Full text of Economic Indicators : September 1983
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98th Congress, 1st Session Economic Indicators SEPTEMBER 1983 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1983 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) ROGER W. JEPSEN, Iowa, Chairman LEE H. HAMILTON, Indiana, Vice Chairman SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) MACK MATTINGLY (Georgia) ALFONSE M. D'AMATO (New York) LLOYD BENTSEN (Texas) WILLIAM PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) HOUSE OF REPRESENTATIVES GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) AUGUSTUS F. HAWKINS (California) DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) CHALMERS P. WYLIE (Ohio) MARJORIE S. HOLT (Maryland) DAN LUNGREN (California) OLYMPIA J. SNOWE (Maine) BRUCE R. BARTLETT, Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN FELDSTEIN, Chairman WILLIAM A. NISKANEN, Member WILLIAM POOLE, Member [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 sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $4.25 a single copy ($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 u TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the second quarter of 1983, gross national product rose $100.5 billion or 13.3 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 9.7 percent (annual rate) and the implicit price deflator rose at a 3.3 percent annual rate. IILLIOhIS OF DOLLARS 3,400 BILLIONS OF CJOLLARS (RATIO SCALE) 3,400 (RATIO SCALE) SEASONA LY ADJUSTED ANNU - Al RATES ^. 3,200 - ^x~~~ 3,000 ^ 3 200 1 3,000 s*^ ") Bfin 2800 - - 2,600 2,600 - GNP IN (ZURRENT DOLLAR 2,400 — 2,400 f^ o onn - ^^^ 1 Rfin >i / 2 200 2000 1 800 <^ 1 AAfl 1,400 ^*S >X^ s p^H -^ 1 600 \ ^ «""""""•" _ 1,400 GNP IN 1972 DOLLAR s - « *»•"•*"*"*'*' ^*** i onn \ 1 1 200 I 1 1975 I I I i 1977 1976 1 1 I I I 1 1980 1979 1978 i I i 1981 1 1 1 i i SOURCE: DEPARTMENT C F COMMERCE I I 1983 1982 COUNCIL 0 F ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period Gross national product Personal consumption expenditures Gross private domestic investment 672.2 737.1 812.0 166.4 195.0 229.8 Exports 26.0 95.4 132.8 128.1 157.1 186.7 219.8 268.1 314.8 342.5 330.2 73.1 72.8 77.0 83.0 86.0 92.8 100.3 111.8 131.2 154.0 179.4 28.5 29.1 33.9 39.7 43.2 50.6 53.3 56.5 65.9 75.2 79.3 168.5 193.1 217.2 232.9 250.4 278.3 306.0 340.8 366.5 390.5 1,070.0 1,175.7 1,307.9 1,420.1 1,556.1 1,706.2 1,895.3 2,137.4 2,403.5 2,641.5 2,935.6 3,097.5 367.5 371.0 344.7 341.7 600.3 622.8 232.4 248.5 154.9 166.7 77.5 81.8 367.9 374.3 2,971.4 3,017.9 29.9 33.3 .9 5.6 358.4 364.5 346.0 321.6 328.5 331.2 345.0 316.1 629.8 631.6 655.7 679.7 249.7 244.1 261.7 279.2 168.1 175.2 183.6 190.8 81.7 68.9 78.1 88.5 380.0 387.5 394.0 400.5 3,047.1 3,081.4 3,095.6 3,165.9 17.0 -8.5 326.9 327.1 309.9 335.6 677.4 683.4 273.5 273.7 194.4 199.4 79.1 74.3 404.0 409.7 3,210.9 3,286.6 ,886.1 ,904.1 495.8 476.2 22.8 29.2 IV 3,021.4 3,070.2 3,090.7 3,109.6 ,938.9 ,972.8 2,008.8 2,046.9 422.9 432.5 425.3 377.4 (1983: I IT r 3,171.5 3,272.0 2,073.0 2,147.0 404.1 450.1 3,004.9 3,032.2 1982: n m I Source: Department of Commerce, Bureau of Economic Analysis. Nondefense 70.2 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 414.5 1981: HI IV National defense 96.2 101.7 102.0 111.0 122.7 129.2 143.4 153.6 168.3 197.0 229.2 258.7 77.5 109.6 146.2 154.9 170.9 182.7 218.7 281.4 338.8 368.8 347.6 ,549.2 ,718.0 ,918.3 2,163.9 2,417.8 2,631.7 2,954.1 3,073.0 Total State and local 234.9 253.1 270.4 304.1 339.9 362.1 393.8 431.9 474.4 537.8 595.7 649.2 68.8 888.1 976.4 ,084.3 ,204.4 ,346.5 ,507.2 ,668.1 ,857.2 ,991.9 Imports Tntnl .7 14.2 13.4 26.8 13.8 -4.0 -1.1 13.2 23.9 26.3 17.4 1,077.6 ,185.9 ,326.4 ,434.2 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 Final Federal Net exports 4.1 1971 Goveniment purchsises of goc ds and services Exports aiid imports of goods and services 64.7 76.7 138.7 151.4 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Period 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: HI IV 1982: I n m IV 1983: I r n Gross national product G ross private dormjstic invest!nent Personal consumpChange tion in Residen- business expendi- Nonresidential tial fixed tures invenfixed tories 53.7 8.1 138.1 135.7 119.3 125.6 140.3 158.3 169.9 165.8 174.4 166.1 63.8 62.3 48.2 42.2 51.2 60.7 62.4 59.1 47.1 44.7 37.8 10.2 17.2 11.6 -6.7 962.9 955.7 177.0 176.3 43.1 39.4 16.1 1,485.8 1,489.3 1,485.7 1,480.7 961.4 968.8 971.0 979.6 173.6 167.1 163.3 160.5 36.3 37.8 36.5 40.6 1,490.1 1,525.1 986.7 1,010.6 159.9 163.0 45.5 52.6 1,122.4 ,185.9 ,254.3 ,246.3 ,231.6 ,298.2 ,369.7 ,438.6 ,479.4 1,475.0 1,513.8 1,485.4 696.8 737.1 767.9 762.8 779.4 823.1 864.3 903.2 927.6 931.8 956.8 970.2 112.2 121.0 1,525.8 1,506.9 Govern ment purch ases of goocIs and serv ices Ex]aorts of goods 8uid service 3 Federal Net exports Exports Total Imports Total 1.6 .7 71.0 77.5 69.3 76.7 15.5 27.8 32.2 25.4 22.0 24.0 37.2 50.3 43.0 28.9 97.3 108.5 103.5 110.1 112.9 126.7 146.2 159.1 159.7 147.3 39.8 39.9 -10.2 -3.4 -1.3 -22.7 -15.4 -5.4 7.8 13.3 16.0 7.3 -4.4 8.5 9.4 6.0 250.1 103.7 101.7 95.9 96.6 97.4 National defense Nondefense State and local Final sales 73.1 68.3 66.9 28.5 27.6 29.7 146.4 151.4 157.4 163.6 96.8 100.4 100.3 102.1 106.4 110.4 116.6 66.4 64.9 65.4 65.7 67.4 70.0 73.6 78.8 31.0 31.8 35.0 34.7 34.8 36.4 36.8 37.8 167.8 168.4 168.8 174.3 176.2 177.9 176.1 175.2 1,114.3 1,175.7 1,237.1 1,234.7 1,238.4 1,290.4 1,356.4 1,422.6 1,472.2 1,479.4 1,505.3 1,494.8 286.8 289.6 111.8 114.5 74.4 75.7 37.4 38.7 175.0 175.1 1,509.7 1,500.9 116.6 121.1 122.4 113.5 289.4 285.8 292.2 299.7 114.5 110.3 116.9 124.4 75.5 77.8 80.4 81.4 39.1 32.5 36.5 43.0 174.9 175.4 175.3 175.2 1,495.9 1,492.7 1,487.0 1,503.4 116.8 123.9 292.9 292.1 118.4 117.6 82.7 84.2 35.7 33.4 174.5 174.5 1,505.5 1,530.5 81.8 80.7 71.4 84.7 90.9 102.7 109.0 108.8 116.7 118.4 253.1 253.3 260.3 265.2 265.2 269.2 274.6 278.3 284.3 286.5 291.8 159.0 158.7 119.1 118.8 35.2 33.4 24.0 23.0 151.8 154.5 146.4 136.5 20.5 12.3 137.3 136.2 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Personal c onsumption expen ditures Period Gross national product Total Durable goods Nondurable goods Gross private domestic investment Services Residential fixed 96.2 100.0 134.8 149.6 155.3 161.9 172.6 192.5 212.9 230.8 236.0 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 96.5 100.0 105.7 116.4 125.3 131.7 139.3 149.1 162.5 179.0 194.1 205.3 99.0 100.0 101.7 108.2 117.3 123.9 129.2 136.4 145.0 156.2 167.3 174.8 96.6 100.0 108.5 123.4 132.5 137.2 143.6 153.4 169.9 188.1 202.5 209.0 100.0 104.7 113.0 121.6 129.6 139.3 150.0 162.3 178.8 195.8 211.6 103.8 115.4 132.2 138.6 146.3 157.2 170.8 186.2 201.9 209.7 94.8 100.0 109.1 120.3 131.0 140.7 158.0 178.3 200.5 218.5 233.5 240.2 1981: HI IV 196.94 201.22 195.9 199.2 169.3 171.2 203.8 205.5 197.9 202.5 203.7 208.5 235.7 239.2 1982: 203.36 206.15 208.03 210.00 201.7 203.6 206.9 209.0 172.9 174.2 176.1 176.1 206.8 207.6 210.2 211.2 206.3 209.4 213.4 217.2 208.1 211.1 209.6 209.9 212.83 214.55 210.1 212.5 177.3 177.5 210.6 213.4 219.8 223.1 207.7 206.3 I n ffl IV 1983: I r n Source: Department of Commerce, Bureau of Economic Analysis. 95.6 Gove rnment pure liases of goc ds and services Federal Nonresidential fixed 96.01 100.00 105.75 115.08 125.79 132.34 140.05 150.42 163.42 178.42 195.14 206.88 1971 1972 Exports am1 imports of goods am i services Exports Imports Total 116.7 164.6 179.6 185.6 205.5 214.1 246.1 289.4 293.4 278.9 92.7 100.0 106.3 114.9 126.0 133.5 142.8 153.1 164.8 185.2 207.7 222.0 231.2 233.8 289.4 287.7 240.8 240.9 240.9 238.4 236.1 236.0 236.3 235.6 244.9 243.9 238.0 240.2 97.0 100.0 112.7 93.3 100.0 National defense Nondefense State and local 94.7 152.7 166.0 187.5 209.3 227.7 135.7 144.6 153.8 162.5 180.8 204.5 210.0 100.0 107.0 118.0 129.4 138.3 148.4 159.7 173.7 191.5 208.1 222.9 207.9 217.0 208.3 220.0 207.0 211.2 210.2 213.8 281.8 273.6 281.8 278.5 218.0 221.3 223.8 224.4 222.7 225.1 228.3 234.3 209.1 212.3 213.9 205.7 217.3 220.9 224.7 228.5 265.4 270.7 230.9 232.7 234.9 236.7 221.7 222.6 231.6 234.8 100.0 106.6 115.1 124.9 132.4 141.9 100.0 105.6 114.2 128.2 CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Grc ss national prc>duct Period Constant (1972) dollars Current dollars 1971 1972 1973 8.6 10.1 11.8 1974 1975 1976 1977 1978 1979. 1980 1981 1982 1981: HI IV 1982: I n ni IV 1983: I r n Implicit price deflator Personal consumption e spenditures Chain price index Fkedweighted price index (1972 weights) Constant (1972) dollars Current dollars 5.8 8.8 9.3 5.2 5.8 7.4 8.6 9.2 9.4 6.0 9.4 9.0 4.8 4.0 6.0 9.4 9.1 5.8 6.3 7.8 9.5 9.8 9.5 6.4 8.9 8.4 11.4 5.0 4.2 5.8 .6 -1.2 5.4 5.5 5.0 2.8 -.3 2.6 -1.9 3.7 5.8 4.2 -.7 2.2 5.6 5.0 4.5 2.7 .5 2.7 1.4 8.1 9.6 10.2 8.1 8.0 10.9 11.7 12.8 11.7 8.8 12.2 4.0 13.3 3.7 — 1.4 6.6 2.7 2.5 3.6 -4.9 -5.5 1.0 -1.0 -1.3 4.3 5.6 3.7 3.8 5.6 5.2 5.9 5.0 5.3 4.7 5.9 4.7 7.5 7.2 7.5 7.8 8.2 13.3 2.6 9.7 5.5 3.3 3.6 4.3 3.4 4.3 15.1 NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. Chain price index Fixedweighted price index (1972 weights) 4.9 4.1 6.0 9.1 9.2 5.7 6.1 7.6 8.9 8.9 9.4 6.5 9.0 8.2 3.4 5.7 Implicit price deflator 9.4 9.9 11.0 11.1 11.8 11.9 10.7 11.3 7.3 3.5 -3.0 2.4 3.1 .9 3.6 3.9 2.9 10.0 5.2 4.3 3.7 5.7 10.1 4.3 3.6 6.1 10.4 4.2 3.5 6.1 10.4 7.6 5.1 5.8 7.0 9.0 10.2 8.4 5.8 7.7 7.0 5.0 4.0 6.5 4.1 7.7 5.3 6.0 7.3 9.3 10.7 9.0 5.9 7.8 7.0 5.2 3.9 6.4 5.1 7.8 5.3 6.2 7.4 9.7 11.1 9.2 5.7 7.5 6.8 4.8 3.5 6.7 5.1 2.2 4.6 2.3 4.7 1.6 4.9 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Cunrent-dollar co st and profit per unit of output (dollairs) 1 Gross d omestic product of ilonfinaneial corporate business (billions o f dollars) Period Current dollars 1972 Total cost and profit 2 dollars Capital consumption allowances with capital consumption adjustment Indirect business taxes 3 Compensation of employ- 708.2 694.2 745.5 795.8 846.3 876.1 859.5 887.5 857.7 0.113 .113 .114 .127 .140 .141 .141 .144 .149 .172 .199 .209 m 1,683.3 1,718.8 1,778.6 1,778.9 883.7 888.7 898.6 878.9 1.905 1.934 1.979 2.024 .207 .213 .217 .229 .195 .198 .199 .204 n m IV 1,764.9 1,780.2 1,786.8 1,775.0 864.3 860.5 859.5 846.4 2.042 2.069 2.079 2.097 .236 .242 .247 .254 .204 .207 .209 .215 .786 .837 .878 .928 .998 1.094 1.218 1.302 1.397 1.272 1.290 1.306 1.342 1.374 1.394 1.403 1.419 .1983: I II r 1,817.6 1,892.4 856.0 885.8 2.123 2.136 .252 .245 .218 .223 1.428 1.416 1981: I II 1982: 1 IV I 626.8 678.0 731.9 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol- lars. 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. Profits tax liability 0.091 .092 .093 .112 .137 .141 .145 .155 .171 .198 .217 .245 609.9 678.0 759.4 818.9 890.0 1,001.3 1,128.4 1,276.2 1,416.8 1,540.7 1,739.9 1,776.7 Net interest Total 0.973 1.000 1.038 1.156 1.282 1.343 1.418 1.508 1.617 1.793 1.960 2.072 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 Corporate profits with inventory valuation 2md capital cc nsumption adjustments 0.641 .659 .692 3 4 Profits after tax 4 per hour of all employees (1972 Compensation per hour of all employees (dollars) 0.029 .028 .031 .042 .044 .040 .040 .044 .050 .065 .074 .076 0.099 .107 .107 .090 .124 .144 .163 .168 .154 .140 .169 .145 0.047 .049 .055 .059 .059 .071 .075 .079 .079 .078 .074 .048 0.052 .058 .053 .030 .065 .073 .088 .089 .075 .062 .095 .097 7.450 7.664 7.849 7.555 7.774 8.002 8.144 8.216 8.201 8.126 8.332 8.373 4.778 5.052 5.429 5.937 6.507 7.024 7.558 8.198 8.969 9.894 10.850 11.700 .064 .070 .081 .080 .080 .079 .072 .073 .168 .163 .177 .169 .086 .092 .102 .101 .095 .096 .099 .095 8.290 8.319 8.392 8.323 8.342 8.330 8.409 8.421 10.541 10.730 10.957 11.171 .148 .147 .148 .135 .081 .071 .075 .068 .053 .051 .049 .040 11.463 11.614 11.795 11.952 .070 .066 .156 .187 .049 .062 .108 .125 8.492 8.605 12.126 12.212 Indirect business tax and nontax liability plus business transfer payments less subsidies. With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period National income Compensation of employees1 Corporate profits with inv entory valuatic n and capital consumption Proprietors' income with inventory viiluation and capital co nsumption adjust ments Rental income of persons with capital adjustments Profits %rith inventory valuation adjustrm mt and withou t capital consiimption adjust ment Farm tion adjustment Nonfarm Inventory valuation adjustment Profits Total 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 871.5 963.6 ,086.2 ,160.7 ,239.4 ,379.2 ,550.5 ,760.3 ,966.7 2,116.6 2,373.0 2,450.4 652.2 718.0 801.3 877.5 931.4 ,036.3 ,152.1 ,301.1 ,458.1 ,599.6 1,769.2 1,865.7 15.0 54.4 18.7 32.8 26.5 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 58.1 61.0 62.2 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 20.2 21.0 22.6 23.5 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 83.2 96.6 108.3 94.9 110.5 138.1 167.3 192.4 194.8 175.4 192.3 164.8 82.0 94.0 86.6 100.6 105.6 96.7 120.6 151.6 178.5 205.1 209.6 191.7 203.3 165.9 1981: DDE IV 2,423.4 2,435.6 ,791.7 ,815.6 35.0 31.3 88.5 85.8 42.7 45.6 197.6 192.0 1982: n in IV 2,419.7 2,448.9 2,458.9 2,474.0 ,834.2 ,859.9 ,879.5 ,889.0 27.4 16.8 15.8 26.0 83.7 88.1 87.8 90.2 47.4 49.0 50.9 52.3 I IF 2,528.5 2,612.8 ,923.7 ,968.7 22.2 21.0 98.4 106.2 54.1 54.8 1983: 1 I Capital consump- Total Net interest adjustment 125.6 136.7 132.1 166.3 194.7 229.1 252.7 234.6 227.0 174.2 -4.6 -6.6 -20.0 -40.0 -11.6 -14.7 -16.2 -24.0 -43.1 -42.9 -23.6 -8.4 1.3 2.7 2.7 -1.8 -10.1 -13.5 -11.3 -12.7 -14.8 -16.3 -11.0 -1.1 46.5 51.2 60.2 76.1 84.5 87.2 102.5 121.7 153.8 192.6 249.9 261.1 208.3 201.5 227.7 217.2 -19.4 -15.7 -10.7 -9.5 268.0 265.3 162.0 166.8 168.5 161.9 167.7 170.3 168.3 157.2 173.2 178.8 177.3 167.5 -5.5 -8.5 -9.0 -10.3 -5.6 -3.5 .1 4.7 265.0 268.3 256.4 254.7 181.8 218.2 168.0 192.7 169.7 203.3 -1.7 -10.6 13.9 25.6 248.3 243.8 Source: Department of Commerce, Bureau of Economic Analysis. Includes employer contributions for social insurance. (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] No ndurable goods Durabh3 goods Period Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Other Total nondurable goods Food Retail sal es of new passengper cars (millions of units) Clothing and shoes Gasoline and oil Services Other Domestics Imports 1.6 1.6 1.8 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 737.1 812.0 888.1 976.4 1,084.3 1,204.4 1,346.5 1,507.2 1,668.1 1,857.2 1,991.9 97.2 111.1 123.3 121.5 132.2 156.8 178.2 200.2 213.4 214.7 236.1 244.5 45.4 52.4 57.1 50.4 55.8 72.6 84.8 95.7 96.6 90.7 101.6 109.9 37.2 41.7 47.1 50.6 53.5 59.1 65.7 72.8 81.8 86.3 93.3 93.5 14.6 16.9 19.2 20.5 22.9 25.2 27.7 31.7 35.1 37.7 41.2 41.1 278.8 300.6 333.4 373.4 407.3 441.7 478.8 528.2 600.0 668.8 733.9 761.0 144.2 154.9 172.1 193.7 213.6 230.6 249.8 275.9 311.6 345.1 375.9 396.9 50.6 55.4 61.4 64.8 69.6 75.3 82.6 92.4 99.1 104.6 115.3 119.0 23.9 25.4 28.6 36.6 40.4 44.0 48.1 51.2 66.6 84.8 94.6 91.5 60.1 64.9 71.2 78.2 83.7 91.9 98.2 108.8 122.8 134.3 148.1 153.5 296.2 325.3 355.2 393.2 437.0 485.7 547.4 618.0 693.7 784.5 887.1 986.4 8.7 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.6 6.2 5.8 1.4 1.6 1.5 2.1 2.0 2.3 2.4 2.3 2.2 1981: III IV 1,886.1 1,904.1 243.5 230.8 107.7 96.5 93.8 93.4 42.0 40.9 741.1 747.7 378.9 383.2 116.8 117.2 95.1 95.6 150.2 151.7 901.5 925.6 6.8 5.1 2.2 2.2 1982: I II Ill IV 1,938.9 1,972.8 2,008.8 2,046.9 239.4 242.9 243.4 252.1 106.4 107.6 109.4 116.1 91.7 93.9 93.5 94.9 41.3 41.4 40.5 41.0 749.7 754.7 766.6 773.0 388.1 394.7 400.4 404.5 118.4 119.0 119.2 119.6 94.0 89.6 91.3 91.1 149.2 151.5 155.6 157.9 949.7 975.2 998.9 1,021.8 5.8 5.7 5.6 6.0 2.2 2.0 2.2 2.5 I II r. 2,073.0 2,147.0 258.5 277.7 118.4 133.9 97.3 100.8 42.9 43.1 777.1 799.6 411.7 419.6 120.0 126.4 87.3 90.3 ' 158.1 1,037.4 163.3 1,069.7 6.1 6.9 2.3 2.3 1983: 672.2 Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income increased $6.5 billion (annual rate) in August following a rise of $16.0 billion in July. Personal income in August was affected by three special factors—the telephone strike, special payments to Postal Service employees, and hurricane damage. Without these special factors, personal income would have increased by about $14 billion in August. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 1,000 1,000 WAGE WAGE AND AND SALARY SALARYDDISBURSEMENTS „-.•-***""""""""""'" 800 800 600 600 OTHER INCOME TRANSFER PAYMENTS \ - 200 200 160 160 1975 1977 1982 1978 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Proprietors ' income 3 Period 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Aprr May r June r July r. Augp. Total personal income disbursements l income Farm Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance Nonfarm personal income 6 1,065.2 1,168.6 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 702.7 765.7 806.4 889.9 983.2 1,106.3 1,237.6 1,356.7 1,493.2 1,568.1 48.8 55.8 64.5 75.9 89.4 102.5 114.9 128.0 143.5 156.6 32.8 26.5 24.6 19.1 19.1 26.3 31.9 21.8 30.5 21.5 61.0 62.2 65.4 75.0 84.8 92.2 100.2 95.6 89.7 87.4 22.6 23.5 23.0 23.5 24.8 26.6 27.9 31.5 41.4 49.9 26.5 29.1 29.9 36.5 39.6 45.3 50.8 56.8 62.8 66.4 93.9 112.4 123.2 132.5 152.8 179.4 218.7 266.0 341.3 366.2 119.5 141.2 178.3 194.3 207.9 223.8 250.3 297.6 337.2 374.5 42.6 47.9 50.4 55.5 61.1 69.8 81.1 88.7 104.6 112.0 1,023.7 1,131.8 1,229.1 1,359.3 1,506.5 1,689.7 1,899.3 2,119.5 2,377.0 2,527.6 2,586.7 2,597.4 2,617.8 2,633.1 2,645.0 1,579.2 1,581.2 1,583.1 1,583.1 1,591.8 158.1 159.1 159.7 160.4 161.2 14.1 18.3 23.8 28.1 26.1 87.5 88.3 89.1 89.0 92.5 50.8 51.4 52.8 52.9 51.0 66.5 66.8 67.4 68.0 68.3 363.9 362.2 361.7 363.3 364.3 379.2 383.1 392.9 401.0 403.0 112.8 112.8 112.8 112.7 113.1 2,543.1 2,549.7 2,564.5 2,575.5 2,589.4 2,652.6 2,650.5 2,670.1 2,689.0 2,719.3 2,732.6 2,748.7 2,755.2 1,608.9 1,606.3 1,616.8 1,632.1 1,652.2 1,660.9 1,673.1 1,679.9 162.6 164.2 166.0 168.1 170.1 172.2 174.3 176.3 22.9 21.3 22.3 22.1 21.4 19.4 16.6 14.7 96.7 97.8 100.8 103.1 106.6 109.0 110.3 110.3 53.8 54.1 54.3 54.6 54.8 55.0 55.3 50.8 68.7 68.9 68.9 69.0 69.4 69.5 70.2 70.9 360.0 356.0 355.7 355.0 356.9 359.4 363.0 367.1 395.4 398.1 402.0 402.7 406.7 406.7 406.0 405.3 116.6 116.2 116.8 117.6 118.8 119.5 120.1 120.1 2,600.2 2,599.7 2,618.4 2,637.5 2,668.5 2,683.8 2,702.5 2,710.8 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements, ^Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 3 With inventory valuation and capital consumption adjustments. Nonfarm Rental income of persons 4 12 4 With capital consumption adjustment. Consists mainly of social insurance benefits, direct relief, and veterans payments. Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. 5 6 Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to revised estimates, real per capita disposable income rose in the second quarter. BILLIONS OF DOLLARS* (RATIO SCALE) II 2,600 BILLIONS OF DOLLARS* (RATIO SCALE) 4,000 3,000 3,000 ly82 1975 r SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal tax and nontax payments COUNCIL OF ECONOMIC ADVISERS Equals: Disposable personal income Less: Personal outlays l Equals: Personal saving Perc apita disposable, personal incc>me Per capitii personal consul nption expenc litures Current dollars Current dollars 1972 dollars Billions of doll ars 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 868.4 951.4 1,065.2 1,168.6 1,265.0 1,391.2 1,540.4 1,732.7 1,951.2 2,165.3 2,435.0 2,578.6 116.7 141.0 150.7 170.2 168.9 196.8 226.4 258.7 301.0 336.5 387.4 402.1 1983 751.8 810.3 914.5 998.3 1,096.1 1,194.4 1,314.0 1,474.0 1,650.2 1,828.9 2,047.6 2,176.5 1972 dollars Do lars 691.1 757.7 835.5 913.2 ,001.8 ,111.9 ,236.0 ,384.6 ,553.5 ,718.7 ,912.4 2,051.1 60.7 52.6 79.0 85.1 94.3 82.5 78.0 89.4 96.7 110.2 135.3 125.4 3,620 3,860 4,315 4,667 5,075 5,477 5,965 6,621 7,331 8,032 8,906 9,377 3,752 3,860 4,080 4,009 4,051 4,158 4,280 4,441 4,512 4,487 4,587 4,567 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population (thousands) 2 Per cent 3,237 3,511 3,831 4,152 4,521 4,972 5,468 6,048 6,695 7,326 8,078 8,581 3,355 3,511 3,623 3,566 3,609 3,774 3,924 4,057 4,121 4,092 4,162 4,180 8.1 6.5 8.6 8.5 8.6 6.9 5.9 6.1 5.9 6.0 6.6 5.8 207,692 209,924 211,939 213,898 215,981 218,086 220,289 222,629 225,106 227,694 229,916 232,118 230,187 230,797 1.6 7.2 7.5 6.1 5.9 5.6 5.4 2.0 2.6 5.4 4.0 233,501 233,984 2.4 2.9 5.7 -1.7 1.0 2.6 2.9 3.8 1.6 .6 2.2 ^ Seas anally adju sted annual rates 1981: HI 2,490.9 2,516.6 398.9 396.1 2,092.0 2,120.5 1,942.3 1,961.5 149.7 159.0 9,088 9,188 4,640 4,612 8,194 8,250 4,183 4,141 IV 2,528.1 2,563.2 2,591.3 2,632.0 400.2 404.2 399.8 404.1 2,127.9 2,159.0 2,191.5 2,227.8 1,997.0 2,031.9 2,068.4 2,107.0 130.8 127.1 123.0 120.8 9,199 9,315 9,430 9,562 4,562 4,574 4,558 4,576 8,382 8,511 8,644 8,785 4,156 4,180 4,178 4,204 1983: I r II 2,657.7 2,713.6 401.8 412.6 2,255.9 2,301.0 2,134.2 2,209.5 121.7 91.5 9,661 9,834 4,599 4,629 8,878 9,176 4,226 4,319 IV....... 1982: I II m 1 Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 2 Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages for the period. 7.8 -2.4 -4.3 1.1 -1.4 231,304 231,790 232,387 232,990 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 1983, according to preliminary estimates, gross farm income rose $0.5 billion (annual rate) and net farm income rose $1.6 billion. BILLIONS OF DOLLARS* (RATIO SCALE) 200 BILLIONS OF DOLLARS* (RATIO SCALE) 200 160 160 GROSS FARM INCOME 120 120 100 100 80 80 60 60 NET FARM INCOME- 40 40 /\ ./N \ I I I 20 V I 10 I 1975 I I I I I I I I 1977 1976 I I 1978 I I I I I I 1980 1979 20 I V i i i 1981 i i i 1982 i i i 10 1983 * SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farmi ng (iross farm incom e Period Cas h marketing receipts Total l Total 1975 1976 1977 1978 1979 1980 1981 1982 1981: I n m IV 1982: I n m IV 1983: I HP Livestock and products Crops Value of inventory changes 2 Production expenses Current dollars 1967 dollars 3 100.6 102.9 108.7 127.2 150.4 150.1 167.1 162.2 88.9 95.4 96.2 112.9 131.8 140.5 142.3 144.6 43.1 46.3 47.6 59.2 68.6 67.8 69.2 70.2 45.8 49.0 48.6 53.7 63.2 72.7 73.1 74.4 3.4 -1.5 1.1 .8 4.9 -5.3 7.6 1.9 82.7 88.9 99.5 118.1 128.6 137.0 140.1 25.6 20.1 19.8 27.7 32.3 21.5 30.1 22.1 15.9 11.8 10.9 14.2 14.8 8.7 11.0 7.6 161.2 165.1 172.2 169.7 141.9 138.5 145.7 143.0 69.2 69.5 70.1 68.0 72.7 69.0 75.6 75.0 3.1 10.1 9.5 7.9 135.1 136.5 137.8 138.6 26.1 28.6 34.4 31.1 9.9 10.7 12.5 11.0 168.4 158.5 155.9 165.8 147.6 142.0 142.3 146.3 70.7 71.0 70.2 68.9 76.9 71.0 72.1 77.4 2.0 -1.7 -3.5 -4.2 141.0 141.5 140.3 137.6 27.4 17.0 15.6 28.2 9.7 5.9 5.3 9.6 161.4 161.9 142.1 141.3 72.0 70.8 70.1 70.5 -1.5 1.6 136.6 135.5 24.8 26.4 11.6 12.2 1 Cash marketing receipts and inventor)' changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Net farai income 3 75.0 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 of 1983, according to revised estimates, corporate profits before tax rose $33.6 billion (annual rate) from their first quarter level and after-tax profits rose $19.0 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 320 320 280 280 240 240 200 80 80 40 40 1975 1983 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Pr<sfits (before tax) with inventory valuation adjustment 1 Profits after taX. Doinestic indust lies Nonfinancial Period Total 2 Total 1971 1972 1973 1974 1975 Financial 14.1 15.3 15.9 15.0 11.8 17.1 23.1 31.0 82.0 94.0 105.6 96.7 120.6 151.6 178.5 205.1 209.6 191.7 203.3 165.9 74.9 85.3 92.0 80.4 107.6 137.4 163.4 185.4 179.0 161.9 179.7 144.1 208.3 201.5 186.5 174.7 n m 167.7 170.3 168.3 157.2 147.0 148.5 147.6 133.1 30.3 26.9 20.3 20.9 18.8 18.1 15.5 20.4 22.2 25.5 1983: I r 168.0 192.7 147.8 172.2 29.8 33.8 1976 1977 1978 1979 1980 1981 1982 1981: ELI IV 1982: I IV n 1 2 Tax liability Dividends 49.0 58.9 76.6 85.1 81.5 102.5 122.0 145.9 165.1 149.8 144.1 115.1 22.9 24.4 27.0 29.9 30.8 37.4 40.8 47.0 52.7 58.6 64.7 68.7 26.1 34.5 49.6 55.2 50.7 65.1 81.2 98.9 112.4 91.2 79.5 46.4 -4.6 -6.6 -20.0 -40.0 -11.6 14.7 -16.2 -24.0 -43.1 -42.9 -23.6 -8.4 83.7 75.6 144.0 141.7 66.4 67.3 77.6 74.4 -19.4 -15.7 173.2 178.8 177.3 167.5 60.3 61.4 60.8 54.0 112.9 117.4 116.5 113.5 67.7 67.8 68.8 70.4 45.2 49.5 47.7 43.1 -5.5 -8.5 -9.0 -10.3 169.7 203.3 61.5 76.0 108.2 127.2 71.4 72.0 36.7 55.2 -1.7 -10.6 Whole sale and reteil trade 60.8 70.0 76.0 65.4 95.8 120.3 140.3 154.4 148.6 134.9 159.4 123.2 34.1 40.7 45.5 39.0 52.6 69.2 78.3 86.9 85.6 72.9 86.7 59.0 11.7 13.4 13.9 12.5 21.3 22.4 26.6 26.9 27.1 23.6 32.8 27.6 86.6 100.6 125.6 136.7 132.1 166.3 194.7 229.1 252.7 234.6 227.0 174.2 37.5 41.6 49.0 51.6 50.6 63.8 72.7 83.2 87.6 84.8 82.8 59.2 167.7 156.5 93.3 76.9 33.3 37.8 227.7 217.2 131.5 128.1 125.4 107.6 60.9 61.4 65.5 48.3 30.2 27.4 25.2 27.5 118.0 138.4 53.7 68.1 27.8 33.9 3 Inventory valuation adjustment Undistributed profits Manufacturing Total 3 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Profits before tax Total Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the second quarter of 1983, business fixed investment rose $4.2 billion (annual rate) and residential investment outlays rose $17.1 billion. There was a $14.5 billion decrease in inventories following a decrease of $39.4 billion in the first quarter. BILLIONS OF DOLLARS 1975 BILLIONS OF DOLLARS 1976 1983 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Gross private domestic investment Nonresu ential fixed in1vestment Total Structures Producers' durable equipment Residential fix ed investment Total Nonfarm structures Farm structures Change iii business mven tories Producers' durable equipment Total Nonfarm 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 166.4 195.0 229.8 228.7 206.1 257.9 324.1 386.6 423.0 401.9 474.9 414.5 107.9 121.0 143.3 156.6 157.7 174.1 205.2 248.9 290.2 308.8 352.2 348.3 40.5 44.1 51.0 55.9 55.4 58.8 64.4 78.7 98.3 110.9 133.4 141.9 67.4 76.9 92.3 100.7 102.3 115.3 140.8 170.2 191.9 197.9 218.8 206.4 50.9 63.8 68.0 57.9 55.3 72.0 95.8 111.2 118.6 102.9 104.3 90.8 48.9 61.5 65.6 54.8 52.4 68.8 92.0 107.0 114.0 98.1 99.8 86.0 0.7 .7 .7 1.3 1.0 1.1 1.5 1.7 1.7 1.8 1.3 1.5 1.3 1.5 1.7 1.8 1.9 2.1 2.3 2.5 2.9 3.0 3.2 3.2 7.7 10.2 18.5 14.1 -6.9 11.8 23.0 26.5 14.3 -9.8 18.5 -24.5 6.4 9.6 15.2 16.0 -10.5 13.9 21.9 25.4 8.6 -4.5 10.9 -23.1 1981: III IV 495.8 476.2 360.6 367.6 137.0 145.5 223.6 222.1 101.7 94.3 97.0 89.5 1.5 1.6 3.2 3.3 33.6 14.3 24.1 6.2 1982: I II Ill IV 422.9 432.5 425.3 377.4 361.3 352.7 342.3 337.0 144.7 144.2 140.0 138.6 216.5 208.5 202.2 198.4 87.3 91.0 87.9 96.8 83.2 86.1 83.4 91.2 .9 1.6 1.3 2.3 3.2 3.3 3.3 3.3 -25.7 -11.2 -4.9 -56.4 -27.6 -8.8 -2.3 -53.7 1983: I II r 404.1 450.1 332.1 336.3 132.9 127.4 199.3 208.8 111.3 128.4 106.7 123.3 1,3 1.5 3.4 3.5 -39.4 -14.5 -39.0 10.3 Source: Department of Commerce, Bureau of Economic Analysis. EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS According to the Commerce Department July-August survey, nonfarm business spending for new plant and equipment for the year 1983 is expected to be 3.1 percent below the 1982 level. Spending in 1982 was 1.6 percent below the 1981 level. BILLIONS OF DOLLARS (RATIO SCALE) 500 BILLIONS OF DOLLARS (RATIO SCALE) 500 400 400 300 40 40 30 30 1975 1976 1980 1979 1978 1977 1981 1982 1983 J/ SEE FOOTNOTE 4 BELOW, COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Plan t and equipment Total Period Plant M[anufacturin g Equipment Total 1975 1976 1977 1978 1979 1980 1981 1982 1983 4 : r 102.79 111.50 128.87 151.52 171.77 179.81 194.70 196.75 r 192.60 6.10 7.44 9.24 10.21 11.38 13.51 16.86 15.45 r 12.71 139.07 137.52 134.43 127.32 187.89 184.34 179.33 175.86 127.47 122.76 118.26 110.23 60.39 58.28 56.61 50.51 67.08 64.48 61.65 59.72 199.49 199.11 195.51 192.95 17.43 16.38 14.57 13.41 125.40 125.60 167.62 167.86 109.86 108.79 r 117.44 r 119.80 50.74 48.48 r 53.00 r 53.73 59.12 60.31 r 64.44 r 66.07 183.17 184.67 r 195.61 r 206.93 12.03 10.91 r 13.29 r 14.60 1983: I r 293.03 293.46 r 313.04 r 326.73 ffl IVr n ra44 IV 1 r Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 8 Starts are estimated by adding changes in carryover to expenditures during given period. 10 Mining 28.59 31.47 35.18 39.29 47.61 56.90 64.95 63.23 r 62.49 326.95 •321.87 313.76 303.18 F Total 26.33 28.47 34.04 40.43 51.07 58.91 61.84 56.44 r 51.49 n rr 1982: r Nondurable goods 54.92 59.95 69.22 79.72 98.68 115.81 126.79 119.68 r 113.97 65.23 71.12 r 80.19 r 92.63 r 105.75 r 117.57 r 133.35 r 134.58 r and Communication services l other 2 Trade Durable goods 92.48 100.33 r 117.89 r 138.60 r 164.68 r 178.06 r 188.14 r 181.86 157.71 171.45 198.08 231.24 270.46 295.63 321.49 316.43 r 306.57 Starts of plant and Nonmanuifacturing Transportation Public utilities and 10.68 12.35 12.09 12.05 11.95 r !1.13 19.98 22.37 26.79 29.95 33.96 35.44 38.40 41.95 r 42.18 46.23 49.30 56.54 68.66 79.26 81.79 86.33 86.95 r 87.68 26.90 32.02 34.83 36.99 41.06 40.46 r 38.90 12.00 12.17 11.29 12.33 40.35 41.45 43.02 43.00 87.82 88.74 86.88 84.36 41.87 40.36 39.75 39.84 11.04 10.88 r 10.51 r 12.08 41.61 41.48 r 42.09 r 43.53 82.38 85.85 r 89.31 r 93.18 36.11 35.54 r 40.40 r 43.54 8.68 8.89 9.40 2L80 23.51 ment projects, manufacturing 3 r 56.59 59.39 77.73 r 88.41 r 113.50 r 123.58 r 135.61 r 104.35 r r 26.74 28.68 25.31 23.62 r 23,35 27.71 4 Planned capital expenditures as reported by business in late July and August 1983, corrected for biases. NOTE.—Series revised beginning 1947. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 278,000 in August and unemployment rose 109,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* — 4 *16 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Civilian e mploymen t renod 1977 1978 4 1979 1980 1981 1982 Noninstitutional population including resident Armed Forces Resident Armed Forces 160,689 163,541 166,460 169,349 171,775 173,939 1,656 1,631 1,597 1,604 1,645 1,668 rv '!• vuian employment 92,017 96,048 98,824 99,303 100,397 99,526 Unemployment 6,991 6,202 6,137 7,637 8,273 10,678 Total labor force including resident Armed Forces resident Armed Forces 100,665 103,882 106,559 108,544 110,315 111,872 93,673 97,679 100,421 100,907 102,042 101,194 Total employment includ- Unemp oyment Nonagiicultural rr *r (Civilian labor force Total Agricultural lotai Tr»tol Parttime for econom- Labor force participa tion rate (penjent) 15 Total ic weeks and over m . i 2 lotai Civilian 3 reasons * 99,009 92,017 102,251 96,048 104,962 98,824 106,940 99,303 108,670 100,397 110,204 99,526 Unadj listed 3,283 3,387 3,347 3,364 3,368 3,401 88,734 92,661 95,477 95,938 97,030 96,125 3,369 3,298 3,373 4,064 4,499 5,852 6,991 6,202 6,137 7,637 8,273 10,678 1,942 1,414 1,241 1,871 2,285 3,485 62.6 63.5 64.0 64.1 64.2 64.3 62.3 63.2 63.7 63.8 63.9 64.0 Seas Mially adjiisted 1982: Aug Sept Oct. Nov Dee 174,200 174,360 174,549 174,718 174,864 1,689 1,670 1,668 1,660 1,665 101,177 99,851 99,825 99,379 98,849 10,710 10,695 10,942 11,476 11,628 112,303 112,528 112,420 112,702 112,794 101,372 101,213 100,844 100,796 100,758 110,614 110,858 110,752 111,042 111,129 99,683 99,543 99,176 99,136 99,093 3,429 3,363 3,413 3,466 3,411 96,254 96,180 95,763 95,670 95,682 5,820 6,495 6,403 6,411 6,425 10,931 11,315 11,576 11,906 12,036 3,637 3,856 4,167 4,524 4,732 64.5 64.5 64.4 64.5 64.5 64.1 64.2 64.1 64.2 64.2 1983: Jan Feb Mar Apr May June July Aug 175,021 175,169 175,320 175,465 175,622 175,793 175,970 176,122 1,667 1,664 1,664 1,671 1,669 1,668 1,664 1,682 97,262 97,265 97,994 98,840 99,543 101,813 103,273 103,167 12,517 12,382 11,879 11,035 10,765 11,570 10,707 10,411 112,215 112,217 112,148 112,457 112,418 113,600 113,539 113,943 100,770 100,727 100,767 101,129 101,226 102,454 102,949 103,245 110,548 99,103 110,553 99,063 110,484 99,103 110,786 99,458 110,749 99,557 111,932 100,786 111,875 101,285 112,261 101,563 3,412 3,393 3,375 3,371 3,367 3,522 3,527 3,489 95,691 95,670 95,729 96,088 96,190 97,264 97,758 98,074 6,845 6,481 6,202 6,082 5,928 5,729 5,636 5,789 11,446 11,490 11,381 11,328 11,192 11,146 10,590 10,699 4,634 4,618 4,615 4,356 4,517 4,589 4,417 4,020 64.1 64.1 64.0 64.1 64.0 64.6 64.5 64.7 63.8 63.7 63.6 63.7 63.7 64.3 64.2 64.4 . * Persons at work. Economic reasons include slack work, material shortages, inability to find full•me work, etc. W 2 Total labor force as percent of noninstitutional population (both including resident Armed Torces). 3 Civilian labor force as percent of civilian noninstitutional population. 25-479 0 - 8 3 - 2 4 Data beginning 1978 not strictly comparable with earlier data because of 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 The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, r to 9.4 percent in August from 9.3 percent in July. The unemployment rate for all civilian workers was unchanged i August at 9.5 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 10 1983 'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemp oyment ra te (percent of civilia n labor force in group) Period Unemployment rate, all workers 1 1977 1978 1979 6.9 6.0 5.8 7.0 7.5 9.5 1980 1981 1982 1982: Aug... Sept .. Oct.... Nov... Dec ... 9.7 10.1 10.3 10.6 10.7 1983: Jan... Feb ... Mar... Apr... May... June.. July .. Aug... 10.2 10.2 10.1 10.1 10.0 9.8 9.3 9.4 1 By sex and age civilian workers Men 20 years and over Women 20 years and over 7.1 6.1 5.2 4.3 4.2 5.9 6.3 8.8 7.0 6.0 5.7 5.8 7.1 7.6 9.7 9.9 10.2 10.5 10.7 10.8 10.4 10.4 10.3 10.2 10.1 10.0 9.5 9.5 By race Both sexes 16-19 years White 12 Black 13.1 11.9 11.3 13.1 14.2 17.3 14.0 12.8 12.3 14.3 15.6 18.9 6.6 5.6 5.5 Married men, spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost (percent) 2 6.9 7.3 9.3 3.6 2.8 2.8 4.2 4.3 6.5 9.4 8.5 8.3 9.2 10.4 11.7 6.6 5.6 5.3 6.9 7.3 9.6 9.9 9.0 8.8 8.8 9.4 10.5 7.6 6.5 6.3 7.9 8.5 11.0 18.5 18.8 19.1 19.8 20.1 20.2 20.8 9.4 9.8 10.1 10.5 10.7 6.8 7.2 7.5 7.6 7.8 11.7 12.4 11.3 12.5 13.2 9.7 10.2 10.5 10.6 10.8 10.4 10.6 10.3 11.3 11.1 10.9 11.7 12.0 12.4 12.7 19.0 18.0 18.5 18.8 18.6 18.9 17.9 18.1 20.8 19.7 19.9 20.8 20.6 20.6 19.5 20.0 10.1 10.1 10.1 9.9 9.8 9.4 9.0 9.1 7.1 7.2 7.1 7.1 7.0 6.6 6.1 6.3 13.2 13.0 13.5 13.2 12.9 12.8 11.6 11.6 10.3 10.4 10.3 10.2 9.9 9.7 9.4 9.4 10.6 10.1 10.5 10.6 11.0 12.1 10.2 10.1 11.7 12.0 11.8 11.4 11.5 10.8 10.4 10.6 6.4 6.8 8.3 6.2 5.2 5.1 6.3 9.0 9.6 9.8 10.0 10.1 8.3 8.4 8.7 9.0 9.2 23.8 23.8 24.1 24.2 24.5 8.7 9.1 9.3 9.6 9.7 17.7 18.1 18.4 9.6 9.9 9.6 9.8 9.6 9.0 8.8 8.8 9.0 8.9 8.8 8.4 8.5 8.6 7.9 8.0 22.7 22.2 23.5 23.4 23.0 23.6 22.8 23.0 9.1 9.2 9.0 8.9 8.9 8.6 8.2 8.2 6.7 8.6 Experienced wage and salary workers Total 17.8 16.4 16.1 17.8 19.6 23.2 Unemployed as percent of total labor force including resident Armed Forces. Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours. 2 By s elected grou] )S Black a ad other Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August, the percentage of unemployed persons who had been out of work for less than 15 weeks rose while the percentages out of work for 15-26 weeks and for 27 weeks and over declined. PERCENT DISTRIBUTION 70 10 PERCENT DISTRIBUTION* 70 - 1979 1983 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] fment by Percent distribution of unemplo^ durat ion 1 TT Period ployment (thousands) Less than 5 weeks 5-14 weeks 15-26 weeks 27 weeks and over Percent distribution of lunemplo yment by reas on Job losers Job leavers Reentrants State progr ams New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Special unemployment benefit claims (unadjusted) 3 1Weekly ave rage, thousarids 1978 1979 1980 6,202 46.2 6,137 51.6 58.7 14.1 14.3 11.7 11.2 7.9 29.9 29.4 25.2 25.4 22.3 14.3 13.3 11.4 11.9 11.1 2,359 2,434 3,350 3,047 4,057 346 388 488 460 583 2,645 2,592 3,837 3,410 4,590 7.4 41.7 42.9 51.7 13.6 16.0 10.4 8.7 10.7 14.0 16.6 31.0 31.7 32.3 30.7 31.0 12.4 11.5 13.8 1981 1982 7,637 8,273 10,678 48.1 43.1 41.7 36.4 1982: Aug Sept Oct Nov Dec 10,931 11,315 11,576 11,906 12,036 36.0 35.1 33.9 32.9 32.9 30.7 31.1 30.2 29.5 28.3 16.6 16.0 16.8 18.2 17.4 16.8 17.8 19.1 19.4 21.3 58.6 60.7 62.4 61.6 60.6 6.8 6.8 6.6 6.9 22.2 21.2 19.8 21.3 21.8 11.9 11.3 11.0 10.4 10.7 4,136 4,379 4,615 4,635 4,428 617 654 659 618 546 4,398 4,282 4,391 4,635 5,074 1983: 11,446 11,490 11,381 11,328 11,192 11,146 10,590 10,699 30.8 32.6 30.7 32.1 31.9 32.8 32.7 34.2 28.9 27.1 28.1 28.5 27.0 26.1 26.1 28.3 16.8 16.8 16.7 15.0 15.7 14.7 17.1 14.7 23.5 23.5 24.5 24.4 25.3 26.4 24.2 22.9 59.1 60.2 60.4 59.7 60.5 58.4 58.5 57.9 7.4 7.5 8.0 7.2 7.2 7.0 7.0 7.2 23.1 22.0 21.5 22.0 21.1 21.7 22.9 23.6 10.4 10.3 10.2 11.0 11.2 12.9 11.6 11.3 3,941 3,907 3,894 3,832 3,586 3,329 3,110 2,991 509 485 493 484 458 411 384 414 5,459 5,437 5,134 4,642 3,947 3,481 3,274 Jan Feb Mar Apr May June .... July Aug 1 2 Detail may not add to 100 percent because of rounding. Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 3 807 897 708 936 953 691 1,117 1,445 1,086 849 437 Federal supplemental compensation program. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell 411,000 in August, largely as a result of the communication workers' strike. After adjusting for the strike, employment rose about 300,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 22 WHOLESALE AND RETAIL TRADE 90 ALL NONAGRICULTURAL ESTABLISHMENTS 20 80 70 16 GOVERNMENT \r i i i i i I i i 11 11 11 i i I I 1 i i i i 111 1 1 1 1 1 111 SERVICE-PRODUCING INDUSTRIES 60 MANUFACTURING \ 20 50 40 CONSTRUCTION _ GOODS-PRODUCING INDUSTRIES lllll 1979 1979 1983 1980 11111111 1980 M I I I I II I I I 1981 1982 I I I I I _I I I I I yii 1983 •SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 seasonally adjusted] Serviee-p roducing ind ustries Goods- producing inc .ustries orinrl Penou Total nonagricultural employment N Manufacturing Total 2 Construction 1977 1978 1979 1980 1981 1982 86,697 89,823 90,406 91,156 89,596 24,346 25,585 26,461 25,658 25,497 23,907 3,851 4,229 4,463 4,346 4,188 3,911 1982: Aug Sept Oct Nov Dee 89,264 89,235 88,938 88,785 88,665 23,672 23,530 23,287 23,131 23,061 1983: Jan Feb Mar Apr May June r.... Julyr.... Aug*.... 88,885 88,746 88,814 89,090 89,421 89,844 90,202 89,791 23,186 23,049 23,030 23,159 23,347 23,518 23,728 23,815 82,471 Total Durable goods Nondurable goods Wholesale and retail trade Finance, insurance, and real estate Government Services Federal State and local 8,086 8,231 8,280 8,098 8,061 7,753 58,125 61,113 63,363 64,748 65,659 65,689 4,713 4,923 5,136 5,146 5,165 5,081 18,516 19,542 20,192 20,310 20,547 20,401 4,467 4,724 4,975 5,160 5,298 5,340 15,303 20,170 18,853 11,597 12,274 12,760 12,187 12,109 11,100 16,252 17,112 17,890 18,619 19,064 2,727 2,753 2,773 2,866 2,772 2,739 12,399 12,919 13,174 13,375 13,259 13,064 3,893 3,875 3,847 3,843 3,815 18,666 18,555 18,358 18,222 18,193 10,961 10,862 10,685 10,577 10,559 7,705 7,693 7,673 7,645 7,634 65,592 65,705 65,651 65,654 65,604 5,056 5,054 5,033 5,019 5,008 20,410 20,380 20,344 20,320 20,256 5,344 5,351 5,350 5,356 5,367 19,097 19,136 19,144 19,187 19,215 2,739 2,735 2,742 2,746 2,747 12,946 13,049 13,038 13,026 13,011 3,905 3,790 3,757 3,786 3,860 3,933 3,971 4,024 18,244 18,245 18,267 18,376 18,493 18,582 18,742 18,770 10,594 10,608 10,617 10,689 10,788 10,844 10,962 10,994 7,650 7,637 7,650 7,687 7,705 7,738 7,780 7,776 65,699 65,697 65,784 65,931 66,074 66,326 66,474 65,976 4,979 4,966 4,963 4,988 4,993 4,992 4,986 4,331 20,355 20,343 20,350 20,329 20,356 20,494 20,528 20,544 5,374 5,384 5,391 5,423 5,435 5,451 5,463 5,480 19,238 19,262 19,356 19,478 19,546 19,668 19,771 19,877 2,748 2,742 2,742 2,738 2,756 2,742 2,737 2,733 13,005 13,000 12,982 12,975 12,988 12,979 12,989 13,011 19,682 20,505 21,040 20,285 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial dis- 14 Total Transportation and public utilities putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sam of the working-age population, whereas the estimates in this table are based on reports from ploying establishments. * Inclu ludes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average giross hourly earn ings Average weeklj hours Period 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July r Aug* Manufa ,eturing Total private nonagrieultural 1 Total 36.5 36.1 36.1 36.0 35.8 35.7 35.3 35.2 34.8 34.8 34.8 34.7 34.7 34.8 35.1 34.5 34.8 34.9 35.1 35.1 35.0 35.0 Total private nonagricultural * Overtime 3.3 2.6 3.1 3.5 3.6 3.3 2.8 2.8 2.3 40.0 39.5 40.1 40.3 40.4 40.2 39.7 39.8 38.9 39.0 38.8 38.9 39.0 39.0 39.7 39.2 39.5 40.1 40.0 r 40.1 40.2 40.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.6 2.9 2.7 2.9 3.0 3.2 Manufacturing $4.42 4.83 5.22 5.68 6.17 6.70 7.27 7.99 8.50 8.56 8.57 8.58 8.61 8.63 8.68 8.76 8.75 8.78 8.79 8.82 8.84 8.84 $4.24 4.53 4.86 5.25 5.69 6.16 6.66 7.25 7.67 7.73 7.73 7.76 7.78 7.82 7.88 7.91 7.91 7.95 7.97 8.00 8.03 7.97 Adjustc d hourly earnin gs index — total private nonagncultural 2 Percent ehang'e from a year earlie r 4 5 Ind ex, 1977 -100 1977 dollars 3 Current dollars Current dollars 80.0 98.3 86.7 92.9 100.0 108.1 116.8 127.3 138.9 148.3 149.6 150.0 150.7 151.1 151.9 152.7 153.4 153.4 154.0 154.6 154.8 155.2 155.0 97.6 99.0 100.0 100.5 97.4 93.5 92.6 93.3 93.0 93.1 93.1 93.4 94.1 94.7 95.3 95.0 94.8 94.7 r 94.8 94.6 94.1 8.0 8.4 7.2 7.6 8.1 8.0 9.0 9.1 6.8 1977 dollars 2.8 -.7 1.4 1.0 .5 -3.1 -4.0 -1.0 .8 .7 1.2 1.2 1.1 2.0 6.6 6.1 6.2 5.7 6.0 5.4 5.7 5.4 5.2 4.8 4.6 4.3 3.6 1.8 2.4 1.6 1.2 1.4 2.1 2.1 1.2 AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Percent cli ange from a year earlier, total private n onagricultural 5 Avera ge gross weekly esurnings Period Current dollars 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan.. Feb Mar Apr May June r July r Aug* 1 Manufacturing Total jirivate nonagnc ultural * 1977 dollars 3 $154.76 163.53 $190.12 184.16 175.45 189.00 203.70 - 219.91 235.10 255.20 266.92 186.85 189.00 189.31 183.41 172.74 170.13 167.87 167.18 166.98 166.32 166.96 168.61 171.48 169.61 170.45 170.85 171.42 171.85 171.37 169.27 269.00 269.00 269.27 269.97 272.14 276.59 272.90 275.27 277.46 279.75 280.80 281.05 278.95 Also includes other private industry groups shown on p. 14. Adjusted for interindustry employment shifts and for overtime in manufacturing. Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 I Revised index for urban wage earners and clerical workers used beginning 1978. 2 3 Construction Wholesale and retail trade Current dollars 1977 dollars Current dollars $176.80 190.79 209.32 228.90 249.27 269.34 288.62 318.00 330.65 333.84 332.52 333.76 335.79 336.57 344.60 343.39 345.63 352.08 351.60 353.68 355.37 356.25 $249.25 266.08 $119.02 126.45 283.73 295.65 318.69 342.99 367.78 399.26 426.45 428.72 425.59 427.25 426.24 437.18 461.35 439.20 438.00 443.54 441.19 440.82 440.89 439.26 133.79 142.52 153.64 164.96 176.46 190.62 198.10 199.68 199.06 200.65 200.98 203.19 202.57 200.65 202.88 203.83 205.76 207.68 207.35 207.02 6.4 5.7 7.3 7.7 7.8 8.0 6.9 8.5 4.6 4.3 4.0 3.4 3.4 4.4 6.8 3.1 4.3 4.7 4.6 4.9 4.6 3.7 -4.1 -3.1 1.5 1.2 .2 -3.1 5.8 -1.5 -1.3 1.4 -.9 1.6 — 1.1 .5 3.1 -.2 .6 .7 1.2 2.4 2.4 1.3 4 Monthly changes based on indexes to two decimal places. 5 Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output pe r hour of allpersons Period Business sector Nonfarm business sector Outj ut Business sector l Hours of all pers(HIS 2 Nonfarm business sector Business sector Compens ation per hou r 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation Business sector CO Nonfarm business sector Implici t price defla tor 5 Unit labor per hour 4 st Business sector Nonfarm business sector Business sector Nonfarm business sector 19'f7 = 100;( [uarterly e ata seasoilally adjusted 1969 85.5 86.5 79.0 78.8 92.5 91.1 54.2 54.8 89.6 90.6 63.4 63.4 63.2 63.3 58.7 62.5 66.7 71.7 78.5 90.8 92.8 95.7 97.3 95.9 91.5 93.5 96.6 97.8 96.4 67.5 69.5 71.5 75.3 84.4 67.6 69.7 71.7 75.3 84.5 66.0 69.0 71.3 75.3 82.4 66.3 69.3 71.3 74.0 81.6 86.2 89.2 92.4 94.7 92.5 86.8 89.7 93.0 95.3 92.9 78.4 80.7 86.1 91.7 89.9 78.0 80.3 85.8 91.7 89.8 90.5 93.2 96.8 97.3 89.8 89.5 92.3 96.2 96.7 58.2 62.0 66.1 71.3 78.0 1975 1976 1977. 1978 1979 94.5 97.6 100,0 100.6 99.4 94.7 97.8 100.0 100.6 99.1 88.2 93.8 100.0 105.5 107.8 87.8 93.7 100.0 105.7 108.0 93.3 96.0 100.0 104.9 108.5 92.7 95.8 100.0 105.0 109.0 85.5 92.9 100.0 108.6 118.7 86.0 93.0 100.0 108.6 118.4 96.3 98.9 100.0 100.9 99.1 96.8 99.0 100.0 100.9 98.9 90.5 95.1 100.0 108.0 119.5 90.8 95.1 100.0 108.0 119.5 90.4 94.7 100.0 107.5 117.2 90.0 94.6 100.0 107.1 116.5 1980 1981 1982 98.9 101.3 101.2 98.4 100.3 100.2 106.5 109,8 106.7 106.5 109.3 106.3 107.6 108.4 105.4 108.2 109.0 106.0 131.2 143.9 155.1 130.7 143.5 154.7 96.5 95.9 97.4 96.1 95.6 97.1 132.7 142.1 153.3 132.8 143.0 154.4 128.1 140.1 147.7 128.1 140.4 148.6 100.5 101.1 102.3 101.2 100.1 100.1 101.1 99.9 109.2 109.8 111.2 108.9 109.2 109.4 110.5 108.2 108.6 108.6 108.7 107.7 109.1 109.2 109.4 108.2 139.7 142.2 145.5 148.2 139.3 141.8 145.1 147.7 96.3 96.1 95.6 95.6 96.0 95.8 95.3 95.4 139.0 140.7 142.3 146.4 139.2 141.6 143.5 147.8 136.3 138.2 141.5 144.3 136.2 138.4 141.8 145.0 101.1 100.7 101.1 101.9 100.0 99.9 100.4 100.8 107.2 106.9 106.6 106.0 106.5 106.7 106.5 105.4 106.0 106.2 105.4 104.0 106.5 106.8 106.0 104.6 151.6 153.9 156.5 158.7 151.3 153.5 156.1 158.3 97.1 97.4 97.1 98.0 96.9 97.1 96.9 97.8 149.9 152.9 154.7 155.6 151.3 153.6 155.4 157.1 145.5 147.5 148.5 149.4 146.4 148.3 149.1 150.5 102.5 103.9 101.7 103.2 107.1 110.3 106.7 109.9 104.5 106.2 104.9 106.5 160.7 162.1 161.0 162.7 99.4 99.2 99.5 99.6 156.9 156.1 158.3 157.6 151.5 152.6 152.4 153.6 1970 1971 1972 1973 1974 .. 1981: I n........ m TV. 1982; I......... n m IV 1983: I n 91.0 Pe reent 1969 0.2 1970 1972 1973 1974. .8 3.6 3.5 2.6 -2.4 1975 1976 1977 1978 1979 2.2 3.3 2.4 .6 -1.2 1980 1981 1982 -.5 2.4 .1 1971........ 1981: I n ra IV 1982: I n ra IV 1983: chan ge; quarterly data at seasonal] y adjusted annual ra tes 2.9 2.9 2.6 3.2 7.0 6.5 1.5 1.1 6.7 6.8 4.9 4.7 .3 3.3 3.7 2.4 -2.5 -.8 3.0 6.6 6.6 -2.0 -1.0 2.9 6.9 6.8 -2.0 -1.6 -.5 3.0 3.9 .4 -1.3 -.4 3.1 4.3 .5 7.3 6.6 6.5 8.0 9.4 7.0 6.6 6.7 7.6 9.4 1.3 2.2 3.1 1.6 1.4 1.0 2.2 3.3 1.3 -1.4 6.4 2.9 2.9 5.3 12.1 6.6 3.1 2.8 5.0 12.2 4.5 4.4 3.4 5.5 9.5 4.8 4.5 3.0 3.8 10.2 2.0 3.2 2.2 .6 -1.5 -2.0 6.4 6.6 5.5 2.3 -2.2 6.7 6.7 5.7 2.2 -4.1 3.0 4.1 4.9 3.5 -4.1 3.4 4.4 5.0 3.7 9.6 8.6 7.7 8.6 9.4 9.6 8.1 7.5 8.6 9.0 .5 2.6 1.2 .9 -1.7 .4 2.2 1.0 .9 -2.0 7.3 5.1 5.1 8.0 10.7 7.5 4.8 5.2 8.0 10.7 9.8 4.7 5.6 7.5 9.0 10.3 5.1 5.7 7.1 8.8 " -.7 1.9 -.1 -1.3 3.1 -2.8 -1.4 2.7 -2.8 -.8 .7 -2.7 -.7 .7 -2.7 10.5 9.7 7.7 10.4 9.8 7.8 -2.6 -.6 1.5 -2.8 __.6 1.6 11.1 7.1 7.9 11.1 7.7 7.9 9.2 9.4 5.4 10.0 9.6 5.8 5.9 2.2 4.7 -4.1 5.2 .4 3.8 -4.4 8.3 2.3 5.2 -7.8 7.8 .8 4.3 -8.3 2.3 .1 .5 -3.9 2.4 .5 .5 -4.0 11.5 7.4 9.6 7.5 11.5 7.3 9.6 7.6 .8 -1.0 -2.2 .3 .9 — 1.1 -2.1 .3 5.3 5.0 4.7 12.2 6.0 6.9 5.6 12.6 11.2 5.6 9.9 8.2 11.6 6.6 10.0 9.5 -.4 -1.6 1.7 3.3 .1 -.4 2.3 1.3 -6.3 -1.0 -1.1 -2.3 -6.2 .8 -.6 -4.1 -6.0 .6 -2.7 -5.4 -6.2 1.2 -2,9 -5.3 9.4 6.4 6.7 5.7 10,0 5.8 7.2 5.8 6.3 1.1 -1.0 3.7 6.8 .5 -.6 3.7 9.8 8.1 5.0 2.3 9.9 6.2 4.7 4.4 3.4 5.5 2.7 2.6 3.7 5.4 2.2 3.7 2.0 5.7 3.7 6.1 4.2 12.5 4.9 12.7 2.1 6.5 1.2 6.2 5.4 3.5 6.8 4.3 5.8 -.7 7.2 .1 3.3 -2.1 3.0 -1.6 5.5 3.1 5.3 3.3 I n 1 -0.3 Output refers to gross domestic product originating in the sector in 1972 dollars. Hours of all persons in private industry engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed. * Hourly compensation divided by the consumer price index. 2 16 5 Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0.9 percent in August, following a rise of 2.0 percent in July. The index for August was 8.7 percent above its year earlier level. INDEX, 1967=100* (RATIO SCALE) INDEX, 1967=100* TOTAL INDUSTRIAL PRODUCTION (RATIO SCALE) UTILITIES AND MINING PRODUCTION UTILITIES \J \ MINING V 1982 MANUFACTURING PRODUCTION 180 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Seasonally adjusted] To tal indus trial produ etion Period Index, 1967 = 100 1967 proportion 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May r June r July r Aug» 1 2 100.00 129.8 129.3 117.8 130.5 138.2 146.1 152.5 147.0 151.0 138.6 138.4 137.3 135.7 134.9 135.2 137.4 138.1 140.0 142.6 144.4 146.3 149.2 150.5 Output as percent of capacity. Annual data are averages of the four monthly indexes. Capacity u tilization rate , percent l Industry pro( uction indexes , 1967 = 100 Manufa cturing Manufacturing Percent change from year earlier 8.4 .4 -8.9 10.8 5.9 5.7 4.4 -3.6 2.7 -8.2 -9.9 9.4 -9.0 -7.8 -5.7 -2.3 -3.4 -1.2 1.7 3.7 5.5 7.5 8.7 Mining Total 87.95 129.8 129.4 116.3 130.3 138.4 146.8 153.6 146.7 150.4 137.6 138.0 137.1 135.0 134.0 134.5 136.7 138.2 140.4 143.1 145.1 147.4 150.3 151.4 Durable 51.98 127.1 125.7 109.3 122.3 130.0 139.7 146.4 136.7 140.5 124.7 124.9 123.5 120.3 119.3 119.9 122.5 123.9 126.3 129.1 131.0 133.3 136.7 137.7 Utilities Nondurable 35.97 133.8 134.6 126.4 141.8 150.5 156.9 164.0 161.2 164.8 156.2 156.9 156.7 156.2 155.3 155.6 157.4 159.0 160.7 163.3 165.4 167.7 170.0 171.1 6.36 114.7 115.3 112.8 114.2 118.2 124.0 125.5 132.7 142.2 126.1 116.9 114.7 115.9 116.8 118.4 121.9 115.6 112.6 111.6 112.8 113.1 115.4 117.0 5.69 145.4 143.7 146.0 151.7 156.5 161.4 166.0 168.3 169.1 168.7 168.5 167.5 167.8 166.7 164.2 163.1 162.0 165.8 169.3 169.7 169.1 172.0 175.3 Federal Reserve series 87.6 83.7 72.9 79.6 82.2 84.7 86.0 79.6 79.4 71.1 71.2 70.6 69.4 68.8 68.9 70.0 70.6 71.6 72.9 73.8 74.8 76.2 76.7 Commerce series 2 86 83 77 81 83 84 83 78 76 70 69 68 70 73 Materials (Federal Reserve series) 91.7 87.0 73.3 81.1 82.6 85.6 87.6 80.4 80.7 70.1 69.5 69.0 67.9 67.0 66.6 68.7 70.1 71.5 72.5 73.5 74.4 76.0 76.7 Sources: Board of Governors of the Federal Reserve System and Department of Commerce (Bureau of Economic Analysis). 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967 = 100, seasonally adjusted] * ProdLucts Intermedia te products Final products Period C/onsumer Total Total goods Durable goods Materials Equi] ment Nondurable goods Total Total Business Construction supplies Supplementary p: gy total C 1967 proportion 47.82 27.68 7.89 19.79 20.14 12.63 12.89 6.42 39.29 12.23 1973 1974 1975 1976 1977 1978. 1979 1980 1981 124.4 125.1 118.2 127.6 135.9 142.2 147.2 145.3 149.5 141.5 131.5 128.9 124.0 137.1 145.3 149.1 150.8 145.4 147.9 142.6 146.2 135.3 121.4 141.9 154.0 159.2 155.8 136.7 140.5 129.2 125.6 126.3 125.1 135.2 141.9 145.1 148.8 148.9 150.9 148.0 114.5 120.0 110.2 114.6 123.0 132.8 142.2 145.2 151.8 139.8 134.2 142.4 128.2 135.4 147.8 160.3 171.3 173.2 181.1 157.9 137.2 135.3 123.1 137.2 145.1 154.1 160.5 151.9 154.4 143.3 139.8 134.5 116.3 132.6 140.6 151.7 158.0 140.9 141.9 124.3 133.9 132.4 115.5 131.7 138.6 148.3 156.4 147.6 151.6 133.7 128.3 125.5 125.5 129.1 132.9 135.4 137.9 137.7 137.4 135.7 141.2 140.0 138.7 138.3 139.5 144.1 143.4 142.2 141.3 142.0 132.9 131.3 126.5 124.6 125.9 148.6 148.2 148.5 147.9 148.4 137.3 135.2 134.0 134.2 136.1 153.9 150.5 147.1 146.4 148.1 144.7 143.7 141.6 141.8 141.5 127.1 125.5 122.5 123.4 123.0 132.8 132.0 130.0 128.4 127.8 134.8 132.7 134.1 133.3 132.2 140.1 138.9 139.9 142.8 144.5 146.4 148.9 149.8 143.6 143.4 144.3 147.7 150.4 152.3 155.0 155.9 131.6 134.4 136.3 140.5 145.5 149.1 153.7 155.8 148.3 147.0 147.5 150.5 152.3 153.5 155.5 155.9 135.3 132.7 133.8 136.2 136.5 138.4 140.6 141.4 146.6 142.7 143.7 146.9 147.7 150.6 152.6 152.8 143.7 145.3 147.8 150.8 152.2 154.3 157.5 159.5 127.0 129.7 133.1 136.4 138.4 141.9 145.0 147.4 132.0 134.9 137.6 139.7 141.7 143.6 146.7 148.3 132.4 131.0 131.9 133.9 133.8 133.6 136.9 137.9 1982..... 1982: Aug Sept Get Nov Dee 1983: Jan Feb Mar Apr May r . June r. July1" Aug* [1967 = 100, seasonally adjusted] * endurable Durable m mufactures Transp ortation equip ment Primary metals Period Total 1967 proportion 1973 1974 1975 1976.... 1977 1978 1979 1980 1981 1982 1982: Aug Sept Get Nov Dec 1983: Jan Feb.. Mar Apr May r June r July r Aug p. Iron and steel Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 6.57 4.21 5.93 9.15 8.05 9.27 4.50 1.64 3.31 4.72 7.74 8.75 126.7 123.1 96.4 109.7 111.1 119.9 121.3 102.3 107.9 75.3 122.3 119.8 95.8 104.8 103.8 113.2 113.2 92.4 99.8 61.7 124.7 124.2 109.9 123.9 131.0 141.6 148.5 134.1 136.4 114.8 133.7 140.1 125.1 134.5 143.6 153.6 163.7 162.8 171.2 149.0 143.1 143.8 116.5 134.8 145.4 159.4 175.0 172.8 178.4 169.3 118.3 108.7 97.4 111.1 122.2 132.5 135.4 116.9 116.1 104.9 148.8 128.2 111.1 142.0 161.1 169.9 159.9 119.0 122.3 109.8 126.0 116.2 107.6 123.2 131.2 136.3 136.9 119.3 119.1 112.6 117.3 114.3 107.6 125.7 134.2 134.2 134.4 127.0 120.4 118.2 118.2 113.3 122.5 127.6 131.5 136.9 139.6 144.2 144.1 154.5 159.4 147.2 170.9 185.7 197.4 211.8 207.1 215.6 196.1 120.9 124.0 123.4 133.0 138.8 142.7 147.5 149.6 152.1 151.1 72.9 73.2 69.6 63.6 63.5 57.4 56.4 54.1 47.5 46.6 114.3 112.3 107.6 107.0 107.3 147.2 144.9 140.4 139.6 139.2 169.7 167.0 165.4 165.5 165.5 107.0 105.3 100.8 100.2 103.7 116.7 113.5 103.0 101.7 108.8 120.3 119.9 117.2 119.1 121.4 145.3 144.3 142.0 141.7 142.8 195.6 196.4 194.1 192.8 195.9 150.7 149.0 151.5 152.0 152.8 73.1 77.9 81.2 83.1 84.9 85.5 87.2 87.5 59.0 64.3 66.9 68.5 69.5 69.7 73.2 107.6 110.3 113.9 115.3 115.5 118.5 121.4 122.8 138.0 136.2 138.6 143.1 146.1 149.8 154.2 156.3 169.5 168.9 173.8 177.2 180.1 182.0 187.3 186.3 106.3 109.6 110.1 111.4 113.8 116.6 119.7 121.1 113.9 123.0 123.2 125.5 130.4 136.2 142.2 145.0 130.0 130.2 128.7 132.1 135.8 137.4 140.9 141.3 144.0 145.9 145.7 145.2 147.4 150.8 151.9 197.6 154.4 153.0 152.0 153.7 155.6 157.1 Source: Board of Governors of the Federal Reserve System. 18 Fabricated metal products iiianufacture 202.3 205.7 208.5 211.0 214.6 216.9 NEW CONSTRUCTION Private Total new construction expenditures Period Construction Resklential Total Commercial and industrial New housing units Total1 Other Federal, State, and local Total value index (1977 = 100) contracts 2 Commercial and industrial floor space (millions of square feet) 1illioES of dollars 1975 1976 1977 1978 1979 1980 1981. 1982 «.... 135.9 151,1 173.8 205.6 230.4 230.7 239.4 232.0 95.1 112.0 135.7 159.7 181.6 175.7 186.1 181.0 46.5 60.5 81.0 93.4 99.0 87.3 86.6 74.8 20.8 19.9 22.5 29.6 39.9 43.8 51.3 54.6 34.4 47.3 65.7 75.8 78.6 63.1 62.7 51.9 27.8 31.5 32.2 36.7 42.7 44.7 48.2 51.5 40.9 39.1 38.2 45.9 48.8 55.0 53.3 51.1 Seasonally adjusted Seasonal ly adjusted annual. rates 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May r June r July* Aug" 230.8 231.6 230.7 234.1 243.7 240.2 247.9 243.0 241.9 245.5 253.1 263.1 267.7 180.8 179.5 178.2 181.9 190.5 190.8 195.0 194.3 194.9 198.0 204.6 213.4 217.2 73.8 72.7 71.7 76.4 81.2 86.0 89.7 93.6 96.1 102.0 107.5 113.8 117.7 55.0 54.5 54.6 54.1 54.6 52.6 53.4 51.0 49.7 46.8 46.3 49.0 48.4 51.4 52.6 53.0 53.6 55.8 58.6 63.4 68.8 72.3 77.3 82.2 88.1 92.2 1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 66.0 79.0 100.0 114.0 122.0 107.0 107.0 111.0 52.0 52.3 51.9 51.4 54.7 52.2 52.0 49.8 49.0 49.2 50.8 50.6 51.1 50.0 52.2 52.5 52.2 53.2 49.4 52.9 48.7 47.0 47.5 48.5 49.6 50.5 r 102 no 117 105 122 131 127 119 131 129 148 151 137 146 555 592 739 977 1,059 904 906 685 Seasonally adjusted annual rates 694 717 671 656 608 595 803 693 632 652 734 785 741 783 Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, P. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New prh ate homes New private housing units Period Total 1975 1976 1977 1978 1979 1980 1981 1982 ,160.4 ,537.5 ,987.1 2,020.3 ,745.1 ,292.2 ,084.2 1,062.2 Units started, bj type of structun3 1 unit 2-4 units 892.2 1,162.4 1,450.9 1,433.3 1,194.1 852.2 705.4 662.6 64.0 85.9 121.7 125.0 122.0 109.5 91.1 80.0 5 or more units 204.3 289.2 414.4 462.0 429.0 330.5 287.7 319.6 Units authorized 939.2 1,296.2 1,690.0 1,800.5 1,551.8 1,190.6 985.5 1,000.5 Units completed Homes sold Homes for sale at end of period * 1,317.2 1,377.2 1,657.1 ,867.5 ,870.8 ,501.6 ,265.7 ,005.5 549 646 819 817 709 545 436 412 813 353 402 414 3 398 336 272 251 1,001 936 1,077 1,053 1,035 ,195 ,138 ,147 ,164 r ,353 1,383 1,413 389 473 481 545 529 611 593 611 635 r 665 666 609 578 248 247 245 246 251 259 262 262 266 r 273 285 292 297 Vacancy rate housing units (percent) 2 6.0 5.6 5.2 5.0 5.4 5.4 5.0 5.3 Seasonal ly adjusted annu al rates 1982: Aug Sept .... Oct Nov Dec 1983: Jan Feb Mar Apr May June T July r Aug p ,046 ,134 ,142 ,361 ,280 1,694 1,784 1,605 1,506 1,807 1,736 1,785 1,935 651 683 716 868 842 1,126 1,103 1,008 1,001 1,183 1,127 1,025 1,135 87 90 66 79 79 100 117 100 117 96 123 137 138 308 361 360 414 359 468 564 497 388 528 486 623 662 1 Seasonally adjusted. 2 Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable with earlier data. 8 New series beginning March 1979. 928 1,029 1,154 1,227 1,326 1,447 1,479 1,467 ,536 ,635 ,761 ,782 ,652 5.3 5.5 5.7 5.5 NOTE.—Unite authorized beginning 1978 relate to 16,000 permit-issuing places; date for 1973-77 are for 14,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade Manufacturing and trade sales fell 0.5 percent in July and inventories rose $1 billion. According to the advanc survey, total retail sales fell 1.4 percent in August following a decline of 0.2 percent in July. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 600 160 150 550 140 500 130 450 RETAIL INVENTORIES 120 110 400 100 350 ~ 300 „*.,..•»'"""..,X* RETAIL SALES 250 200 1980 1979 1982 1981 1983 RATIO* 1.80 150 INVENTORY-SALES RATIO 1.70 MANUFACTURING AND TRADE — 1.60 V 1.50 1.40 1.30 100I l l 1 1 l 1 1 1 1 i i i l 1 1 i I I 1 1 11 1 1 1 1 i 1 1 1 1 1 i i 1980 1979 * SEASONALLY 1.20 1982 1981 1983 1979 1983 ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Manufact uring and tracle 1 Who!esale Sales Period Sales 2 Inventories 3 Sales 2 Inventories ** Inventory-s ales ratio 4 Re tail Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing an ra e Retail Millions of dollars, seasonally <adjusted 1975 1976. 1977 1978 1979 1980 1981 1982 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June r. July* Aug* 1 2 3 229,624 260,307 297,663 327,284 356,099 344,179 288,375 318,544 351,036 398,890 450,736 492,885 526,152 511,942 46,623 50,694 55,987 66,117 78,680 9'2,658 100,673 95,363 56,697 64,078 72,311 85,685 98,394 112,341 116,986 118,790 49,012 54,781 60,435 67,286 75,047 80,235 87,298 89,640 15,247 18,150 20,724 23,218 25,196 24,401 26,335 26,739 33,765 36,631 39,711 44,067 49,850 55,834 60,963 62,901 347,676 343,426 342,882 336,905 338,722 338,391 521,145 521,257 521,000 519,797 513,888 511,942 95,790 94,341 92,527 91,806 91,912 91,389 119,854 119,190 119,537 120,162 118,349 118,790 89,469 89,069 89,897 90,905 92,492 92,459 26,124 25,831 26,619 27,154 28,721 28,723 345,337 341,490 348,009 351,100 363,925 373,572 371,748 507,550 507,665 503,222 504,796 505,658 505,521 506,509 94,790 92,245 92,943 92,586 97,529 100,479 100,197 117,564 116,417 116,591 117,498 115,855 115,630 116,485 92,308 91,164 93,263 95,449 98,431 99,173 r 98,953 97,602 28,307 27,490 29,160 30,668 32,124 32,663 r 32,426 30,837 182,230 204,277 See page 21 for mamfacturing. Monthly average for \ ear and total fc r month. Book value, end of pe riod, seasonally adjusted. 20 89,530 102,790 111,229 116,430 126,833 128,250 33,356 37,841 43,135 49,987 53,717 54,400 59,095 59,597 38,388 41,432 46,395 52,803 57,512 62,030 67,738 68,653 63,345 63,238 63,278 63,751 63,771 63,736 126,662 128,258 129,788 128,849 127,619 128,250 58,888 60,204 61,668 60,581 59,417 59,597 67,774 68,054 68,120 68,268 68,202 68,653 64,001 63,674 64,103 64,781 66,307 66,510 r 66,527 66,765 127,869 130,392 129,327 129,901 131,654 132,501 131,848 59,735 61,517 60,412 60,640 61,401 62,019 61,279 68,134 68,875 68,915 69,261 70,253 70,482 70,569 71,744 79,273 1.44 1.38 1.40 1.43 1.44 1.42 1.40 1.41 1.57 1.48 1.46 1.44 1.43 1.45 1.44 1.51 .50 .52 .52 .54 .52 .51 .47 .49 .45 .44 1.39 1.35 1.36 1.42 1.44 1.44 1.42 1.38 1.39 1.39 1.43 1.39 1.36 1.34 1.34 1.33 4 For an nual periods, ra tio of weightec average inven tories to averag e monthlv sales ; for monthlv data, ratio of inventories a t end of month to sales for mo nth. Source: lenartment of ^ommerre (Bur pan nf Ernnnm ir An«lv<sis! and Biirpnii nf thp ^PIKSIIC* MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In August, according to advance data, durable goods shipments rose 1.7 percent and new orders rose 0.3 percent. In July, manufacturers' shipments and orders fell, while inventories and unfilled orders rose. BILLIONS OF DOLLARS * (RATIO SCALE) 360 320 —INVENTORIES- BILLIONS OF DOLLARS* (RATIO SCALE) 240 280 240 200 160 DURABLE GOODS 120 100 80 NONDURABLE GOODS 60 BILLIONS OF DOLLARS* (RATIO SCALE) 240 200 180 1AA IA n 5-NEW OlRDERS — 1 ^-*-*]r^ ^^^ TOTAL ^y ii- •* ^»»X*^ - __ 100 E — J-W-T^^J •v^* DURABLE GOODS t^*^-111^,.,, QA ~^'-"g*~' .~^.. g »-W^* I ^^ N< )NDURABLE O >ODS %f ^*% 40 i i i i 11 i i i 11 1111 111 i I i 11 i H 11 11 111111 RATIO' 12 - 10 ^' - 1.8 - 1.6 INVENTORY-SHIPMENTS RATIO 60 1.4 . i i . i l i H M M , M ! M , M i 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 I 1 1 1 1981 1979 1980 1983 1982 11111111111 1.2 1979 1980 I i I i 1111 i i i 1982 1981 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISfRS Manufa .eturers' shipinents l Manufai 3turers' inven tories ft[anufacturers ' new ordersi 2 Nondurable goods Manufacturers' unfilled orders 3 Manufacturers' inventory— shipments ratio 4 43,130 173,829 1.84 48,145 53,950 59,207 67,953 76,801 84,199 82,268 83,350 82,735 84,224 81,627 81,537 81,202 80,516 80,308 82,636 82,924 85,418 87,584 87,221 182,499 205,675 262,671 305,453 325,908 323,346 300,971 309,880 305,564 301,678 299,846 298,132 300,971 305,599 305,268 306,053 309,015 310,922 315,488 318,348 1.69 1.61 1.57 1.57 1.66 1.64 1.73 1.69 1.71 1.69 1.76 1.74 1.71 1.66 1.65 1.59 1.58 1.54 1.48 1.50 Durabl e goods Period TV»*ol Durable goods 1983 Nondurable goods Durable goods Nondurable goods m j. i Total Capital goods industries, nondefense Millions of do liars, seasoirally adjust ed 1975 1976 1977 1978 1979 1980 1981 1982 .. 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar.... Apr May June July r Aug* 1 2 3 86,595 98,802 113,202 126,905 143,936 154,391 168,129 159,177 162,417 160,016 160,458 154,194 154,318 154,543 158,239 158,081 161,803 163,065 167,965 173,920 172,598 43,656 50,689 59,267 67,848 76,060 77,550 83,872 76,843 78,856 77,250 76,419 72,478 73,005 73,495 77,744 77,769 79,595 80,241 82,669 86,582 85,646 87,121 42,939 48,113 53,935 59,057 67,876 76,841 84,257 82,334 83,561 82,766 84,039 81,716 81,313 81,048 80,495 80,312 82,208 82,824 85,296 87,338 86,952 159,934 175,193 189,195 210,415 241,113 264,114 282,333 264,902 274,629 273,809 271,675 270,786 267,920 264,902 262,117 260,856 257,304 257,397 258,149 257,390 258,176 Monthly average for year and total for month. Shipments are the same as sales. Book value, end of period. End of period. 102,874 112,581 121,575 137,834 160,554 174,547 186,222 175,200 182,099 181,543 180,520 179,675 177,061 175,200 172,506 171,572 169,377 169,814 170,734 169,840 169,693 57,060 62,612 67,620 72,581 80,559 89,567 96,111 89,702 92,530 92,266 91,155 91,111 90,859 89,702 89,611 89,284 87,927 87,583 87,415 87,550 88,483 85,149 99,543 115,061 131,616 147,466 156,142 167,924 157,371 158,913 155,700 156,572 152,362 152,604 157,382 162,871 157,757 162,587 166,025 169,874 178,489 175,455 42,019 51,398 61,111 72,409 79,513 79,341 83,725 75,103 75,563 72,965 72,348 70,735 71,067 76,180 82,355 77,449 79,951 83,101 84,456 90,905 88,234 88,501 11,011 12,799 15,291 19,458 23,231 23,259 24,059 20,687 19,931 18,741 20,217 20,127 19,983 19,679 20,507 19,175 20,032 22,592 22,228 24,289 21,580 22,857 4 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 PRICES PRODUCER PRICES In August, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished consumer foods rose 0.4 percent and prices of other finished consumer goods rose 0.2 percent. Prices of capital equipment rose 0.7 percent. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 160 160 140 140 120 120 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967 = 100; monthly data seasonally adjusted] Fin shed goods Internicdiate ma terials Fi nished gO()ds excluding consumer foo is Period 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Get Nov Dec 1983: Jan Feb Mar Apr' May June July Aug 1 Total finished goods 163.4 170.6 181.7 195.9 217.7 247.0 269.8 280.7 282.5 282.8 283.8 285.5 286.4 283.3 283.8 283.0 283.0 283.7 285.0 285.3 286.4 Consumer foods 181.0 180.4 189.9 207.2 226.2 239.5 253.6 259.3 259.4 258.3 258.2 258.2 258.8 258.3 260.9 261.4 264.2 262.9 261.2 259.6 260.7 Consumer gt>ods Durable Nondurable 153.1 162.6 138.2 144.5 174.3 186.7 211.5 250.8 276.5 287.8 290.1 291.2 293.2 295.8 296.7 290.8 290.0 288.0 286.7 288.2 291.3 292.5 293.2 152.8 166.9 183.2 206.2 218.6 226.7 228.6 227.8 228.5 229.8 230.4 229.6 232.2 232.6 232.4 232.6 233.7 233.8 234.7 163.0 174.8 189.3 200.0 231.3 283.9 319.6 333.6 336.2 338.6 341.7 345.3 346.4 337.3 333.7 329.7 327.4 330.0 334.6 336.8 337.4 162.5 173.4 184.6 199.2 216.5 239.8 264.3 279.4 282.3 281.9 282.0 283.1 284.4 283.9 285.0 285.8 285.6 286.6 287.3 287.7 289.6 Total 156.2 166.1 177.7 190.7 213.3 247.8 273.3 285.8 288.2 288.9 290.3 292.5 293.5 289.5 289.2 288.1 287.1 288.5 290.8 291.8 292.9 Intermediate materials for food manufacturing and feeds. 22 Total Capital equipment Total 0 - ^ 1 Foods Total and l Other Total 195.3 185.3 190.5 203.1 226.1 252.6 250.3 239.4 239.8 236.7 234.0 233.7 234.0 236.0 239.4 239.8 246.3 245.1 243.2 242.3 250.5 178.6 189.4 202.3 216.5 244.4 282.3 310.1 315.7 315.6 316.3 316.6 317.4 317.5 315.6 315.0 313.7 311.9 313.7 316.5 317.4 318.8 196.9 202.7 209.2 234.4 274.3 304.6 329.0 319.5 319.1 315.4 314.3 317.3 316.6 315.8 316.8 318.9 323.9 323.9 323.5 319.7 326.5 feeds er goo s 163.6 169.7 180.7 194.9 217.9 248.9 271.3 281.0 282.6 283.0 284.4 286.2 287.0 283.1 283.4 282.2 282.3 282.9 284.4 284.6 285.5 Cnide materi als 180.0 189.1 201.5 215.6 242.2 280.3 306.0 310.4 310.3 310.8 310.9 311.7 311.8 310.1 309.8 308.6 307.2 308.9 311.4 312.2 314.0 Source: Department of Labor, Bureau of Labor Statistics. Foodstuffs and feedstuffs 191.8 190.2 192.1 216.2 247.9 259.2 257.4 247.8 246.9 239.5 237.0 239.4 240.3 243.0 248.8 250.5 258.0 255.0 251.0 244.6 254.2 Other 206.9 228.5 245.0 272.3 330.0 401.0 482.3 473.9 474.8 478.6 480.4 484.8 480.6 472.6 463.3 466.4 466.5 472.6 479.6 481.2 482.3 CONSUMER PRICES In August, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (0.3 percent not seasonally adjusted). The index was 2.6 percent above its level in August 1982. INDEX, 1967=100 (RATIO SCALE) 320 INDEX, 1967= 100 (RATIO SCALE) 320 300 280 260 260 240 240 220 220 ALL ITEMS 200 160 120 1977 1976 1975 1979 1978 120 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 11 i i i i i 1983 1981 1982 1980 SEE NOTE ON TABLE EELOW SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967 = 100, except as noted; monthly data seasonally adjusted, except as noted] Ti ansportaticm Hou sing She Iter Period All items * Pood Total * Total Renters' costs 2 NSA 5 Rel. imp. 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug 1 2 3 4 100.0 19.0 161.2 170.5 181.5 195.4 217.4 246.8 272.4 289.1 292.8 293.3 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 299.3 300.3 175.4 180.8 192.2 211.4 234.5 254.6 274.6 285.7 286.9 287.5 288.1 288.2 288.1 288.3 288.3 290.1 291.3 292.2 291.3 291.0 291.6 21.3 169.7 179.0 191.1 210.4 239.7 281.7 314.7 337.0 344.0 342.3 342.6 340.7 336.0 338.3 339.1 339.2 341.6 342.7 343.6 345.3 346.6 6.9 100.2 100.8 101.1 101.3 101.7 102.2 102.5 103.1 103.6 Maintenance and repairs NSA NSA Relative importance, December 1982. Fuel and other utilities Total » New cars Motor fuel 3 Medical care 13.9 0.5 8.4 5.2 21.8 3.5 6.2 6.0 100.0 100.7 100.9 100.9 101.7 102.0 102.2 102.7 103.0 187.6 199.6 214.7 233.0 256.4 285.7 314.4 334.1 335.9 338.4 339.4 339.0 337.8 342.9 339.4 339.9 343.6 344.3 345.1 346.1 347.9 167.8 182.7 202.2 216,0 239.3 278.6 319.2 350.8 353.1 357.5 362.7 367.1 369.6 368.9 366.9 365.1 365.8 368.8 368.9 370.1 371.1 142.3 147.6 154.2 159.6 166.6 178.4 186.9 191.8 192.7 192.8 193.3 193.2 192.7 193.2 194.2 194.1 194.5 195.8 196.5 197.7 198.4 150.6 165.5 177.2 185.5 212.0 249.7 280.0 291.5 295.3 295.6 296.4 296.0 295.8 293.9 289.1 289.0 292.1 295.8 297.1 298.6 301.6 127.6 135.7 142.9 153.8 166.0 179.3 190.2 197.6 199.2 199.6 199.2 198.7 199.3 199.4 201.1 202.6 201.3 200.6 200.8 200.8 202.5 170.8 177.9 188.2 196.3 265.6 369.1 410.9 389.4 395.9 396.0 395.4 394.2 391.2 378.3 353.0 349.5 363.2 378.1 380.9 382.5 387.1 168.6 184.7 202.4 219.4 239.7 265.9 294.5 328.7 333.4 336.3 338.7 341.8 344.4 347.2 350.1 351.7 353.3 354.8 356.4 358.4 360.3 Includes items not shown separately. December 1982 = 100. 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, tc. 5 37.7 164.5 174.6 186.5 202.8 227.6 263.3 293.5 314.7 319.7 319.3 320.5 319.9 317.4 318.9 318.9 318.7 320.4 321.5 322.1 323.4 324.2 Homeowners' costs 2 Apparel and upkeep Energy 4 12.4 176.6 189.3 207.3 220.4 275.9 361.1 410.0 416.1 418.9 421.0 426.6 430.2 431.3 6 420.5 404.9 401.3 409.3 419.5 420.9 422.3 425.4 All items less food, energy, and shelter 47.3 149.4 159.9 169.5 179.1 191.5 208.3 228.1 245.6 247.7 248.7 250.1 250.7 251.9 253.1 254.2 254.9 255.5 256.1 257.0 258.5 259.7 6 Energy excludes motor oil, coolant, etc. beginning January 1983. 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. Data beginning 1983 incorporate a rental equivalence measure for homeownership costs. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted] Period Ch ange from p receding per od Change from 3 montl s earlier, ann ual rate Change from 6 montl s earlier, annual rate Consum 3r goods Consum 3r goods Consum er goods Total finished goods Capital equipment Excluding foods Poods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Change from year earlier, total finished goods NSA Chiinge, Dec. to Dee., N SA, 1974 18.3 13.0 20.5 1975 1976 1977 1978 1979 1980 1981 1982 6.6 3.7 6.9 9.2 5.5 6.7 6.0 6.7 8.5 .1.. -2.5 6.9 11.7 7.4 7.5 1.4 2.1 12.8 11.8 7.1 3.7 15.3 10.8 22.6 8.2 6.4 7.3 7.9 8.8 4.4 6.5 7.8 17.5 14.2 11.4 11.1 13.5 8.5 4.2 9.2 3.9 9.2 4.0 C iange, moiith to mon th 0.5 .1 .4 .6 .3 0.1 -.4 -.0 0 .2 — 1.1 -.2 1.0 .2 1.1 -.5 -.6 -.6 .4 1982: Aug Sept Oct Nov Dec..... 1983: Jan Feb Mar Apr r. Mayr June Julyr. Aug .2 -.3 0 .2 .5 .1 .4 0.6 -.1 .0 .4 .5 0.6 .4 .7 .9 .3 8.0 4.2 3.7 4.3 5.2 2 -2.0 -.7 .4 .3 -.1 .4 .2 .1 .7 -.3 -.7 -.5 .5 1.1 .4 .2 -2.4 4.7 -.4 -.1 2.9 3.3 3.9 -4.3 14.1 6.6 3.6 -7.7 -1.5 -1.8 9.6 6.7 8.1 7.8 3.5 2.2 1.1 3.6 4.4 4.9 6.2 4.7 -3.2 -7.6 11.2 -5.5 2.7 2.7 2.0 2.4 2.3 2.1 3.0 4.3 1.5 .9 .1 -.6 .8 .2 4.2 4.1 9.5 3.1 -.3 6.8 2.5 4.7 8.3 7.1 -3.3 3.9 6.0 8.4 1.2 .7 -2.6 -3.1 -3.5 11.0 8.7 -.7 1.2 2.4 4.7 3.7 1.9 1.0 -.2 -1.3 -1.0 1.4 1.8 1.6 -.1 -2.2 -4.4 -5.1 -3.6 1.2 2.2 5.8 4.3 4.0 3.9 3.5 4.0 3.6 3.6 3.7 3.7 2.4 1.9 2.8 2.6 2.5 2.0 2.7 3.3 2.2 2.2 2.2 2.1 2.3 1.8 1.4 1.4 Source: Department of Labor, Bureau of Labor Statistics. NOTE.—NSA indicates data are not seasonally adjusted. CHANGES IN CONSUMER PRICES [Percent change from preceding period; monthly data seasonally adjusted, except as noted] Tr ansportati on Ho jsing Shelter Period All items l Food Total » Total » Renters' costs Ap- Homeowners' Maintenance and NSA NSA Fuel and other utilities Addendu m: All items , percent chaiige (annual i ate) All parel and upkeep Total 1 New cars Motor fuel 2 Medical care Ener- gy 3 items less food, "SF shelter From 3 months earlier From 6 months earlier From year earlier NSA Chang e, Decem ber to D ecember ,NSA 12.2 1974 1975 1976 1977 7.0 4.8 6.8 9.0 1978 1979 1980 1981 1982 12.2 13.4 6.5 .6 8.0 7.5 5.4 7.6 9.9 13.3 12.4 11.8 10.2 10.2 8.9 3.9 4.3 3.1 15.2 13.7 10.2 3.6 11.4 16.2 7.3 4.2 8.7 5.5 7.1 7.2 11.5 17.4 15.1 10.1 10.3 10.6 9.9 2.4 9.2 4.2 16.6 11.2 9.0 8.1 5.9 16.0 13.6 14.5 9.7 8.7 2.3 4.5 4.2 3.2 5.5 6.8 3.6 1.6 13.3 11.5 9.8 8.8 4.3 7.7 7.3 4.8 7.2 6.2 7.4 7.5 6.8 1.6 18.2 14.7 11.0 1.7 21.6 11.6 20.6 11.0 12.4 2.6 4.9 8.5 10.1 52.2 18.9 9.4 6.5 10.1 10.0 12.5 11.0 37.4 18.1 11.9 1.3 5.2 6.5 7.2 9.9 9.4 6.1 0.6 .0 -.2 .3 -.8 0.9 .9 .7 .9 .8 0.5 .5 1.3 .8 .3 0.4 .4 .6 .2 .5 -2.5 -3.7 .5 .4 .3 .2 .2 .4 .6 .5 9.9 6.9 7.2 8.0 8.8 8.8 11.0 11.3 6.4 7.0 9.1 5.8 6.5 7.7 11.3 13.5 10.4 6.1 Change, month t a month Dec 0.3 .1 .4 0 -.3 Jan Feb Mar Apr May June July Aug .2 -.2 .1 .6 .5 .2 .4 .4 1982: Aug Sept Oct Nov 1983: 1 2 3 -0.2 .2 .2 .0 -.0 .1 0 .6 .4 .3 -.3 — .1 .2 0.4 j .4 -.2 -.8 .5 0 i .5 .3 .2 .4 .2 0.4 .5 .1 -.6 0.4 .7 .3 — .1 -.4 -1.4 .7 .2 .0 .7 .3 .3 .5 .4 0.6 .3 .2 .4 .5 .3 .6 .5 1.5 -1.0 .1 1.1 .2 .2 .3 .5 0.3 .1 .3 .1 -.3 -.2 -.5 -.5 .2 .8 .0 .3 .3 .3 .5 -.1 .2 .7 .4 .6 .4 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, tc. 4 0.7 .2 .0 .8 .3 .2 .5 .3 0.8 1.2 1.5 1.2 .7 Energy excludes motor oil, coolant, etc. beginning January 1983. NOTE.—NBA indicates data are not seasonally adjusted. 24 0.4 .1 .3 .1 — .1 -.6 -1.6 -.0 1.1 1.3 .4 .5 1.0 0.6 .2 -.2 .3 .3 .1 .9 .7 -.6 -.3 .1 0 .8 -3.3 -6.7 -1.0 3.9 4.1 .7 .4 1.2 .8 .8 .5 .5 .4 .5 .6 .5 4 -.9 2.0 2.5 .3 .3 . .7 8.2 4.1 3.3 2.1 .5 6.6 6.9 7.2 5.1 2.3 5.9 5.0 5.1 4.6 3.9 -.4 1.4 .4 .5 .8 1.9 2.9 3.4 4.7 3.8 3.5 3.6 3.9 3.5 2.6 2.4 2.6 -1.2 .4 2.1 5.1 5.4 4.7 4.2 Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 1.4 percent in September and prices paid by farmers rose 0.6 percent in the month ended September 15. INDEX, 1977=100 (RATIO SCALE) INDEX, 1977=100 (RATIO SCALE) 60 1975 1983 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [1977 = 100] Prices Period 1975 1976 1977 1978 1979..... 1980 1981 1982 All farm products P rices received by farm ers Livestock and products Crops 101 102 105 paid by farmei s All commodities, services, interest, taxes, and wage rates l Production items, interest, taxes, and wage rates 89 Production items Ratio2 100 124 147 144 143 145 95 100 108 123 138 150 156 89 95 100 91 97 100 109 125 139 151 154 108 125 138 148 149 113 107 100 106 107 97 93 86 98 101 100 115 132 134 139 133 102 100 105 116 125 134 121 1982: Sept Get Nov Dec 136 128 128 127 124 114 117 114 147 142 139 139 157 156 156 156 154 153 154 153 149 148 149 148 87 82 82 81 1983: Jan Feb Mar 128 132 134 114 118 121 142 146 146 157 158 159 156 157 157 150 151 152 82 84 84 136 137 127 129 145 144 159 160 158 159 153 154 86 86 126 141 160 160 160 161 159 158 159 159 154 152 153 154 84 '82 87 85 May June July Aug Sept 134 131 139 137 r !25 139 137 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes, and wage rates. r !37 139 137 NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1977 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS Growth in Ml slowed and growth in the broader aggregates was little changed in August. BILLIONS OF DOLLARS'(RATIO SCALE) 2,600 2,400 2,200 BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 2,400 2,200 2,000 2,000 M3 1,800 1,800 1,600 1,600 1,400 1,400 M2 1,200 1,200 1,000 1,000 800 800 600 600 400 400 I| I I I I I I I I I 200 1975 * SEASONABLY 1976 I I I I I I I I I M I I I I I I I I I II I I I I I I l I I I I I I I i I I I I I I 1977 200 1980 1979 1978 1982 1983 ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1975: 1976: 1977: 1978: 1979: 1980: 1981: 1982: 1982: Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July p Aug . . Ml M2 Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCD) * Ml plus overnight RPs and Eurodollars, MMMF balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits 291.1 310.4 335.5 ,023.0 ,163.5 ,286.4 363.2 389.0 414.1 440.6 478.2 458.3 463.2 468.7 474.0 478.2 482.1 491.1 497.6 496.5 507.4 511.7 515.5 516.7 ,388.5 ,497.5 ,630.3 ,794.9 ,959.5 ,903.6 ,917.0 ,929.7 1,945.0 1,959.5 2,010.0 2,050.8 2,069.9 2,074.8 2,096.2 2,114.3 r 2,126.0 2,136.9 1 Net of demand deposits due to foreign commercial banks and official institutions. 8 Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate. 26 M3 L M2 plus large time deposits, term RPs, and institution-only MMWF M3 plus other liquid assets 1,161.7 1,296.3 1,451.8 1,613.5 1,758.4 1,936.7 2,167.9 2,377.6 2,317.9 2,333.9 2,352.0 2,370.2 2,377.6 2,403.3 2,430.6 2,447.1 r 2,453.9 r 2,476.2 r 2,498.7 r 2,510.2 2,528.5 Percent (change from pear or 6 m onths earlier 2 1,371.9 1,522.4 1,711.0 1,922.9 2,131.8 2,343.6 2,622.0 2,896.8 2,823.6 2,840.5 2,866.0 2,882.4 2,896.8 r 2,930.6 r 2,960.2 r 2,987.6 3,006.0 3,032.1 NOTE.—See page 27 for components. Source: Board of Governors of the Federal Reserve System. Ml M2 M3 4.9 12.6 9.4 6.6 8.1 8.3 7.1 6.5 6.4 8.5 4.7 6.6 8.8 9.8 13.7 10.6 11.6 12.0 11.1 11.2 12.6 14.8 15.4 12.2 14.6 14.5 14.3 10.7 7.9 7.9 8.9 9.0 10.1 11.9 10.1 9.2 9.9 9.9 10.6 10.5 10.5 14.2 16.1 16.6 15.6 16.2 16.4 r !1.9 8.6 9.7 11.9 11.4 11.8 11.9 10.7 10.8 10.0 r 9.9 8.9 9.1 !0.4 r 9.1 8.2 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Period Currency Demand deposits * Overnight repurchase agreements (RPs), net, plus overnight Eurodollars Other checkable deposits (OCD) NSA Dec: 1975 1976 1977 1978 1979 1980 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug*.... Gener- al purpose and broker/ dealer Institution only NSA NSA 8.4 17.0 26.9 76.6 101.3 5.8 10.6 14.7 20.3 21.2 28.4 36.1 44.3 2.7 2.4 2.4 6.4 33.4 61.4 150.9 182.2 0.4 .6 .9 3.1 9.5 14.9 36.0 47.6 232.5 234.0 236.0 237.6 239.8 91.8 94.3 97.0 100.1 101.3 42.4 41.5 43.9 45.2 44.3 182.3 185.1 187.6 191.1 182.2 239.4 238.7 240.1 238.9 242.5 244.0 r 245.8 244.5 104.5 112.5 116.0 115.0 120.9 122.7 124.2 125.8 47.3 48.8 48.7 50.6 55.1 56.0 r 52.7 52.5 166.7 159.6 154.0 146.7 141.1 139.6 138.4 138.7 80.6 88.6 97.5 106.3 116.2 123.2 132.8 214.1 224.4 239.7 253.8 262.0 266.8 236.4 239.8 129.6 130.5 131.3 131.9 132.8 134.2 135.6 137.0 138.0 139.3 140.3 140.9 141.8 73.9 Money market mutua 1 fund bala aces 0.9 2.7 4.2 Money market deposit accounts (MMDAs) Small denomination time deposits 2 Savings deposits Large denomination time deposits 2 NSA 43.2 453.0 491.6 481.2 423.1 400.7 344.4 359.3 338.1 391.0 446.0 521.8 635.9 731.7 828.6 859.1 47.1 48.2 49.3 49.9 47.6 43.2 346.7 350.0 358.0 366.4 359.3 46.1 45.2 43.5 41.0 40.4 39.2 38.6 38.4 189.1 277.7 320.5 341.2 356.8 367.3 368.4 366.3 335.1 325.7 322.7 321.5 323.1 325.0 323.5 322.1 1 Net of demand deposits due to foreign commercial banks and official institutions. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Term Eurodollars (net) NSA NSA avings bonds 9.7 13.1 18.4 29.0 41.5 48.0 65.3 80.1 67.2 71.7 76.4 80.2 258.9 302.6 333.8 8.4 14.2 19.5 27.1 30.1 34.8 37.2 40.3 879.8 883.2 878.0 874.9 859.1 334.9 336.1 339.6 340.4 333.8 37.0 36.4 37.7 39.4 40.3 797.4 755.1 733.8 725.7 720.1 722.1 r 735.1 748.0 310.7 297.9 296.2 r 300.2 r 299.2 r 304.1 r 305.9 311.8 40.6 40.8 41.7 42.7 45.3 44.5 42.8 44.8 388.8 2 Term repurchase agreements (RPs) 129.9 118.2 145.2 194.9 222.2 Shortterm Treasury securities Bankers' acceptances Commercial paper 79.5 72.3 67.7 67.9 76.8 80.8 89.7 99.3 128.7 156.9 176.3 217.6 8.8 11.8 21.6 26.7 31.6 40.6 44.9 48.0 51.7 62.9 79.2 97.0 98.1 104.2 108.8 80.9 80.6 8L1 79.5 80.1 67.5 67.5 67.6 67.8 67.9 204.1 203.6 210.3 214.5 217.6 41.3 41.4 42.8 43.1 44.9 112.0 113.7 112.3 107.3 108.8 81.1 83.5 86.0 88.7 90.8 68.1 68.5 68.8 69.2 69.6 219.3 219.3 224.5 230.4 231.4 45.3 43.2 42.0 41.2 40.8 113.5 115.1 119.2 122.5 123.4 r r r 8.4 Travelers checks are a component of money stock but are not shown here. NSA indicates data are not seasonally adjusted. Source: Board of Governors of the Federal Reserve System. NOTE.—See p. 26 for overall measures. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installrnent credit 63ctended Period 1975 1976 1977 1978 1979 1980 1981 1982 1982: July Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Total 2 180,083 210,740 257,600 297,668 324,777 306,076 334,508 344,901 27,982 28,024 28,619 28,650 31,691 30,777 Automobile 52,420 63,743 75,641 87,981 93,901 83,454 93,240 95,997 7,376 7,162 7,488 8,041 10,177 9,716 Installnlent credit lie[uidated Revolving Total 2 36,956 43,934 87,596 105,125 120,174 128,068 139,829 150,061 12,658 12,728 12,705 12,614 12,778 12,491 172,675 189,179 222,138 254,589 286,396 304,628 316,291 331,805 27,143 27,768 27,363 28,781 29,676 28,359 Automobile 49,444 53,278 60,437 69,245 79,186 82,977 84,745 91,099 7,339 7,542 7,139 8,111 8,643 8,225 1 Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding. 2 Includes "mobile home" and "other," not shown separately. Revolving 35,616 41,764 81,348 96,090 111,546 126,653 135,362 145,696 12,100 12,529 12,394 12,533 12,739 11,990 Net change in am ount outstanding 1 Total 2 Automobile 7,408 2,976 21,561 35,462 43,079 38,381 1,448 18,217 13,096 839 256 1,256 -131 2,015 2,418 2,725 735 2,582 2,271 2,696 4,406 4,840 10,465 15,204 18,736 14,715 477 8,495 4,898 37 -380 349 70 1,534 1,491 625 -233 1,221 689 1,313 1,973 2,421 Revolving 1,340 2,170 6,248 9,035 8,628 1,415 4,467 4,365 558 199 311 81 39 501 68 -135 1,177 917 514 1,210 821 Amount ou tstanding, en i of period, sea sonally adjus ted Total 2 Automobile 169,387 190,725 57,279 67,798 82,890 101,863 116,523 116,808 125,323 130,235 127,628 127,271 127,473 127,694 128,824 130,235 130,860 130,627 131,848 132,537 133,850 135,823 138,244 226,646 269,392 307,115 308,137 326,274 339,316 334,276 334,343 335,180 335,593 336,897 339,316 342,041 342,776 345,358 347,629 350,325 354,731 359,571 Revolving 14,467 16,505 36,427 45,004 53,174 54,650 58,722 62,830 61,867 62,007 62,120 62,302 62,326 62,830 62,898 62,763 63,940 64,857 65,371 66,581 67,402 Note.—Extensions and liquidations not available after December 1982. Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND INVESTMENTS, AND RESERVES Commercial and industrial loans rose again in August. BILLIONS OF DOLLARS*(RATIO SCALE) 1,800 1,600 ALL COMMERCIAL BANKS 1,400 ~ 40 i i I i iIi i i i i i t i i i I i ii i i BILLIONS OF DOLLARS* (RATIO i i i i i I i i iii i i i I i I i i i i i i i i i i ii i 1983 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] Al I commercial ban ks 1 Depo sitory institutio n s R eserves Loans a nd leases Period Bom>wings (millions of dollars, unadj usted) adjust 3d for changes in re serve requirernents Investinents Total loans 3 and investments Total 2 Commercial and industrial loans U.S. Treasury securities 82.2 100.8 99.8 93.8 94.5 110.0 111.0 130.9 145.6 148.8 159.3 172.8 191.5 214.4 231.4 239.2 117.8 118.2 122.3 126.4 130.9 237.1 237.6 237.2 235.8 239.2 r 34.70 r 35.11 r 243.3 243.1 242.8 243.4 245.0 246.2 246.1 247.8 r 35.63 r 36.10 r Dec Dec Dec Dec Dec Dec Dec Dec 745.2 804.6 517.4 891.5 ,013.5 ,135.9 ,239.6 ,316.3 ,412.0 632.5 747.0 849.9 915.1 973.9 1,042.0 189.6 190.9 210.9 245.9 291.2 326.8 358.0 392.3 1982: Aug Sept Oct Nov Dec ,383.1 ,389.4 ,397.5 1,398.5 1,412.0 1,028.3 1,033.5 1,038.1 1,036.4 1,042.0 387.9 392.5 394.8 392.0 392.3 1975: 1976: 1977: 1978: 1979: 1980: 1981: 1982: 1983: Jan Feb Mar Apr May June r July Aug" 1,428.2 1,436.3 1,450.1 1,460.6 1,474.4 1,488.0 1,499.9 1,513.2 555.0 1,045.0 1,048.7 1,056.3 1,059.5 1,063.3 1,070.6 1,080.9 1,091.0 395.1 394.9 396.2 392.9 r 392.9 395.0 399.2 402.7 139.8 144.5 151.0 157.8 166.1 171.2 172.9 174.4 1 Data are 2 Excludes 3 averages of Wednesday figures. loans to commercial banks in the United States. Data are averages of daily figures. NOTE.—Beginning Dec. 19811 bank loans and investments and reserves aggregates have been 28 Other securities Total r 26.38 r 26.80 r 28.00 r 29.44 r 30.71 r 32.46 r 33.75 r 36.23 35.37 35.83 36.23 r r 36.80 r 37.15 r 37.13 r 37.61 37.80 37.69 Nonborrowed Required r 26.25 r 26.74 r 27.43 r 28.57 r 29.24 r r r 33.11 r r 33.43 r r 34.18 r 34.17 r 34.89 r r 34.39 r 30.77 35.60 35.21 35.60 r r 35.10 r 35.52 36.01 36.14 r 36.18 r 35.98 36.35 36.15 r r Total 558 874 1,473 1,617 636 697 13 12 54 134 82 116 53 33 510 976 455 579 697 119 102 86 47 33 500 557 852 993 902 1,714 1,382 1,576 33 39 53 82 98 121 172 198 127 62 26.11 26.52 r r 27.81 r 29.21 r 30.38 r 31.94 35.73 34.72 r 34.96 r 35.43 r 35.73 r 35.09 r 35.66 r 36.37 r 36.68 r 36.68 r 37.13 37.29 37.25 Seasonal reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs). Reserves adjusted for changes in reserve requirements revised beginning 1959. 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] Uses Sources External Period Total Internal l Ci•edit market fu nds Total Total 192.4 190.1 156.9 210.8 254.1 317.5 345.7 333.2 365.8 308.6 85.6 119.7 134.2 157.4 175.7 188.8 189.5 230.6 240.5 100.7 104.4 37.2 76.6 96.7 141.8 156.9 143.7 135.2 68.1 56.7 69.9 IV 302.8 329.9 327.4 274.5 233.5 240.2 244.0 244.3 1983: I r HP 325.0 370.7 250.7 267.8 1973 1974 1975 1976 1977 r 1978 r 1979 r 1980 r 1981 r... 1982 r 1982: I rr n IHrr 91.7 Loans and short-term paper Securities and mortgages Other 2 68.8 52.8 43.0 -16.0 191.9 190.1 150.9 201.8 237.6 293.6 346.7 320.1 324.3 250.9 78.0 51.3 49.4 23.2 -33.4 -.2 -5.6 -24.4 5.7 -3.5 1.0 35.2 30.7 54.5 72.4 80.5 88.2 90.9 92.2 84.1 20.7 26.3 38.7 36.0 43.6 8.0 38.2 35.8 32.8 20.9 52.4 22.5 45.2 16.3 36.6 47.7 67.3 38.5 69.7 38.9 69.3 89.7 83.4 30.2 102.8 89.9 89.0 54.6 24.8 38.6 39.6 77.8 74.3 102.9 73.3 67.7 67.6 71.2 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. Total 44.0 34.5 6.5 22.1 24.3 61.3 Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 148.3 175.1 201.6 219.4 221.2 261.6 231.2 70.5 52.2 41.2 53.5 62.5 92.0 127.3 98.9 62.7 19.7 0.5 .0 6.0 9.0 16.5 23.8 -1.0 13.1 41.6 57.7 232.1 279.3 270.4 222.0 242.4 242.2 240.1 200.2 -10.3 37.1 30.3 21.8 70.8 50.5 56.9 52.5 275.7 316.2 202.4 252.1 73.3 64.1 49.3 54.5 121.5 137.9 109.7 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. NOTE.—Series revised beginning 1977. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current liabilitif js Curren t assets End of period SBC series: 2 1970 1971 1972 1973 1974 FTC-FRB series: 3 1974 1975 1976 1977 1978 1979 1980 1981 1982 1981: III IV 1982: I II Ill IV 1 TT Q Total Cash Government securities Notes and accounts receivable 3 Total Other current liabilities working capital ratio I 211.3 220.5 282.9 93.6 105.5 92.7 187.4 203.6 223.7 263.9 313.6 304.9 326.0 375.6 450.9 530.4 340.3 402.3 110.7 128.1 246.9 260.3 1.625 1.595 1.548 1.491 319.5 315.9 342.5 376.9 431.6 505.5 543.7 587.1 577.5 577.0 587.1 592.7 588.4 598.0 577.5 65.9 69.9 80.3 90.1 101.3 116.7 132.7 153.6 169.6 148.3 153.6 153.7 155.8 162.7 169.6 453.4 451.6 495.1 557.1 669.3 807.8 890.9 979.5 976.5 966.7 979.5 988.0 987.5 1,005.2 976.5 269.8 264.2 282.1 317.6 382.9 461.2 515.2 562.4 548.7 549.0 562.4 555.5 555.1 559.7. 548.7 183.6 187.4 213.0 239.6 286.4 346.6 375.7 417.1 427.8 417.7 417.1 432.5 432.4 445.5 427.8 282.0 307.4 332.4 355.5 374.4 410.5 442.6 447.3 454.4 443.7 447.3 436.6 435.1 441.7 454.4 1.622 1.681 1.671 1.638 1.559 1.508 1.497 1.457 1.465 1.459 1.457 1.442 1.441 1.439 1.465 50.2 53.3 59.0 66.3 71.1 7.7 11.0 10.6 12.8 12.3 206.1 221.1 248.2 193.3 200.4 225.7 288.5 322.1 735.4 759.0 827.4 912.7 ,043.7 ,218.2 ,333.5 ,426.8 ,430.9 1,410.5 1,426.8 1,424.6 1,422.6 1,446.9 1,430.9 73.2 82.1 88.2 97.2 105.5 118.0 127.1 131.9 143.7 11.1 19.0 23.5 18.2 17.3 17.0 19.3 18.0 23.1 18.1 18.0 16.9 17.1 19.6 23.1 265.8 272.1 292.9 330.3 388.0 461.1 510.6 536.2 517.0 542.0 536.2 539.2 536.8 539.7 517.0 125.1 131.9 122.0 124.4 126.9 143.7 Net Notes and accounts payable 35.0 43.8 55.8 66.4 71.7 492.3 529.6 599.3 697.8 790.7 Total current assets divided by total current liabilities. Based on data from Statistics of Income, Department of the Treasury. Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpo•uttons, Federal Trade Commission. 2 Other current assets Inventories 1.615 NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series. Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates declined in September. PERCENT PER ANNUM _W5 __ 1976 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW [Percent per annum] U.S. 1Veasury security yields Period 3-month bills * Constant nmturities 3-year 1977 1978 1979 1980 1981 1982 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr.... May June...... July Aug Sept" Week ended: 1983: July 30 Aug 6 13 20 27 Sept 3 10 17 24 Oct 1". 1 2 10-year High-grade municipal bonds (Standard3& Poor's) 30 Prime commercial paper, 6 months 4 5.61 7.99 10.91 12.29 14.76 11.89 Discount rate (N.Y. P.E. Bank)5 5.46 7.46 10.28 11.77 13.41 11.02 Prime rate charged 5by banks 9.44 11.46 13.91 13.00 5.56 5.90 6.39 8.51 11.23 11.57 8.02 8.73 9.63 11.94 14.17 13.79 High-low High-low 12.03 10.62 9.98 9.88 9.64 9.91 9.84 9.76 9.66 10.32 10.90 11.30 11.08 12.34 10.91 10.55 10.54 10.46 10.72 10.51 10.40 10.38 10.85 11.38 r 11.85 11.65 10.61 9.59 9.97 9.91 9.45 9.48 9.16 8.96 9.03 9.51 9.46 9.72 9.57 12.94 12.12 11.68 11.83 11.79 12.01 11.73 11.51 11.46 11.74 12.15 12.51 12.37 10.86 9.21 8.72 8.50 8.15 8.39 8.48 8.48 8.31 9.03 9.36 9.68 9.28 10.00-10.00 10.00- 9.50 9.50- 9.00 9.00-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 13.50-13.50 13.50-12.00 12.00-11.50 11.50-11.50 11.50-11.00 11.00-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 10.50-10.50 11.00-10.50 11.00-11.00 11.06 11.38 11.58 11.17 11.03 11.41 11.23 11.14 10.99 10.82 11.57 11.95 12.10 11.71 11.58 11.94 11.76 11.69 11.59 11.46 9.51 9.65 9.86 9.67 9.60 9.80 9.71 9.58 9.46 9.52 12.31 12.62 12.71 12.40 12.32 12.54 12.47 12.40 12.31 12.21 9.46 9.79 9.90 9.67 9.39 9.61 9.47 9.35 9.20 9.02 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 10.50-10.50 10.50-10.50 11.00-10.50 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 11.00-11.00 5.265 7.221 10.041 11.506 14.077 10.686 8.29 9.72 11.55 14.44 12.92 8.196 7.750 8.042 8.013 7.810 8.130 8.304 8.252 8.19 8.82 9.12 9.39 9.05 9.13 9.36 9.57 9.43 9.18 9.28 9.21 9.04 8.99 8.73 6.69 7.42 8.41 Rate on new issues within period; bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper. 5 Average effective rate for year; high and low rate for month and week. 2 Corporate Aaa bonds (Moody's) 4 6.83 9.06 12.67 15.27 18.87 14.86 New-home mortgage yields (FHLBB)6 9.02 9.56 10.78 12.66 14.70 15.14 14.98 14.41 13.81 13.69 13.49 13.16 13.41 12.42 12.67 12.36 r 12.50 12.35 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose in September. INDEX, DEC 31,1965=50 100 INDEX, DEC 31,1965=50 100 90 1975 1976 1977 1978 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Co mmon stock prices 1 Period Ne?v York Stock Ix(change indexes (I>ec. 31, 1965-5O) Composite 1977 1978 1979 1980.. 1981 1982 1982: Aug Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July r Aug Sept ' Week ended: 1983: Aug 6 13 20 27 Sept 3 10 17 24 Get lp 1 Industrial Transportation 3 Finance Utility Dow-Jones industrial average 8 Standard & Poor's composite index (194143 = 10)4 Dividendprice ratio 53.69 53.70 58.32 68.10 74.02 68.93 62.91 70.21 76.10 79.75 80.30 83.25 84.74 87.50 90.61 94.61 96.43 96.74 93.96 96.70 57.86 58.23 64.76 78.70 85.44 78.18 70.98 80.08 86.67 90.76 92.00 95.37 97.26 100.61 104.46 109.43 112.52 113.21 109.50 112.76 41.09 43.50 47.34 60.61 72.61 60.41 53.98 61.39 66.64 71.92 73.40 75.65 79.44 83.28 85.26 89.07 92.22 92.91 88.06 94.56 40.92 39.22 38.20 37.35 38.91 39.75 38.19 40.36 42.67 43.46 42.93 45.59 45.92 45.89 46.22 47.62 46.76 46.61 46.94 48.16 55.25 56.65 61.42 64.25 73.52 71.99 62.84 69.66 80.59 88.66 86.22 85.66 86.57 93.22 99.07 102.45 101.22 99.60 95.76 97.00 894.63 820.23 844.40 891.41 932.92 884.36 832.11 917.27 988.71 ,027.76 ,033.08 ,064.29 ,087.43 ,129.58 ,168.43 ,212.86 ,221.47 ,213.93 1,189.21 ,237.04 98.20 96.02 103.01 118.78 128.05 119.71 109.65 122.43 132.66 138.10 139.37 144.27 146.80 151.88 157.71 164.10 166.39 166.96 162.42 167.16 5.28 5.47 5.26 5.20 5.81 6.32 5.63 5.12 4.92 4.93 4.79 4.74 4.59 4.44 4.27 4.26 4.21 4.35 4.24 93.82 93.05 94.86 93.96 94.55 96.82 95.67 97.74 97.24 109.51 108.27 110.65 109.40 110.24 113.11 111.40 113.85 113.49 89.55 87.83 87.42 87.00 89.81 94.06 93.72 97.32 94.32 46.30 46.77 47.13 47.38 47,29 47.75 47.89 48.67 48.57 95.39 95.18 97.30 95.43 95.32 97.14 96.60 98.55 96.37 1,189.28 1,172.91 1,195.43 1,191.48 1,205.71 1,242.18 1,224.68 1,247.91 1,244.80 162.11 160.91 163.99 162.27 163,69 167.64 165.25 168.91 167.96 4.34 4.39 4.29 4.40 4.32 4.22 4.29 4.23 4.23 Average of daily closi o 4 Includes all the stocks (more than 1,500) listed on the NYSE. Includes 30 stocks. 4 Includes 500 stocks. 5 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings8 Common st ock 5yields (perce nt) 2 4.62 Earningsprice ratio 10.79 12.03 13.46 12.66 11.96 11.60 11.26 8.99 8.15 price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 11 months of fiscal year 1983, there was a budget deficit of $197.3 billion, compared to a budget deficit of $109.0 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 900 BUDGET RECEIPTS AND OUTLAYS 800 800 700 600 600 BUDGET OUTLAYS 500 500 400 400 300 BUDGET SURPLUS OR DEFICIT (-) -100 -200 -200 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Period Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979 1980 ; 1981 1982 1983 (estimates) 1 1984 (estimates): First Concurrent Eesolution, June 23, 1983 2 .... Mid-Session Review, July 1983 l Cumulative total first 11 months: Fiscal year 1982 Fiscal year 1983 Budget receipts Budget surplus or deficit (— ) Off-budget outlays Total surplus or deficit (— ) Federal debt ( end of period) Gross Held by the public 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 599.9 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 809.8 -23.4 14.8 -4.7 -45.2 -66.4 -13.0 44.9 -48.8 27.7 -59.6 -57.9 110.6 -209.8 .1 1.4 -23.4 14.9 -6.1 8.1 7.3 1.8 8.7 10.4 12.5 14.2 21.0 17.3 16.3 -53.2 -73.7 -14.7 53.6 -59.2 -40.2 -73.8 -78.9 127.9 -226.2 486.2 544.1 631.9 646.4 709.1 780.4 833.8 914.3 ,003.9 ,147.0 ,390.8 323.8 343.0 346.1 396.9 480.3 498.3 551.8 610.9 644.6 715.1 794.4 929.4 1,145.4 679.6 668.4 849.5 848.1 -169.9 -179.7 14.0 -193.7 ,614.6 ,611.9 1,339.4 558.1 537.0 667.0 734.3 109.0 -197.3 14.5 9.7 -123.4 -207.0 1,114.2 1,353.1 907.2 1,126.3 207.3 230.8 1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, July 25, 1983. 32 Budget outlays 2 437.3 468.4 First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items. Sources: Department of the Treasury and Office of Management and Budget, except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 11 months of fiscal year 1983, budget receipts were $21.1 billion lower than a year earlier and budget outlays were $67.3 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS BUDGET RECEIPTS 300 300 INDIVIDUAL INCOME TAXES 200 200 OTHER RECEIPTS 100 100 CORPORATION INCOME TAXES I | I BUDGET OUTLAYS 600 600 500 500 NONDEFENSE ^* " 400 400 300 300 200 200 100 100 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 FISCAL YEARS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Judget outlays Budget reieeipts Nation al defense Period Total Individual income taxes Corporation income taxes Other Total Total Fiscal year or period: 1972 1973 1974 1975 1976 Transition quarter 1977 1978 1979. 1980 1981 1982 1983 (estimates)l 1984 (estimates) l 207.3 230.8 263.2 279.1 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 599.9 668.4 103.2 119.0 122.4 131.6 38.8 157.6 181.0 217.8 244.1 285.9 297.7 288.5 296.0 32.2 36.2 38.6 40.6 41.4 8.5 54.9 60.0 65.7 64.6 61.1 49.2 35.2 64.1 80.4 91.4 105.7 116.1 125.0 34.0 143.0 158.6 179.8 208.4 252.2 270.8 276.2 308.3 230.7 245.6 267.9 324.2 364.5 94.2 400.5 448.4 491.0 576.7 657.2 728.4 809.8 848.1 77.8 85.6 89.4 22.3 97.5 105.2 117.7 135.9 159.8 187.4 214.8 242.3 Cumulative total first 11 months: Fiscal year 1982 Fiscal year 1983 558.1 537.0 265.5 258.0 43.1 28.0 249.5 251.1 667.0 734.3 170.4 192.4 94.7 1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget, July 25, 1983. 76.6 74.5 Department of Defense, military International affairs 84.9 87.9 21.9 95.6 103.0 115.0 132.8 156.1 182.9 208.9 235.7 4.7 4.1 5.7 6.9 5.6 2.2 4.8 5.9 6.1 10.7 11.1 10.0 11.0 13.5 166.4 187.5 8.6 8.1 75.1 73.2 77.6 Health and income security Net interest 80.0 90.4 104.8 15.5 Other 134.3 158.9 41.0 174.5 187.4 207.1 248.3 291.1 322.4 361.7 365.7 17.3 21.4 23.2 26.7 6.9 29.9 35.4 42.6 52.5 68.7 84.7 89.0 103.5 53.9 59.3 58.2 74.2 83.9 21.8 93.8 114.4 117.5 129.3 126.5 123.9 133.3 123.1 294.7 332.6 93.8 97.5 99.5 103.7 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter, according to revised estimates, Federal receipts rose $29.3 billion (annual rate) and expenditures rose $12.1 billion, yielding a deficit of $166.1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 900 800 700 600 500 400 300 300 SURPLUS OR DEFICIT (-) -100 -100 -200 -200 1975 1976 1977 1978 1980 1979 1982 1981 1983 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal jrovernment expenditur es Federa Governme nt receipts Period Fiscal year: 1978 1979 1980 1981 1982 Calendar year: 1978 1979 1980 1981 1982 1981: HI IV 1982: I n m IV 1983: I r n Total Personal tax and nontax receipts Corporate profits tax accruals Total Net interest paid current surplus of Government enterprises 182.2 201.8 53.6 50.3 189.3 218.5 251.0 239.4 279.3 310.2 79.1 86.7 90.1 83.4 71.3 74.2 70.3 67.5 46.5 68.2 61.4 47.6 48.4 47.8 42.1 28.1 29.4 39.0 56.4 48.3 55.8 55.0 49.5 47.7 47.9 48.3 137.2 159.5 173.9 204.5 217.9 206.2 209.1 215.8 217.6 218.9 219.3 461.0 509.7 602.1 689.2 764.4 701.2 725.0 728.0 735.4 773.5 820.9 153.6 168.3 197.0 229.2 258.7 232.4 248.5 249.7 244.1 261.7 279.2 185.6 209.2 251.5 286.6 321.1 295.3 300.1 302.5 311.2 325.9 344.8 77.3 80.5 88.7 87.9 83.9 86.4 84.2 82.5 85.1 83.0 85.0 84.9 75.2 79.0 79.7 82.3 88.6 •89.1 13.4 12.7 14.2 22.8 48.6 59.8 48.6 56.0 228.5 232.6 806.6 818.7 273.5 273.7 340.3 347.0 85.8 86.7 88.4 91.8 18.6 18.2 194.9 230.6 257.7 298.6 304.7 308.6 303.8 306.5 308.5 300.6 303.0 623.3 652.6 297.7 304.2 27.2 29.1 35.5 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. Transfer payments 150.4 164.1 431.6 493.6 540.9 627.0 617.4 638.8 629.2 619.5 622.2 615.2 612.6 34 Purchases of goods and services 450.4 495.6 576.5 668.1 740.0 250.4 289.3 310.4 186.5 222.6 Contributions for social insurance 74.7 Less: Wage accruals less disbursements Surplus or deficit ( T ), national income and product accounts 0.0 -.0 .0 ,1 -.0 -36.1 -14.8 -50.7 -57.8 -112.2 .0 -.0 -29.5 -16.1 -61.2 -62.2 — 147.1 -62.4 -95.8 - 108.5 -113.2 -158.3 -208.2 Subsidies 133.3 153.1 170.0 196.9 215.7 67.3 76.1 69.9 70.5 51.3 414.3 480.8 525.9 610.3 627.8 Indirect business tax and nontax accruals Grantsin-aid to State and local governments 33.5 40.6 50.7 67.7 82.2 35.2 42.4 53.4 73.2 9.7 9.9 10.4 12.5 13.2 9.5 9.2 11.5 12.4 15.8 12.3 13.2 .0 .1 -.0 .3 .0 -.1 .0 .0 .0 .0 -1.3 -183.3 -166.1 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967 = 100] Indu itrial prod action (sesisonally adju sted) Period 1975 1976 1977 1978 1979 1980 1981 1982 p 1982: Sept Oct Nov Dec 1983: Jan Feb Mar Apr May June July Aug p 1 United States 117.8 130.5 138.2 146.1 152.5 147.0 151.0 138.6 137.3 135.7 134.9 135.2 137.4 138.1 140.0 142.6 r !44.4 r 146.3 r 149.2 150.5 Canada r 140.3 149.0 152.7 157.8 r 167.6 r 165.1 r 166.6 r 148.8 r 146.2 r 142.0 r 142.6 r 141.8 r 149.3 r 149.2 149.9 r !51.6 r 153.3 r 155,9 r Japan France Germany 139 149 152 154 161 137.1 163.9 182.0 189.7 201.1 215.3 225.2 227.5 228.4 229.7 223.6 228.6 226.6 227.3 225.9 231.5 230.6 231.1 234.0 160 157 154 154 156 156 155 156 156 155 156 159 156 149.1 152.0 154.1 161.8 162.3 159.9 156.3 154 152 152 151 154 154 157 155 r !57 158 Consumejr prices (imadjusted) Italy United Kingdom United States1 Canada 114.3 117.4 123.2 127.4 132.2 123.7 118.8 119.6 120.1 119.7 117.8 120.5 120.7 122.9 121.3 121.7 122.4 119.8 161.2 170.5 181.5 195.4 217.4 246.8 272.4 289.1 293.3 294.1 293.6 292.4 293.1 293.2 293.4 295.5 297.1 298.1 299.3 300.3 160.1 172.1 185.9 202.5 221.0 243.5 273.9 303.4 309.2 311.2 313.3 313.4 312.5 313.9 317.1 317.1 317.9 321.5 322.9 127.6 143.5 145.1 147.9 157.6 166.5 162.7 159.0 153.6 147.4 152.0 150.0 150.0 148.9 148.2 141.5 148.5 145.8 Beginning January 1978 data relate to all urban consumers. Source: National sources as reported by Department of Commerce, International Trade Adminis- Japan France Germany 205.8 224.9 243.0 252.3 261.3 282.2 296.2 304.1 309.1 310.0 306.6 306.0 306.6 305.5 307.5 308.6 312.0 309.7 308.3 178.9 196.1 214.5 233.9 144.2 150.4 155.9 160.2 166.8 175.9 186.3 196.2 197.9 198.5 198.9 199.4 199.8 200.0 199.8 200.3 201.1 201.8 202.6 259.1 294.2 332.7 373.1 377.5 379.5 383.2 386.4 390.1 392.9 396.5 401.8 404.5 406.9 410.4 Italy 186.8 218.1 255.2 286.2 328.5 398.0 472.4 549.4 571.3 582.7 590.3 594.4 602.7 610.5 616.0 622.2 628.2 632.2 638.5 United Kingdom 216.5 252.4 292.4 316.6 359.0 423.6 473.9 514.7 518.7 521.3 523.9 522.9 523.5 525.8 526.7 534.1 536.4 537.7 540.6 543.0 tration, Office of Trade Investment and Analysis, Trade Performance Division, in International Economic Indicators, U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merc:handise expo rts 1 Period Total domestic and foreign exports Merc tiandise imjwrts Merch andise trade balance Geiicral import s 8 Domestic exports Exports (t a o \ Total2 Food, beverages, and tobacco Crude materials and fuels Manufactured goods Total2 Food, beverages, and tobacco Crude materials and fuels Manufactured goods Total (c.i.f. value) 4,257 5,398 6,379 8,360 9,352 10,427 8,823 11,042 13,368 15,504 18,519 21,415 11,873 12,002 11,200 13,456 12,304 11,903 10,978 10,988 11,981 12,561 12,672 12,856 13,351 13,249 13,842 13,913 22,779 21,240 20,756 23,992 21,518 21,932 19,737 20,002 20,962 19,906 20,381 20,675 22,473 21,964 22,988 23,817 less imports (customs value) Exports <f.a.s.) less imports (f.a.s.) Exports (f.a.s.) less imports (c.Lf.) I?.a.s. valu B Monthly average: 1975* 1976* 1977* 1978* 1979* 1980 8,971 9,602 10,103 11,973 15,155 18,386 8,847 9,462 9,919 11,762 14,886 18,043 1,399 1,436 1,330 1,717 2,049 2,534 1,266 1,341 1,548 1,746 2,352 2,810 5,913 6,437 6,679 7,873 9,716 11,991 8,209 10,290 12,533 14,563 17,455 20,406 827 991 1,186 1,312 1,478 1,546 2,716 3,457 4,463 4,325 5,949 7,831 762 -688 -2,430 -2,590 -2,300 -2,020 148 -1,440 -3,265 -3,530 -3,364 -3,030 Customs value 1981 1982 1982: July Aug Sept Get Nov Dee 1983: Jan Feb Mar Apr May June July Aug 19,473 17,683 18,060 17,463 17,320 16,671 15,852 16,347 17,393 16,326 16,752 16,074 15,566 17,008 16,629 16,630 19,075 17,256 17,671 17,143 16,584 16,284 15,476 15,913 17,007 15,984 16,335 15,722 15,186 16,652 16,300 16,243 2,767 2,248 1,902 2,153 1,926 2,128 2,051 1,966 2,312 2,224 2,307 2,079 2,010 2,194 2,114 2,086 2,752 2,793 2,698 2,694 2,751 2,688 2,440 2,420 2,760 2,443 2,375 2,549 2,279 2,377 2,382 2,781 12,857 11,643 12,536 11,804 11,331 10,942 10,484 10,648 11,263 10,743 11,062 10,545 10,331 11,560 11,125 10,855 21,748 20,329 19,849 22,930 20,581 21,006 18,892 19,154 20,021 19,015 19,525 19,771 21,514 21,024 21,950 22,782 1 Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978. 2 Total includes commodities and transactions not classified according to kind. 3 Total arrivals of imported goods other than intransit shipments. NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods. 1,529 1,485 1,436 1,681 1,701 1,686 1,499 1,414 1,582 1,530 1,479 1,612 1,652 1,456 1,560 1,551 7,739 6,200 6,671 7,195 5,917 6,727 5,785 6,158 5,911 4,413 4,655 4,511 5,845 5,562 6,014 6,577 -2,275 -2,647 -1,790 -5,467 -3,261 -4,335 -3,041 -2,808 -2,628 -2,689 -2,774 3,697 -5,948 -4,016 -5,321 -6,152 -3,306 3,558 -2,697 6,529 -4,198 -5,261 -3,885 -3,655 -3,569 -3,580 -3,630 4,601 -6,907 4,956 -6,359 -7,187 Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance. *Data for 1975-79 for domestic and foreign exports combined, 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 current account deficit rose to $9.7 billion from $3.6 billion, largely as a result of a widening of the merchandise trade deficit to $14.7 billion from $8.8 billion in the first quarter. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 101 SEASONALLY ADJUSTED -5 -5 % % \ t f MERCHANDISE TRADE BALANCE V -10 -10 1 I t \J i t -15 I I I 1975 J I L 1976 _L_J L 1977 I I I 1978 1979 I I 1980 I I 1*1 I 1981 1982 I 1983 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)] Merchandise * ' a Period 1 2 3 Bemittances, pensions, and other unilateral trans-1 fers Balance on current account -5,505 8,903 -9,483 -31,091 -33,966 -27,555 -25,544 -28,067 -36,389 27,587 25,351 29,286 32,179 42,245 64,132 72,445 86,243 84,146 -12,084 -12,564 -13,311 -14,217 -21,680 -32,914 -42,875 -52,760 -56,842 15,503 12,787 15,975 17,962 20,565 31,218 29,570 33,483 27,304 -1,653 -746 559 1,528 621 -1,778 -2,286 -1,355 179 3,184 -2,792 -2,558 -3,565 -3,573 -2,935 -1,434 -598 -2,095 57,812 58,383 -66,214 -66,224 -8,402 -7,841 22,043 21,801 -13,888 -12,892 8,155 8,909 179 -515 -184 -30 2,053 1,988 1,801 2,571 -1,884 -1,986 -83 585 55,636 54,996 52,241 48,344 -61,739 -60,850 -65,319 -59,698 -6,103 -5,854 -13,078 -11,354 20,761 22,316 21,569 19,499 -13,824 14,779 -14,748 -13,491 6,937 7,537 6,821 6,008 -51 201 54 -26 -208 -561 -557 -769 2,050 1,914 1,906 1,951 2,625 3,236 -4,854 -4,190 -2,061 -1,802 -1,742 -2,431 564 1,434 -6,596 -6,621 -8,810 - 14,661 17,697 19,190 12,608 -13,257 5,089 5,933 516 201 -935 -1,445 2,114 2,098 -2,026 -7,874 -1,561 -1,838 -3,587 -9,712 1982: I 1983: I r H" Balance on goods and services l -103,811 -98,185 - 124,228 -151,907 -176,020 -212,028 -249,781 -265,086 -247,606 1981: HI IV IV Other services, net 3 Payments 98,306 107,088 114,745 120,816 142,054 184,473 224,237 237,019 211,217 n m travel and transportation receipts Receipts Imports 1975 1976 1977 1978 1979 1980 1981 1982 Net Net military transactions Net balance Exports 1974 In vestment inconne 3 49.506 48,913 r -58,316 - 63,574 r r Excludes military grants. Adjusted from Census data for differences in timing and coverage. Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the 36 Net 9,147 3,986 22,749 4,598 9,205 4,711 5,272 -9,894 6,013 -10,340 5,735 4,686 7,172 7,477 8,060 11,523 7,822 -3,177 1,962 7,186 18,136 -4,613 4,207 4,998 -4,617 -14,511 -5,106 -15,446 -5,649 -964 -7,056 421 4,592 -6,931 -8,034 -11,211 United States are excluded from investment income and included in other services, net. Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, claims on foreigners reported by U.S. banks decreased $3.5 billion in the second quarter compared to an increase of $15.9 billion in the first quarter. Liabilities to foreigners and international financial institutions reported by U.S. banks increased $4.1 billion in the second quarter, compared with a $13.5 billion increase in the first quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 160 601 SEASONALLY ADJUSTED 40 40 CHANGE IN FOREIGN ASSETS i\ t IN THE U.S., NET i I i i i \ 20 20 -20 -20 -40 -40 -60 -60 1975 1983 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] Foreign assets in the 1J.S., net [inereast;/ capital inflowv (+)] * U.S. assets abroad, net [increase /capitsil outflow (— ) 1 Period Total U.S. Other U.S. reserve assets l 2 ment assets _4 262 1982: I JU IV 31,456 -40,934 26,099 - 19,553 1983: Ir. HP -21,699 -1,369 n 16,731 41,551 -5,880 8,792 22,611 32,760 632 5,680 -807 1,489 -2,502 934 -29,560 -38,313 -22,803 -16,670 27,124 31,612 17,613 11,517 3,061 1,930 2,642 1,661 30,185 29,682 14,972 9,855 3,768 7,887 15,082 14,657 1,053 -1,126 -19,859 -259 16,452 10,703 49 2,686 16,403 8,016 8,833 379 34,241 15,670 1 Consists of fold, special drawiiig rights (SDKs) , convertible cmTencies, and the U.S. reserve position in the IMF 2 Quarterly data are not seasonal!y adjusted. (SDKs) -16,001 -47,106 -787 16 -17,279 47,817 Other foreign assets 36,518 51,319 64,036 38,752 54,922 80,678 87,866 -1,089 -1,132 -794 -1,950 1981: IE IV 1977 1978 1979 1980 1981 1982 Foreign official assets 23,696 8,643 18,826 14,503 30,358 52,416 39,356 75,248 84,694 -1,274 -973 1,467 -849 2,558 -375 732 -1,133 -8,155 -5,175 -4,965 Total Total (sum of the items with sign reversed) 10,546 7,027 17,693 36,816 33,678 -13,665 15,566 5,430 3,172 366 -33,643 -3,474 -35,380 -4,214 -44,498 -3,693 -30,717 -4,660 -57,202 -3,746 -59,453 -5,140 -72,757 -5,078 -100,348 -5,732 -107,348 34,745 -39,703 51,269 -34,785 -61,130 -64,331 -86,052 -110,601 -118,045 1974 1975 1976 U.S. private assets Statistical d iscrepancy Allocations of special drawing Of which: Seasonal adjustment discrepancy 15,883 16,226 18,747 19,312 18,650 18,956 26,756 30,074 33,958 -1,458 1,139 1,152 1,093 U.S. official assets, net * (unadjusted, end of period) 5,897 10,544 -2,023 12,540 25,404 29,556 24,238 41,390 1,145 1,350 29,715 30,074 -729 881 -1,190 1,042 29,944 30,671 30,993 33,958 -212 801 34,261 33,876 Sources: D epartment of C(>mmerce (Burea u of Economic Ajialysis) and De partment of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment—Nonfarm Business 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, 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—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices for Finished Goods 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 Receipts, 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 General Notes Detail in these tables may not add to totals because of rounding. 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