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: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, B.C. 20402 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. ... Not available (also, not applicable). For sale by the Superintendent of Documents, U.S. Government Printing Offie Washington, D.C. 20402. Price $4.25 (single copy) ($5.35 foreign). Subscription price: $25.00 per year; $31.25 for foreign mailing. 38 O U.S. GOVERNMENT PRINTING OFFICE : 1983 0—18-608