Full text of Economic Indicators : March 1980
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96th Congress, 2d Session
Economic Indicators
MARCH 1980
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304S 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PAR REN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
1OHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
JOHN M. ALBEETINE, Executive Director
OF
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
[S.J.
Res. 55J
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 draun by Art Production Branch, Offce of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
ii
GROSS NATIONAL PRODUCT
According to
at
he
BILLIONS OF DOLLARS
2,600
for the
(GNP
at an 8,4
of 1979,
for
changes)
or
2.0
the
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
SEASONALLY ADJUSTED ANNUAL RATES
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
1,000
1,000
1975
1972
1977
1976
1979
1978
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly
Period
Gross
national
product
1969
1970..
1971...
1972
1973. _
Personal
consumption
expenditures
935.5 579.7
982.4 618. 8
1, 063. 4 668.2
1, 171. 1 733. 0
1, 306. 6 809.9
1, 412. 9 889.6
1975__
1, 528. 8 979. 1
1976
1, 702. 2 1, 089. 9
1977_.
1, 899. 5 1, 210. 0
1978
2, 127. 6 1, 350. 8
1979
2, 368. 8 1} 509. 8
1978: !___ 2, OIL 3 1, 287. 2
II.— 2, 104. 2 1, 331. 2
III™.. 2, 159. 6 1, 369. 3
IV... 2, 235. 2 1, 415. 4
1979:1
2, 292. 1 1, 454. 2
II-.. 2, 329. 8 1, 475. 9
III.. 2, 396. 5 1, 528. 6
IV— 2, 456. 9 1, 580. 4
at seasonally adjusted
Exports and imports of
goods and services
rates]
Government
of
services
Gross
private
domestic
investment
Net
exports
Exports
Imports
Total
146.2
140. 8
160.0
188.3
220.0
214.6
190.9
243.0
303. 3
351.5
387.2
327.0
352.3
356. 2
370.5
373.8
395. 4
392.3
387. 2
1. 8
3.9
1.6
-3.3
7. 1
6. 0
20.4
8.0
-9.9
10 3
4 6
-22. 2
-7.6
-6.8
-4.5
4.0
-8. 1
-2.3
-11.9
54.7
62.5
65.6
72.7
101.6
137.9
147.3
163.3
175. 9
207.2
257.5
184.4
205.7
213.8
224.9
238.5
243.7
267.3
280.4
52.9
58.5
64. 0
75.9
94.4
131.9
126.9
155.4
185. 8
217.5
262. 1
206.6
213.3
220.6
229.4
234.4
251.9
269.5
292.4
207.9
218.9
233. 7
253. 1
269.5
302.7
338.4
361. 3
396.2
435. 6
476. 4
419.4
428.3
440. 9
453.8
460. 1
466. 6
477.8
501. 2
Federal
* This category corresponds closely with budget outlays for national defense,
shown on p. 33.
1980
Total
National
de- 1
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129.7
144.4
152.6
166.6
150. 9
148.2
152. 3 159. 0
163. 6
161.7
162.9
178.4
76.3
73.5
70.2
73. 5
73.5
77.0
83.7
86.4
93.7
99. 0
108.3
97.6
98.2
99.0
101.2
103.4
106.0
109.0
114. 6
Final
Nondefense
21.2
22. 1
26.0
28.6
28.7
34. 1
39.4
43. 3
50.6
53. 6
58.4
53. 3
50.0
53. 3
57.8
60.2
55.7
53. 9
63.8
State
and
local
110. 4
123.2
137. 5
151. 0
167,3
191,5
215.4
231.6
251.8
283. 0
309. 8
268.5
280. 1
288.6
294.8
296. 5
304.9
314.9
322. 8
Source: Department of Commerce, Bureau of Economic Analysis.
Sal 68
926. 2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1,404.0
1, 539. 6
1, 692. 1
1, 877. 6
25 105. 2
2, 350. 6
1, 988. 5
2, 078. 4
2, 139, 5
2? 214. 5
2, 272. 9
2, 296. 4
2, 381. 9
2S 451. 4
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
I Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates J
Period
Gross private domestic
investment
Exports of goods
and services
Personal
Gross
connational sumption
product
expenditures
Nonresidential
fixed
Residential
fixed
Change
in business inventories
TSJotiNei
exports
Government purchases of
goods and services
Exports Imports
Total
Federal
State
and
local
Final
sales
1969
1970
1971
1972
1973 .
1974 _
1975
1976__
1977
1978 .
1979__ _ _ _
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1,217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
1, 431. 6
655. 4
668. 9
691.9
733. 0
767. 7
760. 7
774 6
820. 6
861. 7
900. 8
924.5
114. 3
110. 0
108. 0
116. 8
131. 0
130. 6
113. 6
119.0
129. 3
140. 1
148.8
43. 2
40. 4
52.2
62. 0
59. 7
45.0
38. 8
47.8
57. 7
60. 1
56. 7
10. 6
4.3
6. 6
9. 4
16. 5
8.0
-9. 8
6.6
13. 1
14. 1
19.7
— 1. 3
1. 4
-.6
-3. 3
7.6
15.9
22. 6
15.8
10. 3
11.0
17.6
62. 2
67. 1
67.9
72. 7
87.4
93.0
90. 0
96. 1
98. 4
108.9
119.9
63. 5
65.7
68.5
75. 9
79. 9
77. 1
67. 5
80.4
88. 2
97.9
102.3
256.7
250. 2
249. 4
253. 1
252. 5
257.7
262. 6
263. 3
268. 5
273. 2
274. 3
121. 8
110. 7
103.9
102. 1
96. 6
95. 8
96. 5
96.4
100. 6
98. 6
99. 4
134. 9
139. 5
145. 5
151. 0
155. 9
161. 8
166. 1
166. 9
167. 9
174. 6
174. 9
1, 068. 2
1 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1. 385. 1
1, 421. 9
1978: I
II__.
Ill—
IV. _
1, 367. 8
1, 395. 2
1, 407. 3
1,426.6
882.7
894. 8
905. 3
920. 3
133. 1
140.3
141. 6
145. 5
59. 4
60.9
60. 2
60.0
16.5
15. 6
12. 2
12.0
5.3
12. 3
13. 3
12. 9
100.7
109. 2
111.9
113.8
95.4
96.9
98. 5
101.0
270.7
271.3
274. 7
276. 0
99.9
96.6
98. 5
99.3
170.9
174.7
176. 2
176. 6
1, 351.
1, 379.
1, 395.
1, 414.
1979: I
II—
III__
IV __
1, 430. 6
1, 422. 3
1, 433. 3
1, 440. 3
921.8
915.0
925.9
935.4
147. 2
146.9
150.7
150.5
57.7
56.7
56.5
55.8
12.3
18. 1
7. 1
1. 4
17.0
13.2
20. 1
20. 1
117.0
116. 0
122. 2
124. 3
100.0
102.9
102. 1
104. 1
274. 7
272.4
273. 1
277. 1
101. 1
98. 1
97.4
101. 1
173. 6
174.3
175.6
176.0
1, 418. 4
1, 404. 1
1, 426. 2
1, 439. 0
3
6
1
6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Personal consumption expenditures
/
Gross
national
product
Period
Total
1969_
1970_ _
1971
1972
1973 _
1974
1975
1976. _
1977
1978___
1979___
1978: I _ _
II
III
IV
..
_
1979: I—
IIIII
IV
_.
NonresNonDurable durable Services idential
goods
goods
fixed
Residential
fixed
Exports and
imports of goods
and services
Government purchases of goods
and services
Exports Imports
Federal
State
and
local
86.72
91.36
96.02
100. 00
105. 80
116.02
127. 15
133. 71
141. 70
152. 05
165. 46
88.5
92. 5
96. 6
100. 0
105. 5
116. 9
126. 4
132.8
140. 4
150. 0
163. 3
93. 1
95. 5
99.0
100.0
101.6
108.4
117.7
124.3
129. 4
136. 5
144.8
89.4
93.6
96.6
100. 0
107.9
123.8
133. 4
138. 1
144.7
154. 6
171.0
86. 1
90. 5
95.8
100.0
104. 7
113.6
123.2
131. 2
140.7
150.9
163.4
86.6
91.3
96. 4
100.0
103. 8
115. 3
132.2
138. 5
146. 6
157. 8
171.3
87. 7
90.6
94. 9
100.0
110. 8
122. 3
132. 8
142. 5
159. 3
179.7
201.4
87.9
93. 1
96.6
100. 0
116.2
148. 3
163.6
169.9
178. 7
190.3
214.8
83.3
89. 1
93.5
100. 0
118.2
171. 0
188. 0
193.3
210. 7
222. 1
256. 2
80. 0
86. 4
92.6
100.0
105. 8
115.9
127. 5
134.6
143.6
154. 8
167.6
81.9
88. 3
94. 5
100.0
107. 3
118. 4
129. 7
138. 8
150.0
162. 1
177. 1
147.
150.
153.
156.
05
82
45
68
145.8
148. 8
151.3
153. 8
133.0
135. 6
137. 9
139.4
150.0
153. 7
155.7
158.6
146.8
149. 4
152.3
155.0
153.0
156. 0
159.6
162. 3
169.3
176. 7
183. 1
189.5
183. 1
188.4
191. 1
197. 6
216.6
220. 2
223. 9
227. 2
151. 1
153.4
154. 6
160. 1
157. 1
160.3
163.8
166. 9
160.
163.
167.
170.
22
81
20
58
157.8
161.3
165. 1
169. 0
142.4
144. 1
145.3
147.4
164. 1
168.9
173. 2
177.6
158. 0
161. 0
165. 3
169.2
165.4
169.6
173.8
176.2
192. 6
199.2
205.5
208.7
203. 9
210. 1
218.7
225.7
234.5
244.9
264.0
280.8
161.9
164.8
167. 2
176. 4
170.8
174. 9
179.3
183. 5
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic
investment
IN
[Percent change from previous period; quarterly data at seasonally adjusted annual
Gross national product
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1978: III
III
IV
1979: I
II.
Ill
IV"
Constant
(1972)
dollars
Current
dollars
- -
4. 4
2. 6
-.3
3.0
5. 7
5.5
-1. 4
-1.3
5.9
5.3
4.4
2. 3
1. 9
8.3
3.5
5.6
I. 1
-2.3
3. 1
2. 0
9. 1
7.7
5. 0
8.2
10. 1
11. 6
8. 1
8.2
11.3
11.6
12.0
11.3
8.4
19. 8
10.9
14.8
10.6
6.7
11.9
10.5
Implicit
price
deflator
Gross domestic product
Fixedweighted
price
index
(1972
weights)
Chain
price
index
4.5
5. 0
5.4
5. 1
4. 1
5.8
9.7
9. 6
5.2
6.0
7. 3
8.8
6.3
10.6
7.2
8.7
9. 3
9.3
8.5
8.4
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
4. 4
5. 0
5.3
5. 0
4. 1
6.0
9.9
9. 4
5.6
6.3
7.4
8.9
6.8
9.4
8. 2
8.6
9.7
8.8
8.9
8.5
4.3
5. 0
5.2
4.9
4. 0
6.0
10.2
9. 3
5.6
6.4
7.5
9.3
6.8
9.6
8.3
8.9
9. 9
9.5
10.0
9.4
Constant
(1972)
dollars
Current
dollars
4. 4
2.6
-. 3
2.8
5.8
5. 4
-1.3
-1. 1
5.7
5.3
4.4
2.3
1.8
8. 1
3.6
5.6
.9
-2. 1
3. 2
2.4
9. 1
7. 8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.2
11. 5
12. 0
11.2
8. 1
19.6
11. 1
14.8
10. 1
6.9
11.5
10.7
Implicit
price
deflator
4. 5
5. 1
5.3
5. 1
4. 1
5.7
9. 3
9.7
5. 1
5.9
7.3
8.7
6.2
10.6
7.2
8.7
9. 1
9.2
8.0
8. 1
Chain
price
index
4. 4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
8.8
6.7
9.4
8.2
8.7
9.6
8.7
8.4
8. 1
Fixedweighted
price
index
(1972
weights)
4. 4
5.0
5. 2
4. 9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
9.3
6.8
9.7
8. 3
8.9
9.9
9.4
9.6
9. 1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)
Current
dollars
1972
dollars
1968 . _ 498.4
541.8
1969
560. 6
1970 _ _
602.5
1971 _ _
671.0
1972
752.0
1973
808.8
1974 -_
874. 1
1975
1976 __ _ 988. 0
1, 106. 3
1977
1, 246. 9
1978__
1, 388. 6
1979"
1978: I
1, 169. 1
!!___ 1, 236. 5
III._ 1, 267. 9
IV.__ 1, 314. 1
1, 346. 4
1979: I
II____ 1, 370. 4
III __ 1,401.3
IV *__ 1, 436. 4
581.6
607.3
600.6
619. 3
671.0
720.4
695.0
680. 0
730.4
770.7
818. 7
844. 6
789. 8
817. 1
826.3
841. 4
846.6
841.0
842.4
846. 4
Current-dollar cost and profit per unit of output (dollars) '
Total
cost
and
profit 2
0.857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1. 353
1.436
1. 523
1. 644
1.480
1. 513
1.535
1. 562
1. 590
1. 629
1. 664
1. 693
Capital
consumption
Compenallowances Indirect sation
business
with
of
taxes 3 employcapital
ees
consumption
adjustment
0. 074
.079
.088
. 094
. 093
. 095
. 116
. 142
. 146
. 151
. 155
. 167
. 156
. 154
. 155
. 155
. 158
. 165
. 170
. 174
0. 089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 137
. 140
. 143
. 149
. 143
. 144
. 142
. 143
. 145
. 148
. 151
. 154
* Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0. 553
. 589
.628
.645
. 661
. 699
. 796
.848
. 890
.951
1.020
1. 114
1.002
1. 009
1.024
1.042
1.075
1. 104
1. 127
1. 149
4
Net
interest
Corporate profits with
inventory valuation and
capital consumption
adjustments
Total
0.017 0. 124
. 022
. 109
. 028 .086
. 029 .095
.028
. 107
. 032
. 105
. 043
.086
. 113
.045
. 042
. 138
. 151
.043
. 157
. 048
. 158
.056
. 132
.047
. 047
. 159
. 049
. 163
.050
. 171
.052
. 161
.054
. 159
. C57
. 157
.060
. 157
Profits
tax
liability
0.058
.055
. 045
. 048
.050
. 055
. 061
.060
.072
.077
. 084
.089
.071
.085
.086
.093
. 088
. 085
.091
. 093
Profits
after4
tax
0. 066
.055
.041
. 046
. 057
.050
. 024
.053
.066
.074
. 073
.069
.061
.074
.077
.078
. 072
.074
.066
. 064
ComOutput
penper
sation
hour
per
of all
hour
employof all
ees
employ(1972
ees
dollars) (dollars)
7. 133
7. 154
7. 147
7.389
7.631
7.790
7.492
7. 726
7.973
8.064
8. 142
8. 113
8.056
8. 138
8. 179
8. 201
8. 159
8. 100
8.095
3. 944
4.207
4.487
4.766
5.047
5.447
5.961
6.554
7.098
7.666
8.302
9.039
8.071
8.212
8.379
8.544
8.770
8.941
9. 127
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly
National
income
Period
Proprietors'
income with
inventory valuation
capital
consumption
adjustments
Compensation of
employees *
Farm
Nonfarm
at seasonally
Rental
income
of persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
767. 9
798.4
858. 1
951.9
l f 064. 6
1, 136. 0
1, 215. 0
1, 359. 8
1, 525. 8
1, 724. 3
1, 925. 6
571.4
609. 2
650.3
715. 1
799. 2
875. 8
931. 1
1, 037. 8
1, 156. 9
1, 304. 5
1, 459. 2
13. 9
13. 9
14. 3
18. 0
32.0
25. 4
23. 5
18.3
19. 6
27.7
32.8
52.3
51. 2
53. 4
58. 1
60. 4
60.9
63. 5
71.0
80. 5
89. 1
98.0
18. 1
18.6
20. 1
21.5
21. 6
21. 4
22. 4
22. 1
24. 7
25.9
26. 9
81.4
67.9
77. 2
92. 1
99. 1
83. 6
95. 9
126.8
150. 0
167.7
179. 0
77.9
66.4
76. 9
89.6
97.2
86. 5
107.9
141. 3
162.0
180.8
195.7
83.4
71. 5
824 0
96.2
115.8
126. 9
120.4
156. 0
177. 1
206. 0
237.4
-5. 5
-5. 1
5. 0
-6. 6
-18.6
40. 4
-12.4
— 14. 6
-15. 2
-25. 2
-41.8
3.5
1. 5
.3
2. 5
1.9
-2. 9
-12. 0
-14. 5
-12. 0
-13. 1
-16. 7
30. 8
37. 5
42. 8
47.0
52. 3
69.0
78. 6
83.8
94. 0
109. 5
129.7
1978: I
II
III
IV
1, 621. 0
1, 703. 9
I, 752. 5
1, 820. 0
1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8
25.7
27. 7
26. 1
31.3
83.4
87. 3
91. 3
94.4
25. 2
24. 4
26.8
27. 1
141. 2
169. 4
175. 2
184. 8
153. 6
182.0
189.0
198. 6
177. 5
207.2
212. 0
227.4
-23.9
-23. 0
-28.8
-12. 4
-12. 6
-13.8
-13. 8
101. 5
106. 8
111. 9
117. 6
1979: I
IIIII _.
IV
1, 869. 0
1, 897. 9
1, 941. 9
1, 993. 6
1,411.2
1, 439. 7
1, 472. 8
1, 513. 2
34.2
33. 7
30. 9
32. 5
94.8
95. 5
99.4
102. 1
27. 3
26. 8
26.6
27. 0
178.9
176. 6
180. 8
179.6
193.3
191. 3
198.3
199.7
233. 3
227.9
242.3
246. 2
-39.9
-36. 6
-44. 0
-46.5
-14.5
-14.7
-17.6
-20. 1
122. 6
125. 6
131.5
139. 2
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
_
_
Source: Department of Commerce, Bureau of Economic Analysis.
i 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]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
1969__ _.
579. 7
1970
618.8
668.2
1971__ __
1972___ .„_
733.0
1973
809.9
1974
889. 6
1975
979. 1
1976
1, 089. 9
1977
I, 210. 0
1978
1, 350. 8
1, 509. 8
1979
85.5
84.9
97. 1
111.2
123. 7
122. 0
132. 6
157. 4
178.8
200. 3
213. 0
37. 7
34.9
43. 8
50.6
55. 2
48. 0
53.4
70. 0
816
91. 2
91.5
35.0
36. 7
39.4
44.8
50. 7
54 9
58. 0
64. 0
70.9
77.6
85.6
247. 0
264. 7
277. 7
299.3
333. 8
376. 3
408.9
443. 9
481.3
530. 6
596. 9
1978: !.__..
II
III....
IV
1, 287. 2
1, 331. 2
1, 369. 3
1, 415. 4
185, 3
200.3
203. 5
212. 1
84. 1
93.5
92. 4
94. 9
72.4
76.5
78.9
82. 7
1979: ! _ _ _
II
III ..__
IV _ _ _ _
1, 454. 2
1, 475. 9
1, 528. 6
1, 580. 4
213. 8
208. 7
213.4
216. 2
97.7
89. 1
89.8
89.4
82. 1
84.2
87.3
88. 9
Period
1
Total includes other items not shown separately.
4
Furniture
and
household
equipment
Total
nondurable1
goods
Retail sales of
new passenger
cars ( millions
of units)
Services
Clothing
and
shoes
Gasoline
and oil
126. 1
136.3
140. 6
150.4
168. 1
189.8
209.6
227. 1
246. 7
271.7
302.0
45. 1
46.6
50.5
55. 1
61.3
65. 3
70. 1
75. 9
82.4
91. 2
99.2
20. 4
22.0
23.4
24. 9
27.8
36.4
39.5
42.9
46. 7
50. 9
65. 1
247. 2
269. 1
293.4
322. 4
352. 3
391.3
437. 5
488. 5
549. 8
619. 8
699.8
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8.6
9. 1
9.3
8.3
1. 1
1. 3
1.6
1. 6
1.8
1.4
1.6
1. 5
2. 1
2.0
2.3
505. 9
521. 8
536. 7
558. 1
260. 6
267. 7
274. 5
283.9
85. 4
89.9
92. 7
96. 8
48. 1
49. 0
51. 5
55. 0
596. 0
609. 1
629. 1
645. 1
8.7
9.9
9.4
9.3
2. 1
2. 1
2. 0
1.9
571. 1
581. 2
604. 7
630. 7
292.9
296. 7
303. 1
315. 6
95. 5
96.9
101.0
103. 6
58. 4
60.2
68.3
73.4
669. 3
686.0
710. 6
733.5
9.3
8. 1
8.6
7.5
2. 3
2. 5
2.2
2. 4
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
r*vf*Z
« %5
»?=*\<>fr'3
sTit^acapissHQ, •(?"€ x?*».>!w> 'B3 *3? rJ?
{• u&> fesw ftu >*!«»'J3a.p -1 f%J Sk S «
*<«#*!»
&
,!La<Ji\»fez3' Xrf'at*^ <»«>»«£
T *iliT '/°*! *^i'l
I
fX : •
:
5fc«^ 'W» *J
in
an
of
in
in
a
pf
to SS!
$12.1
for
in
$11.5
in
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
600 -
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
160
160
120
120
100
100
80
80
60
60
1974
1973
1972
1975
1978
1977
1976
1979
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Period
Other
and
Total
personal salary
labor
income disburse- income1 2
!
ments
942, 5
1, 052. 4
1, 154. 9
1, 255. 5
1976___
1, 381. 6
1977
1, 531. 6
1978 _.
1, 717. 4
1, 924. 2
1979. .
1979: Feb
1, 851. 4
M a r _ _ _ 1, 872. 1
Apr
1, 880. 7
May
1, 891. 6
June
I , 905. 1
July.... 1, 933. 2
Aug
1, 946. 5
Sept
1, 960. 1
Get
1, 981. 2
Nov
2, 005. 5
Dec
2, 028. 3
1980: Jan * > _ _ _ 2, 045. 0
Feb *>___ 2, 051. 9
1972___
1973
1974 .
1975
1
633. 8
701. 3
764. 6
805. 9
890. 0
984. 0
1, 103. 3
1, 227. 6
1, 188. 5
1, 202. 3
1, 205. 9
1, 210. 8
1, 220. 5
1, 229. 8
1, 236. 5
1, 247. 9
1, 257. 4
1, 271. 3
1, 282. 9
1, 291. 1
1, 299. 0
42. 0
48. 7
55. 6
65. 1
77. 4
91. 8
106. 5
122. 7
116. 0
117.4
118.9
120. 3
121.8
123. 3
124. 9
126. 4
128. 0
129. 6
131. 2
132. 8
134. 4
Proprietors' income 3
Farm
18. 0
32. 0
25. 4
23. 5
18. 3
19. 6
27. 7
32. 8
34. 2
35.3
34.3
33.5
33.4
32. 8
31. 0
28.8
31. 0
33. 0
33.4
31. 3
28. 3
of
N on farm
persons 4
21. 5
21. 6
21. 4
22.4
22. 1
24. 7
25. 9
26. 9
27. 3
27. 4
26.0
27. 1
27. 2
27.3
27. 3
25. 0
26.8
27. 0
27.2
27. 2
26. 6
58. 1
60. 4
60. 9
63. 5
71. 0
80. 5
89. 1
98. 0
94. 8
94. 9
95.2
95. 5
95.8
97. 9
99. 5
100.9
101. 1
102. 1
103. 0
103. 8
103.4
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Rental
income
5
Dividends
24. 6
27. 8
31. 0
31. 9
37. 5
42. 1
47. 2
52. 7
51.7
51.7
51. 9
52.5
52. 6
52. 5
52.7
53.0
53. 6
54.2
55. 2
55.8
56. 6
Less: PerPersonal Transfer sonal coninterest
paytributions
income rnents 5 for social
insurance
74. 6
84. 1
103. 0
115. 5
127. 0
141. 7
163. 3
192. 1
181. 0
183. 3
185. 8
187.5
189. 4
191. 8
194.4
197. 1
200. 7
205.4
210. 3
214. 7
218. 3
104. 1
118. 9
140° 8
178. 2
193. 8
208. 4
224. 1
252. 0
236.7
239. 2
242. 3
243.9
244. 7
258.5
261. 2
262. 7
264. 8
265. 9
268. 8
274.9
272. 1
34. 2
42. 2
4Z 7
50. 5
55. 6
61. 3
69. 6
80. 7
78. 7
79.4
79. 5
79.7
80. 2
80.8
81. 0
81. 7
82. 2
83. 0
83.6
86.7
86. 8
Nonfarm *
personal
income 8
917. 3
1, OIL 9
1,' 119! 3
l] 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1, 873. 4
1, 800. 1
1, 819. 5
1, 828. 8
1, 840. 3
1, 853. 7
1, 882. 3
1, 897. 3
1, 913. 1
1, 931. 8
1, 953. 9
1, 976. 1
1, 994. 5
2? 004. 2
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income was virtually unchanged in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
SCALE)
10,000
9,000
3,000
3,000
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Period
Less:
Personal
tax
and
nontax
payments
Equals :
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays l
Per capita
disposable
personal income
Equals :
Personal
saving
Current
dollars
_
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 255. 5
1, 381. 6
1, 531. 6
1,717.4
1, 924. 2
116. 3
141.2
150.8
170. 3
168. 8
197. 1
226. 4
259. 0
299. 9
742. 8
801.3
901. 7
984. 6
1, 086. 7
1, 184. 5
1, 305. 1
1, 458. 4
1, 624. 3
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
( thousands) 2
Dollars
Billions of dollars
1971
1972
1973
1974__
1975
1976
1977
1978
1979
1972
dollars
Per capita personal consumption expenditures
685. 5
751.9
831.3
913. 0
1, 003. 0
1, 115. 9
1, 240. 2
1, 386. 4
1, 550. 5
57. 3
49.4
70. 3
71. 7
83. 6
68. 6
65. 0
72. 0
73.8
3,588
3,837
4, 285
4,646
5, 088
5 ; 504
6,017
6, 672
7,367
3, 714
3,837
4,062
3,973
4, 025
4, 144
4,285
4,449
4,512
3,227
3,510
3,849
4, 197
4, 584
5, 064
5, 579
6, 179
6, 848
3,342
3, 510
3,648
3,589
3,627
3,813
3, 973
4, 121
4, 193
2. 6
3.3
5.9
-2.2
1. 3
3. 0
3. 4
3.8
1. 4
7. 7
6.2
7.8
7. 3
7. 7
5. 8
5. 0
4.9
4. 5
207, 05
208, 84
210, 41
211,94
213, 56
21.5, 20
216, 89
218, 59
220, 46
5, 906
6,097
6,258
6,455
6, 619
6,704
6, 926
7, 142
4,050
4,098
4, 137
4, 197
4, 196
4, 156
4, 195
4, 227
1. 4
3. 3
3. 3
5. 6
1. 2
-2.3
-.8
.1
5. 3
5.0
4. 8
4. 7
5. 0
5.4
4. 3
3. 5
217,
218,
218,
219,
219,
220,
220,
221,
Seasonally adjusted annual rates
1978: ! _ _ _ _ 1, 634. 8
II._. 1, 689. 3
III- 1, 742. 5
!¥__ 1, 803. 1
1979: I— 1,852.6
II-- 1, 892. 5
III... 1, 946. 6
IV *_ 2, 005. 0
239.8
252. 1
266. 0
278.2
280.4
290. 7
306. 6
321. 9
1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
1, 572. 2
1, 601. 7
1, 640. 0
1, 683. 1
1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4
1,493. 0
1, 515. 8
1, 569. 7
1, 623. 4
74. 6
71. 2
70. 9
71.5
79.2
85.9
70. 3
59.7
6,401
6,583
6, 748
6, 954
7? 157
7,275
7,430
7, 606
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 for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
4,389
4,425
4,461
4, 522
4,536
4, 510
4, 501
4,502
94
33
81
28
69
16
71
28
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
A
sg» «x»T£asaoir«»>
ifiasai -as -*^ ^er as v aasasa
In the fourth quarter, according to
while
net
fell $0.3
$1.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
OF
20)
oBffl^«««=X^
100
"V-«^sX
——^
X^
80
^^^^
100
' \
GR<3SS FARM INCO;SAE
80
BE FORE INVENTOR Y
ADJUSTMENT
-x— ^
60
60
-
40
^%
/'
_
j
9
^ \t
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
\
\
i
f
»*H
^
9fl
\
/
f
^%
f
f
\
^^fe»
v^/ '
10
i
r
* SEASONALLY ADJUSTED ANNUAL
1973
1974
i
^%%V^
^^%^^
^
•^ ^
1972
/
%<
/
%X
/•
Oft
^
**»'
10
i
1975
1977
1976
' 1979
1978
1980
RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population
Income received from farming
Gross income before inventory adjustment
Period
1972
1973_ .
1974. _ .
1975
1976
1977. _
1978
1979_
1978: I
II
III...
IV
1979: I
II..
III...
IV
From From From
all
farm nonfarm
sources sources sources Total i
34.6
48. 9
45. 2
44. 5
40. 3
42.9
54. 0
60. 5
16. 9
29. 2
23. 4
21.9
16. 8
18.0
25. 2
29.9
17.8
19. 7
21. 8
22. 7
23.5
24.9
28.8
30.5
70. 1
95. 5
100. 0
96.9
104.2
107. 5
124.9
143.3
119.8
124. 3
122. 2
133.4
140.7
144.2
142. 5
145.2
Cash receipts from
Producmarketings
tion expenses
Livestock
Total
Crops
and
products
Billions of dollars
35. 7
61. 2
25.5
52. 3
87. I
45. 9
65.6
41. 1
92. 4
41. 4
72. 2
51. 1
88. 2
43. 0
45. 1
75.9
46. 1
94.8
48.7
83. 1
95.7
47. 4
48. 2
88.8
111. 0
59. 0
52. 1
98. 1
129.9
67.5
113.5
62.4
106. 2
52. 4
53.9
95. 0
58.3
52. 7
111.0
97.0
60. 4
109. 0
48. 6
97. 4
118.0
63. 4
54,6
103.0
127. 7
70.0
57.7
109. 0
130.6
68. 0
62.6
112^0
129,2
64.9
64. 3
115.0
118.0
66.8
131. 5
64.7
* Cash receipts from marketings. Government payments,
nonmooey
income furnished by farms.
' Inventory of crops and livestock valued at the average price for the year.
1
Based on
Census of Agriculture definition of a farm. The number of
farms is held constant within a year;
for 1979 estimated.
4
Income in current
Net to farm
operators
Before
inventory
adjustment
17.8
29. 9
27.7
21. 1
21. 0
18. 7
26.3
29.8
24.8
27. 3
24.8
30. 4
31.7
32.2
27.5
27. 2
After
inventory
adjust-2
ment
18.7
33.3
26. 1
24.5
18. 7
19. 8
27.9
33.3
25. 8
27.8
26. 3
31.6
33.7
34.7
31.0
32. 7
Net income per
farm after inventory adjustment 3
Current1967
dollars dollars 4
Dollars
6 ? 526
5,208
11,813
8, 875
9,349
6, 330
5, 488
8 ? 846
4,002
6,823
7,301
4,023
5, 340
10, 434
5,840
12, 700
5, 110
9 5 660
5,370
10, 400
4,980
9 ? 840
5,860
11, 830
6,200
12, 830
6, 170
13, 210
5, 350
11, 800
5,470
12,450
divided by the consumer price indei.
Source: Department of Agriculture.
CORPORATE PROFITS
in the fourth quarter of 1979, corporate profits before tax rose $3.9 billion (antiuai rate) while after-tax profits rose
$0.5
B!LLiONS OF DOLLARS
BILLIONS OF DOLLARS
280
280 [
SEASONALLY ADJUSTED ANNUAL RATES
240
240
200
200
PROFITS BEFORE TAX
160
160
120
120
PROFITS AFTER TAX
,.A——-
80
*//-•-
TAX LIABILITY
\
•—v
ty
UNDISTRIBUTED PROFITS
40
40
_J
_J
1972
1973
1974
1975
1977
1976
1978
1979
1980
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1969
1970
1971..
1972
1973
1974
1975
1976
1977
1978
1979
Profits (before tax) with inventory
valuation
adjustment l
Domestic industries
Nonfinancial
2
WholeTotal
Manu- sale
Total Finan3
faccial
and
Total
tur- retail
ing
trade
74.2
36. 8
10. 1
11. 3
62. 9
77. 9
9. 4
27. 1
12. 6
62. 6
66. 4
50. 1
32. 4
14. 1
11. 7
72.4
58. 2
76.9
13. 3
84.7
15. 4
69.3
89. 6
40. 6
44. 1
14. 7
74. 1
97. 2
90. 4
16. 2
12. 9
14. 4
36. 6
62.5
86.5
76.9
48. 3
20. 7
13. 0
107. 9
88.9
101. 8
65. 7
133. 1
23.3
17.8 115. 3
141. 3
152. 1
73. 5
24. 1
162. 0
23. 8 128.3
81.7
23.0
170.6
180. 8
29.7 140.9
182.4
33. 1 149. 3
89. 5
23.9
195. 7
1978: I
II _
III
IV
1979:1
_
II
III
IV
153. 6
182. 0
189. 0
198. 6
193.3
191. 3
198. 3
199. 7
143. 5
171. 0
178. 8
189. 0
181. 4
179.6
182. 5
186. 2
27.2
28.9
30. 6
32. 1
31.9
32.0
33. 8
34. 7
116.3
142. 1
148. 3
156. 9
149. 6
147. 7
148. 7
151. 5
67. 6
83. 4
85. 1
90. 6
94. 1
90. 6
86. 4
86. 9
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
2
Includes rest of the world, not shown separately.
8
17.9
22. 7
25. 5
25.8
18. 6
22. 4
26. 5
28. 0
3
Profits after tax
Undistributed
profits
Inventory
valuation
adjustment
Profits
before
tax
Tax
liability
Total
Dividends
83. 4
71.5
82.0
96. 2
115.8
126. 9
120.4
156.0
177. 1
206. 0
237. 4
39. 7
34. 5
37. 7
41. 5
48. 7
52.4
49.8
63.8
72. 6
84. 5
92.9
43. 8
37. 0
44. 3
54. 6
67. 1
74.5
70.6
92. 2
104. 5
121. 5
144. 6
22. 6
22. 9
23. 0
24. 6
27. 8
31. 0
31. 9
37. 5
42. 1
47.2
52. 7
21. 2
14. 1
21. 3
30. 0
39.3
43. 6
38. 7
54. 7
62. 4
74.3
91. 9
— 5. 5
-5. 1
-5. 0
-6. 0
-18.6
-40. 4
-12.4
-14. 6
-15.2
-25. 2
-41. 8
177. 5
207. 2
212. 0
227. 4
233. 3
227.9
242. 3
246. 2
70. 8
84.7
87. 5
95. 1
91.3
88.7
94. 0
97.4
106.7
122. 4
124. 6
132.3
142. 0
139. 3
148. 3
148. 8
45. 1
46. 0
47.8
49. 7
51. 5
52.3
52. 8
54. 4
61. 6
76.4
76. 8
82. 6
90. 5
87. 0
95. 5
94. 4
-23. 9
-25. 1
-23. 0
-28. 8
-39. 9
-36. 6
-44. 0
-46. 5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter, business fixed investment rose $3.4 billion (annual rate) as
nonresidential construction outlays rose $5.2 billion and producers' durable equipment purchases fell $1.6 billion.
Residential investment outlays increased $0.4 billion. Inventory investment amounted to $5.6 billion, down 8.9
billion from the third quarter level.
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
400
400
150
100
100
50
50
-50
-50
1980
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential fixed investment
Period
1969
1970
_ _
1971___
1972
1973 _
1974___ _ _ _
1975
. _
1976
1977_ _
_ _
1978__
1979 _
1978: I
II
III_ _ _
IV
_
1979: I
II _
III___
IV_
Gross
private
domestic
investment
146. 2
140. 8
160.0
188.3
220. 0
214. 6
190. 9
243.0
303.3
351.5
387.2
327.0
352. 3
356.2
370.5
373.8
395.4
392.3
387.2
Structures
Total
98. 9
100. 5
104. 1
116. 8
136. 0
150.6
150.2
164.9
189.4
221. 1
254.9
203. 7
218.8
225.9
236. 1
243.4
249. 1
261.8
265.2
Total
Nonfarm
Total
Nonfarm
35. 7
37.7
39.3
42. 5
49. 0
54.5
53.8
57.3
62. 6
76.5
92.6
66.9
75.2
79. 7
84.4
84. 9
90.5
95.0
100. 2
34.3
36. 1
37.8
41. 1
46. 9
51.8
51.3
54.7
59.8
73.3
88.9
63.8
72.0
76. 4
81. 1
81.2
86.8
91. 4
96. 3
63.3
62. 8
64.7
74.3
87. 0
96.2
96. 4
107. 6
126. 8
144. 6
162.2
136.8
143. 6
146. 3
151.8
158.5
158.6
166. 7
165. 1
58.9
58. 1
59. 9
69. 1
80. 1
88.2
87.4
97.4
116.3
132. 6
147.8
126.4
131.9
133. 5
138.9
146. 1
144. 5
150.0
150.4
Source: Department of Commerce, Bureau of Economic Analysis.
Producers'
durable
equipment
Residential fixed investment
Total
37.9
36. 6
49. 6
62.0
66. 1
55. 1
51. 5
68. 1
91.9
108. 0
114. 1
100.5
107.7
110. 2
113. 7
111.2
112.9
116.0
116.4
Nonfarm
structures
36.3
35. 1
47. 9
60.3
64. 3
52. 7
49. 5
65.7
88.8
104. 4
110. 2
96.8
104.3
106. 4
110. 0
107. 8
109. 1
112. 0
112. 1
ProFarm ducers'
durstrucable
tures equipment
0. 7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.8
1.9
1.9
1. 4
1.9
1.9
1. 5
1.8
2.0
2. 3
0. 9
.9
1. 0
1. 1
1.2
1. 2
1. 1
1. 3
1. 6
1. 9
2.0
1. 9
2. 0
1. 9
1.9
1.9
2. 0
2.0
2. 1
Change in business inventories
Total
9. 4
3.8
6.4
9. 4
17.9
8. 9
10 7
10. 0
21. 9
22. 3
18.2
22. 8
25. 8
20.0
20. 6
19. 1
33. 4
14.5
5. 6
Nonfarm
9.2
3. 7
5. 1
8.8
14. 7
10. 8
-14.3
12. 1
20.7
21. 3
16.5
22.0
25. 3
18. 5
19. 3
18.8
32. (>
12. 6
2. 1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.1 percent in 1980, according to the Commerce Department survey
conducted in late January and February. Spending in 1979 was 15.1 percent above 1978.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
40
40
20
20
1972
1973
1974
1975
1977
1976
1978
1979
1980
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects *
Expenditures for plant and equipment
Total *
1972_
1973
1974__
1975
1976
1977
1978__
_.
1979 4 _ _ _ .
1980
1979: I
II
III
IV
1980: I 44
II ___.
2nd 4
half _ _
Nonnianufacturing
Manufacturing
Period
Mining
Transportation
Public
utilities
Communication
Commercial
and 2
other
Manufacturing
2. 42
2.74
3. 18
3. 79
4. 00
4.50
4.78
5.56
6.20
5.46
5. 31
5.42
6.06
6.49
5. 97
5.72
6. 03
6. 66
7. 57
7. 45
6. 93
8. 05
10. 12
11. 77
10. 08
9.71
10.29
10. 74
12. 00
11. 58
17.00
18. 71
20. 55
20. 14
22. 28
25. 80
29. 48
32. 56
33. 72
32. 35
33. 24
33. 33
31. 52
33. 23
33. 56
11. 89 20. 07
12. 85 21.40
13. 96 22.05
12. 74 20. 60
13. 30 20. 99
15. 45 22. 97
18. 16 25. 71
20. 56 29. 35
22. 20 32. 68
18.75 27. 73
20. 29 28. 51
20.41 29. 66
22. 71 30. 72
51. 97
53. 71
35.21
47. 57
52. 49
48. 24
51. 05
66. 73
72. 44
87. 30
43. 21
44-38
57. 09
61.73
66. 39
64.82
68. 01
75.64
86. 19
98. 17
106. 58
94.38
97. 06
99. 12
101. 76
103. 69
104. 82
47. 03
108. 80
6. 23
11. 79
33. 98
56. 80
Total
Durable
goods
Nondurable
goods
88. 44
99. 74
112. 40
112. 78
120. 49
135. 80
153. 82
177. 09
196. 78
165. 94
173. 48
179. 33
186. 95
189. 49
193. 83
31. 35
38. 01
46. 01
47. 95
52. 48
60. 16
67.62
78.92
90. 20
71.56
76. 42
80.22
85. 19
85.80
89. 02
15. 64
19. 25
22.62
21. 84
23. 68
27. 77
31. 66
38. 23
44-63
34.00
36. 86
39. 72
41. 30
42. 60
44. 63
15. 72
18. 76
23.39
26. 11
28. 81
32. 39
35. 96
40. 69
45. 57
37.56
39. 56
40.50
43.88
201. 44
92. 65
45. 62
Total
J Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
2
2
21. 98
19. 56
20.87
24. 71
Public
utilities
28. 60
38. 13
45. 74
34. 50
29. 66
32. 54
34.93
21. 70
3.
5.
8.
4.
27
75
00
13
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late January and
February 1980. Plans are adjusted when necessay for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 149,000 in February while unemployment fell 118,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
110
110
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
EMPLOYMENT
1972
1973
1974
1976
1975
1977
1979
1978
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
NoninStltU-
Period
1974
1975...
1976
1977
1978*
1979
tional
population
150, 827
1 53, 449
156, 048
158, 559
161,058
163, 620
1980
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Unemployment
Civilian employment
Total
labor
Nonagricultural
ri.
15
C/ivilian Unem- force Oivilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ment
ing
force
Total for
nomic ]
over
tural
Armed
reasons
Forces)
2,709
937
5, 076
85, 935 5, 076 93, 240 91, Oil 85, 935 3, 492 82, 443
3, 490
7, 830 2 483
84, 783 7, 830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7, 288 2 339
87, 485 7, 288 96, 917 94, 773 87, 485 3, 297 84, 188
3,297
6. 855 1 911
90, 546 6, 855 99, 534 97, 401 90, 546 3, 244 87, 302
3,216
6,047 1 379
94, 373 6,047 102, 537 100, 420 94, 373 3, 342 91, 031
3,281
5, 963 1 202
96, 945 5,963 104, 996 102,908 96, 945 3,297 93, 648
Labor
force
participation
rate
(perx\ 2
cent)
*
rt
61. 8
61. 8
62. 1
62. 8
63. 7
64. 2
Seasonally adjusted
Unadjusted
162,633
162, 909
163, 008
163,260
163,469
163, 685
163,891
164, 106
164, 468
164, 682
164, 898
94, 765
95, 501
95, 675
96, 220
97,917
98, 891
98, 226
97, 576
98, 158
97, 943
98, 047
6,484
6, 165
5,561
5, 253
6,235
6, 104
6, 137
5, 798
5, 781
5,776
5, 836
379
505
198
398
476
093
128
494
595
652
999
96, 496
96, 623
96, 254
96, 495
96, 652
97, 184
97, 004
97, 504
97, 474
97, 608
97, 912
3,307
3, 320
3, 215
3,246
3,243
3, 267
3, 315
3, 364
3, 294
3, 385
3, 359
93, 189
93, 303
93, 039
93, 249
93, 409
93, 917
93, 689
94, 140
94, 180
94, 223
94, 553
3, 176
3, 211
3, 279
3,283
3, 284
3, 274
3,298
3, 167
3, 315
3,392
3,519
5,883
5,882
5, 944
5,903
5, 824
5, 909
6, 124
5, 990
6, 121
6,044
6,087
1,239
1, 291
1, 223
1,212
1, 152
1, 067
1, 185
1, 152
1, 195
1, 191
1, 230
64. 2
64. 2
64. 0
64. 0
64. 0
64. 3
64.2
64. 3
64. 3
64. 2
64. 3
1980: Jan__ 165, 101
Feb.. 165, 298
96, 145
96, 264
7,043 106, 310 104, 229
6, 993 106, 346 104, 260
97, 804
97, 953
3,270
3, 326
94, 534
94, 626
3,513
3, 406
6, 425
6,307
1, 334
1,286
64. 4
64. 3
1979: Feb__
Mar_
Apr__
May.
JuneJuly,
Aug_
Sept.
Oct__
NovJ
Dec.
104, 473
104, 595
104, 280
104, 476
104, 552
105, 175
105, 218
105, 586
105, 688
105,744
106, 088
102,
102,
102,
102,
102,
103,
103,
103,
103,
103,
103,
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
*Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
gourop. Department of l^btXt Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
in February the seasonally adjusted unemployment rate declined to 6.0 percent from 6.2 percent in January.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1976
1977
1978
1979
1980
*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
(Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race
By sex and age
By selected groups
Total
(all
civilian
workers)
Men
20
years
and
over
1974
1975.
1976
1977
1978 _
1979
5. 6
8.5
7. 7
7. 0
6. 0
5.8
3. 8
6. 7
5. 9
5. 2
4.2
4. J
5. 5
8.0
7. 4
7.0
6. 0
5. 7
1979: Feb___
MarApr-
5.7
5.7
5.8
5.8
5 7
5. 7
5. 9
5. 8
5. 9
5. 8
5. 9
3.9
4.0
4.0
3.9
4. 0
4. 1
4.2
4. 2
4. 2
4.3
4. 2
6. 2
6. 0
4. 7
4. 6
Period
May
June
July.
Aug..
Sept
Oct..
Nov
Dec
Jan
Feb _
Women Both
20
sexes
years 16-19
and
years
over
Parttime
workers
White
Black
and
other
16. 0
19. 9
19. 0
17. 7
16. 3
16. 1
5. 0
7. 8
7. 0
6. 2
5.2
5. 1
9. 9
13. 9
13. 1
13. 1
11.9
11. 3
5. 3
8. 2
7.3
6. 6
5. 6
5. 4
3. 3
5. 8
5. 1
4. 5
3. 7
3. 6
5. 1
8. 1
7.3
6. 5
5. 5
5. 3
8. 6
10. 3
10. 1
9. 8
9.0
8. 7
6. 1
9. 1
8.3
7. 6
6.5
6. 3
5.7
5.7
5.7
5.7
5.7
5. 5
5. 9
5. 5
5.7
5. 6
5. 7
16.0
15.7
16.3
16. 5
15.4
15. 8
16. 6
16. 2
16. 4
15. 9
16. 0
4.9
5. 0
5. 0
5.0
4.9
5. 0
5.3
5. I
5. 1
5. 1
11.8
11.3
11. 7
11.5
11. 2
11. 0
11. 0
10.8
11. 5
10. 9
11. 3
5.3
5. 4
5. 4
5. 4
5.3
5.4
5.7
5. 5
5. 6
5.5
5. 5
3.5
3.5
3. 6
3.4
3.5
3.6
3. 7
3. 7
3.8
3. 8
3. 7
5.2
5.2
5. 3
5. 2
5.2
5. 3
5. 4
5. 3
5. 4
5. 4
5. 4
8. 8
9. 0
8.7
9.3
8. 6
8.3
8.8
8. 4
8. 9
8.3
8. 5
6.2
6. 2
6. 4
6. 3
6.3
6.4
6.4
6, 2
6. 4
6.4
6. 4
5. 8
5. 7
16. 3
16. 5
5. 4
5. 3
11. 8
11. 5
5. 8
5. 7
4. 2
4. 0
5. 7
5. 6
'8. 7
8. 9
6. 7
6. 6
!
Aggregate hours lost by the unemployed and persons on part-tirao for economic reasons as percent of potentially available labor force hours.
Experienced House- Fullwage
time
hold
workand
heads
ers
salary
workers
Labor
force
time
lost
(percent) '
Source: Department of Labor, Bureau of Labor Statistics.
OF
In
the percentage of
persons who
^
PERCENT DISTRIBUTION*
job leavers
new
the
PERCENT DISTRIBUTION*
FOR
60
JOB LOSERS
40
REENTRANTS
20
20
NEW ENTRANTS
^yN^-4^^^
lj£<l,*f«ff
*>* ' *y
^0
^^
JOB LEAVERS
| 1 !
1977
1976
* SEASONALLY
1979
1978
1979
1976
1980
1980
ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemployment by reason l
Period
Unemployment
(thousands)
Job
losers
ReenJob
leavers trants
State programs Insured
unemployment,
all
Insured
27
weeks unem- Initial regular
proand
ploy- claims
grams *
over
ment
(unadjusted)
Percent distribution of unemployment by duration l
New
entrants
Less
than 5
weeks
5-14
weeks
15-26
weeks
10.4
12. 1
13.7
143
13. 4
14.5
13. 7
13. 5
140
13.4
12.4
12.2
13.3
13. 1
12, 3
13.9
12. 7
13. 1
37.0
38. 3
41.7
46,2
48. 1
47. 1
46.8
48. 1
47.4
49. 3
48.4
52.0
46.6
48.3
48.8
47.7
49.6
47. 1
31. 3
29. 6
30.5
31.0
31. 7
31. 8
31.4
31.5
32. 2
31. 0
33.2
28.5
34 1
32. 1
31.3
32. 2
29.7
32. 7
16. 5
13.8
13. 1
12. 3
11.5
11.9
12. 3
11. 5
11.8
11.2
10. 6
10. 8
10.8
11. 1
11. 0
11. 6
12.4
12.4
Special
unem°
ployment
benefit
claims *
(unadjusted)
Weekly average, thousands
1975. _
1976
1977
1979
1979:Feb._.
Mar__
Apr
May..
June—
July..
Ausc
Sept..
Oct...
Nov_.
Dec...
Jan___
Feb...
7,830
7,288
6,855
6,047
5,963
5,883
5,882
5,944
5,903
5,824
5,909
6, 124
5,990
6, 121
6,044
6,087
6,425
6,307
55.4
49. 8
45.2
41.5
42.8
41.8
41. 7
42.4
40.0
41.9
43. 1
44. 0
43.7
44.5
45.4
44. 3
46. 9
45.9
10.4
12.2
13. 0
14 1
14.3
14. 0
14.7
14.2
16.0
14.7
14.4
14.4
13.7
13.6
14. 1
13. 0
12. 2
12. 8
23.8
26. 0
28. 1
30. 0
29.5
29.8
30.0
29. 9
30.0
30.0
30. 1
29.4
29.2
28.7
28.3
28.8
28.2
28. 2
» Detail may not add to 100 percent because of rounding.
»Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
15.2
18. 3
148
10.5
8. 7
9. 1
9.5
9.0
8.5
8.5
7.8
8. 7
8.5
8.5
8. 9
8.5
8.4
7.8
3,986
2,991
2,655
2,359
2,460
2,329
2,336
2,381
2,307
2,320
2,407
2,492
2,488
2,540
2,643
2, 631
2,729
2, 685
478
386
375
346
388
346
359
433
355
380
390
394
394
. 402
405
416
414
389
4,937
3, 846
3,308
2,645
2, 619
3,209
2,921
2,610
2,230
2, 119
2,429
2,377
2, 164
2,236
2,559
3,047
3,740
3,733
1, 173
1,152
572
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employ meat
Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural employment as measured by the payroll survey rose by 141,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
WHOLESALE AND RETAIL TRADE
20
80
ALL NONAGRICULTURAL
ESTABLISHMENTS
70
16
SERVICE-PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
20
40 —
GOODS-PRODUCING
INDUSTRIES
CONSTRUCTION
30
20
2 hi i i i i I
LMfl
1976
1977
1977
1976
1980
1979
1978
1978
1979
* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1980
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
reriod
T)
•
1
Total
nonagricuitural
employment
Service-producing industries
Trans- Whole- Finance,
Government
portainsursale
tion
ance, Services
Total
and
NonState
and
and
Durable
retail
durable
Total goods
Federal and
real
public trade
local
goods
utilities
estate
Manufacturing
Total 2
Construction
1974___
1975___
1976
1977 _
1978_
1979
78,
76,
79,
82,
86,
89,
265
945
382
423
446
482
24, 794
22, 600
23, 352
24, 346
25, 597
26, 574
4,
3,
3,
3,
4,
4,
020
525
576
851
271
644
20,
18,
18,
19,
20,
20,
077
323
997
682
476
972
11,
10,
11,
11,
12,
12,
925
688
077
597
246
690
8,
7,
7,
8,
8,
8,
152
635
920
086
230
283
53,
54,
56,
58,
60,
62,
471
345
030
077
849
909
4,
4,
4,
4,
4,
5,
1979: J a n _ _ _
Feb...
Mar__
Apr
May__
June__
July..
Aug___
Sept....
Oct...
Nov _ _
Deo...
88, 433
88, 700
89, 039
89, 036
89, 398
89, 626
89, 713
89, 762
89, 803
89, 982
90, 100
90, 241
26, 382
26, 448
26, 627
26, 565
26, 651
26, 674
26, 723
26, 599
26, 593
26, 572
26, 533
26, 655
4,497
4, 486
4, 614
4, 559
4, 648
4, 662
4,688
4, 674
4,671
4, 694
4, 714
4, 783
20,
21,
21,
21,
21,
21,
21,
20,
20,
20,
20,
20,
958
025
073
066
059
063
079
957
949
899
836
881
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
640
715
751
752
739
760
786
714
737
650
587
615
8, 318
8, 310
8, 322
8,314
8, 320
8, 303
8,293
8, 243
8,212
8,249
8, 249
8, 266
62,
62,
62,
62,
62,
62,
62,
63,
63,
63,
63,
63,
051
252
412
471
747
952
990
163
210
410
567
586
5, 071
5, 094
5, 116
5, 024
5, 130
5, 190
5; 169
5, 194
5, 180
5, 218
5,229
5, 223
1980: Jau"__ 90, 590
Feb"__ 90, 731
26, 778
26, 771
4, 893 20, 882 12, 600
4, 861 20, 900 12, 659
8, 282 63, 812
8,241 63, 960
1
Includes all full- and part-time wage and salary workers in nonagricuitural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of 1he month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricuitural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
725
542
582
713
927
154
16,
17,
17,
18,
19,
20,
987
060
755
516
499
137
19, 965
20, 016
20, 054
20, 088
20, 129
20, 116
20, 122
20, 126
20, 169
20, 243
20, 308
20, 254
5, 206 20, 396
5, 198 20, 505
724
748
733
727
753
773
11,
11,
12,
12,
12,
12,
446
937
138
352
723
839
16, 670
16, 763
16, 833
16, 880
16, 954
17, 051
17, 092
17, 141
17, 191
17, 257
17, 298
17, 357
2, 758
2, 757
2,757
2, 758
2, 770
2, 788
2, 785
2,813
2, 762
2, 770
2,771
2, 771
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
12,
719
738
753
806
828
849
850
886
911
904
922
925
5, 083 17, 415
5, 087 17, 474
2, 791
2, 791
12, 921.
12, 905
4,
4,
4,
4,
4,
4,
148
165
271
467
727
963
4, 868
4, 884
4, 899
4, 915
4, 936
4, 958
4, 972
5, 003
4,997
5, 018
5 5 039
5, 056
13,
13,
14,
15,
16,
17,
441
892
551
303
220
043
2,
2,
2,
2,
2,
2,
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
* Includes mining, not shown separately.
Source: Department, of Labor, Bureau of Labor Statistics.
AND
PRIVATE NONAGHICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly earnings
Average weekly hours
Total
private
nonagricultural *
Period
1971
1972
1973
1974
1975
1976
1977
1978
1979
_ _
_
—
-- .-
1979: Feb
Mar»
Apr
May
June
July.
. J
Aug
Sept.
Oct..
Nov
Dec
1980: Jan *
Feb 9
Overtime
Total
private
nonagricultural l
Manufacturing
Manufacturing
Total
Adjusted hourly earnings index2 —total private
nonagricultural
Percent change from
a year earlier 4
Index, 1967=100
Current
dollars
1967
dollars s
Current
dollars
1967
dollars
36. 9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8
35.7
39.9
40.5
40.7
40. 0
39.5
40. 1
40.3
40.4
40.2
2.9
3.5
3.8
3.3
2. 6
3. 1
3.5
3.6
3.3
$3.45
3.70
3.94
4.24
4. 53
4.86
5.25
5.69
6.16
$3.57
3.82
4.09
4.42
4.83
5.22
5.68
6.17
6.69
129.2
137. 5
146. 0
157.5
170.6
183. 0
196.8
212. 9
229. 8
106.5
109.7
109.7
106.7
105.9
107.3
108.4
109.0
105.6
7.0
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
2.6
3.0
0
-2.7
-.7
1.3
1.0
.6
-3. 1
35.7
35.9
35.3
35.7
35.6
35.6
35.6
35.7
35.6
35.7
35.7
40. 6
40.6
39. 1
40. 2
40. 1
40.2
40. 1
40. 2
40. 2
40. 1
40. 2
3.7
3.7
2.7
3.5
3.4
3.3
3.2
3.2
3.2
3.3
3.2
6.00
6. 04
6. 04
6.09
6. 13
6. 18
6.22
6.26
6.28
6.33
6.39
6.51
6.56
6.56
6. 65
6.68
6. 72
6.74
6.78
6.82
6.86
6.91
224. 0
225.2
226.8
227. 5
229. 0
230. 9
232.2
234. 3
234.9
237.3
239. 5
107.8
107. 3
107.0
106. 3
105.8
105. 6
105. 1
104.9
104. 1
104.1
103.8
8.4
8.2
8. 0
7.8
7.8
7.9
8. 1
8.2
7.7
8.2
8.4
— 1. 4
-2.0
-2.4
-2.8
-3.0
-3.3
-3.5
-3.6
-4. 1
—4. 1
— 4. 4
35.6
35.4
40.3
40. 1
3.2
3. 1
6.42
6.45
6.92
6.97
240.3
242. 2
102.7
102. 1
8.0
8. 1
-5. 2
-5.3
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total private nonagricultural l
Period
Current
dollars
1971. _ _ _
1972
1973. .
1974_
___
1975
1976
1977.
1978- . .
1979
1979: Feb _
_ _
Mar
Apr
May
June
«/^j
July
Aug .
Sept
Oct. _
Nov
_
Dec
1980: Jan 9
Feb 9
1
8
$127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 91
214. 20
216. 84
213. 21
217. 41
218. 23
220. 01
221. 43
223. 48
223. 57
225. 98
228. 12
228. 55
228. 33
Manufacturing
1967
dollars s
$104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104.30
101. 02
103. 13
103. 31
100. 57
101. 55
100. 85
100. 60
100. 24
100. 04
99. 10
99.16
98. 88
97.67
96.26
Construction
Wholesale
and retail
trade
Current
dollars
Current dollars
$142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
264. 31
266. 34
256. 50
267. 33
267. 87
270. 14
270. 27
272. 56
274. 16
275. 09
277. 78
278. 88
279. 50
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
Be vised index for urban wage earners and clerical workers used beginning 1978.
$211.67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 32
341. 69
331. 60
335. 01
323. 41
341. 32
341. 87
341. 14
346. 70
352. 13
343. 31
347. 76
353. 56
353. 43
354. 89
Percent change from a
year earlier,
total private nonagricultural *
$101. 09
106. 45
111. 76
119. 02
126.45
133. 79
142. 52
153. 64
164. 96
160. 23
162. 19
163. 67
163. 00
163. 98
165. 28
165. 75
166. 91
167. 56
169. 71
170. 50
171. 72
170. 98
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
8.0
9.4
8.6
5.6
7.8
7.2
7.2
7.8
8. 1
7. 1
7.4
7.5
7.2
6.8
1967
dollars
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.2
.2
-3. 1
-.5
-1.6
-4.6
-2.8
-3.4
-3.9
-3.8
-3.8
-4.8
-4.8
-5. 1
-5.9
-6.5
4
Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
59-970 0 - 8 0 - 3
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
persons
Output 1
Output per hour
of all persons
Compensation
per hour 3
Unit labor
costs
Implicit price
deflator <
Pri-
NonNonPriNonNonPriNonNonPrivate
Private
Private
farm
vate
farm
vate
farm
farm
vate
farm
farm
business business
business business
business business
business
business
business
business
business
business
sector
sector
sector
sector
sector sector
sector sector sector sector
sector
sector
Period
1967=100; quarterly data seasonally adjusted
1967—
1968 _
1969
100.0
105. 1
108. 3
100. 0
105.3
108.5
100. 0
101. 8
104. 6
100. 0
102. 1
105.5
100. 0
103.3
103. 5
100.0
103. 2
102. 9
100. 0
107. 6
114.9
100. 0
107.3
114. 1
100.0
104. 1
111. 0
100. 0
104.0
110. 9
100.0
103.9
108.8
100. 0
104. 0
108. 7
1970
1971
1972 __
1973
1974 ___
107. 3
110.3
117. 5
124.4
121.4
107.4
110.2
117.8
124.9
121.8
103.0
102.4
105. 5
109. 6
110.3
104. 2
103. 8
107.0
111.5
112. 3
104. 2
107.7
111.4
113. 6
110. 1
103.0
106. 2
110. 1
112.0
108.5
123. 1
131.4
139.7
151.2
164.9
121. 7
129. 9
138.4
149. 2
162.8
118. 2
122.0
125.4
133. 1
149.8
118. 1
122. 3
125.7
133.2
150.0
113.9
118. 9
123.2
130. 3
143. 1
114. 0
119.2
122.9
127.9
141. 4
1975
1976
1977
1978
1979 *
118.7
126.4
133. 8
140. 7
144. 1
118. 8
126.9
134.3
141. 5
144.9
105. 6
108.6
112. 8
118. 1
121.9
107.4
111.0
115.6
121. 1
125.4
112.4
116.4
118.6
119.2
118. 1
110.5
114.4
116. 2
116.8
115.5
181.3
197.2
213.0
231.2
252.8
178.9
193.8
209.3
227. 3
247.6
161.3
169.4
179.6
194. 0
214.0
161.8
169.4
180. 1
194. 5
214.3
157.5
165.5
174. 8
187.2
203.8
156.4
164.8
174.5
186. 1
202. 2
136.9
140. 3
141.8
144.0
137.3
141. 1
142. 7
145.0
115.6
117. 9
118.4
120. 2
118.4
121. 1
121. 6
123.4
118.4
119. 0
119.7
119.8
116. 0
116.5
117.3
117. 6
224. 2
228. 5
233.6
238.4
220.6
224.6
229.4
234.3
189.4
192. 1
195.2
199.0
190. 2
192.7
195. 6
199.3
180.9
185. 8
188.9
192. 9
180. 2
184. 7
187.8
191. 4
144. 4
143.4
143. 8
144.7
145.5
144.2
144.6
145.5
121. 5
121. 3
122.0
123.0
124. 8
124.9
125.7
126. 3
118.9
118. 2
117.8
117.6
116.6
115.4
115.0
115. 1
244. 8
250.3
255.6
260. 1
240. 2
244.8
249.9
255.4
205.9
211. 7
217.0
221. 1
206. 0
212. 1
217.3
221. 8
197.2
202. 0
206. 1
210.0
195. 1
200.3
204. 7
208.6
1978: I _
II.
III
IV
1979: I
II
III
IV ".___
Percent change; quarterly data at seasonally adjusted annual rates
2.0
5. 1
3.0
1.9
5.3
3.0
-0.0
1.8
2.8
0.2
2. 1
3.4
2.0
3. 3
.2
1.6
3. 2
-.3
5.3
7.6
6.8
5.5
7.3
6.3
3.3
4. 1
6.6
3.8
4.0
6.7
2.9
3.9
4. 7
3. 3
4. 0
4. 5
1970
_ _
1971___
1972
1973
1974
_ 9
2.8
6. 6
5.9
-2. 4
-1. 1
2.6
6.9
6.0
-2.5
-1.6
-. 6
3.0
3.9
.7
-1.2
—.4
3. 1
4. 2
.7
.7
3.3
3.5
1. 9
-3.0
.1
3. 1
3.7
1.7
-3. 1
7. 1
6. 7
6. 3
8.2
9. 1
6.7
6. 7
6. 5
7.8
9. 1
6.4
3.3
2.8
6.2
12.5
6.5
3.5
2.8
6.0
12. 7
4. 7
4.4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10. 5
1975
1976 _ . _ _ 1977_
1978___
1979 v
-2.3
6.5
5.8
5. 2
2.4
-2.5
6.9
5. 8
5.4
2.4
-4.3
2.9
3.9
4.7
3.3
-4.3
3.3
4. 1
4.8
3.5
2. 1
3.5
1.9
.5
-.9
1.9
3.5
1. 6
.5
-1. 1
9.9
8.8
8.0
8.5
9.3
9.9
8.3
8.0
8.6
8. 9
7. 7
5.0
6.0
8.0
10. 3
7.9
4.7
6.3
8.0
10. 2
10. 1
5.0
5.6
7. 1
8.9
10.6
5.4
5.9
6.6
8.6
2. 4
10.5
4. 2
6.4
2.7
11. 5
4.5
6.8
3. 9
8.4
1.7
6. 1
3.6
9.4
1.8
5.9
-1. 5
2. 0
2. 4
.3
Q
. &
1. 9
2.7
.8
10.9
7.9
9. 2
8.5
11.4
7.5
8.8
8.8
12. 6
5.8
6.6
8. 1
12.4
5.4
6.0
8.0
5.3
11. 2
6.9
8. 7
4.4
10. 2
7.0
7.8
1. 2
-2.9
1. 1
2. 7
1.2
-3.6
1.2
2.5
4. 4
-.7
2.4
3.3
4.6
.5
2.6
1.9
-3.0
-2.2
-1.3
-.6
-3.2
-4. 1
-1.4
.5
11. 1
9.3
8.8
7.2
10. 4
7.9
8.5
9.2
14. 6
11.8
10.3
7.8
14. 0
12.5
10. 1
8.6
9.3
10. 1
8.3
7.8
8. 1
11.0
9.0
7. 9
1967
1968___
1969
_
1978: I
II _
III
IV _
1979: I _
II_ _ _
III
IV »„..
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
4 supplemental payments for the self-employed.
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND
ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production edged up 0.2 percent in February, largely reflecting increased output of autos, trucks, and parts
from very low January levels.
INDEX, 1967=100*
INDEX, 1967=100*
(RATIO SCALE)
160 -TOTAL INDUSTRIAL PRODUCTION-
180
I mi |TIF^
(RATIO SCALE)
AND MINING PRODUPTIOM
SB
fV"— *~
160
140
X
—-'
UTILITIES
140
120
-
/~"v**
120
i 11 i i I i 11 i i
100
1977
1976
180
I 11 i i I i i i i i
1978
1979
^/
/
^v
MINING
1980
MANUFACTURING PRODUCTION
100
i 1 1 1 1 1 1 1 1 ii
Hinlini,
1976
1977
1978
IHlllM.M
1979
11 1 I 1 I 1 1 1 11
1980
NONDURABLE
160
PERCENT* (RATIO SCALE)
100
140
MANUFACTURING CAPACITY UTILIZATION RATE
90
DURABLE
120
70
100
I I I j I I! I i I
1977
1976
1979
1978
1980
1976
i i i i i I i 11 i i
1977
1978
1979
1980
* SEASONALLY ADJUSTED
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total industrial
production
Percent
Index,
1967= change
from
100
year
earlier
100. 00
8.4
129.8
129. 3
-.4
117.8
— 8. 9
130.5
10.8
138.2
5.9
146.1
5.7
152. 2
42
Period
1967 proportion
1973
1974
1975.
1976 —
1977... __
1978
1979
1979: Feb.
MarApr
May
June _
July
Aug
Sept.
Oct
NOV__:
Dec
1980: Jan *
Feb*
1
8
8
_
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing
Total
Durable
Nondurable
Mining
Utilities
87. 95
129.8
129.4
116.3
130.3
138.4
146.8
153. 2
51. 98
127. 1
125.7
109.3
122. 3
130.0
139.7
146.3
35.97
133.8
134.6
126. 4
141. 8
150.5
156. 9
163.2
6. 86
114 7
115.3
112.8
1142
118. 2
1240
125. 3
5.69
145.4
143. 7
146. 0
151.7
156. 5
161.4
166. 1
87.6
83.8
72.9
79.5
81. 9
844
85.7
91.8
87. 1
73.4
81. 1
82.7
85.6
87.2
152.0
153.0
150.8
152.4
152. 6
152.8
151. 6
152.4
152.2
152. 1
152. 2
8.3
7.7
4.4
5.2
4.4
3.9
2.4
2.6
1.7
1.0
.3
153. 3
154.5
151. 6
153. 8
153.9
154. 1
152.4
153. 5
153.2
153.0
152.6
147.2
148.6
144.6
147.6
147. 6
147.2
144.2
145.9
145.7
145.0
144. 4
162.0
163. 0
161.7
162.8
163.0
164. 1
164.3
164.6
164.0
164.5
164.5
120. 9
122.3
122. 7
122.8
123.9
124.7
126.4
125.8
128. 1
130.0
131.8
167.7
167. 1
167.4
166.5
1642
164 8
165.5
165.3
166. 1
167.4
167.7
86.7
87. 1
85.3
86.3
86.2
86. 1
84.9
85.3
84.9
84 6
84.2
87.8
88.3
87.0
87.4
87.6
87. 9
86.9
86.8
86.6
86.4
86. 0
152.7
153.0
.8
.7
153. 1
153.4
144.6
145. 1
165.4
165.5
133. 1
132.4
167.6
168. 4
842
842
86. 3
86. 1
Output as percent of capacity.
Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Manufacturing capacityl utilization
rate, percent
Federal Reserve
series
ComWharTotal
merce2
ton
Mate- series
manuseries '
rials
facturing
86
83
77
81
83
84
83
93.0
90.4
79.6
85.8
88.5
91.4
93.0
84
940
83
93.2
82
92.7
81
92. 1
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Products
Final Products
Total
NonDurable durable
goods
goods
Total
1967 proportion .
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 v
Equipment
Consumer goods
Period
. _
_ .
1979: Feb
Mar
Apr
May
June
July
Aue
Sept
Oct . _ .
Nov
Dec
1980* Jan *>
Feb p
47.82
105.3
106.3
115. 7
124. 4
125. 1
118.2
127.6
135.9
142. 2
147.0
146.8
148.2
145.4
147. 8
147.6
147. 1
145. 6
147. 2
146. 8
146. 6
146.9
146. 9
147.9
7.89
106. 1
118. 8
133.8
146. 2
135. 3
121.4
141. 9
154. 0
159. 2
155. 5
161. 1
163.6
151. 6
160. 5
158. 6
157. 2
147. 5
151. 8
152. 6
149. 2
146.7
142. 4
146. 6
27. 68
109.0
114. 7
124.4
131. 5
128.9
124. 0
137. 1
145. 3
149. 1
150.5
151.5
152.9
149. 1
152.0
151. 8
150.8
148. 2
149.7
149. 7
148. 9
148.3
147.8
149. 2
Intermediate
products
19. 79
110. 1
113. 1
120.6
125. 6
126. 3
125. 1
135. 2
141. 9
145. 1
148. 4
147.7
148. 6
148. 0
148. 7
149. 1
148. 2
148. 5
148.9
148.6
148. 7
149.0
149.9
150. 2
Materials
Construction
supplies
Total
Business
Total
20. 14
100. 1
94. 7
103.8
114. 5
120.0
110.2
114. 6
123. 0
132.8
142.2
140.4
141. 7
140. 4
141. 9
141. 9
142. 1
141. 8
143.9
142. 9
143. 6
145. 1
145. 8
146. 1
IS. 68
107. 0
104. 1
118.0
134. 2
142. 4
128. 2
135. 4
147. 8
160.3
171.3
169.0
170. 8
168.7
171.4
171. 5
171.4
171.5
173.6
172. 0
172.5
174. 2
175. 2
175.7
12.89
112.9
116. 7
126. 5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160. 0
161.4
160.4
159.7
159. 5
159.5
159.4
160. 6
159. 8
159.8
159.8
159.7
160.3
159.9
6. 42
111. 0
116. 8
128. 4
139. 8
134. 5
116. 3
132. 6
140. 6
151.7
156.9
159.3
157. 1
156. 0
156.4
156. 3
156.4
157.3
156,3
156. 8
156. 7
155. 7
156. 7
155. 5
39. 29
109. 2
111. 3
122.3
133.9
132.4
115.5
131. 7
138. 6
148. 3
156.0
155. 2
156. 3
154.5
155. 7
156. 5
157.6
156.0
156. 3
156.3
156.4
156. 1
157. 2
157. 1
Suppleraentary
group:
Energy
total
12. 2S
117.0
119. 5
125.2
128.3
125. 5
125. 5
129. 1
132.9
135. 4
137. 8
137. 5
138. 4
138. 7
137. 6
137.2
137. 1
136.8
136.8
137.2
139. 0
139.0
139.9
139. 7
[1967=100, seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1967 proportion
1970___
1971 —
1972___
1973
1974__
1975. __
1976
1977___
1978__
_.
1979
1979: Feb _
Mar
Apr
May
June.
July___
Aug.
Sept
Oct
Nov
Dee
1980: Jan *
^
of
6. 57
106. 6
100.2
_ 112. 1
126. 7
123. 1
96.4
109. 7
111. 1
119.9
121.2
120. 4
123. 7
121. 7
121. 0
124.3
127. 1
121. 0
121. 7
118. 0
117. 2
115. 4
110. 2
^ 14 6
of
Iron
and
steel
4. 21
104. 7
96. 1
107. 1
122. 3
119.8
95. 8
104.8
103. 8
113. 2
113.2
110.8
116. 2
115. 8
114.3
118. 1
119. 0
112. 0
115.0
108.2
108. 0
106. 6
107. 6
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
5. 93
102.4
103.5
112. 1
124. 7
124. 2
109. 9
123. 9
131. 0
141. 6
148. 5
150.8
150. 2
148. 8
150. 3
149.3
149. 3
147. 6
146.5
147. 5
146. 9
146. 0
146. 0
146. 2
9. 15
104. 4
100.2
116. 0
133. 7
140. 1
125. 1
134. 5
143.6
153. 6
163.6
162. 9
164.0
161. 8
164. 3
164.5
165.3
166. 2
165. 1
162. 3
162. 8
162.9
165. 9
165. 0
8.05
108. 1
107. 7
122. 2
143. 1
143.8
116.5
134.8
145.4
159. 4
175.0
173. 2
174. 2
170. 6
174.7
175. 1
174. 4
171. 7
176, 7
177. 3
179. 5
181. 2
182, 7
182. I
Nondurable manufactures
Transportation
equipment
Total
Motor
vehicles
and
parts
9. 27
89. 5
97.9
108.2
118. 3
108. 7
97.4
111. 1
122. 2
132. 5
135.2
139. 9
143. 7
131. 6
141. 9
139.4
135. 5
124. 7
131. 7
133. 7
128. 2
125. 6
122. 2
127. 9
4.50
92. 3
118. 6
135. 8
148. 8
128.2
111. 1
142. 0
161. 1
169.9
159. 9
173. 1
179.7
156. 0
176.3
169. 6
160. 2
138. 5
150. 6
150.6
139. 9
134. 6
127. 8
139. 0
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
1.64
105. 6
113.8
120. 8
126. 0
116. 2
107. 6
123.2
131. 2
136. 3
136. 9
137.2
137. 7
137. 2
136. 1
136.8
135. 2
138. 0
138.6
138.7
136. 1
131. 7
130, 7
S. 31
101. 4
104. 7
109.4
117. 3
114. 3
107.6
125. 7
134.2
134. 2
130. 7
133. 5
136.5
130. 8
128. 2
132.0
129. 7
130. 1
131.2
128.5
128. 8
128. 3
4. 72
107. 0
107. 1
112. 7
113. 2
118.2
113. 3
122. 5
127.6
131. 5
136. 9
138. 2
137. 3
135. 7
136. 8
136.9
135.6
137. 7
137. 1
137.2
136.2
137.8
138. 4
138 2
7. 74
120.4
125. 9
143.6
154. 5
159. 4
147.2
170.9
185.7
197.4
210. 4
208. 6
207. 4
207. 7
209. 7
207. 8
210. 5
213. 1
212. 0
211. 4
215. 1
216. 0
216. 8
Foods
8.75
108. 9
112.8
116.8
120. 9
124.0
123. 4
133.0
138. 8
142. 7
147.8
145.5
147. 6
147. 0
149. 2
149. 5
149. 4
148. 1
148. 8
148. 6
148. 3
148. 3
149 5
NEW CONSTRUCTION
Construction contracts1
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial and
industrial
New
housing
units
Total l
Other
Federal ,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Billions of dollars
1973
1974
1975 _ _ _
1976
1977
19781979 »
_
_
59.7
50.4
46. 5
60.5
81.0
93.4
97.2
105.4
100. 2
93.7
111. 9
135. 8
160.4
178.2
137.9
138.5
134. 5
151. I
174.0
206.2
226,9
50. 1
40.6
34. 4
47.3
65.7
75.8
77.2
21. 7
23.8
20. 8
19. 9
22.5
29.6
38. 7
24. 0
25.9
26.4
31.5
32.4
37.4
42.4
32. 5
38. 3
40.9
39. 1
38. 2
45.8
48.7
Seasonally
adjusted
Seasonally adjusted annual rates
1979: Jan
Feb
Mar
Apr
_
Mavxvj.cn jr
- -June_
July
. .
A •>
Aug .
Sept
Oct v
Nov
Dec v
1980: Jan*
212.3
210.9
216.7
216.4
223.4
224.3
231. 1
230.3
232. 6
238.4
237.4
242.2
246. 1
165. 9
169.3
172.7
171.9
175.0
178.3
180. 1
180. 6
181. 6
185.6
185. 5
190. 1
189. 1
73.6
77.2
75.9
76. 0
75.7
77.7
77.7
78. 3
79. 1
78. 3
77.8
78.7
78.0
93.7
97.8
96.5
95.7
95.2
96. 9
97.0
97. 5
99.0
99.2
99. 1
100.3
99.3
* Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
3 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
32. 5
32.4
36. 2
35.5
38. 1
39.5
40. 3
39.6
39.4
41.7
41.9
44. 1
45. 1
109. 2
103. 0
101.9
121. 0
153.6
173. 1
182. 9
39.6
39. 2
40. 0
40.7
41. 7
41.9
42. 7
43. 5
43.2
44.6
44.5
45.7
44.7
195
231
200
202
178
177
181
163
185
171
156
183
190
46.4
41. 6
44. 0
44. 5
48.4
46. 0
51.0
49.7
50. 9
52.9
51. 8
52. 1
57. 0
1, 010
840
555
592
739
977
1,050
Seasonally
adjusted
annual
rates
1,062
1,266
1,233
1,123
1,045
1,009
1, 062
1,006
1, 106
1, 118
1,010
969
1, 253
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
1972
1973
1974
1975_____
1976
_
1979 »
1979__ _
Apr
May
June__
July
Aug
Sept
Oct
Nov v
Dec
v
Feb »
1
»1
N ew
__
2-4
units
5 or more
units
New private homes
Units
authorized
Units
completed
Homes
sold
Total
1 unit
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 309. 2
l f 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
141.3
118.3
68. 1
64. 0
85.9
121. 7
125.0
122. 0
906.2
795.0
381. 6
204.3
289. 2
414.4
462. 0
429. 0
2, 218. 9
1, 819. 5
1, 074. 4
939,2
1, 296. 2
1, 690. 0
1, 800. 5
1, 537. 3
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 2
718
634
519
549
646
819
817
712
1,469
1,800
1, 750
1, 801
1,910
1, 764
1,788
1, 874
1,710
1, 522
1, 548
1,424
1,334
997
1,275
1,273
1,229
1, 276
1, 222
1,237
1,237
1, 139
980
1, 055
1,006
774
93
119
113
120
123
130
152
123
129
114
110
131
112
379
406
364
452
511
412
399
514
442
428
383
287
448
1,425
1,621
1,517
1, 618
1,639
1, 528
1, 654
1,775
1,542
1,263
1, 244
1, 264
1, 163
1, 902
1,935
1, 964
2, 007
1,837
1,776
1, 747
1,963
1,819
1,831
1,875
1, 763
715
761
730
713
698
768
738
716
674
594
570
594
in last
March 1979.
of
Homes for
sale at
end of!
period
409
418
346
313
353
402
414
401
3
412
423
423
430
418
416
414
412
407
401
401
400
Vacancy
rate for
rental
housing
units
(percent)2
5.6
5.8
6. 2
6.0
5.6
5.2
5.0
4.8
5.0
5.2
5. 0
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 3% percent in January while inventories increased $3.8 billion. According to the advance survey/
retail sales fell % percent in February following increases of 3 percent in January and 1 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
600
140
(RATIO SCALE)
130
550
120
500
110
TOTAL BUSINESS
INVENTORIES
450
RETAIL INVENTORIES
100
400
90
350
80
RETAIL SALES
70
300
60
250
50 200
40
1976
1977
1980
1979
1978
RATIO*
1.80
150 —
1.70
__ INVENTORY-SALES RATIO
1.60
_
TOTAL BUSINESS
1.50
1.40
1.30
100
1980
^""'"'^'L'""*']inn^^^^y^^
RETAIL
-
i i i i i Ii i i ii
1.20
1976
.tWH*«"O-
ȣ>
1976
I 1 i I1 I 1 1 1 1 1
1977
1978
i i i i i Ii i i ii
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business l
Retail
Wholesale
Sales2
Period
Sales2
i i i i i Ii i i ii
1980
Inventories3
Inven-3
Sales 2 tories
Total
Inventories
DurNonable durable Total
goods goods
stores stores
Inventory -sales
ratio 4
Dur- Non- Total
able durable busigoods goods ness]
stores stores
Retail
Millions of dollars, seasonally adjusted
1972
1973
1974 _ _
1975
1976
1977
1978
1979
1979: Jan
Feb
Mar_
Apr
May.
June
July
Aug
Sept
Get
Nov._
Dec
1980: Jan*
Feb*
_ _
130, 049
152, 237
175, 741
180, 263
202, 001
224, 786
254, 297
288, 449
274, 179
275, 088
285, 205
276, 134
286, 918
283, 682
289, 629
292, 991
296, 362
298, 623
298, 969
302, 481
312, 372
203, 161
234, 162
285, 518
285, 035
310, 736
337, 190
380, 351
427, 405
385, 201
389, 140
392, 632
398, 548
402, 418
407, 434
414, 433
418, 265
419, 203
423, 617
426, 562
427, 405
431, 242
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 611
67, 585
67, 860
70, 657
70, 402
72, 338
72, 629
74, 778
75, 588
76, 495
77, 489
78, 407
78, 947
80, 929
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 920
81, 498
82, 700
83, 558
84, 632
84, 904
85, 406
87, 662
88, 474
88, 499
89, 146
89, 324
89, 920
90, 766
37, 422
42, 461
45, 083
49, 013
54, 784
60, 435
66, 741
73, 837
71, 293
71, 266
72, 045
71, 606
72, 292
72, 093
73, 121
74, 871
76, 666
75, 583
76, 421
77, 150
79, 523
78, 989
' The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
1
3
4
20
12, 369
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
25, 577
25, 367
25, 705
25, 129
25, 319
24, 718
25, 247
26, 137
27, 048
25, 656
25, 679
25, 943
27, 320
27, 009
25, 054
28, 052
30, 965
33, 766
36, 633
39, 711
43, 283
48, 158
45, 716
45, 899
46, 340
46, 477
46, 973
47, 375
47, 874
48, 734
49, 618
49, 927
50, 742
51, 207
52, 203
51, 980
55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 538 50, 100
109, 630 53, 087
102, 795 51, 244
102, 798 51, 320
103, 485 51, 648
104, 738 52, 423
106, 429 53, 611
107, 689 54,413
110, 211 55, 829
110, 654 55, 876
109, 287 54, 068
111, 021 54, 523
111, 079 54, 415
109, 630 53, 087
108, 474 52, 099
30, 841
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
56, 543
51, 551
51, 478
51, 837
52, 315
52, 818
53, 276
54, 382
54, 778
55, 219
56, 498
56, 664
56, 543
56, 375
1.50
1.43
1.47
1.58
1.48
1. 45
1.41
1.41
1. 40
1.41
1. 38
1. 44
1. 40
1. 44
1. 43
1.43
1.41
1.42
1.43
1. 41
1.38
1. 40
1.40
1.48
1. 44
1.38
1.39
1.43
1.45
1.44
1. 44
1.44
1. 46
1.47
1. 49
1. 51
1.48
1.43
1.47
1. 45
1. 42
1. 36
NOTE.—Series revised.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' orders, shipments, and inventories continued to rise in January. Accordins to advance data, durable
goods shipments and new orders rose again in February.
BILL! DNS OF DOLLARS* (RATIO SCALE)
180
160 " SHIPMENTS
°
TOTAL
140
'
4
_
\^^
-
120
1
-
_^X*j^~~^1
100
I
DURABLE GOODS
\—i
\~-
* •—•*""""
.x^*"*
„+"*"*''
^
'"
-
'
r-^--—
_-—-
--- — *"'
-""\
NONDURA JLE GOODS
\
80
"
-
VH
-
~~/^
^X1
100
DURABLE C OODS
80
,'--.'^'
' '
~^. ._
"
•— *" ^""~\
i i i i i I i i i i i i i i i i I i i i i i M i Mh i i i i i i t i i i i i i i i
RAT o*
2.2
1976
1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 i i i ii i i i i t 1 i i in , , . , , ! , , , , , , , , , , ! , , , , ,
1979
1978
1 1 1 1 1 | 1 1 1 ! 1
1980
1979
INVENTORY-SHIPMENTS RATIO
-
^
^^^^"^"""""Xi
^""^l^-^
1.4
1977
1978
1977
2.0
1.6
NONDURABl E GOODS
40
1976
-
1.8
.^~'"
,-'*
*
-
S~~
60
NONDUR/ KBLE GOODS
40
r
^v^— 1
^ ^\^s^
120
-
~~
-
i i : i i I i i i i i i i i i i I i i i ii i i i i i | i i i ii
BULKDNS OF DOLLARS* (RATIO SC:ALE)
180
irjppc
160 ^NEW OF
^UtH~
TOTAL
140
-
DURABLE GC ODS
-
60
1 1 1 1 1 1 1 1 1 1 I
-
-
100
40
1 11I 1111111
-^^
120
60
t,*^— —— ""
_——~~~~"
160
80
ff
BILLIC3NS OF DOLLARS * (RATIO SCALE)
280
240 ~ INVENTORIES
TOTAL
\
200
1.2
1 1 Ml
1980
1 1 1 1 II
1976
i i i Ii I I M ii
1977
1 | 1 1 1 I I1 M 1
1 1 1 1 1 I 1 1 1 M
1978
i i i i i 1 1 i i ii
1979
1980
* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments
Period
1973
1974
1975
1976
1977
1978
1979
_
_
1979: Feb.—
Mar _ _
Apr__
May__
June__
Juiy_._
Aug.__
Sept _
Oct___
Nov...
Dec___
Total
l
NonDurable durable
goods
goods
Manufacturers' inventories
Total
Manufacturers' new orders 1
2
NonDurable durable
goods
goods
Total
Durable goods
ManufacCapital
Nonturers'
goods
indus- durable unfilled3
Total
goods orders
tries,
nondefense
72, 954
84, 821
86, 617
98, 810
110,842
124, 714
141, 000
39,
44,
43,
50,
58,
66,
73,
703
253
678
697
010
505
981
33,
40,
42,
48,
52,
58,
67,
251
568
939
113
832
210
019
124,
157,
158,
170,
179,
198,
227,
Millions of dollars, seasonally adjusted
672 81, 426 43, 245 76, 183 42, 853
915 101, 866 56, 048 87, 157 46, 740
178 101, 766 56, 412 85, 082 41, 957
156 109, 095 61, 061 99, 184 51, 047
981 115, 552 64, 430 112,451 59, 562
041 129, 226 68, 816 128, 488 70, 145
855 151, 376 76, 479 144, 335 77, 215
135,
142,
134,
142,
138,
141,
142,
143,
145,
144,
146,
73,
76,
70,
75,
72,
73,
74,
74,
75,
73,
74,
646
855
996
698
629
585
416
012
570
657
118
62,
65,
63,
66,
66,
68,
68,
69,
69,
70,
72,
316
648
130
590
331
145
116
189
981
484
266
203,
205,
209,
211,
214,
216,
219,
221,
223,
226,
227,
642
589
178
085
339
560
137
417
450
159
855
962
503
126
288
960
730
532
201
551
141
384
1980: J a n _ _ _ 151, 920
Feb
77, 817
79 562
133,
135,
137,
139,
141,
143,
144,
145,
148,
150,
151,
994
278
903
502
700
369
966
927
042
332
376
74, 103 232, 002 153, 799
' Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
** l^annSptriods, ratio of weighted average inventories to average monthly
69, 648
70, 311
71, 275
71, 583
72, 639
73, 191
74, 171
75, 490
75, 408
75, 827
76, 479
144,
148,
139,
143,
142,
140,
142,
147,
146,
146,
149,
036
586
332
594
269
508
664
154
640
569
758
81, 312
83, 088
76, 099
77, 027
75, 820
72, 545
74, 029
77, 560
76, 663
75, 417
77, 751
78, 203 156, 131 82, 033
82, 639
11,
12,
10,
12,
15,
18,
21,
Manufacturers'
inventory—
shipments4
ratio
089
737
772
501
084
308
643
33,
40,
43,
48,
52,
58,
67,
330
417
125
137
889
343
120
159,
187,
169,
173,
193,
238,
278,
468
574
126
646
150
652
846
1. 58
1. 65
1. 83
1.66
1. 59
1.52
1. 52
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
20, 737
21,815
20, 999
21, 419
22, 860
62,
65,
63,
66,
66,
67,
68,
69,
69,
71,
72,
724
498
233
567
449
963
635
594
977
152
007
253, 187
259, 267
264, 479
265, 782
269, 086
267, 863
267, 994
271, 946
273, 047
275, 471
278, 846
1. 50
1. 44
1.56
1.48
1.54
1. 53
1. 54
1. 55
1. 54
1.57
1. 56
23, 865 74, 098 283, 057
21, 588
1. 53
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source:
Department of Commerce, Bureau of the Census.
PRODUCER PRICES
PRICES
In February the producer price index for all finished goods rose 1.5 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.5 percent and prices of other finished consumer goods rose 2.9 percent. Prices of capital equipment increased 0.7 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
140
140
120
120
100
100
1972
1980
1973
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Intermediate
Crude materials
materials
Total
conFoodsumer
Consumer goods
CapiFoods
stuffs
finished Total and l Other Total and Other
Non- tal
DurTotal able
dur- equip- goods
feedfeeds
able ment
stuffs
113.4 113.2 113. 6 119. 5 116.6 118. 7 118.5 118. 9 127.6 127.5 128.0
118.5 115.8 120.5 123. 5 129.2 131. 6 168.4 128. 1 174. 0 180, 0 162.5
138.6 126.3 146. 8 141.0 149.3 162.9 200.2 159.5 196. 1 189.4 208. 9
153. 1 138.2 163. 0 162. 5 163.6 180.0 195.3 178. 6 196.9 191.8 206.9
161.8 144.4 173. 3 173. 2 169. 0 189.3 186. 6 189.5 205. 1 190. 1 233.6
L72. 1 152. 2 185.4 184. 5 178.9 201.7 191.0 202.4 214.3 190. 9 258.4
183.7 165.8 195.4 199. 1 192.6 215.5 201.0 216. 4 240. 1 215.3 286.7
208. 1 181.5 225.8 216.6 215.5 242. 7 223. 2 243.8 282. 2 247. 1 348.3
195.2 176.2 207.6 210. 3 206. 1 229.2 218.3 229.9 269. 1 241.7 320.6
197. 3 177.0 210.6 211.6 208.4 231. 6 216.5 232.5 274.2 245.7 328.0
199.7 178.4 213. 7 214. 0 209. 7 235.0 216. 7 236.2 273. 2 244. 6 327. 1
202.4 179.5 217.5 215.0 210.8 237.3 217.0 238.6 275. 1 242. 8 336.0
205.3 180. 6 221. 7 216.4 212.0 239.7 218.0 241.0 278.4 242.9 345.5
208.7 182. 0 226.6 218.2 214.8 243.6 227.2 244.6 284.6 250. 1 349. 7
212.3 182.0 232.7 217.9 218.3 247. 1 229.3 248. 2 285. 2 248.8 354.0
216.4 184. 7 237.8 219.5 222.2 250.7 230.4 251.9 291.4 252.3 365.4
220.4 187.7 242.6 221.4 224.8 255.0 231.2 256.5 294. 5 252. 6 373.7
222. 1 187.9 245. 2 222.8 227.4 257.0 230.6 258.6 298.3 255. 1 380. 1
225.2 191.0 248. 3 224. 5 229.6 259.9 231. 2 261.7 302.2 255.8 390. 2
231.5 197.2 254.7 228.2 233.2 267. 1 224. 9 269.6 299.5 246.0 401.0
238. 2 200. 7 263.5 229.8 237.3 272.0 237.3 274. 2 307.4 251.3 413.8
Finished goods excluding
consumer foods
Period
1972__ ._
1973
__
1974.
1975-__
1976
1977.
1978- _
1979_ _
1979: F e b _ _ _
Mar
Apr
May
June
July__
Aug
Sept
Oct
Nov_
Dec___
1980: J a n _ _ _ _
Feb
Total
finConished sumer
goods foods Total
117.2
127.9
147.5
163.4
170.3
180.6
194. 6
215.9
207.4
209.4
211. 1
212. 1
213.4
215.9
218.3
221.5
223.9
226. 2
228.3
231.9
235.3
121. 7
146.4
166.9
181.0
180. 2
189. 1
206.7
226. 3
223.9
226.7
225.8
223.5
221. 3
222.8
226.2
229. 3
229. 1
233.5
233. 9
232.0
230.9
115.4
120. 1
139.3
156.2
165. 5
176. 2
188. 9
210.6
200.2
202. 0
204.4
206. 5
208.8
211. 6
213.7
216.9
220. 1
221. 7
224. 2
229.6
234.3
1
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
NOTE.—Data revised for October 1979.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In February,
consumer price index for all
Food prices rose 0.5 percent (were about
(1.7 percent
services
1.4
1.4
seasonally adjusted). Nonfood commodity
rose 1.6
up 1.5
1.5 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967 =100 (RATIO SCALE)
140
120
120
100
100
1972
1974
1973
1975
1977
1976
1978
1979
1980
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1972
1973 .
1974__
1975
1976
1977
1978
1979
All
items
Food
Commodities
less
food
125. 3
133. 1
147. 7
161 2
170. 5
181. 5
195. 4
217. 4
123. 5
141. 4
161. 7
175 4
180. 8
192. 2
211. 4
234. 5
119. 4
123. 5
136. 6
149 1
156. 6
165. 1
174. 7
195. 1
Commodities less food
Food
Services
commodities
All
Food
at
home
Food
away
from
home
All
133. 3
139. 1
152. 1
166. 6
180. 4
194. 3
210. 9
234. 2
120. 9
129. 9
145. 5
158. 4
165. 2
174. 7
187. 1
208. 4
123. 5
141. 4
161. 7
175. 4
180. 8
192.2
211.4
234. 5
121. 6
141. 4
162.4
175. 8
179. 5
190.2
210.2
232. 9
131. 1
141.4
159.4
174. 3
186. 1
200. 3
218.4
242.9
223. 3
225. 1
227.0
229. 5
232. 1
234.7
237.6
240.7
243. 6
246.2
249.3
253. 1
256. 8
199. 2
201.3
203.4
205.3
207. 4
209.6
211.5
214. 0
215. 8
217.9
220.4
223. 5
226. 1
228.4
230.6
232. 0
233.5
234.2
235.3
235.5
237. 9
239.8
241.4
244. 8
244. 8
244.7
227.6
229. 9
231.0
232. 1
232.4
233. 0
232.5
235.4
237. 1
238. 5
242.3
241.8
240. 9
233. 6
235. 9
238.0
240.4
242. 2
244.3
246. 1
247.5
249. 9
252. 0
254.4
256. 9
258.6
Services
Durable
Nondurable
119. 4
123. 5
136. 6
149. 1
156. 6
165. 1
174.7
195. 1
118. 9
121. 9
130.6
145.5
154.3
163.2
173.9
191. 1
119. 8
124.8
140.9
151.7
158.3
166.5
174.3
198.7
133.3
139. 1
152. 1
166. 6
180.4
194.3
210.9
234.2
184.7
186. 8
189. 1
191. 1
193.7
196.2
198.7
201. 2
202.9
205. 1
207.3
211.5
215.2
184.8
185.8
187.3
188.5
190. 0
191.5
193. 1
194.2
195. 7
198.4
200. 3
202. 5
203. 5
183. 1
186.6
190.0
193. 2
197.2
201. 1
205.2
208. 6
210. 3
212.0
215.0
221. 8
228.4
223.6
225.5
227.5
230. 2
232. 6
235. 1
237. 7
240. 5
243. 5
246. 1
249. 5
252.9
256.8
Unadjusted
Feb____
Mar
Apr
May
June
July...
Aug
Sept. _
Oct
Nov__
Dec
207. 1
209. 1
211. 5
214. 1
216. 6
218. 9
221. 1
223.4
225.4
227. 5
229. 9
Jan
233. 2
F e b _ _ _ 236.4
NOTE.— Data
to urban
228. 2
230. 4
232. 3
234.3
235. 4
236.9
236.3
237. 1
238.2
239. 1
241.7
243.8
244.9
January 1978
183.7
185. 9
188.9
191.6
194 7
197.0
199.5
201.8
203. 4
205.4
207.2
210.4
213.8
to all
of
of
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1971 _ _
1972
1973
1974
1975
1976
1977__
1978
1979
Percent
from 3 months
earlier; seasonally adjusted
Percent
from 6 months
earlier; seasonally
rates
Consumer goods
Consumer goods
Consumer goods
Total
t finished
goods
_
_ _
_-
1979: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Percent change from preceding
period; seasonally adjusted !
_ ~
1980: Jan . _
Feb
Capital Total
finequipished
Exclud- ment
goods
Foods
ing
foods
Capital Total
equipfinExclud- ment
ished
Foods
ing
goods
foods
Capital
equipExclud- in en t
Foods
ing
foods
3. 2
3. 8
11.8
18.3
6. 6
3.3
6.6
9.2
12.5
5. 9
8.0
22. 5
13. 0
5.5
-2.5
6. 6
11. 9
7.5
2. 0
2.0
7.4
20. 5
6.7
4.9
6. 1
8.4
17.8
2.4
2.0
5. 3
22. 6
8.2
6. 4
7.2
8.0
8.7
1. 1
1.0
.8
.5
.6
1. 2
1. 1
1.5
1. 1
1.0
.9
1.4
1. 3
-.4
-1. 0
-1.0
.7
1. 5
1. 4
-. 1
1.9
.2
1. 0
1. 1
1. 2
1.4
1.4
1. 7
1.7
1.9
1.8
.8
1. 4
.9
.6
1. 1
.5
.7
.8
—.1
.7
.9
.6
.8
14.3
13. 9
12. 0
9.4
7.9
9. 4
12. 2
16. 1
15.7
15. 3
12. 9
18.9
18.0
9.6
.7
-9.2
-5.2
4.9
15. 3
11.8
13.5
8. 3
14.3
13.6
14. 2
15. 6
17.2
19. 3
21.0
23.4
24. 4
19.8
17.3
10. 5
10.5
11.0
9.2
9.4
8. 1
5. 5
5.9
6. 0
9.3
9.4
11.5
12. 1
12. 3
11.8
10. 8
10.7
10.8
11.9
12. 5
13.7
14. 5
16. 0
16. 3
11.5
8.7
3.5
1.9
2. 1
2.3
2.9
9. 1
11.7
10.6
11.8
13.4
14. 9
15.4
16.7
18. 3
20.3
21. 8
20. 4
20.3
1.6
1. 5
-.8
-. 5
2.8
2. 9
1.6
.7
15. 1
17. 1
5. 2
4 4
21.7
32.3
12.9
13.2
" 15. 4
16. 2
8.4
4. 2
23. 0
25.9
> Annual changes are from December to December (unadjusted).
NOTE.— Based on revised data for October 1979.
9. 1
9.2
11. 1
9. 9
9.9
9.5
7.4
7.6
7.0
7.4
7.6
•
9.4
11. 2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percent change from preceding
period; seasonally adjusted 1
Period
All
items
Food
Commodities
less
food
Services
Percent change from 3 months earlier;
seasonally adjusted annual rates
All
items
Food
Commodities
less
food
Services
from 6 months earlier ;
seasonally adjusted annual rates
All
items
Food
Commodities
less
food
Services
1971
1972
1973
1974
1975_ _
1976___ _ _
1977
_
1978
1979 _ _ .
3. 4
3. 4
8. 8
12. 2
7. 0
4. 8
6. 8
9. 0
13. 3
4. 3
4. 7
20. 1
12. 2
6. 5
.6
8. 0
11. 8
10. 2
2. 3
2. 5
5. 0
13. 2
6. 2
5. 1
4. 9
7. 1
14, 3
41
3. 6
6.2
11. 3
8. 1
7. 3
7. 9
9. 3
13. 7
1979: Feb___
Mar__
Apr
May__
June__
July__
Aug___
Sept__
Oet___
Nov__
Dec___
1.-1
1.0
1.0
1. 0
1.0
1. 0
1. 2
1.0
1. 0
1.2
1. 1
1.4
1. 0
.6
.6
.3
.5
.1
1.0
.8
.7
1.4
1. 0
1. 1
1. 2
1. 1
1.4
1. 3
1.3
1.3
.8
1. 1
1. 1
1. 1
.8
.9
1. 2
1. 0
1. 1
1. 1
1.2
1. 2
1. 1
1.4
11. 3
13.0
13. 1
12. 7
12. 8
13. 3
13. 1
13.8
13.4
13.5
13.7
16.4
16. 0
12.4
9. 2
6.4
5.8
3.5
6.5
7. 9
10.4
12. 1
10. 9
12. 7
14.5
14. 6
15. 6
15.9
16. 9
16. 4
14.4
13. 5
12.7
9.7
11.8
12. 1
12. 3
13. 2
14.0
13.7
14. 3
15. 1
14. 9
15. 8
10. 6
10. 9
11. 1
12.0
12.9
13.2
12.9
13. 3
13. 4
13. 3
13. 8
13.3
13. 8
12. 9
12.8
11. 1
9. 1
6.3
6. 4
6.8
6.9
9.3
10.5
11.0
12. 1
12.7
14. 1
15.2
15.7
16.0
15. 1
15. 2
14. 5
9. 6
9.5
9. 4
11.0
12. 5
13. 1
13.0
13. 7
14. 6
14.3
15. 1
1980: Jan
Feb___
1.4
1.4
0
-.0
2.0
1.7
1.4
1.5
15. 6
17.2
8.6
5. 6
18. 1
21. 2
16.4
18.6
14. 5
15.3
8. 2
8.0
16. 2
17.3
15. 7
16.7
1
Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose about % percent in February and prices paid by farmers rose about
month ended February 15.
INDEX, 1967= 100
percent in the
(RATIO SCALE)
320
300
320
300
280
280
260
a jr
^*» "
f
260
x*«^
240
..-i~~
A
/
A \r\ ^^ "»"Vr^\
W ^s.
PRICES RECEIVED
(ALL FARM PRODUCTS)
220
200
180
/
«*>*"
^
_..-»J
220
200
1
.V"
160
f
240
2^
180
PRICES PAID
(ALL ITEMS , INTEREST,
TAXES, AND ¥*fAGE RATES)
4/ ^A^
160
s~
140
140
120
120
^
i i M i I i i i i i _LL1 ! 1 1 1ULLL I i i 1 I 1 M ! I i
100
1 11 ! i 111 1I1
I i I i ! 1 I i 1 1 II 1 I 1 I 1 I ! 1 i !1 I 1 I 1 1 ! I I I i 1 I 1 I 1 1 M 1 1 1
1 1 I 1 1 1 i 1 i 1 1 100
RATS oJ/
1972
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, 0*11910-14=100 BASE.
SOURCE: DEPART/WENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by farmers
All
items,
Livestock
Family
Producinterest,
and
living
tion
taxes,
and
items
items
products wage rates
Index, 1967=100
Parity ratio l
Prices received by farmers
Period
All farm
products
Crops
1972
1973
1974__.___
1975
1976--1977.
1978
.
1979..
125
179
192
185
186
183
210
241
114
175
224
201
197
192
203
223
136
183
165
172
177
175
217
257
125
144
164
180
192
202
219
250
1979: Feb___ .. .
Mar
.
Apr...
May
June
July .
Aug_.
Sept. „
Oct
NOY CT
Dec....
241
246
244
246
244
244
237
241
236
238
238
216
215
212
221
234
239
235
226
224
223
219
264
274
272
269
255
250
239
255
248
251
256
239
244
247
249
249
252
251
255
257
257
260
236
238
220
219
252
256
269
271
A
VUJ
_
_.
Jan.._._
Feb
1
s
farmers.
of
of
on
by
to
3
of
to
in
Actual
Adjusted «
121
146
166
182
193
200
217
248
74
91
86
76
71
66
70
71
79
94
87
76
72
68
72
72
(3)
236
244
247
248
248
251
249
254
256
256
258
74
74
73
73
72
71
69
70
68
68
67
75
75
73
74
73
72
70
70
68
69
68
(3)
(3)
263
266
65
65
66
66
(3)
123
133
151
166
176
(3)
(3)
(1)
(3)
(B)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
discontinued. Consumer
total
of
of
1977.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
All monetary aggregates surged in February following 4 months of slow growth.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
BILLIONS OF DOLLARS'(RATIO SCALE)
200
1980
'SEASONALLY ADJUSTED
SOURCE:
BOARD OF GOVERNORS OF THE FEDERAL RESER\
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml- A
Period
Currency
plus
demand
deposits
1973:
1974:
1975:
1976:
1977:
1978:
1979:
1979:
Dec
Dec
Dec__
Dec
Dec
Dec__
Dec__ _ _
Feb
Mar
Apr__
May _
June
July.
Aug
Sept.
Oct
Nov. . _
Dec. .
1980: Jan .
Feb *>
264. 1
275.3
287.9
305. 0
328.4
351. 6
371.5
350. 0
351.9
356. 2
356. 1
360.3
363. 2
365. 4
367.5
368. 0
369.6
371.5
372.6
376.3
Ml-B
M2
M3
L
Ml-A plus
other
checkable
deposits at
banks and
thrift
institutions
Ml-B plus
overnight
RPs and
Eurodollars,
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions 1
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
M3 plus
other liquid
assets
264.4
275.7
289.0
307.7
332. 5
359.9
387.7
360.7
363. 9
369.7
369.5
374. 3
378.0
380.7
383. 2
383.9
385.3
387.7
389. 1
392. 9
858. 1
906. 2
1, 022. 4
1, 166. 7
1, 294. 1
1, 400. 8
1, 524. 1
1, 412. 8
1, 425. 4
1, 440. 2
1, 448. 3
1, 464. 5
1, 476. 4
1, 489. 5
1, 499. 7
1, 507. 2
1, 514. 5
1, 524. 2
1, 532. 7
1, 546. 3
1
Total M2 excludes demand deposits held by thrift institutions at commerical
banks,
not shown separately in components.
2
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
26
976. 1
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 622. 2
1, 773. 5
1, 640. 2
1, 652. 6
1, 666. 5
1, 674. 9
1, 689. 5
1, 702. 9
1, 719. 3
1, 738. 2
1, 751. 8
1, 762. 6
1, 773. 6
1, 785. 3
1, 802. 4
1, 137. 2
1, 242. 8
1, 369. 6
1, 523. 5
1, 715. 5
1, 926. 3
2, 141. 2
1, 952. 8
1, 976. 0
1, 998. 1
2, 016. 7
2, 043. 0
2, 057. 3
2, 074. 9
2, 103. 3
2, 115. 2
2, 124. 2
2, 141. 3
2, 156. 5
Percent change 2
Ml-A Ml-B
5.4
4. 2
4. 6
5.9
7.7
7. 1
5.7
3.0
1.8
4. 0
3. 1
5. 0
7.6
9.0
9. 1
6.7
7.7
6.3
5.2
6. 1
5.5
4.3
4. 8
6.5
8. 1
8.2
7.7
6.3
5. 8
8.8
6.9
8. 2
10.3
11. 4
10. 9
7.8
8.7
7.3
6. 0
6.5
M2
7. 0
5.6
12. 8
14. 1
10.9
8. 2
8.8
7.9
7.8
8.3
7.8
19. 3
10.2
11. 2
10. 7
9.5
9.4
8. 3
7.8
7.8
NOTE.—See page 27 for components.
See Federal Reserve Bulletin, February 1980, for details on series.
Source: Board of Governors of the Federal Reserve System.
M3
11.2
8.5
9. 7
11.9
12. 4
11. 1
9.3
9.9
9.5
9.6
7.7
8.5
9. 1
9.9
10. 6
10.5
10.7
10. 2
9.9
9.9
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Overnight
repurOther
Dechase
Cur- mand check- agreeable
rency dements
posits deposits (RPs)
{nei)
(n&t}
NSA
Dec:
1973.
1974.
1975.
1976_
1977.
1978_
1979.
NSA
Small Large
Money
Over- market
dedeSavnight mutual ings nominomiEurofund
de- nation nation
dollars shares posits
time
time
dede- 1
posits posits l
NSA
NSA
Term
Shortrepur- Term
term
chase Euro- Sav- Treas- Bank- Comagree- dollars ings
ury
ers' mer(net) bonds secu- acceptments
cial
(RPs)
rities ances paper
NSA
NSA
61.6
67.8
73. 8
80.7
88. 7
97.6
106. 1
202. 5
207. 4
214. 1
224. 4
239. 7
253.9
265.4
0.3
.4
1. 1
2. 7
4. 1
8.3
16. 2
6.8
7. 2
7. 5
13.6
17. 6
21.3
20.6
0. 0
.0
.0
.0
1. 0
2. 0
3.5
0. 1
2. 3
3.6
3. 4
3. 8
10.3
43. 6
322. 2
333.9
383.9
447. 7
486. 5
476. 0
417, 7
266.4
288. 9
340.4
396. 6
454. 9
533.8
653. 6
110. 9
144. 0
129.6
118. 0
145. 2
194. 7
219. 1
7. 1
8. 4
9.0
15.0
21. 0
26.7
30. 3
4.4
6. 7
7.9
10. 3
13. 7
22. 8
31.9
60. 4
63. 2
67. 3
71.8
76.6
80. 7
80. 0
49. 8
53. 4
76.8
80. 7
89.5
98. 7
129. 6
4.7
10.7
8. 5
9.0
12. 3
22. 6
28.8
41. 9
50. 1
48. 1
51.8
63. 1
79.4
97. 3
1979:
Feb__ 98.9
Mar. 99. 6
Apr.. 100.2
May_ 100.8
June. 101. 7
July. 102.6
Aug__ 103.7
Sept_ 104. 8
Oct__ 105.4
Nov_ 105.9
Dec.. 106. 1
251. 1
252.3
256.0
255. 2
258. 5
260.6
261. 7
262.7
262.7
263. 7
265.4
10. 8
12.0
13. 5
13.4
14. 1
14. 8
15. 3
15.7
15. 8
15.7
16.2
20. 9
22. 0
22. 4
23. 5
23. 1
22. 0
21. 9
22. 6
22. 2
20.3
20. 6
2. 6
2. 8
2.8
2.8
2. 9
3. 0
3.3
3. 5
3.4
3. 2
3. 5
14. 5
16. 8
19. 2
21. 8
24. 6
28. 0
31. 2
33.7
36.9
40. 4
43. 6
460. 6
456. 9
452.6
448. 9
450. 2
451. 0
450. 3
445.3
435. 9
422. 2
417.7
555. 9
565. 6
576.3
584. 5
592. 0
597. 0
604. 6
614.2
627.5
645. 8
653.8
200. 9
200.0
198. 4
197. 3
195.4
197. 4
200. 4
207.4
213. 6
218.3
219. 1
26. 5
27.2
27.9
29.3
29.5
29. 0
29.5
31. 1
31.0
29. 7
30.3
27. 1
28. 4
29. 1
29. 6
29. 9
31.3
33. 8
33.6
33.3
34. 0
31.9
80.6
80. 5
80. 6
80.6
80. 4
80. 0
80.0
80. 6
82. 2
80.3
80. 0
100. 4
108.2
114. 2
122.3
131. 2
128. 8
123.2
128.6
124. 4
122. 8
129.6
21. 3
21. 3
21. 1
21. 0
21.5
22. 6
25.0
26.6
27. 2
28.6
28.8
83. 1
85.0
86.6
88.2
90.4
91. 8
93.6
95.7
96.4
96.0
97. 3
1980:
Jan__ 107.3 265. 3
Feb__ 108. 2 268. 1
16.5
16. 5
20. 7
21. 7
4.2
3. 3
49. 1 413.0
56. 6 405. 4
659.3
669. 0
222. 2
226.8
30.3
29. 3
33.3
79.2
131. 0
28.7
99. 0
1
Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
NOTE.—NSA indicates data are not seasonally adjusted.
See also page 26.
Source: Board of Governors of the Federal Reserve System
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Installment credit liquidated
Net change in amount outstanding
Period
Total «
1972
1973
1974
1975
1976 _
1977
1978_
1979
1980: Jan
1
_
_
Revolving
Revolving
Total '
Automobile
Revolving
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
112,386
14, 962
20, 218
9,489
7, 765
21, 647
35, 278
44, 810
35, 708
5, 621
5,910
495
2,976
10, 465
15, 204
19, 557
12, 554
1, 174
2,003
1,970
1,340
2, 170
6,248
7,776
8,496
481
889
908
904
595
581
405
137
188
509
057
322
5,868
6, 191
6,308
6, 612
7, 035
6,488
6, 831
7,073
6,607
7,189
6,533
6, 449
8,984
9, 040
8,972
8, 804
9, 290
9, 340
9, 427
9,584
9,642
9, 760
9,814
9, 764
3,067
3, 563
3, 625
4, 105
3, 306
2,558
2,443
2, 446
4, 446
2, 186
2,407
1, 349
1, 681
1,565
1, 486
1,387
1, 225
690
616
594
1, 823
487
533
682
433
317
742
918
749
796
429
787
1, 057
664
799
432
25, 330
6,808
10, 186
1, 372
972
289
136,
152,
163,
172,
189,
218,
253,
287,
787
817
276
676
381
793
541
004
548
452
533
009
901
139
848
583
634
695
464
671
7, 549
7,756
7, 794
7,999
8, 260
7, 178
7,447
7, 667
8, 430
7,676
7,066
7, 131
9,417
9, 357
9, 714
9, 722
10, 039
10, 136
9,856
10, 371
10, 699
10, 424
10, 613
10, 196
22,
22,
22,
22,
24,
23,
24,
25,
24,
25,
24,
24,
26. 702
7, 780
10, 475
25,
26,
26,
27,
27,
26,
26,
27,
28,
27,
26,
25,
Automobile
081
696
019
444
278
437
430
293
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
120, 882
Includes "mobile home" and "other," not shown separately.
Total *
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
91, 847
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
. _ 298, 351
322, 712
_ _
1979: Jan
Feb
__
Mar
Apr _
May
June
July. _
Aug
Sept
Oct__
Nov
Dec
Automobile
38,
43,
46,
49,
53,
60,
69,
79,
Source: Board of Governors of the Federal Reserve System.
9.7
Bank loans and leases expanded rapidly during the first 2 months of 1980.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
ALL COMMERCIAL BANKS
60
60
40
40
1972
1973
1974
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
and
investments
Period
1973:
1974:
1975:
1976:
1977:
1978:
1979:
Dec
Dec
Dec
Dec
Dec __
Dec
Dec.
_
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All member banks 8
All commercial banks l
Borrowings (milReserves
lions of dollars,
Investments
Loans and leases
unadjusted)
CommerU.S.
Other
NonReSeacial and
Total
Total
Treasury
Total 2 industrial
secuborrowed quired
sonal
rities
securities
loans
647. 8
713.6
_
744.6
804.3
891. 1
1, 014. 3
_ _ 1, 132. 5
460.3
519. 9
516.9
554. 8
632. 1
747. 8
847.2
165. 6
197.3
189. 8
191.2
211. 2
246. 5
290.4
58.7
53.7
82. 1
100. 6
99.5
93.4
93.8
128. 8
140.0
145. 7
149.0
159.6
173. 1
191. 5
34.98
36. 66
34.67
34. 90
36. 00
41. 16
43.51
33.68
35. 94
34.54
34.85
35. 43
40.29
42.03
34.68
36. 41
34.40
34. 63
35. 81
40.93
43. 11
1,298
703
127
62
558
874
1,454
41
32
13
12
54
134
81
1,042.0
1, 048. 9
1, 061. 0
1, 068. 8
1, 080. 0
1, 092. 2
1, 102. 8
_ 1, 122.8
1, 129. 1
1, 128. 6
1, 132. 5
770. 0
775.7
786. 6
793.3
803. 1
813.4
823.3
840.0
845.0
843.8
847. 2
256.9
259. 8
263.3
266. 8
270.4
275.5
279. 9
285.9
288.6
288.3
290.4
93.2
93. 9
94,0
94. 1
94.8
95.3
94. 1
95.2
95.3
94. 3
93.8
178.8
179. 3
180.4
181.4
182. 1
183.5
185.4
187.6
188.8
190. 5
191.5
40.87
40. 75
40.70
40.67
40.53
40. 78
41. 11
41.43
42. 19
43.07
43.51
39. 90
39.76
39.78
38.90
39. 11
39.61
40. 03
40. 09
40. 17
41. 16
42.03
40.66
40.59
40.52
40.53
40.31
40.57
40. 89
41.24
41.92
42.83
43. 11
973
999
897
1,777
1,396
], 179
1, 097
1,344
2, 022
1, 908
1,454
114
121
134
173
188
168
177
169
161
141
81
1, 144. 8
1, 162. 4
858. 5
872.4
295. 5
301. 6
93.2
94.8
193. 1
195.2
43. 51
43.40
42.27
41.74
43. 16
43.20
1,264
1, 660
74
95
1979: Feb
Mar
Apr
May
June_
July
Aug
Sept
._
Oct_ _
Nov
Dec. _
1980: Jan 4._
Feb
1
8
3
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.
28
4
Data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data a4 seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal i
Credi t market 1 unds
Total
Total
Longterm
Shortterm
Total
Other
Purchase
of
physical
assets 2
Increase
in
cial
assets
i~\*
Discrepancy
(sources
less
uses)
1970
19711972
1973
1974
1975
1976
19771978
1979 _
104. 4
127. 8
161. 6
200. 0
191. 3
150. 0
209. 7
242. 3
295. 7
342. 0
58. 9
68. 6
80. 8
83. 8
75. 7
106. 8
125. 3
139. 9
148.8
159. 5
45. 5
59. 3
80. 8
116. 2
115. 6
43. 2
84. 4
102. 3
146. 9
182. 5
40. 7
45. 2
58. 2
73. 0
82. 1
37. 9
60. 7
79. 9
94. 7
113. 1
34. 2
41. 9
45. 3
49. 2
51. 6
44. 1
49. 1
53.0
61. 5
71. 3
6. 5
3.3
12. 9
23. 8
30. 6
-6. 3
11. 6
26. 9
33.2
41. 8
4. 9
14. 1
22. 6
43. 1
33. 4
5. 3
23. 8
22. 4
52. 2
69. 4
95. 9
119. 6
145. 8
185. 6
179. 0
133. 0
183. 3
216. 8
274. 3
323. 5
80. 3
86. 0
100. 3
123. 3
134. 7
99. 9
139. 0
169. 9
195. 9
223. 4
15. 6
33. 5
45. 6
62. 3
44. 4
33. 2
44. 3
46. 9
78. 3
100. 1
8 5
8 2
15 8
14 4
12. 2
16 9
26 4
25. 5
21. 4
18 5
1978: I
II
III
IV
259.
297.
303.
322.
6
7
5
1
135. 0
150. 5
153. 8
155.9
124. 5
147. 2
149. 7
166.2
94. 7
92. 7
90. 4
101. 1
51. 2
65. 2
63. 1
66.5
43. 5
27. 5
27. 3
34.6
29. 8
54. 5
59. 3
65. 1
232. 5
281. 3
284.4
298. 9
177. 0
203. 2
199. 9
203.6
55 0
78. 1
84. 4
95.2
27 0
16 4
19. 1
23.2
336.
320.
395.
315.
5
5
4
0
154.
159.
161.
162.
182.
161.
233.
152.
112. 1
126. 8
129. 4
83. 2
66. 4
76. 8
75. 4
66. 1
45. 7
50. 0
54. 0
17. 1
70. 0
34. 7
104. 4
69. 0
324.
305.
369.
293.
214.
230.
228.
220.
110. 6
74 6
140. 9
73. 7
11. 9
15 2
25 7
21, 2
1979: I
II
III
IV
_ _
_
_
4
0
6
8
1
5
8
2
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
3
Plant and equipment, residential stnictures, inventory investment, and mineral rights from U.S. Government.
6
3
7
7
0
7
8
0
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current assets
End of period
Total
SEC series: 2
1970
1971__
_
1972
1973
1974
FTC-FRB series: 3
1974___
1975
1976—
1977
1978
1,
1978: !__
II
_ _
III__ _
IV
1979: I__
II
1
2
Cash
Current liabilities
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Net
working
capital
Current
ratio!
492. 3
529. 6
599. 3
697.8
790. 7
50. 2
53. 3
59. 0
66. 3
71. 1
7. 7
11.0
10. 6
12. 8
12. 3
206. 1
221. 1
248. 2
288. 5
322. 1
193. 3
200. 4
225. 7
263. 9
313. 6
35. 0
43. 8
55.8
66. 4
71.7
304. 9
326.0
375. 6
450. 9
530. 4
211. 3
220. 5
282. 9
340. 3
402. 3
93. 6
105. 5
92.7
110. 7
128. 1
187.4
203. 6
223. 7
246. 9
260. 3
1. 615
1. 625
1.595
1. 548
1. 491
735.4
759. 0
826. 3
900.9
028. 1
73. 2
82. 1
87.3
94. 3
103. 5
11. 1
19. 0
23. 6
18. 7
17. 8
265.8
272. 1
293. 3
325. 0
381. 9
319. 5
315. 9
342. 9
375. 6
428. 3
65. 9
69. 9
79.2
87. 3
96. 5
453. 4
451. 6
492. 7
546.8
662. 2
269. 8
264. 2
282. 0
313. 7
375. 1
183. 6
187. 4
210. 6
233. 1
287. 1
282. 0
307.4
333. 6
354 1
365.9
1. 622
1. 681
1. 677
1. 648
1.552
925. 0
954. 2
992. 6
1, 028. 1
88. 8
91. 3
91. 6
103. 5
18. 6
17. 3
16. 1
17. 8
337. 4
356. 0
376.4
381. 9
390. 5
399. 3
415. 5
428. 3
89. 6
90. 3
92. 9
96. 5
574. 2
593. 5
626. 3
662. 2
325. 2
337. 9
356.2
375. 1
249.0
255. 6
270. 0
287. 1
350.7
360. 7
366. 3
365.9 \
1. 611
1.608
1. 585
1. 552
1, 078. 6
1, 110. 2
102. 4
100. 1
19. 2
20. 8
405. 3
418. 8
452. 6
99. 1
468. 9 • 101.4
701. 9
723. 7
392. 6
410.5
309.2
313. 1
376. 7
386. 5
1.537
1. 534
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
* Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Total
Notes
Other
and
current
accounts liabilities
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System,
Commission,
Securities and Exchange Commission.
INTEREST RATES AND BOND YIELDS
levels in February,
climbed sharply further in March.
PER CENT PER ANNUM
14
PERCENT PER ANNlJM
14
: (15.526)
)
12
12
1
1
1
1
10
10
.. I//
/
A
8
)\
f
6
CORPORATE Aaa BONDS
(MOODY'S)
p.—
/*\
*--
x'A
*"\
/
TREASURY BILLS
DISCOUNT
RATE
FEDERAL
RESERVE
^BANK OF
wV
-i]
8
6
J~NEW YORK
A.
\
f
~L
-. •***
****•.
V '•
/
4
^^
^^^
V?*
-•!
4
i1 i i | ! i t 1 i
2 41
V
1 ! 1 1 i 1 1 1 1 i 1
I I I I ! I II ! I I
! II II i I I III
i I I I I II I I II
i I I i I I i i i ii
i II it I i i i Ii
II I II I I I I I !
1973
1974
1975
1976
1977
1978
1979
1972
1 1 1 1 1 1 ! 1 1 ! |K
2
1980
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1974_
1975
1976
1977
1978
1979
1979:
3-month
bills i
.
_._
„
Feb
Mar_
Apr
May
June.
July
Aug
Sept
Oct..
Nov
Dec
1980: Jan__
Feb
Mar
Week ended:
1980: Feb 23
Mar 1
8
15
22
29 »
_
1
1
Constant maturities
3-year
7.886
5. 838
4. 989
5. 265
7. 221
10. 041
9.265
9.457
9.493
9. 579
9. 045
9. 262
9. 450
10. 182
11. 472
11.868
12. 071
12. 036
12. 814
15 526
7. 82
7. 49
6.77
6. 69
8.29
9. 71
9.29
9.38
9.43
9. 42
8. 95
8. 94
9. 14
9.69
10. 95
11. 18
10.71
10.88
12. 34
13. 162
13. 700
15. 136
15. 381
15. 053
16. 532
13. 65
14. 07
14. 27
13. 83
13. 86
14. 32
2
10-year
7. 56
7. 99
7.61
7.42
8.41
9. 44
9. 10
9. 12
9. 18
9. 25
8. 91
8. 95
9. 03
9. 33
10. 30
10.65
10.39
10.80
12. 41
12. 99
13.20
12. 94
12. 54
12. 54
13. 02
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
bonds
(Standard
4-6
F.R.
Bank) 5
& Poor's) 3 (Moody's) months 4
6. 09
6. 89
6. 49
5. 56
5.90
6. 39
6. 19
6. 16
6. 14
6. 10
5. 99
6. 05
6. 10
6. 40
6.98
7. 19
7, 09
7.21
8, 04
9. 09
8.57
8. 83
8. 43
8. 02
8. 73
9. 63
9. 26
9.37
9. 38
9.50
9. 29
9.20
9. 23
9. 44
10. 13
10. 76
10. 74
11.09
12. 38
12. 96
8. 25
8. 60
8. 84
9. 01
9. 13
9. 38
12. 74
12. 88
13. 00
13. 00
12. 83
12. 99
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
34 Weekly data are Wednesday
figures.
5 Beginning November 1, 1979, data are for 6 months paper.
Average effective rate for yyear; opening
b and closing
s rate for month and week.
^
' F
OA
^^
9. 87
6. 33
5. 35
5. 60
7. 99
4
10. 91
10. 01
9. 96
9.87
9.98
9. 71
9.82
10.39
11. 60
13.23
4
13. 26
12. 80
12. 66
13.60
14.
14.
16.
16.
16.
16.
11
68
02
50
70
70
7. 83
6. 25
5. 50
5. 46
7, 46
10. 28
9K-9K
9H-9H
9K-9K2
9H-9H
9H-9/2
9M-10
10-1 OK
10/2-11
11-12
12-12
12-12
12-12
12-13
1313-13
13-13
13-13
13-13
13-13
13-13
Prime
rate
charged
by
banks 5
10. 81
7. 86
6. 84
6. 83
9. 06
12.67
H 3 /4-ll 3 /4
11K-H%
llji-llji
1 IJi-l F/4
1P/4-H/2
ii}f-ii%
3
H /4:-12K
12K-13/2
13K-15
15K~15/2
15!/2-15%
15/4-15^
15J£-16%
Newhome
mortgage
yields
(FHLBB) e
8. 92
9. 01
8.99
9. 01
9. 54
10.77
10. 20
10. 30
10.36
10, 47
10.66
10.78
11. 01
11. 02
11. 21
11. 37
11. 64
11. 87
11.93
163/4-
15#-16K*
16K*-163/4
16%- 17%
17%-1 8/2
18^-19
19-19K
8
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.
* Ranee of 1Q1A-1$14
^
, , _
„
, ,_
, _ „ , ,
n
A ' '
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
During March, stock prices declined steadily from mid-February peaks.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
80
80
COMPOSITE PRICE INDEX STOCK
(NYSE)
40
30 -
- 30
1980
PER CENT
20
PERC ENT
20
EARNINGS- PRICE RATIO ON COMMON STOCKS
15
10
(S&P)
/>
r-^|
„-*—*"•*—
^
^
5
0
i
I i
1972
I
I i
1973
15
v
10
"
5
I
I I
1974
I
I
I
1975
I
I
I
1976
I
I
i
1977
I
I I
1978
I
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Exchange indexes (Dec. 31, 1965=50) J
Composite Industrial Transportation
1974_ _
_ _
1975
1976
1977 _ _
1978
1979
1979: Feb.
MaiApr _ _
May_.
June
July
Aug_ .
Sept_
Oct... .
Nov
Dec
1980: Jan
Feb
Week ended:
1980: Feb 23
Mar 1_
8
15
22
29
_
Utility
48.08
50. 52
60. 44
57. 86
58.23
64. 76
60. 37
61.89
63. 63
62. 21
63.57
64. 24
67. 71
69. 17
66. 68
66.45
69. 83
72.67
76.42
31. 89
31. 10
39. 57
41. 09
43.50
47. 34
42. 27
43. 22
45. 92
45. 60
47. 54
48. 85
52. 48
52. 21
48. 09
47. 61
50. 59
52. 61
57. 92
29. 79
31.50
36.97
40. 92
39. 22
38. 21
39.21
38.94
38. 63
37. 48
38. 44
38. 88
39. 26
38.39
36.58
36. 55
37. 29
37. 08
36. 22
49.67
47. 14
52. 94
55. 25
56. 65
61. 42
56. 09
57.65
59. 50
58. 80
61.87
64.43
68. 40
67. 21
61.64
60.64
63. 21
64. 22
61.84
66. 02
64. 69
63. 00
60. 61
58. 70
56. 16
76. 57
75. 21
73.24
70. 11
67. 61
64. 41
58. 02
57. 29
55. 81
53. 28
50. 60
47. 88
35. 87
34. 89
34. 07
33. 64
33. 34
32.51
61. 00
58.68
56. 86
55. 30
54. 17
52. 61
on the NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
riOflS- Eftriniicrs-nrir»« raiinc hns^H nn r»rino« at and nf nnartor
Finance
43.84
45. 73
54. 46
53. 69
53.70
58. 32
55.08
56. 19
57. 50
56. 21
57. 61
58. 38
61. 19
61.89
59. 27
59. 02
61. 75
63. 74
66. 06
!
A verage of daily closing prices.
8
Includes all the stocks (more than 1,500) listed
8
Includes 30 stocks.
* Includes 500 stocks.
5
I I
1980
0
COUNCIL OF ECONOMIC ADVISERS
Common stock s yields
(percent)
Common stock prices l
Period
I
I I
1979
Standard
& Poor's
DowJones
composite Dividendprice
industrial3
index
ratio
average (1941-43=
10) «
82. 85
759. 37
4. 47
802. 49
4.31
86. 16
974. 92
102. 01
3.77
894. 63
4. 62
98. 20
820. 23
96. 02
5.28
844. 40
103. 01
5. 45
98.23
5. 43
825. 18
5. 36
100. 11
847. 84
102. 07
5. 35
864. 96
5. 58
837. 41
99.73
5.53
838. 65
101. 73
102. 71
5. 50
836. 95
5. 30
873. 55
107. 36
5. 31
878. 50
108. 60
5. 56
104. 47
840. 39
815. 78
5.71
103. 66
5. 53
836. 14
107. 78
5. 41
860. 74
110. 87
5 24
115. 34
878. 22
875. 04
859. 35
840. 87
817. 24
793. 09
766. 60
115. 35
113. 14
110. 39
106. 44
103, 22
99. 21
5.
5.
5.
5.
5.
6.
Earningsprice
ratio
11. 59
9. 15
8. 90
10.79
12.03
13. 09
13. 58
13.24
21
41
49
72
94
31
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.
QI
In the first 5
of
a
of
A
the
OF
BILLIONS OF DOLLARS
600
500
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year or period:
1970
I97!_ _ _
_„_
1972__
___
1973
1974.
1975
._ .
Transition quarter
__
1977
__
___
_ _
_ .
1979
(estimates) :
Second 2 Concurrent Resolution^ November
1979
3
January Budget
1981 (estimates)3
__
. __
Cumulative total, first 5 months:
Fiscal year 1979
_ _
Fiscal year 1980
_
__
1 Excludes non-interest-bearing public debt securities held by IMF.
Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28, 1979.
2
32
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Total i
by
the public
193. 7
188. 4
208. 6
232. 2
264. 9
281 0
300.0
81.8
357.8
402. 0
465. 9
196. 6
211. 4
232.0
247. 1
269. 6
326.2
366.4
94. 7
402.7
450. 8
493. 7
-2. 8
-23. 0
-23.4
-14. 8
-4.7
-45. 2
-66. 4
-13.0
-45. 0
-48. 8
-27. 7
382. 6
409. 5
437.3
468.4
486. 2
544. 1
631.9
646.4
709. 1
780.4
833.8
284 9
304. 3
323. 8
517.8
523.8
600. 0
547. 6
563. 6
615.8
— 29. 8
-39.8
-15.8
892.8
939.4
688.9
722.0
170. 5
195. 3
202. 1
233. 9
-31. 6
-38. 5
800. 5
861. 6
668. 8
670. 8
s
346. 1
396. 9
480. 3
498.3
551.8
610.9
644.6
Estimates from Budget of the United States Government, Fiscal Year 1981.
Sources: Department of the Treasury and Office of Managftraant and Budget.
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1980, budget receipts were $24.8 billion higher
$31.8 billion higher.
a year earlier,
outlays
BILUONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
200
500
OUTLAYS
400
400
300
300
NONDEFENSE
200
200
NATIONAL DEFENSE
100
100
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
FISCAL YEARS
COUNCIl OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Outlays
Receipts
National defense
Period
Total
Fiscal year or period :
1970
1971.
1972
1973.
1974.
1975_
1976
Transition quarter.
1977_ _ _
1978
1979 _
(estimates) *
(estimates) l
Cumulative total, first 5
months :
Fiscal year 1979
Fiscal year 1980
1
IndiCorpovidual ration
income income
taxes
taxes
Other
Total
Department of
Defensef
military
Interna- Health
and
tional
income
affairs security
Interest Othei
193. 7
188.4
208. 6
232.2
264.9
281. 0
300.0
81.8
357.8
402. 0
465. 9
523.8
600. 0
90.4
86. 2
94.7
103. 2
119. 0
122. 4
131. 6
38.8
157. 6
181. 0
217. 8
238. 7
274. 4
32.8
26. 8
32.2
36.2
38. 6
40.6
41. 4
8. 5
54.9
60. 0
65. 7
72. 3
71.6
70.5
75.4
81. 7
92. 8
107.4
118.0
127.0
34.5
145.2
161. 1
182.4
212. 8
254. 0
196.6
211. 4
232.0
247. 1
269.6
326.2
366.4
94. 7
402.7
450.8
493. 7
563. 6
615.8
78. 6
75.8
76.6
74, 5
77.8
85. 6
89.4
22.3
97.5
105. 2
117.7
130. 4
146. 2
77. 1
74. 5
75. 1
73. 2
77. 6
84. 9
87.9
21.9
95.6
103. 0
115.0
127.4
142. 7
4.3
4. 1
4.7
4. 1
5.7
6.9
5.6
2.2
4.8
5.9
6.1
10. 4 •
9.6
56. 1
70. 1
81.4
91. 8
106.5
136.3
160.9
41. 5
176.7
189.9
209. 8
247. 5
282. 4
18. 3
19.6
20. 6
22.8
28.0
30.9
34.5
7.2
38.0
44.0
52.6
63.3
67. 2
39.3
41.8
48. 8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
107.5
112. 0
110. 3
170.5
195. 3
86. 8
100.2
16. 5
16. 5
67. 1
78. 6
202. 1
233.9
46. 0
54. 1
45. 9
53.0
1. 6
5. 1
83. 7
98.4
21. 2
25. 5
49. 6
50.8
Estimates from Budget of the United States Government, Fiscal Year 1981.
Total
Sources: Department of the Treasury and Office of Management and Budget.
33
In the fourth quarter off 1979, according to preliminary
$24.3
and expenditures rose Co/i
°l billion, yielding a deficit of $14.7 billion^ $3.4 billion
$21.0
in the third
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
550 -
500
150 '
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
1
I
N 150
50
50
SURPLUS
^^ Y//A
Y//I
DEFICIT
-50
fyfy
1 81BIB•l|I'"""
-100
1972
1974
1973
!
1975
-
-50
-100
1977
1976
1979
1978
1980
CALENDAR YEARS
COUNCIL C)F ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
Federal Government expenditures
GrantsSubsidies Less:
PurContriin-aid
Wage
less
chases Trans- to State Net
butions
current accruals national
surplus
of
for
Total of goods fer pay- and interest
less
income
and
ments local
social inpaid Govern- disand
services
surance
government en- burse- product
ments
terprises ments accounts
(->,
Fiscal year:
313.9
1976
366.0
1977
1978.. _ 414.7
1979
483. 7
137.0
166.0
186. 3
223. 5
51.7
59. 1
67.7
78. 4
24.3
24. 5
27. 2
29. 4
100.9
116.4
133.5
152. 4
371. 1
411.4
450. 1
493. 6
125.7
140. 3
150.7
162. 4
156. 5
169. 6
182.0
201. 7
57.6
66.3
74.7
79. 3
25.2
28.4
33. 1
40. 4
6.2
6. 9
9.6
9. 8
0.0
.0
.0
.0
— 57. 3
—45. 5
— 35. 4
— 9. 9
Calendar
year:
331.4
1976
375.4
1977
432. 1
1978
1979 » . _497. 9
397.8
1978:1
II
424.8
III.. 442. 1
IV___ 463.5
1979:1
475.0
!!.__ 485.8
III_ 504.8
IV "_ 525. 8
147. 2
169. 6
194. 9
230. 0
178. 9
188.8
200. 9
211.0
213.0
223.4
235.2
248. 5
54. 6
61.8
72. 0
78. 5
60.2
72.2
74. 6
81. 2
77.2
74.9
79.4
82.4
23. 4
25. 1
28. 1
30. 0
26. 6
28.0
28.4
29. 3
29.4
29. 9
30.0
30.7
106. 3
118. 9
137. 0
159. 3
132.2
135.8
138.2
142.0
155.5
157.5
160.2
164. 1
385. 0
421. 7
459. 8
509. 0
447.3
449.4
462. 6
479.7
486.8
492.9
516. 1
540.4
129. 7
1444
152. 6
166. 6
150.9
148.2
152.3
159.0
163.6
161.7
162.9
178.4
161. 7
172. 7
185. 4
209. 8
179.8
180.7
188.8
192. 1
196.8
201.9
217.6
222.7
61. 1
67. 5
77. 3
80.4
74.4
76.7
77. 6
80.7
77.8
77.7
81. 8
84.3
26. 8
29.0
34 8
43. 1
32.5
340
35.6
37. 1
40.0
42. 6
43.5
46.2
5. 8
8. 1
9. 7
9. 1
9.7
9.8
8.4
10.9
8.3
9.0
10.2
8.8
.0
.0
.0
.0
.0
.0
.2
.0
2
— 53. 6
-46. 3
— 27. 7
-11. 2
-49.4
-246
-20.4
-16.3
-11.7
-7.0
-11.3
-147
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
!o
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)
Period
1973
1974
1975
1976
1977
1978
1979
- -
Apr
May —
June
July.—
Aug
Sept
Oct
Nov ....
Dec »—
1980: Jan * _ _
Feb"__
United
States
Canada
Japan
129.8
129.3
117.8
130.5
138.2
146. 1
152.2
150.8
152.4
152.6
152.8
151.6
152. 4
152.2
152.1
152.2
152.7
153.0
143.0
147. 5
139.6
147. 4
152. 1
160.9
167.6
164.3
166.7
165.1
167.6
167.4
171.7
170.2
169.9
167.9
190. 5
183. 1
163.9
182.0
189.7
201. 1
217. 5
212.5
216.7
217.0
219.0
221, 1
218.2
223. 6
226.4
225.6
228.9
France
Germany
Italy
145 147.7 134.6
148 145. 1 140. 6
139 137. 1 127.6
149 149. 1 143.7
152 152.7 145. 1
155 155. 3 148.4
160 163.4 157.4
157.4
157 161
152. 6
162 164
145.8
161 164
168 169
151.1
150.9
168 163
160.0
166 164
166. 1
162 165
167. 1
163 166
164.8
166 168
163
Consumer prices (unadjusted)
United United CanKing- States1 ada Japan France
dom
123,, 0
120.0
114.3
117.6
123.0
126.8
131.6
132.4
134.5
136.4
135. 1
130.0
128.2
129. 8
133. 5
130.4
130.8
133. 1
147.7
161.2
170.5
181.5
195.4
217. 4
211.5
214.1
216.6
218.9
221. 1
223.4
225.4
227.5
229.9
233.2
236.4
130.3
144.5
160. 1
172. 1
185.9
202.5
221. 0
217.2
219.3
220.3
222. 1
222.9
224.9
226.5
228.7
230. 1
231. 3
233.3
147.9
184.0
205.8
224. 9
243.0
252. 3
261. 3
258.6
261.3
261.5
263. 8
261. 1
264. 4
267.7
266.7
268. 3
270. 8
140.7
160. 0
178.9
196. 1
214. 5
233.9
258.5
251.8
254. 5
256.6
260.0
262.7
264.9
268. 1
269. 8
272.0
277.2
Germany
127.2
136. 1
144.2
150.4
155.9
160.2
166. 6
165.3
165.7
166.6
167.7
167.8
168.3
168. 7
169.3
170. 1
171. 0
171.7
Italy
134.0
159.7
186. 8
218. 1
255. 2
286.2
328. 3
317.8
321.3
323.9
326.7
330. 6
339.2
345.5
350.3
355.9
367.6
373.8
United
Kingdom
150.2
174.3
216.5
252.4
292.4
316. 6
359. 1
344. 1
346. 8
352.8
368.0
370.9
374.6
378.5
381.8
384.6
394. 1
399.7
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators*
' Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports!
Merchandise imports
General imports *
Domestic exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
rials
ages,
tured Total and
and
toand to- and
goods
bacco
fuels
bacco
fuels
F.a.s. value s
Monthly
average :
1973
1974
Customs value
5,902
8, 167
5,811
8,053
1,078
1,269
895
1,317
3,728
5,294
5,790
8,450
1974.. _ _ _ _ 8, 167
1975
8,966
1976
9,596
1977 . . —
10, 096
1978
11,965
1979- .
15, 136
Feb_-_ 13, 616
Mar
14, 297
Apr
13, 979
May___ 14, 083
June___ 14, 817
July___ 15, 691
Aug___ 15, 713
Sept___ 15, 822
Oct
16, 680
Nov
16, 928
Dec___ 16, 742
1980: Jan
17, 348
Feb... 17, 233
8,053
8,842
9,456
9,912
11, 753
14, 868
13, 392
14,011
13, 732
13, 799
14, 554
15, 455
15, 452
15, 569
16, 396
16, 575
16, 419
17, 018
16, 950
1,269
1,399
1,436
1,330
1,717
2,049
1,597
1,755
1, 794
1,853
2,072
2,355
2, 164
2, 296
2,374
2,299
2,413
2,331
2,296
1,317
1,266
1, 341
1,548
1,746
2,351
2, 084
2,237
2, 105
2, 028
2,253
2,404
2,480
2, 583
2,534
2,686
2,732
2, 854
2,826
5,294
5,913
6,437
6, 679
7,873
9,715
9, 072
9,334
9,145
9, 154
9,562
9,875
10, 033
10, 055
10? 444
10, 418
10, 719
11, 173
11, 373
8,387
8,048
10, 084
12, 307
14, 332
17, 194
14, 605
15, 358
15, 841
16, 438
16, 835
16, 806
18, 277
18, 407
19, 037
18, 548
19, 665
20, 945
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
s
Total includes commodities and transactions not classified according to kind.
1
Total
arrivals of imported goods other than intransit shipments.
1
C.i.f. (cost, insurance, and freight) import value at first port of entry in th®
United States. Data for 1973 are estimates.
Manu- Total
fac(c.i.f. 4
tured value)
goods
Merchandise trade
balance
Exports
Ex(f.a.8.) ports Exports
less
(f.a.s.) (f.a.8.)
imless
less
ports
imimports
(cus(e.i.f.)
ports
toms (f.a.s.)
value)
770
892
F.a.s.
892
827
991
1, 186
1,312
1,478
1,262
1,443
1,531
1,457
1, 557
1,387
1,405
1,402
1,404
1,689
1,712
1,652
1, 120
2,653
value 8
2,672
2,716
3,457
4,463
4,325
5,954
4,414
4,861
5, 175
5, 173
5,487
5, 999
6,445
7, 044
7,479
6,379
7,775
7,590
3,750
4,684
4,602
4,257
5,398
6,379
8,360
9, 353
8,645
8,703
8,848
9,360
9,385
9,061
9,994
9,505
9,663
9,950
9, 632
11, 183
6, 131
9,033
112
-283
-221
-229
-866
9,033
—283 —221
—866
8,654
853
312
918
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 258 -2, 473 2 367 -3,293
18, 244 -2, 125-2,057 -3, 108
15, 507
-990 -1,892
16, 318
-1,060 -2, 021
16, 847
- 1, 863 -2, 868
17, 451
-2,355 -3,368
17, 871
-2,018 -3, 053
17, 854
-1, 115 -2, 163
19, 381
-2,564 -3,668
19, 503
-2,585 -3,681
20, 149
-2,357 -3,469
19, 660
- 1, 620 -2, 732
20, 809
-2, 923 -4,068
22, 107
-3,597 — 4, 760
22, 806
-5,573
s F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S.
In the year 1979, the current account deficit fell to just over $300
$13.5
in 1978,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
SEASONALLY
BALANCE ON CURRENT ACCOUNT
ADJUSTED
/ XX
-7^^
0 -2,
-5
-10
-10
-15
-15
1979
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Investment income 3
Merchandise 1 2
Period
Exports
Imports
Net
balance
— 6, 416
911
— 5, 343
9, 047
— 9, 306
— 30, 873
— 33, 759
-29, 450
1972
1973
1974
1975
1976
1977
1978
1979 *
49,
71,
98,
107,
114,
120,
142,
.182,
381
410
306
088
745
816
054
074
— 55, 797
— 70, 499
— 103, 649
— 98, 041
— 124, 051
— 151, 689
— 175, 813
-211, 524
1978: I
30,
35,
36,
39,
713
388
532
421
-42, 627
-43, 332
— 44, 482
-45, 372
1979: I....
41,
42,
47,
50,
435
890
235
514
-47, 632
-50, 299
-54, 483
-59, 110
!!___
III..
IV..
!!___
III..
IV*..
1
Excludes
2
Adjusted
3
Receipts
14,
21,
27,
25,
29,
32,
43,
65,
764
808
587
351
286
587
465
862
Payments
— 6, 544
— 9, 655
— 12, 084
— 12, 564
— 13, 311
— 14, 598
— 21, 820
-33, 548
-11, 914 9,776 -4, 537
— 7, 944 10, 256 -5,402
-7, 950 10, 526 -5,574
-5, 951 12, 907 -6, 308
-6, 197
-7, 409
-7,248
-8, 596
14,
15,
17,
18,
082
371
917
492
-7, 268
-7,957
-8, 743
-9, 580
military grants.
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.
36
Net
8,
12,
15,
12,
15,
17,
21,
32,
220
153
503
787
975
989
645
314
Net
military
transactions
Other
services,
net 1
Balance
on
goods
and
services!
Remittances,
pensionSj,
and
other
lateral
transfers 3
Balance
on
current
account
420
070
653
746
674
1, 679
492
-1, 181
— 3? 063
— 3, 158
— 3, 184
— 2, 725
— 2, 465
— 3, 200
— 2 985
-2,743
2, 789 — 1, 889 — 3, 854 — 5, 744
7, 141
3, 185 11, 022 — 3, 881
2, 113
9, 298 — 7, 186
3, 975
4] 590 22, 952 — 4, 613 18] 339
4J 725
9, 603 — 4, 998
4, 605
4, 983 — 9, 423 — 4, 670 — 14, 092
6, 226 — 8* 381 — 5* 086 — 13' 467
6| 390
5, 332 -5,649
-317
5, 239
4,854
4, 952
6S 599
244
237
247
-239
-731
-798
-784
-672
1,439 -5,722 -1,228 — 6, 950
1,501 -2, 150 -1,313 -3,463
1,603 — 1, 932 -1,233 -3, 165
1,682
1, 419 -1, 314
105
6,
7,
9,
8,
34
-217
-418
-580
-576
-852
-669
-646
1, 521
1,617
1,669
1, 581
814
414
174
912
— 3,
— 2,
— 1,
—
Nettravel
and
transportation
receipts
1, 596
553
2, 508
671
-1,322
-1,363
- 1, 369
- 1, 594
NOTE.—Seasonally adjusted data revised beginning 1979.
Source: Department of Commerce, Bureau of Economic Analysis.
274
-810
1, 139
-923
U.S.
TRANSACTIONS—Continued
In the
of 1979
fell by $15.0 billion, but the
amount ($14,3 billion).
by $13.6
the
in a
by
the
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
-10
-10
-20
- -20
-30
-30
-40
-40
1971
1978
1972
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow ( — ) ]
Period
Total
1972__
1973
1974
1975_.
1976_
1977_
1978__
1979 *»
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
ment
assets
assets 1 2 assets
- 14, 497
4
-22, 874
158
-34, 745 -1,467
-39, 703
849
-51,269 -2, 558
-35,793
375
_ _ -60, 957
732
-63,423 -1, 107
-1,568
-2,644
366
3, 474
-4,214
-3, 693
4, 656
-3,780
-12,925
-20, 388
-33,643
-35, 380
44, 498
-31,725
-57,033
-58,536
Foreign assets in the U.S., net
[increase/capital inflow ( -f )] f
Foreign official
assets
Total
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
21, 461 10, 475 10, 293 10, 986
18, 388
6,026
5, 090 12, 362
34, 241 10, 546 10, 244 23, 696
15, 420
6,777
5,259 8,643
36, 399
17, 573 13, 066 18, 826
50, 823 36, 656 35, 416 14, 167
63, 713 33, 758 31, 004 29, 956
33, 902 - 15, 192- 14, 444 49, 094
1978:1
II
III...
IV___.
-15, 188
-5,466
-10, 049
-30,254
J979: I
II
III....
IV *.._
-7, 622-3, 585 - 1, 094 -2, 943 1,476 -9, 391 -9, 227 10, 868
-16, 152
343 — 1, 001 -15,494 6,057 -10,043 -10,299 16, 100
-24, 809 2,779
-763 -26, 825 24, 289
5, 554 18, 544
5,745
-14,839 -644
-472 3, 582
-922 -13,273 2,079 -1,503
Allocations
Of
Total
of
which :
special (sum of Seasonal
the
drawing
adjustitems
rights
ment
(SDR) with sign discrepreversed) ancy
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
710 -1,930
-2, 655
- 1, 609
5,944
10, 265
937
10,711
1, 139 28, 699
3,962
893
532
7,987
-2, 144 -2,713
910
1,291
187
1, 009 - 14, 366 18, 175 15, 618 14, 895 2,557
941 -5,265 -5, 129 6,206
248 -1,263 -4, 451
115 -1,390 -8, 774 15, 358
4, 641
4,519 10, 717
182
-994 -29,442 29, 239
18, 764 16, 719 10, 475
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Statistical
discrepancy
1, 139
4,732
1, 117
10, 904
482
-619 -3, 821
2, 222
13, 682
NOTE.—Seasonally adjusted data revised beginning 1979.
Sources: Department of Commerce (Bureau of Economic Analysis)
partment of the Treasury.
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 937
19, 192
18, 864
18, 850
18, 650
21,
21,
18,
18,
658
246
534
937
De-
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices.
Consumer Prices
Changes in Producer Prices.
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stocks Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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