Full text of Economic Indicators : May 1980
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J ^ Spared for the joint UlilTEB GOVERNMENT PRINTING OFFICE by (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) LLOYD BENTSEN, Texas, Chairman RICHARD BOLLING, Missouri, Vies Chairman SENATE WILLIAM PROXMIRE (Wisconsin) ABRAHAM RIBICOFF (Connecticut) EDWARD M. KENNEDY (Massachusetts) GEORGE McGOVERN (South Dakota) PAUL S. SARBANES (Maryland) JACOB K. JAVITS (New York) WILLIAM V. ROTH, JR. (Delaware) JAMES A. McCLURE (Idaho) ROGER W. JEPSEN (Iowa) HOUSE OF REPRESENTATIVES HENRY S. REUSS (Wisconsin) WILLIAM S. MOORHEAD (Pennsylvania) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) CLARENCE J. BROWN (Ohio) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) JOHN M. ALBERTINE, Executive Director COUNCIL OF CHARLES L. SCHULTZE, Chairman GEORGE C. EADS [PUBLIC LAW 120—81sx CONGRESS; 237—1st fSJ. 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," that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary 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 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 ^ Economic or by Is at $15=00 ($3=75 OF D.C. 11 at $1.30 a for TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter, gross national product rose $59.2 billion or 10.0 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 0.6 percent from the fourth quarter level and the implicit price deflator rose at a 9.3 percent annual rate. BILLIONS OF DOLLARS (RATIO SCALE) 2,600 BILLIONS OF DOLLARS (RATIO SCALE) 2,600 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,200 2,200 2,000 2,000 GNP IN CURRENT DOLLARS 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 GNP IN 1972 DOLLARS 1,000 1,000 1975 1972 1976 1977 1979 1978 SOURCE.- DEPARTMENT OF COMMERCE 1980 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross Period tional product Personal consumption expenditures Gross private domestic investment 935. 5 579. 7 146. 2 1969 982. 4 618. 8 140. 8 1970. 1971. _ _ 1, 063. 4 668. 2 160. 0 1972 1, 171. 1 733. 0 188 3 1973 1, 306. 6 809. 9 220. 0 1974__ __ 1, 412. 9 889. 6 214. 6 1975.. 1, 528. 8 979. 1 190. 9 1976. _ _ 1, 702. 2 1, 089. 9 243. 0 1977 1 899 5 1 210 0 303 3 1978 2, 127. 6 1, 350. 8 351. 5 1979 2, 368. 8 1 509 8 387 2 1978:111.. 2, 159. 6 1, 369. 3 356. 2 IV___ 2, 235. 2 1, 415. 4 370.5 2, 292. 1 1, 454. 2 373.8 1979:1 I I _ _ . 2, 329. 8 1, 475. 9 395. 4 III__ 2, 396. 5 1, 528. 6 392. 3 IV.__ 2, 456. 9 1, 580. 4 387.2 1980: I "... 2, 516. 1 1, 628. 7 384.0 Net exports 1. 8 3. 9 1. 6 — 3. 3 7. 1 6. 0 20. 4 8. 0 9 9 — 10. 3 _4 6 -6. 8 -4.5 4. 0 -8. 1 -2.3 -11.9 -14.0 Exports Imports 54. 7 62. 5 65. 6 72. 7 101. 6 137. 9 147. 3 163. 3 175 9 207. 2 257 5 213.8 224.9 238.5 243.7 267. 3 280.4 304.2 52. 9 58. 5 64. 0 75 9 94. 4 131. 9 126 9 155. 4 185 8 217. 5 262 1 220. 6 229.4 234.4 251.9 269.5 292.4 318.2 1 This category corresponds closely with budget outlays for nations! defense, shown on p. 33. Government purchases of goods and services Federal State NaTotal Nonand tional Total delocal de- l fense fense Exports and imports of goods and services 207. 9 218 9 233. 7 253 1 269. 5 302. 7 338 4 361. 3 396 2 435. 6 476 4 440.9 453.8 460. 1 466.6 477.8 501. 2 517.4 97. 5 95 6 96. 2 102 1 102. 2 111, 1 123 1 129, 7 144 4 152. 6 166 6 152.3 159. 0 163. 6 161.7 162.9 178.4 186.2 76. 3 73. 5 70. 2 73 5 73. 5 77. 0 83. 7 86. 4 93 7 99. 0 108 3 99. 0 101.2 103.4 106. 0 109.0 114.6 119.6 21. 2 22. 1 26. 0 28 6 28. 7 34. 1 39 4 43. 3 50 6 53. 6 58 4 53.3 57.8 60.2 55.7 53. 9 63.8 66.6 110. 4 123. 2 137. 5 151. 0 167. 3 191. 5 215. 4 231. 6 251 8 283. 0 309 8 288. 6 294.8 296.5 304.9 314. 9 322.8 3312 Source: Department of Commerce, Bureau of Economic Analysis. Final sales 926. 2 978. 6 1, 057. 1 1 161. 7 1, 288. 6 1, 404. 0 1 539. 6 1. 692. 1 1 877 6 2, 105. 2 2 350 6 2, 139. 5 2, 214. 5 2, 272. 9 2, 296. 4 2, 381. 9 2, 45 1. 4 2, 516. 0 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Period Personal conGross national sumption product expenditures Gross private domestic investment Exports of goods and services Change in busi"NT*** INcl/ Exports Imports ness in- exports ventories Nonresidential fixed Residential fixed 655. 4 114 3 668. 9 110. 0 691. 9 108. 0 733.0 116. 8 767. 7 131. 0 760.7 130. 6 774 6 113. 6 820. 6 119. 0 861. 7 129.3 900. 8 . 140. 1 9245 148. 8 43. 2 40. 4 52. 2 62.0 59.7 45.0 38.8 47.8 57.7 60. 1 56.7 10. 6 43 6.6 9.4 16. 5 8.0 -9.8 6.6 13. 1 14 1 9.7 -1.3 1.4 -. 6 -3. 3 7.6 15. 9 22.6 15. 8 10.3 11.0 17.6 III- 1, 407. 3 IV.. 1, 426. 6 905. 3 920.3 141.6 145.5 60.2 60.0 12.2 12. 0 1, 430. 6 1, 422. 3 1, 433. 3 1, 440. 3 921.8 915.0 925.9 935.4 147.2 146.9 150.7 150.5 57.7 56.7 56. 5 55.8 1980:1"... 1, 442. 6 936.0 152. 1 52.0 1969 . _ 1, 078. 8 1, 075. 3 1970 1, 107. 5 1971-. 1972 1, 171. 1 1973 .__ _ 1, 235. 0 1, 217. 8 1974 1, 202. 3 1975 1, 273. 0 1976 . 1, 340. 5 1977 1978 - __ 1, 399. 2 1, 431. 6 1979 1978: 1979: I— _ II— III__ IV_. Government purchases of goods and services State and local Final sales Total Federal 119.9 63.5 65. 7 68.5 75. 9 79.9 77. 1 67.5 80.4 88.2 97.9 102.3 256.7 250.2 249. 4 253. 1 252. 5 257.7 262.6 263.3 268. 5 273.2 2743 121.8 110. 7 103.9 102. 1 96. 6 95.8 96. 5 96.4 100.6 98. 6 99.4 134 9 139. 5 145. 5 151.0 155. 9 161.8 166. 1 166.9 167.9 174 6 174 9 1, 068. 2 1, 071. 0 1, 100. 9 1, 161. 7 1, 218. 5 1, 209. 9 1, 212. 1 1, 266. 4 1, 327. 4 1, 385. 1 1, 421. 9 13.3 12.9 111.9 113.8 98.5 101.0 2747 276.0 98.5 99.3 176.2 176.6 1, 395. 1 1, 414 6 12. 3 18. 1 7. 1 1.4 17.0 13.2 20. 1 20. 1 117.0 116.0 122.2 1243 100.0 102. 9 102. 1 104 1 2747 272.4 273. 1 277. 1 101. 1 98. 1 97.4 101. 1 173.6 174.3 175. 6 176.0 1, 418. 4 1, 404 1 1, 426. 2 1, 439. 0 -1.9 24.3 130.0 105.6 280.0 104.3 175.7 1, 444 5 62.2 67. 1 67.9 72.7 87.4 93.0 90.0 96. 1 98.4 ioa9 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Personal consumption expenditures Gross national product Period Total Gross private domestic investment NonresNonDurable durable Services idential goods fixed goods Residential fixed Exports and imports of goods and services Government purchases of goods and services Exports Imports Federal State and local 86.72 91. 36 96. 02 100. 00 105. 80 116. 02 127. 15 133. 71 141. 70 152. 05 165. 46 88.5 92.5 96.6 100.0 105.5 116.9 126.4 132. 8 140.4 150. 0 163.3 93. 1 95. 5 99.0 100.0 101.6 108. 4 117.7 124. 3 129.4 136. 5 144 8 89.4 93.6 96.6 100.0 107.9 123.8 133.4 138. 1 144 7 1546 171.0 86. I 90.5 95.8 100.0 1047 113.6 123.2 131.2 140. 7 150.9 163.4 86.6 91.3 96.4 100.0 103.8 115.3 132.2 138.5 146.6 157.8 171.3 87.7 90.6 949 100.0 110.8 122.3 132.8 142. 5 159.3 179.7 201.4 87.9 93. 1 96.6 100.0 116. 2 148.3 163.6 169.9 178.7 190.3 2148 83.3 89. 1 93.5 100.0 118.2 171.0 188.0 193.3 210.7 222. 1 256.2 80.0 86. 4 92.6 100.0 105.8 115.9 127.5 1346 143.6 154.8 167.6 81.9 88.3 94.5 100.0 107.3 118.4 129.7 138.8 150.0 162. 1 177. 1 1978: III IV 153. 45 156. 68 151.3 153.8 137.9 139. 4 155.7 158.6 152.3 155.0 159.6 162.3 183. 1 189.5 191. 1 197.6 223.9 227. 2 1546 160. 1 163.8 166.9 1979: I... 160. 22 163. 81 167. 20 170. 58 157.8 161.3 165. I 169.0 142.4 144 1 145.3 147.4 164. 1 168.9 173.2 177.6 158.0 161.0 165.3 169.2 165.4 169.6 173.8 176.2 192. 6 199.2 205.5 208.7 203.9 210. 1 218.7 225.7 2345 244.9 264.0 280.8 161.9 1648 167.2 176.4 170.8 1749 179. 3 183.5 174 42 174.0 151.5 1843 173.2 179.7 212.7 2340 301.2 178.6 188.4 1969 1970 1971 1972 1973 _ 1974 1975 1976 1977 1978 1979 . _ . IIIII IV 1980: I" Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GMP AND GNP PRICE MEASURES IPercent from previous period; quarterly at seasonally adjusted annual national product Constant (1972) dollars Current dollars Period - .^~ ______„„ - —— .. — _ —_ —. _ . — 4.4 2. 6 —- 3 ?. 0 £7 5.5 — 1.4 -1.3 5.9 p; ^ 9.1 7,7 5. 0 8* 2 Ti10! if, ,t^H 1.L «5 11.6 12, 0 11. 3 10.9 14. 8 1C, 6 1977 III IV I II III IV T -9 „ _ Implicit price deflator If 3.5 5. 6 6.7 ll. y i<r< & — 2, 3 10,0 .6 2! 6 NOTE.—Annual changes from previous year quarter. Fixedweighted price index (1972 weights) Chain price index 4. 5 5.0 5. 4 4. 1 5. 8 a7 9,6 5. 2 6. 0 7. 3 a3 7. 2 8.7 9.3 9. 3 8. 5 a4 &3 as 5. Q 4. 1 6.0 9. 9 9.4 5. 6 6. 3 7.4 8.9 8. 2 8.6 9.7 8.8 8. 9 8.5 a6 Constant (1972) dollars Current dollars 4.3 5.0 5.2 4.9 4.0 4.4 5. 0 4.4 2.6 -.3 2.8 9. 1 7.8 5.0 ai ao as 5. 6 6. 4 7.5 9.3 8.3 8.9 9.9 9.5 10. 0 9.4 10.9 4.5 5. 1 6. 3 5. 1 4. 1 5.7 5. s 10, 1 11.5 7. 9 8.5 11. 2 11.5 12. 0 11. 2 11. 1 14.8 10. 1 6.9 11. 5 10.7 9.9 10.2 Implicit price deflator 5.4 — 13 -1. 1 5. 7 5.3 44 2.3 3. 6 5.6 .9 -2. 1 3.2 2.4 .§ as 9.7 5. 1 5.9 7.3 8.7 7.2 8. 7 9. 1 9.2 8.0 8. 1 8.9 Source: Department of Commerce, changes from Chain price index 4.4 5. 0 5.3 ao 41 5.9 9. 6 9.4 5. 6 6.2 7. 4 8. 8 8.2 8.7 9.6 8.7 8,4 ai 9.2 Fixedweighted price index (1972 weights) 44 5.0 5.2 4.9 40 5.9 9. 9 9.3 5.6 6.4 7.5 9.3 8.3 8.9 9. 9 a4 9.6 9. 1 10.6 of Economic Analysis. BUSINESS—OUTPUT, roi Gross domestic domestic product zfi seasonally Cu?r8Di>do!lar cost rates] per 1 of Tir; ''D €ix"Cl} C-'f iio'j3"i3a:ceial corporate business (^ billions of Psriod Uapitaj •eonComsiiiaptlon penTotal allowances Indirect sation cost business of and with 3 employprofit * capital ees con- adjustments Net interest Total Profits tax liability Profits after4 tax Current dollars 1972 dollars 498. 4 5418 560.6 602. 5 ___ 671. 0 752.0 1974 808, 8 874 1 1975.. 1976- _ __ 988.0 1977_ _ _ J, 106. 3 197S__ 1, 246. 9 ».._.__ 1, 387, 7 1978:111.. 1, 267. 9 IV... 1,314. 1 1979:1 1, 346. 4 II.... 1, 370. 4 Ill _ 1, 401. 3 IV».. 1, 432. 9 581.6 607. 3 600. 6 619.3 671.0 720.4 695. 0 680.0 730.4 770.7 818.7 844. 1 826. 3 841.4 846.6 841.0 842.4 846.3 0.857 .892 . 9S3 .973 I. 000 1. 044 1. 164 1. 285 1. 353 1436 1. 523 1. 644 1.535 1.562 1.590 1. 629 1.664 1. 693 0. 074 .079 .088 . 094 .093 .095 . 116 . 142 . 146 . 151 . 155 . 167 . 155 , 155 . 158 . 165 . 170 . 175 0.089 . 094 . 103 . 110 . 110 . 112 . 123 . 136 . 137 . 140 . 143 . 150 . 142 . 143 . 145 . 148 . 151 . 154 0.553 .589 . 628 . 645 .661 . 699 . 796 .848 .890 . 951 1. 020 1. 115 1.024 1. 042 1. 075 1. 104 1. 127 1. 152 0. 017 .022 .028 .029 . 028 .032 .043 . 045 .042 .043 . 048 .056 .049 .050 . 052 . 054 .057 . 060 0. 124 . 109 .086 .095 . 107 . 105 . 086 . 113 . 138 . 151 . 157 . 157 . 163 . 171 . 161 . 159 . 157 . 153 0. 058 .055 . 045 ,048 .050 ,055 . 061 . 060 .072 . 077 .084 ,089 .086 .093 .088 , 085 .091 . 092 0. 066 .055 .041 . 046 ,057 .050 . 024 . 053 .066 .074 . 073 .068 .077 .078 .072 .074 .066 .061 I *>_._ 1, 468. 9 847.5 1. 733 . 179 . 161 1. 182 . 064 . 146 .097 .047 -_ 1 adjustment Output is measured by gross domestic product of nonfinaneial corporate business in 1972 dollars. a This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left. »Indirect business tax and nontax liability plus business transfer payments less subsidies. Compenper sation per hour hour of ail employ- of ail employees (1972 ees dollars) Output 7. 110 7. 137 7. 139 7.377 7, 608 7.767 7. 480 7.720 7.967 8. 052 8. 129 8.097 8. 165 8. 188 8. 145 8. 086 8.081 8.071 3.931 4. 197 4.482 4.758 5.032 5.431 5. 951 6.549 7.092 7.654 8.288 9.024 8.365 8.529 8.755 8.926 9. Ill 9.295 4 With inventory valuation and capital consumption adjustments. Note.—Data for output per hour and compensation per hour revised beginning 1968. Sources: Department of Commerce (Bureau of Economic Analysis) and D®partment of Labor (Bureau of Labor Statistics). 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period Compensation of employees! Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest 1973 1974 1975 1976 1977 1978 1979 767.9 798.4 858. 1 951.9 1, 064. 6 1, 136. 0 1, 215. 0 1, 359. 8 1, 525. 8 1, 724. 3 1, 924. 8 571.4 609.2 650. 3 715. 1 799.2 875. 8 931. 1 1, 037. 8 1, 156. 9 1, 304. 5 1, 459. 2 13.9 13.9 14.3 18.0 32. 0 25.4 23.5 18.3 19.6 27. 7 32. 8 52. 3 51.2 53.4 58. 1 60.4 60.9 63.5 71.0 80.5 89. 1 98. 0 18. 1 18. 6 20. 1 21. 5 21.6 21.4 22. 4 22. 1 24. 7 25.9 26.9 81.4 67.9 77. 2 92. 1 99. 1 83. 6 95. 9 126.8 150.0 167.7 178.2 77.9 66. 4 76.9 89. 6 97.2 86.5 107. 9 141. 3 162.0 180.8 194.9 83.4 71.5 82.0 96.2 115.8 126.9 120. 4 156. 0 177. 1 206.0 236.6 -5. 5 5. 1 -5.0 -6.6 -18.6 -40. 4 -12.4 14. 6 -15. 2 -25. 2 -41.8 3.5 1.5 .3 2.5 1.9 -2.9 — 12. 0 -14.5 -12. 0 -13. 1 -16.7 30.8 37.5 42.8 47.0 52. 3 69.0 78.6 83.8 94. 0 109.5 129. 7 1978: III IV 1, 752. 5 1, 321. 1 1, 820. 0 1, 364. 8 26. 1 31.3 91.3 94.4 26.8 27. 1 175.2 184.8 189. 0 198.6 212. 0 227.4 -23.0 -28. 8 -13. 8 -13.8 111.9 117.6 1979: 1 IIIII .. IV _ __ 1, 869. 0 1, 897. 9 1, 941. 9 1, 990. 4 1,411.2 1, 439. 7 1, 472. 8 1, 513. 2 34.2 33. 7 30. 9 32.5 94. 8 95.5 99.4 102. 1 27.3 26.8 26.6 27. 0 178.9 176.6 180.8 176.4 193.3 191. 3 198. 3 196. 5 233.3 227.9 242.3 243.0 -39.9 -36.6 -44. 0 -46.5 - 14. 5 -14.7 -17. 6 -20. 1 122.6 125. 6 131.5 139. 2 2? 031. 4 1, 554. 6 27.5 102.3 27.0 171.8 193.9 257. 1 -63.2 -22. 1 148. 1 1970 1971 I" * Source: Department of Commerce, Bureau of Economic Analysis. employer contributions for social insurance. (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES of dollars except as noted; quarterly data at seasonally adjusted annual rates] Nondurable goods Durable Total personal consumption expenditures Total durablel goods Motor vehicles and parts 579. 7 618.8 668.2 733. 0 809.9 889. 6 979. 1 1, 089. 9 1, 210. 0 1, 350. 8 1, 509. 8 85.5 849 97. 1 111.2 123.7 122.0 132.6 157.4 178.8 200. 3 213.0 37.7 349 43.8 50.6 55. 2 48.0 53.4 70.0 81. 6 91. 2 91. 5 35.0 36.7 39. 4 44 8 50. 7 54 9 58.0 64 0 70.9 77.6 85.6 247. 0 264 7 277. 7 299. 3 333. 8 376.3 408.9 443. 9 481. 3 530. 6 596.9 1, 369. 3 1, 415. 4 203.5 212. 1 92.4 94. 9 78.9 82. 7 1, 454. 2 I II 1, 475. 9 III ..__ 1, 528. 6 IV .... 1, 580. 4 213. 8 208.7 213.4 216. 2 97. 7 89. 1 89.8 89.4 1, 628. 7 220.4 93.5 Period 1971 1974 _ 1978 1979 III IV _ 1 not Furniture and household equipment Total nondurable1 Retail of passenger (millions of Services Clothing and shoes Gasoline oil 126. 1 136.3 140. 6 150.4 168. 1 189. 8 209. 6 227. 1 246. 7 271. 7 302.0 45. 1 46. 6 50.5 55. 1 61. 3 65.3 70. 1 75.9 82. 4 91. 2 99. 2 20.4 22. 0 23. 4 249 27. 8 36. 4 39.5 42. 9 46.7 50. 9 65. 1 247. 2 269. 1 293.4 322. 4 352. 3 391.3 437. 5 488.5 549.8 619. 8 699. 8 8.5 7. 1 8. 7 9.3 9. 7 7.5 7. 1 8.6 9. 1 9. 3 8. 3 1. 1 1.3 1.6 1.6 1.8 1. 4 1. 6 1.5 2. 1 2. 0 2.3 536.7 558. 1 274 5 283. 9 92. 7 96. 8 51.5 55,0 629. 1 645. 1 9.4 9. 3 2. 0 1.9 82. 1 84. 2 87.3 88. 9 571. 1 581. 2 604.7 630. 7 292. 9 296. 7 303. 1 315. 6 95.5 96.9 101.0 103. 6 58. 4 60.2 68.3 73.4 669. 3 686.0 710.6 733. 5 9. 3 8. 1 8.6 7.5 2.3 2. 5 2.2 2.4 88.0 650.6 322.5 102.6 84.0 757.8 7.9 2.8 Food DoImmes- ports tics . Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income rose $0.5 billion (annual rate) in April, following an increase of $14.0 billion in March. Wages and salaries, which had risen $9.3 billion in March, fell $7.6 billion in April. BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 2,000 2,000 1,800 1,600 1,800 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 OTHER INCOME 400 400 TRANSFER PAYMENTS 200 200 160 160 120 120 100 100 80 i i I i i i ii 60 1973 1972 1974 1975 1978 1977 1976 1979 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period 1972 .__ . 1973 1974 1975 1976. _ 1977— 1978 1979 1979: Apr May June July._._ Aug Sept Oct Nov Dec 1980: Jan.. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at 3 Wage and Other Proprietors' income Total labor personal salary income disburseincome12 Farm Nonfarm 1 ments 942.5 1, 052. 4 1, 154. 9 1, 255. 5 1, 381. 6 1, 531. 6 1, 717. 4 1, 924. 2 1, 880. 7 1, 891. 6 1, 905. 1 1, 933. 2 1, 946. 5 1, 960. 1 1, 981. 2 2, 005. 5 2, 028. 3 2, 046. 5 Feb 2, 055. 6 Mar p9 _ _ 2, 069. 6 Apr 2, 070. 1 633.8 701.3 764.6 805. 9 890.0 984. 0 1, 103. 3 1, 227. 6 1, 205. 9 1, 210. 8 1, 220. 5 1, 229. 8 1, 236. 5 1, 247. 9 1, 257. 4 1, 271. 3 1, 282. 9 1, 292. 6 1, 303. 8 1, 313. 1 1, 305. 6 42. 0 48.7 55.6 65. 1 77.4 91.8 106.5 122.7 118.9 120. 3 121. 8 123.3 124.9 126.4 128.0 129. 6 131.2 132.8 134. 4 136.0 137.6 18. 0 32.0 25.4 23. 5 18.3 19. 6 27.7 32.8 34.3 33.5 33.4 32. 8 31. 0 28.8 31. 0 33.0 33.4 31.3 27.3 24.0 21.8 58. 1 60.4 60. 9 63. 5 71.0 80. 5 89. 1 98.0 95.2 95. 5 95.8 97.9 99.5 100. 9 101. 1 102. 1 103.0 103.9 102. 3 100.6 100.4 * The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. * Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 8 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. 60 1980 seasonally adjusted annual rates] Rental income of persons 4 21. 5 21. 6 21.4 22.4 22. 1 24. 7 25. 9 26.9 26.0 27. 1 27.2 27.3 27.3 25. 0 26.8 27. 0 27.2 27.2 26.6 27.2 27.4 Dividends 24. 6 27. 8 31.0 31. 9 37.5 42. 1 47. 2 52.7 51. 9 52.5 52. 6 52.5 52.7 53. 0 53.6 54. 2 55.2 55.8 56.6 57.5 58. 1 Less: PerNonPersonal Transfer sonal confarm pay- 5 tributions personal interest income ments for social income 6 insurance 74.6 84. 1 103. 0 115. 5 127.0 141.7 163. 3 192. 1 185.8 187.5 189.4 191.8 194.4 197. 1 200.7 205. 4 210.3 214. 5 218. 1 221. 1 225. 0 104. 1 118.9 140.8 178. 2 193.8 208. 4 224. 1 252. 0 242.3 243.9 244.7 258.5 261. 2 262.7 264. 8 265.9 268.8 275.0 273.5 275.8 279.0 34.2 42. 2 47.7 50. 5 55.6 61. 3 69. 6 80. 7 79.5 79.7 80.2 80.8 81. 0 81. 7 82. 2 83.0 83.6 86.7 87.1 85.9 84.9 917.3 1,011.9 1, 119. 3 1, 220. 8 1, 350. 6 1, 498. 1 1, 674. 2 1, 873. 4 1, 828. 8 1, 840. 3 1, 853. 7 1, 882. 3 1, 897. 3 1, 913. 1 1, 931. 8 1, 953. 9 1, 976. 1 1, 995. 9 2, 008. 8 2, 025. 8 2, 028. 3 5 Consists mainly of social insurance benefits, direct relief, and veterans payments. 8 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income declined slightly in the first quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) SCALE) 10,000 9,000 4,000 4,000 3,000 3,000 1980 1972 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Less: Per: sonal Equals Dispostax Perable and sonal perincome non-- sonal tax income payments COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Per capita disposable personal income Equals : Personal saving Current dollars 859. 1 942.5 1, 052. 4 1, 154. 9 1, 255. 5 1, 381. 6 1, 531. 6 1, 717. 4 1, 924. 2 116.3 141.2 150.8 170.3 168.8 197. 1 226.4 259. 0 299.9 1 1 1 1 1 Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Populadispostion able (thou-2 persands) sonal income Dollars Billions of dollars 1971 1972 1973 1974 1975 1976__ 1977 1978. _ _ . 1979 1972 dollars Per capita personal consumption expenditures 685.5 742.8 801.3 751.9 831.3 901. 7 913. 0 984.6 086. 7 1, 003. 0 184.5 1, 115. 9 305. 1 1, 240. 2 458. 4 1, 386. 4 624. 3 1, 550. 5 57.3 49.4 70.3 71.7 83. 6 68.6 65.0 72.0 73.8 3,588 3,837 4,285 4, 646 5,088 5,504 6,017 6,672 7,367 3, 714 3,837 4,062 3,973 4,025 4, 144 4,285 4,449 4,512 3,227 3, 510 3,849 4, 197 4,584 5, 064 5,579 6, 179 6,848 3,342 3,510 3,648 3,589 3,627 3,813 3,973 4, 121 4,193 2.6 3.3 5.9 -2.2 1.3 3. 0 3.4 3.8 1.4 7.7 6.2 7.8 7.3 7.7 5.8 5.0 4.9 4.5 207,053 208, 846 210, 410 211, 945 213, 566 215, 203 216, 898 218, 594 220, 464 Seasonally adjusted annual rates 1978: III.. 1, 742. 5 266.0 1, 476. 5 1, 405. 6 IV. . 1, 803. 1 278.2 1, 524. 8 1, 453. 4 70.9 71.5 6,748 6,954 4,461 4,522 6,258 6,455 4, 137 4, 197 3.3 5.6 4.8 4.7 218, 814 219, 286 1979: I _ _ _ . 1, 852. 6 280.4 IL._ 1, 892. 5 290.7 III... 1, 946. 6 306.6 IV— 2, 005. 0 321.9 1, 493. 0 1, 515. 8 1, 569. 7 1, 623. 4 79.2 85.9 70.3 59.7 7,157 7,275 7,430 7,606 4,536 4,510 4,501 4,502 6,619 6,704 6,926 7, 142 1.2 -2.3 -.8 .1 5.0 5.4 4.3 3.5 219, 690 220, 166 220, 715 221, 285 1980: IP.. 2, 057. 2 321.0 1, 736. 2 1, 672. 1 64.2 7,829 4,499 7,344 4, 196 4, 156 4, 195 4,227 4,221 -.3 3.7 221, 765 1 1, 572. 2 1, 601. 7 1, 640. 0 1, 683. 1 Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 2 Includes Armed Forces abroad. Annual data are for July 1 through 1973 and are averages of quarterly data beginning 1974. Quarterly data are average for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the first quarter, according to revised estimates/ net farm income before inventory adjustment fell $1.3 billion (annual rate), while income after inventory adjustment fell $4.8 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) I 200 200 100 100 GROSS FARM INCOME_ BEFORE INVENTORY ADJUSTMENT 80 80 60 60 40 40 NET FARM INCOME AFTER INVENTORY ADJUSTMENT 20 20 #»***»«^ V. •»*l^ 10 1973 1972 * SEASONALLY 1974 1975 1979 1978 1977 1976 1980 ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE.- DEPARTMENT Of AGRICULTURE [Quarterly data at seasonally adjusted annual rates] Income received by total farm population Income received from farming Gross income before inventory adjustment Period Cash receipts from marketings From From From all farm nonfarni sources sources sources Total » Total 1972 _ 1975 _ 34.6 48.9 45. 2 445 40.3 42.9 54.0 60.5 III .. IV.... I... II— III IV 70. 1 95.5 100. 0 96.9 104.2 107. 5 124.9 142.3 122. 2 133.4 142.2 142,7 140.5 144,1 61. 2 87. 1 92. 4 88.2 94. 8 95. 7 111. 0 128.9 109.0 118. 0 129.2 129.1 127.2 130.4 I *_._ 147. 1 132.7 1977 1978 1979 16.9 29.2 23.4 21. 9 16.8 18.0 25. 2 29.9 17.8 19.7 21.8 22. 7 23.5 24. 9 28. 8 30,5 Livestock Crops and products of dollars 35.7 25. 5 45. 9 41. 1 41.4 51. 1 43. 0 45. 1 46. 1 48.7 47.4 48. 2 59. 0 52. 1 67.2 61.7 60.4 48. 6 63.4 54. 6 69.8 59.4 67.8 61.3 65.2 62. 0 66.2 64.2 67. 5 1 by a Inventory of on 1969 is constant 1 * of at the a year; for 1979 of a for the The 65. 2 Net to farm operators Production expenses After inventory adjust-2 ment Current dollars 1967 dollars 4 Dollars 52.3 65.6 72. 2 75.9 83. 1 88.8 98. 1 113.7 97.4 103. 0 109.2 112.2 115.2 118.2 17.8 29.9 27.7 21. 1 21. 0 18.7 26. 3 28.6 24.8 30. 4 33.0 30.5 25. 3 25.9 18.7 33.3 26. 1 24.5 18.7 19. 8 27.9 33.0 26.3 31.6 36.0 34.0 29.8 32,4 6,526 11,813 9,349 8, 846 6, 823 7,301 10, 434 12, 550 9, 840 11,830 13, 690 12, 930 11, 330 12, 320 5,208 8,875 6, 330 5,488 4,002 4,023 5,340 5,770 4,980 5,860 6,590 6,040 5,130 5,400 122.5 24. 6 27.6 10, 602 4,472 in by the of of Before inventory adjustment Net income per farm after inventory adjustment 3 CORPORATE PROFITS In the first quarter of 1980, according to preliminary estimates; corporate profits before tax rose $14.1 billion (annual date) while after-tax profits rose $8.6 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 280 280 i SEASONALLY ADJUSTED ANNUAL RATES 240 240 200 200 PROFITS BEFORE TAX 160 160 120 120 PROFITS AFTER TAX 80 TAX LIABILITY 80 %11,,,«""" UNDISTRIBUTED PROFITS 40 40 1974 1972 1975 1977 1976 1978 1980 1979 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1969 1970 1971 1972 . 1973 1974. 1975 1976 1977 ... 1978 1979 1978:111 .. IV 1979:1 II III IV. 1980: I P Profits (before tax) with inventory valuation adjustment l Domestic industries Nonfinancial WholeTotal * Manu- sale Total Finan1 faccial and Total tur- retail ing trade 74.2 62. 9 36.8 11.3 77.9 10. 1 12. 6 62. 6 66.4 9.4 50. 1 27. 1 72.4 14. 1 58.2 32.4 11.7 76.9 84.7 15.4 13.3 89.6 69.3 40.6 97.2 16.2 90. 4 74.1 44. 1 14.7 76.9 14.4 86.5 36.6 12.9 62.5 101.8 48.3 20.7 107.9 13.0 88.9 133. 1 23.3 141.3 17.8 115.3 65.7 152. 1 23.8 128.3 73.5 162.0 24. 1 170.6 81.7 23.0 29.7 140.9 180.8 181.6 33.2 148.5 88.8 23.7 194.9 189.0 85. 1 25.5 178.8 30.6 148.3 32. 1 156.9 198.6 189.0 90.6 25.8 181.4 94. 1 18.6 193.3 31.9 149. 6 22.4 179.6 90.6 191.3 32.0 147.7 86.4 182.5 33.8 198.3 26.5 148.7 183.0 196.5 35.0 148.0 84.0 27.1 179.5 35. 1 144.4 193.9 * See p. 4 for profits with inventory valuation and capital consumption adjustments. »Includes rest of the world, not shown separately. 8 Profits after tax Profits before tax Tax liability Total Dividends 83.4 71.5 82.0 96.2 115.8 126. 9 120.4 156.0 177. 1 206.0 236. 6 212.0 227.4 233. 3 227.9 242.3 243.0 257. 1 39.7 34.5 37.7 41.5 48.7 52.4 49.8 63.8 72.6 84.5 92.5 87.5 95. 1 91.3 88.7 94.0 96.1 101.7 43.8 37.0 44.3 54.6 67. 1 74.5 70.6 92.2 104. 5 121.5 144.1 124.6 132.3 142.0 139.3 148.3 146.9 155.5 22.6 22.9 23.0 24.6 27.8 31.0 31.9 37.5 42. 1 47.2 52.7 47.8 49.7 51.5 52.3 52.8 54.4 56.7 Undistributed profits 21. 2 14. 1 21.3 30.0 39.3 43. 6 38.7 54.7 62.4 74.3 91.4 76.8 82.6 90.5 87.0 95.5 92.5 98.8 * Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Inventory valuation adjustment — 5. 5 -5. 1 -5.0 -6. 6 -18.6 -40.4 -12.4 -14.6 -15.2 — 25.2 -41.8 -23.0 -28.8 -39.9 -36.6 -44.0 -46.5 -63.2 GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter, business fixed investment residential construction outlays rose $2.9 billion and producers' durable Residential investment outlays fell $5.9 billion. Inventory investment amounted to $0.1 billion, from the fourth quarter level. BILLIONS OF DOLLARS 450 as non$5.1 billion. $5.5 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 400 400 350 350 GROSS PRIVATE DOMESTIC INVESTMENT V 300 300 Z 250 250 NONRESIDENTIAL FIXED INVESTMENT 200 200 150 150 „„.„»».«•»"' RESIDENTIAL FIXED INVESTMENT 100 100 ....in*"" "" " C H A N G E IN BUSINESS 50 50 INVENTORIES X — "'*.- -50 -50 1972 1973 1974 1975 1976 1977 1979 1978 1980 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Nonresidential fixed investment Gross private domestic investment Period 1969 1970 1971 1972 1973 1974 1975 1976 _ . 1977 1978 1979 1978: III IV 1979: I_ II III IV 1980: IP _ _ _ 146. 2 140. 8 160.0 188. 3 220.0 214. 6 190.9 243.0 303.3 351.5 387.2 356.2 370.5 373.8 395.4 392.3 387.2 384. 0 Structures Total 98. 9 100.5 104. 1 116. 8 136.0 150.6 150.2 164.9 189.4 221. 1 254.9 225.9 236. 1 243. 4 249. 1 261.8 265.2 273. 3 Producers' durable equipment Total Nonfarm Total Nonfarm 35.7 37.7 39.3 42.5 49.0 54. 5 53.8 57.3 62. 6 76.5 92.6 79.7 84.4 84.9 90. 5 95.0 100.2 103. 1 34.3 36. 1 37.8 41. 1 46.9 51. 8 51.3 54.7 59. 8 73.3 88.9 76.4 81. 1 81. 2 86. 8 91.4 96.3 99.4 63.3 62.8 64.7 74.3 87. 0 96.2 96.4 107.6 126.8 144 6 162.2 146.3 151.8 158.5 158.6 166. 7 165. 1 170.2 58.9 58. 1 59.9 69. 1 80. 1 88.2 87.4 97.4 116.3 132. 6 147.8 133.5 138.9 146. 1 144.5 150.0 150.4 157.2 Residential fixed investment Total 37. 9 36.6 49.6 62.0 66. 1 55. 1 51.5 68. 1 91.9 108. 0 114. 1 110.2 113.7 111.2 112.9 116.0 116.4 110.5 Nonfarm structures 36.3 35. 1 47.9 60.3 64. 3 52.7 49.5 65.7 88.8 104. 4 110=2 106.4 110.0 107.8 109. 1 112.0 112. 1 106.2 Pro- 1 Farm ducers durstrucable tures equipment 0.7 .6 .7 .7 .6 1.2 .9 1. 1 1.5 1.8 1.9 1.9 1.9 1.5 1.8 2.0 2.3 2.2 0.9 .9 1.0 1. 1 1.2 1.2 1. 1 1.3 1.6 1.9 2.0 1.9 1.9 1.9 2.0 2.0 2.1 2.2 Change in business inventories Total Nonfarm 9.4 3.8 6.4 9.4 17.9 8.9 -10.7 10.0 21. 9 22.3 1&2 20.0 20.6 19. 1 33.4 14.5 5.6 .1 9.2 3.7 5. 1 8.8 14.7 10.8 -14.3 12. 1 20.7 21.3 16.5 18.5 19. 3 18.8 32.6 12.6 2. 1 -. 1 Source: Department of Commerce, Bureau of Economic Analysis. 9 Business plans to increase capital spending 11.1 percent in 1980, according to the Commerce Department survey conducted in late January and February. Spending in 1979 was 15.1 percent above 1978. BILLSONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 40 40 20 20 1972 1974 1973 1975 1976 1977 1978 1979 1980 J/ SEE FOOTNOTE 4 BELOW, SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Starts of plant and equipment projects s Expenditures for plant and equipment Manufacturing Period Total i 88.44 99. 74 112. 40 112.78 120. 49 135. 80 1977 . 153. 82 1978 _ 177. 09 196. 78 165. 94 1979: I 173. 48 II— III 179. 33 186. 95 IV I41 189. 49 II -.- 193. 83 2nd 4 half __ 201. 44 1972 _ 1973.. 1974 1975 Total Nonmanufacturing Durable goods Nondurable goods Total 15. 64 19.25 22. 62 21. 84 23.68 27.77 31.66 38. 23 44*63 34. 00 36.86 39.72 41. 30 15.72 18.76 23. 39 26. 11 28. 81 32.39 35. 96 40. 69 45.57 37.56 39.56 40.50 43.88 57. 09 61.73 66. 39 64. 82 68.01 75.64 86. 19 98. 17 106. 68 94. 38 97. 06 99. 12 101. 76 2. 42 2.74 3. 18 3. 79 4. 00 4. 50 4. 78 5.56 6.20 5.46 5.31 5.42 6. 06 5.72 6. 03 6. 66 7.57 7.45 6.93 8.05 10. 12 11.77 10.08 9. 71 10.29 10. 74 17.00 18. 71 20. 55 20. 14 22. 28 25.80 29.48 32.56 S3. 72 32.35 33.24 33. 33 31. 52 Communication Commercial and 2 other Manufacturing 35. 21 47.57 52.49 48. 24 51. 05 66. 73 72.44 87. 30 28.60 38. 13 45.74 34. 50 29.66 32. 54 34. 93 21. 70 21.98 19.56 20. 87 24. 71 3.27 5. 75 8.00 4. 13 31. 35 38.01 46. 01 47.95 52.48 60. 16 67. 62 78. 92 90,20 71.56 76.42 80. 22 85. 19 85.80 89.02 44*63 42. 60 43. 21 44. 38 103. 69 104. 82 6. 49 5.97 12. 00 11. 58 33. 23 S3. 56 20.07 21. 40 22. 05 20. 60 20.99 22.97 25.71 29. 35 32. 68 27.73 28.51 29.66 30. 72 61. 97 53. 71 92. 65 45.62 47. OS 108. 80 6. 23 11. 79 S3. 98 56. 80 1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates, mainly because those data include investment by farmers, professionals, nonprofit institutions, and real estate firms, and certain outlays charged to current account. Trans- Public Mining porta- utilities tion 2 11.89 12.85 13. 96 12.74 13. 30 15.45 18. 16 20. 56 22. 20 18.75 20. 29 20. 41 22.71 Public utilities Includes trade, service, construction, finance, and insurance. » Starts are estimated by adding changes in carryover to expenditures during given period. * Planned capital expenditures as reported by business in late January and February 1980. Plans are adjusted when necessay for systematic bias. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 502,000 in April while unemployment rose 827,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 110 110 SEASONALLY ADJUSTED 100 100 CIVILIAN LABOR FORCE 90 90 EMPLOYMENT 80 10' i UNEMPLOYMENT i I i i i I i i i i i I i i i i i I i i i i I. 1972 1973 i ii iIiiiii 1974 i iiiiIii iii i i i i i ii ii ii i i i iiIi iii 1976 1977 1978 1975 II I I | I I ! I 1979 *16 Y E A R S OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR Period Noninstitutional population 1980 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Unemployment Civilian employment Total labor Nonagricultural ork 15 VylVIlIH.Il Oivilian Unem- force p;,,;i: Part-time Total weeks Agriemploy- ploy- (includ- labor Total ecoculand ment ing force ment Total for nomic 1 tural over Armed reasons Forces) 2,709 5,076 937 85, 935 5, 076 93, 240 91, Oil 85, 935 3,492 82, 443 3,490 7,830 2,483 84, 783 7,830 94, 793 92S 613 84, 783 3,380 81, 403 3,272 7,288 2,339 87, 485 7, 288 96, 917 94, 773 87, 485 3,297 84, 188 3,297 6, 855 1,911 90, 546 6, 855 99, 534 97, 401 90, 546 3,244 87, 302 3,216 6,047 1,379 94, 373 6,047 102,537 100, 420 94, 373 3,342 91, 031 3,281 5, 963 1,202 96, 945 5, 963 104, 996 102, 908 96, 945 3,297 93, 648 Labor force participation rate (percent) z A\ 0 61. 8 61. 8 62. 1 62. 8 63.7 64. 2 1974 _ _ 1975 1976 1977 1978* 1979. 150, 827 153,449 156, 048 158, 559 161, 058 163, 620 1979: Apr__ May_ June_ July_ Aug_ Sept_ Oct.. Nov_ Dec_ 163,008 163,260 163,469 163, 685 163, 891 164, 106 164, 468 164, 682 164, 898 95, 675 96, 220 97,917 98, 891 98, 226 97, 576 98, 158 97, 943 98, 047 5,561 5, 253 6,235 6, 104 6, 137 5,798 5, 781 5,776 5,836 104, 280 104, 476 104, 552 105, 175 105, 218 105, 586 105, 688 105,744 106, 088 102, 102, 102, 103, 103, 103, 103, 103, 103, 198 398 476 093 128 494 595 652 999 96, 254 96, 495 96, 652 97, 184 97, 004 97, 504 97, 474 97, 608 97, 912 3,215 3,246 3,243 3,267 3, 315 3,364 3,294 3,385 3,359 93, 039 93, 249 93, 409 93, 917 93, 689 94, 140 94, 180 94, 223 94, 553 3,279 3,283 3,284 3,274 3,298 3, 167 3,315 3, 392 3,519 5,944 5,903 5,824 5,909 6, 124 5, 990 6, 121 6, 044 6,087 1,223 1, 212 1, 152 1,067 1, 185 1, 152 1, 195 1, 191 1,230 64. 0 64.0 64. 0 64.3 64.2 64.3 64.3 64.2 64.3 1980: Jan_. Feb.. Mar__ Apr__ 165, 165, 165, 165, 96, 145 96, 264 96, 546 96, 566 7,043 6,993 6,805 6,846 106, 310 106, 346 106, 184 106,511 104, 104, 104, 104, 229 260 094 419 97, 97, 97, 97, 3,270 3,326 3,358 3,242 94, 534 94, 626 94, 298 93, 912 3,513 3, 406 3,418 3,816 6,425 6, 307 6,438 7,265 1,334 1,286 1,363 1,629 64.4 64.3 64.2 64. 3 Seasonally adjusted Unadjusted 101 298 506 693 J Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc. 3 Total labor force as percent of noninstitutional population 16 years of age and over. *Beginning 1978, data not strictly comparable with earlier data because of 804 953 656 154 revisions in the household survey, which added about 250,000 to labor force and to employment. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In April the seasonally adjusted unemployment rate rose to 7.0 percent from 6.2 percent in March. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 20 TEENAGERS (16-19) 1976 1980 * UNEMPLOYMENT AS PERCENT OF C 1976 1977 1978 1979 COUNCIL OF ECONOMIC ADVISERS of Total (all civilian workers) Period 1974 1977 1979 „ _ June July Aug Sept... Oct Nov Dec_ _ „„ Jan Feb „ _ 1 aoiiiic as lost by of ___ unemployed By sex Men 20 years and over in By By Worn CD 20 years and over Both sexes 16-19 years White Experienced Housewage and hold and other salary heads workers Fulltime workers Parttime workers Labor force time lost (per- 1 5. 5 8. 0 7. 4 7. 0 6.0 5.7 16. 0 19. 9 19.0 17.7 16.3 16. 1 5. 0 7.8 7.0 6.2 5. 2 5. 1 9. 9 13. 9 13. 1 13. 1 11.9 11. 3 5.3 8. 2 1. 3 6.6 5.6 5. 4 3. 3 5. 8 5. 1 4.5 3.7 3.6 5. 1 8. 1 7.3 6.5 5.5 5. 3 ae 10.3 10. 1 9. 8 9. 0 8. 7 ai 7.7 7.0 6.0 5.8 3. 8 6. 7 5. 9 &2 4.2 4 1 5.8 5. 8 5. 7 5.7 5.9 5.8 5.9 5. 8 5.9 4. 0 3. 9 4. 0 4. 1 4.2 4. 2 42 4. 3 4. 2 5.7 5.7 5.7 5.5 5. 8 5. 5 5.7 5.6 5.7 16. 3 16. 5 15. 4 15.8 16. 6 16. 2 16. 4 15.9 16.0 5.0 5. 0 4. S 5.0 5. 3 5, 1 5. I 5. I 5. 1 11. 7 11. 5 11. 2 11. 0 11. C 1C. 8 11. 5 10. § .il. O 5.4 5.4 5. 3 5.4 5. 7 5. 5 5.6 5.5 5. 5 3.6 3.4 3.5 3.6 3. 7 3. 7 3.8 3.8 3.7 5.3 5.2 5.2 5.3 5. 4 5. 3 5.4 5. 4 5. 4 8.7 9.3 8.6 8.3 8,8 8.4 8.9 8.3 8. 5 6.4 6.3 6.3 6. 4 6.4 6. 2 6. 4 6.4 6.4 6.2 6.0 6.2 7. 0 4. 7 4. 6 4. 9 5. 9 5.8 5.7 5.7 6. 3 16. 3 16. 5 15.9 16. 2 5. 4 5.3 5.4 6. 2 11. 8 11, 5 11.8 12.6 5. 8 5. 7 5.9 6.7 4. 2 4. 0 43 4. 9 5. 7 5.6 5,8 6.6 8. 7 8.9 8.3 8. 9 6. 7 6. 6 8 8 7.5 5.6 a5 _ _ _. . ..... _ - . _ 1980 LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR on for of Labor, Bureau- of Labor Statisticts. 8. I 8.3 7. § 6.5 6. 3 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April, the percentage of unemployed persons who were job losers and job leavers rose, while the percentage who were new entrants and reentrants fell. PERCENT DISTRIBUTION 5 * PERCENT DISTRIBUTION* DURATION OF UNEMPLOYMENT 60 40 - 15-26 WEEKS 20 20 27 WEEKS AND OVER 1976 1977 * SEASONALLY 1976 1980 1977 1978 1979 1980 ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Percent distribution of unemployment by reason l Period Unemployment (thousands) Job losers Job Reenleavers trants New entrants Percent distribution of unemployment by duration l Less than 5 weeks 5-14 weeks 15-26 weeks 27 weeks and over State programs Insured unemployment, all Insured unem- Initial regular pro- 2 ploy- claims ment (unadjusted) Special unemployment benefits claims (unadjusted) Weekly average, thousands 1975 1976... _ 1978 1979.... _ Apr... May.. June.. July.. Aug... Sept.. Oct... Nov_. Dec... Jan... Feb... Mar._ Apr.. 7 ? 830 7,288 6,855 6,047 5,963 5,944 5, 903 5,824 5,909 6, 124 5,990 6,121 6,044 6,087 6,425 6, 307 6,438 7,265 55.4 49. 8 45. 2 415 42.8 42.4 40.0 41.9 43. 1 44. 0 43.7 44. 5 45.4 44. 3 46.9 45. 9 47,3 49.8 10.4 12. 2 13. 0 14 1 14.3 14.2 16.0 14.7 14. 4 14. 4 13.7 13.6 14 1 13. 0 12.2 12. 8 12.2 12.8 23. 8 26. 0 28. 1 30.0 29.5 29.9 30.0 30.0 30. 1 29. 4 29. 2 28.7 28.3 28.8 28.2 28.2 28.0 27. 1 10.4 12. 1 13. 7 14. 3 13. 4 13.5 14.0 13.4 12.4 12.2 13.3 13. 1 12.3 13.9 12. 7 13. 1 12.5 10.3 37. 0 38.3 41.7 46.2 48. 1 48. 1 47.4 49.3 48.4 52.0 46. 6 48.3 48.8 47.7 49. 6 47. 1 45.9 45. 1 31.3 29.6 30.5 31.0 31,7 31. 5 32.2 31.0 33.2 28.5 34. 1 32. 1 31.3 32. 2 29. 7 32.7 33.2 32.6 3 FSB Source: 15.2 18.3 14.8 10.5 8. 7 9.0 8.5 8.5 7.8 8.7 8. 5 8.5 8.9 8.5 8.4 7. 8 9.0 9.2 16.5 13.8 13. 1 12.3 11.5 11.5 11.8 11.2 10.6 10. 8 10. 8 11. 1 11.0 11.6 12.4 12.4 119 13. 0 3,986 2,991 2,655 2,359 2,460 2, 381 2 5 307 2,320 2,407 2,492 2,488 2,540 2,643 2, 631 2? 729 2, 685 2,857 3,204 478 386 375 346 388 433 355 380 390 394 394 402 405 416 414 389 455 574 4,937 3,846 3,308 2,645 2,619 2 3 610 2, 230 2, 119 2, 429 2,377 2, 164 2, 236 2, 559 3,047 3, 740 3,730 3,652 3,627 1, 173 1, 152 572 SUA. 1975. of of 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell 479,000 in April. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 22 90 WHOLESALE AND RETAIL TRADE 20 80 ALL NONAGRICULTURAL ESTABLISHMENTS 18 70 16 SERVICE-PRODUCING INDUSTRIES 60 22 MANUFACTURING 50 20 40 GOODS-PRODUCING INDUSTRIES CONSTRUCTION 30 20 1976 1977 1979 1978 1980 1977 1976 1979 1978 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 1980 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 seasonally adjusted] Goods-producing industries Total nonagricultural employ- Total 2 ment Period 1974___ 1975 1976 1977 _ 1978 1979 _ Construction Service-producing industries Trans- Whole- Finance, Government Manufacturing portainsursale tion ance, and Non- Total State and and Services retail Total Durable durable Federal and real public goods goods trade local utilities estate 78, 265 76, 945 79, 382 82, 423 86, 446 89, 482 24, 794 22, 600 23, 352 24, 346 25, 597 26, 574 4, 3, 3, 3, 4, 4, 020 525 576 851 271 644 20, 077 18, 323 18, 997 19, 682 20, 476 20, 972 11, 925 10, 688 11, 077 11, 597 12, 246 12, 690 8, 7 7, 8, 8, 8, 152 635 920 086 230 283 53, 471 54, 345 56] 030 58', 077 60, 849 62J 909 4, 725 4, 542 4' 582 4, 713 4, 927 5, 154 16, 17J 17] 18^ 19, 2o] 1979: Apr___ May__ June__ July.Aug___ Sept-Oct___ Nov__ Dec___ 89, 036 89, 398 89, 626 89, 713 89, 762 89, 803 89, 982 90, 100 90, 241 26, 565 26, 651 26, 674 26, 723 26, 599 26, 593 26, 572 26, 533 26, 655 4,559 4,648 4,662 4,688 4,674 4,671 4,694 4,714 4,783 21, 066 21, 059 21, 063 21, 079 20, 957 20, 949 20, 899 20, 836 20, 881 12, 752 12, 739 12, 760 12, 786 12, 714 12, 737 12, 650 12, 587 12, 615 8,314 8,320 8,303 8,293 8,243 8,212 8,249 8,249 8,266 62, 471 62, 747 62, 952 62, 990 63, 163 63, 210 63, 410 63, 567 63, 586 5,024 5, 130 5, 190 5, 169 5, 194 5, 180 5,218 5,229 5,223 20, 088 20, 129 20, 116 20, 122 20, 126 20, 169 20, 243 20, 308 20, 254 1980: Jan___ Feb___ Mar pp _ Apr _ 90, 652 90, 845 90, 799 90, 320 26, 26, 26, 26, 4,893 4,831 4,698 4,558 20, 20, 20, 20, 12, 12, 12, 12, 8,289 8,237 8,231 8,220 63, 869 64, 113 64, 202 64, 131 5, 212 5,210 5,212 5, 186 20, 20, 20, 20, 783 732 597 189 890 892 889 615 601 655 658 395 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 14 987 060 755 516 499 137 4, 4, 4' 4, 4, 4^ 148 165 271 467 727 963 13, 13, 14^ 15' 16, 17J 441 892 551 303 220 043 2, 2, 2* 2, 2, 2, 724 748 733 727 753 773 11, 446 11, 937 12, 138 12, 352 12, 723 12, 839 4,915 4, 936 4,958 4, 972 5,003 4,997 5, 018 5,039 5, 056 16, 880 16, 954 17,051 17, 092 17, 141 17, 191 17, 257 17, 298 17, 357 2, 758 2,770 2,788 2,785 2, 813 2,762 2,770 2,771 2,771 12, 806 12, 828 12, 849 12, 850 12, 886 12,911 12, 904 12, 922 12, 925 428 5,081 521 5,092 498 5, 103 367 .5, 108 17, 442 17, 522 17, 540 17, 546 2,791 2,823 2,884 2,952 12, 915 12, 945 12, 965 12, 972 are not at work because of industrial disputes; and which are based on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. [For production or nonsupervisory workers; monthly data seasonally adjusted] Average gross hourly earnings Average weekly hours Total private non agricultural l Period 1971 1972 1974 1975 1976 1977 1978 1979 —- „ __ . . „„_ .. . „ . ...... 1979: Apr May June July . J Aug.— SeptOct...« Nov _ Dec 1980: Jan __ _ Feb v Mar Apr » . Manufacturing . Adjusted hourly earnings index3 — total private nonagricultural i Percent change from Index, 1967 = 100 a year earlier 4 Total private nonagricultural * Manufacturing $3. 45 3.70 3.94 4.24 4. 53 4.86 5.25 5.69 6. 16 $3. 57 3.82 4.09 4.42 4.83 5. 22 5. 68 6. 17 6.69 129. 2 137. 5 146. 0 1 57. 5 170.6 183.0 196. 8 212. 9 229. 8 106. 5 109.7 109.7 106. 7 1 05. 9 107.3 108. 4 109.0 105.6 7.0 6. 4 6. 2 7. 9 8.3 7.3 7.5 8. 2 7. 9 2.6 3.0 0 -2.7 — . f/ 1.3 1. 0 .6 -3. 1 -2.4 -2.8 -3.0 -3.3 -3. 5 — 3. 6 -4. 1 Current dollars 1967 dollars l Current dollars 1967 dollars 36. 9 37.0 36.9 36. 5 36. 1 36. 1 36. 0 35.8 35.7 39. 9 40. 5 40.7 40. 0 39. 5 40. 1 40. 3 40. 4 40.2 Overtime — 2. 9 3. 5 3. 8 3.3 2.6 3. 1 3.5 3.6 3.3 35. 3 35.7 35.6 35.6 35. 6 35.7 35.6 35. 7 35.7 39. 1 40. 2 40. 1 40.2 40. 1 40. 2 40. 2 40. 1 40.2 2.7 3.5 3.4 3.3 3.2 3.2 3.2 3.3 3.2 6.04 6. 09 6. 13 6. 18 6. 22 6.26 6.28 6. 33 6.39 6.56 6. 65 6. 68 6.72 6. 74 6. 78 6.82 6. 86 6.91 226. 8 227.5 229. 0 230. 9 232. 2 234.3 234.9 237.3 239. 5 107.0 106. 3 105.8 105. 6 105. 1 104. 9 104. 1 104.1 103.8 8.0 7. 8 7. 8 7.9 8. 1 8.2 7.7 8.2 8.4 ~44 35.7 35.5 35.4 35.3 40. 3 40. 1 39.8 39. 6 3.2 3. 1 3. 1 2.8 6.42 6. 46 6. 52 6.52 6.93 6.98 7.06 7.09 240. 242. 245. 245. 102. 8 102.3 101.9 101. 2 8.0 8.3 8.8 8.3 -5.2 -5.2 -5. 1 -5.5 Total 5 6 1 6 AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] ! Total private nonagricultural l Period i 1971. — 1972 1973. 1974 _ _ 1975__ _ 1976 1977 1978 .... 1979 ._ _ 1979: Apr ... May xawjr -. June_ . _ July . J Aug _ Sept Oct Nov Dec 1980: Jan__ Feb Mar *„ . Apr v~ J 8 Average gross weekly earnings _ _ _ __ _. Current dollars $127. 31 136. 90 145.39 154.76 163. 53 175.45 189. 00 203. 70 219. 91 213. 21 217. 41 218. 23 220. 01 221. 43 223. 48 223. 57 225. 98 228. 12 229. 19 229. 33 230. 81 230. 16 Manufacturing 1967 dollars 3 $104. 95 109. 26 109. 23 104. 78 101.45 102. 90 104. 13 104. 30 101. 02 100. 57 101. 55 100.85 100. 60 100.24 100. 04 99. 10 99.16 98.88 97.94 96.68 95.97 94.79 $142. 44 154. 71 166. 46 176. 80 190. 79 209. 32 228. 90 249. 27 268. 94 256. 50 267. 33 267. 87 270. 14 270. 27 272. 56 274. 16 275. 09 277. 78 279. 28 279. 90 280. 99 280. 76 $211.67 221. 19 235. 89 249. 25 266. 08 283. 73 295. 65 318. 32 341. 69 323. 41 341. 32 341. 87 341. 14 346. 70 352. 13 343. 31 347. 76 353. 56 354. 57 353. 79 351. 50 355. 02 Percent change from a year earlier, total private nonagricultural 3 Current dollars Current dollars Also includes other private industry groups shown on p. 14. Adjusted for interindustry employment shifts and for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index. Kevised index for urban wage earners and clerical workers used beginning 197S. Construction Wholesale and retail trade $101.09 106. 45 111.76 119. 02 126.45 133. 79 142. 52 153. 64 164. 96 163. 67 163. 00 163. 98 165. 28 165. 75 166.91 167.56 169. 71 170. 50 172. 25 171. 51 173. 45 171. 74 6. 2 7.5 6.2 6. 4 5.7 7.3 7.7 7.8 8.0 5. 6 7.8 7.2 7.2 7.8 8. 1 7. 1 7,4 7.5 7.2 7. 1 6.6 8. 0 1967 dollars 1.9 4. 1 —.0 -4. 1 -3.2 1.4 1.2 .2 -3.1 -4.6 -2.8 -3.4 -3.9 -3.8 -3.8 -4.8 -4.8 — 5. 1 -5.9 -6.3 -7.0 — 5. 7 4 Monthly 5 changes based on indexes to two decimal places. Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR Hours of 2all persons Output * Output per hour of ail persons Compensation per hour 3 Unit labor costs Implicit price deflator 4 NonPriNonPriNon- Private NonNon- Private PriPrivate vate farm farm vate farm farm farm vate business business business business business business business business business business business sector sector sector sector sector sector sector sector sector sector sector Period Nonfarm business sector 1967 = 100; quarterly data seasonally adjusted 100. 0 105. 1 108.3 100. 0 105.3 108.5 100.0 101.7 104.5 100. 0 102.0 105.4 100.0 103.3 103.6 100.0 103. 2 103.0 100. 0 107. 6 115.0 100.0 107.4 114. 2 100.0 104. I 111.0 100.0 104.0 110.9 100. 0 103. 9 108.8 100.0 104.0 108.7 107.3 110.3 117.5 124.4 121.4 107.4 110.2 117.8 124.9 121.8 102.8 102. 3 105. 4 109.5 110.2 104. 0 103.6 107.0 111. 5 112. 2 104.4 107.8 111. 5 113.6 110. 2 103.2 106.4 110. 1 112. 0 108. 6 123.3 131. 6 139.8 151. 3 165.2 121.9 130. 1 138.4 149. 2 163.0 118.2 122.0 125.4 133.2 149.8 118. 1 122. 3 125. 7 133.2 150. 1 113. 9 118. 9 123.2 130. 3 143. 1 114. 0 119.2 122.9 127.9 141.4 1975 1976 1977 1978 __ 1979 118.7 126.4 133.8 140.7 144. 1 118.8 126.9 134.3 141.5 144.9 105.4 108.4 112. 7 118.0 121.8 107.2 110.8 115.4 121.0 125.3 112.6 116.6 118. 7 119.3 118.3 110.7 114.6 116.4 117.0 115. 7 181.7 197.6 213. 3 231.5 253. 2 179.3 194.2 209. 6 227.6 248.0 161.3 169.5 179. 7 194.0 214.0 161.9 169.5 180. 1 194. 6 214.4 157.5 165.5 174. 8 187.2 203.8 156.4 164. 8 174.5 186. 1 202. 1 1978: III IV— 141. 8 144.0 142.7 145.0 118. 3 120. 1 121.4 123.2 119.8 119.9 117.5 117. 7 233.9 238. 7 229.8 234.7 195.2 199.0 195.6 199.4 188.9 192. 9 187. 8 191.4 1979: I. 144.4 143.4 143. 8 144.8 145.5 144.2 144. 6 145.5 121.4 121.2 121. 9 122.8 124.6 124. 8 125.6 126. 1 119.0 118.4 118.0 117.9 116.8 115. 5 115. 1 115.4 245. 1 250. 6 256.0 260.6 240.5 245. 1 250.2 255.9 _ 205.9 211. 7 217.0 221. 1 206. 0 212. 2 217. 3 221.8 197.2 202. 0 206. 1 209. 7 195. 1 200.3 204.7 208.4 144.8 145.6 123. 1 126. 6 117.6 114.9 267.6 262.2 227. 5 228. 1 214.5 213. 5 1967 1968 1969 1970 1971 1972 1973 1974 _ _— - _ II _ III _ . IV 1980: I v - Percent change ; quarterly data at seasonally adjusted annual rates 2.0 5. 1 3.0 1.9 5.3 3.0 -0.0 1.7 2.7 0.3 2.0 3.3 2.0 3.3 .2 1.6 3.2 -.2 5. 3 7.6 6.9 5.4 7.4 6.4 3.3 4. 1 6.6 3.8 4.0 6.7 2.9 3.9 4.7 3. 3 4.0 4.5 -. 9 2.8 6.6 5. 9 -2.4 -1. 1 2.6 6. 9 6.0 -2.5 -1.6 -.5 3. 1 3.9 .6 -1.3 -.4 3.2 4.2 .6 .7 3.3 3.4 1.9 30 .2 3.0 3.6 1.7 31 7.2 6.7 6.2 8.2 9. 2 6.8 6. 7 6.4 7.8 9.2 6.4 3.3 2.8 6.2 12. 5 6.5 3.5 2.7 6.0 12.7 4.7 4.4 3.6 5.8 9.8 4/9 4.5 3. 1 4. 1 10.5 -2.3 6.5 5.8 5.2 2.4 -2.5 6.9 5. 8 5.4 2.4 -4.3 2.9 3.9 4. 7 3.3 -4.4 3.3 4.2 4.8 3.5 2. 1 3.5 1.8 .5 -.9 2.0 3.5 1.5 .5 i I 10.0 8.8 8.0 8.5 9.3 10.0 8.3 7.9 8.6 8.9 7.7 5.0 6.0 8.0 10.3 7.9 4.7 6.3 8.0 10.2 10.1 5.0 5.6 7. 1 8.9 10. 6 5.4 5.9 6.6 8.6 HI IV 4.2 6.4 4. 5 6. 8 1. 7 6. 1 1. 8 5.9 2.4 .3 2.7 .8 9. 2 8.5 8.8 8.8 6.6 8. 1 6.0 8.0 6.9 8.7 7.0 7.8 1979: I _ II III 1. 2 -3.6 1. 2 2.5 4. 4 -.7 2.5 3. 2 4.6 .5 2.6 1.8 -2.2 — 1. 4 -.3 -3.2 -4. 1 14 IV 1.2 -2. 9 1. 1 2. 8 '.7 11. 1 9.3 8.8 7.4 10. 4 7. 9 8.5 9.4 14. 6 11.8 10.3 7.8 14. 0 12. 5 10. 1 8. 6 9.3 10. 1 8.3 7.2 8. 1 11.0 9.0 7.4 I p .0 .2 .8 1.6 -.7 -1.4 11. 2 10. 2 12. 0 11.8 9.3 10.3 1967 1968 1969... 1970 1971 1972 1973 1974 . _ 1975 1976__ 19771978 v 1979 1 2 ' O. 11 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. 3 Wages and salaries of employees plus employers' contributions for social Insurance and private benefit plans. Also includes an estimate of wages, salaries, supplemental payments for the self-employed. * Current dollar gross domestic product divided by constant dollar gross domestic? product. 16 NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Data revised. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production declined 1.9 percent in April, following a decrease of 0.7 percent in March. The April index was 1.5 percent below its year earlier level. INDEX, 1967=100* (RATIO SCALE) INDEX, 1967=100* 160 -TOTAL INDUSTRIAL PRODUCTION - 180 -UTILITIES AND MINING PRODUCTION- (RATIO SCALE) 160 140 UTILITIES 140 120 v^ 120 100 i I I I I I I M I 1976 180 1977 MINING 1980 1979 1978 MANUFACTURING PRODUCTION 100 1976 ^«»***mm*> *^% NONDURABLE 160 1977 1978 1979 1980 PERCENT* (RATIO SCALE) ..-"" 100 -Arw. -\ 140 f MANUFACTURING CAPACITY UTILIZATION RATE 90 /^ •A ^ 120 f s^ DURABLE 80 70 100 1 1 ! M Ij I i M 1976 i M i i 1 i i i ii 1 i |M | i i i ii ! ! i 1 1 I t M ! ! 1977 1 1979 1978 i 11 i11 11 iit I I I I I I I I I I I M I | i M I II 1977 1976 1980 1978 1979 I i i i i Ij 1980 * SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion 1973 1974. 1975 1976 _ 1977__. 1978___ 1979 Total industrial production Percent Index, 1967 = change from 100 year earlier 100. 00 129.8 8.4 129. 3 —. 4 117.8 -8. 9 130. 5 10.8 138.2 5.9 146. 1 5.7 152. 2 4.2 COUNCIL OF ECONOMIC ADVISERS [Seasonally adjusted] Industry production indexes, 1967=100 Manufacturing Manufacturing capacityl utilization rate, percent Federal Reserve series WharComTotal merce2 ton Mate- series manuseries l facturrials ing Total Durable Nondurable Mining Utilities 87. 95 129. 8 129. 4 116.3 130.3 138.4 146.8 153.2 51. 98 127. 1 125.7 109. 3 122. 3 130. 0 139. 7 146. 3 S5. 97 133. 8 134. 6 126.4 141. 8 150. 5 156. 9 163.3 6. 86 114.7 115. 3 112.8 114. 2 118. 2 124.0 125.3 5. 69 145.4 143. 7 146. 0 151.7 156.5 161. 4 166. 1 87. 6 83. 8 72.9 79. 5 81. 9 84. 4 85.7 91.8 87. 1 73.4 81. 1 82. 7 85. 6 87.2 1979: Apr Mo.y June jJuly... Aug Sept. Oct Nov Dec 150.8 152.4 152. 6 152.8 151. 6 152. 4 152.2 152. 1 152. 2 4. 4 5.2 4. 4 3.9 2.4 2.6 1.7 1.0 .3 151.6 153. 8 153. 9 154. 1 152.4 153. 5 153.2 153. 0 152. 8 144.6 147. 6 147. 6 147.2 144. 2 145.9 145.7 145.0 144.5 161. 7 162. 8 163.0 164. 1 164.3 164.6 164.0 164.5 164. 7 122.7 122.8 123.9 124.7 126.4 125.8 128. 1 130.0 131. 6 167. 4 166. 5 164.2 164. 8 165. 5 165.3 166. 1 167.4 167.0 85.3 86. 3 86.2 86. 1 84. 9 85. 3 84.9 84. 6 84.3 87.0 87.4 87.6 87. 9 86.9 86.8 86.6 86.4 86. 0 1980: J a n _ _ Feb _ Mar * Apr p 152.6 152. 3 151.3 148.5 .7 .2 -1. 1 — 1. 5 153. 4 152. 9 151.7 148. 6 144.7 144. 2 143.3 139. 4 166. 1 165. 4 164.0 161.9 132.6 132. 0 132.5 132.9 163. 9 166.4 167. 1 166.9 84. 4 83.9 83. 0 81.0 86.0 85.2 84.5 82. 2 1 8 3 Output as percent of capacity. Annual data are averages of four monthly indexes. Quarterly data entered in last month of quarter. Annual data are averages of quarterly daia. 86 83 77 81 83 84 83 93.0 90.4 79.6 85.8 88. 5 91.4 93. 0 83 93.2 82 92.7 81 92. 1 Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economic Analysis), and Wharton School of Finance. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adj usted] Products Final Products Total NonDurable durable goods goods Total 1987 proportion _ 1970 1971 _ _ 1972 1973 1974 1975 1976 _ 1977 1978 1979. 1979: A p r _ _ _ _ _ _ May June__ July Aug Sept _ Equipment Consumer goods Period _ Oct Nov Dec . . _ . Jan Feb Mar p _ Apr » 47. 82 105. 3 106. 3 115. 7 124. 4 125. 1 118. 2 127.6 135. 9 14,2. 2 147.0 145.4 147. 8 147. 6 147. 1 145. 6 147. 2 146. 8 146. 6 147. 0 147. 0 147. 7 147. 1 145. 3 27. 68 109. 0 114. 7 124. 4 131. 5 128. 9 124. 0 137. 1 145.3 149. 1 150. 5 149. 1 1 52. 0 151. 8 150. 8 148. 2 149. 7 149. 7 148.9 148. 5 148. 2 149. 0 148. 1 145. 1 7. 89 106. 1 118. 8 133. 8 146. 2 135. 3 121. 4 141. 9 154. 0 159. 2 155.5 151. 6 160. 5 158. 6 157.2 147. 5 151. 8 152. 6 149. 2 146. 6 142.4 144. 7 144. 1 136. 6 Intermediate products 19. 79 110. 1 113. 1 120. 6 125. 6 126. 3 125. 1 135. 2 141. 9 145. 1 148. 5 148. 0 148. 7 149. 1 148. 2 148. 5 148.9 148.6 148. 7 149.2 150.5 150. 7 149. 7 148. 5 Total Business Total Construction supplies 20. 14 100. 1 94. 7 103. 8 114. 5 120. 0 110. 2 114. 6 123.0 132. 8 142. 2 140. 4 141. 9 141. 9 142. 1 141. 8 143. 9 142. 9 143. 6 145.0 145. 4 145. 9 145.7 145. 4 12. 63 107. 0 104. 1 118. 0 134. 2 142. 4 128. 2 135. 4 147.8 160. 3 171. 3 168. 7 171. 4 171. 5 171. 4 171.5 173. 6 172. 0 172. 5 174. 1 175. 0 175.7 175.5 175. 0 12.89 112. 9 116. 7 126. 5 137. 2 135.3 123. 1 137.2 145. 1 154. 1 160. 0 159. 7 159.5 159. 5 159.4 160. 6 159.8 159. 8 159. 8 159.9 160. 8 159. 4 156.6 153. 2 6. 42 111. 0 116. 8 128.4 139. 8 134. 5 116. 3 132. 6 140. 6 151. 7 156. 9 156. 0 156.4 156. 3 156. 4 157. 3 156.3 156. 8 156. 7 156.0 156. 4 154. 1 150. 1 145. 0 Materials 39. 29 109. 2 111. 3 122. 3 1 33. 9 132.4 115. 5 131. 7 138. 6 148.3 156.0 1 54. 5 155. 7 156.5 157.6 156. 0 1 56. 3 156. 3 156. 4 156. 2 156.7 155. 5 154. 6 151. 0 Supplementary group: I energy total 12. 23 117. 0 119. 5 125. 2 128. 3 125. 5 125. 5 129. 1 132. 9 135.4 137.8 138. 7 137. 6 137.2 137. 1 136.8 136. 8 137.2 139. 0 138. 1 137. 3 138.4 138. 4 137.5 [1967=100, seasonally adjusted] Nondurable manufactures Durable manufactures Primary Fabricated metal products Nonelectrical machinery Electrical machinery o. 93 104. 7 102. 4 96. 1 1 03. 5 1C7. 1 112. 1 'i 22. 3 124. 7 113. 8 124. 2 §5. 8 1 09° 9 ! 04. 8 123, 9 1 01 8 131. 0 H3. 2 141. 6 113 2 1.48. 5 115 8 14P R 114.3 150.3 1 1R 1 1 ^ o s 9. 15 104. 4 100. 2 11C. 0 1 33. 7 140. 1 125. I 134.' 5 143. 6 153. 6 163. G 161. 8 1 64. 3 164 5 165. 3 166. 2 165. 1 162. 3 162. 8 162. 9 166. 9 166. 4 166. 0 164. 8 8.05 108. 1 107. 7 122. 2 143. 1 143. 8 Period Total _ ! 1973___ 1975__ 1976___ 1977 1978___ 6. 57 106 6 100.2 M2 1 120.7 - ;23 i „ _ Apr June July. Aug. ' 9fi i \ 1Q9. 7 i ill. I 119. 9 12^ 2 >: 12"; 7 ' ]2i. 0 ! ~r 2*- ? 127.1 ' 121 0 4. si 119. C 112.0 1 15 o "121 7 " 18 0 ioa 2 1 1 7. 2 loa o 115 &• 1 06. 6 Oct Nov _ Dee _ „ na 4 ^ Ill, « ! 113. 4 Apr * 109 0 Feb Iron and stee: ._ of of I O^. 2 1 xJG. ^ 1 06. 7 :49. 3 147.6 i &-K * 1 /< 7 ^ 140. 9 146. i I45.Q 145. S 144. 7 140. 8 System. lie. 5 134. 8 145. 4 159. 4 175. 0 170. 6 174 7 1 75. 1 174. 4 171. 7 176. 7 177. 3 179. 5 181. 2 igl 7 180.4 179. 8 176. 9 Transportation equipment Total Motor vehicles and parts 9. 27 89. 5 97. 9 108.2 118. 3 108. 7 97. 4 111. 1 122. 2 132. 5 135. 3 131. 6 141. '9 139. 4 135. 5 124. 7 131. 7 133. 7 128. 2 125. 9 122. 4 126. 2 124. 3 116. 0 4.50 92. 3 118. 6 135.8 148. 8 128.2 111. 1 142. 0 161. 1 169. 9 160. 0 156. 0 176.3 169. 6 160. 2 138.5 150. 6 150. 6 139.9 135. 4 127. 6 135. 4 131. 5 115. 7 Lumber and products Apparel products Print- Cheming icals and and pubprodlishing ucts 1.64 105. 6 113.8 120. 8 126.0 116. 2 107. 6 123.2 131. 2 136. 3 136. 9 137. 2 136. 1 136. 8 135. 2 138. 0 138. 6 138.7 136. 1 131. 7 131. 6 130. 3 122.9 3, 31 101. 4 104. 7 109. 4 117. 3 114. 3 107. 6 125. 7 134. 2 134. 2 130. 7 130. 8 128. 2 132. 0 129. 7 130. 1 131. 2 128. 5 128. 8 128. 3 127. 2 127. 3 4.72 107.0 107. 1 112. 7 118. 2 118. 2 113. 3 122. 5 127. 6 131. 5 136. 9 135. 7 136. 8 136.9 135, 6 137. 7 137. 1 137. 2 136. 2 137. 8 138. 9 139.9 139. 0 137. 9 «,7. ~, 74 125. 9 143. 6 1 54. 5 159. 4 147. 2 170. 9 185. 7 197. 4 210. 4 207. 7 209. 7 207. 8 210. 5 213, 1 212. 0 211. 4 215. 1 216,5 217. 7 216. 7 213. 8 Foods 8. 76 108. i 112. 8 116. 8 120. 9 124. 0 123.4 133. 0 1.38. 8 142. 7 147. 9 147. 0 149. 2 149. 5 1^-9. 4 148. 1 148. 8 148. 6 148. 3 148.9 150, 0 151. 2 150, 6 NEW CONSTRUCTION Construction contracts8 Private Total new construction expenditures Period Residential Total Total New 1 Federal^ State, Commercial and industrial housing units Other and local CommerTotal value cial and index industrial (1972 = floor space (millions of 100) square feet) Billions of dollars 1973_ _ „ 1974___ _ 1975 1976 1977_____ 1978__ 1979. . 105. 4 100.2 93. 7 111. 9 135.8 160. 4 178.2 137. 9 138. 5 134. 5 151, 1 174.0 206. 2 226. 9 59.7 50. 4 46. 5 60. 5 81. 0 93.4 97. 6 50. 1 40. 6 34.4 47.3 65. 7 75.8 77.2 24.0 25.9 26.4 31. 5 32.4 37,4 41.9 21.7 23.8 20.8 19. 9 22. 5 29.6 38.7 32. 5 38.3 40. 9 39. 1 38.2 45. 8 48.7 Seasonally adjusted Seasonally adjusted annual rates 1979: Mar _ Apr May June July Aug _ _ Sept__ __ Get . Nov__ __ Dec Jan * Feb J J _ _ _ Mar »_ 172. 7 171.9 175. 0 178. 3 180. 0 180. 5 182.0 185.9 185. 8 189. 9 190. 6 186.8 176. 4 216. 7 216.4 223.4 224. 230. 230. 232. 3 9 1 9 238.7 237. 7 242. 0 250. 0 243. 1 229. 0 96.5 95. 7 95. 2 96. 9 96. 9 97. 4 99. 4 100.7 101. 1 102. 0 99. 7 97.7 89.7 75.9 76.0 75.7 77. 7 77. 7 78.3 79. 1 78.3 77.8 78. 8 77. 7 75.9 67.7 1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 1 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and NEW 109. 2 103.0 101. 9 121. 0 153. 6 174. 1 182. 9 40.0 40. 7 41. 7 41. 9 42. 8 43. 5 43. 2 44. 6 42. 8 43. 8 44. 6 44. 3 43. 7 36.2 35. 5 38. 1 39. 5 40. 3 39.6 39. 4 41. 7 41. 9 44. 1 46. 3 44.7 43. 1 44.0 44.5 48.4 46. 0 51.0 49. 7 50. 9 52.8 51. 9 52. 1 59. 4 56. 4 52. 6 200 202 178 177 181 163 185 171 156 183 190 171 155 NOTE. — New construction expenditures data prior to 1973 not comparable with later data. or as New private homes by Total . 1976..... 1977.... . .. __ Apr _. __ June. Julv _ Sept . Oct..... Nov Dec . Feb v »_ . Apr v 1 1 8 beginning of 2-4 units 1 5 or units Units authorized Units completed Homes 1 Homes for ' at of l | 2, 356, 6 2, 045, 3 1, 337, 7 1, 160. 4 1, 537. 5 1, 987. 1 2, 020. 3 1, 745. 1 L 1', 132. 0 888. 1 892. 2 1, 162. 4 1. 450. 9 i' ^-33 3 1 194 1 141. 3 118. 3 68. 1 64. 0 85.9 121. 7 125.0 122. 0 906, 2 795. 0 381.6 204. 3 289. 2 414. 4 462. 0 429.0 2, 218. 9 1, 819. 5 1. 074. 4 ' 939. 2 1, 296. 2 1, 690. 0 1, 800. 5 1, 537. 3 2, 003. 9 2, 100. 5 1, 728. 5 1, 317. 2 1, 377, 2 1, 657. 1 1, 867. 5 1, 870. 8 718 634 519 549 646 819 817 713 409 418 346 313 353 402 414 3399 1, 750 1, 301 1,910 1,764 1, 788 1, 874 1,710 1, 522 1, 548 1,419 1, 330 1,041 1, 019 1, 273 1. 229 i ',276 L 222 I'. 237 L 237 L 139 ' 980 1,055 1, 002 786 615 625 113 120 123 130 152 123 129 114 110 127 101 90 88 364 452 511 412 399 514 442 428 383 290 443 336 306 1, 517 1, 618 1,639 1, 528 1, 654 1,775 1, 542 1, 263 1,244 1,264 1, 142 932 800 1, 964 2 ? 007 1, 837 1, 776 1, 747 1, 963 1, 819 1, 831 1,880 1, 787 1,830 1, 669 730 713 698 768 738 716 674 617 571 584 540 446 423 430 418 416 414 412 407 399 398 397 385 381 in 1979. 1, 233 1, 123 1, 045 1, 009 1,062 1 5 006 1, 106 1, 118 1,010 969 1, 253 1,026 994 HOUSING AND VACANCY of 1972. 1973..... ... 1,010 840 555 592 739 977 1,050 Seasonally adjusted annual rates of NOTE.—Units for 1972-77 are for of Commerce, to for 1971, for Census. Vacancy for rental housing (percent) 2 5. § 5.8 6.2 8.0 5. 6 5.2 5.0 5. 0 5. 0 5. 2 5.0 AND TRADE 1 Business sales fell 1 A percent in March while inventories increased $2.7 billion. According to the advance survey, retail sales fell 1% percent in April following a decrease of 2% percent in March. BILLIONS OF DOLLARS* (RATIO SCALE) 600 BILLIONS OF DOLLARS* 140 130 550 — (RATIO SCALE) 120 110 RETAIL INVENTORIES 100 90 80 RETAIL SALES ......m..'"*"* 70 60 50 40LLL 1976 1977 RATIO* l.bU 150 — 1.70 1980 1979 1978 _ INVENTORY-SALES RATIO 1.60 _ TCDIAL BUSINESS 1.50 1.40 -_p,,,i«n.mi£>*t(I- RETAIL 1.30 100 1.20 1976 1 1 1 11 1 1I1 1 I I! 1 1 1 I 1 1 I 1 1 1976 1980 him II M I I ! 1 1 1 1 1977 1979 1978 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COA 1 Retail Wholesale Sales Sales 2 I 1 1 1 II 1980 COUNCIL OF ECONOMIC ADVISERS Total business Period 1 I 1 I! Inventories 3 Inven-3 Sales * tories Total 2 DurNonable durable goods goods stores stores Inventories Total DurNonable durable goods goods stores stores Inventory-4sales ratio Total business 3 Retail Millions of dollars, seasonally adjusted 1972 130, 049 203, 161 29, 584 39, 786 37, 422 12, 369 25, 054 1973_ __ _ 152, 237 234, 162 36, 822 46, 254 42, 461 14. 409 28, 052 1974 175, 741 285, 518 45, 836 56, 537 45, 083 14, 118 30, 965 1975 180, 263 285, 035 44, 633 55, 113 49, 013 15, 247 33, 766 1976__ 202, 001 310,736 48, 408 61, 307 54, 784 18, 150 36, 633 1977 224, 786 337, 432 53, 509 67, 998 60, 435 20, 724 39, 711 1978_ _ _ _ _ _ _ _ 254, 297 380, 643 62, 842 80, 771 66, 741 23, 458 43, 283 1979 288, 449 427, 040 73, 611 89, 920 73, 837 25, 680 48, 158 1979: Mar 285, 205 392,467 70, 657 83, 558 72, 045 25, 705 46, 340 Apr 276, 406 398, 307 70, 402 84, 632 71, 606 25, 129 46, 477 May _ _ _ _ 286, 413 401, 945 72, 338 84, 904 72, 292 25, 319 46, 973 June 283, 772 406, 720 72, 629 85, 406 72, 093 24, 718 47, 375 July 289, 993 413, 581 74, 778 87, 662 73, 121 25, 247 47, 874 Aug 293, 167 417, 324 75, 588 88, 474 74, 871 26, 137 48, 734 Sept 296, 775 418, 588 76, 495 88, 499 76, 666 27, 048 49, 618 Oct__ 298, 619 423, 037 77, 489 89, 146 75, 583 25, 656 49, 927 Nov 299, 154 426, 190 78, 407 89, 324 76, 421 25, 679 50, 742 Dec 302, 386 427, 040 78, 947 89, 920 77, 150 25, 943 51, 207 1980: Jan 312, 884 431, 815 81, 178 91, 085 79, 464 27, 268 52, 196 Feb 310, 496 435, 321 79, 689 91, 508 77, 993 26, 369 51, 624 Mar_ 305, 704 438, 039 79, 259 90, 598 76, 234 24, 222 52, 012 Apr *> 75, 325 22, 938 52, 387 1 The term "business" also includes manufacturing s Monthly average for year and total for month. 8 Book value, end of period, seasonally adjusted. 1 (see page 21). For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of inventories at end of month to sales for month. 20 55, 079 24, 238 63, 237 28, 418 71, 067 32, 861 71, 744 33, 356 79, 273 37, 841 89, 210 42, 970 101, 538 50, 100 108, 862 53, 087 103,320 51, 648 104,500 52, 423 106,160 53, 611 107,372 54, 413 109,799 55, 829 110,181 55, 876 108,748 54, 068 110,415 54, 523 110,383 54, 415 108,862 53, 087 108, 436 52, 130 108, 717 52, 232 108, 919 52, 122 30, 841 34, 819 38, 206 38, 388 41, 432 46, 240 51, 438 55, 775 51,672 52,077 52,549 52,959 53,970 54,305 54,680 55,892 55,968 55,775 56, 306 56, 485 56, 797 1.50 1.43 1.47 1. 58 1. 48 1. 44 1.41 1. 41 1. 38 1. 44 1. 40 1.43 1.43 1. 42 1. 41 1.42 1.42 1. 41 1. 38 1.40 1. 42 1.40 1.40 1.48 1.44 1. 38 1.39 1.43 1.45 1.43 1. 46 1.47 1.49 1. 50 1. 47 1. 42 1. 46 1. 44 1. 41 1. 36 1. 39 1. 43 NOTE.—Total business (and manufacturing) revised beginning 1977. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS Manufacturers' shipments and new orders fell In March, while inventories rose. According to advance data, durable goods new orders and shipments fell in April. BILLIONS OF DOLLARS * (RATIO SCALE) 280 BILLIONS OF DOLLARS* (RATIO SCALE) 180 160 - QUjpjviENTS TOTAL 140 ^ r^~^~1 120 100 ^ ^ 240 r~* , v - _3-^ '"1 ^~~~~ DURABLE GO ODS 80 f -£?~ — - ^x.—""~ •»•'U-- -•"'** TOTAL 200 ^~^~^ -~"~~p— - \ DURABLE GC)ODS - 80 .—'• ~"*"~ - _._„ 60 - -\ NONDUR;\BLE GOODS - 1 ,,i ,, - .""""" -.-- - NONDURA 5LE GOODS _ — - 100 40 ' r^-—-- .— 160 120 \ 60 - INVENTORIES - 40 I8U 160 MF\A/ npnrpQ 1•— - TOTAL 140 - <-v^-—~-* ^ Jv_^/"~ ^—^^ . 100 - ^1 DURABLE C OODS ^ \ 80 ^ x" „* 2.0 1.8 - NONDURABl E GOODS 40 1 1 1 I 1 i 1 1 1 1977 1 M 1 1 I M 1 M it i M I i i i ii i i i M 1 i i iM 1978 1980 1979 O* INVENTORY-SHIPMENTS RATIO _ '"" M 1976 RAT 2.2 N S^~'~'~"~~ ~+ 60 i i ii i 1 i i i i i - 120 - _ 1.6 X,/^*^^^—^ ^—_ V^^H' 1.4 , , , ,, 1 , ,, ,, , , ,, , I, , , ,, . i .i ,1 ,i i i. . i i i i \ i i i i. , , i , i ! i i i i, 1977 1976 1978 1979 1.2 ii i M 1 1 1 1 1 1 1 1 i i 1 Mill 1976 1977 1980 i M 1 1 I 1 11 1 1 1978 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Manufacturers' new orders 1 1973 1974 _ 1975 __ 1976 1977 1978 1979-. 72, 954 84, 821 86, 617 98, 810 110, 842 124, 714 141, 000 39, 703 44? 253 43, 678 50, 697 58, 010 66, 505 73, 981 33, 251 40, 568 42, 939 48, 113 52, 832 58, 210 67, 019 Durable goods Capital Nongoods Total Durable durable Total indusgoods Total goods tries, nondefense Millions of dollars, seasonally adjusted 124, 672 81, 426 43, 245 76, 183 42, 853 11, 089 157, 915 101, 866 56, 048 87, 157 46, 740 12, 737 158, 178 101, 766 56, 412 85, 082 41, 957 10, 772 170S 156 109, 095 61, 061 99, 184 51, 047 12, 501 180, 224 115, 751 64, 472 112,451 59, 562 15, 084 198, 334 129, 456 68, 878 128, 488 70, 145 18, 308 228, 258 151, 689 76, 569 144, 335 77, 215 21, 643 1979: Apr___ May__ Jime__ July__ Aug__ Sept__ Oct___ Nov__ Dec___ 134, 398 141, 783 139, 050 142, 094 142, 708 143, 614 145, 547 144, 326 146, 289 71, 199 75, 515 72, 797 73, 875 74, 363 74, 201 75, 544 73, 751 74, 191 63, 199 66, 268 66, 253 68, 220 68, 345 69, 414 70, 003 70, 574 72, 098 209, 175 210, 881 213, 942 216, 120 218, 669 221, 341 223, 476 226, 483 228, 258 1980: Jan___ 152, 242 Feb___ 152, 814 Mar__ 150, 211 Apr p _ 78, 102 79, 084 76, 055 73, 562 74, 140 232, 294 154, 043 73, 730 235, 096 155, 314 74, 156 238, 522 157, 127 Total NonDurable durable goods goods 1 Monthly average for year and 2 Book value, end of period. 1 137, 139, 141, 143, 144, 146, 148, 150, 151, 851 325 480 141 658 048 136 476 689 total for month. Shipments are the same as sales. End of period. * For annual periods, ratio of weighted average inventories to average monthly 1980 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories2 Period 1979 71, 323 71, 556 72, 462 72, 979 74,011 75, 293 75, 340 76, 007 76, 569 139, 232 143, 302 142, 386 142, 620 143, 615 147, 378 146, 610 146, 996 149, 232 75, 927 77, 037 76, 028 74, 585 74, 762 77, 647 76, 521 75, 903 77, 199 78, 251 155, 378 81, 257 79, 782 154, 627 81, 045 81, 395 152, 428 77, 909 74, 661 ManufacNonturers' durable unfilled goods orders3 Manufacturers inventory — shipments ratio ^ 33, 330 40, 417 43, 125 48, 137 52, 889 58, 344 67, 120 159, 187, 169, 173, 193, 239, 279, 468 574 126 646 561 321 710 1. 58 1. 65 1. 83 1. 66 1.59 1. 52 1. 52 63, 305 66, 264 66, 359 68, 035 68, 854 69, 731 70, 089 71, 092 72, 033 262, 981 264, 500 267, 837 268, 362 269, 269 273, 033 274, 097 276, 767 279, 710 1. 56 1. 49 1.54 1. 52 1. 53 1.54 1. 54 1.57 1.56 23, 649 74, 121 282, 847 21, 504 73, 582 284, 658 22, 953 74, 519 286? 876 23, 178 1. 53 1. 54 1. 59 20, 600 21, 129 21, 704 21, 227 21, 077 21, 578 21, 073 21, 754 22, 285 shipments; for monthly data, ratio of inventories at end of month to shipments for month. NOTE.—Data revised beginning 1977. Source: Department of Commerce, Bureau of the Census. 21 PRODUCER PRICES PRICES In April the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished confoods fell 2.8 percent prices of other finished consumer goods rose 1.4 percent. Prices of capital equipment increased 1.9 percent. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 140 140 120 120 100 — 100 1980 1972 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967=100; monthly data seasonally adjusted] Finished goods Intermediate Crude materials materials Total conFoodsumer Consumer goods stuffs CapiFoods finished Total and l Other Total and Other Non- tal Durfeeddur- equip- goods Total able feeds stuffs able ment 113.4 113. 2 113. 6 119. 5 116. 6 118. 7 118. 5 118.9 127.6 127. 5 128.0 118.5 115. 8 120.5 123. 5 129. 2 131. 6 168.4 128. 1 174. 0 180. 0 162.5 138.6 126.3 146. 8 141. 0 149.3 162. 9 200. 2 159. 5 196. 1 189.4 208. 9 153. 1 138.2 163. 0 162. 5 163.6 180.0 195. 3 178.6 196.9 191. 8 206.9 161.8 144. 4 173.3 173. 2 169. 0 189. 3 186.6 189. 5 205. 1 190. 1 233. 6 172. 1 152. 2 185.4 184. 5 178.9 201.7 191.0 202. 4 214.3 190. 9 258.4 183.7 165.8 195.4 199. 1 192. 6 215. 5 201. 0 216. 4 240. 1 215.3 286. 7 208. 1 181. 5 225.8 216.6 215.5 242. 7 223. 2 243.8 282. 2 247. 1 348.3 199.7 178.4 213.7 214.0 209.7 235. 0 216. 7 236. 2 273.2 244. 6 327. 1 202.4 179. 5 217.5 215.0 210.8 237.3 217. 0 238.6 275. 1 242. 8 336.0 205. 3 180. 6 221. 7 216. 4 212. 0 239. 7 218. 0 241.0 278. 4 242.9 345. 5 208.7 182.0 226. 6 218. 2 214.8 243.6 227. 2 244. 6 284.6 250. 1 349.7 212. 3 182.0 232.7 217. 9 218. 3 247. 1 229. 3 248.2 285.2 248. 8 354.0 216. 4 184. 7 237. 8 219. 5 222. 2 250. 7 230. 4 251. 9 291.4 252.3 365.4 220.4 187.7 242.6 221. 4 224. 8 255.0 231. 2 256. 5 294.5 252. 6 373.7 222. 9 189.4 245.5 222. 9 227.9 257. 3 230. 5 258.9 298.4 255. 2 380.2 225.5 191. 6 248.4 224.8 229.9 260.2 231. 1 262. 0 301.7 255. 8 388.5 231.5 197.2 254. 7 228. 2 233. 2 267. 1 224.9 269.6 299. 5 246.0 401. 0 238. 2 200. 7 263.5 229. 8 237.3 272.0 237. 3 274. 2 307.4 251. 3 413.8 242. 7 199. 9 271.9 231. 6 241. 2 273.4 230. 1 276. 0 300.7 244. 4 407. 8 246.0 200.3 277.3 235. 9 241. 2 273.8 224. 0 276. 8 290. 3 229. 5 405.8 Finished goods excluding consumer foods Period 1972 _ 1973 1974 1975. _ 1976 1977 1978 1979 1979: Apr May June _ July. Aug. Sept. _ Oct Nov Dec... 1980: Jan Feb__ . Mar Apr Total finConished sumer goods foods Total 117.2 127. 9 147. 5 163.4 170.3 180. 6 194. 6 215.9 211. 1 212. 1 213.4 215. 9 218.3 221. 5 223.9 226. 6 228.5 231. 9 235.3 238. 6 239. 8 121.7 146.4 166. 9 181.0 180.2 189. 1 206. 7 226. 3 225. 8 223. 5 221.3 222. 8 226. 2 229. 3 229. 1 233. 5 234. 1 232. 0 230. 9 233.4 226. 8 115.4 120. 1 139.3 156. 2 165. 5 176.2 188. 9 210. 6 204.4 206. 5 208. 8 211. 6 213. 7 216. 9 220. 1 222.2 224. 6 229. 6 234.3 237.8 241. 5 1 Intermediate materials for food manufacturing and manufactured animal feeds. 22 NOTE.—Data revised for December 1979. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In April, the consumer price index for all urban consumers rose 1.1 percent (0.9 percent seasonally adjusted). Food prices rose 0.7 percent (0.5 percent seasonally adjusted). Nonfood commodity prices rose 0.9 percent (0.5 percent seasonally adjusted) and services prices were up 1.5 percent (also 1.5 percent seasonally adjusted). INDEX, 1967= 100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 280 280 140 120 110 1972 1974 1973 1977 1976 1975 1978 1979 1980 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967=100] Period 1972 1973 1974 1975 1976 1977 1978 . 1979 All items Food 125. 3 133. 1 147. 7 161 2 170. 5 181. 5 195. 4 217. 4 123. 5 141 4 161. 7 175 4 180 8 192. 2 211.4 234. 5 Services commodities All Food at home Food away from home All Durable 119. 4 123 5 136 6 149 1 156 6 165. 1 174. 7 195. 1 133. 3 139 1 152. 1 166 6 180 4 194. 3 210. 9 234. 2 120 9 129 9 145 5 158 4 165 2 174. 7 187 1 208 4 123 5 141 4 161 7 175 4 180 8 192 2 211 4 234 5 121 141 162 175 179 190 210 232 131 1 141 4 159 4 174. 3 186 1 200 3 218 4 242 9 119. 4 123 5 136 6 149 1 156 6 165 1 174. 7 195 1 118. 121 130. 145 154 163 173. 191. 6 4 4 8 5 2 2 9 Services 9 9 6 5 3 2 9 1 119. 8 124. 8 140. 9 151 7 158^3 166. 5 174. 3 198. 7 133.3 139. 1 152. 1 166 6 180. 4 194. 3 210. 9 234. 2 227.5 230.2 232. 6 235.1 237.7 240.5 243.5 246. 1 249.5 252.9 256.8 261.6 265.6 211.5 214. 1 216.6 218.9 221.1 223.4 225.4 227.5 229.9 232.3 234.3 235.4 236.9 236.3 237. 1 238.2 239. 1 241.7 188.9 191.6 194.7 197.0 199.5 201.8 203.4 205.4 207.2 227.0 229.5 232. 1 234.7 237.6 240.7 243.6 246.2 249.3 203.4 205.3 207.4 209.6 211.5 214. 0 215.8 217.9 220.4 232.0 233.5 234.2 235.3 235.5 237.9 239.8 241.4 244.8 231.0 232.1 232.4 233.0 232.5 235.4 237. 1 238.5 242.3 238.0 240.4 242.2 244.3 246. 1 247.5 249.9 252.0 254.4 189. 1 191. 1 193.7 196.2 198.7 201.2 202.9 205. 1 207.3 187.3 188.5 190.0 191.5 193. 1 194.2 195.7 198.4 200.3 190.0 193.2 197.2 201. 1 205.2 208.6 210.3 212.0 215.0 233.2 236.4 239.8 242. 5 243.8 244.9 247.3 249. 1 210.4 213.8 216.7 218.6 253. 1 256.8 261.3 265. 3? 223.5 226. 1 228.8 230.0 244.8 244.7 247. 1 248.4 241.8 240.9 243.5 244.5 256.9 258.6 260.6 262.5 211.5 215.2 217.9 219. 0 202.5 203. 5 204.0 205. 1 221.8 228. 4 233.8 235. 1 NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier data related to urban wage earners and clerical workers. Nondurable Seasonally adjusted Unadjusted 1979: Apr.... May... June July... Aug. _ . Sept... Oct Nov... Dec 1980: Jan Feb___ Mar Apr Commodities less food Food Commodities less food Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period Percent change from preceding period; seasonally adjusted l Percent change from 3 months earlier; seasonally adjusted annual rates Percent change from 6 months earlier; seasonally adjusted annual rates Consumer goods Consumer goods Consumer goods Total finished goods Capital Total finequipished Exclud- ment goods ing Foods foods Capital Total equipfinExclud- ment ished ing Foods goods foods Capital equipExclud- ment. Foods ing foods 3.2 3.8 11. 8 18. 3 6. 6 3.3 6. 6 9.2 12.5 5.9 8.0 22.5 13.0 5.5 — 2. 5 6.6 11.9 7.5 2.0 2.0 7.4 20.5 6.7 4.9 6. 1 8.4 17.8 2.4 2. 0 5.3 22.6 8.2 6.4 7.2 8.0 8.7 1979' Apr May June July . J Aug Sept Oct Nov Dec .8 .5 .6 1.2 1. 1 1.5 1.1 1.2 .8 -.4 -1.0 -1.0 .7 1.5 1.4 — .1 1.9 .3 1.2 1.4 1.4 1.7 1.7 1.9 1.8 1. 1 1. 2 1. 1 .5 .7 .8 -. 1 .7 .9 .7 .9 12.0 9.4 7.9 9.4 12.2 16.1 15.7 16. 1 13. 3 9.6 -.7 -9.2 -5.2 4.9 15.3 11.8 13.5 8.6 14.2 15.6 17.2 19.3 21.0 23.4 24.4 21.5 17.9 11.0 9.2 9.4 8. 1 5. 5 5.9 6.0 9.5 10. 0 12. 3 11.8 10.8 10.7 10.8 11.9 12.5 14. 1 14.7 11.5 8.7 3.5 1.9 2. 1 2.3 2.9 9. 1 11.9 13.4 14.9 15.4 16.7 18.3 20.3 21.8 21.3 20.6 11. 1 9.9 9.9 9.5 7.4 7.6 7.0 7.5 7.9 1980: Jan Feb Mar __ . Apr. 1.5 1.5 1.4 .5 -.9 — .5 1.1 -2.8 2.7 2.9 1.9 1.5 .7 .8 1. 9 15. 1 16.3 18.9 14.3 5.2 -4.4 — 1.2 -8.7 21.7 30.4 34.2 27. 5 12.9 13.0 12.7 14. 2 15.4 16. 2 16.0 14.7 8.4 4. 2 3.6 -2. 0 23.0 25. 9 25.8 24. 6 9.4 11.2 11.3 13.5 1971 1972 1973 1974 1975 1976 1077 1978 1979 1.4 Source: Department of Labor, Bureau of Labor Statistics. > Annual changes are from December to December (unadjusted). NOTE.—Based on revised data for December 1979. CHANGES IN CONSUMER PRICES Percent change from preceding period; seasonally adjusted l Period All items Food Commodities less food Services Percent change from 3 months earlier; Percent change from 6 months earlier; seasonally adjusted annual seasonally adjusted annual rates All items Food Commodities less food Services All items Food Commodities less food Services 41 3. 6 6,2 11.3 8. 1 7. 3 7. 9 9. 3 13. 7 3. 4 3. 4 8 8 12 2 7. 0 48 6 8 9. 0 13 3 43 4. 7 20 1 12. 2 6. 5 6 8 0 11. 8 10. 2 2. 3 2.5 5. 0 13. 2 8. 2 5. 1 4. 9 7. 7 14 3 Apr... May.. June.. July__ Aug... Sept.. Oct... Nov»_ Dec— 1.0 1. 0 10 1. 0 1.2 1.0 1.0 1.2 .6 .6 .3 .5 .1 1.0 .8 .7 1.4 1.2 1. 1 1.4 1.3 1. 3 1. 3 .8 1. 1 1. 1 .9 1.2 1.0 1. 1 1. 1 1.2 1. 2 1 1 1.4 13. 1 12.7 12. 8 13. 3 13. 1 13.8 13.4 13.5 13.7 12.4 9.2 6.4 5.8 3.5 6.5 7,9 10.4 12. 1 14. 5 14.6 15.8 15. 9 18.9 16.4 14.4 13.5 12.7 12. 1 12.3 13.2 14. 0 13.7 14.3 15. 1 149 15.8 11. 1 12. 0 12.9 13.2 12.9 13.3 13.4 13.3 13.8 12. 9 12.8 11. 1 9. 1 6.3 6.4 6.8 6.9 as 12. 1 12.7 14 1 15.2 15.7 16.0 15, 1 15.2 145 9.4 11.0 12.5 13. 1 13.0 13.7 14 6 14.3 15, 1 Jan... Feb___ 1.4 1.4 1.4 .9 0 -.0 1.0 .5 2.0 1.7 13 .o 1.4 15 1.9 1. 5 15.6 17.2 18. 1 15. 9 8.6 o. 6 18. 1 212 22. 1 15.0 16.4 18.6 20. 9 21.7 14.5 15.3 15.9 15.7 8.2 8.0 7.9 7.3 16.2 17. 3 17.3 16. 5 15.7 16.7 18. 3 19.0 1971 1972 1973 1974 1975 1976 1977 1978 1979 1. 1 Apr as 6.0 ! i NOTE.— are to 24 to 1978 of Labor, to all of PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 0.9 May 1 5. INDEX, 1967=100 (RATIO in May by rose 0.4 percent in the SCALE) 320 300 320 300 280 280 260 260 240 240 PRICES 220 (ALL RECEIVED 220 FARM PRODUCTS) 200 200 180 180 PRICES PAID 160 (ALL ITEMS, INTEREST, TAXES, AND WAGE RATES) 140 140 120 120 IIII IIIIIII |I M i III IIIIII IIi I II i ii i |Ii i i IIII II I IIIIIIi IIi III IIIIII III i M IIIIi II II II I1II II |II iII i Ii i I IIIIIII| I 100 100 RATIO -I/ 1980 I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, T A X E S , AND WAGE RATES, ON 1910-1<MOO BASE. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Period 1972_._.. 1973-----.— 1974 _ _ . All farm products 136 183 165 172 177 175 217 257 125 144 164 180 192 202 219 250 244 246 244 244 237 241 236 233 238 212 221 234 239 235 226 224 223 219 272 269 255 250 239 255 248 251 258 247 249 249 252 251 255 257 257 200 (3) (3) 236 238 234 224 4 226 220 220 220 217 222 252 255 247 232 231 289 271 274 274 4 275 (3) (3) _ „ _._ .. _„_ Sept Oct _ _ _ Nov.. _ ____ Dec _„ _„ .. Apr __ May 1 2 The farmers. of of on 1910-14 = 100 Family living items 114 175 224 201 197 192 203 223 1976--_-1977---- — .. .— 197S-__»_-» _ __ 1979. Jan___._ All interest, Livestock and products 125 179 192 185 186 183 210 241 _____ Apr „_._ May___.__ Crops by to Paritv ratio l Prices paid by Prices received by farmers Produc- ! Actual | 123 133 151 166 170 (3) (I) (i) (3) (8) (3) (3) (3) (3) P) B <*) 09 3 of to In 4 ig s 121 146 16'"" 182 193 200 217 248 91 56 76 71 68 70 71 ' 79 94 87 78 72 68 72 72 247 248 248 251 249 254 256 256 258 73 73 72 71 69 70 68 68 67 73 74 73 72 70 70 68 69 68 263 266 270 268 268 65 65 63 60 *60 66 65 64 61 61 74- (Department of Labor) 1977. Not of 2S MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS All of the monetary aggregates contracted in April. M1-A fell back to the November level. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 200 'SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF I RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted] M2 Ml-B Ml-A L M3 Period 1973: 1974: 1975: 1976: 1977: 1978: 1979: 1979: Dec Dec Dec Dec Dec Dec__ Dec Apr May June July. Aug Sept Oct . Nov_« Dec 1980: Jan * . Feb* Mar *„ Apr *_ Currency plus demand deposits 264. 1 275.3 287.9 305.0 328.4 351.6 371.5 356.2 356. 1 360.3 363.2 365.4 367.5 368.0 369. 6 371.5 372.6 376.4 375.4 369.6 Ml-A plus other checkable deposits at banks and thrift institutions 264.4 275.7 289.0 307.7 332. 5 359.9 387. 7 369.7 369. 5 374.3 378.0 380. 7 383.2 383.9 385.3 387.7 389. 0 392.8 392.4 387.6 Ml-B plus overnight RPs and M2 plus Eurodollars. large time MMMF deposits shares, and and term M3 plus other liquid Ml-A Ml-B savings and RPs at small time commercial assets deposits at banks and commercial thrift banks and institutions thrift institutions 1 5.4 5.5 858. 1 1, 137. 2 976. 1 4.2 4.3 906.2 1, 242. 8 1, 058. 6 4.6 4.8 1, 022. 4 1, 369. 6 1, 161. 0 5.9 6.5 1, 523. 5 1, 299. 7 1, 166. 7 8. 1 7.7 1, 294. 1 1, 715. 5 1, 460. 3 7. 1 8.2 1, 622. 2 1, 400. 8 1, 926. 3 7.7 2, 139. 0 5.7 1, 524. 2 1, 773. 6 8.8 4.0 1, 998. 1 1, 440. 2 1, 666. 5 3. 1 6.9 2, 016. 7 1, 448. 3 1, 674. 9 8.2 2, 043. 0 5.0 1, 464. 5 1, 689. 5 2, 057. 2 7.6 10.3 1, 476. 4 1, 702. 9 2, 074. 6 9.0 11.4 1, 489. 5 1, 719. 3 9. 1 10.9 2, 102. 7 1, 499. 7 1, 738. 2 2, 114. 8 7.8 6.7 1, 507. 2 1, 751. 8 8.7 2, 123. 7 7.7 1, 514. 5 1, 762. 6 7.3 6.3 2, 139. 0 1, 524. 2 1, 773. 6 5.2 5.9 2, 153.8 1, 532. 8 1, 785. 3 6. 1 6.5 2, 176. 3 1, 804. 2 1, 546. 5 2, 192. 3 4.3 4.9 I, 551. 4 1, 809. 5 1.9 .9 1, 809. 2 1, 548. 0 i i Total M2 excludes demand deposits held by thrift institutions at commerical banks, not shown separately in components. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. 26 Percent change 2 M2 M3 7.0 5.6 12.8 14. 1 10.9 8.2 8.8 8.3 7.8 19.3 10. 2 11.2 10.7 9.5 9.4 8.3 7.8 7.8 7.0 5.5 11.2 8.5 9.7 11.9 12.4 11. 1 9.3 9.6 7.7 8.5 12.8 9.9 10.6 10.5 10.7 10.2 9.9 10.1 8.4 6.7 NOTE.—See page 27 for components. See Federal Reserve Bulletin, February 1980, for details on series. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted^ except as noted] Overnight Small Large repur- Over- Money dedeDe- Other chase night market Savcheckings nomi- nomiCur- mand agree- Euro- mutual able de- nation nation fund Period rency dements dollars shares posits time time posits deposits (RPs) de- 1 de- 1 fr\£*t} (neii) posits posits NSA NSA NSA NSA Dec: 1973_ 1974. 1975. 1976. 1977. 1978. 1979. 61.6 67. 8 73.8 80.7 88.7 97. 6 106. 1 202. 5 207.4 214. 1 224.4 239.7 253.9 265.4 1979: Apr__ 100. 2 May- 100.8 June. 101.7 July- 102. 6 Aug__ 103.7 Sept. 104.8 Oct.. 105.4 Nov. 105. 9 Dec- 106. 1 1980: Jan*_ 107.3 Feb p - 108.2 Mar*>_ 108.9 Apr **_ 109. 0 0.3 .4 1. 1 2.7 4. 1 6.8 7.2 7.5 0.0 .0 .0 .0 0. 1 322.2 2.3 333.9 3.6 383.9 3.4 447. 7 8. 3 16. 2 13. 6 17.6 21.3 20.6 1.0 2.0 3.5 3. 8 486. 5 10.3 476.0 43.6 417.7 256.0 255.2 258. 5 260.6 261.7 262.7 262.7 263.7 265.4 13.5 13.4 14. 1 14. 8 15. 3 15.7 15.8 15.7 16.2 22.4 23.5 23. 1 22.0 21.9 22. 6 22. 2 20.3 20.6 2.8 2.8 2.9 3.0 3.3 3.5 3.4 3.2 3.5 19.2 21. 8 24. 6 28. 0 31.2 33.7 36.9 40. 4 43.6 452.6 265.3 268. 1 266.5 260. 6 16. 5 16.5 17.0 18. 0 20.7 21. 5 20.0 17. 5 4.2 3.3 3.2 49. 1 56.7 60.4 60. 6 2. 2 266. 4 288.9 340. 4 396. 6 454. 9 533.8 653.8 576.3 448. 9 450. 2 451.0 584. 5 592. 0 445. 3 435. 9 614. 2 110.9 144. 0 129.6 118.0 145. 2 194.7 219. 1 198.4 197.3 195. 4 197.4 450.3 597.0 604.6 422.2 627.5 645.8 653.8 207. 4 213. 6 218.3 219. 1 412.9 405. 2 659. 5 222.2 394.0 380.7 702. 0 230.7 233.8 417.7 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NOTE.—NSA indicates data are not seasonally adjusted. 669.6 684.0 200.4 228. 1 Term repurchase agreements Term Eurodollars NSA NSA 7. 1 4.4 6.7 7.9 (RPs) (net) Savings bonds Shortterm Treas- Bank- Com- ury ers' mer- 4.7 41.9 50. 1 48. 1 51.8 63. 1 79.4 97. 3 secu- accept- cial rities ances paper 15. 0 21. 0 26. 7 30.3 10.3 13. 7 22. 8 31.6 60. 4 63.2 67. 3 71.8 76.6 80.7 80. 0 49. 8 53. 4 76.8 80. 7 89. 5 98.7 127.6 12. 3 22. 6 28.8 27.9 29.3 29. 5 29. 0 29.5 31. 1 31. 0 29.7 30.3 29. 1 80. 6 29.6 80.6 29.9 80. 4 31.3 80. 0 33. 8 80.0 33.6 80.6 33.5 82.2 34. 0 80.3 31. 6 80.0 114. 2 122. 3 131. 2 128.7 122. 8 128.0 123. 8 122. 3 127. 6 21. 1 86. 6 21.0 88. 2 21.5 90.4 22.6 91.8 25.0 93.6 26. 6 95.7 27. 2 96. 4 28.6 96.0 28.8 97.3 30.3 29.6 27.5 27. 4 34. 3 37.8 39.2 127.6 129. 3 138. 1 28.4 27.6 28.8 8.4 9.0 79.2 78. 1 76.8 10.7 8.5 9.0 99.0 99. 3 99.8 See also page 26. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installment credit extended Period Total > Automobile Revolving 9,714 9, 722 10, 039 10, 136 9,856 10, 371 10, 699 10, 424 10, 613 10, 196 22, 908 22, 904 24, 595 23, 581 24, 405 25, 137 24? 188 25, 509 24, 057 24, 322 6, 308 6,612 7,035 6,488 6,831 7, 073 6, 607 7, 189 6,533 6,449 8,972 8, 804 9,290 9, 340 9,427 9,584 9, 642 9,760 9,814 9, 764 3,625 4,105 3, 306 2,558 2,443 2,446 4,446 2, 186 2,407 1,349 1,486 1,387 1, 225 690 616 594 1,823 487 533 682 742 918 749 796 429 787 1,057 664 799 432 10, 475 10, 458 11. 038 25, 330 24, 781 25, 198 6,808 6,778 6, 855 10, 186 9,883 10, 427 1,372 2,295 1434 972 881 395 289 575 611 1980: Jan Feb. Mar_ 26, 702 27, 076 26. 632 7,780 7,659 7.250 Includes "mobile home" and "other/5 not shown separately. Revolving 1, 174 2, 003 1,970 1,340 2, 170 6,248 7,776 8,496 7,794 7,999 8,260 7, 178 7,447 7,667 8,430 7,676 7,066 7, 131 1 Automobile 5,621 5,910 495 2, 976 10, 465 15, 204 19, 557 12, 554 26, 533 27, 009 275 901 26, 139 26, 848 27, 583 28, 634 27, 695 26, 464 25, 671 __ Total * 14, 962 20, 218 9,489 7,765 21, 647 35, 278 44,810 35, 708 1979- Mar Apr May June J July. A Aug_ _ Sept___ Oct _ Nov Dec. _ _ _ 1979 Revolving 23, 485 26, 699 31, 243 35,616 41, 764 80, 508 96, 811 112, 386 24, 659 28, 702 33S 213 36, 956 43, 934 86, 756 104, 587 120, 882 _ • Automobile 38, 081 43, 696 46, 019 49, 444 53, 278 60, 437 69, 430 79, 293 43, 702 49, 606 46, 514 52, 420 63? 743 75, 641 88, 987 91, 847 _ Total » Net change in amount outstanding 787 817 276 676 381 793 541 004 151, 749 173, 035 172, 765 180, 441 211, 028 254, 071 298, 351 322, 712 1972 1973 1974 1975 1976 1977 Installment credit liquidated 136, 152, 163, 172, 189, 218, 253, 287, Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS, INVESTMENTS, AND RESERVES Total bank loans declined in April. Non borrowed reserves rebounded to January levels. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 1400 1 ALL COMMERCIAL BANKS 1,200 1,200 1,000 1,000 800 800 600 600 AND LEASES 400 400 200 180 160 140 INVESTMENT IN 120 200 180 160 140 OTHER SECURITIES 120 INVESTMENT IN -U.S. TREASURY SECURITIES 100 100 80 80 60 60 40 40 1972 1973 1974 1977 1976 1975 1978 1979 1980 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments Period 1973: 1974: 1975: 1976: 1977: 1978: 1979: Dec Dec Dec _ Dec Dec Dec Dec _ _ 1979: Apr May June. July Aug Sept Oct_ _ Nov A Dec 1980: Jan__ Feb Mar4 Apr COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All member banks 3 All commercial banks l Borrowings (millions of dollars, Reserves Investments Loans and leases unadjusted) CommerOther U.S. SeaReNoncial and Total Total Treasury secuTotal 2 industrial sonal borrowed quired rities securities loans 647.8 713. 6 744. 6 804.3 891. 1 1, 014. 3 1, 132. 5 460. 3 519.9 516.9 554. 8 632. 1 747. 8 847. 2 165. 6 197. 3 189.8 191. 2 211.2 246.5 290.5 58.7 53.7 82. 1 100. 6 99.5 93.4 93.8 128.8 140.0 145. 7 149.0 159. 6 173. 1 191.5 34. 98 36. 66 34.67 34. 90 36. 00 41. 16 43.51 33.68 35.94 34. 54 34. 85 35.43 40.29 42.03 34. 68 36.41 34.40 34.63 35. 81 40. 93 43. 11 1,298 703 127 62 558 874 1,454 41 32 13 12 54 134 81 1, 061. 0 1, 068. 8 1, 080. 0 1, 092. 2 1, 102. 8 1, 122. 8 1, 129. 1 1, 128. 6 1, 132. 5 786.6 793.3 803. 1 813.4 823.3 840.0 845. 0 843.8 847.2 263. 3 266.8 270.4 275.5 279.9 285. 9 288.6 288.3 290.5 94.0 94. 1 94. 8 95.3 94. 1 95. 2 95. 3 94.3 93.8 180.4 181. 4 182. 1 183.5 185.4 187. 6 188.8 190.5 191.5 40. 70 40. 67 40.53 40.78 41. 11 41. 43 42. 19 43.07 43.51 39.78 38.90 39. 11 39. 61 40.03 40.09 40. 17 41. 16 42.03 40.52 40.53 40.31 40.57 40.89 41. 24 41.92 42.83 43. 11 897 1,777 1,396 1, 179 1,097 1,344 2, 022 1, 908 1,454 134 173 188 168 177 169 161 141 81 1, 144. 8 1, 162. 7 1, 165. 2 1, 160. 2 858. 5 872.7 874.7 870.8 295. 6 301. 1 302.7 301.3 93.2 94.8 94.5 93.2 193. 1 195.2 196.0 196. 3 43. 51 43.40 43. 74 44. 92 42. 27 41. 74 40.91 42.47 43. 16 43.20 43.48 44. 64 1,264 1,660 2,828 2,443 74 95 152 156 1 Data are averages of Wednesday figures. 23 Excludes loans to commercial banks in the United States. Data are averages of daily figures. Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M. 28 • * Data for loans and investments are estimates. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses T*lia External Period Total Inter__1 I nai * Total crease in financial assets 4.9 95.9 119.6 145.8 185.6 179. 0 133. 0 183.3 216.8 274. 3 323. 5 80. 3 86.0 100. 3 123.3 134. 7 99 9 139. 0 169. 9 195. 9 223.4 15. 6 33. 5 45. 6 62. 3 44. 4 33 2 44. 3 46. 9 78. 3 100. 1 85 8 2 15 8 14 4 12 2 16 9 26 4 25. 5 21 4 18 5 27 0 16 4 19. 1 23. 2 CredHb market 1 unds Total Total Longterm Shortterm 6.5 3.3 Ui§- Purchase of physical assets 2 Other In- 1970 _ 1971 _ _ _ _ 1972 1973 _ 1974 1975 1976 1977 _ 1978 1979 104. 4 127. 8 161. 6 200. 0 191. 3 150. 0 209. 7 242. 3 295. 7 342. 0 58.9 68.6 80. 8 83.8 75. 7 106. 8 125. 3 139.9 148. 8 159. 5 45.5 59.3 80.8 116.2 115. 6 43. 2 84. 4 102.3 146. 9 182.5 40.7 45. 2 58.2 73.0 82. 1 37. 9 60.7 79.9 94. 7 113. 1 34. 2 41.9 45.3 49. 2 51. 6 44. 1 49. 1 53.0 61.5 71.3 12.9 23.8 30. 6 ~6. 3 11.6 26.9 33.2 41.8 14. 1 22.6 43. 1 33.4 5. 3 23.8 22.4 52.2 69.4 1978: I 259. 6 297. 7 303. 5 322. 1 135. 0 150. 5 153.8 155.9 124. 5 147. 2 149.7 166.2 94. 7 92.7 90.4 101. 1 51.2 65.2 63. 1 66.5 43.5 27.5 27.3 34.6 29. 8 54.5 59.3 65. 1 232. 5 281.3 284.4 298.9 177.0 203.2 199. 9 203. 6 55. 0 78. 1 84. 4 95.2 336. 5 320. 5 395.4 315. 0 154.4 159. 0 161.6 162.8 182. 1 161. 5 233. 8 152. 2 112. 1 126. 8 129.4 83. 2 66.4 76.8 75.4 66. 1 45. i 50. 0 54.0 17. 1 70.0 34.7 104.4 69.0 324.6 305. 3 369. 7 293. 7 214.0 230. 7 228. 8 220.0 110.6 74. 6 140. 9 73. 7 II III IV 1979: I II III IV * Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits. > Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. erepancy ( sources less uses) 11 15 25 21 9 2 7 2 Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current liabilities Current assets End of period Total Cash Notes U.S. governand Invenment actories securi- counts ties receivable Other current assets Total Notes and accounts payable Other current liabilities Net working capital Current ratio l SEC series:2 492.3 1970 1971 529.6 1972 599. 3 697.8 1973 1974 790.7 3 FTC-FRB series: 735.4 1974 1975-... 759.0 826. 3 19761977 900.9 1, 028. 1 1978 50.2 53.3 59.0 66. 3 71. 1 7.7 11.0 10.6 12. 8 12.3 206. 1 221. 1 248.2 288.5 322. 1 193. 3 200.4 225.7 263.9 313.6 35.0 43.8 55.8 66. 4 71.7 304.9 326.0 375.6 450. 9 530.4 211.3 220. 5 282.9 340.3 402.3 93.6 105. 5 92.7 110.7 128. 1 187.4 203.6 223.7 246.9 260.3 1.615 1.625 1.595 1.548 1.491 73.2 82. 1 87.3 94.3 103.7 11. 1 19.0 23.6 18.7 17.8 265.8 272. 1 293.3 325.0 381.9 319.5 315.9 342.9 375.6 428.3 65.9 69.9 79.2 87.3 96.3 453.4 451.6 492.7 546.8 661.9 269.8 2642 282.0 313.7 375.1 183.6 187.4 210.6 233. 1 286.8 282.0 307.4 333.6 354 1 366.2 1.622 1.681 1.677 1.648 1.553 925.0 954.2 992.6 1, 028. 1 88.8 91.3 91.7 103.7 18.6 17.3 16. 1 17.8 337.4 356.0 376.4 381.9 390.5 399. 3 415.5 428.3 89.7 90.3 92.9 96.3 574.2 593.5 626.0 661.9 325.2 338.0 356.2 375. 1 249.0 255.6 269.7 286.8 350.7 360.6 366.6 366.2 1.611 1.608 1.586 1.553 1, 078. 6 1, 110. 6 1, 169. 6 1, 199. 9 102.4 100. 1 103.6 116. 2 19.2 20.8 17.8 17.8 405.3 419.0 448.9 451.7 452.6 469.2 492.7 503.9 99. 1 101.5 106.7 110.3 701.6 723.9 773.7 803.7 392.6 410.8 443. 1 460.8 309.0 313.2 330.6 342. 8 377.0 386.7 395.9 396.3 1.537 1.534 1.512 1.493 1978: I _ _ II III IV 1979: I II III IV >__ i Total current assets divided by total current liabilities. *8 Based on data from Statistics of Income, Department of the Treasury. Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission. NOTE.—SEC series not available after 1974. See Federal Reserve Buttetin, July 1978, for details regarding the series. Sources: Board of Governors of the Federal Reserve System, Federal Trad« Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates dropped at record rates in April and May. PERCENT PER ANNUM CORPORATE Aaa BONDS (MOODY'S) 1972 SOURCE: SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Period 3-month bills1 1974 1975 1976 1977 1978 1979 1979: Apr May June July _Aug __ .. Sept Oct Nov Dec Jan... _ — Feb Mar Apr TWflv T> Week Apr 26..-. WWJLJ "JVfav 3 10 17 24 31 »— Constant maturities 3-year 30 for 10-year High-grade Corporate Prime com- Discount municipal mercial rate Aaa bonds paper, (N.Y. bonds (Standard 4-6 F.R. 8 & Poor's) 3 (Moody's) months 4 Prime rate charged by banks 6 7.886 5.838 4. 989 5. 265 7.221 10. 041 9.493 9. 579 9.045 9. 262 9. 450 10. 182 11. 472 11. 868 12. 071 12. 036 12. 814 15. 526 14. 003 9. 150 7.82 7.49 6.77 6.69 8.29 9.71 9.43 9.42 8=95 8. 94 9. 14 9.69 10.95 11. 18 10.71 10.88 12. 84 14.05 12.02 9.45 7.56 7.99 7.61 7.42 8.41 9.44 9. 18 9. 25 8.91 8.95 9.03 9.33 10.30 10.65 10.39 10.80 12.41 12.75 11.47 10. 18 6.09 6.89 6.49 5. 56 5.90 6.39 6. 14 6. 10 5.99 6.05 6. 10 6.40 6.98 7. 19 7.09 7.21 8.04 9.09 8.40 7.37 8.57 8.83 8.43 8. 02 8.73 9.63 9.38 9.50 9.29 9.20 9.23 9.44 10.13 10.76 10.74 11.09 12.38 12.96 12. 04 10.99 9. 87 6.33 5. 35 5.60 7.99 « 10. 91 9. 87 9. 98 9.71 9.82 10.39 11.60 13.23 4 13. 26 12.80 12.66 13.60 16. 50 14.93 9.29 7. 83 6. 25 5. 50 5.46 7.46 10.28 9H-9/2 9H-9H 91/2-9/2 9H-10 10-1 OH lOH-ll 11-12 12-12 12-12 12-12 12-13 13-13 13-13 13 12K-13K 13H-15 15K-15K 15VS-15& 15&-15& 15J4-16H 16J4-19H 19H-19K *18K-14 12. 731 10. 788 9. 728 8.604 8.953 7.675 11.23 10.49 9.57 9.44 9.23 9.09 10. 90 10.57 10.08 10.25 10. 16 10.10 8.01 7. 89 6.96 7,29 7.59 7.62 11. 51 11.38 10.93 10.96 11. 02 10.89 13.47 11.88 9. 60 9.26 8.95 8.15 13-13 13-13 13-13 13-13 13-13 13- 19H-19H 19K-18X2 18H-17H 17H-16H 16H-14H 14^-14 i on new period. » Yields on the more actively by the Treasury Department, a Weekly are Wednesday * November 1, are for 6 • 2 to for 8 Effective (in the fees as as contract at end of 10 years. prior * und of of the Treasury, & Newhome mortgage yields 10.81 7.86 6.84 6.83 9.06 12. 67 ll%-ll% ll%-ll% 11%-HK HK-iiji ll«-l2Ji 6 8.92 9. 01 8.99 9. 01 9.54 10.77 10.36 10.47 10.66 10.78 11. 01 11.02 11.21 11.37 11.64 11. 87 11.93 12.62 13.00 on conventional assumed, on the 1973 not strictly of Governors of the ^ _, , COMMON STOCK PRICES AND YIELDS Stock prices recovered somewhat in May, but remained well below February peaks. INDEX, DEC 31, 1965=50 80 INDEX, DEC 31,1965=50 80 COMPOSITE PRICE INDEX STOCK (NYSE) - 5 5 - 1972 1980 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock 8 yields (percent) Common stock prices * Period New York Stock Exchange indexes (Dec. 31, 1965=50) * Composite Industrial Transportation 1974 1975 1976 ... 1977 1978 1979 1979: May June July Aug Sept. Oct Nov Dec 1980: Jan Feb Mar Apr-p May Week ended: 1980: Apr 19 26 May 3 10 17 24 31 *-__ W ijr Utility 43.84 45.73 54.46 53. 69 53.70 58.32 56.21 57.61 58.38 61. 19 61.89 59.27 59.02 61.75 63.74 66.06 59.52 58.47 6 61. 38 48.08 50. 52 60.44 57.86 58.23 64.76 62.21 63. 57 64.24 67.71 69. 17 66.68 66.45 69.83 72.67 76. 42 68.71 66.31 69.38 31. &9 31. 10 39.57 41.09 43.50 47.34 45. 60 47.54 48.85 52.48 52.21 48.09 47. 61 50.59 52.61 57. 92 51.77 48.62 51.07 29.79 31. 50 36.97 40.92 39.22 38.21 37.48 38.44 38.88 39.26 38.39 36.58 36.55 37. 29 37.08 36.22 33.38 35.29 37.31 49.67 47. 14 52.94 55. 25 56.65 61.42 58.80 61.87 64.43 68.40 67.21 61.64 60.64 63.21 64.22 61.84 54.71 57.32 61.47 57.82 58. 71 60. 11 60.46 60.70 61.88 63.44 65.34 66.34 68. 16 68. 16 68.40 70.04 72.04 48.25 47.91 48.30 49.51 50.96 51.96 53.28 35.39 36. 12 36. 59 37.25 37.26 37.28 37.80 57.10 57.90 58.67 60.93 61.39 62.09 62. 94 ! Average of daily closing prices. 8 Includes all the slocks (more than 1,500) listed 8 Includes 30 stocks. < Includes 500 stocks. 8 on the NYSE. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. Finance Standard & Poor's DowJones composite Dividendprice industrial index ratio average * (1941-43= 10) « 82. 85 759. 37 4.47 4.31 802. 49 86. 16 974.92 102. 01 3.77 4. 62 98.20 89463 96.02 820. 23 5.28 844. 40 103. 01 5.45 5.58 99.73 837. 41 5.53 101. 73 838. 65 102. 71 5.50 836. 95 5.30 107. 36 873. 55 5.31 108. 60 878. 50 5.56 104. 47 840. 39 5.71 815. 78 103. 66 5.53 107. 78 836. 14 5.41 110. 87 860. 74 5.24 115. 34 878. 22 5.87 104.69 803. 56 102. 97 6.05 786. 33 5.77 107. 69 828. 19 774.35 787. 78 810. 66 814. 92 818. 22 838. 31 853. 80 101. 72 103. 30 105. 77 106. 13 106. 45 108. 53 111. 24 Earningsprice ratio 11.59 9. 15 8.90 10.79 12.03 13.42 13.58 13.36 13.66 6.14 6.05 5.94 5.82 5.85 5.82 5.58 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. oi FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 7 months of fiscal year 1980, there was a budget deficit of $41.9 billion. A year earlier, the deficit was $32.7 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 500 1972 1974 1973 1976 1975 1977 1978 1980 1979 1981 FISCAL YEARS SOURCES: DEPARTMENT OF THE TREASURY AND Of FICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Receipts Period Fiscal year or period: 1970 1971 1972. 1973 1974. . 1975 1976 Transition quarter 1977 1978 — _ _-1979 1980 (estimates): Second 2 Concurrent Resolution, November 1979 Ptij/lfi/pf /?/»»>•» «7/Tw « 1981 (estimates) 3 H/ffirrh "IQ%f)3 *. _ Cumulative total, first 7 months: Fiscal year 1979 Fiscal year 1980 — 1 Excludes non-interest-bearing public debt securities held by IMF. 2 Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28,1979. 32 Outlays Surplus or deficit ( — ) Federal debt ( end of period) Total l Held by the public 382. 6 409. 5 437.3 468. 4 486.2 544. 1 631. 9 646.4 709. 1 780. 4 833.8 284.9 304.3 323.8 343.0 346. 1 396.9 480.3 498. 3 551.8 610. 9 644. 6 16.5 939.4 722.0 -32.7 — 41. 9 804.0 876,9 631.9 687.3 193.7 188.4 208.6 232.2 264.9 281.0 300.0 81. 8 357.8 402. 0 465.9 196.6 211. 4 232.0 247. 1 269.6 326. 2 366.4 94.7 402.7 450. 8 493.7 -2.8 — 23. 0 -23.4 -14.8 -47 -45.2 -66.4 -13.0 -45.0 — 48. 8 -27.7 517.8 532.4 547.6 568.9 -29.8 -36,5 628.0 611.5 253.8 289. 8 286. 5 331.7 s Estimates from Fiscal Year 1981 Budget Revisions, March 1980, Office of Management and Budget. Sources: Department of the Treasury and Office of Management and Budget, except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 7 months of fiscal 1980, budget receipts were $36.0 billion $45.2 billion higher. a earlier, and BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS 300 20G 200 500 OUTLAYS 400 400 300 300 NONDEFENSE 200 ' 20) NATIONAL DEFENSE 100 100 1972 1973 1974 1976 1975 1977 1979 1978 1980 1981 FISCAL YEARS SOOiCESs OF THE AM? COUNCIL OF ECONOMIC ADVISERS OF MANAG£M»4T AND of Outlays Receipts National Period Fiscal year or period : 19711972. „ 1973. 1974__ 1975_ 1976 Transition quarter. _ 1977 1978 1979. 1980 (estimates) l 1981 (estimates) 1 Cumulative total, first 7 months : Fiscal vear 1979 Fiscal year 1980 Total Indi- Corpovidual ration Other income income taxes taxes Total 193. 7 188.4 208. 6 232. 2 264. 9 281. 0 300. 0 81.8 357. 8 402.0 465. 9 532.4 628.0 90. 4 86.2 94. 7 103.2 119. 0 122. 4 131. 6 38.8 157. 6 181.0 217. 8 241.5 279.9 32. 8 26.8 32. 2 36.2 38.6 40. 6 41.4 8.5 54. 9 60.0 65.7 74.2 74. 1 70.5 75. 4 81.7 92.8 107. 4 118. 0 127.0 34. 5 145. 2 161. 1 182. 4 216.7 274.0 196. 6 211. 4 232. 0 247. 1 269.6 326. 2 366. 4 94.7 402. 7 450. 8 493.7 568.9 611. 5 78. 6 75.8 76. 6 745 77.8 85. 6 89.4 22. 3 97.5 105. 2 117.7 134.0 150. 5 77. 1 74.5 75. 1 73.2 77. 6 84.9 87. 9 21.9 95. 6 103. 0 115.0 131.0 147.0 43 41 4.7 41 5.7 6. 9 5. 6 2. 2 48 5.9 6. 1 11. 1 10.1 56. 1 70. 1 81.4 91.8 106.5 136. 3 160.9 41.5 176.7 189.9 209. 8 246.5 282.0 18.3 19.6 20. 6 22.8 28.0 30.9 345 7.2 38. 0 440 52.6 643 68.4 39.3 41.8 48. 8 53.9 51. 6 66. 5 76. 1 21. 5 85. 7 105. 9 107.5 113.0 100,5 253. 8 289. 8 120. 1 140. 8 35.6 35. 2 98.2 113. 8 286. 5 331. 7 65.6 77. 5 65.2 75.8 2.9 7.0 119.7 140. 5 29. 0 35. 3 69.3 71. 4 1 Estimates from Fiscal Year 1981 Budget Revisions, March 1980, Office of Management and Budget. Total Interna- Health and InDepart- tional income Other of affairs security terest Defense, military Sources: of the Treasury Office ot Management and Budget. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1980, according to preliminary Federal receipts rose $16.1 billion (annual expenditures rose $21.9 billion, yielding a deficit of $21.6 billion, $5.9 billion more than in the fourth quarter of 1979a BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS 600 200 50 | 50 SURPLUS n V ^ ^ ^H "^ ^ ^ -50 IfMl HI nil 1 1 B 111 11 1 0 U£^UAm % Jl^^ 1 " ^ <22d "' -5 ! i 1972 1974 1973 1975 I 1977 1976 1979 1978 1980 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly I ai adjusted Surplus or Less: Grantsdeficit less in-aid Wage Corpo- Indirect ContriPur(-), current accruals national chases Trans- to Net rate business butions fer pay- and interest surplus of less for Total of Income Total nontax profits tax and tax inand ments local paid Govern- disnontax receipts governen- burse- product accruals surance terprises ments accounts ments 414. 7 483. 7 137. 0 166. 0 3 223. 5 51. 7 59. 1 67. 7 78. 4 24. 3 24. 5 27. 2 29. 4 100. 9 116.4 133. 5 152. 4 371. 1 411.4 450. 1 493. 6 125. 7 140.3 150. 7 162. 4 156. 5 169. 6 182. 0 201. 7 57. 6 66.3 74. 7 79. 3 25.2 28.4 33. 1 40. 4 6.2 6. 9 9.6 9. 8 0.0 .0 .0 .0 -57. 3 -45.5 -35.4 -9. 9 331.4 375. 4 432. 1 » 497, 6 1978:111.. 442. 1 IV___ 463. 5 475.0 1979:1 II... 485. 8 III.. 504. 8 IV ». 524. 7 I ^___ 540,8 147.2 169. 6 194. 9 230. 0 200. 9 211.0 213. 0 223.4 235. 2 248.5 247. 1 54. 6 61. 8 72. 0 78. 2 74.6 81.2 77.2 74.9 79.4 81.4 86.2 23. 4 25. 1 28. 1 30. 0 28. 4 29.3 29. 4 29.9 30.0 30. 7 35.9 106. 3 118. 9 137. 0 159. 3 138. 2 142.0 155.5 157.5 160. 2 164 1 171.7 385. 0 421. 7 459. 8 509. 0 462. 6 479.7 486. 8 492.9 516. 1 540.4 562.3 129. 7 144. 4 152. 6 166. 6 152.3 159.0 163.6 161.7 162.9 178,4 186.2 1617 172. 7 185. 4 209. 8 188.8 192. 1 196.8 201.9 217.6 222.7 229.4 61. 1 67. 5 77. 3 80. 4 77. 6 80. 7 77.8 77.7 81.8 84. 3 86. 0 26.8 29. 0 34. 8 43. 1 35. 6 37. 1 40. 0 42. 6 43.5 46. 2 51. 0 5.8 8. 1 9. 7 9. 1 8.4 10.9 8.3 9.0 10. 2 8.8 .0 .0 .0 .0 .2 ,0 -.2 .0 .0 .0 .0 -53. 6 -46. 3 -27.7 -11. 2 -20.4 -16.3 -11.7 -7.0 -11. 3 -15.7 — 21. 6 313. 9 . 1978 1979 Calendar year: 1976_ . 1977 Sources: Department o"f Commerce (Bureau of Economic Analysis), Department of the Treasury, ancLOflice of Management and Budget. 34 as INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] Consumer prices (unadjusted) Industrial production (seasonally adjusted) Period 1973 1974 1975 1976 1977 1978 1979 1979: June... July.— Aug Sept.— Oct Nov Dec 1980: Jan Feb * _ ]Mar ** Apr *-_ United States Canada Japan 129.8 129.3 117.8 130.5 138. 2 146. 1 152.2 152.6 152. 8 151.6 152.4 152.2 152.1 152.2 152.6 152. 3 151.3 148.5 143.0 147.5 139.6 147.4 152. 1 160. 9 167.6 165.1 167. 6 167.4 171.7 170.2 169.5 164. 9 166.2 166.5 168.7 190.5 183. 1 163.9 182.0 189.7 201. 1 217.5 217.0 219.0 221. 1 218.2 223.6 226.4 225.6 228.7 241.3 234.9 France Germany 145 148 139 149 152 155 160 161 168 168 166 162 163 165 165 165 166 147.7 145. 1 137. 1 149. 1 152.7 155.3 163.4 164 169 163 164 165 166 165 168 169 169 Italy United United King- States l dom 133. 1 134.6 123.0 140. 6 120.0 147.7 127.6 114.3 I 161.2 170.5 143.5 117.6 18L5 145. 1 123.0 147.9 126.8 195.4 157.4 131.4 217. 4 145.8 136.0 216. 6 151. 1 134.8 218. 9 150.9 129.7 221. 1 160.0 127.9 223.4 166. 1 129.6 225.4 167. 1 133.2 227.5 164.8 130.4 229.9 167.8 130.2 233.2 174.9 128.2 236.4 174.0 239.8 242.5 Can- Japan France ada 130.3 144. 5 160. 1 172. 1 185. 9 202.5 221. 0 220. 3 222. 1 222.9 224.9 226. 5 228. 7 230. 1 231.3 233 3 235.8 237.2 147.9 184.0 205.8 224.9 243.0 252.3 261.3 261.5 263.8 261. 1 264.4 267.7 266. 7 268.3 270.8 273.3 275.5 140.7 160.0 178. 9 196. 1 214.5 233.9 258.5 256.6 260.0 262.7 264. 9 268. 1 269.8 272.0 277.2 280.2 283.4 Germany 127.2 136. 1 144.2 150.4 155.9 160. 2 166.6 166.6 167.7 167.8 168.3 168.7 169.3 170. 1 171.0 172.8 173.8 174.9 United Kingdom Italy 134. 0 159. 7 186.8 218. 1 255.2 286. 2 328.5 323. 9 326.7 330.6 339.2 345. 5 350.3 356.6 368.4 374.7 378. 1 384. 1 150.2 174.3 216.5 252.4 292.4 316.6 359. 1 352.8 368.0 370.9 374.6 378.5 381.8 384.6 394, 1 399.7 405.1 419.0 Source: National sources as reported by Department of Commerce, Bureau of International Economic Policy and Research, Office of International Economic Research, in International Economic Indicators. » Beginning January 1978 data relate to all urban consumers. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merchandise exports * Merchandise imports General imports * Domestic exports Period Total domestic and foreign Total exports 2 Food, Crude Food, Crude bever- mate- Manubever- matefacrials ages, rials ages, tured Total 2 and to- and and to- and goods bacco fuels bacco fuels 5,902 8, 167 5,811 8,053 1974 8,167 1975 8,966 1976 9,596 1977 10, 096 1978 11,965 1979 . 15, 136 1979: Mar_._ 14, 297 Apr 13, 979 May___ 14, 083 June___ 14, 817 July_._ 15, 691 Aug___ 15, 713 Sept.... 15, 822 Oct 16, 680 Nov 16, 928 Dee_-_ 16, 742 1980: Jan 17, 348 Feb__. 17, 233 Mar___ 18, 534 Apr 18, 468 8,053 8,842 9,456 9,912 11,753 14, 868 14, Oil 13, 732 13, 799 14, 554 15, 455 15, 452 15, 569 16, 396 16, 575 16, 419 17, 018 16, 950 18, 165 18, 137 3,728 5,294 5,790 8,450 1,269 1,317 5,294 1,399 1,266 5,913 1,436 1,341 6,437 1,330 1,548 6,679 1, 717 1,746 7,873 2,049 2,351 9,715 1,755 2,237 9,334 1,794 2,105 9,145 1,853 2,028 9, 154 2,072 2,253 9,562 2,355 2,404 9,875 2, 164 2,480 10, 033 2,296 2,583 10, 055 2,374 2,534 10, 444 2,299 2,686 10, 418 2,413 2,732 10, 719 2,331 2,854 11, 173 2,296 2,826 11, 373 2,538 2,991 11, 802 2,410 2,867 11, 745 8,387 8,048 10, 084 12, 307 14, 332 17, 194 15, 358 15, 841 16, 438 16, 835 16, 806 18, 277 18, 407 19, 037 18, 548 19, 665 20, 945 21, 640 20, 607 19, 308 1,078 1,269 895 1,317 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. 3 Total includes commodities and transactions not classified according to kind. 8 Total arrivals of imported goods other than in transit shipments. « C.U. (cost, insurance, and freight) import value at first port of entry in the United States. Data for 1973 are estimates. trade Exports (f.a.s.) less imports (c.i.f.) Customs value F.a.s. value • Monthly average: 1973 1974 Manu- Total fac(c.i.f. 4 tured value) goods Merchandise balance Exports Ex(f.a.s.) po rts less (f.a.s.) imless ports im(cusports toms (f.a.s.) value) 770 892 F.a.s. 892 827 991 1, 186 1,312 1,478 1,443 1,531 1,457 1,557 1,387 1,405 1,402 1,404 1,689 1,712 1,652 1,406 1,544 1,503 1,120 2,653 value * 2,672 2,716 3,457 4,463 4,325 5,954 4,861 5,175 5,173 5,487 5,999 6, 445 7,044 7,479 6,379 7,775 7,590 8,788 8,421 9,284 3,750 4,684 6, 131 9,033 112 -283 —221 -229 -866 4,602 9,033 -283 —221 -866 8,654 4,257 312 853 918 5,398 10, 825 —581 —488 — 1, 229 6,379 13, 130 —2, 297 —2,211 —3, 034 o 473 2 367 3 293 8,360 15, 258 9,353 18, 244 -2, 125 -2, 057 -3, 108 8,703 16, 318 -1,060 -2, 021 8,848 16, 847 -1,863 -2, 868 9,360 17, 451 -2, 355 -3,368 9,385 17, 871 -2, 018 -3, 053 9,061 17, 854 -1,115 -2, 163 9,994 19, 381 -2,564 -3, 668 9,505 19, 503 -2, 585 -3,681 9,663 20, 149 -2, 357 -3,469 -1,620 -2, 732 9,950 19, 660 9,632 20, 809 -2, 923 -4, 068 11, 183 22, 107 -3, 597 -4, 760 -4, 407 -5,573 10,829 22, 806 10, 176 21, 692 -2, 073 -3, 158 -840 -1,869 9,969 20, 337 5 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. NOTE.—Data beginning 1975 not strictly comparable with earlier data. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 1980, the merchandise trade deficit rose to $1 2.2 billion. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 -10 -10 -15 -15 1972 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Investment income 3 Merchandise 1 2 Period Imports Net balance Receipts Payments — 55, 797 — 70, 499 — 103, 649 — 98, 041 -124, 051 — 151, 689 -175, 813 -211,524 — 6, 416 911 — 5, 343 9, 047 — 9, 306 — 30, 873 — 33, 759 -29, 450 14, 764 21, 808 27, 587 25, 351 29, 286 32, 587 43, 465 65, 862 — 6, 544 — 9, 655 — 12, 084 — 12, 564 -13, 311 — 14, 598 -21, 820 -33, 548 Exports 1972 1973 1974 1975 1976 1977 1978 ___ 1979 * 49, 71, 98, 107, 114, 120, 142, 182, 381 410 306 088 745 816 054 074 1978: III.. IV.. 36, 532 -44, 482 -7, 950 10, 526 -5,574 39, 421 -45, 372 -5,951 12, 907 -6,308 1979: !___. II— III— IV".. 41, 42, 47, 50, 1980: 1 * _ _ 53, 934 -66, 156 -12,222 435 890 235 514 -47, 632 -50, 299 -54, 483 -59, 110 1 Excludes military grants. 2 Adjusted from Census data 3 -6, 197 -7, 409 -7, 248 -8, 596 14, 082 15, 371 17, 917 18, 492 -7, 268 -7,957 -8,743 -9,580 for differences in timing and coverage. Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services, net. 36 Net 8, 220 12, 153 15, 503 12, 787 15, 975 17, 989 21, 645 32, 314 NetNet travel miliand tary transtrans- portaactions tion receipts — 3, — 2, — 1, — 420 070 653 746 674 1, 679 492 -1, 181 Other services, net 1 Balance on goods and serv-l ices Remittances9 pensionsf and other unilateral transfers » Balance on current account — 3, 063 -3, 158 — 3, 184 — 2, 725 — 2, 465 — 3, 200 — 2, 985 -2, 743 2, 789 - 1, 889 -3, 854 -5, 744 7, 141 3, 185 11, 022 -3, 881 2, 113 9, 298 -7, 186 3, 975 4, 590 22, 952 -4, 613 18, 339 4,605 9, 603 -4, 998 4, 725 4, 983 — 9, 423 -4, 670 - 14, 092 6,226 -8, 381 -5, 086 -13,467 -317 5,332 -5, 649 6,390 4, 952 6,599 247 -239 -784 -672 1,603 -1,932 -1,233 -3, 165 105 1,682 1,419 -1,314 6,814 7,414 9, 174 8,912 34 -217 -418 -580 -576 -852 -669 -646 1,521 1, 617 1,669 1,581 1,596 553 2, 508 671 -1,322 -1,363 -1,369 -1,594 Source: Department of Commerce, Bureau of Economic Analysis. 274 -810 1, 139 -923 U.S. INTERNATIONAL TRANSACTIONS—Continued In the fourth quarter of 1979 private capital outflows declined by $1 3.6 billion from the third quarter rate. Recorded private inflows fell by $15.0 billion, but the statistical discrepancy shifted in a positive direction by roughly the same amount ($14.3 billion). BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 -10 -20 -30 -30 -40 -40 1980 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE (Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capital outflow ( — )] Period Total 1972. _ 1973 1974__ 1975_. 1976 1977- _ 1978 p 1979 - - - U.S. official reserve assets 1 2 -14,497 -4 -22, 874 158 -34,745 -1,467 -39, 703 849 -51, 269 -2, 558 -35,793 -375 -60, 957 732 -63, 423 -1, 107 1978: III... -10,049 -30,254 Other U.S. U.S. Govern- private2 assets ment assets -1,568 -2, 644 366 -3,474 -4,214 -3, 693 -4, 656 -3, 780 115 -1,390 -994 182 -12, 925 -20, 388 -33, 643 35, 380 -44, 498 31, 725 -57,033 58 536 Foreign assets in the U.S., net [increase/capital inflow ( - f ) ] 2 Foreign official assets Total Total Assets of Other foreign foreign official assets reserve agencies 21, 461 10, 475 10, 293 18, 388 6,026 5,090 34, 241 10, 546 10, 244 15,420 5,259 6, 777 36, 399 17, 573 13, 066 50, 823 36, 656 35, 416 63, 713 33, 758 31, 004 33, 902 -15, 192 -14, 444 -8, 774 15, 358 29, 442 29, 239 4,641 18, 764 3, 246 i Consists of gold, special drawing rights (SDR), convertible currencies, and thc2 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. U.S. official Allocareserve tions Of assets, Total of 1 which : special (sum of Seasonal net ( unadthe drawing adjust- justed, items rights ment end of with si go (SDR) reversed) discrepancy period) 710 — 1, 930 — 2, 655 -1, 609 5 944 10, 265 -937 10,711 1, 139 28, 699 4,519 10, 717 16, 719 10, 475 1979: I -7, 622 -3, 585 -1,094 -2, 943 1,476 -9, 391 -9, 227 I I _ _ _ -16, 152 343 — 1, 001 -15, 494 6, 057 -10, 043 -10, 299 -24, 809 2,779 5, 554 -763 5,745 26, 825 24, 289 IV VII -14,839 -644 -922 -13, 273 2,079 -1,503 -472 1980:1 9 10, 986 12, 362 23, 696 8, 643 18, 826 14, 167 29, 956 49, 094 Statistical discrepancy 10, 868 16, 100 18, 544 3,582 -2, 144 -2,713 910 1,291 1, 139 4, 732 1, 117 10, 904 482 -3, 821 -619 2, 222 13, 682 13, 151 14, 378 15, 883 16, 226 18, 747 19, 312 18, 650 18,937 18, 850 18, 650 21, 21, 18, 18, 658 246 534 937 7 738 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. OT Contents TOTAL OUTPUT, INCOME, AND SPENDING page Gross National Product National Product in 1972 Dollars., ....................................................... Price Deflators for Gross National P r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in GNP and GNP Price Measures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nonfinancial Corporate Business—Output, Costs, and P r o f i t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income. » Consumption E x p e n d i t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . of Personal Income. of Personal Income. Income............................................................................................... Corporate Profits Gross Private Domestic Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 of the Labor Force Unemployment Rates Measures of Unemployment and Unemployment Insurance P r o g r a m s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employment Weekly Hours and Hourly Earnings—Private Nonagricultural Industries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Average Weekly Earnings—Private Nonagricultural Industries. Productivity and Related Data, Private Business Sector. . 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Production and Capacity Utilization. Production—Major Market Groups and Selected Manufactures. New C o n s t r u c t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Private and Vacancy R a t e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business —Total Trade................................................................ ............................................................. 17 18 S9 19 20 21 •^'TSf.frsPG* ^r&\JOiW>±iO Producer ............................................................................................ Consumer ............................................................................................ Changes in Producer P r i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in ................................................................................. Prices by 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stocks Measures Assets. of Money Liquid Assets Credit................................................................................. Loanss ........................................................................ Sources Uses of Funds, Nonfarm .............................................. Current Assets of , Interest Yields, Yields. and Receipts by National and by . 26 27 2? 28 29 29 30 31 32 33 34 INTERNATIONAL STATISTICS Production and Consumer U.S. Merchandise Exports and Imports U.S. International Transactions —Major 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price $1.30 (single copy). Subscription price: $15.00 per year; $3.75 additional for foreign mailing. 38 OS. GOVERNMENT PRINTING OFFICE : 1980 O-63-232
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