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96th Congress, 2d Session

Economic Indicators
NOVEMBER

1980

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice 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 ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
STEPHEN M. GOLDFELD

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402

11




TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, gross national product rose $65.2 billion or 10.8 percent, both
at annual rates. Real output (GNP adjusted for price changes) rose 0.9 percent from the second quarter level and
the implicit price deflator rose at a 9.8 percent annual rate.
MILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
2,600

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

1,00)
1975

1974

1972

1976

1977

1978

1980

1979

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

(Billions of current' dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

Personal
consumption
expenditures

Gross
private
domestic
investment

Exports and imports of
goods and services

Government purchases of goods and
services
Federal

Net
exports

Exports

Imports

Total

102 2
111 1
123 1
129 7
144 4
152 6
m fi

110.4
123. 2
137. 5
151 0
167. 3
191. 5
215. 4
231. 6
251. 8
283. 0
309 8

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

460. 1
466. 6
477.8
501.2

163.6
161.7
162.9
178.4

103.4
106.0
109.0
114.6

60.2
55.7
53.9
63.8

296.5
304.9
314.9
322. 8

2, 272. 9
2, 296. 4
2, 381. 9
2, 451. 4

517. 2
528. 3
533. 6

186.2
193.3
191.4

119.6
124. 1
129. 1

66.6
69.2
62.3

331.0
335.0
342.2

2, 516. 1
2, 509. 9
2, 603. 3

1. 8
3 9
16
3 3
7 1
6 0
20 4
8 0
—9 9
— 10 3
4 6

54. 7
62 5
65 6
72 7
101 6
137 9
147 3
163 3
175 9
207 2
257 5

52 9
58 5
64 0
7^ Q
94. 4
131 9
126 9
155 4
185 8
217 5
2fi9 1

207
218
233
253
269
302
338
361
396
435
47fi

9
9
7
1
5
7
4
3
2
6
4

1979: I
2, 292. 1 1, 454. 2
II-. .2, 329. 8 1, 475. 9
III_. 2, 396. 5 1, 528. 6
IV._. 2, 456. 9 1, 580. 4

373.8
395.4
392.3
387.2

4.0
-8. 1
-2.3
-11.9

238.5
243.7
267.3
280.4

234.4
251.9
269.5
292.4

1980: I
2, 520. 8 1, 629. 5
II__- 2, 521. 3 1, 626. 6
III*. 2, 586. 5 1, 683. 3

387. 7
368.5
348.4

-13.6
-2.2
21.3

308. 1
307.0
313.2

321. 7
309.2
291.9




Final
sales

21. 2
22. 1
26. 0
28 6
28. 7
34 1
39 4
43 3
50. 6
53 6
58 4

146. 2
140 8
160 0
188 3
220. 0
214 6
190 9
243 0
303. 3
351 5
387 2

Source: Department of Commerce, Bureau of Economic Analysis.

Nondefense

State
and
local

76. 3
73 5
70 2
73 5
73 5
77 0
83 7
86 4
93. 7
99 o
108 3

935. 5 579. 7
982. 4 618 8
1, 063. 4 668. 2
1 171 1 733 0
1, 306. 6 809. 9
1, 412. 9 889 6
1, 528. 8 979. 1
1 702. 2 1 089 9
1, 899. 5 1, 210. 0
2 127. 6 1 350 8
2 368 8 1 509 8

1969-__
1970
1971__,
1972
1973___
1974
1975. _ _
1976 .
1977
1978
1979

Total

National
defense

97 5
95 6
96 2

109 1

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exports of goods
Gross private domestic
and services
investment
Personal
conGross
Change
national sumpNonResi- in busition
product
Wot
£Neii
residential ness in- exports Exports Imports
expendfixed ventoitures dential
fixed
ries

Period

Total

Federal

State
and
local

Final
sales

9.4

-3.3

8.0

-9.8
6. 6
13. 1
14. 1

15.9
22.6
15.8
10.3
11. 0
17.6

62.2
67. 1
67.9
72.7
87.4
93. 0
90.0
96. 1
98.4
108.9
119.9

57.7
56.7
56.5
55.8

12.3
18. 1
7. 1

17.0
13.2
20. 1
20. 1

117.0
116.0
122.2
124 3

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

51.7
40.7
42.2

.3
2.6

25.0
28.3
32.2

131.7
128.3
127.6

106.7
99.9
95.4

280.0
280.9
278.0

104.3
106.7
103.9

175.7
174.3
174 1

1, 444 4
1, 406. 0
1, 417. 8

1, 078. 8
1969 .
1, 075. 3
1970
1, 107. 5
1971 .
1, 171. 1
1972
1, 235. 0
1973 .
1, 217. 8
1974
1, 202. 3
1975
1, 273. 0
1976
1977-- __ 1, 340. 5
1, 399. 2
1978
1, 431. 6
1979

655.4
668.9
691.9
733.0
767. 7
760.7
774 6
820.6
861.7
900.8
9245

114 3
110. 0
108. 0
116.8
131. 0
130. 6
113. 6
119. 0
129. 3
140. 1
148. 8

43.2
40.4
52.2
62.0
59. 7
45.0
38.8
47. 8
57.7
60. 1
56.7

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

1, 444. 7
1980:1
!!_._ 1, 408. 6
III*_ 1, 411. 7

936.5
910.8
921.9

151.2
145.3
143.5

1979: III
III—
IV —

Government purchases of
goods and services

10.6

43

6. 6

16. 5

9.7

1.4

— 6.2

-1.3
1.4
-.6
7.6

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 1, 068. 2
139. 5 1, 071. 0
145. 5 1, 100. 9
151. 0 1, 161. 7
155. 9 1, 218. 5
161. 8 1, 209. 9
166. 1 1, 212. 1
166. 9 1, 266. 4
167.9 1, 327. 4
174 6 1, 385. 1
174 9 1, 421. 9

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]

Gross
national
product

Period

Personal consumption expenditures

Total

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

.

__

_-

1979: I...
II.
Ill

IV

1980: I

II

III 9

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
1243
129.4
136.5
1448

89.4
93.6
96.6
100. 0
107.9
123. 8
133.4
138. 1
144.7
1546
171.0

86. 1
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
134 6
143. 6
154 8
167.6

81.9
88.3
945
100. 0
107.3
118.4
129.7
138. 8
150.0
162. 1
177. 1

160. 22
163. 81
167. 20
170. 58

157.8
161.3
165. 1
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
174.9
179. 3
183.5

174 48
178. 99
183. 23

174.0
178. 6
182.6

151.5
153. 6
156.9

184.1
188. 1
191.8

173.3
178.3
183.0

180.3
1846
188. 8

213.4
218.8
223. 3

2340
239.4
245. 4

301.5
309.5
306. 0

178.5
181.2
1842

188.4
192.3
196.6

Source: Department of Commerce, Bureau of Economic Analysis.




Gross private
domestic
investment

CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product

Period

196g
1969
1970
—1971
1972
1973
1974
1975
1976
1977
1978
1979
1979: I
II
III
IV
1980: 1
II
HI v

Constant
(1972)
dollars

Current
dollars
9.1
7.7
5.0
8.2
10.1
11.6
8.1
8.2
11.3
11.6
12.0
11.3
10.6
6.7
11.9
10.5
10.8
.1
10.8

'
.».

44
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4.4
2.3
1.1
-2.3
3.1
2.0
1.2
-9.6
.9

Implicit
price
deflator

Gross domestic product
Fixedweighted
price
index
(1972
weights)

Chain
price
index

45
5.0
5.4
5.1
41
5.8
9.7
9.6
5.2
6.0
7.3
8.8
9.3
9.3
8.5
8.4
9.5
10.7
9.8

NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.

44
5.0
5.3
5.0
41
6.0
9.9
9.4
5.6
6.3
7.4
8.9
9.7
8.8
8.9
8.5
9.6
9. 1
9.8

43
5.0
5.2
49
40
6.0
10.2
9.3
5.6
6.4
7.5
9.3
9.9
9.5
10.0
9.4
10.9
9.7
9.5

Current
dollars
9.1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
11.2
11.5
12.0
11.2
10.1
6.9
11.5
10.7
10.5
^
10.9

Constant
(1972)
dollars
44
2.6
-.3
2.8
5.8
5.4
-1.3
-1.1
5.7
5.3
4.4
2.3
.9
-2. 1
3.2
2.4
1.4
-9.7
.8

Implicit
price
deflator

45
5.1
5.3
5.1
41
5.7
9.3
9.7
5.1
5.9
7.3
8.7
9.1
9.2
8.0
8.1
9.0
10.7
10.0

Chain
price
index
44
5.0
5.3
5.0
41
5.9
9.6
9.4
5.6
6.2
7.4
8.8
9.6
8.7
8.4
8.1
9.2
9. 1
9.8

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
9.9
9.4
9.6
9. 1
10.6
9.7
9.5

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)

Period

Current
dollars
498.4
1968
541.8
1969
560.6
1970
602.5
1971
671.0
1972
752.0
1973
808.8
1974
8741
1975
988.0
1976 1, 106. 3
1977
1, 246. 9
1978
1, 387. 7
1979
1, 346. 4
1979:1
II..- 1, 370. 4
III... 1, 401. 3
IV.... 1, 432. 9
1980: I ... 1, 470. 1
!!_._ 1, 467. 4
III*. 1, 503. 5

[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars)1

Total
cost
and
profit 2

1972
dollars
581.6
607.3
600.6
619. 3
671.0
720.4
695.0
680.0
730.4
770.7
818. 7
8441
846.6
841.0
842.4
846.3
848.0
822.5
823.7

0.857
.892
.933
.973
1.000
1.044
1. 164
1.285
1.353
1.436
1.523
1.644
1.590
1. 629
1.664
1.693
1.734
1.784
1.825

Capital
consumption
Compenallowances Indirect sation
Net
with business
of
in3
employ- terest
capital taxes
ees
consumption
adjustment
0.074
0.089
.094
.079
. 103
.088
.094
. 110
.093
. 110
.095
. 112
. 116 . 123
. 136
.142
. 137
. 146
. 140
.151
.143
.155
. 150
.167
. 145
.158
. 165
. 148
. 151
. 170
. 154
.175
.159
.179
: 190 . 173
. 182
. 196

1 Output is measured by gross domestic product of nonfinancial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
a Indirect business tax and nontax liability plus business transfer payments
less subsidies.




Corporate profits with
inventory valuation and
capital consumption
adjustments

Total

Profits
tax
liability

0.553 0.017 0. 124
0.058
.022
.589
.109
.055
.628
.028
.086
.045
.645
.095
.029
.048
.661
.028
.107
.050
.032
.699
.105
.055
.796
.086
.043
.061
.848
.045
. 113 .060
.890
.042
. 138
.072
.951
.043
. 151
.077
1.020
.048
. 157
.084
1. 115
.056
. 157 .089
1.075
.052
. 161
.088
1. 104
.054
. 159
.085
1. 127
.057
.157
.091
1. 152
.060
.092
. 153
1. 182
.064
. 148
.098
.068
1.220
. 133
.071
1.234
.072
. 142
.082

Profits
after
tax*
0.066
.055 I
.041
.046
.057
.050
.024
.053
.066
.074
.073
.068
.072
.074
.066
.061
.051
.062
.060

ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7. 110
7. 137
7. 139
7.377
7.608
7.767
7.480
7.720
7.967
8.052
8. 122
8.088
8. 125
8.071
8.065
8.056
8.055
8.017
8. 110

3.931
4 197
4.482
4.758
5.032
5.431
5.951
6.549
7.092
7.654
8.281
9.014
8.734
8.909
9.093
9.279
9.524
9.778
10. 005

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

National
income

Period

Proprietors'
income with
inventory valuation and capital
consumption
adjustments

Compensation of
employees J

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

Profits
before
tax

Inventory
valuation
adjustment

Total

Capital
consumption
adjustment

Net
interest

1969
1970
1971 -_
1972
1973
1974 _
1975
1976. 1977
19781979

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

1979: I
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

1980:1
II
III 9

2, 035. 4 1, 555. 2
2, 024. 6 1, 567. 2
2, 068. 6 1, 591. 5

27.7
23. 1
24. 1

102.3
97.4
101.5

27.0
27.3
27. 8

175.0
152.8
158.3

197.2
177.4
186. 6

260.4
204.8
222.4

-63.2
-27.4
-35.9

-22.2
-24.6
-28.2

148.1
156.8
165.3

Source: Department of Commerce, Bureau of Economic Analysis.

»Includes employer contributions for social insurance. (See also p. 5.)

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]

Period

Total
personal
consumption
expenditures

Total
durable
goods l

Motor
vehicles
and
parts

Retail sales of
new passenger
cars (millions
of units)

Nondurable goods

Durable goods
Furniture
and
household

Total
nondurable
goods l

Food

Clothing
and
shoes

Gasoline
and oil

Services
Domestics

Imports

ment

1969
1970
1971
1972
1973
.
1974
1975
1976
1977 .
1978
1979 ...

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
448
50.7
549
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

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

1979: I
II
III ..__
IV . .
..

1, 454 2
1, 475. 9
1, 528. 6
1, 580. 4

213.8
208.7
213.4
216.2

97.7
89.1
89.8
89.4

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
8.0
8.6
7.5

2.3
2. 5
2.2
2.4

1980: 1
II

1, 629. 5
1, 626. 6
1, 683. 3

220.2
195. 7
208.5

92.9
71.8
79.7

88.2
86.0
89.9

652.0
654 1
665. 8

322.6
325. 8
3349

103.9
104 1
107.3

83.6
83.6
79.2

757.3
776.9
808. 9

7.9
5.5
6.5

2.8
2.2
2.2

1

Total includes other items not shown separately.




Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $23.4 billion (annual rate) in October, following a revised rise of $23.5 billion in September.
Wages and salaries were up $18.5 billion in October/ of this very large increase, about $5.2 billion was due to a
pay raise for Federal government employees and about $1.6 billion was due to a retroactive pay increase to communication workers. Excluding these special factors, wages and salaries were up $11.7 billion in October, compared
with an increase of $12.8 billion in September.
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

1,00)

1,000

800

800

600

600
.,.."""*

OTHER INCOME

400

400

TRANSFER
PAYMENTS

200

200

160

160

120

120

100

100

80

80

60

II

1972

1973

1974

1975

1977

1976

1978

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE.- DEPARTMENT OF COMMERCE

Period

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietors' income s income Divi- Personal Transfer
personal salary
labor 1 2
payof
dends interest ments 5
income disburse- income
income
Farm
Nonfarm persons 4
1
ments

1972
942.5
633.8
1973
1, 052. 4
701.3
1974
1, 154. 9
764.6
1975
1, 255. 5
805.9
1976—
1, 381. 6 890.0
1977...
1, 531. 6
984.0
1978
1, 717. 4 1, 103. 3
1979
1, 924. 2 1, 227. 6
1979: Oct
1, 981. 2 1, 257. 4
Nov.... 2, 005. 5 1, 271. 3
Dec
2, 028. 3 1, 282. 9
1980: Jan
2, 046. 5 1, 293. 0
Feb .. 2, 055. 7 1, 304. 2
Mar
2, 070. 0 1, 314. 0
Apr
2, 072. 0 1, 309. 0
May
2, 079. 0 1, 309. 7
June
2, 090. 4 1, 312. 5
July.... 2, 124. 2 1, 314. 9
Aug
2, 143. 0 1, 329. 9
Sept*___ 2, 166. 5 1, 342. 7
Oct 9
2, 189. 9 1, 361. 2

42.0
48.7
55.6
65. 1
77.4
91.8
106.5
122.7
128.0
129.6
131.2
132.8
134.4
136.0
137.4
138.7
139.9
141. 0
142.2
143.4
144.6

18.0
32.0
25.4
23.5
18.3
19.6
27.7
32.8
31.0
33.0
33.4
31.3
27.9
24.0
23.2
22.8
23.4
24.3
24. 1
23.8
23.9

58. 1
60.4
60.9
63.5
71.0
80.5
89. 1
98.0
101. 1
102. 1
103. 0
103.9
102.3
100.8
98.9
96.7
96.5
99.3
101.0
104.2
105. 1

1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer eontributions for social insurance and the excess of wage accruals over wage disbursements.
1
Consists of employer contributions to private pension, health, and welfare
f
itemS
™&nv?nt«y^^
'
1
With capital consumption adjustment.




60

1979

21.5
21.6
21.4
22.4
22. 1
24.7
25.9
26.9
26.8
27.0
27.2
27. 2
26.6
27.2
27.4
27. 1
27.4
27. 6
27.8
28. 0
28. 2

24.6
27.8
31.0
31. 9
37.5
42. 1
47.2
52.7
53.6
54.2
55.2
55.8
56. 6
57.5
58. 1
58.5
59.2
59.3
59.8
59.9
60.2

74.6
84 1
103.0
115.5
127.0
141.7
163.3
192. 1
200.7
205.4
210.3
214. 1
217.2
220.3
225. 1
229. 1
232i 2
234.5
236.2
238.5
241.2

1041
118.9
140.8
178. 2
193.8
208.4
224 1
252.0
2648
265.9
268. 8
275.0
273.5
276.1
278.0
283.2
286.2
311.0
310. 5
315. 1
315.7

Less: Personal con- Nonfarm
tributions personal
a
for social
insurance income

342
42.2
47.7
50.5
55.6
61. 3
69. 6
80.7
82.2
83.0
83.6
86.7
87. 1
85.9
85. 1
86.8
87.0
87.5
88.5
89. 1
90.2

917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674 2
1, 873. 4
1, 931. 8
1, 953. 9
1, 976. 1
1, 995. 9
2, 008. 3
2, 026. 2
2, 028. 8
2, 036. 0
2, 046. 6
2, 079. 5
2, 098. 1
2, 121. 6
2, 144 7

* Consists mainly of social insurance benefits, direct relief, and veterans
payments,
• Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysi,
_

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose in the third quarter.
'BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

2,000

SCALE)
10,000
9,000

PER CAPITA DISPOSABLE PERSONAL INCOME

4,000

4,000

3,000

3,000

1972

1980

* SEASONALLY .ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

.Less:
T «OCT .

Ppr

Period

sonal
Pertax
sonal
and
income nontax
payments

Equals:
Disposable
persona]
income

Less:
Personal
outlays1

Per capita
disposable
personal income

Equals :
Personal
saving Current
dollars

Billions of dollars

1971
1972______
1973 ___
1974
1975
1976—
1977
1978- _
1979

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

742. 8
801.3
901 7
984. 6
1 086 7
1 184. 5
1 305 1
1 458 4
1, 624. 3

1972
dollars

Per capita personal consumption expenditures
Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

Saving
as percent of Population
dispos(thou-2
able
sands)
perincome

DoEars

685. 5
751.9
831 3
913 0
1 003 0
1 115 9
1 240 2
1 386 4
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

9 A

1.4

^ n
4 9
4.5

207 053
208, 846
210 410
211 945
213 56(1
215 203
91 fi RQR
218 594
220, 464

3.3
a cj

o o
1 1

a
a
a

n
A
Q

7 7
6.2
7 8

7 'I
7 7

58

Seasonally adjusted annual rates

1979: !__„„ I, 852. 6
IL__ I , 892. 5
III... 1, 946. 6
IV... 2, 005. 0

280.4
290.7
306.6
321.9

1, 572. 2
1, 601. 7
1, 640. 0
1, 683. 1

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

4,196
4, 156
4, 195
4,227

1.2
-2.3
-.8
.1

5.0
5.4
4.3
3.5

219, 690
220, 166
220, 715
221, 285

1980: L _ « _ 2, 057. 4 320.0 1, 737. 4 1, 672. 9
II.... 2, 080. 5 324.6
755.
669. 5
ro>_ 2, 144. 6 334.0 1, 810. 9 1, 725. 7
1,
7 1,

64.4
86.3
84.9

7,834
7,900
8,121

4,502
4,423
4,448

7,348
7,318
7,550

4, 223
4,098
4, 135

0
-6.8
2.3

3.7
4.9
4.7

221, 768
222, 277
222, 948

* 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 tor the
period.

6



Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

FARM INCOME
In the third quarter, gross farm income rose $2.8 billion (annual rate) while net farm income was virtually unchanged
from its second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
200

BILLIONS OF DOLLARS* (RATIO SCALE)
"1200

100

100

GROSS FARM INCOME

80

80

60

60

40

40

NET FARM INCOME

20

20

10

10
1974

1973

1975

1976

1977

1978

1979

1980

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1981

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Net farm income

Cash marketing receipts
Total l

Total

Livestock
and
products

Crops

Value of
inventory
changes 2

Production
expenses

Current
dollars

1967
dollars 3

1972
1973
1974
1975
1976
1977
1978
1979

71.0
98.9
98. 3
100.3
101.8
108. 1
126.9
149.6

61.2
87. 1
92.4
88.2
94.8
95.8
112.5
131.5

35.7
45.9
41.4
43.0
46. 1
47.4
59.0
68.6

25.5
41. 1
51. 1
45. 1
48.7
48.3
53.5
62.8

0.9
3.4
-1.6
3.4
-2.4
.6
.4
4. 1

52.3
65.6
72.2
75.9
83. 1
90.3
100.8
118.6

18.7
33.3
26. 1
24.5
18.7
17.8
26. 1
31.0

14.9
25. 1
17.7
15.2
11.0
9.8
13.3
14.2

1979: I
II
III
IV____

145.5
149. 1
149.9
154. 1

128.9
130.9
130.6
135.4

69.7
68.2
66.9
69.7

59.2
62.7
63.7
65.7

3.2
3.9
5.4
3.9

114.2
116.3
119.6
124.2

31.3
32.8
30. 3
29.9

15. 1
15.3
13.7
13.1

152.0
152.4
155.2

135.9
134.5
142. 7

69.1
63.4
70.9

66.8
71.1
71.8

4.0
2.0
-3.5

127.4
129.6
132.5

24.6
22.8
22.7

10.4
9.3
9. 1

1980: I

_ _

_

II.
Ill

1 Cash marketing receipts and inventory changes plus Government payments,
other farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities
valued at average prices during the year.

69-700 0 - 8 0 - 2




s Income in current dollars divided by the consumer price index (Department
of Labor).
Source: Department of Agriculture, except as noted.

CORPORATE PROFITS
In the third quarter, according to preliminary estimates, corporate profits before tax rose $17.6 billion (annual rate)
while after-tax: profits rose $10.1 billion.
prori
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
280

280

240

80

40

1980
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation
adjustment 1

Profits after tax

Domestic industries
Nonfinaneial

Period

1969
1970
1971
1972
1973
1974
1975
1976 ..
1977 1978 -1979 1979: I
II- _
III
IV
1980: I
II
III*

Total 2

„

77.9
66. 4
76. 9
89.6
97.2
86.5
107. 9
141.3
162.0
180.8
194.9
193.3
191.3
198. 3
196.5
197.2
177. 4
186.6

Total

74.2
62.6
72.4
84.7
90.4
76. 9
101.8
133. 1
152. 1
170.6
181.6
181.4
179. 6
182. 5
183.0
181. 1
164. 1
173.8

Financial
11. 3
12.6
14. 1
15. 4
16.2
14. 4
13.0
17. 8
23.8
29.7
33.2
31.9
32.0
33.8
35.0
34.7
31. 6
30.9

Total3

Manufacturing

Wholesale
and
retail
trade

62. 9
50. 1
58.2
69.3
74. 1
62. 5
88. 9
115. 3
128.3
140. 9
148.5
149. 6
147.7
148.7
148.0
146.5
132. 6
142. 9

36. 8
27. 1
32.4
40. 6
44. 1
36.6
48.3
65.7
73.5
81. 7
88.8
94. 1
90.6
86.4
84.0
93. 0
73.4

10. 1
9. 4
11.7
13. 3
14.7
12.9
20. 7
23.3
24. 1
23.0
23.7
18. 6
22. 4
26.5
27. 1
16.5
21. 7

1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
Includes rest of the world, not shown separately.

8



s

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
233. 3
227.9
242.3
243.0
260.4
204. 8
222.4

39.7
34. 5
37.7
41.5
48.7
52.4
49.8
63.8
72.6
84.5
92.5
91.3
88.7
94.0
96.1
102.4
77. 6
85.2

43.8
37. 0
44.3
54.6
67. 1
74.5
70.6
92.2
104.5
121. 5
144.1
142.0
139.3
148.3
146. 9
158.0
127. 1
137.2

22. 6
22. 9
23.0
24. 6
27.8
31.0
31.9
37.5
42. 1
47.2
52.7
51.5
52.3
52.8
54.4
56.7
58. 6
59.7

Undistributed
profits
21. 2
14. 1
21. 3
30. 0
39.3
43. 6
38.7
54.7
62.4
74.3
91.4
90. 5
87.0
95.5
92.5
101. 3
68.5
77.6

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
-39.9
-36.6
-44.0
-46.5
-63.2
-27.4
-35.9

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $2.7 billion (annual rate) as nonresidential construction outlays fell $1.7 billion and producers' durable equipment purchases rose $4.4 billion.
Residential investment outlays rose $5.3 billion. There was a $16.8 billion reduction of inventories following an
$11.4 billion increase in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
450

200

150

150

100

100

50

50

-50

-50

1980

1972
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars ; quarterly data at seasonally adjusted annual rates]
Nonresidential fixed investment
Period

1969
1970
1971
1972
1973..
1974
1975
1976
1977__.
1978
1979
.
1979: I
II. .
III___
IV.
1980: I
II... .
III*

Gross
private
domestic
investment

146.2
140.8
160.0
188.3
220.0
214. 6
190.9
243.0
303.3
351.5
387.2
373.8
395. 4
392.3
387.2
387.7
368.5
348.4

Structures
Total

Producers1
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
243.4
249. 1
261.8
265.2
272.6
268.2
270.9

Nonfarm

Total

34.3
36. 1
37.8
41. 1
46.9
51. 8
51.3
54.7
59.8
73.3
88.9
81.2
86.8
91. 4
96.3
99.6
100.0
98.3

63.3
62.8
64 7
743
87.0
96.2
96.4
107.6
126.8
1446
162.2
158.5
158. 6
166.7
165. 1
169.4
164.5
168.9

58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.4
116.3
132.6
147.8
146.1
1445
150.0
150.4
155.9
151.3
155.4

Total

Nonfarm

35.7
37.7
39.3
42.5
49.0
54.5
53.8
57.3
62.6
76.5
92.6
849
90.5
95.0
100.2
103.3
103.7
102.0

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
111.2
112.9
116.0
116.4
110.4
88.9
94.2

Nonfarm
structures
36.3
35. 1
47.9
60.3
643
52.7
49.5
65.7
88.8
1044
110.2
107.8
109.1
112.0
112. 1
105.9
85.3
90.8

ProFarm ducers*
struc- durable
tures equipment
0.7
.6
.7
.7
.6
1.2
.9
1.1
1.5
1.8
1.9
1.5
1.8
2.0
2.3
2.3
1.8
1. 6

0.9
.9
1.0
1.1
1.2
1.2
1. 1
1.3
1.6
1.9
2.0
1.9
2.0
2.0
2.1
2.2
1.9
1.9

Change in business inventories

Total

Nonfarm

9.4
3.8
6.4
9.4
17.9
8.9
m7
10.0
21.9
22.3
18.2
19.1
33.4
145
5.6
47
11.4
-16. 8

9.2
3.7
5.1
8.8
147
10.8
-143
12.1
20.7
21.3
16.5
18.8
32.6
12.6
2.1
4.4
12.3
-10.7

Source: Department of Commerce. Bureau of Economic, Analysis.




9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 8.7 percent in 1980, according to the Commerce Department survey
conducted in late July and August. The planned increase in spending is 1.2 percentage points lower than the 9.9
percent reported in June and 2.4 percentage points lower than the 11.1 percent reported in March.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)

TOTAL NEW PLANT AND EQUIPMENT

60

40

40

30

30
1973

1976

1975

1974

1977

1978

1979

1980

1981

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 *

Expenditures for plant and equipment

Total *

1972.
_ .
1973
1974
1975
1976
1977
1978
1979 4
1980 _ ___
1979: I
II.. III— _
IV
1980: I
!!___
III4___
IV 4

Nonmanufaeturing

Manufacturing

Period

88.44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
177. 09
192. 51
165. 94
173. 48
179. 33
186. 95
191. 36
193. 89
191. 24
193. 17

Total

Durable
goods

Nondurable
goods

Total

31.35
38.01
46.01
47.95
52.48
60. 16
67.62
78.92
88.19
71.56
76.42
80.22
85. 19
87.32
88.78
87. 25
88. 88

15. 64
19.25
22.62
21.84
23.68
27.77
31.66
38.23
41. 71
34.00
36.86
39.72
41.30
42.30
42.80
40.35
41.55

15. 72
18.76
23.39
26. 11
28.81
32.39
35.96
40. 69
46. 48
37.56
39.56
40.50
43.88
45.01
45. 98
46.90
47.33

57.09
61.73
66.39
64.82
68.01
75.64
86. 19
98. 17
104.31
94.38
97.06
99. 12
101. 76
104. 04
105. 11
103. 99
104.30

i 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.

10



Commercial
and 2
other

Manufacturing

11.89 20.07
12.85 21.40
13.96 22.05
12.74 20.60
IS. 30 20. 99
15.45 22.97
18. 16 25. 71
20. 56 29.35
22. 11 32.26
18.75 27. 73
20.29 28.51
20.41 29. 66
22. 71 30.72
22.48 30.86
22. 65 31.80
54. 87
54. 60

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
25. 52
23. 21

3.27
5.75
8.00
4. 13
12.20
13.43

Trans- Public ComMining porta- utili- munication
tion
ties
2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5. 56
6. 43
5.46
5.31
5.42
6.06
6.02
6.56
6. 40
6. 75

5.71
6.03
6.66
7.56
7.44
6.93
8.06
10. 13
10. 74
10.08
9.71
10.29
10.74
10. 32
10.81
10.56
11. 22

17.00
18.71
20.55
20. 14
22.28
25.80
29.48
32.56
32. 77
32.35
33.24
33. 33
31.52
34.35
33.29
32. 16
31. 74

Public
utilities

* Includes trade, service, construction, finance, and insurance.
1
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late July and August
1980. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Seasonally adjusted employment fell slightly in October while unemployment rose 178,000.
MILLIONS OF PERSONS*
110

MILLIONS OF PERSONS*
110
SEASONALLY ADJUSTED

100

10)

CIVILIAN LABOR FORCE

„.,-"•"
90

90

IX Y

EMPLOYMENT

80
10'

UNEMPLOYMENT

1972

1973

1974

1975

1976

1977

1978

1979

*16 YEARS OF AGE AND OVER.
SOURCE.- DEPARTMENT OF LABOR

Nonincii-Hi
Sl/HU-

Period

1974
1975
1976
1977
1978*
1979

tional
population
150, 827
153,449
156, 048
158, 559
161, 058
163, 620

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]
Unemployment
Civilian employment
Total
labor
Nonagricultural
15
Oivilian Unem- force Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
and
culment
ment
ing
force
Total for economic l
over
tural
Armed
reasons
Forces)
85, 935
84, 783
87, 485
90, 546
94, 373
96, 945

5, 076 93, 240 91 oil
7, 830 94, 793 92, 613
7, 288 96, 917 94, 773
6, 855 99*, 534 97, 401
6,047 102, 537 100, 420
5, 963 104, 996 102, 908

85. 935
84, 783
87, 485
90, 546
94, 373
96, 945

1979: Oct.. 164, 468
Nov. 164, 682
Dec. 164, 898

98, 158
97, 943
98, 047

5,781 105, 688 103, 595
5,776 105,744 103, 652
5,836 106, 088 103, 999

1980: Jan..
Feb..
Mar..
Apr__
may.
June.
July.
Aug_.
Sept..
Oct..

96, 145
96, 264
96, 546
96, 566
96, 709
97, 776
98, 587
98, 115
97, 256
97, 933

7,043
6,993
6,805
6,846
7,318
8,291
8,410
8,011
7,464
7,482

106, 310
106, 346
106, 184
106, 511
107, 230
106,634
107, 302
107, 139
107, 155
107, 301

97, 474
97, 608
97, 912

104, 229 97, 804
104, 260 97, 953
104, 094 97, 656
104, 419 97, 154 ?
105, 142 96, 988
104, 542 96, 537
105, 203 96, 996
105, 025 97, 006
105, 034 97, 207
105, 180 ^97, 176

1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
* Total labor force as percent of noninstitutional population 16 years of age and
over.
•Data beginning 1978 not strictly comparable with earlier data because of




3,492
3,380
3,297
3,244
3,342
3,297

82, 443
81, 403
84, 188
87, 302
91, 031
93, 648

2,709
3,490
3,272
3,297
3,216
3,281

Labor
force
participation
rate
fni*!*—
Vpei2

f»Ant\
Ucilli/

5,076
7,830
7,288
6. 855
6,047
5,963

937
2,483
2,339
1,911
1,379
1,202

61. 8
61. 8
62. 1
62.8
63. 7
64. 2

Seasonally adjusted

Unadjusted

165, 101
165, 298
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005

1980

94, 180
94, 223
94, 553

3,315
3,392
3,519

6,121
6,044
6,087

1,195
1,191
1,230

64.3
64.2
64.3

3,270 94, 534
3,326 94, 626
3,358 94, 298
3,242 93, 912
3,379 93, 609
3,191 93, 346
3,257 93, 739
3, 180 93, 826
3,442 93, 765
3,324 *93, 851

3,513
3,406
3,418
3,816
4,349
3,999
4, 113
4,148
4,204
4,261

6,425
6,307
6,438
7,265
8,154
8,006
8, 207
8,019
7,827
8,005

1,334
1,286
1,363
1,629
1,722
1,766
1,915
2,184
2,326
2,318

64.4
64.3
64.2
64.3
64.6
64.2
64.5
64.3
64.2
64.3

3,294
3,385
3,359

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 October the seasonally adjusted unemployment rate rose slightly to 7.6 percent from 7.5 percent in September.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

20

15
TEENAGERS
(16-19)

10

10

WOMEN 20 YEARS
AND OVER

MEN 20 YEARS
AND OVER

1980

1976

1977

1978

* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

1980

1979

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Total
(all
civilian
workers)

Period

Unemployment rate (percent of civilian labor force in group)
By selected groups
By sex and age
By race
Men Women Both
20
20
sexes
years years 16-19
and
and
over
over years

White

ExpeBlack rienced House- Fulltime
wage hold
and
and
other salary heads workers
workers
3.3
5.1
9.9
5.3
8.1
8.2
13.9
5.8
7.3
13. 1
5. 1
7.3
6.5
4.5
13. 1
6.6
5.5
5.6
11.9
3.7
5.3
5.4
3.6
11.3

5.6
8.5
7.7
7.0
6.0
5.8

3.8
6.7
5.9
5.2
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

1979: Oct
Nov
Dec

5.9
5.8
5.9

4.2
4.3
4.2

5.7
5.6
5.7

16.4
15.9
16.0

5. 1
5.1
5. 1

11.5
10.9
11.3

5.6
5.5
5.5

3.8
3.8
3.7

1980: Jan
Feb
Mar
Apr
May
June
July
Aug _ _
Sept
Oct

6.2
6.0
6.2
7.0
7.8
7.7
7.8
7.6
7.5
7.6

4.7
4.6
4.9
5.9
6.6
6.7
6.7
6.6
6.7
6.4

5.8
5.7
5.7
6. 3
6.6
6.5
6.7
6.5
6. 1
6.8

16.3
16.5
15.9
16.2
19.2
18.5
19.0
19.1
17.5
18.4

5.4
5.3
5.4
6.2
6.9
6.8
6.9
6.8
6.5
6.7

11.8
11.5
11.8
12.6
13.9
13.6
14.2
13.6
14.2
14. 3

5.8
5.7
5.9
6.7
7.6
7.4
7.5
7.4
7.2
7.4

4.2
4.0
4.3
4.9
5.3
5.3
5.4
5.4
5.2
5.2

1974
1975
1976
1977
1978
1979

.

_

* Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



Labor
force
time
Partlost
time
(per-l
work- cent)
ers
8.6
10.3
10. 1
9.8
9.0
8.7

6.1
9. 1
8.3
7.6
6.5
6.3

5.4
5.4
5.4

8.9
8.3
8.5

6.4
6.4
6.4

5.7
5.6
5.8
6.6
7.5
7.4
7.6
7.4
7.3
7.3

8.7
8.9
8.3
8.9
9.3
8.8
8.7
8.6
8.6
9.4

6.7
6.6
6.8
7.5
8.8
8.3
8.5
8.3
8.2
8.4

Source: Department of Labor, Bureau of Labor Statistics.

MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In October the percentage of unemployed persons who were job losers fell, while the percentage who were job
leavers, reentrants, and new entrants rose.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION *

REASON FOR UNEMPLOYMENT

DURATION OF UNEMPLOYMENT

60

60

JOB LOSERS

40

40
REENTRANTS

"V-

20

NEW ENTRANTS

20

- 15-26 WEEKS

f*v«n
JOB LEAVERS
27 WEEKS
AND OVER
l Ii

1976

i i Ii
1977

1979

1978

0U

1980

ill

1976

1977

1978

ill

1979

1980

* SEASONALLY 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)

ReenJob
Job
losers leavers trants

Percent distribution of unemployment by duration *

New
Less
enthan 5
trants weeks

5-14
weeks

15-26
weeks

27
weeks
and
over

State programs Insured
unemployment,
aU
Insured
unem- Initial regular
proploy- claims
frams 2
ment
unadjusted)

Special
unemployment
benefits
claims
(unadjusted)

Weekly average, thousands

1975
7,830
1976
7,288
1977 .
6,855
1978
6,047
1979
5,963
1 979: Oct.. . 6,121
Nov.. 6,044
Dec... 6,087
1980: Jan... 6,425
Feb... 6,307
Mar.. 6,438
Apr... 7,265
May.. 8,154
June.. 8,006
July.. 8,207
Aug__ 8,019
Sept.. 7,827
Get— 8,005

55.4
49.8
45.2
41.5
42.8
44.5
45.4
44.3
46.9
45.9
47.3
49.8
52.5
56.3
55.5
54.4
56.0
52.7

10.4
12.2
13.0
14.1
14.3
13.6
141
13.0
12.2
12.8
12.2
12.8
12. 1
10.9
10.4
11.2
10.5
10.8

23.8
26.0
28. 1
30.0
29.5
28.7
28.3
28.8
28.2
28.2
28.0
27. 1
24.6
22.2
22.7
23.6
22.7
25.5

10.4
12. 1
13.7
143
13.4
13.1
12.3
13.9
12.7
13. 1
12.5
10.3
10.8
10.5
11.3
10.8
10.7
11.0

37.0
38.3
41.7
46.2
48.1
48.3
48.8
47.7
49.6
47. 1
45.9
45. 1
46.7
41.6
42. 2
41. 2
37.4
39.8

» Detail may not add to 100 percent because of rounding.
8
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (tJCX), Federal (TJCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SU A (special unemployment assistance).




31.3
29.6
30.5
31.0
31.7
32. 1
31.3
32.2
29.7
32.7
33.2
32.6
32.5
36.4
33.8
31.3
33. 1
31.2

16.5
13.8
13. 1
12.3
11.5
11. 1
11.0
11.6
12.4
12.4
11.9
13.0
12. 2
12.8
13.2
15.9
17.7
15.8

15.2
18.3
148
10.5
8.7
8.5
8.9
8.5
8.4
7.8
9.0
9.2
8.5
9.2
10.8
11. 6
11.8
13.2

3,986
2,991
2,655
2,359
2,434
2,540
2,643
2,631
2,729
2,685
2,857
3,204
3,717
4,009
3,880
3,778
3,802
3,589

478
386
375
346
388
402
405
416
414
389
455
574
642
617
530
506
494
446

4,937
3,846
3,308
2,645
2,592
2,236
2,559
3,047
3,740
3,730
3,652
3,629
3,680
3,790
4,140
3,908
3,961
3,662

1,173
1,152
572

s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 257,000 in October.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

22

90
WHOLESALE AND RETAIL TRADE

ALL NONAGRICULTURAL
ESTABLISHMENTS

80

70
SERVICE-PRODUCING
INDUSTRIES

60

MANUFACTURING

50

40

GOODS-PRODUCING
INDUSTRIES

30

.,....«•«««'""""

i IIIIIi i II I

20
1976

_

2 Ml M I I I I I I I I

1977

1979

1978

I I I I I I I I I II

I II I I | I I III

I II I I I I 1 I I I

1978

1979

1976

1980

MM I I I II

1980

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers;1 seasonally adjusted]
Service-producing industries

Goods-producing industries

Period

1974
1975
19761977 ...
1978_ _
1979- _ _

Total
nonagricultural
employ- Total 2
ment
78,
76,
79,
82,
86,
89,

265
945
382
471
697
886

24,
22,
23,
24,
25,
26,

794
600
352
346
585
504

C*f*in
Uonstruction

4,
3,
3^
3,
4,
4,

020
525
576
851
229
483

Trans- Whole- Finance,
Government
Manufacturing
insurporta__|_
sale
ance, Services
tion
and
State
Non- Total
and
and
Federal and
Total Durable durable
real
public retail
goods goods
trade estate
local
utilities

20, 077
18, 323
18, 997
19, 682
20, 505
21, 062

11, 925
10 688
11* 077
11, 597
12, 274
12, 772

1979: Oct___ 90, 441
Nov__ 90, 552
Dec___ 90, 678

26, 554
26, 504
26, 590

4,529 21, 043 12, 764
4,553 20, 966 12, 693
4,615 20,983 12, 706

1980: Jan___
Feb___
Mar__
Apr___
May__
June__
July__
Aug__
Sept p.
Oct *>._

26,
26,
26,
26,
25,
25,
25,
25,
25,
25,

4,745
4,659
4, 529
4,467
4,436
4,379
4, 322
4, 359
4, 397
4,437

91,
91,
91,
90,
90,
90,
89,
90,
90,
90,

031
186
144
951
468
047
867
142
365
622

715
623
476
121
745
422
163
312
470
611

20, 971
20, 957
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 046
20, 139

12, 681
12, 715
12, 707
12, 442
12, 140
11,947
11, 819
11,860
11, 955
12, 038

8, 152
7 635
7' 920
8, 086
8, 231
8, 290




471
345
030
125
113
382

8, 279 63, 887
8, 273 64, 048
8,277 64, 088
8,290
8,242
8,231
8,200
8, 146
8,067
8,009
8,080
8,091
8, 101

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they

14

53,
54,
56',
58^
61,
63^

64, 316
64, 563
64, 668
64, 830
64, 723
64, 625
64, 704
64, 830
64, 895
65, Oil

13,441
13, 892
14, 551
15, 303
16, 252
17, 078

2,724
2, 748
2, 733
2, 727
2, 753
2, 773

11,446
11,937
12, 138
12, 399
12, 919
13, 147

5,203 20, 414
5,216 20, 479
5,212 20, 448

5,033 17, 264
5,049 17, 308
5,064 17, 362

2,769
2,773
2,773

13,204
13, 223
13, 229

5,202
5, 198
5, 202
5, 178
5, 167
5, 134
5, 114
5, 129
5, 122
5, 136

5,091
5,101
5, 115
5, 119
5, 137
5, 150
5, 167
5, 180
5, 188
5,200

17, 462
17, 540
17, 580
17, 618
17, 659
17, 652
17, 760
17, 788
17, 851
17, 908

2,791
2,826
2,886
3, 115
2,960
2,951
2,893
2,828
2,765
2,754

13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 354
13, 374

4, 725
4, 542
4 582
4, 713
4, 923
5^ 141

16, 987
17 060
17' 755
18, 516
19, 542
20, 269

20,
20,
20,
20,
20,
20,
20,
20,
20,
20,

529
637
610
531
487
459
506
589
615
639

4, 148
4 165
4' 271
4,467
4, 724
4, 974

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,
a Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly earnings

Average weekly hours
Total
private
nonagricultural l

Period

Overtime

Total
private
nonagricultural 1

Manufacturing

Manufacturing
Total

Adjusted hourly earnings index—total private
nonagricultural 2
Percent change from
a year earlier 4

Index, 1967=100
Current
dollars

1967
dollars 8

Current
dollars

1967
dollars

36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8
35.6

39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
40.2

2.9
3.5
3.8
3.3
2.6
3. 1
3.5
3.6
3.3

$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
157. 5
170.6
183.0
196.8
212.9
229.8

106. 5
109.7
109.7
106.7
105.9
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
-.7
1.3
1.0
.6
-3.1

_ _

35.6
35.6
35.7

40.1
40. 1
40.2

3.2
3.3
3.2

6.28
6.34
6.39

6.82
6.87
6.91

235.0
237.3
239.4

104.2
104.1
103.8

7.7
8.2
8.3

-4.2
-4.1
-4.5

1980: Jan.
Feb
Mar
Apr
May
June..
July
Aug
Sept v _ _
Oct*
__

35.6
35.5
35.4
35.3
35. 1
35.0
34. 9
35. 1
35.2
35. 1

40.3
40. 1
39.8
39.8
39.3
39.1
39.0
39. 4
39.5
39.6

3.2
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8

6.41
6.45
6.51
6.54
6.57
6.62
6.67
6.71
6.76
6.81

6.93
6.99
7.06
7.11
7. 15
7.22
7.30
7.36
7.41
7.48

240.3
242.4
245.2
246.2
248.3
250.9
252. 1
2540
255. 1
257.2

102.7
102.2
102.0
101.4
101.4
101.5
102. 0
102.0
101.4
101.3

7.9
8. 2
8.9
8.6
9. 1
9.4
9.2
9.3
8.9
9.4

-5.3
-5.2
-5.0
-5.2
-4.6
-4.2
-3.4
-3.0
-3.3
-2.8

1971
1972
1973
1974
1975
1976
1977
1978
1979

__.

_ _

-

1979: Oct
Nov
Dec

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total private nonagricultural l

Period

Current
dollars

1971
1972
1973.
1974
_
1975
1976
1977-.
197819791979: OctNov
Dec___ __
1980: Jan
Feb_>
* Mar
Apr__
•May.. ~~
*t. J —
June
July
j
Aug
Sept ^
Oet»__
1
2

._

$127. 31
136. 90
145. 39
154.76
163. 53
175. 45
189. 00
203. 70
219. 30
223. 57
225. 70
228. 12
228. 20
228.98
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
237. 95
239. 03

Manufacturing

1967
dollars 3
$104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
10430
100.73
99. 10
99.03
98.88
97.52
96.53
95.82
95.08
94.16
93. 77
94. 17
9462
9461
94. 11

$142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
273. 48
275. 49
277. 78
279. 28
280. 30
280. 99
282. 98
281. 00
282. 30
284 70
289. 98
292. 70
296. 21

$211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
345. 92
350. 76
355. 26
352. 86
357.64
356. 85
359. 29
361. 74
366. 92
365. 79
366. 46
376. 50
373. 06

Percent change from a
year earlier,
total private nonagricultural 5
Current
dollars

Current dollars

Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment "shifts and for overtime in manufacturing.
' Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.




Construction

Wholesale
and retail
trade

$101. 09
106. 45
111. 76
119.02
126. 45
133. 79
142. 52
153. 64
164 96
167. 89
169. 52
170. 50
172. 13
172. 04
173. 45
172. 16
173. 98
173. 86
174 90
176. 96
178. 16
178. 24

6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
6.9
7.2
7.4
6.9
6.8
6'6
8.2
6.5
6.4
5.7
6.6
6.3
6.9

1967
dollars
1.9
4.1
-. 0
-41
-3.2
1.4
1.2
.2
-3.4
-4.9
-4.9
-5.3
-6.2
-6.5
-7.0
-5.6
-6.9
-6.9
-6. 5
-5.4
-5.6
-5. 1

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 i
Period

Output per hour
of all persons

Compensation
per hour 3

Unit labor
costs

Implicit price
deflator 4

PriPriNonNonPriNonNonPrivate NonPrivate
Private
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

Nonfarm
business
sector

1967=100; quarterly data seasonally adjusted

1967
1968
1969

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. 1
111.0

100.0
104.0
110. 9

100.0
103.9
108.8

100.0
104.0
108.7

1970
1971
1972
1973
1974

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
116.9
115.7

181.7
197.6
213. 3
231.4
253. 1

179.3
194. 2
209.6
227.5
247. 9

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

1979: I_ - _ _
II
III
IV

144.4
143.4
143.8
144.8

145.5
144.2
144.6
145.5

121. 5
121. 3
122.0
123.0

124.8
124.9
125.7
126.2

118. 9
118.3
117.8
117.7

116.6
115.4
115.0
115.2

244.8
250. 4
255.7
260.3

240. 2
244.9
249.9
255.6

205.9
211.7
217.0
221. 1

206.0
212. 1
217.3
221.8

197.2
202. 0
206. 1
209.7

195. 1
200.3
204.7
208.4

1980- I
IIIII ».—

144. 8
140.3
140.0

145.6
140.9
140.9

123. 1
120. 0
119.7

126.7
123.8
123.3

117.7
116.8
116.9

114.9
113.8
114.3

267.6
275.3
281. 1

262.2
269.0
274.7

227.5
235.6
240.4

228.2
236. 3
240.5

214.5
220. 6
226.4

213.7
220.4
225. 8

Percent change ; quarterly data at seasonally adjusted annual rates
1967—
1968
1969

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

1970
1971 —
1972
1973
1974

-.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

3.2
4.2
.6

.7
3.3
3.4
1.9
-3.0

.2
3.0
3.6
1.7
-3.1

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

1975
1976
1977__
1978
1979

_

-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
4.9
3.5

2.1
3.5
1.8
.5
-.8

2.0
3.5
1.5
.5
-1.1

10.0
8.8
8.0
8.5
9.4

10.0
8.3
7.9
8.6
9.0

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

1979: I II
III
IV

1.2
-2.9
1. 1
2.8

1.2
-3.6
1.2
2.5

4.5
-.9
2.5
3. 1

4.7
.4
2.7
1.7

-3.3
-3.9
-1.5
.8

11.0
9.5
8.7
7.5

10.2
8. 1
8. 5
9.5

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

.2
1980: I
II
— 12. 0
-.8
III *__.

.2
— 12.3
.1

.5
-9.6
-1.0

1.3
-8.9
-1.4

-3. 1
-2.0
-1.4
-.3
g
-2.7
.3

-1. 1
-3.7
1.5

11.7
12. 0
8.7

10.7
10.8
8.8

12. 1
15. 1
8.4

12.0
15.0
7.2

9.4
11.9
11.0

10.6
13.2
10.0

"— . 4

1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
* 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.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 1.6 percent in October, following revised increases of 1.3 percent in September and 1.0
percent in August.
INDEX, 1967=10)*

160

(RATIO SCALE)

INDEX, 1967 = 100 *

-TOTAL INDUSTRIAL PRODUCTION-

(RATIO SCALE)

-UTILITIES AND MINING PRODUCTION -

160

140

ILITIE:

UTILITIES

140
120

120

II I I I I t i l l
1976

100

180

1977

1979

1978

«.J\

ING
MINI!

1980

MANUFACTURING PRODUCTION

100
1976

1977

1978

1979

1980

>
%

NONDURABLE

160

v

/

I IIIIIM II I

,»«.«»%* *^*'"1

\k
PERCENT* (RATIO SCALE)
100

140

MANUFACTURING CAPACITY UTILIZATION RATE

90

80
120

70

1QQI..i.il
1976

1980

1976

1977

1978

1979

1980

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 VTO'DOTtiOH
1973
1974
1975
1976
1977_
1978
_ _
1979

1979- Oct

Nov
Dec
1980* Jan

Feb
Mar
Arjr
IVTflv

June
July
Ancr

Septp
Get*

Total industrial
production
Percent
Index,
1967= change
from
100
year
earlier
100 00
8.4
129.8
129.3
^
117.8
-8.9
130.5
10.8
138.2
5.9
146. 1
5.7
44
152. 5

COUNCIL OF ECONOMIC ADVISERS

[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing

Total

Durable

Nondurable

87. 95
129. 8
129.4
116.3
130.3
138.4
146.8
153. 6

51.98
127. 1
125.7
109.3
122. 3
130.0
139.7
146.4

85.97
133.8
134.6
126.4
141.8
150.5
156.9
1640

6.S6
1147
115.3
112.8
114 2
118.2
1240
125.5

5. 69
145.4
143.7
146.0
151.7
156. 5
161.4
166.0

91.8
87. 1
73.4
81. 1
82. 7
85.6
87.4

87.6
83.8
72.9
79.5
81.9
84.4
85.7

86
83
77
81
83
84
83

92.9
90.2
79.4
85.5
88. 1
90.9
92. 7

81

91. 8

80

91.3

76

85. 7




Mining

152. 7
152.3
152.5

2.0
1. 1
.5

153.7
153.3
153.2

146.0
145.2
144 8

1648
165. 0
165.3

127.8
129.9
131.4

165.7
167.2
166.9

86.6
86.2
86. 1

848
84 4
84 1

152. 7
152. 6
152. 1
148. 3
144 0
141.5
140.4
141.8
143.7
146. 0

.5
.1
-.9
-1.9
-5.7
-7.5
-8.2
6 8
-5^9
-4.4

153.4
153.0
152. 1
147.9
143. 4
140.3
139. 1
140.4
142.8
145.3

144.7
144 1
143.4
138.4
133. 3
129.9
128.3
129.3
131. 5
134. 6

166.0
165.9
1647
161. 6
158.0
155. 3
154.7
156.4
159. 3
160. 9

133.5
132.9
133. 0
133. 1
133.4
132. 9
130. 6
130.5
130.9
132.0

1648
167. 1
172.0
169. 1
167. 7
169.3
171.8
174.0
171.9
172.0

86. 1
85.6
847
82. 1
78.3
75. 7
73.7
74.6
76. 1
77.9

83.9
83.5
82.8
80.3
77.6
75.7
749
75.4
76.5
77.6

> 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 data.
1

Utilities

Capacity utilization rate, percent *
Manufacturing
Materials
(Federal
WharComReserve Federal
ton
series) Reserve merce
2
series
series
series 3

83.5

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 adjusted]
Products
Final Products

Total

NonDurable durable
goods
goods

Total
1967 proportion
1970
1971
-_..
1972
1973
1974
1975 .
1976
1977
1978_ _.
1979
1979: Oct
Nov
Dec
1980: Jan
Feb
Mar
Apr
May
June
July __
. J
Aug
Sept v
Oet»

Equipment

Consumer goods

Period

47.82

_

_
-

_—
- _-

_ -

105.3
106.3
115. 7
124.4
125. 1
118.2
127.6
135.9
142.2
147.2
147.3
147. 1
147.2
147.0
147.7
147.7
145.4
143. 1
142.3
142.4
142.9
143.7
145. 1

7.89

Materials

Construction
supplies

Total

110. 1
113. 1
120.6
125. 6
126.3
125. 1
135.2
141.9
145.1
148.8
148.8
149.0
149. 3
150. 1
150.0
150. 3
148.8
147.7
147.6
147.4
148.4
148. 1
148.3

Business

Total

20.14
100. 1
94.7
103.8
114.5
120.0
110.2
114.6
123.0
132.8
142. 2
143.6
144. 2
145.2
145.8
146.6
146.6
145.6
144. 0
142. 6
142.9
143. 1
143.4
144. 6

19.79

106. 1
118.8
133.8
146.2
135.3
121.4
141.9
154.0
159.2
155.8
153. 1
149.6
146.7
142.3
144.5
144. 1
136.3
128.8
128.2
128.3
128.7
133.0
138.6

27. 68
109.0
114.7
124.4
131.5
128.9
124.0
137.1
145.3
149. 1
150.8
150.0
149. 1
148.6
147.9
148.4
148.6
145. 3
142.4
142. 1
142.0
142. 8
143.8
145.5

Intermediate
products

12.63

12.89

6.42

107.0
104. 1
118. 0
134.2
142.4
128. 2
135.4
147.8
160.3
171.3
172.3
172. 6
174. 1
174.9
176.0
176. 1
174.2
171.9
169.8
170. 1
170.5
170.5
171.7

112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160.5
160.6
160.2
159.6
160.8
159.2
158.3
150.8
146.2
143.5
144. 5
147. 4
149. 8
150.9

111. 0
116.8
128.4
139.8
134.5
116.3
132.6
140.6
151.7
158.0
157.9
157.4
155. 7
156.4
153.8
152.3
139.4
133.0
128.5
128.6
132.7
136.9
139.2

89. 29
109.2
111.3
122.3
133.9
132. 4
115.5
131. 7
138.6
148.3
156. 4
156.6
156.2
156.6
157.0
156.5
155. 3
151.0
144.3
140.0
136. 5
138.7
141. 8
145.5

Supplementary
group:
Energy
total
12. 2S
117.0
119.5
125.2
128.3
125.5
125.5
129. 1
132. 9
135. 4
137.9
136.9
138.3
138.4
138.6
139. 4
139.6
139. 1
137.9
138.4
139.2
139.6
138.4
138. 3

[1967=100, seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

1967 proportion
1970
1971
1972_ _
1973
1974 „
1975___
1976___
1977
1978
1979___
1979: Oct
Nov_
Dec
1980: Jan__
Feb
Mar
Apr
May_
June _
July
A
J

Aug._

Sept f
Oct"

Iron
and
steel

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

9. 15
104.4
100.2
116. 0
133.7
140. 1
125. 1
134.5
143.6
153. 6
163.7
162.9
162. 9
163. 0
167. 1
167.0
166. 5
163. 2
162. 1
158.3
158.5
158.8
159. 0
160. 1

6.57

4.21

5.93

106. 6
100.2
112. 1
126.7
123. 1
96.4
109.7
111. 1
119.9
121.3
118. 4
117. 1
115.3
116.4
111.9
113. 7
106. 4
96. 1
90.4
81. 7
86.2
90.3
98. 5

104.7
96. 1
107. 1
122.3
119.8
95.8
104.8
103. 8
113.2
113.2
108. 8
108. 1
106.6
107.2
103.4
105.9
97.4
84.4
75.4
68. 1
75.3
80.0

102.4
103.5
112. 1
124.7
124. 2
109.9
123.9
131.0
141. 6
148. 5
147.5
146. 9
146.2
145.0
145.7
145.5
141. 4
133.2
126. 1
123. 8
125.3
127.0
128.3

Source: Board of Governors of the Federal Reserve System.

18



Nondurable manufactures

Transportation
equipment

Total

Motor
vehicles
and
parts

8.05

9. 27

4.50

108. 1
107.7
122. 2
143. 1
143.8
116.5
134.8
145.4
159.4
175.0
177.3
179.5
181.6
181.7
179.2
179.2
177. 0
171.4
166.6
165.0
166.7
167. 1
169.7

89.5
97.9
108.2
118.3
108.7
97.4
111. 1
122.2
132.5
135.4
133.3
128.3
127.3
122. 1
125.7
123. 8
115. 1
109.8
110.0
110.7
108. 3
113. 1
118. 9

92.3
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169. 9
159.9
150. 1
139.3
137. 1
126.2
133.9
130. 1
114. 7
105. 9
106.7
107.9
104.4
113.6
124.5

Lumber
and
products

Apparel
products

1.64
105.6
113. 8
120.8
126. 0
116.2
107.6
123. 2
131. 2
136.3
136.9
138.7
135.9
132.4
131.6
130.2
125. 3
105. 2
104.5
109.7
112.8
120.5
124.0

3. SI
101.4
104.7
109.4
117.3
114. 3
107.6
125.7
134. 2
134.2
134.4
131.5
133.5
131. 1
131.5
133.8
136. 1
131.3
128.6
127.2
121. 5
123.8

Print- Cheming
icals
and
and
pubprodlishing ucts

4.72
107.0
107. 1
112.7
118.2
118. 2
113.3
122.5
127. 6
131.5
136.9
137.2
136.2
137.8
138.9
139.9
139.2
136. 5
135.5
135.4
138.6
139.8
141. 1
140. 9

7.74
120.4
125. 9
143.6
154. 5
159. 4
147.2
170. 9
185.7
197.4
211. 8
212. 9
215. 3
216.8
218. 0
217.4
213.6
209. 1
199.2
191.. 1
190.3
196.3
205. 1

Foods

8. 75
108.9
112.8
116.8
120. 9
124.0
123.4
133.0
138.8
142.7
147.5
147.7
147.9
148.4
148.5
149.0
149.3
147.8
149.5
149. 0
148.9
148. 2
148. 7

NEW CONSTRUCTION
Construction contracts1

Private
Period

Total new
construction
expenditures

Residential
Total

Total 1

Commercial and
industrial

New
housing
units

Other

Federal,
State,
and
local

Total value
index
(1972=
100)

Commercial and
industrial
floor space
(millions of
square feet)

Billions of dollars
1973
1974
1975
1976
1977
1978
1979.

— —

137. 9
138.5
134.5
151. 1
174.0
205.5
229.0

105.4
100.2
93.7
111.9
135.8
159.6
179.9

59.7
50.4
46.5
60.5
81.0
93.4
99.0

50.1
40.6
34.4
47.3
65.7
75.8
78.6

21. 7
23.8
20.8
19.9
22.5
29.6
39.9

24.0
25.9
26.4
31.5
32.4
36.6
41.0

32.5
38.3
40.9
39. 1
38.2
45.9
49.0

Seasonally
adjusted

Seasonally adjusted annual rates
1979: Sept
Oct
Nov
Dec
1980: Jan
Feb
Mar
Apr
May .
June
July
Aug 9
Sept 9

235.3
239.9
239.4
244. 0
259. 6
248.8
237.1
225.8
218.9
215.0
214.2
215. 1
222. 0

184.3
187.3
187.4
191.2
198. 1
191.7
180.6
171.5
164.8
161.3
158.9
162. 5
167.7

80.4
79.9
79.0
78.5
80.7
75. 1
68.4
60.7
55.2
51.9
52. 2
56. 0
60.4

100.4
101.5
101.8
102. 1
105.8
101.5
94.0
83.5
77.0
73.4
75.0
79.8
85.5

* Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
* F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.

41. 1
42. 9
43.5
45.3
47.4
46.4
43.8
44.5
44.3
44.6
41.3
41.0
40.2

109.2
103.0
101.9
121.0
153.6
1741
185.6

42.9
42. 9
42.0
43.8
44.9
43.8
42.8
43.5
43.5
43.4
42. 6
41.8
42.0

50.9
52.6
52.0
52.9
61.5
57.0
56.5
54.3
54.1
53.7
55.3
52.5
54.2

185
171
172
183
190
171
155
130
125
145
148
192
163

1,010
840
555
592
739
977
1,050
Seasonally
adjusted
annual
rates
1, 106
1,118
1,010
969
1,253
1,026
994
875
753
854
867
792
797

NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period

Units started, by type of structure
Total

1972
1973
1974
1975
1976
1977
1978 1979

1 unit

2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1

1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1

2-4
units

141.3
118.3
68.1
640
85.9
121.7
125.0
122. 0

Homes for
sale at
end of
period *

Units
authorized

Units
completed

2, 218. 9
1, 819. 5
1, 074 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8

5 or more
units
906.2
795.0
381.6
2043
289.2
414.4
462.0
429.0

New private homes

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
709

409
418
346
313
353
402
414
8
398

1,819
1,831
1,880
1,787
1,832
1,669
1,897
1,536
1,469
1,502
1,402
1,215

674
617
571
584
548
458
345
458
544
650
643
554

407
399
398
396
384
377
364
351
340
333
329
335

Homes
sold

Vacancy
rate for
rental
housing
units
(percent)2
5.6
5.8
6.2
6.0
5.6
5.2
5.0
5.3

Seasonally adjusted annual rates
1979: Oct
__
Nov . . . .
...
Dec
1980: Jan
Feb
Mar
Apr
May__
June
July.
Aug 9
Sept 9
Oct '9
1
Seasonally adjusted.
1
8 Quarterly data entered

1,710
1, 522
1,548
1,419
1, 330
1, 041
1,030
906
1,223
1,265
1,429
1,545
1,569

1, 139
980
1,055
1,002
786
617
628
628
757
869
1,003
1,058
1,011

in last month of quarter.
New series beginning March 1979.




129
114
110
127
101
91
100
80
75
80
136
131
129

442
428
383
290
443
333
302
198
391
316
290
356
429

1,478
1,287
1,247
1,271
1, 168
968
789
825
1,078
1,236
1,361
1, 564
1,333

5.2
5.0
5.4
5.5

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 3% percent in September while inventories rose $1% billion. According to the advance survey,
retail sales fell slightly in October following increases of 11/2 percent in September and % percent in August.
BILLIONS OF DOLLARS*

WyJONS_OF DOLLARS* (RATIO SCALE)
600

(RATIO SCALE)

550
50)
TOTAL BUSINESS
INVENTORIES

450
400
350

300

250

200

INVENTORY-SALES RATIO

150

100
1976

1977

1978

1980

1980

1979

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCltxOF ECONOMIC ADVISERS,

Total business 1

Wholesale

Retail
Sales

Period

Sales

2

Inventories 3

InvenSales 2 tories 3

2

Inventories

DurNonable durable Total
goods goods
stores stores

Total

3

Inventory-4sales
ratio

Non- Total
Durable durable busigoods goods ness 1
stores stores

Retail

Millions of dollars, seasonally adjusted

1972130, 049
1973
152, 237
1974
175, 741
1975
180, 263
1976. _
202, 001
1977
224, 786
1978254, 297
1979
_
288, 388
1979: Sept
296, 760
Get
298, 45^
Nov
298, 949
Dec.
302 117
1980: Jan
312, 458
Feb
310 181
Mar
305, 165
Apr
294, 998
May
292, 478
June
294, 203
July. _. _ „ 304, 154
Aug_
308, 019
Sept v
318 685
Oct *_
_ _

203, 161
234, 162
285, 518
285, 035
310,736
337, 432
380, 643
426, 796
418, 461
422, 710
425, 952
426, 796
431, 420
435, 155
439, 114
445, 170
445, 801
447, 031
449, 510
451, 951
453, 673

29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 551
76, 480
77, 322
78, 203
78, 678
80, 906
79, 299
78, 550
76, 391
76, 376
76, 629
80, 189
82, 606
85, 939

39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 676
8"8, 372
88, 819
89, 086
89, 676
90, 690
91, 342
91, 497
92, 378
92, 562
93, 633
94, 619
97, 111
97, 186

37, 422
42, 461
45, 083
49, 013
54, 784
60, 435
66, 741
73, 837
76, 666
75, 583
76, 421
77, 150
79, 464
77, 993
76, 534
75, Oil
74, 587
76, 001
78, 287
78, 770
79, 987
79, 868

»The term "business" also includes manufacturing (see page 21).
J Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
« For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.

20



12, 369
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
27, 048
25, 656
25, 679
25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 212
25, 076
24, 821
25, 795
25, 519

25, 054
28, 052
30, 965
33, 766
36, 633
39, 711
43, 283
48, 158
49, 618
49, 927
50, 742
51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 789
53, 211
53, 949
54, 192
54, 349

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
108,748 54, 068
110,415 54,523
110,383 54, 415
108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110, 252 52, 490
109, 837 51, 792
109, 768 51, 645
110, 786 51, 531
111, 323 52, 383
112,872 52, 287

30, 841
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
54,680
55,892
55,968
55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58, 123
59, 255
58, 940
60, 585

1. 50
1.43
1.47
1.58
1.48
1.44
1. 41
1.41
1.41
1.42
1.43
1.41
1.38
1.40
1. 44
1.51
1. 52
1. 52
1.48
1.47
1.43

1. 40
1.40
1.48
1. 44
1.38
1.39
1.43
1.45
1.42
1. 46
1.44
1.41
1.36
1.39
1.43
1.47
1.47
1. 44
1.42
1.41
1. 41

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers* orders, shipments, and inventories rose in September. According to advance data, durable goods
new orders and shipments rose further in October.
BILLIONS OF DOLLAR^* (RATIO SCALE)
180
160 =-SHIPME NTS
IN 5
'
TOTAL
140

, r^\^^

—s V ""

3-^1

120

M
^

-

100

-

"

"

_
-

~~1

-

DURABLE GO DDS

80

-'V— ;>*V;
— «* ..xv—'

\"

60

,**

ff
i* £T-— —"•*""**** ^

"

-

NONDURA JLE GOODS

40
i t i i i 1 i i i ii

(I 1 1 1 1 I I 1 \ \

1 1 11 11 11 1 11 i ii1 111 1 1 11

1 1111i 11111

BILLIONS OF DOLLARS * (RATIO SCALE)
280
240 - INVENTORIES
TOTAL
^^~^~ ^
200
_1—--—'—"""
—
_—-]!
160
..-120
\
100
DURABLE GC ODS
80
_. ••**' *
--'
_.*..»-*—""'"""
60
\
NONDUR/ ^BLE GOODS

-

-

-

40

I«U

160 ~ NFW ORDFR^

TOTAL
^j^^^^ —-1
^^ "
^ \—^^
-

140
120

^xi

100
80'

_^-

-

DURABLE C OODS
\
" v-- *-,-/"-•'''
,-X~
^•v"
^—^ *

^
-

60'

^

/*

-

*\S -

-"" \~ 1

-/•—•"* "^l-" ^

-

" NONDURABL E GOODS

JA— •

40:

i i i i i 1 i i i ii i i i i
1977
1976
RATI0*
2.2

i i iii Iiii ii i iiii tiiii 1 1111111111
1980
1978
I
1979

INVENTORY-SHIPMENTS RATIO

2.0
1.8

r\

1.6
1.4

,, , , , 1

1976 |

I, , , , ,
1977

1
1978

I
1979

I

1.2

1976

1980

1977.

.1978

^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Total

Manufacturers' new orders1

NonDurable durable
goods
goods

Durable goods
ManufacCapital
NonNonturers1
goods
Durable durable Total
Total
indus- durable unfilled
goods
Total
goods
goods orders3
tries,
nondefense
Millions of dollars, seasonally adjusted

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

124, 672
157, 915
158, 178
170, 156
180, 224
198, 334
228, 258

81, 426
101, 866
101, 766
109, 095
115, 751
129, 456
151, 689

43, 245 76, 183 42, 853
56, 048 87, 157 46, 740
56, 412 85, 082 41, 957
61, 061 99, 184 51, 047
64, 472 112, 451 59, 562
68, 878 128, 488 70, 145
76, 569 144, 335 77, 215

1979: Sept.- 143,614
Oct___ 145, 547
Nov., 144, 326
Dee___ 146, 289

74, 201
75, 544
73, 751
74, 191

69, 414
70, 003
70, 574
72, 098

221,
223,
226,
228,

341
476
483
258

146,
148,
150,
151,

048
136
476
689

75, 293
75, 340
76, 007
76, 569

147,
146,
146,
149,

378
610
996
232

77, 647
76, 521
75, 903
77, 199

152, 088
152, 889
150, 081
143, 596
141, 515
41, 573
145, 678
146, 643
152, 759

77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 566
79, 166

74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193

232,
235,
238,
242,
243,
243,
244,
243,
243,

294
096
522
540
402
630
105
517
615

154,
155,
157,
159,
160,
160,
160,
161,
160,

043 78, 251
314 79, 782
127 81, 395
877 82, 663
607 82, 795
404 83, 226
875 83, 230
081 82, 436
691 82, 924

155,
154,
152,
143,
138,
138,
147,
147,
155,

588
603
065
313
920
582
104
180
675

1973
1974
1975
1976
1977
1978
1979

1980: Jan___
Feb___
Mar__
Apr___
May__
June__
July__
Aug_._
Sept*_
Oct"__

i Monthly average for year and total for month. Shipments are the same as sales.
value, end of period.
End of period.
• For annual periods, ratio of weighted average inventories to average monthly

1
Book
1




1980

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments l Manufacturers' inventories2

Period

1979

Manufacinventory —
shipments
ratio4

11, 089
12, 737
10, 772
12, 501
15, 084
18, 308
21, 643

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

21, 578
21, 073
21, 754
22, 285

69, 731
70, 089
71, 092
72, 033

273,
274,
276,
279,

033
097
767
710

1.54
1.54
1.57
1.56

81, 467 23, 859
81, 021 21, 480
77, 546 22, 590
72, 416 22, 162
67, 328 19, 589
66, 454 19, 954
74, 228 21, 608
72, 229 19, 371
79, 373 21, 273
80, 380 20, 796

74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302

283,
284,
286,
286,
284,
281,
282,
282,
285,

211
924
907
629
033
044
463
997
915

1.53
1.54
1.59
1.69
1.72
1. 72
1.68
1.66
1.59

shipments," for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.

21

PRICES

PRODUCER PRICES

In October the producer price index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.5 percent and prices of other finished consumer goods rose 0.6 percent. Prices of capital equipment rose 1.4 percent.
INDEX, 1967= 100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

TOTAL FINISHED
QQ0DS ••'"

/

140

120

100

1980

1972
SOURCE-. DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding
consumer foods

Period

1972 .
1973
1974
1975. _
1976
1977
1978. 1979__
1979: Sept.
Get .
Nov
Dec.
1980: Jan
Feb
Mar
Apr__
May
June
July
Aug.
Sept
Get
»«ijr

1

Total
finConished sumer
goods foods Total

117.2
127.9
147.5
163.4
170.3
180.6
194.6
216.1
221.5
223.9
226.6
228.5
232.2
235.5
238.8
240.3
241. 0
242. 7
246.4
250.2
249.8
251.9

121.7
146.4
166.9
181.0
180.2
189.1
206.7
226.3
229.3
229. 1
233.5
234. 1
232.0
231.0
233.4
226.9
227.0
228.7
237.4
247.9
247. 4
248.7

115.4
120.1
139.3
156.2
165.5
176.2
188.9
210.8
216.9
220.1
222.2
224.6
230.0
234.6
238.2
242.0
243. 0
244.6
246.7
248. 4
248. 1
250.4

Consumer goods
Total

Durable

113.4
118.5
138.6
153. 1
161.8
172.1
183.7
208.2
216.4
220.4
222.9
225.5
232.0
238.6
243.0
246.7
248.0
249. 6
251.2
252.6
252.3
253.9

113.2
115.8
126.3
138.2
144.4
152.2
165.8
181.9
184.7
187.7
189.4
191.6
19ai
202. 1
200.5
201. 2
201.0
203. 7
205.7
207.3
207.0
209. 5

Nondurable
113.6
120.5
146.8
163.0
173.3
185.4
195.4
225.9
237.8
242.6
245.5
248.4
255.0
263.2
272.0
277.7
280.2
281.0
282.2
283.4
283.3
284.0

Intermediate materials for food manufacturing and manufactured animal

22



Intermediate
materials

Total
finished
Foods
Capicontal sumer Total and Other
feeds*
equip- goods
ment
119.5 116.6 118.7 118.5 118.9
123.5 129.2 131.6 168.4 128. 1
141.0 149.3 162.9 200.2 159.5
162.5 163.6 180.0 195.3 178.6
173.2 169.0 189.3 186. 6 189.5
184.5 178.9 201. 7 191.0 202.4
199. 1 192.6 215.5 201.0 216.4
216.7 215.7 242.8 223.2 2440
219.5 222.2 250.7 230.4 251. 9
221.4 224.8 255.0 231.2 256.5
222.9 227. 9 257.3 230.5 258.9
224.8 229.9 260.2 231. 1 262.0
228.4 233.6 267.3 225.1 269.9
230.0 237.6 272.6 237.6 274.7
232.0 241.4 273.9 230.2 276.5
236. 2 241.7 2743 223. 9 277.4
236.6 242. 6 275.4 237.6 277.7
238.3 244.3 277.6 237.7 280. 0
241.3 248.2 279.3 245.4 281.4
243.5 252.7 282. 1 269.2 282.9
243. 2 252.3 283.7 271.6 2844
246. 6 253.8 286.3 288.0 286.2

Crude materials
Foodstuffs
Total and Other
feedstuffs
127.6 127.5 128.0
174.0 180.0 162.5
196. 1 189.4 208.9
196.9 191.8 206.9
205. 1 190. 1 233. 6
2143 190.9 258.4
240. 1 215.3 286.7
282.2 247.2 348.3
291.4 252.3 365.4
2945 252.6 373.7
298.4 255.2 380.2
301.7 255.8 388.5
299.5 246.0 400.9
307.5 251.3 4142
300.9 2444 408.2
290.4 229. 5 406.2
294 1 235. 1 406.2
295.2 237.7 4042
313.6 259.0 417.2
331.6 282.4 4248
335.8 281.4 439.0
342.3 285. 5 449. 9

NOTE.—Data revised for June 1980.
Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In October, the consumer price index for all urban consumers rose 1.0 percent seasonally adjusted (0.9 percent
unadjusted). Food prices rose 0.8 percent (0.5 percent unadjusted) and nonfood commodity prices were up 0.8 percent (also 0.8 percent unadjusted). Services prices were up 1.2 percent (1.1 percent unadjusted).
INDEX, 1967= 100 (RATIO SCALE)
300

INDEX, 1967=100 (RATIO SCALE)
300

140

140

120

120

110

110
1972

1980

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]

Period

1972
1973
1974
1975 _
1976
1977__ _
1978
1979 _ _

All
items

Food

Commodities
less
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

119. 4
123. 5
136 6
149 1
156. 6
165. 1
174. 7
195. 1

Services

commodities

All

Food
at
home

Food
away
from
home

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. 6
141. 4
162 4
175 8
179. 5
190. 2
210. 2
232. 9

131. 1
141. 4
159 4
174. 3
186. 1
200. 3
218. 4
242. 9

225.4
227.5
229.9

233. 2
236.4
239.8
242. 5
244.9
247.6
247.8
249. 4
251. 7
253. 9

238. 2
239. 1
241.7
243.8
244. 9
247.3
249. 1
250.4
252. 0
254.8
258. 7
261. 1
262. 4

203.4
205.4
207.2

210.4
213. 8
216.7
218.6
220. 2
221. 4
222.2
224.2
226.6
228.3

243.6
246.2
249.3 !
253. 1 i
256.8
261.3
265.3
269.2
274. 2
272.4
272. 5
274.8
277.9

215.8
217.9
220. 4
223. 5
226. 1
228. 8
230.0
230.8
231. 6
233. 0
235. 8
238.7
240. 7

NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.




All

119. 4
123. 5
136. 6
149. 1
156. 6
165. 1
174. 7
195. 1

Services

Durable

Nondurable

118. 9
121. 9
130. 6
145. 5
154. 3
163.2
173. 9
191. 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

195.7
198. 4
200. 3
202.5
203. 5
204.0
205. 1
206. 3
207.4
208.5
211. 8
215. 1
217.7

210.3
212. 0
215. 0
221. 8
228.4
233.8
235. 1
235.5
235. 8
236.6
237. 6
238. 1
238. 4

243. 5
246. 1
249.5
252. 9
256.8
261. 6
265. 6
269.8
274. 7
272. 5
272. 3
274. 3
277. 6

Seasonally adjusted

Unadjusted

1979: Oct
Nov
Dec
1980: Jan
Feb___
Mar
Apr
May___
June. _
July___
Aug__
Sept___
Oct__

Commodities less food

Food

All
All

239.8
241.4
244.8
244.8
244.7
247. 1
248. 4
249. 2
250. 5
252.9
257. 5
261. 6
263. 6

237. 1
238.5
242. 3
241. 8
240.9
243.5
244. 5
245. 1
246.0
248. 9
254. 7
259. 6
261. 7

249.9
252. 0
254.4

202.9
205. 1
207.3

256.9
258.6
260. 6
262. 5
263.8
266. 1
267. 3
269. 0
271. 4
273.4

211. 5
215.2
217.9
219.0
219.8
220. 4
221.4
223. 5
226. 0
227. 8

Source: Department of Labor, Bureau of Labor Statistics,

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Percent change from preceding
period; seasonally adjusted *

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

1971
1972
1973
1974
1975
1976
1977
1978
1979

Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods

Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods

Capital
equipExclud- ment
ing
Foods
foods

3.2
3.8
11.8
18.3
6. 6
3.3
6.6
9.2
12.5

2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
8.7

-.1
1.9
.3

1.8
1.1
1.2

.9
.7
.9

15.7
16.1
13.3

11.8
13.5
8.6

244
21.5
17.9

6.0
9.5
10.0

12.5
14.1
147

2.9
9.1
11.9

21.8
21.3
20.6

7.0
7.5
7.9

1.6
1.4
1.4
.6
.3
.7
1.5
1.5
— .2
.8

1980: Jan
Feb
Mar
Apr
May
June » _ _
July
Aug
Sept
Oct

2.0
2.0
7.4
20.5
6.7
4.9
6.1
8.4
17.8

1.1
1.2
.8

1979: Oct
Nov
Dec

5.9
8.0
22.5
13.0
5.5
-2.5
6.6
11.9
7.5

-.9
B 4.
LO
-2.8
.0
.7
3.8
4.4
-.2
.5

2.9
2.8
1.8
1.5
.5
.6
.6
.6
— .1
.6

1.6
.7
.9
1.8
.2
.7
1.3
.9
-. 1
1.4

15.7
16.7
19.3
14.7
9.7
6.7
10.5
16.2
12.2
9.2

5.2
4. 2
-1.2
-8.5
-6.7
-7.8
19.8
42.2
36.9
20.4

22.8
31.3
34.8
27. 9
16.7
11.3
7.5
7.6
4.4
4.4

13.3
13.4
13.4
144
12.0
11.3
8.9
12.2
8.5
9. 1

15.7
16.4
16.2
15.2
13. 1
12.8
12.6
12. 9
9.4
9.9

8.4
4.3
3.6
-1.9
-5.5
-46
47
15.2
12.4
20.1

23.6
26.3
26.1
25.3
23.8
22.5
17.2
12. 1
7.8
5.9

9.6
11.4
11.7
13.8
12.7
12.4
11.6
12. 1
9.9
9.0

* Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for June 1980.

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES
Percent change from preceding
period ; seasonally adjusted *
Period

All
items

Food

Commodities
less
food

Services

Percent change from 3 months earlier; Percent change from 6 months earlier;
seasonally adjusted annual rates
seasonally adjusted annual rates
All
items

Food

Commodities
less
food

Services

All
items

Food

Commodities
less
food

Services

1971
1972
1973 . 1974
1975
1976 — .
1977
„__
1978
1979

3.4
3. 4
8.8
12.2
7. 0
48
6.8
9. 0
13. 3

43
47
20. 1
12.2
6. 5
.6
8. 0
11.8
10. 2

2. 3
2. 5
5. 0
13. 2
6. 2
5. 1
49
7. 7
14 3

41
3. 6
6.2
11.3
8. 1
7. 3
7.9
9.3
13. 7

1979: Oet._.
Nov..
Dec...

1.0
1.0
1.2

.8
.7
1.4

.8
1. 1
1.1

1.2
1.1
1-4

13.4
13.5
13.7

7.9
10.4
12.1

144
13.5
12.7

15.1
149
15.8

13.4
13.3
13.8

6.8
6.9
9.3

15.1
15.2
145

146
143
15.1

1980: Jan.__
Feb
Mar
Apr
May__
June__
July__
Aug__.
Sept...
Oct__.

1.4
1.4
1.4
.9
.9
1.0
0
.7
1.0
1.0

0
-.0
1.0
.5
.3
.5
1.0
1.8
1.6
.8

2.0
1.7
1.3
.5
.4
.3
.5
.9
1. 1
.8

1.4
1.5
1.9
1.5
1.6
1.8
-.8
—.1
.7
1.2

15.6
17.2
18.1
15.9
13.6
11.6
7.6
6.9
7.0
11.3

8.6
5.6
3.8
6.0
7.6
5.6
7.4
14.0
18.9
18.0

18.1
21.2
22.1
15.0
8.8
47
45
6.9
10.6
12.1

16.4
18.6
20.9
21.7
21.8
21.6
10.8
3.8
-.6
7.7

145
15.3
15.9
15.7
15.4
148
11.7
10. 2
9.3
9.4

8.2
8.0
7.9
7.3
6.6
47
6.7
10.7
12. 1
12.6

16.2
17.3
17.3
16.5
14.8
13.0
9.6
7.9
7.6
8.2

15.7
16.7
18.3
19.0
20.2
21.2
16.1
12.4
9.9
9.2

1

Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.

24



Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 0.4 percent in October and prices paid by farmers rose 0.7 percent in the month
ended October 15.
INDEX, 1967=100

(RATIO SCALE)

320
300

320
300

280

280

260

260

240

240

^•7

PRICES RECEIVED
(ALL FARM PRODUCTS)

220
200

\^

180

220
200

7

180

PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)

160

160

140

140

120

120

100 I i i i i i I i i i i i I i i i i i I i i i i i I i i i M I i i i i i I i i i i i I i i i i i I

Ii ii i i I

I i i i i i I i i i i i I i i i i i I ii i i iI i i i i i I i i i i i I i i i i i I

100

RATIO I/1

140

80

80!

1980
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[1967=100]
Prices received by farmers
Period

All farm
products

Crops

Livestock
and
products

Prices paid by farmers
Production
items,
All items,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates

Parity
ratio2

1972
1973
1974
1975__
1976
1977
1978
1979

125
179
192
185
186
183
210
241

114
175
224
201
197
192
203
223

136
183
165
172
177
175
217
257

125
144
164
180
192
202
219
250

125
149
169
186
198
208
227
261

121
146
166
182
193
200
217
248

101
124
117
103
97
91
96
97

1979: Oct
Nov.
Dec

236
238
239

224
226
222

247
251
255

257
258
260

267
267
270

256
256
258

92
92
92

1980: Jan
Feb
Mar
Apr_ _
May
June
July.
Aug
Sept
Oct_ _

236
238
234
224
227
232
247
256
261
262

220
220
220
217
223
226
242
250
259
260

252
255
247
232
232
237
252
262
263
265

269
271
274
274
275
278
280
283
286
288

281
283
287
285
285
287
290
294
297
299

263
266
270
268
268
270
273
278
282
284

88
88
85
82
83
83
88
90
91
91

1
2

Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prii
interest, taxes, and wage rates.




NOTE. — The official indexes are published on a 1910-14 base as required bylaw. The indexes have been converted to a 1967=100 base to facilitate comparison with other indexes.
_
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK MEASURES AND LIQUID ASSETS

The narrow measures of money decelerated further in October, but the growth of M-2 and M-3 picked up slightly.
M-1B and M-2 remained above the FOMCs longer run ranges.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200

BILLIONS OF DOLLARS* (RATIO SCALE)

'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL R

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Ml-B
M2
L
M3

Period

1973:
1974:
1975:
1976:
1977:
1978:
1979:
1979:

Dec
Dec
Dec
Dec
Dec
Dec__
Dec
Oct...
Nov
Dec
1980: Jan.
Feb
Mar
Apr
May

June. _ _
July.. . .
.
j «_
Aug.__
Sept
Oct

Currency
plus
demandl
deposits

...

264. 1
275.3
287.9
305.0
328. 4
351.6
369. 7
366.6
368.0
369.7
370.8
373.7
373. 1
367.6
367.8
371.3
373.7
379. 7
383.7
386.6

Ml-A plus
other
checkable
deposits at
banks and
thrift
institutions

264.4
275.7
289.0
307.7
332.5
359.9
386.4
382.9
384.2
386.4
388. 1
391.3
391.2
386.6
386.2
390. 9
394.5
401.6
406.9
410.7

Ml-B plus
overnight
RPs and
M2 plus
Eurodollars, large time
MMMF
deposits
shares, and
and term
M3 plus
savings and
other liquid Ml-A Ml-B M2
RPs at
small time commercial
assets
deposits at banks and
commercial
thrift
banks and institutions
thrift
institutions 2
7.0
5.5
858. 1
976. 1
1, 137. 2 5.4
4.3
5.6
906.2
4.2
1, 242. 8
1, 058. 6
4.8 12.8
1, 022. 4
1, 369. 6
4.6
1, 161. 0
6.5 14. 1
5.9
1, 166. 7
1, 299. 7
1, 523. 5
8. 1 10.9
1, 294. 1
1, 715. 5 7.7
1, 460. 3
8.3
8.2
7. 1
1, 927. 7
1, 401. 5
1, 623. 6
8.8
1, 525. 5
2, 141. 1 5. 1 7.4
1, 775. 5
7.3 9.8
6.0
1, 510. 1
2, 120. 4
1, 757. 8
9.4
7.2
8.3
2, 126. 4
1, 516. 4
1, 765. 4
8.3
6.8
1, 525. 5
2, 141. 1 5. 8
1, 775. 5
7.7
5.8
1, 534. 5
2, 155. 2 4.9
1, 786. 9
7.5
5.4
6. 1
2, 175. 9
1, 546. 7
1, 804. 5
6.8
4.8
2, 190. 1 4.0
1, 553. 1
1,811. 1
5.3
1.9
.5
2, 200. 7
1, 549. 9
1, 811. 1
i
1.0
6. 1
1, 562. 1
2, 216. 6
1, 824. 2
8.0
2.3
.*9
2, 229. 3
1, 844. 5
1, 585. 7
3.3 10.0
1. 6
2, 245. 0
1, 865. 1
1, 609. 7
3.2
5. 3 11.0
1, 629. 2
2, 271. 8
1, 886. 2
8.2 11. 6
5.8
1, 640. 7
1, 900. 5
10.6 12. 9 13.8
1, 653. 3
1, 917. 7

1
Net cf demand deposits due to foreign commercial banks and official
institutions.
3
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 3

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.

M3

11.2
8.5
9.7
11.9
12.4
11.2
9.4
10.9
10.5
9.7
9.3
9.3
7.7
6.2
6.8
7.9
8.9
9.3
10. 1
12. 1

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Money
De- Other repur- Over- market Savchase night mutual ings
Cur- mand check- agree- EurodePeriod rency de- l able ments dollars fund
shares posits
posits deposits (RPs)
frtt*4- \
^net/

Small
denomination
time
deposits 2

Large
denomination
time
deposits 2

Term
Shortrepur- Term
term
chase Euro- Sav- Treas- Bank- Comagree- dollars ings
ury
ers'
ments (net) bonds secu- accept- mercial
(RPs)
rities ances paper
NSA

NSA

NSA

NSA

Dec:
1973. 61.6
1974_ 67.8
1975. 73.8
1976. 80.7
1977. 88.7
1978. 97.6
1979- 106.3

NSA

NSA

0.3
.4

6.8
7.2
7.5

0.0
.0
.0
.0
1.0
2.0
3.6

0. 1 322. 2
2. 3 333.9
3.6 383.9
3.4 447.7
3.8 486.5
10.3 476. 1
43. 6 416.7

266.4
288.9
340.4
396.6
454.9
533.8
656.5

110.9
144. 0
129.6
118. 0
145.2
194. 7
219.4

15.0
21.0
27. 3
30.5

60.4
63.2
67.3
10.3 71.8
13.7 76.6
22.8 80.6
31.9 80.0

7.1

49.8 4.7
53.4 10. 7
76.8 8.5
80.7
9.0
89.5 12.3
98.7 22. 6
127.5 28.9

41.9
50. 1
48. 1
51.8
63. 1
79.4
97.3

202. 5
207.4
214. 1
224.4
239.7
253.9
263.4

16.7

8.4

13.6
17.6
21. 9
21.7

1979:
Oct__ 105.5 261. 1
Nov. 105.9 262. 1
Dec- 106.3 263.4

16. 3
16.2
16.7

25.3
22. 5
21. 7

3.5
3.2
3.6

36.9 436.0
40.4 421.3
43.6 416.7

628.4
647.8
656.5

214. 8
218.5
219.4

33.0
30.5
30.5

33.2
34.0
31.9

82.2
80.3
80.0

123.7 27. 1 96.4
122. 1 28.6 96.0
127.5 28.9 97.3

1980:
Jan__ 107.3
Feb.. 108. 1
Mar- 108. 9
Apr. _ 109.0
May- 110. 1
June. 111.0
July. 112. 0
Aug.. 113.4
Sept. 113. 9
Oet*_ 115. 1

17.3
17.6
18.0
19. 0
18.4
19. 6
20.8
21.9
23.2
24. 1

22. 6
23. 0
21. 0
17.6
18.5
19. 6
23.0
25.2
26.4
26.0

4. 1
4. 1

49. 1
56.7
60.9
60.4
66.8
74.2
80.6
80.7
78. 2
77.4

411.8
403. 1
391. 9
377.3
372.7
381.4
393.7
403.8
407.8
410. 1

661.8
671.4
687.6
708.3
718.0
719.6
717.2
717.2
720. 9
727.8

222. 5
228. 6
230.7
234. 2
235. 0
230. 7
226.2
225.3
229. 0
232. 1

29.9
29.2
27.2
27. 1
27.1
28. 1
29.3
31.7
30. 9
32.3

341

79.2
78.1
76.8
75.2
74.0
73.3
72.8
72.6

127.6
128.8
136.3
146. 3
151.8
148.7
145.2
149.7

263.5
265. 6
264.2
258.6
257. 7
260. 3
261. 6
266.3
269. 8
271. 6

1. 1

2.7

4. 1

3.6
2.7
2.8
2.9
3.6
3.7

3. 7

4.4

8.4
9.0

4.4
6.7
7.9

37.5
37.4
37.9
37.8
36.0
36.0
37.0

28.4
27.6
28.8
29.5
29.4
30. 2
30. 1
29. 6

99.0
99.3
99.8
100.6
99.5
96.5
95.8
96.6

NOTE.—NSA indicates data are not seasonally adjusted.
See also page 26.
Source: Board of Governors of the Federal Reserve System.

* Net of demand deposits due to foreign commercial banks and official institutions.
2
SmaE denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Period
Total »
1972..
1973
1974
1975
1976
1977..
1978
1979

Automobile

Installment credit liquidated

Revolving

Total *

Automobile

Revolving

Net change in amount outstanding
Total *

Automobile

Revolving

_

152, 275
173, 035
172, 765
180, 441
211, 046
254, 057
298, 351
322, 558

43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
91, 847

24, 671
28, 714
33, 225
36, 968
43, 946
86, 756
104, 587
120, 728

136, 787
152, 817
163, 276
172, 676
189, 384
218, 794
253, 541
287, 067

38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
79, 293

23, 497
26, 711
31,255
35, 628
41, 776
80, 508
96, 811
112, 449

15, 488
20, 218
9,489
7,765
21, 662
35, 263
44, 810
35, 491

5,621
5,910
495
2,976
10, 465
15, 204
19, 557
12, 554

1, 174
2,003
1,970
1,340
2, 170
6,248
7,776
8,279

1979: Sept
Oct..
Nov
Dec__

28, 634
27, 695
26, 464
25, 671

8,430
7,676
7,066
7,131

10, 699
10, 424
10, 613
10, 196

24, 188
25, 509
24, 057
24, 322

6,607
7,189
6,533
6,449

9,642
9,760
9,814
9,764

4,446
2,186
2,407
1,349

1,823
487
533
682

1,057
664
799
432

1980: Jan
Feb
Mar
Apr.
May..
June
July
Aug
Sept

26, 702
27, 076
26, 620
22, 548
21, 239
20, 698
24, 497
25, 601
27, 308

7,780
7,659
7,240
5,725
5,192
4,770
6,609
6,964
7,718

10, 475
10, 458
11, 038
10, 293
10, 089
9,635
10, 522
10, 652
10, 897

25,
24,
25,
24,
24,
24,
25,
25,
25,

6,808
6,778
6,845
6,370
6,535
6,508
6,702
6,790
7,275

10, 186
9,883
10, 427
10, 681
10, 577
10, 383
10, 508
10, 510
10, 551

1,372
2,295
1,437
-1,985
-3, 434
— 3,463
-609
15
1,450

972
881
395
-645
-1,343
-1,738
-93
174
443

289
575
611
-388
-488
-748
14
142
346

.

i Includes "mobile home" and "other," not shown separately.




330
781
183
533
673
161
106
586
858

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS, INVESTMENTS, AND RESERVES
Bank credit growth in October moderated slightly from the previous month's robust pace.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

ALL COMMERCIAL BANKS

60

60

40

40
1972

1973

1980

1974

* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1973:
1974:
1975:
1976:
1977:
1978:
1979:

Total
loans
and
investments

Dec
647.8
Dec
713.6
Dec... . _ 744.6
Dec
804.3
Dec
.
891. 1
Dec
1, 014. 3
Dec
1, 132. 5

[Billions of dollars, seasonally adjusted, except as noted]
All member banks 3
All commercial banks *
Borrowings (millions of dollars,
Reserves
Loans and leases
Investments
unadjusted)
CommerOther
U.S.
SeaNonRecial and
Total
Total
Total 2 industrial Treasury
secusonal
borrowed quired
securities
rities
loans
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

3498
36.66
3467
3490
36.00
41. 16
43.57

33.68
35.94
3454
3485
35.43
40.29
42. 10

3468
36.41
3440
3463
35.81
40.93
43.13

1,298
703
127
62
558
874
1,473

41
32
13
12
54
134
82

1979: Oct
Nov
Dec

1, 129. 1
1, 128. 6
1, 132. 5

845.0
843.8
847.2

288.6
288.3
290.5

95.3
94.3
93.8

188.8
190.5
191.5

42.20
43.06
43.57

40. 18
41.15
42. 10

41.93
42.81
43. 13

2,022
1,906
1,473

161
146
82

1980: Jan
Feb
Mar
Apr. _.
May
June
July...
Aug
Sept.
Oct4..

1, 144. 8
1, 162. 7
1, 165. 2
1, 161. 0
1, 154. 9
1, 152. 0
1, 160. 0
1, 177. 2
1, 191. 0
1, 204. 5

858.5
872.7
874.7
871.6
860.6
853.5
855.0
865.8
876.4
886.2

295.6
301.1
302.8
301.2
297. 7
295.4
296.2
301.4
306.0
312.0

93.2
948
945
93.2
946
97.0
100.9
104 4
106.6
107.9

193. 1
195.2
196.0
196.2
199. 7
201.5
204.2
207.0
208.0
210.3

43.44
43.35
43.67
4485
4445
43.96
42.78
40.75
41. 54
41.74

42.20
41.70
40.85
42. 39
43.43
43.58
42.39
40.09
40.23
40.43

43. 19
43. 14
43.48
4465
4427
43.76
42. 50
40.45
41. 27
41.52

1,241
1,655
2,824
2,455
1,018
365
390
687
1,244
1,335

75
96
150
155
63
12
5
9
24
63

1
Data are averages of Wednesday figures.
«Excludes loans to commercial banks in the United States.
»Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.

28



* Data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

Pur-

External
Period

Total

Internal i

Crediib market i"unds
Total

Total

Longterm

Shortterm

Other

Total

of
physical
assets 2

Increase
in
financial
assets

TV*.
LJIS-

crepancy
(sources
less
uses)

. 104.4
127.8
161. 6
200. 0
191.3
150. 0
. .
— . 209. 7
242. 3
295. 7
341. 3

58. 9
68. 6
80. 8
83. 8
75. 7
106. 8
125. 3
139. 9
148. 8
158. 3

45. 5
59.3
80. 8
116.2
115.6
43. 2
84.4
102. 3
146. 9
183. 0

40. 7
45.2
58. 2
73. 0
82. 1
37. 9
60.7
79. 9
94. 7
114. 3

34.2
41.9
45. 3
49. 2
SI. 6
44. 1
49. 1
53. 0
61.5
70. 5

6.5
3.3
12. 9
23. 8
30.6
6.3
11.6
26. 9
33. 2
43. 8

4. 9
14 1
22. 6
43. 1
33.4
5.3
23.8
22.4
52.2
68. 7

95.9
119. 6
145. 8
185.6
179.0
133. 0
183.3
216. 8
274.3
319. 5

80. 3
86. 0
100. 3
123. 3
134 7
99. 9
139. 0
169. 9
195. 9
221. 3

15. 6
33. 5
45 6
62. 3
444
33. 2
44 3
46. 9
78. 3
98. 2

8. 5
8. 2
15 8
144
12. 2
16 9
26.4
25 5
21.4
21. 9

1978: III
IV

303.5
322. 1

153.8
155. 9

149.7
166.2

90.4
101. 1

63. 1
66.5

27.3
34.6

59.3
65. 1

2844
298.9

199. 9
203.6

84 4
95.2

19. 1
23. 2

1979: I
II
III
IV-

350. 2
323. 3
377. 3
314. 9

154. 4
159. 0
161. 6
158. 2

195. 8
164. 3
215. 7
156. 7

113.4
123. 9
126. 7
93. 0

66. 7
74.4
76. 6
64. 3

46. 7
49. 5
50. 1
28. 7

82. 3
40. 3
89. 1
63. 6

324. 8
294. 7
360. 5
298. 3

213. 0
228. 6
226. 6
216. 9

111. 8
66. 1
133. 9
81. 4

25. 5
28. 7
16. 8
16. 6

1980: I
UP

323. 9
256. 8

153. 7
162. 2

170. 2
94. 6

119. 4
70. 7

71. 1
61. 0

48. 3
9. 7

50. 8
23. 9

305. 4
233. 4

224. 5
222. 2

80. 9
11. 2

18. 5
23. 3

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979_

—

* 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.

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

U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable

Other
current
assets

Total

Notes
Other
and
current
accounts liabilities
payable

Net
working
capital

Current
ratio l

SEC series:2
492. 3
1970
1971. __
529.6
1972 .
599. 3
1973
697.8
1974
790.7
3
FTC-FRB series:
1974
..
735.4
1975
759.0
1976—
826. 3
1977
900.9
1978__1,028.0
1979
1, 197. 7

50.2
53. 3
59.0
66. 3
71. 1

7.7
11.0
10.6
12.8
12.3

206.1
221. 1
248.2
288.5
322. 1

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
943
103.7
115.8

11. 1
19.0
23.6
18.7
17.8
17.6

265.8
272. 1
293.3
325. 0
381.9
451.8

319.5
315.9
342.9
375.6
428.3
503.0

65.9
69. 9
79.2
87.3
96.3
109. 5

453.4
451.6
492.7
546.8
661. 9
801.7

269.8
2642
282.0
313.7
375. 1
460.5

183.6
187.4
210.6
233. 1
286.8
341.2

282.0
307.4
333.6
354 1
366. 1
396.0

1.622
1.681
1.677
1.648
1. 553
1.494

1978: III ...
IV

992. 6
1, 028. 0

91.7
103.7

16. 1
17.8

376.4
381.9

415.5
428.3

92.9
96.3

626. 0
661.9

356.2
375. 1

269.7
286.8

366.6
366. 1

1.586
1.553

1979: III___
III
IV _

1, 079. 1
1, 106. 7
1, 165. 3
1, 197. 7

102. 1
99.7
103. 3
115.8

19. 1
20.7
17. 7
17.6

405.6
418. 1
447.8
451.8

453.0
466.9
490.3
503. 0

99.3
101.3
106. 1
109. 5

701.3
720.4
770. 0
801. 7

393.4
409.2
441. 6
460.5

307.9
311. 2
328.3
341. 2

377.8
386.3
395.3
396.0

1. 539
1.536
1.513
1. 494

1980: IP

1, 233. 2

110.5

17.2

465.9

521.2

118.4

831.4

473.3

358. 1

401. 8

1.483

i Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing»Mining, and
Trade Corporations, Federal Trade Commission.
1
1




NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Market interest rates continued to rise in November, reaching levels near, or in some cases above, the March/April
peaks.
PERCENT PER ANNUM
14

1972

1979

SOURCE: SEE TABLE BELOW

1980

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
U.S. Treasury security yields
Period
1974 _
1975
1976
1977 .
1978
1979
1979: Oct..
Nov
Dec
1980: Jan..
Feb _._
Mar
Apr
May
June .
July
Aue:_
Sept
Oct
Nov
Week ended:
1980: Oct 25
Nov 1
8
15
22
29

3-month
bills *

Constant maturities 2
3-year

10-year

7.886
5.838
4.989
5. 265
7.221
10. 041
11. 472
11. 868
12. 071
12. 036
12. 814
15. 526
14. 003
9. 150
6. 995
8. 126
9.259
10. 321
11. 580
13. 888

7.82
7.49
6.77
6.69
8.29
9.71
10.95
11. 18
10.71
10.88
12.84
14.05
12. 02
9. 44
8.91
9. 27
10. 63
11.57
12.01

7.56
7.99
7.61
7.42
8.41
9.44
10.30
10.65
10.39
10.80
12.41
12.75
11.47
10. 18
9.78
10.25
11. 10
11.51
11.75

11. 413
12. 331
13. 344
13. 514
14. 309
14. 384

12. 08
12.82
13.27
12.99
13. 33

11. 76
12.37
12.69
12.63
12.69

NewPrime
High-grade Corporate Prime com- Discount
home
rate
municipal
mercial
rate
Aaa
charged
mortgage
(N.Y.
paper,
bonds
bonds
yields
(Standard3 ( Moody 's)
F.R. 5
4-6 4
i>y 5
(FIILBB)«
banks
Bank)
months
& Poor's)
8.92
10.81
6.09
8.57
7. 83
9.87
9.01
7. 86
8.83
6.25
6. 89
6.33
8.99
6.84
8.43
5.50
6.49
5.35
9.01
6.83
8. 02
5.46
5. 56
5. 60
9.54
9. 06
5.90
8.73
7.46
7.99
4
10.77
12.67
10.28
9.63
6.39
10. 91
11.21
11-12
13H-15
6.98
10.13
13.23
4
11.37
12-12
7.19
10.76
13. 26
15J4-15H
11. 64
15'/2-15%
12-12
10.74
7.09
12.80
11.87
15J4-15W
12-12
7.21
11.09
12.66
11.93
8.04
12-13
15}i-16»
12.38
13.60
12.62
9.09
16.50
13-13
12.96
16%-19K
13.03
12. 04
13-13
8.40
14.93
19J4-19J4
l
13.68
13-12 *18 /2-14
7.37
10.99
9.29
12. 66
14-12
12-11
7.60
10. 58
8.03
12.48
12-11
8.08
11-10
11.07
8.29
12.25
10-10
8. 62
11-11H
11. 64
9. 61
12.35
12.02
10-11
8.95
11. 04
11^-13
12.60
9. 11
11-11
12.31
12. 32
13^-14^
uy21114-14
9.08
11-11
12.27
12. 15
U14^
12.72
11 11
9.48
13.28
9.65
11-11 uy2-uy2
12.96
14.34
9.51
11-11 15M-15M
12.93
14. 12
9.44
11 12 15>£ 17
12. 96
14.91
1712-

1
Rate on new issues within period.
1
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
* Weekly data are Wednesday figures.
« Beginning November 1,1979, data are for 6 months paper.
* Average effective rate for year; opening and closing rate for month and week.

30



Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources;0 Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.

COMMON STOCK

AND YIELDS

Stock prices resumed their upward trend in mid-November after some hesitation early in the month. The broadly
based stock indexes moved to new records, and the Dow topped 1,000 on November 20.
INDEX, DEC 31 1965=50
80

INDEX, DEC 31,1965=5

70 -

60
COMPOSITE PRICE INDEX STOCK
(NYSE)

EARNINGS-PRICE RATIO ON COMMON STOCKS

10

10

5 -

- 5

1972

1980

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

COUNCIL OF ECONOMIC ADVISERS

Common stock 5 yields
(percent)

Common stock prices l
New York Stock Exchange indexes (Dec. 31, 1965=50) 2

Period

Composite Industrial Transportation

1974
1975..
1976
1977
1978
1979
1979: Oct

_

Nov
Dec

1980' Jan

Feb

Mar

Apr
May

.

June
July
Aug

Sept
Oct

Week ended:
Oct 1 8 _ _ _ _
25....
Nov 1
8
15
22

43.84
45. 73
5446
53.69
53.70
58.32
59.27
59. 02
61.75
63.74
66.06
59.52
58.47
61. 38
65. 43
68.56
70.87
73. 12
75. 17

48.08
50. 52
60.44
57. 86
58.23
64. 76
66.68
66.45
69.83
72.67
76. 42
68.71
66.31
69. 39
74.47
78.67
82. 15
84. 92
88.00

31.89
31. 10
39.57
41. 09
43.50
47.34
48.09
47.61
50. 59
52.61
57.92
51.77
48.62
51.07
54.04
59. 14
62.48
65.89
70.76

29.79
31.50
36.97
40.92
39.22
38.21
36.58
36. 55
37.29
37.08
36. 22
33.38
35.29
37.31
38. 53
38.77
38. 18
38. 77
38.44

49.67
47. 14
52.94
55. 25
56.65
61. 42
61.64
60.64
63.21
64.22
61.84
54.71
57.32
61.47
65. 16
66.76
67.22
69. 33
68.29

76.43
75.61
73.57
74. 66
77.03
80.21

89. 64
88. 58 "
86. 05
87.73
90.77
95. 10

70.34
73. 25
71.72
72.20
75.01
79.99

38.80
38.47
37.69
37.59
38.26
38.70

69.62
67.92
66.03
65.89
67.36
67.89

1
Average of daily closing prices.
1
Includes all the stocks (more than 1,500) listed
8
Includes 30 stocks.
* Includes 500 stocks.
1

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

Utility

Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial
ratio
ratio
3
average (1941-43=
4
10)
11. 59
4.47
82. 85
759. 37
9. 15
4.31
802. 49
86. 16
8.90
3.77
974. 92
102. 01
10,79
4.62
894. 63
98.20
12.03
5.28
96.02
820. 23
13.46
5.45
844. 40
103. 01
5.56
104. 47
840. 39
5.71
815. 78
103. 66
13.77
5.53
836. 14
107. 78
5.41
860. 74
110.87
5.24
115. 34
878. 22
14. 98
5.87
104. 69
803. 56
6.05
102. 97
786. 33
5.77
107. 69
828. 19
13. 09
5.39
114. 55
869. 86
5.20
119. 83
909. 79
5.06
123. 50
947. 33
4.90
126. 51
946. 67
4.80
130. 22
949. 17

961. 88
950. 70
927. 15
939. 55
962. 30
993. 07

132. 30
131. 15
127. 52
129. 62
133. 79
139. 20

4.69
4.76
4.91
4.79
4.68
4.54

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.
gJ

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal 1981, there was a budget deficit of $17.4 billion, compared to a deficit of $14.6 billion a
year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS

600

600

500

500

400

403

OUTLAYS
RECEIPTS

300

300

200

200

50

50
SURPLUS M OR DEFICIT (-)

-50

-50

-100

-100
1972

1974

1973

1975

1976

1977

1978

1979

1980

1981

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND Of F1CE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period

Receipts

Fiscal year or period:
1970
1971
1972
1973
1974
1975
1976...
Transition quarter
1977.....
1978 ..
1979
1980"
1981 (estimates) :
First Concurrent Resolution, June 12, 1980_->
Mid-Session Review July 1980 1
First month:
Fiscal year 1980
Fiscal year 19811
Estimates from Mid-Session Review of the I98t Budget, Office of Management
and Budget, July 21,1980.

32



Outlays

Surplus or
deficit ( — )

193.7
188.4
208.6
232. 2
264.9
281.0
300.0
81.8
357.8
402.0
466. 0
520. 0

196.6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493. 6
579. 0

-2.8
-23.0
-23.4
-14.8
-4.7
-45.2
-66.4
-13.0
-45.0
-48.8
-27.7
-59. 0

613.8
604. ,0

613.6
633.8
47.7
56. 3

-14.6
-17.4

Gross

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
914.3

2849
304.3
323.8
343.0
34&1
39% 9
480.3
498.3
551.8
610.9
644.6
715. 1

834.0
914. 8

646.8
716.9

.2
-29.8

33. 1
38.9

Federal debt ( end of period)

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 month of fiscal 1981, budget receipts were $5.8 billion higher than a year earlier and budget outlays were
$8.6 billion higher.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS

200

100

500

500

OUTLAYS

400

400

300

300

NONDEFENSE

200

200

NATIONAL DEFENSE
100

100

1972

1973

1974

1976

1975

1977

1978

1979

1980

1981

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Receipts

Outlays
National defense

Period
Total

Fiscal year or period :
1970
1971
1972.
1973
1974
1975__
1976
Transition quarter
1977. _
1978
1979.
1980 *>_
1981 (estimates) l
First month:
Fiscal year 1980_
Fiscal year 1981-

_

IndiCorpovidual ration Other
income income
taxes
taxes

Total

Interna- Health
Inand
Depart- tional income terest Other
ment of affairs security
Defense,
military

193.7
188.4
208.6
232. 2
264. 9
281.0
300.0
81.8
357.8
402.0
466. 0
520. 0
604.0

90. 4
86.2
94. 7
103.2
119.0
122. 4
131.6
38.8
157. 6
181.0
217. 8
244. 1
278.2

32. 8
26.8
32.2
36. 2
38.6
40.6
41. 4
8.5
54.9
60. 0
65. 7
64. 6
66.4

70.5
75.4
81.7
92.8
107.4
118. 0
127.0
34.5
145.2
161. 1
182.4
211. 4
259.4

196.6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493. 6
579.0
633.8

78.6
75.8
76.6
74.5
77.8
85. 6
89.4
22.3
97.5
105.2
115. 8
135.9
157.5

77. 1
74.5
75. 1
73.2
77. 6
84.9
87.9
21.9
95.6
103. 0
115.0
132. 8
153.9

4.3
4. 1
4.7
4. 1
5.7
6. 9
5.6
2.2
4.8
5.9
5.9
10. 5
10.3

56. 1
70. 1
81.4
91.8
106. 5
136.3
160.9
41.5
176. 7
189.9
210. 1
250. 3
293.8

18. 3
19.6
20.6
22. 8
28.0
30.9
34.5
7.2
38.0
44.0
52.6
64.6
67.6

39. 3
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
109.2
117.8
104. 6

33. 1
38. 9

18.7
21. 2

1.5
1.3

12. 9
16.5

47.7
56.3

10.4
13.0

10.2
12.7

1.2
1. 0

19. 1
23.8

4. 1
5.3

12.9
13. 1

1
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,1980.




Total

Sources: Department of the Treasury and Office oi Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to preliminary estimates, Federal receipts rose $20.1 billion (annual rate) and expenditures rose $29.3 billion, yielding a deficit of $58.4 billion, $9.2 billion higher than in the second quarter.
1

BILLIONS OF DOLLARS

50

50
SURPLUS

DEFICIT
-50

-50

-100

-100
1972

1973

1974

1975

1976.

1977

1979

1978

1980

CALENDAR YEARS
SOURCE. DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Personal Corporate
Total tax and profits
nontax
tax
receipts accruals

Indirect
business
tax and
nontax
accruals

Surplus
or
deficit

Federal Government expenditures

Federal Government receipts

Subsidies Less:
GrantsWage
less
PurContriin-aid
current accruals national
butions
chases Trans- to State Net
income
for
Total of goods fer pay- and interest surplus of less
and
paid Govern- disments local
social inand
ment en- burse- product
services
governsurance
terprises ments accounts
ments

(->,

Fiscal year:
313. 9
1976
1977 . . 366.0
1978
_ 414.7
1979..
483. 7

137. 0
166.0
186. 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

Calendar
year:
1976..
331. 4
1977
375.4
1978..
432. 1
1979
497. 6
1979:1
475.0
II._. 485.8
III- 504.8
IV... 524.7
1980: I
538.4
!!___ 529.9
III»_. 550.0

147. 2
169. 6
194 9
230. 0
213.0
223.4
235.2
248.5
246. 1
249.5
256.2

54. 6
61. 8
72. 0
78. 2
77.2
74.9
79.4
81.4
86.8
65. 6
71.9

23.4
25. 1
28. 1
30. 0
29.4
29.9
30.0
30.7
33.8
43.0
48.4

106. 3
118. 9
137. 0
159. 3
155.5
157. 5
160.2
1641
171.7
171.8
173.5

385. 0
421. 7
459. 8
509. 0
486.8
492.9
516. 1
540.4
561.3
579.1
608.4

129. 7
144 4
152. 6
166. 6
163.6
161.7
162.9
178.4
186.2
193.3
191.4

161. 7
172. 7
185. 4
209. 8
196.8
201.9
217.6
222.7
230.0
235.7
264 1

61. 1
67. 5
77. 3
80.4
77.8
77.7
81.8
84.3
86.0
86.0
87.0

26. 8
29. 0
34 8
43. 1
40.0
42.6
43.5
46.2
50.2
543
53.8

5.8
8. 1
9. 7
9. 1
8.3
9.0
10.2
8.8
8.9
9.8
12. 2

.0
.0
.0
.0
-.2
.0
.0
.0
.0
.0
.0

— 53.6
—46.3
—27.7
-11.4
-11.7
-7.0
-11.3
-15.7
-22. 9
-49.2
-58.4

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34



INTERNATIONAL STATISTICS

INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Consumer prices (unadjusted)

Industrial production (seasonally adjusted)
Period

United
States

Canada

Japan

1973
1974
1975
1976
1977
1978
1979
- 1979: Dec
1980: Jan
Feb
Mar
Apr
May
June _—
July *»_Aug *-_
Sept»__
Oct p

129.8
129.3
117.8
130.5
138.2
146. 1
152.5
152.5
152.7
152.6
152. 1
148.3
144. 0
141.5
140.4
141. 8
143.7
146 0

143. 0
147.5
139.6
147.3
150.5
156.7
164. 0
162.6
162.7
162.9
166.0
162.3
158.9
157. 7
157.8
159.2

190.5
183. 1
163.9
182. 0
189.7
201. 1
217.7
226.6
229.0
241.3
233. 1
236.9
234.4
232. 1
233. 1
222. 1
231. 1

France

Germany

Italy

145
148
139
149
152
154
161
166
165
166
166
166
160
160
165
165
157

147.7
145. 1
137. 1
149. 1
152.7
155.3
163.2
166
168
169
169
168
164
163
166
164

United United CanKing- States1 ada Japan France Germany
dom

134. 6
140.6
127.6
143. 5
145. 1
147.9
157.6
165. 6
167.8
174.9
174.2
176.6
162.5
167. 1
165. 2
142.7
160.6

123. 0
120.0
114.3
117.4
123.0
126.8
131.4
130.3
130. 1
128.4
126.5
123.7
123.0
124. 0
122.8
118.5
116. 1

133. 1
147. 7
161.2
170. 5
181.5
195.4
217. 4
229. 9
233.2
236.4
239.8
242.5
244.9
247. 6
247.8
249.4
251. 7
253.9

130.3
144.5
160. 1
172. 1
185.9
202.4
221.0
230. 1
231. 3
233.3
235.8
237.2
240.0
242.7
244.5
246. 8
249. 0
251.2

147.9
184.0
205.8
224.9
243.0
252.3
261. 3
268.3
270. 8
273.3
275. 5
280.2
282.7
283. 5
284.2
283.7
288. 1

140.7
160.0
178.9
196. 1
214. 5
233.9
259. 1
272.0
277.2
280.2
283.4
286.7
289.3
291. 1
295.5
298.4
301.0

127.2
136. 1
144.2
150.4
155.9
160.2
166.6
170. 1
171.0
172.8
173.8
174.9
175. 6
176.5
176.8
177.0
177. 0
177.3

Italy

134.0
159. 7
186.8
218. 1
255.2
286.2
328. 5
356.6
367.9
374.3
378.2
384.3
388.2
391.7
398.4
402. 4
410. 9
417.9

United
Kingdom

150.2
174.3
216.5
252.4
292.4
316.6
359.0
3846
394. 1
399. 7
405.1
419. 0
422.8
426.8
430.4
431.3
434. 1
436. 8

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 1

Merchandise imports
General imports 8

Domestic exports
Period

Total
domestic and
foreign Total
exports

2

Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
rials
ages,
ages,
tured Total and to- and
and to- and
goods
bacco
fuels
bacco
fuels

F.a.s. value s
Monthly
average:
1973
1974

Customs value

5,902
8,167

5,811
8,053

1,078
1,269

895
1,317

3,728
5,294

5,790
8,450

1974 ... _„ 8, 167
1975
8f 966
1976
9,596
1977
10, 096
1978
11,965
1979
15, 136
1979: Sept___ 15, 822
Oct
16, 680
Nov
16, 928
Dec___ 16, 742
1980: Jan
17, 348
F e b _ _ _ 17, 233
Mar
. 18, 534
Apr
18, 468
May— _ 17, 678
June___ 18,642
July... 18, 075
Aug
19, 103
Sept.__ 18, 701

8,053
8,842
9,456
9,912
11, 753
14, 868
15, 569
16, 396
16, 575
16, 419
17, 018
16, 950
18, 165
18, 137
17, 303
18, 267
17, 765
18, 788
18, 400

1,269
1,399
1,436
1,330
1,717
2,049
2,296
2,374
2,299
2,413
2,331
2,296
2, 538
2,410
2, 190
2, 366
2,471
2,489
2,779

1,317
1,266
1,341
1,548
1,746
2,351
2,583
2,534
2, 686
2,732
2,854
2,826
2,991
2,867
2,816
2, 921
2^821
3, 181
2,782

5,294
5,913
6,437
6, 679
7,873
9,715
10, 055
10, 444
10, 418
10, 719
11, 173
11, 373
11, 802
11, 745
11, 612
12, 277
12, 015
12, 477
12, 277

8,387
8,048
10, 084
12, 307
14, 332
17, 194
18, 407
19, 037
18, 548
19, 665
20, 945
21, 640
20, 607
19, 308
20, 528
19, 893
18, 995
19, 236
19, 465

1
Department of Defense shipments of grant-aid military supplies and equippment under the Military Assistance Program are excluded from totals for all
periods and from monthly detail beginning January 1978.
. ;Lola* includes commodities and transactions not classified according to kind.
s
4 Total arrivals of imported goods other than intransit shipments.
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
united btates. Data for 1973 are estimates.




Manu- Total
fac(c.i.f.
tured value) 4
goods

Merchandise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imimports
ports
(c.i.f.)
ports
(customs (f.a.s.)
value)

770 1,120
892 2,653
F.a.s. value 5
892 2,672
827 2,716
991 3,457
1, 186 4,463
1,312 4,325
1,478 5,954
1,402 7,044
•1, 404 7,479
1,689 6,379
1,712 7,775
1,652 7,590
1,406 8,788
1, 544 8,421
1,503 7,284
1,531 7,774
1,584 7,834
1, 600 6, 655
1,468 7,043
1,402 6,667

3,750
4,684
4, 602
4,257
5,398
6,379
8,360
9,353
9,505
9,663
9,950
9,632
11, 183
10, 829
10, 176
9, 969
10, 628
9,951
10, 187
10, 192
10, 485

6, 131
9,033

112
-283

-221

— 229
-866

—866
9,033
—283 —221
8,654
312
918
853
10, 825
581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 258 -2, 473-2, 367 -3,293
18, 244 -2, 125 -2, 057 -3, 108
19, 503
-2,585 -3,681
-2, 357 -3,469
20, 149
-1,620 -2,732
19, 660
-2, 923 -4, 068
20, 809
22, 100
-3, 597 -4, 752
22, 806
— 4,407 -5,573
-2, 073 -3, 138
21, 673
-840 -1,816
20, 284
-2, 850 -3,852
21, 530
20, 922
-1,251 -2, 280
-920 -1,852
19, 927
-132 -1,061
20, 165
-764 -1,644
20, 345

s 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 third quarter, the merchandise trade deficit fell sharply to $2.7 billion from $7.6 billion in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

-15

-15
1972

1980

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Merchandise

Period
Exports

1972__
1973
1974_
1975
1976
19771978
1979

Imports

Investment income 3

12

Net
h»lUtH—

ance

Receipts

Payments

NW
i\ t? u

Net
military
transactions

Nettravel
and
transportation
receipts

Other
services,
net 8

Balance
on
goods
and
services 1

Remittances,
pensions,
and
other
unilateral
transfers l

Balance
on
current
account

766 — 1, 941 -3,854 -5, 795
7, 140
184 11, 021 -3,881
2, 124
9, 309 — 7, 186
986
598 22, 893 -4, 613 18, 280
4, 384
9, 382 — 4, 998
711
086 — 9) 464 — 4, 605 - 14, 068
959 — 9, 204 — 5, 055 - 14, 259
-788
4, 878 — 5, 666
806

14, 764 — 6, 572
21, 808 -9, 655
27, 587 — 12, 084
25, 351 -12, 564
29, 286 — 13, 311
32J 587 — 14, 598
42, 972 -22,073
65, 970 — 33, 460

8, 192
12, 153
15, 503
12, 787
15, 975
17^ 989
20, 899
32, 510

1978: III..
IV_.

36, 828 -44, 336 -7,508 10, 557 -5,717
38, 900 -45, 715 -6,815 12, 851 -6, 343

4,840
6,508

139
3

-910
-774

1, 506 -1,933 -1, 233 -3, 166
-820
493 -1,313
1,571

1979: ! _ _ _
II_._
III..
IV_.

41,
42,
47,
50,

-7,225
-7,980
-8, 731
-9, 524

7,038
7,270
9,319
8,883

-29
-102
-443
-700

-611
-637
-834
-613

1,448
1,428
1,524
1,405

1980: I....
II *_
III".

54, 708 — 65, 558 -10,850 20, 846 -10,752
54, 710 -62,265 — 7, 555 16, 772 -10,417
56, 419 -59, 145 -2,726

10, 094
-922
6, 355 -1,074

-690
-318

-823 -1,812 -2,635
1,570
1, 422 -1,258 -1,242 -2, 500

49, 381 — 55,
71,410 — 70,
98, 306 — 103,
107, 088 — 98,
114, 745 — 124,
120, 816 — 15l)
142, 054 — 175,
182, 055 — 211,

1
2

805
815
198
237

797 — 6, 416
911
499
649 — 5, 343
041
9, 047
051
9 306
689 — 30[ 873
813 -33, 759
524 — 29, 469

-46, 919
— 50, 885
-54, 258
-59,462

-5, 114
-8, 070
-7,060
-9,225

14, 263
15, 250
18, 050
18, 407

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
* Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.

36



— 3,
— 2,
— 1,
—

420
070
653
746
559
1, 628
886
— 1, 275

— 3,
— 3,
— 3,
— 2,
—2
— 3J
— 3,
— 2,

063
158
18 I
792
558
293
188
695

2,
3,
3,
4,
4,
5'
5,
5,

2,732
-110
2, 506
-250

- 1, 324 1,408
-1,383 -1,493
- 1, 407 1, 099
— 1, 552 -1,802

Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the second quarter, net recorded private capital outflows totalled $27.6 billion, as compared to a recorded inflow
of $6.4 billion in the first quarter. These outflows were largely offset by unrecorded flows of over $23 billion, as captured in the statistical discrepancy.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
40

40

-10

-30

-40

-40
1972

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

U.S.
official
reserve
assets l 2

Other
U.S.
Government
assets

U.S.
private
assets 2

Total

Foreign
official
assets

Other
foreign
assets

- 14, 497
-4
-22, 874
158
-34, 745 -1,467
-39,703
-849
-51,269 — 2, 558
-35,793
375
-61, 191
732
-61,748 -1, 133

-1,568
-2,644
366
3 474
—4, 214
—3, 693
—4, 644
-3,783

-12,925
—20, 388
33 643
—35, 380
44 498
-31, 725
—57, 279
56 858

21, 461
18, 388
34, 241
15, 670
36, 518
50, 741
64, 096
37, 575

10, 475
6,026
10, 546
7,027
17, 693
36, 575
33, 293
14 271

10, 986
12, 362
23, 696
8,643
18, 826
14, 167
30, 804
51,845

-1,386
8,706
-991 -29, 609
-3, 585 -1,102 -3, 081
322
991
14 631
2,779
— 766 -27, 228
-649
925 — 11,918
— 3, 268 -1,467 -7, 976
502 -1,280 -25, 554
-1,109

17, 069
28,048

4,777
18, 368

1978: III___ -9, 977
IV___ -30, 418

1979:

I
!!___
III___
IV_

Statistical
discrepancy

Allocations
of
special
drawing
rights
(SDR)

12, 292
9,680

Total

1972__I
1973____
1974
1975___
1976
1977___
1978___
1979_ _

Foreign assets in the U.S.,
net [increase/capital inflow (+)] 2

-7,768
-15,279
— 25, 215
-13,487

1980: I
-12,689
II * _ -26, 361
II1>_

115
182

2,201 -8, 744
6,407 — 10,095
24, 941
5,789
4,025 -1,221
7, 194
5,760

1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. reserve position in the IMF.
2
Quarterly data are not seasonally adjusted.




-7, 215
7,816
f

710

1,139

10, 945
16, 502
19, 152
5,246

1,139

14, 409
-2, 056

1,152

U.S.
official
reserve
assets,
Of
Total
net 1
which: (unad(sum of
Seasonal justed,
the
adjust- end of
items
with sign ment
reversed) discrep- period)
ancy
-1,879
— 2, 654
— 1, 620
5,753
10, 367
-880
11, 354
23, 822

13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 928

-3, 926 -2,850
1,998
3, 190
74
3,020
1,167
10, 364
-825 -3, 641
2,400
11, 264

18, 850
18, 650
21, 658
21, 246
18, 534
18, 928

— 101
1,473

21, 448
21, 921

6,978
23, 100

Sources: Department of Commerce (Bureau of Economic Analysis) and De
partment of the Treasury.

37

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product.
Changes in GNP and GNP Price Measures.
Nonfinancial Corporate Business—Output, Costs, and Profits.........
National Income.
Personal Consumption Expenditures........
Sources of Personal Income.
Disposition of Personal Income
Farm Income.
Corporate Profits.
.
Gross Private Domestic Investment.
Expenditures for New Plant and Equipment.

Page

.

.

1
2
2
3
3
4
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force.
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries.
Productivity and Related Data, Private Business Sector.

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization.
Industrial Production—Major Market Groups and Selected Manufactures
New Construction.
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices.
Consumer Prices.
Changes in Producer Wees
Changes in Consumer Prices
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stocks Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans, Investments, and Reserves.
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields.
Common Stock Prices and Yields.
.

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt.
Federal Budget Receipts by Source and Outlaws by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

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