Full text of Economic Indicators : November 1981
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97th Congress, 1st Session
C;£-AL
?*•' :;~
Economic Indicators
NOVEMBER 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
RICHARD BOLLING (Missouri)
WILLIAM V. ROTH, JR. (Delaware)
LEE H. HAMILTON (Indiana)
JAMES ABDNOR (South Dakota)
GILLIS W. LONG (Louisiana)
STEVEN D. SYMMS (Idaho)
PARREN J. MITCHELL (Maryland)
PAULA HAWKINS (Florida)
FREDERICK W. RICHMOND (New York)
MACK MATTINGLY (Georgia)
CLARENCE J. BROWN (Ohio)
LLOYD BENTSEN (Texas)
MARGARET M. HECKLER (Massachusetts)
WILLIAM PROXMIRE (Wisconsin)
JOHN H. ROUSSELOT (California)
EDWARD M. KENNEDY (Massachusetts)
CHALMERS P. WYLffi (Ohio)
PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled ''Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
or by subscription at $21.00 per year ($26.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office. It should be noted that many of the series have undergone
major revisions since the Supplement was published in the fall of 1980.
tt
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, gross national product rose $70.8 billion or 10.2 percent, both at
annual rates. Real output (GNP adjusted for price changes) rose 0.6 percent from the second quarter level and the
implicit price deflator rose at a 9.5 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
Y
1,800
1,800
1,600
1,600
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
J
I
1973
L
I
1974
1975
I
I
1976
J
L
J
1977
L
J
1978
I
L
1979
1980
SOURCE: DEPARTMENT OF COMMERCE
1981
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Pei-*
sonal
consumption
expenditures
Export,s and imj)orts of
goocIs and ser vices
Go vernment purchases of goods and
services
Gross
private
domestic
investment
Net
exports
Exports
Imports
Total
992.7 621.7
1, 077. 6 672.2
I, 185. 9 737. 1
1, 326. 4 812. 0
1, 434. 2 888. 1
1, 549. 2 976.4
1, 718. 0 1, 084. 3
1, 918. 0 1, 205. 5
2, 156. 1 1, 348. 7
2, 413. 9 1, 510. 9
2, 626. 1 1, 672. 8
144.2
166.4
195.0
229. 8
228. 7
206. 1
257.9
322.3
375.3
415. 8
395. 3
6.7
4. 1
.7
14.2
13.4
26.8
13. 8
-4.2
-.6
13.4
23.3
65.7
68.8
77.5
109.6
146.2
154. 9
170.9
183.3
219.8
281.3
339.8
59.0
64. 7
76. 7
95.4
132.8
128. 1
157. 1
187. 5
220.4
267.9
316.5
571. 7 1, 631. 0
564. 8 1, 626. 8
637. 3 1, 682. 2
730. 6 1, 751. 0
415.6
390.9
377. 1
397.7
8.2
17. 1
44.5
23.3
337.3
333.3
342.4
346. 1
1981: I.... 2, 853. 0 1, 810. 1
II... 2, 885. 8 1, 829. 1
437. 1
458. 6
459. 1
29. 2
20. 8
22.0
367.4
368.2
364. 1
Gross
national
product
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
2,
II— 2,
III.. 2,
IV... 2,
Ill *_ 2, 956. 6 1, 887. 2
Federal
Source: Department of Commerce, Bureau of Economic Analysis.
State
and
local
Final
sales
Total
National
defense
220. 1
234.9
253. 1
270.4
304. 1
339.9
362. 1
394.5
432.6
473.8
534.7
95. 7
96.2
101.7
102.0
111. 0
122.7
129.2
143.9
153.4
167.9
198.9
73.6
70.2
73. 1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
22.2
26.0
28. 5
29. 1
33.9
39. 7
43. 2
50.6
53.4
56.7
67.2
124.4
138.7
151.4
168.5
193. 1
217.2
232.9
250.6
279.2
305. 9
335.8
989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
329. 1
316.2
297.9
322.7
516.8
530.0
533.5
558.6
190. 0
198. 7
194.9
212.0
125.0
128.7
131.4
141.6
64.9
70.0
63.5
70. 4
326.8
331.3
338. 6
346.6
2, 569.
2, 557.
2, 653.
2, 748.
338. 2
347.5
342. 1
576.5
577. 4
588.3
221.6
219. 5
226. 0
145. 2
148.2
153. 8
76. 4
71.3
72. 1
354. 9
357. 9
362.3
2, 848. 5
2, 862. 5
2, 932. 2
Nondefense
1
4
4
0
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Per-
Gross
national
product
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1, 085. 6
1, 122. 4
1, 185. 9
l} 255. 0
1, 248. 0
1, 233. 9
1, 300. 4
1, 371. 7
1, 436. 9
1, 483. 0
1, 480. 7
1980: 1—!!_„.
III..
IV...
1, 501. 9
1, 463. 3
1, 471. 9
1, 485. 6
1981: I.... 1, 516. 4
II_._ 1, 510. 4
III*. 1, 512. 8
sonal
Gross private cl<>mestic
i DvestmemD
con-
sumption
expenditures
672. 1
696.8
737. 1
768.5
763.6
780.2
823.7
863. 9
904.8
930.9
935. 1
943.4
919.3
930.8
946.8
960.2
955. 1
964.6
Non-
residential
Residential
fixed
fixed
113.8
112.2
121.0
138. 1
135.7
119.3
125.6
140. 6
153. 4
163.3
158.4
41.0
53.7
63.8
62.3
48.2
42.2
51.2
60.6
62.4
59. 1
48.1
165.0
156. 1
155. 5
157.0
54.2
43. 1
44.7
50.6
162.0
161. 1
162.8
51.0
47.8
43.3
Exi sorts of g<jods
a nd service3S
Change
in busiM*a-fr
iMet
ness in- exports
ventories
Govern!nent pure bases of
gooc Is and ser vices
Exports Imports
Total
Federal
State
and
local
Final
sales
3.9
1.6
.7
15. 5
27.8
32.2
25. 4
21. 9
24.6
37.7
52.0
70.5
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146. 9
161. 1
66.6
69.3
76.7
81. 8
80.7
71.4
84.7
91.3
103.0
109.2
109.1
251. 1
250. 1
253. 1
253. 5
261. 2
266.7
266.8
272. 3
277.8
281.8
290.0
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108.1
140.5
146.4
151. 4
157.6
164.5
169.3
170.0
171. 6
178.0
180. 1
181.9
1, 081. 8
1, 114. 3
1, 175. 7
1, 237. 8
1,236.4
1, 240. 6
1, 292. 7
1, 359. 3
1, 422. 9
1, 472. 9
1, 483. 6
-.9
1.3
-5. 0
-7.2
50. 1
51.7
57. 6
48.5
165. 9
160. 5
160.5
157.4
115.8
108.9
102.8
108.9
290. 1
291.9
288.2
289.8
107.6
110.7
106.9
107.4
182.5
181.2
181.3
182.4
1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7
-1.4
10.8
14.0
50.9
46.2
39.8
162.5
161.5
158.2
111.6
115. 4
118. 4
293.6
289.5
288.4
111.2
108.7
109.7
182.5
180.7
178.7
1, 517. 8
1, 499. 6
1, 498. 8
3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10.2
-2.9
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Gross
national
product
Period
Persona I consumf:>tion expe nditures
Gross private
dom estic
investDment
NonresNon-.'Ul
Durable
idential
Services
durable
goods
fixed
goods
T"\
Total
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Residential
fixed
Expor ts and
imports kof goods
and se rvices
Governnient purchases <3f goods
and sc3 r vices
Exports Imports Federal
State
and
local
125.
132.
139.
150.
162.
.. 177.
56
11
83
05
77
36
92.5
96.5
100.0
105.7
116. 3
125.2
131.6
139.5
149. 1
162.3
178.9
1980: I
II
III
IV
171.
175.
179.
183.
23
28
18
81
172.9
177.0
180.7
184.9
151.9
154. 1
157.5
160.5
182.9
186.2
190. 0
195.2
171.6
176.0
180.3
184.3
180.5
185.7
189. 1
192. 4
212. 6
217.4
221.9
223. 3
203.4
207.6
213.4
219.9
284.2
290.4
289.7
296.4
176.5
179.5
182.4
197.4
179. 1
182.8
186.7
190.0
1981: I
II
188. 14
191. 06
195. 44
188.5
191.5
195. 7
162.3
165.4
168. 5
199.2
200.4
203.6
188.4
192.2
197.6
195. 0
201.4
204.6
228.7
231. 8
234.8
226. 1
228. 0
230.2
303. 1
301.2
288. 9
199. 4
201.9
206.0
194.5
198.0
202. 8
91.45
96.01
100. 00
105. 69
.
III*
114.92
95.7
99.0
100.0
101.7
108.2
117.3
123. 9
129.2
136.2
144. 8
156.0
93.6
96. 6
100.0
108.3
123. 1
132. 1
137.0
143. 4
153.2
169.8
188.6
90.5
95.6
100.0
104. 7
113.0
121.6
129.6
139.9
150. 1
162. 1
178. 1
91.3
96.2
100.0
103.8
115.4
132. 2
138.6
146.2
157, 7
171.3
186. 8
90.5
94.8
100.0
109. 1
120.3
131.0
140. 7
158.0
178.3
200.5
218.6
93.2
97.0
100.0
112. 7
134. 7
149.6
155.2
161.9
172. 4
191.5
211.0
88.6
93.3
100.0
116.7
164. 6
179. 5
185.5
205.4
214. 0
245.4
290. 1
86.6
92.7
100.0
106.3
114.9
126. 0
133.5
142.9
153.7
165. 1
183.9
88. 6
94.7
100. 0
106.9
117.4
128. 3
137.0
146.0
156.9
169. 8
184.7
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national p roduct
Period
1969
.
1970
1971. — -.1972
1973
1974
1975
1976
»
1977
1978
...
1979
1980—
- — -.
III
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
-1.1
12.6
-1. 1
11.8
14.9
3. 1
-9.9
9.3
9.8
9.2
8.7
8.8
9.3
9.7
9.3
9.0
-9.8
5.1
7.0
12.0
9.8
8.8
9.7
10.1
10. 1
19.2
8.6
5.8
ao
10.3
10.9
10. 9
11.6
12.4
12.0
as
4.7
.
10.2
9
a4
Constant
(1972)
dollars
5.9
9.1
9.2
5.7
6.2
7.5
8.7
8.6
ao
.
Current
dollars
5.0
5.2
48
4.0
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
10. 1
11.8
8. 1
-
Chain
price
index
5.0
5.3
4.9
5.2
8.6
-
Implicit
price
deflator
5.1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
8. 1
1980: I
——
II....
III.........
IV
.
1981: I
II
Constant
(1972)
dollars
Current
dollars
Per sonal conssumption expenditu res
Fixedweighted
price
index
(1972
weights)
2.8
-.2
3.4
5.7
5.8
-.6
5.4
5.5
4.8
3.2
-.2
2.4
3.8
-1.6
.6
4. 1
6.9
8.1
9.6
10.2
9.4
9.9
11.0
11.2
11.9
12.0
10.7
10.7
10.5
10.4
12.9
-1.0
14.3
17.4
9.8
6.4
9.5
9.8
7.7
9.8
10.2
14.2
7.9
9.4
13.3
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
43
3.7
2.2
3.7
5.8
43
-.6
2.2
5.6
49
47
2.9
.5
.8
-2.1
40
•
45
4.6
43
3.7
5.7
10. 1
7.6
5.2
6.0
6.8
8.9
10.2
6.5
8.9
4.5
46
43
3.6
6.0
10.3
7.7
5.3
6.3
7.1
9.3
44
45
42
3.5
6.0
10.4
7.8
5.3
6.3
7.2
9.6
10.6
11.0
12.5
13.2
9.7
9.5
as
8.7
9.9
9.5
6.5
8.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
'Gross d omestic
prodiict of
noijfin ancial
corpc^rate
busi ness
(billic *ns of
doll BTS)
Current
dollars
544 1
1969
563.7
1970
609. 9
1971
1972 ...... 678.0
759.4
1973..
818.9
1974
1975... .. 890.0
1? 001. 3
1976
I, 129. 5
1977
1, 270. 7
1978
1979
.. 1, 417. 0
1, 535. 2
1980
1979: III.. 1? 432. 1
IV___ 1, 457. 7
1, 502. 1
1980: I
II... 1, 496. 3
III... 1, 537. 7
IV
1, 604 7
1981: I
1, 690. 1
II.... 1, 716. 3
III*'. 1,757.9
[Quarterly data at seasonally adjusted annual rates]
C urrent»do; lar cost and profit ?er unit of outpu t (dollars) i
Total
cost
and
profit 2
1972
dollars
6040
599.6
626.8
678.0
731.9
708.2
6942
745.5
799.0
845. 1
873.3
867.2
8743
873.4
878.2
853.2
860.4
876.9
901.0
901.2
900.8
0.901
.940
.973
1.000
1. 038
1. 156
1.282
1.343
1.414
1.504
L623
1.770
1.638
1. 669
1.710
1.754
1.787
1.830
1.876
1.904
1.951
Capital
consumption
Comallowpenances Indirect
business sation
with
of
»
capital
employconees
sumption
adjustment
0.078
.087
.091
.092
.093
.112
. 137
. 141
. 146
. 153
.169
.191
. 172
. 175
. 180
. 192
. 196
. 197
. 197
.204
.211
0.096
. 106
. 113
. 113
. 114
.127
. 140
. 141
. 144
. 148
. 153
. 176
. 154
. 157
. 161
. 173
. 181
. 188
. 199
.202
.206
» Output is measured by gross domestic product of nonflnancial corporate
business in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0.594
.631
.641
.659
.692
.786
.837
.878
.924
.996
1.092
1. 196
1. 104
1. 135
1. 158
1. 193
1.203
1.230
1.244
1.266
1.295
Net
interest
Corpc>rate profi ts with
invent Dry valual;ion and
capil,al consuniption
!
idjustmen ts
Total
Profits
tax
liability
0.055
0.022 0. 112
.045
.028
.088
.047
.029
.099
.049
.028
.107
.055
. 031 .107
.042
.090
.059
.044
. 124 .059
. 144 .071
.040
.074
.042
. 158
.044
.080
. 163
.052
.080
.157
.065
. 143 .073
. 154
.081
.053
. 146
.078
.056
. 151
.060
.085
. 132
.064
.061
. 141 .070
.067
. 146
.068
.075
. 169
.067
.076
.070
. 163 .064
.074
.065
. 166
Profits
after
tax *
0.057
.043
.052
.058
.053
.030
.065
.073
.084
.083
.077
.070
.074
.067
.066
.071
.071
.071
.093
.098
. 101
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7.098
7.126
7.467
7.688
7.891
7.622
7. 881
8.132
8.348
8.384
8.384
8.432
8.388
8.338
8.369
8.359
8.496
8.496
8.628
8.646
8.660
4213
4498
4788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.159
10. 085
9.260
9.462
9.694
9.973
10. 218
10. 450
10. 737
10. 976
11.216
• 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]
Corpor ate profits with inv entory va nation
Propri etors'
and capital co nsumptioii adjustments
income» with
Rental
inventor 7 valua- income
Profits with inv<sntory
tion and capital of perComconsuniption
valuat ion adjusifcment
and ^nthout ca pital
adjust ments
with
tion of
NaNet
consum 3 tion adjiistment Capital
capital
emcontional
interest
conincome ploy-l
Total
Inven- sumpsumpees
tion
tory
Nontion
Profits valuaadjustFarm
farm
Total
before
adjustment
tion
ment
tax
adjustment
Period
612.0
652. 2
718. 0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
I, 558. 0
1, 569. 0
1, 597. 4
1, 661. 8
14.3
15. 0
18.7
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
25.7
23.3
22. 1
22.5
51.9
54.4
58. 1
61.0
62. 2
65. 4
75.0
85. 1
91. 0
100.7
107. 2
107.9
101.6
107.6
111. 6
19.7
20.2
21.0
22.6
23.5
23.0
23.5
25. 1
27. 4
30.5
31.8
31. 2
31. 5
32.0
32.4
71.4
83.2
96.6
108. 3
94. 9
110.5
138. 1
164. 7
185.5
196.8
182.7
200.2
169.3
177.9
183.3
68. 9
82.0
94.0
105.6
96.7
120.6
151. 6
176.7
199. 0
212. 7
199,8
215.6
186.9
195.9
201.0
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255. 4
245. 5
277. 1
217.9
237.6
249.5
-6.6
-4.6
-6.6
-20.0
-40. 0
— 11. 6
-14.7
-15.8
-24. 3
— 42. 6
-45.7
2.5
1.3
2.7
2.7
-1.8
-10. 1
-13.5
-12.0
-13.5
-15.9
-17.2
41.4
46.5
51. 2
60.2
76. 1
84.5
87.2
100.9
115.8
143.4
179.8
-61.4
-31. 1
-41.7
-48.4
-15.4
-17.6
-17.9
-17.8
165.4
175.3
185. 3
193.3
2, 291. 1 1, 722. 4
2, 320. 9 1, 752. 0
_- 2, 371. 9 1, 789. 9
18.9
21.7
24.9
113.2
112.5
112.4
32.7
33.3
33.9
203. 0
190.3
191.2
217.7
205. 1
204.6
257.0
229.0
230.9
-39.2
-24.0
-26.3
-14.7
-14.7
-13.4
200.8
211.0
219.6
810.7
871.5
963.6
1, 086. 2
1, 160. 7
1, 239. 4
1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
2, 121. 4
2, 088. 5
2, 070. 0
2, 122. 4
2, 204. 8
1970
1971
1972.
1973
1974__
1975
1976
1977
1978
1979
1980
1980: I
II....
III
IV
1981: I
II
III*
»Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondural J\Q goods
D urable goocIs
Total
personal
consumption Total
expendi- durablel
goods
tures
1970
1971
1972
1973
1974__.___
1975
1976
1977
1978
1979
1980
_
621.7
672.2
737. 1
812.0
888. 1
976. 4
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8
85.2
97.2
111. 1
123. 3
121.5
132. 2
156. 8
178.8
199.3
212. 3
211.9
36.2
45. 4
52. 4
57. 1
50.4
55.8
72.6
85.0
94.3
95. 5
89.9
Furniture
and
household
equipment
35.2
37.2
41.7
47. 1
50. 6
53.5
59. 1
65. 8
72.9
81. 1
84.6
1980: I
II
III___
IV.__.
1, 631. 0
1, 626. 8
1, 682. 2
1, 751. 0
220. 9
194.4
208.8
223. 3
100. 6
77.5
87.0
94.6
1, 810. 1
1981: I
II
1, 829. 1
III*.. 1, 887. 2
238.3
227. 3
237.9
105.4
93. 4
103. 5
Period
1
Motor
vehicles
and
parts
Total includes other items not shown separately.
Total
nondurablel
goods
Food
Retail «sales of
new pa ssenger
cars ( irdllions
of uilits)
Clothing
and
shoes
Gasoline
and oil
Services
Domestics
Imports
265.7
278.8
300. 6
333.4
373.4
407.3
441.7
479.0
529. 8
602. 2
675.7
138.9
144. 2
154.9
172. 1
193.7
213. 6
230.6
250. 3
276. 4
312. 1
345.7
46. 8
50.6
55.4
61.4
64. 8
69.6
75.3
82. 1
91.9
98.9
104.8
22.4
23.9
25.4
28.6
36. 6
40.4
44.0
48. 2
52.7
68.4
89.0
270.8
296.2
325.3
355.2
393.2
437.0
485 7
547.7
619.6
696. 3
785.2
7.1
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
83.6
81. 3
84. 6
88.9
661. 1
664. 0
674.2
703.5
336.2
338.4
347.7
360.4
102. 2
102. 3
105.3
109. 4
89.4
90.9
85.3
90.5
749.0
768.4
799.2
824.2
7.9
5.4
6.4
6.6
2.7
92. 3
92.4
93.1
726.0
735.3
750. 5
372.5
377.8
386.2
113.4
115. 8
117.5
93.5
92.4
95. 1
845.8
866.5
898.8
7.4
5.6
6.9
2.7
2.2
2.2
Source: Department of Commerce, Bureau of Economic Analysis.
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2. 0
2.3
2.4
2. 1
2.3
2.5
SOURCES OF PERSONAL INCOME
Personal income rose $14.3 billion (annual rate) in October followins a rise of $18.2 billion in September. Wages
and salaries rose $5.9 billion largely as a result of pay raises for the military and for Federal employees (excluding
postal workers). Wages and salaries had risen $7.9 billion in September, including $2.8 billion in special bonus
payments to Postal Service employees.
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
2,400
2,000
2,000
1600
1,200
1,600
1,400
1,200
1,000
1,000
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
1,400
800
800
600
600
,..«•••""*
OTHER INCOME
400
400
TRANSFER
PAYMENTS
\
_
200
200
160
160
120
120
100
80
100
I IIIIIIIIII
I I I I I I I I I II
1973
1974
i I I I I I I I I I
1975
1976
1977
1978
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1980
80
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental Personal Personal Transfer
Other Propriety>rs* income income
and
Total
paydividend interest
labor 1 2
personal salary
of
income
income disburseNonfarm persons 4 income income ments °
Farm
l
ments
Less: PerNonsonal confarm
tributions personal
for social income 8
insurance
1973
1974
1975
1976
1977
1978
1979
1980
702. 7
1, 065, 2
1, 168. 6
765.7
806.4
1, 265. 0
889.9
1, 391. 2
983.8
1, 538. 0
1, 721. 8 1, 105. 2
1, 943. 8 1, 236. 1
2, 160. 2 1, 343. 7
48.8
55.8
64.5
75. 9
89. 0
102,2
118.6
137. 1
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
61.0
62.2
65. 4
75. 0
85. 1
91.0
100. 7
107.2
22.6
23. 5
23.0
23. 5
25. 1
27.4
30. 5
31.8
26.5
29. 1
29. 9
36.5
38.7
43. 1
48. 6
54.4
93. 9
112.4
123.2
132.5
151.6
173. 2
209.6
256.3
119.5
141.2
178.3
194.3
207.5
223. 3
249. 4
294.2
42.6
47.9
50.4
55.5
61. 1
69.6
80.6
87.9
1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2; 112. 6
1980: Oct
Nov
Dec
2, 234. 3 1, 381. 7
2, 257. 6 1, 400. 4
2, 276. 6 1, 411. 2
141.9
143.5
145.0
22.2
22.6
22.6
111.5
111.5
111.6
32.3
32.4
32. 5
55.5
55. 9
56. 7
265.6
269. 4
274. 1
313.8
313.2
314.7
90.4
91. 4
91.9
2, 186. 8
2, 209. 7
2, 228. 5
146.6
148. 0
149. 5
150.9
151. 6
153. 0
154.8
156. 3
157.8
159.2
19.9
18.7
18.2
20. 2
21. 7
23.2
24.0
25. 4
25. 2
24. 6
112.8
112. 6
114.2
113. 0
112.2
112. 2
112. 2
112. 4
112. 5
112.5
32.5
32.7
32.9
33. 1
33.3
33. 5
33. 7
33. 9
34. 1
34.3
57.4
58.2
58.3
59. 4
60. 2
61. 1
62.4
63. 0
63. 5
63.9
281.8
289. 1
295. 2
297.9
300. 6
304.1
309.2
315.8
322. 5
328.7
318.4
318.4
321. 9
322.5
323. 5
326. 5
341.9
342.2
344.0
345.6
101.9
102.3
102.6
102. 9
103. 1
103. 3
104.3
105. 2
105.4
106. 1
2, 254. 8
2, 273. 2
2, 295. 4
2, 306. 4
2, 318. 1
2, 333. 1
2, 366. 4
2, 389. 9
2, 407. 9
2} 422. 4
1981: Jan
2, 300. 7
2, 318. 2
Feb
Mar
2, 340. 4
Apr
2, 353. 8
May.__ 2, 367. 4
June
2, 384. 3
July
2, 418. 8
2, 444. 2
Aug
Sept *.._ 2, 462. 4
Oct »..._ 2, 476. 7
1, 433. 1
1, 442. 8
1, 452. 8
1, 459. 6
1, 467. 3
1, 473. 9
1, 484. 9
1, 500. 3
1, 508. 1
1, 514. 1
* The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
1
s
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
2,200
2,000
1,800
1,600
4,000
3,000
3,000
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
p__
Jrersonal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less :
Personal
outlays l
Per c apita
dispc sable
persona income
Equals :
Personal
saving Current
dollars
951. 4
1, 065. 2
1, 168. 6
1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2
141. 0
150. 7
170.2
168.9
196. 8
226.5
258.8
302. 0
338.5
810.3
914.5
998.3
1, 096. 1
1, 194. 4
1,311.5
1, 462. 9
1, 641. 7
1, 821. 7
Current
dollars
1972
dollars
Dollars
Bil lions of d ollars
1972
1973
1974
1975___
1976
1977
1978
1979
1980
1972
dollars
Per cap ita personal cc>nsumption exp enditures
757.7
835.5
913.2
1, 001. 8
1, 111. 9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4
52.6
79.0
85. 1
94.3
82.5
74. 1
76.3
86. 2
101.3
3,860
4,315
4,667
5,075
5,477
5,954
6, 571
7, 293
8,002
3,860
4,083
4,013
4,055
4, 161
4,266
4,409
4,493
4,473
Percent
change Saving
in real as percent of
per
capita disposable
disposperable
sonal
perincome
sonal
income
Per Dent
Population
( thou-2
sands)
3,511
3,831
4, 152
4,521
4,972
5,472
6,058
6,712
7,348
3,511
3,626
3,570
3,612
3,777
3,922
4,064
4, 135
4,108
2.9
5.8
-1.7
1.0
2. 6
2.5
3.4
1.9
-.4
6.5
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
209, 924
211, 939
213, 898
215, 981
218, 086
220, 289
222, 629
225, 106
227, 654
Seasjonally ad; usted ann ual rates
1980: !___. 2,
!!___ 2,
III__ 2,
IV.. 2,
1981:
088. 2
114. 5
182. 1
256. 2
323. 1
330.3
341.5
359.2
1, 765. 1
1, 784. 1
1, 840. 6
1, 897. 0
1, 678. 7
1, 674. 1
1, 729. 2
1, 799. 4
I... 2, 319. 8 372.0 1, 947. 8 1, 858. 9
IL-. 2, 368. 5 382.9 1, 985. 6 1, 879. 0
Ill* 2, 441. 8 400. 0 2, 041. 7 1, 938. 5
86.4
110.0
111. 4
97.6
7,785
7,848
8,074
8,299
4,503
4,435
4,468
4,488
7,194
7,156
7,379
7, 660
4,161
4,044
4, 083
4,142
0.2
-5.9
3.0
1.8
49
6.2
6. 1
5.1
226, 727
227, 332
227, 977
228, 578
88.9
106.6
103.3
8,504
8,651
8,872
4,511
4,517
4,534
7,903
7,969
8,200
4,192
4,161
4, 191
2. 1
.5
1. 5
46
5.4
5. 1
229, 051
229, 537
230, 139
* Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the third quarter, gross farm income rose $2.7 billion (annual rate) and net farm income rose $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
[200
100
100
GROSS FARM INCOME
80
60
60
40
40
NET FARM INCOME
\
^
++•*
20
20
I
I
J
I
1974
1973
1975
L
I
I
10
I
1978
1977
1976
1979
1980
1981
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc>ss farm incc>me
Period
Total l
1973
1974
1975
1976
1977
1978
1979
1980
_
„_
_
:..
„___
1980:1..
II__.____
III
IV....
1981:1...
II
Ill
_
_
.
_
_ .
___„__
__
Total
Livestock
and
products
Crops
Value of
inventory2
changes
Production
expenses
Current
dollars
1967
dollars 8
65. 6
72.2
75.9
83. 1
90.3
101. 1
119. 2
130. 7
33.3
26. 1
24.5
18.7
18.4
26. 5
32.7
19.9
25. 1
17.7
15.2
11.0
10. 2
13.5
15. 1
8. 1
-1.9
-3.7
-3.3
.9
125. 9
128. 9
132.2
135.6
23.4
16. 9
19.7
19.5
9.9
6.9
7.9
7.6
-1.9
2. 0
139. 3
141.8
142.9
18.4
23.2
24.8
7.0
8.6
9.0
127. 5
151.9
150. 5
87. 1
92.4
88.2
94.8
96.3
112.9
131.9
136.4
45.9
41.4
43.0
46. 1
47.6
59.2
68.5
67.4
41. 1
51. 1
45. 1
48.7
48.7
53.7
63.4
69. 0
-2.0
149.3
145. 8
151. 9
155. 1
133.0
131.9
139.2
141. 5
66.3
64.0
68.9
70.4
66.7
67.9
70.3
71. 1
157.7
165. 0
167.7
142. 5
145. 7
145. 0
69.8
68.9
69.7
72.7
76.8
75.3
98.9
98.3
100.3
101.8
108.7
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.
Net farni income
Cash marketing reseeipts
3.4
-1.6
3.4
-2.4
1.0
.6
5.3
5.0
3
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 $1.9 billion (annual rate)
while after-tax profits rose $0.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
120
120
80
80
40
40
1973
1974
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[1Billions of dollars ; quarterlyJT data at seasona ly adjuste d annua rates]
Profits after
>ry valuzition
Profil bs (before tax) wit b inventc
adjustn lent 1
Dome stic indu stries
Tax
Profits
> 'onfinanc 3ial
liaDivibefore
bility Total dends
Wholetax
Total *
Manusale
Total Financial
and
Total8 factur- retail
mg
trade
tax
Undistributed
profits
Inventory
valua*"
tion
adjustment
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
68.9
82.0
94. 0
105.6
96.7
120.6
151. 6
176.7
199.0
212.7
199.8
215.6
186.9
195.9
201.0
62.4
74.9
85.3
92.0
80.4
107.6
137.4
161.2
179 3
182. 4
168.7
179.0
157. 5
165. 0
173.4
12. 1
14. 1
15.3
15. 9
15.0
11.8
17. 1
23.5
29.3
31.6
30.6
33.3
30. 1
28. 7
30.5
50.2
60.8
70.0
76. 0
65.4
95.8
120. 3
137.7
150. 0
150.8
138. 1
145.7
127.5
136.2
142.9
26.6
34. 1
40.7
45.5
39.0
52. 6
69.2
76.2
85.3
88.9
74.5
92. 1
61. 3
68.5
76.2
9.5
11.7
13.4
13.9
12. 5
21.3
22.4
27.0
24. 5
23.0
20.9
14.8
25.9
20.4
22.6
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223. 3
255. 4
245.5
277. 1
217.9
237. 6
249.5
34.2
37.5
41. 6
49.0
51.6
50.6
63.8
72. 6
83.0
87.6
82.3
94. 2
71.5
78.5
85.2
41.3
49.0
58.9
76.6
85. 1
81.5
102.5
120.0
140.3
167.8
163.2
182.9
146. 5
159. 1
164.3
22.5
22.9
24.4
27.0
29.9
30.8
37.4
39.9
44. 6
50.2
56.0
53.9
55.7
56.7
57.7
18.8
26. 1
34. 5
49.6
55.2
50.7
65. 1
80. 1
95.7
117.6
107.2
128.9
90.7
102.4
106.6
-6. 6
-4. 6
-6. 6
-20.0
-40.0
-11. 6
-14. 7
-15.8
-24. 3
-42.6
-45.7
-61.4
-31. 1
-41.7
— 48. 4
1981: I_
II
217.7
205. 1
192.3
182.3
182.0
28. 6
24.3
22.4
163.7
158.0
159. 6
90.4
84.4
27. 5
28.4
257.0
229.0
230.9
87. 7
76.4
77.4
169.2
152. 7
153.5
59.6
62.0
64.8
109.6
90.6
88.7
-39.2
-24.0
-26.3
III*
204.6
»See p. 4 for profits with inventory valuation and capital consumption
adjustments.
> Includes rest of the world, not shown separately.
8
* Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $8.6 billion (annual rate) as
nonresidential construction outlays rose $4.7 billion and producers' durable equipment purchases increased $3.9
billion. Residential investment outlays fell $9.1 billion. There was a $24.3 billion increase in inventories following
a $23.3 billion increase in the second quarter.
BILLIC)NS
OF DOLLARS
1MILLIONS OF DOl LARS
500
500
SEA 5ONALLY ADJUSTED <kNNUAL RATES
A en
450
~—
/inn
GROSS PRIVATE DOMES nc
'
INVESTMENT
S^
\
OCA
f
>w^X
^M^
^^^^ S~^
S~^
•JCA
***
•3 AA
^V
,f
^^*"*"
^^J^
onfi
NONRES IDENTIAL
FIXED IN^/ESTMENT_^^
r ^
250
'
\
*^*
250
+*
N
^—^
\^\
***********
«.*»-**
150
1C A
-***
RESIPENTIA
FIXED INVESTM ENT_^, .,,-'-'
100
1*
+~*~
100
CHANGE IN BUSINESS
INVENTORIES
50
50
^.....^
X***
X
....•••"•^
0
'
I
-50
1973
<>OURCE:
I
I
1974
i
0
^
I
I
I
1975
i
I
I
i
I
1977
1976
1978
i
1
1979
i
1
1
1980
DEPARTMENT O F COMMERCE
1
1
1
50
1981
COUNCIL O F
ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
•p_ •_. J
xeriod
1970
1971
1972
_ _
1973
1974
1975
1976..
1977
1978
1979
1980
1980: I
II
III
IV
1981: I
II
III*
Gross
private
domestic
investment
144.2
166.4
195. 0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
415.6
390.9
377.1
397.7
437. 1
458. 6
459. 1
Nonresidential fixed
investmenl
Total
103.9
107.9
121.0
143.3
156. 6
157.7
174. 1
205. 5
242.0
279.7
296. 0
297.8
289.8
294.0
302. 1
315.9
324. 6
333.2
Structures
38.7
40.5
44. 1
51. 0
55.9
55.4
58.8
64. 6
78.7
96.3
108.8
108.2
108.4
107.3
111.5
117.2
123. 1
127.8
Producers'
durable
equipment
65.2
67.4
76.9
92. 3
100.7
102.3
115.3
140. 9
163.3
183.4
187. 1
189.7
181.4
186.8
190. 7
198.7
201.5
205.4
Source: Department of Commerce, Bureau of Economic Analysis.
Ressidential fh:ed investrrlent
Total
37. 1
50.9
63.8
68.0
57.9
55.3
72. 0
95.8
111.2
118.6
105.3
115.2
93.6
99.2
113.0
116. 7
110.7
101.6
Nonfarm
structures
35.4
48.9
61. 5
65.6
54.8
52.4
68.8
91.9
106.9
113. 9
100.3
110. 1
88.9
94. 5
107.6
111.4
105.4
96. 0
i?
structures
0.6
.7
.7
.7
1.3
1.0
1. 1
1.5
1.8
1.8
2.0
2.2
1.8
1.7
2.2
2.2
2. 1
2.3
Producers1
durable
equipment
1. 1
1.3
1.5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
3.0
2.9
3.0
Change in business invpentories
Total
3.2
7.7
10.2
18.5
14. 1
-6.9
11.8
21.0
22.2
17.5
-5.9
2.5
7.4
3. 1
-16.0
-17.4
3.2
3.2
3.3
23.3
24.3
4.5
Nonfarm
3.1
6.4
9.6
15.2
16.0
-10.5
13.9
20.2
21.8
13.4
-4.7
1.5
6. 1
-12.3
-14.0
6.8
21.5
19.5
EXPENDITURES FOR NEW PLANT
EQUIPMENT—NONFARM
According to the Commerce Department July-August survey, nonfarm business spending for new plant and equipment
for the year 1981 is expected to be 8.8 percent above 1980. Expenditures in 1980 were 9.3 percent higher than in
1979.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
40
30
30
1973
1974
1976
1975
1977
1978
1979
1980
1981
J/ SEE FOOTNOTE 4 BELOW,
SOURCE! DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
1^onmaniifacturin g
Matnufactui "ing
Period
Total
Plant
Equipment
Total
1973. ....
1974.. ...
1975
1976... __
1977.
1978
1979.
1980___
1981 4 .._»
1980:1...
II..
III..
IV..
1981: I-..
II..
m«.
IV*.
137. 70 56.66
156. 98 64.29
157. 71 65.21
171. 45 71.20
198. 08 80.31
231. 24 92.70
270. 46 105. 73
295. 63 117. 55
321. 50
291. 89 115. 96
294. 36 116. 50
296. 23 117. 59
299. 58 120. 27
312. 24 128. 57
316. 73 131. 05
322. 96
332. 6§
1
81.04 42.37
92.69 53.21
92.50 54.92
100. 25 59. 95
117. 77 69.22
138. 54 79.72
164. 73 98. 68
178. 08 115. 81
126. 79
175. 93 111. 77
177. 86 115. 69
178. 64 116. 40
179. 32 118. 63
183. 67 124. 50
185. 68 125. 49
128. 72
128. 11
Durable
goods
22.75"
27.44
26.33
28.47
34. 04
40.43
51. 07
58. 91
62.92
58.28
59.38
58. 19
59.77
61.24
63. 10
63.07
64.06
Nondurable
goods
Trans- Public
Total Mining porta- utilities
tion
19.62 95.33
25. 76 103. 78
28.59 102. 79
31.47 111. 50
35. 18 128. 87
39.29 151. 52
47.61 171. 77
56. 90 179. 81
63.87 194. 71
53.49 180. 13
56.32 178. 66
58.21 179. 83
58.86 180. 95
63.27 187. 74
62. 40 ! 191. 24
65.65 194. 23
64.05 204. 58
Wholesale and retail trade; finance, insurance, and real estate; and personal,
business,
and professional services.
2
"Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
1
3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.51
16.47
11.89
12. 81
13.86
15.28
16. 20
16. 80
16. 12
16.70
7.41
8.23
8.68
8.89
9.40
10.68
12.35
12. 09
12. 15
12.47
12.09
12.23
11. 70
11.74
11.70
11.07
13.88
17.97
19.83
19. 98
22.37
26.79
29.95
33.96
35.44
36.91
36.26
35.03
35.58
34.96
36.05
37.84
36.79
37.00
Trade
and
services *
45. 53
47.79
46.23
49.30
56.54
68. 66
79.26
81.79
87.30
82. 17
81.07
81. 19
82.91
83.43
85.88
86.55
92. 68
Starts of
plant and
equipment
Com- projects,
muni- manufaccation turing s
and
other 2
21. 12
23. 30
21.80
23.51
26.90
32. 02
34.83
36.99
41.89
37.34
37.66
36.97
36. 11
40.32
39.02
43.70
44.31
53.21
61.24
56.51
59.38
77.40
88. 16
112. 98
123. 32
32.43
29.41
27.74
33.53
35.41
32.90
s Starts are estimated by adding changes in earryo¥er to expenditures during
given
period.
4
Planned capital expenditures as reported by business in lata July and August
1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment was about unchanged in October, while unemployment rose 550,000.
MILLIONS OF PERSONS*
110
MILLIONS OF PERSONS*
110
1973
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Noninstitutional
population
1975
1976— —
1977
1978*
1979
1980
153, 449
156, 048
158, 559
161, 058
163, 620
166, 246
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Unemplcsynient
Civilian eiuploymec t
Total
labor
N onagri cultural
15
Civilian Unem- force Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ment
ing
force
Total for
nomic 1
over
tural
Armed
reasons
Forces)
3,490
7,830 2,483
84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7,288 2,340
87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
90, 546 6,855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031
3,281
5,963 1,202
96, 945 5,963 104, 996 102, 908 96, 945 3,297 93, 648
3,965
7,448 1,829
97, 270 7,448 106, 821 104, 719 97, 270 3,310 93, 960
1981: Jan..
Feb...
Mar__
Apr__
May._
June._
July..
Aug._.
Sept,.
Oct...
97, 933
97, 801
97, 545
167, 585 96, 128
167, 747 96, 383
167, 902 97, 318
168, 071 98, 282
168, 272 98, 803
168, 480 99, 341
168, 685 100, 474
168, 855 100, 013
169, 049 98, 277
169, 252 98, 902
7,482 107, 288 105, 167
7,486 107, 404 105, 285
7,233 107, 191 105, 067
97, 206
97, 339
97, 282
3,319
3,340
3,394
93, 887
93, 999
93, 888
4,220
4, 176
4,218
7,961
7,946
7,785
2,292
2,329
2,378
64.2
64.2
64.0
105, 543
105, 681
106, 177
106, 722
107, 406
106, 176
106, 464
106, 602
106, 236
106, 736
97, 696
97, 927
98, 412
98, 976
99, 235
98, 392
98, 962
98, 944
98, 270
98, 217
3, 403
3,281
3,276
3, 463
3,353
3,265
3,258
3,370
3,310
3,337
94, 294
94, 646
95, 136
95, 513
95, 882
95, 127
95, 704
95, 574
94, 959
94, 880
4,474
4, 145
4,227
4, 044
4, 143
3,798
4,225
4, 187
4,537
5,026
7,847
7,754
7,764
7,746
8, 171
7,784
7,502
7,657
7,966
8, 520
2,358
2,250
2, 192
2, 105
2, 168
2,315
2, 100
2,194
2,212
2,251
64.2
64.3
64.5
64. 8
65. 1
64.3
64.4
64.4
64. 1
64.3
8,543
8,425
8,087
7,396
7,545
8,279
7, 934
7, 758
7,687
8,024
107,
107,
108,
108,
109,
108,
108,
108,
108,
108,
668
802
305
851
533
307
603
762
401
894
1
Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
2
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
61.8
62. 1
62.8
63.7
64.2
64.3
Seascinally adj usted
U n ad justed
1980: Oct.. 167, 005
Nov.- 167, 201
Dec_. 167, 396
Labor
force
participation
rate
(per-2
cent)
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 to 8.0 percent from 7.5 percent in September.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
rw'
' *>
*' *.
11
TEENAGERS
(16-19)
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
lll
1977
1978
1979
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE; DEPARTMENT OF LABOR
1980
1981
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
1LJnemployment nite (perc ent of chrilian Jab or force in group )
By s ex and a ge
By seelected gjroups
By race
Period
1975
_....
1976
1977
.
-1978^ ,-__-_1979... _..1980..... _•_.,
1980: Oct..Nov
J>eer.
1981: Jan,._
Peb
Mar
.Apr
-May..*
June
July
Aug
Sept
Oct
,___
_
Total
(all
civilian
workers)
Men
20
years
and
over
Women
20
years
and
over
Both
sexes
16-19
years
White
8.5
7.7
7.0
6.0
5.8
7.1
6.7
5.9
5.2
4.2
4. 1
5.9
8.0
7.4
7.0
6.0
5.7
6.3
19.9
19.0
17.7
16.3
16. 1
17.7
7.8
7.0
6.2
5.2
5. 1
6.3
13.9
13. 1
13.1
11.9
11.3
13.2
7.6
7.5
7.4
6.4
6.4
6.2
6.7
6.7
6.8
18. 5
18.6
17.8
6.6
6.6
6.5
7.4
7.3
7.3
7.3
7.6
7.3
7.0
7.2
7.5
8.0
6.0
6.0
5.9
5.8
6.3
6.1
5.6
5.9
6.2
6.7
6.7
6.5
6.6
6.6
6.8
6.5
6.7
6.5
6.8
7.0
19.0
19.3
19.1
19. 1
19. 5
19. 0
18. 1
18. 8
19.3
20.6
6.7
6.6
6.5
6.5
6.8
6.4
6.2
6. 1
6.5
6.9
i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of -potentially available labor force Jiauts.
12
Labor
force
time
lost
(percent) »
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
8.2
7.3
6.6
5.6
5.4
6.8
5. 1
4.2
3.6
2.8
2.7
4.2
10.0
10.0
9.3
8.5
8.3
9. 1
8. 1
7.3
6.5
5.5
5.3
6.8
10.3
10. 1
9.8
9.0
8.7
8.7
9.1
8.3
7.6
6.5
6.3
7.9
14.2
14.0
14.0
7.3
7.2
7. 1
4.6
4.4
4.3
10.2
9.9
10.4
7.3
7.4
7.3
9.1
8.6
8.2
8.4
8.3
8.2
12.9
13. 1
13.7
13.2
13.6
142
13.6
15.0
15. 1
15. 5
7. 1
7.0
7.0
6.8
7.4
7.0
6. 8
6.9
7.2
7.6
4.2
4. 1
4.1
3.8
4. 1
4.2
3.9
3.9
4.3
4.7
10.5
9.6
9.4
9.8
10.3
10.6
11.5
9.8
10.6
10.7
7.1
7. 1
7. 1
6.9
7.3
7.0
6.7
6.7
7.2
7.7
9.2
9.1
9.0
9.0
9.7
9.2
9.3
9.7
9.6
9.5
8.2
8.1
8.1
8.2
8.6
1
U
Experienced
Black wage
and
and
other salary
workers
Source: Department of Labor, Bureau .of Labor Statistics.
ao
7.9
7.9
8.5
9. 1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In October, the percentage of unemployed persons who had been out of work for less than 15 weeks rose, and the
percentage out of work for 15 weeks or more fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
50
30 -
30
2©
15-26
WEEKS
10 27 WEEKS
AND OVER
1977
1978
1979
1980
1981
1977
1981
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percen t distribiution of unemplo yment b;y duratic>n l
Period
Unemi
ployment
Less
(thou- than 5
sands) weeks
5-14
weeks
15-26
weeks
38.3
41.7
46.2
48. 1
43. 1
39.9
39.0
40.4
41.3
41.2
41.4
40.2
41.5
40.4
42.6
41.0
41.8
42.9
29.6
30.5
31.0
31.7
32.4
31.3
31.7
28.8
28.7
29.9
30.4
32.2
31.8
30. 1
29.3
30.5
30.8
30.6
13.8
13. 1
12.3
11.5
13.8
15.7
15.2
16.0
13.7
12.8
13. 1
13.1
12.6
15.4
14.3
13.8
14.2
13. 6
27
weeks
and
over
State pi ograms Insured
unem- Special
unemployployment,
all
ment
Insured
New unem- Initial regular benefit
enclaims
proclaims
trants ploygrams
(unadment
(unad-2 justed) »
justed)
Percen t distrib ution of iuneml
pl oyment 13y reasori
i
Job
losers
ReenJob
leavers trants
We€jkly avei age, thoussands
1976
1977
1978
1979
1980
1980: Oct..
Nov..
Dec..
1981: Jan..
Feb__
Mar.Apr__
May._
June.July..
Aug —
Sept..
Oct__.
7,288
6,855
6,047
5,963
7,448
7,961
7,946
7,785
7,847
7,754
7,764
7,746
8, 171
7,784
7,502
7,657
7,966
8,520
18.3
14.8
10. 5
8.7
10.8
13.0
14.0
14.9
16.2
16.2
15.2
14. 5
14. 1
14.1
13.8
14.7
13. 1
12. 9
49.7
45.3
41.6
42.8
51.9
53.0
53.5
54.3
49.4
50.7
49.7
49.7
50. 1
52.8
49.3
51.4
53.4
51.8
12.2
13.0
14.1
14.3
11.6
10.9
11.3
10.5
11.6
11.5
11.2
11. 1
12.4
10.8
12.0
11.0
10.9
11. 3
26.0
28. 1
30.0
29. 5
25.2
25.2
24.0
24.0
26.2
25.7
26.4
26. 3
26. 1
24.5
27.0
25.4
24.0
25. 4
12. 1
13.7
14.3
13.4
11.4
11.0
11.2
11.2
12.8
12. 1
12.7
12.9
11.5
12.0
11.7
12.3
11.7
11. 6
2,991
2,655
2,359
2,434
3,350
3,602
3,367
3,083
2,982
2,825
2,906
2,923
2,945
2,972
2,821
2,938
3,055
3,215
386
375
346
388
489
458
424
415
417
410
433
415
414
418
401
433
490
528
3,846
3,308
2,645
2,592
3,837
3,661
3,726
4,085
4,621
4,264
3,948
3,453
3, 111
2,949
3,012
2,874
2,680
2,598
1,152
572
> Detail may not add to 100 percent because of rounding.
3 FSB and SUA. These programs started January 1975 and regular reporting
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin
began March 1975.
Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (ER) proSource: Department of Labor (Bureau of Labor Statistics and Employment
grams. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and SUA (special unemploy- and Training Administration).
ment assistance).
13
NONAGRICULTURAL EMPLOYMENT
In October, total nonagricultural employment as measured by the payroll survey fell by 200,000.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
SERV
INDUSTRIES
^~~*
50
40 -
GOODS-PRODUCING
INDUSTRIES
30
20
1977
1979
1978
1980
1981
1980
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1981
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Croods-prc>dueing i ndustries
Service-pr oducing Industrie s
TransFinance,
Gover nment
Matnufactui ing
porta- Wholeinsursale
tion
ance,
and
State
Non- Total
A.T"lH
aUU
and Services
retail
Federal and
Total Durable
durable
public
real
goods goods
trade
local
utilities
estate
Total
nonagricultural
employ- Total a
ment
Construction
76, 945
79, 382
82, 471
86, 697
89, 823
90, 564
22, 600
23, 352
24, 346
25, 585
26, 461
25, 718
3,525
3,576
3,851
4, 229
4,463
4,399
1980: Oct
90, 668
Nov.. 90, 844
Dec... 90, 949
25, 521
25, 629
25, 631
4,379 20, 110 12, 013
4,389 20,188 12, 090
4,387 20, 175 12, 077
8, 097 65, 147 5,129 20, 461
8,098 65, 215 5,114 20, 464
8, 098 65, 318 . 5,118 20, 470
1981: Jan...
Feb._.
Mar__
Apr...
May__
June..
July..
Aug —
Sept *.
Oct »_.
25, 647
25, 657
25, 705
25, 700
25, 705
25, 818
25, 939
25, 931
25, 925
25, 632
4,390
4,389
4,416
4,418
4,334
4,284
4,272
4,275
4,268
4,249
8,090
8,103
8,092
8,125
8, 160
8, 146
8,202
8, 173
8, 191
8,099
TJ
•
1
Feriod
1975__
1976
1977
1978.
1979
1980
91, 091
91, 258
91, 347
91, 458
91, 564
91, 615
91, 880
91, 901
91, 948
91, 743
18, 323
18, 997
19, 682
20, 505
21, 040
20, 300
20, 174
20, 177
20, 191
20, 332
20, 414
20, 424
20, 535
20, 505
20, 500
20, 225
10, 688
11, 077
11, 597
12, 274
12, 760
12, 181
12, 084
12, 074
12, 099
12, 207
12, 254
12, 278
12, 333
12, 332
12, 309
12, 126
7,635
7,920
8,086
8,231
8,280
8,118
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
54, 345
56, 030
58, 125
61, 113
63, 363
64, 847
65, 444
65, 601
65, 642
65, 758
65, 859
65, 797
65, 941
65, 970
66, 023
66, 111
4,542
4, 582
4,713
4,923
5,136
5,143
5,124
5,135
5,139
5,161
5,148
5,149
5, 167
5, 170
5, 191
5, 194
17, 060
17, 755
18, 516
19, 542
20, 192
20, 386
20, 529
20, 600
20, 635
20, 636
20, 714
20, 717
20, 796
20, 862
20, 879
20, 910
13, 892
14, 551
15, 303
16, 252
17, 112
17, 901
2,748
2,733
2,727
2,753
2,773
2,866
11,937
12, 138
12, 399
12, 919
13, 174
13, 383
5,221 18, 807
5,235 18, 160
5,254 18, 240
2,795
2,796
2,800
13, 454
13, 446
13, 436
18, 300
18, 343
18, 371
18, 475
18, 540
18, 560
18, 642
18, 667
18, 791
18, 839
2,799
2, 795
2,781
2,767
2,779
2,781
2,777
2,770
2,771
2,766
13,424
13, 445
13, 423
13, 403
13, 352
13, 259
13, 215
13, 147
13, 033
13, 054
4, 165
4,271
4,467
4,724
4,975
5,168
5, 268
5,283
5,293
5,316
5,326
5,331
5,344
5,354
5, 358
5,348
are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross
hourly €iarnings
Aver age weekly 1 lours
Period
Manufa eturing
Total
private
nonagricultural *
Total
Overtime
Total
private
nonagricultural l
Manufacturing
Adjusted h<>urly earnin gs index2 —to tal private
nonagric ultural
Percent cha age from
a year e arlier 48
Index, 19 77 = 100
Current
dollars
1977
dollars *
Current
dollars
37.0
36.9
36. 5
36. 1
36. 1
36.0
35.8
35.7
35.3
40.5
40.7
40.0
39.5
40. 1
40. 3
40.4
40.2
39.7
3.5
3.8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
$3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
$3.82
4.09
4.42
4.83
5.22
5.68
6.17
6.70
7.27
92.9
100.0
1980: Oct
Nov
Dee
35.3
35.3
35.3
39.7
39.8
39.9
2.8
3.0
7.49
7.59
7.63
130.6
132.1
132.6
93.2
ao
6.83
6.90
6.94
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept 9
Oct*
35.3
35.2
35.3
35.4
35.3
35.2
35.3
35.2
34.9
34.9
40. 1
39.8
39.9
40.2
40. 3
40.1
40.0
40.0
39.3
39.4
3.0
2.8
2.8
2.9
3.2
3.0
3.0
3.0
2.6
2.7
6.99
7.04
7.09
7.14
7. 18
7.23
7.26
7.34
7.36
7.38
7.69
7.74
7.80
7.90
7.95
7.99
8.02
8.08
8.13
8.14
133.8
135.0
135.8
136.7
137.7
92.8
92.7
92.8
93.0
93.1
92.9
92.2
92.7
92.0
91.8
1972
1973
1974
1975
1976
1977
1978
1979
1980
-
69.8
74.1
80.0
8&7
ioai
116.8
127.3
101.2
101.1
6.4
6.2
8.0
8.4
7.2
7.6
9&3
97.6
99.0
100.0
100.5
97.4
m.4
139.0
140.7
141.3
141.6
1977
dollars
9as
3.1
-.3
-2.1f
1. *
1. <
ai
ao
-a:
9.7
9.9
9.3
-2. <
-2.1
-2J
10.0
-1. (
-i. ;i
9.0
9a3
92.7
-4<
9.9
9.5
9.6
9.5
9.0
8.9
9.3
9.2
8.4
_. *
-i. '
*""* A. i
-1."
— 1. «
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <sarnings
Percent chainge from a
!•
Period
Total pri vate nonagricu Itural l
Current
dollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept 9
Oct 9
1
Also
1
$136. 90
145. 39
154.76
163. 53
175.45
189. 00
203. 70
219. 91
235. 10
241. 10
243. 57
24498
246. 75
247. 81
250. 28
252. 76
253. 45
254. 50
256. 28
258. 37
256. 86
257. 56
Manufacturing
1977
dollars 3
$198. 41
19a35
190. 12
184.16
186. 85
189. 00
189. 31
183. 41
172. 74
172. 09
171. 89
171. 19
171. 12
170. 20
170. 96
172. 06
171. 37
170. 92
170. 06
170. 20
167. 23
167. 03
$154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
269. 34
288. 62
297. 35
302. 08
30444
308. 37
308. 05
311. 22
317. 58
320. 39
320. 40
320. 80
323. 20
319. 51
320. 72
$221. 19
235. 89
249. 25
266.08
283. 73
295. 65
318. 69
342. 99
367. 04
376. 57
379. 81
382. 13
397. 94
380. 02
392. 33
390. 29
388. 98
388. 05
397.41
397. 11
380. 45
398. 57
total prhrate nonagrieul tural 5
Current
dollars
(Durrent dollars5
includes other private industry groups shown on p. 14.
Adjusted for interindustry employment "shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index on a
1977=100 base. Revised index for urban wage earners and clerical workers used
beginning 1978.
86-966 0 - 8 1 - 2
Construction
Wholesale
and retail
trade
$106. 45
111.76
119.02
126. 45
133. 79
142. 52
153. 64
16496
176. 46
180. 08
182. 25
182. 65
184 18
186. 12
187. 08
18a63
189. 07
189. 71
190. 95
192. 28
193. 88
192. 04
7.5
6.2
6.4
5.7
7.3
7.7
7.8
ao
6.9
7.3
a2
7.9
9.5
9. 1
9.2
9.5
9.9
9.2
10.0
9.8
7.9
7.3
1977
dollars
41
—. 0
-41
-ai
1.5
1.2
.2
-ai
-5.8
-47
-3.9
-41
-2.0
-2.1
-1.2
-.4
.1
-.3
-.7
-.9
-2.6
-2.6
*5 Monthly 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
Hours5 of 2all
pers ons
Out put*
Period
Output per hour
of all iDersons
Comp<?nsation
per hour 3
Unit labor
cc>sts
Implici t price
defla tor 4
NonPriPriNonNonPriNonNonNonPrivate
Private
Private
vate
farm
vate
farm
farm
farm
vate
farm
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector sector sector sector
sector
sector sector
sector
1977== 100; qusirterly da1:a season ally ad justed
1969_.
1968
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
54.2
51.4
54.8
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
1970
1971
1972
1973
1974
78.5
80. 9
86.2
92.0
90.2
78.1
80.4
85.9
91.9
90.1
91.2
90. 7
93.4
97.0
97.4
90.0
89.7
92.5
96.4
96.8
86. 1
89.2
92.4
94.8
92.7
86.7
89.6
93.0
95.3
93. 1
58.2
62.0
66.0
71.3
78.0
58.6
62.5
66.6
71.7
78.4
67.6
69.5
71.5
75.2
84.2
67.6
69.7
71.7
75.2
84.3
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74.1
81.6
1975
1976
1977
1978
1979
88.5
94. 1
100. 0
104.7
107.7
88.1
94.0
100.0
104.9
107.7
93.4
96. 1
100.0
104.9
108.2
92.7
95.9
100.0
105. 1
108.7
94. 8
97.9
100.0
99.8
99.5
95.0
98. 1
100.0
99.8
99. 1
85.5
92.9
100.0
108.4
119.3
86.0
93.0
100.0
108.5
119.0
90.2
94.8
100.0
108.6
119.9
90.5
94. 8
100.0
108.7
120.0
90.4
94. 7
100. 0
107.4
116.9
89.9
94. 5
100.0
107.0
116.2
1980
106.8
106.8
107.5
108. 1
99.3
98.8
131.5
130.8
132.4
132.4
127.6
127.4
1979: III
IV
107.7
108.2
107.8
108.2
108.4
109. 1
109.0
109.4
99.4
99. 1
98.9
98.8
120.7
123.2
120.2
123.0
121.4
124.3
121.5
124.4
118. 1
120.2
117.4
119.7
1980: I
II
III
IV
108.7
105.4
105.7
107.5
108.5
105. 1
105, 8
107.7
109.2
106.4
106.3
108.4
109.8
107. 1
106.9
108.8
99. 5
99. 1
99.4
99. 1
98.9
98.2
99.0
99.0
126.4
130. 1
133. 1
135.9
126.0
129.4
132.3
135.4
127.0
131.3
133.9
137. 0
127.4
131.8
133.6
136.8
123.0
126. 1
129. 1
132.2
122.9
126.3
128.8
131.9
1981: I
II
III *___
109.5
109.5
109.4
109.7
109. 4
109. 1
109.2
108.3
108.5
109.7
109.0
109. 1
100.3
101. 1
100.9
100.0
100.4
99.9
139.7
143.2
146. 4
139. 1
142. 4
145.6
139.4
141. 6
145. 1
139. 1
141.9
145.7
135.4
137. 5
140. 8
135.3
137.5
141. 1
Perceiit change quarterlyr data at sseasonal 1y adjustec 1 annual rates
1968
1969
5.1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.8
7.0
7.5
6.5
4.4
6.7
4. 1
6.8
4.0
4.9
4.0
4.7
1970
1971
1972
1973
1974
-.8
3.0
6.6
6.6
-1.0
-1.7
-1.9
-1.9
-.5
3.0
3.9
.4
-1.4
-.4
3. 1
4.2
.4
.9
3.6
3.5
2.7
-2.3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3. 1
2.8
4.9
12. 1
4.5
4.4
3.4
5.4
9.4
4.8
4.5
3.0
3.7
10.1
1975
1976
1977.
1978
1979
-1.9
-2.2
-4. 1
2.9
4.0
4.9
3.1
-4.2
3.4
4.3
5. 1
3.4
2.3
3. 3
2. 1
-.2
-.3
2. 1
3.2
2.0
-.2
-.7
9. 6
8. 6
7.7
8.4
10. 1
9.6
8. 1
7.6
8.5
9.7
7.2
5. 1
5.5
8.6
10.4
7.4
4.7
5.5
8.7
10.4
9.7
4.7
5.6
7.4
8.8
10.3
5. 1
5.8
7.0
8.6
1980
-.8
-.9
-.6
-.6
-.2
-.3
10.2
9.9
10.4
10.3
9.2
9.7
1979: III
IV
2. 4
2.6
1.5
3.6
2.8
3.7
1.8
-1.2
-1.0
-1. 1
-.2
8.9
8.6
8.6
9.7
10.2
9.8
9.7
9.9
8.2
7.4
8.5
7.8
1980: I
II
III
IV
-11.5
1. 1
-9.9
.2
7. 1
-.2
8.1
1. 1
-9. 5
—.7
7.3
1.6
-1.8
1.3
-1. 1
.3
-2. 9
3. 6
-.2
10.7
12.3
9.5
8.6
10.2
11.3
9.0
9.8
9.0
14.4
8. 1
9.8
9.9
14.6
5.3
10. 1
9.7
10.5
9.8
9.9
11.3
11.3
8.2
10.0
7.9
3. 1
-3.5
3.5
-2.5
.3
4.6
3.5
-1. 0
4.3
-1.4
-1.6
11.8
10.4
9.2
11.6
9.6
9.3
6.9
6.6
10.3
7.0
8. 1
11. 1
10.0
6.2
10.0
11.0
6.5
10.9
1981: I
II
III *_
6.3
6.3
4.7
2.8
1.7
1.8
6.9
7.9
-. 1
-.3
2.9
6.9
6.9
6.7
6.4
4.9
2.7
1.4
-12. 1
2.9
-1. 1
-1.3
.8
* 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.
a
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.
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 fell 1.5 percent in October following decreases of 1.2 percent in September and 0.2 percent in August. The index for October was 2.0 percent above the year earlier level.
INDEX, 1967=100
(RATIO SCALE)
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
180
(RATIO SCALE)
UTILITIES AND MINI NG PRODL CTION
^^^^
160
\^—
140
|AA*~s~-
UTILITIES
>~~
140
/
120
120
/"
1977
1978
1979
1980
v
1
t
—-+s'
' V.*'
%.*<-«*'*
MINING
'\
1981
100
1 1 1 11 1 1 1 1 1 1 i i iii1 iiiii i i i i i Ii i i ii
1977
MANUFACTURING PRODUCTION
1978
1979
1980
1981
PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
140
80
120
70
1977
1978
1979
1980
1981
* SEASONALLY ADJUSTED
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ Btion
Percent
Index,
1967= change
from
100
year
earlier
100. 00
-.4
129.3
117.8
-8.9
130.5
10.8
138.2
5.9
5.7
146. 1
4.4
152.5
-3.6
147.0
Period
1967 proportion
1974
1975
1976—
1977
1978. „
1979
1980
1980: Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept*
Oct »
1
Output
1
Annual
8
____
_.
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry prodtiction indc?xes, 1967 = 100
Miinufaeturi ng
Total
Durable
Nondurable
Mining
87.95
129.4
116. 3
130.3
138.4
146. 8
153. 6
146. 7
51. 98
125.7
109. 3
122.3
130.0
139.7
146.4
136.7
S5.97
134.6
126.4
141.8
150.5
156.9
164. 0
161.2
6. 86
115.3
112.8
114.2
118.2
124.0
125. 5
132.7
5. 69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
87. 1
73.4
81.1
82.7
85.6
87.4
80.0
83.8
72.9
79.5
81.9
84.4
85.7
79. 1
83
77
81
83
84
83
78
89.9
79.0
85.0
87.5
90.2
91.7
85.8
78
86. 1
78
87. 2
78
86. 8
146.6
149.2
150.4
-4.0
-2.0
-1.4
146.5
148. 9
150.4
135.7
139.2
140.3
162.1
163.0
165.0
132. 1
135. 1
138.6
167.7
169.9
167.9
78.4
80.5
81.4
78.2
79.3
79.8
151.4
151.8
152. 1
151.9
152.7
152.9
153.9
153.6
151.8
149. 5
-1.0
151. 1
151.2
151. 6
152.0
152.8
152.4
153.2
153. 1
151.2
148. 7
141.0
140.8
142. 1
142. 5
143.5
143.2
143.6
143.3
140.9
138. 2
165. 6
166.2
165.3
165.9
166.4
165.8
167.1
167.4
166. 1
163.9
140.4
143. 1
143.2
135.2
135.4
141.7
146.5
145.9
144.9
144. 9
167.6
166.4
167.8
167.6
170.7
172.7
173. 1
171.9
171.5
171.2
82. 1
82. 3
82. 1
81.1
81.2
81.3
81.9
81.6
80.2
78. 2
80.0
79.8
79. 8
79.8
80.0
79. 6
79. 8
79. 6
78. 4
76. 9
-.7
.0
2.5
6.2
8. 1
9.7
8.0
5. 1
2.0
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Utilities
l
Capacit.y utilizati< sn rate, p ereent
Mi mufaeturi ng
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series
series $
series
^ources: Board of Governors of the Federal Reserve System, epartment
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proclucts
Final ]Products
Equij)ment
Coiasumer go ods
Period
Total
NonDurable durable
goods
goods
19. 79
7. 89
27. 68
113. 1
118.8
114. 7
120. 6
133.8
124.4
146. 2
125.6
131.5
126. 3
135.3
128.9
125. 1
121. 4
124.0
135. 2
141. 9
137. 1
141. 9
154. 0
145.3
145. 1
159.2
149. 1
148.8
155. 8
150.8
136.7
148.9
145.4
149.3
139.0
146.3
143.4
150.0
148. 1
149.3
141.3
147. 1
140. 1
149.6
146.9
141.2
150.5
147.8
150. 1
143.6
148.3
144. 3
150.7
148.9
152. 1
147.3
150.7
151. 2
147.9
150.3
152.3
146.5
150.7
152.4
142.5
149. 6
151.5
140.5
148. 3
150. 9
137.0
147.0
Total
1967 proportion
1971.
1972
1973
1974
1975
1976
1977.
1978
1979
1980
1980: Oct
Nov
Dec....
1981: Jan
Feb
Mar
Apr
.
May
June
July
Aug
Sept"
Oet"
,
..
47.82
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142.2
147. 2
145.3
145.7
147.4
147.8
147.8
148.2
149.0
149.9
151. 3
151.4
152. 1
151.5
150.4
149. 4
Internrlediate
prod ucts
Total
Business
Total
20.14
94.7
103. 8
114.5
120. 0
110. 2
114.6
123.0
132. 8
142. 2
145. 2
144.8
146. 5
148.8
149. 1
148. 7
150.0
151.4
152. 1
153.0
154. 1
154.0
153.2
152.6
12.63
104. 1
118. 0
134. 2
142.4
128. 2
135.4
147.8
160.3
171.3
173.2
171.9
173.9
177. 1
177.7
177.5
179.3
181.0
182.0
183.6
184.8
184. 5
182.7
181. 7
12. 89
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160. 5
151.9
152.4
153.4
155.4
157.5
157.7
157. 1
156.3
156. 1
154. 9
156.2
156.9
154. 1
150.7
Construction
supplies
6.42
116. 8
128.4
139.8
134.5
116. 3
132.6
140.6
151.7
158.0
140.9
140.6
142.6
145.2
148.4
148.9
149.0
147.9
146.5
143.4
144. 3
144.0
139.3
134.0
Materials
39. 29
111. 3
122. 3
133.9
132.4
115. 5
131.7
138. 6
148. 3
156. 4
147. 6
145. 9
150. 1
152.2
153.8
154.3
154.4
152. 9
153. 4
154.0
155.3
155.2
152.8
149. 3
Supplementary
group:
Energy
total
12.23
119.5
125.2
128. 3
125. 5
125. 5
129. 1
132.9
135. 4
137.9
137.7
135.6
137.0
137.7
138.5
138.5
137.7
132.6
133. 5
138.0
141.2
140.5
138. 5
137.6
[1967 = 100, seasonally adjusted]
Durable m anufacti ires
Primary metals
Period
Total
1967 proportion
1971
1972
1973
1974
1975
1976
1977.
1978
1979
1980
1980: Oct___
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Oct"
_
Iron
and
steel
6.57
4.21
100.2
96. 1
112. 1 107. 1
126.7 122. 3
123. 1 119. 8
96.4
95.8
109. 7 104.8
111. 1 103. 8
119.9 113. 2
121. 3 113.2
102.3
92.4
99.6
92.0
113.2 107.6
111.5 103. 0
114. 1 108.7
114.5 108.4
114. 9 108.0
110. 6 103.4
111.9 105.6
107.4
98.5
109.4
99.7
113.2 105.3
108.4
99.4
102.2
Electrical
machinery
Transp ortation
equip>ment
Fabricated
metal
products
trical
machin—
ery
Total
Motor
vehicles
and
parts
5. 93
103. 5
112. 1
124.7
124. 2
109. 9
123.9
131.0
141. 6
148. 5
134. 1
131.7
132.3
135.7
135.8
137. 6
139.2
139. 5
138.4
139.3
140. 1
139. 9
137.6
134. 1
9. 27
9.15
8.05
97.9
100. 2 107. 7
116. 0 122.2 108.2
133.7 143. 1 118.3
140. 1 143. 8 108.7
97.4
125. 1 116. 5
134.5 134.8 111. 1
143. 6 145.4 122.2
153.6 159. 4 132. 5
163.7 175.0 135.4
162.8 172.8 116.9
160.9 169.8 118. 3
162. 9 173. 0 121. 8
166.9 175. 1 120.4
167.3 177.6 117.4
168.3 174.9 116. 1
169.2 177.4 119. 5
169.7 178. 8 121. 3
172. 1 179. 9 123.7
174. 1 180. 1 123.4
176.7 180.9 119.8
176.4 181.9 115.2
173.9 179.6 114.0
172.6 178.0 110. 7
4.50
118. 6
135. 8
148.8
128.2
111. 1
142. 0
161. 1
169. 9
159. 9
119.0
123. 2
129.2
125.7
120. 0
119.9
127. 1
130.7
136.4
137. 5
130.5
122.8
120. 0
113.3
Source: Board of Governors of the Federal Reserve System.
18
Non-
Non<durable rnanufact ures
Lumber
and
products
Apparel
products
1.64
113.8
120. 8
126. 0
116.2
107.6
123. 2
131. 2
136.3
136.9
119.3
121.4
123. 7
123.6
127.4
126. 2
125. 6
126.3
126. 2
122.5
122.9
119. 3
112.8
104. 7
109. 4
117.3
114. 3
107. 6
125.7
134.2
134. 2
134. 4
127.0
121.7
125.7
122. 7
123.8
121. 6
120.2
121. 6
122.6
121. 1
122. 6
123.7
3.31
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
4.72
107. 1
112.7
118. 2
118. 2
113. 3
122.5
127.6
131. 5
136.9
139.6
142.5
142. 1
143. 0
143.9
144. 8
142. 7
141. 6
141. 3
143. 1
144.4
146. 1
146.4
145.6
7. 74
125. 9
143. 6
154.5
159. 4
147. 2
170. 9
185.7
197. 4
211.8
207. 1
209.4
211.7
220. 5
218.9
219. 8
218. 5
219.8
220. 6
218.4
221.5
219. 4
217. 1
8.76
112.8
116. 8
120.9
124. 0
123.4
133.0
138.8
142. 7
147.5
149. 6
151. 1
151. 6
151.0
151.9
152.5
152.4
151.9
152.2
151.3
151.6
151.9
151. 1
NEW CONSTRUCTION
Constructio n contracts2
Private
Period
Total new
construction
expenditures
Resic iential
Total
Commercial and
industrial
New
housing
units
Total l
Other
Federal,
State,
and
local
Total value
index
(1972=
100)
Commercial and
industrial
floor space
(millions of
square feet)
Bi]lions of doll ars
1974
1975
1976
1977
1978
1979
1980
—
139.2
135. 9
151. 1
173.8
205.6
230.8
230.3
100.9
95. 1
112. 0
135.7
159.7
181. 7
174.9
50.4
46. 5
60.5
81.0
93.4
99.0
87.3
40.6
344
47.3
65.7
75.8
78.6
63.1
23.8
20.8
19.9
22.5
29.6
39.9
43.8
26.7
27.8
31.5
32.2
36.7
42.8
43.9
38.3
40.9
39. 1
38.2
45.9
49.1
55.4
2246
228.9
234.3
245.4
259.0
254.5
250.3
246.5
235.9
234.0
234.7
232.6
231.6
169. 1
174.9
180.9
187.9
193.9
193.2
189.6
189.9
184.1
181.8
183.4
183.2
180.4
84.5
89.8
95.6
98.9
100.7
99.7
96.3
95.2
89.7
86.0
85.3
84.6
82.4
60.7
642
68. 1
70.4
742
75.1
7ao
72.9
67.7
643
60.5
58.1
544
> Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
3
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
41.6
41.5
42.5
45.1
48.3
48.5
48.7
4a9
47.9
48.7
51.2
52.0
51.8
840
555
592
739
977
1,059
898
Seasonally
Seasonally adjusted
adjusted
annual
rates
Seasonally / adjusted aiinual rates
1980: Sept
Oct .. _ _
Nov
Dec
1981: Jan
Feb
Mar..._
Apr
May
June
July
Aug*
Sept 9
Oct 9
103.0
101.9
121.0
153.6
174 1
185.6
161.8
43.1
43.6
42.8
43.9
449
45.0
447
45.8
46.5
47.2
46.8
46.6
46.2
55.5
163
167
205
193
192
177
183
172
160
170
153
156
159
157
540
53.4
57.6
65.2
61.3
60.6
56.6
51.8
52.2
51.4
49.4
51.2
822
865
1,034
1,169
944
1,013
1,080
930
994
1,015
852
924
823
868
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 priv ate homes
ISlew private housing unil:s
Period
Units started, by type of strttcture
Total
1973
1974
1975
1976
1977_.
1978
1979
1980
2, 045. 3
1,337.7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1 unit
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852.2
2-4
units
118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.5
5 or more
units
795.0
381.6
204.3
289.2
414.4
462.0
429.0
330.5
Units
authorized
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1. 690. 0
1, 800. 5
1, 551. 8
1, 190. 6
Units
completed
Homes
sold
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1,657.1
1, 867. 5
1, 870. 8
1, 501. 6
634
519
549
646
819
817
709
530
1,287
1,274
1,373
1, 252
1, 389
1,362
1,519
1,273
1, 377
1,324
1,224
1,169
549
560
514
523
500
507
451
478
402
416
357
312
Homes for
sale at
end of l
period
418
346
313
353
402
414
3398
336
Vacancy
rate for
rental
housing
units
(percent)1
5.8
6.2
6.0
5.6
5.2
5.0
5.4
5.4
Seasonally adjusted aiinual rates
1980: Oct
Nov
Dec.. ...
1981: Jan
Feb
..
Mar
-..
Apr
__
May
June
July
Aug 9
Sept*
Oct"
1
2
1,519
1,550
1,535
1,660
1,215
1,297
1,332
1,158
1, 039
1,047
941
920
857
1,009
1,019
974
993
791
838
897
764
688
704
606
646
487
121
143
131
149
112
105
92
106
88
86
76
58
96
389
388
430
518
312
354
343
288
263
257
259
216
274
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not
strictly
comparable with earlier data.
8
New series beginning March 1979.
1,351
1,366
1,249
1,214
1,165
1,153
1, 186
1,167
963
913
865
850
729
334
337
336
329
334
325
327
322
310
303
301
298
5.0
5.2
5.0
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales were about unchanged in September, while inventories rose $5 billion. According to the advance
survey, retail sales fell 11A percent in October following no change in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
140
130
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550
120
500
110
TOTAL BUSINESS
INVENTORIES
450
100
V
400
90
350
300
RETAIL SALES
X' \
TOTAL BUSINESS
SALES
250
50 -
200
40 I ) i i i i I i i i
1977
RATIO*
1979
1978
1980
1981
150
100
1977
1978
1979
1980
1981
1977
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b usiness l
Who iesale
Re»tail
IriventorieS 3
Sales Period
bales 2
O
1_
i)
Inventories 3
QJ 1
2n Invenbales
tories ri
Trvtnl
DurNonable durable
goods goods
stores stores
TVitnl
DurNonable durable
goods goods
stores stores
Inventoi•v-sales
rat io *
Total
business l
Retail
Mill ons of d o liars, seasonally adjusted
1973
1974
1975
1976
1977
1978
1979
1980
1980: Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug_ _
Sept *_ _ _
Oct v
5
2
s
153,
177,
182,
204,
229,
258,
294,
320,
327,
335,
_ 339,
343,
349,
350,
349,
350,
349,
354,
354,
352,
353,
412
625
230
277
623
724
733
540
758
873
049
752
018
334
898
923
245
442
759
783
652
233,
285,
288,
318,
350,
395,
444,
475,
471,
473,
474,
475,
478,
484,
485,
487,
490,
494,
498,
502,
507,
327
807
375
544
678
252
224
202
500
617
884
202
451
069
467
060
254
226
098
458
443
38, 014
47, 748
46, 623
50, 694
55, 987
64, 715
76, 264
86, 991
90, 223
93, 282
93, 901
96, 591
98, 967
98, 016
96, 486
97, 577
96, 217
95, 564
97, 085
94, 674
96, 535
45, 372 42, 462
56, 948 45, 082
1 56, 697 49, 012
64, 078 54, 781
72,311 60, 435
i 83, 492 67, 057
1 93, 817 74, 529
105, 529 79, 721
102, 953 80, 620
104, 293 81, 552
105, 203 82, 764
105, 529 83, 443
104, 909 85, 463
106, 066 86, 810
105, 539 87, 608
105, 591 85, 855
105, 568 85, 501
107, 210 87, 384
106, 402 87, 350
107, 820 88, 591
108, 600 88, 536
87, 179
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
20
14, 409
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 827
25, 094
25, 293
26, 007
25, 983
27, 075
28, 328
28, 429
26, 356
26, 536
27, 532
27, 753
28, 439
28, 399
26, 846
28, 052
30, 964
33, 765
33, 631
39, 711
43, 744
49, 128
54, 894
55, 526
56, 259
56, 757
57, 460
58, 388
58, 482
59, 179
59, 499
58, 965
59, 852
59, 597
60, 152
60, 137
60, 333
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111,694 51, 853
111,710 51, 738
113, 106 52, 066
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
113,507 52, 374
113, 404 515 791
113, 963 52, 306
115,426 53, 529
117,307 54, 880
119, 824 56, 199
121, 277 57, 121
122, 227 57, 156
34, 819
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
59, 972
61, 040
60, 430
59, 841
59, 556
61, 133
61,613
61, 657
61, 897
62, 427
63, 625
64, 156
65, 071
1.41
1. 45
1.57
1.48
1.46
1. 44
1.43
1.45
1. 44
1.41
1. 40
1. 38
1.37
1. 38
1.39
1.39
1. 40
1. 39
1. 40
1.42
1.43
1.40
1.48
1.44
1. 38
1. 39
1.42
1.43
1. 38
1.39
1. 39
1. 36
1. 34
1.31
1.31
1. 29
1.33
1. 35
1. 34
1.37
1. 37
1.38
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers1 inventories rose in September, while shipments and orders fell. According to advance data, durable
goods shipments and new orders fell again in October.
BILLIONS OF DOLLARS * (RATIO SCALE)
320
280 -INVENTC)RIES
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180 -SHIPMENTS160
TOTAL
140
240
———ir-—-"
P-—-"
-
900
120
^—-:
-
TOTAL
==— -—""""""
-
100
-
DURABLE GOODS
80
ion
100
NONDURABLE GOODS
..—-•* "*""""
„—-—*"""
_
1 11
1 111
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180 ENEW OR DERS
160
-
120
inn
^-x-j
—
. x""*'
x' v
^.'~ V
^- "* '
^-^j>'-*
I I I I I I I I II ,
Mll
I
INVENTORY-SHIPMENTS RATIO
* *"" ""^—^"^
1.8
—x
_^gt<
«.
1.6
NONDURA JLE GOODS
—*
, ,i
RATIO*
2.2
2.0
.-^•_iu— «
,
,,,
-
DURABLE GO ODS
\
*,•"'*"*
-
—
TOTAL
X "" *"
60
-——x— s.
^
Of)
NONCJURABLE GOO DS
-
^xy - •—'
\
.x-— '^
_
-*" \
..---* —*
40
140
DURABLE GOODS
1.4
40
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 i i i ii I II 1 1 I 1 I 1 1 1
1978
1977
1979
1980
1 I M I I II
I M
1.2
1977
1981
1978
COUNCIL OF ECONOMIC ADVISERS
Manufat turers' sh ipments * Manufact ,urers' inv entories
Period
1974
1975
1976
1977
1978
1979
1980
Total
84, 794
86, 595
98, 802
113,201
126, 953
143, 941
153, 828
1981
1980
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
NonDurable durable
goods
goods
2
Manu faeturers '* new
ord ers 1
Durab e goods
ManufacCapital
Non- turers'
Nongoods
Durable
Total
Total
indus- durable unfilled3
goods durable
Total
goods
goods orders
tries,
nondefense
Millio ns of dollsirs, season ally adjusted
Manufacturers1
inventory —
shipments
ratio *
44, 228
43, 656
50, 689
59, 267
67, 848
75, 803
78, 003
40, 567
42, 939
48, 113
53, 934
59, 104
68, 138
75, 826
157,
159,
175,
189,
210,
241,
257,
792
934
193
157
079
572
979
101,
102,
112,
121,
137,
161,
171,
739
874
581
646
712
390
603
56, 053
57, 060
62, 612
67, 511
72, 367
80, 182
86, 376
87, 268
85, 149
99, 543
115,027
131, 612
147, 576
155, 059
46, 853
42, 019
51, 398
61, 076
72, 358
79, 353
79, 264
12, 673
11, Oil
12, 799
15, 276
19, 450
22, 510
22, 548
40, 415
43, 130
48, 145
53, 951
59, 254
68, 223
75, 795
191, 102
173, 829
182, 499
204, 814
261, 082
304, 963
319, 729
1.65
1.84
1.69
1.61
1.57
1.57
1.65
1980: Sept.. 156,
Oct... 161,
Nov__ 162,
Dec__ 163,
915
038
384
719
79, 735
82, 518
83, 229
83, 482
77, 180
78, 521
79, 155
80, 236
256, 837
256, 218
257, 042
257, 979
170,
169,
170,
171,
163
781
275
603
86, 674
86, 437
86, 767
86, 376
159,
161,
163,
166,
496
924
020
900
82, 162
83,364
83, 971
86,577
22,518
21, 625
23, 350
24, 664
77, 334
78, 560
79, 049
80, 323
315,
315,
316,
319,
027
912
547
729
1.64
1.59
1.58
1.58
1981: Jan_._ 164,
Feb... 165,
Mar_. 165,
Apr... 167,
May- 167,
June— 171,
July.. 170,
Aug__ 169,
Sept__ 168,
Oct »_
588
508
804
491
527
494
324
518
581
83, 329
84, 215
85, 058
86, 327
86, 664
88, 770
87, 319
86, 841
86, 179
83, 325
81, 259
81, 293
80, 746
81, 164
80, 863
82, 724
83, 005
82, 677
82, 402
261, 752
264, 496
266, 524
267, 506
269, 260
269, 709
271, 872
273, 361
276, 616
174,
175,
176,
177,
177,
178,
180,
182,
185,
223
620
229
123
635
676
855
221
140
87, 529
88, 876
90, 295
90, 383
91, 625
91, 033
91, 017
91, 140
91, 476
165, 423
166, 987
167, 361
168, 584
169, 340
170, 913
172,611
170, 013
168, 444
84, 208
85, 446
86, 729
87, 180
88, 164
88, 303
89, 696
87, 350
86, 278
79, 351
24, 823
21, 185
24, 460
24, 723
23, 865
23, 230
24, 226
24, 700
23, 026
21, 865
81, 216
81, 541
80, 632
81,404
81, 176
82, 610
82, 915
82, 713
82, 166
320,
322,
323,
324,
326,
325,
328,
328,
328,
566
045
602
694
508
918
206
757
613
1.59
1.60
1.61
1.60
1.61
1.57
1.60
1.61
1.64
1 Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
End of period.
8
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
PRODUCER PRICES
PRICES
In October, the producer price index (or all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.2 percent, and prices of other finished consumer goods rose 0.7 percent. Prices of capital equipment rose 0.9 percent from their September level.
INDEX, 1967=100 (RATIO SCALE)
280
INDEX, 1967=100 (RATIO SCALE)
140
140
120
120
100
100
1973
1981
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthl.y data jseasonally ad jus ted]
JFinishecI goods
Im ;ermedi ate
rnaterials
Total
finished
CapiFoods
contal sumer Total and 1 Other
feeds
equip- goods
ment
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
173.4 169.7 189. 1 185.3 189.4
184.6 180. 7 201. 5 190.5 202.3
199.2 194.9 215.6 203. 1 216.5
216. 5 217.9 242.2 226. 1 244.4
239.8 248.9 280.3 252.6 282.3
248. 1 257. 1 287.6 281.8 288.0
249.7 258.9 290.2 286. 1 290.5
250. 8 259.7 293.5 270. 1 295.2
253.7 262.7 297.4 270.6 299.4
256. 1 264.6 298.5 260. 1 301.3
258.0 268. 1 301. 6 253.4 305.2
260.4 270.2 304.6 254.4 308.4
262.3 270.9 306. 1 253.5 310.0
264. 1 272. 1 306.8 252. 1 310. 9
266.2 272. 2 307.9 252. 0 312. 1
267.7 272.9 309.2 253.2 313.4
267.8 273.5 309.4 245. 5 314.2
270.2 274.7 309.3 242.0 314.3
Finished goods e xcludin g
consinner fc>ods
Period
1973
1974
1975
1976
1977
1978
1979..
1980
1980: Get
Nov
Dec
1981: Jan....
Feb
Mar
Apr..
May
June
July
Aug
Sept..
Oct
1
Total
finConished sumer
goods foods Total
127.9
147.5
163.4
170.6
181.7
195.9
217.7
__. 247.0
255. 1
256.9
257.8
260.8
262.8
266. 0
268.1
269.1
270.4
271.0
271.8
272.3
273.8
146.4
166.9
181.0
180.4
189.9
207.2
226.2
239.5
250.0
250.8
250.9
251. 1
249.5
251.9
251.6
251.8
253.0
255.9
256.4
256.5
255.9
120.1
139.3
156. 2
166. 1
177.7
190.7
213.3
247.8
255.2
257.3
258.4
262.3
265. 4
268.8
271.7
272.9
274.3
274. 1
275.0
275.6
277.7
Cons>umer goods
Total
118.6
138.6
153. 1
162. 6
174.3
186. 7
211.5
250. 8
257.8
260. 1
261.2
265.3
268.7
272.6
275.7
276.6
277.8
276.8
277.5
278.3
280.3
Intermediate materials for food manufacturing and feeds.
22
Phiflhl*»
Nondurable
115.4
125.9
138.2
144. 5
152. 8
166.9
183.2
120.5
146.8
163.0
174.8
189.3
200.0
231. 3
283. 9
291. 4
294.8
297.4
303.9
309.0
316.3
320.4
320.4
321.7
320.6
320.8
322.9
323.5
206.2
212.3
213.3
212.9
213.6
214.7
214. 0
215.7
217.9
218. 9
218. 1
219.4
218.7
222.5
Crud e materials
Foodstuffs
Total and Other
feedstuffs
174.0 180.0
196. 1 189.4
196.9 191.8
202.7 190.2
209.2 192. 1
234. 4 216.2
274.3
304.6
327.2
330.7
247.9
259.2
282. 8
283. 3
328. 1 275.9
328.8 272.9
332.4 263.8
328. 1 258.4
332.8 262.4
331.3 256.7
335.2 263.8
335.9 264.5
333.9 262.0
330.2 255.4
324.6 248.9
NOTE.—Data revised for June 1981.
Source: Department of Labor, Bureau of Labor Statistics.
162.5
208.9
206.9
228.5
245.0
272.3
330.0
401.0
421.0
431.2
438.9
447.8
479.0
477.2
483. 5
491.3
488. 1
488.5
487.9
490. 6
486.9
CONSUMER PRICES
In October, the consumer price Index for all urban consumers rose 0.4 percent, seasonally adjusted (0.2 percent
unadjusted). Food and beverage prices were up 0.2 percent, seasonally adjusted, and energy prices were down 0.5
percent, not seasonally adjusted.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967=100 (RATIO SCALE)
320
300
300
280
280
260
260
240
240
220
220
200
200
ALL ITEMS
180
I I I I I I I MI
1973
i i i Ii ii ii
1974
1976
1975
i i i i i Ii
1977
i i i i i Ii
1978
I I I I I I I I I
1979
M
l.i i i i I i l l i i i i I.1..J..I i i i i i
1980
1981
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted, except as noted]
Tnansportalbion
Housing
Period
All
items 1
NSA
5
Rel. imp, -- 100.0
1973
1974...
1975_____._
1976
...
1977____ ...
1978
..
19791980
.
1980: Oct..
Nov.
Dec..
1981: Jan..
Feb..
Mar.
Apr..
May.
June.
July..
Aug..
Sept.
Oct__
133.1
147.7
161.2
170.5
181. 5
195.4
217.4
246.8
253.9
256.2
258.4
260.5
263.2
265. 1
266.8
269.0
271.3
274. 4
276.5
279.3
279.9
Financ- Apparel
Food
ing,
and
Home taxes,
and
bever- Total * purupkeep
and
ages
Total l
chase insurance
NSA
NSA
Motor
fuel 2
Medical En- 3
ergy
care
NSA
18.3
45.5
10.3
12.0
4.9
19.0
3.6
5.9
4.7
10.8
41.6
49.6
139.5
158. 7
172. 1
177. 4
188.0
206. 3
228. 5
24a 0
257.2
260.2
262.6
262.6
263.4
264.5
264.5
263.9
2645
266.7
268.7
271.3
271.9
133.7
148.8
164.5
174.6
186. 5
202.8
227. 6
263. 3
270.8
274. 1
277.4
279.5
281.3
282.8
284.8
288.4
291.7
296. o
299.4
303.3
303.3
132.7
142.7
160.3
168.4
179.5
196.7
223. 1
254.3
265.5
267.3
267.2
266.2
263.0
261. 1
260.7
263. 0
266.6
271.4
272.6
274.5
272.5
160. 6
181. 1
201. 9
212. 8
227. 2
257.8
308.9
396.0
404.7
416. 9
429.4
435.2
437. 1
441. 1
447. 1
458.3
467. 2
480.0
488.3
501. 8
501. 8
126.8
136. 2
142.3
147.6
154.2
159.6
166.6
178.4
182. 1
182.8
182.8
182.5
184.0
185.8
186. 1
185.7
185.8
186.8
188.3
189.4
189.7
123.8
137.7
150.6
165. 5
177.2
185.5
212. 0
249.7
256.6
259.9
262.4
267.0
273.4
275. 9
275.7
276.5
277.2
279.4
281. 1
284. 4
287.8
111. 1
117.5
127.6
135.7
142. 9
153.8
166.0
179. 3
183.3
183,5
183. 3
183. 5
183. 3
182.5
185.7
190. 1
192. 2
193. 3
193.4
194.6
194. 1
118. 1
159.9
170.8
177. 9
188.2
196.3
265.6
369. 1
371.3
373.6
377. 3
391. 5
417. 5
427. 1
421.0
414. 8
408.7
404. 8
403.6
2
405. 8
410.7
137.7
150.5
123.5
159.7
176. 6
189.3
207.3
220.4
275.9
361. 1
368.0
366. 1
370.4
381.7
40L 1
409. 3
409.8
411.3
414.0
415.7
416. 1
417. 1
414.9
139. 1
152. 1
166. 6
180.4
194.3
210.9
234.2
270.3
277.9
281.5
285.5
28R 0
290.3
292. 6
295.4
299.6
303. 1
308. 5
312. 1
316.9
318.3
128. 5
138.5
150. 5
160. 8
170.6
180.9
194. 1
211. 6
217.4
219. 1
220.8
221. 9
223.7
225. 1
226. 9
228.3
229.9
232. 6
234.3
236.7
238.4
.iiiviuvKsa ibcuio iiui, aiiuwu separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel pa, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
2
Includes
8
New
cars
All items
less food,
energy,
Serv- and home
ices purchase
and
finance *
ieae
184.7
202.4
219.4
239.7
265.9
272.9
274. 6
276.2
279.2
281.7
284. 1
286.6
289. 1
292. 1
295.9
299. 6
302.2
305. 1
* Relative importance, December 1980.
NOTE.—NSA indicates data are not seasonally adjusted.
Data hMrinnfncr 1978 are for all urban consumers; earlier data are for urban
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percent, change from 3 Etionths
earlie r; season ally adjiisted
annual rates
Percen t change from 6 rnonths
earlie r; season ally adj*isted
annua 1 rates
Consume»r goods
Consume;r goods
Consume»r goods
Total
finished
goods
1972
1973....
1974
1975
1976
1977
1978
1979
1980
—
1980: Oct
Nov
Dec
Percem change from preceding
perioc ; seasoniilly adju,sted 1
Capital Total
finequipished
Exclud- ment
goods
Foods
ing
foods
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
3.8
11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.8
8.0
22.5
13.0
5.5
2.5
6.9
11.7
7.4
7.5
2.0
7.4
20.5
6.7
6.0
6.7
8.5
17.5
14.2
2.0
5.3
22.6
8. 2
6.4
7.3
7.9
8.8
11. 4
.9
.7
.4
.7
.3
.0
.8
.9
.4
1.7
.6
.4
10.2
8.0
8.3
16.6
6.3
4.3
6.6
7.9
8.9
12.1
10.4
11.8
11.4
12.0
10.9
18.4
18.1
16.9
8.7
9.5
8.2
10.7
11.4
10.9
1.2
.8
1.2
.8
.4
.5
.2
.3
.2
.6
.1
-.6
1.0
-.1
.1
.5
1. 1
.2
.0
-.2
1.6
1.3
1.5
1.1
.3
.4
1.2
.9
.7
.9
.7
.7
.8
.6
.0
.9
9.2
9.5
13.3
11.7
9.9
6.8
4.4
4. 1
2.8
4.2
1.8
-2.1
1.6
.8
3.7
1.8
7.0
7.5
5.6
0
12.2
13.9
18.6
16.6
12.3
7.9
1.6
1.3
.7
5.2
9.3
10.7
12.0
11.0
10.0
9.8
9.2
8.5
5.7
6.1
9.7
8.8
10.8
10.5
9.7
10.0
8.0
7.0
4.8
4.3
8.9
2.0
2.9
1.3
.8
1.7
3.9
5.6
3.7
3.4
9.4
10.9
13.7
14.4
13. 1
13.1
8.9
6.7
4.2
3.4
10.7
10.5
11.9
10.2
10.3
10.9
10. 1
9.3
7.7
7.7
..
.
1981: Jan
Feb
Mar
Apr
May
June...
July
Aug
Sept...
Oct.
A
^~~. ^S
.3
.3
.7
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
NOTI.—Based on revised data for June 1981.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted l]
]lousing
Period
1
Tra nsporta tion
FiAT%
ApFood
nanc- parel
MedAU a and
Home ing,
New Motor
ical
a
3
items bever- Total 2 pur- taxes, and
care
up- Total cars fuel
ages
chase and keep
insurance
NSA NSA
1973
_ 8.8
12.2
1974
7.0
1975
1976
4.8
6.8
1977
1978
9.0
13.3
1979
12.4
1980
1980: Oct.. 1.0
Nov,. 1. 1
Dec.. 1.0
.7
1981: Jan..
Feb.. 1.0
Mar..
.6
.4
Apr.7
May.
June.
.7
July.. 1.2
Aug...
.8
Sept.. 1.2
Oct..
.4
18.5
12.0
6.2
.8
7.6
11.6
10.0
10. 1
.9
1.2
.9
0
.3
.4
0
-.2
.2
.8
.7
1.0
.2
3.4
6.9
13.4 10. 1
7.5 10.0
5.4
4.3
8.4
7.6
9.9 11.2
15.2 15.8
13.7 11.4
1.3
1.5
1.2
.7
1.2 -.0
.8 -.4
.6 -1.2
.5 -.7
.7 -.2
1.3
.9
1.4
1.1
1.8
1.6
.4
1.0
1.3
.7
-.7
0
11. 1
14.6
7.6
1.6
11.2
14.7
27.5
23.3
2.8
3.0
3.0
1.4
.4
.9
1.4
2.5
1.9
2.7
1.7
2.8
0
4.4
a7
2.3
4.5
42
3.2
5.5
6.8
.7
.4
0
-.2
.8
1.0
.2
-.2
.1
.5
.8
.6
.2
1.3 19.7
4.5
13.3 11.5 20.6
7.3 11.0
9.8
4.8
2.6
8.8
7.2
4.9
4.3
6.2
8.5
7.7
7.4 52.2
18.2
7.5 ia9
14.7
Q
.9
1.0
.1
.6
1.3
1.0
1.0 -.1
.1
3.8
1.8
2.4 -. 1
6.6
2.3
.9 -.4
— . 1 1.8 — 1.4
2.4 -1.5
.3
1.1 -1.5
.3
.8
.6 -1.0
. 1 -.3
.6
8
1.2
.5
.6
1.2
1. 2 -.3
* Annual changes are from December to December, not seasonally adjusted.
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor
oil,
coolant,
etc.
5
Estimated series. Finance includes financing, taxes, and insurance.
* Includes
8
Includes
4
24
5.2
12.4
9.9
10.1
8.8
8.8
10. 1
10.0
.7
.6
.6
1.1
.9
.9
.9
.9
1.0
1.3
1.3
.9
1.0
NSA
AU
items
less
food,
Serv- energy,
ices
and
home
purchase
and
finance5
16.8
21. 6
11.6
6.9
7.2
8.0
37.4
18. 1
-.6
-.5
1.2
3.1
5.1
2.0
.1
.4
.7
.4
.1
.2
-.5
6.2
11.3
8.1
7.3
7.9
9.3
13.7
14.2
1.2
1.3
1.4
.9
.8
.8
1.0
1.4
1.2
1.8
1.2
1.5
.4
Energy4
4.0
11.1
6.3
6.8
5.5
6.9
7.5
9.9
.8
.8
.8
.5
.8
.6
.8
.6
.7
1.2
.7
1.0
.7
Adden dum:
All it ems
percent change
(annua 1 rate)
From From
3
6
months months
earlier earlier
12.0
13.5
13.2
11.8
11.2
9.6
8.2
7.0
7.4
10.8
11.5
13.5
9.9
10.0
10.5
10.5
11.9
12.3
11.4
10.0
9. 1
8.5
9.5
9.2
10.4
10.3
NOTE.—NSA indicates data are not seasonally adjusted.
Date beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.8 percent in November and prices paid by farmers were unchanged in the month
ended November 15.
INDEX, 1977=100
INDEX, 1977=100
(RATIO SCALE)
(RATIO SCALE)
1981
1973
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices received by fsirmers
Period
1973
1974
1975
+
1976
1977
1978
1979
1980
1980: Nov...
Dec
1981: Jan.
Feb
Mar
Apr
May
June
July..
Aug
Sept....,
Oct
.
Nov
1
2
All farm
products
....
_.„
.
98
105
101
102
100
115
132
134
144
145
144
144
143
143
142
142
141
137
134
130
129
Crops
Livestock
and
products
91
117
105
102
100
106
116
125
140
142
144
144
146
143
143
137
136
129
120
119
120
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
104
94
98
101
100
124
147
144
149
148
145
144
141
143
141
146
146
145
146
140
138
Prices paid by fanners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates
71
81
89
95
100
108
123
139
144
144
147
148
149
150
150
151
150
151
151
151
151
72
81
89
95
100
109
125
140
145
145
149
149
150
151
151
152
151
150
150
149
149
73
S3
91
97
100
108
125
138
144
145
146
147
148
150
150
150
149
149
149
147
147
Ratio 2
138
130
113
107
100
106
107
96
100
101
98
97
96
95
95
94
94
91
89
86
85
law. The indexes have been converted to a 1977 < =100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
Ml-A and Ml-B rose in October after having fallen in September. Growth in M2 accelerated while growth in M3
decelerated again.
BILLIONS OF DOLLARS'(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
>F THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Period
1974:
1975:
1976:
1977:
1978:
1979:
1980:
1980:
Dec...
....
Dec
...
Dec
„._._.
Dec
Dec
Dec
.
Dec
Oct...
Nov
...
Dec
1981: Jan...
Feb....
Mar
Apr
.
'
May
->.June
.
July.,.. ...._._-_
Aug
.___
Sept
Oct»
>
Currency
plus
demand
deposits
plus
travelers'
checks l
277. 1
290.2
307.7
331.4
354 8
372. 7
387.7
390. 1
391. 3
387.7
375. 1
367.2
365.8
366. 6
3649
361.9
361.4
362.3
360. 0
360.6
Ml-B
M2
Ml-B plus
overnight
M2 plus
RPs and
Ml-A plus Eurodollars, large time
other
MMMF
deposits
checkable shares, and
and term
deposits
savings and
RPs at
(OCD) at
small time commercial
banks and
deposits at banks and
thrift
thrift
commercial
institutions
banks and institutions
thrift
institutions 2
27ao
9oao
1, 060. 4
291.8
1, 024 4
1, 163. 0
311.1
1, 169. 4
1, 302. 3
336.4
1, 462. 5
1, 296. 4
3642
1, 404 2
1, 625. 9
390.5
1, 775. 6
1, 525. 2
1, 965. 1
1, 669. 4
415. 6
1, 928. 3
, 654 0
416.3
1, 668. 5
1, 951. 0
419. 1
1, 965. 1
415.6
, 669. 4
1,989.3
, 680. 8
419. 2
2, 009. 1
421.2
, 695. 7
,718.6
2, 027. 2
425.8
2, 046. 0
1, 738. 1
433. 7
2, 060. 8
1, 743. 4
431. 5
2,079.0
428.8
1, 749. 3
430. 1
2, 094 0
1, 760. 1
1,777.2
432. 8
2, 117. 5
2, 133. 7
431.8
1, 786. 8
433.0
1, 798. 9
2/143.5
»Net c-f demand deposits due to foreign commercial banks and official
institutions.
1
Total M2 excludes demand deposits held by thrift inattentions at commercial
banks, not shown separately in components.
26
M3
L
Percent Chanige froni year
or 6 mont hs earli 3 r*
M3 plus
other liquid Ml-A Ml-B
assets
1, 246. 0
1,373.5
1, 528. 9
1, 722. 7
1,936.8
2, 151. 7
2, 378. 4
2t 326. 0
2, 355. 6
2, 378. 4
2, 408. 7
2, 433. 6
2, 445. 3
2, 457. 7
2, 480. 1
2, 502. 8
2, 519. 4
43
47
6.0
7.7
7. 1
5.0
40
11. 1
11.6
7.7
-.8
-8.0
-10,4
-11.7
-13.0
-12.9
-7.2
-2.7
-3.1
-3.2
44
5.0
6.6
M2
5.6
12.8
142
a i 10.9
8.3
8.3
7.2
8.6
6.4
9.5
13.4 13.3
147 13.2
10.8 10.3
8.4
10. 2
7.2
7.8
9.2
6.9
8.5 10.4
9.2
6.0
6.5, 9.8
9.7
5.3
9.8
5.6
8. 1
2.8
-.3 7. 1
MS
a4
9.7
12.0
12.3
11.2
9.2
10.7
12.6
13.2
12.5
12.7
12. 1
12.3
12.6
11.6
11.9
10.8
11. 1
10.8
9.8
s
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—See p. 27 for components except travelers' cheeks, which can be computed from data shown on these two pages.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small Large
Money
repur- Over- market
Other
SavdedeDenight
chase
Cur- mand check- agree- Euro- mutual ings nomi- nomide- nation nation
fund
Period rency de- l able
dollars shares
posits time
time
posits deposits ments
(RPs)
(OCD)
dede- 2
/_ _JA
(net)
posits posits 2
NSA
NSA
NSA
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secuaccept- cial
(RPs)
rities ances paper
NSA
NSA
Dec:
1974. 67.8 207.4
1975. 73.8 214 1
1976. 80.6 221. 4
1977. 88.6 239.7
1978. 97.4 253.9
1979. 106.1 262.8
1980. 116. 1 267.4
0.9
1.6
3.4
5.0
9.4
17.8
28. 1
7.2
7.5
13.6
17.6
21.9
21.8
27.9
0.0
.0
.0
1.0
2.0
3. 6
45
2.3
3.6
3.4
3.8
10.3
43.6
75.8
333.9
383. 9
447.8
486.5
475.5
416. 5
393. 0
288.9
340.1
396.2
453. 8
533.3
652.7
756. 8
1440
129.6
117.9
145. 1
1940
219.7
256. 8
8.4
9.0
15.0
21. 0
27.7
30.7
38.9
8.0
9.7
13.1
18.7
29.9
42. 9
48.4
63.2
67.2
71.8
76.4
80.3
79.6
72.3
53.6
77.1
81.1
90. 1
99.6
129.3
159.9
10.6 50. 1
8.4 48. 1
8.8 51.8
11.9 63. 1
21.7 79.4
27.0 97.3
32.5 100.2
1980:
Oct._ 114.9 271.2
Nov. 115.7 271.6
Dec.. 116. 1 267.4
26.3
27.9
28. 1
28.3
28. 1
27.9
44
47
45
77.4 407.8
77.0 406. 1
75.8 393. 0
7240
738. 0
756.8
237.7
245. 4
256. 8
36.5
37. 1
38.9
45. 2
46.3
48.4
72.8
72,6
72.3
150.2
154.6
159.9
30.6 98.9
31.3 99. 8
32.5 100.2
1981:
Jan.. 116.6
Feb.. 117. 2
Mar. 117.9
Apr.. 118.9
May. 119. 8
June- 119.9
July. 120.8
Aug.. 121.2
Sept.. 121.1
Get* 121, 4
443
543
60.2
67.3
66.9
67. 1
69.0
70.8
72.2
72.7
27.5
27.0
28.7
29. 3
31.8
33.3
32. 3
32.4
29.8
27. 1
5.2
4.9
4.6
5.0
6.5
6.4
6.9
7.8
6.9
5.9
376.9
370.8
368. 3
367. 0
361. 1
3540
349. 1
340.7
3345
329.5
775.7
783.3
789.4
790.0
798.4
807.7
811. 3
821.9
830.7
841. 1
268.0
273.9
271.0
269. 5
277.2
287.3
290.3
296.6
299.9
298.7
40.4
39.5
37.6
38.5
40.2
42.4
43. 5
43.7
47. 1
45.9
50.2
52.2
52.2
52.6
57.0
57.9
58.7
71.9
71.1
70.7
70.4
69.9
69.7
69.3
165. 1
169.9
164 6
157.6
157.5
160.3
160.7
33.0
32.0
33.0
346
35.7
36.5
37.2
2544
245.8
243.5
243. I
240.7
237.9
236. 4
236.7
234.4
2347
80.7
92.4
105. 6
117. 1
118. 1
122.8
1343
145.4
157.0
166.4
1 Net of demand deposits due to foreign commercial banks and official institutions.
2 Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
99. 2
99.4
97. 6
96.5
99. 1
99.3
99. 6
NOTE.—See p. 26 for overall measures.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installirnent credit extended
Period
Total i
Automobile
Revolving
Automobile
Revolving
Total *
43, 696
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037
26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655
20,218
9,489
7, 408
21,561
35, 462
43, 079
38, 381
ls 410
11, 143
11, 124
10, 953
11, 614
26, 009
26, 663
25, 152
25, 530
7,434
7,343
6,872
6,932
10, 665
10, 851
10, 688
10, 998
1,055
1,619
11, 483
11, 867
12/071
12, 352
11, 904
12, 668
12, 190
11,964
12, 335
26, 190
26, 710
26, 714
26, 547
26, 803
27, 075
26, 796
26, 040
26, 609
7, 300
7,354
7, 018
6,777
7, 515
7,385
6,970
6,458
6, 894
10, 926
11, 426
11,484
11, 514
11, 554
11,650
11,713
11,473
12, 042
1,996
3,108
2,331
1,346
1,930
1,954
2, 859
2,819
173, 035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305, 887
49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83,002
28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580
Sept...
Oet___
Nov.. _ _ _ _ _
Dec.......
27, 064
27, 365
25, 991
27, 149
7,518
7,544
7, 117
7,234
1981: Jan
Feb
Mar_
Apr
May
June
July......
Aug
. Sept
27,059
28, 706
29, 822
28,878
28; 149
29, 005
28,750
28, 899
29, 428
7,237
8, 333
8,700
7,205
7,320
7,442
8,178
8,573
9, 176
Total J
Net change» in amount outstanding
817
276
675
179
138
589
396
477
1973............
1974____ _ _ _ _ _ _ _
1975
.1976—
1977... ...... ..
1978......
1979___
1980..
_.,
' Includes "mobile home"
Installrrtent credit li quidated
"oth<er/' not shown separately.
152,
163,
172,
189,
222,
254,
286,
304,
Automobile
5,910
Revolving
-35
2,003
1,970
1,340
2, 170
6,248
9, 035
8,628
2,925
702
839
84
201
245
302
478
273
265
616
869
-63
979
557
441
587
838
350
495
2,976
10, 465
15, 204
18, 736
14, 715
1,682
428
-195
57'
1,208
2, 115
2,282
Source: Board of Governors of the Federal Reserve System.
1,018
477
491
293
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial bank loans and investments decelerated slightly in October. The major reserve aggregates
declined.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
-ALL
COMMERCIAL BANKS
INVESTMENT IN
U.S. TREASURY SECURITIES
40
40
1973
1974
1980
1975
1981
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
and
investments
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Allcjommereial k>anks l
Deposit<>ry institiitions 3
Borrow!]ags (milReserves
lions of dollars,
Loans and leases
InvestEcients
unadj listed)
CommerU.S.
Other
cial and Treasury
SeaNonReTotal 2 industrial
Total
Total
secusonal
borrowed quired
securities
rities
loans
713.9
745. 1
804. 6
891.3
1, 013. 4
1, 134. 6
1, 237. 0
520. 1
517.2
555.0
632.3
746.9
848.9
912.5
197.4
189.9
191.3
211.2
246. 1
291. 1
324. 9
53.7
82.2
100. 6
99.5
93.3
93.8
110.7
140.0
145. 7
149.0
159.5
173.2
191.8
213.9
36.66
34.67
34. 90
36. 00
41. 16
43. 46
40. 13
35. 94
34.54
34.85
35.43
40.29
41.98
38.44
36.41
34.40
34.63
35. 81
40.93
43. 13
39.66
703
127
62
558
874
1,473
1,617
32
13
12
54
134
82
116
1980: Oct....
Nov
Dec
1, 206. 5
1, 224. 0
1, 237. 0
887.6
901.5
912.5
313.9
320.7
3249
109. 1
110.5
110.7
209.9
212. 1
213.9
41.73
41.25
40.13
40.42
39. 19
38.44
41.52
40.73
39.66
1,335
2,156
1,617
67
99
116
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1, 253. 2
1,262.5
1, 262. 2
1, 267. 5
1, 280. 8
1, 288. 2
1, 294. 8
1, 306. 0
1, 317. 6
1, 327. 3
923. 4
930.1
929.2
934.7
944.6
949.8
954. 8
964.6
976.0
983.0
329.3
330.8
330.7
331.8
336.0
340.2
345. 8
352.3
357.7
361.8
113.5
115.2
114.8
115. 1
117.5
119.3
120.4
119.4
117.6
117. 1
216.2
217.2
218.2
217. 7
218.8
219. 1
219.7
222.0
224. 1
227. 2
40.06
39.88
40. 19
40.32
40.76
40.75
41.00
41.47
41. 12
40.78
38.67
3R58
39.19
38.99
38.54
38.72
39.32
40.05
39.67
39. 60
39.75
39. 60
39.94
40.20
40.59
40.50
40.75
41.27
40.80
40.56
1,405
1,278
1,004
1,343
2,154
2, 038
1,751
1,408
1, 473
1,149
120
148
197
161
259
291
248
220
222
594
.__
.__
_._
_
_
Oct
f^L
A.
i l?at,a are averages of Wednesday figures.
! Excludes loans to commercial banks in the United States
-i averages of daily figures. Keserves series reflects actual reserve
adjustment to eliminate the effect of changes in
theMonetaVComrolAY^^^
28
Note.—Loans and investments revised beginning January 1980; latest month
data 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
External
Credit* market f unds
Period
Total
Internal 1
Total
Total
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
1981: I
II 9
III
9
133.7
165.8
208. 7
202. 9
168.0
223.4
264. 2
320.4
366.7
336. 1
359. 6
265. 4
325.5
394.3
340.8
396.6
393. 1
73.5
85.0
91. 7
85.6
119.7
134.2
156. 1
171. 9
190. 6
196.8
194.9
192.9
199.2
200. 3
222. 0
228. 2
233. 0
60.2
80. 8
117.0
117.3
48.3
89. 2
108. 1
148. 5
176. 1
139.3
164.7
72.5
126. 3
194. 0
118.8
168.4
160. 1
Securities
and
mortgages
41.2
40.7
36.9
39. 2
49. 7
48.0
48. 1
45. 8
39. 5
66.4
65. 9
62.3
63.5
74. 1
62. 1
29. 0
-4. 1
45.6
57.6
72.9
82.8
41.7
64. 3
84.6
93.2
104.8
106. 1
126.7
70. 1
93.3
134.3
78. 1
123.5
112.0
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends,
and subsidiaries' earnings retained abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Loans
and
shortterm
paper
Other 2
4.4
16.9
36. 0
43. 6
-8.0
16.3
36.5
47.4
65.3
39.7
60.8
14.6
23. 1
44. 1
34. 6
6. 5
24.9
23.5
55.3
71.4
33.3
38.0
29. 8
60.2
16. 0
94. 5
116. 1
33.0
59.6
40.7
44. 9
48. 1
7.8
2.4
Total
122. 7
149. 2
192.0
190. 1
150.9
201. 3
228.2
290. 9
340.6
291.8
310.6
224. 8
289. 1
342.5
319.4
356.3
362.9
In-
Capital
expenditures 3
crease
in
financial
assets
86.0
99. 1
121. 5
137.9
109.7
148.3
174. 1
199.2
220.9
216.9
224. 1
212. 0
207. 1
224.3
231. 0
265.4
276. 1
36.7
50. 1
70.5
52. 2
41. 2
53. 0
54. 1
91.7
119. 7
74.9
86. 5
12.8
82.0
118.2
87.8
90.9
86.8
Discrepancy
( sources
less
uses)
11.0
16.7
16.7
12. 9
17. 0
22.0
36.0
29.5
26. 2
44.5
49.0
40.7
36.3
51.9
21.4
40. 3
30. 1
3
Plant and equipment, residential structures, inventory investment, and mineral riphts from U.S. Government.
NOTE.—Data revised beginning 1981. In addition, uses of funds and discrepancy
revised beginning 1978.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curre at assets
End of period
Total
SEC series:2
1970...
_._ 492.3
529.6
1971
1972
.
599. 3
1973
697.8
1974
790.7
FTC-FRB series:3
1974
735.4
1975
759.0
826.8
1976
902. 1
1977
1978
1, 030. 0
1979
1, 200. 9
1980
1, 281. 1
1, 169. 5
1979: III
IV
1, 200. 9
1980: I
._ 1, 234. 0
II...
1, 232. 2
1, 254. 9
III
1, 281. 1
IV
1981: I
1, 321. 4
Cash
Cur rent liabil ities
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Other
current
liabiliX* __
ties
working
capital
Current
ratio *
50.2
53.3
59. 0
66.3
71. 1
11.0
10.6
12. 8
12.3
7.7
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
88.2
95.8
104.5
116. 1
120.9
103.7
116. 1
110.5
111.5
113.4
120. 9
120.4
11. 1
19.0
23.4
17.6
16.3
15. 6
17. 1
15.8
15.6
15.2
14.0
16.4
17. 1
16. 8
265.8
272. 1
292.8
324.7
383.8
456.8
491.6
453.0
456.8
470.3
463.4
478.7
491. 6
507.9
319.5
315. 9
342.4
374.8
426.9
501.7
525. 3
489. 4
501.7
518.9
525.0
524. 5
525. 3
542.8
65.9
69. 9
80. 1
89.2
98.5
110.8
126.2
107.7
110.8
119.2
118.3
121.9
126.2
133.5
453.4
451. 6
494.7
549.4
665. 5
809. 1
877. 8
777.8
809. 1
836.5
826. 0
850.5
877. 8
911.7
269.8
264.2
281.9
313.2
373.7
456. 3
498.5
438.8
456.3
467.7
462.8
477.0
498. 5
5045
183.6
187. 4
212.8
236.2
291.7
352. 8
379.3
339.0
352.8
368.8
363.2
373.5
379. 3
407.2
282.0
307.4
332.2
352.7
364.6
391.8
403.4
391.7
391.8
397.5
406.2
404.3
403. 4
409.7
1. 622
1.681
1.672
1.642
1.548
1.484
1.460
1.504
1.484
1. 475
1.492
1. 475
1.460
1.449
* Total current assets divided by total current liabilities.
*3 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.
Net
Notes
and
accounts
payable
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 Keserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates declined sharply in November.
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1980
1973
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treixsury securilby yields
Period
1975
.
1976
1977
1978
1979......
1980
_
1980: Nov
Dec
1981: Jan
Feb
Mar
Apr..
May
June
July
Aug
Sept
__
Oct
Nov *>__
Week ended:
Oct 17
24
31.....
Nov 7
14
21
28»..._
1
2
3-month
bills *
Constant 11 laturities
3-year
2
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
6
Bank) •
& Poor's) 3 (Moody's) months 4
i>y
banks 5
5.838
4. 989
5.265
7.221
10. 041
11. 506
13. 888
15. 661
14. 724
14.905
13. 478
13. 635
16. 295
14.557
14. 699
15. 612
14951
13. 873
11. 269
7.49
6.77
6.69
8.29
9.71
11. 55
13.31
13. 65
13.01
13.65
13.51
14.09
15.08
14.29
15.15
16.00
16.22
15.50
13. 11
7.99
7.61
7.42
8.41
9.44
11. 46
12. 68
12.84
12.57
13. 19
13. 12
13, 68
14. 10
13.47
14.28
14.94
15.32
15. 15
13.39
6.89
6. 49
5.56
5.90
6.39
8. 51
9.55
10.09
9.65
10.03
10.12
10.55
10.73
10.56
11.03
12. 13
12.86
12. 67
11.71
8.83
8.43
8.02
8.73
9.63
11. 94
12.97
13.21
12.81
13. 35
13.33
13.88
14.32
13.75
14.38
14.89
15.49
15.40
14.24
4
4
4
4
6. 33
5. 35
5. 60
7. 99
10.91
12. 29
14.73
16. 49
15. 10
14.87
13.59
14. 17
16.66
15.22
16.09
16.62
15.93
14.72
11.96
6.25
5.50
5.46
7. 46
10.28
11.77
11-12
12-13
13-13
13-13
13-13
13-13
13-14
14-14
14-14
14-14
14-14
14-14
14-13
17J4-21H
21Jf-20
20-19
19-17H
17H-18
18-20H
20K-20
20-20K
20K-20H
20/2-19K
19H-18
18-16
13. 526
13. 613
13. 352
12. 695
11. 128
10. 693
10. 560
15.21
15.50
15.34
14. 17
13.07
12. 72
12.67
14.88
15.21
15.25
14.22
13.29
13.09
13. 12
12.35
12. 82
12. 86
12.45
10. 98
11.60
11.81
15. 18
15.36
15.51
14.88
14. 18
13.92
13.92
14.42
14.62
14.47
13.50
12. 19
11.45
11. 04
14-14
14-14
14-14
14-13
13-13
13-13
13-13
19-18
18-18
18-18
18-17^
17H-17
17-16H
16^-16
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
by8 the Treasury Department.
Weekly data are Wednesday figures.
4
Prior to November 1,1979, data are for 4-6 months paper.
* Average effective rate for year; opening and closing rate for month and week.
30
Prime
rate
charged
7.86
6. 84
6.83
9.06
12.67
15.27
uy2-i7%
Newhome
mortgage
yields
(FIILBB)«
9.01
8.99
9. 01
9.54
10.77
12.65
13.04
13.28
13,26
13.54
14.02
14.15
14.10
14.67
14.72
15.27
15.29
15.65
5
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in November.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
10
5 -
- 5
1973
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stx>ck 5yields
(perccmt)
Comrnon stock pi•ices l
Period
New York Stock Exch ange indexes3 (Dec. 31. 1965=50) *
Composite Industrial Transportation
1975
1976
1977
1978.
1979
1980
1980: Nov
__
Dec. _ » _ _ _
1981: Jan
Feb
Mar
.
Apr
May
•__
June
July...™.
Aug
Sept
Oct
-Nov v
Week ended:
1981: Oct 17
24____
31
Nov 7
14
21
28
10)
45.73
54.46
53. 69
53.70
58.32
68. 10
78.15
76.69
76.24
73.52
76.46
77.60
76.28
76.80
74.98
75.24
68.37
69.40
71.49
50. 52
60. 44
57. 86
58.23
64.76
78.70
92.32
90.37
89.23
85.74
89.39
90.57
88.78
88.63
86.64
86.72
78.07
78.93
80.86
31. 10
39. 57
41.09
43.50
47.34
60. 61
77.23
75. 74
74.43
72.76
77.09
80.63
76.78
76.71
74.42
73.27
63.67
65.65
67.68
31, 50
36.97
40.92
39.22
38.21
37. 35
38.35
37.84
38.53
37.59
37.82
38.34
38.27
39.23
38.90
40.22
38. 17
38.87
40.73
47. 14
52. 94
55. 25
56.65
61.42
64. 25
67.21
67.46
70.04
68.48
72.82
74.59
74.65
79.79
74.97
73.76
69.38
72.56
76.47
802. 49
974.92
894. 63
820. 23
844. 40
891. 41
971. 08
945. 96
962. 13
945. 50
987. 18
1, 004. 86
979. 52
996. 27
947. 94
926. 25
853. 38
853. 25
860. 44
86. 16
102. 01
98.20
96.02
103. 01
118. 78
135. 65
133. 48
132. 97
128. 40
133. 19
134. 43
131.73
132.28
129. 13
129. 63
118. 27
119. 80
122. 92
4.31
3.77
4.62
5.28
5.47
5.26
4.63
4.74
4.80
5.00
4.88
4.86
4.98
5.03
5.18
5. 16
5.69
5.65
5.54
69.55
69.33
69.37
71.99
71.43
70.35
71.91
79.09
78.78
78.76
81.88
80.66
79. 14
81.35
65.63
65.67
65. 70
68. 31
68.24
65. 81
67.88
38.90
38.87
39.02
40. 12
40.84
41.03
40.92
73.09
72.96
73. 18
75.84
76.88
76. 14
76.91
858. 73
847. 26
838. 49
862. 78
856. 55
847. 39
871. 53
119. 94
119. 52
119. 57
123. 99
122. 75
120. 81
123. 56
5.64
5.66
5.72
5.45
5.54
5.66
5.50
i Average of daily closing prices.
*8 Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 500 stocks.
» 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 Dividend- EarningsDowJones
composite
price
price
industrial3
index
ratio
ratio
average (1941-43=
4
9. 15
8.90
10.79
12.03
13.46
12.66
10.92
10.72
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.
•
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1982, there was a budget deficit of $18.1 billion, compared to a deficit of $16.9 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
400
400
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT {-)
0
^-
0
- ^—
50
^
I
-100
1973
I
1974
—^
I
1975
'
,„,,„
—'
I
1976
I
1977
1978
"
^^-^
I
I
1979
1980
_
,
50
——
I
I
1981
-100
1982
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year or period:
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Gross
Held by
the public
211.4
232.0
247. 1
269.6
326. 2
366.4
94.7
402.7
450. 8
493.6
579.6
660.5
-23.0
-23.4
Transition quarter
188.4
208.6
232. 2
264 9
281.0
300.0
81.8
357.8
402. 0
465.9
520. 1
602.6
-148
-47
-45.2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.5
-57.9
409.5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
780.4
833.8
914.3
1, 003. 9
3043
323.8
343.0
346. 1
396.9
480.3
498. 3
551.8
610,9
644.6
715. 1
794.4
1982 (estimates):
First Concurrent Resolution, May
21? 1981.
Mid-Session Review, July 1981 l
657.8
662.4
695.5
7048
-37.7
-42.5
1, 079. 8
1, 079. 2
845.1
38.9
45.5
55.8
63. 6
-16.9
-18. 1
914.8
1,011. 1
719.9
804. 8
1971
1972
1973
1974...
1975
1976
1977
1978
1979
1980
1981 ».
„_
.
First month:
Fiscal year 1981. _ __»
Fiscal year 1982
.
.
i Estimates from Mid-Session Review of the 1982 Budget, Office of Management
and Budget, July 15,1981.
32
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 1982, budget receipts were $6.6 billion higher than a year earlier and budget outlays were
$7.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
300
200
100
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
V—
300
300
200
200
NATIONAL DEFENSE
100
100
v
_L
1973
_L
_L
1974
1975
1976
1977
J_
1978
1979
1980
1982 ^
1981
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Receipts
Nationa [ defense
Period
Total
Fiscal year or period :
1971
_
188.4
1972
208. 6
1973
232.2
1974
264.9
1975
281. 0
1976
300. 0
Transition quarter
81.8
1977. .„
„
357.8
1978
402.0
1979. „.
_ 465.9
1980
520. 1
1981 »
.
. 602.6
J
1982 (estimate) _
662.4
First month: 2
Fiscal year 1981
Fiscal year 1982
_
38.9
45. 5
Total
211. 4
232. 0
247. 1
269.6
326. 2
366.4
94.7
402. 7
450.8
493.6
579. 6
660.5
704.8
75.8
76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.7
188. 1
75. 1
73.2
77. 6
84.9
87. 9
21.9
95.6
103.0
115. 0
132.8
156.0
183.8
55.8
63. 6
13.0
14.7
12.7
14 4
86.2
94. 7
103.2
119. 0
122.4
131.6
38.8
157.6
181.0
217.8
244 1
285. 6
302.9
54.9
60.0
65.7
64. 6
61. 1
66.8
75.4
81.7
92.8
107.4
118.0
127.0
34.5
145.2
161. 1
182.4
211.4
255.9
292.7
21. 2
22. 6
1.3
1.3
16. 5
21. 6
26.8
32.2
36.2
38.6
40. 6
41.4
8.5
* Estimates from Mid-Semon Review of the 1982 Budget, Office of Management
and Budget, July 15,1981.
Interna- Health
In- Other
and
Depart- tional income
ment of affairs security terest
Defense,
military
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
745
5.7
6.9
5.6
2.2
48
5.9
19.6
20.6
22.8
28.0
30.9
34 5
6. 1
10. 5
11. 1
11.4
70. 1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209. 8
250.3
2949
312.3
52.6
64 6
82. 6
92.3
41.8
48.8
53.9
51. 6
66. 5
76. 1
21.5
85.7
105. 9
107.5
118.4
112.3
100.7
1.0
1.0
25.4
27. 1
49
6.2
11.3
15.2
4. 1
4.7
4. 1
7.2
38.0
440
2
Detail for outlays includes off-budget entities and therefore will not add to
totals shown.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS
In the third quarter, according to preliminary estimates, Federal receipts rose $16.9 billion (annual rate) and expenditures rose $24.6 billion, yielding a deficit of $54.9 billion, $7.7 billion larger than the deficit in the second
quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
600
500
400
300
200
200
50
50
SURPLUS
' V/A
DEFICIT
-50
-50
-100
-100
1973
1974
1975
1976
1978
1977
CALENDAR
1979
1981
1980
YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fcideral G<jvernmeiit expemlitures
Federal (}overnm ent receipts
Period
Personal
and
Total tax
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Subsidies Less:
GrantsWage
less
in-aid
PurContricurrent accruals
chases Trans- to State Net
butions
Total of goods fer pay- and interest surplus of less
for
paid Govern- disments local
and
social inment en- bursegovernservices
surance
terprises ments
ments
Fiscal year:
365.9
1977
1978. _._ 4142
1979
408.7
527.3
1980
166.4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
24 5
27.2
29. 1
35.7
116.2
133.4
152.7
17L3
411.7
450.5
4947
578.2
140.3
150.7
163.4
190.2
169.8
182.2
201.8
239.3
66.3
747
79. 1
86.7
28.4
33.5
40.6
51.2
7.0
9.6
9.8
10.8
0.0
-.0
.0
.0
Calendar
year:
375. 1
1977
1978.-.. 431.5
1979.. _. 4944
1980
540.8
528.4
1980: I
li- 520.9
ra.540.8
.
!¥.„. 573.2
617.4
1981:1
IL— 621.0
III ». 637.9
170. 1
1949
231.4
257.8
246. 9
252.0
259.4
272.9
283.3
293. 2
306.7
61.6
71.2
746
70.2
80.5
60.9
66.7
72.6
74.6
64 8
65.8
25.0
28. 1
29.4
40.6
31.9
38.7
42. 9
49.1
60.6
62.6
61.8
118.5
137.2
159.0
172.2
169.2
169. 3
17L8
178.6
19&9
200.4
203.7
421.5
460.7
509.2
602.0
5647
587.3
615.0
641.1
6640
668.2
692.8
143.9
153.4
167.9
198.9
190.0
198.7
1949
212.0
221. 6
219.5
226.0
172.8
185. 6
209. 1
249.8
228.9
236.0
265.3
269.0
271.9
2748
292. 1
67.5
77.3
80.4
88.0
85.5
87.2
87.7
91.8
90.2
89.6
85.3
29. 1
35.2
42.3
53.3
50.3
544
53.5
55.2
67.7
70.4
76.2
8.2
9.3
9.4
12.0
10.1
11.0
13.7
13.1
12.6
13.9
13.4
.0
.0
-.0
.0
.0
.0
.0
.0
.0
.0
.2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Surplus
or
deficit
( }
-> ,
national
income
and
product
accounts
-45.8
-36.3
-140
-50.9
-46.4
— 29. 2
— 148
— 61. 2
-36.3
— 66. 5
-742
-67.9
—46. 6
—47.2
— 54.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1974
1975
1976
...
1977
1978
...
1979
1980 »
.
1980: Nov
Dec
1981: Jan
._
Feb
Mar....
Apr
May...
JuneJuly »__
Aug p
Sept*...
Oct»._.
[1967=100]
idjustec
sonally
i
tion
(sea
i)
In<lustrial produc
United
United Can- Ja- France Ger- Italy Kingmany
pan
States ada
dom
129.3
117.8
130.5
138.2
146. 1
152.5
147.0
149.2
150.4
151.4
151. 8
152.1
151.9
152.7
152.9
153.9
153.6
151. 8
149. 5
149.2
140.3
148. 5
152.2
157.7
166. 0
162.7
164.5
164.9
163.4
165.9
168.9
168.5
171. 0
171.8
168.0
165.9
83. 1
63. 9
82.0
89. 7
201. 1
217.7
232.5
230.7
234.4
236.4
237.9
235.9
237.0
232. 6
238.4
241. 1
234. 1
240.3
148
139
149
152
155
163
160
154
162
151
149
156
151
150
152
155
155
155
145.1
137. 1
149. 1
152.0
154.1
161.8
162.3
160
157
158
166
161
163
163
158
161
160
158
40.6
27.6
43.5
45. 1
147.9
157.6
166.5
170.7
160.5
158.7
170.6
169. 1
168. 2
158.5
158.7
162.9
138.0
163.2
120.0
114. 3
117.4
122.9
126.9
131.7
122. 6
118.0
117.2
116.2
117.5
117.4
116.9
116. 0
118. 1
118.2
118.0
118.5
i Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
Cons umer prices (un adjusted )
United CanGerStates1 ada Japan France many
147.7
161.2
170.5
181.5
195.4
217.4
246.8
256,2
258.4
260. 5
263. 2
265. 1
266.8
269. 0
271.3
274. 4
276. 5
279. 3
279.9
184.0
205. 8
224.9
243.0
252.3
261.3
282.2
289.4
288. 3
291. 1
290.8
292.2
294. 5
297.0
297.3
296.4
294. 7
299.5
144.5
160. 1
172. 1
185.9
202.5
221. 0
243. 5
254.3
255.8
259. 1
261.7
265.2
267.2
269.6
273.8
276.2
278.2
280.2
283.0
160.0
178.9
196. 1
214.5
233.9
259.1
294.2
306.4
309. 1
312.7
315.6
318.8
323. 1
326.0
329.2
334.9
339.0
342.9
Italy
136. 1
144. 2
150.4
155.9
160. 2
166. 8
175.9
178.3
179.4
180.9
182.3
183.5
184.7
185.4
186.3
187. 1
187.7
188.6
189.2
159. 7
186. 8
218. 1
255.2
286.2
328.5
398.0
427. 3
432.5
440.7
449. 1
455.4
461.3
468.7
473.9
477.7
481.0
487.7
497. 5
United
Kingdom
174. 3
216. 5
252.4
292. 4
316. 6
359.0
423.6
440.3
442.7
445. 5
449.5
456.2
469.4
472.4
475.2
477.3
480.8
483.5
487. 9
national Trade Administration, Office of Planning and Research, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e xports 1
Mercilandise iinports
Ge neral imf )orts
Domestic3 exports
Period
Monthly
average:
1973
1974
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
ages,
rials
tured Total and to- and
and to- and
goods
fuels
bacco
bacco
fuels
F.ii.s. value» s
5, 902
8, 167
1974*...
8,170
1975*
.__ 8,971
1976*
9,602
1977*
10, 103
1978*
11, 973
15, 155
1979*
1980— ...... 18, 386
1980: Sept— - 18, 828
19, 214
Oct
Nov.... 18, 715
19,251
Dec
1981: Jan
18, 825
Feb.... 19, 764
Mar.__ 21, 434
Apr
19, 818
May
18, 869
June
19, 870
July..... 19, 264
Aug.... 19, 050
Sept... 19, 655
Oct
19,044
5,811
8,053
1,078
1,269
895
1,317
3,728
5,294
5,790
8, 450
8,053 1,269
8,842 1,399
9,456 1,436
9, 912 1,330
11,753 1,717
14, 869 2,049
18, 036 2, 534
18,521 2,724
18, 770 2,886
18, 344 2,909
18, 918 3,099
18, 459 2,926
19, 441 2,938
21, 000 3,334
19, 408 2,879
18, 499 2, 680
19, 461 2, 582
18, 894 2,534
18, 740 2,455
19, 212 2,783
18, 614 2,908
1,317
1,266
1,341
1,548
1,746
2,352
2,810
2,752
2,554
2, 447
2,746
2, 896
2,936
3,245
2,458
2, 541
2,328
2,434
2,637
2,805
2,877
5,294
5,913
6,437
6,679
7,873
9,716
11,991
12, 483
12, 473
12, 241
12, 368
11,913
12, 816
13, 658
13, 392
12, 562
13, 581
13, 046
13, 051
13, 030
12, 338
8,548
8,209
10, 290
12, 533
14, 564
17, 455
20, 406
19, 941
20, 347
19, 860
21, 436
23, 194
21, 922
20, 949
223 289
21, 310
21,975
19, 807
23, 528
21, 229
I
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
I
1 oial includes commodities and transactions not classified according to kind.
1
T oial arrivals of imported goods other than intransit shipments.
* C.U. (cost, insurance, and freight) import value at first port of entry in the
Lnited States. Data for 1973 are estimates.
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.
Custonis value
770 1, 120
892 2,653
F.a.s. value *
892 2,672
827 2,716
991 3,457
1, 186 4,463
1,312 4,325
1,478 5,949
1,546 7,831
1,391 7,112
1,583 7,506
1,680 7,059
1,583 8,331
1,748 9,041
1,588 9,141
1,609 7,478
1,477 8,947
1,676 7,206
1,467 8,270
1,385 6,598
1,500 7,768
1,396 7,400
3
Manufactured
goods
Total
(e.Lf.
value) 4
3,750
4,684
6, 131
9,033
4, 602
4,257
5, 398
6,379
8,360
9, 357
10, 427
10, 524
10, 520
10, 572
10, 897
11, 777
10, 714
11,294
11,291
11,822
11, 597
11,296
13, 636
11, 932
9,207
8,828
11, 047
13,371
15,504
18, 519
21, 415
20, 837
21, 244
20, 751
22, 364
24, 265
22, 910
21, 886
23, 283
22, 314
22, 993
20, 728
24, 665
22, 231
24, 312
Merchandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
imimports
(cusports
(e.i.f.)
toms (f.a.s.)
value)
112
-283
— 221
-229
-866
-378 -1,037
762
143
-688 -1,445
-2, 430 -3, 268
-2, 590 -3,530
-2, 300 -3,364
-2, 020 -3, 030
-1,112 -2, 008
-1, 134 -2, 031
-1,145 -2, 036
-2, 185 -3, 113
-4, 370 -5,440
-2, 158 -3, 146
-451
485
-2, 471 -3, 465
-2,441 -3,445
-2, 105 -3, 123
-542 - 1, 463
-4,478 -5, 614
-1,574 -2, 576
—5, 268
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports,
and trade balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit increased slightly to $7.2 billion from $6.9 billion in the second
quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-10
-15
1981
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (~f-), debits (—)]
M erchandise
Invtjstment IEtcome 3
12
Net
Period
Ex-
ports
Im-
ports
"NT cv
at
IX
Hal.
Ui*l—
ance
Re-
ceipts
Payments
1973
1974
1975
1976
1977
1978
1979
1980
1979: III..
IV>.
1980: I...
II..
III-
71, 410 -70,499
911 21, 808 -9, 655
98, 306 -103,649 -5, 343 27, 587 -12,084
107, 088 -98,041
9,047 25, 351 -12,564
114, 745 -124,051 -9, 306 29, 286 -13,311
120, 816 -151,689 -30, 873 32, 179 -14,217
142, 054 -175,813 -33,759 43, 265 -21,865
184, 473 -211,819 -27,346 66, 699 -33,236
223, 966 -249,308 -25,342 75, 936 -43, 174
47, 236 -54, 210 -6, 974 18, 055 -8,734
51, 367 -59, 726 -8,359 18, 952 -9,203
54, 898 -65,024 -10,126 20, 465 -10,629
55, 667 -62,411 -6, 744 16, 860 -10,342
56, 252 -59, 154 -2,902 18, 850 -10,697
RL- 57, 149 -62, 719 -5,570 19, 764 -11,507
1981: !_..__ 61, 098 -65,775 -4, 677 21, 566 -12,513
60, 477 -67,391 -6,914 22, 235 -13,587
II...
m». 58, 012 -65, 237 -7,225
1
Excludes
1
Adjusted
8
military grants.
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
Not
i^l el)
12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
9,321
9,749
9,836
6,518
8,153
8,257
9,053
8,648
military
transactions
Nettravel
and
transportation
receipts
-2,070 -3, 158
-1,653 -3, 184
-746 -2,792
559 -2, 558
1,528 -3, 293
738 -3, 178
-1,947 -2,622
-2, 515
-798
-722
-565
-545
-923
-532
-918
-152
-427
-38
-455
-715
-76
-668
-568
-586
-256
Other
services,
net 1
Balance
on
goods
and
serv-1
ices
Remittances,
pensions,
and
ni"ViAf
v/uilcl
unilateral
transfers 1
Balance
on
current
ac-
count
7, 140
3, 184 11,021 -3,881
2, 124
9,309 -7, 186
3,986
4,598 22, 893 -4, 613 18, 280
9,382 -4, 998 4,384
4,711
5,182 -9,493 -4, 617 -14,110
5,792 -9,008 -5,067 -14,075
1,414
7,008 -5,593
5,460
3,723
6,674 10, 779 -7,056
1,052
2,453 -1,401
1,393
-189
1,312 -1,501
1,390
-217 -1,878 -2, 095
1,523
-545
1,592
787 -1,332
4,975
6,478 -1,503
1,719
3,734 -2, 344 1,390
1,838
3,263
4,790 -1,527
1,650
1,073
2,603 -1,530
1,712
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. official reserve assets abroad increased $0.9 billion in the second quarter, following a
$4.5 billion increase in the first quarter. Foreign official assets in the U.S. decreased $3.0 billion, following a $5.5
billion increase in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
f-
-30
-30
-40
-40
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1
Foreigri assets in the U.S.,
net Increase/csipital inflow (+)] 2
1LT.S. assets abroad, neib
[incirease/eapit*d outflow (
Period
Total
-22, 874
1973
1974
-34, 745
1975
-39, 703
1976
-51,269
1977
-34,785
1978
-61, 070
1979
-62, 639
1980
-84, 776
1979: III— -24, 942
IV... -14,003
1980: I
-12,639
II... -24, 837
Ill— -19,302
IV— -27, 995
1981: I
-22,397
IL.__ -21, 521
III".
U.S.
official
reserve
assets l 2
Other
U.S.
Government
assets
U.S.
private
assets
158
-1,467
-849
-2,558
-375
732
-1,133
-8, 155
2,779
-649
-3,268
502
-1,109
-4, 279
-4, 529
-905
-5
-2,644
366
-3, 474
-4, 214
-3, 693
-4, 644
-3, 767
-5, 165
-778
-925
-1,456
-1, 187
-1,427
-1,094
-1,395
-1,475
-20,388
-33,643
-35, 380
-44, 498
-30, 717
-57, 159
-57, 739
-71,456
-26, 943
-12,429
-7,915
-24, 152
-16,766
-22, 622
-16,473
-19, 141
Total
6,026
18, 388
34, 241
10, 546
7,027
15, 670
17, 693
36, 518
51, 218
36, 816
33, 561
63, 748
38, 946 -13,757
15, 492
50, 261
24, 345
6,011
5,335 -1,295
7,509 -7, 462
7,232
7,557
11, 651
7,686
7,711
23, 870
7,140
5,503
12, 810 -3, 009
» Consists of gold, special drawing rights (SDRs), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
12, 362
23, 696
8,643
18,826
14, 403
30, 187
52, 703
34, 769
18, 334
6,630
14, 971
-326
3,965
16, 158
1,637
15, 819
Statis tical
discrep ancy
U.S.
official
Allocareserve
tions
assets,
of
Of
Total
net 1
special
which:
(sum
of
(unaddrawing
Seasonal justed,
the
rights
adjust- end of
items
(SDRs) with
sign ment
reversed) discrep- period)
ancy
1,139
1, 152
1,152
1,093
-2, 654
-1,620
5,753
10, 367
-2, 323
11, 398
21, 140
29, 640
-455 -3, 122
2,000
8,857
-206
6,073
1,355
18, 151
2,676 -3,291
2,139
2, 736
-340
10, 901
1,221
7,637
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
18, 557
18, 956
21, 491
21, 943
22, 994
26, 756
30, 410
29, 582
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury,
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
1
2
2
3
3
4
4
5
6
7
8
9
10
«
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, 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 Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets ..
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
«
t
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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