Full text of Economic Indicators : June 1983
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98th Congress, 1st Session
Economic Indicators
JUNE 1983
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1983
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BRUCE R. BARTLETT, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, Chairman
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
u
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter of 1983, gross national product rose $62.4 billion or 8.3
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 2.6 percent (annual rate) and the
implicit price deflator rose at a 5.5 percent annual rate.
BILLIOrIS OF DOLLARS
3,200
BILLIONS OF DOLLARS (RATIO SCALE)
(RATIO SCALE)
SEASONSU.LY ADJUSTED ANNL AL RATES
^
p-
3 000
3,200
">
-
2 800
.X
2 600
"
>
_
^S\
GNP
IN CURRENT DOLLA RS
2,400
/ " '
" "^
2 800
9 Ann
^
i
;S^
2,400
x**^
XI
o onn
_^t
9 nnn
/"
1 ftnn
9 9nn
X
7 nnn
1 800
-
-X ^
1 600
1 Ann
\\
gp«.-i «•
1 4nn
GNP
IN 1972 DOLLAR s
"
1 200
I
I
I
I
I
I
I
I
I
1977
1976
1975
1
1
1
I
I
I
1979
1978
i l l
1980
I
I
I
I
1981
I
I
I
1982
I
I
1983
.COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Total
Total
National
defense
25.2
26.1
20.5
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
538.4
596.9
647.4
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.2
228.9
257.9
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.4
153.7
178.6
486.0
468.9
25.9
23.5
367.2
367.9
341.3
344.4
600.2
626.3
230.0
250.5
1,919.4
1,947.8
1,986.3
2,030.8
414.8
431.5
443.3
391.5
31.3
34.9
6.9
9.1
359.9
365.8
349.5
328.1
328.6
330.9
342.5
319.1
630.1
630.9
651.7
676.8
2,052.9
421.7
19.6
332.4
312.8
676.3
195.0
0.7
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
1981: HI
IV
2,980.9
3,003.2
1,868.8
1,884.5
1982:
n
m
IV
2,995.5
3,045.2
3,088.2
3,108.2
Ir
3,170.6
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.0
341.3
330.3
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
1983:
Exports
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
339.2
367.3
350.8
1,185.9
,326.4
,434.2
,549.2
,718.0
,918.3
2,163.9
2,417.8
2,633.1
2,937.7
3,059.3
I
Final
Federal
Net
exports
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1972
Goveniment pureh*ises of
goo ds and services
Exports arid imports of goods and
services
i
Non-
State and
local
defense
33.9
39.7
43.2
50.6
53.3
56.5
65.8
75.2
79.3
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
341.2
368.0
389.4
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,643.1
2,917.3
3,083.1
154.4
166.9
75.7
83.6
370.1
375.7
2,949.1
2,989.9
249.7
244.3
259.0
278.7
166.2
176.2
182.7
189.3
83.5
68.2
76.3
89.4
380.4
386.6
392.7
398.0
3,031.1
3,061.4
3,083.5
3,156.5
274.1
195.2
79.0
402.2
3,206.9
28.5
29.1
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
G ross privat e
dome stic investinent
Personal
consumpChange
tion
in
expendi- Nonresi- Residen- business
dential tial fixed
tures
e vo j
tones
108.5
103.5
110.1
112.9
126.7
146.2
159.2
158.5
148.1
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.5
110.4
116.4
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.1
73.5
78.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.8
37.8
39.2
36.5
157.8
156.9
118.7
120.4
286.4
291.3
110.7
116.0
74.3
76.1
-15.4
— 4.4
3.4
-20.3
36.9
35.7
27.5
27.2
151.7
154.4
147.5
138.8
114.7
118.7
120.0
111.6
289.2
285.3
291.1
299.5
114.4
110.3
116.2
124.7
-15.5
24.7
138.9
114.2
292.4
117.9
16.5
4.8
172.0
166.7
163.4
160.9
38.9
40.1
39.5
42.9
162.4
49.8
951.4
943.4
173.9
174.2
1982: I
II
Ill
IV
1,470.7
1,478.4
1,481.1
1,477.2
949.1
955.0
956.3
967.0
I r.
1,486.7
972.9
III
IV
1983:
Nondefense
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.6
287.1
291.3
42.9
39.9
1,510.4
1,490.1
1981:
National
defense
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.6
116.4
116.3
-6.7
7.8
13.3
16.0
7.3
-5.0
9.0
-9.2
121.0
Total
Imports
Tr»tol
27.8
32.2
25.4
22.0
24.0
37.2
50.6
42.0
31.8
823.1
864.3
903.2
927.6
930.5
947.6
956.9
1975
1976
1977
1978
1979
1980
1981
1982
Exports
77.5
97.3
10.2
17.2
11.6
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.2
44.9
40.3
737.1
767.9
762.8
779.4
Goverrament purch ases of
gooc s and services
Federal
Net
exports
0.7
15.5.
138.1
135.7
119.3
125.6
140.3
158.3
169.9
166.1
172.0
165.7
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
,369.7
,438.6
,479.4
,474.0
,502.6
,476.9
1972
1973
1974
Exjjorts of go 3ds
a nd services
76.7
State
and local
Final
sales
167.8
168.4
168.8
174.3
176.2
178.1
176.7
174.9
1,175.3
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.0
1,493.7
1,486.0
36.5
39.9
175.7
175.3
1,493.9
1,485.3
74.5
78.2
80.6
81.0
39.8
32.1
35.5
43.7
174.9
175.0
174.9
174.8
1,486.1
1,482.7
1,477.8
1,497.5
82.3
35.5
174.6
1,502.2
28.5
27.6
151.4
157.4
163.6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross private
domestic i nvestment
Personal c onsumption
expen ditures
Period
Gross
national
product
Total
Durable
goods
Nondurable
goods
Services
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.4
202.7
208.8
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.3
213.3
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.64
195.51
207.15
125.3
131.7
139.3
149.1
162.5
179.2
194.5
206.0
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.3
167.5
174.9
1981: III
IV
197.36
201.55
196.4
199.8
169.7
171.3
204.2
205.6
1982: I
II
Ill
IV
203.68
205.98
208.51
210.42
202.2
204.0
207.7
210.0
173.0
174.0
176.1
176.3
1983: I r.
213.26
211.0
177.2
100.0
105.7
116.4
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
fixed
Residential fixed
100.0
103.8
115.4
100.0
Exports anc [ imports of
goods an(1 services
Gove rnment pure bases of goo ds and
services
Federal
Exports
Imports
Total
100.0
112.7
134.8
149.6
100.0
National
defense
Nondefense
State
and local
155.3
161.9
172.6
192.5
213.1
231.8
236.9
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.3
293.1
284.1
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.4
221.6
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.4
209.0
227.2
135.7
144.6
153.8
162.5
181.0
204.2
210.1
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.6
208.2
222.7
235.8
239.2
232.6
234.5
287.7
286.1
207.8
216.0
207.9
219.5
207.4
209.4
210.7
214.3
207.6
211.3
210.7
210.4
240.5
238.6
238.8
236.3
237.3
236.8
236.9
236.5
286.4
278.8
285.4
286.0
218.3
221.6
223.0
223.5
223.0
225.2
226.5
233.6
209.6
212.6
214.9
204.8
217.5
220.9
224.5
227.8
207.5
243.2
239.3
273.9
232.6
237.1
222.2
230.4
132.2
138.6
146.3
157.2
170.8
186.1
201.3
210.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
233.6
238.5
198.6
203.6
203.0
206.8
206.8
207.1
210.0
211.0
207.4
210.6
215.3
219.7
210.2
222.4
100.0
100.0
105.6
114.2
128.2
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Grc ss national pre)duct
Period
8.6
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981:
1982:
1983:
Constant
(1972)
dollars
Current
dollars
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.9
11.6
4.1
III
IV
11.4
3.0
I
II
Ill
IV
-1.0
6.8
5.8
2.6
Ir
8.3
3.4
5.7
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
^
1.9
-1.7
2.2
-5.3
-5.1
2.1
.7
-1.1
2.6
Implicit
price
deflator
Personal consumption e spenditures
Chain price
index
5.0
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.3
9.4
6.0
9.0
8.8
4.3
4.6
5.0
3.7
5.5
Fixedweighted
price index
(1972
weights)
4.9
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
9.0
9.4
Implicit
price
deflator
3.7
5.8
4.2
.7
2.2
5.6
5.0
4.5
2.7
.3
1.8
1.0
8.1
9.6
4.8
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.9
9.6
6.2
6.4
Constant
(1972)
dollars
Current
dollars
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.6
10.6
6.9
Chain price
index
Fixedweighted
price index
(1972
weights)
4.3
3.7
5.7
4.3
3.6
6.1
4.2
3.5
6.1
10.1
10.4
10.4
7.6
5.1
5.8
7.0
9.0
7.8
5.3
6.2
7.4
9.7
11.2
8.2
7.0
7.7
5.3
6.0
7.3
9.3
10.7
9.1
6.0
8.0
7.2
10.3
8.6
5.9
9.3
5.8
9.2
8.4
5.0
4.6
6.0
5.1
8.9
8.5
11.3
4.8
4.1
5.9
4.9
7.6
6.1
8.1
9.3
2.5
2.5
.6
4.5
5.0
3.5
7.5
4.5
5.2
3.6
7.1
5.5
4.8
3.2
7.3
5.6
3.5
3.3
4.4
2.5
1.9
2.3
1.8
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
2.9
3.4
-3.3
7.6
7.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar co st and profit per unit of output (dolla rs) 1
Gross d omestic
product of ilonfinancial
corporate business
(billions c f dollars)
Period
Current
dollars
1972
dollars
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.087
.091
.092
.093
.112
.137
.141
.145
.155
.171
.200
.222
.250
0.106
.113
.113
.114
.127
.140
.141
.141
.144
.149
.173
.202
.213
855.3
0.940
.973
1.000
1.038
1.156
.282
.343
.418
.508
.617
.787
.966
2.077
1,683.3
1,715.0
1,763.6
1,767.2
883.0
884.2
887.5
870.4
.906
.940
.987
2.030
.211
.218
.224
.236
.196
.202
.203
.208
n
m
IV
1,756.6
1,771.0
1,794.4
1,783.4
858.8
857.9
859.3
845.3
2.045
2.064
2.088
2.110
.242
.247
.251
.259
.205
.211
.214
.221
Ir
1,828.2
856.9
2.134
.257
.222
563.7
609.9
678.0
759.4
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981:
1983:
1
708.2
694.2
745.5
795.8
846.3
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,537.7
1,732.3
1,776.4
I
n
m
IV
1982:
599.6
626.8
678.0
818.9
1970
1971
1972
I
731.9
876.1
860.3
881.3
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employees
Corporate profits with inventory
valuation tmd capital cc nsumption
adjustments
Net
interest
Total
Profits
tax
liability
0.631
.641
.659
.692
.786
.837
.878
.928
.998
1.094
1.211
1.305
1.391
1.267
1.289
1.315
1.349
1.376
1.388
1.392
1.409
0.028
.029
.028
.031
.042
.044
.040
.040
.044
.050
.061
.071
.085
0.088
.099
.107
.107
.090
.124
.144
.163
.168
.154
.143
.165
.139
0.045
.047
.049
.055
.059
.059
.071
.075
.079
.079
.075
.072
.046
.062
.069
.074
.078
.170
.161
.171
.159
.081
.069
.074
.063
.082
.085
.085
.086
.140
.134
.146
.135
1.411
.085
.158
3
4
Profits
after
tax 4
0.043
.052
o
Uutput
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
7.115
7.450
7.664
7.849
7.555
7.774
8.002
4.491
4.778
5.052
5.429
5.937
6.507
7.024
7.558
8.378
8.969
9.892
10.850
11.653
8.330
8.323
8.328
8.279
10.553
10.731
10.951
11.172
.045
.043
.049
.046
.058
.053
.030
.065
.073
.088
.089
.075
.068
.093
.093
.089
.091
.097
.096
.095
.091
.097
.089
8.288
8.343
8.438
8.447
11.403
11.577
11.744
11.898
.053
.105
8.542
12.055
8.144
8.216
8.201
8.170
8.315
8.198
Indirect business tax and nontax liability plus business transfer payments less subsidies.
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]
Period
National
income
Compensation of
employeesl
Proprietors' income with
inventory viiluation and
capital co nsumption
adjust ments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,117.1
2,352.5
2,436.6
1981: III
IV
1982: I
II
Ill
IV
1983:
1
I
r
Corporate profits with hw?ntorv valuatio n and capital Consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Profits ^ ith inventory valuation
adjustme nt and withou t capital
consiimption adjust ment
Capital
consump-
Total
Inventory
valuation
adjustment
Profits
Total
Net
interest
adjustment
2.7
2.7
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,598.6
1,767.6
1,856.5
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
32.9
33.9
34.1
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
181.6
190.6
160.8
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
165.7
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-17.8
-16.8
-4.9
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
187.7
235.7
264.9
2,387.3
2,404.5
1,789.1
1,813.4
27.1
24.6
100.4
99.5
33.6
33.6
193.1
183.9
210.3
199.4
233.3
216.5
-23.0
-17.1
-17.1
-15.5
244.0
249.5
2,396.9
2,425.2
2,455.6
2,468.8
1,830.8
1,850.7
1,868.3
1,876.1
17.8
17.4
16.6
24.1
98.6
99.9
101.7
104.8
33.9
34.2
34.6
33.9
157.1
155.4
166.2
164.6
167.2
162.2
170.0
163.3
171.6
171.7
180.3
175.9
-4.4
-9.4
-10.3
-12.6
-10.1
-6.9
-3.8
1.3
258.7
267.5
268.1
265.3
2,524.9
1,908.1
18.9
110.0
35.3
186.1
178.4
177.9
7.7
266.6
718.0
801.3
.5
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ndurable goods
Durabh3 goods
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.3
234.6
242.7
52.4
57.1
50.4
1976
1977
1978
1979
1980
1981
1982
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
55.8
72.6
84.8
95.7
96.6
89.7
98.6
106.2
1981: III
IV
1,868.8
1,884.5
241.2
229.6
1982: I
II
Ill
IV
1,919.4
1,947.8
1,986.3
2,030.8
1983: I r.
2,052.9
Period
1972
1973
1974
1975
Other
Total
nondurable
goods
Food
Clothing
and
shoes
Gasoline
and oil
Services
Other
Imports
78.2
83.7
91.9
98.2
108.8
122.8
135.0
147.9
152.4
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
97.7
97.5
149.7
150.7
886.3
908.3
6.8
5.2
2.2
2.2
117.5
118.4
119.1
119.4
95.3
91.3
94.2
94.0
148.4
150.4
153.8
157.2
932.4
952.1
977.6
1,003.3
5.8
5.5
5.5
6.1
2.2
2.0
2.2
2.5
119.9
90.0
158.0
1,018.5
6.0
2.4
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
343.7
375.3
397.3
55.4
61.4
25.4
28.6
64.9
71.2
59.1
65.7
72.8
81.8
86.3
93.4
92.8
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
670.4
734.5
762.1
64.8
69.6
75.3
82.6
92.4
99.1
104.7
114.6
118.6
36.6
40.4
44.0
48.1
51.2
66.6
87.0
96.8
93.7
104.0
93.9
93.8
93.3
43.4
42.4
741.3
746.5
378.0
382.3
115.9
116.0
237.9
240.7
240.3
251.8
103.2
103.3
104.3
113.8
91.0
93.2
92.7
94.3
43.7
44.2
43.3
43.7
749.1
755.0
768.4
775.7
387.9
395.0
401.3
405.1
256.9
114.5
96.2
46.2
777.5
409.7
41.7
47.1
50.6
53.5
Domestics
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
782.5
874.1
966.3
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
38.3
42.6
43.7
Source: Department of Commerce, Bureau of Economic Analysis.
Furniture and
household
equipment
Retail sal es of new
passengper cars
(millions of units)
SOURCES OF PERSONAL INCOME
Personal income rose $32.3 billion (annual rate) in May, following a rise of $20.1 billion in April. Wages and
salaries rose $25.6 billion in May, compared with a rise of $14.0 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
] 3,200
2,800
2,400
2,400
TOTAL PERSONAL INCOME
2,000
2,000
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
WAGE AND SALARY DISBURSEMENTS
800
600
800
'-"
„.„„
600
OTHER INCOME
, ..• " " '
„.. " " "
400
400
„.„,..•-'"""
TRANSFER
PAYMENTS
\^
..-'***
200
200
160
160
120
120
1976
1975
1977
1979
1978
1980
1981
1982
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income 3
Period
Total
personal
income
salary
ments
1
Other labor
income
1977
1978
1979
1980
1981
1982
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
806.4
889.9
983.2
1,106.3
1,237.6
1,356.1
1,493.9
1,560.7
2,556.2
2,566.3
2,588.3
2,592.0
2,597.2
2,609.4
2,627.7
2,635.0
1,560.4
1,562.9
1,569.5
1,570.3
1,570.1
1,571.5
1,572.2
1,579.9
2,642.1
2,643.9
r
2,658.5
2,678.6
2,710.9
1,596.1
1,593.9
r
l,601.9
1,615.9
1,641.6
159.6
160.6
161.6
162.7
163.7
1983: Jan
Feb
Mar
Apr r
May*
r
r
r
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workmen's
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
24.8
26.6
27.9
32.9
33.9
34.1
178.3
194.3
207.9
223.8
250.3
297.2
336.3
374.7
50.4
55.5
61.1
69.8
81.1
88.7
104.9
111.7
1,359.3
1,506.5
1,689.7
1,899.3
2,117.3
2,364.1
2,518.8
100.3
100.2
100.9
101.7
102.5
104.2
105.3
104.9
34.2
34.3
34.5
34.6
34.7
34.8
34.4
32.5
66.2
66.1
66.6
67.3
67.7
68.4
68.9
69.3
372.0
376.0
377.6
378.3
378.8
376.0
374.0
373.8
364.8
366.9
379.7
380.2
383.3
392.7
399.6
401.3
111.6
111.7
112.4
112.5
112.4
112.4
112.4
112.8
2,506.9
2,516.0
2,538.5
2,542.8
2,548.5
2,559.4
2,567.0
2,574.4
108.7
109.7
r
!11.5
113.6
117.3
35.2
35.3
35.4
35.5
35.7
69.7
69.8
69.8
69.9
70.3
375.0
376.6
r
377.9
379.0
379.7
394.8
395.6
r
398.2
400.5
401.9
116.4
116.2
r
l!6.6
117.4
118.7
!9.5
!8.6
r
!8.7
18.9
19.5
r
Personal
interest
income
123.2
132.5
152.8
179.4
218.7
263.4
329.0
371.2
17.3
18.0
17.3
16.6
16.0
17.1
27.7
27.5
24.6
19.1
19.1
64.5
75.9
Personal
dividend
income
29.9
36.5
39.6
45.3
50.8
55.9
62.5
67.0
26.3
31.9
19.4
24.0
19.0
152.5
153.6
154.6
155.5
156.5
157.2
157.9
158.7
1975
1976
Nonfarm
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
89.4
102.5
114.9
127.2
140.4
153.8
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
Farm
Rental
income of
persons 4
23.0
23.5
r
4
1,229.1
2,589.4
2,592.0
r
2,606.3
2,626.0
2,657.5
r
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable income rose in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400 P
q 2,400
4,000
3,000
3,000
1975
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Perc apita
disposable; personal
incc>me
Current
dollars
1972
dollars
Billions of doll ars
1974
1975
1976
1977
1978
1979
1980
1981
1982
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
170.2
168.9
196.8
226.4
258.7
301.0
336.3
386.7
397.2
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,824.1
2,029.1
2,172.7
Per capitai personal
consulnption
expemlitures
Current
dollars
1972
dollars
85.1
94.3
82.5
78.0
89.4
96.7
106.2
130.2
142.2
4,667
5,075
5,477
5,965
6,621
7,331
8,012
8,827
9,363
4,009
4,051
4,158
4,280
4,441
4,512
4,472
4,538
4,545
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Per cent
Do lars
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,717.9
1,898.9
2,030.5
Percent
change in
real per
capita
disposable
personal
income
4,152
4,521
4,972
5,468
6,048
6,695
7,323
8,018
8,494
3,566
3,609
3,774
3,924
4,057
4,121
4,087
4,123
4,124
-1.7
1.0
2.6
2.9
3.8
1.6
-.9
1.5
.2
8.5
8.6
6.9
5.9
6.1
5.9
5.8
6.4
6.5
213,898
215,981
218,086
220,289
222,629
225,106
227,654
229,872
232,056
4,134
4,088
3.7
.2
6.5
7.5
230,145
230,751
4,104
4,121
4,116
4,151
-2.8
2.2
.3
-.7
6.6
6.7
6.9
6.0
231,246
231,724
232,320
232,934
4,167
1.2
5.9
233,501
Seas anally adju sted annual rates
1981: HI
IV
1982: I
II
1,977.9
2,007.2
2,046.1
2,090.9
134.4
158.6
139.1
144.3
152.0
133.4
8,951
9,107
9,155
9,285
9,461
9,549
4,527
4,552
4,555
4,547
8,120
8,167
8,300
8,406
8,550
8,718
2,114.0
133.3
9,624
4,561
8,792
2,060.0
2,101.4
1,925.7
1,942.7
IV
2,510.5
2,552.7
2,592.5
2,624.0
398.1
393.2
393.4
401.2
394.4
399.7
2,117.1
2,151.5
2,198.1
2,224.3
1983: F
2,648.2
401.0
2,247.2
m
2,458.2
2,494.6
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
4,557
4,559
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1983, according to current estimates, gross farm income fell $9.3 billion (annual rate) and
net farm income fell $5.8 billion.
BILLIONS OF DOLLARS* 'RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
I 200
100
100
80
80
60
60
40
NET FARM INCOME-
40
A
20
20
V
J
10
1975
1978
1976
L
1980
I
1981
1982
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE DEPARTMENT OF AGRICULTURE
I
10
I
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ng
(jross farm incom
Period
Net farni income
Cas h marketing rece ipts
Total l
Total
Livestock and
products
1977
1978
1979
1980
1981
1982
101.0
101.9
108.6
127.3
151.3
150.6
166.8
164.8
88.9
95.4
96.2
112.5
131.7
139.5
143.5
144.0
43.1
46.3
47.6
1981: I
II
Ill
IV
161.8
164.7
171.5
168.8
1982: I
II
Ill
IV
1983: lp
Crops
1975
1976
1
Value of
inventory
changes 2
58.8
68.6
67.8
68.5
69.3
45.8
49.0
48.6
53.7
63.1
71.7
75.0
74.7
3.4
2.4
1.0
1.1
5.6
4.3
5.5
.2
142.5
142.3
146.7
142.5
67.9
69.4
71.0
65.7
74.6
72.9
75.7
76.8
164.5
163.0
161.9
169.8
144.4
144.4
143.2
144.1
67.4
70.1
70.4
69.4
160.5
140.2
70.0
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms,
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
22-269 0 - 8 3 - 2
Production
expenses
Current
dollars
1967 dollars 3
15.6
11.0
10.2
13.6
14.9
25.2
18.7
18.4
26.7
32.4
20.1
25.1
20.4
5.3
7.2
7.0
139.0
141.0
143.2
143.2
22.8
23.7
28.3
25.6
8.7
8.8
10.2
9.1
77.0
74.3
72.8
74.7
.5
.5
.3
.5
143.8
144.3
144.6
144.8
20.7
18.7
17.3
25.0
7.3
6.5
5.9
8.5
70.2
3
75.8
83.3
90.2
100.6
119.0
130.5
141.6
144.4
1.5
141.3
19.2
6.5
2.5
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
8.2
9.2
7.1
CORPORATE PROFITS
In the first quarter of 1983, according to revised estimates, corporate profits before tax rose $2.0 billion (annual
rate) from their fourth quarter level and after-tax profits fell $5.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
\
240
240
200
200
160
160
UNDISTRIBUTED PROFTS
120
120
80
80
TAX LIABI ITY
40
40
L
I
L
J
I
L
1976
1975
J
I
L
1977
J
I
L
J
1978
1979
l__L
1980
I
1981
SOURCE: DEPARTMENT OF COMMERCE
I
I
1983
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pn>fits (before t ax) with inventory valuati on adjustmen t 1
Profits after ta X
Doinestie industi*ies
Period
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: m
IV
1982: I
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
IV
165.7
210.3
199.4
167.2
162.2
170.0
163.3
1983: I r
178.4
n
m
1
2
Profits
before tax
Nonfinaneial
Total 2
Financial
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
169.1
184.6
147.6
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
29.2
22.7
23.8
189.3
173.7
20.8
20.4
150.3
144.1
153.7
142.4
160.6
Wlinln
Total 3
70.0
76.0
65.4
Manufacturing
40.7
20.0
22.2
24.2
28.7
95.8
120.3
140.3
154.4
148.6
140.0
162.0
123.9
168.5
153.3
130.4
121.9
129.5
113.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
74.5
86.3
55.9
92.2
73.7
57.7
56.6
62.7
46.7
32.3
128.3
56.3
See p. 4 for profits with inventor}' valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Tax
liability
Total
Dividends
Undistributed
profits
sale and
retail
trade
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
24.6
33.4
28.7
33.0
35.7
31.9
26.8
27.4
28.6
29.8
3
Inventory
valuation
adjustment
58.9
76.6
24.4
27.0
34.5
49.6
216.5
171.6
171.7
180.3
175.9
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.7
81.2
57.7
82.4
71.6
56.7
55.3
60.9
58.0
85.1
81.5
102.5
122.0
145.9
165.1
157.8
150.9
117.1
150.8
144.9
115.0
116.3
119.4
117.9
29.9
30.8
37.4
40.8
47.0
52.7
58.1
65.1
70.3
66.8
68.1
68.8
69.3
70.5
72.4
55.2
50.7
65.1
81.2
98.9
112.4
99.7
85.8
46.9
84.0
76.9
46.1
47.0
48.8
45.5
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
-23.0
-17.1
-4.4
-9.4
-10.3
-12.6
177.9
65.2
112.7
73.5
39.2
.5
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9
233.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1983, business fixed investment fell $1.3 billion (annual rate)
from its fourth quarter level and residential investment outlays rose $19.6 billion. There was a $36.3 billion
decrease in inventories following a $48.3 billion decrease in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONALLY ADJUSTED ANNUAL RATES
500
500
450
450
GROSS PRIVATE DOMESTIC
INVESTMENT
400
350
350
300
300
NONRESIDENTIAL
-FIXED INVESTMENT-^^
250
250
200
200
RESIDENTIAL
-FIXED INVESTMENT-
150
150
100
100
CHANGE IN BUSINESS_
INVENTORIES
50
50
0
0
-50
I
1975
I
I
1977
1976
I
1979
1978
I
I
-50
1981
1980
1982
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Nonresu ential fixed in vestment
Total
Producers'
durable
equipment
Total
Nonfarm
structures
Farm
structures
Change iri business
mveri xmes
Producers'
durable
equipment
Total
Nonfarm
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
103.2
104.9
96.2
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.3
99.7
90.5
0.7
.7
1.5
1.7
55.9
55.4
58.8
64.4
78.7
98.3
110.5
129.7
141.5
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
198.6
216.4
206.5
.3
.0
.1
.5
.7
.7
.9
2.1
2.5
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2
-6.9
11.8
23.0
26.5
14.3
-10.0
20.5
-23.8
9.6
15.2
16.0
10.5
13.9
21.9
25.4
8.6
-5.7
15.0
-24.3
353.0
360.2
132.7
139.6
220.2
220.6
101.2
95.5
95.6
89.4
2.4
2.9
3.2
3.2
31.8
13.2
24.6
6.0
414.8
431.5
443.3
391.5
357.0
352.2
344.2
338.4
141.4
143.6
141.3
139.6
215.6
208.6
203.0
198.8
93.4
95.5
94.3
101.4
87.9
89.6
88.7
95.7
2.4
2.8
2.4
2.5
3.1
3.2
3.2
3.2
-35.6
-16.2
4.7
-48.3
36.0
-15.0
3.7
-50.0
421.7
337.1
136.8
200.3
121.0
115.2
2.4
3.3
-36.3
-35.6
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
157.7
174.1
205.2
248.9
290.2
309.2
346.1
348.0
1981: III
IV
486.0
468.9
1982: I
II
Ill
IV
1983: I r....
121.0
143.3
156.6
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
Residential fix ed investment
44.1
51.0
10.2
18.5
14.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department April-May survey, nonfarm business spending for new plant and
equipment for the year 1983 is expected to be 3.4 percent below the 1982 level. Spending in 1982 was 1.6
percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
40
40
30
30
1975
1976
1977
1979
1978
1980
1981
1982
1983
J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plan t and equip ment
Period
Total
Plant
1
Anufacturin g
Equipment
Total
Nondurable
goods
Total
Mining
1977
1978
1979
1980
1981
1982
1983 4
I
n
ffl
IV
1983: I r .
H 44
m4
IV
ment
projects,
manufacturing 3
10.68
12.35
12.09
12.05
11.95
10.80
17.60
16.56
14.63
13.31
11.99
12.32
11.28
12.41
40.12
41.40
43.38
42.88
87.80
88.85
87.31
84.00
41.89
40.33
39.73
40.06
27.73
29.03
25.61
23.37
12.03
13.69
13.54
13.70
11.04
10.65
9.94
11.58
41.61
42.18
40.46
42.12
82.38
85.33
87.41
93.37
36.11
39.40
41.39
43.00
23.35
26.33
28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.95
28.59
31.47
35.18
39.29
47.61
56.90
64.95
63.23
60.84
102.79
111.50
128.87
151.52
171.77
179.81
194.70
196.75
192.73
6.10
7.44
9.24
10.21
11.38
13.51
16.86
15.45
13.24
327.72
323.22
315.79
302.77
139.49
137.95
135.14
127.15
188.23
185.28
180.65
175.61
128.32
123.77
119.46
110.09
60.84
59.03
57.14
50.50
67.48
64.74
62.32
59.59
199.40
199.46
196.33
192.68
293.03
302.23
306.83
320.02
125.40
167.62
109.86
110.97
114.09
116.25
50.74
49.64
53.34
54.09
59.12
61.34
60.75
62.15
183.17
191.25
192.74
203.77
Communication
and
other 2
56.51
59.38
77.40
88.16
112.98
123.32
135.19
104.78
54.92
59.95
69.22
79.72
98.68
115.81
126.79
119.68
112.79
10
Trade
and
services 1
21.80
23.51
26.90
32.02
34.83
36.99
41.06
40.46
39.97
92.50
100.25
117.77
138.54
164.73
178.08
188.04
181.96
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.
Public
utilities
46.23
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.13
65.21
71.20
80.31
92.70
105.73
117.55
133.46
134.47
1
Transportation
19.98
22.37
26.79
29.95
33.96
35.44
38.40
41.95
41.59
157.71
171.45
198.08
231.24
270.46
295.63
321.49
316.43
305.53
1975
1976
1982:
Durable
goods
Starts of
plant and
Nonmanuifacturing
8.68
8.89
9.40
3
Starts are estimated by adding changes in carryover to expenditures during given period.
Planned capital expenditures as reported by business in late April and May 1983, corrected for
liases.
4
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 99,000 in May and unemployment fell 136,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
*I6 YEARS OF AGE AND OVER.
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS .
[Thousands of persons 16 years of age and over, except as noted]
Civilian employment
Period
1977
1978 4
1979
1980
1981
1982
Noninstitutional
population
including
resident
Armed
Forces
Resident
Armed
Forces
160,689
163,541
166,460
169,349
171,775
173,939
1,656
1,631
1,597
1,604
1,645
1,668
Civilian
employment
92,017
96,048
98,824
99,303
100,397
99,526
Unemployment
6,991
6,202
6,137
7,637
8,273
10,678
Total
labor
force
including
resident
Armed
Forces
Total
employment
including
resident
Armed
Forces
Civilian
labor
force
100,665
103,882
106,559
108,544
110,315
111,872
93,673
97,679
100,421
100,907
102,042
101,194
99,009 92,017
102,251 96,048
104,962 98,824
106,940 99,303
108,670 100,397
110,204 99,526
Unemp oyment
Nonagiicultural
Total
Agricultural
Total
Parttime for
econom-
Labor force
participation rate
(pen3ent)
15
Total
ic
weeks
and
over
Total
Civilian 8
reasons 1
3,283
3,387
3,347
3,364
3,368
3,401
88,734
92,661
95,477
95,938
97,030
96,125
3,369
3,298
3,3734,064
4,499
5,852
6,991
6,202
6,137
7,637
8,273
10,678
1,942
1,414
1,241
1,871
2,285
3,485
62.6
63.5
64.0
64.1
64.2
64.3
62.3
63.2
63.7
63.8
63.9
64.0
Seas anally adjiisted
Unad usted
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
173,691
173,854
174,038
174,200
174,360
174,549
174,718
174,864
1,665
1,664
1,674
1,689
1,670
1,668
1,660
1,665
99,957
100,683
101,490
101,177
99,851
99,825
99,379
98,849
9,957
10,886
11,036
10,710
10,695
10,942
11,476
11,628
112,043
111,811
112,090
112,303
112,528
112,420
112,702
112,794
101,659
101,345
101,262
101,372
101,213
100,844
100,796
100,758
110,378
110,147
110,416
110,614
110,858
110,752
111,042
111,129
99,994
99,681
99,588
99,683
99,543
99,176
99,136
99,093
3,446
3,371
3,445
3,429
3,363
3,413
3,466
3,411
96,548
96,310
96,143
96,254
96,180
95,763
95,670
95,682
5,731
5,561
5,577
5,820
6,495
6,403
6,411
6,425
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
3,267
3,517
3,569
3,637
3,856
4,167
4,524
4,732
64.5
64.3
64.4
64.5
64.5
64.4
64.5
64.5
64.2
64.0
64.1
64.1
64.2
64.1
64.2
64.2
1983: Jan
Feb
Mar
Apr
May
175,021
175,169
175,320
175,465
175,622
1,667
1,664
1,664
1,671
1,669
97,262
97,265
97,994
98,840
99,543
12,517
12,382
11,879
11,035
10,765
112,215
112,217
112,148
112,457
112,418
100,770
100,727
100,767
101,129
101,226
110,548
110,553
110,484
110,786
110,749
99,103
99,063
99,103
99,458
99,557
3,412
3,393
3,375
3,371
3,367
95,691
95,670
95,729
96,088
96,190
6,845
6,481
6,202
6,082
5,928
11,446
11,490
11,381
11,328
11,192
4,634
4,618
4,615
4,356
4,517
64.1
64.1
64.0
64.1
64.0
63.8
63.7
63.6
63.7
63.7
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Total labor force as percent of noninstitutional population (both including resident Armed
Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
4
Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force,
declined slightly in May to 10.0 percent. The unemployment rate for all civilian workers also declined slightly, to
10*1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1983
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LASOR FORCE IN GROUP SPECIFIED.
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unempl oyment ra te (percent of civilia n labor force in group)
Period
Unemployment
rate, all
workers 1
By sex and a ge
civilian
workers
6.9
6.0
5.8
7.0
7.5
9.5
6.1
5.8
7.1
7.6
9.7
1982: May...
June..
July ..
Aug...
Sept ..
Oct....
Nov...
Dee ...
9.3
9.4
9.7
9.7
10.1
10.3
10.6
10.7
1983: Jan...
Feb...
Mar...
Apr ...
May...
10.2
10.2
10.1
10.1
10.0
1977
1978
1979
1980
1981
1982
By race
All
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
Black a nd other
White
Total
14.0
12.8
12.3
14.3
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
15.6
18.9
3.6
2.8
2.8
4.2
4.3
6.5
9.4
8.5
8.3
9.2
10.4
11.7
6.6
5.6
5.3
6.9
7.3
9.6
9.9
9.0
8.8
8.8
9.4
10.5
7.6
6.5
6.3
7.9
8.5
11.0
17.1
17.1
17.4
17.7
18.1
18.4
18.5
18.8
18.6
18.6
18.8
19.1
19.8
20.1
20.2
20.8
9.2
9.2
9.4
9.4
9.8
10.1
10.5
10.7
6.1
6.4
6.6
6.8
7.2
7.5
7.6
7.8
11.9
12.1
12.0
11.7
12.4
11.3
12.5
13.2
9.2
9.4
9.6
9.7
10.2
10.5
10.6
10.8
10.5
10.0
11.2
10.4
10.6
10.3
11.3
11.1
10.7
10.4
10.7
10.9
11.7
12.0
12.4
12.7
19.0
18.0
18.5
18.8
18.6
20.8
19.7
19.9
20.8
20.6
10.1
10.1
10.1
9.9
9.8
7.1
7.2
7.1
7.1
7.0
13.2
13.0
13.5
13.2
12.9
10.3
10.4
10.3
10.2
9.9
10.6
10.1
10.5
10.6
11.0
11.7
12.0
11.8
11.4
11.5
8.8
5.7
6.4
6.8
8.3
6.7
8.6
13.1
11.9
11.3
13.1
14.2
17.3
9.4
9.5
9.8
9.9
10.2
10.5
10.7
10.8
8.3
8.7
8.9
9.0
9.6
9.8
10.0
10.1
8.2
8.1
8.3
8.3
8.4
8.7
9.0
9.2
22.9
22.5
23.9
23.8
23.8
24.1
24.2
24.5
8.4
8.4
8.7
8.7
9.1
9.3
9.6
9.7
10.4
10.4
10.3
10.2
10.1
9.6
9.9
9.6
9.8
9.6
9.0
8.9
8.8
8.4
8.5
22.7
22.2
23.5
23.4
23.0
9.1
9.2
9.0
8.9
8.9
7.0
6.0
Experienced
wage and
salary
workers
Labor
force
time lost
(percent) 2
6.6
5.6
5.5
6.9
7.3
9.3
6.2
5.2
5.1
6.3
5.2
4.3
4.2
5.9
6.3
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Black
17.8
16.4
16.1
17.8
19.6
23.2
7.1
Byselected grou] )S
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentage of unemployed persons who had been out of work for more than 15 weeks rose, and the
percentage out of work for less than 15 weeks fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
/\
60
60
JOB LOSERS
50
50
40
40
30
30
20
20
REENTRANTS
NEW ENTRANTS
10
10
JOB
0 I I 11 i i I i i i i i i I i i i I I i I I I i i i i i I i i i 11 i i i i i I i i i i i 11 i i i I
1979
1981
1982
.-1983
1979
1980
1981
1982
1983
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
,j
Period
Percent distribution of unemplo^pment by
durat ion *
(thousands)
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Sta te
propams
Percent distribution of l
unemployment by
reas on
Job
losers
Job
leavers
Keentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment, all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
1Weekly ave rage, thousarids
1978
1979
1980
1981
1982
6,137
7,637
8,273
10,678
1982: May
June ....
July
Aug
Sept
Oct
Nov
Dee
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
1983: Jan
Peb
Mar
Apr
May
11,446
11,490
11,381
11,328
11,192
6,202
10.4
12.4
11.5
13.8
13.6
31.0
16.0
8.7
10.7
14.0
16.6
37.2
34.3
36.7
36.0
35.1
33.9
32.9
32.9
31.5
32.3
30.1
30.7
31.1
30.2
29.5
28.3
15.7
16.0
16.5
16.6
16.0
16.8
18.2
17.4
15.7
17.4
16.6
16.8
17.8
19.1
19.4
21.3
30.8
32.6
30.7
32.1
31.9
28.9
27.1
28.1
28.5
27.0
16.8
16.8
16.7
15.0
15.7
23.5
23.5
24.5
24.4
25.3
3
2,359
2,434
3,350
3,047
4,057
346
388
488
460
583
2,645
2,592
3,837
3,410
4,590
23.1
22.7
22.8
22.2
21.2
19.8
21.3
21.8
11.2
10.4
11.3
11.9
11.3
11.0
10.4
10.7
3,972
4,011
3,988
4,136
4,379
4,615
4,635
4,428
579
560
539
617
654
659
618
546
4,387
4,328
4,495
4,398
4,282
4,391
4,635
5,074
7.4
7.5
8.0
7.2
7.2
59.1
60.2
60.4
59.7
60.5
14.3
13.3
11.4
11.9
11.1
7.9
7.5
7.4
6.8
6.8
6.6
6.9
51.7
51.6
58.7
29.9
29.4
25.2
25.4
22.3
8.3
57.3
59.0
58.3
58.6
60.7
62.4
61.6
60.6
43.1
41.7
36.4
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-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
14.1
14.3
11.7
11.2
7.9
41.7
42.9
31.0
31.7
32.3
30.7
46.2
48.1
23.1
22.0
21.5
22.0
21.1
10.4
10.3
10.2
11.0
11.2
3,941
3,907
3,894
3,832
3,586
509
485
493
484
458
5,459
5,437
5,134
4,642
807
897
708
936
953
691
1,117
1,445
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 374,000 in May following a rise of
273,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
22
WHOLESALE AND RETAIL TRADE
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
20
80
70
16
SERVICE-PRODUCING
INDUSTRIES
60
MANUFACTURING
20
50
40
CONSTRUCTION
.GOODS-PRODUCING
INDUSTRIES
30
"""•»...,„.,„„..>
20
1979
1981
1980
1982
1979
1983
1980
1981
1982
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1983
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
Total
nonagricultural
employment
Goods-producing inc ustries
Serviee-f reducing indiistries
1
'anufaeturing
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation and
public
utilities
Wholesale and
retail
trade
Government
Finance,
insurance,
and real
estate
Services
Federal
State
and
local
1979
1980
1981 r
1982 r
86,697
89,823
90,406
91,156
89,596
25,585
26,461
25,658
25,497
23,907
4,229
4,463
4,346
4,188
3,911
20,505
21,040
20,285
20,170
18,853
12,274
12,760
12,187
12,109
11,100
8,231
8,280
8,098
8,061
7,753
61,113
63,363
64,748
65,659
65,689
4,923
5,136
5,146
5,165
5,081
19,542
20,192
20,310
20,547
20,401
4,724
4,975
5,160
5,298
5,340
16,252
17,112
17,890
18,619
19,064
2,753
2,773
2,866
2,772
2,739
12,919
13,174
13,375
13,259
13,064
1982: Mayr....
June r"...
July r....
Aug r....
Sept r....
Oct r
Nov r....
Dee r.....
90,016
89,775
89,450
89,264
89,235
88,938
88,785
88,665
24,226
24,001
23,843
23,672
23,530
23,287
23,131
23,061
3,971
3,933
3,916
3,893
3,875
3,847
3,843
3,815
19,078
18,918
18,802
18,666
18,555
18,358
18,222
18,193
11,289
11,169
11,095
10,961
10,862
10,685
10,577
10,559
7,789
7,749
7,707
7,705
7,693
7,673
7,645
7,634
65,790
65,774
65,607
65,592
65,705
65,651
65,654
65,604
5,117
5,099
5,075
5,056
5,054
5,033
5,019
5,008
20,454
20,454
20,438
20,410
20,380
20,344
20,320
20,256
5,331
5,339
5,342
5,344
5,351
5,350
5,356
5,367
19,020
19,046
19,083
19,097
19,136
19,144
19,187
19,215
2,731
2,738
2,737
2,739
2,735
2,742
2,746
2,747
13,137
13,098
12,932
12,946
13,049
13,038
13,026
13,011
1983: Jan r
Feb r
Mar r.....
Apr r
May P....
88,886
88,745
88,814
89,087
89,461
23,186
23,049
23,030
23,155
23,347
3,905
3,790
3,757
3,785
3,866
18,244
18,245
18,267
18,373
18,477
10,594
10,608
10,617
10,691
10,784
7,650
7,637
7,650
7,682
7,693
65,700
65,696
65,784
65,932
66,114
4,980
4,965
4,963
4,988
4,994
20,355
20,343
20,350
20,317
20,344
5,374
5,384
5,391
5,417
5,418
19,238
19,262
19,356
19,484
19,603
2,748
2,742
2,742
2,749
2,749
13,005
13,000
12,982
12,977
13,006
1978
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
2 Includes mining, not shown separately.
NOTE.—Series revised beginning 1981 to reflect benchmark revisions; in addition seasonally adjusted data revised beginning 1978.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
j Average weekly
Average giross hourly
earnings
hours
Period
1983:
Total
Mayr
June r
July r
Aug r
Sept r
Oct r
Nov r
Dec r .
Jan r
Feb r
Mar r .
Apr r
May*
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
35.1
34.5
34.8
34.9
35.1
Total
private
nonagrieultural *
Overtime
Manufacturing
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
39.7
39.8
38.9
39.1
39.1
39.1
39.0
38.8
38.9
39.0
39.0
39.7
39.2
39.5
40.1
40.0
$4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.67
$4.42
4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
40.0
39.5
40.1
40.3
40.4
40.2
36.5
36.1
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982:
Manufa cturing
Total
private
nonagrieultural l
7.65
7.67
7.70
7.73
7.73
7.76
7.78
7.82
7.88
7.91
7.91
7.95
7.99
8.47
8.51
8.54
8.56
8.57
8.58
8.61
8.63
8.68
8.76
8.75
8.78
8.79
2.4
2.4
2.6
2.9
2.7
Adjust€ d hourly earnings index— total private
nonagnc ultural 2
Percent changre from a year
earlic , 4 . 6
Ind ex,
1977 == 100
Current
dollars
Current
dollars
1977
dollars 3
80.0
86.7
92.9
100.0
108.1
116.8
127.3
138.9
r
148.3
147.5
148.0
148.8
149.6
150.0
150.7
151.1
151.9
152.7
153.4
153.4
153.9
154.7
98.3
97.6
8.0
8.4
99.0
100.0
100.5
97.4
93.5
92.6
93.3
93.5
92.8
92.8
93.0
93.1
93.1
93.4
94.1
94.7
95.3
95.0
94.8
94.8
7.2
7.6
8.1
8.0
9.0
9.1
6.8
7.2
7.0
7.0
6.6
6.1
6.2
5.7
6.0
5.4
5.7
5.4
5.1
4.9
1977 dollars
-2.8
-.7
1.4
1.0
.5
-3.1
-4.0
-1.0
.8
.7
.1
.7
.7
1.2
1.2
1.1
2.0
1.8
2.4
1.6
1.1
1.5
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent eh ange from
a year earlier,
total private n Dnagricultural 5
Avera ge gross weekly e&irnings
Period
Current dollars
1974
1975
1976
1977
1978
1979
1980
1981 r
1982r
1982: Mayr
June r
July'
Aug r ...
Sept r
Oet r
Nov r ..
Dec r .
1983: Jan r
Feb r
Mar r .
Apr r
May"
Manufacturing
Total private
nonagnc ultural 1
1977 dollars 3
Wholesale and
retail trade
$190.12
184.16
186.85
189.00
189.31
183.41
172.74
170.13
167.87
$176.80
190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65
$249.25
266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.45
$119.02
126.45
133.79
142.52
153.64
164.96
176.46
190.62
198.10
267.75
267.68
268.73
269.00
269.00
269.27
269.97
272.14
169.78
167.93
167.54
167.18
166.98
166.32
166.96
168.61
331.18
332.74
333.91
333.84
332.52
333.76
335.79
336.57
431.56
425.78
431.47
428.72
425.59
427.25
426.24
437.18
197.76
197.78
199.36
199.68
199.06
200.65
200.98
203.19
276.59
272.90
275.27
277.46
280.45
171.48
169.61
170.45
170.85
171.84
344.60
343.39
345.63
352.08
351.60
461.35
439.20
438.00
443.54
445.43
202.57
200.65
202.88
203.83
206.72
in manufacturing,
Current dollar index (or earnings) divi led by the consumer piice index on a 1977 = 100 base.
Revised index for urban wage earners and e lerical workers used bejBinning 1978.
Current dollars
1977 dollars
Current dollars
$154.76
163.53
175.45
189.00
203.70
219.91
235.10
255.20
266.92
1
Also includes other private industry groups shown on p. 14.
2
Adjusted for interindustry employment shifts and for overtime
8
Construction
6.4
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.6
5.3
4.8
4.9
4.3
4.0
3.4
3.4
4.4
6.8
3.1
4.3
4.6
5.1
— 4.1
-3.1
1.5
1.2
.2
3.1
-5.8
-1.5
-1.3
-1.1
-2.0
-1.3
-1.4
-.9
-1.6
-1.1
.5
3.1
-.2
.6
.6
1.6
4
Mor thly
5
changes based on indexes to two decimal f laces.
Based on unadjusted data.
revised to ref ect benchmark and seasonal adjustment revisioiIS.
Souree: Department of Labor Bureau of Labor Statis tics.
NOTB . — Series
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t 1
Business
sector
Compens ation per
hou r 3
Hours of all
perse n s 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Unit labor
CO st
Implicit price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19rr 7 = 100; ( [uarterly c ata seasorlally adjus ted
1969
85.5
86.5
79.0
78.8
92.5
91.1
54.2
54.8
89.6
90.6
63.4
63.4
63.2
63.3
1970
1971
1972
1973
1974
86.2
89.2
92.4
94.7
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.8
89.9
78.0
80.3
85.8
91.7
89.8
91.0
90.5
93.2
96.8
97.3
89.8
89.5
92.3
96.2
96.7
58.2
62.0
66.1
71.3
78.0
58.7
62.5
66.7
71.7
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.5
96.6
97.8
96.4
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
1975
1976
1977
1978
1979
94.5
97.6
100.0
100.6
99.6
94.7
97.8
100.0
100.6
99.3
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.3
96.0
100.0
104.9
108.2
92.7
95.8
100.0
105.0
108.7
85.5
92.9
100.0
108.6
119.1
86.0
93.0
100.0
108.6
118.8
96.3
98.9
100.0
100.9
99.4
96.8
99.0
100.0
100.9
99.2
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.6
90.5
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
98.9
100.7
101.0
98.5
99.9
99.9
106.2
108.9
106.4
106.3
108.6
105.8
107.4
108.1
105.4
107.9
108.7
105.9
131.4
144.1
154.5
130.9
143.6
154.0
96.7
96.0
97.0
96.3
95.7
96.7
132.9
143.1
153.1
133.0
143.8
154.1
128.3
140.4
148.1
128.3
140.8
149.0
1981: I
II
Ill
IV
100.7
100.7
101.0
100.3
100.4
100.1
100.0
99.1
109.1
109.1
109.6
107.8
109.2
109.0
109.1
107.1
108.3
108.3
108.5
107.5
108.8
108.9
109.1
108.0
140.0
142.5
145.7
148.3
139.6
142.0
145.1
147.7
96.5
96.3
95.7
95.7
96.2
96.0
95.3
95.3
139.0
141.5
144.2
147.9
139.1
141.9
145.1
149.0
136.5
138.8
141.9
144.6
136.5
138.9
142.3
145.5
1982: I
II
Ill
IV
100.1
100.4
101.3
102.0
99.3
99.5
100.4
100.4
106.3
106.4
106.7
105.9
106.0
106.1
106.3
104.9
106.2
106.0
105.3
103.9
106.7
106.6
105.9
104.5
151.1
153.5
155.9
158.0
150.6
152.8
155.3
157.4
96.8
97.1
96.7
97.6
96.5
96.6
96.4
97.2
150.9
152.9
153.8
154.9
151.6
153.5
154.7
156.7
145.9
147.5
149.1
150.1
146.6
148.1
149.8
151.5
1983: I
102.6
101.6
107.1
106.5
104.5
104.8
159.8
159.7
98.8
98.7
155.8
157.2
152.2
153.3
Pe reent chan ge; quarte rly data a „ seasonall y adjusted annual rates
1969
0.2
1970
1971
1972
1973
1974
.8
3.6
3.5
2.6
-2.4
-0.3
.3
3.3
3.7
2.4
-2.5
2.9
-.8
3.0
6.6
6.6
2.0
1975
1976
1977
1978
1979
2.2
3.3
2.4
.6
.9
2.0
3.2
2.2
.6
1.3
-2.0
1980
1981
1982
-.7
1.8
.3
-.9
1.4
.0
-1.5
1981: I
II
HI
IV
1982: I
II
Ill
IV
1983: I
5.7
.0
1.2
-2.8
4.9
-1.2
-.3
-3.4
-.8
1.3
3.7
2.6
.7
.9
3.4
.4
2.2
4.7
1
6.4
6.6
5.5
2.3
2.5
-2.3
7.9
2.9
2.6
-1.6
-1.0
-1.3
2.9
6.9
6.8
2.1
-.5
3.0
3.9
.4
2.2
6.7
6.7
5.7
2.2
4.1
3.0
4.1
4.9
3.2
1.5
2.2
2.5
.8
.7
7.2
-.8
.3
3.2
-2.6
2.1
-.1
.7
-.4
3.1
4.3
.5
-4.1
3.4
4.4
5.0
3.5
-.7
.7
-2.6
2.2
.3
.6
^
1.9
-6.4
-7.1
-3.7
-3.8
-5.4
-4.2
-4.6
-4.8
.6
1.1
-3.0
4.7
.6
.7
-5.0
6.2
-.7
-2.5
-5.5
2.4
-.2
-2.6
-5.4
1.4
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including hours of proprietors
and unpaid family workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index.
16
7.0
6.5
1.5
1.1
6.7
6.8
4.9
4.7
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
1.0
2.2
3.3
1.3
6.4
2.9
2.9
5.3
6.6
3.2
2.9
5.0
4.8
4.5
3.0
3.8
12.1
12.2
4.5
4.4
3.4
5.5
9.5
9.6
8.6
7.7
8.6
9.7
9.6
8.1
7.5
8.6
9.3
7.3
5.1
5.1
8.0
7.5
4.7
5.2
8.0
-1.4
-1.7
10.7
10.7
10.4
10.2
-2.8
-2.9
9.6
7.2
9.7
7.2
11.8
11.9
7.4
9.1
7.5
7.2
9.0
7.4
7.6
6.7
6.3
5.5
7.9
6.0
6.6
5.5
4.6
6.0
5
— 1.4
.5
2.6
1.2
.9
-.7
1.0
1.1
-1.4
.4
2.2
1.0
.9
11.2
11.2
-.6
1.0
7.7
7.0
8.1
7.2
1.2
5.8
7.3
7.8
6.6
8.4
9.4
10.2
9.8
4.7
5.6
7.5
9.0
10.3
9.4
9.5
5.5
10.2
11.6
12.1
10.2
5.0
5.7
7.1
8.8
9.7
5.8
7.1
.2
.2
10.6
11.2
6.6
9.3
8.0
4.5
1.3
4.8
.7
7.2
5.1
3.1
5.1
3.7
4.3
4.4
2.7
3.3
4.0
4.9
4.5
1.2
5.8
5.0
-1.0
-2.6
-1.2
-2.7
3.5
3.5
8.5
5.3
2.4
2.9
5.0
6.4
2.3
-1.4
-1.1
9.2
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.1 percent in May following a rise of 2.0 percent in April. The index for May was 3.7
percent above its year earlier level.
INDEX, 1967=100*
(RATIO SCALE)
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
180
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
160
160
UTILITIES
140
140
Vf
\
MINING
120
120
1979
1980
1982
1981
1983
100
MANUFACTURING PRODUCTION
1979
1981
1980
1982
1983
PERCENT* (RATIO SCALE)
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
120
60
1979
1980
1981
1982
1979
1983
1980
1981
1982
1983
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Seasonally adjusted]
Total
indu. trial
produ ction
T»
1976
1977
1978
1979
1980
1981
1982
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb r
Mar r
Apr r
May*
1
2
Percent
change
from year
earlier
130.5
138.2
146.1
152.5
147.0
151.0
138.6
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
137.4
138.1
139.9
142.7
144.3
Mining
Total
87.95
100.00
Output as percent of capacity.
Annual data are averages of the four monthly indexes.
Manufa cturing
Manufacturing
•
Index,
1967 = 100
1967 proportion
Capacity u tilization rate , percent l
Industry procluction indexes , 1967 = 100
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
-8.8
-9.3
-9.8
-9.9
-9.4
-9.0
7.8
-5.7
-2.3
-3.4
1.3
1.8
3.7
130.3
138.4
146.8
153.6
146.7
150.4
137.6
137.9
137.7
138.1
138.0
137.1
135.0
134.0
134.5
136.7
138.2
140.3
143.2
145.0
Durable
51.98
122.3
130.0
139.7
146.4
136.7
140.5
124.7
126.1
125.5
125.9
124.9
123.5
120.3
119.3
119.9
122.5
123.9
126.2
129.1
131.1
Utilities
Nondurable
35.37
141.8
150.5
156.9
164.0
161.2
164.8
156.2
155.0
155.3
155.7
156.9
156.7
156.2
155.3
155.6
157.4
159.0
160.6
163.6
165.1
6.36
114.2
118.2
124.0
125.5
132.7
142.2
126.1
128.9
123.5
120.1
116.9
114.7
115.9
116.8
118.4
121.9
115.6
112.5
111.9
113.1
5.69
151.7
156.5
161.4
166.0
168.3
169.1
168.7
170.9
169.4
167.7
168.5
167.5
167.8
166.7
164.2
163.1
162.0
165.7
167.5
167.3
Federal
Reserve
series
79.5
81.9
84.4
85.7
79.1
78.5
69.8
70.2
70.0
70.0
69.8
69.2
68.0
67.4
67.5
68.5
69.1
69.9
71.3
72.0
Commerce
series 2
81
83
84
83
78
76
70
71
69
68
70
Materials
(Federal
Reserve
series)
81.1
82.7
85.6
87.4
80.0
79.9
68.9
69.4
68.8
68.5
68.2
67.7
66.6
65.7
65.2
67.3
68.6
69.7
71.0
71.7
Sources: Board of Governors of the Federal Reserve System and Department of Commerce
(Bureau of Economic Analysis).
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final p roduets
Period
Intermedia te products
CConsumer good s
Total
Total
47.82
124.4
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
142.2
142.1
142.5
141.2
140.0
138.7
138.3
139.5
140.1
138.9
140.0
142.6
144.3
1967 proportion
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb r
Mar r
Apr r
May"
27.68
131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
143.6
144.8
145.8
144.1
143.4
142.2
141.3
142.0
143.6
143.4
144.5
146.8
148.1
Durable
goods
7.89
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
132.6
134.6
137.3
132.9
131.3
126.5
124.6
125.9
131.6
134.4
136.0
139.1
142.4
Materials
Equip ment
Nondurable
goods
19.79
125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
147.9
148.8
149.1
148.6
148.2
148.5
147.9
148.4
148.3
147.0
147.8
149.9
150.4
Total
Total
20.14
114.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.4
138.4
138.0
137.3
135.2
134.0
134.2
136.1
135.3
132.7
133.9
136.8
139.0
Business
12.63
134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
159.9
156.7
154.9
153.9
150.5
147.1
146.4
148.1
146.6
142.7
143.9
147.2
149.7
12.89
137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
142.6
141.9
142.8
144.7
143.7
141.6
141.8
141.5
143.7
145.3
147.9
150.7
152.6
Construction
supplies
6.42
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
122.2
123.1
124.1
127.1
125.5
122.5
123.4
123.0
127.0
129.7
133.7
137.0
139.6
Supplementary
group:
Energy
total
39.29
133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
134.3
133.5
133.0
132.8
132.0
130.0
128.4
127.8
132.0
134.9
137.2
140.1
141.5
12.23
128.3
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
136.5
136.2
136.4
134.8
132.7
134.1
133.3
132.2
132.4
131.0
131.8
133.4
133.5
[1967=100, seasonally adjusted]
*Nondurable inanufacture s
Durable m inufactures
Transp irtation
equip ment
Primary metals
Period
Total
1967 proportion
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: May
:
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb r
Mar r
Apr r
May"
6.57
126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
75.2
72.8
72.9
72.9
73.2
69.6
63.6
63.5
73.1
77.9
80.7
82.1
82.7
Iron and
steel
4.21
122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
62.4
58.0
58.1
57.4
56.4
54.1
47.5
46.6
59.0
64.3
66.9
68.2
Source: Board of Governors of the Federal Reserve System.
18
Fabricated metal
products
Nonelectrical
machinery
Electrical
machinery
5.93
124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
115.8
115.0
115.5
114.3
112.3
107.6
107.0
107.3
107.6
110.3
113.9
115.6
116.9
9.15
133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.0
147.4
147.1
147.2
144.9
140.4
139.6
139.2
8.05
143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
170.9
170.8
170.3
169.7
167.0
165.4
165.5
165.5
169.5
168.9
173.2
177.8
180.2
138.0
136.2
138.6
143.6
146.5
Total
9.27
118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
110.0
111.6
112.7
107.0
105.3
100.8
100.2
103.7
106.3
109.6
110.2
111.4
113.9
Motor
vehicles
and parts
4.50
148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
119.8
124.0
127.2
116.7
113.5
103.0
101.7
108.8
113.9
123.0
123.3
125.5
130.2
Lumber
and
products
Apparel
products
1.64
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
110.6
112.2
116.9
120.3
119.9
117.2
119.1
121.4
130.0
130.2
129.6
134.0
3.31
117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
Chemicals and
products
4. 72
118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
143.8
142.6
143.9
145.3
144.3
142.0
141.7
142.8
141.3
144.0
145.9
146.1
147.0
7.74
154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
193.6
193.2
194.1
195.6
196.4
194.1
192.8
195.9
197.6
202.3
205.0
209.9
Foods
8.75
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
150.5
151.0
151.0
150.7
149.0
151.5
152.0
152.8
154.4
153.0
152.0
NEW CONSTRUCTION
Constructio D contracts 2
Private
Period
Total new
construction
expenditures
Resiclential
Total
Commercial
and industrial
New housing
Total *
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1976
1977
1978
1979
1980
1981
1982
151.1
173.8
205.6
230.4
230.7
238.2
229.6
112.0
135.7
159.7
181.6
175.7
185.2
179.4-
60.5
81.0
93.4
99.0
87.3
86.6
75.0
47.3
65.7
75.8
78.6
63.1
62.7
52.0
19.9
22.5
29.6
39.9
43.8
51.3
53.8
31.5
32.2
36.7
42.7
44.7
47.4
50.6
39.1
38.2
45.9
48.8
79.0
100.0
114.0
122.0
55.1
53.0
50.2
107.0
107.0
111.0
Seasonally
adjusted
Seasonal ly adjusted annu al rates
1982: Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan
Feb r
Mar r.
Apr"
May"
226.1
228.7
231.6
227.6
228.1
228.1
230.8
239.6
239.0
256.0
249.4
246.9
248.0
175.1
179.9
182.7
178.7
176.6
177.0
179.8
187.5
191.4
200.1
199.2
198.8
202.3
72.3
75.5
75.3
73.4
72.1
71.5
75.7
81.7
87.0
93.4
96.4
98.6
104.4
54.3
53.9
56.5
53.9
52.8
53.7
52.7
53.6
52.8
54.3
51.8
50.2
47.5
49.6
51.0
49.8
51.5
52.3
53.1
52.3
54.7
57.3
65.8
70.5
74.1
79.2
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F*. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
48.5
50.6
50.9
51.4
51.7
51.8
51.4
52.2
51.7
52.4
51.0
50.0
50.4
51.0
48.8
48.9
48.9
51.4
51.1
51.0
52.1
47.6
55.9
50.2
48.0
45.7
94
94
111
98
112
117
105
122
131
127
119
131
129
148
592
739
977
1,059
904
906
685
Seasonally
adjusted
annual rates
707
645
778
694
717
671
656
608
595
803
693
632
652
734
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Units started, bj type of structure
Period
Total
1975
1976
1977
1978
1979
1980
1981
1982
1,160.4
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1 unit
892.2
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
2-4 units
64.0
85.9
121.7
125.0
122.0
109.5
91.1
80.0
5 or more units
204.3
289.2
414.4
462.0
429.0
330.5
287.7
319.6
Units
authorized
939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
Units
completed
1,317.2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
Homes sold
549
646
819
817
709
545
436
412
Homes for
sale at end of
period *
313
353
402
414
3
398
336
272
251
Vacancy rate
for rental
housing units
(percent) 2
6.0
5.6
5.2
5.0
5.4
5.4
5.0
5.3
Seasonal ly adjusted annu al rates
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar r.
Apr r
May '
1
2
1,028
910
1,185
1,046
1,134
1,142
1,361
1,280
1,694
1,784
1,605
1,504
1,791
622
617
625
651
683
716
868
842
1,126
1,103
1,008
1,006
1,151
85
86
96
87
90
66
79
79
100
117
100
118
111
321
207
464
308
361
360
414
359
468
564
497
380
529
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
951
924
1,065
928
1,029
1,154
1,227
1,326
1,447
1,479
1,467
1,536
1,635
1,108
943
1,010
1,001
936
1,077
1,053
1,035
1,195
r
l,138
1,135
1,164
385
369
364
389
473
481
545
529
r
611
r
593
610
621
648
258
254
250
248
247
245
246
251
259
r
262
264
269
276
5.1
5.3
5.5
5.7
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales rose 0.7 percent in April and inventories rose $2.2 billion. According to the advance survey, total
retail sales rose 2.1 percent in May following a rise of 1.7 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
600
160
150
550
140
500
130
450
TOTAL BUSINESS
INVENTORIES
RETAIL INVENTORIES
120
110
400
100
350
'X1*'^*-^
300
-TOTAL BUSINESS
SALES
1
<,««'"*
RETAIL SALES
it*'*
250
200
1979
1980
1981
1982
1983
150
100
1979
1982
1981
1983
1979
1983
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total bu siness l
COUNCIL OF ECONOMIC ADVISERS
Sales
Period
Sales
2
Inventories 3
Sales *
Inventories 3
Inventory-s ales ratio 4
Be tail
Whol esale
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
Durable
goods
stores
3
Nondurable goods
stores
Total
business 1
Retail
Millions of dollars, seasonally <adjusted
1982:
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar r.
Apr p
May"
1
2
3
49,012
54,781
60,435
67,286
75,047
80,235
87,298
89,640
15,247
18,150
20,724
23,218
25,196
24,401
26,335
26,739
33,765
36,631
39,711
44,067
49,850
55,834
60,963
62,901
71,744
79,273
89,530
102,790
111,229
116,430
126,833
128,250
33,356
37,841
43,135
49,987
53,717
54,400
59,095
59,597
38,388
41,432
46,395
52,803
57,512
62,030
67,738
68,653
1.57
1.48
1.46
1.44
1.43
1.45
1.44
1.51
1.44
1.38
1.40
1.43
1.44
1.42
1.40
1.41
182,230
204,277
229,624
260,307
297,663
327,284
356,099
344,179
1975
1976
1977
1978
1979
1980
1981
1982
288,375
318,544
351,036
398,890
450,736
492,885
526,152
511,942
46,623
50,694
55,987
66,117
78,680
92,658
100,673
95,363
56,697
64,078
72,311
85,685
98,394
112,341
116,986
118,790
344,934
353,110
349,742
347,676
343,426
342,882
336,905
338,722
r
338,391
523,370
519,119
521,040
521,145
521,257
521,000
519,797
513,888
511,942
97,348
99,290
98,019
95,790
94,341
92,527
91,806
91,912
91,389
119,423
118,132
119,828
119,854
119.190
119,537
120,162
118,349
118,790
88,468
90,813
88,603
89,469
89,069
89,897
90,905
92,492
92,459
26,718
28,127
26,136
26,124
25,831
26,619
27,154
28,721
28,723
61,750
62,686
62,467
63,345
63,238
63,278
63,751
63,771
63,736
125,479
124,631
126,300
126,662
128,258
129,788
128,849
127,619
128,250
57,890
57,039
58,225
58,888
60,204
61,668
60,581
59,417
59,597
67,589
67,592
68,075
67,774
68,054
68,120
68,268
68,202
68,653
1.52
1.47
1.49
1.50
1.52
1.52
.54
.52
.51
1.42
1.37
1.43
1.42
1.44
1.44
1.42
1.38
1.39
345,337
341,490
348,009
350,566
507,550
507,665
503,222
505,430
94,790
92,245
92,943
92,330
117,564
116,417
116,591
118,110
92,308
91,164
93,263
r
94,864
£6,866
28,307
27,490
29,160
r
30,467
31,650
64,001
63,674
64,103
r
64,397
65,216
127,869
130,392
129,327
129,923
59,735
61,517
60,412
60,761
68,134
68,875
68,915
69,162
.47
.49
1.45
1.44
1.39
1.43
1.39
1.37
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers1 shipments, inventories, and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
180
160
360
320 C-INVENTORIES280
240
140
200
^-SHIPMENTS-
120
. . " ..........7""
.- "
160
100
DURABLE GOODS
DURABLE GOODS
r"
80
120
NONDURABLE GOODS
100
60
80
NONDURABLE GOODS
I 11
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
180
160
SEHNEW ORDERSI Il l i IIIi i l l l Il i ii
TOTAL
RATIO
2.2
140
:
120
100
INVENTORY-SHIPMENTS RATIO
DURABLE GOODS
80
NONDURABLE GOODS
60
1981
1980
1979
1983
1982
Total
Durable
goods
1983
COUNCIL OF ECONOMIC ADVISERS
Manufa eturers' shipiiients 1
Period
1982
1981
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Nondurable goods
1
[anufacturers new orders i
Manufa 3turers' inven tones 2
Durable
goods
Total
Nondurable goods
Capital
goods
industries,
nondefense
Nondurable goods
51,398
12,799
61,111
72,409
79,513
t9,341
83,725
75,103
76,736
76,353
76,157
75,563
72,965
72,348
70,735
71,067
76,180
82,355
77,449
79,951
r
83,407
84,505
15,291
19,458
23,231
23,259
24,059
20,687
22,806
20,306
19,932
19,931
18,741
20,217
20,127
19,983
19,679
20,507
19,175
20,032
r
22,592
22,129
48,145
53,950
59,207
67,953
76,801
84,199
82,268
81,110
83,113
83,829
83,350
82,735
84,224
81,627
81,537
81,202
80,516
80,308
82,636
82,924
85,056
Total
Total
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory—
shipments
ratio 4
182,499
205,675
1.69
1.61
262,671
305,453
325,908
323,346
300,971
320,059
316,518
313,384
309,880
305,564
301,678
299,846
298,132
300,971
305,599
305,268
306,053
309,015
310,645
1.57
1.57
1.66
1.64
1.73
1.75
1.70
1.69
1.69
1.71
1.69
1.76
1.74
1.71
1.66
1.65
1.59
1.58
1.54
Millions of do liars, seasoinally adjust ed
1976
1977
1978
1979
1980
1981
1982
1982: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan
Feb
Mar
Apr
May*
1
2
3
98,802
113,202
126,905
143,936
154,391
168,129
159,177
159,118
163,007
163,120
162,417
160,016
160,458
154,194
154,318
r
154,543
158,239
158,081
161,803
163,372
167,929
50,689
48,113
59,267
67,848
76,060
77,550
83,872
76,843
77,808
79,680
79,197
78,856
77,250
76,419
72,478
73,005
73,495
77,744
77,769
79,595
r
80,548
83,012
53,935
59,057
67,876
76,841
84,257
82,334
81,310
83,327
83,923
83,561
82,766
84,039
81,716
81,313
r
81, 048
80,495
80,312
82,208
82,824
84,917
175,193
189,195
210,415
241,113
264,114
282,333
264,902
278,468
276,356
274,912
274,629
273,809
271,675
270,786
267,920
264,902
262,117
260,856
257,304
257,397
258,400
Monthly average for year and total for month. Shipments are the same as
Book value, end of period.
End of period.
112,581
121,575
137,834
160,554
174,547
186,222
175,200
184,053
183,378
182,811
182,099
181,543
180,520
179,675
177,061
175,200
172,506
171,572
169,377
169,814
170,744
62,612
67,620
72,581
80,559
89,567
96,111
89,702
94,415
92,978
92,101
92,530
92,266
91,155
91,111
90,859
89,702
89,611
89,284
87,927
87,583
87,656
99,543
115,061
131,616
147,466
156,142
167,924
157,371
157,846
159,466
159,986
158,913
155,700
156,572
152,362
152,604
157,382
162,871
157,757
162,587
166,331
169,561
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.5 percent and prices of other finished consumer goods rose 0.6 percent. Prices of capital
equipment rose 0.2 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
320
160
160
140
140
120
120
1975
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Interim ediate ma terials
Fin shed goods
Fi nished go()ds excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Total
Total
1975
1976
1977
1978
1979
1980
1981
1982
1982: May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan r.
Feb
Mar
Apr
May
1
163.4
170.6
181.7
195.9
217.7
247.0
269.8
280.7
277.1
279.9
281.2
282.5
282.8
283.8
285.5
286.4
283.3
283.4
283.0
282.8
283.7
181.0
180.4
189.9
207.2
226.2
239.5
253.6
259.3
262.3
263.5
259.2
259.4
258.3
258.2
258.2
258.8
258.3
259.8
261.1
264.2
262.9
156.2
166.1
177.7
190.7
213.3
247.8
273.3
285.8
280.1
283.4
286.6
288.2
288.9
290.3
292.5
293.5
289.5
289.2
288.2
286.9
288.5
Intermediate materials for food manufacturing and feeds.
22
Durable
153.1
162.6
138.2
144.5
174.3
186.7
211.5
250.8
276.5
287.8
280.7
284.6
288.5
290.1
291.2
293.2
295.8
296.7
290.8
290.0
288.1
286.6
288.2
152.8
166.9
183.2
206.2
218.6
226.7
225.0
226.8
227.4
228.6
227.8
228.5
229.8
230.4
229.6
232.8
233.8
232.4
232.6
Total
Nondurable
Capital
equipment
163.0
174.8
189.3
200.0
231.3
283.9
319.6
333.6
322.4
327.7
334.3
336.2
338.6
341.7
345.3
346.4
337.3
332.5
328.3
326.7
330.0
162.5
173.4
184.6
199.2
216.5
239.8
264.3
279.4
277.8
279.5
280.5
282.3
281.9
282.0
283.1
284.4
283.9
285.6
286.7
285.9
286.6
Consumer gc»ods
H
; L j
Total
,
163.6
169.7
180.7
194.9
217.9
248.9
271.3
281.0
276.9
280.0
281.5
282.6
283.0
284.4
286.2
287.0
283.1
282.8
282.0
282.0
282.9
180.0
189.1
201.5
215.6
242.2
280.3
306.0
310.4
308.7
309.7
310.3
310.3
310.8
310.9
311.7
311.8
310.1
310.5
308.3
307.6
308.9
Foods
and
feeds *
195.3
185.3
190.5
203.1
226.1
252.6
250.3
239.4
246.0
245.6
242.1
239.8
236.7
234.0
233.7
234.0
236.0
238.8
239.6
245.9
245.1
Onide inaterials
Other
Total
178.6
189.4
202.3
196.9
202.7
209.2
234.4
274.3
304.6
329.0
319.5
326.4
325.8
322.1
319.1
315.4
314.3
317.3
316.6
315.8
317.6
319.4
323.9
323.9
216.5
244.4
282.3
310.1
315.7
313.3
314.5
315.3
315.6
316.3
316.6
317.4
317.5
315.6
315.8
313.4
312.3
313.7
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
191.8
190.2
192.1
216.2
247.9
259.2
257.4
247.8
261.0
258.6
251.0
246.9
239.5
237.0
239.4
240.3
243.0
248.8
250.5
258.0
255.0
Other
206.9
228.5
245.0
272.3
330.0
401.0
482.3
473.9
467.7
470.8
475.4
474.8
478.6
480.4
484.8
480.6
472.6
465.8
468.0
466.3
472.6
CONSUMER PRICES
In May, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted (also 0.5 percent
not seasonally adjusted). The index was 3.5 percent above its level in May 1982.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
300
300
280
280
260
260
240
240
220
220
200
200
180
180
160
160
140
120
120
1975
1978
1976
1980
1983
1982
1981
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Ti ansportati<m
Hou sing
All
She Her
Period
All
items *
Total »
Total
Renters'
costs 2
NSA
Rel imp.5
1975
1976
1977
1978
1979
1980
1981
1982
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
1
2
3
4
tc
5
100.0
161.2
170.5
181.5
195.4
217.4
246.8
272.4
289.1
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
295.5
297.1
19.0
175.4
180.8
192.2
211.4
234.5
254.6
274.6
285.7
285.4
287.1
287.6
286.9
287.5
288.1
288.2
288.1
288.3
288.3
290.1
291.3
292.2
57.7
164.5
174.6
186.5
202.8
227.6
263.3
293.5
314.7
313.6
316.8
318.4
319.7
319.3
320.5
319.9
317.4
318.9
318.9
318.7
320.4
321.5
21.3
169.7
179.0
191.1
210.4
239.7
281.7
314.7
337.0
336.4
340.6
342.5
344.0
342.3
342.6
340.7
336.0
338.3
339.1
339.2
341.6
342.7
6.9
100.2
100.8
101.1
101.3
101.7
102.2
Homeowners'
costs 2
Maintenance
and
repairs
NSA
Food
Apparel and
upkeep
Total !
New
cars
5.2
142.3
147.6
154.2
159.6
166.6
178.4
186.9
191.8
191.1
191.5
192.2
192.7
192.8
193.3
193.2
192.7
193.2
194.2
194.1
194.5
195.8
21.8
150.6
165.5
177.2
185.5
212.0
249.7
280.0
291.5
285.1
291.5
294.1
295.3
295.6
296.4
296.0
295.8
293.9
289.1
289.0
292.1
295.8
3.5
6.2
127.6
135.7
142.9
153.8
166.0
179.3
190.2
197.6
196.5
197.2
198.0
199.2
199.6
199.2
198.7
199.3
199.4
201.1
202.6
201.3
200.6
170.8
177.9
188.2
196.3
265.6
369.1
410.9
389.4
368.0
387.4
393.4
395.9
396.0
395.4
394.2
391.2
378.3
353.0
349.5
363.2
378.1
Medical
care
Ener4
6.0
168.6
184.7
202.4
219.4
239.7
265.9
294.5
328.7
324.2
327.2
330.5
333.4
336.3
338.7
341.8
344.4
347.2
350.1
351.7
353.3
354.8
176.6
189.3
207.3
220.4
275.9
361.1
410.0
416.1
401.8
412.9
416.7
418.9
421.0
426.6
430.2
431.3
6
420.5
404.9
401.3
409.3
419.5
NSA
13.9
100.0
100.7
100.9
100.9
101.7
102.0
0.5
187.6
199.6
214.7
233.0
256.4
285.7
314.4
334.1
334.5
336.1
334.7
335.9
338.4
339.4
339.0
337.8
342.9
339.4
339.9
343.6
344.3
Includes items not shown separately.
December 1982= 100.
Includes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,
Relative importance, December 1982.
Fuel
and
other
utilities
items
less
food,
energy,
and
shelter
8.4
167.8
182.7
202.2
216.0
239.3
278.6
319.2
350.8
345.5
348.5
350.3
353.1
357.5
362.7
367.1
369.6
368.9
366.9
365.1
365.8
368.8
Motor
fuel 3
gy
12.4
47.3
149.4
159.9
169.5
179.1
191.5
208.3
228.1
245.6
243.4
245.4
246.7
247.7
248.7
250.1
250.7
251.9
253.1
254.2
254.9
255.5
256.1
6
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE. — NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage «
clerical workers
Data beginning 1983 incorporate a rental equivalence measure for homeownership coi
*
*
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Change from pi eceding period
Period
Change from 3 month s earlier, anniial rate
Change from 6 month s earlier, ann nal rate
Change
Consume r goods
Consume r goods
Consume;r goods
year
earlier,
total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
NSA
Ch*inge, Dec. to Dec., N SA
1974
1975
1976
1977
1978
1979
1980
1981
1982
18.3
20.5
13.0
6.6
3.7
6.9
9.2
6.9
11.7
7.4
7.5
1.4
2.1
12.8
11.8
7.1
3.7
22.6
6.7
6.0
6.7
8.5
5.5
-2.5
15.3
10.8
8.2
6.4
7.3
7.9
8.8
17.5
14.2
4.4
6.5
7.8
11.1
13.5
11.4
8.5
4.2
9.2
3.9
9.2
4.0
C lange, moiith to mon th
1982:
0
1.0
.5
.5
.1
.4
.6
.3
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan r
Febr
Mar
Apr r.
May
1983:
0.3
.5
1.4
1.4
.6
.4
.7
.9
.3
.1
— .4
-.0
0
.2
-.2
.6
.5
— 1.1
.0
-.1
i
.3
0.5
.6
.4
.6
-0.3
-1.6
.0
.4
.5
2
.3
-.7
.2
2.5
3.6
-4.7
-.7
.4
3
.2
9.5
4.9
5.9
6.6
3.5
2.2
1.1
3.6
1.5
2.7
2.8
3.6
4.4
4.9
6.2
4.7
2.7
3.6
3.3
-5.4
1.5
.6
.1
4.9
5.2
2.4
10.2
14.1
9.6
6.7
8.1
7.8
.8
-.7
2.9
.6
.4
.5
.6
1.2
-.5
8.0
4.2
3.7
4.3
5.2
— .1
-2.0
7.2
9.8
-3.6
-4.3
-7.7
-1.5
1.8
-0.6
4.6
6.1
-3.2
7.6
-11.1
-5.7
-2.5
2.8
1.4
-1.7
0
7.2
8.2
2.4
1.2
.7
2.6
3.9
6.0
8.4
-2.6
-3.1
-3.5
11.0
8.7
1.6
-.7
.3
2.2
i
-2.1
-4.5
-5.1
4.7
3.7
-1.3
4.1
4.4
4.1
5.8
4.3
4.0
3.9
3.5
3.0
3.5
3.6
4.0
3.6
3.6
3.7
3.7
2.4
2.4
3.4
2.8
2.5
2.2
2.1
2.2
2.1
2.3
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Hoiising
All
items *
Food
Total »
Total 1
Renters'
costs
All
Ap-
Homeowners'
Maintenance
and
NSA
Period
Addendu m: All items percent
chaiige (annual r ate)
Tr insportati on
Sh elter
Fuel
and
other
utilities
parel
and
upkeep
Medical
care
Ener-
items
less
food,
energy,
and
shelter
NSA
Total »
New
cars
Motor
fuel 2
gy
3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Chang e, Decem her to D eeember , NSA
6.5
.6
8.0
1975
1976
1977
1978
7.0
4.8
6.8
9.0
1979
1980
1981
1982
13.3
12.4
11.8
10.2
10.2
8.9
3.9
4.3
3.1
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
7.3
4.2
8.7
5.5
7.1
7.2
11.5
17.4
15.1
10.1
10.3
10.6
9.9
2.4
9.2
4.2
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
9.8
8.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
4.3'
7.7
18.2
14.7
11.0
1.7
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
10.1
10.0
12.5
11.0
37.4
18.1
11.9
1.3
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
0.9
.9
1.0
.9
.9
.7
.9
.8
1.7
2.8
.9
.5
.5
1.3
.8
.3
0.4
.8
.5
.4
.4
.6
.2
.5
5.0
9.8
11.3
8.2
4.1
3.3
2.1
.8 *-2.5
.8 -3.7
-.9
.5
.5
2.0
.4
2.5
.5
.4
.3
.2
.2
-.4
9.9
10.1
8.8
8.8
11.6
6.9
7.2
8.0
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
Change, month fo3 month
1.4
1.0
.5
.4
May
June
July
Aug
Sept
Oct
Nov
Dec
1.0
1.1
.6
.3
.1
.4
0
-.3
0.7
.6
.2
-.2
.2
.2
.0
-.0
.4
-.2
-.8
1983: Jan
Feb
Mar
Apr
May
.2
-.2
.1
.6
.5
.1
0
.6
.4
.3
.5
0
-.1
.5
.3
1982:
j
.4
.7
.3
-.1
-.4
1.6
1.2
.6
.4
-.5
.1
-.6
0.2
.2
.4
.3
.1
.3
-.1
-.3
1.5
-.2
.3
.5
-.1
.2
.7
A
-1.4
.7
.2
.0
.7
.3
1.2
.9
.5
.8
1.2
1.5
1.2
.7
0.9
.5
0.6
.3
.2
.4
.5
1
Includes
2
Includes
3
0.7
.2
.0
.8
.3
-1.0
.1
1.1
.2
5
-.5
.2
.8
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,
etc.
4
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
24
0.9
2.2
.9
.4
.1
.3
i
— .1
-.6
-1.6
-.0
1.1
1.3
0.2
.4
.4
.6
.2
-.2
-.3
.3
1.5
5.3
1.5
.6
.0
_.2
.3
-.8
.1 -3.3
.9 -6.7
.7 -1.0
3.9
-.6
4.1
-.3
.5
-1.2
.4
2.1
5.1
6.6
6.9
7.2
5.1
2.3
6.7
7.1
6.5
5.9
5.0
5.1
4.6
3.9
1.4
.4
.5
.8
1.9
3.8
3.5
3.6
3.9
3.5
4.0
5.5
6.1
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 2.2 percent in June and prices paid by farmers were unchanged in the month ended
June 15.
INDEX, 1977=100
INDEX, 1977=100 (RATIO SCALE)
(RATIO SCALE)
180
160
140
> ,--•
120
120
100
100
PRICES RECEIVED
80
80
i i i i i I 60
RATIO-I/
60
RATIO -I/
60
60
1975
1976
1977
1980
1979
1978
1982
1981
1983
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri ces received
Period
All farm
products
1975
1976
1977
1978
1979
1980
1981
1982
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May
June
Livestock and
products
Crops
101
102
100
115
132
134
139
133
105
102
100
105
116
139
!38
137
133
r
!36
128
128
127
126
125
125
117
124
114
117
114
128
132
134
r
!36
137
134
114
118
121
127
129
126
r
125
134
121
1
2
Includes items not shown separately,
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
I'rices
by farm ers
All commodities,
services,
interest, taxes,
and wage rates *
98
101
100
124
147
144
143
r
!45
Production
items, interest,
taxes, and wage
rates
89
95
100
108
151
paid by farmei s
Production
items
Ratio 2
123
138
150
156
95
100
109
125
139
151
154
91
97
100
108
125
138
148
149
rgg
!47
142
!39
139
156
156
157
157
157
156
156
156
155
155
155
155
154
153
154
153
150
151
151
150
149
148
149
148
89
88
87
85
r
87
82
82
81
142
146
146
r
!45
144
142
157
158
159
159
160
160
156
157
157
158
159
159
150
151
152
153
154
154
82
84
84
86
86
84
r
!50
r
!47
r
!48
r
r
89
113
107
100
106
107
97
93
have been converted to a 1977 = 100 base to facilitate comparison with other Me:
Series revised.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
Ml rose in May after declining in April, and growth accelerated in the broader aggregates.
BILLIONS OF DOLLARS'(RATIO SCALE)
2,600
BILLIONS OF DOLLARS* (RATIO SCALE)
400
400
200
200
1975
'SEASONALLY
1983
ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml
Period
1975:
1976:
1977:
1978:
1979:
1980:
1981:
1982:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan r
Feb r
Mar r
Apr r
May*.
1
2
M2
M3
L
Sum of currency,
demand deposits,
travelers' checks, and
other checkable deposits
(OCD) »
Ml plus overnight RPs
and Eurodollars,
MMMF balances
(general purpose and
broker /dealer),
MMDAs, and savings
and small time deposits
M2 plus large time
deposits, term RPs, and
institution-only MMMF
balances
M3 plus other liquid
assets
M2
Ml
1,161.7
1,296.3
1,451.8
1,613.5
1,758.4
1,936.7
2,167.9
2,377.6
1,371.9
1,522.4
1,711.0
1,922.9
2,131.8
2,343.6
2,622.0
2,896.8
4.9
6.6
8.1
363.2
389.0
414.1
440.6
478.2
1,023.0
1,163.5
1,286.4
1,388.5
1,497.5
1,630.3
1,794.9
1,959.5
452.4
453.4
454.4
458.3
463.2
468.7
474.0
478.2
482.1
491.1
497.6
496.5
507.4
1,850.6
1,864.5
1,880.9
1,903.6
1,917.0
1,929.7
1,945.0
1,959.5
2,010.0
2,050.8
2,070.0
2,075.1
2,097.3
2,240.7
2,260.2
2,283.4
2,317.8
2,333.9
2,352.0
2,370.2
2,377.6
2,403.3
2,430.6
2,447.3
2,454.5
2,477.6
2,737.6
2,767.0
2,798.2
2,823.6
2,840.5
2,866.0
2,882.4
2,896.8
2,928.1
7.7
5.9
3.0
4.7
6.6
8.8
9.8
11.2
12.6
14.8
15.4
12.2
14.6
291.1
310.4
335.5
Net of demand deposits due to foreign commercial banks and official institutions.
Annual changes are from December to December and monthly changes are from 6 months
earlier at an annual rate.
26
Percent (change from ipear or 6
m onths earlier 2
NOTE.—See page 27 for components.
Source: Board of Governors of the Federal Reserve System.
8.3
7.1
6.5
6.4
8.5
M3
12.6
13.7
10.6
7.9
7.9
8.9
10.1
9.2
9.4
11.6
12.0
11.1
9.0
10.1
11.9
9.7
8.0
7.9
8.6
8.7
9.5
11.8
11.4
11.8
11.9
10.7
10.8
10.0
10.0
8.9
9.3
8.0
9.9
9.9
10.6
10.5
10.5
14.2
16.1
16.6
15.6
16.3
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Money market
mutua fund
bala nces
Dec:
1975
1976
1977
1978
1979
1980
1981
1982
1982:
May
June
July
Aug
Sept
Oct
Nov
Dec
1983:
Jan r....
Feb r
Mar r
Apr r
May*....
Other
checkable
deposits
(OCD)
General
purpose
and
broker/
dealer
Institution
only
NSA
Period
Currency
Demand
deposits 1
Overnight
repurchase
agreements
(KPs),
net, plus
overnight
Eurodollars
NSA
NSA
Money
market
deposit
accounts
(MMDAs)
Large
denomination
time
deposits 2
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Small
denomination
time
deposits 2
Savings
deposits
NSA
Qoir
saving8
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
C nm
ommercial
paper
48.0
51.7
62.9
79.2
97.0
98.1
104.2
108.8
2.7
2.4
2.4
6.4
33.4
61.4
150.9
182.2
0.4
.6
.9
3.1
9.5
14.9
36.0
47.6
388.8
453.0
491.6
481.2
423.1
400.7
344.4
r
43.2 359.3
338.1
129.9
8.4
17.0
26.9
76.6
101.3
5.8
10.6
14.7
20.3
21.2
28.4
36.1
44.3
391.0
446.0
521.8
635.9
731.7
828.6
r
859.1
118.2
145.2
194.9
222.2
258.9
302.6
333.8
8.4
14.2
19.5
27.1
30.1
34.8
37.2
40.3
9.7
13.1
18.4
29.0
41.5
48.0
65.3
80.1
67.2
71.7
76.4
80.2
79.5
72.3
67.7
67.9
99.3
128.7
156.9
176.3
217.6
8.4
8.8
11.8
21.6
26.7
31.6
40.6
44.9
233.1
232.3
232.1
232.5
234.0
236.0
237.6
239.8
87.4
88.4
89.1
91.8
94.3
97.0
100.1
101.3
40.1
40.3
41.8
42.4
41.5
43.9
45.2
44.3
164.9
170.1
172.9
182.3
185.1
187.6
191.1
182.2
35.6
36.6
40.4
47.1
48.2
49.3
49.9
47.6
346.6
347.2
345.0
346.7
350.0
358.0
366.4
r
43.2 359.3
852.5
859.3
872.9
879.8
883.2
878.0
874.9
r
859.1
322.1
327.4
332.1
334.9
336.1
339.6
340.4
333.8
37.0
36.3
34.5
37.0
36.4
37.7
39.4
40.3
83.8
84.7
83.7
80.9
80.6
81.1
79.5
80.1
67.7
67.7
67.6
67.5
67.5
67.6
67.8
67.9
192.1
197.2
202.9
204.1
203.6
210.3
214.5
217.6
41.3
41.6
42.0
41.3
41.4
42.8
43.1
44.9
112.1
115.7
118.7
112.0
113.7
112.3
107.3
108.8
239.4
238.7
240.1
238.9
242.5
104.5
112.5
116.0
115.0
120.9
47.3
48.8
48.7
50.6
56.3
166.7
159.6
154.0
146.7
140.9
46.1
45.2
43.5
41.0
40.4
335.1
325.7
322.8
321.9
323.4
797.4
755.1
733.8
725.7
720.1
310.7
297.9
296.3
300.4
299.2
40.6
40.8
41.7
42.7
45.0
81.0
68.1
216.9
45.3
113.5
73.9
80.6
88.6
97.5
106.3
116.2
123.2
132.8
214.1
224.4
239.7
0.9
2.7
4.2
253.8
262.0
266.8
236.4
239.8
127.4
128.2
128.8
129.6
130.5
131.3
131.9
132.8
134.2
135.6
137.0
138.0
139.3
189.1
277.7
320.5
341.2
356.8
1
Net of demand deposits due to foreign commercial banks and official institutions.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
76.8
80.8
89.7
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
NOTE.—See p. 26 for overall measures.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installiinent credit e?ttended
Period
1975
1976
1977
1978
1979
1980
1981
1982
1982: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
Total 2
Automobile
180,083
210,740
52,420
63,743
257,600
297,668
324,777
306,076
334,508
344,901
28,765
29,517
30,034
27,982
28,024
28,619
28,650
31,691
30,777
75,641
87,981
93,901
83,454
93,240
95,997
7,987
8,471
8,364
7,376
7,162
7,488
8,041
10,177
9,716
Instatelent credit lieluidated
Revolving
Total 2
Automobile
36,956
43,934
87,596
105,125
120,174
128,068
139,829
150,061
12,487
12,775
13,367
12,658
12,728
12,705
12,614
12,778
12,491
172,675
189,179
222,138
254,589
286,396
304,628
316,291
331,805
27,142
27,673
28,011
27,143
27,768
27,363
28,781
29,676
28,359
49,444
53,278
60,437
69,245
79,186
82,977
84,745
91,099
7,441
7,378
7,395
7,339
7,542
7,139
8,111
8,643
8,225
1
Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding.
2
Includes "mobile home" and "other," not shown separately.
Revolving
35,616
41,764
81,348
96,090
111,546
126,653
135,362
145,696
11,834
12,024
12,640
12,100
12,529
12,394
12,533
12,739
11,990
Amount ou tstanding, en i of period,
sea sonally adjus ted
Net change in am ount
outstanding *
Total 2
7,408
21,561
35,462
43,079
38,381
1,448
18,217
13,096
1,623
1,844
2,023
839
256
1,256
-131
2,015
2,418
2,725
735
2,582
2,271
Automobile
2,976
10,465
15,204
18,736
14,715
477
8,495
4,898
546
1,093
969
37
-380
349
-70
1,534
1,491
625
-233
1,221
689
Total 2
Automobile
1,340
2,170
169,387
190,725
6,248
9,035
8,628
1,415
4,467
4,365
653
751
727
558
199
311
81
39
501
68
-135
1,177
917
226,646
269,392
307,115
308,137
326,274
339,316
330,634
332,142
333,884
334,276
334,343
335,180
335,593
336,897
339,316
342,041
342,776
345,358
347,629
57,279
67,798
82,890
101,863
116,523
116,808
125,323
130,235
126,258
126,970
127,727
127,628
127,271
127,473
127,694
128,824
130,235
130,860
130,627
131,848
132,537
Revolving
Revolving
14,467
16,505
36,427
45,004
53,174
54,650
58,722
62,830
60,144
60,784
61,458
61,867
62,007
62,120
62,302
62,326
62,830
62,898
62,763
63,940
64,857
Note.—Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial and industrial loans were unchanged in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
BILLIONS OF DOLLARS*(RATIO SCALE)
1,8001
1,600 [-ALL COMMERCIAL BANKS
1,400
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
INVESTMENT IN OTHER SECURITIES
».„..«*»""
A-
200
180
160
140
120
200
180
160
140
120
100
100
INVESTMENT IN
U.S. TREASURY SECURITIES
80
80
60
60
40
i Ii iI
i IiiiIi iii
i iii
1975
1976
i i i i Ii i i ii
I i i Ii
I ii ii Ii i ii
1977
1979
1978
1980
40
I I I I I I I I I II
1982
1981
1983
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo.dtory institutions 3
Al commercial ban ks 1
Loans and leases
Period
Total loans
and
investments
Total 2
326.8
358.0
392.4
1,010.8
1,017.1
1,023.7
1,028.3
1,033.5
1,038.1
1,036.4
1,042.0
378.9
383.4
386.7
387.9
392.5
394.8
392.0
392.4
116.3
115.8
116.5
117.8
118.2
122.3
126.4
130.9
234.9
235.9
235.9
237.1
237.6
237.2
235.8
239.1
38.77
38.96
39.01
39.21
39.66
39.93
40.41
40.78
37.66
37.75
38.32
38.69
38.72
39.45
39.79
40.15
38.41
38.65
38.69
38.89
39.27
39.53
40.01
40.28
1,105
1,205
669
510
976
455
579
697
237
239
225
119
102
86
47
33
1,045.1
1,048.8
1,056.3
1,059.5
1,063.3
395.2
394.9
396.2
392.9
393.0
139.8
144.5
151.0
157.8
166.1
243.3
243.2
242.8
243.4
245.0
40.12
40.34
41.00
41.30
41.24
39.59
39.76
40.21
40.29
40.29
39.57
39.91
40.57
40.83
40.79
500
557
852
993
907
33
39
53
82
98
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
28
Seasonal
874
1,473
1,617
636
697
1,428.2
1,436.5
1,450.2
1,460.6
1,474.4
1
Total
54
134
82
116
53
33
1983: Jan
Feb
Mar.
3
Required
29.48
30.96
32.59
33.91
35.71
37.61
40.28
1,362.0
1,368.8
1,376.1
1,383.1
1,389.4
1,397.5
1,398.5
1,412.1
2
Non-
borrowed
29.70
30.58
31.96
32.76
34.54
37.29
40.15
1982: May
June
July
Aug
Sept
Oct
Nov
Dec
r
100.8
Total
29.75
31.15
32.83
34.23
36.23
37.93
40.78
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
4
190.9
210.9
Other
securities
148.8
159.3
172.8
191.5
214.4
231.4
239.1
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.1
.
Z;*.
U.S. Treasury
securities
99.8
93.8
94.5
110.0
111.0
130.9
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1976:
1977:
1978:
1979:
1980:
1981:
1982:
Commercial
and industrial
loans
Bom) wings
(millions of dollars,
unad usted)
R eserves adjust*sd
for changes in
r€ serve requirernents
Investinents
245.9
291.2
62
558
r
12
NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Ci edit market funds
Internal *
Total
mortgages
192.4
190.1
156.9
210.8
252.2
315.4
346.3
333.7
352.2
319.4
348.9
345.0
310.5
350.9
335.3
280.8
373.4
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: HI
IV
1982: I
II
m
IV
1983: lp
91.7
85.6
119.7
134.2
157.4
175.7
188.8
197.5
231.1
236.1
235.2
241.4
232.6
234.3
240.1
237.5
248.8
100.7
104.4
37.2
76.6
94.9
139.7
157.5
136.2
121.1
83.3
113.7
103.6
77.9
116.6
95.2
43.3
124.6
Loans and
short-term
paper
20.7
26.3
36.0
43.6
Securities
Total
and
56.7
69.9
30.7
54.5
70.4
79.3
91.2
95.7
92.6
94.8
100.2
82.5
105.1
100.3
108.0
66.1
100.6
-8.0
16.3
36.5
47.4
65.3
38.2
69.6
43.3
97.0
69.9
77.2
60.4
60.2
-24.3
22.7
38.7
38.2
33.9
31.9
25.9
57.5
23.1
51.5
3.2
12.7
27.9
39.9
47.8
90.4
77.9
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment m the U.S.
Total
Other 2
44.0
34.5
6.5
22.1
24.5
60.4
66.3
40.6
28.5
-11.7
13.5
21.1
-27.1
16.3
-12.8
-22.8
24.0
191.9
190.1
150.9
201.8
237.6
294.2
347.1
317.9
314.8
271.5
304.6
284.0
240.4
284.4
306.7
254.3
322.1
Capital
expenditures 3
Increase in
financial
assets
121.5
137.9
109.7
148.3
70.5
52.2
41.2
53.5
62.5
92.0
127.3
97.4
53.9
25.3
20.0
18.5
-1.5
36.0
38.5
28.0
84.2
175.1
202.2
219.8
220.5
260.9
246.2
284.6
265.5
241.9
248.4
268.2
226.3
237.9
Discrepancy
(sources less
uses)
0.5
.0
6.0
9.0
14.7
21.2
-.8
15.8
37.4
48.0
44.2
61.0
70.2
66.5
28.7
26.5
51.3
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
NOTE.—Data are as revised beginning 1982 in May issue.
_,
„ . , „.
,1 n j , «
c,
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitit s
Curren t assets
End of period
Net
TT Q
Total
Cash
Governsecurities
SIC series: 2
1970
1971
1972
1973
1974
FTC-FKB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: m
IV
1982: I
n
m
IV
492.3
529.6
599.3
697.8
790.7
735.4
759.0
827.4
912.7
1,043.7
1,218.2
1,333.5
1,426.8
1,430.9
1,410.5
1,426.8
1,424.6
1,422.6
1,446.9
1,430.9
1
50.2
7.7
53.3
59.0
66.3
71.1
11.0
10.6
12.8
12.3
73.2
82.1
88.2
97.2
105.5
118.0
127.1
131.9
143.7
125.1
131.9
122.0
124.4
126.9
143.7
11.1
19.0
23.5
18.2
17.3
17.0
19.3
18.0
23.1
18.1
18.0
16.9
17.1
19.6
23.1
Notes and
accounts
receivable
Total
Notes and
accounts
payable
Other
current
liabilities
working
capital
ratio *
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
288.5
322.1
193.3
200.4
225.7
263.9
313.6
223.7
246.9
260.3
.595
.548
.491
265.8
272.1
292.9
330.3
388.0
461.1
510.6
536.2
517.0
542.0
536.2
539.2
536.8
539.7
517.0
319.5
315.9
342.5
376.9
431.6
505.5
543.7
587.1
577.5
577.0
587.1
592.7
588.4
598.0
577.5
65.9
69.9
80.3
90.1
101.3
116.7
132.7
153.6
169.6
148.3
153.6
153.7
155.8
162.7
169.6
453.4
451.6
495.1
557.1
669.3
807.8
890.9
979.5
976.5
966.7
979.5
988.0
987.5
1,005.2
976.5
269.8
264.2
282.1
317.6
382.9
461.2
515.2
562.4
548.7
549.0
562.4
555.5
555.1
559.7
548.7
183.6
187.4
213.0
239.6
286.4
346.6
375.7
417.1
427.8
417.7
417.1
432.5
432.4
445.5
427.8
282.0
307.4
332.4
355.5
374.4
410.5
442.6
447.3
454.4
443.7
447.3
436.6
435.1
441.7
454.4
.622
.681
.671
.638
.559
.508
.497
.457
.465
1.459
1.457
1.442
1.441
1.439
1.465
206.1
221.1
248.2
Total current assets divided by total current liabilities.
2
Based on data from Statistics of Income, Department of the Treasury.
3
Based on data from Quarterly Financial Report for Manufacturing, Minin , and Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
Other
current
assets
Inventories
35.0
1.615
1.625
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Data are as revised
^ginning 1981 m MaJ'issueSources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and
Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in June.
PERCENT PER ANNUM
1975
1976
1983
SOURCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills l
Constant nlaturities
3-year
1977
1978
1979
1980
1981
1982
1982:
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May r
June p.
Week ended:
1983: May 7
14
21
28
June 4
11
18
25
July 2
1
2
10-year
5.265
7.221
10.041
11.506
14.077
10.686
12.148
12.108
11.914
9.006
8.196
7.750
8.042
8.013
7.810
8.130
8.304
8.252
8.19
8.82
6.69
8.29
9.72
11.55
14.44
12.92
13.77
14.48
14.00
12.62
12.03
10.62
9.98
9.88
9.64
9.91
9.84
9.76
9.66
10.32
11.46
13.91
13.00
13.62
14.30
13.95
13.06
12.34
10.91
10.55
10.54
10.46
10.72
10.51
10.40
10.38
10.85
8.04
8.14
8.10
8.46
8.65
8.64
8.73
8.98
9.09
9.43
9.45
9.69
r
9.95
10.17
10.29
10.20
10.45
High-grade
municipal
bonds
(Standard &
Poor's) 3
10.19
10.21
10.45
10.59
10.79
10.87
10.71
10.87
7.42
8.41
9.44
30
Prime
commercial
paper,
4
Discount rate
(N.Y. P.B.
Bank)5
Prime rate
charged 5
by
banks
9.63
11.94
14.17
13.79
14.26
14.81
14.61
13.71
12.94
12.12
11.68
11.83
11.79
12.01
11.73
11.51
11.46
11.74
5.61
7.99
10.91
12.29
14.76
11.89
13.02
13.79
13.00
10.80
10.86
9.21
8.72
8.50
8.15
8.39
8.48
8.48
8.31
9.03
5.46
7.46
10.28
11.77
13.41
11.02
12.00-12.00
12.00-12.00
12.00-11.50
11.50-10.00
10.00-10.00
10.00- 9.50
9.50- 9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
15.27
18.87
14.86
16.50-16.50
16.50-16.50
16.50-15.50
15.50-13.50
13.50-13.50
13.50-12.00
12.00-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
11.29
11.29
11.54
r
11.67
11.76
11.77
11.66
11.71
8.14
8.11
8.33
8.56
8.78
9.03
8.95
9.16
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
New-home
mortgage
(PHLBB) 6
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
5.56
5.90
8.02
8.73
6.39
8.51
11.23
11.57
11.99
12.42
12.11
11.12
10.61
9.59
9.97
9.91
9.45
9.48
9.16
8.96
9.03
9.51
8.77
8.83
9.18
9.33
9.74
9.71
9.40
9.33
9.38
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
8
Weekly data are Wednesday figures.
4
Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; high and low rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
4
6.83
9.06
12.67
9.02
9.56
10.78
12.66
14.70
15.14
15.89
15.40
15.70
15.68
14.98
14.41
13.81
13.69
13.49
13.16
13.41
r
12.42
12.64
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose again in June.
INDEX, DEC 31,1965=50
INDEX, DEC 31, 1965=50
1100
60 -
- 50
50 -
40
40
1983
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1975
1976
1977
1978
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8. POOR'S CORPORATION
1982
Co mmon stock price s 1
Ne^v York Stock Ex change indexes (I)ec. 31, 1965=5O)
1977
1978
1979
1980
1981
1982
1982: Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan
Feb
Mar
Apr
May r
June p.
Week ended:
1983: May 7
14
21
28
June 4
11
18
25
July 2p
1
Industrial
53.69
53.70
58.32
68.10
74.02
68.93
66.97
67.07
63.10
62.82
62.91
70.21
76.10
79.75
80.30
83.25
84.74
87.50
90.61
94.61
96.43
57.86
58.23
64.76
78.70
85.44
78.18
75.59
75.97
71.59
71.37
70.98
80.08
86.67
90.76
92.00
95.37
97.26
100.61
104.46
109.43
112.52
93.96
95.11
94.09
95.38
94.55
94.33
96.88
98.67
96.96
108.59
109.94
108.80
110.49
109.59
109.54
113.03
115.70
113.63
Transportation
4
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
60.61
72.61
60.41
57.91
56.84
53.07
53.40
53.98
61.39
66.64
71.92
73.40
75.65
79.44
83.28
85.26
89.07
92.22
39.22
38.20
37.35
38.91
39.75
39.20
39.40
37.34
37.20
38.19
40.36
42.67
43.46
42.93
45.59
45.92
45.89
46.22
47.62
46.76
55.25
56.65
61.42
64.25
73.52
71.99
71.44
69.16
63.19
61.59
62.84
69.66
80.59
88.66
86.22
85.66
86.57
93.22
99.07
102.45
101.22
891.41
932.92
884.36
844.96
846.72
804.37
818.41
832.11
917.27
988.71
1,027.76
1,033.08
1,064.29
1,087.43
1,129.58
1,168.43
1,212.86
1,221.47
103.01
118.78
128.05
119.71
116.31
116.35
109.70
109.38
109.65
122.43
132.66
138.10
139.37
144.27
146.80
151.88
157.71
164.10
166.39
5.28
5.47
5.26
5.20
5.81
5.99
5.97
6.28
6.31
6.32
5.63
5.12
4.92
4.93
4.79
4.74
4.59
4.44
4.27
4.26
87.57
89.95
88.53
90.33
89.06
90.64
92.66
93.87
93.84
47.53
47.88
47.48
47.67
47.20
46.67
46.91
46.88
46.22
102.05
103.52
101.70
102.72
101.71
100.39
102.14
101.97
99.73
1,215.46
1,222.16
1,198.74
1,217.65
1,206.67
1,195.95
1,235.12
1,243.15
1,218.63
163.63
165.17
162.90
165.02
163.34
162.69
167.15
170.30
167.22
Earningsprice ratio
4.30
4.26
4.30
4.23
4.33
4.37
4.22
4.13
4.24
41.09
43.50
47.34
40.92
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
8
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
M
Common st ock yields
(perce nt)«
2
Period
Composite
1983
COUNCIL OF ECONOMIC ADVISERS
894.63
820.23
844.40
98.20
96.02
4.62
10.79
12.03
13.46
12.66
11.96
r
!1.61
12.93
11.26
r
9.00
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal year 1983, there was a budget deficit of $161.8 billion, compared to a budget
deficit of $81.1 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS.OF DOLLARS
900
900
800
800
700
600
500
400
300
-100
-100
-200
-200
1975
1976
1977
1979
1978
1980
1981
1982
1983
1984
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Budget
receipts
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) *
1984 (estimates):
Current Budget Estimates, April 1983 *
First Concurrent Eesolution, June 23, 19832 ....
Cumulative total first 8 months:
Fiscal year 1982
Fiscal year 1983
1
2
Estimates from Current Budget Estimates, April 1983.
First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items.
32
Budget
outlays
Budget
surplus or
deficit (— )
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
598.3
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
808.5
-4.7
45.2
-66.4
-13.0
-44.9
-48.8
-27.7
-59.6
-57.9
-110.6
210.2
653.7
679.6
843.9
849.5
-190.2
-169.9
402.1
376.9
483.3
538.7
-81.1
-161.8
-23.4
14.8
Off-budget
outlays
.1
1.4
8.1
7.3
Total
surplus or
deficit (— )
-23.4
-14.9
-6.1
Federal debt ( end of period)
Gross
Held by the
public
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,392.0
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,146.4
1.8
8.7
10.4
12.5
14.2
21.0
17.3
16.8
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-227.0
14.4
-204.7
1,622.6
1,614.6
1,350.4
-90.2
-166.9
1,076.8
1,296.1
868.5
1,068.2
9.0
5.1
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal year 1983, budget receipts were $25.2 billion lower than a year earlier and budget
outlays were $55.4 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
CORPORATION INCOME TAXES
I
I
BUDGET OUTLAYS
600
600
500
500
NONDEFENSE
^++*
\ ^^**
400
400
300
300
200
200
100
100
1975
1976
1977
1979
1978
1982
1981
1980
1984
1983
FISCAL YEARS
COUNClt OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget outlays
Budget r Bceipts
Nation al defense
Period
Total
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) 1
1984 (estimates) l
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
598.3
653.7
Cumulative total first 8 months:
Fiscal year 1982
Fiscal year 1983
402.1
376.9
1
Individual
income
taxes
Corporation
income
taxes
Other
Total
38.8
157.6
181.0
217.8
244.1
285.9
297.7
288.2
294.2
36.2
38.6
40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
49.2
33.4
54.2
80.4
91.4
105.7
116.1
125.0
34.0
143.0
158.6
179.8
208.4
252.2
270.8
276.7
305.3
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
808.5
843.9
188.4
180.0
31.4
16.8
182.3
180.1
483.3
538.7
94.7
103.2
119.0
122.4
131.6
32.2
Estimates from Current Budget Estimates, April 1983.
NOTE.—One substantial change was made in the January 1983 Budget in the functional classification: the interest function was changed to net interest. Formerly, the interest function total included all Treasury interest payments, including those made to trust funds. The new net interest func-
Total
tional total
netted out.
Department of
Defense,
military
International
affairs
Health and
income
security
Net
interest
80.0
90.4
104.8
53.9
59.3
58.2
74.2
83.9
21.8
93.8
114.4
117.5
129.3
126.5
123.9
132.1
115.7
78.3
85.1
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.8
187.4
214.8
245.4
75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.9
209.0
236.7
5.6
2.2
4.8
5.9
6.1
10.7
11.1
10.0
11.9
13.4
134.3
158.9
41.0
174.5
187.4
207.1
248.3
291.1
322.4
361.7
367.1
15.5
17.3
21.4
23.2
26.7
6.9
29.9
35.4
42.6
52.5
68.7
84.7
88.0
102.3
121.9
138.1
119.0
134.5
7.3
6.0
211.8
241.2
64.0
68.3
76.6
74.5
77.8
4.7
4.1
5.7
6.9
Other
the amount paid by the Treasury to the public. Intragovernmental payments are
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1983, according to revised estimates, Federal receipts rose $14.5 billion (annual rate) and
expenditures fell $15.7 billion, yielding a deficit of $174.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
700
500
400
300
300
SURPLUJ5 OR DEF CIT (-)
0
|
i lIHIImm
i
-100
-200
i<?75
""
1977
1976
I
iiIi
• I «•! 1
II
ai
1979
1978
1981
1980
1982
Q
—
-100
-200
1983
CALENDAR YEARS
cou •4CIL
SOURCE DE PARTMENT O F COMMERCE
DF EC ONOMIC
ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal
Federal (jovernment
Governme nt receipts
Purchases
of goods
and
services
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
27.2
29.1
34.7
55.7
50.7
133.3
153.1
170.3
196.3
214.4
450.4
495.6
577.0
666.5
739.7
150.4
164.1
189.8
218.1
250.1
182.2
201.8
303.0
67.3
76.1
70.0
70.9
50.1
IV
431.6
493.6
540.7
628.2
613.9
640.2
625.7
609.9
617.0
613.7
615.0
194.9
230.6
257.5
298.1
300.1
307.9
300.9
299.9
305.8
295.6
299.2
71.3
74.2
70.3
67.3
47.2
68.4
59.1
46.5
45.2
49.8
47.3
28.1
29.4
38.9
58.5
50.0
57.8
57.2
48.7
49.8
50.8
50.7
137.2
159.5
174.1
204.3
216.6
206.1
208.4
214.9
216.2
217.5
217.8
461.0
509.7
602.1
688.2
763.4
698.2
727.4
728.3
736.6
769.7
819.2
1983: I r.
629.5
297.7
53.4
51.0
227.3
803.5
Personal
Period
Total
Fiscal year:
1978
1979
1980
1981
1982
Calendar year:
1978
1979
1980
1981
1982
1981: HI
rv
1982: I
n
m
414.3
480.8
525.1
614.7
618.2
tax and
nontax
receipts
186.5
222.6
250.1
291.7
Contributions for
social
insurance
Total
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Transfer
pay-
ments
in-aid to
State
and
local
governments
expenditur es
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
239.4
279.2
310.8
74.7
79.1
86.7
90.1
83.4
33.5
40.6
50.6
66.2
82.5
9.7
9.9
10.5
13.1
12.8
.0
-.0
.0
.1
-.1
-36.1
-14.8
-51.9
-51.9
-121.5
153.6
168.3
197.2
228.9
257.9
230.0
250.5
249.7
244.3
259.0
278.7
185.6
209.2
251.4
286.6
322.2
295.1
300.7
303.2
312.8
327.4
345.3
77.3
80.5
88.7
87.7
83.7
86.3
83.6
83.0
85.0
82.0
84.6
35.2
42.4
53.1
71.9
85.0
74.0
79.0
79.6
82.8
88.7
89.1
9.5
9.2
11.7
13.1
14.6
13.0
13.6
12.7
11.6
12.6
21.4
.0
.0
-.0
-.2
.0
.0
.0
-29.5
-16.1
-61.4
-60.0
-149.5
-58.0
-101.7
-118.4
-119.6
-156.0
-204.2
274.1
339.1
85.2
87.9
17.1
.0
-174.0
.0
.0
.2
-.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Indu strial prod notion (seaisonally adju sted)
Period
1976
1977
1978
1979
1980
1981 p
1982
1982: June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr
May"
1
United
States
130.5
138.2
146.1
152.5
147.0
151.0
138.6
138.7
138.8
138.4
137.3
135.7
134.9
135.2
137.4
r
138.1
r
139.9
r
142.7
144.3
Consume r prices (iinadjusted)
Canada
Japan
France
Germany
Italy
148.5
152.2
182.0
189.7
201.1
149
152
154
161
160
157
149.1
152.0
154.1
161.8
162.3
159.9
156.3
157
r
!52
r
!55
154
152
152
151
154
154
152
143.5
145.1
147.9
157.6
166.5
162.7
159.0
154.0
158.6
127.5
153.6
147.4
152.0
150.0
150.0
148.9
r
148.2
141.2
157.8
167.4 215.3
164.6 225.2
167.3 227.5
r
149.2 228.4
149.6 229.0
144.8 228.2
151.2 227.9
146.1 230.9
141.6 223.4
142.5 229.5
r
140.5 227.9
r
148.8 227.3
r
151.0 225.9
150.2 r231.5
231.5
155
159
151
151
154
156
156
155
156
156
155
156
United
States l
United
Kingdom
117.4
123.2
127.4
132.2
r
r
123.7
118.8
r
119.4
118.6
r
119.4
r
l!9.6
r
120.1
119.7
l!7.7
120.5
120.5
r
122.1
120.6
Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, International Trade Adminis-
Canada
170.5
181.5
195.4
217.4
246.8
272.4
289.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
295.5
297.1
Japan
France
Germany
172.1
185.9
202.5
221.0
243.5
273.9
303.4
304.5
306.1
307.6
309.2
311.2
313.3
313.4
312.5
313.9
317.1
317.1
224.9
243.0
252.3
261.3
282.2
296.2
196.1
214.5
150.4
155.9
160.2
166.8
175.9
186.3
196.2
197.1
197.6
197.3
197.9
198.5
198.9
199.4
199.8
r
233.9
259.1
304.1
303.8
301.5
303.8
309.1
310.0
306.6
306.0
306.6
305.5
307.5
308.6
294.2
332.7
372.4
373.7
374.7
375.9
377.5
379.5
383.2
386.4
390.1
392.9
396.5
200.0
401.8
200.3
199.8
Italy
218.1
255.2
286.2
328.5
398.0
472.4
549.4
545.2
553.4
563.4
571.3
582.7
590.3
594.4
602.7
610.5
616.0
622.2
United
Kingdom
252.4
292.4
316.6
359.0
423.6
473.9
514.7
518.9
518.9
519.0
518.7
521.3
523.9
522.9
523.5
525.8
526.7
534.1
tration, Office of Trade Investment and Analysis, Trade Performance Division, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc handise expo rts 1
Period
Total
domestic
and
foreign
exports
Merch andise trade balance
Merc handise im] >orts
Geileral import s 3
Domestic exports
Exports
Total 2
Crude
materials and
fuels
Manufactured
goods
less
imports
(customs
value)
Exports
(f.a.8.)
less
imports
(f.a.s.)
Exports
(f.a.8.)
less
imports
762
-688
-2,430
-2,590
-2,300
-2,020
{( * a)
Food,
beverages, and
tobacco
148
-1,440
-3,265
-3,530
3,364
-3,030
Food,
beverages, and
tobacco
Total 2
Crude
materials and
fuels
Manufactured
goods
Total
(c.i.f.
value)
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
11,873
12,002
22,779 -2,275
21,240 -2,647
5,035
4,909
10,654
13,163
12,830
11,200
13,456
12,304
11,903
10,978
10,988
18,508
21,422
22,129
20,756
23,992
21,518
21,932
19,737
20,002
291
-2,353
-2,364
-1,790
5,467
-3,261
-4,335
-3,041
-2,808
-3,885
-3,655
11,981
12,561
12,672
12,856
13,351
20,962
19,906
20,381
20,675
22,473
-2,628
-2,689
-2,774
3,697
-5,948
-3,569
-3,580
-3,630
-4,601
-6,907
I<\a.s. valu e
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
19,473
17,683
19,075
17,256
18,005
18,124
18,823
18,060
17,463
17,320
16,671
15,852
16,347
17,393
16,326
16,752
16,074
15,566
8,847
9,462
1,266
1,341
1,548
1,746
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
2,767
2,248
2,752
2,793
12,857
11,643
21,748
20,329
17,603
17,713
18,387
17,671
17,143
16,584
16,284
15,476
15,913
2,495
2,465
2,418
1,902
2,153
1,926
2,128
2,051
1,966
2,943
2,880
2,828
2,698
2,694
2,688
2,440
2,420
11,555
11,788
12,536
12,536
11,804
11,331
10,942
10,484
10,648
17,714
20,477
21,187
19,849
22,930
20,581
21,006
18,892
19,154
17,007
15,984
16,335
15,722
15,186
2,312
2,224
2,307
2,079
2,010
2,760
2,443
2,375
2,549
2,279
11,263
10,743
11,062
10,545
10,331
20,021
19,015
19,525
19,771
21,514
9,919
2,352
7,831
Customs value
1981
1982
1982: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan
Feb
Mar
Apr
May
2,751
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,443
1,541
1,537
1,436
1,681
1,701
1,686
1,499
1,414
1,582
1,530
1,479
1,612
1,652
6,175
6,671
7,195
5,917
6,727
5,785
6,158
5,911
4,413
4,655
4,511
5,845
-3,306
-3,558
-503
-3,297
-3,306
-2,697
-6,529
-4,198
5,261
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U S INTERNATIONAL TRANSACTIONS
..
In the first quarter of 1983, the current account deficit fell to $3.0 billion from $6.6 billion in the fourth quarter.
The merchandise trade deficit fell to $8.7 billion from $11.4 billion in the fourth quarter of 1982.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
1975
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
l
In vestment incontie 3
2
Net
Period
Net
military
transactions
travel and
transportation
receipts
-1,653
-746
559
1,528
621
-1,778
-2,286
-1,355
179
-3,184
-2,792
-2,558
-3,565
-3,573
-2,935
-1,434
-598
-2,095
Other
services,
net 3
Balance
on goods
and
services l
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on
current
account
Exports
Imports
Net
balance
98,306
107,088
114,745
120,816
142,054
184,473
224,237
237,019
211,217
-103,811
-98,185
-124,228
27,587
25,351
29,286
32,179
42,245
64,132
72,445
86,243
84,146
-12,084
-12,564
-13,311
-151,907
-176,020
-212,028
-249,781
-265,086
-247,606
-5,505
8,903
-9,483
-31,091
-33,966
-27,555
-25,544
-28,067
36,389
-14,217
21,680
-32,914
-42,875
-52,760
-56,842
15,503
12,787
15,975
17,962
20,565
31,218
29,570
33,483
27,304
1981: m r
IV r
57,812
58,383
-66,214
-66,224
-8,402
-7,841
22,043
21,801
-13,888
-12,892
8,155
8,909
179
-515
-184
-30
2,053
1,988
1,801
2,571
-1,884
-1,986
-83
585
1982: Ir r
nr
IV
55,636
54,996
52,241
48,344
-61,739
-60,850
-65,319
-59,698
-6,103
-5,854
-13,078
-11,354
20,761
22,316
21,569
19,499
-13,824
-14,779
- 14,748
-13,491
6,937
7,537
6,821
6,008
-51
201
54
-26
-208
-561
-557
-769
2,050
1,914
1,906
1,951
2,625
3,236
-4,854
-4,190
-2,061
-1,802
-1,742
-2,431
564
1,434
-6,596
-6,621
1983: I r
49,563
-58,301
-8,738
17,814
- 12,579
5,235
702
-723
2,042
-1,482
-1,563
-3,045
1974
1975
1976
1977
1978
1979
1980
1981
1982
mr
1
Receipts
Payments
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
Net
9,147
3,986
22,749
4,598
4,711
9,205
5,272 -9,894
6.013 -10,340
4,686
5,735
7,477
7,172
11,523
8,060
7,822 -3,177
NOTE.—Series revised beginning 1974.
Source: Department of Commerce, Bureau of Economic Analysis.
-7,186
-4,613
1,962
18,136
-4,998
4,207
-4,617 -14,511
-5,106 -15,446
-5,649
-964
-7,056
421
-6,931
4,592
-8,034 -11,211
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $17.5 billion in the first quarter of
1983, unchanged from the fourth-quarter increase. Liabilities to private foreigners reported by U.S. banks
increased $12.8 billion in the first quarter, compared with a $5.1 billion increase in the fourth quarter.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
-40
-60
-60
1975
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
J.S., net
Foreign assets in the \
[increase; /capital inflovIT ( + )] 2
U.S. assets abroad, net
[increase /eapitiil outflow (— ) 1
Period
Total
1974 r
1975 r
1976 r
1977 r
1978 r
1979 r
1980 r
1981 r
1982 r
U.S.
official
reserve
assets l 2
ffl ....
IV r....
1982: lp
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net l
(unadjusted,
end of
period)
23,696
8,643
18,826
14,503
30,358
52,416
39,356
75,248
84,694
-4262
-1,274
-973
-16,001
-47,106
16,731
41,551
5,880
8,792
22,611
32,760
632
5,680
1,145
1,350
29,715
30,074
-1,089
-1,132
-794
-1,950
-787
-807
-1,489
-2,502
-934
-1,060
-29,560
-38,313
-22,803
- 16,670
19,936
27,124
31,612
17,613
11,517
17,275
-3,061
1,930
2,642
1,661
-37
30,185
29,682
14,972
9,855
17,312
3,768
7,887
15,082
14,657
7,554
-729
881
-1,190
1,042
-340
29,944
30,671
30,993
33,958
34,261
-2,558
-375
732
-1,133
-8,155
-5,175
-4,965
34,241
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Other
foreign
assets
10,546
7,027
17,693
36,816
33,678
-13,665
15,566
5,430
3,172
1981: m r ... -17,279
IV r.... -47,817
-31,456
-40,934
-26,099
- 19,553
-21,783
Total
Foreign
official
assets
15,670
36,518
51,319
64,036
38,752
54,922
80,678
87,866
-1,467
-849
nr
U.S.
private
assets
U S official
366 -33,643
-3,474 -35,380
-4,214 -44,498
3,693 -30,717
-4,660 -57,202
-3,746 -59,453
-5,140 -72,757
-5,078
100,348
-5,732 - 107,348
-34,745
-39,703
-51,269
-34,785
-61,130
-64,331
-86,052
-110,601
-118,045
1982: I r .
r
Other U.S.
Government
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
15,883
16,226
-1,458
1,139
1,152
1,093
5,897
10,544
-2,023
12,540
25,404
29,556
24,238
41,390
18,747
19,312
18,650
18,956
26,756
30,074
33,958
NOTE.—Series revised beginning 1974.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
Page
1
2
2
3
3
4
4
5
6
7
8
9
10
,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
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