View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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/
ness in- exports Exports Imports
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

NonDurable durable Services Nonresidential
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

10! f,
Ti i

H
,t^

1.L «5

11.6
12, 0
11. 3
10.9
14. 8
1C, 6

1977
III
IV
I
II
III
IV

If
3.5
5. 6

6.7
ll. y
i<r< &

T -9

„ _

Implicit
price
deflator

— 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-

Compenper
sation
per
hour
hour
of ail
employ- of ail
employees
(1972
ees
dollars)
Output

adjustments

Net
interest
Total

Profits
tax
liability

Profits
after
tax 4

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.




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
durable
goods l

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
nondurable
1

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 disburse- income12 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:
Personal 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

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

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

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
33.8 148.7
198.3
26.5
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

Producers'
durable
equipment

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

Nonfarm

Total

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

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

Residential fixed investment

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

Public
utilities

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

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 iiiiIii iii

i ii iIiiiii
1974

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
15
VylVIlIH.Il
Oivilian Unem- force p;,,;i:ork
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
culand
ment
ing
force
ment
Total for economic 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

_

„

_

June
July
Aug
Sept...
Oct
Nov
Dec_ _ „„
Jan
Feb
„ _
1

as

lost by
of




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

3. 8
6. 7
5. 9
&2
4.2
4 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

10.3
10. 1
9. 8
9. 0
8. 7

ae

ai

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

_ _ _. .
..... _ - .

1979

aoiiiic

By sex

7.7
7.0
6.0
5.8

1974
1977

1980

LABOR FORCE IN GROUP SPECIFIED.

SOURCE: DEPARTMENT OF LABOR

___
unemployed

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
benefit
claims s
(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, Services
and
Non- Total
State
and
and
Total Durable durable
Federal and
real
public retail
goods goods
trade estate
local
utilities

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 p _
Apr p _

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

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

1979: Apr

_

Dec

1980: Jan
__ _
Feb v
Mar
Apr »
.

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

. ...
...

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

.. . „

May
June
July
. J
Aug.—
SeptOct...«
Nov

Total
private
nonagricultural *

36. 9
37.0
36.9
36. 5
36. 1
36. 1
36. 0
35.8
35.7

—- „ __ . .
„„_

Manufacturing

.

Adjusted hourly earnings index— total private
nonagricultural 3
i
Percent change from
Index, 1967 = 100
a year earlier 4

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. 1
1

Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
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
merce
ton
Mate- series 2 series l
manufacturrials
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
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

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.




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

1987 proportion _
1970
1971
_ _
1972
1973
1974
1975
1976
_
1977
1978
1979.
1979: A p r _ _ _

_

_ _

May

June__
July
Sept _

_

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

Total

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

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

Business

Total

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

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

NonDurable durable
goods
goods

Total

Aug

Equipment

Consumer goods

Period

Intermediate
products

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

InvenSales * tories 3

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

ii i M 1 1 1 1 1 1

1 1 i i 1 Mill

1976

1.2

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
finand
tal
and
ished
Dur- Non- equip- goods Total feeds l Other Total feed- Other
durTotal able
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
Percent change from preceding
period; seasonally adjusted l

Percent change from 6 months
earlier; seasonally adjusted
annual rates

Consumer goods

Period

Percent change from 3 months
earlier; seasonally adjusted
annual rates
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

236
238
234
224
4
226

220
220
220
217
222

252
255
247
232
231

289
271
274
274
4
275

_„_
Sept
Oct _ _ _
Nov..
_ ____
Dec

Apr __
May
1
2

The
farmers.




of

of

on 1910-14 = 100

! Actual
|

(3)
()
3

.
.

_„ .
.

Produc-

(3)
()
3

_ „ _._

_„

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

Paritv ratio l

Prices paid by

Prices received by farmers

by

to

121
146
16'""
182
193
200
217
248

(3)
(8)
()
3
()
3
(3)
()
3
P)

B
<*)
09

to

In

4

ig

' 79
94
87
78
72
68
72
72

73
73
72
71
69
70
68
68
67

73
74
73
72
70
70
68
69
68

263
266
270
268
268

()
3
()
I
()
i

91
56
76
71
68
70
71

247
248
248
251
249
254
256
256
258

123
133
151
166
170

3

of

s

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 de- nation nation
able
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
secuTotal 2 industrial Treasury
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.
2 Excludes loans to commercial banks in the United States.
3
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

Ui§-

Purchase
of
physical
assets 2

Other

6.5
3.3

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.
* Based on data from Statistics of Income, Department of the Treasury.
8
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

Constant maturities
3-year

"JVfav 3

10
17
24
31 »—

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

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-

for

Newhome
mortgage
yields

12K-13K
13H-15
15K-15K
15VS-15&
15&-15&
15J4-16H
16J4-19H
19H-19K
*18K-14

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

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




Prime
rate
charged
by
banks 6

12. 731
10. 788
9. 728
8.604
8.953
7.675

WWJLJ

30

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

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

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..-.

•

2

to
for

8
Effective
(in the
fees
as
as contract
at end of 10 years.
prior

*

und

of

of the Treasury,

&

10.81
7.86
6.84
6.83
9.06
12. 67
ll%-ll%
ll%-ll%

11%-HK
HK-iiji
ll«-l2Ji

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

—

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



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

"IQ%f)3

*. _

Cumulative total, first 7 months:
Fiscal year 1979
Fiscal year 1980

Outlays

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 terest Other
of affairs security
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 1
nil

1 1
B1 1
1
1
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 *-_

France

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

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

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

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.
tured value) 4
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 * _ _

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
services l

Remittances9
pensionsf
and
other
unilateral
transfers »

— 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

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



Balance
on
current
account

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- private
assets 2
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
thc U.S. reserve position in the IMF.
2
Quarterly data are not seasonally adjusted.




U.S.
official
Allocareserve
tions
Of
Total
of
1
which : assets,
special (sum of Seasonal net
( unadthe
drawing
adjust- justed,
items
rights
ment
with si go discrep- end of
(SDR)
reversed) ancy 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