Full text of Economic Indicators : October 1981
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97th Congress, 1st Session
Economic Indicators
OCTOBER 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
IICHARD BOLLING (Missouri)
WILLIAM V. ROTH, JR. (Delaware)
JEE H. HAMILTON (Indiana)
JAMES ABDNOR (South Dakota)
WILLIS W. LONG (Louisiana)
STEVEN D. SYMMS (Idaho)
PARREN J. MITCHELL (Maryland)
PAULA HAWKINS (Florida)
FREDERICK W. RICHMOND (New York)
MACK MATTINGLY (Georgia)
XARENCE J. BROWN (Ohio)
LLOYD BENTSEN (Texas)
MARGARET M. HECKLER (Massachusetts)
WILLIAM PROXMIRE (Wisconsin)
OHN H. ROUSSELOT (California)
EDWARD M. KENNEDY (Massachusetts)
3HALMERS P. WYLIE (Ohio)
PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
iufficicnt quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Irms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
he 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
ibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
or by subscription at $21.00 per year ($26.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office. It should be noted that many of the series have undergone
major revisions since the Supplement was published in the fall of I960.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter, gross national product rose $61.2 billion or 8.8 percent,
both at annual rates. Real output (GNP adjusted for price changes) fell 0.6 percent from the second quarter level
and the implicit price deflator rose at a 9.4 percent annual rate.
BILLIOhJS OF DOLLARS
(RATIO SCALE)
BILLIONS OF COLLARS
I
(RATIO SCALE)
3,000
3,000
SEASONSdLY ADJUSTED ANNU AL RATES
-
S~^
9 onn
9 snn
-
^y
9 Ann
9 Ann
^X|
/Ii^"
2400
9 9nn
ir^l
-
2400
9 9nn
X
2,000
-
GNP
9 nnn
-
CURRENT DOLLARS^X^
\
1 800
-
-
/\
s
1 Ann
1,400
v*1
x-^1
^^
1 Ann
^i
^•*^
*"*•%
..-r-
^
^**
1,400
GNP
IN 1972 DOLLAR*
+— —
1 200
1 200
i
1
1
1973
1
1
1974
1
I
I
I
\
1975
I
I
1976
I
i
I
1977
1
i
1
1978
I
I
I
1979
SOURCE: DEPARTMENT OF CO/AMERCE
\
I
I
1980
1
1
1
1981
COUNCIL OF ECONOMIC ADVISERS
{Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment.
Exponts and imj:>orts of
goocIs and ser vices
Go^yernment purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
65. 7
68.8
77.5
109.6
146.2
154.9
170.9
183.3
219. 8
281.3
339.8
59.0
64.7
76. 7
95.4
132.8
128. 1
157. 1
187.5
220.4
267.9
316.5
State
and
locnl
Final
sales
Total
National
defense
220. 1
234.9
253. 1
270.4
304. 1
339.9
362. 1
394.5
432.6
473.8
534.7
95.7
96.2
101. 7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
73.6
70.2
73. 1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
22.2
26.0
28.5
29. 1
33.9
39.7
43.2
50.6
53.4
56.7
67.2
124.4
138.7
151.4
168.5
193. 1
217.2
232.9
250.6
279.2
305.9
335.8
989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
Nondefense
621.7
672.2
737. 1
812.0
888. 1
976.4
084. 3
205. 5
348. 7
510.9
672.8
144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375. 3
415.8
395.3
14.2
13.4
26.8
13.8
-4.2
1980: I
2, 571. 7
II_. .2, 564. 8
III.. 2, 637. 3
IV._ 2, 730. 6
631.0
626.8
682. 2
751.0
415.6
390.9
377. 1
397.7
17. 1
44.5
23.3
a2
337.3
333.3
342.4
346. 1
329. 1
316.2
297.9
322.7
516.8
530.0
533. 5
558.6
190. 0
198.7
194.9
212.0
125.0
128.7
131. 4
141. 6
64.9
70.0
63.5
70.4
326. 8
331.3
338.6
346.6
2, 569. 1
2, 557. 4
2, 653. 4
2, 748. 0
2, 853. 0
1981: I
II—. 2, 885. 8
Ill " 2, 947. 0
810. 1
829. 1
888. 6
437. 1
458. 6
449.8
29.2
20.8
18.0
367.4
368.2
362.8
338.2
347.5
344.8
576.5
577.4
590.5
221.6
219.5
227.7
145. 2
148.2
154.6
76.4
71.3
73.0
354.9
357.9
362.9
2, 848. 5
2, 862. 5
2, 929. 4
992.7
1, 077. 6
1, 185. 6
1, 326. 4
1, 434. 2
1, 549. 2
1, 718. 01
1, 918. 01
2, 156. 11
2, 413. 9 1
2, 626. 1 1
6.7
4. 1
.7
-.6
13.4
23.3
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates)
Period
Personal
conGross
national sumption
product
expenditures
Gross private d(>mestic
ii ivestmemt
Nonresidential
fixed
Residential
fixed
Ex]ports of g<Dods
a nd servic<3S
Governinent pure bases of
goocIs and ser vices
Change
in busiNet
ness in- exports
Exports Imports
ventories
Total
Federal
State
and
local
Final
sales
1, 085. 6
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
1, 300. 4
1, 371. 7
1, 436. 9
1, 483. 0
1, 480. 7
672. 1
696.8
737. 1
768. 5
763.6
780.2
823.7
863.9
904.8
930.9
935.1
113.8
112.2
121.0
138. 1
135.7
119.3
125.6
140.6
153.4
163.3
158.4
41.0
53.7
63.8
62.3
48.2
42.2
51.2
60. 6
62.4
59. 1
48.1
3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10.2
-2.9
3.9
1.6
.7
15.5
27.8
32.2
25.4
21. 9
24.6
37.7
52.0
70.5
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146.9
161. 1
66.6
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109. 1
251. 1
250. 1
253. 1
253. 5
261.2
266.7
266. 8
272.3
277.8
281.8
290.0
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108.1
140. 5
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178.0
180. 1
181.9
1, 081. 8
1, 114. 3
1, 175. 7
1, 237. 8
1, 236. 4
1, 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1, 472. 9
1, 483. 6
1980: I.... 1, 501. 9
II— 1, 463. 3
III.. 1, 471. 9
IV... 1, 485. 6
943.4
919.3
930.8
946.8
165.0
156. 1
155. 5
157.0
54.2
43. 1
44.7
50.6
-.9
1.3
-5.0
-7.2
50. 1
51.7
57.6
48.5
165.9
160.5
160.5
157.4
115.8
108.9
102.8
108.9
290. 1
291.9
288.2
289.8
107.6
110.7
106.9
107.4
182.5
181.2
181. 3
182.4
1, 5i02. 8
1, 462. 0
1, 476. 9
1, 492. 7
1981: I.... 1, 516. 4
II— 1, 510. 4
III". 1, 508. 2
960.2
955.1
965.2
162.0
161.1
161.0
51.0
47.8
43.2
-1.4
10.8
10.3
50.9
46.2
39. 5
162.5
161.5
157.9
111.6
115.4
118.4
293.6
289.5
289. 1
111.2
108.7
110.2
182.5
180.7
178.9
1, 517. 8
1, 499. 6
1,497.9
1970
1971.
1972
1973
1974
1975
1976
1977
1978
1979
1980
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Period
Gross
national
product
Persona 1 consump)tion expenditures
Total
Gross private
dom estic
invesltment
NonresNonDurable durable
Services idential
goods
fixed
Residential
fixed
Exports and
imports of goods
and sesrvices
Governnlent purchases <)f goods
and scjrvices
Exports Imports Federal
86.6
92.7
100.0
106.3
114.9
126.0
133.5
142.9
153.7
State
and
local
sa 6
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
91.45
96.01
100. 00
105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 36
92.5
96.5
100.0
105.7
116.3
125.2
131.6
139.5
149. 1
162.3
178.9
95.7
99.0
100.0
101.7
108.2
117.3
123. 9
129.2
136.2
144.8
156.0
93.6
96.6
100.0
108. 3
123. 1
132. 1
137.0
143. 4
153.2
169.8
188.6
90. 5
95.6
100. 0
104.7
113.0
121. 6
129.6
139. 9
150. 1
162. 1
178. 1
91.3
96.2
100.0
103.8
115.4
132.2
138.6
146. 2
157.7
171.3
186.8
90.5
94.8
100.0
109. 1
120.3
131.0
140.7
158.0
178.3
200. 5
218.6
93.2
97.0
100. 0
112.7
134.7
149.6
155. 2
161.9
172.4
191. 5
211.0
88.6
93.3
100.0
116.7
164. 6
179.5
185. 5
205.4
214.0
245. 4
290. 1
183.9
94. 7
100. 0
106.9
117.4
128.3
137.0
146.0
156.9
it>y. »
184.7
1980: I
II
III
IV
171. 23
175. 28
179. 18
183. 81
172.9
177.0
180.7
184.9
151.9
154. 1
157.5
160.5
182. 9
186.2
190.0
195.2
171.6
176.0
180. 3
184.3
180.5
185.7
189. 1
192.4
212.6
217.4
221.9
223.3
203.4
207.6
213.4
219.9
284.2
290.4
289.7
296.4
176.5
179.5
182.4
197.4
179. 1
182.8
186.7
190.0
1981: I
II...
Ill"
188. 14
191. 06
195. 40
188.5
191.5
195. 7
162.3
165.4
168.6
199.2
200.4
203.7
188.4
192.2
197.7
195.0
201.4
205.5
228.7
231.8
234,8
226. 1
228.0
229.7
303. 1
301.2
291.3
199.4
201.9
206.7
194.5
198.0
202.8
Source: Department of Commerce, Bureau of Economic Analysis.
lt>5. 1
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross jnational p roduct
Constant
(1972)
dollars
Current
dol-
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
1981:1.
II
III"
Implicit
price
deflator
Per sonal con.sumption expenditures
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dol-
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
8.1
5.2
8.6
10. 1
11.8
8. 1
8.0
10.9
11.6
12.4
12.0
8.8
2.8
-.2
3.4
5.7
5.8
-.6
-1. 1
5.4
5.5
48
3.2
-.2
5. 1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
5.0
5.3
49
41
5.9
9. 1
9.2
5.7
6.2
7.5
8.7
8.6
5.0
5.2
48
4.0
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
8.4
6.9
8. 1
9.6
10.2
9.4
9. 9
11.0
11. 2
11.9
12.0
10.7
3. 7
2. 2
3. 7
5. 8
43
-. 6
2.2
5. 6
49
47
2.9
.5
45
46
4.3
3.7
5.7
10. 1
7.6
5.2
6.0
6.8
8.9
10.2
45
46
43
3.6
6.0
10.3
7.7
5.3
6.3
7.1
9.3
10.6
44
45
42
3.5
6.0
10.4
7.8
5.3
6.3
7.2
9.6
11.0
12.6
-1. 1
11.8
149
3. 1
-9.9
2.4
3.8
9.3
9.8
9.2
10.7
8.7
8.8
9.3
10.5
9.7
9.3
9.0
10.4
12.9
-1.0
143
17.4
.8
-9.8
5. 1
7.0
12.0
9.8
8.8
9.7
12.5
9.7
9.5
10.1
13.2
9.9
9.5
10. 1
19.2
47
8.8
8.6
-1.6
-.6
9.8
6.4
9.4
9.8
7.7
9.5
10.2
7.9
9.2
142
43
13.7
5.8
-2.1
4.3
8.0
6.5
9.0
10.3
6.5
8.7
10.9
6.5
8.2
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross d omestic
prodi, uCt of
nonfin ancial
corpc)rate
busi ness
(billic>ns of
doll irs)
Current
dollars
544 1
1969
1970
563.7
609. 9
1971
1972
678.0
759.4
1973
1974
818.9
1975
890. 0
1, 001. 3
1976
1, 129. 5
1977
1978
1, 270. 7
1979
1, 417. 0
1, 535. 2
1980
1979:111.. 1, 432. 1
IV... 1, 457. 7
1, 502. 1
1980: I
II... 1, 496. 3
III... 1, 537. 7
IV
1, 604 7
1, 690. 1
1981: I
II
1, 716. 3
C urrent-dol lar cost a nd profit per unit of outpuib (dollars) i
Total
cost
and
profit 2
1972
dollars
6040
599. 6
626.8
678.0
731.9
708.2
6942
745.5
799.0
845. 1
873.3
867.2
8743
873.4
878.2
853.2
860.4
876.9
901.0
901.2
0.901
. 940
.973
1. 000
1.038
1. 156
1.282
1.343
1.414
1.504
1.623
1.770
1.638
1. 669
1.710
1.754
1.787
1.830
1. 876
.1. 904
Capital
consumption
Comallowpenances Indirect
sation
business
with
8
of
capital taxes
employconees
sumption
adjustment
0.078
.087
.091
.092
.093
. 112
.137
. 141
. 146
. 153
. 169
. 191
.172
. 175
. 180
. 192
. 196
. 197
. 197
. 204
0.096
. 106
. 113
. 113
. 114
. 127
. 140
. 141
. 144
. 148
. 153
. 176
. 154
. 157
. 161
. 173
. 181
. 188
. 199
.202
* Output is measured by gross domestic product of nonfinancial corporate
' business in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial corporate
business with the decimal point shifted two places to the left.
8
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Net
interest
Corpo rate profi ts with
inventc3ry valuat ion and
capit al consun iption
£idjustmen ts
Total
0.594 0.022 0. 112
.028
.088
.631
.641
.029
.099
.028
.659
.107
.692
.031
. 107
. 042 .090
.786
.044
. 124
.837
.040
.878
. 144
. 924 .042
. 158
.044
.996
. 163
1.092
.052
. 157
.065
1. 196
. 143
1. 104
.053
. 154
1. 135
.056
. 146
.060
1. 158
. 151
.064
. 132
1. 193
. 141
1.203
.067
1.230
.068
. 146
1. 244
.067
. 169
. 163
1. 266
.070
Profits
tax
liability
0. 055
.045
.047
.049
.055
.059
.059
.071
.074
.080
.080
.073
.081
.078
.085
.061
.070
.075
.076
.064
Profits
after
tax «
0.057
.043
.052
. 058
.053
.030
.065
.073
.084
.083
.077
.070
.074
.067
.066
.071
.071
.071
.093
.098
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7.098
7.126
7.467
7.688
7.891
7.622
7.881
8. 132
8.348
8.384
8.384
8.432
8.388
8.338
8.369
8.359
8.496
8.496
8. 628
8.646
4213
4498
4788
5.068
5.458
5. 989
6.596
7.138
7.713
8.347
9. 159
10. 085
9.260
9.462
9.694
9. 973
10. 218
10. 450
10. 737
10. 976
< 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
Period
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corpor ate profits with inv entory vaJ uation
Propri etors'
mcomiB with
and capital co nsumptioii adjustments
Rental
inventor y valua- income
Profits with inv<sntory
tion anc capital of perComnption
valuat ion adjus bment
consuii
sons
pensaand \without caipital
adjust ments
with
tion of
NaNet
consum ption adjiistment Capital
capital
emcontional
interest
consumpincome ployTotal
Invensumpees l
tion
+____
tory
Nontion
Profits valua- adjustFarm
Total
farm
adjustbefore
ment
tion
tax
ment
adjustment
612.0
652.2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 558. 0
1, 569. 0
1, 597. 4
1, 661. 8
14.3
15.0
18.7
32.8
26.5
24. 6
19. 1
18.4
26. 1
30.8
23.4
25.7
23.3
22. 1
22.5
51.9
54.4
58. 1
61.0
62.2
65.4
75.0
85.1
91. 0
100.7
107.2
107.9
101.6
107.6
111.6
19.7
20.2
21.0
22.6
23. 5
23.0
23.5
25. 1
27.4
30.5
31.8
31.2
31.5
32.0
32.4
71.4
83.2
96.6
108.3
94.9
110.5
138. 1
164.7
185.5
196.8
182.7
200.2
169.3
177.9
183.3
68.9
82.0
94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8
215.6
186.9
195.9
201.0
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255.4
245.5
277.1
217.9
237.6
249.5
-6.6
-4.6
-6.6
-20.0
-40.0
-11.6
-14.7
-15.8
-24.3
42.6
-45.7
-61.4
-31. 1
-41.7
—48.4
2.5
1.3
2.7
2.7
-1.8
-10.1
-13.5
-12.0
-13.5
-15.9
-17.2
-15.4
-17.6
-17.9
-17.8
41.4
46.5
51.2
60.2
76. 1
84.5
87.2
100.9
115.8
143.4
179.8
165.4
175.3
185.3
193.3
2, 291. 1 1, 722. 4
.. 2, 320. 9 1, 752. 0
1, 790. 0
18.9
21.7
23. 1
113.2
112.5
112.3
32.7
33.3
33.9
203.0
190.3
217.7
205. 1
257.0
229.0
-39.2
-24.0
-27.2
-14.7
-14.7
-13.4
200.8
211.0
219.5
810.7
871.5
963.6
1, 086. 2
1, 160. 7
1, 239. 4
1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
2, 121. 4
2, 088. 5
2, 070. 0
2, 122. 4
2, 204. 8
70
71
72
73
74
75
76
77
78
79
80
80: I.
II
III
IV
81: I
IL__
ni»
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goo<is
Period
Total
personal
consumption Total
expendi- durablel
goods
tures
Motor
vehicles
and
parts
Retail isales of
new pa ssenger
cars(nlillions
of uilits)
Nonduralble goods
Furniture
and
household
Total
nondurablel
goods
Food
Clothing Gasoline
and
and oil
shoes
Services
Domestics
Imports
621.7
672.2
737.1
812.0
J.
888.1
_
976. 4
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8
85.2
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.9
36.2
45.4
52.4
57. 1
50.4
55.8
72.6
85.0
94.3
95.5
89.9
ment
35. 2
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72.9
81. 1
84.6
265.7
278.8
300.6
333.4
373.4
407.3
441. 1
479.0
529. 8
602.2
675.7
138.9
144.2
154.9
172. 1
193.7
213.6
230.6
250. 3
276.4
312. 1
345.7
46.8
50.6
55.4
61.4
64.8
69.6
75.3
82. 1
91.9
98.9
104.8
22.4
23.9
25.4
28.6
36.6
40.4
44. 0
48.2
52.7
68.4
89.0
270.8
296.2
325.3
355.2
393.2
437.0
485 7
547.7
619.6
696.3
785.2
7.1
8.7
9.3
1, 631. 0
II
1, 626. 8
III... 1, 682. 2
IV.... 1, 751. 0
220.9
194.4
208.8
223.3
100.6
77.5
87.0
94.6
83.6
81.3
84.6
88.9
661. 1
664.0
674.2
703.5
336.2
338.4
347.7
360.4
102.2
102. 3
105.3
109.4
89.4
90.9
85.3
90.5
749.0
768.4
799.2
824.2
7.9
5.4
6.4
6.6
2.7
1, 810. 1
181: I
II
1, 829. 1
III".. 1, 888. 6
238.3
227.3
240.0
105.4
93. 4
105.2
92.3
92.4
93.2
726.0
735.3
750. 1
372.5
377.8
386.6
113.4
115.8
116.9
93.5
92.4
95.3
845.8
866.5
898.6
7.4
5.6
6.9
2.7
2.2
2.2
170
>71
172.
173
174
175
176
177
178
>79
180
180: I
> Total includes other items not shown separately.
9. 6
7.4
7.0
8.5
9.0
9.2
8.2
6. 6
Source: Department of Commerce, Bureau of Economic Analysis.
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.4
2. ^
2.3
2.5
SOURCES OF PERSONAL INCOME
Personal income rose $19.6 billion (annual rate) in September following a rise of $22.8 billion in August. Wages
and salaries rose $9.6 billion compared to $14.5 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
2,400
2,800
2,400
2,000
2,000
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
800
800
600
600 -
...i.."."„1.•«•"
OTHER INCOME
400
400
TRANSFER
PAYMENTS
\
200
200
160
160
120
120
100
100
80 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 II 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
1973
1974
1975
1976
1977
1979
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1973
1974
1975
1976
1977
1978
1979
1980
1980
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental Personal Personal Transfer
Total
and
Other ProprietcM's' income income
pay- 3
dividend interest
personal salary
labor 1 2
of
income disburseincome
Nonfarm persons 4 income income ments
Farm
l
ments
1, 065. 2
702.7
1, 168. 6
765. 7
1, 265. 0
806.4
1, 391. 2
889.9
1, 538. 0
983.8
1, 721. 8 1, 105. 2
1, 943. 8 1, 236. 1
2, 160. 2 1, 343. 7
1981
COUNCIL OF ECONOMIC ADVISERS
Less: PerNonsonal confarm
tributions personal
for social income e
insurance
48.8
55.8
64.5
75. 9
89.0
102.2
118.6
137. 1
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
61.0
62.2
65. 4
75.0
85. 1
91.0
100.7
107.2
22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31. 8
26.5
29. 1
29.9
36. 5
38.7
43. 1
48.6
54.4
93.9
112.4
123. 2
132.5
151.6
173.2
209.6
256. 3
119.5
141.2
178.3
194. 3
207.5
223.3
249.4
294.2
42.6
47.9
50.4
55.5
61. 1
69. 6
80.6
87.9
1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 112. 6
1980: Sept... 2, 205. 7
Oct
2, 234. 3
Nov.. 2, 257. 6
Dec
2, 276. 6
1, 356. 8
1, 381. 7
1, 400. 4
1, 411. 2
140.4
141.9
143. 5
145.0
21.9
22.2
22. 6
22. 6
111.4
111. 5
111.5
111.6
32.2
32.3
32.4
32.5
55.4
55. 5
55.9
56.7
263. 2
265. 6
269. 4
274. 1
313.4
313. 8
313.2
314.7
89. 1
90.4
91.4
91.9
2, 158. 7
2, 186. 8
2, 209. 7
2, 228. 5
1981: Jan
2, 300. 7
Feb
2, 318. 2
Mar
2, 340. 4
Apr
2, 353. 8
May
2, 367. 4
June
2, 384. 3
July.... 2, 418. 2
Aug *___ 2, 441. 0
Sept".. 2, 460. 6
1, 433. 1
1, 442. 8
1, 452. 8
1, 459. 6
1, 467. 3
1, 473. 9
1,484. 9
1, 499. 5
1, 509. 1
146.6
148.0
149. 5
150. 9
151. 6
153. 0
154.8
156. 3
157.8
112. 8
19.9
112. 6
18.7
114. 2
18.2
113.0
20. 2
112. 2
21. 7
23.2 / 112. 2
23.4? ?;$ H2. 2
23.3^ 5'^ H2. 4
22. 5^ 5^112.4
32.5
32. 7
32.9
33. 1
33.3
33. 5
33. 7
33.9
34. 1
57.4
281. 8
58. 2 . 289. 1
295.2
58.3
297.9
59.4
60.2
300. 6
304. 1
61. 1
62. 4
309.2
315.7
63.0
322. 3
63.5
318. 4
318. 4
321.9
322.5
323. 5
326.5
341.9
342.0
344.2
101.9
102. 3
102. 6
102.9
103. 1
103.3
104.3
105. 1
105.4
2, 254. 8
2, 273. 2
2, 295. 4
2, 306. 4
2, 318. 1
2, 333. 1
2, 366. 4
2, 388. 9
2, 408. 9
./ i
> The total of wa pe and salar y disbursem 2nts and oth er labor in^c Differs
from romix'iksaJion of employee.^ (see p. 4) in that it exclu des employe r contribulions
for social insur aiice and the ex cess of wag e accruals over wage disbiirsements.
1
Consists of emj loyer contri mtions to p rivate pensic>n, health, a ad welfare
funds; workmen's c om|>ensatior ; directors' f<>es; and a te\v other minor items.
•With inventory valuation an d capital con sumption adIjustments.
4
With capitf il consumpti on adjnstmeiit.
* Consists rrminly of so Dial insurantje benefits, direct relief, aiad veterans
piiyments.
6
Personal in come exclusi ve of farm pr oprietors' inc ome, farm wage.3, farm other
la bor income, tuid agriculttiral net inter est.
Source: Deoiirtment of Commerce, Biireau of Ecoilomic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
q 2,200
3,000
3,000
1981
1973
*SEAS.ONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
T
Less:
Por
Period
Personal
income
tax
and
nontax
payments
Equals:
Disposable
personal
income
TPSS •
Personal
outlays1
Equals:
Personal
saving
Per c apita
dispo sable
persona] income
Current
dollars
Billions of d ollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
951.4 141.0
1, 065. 2 150.7
1, 168. 6 170. 2
1, 265. 0 168.9
1, 391. 2 196.8
1, 538. 0 226. 5
1, 721. 8 258.8
1, 943. 8 302.0
2, 160. 2 33a5
1972
dollars
Per capita personal co nsumption exp<snditures
Current
dollars
1972
dollars
Dollars
810.3
757.7
914.5
835.5
998.3
913. 2
1, 096. 1 1, 001. 8
1, 194. 4 1, 111. 9
1, 311. 5 1, 237. 5
1, 462. 9 1, 386. 6
1, 641. 7 1, 555. 5
1, 821. 7 1, 720. 4
52.6
79.0
85. 1
94.3
82.5
74.1
76.3
86.2
101.3
3,860
4,315
4,667
5,075
5,477
5,954
6,571
7,293
8,002
3,860
4,083
4,013
4,055
4,161
4,266
4,409
4,493
4,473
Percent
change Saving
in real as percent of Populaper
dispostion
capita
able
(thoudispospersands) *
able
sonal
perincome
sonal
income
Per<sent
3,511
3,831
4,152
4,521
4,972
5,472
6,058
6,712
7,348
3,511
3,626
3,570
3,612
3,777
3,922
4,064
4,135
4,108
2.9
5.8
-1.7
1.0
2.6
2.5
3.4
1.9
-.4
6.9
5.6
5.2
5.2
5.6
209,
211,
213,
215,
218,
220,
222,
225,
227,
6.5
ae
as
ae
924
939
898
981
086
289
629
106
654
Seasjonally ad; listed ann ual rates
1980: !____ 2, 088. 2
II... 2, 114. 5
III.. 2, 182. 1
IV.. 2, 256. 2
323. 1
330.3
341. 5
359.2
1, 765. 1 1, 678. 7
1, 784. 1 1, 674. 1
1, 840. 6 1, 729. 2
1, 897. 0 1, 799. 4
86.4
110.0
111. 4
97.6
7,785
7,848
8,074
8,299
4,503
4,435
4,468
4,488
7,194
7,156
7,379
7,660
4,161
4,044
4,083
4,142
0.2
-5.9
3.0
1.8
4.9
6.2
6.1
5.1
226, 727
227, 332
227, 977
228, 578
1981: I... 2, 319. 8 372.0 1, 947. 8 1, 858. 9
II... 2, 368. 5 382.9 1, 985. 6 1, 879. 0
Ill » 2, 440. 0 399.9 2, 040. 1 1, 939. 9
88.9
106.6
100.2
8,504
8,651
8,865
4,511
4,517
4,530
7,903
7,969
8,207
4,192
4,161
4, 194
2.1
.5
1.2
4.6
5.4
4.9
229, 051
229,537
230, 129
i Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
»Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the third quarter, gross farm income rose $2.7 billion (annual rate) and net farm income rose $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
I 200
200
100
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
20
^«»-.*'
J
10
* SEASONALLY
I
L
1974
1973
I
I
I
1975
1976
20
. /
**
\/
I I
10
1978
1977
1979
1980
1981
ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc>ss farm incc>me
Period
Total *
1973
1974
1975
1976
1977
1978_
1979
1980
Net farni income
Cash]marketing r(sceipts
Total
Livestock
and
products
Crops
Value of
inventory2
changes
Production
expenses
Current
dollars
1967
dollars J
98.9
98.3
100.3
101.8
108.7
127.5
151.9
150.5
87. 1
92.4
88.2
94.8
96.3
112.9
131.9
136.4
45.9
41.4
43.0
46. 1
47.6
59. 2
68.5
67.4
41.1
51. 1
45. 1
48.7
48.7
53. 7
63.4
69.0
3.4
-1.6
3.4
-2.4
1.0
.6
5.3
-2.0
65.6
72.2
75.9
83. 1
90.3
101. 1
119.2
130.7
33.3
26. 1
24.5
18.7
18.4
26.5
32.7
19.9
25.1
17.7
15.2
11.0
10.2
13.5
15. 1
8. 1
1980:1
II
III
IV
149.3
145.8
151.9
155. 1
133.0
131.9
139.2
141.5
66.3
64.0
68.9
70.4
66.7
67.9
70.3
71.1
.9
-1.9
-3.7
-3.3
125.9
128.9
132.2
135.6
23.4
16. 9
19.7
19.5
9.9
6.9
7.9
7.6
1981:1
II
III*
157.7
165. 0
167.7
142.5
145.7
145. 0
69.8
68.9
69.7
72.7
76.8
75.3
-1.9
2.0
5.0
139.3
141.8
142.9
18.4
23.2
24. 8,
.93 J*
7.0
8.6
9.0
.._
i Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
3
Physical changes in end-of-year inventory of crop and livestock commodities
valued at average prices during the year.
*4
8
Income in current dollars divided by the consumer price index (Department
of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the second quarter, corporate profits before tax fell $28.0 billion (annual rate) while after-tax profits fell $16.5 billion
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
240
240
200
200
160
160
120
120
80
80
TAX LIABILITY
40
40
I
I
i
J
1973
I
I
I
1975
1974
1977
1976
1978
J
1980
1979
SOURCE: DEPARTMENT OF COMMERCE
J L
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Profits after tax
>ry valua tion
Profil bs (before tax) wit!a inventc
adjustn lent l
Domesstic indu stries
Is onfinanc ;ial
Period
Total »
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
1981: I__
II
III"
__.
Total
Financial
Total1
Manufacturmg
Wholesale
and
retail
trade
Tax
liability
Total
Dividends
Undistributed
profits
68.9
82.0
94. 0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8
215.6
186. 9
195.9
201.0
62.4
74.9
85.3
92.0
80. 4
107.6
137.4
161.2
179. 3
182.4
168.7
179.0
157.5
165.0
173.4
12. 1
14. 1
15. 3
15.9
15.0
11.8
17. 1
23.5
29.3
31.6
30.6
33.3
30. 1
28.7
30.5
50. 2
60.8
70.0
76.0
65.4
95.8
120.3
137.7
150. 0
150.8
138. 1
145.7
127.5
136. 2
142. 9
26.6
34. 1
40.7
45.5
39.0
52. 6
69.2
76.2
85.3
88.9
74.5
92. 1
61.3
68.5
76.2
9.5
11.7
13.4
13.9
12.5
21. 3
22.4
27.0
24. 5
23.0
20.9
14.8
25.9
20. 4
22.6
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192. 6
223.3
255. 4
245.5
277. 1
217.9
237.6
249.5
34.2
37.5
41.6
49.0
51. 6
50.6
63.8
72. 6
83.0
87.6
82.3
94.2
71.5
78.5
85.2
41.3
49.0
58.9
76. 6
85. 1
81.5
102. 5
120.0
140.3
167. 8
163.2
182.9
146.5
159. 1
164.3
22.5
22. 9
24.4
27.0
29.9
30.8
37.4
39.9
44. 6
50.2
56.0
53.9
55.7
56.7
57.7
18.8
26. 1
34.5
49. 6
55.2
50. 7
65. 1
80. 1
95.7
117. 6
107.2
128.9
90.7
102. 4
106.6
217.7
205. 1
192.3
182.3
28.6
24.3
163.7
158.0
90.4
84.4
27.5
28.4
257. 0
229.0
87. 7
76.4
169. 2
152.7
59.6
62. 0
64. 8
109.6
90.6
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
1
Includes rest of the world, not shown separately.
8
Profits
before
tax
!
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valua—
tion
adjustment
-6.6
-4. 6
-6.6
-20.0
-40.0
-11.6
-14.7
-15.8
— 24. 3
— 42. 6
-45.7
-61.4
— 31. 1
-41.7
-48.4
on 9
O«7. ^
-24.0
-27.2
GROSS PRIVATE DOMESTIC INVESTMENT
Accordins to preliminary estimates for the third quarter, business fixed investment rose $6.2 billion (annual rate) as
nonresidential construction outlays rose $4.7 billion and producers' durable equipment purchases increased $1.6
billion. Residential investment outlays fell $9.3 billion. There was a $17.6 billion increase in inventories following
a $23.3 billion increase in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
100
50
-50
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
T>
Gross
private
domestic
investment
' A
1970
1971
1972
1973
1974
1975
1976
1977
1978_.__
1979
1980
1980: I
II
III
IV
1981: I
II
III9
_
144.2
166.4
195.0
229. 8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
415. 6
390. 9
377. 1
397. 7
437. 1
458. 6
449.8
Nonresidential fixed
investment
Total
103.9
107.9
121.0
143.3
156. 6
157. 7
174. 1
205. 5
242.0
279. 7
296. 0
297. 8
289.8
294.0
302. 1
315. 9
324.6
330.8
Structures
Producers'
durable
equipment
38.7
40.5
44. 1
51.0
55.9
55. 4
58.8
64. 6
78.7
96.3
108. 8
108.2
108. 4
107.3
111.5
117.2
123. 1
127.8
Source: Department of Commerce, Bureau of Economic Analysis.
65.2
67.4
76. 9
92.3
100.7
102. 3
115.3
140.9
163. 3
183.4
187. 1
189.7
181. 4
isas
190. 7
198.7
201.5
203. 1
Rejsidential fix ed investmtent
Change in business inv entories
Total
37. 1
50.9
63.8
68.0
57.9
55. 3
72. 0
95.8
111. 2
118.6
105.3
115.2
93.6
99.2
113.0
116. 7
110.7
101. 4
Nonfarm
structures
35.4
48.9
61. 5
65.6
54.8
52. 4
68.8
91.9
106.9
113.9
100.3
110. 1
88.9
94.5
107.6
111.4
105.4
95.8
T?
structures
0.6
.7
.7
.7
1.3
1.0
1. 1
1.5
1.8
1.8
2.0
2.2
1.8
1.7
2.2
2.2
2. 1
2.3
Producers'
durable
equipment
1. 1
1.3
1.5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
3.0
2.9
3.0
3. 1
3.2
3.2
3.2
Total
3.2
7.7
10.2
18.5
14. 1
-a 9
11.8
21.0
22.2
17.5
-5.9
2.5
7.4
-iao
-17.4
4.5
23.3
17.6
Nonfarm
3. 1
6.4
9.6
15.2
16. 0
-10.5
13.9
20.2
21.8
13.4
-4.7
1.5
6. 1
-12.3
-14.0
6.8
21.5
13.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonform business spending for new plant and equipment for the year 1981 is expected to be 8.8 percent above 1980^
according to the Commerce Department July-August survey. Expenditures in 1980 were 9.3 percent higher than in 1979,
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
100
100
•• \
80
MANUFACTURING
60
60
40
40
I
J L
1973
30
I I
1974
J
I
L
1975
I
I
1976
I
I
I
I
1977
_J
I
L
1978
I
1979
I
I
1980
I
I I
1981
30
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
Period
Total
137. 70
156. 98
157. 71
171. 45
198. 08
231. 24
270. 46
295. 63
321. 50
291. 89
294. 36
296. 23
299. 58
1981: I _ _ . 312. 24
II.. 316. 73
ni<_4 322. 96
IV . 332. 69
1973
1974
1975
1976
1977
1978
1979
1980 4
1981
1980: I. ._
II_.
III..
IV..
Plant
56.66
64.29
65.21
71.20
80. 31
92.70
105. 73
117. 55
115. 96
116. 50
117. 59
120. 27
128. 57
131. 05
Equipment
Total
Durable
goods
Nondurable
goods
81.04 42.37
92. 69 53.21
92.50 54. 92
100. 25 59. 95
117. 77 69. 22
138. 54 79.72
164. 73 98. 68
178. 08 115. 81
126. 79
175. 93 111. 77
177. 86 115. 69
178. 64 116. 40
179. 32 118. 63
183. 67 124. 50
185. 68 125. 49
128. 72
128. 11
22.75
27.44
26. 33
28.47
34.04
40. 43
51. 07
58.91
62. 92
58.28
59.38
58. 19
59.77
61.24
63. 10
63.07
64. 06
19. 62
25. 76
28. 59
31.47
35. 18
39. 29
47. 61
56. 90
63. 87
53.49
56. 32
58.21
58.86
63. 27
62.40
65.65
64. 05
» Wholesale and retail trade; finance, insurance, and real estate; and personal,
business,
and professional services.
3
"Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
services l
Starts of
plant and
equipment
Com- projects,
muni- manufaccation turing 3
and
other 2
45. 53
47. 79
46. 23
49. 30
56.54
68. 66
79. 26
81.79
87.30
82. 17
81.07
81. 19
82.91
83.43
85. 88
86.55
92.68
21. 12
23. 30
21.80
23. 51
26. 90
32. 02
34.83
36. 99
41.89
37.34
37. 66
36.97
36. 11
40.32
39. 02
43.70
44.31
*Tonmanu facturinj cr
Ma nufactur ing
Trans- Public
Total Mining porta- utilities
tion
95.33
103. 78
102. 79
111.50
128. 87
151. 52
171. 77
179. 81
194. 71
180. 13
178. 66
179. 83
180. 95
187. 74
191. 24
194. 23
204. 58
3.31
4. 62
6. 10
7.44
9.24
10.21
11.38
13. 51
16.47
11.89
12.81
13. 86
15.28
16. 20
16.80
16. 12
16.70
7.41
8.23
8. 68
8. 89
9.40
10.68
12.35
12. 09
12. 15
12.47
12.09
12. 23
11. 70
11. 74
11. 70
11. 07
13. 88
17. 97
19. 83
19.98
22. 37
26.79
29.95
33.96
35. 44
36.91
36. 26
35.03
35.58
34.96
36. 05
37.84
36.79
37.00
Trade
and
53. 21
61. 24
56. 51
59. 38
77.40
88. 16
112. 98
123. 32
32.43
29. 41
27.74
33.53
35.41
32.90
3
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
1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell 674,000 in September, while unemployment rose 309,000.
MILLIONS OF PERSONS*
110
MILLIONS OF PERSONS*
110
SEASONALLY ADJUSTED
100
CIVILIAN LABOR FORCE
90
90
,,....,..•'*"*
UNEMPLOYMENT
1975
1979
1981
1980
* ?6 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1975
1976
1977
1978*
1979
1980
Noninstitutional
population
153,
156,
158,
161,
163,
166,
449
048
559
058
620
246
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Civilian einploymen t
Unempl(?yment
Total
labor
Nonagri cultural
15
Civilian UnemCivilian
force
Part-time Total
Agriweeks
employ- ploy- (includ- labor
Total
ecoand
culment
ment
force
ing
Total for
nomic 1
over
tural
Armed
reasons
Forces)
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
7,830 94, 793 92,
7,288 96, 917 94,
6, 855 99, 534 97,
6,047 102, 537 100,
5,963 104, 996 102,
7, 448 106, 821 104,
613
773
401
420
908
719
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
1980: Sept._
Oet__
Nov__
Dec..
166,
167,
167,
167,
789
005
201
396
97, 256
97, 933
97, 801
97, 545
7,464
7,482
7,486
7,233
1981: Jan..
Feb...
Mar._
Apr__
May__
June__
July..
Aug__.
St»pl__
167,
167,
167,
168,
168,
168,
585
747
902
071
272
480
96, 128
96. 383
97, 318
8, 543 107, 668 105, 543
8, 425 107, 802 105, (581
8, 087 108, 305 10(5, 177
Kix, <;x:>
: r
KiX, X. ). >
Mil), ( M O
282
803
3-1 1
-17-1
013
277
7, :wr>
7, r>-tr>
8, 279
7, 0:M
7, 7 r >S
7, (>X7
107,
107,
107,
107,
101
288
404
191
I OX, Sf> 1
109, 533
108, 307
10X, 003
10X, 7(52
1 OX, 401
104,
105,
105,
105,
10(5,
107,
106,
10(5.
J0(5,
106;
980
167
285
067
722
406
176
464
602
236
' IVrsons ut work. Koonomir reasons include slack work, material shortages,
i n a b i l i t y i n f i n d f u l l - t i m e work, etc.
1
Toinl labor force as percent of noniiistitutional population 16 years of age and
over.
•Uiitn beginning 1(J78 not strictly comparable with earlier data because of
81, 403
84, 188
87, 302
91, 031
93, 648
93, 960
3,490
3,272
3,297
3, 216
3, 281
3,965
7,830
7,288
6,855
6,047
5, 963
7,448
2,483
2, 340
1,911
1,379
1,202
1, 829
61. 8
62. 1
62.8
63.7
64. 2
64.3
SeascAnally adj usted
U nad justed
98,
98,
99,
100,
JOO,
<)*,
3,380
3,297
3,244
3,342
3, 297
3,310
Labor
force
participation
rate
(per-2
cent)
180
206
339
282
3, 399
3, 319
3,340
3,394
93, 781
93, 887
93, 999
93, -888
4,183
4, 220
4, 176
4,218
7,800
7,961
7,946
7,785
2,295
2,292
2, 329
2,378
64. 2
64.2
64. 2
64.0
97, 696
97, 927
OS, 412
OS, 076
99, 235
98, 392
98, 962
98, 944
98, 270
3, 403
3, 281
3,276
3,463
3,353
3,265
3, 258
3,370
3, 310
94, 294
94, 646
95, 136
95, 513
95, 882
95, 127
95, 704
95, 574
94, 959
4,474
4, 145
4,227
4, 044
4, 143
3,798
4,225
4, 187
4,537
7,847
7, 754
7,764
7,746
8, 171
7,784
7, 502
7, 657
7,966
2, 358
2, 250
2, 192
2, 105
2, 168
2,315
2, 100
2, 194
2,212
64. 2
64. 3
64.5
64. 8
65. 1
64.3
64. 4
64. 4
64. 1
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 rose to 7.5 percent from 7.2 percent in August.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
V
A'
BLACK
AND OTHER
WHITE
I 1 I I I II
1977
1978
1979
1980
1981
1977
1981
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
1Jnemplo yment r£ite (perc<»nt of chrilian lab or force in group )
By se lected giroups
By sex and a ge
By •ace
Total
(all
civilian
workers)
Period
1975
1976
1977
1978
1979
1980
_
Men
20
years
and
over
8.5
7,7
7.0
6.7
5.8
4. 1
6. 0
7. 1
Women Both
20
sexes
years 16-19
and
years
over
5.2
4.2
8.0
7.4
7.0
6.0
5.9
6.3
5. 9
1980: Sept
Oct
Nov
Dec
7.4
7.6
7.5
7.4
6. 6
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
7.4
7.3
7.3
7.3
7.6
7.3
7.0
7.2
7.5
6.0
6.0
5.9
5.8
6.3
6.4
6.4
6.2
6. 1
5. 6
5.9
6.2
5. 7
6.2
6. 7
6.7
6.8
6.7
6.5
6.6
6. 6
6.8
6.5
6. 7
6. 5
6.8
White
12
Wo-
Married
men,
spouse
present
men
who
maintain
families
Fulltime
workers
Parttime
workers
5. 1
10.0
10.0
8. 1
10.3
10. 1
6.3
13. 9
13. 1
13. 1
11.9
11.3
13.2
8.2
7.3
6.6
5.6
5.4
6.8
4.2
3.6
2.8
2.7
4.2
17.8
18. 5
18.6
17.8
6.5
6.6
6.6
6.5
14. 1
14.2
14. 0
14. 0
7.2
7.3
7.2
4.7
4.6
10.2
7. 1
4.3
10.4
19. 0
19.3
19. 1
19. 1
19. 5
19. 0
18. 1
18. 8
19. 3
6.7
6.6
6.5
12. 9
13. 1
13.7
13.2
13.6
14.2
13.6
15. 0
15. 1
7. 1
4.2
10.5
19.9
19. 0
17.7
16.3
16. 1
17.7
7.8
7.0
6.2
5.2
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
ExpeBlack rienced
wage
and
and
other salary
\v orkers
5. 1
6. 5
6.8
6.4
6.2
6. 1
6.5
7.0
7.0
6.8
7.4
7.0
6.8
6.9
7. 2
4. 4
4. 1
4. 1
3.8
4. 1
4.2
3.9
3.9
4. 3
9.3
8.5
8.3
9. 1
9.0
9.9
9.6
9.4
9.8
10.3
10.6
11.5
9.8
10.6
7.3
6.5
5.5
5.3
6.8
7.3
7.3
7.4
7.3
7. 1
7. 1
7. 1
6.9
7.3
7.0
6.7
6.7
7.2
Source: Department of Labor, Bureau of Labor Statistics.
9.8
9.0
8.7
8.7
8.7
9. 1
8.6
8.2
9.2
9. 1
9.0
9.0
9.7
9.2
9.3
9.7
9.6
Labor
force
time
lost
(per- l
cent)
9. 1
8.3
7.6
6.5
6.3
7.9
8.2
8.4
8.3
8.2
8.2
8. 1
8. 1
8.2
8.6
ao
7. 9
7.9
8.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In September, the percentage of unemployed persons who had been out of work for less than 1 5 weeks rose, and the
percentage out of work for 1 5 weeks or more fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
LESS THAN
5 WEEKS
50
S 14
Wl I K '
REENTRANTS
v-
VM
-« * '
^MrLX
NEW ENTRANTS
15 26
WEEKS
\
**
JOB LEAVERS
27 WEEKS
AND OVER
1977
1978
1977
1981
1980
1979
1978
1980
1981
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percen t distribiution of iinemplo yment try duratic n 1
Percen t distrib ution of unemPi oyment 1;>y reasori *
TT
Period
ployment
Less
(thou- than 5
sands) weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Job
losers
38.3
41.7
46.2
48. 1
43.1
38.4
39.9
39. 0
40.4
41.3
41.2
41. 4
40. 2
41.5
40.4
42. 6
41. 0
41. 8
29.6
30. 5
31.0
31.7
32.4
32.6
31. 3
31. 7
28.8
28. 7
29. 9
30. 4
32. 2
31. 8
30. 1
29. 3
30. 5
30. 8
13.8
13. 1
12.3
11. 5
13.8
17.2
15.7
15.2
16.0
13. 7
12. 8
13. 1
13. 1
12. 6
15. 4
14. 3
13. 8
14. 2
18.3
14.8
10. 5
8.7
10.8
11.7
13. 0
14. 0
14.9
16.2
16.2
15. 2
14.5
14. 1
14. 1
13. 8
14. 7
13. I
49.7
45.3
41.6
42. 8
51.9
55.2
53.0
53. 5
54.3
49. 4
50.7
49. 7
49. 7
50. 1
52.8
49. 3
51.4
53.4
Job
Reenleavers trants
State pi•ograms Insured
unem- Special
unemployployment,
ment
all
New Insured
benefit
unem- Initial regular
enproclaims
ploy- claims
trants ment
(unadgrams
(unad-2 justed) «
justed)
Weejkly avei age, thouzsands
1976
1977
1978
1979
1980
1980: Sept._
Oct..
Nov..
Dec__
1981: Jan..
Feb__
Mar__
Apr __
May__
June-July^
Aug___
Si'pt__
7,288
6,855
6,047
5,963
7,448
7,800
7,961
7,946
7,785
7,847
7,754
7,764
7,746
8, 171
7,784
7, f>02
7, (557
7, 960
1
Detail may not add to ioo percent, because of rounding.
2 Includes Slate (,r>() .states, District of Columbia, Puerto Rico, and Virgin
Islands), ex-servicemen ( U C X ) , Federal (UCFE), and railroad (RR) proprams. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and SUA (special unemployment assistance).
12.2
13.0
14. 1
14.3
11.6
10.8
10. 9
11. 3
10.5
11.6
11.5
11. 2
11. 1
12.4
10. 8
12. 0
11.0
10.9
26.0
28. 1
30.0
29.5
25.2
23. 2
25. 2
24. 0
24. 0
26. 2
25. 7
26.4
26. 3
26. 1
24.5
27.0
25. 4
24.0
12.1
13.7
14.3
13.4
11.4
10.8
11. 0
11.2
11.2
12.8
12. 1
12. 7
12.9
11. 5
12.0
11. 7
12. 3
11.7
2,991
2,655
2,359
2,434
3,350
3,782
3,602
3,367
3,083
2,982
2,825
2,906
2,923
2,945
2,972
2, 821
2,938
3,055
386
375
346
388
489
495
458
424
415
417
410
433
415
414
418
401
433
490
3,846
3,308
2, 645
2,592
3,837
3,961
3, 661
3, 726
4,085
4,621
4,264
3,948
3,453
3, 111
2,949
3, 012
2,874
2,681
1,152
572
s FSB and SUA. These programs started January 1975 aod regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
In September, total nonagricultural employment as measured by the payroll survey was again about unchanged.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS'
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80 ^
70
60 SERVICE-PRODUCING
INDUSTRIES
50
40 -
GOODS-PRODUCING
INDUSTRIES .
30
20
1977
1979
1978
•SEASONALLY ADJUSTED
1980
1981
1977
1980
1981
*
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
Service-pr oducing Industrie s
CJoods-prc>ducing i industries
Total
nonagrieultural
employ- Total »
ment
Construction
76, 945
79, 382
82, 471
86, 697
. 89, 823
90, 564
22, 600
23, 352
24, 346
25, 585
26, 461
25, 718
3,525
3,576
3,851
4,229
4,463
4,399
18, 323
18, 997
19, 682
20, 505
21, 040
20, 300
10, 688
11, 077
11,597
12, 274
12, 760
12, 181
7,635
7,920
8,086
8,231
8,280
8,118
54, 345
56, 030
58, 125
61, 113
63, 363
64, 847
4,542
4,582
4,713
4,923
5,136
5, 143
17, 060
17, 755
18, 516
19, 542
20, 192
20, 386
4, 165
4,271
4,467
4,724
4,975
5,168
13, 892
14, 551
15, 303
16, 252
17, 112
17, 901
2,748
2,733
2,727
2, 753
2,773
2,866
11,937
12, 138
12, 399
12, 919
13, 174
13, 383
1980: Sept..
Oct.__
Nov..
Dee...
90, 461
90, 668
90, 844
90, 949
25, 445
25, 521
25, 629
25, 631
4,362
4,379
4,389
4,387
20, 060
20, 110
20,188
20, 175
11, 968
12, 013
12, 090
12, 077
8,092
8,097
8,098
8,098
65,
65,
65,
65,
016
147
215
318
5, 124
5, 129
5,114
5, 118
20, 450
20, 461
20, 464
20, 470
5,206
5,221
5,235
5,254
18, 043
18, 807
18, 160
18, 240
2,784
2,795
2,796
2,800
13, 409
13, 454
13, 446
13, 436
1981: Jan...
Feb...
Mar__
Apr...
MayJune. _
July..
Aug*.
Sept ».
91, 091
91, 258
91, 347
91, 458
91, 564
91, 615
91, 880
91, 929
91, 875
25, 647
25, 657
25, 705
25, 700
25, 705
25, 818
25, 939
25, 941
25, 949
4,390
4,389
4,416
4,418
4,334
4,284
4,272
4,272
4,253
20, 174
20, 177
20, 191
20, 332
20, 414
20, 424
20, 535
20, 517
20, 536
12, 084
12, 074
12, 099
12, 207
12, 254
12, 278
12, 333
12, 336
12, 326
8,090
8,103
8,092
8, 125
8, 160
8, 146
8,202
8,181
8,210
65, 444
65, 601
65, 642
65, 758
65, 859
65, 797
65, 941
65, 988
65, 926
5,124
5,135
5,139
5,161
5,148
5, 149
5, 167
5, 168
5, 179
20, 529
20, 600
20, 635
20, 636
20, 714
20, 717
20, 796
20, 871
20, 866
5,268
5,283
5,293
5,316
5, 326
5,331
5,344
5,354
5, 356
18, 300
18, 343
18, 371
18, 475
18, 540
18, 560
18, 642
18, 673
18, 757
2,799
2,795
2,781
2,767
2,779
2, 781
2,777
2,770
2,760
13, 424
13, 445
13, 423
13, 403
13, 352
13, 259
13, 215
13, 152
13, 008
jrerioa
T^AOTA*]
1975
1976
1977
1978
1979_
1980
Trans- Whole- Finance,
Gover nment
Ma nufactur ing
insurportasale
ance,
tion
Services
and
Total
State
NonflTtH
2*
LIU
and
retail
Federal and
durable
Total Durable
real
public
goods goods
trade
local
estate
utilities
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagrieultural 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, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing establishments.
» Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Total
private
nonagricultural *
Period
Manufa cturing
Total
Adjusted h surly earnin gs index2 —tc>tal private
nonagric ultural
Average gross
hourly e arnings
Avenige weekly \lours
Overtime
Total
private
nonagricultural l
Manufacturing
Percent cha nge from
a year earlier 4 5
Index, IS 77 = 100
1977
dollars 3
Current
dollars
Current
dollars
1977
dollars
3.5
3.6
3.3
2.8
$3.70
3.94
4. 24
4.53
4.86
5. 25
5.69
6. 16
6.66
$3.82
4. 09
4.42
4.83
5.22
5. 68
6.17
6.70
7.27
69.8
74.1
80.0
86.7
92.9
100.0
108. 1
116.8
127.3
101.2
101. 1
98.3
97.6
99.0
100.0
100. 5
97.4
93.5
6.4
6.2
8.0
8.4
7.2
7.6
8.0
9.0
-3.1
-4.0
39.6
39.7
39. 8
39.9
2.7
2.8
3.0
3.0
6.76
6.83
6.90
6.94
7.41
7.49
7.59
7.63
129.4
130.6
132. 1
132.6
93.3
93.2
93.3
92.7
8.9
9.7
9.9
9.3
-3.2
-2.6
-2.5
-2.8
40. 1
39.8
39.9
40.2
40. 3
40. 1
40. 0
40.0
39. 1
3.0
2.8
6.99
7. 04
7.09
7. 14
7. 18
7.23
7. 26
7.34
7.34
7. 69
7.74
7.80
7. 90
7. 95
7. 99
8. 02
8.08
8. 14
133.8
135.0
135.8
136.7
137.7
138.4
139.0
140.6
141. 0
92.8
92.7
92.8
93.0
93.1
92.9
92.2
92. 6
91.8
10.0
-1.6
-1.3
1972 _ _ _ — _ _
1973
1974
>
1975
_ _ _ _ _
1976
__ _ _
1977_ __ _ - 1978 _
1979
_
1980
37.0
36. 9
36. 5
36. 1
36. 1
36. 0
35. 8
35.7
35.3
40.5
40. 7
40. 0
39. 5
40. 1
40. 3
40.4
40.2
39.7
3. 5
1980: Sept
Oct
Nov_
Dec
35. 3
35.3
35.3
35. 3
1981: Jan
_ _
Feb___
Mar
Apr
May _ __
June
July
Aug v _
Sept *
35. 3
35. 2
35.3
35. 4
35. 3
35. 2
35.3
35. 2
34. 9
3.8
3.3
2. 6
3. 1
2. 8
2.9
3. 2
3.0
3.0
3.0
2. 6
8. 1
9.9
9.5
9.6
9.5
9.0
8.9
9.2
9.0
3.1
-. 1
-2.8
-.7
1.4
1.0
.5
-.9
-.3
-.3
""""*• «-
-1.7
— 1.4
-1.6
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period
Total pri vate nonagricu Itural l
Current
dollars
1972
1973_ .
1974.
1975
1976
1977
1978.
1979
1980
1980: Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr__
May.
June
July
Aug v _ _
Sept »
1
$136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 91
235. 10
238. 63
241. 10
243. 57
244.98
246. 75
247. 81
250. 28
252. 76
253. 45
254. f>0
25(1. 28
258. :W
2f>(). 17
Manufacturing
1977
dollars 3
$198. 41
198. 35
190. 12
184. 16
186. 85
189. 00
189. 31
183. 41
172. 74
172. 05
172. 09
171. 89
171. 19
171. 12
170. 20
170. 96
172. 06
171. 37
170. 92
170. 0(>
170. 20
1 60. 78
$154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
269. 34
288. 62
293. 44
297. 35
302. 08
304. 44
308. 37
308. 05
311. 22
317. 58
320. 39
320. 40
320. 80
323. 20
318. 27
$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 04
374. 87
376. 57
379. 81
382. 13
397. 94
380. 02
392. 33
390. 29
388. 98
388. 05
397. 41
398. 20
377. 97
Percent chimge from a
year e arlier,
total pri^/ate nonagricu Itural s
Current
dollars
Current dollar s
Also includes oilier priviitr i n d u s t r y jrrouns shown on p. 14.
' A d j u s t e d for i n i r r i i i d i i s i r y employment .shifts and for overtime in manufacturing.
• (hirront, dollar index (or earnings) divided by the consumer price index on a
1U77 i(M) huso, kovised index for urban wage earners and clerical workers used
beginniiiK 11)78.
B S - H 3 1 0 - 81 - 2
Construction
Wholesale
and retail
trade
$106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 64
164. 96
176. 46
178. 80
180. 08
182. 25
182. 65
184. 18
186. 12
187. 08
188. 63
189. 07
189. 71
190. 95
191. 96
192. 60
7.5
6.2
6.4
5.7
7.3
7.7
7.8
8.0
6.9
6.3
7.3
8.2
7.9
9.5
9. 1
9.2
9.5
9.9
9.2
10. 0
9.8
7.6
1977
dollars
4. 1
—.0
—4. 1
-3.1
1,5
1.2
.2
-3. 1
-5.8
-5.6
—4. 7
-3.9
-4. 1
-2.0
—2. 1
— 1.2
4
.1
-.3
-.7
-.9
-2.9
*5 Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
pers ons
Out]put *
Output per hour
of all r.)ersons
Compensation
per 1:lour 3
Unit labor
cossts
Implicit/ price
deflat o r 4
PriNonPriNonNonNonPriNonNonPrivate
Private
Private
vate
vate
farm
farm
farm
farm
farm
vate
farm
business business
business business
business business
business
business
business
business
business
3usiness
sector
sector
sector
sector
sector sector sector sector
sector
sector sector
sector
Period
1977 == 100; qua rterly dat a seasonsilly adjust,ed
76.9
79.2
76.7
78.9
90. 3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
54.2
51.4
54.8
59. 5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
1970
1971
1972
1973
1974
78.5
80.9
86.2
92.0
90.2
78. 1
80.4
85. 9
91.9
90. 1
91.2
90.7
93.4
97.0
97.4
90.0
89.7
92.5
96.4
96.8
86.1
89.2
92.4
94.8
92.7
86.7
89. 6
93.0
95.3
93. 1
58.2
62.0
66.0
71.3
78.0
58. 6
62.5
66.6
71.7
78.4
67.6
69.5
71.5
75.2
84.2
67.6
69.7
71.7
75.2
84.3
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74.1
81.6
1975
1976
1977
1978
1979
88.5
94. 1
100. 0
104.7
107.7
88. 1
94.0
100. 0
104.9
107.7
93.4
96. 1
100.0
104.9
108. 2
92.7
95.9
100.0
105. 1
108.7
94.8
97.9
100. 0
99.8
99.5
95.0
98. 1
100.0
99. 8
99. 1
85.5
92.9
100.0
108.4
119.3
86.0
93.0
100.0
108.5
na9
90. 2
94.8
100.0
108.6
119.9
90.5
94.8
100.0
108.7
120.0
90.4
94.7
100. 0
107.4
116.9
89.9
94.5
100.0
107.0
116.2
1980
106.8
106.8
107.5
108. 1
99.3
98.8
131.5
130.8
132.4
132.4
127.6
127.4
1979: III
IV
107.7
108.2
107.8
108.2
108.4
109. 1
109.0
109.4
99. 4
99. 1
98.9
98.8
120.7
123.2
130.2
123.0
121.4
124.3
121.5
124.4
118. 1
120.2
117.4
119.7
1980: I
II
III
IV
108.7
105.4
105.7
107.5
108.5
105. 1
105. 8
107.7
109.2
106.4
106.3
108.4
109.8
107. 1
106. 9
108.8
99.5
99. 1
99.4
99. 1
98. 9
98.2
99.0
99.0
126.4
130. 1
133. 1
135.9
126.0
129.4
132.3
135.4
127.0
131.3
133.9
137.0
127.4
131.8
133.6
136.8
123.0
126. 1
129. 1
132.2
122.9
126.3
128.8
131.9
1981: I
II
III »...
109.5
109.5
109.2
109.7
109.4
108.9
109.2
108.3
108.4
109.7
109.0
109. 1
100.3
101. 1
100.7
100.0
100.4
99.8
139.7
143.2
146.4
139. 1
142. 4
145.6
139.4
141. 6
145.5
139. 1
141.9
145.9
135.4
137. 5
140. 7
135.3
137.5
141. 1
1968
1969
_
Perceiit change ; quarterl]f data at iseasonal!y adjustec 1 annual rates
1968
1969
5. 1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.7
7.0
7.4
6.5
4.2
6.7
3.9
6.8
4.0
4.9
4.0
4.7
1970
1971
1972
1973
1974
-.8
3.0
6.6
6.6
-1.9
-1.0
2.9
6.9
6.9
-1.9
-1.7
—.5
3.0
3.9
.4
-1.4
—.4
3.1
4.2
.4
.9
3.6
3.5
2.7
-2.3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3. 1
2.8
4.9
12. 1
4.5
4.4
3.4
5. 4
9.4
4.8
4.5
3.0
3.7
10. 1
1975
1976
1977
1978
1979
-1.9
6.3
6.3
4.7
2.8
-2.2
6.7
6.4
4. 9
2.7
-4. 1
2.9
4.0
4.9
3. 1
-4.2
3.4
4.3
5. 1
3.4
2.3
3.3
2. 1
-.2
—.3
2. 1
3.2
2.0
-.2
-.7
9.6
8. 6
7. 7
8.4
10. 1
9.6
8. 1
7.6
8.5
9.7
7.2
5. 1
5.5
8.6
10.4
7.4
4.7
5.5
8.7
10.4
9.7
4.7
5.6
7.4
8.8
10.3
5. 1
5.8
7.0
8.6
1980
-.8
-.9
-.6
-.6
-.2
-.3
10.2
9.9
10.4
10.3
9.2
9.7
1979: III
IV
2.4
1.7
2.6
1.5
3.6
2.8
3.7
1.8
-1.2
-1.0
-1. 1
-.2
8.9
8.6
8.6
9.7
10.2
9.8
9.7
9.9
8.2
7.4
8.5
7.8
1980: I
II
III
IV
1.8
-11.5
1.1
6.9
1.4
-12. 1
2.9
7.1
.2
-9.9
-.2
8. 1
1. 1
-9.5
-.7
7.3
1.6
-1.8
1.3
-1. 1
.3
-2.9
3.6
-.2
10.7
12. 3
9.5
8.6
10.2
11.3
9.0
9.8
9.0
14. 4
8. 1
9.8
9.9
14.6
5.3
10. 1
9.7
10. 5
9.8
9.9
11.3
11.3
7.9
_. 1
-1.2
7.9
-1. 1
-1.9
3. 1
-3.5
.7
3.5
-2.5
.3
4.6
3.5
-1.9
4.3
-1.4
-2.2
11.8
10.4
9.3
11.6
9.6
9.4
6.9
6.6
11.4
7.0
8.1
11.9
10.0
6.2
9.9
11.0
6.5
10.8
1981: I
II
III *.._
' Output refers to gross domestic product originating in the sector in 1972 dollars.
* Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
» Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
• Current dollar gross domestic product divided by constant dollar gross domestic product.
16
8.2
10.0
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data for 1980 and 1981 second quarter revised.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.8 percent in September following a decrease of 0.3 percent in August. The index for
September was 5.3 percent above the year earlier level.
INDEX, 1967=100*
(RATIO SCALE)
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
180
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
160
160
UTILITIES
140
140
120
120
MINING
1977
1978
1979
1980
1981
100
1977
MANUFACTURING PRODUCTION
1978
1979
1980
1981
PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
1978
1977
1981
1977
1979
il i i ni
1980
1981
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
producition
Percent
Period
Index,
1967 = change
from
100
year
earlier
100. 00
1967 proportion
-. 4
129.3
1974
-8. 9
1975
_ _ _ 117.8
10.8
1976
.. 130.5
138.2
5.9
1977
5.7
146. 1
1978
4. 4
152. 5
1979
147.0
-3.6
1980
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction inde;xes, 1967 = 100
M£inufacturi ng
Total
Durable
Nondurable
87. 95
129. 4
116. 3
130.3
138.4
146. 8
153. 6
146. 7
61. 98
125.7
109. 3
122. 3
130.0
139. 7
146. 4
136.7
So. 97
134.6
126. 4
141. 8
150.5
156. 9
164. 0
161.2
6.36
115. 3
112.8
114. 2
118.2
124.0
125.5
132.7
5. 69
143.7
146. 0
151.7
156.5
161. 4
130
132.
135.
138.
Mining
1980: Sept
Oct
Nov
Dec
144.4
146.6
149. 2
150.4
-5.4
-4.0
-2. 0
-1.4
143.9
146.5
148. 9
150.4
132. 1
135.7
139. 2
140.3
161.
162.
163.
165.
1981: Jan
Feb
Mar
._
Apr
May_ _ _
June. _ .
July v
Aug
_ .
Sept"
151.4
151. 8
152. 1
151.9
152.7
152.9
153. 8
153. 3
152. 1
-1.0
151. 1
151.2
151.6
152. 0
152. 8
152. 4
153. 1
152.7
151. 4
141. 0
140. 8
142. 1
142. 5
143. 5
143. 2
143. 6
142.9
141. 0
165. 6
166.2
165.3
165.9
166. 4
165.8
166.9
166.7
166.4
1
Output
1
Annual
3
-.7
.0
2.5
6.2
8. 1
9.6
7.8
5. 3
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data. Data revised.
| CapacityIT utilizaticm rate, p<srcent *
Mstnufacturi ng
Materials
(Federal
UtiliWharReserve Federal Comties
ton
series) Reserve merce 2
series
series 3
series
0
1
0
0
168.3
87. 1
73.4
81. 1
82.7
85. 6
87.4
80. 0
83.8
72.9
79.5
81.9
84. 4
85. 7
79. 1
83
77
81
83
84
83
78
89.9
79.0
85.0
87.5
90.2
91. 7
85.8
7
1
1
6
170. 6
167. 7
169.9
167.9
76.8
78.4
80.5
81.4
77.0
78. 2
79.3
79.8
76
82.5
78
86. 1
140.4
143. 1
143.2
135.2
135. 4
141.7
146. 6
146. 3
145. 9
167. 6
166.4
167. 8
167.6
170.7
172.7
173. 1
171.3
170.8
82. 1
82.3
82. 1
81. 1
81.2
81.3
81. 9
81.4
80. 4
80.0
79.8
79.8
79.8
80.0
79.6
79. 8
79.3
78.5
78
87.2
78
86.9
lec'o
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]
Prod ucts
Final I3roducts
Coiisumer go ods
Period
Total
1967 proportion
1971
1972
1973
1974
1975_.
1976
1977
1978
1979
1980
1980: Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug *__
Sept"
___
_ _
- -.
47.82
106. 3
115.7
124. 4
125. 1
118.2
127.6
135.9
142. 2
147.2
145.3
144. 1
145.7
147.4
147. 8
147.8
148. 2
149.0
149.9
151.3
151.4
151.9
151.3
151.0
Equip ment
NonDurable durable
goods
goods
Total
Interm ediate
prod ucts
Total
Business
Total
Materials
Construction
supplies
Supplementary
group:
Energy
total
27. 68
7.89
19. 79
SO. 14
12. 63
12.89
6.42
S9. 29
12.28
114.7
124.4
131.5
128.9
124.0
137. 1
145.3
149. 1
150.8
145.4
144. 5
146.3
148. 1
147. 1
146.9
147.8
148.3
148.9
150.7
150.3
150.2
149.0
148.5
118.8
133.8
146.2
135. 3
121. 4
141.9
154.0
159.2
155.8
136.7
133.5
139.0
143.4
141.3
140. 1
141. 2
143. 6
144.3
147.3
147.9
146.4
142.0
141. 3
113. 1
120. 6
125.6
126. 3
125. 1
135. 2
141. 9
145. 1
148.8
148.9
148.9
149.3
150.0
149.3
149.6
150.5
150. 1
150.7
152. 1
151.2
151.7
151.7
151.4
94.7
103.8
114.5
120.0
110.2
114.6
123. 0
132.8
142.2
145.2
143.6
144.8
146.5
148.8
149. 1
148. 7
150.0
151.4
152.1
153.0
154.3
154.6
154.3
104. 1
118.0
134. 2
142.4
128.2
135.4
147.8
160.3
171. 3
173.2
170.7
171.9
173.9
177.1
177.7
177.5
179.3
181.0
182.0
183.6
185. 1
185.3
184.7
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160.5
151.9
151. 2
152.4
153.4
155.4
157.5
157.7
157. 1
156.3
156. 1
154.9
156.3
155.7
153.0
116. 8
128.4
139.8
134.5
116.3
132. 6
140.6
151.7
158.0
140.9
138.5
140.6
142.6
145.2
148.4
148.9
149.0
147.9
146.5
143.4
144.1
143.0
138.2
111.3
122. 3
133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
142.5
145.9
150. 1
152.2
153.8
1543
154.4
152.9
153.4
154.0
155.4
154.8
153. 1
119.5
125.2
128.3
125. 5
125. 5
129. 1
132.9
135. 4
137.9
137.7
137.2
135. 6
137.0
137.7
138.5
138. 5
137.7
132.6
133.5
138.0
141.3
140.2
139.0
[1967 = 100, seasonally adjusted]
D arable m anufactu res
Primar}7 metals
Period
1967 proportion
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug "
Sept"
Fabricated
metal
products
18
trical
machinery
Electrical
machinery
Motor
ve-
Lumber
and
products
Ao-n.pparel
products
5.51
104.7
109. 4
117.3
114. 3
107.6
125.7
134.2
1342
134.4
127.0
123.5
121.7
125.7
122.7
123.8
121.6
120.2
121. 6
122. 6
121. 1
122.2
Total
Iron
and
steel
6.57
4.21
5.93
9.15
8.05
9. 27
4.50
1.64
100. 2
112. 1
126.7
123. 1
96.4
109. 7
111. 1
119.9
121. 3
102.3
90.6
99.6
113. 2
111.5
114. 1
114.5
114. 9
110.6
111.9
107.4
109.2
112. 1
107.3
96. 1
107. 1
122. 3
119.8
95. 8
104. 8
103.8
113.2
113.2
92.4
80.4
92. 0
107.6
103.0
108.7
108.4
108.0
103.4
105.6
98.5
99.7
104.6
103.5
112. 1
124.7
124. 2
109. 9
123.9
131.0
141.6
148.5
134. 1
128.8
131.7
132.3
135.7
135.8
137.6
139.2
139.5
138.4
139.3
140.0
139.2
137. 5
100. 2
116. 0
133.7
140. 1
125. 1
134. 5
143.6
153. 6
163. 7
162.8
159. 5
160.9
162.9
166.9
167.3
168.3
169.2
169. 7
172. 1
174. 1
176.7
176.7
175.4
107.7
122.2
143. 1
143.8
116.5
134.8
145.4
159. 4
175. 0
172.8
167.4
169.8
173.0
175. 1
177.6
174.9
177.4
178. 8
179.9
180. 1
180.9
181.8
179.7
97. 9
108.2
118.3
108.7
97.4
111. 1
122.2
132. 5
135. 4
116.9
113.3
118. 3
121. 8
120.4
117.4
116. 1
119.5
121.3
123. 7
123.4
119.8
115.4
114. 8
118. 6
135. 8
148.8
128.2
111. 1
142. 0
161. 1
169.9
159.9
119.0
113.7
123.2
129.2
125. 7
120. 0
119.9
127. 1
130.7
136. 4
137.5
130.5
122. 8
122. 1
113.8
120.8
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
121. 6
121.4
123.7
123. 6
127.4
126. 2
125.6
126.3
126.2
122. 5
122.9
117.5
Source: Board of Governors of the Federal Reserve System.
Non-
Nond urable nrlanufacti ires
Transpc>rtation
equip ment
Total
hicles
and
parts
Print-
Chemicals
lishing
products
ing
and
pub-
and
7. 74
4.72
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
139.6 207. 1
140.9 208.2
142.5 209.4
142. 1 211.7
143.0 220.5
143.9 218.9
144.8 219.8
142.7 218.5
141. 6 219. 8
141.3 220.6
143. 1 218.4
1444 220.5
145. 0 221. 0
145.4
Foods
8.76
112.8
116.8
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
149.9
151. 1
151. 6
151.0
151.9
152.5
152.4
151.9
152.2
151.3
151.5
150.8
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Residlential
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)
Bil lions of doll ars
139.2
135. 9
151. 1
173.8
205.6
230.8
230.3
1974
1975
1976
1977
1978
1979
1980
100.9
95. 1
112. 0
135. 7
159. 7
181.7
174.9
40.6
34.4
47.3
65.7
75.8
78.6
63. 1
50. 4
46.5
60.5
81.0
93. 4
99.0
87.3
23.8
20.8
19. 9
22.5
29.6
39. 9
43.8
26.7
27.8
31.5
32.2
36.7
42.8
43. 9
38.3
40.9
39. 1
38.2
45.9
49. 1
55.4
Seasonally
adjusted
Seasonally y adjusted ai inual rates
1980: Aug
Sept
Oct__Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July *>
Aug"
Sept"
_.
217.9
224.6
228.9
234.3
245.4
259. 0
254.5
250.3
246.5
235.9
234.0
234.8
231.0
163.5
169. 1
174. 9
180.9
187.9
193.9
193.2
189.6
189.9
184. 1
181.8
183.4
181.9
79.3
84.5
89.8
95. 6
98.9
100.7
99.7
96.3
95.2
89.7
86.0
85. 4
83.8
56.3
60.7
64. 2
68. 1
70.4
74.2
75. 1
73.0
72.9
67.7
64.3
60.5
57.2
i Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
* F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
103.0
101.9
121.0
153.6
174. 1
185.6
161. 8
42. 3
43.1
43.6
42.8
43.9
44.9
45.0
44.7
45. 8
46.5
47. 2
46.8
46.5
41.8
41.6
41. 5
42.5
45. 1
48.3
48.5
48.7
48.9
47. 9
48.7
51.2
51.6
54.4
55.5
54.0
53.4
57.6
65. 2
61.3
60.6
56.6
51.8
52.2
51.4
49. 1
192
163
167
205
193
192
177
183
172
160
170
153
156
159
840
555
592
739
977
1,059
898
Seasonally
adjusted
annual
rates
824
822
865
1,034
1,169
944
1,013
1,080
930
994
1,015
852
924
823
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]
IS ew private lousing unit s
Period
1973
1974
1975
1976
1977
1978
1979
1980
Units started, by type of stri icture
Total
1 unit
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852.2
2-4
units
118.3
68. 1
64.0
85. 9
121. 7
125. 0
122.0
109.5
5 or more
units
795.0
381.6
204. 3
289. 2
414.4
462.0
429.0
330.5
New priv ate homes
Units
authorized
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 190. 6
Units
completed
2
1
1
1
1
1
1
1
Homes
sold
Homes for
sale at
end of l
period
Vacancy
rate for
rental
housing
units
(percent)*
100. 5
728. 5
317.2
377. 2
657. 1
867.5
870.8
501.6
634
519
549
646
819
817
709
530
418
346
313
353
402
414
3398
336
5.8
6.2
6.0
5.6
5.2
5.0
5.4
5.4
1,254
1,287
1,274
1,373
1,252
1, 389
1,362
1,519
1,273
1, 377
1,310
1,207
563
549
560
514
523
500
507
451
478
402
416
357
312
335
334
337
336
329
334
325
327
322
310
303
301
298
5.7
Seasonally adjusted arinual rates
1980: Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July v9
Aug
Sept*
1
2
1,482
1,519
1,550
1,535
1,660
1,215
1,297
1, 332
1, 158
1,039
1,047
934
918
1,032
1,009
1,019
974
993
791
838
897
764
688
704
598
615
140
121
143
131
149
112
105
92
106
88
86
77
62
310
389
388
430
518
312
354
343
288
263
257
259
241
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not
strictly
comparable with earlier data.
1
New series beginning March 1979.
1,518
1,351
1,366
1,249
1,214
1, 165
1, 153
1, 186
1,167
963
913
865
844
5.0
5.2
5.0
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales declined 1 percent in August while inventories rose $4% billion. According to the advance survey,
retail sales rose 1/2 percent in September following a 1 V* percent rise in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550 500
450
400
350
300
X' \
TOTAL BUSINESS
SALES
250
60
50 200
40
1977
1981
RATIO*
1.80
150
1.70
_ INVENTO RY-SALES RATIO
RETAIL
1.50
1.40 .^...u
1.30
I i II i I i i i i i
100 Li i 1 1 1 1 1
1977
1978
170
1980
1979
1981
*»»*
l**"*^
-
TOTAL BUSINESS
f"^
1 1 1 1 1 1 1 1 1 II i i i i i 1 i i i 1 1 i i i i i 1 i i i i i 1 1 1 1 i 1 i i i i i i i i i i 1 i i i i i
1978
1977
1979
1980
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b usiness l
R(stail
Who lesale
Sales
Period
zo
o |
bales
1981
Inventories 3
bales z
Q
I
0
Inven- i
tories s Tntnl
2
Iiiventorie s
NonDurable durable
goods goods
stores stores
Tr»tnl
3
NonDurable durable
goods goods
stores stores
Invento ry-sales
rat io 4
Total
business *
Retail
Mill ions of d oilars, seasonally adjuster
1973_
153, 412 233, 327 38, 014
1974_.
177, 625 285, 807 47, 748
1975
182, 230 288, 375 46, 623
1976
204, 277 318, 544 50, 694
1977 _ __
229, 623 350, 678 55, 987
1978
258, 724 395, 252 64, 715
294, 733 444, 224 76, 264
1979
1980
320, 540 475, 202 86, 991
1980: Aug
317, 906 468, 943 86, 889
Sept
327, 758 471, 500 90, 223
Oct
335, 873 473, 617 93, 282
Nov
339, 049 474, 884 93, 901
343, 752 475, 202 96, 591
Dec
1981: Jan
349, 018 478, 451 98, 967
F e b _ _ _ _ _ 350, 334 484, 069 98, 016
Mar
_ _ 349, 898 485, 467 96, 486
Apr
350, 923 487, 060 97, 577
May
349, 245 490, 254 96, 217
June
354, 442 494, 226 95, 564
July___
354, 759 498, 098 97, 085
Aug351, 677 502, 397 93, 710
Sept * _ _ _ _ _
1
3
s
45, 372 42, 462
56, 948 45, 082
56, 697 49, 012
64, 078 54, 781
72,311 60, 435
83, 492 67, 057
93, 817 74, 529
105, 529 79, 721
101, 920 79, 829
102, 953 80, 620
104, 293 81, 552
105, 203 82, 764
105, 529 83, 443
104, 909 85, 463
106, 066 86, 810
105, 539 87, 608
105, 591 85, 855
105, 568 85, 501
107, 2,10 87, 384
106, 402 87, 350
107, 643 88, 449
88, 838
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
20
14, 409
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 827
24, 593
25, 094
25, 293
26, 007
25, 983
27, 075
28, 328
28, 429
26, 356
26, 536
27, 532
27, 753
28, 441
28, 796
28, 052
30, 964
33, 765
33, 631
39, 711
43, 744
49, 128
54, 894
55, 236
55, 526
56, 259
56, 757
57, 460
58, 388
58, 482
59, 179
59, 499
58, 965
59, 852
59, 597
60, 008
60, 042
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111, 694 51, 853
110, 283 51, 675
111, 710 51, 738
113, 106 52, 066
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
113,507 52, 374
113, 404 51, 791
113, 963 52, 306
115,426 53, 529
117, 307 54, 880
119, 824 56, 199
121, 393 57, 067
34, 819
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
58, 608
59, 972
61, 040
60, 430
59, 841
59, 556
61, 133
61,613
61, 657
61, 897
62, 427
63, 625
64, 326
1.41
1. 45
1.57
1.48
1.46
1.44
1.43
1.45
1.48
1.44
1.41
1. 40
1.38
1.37
1.38
1.39
1.39
1.40
1.39
1.41
1.43
1.40
1.48
1.44
1. 38
1.39
1.42
1.43
1.38
1.38
1.39
1.39
1.36
1. 34
1.31
1.31
1. 29
1.33
1. 35
1.34
1.37
1.37
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' inventories rose in August, while shipments and new orders fell. According to advance data, durable
goods shipments and new orders fell again in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
180
1 AH
_
S20
280
-
240
r-SHIPME NTS
1 AD
_^-_
*^^^
h
TOTAL
-
^\^-—
19H
^
'
-
>x^
^
inn
""
-
^-.^
DURABLE GC •ODS
\
_
.^*\S*— -"••-; —Xvty—***"
200
^— --i^^^
\
NONDURABLE
-
~
-—— """
Mlllllllll
i i i i 1 1 i i i 1 1 i i i I 1 1 I i i ii M i n i u m
^
VV^—-
—
TOTAL
•=x—~^
DURABLE GO ODS
\
»^ — -*- •* ^_.\
>**"
nfl
J£*
"
f •* "** "*" """•'•"i~v
r ^
*~~~*"
X
r
GOO DS
-
AC\
Mini
-—1.
£>"~~
**''
,,,,
1 i I1 1 1 1 i 1 1 i i i ii i 1 ii iii MlllliMM
RATIO*
2.2
INVENTORY-SHIPMENTS RATIO
inn
^^**
NONC)URABLE
AD
-
•* ^\J^
\
^s~~~'^
^
-
,—^\
>-
"~
-
GOODS
—
=NEW OR DERS
,
DURABLE
—
BILLIONS OF DOLLARS* (RATIO SCALE)
140 1
120
' -
-
GOODS
~_
200
180
-
—
40
1 1 i11 111i11
TOTAL
.-'"~w
i-~-*"
_„..« ^.—•*"""""
—
160
———-—
19fi
x-y""*""*"
„„'""""
ft
-
-
orj
/.A
—
"INVENTC DRIES
-
2.0
—
1.8
—*
1.6
""
NONDURA 5LE
GOODS
1.4
40
1 1111111111
1977
i i i i i I i t i i i M i l l 11 1
1979
1978
1
II
II II 1 I I 1 I I I
i i i i i Ii i i ii
1980
1981
1.2
11111111111
1977
iiIiiii
1978
1979
* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh pments1 Manufaciiurers' inv entories2
NonDurable durable
goods
goods
Period
Total
i 1 1 1 i 11 11 i i
1981
1980
i
Manu facturers;; new ore ers l
Durab e goods
ManufacCapital
NonNonturers'
goods
Durable
Total
Total
indus- durable unfilled3
goods durable
Total
goods
goods orders
tries,
nondefense
Millions of dollatrs, seasonally adjusted
Manufacturers'
inventory—
shipments
ratio *
44, 228
43, 656
50, 689
59, 267
67, 848
75, 803
78, 003
40, 567
42, 939
48, 113
53, 934
59, 104
68, 138
75, 826
157,
159,
175,
189,
210,
241,
257,
792
934
193
157
079
572
979
101,
102,
112,
121,
137,
161,
171,
739
874
581
646
712
390
603
56, 053
57, 060
62, 612
67, 511
72, 367
80, 182
86, 376
87, 268
85, 149
99, 543
115, 027
131, 612
147, 576
155, 059
46, 853
42, 019
51, 398
61, 076
72, 358
79, 353
79, 264
12, 673
11, Oil
12, 799
15, 276
19, 450
22, 510
22, 548
40, 415
43, 130
48, 145
53, 951
59, 254
68, 223
75, 795
191,
173,
182,
204,
261,
304,
319,
102
829
499
814
082
963
729
1. 65
1.84
1.69
1.61
1.57
1.57
1.65
188
915
038
384
719
75, 485
79, 735
82, 518
83, 229
83, 482
75, 703
77, 180
78, 521
79, 155
80, 236
256,
256,
256,
257,
257,
740
837
218
042
979
170,
170,
169,
170,
171,
540
163
781
275
603
86, 200
86, 674
86, 437
86, 767
86, 376
152,
159,
161,
163,
166,
657
496
924
020
900
76, 785
82, 162
83, 364
83, 971
86, 577
21, 283
22, 518
21, 625
23, 350
24, 664
75, 872
77, 334
78, 560
79, 049
80, 323
312,
315,
315,
316,
319,
446
027
912
547
729
1.70
1. 64
1.59
1. 58
1.58
1981: Jan... 164, 588
Feb... 165, 508
Mar.. 165, 804
Apr... 167, 491
.May— 167, 527
June-- 171, 494
July __ 170, 324
Aug__ 169, 518
Sept ».
83, 329
84, 215
85, 058
86, 327
86, 664
88, 770
87, 319
86, 841
85, 691
81, 259
81, 293
80, 746
81, 164
80, 863
82, 724
83, 005
82, 677
261, 752
264, 496
266, 524
207, 506
269, 260
269, 709
271,872
273, 361
174, 223
175, 620
176, 229
177, 123
177, 635
178, 676
180, 855
182, 221
87, 529
88, 876
90, 295
90, 383
91, 625
91, 033
91, 017
91, 140
165,
166,
167,
168,
169,
170,
172,
169,
423
987
361
584
340
913
611
856
84, 208
85, 446
86, 729
87, 180
88, 164
88, 303
89, 696
87, 143
84, 574
24, 823
21, 185
24, 460
24, 723
23, 865
23, 230
24, 226
24, 493
22, 164
81, 216
81, 541
80, 632
81, 404
81, 176
82, 610
82, 915
82, 713
320,
322,
323,
324,
326,
325,
328,
328,
566
045
602
694
508
918
206
549
1.59
1.60
1.61
1.60
1.61
1. 57
1.60
1.61
1974
1975
1976
1977
1978
1979
1980
84, 794
86, 595
98, 802
113, 201
126, 953
143, 941
153, 828
1980: Aug__ 151,
Sept.. 156,
Oct... 161,
Nov.. 162,
Dee_. 163,
1
2
Monthly average for year and total for month. Shipments are the same as sales.
Book vuluo, end of period.
* End of period.
« For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In September, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Prices of finished
consumer foods were unchanged and prices of other finished consumer goods rose 0.3 percent. Prices of capital
equipment were unchanged from their August level.
INDEX, 1967=100 (RATIO SCALE)
280
INDEX, 1967 =100
(RATIO SCALE)
280
160
140
140
120
120
_u_ u 100
100
1973
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
J ^inishec I goods
In ^ennedi ate
i naterial s
Total
finished
Foods
Capiconsumer Total and Other
tal
feeds »
equip- goods
ment
123. 5 129. 2 131. 6 168. 4 128. 1
141.0 149. 3 162. 9 200.2 159. 5
162. 5 163.6 180. 0 195. 3 178.6
173.4 169. 7 189. 1 185. 3 189. 4
184. 6 180. 7 201. 5 190. 5 202. 3
199. 2 194. 9 215. 6 203. 1 216. 5
216. 5 217. 9 242. 2 226. 1 244. 4
239. 8 248.9 280. 3 252. 6 282. 3
243. 9 255. 1 285. 2 267. 9 286.4
248. 1 257. 1 287. 6 281.8 288.0
249.7 258.9 290.2 286. 1 290.5
250. 8 259.7 293. 5 270. 1 295.2
253.7 262.7 297.4 270. 6 299.4
256. 1 264.6 298.5 260. 1 301. 3
258. 0 268. 1 301. 6 253. 4 305. 2
260. 4 270. 2 304. 6 254. 4 308. 4
262. 3 270. 9 306. 1 253.5 310. 0
264. 3 271.3 306.7 253.2 310. 7
266. 2 272.2 307.9 252. 0 312. 1
267. 7 272. 9 309. 2 253. 2 313. 4
267. 8 273. 5 309.4 245. 5 314.2
Finished goods c xcludin e>
Period
Total
finConished sumer
goods foods Total
1973
127.9
1974
_ . 147. 5
1975
163.4
1976
170.6
1977
181. 7
1978
195. 9
1979
217. 7
1980
247. 0
1980: Sept
252. 7
255. 1
Oct
Nov _ _ _
256.9
Dec
257. 8
1981: Jan
260.8
Feb
262. 8
Mar__ __ __ 266. 0
Apr
268. 1
May_
269. 1
June
_ 269. 8
July
271. 0
Aug_
271.8
Sept_
272. 3
1
146.4
166.9
181. 0
180.4
189. 9
207.2
226. 2
239. 5
248. 3
250.0
250. 8
250.9
251. 1
249.5
251. 9
251. 6
251. 8
252. 2
255. 9
256.4
256. 5
120. 1
139. 3
156. 2
166. 1
177. 7
190. 7
213. 3
247. 8
252.5
255. 2
257.3
258.4
262. 3
265.4
268. 8
271. 7
272. 9
273.8
274. 1
275. 0
275. 6
cons umer fc)ods
Cons umer g oods
Total
118. 6
138. 6
153. 1
162.6
174. 3
186. 7
211. 5
250. 8
255. 7
257.8
260. 1
261. 2
265. 3
268. 7
272.6
275. 7
276. 6
277. 0
276.8
277. 5
278.3
Intermediate materials for food manufacturing and feeds.
22
Fhi~
115. 4
125.9
138. 2
144. 5
152.8
166. 9
183. 2
206. 2
209. 1
212. 3
213. 3
212. 9
213. 6
214. 7
214. 0
215. 7
217.9
218.6
218. 1
219. 4
218. 7
Nondurable
120. 5
146.8
163. 0
174. 8
189. 3
200. 0
231. 3
283.9
290. 3
291. 4
294. 8
297. 4
303. 9
309. 0
316. 3
320.4
320. 4
320. 7
320. 6
320.8
322. 9
Crud e mate i ials
Foodstuffs
Total
174. 0
196. 1
196. 9
202. 7
209. 2
234.4
274. 3
304. 6
321.8
327.2
330.7
328. 1
328.8
332.4
328. 1
332.8
331. 3
334. 1
335.9
333.9
330.2
NOTE.—Data revised for May 1981.
Source: Department of Labor, Bureau of Labor Statistics.
and
Other
180. 0
189. 4
191.8
190. 2
192. 1
216. 2
247. 9
259.2
278.7
282. 8
283. 3
275.9
272. 9
263.8
258. 4
262. 4
256.7
263.7
264. 5
262. 0
255.4
162. 5
208. 9
206. 9
228.5
245. 0
272. 3
330. 0
401. 0
413.0
421.0
431.2
438. 9
447.8
479.0
477.2
483.5
491.3
484.8
488.5
487.9
490.6
feedstuffs
CONSUMER PRICES
In September, the consumer price index for all urban consumers rose 1.2 percent, seasonally adjusted (1.0 percent
unadjusted). Food and beverage prices were up 1.0 percent, seasonally adjusted, and energy prices were up 0.2
percent, not seasonally adjusted.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967=100 (RATIO SCALE)
320
UNADJUSTED
300
280
260
240
240
220
220
200
200
ALL ITEMS
180
160
140
1973
1975
1979
1976
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted, except as noted]
Housing
Period
All
items l
Food
and
bever- Total l
ages
NSA
Hel. imp.5-. 100.0
1973
1974
_
1975
1976.. _
1977
1978
1979
1980
1980: Sept_
Oct..
Nov.
Dec..
1981: Jan._
Feb..
Mar.
Apr__
May_
June_
July..
Aug__
Sept.
133. 1
147.7
161. 2
170.5
181. 5
195.4
217.4
246.8
251.7
253. 9
256.2
258.4
260.5
263.2
265. 1
266. 8
269.0
271. 3
274. 4
276.5
279.3
Tr ansporta bion
Financ- Apparel
ing,
Home taxes,
and
purupkeep
anol
chase insurTotal1
ance
NSA
NSA
Motor
fuel 2
Medica
care
Energy 3
NSA
18.3
45. 5
10. 3
12.0
4.9
19.0
3.6
5.9
4.7
10.8
41.6
49. 6
139.5
158.7
172. 1
177.4
188.0
206. 3
228.5
248.0
255. 0
257.2
260.2
262. 6
262. 6
263.4
264.5
264. 5
263.9
264. 5
266.7
268.7
271.3
133.7
148.8
164. 5
174.6
186.5
202. 8
227.6
263. 3
267.4
270.8
274. 1
277.4
279. 5
281.3
282. 8
284.8
288.4
291. 7
296. 5
299.4
303.3
132.7
142.7
160.3
168.4
179. 5
196.7
223. 1
254.3
261. 5
265. 5
267.3
267.2
266.2
263. 0
261. 1
260. 7
263. 0
266. 6
271. 4
272. 6
274.5
160. 6
181. 1
201. 9
212. 8
227. 2
257.8
308. 9
396.0
393.5
404. 7
416. 9
429.4
435.2
437. 1
441. 1
447. 1
458. 3
467.2
480. 0
488. 3
501. 8
126.8
136.2
142.3
147.6
154. 2
159.6
166. 6
178.4
180. 9
182. 1
182.8
182.8
182.5
184. 0
185. 8
186. 1
185. 7
185.8
186. 8
188. 3
189. 4
123. 8
137.7
150.6
165. 5
177.2
185. 5
212.0
249.7
254. 0
256.6
259.9
262. 4
267.0
273. 4
275. 9
275.7
276.5
277.2
279. 4
281. 1
284.4
111. 1
117. 5
127.6
135.7
142. 9
153.8
166. 0
179.3
184.9
183. 3
183.5
183.3
183.5
183.3
182.5
185. 7
190. 1
192. 2
193.3
193.4
194.6
118. 1
159.9
170.8
177.9
188. 2
196.3
265. 6
369. 1
368.0
371. 3
373.6
377.3
391.5
417.5
427. 1
421. 0
414.8
408.7
404.8
403. 6
405.8
137.7
150.5
168.6
184.7
202.4
219.4
239. 7
265.9
271.0
272. 9
274.6
276.2
279.2
281.7
284. 1
286. 6
289. 1
292. 1
295.9
299. 6
302. 2
123.5
159.7
176.6
189.3
207.3
220.4
275. 9
361. 1
370. 1
368.0
366. 1
370.4
381. 7
401. 1
409.3
409. 8
411.3
414. 0
415. 7
416. 1
417. 1
139. 1
152. 1
166.6
180.4
194.3
210. 9
234.2
270. 3
274.6
277.9
281.5
285.5
288.0
290. 3
292.6
295.4
299.6
303. 1
308. 5
312. 1
316.9
128.5
138.5
150.5
160. 8
170.6
180. 9
194. 1
211.6
215.7
217. 4
219. 1
220.8
221.9
223.7
225. 1
226. 9
228.3
229. 9
232.6
234.3
236.7
1
Includes items not shown separately
23 Includes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor
oil, coolant, etc.
4
Estimated series. Finance includes financing, taxes, and insurance.
New
cars
All items
less food,
energy,
Serv- and home
ices
purchase
and
finance 4
5
Relative importance, December 1980.
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
QQ
Source: Department of Labor, Bureau of Labor Statistics.
«O
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Percenl change from pre ceding
period ; seasoniilly adiu sted l
Percent change from 3 nlonths
earlie r; season ally adju sted
annual rates
Percen t change from 6 nnonths
earlie r; season ally adjiisted
annua rates
Consume»r goods
Consume;r goods
Consume>r goods
Period
Total
finished
goods
1972
1973
1974
1975
1976
1977. _
1978
1979
1980
_ -
1980: Sept
_
Oct
Nov.__ _ __ _
Dec
1981: Jan:
Feb
Mar__
Apr.
May
June
_ __
July
Aug
Sept
Capital Total
finequipExclud- ment
ished
ing
goods
Foods
foods
Capital Total
finequipExclud- ment
ished
goods
ing
Foods
foods
3. 8
11.8
18. 3
6. 6
3. 7
6.9
9.2
12.8
11.8
8.0
22. 5
13. 0
5.5
-2.5
6.9
11. 7
7. 4
7. 5
2.0
7. 4
20. 5
6. 7
6.0
6.7
8.5
17. 5
14.2
2. 0
5. 3
22. 6
8.2
6. 4
7.3
7. 9
8.8
11. 4
.3
.9
.7
.4
.5
.7
.3
.0
.2
.8
.9
.4
.1
1. 7
.6
.4
13. 5
10. 2
8.0
8.3
31. 0
1 6. 0
7. <T)
(i. <)
4.3
7. 0
S. <)
1.2
.8
1.2
.8
.4
.3
.4
.3
2
.1
-.6
1.0
—.1
.1
.2
1. 5
.2
.0
1. 6
1. 3
1. 5
1. 1
.3
.1
—.1
.3
.3
1. 2
.9
.7
.9
.7
.8
.7
.6
.0
9.2
9.5
13. 3
11.7
9. 9
5.8
4. 4
4. 1
3.8
1. 8
-2. 1
1. 6
.8
3. 7
.5
7. 0
7.5
7.0
1
r,. 3
12. 2
13.9
IS. 6
16. 6
12. 3
6.6
1.6
1.3
1. 9
'.).
12.
10.
11.
1)
1
-1
S
9. 3
10. 7
12. 0
11.0
10. 0
10. 1
9. 2
8. 5
5.4
1 1.
1 1.
1 2.
10.
Foods
Capital
equipExclud- ment
ing
foods
I :;. 7
o
-1
0
9
I S. -1
IS. 1
9.7
8. 8
10. 8
10. 5
9. 7
9.5
8. 0
7. 0
4. 8
S. 9
2.0
2.9
1. 3
.8
1. 0
3.9
5. 6
3.7
1 (k i)
'.}. S
S. 7
'.). :">
S. 2
9. 4
10. 9
13. 7
14. 4
13. 1
12.5
8.9
6.7
4. 2
10. -1
10. 7
1 I. 1
1 0. 9
10. 7
10. 5
11. 9
10. 2
10. 3
11. 1
10. 1
9.3
7.7
Source: Department of Labor, Bureau of Labor Statistics.
Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for May 1981.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted l]
]lousingr
Period
All
items
1973
8.8
1974
12. 2
7.0
1975
1976
4.8
1977
6. 8
1978
9.0
13. 3
1979
1980
12.4
1980: Sept. 1.0
1.0
Oct__
Nov.. 1. 1
Dec- 1.0
1981: Jan..
.7
Feb.. 1.0
.6
Mar._
.4
Apr..
May.7
.7
June.
July. 1. 2
Aug_.
.8
Sept_
1.2
2
Tra nsporta tion
FiFood
nancand
Home ing,
bever2
pur- taxes,
Total
ages
and
chase
insurance
NSA NSA
18.5
3.4
6.9
12. 0 13.4 10. 1
6.2
7. 5 10. 0
5. 4
.8
4.3
7. 6
8.4
7.6
9.9 11. 2
11.6
10. 0 15. 2 15. 8
10. 1 13.7 11. 4
.7
1. 6
1. 3
1. 3
.9
1.5
1.2
1.2
.7
1. 2 -. 0
.9
0
.8 -. 4
.3
. 6 -1. 2
7
.4
.5
2
0
.7
-. 2 1.3
.'9
.2
1. 1
1. 4
.8
1.8
1.6
.7
.4
1.0
.7
1.0
1. 3
1
2
3
4
11. 1
14. 6
7. 6
1. 6
11. 2
14.7
27. 5
23.3
-. 0
2. 8
3.0
3.0
1. 4
.4
.9
1. 4
2.5
1. 9
2. 7
1. 7
2. 8
A r\
Apparel
New
and
up- Total * cars
keep
4. 4
8. 7
2.3
4.5
4. 2
3.2
5. 5
6.8
.8
.7
.4
0
2
.8
1. 0
.2
-. 2
.1
.5
.8
.6
4.5
13. 3
9.8
8.8
4. 3
7.7
18. 2
14. 7
1. 4
1.0
1. 3
1.0
1.8
2. 4
.9
-. 1
.3
.3
.8
.6
1. 2
Annual chances are from December to December, not seasonally adjusted.
Includes items not shown separately.
Includes direct pricing, of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor
oil, coolant, etc.
6
Estimated series. Finance includes financing, taxes, and insurance.
24
1. 3
11. 5
7.3
4. 8
7.2
6.2
7. 4
7.5
1.3
-. 9
.1
^
.1
j
—.4
1.8
2. 4
1. 1
.6
.1
.6
Motor
fuel 3
19. 7
20. 6
11. 0
2. 6
4. 9
8. 5
52. 2
18.9
-. 1
.9
.6
1. 0
3.8
6.6
2. 3
-1.4
-1.5
-1.5
-1. 0
3
3
.5
Medical
care
5. 2
12.4
9.9
10. 1
8.8
8. 8
10. 1
10.0
.9
.7
.6
.6
1. 1
.9
.9
.9
.9
1.0
1. 3
1.3
.9
NSA
All
Adden dum:
items
All it ems
percent change
less
(annua I rate)
Serv- food,
ices energy,
and
From From
home
3
6
purchase
months months
finance 5 earlier earlier
16. 8
21. 6
11.6
6.9
7.2
8. 0
37.4
18. 1
-. 2
-. 6
-.5
1. 2
3. 1
5. 1
2.0
.1
.4
.7
.4
.1
.2
6.2
11.3
8. 1
7.3
7.9
9.3
13.7
14. 2
.7
1.2
1. 3
1. 4
.9
.8
.8
1.0
1.4
1. 2
1. 8
1.2
1. 5
Energy 4
4. 0
11. 1
6.3
6.8
5.5
6. 9
7.5
9.9
1. 2
.8
.8
.8
.5
.8
.6
.8
.6
.7
1.2
.7
1. 0
7.8
12.0
13. 5
13.2
11.8
11. 2
9.6
8.2
7.0
7.4
10.8
11.5
13. 5
9.6
10. 0
10. 5
10. 5
11.9
12. 3
11. 4
10. 0
9. 1
8.5
9.5
9. 2
10.4
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 3.7 percent in October and prices paid by farmers were unchanged in the month
ended October 1 5.
INDEX, 1977=100
INDEX, 1977=100
(RATIO SCALE)
1973
(RATIO SCALE)
1981
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices received by fa rmers
Period
1973
1974
1975
1976
1977
1978
1979
1980
1980: Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1
2
All farm
products
_
98
105
101
102
100
115
132
134
142
144
145
144
144
143
143
142
142
141
137
134
129
Crops
Livestock
and
products
91
117
105
102
100
106
116
125
135
140
142
144
144
146
143
143
137
136
129
120
118
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
104
94
98
101
100
124
147
144
150
149
148
145
144
141
143
141
146
146
145
146
140
Pric as paid by faraaers
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, and 1
and wage
wage rates
rates
71
81
89
95
100
108
123
139
142
144
144
147
148
149
150
150
151
150
151
151
151
72
81
89
95
100
109
125
140
144
145
145
149
149
150
151
151
152
151
150
150
149
73
83
91
97
100
108
125
138
143
144
145
146
147
148
150
150
150
149
149
149
147
Ratio 2
138
130
113
107
100
106
107
96
100
100
101
98
97
96
95
95
94
94
91
89
85
law. The indexes have been converted to a 1977=100 base to facilitate com panson with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
M1-A and M1-B declined in September, while growth in the broader aggregates decelerated.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS'(RATIO SCALE)
COUNCIL OF ECONOMIC A
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Currency
plus
demand
deposits
plus
travelers'
checks l
Period
1974:
1975:
1976:
1977:
1978:
1979:
1980:
1980:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May_.
June
July
Aug
Sept"
_
1
277. 1
290.2
307.7
331.4
354. 8
372. 7
387. 7
386. 4
390. 1
391.3
387. 7
375. 1
367. 2
365. 8
366. 6
364. 9
361.9
361.3
362.2
359.9
Ml-B
Ml-A plus
other
checkable
deposits
(OCD) at
banks and
thrift
institutions
278.0
291. 8
311. 1
336. 4
364. 2
390. 5
415.6
411. 8
416. 3
419. 1
415. 6
419.2
421. 2
425. 8
433. 7
431. 5
428. 8
430. 1
432.7
431. 7
M2
L
Perceiit chan ge from year
or 5 montlis earlie> r 3
Ml-B plus
overnight
RPs and
M2 plus
Eurodollars, large time
MMMF
deposits
M3 plus
shares, and
and term
other liquid Ml-A Ml-B
savings and
RPs at
assets
small time commercial
banks and
deposits at
commercial
thrift
banks and institutions
thrift
institutions 2
4.3 4.4
1, 246. 0
908. 0
1, 060. 4
4.7 5.0
1, 024. 4
1, 373. 5
1, 163. 0
6.0 6.6
1, 528. 9
1, 302. 3
1, 169. 4
7.7 8. 1
1, 722. 7
1,296.4
1, 462. 5
7. 1 8.3
1, 404. 2
1, 936. 8
1, 625. 9
5.0 7. 2
2, 151. 7
1, 775. 6
1, 525. 2
4. 0 6.4
2, 378. 4
1, 965. 1
1, 669. 4
5. 3 7.8
2, 309. 0
1,912.8
1, 644. 9
2, 326. 0
11. 1 13. 4
1, 928. 3
1, 654. 0
2, 355. 6
11. 6 14.7
1, 951. 0
1, 668. 5
2, 378. 4
7.7 10.8
1, 965. 1
1, 669. 4
-.8 10. 2
2, 408, 7
1, 989. 3
1, 680. 8
-8.0 7.2
2, 433. 6
2, 009. 1
1, 695. 7
2, 445. 3 -10.4 6.9
2, 027. 2
1, 718. 6
2, 457. 7 -11. 7 8.5
2, 046. 0
1, 738. 1
6.0
2, 480. 1 -13.0
2, 060. 8
1, 743. 4
2, 502. 7 -12.9 6.5
2, 079. 0
1, 749. 3
2} 521. 3 -7. 2 5.3
1, 760. 1
2, 094. 0
-2.7 5.5
2, 117. 3
1, 777. 1
-3.2 2. 8
2, 131. 8
1, 786. 6
Net cf demand deposits due to foreign commercial banks and official
institutions.
2
Total M2 excludes demand deposits held by thrift institutions at commercial
banks, not shown separately in components.
http://fraser.stlouisfed.org/
26
Federal Reserve Bank of St. Louis
M3
3
M2
5.6
12.8
14. 2
10.9
8.3
8.6
9.5
11. 2
13.3
13. 2
10. 3
8.4
7.8
9.2
10. 4
9.2
9.8
9.7
9.8
8. 1
M3
8.4
9.7
12.0
12.3
11.2
9.2
10.7
10. 6
12.6
13. 2
12.5
12. 7
12. 1
12. 3
12. 6
11.6
11.9
10.8
11. 1
10. 6
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—See p. 27 for components except travelers' checks, which can be computed from data shown on these two pages.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
repurDe- Other chase
Cur- mand check- agreeable
Period rency dements
posits * deposits (RPs)
(OCD) / 4-\
vnet;
r
rio
NSA
Small Large Term
Money
Over- market
repurSavdedenight mutual ings nominomi- chase
Eurode- nation nation agreefund
dollars shares
ments
time
posits time
de- 2 (RPs)
de- 2
posits posits
NSA
NSA
NSA
ShortTerm
term
Euro- Sav- Treas- Bank- Comdollars ings
ury
ers' mer(net)
bonds secu- accept- cial
rities ances paper
NSA
Dec:
1974_
1975.
1976_
1977,
1978_
1979.
1980_
67.8
73. 8
80.6
88. 6
97. 4
106. 1
116. 1
207. 4
214. 1
224. 4
239.7
253.9
262. 8
267.4
0. 9
1.6
3.4
5.0
9.4
17.8
28. 1
7.2
7. 5
13.6
17. 6
21. 9
21. 8
27. 9
0.0
.0
.0
1. 0
2. 0
3. 6
4.5
2.3
3.6
3.4
3. 8
10. 3
43. 6
75. 8
333.9
383. 9
447.8
486. 5
475. 5
416. 5
393. 0
288.9
340. 1
396. 2
453. 8
533. 3
652. 7
756. 8
144.0
129. 6
117.9
145. 1
194. 0
219. 7
256. 8
8.4
9.0
15. 0
21. 0
27. 7
30. 7
38. 9
8.0
9.7
13. 1
18. 7
29.9
42. 9
48. 4
63. 2
67. 2
71. 8
76. 4
80. 3
79. 6
72. 3
53.6
77. 1
81. 1
90. 1
99.6
129.3
159.9
10.6 50. 1
8.4 48. 1
8.8 51. 8
11.9 63. 1
21. 7 79. 4
27. 0 97. 3
32. 5 100.2
1980:
Sept,
x' —
Oct.Nov.
Dec_.
113. 8
114. 9
115. 7
116. 1
268.6
271. 2
271.6
267.4
25.5
26.3
27.9
28. 1
29.3
28.3
28. 1
27.9
3.7
4. 4
4.7
4. 5
78.2
77.4
77. 0
75.8
407.9
407.8
406. 1
393. 0
718. 1
724.0
738. 0
756.8
233. 4
237.7
245. 4
256. 8
34.5
36. 5
37. 1
38.9
45. 1
45. 2
46. 3
48.4
73.0
72.872. 6
72.3
149.9
150. 2
154. 6
159.9
29.7 98. 5
30. 6 98. 9
31. 3 99. 8
32. 5 100. 2
1981:
Jan__ 116. 6
Feb__ 117. 2
Mar_ 117. 9
Apr__ 118. 9
May- 119. 8
Jime_ 119.9
July.. 120. 8
Aug_ 121. 2
Sept*_ 121. 1
254. 4
245.8
243.5
243. 1
240.7
237.9
236.4
236.7
234.4
44. 3
54. 3
60.2
67. 3
66.9
67. 1
69.0
70.8
72. 2
27.5
27. 0
28.7
29. 3
31.8
33.3
32. 3
32. 4
29.5
5.2
4.9
4.6
5.0
6.5
6.4
6.9
7.8
6.9
80.7
92. 4
105. 6
117. 1
118. 1
122.8
134. 3
145. 4
156. 9
376.9
370. 8
368. 3
367. 0
361. 1
354.0
349. 1
340. 7
334.3
775.7
783. 3
789. 4
790.0
798. 4
807.7
811. 3
822.0
831.0
268. 0
273.9
271. 0
269. 5
277. 2
287. 3
290. 3
296.6
298. 5
40. 4
39. 5
37. 6
38.5
40. 2
42. 4
43. 5
43.7
46. 7
50.2
52. 2
52. 2
52.6
57. 0
57.9
58.7
71.9
7L 1
70. 7
70. 4
69.9
69. 7
69.3
165. 1
169. 9
164. 6
157. 6
157.5
160.3
160. 7
33.0
32. 0
33. 0
34. 6
35.7
36. 5
39. 0
v
99.2
99. 4
97. 6
96. 5
99. 1
99. 3
99. 6
NOTE.—See p. 26 for overall measures.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
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.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Insttilln ent credit e ^tended
Period
Total
I7:i, o;;r>
< 7'->
! 1
(
. f>
1
(
<i_
..
1980: Aug.
Sept
Oct
Nov.
Dec
_ _
1981: Jan
Feb___
Mar
Apr
May
June. _
July
Aug.__
_
Automobile
Revolving
Total »
28. 702
1 f>2, 8 1 7
30, l)~>0
f> )0
125
174
580
172,
189,
222,
254,
286,
304,
7,400
7,518
7,544
7, 117
7,234
10, 700
11, 143
11, 124
10, 953
11, 614
7,237
8,333
8,700
7,205
7,320
7, 442
8, 178
8,573
11, 483
11,867
12, 071
12, 352
11, 904
12, 668
12, 190
11,964
•W, ( H K i
1 71.', 7 (If*
-i<i, r>i i
210,
2f>7 T
297,
324,
305,
7-10
000
608
777
887
o;>, 71 ;>
7f>, (i 1 1
87, 981
93, 901
83, 002
26,
27,
27,
25,
27,
176
064
365
991
149
27, 059
28, 706
29, 822
28, 878
28, 149
29, 005
28, 750
28, 899
180, os:;
.
. 7 ... . .. . . . _ _ _ _
1978
_. _ _
1979 .
_ _ ..
1980
1
J
Installm ent credit li quidated
f>2, -120
,*{:>, LM:>
-i;>, u •>•!
87,
105,
120,
129,
Includes "mobile home" and "other," not shown separately.
Automobile
Revolving
Net change in amount <Dutstanding
Total i
Automobile
Revolving
(175
179
1 38
589
396
477
43, 090
40, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037
26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655
20, 218
9, 489
7,408
21, 561
35, 462
43, 079
38, 381
1,410
5,910
495
2,976
10, 465
15, 204
18, 736
14, 715
-35
2,003
1,970
1, 340
2, 170
6,248
9, 035
8, 628
2,925
25,
26,
26,
25,
25,
687
009
663
152
530
7, 045
7,434
7,343
6, 872
6,932
10, 419
10, 665
10, 851
10, 688
10, 998
489
1, 055
702
839
1,619
355
84
201
245
302
281
478
273
265
616
26,
26,
26,
26,
26,
27,
26,
26,
190
710
714
547
803
075
796
040
7, 300
7,354
7, 018
6,777
7, 515
7, 385
6,970
6,458
10. 926
11, 426
11, 484
11,514
11, 554
11,650
11,713
11, 473
869
1,996
3, 108
2,331
1, 346
1, 930
1,954
2,859
-63
979
1, 682
428
-195
57
1,208
2, 115
557
441
587
838
350
1,018
477
491
io;>, 27o
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial bank loans and investments in September continued at the August pace. Total and nonborrowed
reserves fell while discount borrowings rose slightly.
BILLIONS OF DOLLARS'(RATIO SCALE)
1,800
1,600
1,400
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
1,600 -ALL COMMERCIAL BANKS1,400
1,200
1,200
1,000
1,000
800
800
600
600
LOANS AND LEASES
400
400
INVESTMENT IN OTHER SECURITIES.
200
180
160
140
200
180
160
140
INVESTMENT IN
-U.S. TREASURY SECURITIES.
120
120
100
100
80
80
60
60
40
40
1974
1973
1975
1976
1977
1979
1978
1980
1981
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
loans
and
investments
1974:
1975:
1976:
1977:
1978:
1979:
1980:
COUNCIL OF ECONOMIC ADVISERS
[Billions of dolla rs, seasonal] y adjustec1, except as iloted]
Depositc>ry institu tions 3
All c ommercial h>anks J
Borrowirigs (millions of dollars,
Reserves
Loans iind leases
Investnlents
unadji isted)
Commer'
C?
U .b.
Other
SeaReNoncial and Treasury
Total
Total
Total 2 industrial
secusonal
borrowed quired
securities
rities
loans
Dec
Dec
Dec
Dec
Dec
Dec
Dec
713. 9
745. 1
804. 6
891.3
1, 013. 4
1, 134. 6
1, 237. 3
520. 1
517.2
555. 0
632.3
746.9
848.9
912.7
197. 4
189. 9
191.3
211.2
246. 1
291. 1
324.9
53.7
82.2
100.6
99. 5
93.3
93. 8
110.7
140. 0
145.7
149.0
159. 5
173.2
191. 8
213.9
36. 66
34.67
34. 90
36.00
41. 16
43.46
40. 13
35. 94
34.54
34.85
35. 43
40.29
41.98
38.44
36.41
34.40
34.63
35.81
40.93
43. 13
39.66
703
127
62
558
874
1,473
1,617
32
13
12
54
134
82
116
1980: Sept
Oct
Nov
Dec
1, 193. 3
1, 206. 5
1, 224. 2
1, 237. 3
878.0
887.5
901.7
912. 7
308.3
313.8
320.7
324.9
107.7
109. 1
110.5
110.7
207.5
209. 9
212. 1
213.9
41.52
41.73
41.25
40. 13
40.21
40.42
39. 19
38. 44
41.26
41.52
40.73
39.66
1,311
1,335
2,156
1,617
26
67
99
116
1981: Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
1, 253. 3
„ 1, 262. 9
1,262.4
1, 267. 0
1, 279. 3
1, 285. 4
1, 291. 6
1, 302. 8
1, 314. 2
923.6
930.4
929.3
934.2
943. 1
947. 1
951.7
961.5
972.7
329. 3
330. 9
330.7
331.3
334.6
338.8
344. 0
349.7
355. 1
113.5
115.2
114.8
115. 1
117.5
119.3
120. 4
119.4
117.6
216.2
217.2
218. 3
217.6
218.7
219.0
219. 5
221. 9
223.9
40.06
39. 88
40. 19
40.32
40.76
40.75
41.00
41.47
41. 12
38.67
38.58
39. 19
38.99
38.54
38.72
39.32
40.05
39.67
39.75
39.61
39.94
40. 20
40.59
40.50
40.75
41.27
40.80
1,405
1,278
1,004
1,343
2,154
2,038
1,751
1,408
1,473
120
148
197
161
259
291
248
220
222
1
Data are averages of Wednesday figures.
* Excludes loans to commercial banks in the United States.
' Data are averages of daily figures. Reserves series reflects actual reserve
requirement percentages with no adjustment to eliminate the efiect of changes in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data relate only to member banks.
Digitized28
for FRASER
NOTE.—Latest month's 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
Credit market f unds
Total
Internal 1
Total
Total
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
1981: I
II*
133.7
165.8
208. 7
202.9
168.0
223.4
264.2
320.4
366.7
336. 1
359. 6
265.4
325.5
394.3
337.5
385.5
73.5
85.0
91. 7
85.6
119.7
134. 2
156. 1
171.9
190. 6
196.8
194.9
192.9
199.2
200.3
222.0
226. 6
60.2
80.8
117.0
117.3
48.3
89.2
108. 1
148. 5
176. 1
139.3
164.7
72.5
126.3
194.0
115. 5
158. 9
45.6
57.6
72.9
82.8
41.7
64. 3
84.6
93.2
104.8
106. 1
126.7
70. 1
93.3
134. 3
77.3
109.9
Securities
and
mortgages
41. 2
40. 7
36.9
39.2
49. 7
48.0
48. 1
45. 8
39. 5
66.4
65.9
62. 3
63. 5
74. 1
60.9
24. 4
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends,
and subsidiaries' earnings retained abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Loans
and
shortterm
paper
Other 2
16.9
36.0
43.6
-8.0
16.3
36.5
47. 4
65.3
39. 7
60.8
14. 6
23. 1
44. 1
34. 6
6. 5
24.9
23. 5
55. 3
71.4
33.3
38.0
29.8
60. 2
16. 4
85. 5
33.0
59.6
38.3
49.0
4.4
2.4
7.8
Total
122.7
149. 2
192. 0
190. 1
150.9
201. 3
228.2
290.4
339. 0
289.5
310.3
221. 9
286. 1
339.8
309.5
345.3
Capital
expenditures 3
86.0
99. 1
121.5
137.9
109.7
148.3
174. 1
199.2
220. 9
216.9
224. 1
212.0
207. 1
224. 3
231.0
262. 1
DisIncrepcrease
ancy
in
( sources
finanless
cial
uses)
assets
36.7
50. 1
70. 5
52. 2
41. 2
53.0
54. 1
91. 2
118. 1
72.6
86.2
9.9
79.0
115.5
78. 5
83.2
11.0
16.7
16.7
12. 9
17.0
22.0
36. 0
30.0
27.8
46.7
49.3
43.6
39.3
54.5
28.0
40. 1
8
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curreiit assets
End of period
Total
SEC series:2
1970
1971
1972
1973
1974
FTC-FRB series:3
1974
1975
1976
1977
1978
1979
1980
1979: I
._
II
III
IV
1980: I
II
III
IV
1981: !.._ __
1
Cash
Cur rent liabil ities
U.S.
Notes
governand
Invenment
acsecuri- counts tories
ties receivable
Total
Notes
Other
and
current
accounts liabilities
payable
Net
working
capital
Current
ratio *
492.3
529. 6
599. 3
697.8
790.7
50. 2
53.3
59. 0
66.3
71. 1
11. 0
10.6
12. 8
12.3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200. 4
225.7
263. 9
313. 6
35. 0
43.8
55. 8
66.4
71.7
304. 9
326.0
375. 6
450. 9
530. 4
211. 3
220. 5
282. 9
340.3
402.3
93.6
105. 5
92.7
110. 7
128. 1
187.4
203.6
223.7
246.9
260. 3
1. 615
1.625
1. 595
1.548
1. 491
735.4
759. 0
826.8
902. 1
1, 030. 0
1, 200. 9
1, 281. 1
1, 081. 0
1, 108. 2
1, 169. 5
1, 200. 9
1, 234. 0
1, 232. 2
1, 254. 9
1, 281. 1
1, 321. 4
73.2
82. 1
88.2
95.8
104.5
116. 1
120.9
102.7
100. 1
103.7
116. 1
110.5
111.5
113. 4
120. 9
120.4
11. 1
19.0
23.4
17.6
16.3
15.6
17. 1
17.4
18.6
15. 8
15.6
15.2
14.0
16.4
17. 1
16. 8
265.8
272. 1
292.8
324.7
383. 8
456.8
491.6
408. 1
421. 1
453.0
456. 8
470.3
463.4
478.7
491. 6
507.9
319.5
315. 9
342.4
374.8
426. 9
501.7
525.3
451.4
465.2
489.4
501.7
518.9
525.0
524. 5
525.3
542. 8
65.9
69.9
80. 1
89.2
98.5
110.8
126.2
101.4
103.2
107.7
110. 8
119.2
118.3
121.9
126. 2
133.5
453.4
451.6
494.7
549.4
665.5
809. 1
877.8
705.4
724.7
777.8
809. 1
836.5
826.0
850.5
877. 8
911.7
269.8
264.2
281.9
313.2
373.7
456. 3
498.5
391.3
406.4
438.8
456.3
467.7
462.8
477.0
498. 5
504.5
183.6
187.4
212.8
236. 2
291.7
352.8
379. 3
314.1
318.3
339.0
352.8
368.8
363.2
373.5
379. 3
407.2
282.0
307.4
332.2
352.7
364.6
391.8
403.4
375.6
383.5
391.7
391.8
397.5
406.2
404. 3
403. 4
409.7
1. 622
1. 681
1. 672
1.642
1.548
1. 484
1.460
1.532
1. 529
1.504
1.484
1.475
1.492
1.475
1.460
1.449
Total current assets divided by total current liabilities.
*1 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.
Other
current
assets
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
Short-term rates declined in October while long-term rates were little changed from their September levels.
PERCENT. PER ANNUM
16
CORPORATE Aaa BONDS
(MOODY'S)
X ^ ^'
T
1973
1975
1977
1976
1980
1978
-
SOURCE: SEE TABLE BELOW
1981
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1975
__
1976
1977
1978
1979
1980
1980: Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
1.
Aug
Sept
Oct"
Week ended:
Sept 19
26
Oct 3
10
17
24
31"
U.S. Trejisury seeurilby yields
Constant nlaturities 2
3-month
bills *
3-year
10-year
5. 838
4.989
5. 265
7.221
10. 041
11. 506
11. 580
13.888
15. 661
14. 724
14. 905
13. 478
13. 635
16. 295
14.557
14.699
15. 612
14.951
13. 873
7.49
6.77
6.69
8.29
9.71
11.55
12.01
13.31
13.65
13. 01
13. 65
13.51
14.09
15.08
14.29
15.15
16.00
16.22
15.50
7.99
7.61
7.42
8.41
9.44
11.46
11.75
12.68
12.84
12.57
13. 19
13. 12
13. 68
14. 10
13.47
14.28
14. 94
15. 32
15. 15
14.412
14. 198
14. 669
14. 206
13. 526
13. 613
13. 352
15. 97
15.98
16.36
15.59
15. 21
15.50
15.34
15.05
15.21
15.68
15.02
14. 88
15. 21
15.26
1
8
High-grade Corporate Prime com- Discount
municipal
rate
mercial
Aaa
bonds
(N.Y. paper,
(Standard
F.R.
6
& Poor's) 3 (Moody's) months 4
Bank).8
4
6.89
8.83
6.25
6. 33
4
6. 49
5.50
8.43
5. 35
4
5.56
8. 02
5. 60
5. 46
4
5.90
7.46
8.73
7. 99
6.39
10.28
9.63
10.91
8.51
11.94
11.77
12.29
9.11
12.32
12.31
11-11
9.55
11-12
12. 97
14.73
10. 09
13.21
12-13
16. 49
9.65
12. 81
13-13
15. 10
10.03
13-13
13. 35
14.87
10.12
13.59
13-13
13.33
10.55
13-13
14. 17
13.88
10.73
14.32
13-14
16. 66
10.56
15.22
13.75
14-14
11.03
16.09
14-14
14.38
12. 13
16.62
14-14
14.89
14-14
12.86
15.93
15.49
12.67
15.42
14.72
14-14
12.74
12.47
12.83
12.66
12.35
12. 82
12.86
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
by8 the Treasury Department.
Weekly data are Wednesday figures.
* Prior to November 1, 1979, data are for 4-6 months paper.
• Average effective rate for year; opening and closing rate for month and week.
30
15.30
15.35
15.85
15. 40
15. 18
15.36
15.61
15.65
15.29
15.83
14. 82
14. 42
14.62
14.47
14-14
14-14
14-14
14-14
14-14
14-14
14-14
NewPrime
home
rate
charged
mortgage
yields
by 5
(FHLBB)«
banks
9.01
7.86
8.99
6. 84
9.01
6.83
9. 54
9.06
10.77
12.67
12.65
15.27
12.61
13K2-HH
14/2-17%
13.04
13.28
17J4-21H
13.26
21^-20
13.54
20-19
14.02
19-17J/2
14.15
17H-18
14.10
18-20K
14.67
20X2-20
14.72
20-20K
15.27
20K-20H
/
/
207 2-19> 2
15.37
19/2-18
20^2-20
20-19^
19H-19H
19^-19
19-18
18-18
18-18
• Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose slightly in October.
INDEX, DEC 31, 1965=50
INDEX, DEC. 31,1965=50
80
80
70 -
- 70
60
COMPOSITE PRICE INDEX STOCK
(NYSE)
- 50
40
1973
1974
1975
1976
1981
SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD 4 POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stook 5 vields
(percent) "
Comraon stock piices l
Period
New York Stock Excb ange indexe 3 (Dec. 31, 1 965 = 50) *
Composite Industrial Transportation
1975
1976
1977
1978
1979
1980
1980: Sept
Oct
__
Nov
._
Dec
1981: Jan
Feb
Mar
Apr
May__
June
July
Aug
Sept
Oct *
Week ended:
1981: Sept 19
26
Oct 3
10
17
24 _
31 *___
Utility
45. 73
54.46
53. 69
53. 70
58.32
68. 10
73. 12
75. 17
78. 15
76.69
76.24
73. 52
76.46
77.60
76.28
76.80
74.98
75.24
68.37
69.40
50. 52
60.44
57. 86
58. 23
64. 76
78.70
84.92
88.00
92. 32
90.37
89. 23
85.74
89.39
90.57
88.78
88.63
86.64
86.72
78.07
78. 93
31. 10
39. 57
41. 09
43.50
47. 34
60. 61
65.89
70.76
77.23
75. 74
74.43
72.76
77.09
80.63
76.78
76. 71
74.42
73.27
63.67
65.65
31. 50
36.97
40. 92
39. 22
38.21
37. 35
38.77
38.44
38.35
37.84
38.53
37. 59
37.82
38.34
38.27
39.23
38.90
40.22
38. 17
38.87
47. 14
52. 94
55. 25
56.65
61.42
64.25
69. 33
68.29
67.21
67. 46
70.04
68.48
72.82
74.59
74.65
79.79
74.97
73.76
69. 38
72.56
68. 61
66.65
67. 33
69.85
69.55
69.33
69.37
78.39
75.65
76. 58
79.61
79.09
78. 78
78.76
63.83
61. 61
62. 98
66. 15
65. 63
65. 67
65.70
38. 18
37.97
38.07
38.93
38.90
38.87
39. 02
69.70
69.44
69.33
72.09
73. 09
72.96
73. 18
1
Average of daily closing prices.
' Includes all the stocks 4 (more than 1,500) listed on the NYSE.
;
s Includes 30 stocks.
Includes 500 stocks.
« Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Standard
& Poor's
DowEarningsJones
composite Dividendprice
price
industrial3
index
ratio
ratio
average (1941-43
=
10) 4
9. 15
4.31
802. 49
86. 16
8. 90
974. 92
102. 01
3.77
4. 62
10.79
894. 63
98.20
12.03
820. 23
5.28
96.02
13. 46
5.47
844. 40
103. 01
12.66
5.26
891. 41
118. 78
4.90
11.67
946. 67
126. 51
4. 80
949. 17
130. 22
4.63
971. 08
135. 65
10. 92
4.74
945. 96
133. 48
4.80
962. 13
132. 97
5.00
945. 50
128. 40
10.72
4.88
987. 18
133. 19
4.86
1, 004. 86
134.43
4.98
979. 52
131.73
5.03
132. 28
996. 27
5. 18
947. 94
129. 13
5. 16
926. 25
129. 63
5.69
853. 38
118. 27
5.65
119. 80
853. 25
850. 48
838. 47
850. 68
867. 20
858. 73
847. 26
838. 49
118. 54
115. 47
116. 82
120. 79
119. 94
119. 52
119.57
5.67
5.83
5.81
5.57
5. 64
5.66
5. 72
XOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones <fc Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1981, there was a budget deficit of $57.9 billion, compared to a deficit of $59.5 billion in fiscal 1980.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
RECEIPTS AND OUTLAYS'
700
700
600
600
500
500
RECEIPTS
400
400
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT
(-)
0
0
-50
-50
_L
_L
-100
1973
1974
1975
-100
1976
1977
1978
1979
1980
1981
1982
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Receipts
Period
Fiscal year or period:
1971
1972
1973
1974
1975
1976
.
-
___
Transition quarter
1977
1978
1979
1980..
1981 »...
_
1982 (estimates):
First Concurrent Resolution, May
21, 1981.
Mid-Session Review, July 1981 l
1
Estimates from Mid~Se*9ion Review of the 1988 Budget, Office of Management
and Budget, July 15,1981.
32
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Held by
the public
188.4
208.6
232. 2
264.9
281.0
300.0
81.8
357.8
402. 0
465. 9 ?
520. 1 i
602. 6 ;
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493. 6
579. 6 i
660. 5
-23.0
-23.4
-14.8
-4.7
-45.2
-66.4
-13.0
45.0
-48.8
-27.7
-59.5
-57.9
409.5
437.3
468.4
486.2
544. 1
631.9
646.4
709.1
780.4
833.8
914.3
1, 003. 9
304.3
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
644.6
715. 1
794,4
657.8
662.4 1
695.5
704.8
-37.7
-42. 5
1, 079. 8
1, 079. 2
845.1
Sources: Department of the Treasury and Oifice of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1981, budget receipts were $82.5 billion higher than in fiscal 1980 and budget outlays were $80.9 billion
higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
1973
1974
1975
1976
1977
1978
1979
1982
1981
1980
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Outlays
Rece ipts
Nationa 1 defense
Period
Total
Fiscal year or period:
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981"
1982 (estimate)
l
Indi- Corpovidual ration Other
income income
taxes
taxes
86.2
94.7
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
465.9
520. 1
602.6
119.0
122.4
131.6
38.8
157.6
181. 0
217.8
244. 1
285.6
662.4
302.9
103.2
75.4
81.7
92.8
107.4
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
54.9
60.0
65.7
64.6
61. 1
127.0
34.5
145.2
161. 1
182.4
211.4
255.9
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493.6
579.6
660.5
75.8
76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.7
74.5
75.1
73.2
77.6
84.9
87.9
21.9
95.6
103. 0
115.0
132.8
156.0
66.8
292.7
704.8
188. 1
183.8
26.8
32.2
36.2
38.6
40. 6
41.4
8.5
nao
i Estimates from Mid-Settion Review of the 1982 Budget, Office of Management
and Budget, July 15,1981.
Total
5.7
6.9
5.6
2.2
4.8
5.9
19.6
20.6
22.8
28.0
30.9
34.5
7.2
6. 1
10.5
11. 1
70. 1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209.8
250.3
294.9
38.0
44.0
52.6
64.6
82.6
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105.9
107.5
118.4
112.3
11.4
312.3
92.3
100.7
4. 1
4.7
4. 1
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts rose $3.6 billion (annual rate) from the first quarter level and expenditures
rose $4.2 billion, yielding a deficit of $47.2 billion, $0.6 billion higher than the deficit in the first quarter. In the
third quarter, according to preliminary estimates, expenditures rose $28.3 billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
600
500
400
400
300
300
200
200
50
50
SURPLUS
V/A\
DEFICIT
-50
-50
-100
-100
1974
1973
1975
1976
1977
1978
1979
1981
1980
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
F€kderal G<jvernmeiit expenciitures
Federal C}overnm ent receip ts
Period
t>
1 ersonaJ Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Grantsin-aid
PurContrichases Trans- to State
butions
for
Total of goods fer pay- and
ments local
and
social inservices
surance
governments
Surplus
or
Subsidies Less: deficit
Wage
less
(-),
current accruals national
Net
income
interest surplus of less
paid Govern- disand
ment en- burse- product
terprises ments accounts
Fiscal year:
365.9
1977
414. 2
1978
408.7
1979
527.3
1980
166. 4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
24.5
27. 2
29. 1
35.7
116. 2
133.4
152.7
171.3
411. 7
450. 5
494.7
578.2
140. 3
150. 7
163.4
190. 2
169.8
182.2
201.8
239. 3
66. 3
74.7
79. 1
86.7
28.4
33.5
40. 6
51.2
7.0
9.6
9.8
10.8
0.0
-. 0
.0
.0
-45.8
-36.3
-14.0
-50.9
Calendar
year:
375.1
1977
431.5
1978
494.4
1979
1980
540.8
528.4
1980: I
II. ._ 520. 9
III.. 540.8
IV>_. 573.2
617.4
1981:1
II..._ 621.0
III*.
170. 1
194.9
231.4
257.8
246.9
252. 0
259.4
272.9
283.3
293.2
306.6
61.6
71.2
74. 6
70.2
80.5
60.9
66.7
72.6
74.6
64.8
25.0
28. 1
29.4
40.6
31.9
38.7
42. 9
49. 1
60.6
62.6
61. 1
118.5
137.2
159.0
172.2
169.2
169.3
171.8
178.6
198.9
200. 4
203. 6
421.5
460.7
509. 2
602.0
564.7
587.3
615.0
641. 1
664. 0
668.2
696.5
143.9
153.4
167.9
198. 9
190.0
198.7
194.9
212.0
221.6
219. 5
227. 7
172.8
185.6
209. 1
249.8
228.9
236.0
265.3
269.0
271.9
274.8
292. 1
67.5
77.3
80.4
88.0
85.5
87.2
87.7
91.8
90.2
89.6
87. 0
29. 1
35.2
42.3
53.3
50.3
54.4
53. 5
55.2
67.7
70. 4
76.2
8.2
9.3
9.4
12.0
10.1
11.0
13.7
13. 1
12.6
13.9
13.8
.0
.0
-.0
.0
.0
.0
.0
.0
.0
.0
.2
-46.4
-29. 2
— 14.8
-61.2
-36.3
-66.5
-74.2
-67.9
-46.6
-47.2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
http://fraser.stlouisfed.org/
34
Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustrial produc tion (seaisonally <adjuste< i)
Period
1974
1975
1976
1977
1978
1979
1980 P
1980: Oct
Nov
Dec
1981: Jan
Feb
Mar____
Apr
May
June *>._
July »._
Aug".__
Sept »
Japan
United CanStates ada
129.3
117.8
130.5
138.2
146. 1
152.5
147.0
146.6
149.2
150.4
151.4
151.8
152. 1
151.9
152.7
152.9
153.8
153.3
152. 1
147.5
139. 6
147.3
150. 5
156.7
164.0
161.4
162.5
163.1
163.3
162.2
164.0
166.8
167.7
168.3
168.4
164.8
France
183. 1
163.9
182.0
189. 7
201. 1
217.7
232. 6
233.8
230.7
234.4
236.4
237.9
235.9
237.0
232.6
238.4
241. 1
234.9
Germany
Italy
Consmmer p rices (un adjustec 1)
United United CanKing- States1 ada Japan France
dom
148 145. 1 140.6 120.0
139 137. 1 .27.6 114. 3
149 149. 1 143.5 117.4
152 152.0 145. 1 122. 9
155 154.1 147.9 126.9
163 161.8 157. 6 131. 7
160 162.3 166. 5 122. 6
160 161
163.9 118. 5
154 160
170.7 117.7
162 157
160.5 117.0
151 158
158.7 116.0
149 166
170.6 117.3
156 161
169.1 117. 0
151 163
168. 2 116. 7
150 163
158.5 115.8
152 158
158.7 117.8
155 161
162.9 118. 1
155 163
138.0 118. 1
i Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
147.7
161.2
170.5
181.5
195.4
217. 4
246.8
253.9
256.2
258.4
260. 5
263.2
265.1
266.8
269. 0
271.3
274.4
276.5
279.3
144.5
160. 1
172. 1
185. 9
202.5
221.0
243.5
251.2
254.3
255.8
259. 1
261. 7
265.2
267.2
269.6
273.8
276.2
278.2
280.2
184.0
205. 8
224.9
243.0
252.3
261.3
282.2
288.5
289. 1
287.2
290.7
290.9
292.6
294.9
297.9
297.9
297.0
295.2
160.0
178.9
196. 1
214.5
233.9
259. 1
294.2
304.3
306.4
309. 1
312.7
315.6
318.8
323. 1
326.0
329.2
334.9
339.0
Germany
136. 1
144.2
150.4
155.9
160. 2
166.8
175.9
177.3
178.3
179.4
180.9
182. 3
183.5
184.7
185.4
186.3
187. 1
187.7
188.6
Italy
159. 7
186. 8
218. 1
255.2
286.2
328.5
398.0
418.5
427.3
432.5
440.7
448.6
454.9
461. 3
467.8
472.5
476.3
479.6
486.3
United
Kingdom
174. 3
216. 5
252. 4
292. 4
316. 6
359. 0
423.6
436.8
440.3
442. 7
445.5
449.5
456.2
469.4
472.4
475.2
477.3
480.8
483.5
national Trade Administration, Office of Planning and Research, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e:cports 1
Mercl landise iimports
J Domestic5 exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- mate- Manubever- mate- Manufac2
facrials
ages,
ages,
rials
tured
tured Total and
and to- and
to- and
goods
goods
bacco
fuels
bacco
fuels
F.£us.
average :
1973
1974
value
5,811
8,053
1,078
1,269
8,170 8,053
8,971 8,842
9,602 9,456
10, 103 9,912
11, 973 11,753
15, 155 14, 869
JO, 300 10, uao
1980: Sept-._ 18, 828 18, 521
Oct
19, 214 18, 770
Nov
18, 715 18, 344
Dee-___ 19, 251 18, 918
1981: Jan.._- 18, 825 18, 459
Feb
19, 764 19, 441
Mar
21, 434 21, 000
Apr
19, 818 19, 408
May
18, 869 18,499
June
19, 870 19, 461
July
19, 264 18, 894
Aug
19, 050 18, 740
Sept
19, 655 19,212
1,269
1,399
1,436
1,330
1,717
2,049
5,902
8,167
1974*
1975*
1976*
1977*
1978*
1979*
General im]Dorts*
2, GiHfc
2,724
2,886
2,909
3,099
2,926
2,938
3,334
2,879
2,680
2,582
2, 534
2,455
2,783
Custoiris value
5
1,317
895
3,728
5,294
5,790
8,450
1,317
1,266
1,341
1,548
1,746
2,352
2, SIU
2,752
2,554
2,447
2,746
2,896
2, 936
3,245
2,458
2,541
2,328
2,434
2,637
2,805
5,294
5,913
6,437
6,679
7,873
9,716
11,991
12, 483
12, 473
12, 241
12, 368
11,913
12, 816
13, 658
13, 392
12, 562
13, 581
13, 046
13, 051
13, 030
8,548
8,209
10, 290
12, 533
14, 564
17, 455
UU, 406
19, 941
20, 347
19, 860
21, 436
23, 194
21, 922
20, 949
22, 289
21,310
21, 975
19, 807
23, 528
21, 229
"«!».. LI.HTML 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.
, 4-01 , lnc |udes commodities and transactions not classified according to kind.
J 011aiI arrivals
of imported goods other than intransit shipments.
r, ~- - -Jcosl' insurance, and freight) import value at first port of entry in the
united states. Data for 1973 are estimates.
•»Ai ff' • e aloniside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Men?handise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
Total
imless
less
(c.i.f.
imimports
value) * ports
(cusports
toms (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 5,949
1, 546 7, 831
1,391 7, 112
1,583 7,506
1,680 7,059
1,583 8,331
1,748 9,041
1,588 9, 141
1,609 7,478
1,477 8,947
1,676 7,206
1,467 8,270
1,385 6,598
1,500 7,768
1,396 7,400
3,750
4,684
6,131
9,033
4,602
4,257
5,398
6,379
8,360
9, 357
1U, 42Y
10, 524
10, 520
10, 572
10, 897
11,777
10, 714
11, 294
11,291
11,822
11,597
11,296
13, 636
11, 932
9,207
8,828
11, 047
13, 371
15, 504
18, 519
21, 415
20, 837
21, 244
20, 751
22, 364
24, 265
22, 910
21, 886
23, 283
22, 314
22, 993
20, 728
24, 665
22, 231
112
-283
-221
-229
-866
-378 -1,037
762
143
-688 -1,445
-2, 430 -3, 268
-2, 590 -3, 530
-2, 300 -3, 364
2,020 — 3,030
-1,112 -2, 008
-1, 134 -2, 031
-1,145 -2, 036
-2, 185 -3, 113
-4, 370 -5,440
-2, 158 -3, 146
-451
485
-2,471 -3, 465
-2,441 -3,445
-2, 105 -3, 123
-542 -1,463
-4, 478 -5, 614
-1,574 -2, 576
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports,
and trade balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the merchandise trade deficit increased to $6.9 billion from $4.7 billion in the first quarter.
The balance on current account fell to $1.1 billion from $3.3 billion in the first quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
-15
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
M erchandise
Period
Exports
1973
1974
1975
1976
1977
1978
1979
1980
1979:
_
_
I...
II—
III..
IV..
1980: I...
II..
III..
IV..
1981:1....
II ».
Imports
Invejstment in come8
12
"Wot
i^iet
balance
Receipts
Payments
71, 410 -70,499
911 21, 808 -9, 655
98, 306 -103,649 -5,343 27, 587 -12,084
107, 088 -98,041
9,047 25, 351 -12,564
114,745 -124,051 -9,306 29, 286 -13,311
120, 816 -151,689 -30, 873 32, 179 -14,217
142, 054 -175,813 -33,759 43, 265 -21,865
184, 473 -211,819 -27,346 66, 699 -33,236
223, 966 -249,308 -25,342 75, 936 -43, 174
42, 036 -46, 766 -4, 730 14, 111 -7, 352
43, 834 -51, 117 -7,283 15, 582 -7,949
47, 236 -54, 210 -6, 974 18, 055 -8,734
51, 367 -59,726 -8, 359 18, 952 -9,203
54, 898 -65,024 -10, 126 20, 465 -10,629
55, 667 -62,411 -6, 744 16, 860 -10,342
56, 252 -59, 154 -2,902 18, 850 -10,697
57, 149 -62, 719 -5, 570 19, 764 -11,507
61, 098 -65,775 -4, 677 21, 566 -12,513
60, 477 -67,391 -6,914 22, 235 -13,587
1
Excludes
1
Adjusted
1
military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
in other services, net.
Digitizedincluded
for FRASER
http://fraser.stlouisfed.org/
Federal 36
Reserve Bank of St. Louis
N«»t
1^1 C v
12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
6,759
7,633
9,321
9,749
9,836
6,518
8, 153
8,257
9,053
8,648
Net
military
transactions
Nettravel
and
transportation
receipts
-2, 070
-1,653
-746
559
1,528
738
- 1, 947
-2, 515
-134
-324
-565
-923
-918
-427
-455
-715
-568
-586
-3, 158
-3, 184
-2, 792
-2, 558
-3,293
-3, 178
-2,622
-798
"-678
-677
-722
-545
-532
-152
-38
-76
-668
-256
Other
services,
net 1
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
otiLier
unilateral
transfers 1
Balance
on
current
account
7, 140
3,184 11, 021 -3,881
2,124
9,309 -7, 186
3,986
4,598 22, 893 -4, 613 18, 280
9,382 -4, 998 4,384
4,711
5,182 -9,493 -4, 617 -14,110
5,792 -9,008 -5,067 -14,075
7,008 -5, 593 1,414
5,460
3,723
6,674 10, 779 -7,056
1,228
1,322
2,539 -1,311
-679
702 -1,381
1,353
1,052
2,453 -1,401
1,393
-189
1,312 -1,501
1,390
-217 -1,878 -2,095
1,523
-545
1,592
787 -1,332
4,975
6,478 -1,503
1,719
1,390
3,734 -2,344
1,838
3,263
4,790 -1,527
1,650
1,073
2,603 — 1, 530
1,712
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. official reserve assets abroad increased $0.9 billion in the second quarter, following a
$4.5 billion increase in the first quarter. Foreign official assets in the U.S. decreased $3.0 billion, following a $5.5
billion increase in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
-10
-30
-30
-40
-40
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1
J.S. assets abroad, ne t
[inc rease/capitiil outflow ( -)]
Period
Total
1973
1974
1975
1976 __
1977
1978
1979
1980
1979: I
]]„__
III __
1V___
1980: 1 _ _
!!„__
I l l ...
1V___
1981: I
11 » _ _
-22,874
-34,745
-39, 703
— 51, 269
-34, 785
- 6 1 , 070
-02, 639
~ 84, 770
-8,057
- 15, 639
-24, 942
-14, 003
-12, 639
-24,837
-19, 302
- 27, 995
- 22, 397
-21, 521
Foreigii assets in the U.S.,
net [increase/cjipital inflow ( + )] 2
U.S.
official
reserve
assets 1 2
Other
U.S.
Government
assets
158
-1,467
-849
-2, 558
-375
732
-1, 133
-8, 155
- 3, 585
322
2, 779
- 649
— 3, 268
502
— 1, 109
-4, 279
-4, 529
-905
6, 026
-2,644 -20,388 18, 388
366 -33, 643 34, 241
10, 546
-3, 474 -35,380 15, 670
7, 027
-4, 214 -44, 498 36, 518
17,693
36, 816
-3, 693 -30, 717 51, 218
-4, 644 -57, 159 63, 748
33, 561
- 3, 707 -57,739 i8, 946 -13, 757
-5, 165 -71, 456 50, 261
15, 492
-1, 093 - 3, 379 2, 259 -8, 688
-971 -14, 990 7,007 -9, 785
6,011
-778 - 26, 943 24, 345
-925 -12, 429 5, 335 -1,295
- 1 456 -7,915 7, 509 -7,462
7, 557
1 187
24, 152 7,232
7,686
-1 427 -16,766 11,651
-1 094 -22,622 23, 870
7,711
5,503
-1 395 -16,473 7, 140
-1 475 -19, 141 12, 810 -3,009
U.S.
private
assets
Total
> Consists of Kold, special drawing rights (SDKs), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
12, 362
23, 696
8, 643
18, 826
14, 403
30, 187
52, 703
34, 769
10, 948
16, 792
18, 334
6,630
14, 971
-326
3,965
16, 158
1,637
15, 819
Statistical
discrej)ancy
Allocations
of
special
drawing
rights
(SDKs)
1,139
1, 152
1,139
1,152
1,093
U.S.
official
reserve
assets,
Total
Of
net 1
which :
(sum of
(unadSeasonal justed,
the
adjustitems
end of
ment
with sign
reversed) discrep- period)
ancy
-2, 654
-1,620
5,753
10, 367
-2, 323
11, 398
21, 140
29, 640
-42
3,430
1,165
9,309
-455 -3, 122
2,000
8,857
6,073
-206
1,355
18, 151
2,676 -3, 291
2,736
2, 139
-340
10, 901
1,221
7,637
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
21, 655
21, 268
18, 557
18, 956
21, 491
21, 943
22, 994
26, 756
30, 410
29, 582
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
Page
1
2
2
3
3
4
4
5
6
7
8
9
10
,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
,
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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