Full text of Economic Indicators : October 1980

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96th Congress, 2d Session
LIBRARY

Economic Indicators
OCTOBER

1980

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)

HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)

JOHN M. ALBERTINE, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
STEPHEN M. GOLDFELD

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 35]
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 $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:




SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates lor the third quarter, gross national product rose $61.7 billion or 10.2 percent,
both at annual rates. Real output (GNP adjusted for price changes) rose 1.0 percent from the second quarter level
and the implicit price deflator rose at a 9.1 percent annual rate.
BILLIONS OF DOLLARS
2,600

(RATIO SCALE)

BILLIONS OF DOLLARS JRATIO SCALE)
2,600
SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

2,200

2,200

2,000

2,000

GNP
IN CURRENT DOLLARS

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200
GNP
IN 1972 DOLLARS

1,000

1,000
1975

1972

1976

1977

1978

1979

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures

Exports and imports of
goods and services

Government purchases of goods and
services

Gross
private
domestic
investment

Net
exports

Exports

Imports

Total

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

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

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

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

52. 9
58. 5
64. 0
75. 9
94. 4
131. 9
126. 9
155. 4
185. 8
217. 5
262. 1

2, 292. 1 1, 454. 2
1979:1
II-.. 2, 329. 8 1, 475. 9
III.. 2, 396. 5 1, 528. 6
IV__. 2, 456. 9 1, 580. 4

373.8
395.4
392.3
387.2

4.0
-8. 1
-2.3
-11.9

238. 5
243.7
267.3
280.4

1980: I
2, 520. 8 1, 629. 5
II.... 2, 521. 3 1, 626. 6
III"_ 2, 583. 0 1, 681. 8

387.7
368.5
346.0

-13.6
-2.2
18.6

308. 1
307.0
312. 1

Period

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

Gross
national
product

Federal

Source: Department of Commerce, Bureau of Economic Analysis.




State
and
local

Final
sales

Total

National
defense

207. 9
218. 9
233. 7
253. 1
269. 5
302. 7
338. 4
361. 3
396. 2
435] 6
476. 4

97. 5
95. 6
96. 2
102. 1
102. 2
111. 1
123. 1
129. 7
144. 4
152! 6
166. 6

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

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

110.4
123.2
137. 5
151. 0
167.3
191. 5
215.4
231. 6
251. 8
283. 0
309. 8

926. 2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
2, 350. 6

234.4
251.9
269.5
292.4

460. 1
466.6
477. 8
501.2

163.6
161.7
162.9
178.4

103.4
106.0
109.0
114.6

60.2
55.7
53.9
63.8

296.5
304.9
314.9
322.8

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

321.7
309.2
293.5

517.2
528.3
536.7

186.2
193.3
194.6

119,6
124. 1
129. 1

66.6
69.2
65.5

331.0
335.0
342. 1

2, 516. 1
2, 509. 9
2, 600. 9

Nondefense

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross private domestic
Exports of goods
investment
and services
Personal
conGross
Change
national sumpNonResi- in busition
product
xr«+
i-NCl
residential ness in- exports
Exports Imports
expendventofixed
itures dential
fixed
ries

Period

Government purchases of
goods and services

Total

Federal

State
and
local

Final
sales

15.9
22.6
15.8
10.3
11.0
17.6

62.2
67.1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9
119.9

63. 5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9
102.3

256.7
250.2
249.4
253. 1
252.5
257. 7
262.6
263. 3
268.5
273.2
274.3

121.8
110.7
103. 9
102. 1
96.6
95. 8
96. 5
96.4
100. 6
98. 6
99.4

134. 9
139. 5
145. 5
151. 0
155. 9
161. 8
166. 1
166. 9
167.9
174 6
174 9

1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1. 385. 1
1, 421. 9

12.3
18. 1
7. 1
1.4

17.0
13.2
20. 1
20. 1

117.0
116.0
122.2
124.3

100.0
102.9
102. 1
104 1

2747
272. 4
273. 1
277. 1

101. 1
98. 1
97.4
101. 1

173.6
174.3
175.6
176.0

1, 418. 4
1, 404. 1
1, 426. 2
1, 439. 0

.3
2.6
-6.8

25.0
28.3
31.6

131.7
128.3
126.9

106.7
99.9
95.3

280.0
280.9
279.6

104.3
106.7
105.6

175.7
174 3
173.9

1, 444 4
1, 406. 0
1, 418. 9

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

1, 078. 8
1,075.3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
1, 431. 6

655.4
668.9
691.9
733. 0
767.7
760.7
7746
820. 6
861. 7
900. 8
9245

114 3
110. 0
108. 0
116. 8
131. 0
130. 6
113. 6
119. 0
129. 3
140. 1
148. 8

43.2
40. 4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
60. 1
56.7

10.6
4.3
6.6
9.4
16.5
8.0
-9.8
6.6
13. 1
14. 1
9.7

1979: I

II— 1, 422. 3

1, 430. 6

III._ 1, 433. 3
IV — 1, 440. 3

921.8
915.0
925.9
935.4

147.2
146.9
150.7
150.5

57.7
56.7
56.5
55.8

1980:1-... 1, 444. 7
II... 1, 408. 6
III*. 1, 412. 1

936.5
910.8
922.4

151.2
145.3
144 1

51.7
40.7
41.2

-1.3
1.4
-.6

-3.3
7.6

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

Gross
national
product

Period

Personal consumption expenditures

Total

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

-__..

— -

1979: I...
II
Ill

IV

.-

1980: 1
II ..

Ill"

Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
fixed
goods

86. 72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
165. 46

88.5
92.5
96.6
100.0
105.5
116.9
126.4
132.8
140.4
150.0
163.3

93.1
95.5
99.0
100.0
101.6
108.4
117.7
124.3
129.4
136. 5
1448

89.4
93.6
96.6
100.0
107.9
123.8
133.4
138. 1
144 7
154.6
171.0

86. 1
90.5
95.8
100.0
1047
113.6
123.2
131.2
140.7
150.9
163.4

86.6
91.3
96.4
100.0

160.
163.
167.
170.

22
81
20
58

157.8
161.3
165. 1
169.0

142.4
144.1
145.3
147.4

164 1
168.9
173.2
177.6

174 48
178. 99
182. 92

174.0
178.6
182.3

151.5
153.6
156.7

184.1
188.1
191.5

Source: Department of Commerce, Bureau of Economic Analysis.




Gross private
domestic
investment

Exports and
imports of goods
and services

Government purchases of goods
and services

Exports Imports Federal

State
and
local

115.3
132.2
138.5
146. 6
157.8
171.3

87.7
90.6
949
100.0
110.8
122. 3
132.8
142.5
159. 3
179.7
201.4

87.9
93.1
96.6
100.0
116.2
148.3
163.6
169.9
178.7
190.3
2148

83.3
89. 1
93.5
100.0
118.2
171.0
188.0
193.3
210.7
222. 1
256.2

80.0
86.4
92.6
100.0
105.8
115.9
127.5
134.6
143.6
1548
167.6

81.9
88.3
945
100.0
107.3
118.4
129.7
138.8
150.0
162. 1
177.1

158.0
161.0
165.3
169. 2

165.4
169.6
173.8
176.2

192. 6
199.2
205.5
208.7

203.9
210. 1
218.7
225.7

234.5
244.9
2640
280.8

161.9
164.8
167.2
176.4

170.8
1749
179.3
183.5

173.3
178.3
182.9

180.3
184.6
188.3

213.4
218.8
2244

234.0
239.4
246. 0

301.5
309.5
308. 1

178.5
181.2
1842

188.4
192.3
196.7

ioas

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

Con-

Cur-

Period

stant
(1972)

rent

dol-

dol-

lars

lars

4.4
2.6
— .3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4. 4
2. 3
1. 1
-2.3
3. 1
2.0
1.2
-9.6
1. 0

9.1
7.7
5.0
8.2
10.1
11.6
8. 1
8.2
11.3
11.6
12.0
11.3
10.6
6.7
11.9
10.5
10.8
.1
10.2

1968
1969
_ _
1970
—
1971
_
1972
1973
_
1974
1975
1976
1977
1978
1979
1979: I
_
II.
III
IV..
.
1980: 1 .
—

II
III »

Im-

plicit
price

deflator

Gross domestic product
Fixedweight-

ed

Chain
price
index

4.5
5.0
5.4
5.1
4.1
5.8
9.7
9.6
5.2
6.0
7.3
8.8
9.3
9.3
8.5
8.4
9.5
10.7
9. 1

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

price
index

(1972

Con-

Cur-

stant
(1972)

rent

dol-

dol-

lars

lars

weights)

4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.3
7.4
8.9
9.7
8.8
8.9
8.5
9.6
9. 1
9.8

4.3
5.0
5.2
4.9
4. 0
6.0
10.2
9.3
5.6
6.4
7.5
9.3
9.9
9.5
10. 0
9.4
10.9
9.7
9. 7

4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4
2.3
.9
-2. 1
3.2
2.4
1.4
-9.7
1. 0

9.1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.2
11.5
12.0
11.2
10. 1
6.9
11.5
10.7
10.5
-.1
10. 3

Im-

plicit
price

deflator
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5. 1
5.9
7.3
8.7
9. 1
9.2
8.0
8. 1
9.0
10.7
9.3

Chain
price
index

Fixedweight-

ed

price
index

(1972

weights)

4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
8.8
9.6
8.7
8.4
8. 1
9.2
9. 1
9.8

4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
9.3
9.9
9.4
9.6
9. 1
10.6
9.7
9. 7

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]

Period

1968
1969
1970
1971
1972
1973
1974 _
1975
1976___
1977
1978
1979
1979: I
II.—
IIL__
IV._._
1980: I _ - _
!!___

Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)
Current
dollars

1972
dollars

498.4
541. 8
560. 6
602.5
671.0
752.0
808.8
874. 1
988. 0
1 106.3
246. 9
1 387.7
346.4
370. 4
401. 3
432.9
1 470. 1
1 467.4

581.6
607.3
600. 6
619. 3
671.0
720.4
695. 0
680. 0
730.4
770.7
818.7
844.1
846.6
841.0
842.4
846.3
848.0
822. 5

Current-dollar cost and profit per unit of output (dollars) l

Total
cost
and
profit 2

0.857
.892
.933
. 973
1.000
1. 044
1. 164
1.285
1.353
1.436
1. 523
1.644
1.590
1.629
1. 664
1. 693
1. 734
1.784

Capital
consumption
Compenallowances Indirect sation
business
of
with
capital taxes 3 employees
consumption
adjustment

Total

0.089
0. 553 0.017 0. 124
0.074
.094
. 022 . 109
.079
.589
. 103
.628
.086
.088
.028
.094
. 110
.095
.645
.029
. 110
. 661 .028
.093
. 107
. 112
.095
.105
. 699 .032
. 123
.796
.086
. 116
.043
. 136
. 142
.848
. 113
.045
. 137
. 890
. 146
.042
. 138
. 140
.951
. 151
. 151
.043
. 155
. 143
1.020
.048
. 157
. 150
. 167
1. 115
.056
. 157
. 145
. 158
1.075
. 052
. 161
. 165
. 148 1. 104
. 054
. 159
. 151
. 170
1. 127
.057
. 157
. 154
1. 152
. 060
.175
. 153
.159
1. 182
. 179
. 064 . 148
. 173 1.220
. 190
.068
. 133

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




Net
interest

Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits
tax
liability
0. 058
.055
.045
.048
. 050
.055
.061
.060
.072
.077
.084
.089
.088
.085
.091
. 092
.098
.071

Profits
after4
tax
0.066
.055
.041
.046
.057
.050
.024
.053
.066
.074
.073
.068
.072
. 074
.066
. 061
.051
.062

ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)

7. 110
7. 137
7. 139
7. 377
7.608
7.767
7. 480
7.720
7.967
8.052
8. 122
8. 088
8. 125
8.071
8.065
8.056
8. 055
8.017

3. 931
4. 197
4.482
4.758
5. 032
5.431
5.951
6.549
7.092
7.654
8.281
9.014
8.734
8.909
9.093
9.279
9.524
9.778

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

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

National
income

Period

Compensation of
employees *

Proprietors1
income with
inventory valuation and capital
consumption
adjustments

Farm

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

II.
III

IV
1980:1
II

III 9

Nonfarm

Rental
income
of persons
with
capital
consumption
adjustment

Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
Total

Profits
before
tax

Inventory
valuation
adjustment

Capital
consumption
adjustment

Net
interest

767.9
798.4
858. 1
951.9
1, 064. 6
1, 136. 0
1, 215. 0
1, 359. 8
1, 525. 8
1, 724. 3
1, 924. 8

571.4
609.2
650.3
715. 1
799.2
875.8
931. 1
1, 037. 8
1, 156. 9
1, 304. 5
1, 459. 2

13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.3
19.6
27. 7
32.8

52.3
51.2
53.4
58. 1
60.4
60.9
63.5
71.0
80.5
89. 1
98.0

18. 1
18.6
20. 1
21.5
21.6
21.4
22.4
22. 1
24.7
25.9
26.9

81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
126.8
150.0
167.7
178.2

77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162. 0
180.8
194.9

83.4
71.5
82.0
96.2
115.8
126. 9
120.4
156.0
177. 1
206. 0
236.6

-5.5
-5. 1
5.0
-6.6
-18.6
-40.4
-12.4
-14.6
-15.2
-25.2
-41.8

3. 5
1.5
.3
2.5
1.9
-2.9
-12.0
-14.5
— 12. 0
-13. 1
-16.7

30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94. 0
109.5
129.7

1, 869. 0
1, 897. 9
1, 941. 9
1, 990. 4

1,411.2
1, 439. 7
1, 472. 8
1, 513. 2

34.2
33.7
30.9
32.5

94.8
95. 5
99.4
102. 1

27.3
26.8
26.6
27.0

178.9
176.6
180.8
176.4

193. 3
191.3
198.3
196.5

233.3
227.9
242.3
243.0

-39.9
-36. 6
-44.0
-46.5

-14.5
-14.7
-17.6
-20. 1

122. 6
125. 6
131.5
139. 2

2, 035. 4 1, 555. 2
2, 024 6 1, 567. 2
1, 590. 1

27.7
23. 1
24. 2

102.3
97.4
100. 0

27.0
27.3
27.8

175.0
152.8

197.2
177.4

260.4
204.8

-63.2
-27.4
-36.3

-22.2
—24.6
-28.2

148.1
156.8
164.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Nondurable goods

Total
personal
consumption
expenditures

Total
durablel
goods

Motor
vehicles
and
parts

579.7
618.8
668. 2
733.0
809.9
889.6
979. 1
1,089.9
1, 210. 0
1, 350. 8
1, 509. 8

85.5
84.9
97. 1
111.2
123.7
122.0
132.6
157.4
178.8
200.3
213.0

37.7
349
43.8
50.6
55.2
48.0
53.4
70.0
81. 6
91.2
91.5

35.0
36.7
39.4
44.8
50.7
549
58.0
64.0
70.9
77.6
85.6

247.0
264.7
277.7
299.3
333.8
376.3
408.9
443.9
481.3
530. 6
596. 9

1, 454. 2
1979: 1
II
1, 475. 9
III ..__ 1, 528. 6
IV .... 1, 580. 4

213.8
208.7
213.4
216.2

97.7
89.1
89.8
89.4

82. 1
84.2
87.3
88.9

1980: 1
1, 629. 5
II
1, 626. 6
I I I * _ _ 1, 681. 8

220.2
195.7
209.3

92.9
71.8
80.9

88.2
86.0
89.7

Period

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

1

Total includes other items not shown separately.




Furniture
and
household
equipment

Total
nondurablel
goods

Retail sales of
new passenger
cars (millions
of units)
Services

Clothing
and
shoes

Gasoline
and oil

126.1
136.3
140. 6
150.4
168. 1
189.8
209. 6
227. 1
246. 7
271. 7
302.0

45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91.2
99.2

20.4
22.0
23.4
249
27.8
36.4
39.5
42.9
46.7
50.9
65.1

247.2
269. 1
293.4
322.4
352.3
391.3
437.5
488.5
549.8
619.8
699.8

8.5
7. 1
8.7
9.3
9.7
7.5
7.1
8. 6
9. 1
9.3
8.3

1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3

571.1
581. 2
604.7
630.7

292.9
296.7
303. 1
315.6

95. 5
96.9
101.0
103.6

58.4
60.2
68.3
73.4

669.3
686.0
710.6
733. 5

9.3
8.0
8.6
7.5

2.3
2.5
2.2
2.4

652.0
6541
666.4

322.6
325.8
335.6

103.9
104. 1
108.2

83.6
83.6
78.7

757.3
776.9
806. 1

7.9
5.5
6.5

2.8
2.2
2.2

Food

Domestics

Source: Department of Commerce, Bureau of Economic Analysis.

Imports

SOURCES OF PERSONAL INCOME
Personal income rose $19.8 billion (annual rate) in September, following a rise of $15.5 billion in August. Wages
and salaries were up $10.7 billion in September compared with an increase of $13.8 billion in August.
BILLIONS OF DOLLARS*(RAT!O SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)

WAGE AND SALARY DISBURSEMENTS

60

60
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Total
Other Proprietors' income income
Transfer
and
Divi- Personal
paypersonal salary
labor 12
interest
of
dends
income disburseincome ments 5
income
Nonfarm persons 4
Farm
l
ments

942.5
1972
1973
1, 052. 4
1, 154. 9
1974
1, 255. 5
1975
1, 381. 6
1976.
1, 531. 6
1977
1978
1, 717. 4
1, 924. 2
1979
1979: Sept__. 1, 960. 1
Oct
1, 981. 2
2 005 5
Dec
2, 028. 3
2, 046. 5
1980: Jan
Feb
2, 055. 7
Mar
2, 070. 0
2, 072. 0
Apr
May
2, 079. 0
2, 090. 4
June
July.,. 2, 124. 2
Aug *_-- 2, 139. 7
Sept*>___ 2, 159. 5

633.8
701.3
764.6
805. 9
890. 0
984.0
1, 103. 3
1, 227. 6
1, 247. 9
1, 257. 4
1, 271. 3
1, 282. 9
1, 293. 0
1, 304. 2
1, 314. 0
1, 309. 0
1, 309. 7
1, 312. 5
1, 314. 9
1, 328. 6
1, 339. 3

42.0
48.7
55.6
65. 1
77.4
91.8
106.5
122.7
126.4
128.0
129. 6
131.2
132.8
134. 4
136.0
137.4
138.7
139.9
141. 0
142.2
143.4

18.0
32.0
25.4
23. 5
18.3
19.6
27. 7
32.8
28.8
31. 0
33. 0
33.4
31. 3
27.9
24.0
23.2
22.8
23.4
23. 9
24.2
24.6

58. 1
60.4
60.9
63. 5
71.0
80.5
89. 1
98.0
100.9
101. 1
102. 1
103. 0
103.9
102.3
100.8
98.9
96.7
96.5
99. 8
99. 5
100.5

i 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.
3
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.
4
With capital consumption adjustment.




21.5
21.6
21.4
22. 4
22. 1
24.7
25.9
26.9
25.0
26.8
27.0
27.2
27.2
26.6
27.2
27.4
27. 1
27.4
27.6
27.8
28. 0

24.6
27.8
31.0
31.9
37.5
42. 1
47.2
52.7
53.0
53.6
54.2
55. 2
55.8
56.6
57.5
58. 1
58.5
59.2
59. 3
59.8
59.9

74.6
84. 1
103. 0
115. 5
127.0
141.7
163.3
192. 1
197. 1
200.7
205.4
210. 3
214. 1
217.2
220.3
225. 1
229. 1
232. 2
234.2
235. 5
236. 8

104. 1
118.9
140.8
178.2
193.8
208.4
224. 1
252.0
262.7
264.8
265.9
268.8
275.0
273.5
276. 1
278.0
283.2
286. 2
311.0
310. 5
315.9

Less: PerNonsonal confarm
tributions personal
for social incomefl
insurance
34.2
42.2
47.7
50.5
55. 6
61.3
69.6
80.7
81.7
82. 2
83.0
83.6
86. 7
87. 1
85.9
85. 1
86.8
87.0
87.5
88. 5
89. 1

917.3
1,011.9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1, 873. 4
1, 913. 1
1, 931. 8
1, 953. 9
1, 976. 1
1, 995. 9
2, 008. 3
2, 026. 2
2, 028. 8
2, 036. 0
2, 046. 6
2, 079. 7
2, 094. 7
2, 113. 8

* Consists mainly of social insurance benefits, direct relief, and veterans
payments.
a
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 in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

SCALE)
10,000
9,000

3,000

3,000

1972

1980

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE-. DEPARTMENT OF COMMERCE

Period

Less:
Personal
Pertax
sona]
and
income nontax
payments

Equals :
Disposable
personal
income

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays1

Per capita
disposable
personal income

Equals :
Pern
sonal
saving Current
dollars

Billions of dollars

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

859. 1
942.5
1, 052. 4
1, 154. 9
1, 255. 5
1, 381. 6
1, 531. 6
1, 717. 4
1, 924 2

116.3
141.2
150.8
170.3
168.8
197.1
226.4
259.0
299. 9

742.8
801. 3
901.7
984.6
1, 086. 7
1, 184. 5
1, 305. 1
1, 458. 4
1, 624. 3

1972
dollars

Per capita personal consumption expenditures
Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

Saving
as percent of
disposable
personal
income

Population
(thou-2
sands)

Dollars

685.5
751.9
831.3
913.0
1, 003. 0
1, 115. 9
1, 240. 2
1, 386. 4
1, 550. 5

57.3
49.4
70.3
71.7
83.6
68.6
65.0
72.0
73.8

3,588
3,837
4,285
4,646
5,088
5,504
6,017
6,672
7, 367

3,714
3,837
4,062
3,973
4, 025
4, 144
4,285
4, 449
4,512

3,227
3,510
3,849
4,197
4,584
5,064
5,579
6,179
6,848

3,342
3,510
3,648
3,589
3,627
3,813
3,973
4, 121
4,193

2.6
3.3
5.9
-2.2
1.3
3.0
3.4
3.8
1.4

7.7
6.2
7.8
7.3
7.7
5.8
5.0
4.9
4.5

207, 053
208, 846
210, 410
211,945
213, 566
215,203
216,898
218, 594
220, 464

6,619
6, 704
6,926
7,142
7,348
7,318
7,544

4,196
4,156
4, 195
4,227
4,223
4,098
4, 137

1.2
-2. 3
g

5. 0
5.4
4.3
3.5
3.7
4.9
4.6

219, 690
220, 166
220, 715
221, 285
221, 768
222, 277
222, 941

Seasonally adjusted annual rates

1979: I.... 1, 852. 6
IL__ 1, 892. 5
III— 1, 946. 6
IV... 2, 005. 0
1980: L.._ 2, 057. 4
II—. 2, 080. 5
III*_ 2, 141. 1

280.4
290. 7
306.6
321.9
320.0
324.6
333.6

1, 572. 2
1, 601. 7
1, 640. 0
1, 683. 1
1, 737. 4
1, 755. 9
1, 807. 5

1,493.0
1, 515. 8
1,569.7
1, 623. 4
1, 672. 9
1, 669. 5
1, 724. 2

79.2
85.9
70.3
59.7
64.4
86.3
83.3

7,157
7,275
7,430
7,606

4,536
4,510
4,501
4,502

7,834
7,900
8,107

4,502
4,423
4,447

i Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
3
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.

6



!i
0
-6.8
2.2

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

FARM INCOME
In the third quarter, according to preliminary estimates, net farm income before inventory adjustment rose $5.1 billion
(annual rate), while income after inventory adjustment rose $1.1 billion.
200

BILLIONS OF DOLLARS* (RATIO SCALE)
(200

100

100

BILLIONS OF DOLLARS* (RATIO SCALE)

_GROSS FARM !NCOME_
BEFORE INVENTORY
ADJUSTMENT

80

80

60

60

40

40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT

20

20

10

10
1972

1973

1975

1974

1976

1979

1978

1977

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1980

COUNCIL OF ECONOMIC ADVISERS

[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population

Income received from farming
Gross income before inventory adjustment

Net to farm
operators

70. 1
95. 5
100.0
96.9
104. 2
107.5
126. 5
145. 5

Cash receipts from
Producmarketings
tion ex- Before
Livepenses invenstock
tory
Total
Crops
and
adjustproducts
ment
Billions of dollars
61.2
35. 7
17.8
25.5
52.3
87. 1
45. 9
41. 1
29.9
65. 6
92. 4
41.4
72.2
51. 1
27.7
88.2
43.0
45. 1
21.1
75.9
94. 8
46. 1
48. 7
21. 0
83. 1
95. 8
47. 4
17.2
48. 3
90.3
112.5
59. 0
25.7
100.8
53.5
131. 5
68.6
62. 8
26. 9
118.6

1979: !___
II__
III___
IV___

142.3
145.2
144. 5
150. 2

128.9
130. 9
130.6
135.4

69.7
68.2
66. 9
69.7

59.2
62. 7
63.7
65.7

114. 2
116.3
119. 6
124.2

1980: I

148.4
148. 1
156. 1

133.5
132. 4
140. 3

69. 1
63.4
70.3

64.4
69. 0
70. 0

126.5
128.7
131.6

Period

1972
1973_ ..
1974
1975 .
1976 . _
1977
1978___
1979

From From From
all
farm nonfarm
sources sources sources Total i

34.6
48.9
45. 2
44.5
40. 3
37. 5
48.5
55.3

!!___

III*_

16.9
29. 2
23.4
21.9
16.8
16.5
23. 8
28.7

17.8
19.7
21.8
22. 7
23.5
21. 0
24. 8
26. 6

1
Cash receipts from marketings, Government payments^ and nonmoney
Income
furnished by farms.
2
Inventory
of crops and livestock valued at the average price for the year.
3
Based on 1969 Census of Agriculture definition of a farm through 1976. Beginning with 1977 based on 1974 Census of Agriculture new definition of a farm.
The number of farms is held constant within a year.

68-896 0 - 8 0 - 2




4

After
inventory
adjust-2
ment

Net income per
farm after inventory adjustment 3
Current
1967
dollars dollars 4

18.7
33. 3
26. 1
24.5
18.7
17.8
26. 1
31. 0

Dollars
5,208
6,526
11,813
8,875
9,349
6, 330
5,488
8,846
4,002
6,823
4,078
7,401
5,632
11, 005
6, 104
13, 270

28. 1
28. 9
24.9
26.0

31. 3
32.8
30.3
29. 9

13, 420
14, 060
12, 990
12, 820

6, 460
6,570
5,880
5,620

21.9
19. 4
24.5

25. 4
21.9
23. 0

11, 000
9,480
9, 960

4,640
3,870
4,000

Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.

CORPORATE PROFITS
In the second quarter, corporate profits before tax fell $55.6 billion (annual rate) while after-tax profits fell $30.9
billion.
BILLIONS OF DOLLARS
280

BILLIONS OF DOLLARS
280

120

80

40

1980
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Period

1969
1970
1971
1972
1973
1974
1975
1976 -_
1977 .
1978 _ _
1979 —
1979: I
II_ _
III

Total 2

___

iv

1980: I
II
III *>

_

77.9
66.4
76.9
89.6
97. 2
86.5
107. 9
141. 3
162.0
180.8
194.9
193.3
191.3
198.3
196.5
197.2
177.4

Total

74.2
62. 6
72.4
84.7
90.4
76.9
101.8
133. 1
152. 1
170.6
181.6
181.4
179.6
182.5
183.0
181. 1
164. 1

ManuFinancial
Total3 facturing
11. 3
12. 6
14. 1
15. 4
16.2
14. 4
13.0
17. 8
23.8
29.7
33.2
31.9
32.0
33.8
35.0
34.7
31.6

62.9
50. 1
58.2
69.3
74. 1
62.5
88.9
115.3
128.3
140.9
148.5
149.6
147.7
148. 7
148.0
146. 5
132.6

36. 8
27. 1
32.4
40.6
44. 1
36. 6
48.3
65.7
73. 5
81.7
88.8
94. 1
90.6
86. 4
84.0
93.0
73.4

* See p. 4 for profits with Inventory valuation and capital consumption
adjustments.
»Includes rest of the world, not shown separately.

8



Wholesale
and
retail
trade
10. 1
9.4
11.7
13.3
14.7
12. 9
20.7
23.3
24. 1
23.0
23.7
18.6
22. 4
26. 5
27.1
16. 5
21.7

Profits after tax

Profits
before
tax

Tax
liability

Total

83.4
71.5
82.0
96.2
115.8
126.9
120.4
156.0
177. 1
206. 0
236.6
233.3
227.9
242.3
243.0
260. 4
204.8

39. 7
34.5
37.7
41.5
48.7
52.4
49.8
63. 8
72.6
84.5
92.5
91.3
88.7
94.0
96. 1
102.4
77.6

43. 8
37.0
44.3
54. 6
67. 1
74.5
70. 6
92. 2
104.5
121. 5
144.1
142.0
139.3
148.3
146.9
158.0
127. 1

Dividends

22. 6
22.9
23.0
24. 6
27.8
31. 0
31.9
37. 5
42. 1
47.2
52.7
51.5
52. 3
52. 8
54.4
56.7
58. 6
59. 7

Undistributed
profits

21.2
14. 1
21.3
30.0
39. 3
43.6
38.7
54.7
62. 4
74.3
91.4
90. 5
87.0
95.5
92.5
101.3
68.5

3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

Inventory
valuation
adjustment
5 5
-5. 1
-5. 0
-6.6
18 6
-40.4
-12.4
-14.6
15 2
-25.2
-41.8
-39.9
-36.6
-44.0
4-fi %
-63.2
-27.4
-36.3

GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, business fixed investment rose $3.2 billion (annual rate)
as nonresidential construction outlays fell $1.3 billion and producers' durable equipment purchases rose $4.5 billion.
Residential investment outlays rose $3.6 billion. There was a $17.9 billion reduction of inventories following an
$11.4 billion increase in the second quarter.
BILLI DNS OF DOLLARS
450

BILLIONS OF DOL LARS

450
SEASONALLY ADJUSTED ANNUAL RATES

y^^r\

400

—X"

350

GROSS PRIVATE DOMESTIC
INVESTMENT

y

400

350

X

300

300

/
250

^-^ r-^-x

r

/^^

250

^++

^1

^X!

200

+*•***

^* +**"**

NONRESIDENTIAL
IXED INVESTMEN r

200
*~~~~~~

^
150

150
^****
.«.— — *•**"*

RESI DENTIAL
FIXED IhDIVESTMENT

100
,„„....»'

MI

"""*"""••••„„

«'""

•,,..-

'""CHAN GE IN BUSINESS
1 MVENTORIES

50

50

\ *.
i

0

50

i

i
1972

i

i

i

i

1973

I

1

i

1

1974

i
1975

i

100

**'V

1

1
1976

1

i

i

x

""

i

i

1977

i

i

i

*- —

i i i

1978

i

i

-50

1980

1979

, SOURCE; DEPARTMENT OF COMMERCE

0

COUNCIL OF ECONOMIC ADVISERS

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

1969
1970
1971
1972
1973
1974
1975
1976 __.
1977
1978
1979. _ _
1979: I..
II....
Ill
IV.
1980: I
IL___
III v

Gross
private
domestic
investment

146.2
140.8
160. 0
188.3
220. 0
214. 6
190.9
243. 0
303. 3
351.5
387.2
373. 8
395.4
392.3
387.2
387.7
368.5
346. 0

Structures
Total

98.9
100.5
104. 1
116.8
136.0
150. 6
150.2
164.9
189.4
221. 1
254.9
243.4
249. 1
261.8
265.2
272.6
268.2
271. 4

Total

Nonfarm

Total

Nonfarm

35.7
37. 7
39.3
42.5
49.0
54. 5
53.8
57.3
62.6
76.5
92.6
84.9
90. 5
95.0
100.2
103.3
103.7
102. 4

34.3
36. 1
37.8
41. 1
46.9
51. 8
51.3
54. 7
59. 8
73.3
88.9
81. 2
86. 8
91. 4
96.3
99.6
100.0
98.7

63.3
62.8
64.7
74.3
87.0
96.2
96.4
107.6
126. 8
144. 6
162.2
158. 5
158.6
166. 7
165. 1
169.4
164.5
169. 0

58. 9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.4
116.3
132. 6
147. 8
146. 1
144.5
150.0
150.4
155. 9
151.3
155.6

Source: Department of Commerce, Bureau of Economic Analysis.




Producers'
durable
equipment

Residential fixed investment
Change in business inventories
ProFarm ducers'
struc- durable
tures equipNonTotal
farm
ment

Total

Nonfarm
structures

37.9
36.6
49.6
62.0
66. 1
55. 1
51.5
68. 1
91. 9
108.0
114. 1
111. 2
112.9
116.0
116.4
110.4
88.9
92. 5

0.7
36.3
.6
35. 1
47.9
.7
.7
60.3 •
64. 3
.6
1.2
52.7
.9
49.5
1. 1
65.7
1.5
88.8
104.4
1.8
110.2
1.9
1.5
107.8
1.8
109. 1
2. 0
112.0
2.3
112.1
2.3
105.9
1.8
85.3
1.6
88.9

0.9
.9
1. 0
1. 1
1.2
1.2
1. 1
1. 3
1.6
1.9
2.0
1. 9
2.0
2.0
2.1
2.2
1.9
1.9

9.4
3.8
6.4
9.4
17.9
8. 9
-10.7
10. 0
21.9
22.3
18.2
19.1
33.4
14.5
5.6
4.7
11.4
-17.9

9.2
3.7
5. 1
8. 8
14.7
10. 8
-14.3
12. 1
20.7
21.3
16.5
18.8
32.6
12.6
2.1
4.4
12.3
-13. 1

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 8.7 percent in 1980, according to the Commerce Department survey
conducted in late July and August. The planned increase in spending is 1.2 percentage points lower than the 9.9
percent reported in June and 2.4 percentage points lower than the 11.1 percent reported in March.
BILLIONS OF DOLLARS (RATIO SCALE)
240

BULKDNS OF DOLLARS (RATIO SCALE)
240

—

SEASONALLY ADJUSTED ANNUAL RATES

—

220

220
-

200

200

f— "

^*\

180

'

"
180

160

160

^-^1

TOTAL NEW PLANT AND EQUIPMENT
\
_ ^

140

140

^
-

120

^-*1

*—

100

^n

100

NONMANUFAC fURING

I
,—""''
•***'*

^^^**

+++

„

-'

...•«'

./"

/•"

80

.
,
/

-

<*.»•«»*
y>»

x X*""""»'
l,..- '

60

30

-

1

*^~

80

40

120

^

^^

/^
.--•'"""

...,-•• \

60

MANUFACTURIN G

-

+ ***

"'"

X

I

1

1

40

y j/

t

1973

i

i i
1974

1975

1976

i

I
1977

I

I
1978

1979

I

I
1980

!

I

i

i

30

1981

_]/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects 8

Expenditures for plant and equipment

Total i

1972
1973
1974
1975
1976
1977.
1978
1979
1980*
1979: I
II
III..IV
1980: I ...
II
III<___
IV<_.__

Nonmanufaeturing

Manufacturing

Period

88.44
99. 74
112.40
112. 78
120. 49
135. 80
153. 82
177. 09
192. 51
165. 94
173. 48
179. 33
186. 95
191. 36
193. 89
191. 24
193. 17

Total

Durable
goods

31.35
38. 01
46.01
47.95
52.48
60. 16
67.62
78.92
88. 19
71.56
76.42
80.22
85. 19
87.32
88.78
87.26

15. 64
19.25
22.62
21.84
23. 68
27.77
31.66
38.23
41. 71
34.00
36.86
39.72
41.30
42.30
42.80
40. 36
41.66

88. 88

Nondurable
goods
15.72
18.76
23. 39
26. 11
28.81
32.39
35.96
40.69
46.48
37.56
39.56
40.50
43.88
45.01
45.98
46.90
47.33

Total
57.09
61.73
66.39
64.82
68.01
75.64
86. 19
98. 17
104. 31
94.38
97.06
99. 12
101. 76
104. 04
105. 11
103. 99
104. 30

'Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.

10



Trans- Public
Mining porta- utilities
tion

2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5.56
6.43
5.46
5.31
5.42
6.06
6.02
6.56
6. 40
6.75

5.71
6.03
6.66
7.56
7.44
6. 93
8.06
10. 13
10. 74
10.08
9.71
10.29
10.74
10.32
10. 81
10.66
11.22

17.00
18.71
20.55
20. 14
22. 28
25.80
29.48
32.56
32.77
32.35
33. 24
33.33
31. 52
34. 35
33.29

32. 16
31. 74

Commercial
and 2
other

Manufacturing

20.07
21. 40
22.05
20.60
20.99
22.97
25.71
29.35
32.26
27.73
28. 51
29.66
30.72
30.86
31.80
54. 87
54- 60

35.21
47.57
52.49
48.24
51.05
66.73
72.44
87.30

28.60
38. 13
45.74
34.50
29. 66
32.54
34.93
21.70

21.98
19.56
20.87
24.71
25. 52
23.21

3.27
5.75
8.00
4. 13
12.20
13. 43

Communication
11.89
12.85
13. 96
12.74
13. 30
15.45
18. 16
20.56
22.11
18.75
20.29
20.41
22.71
22.48
22.65

Public
utilities

* Includes trade, service, construction, finance, and insurance.
» Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late July and August
1980. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Seasonally adjusted employment rose 201,000 in September while unemployment fell 192,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

110

110

1972
*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Period

Noninstitutional
population

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]
Unemployment
Civilian employment
Total
labor
N onagricultural
15
Civilian Unemforce Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ment
ing
force
Total for
nomic 1
over
tural
Armed
reasons
Forces)
2,709
937
5,076
85, 935 5, 076 93, 240 91, Oil 85, 935 3,492 82, 443
3,490
7,830 2,483
84, 783 7, 830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7, 288 2,339
87, 485 7, 288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6, 855 1,911
90, 546 6, 855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031
3,281
5,963 1,202
96, 945 5, 963 104, 996 102, 908 96, 945 3,297 93, 648

1974
1975
1976
1977
1978* .
1979

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

1979: Sept.
Oct..
Nov_
Dee.

164,
164,
164,
164,

106
468
682
898

97, 576
98, 158
97, 943
98, 047

5,798
5, 781
5,776
5,836

105, 586
105, 688
105,744
106, 088

103,
103,
103,
103,

1980: Jan__
Feb._
Mar__
Apr__
May _
June.
July _
Aug__
Sept..

165,
165,
165,
165,
165,
166,
166,
166,
166,

101
298
506
693
886
105
391
578
789

96,
96,
96,
96,
96.
97,
98,
98,
97,

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

106,
106,
106,
106,
107,
106,
107,
107,
107,

104, 229,
104, 260
104, 094
104, 419
105, 142
104, 542
105, 203
105, 025
105, 034

310
346
184
511
230
634
302
139
155

494
595
652
999

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




~__4.H 2
centj
*
n

61. 8
61. 8
62. 1
62. 8
63.7
64.2

Seasonally adjusted

Unadjusted

145
264
546
566
709
776
587
115
256

Labor
force
participation
rate
fnpF—
vpci

504
474
608
912

3,364
3,294
3,385
3,359

94,
94,
94,
94,

140
180
223
553

3, 167
3,315
3,392
3,519

5,990
6, 121
6, 044
6,087

1, 152
1, 195
1, 191
1,230

64. 3
64. 3
64.2
64.3

97, 804
97, 953
97, 656
97, 154
96, 988
96, 537
96, 996
97, 006
97, 207

3,270
3,326
3,358
3,242
3,379
3,191
3,257
3, 180
3,442

94, 534
94, 626
94, 298
93, 912
93, 609
93, 346
93, 739
93, 826
93, 765

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

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

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

64.4
64.3
64.2
64.3
64.6
64.2
64.5
64.3
64.2

97,
97,
97,
97,

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

PERCENT* (SEASONALLY ADJUSTED)

1980
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
By selected groups
By race

Total
(all
civilian
workers)

Men
20
years
and
over

5.6
8.5
7.7
7.0
6.0
5.8

3.8
6.7
5.9
5.2
4.2
4. 1

1979: Sept
Oct .
Nov .
Dec

5.8
5.9
5.8
5.9

1980: Jan _
Feb
MarApr May
June
July

6.2
6.0
6.2
7.0
7.8
7.7
7.8
7.6
7.5

Period

1974
1975
1976
1977
1978
1979

_

** J

AUK
Sept.—

—

.- -

Women
20
years
and
over

Both
sexes
16-19
years

White

5.5
8.0
7.4
7.0
6.0
5.7

16.0
19.9
19. 0
17.7
16.3
16. 1

5.0
7.8
7.0
6.2
5.2
5. 1

9.9
13.9
13.1
13.1
11.9
11.3

5.3
8.2
7.3
6.6
5.6
5.4

3.3
5.8
5. 1
4.5
3.7
3.6

5.1
8. 1
7.3
6.5
5.5
5.3

8.6
10.3
10. 1
9.8
9.0
8.7

6.1
9. 1
8.3
7.6
6.5
6.3

4.2
4.2
4.3
4.2

5.5
5.7
5.6
5.7

16.2
16.4
15.9
16.0

5. 1
5. 1
5. 1
5. 1

10.8
11.5
10.9
11.3

5.5
5.6
5.5
5.5

3.7
3.8
3.8
3.7

5.3
5.4
5.4
5.4

8.4
8.9
8.3
8.5

6.2
6.4
6.4
6.4

4.7
4.6
4.9
5.9
6.6
6.7
6.7
6.6
6.7

5.8
5.7
5.7
6.3
6.6
6.5
6.7
6.5
6. 1

16.3
16.5
15.9
16.2
19.2
18.5
19. 0
19. 1
17.5

5.4
5.3
5.4
6.2
6.9
6.8
6.9
6.8
6.5

11.8
11. 5
11.8
12.6
13.9
13.6
14. 2
13.6
14. 2

5.8
5.7
5.9
6.7
7.6
7.4
7.5
7.4
7.2

4.2
4.0
4.3
4.9
5.3
5.3
5.4
5.4
5.2

5.7
5.6
5.8
6.6
7.5
7.4
7.6
7.4
7.3

8.7
8.9
8.3
8. 9
9.3
8.8
8.7
8.6
8.6

6.7
6.6
6.8
7.5
8.8
8.3
8.5
8.3
8.2

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

12



ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers

Labor
force
time
lost
(per-l
cent)

Parttime
workers

Source: Department of Labor, Bureau of Labor Statistics.

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

PERCENT DISTRIBUTION*

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLOYMENT
60

60

40

40

REENTRANTS

20

- 15-26 WEEKS

20

NEW ENTRANTS

JOB LEAVERS
27 WEEKS
AND OVER
1977

1976

1979

1978

1980

1977

1976

1978

1979

1980

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Monthly data seasonally adjusted, except as noted]
Percecit distrib ution of unem1
pl oyment 1 uy reasori
TT

Period

pi°yment

(thousands)

Job
losers

7,830
7,288
6,855
6,047
5,963
5,990
6,121
6,044
6,087
6,425
6,307
6,438
7,265
8, 154
8,006
8,207
8,019
7,827

55.4
49.8
45. 2
41. 5
42.8
43.7
44.5
45.4
44.3
46. 9
45.9
47.3
49.8
52.5
56.3
55.5
54. 4
56. 0

Job
Reenleavers trants

New
entrants

State pi ograms Insured
unemployment,
all
Insured
27
weeks unem- Initial regular
pro- 2
and
ploy- claims grams
over
ment
(unadjusted)

Percen t distrib ution of unemplo yment b;y duratic n 1
Less
than 5
weeks

5-14
weeks

15-26
weeks

Special
unemployment
benefit
claims s
(unadjusted)

Weejkly avei age, thoussands

1975
1976
1977
1978
1979
1979: Sept..
Oct...
Nov..
Dee...
1980: Jan.__
Feb...
Mar..
Apr_._
May..
June. .
July_.
Aug..
Sept..
1
2

10. 4
12.2
13.0
14.1
14.3
13.7
13.6
14. 1
13. 0
12.2
12. 8
12.2
12.8
12. 1
10.9
10.4
11.2
10. 5

23.8
26.0
28. 1
30.0
-29. 5
29.2
28.7
28.3
28.8
28.2
28.2
28.0
27. 1
24.6
22.2
22.7
23. 6
22. 7

10.4
12. 1
13.7
14,3
13.4
13.3
13. 1
12.3
13.9
12.7
13. 1
12.5
10. 3
10.8
10.5
11.3
10.8
10. 7

37.0
38. 3
41.7
46.2
48. 1
46.6
48.3
48.8
47.7
49.6
47. 1
45.9
45. 1
46.7
41. 6
42. 2
41. 2
37.4

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




31.3
29.6
30.5
31.0
31.7
34. 1
32.1
31.3
32.2
29.7
32. 7
33.2
32.6
32.5
36.4
33.8
31.3
33. 1

16.5
13.8
13. 1
12.3
11.5
10.8
11. 1
11.0
11. 6
12.4
12. 4
11.9
13.0
12. 2
12. 8
13.2
15.9
17. 7

15.2
18.3
14.8
10.5
8.7
8.5
8.5
8.9
8.5
8.4
7.8
9.0
9.2
8.5
9.2

10.8
11. 6
11.8

3,986
2,991
2,655
2,359
2,434
2,488
2,540
2,643
2,631
2, 729
2,685
2,857
3,204
3,717
4,009
3,880
3,778
3,802

478
386
375
346
388
394
402
405
416
414
389
455
574
642
617
530
506
494

4,937
3,846
3,308
2,645
2,592
2, 164
2,236
2,559
3,047
3,740
3,730
3,652
3,629
3,680
3,790
4, 140
3,908

1,173
1,152
572

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 187,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

22

90

80

ALL NONAGRICULTURAL
ESTABLISHMENTS

_

70
SERVICE-PRODUCING
INDUSTRIES

60 —

50
20

40 —

GOODS-PRODUCING
INDUSTRIES

30

„„.«•»"»"""""

i iiiiI i i i ii
1977

1111111
1976

20

1979

1978

1980

1976

1977

1978

* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1979

1980

COUNCIL OF ECONOMIC ADVISERS

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

Goods-producing industries
m

Period

Total
nonagricultural
employ- Total 2
ment

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

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

8,
7,
7,
8,
8,
8,

152
635
920
086
231
290

53, 471
54, 345
56, 030
58, 125
61, 113
63, 382

4,
4,
4,
4,
4,
5,

725
542
582
713
923
141

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

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

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

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

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

4,507
4,529
4,553
4,615

21,
21,
20,
20,

071
043
966
983

12,
12,
12,
12,

822
764
693
706

8, 249
8,279
8,273
8, 277

63, 729
63, 887
64, 048
64, 088

5, 185
5,203
5, 216
5,212

20, 352
20, 414
20, 479
20, 448

5,017
5,033
5,049
5,064

17, 192
17, 264
17, 308
17, 362

2,762
2, 769
2,773
2,773

13, 221
13, 204
13, 223
13, 229

4,745
4,659
4, 529
4,467
4,436
4,379
4,322
4,354
4,399

20,
20,
20,
20,
20,
20,
19,
19,
20,

971
957
938
642
286
014
828
946
003

12, 681
12, 715
12, 707
12, 442
12, 140
11,947
11,819
11, 860
11, 914

8,290
8, 242
8,231
8, 200
8, 146
8, 067
8,009
8,086
8, 089

64, 316
64, 563
64, 668
64, 830
64, 723
64, 625
64, 704
64, 795
64, 874

5,202
5, 198
5, 202
5, 178
5, 167
5, 134
5, 114
5, 124
5, 117

20, 529
20, 637
20, 610
20, 531
20, 487
20, 459
20, 506
20, 571
20, 623

5,091
5, 101
5, 115
5, 119
5, 137
5, 150
5, 167
5, 179
5, 173

17, 462
17, 540
17, 580
17, 618
17, 659
17, 652
17, 760
17, 767
17, 845

2,791
2, 826
2,886
3, 115
2,960
2,951
2,893
2,838
2, 791

13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 325

1974_
1975- _ _
1976
1977 _
1978
1979_ _

78, 265
76, 945
79, 382
82, 471
86, 697
89, 886

24, 794
22, 600
23, 352
24, 346
25, 585
26, 504

4,
3,
3,
3,
4,
4,

1979: Sept__
Oct___
Nov__
Dec___

90,
90,
90,
90,

26,
26,
26,
26,

554
554
504
590

1980: Jan___
Feb.—
Mar__
Apr___
May__
June__
July-Aug*>_
Sept *»_

91, 031
91, 186
91, 144
90, 951
90, 468
90, 047
89, 867
90, 109
90, 296

26, 715
26, 623
26, 476
26, 121
25, 745
25, 422
25, 163
25, 314
25, 422

283
441
552
678

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

Construction
020
525
576
851
229
483

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

14



are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

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

Average weekly hours
Period

Total
private
nonagricultural l

Manufacturing
Total

Adjusted hourly earnings index2 —total private
nonagricultural

Overtime

Total
private
nonagricultural *

Manufacturing

Percent change from
a year earlier 4

Index, 1967 = 100

1967
dollars 3

Current
dollars

Current
dollars

1967
dollars

36.9
37.0
36.9
36.5
36. 1
36. 1
36. 0
35.8
35.6

39. 9
40. 5
40.7
40.0
39. 5
40. 1
40.3
40.4
40.2

2. 9
3. 5
3.8
3.3
2. 6
3. 1
3.5
3.6
3.3

$3. 45
3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16

$3.57
3. 82
4.09
4.42
4.83
5.22
5.68
6. 17
6.69

129.2
137. 5
146.0
157. 5
170. 6
183.0
196.8
212.9
229.8

106. 5
109.7
109.7
106.7
105. 9
107.3
108.4
109.0
105.6

7.0
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9

2.6
3.0
0
-2.7
-.7
1.3
1. 0
.6
-3.1

1979: Sept
Oct
Nov
Dec . _ _

35. 6
35.6
35.6
35.7

40. 1
40. 1
40. 1
40. 2

3.2
3.2
3.3
3.2

6. 26
6.28
6.34
0. 39

6.79
6. 82
6.87
6. 91

234.3
235.0
237.3
239.4

104.9
104.2
104.1
103.8

8.2
7.7
8.2
8.3

-3.7
-4.2
-4. 1
-4.5

1980: Jan
_ _
Feb .
Mar
Apr
May June
u.1j
July
Aug v
SeDt 9 .

35.6
35.5
35.4
35.3
35. 1
35.0
34.9
35. 1
35.2

40.3
40. 1
39.8
39.8
39.3
39.1
39. 0
39. 4
39.5

3.2
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7

6.41
6.45
6.51
6. 54
6. 57
6.62
6.67
6.71
6. 74

6.93
6.99
7.06
7. 11
7. 15
7.22
7.30
7.36
7.40

240. 3
242.4
245.2
246.2
248. 3
250.9
252. 1
253. 6
254.5

102.7
102.2
102.0
101.4
101.4
101.5
102. 0
101.9
101. 2

7.9
8.2
8.9
8.6
9. 1
9.4
9.0
9.2
8.6

-5.3
-5.2
-5.0
-5.2
-4.6
-4.2
-3.4
-3. 1
-3.5

1971
1972
1973
1974
1975
1976
1977
1978
1979

- -_
- --- _

.

- _

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

Period

Current
dollars

1971
__
1972
1973
1974 . _
1975
1976
1977_
1978
1979
1979: Sept.
Oct__
Nov
Dec
1980: Jan__
Feb__
Mar
Apr _
May
June
July
Aug *'__
Sept *__

__
_

1
2

_

$127. 31
136. 90
145. 39
154.76
163. 53
175. 45
189. 00
203. 70
219. 30
222. 86
223.^57
225. 70
228. 12
228. 20
228. 98
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
237. 25

1967
dollars 3
$104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
100. 73
99. 76
99. 10
99.03
98.88
97.52
96.53
95.82
95. 08
94.16
93.77
94. 17
94.62
94. 33

$142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
272. 28
273. 48
275. 49
277. 78
'279. 28
280. 30
280. 99
282. 98
281. 00
282. 30
284. 70
289. 98
292. 30




$211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
352. 13
345. 92
350. 76
355. 26
352. 86
357. 64
356. 85
359. 29
361. 74
366. 92
365. 79
366. 10
375. 12

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

Current dollars

Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment "shifts and for overtime in manufacturing.
s
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and ciericai workers used beginning 1978.
8-896 0 - 8 0 - 3

Wholesale
and retail
trade

$101. 09
106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 64
164. 96
167. 24
167. 89
169. 52
170. 50
172. 13
172. 04
173. 45
172. 16
173. 98
173. 86
174. 90
177. 19
177. 51

6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.9
6.9
7.2
7.4
6.9
6.8
6.6
8.2
6.5
6. 4
5.7
6.4
6. 0

1967
dollars
1,9
4. 1
—.0
-4. 1
3 2
1.4
1.2
.2
-3.4
-3.9
-4.9
-4.9
-5.3
-6.2
-6.5
-7.0
-5.6
-6'. 9
-6.9
-6.5
-5. 5
-5.9

* 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
Hours of 2all
persons

Output *

Output per hour
of ail persons

Compensation
per hour 3

Unit labor
costs

Implicit price
deflator 4

NonPriNonPriNonPriNonNonNonPrivate
Private
Private
farm
vate
farm
farm
vate
farm
farm
vate
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

Period

1967=100; quarterly data seasonally adjusted

1967
1968
1969

100.0
105. 1
108.3

100.0
105.3
108.5

100.0
101.7
104.5

100.0
102.0
105.4

100.0
103.3
103.6

100.0
103.2
103.0

100.0
107.6
115.0

100. 0
107.4
114.2

100. 0
104. 1
111. 0

100.0
104.0
110.9

100.0
103.9
108.8

100.0
104.0
108.7

1970
1971
1972
1973
1974

107.3
110.3
117.5
124.4
121.4

107.4
110.2
117.8
124.9
121.8

102.8
102.3
105.4
109.5
110.2

104.0
103.6
107.0
111.5
112.2

104.4
107.8
111.5
113.6
110.2

103.2
106.4
110.1
112.0
108.6

123.3
131.6
139.8
151.3
165.2

121.9
130. 1
138.4
149.2
163.0

118.2
122.0
125.4
133.2
149.8

118. 1
122. 3
125.7
133.2
150. 1

113. 9
118. 9
123.2
130. 3
143. 1

114.0
119.2
122.9
127.9
141.4

1975
1976 1977
1978
1979 . _ „ _ —

118.7
126. 4
133.8
140.7
144.1

118.8
126.9
134.3
141.5
144.9

105.4
108.4
112. 7
118.0
121. 8

107.2
110.8
115.4
121.0
125. 3

112.6
116.6
118.7
119.3
118.3

110.7
114.6
116.4
116.9
115.7

181.7
197.6
213.3
231.4
253. 1

179.3
194.2
209.6
227.5
247.9

161.3
169.5
179.7
194. 0
214.0

161.9
169.5
180. 1
194. 6
214.4

157.5
165.5
174.8
187.2
203.8

156.4
164.8
174.5
186. 1
202.1

1979: I II
III
IV

144.4
143.4
143.8
144.8

145.5
144.2
144.6
145.5

121.5
121.3
122.0
123. 0

124.8
124.9
125.7
126.2

118.9
118.3
117.8
117.7

116.6
115.4
115.0
115.2

244.8
250.4
255.7
260.3

240. 2
244.9
249.9
255.6

205.9
211.7
217.0
221.1

206.0
212. 1
217.3
221.8

197.2
202.0
206. 1
209.7

195. 1
200.3
204.7
208.4

1980: I
II
III »___

144.8
140. 3
140. 4

145.6
140.9
141.3

123. 1
120.0
119.7

126.7
123.8
123.3

117.7
116.8
117.3

114. 9
113.8
114. 6

267.6
275.3
280.8

262. 2
269. 0
274.4

227. 5
235.6
239.5

228.2
236.3
239.6

214. 5
220.6
226. 0

213.7
220.4
225.2

Percent change; quarterly data at seasonally adjusted annual rates
2.0
5. 1
3.0

1.9
5.3
3.0

-0.0
1.7
2.7

0.3
2.0
3.3

2.0
3.3
.2

1.6
3.2
-.2

5.3
7.6
6.9

5.4
7.4
6.4

3.3
4. 1
6. 6

3.8
4.0
6.7

2.9
3.9
47

3.3
4.0
4.5

2. 8
6.6
5.9
-2.4

-1. 1
2.6
6.9
6.0
-2.5

-1.6
-.5
3. 1
3.9
.6

-1.3
"™"» 4
3.2
4.2
.6

.7
3.3
3.4
1.9
-3.0

.2
3.0
3.6
1.7
3. 1

'7.2
6.7
6.2
8.2
9.2

6.8
6.7
6.4
7.8
9.2

6.4
3.3
2.8
6.2
12.5

6.5
3.5
2.7
6.0
12.7

4.7
4.4
3.6
5.8
9.8

4.9
4.5
3. 1
4. 1
10. 5

1975
1976 .
1977
1978
1979

-2.3
6.5
5.8
5.2
2.4

-2.5
6.9
5.8
5.4
2.4

-4.3
2.9
3.9
4.7
3.3

-4.4
3.3
4.2
4.9
3.5

2.1
3.5
1.8
.5
-.8

2.0
3.5
1.5
.5
-1.1

10.0
8.8
8.0
8.5
9.4

10.0
8.3
7.9
8.6
9.0

7.7
5.0
6.0
8.0
10.3

7.9
4.7
6.3
8.0
10.2

10. 1
5.0
5.6
7.1
8.9

10.6
5.4
5.9
6.6
8.6

1979: I
II
III
IV

1.2
-2.9
1. 1
2.8

1.2
-3.6
1.2
2.5

4.5
-.9
2.5
3.1

4.7
.4
2.7
1.7

-3.3
-3.9
-1.5
.8

11.0
9.5
8.7
7.5

10.2
8. 1
8.5
9.5

14.6
11.8
10.3
7.8

14.0
12.5
10. 1
8.6

9.3
10.1
8.3
7.2

8.1
11.0
9.0
7.4

.2
1980: I
II
-12.0
.3
III *__.

.2
-12.3
1. 1

.5
-9.6
-1. 1

1.3
-8.9
-1.4

-3. 1
-2.0
-1.4
-.3
g
-2! 7
1.4

- 1. 1
-3. 7
2.6

11.7
12.0
8.3

10.7
10.8
8.4

12. 1
15. 1
6.8

12.0
15. 0
5.7

9.4
11.9
10.0

10.6
13. 2
8.9

1967. _
1968
1969-;

1970
1971
1972
J973
1974

....
-

....

—
•-•__

g

1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
s 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.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.

16



NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 1 percent in September, following a % percent rise in August. From January to July output
had fallen nearly 81A percent.
INDEX, 1967=100* (RATIO SCALE)

INDEX, 1967=100*

160 -TOTAL INDUSTRIAL PRODUCTION-

180

1 ITU ITIF^

160

140

(RATIO SCALE)

AND MINING PRODUPTIOK1

\^~"

-—'

[^

^V-^^

\
UTILITIES

140

120
*
/

120

100
1976

180

1977

MANUFACTURING

^

1ii | i I 111n
1978

1979

_ . ^**

j,

i

\

~-- %,.

*•*

^x

* MINING

1980

PRODUCTION

100

1 II II i ! II 1 1

1976

i i t l l 1 I i iM l 1 1 l i I 1 l l i l M M . ! , , , , , i i i i i I i i i i i
1977
1978
1979
1
1980

NONDURABLE

160

PERCENT* (RATIO SCALE)
100

140

MANUFACTURING CAPACITY UTILIZATION RATE

90

120

70

100
1980

1976
* SEASONALLY

1976

1980

ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1.967 "DTOTDOTtion
1973
1974
1975
1976_._
1977
1978
1979 _ .

Total industrial
production
Percent
Index,
1967= change
from
100
year
earlier
100 00
129.8
8.4
129.3
—. 4
117.3
-8.9
130.5
10. 8
138.2
5.9
5.7
146. 1
152. 5
4.4

COUNCIL OF ECONOMIC ADVISERS

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

Capacity utilization rate, percent *
Manufacturing
Materials
(Federal
ComWharReserve Federal
ton
series) Reserve merce2
series
series
series 3

Total

Durable

Nondurable

Mining

Utilities

87. 95
129. 8
129.4
116.3
130.3
138.4
146.8
153.6

51. 98
127. 1
125. 7
109.3
122.3
130. 0
139. 7
146.4

35. 97
133.8
134. 6
126.4
141. 8
150. 5
156. 9
164.0

6.86
114.7
115. 3
112.8
114.2
118.2
124.0
125.5

5. 69
145. 4
143.7
146. 0
151. 7
156.5
161.4
166.0

91.8
87. 1
73.4
81. 1
82.7
85.6
87.4

87. 6
83.8
72.9
79.5
81. 9
84.4
85. 7

86
83
77
81
83
84
83

92.9
90.2
79. 4
85. 5
88. 1
90.9
92. 7

82

92.3

81

91.8

80

91.3

76

87.4

1979: Sept
Oct
Nov
Dec

152. 7
152.7
152.3
152.5

2.8
2. 0
1. 1
.5

153.9
153. 7
153. 3
153.2

145.9
146.0
145. 2
144.8

165. 4
164.8
165.0
165. 3

126. 0
127.8
129.9
131. 4

165.
165.
167.
166.

4
7
2
9

86.8
86. 6
86.2
86. 1

85. 2
84.8
84.4
84. 1

1980* Jan
Feb
Mar
Apr
IVTflv
June
Julv
Auer v
Sept*___ _ _

152. 7
152.6
152. 1
148.3
144. 0
141.5
140. 1
141. 0
142.4

.5
.1
-.9
-1. 9
-5. 7
-7.5
-8.4
-7.3
-6.7

153. 4
153.0
152. 1
147. 9
143. 4
140. 3
138.7
139. 8
141. 3

144. 7
144. 1
143. 4
138. 4
133.3
129.9
128.0
128.9
130.8

166.0
165.9
164.7
161. 6
158.0
155.3
154.2
155. 5
156.3

133.5
132. 9
133.0
133. 1
133.4
132.9
130.6
131.0
131.8

164. 8
167. 1
172. 0
169. 1
167. 7
169.3
171. 9
171.9
171. 3

86. 1
85.6
84.7
82. 1
78.3
75. 7
73. 6
74.2
74.9

83.9
83.5
82.8
80.3
77.6
75.7
74.7
75. 0
75. 6

i Output as percent of capacity.
' Annual data are averages of four monthly indexes.
3 Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.




Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]

Products
Final Products
Equipment

Consumer goods

Period

Total

NonDurable durable
goods
goods
19. 79
7.89
110. 1
106. 1
113. 1
118. 8
120.6
133.8
146.2
125.6
126.3
135. 3
125. 1
121.4
135.2
141. 9
154. 0
141.9
145. 1
159.2
148. 8
155.8
152.4
149. 0
148.8
153. 1
149.0
149.6
149.3
146. 7
142. 3
150.1
144. 5
150. 0
150.3
144. 1
148.8
136.3
147.7
128.8
147.6
128. 2
147.2
128. 1
147.5
127.8
147.7
131.9

Total
1967 proportion
_
1970
__1971
.
1972
1973 .
1974
1975.
1976
1977 1978 _.. . _ _1979
_ _ _ _
1979: Sept
Oct
_ —
Nov.Dec
1980: Jan
Feb
Mar_
Apr
May
June
_ • __ _- _Julv
W
14AJ _
__
p

Aug
Sept v

_„

47.52
105. 3
106.3
115.7
124.4
125.1
118.2
127.6
135.9
142.2
147.2
147.3
147. 3
147. 1
147.2
147. 0
147.7
147.7
145.4
143. 1
142. 3
142. 1
142.3
143.2

27. 68

109.0
114.7
124.4
131. 5
128.9
124.0
137. 1
145.3
149. 1
150.8
150.0
150. 0
149. 1
148.6
147.9
148. 4
148.6
145. 3
142.4
142. 1
141. 8
141.9
143. 2

Intermediate
products

Total

Business

Total

20. 14
100.1
94.7
103.8
114.5
120.0
110.2
114. 6
123.0
132.8
142. 2
143. 7
143. 6
144.2
145. 2
145.8
146. 6
146.6
145.6
144. 0
142. 6
142.6
142. 9
143.3

12.63
107.0
104. 1
118.0
134. 2
142.4
128. 2
135.4
147.8
160.3
171.3
173.4
172.3
172.6
174. 1
174. 9
176.0
176. 1
174.2
171.9
169.8
169.6
169.9
169.8

12.89
112.9
116. 7
126.5
137.2
135.3
123. 1
137. 2
145. 1
154. 1
160.5
160.6
160. 6
160.2
159.6
160.8
159. 2
158.3
150.8
146.2
143. 5
144. 1
145.8
147.8

Construction
supplies
6.42
111.0
116.8
128.4
139.8
134.5
116.3
132.6
140.6
151.7
158.0
157.8
157.9
157. 4
155.7
156.4
153.8
152.3
139.4
133.0
128.5
128.0
130. 3
132.9

Materials

89, 29

109.2
111. 3
122.3
133.9
132. 4
115.5
131. 7
138.6
148.3
156.4
156.6
156. 6
156.2
156.6
157.0
156. 5
155.3
151.0
144.3
140.0
136. 3
137.9
139.5

Supplementary
group:
Energy
total
12. 2S
117.0
119.5
125.2
128.3
125. 5
125.5
129. 1
132. 9
135.4
137.9
136. 6
136.9
138.3
138.4
138. 6
139.4
139.6
139. 1
137.9
138.4
139.2
138.7
138.3

[1967=100, seasonally adjusted]
Nondurable manufactures

Durable manufactures
Primary metals

Period
Total

1967 proportion
1970...
1971
1972.
1973
1974
1975
1976
1977
1978
1979
_
1979: Sept_ _
Oct
Nov__
Dec
1980: Jan__
_
Feb
Mar
,_
Apr
May
June,... __
July
Aug *>_ ..
Sept f -

6.57
106.6
100. 2
112. 1
126.7
123. 1
_ .
96.4
109.7
111. 1
119.9
121.3
122. 1
118.4
117. 1
115.3
_ __ 116.4
111. 9
113.7
106.4
96. 1
90.4
81.3
_ _ _ 85. 1
90. 5
__..

Iron
and
steel

4.21
104.7
96. 1
107. 1
122. 3
119.8
95.8
104. 8
103.8
113. 2
113. 2
115. 0
108.8
108. 1
106. 6
107.2
103.4
105.9
97.4
84.4
75.4
68. 1
75.4

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

5. 98
102.4
103.5
112. 1
124.7
124.2
109.9
123.9
131. 0
141. 6
148.5
146.5
147. 5
146.9
146. 2
145. 0
145.7
145. 5
141.4
133. 2
126. 1
123. 0
125.3
126.9

9. 15
104.4
100.2
116.0
133.7
140. 1
125. 1
134.5
143.6
153. 6
163.7
165.2
162.9
162.9
163.0
167. 1
167. 0
166. 5
163. 2
162. 1
158. 3
157. 6
157.6
156.9

8.05
108. 1
107.7
122.2
143. 1
143. 8
116.5
134. 8
145.4
159.4
175.0
176.7
177. 3
179.5
181.6
181.7
179. 2
179. 2
177.0
171.4
166. 6
165.0
166.9
166.8

Source: Board of Governors of the Federal Keserve System.

18



Transportation
equipment
Total

Motor
vehicles
and
parts

9.27
89.5
97.9
108.2
118.3
108.7
97.4
111. 1
122. 2
132. 5
135.4
131.8
133.3
128.3
127.3
122. 1
125.7
123. 8
115. 1
109. 8
110.0
110. 8
108.9
113.2

4.50
92. 3
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169.9
159. 9
150. 3
150. 1
139.3
137. 1
126. 2
133. 9
130. 1
114. 7
105.9
106.7
107.8
103.9
113.4

Lumber
and
products

Apparel
products

Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts

1.64
105.6
113.8
120.8
126.0
116. 2
107.6
123. 2
131.2
136. 3
136.9
138. 6
138.7
135.9
132.4
131. 6
130.2
125. 3
105.2
104.5
109.7
112. 0
113.7

3. 31
101.4
104. 7
109.4
117.3
114. 3
107.6
125.7
134.2
134.2
134.4
135.7
131. 5
133.5
131. 1
131. 5
133.8
136. 1
131. 3
128.6
127.2
121.5

4.72 . 7.74
107.0 120.4
107. 1 125. 9
112. 7 143.6
118.2 154. 5
118.2 159.4
113.3 147.2
122.5 170.9
127. 6 185. 7
131. 5 197.4
136.9 211.8
137.2 212.8
137.2 212.9
136. 2 215. 3
137.8 216.8
138.9 218. 0
139.9 217.4
139. 2 213.6
136.5 209. 1
135. 5 199.2
135.4 191. 1
138. 1 190.2
139. 0 194.0
139 2

8.75
108.9
112.8
116.8
120.9
124.0
123.4
133.0
138.8
142. 7
147.5
148. 1
147.7
147.9
148. 4
148. 5
149.0
149.3
147.8
149.5
149. 0
148.3
147. S

NEW CONSTRUCTION
Construction contracts1

Private
Total new
construction
expenditures

Period

Residential
Total

Commercial and
industrial

New

Total l

housing
units

Federal,
State,
Other

and

local

CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)

Billions of dollars
1973
1974___
1975
1976
—
1977—
1978
1979. .

__

137.9
138.5
134. 5
151. 1
174.0
205. 5
229. 0

105.4
100.2
93.7
111.9
135.8
159.6
179.9

59.7
50.4
46.5
60.5
81.0
93.4
99.0

50. 1
40.6
34.4
47.3
65.7
75.8
78.6

21.7
23.8
20.8
19.9
22.5
29.6
39.9

24.0
25.9
26.4
31.5
32.4
36.6
41.0

32.5
38.3
40.9
39. 1
38.2
45.9
49.0

Seasonally
adjusted

Seasonally adjusted annual rates

231.6

1979: Aug
Sept_
Oct
Nov
Dec
1980: Jan.
Feb
Mar
Apr
May
June
July v
Aug v
Pept *

235.3
239.9
239.4

244. 0
259. 6

248.8

237. 1
225.8

218.9
215. 0
214.2
212.9

182.0
184.3
187.3
187.4
191.2
198. 1
191.7
180.6
171.5
164.8
161.3
158.9
160.9

79.3
80. 4
79.9
79.0
78.5
80.7
75. 1
68.4
60.7
55.2
51.9
52.2
55. 7

98.9
100.4
101.5
101. 8
102. 1
105.8
101.5
94.0
83.5
77.0
73.4
75.0
79.4

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

40. 3
41. 1
42.9
43. 5
45.3
47.4
46.4
43.8
44.5
44. 3
44.6
41.3
39.3

109.2
103.0
101.9
121. 0
153.6
174. 1
185.6

42. 8
42.9
42.9
42.0
43.8
44.9
43.8
42.8
43.5
43.5
43.4
42.6
42.2

49.6
50. 9
52.6
52.0
52. 9
61.5
57.0
56.5
54.3
54.1
53.7
55.3
52. 0

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

1,010
840
555
592
739
977
1,050
Seasonally
adjusted
annual
rates
1,006
1,106
1,118
1,010
969
1,253
1, 026
994
875
753
854
867
792
797

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

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

New private homes

New private housing units
Units started, by type of structure

Period

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

__

Total

1 unit

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

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

2-4
units

141.3
118.3
68. 1
64. 0
85.9
121.7
125.0
122.0

5 or more
units
906. 2
795.0
381. 6
204.3
289.2
414.4
462.0
429.0

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

Units
completed

Homes
sold

Homes for
sale at
end of x
period

Vacancy
rate for
rental
housing
units
(percent)2

2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8

718
634
519
549
646
819
817
709

409
418
346
313
353
402
414
3
398

5.6
5.8
6.2
6.0
5.6
5.2
5.0
5.3

1,963
1,819
1,831
1,880
1,787
1,832
1,669
1,897
1,536
1,469
1,498
1,404

716
674
617
571
584
548
458
345
458
538
655
623

412
407
399
398
396
384
377
364
351
342
335
331

5.4

Seasonally adjusted annual rates
1979: Sept .
Oct
Nov ...
Dec
1980: Jan
Feb
Mar
Apr
May
Junev
July
Aug p
Sept »

.

1
Seasonally adjusted.
2
Quarterly data entered
8

1,874
1,710
1,522
1, 548
1,419
1,330
1,041
1,030
906
1, 223
1, 265
1,416
1,544

1,237
1,139
980
1,055
1,002
786
617
628
628
757
869
1,000
1,050

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




123
129
114
110
127
101
91
100
80
75
80
139
129

514
442
428
383
290
443
333
302
198
391
316
277
365

1,695
1,478
1,287
1,247
1,271
1, 168
968
789
825
1,078
1,236
1,361
1,561

5.2
5.0
5.4
5.5

NOTE.—Units authorized beginning 1978 relate to 10,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 1 percent in August while inventories rose $1% billion. According to the advance survey, retail
sales rose 1% percent in September following increases of 1/2 percent in August and 3 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
600

BILLIONS OF DOLLARS* (RATIO SCALE)
140
130

550

120

500

110

TOTAL BUSINESS
INVENTORIES

450

RETAIL INVENTORIES
100

400

90

350

80

300

70

RETAIL SALES
\ *»"*

60

250 —

'

TOTAL BUSINESS
SALES

50

200

40
RATIO*

1976

1977

1979

1978

1980

150

100
1976

1977

1978

1979

1980

1980

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total business l
Period

Sales

2

Retail

Wholesale

\
Inven-3 Sales 2 Inven-3
tories
tories

Sales

2

Inventories

NonDurable durable
goods goods
stores stores

Total

Total

3

Inventory-4sales
ratio

NonDurable durable
goods goods
stores stores

Total
business l

30, 841
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
54,305
54,680
55,892
55,968
55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58, 123
59, 255
58, 996

1.50
1.43
1.47
1. 58
1.48
1. 44
1.41
1.41
1.42
1. 41
1. 42
1.43
1.41
1.38
1.40
1.44
1.51
1. 52
1.52
1.48
1. 47

Retail

Millions of dollars, seasonally adjusted
1972
130, 049 203, 161 29, 584 39, 786 37, 422
1973
152, 237 234, 162 36, 822 46, 254 42, 461
1974
175, 741 285, 518 45, 836 56, 537 45, 083
1975
180, 263 285, 035 44, 633 55, 113 49, 013
1976
202, 001 310, 736 48, 408 61, 307 54, 784
1977
224, 786 337, 432 53, 509 67, 998 60, 435
1978
254, 297 380, 643 62, 842 80, 771 66, 741
1979. . _
288, 388 426, 796 73, 551 89, 676 73, 837
1979: Aug
293, 167 417, 130 75, 588 88, 280 74, 871
Sept
296, 662 418, 461 76, 382 88, 372 76, 666
Get
298, 452 422, 710 77, 322 88, 819 75, 583
Nov ..
298, 950 425, 952 78, 203 89, 086 76, 421
Dec..
__ _ 302, 117 426, 796 78, 678 89, 676 77, 150
1980: Jan.
312, 458 431, 420 80, 906 90, 690 79, 464
Feb____
310, 181 435, 155 79, 299 91, 342 77, 993
Mar_>
305, 165 439, 114 78, 550 91, 497 76, 534
Apr
294, 998 445, 170 76, 391 92, 378 75,011
May__ _
292, 478 445, 801 76, 376 92, 562 74, 587
June_
294, 203 447, 031 76, 629 93, 633 76, 001
July___
303, 905 449, 510 80, 189 94, 619 78, 287
Aug p
307, 178 451, 347 82, 192 96, 585 78, 761
Sept *
80, 021
1
2 The term "business" also includes manufacturing
Monthly average for year and total for month.
3

(see page 21).

Book value, end of period, seasonally adjusted.
J For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.

20



12, 369
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
26, 137
27, 048
25, 656
25, 679
25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 212
25, 076
24, 862
25, 398

25, 054
28, 052
30, 965
33, 766
36, 633
39, 711
43, 283
48, 158
48, 734
49, 618
49, 927
50, 742
51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 789
53, 211
53, 899
54, 623

55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 538 50, 100
108, 862 53, 087
110,181 55, 876
108,748 54, 068
110,415 54, 523
110,383 54, 415
108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110,252 52, 490
109, 837 51, 792
109, 768 51, 645
110, 786 51, 531
111, 245 52, 249

1.40
1.40
1.48
1. 44
1.38
1.39
1.43
1.45
1.47
1.42
1. 46
1.44
1.41
1. 36
1.39
1.43
1.47
1.47
1. 44
1.42
1. 41

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' shipments rose in August, while inventories and new orders fell. According to advance data, durable
goods shipments and new orders rose in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
180
160 - SHIPMENTS
TOTAL
^
140
—^ V "*"
_Ji^-i
120
100

r^x^x-

1

^

^x*1

r* "

DURABLE GO DOS
\

80

60

-

-

^- -

BILLIONS OF DOLLARS * (RATIO SCALE)
280
240 ^INVENT ORES
s-^
TOTAL
_^^H
200
\~~*~~~~~~~~"
—
-—— -—
160
.--

120

:

-

NONDURA 5LE GOODS

40

-

-'--"

-

\
DURABLE GC ODS

100

-

— •--*"""*'""Cl. :

-

-

80

-

"\

.•-•««••—•

""

—

-

60
1 1 1 1 1

NONDUR/ ^BLE GOODS

-

i ii ii Iiii ii i i ii i i iiii

Mill

-

40

I8U
160

-NEW OFDrjppc
<ULK

~

140

TOTAL

^-^s^

f^\s~^~~*'

""^V^y-

-

120

-

^—-^

100

^\

s—

DURABLE C OODS

\

80

RAT o*
2.2

1 1 M I I M 1 1 I

M I M I I I I I I

1977

i i i i i I i i i ii

1 1 M 1I ! 1 1 II

1979

1980

1978

INVENTORY-SHIPMENTS RATIO

2.0

^N-^_^x'

~V/, _

-

/

^/S

,s

60

-

1 1I 1 1 1I M 11
1976

/" *--s~~
-/•—•**
,—•*'
s-

.y^'"^

x-"""~V

S

.— •" •"•""T

1.8
1.6

NONDURABl E GOODS

40

^-

^\

'

^-^_^^^

1.4

_^

1 1111 I 1 11 1I

1978

1977

1976

|

1979

i i i i i Ii i i ii
1980

1.2

1 1i 1 1 1 11M I

1976

i i i i i 1 i i i i t i i i i i Ii i i ii i i i i i1 i i i i t
1977
1978
1979

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1 Manufacturers' inventories

Period

1973 __
1974_ _
1975 __
19761977
1978 _
1979

Total

72, 954
84, 821
_ 86, 617
98, 810
110,842
124, 714
141, 000

1980

2

Manufacturers7 new orders l

39, 703
44, 253
43, 678
50, 697
58, 010
66, 505
73, 981

33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019

Durable goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millions of dollars, seasonally adjusted
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
157, 915 101, 866 56, 048 87, 157 46, 740 12, 737
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 61, 061 99, 184 51, 047 12, 501
180, 224 115, 751 64, 472 112,451 59, 562 15, 084
198, 334 129, 456 68, 878 128, 488 70, 145 18, 308
228, 258 151, 689 76, 569 144, 335 77, 215 21, 643

NonDurable durable
goods
goods

ManufacNon- turers'
durable unfilled3
goods orders

Manufacfcurers'
inventory —
shipments
ratio *

33, 330
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120

159,
187,
169,
173,
193,
239,
279,

468
574
126
646
561
321
710

1. 58
1. 65
1.83
1. 66
1. 59
1.52
1.52

1979: Aug..
Sept._
Oet___
Nov__
Dec_._

142,
143,
145,
144,
146,

708
614
547
326
289

74,
74,
75,
73,
74,

363
201
544
751
191

68, 345
69, 414
70, 003
70, 574
72, 098

218, 669
221, 341
223, 476
226, 483
228, 258

144,
146,
148,
150,
151,

658
048
136
476
689

74, Oil
75, 293
75, 340
76, 007
76, 569

143, 615
147, 378
146, 610
146,996
149, 232

74, 762
77, 647
76, 521
75, 903
77, 199

21, 077
21, 578
21, 073
21, 754
22, 285

68, 854
69, 731
70, 089
71, 092
72, 033

269,
273,
274,
276,
279,

269
033
097
767
710

1.53
1. 54
1.54
1.57
1. 56

1980: Jan_._
Feb___
Mar__
Apr.__
May__
June__
July__
Aug p __
Sept»_

152,
152,
150,
143,
141,
141,
145,
146,

088
889
081
596
515
573
429
225

77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
72, 295
71, 808
75, 274

74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 417

232, 294
235, 096
238, 522
242, 540
243, 402
243. 630
244, 105
243, 517

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

043
314
127
877
607
404
875
081

78, 251
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436

155,
154,
152,
143,
138,
138,
146,
146,

81, 467
81, 021
77, 546
72,416
67, 328
66, 454
73, 979
71, 364
77, 166

23, 859
21, 480
22, 590
22, 162
19, 589
19, 954
21, 608
19, 371
20, 237

74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 782

283,211
284, 924
286, 907
286, 629
284, 033
281, 044
282, 463
282, 381

1.53
1.54
1.59
1.69
1.72
1. 72
1. 68
1.67

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




588
603
065
313
920
582
855
146

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

21

PRICES

PRODUCER PRICES

In September the producer price index for all finished goods fell 0.2 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.2 percent and prices of other finished consumer goods fell 0.1 percent. Prices of capital equipment declined 0.1 percent.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

140

120

100

100

1980

1972
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967=100; monthly data seasonally adjusted]
Finished goods
Intermediate
Crude materials
materials
Total
finFoodished
stuffs
Foods
Capi- contal sumer Total and Other Total and Other
feedfeeds *
equip- goods
stuffs
ment
119.5 116.6 118.7 118.5 118.9 127.6 127.5 128.0
123. 5 129.2 131.6 168.4 128. 1 174.0 180.0 162.5
141.0 149.3 162.9 200.2 159. 5 196. 1 189.4 208.9
162.5 163. 6 180. 0 195.3 178.6 196.9 191. 8 206. 9
173.2 169. 0 189.3 186.6 189.5 205.1 190. 1 233.6
184. 5 178.9 201.7 191.0 202.4 214.3 190. 9 258.4
199. 1 192.6 215.5 201. 0 216.4 240. 1 215. 3 286.7
216.7 215. 7 242. 8 223.2 244.0 282.2 247.2 348.3
219.5 222.2 250.7 230.4 251.9 291.4 252. 3 365.4
221.4 2248 255.0 231.2 256.5 294.5 252.6 373.7
222.9 227.9 257.3 230.5 258.9 298.4 255.2 380.2
224.8 229.9 260.2 231. 1 262.0 301.7 255.8 388.5
228.4 233.6 267.3 225. 1 269.9 299.5 246.0 400.9
230.0 237.6 272.6 237.6 274. 7 307.5 251.3 414.2
232.0 241.4 273.9 230.2 276.5 300.9 244.4 408.2
236.2 241.7 274.3 223.9 277. 4 290. 4 229.5 406.2
236. 6 242. 6 275.4 237.6 277. 7 294. 1 235. 1 406.2
238. 1 243.8 277. 1 237.7 279.5 295. 1 237.7 404.2
241.3 248.2 279.3 245. 4 281.4 313. 6 259.0 417.2
243.5 252. 7 282. 1 269. 2 282.9 331.6 282. 4 424.8
243. 2 252.3 283.7 271.6 284.4 335.8 281.4 439. 0

Finished goods excluding
consumer foods

Period

Total
fin- Conished sumer
goods foods Total

Consumer goods
NonTotal Durable durable

1972.....
117.2 121.7 115.4 113.4 113. 2 113.6
1973
. 127. 9 146.4 120.1 118.5 115.8 120.5
1974
147.5 166.9 139.3 138.6 126.3 146.8
1975
163.4 181.0 156.2 153. 1 138.2 163.0
1976, -..-___.
170.3 180.2 165.5 161.8 144.4 173.3
1977. . .
180.6 189. 1 176.2 172. 1 152. 2 185.4
1978
194.6 206. 7 188.9 183.7 165.8 195.4
1979.
216. 1 226.3 210.8 208.2 181.9 225.9
1979: Sept
221. 5 229.3 216.9 216.4 184.7 237.8
Oct
223.9 229. 1 220. 1 220.4 187.7 242.6
Nov
226.6 233.5 222.2 222. 9 189.4 245.5
Dec..
228.5 234. 1 224.6 225.5 191.6 248.4
1980: Jan _
232. 2 232.0 230.0 232.0 198. 1 255.0
Feb...
235.5 231.0 234. 6 238.6 202. 1 263.2
Mar
238.8 233.4 238.2 243.0 200.5 272.0
Apr_.
240.3 226. 9 242. 0 246.7 201. 2 277.7
May__ _ _
241.0 227. 0 243.0 248.0 201. 0 280. 2
June
242.3 228.7 244. 1 248.9 202.9 280. 3
Julyj
246.4 237.4 246.7 251.2 205.7 282.2
Aug__ _
250.2 247.9 248.4 252.6 207.3 283.4
Sept_
249.8 247. 4 !248. 1 252.3 207. 0 283.3
'Intermediate materials for food manufacturing and manufactured animal
feeds.

22




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

CONSUMER PRICES
In September, the consumer price index for all urban consumers rose 1.0 percent seasonally adjusted (0.9 percent
unadjusted). Food prices rose 1.6 percent (0.9 percent unadjusted) and nonfood commodity prices were up 1.1 percent (also 1.1 percent unadjusted). Services prices were up 0.7 percent (0.8 percent unadjusted).
INDEX, 1967 =100 I RATIO SCALE)
300

INDEX, 1967=100 (RATIO SCALE)

140

140

120

120

110

110
1972

1980

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]

Period

1972
1973
1974
1975
1976
1977
1978
1979 _

All
items

125 3
133 1
147 7
161 2
170 5
181 5
195. 4
217. 4

Food

123
141
161
175
180
192
211
234

5
4
7
4
8
2
4
5

Services

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

133 3
139 1
152 1
166 6
180 4
194 3
210 9
234 2

, commodi•HttQ

120 9
12Q Q

145
158
165
174
187
208

5
4
2
7
1
4

Food
at
home

All
123
141
161
175
180
192
211
234

5
4
7
4
8
2
4
5

121
141
162
175
179
190
210
232

6
4
4
8
5
2
2
9

Unadjusted
1979: Sept___
Oct
Nov
Dec
1980: Jan
Feb___
Mar
Apr
May
June
July___
Aug
Sept___

223.4
225.4
227.5
229.9

233. 2
236.4
239.8
242. 5
244.9
247.6
247.8
249.4
251. 7

237. 1
238.2
239. 1
241.7
243.8
244.9
247.3
249. 1
250.4
252. 0
254. 8
258.7
261. 1

201.8
203.4
205.4
207.2
210.4
213.8
216.7
218.6
220.2
221. 4
222.2
224. 2
226.6

Food
away

All

Nondurable

118 9
121 9
130 6
145 5
154 3
163 2
173 9
191 1

119 8
124 8
140 9
151 7
158 3
166 5
174 3
198. 7

133. 3
139 1
152. 1
166. 6
180 4
194. 3
210. 9
234. 2

194.2
195.7
198.4
200.3
202.5
203.5
204.0
205. 1
206.3
207.4
208.5
211.8
215. 1

208.6
210.3
212. 0
215.0
221.8
228.4
233.8
235. 1
235. 5
235.8
236.6
237. 6
238. 1

240.5
243.5
246. 1
249.5
252.9
256.8
261.6
265.6
269.8
274.7
272.5
272. 3
274.3

home

131 1
141 4
159 4

174. 3

186
200
218
242

1
3
4
9

119
123
136
149
156
165
174
195

Services

Dur-

4
5
6
1
6
1
7
1

Seasonally adjusted
240.7
243. 6
246.2
249. 3

253. 1
256.8
261.3
265.3
269.2
274. 2
272.4
272. 5
274.8

214.0
215.8
217.9
220.4
223.5
226. 1
228.8
230. 0
230. 8
231.6
233.0
235.8
238. 7

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




Commodities less food

Food

Commodities
less
food

237.9
239.8
241.4
244.8
244.8
244.7
247.1
248. 4
249.2
250.5
252. 9
257.5
261. 6

235.4
237. 1
238.5
242.3

247.5
249.9
252.0
254.4

241.8
240.9
243.5
244. 5
245. 1
246.0
248. 9
254.7
259. 6

256.9
258.6
260.6
262. 5
263.8
266. 1
267.3
269. 0
271.4

201.2
202. 9
205. 1
207.3
211.5
215.2
217.9
219.0
219. 8
220. 4
221.4
223. 5
226. 0

Source: Department of Labor, Bureau of Labor Statistics,

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

Percent change from preceding
period; seasonally adjusted l

Percent change from 3 months
earlier; seasonally adjusted
annual rates

Percent change from 6 months
earlier; seasonally adjusted
annual rates

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

3.2
3.8
11.8
18. 3
6.6
3.3
6. 6
9.2
12.5

1971
1972
1973
1974
1975
1976
1077
1978
1979
1979: SeptOct
Nov_
Dec
1980* Jan
Feb
Mar
Apr
May
June _ _
July.
Aug_
Sept.

1.5
1. 1
1.2
.8

_

_ .
_ _

WM.iJ

1.6
1.4
1.4
.6
.3
.5
1.7
1.5
2

Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods

Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods

Capital
equipExclud- ment
Foods
ing
foods

2.0
2.0
7.4
20.5
6.7
4.9
6.1
8.4
17.8

2.4
2.0
5.3
22. 6
8.2
6.4
7.2
8.0
8.7

1.4
-. 1
1.9
.3

1.9
1.8
1. 1
1.2

.7
.9
.7
.9

16. 1
15.7
16. 1
13. 3

15.3
11.8
13.5
8. 6

23.4
24.4
21.5
17. 9

5.9
6.0
9.5
10. 0

11.9
12.5
14.1
14. 7

2.3
2.9
9. 1
11.9

20.3
2L8
21.3
20.6

7. 6
7. 0
7.5
7. 9

-.9

2.9
2.8
1.8
1. 5
.5
.4
.9
.6
-. 1

1.6
.7
.9
1.8
.2
.6
1.3
.9
-. 1

15.7
16.7
19.3
14.7
9.7
6.0
10.5
16.2
13. 0

5.2
-4.2
— 1.2
-8.5
-6.7
-7.8
19.8
42.2
36.9

22.8
31.3
34.8
27. 9
16.7
10. 1
7.5
7.6
5.6

13.3
13.4
13.4
14. 4
12.0
10.9
8.9
12.2
8.8

15.7
16.4
16.2
15. 2
13. 1
12. 4
12.6
12. 9
9.4

8.4
4.3
3.6
-1.9
-5.5
-4.6
4.7
15. 2
12. 4

23.6
26.3
26. 1
25. 3
23. 8
21. 8
17.2
12. 1
7.8

9.6
11.4
11.7
13. 8
12. 7
12. 2
11. 6
12. 1
9. 9

5.9
8.0
22.5
13.0
5.5
-2.5
6.6
11.9
7.5

-.4:

1.0
-2.8
.0
.7
3.8
4. 4
—.2

Source: Department of Labor, Bureau of Labor Statistics.

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

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

All
items

Food

Commodities
less
food

Services

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

Food

Commodities
less
food

Services

All
items

Food

Commodities
less
food

Services

3.4
3 4
8. 8
12. 2
7. 0
4. 8
6. 8
9. 0
13 3

4. 3
4 7
20. 1
12. 2
6. 5
.6
8. 0
11. 8
10 2

2. 3
2 5
5. 0
13. 2
6. 2
5. 1
4. 9
7. 7
14. 3

4. 1
3. 6
6.2
11. 3
8. 1
7. 3
7. 9
9. 3
13. 7

1979: Sept..
Oct.__
Nov..
Dec...

1.2
1.0
1.0
1.2

1.0
.8
.7
1.4

1.3
.8
1. 1
1. 1

1.2
1.2
1. 1
1.4

13.8
13.4
13.5
13.7

6.5
7.9
10.4
12. 1

16.4
14.4
13.5
12.7

14.3
15. 1
14.9
15.8

13.3
13.4
13.3
13.8

6.4
6.8
6.9
9.3

16.0
15. 1
15.2
14.5

13.7
14.6
14.3
15. 1

1980: Jan.. _
Feb_._
Mar
Apr
May__
June__
July__
Aug___
Sept__.

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

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

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

1.4
1.5
1.9
1. 5
1.6
1.8
-.8
—. 1
.7

15.6
17.2
18.1
15.9
13.6
11.6
7.6
6. 9
7.0

8.6
5. 6
3.8
6.0
7.6
5.6
7.4
14.0
18.9

18. 1
21.2
22. 1
15. 0
8.8
4.7
4.5
6. 9
10. 6

16.4
18.6
20.9
21. 7
21.8
21.6
10.8
3.8
-.6

14.5
15.3
15.9
15.7
15.4
14.8
11.7
10.2
9.3

8.2
8.0
7.9
7.3
6.6
4.7
6.7
10.7
12. 1

16.2
17. 3
17.3
16. 5
14.8
13. 0
9.6
7.9
7.6

15.7
16.7
18.3
19. 0
20.2
21.2
16. 1
12.4
9.9

1971
1972
1973
1974
1975
1976
1977
1978.1979

_ -

1
Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.

24



Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2.0 percent in September and prices paid by farmers rose 1.1 percent in the month
ended September 15.
INDEX, 1967=100

(RATIO SCALE)

PRICES RECEIVED
(ALL FARM PRODUCTS)

I

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

100 I i i i i i I i i i i i I i i i i i I i i i i i I i i i 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 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 I i i i i i I i i i i i I i i i i i I 100

PARITY RATIO (ACTUAL)

50
1980
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

All farm
products

Crops

Prices paid by farmers
All
items,
Livestock
Family
Producinterest,
and
tion
living
taxes,
and
items
items
products wage rates
Index, 1967=100

1972
1973
1974
1975
1976
1977
1978
1979

125
179
192
185
186
183
210
241

114
175
224
201
197
192
203
223

136
183
165
172
177
175
217
257

125
144
164
180
192
202
219
250

1979: Sept
Oct
Nov
Dec

240
236
238
239

226
224
226
222

254
247
251
255

255
257
258
260

1980: Jan
Feb
Mar
Apr
May
JuneJuly
j
Aug
Sept-._

236
238
234
224
227
232
247
256
261

220
220
220
217
223
226
242
250
258

252
255
247
232
232
237
252
262
263

269
271
274
274
275
278
280
283
286

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.




(33)
()
(3)
(33)
((3))

(3)
((33))
(33)
(3)
((3))
((33))
(3)

123
133
151
166
176

Parity ratio l
Actual

Ad justed 2

121
146
166
182
193
200
217
248

74
91
86
76
71
66
70
71

79
94
87
76
72
68
72
72

254
256
256
258

69
68
68
67

70
68
69
68

263
266
270
268
268
270
273
278
282

65
65
63
60
61
61
65
67
67

66
65
64
61
62
62
66
67
68

'Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK MEASURES AND LIQUID ASSETS

Money growth in September was somewhat slower than last month but remained rapid by historical standards. M-1B
and M—2 were above the FOMC's longer run ranges.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

l RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A

Period

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

Dec
Dec
Dec
Dec
_ _
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1980: Jan___ _ _
Feb
Mar__
Apr
_
May
June
July _
Aug__
Sept v

Currency
plus
demandl
deposits

264. 1
275.3
287.9
305.0
328.4
351.6
369.7
365.9
366.6
368. 0
369.7
370.8
373. 7
373. 1
367. 6
367.8
371.3
373. 7
379.7
383.6

Ml-B

M2

M3

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

Ml-B plus
overnight
RPs and
Eurodollars.
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions 2

M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions

264.4
275.7
289. 0
307.7
332.5
359.9
386.4
382. 2
382.9
384.2
386.4
388. 1
391.3
391.2
386. 6
386.2
390. 9
394.5
401. 6
406.7

858. 1
906.2
1, 022. 4
1, 166. 7
1, 294. 1
1, 401. 5
1, 525. 5
1, 502. 9
1, 510. 1
1, 516. 4
1, 525. 5
1, 534. 5
1, 546. 7
1, 553. 1
1, 549. 9
1, 562. 1
1, 585. 7
1, 609. 7
1, 629. 2
1, 640. 4

976. 1
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 623. 6
1, 775. 5
1, 745. 5
1, 757. 8
1, 765. 4
1, 775. 5
1, 786. 9
1, 804. 5
1,811. 1
1,811. 1
1, 824. 2
1, 844. 5
1, 865. 1
1, 886. 3
1, 901. 6

1 Net cf demand deposits due to foreign commercial banks and official
institutions.
2 Total M2 excludes demand deposits held by thrift institutions at commerical
banks,
not shown separately in components.
3
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.

26



Percent change 3

L

M3 plus
other liquid Ml-A Ml-B
assets

1, 137. 2
1, 242. 8
1, 369. 6
1, 523. 5
1, 715. 5
1, 927. 7
2, 141. 1
2, 110. 0
2, 120. 4
2, 126. 4
2, 141. 1
2, 155. 2
2, 175. 9
2, 190. 1
2, 200. 7
2, 216. 6
2, 229. 3
2, 245. 0

5.4
4.2
4.6
5.9
7.7
7. 1
5. 1
8. 1
6. 0
7.2
5.8
4.9
5.4
4.0
.5
-. 1
.9
1.6
3.2
5.7

5. 5
4.3
4. 8
6.5
8. 1
8.2
7.4
10.3
7.3
8. 3
6.8
5.8
6. 1
4.8
1.9
1.0
2. 3
3.3
5.3
8. 1

M2

M3

7.0
5. 6
12. 8
14. 1
10.9
8.3
8.8
11.0
9.8
9.4
8.3
7.7
7.5
6.8
5.3
6. 1
8.0
10. 0
11.0
11.6

11. 2
8.5
9.7
11.9
12.4
11.2
9.4
11. 3
10.9
10.5
9.7
9.3
9.3
7.7
6.2
6.8
7.9
8.9
9.3
10.2

NOTE.—See page 27 for components.
See Federal Reserve Bulletin, February 1980, for details on series.
Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
OverDe- Other repurchase night
Cur- mand check- agreeEuroPeriod rency de- l able ments dollars
posits deposits (RPs)
(To.ei>)
/_ n4-\

NSA

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

202.5
207.4
214. 1
224.4
239.7
253.9
263.4

1979:
Sept. 104.7
Oct.. 105. 5
Nov. 105.9
Dec_. 106. 3
1980:
Jan.. 107. 3
Feb__ 108. 1
Mar. 108.9
Apr__ 109. 0
May- 110. 1
June. 111. 0
July_ 112. 0
Aug 113. 4
Sept v 113. 9

0.3
.4

1. 1

Small
Money
demarket Savmutual ings nomifund
de- nation
shares posits time
deposits 2

Large
denomination
time
deposits 2

NSA

NSA

NSA

6.8
7.2
7.5

0.0
.0

.0

Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secuaccept- cial
(EPs)
rities ances paper
NSA

0. 1 322.2
2.3 333.9
3.6 383.9
3.4 447.7
3.8 486. 5
10.3 476. 1
43.6 416.7

266.4
288.9
340.4
396.6
454. 9
533.8
656.5

110.9
144.0
129.6
118.0
145. 2
194.7
219. 4

15.0
21. 0
27.3
30.5

7. 1

8.4
9.0

"NSA

10. 3
13.7
22.8
31.9

60.4
63.2
67.3
71.8
76.6
80.6
80.0

49.8
53.4
76.8
80. 7
89.5
98.7
127.5

12.3
22.6
28. 9

9.0

41.9
50. 1
48. 1
51.8
63. 1
79.4
97.3
95.7
96.4
96.0
97.3

4.4
6.7
7.9

4.7

10.7
8. 5

8.4

16.7

13.6
17.6
21. 9
21.7

.0
1.0
2.0
3.6

261.2
261. 1
262. 1
263.4

16.3
16. 3
16.2
16.7

26. 2
25.3
22. 5
21.7

3. 6

33.7
36.9
40.4
43.6

445.4
436.0
421.3
416. 7

614.6
628.4
647.8
656. 5

208.9
214.8
218.5
219.4

33.7
33.0
30.5
30.5

33.4
33.2
34.0
31.9

80.6
82. 2
80.3
80.0

128. 1
123.7
122. 1
127.5

26.6
27. 1
28.6
28.9

263. 5
265.6
264.2
258.6
257.7
260. 3
261.6
266. 3
269. 8

17.3
17.6
18.0
19. 0
18.4
19.6
20. 8
21.9
23. 1

22.6
23. 0
21.0
17. 6
18.5
19. 6
23. 0
25.2
26. 2

4. 1
4. 1

49. 1
56.7
60.9
60.4
66.8
74. 2
80. 6
80.7
78.2

411.8
403. 1
391. 9
377.3
372.7
381.4
393.7
403.5
406. 7

661.8
671.4
687. 6
708.3
718.0
719. 6
717.2
717.4
721.9

222.5
228.6
230.7
234. 2
235. 0
230. 7
226.2
225.4
230. 4

29.9
29.2
27. 2
27. 1
27. 1
28. 1
29. 3
31. 7
30. 9

34. 1
37.5
37.4
37.9
37.8
36.0
36.0

79.2
78. 1
76.8
75. 2
74.0
73.3
72.8

127.6
128.8
136.3
146. 3
151.8
148. 7
145.2

28.4 99.0
27.6 99.3
28.8 99.8
29. 5 100. 6
29.4 99.5
30.2 96.5
30. 1 95.8

2.7

4. 1

3.5
3.2
3.6

3.6

2. 7

2.8
2.9

3. 6
3. 7
3. 7

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.

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

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Period
Total1
1972_
1973
1974
1975
1976
1977___
1978.
1979
1979: Aug
Sept
Oct
Nov
Dec
1980: Jan
Feb

Mar
Apr

May__
June
July.
Aue_
1

Automobile

Revolving

Total *

Automobile

Revolving

Net change in amount outstanding
Total J

Automobile

Revolving

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

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

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

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

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

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

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

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

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

27, 583
28, 634
27, 695
26, 464
25, 671

7,667
8,430
7,676
7,066
7,131

10, 371
10, 699
10, 424
10, 613
10, 196

25, 137
24, 188
25, 509
24, 057
24, 322

7,073
6, 607
7,189
6,533
6,449

9,584
9,642
9,760
9,814
9,764

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

594
1, 823
487
533
682

787
1, 057
664
799
432

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

7,780
7,659
7, 240
5,725
5, 192
4,770
6,609
6.964

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

25, 330
24, 781
25, 183
24, 533
24, 673
24, 161
25, 106
25. 586

6,808
6,778
6,845
6, 370
6, 535
6, 508
6,702
6.790

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

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

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

289
575
611
-388
-488
-748
14
142

..

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




Installment credit liquidated

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS, INVESTMENTS, AND RESERVES
Buoyed by rapid expansion of business loans and continued securities acquisitions, total bank credit growth in September sustained the robust pace achieved in August.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

ALL COMMERCIAL BANKS

60

60

40

40

1972

1973

1974

1979

1980

* SEASON ALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period .

Total
loans
and
investments

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

1973: Dec
1974: Dec... .
1975: Dec
1976: Dec
.
1977: Dec
1978: Dec
1979: Dec „

647. 8
713.6
744.6
804.3
891. 1
1, 014. 3
1, 132. 5

460.3
519.9
516. 9
554.8
632. 1
747. 8
847.2

165. 6
197. 3
189.8
191. 2
211. 2
246.5
290.5

58.7
53. 7
82. 1
100. 6
99.5
93. 4
93.8

128. 8
140.0
145. 7
149.0
159. 6
173. 1
191.5

34.98
36. 66
34.67
34.90
36. 00
41. 16
43.57

33.68
35. 94
34.54
34. 85
35.43
40.29
42. 10

34. 68
36.41
34.40
34.63
35.81
40.93
43. 13

1,298
703
127
62
558
874
1,473

41
32
13
12
54
134
82

1979: Sept
Oct

1, 122. 8
1, 129. 1
1, 128. 6
1, 132. 5

840.0
845.0
843.8
847.2

285.9
288.6
288.3
290.5

95.2
95.3
94.3
93.8

187.6
188.8
190.5
191.5

41.43
42.20
43.06
43.57

40.09
40. 18
41. 15
42. 10

41. 24
41.93
42.81
43. 13

1,344
2,022
1,906
1,473

169
161
146
82

1980: Jan..
1, 144. 8
Feb
1, 162. 7
Mar
1, 165. 2
Apr. . .
1, 161. 0
May___
1, 154. 9
June
1, 152. 1
Julv. .
1, 159. 5
A u g _ 4_ _ _ _ _ 1, 176. 2
Sept
1, 191. 2

858. 5
872.7
874.7
871.6
860.6
853. 6
854. 4
864.8
876.7

295.6
301. 1
302.8
301.2
297.7
295.5
296.0
301. 2
307.4

93.2
94.8
94.5
93.2
94.6
97.0
100.8
104. 4
106.5

193. 1
195.2
196.0
196.2
199.7
201.5
204.2
207.0
207.9

43. 44
43.35
43.69
44.85
44.46
43.98
42. 80
40. 76
41. 54

42.20
41. 70
40.86
42.40
43. 44
43.60
42.40
40. 10
40. 23

43. 19
43. 14
43.48
44. 65
44.27
43.76
42.51
40.45
41.27

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

75
96
150
155
63
12
5
9
24

Nov

Dec._

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

28



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

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

Uses
External

Period

Total

Internal i

Credil ', market i "unds
Total

Total

Longterm

Shortterm

Other

Total

Purchase
of
physical
assets 2

Increase
in

finnn
financial
assets

TX«
Discrepancy
(sources
iless
__
uses)

104.4
127. 8
161.6
200.0
191.3
150. 0
209. 7
242.3
295. 7
341. 3

58.9
68. 6
80.8
83.8
75. 7
106.8
125.3
139. 9
148.8
158. 3

45.5
59.3
80.8
116.2
115. 6
43.2
84.4
102.3
146. 9
183.0

40.7
45.2
58.2
73.0
82. 1
37.9
60.7
79.9
94. 7
114.3

34.2
41. 9
45. 3
49. 2
51. 6
44. 1
49. 1
53.0
61. 5
70.5

6.5
3. 3
12. 9
23.8
30. 6
-6.3
11.6
26.9
33.2
43.8

4.9
14. 1
22. 6
43. 1
33.4
5. 3
23.8
22.4
52.2
68. 7

95. 9
119. 6
145.8
185. 6
179. 0
133. 0
183. 3
216. 8
274. 3
319. 5

80.3
86. 0
100. 3
123. 3
134. 7
99. 9
139. 0
169. 9
195. 9
221. 3

15. 6
33 5
45 6
62. 3
44 4
33. 2
44. 3
46. 9
78. 3
98. 2

8
8
15
14
12
16
26
25
21
21

1978: III
IV .

303,5
322. 1

153.8
155.9

149.7
166.2

90.4
101. 1

63. 1
66. 5

27.3
34.6

59.3
65. 1

284.4
298. 9

199.9
203. 6

84. 4
95. 2

19 1
23 2

1979: I.

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

154. 4
159. 0
161. 6
158.2

195.8
164. 3
215.7
156.7

113.4
123. 9
126.7
93.0

66.7
74. 4
76. 6
64.3

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

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

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

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

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

25. 5
28 7
16 8
16. 6

323. 9
256. 8

153.7
162. 2

170.2
94. 6

119.4
70. 7

71. 1
61. 0

48.3
9. 7

50.8
23. 9

305. 4
233. 4

224. 5
222. 2

80. 9
11. 2

18. 5
23 3

1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.

._-_

II

III
IV

_
_

1980: I_

II *

1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.

5
2
8
4
2
9
4
5
4
9

Source: Board of Governors of the Federal Reserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current assets
End of period
Total

Cash

Current liabilities

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

Other
current
assets

Total

Notes
and
accounts
payable

Other
current
liabilities

Net
working
capital

Current
ratio *

SEC series:2
492.3
1970
529. 6
1971
1972 ..
599.3
697. 8
1973
1974
790.7
3
FTC-FRB series:
735.4
1974
759.0
1975
826.3
1976
900. 9
1977
1, 028. 0
1978
1, 197. 7
1979

50.2
53.3
59.0
66. 3
71. 1

7.7
11.0
10. 6
12.8
12. 3

206. 1
221. 1
248.2
288.5
322. 1

193.3
200.4
225.7
263. 9
313.6

35. 0
43.8
55.8
66. 4
71.7

304. 9
326.0
375. 6
450.9
530. 4

211.3
220. 5
282. 9
340. 3
402.3

93.6
105.5
92.7
110. 7
128. 1

187.4
203. 6
223.7
246. 9
260.3

1.615
1.625
1.595
1.548
1.491

73.2
82. 1
87. 3
94.3
103.7
115.8

11. 1
19.0
23.6
18.7
17.8
17.6

265.8
272. 1
293. 3
325.0
381. 9
451.8

319.5
315.9
342. 9
375.6
428.3
503.0

65.9
69.9
79.2
87.3
96.3
109.5

453.4
451. 6
492.7
546.8
661.9
801.7

269.8
264.2
282. 0
313.7
375. 1
460.5

183.6
187.4
210.6
233. 1
286.8
341.2

282. 0
307. 4
333.6
354. 1
366. 1
396.0

1.622
1.681
1.677
1.648
1. 553
1.494

1978: III

992.6
1, 028. 0

91.7
103.7

16. 1
17.8

376.4
381.9

415. 5
428.3

92.9
96.3

626.0
661.9

356. 2
375. 1

269.7
286.8

366.6
366. 1

1.586
1.553

1979: I

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

102. 1
99. 7
103. 3
115.8

19. 1
20. 7
17.7
17. 6

405. 6
418. 1
447.8
451.8

453.0
466.9
490. 3
503.0

99. 3
101. 3
106. 1
109. 5

701. 3
720. 4
770. 0
801. 7

393.4
409. 2
441. 6
460.5

307. 9
311. 2
328. 3
341. 2

377. 8
386. 3
395. 3
396.0

1.539
1. 536
1. 513
1. 494

__ 1, 233. 2

110.5

17.2

465.9

521.2

118.4

831.4

473.3

358. 1

401. 8

1.483

IV

II_
III
IV

1980: !*>___
1
8
8

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




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

29

INTEREST RATES AND BOND YIELDS
Market interest rates continued on an upward trend in October, reacting to news of a sharper than expected recovery,
to worsening inflationary prospects, and to continuing fears of tightening monetary policy.
PERCENT PER ANNUM
14
* MARCH 15.526

12

10
CORPORATE Aaa BONDS
(MOODY'S)
>^x-^X
DISCOUNT
RATE
FEDERAL
RESERVE
^BANK OF

---- ^

T~NEW YORK"

TREASURY BILLS

! I I | I

11 i I

1973

1972

1974

1976

1975

1977

1978

1979

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Treasury security yields
Period

1974 _
1975
1976
1977
1978
1979
1979: Sept
Oct..
Nov
Dec_
1980: Jan..
Feb__ .
Mar_ _
Apr
Mav.t J
June ._
July_
Aug_
Sept _
Oct
Week ended:
1980: Sept 27
Oct 4
11
18
25
Nov ! _ _ _
1
2

3-month
bills i

Constant maturities
3-year

2

10-year

High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
bonds
paper,
bonds
(Standard3
F.R.
4-6
Bank) 5
& Poor's) (Moody's) months 4

7. 886
5.838
4. 989
5. 265
7.221
10. 041
10. 182
11. 472
11. 868
12. 071
12. 036
12. 814
15. 526
14. 003
9. 150
6.995
8. 126
9.259
10. 321
11. 580

7.82
7.49
6.77
6.69
8.29
9. 71
9.69
10.95
11. 18
10.71
10. 88
12.84
14.05
12.02
9.44
8.91
9. 27
10.63
11. 57

7.56
7.99
7.61
7.42
8.41
9.44
9.33
10. 30
10.65
10.39
10.80
12.41
12.75
11.47
10. 18
9.78
10. 25
11. 10
11. 51

6. 09
6.89
6. 49
5. 56
5.90
6.39
6.40
6.98
7. 19
7.09
7.21
8. 04
9.09
8. 40
7.37
7.60
8.08
8. 62
8. 95

8.57
8. 83
8.43
8. 02
8. 73
9.63
9. 44
10. 13
10.76
10.74
11.09
12.38
12. 96
12. 04
10.99
10.58
11.07
11. 64
12. 02

9. 87
6. 33
5. 35
5. 60
7.99
4
10. 91
11.60
13. 23
4
13. 26
12.80
12. 66
13.60
16.50
14.93
9.29
8.03
8.29
9. 61
11.04

10. 460
11. 524
11. 295
11. 338
11. 413
12. 331

12. 06
11. 97
11.54
11.65
12.08

11. 82
11. 79
11.42
11. 44
11.76

9. 20
9.20
8. 97
8.82
9.08

12. 15
12. 30
12. 18
12. 11
12. 27

11.30
12. 42
11.82
11.97
12. 15

Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
1 Weekly data are Wednesday figures.
Beginning November 1. 1979, data are for 6 months paper.
* Average effective rate for year; opening and closing rate for month and week.

30



Prime
rate
charged
by
banks 5

10. 81
7. 83
7. 86
6. 25
6. 84
5. 50
6. 83
5. 46
9.06
7.46
12. 67
10.28
10^-11 12K-13V2
13/2-15
11-12
12-12
15^-15K
12-12
15H-15W
12-12
15K-15J4
12-13
15^-1634
13-13
1694-19H
13-13
19H-19K
13-12
*18H-14
14-12
12-11
12-11
11-10
ll-HH
10-10
10-11
llK-13
1113/2-

10-11
11-11
11-11
11-11
11-11
11

Newhome
mortgage
yields
(FHLBBp
8.92
9. 01
8.99
9. 01
9. 54
10. 77
11. 02
11. 21
11.37
11. 64
11.87
11.93
12.62
13. 03
13. 68
12.66
12. 48
12. 25
12. 36

12/2-13
13-13/2
13K-13/2
13/2-14
14-14
14-

* 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.
* Range of 18^-19.
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 increased on balance in October, although the markets softened somewhat toward the end of the month.
The broadly based stock indexes again registered new records.
INDEX, DEC 31, 1965=50

COMPOSITE PRICE INDEX STOCK
(NYSE)

- 5

5 -

1980

COUNCIL OF ECONOMIC ADVISERS

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

Common stock 5 yields
(percent)

Common stock prices l
Period

New York Stock Exchange indexes (Dec. 31. 1965=50) *
Composite Industrial Transportation

1974
1975_.
1976 __ _
1977
1978
1979 _
1979: Sept
Oct ..
Nov
Dec
1980: Jan
Feb
Mar
Apr
.
May
June._
July
j_
Aug
Sept.__
Week ended:
1980: Sept 20__ .
27Oct. 4
11
18
25

Utility

43.84
45.73
54.46
53. 69
53. 70
58.32
61.89
59.27
59. 02
61.75
63.74
66.06
59.52
58.47
61.38
65.43
68.56
70.87
73. 12

48.08
50. 52
60. 44
57.86
58.23
64.76
69. 17
66. 68
66.45
69.83
72. 67
76.42
68.71
66.31
69.39
74.47
78.67
82. 15
84. 92

31.89
31. 10
39. 57
41.09
43.50
47.34
52.21
48.09
47.61
50.59
52.61
57.92
51.77
48.62
51. 07
54. 04
59. 14
62. 48
65.89

29. 79
31. 50
36.97
40.92
39.22
38.21
38.39
36.58
36.55
37.29
37.08
36. 22
33.38
35.29
37.31
38.53
38.77
38. 18
38.77

49.67
47. 14
52. 94
55. 25
56.65
61. 42
67.21
61.64
60.64
63.21
64. 22
61.84
54.71
57.32
61.47
65. 16
66.76
67.22
69. 33

73.98
74.61
73. 14
75. 75
76.43
75.61

85.96
87. 01
85.42
88. 58
89.64
88.58

67. 53
68.73
66.82
69.48
70.34
73.25

38.92
38. 61
37.89
39. 00
38. 80
38.47

70.46
70. 14
67. 58
69. 77
69.62
67. 92

1
Average of daily closing prices.
1
Includes all the stocks (more than 1,500) listed on the NYSE.
• 1 neludes 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

Standard
& Poor's
DowJones
composite Dividendprice
index
industrial3
ratio
average (1941-43 =
10) *
82. 85
4.47
759. 37
4.31
802. 49
86. 16
102. 01
3.77
974.92
4.62
894. 63
98. 20
96.02
5.28
820. 23
5.45
844. 40
103. 01
5.31
108. 60
878. 50
5.56
104. 47
840. 39
5.71
815. 78
103. 66
5.53
836. 14
107. 78
5.41
860. 74
110. 87
5. 24
115.34
878. 22
5.87
104. 69
803. 56
6.05
102. 97
786. 33
5.77
107. 69
828. 19
5.39
114. 55
869. 86
5.20
119. 83
909. 79
5. 06
123. 50
947. 33
4.90
946. 67
126. 49

953. 00
959. 49
937. 34
960. 00
961. 88
950. 70

127. 79
129. 05
126. 71
131. 14
132. 30
131. 15

Earningsprice
ratio

11. 59
9. 15
8.90
10.79
12. 03
13.46
13.38

13.77
14.98

4.84
4.82
4.91
4.74
4. 69
4.76

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.
Ol

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1980 there was a budget deficit of $59.0 billion, compared with a deficit of $27.7 billion in fiscal 1979.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS

600

600

500

500

400

400

OUTLAYS

300

300

200

50

50
SURPLUS (+) OR DEFICIT (-)

0
-50

-50
-100

-100

1973

1972

1974

1975

1976

1978

1977

1979

1980

1981

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

[Billions of dollars]
Period
Fiscal year or period:
1970
1971.
1972
1973.
1974
1975
1976

Receipts

___

....

Transition quarter
1977
1978
1979
1980 »

.

1981 (estimates):
First Concurrent Resolution, June 12, 1980__.
Mid-S&ssion Review, July 1980 *
1
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,1980.

32



Outlays

Surplus or
deficit ( — )

193.7
188.4
208.6
232.2
2649
281.0
300.0
81.8
357.8
402.0
466.0
520.0

196. 6
211. 4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493.6
579. 0

-2.8
-23.0
-23.4
-14.8
-4.7
-45. 2
-66.4
-13.0
-45.0
-48.8
-27.7
-59. 0

613.8
604.0

613.6
633.8

.2
-29.8

Federal debt ( end of period)
Gross
382.6
409. 5
437.3
468.4
486.2
544. 1
631. 9
646.4
709. 1
780.4
833.8
914. 3

Held by
the public
284.9
304.3
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
644. 6
715. 1

Sources: Department of the Treasury and Office of Management and Budget,
except as noted.

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1980, budget receipts were $54.0 billion higher than in fiscal 1979 and outlays were $85.4 billion
higher.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS
300
RECEIPTS

200

200
INDIVIDUAL INCOME TAXES

\

100

100

500

500

OUTLAYS
400

400

300

300
NONDEFENSE

200

200
NATIONAL DEFENSE
\

100
1972

1973

1974

1976
1977
FISCAL YEARS

1975

1978

100

1979

1980

1981

COUNCIL OF ECONOMIC ADVISERS

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

[Billions of dollars]
Outlays

Receipts
National defense
Period
Total

Fiscal year or period :
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980 *.
1981 (estimates) *_—

193.7
188.4
208.6
232. 2
264.9
281. 0
300.0
81.8
357.8
402.0
466. 0
520. 0
. _ 604.0

Indi- Corpovidual ration
income income
taxes
taxes

90.4
86.2
94.7
103. 2
119.0
122. 4
131. 6
38.8
157.6
181.0
217.8
244. 1
278.2

32.8
26. 8
32.2
36. 2
38.6
40.6
41. 4
8.5
54.9
60.0
65. 7
64. 6
66.4

Other

70.5
75. 4
81.7
92. 8
107.4
118.0
127.0
34. 5
145.2
161. 1
182.4
211. 4
259. 4

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




Total

Department of
Defense,
military

78.6
75.8
76.6
74.5
77.8
85. 6
89.4
22.3
97.5
105. 2
115.8
135. 9
157.5

77. 1
74.5
75. 1
73.2
77.6
84.9
87. 9
21.9
95.6
103.0
115. 0
132.8
153.9

Total

196.6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450. 8
493. 6
579. 0
633.8

Interna- Health
Inand
tional income
terest Other
affairs security

4.3
4. 1
4. 7
4. 1
5.7
6.9
5. 6
2. 2
4.8
5.9
5.9
10. 5
10.3

56. 1
70. 1
81.4
91.8
106.5
136.3
160.9
41.5
176.7
189.9
210. 1
250. 3
293. 8

18.3
19. 6
20.6
22. 8
28.0
30.9
34.5
7.2
38.0
44.0
52.6
64.6
67.6

39.3
41.8
48.8
53. 9
51.6
66.5
76. 1
21.5
85.7
105.9
109.2
117.8
104.6

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

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts fell $8.5 billion (annual rate) and expenditures rose $17.8 billion, yielding
a deficit of $49.2 billion, $26.3 billion higher than in the first quarter. In the third quarter, according to preliminary
estimates, expenditures rose $31.9 billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
600

600
- 550
500

200

50

50
SURPLUS

PI
I
I
I

|H«»

I

DEFICIT

-50 -

-100
1972

1975

1974

1973

"1 .

_ _50

|%} j/22

-100
1977

1976

1979

1978

1980

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period

Federal Government expenditures

Subsidies Less:
GrantsIndirect ContriWage
less
Purin-aid
Personal Corporate business butions
chases Trans- to State Net current accruals
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
tax
nontax social inments local
and
paid Govern- disreceipts accruals
accruals surance
services
ment en- bursegovernterprises ments
ments

Fiscal year:
313.9
1976....
1977
366.0
1978
414.7
1979. _ _ _ 483. 7
Calendar
year:
1976.-.

331.4
375.4
432. 1
497.6
1979:1
475. 0
!!.._-. 485. 8
III_ 504.8
IV... 524.7
1980: I
538. 4
I I _ _ _ 529. 9
III »_.

1977
19781979

137.0
166. 0
186.3
223.5

51.7
59.1
67.7
78.4

24.3
24.5
27.2
29.4

100. 9
116.4
133. 5
152.4

371. 1
411.4
450. 1
493. 6

125.7
140.3
150.7
162.4

156.5
169. 6
182.0
201.7

57.6
66.3
74.7
79.3

25.2
28.4
33.1
40.4

6.2
6.9
9.6
9.8

0.0
.0
.0
.0

-57.3
-45. 5
35 4
-9.9

147.2
169.6
194.9
230.0
213.0
223.4
235.2
248.5
246. 1
249.5
256. 0

54.6
61.8
72.0
78.2
77.2
74.9
79.4
81.4
86.8
65.6

23.4
25. 1
28. 1
30. 0
29.4
29 9
30.0
30.7
33.8
43.0
48. 2

106.3
118. 9
137.0
159.3
155. 5
157.5
160.2
164. 1
171.7
171.8
173. 5

385.0
421.7
459.8
509.0
486.8
492.9
516. 1
540.4
561. 3
579. 1
611.0

129.7
144. 4
152. 6
166.6
163. 6
161. 7
162.9
178.4
186. 2
193.3
194. 6

161.7
172.7
185. 4
209.8
196. 8
201.9
217.6
222.7
230.0
235.7
264. 3

61. 1
67.5
77.3
80.4
77.8
77.7
81.8
84.3
86.0
86.0
86. 4

26.8
29.0
34.8
43. 1
40.0
42. 6
43.5
46.2
50.2
54.3
53.8

5.8
8. 1
9.7
9. 1
8.3
9.0
10. 2
8.8
8.9
9.8
11.8

.0
.0
.0
.0
2

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

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

]o

.0
.0
.0
.0
.0

INTERNATIONAL STATISTICS

INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]

Consumer prices (unadjusted)

Industrial production (seasonally adjusted)
Period

United
States

Canada

Japan

1973
1974
1975
_ _1976
1977
1978
1979
- _1979: Nov.—
Dec
1980: Jan
Feb
Mar
Apr
May
June p._
July p*>__
Aug v_ _
Sept

129.8
129. 3
117.8
130.5
138. 2
146. 1
152. 5
152.3
152.5
152.7
152.6
152. 1
148. 3
144.0
141. 5
140. 1
141. 0
142 4

143.0
147. 5
139. 6
147.3
150. 5
156.7
164.0
165. 5
162.6
162.7
162. 9
166.0
162. 3
159. 1
158.2
158. 3

190.5
183. 1
163.9
182. 0
189.7
201. 1
217.5
226.4
225.6
228.7
241.3
233. 1
236. 9
234.4
232. 1
233. 1
223. 4

France

Germany

Italy

145
148
139
149
152
155
160
163
165
165
166
165
166
160
160
163
163

147.7
145. 1
137. 1
149. 1
152.7
155.3
163.4
166
166
168
169
169
168
164
163
165

134.6
140. 6
127. 6
143.5
145. 1
147.9
157.4
167. 1
164.8
167.8
174.9
174.2
176.6
162.5
167. 1
165. 2
143.2

United United CanKing- States1 ada Japan France
dom

123.0
120.0
114. 3
117.6
123. 0
126.8
131.4
132. 9
130.2
130.5
128. 5
126.4
123. 2
122. 5
123.8
123. 1
119.4

133. 1
147. 7
161. 2
170.5
181.5
195. 4
217. 4
227. 5
229.9
233. 2
236. 4
239.8
242. 5
244.9
247. 6
247.8
249.4
251. 7

130.3
144.5
160. 1
172. 1
185. 9
202.5
221. 0
228.7
230. 1
231. 3
233. 3
235.8
237.2
240.0
242.7
244. 5
246. 8
249.0

147.9
184.0
205.8
224. 9
243.0
252.3
261. 3
266. 7
268.3
270.8
273.3
275. 5
280.2
282.7
283.5
284.2
283.7

Germany

140.7
160.0
178.9
196. 1
214. 5
233.9
258.5
269. 8
272.0
277.2
280. 2
283.4
286.7
289. 3
291. 1
295.5
298.4

127. 2
136. 1
144.2
150. 4
155. 9
160. 2
166. 6
169.3
170. 1
171.0
172.8
173.8
174.9
175.6
176.5
176.8
177.0
177. 0

Italy

134.0
159. 7
186.8
218. 1
255. 2
286. 2
328. 5
350. 3
356.6
367.9
374.3
378.2
384.3
387.8
391.3
398.0
402. 0
410. 4

United
Kingdom

150.2
174. 3
216.5
252. 4
292.4
316.6
359. 1
381.8
384. 6
394. 1
399.7
405. 1
419. 0
422.8
426.8
430.4
431.3
434. 1

Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of international Economic
Research, in Jnternational Economic Indicators.

i Beginning January 1978 data relate to all urban consumers.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports l

Merchandise imports
General imports3

Domestic exports
Period

Total
domestic and
foreign Total
exports

2

Food, Crude
Food, Crude
bever- mate- Manubever- mate2
facrials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
bacco
bacco
fuels
fuels

F.a.s. value 5
Monthly
average:
1973
1974
1974_.
1975
1976
1977
1978
1979 _
1979: Sept___
Oct
Nov
Dec>__
1980: Jan
Feb___
Mar___
Apr
May
June
July___
Aug___
Sept___

Customs value

5,902
8, 167

5,811
8,053

1,078
1,269

895
1,317

3,728
5,294

5,790
8,450

8,167
8,966
9,596
10,096
1 1, 965
15, 136
15, 822
16, 680
16, 928
16, 742
17, 348
17, 233
18, 534
18,468
17, 678
18, 642
18, 075
19, 103
18, 701

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

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

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

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

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

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
2
A otal includes commodities and transactions not classified according to kind.
s
Total arrivals of imported goods other than intiansit shipments.
• C.i.f. (cost, insurance, and freight) import Talue at first port of entry in thfi
United States. Data for 1973 are estimates.




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

Merchandise trade
balance
ExExports
(f.a.s.) ports Exports
(f.a.s.) (f.a.s.)
less
imless
less
imports
imports
(c.i.f.)
ports
(customs (f.a.s.)
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 5,954
1,402 7,044
1,404 7,479
1,689 6,379
1,712 7,775
1, 652 7,590
1,406 8,788
1, 544 8,421
1,503 7,284
1,531 7,774
1,584 7,834
1,600 6,655
1,468 7,043
1,402 6, 667

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

6, 131
9,033

112
-283

-221

-229
-866

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

s F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
The current account deficit-tn-the second quarter was $2.5 billion, roughly unchanged from the first quarter. A decline in the deficit on merchandise trade was offset by an extraordinary drop in direct investment receipts.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

-10

-15

-15
1972

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted]
Merchandise 1 2

Period

Exports

1972___
1973
1974___
1975
19761977
19781979

Imports

Investment income 3

Net
hnl
Ud.1—

ance

49, 381 -55,797 — 6, 416
911
71, 410 — 70, 499
98, 306 -103, 649 -5, 343
107, 088 -98, 041
9, 047
114, 745 — 124, 051 — 9, 306
120, 816 -151, 689 -30,873
142, 054 — 175, 813 — 33, 759
182, 055 -211,524 — 29, 469

Receipts

Payments

14, 764 — 6,
21, 808 — 9,
27, 587 — 12,
25, 351 — 12,
29, 286 — 13,
32, 587 — 14,
42, 972 — 22,
65, 970 — 33,

TNTnt
IN e u

Net
military
transactions

572
655
084
564
311
598
073
460

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

— 3,420
— 2, 070
— 1, 653
— 746
559
1, 628
886
— 1, 275

1978: III__
IV_.

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

4,840
6,508

1979: ! _ _ _
!!___
III__
IV__

41, 805
42, 815
47, 198
50, 237

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

1980: !____
II *_

54, 708 -65, 583 -10, 875 20, 846 -10,752
54, 710 -62,353 -7,643 16, 772 -10,417

-46, 919
-50,885
-54, 258
-59,462

1
Excludes military grants.
2
Adjusted from Census data
8

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

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

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

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



Nettravel

and
transportation
receipts

Other
services,
net 3

Balance

on
goods
and
services *

Remittances,
pensions,
andj
other
unilateral
transfers >

Balance
on
current
account

063
158
18 ^
792
558
293
188
695

2, 766 — 1, 941 — 3, 854 — 5, 795
7, 140
11, 021 — 3, 881
3, 18^
2, 124
3' 98C
9, 309 — 7, 186
4, 598 22, 893 — 4,
•*•) v613
j. v 18, 280
4, 384
9, 382 — 4, 998
4, 711
5, 086 — 9, 464 — 4, 605 — 14, 068
5, 959 — 9, 204 — 5, 055 — 14, 259
-788
4, 878 — 5, 666
5, 806

139
3

-910
-774

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

-102
-443
-700

-29

-611
-637
-834
-613

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

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

-690
-318

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

— 3,
— 3,
— 3,'
— 2,
— 2,
— 3,
— 3,
— 2,

2,732
-110
2,506
-250

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

Source: Department of Commerce, Bureau of Economic Analysis.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the second quarter, net recorded private capital outflows totalled $27.6 billion, as compared to a recorded inflow
of $6.4 billion in the first quarter. These outflows were largely offset by unrecorded flows of over $23 billion, as captured in the statistical discrepancy.
BILLIONS OF DOLLARS
40

BILLIONS OF DOLLARS

40

-10

-10

-20

-30

-30

-40

-40
1972

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (— )]

Period
Total

1972
1973
1974
1975
1976
1977
1978
1979

_4
-14,497
-22, 874
158
-34, 745 -1,467
-39, 703
-849
-51,269 -2, 558
-35, 793
-375
732
-61, 191
-61, 748 -1, 107

1978: III___ -9, 977
-30,418
IV
1979: I
!!___
III__.
IV

U.S.
official
reserve
assets 1 2

-7,768
-15, 279
-25,215
-13,487

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

Other
U.S.
Government
assets

U.S.
private2
assets

-1, 568 -12,925
2, 644 -20,388
366 -33, 643
-3,474 -35, 380
4, 214
44, 498
-3, 693 31 725
-4, 644 -57, 279
-3, 783 -56,858

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

Total

21, 461
10, 475
18, 388
6,026
34, 241
10, 546
15, 670
7,027
36, 518
17, 693
50, 741
36, 575
33, 293
64, 096
37, 575 -14,271

Other
foreign
assets

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

12, 292
4,777
-1,386
8, 706 17, 069
-991 -29, 609 28, 048
18, 368
9,680
-3, 585 -1, 102 -3, 081 2, 201 -8, 744 10, 945
16, 502
991 -14,631 6,407 -10,095
343
5,789
19, 152
2,779
-766 -27, 228 24, 941
-644
5,246
-925 -11,918 4, 025 -1,221
14, 409
-3, 246 -1,467 -7, 976 7,194 -7, 215
473 -1,280
7,816 -2, 056
25, 554 5,760

U.S.
official
reserve
Allocaassets,
tions
net 1
Of
Total
of
which : (unad(sum of
special
Seasona justed,
the
drawing
adjust- end of
items
rights
period)
(SDR) with sign ment
' reversed) discrepancy

-1,879
-2, 654
-1,620
5, 753
10, 367
-880
11, 354
23, 822

13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 928
18, 850
18, 650

1, 139

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

21, 658
21, 246
18, 534
18, 928

1, 152

6,978
23, 100

21, 448
21, 921

710

1, 139

115
182

* Consists of gold, special drawing rights (SDR), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.




Foreign
official
assets

Statistical
discrepancy

-101
1,473

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

,.

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

26
27
27
28
29
29
30
31

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

35
35
3^

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

3f
3'
3C

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38



U.S. GOVERNMENT PRINTING OFFICE : 1980 O—68-896