Full text of Economic Indicators : March 1982
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
97th Congress, 2d Session Economic Indicators MARCH 1982 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1982 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) HENRY S. REUSS, Wisconsin, Chairman ROGER W. JEPSEN, Iowa, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) FREDERICK W. RICHMOND (New York) CLARENCE J. BROWN (Ohio) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) PAULA HAWKINS (Florida) MACK MATTINGLY (Georgia) LLOYD BENTSEN (Texas) WILLIAM PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JAMES K. GALBRAITH, Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L. WEIDENBAUM, Chairman WILLIAM A. NISKANEN JERRY L. JORDAN [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.75 a single copy ($3.45 foreign), or by subscription at $21.00 per year ($26.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the fourth quarter of 1981, gross national product rose $33.3 billion or 4.6 percent, both at annual rates. Real output (GNP adjusted for price changes) fell 4.5 percent from the third quarter level and the implicit price deflator rose at a 9.5 percent annual rate. BILLIONS OF DOLLARS 3,000 (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 2,600 2,600 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 GNP IN 1972 DOLLARS 1,200 1,200 1973 1974 1975 1976 1977 1978 1979 1981 1980 SOURCE; DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross Period tional product Personal consumption expenditures Gross private domestic investment Export s and imp>orts of goocis and ser vices Go^yernment purchases of goods and services Federal Net exports State and local Final sales Total National defense 234.9 253. 1 270.4 304. 1 339.9 362. 1 394.5 432.6 473.8 534.7 591.2 96.2 101.7 102.0 111.0 122. 7 129.2 143.9 153.4 167.9 198.9 230.2 70.2 73. 1 72.8 77.0 83.0 86.0 93.3 100.0 111. 2 131.7 154.3 26.0 28.5 29. 1 33.9 39. 7 43.2 50.6 53.4 56.7 67.2 75.9 138.7 151.4 168.5 193. 1 217.2 232.9 250.6 279.2 305.9 335. 8 361.0 1, 070. 0 1, 175. 7 1, 307. 9 1, 420. 1 1, 556. 1 1, 706. 2 1, 897. 0 2, 133. 9 2, 396. 4 2, 632. 0 2, 909. 4 Exports Imports Total 64.7 76.7 95.4 132.8 128. 1 157. 1 187.5 220.4 267.9 316.5 341.3 Nondefense 1, 077. 6 672.2 1, 185. 9 737. 1 1, 326. 4 812.0 1, 434. 2 888. 1 1, 549. 2 976.4 1, 718. 0 1, 084. 3 1, 918. 0 1, 205. 5 2, 156. 1 1, 348. 7 2, 413. 9 1, 510. 9 2, 626. 11, 672. 8 2, 925. 51, 857. 8 166.4 195.0 229.8 228.7 206. 1 257.9 322.3 375.3 415.8 395.3 450.5 14.2 13.4 26.8 13.8 -4.2 -.6 13.4 23.3 26.0 68.8 77.5 109.6 146.2 154.9 170.9 183.3 219.8 281.3 339.8 367.3 1980: I 2, 571. 7 1, 631. 0 II... 2, 564. 81, 626. 8 III.. 2, 637. 31, 682. 2 IV... 2, 730. 61, 751. 0 415. 6 390.9 377. 1 397.7 8.2 17. 1 44. 5 23.3 337.3 333.3 342.4 346. 1 329. 1 316.2 297.9 322. 7 516.8 530.0 533.5 558.6 190.0 198.7 194. 9 212.0 125.0 128.7 131.4 141.6 64.9 70.0 63.5 70.4 326.8 331.3 338.6 346.6 2, 569. 1 2, 557. 4 2, 653. 4 2, 748. 0 1981: I.... 2, 853. 0 1, 810. 1 II.... 2, 885. 8 1, 829. 1 III... 2, 965. 01, 883. 9 IV. _ 2, 998. 31, 908. 3 437. 1 458.6 463.0 443.3 29.2 20.8 29. 3 24.7 367.4 368.2 368.0 365.6 338.2 347.5 338.7 341.0 576. 5 577.4 588. 9 622.0 221.6 219.5 226. 4 253.3 145. 2 148.2 154. 1 169.7 76.4 71.3 72. 2 83.5 3549 357.9 362.5 368.7 2, 848. 2, 862. 2, 937. 2, 989. 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 4.1 .7 Source: Department of Commerce, Bureau of Economic Analysis. 5 5 6 0 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates) Personal conGross national sumption product expenditures Period Gross ]private dcmaestic iiivestment Nonresidential fixed Residential fixed Exj5orts of g(>ods a nd serviceiS Governinent purebases of goodIs and serdees Change in busiKT<a+ iNeii Exports Imports ness in- exports ventories Total Federal State and local Final sales 1, 122. 4 1, 185. 9 1, 255. 0 _. 1, 248. 0 1, 233. 9 1, 300. 4 1, 371. 7 1, 436. 9 1, 483. 0 . 1, 480. 7 1, 510. 3 696. 8 737. 1 768.5 763.6 780.2 823.7 863.9 904.8 930.9 935. 1 958.9 112.2 121. 0 138. 1 135.7 119.3 125.6 140.6 153.4 163.3 158. 4 162.4 53.7 63.8 62. 3 48. 2 42.2 51.2 60.6 62.4 59. 1 48. 1 45.2 8. 1 10.2 17.2 11.6 -6.7 7.8 12.3 14 0 10.2 -2.9 7.1 1.6 .7 15.5 27.8 32.2 25.4 21.9 24 6 37.7 52.0 449 71.0 77.5 97.3 108.5 103. 6 110. 1 113.2 127. 5 146. 9 161. 1 160. 4 69.3 76.7 81.8 80.7 71.4 847 91.3 103.0 109.2 109. 1 115.5 250. 1 253. 1 253. 5 261.2 266. 7 266.8 272.3 277.8 281.8 290.0 291.7 103.7 101.7 95.9 96.6 97.4 96.8 100.7 99.8 101.7 108.1 111.5 146.4 151.4 157.6 1645 169.3 170.0 171.6 178.0 180. 1 181.9 180.2 1, 114 3 1, 175. 3 1, 237. 7 1, 236. 8 1, 240. 4 1, 292. 6 1, 359. 7 1, 422. 9 1, 472. 9 1, 483. 6 1, 503. 2 1, 501. 9 1980: 1 II_._ 1, 463. 3 III.. 1, 471. 9 IV— 1, 485. 6 943. 4 919.3 930.8 946.8 165.0 156. 1 155. 5 157.0 54.2 43. 1 44.7 50.6 -.9 1.3 -5.0 -7.2 50. 1 51.7 57.6 48.5 165. 9 160.5 160.5 157.4 115.8 108.9 102.8 108.9 290. 1 291.9 288.2 289. 8 107. 6 110.7 106. 9 107.4 182. 5 181.2 181.3 182.4 1, 502. 8 1, 462. 0 1, 476. 9 1, 492. 7 1981: I.... 1, 516. 4 II— 1,510.4 HI.. 1, 515. 8 IV _. 1, 498. 4 960.2 955.1 962. 8 957.5 162.0 161.1 163. 9 162.7 51.0 47.8 42.7 39.4 -1.4 10.8 14.9 42 50.9 46.2 43.2 39.2 162.5 161.5 160. 1 157.4 111.6 115.4 116.9 118.2 293.6 289.5 288.3 295.4 111.2 108.7 109.6 116.6 182.5 180.7 178.8 178.8 1, 517. 8 1, 499. 6 1, 500. 9 1, 494 2 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100; quarterly data are seasonally adjusted] Period Gross national product PersonaI consumjition expenditures Total Gross private dom estic invesiDment Nonres- ResiNonDurable durable Services idential dential goods fixed goods fixed Exports and imports of goods and scjrvices Goverairlent purchases c>f goods and se rvices Exports Imports Federal State and local 1971 1972 1973 1974 1975 1976 1977 1978 1979-. 1980 1981 96.01 100. 00 105. 69 114 92 125. 56 132. 11 139. 83 150. 05 162. 77 177. 36 193. 71 96.5 100.0 105.7 116.3 125.2 131.6 139.5 149. 1 162.3 178.9 193.7 99.0 100.0 101.7 108.2 117.3 123. 9 129.2 136.2 144.8 156.0 166.4 96.6 100.0 108.3 123. 1 132. 1 137.0 143.4 153.2 169.8 188.6 202.4 95.6 100.0 1047 113.0 121.6 129.6 139.9 150. 1 162. 1 178. 1 195.2 96.2 100.0 103.8 115.4 132.2 138.6 146.2 157.7 171.3 186.8 202.5 948 100.0 109. 1 120.3 131.0 140.7 158.0 178.3 200.5 218.6 233.3 97.0 100.0 112. 7 1347 149.6 155.2 161.9 172.4 191.5 211.0 229.0 93.3 100.0 116.7 1646 179.5 185.5 205.4 2140 245.4 290. 1 295. 5 92.7 100.0 106. 3 1149 126.0 133.5 142.9 153.7 165. 1 183.9 206.4 947 100.0 106.9 117.4 128.3 137.0 146. 0 156.9 169.8 1847 200.3 1980: I... II III IV 171. 23 175. 28 179. 18 183. 81 172.9 177.0 180.7 1849 151.9 154 1 157.5 160. 5 182.9 186. 2 190.0 195.2 171.6 176.0 180; 3 1843 180.5 185. 7 189. 1 192.4 212.6 217.4 221. 9 223.3 203.4 207.6 213.4 219. 9 284 2 290.4 289.7 296.4 176.5 179.5 182.4 197.4 179. 1 182.8 186.7 190.0 _ 188. 14 191. 06 195. 61 200. 10 188.5 191.5 195. 7 199.3 162.3 165.4 168.3 170. 1 199.2 200.4 203.7 206.2 188.4 192.2 197.6 202.3 195.0 201.4 204.5 208.9 228.7 231.8 235.4 238.8 226. 1 228.0 229.8 232.2 303.1 301.2 289.8 288.5 199.4 201.9 206.6 217.2 194.5 198.0 202.8 206.2 1981: I. II III. IV Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Pei•sonal con sumption expenditiires Gross national p roduct Period 1970 1971 1972 1973 1974... 1975 1976 1977 1978 1979 1980 1981. -0.2 5.2 8.6 3.4 5.7 5.8 -.6 10. 1 11.8 8. 1 -1. 1 8.0 10.9 11.6 12.4 12.0 5.4 5.5 4.8 3.2 —.2 2.0 8.8 11.4 12.6 -1. 1 11.8 14.9 1980: I II III IV 1981: !_-.. II III IV Constant (1972) dollars Current dollars 19.2 2.4 3.8 8.6 -1.6 4.7 11.4 4. 6 _ . 3. 1 -9.9 1.4 -4.5 Implicit price deflator Fixedweighted price index (1972 weights) Chain price index 5.4 5.0 4.2 5.7 8.7 9.3 5.2 5.8 7.3 8.5 9.0 9.2 5.3 4,9 9.3 9.8 9.2 8.7 8.8 9.3 4. 1 5.9 9. 1 9.2 5.7 6.2 7.5 8.7 8.6 9.3 5.2 4.8 4.0 5. 9 9.4 9.0 5.8 6. 4 7.6 9.4 9.6 9.4 Current dollars 6.9 8. 1 9.6 10.2 9.4 9.9 11.0 11.2 11.9 12.0 10.7 11. 1 9.7 9.3 9.0 12.9 1.0 10.7 10.5 10.4 14.3 17.4 9.8 6.4 9.9 9.5 9.8 7.7 10.2 14.2 7.9 9.5 8.6 12.5 5. 3 NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. 10.0 8.6 43 Constant (1972) dollars Implicit price deflator 2.2 3.7 5.8 4.3 -.6 2.2 5.6 4.9 4.7 2.9 .5 2.5 4.6 4.3 3.7 5.7 .8 -9.8 5. 1 7.0 5.8 -2.1 3.3 2.2 10. 1 7.6 5.2 6.0 6.8 8.9 10.2 8.3 12.0 9.8 8.8 9.7 8.0 6.5 9.0 7.7 Chain price index Fixedweighted price index (1972 weights) 46 43 4.5 4.2 3. 6 6.0 10.3 7.7 5.3 6.3 7.1 9.3 3. 5 6. 0 10.4 7.8 5.3 6.3 7.2 9.6 10.6 11.0 12.5 13.2 10. 1 10.1 10.3 10.9 9.0 9.7 9.5 6.5 8.7 7.4 9.1 9.9 9.5 6.5 8.2 7.2 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS Period Gross d omestie prodi ict of nonfin ancial corpc5rate busi ness (billic>ns of doll ars) [Quarterly data at seasonally adjusted annual rates] C urrent-dol lar cost a nd profit ]3er unit of outpu t (dollars) i Total cost and profit Current dollars 1972 dollars 1970 563.7 609.9 1971 1972 678.0 759.4 1973 1974 818. 9 890.0 1975 1, 001. 3 1976_. 1, 129. 5 1977 1978 1, 270. 7 1979. 1, 417. 0 1,535.2 1980 1981 » 1, 733. 4 1, 502. 1 1980: I II.- 1, 496. 3 III — 1, 537. 7 IV.... 1, 604 7 1981: I 1, 690. 1 II.— 1, 716. 3 III... 1, 760. 3 IV»-_ 1, 766. 9 599.6 626.8 678.0 731.9 708. 2 6942 745.5 799.0 845. 1 873.3 867.2 896.9 878.2 853. 2 860.4 876.9 901.0 901.2 901. 1 884 0 2 0.940 .973 1.000 1.038 1. 156 1.282 1.343 1.414 1. 504 1.623 1. 770 1.933 1. 710 1.754 1.787 1.830 1.876 1.904 1.954 1.999 Capital consumption Comallowances Indirect penwith business sation of capital taxes 3 employconees sumption adjustment Net in- terest Total Profits tax liability 0.045 0. 106 0.087 0.631 0.028 0.088 . 113 . 641 . 029 .099 .047 .091 .028 .092 .049 . 107 . 113 .659 . 114 .692 .031 . 107 .055 .093 . 042 .090 . 112 .059 .786 . 127 .059 . 140 . 044 . 124 . 137 .837 . 144 .071 . 141 .878 .040 . 141 .074 . 144 .924 . 042 . 158 . 146 .080 . 044 . 163 . 148 . 153 .996 .080 .052 . 153 1. 092 . 157 . 169 .073 . 176 1. 196 .065 . 143 . 191 .066 . 164 .204 .208 .072 1. 285 . 151 .085 . 180 . 161 1. 158 .060 .061 .064 . 132 . 192 . 173 1. 193 . 141 .070 . 196 .067 . 181 1.203 .075 1.230 .068 .146 . 197 . 188 . 199 1.244 .076 . 197 . 067 . 169 . 204 .064 . 202 1.266 . 163 .070 .211 .073 . 169 1.295 .066 .206 . 155 . 222 1.334 .057 .210 .077 1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonflnancial corporate business with the decimal point shifted two places to the left. 2 Indirect business tax and nontax liability plus business transfer payments less subsidies. Corpo rate profi ts with invent<sry valuat ion and capit al consun iption f idjustmen ts Profits after4 tax 0.043 .052 .058 .053 .030 .065 .073 .084 .083 .077 .070 .098 .066 .071 .071 .071 .093 .098 . 103 .097 Output per Compensation hour per of all hour employ- of all ees employ(1972 ees dollars) (dollars) 7.126 7.467 7.688 7.891 7.622 7.881 8.132 8.348 8.384 8.384 8.432 8.639 8.369 8.359 8.496 8.496 8.628 8.674 8.663 4498 4788 5.068 5.458 5.989 6.596 7.138 7.713 8.347 9. 159 10. 085 11. 099 9.694 9.973 10. 218 10. 450 10. 737 10. 978 11. 221 • With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Corpor ate profit s with inv entory va luation Propr ietors; and capital cc>nsumptio n adjustmtents mcom e with Rental inventor y valuaProfits ? with inv entory tion anc i capital of perComvalua bion ad justment consurnption and ^without csipital adjust ments with tion of NaNet consum ption adjtistment Capital con- interest capital emtional conincome ployInven- sumpTotal sumption ees l tory Profits valuaNonadjusttion Farm Total farm before adjustment tion tax ment adjustment Period 871.5 963. 6 1, 086. 2 1, 160. 7 1, 239. 4 1, 379. 2 1, 546. 5 1, 745. 4 1, 963. 3 2, 121. 4 2, 347. 6 2, 088. 5 2, 070. 0 2, 122. 4 2, 204. 8 652. 2 718.0 801.3 877.5 931.4 1, 036. 3 1, 152. 3 1, 299. 7 1, 460. 9 1, 596. 5 1, 771. 6 1, 558. 0 1, 569. 0 1, 597. 4 1, 661. 8 15. 0 18.7 32.8 26. 5 24.6 19. 1 18.4 26. 1 30.8 23.4 22.4 25.7 23.3 22. 1 22.5 54. 4 58. 1 61. 0 62.2 65.4 75. 0 85. 1 91.0 100.7 107. 2 112.4 107.9 101.6 107.6 111.6 20. 2 21.0 22. 6 23. 5 23.0 23.5 25. 1 27.4 30.5 31.8 33. 6 31.2 31.5 32.0 32.4 83. 2 96. 6 108.3 94.9 110.5 138. 1 164. 7 185.5 196.8 182. 7 192. 1 200. 2 169.3 177.9 183.3 82.0 94.0 105. 6 96.7 120.6 151. 6 176. 7 199.0 212. 7 199.8 206.0 215.6 186.9 195.9 201.0 86. 6 100.6 125. 6 136.7 132. 1 166.3 192. 6 223. 3 255.4 245.5 233. 7 277. 1 217.9 237.6 249.5 -4.6 -6.6 -20.0 -40. 0 -11.6 -14.7 -15.8 -24.3 -42. 6 -45.7 -27.7 -61.4 -31. 1 -41.7 -48.4 1.3 2.7 2.7 -1.8 -10. 1 -13.5 -12. 0 -13. 5 -15.9 -17.2 -13. 9 -15. 4 -17.6 -17.9 -17.8 46. 5 51.2 60. 2 76.1 84.5 87. 2 100. 9 115.8 143. 4 179.8 215. 4 165.4 175. 3 185.3 193. 3 2, 291. 1 2, 320. 9 - 2, 377. 6 _ 2, 401. 0 1, 722. 4 1, 752. 0 1, 790. 7 1, 821. 3 18.9 21.7 24.7 24.4 113.2 112.5 112.4 111. 5 32.7 33.3 33.9 34.5 203. 0 190.3 195. 7 179.5 217.7 205. 1 209. 1 192. 2 257.0 229.0 234.4 214. 6 -39.2 -24.0 -25. 3 -22. 3 -14.7 -14.7 -13.4 -12. 8 200.8 211. 0 220.2 229. 7 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981" 1980: I II III IV 1981: I II IIIIV" 1 Source: Department of Commerce, Bureau of Economic Analysis. Includes employer contributions for social insurance. (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Period 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 Total personal consumption Total expendi- durablel goods tures Food Clothing and shoes Gasoline and oil Services Domestics Imports 278.8 300.6 333.4 373.4 407. 3 441.7 479. 0 529.8 602.2 675.7 743.2 144. 2 154.9 172. 1 193.7 213.6 230. 6 250. 3 276. 4 312. 1 345.7 382. 0 50. 6 55.4 61.4 64. 8 69.6 75. 3 82. 1 91.9 98.9 104.8 115.9 23.9 25.4 28.6 36.6 40. 4 44.0 48. 2 52.7 68.4 89.0 94.6 296.2 325. 3 355.2 393.2 437.0 485 7 547.7 619. 6 696.3 785. 2 882.6 8.7 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.2 1.6 1. 6 1.8 1. 4 1.6 1. 5 2. 1 2.0 2.3 2.4 2.3 220.9 194.4 208.8 223.3 100. 6 77.5 87.0 94.6 83.6 81.3 84.6 88.9 661. 1 664.0 674.2 703.5 336.2 338.4 347.7 360.4 102.2 102.3 105. 3 109.4 89.4 90.9 85. 3 90.5 749.0 768.4 799. 2 824.2 7.9 5.4 6.4 6.6 2.7 2. 1 2.3 2.5 238.3 227.3 236.2 226.4 105.4 93.4 101.6 92.8 92.3 92.4 93.2 92.6 726.0 735.3 751.3 760.3 372.5 377.8 386.5 391. 1 113.4 115.8 117.5 117.0 93.5 92.4 95. 1 97.4 845.8 866.5 896.4 921. 5 7.4 5.6 6. 9 5.2 2.7 2.2 2.2 2.2 1980: I II III__. IV.__. 1, 631. 0 1, 626. 8 1, 682. 2 1, 751. 0 1981: I II III—. IV 1, 810. 1 1, 829. 1 1, 883. 9 1, 908. 3 Total includes other items not shown separately. Total nondurable1 goods 45.4 52.4 57. 1 50.4 55.8 72. 6 85.0 94. 3 95.5 89. 9 $8.3 672.2 737. 1 812. 0 888. 1 976.4 1, 084. 3 1, 205. 5 1, 348. 7 1, 510. 9 1, 672. 8 1, 857. 8 4 Furniture and household ment 37.2 41.7 47. 1 50. 6 53.5 59. 1 65.8 72.9 81. 1 84.6 92.6 97.2 111. 1 123. 3 121. 5 132.2 156.8 178. 8 199.3 212. 3 211.9 232.0 1 Motor vehicles and parts Retail sales of new pa ssenger cars ( n lillions of u nits) Nondura 3le goods Durable goo<Is a6 Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income rose $12.1 billion (annual rate) in February following a rise of $5.8 billion in January. Wages and salaries rose $7.7 billion in February, compared with an increase of $6.6 billion in January. BILLIONS OF DOLLARS*(RATJO SCALE) 2,800 BILLIONS OF DOLLARS*(RATIO SCALE) 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 WAGE AND SALARY DISBURSEMENTS 800 800 „.....•"*""""" 600 600 OTHER INCOME 400 400 TRANSFER PAYMENTS 200 200 160 160 120 120 100 100 80 I I I I I I I I I I I I 1974 I I I I I I I I II 1975 i i i I i 11 I i i i 1976 1977 1979 1978 1980 1981 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period 80 1982 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted J 3 Wage Rental Personal Other Proprietc3rs income income Total and dividend labor 12 personal salary of income disburseincome Nonfarm persons ' income Farm l ments annual rates] Less: PerNonPersonal Transfer sonal confarm pay- 5 tributions personal interest for social income 6 income ments insurance 1, 168. 6 1, 265. 0 1, 391. 2 1, 538. 0 1, 721. 8 1, 943. 8 _ 2, 160. 2 2, 404. 1 765.7 806.4 889.9 983.8 1, 105. 2 1, 236. 1 1, 343. 7 1, 482. 7 55.8 64. 5 75.9 89.0 102.2 118.6 137. 1 154. 1 26.5 24. 6 19. 1 18.4 26. 1 30.8 23.4 22.4 62.2 65. 4 75.0 85. 1 91. 0 100. 7 107.2 112. 4 23.5 23.0 23.5 25. 1 27.4 30.5 31.8 33.6 29. 1 29.9 36.5 38.7 43. 1 48.6 54.4 61. 3 112.4 123.2 132.5 151.6 173.2 209.6 256.3 308.5 141.2 178.3 194.3 207.5 223. 3 249.4 294.2 333.2 47.9 50.4 55.5 61. 1 69.6 80.6 87.9 104.2 1, 131. 8 1, 229. 1 1, 359. 3 1, 505. 0 1, 679. 2 1, 892. 9 2, 112. 6 2, 353. 5 1981: Feb 2, 318. 2 Mar 2, 340. 4 Apr 2, 353. 8 May 2, 367. 4 June 2, 384. 3 July.... 2, 419. 2 2, 443. 4 Aug Sept_.._ 2, 462. 6 Oct 2, 475. 2 2, 492. 4 Nov 2, 492. 0 Dec 1, 442. 8 1, 452. 8 1, 459. 6 1, 467. 3 1, 473. 9 1, 484. 9 1, 500. 3 1, 510. 3 1, 517. 5 1, 527. 7 1, 522. 4 148.0 149. 5 150.9 151. 6 153.0 154. 8 156.3 157.8 159.2 160.4 161.7 18.7 18.2 20.2 21. 7 23.2 24.4 25.2 24. 4 24.9 24. 7 23.7 112.6 114.2 113.0 112. 2 112.2 112.2 112.4 112.5 111.9 111. 4 111.0 32. 7 32.9 33. 1 33.3 33. 5 33.7 33.9 34. 1 34. 3 34.5 34.7 58.2 58. 3 59.4 60.2 61. 1 62.4 63. 0 63.5 63.9 64. 1 64.3 289. 1 295.2 297.9 300.6 304. 1 309.2 315.7 322. 3 326. 3 328.9 330.8 318. 4 321.9 322. 5 323. 5 326. 5 341.9 341.7 343. 0 343.6 347.4 349.9 102. 3 102.6 102.9 103. 1 103.3 104. 3 105.2 105. 5 106. 3 106.8 106. 6 2, 273. 2 2, 295. 4 2, 306. 4 2, 318. 1 2, 333. 1 2, 366. 4 2, 389. 3 2, 409. 0 2, 420. 6 2, 437. 6 2,437.8 1982: Jan *>___ 2, 497. 7 1, 529. 0 Feb »_ _ 2,509.9 1, 536. 7 162.7. 163.8 21. 1 18.2 110.7 110.8 34.8 34.8 64.5 64.8 334. 1 338.9 351. 1 352. 9 110.3 111. 1 2, 445. 7 2, 460. 2 1974 1975 1976.. 1977 1978 1979 1980. 1981 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 8 With inventory valuation and capital consumption adjustments. * With capital consumption adjustment. * 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 rose slightly in the fourth quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,200 2,000 3,000 3,000 1973 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less: POT Period Personal income sonal tax and nontax payments Equals : Disposable personal income Less: Personal outlays l Equals : Personal saving Per c apita dispo sable persona income Current dollars Billions of d ollars 1973 1974 1975 1976 1977 1978 1979 1980 1981. 1, 065. 2 1, 168. 6 1, 265. 0 1, 391. 2 1, 538. 0 1? 721. 8 1, 943. 8 2, 160.2 2, 404. 1 150.7 170.2 168.9 196.8 226. 5 258.8 302.0 338.5 388.2 914.5 998. 3 1, 096. 1 1? 194. 4 1,311. 5 1, 462. 9 1, 641. 7 1, 821. 7 2,016.0 1972 dollars Per cap ita personal cc>nsumption exp<*nditures Current dollars 1972 dollars Dollars 835. 5 913. 2 1, 001. 8 1, 111. 9 1, 237. 5 1, 386. 6 1, 555. 5 1, 720. 4 1, 908. 4 79.0 85. 1 94. 3 82.5 74. 1 76.3 86.2 101.3 107.6 4,315 4,667 5,075 5,477 5,954 6,571 7,293 8,002 8,770 4,083 4, 013 4,055 4,161 4, 266 4,409 4,493 4,473 4,526 Percent change Saving in real as percent of per capita disposable disposperable sonal perincome sonal income Per<3ent Population ( thou-2 sands) 3,831 4,152 4,521 4,972 5, 472 6,058 6,712 7,348 8,082 3,626 3,570 3,612 3,777 3,922 4,064 4, 135 4,108 4, 171 5.8 -1.7 1.0 2.6 2.5 3.4 1.9 -.4 1.2 8.6 8.5 8.6 6.9 5.6 5.2 5.2 5.6 5.3 211, 939 213, 898 215, 981 218, 086 220, 289 222, 629 225, 106 227, 654 229, 870 Seas onally ad; usted ann ual rates 1980: !_._. 2, 088. 2 323. 1 !!___ 2, 114. 5 330.3 III_. 2, 182. 1 341.5 IV.. 2, 256. 2 359.2 1, 765. 1 1, 678. 7 1, 784. 1 1, 674. 1 1, 840. 6 1, 729. 2 1, 897. 0 1,799.4 86.4 110. 0 111. 4 97.6 7,785 7,848 8,074 8,299 4,503 4,435 4,468 4,488 7,194 7, 156 7,379 7,660 4,161 4,044 4,083 4,142 0.2 -5.9 3.0 1.8 4.9 6.2 6.1 5. 1 226, 227, 227, 228, 727 332 977 578 1981: !_.„ 2, 319. 8 IL- 2, 368. 5 III.. 2, 441. 7 IV.. 2, 486. 5 1, 947. 8 1, 985. 6 2, 042. 0 2, 088. 5 88.9 106. 6 106. 9 128.0 8,504 8,651 8,873 9,051 4,511 4,517 4,535 4, 541 7,903 7,969 8, 186 8,270 4,192 4,161 4, 184 4,150 2. 1 .5 1.6 .5 4.6 5.4 5.2 6. 1 229, 229, 230, 230, 051 537 142 749 372. 0 382. 9 399. 8 398.0 1, 858. 9 1, 879. 0 1, 935. 1 1, 960. 5 * Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 2 Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME Accordins to revised estimates for the fourth quarter, gross and net farm income were unchanged from their third quarter levels. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) - 200 Q 100 100 3ME 80 80 60 60 40 40 NET FARM INCOME 20 vx 10 I I I 1973 I I I 1974 J L ,1975 I I I 1976 J 20 V I L 1977 1978 I 1979 I 1980 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE 1981 COUNCIL OF ECONOMIC ADVISERSj [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Grc>ss farm incc>me Period Total 1 1974 1975 1976 1977 1978.. 1979 1980 1981* 1980:1 II III IV 1981:1 II III_ IV* _ „ Total Livestock and products Crops 98.3 100.3 101.8 108.7 127.5 151.9 150. 5 164.7 92.4 88.2 94.8 96.3 112. 9 131.9 136.4 142. 7 41.4 43.0 46. 1 47.6 59.2 68. 5 67.4 68.8 51. 1 45. 1 48.7 48.7 53.7 63.4 69.0 73.9 149.3 145.8 151.9 155. 1 133. 0 131. 9 139.2 141. 5 66.3 64.0 68. 9 70.4 66.7 67.9 70.3 71. 1 159.2 163.9 167.9 167.8 142. 5 143. 1 144.0 141. 1 69.8 68.9 69.4 67.0 72.7 74.2 74.6 74. 1 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Net farni income Cash marketing n3ceipts Value of inventory2 changes Production expenses Current dollars 1967 dollars 3 72. 2 75.9 83. 1 90.3 101. 1 119.2 130.7 141.7 26. 1 24.5 18.7 18.4 26.5 32.7 19. 9 23.0 17.7 15.2 11.0 10.2 13. 5 15. 1 8. 1 -1.9 -3.7 -3.3 .9 125.9 128.9 132. 2 135.6 23.4 16.9 19.7 19.5 9.9 6.9 7.9 7.6 -.5 3.4 6.0 139.3 141.0 143.3 143.2 19.9 22.9 24.6 24.6 7.5 8.5 8.9 8.7 -1.6 3.4 -2.4 1.0 .6 5.3 -2. 0 4.0 7. 1 8.4 ' Income in current dollars divided by the consumer price index (Department of Labor). Source: Department of Agriculture, except as noted. CORPORATE PROFITS According to preliminary estimates for the fourth quarter of 1981, corporate profits before tax fell $19.8 billion (.annual rate) while after-tax profits declined $11.1 billion. BILLIONS OF DOLLARS 320 BILLIONS OF DOLLARS 320 280 120 80 80 TAX LIABILITY 40 40 1973 1981 1974 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Period 1971 1972 1973 1974 1975 1976-. 1977 1978__ 1979 1980 1981 *_ 1980: I II III IV [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profi ts (before tax) with invent^3ry vahuition Pro fits aftei adjustr nent * Domestic industries Tax Profits £Jonfinan Dial liabefore Divibility Total dends WholeTotal * tax ManuFinansale Total cial Total3 facand tur- retail mg trade 82.0 74. 9 14. 1 34. 1 11.7 22. 9 60.8 49. 0 86.6 37.5 94. 0 13.4 85.3 15. 3 24.4 40.7 70.0 58.9 100.6 41. 6 105.6 92.0 15.9 49.0 45. 5 13.9 27.0 76.6 76. 0 125.6 96.7 80.4 12.5 15. 0 51.6 39.0 65.4 85. 1 29.9 136.7 120.6 107.6 21. 3 11.8 52. 6 95.8 81.5 132. 1 50.6 30.8 _._ 15L6 137.4 22.4 69.2 17. 1 120.3 37.4 166.3 63.8 102.5 176.7 161.2 23.5 137.7 76.2 72.6 120.0 27. 0 192. 6 39.9 199.0 179 3 29.3 150. 0 85.3 24.5 83.0 140.3 44.6 223.3 212.7 182.4 31. 6 150.8 23.0 88.9 50.2 87.6 167.8 255. 4 199.8 168.7 30.6 138. 1 20.9 74.5 56.0 245. 5 82.3 163.2 206.0 24.4 157.4 181, 9 77.9 155.8 63. 1 233.7 215.6 179.0 33.3 145.7 92. 1 14.8 53.9 277. 1 94.2 182.9 186.9 30. 1 127.5 157. 5 61.3 25.9 55.7 71.5 146. 5 217.9 195.9 165. 0 28.7 136. 2 20.4 68.5 56.7 78.5 159. 1 237. 6 201.0 173.4 30.5 142. 9 76.2 85. 2 164.3 57.7 22.6 249.5 1981: I II III IV" 217. 7 205. 1 209. 1 192.2 192.3 182.3 184.6 168.3 28.6 24.3 22.7 22.2 163.7 158.0 161.9 146. 0 90.4 84.4 85. 1 i See p. 4 for profits with inventory valuation and capital consumption adjustments. 8 Includes rest of the world, not shown separately. 8 27.5 28.4 30. 1 257.0 229.0 234.4 214.6 87. 7 76.4 78.1 69.4 169.2 152. 7 156.3 145.2 59. 6 62.0 64.8 66.0 tax Undistributed profits Inventory valuation adjustment 26. 1 34.5 49.6 55.2 50.7 65. 1 80. 1 95.7 117.6 107.2 92.7 128. 9 90.7 102.4 106.6 — 4. 6 -6.6 — 20. 0 -40.0 -11.6 -14.7 -15.8 — 24.3 — 42. 6 -45.7 -27. 7 — 61.4 -31. 1 -41.7 -48.4 109.6 90.6 91.5 79.2 -39.2 —24. 0 -25.3 -22.3 »Includes industries not shown separately. Source: Department ot Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the fourth quarter, business fixed investment rose $4.7 billion (annual rate) as nonresidential construction outlays rose $6.0 billion and producers* durable equipment purchases fell $1.3 billion. Residential investment outlays declined $6.3 billion. There was a $9.4 billion increase in inventories following a $27.5 billion increase in the third quarter. BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS ,_ 100 50 -50 -50 1981 COUNCIL OF ECONOMIC ADVISERS SOURCi: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1971 1972. _. 1973 1974 1975 1976 1977 1978 1979— 1980... 1981 ... 1980:1 II III IV 1981:1 II III.. IV. Gross private domestic investment 166.4 195.0 229.8 228.7 206. 1 257.9 322.3 375.3 415.8 395.3 450.5 415.6 390.9 377.1 397. 7 437. 1 458.6 463.0 443.3 Nonresidential fixed investment Total 107.9 121.0 143.3 156. 6 157.7 174 1 205.5 242. 0 279.7 296.0 32a9 297. 8 289. 8 2940 302. 1 315.9 3246 335. 1 339. 8 Structures 40.5 44 1 51.0 55.9 55.4 58.8 64.6 78.7 96.3 108.8 125.7 108. 2 108.4 107. 3 111.5 117.2 123. 1 128. 3 134.3 Producers' durable equipment 67.4 76.9 92.3 100.7 102.3 115.3 140.9 163.3 183.4 187. 1 203. 1 189.7 181.4 186.8 190.7 198.7 201.5 206.8 205. 5 Re sidential fbLed investnlent Total 50.9 63.8 68.0 57.9 55.3 72.0 95.8 111.2 118.6 105. 3 105.5 115.2 93.6 99.2 113.0 116. 7 110.7 100.5 94.2 Nonfarm structures 48.9 61.5 65.6 548 52.4 68.8 91.9 106. 9 113.9 100. 3 100.0 110. 1 88.9 945 107.6 111.4 105.4 949 88.4 1 Tp.——— I arm structures 0.7 .7 .7 1.3 1.0 1.1 1.5 1.8 1.8 2.0 2.3 2.2 1.8 1.7 2.2 2.2 2.1 2.3 2.5 Producers' durable equipment 1.3 1.5 1.7 1.8 1.9 2. 1 2.3 2.6 2.9 3.0 3.2 3. 0 2.9 3.0 3. 1 3.2 3.2 3.3 3.3 Change in business in\^entories Tntal 7.7 10.2 18.5 14 1 -6.9 11.8 21.0 22.2 17.5 -5.9 16.2 2.5 7.4 -16.0 -17.4 4.5 23.3 27.5 9.4 Nonfarm 6.4 9.6 15.2 16. 0 10.5 13.0 20.2 21.8 13.4 -47 13.8 1.5 6. 1 -12.3 -140 6.8 21.5 23.1 3.7 Source: Department of Commerce, Bureau of Economic Analysis. 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS According to the Commerce Department January-February survey, nonfarm business spending for new plant and equipment for the year 1982 is expected to be 7.3 percent above 1981. Spending in 1981 was 8.7 percent above 1980. BILLIONS OF DOLLARS (RATIO SCALE) 500 BILLIONS OF DOLLARS (RATIO SCALE) 400 TOTAL NEW PLANT AND EQUIPMENT 60 40 30 30 1974 1977 1976 1975 1979 1978 1981 1980 1982 J/ SEE FOOTNOTE 4 BELOW. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Plant and equi pment I tfonmanu facturinj £ Ma nufactui ing Period Total Plant Equipment Total 1974 1975 1976 1977 1978 1979 1980 1981 4 1982 ____ 1981: !_._ II.. III. IV._ 1982: 1 4 __ II *_ 2nd half* 156. 98 64.29 92.69 53.21 157. 71 65.21 92.50 54.92 171. 45 71.20 100. 25 59. 95 198. 08 80.31 117. 77 69.22 231. 24 92.70 138. 54 79.72 270. 46 105. 73 164. 73 98.68 295. 63 117. 55 178. 08 115. 81 321. 49 133. 46 188. 04 126. 79 345. 11 136. 81 312. 24 128. 57 183. 67 124. 50 316. 73 131. 05 185. 68 125. 49 328. 25 136. 40 191. 85 130. 11 327. 83 136. 67 191. 17 126. 91 330. 34 129. 23 336. 77 133. 51 355. 12 141. 21 Communication and other 2 19.83 19.98 22.37 26.79 29.95 33.96 35.44 38.40 40.20 47.79 46.23 49.30 56.54 68.66 79.26 81.79 86.33 90.48 11.74 11.70 11. 61 13. 12 36.05 37.84 39.55 39. 74 83.43 85.88 87.55 88.33 23.30 21.80 23.51 26.90 32.02 34.83 36.99 41.06 45. 75 40.32 39.02 41.89 42.92 12. 14 12.05 15.01 39. 33 39. 64 40.83 89.46 89.92 91.08 42.93 44.45 47.65 Nondurable goods 27.44 26.33 28.47 34. 04 40.43 51.07 58. 91 61.84 67.24 25.76 28.59 31.47 35. 18 39.29 47.61 56. 90 64.95 69. 58 103. 78 102. 79 111. 50 128. 87 151. 52 171. 77 179. 81 194. 70 208. 30 4.62 6. 10 7.44 9. 24 10.21 11.38 13. 51 16.86 18. 33 8.23 8.68 8. 89 9.40 10.68 12.35 12. 09 12. 05 13. 53 61.24 63. 10 62.58 60.78 63.27 62.40 67. 53 66. 14 187. 191. 198. 200. 74 24 13 92 16. 20 16. 80 17.55 16.81 62.95 64.79 69.96 66.28 201. 11 68.72 203. 26 71.25 213. 91 17. 26 17.20 19.34 * Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 10 Trade and services * Durable goods Trans- Public Total Mining porta- utilities tion Starts of plant and equipment projects, manufacturing 3 61.24 56.51 59.38 77.40 88. 16 112. 98 123. 32 135. 19 35.41 32.90 33.33 33. 68 8 Starts are estimated by adding changes in carryover to expenditures during given period. 4 Planned capital expenditures as reported by business in January and February 1982, corrected for biases. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment was unchanged in February, while unemployment rose 277,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 1974 *16 YEARS OF AGE AND OVER. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR Period 1976 1977 1978* 1979 1980 1981 [Thousands of persons 16 years of age and over, except as noted] Unempl<oyment civilian eiTaploymenit Total labor N onagri cultural Nonin15 Civilian Unem- force Civilian stituPart-time Total weeks Agritional employ- ploy- (includ- labor Total ecoand culforce ment ing ment populaTotal for nomic J over tural Armed tion reasons Forces) 158, 294 88, 752 161, 166 92, 017 164, 027 96, 048 166, 951 98, 824 169, 848 99, 303 172, 272 100, 397 7,406 6,991 6,202 6, 137 7,637 8,273 98, 302 101, 142 104, 368 107, 050 109, 042 110, 812 96, 158 88, 752 99, 009 92, 017 102, 251 96, 048 104, 962 98, 824 106, 940 99, 303 108, 670 100, 397 171, 400 171, 581 171, 770 171, 956 172, 172 172, 385 172, 559 172, 758 172, 966 173, 155 173, 330 1982: Jan.. 173, 495 Feb.. 173, 657 3,334 3,369 3,298 3,373 4,064 4,499 7,406 6,991 6,202 6, 137 7, 637 8,273 2,366 1,942 1,414 1,241 1,871 2,285 62. 1 62.8 63. 6 64. 1 64.2 64. 3 108, 034 108, 364 108, 777 109, 293 108, 434 108, 688 108, 818 108, 494 109, 012 109, 272 109, 184 100, 069 100, 406 100, 878 101, 045 100, 430 100, 864 100, 840 100, 258 100, 343 100, 172 99, 613 3,346 3,343 3,470 3,405 3,348 3,342 3, 404 3,358 3,378 3,372 3,209 96, 723 97, 063 97, 408 97, 640 97, 082 97, 522 97, 436 96, 900 96, 965 96, 800 96, 404 4,227 4,290 4,200 4,264 4,033 4,374 4,350 4,656 5,009 5,026 5,288 7,965 2,322 7,958 2,269 7,899 2,187 8,248 2,231 8,004 2,363 7,824 2,170 7,978 2,217 8,236 2,248 8, 669 2,292 9,100 2,364 9,571 2,372 64.3 64.4 64.6 64.8 64.2 64.3 64. 3 64.1 64.3 64.4 64.2 97, 831 10, 183 111, 038 108*879 97, 946 10, 378 111, 333 109, 165 99, 581 99, 590 3,411 3,373 96, 170 96, 217 5,071 5,563 9,298 9,575 2,399 2,724 64.0 64. 1 98, 401 99, 364 100, 345 100, 855 101, 419 102, 612 102, 152 100, 389 101, 028 100, 502 99, 562 8,614 8,271 7,561 7,731 8,485 8,130 7,947 7, 884 8,216 8,676 9, 013 110, 155 110, 492 110, 906 111, 420 110, 565 110, 827 110, 978 110, 659 111, 170 111, 430 111, 348 i Persons at vpork. Econom ic reasons i ciclude slack work, ma terial short ages, inability te> find full-time} work, etc. J Total labor ft>rce as percent of noninstit utional population 16 ye ars of age an i OY6T. 85, 421 88, 734 92, 661 95, 477 95, 938 97, 030 Seascmally adjusted U nad justed 1981: Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. 3,331 3,283 3,387 3,347 3,364 3,368 Labor force participation rate (ner-2 cent) Drictly comp arable with earlier dat a because of *Datsi beginniniI 1978 not s1 revision s in the household surv ey, which ac ided about 2 50,000 to lalt>or force and to employment. Source: Departalent of Laboi% Bureau of Labor Statis tics. 11 SELECTED UNEMPLOYMENT RATES in February the seasonally adjusted unemployment rate rose to 8.8 percent from 8.5 percent in January. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 25 25 20 20 /"VpA BLACK -AND OTHER- 15 TEENAGERS (16-19) - 15 t / 10 WOMEN 20 YEARS AND OVER \ MEN 20 YEARS AND OVER 0 I l i IN l i IN i M I n i l i i ii i i i i l l ii ii | i l l i l l ii M i i M I i I N N i 1978 1979 1980 1981 1982 1978 1979 1980 1981 •UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR 1982 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] [Jnemplo yment r ate (percent of ci vilian lat>or force in group ) By s elected g roups By i?ex and aige By race Period Total (all civilian workers) Men Women Both 20 20 sexes years years 16-19 and and years over over 1976 1977 1978 1979 1980 1981 7.7 7.1 1981: Feb Mar Apr May June__ _ _ July Aug Sept Oct Nov Dec 7.4 7.3 7.3 7.5 7.4 7.2 7.3 7.6 8.0 8.8 7.9 1982: Jan_«_ Feb 8.5 8.8 7. 6 6. 1 5.8 7. 1 7.6 8. 3 White Wo- Marmen who ried men, mainspouse tain present families Fulltime workers Parttime workers Labor force time lost (per-l cent) 7.3 6.6 5.6 5.5 6.9 7.3 4.2 3.6 2.8 2.8 4.2 4.3 10. 1 9.4 8.5 8.3 9.2 10. 4 7.3 6.6 5.6 5.3 6.9 7.3 10. 1 6.3 6.7 13. 1 13.1 11.9 11.3 13.1 14.2 8.3 7.6 6.5 6.3 7.9 8.5 13.2 13.6 13.2 13.7 14.2 13.8 14.7 14.8 15.2 15.2 15.7 3.8 4.0 4.2 3.9 4.0 4.4 4.8 9.8 9.6 9.9 7. 1 7. 1 6. 9 9.1 7.0 6.9 7.2 7.0 6.8 6.9 7.3 7.6 8.0 8.5 4. 1 4. 1 7. 1 6.5 6.4 6.4 6.7 6.4 6.3 6.2 6.6 7.0 7.4 7.7 7. 1 6.9 7.0 7.2 7.4 19. 1 19. 2 19. 0 19.4 19.2 18.7 19.0 19.7 20.4 21.4 21.5 8.2 8.2 8.2 8.6 7.9 7.9 7.9 8.5 9.1 9.5 7.5 7.2 7.6 21.7 22.3 7.7 7.5 15. 1 15.9 8.2 8.4 5.9 5.2 4.3 4.2 5.9 6.3 7.4 7.0 6.0 6.0 5.8 6.3 6.6 6.6 5.8 6.0 6.2 6.7 6. 7 6. 6 6. 1 6. 0 5.7 6.4 6.8 6. 6 6.7 6.6 19. 0 17.8 16.4 16. 1 17.8 19.6 * Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 ExpeBlack rienced wage and and other salary workers 7.0 6.2 5.2 5. 1 9.9 9.0 8.8 8.8 9.4 9. 1 9.2 9.6 7.1 7.1 6.8 6.9 7.3 7.7 8. 1 10.2 5.7 10.4 10.7 11.2 10. 1 10.7 10. 6 10.8 10.5 8.7 9.2 10. 1 5.3 5.3 10. 4 10.2 8.4 8.5 10.8 9.6 10.0 5. 2 Source: Department of Labor, Bureau of Labor Statistics. 9. 2 9.3 9.6 9.6 9.5 9.8 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In February, the percentage of unemployed persons who had been out of work for less than 15 weeks fell, and the percentage out of work for 15 weeks and longer periods rose. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 30 - 20 10 -' 1978 1982 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Pereerjit distrib ution of tmemployment b.y duratic> n * Period Unemployment Less (thou- than 5 sands) weeks 5-14 weeks 15-26 weeks 27 weeks and over State pi•ograms Insured unem- Special unemployployment, ment all New Insured benefit uriem- Initial regular enproclaims claims trants ploy(unadgrams ment (unad-2 justed) 3 justed) Perceiiit distrib ution of unemPioyment i :>y reasori * Job losers ReenJob leavers trants Wee;kly avei age, thoussands 1977 1978_. 1979 1980 1981.. 1981: Feb_. Mar_. Apr__ May._ June— July__ Aug— Sept.. Oct... Nov__ Dec. _ 1982: Jan___ Feb,__ 6,991 6,202 6,137 7,637 8,273 7,965 7,958 7,899 8,248 8,004 7,824 7,978 8,236 8,669 9,100 9,571 9,298 9,575 41.8 46.2 48. 1 43. 1 41.7 41.0 41.2 40. 6 41. 1 40. 8 42.6 41.5 42. 2 42.7 42. 3 42. 8 41.3 39.6 30.5 31. 0 31.7 32.3 30.7 29. 9 30.3 31. 5 31.7 30. 0 29. 6 30.8 30. 9 30.9 31.7 32. 0 32.9 31.9 13. 1 12.4 11.5 13.8 13. 6 13. 5 13.3 13.4 12. 9 15. 2 14.0 13.5 13.7 13.4 13.5 12. 6 13.0 15. 1 14.7 10.4 8.7 10.7 14. 0 15. 7 15.2 14.5 14. 2 14.0 13.8 14.2 13.2 13. 0 12.5 12. 6 12.8 13. 4 45. 3 41. 7 42.9 51.7 51. 6 51. 1 50.2 50. 1 49.8 51.6 49. 5 51.4 52.8 52.4 53.6 56. 1 56. 7 54.3 * Petail may not add to 100 percent because of rounding. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (TJCFE), and railroad (RB) programs. Also includes Federal and State extended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). 13.0 14. 1 14.3 11.7 11.2 11.5 11.3 11. 4 12.4 11. 1 11.9 11.0 11.0 11.2 10.0 9.7 9. 1 10. 2 28. 1 29.9 29.4 25. 2 25.4 25.5 26.0 25. 9 26.0 25. 2 26. 6 25.5 24. 6 25. 0 25.5 23. 5 22.7 24.0 13. 6 14.3 13.3 11.4 11.9 11.9 12.4 12.5 11.8 12. 0 12.0 12.2 11.7 11.5 10.9 10.7 11.5 11.6 2,655 2,359 2,434 3,350 3,048 2,920 2,954 2,949 2,904 2,897 2,767 2,844 2, 961 3, 159 3,428 3,583 3,546 3,484 375 346 388 488 460 415 435 405 408 407 397 435 482 522 541 567 562 517 3,308 2,645 2,592 3,837 3,410 4,264 3,948 3,453 3,111 2,949 3, 012 2,874 2,680 2, 753 3,228 3,935 4,681 4,723 572 s FSB and SUA. These programs started January 1975 and regular reporting began March 1975. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT In February, total nonagricultural employment as measured by the payroll survey rose 97,000. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 90 ALL NONAGRICULTURAL ESTABLISHMENTS 80 70 ---.SERVICE-PRODUCING INDUSTRIES 60 50 40 GOODS-PRODUCING INDUSTRIES 30 \ «•„,*„.».,•••• Nil 20 1978 1979J * SEASONALLY ADJUSTED SOURCE: DEPARTMENT Of LABOR :1980 ' 1981 1982 1978 1981 1982 I COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 seasonally adjusted] S ervice-pi•oducing Industrie s Trans- Whole- Finance, Gover nment Ma nufactui ing insurportasale tion ance, Services and State Non- Total and and retail Federal and durable Total Durable real public trade goods goods local utilities estate CJoods-prceducing i adustries f3_ • _ j Fenoa Total nonagrieultural employ- Total * ment Construction 1977. .. _„ 82, 471 1978 86, 697 1979 89, 823 1980 90, 564 1981-.. 91, 543 24, 346 25, 585 26, 461 25, 718 25,672 3, 851 4,229 4,463 4,399 4,307 19, 682 20, 505 21, 040 20, 300 20, 261 11, 597 12, 274 12, 760 12, 181 12, 136 8,086 8,231 8,280 8,118 8, 125 58, 125 61, 113 63, 363 64, 847 65, 871 4,713 4,923 5,136 5,143 5, 151 18, 516 19,542 20, 192 20, 386 20, 738 4,467 4,724 4,975 5,168 5,331 15, 303 16, 252 17, 112 17, 901 18, 598 2,727 2, 753 2,773 2,866 2,772 12, 399 12,919 13, 174 13, 383 13, 282 1981: Feb... Mar__ Apr... May__ June.. July.. Aug — Sept.. Oct___ Nov Dec__. 91, 258 91, 347 91, 458 91, 564 91, 615 91, 880 91, 901 92, 033 91, 832 91, 522 91, 113 25, 657 25, 705 25, 700 25, 705 25, 818 25, 939 25, 931 25, 930 25, 662 25, 418 25, 104 4,389 4,416 4,418 4, 334 4,284 4,272 4,275 4, 272 4", 259 4,229 4, 193 20, 177 20, 191 20, 332 20, 414 20, 424 20, 535 20, 505 20, 496 20, 241 20, 017 19, 736 12, 074 12, 099 12, 207 12, 254 12, 278 12, 333 12, 332 12, 311 12, 115 11, 932 11, 714 8,103 8,092 8,125 8, 160 8, 146 8,202 8, 173 8,185 8, 126 8,085 8,022 65, 601 65, 642 65, 758 65, 859 65, 797 65, 941 65, 970 66, 103 66, 170 66, 104 66, 009 5,135 5, 139 5,161 5, 148 5, 149 5, 167 5, 170 5, 186 5, 168 5,147 5, 122 20, 600 20, 635 20, 636 20, 714 20, 717 20, 796 20, 862 20, 872 20, 916 20, 838 20, 735 5,283 5,293 5,316 5, 326 5,331 5,344 5,354 5, 366 5,360 5,355 5,366 18, 343 18, 371 18, 475 18, 540 18, 560 18, 642 18, 667 18, 774 18, 788 18, 838 18, 856 2, 795 2,781 2,767 2,779 2, 781 2,777 2,770 2,765 2,759 2,748 2, 741 13, 445 13, 423 13, 403 13, 352 13, 259 13, 215 13, 147 13, 140 13, 179 13, 178 13, 189 1982: Jan'.. 90, 839 Feb*. 90, 936 24, 764 24, 789 4,068 19, 528 11, 578 4, 146 19, 482 11, 555 5,361 18, 849 5,362 18, 902 2,738 2,731 13, 164 13, 133 7,950 66, 075 7,927 66, 147 » Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed person?, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they 14 5, 120 20, 843 5, 114 20, 905 are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from employing establishments. 3 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAli INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Manufa cturing Total private nonagricultural l Period Total Adjusted h<surly earnin gs index2 —tc»tal private nonagric ultural Averag e gross hourly e arnings Aversige weekly 1:lours Overtime Total private nonagncultural l Manufacturing 36.9 36.5 36. 1 36. 1 36. 0 35.8 35.7 35.3 35.2 40.7 40.0 39.5 40. 1 40.3 40.4 40.2 39. 7 39.8 3.8 3.3 2.6 3. 1 3.5 3.6 3.3 2.8 2.8 $3.94 4.24 4.53 4.86 5.25 5.69 6.16 6.66 7.25 $4. 09 4.42 4.83 5.22 5.68 6. 17 6.70 7.27 7.98 _- 35.2 35.3 35.4 35.3 35.2 35.3 35.2 34.9 35.0 35.0 34.9 39.8 39.9 40.2 40. 3 40.1 40.0 40.0 39.3 39.5 39.3 39.0 2.8 2.8 2.9 3.2 3.0 3.0 3.0 2.7 2.7 2.5 2.4 7. 04 7.09 7.14 7. 18 7.23 7.26 7.34 7.37 7.39 7.45 7.45 1982: Jan »_: Feb " _ _ _ - _ _ 34.2 34. 9 37.3 39. 1 2.3 2.3 7.51 7.52 1973 1974 1975 1976 1977 1978 1979 1980 1981 . _— 1981: Feb Mar Apr May June July Aug Sept Oct Nov Dec Percent cha nge from a year earlier 4 5 Index, IS 77=100 Current dollars 1977 dollars s 74.1 80.0 86.7 92.9 100.0 Current dollars 1977 dollars 116.8 127.3 *139. 0 101.1 98.3 97.6 99.0 100.0 100.5 97.4 93.5 *92. 6 ao 9.0 *9. 2 -3. -4. *-l. 7.74 7.80 7.90 7.95 7.99 8.02 8.08 8. 14 8. 15 8. 18 8. 19 135.0 135.8 136.7 137.7 138.4 139.0 140.7 141.5 141.9 143.2 143.5 92.8 92.8 93.1 93.0 92.9 92.2 92.6 92.1 92.0 92.5 92.3 9.9 9.5 9.6 9.5 9.0 8.9 9.3 9.3 8.6 8.4 8.2 -1. — -1. -1. -1. -1. —. .- — 8.37 8.34 145. 0 145. 1 93.0 92.8 8.4 7.5 • ioa i 6.2 8.0 8.4 7.2 7.6 8.1 -0. -2. 1. 1. _ — __, AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly earnings Period Total pitvate nonagricu Itural l Current dollars 1973 1974 1975 1976 1977 1978 1979 1980 1981 1981: Feb Mar Apr May June July Aug Sept Oct Nov Dec 1982: Jan" Feb 9 $145. 39 154.76 163. 53 175. 45 189. 00 203. 70 219. 91 235. 10 255. 20 247. 81 250. 28 252. 76 253. 45 254.50 256. 28 258. 37 257. 21 258. 65 260. 75 260. 01 256. 84 262. 45 Manufacturing 1977 dollars 3 $198. 35 190. 12 184 16 186. 85 189. 00 189. 31 183. 41 172. 74 170. 13 170. 32 171. 07 172. 18 171. 25 170. 92 169. 95 170. 09 167. 56 167. 74 168. 33 167. 21 164. 75 167. 91 $166. 46 176. 80 190. 79 209. 32 228. 90 249. 27 269. 34 288. 62 317. 60 308. 05 311. 22 317. 58 320. 39 320. 40 320. 80 323. 20 319. 90 321. 93 321. 47 319. 41 312. 20 326. 09 $235. 89 249. 25 266. 08 283. 73 295. 65 318. 69 342. 99 367. 04 395. 60 380. 02 392. 33 390. 29 388. 98 388. 05 397. 41 397. 11 380. 80 404. 07 414. 77 412. 92 402. 05 411. 04 Percent eh*inge from a year e arlier, total pit /ate nonagricu Itural 5 Current dollars <Current dollarsj 1 Also includes other private industry groups shown on p. 14. * Adjusted for interindustry employment shifts and for overtime in manufacturing. * Current dollar index (or earnings) divided by the consumer price index on a 1977=100 base. Eevised index for urban wage earners and clerical workers used beginning 1978. Construction Wholesale and retail trade $111.76 119.02 126.45 133. 79 142. 52 153. 64 164. 96 176. 46 190. 35 186. 12 187. 08 188. 63 189. 07 189. 71 190. 95 192. 28 194. 21 192. 04 193. 60 193. 95 191. 52 193. 95 6.2 6.4 5.7 7.3 7.7 7.8 ao 6.9 8.5 9.1 9.2 9.5 9.9 9.2 1977 dollars — 0. -4 -3. 1. 1. —3. —5. -1. -2. -1. 10.0 9.8 8. 1 7.7 7.2 6. 1 3.4 5.6 -2. -2. -2. -2. -4. -1. *5 Monthly changes based on indexes to two decimal places. Based on unadjusted data. *Data corrected. Source: Department of Labor. Bureau of Labor Statistics. 1J PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR Houn5 of 2 all pers ons Out put» Output per hour of all ]aersons Comp<?nsation per hour 3 Unit labor CO sts Implici t price defla tor 4 PriPriNonPriNonNonNonPrivate Private NonPrivate Nonvate vate farm business vate farm farm farm farm farm business business business business business business business business business sector sector business sector business sector sector sector sector sector sector sector sector sector Period 1977== 100; qusirterly dat,a season ally ad justed 76. 9 79.2 76.7 78.9 90.3 92.7 88.5 91.3 85.2 85.4 86.7 86.4 50.6 54.2 548 51. 4 59.5 63.5 59.3 63.4 60.3 63.3 60.5 63.4 1970 1971 1972 1973 1974 78.5 80. 9 86.2 92.0 90.2 78.1 80.4 85.9 91.9 90. 1 91.2 90.7 93.4 97.0 97.4 90.0 89.7 92.5 96.4 96.8 86. 1 89.2 92.4 94. 8 92.7 86.7 89.6 93.0 95.3 93. 1 58.2 62.0 66.0 71.3 78.0 58.6 62.5 66.6 71.7 78.4 67.6 69. 5 71.5 75.2 84.2 67.6 69.7 71.7 75.2 84.3 66.2 69. 1 71.5 75.3 82.4 66.4 69.4 71.4 1975 1976 1977 1978 1979 88.5 94. 1 100.0 104. 7 107.7 88. 1 94.0 100.0 104.9 107.7 93.4 96. 1 100.0 104.9 108.2 92.7 95. 9 100.0 105. 1 108.7 94.8 97.9 100.0 99.8 99.5 95.0 98. 1 100.0 99.8 99. 1 85.5 92.9 100.0 108.4 119.3 86.0 93.0 100.0 108.5 119.0 90.2 94.8 100.0 108.6 119.9 90.5 94.8 100.0 108.7 120.0 90.4 94.7 100.0 107.4 116.9 100.0 107.0 116.2 1980 1981 ^ 106.8 108.9 106.8 108.8 107.5 108. 5 108. 1 109. 1 99.3 100.4 98.8 99.7 131.5 144. 6 130.8 143.9 132.4 144.0 132.4 144.3 127.6 139.4 127.4 139.6 1980: I II III IV 108.7 105.4 105. 7 107.5 108.5 105. 1 105. 8 107.7 109.2 106.4 106.3 108.4 109.7 107.0 106.9 108.8 99. 5 99. 1 99.4 99. 1 98.9 98.2 99.0 99.0 126.4 130. 1 133. 1 135.9 126.0 129.4 132.3 135.4 127 0 131.3 133.9 137. 1 127.4 131.8 133.6 136.8 123.0 126. 1 129. 1 132.2 122.9 126.3 128.8 131.9 1981: I...... II III _ _ „ _ IV "... 109.5 109.5 109.4 107.5 109.7 109.4 109. 0 106.9 109.2 108.2 108.4 108.4 109.7 109. 0 109. 1 108.8 100.3 101.2 100.9 99.2 100.0 100.4 99.9 98.2 139.8 143.3 146.5 148.5 139.2 142.4 145.7 147.9 139.4 141.6 145.2 149.7 139. 1 141.9 145.8 150.6 135.4 137. 5 140.9 143.9 135.3 137.5 141.2 1446 1968 1969 — 741 81.6 89.9 945 Pereeint change ; quarterlyr data at sseasonal! y adjustec1 annual rates 1968 1969 5.1 2.9 5.3 2.9 1.7 2.6 2.0 3.2 3.3 .2 3.3 -.3 7.8 7.0 7.5 6.5 4.4 6.7 4. 1 6.8 4.0 4.9 40 47 1970 1971 1972 1973 1974 -.8 3.0 6.6 6.6 -1.0 -1.7 -1.9 -1.9 .5 3.0 3.9 .4 -1.4 —.4 3. 1 4.2 .4 .9 3.6 3.5 2.7 -2.3 .3 3.3 3.7 2.5 2.4 7.4 6.6 6.5 8.0 9.4 7.0 6.6 6.7 7.6 9.4 6.4 2.9 2.9 5.2 11.9 6.6 3.1 2.8 4.9 12. 1 45 4.4 3.4 5.4 9.4 48 45 3.0 3.7 -1.9 —2. 2 -4. 1 2.3 3.3 2. 1 —.2 -.3 2. 1 3.2 2.0 .2 -.7 9.6 8.6 7.7 8.4 7.2 5.1 5.5 8.6 7.4 4.7 5.5 8.7 9.7 47 5.6 7.4 8.8 10.3 3. 1 -4.2 3.4 4.3 5.1 3.4 9.6 2.9 4.0 4.9 -.6 .9 -.6 .9 -.2 1. 1 9.2 9.3 9.7 9.6 .2 1. 1 -9.5 -.7 7.3 9.7 11.3 11.3 3.4 -2.5 .4 -1.0 1975 1976 1977 1978 1979 1980 1981 » 6.3 6.3 4.7 2.8 2.9 6.9 6.9 6.7 6. 4 4.9 2.7 -.8 2.0 -.9 1.9 1980: I 1.8 II -11.5 1. 1 III.... IV 6.9 -12.1 1981: I II III.. IV »... 7.9 —.1 -.3 -6.8 1 Output 2 1.4 2.9 7.1 7.9 — 1. 1 -1.4 -7.7 -9.9 -.2 8.1 3.0 -3.5 .8 -. 2 10.1 7.6 8.5 9.7 10.4 10.4 -.3 .9 10.2 10.0 10. 1 9.9 10.4 10.3 1.6 -1.8 1.3 -1. 1 .3 -2.9 3.6 —.2 10.8 12.3 10.3 11.3 4.7 3.5 -1. 1 -6.5 4.4 1.4 -1.7 -6.8 11.9 10.4 refers to gross domestic product originating in the sector in 1972 dollars. Hours of all persons in private industry engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 16 8. 1 9.5 8.6 9.3 5.5 9.0 9.8 11.7 9.6 9.5 6.2 8.8 9.0 9.0 9.9 10.5 10.1 5.1 5.8 7.0 8.6 14.4 8. 1 14.6 9.8 10.1 9.8 9.9 10.0 6.9 6.6 7.0 8.1 10.0 11.0 10.4 11.4 10.0 10.6 12. 9 5.3 11.5 14.0 6.2 8.7 8.2 6.5 * Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 1.6 percent in February following decreases of 2.5 percent in January and 2.1 percent in December. The index for February was 6.6 percent below the year earlier level. INDiX, 1967=100* ion (RATIO SCALE) INDEX, 1967=100* TOTAL IhIDUSTRIAL PRODUCTIC)N 160 ^y, •»..„ • 1 140 180 V r\ 160 1 ^ (RATIO SCALE) UTILITIES AND MINING PRODUCTION UTILITIES 140 ^ MINING 19f> 120 1 11 11111111 1978 I i Iit Ii i i iI 1 1 1 I 1 1 1 1 1 11 1979 I I I II I I II !I IllllllUll 1981 1982 1980 100 180 1978 MANUFACTURING PRODUCTION 1979 1980 1981 1982 PERCENT* (RATIO SCALE) 100 NONDURABLE MANUFACTURING CAPACITY UTILIZATION RATE 160 90 140 80 120 70 1978 1982 1978 1982 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion 1975 1976 1977 1978 1979 1980 1981 Total in dustrial producjtion Percent Index, 1967 = change from 100 year earlier 100. 00 117.8 -8.9 130.5 10. 8 138.2 5.9 146. 1 5.7 152.5 4.4 147. 0 -3.6 151.0 2.7 [Seasonally adjusted] produ ction inde xes, 1967 = 100 Mainufaeturi ng Indus try Total Durable Nondurable Mining 87. 95 116.3 130.3 138.4 146. 8 153.6 146. 7 150.4 51. 98 109. 3 122.3 130. 0 139. 7 146.4 136.7 140.5 S5.97 126. 4 141. 8 150.5 156. 9 164.0 161.2 164.7 6. 86 112. 8 114.2 118.2 124.0 125.5 132. 7 142.2 5.69 146.0 151.7 156.5 161.4 166. 0 168.3 169. 1 73.4 81. 1 82.7 85.6 87.4 80.0 79. 9 72.9 79.5 81.9 84. 4 85. 7 79. 1 78.5 141.0 140. 8 142. 1 142.5 143.5 143.2 143.6 143. 4 140.9 137.8 134.4 131. 2 165.6 166.2 165. 3 165.9 166.4 165.8 167.1 167. 3 165.9 162.8 160.3 156.9 140.4 143.1 143.2 135.2 135.4 141.7 146.5 146.0 145.0 145.3 143.3 142.5 167.6 166.4 167.8 167.6 170.7 172.7 173. 1 171.9 167.8 168. 1 168.9 167.3 82. 1 82.3 82. 1 81. 1 81.1 81. 3 81. 9 81.6 80.0 77.7 75. 5 72.5 80.0 79.8 79.8 79, 8 80.0 79.6 79. 8 79. 6 78.3 76. 6 74.8 72.9 126.6 129. 2 153.5 155.8 143.8 142.0 168.8 167.4 70.5 71.7 70.6 71.8 1981: Jan Feb Mar Apr May June July Aug... Sept Oct Nov Dec 151.4 151.8 152. 1 151.9 152.7 152.9 153. 9 153. 6 151.6 149. 1 146.3 143.2 -1.0 -1.9 -4.8 151. 1 151.2 151.6 152.0 152.8 152.4 153.2 153.2 151. 1 148.0 145.0 141.7 1982: Jan » Feb 9 139. 6 141. 8 -7.8 -6. 6 137.6 140. 1 1 Output 1 Annual 8 -.7 .0 2.5 6.2 8.1 9.7 8.0 5.0 1.7 as oercent of cfipacity. data are averas?es of four m onthly index es. Quarterly data entered in last momi,h of quarter Annual dat a are averag es of Quarterly data. Utilities Capacit1v utilizatkm rate, p ercent J Matnufacturi ng Materials (Federal WharReserve Federal Comton series) Reserve merce 2 series series series 77 81 83 84 83 78 76 78. 84. 87. 90. 91. 85. 78 87. 78 86. 76 86, 72 Sc urces: Boarc I of Governors of the Fee eral Reserve> System, D<jpartment Conimerce (Bur eau of Econo mic Analysis ) , and Whart on School of Finance. ] INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adjusted] Proclucts Filial 1Products Cojasumer goods Period Total Equip>ment NonDurable durable goods goods 19. 79 7. 89 120.6 133.8 125. 6 146.2 126.3 135.3 125. 1 121.4 135. 2 141. 9 141.9 154.0 145. 1 159.2 148.8 155. 8 148.9 136.7 150.8 140.5 Total Internlediate proc ucts Materials Construction supplies Supplementary group: lOnorgy total Total Business Total 20. 14 103.8 114. 5 120.0 110. 2 114. 6 123.0 132.8 142.2 145.2 151.8 12. 63 118.0 134.2 142. 4 128.2 135.4 147.8 160.3 171.3 173.2 181. 1 12.89 126.5 137.2 135. 3 123. 1 137.2 145. 1 154. 1 160.5 151.9 154.4 6.42 128.4 139.8 134.5 116.3 132.6 140.6 151.7 158.0 140.9 141.9 89. 29 122. 3 133. 9 132.4 115.5 131.7 138. 6 148. 3 156.4 147. 6 151.6 12. 23 125.2 128.3 125.5 125.5 129. 1 132.9 135. 4 137.9 137.7 137.4 1967 proportion 1972 1973 1974 1975... 1976 1977. 1978 1979 1980 1981 47.82 115.7 124.4 125. 1 118.2 127. 6 135. 9 142.2 147.2 145.3 149.5 27.68 124.4 131.5 128.9 124.0 137. 1 145. 3 149. 1 150.8 145. 4 147.8 1981: Feb Mar Apr May.. June, July Aug Sept Oct Nov Dec 148.2 149.0 149.9 151.3 151.4 152. 1 151.5 150.0 148.9 147.2 145.8 147. 8 148.3 148.9 150. 7 150.3 150.7 149.6 147.8 146. 5 144.0 141.4 141.2 143.6 144. 3 147. 3 147.9 146. 5 142. 5 140.4 136.3 129.7 123. 2 150.5 150. 1 150.7 152. 1 151.2 152.3 152.5 150.8 150. 5 149.7 148. 7 148.7 150. 0 151.4 152. 1 153.0 154. 1 154.0 152. 9 152. 1 151. 5 151. 8 177.5 179.3 181.0 182. 0 183.6 184.8 184.4 182.7 180.5 179.0 178.4 157.7 157. 1 156.3 156. 1 154.9 156.2 156.8 154.6 151.4 148.7 145. 9 148.9 149.0 147.9 146.5 143. 4 144.3 144.0 139.7 135.2 130. 1 127.2 154.3 154.4 152.9 153.4 154.0 155. 3 155.2 152. 5 148. 5 144.6 139. 1 138.5 137. 7 132. 6 133. 5 138. 0 141.2 140.5 136.8 136. 9 137. 2 136.3 1982: Jan » Feb » 142.3 144. 2 138.6 140. 9 118.9 123. 5 146.5 147.8 147.5 148.8 172.4 173.3 141.9 144.4 122.3 124.9 135.6 138. 1 136.9 136.9 [1967 = 100, seasonally adjusted] EDurable nlanufaeti ires PrimarY metals Period Total Iron and steel 4.21 Non- Fabricated metal products trical machin— ery Electrical machinery Non durable inanufact tires Transportation equij>ment Total Motor vehicles and parts Lumber and products F Apparel products Print- Chemicals ing and and prodpublishing ucts Foods 1967 proportion 1972 1973 1974 1975...., 1976 1977 1978 1979 1980 1981 6.57 112. 1 126. 7 123. 1 96.4 109.7 111. 1 119. 9 121. 3 102. 3 107. 9 107. 1 122. 3 119.8 95. 8 104. 8 103.8 113. 2 113. 2 92. 4 99.8 5.93 112. 1 124. 7 124.2 109. 9 123.9 131. 0 141. 6 148.5 134. 1 136.4 9. U 116. 0 133.7 140. 1 125. 1 134.5 143. 6 153. 6 163.7 162.8 171.2 8.05 122. 2 143. 1 143.8 116.5 134.8 145.4 159.4 175.0 172.8 178.4 9. 27 108.2 118.3 108.7 97.4 111. 1 122. 2 132.5 135.4 116.9 116. 1 4^50 135. 8 148.8 128.2 111. 1 142.0 161. 1 169. 9 159. 9 119.0 122.3 1.64 120.8 126. 0 116.2 107.6 123.2 131. 2 136.3 136.9 119.3 119.0 3.31 109. 4 117.3 114.3 107. 6 125.7 134.2 134. 2 134. 4 127.0 120.3 4. 72 112.7 118.2 118.2 113.3 122.5 127.6 131.5 136.9 139.6 144.2 7.74 143. 6 154.5 159. 4 147.2 170. 9 185.7 197.4 211.8 207. 1 215.4 8. IB 116.8 120.9 124.0 123. 4 133.0 138. 8 142. 7 147.5 149.6 152. 1 1981: Feb Mar Apr May June July Aug Sept Oct Nov Dec 114. 5 114.9 110. 6 111.9 107. 4 109.4 113. 1 108.6 102. 3 96.6 89.5 108.4 108.0 103.4 105. 6 98. 5 99.7 105. 1 99. 2 92.2 87.2 79.2 137. 6 139.2 139. 5 138.4 139.3 140. 1 140. 0 136.8 133.8 130.2 126. 1 168.3 169. 2 169. 7 172. 1 174. 1 176.7 176.4 173.9 169.7 167.9 166.7 174.9 177. 4 178. 8 179.9 180. 1 180.9 182. 6 180.0 179.6 175. 7 170.7 116. 1 119.5 121. 3 123.7 123.4 119. 8 115. 4 114.2 110.6 106. 1 103.7 119.9 127. 1 130.7 136. 4 137.5 130.5 123. 1 120.4 113.8 105.5 100.4 126.2 125. 6 126. 3 126.2 122.5 122.9 119. 1 113.2 109. 6 104. 7 103.8 121.6 120.2 121. 6 122. 6 121. 1 122.6 122. 6 122.5 117.8 1J3. 8 112. 5 144.8 142.7 141. 6 141. 3 143. 1 144.4 146. 1 145.9 145. 6 143. 4 144. 9 219.8 218. 5 219. 8 220. 0 218.4 221. 5 219.2 216.3 208. 8 204. 6 197.9 152. 5 152. 4 151. 9 152.2 151. 3 151. 6 151. 9 150.7 151. 4 153. 0 152.4 87.2 86. 8 78.3 119. 7 122. 1 161.2 163. 5 168. 5 171.3 96.5 101.2 90.2 97.3 95.5 146.0 147. 1 192.7 150.2 1982: Jan *___ Feb * Source: Board of Governors or the Federal Reserve System. 18 NEW CONSTRUCTION Constructio n contracts1 Private T f\ •fell naTir construction expenditures Period Resiclential Total Total1 Commercial and industrial New housing units Federal, State, Other and local CommerTotal value cial and index industrial (1977= floor space 100) (millions of square feet) Bil lions of doll ars 1975 1976 1977 1978 1979 1980 1981 135.9 151. 1 173.8 205.6 230.8 230.3 237.0 95.1 112.0 135.7 159.7 181.7 174.9 183.5 34.4 47.3 65.7 75.8 78.6 63. 1 62.0 46.5 60.5 81.0 93.4 99.0 87.3 85.8 20.8 19.9 22.5 29.6 39.9 43.8 50.4 27.8 31.5 32.2 36.7 42.8 43.9 47.3 40.9 39. 1 38.2 45.9 49. 1 55.4 53.5 65.2 61.3 60.6 56.6 51.8 52.2 51.6 49.3 52. 2 51. 1 52.4 53. 1 51.6 51. 1 Seasonall y adjusted aiinual rates 235.8 193.9 193.2 189.6 189.9 184.1 181.8 182.3 180.6 178.6 179.2 180.6 182.8 100.7 99.7 96.3 95.2 89.7 86.0 82.9 80.5 78.5 78.3 78.2 79. 8 74.2 75. 1 73.0 72.9 67.7 64.3 60.5 58.1 55.9 52.8 50. 9 51. 1 47.9 48.7 51.2 52.0 51. 8 51.6 52.9 53.7 44.9 45.0 44.7 45.8 46.5 47.2 48.2 48.0 48.4 49.4 49.5 49.3 232.7 230.4 181.1 179.3 78.3 76. 4 51.3 50.7 54.0 54.6 48.8 48.4 259.0 254.5 250.3 246.5 235.9 234.0 233.9 1981: Jan Feb Mar Apr May June July. Aug Sept.. Oct Nov Dec 229. 8 230.9 230.4 233. 0 1982: Jan » Feb* i Includes nonhousekeeping residential construction and additions and alterations, not shown separately. * F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 48.3 48.5 48.7 4a9 66.0 79.0 100.0 114.0 121.0 106.0 107.0 555 592 739 977 1,059 904 906 Seasonally Seasonally adjusted adjusted annual rates 135 1,005 112 1,006 117 1,005 123 956 102 1,017 109 972 99 882 99 944 100 817 101 891 92 849 112 848 116 97 675 781 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 priv ate homes *few private housing uniibs Units started, by type of stnicture Period 1974 1975 1976 1977 1978 1979.... 1980 1981* Total 1 unit 1, 337. 7 1, 160. 4 1, 537. 5 1, 987. 1 2, 020. 3 1, 745. 1 1, 292. 2 1, 084. 2 888. 1 892.2 1, 162. 4 1, 450. 9 1, 433. 3 1, 194. 1 852. 2 705. 4 2-4 units 68. 1 64.0 85.9 121.7 125.0 122.0 109.5 91.1 5 or more units 381.6 204.3 289.2 414.4 462.0 429.0 330.5 287.7 Units authorized 1, 074. 4 939. 2 1, 296. 2 1, 690. 0 1, 800. 5 1, 551. 8 1, 190. 6 979.6 Units completed Homes sold Homes for sale at end of 1 period 1, 728. 5 1, 317. 2 1,377.2 1, 657. 1 1, 867. 5 1, 870. 8 1, 501. 6 1, 265. 7 519 549 646 819 817 709 545 436 346 313 353 402 414 3 398 336 272 Vacancy rate for rental housing units (percent)1 6.2 6.0 5.6 5.2 5.0 5.4 5.4 Seasonally adjusted aiinual rates 1981: Feb Mar Apr May June July Aug Sept Oct. Nov. Dec * 11982: Jan" " Feb ". _ 1,294 1,318 1,301 1, 172 1,046 1,040 946 899 854 860 882 835 863 868 776 705 696 614 623 507 554 550 114 108 97 105 89 88 76 62 78 81 74 345 347 336 291 252 256 256 214 269 225 258 1,165 1, 153 1, 186 1, 167 963 913 865 850 722 723 789 1,365 1,353 1,439 1,299 1,353 1,320 1,233 1,202 1,265 1,067 1, 112 511 518 467 481 417 408 364 335 359 388 458 338 328 329 326 318 312 308 304 291 282 272 895 953 598 533 70 99 227 321 832 838 1,048 381 336 275 279 * Seasonally adjusted. 2 Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable with earlier data. 8 New series beginning March 1979. 5.2 5.0 5.0 5.0 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for 1973-77 are for 14.000 places. Seasonally adjusted housing completions revised beginning 1979. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business sales fell 11/2 percent in January, while inventories declined $1 % billion. According to the advance survey retail sales rose 1% percent in February following a decline of 11A percent in January. ' BILLIONS Of DOLLARS* (RATIO SCALE) 140 BILLIONS OF DOLLARS* (RATIO SCALE) 600 130 550 TOTAL BUSINESS INVENTORIES 500 _ RETAIL INVENTORIES 120 110 450 100 400 90 350 "*, ^?X../ "" RETAIL SALES 300 TOTAL BUSINESS SALES 250 - 200 1979 1978 1980 1981 1982 RATIO* 150 100 1978 1979 1980 Iy81 1982 1982 1978 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total bijsiness l Who!esale Re tail In ventorie.§ 3 Sales Period bales 2 Inventories 3 177, 625 182, 230 204, 277 229, 623 258, 724 294, 733 320, 540 349, 966 349, 018 349, 485 349, 898 350, 923 349, 245 354, 443 354, 765 352, 785 353,717 345, 287 345, 213 342, 226 336, 693 285, 807 288, 375 318, 544 350, 678 395, 252 444, 224 475, 202 511,760 478, 451 484, 069 485, 467 487, 060 490, 254 494, 226 498, 098 502, 458 508, 132 511,682 515, 165 511,760 510, 073 Q _ }_ _ 9 Inven-3 O i_ o bales * tories DurNonable durable goods goods stores stores IVitnl Tntnl DurNonable durable goods goods stores stores Inventoi y-sales rati o 4 Total business l Retail Milli ons of d<">llars, se<isonally adjusted 1974 1975 1976 1977 1978 1979 1980 1981 * 1981: Jan— _ _ . Feb Mar _ _ Apr May June July Aug__ _ Sept. Get Nov__ Dec__ _ 1982: Jan" Feb *„_ 1 3 s 47, 748 46, 623 50, 694 55, 987 64, 715 76, 264 86, 991 96, 388 98, 967 98, 016 96, 486 97, 577 96, 217 95, 564 97, 085 94, 674 96, 437 94, 542 96, 012 93, 701 93, 552 56, 948 45, 082 56, 697 49, 012 64, 078 54, 781 72,311 60, 435 83, 492 67, 057 93, 817 74, 529 105, 529 79, 721 112, 118 87, 097 104, 909 85, 463 106, 066 85, 961 105, 539 87, 608 105, 591 85, 855 105, 568 85, 501 107, 210 87, 385 106, 402 87, 356 107, 820 88, 593 109, 297 88, 699 109, 757 86, 660 111, 822 87, 222 112, 118 87, 444 112,375 86, 165 87, 552 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. 20 14, 118 15, 247 18, 150 20, 724 23, 313 25, 401 24, 827 27, 365 27, 075 27, 479 28, 429 26, 356 26, 536 27, 532 27, 753 28, 439 28, 380 26, 319 26, 484 26, 694 25, 756 26, 538 30, 964 33, 765 33, 631 39,711 43, 744 49, 128 54, 894 59, 732 58, 388 58, 482 59, 179 59, 499 58, 965 59, 853 59, 603 60, 154 60, 319 60, 341 60, 738 60, 750 60, 409 61, 014 71, 067 32, 861 71, 744 33, 356 79, 273 37, 841 89, 210 42, 970 101, 681 49, 898 108, 835 53, 274 111,694 51, 853 123, 228 57, 054 111, 790 52, 234 113, 507 52, 374 113, 404 51, 791 113, 963 52, 306 115,426 53, 529 117, 307 54, 880 119, 824 56, 199 121, 277 57, 121 122,219 57, 124 123, 485 57, 492 123,799 57, 464 123, 228 57, 054 121, 987 56, 088 38, 206 38, 388 41, 432 46, 240 51, 783 55, 561 59, 841 66, 174 59, 556 61, 133 61,613 61, 657 61, 897 62, 427 63, 625 64, 156 65, 095 65, 993 66, 335 66, 174 65, 899 1.45 1.57 1.48 1.46 1.44 1.43 1.45 1.42 1.37 1. 39 1.39 1.39 1.40 1.39 1.40 1.42 1.44 1.48 1.49 1. 50 1. 51 1.48 1.44 1.38 1.39 1.42 1.43 1.38 1.35 1.31 1.32 1. 29 1.33 1.35 1.34 1.37 1.37 1.38 1.42 1.42 1.41 1.42 NOTE.—Revised data for wholesale and retail trade to be published in April issue. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS Manufacturers* new orders, shipments, and inventories rose in February. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE) 200 180 320 280 ^SHIPME NTS TOTAL r -• ^—'^vj>^^" -•x—s-*^" - 1ATS 1.4O __ — '-^"~-^m - 240 - 200 - DURABLE (300DS \ 80 ' .^" Aft \ " _ ^__ =—-~~ l 1 1 1 i 1 | 1 |I 1 z-NEW OF^DERS r_ ^xs^— \ NONDURA JLE GOOD5 " s*~~^r- ^-\ ' ~*\J\ - - — i i i i i l i n i i i i i . i l i i n i U N I mil M l . l l l M M RAT 0* it INVENTC RY-SHIPM ENTS RAT 10 iT ~"_Z^ \ x -^"""-' - Mlllhlll! on DURABLE C OODS " NONDURABLE GOOC S ~ 60 r\ 18 1A - 1.4 40 I I 1 I 1 I 1 I i Iin I nil M u i 1 i i 1 I i 1 1 1 1 1980 1978 1979 1 | M 1I 1 I 1 M 1981 1 111111111i 1982 1? y~ ^ _ _ 1 1 11 1 1 1 11 11 1 1 1 1 1 1 1 11 11 1 1 1 1 1J 1 1 1 11 1979 1978 1980 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE I I 1 I I II I I 1 1 1 1 1 i i I i i i 1 1 1981 1982 COUNCIL OF ECONOMIC ADVISERS Manufac turers* shj pments l Manufact urers'* inv entories 2 Total .. - - Period ' _ TOTAL -V ^- 1 111 11iii11 iiinliiiii 1 1 1 11 11 1 11i X"^ QA - DURABLE GOODS - BILLIONS OF DOLLARS* (RATIO SCALE) 1AA -^ — ^ NONDURABLE GOODS _ 11111111111 - TOTAL ^, ~ Aft 120 _ r^^ U0| - 140- _^^~~^~ ,^———•—"~ " __ „„*•«»•... „-*'- -'SA^^ ^^^^ 200 180 - izn 100 - INVENTORES NonDurable durable goods goods Total NonDurable durable goods goods Manu facturers ' new ord 2rs l Total Durabi e goods ManufacCapital Nonturers' goods indus- durable unfilled3 Total goods orders tries, nondefense Manufacturers' inventoryshipments4 ratio Millio ns of dolhirs, seasontally ad jus>ted 86, 595 98, 802 113, 201 126, 953 143, 941 __ 153, 828 _. 166, 481 43,656 50, 689 59, 267 67, 848 75, 803 78, 003 84, 990 42, 939 48, 113 53, 934 59, 104 68, 138 75, 826 81, 491 159, 934 175, 193 189, 157 210, 079 241, 572 257, 979 276, 414 102, 874 112, 581 121,646 137, 712 161, 390 171, 603 185, 226 57, 62, 67, 72, 80, 86, 91, 060 612 511 367 182 376 188 85, 149 99, 543 115, 027 131, 612 147, 576 155, 059 166, 504 42, 019 51, 398 61, 076 72, 358 79, 353 79, 264 85, 067 11, Oil 12, 799 15, 276 19, 450 22, 510 22, 548 23, 468 43, 130 48, 145 53, 951 59, 254 68, 223 75, 795 81, 437 173, 829 182, 499 204, 814 261, 082 304, 963 319, 729 319, 865 1.84 1.69 1.61 1.57 1.57 1.65 1.62 1981: Feb... 165, 508 Mar.. 165, 804 Apr... 167, 491 May.. 167,527 June- 171, 494 July.. 170,324 Aug__ 169, 518 Sept__ 168, 581 Oct .. 164, 085 • Nov 161, 979 Dec__ 161, 081 84, 215 85, 058 86, 327 86, 664 88, 770 87, 319 86, 841 86, 179 82, 583 81, 641 81, 146 81, 293 80, 746 81,164 80, 863 82, 724 83, 005 82, 677 82, 402 81, 502 80, 338 79, 935 264, 266, 267, 269, 269, 271, 273, 276, 278, 279, 276, 175, 620 176, 229 177, 123 177, 635 178, 676 180, 855 182, 221 185, 140 186,718 187, 275 185, 226 88, 876 90, 295 90, 383 91, 625 91, 033 91, 017 91, 140 91, 476 91, 722 92, 269 91, 188 166, 987 167, 361 168, 584 169, 340 170,913 172, 611 170, 063 168, 444 159, 005 159, 923 159, 469 85, 446 86, 729 87, 180 88, 164 88, 303 89, 696 87, 350 86, 278 77, 804 79, 956 79, 764 21, 185 24, 460 24, 723 23, 865 23, 230 24, 226 24, 700 23, 026 20, 996 23, 813 22, 518 81, 541 80, 632 81, 404 81, 176 82, 610 82, 915 82, 713 82, 166 81, 201 79, 967 79, 705 322, 323, 324, 326, 325, 328, 328, 328, 323, 321, 319, 045 602 694 508 918 206 757 613 538 478 865 1.60 1.61 1.60 1.61 1.57 1.60 1.61 1.64 1.70 1.73 1.72 1982: Jan___ 156, 976 Feb *_ 159,672 77, 855 79, 944 79, 121 275,711 184, 593 79, 728 276, 385 184, 800 21, 974 79,094 320, 091 21,511 79, 175 319, 015 1.76 1.73 1975 1976 1977 1978 1979 1980 1981 496 524 506 260 709 872 361 616 440 544 414 f2 Monthly average for year and total for month. Shipments are the same as sales. Book value, end of period. > End of period. * For annual periods, ratio of weighted average inventories to average monthly 91, 118 157, 202 78, 108 91, 585 158, 593 79, 418 shipments; for monthly data, ratio 01 inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21 PRODUCER PRICES PRICES In February, the producer price index for all finished goods declined 0.1 percent, seasonally adjusted. Prices of firwj ished consumer foods rose 0.5 percent, and prices of other finished consumer goods were down 0.3 percent. Prices or capital equipment fell 0.4 percent from their January level. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 160 140 120 120 1974 1982 SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967=100; monthly data seasonally adjusted] 1^inishec ; goods Finished goods excludin g consumer fc>ods Total finConished sumer goods foods Total Period 1974 _._ 1975 1976... 1977 1978 1979... 1980 1981 1981: Feb Mar Apr May June,. July Aug Sept Oct Nov, Dec 1982: Jan Feb 1 . 147.5 163.4 170.6 181.7 195.9 217.7 247.0 269.8 262.8 265.7 268.2 268.8 £70. 3 271.3 272. 1 272.6 274.2 275.3 276. 1 277.3 276.9 166.9 181.0 180.4 189.9 207.2 226. 2 239.5 253.6 250.4 252.3 252.7 253.3 254.5 256.6 256.8 255.5 255.0 253.2 253. 1 255.9 257. 1 139.3 156. 2 166. 1 177.7 190.7 213.3 247.8 273.3 265. 1 268.4 271.5 272.0 273.7 274.3 275.2 276.4 278.6 280.6 281.6 282.4 281.5 Conssumer goods Total Dur- 138.6 153. 1 162.6 174.3 186.7 211.5 250.8 276.4 268.3 272. 1 275.5 275.6 277. 1 277.4 277.9 279.3 281.4 283.4 284.2 284.8 284.0 125.9 138.2 144. 5 152.8 166.9 183. 2 206.2 218.6 2142 214. 4 216.2 217. 7 218.9 218.5 219.6 219.5 222.5 224. 1 224.3 224.0 222. 6 Intermediate materials for food manufacturing and feeds. 22 flh'A Nondurable 146.8 163.0 174.8 189.3 200. 0 231.3 283.9 319.5 308. 7 315. 1 319.8 318.8 320.4 321.2 321. 5 323.9 325.3 327.6 328.9 330. 1 329. 6 Im iermedi ate rnaterials Total finished Foods Capiconsumer Total and 1 Other tal feeds equip- goods ment 141.0 149. 3 162.9 200.2 159.5 162.5 163.6 180.0 195.3 178.6 173.4 169.7 189. 1 185.3 189.4 184.6 180. 7 201. 5 190.5 202. 3 199. 2 194.9 215.6 203. 1 216.5 216.5 217.9 242.2 226. 1 244.4 239.8 248.9 280. 3 252.6 282.3 264.3 271.3 306.0 250.5 310. 1 256.0 264.6 298.4 261. 1 301. 1 257.9 267.8 301.5 255.3 304.9 260.2 270.4 304. 1 257.3 307.6 262. 0 270.6 305.7 255.6 309.5 264. 1 272.0 306.9 255. 1 310.8 265.6 272.9 308. 1 251.0 312.3 267.4 273.3 309.7 251.4 314. 1 267.8 273.9 309.8 242.5 314.8 270.5 275.2 309.7 238. 3 315. 1 272.5 276. 1 310.6 235.3 316.2 274. 1 276.6 311.3 234.3 317.0 275.2 277.9 312.4 239.5 317.8 274. 1 277.7 311. 4 240.2 316.7 Crud e matei ials Foodstuffs Total and Other feedstuffs 196. 1 189. 4 208.9 196.9 191.8 206.9 202.7 190.2 228.5 209. 2 192. 1 245.0 234.4 216.2 272.3 274.3 247.9 330.0 304.6 259.2 401.0 329.0 257.4 482.4 332. 1 265.0 475.4 328.4 260.9 472.8 333.2 264.2 480.6 333.7 260.9 489.6 336.9 265.0 490.8 337.6 264.9 493.2 334. 4 261.9 489.7 328.4 252.0 492.2 322.7 246. 1 486.9 318.2 240.8 4845 313.8 234. 1 485. 1 319.2 244.4 479.9 317.3 246. 1 470. 6 NOTE.—Data revised for October 1981. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In February, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.3 percent unadjusted). Food and beverage prices were up 0.6 percent, seasonally adjusted, and energy prices were down 0.8 percent, unadjusted. INDEX, 1967= 100 (RATIO SCALE) 320 INDEX, 1967=100 (RATIO SCALE) ' 320 300 300 280 280 260 260 240 240 220 220 200 200 ALL ITEMS 140 140 1975 1980 1979 1976 1981 SEE NOTE ON TABLE BELOW SOURCE; DEPARTMENT OF LAiOR 1982 COUNCIL OF ECONOMIC ADVISERS [1967=100; monthly data seasonally adjusted, except as noted] Trauisportat ion Housing Period All itenis l NSA 5 Eel. imp. .. 100.0 1974 1975 1976 1977 1978 1979—-— 1980 1981 1981: Feb._ Mar__ Apr__ May__ JuneJuly __ Aug__ Sept__ Oct___ Nov.. Dee__ 1982: Jan Feb__ 147.7 161. 2 170.5 181. 5 195.4 217.4 246. 8 272.4 263. 2 265. 1 266.8 269. 0 271.3 274.4 276. 5 279. 3 279.9 280.7 281. 5 282. 5 283. 4 Financ- Apparel Food ff ing, and Home taxes, and upkeep bever- Total * purand Total1 chase insurages ance NSA NSA New cars Medical care Energy 3 17.5 46.0 9.6 12.9 4.6 19.3 S.5 6.0 4.9 NSA 11.1 158.7 172. 1 177.4 188. 0 206. 3 228.5 248. 0 267.3 263.7 264. 5 265.0 265.4 266.0 267.7 269. 1 270.9 271. 5 271.9 272. 1 274. 1 275.8 148.8 164.5 174.6 186. 5 202.8 227. 6 263.3 293.5 281.4 282. 8 284. 9 288. 4 291.6 296. 3 299. 3 303.2 303. 3 304. 8 305. 9 306.7 307.9 142.7 160.3 168. 4 179.5 196.7 223. 1 254.3 267.7 263.0 261. 1 260. 7 263.0 266.6 271. 4 272. 6 274. 5 272. 5 270. 2 270.5 269.3 270.4 181. 1 201.9 212.8 227.2 257.8 308. 9 396.0 472.5 437. 1 441. 1 447. 1 458.3 467. 2 480.0 488.3 501.8 501. 8 505. 6 506.3 506. 0 507.2 136.2 142. 3 147.6 154. 2 159. 6 166.6 178.4 186.9 184. 0 184.9 185. 7 185. 8 186. 1 187. 1 188.4 189. 0 189.5 189.3 189. 4 189. 3 190. 1 137.7 150.6 165.5 177.2 185.5 212. 0 249.7 280.0 272.6 275.3 274.5 275.8 276.9 279.7 281.4 284.6 288.2 290. 8 292.5 291.9 289.9 117.5 127.6 135.7 142.9 153.8 166.0 179.3 190.2 183. 9 183. 1 186. 1 189.9 192. 0 192.8 192.8 193.7 194. 0 194. 6 196. 1 196.0 194. 5 159. 9 170.8 177.9 188.2 196.3 265.6 369. 1 410. 9 415.2 424.7 413.4 410.4 406. 5 404.3 404.7 408.3 414.6 418. 1 420.3 413. 1 403.6 150.5 168.6 184.7 202.4 219.4 239.7 265.9 294.5 281.5 284. 0 286. 6 289.2 292. 0 295. 9 299.4 302.0 305.0 308.3 310.5 312.9 315. 0 159.7 176.6 189. 3 207.3 220.4 275.9 361. 1 410. 0 401. 1 409.3 409.8 411. 3 414. 0 415.7 416. 1 417. 1 414. 9 414. 1 414.6 416.4 413. 0 1 Includes items not shown separately. 2 Includes direct pricing of diesel and gasohol 3 beginning September 1981, Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc. 4 Estimated series. Finance includes financing, taxes, and insurance. * Relative importance, December 1198. Motor fuel* All items less food energy, Serv- and home ices purchase and finance 4 48.8 49. 8 152. 1 166.6 180.4 194.3 210.9 234.2 270.3 305.7 290.7 293. 0 296.0 299.9 303.3 308. 6 312.2 316.9 318. 4 321.4 322.9 324.4 325.6 138.5 150. 5 160.8 170.6 180. 9 194. 1 211. 6 231.6 223.7 225. 1 226.8 228.4 230.3 232. 6 234.4 236.5 238.3 239. 8 241.4 242.5 243.4 NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period Percenl change from pre ceding l period ; season:illy adju sted Percent: change from 3 Eaonths earlier; season ally adjiisted annual rates Percen fc changefrom 6 nlonths earlie r; season ally adjiisted annual rates Consume;r goods Consume»r goods Consumesr goods Total finished goods 1973 1974 1975 1976 1977 1978 1979 1980 1981 1981: Feb Mar Apr May June July Aug Sept Oct Nov Dec 1982: Jan 11.8 18.3 6.6 3.7 6.9 9.2 12.8 11.8 7.0 .8 1.1 .9 .2 .6 .4 .3 .2 .6 .4 .3 .4 ... .. .. —. 1 Feb Capital Total equipfinExclud- ment ished ing Foods goods foods Capital Total finequipished Exclud- ment goods ing Foods foods 22.5 13.0 7.4 5.3 20. 5 22.6 7.4 7.5 1.5 17.5 14.2 11.4 — .1 1. 1 5.5 -2.5 6.9 11.7 .8 .2 .2 .5 .8 .1 -.5 -.2 7 -.0 1.1 .5 6.7 6.0 6.7 8.5 8.4 Capital equipExclud- ment Foods ing foods 8.2 6.4 7.3 7.9 8.8 9.2 .9 .7 .9 .7 .8 .6 .7 1.4 1.2 .0 .5 .1 .2 .5 .8 .7 .3 .2 .1 1.0 .7 .6 .4 —.4 g 3 Annual changes are from December to December (unadjusted). NOTE.—Based on revised data for October 1981. 12.5 16. 5 15.9 11.3 1.5 5. 1 3.2 4.7 3.5 6.3 5.6 1. 6 -2.5 9.7 12.8 11.8 9.4 7.1 4.7 5.0 3.4 4.3 4.8 5.2 4.6 2.3 10.7 11.6 10.5 9.7 1.4 6.3 9.6 9.9 8.2 7.2 5.3 4.5 4.9 4.3 4.5 10. 0 8. 6 7.6 2.8 3.4 3.2 5.9 8.2 7.2 4.9 .8 -5.5 -3.7 8.8 10.7 10.5 8.5 5.7 7.6 7.8 9.7 7. 1 3. 6 2.4 3. 1 4.3 4.8 5.2 2.6 1.8 -. 1 -1. 1 -.5 .2 CHANGES IN CONSUMER PRICES Transporta tion HousingI FiAnAPFood nanc- parel MedAll 2 and Home ing, and New Motor ical 3 items bever- Total 2 pur- taxes, up- Total 2 cars fuel care ages chase and keep insurance NSA NSA 1974 12.2 1975 7.0 1976 4.8 1977 6.8 1978 9.0 1979 13.3 1980 12.4 1981 8. 9 1981: Feb__ 1. 0 Mar_ .6 Apr__ .4 May. .8 June_ .7 July. 1. 1 Aug. .8 Sept. 1. 1 .4 Oct._ Nov. .5 Dec__ .4 1982: Jan.. .3 .2 Feb__ 12. 0 6.2 .8 7.6 11.6 10.0 10. 1 4.3 .6 .3 .2 .2 .2 .6 .5 .7 .2 .1 .1 .7 .6 13.4 7.5 5.4 7.6 9.9 15.2 13.7 10. 2 10. 1 10.0 14.6 11.2 15.8 11.4 11.2 14.7 27.5 23.3 17.9 4.3 8.4 1.2 .6 -1.2 7 .5 .7 -.2 .9 1.2 1.4 1. 1 1.8 1. 6 .4 1.0 .7 1.3 .0 -.7 . 5 -.8 .1 .4 .3 -.4 .4 .4 7.6 1.6 .4 .9 1.4 2.5 1.9 2.7 1.7 2.8 0 .8 .1 -. 1 .2 8.7 2.3 4.5 4.2 3.2 5.5 6.8 3.6 .5 .5 .4 .1 .2 .5 .7 .3 .3 j .1 -. 1 .4 13.3 9.8 8.8 4.3 7.7 18.2 14.7 11.0 2.3 1.0 -.3 .5 .4 1.0 .6 1. 1 1.3 .9 .6 -.2 -.7 1 Annual changes are from December to December, not seasonally adjusted. 2 Includes items not shown separately. s Includes direct pricing of diesel and gasohol beginning September 1981. « Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil. coolant, etc. 5 Estimated series. Finance includes finaneing.taxes, and insurance. 24 9.2 7.3 5.4 4.3 5.7 5.2 5.4 4.4 10.7 11.7 9.9 10.2 10.8 9.5 9. 1 7.8 8. 1 8.2 7.7 7. 4 5. 1 Source: Department of Labor, Bureau of Labor Statistics. [Percent change from preceding period; monthly data seasonally adjusted, except as noted Period 10.4 13.0 13.9 11.9 11.9 2.9 4.4 3.2 11.5 7.3 4.8 7.2 6.2 7.4 7.5 6. 8 0 20.6 11.0 2.6 4.9 8.5 52.2 18.9 9.4 5.9 2.3 ^ -2.7 1.6 2.0 -.7 1. 1 -1.0 . 4 -. 5 .1 0 .5 .2 .3 .8 .9 1.5 .8 .5 — . 1 -1.7 -.8 -2.3 12.4 9.9 10. 1 8.8 8.8 10. 1 10. 0 12.5 .9 .9 .9 .9 1.0 1.3 1.2 .9 1.0 1. 1 .7 .8 .7 Energy 4 NSA AH Adden dum: items Allit ems less percent change food, (annua 1 rate) Serv- energy, ices and^ From From home 3 6 purchase and 5 months months finance earlier earlier 21. 6 11.6 11.3 37.4 18. 1 11.9 5. 1 13.7 14.2 13. 0 6.9 7.2 8.0 2.0 .1 .4 .7 .4 .1 .2 —.5 -.2 .1 .4 0 ] 8.1 7.3 7.9 9.3 .8 .8 1.0 1.3 1. 1 1.7 1.2 1.5 .5 .9 .5 .5 .4 11. 1 6.3 6.8 5.5 6.9 7.5 9. 9 9.4 .8 .6 .8 .7 .8 1.0 .8 .9 .8 .6 .7 .5 .4 11.4 9.6 8.0 7.3 8. 1 11.3 11.3 12.8 9.7 8.4 5.4 4.8 3.7 12.4 11.4 10.0 9.3 8.8 9.6 9.3 10.4 10.5 9.8 9.1 7.2 6.0 NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urbar wage earners and clerical workers. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 0.8 percent in March and prices paid by farmers rose 0.6 percent in the month ended March 15. INDEX, 1977=100 INDEX, 1977=100 (RATIO SCALE) (RATIO SCALE) 180 180 160 80 80 1974 1975 1977 1976 1978 1979 1980 1981 1982 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [1977=100] Prices received bv farmers Period 1974 1975 1976 1977 1978 1979 1980 1981 1981: Mar Apr May June July Aug Sept Oct Nov Dec 1982: Jan_ Feb Mar 1 2 All farm products 105 101 102 100 115 132 134 138 143 143 142 142 142 137 133 130 130 128 132 133 132 Crops Livestock and products 117 105 102 100 105 116 125 134 145 143 142 138 138 129 120 119 121 122 126 123 119 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910-14 base as required by 94 98 101 100 124 147 144 142 141 143 141 146 146 145 146 140 138 133 137 142 145 Prices paid by farmers All commodi- Production items, ties, services, interest, Production interest, items taxes, taxes, and and wage wage rates1 rates 81 89 95 100 108 123 138 150 149 150 150 150 150 151 151 150 150 150 154 154 155 81 89 95 100 109 125 139 150 150 151 151 151 150 150 150 149 149 148 153 153 154 83 91 97 100 108 125 138 148 147 149 149 150 148 148 148 147 147 145 148 151 150 Ratio2 130 113 107 100 106 107 97 92 96 95 95 95 95 91 88 87 87 85 86 86 85 law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS M1 declined in February while growth in the broader aggregates slowed. BILLIONS OF DOLLARS'(RATIO SCALE) BILLIONS OF DOLLARS* f RATIO SCALE) 200 I M I l l I i i l i I I i i I i i I I I i i i I I I i I I I I i M l 1974 1975 1976 I I I I l I i i Ii i 1977 | ii i i I iI i i i 1978 i ) ( i i I i i ij i j I i i i Ii i I i i 1979 1980 i i i i i I l I I I l i i i i I I i I i M | 200 I 1982 1981 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1974: Dec 1975: Dec 1976: Dec 1977: Dec 1978: Dec 1979: Dec 1980: Dec 1981: Dec__ 1981: Feb Mar Apr May June July Aug Sept Oct Nov.. __ Dec 1982: Jan Feb » 1 __ _ __ _ _ Ml M2 M3 L Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCD)1 Ml plus overnight RPs and Eurodollars, MMMF balances (general purpose and broker/dealer), and savings and small time deposits M2 plus large time deposits, term RPs, and i ns ti tutio n-o nly MMMF balances M3 plus other liquid assets 277.4 291.0 310.4 335. 5 363.2 389.0 414.5 440.9 419. 4 424. 4 433. 3 429. 2 428.4 429.4 431. 1 431.2 432.9 436.4 440. 9 448.6 447. 2 911.2 1, 026. 9 1, 171. 2 1, 297. 7 1, 403. 9 1, 518. 9 1, 656. 1 1, 822. 4 1, 678. 1 1, 701. 0 1, 723. 1 1, 732. 3 1, 740. 7 1, 753. 6 1, 772. 2 1, 778. 1 1, 789. 3 1, 809. 7 1, 822. 4 1, 840. 9 1, 847. 5 1, 064. 3 1, 166. 2 1, 305. 0 1, 464. 6 1, 629. 0 1, 779. 3 1, 963. 1 2, 187. 8 2, 001. 8 2, 023. 9 2, 046. 2 2, 065. 1 2, 082. 0 2, 102. 4 2, 125. 8 2, 138. 0 2, 151. 0 2, 174. 5 2, 187. 8 2, 203. 9 2, 214. 6 Net of demand deposits due to foreign commercial banks and official institutions. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. 26 1, 249. 8 1, 376. 6 1, 531. 4 1, 724. 3 1, 938. 9 2, 153. 9 2, 370. 4 2, 418. 2 2, 437. 9 2, 455. 5 2, 483. 1 2, 506. 6 2, 530. 4 2, 559. 7 2, 577. 2 2, 599. 4 2, 627. 2 Percent change fi om year or 6 inonths ea rlier 2 Ml 4.4 4.9 6.7 8. 1 M2 5.6 12.7 14. 1 10.8 8.2 8.2 9.0 8.3 7.1 M3 8.4 9.6 11.9 12.2 11.2 9.2 -.2 9.3 7.8 3.4 5.9 9. 1 9.6 10.3 11.4 10.8 11.8 12. 1 11.9 12.5 12.3 12.8 11.6 10.5 10.9 10.4 9. 1 10.2 9.9 6. 6 6.4 7.2 6.8 8.8 5.7 6.8 5.6 5.7 3.2 10.0 7.5 9.0 10.1 9.4 10.5 10. 8 11.5 7.6 Source: Board of Governors of the Federal Eeserve System. 8.7 8. 5 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Over- Money market night mutusil fund repurbala nces chase agreeSmall Large Other ments dedeSavDe- check- (RPs), ings nomi- nomiGeneral Cur- mand able net, Period rency de- nation nation de- deposits plus purpose Institution posits time time and posits 1 (OCD) over- broker/ only dede- 2 night dealer posits 2 posits Eurodollars NSA NSA NSA Dec: 1974. 67.8 1975_ 73.8 1976. 80.6 1977. 88.6 1978. 97.4 1979_ 106. 1 1980. 116.2 1981- 123. 1 1981: Jan__ 116. 3 Feb__ 117.2 Mar. 117.8 Apr__ 119. 1 May_ 119.4 June- 119.7 July _ 120. 5 Aug__ 120.7 Sept. 121. 1 Oct__ 121.3 Nov_ 121. 8 Dec__ 123. 1 1982: Jan__ 123.8 Feb"_ 124. 6 Term Shortrepur- Term term chase Euro- Sav- TreasBank- Comagree- dollars ings ury ers' merments (net) bonds secu- acceptcial (RPs) rities ances paper NSA NSA 207.4 214. 1 224.4 239.6 253. 9 262.2 267.2 236.4 0.4 .9 2. 7 4.2 8.4 16.9 26.9 77.0 7.2 7.5 13.7 18.8 24. 1 26. 3 35.0 38. 1 2. 1 3.2 2.8 2.9 7. 1 34.3 61.8 150. 8 0.2 .4 .6 .9 3. 1 9.3 13.9 33.7 337.6 387.7 451. 7 490.4 479.9 421. 7 398.9 343.6 290.0 340.9 396. 5 454. 1 533.9 652. 6 751.7 854.7 144.4 129.8 118.2 145.2 194.6 221. 8 257. 9 300.4 8.4 9.0 15. 0 21.0 27.5 30. 2 37.8 35.4 8.0 9.7 13. 1 18.7 29. 9 42.9 48.4 63.2 67.2 71.7 76.4 80. 3 79.6 72.3 53.6 77. 1 81. 1 89.9 99.3 128.5 156.7 10.6 8.4 8.8 11.8 21.4 26.6 31. 8 50. 1 48. 0 51.7 62.9 79.0 97.2 98.2 254. 1 244.8 243. 0 243. 5 240.4 237.7 236. 7 236.6 234.7 235.7 235.7 236.4 43.2 53.3 59. 5 66.5 65.2 66. 7 68. 1 69.5 71.2 71.6 74.7 77.0 35.8 35. 3 36.5 36.8 41. 0 42. 9 42.3 43. 1 39.6 36. 1 36.9 38. 1 65.8 75. 1 85. 3 95. 8 98.6 102.8 112.7 122. 1 130.4 137. 1 144. 6 150.8 15.0 17.3 20. 2 21.3 19. 5 20. 1 21.6 23.3 26. 6 29.4 32. 0 33.7 384.5 378.5 378.5 378.8 373.5 366.8 361.0 350. 9 343. 1 339.6 340. 9 343. 6 768. 1 775.7 782.0 784. 1 795. 8 805. 5 814.0 830. 8 839.7 849.8 856.8 854.7 267.5 271. 7 269.8 267.6 278.4 285.6 293. 1 299.9 302.3 302.2 300. 6 300. 4 39.2 38. 1 36. 1 36.7 37.7 38. 8 37.2 33.4 33. 8 33.4 35.6 35.4 50.2 52.2 52. 1 52. 6 57.0 57.9 58. 7 61.0 61.2 62.8 64.3 71.7 71.0 70.6 70.3 70.0 69.7 69. 4 68. 9 68.4 67.9 67.7 161. 1 163.6 161. 9 157.6 158.2 160. 3 161.8 164. 1 168. 1 176.0 179.5 32.4 32.6 33.3 34.6 35. 6 36.4 37.2 37.4 37.6 37.2 37.5 97.7 97.0 96. 1 94.2 97.2 100.3 100. 9 102.5 103.9 104.4 103.7 239.3 234.5 81. 1 83.8 43.3 43. 0 154.4 155.4 32.5 348.8 30.5 348. 6 852.3 859.5 302. 7 307.9 32.5 33. 0 1 Net of demand deposits due to foreign commercial banks and official institutions. 2 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NOTE.—See p. 26 for overall measures, and note regarding revisions. NSA indicates data are not seasonally adjusted. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installrrlent credit extended Period Total i Automobile Revolving Revolving Total * Automobile Revolving 46, 019 49, 444 53, 278 60, 437 69, 245 79, 186 82, 977 84, 809 31, 243 35, 616 41, 764 81, 348 96, 090 111, 546 126, 653 135,438 9,489 7,408 21, 561 35, 462 43, 079 38, 381 1,448 19, 894 495 2,976 10, 465 15, 204 18, 736 14, 715 477 9,595 1,970 1,340 2, 170 6,248 9,035 8,628 1, 415 4,697 11, 535 11, 738 11, 620 12, 383 11, 876 12, 658 11, 706 11, 663 12, 263 11, 753 11, 379 11, 592 26, 260 26, 837 26, 399 26, 549 26, 806 27, 192 26, 739 25, 895 26, 431 25, 834 26, 770 26, 689 7,312 7,398 6,973 6,811 7,498 7,366 7,003 6,537 6,921 6,466 7,509 7,284 10, 944 11,419 11, 110 11,443 11, 520 11, 651 11,590 11, 486 11, 692 11,429 11,358 11, 533 1,206 1,845 2,971 2,722 1,571 2, 031 1,551 2,428 2,975 1,002 600 -33 31 831 1,526 648 -114 149 1,056 1,859 2,079 1,024 564 68 591 319 510 940 356 1,007 116 177 571 324 21 59 11, 070 26, 445 7,595 11, 266 443 -121 -196 46, 514 52, 420 63, 743 75, 641 87, 981 93, 901 83, 454 94, 404 33, 213 36, 956 43, 934 87, 596 105, 125 120, 174 128, 068 140, 135 1981: J a n _ _ Feb. Mar_ AprMay. June_ July Aug___ Sept Oct _ Nov_ • Dec. _ _ 27, 466 28, 682 29, 370 29, 271 28, 377 29, 223 28, 290 28, 323 29, 406 26, 836 27, 370 26, 656 7,343 8,229 8,499 7,459 7,384 7,515 8,059 8,396 9,000 7,490 8,073 7, 352 1982: Jan _ _ 26, 888 7,474 i Includes "mobile home" and "other," not shown separately. Automobile Total i Net changej in amount outstanding 276 675 179 138 589 396 628 447 172, 765 180,083 210, 740 257, 600 297, 668 324, 777 306, 076 336, 341 1974_ _ 1975 ___ 1976 1977_ _ 1978_ 1979__ __ 1980 _ _ 1981 Installm ent credit li quidated 163, 172, 189, 222, 254, 286, 304, 316, NOTE.—Data revised beginning 1980. Source: Board of Governors of the Federal Reserve Systems. 27 BANK LOANS AND INVESTMENTS, AND RESERVES Commercial bank loans and investments rose in February. Total reserves, required reserves, and nonborrowed reserves fell slightly. BILLIONS OF DOLLARS* (RATIO BILLIONS OF DOLLARS*(RATIO SCALE) 1,800 1,600 ALL COMMERCIAL BANKS 1,400 1,200 1,000 800 600 600 LOANS AND LEASES 400 400 INVESTMENT IN OTHER SECURITIES 200 180 160 140 120| 200 180 160 140 120 1001 100 80! 80 60 60 40 40 1974 1976 1975 1981 1982 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Billions of dollars, seasonally adjusted, except as noted] Deposit!Dry instituitions 3 A l l c'ommerciai i mnks l ags (milReserves a djusted for changes Borrowii lions of dollars, Loans imd leases Investnlents in resei*ve requiremLents unadj listed) Total loans and investments Total 2 Commercial and industrial loans £3 U".b. Treasury securities 745.2 804. 6 891. 5 1, 013. 5 1, 135. 9 1, 239. 6 1, 317. 3 517.4 555. 0 632.5 747.0 849.9 915. 1 974.7 189.6 190.9 210. 9 245. 9 291.2 326.8 358.5 82.2 100.8 99.8 93.8 94.5 110.0 110. 9 145. 6 148.8 159.3 172. 8 191.5 214.4 231.7 1981: Feb 1, 255. 7 Mar __ 1, 261. 0 Apr__ 1, 267. 9 May_ __ 1, 285. 1 June I, 295. 4 July 1, 302. 8 Aug__ 1, 312. 2 Sept _ 1, 317. 8 Oct 1, 324. 0 Nov _ _ 1, 327. 5 Dec 1, 317. 3 924.4 928.8 934.5 948.5 957. 1 964. 0 972.7 979.0 982. 8 986.0 974.7 330.0 331.4 332. 8 339.4 345. 1 350. 9 356. 6 360. 6 363.7 363.4 358.5 113.4 112.9 113.9 116. 0 116. 7 116.4 115.6 113.2 112.5 110.3 110. 9 1982: Jan __ Feb » 975.6 986.6 360. 9 366. 1 114.2 115.3 Period 1975: 1976: 1977: 1978: 1979: 1980: 1981: Dec Dec _ _ Dec _ Dec Dec Dec Dec _ _ _ 1, 321. 9 1, 334. 6 » Data are averages of Wednesday figures. 23 Excludes loans to commercial banks in the United States. Data are averages of daily figures. Note.—Beginning Dec. 1981, banks loans and investments and reserves aggre- 28 Other securities Seasonal Nonborrowed Required 31. 16 31.70 33. 18 35.08 36.37 39. 01 40.53 31.03 31.65 32.61 34.22 34.90 37.32 39.89 30.89 31.43 32.99 34.85 36.04 38.49 40.21 217. 9 219.4 219.5 220. 6 221.6 222. 3 223. 8 225.6 228.7 231.2 231.7 39. 12 39.24 39.41 39.63 39.62 39.73 39. 81 40. 31 40. 12 40. 15 40.53 37.82 38.24 38.07 37.40 37.58 38.05 38.39 38. 86 38.94 39.49 39.89 38.77 38.96 39.24 39.37 39.28 39.39 39.52 39.90 39.84 39.81 40.21 1,338 2,220 2,039 1,679 1,417 1,451 1, 179 661 636 148 197 161 259 291 248 220 222 152 79 53 232.0 232.7 41.28 40.93 39.76 39. 14 40.86 40.63 1,526 1,713 75 132 Total Total 127 62 558 874 1,473 1,617 636 1,301 994 13 12 54 134 82 116 53 gates have been reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs). Adjusted reserves revised for 1975-80; 1981 data revised in February issue. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources External Credil ', market f unds T>*inf*A Total Inter-1 nal Total Total 1972 1973 1974 1975 1976 1977 ... 1978 .... 1979 1980 ._ 1981 » 1980: I II III IV 1981: I II III IV *_ 165.8 208.7 202.9 167.9 223.4 264.2 320. 4 366.7 336. 2 381.2 359.6 265. 4 325.4 3943 336.5 416.0 393.4 379.0 85.0 91.7 85.6 119.7 134.2 156.1 171.9 190.6 196. 8 228.5 194. 9 192.9 199.2 200. 3 222.0 228.2 236.4 227.3 80.8 117.0 117.3 48.3 89.2 108. 1 148.5 176. 1 139. 3 152.7 164.7 72.5 126. 3 1940 1145 187.8 157.0 151.7 Securities and mortgages Loans and shortterm paper 40.7 36.9 39. 1 49.7 48.0 48. 1 45.8 39.5 66.5 42.0 65.9 62.3 63.5 74 1 60.4 55.0 3. 1 49.5 16.9 36.0 43.6 -8.0 16. 3 36.5 47.4 65.3 39.7 71.5 60.8 7.8 29.8 60.2 15.8 942 113. 3 64 3 57.6 72. 9 82. 8 41.7 643 846 93.2 104 8 106. 1 113.5 126.7 70. 1 93.3 1343 76.2 149.2 116.4 112.0 1 Undistributed profits (after inventory valuation and capital consumption adjustments'*, capital consumption allowance?, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. Other 2 23.2 440 345 6.5 249 23.5 55.3 71.4 33.2 39.3 37.9 2.4 33.0 59.6 38.3 38.6 40.5 39.7 Total 149. 1 191.9 190. 1 150.9 201.4 228.5 290.9 340.6 291.7 3345 310.6 2248 289.1 342.4 302.7 350.9 340.7 343.8 Capital expenditures 3 Increase in finan_• ciali assets 99.0 121.5 137.9 109.7 148.3 174 1 199.2 220.9 216.9 259.9 224 1 212.0 207. 1 2243 231.6 265.4 281.8 260. 8 50. 1 70.5 52.2 41.2 53.0 544 91.7 119.7 749 74 6 86.5 12. 8 82.0 118.2 71. 1 85.5 58.9 83.0 Discrepancy (sources less uses) 16.7 16.7 12.9 17.0 22. 0 35.7 29.5 26.2 445 46.7 49.0 40.7 36.3 51.9 33.7 65. 1 52.7 35.2 * Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current liabilities Current assets End of period Total SEC series:2 1970 492.3 1971 529.6 1972 . 599. 3 1973 697.8 1974 790.7 FTC-FRB series:3 1974 ... 735.4 1975 759. 0 1976 826.8 1977 ... 902. 1 1978 1, 030. 0 1979 1, 200. 9 1980 1, 281. 6 1980: I 1, 234 0 II __ 1, 232. 2 IIL. 1, 254 9 IV 1, 281. 6 1981: I 1, 321. 2 II 1, 317. 4 Ill 1, 349. 2 i Cash U.S. Notes governand Invenment actories securi- counts ties receivable Total Net working capital Current ratio l 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 3049 326.0 375. 6 450.9 530.4 211.3 220. 5 282.9 340.3 402.3 93.6 105. 5 92.7 110.7 128. 1 187.4 203.6 223.7 246.9 260.3 1. 615 1.625 1.595 1.548 1.491 73.2 82. 1 88.2 95.8 1045 116. 1 121.0 110.5 HI. 5 113.4 121. 0 120.5 118.5 118.3 11. 1 19.0 23.4 17.6 16.3 15.6 17.3 15.2 14.0 16.4 17.3 17.0 17.7 16. 0 265.8 272. 1 292.8 3247 383.8 456.8 491.2 470.3 463.4 478.7 491.2 507. 3 507.4 519.7 319.5 315.9 342.4 3748 426.9 501.7 525.4 518.9 525.0 5245 525.4 542. 8 540.0 557.2 65.9 69.9 80.1 89.2 98.5 110.8 126.7 119.2 118.3 121.9 126.7 133.6 133.7 138. 1 453.4 451.6 494.7 549.4 665.5 809. 1 877.2 836.5 826.0 850.5 877.2 910.9 908. 1 951. 1 269.8 264 2 281.9 313.2 373.7 456.3 498.3 467.7 463.0 477.2 498.3 5040 500.8 529. 1 183.6 187.4 212.8 236.2 291.7 352.8 378.9 368.8 363. 1 373.4 37R9 406.9 407.2 422.0 282.0 307.4 332.2 352.7 364.6 391.8 4044 397.5 406.2 4043 4044 410.3 409.3 398. 1 1.622 1.681 1.672 1.642 1.548 1.484 1.461 1.475 1.492 1.475 1.461 1.450 1.451 1.419 i Total current assets divided by total current liabilities. * Based on data from Statistics of Income, Department of the Treasurv. ' Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Federal Trade Commission. Other current assets Notes Other and current accounts liabiliticko 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, Federal Trade Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Most interest rates in March were down from their February levels. PER CENT 16 A PER ANNUA j s \ \ j 14 i *"H !• i :A f •J t MS / V! i 16 /A Wl ^7 \ \j l^ 'i L a_ f. 1 10 |// /X *y -:\ s\ • 8 •<: I : • V L1 *\ 1 • » / \ V 1 1 I 1974 1 1 1 1 1 1 | 1 1975 SOURCE: SEE TABLE BELO .- "^ JTJ ' • ,-,, ^/ M I L '••/**••*' 41 I I M I I I I I I •*' 10 : : p-p V 4 «" •*.•*. • *••"••» IT \Vx 6 X ** %: ; -^ TREASLIRY- ^^ \ / BILLS \ / X ^.x -— 12 If . i CORPORATE /\aa BONDS |~~l (MOOC>Y'S) . J/ '^\ v Tf—J — >«s \^/ X<" ^" k • ; '. L i / I /,44—V: DISC:OUNT ^ 1 -I 1 / RATE 1 1 FECJERAL / ': RES ERVE X r I |\ J/ BAh4K OF NEW' YORK n 12 14 A *. .• /I •••• I I I 1 1 1 1! 1I1 / i i i i i Ii i i ii 1 i I I I I i i 1I 1 1976 1977 1978 i II IIi IiII| i 1979 1 1 1 1 1 1980 Mil 11111 I I I I I I I I I I |K 4 1982 1981 w COUNCIL O ECONOMIC ADVISERS [Percent per annum] Period 1976 1977 1978— 1979 1980 1981 1981: Mar Apr May June July Aug Sept __ Oct _ Nov Dec 1982: Jan Feb Mar 9 Week ended: 1982: Feb 13 20 27 Mar 6 13 20 27 Apr 3 U.S. Treiisury securit y yields Constant nlaturities 2 3-month 1 bills 10-year 3-year 4.989 5. 265 7.221 10. 041 11. 506 14.077 13. 478 13. 635 16. 295 14.557 14.699 15. 612 14.951 13. 873 11.269 10. 926 12. 412 13. 780 12. 493 6.77 6.69 8.29 9.72 11.55 14.44 13.51 14.09 15.08 14.29 15.15 16.00 16.22 15.50 13. 11 13.66 14.64 14.73 14. 13 7.61 7.42 8.41 9.44 11.46 13.91 13. 12 13.68 14. 10 13.47 14.28 14.94 15. 32 15. 15 13.39 13.72 14.59 14.43 13.86 14. 099 14.740 12. 430 12. 450 12. 058 12. 909 12. 553 13. 399 15.05 14. 88 14.26 13.96 13.94 14. 19 14. 18 14.84 14.39 13.92 13.70 13.80 13.90 13.86 3igh-grade Corporate Prime com- Discount mercial rate municipal Aaa (N.Y. paper, bonds (Standard F.R. 6 Bank) 8 & Poor's) 3 (Moody's) months * 4 5. 34 8.43 6.49 5.50 4 8.02 5. 61 5.56 5.46 4 a 73 5.90 7. 99 7.46 9.63 10.28 6.39 10.91 11.94 8.51 12.29 11.77 14. 17 14.76 13.41 11.23 10.12 13.33 13.59 13-13 13-13 13.88 10.55 14. 17 14.32 10.73 13-14 16.66 10.56 15.22 13.75 14-14 16.09 11.03 14.38 14-14 16.62 12.13 14.89 14-14 14-14 15.93 12.86 15.49 14-14 12.67 15.40 1472 14.22 14-13 11.71 11.96 13-12 12. 14 14.23 12.77 13. 16 12-12 15. 18 13.35 12-12 12.81 15.27 14.27 12.72 14.58 12-12 13.47 12.95 12.80 12.49 12.42 12.50 12.81 12.90 12.99 » Rate on new issues within period; bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the TVeasnry Department. * Weekly data are Wednesday figures. * Prior to November 1,1979, data are for 4-6 months paper. * Average effective rate for year; opening and closing rate for month and week. 1 30 15.49 15.34 14.92 14. 61 14.55 14.55 14.53 14.60 14.72 13.43 13.37 13.17 13.62 13.46 12-12 12-12 12-12 12 12 12-12 12-12 12-12 12- NewPrime home rate charged mortgage yields by banks 8 (FIILBB)« 9.00 6.84 9.02 6.83 9.56 9.06 10.78 12.67 12.66 15.27 14.70 18.87 14.02 19-17H 14.15 17J4-18 14.10 18-20H 14.67 20H-20 14.72 20-20H 15.27 20Kr-20H 15.29 20K-19H 15.65 19H-18 16.38 18-16 15K-15K 15.87 3 15.25 15 4-15% 15.29 15J4-16H 16H-16H 16H-16H 16K-17 17-16J4 16H-16J^ 16H-16W 16H-16H 16K2-16K 16H- « Effect!tie rate (in the primary market) on conventional mortgages, reflect^B fees and charges as well as contract rate and assumed, on the average, repaymUM at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS !tock prices fell in March. INDEX, DEC 31,1965=50 INDEX, DEC. 31,1965=50 80 80 70 70 COMPOSITE PRICE INDEX STOCK (NYSE). 60 60 50 50 40 40 30 I i i i i i I i i i i i 1974 iiiii I 1975 iiiiIiii i 1976 Ii iiii 1977 ii ii iIiiiii i iii i Iiiii i 1979 1978 iiiiiIi iii i 1980 iiii iI 1981 i i i i i I i i i i i I 3Q 1982 PERCENT 20 PERCENT 20 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 15 - 10 — 5 J L 1974 I I 1975 I J J L 1976 L I 1979 1978 1977. I 1980 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION J L 1981 COUNCIL OF ECONOMIC ADVISERS Common stock vields ( percent) » Comnnon stock piices l Period New York Stock Exch ange indexes5 (Dec. 31, 1965 = 50) * Composite Industrial Transportation 1982 Utility Finance Standard Dow& Poor's Jones composite Dividendprice industrial3 index ratio average (1941-43= 10) 4 1976 1977 1978 1979 _. 1980 1981 1981: Mar... __ Apr May June . July Aug Sept Oct Nov Dec 54.46 53. 69 53.70 58. 32 68. 10 74.02 76.46 77.60 76.28 76.80 74.98 75.24 68.37 69.40 71.49 71.81 60. 44 57. 86 58. 23 64. 76 78.70 85.44 89.39 90. 57 88.78 88.63 86.64 86.72 78.07 78.93 80.86 81.70 39. 57 41.09 43.50 47.34 60. 61 72. 61 77.09 80. 63 76.78 76.71 74. 42 73.27 63.67 65.65 67. 68 68.27 36.97 40.92 39.22 38.20 37. 35 38. 91 37.82 38.34 38.27 39.23 38.90 40. 22 38. 17 38.87 40.73 40.22 52. 94 55. 25 56.65 61.42 64. 25 73. 52 72.82 74.59 74.65 79.79 74.97 73.76 69. 38 72.56 76.47 74.74 974. 92 894. 63 820. 23 844. 40 891. 41 932. 92 987. 18 1, 004. 86 979. 52 996. 27 947. 94 926. 25 853. 38 853. 25 860. 44 878. 28 102. 01 98. 20 96.02 103. 01 118.78 128. 05 133. 19 134. 43 131.73 132. 28 129. 13 129. 63 118. 27 119.80 122. 92 123. 79 3.77 4.62 5.28 5.47 5. 26 5.20 4.88 4.86 4.98 5.03 5. 18 5. 16 5.69 5.65 5.54 5. 57 1982: Jan Feb Mar *>__ _ Week ended: 1982: Feb 13_ 20 27 ___ Mar 6 13 20 27 __ 67.91 66. 16 63.86 76.85 74. 78 71.51 62. 04 59.09 55. 19 39.30 38.32 38.57 70.99 70.50 69.08 853. 41 833. 15 812. 33 117. 28 114. 50 110. 84 5.95 6.06 6.28 66. 09 65. 70 65.04 64. 27 62. 66 63. 11 64.97 74.67 74. 28 73.34 72.07 69. 83 70. 61 72.91 59. 11 58.34 57.27 56. 08 53. 65 54.43 56. 22 38. 31 38.05 37.97 38. 28 38.48 38.45 38.95 70.50 69. 87 69.96 70.23 68.55 67. 56 69.79 833. 828. 820. 816. 801. 801. 823. 114. 36 113. 70 112. 58 111.23 108. 71 109. 74 112. 89 6.05 6. 10 6. 12 6.27 6. 36 6. 38 6. 17 1 Average of daily closing prices. «Includes all the slocks (more than 1.500) listed on the XYSE. 3 Includes 30 stocks. « Includes 500 stocks. * Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 83 06 24 86 43 22 02 Earningsprice ratio 8.90 10.79 12.03 13.46 12.66 10.72 11. 44 13. 15 NOTE.—All data relate to stocks listed on the New York Slock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 5 months of fiscal year 1982, there was a budget deficit of $53.7 billion, compared to a deficit of $55.6 billion a year earlier. BILLIONS OF DOLLARS 1974 BILLIONS OF DOLLARS 1976 1975 1977 1978 1979 1980 1981 1982 1983 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: 1972. . 1973 1974 1975 1976 Transition quarter 1977 1978 1979— _ 1980 1981— _ 1982 (estimates)11 1983 (estimates) - Cumulative total, first 5 months: Fiscal year 1981 Fiscal year 1982 _ _ _ _ _ _ * Estimates from The Budget of the United States Government, Fiscal Year 1983, February 1982. 32 Outlays Surplus or deficit (-) Federal debt ( end of period) Gross Held by the public 207. 3 230.8 263.2 279. 1 298. 1 81.2 355. 6 399. 6 463.3 517. 1 599.3 626. 8 666. 1 230.7 245.6 267.9 324.2 364.5 94.2 400.5 44S. 4 491.0 576. 7 657.2 725.3 757.6 -23.4 -14.8 -4.7 -45. 2 -66.4 -13.0 -44.9 -48.8 -27.7 -59.6 -57.9 -98. 6 -91.5 437.3 468.4 486. 2 544 1 631. 9 646.4 709.1 780.4 833.8 914.3 1,003.9 1, 134. 2 1, 258. 4 323.8 343.0 346. 1 396. 9 480.3 498.3 551.8 610.9 6446 715. 1 7944 913.4 1, 021. 4 216. 3 244.3 271.9 298. 0 -55.6 -53.7 956.9 1, 053. 3 763.4 850. 5 Sources: Department of the Treasury and Office of Management and Budget except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 5 months of fiscal year 1982, budget receipts were $28.0 billion higher than a year earlier and budget outlays were $26.1 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 400 300 300 600 600 OUTLAYS 500 500 400 400 NONDEFENSE \ 300 300 200 200 100 100 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] (Outlays Recedpts Nationa I defense Period Total Indi- Corpovidual ration Other income income taxes taxes Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 1982 (estimates)1 __ 1983 (estimates)1 207.3 230.8 263.2 279.1 298. 1 81.2 355.6 399. 6 463.3 517. 1 599.3 626.8 666. 1 94.7 103.2 119.0 122. 4 131.6 38.8 157.6 181. 0 217.8 244. 1 285.9 298. 6 304.5 Cumulative total, first 5 months: Fiscal year 1981 Fiscal year 1982 216.3 244.3 112. 0 123. 8 Total Interna- Health and In- Other Depart- tional income ment of affairs security terest Defense, military 54.9 60. 0 65.7 64. 6 61. 1 46.8 65.3 80.4 91.4 105.7 116. 1 125.0 34.0 143.0 158.6 179.8 208. 4 252.2 281.4 296.3 230. 7 245.6 267.9 324.2 364.5 94. 2 400.5 448.4 491. 0 576. 7 657.2 725.3 757.6 76. 6 74.5 77.8 85. 6 89.4 22.3 97.5 105.2 117.7 135.9 159.8 187. 5 221. 1 75. 1 73.2 77.6 84.9 87.9 21.9 95.6 103.0 115.0 132.8 156. 1 182.8 215.9 6. 1 10.7 11. 1 11. 1 12.0 14. 4 16.0 89.8 104.6 271.9 298. 0 63. 0 73.9 61. 6 72. 1 32. 2 36. 2 38.6 40. 6 41. 4 8.5 1 Estimates from The Budget of the United States Government, Fiscal Year 1983, February 1982. Total 5.6 2.2 4.8 5.9 80.0 20. 6 90.4 22.8 104.8 28.0 134.3 30.9 158.9 34.5 7.2 41.0 174.5 38.0 187.4 44.0 207. 1 52.6 248.3 645 291. 1 82.5 324. 3 99. 1 339.8 112.5 48.8 53.9 51.6 66.5 76. 1 21.5 85.7 105. 9 107.5 117.3 112.7 103.4 72.2 4.5 3.8 118.2 128.6 54,5 49.6 4.7 4. 1 5.7 6. 9 31.7 42.0 Sources: Department of the Treasury and Office oi Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1981, according to preliminary estimates, Federal receipts fell $10.6 billion (annual rate) and expenditures rose $33.2 billion, yielding a deficit of $99.5 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 700 600 400 300 50 300 50 SURPLUS *"-" Y//A t DEFICIT -50 -50 -100 -100 1974 1975 1977 1976 1978 1979 1980 1981 1982 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Subsidies Less: GrantsWage less ContriPurin-aid chases Trans- to State Net current accruals butions for Total of goods fer pay- and interest surplus of less and social inments local paid Govern- disservices ment en- bursesurance governterprises ments ments Surplus or deficit (-), national income and product accounts F<sderal G<svernmeiit expen<litures Federal (jiovernm ent receip ts Period Personal Corpo4-nv n •»>/-! and rate Total tax nontax profits tax receipts accruals Indirect business tax and nontax accruals Fiscal year: 1977 365.9 414.2 1978 1979 480.7 1980 527.3 1981.... 613.0 166.4 186.4 223. 1 249.7 290.7 58.8 67.2 75.8 70.6 69.6 245 27.2 29. 1 35.7 56.6 116.2 133.4 152.7 171.3 196. 1 411.7 450.5 4947 578.2 667.9 140.3 150.7 163.4 190.2 218. 3 169.8 182.2 201.8 239.3 279.7 66.3 74.7 79.1 86.7 90.1 28.4 33.5 40.6 51.2 66.9 7.0 9.6 9.8 10.8 13.0 0.0 -.0 .0 .0 .1 -45.8 -36.3 -140 -50.9 -549 Calendar year: 1977 375.1 1978 431.5 1979 4944 1980 540.8 1981 *... 626. 1 1980: I 528.4 II... 520.9 Ill— 540.8 IV... 573.2 1981:1 617.4 IL... 621.0 III.. 638. 3 IV*. 627.7 170.1 1949 231. 4 257.8 296.2 246.9 252.0 259.4 272.9 283.3 293.2 306. 4 302. 0 61.6 71.2 746 70.2 66.2 80.5 60.9 66.7 72.6 746 648 66.4 58.8 25.0 28. 1 29.4 40.6 61.2 31.9 38.7 42.9 49.1 60.6 62.6 61.8 59.9 nas 421.5 460.7 509.2 602.0 688.4 5647 587.3 615.0 641.1 6640 668.2 694.0 727.2 143.9 153.4 167.9 198.9 230.2 190. 0 198.7 1949 212.0 221.6 219. 5 226.4 253.3 172.8 185.6 209.1 249.8 2845 228.9 236.0 265.3 269.0 271. 9 2748 293.6 297.9 67.5 77.3 80.4 88.0 87.2 85.5 87.2 87.7 91.8 90.2 89.6 85.4 83.7 29. 1 35.2 42.3 53.3 73.1 50.3 544 53.5 55.2 67.7 70.4 75.6 78.7 a2 .0 .0 -.0 .0 .0 .0 .0 .0 .0 .0 .0 .2 -. 1 -46.4 -29.2 -148 137.2 159.0 172.2 202.5 169.2 169.3 171.8 178. 6 19R9 200.4 203.7 207.0 9.3 9.4 12.0 13.4 10. 1 11.0 13.7 13.1 12.6 13.9 13.3 13.6 Sources: Department of Commerce (Bureauof Economic Analysis), Department of the Treasury, and Office of Management and Budget. 34 —61.2 -62.3 -36.3 -66.5 -742 -67.9 -46.6 -47.2 -55.7 -99.5 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] Con sumer p>riees (uiladjustec I) In dustrial produc tion (sesisonally «ad juste*i) United United Can- Ja- France Ger- Italy King- United1 Can- Japan France Ger- Italy United Kingmany many pan States ada dom States ada dom Period 1975 _--1976 1977 1978 1979 1980 1981 » 1981: Mar Apr May June Julv.... Aug Sept Oct ».__ Nov *-_ Dec »„_ 1982: Jan v*___ Feb 117. 8 130. 5 138.2 146. 1 152.5 147.0 151.0 152. 1 151.9 152.7 152.9 153.9 153.6 151. 6 149. 1 146.3 143.2 139.6 141. 8 140. 3 148.5 152.2 157. 7 166. 0 162. 7 164. 8 168. 0 168. 0 170. 2 171.7 167.7 164. 8 162. 3 160. 0 158. 6 157. 8 163.9 182.0 189.7 201. 1 217.7 232.5 239. 3 235.9 237.0 232.6 238.4 241.1 234. 1 240. 3 246. 7 246.4 244.4 245.4 139 149 152 154 161 160 157 157 156 159 160 157 157 160 160 160 162 137. 1 149. 1 152.0 154.1 161.8 162. 3 160.0 161 161 161 158 161 160 161 161 161 158 161.2 170.5 181.5 195. 4 217. 4 246.8 272.4 265. 1 266.8 269.0 271. 3 274.4 276. 5 279. 3 279.9 280.7 281.5 282.5 283. 4 127.6 114. 3 143.5 117.4 145. 1 122.9 147.9 126.9 157.6 131.7 166.5 122.9 162.2 117.8 169. 1 117.3 168.2 117.4 158.5 116.4 158.7 118. 2 162.9 117.7 138.0 117.7 163.2 118.5 159.2 121. 4 170.0 119.0 160.5 117.4 156. 5 • Beginning January 1978 data relate to all urban consumers. Source: National sources as reported by Department of Commerce, Inter- 160. 1 172. 1 185. 9 202.5 221. 0 243.5 273.9 265.2 267.2 269.6 273.8 276.2 278.2 280.2 283. 0 285.4 286.7 288.7 292. 1 205.8 224.9 243.0 252.3 261. 3 282. 3 296.2 292.2 294.5 297.0 297. 3 296.4 294.7 299. 5 300.7 299.8 299.8 300.7 178.9 196. 1 214.5 233.9 259. 1 294.2 332.7 318.8 323. 1 326.0 329. 2 334. 9 339.0 342.9 347. 1 350. 3 352.4 356.0 144.2 150.4 155.9 160. 2 166.8 175. 9 186.4 183.5 184.7 185. 4 186.3 187. 1 187.7 188.6 189.2 190. 1 190.7 192.3 192.8 186. 8 218. 1 255.2 286.2 328.5 398.0 472.4 455. 4 461.3 46R 7 473.9 477. 7 481.0 487.7 497.5 506. 0 511. 1 517.7 524.4 216.5 252. 4 292. 4 316. 6 359.0 423. 6 473.9 456.2 469.4 472. 4 475.2 477.3 480.8 483. 5 487. 9 493.0 496. 1 499.0 499. 1 national Trade Administration, Office of Planning and Research, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merc landise i mports Mere]landise exports * Domesti c exports3 Period Monthly average : 1974* 1975* 1976* 1977* 1978* 1979* 1980 Total domestic and foreign Total exports 2 Gcmeral im ports Food, Crude Food, Crude bever- mate- Manubever- mate- Manufac2 facrials rials ages, ages, tured tured Total and and to- and toand goods goods bacco fuels bacco fuels 8, 182 8,053 8, 971 8,842 9,602 9, 456 10, 103 9,912 11, 973 11,753 15, 155 14,869 18, 386 18, 036 1, 269 1,399 1,436 1,330 1,717 2,049 2,534 F\a.s. vah le 1, 317 5,294 8,547 1,266 5,913 8,209 1,341 6,437 10, 290 1, 548 6. 679 12, 533 1,746 7,873 14, 563 2,352 9, 716 17, 455 2,810 11,991 20, 406 19, 075 18, 536 19, 465 20, 843 19, 377 18, 528 19, 340 18, 919 18, 720 19, 108 18, 733 18, 751 18, 377 18, 350 18, 341 2, 767 2,934 2, 943 3,304 2,891 2,667 2,573 2, 549 2,470 2,772 2,920 2,675 2, 515 2,279 2,482 2, 752 2, 815 2,958 3,219 2,530 2,526 2, 342 2,430 2, 662 2,795 2,863 2,872 2,934 3,076 3, 434 1981 19, 473 1981: Jan... 18, 902 Feb_._ 19, 788 Mar 2r, 278 Apr 19, 786 May__ 18, 899 June.. 19, 750 July... 19, 289 Aug... 19, 031 Sept.. 19, 551 O c t _ _ _ 19, 163 Nov. _ 19, 153 Dec__. 18, 885 1982: J a n _ _ _ 18, 737 1 Feb___ 18, 704 12, 857 12, 065 12, 813 13, 558 13, 276 12, 619 13, 456 13, 060 12, 991 12, 947 12, 458 12, 590 12, 318 12, 463 11,876 21, 748 22, 616 21,916 21, 029 22, 249 21, 232 22, 005 20, 114 23, 242 21, 274 23, 077 22, 508 19, 746 22, 829 19, 090 * J Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978. 2 Total includes commodities and transactions not classified according to kind. s Total arrivals of imported goods other than intransit shipments. Note.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods. 2,672 2,716 3,457 1, 186 4,463 1,312 4,325 1,478 5,949 1,546 7,831 Custom s value 1,529 7,739 1,736 8,976 1, 589 9, 099 1,612 7,471 1,471 8,878 1,665 7, 146 1,472 8,249 1,390 6, 576 1,479 7,779 1,393 7,411 1,583 7,642 1,413 7,468 1,542 6, 174 1,340 8,269 1, 154 5,845 892 827 991 Mer chandise trade balance 3 Ex- Total (c.i.f. value) 4,602 4,257 5,398 6,379 8,360 9, 352 10,427 9,206 8,823 11, 042 13, 368 15, 504 18, 519 21, 415 11,873 11, 278 10, 750 11,379 11, 325 11,816 11, 645 11,622 13, 361 11,971 13, 127 12, 826 11,414 12, 584 11,527 22, 779 23, 679 22, 917 21, 983 23, 266 22, 248 23, 033 21, 074 24, 398 22, 317 24, 194 23, 568 20, 699 23, 870 19, 900 ports (f.a.s.) less imports (customs value) Ex- ports Exports (f.a.s.) (f.a.s.) less less imimports ports (c.i.f.) (f.a.s.) -365 -1,024 762 -688 -2,430 -2,590 -2,300 -2, 020 -2, 275 -3,714 -2, 127 249 -2, 463 -2, 333 -2, 255 -825 -4, 212 -1,724 -3,914 -3,356 -861 -4, 092 -387 148 -1,440 -3, 265 -3, 530 -3, 364 -3,030 -3, 306 -4, 777 -3, 129 -705 -3,480 -3,349 -3, 283 - 1, 784 -5,367 -2,766 -5,031 -4,415 -1,814 -5, 134 -1, 197 Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign exports and trade balance. * Data for 1974-79 for total domestic and foreign exports, total general imports, and trade balance include trade of the Virgin Islands. Source: Department of Commerce, Bureau of the Census. OC U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 1981, the current account was virtually in balance, following a $2.1 billion surplus in the thirl quarter. The shift largely reflected an increase in the merchandise trade deficit to $9.2 billion from $7.0 in the third quarter. BILUQNS._OF DOLLARS. 10 BILLIONS OF DOLLARS 10 -10 -15 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits '(+), debits (—)] M erehandise Period Imports Exports 1973 1974 1975 1976 1977 1978. 1979 1980 1981 9 1980: I... II. _ IIIIV1981: I... II__ III__ IV ». 71, 410 98, 306 107, 088 114,745 120, 816 142, 054 184, 473 223,966 236, 300 54, 898 55, 667 56, 252 57, 149 60, 990 60, 369 57, 929 57, 012 Inv«jstment in come 3 12 "NT of IN cli balance -70,499 911 -103,649 -5,343 -98,041 9,047 -124,051 -9,306 -151,689 -30,873 -175,813 -33, 759 -211,819 -27, 346 -249, 308 -25,342 -264, 117 -27,817 -65,024 -10, 126 -62, 411 — 6,744 -59, 154 -2,902 -62, 719 -5,570 -65,651 -4, 661 -67,263 -6,894 -64,955 -7,026 -66,248 -9, 236 1 Excludes military grants. J Adjusted from Census data 3 Receipts Payments 21,808 — 9, 655 27, 587 -12,084 25, 351 -12, 564 29, 286 -13,311 32, 179 -14,217 43, 265 -21,865 66, 699 -33, 236 75, 936 -43, 174 90, 057 -53,300 20, 465 -10,629 16, 860 - 10, 342 18, 850 -10,697 19, 764 -11,507 21, 581 -12,498 22, 413 -13,649 23, 301 -14,043 22, 762 -13, 111 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 Net military transactions 12, 153 15, 503 12, 787 15, 975 17, 962 21, 400 33, 463 32, 762 36, 757 9,836 6,518 8, 153 8,257 9,083 8,764 9, 258 9,651 -2,070 -1,653 -746 559 1,528 738 -1,947 -2, 515 -1,943 -918 -427 -455 -715 -568 -698 -87 -590 Nettravel and transportation receipts -3, 158 3, 184 -2,792 -2, 558 -3,293 -3, 178 -2,622 -798 -508 -532 -152 -38 -76 -633 -211 91 245 Other services, net 3 Balance on goods and serv-1 ices Remittances, pensions, ana.1 otner unilateral transfers 1 Balance on current account 3,184 11, 021 -3,881 7,140 2,124 9,309 -7, 186 3,986 4, 598 22, 893 -4, 613 18, 280 9,382 -4, 998 4,384 4, 711 5,182 -9,493 -4, 617 -14,110 5,792 -9,008 -5,067 -14,075 1,414 7,008 -5,593 5,460 6, 674 10, 779 -7, 056 3,723 6,852 13, 340 -6,762 6,578 -217 -1,878 -2, 095 1,523 1,592 -545 787 -1,332 4, 975 6,478 -1,503 1,719 3,734 -2,344 1,390 1,838 1,640 4,861 - 1, 527 3,334 2,730 - 1, 518 1,212 1,769 3,963 - 1, 848 2, 115 1,728 -85 1,786 - 1, 871 1,717 NOTE.—Data revised for 1981. Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued In the private capital accounts, U.S. claims on foreigners reported by U.S. banks increased $42.4 billion in the fourth luarter, compared with a $15.2 billion increase in the third. Claims were increased $31.4 billion by the transfer of assets from abroad to establish International Banking Facilities (IBFs). BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS IN THE U.S., NET f- -10 -20 -30 -30 -40 1973 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted.l iU.S. assets abroad, ne t [inc rease/capitiil outflow ( Period Total 1973 1974 1975 1976 1977 1978 1979 1980 1981 * -22, 874 -34, 745 -39, 703 — 51,269 -34,785 _ _ -61, 070 -62, 639 -84, 776 -106,578 1980: I II III__ IV... 1981: I II -12,639 -24, 837 -19,302 -27, 995 -22,407 -21,980 m___ -16,709 IV »_. -45,485 Foreigri assets in the U.S., net [increase/esipital inflow (~}~)j U.S. official reserve assets l 2 Other U.S. Government assets U.S. private assets 158 -1,467 -849 -2, 558 -375 732 -1, 133 -8, 155 -5, 175 -2,644 366 -3,474 -4,214 -3,693 -4, 644 -3, 767 -5, 165 -5, 138 -20,388 -33,643 -35,380 -44,498 -30, 717 -57, 159 -57,739 -71,456 -96, 265 6,026 18, 388 34, 241 10, 546 7,027 15, 670 36, 518 17, 693 51, 218 36, 816 33, 561 63, 748 38, 946 -13,757 15, 492 50,261 74, 356 5,208 12, 362 23, 696 8,643 18, 826 14, 403 30, 187 52, 703 34, 769 69, 148 -3,268 502 -1,109 -4, 279 -4,529 -905 —4 262 -1,456 -1,187 1,427 -1,094 -1,395 1,485 -1,282 -976 -7,915 -24, 152 -16,766 -22, 622 -16,483 — 19, 590 15, 423 -44, 771 7,509 7,232 11, 651 23, 870 7, 140 12, 888 15, 849 38, 479 -7,462 7,557 7,686 7,711 5,503 -2,779 -5,663 8, 147 14, 971 -326 3,965 16, 158 1,637 15, 667 21,512 30, 332 Total i Consists of gold, special drawing rights (SDRs), convertible currencies, and the1 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. Foreign official assets Other foreign assets Statistical discrep>ancy U.S. official Allocareserve tions assets, of Of Total net* special which : (sum of (unaddrawing Seasonal the rights adjust- justed, items end of (SDRs) with sign ment reversed) discrep- period) ancy 1,139 1,152 1,093 1,152 1,093 -2, 654 -1,620 5,753 10, 367 -2, 323 11, 398 21, 140 29, 640 24, 551 14, 378 15, 883 16, 226 18, 747 19, 312 18, 650 18, 956 26, 756 30, 075 -206 6,073 1,355 18, 151 2, 676 -3,291 2, 139 2,736 -401 10, 840 1, 161 7,880 -1,255 -2,631 1,875 7,090 21, 491 21, 943 22, 994 26, 756 30, 410 29, 582 29, 716 30, 075 NOTE.—Data revised for 1981. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures. Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment—Nonfarm Business 1 2 2 3 3 4 4 5 6 7 0 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force , Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment. .. Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Private Business Sector . 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices. Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers. ... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit , Bank Loans and Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices-—Major Industrial Countries U.S. Merchandise Exports and Imports. . . U.S. International Transactions 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price $2.75 (single copy) ($3.45 foreign). Subscription price: $21.00 per year; S26.25 for foreign mailing. qo **° U.S. GOVERNMENT PRINTING OFFICE : 1982 O—92-294 O
@FedFRASER