 383, 507 64, 715 83, 492 67, 057
1979__
291, 792 430, 910 76, 264 93, 817 74, 529
1980
316, 590 461, 716 86, 991 105, 529 79, 721
1980: May__
297, 961 450, 251 80, 471 97, 351 75, 975
June
301, 130 451, 396 81, 714 98, 328 77, 843
July
310, 979 453, 726 85, 810 99, 618 79, 491
Aug.
_ 313, 361 455, 720 86, 889 101, 920 79, 829
• Sept
323, 607 458, 279 90, 223 102, 953 80, 620
Oct
331, 531 460, 275 93, 282 104, 293 81, 552
334, 387 461, 932 93, 901 105, 203 82, 764
Nov Dec____
339, 357 461, 716 96, 591 105, 529 83, 443
1981: Jan— _ _ . 345, 578 465, 107 98, 967 104, 909 85, 463
Feb_
346, 446 470, 804 98, 016 106, 066 86, 810
Mar
346, 581 472, 393 96, 486 105, 539 87, 608
Apr *___
346, 130 475, 140 98, 135 106, 010 85,745
May *»__ _
85, 890
1
The term "business" also includes manufacturing (see
3
Monthly average for year and total for month.
s

Book value, end of period, seasonally adjusted.

20



page 21).

14, 409
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 827
22, 544
23, 589
25, 071
24, 593
25, 094
25, 293
26, 007
25, 983
27, 075
28, 328
28, 429
26, 273
26, 421

28, 052
30, 965
33, 766
36, 633
39, 711
43, 744
49, 128
54, 894
53, 431
54, 254
54, 420
55, 236
55, 526
56, 259
56, 757
57, 460
58, 388
58, 482
59, 179
59, 472
59, 469

63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111, 694 51, 853
109, 498 51, 648
109, 438 51, 453
110, 003 51, 249
110, 283 51, 675
111,711 51, 738
113, 106 52, 066
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
113, 507 52, 374
113, 404 51, 791
114, 120 52, 467

34, 819
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
57, 851
57, 985
58, 754
58, 608
59, 972
61, 040
60, 430
59, 841
59, 556
61, 133
61, 613
61, 653

1.41
1.45
1.56
1.47
1.44
L41
1.40
1.42
1.51
1.50
1.46
1.45
1. 42
1.39
1.38
1.36
1.35
1.36
1.36
1.37

1. 40
1.48
1.44
1.38
1.39
1.42
1.43
1.38
1.44
1.41
1. 38
1.38
1.39
1.39
1. 36
1.34
1.31
L 31
1.29
1.33

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
Manufacturers' orders and shipments fell in April while inventories rose again. According to advance data, durable
goods shipments rose in May while new orders fell.
BILLIONS OF DOLLARS * (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

200
180
160
1 Af\

ion
100

280

" SHIPMENTS
_
-

TOTAL
-^^~

r^x^-^"'

-

-

DURABLE GOODS

-

**---*•*""'
j^--—

V*'-

- *"C\

-

_

|i(

•

1 zn

-

,,,,,!

, , , ,i I

, , II.

:ALE)

^

-

"\

.«—•-——

\

Af\

ii
l lll1 | ||I M

_

1977

—w^^"

TOTAL

-

\

p

—-

-

1.8
1X

NONDURABI E GOODS

40
I,,,,,
1978

M

1977

I
1979

S

irr-

'V—^-A^O

. . . . . I . , , , •, , , , , , !
1980
1981

-

1? 1 1 1 1 1 1 1 1 1 1 1
1977

MlllllMM

1978

,1IMI
1979

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Total

I""""""**

Illlllllll!

1980

i 1 1 1 111 1 1 11
1981

COUNCIL Of ECONOMIC ADVISERS

Manufac turers1 sh ipments 1 Manufact ,urers' inv entories 2

Period

/vV.

J

r—.

V/^^^—v^

-

1.4
III.

no

«——

-

, ,

1 I 1 11 1 1

1981

Ort

^VX"

^

1 I II

INVENT*DRY-SHIPh/IENTS .RA"

-

DURABLE C OODS

i i < I M i M1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1980
1978
1979

RAT 0*
2.2

^—-^~~

,1,

NONDU&\§LE GOODS

_

r^^—r"^

80

-

„"— * -•*""*"*

_

px_/^^

_
120

_

DURABLE GOODS

100

I MM ,

tr-NEW OFRDERS

140

r~

s~^

\
TOTAL
*»*'*"'"
"~"\

~~~~

-

BILLKDNS OF DOLLARS* (RATIO S(

200

60

^— •——•"""""

60

hiiii

100

200

on

NONDURAi LE GOODS

Af)

180
160

- INVENTORES

-

£

xX

...*'""'"*
<->»«—— *•"*

240

-

-^x--— -— ^

QA

Art

-^v^-

_
_

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

ers1
Manu facturers ' new ord

Total

Durab e goods
ManufacCapital
Nonturers'
goods
durable
unfilled
indusTotal
goods orders 3
tries,
nondefense

Manufacturers*
inventory—
shipments
ratio *

Millions of dolkITS, season ally ad justed
84, 821
86, 617
98, 810
110,842
124, 714
141, 000
149, 878

44, 253
43, 678
50, 697
58, 010
66, 505
73, 981
75, 227

40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
74, 651

157,915
158, 178
170, 156
180, 224
198, 334
228, 258
244, 493

101, 866
101, 766
109, 095
115,751
129, 456
151, 689
161, 907

56, 048
56, 412
61, 061
64, 472
68, 878
76, 569
82, 586

87, 157
85, 082
99, 184
112, 451
128, 488
144,335
150, 814

46, 740
41, 957
51, 047
59, 562
70, 145
77, 215
76, 228

12, 737
10, 772
12, 501
15, 084
18, 308
21, 643
21, 303

40, 417
43, 125
48, 137
52, 889
58, 344
67, 120
74, 587

187, 574
169, 126
173, 646
193, 561
239, 321
279, 710
290, 735

1.65
1.83
1.66
1.59
1.52
1.52
1.61

1980: May._ 141, 515
June.. 141,573
July.. 145, 678
Aug... L46, 643
Sept.. 152, 764
Oct.._ 156, 697
Nov__ 157,722
Dec— 159, 323

69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
79, 741
80, 027

72, 072
72, 517
73, 134
74, 586
76, 193
77, 200
77, 981
79, 296

243, 402
243, 630
244, 105
243, 517
243, 615
242, 876
244, 090
244, 493

160, 607
160, 404
160, 875
161, 081
160, 691
160, 137
160, 977
161, 907

82, 795
83, 226
83, 230
82, 436
82, 924
82, 739
83, 113
82, 586

138, 920
138, 5S2
147, 104
147, 180
155, 262
158, 054
158, 775
162, 157

67, 328
66, 454
74, 228
72, 229
78, 960
80, 693
81, 047
82, 654

19, 589
19, 954
21, 608
19, 371
20, 860
20, 618
21, 849
21, 673

71, 592
72, 128
72, 876
74, 951
76, 302
77, 361
77, 728
79, 503

284, 033
281, 044
282, 463
282, 997
285, 497
286, 849
287, 907
290, 735

1.72
1.72
1.68
1.66
1.59
1.55
1.55
1.53

1981: Jan__. 161,
Feb.__ 161,
Mar__ 162,
Apr.. 162,
May.*

80, 259
81, 078
82, 051
82, 595
83, 220

80, 889
80, 542
80, 436
79, 655

248,
251,
253,
255,

164, 938
166, 278
166, 830
168, 007

83, 470
84, 953
86, 620
87, 003

162,
162,
164,
163,

81, 336
82, 209
84, 213
84, 291
83, 937

24, 513
20, 590
23, 791
23, 370
23, 253

80, 754
80, 550
80, 484
79, 660

291, 677
292, 813
295, 013
296, 711

1.54
1.55
1.56
1.57

1974
1975
1976
1977
1978
1979
1980

148
620
487
250

408
231
450
010

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

8
End
1




090
759
697
951

shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.

21

PRODUCER PRICES

PRICES

In May, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished consumer foods were again unchanged and prices of other finished consumer goods were up 0.3 percent. Prices of capital
equipment rose 0.9 percent.
INDBC, 1967=100 (RATIO SCALE)

INDEX, 1967= 100 (RATIO SCALE)

TOTAL FINISHED
GOODS

CONSUMER FOODS

\

160

140

140

120

120

100

100
1981

1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1967 = 100; monthlyY data g.easonal ly adjus ted]
JFinished goods
In1iermedi ate
. «
Enaterials
Total
finished
CapiFoods AfK
consumer Total and 1 uintal
feeds
equip- goods
ment
123.5 129.2 131.6 168.4 128.1
141.0 149.3 162.9 200.2 159.5
162.5 163.6 180.0 195.3 178.6
173.4 169.7 189. 1 185.3 189.4
184.6 180. 7 201. 5 190.5 202.3
19&2 194.9 215.6 203. 1 216.5
216.5 217.9 242. 2 226. 1 244.4
239.8 248.9 280.3 252.6 282.3
236.6 244.5 276.4 239.9 279.0
238.2 246.6 278.4 241. 0 281. 1
241. 1 251.2 281.0 251.0 283. 1
243. 6 254.3 283.7 266.0 285.0
243.9 255. 1 285.2 267. 9 286.4
248.1 257. 1 287.6 281.8 288.0
249.7 258.9 290.2 286. 1 290.5
250.8 259.7 293.5 270. 1 295.2
253.5 262. 1 297.4 270.7 299.4
255.8 263.6 297.9 260.7 300.7
257.7 267.2 301.1 253.8 304.5
260. 1 269. 3 304.3 255, 1 307.9
262.4 269.9 305.9 254.5 309.8

Fwished goods excludin g
consumer fo ods

Period

1973
1974
1975
1976«_.
1977_
1978
1979
1980
1980: May
June
July
Aug.__
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May_
1

Total
Confinished sumer
goods foods Total

127.9
147. 5
163.4
170.6
181.7
195.9
217.7
247.0
242.8
244.8
249.0
252. 0
252.7
255.1
256.9
257.8
260.3
261.9
265.2
267.3
268.3

146.4
166.9
181.0
180.4
189.9
207.2
226.2
239.5
230.8
232. 1
240.6
247.0
248.3
250.0
250.8
250.9
251.2
249.2
251. 1
251. 1
251.0

120.1
139.3
156. 2
166. 1
177.7
190.7
213. 3
247.8
245.3
247.5
250.2
252.0
252.5
255.2
257.3
258.4
261.6
264.4
268.1
270.8
272.2

Cons>umer goods
Tn

T"illT

tal

flhlo

118.6
138.6
153.1
162.6
174.3
186. 7
211.5
250.8
248.6
251.1
253.7
255.2
255.7
257.8
260. 1
261.2
264.4
267.5
271.9
2748
275.6

115.4
125.9
138.2
144. 5
152.8
166.9
183.2
206. 2
201.7
204.7
207.7
209. 4
209.1
212.3
213.3
212.9
213.2
213.5
213.7
215.3
217.5

Intermediate materials for food manufacturing; and feeds.

22



Nondurable
120.5
146.8
163.0
174.8
189.3
200.0
231. 3
283.9
283.6
285.6
287.8
289. 1
290.3
291.4
294.8
297.4
302.5
307.7
315.0
318.8
319.0

pn

Crud e mateiials
Foodstuffs
Total and /Other
feedstuffs

174.0
196. 1
196.9
202.7
209.2
234. 4
274.3
304.6
286. 1
288.3
303.6
317.5
321. 8
327.2
330.7
328.1
^28.8
331.4
327.0
331.8
330. 1

NofE.—Data revised for January 1981.
Source: Department of Labor, Bureau of Labor Statistics.

180.0
189.4
191.8
190.2
192. 1
216.2
247.9
259.2
238.7
242.7
260.9
276.8
278.7
282.8
283.3
275.9
272.9
263.8
258.4
262.4
256.6

162.5
208.9
206.9
228.5
245.0
272.3
330.0
401.0
386.6
385. 1
394.3
403.6
413.0
421. 0
431.2
438.9
447.8
475.8
473.7
480.2
487.4

CONSUMER PRICES
In May, the consumer price index for all urban consumers rose 0.7 percent, seasonally adjusted (0.8 percent unadjusted). Food prices were down 0.2 percent (0.1 percent unadjusted) and nonfood commodity prices rose 0.4 percent
(0.7 percent unadjusted). Services prices were up 1.4 percent (also 1.4 percent unadjusted).
INDEX, 1967= 100 (RATIO SCALE)
320

INDEX, 1967=100 (RATIO SCALE)

160

140

140

120

120
1973
SEi NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]

All
items

Food

133. 1
147.7
161. 2
... 170.5
181.5
.. 195.4
„_ 217. 4
_ 246.8

141.4
161.7
175.4
180. 8
192.2
211.4
234.5
254.6

Period

1973
1974
1975
1976
1977
1978
1979
1980

Commodities
less
food
123.5
136.6
149. 1
156.6
165. 1
174.7
195. 1
222.0

Services

139. 1
152. 1
166. 6
180.4

1943
210.9
234, 2
270.3

A 11
All
commodities

All

Food
at
home

Food
away
from
home

129.9
145. 5
158.4
165.2
1747
187. 1
208.4
233.9

141. 4
161. 7
175.4
180. 8
192.2
211.4
234.5
254.6

141.4
162. 4
175. 8
179.5
190.2
210.2
232.9
251. 5

141.4
159.4
1743
186. 1
200. 3
218.4
242. 9
267. 0

230.7
231. 6
233.0
'235. 9
238. 9
241. 1
243.5
245. 2
246.6
249. 2
250.5
250. 5
250. 9

249.3
250.5
252. 9
257. 6
262. 0
264.4
267.6
270. 2
269.8
270. 6
271. 6
271.6
271. 0

244. 9
245.8
248. 7
254, 6
259. 8
262.2
265. 6
268. 0
266. 9
266. 8
267.9
267. 3
266. 0

NOTE,—Data
to




244. 9
247.6
247.8
249.4
251. 7
253.9
256.2
258. 4
260.5
263. 2
265. 1
266. 8
269. 0

250. 4
252. 0
254.8
258.7
261. 1
262. 4
264.5
266.4
268. 6
270.8
272. 2
272, 9
272.5

January

220. 2
221.4
222. 2
224. 2
226. 6
228. 3
230. 0
231. 0
232.4
235. 4
237.0
238.0
239. 6
to all

All

123.5
136.6
149. 1
156.6
165. 1
174 7
195. 1
222. 0

Services

Durable

Nondurable

121.9
130.6
145. 5
154 3
163.2
173. 9
191. 1
210.4

1248
140.9
151.7
158.3
166. 5
1743
198.7
235. 2

1943
210.9
2342
270. 3

206.7
207.7
208. 8
212. 1
215. 2
217.6
220. 4
221. 3
221. 9
221. 2
220, 9
221. 5
223.5

234. 9
235. 5
236.4
237.4
238. 4
239. 2
240.3
242. 0
247. 0
255. 0
258. 3
257. 8
257.4

269.4
274 1
272.4
272.7
2746
277.9
281. 5
285. 5
288.0
290. 3
292.6
295. 4
299.6

139. 1

152. 1
166.6
180. 4

Seasonal y adjusted

Unacljusted
1980: May___
June
July___
Aug
Sept___
Oct....
Nov_
Dec____
Jan
Peb____
Mar.___
Apr
May___

ComrQodities le ss food

Food

269.2
274.2
272.4
272.5
274.8
277.9
280. 9
2847
287.7
290. 1
292. 5
295. 4
299. 6

263.7
265. 6
266. 9
268.9
271. 4
273. 6
276. 5
279.4
282.0
285. 0
285. 8
287. 3
288. 1
of Labor,

219. 5
220.3
221. 3
223. 4
225. 9
228.0
230.0
231. 3
233.6
236. 8
238. 1
238. 1
239. 0
of

Vl 5

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

1972
1973
1974.
1975
1976
1977
1978
1979
1980

Perceni ; change from prcseeding
perioc ; seasonally adjusted1

Perceni ; change from 3 nttonths
earlie r; seasor ally adjiisted
annual rates

Percen t change from 6 rnonths
earlie r; seasorlally adjiisted
annua 1 rates

Consum er goods

Consum er goods

Consum er goods

Total
finished
goods
3.8

11.8
18.3
6.6
3.7
6.9
9.2

.

12.8
11.8

1980: May
June
July
Aug
Sept
Oet_
Nov
Dec

„_„_

1981: Jan
Feb
Mar
Apr
May

„

Capital Total
equip- finExclud- ment ished
goods
ing
Foods
foods
8.0

22.5
13.0
5.5

-2.5
6.9

11. 7

7.4
7.5

22.6

20.5

8.2
6.4
7.3
7.9
8.8

6.7
6.0
6.7

8. 5
17.5
142

11.4

.4
.6
3.7
2.7
.5
.7
.3
.0

.5
1.0
1.0
.6
.2
.8
.9
.4

.3
.7
1.2
1.0

1.0
.6
1.3

.1
-.8
.8

1.2
1.2
1.6

1.1
.9
.7

0
-.0

Capital
equipExclud- ment
Foods
ing
foods

2.0
5.3

2.0
7.4

.5
.8
1.7
1.2
.3
.9
.7
.4

.8
.4

Capital Total
equipfinExclud- ment ished
goods
ing
Foods
foods

.1

1.7
.6
.4

1. 1
.3

.9
.9

13.4
12.2
10.8
11.0

0.2

9.6
8.4

12.6
16.0
13.5
10.2

— 1.4
20.2
31.2
31.0
16.6

8.4
8.0

-2.5

8.0
8.3

12.0
11.2
10. 1

.3

—.2
2.9

9.0

9.3
8.0

9.0
1.8
2.3

9.3

12.4

7.5
6.6
7.9
8.9

12.1
10.4
11.8

10.6
11.9
17.4
16.7
12.7

10.1
11.5
10.8
10.7

6.3
43
1.9

-1.3
-1.1

9.9

12.8
12.9
13.0
12.8
11.0
11.4
12.0
10.9

12.0
10.9

10.1
9.8
9.1

7.6

14.6
13.7
18.4
18.1
16.9

20.6
20.7
16.3
12.2

12.5
12.3
11.6
12.2
10.4
10.7
11.4
10.9

8.6
9.9

10.6
10.3
11.6
9.9
10.4

9.8
8.7
9.5
8.2

13. 1
13. 6
12. 3

.9
.2

Source: Department of Labor, Bureau of Labor Statistics.

i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised datt for January 1981.

CHANGES IN CONSUMER PRICES
Percer it change5 from preceding
period; seasoilally adju sted1
Period

1972
...
1973
1974
1975....
„
1976
1977
1978
1979.-,
1980

All
items
3.4
8.8

12. 2

7.0
4.8
6.8
9.0

13.3
12.4

1980: May__
June..
July..
Aug...
Sept..
Oet___
Nov..
Dec...
1981: Jan.»_
Feb...
Mar__
Apr
May_.
1

.9
1.0

Food
4.7

20.1
12.2
6.5
.6
8.0

11.8
10.2
10.2

1.0

.4
.5
1.0
1.9
1.7
.9
1.2
1.0

.7

— .1

.1

.8
1.0
1.0

1. 1

1. 0

.6
.4
.7

.3
.4
0

2

Commodities
less
food
2.5
5.0

Services

Percent change frc>m 3 months earlier; Percent change frc>m 6 months earlier;
seasomilly adju sted annu al rates
seasonsilly adju sted annu al rates
All
items

11.3

14 3
11.5

13.7

.5
.4
.5
.9

1.5
-.6

.9
.9
.6

1.2
1.3
1.4

12.0
13.5
13.2

1.0
1.4
.5
0
.4

.9
.8
.8
1.0
1.4

11.8
11.2

1. 1




All
items

Food

Commodities
less
food

Services

8.1
7.3
7.9
9.3

142

1. 7

.1
.7

13. 1
11.4
8.0
7.6
7.8

9.6
8.2
7.0

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

24

Services

3.6
6.2

13.2

6.2
5.1
49
7.7

Food

Commodities
less
food

7.4
5.8
7.6

14 0
19,7
19.5
16. 5
13. 1

8.4
46
2.1
2.7
.6

8.8
5.2
5.2
7.3

10.6
12.7
12.4
9.9

10.2
12. 4
12.3
7.9
3.8

20.4
20.5
10.8

5.0
.7
8.3

148
143

11.4
10.3
9.6

13.5
16.8

10.0
10.5
10.5

15.3
13. 1
10.3
10.7
13.4

11.9
12.3
11.4
10. 0
9.1

6.1
45
6.3

10.6
12.5
13.4
15.2
16.3
13.8
10.3
7.5
5.5
2.6

Source: Department of Labor, Bureau of Labor Statistics.

143

12.7
9. 7
8. 1
7.9
8.9
9.8

10.2

11.4
12.4
11. 1
9. 1
8.0

19.2
20. 3
15.4
12.4
10.2
9.6
9.2
8.5

11.8
13.3
13.5
13.0
13.3

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.4 percent in May and prices paid by farmers were unchanged in the month ended
May 15.
INDEX, 1967=100

(RATIO SCALE)

INDEX, 1967=100

(RATIO SCALE)

!80
1981
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE; DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[1967=100]
Prices received by fairmers
Period

1973
1974
1975
1976
1977
1978
1979
1980
1980: May
June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May __
1
2

All farm
products

„_
•

A

_

„__

,_

Crops

Livestock
and
products

Ratio 2

179
192
185
186
183
210
241
246

175
224
201
197
192
203
223
241

183
165
172
177
175
217
257
251

144
164
180
192
202
219
250
281

149
169
186
198
208
227
261
293

146
166
182
193
200
217
249
277

124
117
103
97
91
96
96
88

228
233
247
257
261
261
264
265

224
228
242
252
260
259
271
272

232
237
252
262
263
263
260
259

276
279
281
284
287
289
291
292

286
289
291
295
299
300
303
303

269
273
275
280
284
286
289
290

83
84
88
90
91
90
91
91

264
263
262
261
260

276
276
281
275
275

253
252
246
250
248

299
300
302
304
304

312
312
314
316
315

293
294
296
299
299

88
88
87
86
86

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




Pric es paid by fanners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates

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

25

STOCK

AND LIQUID

All the principal monetary aggregates decelerated in May, and the narrow aggregates (M-1A and M-1B) declined.
IILUONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS'(RATIO SCALE)

2,400 p

2,400

400

200

200

*SIASONALLY ADJUSTED

COUNCfi OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Averages of daily figures; billions of dollars, seasonaly adjusted]
Ml-A

Period

1977:
1978:
1979:
1980:
1980:

Dec
Dec
Dec..
Dec
May
June.
July.-Aug _
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr v
Mav - _

Currency
plus
demand
deposits
plus
travelers'
checks 1

331. 4
354.8
372.7
387. 7
370.4
373.6
376. 6
382.8
386.4
390. 1
391. 3
387.7
375. 1
367.2
365. 8
366. 6
364. 9

Ml-B

Ml- A plus
other
checkable
deposits
(OCD) at
banks and
thrift
institutions
336.4
364.2
390. 5
415.6
391.3
394.9
399.3
406, 9
411. 8
416.3
419. 1
415. 6
419. 2
421.2
425.8
433.7
431. 5

M2

Ml-B plus
overnight
RPs and
Eurodollars,
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions 2
1, 296. 4
1, 404. 2
1, 525, 2
1, 669. 4
1, 568. 2
1, 589. 3
1, 614. 0
1, 633. 4
1, 644. 9
1, 654. 0
1, 668. 5
1, 669. 4
1, 680. 8
1, 695. 7
1, 718. 4
1, 737. 8
1, 743. 7

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

26



M3

M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
1, 462. 5
1, 625. 7
1, 775. 1
1, 963. 5
1, 832. 8
1, 851. 9
1, 872. 9
1, 896. 7
1,911. 9
1, 927. 5
1, 950, 7
1, 963. 5
1, 988. 3
2, 007. 9
2, 025. 9
2, 044. 3
2, 059. 8

L

Percent chantge froni year
or 6 mont hs earli gr 3

M3 plus
other liquid Ml-A Ml-B
assets

1, 722. 7
7. 1
1, 936. 5
2, 151. 1
5.0
2, 377. 4
4.0
-.4
2, 231. 5
.5
2? 246. 0
1. 2
2, 263. 7
3.0
2} 290. 5
5. 3
2, 308. 1
11. 1
2, 325. 6
2, 356. 2
11.6
7.7
2, 377. 4
g
2, 408. 1
2} 431. 2 -8. 0
2} 442. 3 -10. 4
11.7
-13. 0

8.3
7.2
6.4
1.3
2.3
3.4

M2

M3

8.3
8.6
9.5
6.8
8.6

11.2

10. 0
. 5. 1 10.6
7.8 11.2
13.4 13.3
14.7 13.2
10. 8 10.3
8.4
10. 2
7.2
6.9

8. 5
6.0

7.8

9. 1
10.4
9.2

9.2

10.6
7.8
8.8
9.3
9.7

10.5
12. 5
13. 3
12.4
12. 7
12. 1
12. 3
12.5
11. 5

Note.—Series revised after chart was prepared. Revised data not yet available
prior to 1977.
,,
See p. 27 for components except travelers' checks, which can be computed from
data shown on these two pages.
Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

Overnight
Small Large
Money
Over- market
dedeSavDe- Other repurchase
night
checkmutual ings nomi- nomiCur- mand
agreeEuroable
de- nation nation
fund
Period rency de- 1
dollars shares
time
posits time
posits deposits ments
(OCD) (RPs)
dede- 2
f 4-\
\ne\>)
posits posits 2
no

NSA

NSA

NSA

5.0
9.4

17.6
21.9
21.8
27.9

1.0
2.0
3.6
45

3.8 486.5
10.3 475. 5
43.6 416.5
75.8 393.0

453. 8
533.3
652. 7
756.8

2.8

66.8 377.7
742 3846
80.6 395.9
80.7 404 6
78.2 407. 9
77.4 407.8
77.0 406. 1
75.8 393.0

5.2
4.9
4.5
47

376. 9
370.8
368.3
367.0
361.0

Dec:
1977 _ 88.6
1978 . 97.4
1979. 106. 1
1980- 116. 1

239.7
253.9
262.8
267.4

1980:
May- 110. 4
June- 111. 1
July. 112. 1
Aug- 113. 4
Sept_ 113.8
Oct.- 1149
Nov. 115.7
Dec— 116. 1

256. 1
258.7
260.7
265. 4
268.6
271.2
271.6
267.4

21.0
21.4
22.8
242

25.5
26.3
27.9
28. 1

20.6
22.3
26.0
27.9
29. 3
28.3
28. 1
27.9

1981:
Jan.. 116.6
Feb._ 117.2
Mar- 117.9
Apr.118.9
May1* 119.8

2544
245.8
243.5
243. 1
240.7

44.3
54.3
60.2
67.3
66. 9

27.5
27.0
28.7
29.3
32.4

17.8
28. 1

3. 0

3.6
3.8
3.7
44
4.7
4.5

6. 1

80. 7
92. 4
105. 6
117. 1
118. 1

Term
Shortrepur- Term
term
chase Euro- Sav- TreasBankComagree- dollars ings
ury
ers1 merments (net) bonds secuaccept- cial
(RPs)
rities ances paper
NSA

NSA

145. 1
1940
219. 7
256.8

21.0
27.5
30.3
37.3

18.7
29.9
42.9
48.4

76.4
80.3
79. 6
72.3

90. 1 11.9 63. 1
99.6 21. 7 79.4
129. 1 27.0 97.3
160.5 32.5 100.2

712.9
714. 1
712.6
713.6
718. 1
7240
738.0
756.8

235. 9
233.3
228.2
229. 6
233. 4
237.7
245.4
256. 8

28.7
29.3
30.7
33.8
33.6
35.7
36.8
37.3

50.2
48.9
48.3
48.3
45. 1
45. 2
46. 3
48.4

742

73.7
73.5
73.2
73.0
72.8
72. 6
72.3

148.6
145. 1
143.5
146.6
149.9
150.6
155. 5
160.5

29.2 96.5
29.6 96. 7
29.3 96.2
28.8 96.8
29.7 98. 5
30.6 98.9
31.3 99.8
32.5 100.2

775.7
783.3
789.4
790. 0
798.6

268. 0
273.9
271. 0
269. 5
278.6

39.4
38.3
36. 5
37.0
37.5

50. 2
51.0
50.7

71. 9
71. 1
70.7

165.5
169.8
164.4

33.0
32.0
33.0

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

99.2
99.4
97.6

Note.—Series revised; see p. 26.
NSA indicates data are not seasonally adjusted.
See p. 26 for overall measures.
Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installrrtent credit e xtended

Installmient credit liquidated

Net change5 in amount outstanding

TO ^ _ J

Feriod

Total1

1973.
1974
1975
1976
1977
1978...
1979
1980

Automobile

Revolving

Total i

Automobile

Revolving

Total *

Automobile

5,910

Revolving
2,003
1,970
1,340
2, 170
6,248
9,035
8,628
2,925

173,035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305, 887

49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002

28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580

152, 817
163, 276
172, 675
189, 179
222, 138
254, 589
286, 396
304, 477

43, 696
46,019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037

26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655

20, 218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410

2,976
10, 465
15, 204
18, 736
14, 715

1980: Apr
May
_.
June
July...
Aug
Sept.......
Oct
Nov
Dec

23, 220
22, 093
22,349
23, 997
26, 176
27, 064
27, 365
25, 991
27, 149

5,922
5,533
5,550
6,068
7,400
7,518
7,544
7, 117
7,234

10, 347
10, 302
10, 341
10, 679
10, 700
11, 143
11, 124
10, 953
11, 614

24, 891
24, 770
24, 394
25, 196
25, 687
26, 009
26, 663
25, 152
25, 530

6,565
6,574
6,576
6,785
7, 045
7,434
7,343
6,872
6,932

10, 677
10, 589
10, 436
10, 641
10, 419
10, 665
10, 851
10, 688
10, 998

-1,671
-2, 677
-2, 045
-1,199

-643
-1,041
-1,026
-717

-330
-287

1981: Jan___
Feb
Mar
Apr

27, 059
28, 706
29, 822
28, 878

7,237
8,333
8,700
7,205

11, 483
11, 867
12, 071
12, .352

26, 190
26, 710
26, 714
26, 547

7,300
7,354
7,018
6,777

10,926
11, 426
11,484
11, 514

-63
979

557
441
587
838

_.

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




489

1,055
702
839

1, 619
869

1,996
3,108
2,331

495

-35

355
84
201
245
302

1,682
428

-95
38
281
478
273
265
616

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial bank acquisitions of loans and investments accelerated in May. Total reserves increased, as discount
borrowings outpaced the decline in nonborrowed reserves.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)

ALL COMMERCIAL BANKS

40

40
1973

1981

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

Total
loans
and
investments

Period

1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
Deposit*:>ry institiitions3
A U <3ommercial 13anks 1
Borrowiittgs (millions of dollars,
Reserves
Investrnents
Loans .and leases
unadj usted)
Commer/•yi.1.
__
Q
U'.b.
utner
SeaNonRecial and
Total
Total
Treasury
Total 2 industrial
secusonal
borrowed quired
securities
rities
loans

713.9
745. 1
804.6
891.3
1, 013. 4
1, 134. 6
1, 237. 3

520. 1
517.2
555.0
632.3
746. 9
848.9
912.7

197.4
189.9
191.3
211.2
246. 1
291.1
3249

53.7
82,2
100.6
99.5
93.3
93.8
110.7

140.0
145.7
149.0
159.5
173.2
191.8
213. 9

36.66
3467
3490
36. 00
41. 16
43.46
40. 13

35.94
3454
3485
35.43
40.29
41.98
38.44

36.41
3440
3463
35.81
40.93
43. 13
39.58

703
127
62
558
874
1,473
1,617

32
13
12
54
134
82
116

1980: May
June
July
Aug...
Sept
Oct
Nov_«
Dec

. 1, 158. 7
1, 156. 0
1, 163. 5
1, 180. 9
1, 193. 3
1, 206. 5
I, 224. 2
„_ 1, 237. 3

863.2
856. 3
857.5

878.0
887.5
901.7
912.7

299. 1
296.9
298.0
303.3
308.3
313.8
320.7
3249

95.5
98. 1
102.0
105.7
107.7
109. 1
110. 5
110.7

200. 1
201.7
204 1
206.9
207.5
209.9
212. 1
213.9

44.45
43.96
42.78
40.75
41.52
41.73
41.23
40. 13

43.43
43.58
42. 39
40.09
40.21
40.42
39. 17
38.44

44.27
43.76
42. 50
40.45
41.26
41.52
40.73
39.58

1,018
380
395
659
1,311
1,335
2,156
1,617

63
12
7
10
26
67
99
116

1981: Jan
Feb..
Mar
Apr
May

1, 253. 5
1, 262. 9
1, 262. 3
... 1, 267. 0
1, 279. 3

923.6
930.3
929. 1
934.2
943.0

329.5
331. 5
332.3
333. 1
335.0

113,6
115.3
114.9
115.3
117.7

216.2
217.2
218.2
217.6
218.6

40. 10
39. 76
40.25
40.25
40.81

38.70
38.45
39.25
38.91
38.58

39.56
39. 58
39.87
40. 10
40.55

1,405
1,278
1,004
1,343
2,154

120
148
197
161
259

sea 3

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

28



NOTE.—Latest month's data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Credilb market f unds
Period

Total

Internal 1

Total
Total

Other2

Total

Capital
expenditures8

85.0
91.7
85.6
119. 7
134.2
156. 1
171.9
190.6
196.8

40.8
45.3
58.2
73.0
82.2
37.9
60.7
79.9
94.8
114.3
101.3

32.2
41.2
40.6
37.0
39.2
49.3
48.7
46. 1
49.2
52.5
61.2

8.5
4. 1
17.6
36. 1
43.0
-11.4
11.9
33.8
45.6
61.9
40. 1

5. 1
14. 5
23.2
44.3
33.7
7.3
25.4
23.8
53.7
70.4
30.8

100.8
124.5
151.0
194.8
193.4
151. 1
199.5
231.6
295.6
346.0
297.3

82.0
87.7
100.9
124.3
141.2
110.0
147.5
177.3
205.6
229.4
2246

18.8
36.8
50. 1
70.5
52.2
41.2
52.0
54. 2
9tt 0
116.6
72.7

6.9
8.8
15.5
14.3
8.1
13.8
20.8
28.3
24.8
29.4
31.6

363. 3
236.0
319.7
396.8

194.9
192.9
199.2
200. 1

168.4
43. 1
120.5
196.7

130.3
60.4
95.9
118.6

61.5
61.5
60. 1
61.6

68.8
-1. 1
35.8
57.0

38.0
-17.3
24.5
78.2

328.3
196.6
300.3
3642

2340
218.4
213.8
232.3

943
-21.8
86.5
131.9

35.0
39.4
19. 3
32.6

377.0

218.7

158.3

97.4

62.3

35. 1

60.9

346.4

246.4

100.0

30.7

1980: I_
II
III_
IV
1981: I"

___

Loans
and
shortterm
paper

Discrepancy
(sources
less
uses)

45.9
59.8
81.4
117.3
115.8
45. 2
86.1
103.7
148. 5
184.8
132. 1

107.7
133.3
166.5
209. 1
201.5
164.9
220.3
259.8
320.4
375.4
328.9

1970
1971
1972
1973
1974
1975
1976
1977
.
1978
1979
1980...

Securities
and
mortgages

Increase
in
financial
assets

61.8

7as

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.

8

Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curre nt assets
End of period
Total

SEC series:2
1970. __
492.3
1971...
529.6
1972
599. 3
1973
.. 697. 8
1974.
790.7
FTC-FRB series:3
1974
•
735.4
1975
759. 0
. 826.8
1977. _
902. 1
1978
1, 030. 0
1979
1, 200. 9
1980____
1, 279. 9

i1 Total
1

Cash

Cur rent liabil ities

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

Other
current
assets

Total

Notes
and
accounts
payable

Other
current
liabilities

Net
working
capital

Current
ratio l

i2 __

50.2
53.3
59. 0
66.3
71. 1

7.7
11.0
10. 6
12. 8
12.3

206. 1
221. 1
248. 2
288. 5
322. 1

193.3
200.4
225.7
263. 9
313.6

35.0
43. 8
55. 8
66.4
71.7

304 9
326.0
375.6
450.9
530.4

211.3
220. 5
282.9
340. 3
402. 3

93. 6
105.5
92.7
110. 7
128. 1

187.4
203.6
223. 7
246.9
260.3

1. 615
1.625
1. 595
1.548
1.491

73.2
82. 1
88.2
95.8
104 5
116. 1
120. 8

11. 1
19.0
23.4
17.6
16.3
15. 6
17.0

265.8
272. 1
292. 8
3247
383.8
456.8
491. 1

319.5
315.9
342.4
3748
426.9
501.7
525. 1

65.9
69.9
80. 1
89.2
98.5
110.8
125. 9

453.4
451.6
494.7
549. 4
665.5
809. 1
877. 2

269.8
2642
281.9
313.2
373.7
456.3
498. 2

183.6
187.4
212. 8
236.2
291.7
352.8
379. 0

282.0
307.4
332.2
352.7
364.6
391.8
402, 7

1.622
1.681
1. 672
1.642
1.548
1.484
1.459

I........ 1, 081. 0
II
1, 108. 2
III
1, 169. 5
IV
1, 200. 9

102.7
100. 1 .
103.7
116. 1

17.4
18.6
15,8
15.6

408. 1
421. 1
453. 0
456.8

451.4
465.2
489. 4
501.7

101.4
103.2
107.7
110.8

705.4
7247
777.8
809. 1

391.3
406. 4
438. 8
456.3

314 1
318.3
339.0
352.8

375.6
383.5
391.7
391.8

1532
1.529
1.504
1.484

I....
II..
Ill
IV»__

110.2
111.5
113. 2
120.8

15. 1
471. 2
13.8 .
479.2
16.3
17.0
491. 1

519. 5
525,7
525. 1
525. 1

119. 3
118,7
122.0
125.9

838.3
828. 1
852. 1
877.2

467. 9
463. 1 '
477.3
498.2

370.4
364 9
3748
379.0

397. 0
405.7
403.7
402.7

1.474
1. 490
1.474
1.459

on
on




1, 235. 2
.. 1, 233. 8
1, 255. 8
_„ 1, 279. 9

divided by
liabilities.
from Statistics of Income, Department of'the Treasury.
from Quarterly
not

1974.

See Federal
Sources:
Commission,

Bulletin, July 1918, for
regarding the
of Governors of the
Reserve
Securities
Commission.

29

INTEREST RATES AND BOND YIELDS
Interest rates on most securities moderated over the month of June. The prime rate showed little movement.
PERCENT PER ANNUM

1973

1980

1974

1981

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Tre asury security yields

Period
1975..
1976__.
1977
1978
.
1979—..
1980
___.
1980: May
June™.

July

Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb..
Mar
Apr
May
June
>_
Week ended:
1981 : May 2 3 _ _ _ _ .
30-__._
June 6 _ _
13___ .
20
27_____
1
2

3-month
bills i

Constant inaturities 2
3-year

10-year

5.838
4. 989
5, 265
7.221
10. 041
11. 506
9. 150
6. 995
8. 126
9.259
10. 321
11. 580
13. 888
15. 661
14. 724
14. 905
13. 478
13. 635
16. 295
14. 557

7.49
6.77
6.69
8.29
9.71
11. 55
9.44
8.91
9.27
10.63
1L57
12.01
13.31
13. 65
13.01
13.65
13.51
1409
15.08

7.99
7.61
7.42
8.41
9.44
11.46
10. 18
9.78
10.25
11. 10
11.51
11.75
12.68
12.84
12.57
13. 19
13. 12
13.68
14. 10

16. 034
16. 750
15. 456
14. 982
13. 451
14. 337

15.05
14. 55
14.42
14. 16
14. 15
14. 39 I

13.92
13.61
13. 53
13. 34
13. 29
13. 61

NewPrime
High-grade Corporate Prime com- Discount
home
rate
rate
municipal
mercial
Aaa
mortgage
(N.Y.
charged
bonds
paper,
yields
F.R.
(Standard3 (Moody's)
4-6 4
by 5
(FIILBB)s
Bank) «
banks
months
& Poor's)
9. 01
7.86
6. 89
8.83
6. 33
6.25
8.99
6.84
8.43
6.49
5.35
5.50
9.01
8.02
6. 83
5.56
5.60
5.46
9. 54
9.06
5.90
a 73 4 7.99
7.46
10.77
10. 91
12.67
6.39
9.63
10.28
12.65
8.51
11.94
15.27
12.29
11.77
13.68
7.37
13-12 *181/2-14
10.99
9.29
12. 66
14-12
12-11
7.60
10.58
8.03
12.48
12-11
8. 08
11.07
8. 29
11-10
12.25
11. 64
8. 62
9.61
10-10
ll-HH
12.35
12.02
11.04
8.95
10-11 11K-13
12.61
9. 11
12.32
12.31
11-11 13K-14H
13.04
11-12
9.55
12.97
14^-17%
14.73
13.28
13.21
10.09
16. 49
12-13
17Ji-21H
13.26
9.65
21^-20
12.81
15. 10
13-13
13.54
20-19
13.35
13-13
10.03
14.87
1402
10.12
13.59
19-17K
13.33
13-13
14.15
10.55
13-13 17^-18
13.88
14 17
1415
14.32
10. 73
13-14
16.66
18-20H
1420}f10.63
10.55
10.52
10. 50
10.58
10.65

Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
by8 the Treasury Department.
Weekly data are Wednesday figures.
•5 Beginning November 1,1979, data are for 6 months paper.
Average effective rate for year; opening and closing rate for month and week.

30



14 18
14 00
13.84
13.73
13.61
13.77

16.70
15. 79
15.72
15. 12
14.90
15. 12

14-14
14-14
14-14
14-14
14-14
14-14

19^2-20^
20H-20H
2011-20
20-20
20-20
20-20

9
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.
•On May 1,1980 range of 18^-19 was in effect.
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
Most stock price indexes drifted in d narrow range during June.
INDEX, DEC 31,1965=50

INDEX, DEC 31,1965=50

80

80

70 -

- 70

60

60

COMPOSITE PRICE INDEX STOCK
(NYSE)

50 -

- 50

5 -

- 5

1973

1981
COUNCIL OF ECONOMIC ADVISERS

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

Common stock 5 yields
(perc ent)

Com mon stock prices l

Period

45.73
54.46
53. 69
53.70
58.32
68. 10
61.38
65.43
68.56
70.87
73. 12
75. 17
78. 15
76.69
76.24
73.52
76.46
77.60
76.28

50. 52
60.44
57.86
58.23
64.76
78.70
69.39
74.47
78.67
82. 15
8492
88.00
92.32
90.37
89.23
85.74
89.39
90.57
88.78

31. 10
39.57
41.09
43.50
47.34
60.61
51.07
54.04
59. 14
62.48
65.89
70.76
77.23
75.74
74.43
72.76
77.09
80.63
76.78

31.50
36.97
40.92
39. 22
38.21
37.35
37.31
38.53
38.77
38. 18
38.77
38.44
38.35
37.84
38.53
37.59
37.82
38.34
38.27

47. 14
52. 94
55. 25
56.65
61.42
64.25
61.47
65. 16
66.76
67.22
69.33
68.29
67.21
67.46
70.04
68.48
72.82
74.59
74.65

Standard
& Poor's
DowEarningsJones
composite Dividendprice
price
industrial3
index
ratio
ratio
average (1941-43=
4
10)
9. 15
4. 31
802. 49
86. 16
8.90
974.92
3.77
102. 01
4.62
10.79
98.20
894.63
12.03
5.28
96.02
820. 23
13.46
5.47
844. 40
103. 01
12.66
5.26
118. 78
891. 41
5.77
107. 69
828. 19
13.08
5.39
114.55
869.86
5.20
119. 83
909. 79
5.06
123. 50
947. 33
11.67
4.90
946. 67
126. 51
4.80
130. 22
949. 17
4.63
135. 65
971. 08
10. 89
4.74
133. 48
945. 96
4.80
962. 13
132. 97
5.00
945. 50
128. 40
4.88
987. 18
133. 19
4.86
134.43
1, 004. 86
4.98
131.73
979. 52

76.49
77.27
76.28
77.06
76.99
77.02

88.86
89.75
88.46
89.07
88.46
88.73

77.22
78.46
76.64
77.47
76. 19
76.84

38.60
38.80
38.29
38.94
39. 91
39.75

75.47
76.86
77.66
80. 12
81.77
80. 08

978. 19
990. 78
991. 14
999, 53
1, 002. 64
997. 97

New York Stock Excl ange indexe s(Dec. 31, 1[965=50) «
Composite Industrial Transportation

1975.
1976
1977
1978
1979
1980
1980: May
_.
June.
July.
„_
Aug
,_
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
Week ended:
1981: May 23...
30__.
June 6
13____
20____
27___.

Utility

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




Finance

131. 94
133. 15
131. 38
132. 75
132. 60
132. 67

4.97
4.92
5.08
5.03
4. 98
5.02

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

31

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 8 months of fiscal 1981, there was a budget deficit of $64.4 billion, compared to a deficit of $55.6 billion
a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

800

800
RECEIPTS AND OUTLAYS

700

700

600

600

500

500
OUTLAYS

400

400

300

300

200

200

50

50
SURPLUS W OR DEFICIT (-)

0

0

-50

-50
-100

-100
1973

1974

1975

1977

1976

1978

1979

1980

1981

1982

FISCAL YEARS
SOOtCES: DCPARTMENT OF THE TlfASUHY AND OFFICE OF/MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period

Receipts

Fiscal year or period :
1971_
1972
.
1973

1975
.
.
1976
Transition quarter
.
1977...
1978____
...
1979_.
1980..
1981 (estimates):
Budget Revisions, March 19811
Revised Second Concurrent Resolution^
May 21, 1981
1982 (estimates):
Budget Revisions, March 19811
First Concurrent Resolution, May 21, 1981.
Cumulative total ?
8 months:
Fiscal year 1980
Fiscal year 1981
1

Estimates from Fiscal Year

32



_

___ _

Budget Revisions, March 1981.

Outlays

Surplus or
deficit ( — )

Federal debt ( end of period)
ross

Held by
the public

188.4
208. 6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
465.9
520.0

211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493.6
579.6

-23.0
-23.4
-148
-4.7
-45. 2
— 66.4
-13.0
-45.0
-48.8
-27.7
-59.6

409. 5
437.3
468.4
486.2
544. 1
631. 9
646.4
709. 1
780.4
833.8
914.3

304.3
323. 8
343. 0
346. 1
396.9
480.3
498.3
551.8
610.9
644.6
715. 1

600.3

655.2

-54. 9

992.6

786. 1

603.3

661.4

-58. 1

999.8

650.3
657.8

695.3
695.5

-45. 0
-37.7

1, 075. 4
1, 079. 8

846. 1

325.8
375.2

381.5
439.6

-55.6
-64.4

884.8
974.8

692.6
775.4

Sources: Department of the Treasury and Office of
ccept as noted.

and'Budget,

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1981, budget receipts were $49.4 billion higher than a year earlier and budget outlays
were $58.1 billion higher.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

300

100

600

600
OUTLAYS

500

500

400

400
NONDEFENSE

\

300

300

200

200
NATIONAL DEFENSE

100

100
1973

1974

1976

1975

1977

1978

1979

1981

1980

1982

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND IUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Outlays

Reccdpts
Nationa1' defense
Total

Indi- Corpovidual ration Other
income income
taxes
taxes

Fiscal year or period:
1971.....
.
1972........
1973.
1974.........
.......
1975
1976.........
.....
Transition quarter
1977...
1978...
1979........
1980
.
1981 »..
.
19821.... .... ..

188.4
208.6
232.2
264.9
281. 0
300.0
81.8
357.8
402. 0
465.9
520.0
600.3
650.3

86.2
94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244. 1
277.4
288.2

Cumulative total, first 8
months :
Fiscal year 198(L_
Fiscal year 1981

325.8
375.2

150.0
174.9

1

from




Total
Total

75.4
81.7
92.8
107.4
118.0
127.0

211.4
232. 0
247. 1
269.6
326.2
366.4

64 7
62.4

145.2
161.1
182.4
211.4
258.2
299.7

36.4
33.4

139.4
167.0

26.8
32.2
36.2

3R6

40.6
41.4

8.5

54 9
60.0
65.7

646

Yesr 198S Budget Revisions, March 1981.

345

75.8
76.6

Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military

402.7
450.8
493.6
579.6
655.2
695.3

77.8
85.6
89.4
22. 3
97.5
105.2
117.7
135. 9
162. 1
188.8

87.9
21. 9
95.6
103.0
115. 0
132.8
158.6
1848

41
47
41
5.7
6.9
5.6
2.2
48
5.9
6.1
10.7
11.3
11.2

381.5
439.6

89.0
103.6

87.1
101.3

7.3
7.5

947

745

745

75. 1
73.2
77.6

849

3148

19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
52.6
64.5
77.2
82. 5

41.8
48.8
53.9
51.6
66.5
7ft 1
21.5
85.7
105. 9
107.5
117.3
10R2
98.0

161.6
193. 8

40.6
51.0

83.0
83.7

70.1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9

209.8

251.3

296.4

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

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, according to revised estimates, Federal receipts rose $47.5 billion (annual rate) and expenditures
rose $22.9 billion, yielding a deficit of $43.3 billion, $24.6 billion lower than in the fourth quarter of 1980.
BILUONS OF DOLLARS
700

BILUONS (X DOLLARS

400

300

300

200 v\

I

I

I

I

I

I

I

I

I
50

50
SURPLUS

V/A\
DEFICIT

-50

-50

-100

-100
1973

1974

1976

1975

1977

1978

1979

1981

1980

CALENDAR YEARS
SOURCEs DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fijderal G<>vernmeiit expen(iitures

Federal (jovernm ent receipts

Period

Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals

Indirect
business
tax and
nontax
accruals

Subsidies Less:
Grantsin-aid
Wage
ContriPurless
chases Trans- to State Net
current accruals
butions
for
Total of goods fer pay- and interest surplus of less
and
ments local
paid Govern- dissocial inservices
surance
government en- burseterprises ments
ments

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

Fiscal year:
1977
365.9
414.2
1978
408. 7
1979
1980
527.3

166.4
186.4
223. 1
249.7

58.8
67.2
75.8
70.6

24 5
27.2
29. 1
35.7

116. 2
133.4
152. 7
171.3

411.7
450. 5
4947
578.2

140.3
150.7
163. 4
190.2

169.8
182.2
201.8
239. 3

66.3
747
79. 1
86.7

2E4
33.5
40.6
51.2

7.0
9.6
9.8
10.8

0.0
-.0
.0
.0

-45.8
-36.3
-140
-50.9

Calendar
year:
375. 1
1977
1978
431.5
494.4
1979
1980
540.8
1979: III__ 500. 6
IV.._ 514.0
1980: I
528.4
II— 520.9
III.. 540.8
IV... 573.2
1981:1-... 620.7

170. 1
1949
231.4
257.8
236.2
247.1
246.9
252.0
259.4
272.9
283.3

61.6
71.2
74.6
70.2
75.3
743
80.5
60.9
66.7
72,6
77.9

25.0
28. 1
29.4
40.6
29.3
29.6
31. 9
38.7
42.9
49.1
60.6

118.5 421.5
137.2 460.7
159. 0 509.2
172.2 602.0

143. 9
153.4
167. 9
198.9
165. 1
178.1
190. 0
198.7
1949
212.0
221.6

172.8
185.6
209. 1
249.8
216.6
221.7
228. 9
236.0
265.3
269. 0
271.9

67.5
77.3
80.4
88.0
80.8
849
85.5
87.2
87.7
91.8
90.2

29. 1
35.2
42. 3
53.3
42.9
444
50.3
544
53.5
55.2
67.7

a2

.0
.0
—.0
.0
.0
0
.0
.0
.0
.0
.0

-46. 4
-29.2
-148
-61.2
-15.2
-245
-36.3
-66.5
-742
-67.9
-43.3

159.9
163.0
169.2
169.3
171.8
178.6
19R9

515.8
538.6
5647
587.3
615.0
641.1
6640

9.3
9.4
12.0
10.5
9.5
10. 1
11.0
13.7
13.1
12.6

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

34



INTERNATIONAL STATISTICS

INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period

[1967=100]
Con sumer p>riees (uimdjustec 1)
In dustria produc;tion (se£isonally adjuste< i)
United
United Can- Ja- France Ger- Italy King- United1 Can- Japan France Ger- Italy United
Kingmany
pan
many
States ada
dom States ada
dom

1974__
129. 3
117.8
1975
130.5
1976
138.2
1977
146. 1
1978
152. 5
1979
1980 *_
147. 1
1980: June
141. 5
July.... 140.4
141.8
Aug
Sept- — 144. 1
146.9
Oct
149.4
Nov
151.0
Dec
151.7
1981: Jan
Feb »__.. 151.5
Mar v. . 152.2
Apr »„_ 152.3
May »__ 152. 8

147.5
139.6
147. 3
150. 5
156. 7
164. 0
161.4
158.3
157.5
158. 9
161.5
162.5
163. 1
163.3
162.3
163.8
166.0

183. 1
163. 9
182.0
189.7
201. 1
217.7
232.7
232. 1
233. 1
222. 1
231.3
233.3
230.2
235. 2
236.7
240.3
235.9
237.7

148
139
149
152
155
163
160
160
165
165
156
160
154
162
151
149
152

145. 1
137. 1
149. 1
152.0
154. 1
161.8
162.3
161
163
160
160
161
160
157
160
167
161

140. 6
127.6
143.5
145. 1
147.9
157.6
166.4
168.4
166.2
142.4
161. 8
163.9
170.7
160.5
158.7
170.6
169. 1
168.2

120.0
114. 3
117.4
123. 0
126.8
131.4
122.3
123.9
123.2
119.6
117.7
118. 1
117.8
116.4
115. 1
116. 1
115.7

i Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-

147.7
161. 2
170. 5
181. 5
195. 4
217.4
246.8
247.6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
265. 1
266.8
269. 0

144.5
160. 1
172. 1
185.9
202. 5
221.0
243.5
242.7
244.5
246.8
249. 0
251.2
254.3
255.8
259. 1
261. 7
265.2
267.2
269.6

184.0
205.8
224. 9
243.0
252. 3
261. 3
282.2
283.5
284.2
283.7
288. 1
288.5
289. 1
287.2
290.7
290.9
292.6
294.9

160.0
178. 9
196. 1
214. 5
233.9
259. 1
294.2
291. 1
295.5
298.4
301. 0
304.3
306.4
309. 1
312.7
315.6
318.8
323. 1

136. 1
144. 2
150. 4
155. 9
160. 2
166.8
175.9
176.5
176.8
177.0
177. 0
177.3
178.3
179.4
180.9
182.3
183.5
184.7
185.4

159. 7
186. 8
218. 1
255. 2
286. 2
328.5
398.0
391.7
398.7
403.5
411.6
418.5
427. 3
432.5
440.7
448.6
454.9
461.3
467. 8

174. 3
216. 5
252. 4
292. 4
316. 6
359. 0
423. 6
426. 8
430.4
431. 3
434. 1
436. 8
440.3
442.7
445. 5
449. 5
456.2
469.4
472.4

national Trade Administration, Office of Planning and Research, in International
Economic Indicators.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e:sports l

Merc! landise imports

Domestic3 exports
Period

Monthly
average :
1973
1974

Total
domestic and
foreign Total
exports

2

Ge neral im ports

Food, Crude
Food, Crude
bever- mate- Manubever- mate- Manu2
facfacrials
ages,
rials tured Total
ages,
tured
and
toand
and to- and
goods
bacco fuels
bacco fuels goods

1,078
1,269

1,317

895

3,728
5,294

5,790
8,450

8,053 1,269
8,842 1,399
9,456 1,436
9,912 1,330
11,753 1,717
14, 869 2,049
18, 036 2,534
17,270 2,153
18, 059 2,365
17,953 2,445
18, 771 2,534
18, 521 2,724
18,770 2,886
18,344 2,909
18, 918 3,099
18, 459 2,926
19, 441 2,938
21, 000 3, 334
19, 408 2,879
18, 499 2,680

1,317
1,266
1,341
1,548
1,746
2,352
2,810
2,891
2,867
2,825
3, 149
2,752
2,554
2,447
2,746
2,896
2, 936
3,245
2,458
2,541

5,294
5,913
6,437
6, 679
7,873
9,716
11,991
11,541
12, 124
12, 227
12, 448
12, 483
12, 473
12, 241
12, 368
11,913
12, 816
13, 658
13, 392
12, 562

8,548
8,209
10, 290
12, 533
14, 564
17, 455
20,406
20, 587
20, 353
19, 139
19, 713
19, 941
20, 347
19, 860
21, 436
23, 194
21, 922
20, 949
22, 289
21, 310

5,811
8,053

770
892

F.a.s.
1974*.
8,170
1975*
8, 971
1976*
9,602
1977*
10, 103
1978*
11, 973
1979*
15, 155
1980
18, 386
1980: May_. 17, 647
June__ 18, 440
July.. _ 18, 267
Aug._ 19, 087
Sept~_ 18, 828
Oct... 19, 214
Nov
18, 715
Dec___ 19, 251
1981: Jan.... 18, 825
Feb___ 19, 764
Mar 21, 434
Apr
19, 818
May___ 18, 869

Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods and from monthly detail beginning January 1978.
i otai includes commodities and transactions not classified according to kind.
4 /,°.tal arrivals of imported goods other than intransit shipments.
TT >*!TO(cost' "lsurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates;
* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.




balance

Ex-

Total
(c.i.f.
value) 4

ports
(f.a.8.)
less
imports
(customs
value)

Ex-

ports Exports
(f.a.8.) (f.a.8.)
less
less
imimports
tfports\ (c.i.f.)
(f.a.s.)

Custonris value

F. a.s. valiu3 5

5,902
8,167

Men^handise trade

$

892
827
991

1, 186
1,312
1,478
1,546
1,536
1,592
1,594
1,467
1,391
1,583
1,680
1,583
1,748
1,588
1,609
1,477
1,676

1,120
2,653
value *
2,672
2,716
3,457
4,463
4,325
5,949
7,831
8,034
8, 174
6,853
7,292
7, 112
7, 506
7,059
8,331
9,041
9,141
7,478
8,947
7,206

3,750
4,684

6, 131
9,033

4,602
4,257
5,398
6,379
8,360
9, 357
10, 427
10, 421
10, 063
10, 138
10, 390
10, 524
10, 520
10, 572
10, 897
11, 777
10, 714
11,294
11, 291
11, 822

9,207
8,828
11,047
13, 371
15, 504
18, 519
21,415
21, 683
21, 403
20, 074
20, 665
20, 837
21, 244
20, 751
22, 364
24, 265
22, 910
21, 886
23, 283
22, 314

112

-283

-221

—229
-866

-378 -1,037
762

143

-688 -1,445
-2,430 -3,268
-2, 590 -3, 530
-2, 300 -3, 364
-2, 020 -3,030
-2, 941 -4, 036
-1,912 -2, 963
-872 -1,808
-626 -1,578
-1,112 -2, 008
-1, 134 -2, 031
-1,145 -2, 036
-2, 185 -3, 113
-4, 370 -5,440
-2, 158 -3, 146
-451
485
-2, 471 -3, 465
-2,441 -3,445

NOTE.—Data beginning 1975 not strictly comparable wilh earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports and trade balance.
.
* Data for 1974-79 for total domestic and foreign exports, total general imports,
and trade balance revised to include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1981, the merchandise trade deficit declined by $1 billion to $4.6 billion as a large increase in
exports, following several quarters of little change, more than offset an increase in imports associated with the strong
growth of activity in the U.S. The current account registered a surplus of $3.1 billion as net investment income rose
slightly to $8.9 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Invcjstment in come3

M erehandise 1 2
Period

Exports

Imports

"NTof
1^1
ct
Hal
U«il—

ance

Receipts

Payments

1973
1974
1975
1976
1977
1978
1979
1980
1979: !.__
II..
III..
IV._
I...
II..

71, 410 -70,499
911 21, 808 -9, 655
98, 306 -103,649 -5,343 27, 587 -12,084
107, 088 -98,041
9,047 25, 351 -12,564
114,745 -124,051 -9,306 29, 286 -13, 311
120, 816 -151,689 -30,873 32, 179 -14,217
142, 054 -175,813 33, 759 43, 265 -21,865
184, 473 -211,819 -27,346 66, 699 -33,236
223, 966 -249,308 -25,342 75, 936 -43, 174
42, 036 -46, 766 -4, 730 14, 111 -7,352
43, 834 -51, 117 -7,283 15, 582 -7, 949
47, 236 -54,210 -6,974 18, 055 -8,734
51, 367 -59, 726 -8, 359 18, 952 -9, 203
54, 898 -65,024 -10, 126 20, 465 -10,629
55, 667 -62, 411 -6, 744 16, 860 - 10, 342
m_. 56, 252 -59, 154 -2,902 18, 850 -10,697
IV- 57, 149 -62, 719 -5,570 19, 764 -11,507
!».. 61, 117 -65, 719 -4,602 21, 420 -12,551

»Excludes military grams.
1
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
investment income and
included in other services, net.

36



MA*
XT! CL

12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
6,759
7,633
9,321
9,749
9,836
6,518
8, 153
8,257
8,869

Net
military
transactions

-2, 070
-1,653
-746
559
1,528
738
- 1, 947
-2,515
-134
-324
-565
-923
-918
-427
-455
-715
-701

Nettravel
and
transportation
receipts
-3, 158
-3, 184
-2, 792
-2,558
-3,293
-3, 178
-2,622
-798
-678
-677
-722
-545
-532
-152
-38
-76
-618

Other
services,
net 8

Balance
on
goods
and
serv-l
ices

Remittances,
pensions.
and
A^lll*!*
vJ LiiCl
11Tli«.
UU.4—
lfl.i'4*1*A.l
IctLCI <*A

transfers 1

Balance
on
current
account

3, 184 11, 021 -3,881
7,140
2,124
3,986
9,309 -7, 186
4,598 22, 893 —4, 613 18, 280
9,382 -4, 998 4,384
4,711
5, 182 -9,493 -4, 617 -14, 110
5,792 -9, 008 -5,067 -14,075
7,008 -5, 593 1,414
5,460
3,723
6,674 10, 779 -7,056
1,228
1,322
2,539 -1,311
702 -1,381
-679
1,353
1,052
1,393
2,453 — 1, 401
1,312 -1,501
-189
1,390
-217 -1,878 -2,095
1,523
-545
1,592
787 -1,332
4,975
6,478 — 1, 503
1,719
3,734 -2, 344 1,390
1,838
3,087
4,599 -1,512
1,651

NOTE.—-Series revised.
Source: Department of Commerce, Bureau of Economic

U.S. INTERNATIONAL TRANSACTIONS^Continued
In the capital account, U.S. official reserve assets increased $4.5 billion in the first quarter, reflecting transactions on
the foreign exchange markets plus an allocation of Special Drawings Rights (SDRs) by the IMF. Foreign official assets
in the U.S. increased $5.4 billion,
almost entirely to an increase in OPEC holdings.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
40

.40

-30

-40
1981

1973

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly

seasonally adjusted, except as noted. Credits (+)» debits (—)]

U.S.
abroad, ne t
[inc rease/eapit al

;-)]

Period

1973
1974
1975
1976
1977.
1978
1979
198CL
1979: I

II___
III___
IV__.
1980: I
II _
III___
IV...
1981: !*___

Total

U.S.
official
reservel 2

Other
U.S.
Government
assets

-22, 874
-34,745
-39, 703
-51,269
-34,785
-61, 070
-62,639
-84, 776
-8, 057
-15,639
-24, 942
-14,003
-12,639
-24, 837
-19,302
-27, 995
-18,520

158
-1,467
-849
-2, 558
-375
732
— 1, 133
-8, 155
-3, 585
322
2,779
-649
-3, 268
502
-1, 109
-4, 279
-4, 529

-2,644
366
-3,474
• -4,214
-3, 693
-4, 644
-3, 767
-5, 165
-1,093
-971
-778
-925
-1,456
-1, 187
-1,427
-1,094
-1,358

Foreigia assets in the U.S.,
net [increase/c apital inflow (+)P

U.S.
private
assets

Total

-20, 388 18, 388
6,026
-33,643 34, 241
10, 546
-35, 380 15, 670
7,027
-44,498 36, 518
17, 693
-30, 717 51, 218
36, 816
-57, 159 63, 748
33, 561
-57, 739 38, 946 -13,757
15, 492
-71,456 50, 261
-3, 379 2,259 -8, 688
- 14, 990 7, 007 -9, 785
-26, 943 24, 345
6,011
- 12, 429 5,335 -1,295
-7, 915 7,509 -7,462
-24, 152 7,232
7, 557
7,686
-16,766 11, 651
-22, 622 23, 870
7,711
5,384
-12,633 7,541

* Consists of gold, special drawing rights (SDRs), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.




Foreign
official
assets

Other
foreign
assets

12, 362
23, 696
8, 643
18, 826
14, 403
30, 187
52, 703
34, 769
10, 948
16, 792
18, 334
6,630
14, 971
— 326
3, 965
16, 158
2, 157

Statfc stical
discre pancy
Allocations
of
special
drawing
rights
(SDRs)

1, 139
1, 152
1, 139

1, 152

1,093

Of
Total
(sum of
which:
Seasona
the
adjustitems
ment
with sign
reversed) discrepancy
-2, 654
-1,620
5,753
10, 367
-2, 323
11, 398
21, 140
29, 640
-42
3,430
9,309
1, 165
-455 -3, 122
8,857
2,000
6,073
-206
18, 151
1,355
2,676 -3,291
2, 139
2,736
— 344
6,799

U.S.
official
reserve
assets,
net l
(unadjusted,
end of
period)

14, 378
15, 883
16, 226
18, 747
19, 312
18, 605
18, 956
26, 756
21, 655
21, 268
18, 557
18, 956
21, 491
21, 943
22, 994
26, 756
30, 414

NOTE.—Series revised.
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
Nonfinanciai Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income.
Disposition of Personal Income.
Farm Income
Corporate Profits.
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business

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

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

11
12
13
14
15
15
16

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

..

17
18
19
19
20
21

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

22
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 Nonfinanciai Corporate Business
Current Assets and Liabilities of Nonfinanciai Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields,

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlaws 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

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38



U.S. GOVERNMENT PRINTING OFFICE : 1981

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