Full text of Economic Indicators : March 1983
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98th Congress, 1st Session
Economic Indicators
MARCH 1983
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1983
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BRUCE R. BARTLETT, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, Chairman
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1982, gross national product rose $20.0 billion or 2.6
percent, both at annual rates. Real output (GNP adjusted for price changes) fell 1.1 percent (annual rate) and the
implicit price deflator rose at a 3.7 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS (RATIO SCALE)
(RATIO SCALE)
3,200
3,200
SEASONALLY ADJUSTED ANNUAL RATES
3,000
3,000
2,800
2,800
2,600
2,600
GNP
. IN CURRENT DOLLARS_
2,400
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1,600
1,600
-V
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
1974
1975
1976
1977
1978
1979
1980
1982
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1981: I
n
m
IV
1982:
I
n
mr
IV
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Govenament purehjises of
goc ds and sem ces
Federal
Net
exports
Exports
Imports
Total
Tntnl
National
defense
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,633.1
2,937.7
3,059.3
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
0.7
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
25.2
26.1
20.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
339.2
367.3
350.8
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.0
341.3
330.3
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
538.4
596.9
647.4
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.2
228.9
257.9
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.4
153.7
178.6
2,864.9
2,901.8
2,980.9
3,003.2
1,799.9
1,819.4
1,868.8
1,884.5
455.7
475.5
486.0
468.9
31.2
23.7
25.9
23.5
365.4
368.9
367.2
367.9
334.2
345.1
341.3
344.4
578.1
583.2
600.2
626.3
217.0
218.2
230.0
250.5
2,995.5
3,045.2
3,088.2
3,108.2
1,919.4
1,947.8
1,986.3
2,030.8
414.8
431.5
443.3
391.5
31.3
34.9
6.9
9.1
359.9
365.8
349.5
328.1
328.6
330.9
342.5
319.1
630.1
630.9
651.7
676.8
249.7
244.3
259.0
278.7
Source: Department of Commerce, Bureau of Economic Analysis.
Exports aiid imports of goods and
services
77.5
Non-
State and
local
sales
defense
33.9
39.7
43.2
50.6
53.3
56.5
65.8
75.2
79.3
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
341.2
368.0
389.4
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,643.1
2,917.3
3,083.1
143.1
150.5
154.4
166.9
73.9
67.7
75.7
83.6
361.1
365.0
370.1
375.7
2,852.7
2,877.2
2,949.1
2,989.9
166.2
176.2
182.7
189.3
83.5
68.2
76.3
89.4
380.4
386.6
392.7
398.0
3,031.1
3,061.4
3,083.5
3,156.5
73.1
28.5
29.1
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1981: I
n
ra
IV
1982: I
n
mr
IV
Gross
national
product
Personal
consumption
expenditures
1,185.9
1,254.3
737.1
767.9
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,474.0
1,502.6
1,476.9
762.8
779.4
823.1
864.3
903.2
927.6
930.5
947.6
956.9
1,507.8
1,502.2
1,510.4
1,490.1
1,470.7
1,478.4
1,481.1
1,477.2
EX])orts of go ods
a nd service 3
G ross privat e
dome;stie invest ment
Nonresidential
fixed
Residential fixed
121.0
138.1
135.7
63.8
Change
in
business
inventories
Government purch ases of
gOO( Is and services
Federal
Net
exports
Exports
Total
Imports
Total
National
defense
Nondefense
State
and local
Final
sales
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.2
158.5
148.1
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.6
116.4
116.3
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.6
287.1
291.3
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.5
110.4
116.4
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.1
73.5
78.6
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.8
37.8
151.4
157.4
163.6
7.8
13.3
16.0
7.3
-5.0
9.0
-9.2
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.6
42.0
31.8
167.8
168.4
168.8
174.3
176.2
178.1
176.7
174.9
1,175.3
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.0
1,493.7
1,486.0
10.2
17.2
11.6
-6.7
77.5
73.1
119.3
125.6
140.3
158.3
169.9
166.1
172.0
165.7
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.2
44.9
40.3
951.1
944.6
951.4
943.4
169.7
170.1
173.9
174.2
49.6
47.3
42.9
39.9
2.4
12.1
16.5
4.8
48.2
44.2
39.2
36.5
159.3
159.7
157.8
156.9
111.1
115.5
118.7
120.4
286.8
283.9
286.4
291.3
107.9
107.0
110.7
116.0
71.0
72.9
74.3
76.1
36.9
34.1
36.5
39.9
179.0
176.9
175.7
175.3
1,505.4
1,490.1
1,493.9
1,485.3
949.1
955.0
956.3
967.0
172.0
166.7
163.4
160.9
38.9
40.1
39.5
42.9
-15.4
-4.4
3.4
-20.3
36.9
35.7
27.5
27.2
151.7
154.4
147.5
138.8
114.7
118.7
120.0
111.6
289.2
285.3
291.1
299.5
114.4
110.3
116.2
124.7
74.5
78.2
80.6
81.0
39.8
32.1
35.5
43.7
174.9
175.0
174.9
174.8
1,486.1
1,482.7
1,477.8
1,497.5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
Gross
national
product
n
m
IV
1982: I
n
mr
IV
Durable
goods
Services
Residential fixed
100.0
103.8
123.9
129.2
136.4
145.0
156.3
167.5
174.9
132.5
137.2
143.6
153.4
169.9
188.4
202.7
208.8
115.4
132.2
138.6
146.3
157.2
170.8
186.1
201.3
210.0
189.2
192.6
196.4
199.8
163.0
166.2
169.7
171.3
199.3
201.7
204.2
205.6
189.6
193.4
198.6
203.6
194.5
200.7
203.0
206.8
202.2
204.0
207.7
210.0
173.0
174.0
176.1
176.3
206.8
207.1
210.0
211.0
207.4
210.6
215.3
219.7
207.6
211.3
210.7
210.4
115.08
125.79
132.34
140.05
150.42
163.42
178.64
195.51
207.15
190.01
193.17
197.36
201.55
203.68
205.98
208.51
210.42
Source: Department of Commerce, Bureau of Economic Analysis.
100.0
108.5
123.4
Exports am 1 imports of
goods am1 services
Gove rnment pure bases of goo ds and
services
Federal
Nonresidential
fixed
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
233.6
238.5
100.0
101.7
108.2
117.3
Nondurable
goods
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.3
213.3
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.2
194.5
206.0
100.00
105.75
1981: I
Total
Gross private
domestic investment
Exports
Imports
Total'
National
defense
Nondefense
100.0
100.0
105.6
114.2
State
and local
155.3
161.9
172.6
192.5
213.1
231.8
236.9
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.3
293.1
284.1
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.4
221.6
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.4
209.0
227.2
128.2
135.7
144.6
153.8
162.5
181.0
204.2
210.1
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.6
208.2
222.7
229.0
231.7
235.8
239.2
229.3
230.9
232.6
234.5
300.7
298.7
287.7
286.1
201.2
204.0
207.8
216.0
201.7
206.4
207.9
219.5
200.3
198.9
207.4
209.4
201.7
206.3
210.7
214.3
240.5
238.6
238.8
236.3
237.3
236.8
236.9
236.5
286.4
278.8
285.4
286.0
218.3
221.6
223.0
223.5
223.0
225.2
226.5
233.6
209.6
212.6
214.9
204.8
217.5
220.9
224.5
227.8
100.0
112.7
134.8
149.6
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Ore>ss national pn)duct
Period
8.6
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.9
11.6
4.1
19.6
5.3
11.4
3.0
-1.0
6.8
5.8
2.6
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981:
r
1982:
Constant
(1972)
dollars
Current
dollars
I
n
m
IV
I
n
mr
IV
Implicit
price
deflator
Personal consumption e spenditures
Chain price
index
3.4
5.7
5.0
4.2
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.4
1.9
-1.7
7.9
-1.5
2.2
-5.3
-5.1
2.1
.7
— 1.1
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.3
9.4
6.0
10.9
6.8
9.0
8.8
4.3
4.6
5.0
3.7
Fixedweighted
price index
(1972
weights)
4.8
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.9
9.6
6.2
10.0
8.4
8.9
8.5
4.8
4.1
5.9
4.9
4.9
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
9.0
9.4
6.4
9.3
8.2
9.2
8.4
5.0
4.6
6.0
5.1
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
8.1
3.7
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.6
10.6
6.9
13.0
4.4
11.3
3.4
5.8
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.3
1.8
1.0
4.4
2.7
2.9
3.3
2.5
2.5
.6
4.5
7.6
6.1
8.1
9.3
Chain price
index
4.3
3.7
Fixedweighted
price index
(1972
weights)
4.2
3.5
6.1
10.4
4.3
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.1
6.0
10.3
7.4
8.0
7.2
5.2
3.6
7.1
5.5
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.3
8.6
5.9
8.3
7.3
8.2
7.0
5.0
3.5
7.5
4.5
7.8
5.3
6.2
7.4
9.7
11.2
9.3
5.8
10.9
7.7
7.6
7.1
4.8
3.2
7.3
5.6
Source: Department of Commerce, Bureau of Economic Analysi
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cc st and profit per unit of output (dolla rs) l
Gross c omestic
product of ilonfinancial
corporate business
(billions c f dollars)
Period
Current
dollars
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
855.7
0.940
.973
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.787
1.966
2.077
563.7
609.9
678.0
759.4
599.6
626.8
678.0
818.9
708.2
694.2
745.5
795.8
846.3
n
m
1,683.3
1,715.0
1,763.6
1,767.2
883.0
884.2
887.5
870.4
1.906
1.940
1.987
2.030
n
m
1,756.6
1,771.0
1,794.4
1,786.7
858.8
857.9
859.3
846.9
2.045
2.064
2.088
2.110
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,537.7
1,732.3
1,777.2
1981: I
1982:
1972
dollars
Total
cost and
profit 2
IV
I
IV '
731.9
876.1
860.3
881.3
Capital
consumption
allowances
with
capital
consumption
adjustment
0.087
.091
.092
.093
.112
.137
.141
.145
.155
.171
.200
.222
.250
.211
.218
.224
.236
.242
.247
.251
.258
Indirect
business
taxes 3
Net
interest
Total
0.631
.641
.659
0.106
.113
.113
.114
.127
.140
.141
.141
.144
.149
.173
.202
.213
.692
.786
.837
.878
.928
.998
1.094
1.211
1.305
1.390
1.267
1.289
1.315
1.349
1.376
1.388
1.392
1.406
.196
.202
.203
.208
.205
.211
.214
.220
'Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employ-
Corporate profits with inventory
valuation iind capital c(msumption
adjustments
3
4
0.028
.029
.028
.031
.042
.044
.040
.040
.044
.050
.061
.071
.084
.062
.069
.074
.078
.082
.085
.085
.086
0.088
.099
.107
.107
.090
.124
.144
.163
.168
.154
.143
.165
.140
.170
.161
.171
.159
.140
.134
.146
.139
Profits
tax
liability
0.045
.047
.049
.055
.059
.059
.071
.075
.079
.079
.075
.072
.046
.081
.069
.074
.063
.045
.043
.049
.048
Profits
after tax
O
UUtpUt
4
0.043
.052
.058
.053
.030
.065
.073
.088
.089
.075
.068
.093
.093
.089
.091
.097
.096
.095
.091
.097
.091
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
7.115
4.491
4.778
5.052
5.429
5.937
6.507
7.024
7.558
7.450
7.664
7.849
7.555
7.774
8.002
8.144
8.217
8.199
8.202
8.970
8.169
8.311
9.891
8.390
10.846
11.650
8.328
8.320
8.324
8.273
10.551
10.727
10.947
11.163
8.279
8.334
8.429
11.391
11.564
!1.731
r
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees 1
Proprietors' income with
inventory v£iluation and
capital co isumption
adjust ments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1981: I
n
m
IV
1982: I
n....
ni r
TV
1
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,117.1
2,352.5
2,437.3
801.3
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,598.6
1,767.6
1,856.5
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0
2,293.7
2,324.4
2,387.3
2,404.5
1,718.0
1,750.0
1,789.1
1,813.4
2,396.9
2,425.2
2,455.6
2,471.7
1,830.8
1,850.7
1,868.3
1,876.1
718.0
Corporate p rofits with invcmtory valuation and capital 3onsumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
58.1
61.0
62.2
Profits -with inventory ivaluation
adjustnw nt and withou t capital
consiimption adjust ment
Inventory
valuation
adjustment
Profits
Total
Net
interest
adjustment
132.1
166.3
194.7
229.1
252.7
242.4
232.1
175.6
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
2.7
2.7
-1.8
-10.1
— 13.5
-11.3
-12.7
-14.8
-17.8
-16.8
-4.9
60.2
76.1
84.5
87.2
102.5
121.7
153.8
187.7
235.7
264.9
217.6
202.6
210.3
199.4
253.1
225.4
233.3
216.5
-35.5
22.8
-23.0
-17.1
-17.3
-17.5
-17.1
-15.5
217.6
231.6
244.0
249.5
167.2
162.2
170.0
166.2
171.6
171.7
180.3
178.8
—4.4
-9.4
-10.3
-12.6
-10.1
-6.9
-3.8
1.3
258.7
267.5
268.1
265.3
94.0
105.6
21.0
96.6
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
22.6
23.5
23.0
23.5
24.8
26.6
27.9
32.9
33.9
34.1
108.3
94.9
110.5
138.1
167.3
192.4
194.8
181.6
190.6
161.5
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
166.4
21.6
22.5
27.1
24.6
101.8
101.2
100.4
99.5
34.4
34.0
33.6
33.6
200.3
185.1
193.1
183.9
17.8
17.4
16.6
24.1
98.6
99.9
101.7
104.8
33.9
34.2
34.6
33.9
157.1
155.4
166.2
167.5
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consump-
Total
100.6
125.6
136.7
51.2
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ndurable goods
Durable3 goods
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
Total
personal
consumption
expenditures
737.1
1981: I
n
m
IV
1982: I
n
mr
IV
Total
durable
goods
Motor
vehicles
and
parts
Furniture and
household
equipment
111.1
123.3
121.5
132.2
52.4
57.1
50.4
41.7
47.1
50.6
Total
nondurable
goods
Food
Clothing
and
shoes
Gasoline
and oil
35.1
38.3
42.6
43.7
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
670.4
734.5
762.1
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
343.7
375.3
397.3
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.7
114.6
118.6
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
87.0
96.8
93.7
93.1
93.3
93.8
93.3
41.7
42.9
43.4
42.4
720.6
729.6
741.3
746.5
368.8
372.1
378.0
382.3
112.3
114.0
115.9
116.0
91.0
93.2
92.7
94.3
43.7
44.2
43.3
43.7
749.1
755.0
768.4
775.7
387.9
395.0
401.3
405.1
117.5
118.4
119.1
119.4
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
156.8
178.2
200.2
213.4
214.3
234.6
242.7
55.8
72.6
84.8
95.7
96.6
89.7
98.6
106.2
53.5
59.1
65.7
72.8
81.8
86.3
93.4
92.8
1,799.9
1,819.4
1,868.8
1,884.5
236.9
230.4
241.2
229.6
102.1
94.2
104.0
93.9
1,919.4
1,947.8
1,986.3
2,030.8
237.9
240.7
240.3
251.8
103.2
103.3
104.3
113.8
Source: Department of Commerce, Bureau of Economic Analysis.
Other
Retail sal es of new
passengrer cars
(millions of units)
16.9
19.2
20.5
22.9
25.2
27.7
31.7
Services
Other
Domestics
Imports
9.3
9.6
7.4
7.0
1.6
91.9
98.2
108.8
122.8
135.0
147.9
152.4
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
782.5
874.1
966.3
8.5
9.0
9.2
8.2
6.6
6.2
5.8
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
95.2
96.7
97.7
97.5
144.4
146.9
149.7
150.7
842.4
859.4
886.3
908.3
7.2
5.7
6.8
5.2
2.6
2.3
2.2
2.2
95.3
91.3
94.2
94.0
148.4
150.4
153.8
157.2
932.4
952.1
977.6
1,003.3
5.8
5.5
5.5
6.1
2.2
2.0
2.2
2.5
64.9
71.2
78.2
83.7
SOURCES OF PERSONAL INCOME
Personal income rose $2.9 billion (annual rate) in February, following a rise of $5.2 billion in January. Wages and
salaries fell $1.7 billion in February, compared with an increase of $15.7 billion in January.
BILLIONS OF DOLLARS*!RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
3,200
2,800
2,800
2,400
2,400
TOTAL PERSONAL INCOME
2,000
2,000
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
WAGE AND SALARY DISBURSEMENTS
800
800
600
600
OTHER INCOME
,„•»•«"***"
400
TRANSFER
PAYMENTS
200
200
160
160
120
1975
1979
1978
1976
1980
1982
1981
* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income 3
Period
Total
personal
income
salary
disbursements 1
Other labor
income * 2
Farm
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
152.8
179.4
218.7
263.4
329.0
371.2
65.9
65.9
66.1
66.2
66.1
66.6
67.3
67.7
68.4
68.9
69.3
359.8
363.8
368.0
372.0
376.0
377.6
378.3
378.8
376.0
374.0
373.8
353.8
357.5
363.9
364.8
366.9
379.7
380.2
383.3
392.7
399.6
401.3
110.9
110.6
110.8
111.6
111.7
112.4
112.5
112.4
112.4
112.4
112.8
2,465.5
2,470.8
2,486.8
2,506.9
2,516.0
2,538.5
2,542.8
2,548.5
2,559.4
2,567.0
2,574.4
69.7
69.8
374.6
376.1
395.2
395.7
116.4
116.0
2,587.5
2,592.3
19.1
19.1
26.3
31.9
19.4
24.0
19.0
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
23.5
24.8
26.6
27.9
32.9
33.9
34.1
29.9
36.5
39.6
45.3
50.8
55.9
62.5
67.0
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get r
Nov r
Dec r
2,513.8
2,518.6
2,535.5
2,556.2
2,566.3
2,588.3
2,592.0
2,597.2
2,609.4
2,627.7
2,635.0
1,546.6
1,542.6
1,546.6
1,560.4
1,562.9
1,569.5
1,570.3
1,570.1
1,571.5
1,572.2
1,579.9
149.1
150.2
151.3
152.5
153.6
154.6
155.5
156.5
157.2
157.9
158.7
17.3
16.3
16.9
17.3
18.0
17.3
16.6
16.0
17.1
27.7
27.5
98.4
98.8
99.3
100.3
100.2
100.9
101.7
102.5
104.2
105.3
104.9
33.9
34.0
34.1
34.2
34.3
34.5
34.6
34.7
34.8
34.4
32.5
1983: Jan r.
Feb p
2,640.2
2,643.1
1,595.5
1,593.8
159.6
160.6
18.9
17.9
107.9
109.8
35.2
35.3
Nonfarm
personal
income 6
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,117.3
2,364.1
2,518.8
64.5
75.9
89.4
102.5
114.9
127.2
140.4
153.8
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
Consists of employer contributions to private pension, health, and welfare funds; workmen's
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Less:
Personal
contributions
for social
insurance
55.5
61.1
69.8
81.1
88.7
104.9
111.7
806.4
889.9
983.2
1,106.3
1,237.6
1,356.1
1,493.9
1,560.7
24.6
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
23.0
Transfer
payments 5
178.3
194.3
207.9
223.8
250.3
297.2
336.3
374.7
1975
1976
1977
1978
1979
1980
1981
1982 r
1,265.0
Personal
interest
income
123.2
132.5
4
50.4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable income declined slightly in the fourth quarter of
BILLIONS OF DOLLARS* (RATIO SCALE)
1982.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400 P
q 2,400
800
800
DOLLARS* (RATIO SCALE)
11,000
10,000
DOLLARS* (RATIO SCALE)
11,000
PER CAPITA DISPOSABLE PERSONAL INCOME
10,000
9,000
9,000
8,000
8,000
CURRENT DOLLARS
7,000
7,000
6,0001
6,000
-1972 DOLLARS-
5,000
5,000
4,000
4,000
J
3,000
L
I
I
I
J
1975
L
J
1976
I
L
J
1978
1977
L
I
1979
I
I
3,000
1981
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per c apita
disposable personal
incc>me
Current
dollars
1972
dollars
Billions of doll ars
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
1974
1975
1976
1977
1978
1979
1980
1981
1982 r.
170.2
168.9
196.8
226.4
258.7
301.0
336.3
386.7
397.2
1982
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,824.1
2,029.1
2,172.7
Per capitai personal
consulnption
expem litures
Current
dollars
1972
dollars
85.1
94.3
4,667
5,075
82.5
78.0
89.4
96.7
106.2
130.2
142.2
5,477
5,965
6,621
7,331
8,012
8,827
9,363
4,009
4,051
4,158
4,280
4,441
4,512
4,472
4,538
4,545
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Per cent
Do lars
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,717.9
1,898.9
2,030.5
Percent
change in
real per
capita
disposable
4,152
4,521
4,972
5,468
6,048
6,695
7,323
8,018
8,494
3,774
3,924
4,057
4,121
4,087
4,123
4,124
7,858
7,926
8,120
8,167
8,300
8,406
8,550
8,718
4,152
4,115
4,134
4,088
4,104
4,121
4,116
4,151
3,566
3,609
-1.7
1.0
2.6
2.9
3.8
1.6
-.9
1.5
.2
8.5
8.6
6.9
5.9
6.1
5.9
5.8
6.4
6.5
215,981
218,086
220,289
222,629
225,106
227,654
229,872
232,056
5.4
6.1
6.5
7.5
6.6
6.7
6.9
6.0
229,053
229,539
230,145
230,751
231,246
231,724
232,320
232,934
213,898
Seas 3nally adju sted annual rates
1981: I
n
m
IV
1982: I
n
in r
IY ....
2,330.0
2,380.6
2,458.2
2,494.6
2,510.5
2,552.7
2,592.5
2,624.0
1
371.2
384.2
398.1
393.2
393.4
401.2
394.4
399.7
1,958.7
1,996.5
2,060.0
2,101.4
2,117.1
2,151.5
2,198.1
2,224.3
1,852.8
1,874.5
1,925.7
1,942.7
1,977.9
2,007.2
2,046.1
2,090.9
105.9
122.0
134.4
158.6
139.1
144.3
152.0
133.4
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.
8,551
8,698
8,951
9,107
9,155
9,285
9,461
9,549
4,519
4,516
4,557
4,559
4,527
4,552
4,555
4,547
2.9
3
3.7
.2
-2.8
2.2
.3
-.7
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1982, according to current estimates, gross farm income rose $7.9 billion (annual rate) and
net farm income rose $7.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
1 200
100
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
20
-*-
V
10
w~
I
1975
1976
1980
1978
1977
1981
20
N^ t
I
1982
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
(jross
T>
of farm ope rators from farmi ng
Net farni income
farm incom
• A
Cas h marketing rece ipts
Total 1
1975
1976
1977
1978
1979
1980
1981
1982
1980: I
n
m
IV
1981: I
n
m
IV
1982: I
n
m
IV
1
Total
Livestock and
products
101.0
101.9
108.6
127.3
151.3
150.6
166.8
164.8
95.4
96.2
112.5
131.7
139.5
143.5
144.0
43.1
46.3
47.6
58.8
68.6
67.8
68.5
69.3
45.8
49.0
48.6
53.7
63.1
71.7
75.0
74.7
148.6
145.2
153.2
155.4
135.3
134.3
143.6
144.8
66.7
64.4
69.3
70.8
68.6
69.9
74.3
74.0
161.8
164.7
171.5
168.8
142.5
142.3
146.7
142.5
67.9
69.4
71.0
65.7
74.6
72.9
75.7
76.8
164.5
163.0
161.9
169.8
144.4
144.4
143.2
144.1
67.4
70.1
70.4
69.4
77.0
74.3
72.8
74.7
88.9
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-vear inventor}1 of crop and livestock commodities valued at average
prices during the year.
18-608 0 - 8 3 - 2
Crops
3
Production
expenses
Value of
inventory
changes 2
Current
dollars
1967 dollars 3
75.8
83.3
90.2
100.6
119.0
130.5
141.6
144.4
18.7
18.4
26.7
32.4
20.1
25.1
20.4
125.7
128.7
132.0
135.4
22.9
16.5
21.2
20.0
9.7
6.7
8.5
7.8
2.5
5.3
7.2
7.0
139.0
141.0
143.2
143.2
22.8
23.7
28.3
25.6
8.7
8.8
10.2
.5
.5
.3
.5
143.8
144.3
144.6
144.8
20.7
18.7
17.3
25.0
7.3
6.5
5.9
8.5
3.4
-2.4
1.0
1.1
5.6
-4.3
5.5
2
1.4
-4.2
6.0
-5.6
25.2
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
15.6
11.0
10.2
13.6
14.9
8.2
9.2
7.1
9.1
CORPORATE PROFITS
In the fourth quarter of 1982, according to preliminary estimates, corporate profits before tax fell $1.5 billion
(annual rate) from their third quarter level and after-tax profits were unchanged.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
240
80
80
40
40
1974
1975
1981
SOURCE: DEPARTMENT OF COMMERCE
I
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr ofits (before t ax) with inve ntory valuation adjustmen t
1
Profits after ta X
Do tnestic indust ries
Nonfinancial
Period
Total
2
Total
Financial
Tntal
1972
1973
94.0
1974
1975
1976
1977
1978
1979..
1980
1981
1982 r
1981: I
n
m
IV
1982: I
n
mr
IV
1
2
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
166.4
217.6
202.6
210.3
199.4
167.2
162.2
170.0
166.2
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
169.1
184.6
148.4
193.8
181.7
189.3
173.7
150.3
144.1
153.7
145.3
3
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
29.2
22.7
23.7
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
140.0
162.0
124.7
26.8
22.7
20.8
20.4
20.0
22.2
24.2
28.3
167.0
159.0
168.5
153.3
130.4
121.9
129.5
117.0
See p. 4 for profits with inventor}' valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
74.5
86.3
56.5
90.3
88.9
92.2
73.7
57.7
56.6
62.7
Profits
before tax
Tax
liability
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
242.4
232.1
175.6
41.6
49.0
51.6
Whole
sale and
retail
trade
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
24.6
33.4
28.8
33.0
32.1
33.0
35.7
31.9
26.8
27.4
3
253.1
225.4
233.3
216.5
171.6
171.7
180.3
178.8
Total
50.6
63.8
72.7
83.2
87.6
84.7
81.2
58.1
91.5
79.2
82.4
71.6
56.7
55.3
60.9
59.3
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
157.8
150.9
117.5
161.6
146.2
150.8
144.9
115.0
116.3
119.4
119.4
Dividends
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.1
65.1
70.3
61.5
64.0
66.8
68.1
68.8
69.3
70.5
72.4
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
99.7
85.8
47.3
100.1
82.2
84.0
76.9
46.1
47.0
48.8
47.0
Inventory
valuation
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
-35.5
-22.8
-23.0
-17.1
-4.4
-9.4
-10.3
12.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1982, business fixed investment declined $5.8 billion
(annual rate) from its third quarter level and residential investment outlays rose $7.1 billion. There was a $48.3
billion decrease in inventories following a $4.7 billion increase in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONALLY ADJUSTED ANNUAL RATES
500
450
450
GROSS PRIVATE DOMESTIC
INVESTMENT
400
400
350
300
NONRESIDENTIAL
-FIXED INVESTMENT-
250
250
200
200
RESIDENTIAL
-FIXED INVESTMENT-
150
150
100
100
CHANGE IN BUSINESS_
INVENTORIES
50
^..,........
,«"'''•'»..,.„.,....„.
50
|1 ftt
tt,U«««'" ' »»».,MM
0
0
v-
-50
1974
1976
1975
1979
1978
1980
1981
SOURCE: DEPARTMENT OF COMMERCE
-50
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Total
55.4
58.8
64.4
78.7
98.3
110.5
129.7
141.5
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.9
2.1
2.5
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2
11.8
23.0
26.5
14.3
10.0
20.5
-23.8
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-5.7
15.0
-24.3
330.0
341.3
353.0
360.2
119.6
127.0
132.7
139.6
210.4
214.3
220.2
220.6
113.6
109.5
101.2
95.5
109.1
104.7
95.6
89.4
1.3
1.6
2.4
2.9
3.2
3.2
3.2
3.2
12.2
24.6
31.8
13.2
10.0
19.3
24.6
6.0
357.0
352.2
344.2
338.4
141.4
143.6
141.3
139.6
215.6
208.6
203.0
198.8
93.4
95.5
94.3
101.4
87.9
89.6
88.7
95.7
2.4
2.8
2.4
2.5
3.1
3.2
3.2
3.2
35.6
-16.2
4.7
-48.3
-36.0
-15.0
3.7
-50.0
414.8
431.5
443.3
391.5
121.0
143.3
Source: Department of Commerce, Bureau of Economic Analysis.
Nonfarm
0.7
455.7
475.5
486.0
468.9
IV .
Total
61.5
1981: I
n
mr
Farm
structures
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.3
99.7
90.5
156.6
157.7
174.1
205.2
248.9
290.2
309.2
346.1
348.0
1982: I
Nonfarm
structures
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
103.2
104.9
96.2
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
IV
Total
Producers'
durable
equipment
92.3
100.7
102.3
115.3
140.8
170.2
191.9
198.6
216.4
206.5
1972.........
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r.
n
ra
Structures
Producers'
durable
equipment
Change iii business
inven tones
Residential fa ed investment
Nonresic ential fixed in<vestment
44.1
51.0
55.9
76.9
1.5
1.7
10.2
18.5
14.1
-6.9
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 1983 is expected to be 1.7 percent below the 1982 level. Spending in 1982 was 1.6
percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
40
30
30
1975
1976
1977
1981
1980
1978
1982
1983
J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plan t and equip ment
M 'anufacturin g
Total
Period
Plant
Equipment
Total
Nonmanuiacturing
Durable
goods
Nondurable
goods
26.33
Total
Mining
1977
1978
1979
1980
1981
1982 r
1983 4
157.71
171.45
198.08
231.24
270.46
295.63
321.49
316.43
310.92
65.21
71.20
80.31
92.70
105.73
117.55
133.46
134.47
100.25
117.77
138.54
164.73
178.08
188.04
181.96
54.92
59.95
69.22
79.72
98.68
115.81
126.79
119.68
115.90
28.47
34.04
40.43
51.07
58.91
61.84
56.44
54.22
28.59
31.47
35.18
39.29
47.61
56.90
64.95
63.23
61.69
102.79
111.50
128.87
151.52
171.77
179.81
194.70
196.75
195.02
6.10
7.44
9.24
10.21
11.38
13.51
16.86
15.45
15.46
1981: HI
IV
328.25
327.83
136.40
136.67
191.85
191.17
130.11
126.91
62.58
60.78
67.53
66.14
198.13
200.92
1982: I
327.72
323.22
315.79
302.77
139.49
137.95
135.14
127.15
188.23
185.28
180.65
175.61
128.32
123.77
119.46
110.09
60.84
59.03
57.14
50.50
67.48
64.74
62.32
59.59
112.81
111.30
119.34
52.76
50.85
56.39
60.05
60.45
62.94
1975
1976
n
m
IV
1983: I 44
n
2nd half
4
302.25
302.20
318.71
92.50
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
Transportation
Public
utilities
Trade
and
services *
Communication
and
other 2
Starts of
plant and
equipment
projects,
manufacturing 3
9.40
10.68
12.35
12.09
12.05
11.95
11.00
22.37
26.79
29.95
33.96
35.44
38.40
41.95
41.00
46.23
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.78
23.51
26.90
32.02
34.83
36.99
41.06
40.46
39.78
17.55
16.81
11.61
13.12
39.55
39.74
87.55
88.33
41.89
42.92
33.33
33.68
199.40
199.46
196.33
192.68
17.60
16.56
14.63
13.31
11.99
12.32
11.28
12.41
40.12
41.40
43.38
42.88
87.80
88.85
87.31
84.00
41.89
40.33
39.73
40.06
27.73
29.03
25.61
23.37
189.44
190.90
199.37
14.56
14.62
16.25
10.95
11.59
10.68
41.00
41.37
40.85
85.38
85.23
90.02
37.55
38.09
41.58
8.68
8.89
19.98
21.80
56.51
59.38
77.40
88.16
112.98
123.32
135.19
104.78
3
Starts are estimated by adding changes in carryover to expenditures during given period,
4
Planned capital expenditures as reported by business in late January and February 1983, (
rected for biases,
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment and unemployment were about unchanged in February.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS ;
[Thousands of persons 16 years of age and over, except as noted]
Unemp oyment
Civilian employmen t
Period
1977
1978 4
1979
1980
1981
1982
Noninstitutional
population
including
resident
Armed
Forces
Resident
Armed
Forces
nT
L/ivilian
employment
160,689
163,541
166,460
169,349
171,775
173,939
1,656
1,631
1,597
1,604
1,645
1,668
92,017
96,048
98,824
99,303
100,397
99,526
Unemployment
6,991
6,202
6,137
7,637
8,273
10,678
Total
labor
force
including
resident
Armed
Forces*
Total
employment
including
resident
Armed
Forces
100,665
103,882
106,559
108,544
110,315
111,872
93,673
97,679
100,421
100,907
102,042
101,194
1Jnadjuste d
Nonagiicultural
re
T
v/ivilian
labor
force
Total
99,009 92,017
102,251 96,048
104,962 98,824
106,940 99,303
108,670 100,397
110,204 99,526
Agricultural
3,283
3,387
3,347
3,364
3,368
3,401
Total
Parttime for
economic
reasons *
Total
15
weeks
and
over
Labor force
participation rate
(pen ;ent)
Total 2
Civilian 3
88,734
92,661
95,477
95,938
97,030
96,125
3,369
3,298
3,373
4,064
4,499
5,852
6,991
6,202
6,137
7,637
8,273
10,678
1,942
1,414
1,241
1,871
2,285
3,485
62.6
63.5
64.0
64.1
64.2
64.3
62.3
63.2
63.7
63.8
63.9
64.0
Seasonally adjusted
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
173,153
173,338
173,512
173,691
173,854
174,038
174,200
174,360
174,549
174,718
174,864
1,664
1,671
1,668
1,665
1,664
1,674
1,689
1,670
1,668
1,660
1,665
97,946
98,471
98,858
99,957
100,683
101,490
101,177
99,851
99,825
99,379
98,849
10,378
10,290
9,957
9,957
10,886
11,036
10,710
10,695
10,942
11,476
11,628
111,028
111,149
111,408
112,043
111,811
112,090
112,303
112,528
112,420
112,702
112,794
101,359
101,268
101,152
101,659
101,345
101,262
101,372
101,213
100,844
100,796
100,758
109,364
109,478
109,740
110,378
110,147
110,416
110,614
110,858
110,752
111,042
111,129
99,695
99,597
99,484
99,994
99,681
99,588
99,683
99,543
99,176
99,136
99,093
3,367
3,367
3,356
3,446
3,371
3,445
3,429
3,363
3,413
3,466
3,411
96,328
96,230
96,128
96,548
96,310
96,143
96,254
96,180
95,763
95,670
95,682
5,489
5,611
5,750
5,731
5,561
5,577
5,820
6,495
6,403
6,411
6,425
9,669
9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
2,750
2,962
3,080
3,267
3,517
3,569
3,637
3,856
4,167
4,524
4,732
64.1
64.1
64.2
64.5
64.3
64.4
64.5
64.5
64.4
64.5
64.5
63.8
63.8
63.9
64.2
64.0
64.1
64.1
64.2
64.1
64.2
64.2
1983: Jan
Feb
175,021
175,169
1,667
1,664
97,262
97,265
12,517
12,382
112,215
112,217
100,770
100,727
110,548
110,553
99,103
99,063
3,412
3,393
95,691
95,670
6,845
6,481
11,446
11,490
4,634
4,618
64.1
64.1
63.8
63.7
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Total labor force as percent of noninstitutional population (both including resident Armed
Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
4
Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment.
'Monthly data for 1982 corrected.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate for all civilian workers was unchanged in February at 10.4 percent.
The overall unemployment rate, which includes resident Armed Forces in the labor force, was also unchanged in
February at 10.2 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1982
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1983
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment ra te (percent of civilia n labor force in group)
Period
Unemployment
rate, all
workers l
By sex and age
civilian
workers
Men
20 years
and over
Women
20 years
and
over
6.9
6.0
5.8
7.0
7.5
9.5
7.1
6.1
5.2
4.3
4.2
5.9
6.3
7.0
6.0
5.7
6.4
1982: Feb...
Mar...
Apr ...
May...
June..
July..
Aug...
Sept ..
Oct....
Nov...
Dee ...
8.7
8.9
9.2
9.3
9.4
9.7
9.7
10.1
10.3
10.6
10.7
1983:
10.2
10.2
1977
1978
1979
1980
1981
1982
Jan...
Feb ...
1
Both
sexes
16-19
years
Black aiid other
White
12
Total
Black
13.1
11.9
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
6.6
5.6
5.3
6.9
7.3
9.6
9.9
9.0
8.8
8.8
9.4
10.5
7.6
6.5
6.3
7.9
8.5
11.0
4.2
4.3
6.5
9.4
8.5
8.3
9.2
10.4
11.7
18.0
18.4
18.6
18.6
18.8
19.1
19.8
20.1
20.2
20.8
8.5
8.7
9.1
9.2
9.2
9.4
9.4
9.8
10.1
10.5
10.7
5.4
5.6
6.0
6.1
6.4
6.6
6.8
7.2
7.5
7.6
7.8
10.4
10.8
11.5
11.9
12.1
12.0
11.7
12.4
11.3
12.5
13.2
8.5
8.9
9.1
9.2
9.4
9.6
9.7
10.2
10.5
10.6
10.8
10.4
10.0
10.8
10.5
10.0
11.2
10.4
10.6
10.3
11.3
11.1
9.9
10.3
10.4
10.7
10.4
10.7
10.9
11.7
12.0
12.4
12.7
20.8
19.7
10.1
10.1
7.1
7.2
13.2
13.0
10.3
10.4
10.6
10.1
11.7
12.0
6.2
8.8
6.8
8.3
16.4
16.1
17.8
19.6
23.2
5.2
5.1
6.3
6.7
8.6
11.3
13.1
14.2
17.3
14.0
12.8
12.3
14.3
15.6
18.9
8.8
9.0
9.3
9.4
9.5
9.8
9.9
10.2
10.5
10.7
10.8
7.7
8.0
8.3
8.3
8.7
8.9
9.0
9.6
9.8
10.0
10.1
7.6
7.9
8.1
8.2
8.1
8.3
8.3
8.4
8.7
9.0
9.2
22.3
21.9
22.8
22.9
22.5
23.9
23.8
23.8
24.1
24.2
24.5
7.7
7.9
8.3
8.4
8.4
8.7
8.7
9.1
9.3
9.6
9.7
16.0
16.6
16.8
17.1
17.1
17.4
17.7
18.1
18.4
18.5
18.8
10.4
10.4
9.6
9.9
9.0
8.9
22.7
22.2
9.1
9.2
19.0
18.0
5.8
7.1
7.6
9.7
Experienced
wage and
salary
workers
Labor
force
time lost
(percent) 2
5.6
5.5
6.9
7.3
9.3
17.8
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part tune for economic reasons as percent of potentially available labor force hours.
2
Bys elected grou] )S
By race
All
All
17.5
6.6
3.6
2.8
2.8
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentage of unemployed persons who had been out of work for more than 15 weeks was
unchanged, the percentage out of work for less than 5 weeks rose, and the percentage out of work for 5-14
weeks fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
A
60
JOB LOSERS
-
50
40
30
-
-
REENTRANTS
30
-
20
20
NEW ENTRANTS
JOB LEAVERS
1979
1983
1979
1980
1981
1982
1983
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
TT
unem
Period
(thousands)
fment by
Percent listribution of unemplo
durat ion l
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Sta te
progr ams
Percent distribution of unemplo yment by
reas on *
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment, all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
lWeekly ave rage, thousarids
31.0
31.7
32.3
30.7
31.0
12.4
11.5
7.9
29.9
29.4
25.2
25.4
22.3
14.3
13.3
11.4
11.9
11.1
2,359
2,434
3,350
3,047
4,057
346
388
488
460
583
2,645
2,592
3,837
3,410
4,590
1981 r.
1982
8,273
10,678
46.2
48.1
43.1
41.7
36.4
1982: Jan
Feb
Mar
Apr.
May
June ....
July
Aug
Sept
Oct
Nov
9,346
9,669
9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
41.1
39.6
38.7
38.3
37.2
34.3
36.7
36.0
35.1
33.9
32.9
32.9
33.1
31.9
31.3
31.7
31.5
32.3
30.1
30.7
31.1
30.2
29.5
28.3
13.0
15.4
16.2
15.4
15.7
16.0
16.5
16.6
16.0
16.8
18.2
17.4
12.8
13.2
13.7
14.6
15.7
17.4
16.6
16.8
17.8
19.1
19.4
21.3
56.5
54.9
57.2
57.6
57.3
59.0
58.3
58.6
60.7
62.4
61.6
60.6
9.1
9.9
9.0
8.8
8.3
7.9
7.5
7.4
6.8
6.8
6.6
6.9
23.0
23.8
23.0
22.9
23.1
22.7
22.8
22.2
21.2
19.8
21.3
21.8
11.4
11.5
10.8
10.7
11.2
10.4
11.3
11.9
11.3
11.0
10.4
10.7
3,577
3,582
3,775
3,982
3,972
4,011
3,988
4,136
4,379
4,615
4,635
4,428
563
529
574
573
579
560
539
617
654
659
618
546
4,681
4,723
4,892
4,760
4,387
4,328
4,495
4,398
4,282
4,391
4,635
5,074
11,446
11,490
30.8
32.6
28.9
27.1
16.8
16.8
23.5
23.5
59.1
60.2
7.4
7.5
23.1
22.0
10.4
10.3
3,941
3,907
509
485
5,459
6,202
6,137
7,637
1978
1979
1980
r
Dec ....
1983: Jan
Feb
10.4
41.7
13.8
13.6
16.0
8.7
10.7
14.0
16.6
42.9
51.7
51.6
58.7
1
Detail may not add to 100 percent because of rounding.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen
(UCX), Federal (UCFE), and railroad (ER) programs. Also includes Federal and State extended
benefit programs. Does not include Federal supplemental compensation program.
14.1
14.3
11.7
11.2
3
807
897
708
936
953
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 180,000 in February, after rising in
January for the first time since May 1982.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
22
90
WHOLESALE AND RETAIL TRADE
^ •*=^n==15B*—«*==
Mr
ALL NONAGRICULTUREKL
ESTAE LISHMENTS
80
20
-
SERVICES
-
70
GOVERNMENT
"""
\
1
SE RVICE-PRODU CING
INDUSTRIE 5
60
I IIII II III I II I i
-
MANUFACTURING
20
50
40
-
-
30
—
GOODS-P RODUCING
INDlJSTRIES
CONSTRUCTION
\
»....,„
1
20
'
M
1979
1982
1981
1980
1
1 1 M M
M
1983
I(V
1979
N
1980
1981
1982
1983
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing in( .ustries
Total
nonagriPeriod
employment
1978..
1979
1980
1981
1982 r
Service-!roducing indiistries
M "anufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation and
public
utilities
Wholesale and
retail
trade
Government
Finance,
insurance,
and real
estate
Services
Federal
State
and
local
86,697
89,823
90,406
91,105
89,630
25,585
26,461
25,658
25,481
23,882
4,229
4,463
4,346
4,176
3,913
20,505
21,040
20,285
20,173
18,848
12,274
12,760
12,187
12,117
11,112
8,231
8,280
8,098
8,056
7,736
61,113
63,363
64,748
65,625
65,748
4,923
5,136
5,146
5,157
5,058
19,542
20,192
20,310
20,551
20,551
4,724
4,975
5,160
5,301
5,350
16,252
17,112
17,890
18,592
19,001
2,753
2,773
2,866
2,772
2,739
12,919
13,174
13,375
13,253
13,050
1982:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee r.....
90,460
90,459
90,304
90,083
90,166
89,839
89,535
89,312
89,264
88,877
88,750
88,565
24,684
24,631
24,450
24,289
24,255
23,994
23,840
23,657
23,530
23,239
23,081
22,986
3,966
3,974
3,934
3,938
3,988
3,940
3,927
3,899
3,883
3,856
3,854
3,818
19,517
19,454
19,319
19,169
19,115
18,930
18,813
18,672
18,572
18,325
18,181
18,131
11,622
11,575
11,490
11,375
11,332
11,203
11,133
10,993
10,900
10,666
10,550
10,519
7,895
7,879
7,829
7,794
7,783
7,727
7,680
7,679
7,672
7,659
7,631
7,612
65,776
65,828
65,854
65,794
65,911
65,845
65,695
65,655
65,734
65,638
65,669
65,579
5,125
5,115
5,100
5,094
5,101
5,078
5,044
5,025
5,031
5,007
4,992
4,983
20,630
20,670
20,655
20,584
20,652
20,595
20,615
20,550
20,492
20,441
20,425
20,316
5,326
5,326
5,336
5,335
5,342
5,352
5,359
5,360
5,367
5,357
5,363
5,377
18,831
18,867
18,904
18,929
18,963
18,988
19,042
19,048
19,084
19,074
19,135
19,148
2,741
2,737
2,736
2,730
2,728
2,739
2,737
2,739
2,731
2,740
2,745
2,761
13,123
13,113
13,123
13,122
13,125
13,093
12,898
12,933
13,029
13,019
13,009
12,994
1983:
Jan r
Feb ".....
88,895
88,715
23,141
23,018
3,916
3,782
18,197
18,221
10,563
10,602
7,634
7,619
65,754
65,697
4,959
4,951
20,500
20,431
5,390
5,401
19,179
19,177
2,751
2,751
12,975
12,986
1
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 persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on A sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average giross hourly
earn ings
Average weekly
hours
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r .
1983: Jan r
Feb*.
Manufa cturing
Total
private
nonagricultural l
Total
36.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
34.9
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
35.1
34.4
Total
private
nonagricultural 1
Overtime
40.0
39.5
40.1
40.3
3.3
2.6
3.1
3.5
40.4
40.2
39.7
39.8
38.9
39.4
39.0
39.0
39.1
39.2
39.2
39.0
38.8
38.8
38.9
38.9
39.8
38.9
3.6
3.3
2.8
2.8
2.3
2.4
2.3
2.4
2.3
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.4
Manufacturing
$4.42
4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
8.34
8.37
8.44
8.48
8.52
8.56
8.57
8.56
8.56
8.61
8.62
8.67
8.76
$4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.67
7.53
7.54
7.59
7.65
7.67
7.71
7.74
7.72
7.77
7.79
7.82
7.86
7.88
Adjust€ d hourly earnings index — total private
nonagnc ultural 2
Ind ex,
1977 =-100
Current
dollars
Percent chang e from a year
earli 3 r 4 5
1977
dollars 3
Current
dollars
80.0
86.7
98.3
97.6
92.9
100.0
108.1
116.8
127.3
138.9
148.4
145.0
145.4
146.3
147.7
148.1
148.9
149.9
150.1
150.8
151.2
152.1
152.7
152.9
99.0
100.0
100.5
97.4
93.5
92.6
93.3
93.1
93.5
93.7
93.6
92.9
92.8
93.1
93.2
93.2
93.5
94.3
94.7
95.0
1977 dollars
8.0
-2.8
8.4
7.2
7.6
8.1
8.0
9.0
9.1
6.8
7.5
7.2
7.2
7.3
7.1
7.1
6.6
6.1
6.2
5.7
6.0
5.4
5.5
.7
1.4
1.0
.5
3.1
-4.0
1.0
.8
.1
.6
.8
.8
.2
.8
.8
1.2
1.2
1.1
2.1
1.8
2.1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent et ange from
a year earlier,
total private nonagrieultural 5
Avera ge gross weekly es.irnings
Period
Total private
nonagric ultural l
Current dollars
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee r .
1983: Jan r
Febp.
Manufacturing
1977 dollars 3
$154.76
163.53
$190.12
184.16
175.45
189.00
203.70
219.91
235.10
255.20
266.92
263.55
263.15
264.89
267.75
267.68
269.08
269.35
268.66
269.62
270.31
272.14
275.89
271.07
186.85
189.00
189.31
183.41
172.74
170.13
167.87
169.16
169.12
169.69
169.78
167.93
167.76
167.40
166.77
166.53
167.17
168.61
171.04
168.47
'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 = 1
Revised index for urban wage earners and clerical workers used beginning 1978.
2
Construction
Wholesale and
retail trade
Current dollars
1977 dollars
Current dollars
$176.80
$249.25
190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65
328.60
326.43
329.16
331.57
333.98
335.55
334.23
332.13
332.13
334.93
335.32
345.07
340.76
266.08
283.73
295.65
318.69
342.99
367.78
398.52
425.41
420.71
420.29
421.77
432.75
423.57
430.03
428.46
420.78
425.07
422.60
434.90
459.03
435.81
4
5
$119.02
126.45
6.4
5.7
133.79
142.52
153.64
164.96
176.46
190.95
198.42
195.20
195.23
195.89
198.40
198.42
198.74
199.69
200.63
201.61
201.61
204.16
203.52
201.27
7.3
7.7
7.8
8.0
6.9
8.5
4.6
6.2
4.8
4.5
5.2
4.9
4.7
4.3
4.0
3.5
3.4
4.7
6.8
3.0
-4.1
-3.1
1.5
1.2
.2
g j
5.8
-1.5
1.3
— 1.1
1.6
-1.7
-1.2
-1.9
-1.4
-1.4
.9
-1.4
— 1.1
.8
3.1
-.3
Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
3
Source: Department of Labor, Bureau of Labor Statistics.
15
18-608 0 - 8 3 - 3
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
allpe rsons
Period
Out{mt 1
Hours of all
persem s 2
Compens ation per
hou r 3
Nonfarm
business
sector
Nonfarm
business
sector
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1969
85.5
86.5
79.0
78.8
92.5
91.1
54.2
54.8
89.6
1970
1971
1972
1973
1974
86.2
89.2
92.4
94.7
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.8
89.9
78.0
80.3
85.8
91.7
89.8
91.0
90.5
93.2
96.8
97.3
89.8
89.5
92.3
96.2
96.7
58.2
62.0
66.1
71.3
78.0
58.7
62.5
66.7
71.7
78.5
1975
1976
1977
1978
1979
94.5
97.6
100.0
100.6
99.6
94.7
97.8
100.0
100.6
99.3
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.3
96.0
100.0
104.9
108.2
92.7
95.8
100.0
105.0
108.7
85.5
92.9
100.0
108.6
119.1
1980
1981
1982 P
98.9
100.7
101.0
98.5
99.9
100.0
106.2
108.9
106.4
106.3
108.6
105.9
107.4
108.2
105.4
108.0
108.7
105.9
100.7
100.7
101.0
100.2
100.4
100.0
100.0
99.1
109.1
109.1
109.6
107.8
109.2
109.0
109.1
107.1
108.3
108.3
108.5
107.5
100.0
100.3
101.2
102.2
99.2
99.4
100.3
100.8
106.3
106.4
106.7
106.2
106.0
106.1
106.3
105.3
106.3
106.1
105.4
103.9
Implici t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
90.6
63.4
63.4
63.2
63.3
90.8
92.8
95.7
97.3
95.9
91.5
67.5
69.5
71.5
75.3
84.4
67.6
69.7
66.0
66.3
93.5
96.6
97.8
96.4
71.7
75.3
84.5
69.0
71.3
75.3
82.4
69.3
71.3
74.0
81.6
86.0
93.0
100.0
108.6
118.8
96.3
98.9
100.0
100.9
99.4
96.8
99.0
100.0
100.9
99.2
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.6
90.5
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
131.4
144.1
154.5
130.9
143.6
154.0
96.7
96.0
97.0
96.3
95.7
96.7
132.9
143.1
152.9
133.0
143.8
154.0
128.3
140.4
148.1
128.3
140.8
149.0
108.8
109.0
109.1
108.1
140.0
142.5
145.6
148.2
139.5
142.0
145.1
147.7
96.2
96.4
95.7
95.6
96.0
96.0
95.4
95.3
139.0
141.5
144.2
147.9
139.0
141.9
145.1
149.0
136.5
138.8
141.9
144.6
136.5
138.9
142.3
145.5
106.8
106.7
106.0
104.5
150.9
153.4
155.7
157.8
150.4
152.7
155.1
157.2
96.5
97.1
96.8
97.5
96.3
96.6
96.4
97.1
150.9
152.9
153.8
154.4
151.6
153.5
154.7
156.1
146.0
147.5
149.1
150.1
146.6
148.1
149.8
151.4
Business
sector
Business
sector
Nonfarm
business
sector
Unit labor
CO st
191 7 = 100; ( [uarterly ( ata seasorlally adjus ted
1981: I
n
m
IV
1982:
I
n
m
IV p....
Pe rcent change; quarte rly data ai seasonall y adjusted annual ra tes
0.2
1969
-0.3
2.9
2.9
2.6
3.2
7.0
6.5
1.5
1.1
6.7
6.8
4.9
4.7
1970
1971
1972
1973
1974
.8
3.6
3.5
2.6
-2.4
.3
3.3
3.7
2.4
-2.5
-.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.1
-1.6
.5
3.0
3.9
.4
-1.3
.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.2
2.9
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.6
-.9
2.0
3.2
2.2
.6
-1.3
-2.0
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
—4.1
3.0
4.1
4.9
3.2
-4.1
3.4
4.4
5.0
3.5
9.6
8.6
7.7
8.6
9.7
9.6
8.1
7.5
8.6
9.3
.5
2.6
1.2
.9
-1.4
.4
2.2
1.0
.9
-1.7
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.0
5.7
7.1
8.8
1980
1981
1982 p
__.7
1.8
.4
-.9
1.4
.1
-1.5
2.5
-2.2
-1.5
2.2
-2.4
-.7
.7
-2.6
7
.7
-2.6
10.4
9.6
7.2
10.2
9.7
7.3
-2.8
-.7
1.0
-2.9
-.7
1.1
11.2
7.7
6.9
11.2
8.1
7.1
9.4
9.5
5.5
10.2
9.7
5.8
1980: m
IV
2.6
2.0
3.4
3.1
2.1
6.8
2.7
7.8
-.5
4.7
-.7
4.6
10.1
9.4
10.4
9.8
2.2
-3.1
2.5
-2.8
7.3
7.2
6.8
6.5
10.0
9.3
8.6
8.9
1981: I..
5.6
.0
1.1
-2.9
4.9
-1.3
-.3
-3.5
7.9
-.1
1.9
-6.4
7.2
-.8
.3
-7.1
2.1
-.1
.8
-3.6
2.2
.5
.6
-3.7
11.7
7.5
9.0
7.4
11.8
7.1
9.0
7.3
.2
.5
-2.6
-.4
.4
.1
-2.6
-.5
5.7
7.5
7.8
10.6
6.6
8.6
9.3
11.2
11.6
6.6
9.3
8.0
12.1
7.1
10.2
9.2
-1.0
1.4
3.6
4.1
.6
.8
3.5
2.0
-5.5
.6
1.1
-1.7
-4.2
.6
.7
-3.6
-4.5
-.8
-2.4
-5.6
-4.7
-.1
-2.7
-5.5
7.3
6.9
6.1
5.6
7.7
6.1
6.6
5.6
3.9
2.2
-1.4
2.9
4.3
1.4
-.9
2.9
8.4
5.5
2.4
1.4
7.1
5.2
3.1
3.5
3.8
4.3
4.4
2.7
3.3
4.0
4.9
4.3
n
ni
IV
1982: I
n
in
IV P...,
1
Output 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.
* Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
Hourly compensation divided by the consumer price index.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION
Industrial production rose 0.3 percent in February following a 1.3 percent increase in January. The index for
February was 3.9 percent below its year earlier level.
INDEX, 1967=100*
(RATIO SCALE)
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
180
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
160
160
UTILITIES
140
u
MINING
120
120
1979
1980
1982
1981
1983
100
MANUFACTURING PRODUCTION
1979
1980
1981
1982
1983
PERCENT* (RATIO SCALE)
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
120
60
1979
* SEASONALLY
1979
1983
1980
1981
1982
1983
ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Seasonally adjusted]
Penod
Index,
1967 = 100
1967 proportion
1976
1977
1978
1979
1980
1981
1982 r.
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
r
Nov
Dec r .
1983:
Jan r
Feb*
1
2
Output as percent of capacity.
Annual data are averages of the four monthly indexes.
Manufacturing
Percent
change
from year
earlier
10.8
5.9
5.7
4.4
3.6
2.7
-8.2
-5.9
-6.8
-7.7
-8.8
9.3
-9.8
9.9
-9.4
9.0
-7.8
-5.7
-2.7
-3.9
Manufa cturing
Mining
Total
87.95
100.00
130.5
138.2
146.1
152.5
147.0
151.0
138.6
142.9
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
136.9
137.3
Capacity u tilization rate , percent *
Industry proc uction indexes , 1967 = 100
Total
indus trial
produ ction
130.3
138.4
146.8
153.6
146.7
150.4
137.6
140.9
140.1
138.7
137.9
137.7
138.1
138.0
137.1
135.0
134.0
134.5
136.3
137.1
Durable
51.98
122.3
130.0
139.7
146.4
136.7
140.5
124.7
129.3
128.2
126.7
126.1
125.5
125.9
124.9
123.5
120.3
119.3
119.8
122.1
123.4
Utilities
Nondurable
35. £7
141.8
150.5
156.9
164.0
161.2
164.8
156.2
157.8
157.3
156.1
155.0
155.3
155.7
156.9
156.7
156.2
155.3
155.8
156.9
156.8
6.36
114.2
118.2
124.0
125.5
132.7
142.2
126.2
142.4
138.1
134.1
128.9
123.5
120.1
116.9
114.7
115.9
116.8
118.7
121.2
116.2
5.69
151.7
156.5
161.4
166.0
168.3
169.1
168.8
170.4
170.0
171.0
170.9
169.4
167.7
168.5
167.5
167.8
166.7
164.5
162.4
164.5
Federal
Reserve
series
79.5
81.9
84.4
85.7
79.1
78.5
69.8
72.2
71.6
70.8
70.2
70.0
70.0
69.8
69.2
68.0
67.4
67.5
68.3
68.5
Commerce
series 2
81
83
84
83
78
76
70
72
71
69
68
Materials
(Federal
Reserve
series)
81.1
82.7
85.6
87.4
80.0
79.9
68.9
72.9
71.8
70.5
69.4
68.8
68.5
68.2
67.7
66.6
65.7
65.2
66.6
66.9
Sources: Board of Governors of the Federal Reserve System and Department of Commerce
(Bureau of Economic Analysis).
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Prod uets
Intermedia te products
Final p roducts
Period
CConsumer good s
Total
Total
Durable
goods
Equip ment
Nondurable
goods
Total
Total
1967 proportion
47.82
27.68
7.89
19.79
20.14
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r.
1982: Feb
Mar
Apr
May
124.4
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
144.1
143.3
142.6
142.2
142.1
142.5
141.2
140.0
138.7
138.3
139.5
140.1
140.2
131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
141.8
141.5
142.1
143.6
144.8
145.8
144.1
143.4
142.2
141.3
142.1
143.7
144.4
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.3
125.9
128.1
130.7
132.6
134.6
137.3
132.9
131.3
126.5
124.6
126.2
131.4
134.0
125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
148.1
146.8
146.6
147.9
148.8
149.1
148.6
148.2
148.5
147.9
148.5
148.6
148.6
114.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
147.3
145.9
143.4
140.4
138.4
138.0
137.3
135.2
134.0
134.2
135.9
135.2
134.3
June
July..
Aug
Sept
Oct
Nov r.
Dec r
1983: Jan r
Feb"
Materials
Business
12.63
134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
171.6
169.0
164.9
159.9
156.7
154.9
153.9
150.5
147.1
146.4
148.3
146.7
145.0
Construction
supplies
6.42
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
127.5
125.6
123.6
122.2
123.1
124.1
127.1
125.5
122.5
123.4
122.8
125.6
126.2
12.89
137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
146.3
145.2
143.7
142.6
141.9
142.8
144.7
143.7
141.6
141.8
141.9
143.7
144.4
Supplementary
group:
Energy
total
39.29
12.23
133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
140.4
138.5
136.2
134.3
133.5
133.0
132.8
132.0
130.0
128.4
127.8
130.8
131.5
128.3
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
138.9
137.6
136.7
136.5
136.2
136.4
134.8
132.7
134.1
133.3
132.6
132.8
132.6
[1967 = 100, seasonally adjusted]
* endurable imanufacture s
Durable m inufactures
Transp<)rtation
equipment
Primar} metals
Period
Total
1967 proportion
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov r
Dec r
1983: Jan r
Febp.
6.57
126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.2
88.5
83.0
76.4
75.2
72.8
72.9
72.9
73.2
69.6
63.6
62.9
71.2
75.8
Iron and
steel
4.21
122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
78.5
73.0
65.1
62.4
58.0
58.1
57.4
56.4
54.1
47.5
46.7
57.3
Source: Board of Governors of the Federal Reserve System.
18
Fabricated metal
products
5.93
124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
121.4
121.1
119.1
115.8
115.0
115.5
114.3
112.3
107.6
107.0
107.3
108.1
108.1
Nonelectrical
machinery
9.15
133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
160.0
157.3
153.7
150.0
147.4
147.1
147.2
144.9
140.4
139.6
139.0
137.9
136.9
Electrical
machinery
Total
8.05
143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
172.9
172.6
172.2
170.9
170.8
170.3
169.7
167.0
165.4
165.5
165.3
169.2
169.9
9.27
118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
102.0
104.4
105.9
110.0
111.6
112.7
107.0
105.3
100.8
100.2
103.7
105.7
110.2
Motor
vehicles
and parts
4.50
148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
98.6
105.6
110.7
119.8
124.0
127.2
116.7
113.5
103.0
101.7
108.8
113.5
123.3
Lumber
and
products
1.64
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
104.9
103.5
106.2
110.6
112.2
116.9
120.3
119.9
117.2
119.1
121.4
125.0
Apparel
products
3.31
117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
4.72
118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.2
146.4
145.9
144.2
143.8
142.6
143.9
145.3
144.3
142.0
141.7
144.2
146.0
145.8
Chemicals and
products
7.74
154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
201.3
200.3
198.6
193.6
193.2
194.1
195.6
196.4
194.1
192.8
196.0
197.2
Foods
8.75
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
151.7
150.8
149.7
150.5
151.0
151.0
150.7
149.0
151.5
152.0
152.4
NEW CONSTRUCTION
Constructic n contracts 2
Private
Total new
construction
expenditures
Period
Resi iential
Total
Commercial
and industrial
New housing
Total l
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I lillions of dollars
1976
1977
1978
1979
1980...
1981
1982
151.1
173.8
205.6
230.4
230.7
238.2
228.7
112.0
135.7
159.7
181.6
175.7
185.2
178.6
60.5
81.0
93.4
99.0
87.3
86.6
74.4
19.9
22.5
29.6
39.9
43.8
51.3
53.8
47.3
65.7
75.8
78.6
63.1
62.7
52.0
31.5
32.2
36.7
42.7
44.7
47.4
50.4
39.1
38.2
45.9
48.8
55.1
53.0
50.2
Seasonally
adjusted
Seasonal ly adjusted annual rates
1982:
Jan
Feb
Mar
Apr
May r
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan".
Feb"
225.1
222.6
224.6
226.1
228.7
231.6
227.6
228.1
228.1
228.8
235.8
234.7
255.5
175.5
173.0
173.6
175.1
179.9
182.7
178.7
176.6
177.0
177.7
183.8
186.9
200.2
73.7
69.2
70.0
72.3
75.5
75.3
73.4
72.1
71.5
74.0
78.9
83.3
90.4
53.3
54.1
55.0
54.3
53.9
56.5
53.9
52.8
53.7
52.7
53.6
52.8
57.3
51.0
49.2
51.0
49.6
51.0
49.8
51.5
52.3
53.1
52.3
54.7
57.3
65.2
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
iely.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
79.0
100.0
114.0
122.0
107.0
107.0
111.0
48.5
49.8
48.6
48.5
50.6
50.9
51.4
51.7
51.8
50.9
51.3
50.9
52.5
49.6
49.6
51.0
51.0
48.8
48.9
48.9
51.4
51.1
51.1
52.0
47.7
55.3
118
115
105
88
94
111
98
112
117
105
122
131
127
119
592
739
977
1,059
904
906
685
Seasonally
adjusted
annual rates
698
759
734
707
645
778
694
717
671
656
608
595
803
693
Sources: Department of Commi
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prrv ate homes
New private housing units
Period
Units started, bj type of structur<
Total
1975
1976
1977
1978
1979
1980
1981
1982
1,160.4
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
r
1 unit
892.2
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
2-4 units
5 or more units
64.0
204.3
289.2
85.9
121.7
125.0
122.0
109.5
91.1
80.0
414.4
462.0
429.0
330.5
287.7
319.6
Units
authorized
939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
992.7
Units
completed
Homes sold
Vacancy rate
Homes for
sale at end1 of
period
1,317.2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
549
646
819
817
709
545
436
412
313
353
402
414
3
398
336
272
251
929
946
965
1,108
943
1,010
1,001
936
1,077
1,053
1,034
1,197
375
375
342
385
369
364
389
473
481
545
526
593
558
274
268
264
258
254
250
248
247
245
246
251
259
262
housing units
(percent) 2
6.0
5.6
5.2
5.0
5.4
5.4
5.0
5.3
Seasonal ly adjusted annu al rates
1982:
1983:
r
Feb
Mar r
Apr r
May r
June r
July r
Aug r
Sept r
Get r
Novr
Dee r.
Jan r
Feb *
1
911
920
911
1,028
910
1,185
1,046
1,134
1,142
1,361
1,280
1,707
1,756
561
607
583
622
617
625
651
683
716
868
842
1,136
1,040
83
68
65
85
86
96
87
90
66
79
79
103
140
267
245
263
321
207
464
308
361
360
414
359
468
576
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
792
851
879
944
929
1,062
888
1,003
1,172
1,192
1,305
1,478
1,493
5.3
5.1
5.3
5.5
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 1980.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales rose 2 percent in January and inventories fell nearly $4 billion. According to the advance survey,
total retail sales fell ¥2 percent in February following a similar decline in January.
BILLIC5NS OF DOLL/\RS*( RATIO SC:ALE)
BILLJC)NS OF DOLL;\RS* (RATIO SC ALE)
600
550 _
_
140
130 —
RETAIL INVEN FORIES
\
120
500
450 -
^-^l p*1^—
.x
^^
400 <^
350
*~*
—
—
100 ^^
,«„
.....„,
90 —
^^%.^ >
—
M BUSINESS
SALES
300 -jj**—
•^•"^ ~
110
TOTAL BUS INESS
INVENTO RIES
, ^•
^rm__r^*~\ r*
-*S*"^
w^~^
^^•a
80
•»«• «.,..»*""*"'
K '*'»»J
../'"•"^•"
^...^V"..""
...
—
\
RETAIL SALES
70
250 -
-
60
-
50 >—
200
Iiliiliiiii
40
I l l i l l l l l l l
1979
1980
iiliiliiiii
iiliiliiiii
Illilllllll
1982
1981
1983
RATICD*
150 -
—
1.80
1.70
_INVENTO RY-SALES R ATIO
1 60
1.50
"~
.,.«*,
1.30
i i l i i l i i i i i Illilllllll mill
100
1979
1980
iiliiliiiii
1982
1981
iiliiliiiii
1.20
TOTXKL BUSINESS.X^*
>^^fc.
^^S~^ >
\ ^x^»
, 'j'2!S!!fy
""^—\PI
^>^
$L
1,40
—
RETAIL
iiliiliiiii
1 1 LI 1
1979
1983
-
^^^
1 1 III 1 1 1 1 1
1980
Mill
—
i i i i i 1 i 1 1 ii i i l i i l i i i i i
1982
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total biisiness l
Period
Sales
Inven-
1983
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
2
Inventories 3
Inventory-s ales ratio 4
Re tail
Sales
2
—
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
Durable
goods
stores
a
Nondurable goods
stores
Total
business *
Retail
Millions of dollars, seasonally iidjusted
1975
1976
1977
1978
1979
1980
1981
1982
182,230
204,277
229,623
260,355
297,662
327,142
354,187
342,167
288,375
318,544
351,176
399,154
450,657
492,787
526,971
512,133
46,623
50,694
55,987
66,117
78,680
92,658
100,673
95,363
56,697
64,078
72,311
85,685
98,394
112,341
116,986
118,790
49,012
54,781
60,435
67,286
75,047
80,235
87,298
89,640
15,247
18,150
20,724
23,218
25,196
24,401
26,335
26,739
33,765
36,631
39,711
44,067
49,850
55,834
60,963
62,901
71,744
79,273
89,530
102,790
111,229
116,430
126,833
128,131
33,356
37,841
43,135
49,987
53,717
54,400
59,095
59,521
38,388
41,432
46,395
52,803
57,512
62,030
67,738
68,610
1.57
1.48
1.46
1.44
1.43
1.45
1.45
1.52
1.44
1.38
1.40
1.43
1.44
1.42
1.40
1.41
1982: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
338,271
343,089
344,416
341,930
350,931
348,141
346,641
342,029
341,702
335,184
336,747
336,663
524,008
522,038
521,168
523,887
519,212
521,243
521,430
521,750
521,799
520,721
515,265
512,252
96,706
96,898
99,198
97,348
99,290
98,019
95,790
94,341
92,527
91,806
91,912
91,389
117,266
115,029
115,861
119,423
118,132
119,828
119,854
119.190
119,537
120,162
118,349
118,790
86,542
88,049
87,701
88,468
90,813
88,603
89,469
89,069
89,897
90,905
92,492
92,459
25,032
25,741
25,973
26,718
28,127
26,136
26,124
25,831
26,619
27,154
28,721
28,723
61,510
62,308
61,728
61,750
62,686
62,467
63,345
63,238
63,278
63,751
63,771
63,736
125,587
125,321
125,242
125,479
124,631
126,300
126,662
128,258
129,788
128,849
127,619
128,250
58,280
57,918
57,698
57,890
57,039
58,225
58,888
60,204
61,668
60,581
59,417
59,597
67,307
67,403
67,544
67,589
67,592
68,075
67,774
68,054
68,120
68,268
68,202
68,653
1.55
1.52
1.51
1.53
1.48
1.50
1.50
1.53
1.53
1.55
1.53
1.52
1.45
1.42
1.43
1.42
1.37
1.43
1.42
1.44
1.44
1.42
1.38
1.39
1983: Jan
Feb"
343,665
508,432
94,956
118,177
92,117
91,745
28,319
27,842
63,798
63,903
128,131
59,521
68,610
1.48
1.39
!
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
2
3
20
data, ratio of inventories at end of month to sales for month.
Note.—Data revised beginning 1978.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers1 shipments, inventories, and new orders fell, while unfilled orders rose.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180
160
—
—SHIPME NTS
*^\»«x"^
ryJ^tT^r
, —
--/s/^—
LJJTJ
TOTAL
320
280
200
-
80
,
,
^
—
p
.^
TOTAL
-
-
ion
DURABLE
INVENTORES—_
-*-*-" "~*^
240
Y^^
~
-
160
GOO DS
,-/ 1 -- •— ^=n,l^f.ti^^^
-W* "
r
««*!
DURABLE C;OODS
—
pfl
W»'
NO NDURABLE GC)ODS
/.n
,~"
-
-
"?'"
80
H
—
NONDlJRABLE GOOD S
m~"~~
40
| i 11 i 1 1 1| 1 1
1 1 1 1 1 1 1 i i 11 i i i i i 1 i i i ii 1 1 1 1 i 1 1 1 i i i 1 1 1 1 1 1 1 1 1 1 1
60
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180
160|
=-NEW OFRDERS
^/^,
140
^ ^V«/*^
-
120
r^r^v.
,-,..
80
Afl
-
DURABLE GC)ODS
~v
1 M
M
I 1 1 1 1 1
11M 11M M 1 1 1111111M 1
1 1 II
1 1 M 1 11
2.2
INVENTORY-SHIPMENTS RATIO
—
-
M 1 1 1 1 1 1 1 1 1 M I 1 1 I 1 1M 1 I l l l l l l l l l l
1979
1981
1980
1 1 1 M I M M 1 1 M 1 1 1 1 1 II 1
1983
i1982
1980
1979
1981
1982
1983
ADJUSTED
COUNCIL OF ECONOMIC
SOURCE: DEPARTMENT OF COMMERCE
Manufa eturers' ship tnents l
Manufa cturers' inveritories 2
I fanufacturers '
new orders
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
ADVISERS
i
Durabl B goods
Period
111111
RATIO*
te
'^^^
'**? NON ^a*
)URABLE GOC DS
-
* SEASONALLY
40
—
*^«^
TOTAL
-
>/^"""
-
-
_
Nondurable goods
Manufacturers'
unfilled3
orders
48,145
53,951
59,254
67,960
76,678
82,743
80,582
79,676
79,339
78,803
81,081
82,508
82,142
81,398
82,900
80,098
79,755
79,670
79,293
78,404
182,499
204,880
261,941
303,178
320,977
318,621
294,572
315,957
315,639
314,521
310,482
306,032
303,235
299,001
295,883
293,107
291,128
294,572
298,197
299,011
non-
Manufacturers'
inventory—
shipments
ratio 4
defense
M dlions of doliars, seasoilally adjust ed
1976
1977
1978
1979
1980
1981 r
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan r
Feb r
1
2
3
98,802
113,201
126,953
143,935
154,249
166,217
157,164
158,142
157,517
156,114
160,828
161,519
161,382
158,619
159,278
152,473
152,343
152,815
156,592
155,950
50,689
59,267
67,848
76,060
77,540
83,417
76,519
77,976
78,124
77,136
79,518
78,888
79,036
77,248
76,562
72,342
72,708
73,373
77,251
77,393
48,113
53,934
59,104
67,875
76,708
82,800
80,645
80,167
79,394
78,978
81,310
82,631
82,346
81,371
82,716
80,131
79,635
79,442
79,341
78,557
175,193
189,334
210,679
241,034
264,016
283,152
265,212
281,688
280,065
278,985
276,449
275,115
274,914
274,302
272,474
271,710
269,297
265,212
262,124
261,643
Monthly average for year and total fo r month. Shiprrients are the sa me as sales.
Book value, end of pe iod.
End of period.
112,581
121,737
138,045
160,601
174,674
188,429
176,975
187,121
186,063
185,916
184,870
184,289
183,798
183,550
182,793
181,843
179,324
176,975
174,005
173,537
62,612
67,598
72,634
80,433
89,341
94,723
88,237
94,567
94,002
93,070
91,579
90,826
91,116
90,752
89,681
89,867
89,973
88,237
88,119
88,106
99,543
115,027
131,664
147,354
155,738
166,015
155,214
155,984
157,198
154,995
156,791
157,058
158,588
154,380
156,166
149,696
150,362
156,263
160,214
156,761
51,398
61,076
72,410
79,394
79,060
83,272
74,632
76,309
77,859
76,194
75,710
74,550
76,446
72,982
73,266
69,598
70,607
76,593
80,921
78,357
12,799
15,276
19,444
23,203
23,449
24,061
20,682
21,560
22,174
22,608
20,332
19,278
20,322
18,893
20,273
20,183
20,173
20,154
20,466
19,001
1.69
1.61
1.57
1.57
1.66
1.66
1.76
1.78
1.78
1.79
1.72
1.70
1.70
1.73
1.71
1.78
1.77
1.74
1.67
1.68
4
For an nual periods, r atio of weighte d average inve'ntories to ave rage monthly s lipments; for
monthly da ta, ratio of inve ntories at end (>f month to shi >ments for mon th.
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 0.1 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.6 percent, prices of other finished consumer goods fell 0.2 percent, and prices of capital
equipment rose 0.5 percent.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967=100 (RATIO SCALE)
CONSUMER FOODS
CAPITAL EQUIPMENT
v--.. .-,
180
160
140
140
120
120
1975
19S3
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Internlediate ma terials
Fin shed goods
Fi nished go(ads excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Consumer gc>ods
Total
Total
1975
1976
1977
1978
1979
1980
1981
1982 p
1982: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov
Dec
1983: Jan
Feb
1
163.4
170.6
181.7
195.9
217.7
247.0
269.8
280.6
277.3
277.5
276.8
277.1
277.1
279.9
281.2
282.5
282.8
283.8
285.5
286.0
283.0
283.4
181.0
180.4
189.9
207.2
226.2
239.5
253.6
259.3
256.2
257.8
257.4
261.6
262.3
263.5
259.2
259.4
258.3
258.2
258.4
258.7
258.2
259.8
156.2
166.1
177.7
190.7
213.3
247.8
273.3
285.7
282.3
282.0
281.2
280.4
280.1
283.4
286.6
288.2
288.9
290.3
292.4
293.1
289.1
289.2
Intermediate materials for food manufacturing and feeds.
22
153.1
162.6
174.3
186.7
211.5
250.8
276.5
287.8
284.8
284.6
282.9
281.6
280.7
284.6
288.5
290.1
291.2
293.2
295.6
295.9
290.5
290.0
Durable
Nondurable
138.2
144.5
152.8
163.0
174.8
189.3
200.0
231.3
283.9
319.6
333.5
330.0
330.3
326.5
324.4
322.4
327.7
334.3
336.2
338.6
341.7
345.2
345.5
335.9
332.5
166.9
183.2
206.2
218.6
226.7
224.2
223.3
224.6
224.3
225.0
226.8
227.4
228.6
227.8
228.5
229.4
229.9
229.8
232.8
Total
Capital
equipment
162.5
173.4
184.6
199.2
216.5
239.8
264.3
279.6
274.9
274.5
276.0
276.5
277.8
279.5
280.5
282.3
281.9
282.0
283.3
284.6
284.3
285.6
Total
Foods
and
feeds 1
180.0
189.1
201.5
215.6
242.2
280.3
306.0
310.4
311.9
311.0
309.6
308.4
308.7
309.7
310.3
310.3
310.8
310.9
311.9
311.8
310.8
310.5
195.3
185.3
190.5
203.1
226.1
252.6
250.3
239.6
238.4
239.9
239.3
243.4
246.0
245.6
242.1
239.8
236.7
234.0
233.9
234.3
236.2
238.8
er goods
163.6
169.7
180.7
194.9
217.9
248.9
271.3
280.9
278.0
278.3
277.0
277.3
276.9
280.0
281.5
282.6
283.0
284.4
286.1
286.5
282.6
282.8
Cnide maten als
Other
Total
178.6
189.4
202.3
196.9
202.7
209.2
234.4
274.3
304.6
329.0
319.5
320.2
317.9
317.0
320.8
326.4
325.8
322.1
319.1
315.4
314.3
317.4
316.5
315.6
317.6
216.5
244.4
282.3
310.1
315.7
317.4
316.3
314.9
313.3
313.3
314.5
315.3
315.6
316.3
316.6
317.6
317.5
316.3
315.8
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
191.8
190.2
192.1
216.2
247.9
259.2
257.4
247.8
245.8
247.9
249.3
255.7
261.0
258.6
251.0
246.9
239.5
237.0
239.4
240.3
243.0
248.8
Other
206.9
228.5
245.0
272.3
330.0
401.0
482.3
474.0
480.3
468.8
463.2
461.5
467.7
470.8
475.4
474.8
478.6
480.4
485.2
480.3
471.9
465.8
CONSUMER PRICES
In February, the consumer price index for all urban consumers fell 0.2 percent, seasonally adjusted (was unchanged
unadjusted). The index was 3.5 percent above its level in February 1982.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
UNADJUSTED
300
300
280
280
260
260
240
140
120
120
t i l l l_l
1975
SEE NOTE ON
1976
1981
1982
1983
TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Ti ansportati on
Hou sing
She Iter
Period
All
items l
Food
Total *
Total
Renters'
. 2
costs
NSA
Rel. imp.5
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
1
100.0
161.2
170.5
181.5
195.4
217.4
246.8
272.4
289.1
283.4
283.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
Homeowners'
costs 2
NSA
19.0
175.4
180.8
192.2
211.4
234.5
254.6
274.6
285.7
282.6
282.8
283.3
285.4
287.1
287.6
286.9
287.5
288.1
288.2
288.1
288.3
288.3
57.7
164.5
174.6
186.5
202.8
227.6
263.3
293.5
314.7
307.7
306.8
309.4
313.6
316.8
318.4
319.7
319.3
320.5
319.9
317.4
318.9
318.9
21.3
169.7
179.0
191.1
210.4
239.7
281.7
314.7
337.0
329.4
327.4
331.1
336.4
340.6
342.5
344.0
342.3
342.6
340.7
336.0
338.3
339.1
6.9
100.2
100.8
101.1
13.9
100.0
100.7
100.9
Maintenance
and
repairs
3
Apparel and
upkeep
Total 1
New
cars
Motor
fuel 3
8.4
167.8
182.7
202.2
216.0
239.3
278.6
319.2
350.8
339.4
340.8
341.4
345.5
348.5
350.3
353.1
357.5
362.7
367.1
369.6
368.9
366.9
5.2
142.3
147.6
154.2
159.6
166.6
178.4
186.9
191.8
190.2
190.6
190.8
191.1
191.5
192.2
192.7
192.8
193.3
193.2
192.7
193.2
194.2
21.8
150.6
165.5
177.2
185.5
212.0
249.7
280.0
291.5
287.0
286.6
282.5
285.1
291.5
294.1
295.3
295.6
296.4
296.0
295.8
293.9
289.1
3.5
127.6
135.7
142.9
153.8
166.0
179.3
190.2
197.6
195.3
195.7
196.1
196.5
197.2
198.0
199.2
199.6
199.2
198.7
199.3
199.4
201.1
6.2
6.0
170.8
177.9
188.2
196.3
265.6
369.1
410.9
389.4
391.9
385.0
362.7
368.0
387.4
393.4
395.9
396.0
395.4
394.2
391.2
378.3
353.0
168.6
184.7
202.4
219.4
239.7
265.9
294.5
328.7
315.2
318.1
321.4
324.2
327.2
330.5
333.4
336.3
338.7
341.8
344.4
347.2
350.1
Medical
care
Ener4
gy
NSA
0.5
187.6
199.6
214.7
233.0
256.4
285.7
314.4
334.1
328.2
327.2
331.6
334.5
336.1
334.7
335.9
338.4
339.4
339.0
337.8
342.9
339.4
Includes items not shown separately.
December 1982 = 100.
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc.
5
Relative importance, December 1982.
6
Energy excludes motor oil, coolant, etc. beginning January 1983.
2
Fuel
and
other
utilities
All
items
less
food,
energy,
and
shelter
12.4
176.6
189.3
207.3
220.4
275.9
361.1
410.0
416.1
411.1
405.5
395.2
401.8
412.9
416.7
418.9
421.0
426.6
430.2
431.3
6
420.5
404.9
47.5
149.4
159.9
169.5
179.1
191.5
208.3
228.1
245.6
239.7
241.1
242.4
243.4
245.4
246.7
247.7
248.7
250.1
250.7
251.9
253.1
254.2
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Ch ange from p receding pen od
Change from 3 montl is earlier, aim ual rate
Change from 6 rnontl s earlier, ann ual rate
Consum sr goods
Consum 3r goods
Consum sr goods
Total
finished
goods
Total
Capital
equipment
Excluding foods
Foods
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Chiinge, Dec. to Dec., N SA
1974
1975
1976
1977
1978
1979
1980
1981
1982 p
18.3
20.5
13.0
6.6
3.7
6.9
9.2
6.9
11.7
7.4
7.5
1.4
2.1
12.8
11.8
7.1
3.5
22.6
15.3
10.8
8.2
6.4
7.3
7.9
8.8
6.7
6.0
6.7
8.5
5.5
-2.5
4.4
6.5
7.8
17.5
14.2
11.4
11.1
13.5
8.5
3.9
9.2
4.0
9.2
4.0
C lange, moiith to mon th
1982:
Feb
Mar
May
June
July
Aug
Sept
Oct r
Nov r
Dec
1983: Jan r.
Feb
0.1
-.3
0.6
-.2
.1
0
1.6
.3
1.0
.5
.5
.1
.4
.6
.2
.5
0.1
-.6
'.3
1.4
1.4
.6
.4
.7
.8
.1
-1.6
.1
-.4
.0
.1
.1
-.2
.6
-1.0
.1
0.1
.5
3.5
.9
7.3
2.1
6.6
2.4
.2
.5
-.3
-.6
8.7
7.2
.6
.4
.6
4.6
6.1
8.0
4.2
3.7
4.3
4.6
9.8
— .1
.0
.5
.5
.1
.5
1.8
— .2
-4.4
-5.4
2.4
-3.6
10.2
14.1
4.3
9.6
6.7
7.8
6.6
-7.7
1.5
-1.5
.6
0
2.2
— 1.1
2.9
-3.6
7.4
3.3
3.6
4.3
2.8
2.3
4.9
2.1
1.5
5.2
5.9
6.6
3.5
2.2
1.4
3.9
2.7
2.8
3.6
4.4
4.9
6.2
4.4
3.3
3.3
1.3
.6
5.1
2.2
1.2
1.7
5.4
7.2
0
-1.7
0
2.6
3.9
6.0
8.4
8.2
2.4
1.2
.7
2.6
-3.0
-3.6
10.9
8.1
1.4
-.8
.3
1
5.6
5.7
5.5
4.2
4.6
4.1
3.3
3.0
4.4
4.1
5.8
4.3
4.0
4.0
3.7
3.5
3.6
4.0
3.6
3.6
3.7
3.5
2.7
2.4
2.1
2.1
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Ho using
Period
All
items *
Food
Total l
Total 1
Renters'
costs
Addendu m: All items, percent
charige (annual i ate)
Tr ansportation
All
Shelter
Homeowners'
Maintenance
and
NSA
NSA
Fuel
and
other
utilities
Apparel
and
upkeep
Total
1
New
cars
Motor2
fuel
Medical
care
Energy 3
items
less
food,
energy,
and
shelter
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Chang e, Decem ber to I>eeembei% NSA
7.0
4.8
6.8
9.0
1975
1976
1977
1978
1979
1980
1981
1982
6.5
.6
8.0
13.3
12.4
11.8
10.2
10.2
8.9
3.9
4.3
3.1
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
7.3
4.2
8.7
5.5
7.1
7.2
11.5
17.4
15.1
10.1
10.3
10.6
9.9
2.4
9.2
4.2
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
7.3
11.0
4.8
7.2
6.2
7.4
7.5
6.8
1.6
2.6
4.9
8.5
52.2
18.9
9.4
6.5
11.6
9.9
10.1
6.9
7.2
8.0
8.8
8.8
10.1
10.0
12.5
11.0
37.4
18.1
11.9
0.8
.9
1.0
.9
.9
1.0
.9
.9
.7
.9
.8
-2.6
-1.4
-2.5
1.3
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
Change, month t o month
1982:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
0.1
-.0
.2
1.0
1.1
.6
.3
.1
.4
0
-.3
0.5
.1
.2
.7
.6
.2
-.2
.2
.2
.0
-.0
.8
1.4
1.0
.5
.4
-.1
.4
.2
-.2
.1
0
.5
0
0.3
3
— .2
-.8
0.3
-.6
1.1
1.6
1.2
.6
.4
-.5
.1
-.6
1
Includes
2
Includes
3
Fuel oil,
4
0.4
.2
.1
.2
.2
.4
.3
.1
.3
-.1
-.3
1.5
-.2
-.5
.3
.5
— .4
-1.4
.7
.2
1.3
.9
.5
-.4
.4
.7
.3
-.1
.4
.2
1.2
.9
.5
.8
1.2
1.5
1.2
.7
0.5
__.3
0.6
.3
0.7
.2
-1.0
-0.0
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant, etc.
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
24
-1.3
_.l
-1.4
.9
2.2
.9
.4
.1
.3
-.1
— .1
-.6
-1.6
-0.3
.2
.2
.2
.4
.4
.6
.2
-.2
-.3
.3
.1
.9
-5.0
-1.8
-5.8
1.5
5.3
1.5
.6
.0
-.2
-.3
-.8
-3.3
-6.7
.8
.8
1.7
2.8
.9
.5
.5
1.3
.8
.3
0.4
.6
.5
.4
.8
.5
.4
.4
.6
.2
.5
11.3
-2.5
-3.7
.5
.4
4
8.2
4.1
3.3
2.1
.5
5.3
3.1
2.9
4.0
5.5
6.1
6.6
6.9
7.2
5.1
2.3
7.7
6.8
6.6
6.7
7.1
6.5
5.9
5.0
5.1
4.6
3.9
— .4
-1.2
1.4
.4
3.8
3.5
3.0
1.3
1.1
5.0
9.8
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 0.8 percent in March and prices paid by farmers rose 0.6 percent in the month
ended March 15.
INDEX, 1977=100
(RATIO SCALE)
INDEX, 1977=100
(RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
100
100
PRICES RECEIVED
80
80
i I i i i i i I i i i i i I i i i i i I
60
I
I i i i i i I i i i i i I i i i i i I i i i i i Ii i i i i I i i i i i I i i i i i I
I
I i i i i 11 i i i i i I
RATIO-I/
I
60
RATIO -!/
60
60
1975
1976
1980
1979
1978
1977
1982
1981
1983
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC
ADVISERS
[1977 = 100]
Pri ces received by farm ers
Period
1975
1976
1977
1978
1979
1980
1981
1982
All farm
products
139
133
108
125
138
148
149
113
107
100
106
107
97
93
85
146
142
140
139
155
155
156
156
157
157
157
156
156
156
154
154
155
155
155
155
154
153
154
153
149
149
150
151
151
150
149
148
149
148
86
87
89
88
87
85
86
82
82
81
142
146
145
157
158
159
156
157
157
150
151
152
82
84
84
145
147
151
149
148
147
1983: Jan
Feb
Mar
128
132
133
114
118
120
91
97
100
121
123
126
125
125
117
124
114
117
114
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices
and wage rates.
89
95
100
109
125
139
151
154
98
101
100
124
147
144
143
144
133
135
139
137
137
133
135
128
128
127
1
89
95
100
108
123
138
150
156
105
102
100
105
116
125
134
121
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
2
Production
items, interest,
taxes, and wage
rates
Livestock and
prdducts
Crops
101
102
100
115
132
134
P rices paid by farmer s
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items
Ratio 2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
In February, growth in Ml and M3 accelerated while growth in M2 slowed.
BILLIONS OF DOLLARS'(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,600
2,400
2,600
2,400
2,200
2,200
2,000
2,000
AA3
1,800
1,800
1,600
1,600
1,400
1,400
AA2
1,200
1,200
1,000
1,000
800
800
600
600
400
400
I I I I I I I I I II
1975
1977
I I I I I I I I I II
1978
I I I II I IM
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE,SYSTEM
200
II
1982
1981
1980
1979
1983
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
Dec 3
Dec 3
Dec 3
Dec 3
Dec 3
Dec 3
Dec.
Decr
1982: Febr
Marr
Apr r
Mayr.
June1".
July r
Augr.
Septr
Octr.
Nov r
Decr
1983: Jan r
Feb r
1975:
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1
Ml
M2
Sum of currency,
demand deposits,
travelers' checks, and
other checkable deposits
(OCD) l
Ml plus overnight RPs
and Eurodollars,
MMMF balances
(general purpose and
broker /dealer),
MMDAs, and savings
and small time deposits
26
M2 plus large time
deposits, term RPs, and
institution-only MMMF
M3 plus other liquid
assets
363.2
389.0
414.1
440.6
478.2
1,296.3
1,451.8
1,613.5
1,758.4
1,936.7
2,167.9
2,377.7
448.0
448.6
449.3
452.4
453.4
454.4
458.3
463.2
468.7
474.0
478.2
482.1
491.0
1,815.8
1,828.9
1,835.2
1,850.6
1,864.5
1,880.9
1,903.6
1,917.0
1,929.7
1,945.0
1,959.4
2,008.0
2,048.6
2,191.6
2,210.9
2,224.1
2,240.7
2,260.2
2,283.4
2,317.8
2,333.9
2,352.0
2,370.2
2,377.7
2,401.9
2,429.2
Net of demand deposits due to foreign commercial banks and official institutions.
Annual changes are from December to December and monthly changes are from 6 months
earlier at an annual rate.
3
Revised series, not previously available.
2
L
1,023.0
1,163.5
1,286.4
1,388.5
1,497.5
1,630.3
1,794.9
1,959.4
291.1
310.4
335.5
Percent zhange from year or 6
nrlonths earlier
M3
1,161.7
M2
Ml
1,371.9
1,522.4
1,711.0
1,922.9
2,131.8
2,343.6
2,622.0
4.9
6.6
2,668.1
2,692.7
2,710.3
2,737.6
2,767.0
2,798.2
2,823.5
2,840.5
2,865.9
6.6
7.1
7.5
7.7
5.9
3.0
4.7
6.6
8.8
9.8
11.2
12.6
14.8
NOTE.—See page 26 for components.
Source: Board of Governors of the Federal Reserve System.
8.1
8.3
7.1
6.5
6.4
8.5
M3
7.9
8.9
10.1
9.2
9.4
11.6
12.0
11.1
9.0
10.1
11.9
9.7
8.7
9.0
8.3
8.0
7.9
8.0
9.9
9.9
10.6
10.5
10.4
14.0
15.8
9.3
9.4
9.2
8.6
8.7
9.5
11.8
11.4
11.8
11.9
10.7
10.6
9.8
12.6
13.7
10.6
7.9
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Dec:
1975 3.
1976 3.
1977 3.
1978 3.
1979 3.
1980 3.
1981 ...
1982 r.
1982:
Feb
Mar
Apr
May
June....
July ....
Aug r...
Sept r..
Oct r....
Nov r...
Dee r...
1983:
Janr.
Feb "...
Currency
Demand
deposits *
Other
checkable
deposits
(OCD)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
General
purpose
and
broker/
dealer
NSA
NSA
Money market
mutua Ifund
balances
Institution
only
NSA
17.0
26.9
76.6
101.3
2.7
2.4
2.4
6.4
33.4
61.4
150.9
182.1
14.9
36.0
47.6
235.5
233.8
233.3
233.1
232.3
232.1
232.5
234.0
236.0
237.6
239.8
83.4
85.1
85.3
87.4
88.4
89.1
91.8
94.3
97.0
100.1
101.3
38.0
39.1
36.8
40.1
40.3
41.8
42.4
41.5
43.9
45.2
44.3
156.0
159.7
161.8
164.9
170.1
172.9
182.3
185.1
187.6
191.1
182.1
239.4
238.7
104.4
112.4
47.4
49.3
166.6
159.6
214.1
224.4
239.7
253.8
262.0
266.8
236.4
239.8
124.7
125.2
126.3
127.4
128.2
128.8
129.6
130.5
131.3
131.9
132.8
134.2
135.6
0.9
2.7
4.2
8.4
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
0.4
.6
.9
3.1
9.5
5.8
10.6
14.7
20.3
21.2
28.4
36.1
44.3
73.9
80.6
88.6
97.5
106.3
116.2
123.2
132.8
market
deposit
accounts
(MMDAs)
NSA
Shortterm
Treasury
securities
76.8
80.8
89.7
99.3
128.7
156.9
176.3
145.2
194.9
222.2
258.9
302.6
334.0
67.2
71.7
76.4
80.2
79.5
72.3
67.7
833.1
840.7
847.2
852.5
859.3
872.9
879.8
883.2
878.0
874.9
859.8
309.9
315.8
321.2
322.1
327.4
332.1
334.9
336.1
339.6
340.4
334.0
35.7
35.6
38.1
37.0
36.3
34.5
37.0
36.4
37.7
39.4
40.3
72.8
74.0
77.9
83.8
84.7
83.7
80.9
80.6
80.8
67.8
67.7
67.7
67.7
67.7
67.6
67.5
67.5
67.6
798.1
756.2
311.1
298.6
40.7
41.0
43.2
33.6
34.8
34.3
35.6
36.6
40.4
47.1
48.2
49.3
49.9
47.6
43.2
346.9
346.6
345.9
346.6
347.2
345.0
346.7
350.0
358.0
366.4
358.7
46.1
45.2
189.1
277.7
332.4
322.0
Net of demand deposits due to foreign commercial banks and official institutions.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
3
Revised series, not previously available.
NSA
Savings
bonds
9.7
13.1
18.4
29.0
41.5
48.0
65.3
391.0
446.0
521.8
635.9
731.7
828.6
859.8
1
Term
Eurodollars
(net)
8.4
14.2
19.5
27.1
30.1
34.8
37.2
40.3
388.8
453.0
491.6
481.2
423.1
400.7
344.4
358.7
2
Term
repurchase
agreements
(RPs)
338.1
129.9
118.2
r
186.9
r
190.0
r
190.7
r
r
r
192.1
197.2
202.8
204.0
203.5
210.5
Bankers'
acceptances
Commercial
paper
8.4
48.0
8.8
11.8
21.6
26.7
31.6
40.6
51.7
62.9
79.2
97.0
98.1
104.2
40.6
39.9
40.2
41.3
41.6
42.0
41.3
41.4
42.8
108.4
110.3
109.7
112.1
115.7
118.7
112.0
113.7
112.3
NOTE.—See p. 26 for overall measures.
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installrinent credit &^tended
Period
Total 2
1975
1976
1977
1978
1979
1980
1981
1982
1982: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
•.
180,083
210,740
257,600
297,668
324,777
306,076
334,508
344,901
26,656
27,182
27,356
28,765
29,517
30,034
27,982
28,024
28,619
28,650
31,691
30,777
Automobile
52,420
63,743
75,641
87,981
93,901
83,454
93,240
95,997
7,354
7,127
7,072
7,987
8,471
8,364
7,376
7,162
7,488
8,041
10,177
9,716
Revolving
36,956
43,934
87,596
105,125
120,174
128,068
139,829
150,061
11,175
11,968
12,329
12,487
12,775
13,367
12,658
12,728
12,705
12,614
12,778
12,491
Installnlent credit liq uidated
Total
2
172,675
189,179
222,138
254,589
286,396
304,628
316,291
331,805
26,239
27,015
26,723
27,142
27,673
28,011
27,143
27,768
27,36^
28,781
29,676
28,359
Automobile
49,444
53,278
60,437
69,245
79,186
82,977
84,745
91,099
7,288
7,272
7,353
7,441
7,378
7,395
7,339
7,542
7,139
8,111
8,643
8,225
1
Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding.
2
Includes "mobile home" and "other," not shown separately.
Revolving
35,616
41,764
81,348
96,090
111,546
126,653
135,362
145,696
11,283
11,866
11,806
11,834
12,024
12,640
12,100
12,529
12,394
12,533
12,739
11,990
Net change in amount o atstanding 1
Total 2
7,408
21,561
35,462
43,079
38,381
1,448
18,217
13,096
417
167
633
1,623
1,844
2,023
839
256
1,256
-131
2,015
2,418
2,929
Automobile
2,976
10,465
15,204
18,736
14,715
477
8,495
4,898
66
-145
-281
546
1,093
969
37
-380
349
-70
1,534
1,491
233
Revolving
Amount outstanding, en d of period,
sea sonally adjus ted
Total
2
Automobile
1,340
169,387
57,279
2,170
6,248
9,035
8,628
1,415
4,467
4,365
-108
102
523
653
751
727
558
199
311
81
39
501
68
190,725
226,646
269,392
307,115
308,137
326,274
339,316
328,059
328,781
328,999
330,634
332,142
333,884
334,276
334,343
335,180
335,593
336,897
339,316
342,245
67,798
82,890
101,863
116,523
116,808
125,323
130,235
125,956
126,102
125,783
126,258
126,970
127,727
127,628
127,271
127,473
127,694
128,824
130,235
130,468
Revolving
14,467
16,505
36,427
45,004
53,174
54,650
58,722
62,830
58,858
58,997
59,457
60,144
60,784
61,458
61,867
62,007
62,120
62,302
62,326
62,830
62,898
Note.—Series revised beginning 1980. Extensions and liquidations not available after December
1982.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
In February, commercial and industrial loans were little changed from their January level.
BILLIONS OF DOLLARS* (RATIO
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
1,600
ALL COMMERCIAL BANKS
1,400
1,200
1,000
800
800
LOANS AND LEASES
600
600
400
400
INVESTMENT IN OTHER SECURITIES
200
180
160
140
120
200
180
160
140
120
100
100
80
80
60
60
40
40
1975
1976
1979
1977
1980
1982
1981
1983
* 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]
Al 1 commercial bank s 1
Depo dtory institutic n s
R sserves
Loans a nd leases
Period
adjust 3d
for changes in
re serve requireroents
Investrnents
Total loans
and
investments
Total
2
Commercial
and industrial
loans
Dec
Dec
Dec
Dec
Dec
Dec
Dec
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.1
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
190.9
210.9
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,332.4
1,342.5
1,352.5
1,362.0
1,368.8
1,376.1
1,383.1
1,389.4
1,397.5
1,398.5
1,412.1
1983: Jan r.
Feb*
1,428.2
1,436.1
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1
2
3
Other
securities
Total
Nonborrowed
Born) wings
(millions of dollars,
unad usted)
Required
Seasonal
Total
31.95
32.79
34.77
37.35
40.26
29.59
30.98
32.59
33.93
35.95
37.67
40.39
558
874
1,473
1,617
636
697
82
116
53
33
38.26
38.36
38.43
38.50
38.58
38.52
38.80
39.57
39.88
40.46
40.89
36.47
36.80
36.87
37.39
37.37
37.83
38.29
38.63
39.40
39.84
40.26
37.96
37.99
38.16
38.15
38.27
38.21
38.49
39.18
39.47
40.06
40.39
1,713
1,611
1,581
1,105
1,205
669
510
976
455
579
697
132
174
167
237
239
225
119
102
86
47
33
40.96
40.46
40.43
39.88
40.41
40.04
500
557
33
39
148.8
29.86
159.3
172.8
191.5
214.4
231.4
239.1
31.17
29.81
30.60
245.9
291.2
326.8
358.0
392.4
100.8
99.8
93.8
94.5
110.0
111.0
130.9
32.82
34.26
36.46
37.99
40.89
985.2
995.0
1,002.0
1,010.8
1,017.1
1,023.7
1,028.3
1,033.5
1,038.1
1,036.4
1,042.0
365.5
370.0
373.1
378.9
383.4
386.7
387.9
392.5
394.8
392.0
392.4
115.1
114.4
116.6
116.3
115.8
116.5
117.8
118.2
122.3
126.4
130.9
232.0
233.1
234.0
234.9
235.9
235.9
237.1
237.6
237.2
235.8
239.1
1,045.1
1,048.4
395.2
394.7
139.8
144.5
243.3
243.1
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
28
U.S. Treasury
securities
3
62
12
54
134
NOTE.—Beginning Dec. 1981, banks loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Ci•edit market fu nds
Period
Total
Internal *
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
192.4
190.1
156.9
210.8
252.2
315.4
346.3
333.7
352.2
310.0
91.7
85.6
119.7
134.2
157.4
175.7
188.8
197.5
231.1
236.2
100.7
104.4
37.2
76.6
94.9
139.7
157.5
136.2
121.1
73.8
56.7
69.9
30.7
54.5
70.4
79.3
91.2
95.7
92.6
80.7
20.7
26.3
38.7
38.2
33.9
31.9
25.9
57.5
23.1
42.6
36.0
43.6
-8.0
16.3
36.5
47.4
65.3
38.2
69.6
38.1
44.0
34.5
6.5
22.1
24.5
60.4
66.3
40.6
28.5
-6.9
191.9
190.1
150.9
201.8
237.6
294.2
347.1
317.9
314.8
267.5
121.5
137.9
109.7
148.3
175.1
202.2
219.8
220.5
260.9
247.8
70.5
52.2
41.2
53.5
62.5
92.0
127.3
97.4
53.9
19.7
0.5
.0
6.0
9.0
14.7
21.2
-.8
15.8
37.4
42.4
n
ra
333.6
381.2
348.9
345.0
222.4
225.4
235.2
241.4
111.3
155.8
113.7
103.6
68.7
119.1
100.2
82.5
41.6
34.8
3.2
12.7
27.1
84.3
97.0
69.9
42.6
36.7
13.5
21.1
318.2
352.2
304.6
284.0
233.5
260.0
284.6
265.5
84.7
92.2
20.0
18.5
15.4
29.0
44.2
61.0
n
m
298.1
354.1
331.2
256.3
232.6
234.3
240.1
237.7
65.5
119.8
91.1
18.6
97.9
96.7
102.1
26.0
20.7
35.4
44.5
69.6
77.2
61.3
57.6
-43.6
-32.3
23.1
-11.0
-7.4
240.6
298.6
303.8
227.2
244.0
248.4
268.2
230.8
-3.4
50.2
35.6
-3.6
57.5
55.5
27.5
29.1
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: I
IV
1982: I
IV
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of
* ^Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Governors of the Federal Eeserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Curren t assets
TT ^5
End of period
Total
SIC series: 2
1970
1971
1972
1973
1974
Cash
Government
securities
Notes and
accounts
receivable
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
322.1
735.4
759.0
827.4
912.7
1,043.7
1,218.2
1,333:5
1,427.1
73.2
82.1
88.2
97.2
105.5
118.0
127.1
131.7
11.1
19.0
23.5
18.2
17.3
17.0
19.3
17.9
265.8
272.1
292.9
330.3
388.0
461.1
510.6
536.7
n
m
1,374.5
1,388.3
1,410.9
1,427.1
126.6
126.2
125.1
131.7
19.2
19.9
18.0
17.9
528.0
533.1
542.4
536.7
n
1,423.6
1,419.4
121.3
123.4
17.1
17.4
537.8
534.4
FTC-FKB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1981: I
IV
1982: I
1
Total current assets
2
Based on data from
3
Current liability
divided by total current liabilities.
Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission.
Other
current
assets
Inventories
193.3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio
l
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
65.9
69.9
80.3
90.1
101.3
116.7
132.7
153.6
453.4
451.6
495.1
557.1
669.3
807.8
890.9
980.0
269.8
264.2
282.1
317.6
382.9
461.2
515.2
562.9
183.6
187.4
213.0
239.6
286.4
346.6
375.7
417.1
282.0
307.4
332.4
355.5
374.4
410.5
442.6
447.1
1.622
1.681
1.671
1.638
1.559
1.508
1.497
1.456
587.1
140.5
143.8
148.3
153.6
923.2
931.5
967.2
980.0
520.3
525.9
549.5
562.9
402.9
405.5
417.7
417.1
451.3
456.8
443.7
447.1
1.489
1.490
1.459
1.456
593.8
589.2
153.6
155.0
985.7
982.6
555.0
554.9
430.8
427.8
437.9
436.8
1.444
1.445
200.4
225.7
263.9
313.6
319.5
315.9
342.5
376.9
431.6
505.5
543.7
587.1
560.2
565.3
577.0
NOTE.—SEC series not available after 1974.
See Federal Eeserve 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 short-term interest rates rose in March while long-term rates fell.
PER CENT
16
A
PER ANNUA
16
m
r
11 \ \ /' \ \
'i i \\ \»-i s
"•/•
:
:
14
: *
\f
A:
•'
1
ni
—
^'
X--V
CORPORATE /<aa BONDS H
(MOOC>Y'S)
. J(f
^-
Xr.'''
*-^x'— v
A
^"*X
8
]
A
\
\
14
\
\
\
\
\
•
\
12
i •'
i
\;
!.
i ,
10
1
\\ LIi
^~
^
BILLS
8
'V
^ A
4
~
TREASURY-
,
/
>
*' \
•iLIr
* I//
^f
i_
H
\ ' \
u' J
1 A
Ny
"
i
L.
•
DISC OUNT
j—rn
1
R ATE
[/
,
FEC ERAL
f
/
RES ERVE \^r
BAhJK OF
J/ ,NEW YORK
R /
12
,
£
5|
I
*
f
/
/fl
1
1
1
1
1
1
1
1
1
i
iM1111111
1
I I I I I I I I I I I II I I I I I I I 1
\ \
i I I i I I
K
1978
1977
1976
1975
111
1980
1979
I I I
1 1
1981
SOURCE. SEE TABLE BELO w
I
i in M i i i
19 82
I 1 1 1 1 1 1 I 1 M|
4
1983
COUNCIL O
ECONOMIC
ADVISERS
[Percent per annum]
r
U.S. ^reasury security yields
Period
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan
Feb
Mar*
Week ended:
1983: Feb 5
12
19
26
Mar 5
12
19
26
Apr 2
1
3 -month
bills *
Constant rnaturities 2
3 -year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
5.265
7.221
10.041
11.506
14.077
10.686
13.780
12.493
12.821
12.148
12.108
11.914
9.006
8.196
7.750
8.042
8.013
7.810
8.130
8.304
6.69
8.29
9.72
11.55
14.44
12.92
14.73
14.13
14.18
13.77
14.48
14.00
12.62
12.03
10.62
9.98
9.88
9.64
9.91
9.84
7.42
8.41
9.44
11.46
13.91
13.00
14.43
13.86
13.87
13.62
14.30
13.95
13.06
12.34
10.91
10.55
10.54
10.46
10.72
10.51
5.90
6.39
8.51
11.23
11.57
12.81
12.72
12.45
11.99
12.42
12.11
11.12
10.61
9.59
9.97
9.91
9.45
9.48
8.122
8.252
8.256
7.888
7.944
8.205
8.256
8.434
8.680
10.00
10.06
9.95
9.66
9.48
9.78
9.83
10.03
10.88
10.92
10.75
10.40
10.25
10.51
10.52
10.60
9.63
9.69
9.31
9.28
8.92
9.28
9.15
9.09
5.56
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; high and low rate for month and week.
2
30
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
mont s
4
9.63
11.94
14.17
13.79
15.27
14.58
14.46
14.26
14.81
14.61
13.71
12.94
12.12
11.68
11.83
11.79
12.01
11.73
5.61
7.99
10.91
12.29
14.76
11.89
14.27
13.47
13.64
13.02
13.79
13.00
10.80
10.86
9.21
8.72
8.50
8.15
8.39
8.48
12.06
12.11
12.08
11.82
11.63
11.72
11.79
11.76
8.49
8.54
8.37
8.19
8.07
8.33
8.45
8.67
8.02
8.73
4
Discount rate
(N.Y. F.R.
Bank) 5
5.46
7.46
10.28
11.77
13.41
11.02
12.00-12.00
12.00-12.00
12.00-12.00
12.00-12.00
12.00-12.00
12.00-11.50
11.50-10.00
10.00 10.00
10.00- 9.50
9.50- 9.00
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
Prime rate
charged by
banks 5
6.83
9.06
12.67
15.27
18.87
14.86
17.00-15.75
16.50-16.50
16.50-16.50
16.50-16.50
16.50-16.50
16.50-15.50
15.50-13.50
13.50-13.50
13.50 12.00
12.00-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
New-home
mortgage
yields
(FHLBB) 6
9.02
9.56
10.78
12.66
14.70
15.14
15.12
15.67
15.84
15.89
15.40
15.70
15.68
14.98
14.41
13.81
13.69
13.49
13.17
8.50-8.50 11.00-11.00
8.50-8.50 11.00-11.00
8.50-8.50 11.00-11.00
8.50-8.50 11.00-11.00
8.50-8.50 11.00-10.50
8.50-8.50 10.50-10.50
8.50-8.50 10.50-10.50
8.50-8.50 10.50-10.50
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose again in March.
INDEX, DEC. 31,1965=50
1 90
INDEX, DEC 31, 1965=50
90
70
COMPOSITE PRICE INDEX STOCK
(NYSE)-
60
60
50
40
1976
1980
1977
1981
1982
1983
PERCENT
PERCENT
20
20
EARNINGS- PRICE RATIO ON COMMON STOCKS
(S&P)
1975
1976
1977
1982
1978
Common stock price s 1
Composite
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan
Feb
Mar"
Week ended:
1983: Feb 12
19
26
Mar 5
12
19
26
Apr 2
1
Common st ock yields
(percent)*
Nmv York Stock Ex change indexes (I)ec. 31, 1965=5O ) 2
Period
Industrial
53.69
57.86
53.70
58.32
68.10
74.02
68.93
66.16
63.86
66.97
67.07
63.10
62.82
62.91
70.21
76.10
79.75
80.30
83.25
84.74
87.50
58.23
64.76
78.70
85.44
78.18
74.78
71.51
75.59
75.97
71.59
71.37
70.98
80.08
86.67
90.76
92.00
95.37
97.26
100.61
84.60
85.46
85.35
87.46
87.85
86.65
87.51
87.69
97.11
98.25
98.02
100.55
101.05
99.48
100.57
101.00
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Transporta-
Finance
Utility
Dow- Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
60.61
72.61
60.41
59.09
55.19
57.91
56.84
53.07
53.40
53.98
61.39
66.64
71.92
73.40
75.65
79.44
83.28
40.92
39.22
38.20
37.35
38.91
39.75
38.32
38.57
39.20
39.40
37.34
37.20
38.19
40.36
42.67
43.46
42.93
45.59
45.92
45.89
55.25
56.65
61.42
64.25
73.52
71.99
70.50
69.08
71.44
69.16
63.19
61.59
62.84
69.66
80.59
88.66
86.22
85.66
86.57
93.22
820.23
844.40
891.41
932.92
884.36
833.15
812.33
844.96
846.72
804.37
818.41
832.11
917.27
988.71
1,027.76
1,033.08
1,064.29
1,087.43
1,129.58
103.01
118.78
128.05
119.71
114.50
110.84
116.31
116.35
109.70
109.38
109.65
122.43
132.66
138.10
139.37
144.27
146.80
151.88
79.79
79.31
80.01
82.44
83.03
82.69
83.93
83.93
46.13
45.78
45.79
46.30
46.07
45.79
45.78
45.34
84.96
88.08
88.51
91.80
93.39
92.23
93.90
94.08
1,080.82
1,091.87
1,105.02
1,131.48
1,126.57
1,117.94
1,135.02
1,134.46
146.55
148.02
147.90
151.68
152.17
150.30
152.14
152.45
41.09
43.50
47.34
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
894.63
98.20
96.02
Dividendprice ratio
4.62
5.28
5.47
5.26
5.20
5.81
6.06
6.28
5.99
5.97
6.28
6.31
6.32
5.63
5.12
4.92
4.93
4.79
4.74
Earningsprice ratio
10.79
12.03
13.46
12.66
11.96
13.23
12.93
11.27
4.74
4.67
4.73
4.57
4.56
4.66
4.58
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
2
3
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal year 1983, there was a budget deficit of $103.2 billion, compared to a budget
deficit of $53.7 billion a year earlier.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
800
700
600
-100
-100
-200
-
-200
1979
1978
1975
1980
1981
1982
1983
1984
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Budget
receipts
Budget
outlays
surplus or
deficit (— )
Off-budget
outlays
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) 1
1984 (estimates) l
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
597.5
659.7
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
805.2
848.5
-14.8
-4.7
45.2
-66.4
-13.0
-44.9
-48.8
27.7
-59.6
57.9
-110.6
207.7
-188.8
.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
17.0
14.0
Cumulative total first 5 months:
Fiscal year 1982
Fiscal year 1983
244.3
233.4
298.0
336.5
-53.7
-103.2
5.0
1.5
1
Estimates from The Budget of the United States Government, Fiscal Year 1984, January
1983.
32
-23.4
Tntnl
surplus or
deficit (— )
-23.4
14.9
Federal debt ( end of period)
Gross
437.3
Held by the
public
323.8
343.0
-6.1
53.2
-73.7
-14.7
53.6
-59.2
40.2
-73.8
78.9
-127.9
-224.8
-202.8
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,383.7
1,606.3
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,144.4
1,347.4
-58.7
-104.7
1,053.3
1,220.1
850.5
1,015.7
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal year 1983, budget receipts were $10.9 billion lower than a year earlier and budget
outlays were $38.5 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
200
100
BUDGET OUTLAYS
600
600
500
500
NONDEFENSE
400
400
300
300
200
200
100
100
1975
1976
1977
1978
1979
1980
FISCAL YEARS
1981
1982
1983
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
3udget outlays
Budget r«jceipts
Nation al defense
Period
Total
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) 1
1984 (estimates) 1
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
597.5
659.7
Cumulative total first 5 months:
Fiscal year 1982
Fiscal year 1983
244.3
233.4
Individual
income
taxes
Corporation
income
taxes
38.8
157.6
181.0
217.8
244.1
285.9
297.7
285.2
295.6
32.2
36.2
38.6
40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
49.2
35.3
51.8
123.8
122.9
16.0
7.9
94.7
103.2
119.0
122.4
131.6
Other
Total
Department of
Defense,
military
International
affairs
Health and
income
security
Net
interest
15.5
17.3
21.4
23.2
26.7
6.9
29.9
35.4
42.6
52.5
68.7
84.7
88.9
103.2
53.9
59.3
58.2
74.2
83.9
21.8
93.8
114.4
117.5
129.3
126.5
123.9
124.7
113.7
42.0
46.7
49.6
54.2
116.1
125.0
34.0
143.0
158.6
179.8
208.4
252.2
270.8
277.0
312.3
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
805.2
848.5
76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.8
187.4
214.8
245.3
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.9
208.9
238.6
5.6
2.2
4.8
5.9
6.1
10.7
11.1
10.0
11.9
13.3
80.0
90.4
104.8
134.3
158.9
41.0
174.5
187.4
207.1
248.3
291.1
322.4
364.8
373.1
104.6
102.5
298.0
336.5
73.9
84.2
72.1
82.1
3.8
3.0
128.6
148.4
80.4
91.4
105.7
Estimates from The Budget of the United States Government, Fiscal Year 1984, January
1983.
NOTE.—One substantial change was made in the January 1983 Budget in the functional classification: the interest function was changed to net interest. Formerly, the interest function total includ-
Total
75.1
73.2
77.6
4.7
4.1
5.7
6.9
Other
ed all Treasury interest payments, including those made to trust funds. The new net interest functional total is the amount paid by the Treasury to the public. Intragovernmental payments are
netted out.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1982, according to preliminary estimates, Federal receipts rose $2.4
and expenditures rose $49.5 billion, yielding a deficit of $203.1 billion.
billion (annual rate)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
500
500
400
400
300
300
SURPIU5JOR DEFI CIT (-)
M
MM
i
ii ilil 11ii iiii P
^
^^
1222
_
-200
l1
i1H
I
y//
-100
n in 1
n nm n mI11Ii
m
i c?75
1976
1977
1979
1978
CALENDAR
1981
1980
19 82
-100
—
v/.
i
-200
1983
YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernment expenditur es
Federal Goverameiit receipts
Period
Fiscal year:
1978
1979
1980
1981
1982
Calendar year:
1978
1979
1980
1981
1982 r
1981: I
n
m
IV
1982: I
n
mr
TV
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
250.1
291.7
303.0
27.2
29.1
34.7
55.7
50.7
133.3
153.1
170.3
196.3
214.4
450.4
495.6
577.0
666.5
739.7
150.4
164.1
189.8
218.1
250.1
182.2
201.8
239.4
279.2
310.8
74.7
79.1
86.7
90.1
83.4
194.9
230.6
257.5
298.1
300.1
286.4
297.0
307.9
300.9
299.9
305.8
295.6
299.2
71.3
74.2
70.3
67.3
47.5
76.1
65.6
68.4
59.1
46.5
45.2
49.8
48.4
28.1
29.4
38.9
58.5
50.0
57.5
61.5
57.8
57.2
48.7
49.8
50.8
50.7
137.2
159.5
174.1
204.3
216.6
199.9
202.8
206.1
208.4
214.9
216.2
217.5
217.8
461.0
509.7 •
602.1
688.2
763.4
659.7
667.5
698.2
727.4
728.3
736.6
769.7
819.2
153.6
168.3
197.2
228.9
257.9
217.0
218.2
230.0
250.5
249.7
244.3
259.0
278.7
185.6
209.2
251.4
286.6
322.2
274.0
276.7
295.1
300.7
303.2
312.8
327.4
345.3
77.3
80.5
88.7
87.7
83.7
90.2
90.6
86.3
83.6
83.0
85.0
82.0
84.6
186.5
222.6
431.6
493.6
540.7
628.2
614.2
620.0
627.0
640.2
625.7
609.9
617.0
613.7
616.1
67.3
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
Transfer
payments
Grantsin-aid to
State
and
local
governments
76.1
70.0
70.9
50.1
414.3
480.8
525.1
614.7
618.2
34
Purchases
of goods
and
services
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
33.5
40.6
50.6
9.7
9.9
10.5
66.2
82.5
35.2
42.4
53.1
71.9
85.0
66.3
68.3
74.0
79.0
79.6
82.8
88.7
89.1
or deficit
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
13.1
12.8
.0
-.0
.0
.1
-.1
-36.1
-14.8
-51.9
-51.9
-121.5
9.5
9.2
11.7
13.1
14.6
12.2
13.7
13.0
13.6
12.7
11.6
12.6
21.4
.0
.0
-.0
.0
.0
.0
.0
.2
-.1
2
.0
.0
.0
-29.5
-16.1
-61.4
-60.0
-149.3
-39.7
-40.5
-58.0
-101.7
— 118.4
-119.6
-156.0
-203.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consume;r prices (iinadjusted)
Indu strial prod uction (se«isonally adju sted)
Period
1976
1977
1978
1979
1980
1981 r
1982 p
1982: Mar r
Apr r
May T
June r
July r
Aug r
Sept r
Oct r
Nov r
Dec r.
1983: Jan r
Feb*
1
United
States
130.5
138.2
146.1
152.5
147.0
151.0
138.6
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
136.9
137.3
Japan
France
148.5
182.0
152.2
157.8
167.4
164.6
167.3
149.2
154.2
152.1
153.5
149.6
144.8
151.2
146.1
141.6
142.4
141.2
189.7
201.1
217.7
232.5
239.5
242.2
245.1
240.7
236.4
241.8
243.0
242.3
245.1
237.7
244.8
244.3
149
152
154
161
160
Canada
Germany
157
155
157
156
157
159
151
151
154
156
156
155
149.1
152.0
154.1
161.8
162.3
159.9
157.0
163
161
160
157
151
157
154
152
152
149
Italy
United
Kingdom
United
States 1
117.4
123.0
127.0
170.5
181.5
195.4
217.4
246.8
272.4
289.1
283.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
143.5
145.1
147.9
157.6
166.5
162.7
159.0
161.6
161.3
160.4
154.0
158.6
127.5
153.6
147.4
152.0
150.0
149.6
132.2
123.6
118.8
119.4
119.9
120.1
120.5
118.8
119.4
119.6
120.0
119.6
117.6
119.8
Canada
Japan
France
Germany
172.1
185.9
224.9
243.0
202.5
221.0
243.5
273.9
303.4
295.8
297.5
301.5
304.5
306.1
307.6
309.2
311.2
313.3
313.4
312.5
313.9
252.3
261.3
282.2
296.2
304.0
300.4
302.9
303.8
303.8
301.5
303.8
309.1
310.0
306.6
306.0
306.6
196.1
214.5
233.9
259.1
294.2
332.7
372.4
363.8
368.2
371.1
373.7
374.7
375.9
377.5
379.5
383.2
386.4
390.1
150.4
155.9
160.2
166.8
175.9
186.3
196.2
193.1
194.0
195.2
197.1
197.6
197.3
197.9
198.5
198.9
199.4
199.8
Italy
218.1
255.2
286.2
328.5
398.0
472.4
549.4
529.1
533.9
539.8
545.2
553.4
563.4
571.3
582.7
590.3
594.4
602.7
United
Kingdom
252.4
292.4
316.6
359.0
423.6
473.9
514.7
503.5
513.6
517.3
518.9
518.9
519.0
518.7
521.3
523.9
522.9
523.5
525.6
tration, Office of Trade Investment and Analysis, Trade Performance Division, in International
Economic Indicators.
Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, International Trade Adminis-
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mer shandise expc)rts *
Period
Total
domestic
and
foreign
exports
Merch andise trade balance
Merc handise ini] >orts
Geileral import s
Domestic exports
3
Exports
(i « Q }
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
827
991
1,186
1,312
1,478
1,546
3,457
4,463
4,325
5,949
7,831
Manufactured
goods
less
imports
(customs
value)
Total
(c.i.f.
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
762
-688
-2,430
-2,590
-2,300
-2,020
148
-1,440
3,265
I?.a.s. valu e
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
2,716
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
11,873
12,002
12,425
11,939
12,138
10,654
13,163
12,830
11,200
13,456
12,304
11,903
10,978
10,988
11,981
12,561
22,779
21,240
23,598
20,399
20,889
18,508
21,422
22,129
20,756
23,992
21,518
21,932
19,737
20,002
20,962
19,906
4,257
5,398
-3,530
3,364
-3,030
Customs value
1981...
1982
1982: Jan r
Feb r
Mar r.
Apr r.
May r
June r
July r
Aug r
Sept r
Get r
Nov r
Dec r.
1983: Jan r
Feb
19,473
17,683
18,584
18,614
18,462
18,005
18,124
18,823
18,060
17,463
17,320
16,671
15,852
16,347
17,393
16,326
19,075
17,256
18,197
18,251
17,986
17,603
17,713
18,387
17,671
17,143
16,584
16,284
15,476
15,913
17,007
15,984
2,767
2,248
2,304
2,481
2,665
2,495
2,465
2,418
1,902
2,153
1,926
2,128
2,051
1,966
2,312
2,224
2,752
2,793
3,006
3,268
3,012
2,943
2,880
2,828
2,698
2,694
2,751
2,688
2,440
2,420
2,760
2,443
12,857
11,643
12,356
11,954
11,829
11,555
11,788
12,536
12,536
11,804
11,331
10,942
10,484
10,648
11,263
10,743
21,748
20,329
22,573
19,570
20,019
17,714
20,477
21,187
19,849
22,930
20,581
21,006
18,892
19,154
20,021
19,015
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than in transit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-
1,529
1,485
1,245
1,217
1,455
1,443
1,541
1,537
1,436
1,681
1,701
1,686
1,499
1,414
1,582
1,530
7,739
6,200
8,265
5,850
5,725
5,035
4,909
6,175
6,671
7,195
5,917
6,727
5,785
6,158
5,911
4,413
-2,275
-2,647
-3,989
-956
-1,557
291
-2,353
-2,364
-1,790
-5,467
-3,261
-4,335
-3,041
-2,808
-2,628
-2,689
-3,306
-3,558
-5,015
-1,785
-2,427
503
-3,297
-3,306
-2,697
6,529
-4,198
5,261
-3,885
-3,655
-3,569
-3,580
lands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
*Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Data revised for 1982 months.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
For the year 1982, the current account was in deficit by $8.1 billion, compared with a surplus of $4.5 billion in
1981. An increase in the merchandise trade deficit to $36.3 billion from $27.9 billion accounted for most of the
shift.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
In vestment incorne 3
Merchandise l '
Net
Period
Exports
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1981: I
n
m
IV
1982: Fr
n
nr
IV r
Imports
Net
balance
Receipts
Payments
27,587
Net
"Wot
Remittances,
pensions,
and other
unilateral
transfers *
military
transactions
transportation
receipts
services,
net 3
Balance
on goods
and
services *
-3,184
-2,792
22,893
9,382
-9,451
-9,743
5,095
8,303
11,079
-225
-4,998
-4,617
-5,030
-5,561
-6,783
-6,608
-7,868
18,280
4,384
-14,068
-14,773
-466
1,520
4,471
8,093
Balance
on
current
account
98,306
- 103,649
107,088
114,745
120,816
142,054
184,473
224,237
236,254
211,013
-98,041
-124,051
-151,689
-175,813
-211,819
-249,575
-264,143
-247,344
-5,343
9,047
-9,306
-30,873
-33,759
-27,346
-25,338
-27,889
-36,331
25,351
29,286
32,179
42,245
64,129
72,686
85,945
85,901
-12,084
-12,564
13,311
-14,217
-21,680
-32,914
-42,776
-52,908
-57,181
15,503
12,787
15,975
17,962
20,565
31,215
29,910
33,037
28,720
-1,653
-746
559
1,528
621
-2,035
-2,471
-1,541
640
-2,558
-3,293
-3,125
-2,429
-940
-231
-1,333
3,986
4,598
4,711
5,224
5,955
5,690
7,144
7,702
8,079
60,683
60,284
57,694
57,593
-64,995
-66,831
-65,539
66,778
-4,312
-6,547
-7,845
-9,185
20,528
21,642
22,048
21,727
- 12,405
-13,441
-13,865
-13,198
8,123
8,201
8,183
8,529
-487
587
61
-528
495
-139
200
203
1,838
1,981
1,960
1,924
4,667
2,909
2,559
943
-1,422
-1,510
-1,808
-1,870
3,245
1,399
751
-927
55,607
55,001
52,334
48,071
-61,545
-60,763
-64,829
-60,207
-5,938
-5,762
-12,495
-12,136
20,896
22,568
21,626
20,811
- 14,029
14,874
-14,544
-13,735
6,867
7,694
7,082
7,076
167
247
201
24
-42
-295
-334
-662
2,028
2,044
1,980
2,026
3,082
3,928
-3,565
-3,672
-2,048
-1,740
-1,649
-2,431
1,034
2,188
-5,214
-6,103
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net. 2
3
36
9,309
NOTE.—Data revised for 1982.
Source: Department of Commerce, Bureau of Economic Analysis.
-7,186
-4,613
2,124
U.S. INTERNATIONAL TRANSACTIONS—Continued
Among capital account transactions, U.S. claims on foreigners reported by U.S. banks increased $106.7 billion in
1982, compared with an $84.5 billion increase in 1981. U.S. liabilities to private foreigners reported by U.S. banks
increased $69.8 billion in 1982, compared with a $44.2 billion increase in 1981.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
-20
-20
-40
-40
-60
1981
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
increase /capit al outflow (— ) ]
Period
Total
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,344
-86,026
-109,294
-118,265
158
1,467
-849
2,558
-375
732
-1,133
8,155
-5,175
4,965
-2,644
20,388
366 -33,643
-3,474
35,380
-4,214 —44,498
-3,693 -30,717
-4,660 -57,202
-3,743
59,469
-5,126 -72,746
-5,137
98,982
-5,766 -107,535
18,388
34,241
15,670
36,518
51,319
64,036
38,460
54,484
77,921
84,494
6,026
10,546
7,027
17,693
36,816
33,678
-13,697
15,442
4,785
3,043
12,362
23,696
8,643
18,826
14,503
30,358
52,157
39,042
73,136
81,451
-22,796
-21,566
-17,257
-47,677
-4,529
-905
4
262
-1,375
-1,518
-1,257
-987
-16,892
-19,143
-15,996
-46,952
8,470
13,464
16,880
39,107
5,361
-2,861
-5,835
8,119
3,109
16,324
22,715
30,988
-31,257
-37,845
-25,597
IV"... -23,567
-1,089
-1,132
-794
-1,949
-904
1,547
-2,496
818
-29,264
-35,166
-22,307
-20,800
25,080
29,619
16,672
13,123
-3,122
1,998
2,494
1,673
28,202
27,621
14,178
11,451
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982"
1981: I
n
m
IV
1982:
U.S.
official
reserve
assets * 2
Foreign assets in the 1 J.S., net
[increas 3 /capital inflo\v (+)] 2
Ir
n rr
m ...
1
Consists of gold, special drawing rights (SDKs), convertible currencies, md the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Allocations
of special
drawing
rights
(SDKs)
1,139
1,152
1,093
1,093
Statistical discrepancy
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
-2,654
-1,620
5,753
10,367
-2,465
11,866
. 25,212
28,870
25,809
41,864
U.S. official
assets, net l
(unadjusted,
end of
period)
14,378
15,883
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
9,988
6,703
-374
9,497
503
-2,144
2,474
30,410
29,582
29,715
30,074
5,142
6,038
14,139
16,546
-802
672
1,904
2,035
29,944
30,671
30,993
33,958
-829
Note.—Data revised for 1982.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
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