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FEBRUARY 1983
/ VOLUME 63 NUMBER
CONTENTS
THE BUSINESS SITUATION
1
Selected National Income and Product Accounts Tables
2
Reconciliation and Other Special Tables
7
Federal Fiscal Programs
8
Pollution Abatement and Control Expenditures, 1972-81
15
U.S.
-of
.
Malcolm Baldrige / Secretary
Robert G. Dederick / Undersecretary
for Econotnic Affairs
\
Gross Product of U.S. Multinational Companies* 1977
24
Allan H. Young / Deputy Director
Macroeconomic Effects of Price Shocks:
A Simulation Study
30
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for
Manufacturing and Trade: Revised Estimates
George Jaszi / Director
44
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor ;Patti A. Trujillo
Staff Contributors to This Issue: Brnc« E, Baker, Leo ML'
Bernstein, James C. Byrtaes, Anthony Eckman, Douglas R.
Fox, Karl D. Galbraith, John C. Hinrichs, Albert A. Hirseh,
Ned G'. Howenstine, Susan I«ase-Trevatfciaii9 John Mon,
Martin Murphy, Cary L. Rutledge, Charles A. Waite, Joseph
CURRENT BUSINESS STATISTICS
General
Industry
SI
S19
Footnotes
Subject Index (inside Back
S3S
SURVEY OF CURRENT BUSINESS. Published monthly by the Bureau
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-'•-
'
the BUSINESS SITUATION
DEVISED (45-day) estimates show
that real GNP declined 2 percent at
an annual rate in the fourth quarter
of 1982, compared with the 2%-percent
decline shown by the preliminary (15day) estimates (table 1). Revisions in
the major components were small.
Upward revisions were in nonresidential investment (largely in aircraft
shipments), residential investment
(due to lower estimates for housing
prices), net exports (merchandise imports were revised down more than
were merchandise exports), and government purchases (Federal nondefense purchases). Downward revisions
were in personal consumption expenditures (mainly food and motor vehicles) and change in business inventories (down for manufacturing and
up for retail trade). The increase in
prices as measured by the GNP fixedweighted price index was revised
down from 5 to 4 % percent.
The revisions in the fourth-quarter
real GNP estimates do not alter the
picture of economic activity described
in the January "Business Situation."
The decline in GNP was more than
accounted for by a large swing in
business inventories, from modest accumulation in the third quarter to
substantial decumulation in the
fourth. Final sales were up sharply;
personal consumption expenditures
and government purchases increased
more than in the third quarter, and
residential investment turned around.
Nonresidential fixed investment and
net exports continued to slide. The increase in GNP prices remained in the
range of 4 to 6 percent.
The discussion of inventories in the
January "Business Situation" referred to the constant-dollar ratios of
inventories to final sales and to final
sales of goods and structures. Subse-
quently, a revision of an alternative
series, constant-dollar ratios of inventories to sales for manufacturing and
trade, has been completed. (Revised
series for 1977-82 appear on pages
44-49 of this issue.) These ratios show
that, in contrast to the declines
shown in the final-sales ratios, inventories remained high relative to sales
in the fourth quarter. Because the in-
ventory movements in the two series
were quite similar, the contrast is
traceable to differences in the movement of sales. As just noted, final
sales were up sharply in the fourth
quarter, but sales for manufacturing
and trade (specifically, sales for manufacturing and merchant wholesale
trade, which are largely intermediate)
declined.
Table 1.—Revisions in Selected Component Series of the NIPA's Fourth Quarter of 1982
Seasonally adjusted at annual
rates
15-day
estimate
45-day
estimate
Revision
Percent change
from preceding
quarter at annual
rates
15-day
estimate
45-day
estimate
Billions of current dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases .
j...
3,101.3
3,101.4
0.1
1.7
1.7
2,034.6
336.6
99.8
385
-6.9
675.7
2,031.5
336.9
99.8
442
.8
676.7
-3.1
.3
0
-5.7
7.7
1.0
10.1
86
25.1
9.4
83
25.0
15.6
16.3
1,873.7
1,875.9
2.2
1.2
1.6
National income
Compensation of employees
Corporate profits with inventory valuation and capital consumption
adjustments
.
Other
Personal income
.
429.0
429.6
.6
7.7
8.4
2,623.2
2,626.9
3.7
4.8
5.4
Billions of constant (1972)
dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Net exports
Government purchases
...
1,471.7
1,473.9
2.2
-2.5
-1.9
968.0
159.6
41.7
177
21.1
299.0
967.5
160.0
42.5
187
23.3
299.2
-.5
.4
.8
10
2.2
.2
5.0
-9.0
23.7
4.8
-8.0
34.3
11.3
11.6
4.3
5.2
5.2
3.7
4.6
4.9
Index numbers, 1972=100 1
GNP implicit price deflator
GNP fixed-weighted price index
GNP chain price index
..
210.73
218.8
210.42
218.5
-.31
-.3
1. Not at annual rates.
NOTE.—For the fourth quarter of 1982, the following revised or additional major source data became available: For personal
consumption expenditures, revised retail sales for November and December, and sales and mventories of used cars of franchised
automobile dealers for November; for nonresidential fixed investment, manufacturers' shipments of equipment for November
(revised) and December, construction put in place for November (revised) and December, and a partial tabulation of business
expenditures for plant and equipment for the quarter; for residential investment, construction put in place for November (revised)
and December; for change in business inventories, book values for manufacturing and trade for November (revised) and December;
for net exports of goods and services, merchandise trade for November (revised) and December; for government purchases of goods
and services, Federal unified budget outlays for December, and State and local construction put in place for November (revised)
and December; for wages and salaries, revised employment, average hourly earnings, and average weekly hours for October and
November; for GNP prices, the Consumer and Producer Price Indexes for December, unit value indexes for exports and imports
for December, and residential housing prices for the quarter.
SURVEY OF CURRENT BUSINESS
February 1983
Selected National Income and Product Accounts Tables
New estimates in this issue: Fourth quarter and annual 1982, revised.
The abbreviations used in the tables are:
CCAdj Capital consumption adjustment
IVA
Inventory valuation adjustment
NIPA's National income and product accounts
p
Preliminary
Revised
The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: Statistical Tables (Stock
No. 003-010-00101-1, price $10.00). Estimates for 1977-81 and corrections for earlier years are in the July 1982 SURVEY. These publications are
available from the Superintendent of Documents and Commerce Department District Offices; see addresses inside front cover.
Table 1.1-1.2.—Gross National Product in Current and Constant Dollars
Billions of 1972 dollars
Billions of dollars
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1981
1982 r
1982
1981
III
IV
I
II
1981
III
1982 r
1982
1981
IV
III
IV
I
II
III
IV
1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 1,473.9
Gross national product
2,937.7 3,057.6 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.4
Personal consumption expenditures
1,843.2 1,971.3 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 2,031.5
917.6
957.0
951.4
943.4
949.1
955.0
956.3
967.5
149.0
362.4
445.2
138.7
365.0
453.3
142.2
363.0
446.2
134.1
363.1
446.2
137.5
362.2
449.5
138.3
364.5
452.2
136.4
365.9
454.0
142.6
367.5
457.4
Durable goods
Nondurable goods
Services
234.6
734.5
874.1
...
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equipment
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
....
..
Exports
Imports
Government purchases of goods and services
241.2
741.3
886.3
229.6
746.5
908.3
237.9
749.1
932.4
240.7
755.0
952.1
240.3 251.2
775.3
768.4
977.6 1,005.0
471.5
420.5
486.0
468.9
414.8
431.5
443.3
392.4
225.8
197.0
233.4
218.9
195.4
202.3
206.3
183.8
451.1
346.1
129.7
216.4
104.9
99.7
2.1
3.2
20.5
15.0
5,5
443.3
347.6
141.4
206.2
95.8
90.1
2.5
3.2
-22.8
23.1
.3
454.2
353.0
132.7
220.2
101.2
95.6
2.4
3.2
31.8
24.6
7.2
455.7
360.2
139.6
220.6
95.5
89.4
2.9
3.2
13.2
6.0
7.2
450.4
357.0
141.4
215.6
93.4
87.9
2.4
3.1
-35.6
-36.0
.4
447.7
352.2
143.6
208.6
95.5
89.6
2.8
3.2
-16.2
-15.0
1.2
438.6
344.2
141.3
203.0
94.3
88.7
2.4
3.2
4.7
3.7
1.0
436.6
336.9
139.2
197.7
99.8
94.1
2.4
3.2
-44.2
-45.3
1.1
216.9
172.0
51.6
120.4
44.9
.9
2.0
2.0
6.8
6.8
2.1
205.7
165.5
53.1
112.4
40.2
37.3
1.0
1.9
-8.8
8.9
.2
216.9
173.9
52.5
121.4
42.9
39.9
1.0
2.0
16.5
13.6
3.0
214.1
174.2
53.3
120.9
39.9
36.7
1.2
2.0
4.8
1.6
3.2
210.8
172.0
53.5
118.5
38.9
36.0
1.0
1.9
-15.4
-15.6
.2
206.7
166.7
53.7
113.0
40.1
37.0
1.1
1.9
-4.4
3.8
-.6
202.9
163.4
53.0
110.4
39.5
36.6
1.0
1.9
3.4
2.9
.5
202.6
160.0
52.2
107.9
42.5
39.6
1.0
1.9
-18.7
19.2
.5
26.1
18.5
25.9
23.5
31.3
34.9
6.9
.8
42.0
30.9
39.2
36.5
36.9
35.7
27.5
23.3
367.3
341.3
349.2
330.7
367.2
341.3
367.9
344.4
359.9
328.6
365.8
330.9
349.5
342.5
321.5
320.7
158.5
116.4
147.3
116.4
157.8
118.7
156.9
120.4
151.7
114.7
154.4
118.7
147.5
120.0
135.5
112.2
596.9
647.3
600.2
626.3
630.1
630.9
651.7
676.7
287.1
291.2
286.4
291.3
289.2
285.3
291.1
299.2
230.0
154.4
75.7
370.1
250.5
166.9
83.6
375.7
249.7
166.2
83.5
380.4
244.3
176.2
68.2
386.6
259.0
182.7
76.3
392.7
277.9
189.4
88.5
398.9
110.4
73.5
36.8
176.7
116.0
76.1
39.9
175.3
114.4
74.5
39.8
174.9
110.3
78.2
32.1
175.0
116.2
80.6
35.5
174.9
124.1
81.2
42.9
175.1
228.9
153.7
75.2
368.0
Federal
National defense
Nondefense
State and local
242.5
762.0
1,502.6 1,476.0
257.7
178.6
79.1
389.6
116.2
78.6
37.6
175.0
110.7
74.3
36.5
175.7
Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars
Gross national product
... 2,937.7 3,057.6 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.4
1,502,6 1,476.0 1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 1,473.9
2,917.3 3,080.4 2,949.1 2,989.9 3,031.1 3,061.4 3,083.5 3,145.6
356
132
47
162
318
228
205
442
1,493.7 1,484.8 1,493.9 1,485.3 1,486.1 1,482.7 1,477.8 1,492.6
90
187
44
34
154
88
165
48
Final sales
Change in business inventories
1,289.2 1,280.9 1,317.0 1,298.4 1,269.4 1,283.1 1,295.5 1,275.7
689.5
661.5
697.2
678.0
661.8
663.2
665.1
655.8
12687 1,303 7 1,285.1 1,285.2 1,305.0 1,299 3 12907 13199
356
47
162
132
228
205
442
31.8
6805
90
6703
88
6807
165
6732
48
6772
154
6675
44
6617
34
6745
187
4695
5153
458
806.2
8046
16
293.1
2893
38
391.2
3912
51
2662
2738
77
3953
3964
11
2988
2902
86
3984
3905
79
2751
2776
25
4029
3956
73
2650
2787
13 7
3968
3985
17
2723
2749
26
3909
3926
17
2740
2692
48
391 1
3925
15
2534
2726
192
4024
4020
5
Services
Structures
1,364.3 1,492.4 1,382.1 1,421.5 1,444.4 1,476.7 1,509.5 1,538.7
283.2
281.7
283.3
285.3
284.3 281.9
284.2
287.0
695.6
117.6
701 5
113.1
697.5
115.7
6986
113.4
697 0
111.9
7022
113.0
703 6
112.5
703 1
114.9
Addenda:
Gross domestic purchases *
Final sales to domestic purchasers *
2,911 7 3,039.1 2,955.0 2,979.7 2,964.2 3,010.3 3,081.3 3,100 6 1,460 6 14452 14712 14536 14338 14426 14537 14506
2,891.2 3,061.9 2,923.2 2,966.5 2,999.8 3,026.5 3,076.6 3,144.8 1,451.6 1,454.0 1,454.7 1,448.8 1,449 2 1,447.0 1,450 3 14693
Goods
Final sales
Change in business inventories
Durable goods
Final sales
.
Nondurable goods
.
Final sales
Change in business inventories
....
528.1
5194
87
761.1
7494
117
493.7
5120
183
787.2
791.8
—45
547.3
527.5
198
769.7
757.6
120
504.9
510.5
56
793.6
774.7
189
482.4
513.2
309
787.0
791.8
4.8
505.9
5126
66
777.2
786.7
—96
516.9
5068
101
778.6
783.9
54
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.
Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars
2,937.7 3,057.6 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.4
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
. . . .
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
Government
Federal
State and local
Rest of the world
Addendum:
Gross domestic business product less housing
.
2,888.5
2,492.4
24185
2,188.9
2296
758
-19
964
7.0
894
2997
923
207.4
49.2
2,253.5
3,012.0
2,582.6
2,506 8
2,257.1
2497
756
.2
1068
7.1
996
3227
998
222.9
456
2,931.2
2,533.9
24547
2,223.0
231.7
801
-.8
971
7.1
901
3001
910
209.2
497
2,949.8
2,538.6
2,467 4
2,229.9
237.4
784
-72
1003
7.1
933
3109
979
2130
533
2,949.6
2,530.6
24651
2,222.8
242.3
729
7.5
1033
71
962
3158
986
2171
458
2,995.7
2,570 1
24944
2,247 9
2465
748
8
1053
71
982
3203
989
2214
495
3,041.6
26100
25302
2,278.0
2523
761
36
1079
71
1008
3238
991
2247
466
1,502.6 1,476.0 1,510.4 1 490.1 1,470.7 1 478.4 1,481 1 1 473.9
3,061.0 1,447.2 1,453.8 1,485.0
26196 12743 12503 12824
25374 12368 1 2103 1 241 9
22797 1 1055 10774 1 1106
2577
1314
1328
131 3
787
384
400
9
o 4094
36
1106
469
48 1
467
72
33
31
33
1034
436
450
435
3309
1560
1554
155 9
1024
497
498
498
2284
1063
1056
106 1
404
254
222
25 4
1,141.4
1 463.3
12602
1 221 5
10899
131 6
423
36
474
32
44 1
155 8
49 g
1060
26 7
14480
1 2444
1 2100
1*0779
1320
38 1
37
478
31
447
1557
498
1060
22 7
1 454.1
12505
1 2122
1*0795
1326
380
4
479
31
448
155 7
498
1059
24 2
14586
12554
1*2144
l'081 3
133 1
393
17
480
31
449
155 2
49 8
1054
22 5
14546
12508
1 204 5
10709
133 5
446
17
486
31
455
155 2
49 9
1053
19 3
SURVEY OF CURRENT BUSINESS
February 1983
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business
in Current and Constant Dollars
1981
1982r
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments less subsidies
Billions of dollars
Seasonally adjusted at annual rates
1982
1981
III
Gross domestic product of corporate
business
Capital consumption allowances with CCAdj
Billions of dollars
Seasonally adjusted at annual rates
IV
I
II
1981
III
1,837.1 1,892.8 1,867.8 1,873.1 1,863.1 1,882.7 1,911.2
206.2
225.1
209.7
216.0
218.9
223.4
227.5
230.4
1,630.9 1,667.7 1,658.1 1,657.1 1,644.2 1,659.3 1,683.7
186.1
190.0
187.8
189.1
184.0
189.1
192.2
194.6
Domestic income
1,444.8 1,477.8 1,470.3 1,468.0 1,460.2 1,470.3 1,491.4
Compensation of employees
1,224.5 1,271.2 1,242.5 1,251.5 1,259.5 1,270.7 1,278.7 1,276.0
1,024.8 1,057.6 1,040.5 1,046.6 1,049.7 1,057.8 1,063.4 1,059.4
Wages and salaries
Supplements
to
215.3
216.5
wages and salaries ... 199.7 213.6 202.1 204.9 209.8 212.9
Corporate profits with
140.2
137.2
IVA and CCAdj
149.9
167.8 144.3 172.2 158.3
Profits before tax
209.3
Profits tax liability ..
81.2
128.1
Profits after tax
Dividends
50.8
Undistributed
profits
77.3
IVA
246
CCAdj
-16.8
Net interest
52.5
Gross
domestic
product of financial
corporate
business
104.8
Gross
domestic
product of nonfinancial corporate business
Capital consumption allowances with CCAdj ,
158.4
58.5
99.9
59.3
212.3
82.4
129.8
52.7
190.9
71.6
119.3
54.6
154.7
56.7
98.1
56.0
153.5
55.3
98.2
58.0
164.0
60.9
103.1
60.6
,62.5
40.6
93
-4.8
62.2
77.1
-23.0
-17.1
55.6
64.7
-17.1
-15.5
58.3
42.0
-4.4
-10.1
60.5
40.2
94
-6.9
62.4
42.4
-10.3
-3.8
62.8
-12.9
1.5
63.3
in
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdj
Net interest
Gross domestic product of nonfinancial
corporate business...
1,732.3 1,779.2 1,763.6 1,767.2 1,756.6 1,771.0 1,794.4
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments less subsidies
Domestic income
195.8
213.6
199.1
106.0
205.1
106.6
207.8
111.7
212.1
216.0
218.7
I
II
HI
IV r
186.6
63.3
123.3
52.9
135.8
40.3
95.6
61.2
191.5
65.5
126.0
54.4
170.5
54.8
115.7
56.7
134.8
38.9
95.8
58.0
131.3
37.1
94.2
59.7
139.8
42.1
97.6
62.6
64.6
70.3
-24.6
-16.3
62.5
34.3
-9.3
-5.1
72.5
71.6
-23.0
16.7
65.7
58.9
-17.1
-15.1
68.1
37.8
-4.4
-10.0
70.5
34.5
-9.4
-7.1
72.6
35.0
-10.3
-4.2
73.1
-12.9
.8
73.6
857.9
859.3
Billions of 1972 dollars
116.8
104.2
1982
IV
1,536.5 1,565.5 1,564.5 1,562.0 1,548.8 1,559.0 1,578.4
Net domestic product
Indirect business tax and
nontax liability plus
business transfer pay184.2
186.5
179.9
181.3
176.3
181.2
ments less subsidies
178.3
182.1
1,358.2 1,383.5 1,384.5 1,380.8 1,372.4 1,377.8 1,394.2
Domestic income
Compensation of em1,150.1 1,189.6 1,167.0 1,174.5 1,181.6 1,190.4 1,195.8 1,190.5
ployees
995.0 989.0
962.9 990.2 977.7 982.7 985.3 991.4
Wages and salaries
Supplements
to
196.4
199.4
189.3
191.9
198.9
200.8 201.5
wages and salaries ... 187.1
Corporate profits with
151.8
138.2
114.8
125.3
145.6
121.5
120.3
IVA and CCAdj
Capital consumption allowances with CCAdj
113.6
1981
1982'
iv r
881.3
856.7
887.5
870.4
858.8
94.3
98.6
94.9
96.0
97.0
98.1
99.2
787.0
758.0
792.6
774.5
761.8
759.8
760.1
94.7
692.2
94.8
663.3
95.2
697.4
94.7
679.8
94.6
667.2
95.0
664.8
94.6
665.5
100.2
95.0
Table 1.11.—National Income by Type of Income
National income
2 352.5 24366 2,387.3 2,404.5 2,396.9 2,425.2 2,455.6
Compensation of employees
1,767.6 1,856.4 1,789.1 1,813.4 1,830.8 1,850.7 1,868.3 1,875.9
1,494.0 1,560.6 1,512.6 1,531.1 1,541.5 1,556.6 1,570.0 1,574.3
Wages and salaries
Government and gov283.1
ernment enterprises ...
302.3 284.0 292.3 296.3 300.0 303.5 309.2
Other
1,210.9 1,258.3 1,228.6 1,238.8 1,245.2 1,256.6 1,266.4 1,265.1
Supplements to wages
and salaries...
273.6 295.8 276.5 282.3 289.3 294.1 298.3 301.6
Employer contributions for social in143.6
140.2
141.7
142.8
136.5
134.3
surance
133.2
142.1
157.9
152.5
155.5
142.2
145.8
149.1
140.4
153.8
Other labor income
Proprietors' income with
IVA and CCAdj
Farm
Proprietors' income
with IVA
CCAdj
Nonfarm
.
Proprietors' income
IVA
CCAdj
Rental income of persons
with CCAdj
Rental income of persons
CCAdj
Corporate profits with IVA
and CCAdj
Corporate profits with
IVA
...
Profits before tax
Profits tax liability..
Profits after tax
Dividends
Undistributed
profits
IVA
CCAdi
Net interest
Addenda:
Corporate profits after
tax with IVA and
CCAdj
Dividends
Undistributed
profits
with IVA and CCAdj
124.7
24.0
120.4
19.1
127.5
27.1
124.1
24.6
116.4
17.8
117.3
17.4
118.4
16.6
129.3
24.4
31.8
27.2
35.1
260
100.7
100.3
16
101.3
94.5
6
100.4
99.3
1.2
32.8
—8.2
99.5
97.7
12
-8.2
98.6
93.8
0
25.5
-8.1
99.9
94.5
10
24.7
-8.1
101.7
94.4
5
21
73
2.3
3.0
4.7
6.4
7.9
32.5
-8.1
104.9
95.5
—.8
10.2
79
81
80
33.9
34.1
33.6
33.6
33.9
34.2
34.6
33.9
694
355
70.4
—363
69.5
—35.9
70.5
-36.9
71.0
-37.1
70.7
-36.4
70.9
36.3
69.3
35.4
1906
1605
193.1
183.9
157.1
155.4
166.2
207.5
2321
81.2
1509
65.1
165.3
1746
58.5
116 1
70.3
210.3
2333
82.4
1508
66.8
199.4
216.5
71.6
1449
68.1
167.2
171.6
56.7
1150
68.8
162.2
171.7
55.3
1163
69.3
170.0
180.3
60.9
1194
70.5
85.8
24.6
16.8
45.9
-9.3
-4.8
84.0
-23.0
-17.1
76.9
-17.1
15.5
46.1
47.0
-9.4
-6.9
48.8
10.3
-3.8
235.7
265.2
244.0
249.5
267.5
268.1
4.4
-10.1
258.7
109.5
65.1
102.0
70.3
110.7
66.8
112.3
68.1
100.4
68.8
100.0
69.3
105.3
70.5
44.4
31.8
43.9
44.3
31.6
30.7
34.8
Table 1.7.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income
Billions of dollars
Seasonally adjusted at annual rates
1981
-12.9
1.5
266.4
72.4
1981
in
Gross national product
Less:
Capital consumption allowances with CCAdj...
Capital consumption alIjbwances
,
Less* CCAdj
Equals: Net national product
Less:
Indirect business tax and
nontax liability
Business transfer payments
,
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
72.4
1982 r
Less:
Corporate profits with
IVA and CCAdj
Net interest
Contributions for social
insurance
Wage accruals less disbursements
Plus:
Government transfer payments to persons
Personal interest income....
Personal dividend income ..
Business transfer payments
.
1982
IV
I
n
III
IV r
2,937.7 3,057.6 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.4
330.1
356.3
335.2
344.8
348.7
353.9
359.4
363.2
267.5
626
309.8
465
271.9
632
282.6
622
293.4
-55.3
304.4
-49.6
314.6
-44.8
326.7
365
2,607.9 2,701.3 2,645.8 2,658.4 2,646.7 2,691.2 2,728.9 2,738.2
258.7
253.3
255.3
250.2
256.7
261.7
266.1
12.4
19
13.7
.2
12.5
g
12.8
-7.2
13.1
-7.5
13.5
.8
13.8
3.6
14.3
6.6
7.8
6.5
7.0
6.0
4.9
5.8
14.6
251.3
2,352.5 2,436.6 2,387.3 2,404.5 2,396.9 2,425.2 2,455.6
190.6
235.7
160.5
265.2
193.1
244.0
183.9
249.5
157.1
258.7
155.4
267.5
166.2
268.1
266.4
238.1
253.8
240.3
243.5
250.8
253.0
255.2
256.1
0
0
.2
-.1
-.2
0
0
0
323.9
329.0
62.5
361.0
371.8
67.0
332.3
339.6
64.1
337.9
351.0
65.2
341.4
359.7
65.8
351.7
372.0
66.1
367.2
378.2
67.2
383.6
377.2
68.8
12.4
13.7
12.5
12.8
13.1
13.5
13.8
14.3
Equals: Personal income....... 2,415.8 2,570.6 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 2,626.9
SURVEY OF CURRENT BUSINESS
Table 2.1.—Personal Income and Its Disposition
February 1983
Table 2.2-2.3.—Personal Consumption Expenditures by Major Type of
Product in Current and Constant Dollars
Billions of dollars
Billions of dollars
Seasonally adjusted at annual rates
1981
r
1982
1981
III
Personal income...,
Seasonally adjusted at annual rates
1982
m
II
I
IV
Other labor income
140.4
153.8
142.2
149.1
145.8
152.5
155.5
157.9
Proprietors' income with IVA
and CCAdj
Farm
,
Nonfarm
124.7
24.0
100.7
120.4
19.1
101.3
127.5
27.1
100.4
124.1
24.6
99.5
116.4
17.8
98.6
117.3
17.4
99.9
118.4
16.6
101.7
129.1
24.4
104.9
Rental income of persons with
CCAdj
33.9
34.1
33.6
33.6
33.9
34.2
34.6
33.9
62.5
67.0
64.1
65.2
65.8
66.1
67.2
68.8
Personal interest income
329.0
371.8
339.6
351.0
359.7
372.0
378.2
377.2
Transfer payments
Old-age, survivors, disability,
and health insurance benefits
,. ..
Government unemployment
insurance benefits
Veterans benefits
..
Government employees retirement benefits ,
Other transfer payments
Aid to families with dependent children ..
Other
336.3
374.7
344.8
350.7
354.6
365.2
381.0
397.8
182.0
204.5
190.6
192.8
194.7
197.5
209.2
216.6
15.4
16.1
24.9
16.4
14.1
16.0
16.7
16.4
18.7
16.3
23.5
16.1
25.5
16.3
32.0
16.7
49.2
73.6
54.0
74.9
49.6
74.4
50.8
74.0
51.5
73.3
54.4
73.8
54.9
75.2
55,1
77.2
13.4
60.3
13.2
61.7
13.5
61.0
13.4
60.6
13.2
60.1
13.2
60.6
13.0
62.1
13.2
64.0
Less: Personal contributions
for social insurance . ...
104.9
111.7
106.1
107.0
110.6
111.4
112.4
112.5
Less: Personal tax and nontax
payments
386.7
397.2
398.1
393.2
393.4
401.2
394.4
399.7
personal
2,029.1 2,173.4 2,060.0 2,101.4 2,117.1 2,151.5 2,198.1 2,227.1
1,898.9 2,030.7 1,925.7 1,942.7 1,977.9 2,007,2 2,046.1 2,091.6
Personal consumption expenditures
1,843.2 1,971.3 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 2,031.5
Interest paid by consumers to
business
57.8
58.6
55.1
56.2
57.5
58.4
59.0
59.2
Personal transfer payments to
foreigners (net)
.6
.9
.7
.7
.8
.9
.8
.9
Equals: Personal saving
130.2
142.7
134.4
139.1
158.6
144.3
152.0
135.5
Addenda:
Disposable personal
income:
Total, billions of 1972 dollars
1,043.1 1,055.2 1,048.8 1,051.9 1,046.9 1,054.8 1,058.3 1,060.7
Per capita:
Current dollars
8,827 9,366 8,951 9,107 9,155 9,285 9,461 9,562
1972 dollars
4,538 4,547 4,557 4,559 4,527 4,552 4,555 4,554
Population (millions) ..........
229.9 232.1 230.1 230.8 231.2 231.7 232.3 232.9
Personal saving as percentage of disposable personal
income.
6.4
6.6
6.5
6.7
6.6
7.5
6.9
Personal consumption expenditures
Durable goods
1982
IV
I
II
IV r
III
Motor vehicles and parts ...
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes ...
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services
Housing....
Household operation
Electricity and gas
Other
Transportation
Other
1,843.2 1,971.3 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 2,031.5
234.6
242.5
241.2
229.6
237.9
240.7
240.3
251.2
98.6
106.0
104.0
93.9
103.2
103.3
104.3
113.1
93.4
42.6
92.8
43.7
93.8
43.4
93.3
42.4
91.0
43.7
93.2
44.2
92.7
43.3
94-4
43.7
734.5
762.0
741.3
746.5
749.1
755.0
768.4
775.3
375.3
114.6
96.8
147.9
19.7
128.2
397.2
118.7
93.7
152.4
17.6
134.8
378.0
115.9
97.7
149.7
19.9
129.8
382.3
116.0
97.5
150.7
19.2
131.5
387.9
117.5
95.3
148.4
17.3
131.1
395.0
118.4
91.3
150.4
17.3
133.1
401.3
119.1
94.2
153.8
18.4
135.4
404.8
119.7
93.9
157.0
17.5
139.6
874.1
966.8
886.3
908.3
932.4
952.1
977.6 1,005.0
295.3
128.9
66.8
62.1
65.4
384.4
324.6
144.4
75.4
69.0
70.2
427.6
298.7
132.8
69.4
63.5
65.5
389.3
307.0
136.9
71.2
65.7
65.7
398.7
314.5
141.4
75.1
66.3
66.9
409.6
320.4
140.7
72.6
68.1
69.5
421.5
328.2
145.0
75.2
69.9
71.5
432.9
335.4
150.3
78.7
71.6
73.0
446.3
Billions of 1972 dollars
Personal consumption expenditures.....
Durable goods
Motor vehicles and parts ...
Furniture and household
equipment
Other
Nondurable goods..
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods .....
Fuel oil and coal .,
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other..
947.6
957.0
951.4
943.4
949.1
955.0
956.3
967.5
140.0
138.7
142.2
134.1
137.5
138.3
136.4
142.6
54.2
55.6
56.1
50.0
54.9
54.4
53.8
59.1
61.6
24.3
59.1
24.0
61.4
24.7
60.4
23.7
58.5
24.1
59.4
24.4
58.9
23.7
59.7
23.8
362.4
365.0
363.0
363.1
362.2
364.5
365.9
367.5
181.4
82.7
25.7
72.6
3.5
69.1
184.0
84.1
26.5
70.4
3.1
67.3
180.9
83.1
26.2
72.9
3.5
69.4
182.0
83.0
25.8
72.3
3.3
69.0
181.7
83.8
26.2
70.4
3.0
67.4
183.0
84.0
27.2
70.2
3.2
67.1
184.9
84.0
26.5
70.5
3.3
67.2
186.2
84.7
26.2
70.5
3.0
67.5
445.2
453.3
446.2
446.2
449.5
452.2
454.0
457.4
162.6
63.5
24.6
38.8
32.4
186.8
165.4
64.1
24.7
39.4
32.5
191.3
162.9
64.1
25.0
39.1
32.1
187.2
163.5
64.4
25.2
39.2
31.7
186.6
164.5
64.5
25.6
38.9
31.9
188.5
165.2
63.4
24.1
39.3
32.5
191.0
165.7
63.7
24.3
39.4
32.7
191.8
166.3
64.7
24.8
39.9
32.7
193.8
Table 5.1.—Gross Saving and Investment
Billions of dollars
Seasonally adjusted at annual rates
1981
6.1
Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonfinancial Corporate Business
Dollars
1981 1982 r
1982
1981
III
IV
I
n
III
Current-dollar cost and profit per
unit of constant-dollar
gross do1.966 2,077 1.987 2.030 2.045 2.064 2.088
mestic product 1
Capital consumption allowances with CCAdj ... .222 .249
1.743 1.827
Net domestic product
Indirect business tax and nontax liability
plus business transfer payments less
.202 .213
subsidies
..
1.541 1.615
1.305 1.389
Compensation of employees
Corporate profits with
IVA and CCAdj ,.
.165 .142
Profits tax liability....
.072 .047
Profits after tax with IVA and CCAdj ... .093 .095
Net interest..
..
.071 .085
.224 .236 .242 .247 .251
1.763 1.795 1.803 1.817 1.837
.203 .208 .205 .211 .214
1.560 1.586 1.598 1.606 1.623
1.315 1.349 1.376 1.388 1.392
.171
.074
.097
.074
.159
.063
.096
.078
.140
.045
.095
.082
Gross private saving
Undistributed corporate profits with IVA and CCAdj
Undistributed profits ..... ..
CCAdj
Seasonally adjusted
.134
.043
.091
.085
.146
.049
.097
.085
rv r
1982 r
Capital consumption allowances with CCAdj:
Corporate
Wage accruals less disburseGovernment surplus or
deficit (-), NIPA's
Federal
State and local
Capital grants received by the
United States (net)
IV
I
II
III
IV
477.5 414.5 490.0
476.3
428.8
441.5
422.4
513.4
134.4
547.7
158.6
519.4
139.1
529.0
144.3
546.1
152.0 ""135.5
44.4
85.8
-24.6
-16.8
43.9 44.3
31.8
45.9 84.0 76.9
-9.3 -23.0 -17.1
-4.8 -17.1 -15.5
31.6
46.1
-4.4
101
30.7
47.0
-9.4
-6.9
34.8
48.8
-10.3 "-12.9
38
1.5
206.2
123.9
225.1 209.7 216.0
131.3 125.5 128.7
218.9
129.8
223.4
130.5
227.5
131.9
230.4
132.8
0
0
0
0
504.7
130.2
0
530.8
142.7
0
0
0
-87.5 -123.7
-28.2 -116,4 -24.5 -72.5 -90.7
-60.0 -1482 -58.0 -10L7 -118.4 -119.6 -156.0
27.7
32.1
32.3
31.7
31.9 33.5 29.1
0
0
0
0
489.1 469.0
421.3
422.3
426.0
368.7
471.5 420.5 486.0 468.9
.1
3.1
4.1 -5.9
414.8
6.5
431.5
10.8
443.3
173
392.4
-23.7
-7.2
75
.8
3.6
1.1
0
475.6 414.6
Gross private domestic investment
.
Net foreign investment
1982
1981
HI
Gross saving
1981
m
, 2,415.8 2,570.6 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 2,626.9
Wage and salary disbursements.. 1,493.9 1,560.6 1,512.3 1,531.2 1,541.6 1,556.6 1,570.0 1,574.3
(Commodity-producing
industries....
...,,,,.
510.8 509.9 519.3 517.7 514.3 513.6 510.2 501.5
Manufacturing .....
386.4 382.6 392.9 388.7 385.1 385.6 383.8 375.8
Distributive industries ,
361.4 376.0 366.5 368.3 371.4 375.4 378.4 378.6
Service industries
338.6 372.5 342.8 352.8 359.5 367.6 377.8 385.0
Government and government
enterprises.... ..
.. .
283.1 302.3 283.8 292.4 296.5 300.0 303.5 309.2
Equals: Disposable
income
1982 r
1981
rv r
Statistical discrepancy ....... -1.9
.2
1.1
-.8
1.1
February 1983
SURVEY OF CURRENT BUSINESS
Table 3.2.—Federal Government Receipts and Expenditures
5
Table 7.1.—Implicit Price Deflators for Gross National Product
Index numbers, 1972=100
Billions of dollars
Seasonally adjusted
Seasonally adjusted at annual rates
1981
Receipts
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruIndirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
..
Contributions for social
insurance
Expenditures
Purchases of goods and
services
National defense
Nondefense
Transfer payments
To persons
Grants-in-aid to State and
local governments
Net interest paid
..
Interest paid
To persons and business
To foreigners
Less: Interest received
Subsidies less current surplus of government
enterprises
Subsidies
....
Less: Current surplus of
government enterprisesLess: Wage accruals less
Surplus or deficit
(-), NIPA's
628.2
1982r
614.5
I
III
IV
640.2
625.7
609.9
II
III
617.0
613.7
299.2
292.8
6.1
.3
307.9
300.6
7.1
.3
300.9
293.2
7.5
.3
299.9
291.1
8.5
.3
305.8
297.5
8.0
.3
295.6
288.1
7.2
.3
67.3
47.8
68.4
59.1
46.5
45.2
49.8
58.5
44.1
8.6
5.8
50.0
34.7
8.5
6.8
57.8
43.1
9.0
5.8
57.2
41.9
9.3
6.1
48.7
33.6
8.7
6.3
49.8
34.6
8.6
6.6
50.8
35.5
8.5
6.8
50.7
35.1
8.3
7.3
204.3
216.6
206.1
208.4
214.9
216.2
217.5
217.7
728.3
736.6
769.7
816.2
688.2
762.7
698.2
727.4
228.9
153.7
75.2
286.6
280.9
5.7
257.7
178.6
79.1
321.9
315.9
6.1
230.0
154.4
75.7
295.1
289.0
6.1
250.5
166.9
83.6
300.7
294.0
6.6
249.7
166.2
83.5
303.2
297.2
6.0
244.3
176.2
68.2
312.8
307.0
5.8
259.0
182.7
76.3
327.4
321.8
5.6
277.9
189.4
88.5
344.3
337.5
6.8
87.7
71.9
91.4
83.5
84.9
107.7
86.3
74.0
94.3
83.6
79.0
99.5
83,0
79.6
101.8
85.0
82.8
105.1
82.0
88.7
111.9
84.0
88.6
112.1
74.6
16.7
19.5
90.3
17.5
22.8
77.2
17.1
20.3
82.4
17.1
20.6
83.9
17.9
22.1
87.6
17.4
22.3
94.2
17.8
23.2
95.3
16.8
23.5
13.1
12.2
14.6
14.1
13.0
12.0
13.6
13.8
12.7
13.7
11.6
12.6
12.6
11.8
21.5
18.1
-.9
-.5
.3
1.1
1.0
-.8
-3.4
o
0
1
2
0
0
-60.0
-148.2
.2
-58.0
166
-41.4
0
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social insurance
Federal grants-in-aid
-19.3
-82.4
-16.4
-102.0
-24.1
-95.5
-36.5
-119.6
-45.7
416.8
437.1
420.3
421.5
424.2
434.3
440.5
88.6
48.3
32.0
8.3
97.1
51.9
36.4
8.8
90.3
49.3
32.6
8.4
92.3
50.1
33.7
8.5
93.6
50.2
34.8
8.6
95.4
50.8
35.9
8.7
98.8
53.0
37.0
8.9
13.9
10.7
14.0
12.5
10.1
10.2
11.2
100.5
53.4
38.1
9.0
192.8
90.4
75.1
27.2
208.7
95.3
83.5
29.9
195.5
91.8
76.0
27.8
198.0
91.8
77.8
28.4
201.5
92.6
79.8
29.2
206.9
95.0
81.8
30.0
210.9
96.1
84.7
30.2
33.8
87.7
37.2
83.5
34.2
86.3
35.1
83.6
36.0
83.0
36.9
85.0
37.7
82.0
38.4
84.0
385.0
405.3
386.9
392.4
396.5
402.2
408.2
414.3
368.0
389.6
370.1
375.7
380.4
386.6
392.7
398.9
207.4
160.6
222.9
166.7
209.2
161.0
213.0
162.7
217.1
163.2
221.4
165.2
224.7
168.0
228.4
170.4
Interest paid
Less: Interest received
43.0
-16.9
23.7
40.6
45.1
-19.5
28.0
47.5
43.3
174
24.2
41.5
43.9
-17.8
25.3
43.1
44.3
-18.5
26.4
44.9
44.7
-19.2
27.4
46.7
45.4
-19.8
28.5
48.3
46.1
20.2
29.7
49.9
Less: Dividends received
2.6
3.3
2.7
2.8
3.0
3.2
3.3
3.5
Expenditures
Subsidies less current surplus of government
enterprises
Subsidies
Less: Current surplus of
government enterprises ..
-6.5
.4
-6.8
.5
-6.5
.4
-6.6
.4
-6.6
.4
-6.7
.4
-6.8
.5
-6.9
.5
6.9
7.2
6.9
7.0
7.1
7.2
7.3
7.4
Less: Wage accruals less
disbursements
0
0
0
0
0
0
0
0
31.7
31.9
33.5
29.1
27.7
32.1
32.3
31.8
-.1
36.3
-4.4
32.3
1.2
33.3
-4.2
34.5
-6.8
35.7
-3.6
36.9
-4.5
Surplus or deficit
( ) NIPA's
Social insurance funds
Other
I
II
III
IV
195.51 207.15 197.36 201.55 203.68 205.98 208.51 210.42
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
194.5
167.5
202.7
196.3
206.0
174.8
208.7
213.3
196.4
169.7
204.2
198.6
199.8
171.3
205.6
203.6
202.2
173.0
206.8
207.4
204.0 207.7 210.0
174.0 176.1 176.1
207.1 210.0 211.0
210.6 215.3 219.7
Gross private domestic
investment
Fixed investment
Nonresidential
Structures.. .
Producers' durable equipment ..
Residential
Nonfarm structures
Farm structures
Producers' durable equipment ..
Change in business inventories
208.0
201.3
251.5
179.8
233.6
237.1
236.9
159.4
215.5
210.0
266.4
183.4
238.0
241.4
241.2
168.4
209.4
203.0
252.7
181.4
235.8
239.4
237.9
161.3
212.9
206.8
261.9
182.5
239.2
243.3
242.7
162.8
213.6
207.6
264.5
181.9
240.5
244.3
243.8
165.7
216.6
211.3
267.6
184.6
238.6
242.1
242.0
168.1
216.2
210.7
266.7
183.8
238.8
242.3
241.9
169.4
215.6
210.5
266.9
183.3
234.5
237.5
237.3
170.4
231.8 237.1
293.1 284.1
232.6
287.7
234.5
286.1
237.3
286.4
236.8
278.8
236.9
285.4
237.2
285.8
207.9
207.4
209.0
204.2
208.2
209.5
207.8
207.9
207.4
210.7
215.0
216.0
219.5
209.4
214.3
217.8
218.3
223.0
209.6
217.5
221.1
221.6
225.2
212.6
220.9
223.9 226.2
223.0 223.9
226.5 233.3
214.9 206.0
224.5 227.8
Net exports of goods and
services
Exports
Imports
Government purchases of
goods and services
Federal
National defense
Nondefense
State and local
..
222.3
221.7
227.1
210.5
222.7
Table 7.2.—Fixed-Weighted Price Indexes, 1972 Weights, for Gross
National Product
Fixed-weighted price indexes, 1972=100
Seasonally adjusted
1981
1982 r
1982
1981
III
IV
I
II
III
IV
202.0
214.5
204.2
208.4
210.8
213.0
216.0
218.5
202.1
172.9
212.8
202.1
213.8
181.4
218.7
220.3
203.9
175.1
214.0
204.5
207.5
177.4
215.9
209.9
209.9
179.0
217.2
213.8
211.6
181.0
216.4
217.6
215.4
182.6
219.7
222.6
218.3
183.0
221.6
227.3
220.9
213.5
237.3
199.8
235.0
230.6
225.7
248.9
212.4
239.9
223.2
215.6
289.4
201.9
237.5
226.8
219.3
243.0
205.6
241.2
229.2
222.0
245.7
208.4
242.7
230.4 232.0
225.0 227.4
248.6 250.0
211.5 214.5
240.7 240.7
231.3
228.9
251.4
215.9
235.9
Net exports of goods and
services
Exports
Imports
239.3
319.0
245.7
315.3
241.1
316.3
242.5
314.0
245.6
319.1
246.3
313.6
245.5
314.3
Government purchases of
goods and services
Federal
National defense
Nondefense
State and local
212.2
214.7
219.7
201.7
210.6
226.2
230.1
236.5
213.9
223.5
213.6
214.5
219.6
201.6
212.9
219.3
223.9
230.1
207.9
216.1
222.4 224.5
227.1 228.4
233.4 234.6
211.0 212.6
219.2 221.9
227.2 230.8
230.1 234.9
236.3 241.5
214.2 218.0
225.2 228.1
Addenda:
207.2
Gross domestic purchases1
Final sales
202.0
Final 1 sales to domestic purchasers
207.2
219.0
214.6
209.0
204.2
213.0
208.4
215.6
210.9
217.3
213.0
220.4
216.1
222.9
218.6
219.1
209.0
213.0
215.6
217.4
220.5
223.0
Personal consumption expendi208.8
tures, food
Personal consumption expenditures energy
359.6
Other personal consumption expenditures
185.5
217.4
210.6
211.7
215.3
217.3
218.4
218.5
362.2
360.4
366.1
361.9
348.9
364.1
373.8
199.1
187.6
191.6
194.3
197.3
200.8
203.9
Gross domestic product
Business
Nonfarm
214.6
215.3
204.2
205.7
208.5
209.4
210.9
211.8
213.0
213.8
216.1
216.8
218.6
219.0
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
215.4
97.5
87.7
30.2
Purchases of goods and
services
Compensation of employees
Other
Transfer payments to persons
IV
-101.7 -118.4 -119.6 -156.0
Table 3.3.—State and Local Government Receipts and Expenditures
Receipts
1982
1981
III
Gross national product
300.1
292.4
7.5
.3
-1.0
1982 r
IV
298.1
290.8
7.0
.3
11 0
307
-49.0 -117.6
Other
1981
1982
1981
38.0
-.
Gross private domestic
investment .
Fixed investment
Nonresidential
Structures
Producers' durable equipment ..
Residential
Change in business inventories
202.1
203.4
203.3
245.2
313.6
Table 7.1 and 7.2:
1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic
purchasers equals final sales less exports plus imports.
6
SURVEY OF CURRENT BUSINESS
February 1983
Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price Deflator, and
Price Indexes
Percent
Percent at annual rates
Percent
Percent at annual rates
Seasonally adjusted
1981 1982 r
III
Gross national product:
Current dollars
1972 dollars
p, ".
P . ,
Fixed-weighted price index
....
Personal consumption expenditures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
IV
I
II
III
IV r
11.6
1.9
9.4
9.4
9.6
4.1
18
6.0
6.4
6.2
3.0 -1.0
11.4
2.2 -5.3 -5.1
4.3
8.8
9.0
5.0
8.4
9.2
4.8
8.5
8.9
6.8
2.1
4.6
4.6
4.1
1.7
5.8
.7 -1.9
3.7
5.0
4.9
6.0
4.6
5.9
10.6
1.8
8.6
9.1
11.2
6.9
1.0
5.9
6.0
5.8
3.4
11.3
2.9 -3.3
7.0
8.2
7.2
8.0
7.6
7.7
7.6
2.5
5.0
5.2
7.1
6.1
2.5
3.5
3.6
4.8
8.1
.6
7.5
7.1
3.2
9.4
4.8
4.4
5.4
5.5
17.9
209
3.8
5.6
5.3
15.1
10.4
4.2
3.8
3.7
4.9 -.7
2.5 -5.4
2.3
5.0
3.1
3.7
4.5
3.6
19.3
19.4
.1
1.3
.8
Durable goods:
Current dollars
1972 dollars
Implicit price deflators
...
Chain price index
Fixed-weighted price index
3.4
9.4
2.2 -1.0
4.4
7.1
4.6
7.5
4.9
7.8
20.2
10.7
8.5
7.9
8.6
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
9.6
1.8
7.6
8.4
8.7
3.7
.7
3.0
3.1
2.8
6.5
1.5
5.0
4.3
3.7
Services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
11.7
1.7
9.8
10.1
10.4
10.6
1.8
8.6
8.8
9.0
13.2
1.7
11.2
11.3
11.2
Gross private domestic
investment:
Current dollars
1972 dollars
Implicit price deflator
Seasonally adjusted
1981 1982 r
1982
1981
3.2
1.4
2.9
2.6
-1.0
0
.6
2.4
2.8
2.9 -.4
3.5
2.4 -1.4
3.6
7.3
1.5
5.6
5.9
6.2
3.7
1.8
1.8
3.1
3.5
11.0
3.0
7.8
7.6
7.6
8.7
2.4
6.2
6.9
7.3
11.2
1.7
9.3
9.1
9.4
11.7
3.0
8.4
8.3
8.7
9.2 -13.3 -38.8
6.9 -22.6 -36.5
17.2
15.0
10.3
0
10.3
10.7
11.0
Government purchases of goods and
services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
..
Fixed-weighted price index
Federal:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
National defense:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Nondefense:
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
State and local:
Nonresidential:
1972 dollars
Implicit price deflator
Fixed-weighted price index
Structures:
1972 dollars
Implicit price deflator
Fixed-weighted price index
Producers' durable
equipment:
1972 dollars
Implicit price deflator
Fixed-weighted price index
Residential:
1972 dollars
Implicit price deflator
Fixed-weighted price index
Exports:
Current dollars
1972 dollars
Implicit price deflator
Chain price deflator
Imports:
Current dollars
.
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
IV
I
II
III
IV r
10.9
.9
9.9
9.5
9.5
8.4
1.4
6,9
7.1
6.6
12.2
3.6
8.2
7.2
6.5
18.6
2.4
.6
7.0 -2.9 -5.3
10.8
5.5
6.2
11.3
6.3
5.1
11.1
5.8
4.0
13.8
8.4
5.0
5.3
4.7
16.3
11.6
4.1
6.6
6.6
16.1
3.7
12.0
10.6
11.4
12.6
5.3
6.9
7.4
7.2
23.5
14.8
7.6
4.8
4.6
40.7 -1.4 -8.3
20.4 -5.5 13.5
16.8
6.1
4.4
18.3
3.3
6.4
2.3
18.6
5.9
26.3
23.1
2.5
3.3
3.1
32.5
30.3
1.6
7.6
8.5
17.0
4.9
11.5
11.5
11.8
16.2
6.9
8.7
8.2
7.6
10.8
7.6
3.0
5.4
4.2
18
36.7
10.1 -7.9
24.2
6.5
20.5
7.5
20.6
5.8
15.6
13.0
2.3
3.5
3.0
15.6
2.7
12.5
8.4
9.0
14.3
1.3
12.8
8.8
10.3
5.2
2.0
3.1
5.6
6.1
55.7
31.6
18.3
3.5
5.7
49.0
43.6
3.8
14.0
13.1
26.4
21.4
4.1
3.3
2.0
-.4 -55.7
— 9 -58.1
5.8
'.5
3.3
4.3
3.1
6.2
57.3 80.5
50.7 113.6
4.3 -15.5
3.0
5.8
3.1
7.3
5.0
6.2
-.8 -1.1
7.0
6.2
7.0
6.2
6.2
5.7
6.7
.4
6.3
6.2
5.2
6.5
-.2
6.7
6.6
5.9
6.4
.4
6.0
6.0
5.3
4.4
11.6
2.6 -1.1
5.5
8.8
6.0
9.0
5.7
9.1
11.1
3.7
7.2
7.7
7.4
3.4 -2.1
A 1
cq
8.5
7.9
7.8
3.5
5.4
4.9
6.4
2.5
3.8
4.0
3.2
9.8
3.1
6.5
6.1
5.9
2.5
-.8
3.4
4.9
4.6
10.4
1.0
9.3
9.4
9.6
5.6
-.6
6.2
6.4
6.2
5.7
10.4
1.0 -2.3
8.1
9.3
8.5
9.3
8.6
8.9
5.6
.2
5.4
5.0
4.8
4.1
2.9
-.9 -1.3
5.0
4.3
6.0
4.5
4.1
6.0
8.3
4.1
4.1
4.9
4.6
Final sales to domestic purchasers:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
10.4
1.6
8.7
9.0
9.2
5.9
.2
5.7
6.0
5.7
6.1
10.1
2.5 -1.6
7.8
7.5
8.0
7.8
7.4
7.9
4.6
.1
4.5
5.4
4.9
3.6
-.6
4.2
3.9
3.2
6.8
.9
5.8
6.1
6.0
9.2
5.3
3.6
4.9
4.6
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index... . .
Fixed-weighted price index
11.7
4.3
2.0 -1.6
9.4
6.0
9.4
6.4
6.2
9.6
2.6
0
11.1
2.0 -5.7 -4.1
4.3
8.8
9.0
8.4
5.0
9.2
8.5
4.8
8.9
6.4
1.7
4.6
4.6
4.1
6.3
2.6
1.2 -1.1
5.0
3.7
6.0
4.9
4.6
5.9
11.8
3.6
2.2 -1.9
9.4
5.6
9.4
6.1
5.9
9.6
.7
1.3
11.9
2.4 -6.7 -4.9
8.0
3.8
9.3
7.6
4.7
9.6
7.4
4.4
9.3
6.4
2.0
4.3
4.3
3.8
6.4
1.6
4.7
5.9
5.9
1.5
1.5
3.0
4.4
4.0
12.0
3.6
2.2 -2.1
9.6
5.9
9.6
10.4
.3
10.1
2.1
6.4
9.1
4
3.7
3.5
4.8
.7
4.1
5.9
.7
5.1
1.1
3.2
4.5
11.2
2.5
13.4
4.8
8.3
1.2
3.0
1.9
6.7
3.1
8.9
1.3
5.4
.9
Ch
rf
Fixed weighted nricp 'ndex
Addenda:
17.2 -10.8
8.4 -12.8
11.4 -38.6
7.9 -36.9
Gross domestic purchases:
1Q79 /Inllavo
Fixed-weighted price index
9.4 -1.7
1.3 -4.6 -2.4 -7.9 -1.8
3.0
-.7
1.7 -5.1 -1.0 -5.0 -6.0 -7.6 -7.2
1.1
.8
3.6
5.6
1.5
6.7
4.0
7.6
0
3.0
7.1
4.9
8.2
3.7
4.9
7.5
2.2
2.8 -1.2
4.2
4.4
8.2
6.7
7.8
Final sales:
Current dollars
1Q7O /Irkllava
Implicit price deflator
Fixed-weighted price index
.4
12.0
3.5 -3.8
4.3
8.1
5.8
8.6
5.7
8.9
14.3
9.3
4.6
7.3
7.7
17.4
6.3
10.4
9.1
8.2
9.0
2.9
5.9
5.7
4.9
19.1
12.6
5.8
8.6
7.8
8.9 -4.7
2.4 -6.6
2.0
6.4
5.8
8.3
6.3
9.4
11.6
7.8
3.4
6.6
7.5
83
8.4
53
87
35
.6 -5.0 -11.8 -7.6 -8.0
.3
7.4 -1.2
1.5
7.8
2.1
5.6
3.8
5.5
7.3
2.6
5.6
4.3
5.1
7.0
22.3
.5.9
15.5
8.6
6.1
5.3
1.3
4.0
5.2
4.4
6.4 -6.4 -5.7
60
52
1.6
.2
4.7 -1.2
1.7
5.5
2.6
2.3
4.8
2.3
.7 -8.8 -12.4 -10.3 -10.1
90
88
1 7 -7.6 -17.4
6.0 -1.7 -1.2
2.4 -1.3
2.4
5.7
4.6
5.7
6.6
2.7
5.7
5.5
6.1
7.5
9.4 -4.9 25.0
1.7 -8.7 -27.0 -20.8 -8.4
34.3
12.9 -5.3
48 10.4 -31.9 -25.3 -10.2
6.9
.3
2.0 -3.1
6.0
1.9
7.2
6.9
76
31
.2
2.7
6.3
8.1
2.1
7.1
.1 -7.8
2.6 -3.4
6.3
8.1
2.1
7.1
.8 -8.4
8.3 -4.9
-.4 -7.1 -4.7 -2.4 -12.7
4.9
3.2
2.3
3.0
8.8
5.1
2.8
4.7
2.8
9.5
2.4
5.1
4.7
2.7
9.5
6.7 -16.7 -28.4
7.5 -16.8 -28.7
.5
-.8
.2
1.0
1.2 -1.2
17
.4
1.2
2.8
3.7 -17.1
8.7 -3.1 -4.3
6.0 17.5 14.5
0 11.3
7.2
.5 -10.2
1.3 -3.1 -14.0 -2.2
8.4 -4.3
6.1 -.4 -7.1 -1.8
6.7 -6.7
5.0 -1.2 -8.4 -3.0
....
Business:
Current dollars
1972 dollars .
Implicit price deflator
Chain price index
Fixed-weighted price index
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Disposable personal
income:
Current dollars
1972 dollars
9.7
7.1
1.2
14.8 23.2
4.6 -23.6
.6
9.8
.4
1.1
.9
0
NOTE.—The implicit price deflator for GNP is a weighted average of the detailed price indexes
used in the deflation of GNP. In each period, the weights are based on the composition of
constant-dollar output in that period. In other words, the price index for each item (1972=100)
is weighted by the ratio of the quantity of the item valued in 1972 prices to the total output in
1972 prices. Changes in the implicit price deflator reflect both changes in prices and changes in
III
5.7
5.9
7.9
-.8 -1.0 -2.7
8.7
6.9
8.7
8.7
6.9
8.8
7.8
6.1
8.2
1972 dollars
Fixed-weighted price index
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
1982
1981
the composition of output. The chain price index uses as weights the composition of output in
the prior period, and therefore reflects only the change in prices between the two periods.
However, comparisons of percent changes in the chain index also reflect changes in the
composition of output. The fixed-weighted price index uses as weights the composition of output
in 1972. Accordingly, comparisons over any time span reflect only changes in prices.
SURVEY OF CURRENT BUSINESS
February 1983
Reconciliation and Other Special Tables
Table 1.—-Reconciliation of Changes in Compensation Per Hour in the
Business Economy other than Farm and Housing and Average Hourly
Earnings in the Private Nonfarm Economy, Seasonally Adjusted
rv p
IIP
1. Compensation per hour of all persons in the business economy
other than farm and housing (percent change at annual rate) 1
2. Less: Contribution of supplements........
3. Plus: Contribution of housing and nonprofit institutions
4. Less: Contribution of employees of government enterprises and
self-employed and unpaid family workers
5. Equals: Wages and salaries per hour of employees in the private
nonfarm economy (percent change at annual rate)
6. Less: Contribution of nonproduction workers in manufacturing
7. Less: Contribution of non-BLS data, detailed weighting, and
seasonal adjustment......
.;
8. Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm economy (percent change
at annual rate)..
7.8
1.3
0
19 82
6.7
.1
-.1
6.9
.2
.1
5.1
.5
.2
6.4
.1
6.3
-.2
4.5
-.1
0
6.5
1.9
5.1
5.8
Table 2.—Reconciliation of Changes in the Implicit Price Deflator for
Personal Consumption Expenditures and the Consumer Price Index
for all Urban Consumers, Seasonally Adjusted
4.6
3.9
r
Revised.
p
Preliminary.
1. BLS estimates of changes in hourly compensation in the nonfarm business sector for the
four quarters are 7.7, 6.1, 6.6, and 5.6 percent.
1. Implicit price deflator for personal consumption expenditures (percent change
at annual rate)
,
2. Less: Contribution of shifting weights in PCE.....
New autos....
,
,...,...,....,.
Gasoline and oil
Electricity, gas, fuel oil, and coal „.
....
Furniture and household equipment
Food purchased for off-premise consumption...
Purchased meals and beverages
Clothing and shoes
'..........
....
Housing
,,
.,.,,
Other....,
3. Equals: PCE chain price index (percent change at annual rate)
4. Less: Contribution of differences in weights of comparable CPI and PCE
expenditure components
.»•
Gasoline and oil
....
Electricity, gas, fuel oil, and coal
Furniture, appliances, floor coverings, other household furnishings
Food at home
Food away from home.....
,
Apparel commodities
Rent.....
,.
Other
...
5. Less: Contributions of PCE expenditure components not comparable with CPI
components
,...„....„
...
New autos....
,
Net purchases of used autos
Owner-occupied nonfarm and farm dwellings—space rent
Services furnished without payment by financial intermediaries except life
insurance carriers
,.....,..
Current expenditures by nonprofit institutions....,
Other
6. Plus: Contribution of CPI expenditure components not comparable with PCE
components
New autos
,
Used autos...,
,
,
„
,
Homeownership
,
Other
7. Less: Contribution of differences in seasonal adjustment1....
,
8. Equals: Consumer Price Index For All Urban Consumers (CPI-U), all items
(percent change at annual rate)
Addendum: Consumer Price Index For2 All Urban Consumers (CPI-U-X1), all
items (percent change at annual rate) ...
.
,
,
r
IIP
jyp
7.5
.4
-.4
-.4
.4
-.2
.4
.3
0
-.2
.4
7.1
4.4
-.8
1.8
-.5
-.6
0
-.4
.1
_1
-.2
-.9
5.4
-.3
-.5
4
.1
-.1
2
o
-.1
0
0
0
0
-.3
1.0
0
0
— 4
.9
.8
-.1
-.1
— 2
-.2
0
-.1
.5
-.1
0
4
0
.2
.1
.8
-2.4
1
,1
5
.3
I
•^
.5
33
.6
2
7.6
2.6
8.2
5.5
p
Revised. Preliminary.
1. These differences arise because component price indexes that are used in the BEA measures
and in the CPI are seasonally adjusted at different levels of detail.
2. The CPI-U-X1 is the BLS experimental index in which a rental equivalence method is
substituted for the present method in measuring the cost of owner-occupied housing. The PCE
measures of price change also use a rental equivalence method.
Table 3.—National Defense Purchases of Goods and Services
Seasonally adjusted at annual rates
Billions of dollars
1981
IV
,
,
...
,,....
Nondurables
.
Bulk petroleum
Other nondurables
..
Services
Compensation
.,..„
Services less compensation
Travel
Transportation ,.
Communications
Other services
.
„
. ..
„ ..
..
.. ..
,
,
II
III
IV
IV
I
6.5
76.1
74.5
78.2
80.6
81.2
24.2
51.7
17.7
6.3
5.9
2.8
18.9
53.0
18.3
6.4
5.4
3.2
19.7
20.1
6.7
2.1
2.3
.7
8.3
19.9
6.1
2.5
2.2
.9
8.3
21.7
6.3
2.7
2.5
1.0
9.2
22.8
6.9
3.0
2.5
1.0
9.4
22.6
6.8
2.6
2.3
1.2
9.7
14.3 7.5
17.8 26.5
36.8 178
10.1 2.0
26.9 -5.0
4.3
5.6
13.2
9.5
3.7
13.6
9.3
4.3
13.4
9.1
4.3
13.2
9.1
4.1
15.2
10.7
4.5
2.6
1.0
1.7
2.8
1.0
1.9
2.8
1.0
1.9
2.7
1.0
1.7
107.6 106.0 110.7 113.8 117.0
....„„..„. 65.6 66.3 66.5 66.8 69.2
42.0 39.8 44.1 47.0 47.7
2.3 2.4
2.5 2.9
2.8
3.0
3.1 3.3 3.5
3.2
1.2
1.0
1.2
1.2
1.0
35.6 33.1 37.4 39.6 40.2
51.8
33.1
18.8
1.0
1.3
.6
16.0
50.3
33.2
17.1
1.0
1.3
.6
14.2
52.3
33.3
19.1
1.0
1.3
.7
16.1
53.4
33.3
20.1
1.2
1.3
.7
16.8
53.7
33.4
20.2
1.2
1.4
.7
17.0
4.2
1.5
1.5
1.4
1.7
1.8
99.9 109.6 115.9 120.1
90.6 100.5 106.8 109.4
43.0
42.0
41.3
40.4
44.9
44.0
47.3
46.3
47.7
46.5
101.3
91.8
Preliminary.
I
48.9
15.4
6.5
5.9
2.6
18.4
3.4
p
IV
43.1
14.2
5.2
5.2
2.1
16.4
....
..
IV"
3.5
3.3
4.0
1981
28.6
6.6
43.0
2.2
5.8 17.7
-.6 -2.4
2.3
14.8
22.2
2.3
5.1 21.5
7.0
12.1 10.9
10.5 .11.8
1982
II
in
lyp
IV
I
4.1
2,3
12.5
20.4
5.7
5.9 12.5
17.6
2.8 13.2
21.5 23.9 14.3 14.1 17.4
64.6 -37.1 77.5 125 27.6
7.0
4.8 -.2
9.6
8.8
4.1
28.8 12.7 -1.2 -10.6
5.7 -.7
5.5 7.2
3.3
3.0 12.2 -17.4
60 10.7
1.2 -11.1 -9.3 -11.7 -10.9
32 14.9
1.9
7.6 12.9
6.1
Fixed-weighted price index
1982
1981
42.7
14.8
4.7
5.2
1.7
16.3
Addenda:
Total purchases less compensation .
...„„
Total purchases less compensation and bulk petroleum
Structures
III
166.9 166.2 176.2 182.7 189.4
National defense purchases
Durables
Aircraft
Missiles
Ships
Vehicles
Other durables
II
Implicit price deflator
1982
1981
1982
I
Percent change from preceding period at annual rates
Billions of 1972 dollars
1.3
2.8
.8
.8
18
3.9
4.3 -4.9
4 6 12.2
5.7 -10.2
20
4.5
7.2 -2.8
3.6
7.4
1.6
3.6
II
IV"
4.3
9.7
9.3
15.0
36.4 23.4
10.6 11.2
6.8
5.0
.3 -16.4
4.1
1.5
8.6
16.8
2.5
7.7
7.5
2.9
4.6
14.0 -9.2 -7.9 -3.5
3.4 -14.0 -12.8 -6.7
6.4
5.9
6.6
5.3
9.6 31.5
14.0 43.7
9.9
3.6
.2 -1.8
9.7
8.1
4.2 13.5
3.1 11.1
III
0
52
14.1
6.3
7.6
3.0
5.0
2.8
2.0
2.2
.8
.8
11.2
6.9
4.7
2 5 2.8 -4.5
15.8
4.5 -1.5
1.9
.5 2.4
5.7
13.7
7.1
11.1
14.1
5.4
0
5.1
6.8
5.8
-7.2
6.0
7.4
1.2
8.4
51
11.6
7.9
5.0
7.6
8.7
11.4
7.7
9.4
7.1
8.5
6.4
6.3
By CHARLES A. WAITE and JOSEPH C. WAKEFIELD
Federal Fiscal Programs
1 HE fiscal year 1984 budget, presented to Congress in late January,
carries forward the basic fiscal policy
introduced by the administration in
1981. The main features of the new
budget are:
National defense spending increases
over 14 percent in 1984 (about 10.0
percent in real terms, according to
the administration). Increases are provided for virtually all weapons-systems projects already under way; no
new projects are proposed. Major em• A continued rapid increase in na- phasis continues to be on improving
tional defense spending;
the combat readiness and training of
• A decline in nondefense spending forces, modernizing the various existother than net interest;
ing weapons systems, and increasing
• Adherence to the last stage of naval strength.
the income tax cut provided for
Nondefense spending, other than
by the Economic Recovery Tax
Act of 1981, although some in- for net interest, declines slightly; in
creases in social security taxes real terms, the decline is 5 percent.
The administration's proposed proand other taxes are proposed.
gram reductions more than account
for the decline. Major reductions are
in social security (excluding medicare), farm price support programs,
and in housing assistance.
The budget incorporates the recommendations of the National Commission on Social Security Reform. The
major recommendations include: (1)
reschedule current tax rate increases;
(2) tax one-half of social security beneNOTE.—Hermione A. Anglin, David T. Dobbs,
Gary W. Davis, Kathleen M. Downs, Karl D.
Galbraith, Donald L. Peters, Henry NewmanSantos, Deloris T. Tolson, and Richard C.
Ziemer assisted in the preparation of this article.
Table 1.—Economic Assumptions Underlying the Fiscal Year 1984 Budget
CHART 1
Federal Fiscal Position:
Surplus or Deficit
Calendar year
Actual
1981
Estimates
1982
1983
1984
Billion $
50
Billions of dollars
GNP:
Current dollars
1972 dollars
Incomes:
Personal income
Wages and salaries
Corporate profits before taxes
GNP in current dollars:
Annual average .
Fourth quarter
2,938
1,503
..
.
... . .
...
3,566
1,555
2,727
2,570
2,935
1,560
1,640
1,780
177
175
206
Percent change from preceding year
11.6
9.6
1.9
.7
..
GNP deflator:
Annual average
Fourth quarter
Consumer price index:
Annual average
Fourth quarter
3,262
1,496
2,416
1,494
232
.
.
GNP in 1972 dollars:
Annual average . .
Fourth quarter .
3,058
1,476
...
4.1
3.3
-1.8
-1.2
6.7
8.8
9.3
9.2
1.4
3.1
3.9
4.0
9.4
8.9
6.0
4.6
5.2
5.6
5.2
5.0
10.3
9.4
6.0
4.4
4.9
5.0
4.6
4.4
-150 —
Percent
Unemployment rate:
Annual average
Fourth quarter
Insured unemployment rate:l
Annual average
Fourth quarter
.
....
Interest rate 91-day Treasury bills 2....
...
....
7.5
8.1
9.5
10.5
10.7
10.4
9.9
9.5
3.5
3.7
4.7
5.2
5.3
5.2
4.7
4.5
14.1
10.7
8.0
7.9
1. Insured unemployment under the State regular unemployment insurance program, excluding recipients of extended
benefits, as percentage of covered employment under that program.
2. Average rate on new issues within the year. The estimates assume, by convention, that interest rates vary with the rate of
inflation. They do not represent a forecast of interest rates.
Source: "The Budget of the United States Government, Fiscal Year 1984."
-200 —'
-250
1974
75 76 77
78 79 80
Fiscal year
81
82 83* 84*
* Estimates from Office of Management and Budget, and BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
83-2-1
SURVEY OF CURRENT BUSINESS
February 1983
Social Security Recommendations
The National Commission on Social Security
Reform was established in December 1981 and given
a mandate to review the financial condition of the
social security trust funds, analyze potential solutions to ensure the solvency of the funds and the provision of appropriate benefits, and provide recommendations. The Commission met throughout 1982
and made their recommendations in early 1983; the
budget incorporates these recommendations.
The major recommendations of the Commission increase budget receipts $8.2 billion in fiscal year 1984.
• Reschedule increases in the social security tax
rate ($5.5 billion). Under current law, the tax rate is
scheduled to increase to 11.4 percent from 10.8 percent on January 1, 1985 and to 12.4 percent on January 1, 1990. Under the recommendations, the tax
rate will increase to 11.4 percent on January 1, 1984,
12.12 percent on January 1, 1988, and 12.4 percent on
January 1, 1990. For 1984 only, employees would be
allowed a refundable tax credit in the amount of the
increase in employee taxes over what would have
been payable under current law; under the recommendation, the employee tax rate will increase 0.3
percentage points to 5.7 percent.
• Tax social security benefits ($1.1 billion). Under
current law, social security benefits are exempt from
Federal income tax provisions. Under the recommendations, single taxpayers with more than $20,000 of
fits above specified income levels; (3)
broaden coverage to include new Federal employees and all uncovered
nonprofit employees; (4) increase the
self-employed tax rate; and (5) delay
Table 2.—Federal Government Receipts and
Expenditures
[Billions of dollars]
Fiscal year
Actual
1982
Estimates
1983
1984
Unified budget
..
617.8
728.4
597.5
805.2
659.7
848.5
Surplus or deficit ( )
-110.6
-207.7
1888
619.0
739.7
628.5
829.0
686.2
877.3
-120.7
-200.5
-191.1
-18.7
-42.4
-34.7
Receipts
Outlays
.. ...
National income and product
accounts
Receipts
Surplus or deficit (— )
High-employment surplus
or deficit (-)
Sources: "The Budget of the United States Government,
Fiscal Year 1984," and the Bureau of Economic Analysis.
adjusted gross income ($25,000 for married couples
filing a joint return) from non-social security sources
will be required to include 50 percent of their benefits in adjusted gross income.
• Broaden coverage ($1.1 billion). Under current
law, Federal civilian emplyees are exempt from
social security coverage, and State and local governments and nonprofit organizations are not required
to participate in the program. Under the recommendations, mandatory coverage will be extended to all
new Federal employees and to all employees of nonprofit organizations, effective January 1, 1984. State
and local governments currently participating will no
longer be allowed to withdraw.
• Increase the self-employed tax rate ($0.6 billion).
Under current law, self-employed individuals pay 75
percent of the combined employer-employee tax rate.
Under the recommendations, self-employed individuals will be required to pay the combined rate, effective January 1, 1984. One-half of the combined rate
will be deductible as a business expense in calculating taxable income.
The major recommendation of the Commission affecting expenditures in fiscal year 1984 is delaying
the cost-of-living adjustment to benefits for 6 months
from July 1983 to January 1984. Thereafter, cost-ofliving increases would occur in January. This recommendation reduces social security benefits $2.1 billion in 1983 and $4.2 billion in 1984.
the cost-of-living adjustment to benefits for 6 months. (See "Social Security Recommendations" above.)
Economic assumptions
The economic assumptions underlying the fiscal year 1984 budget are
shown in table 1. GNP in constant
dollars is forecast to increase 3.1 percent from the fourth quarter of 1982
to the fourth quarter of 1983 and 4.0
percent to the fourth quarter of 1984.
According to the Council of Economic
Advisers, "prospects for a moderate,
sustainable economic recovery beginning early in 1983 are good." This
view is based on a turnaround in the
inventory cycle brought about by continuing strength in personal consumption expenditures and defense purchases. Cuts in production and increases in sales by the end of 1982
brought inventories more in line with
sales; consequently, the forecast is
based on the expectation that future
increases in consumer spending will
result
in increased production,
income, and employment. The pace of
the 1983 recovery is likely to be moderate by historical standards; capital
spending will be restrained by low capacity utilization and the need to
build corporate liquidity; exports will
be limited by the worldwide recession
and the lagged effect of the appreciation of the dollar. Prices, as measured
by the GNP deflator, increase 5.6 percent to the fourth quarter of 1983 and
5.0 percent to the fourth quarter of
1984. The unemployment rate is forecast to be 10.4 percent in the fourth
quarter of 1983 and 9.5 percent in the
fourth quarter of 1984. The rate is expected to reach about 11 percent in
the first half of 1983 and decline
thereafter by about one-quarter of a
percentage point per quarter.
10
SURVEY OF CURRENT BUSINESS
Unified budget
The unified budget deficit decreases
from $207.7 billion in fiscal year 1983
to $188.8 billion in fiscal year 1984
(table 2 and chart 1).
Receipts increase $62.2 billion—or
10.5 percent—in 1984, to $659.7 billion. Receipts in 1983 are $597.5 billion, down 3.3 percent from 1982. Tax
reductions provided under the Economic Recovery Tax Act of 1981
(ERTA) reduce receipts $130.3 billion
in 1984 and $82.6 billion in 1983. Tax
increases provided under the Tax
Equity and Fiscal Responsibility Act
of 1982 (TERFA) and the Highway
Revenue Act of 1982 raise receipts
$42.1 billion in 1984 and $19.0 billion
in 1983. Proposed legislation, including the recommendations of the National Commission on Social Security
Reform, raise receipts, on balance,
$11.2 billion in 1984.
Outlays increase $43.3 billion—or
5.4 percent—in 1984, to $848.5 billion.
Outlays in 1983 are $805.2 billion, up
10.5 percent from 1982. Two functions—national defense and net interest—more than account for the 1984
increase; nearly three-quarters of the
increase is for national defense and
about one-third is for net interest. All
other functions decline on balance.
The administration is again proposing
various outlay reductions; these total
$31.8 billion in 1984 and most require
legislation.
scheduling of the January 1985 social
security tax rate increase to January
1984 (table 3). Other proposals that
raise unified budget receipts include
taxing employer-paid health insur-
Current services estimates
Current services estimates show
what receipts and outlays would be
without policy changes. They are neither recommended amounts nor forecasts, but rather are a base with
which administration or congressional
proposals can be compared. The level
of outlays are those needed to maintain ongoing Federal programs and
activities at 1983 levels in real terms.
The major exception is for the military functions of the Department of
Defense. For those functions, the 1983
estimate is based on enacted levels resulting from congressional actions
last year; the 1984 estimate is that
presented by the administration and
used by the Congress in budget deliberations last year.
Unified budget receipts in 1984 are
$10.9 billion higher than current services receipts, largely due to the re-
February 1983
Table 3.—Relation of Current Services Budget
to Unified Budget
ance premiums and increasing civil
service retirement contributions.
Unified budget outlays are $31.8 billion lower than current services outlays because proposed program reductions ($39.8 billion) exceed proposed
increases ($8.0 billion). Nondefense
programs account for about 80 per-
(Billions of dollars]
Table 5.—Relation of Federal Government Expenditures in the National Income and Product Accounts to the Unified Budget
Fiscal year
1984
1983
Receipts
[Billions of dollars]
597.5
Current services estimate
Fiscal year
Plus: Proposed legislation:
Social security
Taxation of health insurance
premiums
Civil service retirement
Other
Equals: Unified budget
648.8
8.2
2.3
1.2
-.8
597.5
659.7
806.1
880.3
Outlays
Current services estimate
Plus: Proposed program increases:
Unemployment compensation
General purpose fiscal assistance
Payments for employee retirement
Social services
Guaranteed student loans
Health care services
Other
Proposed program reductions:
National defense:
Military and civilian pay raise .
Military retired pay
Other
.
Nondefense:
Social security.
Farm price support
Housing assistance
Net interest paid
Land management
Pay raise
Food stamps
Student financial assistance
Postal Service payment
Railroad retirement
Other
Equals* Unified budget
1.9
1.0
.9
.9
.8
.4
.4
4.5
-1
-5.9
-.9
-1.5
-2.2
6
-.6
-6.0
-3.1
-2.2
-2.1
-1.1
-1.9
-.8
-.7
-.6
5
-12.5
805.2
848.5
I
Table 4.—Relation of Federal Government Receipts in the National Income and Product
Accounts to the Unified Budget
[Billions of dollars]
1983
Unified budget receipts
Less: Coverage differences
Financial transactions
Plus: Netting differences:
Contributions to government employees
retirement funds
Other
Timing differences:
Corporate income tax..
Federal and State
unemployment insurance taxes
Withheld
personal
income tax and
social security contributions
Excise taxes
Other
Miscellaneous
Equals: Federal Government
receipts, NIPA
1984
617.8
597.5
659.7
1.3
1.4
1.6
10.7
93
12.2
117
14.0
139
3.0
-4.2
.2
.9
.9
-4.3
-.5
3.4
1.3
2.4
.8
-13.1
3
2
619.0
628.5
1984
1983
728.4
805.2
4.6
4.8
4.9
-17.3
.5
-17.0
.6
-14.0
.6
Financial transactions:
Net lending
Other
190
5
18.1
3
13.2
5
Net purchases of land:
Outer
Continental
Shelf
Other
-2.7
2
-8.3
1
-7.9
4
Plus: Netting differences:
Contributions to government employees
retirement funds
Other
10.7
9.3
12.2
11.7
14.0
13.9
-1.7
-.2
-2.5
-.9
.3
.2
.2
739.7
829.0
877.3
Unified budget outlays
Less: Coverage differences:
Off-budget
entities
Other
Federal
Timing differences:
National defense purchases
Other
Miscellaneous
Equals: Federal Government
expenditures, NIPA
-1.2
-3.0
848.5
Table 6.—Breakdown of Changes in Federal
Receipts, NIPA Basis
[Billions of dollars]
Change from preceding fiscal
year
1982
1983
1984
4.3
9.5
57.7
24.6
-20.2
-20.2
30.0
-20.5
-20.5
67.7
-10.0
-23.2
13.2
Personal tax and nontax receipts
Due to tax bases
Due to tax changes
Enacted
Proposed
11.4
38.3
-26.9
269
-10.1
24.4
-34.5
-34.5
11.2
39.1
-27.9
297
1.8
Corporate profits tax accruals
Due to tax bases
Due to tax changes
Enacted
Proposed
-20.8
168
-4.0
40
.4
.8
-.4
-.4
8.9
11.5
-2.6
24
-.2
Indirect business tax and
nontax accruals
Due to tax bases
Due to tax changes
Enacted
Proposed
50
-5.1
.1
.1
4.5
-2.2
6.7
6.7
4.1
.2
3.9
3.9
Contributions for social insurance
Due to tax bases
Due to tax changes
Enacted
Proposed
18.8
8.2
10.6
10.6
14.7
7.0
7.7
7.7
33.5
16.9
16.6
5.0
11.6
Total receipts
Due to tax bases 1
Due to tax changes
Enacted
Proposed
Fiscal year
1982
1982
686.2
1. Consists of all tax changes since fiscal year 1981.
SURVEY OF CURRENT BUSINESS
February 1983
11
Table 7.—Selected Tax Changes, NIPA Basis
[Billions of dollars]
Calendar year
Fiscal year
Seasonally adjusted at annual rates
1984
1983
1984
1983
1
Direct impact on Federal sector deficit NIPA basis
Personal tax and nontax receipts
Economic Recovery Tax Act
Withheld income tax: rate reductions and other
October 1981
July 1982
July 1983
Other
Declarations and net settlements
Rate reductions
Married couples deduction
Accelerated cost recovery system
Tax-exempt certificates
Other
Estate and gift
Tax Equity and Fiscal Responsibility Act
Withheld
Interest and dividends
Other
Declarations and net settlements
Interest and dividends
Increased enforcement
Medical deduction
Other
Estate and gift
.
,
Highway Revenue Act
Legislation proposed .
Withheld: health insurance
Declarations and net settlements
One-half social security
Tuition tax credit
Other
Corporate profits tax accruals
Economic Recovery Tax Act
Accelerated cost recovery system
Tax Equity and Fiscal Responsibility Act
Insurance provisions
Safe-harbor leasing
Long-term contracts
Investment tax credit
Other
,
Indirect business tax and nontax accruals
II
III
IV
I
II
III
IV
-67.1
-53.1
-66.4
526
633
41 5
-41.2
-61.7
-66.3
-60.2
-62.4
-64.1
-61.4
93.1
-66.6
-94.5
-52.7
-57.4
-75.1
-81.3
-89.6
-93.2
-95.9
-99.6
694
-46.4
-15.3
-20.8
-9.2
12
-20.6
-10.9
-3.0
-2.9
17
-2.1
-2.4
-109.2
-80.0
-16.6
227
-39.0
17
-25.5
-12.0
-5.2
-4.3
.3
-3.7
-3.7
-80.0
-56.6
-15.5
212
-18.6
13
-20.6
-10.9
30
-2.9
17
-2.1
-2.8
-111.4
-81.9
-17.0
232
-39.9
-1.8
-25.5
-12.0
-5.2
-4.3
-.3
-3.7
-4.0
-57.5
-36.7
-15.1
205
-62.1
-37.5
-15.4
-20.9
11
-18.5
-10.2
-2.0
-2.4
2.4
-1.5
-2.3
-1.2
22.0
-10.7
-2.6
-2.7
41
-1.9
-2.6
-98.2
-75.3
-15.7
214
-36.8
14
-20.1
-11.2
-3.4
-3.1
-.1
-2.3
-2.8
-102.1
-77.0
-16.0
219
-37.6
-1.5
-21.6
-11.5
-4.0
-3.4
-110.0
80.9
-16.8
230
-39.4
-1.7
-25.3
-11.9
50
-4.1
g
-3.5
-3.8
-112.7
82.9
-17.2
235
-40.3
19
-25.9
-12.1
-5.4
-4.5
-116.7
-84.6
-17.5
-24.0
-41.1
-2.0
27.4
-12.3
59
-4.9
-2.7
3.5
-106.3
-79.2
-16.4
-22.5
-38.7
-1.6
23.5
-11.7
45
-3.7
-.5
-3.1
-3.6
-3.9
39
43
-4.7
8.5
6.4
4.8
1.6
1.9
-.9
1.6
.1
1.1
.2
15.3
21.1
18.7
2.4
-6.1
-11.9
1.3
1.6
2.9
.3
13.9
11.7
9.5
2.2
1.9
-.9
1.6
.1
1.1
.3
15.5
21.3
18.8
2.5
-6.1
-11.9
1.3
1.6
2.9
.3
4.8
2.0
5.3
2.1
2.0
2.5
2.1
2.9
1.6
1.8
21.6
21.1
18.7
2.4
.2
-2.7
1.3
.3
1.3
.3
15.4
20.8
18.4
2.4
-5.7
112
1.3
1.6
2.6
.3
15.4
21.0
18.6
2.4
-5.9
-11.6
1.3
1.6
2.8
.3
15.4
21.4
18.9
2.5
-6.3
-12.1
1.3
1.6
2.9
.3
15.6
21.9
19.3
2.6
-6.6
-12.7
1.3
1.6
3.2
.3
-.5
-1.0
1.8
1.8
1.8
1.1
2
g
-.5
-1.0
2.4
2.4
23.8
21.5
19.3
2.2
2.0
9
1.7
.1
1.1
.3
7
-.8
-1.0
2.3
2.3
-1.0
2.4
2.4
-1.0
2.4
2.4
-1.0
2.5
2.5
1.1
-.2
-.9
1.1
2
-.9
1.1
-.2
-.9
1.1
2
-.9
'.9"
.3
iT
.3
-.6
i.i2
9
-8.5
-11.0
-9.3
-10.7
61
84
-10.7
-12.0
-11.4
-10.6
-10.2
-10.6
-17.1
-15.9
12
-25.5
-23.7
-1.9
-19.8
186
-1.2
-26.6
-24.5
-2.1
154
-14.2
12
186
-17.4
-1.2
-21.5
-20.3
-1.2
-23.7
-22.5
-1.2
-25.2
-23.1
21
-26.1
240
-2.1
-27.1
250
-2.1
-28.0
-25.9
-2.1
8.7
1.4
1.9
1.3
.6
3.5
14.7
2.3
3.2
2.7
1.7
4.9
10.6
1.5
2.1
1.8
.9
4.3
16.2
2.6
3.7
2.8
2.0
5.1
9.4
1.4
1.8
1.3
.7
4.2
10.3
1.5
2.0
1.7
.8
4.3
10.9
1.5
2.2
2.0
.9
4.3
11.8
1.6
2.4
2.2
1.2
4.4
14.1
2.1
2.8
2.6
1.6
5.0
15.8
2.5
3.4
2.9
1.9
5.1
17.2
2.9
4.0
3.1
2.1
5.1
17.7
2.9
4.6
2.6
2.4
5.2
-.1
-.1
-.1
1
-.3
-.3
-.3
-.3
11.1
11.4
11.5
11.4
11.4
-.7
-1.3
.6
-.6
-1.3
.7
-.6
13
.7
-.6
13
.7
-.6
-1.3
.7
.1
Highway Revenue Act
Legislation proposed
1984
1983
I
2
1
3
7.0
11.3
9.6
11.4
4.7
11.7
7
-1.2
.5
-.6
-1.3
.7
-.7
13
.6
-.6
13
.7
7
-1.3
.6
-.7
-1.3
.6
10.9
7
-1.3
.6
Tax Equity and Fiscal Responsibility Act
Airport and airway
Cigarette excise
Windfall profit tax
Telephone excise
4.0
1.1
1.9
.1
.9
5.2
1.2
2.5
.3
1.3
4.9
1.1
2.4
.2
1.2
5.3
1.2
2.5
.3
1.3
4.8
1.1
2.4
.1
1.2
4.9
1.1
2.4
.2
1.2
4.9
1.1
2.4
.2
1.2
5.0
1.1
2.4
.3
1.2
5.3
1.2
2.5
.3
1.3
5.3
1.2
2.5
.3
1.3
5.3
1.2
2.5
.3
1.3
5.3
1.2
2.5
.3
1.3
Highway Revenue Act
Administrative action: dairy
2.8
.9
5.4
1.3
4.2
1.2
5.5
1.2
.6
6.1
1.4
5.3
1.4
5.4
1.4
5.4
1.3
5.5
1.3
5.5
1.2
5.6
1.1
9.8
26.4
13.7
30.5
12.6
12.9
13.2
15.9
29.4
29.9
30.6
31.7
Economic Recovery Tax Act
Windfall profit tax
Telephone excise
Contributions for social insurance
Economic Recovery Tax Act:
Railroad retirement
Tax Equity and Fiscal Responsibility Act
State unemployent insurance
Federal employees hospital insurance
Supplementary medical insurance
.5
.6
.5
.6
.5
.5
.5
.5
.6
.6
.6
.6
2.9
1.5
1.3
.1
4.4
2.4
1.8
.3
3.9
2.1
1.7
.1
4.5
2.4
1.8
.3
3.7
2.0
1.7
3.7
2.0
1.7
4.0
2.1
1.7
.2
4.2
2.3
1.7
.2
4.5
2.5
1.8
.2
4.4
2.4
1.8
.2
4.6
2.4
1.8
.4
4.5
2.3
1.8
.4
11.6
.6
14.4
2.3
Legislation proposed
OASDHI:
Jan. 1, 1984 rate increase: 13.4%-14.1%
Nonprofit institutions, State and local governments, Federal employees
Self-employed
Federal civilian retirement
Enacted social security rate and base increases
Jan. 1, 1982 base increase: $29,700-$32,400
Jan. 1, 1982 rate increase: 13.3%-13.4%
Jan 1, 1983 base increase: $32,400-$35,700 .
Jan. 1, 1984 base increase: $35,700-$37,800
Self-employed increases
i
6.4
2.8
1.3
1.0
1.3
13.6
13.9
14.4
15.3
6.8
8.9
8.7
8.8
9.0
9.1
13
1.0
2.5
1.6
1.0
2.9
1.4
1.0
2.5
1.6
1.0
2.6
1.6
1.0
2.8
1.7
1.0
3.5
10.7
3.2
1.4
3.0
1.7
1.4
11.0
3.3
1.4
3.1
1.8
1.4
11.0
3.3
1.4
3.1
1.8
1.4
11.3
3.4
1.4
3.2
1.8
1.5
9.8
3.3
1.4
3.0
.7
1.4
.6
8.7
3.1
1.3
2.9
1.4
11.0
3.3
1.4
3.1
1.8
1.4
2.3
8.4
3.0
1.3
2.8
8.7
3.1
1.3
2.9
8.7
3.1
1.3
2.9
8.9
3.2
1.3
3.0
1.3
1.4
1.4
1.4
OASDHI=old-age, survivors, disability, and hospital insurance.
1. The estimates are based on the direct effect only of tax changes at a given level of economic activity. Induced effects are not included here, but are included in total NIPA receipts and the
total for each category of receipts shown in table 10.
12
SURVEY OF CURRENT BUSINESS
cent of the 1984 reductions, with the
largest in social security. The unified
budget deficit is $42.7 billion lower
than the current services deficit.
Federal sector of the NIP A's
BEA has prepared estimates of the
Federal sector on the national income
and product accounting (NIPA) basis
consistent with the unified budget estimates (table 2). The estimates in
this article differ slightly from the
preliminary estimates published in
late January in the budget; details of
the latter are shown in Special Analysis B, "Federal Transactions in the
National Income Accounts." The estimates in this article incorporate revised NIPA estimates for the fourth
quarter of 1982 and more detailed information about tax changes than in
the budget.
Estimates of the Federal sector are
integrated conceptually and statistically with the rest of the NIPA's and
differ in several respects from the
unified budget. Unlike the unified
budget, they exclude financial transactions, such as loans, and record several categories of receipts and expenditures on a timing basis that is different from the budget. (For a more detailed discussion of the differences,
see the February 1980 SURVEY OF
CURRENT BUSINESS.) Table 4 shows the
relation between unified budget and
NIPA receipts and table 5 shows the
relation between unified budget outlays and NIPA expenditures.
Some transactions are treated differently in the NIPA's and in the unified budget but because they do not
result in differences between total receipts or expenditures, they do not
show up in the reconciliation tables.
An example is the new payment-inkind (PIK) agriculture program initiated in January 1983 by administrative action. Under this voluntary program, farmers of wheat, feed grains,
cotton, and rice will receive these
crops, instead of cash diversion payments, in return for setting aside
acreage from production. In the unified budget, the PIK will not be treat-
ed as an outlay. In the NIPA's, nondefense purchases—Commodity Credit
Corporation inventories-—will decline
and subsidy payments to farmers (by
imputation) will increase by an equal
amount, resulting in no change in
total Federal sector expenditures.
(Elsewhere in the NIPA's, farm inventories increase by the amount of the
PIK, and farm income increases by an
equal amount. GNP is unchanged because the increase in farm inventories
is offset by the decline in nondefense
purchases. Farm product is unchanged, but national income and
personal income are increased by the
amount of the PIK.) PIK amounts to
$1.2 billion in fiscal year 1983 and
$3.8 billion in fiscal year 1984.
Federal receipts on the NIPA basis
in 1984 are $686.2 billion, up $57.7 billion from 1983 (chart 2). The increase
is the net result of a $67.7 billion increase due to higher tax bases and a
$10.0 billion decrease due to tax
changes (table 6). Enacted tax
changes reduce receipts $23.2 billion
in 1984; this reduction is the net of
CHART 2
Table 9.—Relation of National Defense Purchases in the National Income and Product
Accounts to National Defense Outlays in the
Unified Budget
Table 8.—Breakdown of Changes in Federal
Expenditures, NIPA Basis
Federal Government Receipts,
NIPA Basis
[Billions of dollars]
Billion $
Change from preceding fiscal
year
Total expenditures
Purchases of goods and
services: 1
Pay raises
Commodity Credit Corporation .
Strategic petroleum reserve
.
Transfer payments to persons:
Social Security
Unemployment benefits
Military and civilian penFood stamps
Grants-in-aid to State and
local governments:
Low income energy assistance
Waste treatment
Public assistance
Highways
Employment and training .
Public service employNet interest paid .
73.2
6.7
6.7
89.3
Fiscal year
48.3
Actual
300
3.0
-3.0
-5.8
.1
23.4
6.2
19.0
12.8
16.6
-7.7
3.0
-.2
2.9
1.6
1.9
1.1
-.1
-.3
-1.0
-1.1
.3
6
1.7
.6
-.3
-.6
-.3
.8
3.1
9.9
14.2
National defense outlays in
the unified budget
250
Department
military
Personal Jax and
Nontax Receipts
200
150
-2.1
16.3
1.7
1.3
.8
.3
.1
-1.7
2.2
5.3
1.4
-1.5
-.5
.6
All other expenditures 2
National defense
Nondefense
16.3
20.9
-4.6
32.2
24.2
8.0
27.7
29.6
-1.9
1. Consists of pay raises since October 1981.
2. Includes purchases of goods and services, transfer payments, grants-in-aid, and subsidies less current surplus of
government enterprises.
• Corporate; Profits/, ''•' '^:r^ ";:;;/
'-*': Tax: Accruals;'; - '••';, >r'v- '^Hf',
100
50
Indirect Busihess;;Iax;,,
and Nontax fecriJaJs; •*
I
i
i
i
I
I
1974 75 76 77 78 79 80 81 82 83* 84*
Fiscal Year
* Estimates by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
33-2-2
of
Defense,
. Estimates
1983
1982
Subsidies less current surplus of government enterprises:
Housing
Commodity Credit Corporation
Agricultural subsidies
Postal Service
[Billions of dollars]
— — — — Excluding Proposed Legislation
-1.0
-1.0
350
1984
1983
1982
February 1983
1984
187.4
214.8
245.3
182.9
208.9
238.6
Military personnel
Retired military personnel
Operation and maintenance
,
42.3
45.3
47.7
14.9
16.1
16.8
59.7
64.6
71.6
Procurement..
Aircraft
Missiles
Ships
Weapons
Ammunitions
Other
43.3
16.8
4.3
6.7
2.4
1.6
11.5
55.2
21.5
5.8
7.2
2.8
1.9
16.0
68.2
27.1
7.3
8.5
3.2
2.1
20.0
17.7
5.0
21.4
4.1
26.3
5.8
2.2
2.2
4.5
5.9
6.7
.8
1.5
1.8
14.9
16.1
16.8
1.3
1.7
-2.2
1.5
2.5
-2.7
199.4
229.0
Research, development,
test, and evaluation
Other
Civilian 1and military pay
raises
Atomic energy and other
defense-related activities....
Plus: Military assistance outlays
Less: Transfer payments to
retired military personnel
Grants-in-aid and net
interest paid
Timing differences
Other adjustments
Equals: National
purchases NIPA
defense
1.2
1.2
21
173.0
1. Consists of the pay raise effective October 1982.
SURVEY OF CURRENT BUSINESS
February 1983
tax cuts, largely from ERTA, partly
offset by tax increases from TEFRA
and from the Highway Revenue Act
and by social security rate and base
increases. (See the August 1981
SURVEY for details on ERTA and the
September 1982 SURVEY for details on
13
TEFRA.) Proposed legislation raises
receipts $13.2 billion in 1984. Table 7
shows the direct impact of selected
tax changes on NIPA receipts.
Federal expenditures on the NIPA
basis in 1984 are $877.3 billion, up
$48.3 billion from 1983. Table 8 high-
lights the major factors that contribute to recent changes in Federal Expenditures. The largest in 1984 is a
$29.6 billion increase in national defense "all other expenditures," which
consists of national defense expenditures other than the pay raise; this
Table 10.—Federal Government Receipts and Expenditures, NIPA Basis
[Billions of dollars]
Calendar year
Fiscal year
Estimates
Actual
1982
1983
1984
Actual
1982
Estimate
1983
Estimates
Actual
II
I
1984
1983
1982
III
IV
I
II
III
IV
I
III
II
718.9
619.0
628.5
686.2
614.5
640.1
609.9
617.0
613.7
617.3
629.3
640.3
639.2
651.5
680.0
697.3
Economic Recovery Tax Act
Tax Equity and Fiscal Responsibility Act .......
Highway Revenue Act
Legislation proposed
Other
-35.0
1.4
-86.7
24.1
2.2
-44.2
2.7
-34.3
1.5
-55.2
2.6
-59.2
5.3
73.1
22.7
-80.9
24.2
5.4
-119.9
43.6
4.5
688.6
-100.0
33.3
36
.6
702.6
28.2
1.4
652.6
-134.7
39.6
4.4
13.2
763.7
636.7
649.8
666.0
671.0
679.7
691.6
711.0
-126.0
42.6
4.5
2.3
728.1
-131.5
39.3
4.4
15.6
752.1
-136.1
40.9
4.5
16.0
772.1
Personal tax and nontax receipts
Economic Recovery Tax Act
Tax Equity and Fiscal Responsibility Act
303.1
-25.7
293.0
-69.4
8.5
5
304.2
-109.2
15.3
10
1.8
397.3
300.1
-33.3
296.3
-80.0
13.9
5
299.9
19 5
305.8
240
295.6
-43.7
299.2
-46.1
296.0
-57.5
4.8
297.7
-62.1
5.3
6
293.9
-98.2
23.8
-.7
297.9
-102.1
21.6
-.8
333.4
362.9
319.4
329.8
339.3
345.3
348.7
355.1
369.0
379.2
299.8
-106.3
15.4
-1.0
2.3
389.4
307.8
317.7
-110.0 -112.7
15.4
15.4
10
10
2.4
2.4
400.1
413.6
59.4
-25.5
14.7
47.8
-10.6
2.3
50.7
-19.8
10.6
I
46.5
84
1.4
45.2
-10.0
1.5
49.8
-11.2
2.3
49.7
-12.8
4.0
50.4
-18.6
10.3
1
49.7
-21.5
10.9
1
51.5
-23.7
11.8
1
56.1
60.0
53.5
53.7
58.7
58.5
51.2
-15.4
9.4
^
57.3
58.8
60.4
50.0
8
•4
57.6
7
4.9
42
49.2
48.7
g
49.8
g
50.8
8
•3
50.7
g
1.3
53.0
7
4.8
Receipts
Legislation proposed .
Other
656.0
328.8
354.4
50.1
-9.1
1.3
50.5
-17.1
8.7
1
57.9
59.0
-.2
70.4
50.7
6
.1
55.2
7
4.0
2.8
49.1
59.3
g
5.2
5.4
49.3
215.1
.4
229.8
.5
2.9
216.6
.5
214.7
226.4
263.3
.6
4.4
116
246.7
739.7
829.0
877.3
Purchases of goods and services
National defense
Pay raise' October 1982
Other
Nondefense
Pay raise: October 1982
Commodity Credit Corporation
Payments in kind
Other
Strategic petroleum reserve
Other
250.1
173.0
279.0
199.4
2.2
197.2
79.6
7.4
2.8
66.9
Transfer payments
To persons
Social security
Benefit increases:
July 1982
January 1984
Other
Unemployment benefits
Extended
Federal supplemental compensation
Other
Other
To foreigners
310.8
304.8
198.6
Corporate profits tax accruals
Economic Recovery Tax Act
Tax Equity and Fiscal Responsibility Act....
Legislation proposed
Other
. . .
Indirect business tax and nontax accruals
Tax Equity and Fiscal Responsibility Act....
Highway Revenue Act
Other
Social insurance contributions
Economic Recovery Tax Act
Tax Equity and Fiscal Responsibility Act
Legislation proposed
.
Other
Expenditures
51.2
173.0
77.1
7.4
198.6
21.6
1.8
19.8
84.6
6.0
-139.8
42.5
4.5
16.5
795.2
55.9
-25.2
14.1
61.8
-26.1
15.8
68.4
-27.1
17.2
63.5
-.3
67.3
-.3
72.4
-.3
78.6
58.8
7
4.9
5.3
49.3
58.7
7
5.0
5.4
49.0
59.2
g
5.3
5.4
49.1
59.5
5.3
5.5
49.3
59.8
g
5.3
5.5
49.6
243.4
.5
4.2
2.3
236.4
265.1
.6
4.5
13.6
246.4
268.2
.6
4.4
13.9
249.3
273.0
.6
4.6
14.4
253.4
49.5
50.6
51.3
50.2
48.9
59.7
7
4.9
6.1
49.4
214.9
.5
216.2
.5
217.5
.5
217.7
.5
229.1
.5
3.7
232.5
.5
3.7
236.8
.5
4.0
216.1
235.5
.5
39
.6
230.5
214.4
215.7
217.0
217.2
224.9
228.3
232.3
762.7
840.0
728.3
736.6
769.7
816.2
822.8
825.4
850.9
861.0
877.3
877.2
894.2
302.5
229.0
2.2
226.8
73.5
257.7
178.6
.5
178.1
79.1
285.2
207.1
2.2
204.9
78.1
249.7
166.2
244.3
176.2
259.0
182.7
166.2
83.5
176.2
68.2
182.7
76.3
277.9
189.4
2.5
187.4
88.5
278.9
196.2
2.2
194.0
82.7
272.8
202.1
2.2
199.9
70.7
288.0
210.3
2.2
208.1
77.7
300.9
219.7
2.2
217.5
81.2
302.4
226.2
2.2
224.0
76.2
297.8
232.3
2.2
230.1
65.5
308.9
237.8
2.2
235.6
71.1
4.4
12
5.6
1.8
72.6
-1.4
38
2.4
1.9
72.2
9.0
1.3
21
3.3
1.7
74.3
12.1
-.8
7.4
17.1
9.0
9.0
2.2
67.7
12.1
2.7
68.7
-.8
2.2
66.8
7.4
1.8
67.1
17.1
2.2
68.5
9.0
1.8
71.1
-6.6
-1.6
-5.0
1.4
75.1
-1.9
-3.2
1.3
1.8
77.0
4.5
-3.5
8.0
1.8
74.1
1.3
-3.7
5.0
1.9
72.2
-8.4
-3.9
45
1.9
71.2
30
-4.1
1.1
2.0
71.3
348.6
342.2
217.6
357.4
350.9
234.2
321.9
315.9
204.5
349.4
343.1
219.2
303.2
297.2
194.7
312.8
307.0
197.5
327.4
321.8
209.2
344.3
337.5
216.6
346.5
340.5
215.4
350.6
344.4
217.9
352.2
345.8
220.5
348.3
341.8
223.1
359.8
353.3
234.8
360.9
354.4
237.9
361.5
355.0
241.4
10.9
10.9
6.2
206.7
217.1
34.4
26.7
4.4
2.4
4.3
25.7 """"24.3
90.2
90.0
6.4
6.5
5.5
10.9
10.9
10.9
10.9
10.9
10.9
10.9
199.0
24.9
2.1
1.2
21.5
86.3
6.1
208.3
33.6
4.4
3.2
26.0
90.3
6.3
194.7
18.6
1.0
197.5
23.5
2.9
204.5
35.4
4.9
5.1
25.4
89.7
6.0
207.0
35.8
5.2
4.5
26.1
90.7
6.2
209.6
34.6
4.8
3.1
26.7
90.7
6.4
10.9
8.4
215.5
28.1
3.3
10.9
8.4
218.6
26.3
2.5
10.9
8.4
221.8
23.7
.9
20.6
86.0
5.8
205.7
32.0
2.7
4.5
24.9
88.9
6.8
212.2
38.7
2.9
17.6
83.9
6.0
198.3
25.5
2.5
.2
22.7
87.1
5.6
25.8
90.0
6.5
24.8
90.4
6.5
23.8
90.2
6.5
22.8
89.9
6.5
83.5
28.4
7.7
83.0
27.7
6.9
85.0
29.4
8.1
82.0
27.8
7.9
84.0
28.7
7.9
86.5
29.5
7,5
7.7
47.4
88.3
29.9
8.8
1.0
7.8
49.6
6.9
48.4
8.1
47.5
7.9
46.3
7.9
47.4
7.5
49.5
88.1
29.8
8.2
.4
7.8
50.1
89.2
30.0
9.2
1.2
8.0
50.0
89.5
30.2
10.2
2.4
7.8
49.1
90.0
30.2
11.4
3.2
8.2
48.4
90.1
30.4
11.7
3.4
8.3
48.0
90.4
30.4
11.9
3.4
8.5
48.1
50.4
Q
Grants-in-aid to State and local governments
Public assistance
Highways
Highway Revenue Act
Other
Other
7.6
48.0
86.9
29.5
8.2
.4
7.8
49.2
Net interest paid
82.5
92.4
106.6
84.9
95.5
79.6
82.8
88.7
88.6
90.8
93.6
97.0
100.7
104.6
108.5
112.6
12.8
22.1
20.7
14.6
21.6
12.7
11.6
12.6
20.3
24.5
21.6
20.5
19.9
20.8
4.4
7.1
1.2
5.9
.8
10.4
-.6
2.9
6.6
3.8
2.8
1.4
11.2
-1.4
5.1
7.2
3.2
4.0
1.7
11.2
-.7
4.0
6.5
3.5
3.0
1.1
11.2
12
2.9
6.5
3.7
2.8
1.3
11.2
-1.4
1.9
6.7
3.9
2.8
1.5
11.2
14
2.8
6.7
4.1
2.6
1.7
11.2
-1.6
-200.5
-191.1
-211.7
-209.5
-197.3
-179.9
-175.3
Subsidies less current surplus of government enterprises
.
Agriculture:
Commodity Credit Corporation........
Payments to farmers
Payments in kind
Other
Postal Service
Housing
Other
Less: Wage accruals less disbursements
Surplus or deficit ( — )
83.4
27.8
7.6
2.2
1.8
1.8
-.6
9.1
.3
90.1
30.3
11.3
3.1
8.2
48.5
21.5
20.1
1.7
2.7
1.5
1.6
2.4
.5
5.7
6.9
4.0
6.0
2.9
.1
8.6
.2
4.0
6.6
2.1
4.5
1.0
10.9
-.9
2.7
-.7
8.5
.5
1.6
-.2
8.6
.1
.5
.8
8.7
.2
6.9
.2
8.8
-.1
6.0
.5
10.2
-.6
2.8
6.6
1.6
5.0
.7
11.0
-.8
-148.2
-200.0
-118.4
-119.6
-156.0
-198.9
-193.5
-185.1
2.8
2.9
-.1
-120.7
-.2
NOTE.—Fiscal year totals are based on unadjusted data and will not always conform to the average of four seasonally adjusted quarters.
14
increase accounts for over 60 percent
of the total increase. Social security
benefits together with military and civilian pensions contribute $18.5 billion; net interest paid, $14.2 billion;
and highway grants, $3.1 billion.
Partly offsetting these increases are
declines in unemployment benefits, in
all other nondefense expenditures,
and in agricultural purchases by the
Commodity Credit Corporation (chart
3).
Table 9 shows the relation between
national defense outlays in the unified budget and national defense purchases on the NIPA basis. In 1984,
outlays, which are recorded on a
checks issued basis, increase slightly
more than purchases, which are recorded largely on a delivery basis.
The larger increase in outlays reflects
the steep increase in procurement of
military hardware, for which checks
are issued prior to delivery.
Quarterly pattern.—On a quarterly
basis, the Federal deficit increases in
the third quarter of 1983 when
income tax withholding rates are cut
for the final stage under ERTA. The
introduction of withholding for interest and dividend income on July 1,
1983 partly offsets the rate cut. The
deficit declines steadily thereafter,
partly reflecting enacted and proposed tax increases (table 10).
The quarterly pattern is estimated
by BEA with the cooperation of the
Office of Management and Budget,
the Social Security Administration,
and the Departments of Agriculture,
Labor, and Treasury. Receipts reflect
the pattern of enacted and proposed
tax changes and the administration's
projected quarterly pattern of wages
and profits. Expenditures reflect the
pattern of proposed legislation and selected other items, such as cost-ofliving increases in retirement benefits. All estimates are seasonally adjusted at annual rates.
High-employment surplus or deficit.—The high-employment surplus is
an estimate of the amount by which
Federal revenues would exceed Federal expenditures if the economy were
operating at a high-employment level
of activity at current price levels.
Consequently, cyclical fluctuations in
the economy do not affect high-employment budget receipts or expendi-
SURVEY OF CURRENT BUSINESS
February 1983
CHART 3
Table 11.—High-Employment Surplus or
Deficit (-), NIPA Basis
Commodity Credit Corporation
Expenditures, NIPA Basis
[Billions of dollars]
Billion $
20
TOTAL
Level1
Change
Addendum: Highemployment
surplus or deficit
(-) with a 6percent
unemployment rate
Level
15
Change
Calendar year:
1981
1982
1983
10
4.5
-27.2
-42.3
21.6
31 7
-15.1
168
-52.8
-71.1
17.8
-36.0
-18.3
10.4
22.0
5.9
203
21.0
11.6
-16.1
-26.2
-9.3
.9
160
-42.7
20.2
10.2
-16.9
-26.7
-15.6
62
-32.8
542
4.7
9.4
-26.6
-21.4
-39.6
-31.0
583
-82.4
3.1
8.6
-27.3
-24.1
1983- I
II... .
Ill
-37.6
-24.6
-53.1
-53.8
16.6
13.0
-28.5
-.7
-65.3
-53.3
823
-83.7
17.1
12.0
-29.0
14
1984:
397
-23.9
215
14.1
15.8
2.4
Quarters:
1981- I
II
Ill
IV
1982:
I
n
in
IV
0
10
iv...
PURCHASES OF GOODS AND SERVICES
I
II
m
-71.1
-56.6
-55.6
12.6
14.5
1.0
1. Based on a high-employment unemployment rate of 5.1
percent for 1981:1-1981:4, 5.0 percent for 1982:1-1983:1, and 4.9
percent for 1983:2-1984:3.
1
-5
10
SUBSIDIES
I. -••-••
AIL OTHER EXPENDITURES
1974
75 76
* Estimates by BEA.
77
78 79 80 81
Fiscal Year
82 83* 84*
U.S. Department of Commerce, Bureau of Economic Analysis
33-2-3
tures. (See the November 1980
SURVEY for a discussion of the limitations of the high-employment budget
and BEA's methodology for calculating the estimates, the April 1982
SURVEY for refinements of the methodology, and the November 1982
SURVEY for discussions of the uses
and usefulness of the high-employment budget.)
As measured on a high-employment
basis, the Federal sector of the
NIPA's was in slight surplus in calendar year 1981 and swung to deficit in
1982; the deficit will widen in 1983 by
$15 billion (table 11 and chart 1). On
a quarterly basis, the high-employment budget swung to deficit in the
fourth quarter of 1981, when income
tax withholding rates were first cut
under ERTA. The deficit declined
thereafter, but increased in the third
quarter of 1982 when the second stage
of rate cuts became effective. The
deficit declines in the first half of
1983 but increases in the second,
when the final withholding rate cut
under ERTA becomes effective; thereafter it declines.
The high-employment deficit discussed above is based on a high-employment unemployment rate that is
5.1 percent in 1981, declines to 4.9
percent by mid-1983, and remains flat
thereafter. Table 11 also shows what
the high-employment surplus or deficit would be assuming a high-employment unemployment rate of 6 percent
throughout the 1981-84 period. On
this basis, the high-employment deficit is $20 billion to $30 billion higher,
but follows the same quarterly pattern.
By GARY L. RUTLEDGE and SUSAN LEASE-TREVATHAN
Pollution Abatement and Control Expenditures, 1972-81
REAL
expenditures for pollution
abatement and control (PAC) declined
1 percent in 1981 (chart 4).1 The revised estimate for 1980 also showed a
decline. In 1972-79, expenditures had
increased each year, at an average
annual rate of 5% percent. Pollution
abatement (PA) expenditures, the
largest category of PAC expenditures,
declined (in 1972 dollars) 1 percent in
1981; regulation and monitoring increased less than 1 percent; and research and development declined 3
percent.
This article first presents and discusses PAC estimates for recent
years: real expenditures and prices of
PAC goods and services in 1981, the
limited data on expenditures available for 1982, and revisions in PAC estimates for 1978-80. Next, it summarizes trends for 1972-81 in air and
water PA expenditures. Finally, it introduces estimates of business PAC
costs, which are designed to facilitate
analysis that is more comprehensive
than could be undertaken previously.
NOTE.—Estimates of business PAC costs, presented in this article for the first time, are a
result of research by Frederick J. Dreiling on
the GNP-account treatment of PAC.
Estimates for recent years
PAC expenditures are classified in
table 1 by type (e.g., water PAC),
function (e.g., research and development), sector (e.g., business), and accounting category (e.g., on capital account). Table 2 shows additional
detail for business and government
expenditures for air and water pollution abatement (most of PAC). Table 3
shows expenditures for aspects of
solid waste management, including,
but not limited to, collection and disposal. Table 4 shows price changes for
total PAC expenditures and selected
components.
Real PAC spending in 1981. —In absolute terms, the 1981 decrease in
total PAC spending was $0.3 billion
(in 1972 dollars) and was due to a
large decrease in water PAC. Water
[Change in 1981, billions of 1972 dollars]
Real PAC Expenditures: Percent Change
From Preceding Year
Per cent
15
14
-1.4
-1.0
-.3
1
.1
.....;
.9
.8
1.1
-.3
.1
Air PA
Capital
Motor vehicle emission abatement
Plant and equipment
Current account
:
"'
r-
;
- " . -"'"'." - ' '' '\v'V-';,,-,,
'- ''••'>;,
; , . . . - ,>', < : .,.';.>','
Solid waste disposal
Capital
Current account
Other
0
-.3
Total expenditures for PAC
Water PA
Capital
Public sewer systems
Plant and equipment
Residential systems
Current account
10
5
1. PAC expenditures are for the reduction of pollutant emissions and the collection and disposal of solid
wastes by means acceptable to Federal, State, and
local authorities. PAC expenditures consist of those
for pollution abatement, which reduce pollutant emissions directly, plus expenditures for regulation and
monitoring and for research and development, which
lead indirectly to the reduction of emissions. Expenditures for other aspects of environmental control, such
as expenditures for natural resource conservation or
protection of endangered species, are excluded. Pollutants are defined as substances and other emissions
(e.g., noise) that degrade the quality of air or water
shared by all.
PAC spending decreased $1.4 billion,
or 12 % percent. Air PAC spending increased $0.9 billion, or 7% percent;
solid waste disposal spending increased $0.2 billion, or 4 percent; and
"other and unallocated" spending increased slightly.
The largest absolute changes in air
and water PAC spending were for PA
capital (see accompanying tabulation).
For water, each major category of
capital spending again decreased.
Public sewer systems construction
spending (government
enterprise
fixed capital) decreased $1.0 billion, or
23 percent, the third consecutive decrease. Plant and equipment spending
by business decreased $0.3 billion, or
16% percent, the fifth decrease.
Spending for septic systems and connectors to public sewers (residential
systems) decreased $0.1 billion, the
third decrease.
'• -' '
'
- - - - - - - - -
•!
;-
-; ' '
'•:: i , - , : : - . ' .'*-•"..,-''.' - '< • . : '. '•• *'.- •• '"'•' ,' -%X ;:'
-5
1973 74
75
76
77
78
79
U.S. Department of Commerce, Bureau of Economic Analysis
80
81
ss-2-4
.
...
.1
0
.1
...
0
The large decrease in spending for
construction of public sewer systems
was due to decreases in related Federal grants-in-aid and in State and local
funding for sewer systems. The decrease in Federal grants-in-aid for
sewer systems was the first signifi15
16
SURVEY OF CURRENT BUSINESS
cant one since 1978 and was part of a
slowdown in these grants since 1977
(table 5). (See the accompanying box
for a background discussion of these
grants.) The decrease in State and
local funding in 1981, the largest
since these decreases began in 1979,
was due to record high interest rates
on municipal bonds, taxpayer's increased sensitivity to growth in gov-
ernment, and reduced housing construction requiring connection to
sewer systems. The decrease in recent
years in construction of public sewer
systems is part of a general trend for
State and local total construction.
For air, spending for motor vehicle
emission abatement devices (consumer and business spending) increased
$1.1 billion, or 31 percent, after in-
February 1983
creasing each year since 1972. A decrease in plant and equipment spending of $0.3 billion, or 11% percent, was
a partial offset.
Motor vehicle emission abatement
spending increased, despite a decrease
in unit sales of cars, due to the addition of expensive computer-like electronic equipment to regulate engine
operation and emissions. This equip-
Table 1.—Expenditures for Pollution Abatement and Control in Current
Line
1972
1973
1974
1975
1976
1977
Total
Total
Total
Total
Total
Total
1978r
Solid
waste
Other and
unallocated2
Total
Air
43,416
40,833
4,762
2,525
2,237
25,692
10,882
14,809
12,833
3,051
-1,075
10,380
472
2,212
7,697
949
507
442
1,633
985
592
57
17,324
16,117
4,762
2,525
2,237
11,072
5,317
5,755
5,683
72
19,876
19,253
6,609
6,518
11,215
4,984
6,231
3,253
2,978
4,479
582
3,897
3,897
(*)
283
90
(*)
193
276
93
183
931
777
146
8
8,038
316
218
7,504
405
186
219
219
99
104
17
2,039
47
1,992
(*)
-1,075
20
19
1
55
28
28
35
16
16
4
213
201
12
449
93
326
29
Water
Millions of
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Pollution abatement and
control
Pollution abatement3
Personal consumption
- Durable goods
Nondurable goods and services
Business
On capital account
On current account
Private.
Government enterprise
Costs recovered..
Government
Federal
State and local
Government enterprise fixed capital
Regulation and monitoring
Federal
State and local
Research and development
Private
Federal
State and local
18,434
17,245
1,536
476
1,060
10,960
5,399
5,561
4,838
1,151
-428
4,749
139
1,311
3,299
367
200
167
823
519
205
99
21,930
20,537
2,065
670
1,395
13,097
6,766
6,331
5,459
1,342
-470
5,375
203
1,433
3,738
490
278
212
903
569
269
65
26,261
24,678
2,667
690
1,977
15,527
7,436
8,091
6,994
1,635
-538
6,484
294
1,591
4,598
595
346
248
988
608
342
39
30,923
29,167
3,463
1,361
2,102
18,134
8,832
9,302
8,100
1,896
-693
7,570
432
1,752
5,387
653
381
272
1,103
608
448
47
34,681
32,677
3,994
1,821
2,173
20,335
9,469
10,866
9,533
2,221
-887
8,348
472
1,834
6,042
725
402
323
1,279
706
528
45
37,962.
35,652
4,311
2,166
2,145
22,761
10,101
12,660
11,022
2,603
-966
8,580
490
1,963
6,128
833
429
404
1,478
849
578
51
394
-1,055
1075
1075
Millions of constant
Pollution abatement and
control
Pollution abatement3
Personal consumption
Durable goods
Nondurable goods and services
Business
On capital account
On current account
Private.
Government enterprise
Costs recovered
Government
..
Federal
State and local
Government enterprise fixed capital
Regulation and monitoring
Federal
State and local..
.
Research and development
Private
Federal
State and local.. .
.
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
18,434
17,245
1,536
476
1,060
10,960
5,399
5,561
4,838
1,151
-428
4,749
139
1,311
3,299
367
200
167
823
519
205
99
20,603
19,298
1,965
670
1,295
12,330
6,435
5,895
5,039
1,263
-407
5,002
190
1,330
3,482
456
259
197
849
535
253
61
21,307
19,951
2,116
651
1,465
12,372
6,200
6,172
5,259
1,296
-383
5,463
245
1,305
3,913
515
303
212
840
512
294
34
23,008
21,644
2,589
1,184
1,405
13,057
6,662
6,395
5,520
1,330
-455
5,998
332
1,344
4,322
517
305
213
847
461
348
38
24,325
22,868
2,857
1,489
1,368
13,789
6,762
7,027
6,138
1,444
-555
6,221
339
1,349
4,534
538
303
234
920
501
385
35
24,800
23,230
2,945
1,683
1,262
14,315
6,760
7,555
6,550
1,574
-569
5,970
323
1,359
4,288
577
304
274
993
562
394
37
26,330
24,696
3,066
1,816
1,250
15,011
6,758
8,253
7,135
1,705
-587
6,619
288
1,418
4,913
620
340
280
1,014
604
373
38
10,185
9,433
3,066
1,816
1,250
6,204
3,384
2,820
2,792
28
11,954
11,554
4,342
4,284
-150
-574
6,455
3,028
3,428
1,751
1,676
2,938
346
2,593
2,593
(*)
-586
163
48
(*)
115
179
62
116
574
476
92
5
5,099
198
102
4,799
263
125
139
137
61
65
11
1,345
30
1,315
(*)
-587
12
11
1
36
19
17
22
10
10
3
142
134
8
282
57
206
19
-586
Selected implicit
Pollution abatement and control
Pollution abatement
Personal consumption
Business .
On capital account
On current account
Government
Regulation and monitoring
Research and development
45
46
47
48
49
50
51
42
53
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
106.4
106.4
105.1
106.2
105.1
107.4
107.4
107.4
106.4
123.3
123.7
126.0
125.5
119.9
131.1
118.7
115.4
117.6
134.4
134.8
133.8
138.9
132.6
145.5
126.2
126.2
130.3
142.6
142.9
139.8
147.5
140.0
154.6
134.2
134.8
139.0
153.1
153.5
146.4
159.0
147.4
167.6
143.7
144.2
148.9
164.9
165.3
155.3
171.2
161.0
179.4
156.8
153.2
161.0
170.1
170.9
155.3
178.5
157.1
204.1
173.4
154.8
162.3
166.3
166.6
152.2
152.2
171.7
182.8
173.7
164.6
181.8
157.6
154.0
159.9
152.4
168.2
150.3
151.6
153.5
159.3
183.2
163.6
149.7
159.0
183.2
Addendum: Business capital consumption
Valued at replacement cost in current dollars
Valued at replacement cost in constant (1972) dollars
r
54
55
1,831
1,831
2,195
2,094
Revised.
Preliminary.
'Less than $500,000.
1. Includes expenditures for air and water pollution abatement and control. Includes expenditures for solid waste collection and disposal by means acceptable to Federal, State, and local authorities. Excludes agricultural production except feedlot operations.
p
2,839
2,391
3,578
2,713
4,282
3,066
5,061
3,413
5,911
3,721
2. "Other" includes expenditures for abatement and control of noise, radiation, and pesticide
pollution; "unallocated" includes business expenditures not assigned to media.
3. Expenditures are attributed to the sector that performs the air or water pollution abatement
or solid waste collection and disposal.
4. Current-dollar estimates divided by constant-dollar estimates.
5. To facilitate conversion of expenditures to a cost basis.
February 1983
ment, the largest added expense per
car due to PA since 1968, was designed to help meet tightened emission abatement requirements for 1981
model year passenger cars.
The 1981 decrease in air and water
PA plant and equipment spending occurred despite upcoming deadlines for
improved PA (1982 for air and 198384 for water). Deadlines in the 1980's
SURVEY OF CURRENT BUSINESS
17
may be having less effect on the pattern of changes in spending than did
similar deadlines in 1970's, when laws
setting deadlines were relatively new
and postponement of deadlines not
yet a regular occurrence.
Within the solid waste category,
capital spending remained at the 1980
level.
Current-account
spending,
which has increased each year since
1973, increased $0.1 billion, or 3% percent.
Prices in 1981.—Price increases
slowed in 1981, the first time since
1976, according to the fixed-weighted
and chain price indexes for PAC
goods and services (table 4). Both indexes increased 9& percent in 1981,
(Text continued on p. 20)
and Constant Dollars and Selected Implicit Price Deflators :
1979r
Total
Air
Water
198r
1980'
Other and
unallocated2
Solid
waste
Total
Air
Water
Solid
waste
Other and
unallocated2
Total
Water
Air
Solid
waste
Other and
unallocated2
Line
current dollars
49,904
47,062
5,646
2,912
2,734
30,066
12,309
17,757
15,596
3,522
1360
11,350
548
2,461
8,341
1,067
593
474
1,775
1,143
564
69
21,031
19,704
5,646
2,912
2,734
13,691
6,317
7,373
7,267
106
21,799
21,126
7,664
7,536
12,446
5,268
7,178
3,763
3,415
368
103
(*)
265
300
100
200
1,027
915
105
8
8,681
347
257
8,076
425
232
193
248
111
118
19
5,289
724
4,566
4,566
(*)
2,246
48
2,198
10,749
9,975
3,100
1,943
1,158
6,683
3,705
2,978
2,946
32
11,832
11,422
192
48
(*)
144
181
63
118
593
523
65
5
4,925
194
115
4,617
261
145
115
149
63
73
12
195.7
197.5
182.1
204.9
170.6
247.6
191.4
166.0
173.2
86
37
49
43
15
24
4
-590
-1,304
-1,359
-1,359
1
1360
55
50
6
257
225
32
457
102
317
38
56,061
53,003
7,092
3,715
3,378
34,324
13,099
21,225
18,747
4,087
1,610
11,587
495
2,772
8,321
1,296
793
502
1,762
1,107
591
64
25,606
24,255
7,092
3,715
3,378
16,690
7,198
9,492
9,344
148
22,424
21,673
8,783
8,605
-752
-1,531
13,163
5,066
8,097
4,159
3,939
6,080
835
5,245
5,245
(*)
-1,609
473
95
(*)
378
329
122
207
1,022
887
130
5
8,511
275
293
7,943
525
326
199
226
108
95
23
2,525
55
2,470
1
-1,610
79
70
9
129
66
63
49
14
32
3
313
280
34
465
98
335
33
26,730
25,018
3,344
2,295
1,049
15,582
6,816
8,767
7,614
1,831
-678
6,092
252
1,434
4,407
728
459
269
984
621
327
35
11,256
10,504
3,344
2,295
1,049
6,933
3,848
3,085
3,045
39
11,029
10,608
4,643
4,543
-199
-638
6,129
2,571
3,558
1,766
1,791
-678
228
43
(*)
185
180
71
109
572
498
72
3
4,480
142
116
4,222
295
189
107
126
61
53
13
3,199
397
2,803
2,803
(*)
1,344
30
1,314
209.7
211.9
212.1
220.3
192.2
242.1
190.2
178.0
179.1
227.5
230.9
212.1
240.7
187.1
307.7
207.6
182.9
205.3
203.3
204.3
189.2
189.4
213.1
234.9
214.8
197.0
227.6
190.0
177.8
179.6
190.0
210.5
187.1
187.9
178.0
179.6
237.3
-1,609
-863
-1,628
60,326
57,154
9,011
5,198
3,813
37,532
13,509
24,023
21,146
4,665
-1,788
10,611
533
3,066
7,012
1,398
840
559
1,774
1,102
644
28
29,494
28,142
9,011
5,198
3,813
18,630
7,892
10,738
10,582
156
21,724
20,972
9,971
9,668
13,844
4,707
9,137
4,629
4,508
500
94
(*)
406
334
108
226
1,018
883
135
(*)
7,128
244
278
6,606
513
293
220
239
108
121
11
6,845
910
5,935
5,935
(*)
2,824
66
2,758
26,407
24,721
4,094
3,025
1,068
15,480
6,510
8,970
7,786
1,875
-691
5,147
255
1,470
3,422
731
459
272
955
604
337
15
12,125
11,402
4,094
3,025
1,068
7,083
3,946
3,137
3,098
39
9,650
9,255
4,838
4,678
-206
-615
5,789
2,168
3,620
1,785
1,836
3,300
396
2,904
2,904
(*•)•
-691
226
41
(*)
185
168
59
109
555
484
71
(*)
3,467
116
114
3,237
267
160
107
128
59
63
6
1,378
34
1,344
(*)
-691
76
64
12
127
84
44
33
8
23
2
169
156
13
240
53
180
7
228.4
231.2
220.1
242.4
207.5
267.8
206.2
191.2
185.7
243.3
246.8
220.1
263.0
200.0
342.4
221.8
199.0
183.6
225.1
226.6
206.1
206.7
230.6
253.7
239.2
217.1
252.4
205.6
192.0
187.2
207.4
229.7
201.0
204.9
188.8
189.7
258.7
240
153
88
62
14
44,
4
-1,787
-1,787"
' l"
1,788
159
129
30
311
286
25
454
97
344
13
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
(1972) dollars
26,936
25,236
3,100
1,943
1,158
15,651
6,992
8,658
7,531
1,780
-653
6,486
297
1,428
4,761
653
372
281
1,046
654
349
43
4,540
4,462
-184
-623
3,124
386
2,738
2,738
C)
1,338
28
1,310
-653
52
23
29
26
9
15
2
160
141
19
278
58
196
24
184.2
185.0
168.8
168.9
189.8
207.2
191.6
181.6
199.6
176.2
163.0
167.0
169.3
187.3
166.8
167.9
164.4
165.5
208.2
6,497
2,902
3,596
1,848
1,748 |
-653
(*)
-653
30
27
3
72"
38
34
27
8
18
2
-678
(*)
-678
40
36
4
isT
162
19
258
55
185
18
-691
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
price deflators4
185.3
186.5
182.1
192.1
176.0
205.1
175.0
163.3
169.7
208.2
185.3
160.3
164.1
237.3
194.6
173.5
180.1
258.7
208.8
184.1
189.2
45
46
47
48
49
50
51
52
53
allowance (millions of dollars) 5
7,050
4,070
398-321 0 - 8 3 - 3
8,314
4,401
9648
4,719
54
55
18
SURVEY OF CURRENT BUSINESS
February 1983
Table 2.—Business and Government Expenditures for Air and Water Pollution Abatement in Current and Constant Dollars and Selected Implicit
Price Deflators
1972
1973
1974
1975
1976
1978 r
1977
Total1 Total1 Total 1 Total1 Total1 Total1 Total1
Air
1980 r
1979 '
Water Total1
Air
Water Total1
Air
1981 P
Water Total1
Air
Water
Millions of current dollars
Business (line 6)
2
On capital account (line 7)
Motor vehicle emission abatement
Plant and equipment4 expenditures 3
Residential systems
Agricultural business 5
On current account (line 8)
Private (line 9)
Motor vehicle emission abatement
Manufacturing establishments
Privately owned electric utility establishments
Other nonmanufacturing
establishments....
Residential systems 4 5
Agricultural business
Government enterprise (line 10)
Publicly owned electric utilities
Public sewer systems 6
Other
:
Government (line 12)
Federal (line 13)
Federal excl. highway erosion abatement...
Highway erosion abatement
State and local (line 14)
State and local excl. highway erosion
abatement
Highway erosion abatement
....
Government enterprise fixed capital (line
15)
Publicly owned electric
utilities
Public sewer systems 6
9,111
11,148
13,193
15,751
17,682 19,792
5,089
225
3,601
1,260
3
4,022
2,871
435
1,363
6,422
339
4,612
1,468
3
4,726
3,384
610
1,509
7,015
444
5,297
1,268
7
6,178
4,545
1,060
1,806
8,416
770
6,576
1,063
7
7,335
5,440
1,294
2,221
9,004 9,581
963 1,158
6,783 6,840
1,250 1,575
8
8
8,679 10,212
6,459 7,609
1,492 1,659
2,754 3,312
311
567
195
(*)
1,151
26
1,124
(*)
396
658
211
1
1,342
33
1,308
1
647
801
229
1
1,634
62
1,571
1
698
979
247
2
1,895
53
1,842
(*)
719
1,224
268
2
2,220
66
2,153
1
3,602
4,090
5,039
5,956
131
126
5
171
181
176
5
171
252
248
4
189
358
353
5
211
(*)
171
(*)
171
(*)
189
3,299
91
3,208
3,738
136
3,603
9,111
22,287 11,072 11,215
5,317
1,407
3,910
871
1,473
292
3
2,602
69
2,533
(*)
1,044
1,914
315
4
3,051
83
2,967
1
944
790
6,608
6,701
8,320
362
357
5
205
385
379
6
189
406
400
7
218
1
210
1
204
1
188
(*)
218
(*)
4,598
177
4,421
5,387
164
5,223
6,041
223
5,818
6,128
269
5,859
7,697
329
7,368
193
193
10,483
10,368
11,133
11,734 12,143
12,659
6,204
6,455
5,089
225
3,601
1,260
3
4,022
2,871
435
1,363
6,105
339
4,370
1,394
3
4,376
3,114
566
1,400
5,847
419
4,341
1,083
5
4,520
3,226
780
1,333
6,354
670
4,871
808
5
4,779
3,449
860
1,427
6,433
787
4,775
866
5
5,301
3,857
935
1,643
6,419
900
4,507
1,008
5
5,723
4,150
975
1,785
6,412
1,008
4,304
1,097
3
6,247
4,543
1,068
1,871
3,384
1,008
2,376
3,028
311
567
195
(*)
1,151
26
1,124
(*)
337
611
200
(*)
1,263
28
1,234
1
314
592
206
1
1,295
30
1,264
1
324
628
209
1
1,330
25
1,304
(*)
336
729
213
2
1,444
31
1,413
(*)
379
794
216
2
1,573
30
1,542
(*)
417
961
224
2
1,704
34
1,671
(*)
367
378
3,602
3,806
4,259
4,745
4,934
4,657
5,262
131
126
5
171
169
165
4
155
209
206
3
137
275
272
3
148
257
253
4
143
252
248
4
117
246
243
3
103
(*)
171
(*)
155
(*)
137
(*)
148
1
142
1
117
(')
102
(*)
3,299
91
3,208
3,482
129
3,353
3,913
141
3,772
4,322
116
4,206
4,534
152
4,382
4,288
171
4,117
4,913
196
4,717
115
115
5,755
5,683
1,912
2,038
26,136 13,691 12,446
11,585
1,819
3,106 7,705
1,873 2,057
4
5
6,231 14,551
3,253 11,030
2,640
4,315
1,710
10,301
1,407
7,016
1,873
5
11,987
8,936
1,912
3,747
4,984
6,317
1,819
4,499
7,373
7,267
2,640
2,337
5,268
3,207
2,057
4
7,178
3,763
1,977
29,853 16,690 13,163
100
1,124
315
4
2,978
10
2,967
1
1,496 1,382
2,238
908
337
5
3,521
106
118
106
3,402
1
114
1,330
337
5
3,415
12
3,402
1
1,910
2,530
360
5
4,087
161
3,926
(*)
1,780
1,051
283
8,038
8,998
368
8,681
8,983
90
90
316
310
7
218
450
442
9
257
103
103
347
339
9
257
369
362
8
293
218
(*)
257
(*)
257"
(*)
293
(*)
7,504
136
7,368
8,341
367
7,975
265
265
8,076
102
7,975
8,321
468
7,853
6,497
2,902
72
72
(*)
(*)
32,474 18,630 13,844
12,264 7,198 5,066 12,599 7,892
2,923 2,923
2,127 2,127
8,354 5,071 3,283 8,009 4,969
1,780
1,664
1,780
3
3
3
17,589 "9,492" 8,097 19,875 10,738
13,503 9,344 4,159 15,211 10,582
3,804 3,804
4,523 4,523
4,893 2,709 2,184
5,485 3,045
4,707
3,040
1,664
3
9,137
4,629
2,440
130
1,479
360
5
3,939
13
3,926
(*)
1,985
2,829
383
6
4,664
171
4,492
(*)
1,839
1,176
473
8,511
7,628
500
7,128
95
95
275
267
8
293
338
330
8
278
94
94
244
236
8
278
293
(*)
278
(*)
378
378
7,943
91
7,853
7,012
474
6,539
406
406
6,606
68
6,539
13,061
6,933
6,129
12,871
7,083
5,789
3,848
1,307
2,541
2,571
2,168
884
6,114
1,693
3,678
742
1
6,757
4,883
1,259
1,892
3,946
1,693
2,253
938
6,419
1,307
4,252
859
1
6,642
4,812
1,179
1,888
52
627
229
2
1,748
5
1,742
(*)
525
984
234
2
1,831
45
1,786
(*)
474
389
51
596
234
2
1,791
5
1,786
(*)
500
992
238
3
1,875
44
1,831
(*)
450
389
148
148
(*)
156"
156
(*)•
147
1,653
383
6
4,508
15
4,492
(*)
278
Millions of constant (1972) dollars
Business (line 28)2
On capital account (line 29)
Motor vehicle emission abatement 3
Plant and equipment
expenditures
Residential systems 4
Agricultural business 5
On current account (line 30)
Private (line 31)
Motor vehicle emission abatement
Manufacturing establishments
Privately owned electric utility establishments
i
Other nonmanufacturing
establishments....
Residential systems 4. 5
Agricultural business
Government enterprise (line 32)
Publicly owned electric
utilities
Public sewer systems 6
Other
Government (line 34)
Federal (line 35)
Federal excl. highway erosion abatement...
Highway erosion abatement
State and local (line 36)
State and local excl. highway erosion
abatement
. .
Highway erosion abatement
Government enterprise fixed capital (line
37)
.„
..
Publicly owned electric
utilities
Public sewer systems 6
2,820
2,792
1,068
980
1,928
1,097
3
3,428
1,751
892
13,180
6,683
9,606 3,705
1,208 1,208
4,305 2,496
1,090
2
6,573 "2,978"
4,794 2,946
1,116 1,116
1,956 1,018
1,809
1,090
2
3,596
1,848
"3,085"
3,045
1,179
1,005
1,711
859
1
3,558
1,766
3,137
3,098
1,259
1,001
1,425
742
1
3,620
1,785
891
50
603
238
3
1,836
5
1,831
(*)
50
583
224
2
1,676
5
1,671
(*)
470
1,020
229
2
1,780
37
1,742
(*)
419
393
163
5,099
5,118
192
4,925
4,707
228
4,480
3,692
226
3,467
48
48
198
195
3
102
242
238
4
115
48
48
194
190
4
115
185
182
3
116
43
43
142
139
3
116
157
154
3
114
41
41
116
113
3
114
102"
(*)
115
(*)
115
(*)
116
(')
116
(*)
114
(*)
4,761
200
4,561
144
144
4,617
56
4,561
4,407
230
4,176
185
185
4,222
45
4,176
3,422
216
3,206
185
185
3,237
31
3,206
196.5
199.6
191.9
217.7
220.5
213.4
296.7
329.4
274.6
28
28
(*)
4,799
82
4,717
32
32
(*)
39
39
(*')"
39"
39
(*)
114
Selected implicit price deflators 7
Plant and equipment expenditures
(see above,
business capital account)3
Manufacturing, privately owned electric utilities, and other nonmanufacturing establishments (see above, business current account)
Public sewer systems
(see above, business current account)6
Public sewer systems (see above, government,
fixed capital)
100.0
105.6
122.0
135.0
142.0
151.8
163.0
164.5
161.1
179.0
180.2
177.2
100.0
109.1
145.2
100.0
106.0
124.3
163.9
173.5
191.2
206.4
218.8
192.4
233.5
252.9
211.6
274.7
247.9
304.4
141.2
152.4
164.2
177.6
177.6
195.3
195.3
219.8
219.8
245.4
100.0
107.4
117.2
245.4
124.2
132.8
142.3
156.2
156.2
174.9
174.9
188.0
188.0
204.0
204.0
r
Revised.
P Preliminary.
•Less than $500,000.
1. Consists of air and water pollution abatement expenditures only.
2. Line numbers correspond to those in table 1.
3. Consists of manufacturing, private and cooperatively owned electric utilities, and other nonmanufacturing companies.
4. Consists of private septic systems and sewer connections linking househld plumbing to street
5. Feedlot operations only, see footnote 1 on table 1,
6. Public sewer systems consists of treatment plants, collection sewers, interceptor sewers,
pumping stations, and dry waste disposal plants.
7. Current-dollar estimates divided by constant-dollar estimates.
February 1983
SURVEY OF CURRENT BUSINESS
The Federal Grants Program for Publicly Owned Wastewater Treatment Works
The description that follows of the Federal program of grants-inaid for the construction of publicly owned treatment works is to
provide background information about a major part of total
PAC spending: construction of public sewer systems. These
systems accounted for 16 & percent of real PAC spending during
1972-81, and decreases in their construction were major factors
in the decreases in total PAC spending in 1980 and 1981.
The Federal Water Pollution Control Act Amendments of 1972
established the existing grants program. Among the provisions,
two are of special note: (1) For approved wastewater treatment
works projects, the Federal share of the covered construction
costs (State and local governments pay all costs not covered,
e.g., for sewage collection systems of less than the trunk-line
level) was 75 percent and the State and local share, 25 percent;
(2) municipalities were required to meet secondary treatment
requirements by July 1977. Approval of a project was
contingent mainly on conformance of technology to that for
medium-to-large scale collection and central processing of
wastes, but rationing of available funds was also involved.
Secondary treatment of wastewater was generally considered to
be biological treatment (e.g., using bacterial action) in contrast
to primary treatment, a lower level of treatment that is largely
mechanical (e.g., using screening devices). Secondary treatment
requirement were set at a stringent level and were described
both in terms of percent removal of wastes and quality of
effluent. When designing the program, Congress expected that
the Federal share of construction costs would remain high until
the backlog of needs for construction was eliminated and that
substantial progress toward eliminating the backlog could be
made in 5 years.
The wastewater treatment works grants program was beset
during 1972-81 by difficulties stemming from its design and by
external difficulties. These sources of difficulties combined
after 1977 to bring an end to steady increases in real grants;
grants decreased each year thereafter, except in 1979.
Decreases were significant in 1978 and 1981. The difficulties
stemming from the program's design gradually became
apparent: (1) The preferred—i.e., grant-eligible—pollution
abatement technology was high cost relative to alternatives,
and operation costs, borne by municipalities alone, were large;
(2) secondary treatment requirements were set at a level
difficult to attain even with the preferred technology; and (3)
although the preferred technology was affordable only in
densely populated areas, the treatment requirements were
uniform for all areas. The external difficulties were inflation
and, later, high interest rates. Inflation accelerated after 1972,
escalating construction costs and depleting Federal as well as
State and local funds. As a result of difficulties (1) and (2) in
combination with inflation, only one-half of major municipal
systems met secondary treatment requirements by 1977. As a
result of difficulty (3), most other treatment systems did not
meet the requirements. The taxpayer resistance to growth in
State and local government programs that became increasingly
apparent around 1978 augmented concern over the extent to
which construction and operation of high-cost treatment
systems should continue to be encouraged. Inflation contributed
to taxpayer resistance, on the one hand, by raising tax bases
and taxes and, on the other, by requiring enlarged bond issues
to cover the escalating construction costs. High interest rates
made it difficult for State and local governments to finance
their costs, which accounted for an average of 56 percent of
total sewer systems construction costs in 1978 and 39 percent in
1981. Despite these difficulties, 75 percent of public sewer
systems met secondary treatment requirements by 1980.
These difficulties led, in time, to changes in program legislation.
Amendments in 1977 mandated investigation of alternatives to
the preferred technology. The emphasis was to be on mediumto-large scale collection technology and central processing of
wastes rather than septic systems or networks thereof,
notwithstanding their advantages. The Federal share of
construction costs for alternatives that were innovative was
increased as an incentive for their exploration. Amendments in
1977 also extended the deadline for meeting secondary
treatment requirements to 1983 and allowed, under specified
conditions, increased discharge of wastes into the ocean. The
latter change increased the options of municipalities without
liberalizing secondary treatment requirements. Amendments in
1981 extended the deadline for meeting secondary treatment
requirements to 1988 and liberalized requirements for some
locations, allowing oxidation ponds, lagoons, and trickling
filters to be used if their use would not adversely affect water
quality. These amendments also decreased the Federal share of
construction costs to 55 percent beginning in fiscal year 1985.
The decrease was meant to cause some shift away from the
technology preferred until 1985 and indicated that, although
this technology was not being put in place at the rate or to the
extent originally envisioned by Congress, it was being put in
place where most needed. The decrease was viewed as allowing
markets to have an increased influence on technology selection
and as reducing Federal involvement in State and local
government decisionmaking. The long-term effect of these
program changes will probably be annual decreases in grants; a
decrease in grant is indicated by available data for 1982. A
surge in the mid-1980's is possible if State and local
governments rush to take advantage of the remaining years of
higher Federal funding.
Although the substantial increases in grants during 1972-77
were the primary stimulus to the increases in spending for
construction of public sewer systems, after 1977 factors other
than changes in grants—external factors impacting directly on
State and local governments—began strongly to influence
sewer systems construction. Unless their depressing effect on
sewer systems construction is reversed (e.g., by lower interest
rates, a strong recovery in housing construction requiring
connection to sewer systems, or a resurgence of concern about
the impact of residential growth on water quality), these
external factors, in combination with the expected decreases in
grants, will lead to further decreases in sewer systems
construction.
19
20
SURVEY OF CURRENT BUSINESS
compared with a 13 ^-percent increase
in 1980. Energy prices accounted for
much of the deceleration. A fixedweighted index of energy-purchase
components (about 10 percent of total
PAC) decelerated from an increase of
28 percent in 1980 to 11 percent in
1981. A PAC fixed-weighted index
that excludes these components decelerated much less—from a 10-percent
increase in 1980 to a 9 ^-percent increase in 1981.
The increase in the implicit price
deflator slowed to 9 percent from 13
percent in 1980. The implicit price deflator measures the average price of
PAC purchases in each year; changes
in the deflator reflect changes in
prices and shifts in the composition of
PAC purchases from year to year.
The chain and fixed-weighted price
indexes, because the composition of
PAC purchases in them is held constant, measure only changes in prices.
(The chain index is based on the composition of purchases in each preceding year and the fixed-weighted price
index is based on the composition of
purchases in a base year, 1972.)
Real PAC spending in 1982.—A continued decrease in spending in 1982,
larger in absolute terms than in 1981,
is indicated by the limited information available as of early 1983. Public
sewer systems construction spending
decreased, as indicated by data for the
first three quarters. Business PA
plant and equipment spending decreased, assuming business spending
plans reported in a BEA survey in
Table 3.—Constant-Dollar Spending by Business and Government for Solid Waste Collection and
Disposal and Related Series
Line
1972
1973
February 1983
1974
1975
1976
1977
1978 r
1979 r
1980 r
1981*
Millions of constant (1972) dollars
Solid waste collection and disposal
by means acceptable to Federal,
State, and local authorities
1
3,416
3,429
3,554
3,575
3,816
3,982
4,253
4,434
4,513
4,644
Solid waste management
Pollution abatement
Other1 ....
2
3
4
4,680
887
3,792
4,687
994
3,693
4,854
1,162
3,693
4,897
1,260
3,637
5,206
1,438
3,769
5,413
1,619
3,795
5,769
1,897
3,872
5,980
2,171
3,809
6,104
2,356
3,748
6,281
2,554
3,727
Percent change from preceding year
Solid waste collection and disposal
by means acceptable to Federal,
State, and local authorities
5
.4
3.6
.6
6.7
4.4
6.8
4.2
1.8
2.9
Solid waste management
Pollution abatement
Other 1
6
7
g
.1
12.1
-2.6
3.6
16.9
0
.9
8.4
-1.5
6.3
14.1
3.6
4.0
12.6
.7
6.6
17.2
2.0
3.6
14.5
-1.6
2.1
8.5
-1.6
2.9
8.4
-.6
.....
'Revised.
Preliminary.
1. Consists of spending for the avoidance of the slowing of production or consumption activity due to the accumulation of solid
waste and for other purposes except pollution abatement.
p
late 1981 were realized.2 Motor vehicle emission abatement devices spending decreased, as indicated by only
minor additions of devices for model
year 1982 and decreased unit sales of
vehicles. The sum of these decreases
is large. Information for all other categories is sketchy, but there is no indication of a substantial increase.
Revisions in real spending, 197880— The last 3 years of the PAC
spending series have been revised. Revisions were upward each year: $0.2
billion in 1978, $0.5 billion in 1979,
and $0.3 billion in 1980. The two
2. For details, see Gary L. Rutledge and Betsy D.
O'Connor, "Plant and Equipment Expenditures by
Business for Pollution Abatement, 1981 and Planned
1982," SURVEY 62 (June 1982): 17-21 and 72.
major components revised were motor
vehicle emission abatement devices
spending and nonmanufacturing (excluding electric utilities) air and
water PA current-account spending.
The incorporation of new data on imported light-duty trucks and the reclassification by the Environmental
Protection Agency of trucks into
light- and heavy-duty weight classes
led to upward revisions of abatement
device spending (i.e., "personal consumption, durables" plus "business
capital, motor vehicle emission abatement" spending) from $0.1 to $0.3 billion in each of the 3 years. The incorporation of information for an additional year led to a higher ratio of
nonmanufacturing to manufacturing
net capital stocks of PA plant and
Table 5.—Federal Grants-in-Aid to State and Local Governments for
Line
1972
1973
1974
1975
1976
1977
Total
Total
Total
Total
Total
Total
1978 r
Total
Water
Air
Other and
unallocated
Solid
waste
Millions of
Pollution abatement and control
Pollution abatement
Regulation and monitoring
Research and development
1
923
1,057
2,242
2,870
3,386
4,061
4,150
71
4,012
25
42
2
3
4
758
66
99
916
76
65
2,112
91
39
2,721
102
47
3,189
151
45
3,815
194
51
3,879
214
57
(*)
63
8
3,871
124
17
7
15
4
1
12
29
5
923
983
1,906
2,304
2,546
2,847
2,644
45
2,556
16
28
6
7
8
758
66
99
851
71
61
1,794
78
34
2,186
79
38
2,401
110
35
2,679
132
37
2,471
136
38
(')
40
5
2,466
78
11
4
9
3
1
8
19
Millions of constant
Pollution abatement and control
Pollution abatement
Regulation and monitoring
Research and development
'Revised.
Preliminary.
'Less than $500,000.
1. Constant-dollar estimates are derived using measures of price change of goods and services purchased by State and local governments for pollution abatement and control.
p
SURVEY OF CURRENT BUSINESS
February 1983
21
Table 4.—Percent Change From Preceding Year in Pollution Abatement and Control Expenditures (Total and Selected Components) in Current and
Constant Dollars, Implicit Price Deflators, and Price Indexes
1972-80
average
annual
rate1
Pollution abatement and control—total:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weiffhted orice index
14.9
4.7
9.6
Pollution abatement and control— air:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
18.7
7.1
10.8
Business capital— air:
Current dollars
1972 dollars
Implicit price deflator .
Chain price index
Fixed-weighted price index
9.9
11.7
14.9
6.2
8.1
.
8.8
Business current account, private —air:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
23.1
7.0
15.0
14.7
Pollution abatement and control—water:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weiffhted orice index
12.5
2.9
9.2
.
9.2
Business capital—water:
8.0
-.8
8.8
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
8.9
Business current account, private—water:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
17.9
6.0
11.2
Pollution abatement and control—solid waste:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
12.3
3.7
8.2
11.0
8.3
1975
1974
1973
1978r
1977
1976
1980r
1979'
198P
19.0
11.8
6.4
6.5
6.5
19.8
3.4
15.9
15.9
15.9
17.8
8.0
9.0
9.8
9.8
12.2
5.7
6.1
6.2
6.2
9.5
2.0
7.4
7.2
7.4
14.4
6.2
7.7
7.7
7.9
14.9
2.3
12.4
12.4
12.4
12.3
-.8
13.2
13.5
13.4
7.6
.1.2
8.9
9.4
9.5
28.4
20.8
6.2
6.5
6.5
25.5
3.3
21.6
21.7
22.5
22.9
12.7
9.1
10.8
10.9
10.3
4.7
5.4
5.7
5.7
10.0
2.7
7.1
7.3
7.7
11.2
3.9
7.0
7.1
7.0
21.4
5.5
15.0
15.6
15.8
21.8
4.7
16.2
17.5
18.1
15.2
7.7
6.9
9.4
10.1
37.9
32.0
4.5
4.5
4.5
16.7
1.3
15.2
15.7
15.9
25.7
13.6
10.6
11.7
11.9
.3
-4.7
4.7
5.3
5.2
3.8
-2.0
5.9
6.5
6.7
7.3
.8
6.4
7.0
6.6
18.8
9.5
8.5
9.1
9.4
13.9
3.9
9.7
10.0
10.6
9.6
2.6
6.9
9.2
10.3
18.2
7.3
10.1
10.2
10.2
42.6
5.4
35.3
37.2
37.2
20.0
9.1
10.0
10.4
10.5
17.6
11.8
5.2
5.6
5.5
17.1
6.7
9.8
9.4
9.9
15.6
7.6
7.5
7.5
8.0
27.9
5.5
21.2
20.7
18.4
28.6
3.4
24.4
23.6
21.2
13.3
1.7
11.3
11.3
11.5
15.6
8.4
6.7
6.7
6.7
15.3
2.1
12.8
13.0
12.9
16.6
6.6
9.4
9.6
9.7
14.4
6.6
7.2
7.0
7.2
8.5
.4
8.1
7.5
7.6
18.0
8.4
9.0
8.8
9.2
9.7
-1.0
10.8
10.5
10.4
2.9
-6.8
10.4
10.2
9.9
-3.1
-12.5
10.7
9.5
9.3
16.0
9.5
5.9
6.0
6.0
1.5
100
12.7
12.7
12.3
13.2
2.8
10.1
10.5
10.6
16.6
9.1
6.9
6.8
7.5
9.4
1.8
7.4
7.1
7.4
7.7
-1.1
9.0
8.5
8.7
5.7
-4.2
10.3
10.2
10.3
-3.8
-11.4
8.5
9.0
9.0
-7.1
-15.7
10.2
10.3
10.0
17.4
10.3
6.4
6.3
6.3
21.0
.7
20.1
20.2
20.0
19.1
3.5
15.1
15.1
15.0
20.8
11.9
8.0
7.6
7.6
19.1
9.2
9.1
8.8
8.8
20.7
12.6
7.2
6.9
6.8
15.7
5.5
9.6
9.5
9.3
10.5
-4.4
15.6
16.0
15.5
11.3
1.0
10.2
10.3
10.1
8.2
.8
7.3
7.3
7.3
16.8
4.3
11.9
12.0
12.0
8.4
.9
7.5
7.5
7.4
11.5
6.3
5.0
4.9
4.9
10.3
4.2
5.8
5.8
5.9
13.4
6.8
6.1
6.2
6.3
16.0
4.6
10.9
10.8
10.8
14.6
2.3
12.1
12.1
12.1
13.5
4.2
8.9
9.1
9.1
r
Revised.
p
Preliminary.
1. Compounded annually; not calculated for chain price index because it is defined for adjacent years only.
Pollution Abatement and Control in Current and Constant Dollars
1979 r
Total
Water
Air
1980
Other and
unallocated
Solid
waste
Total
r
Water
Air
1981 '
Other and
unallocated
Solid
waste
Total
Water
Air
Other and
unallocated
Solid
waste
Line
current dollars
5,099
81
4,898
43
77
5,241
85
5,027
53
76
4,836
88
4,591
88
68
1
4,797
231
71
(*)
73
7
4,784
93
21
7
33
3
6
32
39
4,928
249
64
(*)
80
5
4,910
94
23
9
42
3
9
34
33
4,532
276
28
(*)
88
(*)
4,476
103
11
26
59
4
30
25
13
2
3
4
2,914
48
2,794
26
46
2,778
45
2,662
29
41
2,369
43
2,249
45
32
5
2,734
137
43
(*)
43
5
2,727
55
12
4
19
2
3
19
24
2,608
134
35
(*)
42
3
2,599
50
13
5
23
2
4
19
18
2,219
135
15
(*)
42
(*)
2,193
51
6
13
30
2
12
13
7
6
7
8
(1972) dollars
22
SURVEY OF CURRENT BUSINESS
equipment, which, in turn, led to
upward revisions in nonmanufacturing air plus water PA current-account
spending of $0.1 billion in each year.
point sources are of limited coverage,
but indicate that spending decreased
at an average annual rate of 6 percent during 1972-81.
Real spending for air and water PA,
1972-81
Air and water PA, which accounts
for most of PAC spending, is discussed
in this section using classifications in
Federal legislation (tables 6 and 7).
For air PA, the Clean Air Act classifies sources of pollutants as mobile
(e.g., cars) or stationary (e.g., factories). For water PA, the Federal
Water Pollution Control Act classifies
sources as point (e.g., factories) or
nonpoint (e.g., highway construction
projects).
Spending to reduce emissions of air
pollutants from mobile and stationary
sources combined increased /at an
average annual rate of 7 percent
during 1972-81. Spending for mobile
sources increased at an average rate
of 14 percent; spending for stationary
sources increased at a rate of 1 percent. Spending for emission abatement devices for mobile sources increased much faster than spending to
operate the devices, 23% percent compared with 5 percent (average annual
increases).
Spending for air PA facilities for
stationary sources was less in 1981
than in 1972. For the subperiod 197275, the average annual increase was
4& percent, but for 1975-81 spending
decreased. Annually, spending for
facilities was volatile, with increases
in 4 years and decreases in 5. Spending to operate these facilities increased steadily from 1975 to 1980 at
an annual rate of 7 percent and decreased 1% percent in 1981.
Water PA spending for point
sources increased at an average
annual rate of 1% percent during
1972-81. Spending for water PA facilities for point sources was less in 1981
than in 1972. For 1972-75, the average annual increase was 7% percent,
but for 1975-81 spending decreased.
Spending increased every year in the
early period, but decreased in 4 out of
6 years in the later period. Spending
to operate water PA facilities increased every year except 1980; the
average increase for the period was 6
percent. Spending estimates for non-
Business PAC costs, 1972-81
One possible measure of the costs
associated with PAC is the costs of
conforming to PAC rules and regula-
February 1983
tions.3 For business, such a measure
would include, in addition to business
current-account PA spending, a capi3. Alternatively, business PAC costs are the amount
by which business costs exceed what they would have
been in the absence of PAC rules and regulations. In
both formulations, regulations refer to legal requirements, and rules—written and unwritten—refer to additional expressions of community and business concern for PAC.
Table 6.—Constant-Dollar Spending for Abatement of Air Pollutant Emissions from Mobile and
Stationary Sources 1
[Millions of constant (1972) dollars]
1977
1978r
1979'
1980r
1981"
8,912
9,105
9,435
9,974
10,504
11,402
4,579
2,276
1942
1,086
856
335
4,820
2,583
2236
1,187
1049
347
5,142
2,824
2352
1,204
1148
472
5,425
3151
2489
1,266
1223
662
5,829
3,602
3105
1,436
1669
497
7,045
4,718
4257
1,590
2667
461
2303
1,668
635
2237
1,475
762
2318
1,404
913
2274
1,228
1046
2227
1,049
1178
2327
999
1328
4,395
2997
2,926
1640
1,286
71
4,333
2741
2,638
1254
1,384
103
4285
2577
2,457
1095
1,362
120
4,293
2492
2,377
1 155
1,222
115
4549
2640
2,496
1 177
1,319
144
4,675
2726
2,541
1086
1,455
185
4357
2438
2,253
1000
1,253
185
1,398
1317
'756
560
82
1,592
1498
883
615
95
1,708
1621
942
679
87
1,801
1724
980
744
77
1,909
1829
1,018
811
80
1,949
1867
1,005
862
82
1,919
1840
1,001
839
79
1972
1973
1974
1975
6,230
7,130
7,428
8,514
2,196
701
588
0
588
113
2,869
1,008
843
0
843
165
3,315
1070
865
200
665
205
4,119
1,853
1578
917
660
276
Operation of devices
Cars 3
Trucks
1495
1,348
147
1861
1,658
203
2245
1,886
359
2266
1,784
481
Stationary sources .
Facilities
Industrial
Manufacturing
Nonmanufacturing
Other 4
4034
2626
2,563
1 142
1,421
63
4261
2864
2,786
1453
1,332
78
4113
2827
2,745
1595
1,150
82
Operation of facilities
Industrial
Manufacturing
Nonmanufacturing
Other 5
1408
1329
772
557
79
1397
1328
'745
582
69
1286
1216
'686
529
70
Total
Mobile sources 2
Devices
Cars
Catalytic
Noncatalytic
Trucks
1976
'Revised.
" Preliminary.
1. The Clean Air Act classifies sources of pollutants as either mobile, such as passenger cars, or stationary, such as factories.
2. Excludes spending to reduce emissions from mobile sources other than cars and trucks; such spending was insignificant
during 1972-81.
3. These estimates are from sources requiring updating; evidence suggesting less spending is accumulating.
4. Consists of spending for fixed capital of government enterprises such as the Tennessee Valley Authority.
5. Consists of spending to operate government enterprises and all spending by government; separate data on spending to
acquire and operate government pollution abatement facilities are not available.
Table 7.—Constant-Dollar Spending for Abatement of Water Pollutant Emissions from Point
Sources J
[Millions of constant (1972) dollars]
1976
1977
1978 T
1979r
1980r
198P
9,298
9,916
9,923
10,823
10,641
9,875
8,644
6711
7098
6845
7421
7132
6480
5144
1596
852
744
1945
999
947
2,138
1 173
964
2050
1 164
886
1,928
801
1 127
1809
725
1084
1,698
615
1083
1425
495
930
4246
4482
4765
4960
4795
5493
5323
4782
3719
4,193
54
4418
64
4,717
49
4,906
54
4,739
56
5,409
84
5,265
58
4,736
46
3687
32
2115
2384
2457
2586
2818
3077
3402
3509
3441
3500
912
591
321
1 021
655
366
1023
646
376
1062
671
392
1210
'760
450
1337
843
494
1525
'892
633
1617
938
679
1531
884
647
1544
891
653
1,203
1,363
1,435
1,524
1,609
1,740
1,877
1,892
1,910
1956
1,124
79
1,234
129
1,264
171
1,304
220
1,413
196
1,542
198
1,671
206
1742
150
1786
124
1831
'l25
1972
1973
1974
1975
Total
7,551
8,214
8,535
Facilities
5436
5831
6078
1411
626
785
1585
838
746
4025
3,993
32
Industrial
Manufacturing
Nonmanufacturing
Public sewer systems, private connectors
to them and other
Public sewer systems and private connectors
Other 2
Operation of facilities
Industrial
Manufacturing
Nonmanufacturing
Public sewer systems, private connectors
to them, and other
Public sewer systems and private connectors
Other 3
r
Revised.
p
Preliminary.
1. The Federal Water Pollution Control Act defines point sources as facilities that discharge to a body of water through a pipe
or ditch.
2. Consists of spending by owners of feedlots and spending for fixed capital of government enterprise such as the Tennessee
Valley Authority.
3. Consists of spending to operate government enterprises and all spending by government; separate data on spending to
acquire and operate government pollution abatement facilities are not available.
SURVEY OF CURRENT BUSINESS
February 1983
tal consumption allowance, a net imputed return for PA capital, and research and development spending.4
Estimates of business PAC costs have
been prepared for 1972-81 (table 8).5
Business PAC costs in current dollars
increased at an average annual rate
of 17X percent during 1972-81. The
two major components, "costs of PACinduced modifications in final products" and "costs of business PAC of
its own wastes," increased at average
rates of 20% percent and 16% percent,
4. Net imputed return is what businesses would
have earned if capital used for PA had been used for
purposes other than PA (i.e., what businesses forego
when they use capital for PA); it is estimated as the
PA net capital stock multiplied by the ratio of nonlabor earnings to assets for nonfarm corporate business.
5. Information on sources and methods used in these
estimates will be provided upon request. Send requests
to U.S. Department of Commerce, Bureau of Economic
Analysis, BE-62, Washington, B.C. 20230.
23
respectively. The addition of emission
abatement devices to motor vehicles
is an example of the former kind of
costs, and the use of electricity to operate the wastewater treatment
works of a manufacturing operation is
an example of the latter.
What is generated by business PAC
costs, although not a final demand in
the framework of the national income
and product accounts (NIPA's), has
characteristics of a final demand: the
clean air and water they generate are
products, albeit unconventional ones,
for consumption, and are not inputs
to further production. Further, business PAC costs, although not a tax,
have characteristics of a tax: (1) they
are not used to benefit the businesses
directly affected, but rather to purchase resources used for collective
consumption, and (2) the costs may be
shifted forward or backward as markets allow. For some types of analysis,
users of the NIPA's may want to consider the provision of clean air and
water as collective consumption and
the tax characteristics of business
PAC costs. Doing so may improve the
internal logic of the study and suggest
useful interpretations of results. To
date, resource absorption has been
considered systematically only for
those cost components classified as
final demand in the NIPA's; specifically, economic growth models have
excluded PA capital but not labor and
materials. The tax characteristics of
business PAC costs as a whole have
not been considered, although two aspects have been: business PA as affecting relative prices, and business
PA capital as reducing the rate of
return.
Table 8.—Business Pollution Abatement and Control (PAC) Costs in Current Dollars 1
[Millions of dollars]
Business PAC costs
Costs of PAC-induced modifications
in final products
Residential systems 2
Motor vehicles 3
Adjustment to market price valuation 4
Costs of business PAC of its own wastes 5
Residential business
Current costs
Capital costs 6.
Capital consumption 7 allowance
Net imputed return
Adjustment to a market price valuation 4
Nonfarm nonresidential business
Current costs
Motor vehicles
Air and water pollution abatement, except motor vehicles
Solid waste pollution abatement
Costs recovered
Capital costs 6
Capital consumption allowance
Motor vehicles
Air and water pollution abatement except motor vehicles
Solid waste pollution abatement
Net imputed return 7
Motor vehicles
Air and water pollution abatement except motor vehicles
Solid waste pollution abatement
Research and development for pollution 4abatement
Adjustment to a market price valuation
Addendum:
Net imputed return adjustment 8
Residential business
Nonfarm nonresidential business
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
12807
2,023
1260
15,019
2,551
1,468
1,009
16875
2,492
1268
1,150
20885
3,386
1063
2,225
25619
4385
1250
3,012
30803
5,346
1575
3,634
35907
6,403
1873
4,375
40845
7542
2057
5,306
46005
8,562
1780
6,561
53880
10,945
1664
8,983
10784
4,519
12468
4,700
14384
4,488
17499
5,261
21234
6,153
25457
7180
29505
7913
33303
8058
37443
8006
42935
8966
4,091
4,259
4,040
4,747
5,578
6,542
7,227
1 046
5214
7346
1 179
5199
7242
1308
4946
8104
1441
5614
25245
11870
2640
9190
1400
1 360
12*144
4885
29437
14735
3804
10,656
1885
1 610
13321
5862
701
62
...
195
540
582
229
673
98
247
766
123
268
852
137
292
936
155
315
179
337
221
360
298
383
2959
2606
3117
3782
4610
6265
2,789
7768
3,341
2,620
3,013
9896
4,817
1060
3,799
12238
5,679
1294
4,512
15081
6,799
1492
5,395
18277
7,980
1659
6,441
3,042
3,942
1264
4503
1738
5845
2278
7459
2804
9319
3388
21 592
9507
1912
7665
1005
1 075
10999
4039
1 180
1607
2074
2505
2972
3470
4 118
4847
33969
16717
4523
11757
2224
1 788
15640
7018
1 101
5708
2081
' 56
2002
2739
3583
4670
5563
5789
6810
3388
4380
5175
5767
'333
5323
5304
6188
435
162
428
989
46
934
8
1611
35
1,566
10
184
250
381
216
1. Derived from tables 1 and 2, detail underlying those tables, related national income and
product account data, and capital stocks for pollution abatement. Information on sources and
methods used in these estimates will be provided upon request.
2. Consists of the construction of private septic systems and sewer connections linking household plumbing to street sewers.
3. Consists of motor vehicle emission abatement systems and the added consumer expense of
purchasing unleaded rather than leaded fuel.
4. Consists of sales-associated charges: part of indirect business taxes (those contingent upon
sale), business transfer payments (made out of sales revenue), and the statistical discrepancy.
These charges are measured as what they would have been if resources used for pollution abate-
211
73
2841
233
. . .
74
230
610
188
470
70
14
2080
50
2,013
17
192
293
487
342
219
495
538
107
24
22
226
350
1391
1 111
267
566
693
168
37
91
2613
35
261
452
1384
1 216
306
799
887
250
49
146
49
281
541
1 146
1 085
345
846
966
350
66
219
71
354
624
722
731
371
480
89
293
95
376
710
655
699
374
646
120
110
438
793
1 404
1 558
405
852
163
361
124
406
975
2357
2759
479
209
462
160
414
1 198
2342
2841
ment had been used to produce final product. Business PAC costs are adjusted to market prices to
make them comparable to other values at market prices.
5. Consists of the costs of a business' abatement of its own waste (self service), one business'
abatement of another business' waste, and related research and development.
6. Includes items not shown separately, insurance and taxes on pollution abatement capital.
7. Consists of the pollution abatement net capital stock multiplied by the ratio of nonlabor
earnings to assets for nonfarm corporate business and measures what businesses would have
earned if capital used for pollution abatement had been used to produce final product.
8. The amount shown may be added to the net imputed return when a trended rather than an
untrended earnings-to-assets ratio is required.
By NED G. HOWENSTINE
Gross Product of U.S. Multinational Companies, 1977
iSTIMATES of gross product of
U.S. multinational companies (MNC's)
by industry, country, and component
in 1977 are presented in tables 1-5.
The estimates are based on data collected in BEA's most recent benchmark survey of U.S. direct investment
abroad.1 Gross product is an economic
accounting measure of production.
MNC gross product measures U.S.
parent companies' contribution to
U.S. gross domestic product (GDP)
and their foreign affiliates' contribution to foreign GDP. For a business,
gross product can be defined as sales
plus inventory change less purchases
of intermediate goods and services; as
such, gross product measures value
added by the business. Alternatively,
it can be defined as the sum of the
charges against production. The MNC
estimates presented here were prepared by summing such charges.
The MNC gross product estimates
cover nonbank U.S. parents that had
NOTE.—Arnold Gilbert was responsible for
the computer programming for the tables in
this article. Ethel J. Wheeler provided statistical assistance.
1. U.S. MNC's are U.S. companies that have direct
investment abroad. U.S. direct investment abroad
exists when one U.S. person (U.S. parent) has a direct
or indirect ownership interest of 10 percent or more in
a foreign business enterprise (foreign affiliate). Detailed data and the methodology of the benchmark
survey were published in U.S. Department of Commerce, Bureau of Economic Analysis, U.S. Direct Investment Abroad, 1977 (Washington, D.C. : U.S. GPO,
April 1981). Other articles on the benchmark survey
data have appeared hi the April and October 1981,
and February and April 1982, issues of the SURVEY OP
CURRENT BUSINESS.
24
at least one nonbank majority-owned
foreign affiliate (MOFA), and their
nonbank MOFA's. Coverage is limited
to these parents and affiliates because, in the benchmark survey, the
data needed to estimate gross product
were collected only for them.2
Estimates of MNC gross product
are valuable in measuring the overall
size, economic impact, and distribution of MNC operations among indus^
tries and countries. They also can be
used to analyze issues such as how
MNC productivity compares with that
of other businesses and how the
income resulting from MNC production is distributed between labor and
other factors of production.
Some key findings based on the
gross product estimates are:
• U.S. MNC gross product was
$651.7 billion in 1977. U.S. parents accounted for 75 percent,
and their MOFA's for 25 percent,
of the total. The U.S. parent
share was larger than that for
MOFA's in every major industry
except petroleum, where U.S. parents accounted for 46 percent and
MOFA's for 54 percent.
• In manufacturing, U.S. parents
accounted for 79 percent, and
2. MOFA's were defined in the benchmark survey as
affiliates that were owned more than 50 percent by all
U.S. parents combined and that had assets, sales, or
net income of more than $3 million in 1977. Coverage
of the gross product estimates is the same as for data
of "Group III" affiliates and their parents in U.S.
Direct Investment Abroad, 1977. However, some of the
data in this article do not agree with those previously
published, because errors found in the latter have
been corrected.
MOFA's for 21 percent, of total
MNC gross product. The U.S.
parent share was largest in primary and fabricated metals (88
percent) and smallest in nonelectrical machinery (70 percent).
> U.S. parent gross product totaled
$490.5 billion and accounted for
one-third of all-U.S.-business GDP
in 1977. Over three-fifths of U.S.
parent gross product was in manufacturing.
l MOFA gross product totaled
$161.1 billion. Affiliates in manufacturing and petroleum accounted for the largest shares of the
total—-44 and 38 percent, respectively.
> Two-thirds of MOFA gross product was in developed countries
and one-third in developing countries. Among individual countries,
the gross product of MOFA's in
Canada was by far the largest, accounting for over 17 percent of
the total.
) MOFA's accounted for particularly large shares of total business GDP in Canada and Libya—
17 percent in each. MOFA shares
were also large in Ireland, Luxembourg, Indonesia, and Panama.
I From 1966 to 1977, MOFA gross
product grew about 15 percent
per year. Growth was somewhat
faster in developing countries
than in developed countries—16
(Text continued on p. 28)
SURVEY OF CURRENT BUSINESS
February 1983
25
Table 1.—Gross Product of U.S. MNC's, by Industry of U.S. Parent, 1977
Distribution
Amount
Percent
Millions of dollars
MNC's
worldwide
MNC's
worldwide
U.S.
parents
MOFA's
100
75
25
100
100
100
100
100
100
82
80
(DD)
( )
(°)
83
18
20
(»)
(D)
(°)
17
61,999
838
685
154
57,899
57,896
-5
8
2,917
345
100
100
100
100
100
100
100
100
100
100
46
81
78
88
43
43
(DD)
( )
43
90
54
19
22
12
57
57
(°)
301,286
80,994
100
79
21
21,782
4,088
3,905
13,789
6,088
887
1,111
4,090
100
100
100
100
78
82
78
77
22
18
22
23
51,547
28,970
11,259
7,486
(DD)
( )
39,133
23,320
7,697
4,911
(°)
( fl )
12,413
5,650
3,562
2,575
(DD)
( )
100
100
100
100
100
100
76
81
68
66
( fl )
83
24
20
32
34
(D)
17
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
40,209
27,318
19,065
8,253
12,890
35,380
24,800
18,227
6,573
10,579
4,829
2,518
838
1,680
2,311
100
100
100
100
100
88
91
96
80
82
12
9
4
20
18
Machinery, except electrical
Farm and garden machinery and equipment
Construction and related machinery
Office and computing machines
Other
60,402
3,388
10,534
30,263
16,218
42,356
2,793
8,425
17,621
13,518
18,046
595
2,109
12,642
2,700
100
100
100
100
100
70
82
80
58
83
30
18
20
42
17
Electric and electronic equipment
Household appliances
Radio, television, and communication equipment
Electronic components and accessories
Other
32,105
3,639
7,859
3,456
17,151
26,683
2,634
7,084
2,784
14,181
5,422
1,005
775
672
2,970
100
100
100
100
100
83
72
90
81
83
17
28
10
19
17
Transportation equipment
Motor vehicles and equipment
Other
88,513
62,507
26,006
71,302
47,979
23,323
17,211
14,528
2,683
100
100
100
81
77
90
19
23
10
81,633
9,841
9,198
7,322
12,034
5,916
9,902
1,576
2,792
4,872
13,940
4,240
64,649
6,023
8,079
6,597
9,708
5,260
7,328
1,285
2,191
3,806
10,656
3,717
16,983
-3,818
1,119
725
2,325
656
2,574
292
601
1,066
3,284
523
100
100
100
100
100
100
100
100
100
100
100
100
79
61
88
90
81
89
74
81
78
78
76
88
21
39
12
10
19
11
26
19
22
22
24
12
Trade
Wholesale trade
Durable goods
Nondurable goods
Retail trade
35,276
6,536
2,583
3,953
28,740
31,308
5,058
1,939
3,119
26,251
3,968
1,478
644
834
2,490
100
100
100
100
100
89
77
75
79
91
11
23
25
21
9
Finance (except banking), insurance, and real estate
Finance, except banking
Insurance
Real estate
Holding companies
..
Individuals, estates, and trusts 1
29,230
3,012
24,835
85
1,108
190
22,825
2,488
19,866
72
399
6,404
524
4,968
13
709
190
100
100
100
100
100
100
78
83
80
85
36
22
17
20
15
64
100
Other industries
Agriculture, forestry, and fishing
Construction
Transportation, communication, and public utilities
Transportation
Communication and public utilities
Services
88,414
(")
(*)
66,569
18,771
47,798
11,674
81,084
(Dfl)
( )
63,823
17,287
46,536
9,950
7,329
(°)
(D)
2,746
1,483
1,262
1,724
100
100
100
100
100
100
100
92
(D)
71
96
92
97
85
8
(D)
29
4
8
3
15
All industries
Mining
Metal mining
Iron
Copper lend, zinc, gold and silver
Bauxite other ores and services
Coal and other nonmetallic minerals
1.W..VUJ.
-
.
XUUUU&
...
Petroleum
Oil and gas extraction
Crude petroleum (no refining) and gas
Oil and gas field services
Petroleum and coal products
Integrated refining and extraction
Refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other
Manufacturing
..
..
. .
Food and kindred products
. . .
Grain mill and bakery products
Beverages
Other
..
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
Other
Other manufacturing
Tobacco manufactures
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products . . .
Stone, clay, cement, and concrete
Instruments and related products
Other
.
,
,
MNC = multinational company.
MOFA = majority-owned foreign affiliate.
D
Suppressed to avoid disclosure of data of individual companies.
1. Consists of U.S. parents that were individuals, estates, or trusts directly holding investments.
None of these were required to report financial and operating data in the 1977 benchmark
survey. No foreign affiliates are classified in this category; however, when affiliate data are classified by industry of U.S. parent, the data for affiliates of individuals, estates, and trusts are
398-321 0 - 8 3 - 4
U.S.
parents
MOFA's
651,665
490,529
161,136
2,415
853
(DD)
( )
(")
1,562
1,974
680
(DD)
( D)
( )
1,294
441
173
(D)
(°)
(°)
268
114,051
4,384
3,052
1,332
101,137
100,837
(°)
(D)
5,109
3,420
52,052
3,546
2,368
1,178
43,238
42,941
(°)
(»)
2,193
3,075
382,280
27,871
4,976
5,016
17,879
«10
shown in this category.
NOTE.—Data for both U.S. parents and MOFA's are classified in a single industry—that of the
U.S. parent. (In tables 2, 3, and 5, data for affiliates are classified by industry of affiliate.) Although this table focuses on the MNC as a whole, industry of parent rather than industry of
MNC was used for classification because an MNC-wide industry code based on the worldwide consolidated activities of the MNC was not available from the 1977 benchmark survey.
26
SURVEY OF CURRENT BUSINESS
February 1983
Table 2.—Gross Product of MOFA's, Country by Industry of Affiliate, 1977
[Millions of dollars]
Manufacturing
All countries
. .
Developed countries
Canada
...
..
Europe
European Communities (9)
Belgium
Denmark
France
.
Germany
Ireland
Italy
..
Luxembourg
Netherlands
United Kingdom
.
.
...
Mining
Petroleum
Total
Food
and
kindred
products
(D
(2)
(3)
(4)
(5)
•
..
Chemi- PriMamary chinery,
cals
and
and
except
allied fabri- electricated
prodcal
ucts metals
(7)
(6)
(8)
Electric
TransOther
and
manuelec- portation
equipfacturing
tronic
ment
equipment
(9)
(10)
(ID
Trade
Other
industries
(12)
(13)
(14
161,136
2,912
62,010
71,609
5,598
10,075
4,231
13,555
8,062
13,921
16,165
14,316
1,948
8,341
107,487
2,199
25,803
60,223
4,267
7,744
3,551
12,539
6,502
12,362
13,259
12,185
1,473
5,605
27,783
1,198
6,110
15,151
1,364
1,623
1,346
1,682
1,276
3,815
4,044
1,944
910
2,468
69,360
32
16,944
40,441
2,455
5,412
2,091
9,540
4,935
7,705
8,303
8,897
276
2,770
60,576
4,244
672
9,688
18,115
762
5,825
198
4,209
16,861
00 14,394
543
1
0
(D)
0
00
4,424
188
0
2,430
0
23
0
887
3,793
37,306
2,605
123
6,203
12,058
485
2,744
175
2,235
10,679
2,237
88
26
341
519
62
199
0
278
724
4,981
524
00
812
1,242
152
447
00
592
1,145
1,971
110
CO
165
760
10
114
00
267
529
9,056
341
4,123
622
46
655
1,262
32
449
5
123
930
7,259
7,679
«?
1,045
3,290
8
178
0
CO
2,292
8
1,064
1,904
146
447
CO
00
3,155
6,290
909
227
1,177
1,240
83
490
3
678
1,483
216
21
00
00
78
-2
23
-4
19
18
00
165
0*)
CO
00
6
138
0
390
888
3,135
226
100
178
84
1,479
518
449
69
32
218
25
9
0
11
115
00
00
2
0
431
17
37
120
12
00
00
5
38
19
00
0
(*)
484
00
0
4
00
117
282
42
0
0
812
•00
9
446
00
0
0
00
390
14
0
00
0
624
70
00
27
17
130
87
195
00
00
2,607
313
38
233
53
433
239
1,064
12
222
60
0
5
-5
0
2,550
00
235
1,207
00
8
294
321
00
34
8,784
844
389
1,655
178
2,019
1,103
2,015
266
317
Other Europe
Greece
Norway
Portugal
Spain
.
Sweden
Switzerland
Turkey
Other
All
industries
Finance
(except
banking),
insurance,
and
real
estate
?
(*)
000
2
CO
0
0
0
0
1
coco
250
49
49
4
1
2,122
3,080
76
909
32
589
1,905
438
00
107
CO
00
<">
00
42
0
1
CO
1
00
CO
93
00
139
00
26
Japan
3,065
0
00
1,468
00
228
11
CO'
62
1
97
434
94
00
Australia New Zealand and South Africa
Australia
New Zealand
South Africa
7,279
5,578
384
1,317
968
945
4
19
00
1,158
00
00
3,163
2,458
158
546
00
256
00
00
481
381
21
80
102
63
0
39
00
225
CO
104
228
167
8
53
840
703
815
664
38
114
910
633
64
213
192
178
6
8
CO
206
CO
CO
52,338
714
35,334 ' 11,386
1,332
2,331
681
1,017
1,560
1,560
2,906
2,131
475
2,298
16,036
579
3,072
9,533
1,156
1,981
587
889
920
1,506
2,494
1,495
348
1,009
10,927
1,449
6,485
162
532
307
404
1,370
216
195
7,534
945
5,169
62
320
35
74
745
184
788
73
450
6
39
9
14
168
28
1,518
213
1,003
21
91
10
14
165
1
462
35
231
00
CO
4
CO
36
CO
809
145
657
0
1
0
1
5
0
676
46
535
00
18
5
13
45
CO
1,245
179
901
00
(*)
1,668
306
736
00
113
00
114
97
00
00.
115
00
2,036
254
1,392
00
CO
6
00
212
00
946
143
311
30
84
00
49
304
00
45
3
26
0
6
0
(*)
10
1
538
00
231
00
13
00
CO
214
00
2,879
2,050
289
539
29
2
(*)
27
233
21
89
123
1,863
1,646
26
191
299
232
00
00
433
378
9
46
122
115
0
6
79
79
0
0
242
211
0
32
261
261
0
(*)
426
369
00
00
406
293
73
40
38
7
27
4
310
82
75
154
2,230
157
398
89
00
00
355
2
0
1
0
352
1,170
39
56
00
00
138
136
6
0
1
00
00
69
2
0
1
00
00
30
5
0
(*)
00
00
4
0
0
0
0
4
0
0
0
0
0
0
2
0
0
0
1
1
0
0
0
0
0
0
32
(•)
0
0
CO
00
142
55
49
4
4
30
266
5
268
-14
1
6
160
50
25
00
CO
00
6,703
3,449
344
2,934
172
3,254
44
1,848
1,362
«J0
0
0
00
3
0
00
6,069
3,295
332
2,927
36
2,774
3
1,736
1,035
255
40
4
00
CO
215
2
54
160
00
00
0
0
39
6
4
0
2
33
0
24
9
56
00
0
0
00
00
0
O1)
00
0
00
0
0
0
0
0
31
0
0
0
0
31
0
CO
00
2
0
0
0
0
2
0
0
2
CO
CO
0
CO
-8
0
0
0
0
-8
-12
2
2
22,260
225
21,686
00
00
349
(*)0
(*)0
(*)0
21,120
CO
20,764
CO
00
CO
103
84
19
16
3
-1
«J
41
22
17
15
3
1
0
0
0
0
0
0
(*)0
(*)
CO
CO
00
23
21
2
2
0
0
0
0
0
0
0
0
106
CO
42
34
8
CO
CO
7
00
-1
CO
CO
82
00
0
00
CO
46
CO
00
00
00
CO
00
00
CO
7,339
542
210
4,661
333
549
400
79
260
254
52
'00
0
0
00
00
0
0
0
0
2
0
5,073
71
1
4,394
161
CO
105
0
9
00
3
1,495
199
205
106
122
278
210
59
224
58
33
121
2
37
CO
0
S
80
0
105
22
25
0
2
0
45
00
00
0
0
586
117
CO
18
80
23
127
34
147
CO
2
51
0
0
0
2
00
CO
0
CO
0
0
415
174
3
11
28
42
55
•00
24
59
CO
00
24
-1
1
1
00
^
10
16
8
3
270
19
82
17
12
70
2
1
23
14
30
CO
00
CO
CO
0
0
0
CO
325
CO
CO
69
00
77
CO
00
00
00
-3
116
32
00
00
00
84
4
00
00
1,311
0
873
0
0
0
0
0
0
0
0
00 30,227
963
181
234
41
7
83
115
301
Developing countries
Latin America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
....
.
Central America
Mexico
Panama
Other
...
.
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
Trinidad and Tobago
Other
...
Other Africa ....
Saharan
EffVDt
T M:
Libya
Other
Sub-Saharan
Nigeria
Other
<
Middle East
Israel
OPEC
Iran
Other
Other
Other Asia and Pacific
India
Malaysia
Philippines
...
.
..
South Korea
Taiwan
Thailand
Other
International
Addendum—OPEC * l
..
32,948
2
(*)
0
CO
0
82
2
00
00
0
0
00
1
2
(*)
00
0
1
8
3
80
%
0
00
0
CO
73
2
CO
00
00
30
00
2
•00
CO
438
427
00
1,190
0
MOFA=majority-owned foreign affiliate.
* Less than $500,000 (±).
00 Suppressed to avoid disclosure of data of individual companies.
1. Members of the Organization of Petroleum Exporting Countries (OPEC) are: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and
United Arab Emirates.
27
SURVEY OF CURRENT BUSINESS
February 1983
Table 3.—Gross Product of MOFA's, Industry of Affiliate by Country, 1977
[Millions of dollars]
Developing countries
Developed countries
Europe
All
countries
Total
(D
(2)
161,136 107,487
All industries
Canada
Total
European
Communities (9)
Other
Japan
Australia,
New
Zealand,
and
South
Africa
Total
Latin
America
Other
Africa
(11)
Middle
East
Other
Asia
and
Pacific
International
(12)
(13)
(14)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
27,783
69,360
60,576
8,784
3,065
7,279
52,338
16,036
6,703
22,260
7,339
1,311
32
(D)
CO
D0
()
(°)
CO
(D)
0
0
CO4
(D)
CO
CO
0
1
O5)
0
0
0
0
0
0
968
CO
CO
CO
309
CO
714
706
5
313
388
8
579
569
3
250
317
10
CO
CO
3
CO
CO
-3
(*)
(*)
0
(*)
0
0
CO
CO
0
CO
CO
1
0
0
0
0
0
0
14,394
1,275
CO
CO
CO
5,981
2,550
945
CO
CO
CO
0
23
1,845
CO
0
1,447
CO
0
0
0
CO
0
8CO
2
8
8
866
3,072
1,194
1,033
161
CO
(°)
CO
CO
1,149
CO
6,069 21,120
5,447
1,881
5,307
1,752
141
129
CO
CO
CO
CO
0
0
1
0
1,796
439
CO
CO
5,073
4,413
4,383
30
400
(D)
CO
0
CO
CO
873
187
0
187
0
0
0
0
CO
CO
2,912
2,147
743
538
867
765
2,199
1,442
738
225
479
757
1,198
924
563
CO
(D)
274
62,010
18,639
17,536
1,103
32,621
, 26,735
5,839
46
8,897
1,854
25,803
5,517
5,061
456
CO
CO
5,083
(°)
5,265
CO
6,110
2,835
2,722
113
3,078
CO
(D)
CO
CO
16,944
2,220
1,879
341
10,695
5,981
4,691
23
3,292
737
CO
35,334
12,935
12,475
460
CO
CO
756
CO
CO
CO
71,609
60,223
15,151
40,441
37,306
3,135
1,468
3,163
11,386
9,533
255
103
1,495
0
5,598
1,246
1,167
3,186
4,267
1,026
815
2,425
1,364
303
216
846
2,455
612
432
1,411
2,237
548
CO
CO
218
64
CO
CO
CO
2
CO
CO
109
D
()
165
1,332
219
352
761
1,156
194
291
671
CO
CO
CO
18
P)
0
CO
121
CO
CO
71
0
0
0
0
10,075
3,786
2,803
2,154
389
943
7,744
3,045
2,120
1,598
174
807
1,623
859
205
311
73
175
5,412
1,997
1,682
1,069
82
582
4,981
1,820
1,583
976
80
522
431
177
99
93
2
60
228
13
99
100
0
16
481
176
134
118
18
34
2,331
741
684
555
215
136
1,981
697
511
457
185
130
CO
CO
4
0
39
0
41
11
CO
CO
0
0
270
33
126
80
26
6
0
0
0
0
0
0
4,231
1,136
465
672
3,095
3,551
809
380
429
2,741
1,346
294
173
121
1,052
2,091
508
201
308
1,582
1,971
448
CO
CO
1,524
120
61
(")
(D)
59
11
0
0
0
11
102
7
7
(*)
95
681
327
84
243
354
587
278
CO
CO
309
CO
0
CO
CO
56
0
0
0
0
0
37
CO
CO
0
CO
0
0
0
0
0
13,555
967
2,083
8,047
2,458
12,539
872
1,816
7,584
2,267
1,682
15
269
950
448
9,540
793
1,372
5,714
1,661
9,056
(D)
1,263
(°)
1,533
484
(D)
110
(°)
128
CO
0
CO
CO
36
CO
63
CO
CO
122
1,017
95
267
463
191
889
95
254
CO
CO
CO
0
CO
0
0
(D)
105
0
CO
81
CO
0
0
0
0
0
8,062
1,414
3,452
1,543
1,654
6,502
1,308
CO
1,006
(D)
1,276
586
177
CO
(D)
4,935
625
(D)
830
(°)
4,123
551
(D)
(D)
(")
812
75
CO
CO
CO
62
0
0
62
0
228
97
CO
CO
CO
1,560
106
CO
537
P)
920
89
330
151
350
CO
5
CO
23
0
586
17
CO
376
CO
0
0
0
0
0
Transportation equipment
Motor vehicles and equipment ...
Other
13,921
13,584
337
12,362
12,063
299
3,815
3,640
176
7,705
7,591
114
7,259
7,145
114
446
446
0
1
1
0
840
831
9
1,560
1,521
39
1,506
CO
CO
31
0
CO
5
CO
2
2
0
0
0
0
51
CO
CO
0
0
0
Other manufacturing
Tobacco manufactures
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
'.
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, cement, and concrete
Instruments and related products
Other
16,165
3,506
1,010
740
2,167
431
2,380
499
623
1,068
2,770
971
13,259
CO
809
661
1,658
394
1,520
407
509
911
2,541
(D)
4,044
253
553
1,100
99
535
57
(D)
366
425
232
8,303
2,523
518
93
481
252
863
280
378
500
1,952
463
7,679
(D)
451
89
433
CO
754
(D)
CO
391
1,876
429
624
CO
67
5
48
(D)
109
CO
CO
109
76
35
97
0
1
2
2,906
CO
202
79
508
37
860
91
114
157
229
CO
2,494
CO
178
19
476
32
646
87
114
(D)
CO
CO
CO
0
0
0
CO
0
0
0
0
0
325
1
22
CO
40
20
815
CO
37
12
CO
42
122
CO
CO
CO
124
CO
1
1
8
0
0
0
0
0
0
0
0
0
0
0
0
14,316
11,301
8,825
2,476
3,015
12,185
9,524
7,534
1,990
2,661
1,944
875
703
173
1,069
8,897
7,628
6,013
1,615
1,269
6,290
5,150
3,985
1,165
1,140
2,607
2,478
2,028
450
129
434
375
239
135
59
910
646
579
67
264
2,131
1,776
1,290
486
354
1,495
1,195
867
328
300
116
CO
101
CO
CO
106
CO
95
CO
CO
415
CO
227
CO
CO
0
0
0
0
0
Finance (except banking), insurance, and real estate
Finance, except banking
Insurance
Real estate
Holding companies
Individuals, estates, and trusts
1,948
890
969
63
25
0
1,473
727
709
44
-6
0
910
303
595
27
-15
0
276
235
22
13
6
0
216
192
17
12
-4
0
60
44
5
1
10
0
94
CO
CO
1
1
0
192
CO
CO
3
2
0
475
164
260
20
32
0
348
70
248
1
29
0
-8
-13
4
CO
CO
(*)1
CO2
0
0
CO
(D)
5
CO
3
0
0
0
0
0
0
0
Other industries
Agriculture, forestry, and fishing
Construction
Transportation, communication, and public utilities
Transportation
Communication and public utilities
Services
8,341
405
2,416
1,590
791
799
3,929
5,605
48
1,543
1,035
327
708
2,978
2,468
CO
CO
2,770
20
515
133
CO
CO
2,102
CO
17
479
(D)
68
CO
1,761
CO
3
36
CO
CO
CO
341
CO
0
CO
CO
CO
CO
0
83
0
0
173
2,298
357
873
118
26
91
951
1,009
259
225
64
22
42
461
CO
44
103
CO
2
CO
25
CO
3
404
CO
0
CO
404
CO
50
141
CO
2
(D)
60
438
0
0
438
438
0
0
Mining
Metal mining
Iron
Copper, lead, zinc, gold, and silver
Bauxite, other ores, and services
Coal and other nonmetallic minerals
Petroleum
Oil and gas extraction
Crude petroleum (no refining) and gas
Oil and gas field services
Petroleum and coal products
Integrated refining and extraction
Refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other
Manufacturing
Food and kindred products
Grain mill and bakery products
Beverages
Other
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners and toilet goods
Agricultural chemicals
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
Machinery, except electrical
Farm and garden machinery and equipment
Construction and related machinery
Office and computing machines
..
Other
-.
Electric and electronic equipment
.
Household appliances..
Radio, television, and communication equipment
Electronic components and accessories
Other
Trade
Wholesale trade
Durable goods
Nondurable goods
Retail trade
MOFA = majority-owned foreign affiliate.
* Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
.
(D)
(D)
8( )
D
621
(D)
(D)
(D)
CO
CO
'(*)0
CO
1
0
(°)0
(*)
(°)0
CO
CO
CO
CO
0
CO
0
0
CO
0
0
0
CO
CO
0
CO
CO
5
CO
4
1
0
28
SURVEY OF CURRENT BUSINESS
percent compared with 15 percent.3
> By component, the share of total
gross product accounted by employee compensation was larger,
and the shares accounted for by
profit-type return and indirect
business taxes smaller, for U.S.
parents than for MOFA's.
3. These rates were computed using unpublished estimates of MOFA gross product in 1966, the year covered by BEA's previous benchmark survey. The rates
are only a rough indicator of MOFA growth because
the 1966 and 1977 gross product estimates from which
the rates were calculated differ somewhat hi methodology and coverage.
February 1983
Overall, the MNC gross product estimates are highly consistent conceptually with national income and product account (NIPA) estimates of allU.S.-business GDP. Exhibit A compares the NIPA and MNC methodologies and shows that the net effect of
the conceptual differences is very
small—$4.4 billion (line 22), or less
than one-half of 1 percent of all-U.S.business GDP.
The effect of conceptual differences
on individual NIPA and MNC components is, however, more significant.
For MNC's, these components are
compensation of employees, profittype return (PTR), net interest, indirect business taxes, etc., and capital
consumption allowances (CCA). Perhaps the most important conceptual
difference between the MNC and the
corresponding NIPA components
arises because of differences in the
measurement of depreciation. NIPA
depreciation charges are based on
Federal income tax returns; therefore,
valuation of these charges reflects accounting practices under Internal
Table 4.—Gross Product of MOFA's Compared with Business GDP for Selected Host Countries, 1977
[Millions of dollars]
MOFA gross product
Host country GDP
As shown in
table 2
Adjusted for
comparability
Total
Business,
adjusted for
comparability
(1)
(2)
(3)
(4)
Adjusted
MOFA gross
product as a
percent of
adjusted host
country
business
GDP (col.
2^ col. 4)
(5)
Developed countries:
5,578
844
4,244
27,783
9,688
5,400
844
4,223
26,873
9,635
100,128
47,952
79,185
199,672
381,650
82,631
34,961
64,479
162,876
278,239
7
2
7
17
3
18,115
389
762
5,825
3,065
18,037
384
764
5,802
2,971
515,503
26,160
9,384
215,299
693,833
409,870
21,998
7,852
152,344
547,033
4
2
10
4
1
198
4,209
384
1,655
178
202
4,190
378
1,660
178
2,823
103,092
14,689
35,769
16,307
1,729
74,652
11,319
30,260
15,338
12
6*
5
1
1,317
2,019
2,015
266
16,861
1,309
2,012
2,015
266
16,843
39,802
120,829
60,657
47,922
247,298
32,162
100,008
60,657
39,279
198,266
4
2
3
1
9
1,449
6,485
162
532
307
1,446
6,459
162
526
307
52,121
164,161
13,368
19,459
6,495
50,558
133,703
11,148
18,373
5,154
3
5
1
3
6
344
542
210
4,661
3,071
344
518
211
4,660
3,072
14,259
13,050
105,349
45,809
76,024
12,058
10,463
94,955
40,575
58,619
3
5
*
11
5
Israel
Liberia
Libya
Malaysia
Mexico
225
44
2,934
333
2,050
218
56
2,934
332
2,043
14,723
861
19,476
13,140
74,191
10,598
741
17,234
12,401
63,350
2
8
17
3
3
Nigeria
Panama
Peru
Philippines
Singapore
1,848
289
404
549
400
1,846
262
404
549
401
50,194
2,170
13,639
20,996
6,547
43,738
1,861
11,983
20,966
5,635
79
254
1,370
79
254
1,360
35,378
19,264
36,315
31,620
17,319
29,217
4
14
3
3
7
*
1
5
Australia
Austria
Belgium
Canada
France .
.
Germany
Greece
Ireland
Italy
Japan
.
Luxembourg
Netherlands
New Zealand
Norway...
Portugal
...
South Africa
Spain....
Switzerland
Turkey
United Kingdom
....
..
.
..
.
..
..
....
Developing countries:
Argentina
Brazil
Chile
Columbia
Ecuador
....
Hone Kong
India
Indonesia
Iran ....
South Korea
Thailand
Venezuela
i
..
.
...
..
.
...
... .
.
MOFA=majority-owned foreign affiliate.
GDP=gross domestic product.
'Less than 0.5%.
NOTE.—This table provides only a rough indication of the contribution of MOFA's to total business activity in selected host countries. Estimates of host country GDP are from the World
Bank's unpublished Handbook of National Accounts and were compiled largely according to the
United Nations System of National Accounts. The countries shown are those in table 2 for which
World Bank GDP estimates were also available. Host country business GDP excludes data for
nonbusiness sectors (governments and households) and the statistical discrepancy. Adjustments to
both the business GDP and MOFA data were necessary because the GDP data do, but the MOFA
gross product estimates do not, cover banking. GDP in banking was not shown separately hi the
World Bank data, but instead was included as a part of "banking, insurance, and real estate." To
... .
....
,
make coverage of the host country and MOFA data the same, the GDP data were adjusted to
exclude "banking, insurance, and real estate" and the MOFA data were adjusted to exclude "finance (except banking), insurance, and real estate." (In the World Bank data, "banking, insurance, and real estate" covers both banking and all other financial business.) Exclusion of nonbusiness sectors and adjustments for banking could not be made for particular countries because the
necessary data were not available separately.
Average exchange rates were used to translate GDP from foreign currencies into U.S. dollars.
Foreign affiliate data in the 1977 benchmark survey were reported in dollars. In translating foreign affiliate data to dollars, companies were required to follow generally accepted accounting
principles. While translation does not affect comparisons of affiliate shares of foreign business
GDP, it can affect comparisons among countries of levels of both business GDP and MOFA gross
product. For a discussion, see Ned G. Howenstine, "Gross Product of Foreign Affiliates of U.S.
Companies," SURVEY OF CURRENT BUSINESS 57 (February 1977): 26.
29
SURVEY OF CURRENT BUSINESS
February 1983
Revenue Service regulations.4 MNC
depreciation charges, in contrast, are
drawn from accounting records on
which annual reports are based, and
may not conform to tax regulations.
This difference affects both PTR and
CCA. Although the effects on these
two components cannot be quantified,
they are offsetting; thus, total gross
product is not affected.5
NIPA and MNC gross product data
disaggregated other than by component also may not be as comparable
as the totals. Because sources of data
for the MNC and NIPA estimates
differ, differences in timing, valuation, and industry classification,
among others, could significantly
affect comparisons.
4. Two measures of capital consumption are used in
the NIPA's: CCA and CCA with capital consumption
adjustment (CCAdj). In the former, depreciation is
based on the acquisition cost of assets. In the latter,
depreciation is based on estimates of the current replacement cost of assets, uniform asset service lives,
and uniform depreciation formulas, and is designed to
provide a consistent measure over time of the using
up of capital in production. CCA, rather than CCA
with CCAdj, is shown in exhibit A because it is conceptually closer to the MNC measure.
5. For a more detailed discussion of the difference
between NIPA and MNC depreciation, see Ned G.
Howenstine, "Gross Product of Foreign Affiliates of
U.S. Companies," SURVEY 57 (February 1977): 28.
Table 5.—Gross Product of U.S. Parents and MOFA's, Industry by Component, 1977
[Millions of dollars]
Gross
product
Compensation of
employees
490 529
1,974
52052
301,286
21782
39,133
35380
42,356
26683
71,302
64649
31,308
22825
81,084
305,504
1,179
17093
204,782
13,142
22,959
27347
28,708
19210
53,030
40386
20,916
14 166
47,368
161,136
2912
62,010
71,609
5,598
10,075
4,231
13,555
8062
13,921
16165
14316
1948
8,341
59,534
997
4,876
40,416
3,136
5,366
2,271
7,551
5,404
8,127
8,109
6971
855
5,420
Net
interest
Indirect
business
taxes,
etc.
Capital
consumption
allowances
103,375
369
16008
58,005
4826
10,023
2871
9,552
4980
12,437
13 317
5,154
8717
15,121
9,823
41
2,140
4,363
519
1,025
1,143
272
309
-650
1745
1,600
2849
4,529
32,642
148
9,913
13,734
2,021
1,346
1,086
822
796
3,108
4,555
2,230
1,988
4,630
39,185
237
6,898
20,402
1,274
3,781
2,933
3,003
1,388
3,378
4,646
1,409
803
9,436
52,197
863
28,978
14,852
1,415
2,624
890
3,520
1,373
2,387
2,643
4063
1,604
1,837
2,778
191
848
1,929
205
511
152
200
209
225
429
335
-657
132
35,409
416
24,143
8,837
521
693
158
630
657
2,105
4,074
1645
90
278
11,218
445
3,165
5,575
321
882
311
1,654
419
1,077
910
1304
56
673
Profittype
return
U.S. parents: 1
All industries
Mining
..
...
..
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Trade
..
Finance (except banking) insurance and real estate
Other industries
.
...
MOFA's: 1
All industries
Mining
Petroleum ..
..
Manufacturing
Food and kindred products
...
Chemical and allied products
Primary and fabricated metals ....
Machinery, except electrical
Electric and electronic equipment ...
Transportation equipment
Other manufacturing
Trade
Finance (except banking), insurance, and real estate
Other industries
MOFA = majority-owned foreign affiliate.
1. U.S. parent data are classified by industry of parent; MOFA data are classified by industry of affiliate.
NOTE.—Tables showing U.S. parent and MOFA gross product data by component for more detailed industries, and MOFA
gross product data by component cross classified by country, are available at cost from Bureau of Economic Analysis (BE-50, RB),
US. Department of Commerce, Washington, B.C. 20230.
Exhibit A.—Comparison of U.S. MNC and NIPA Gross Product Methodology
Billions of
dollars
NIPA component
Line
Total (2+5+9+14+18)
Compensation of employees (3+4)
Wages and salaries
Supplements to wages and salaries
1
..
..
Profit-type return (6+7+8)
Corporate profits before tax and proprietors' income, both before adjustments in line 8 (on a tax return basis)
Corporate and proprietors' inventory valuation adjustments
Bad debt; depreciation of expenditures for mining exploration, shafts, and wells; and other adjustments that
could not be made for MNC's.
Net interest (10+11-12-13)
Monetary interest paid
Imputed
interest paid
Less1 Monetary interest received
Less* Imputed interest received
..
Indirect business taxes etc (15+16-17)
Indirect business taxes and nontax liability
Business transfer payments
.
Less: Subsidies
<
. . . .
....
Capital consumption allowances (19+20)
Depreciation (on a tax return basis) before adjustments in line 20
Depreciation of mining exploration, shafts, and wells; and other adjustments that could not be made for MNC's .
Addenda:
GDP of all U.S. businesses excluding items that were not included in MNC gross product (1-7-8+13-16-20) or (122).
Net effect on all-U.S.-business GDP of items that were not included in MNC gross product (-7-8+13-16-20)
GDP of all
U.S.
business1 in
1977
Billions of dollars
MNC components
compared with NIPA's
MNC gross product in 1977
U.S. parents
1488.3 n.a.
MOFA's
490.5
161.1
2
3
4
893.4 n.a.
760.7 Same as NIPA's
132.7 Same as NIPA's
305.5
250.2
55.3
59.5
48.6
10.9
5
6
256.9 n.a.
261.6 Same as NIPA's (except
on annual report basis)
103.4
103.4
52.2
52.2
7
8
-17.4 Not included
12.7 Not included
Not included
Not included
Not included
Not included
9
10
11
12
13
54.1
146.5
32.3
111.0
13.6
n.a.
Same
as NIPA's
3
Same as NIPA's
Same as NIPA's
Not included
9.8
2.8
0
«
(*)
(*>
(*)
0
Not included
Not included
14
15
16
17
142.0
139.3
7.8
5.1
n.a.
Same as NIPA's
Not included
Same as NIPA's
32.6
32.6
Not included
4
0
35.4
36.0
Not included
.6
18
19
142.0 n.a.
135.8 Same as NIPA's (except
on annual report basis)
39.2
39.2
11.2
11.2
20
6.1 Not included
Not included
Not included
21
1483.9 n.a.
n.a.
n.a.
22
4.4 n.a.
n.a.
n.a.
MNC=multinational company.
MOFA=majority-owned foreign affiliate.
NIPA=national income and product account.
n.a.=Not applicable.
1. Excludes GDP of banks, government and government enterprises, and private households; imputed gross product of owner-occupied farm and nonfarm housing; rental income of persons; and
the statistical discrepancy.
2. Not available separately.
3. Imputed interest paid by MNC's that are regulated investment companies was not included; however, such imputed interest paid was probably negligible.
4. Data on subsidies received by U.S. parent companies were not collected in the 1977 benchmark survey. Subsidies are assumed to be zero for U.S. parents because few U.S. parents were in the
industries that receive most of the subsidies in the United States.
By ALBERT A. HIRSCH
Macroeconomic Effects of Price Shocks: A Simulation Study
RESPONSIBILITY for the high rate
and acceleration of general price inflation in the United States that characterized most of the last decade, as
well as for declines in real economic
activity, has often been attributed to
a large extent to accelerations
of primary commodity prices.1 2 Frequently,
surges in such prices stemmed from
abrupt changes is supply conditions.
Well-known examples are the price
explosions that accompanied or followed the shortfalls in the supplies of
grain and other foodstuffs in 1972-73
and OPEC's curtailments of crude oil
production in 1973-74 and 1978-80.
Price responses, whether they result
from the impersonal mechanism of
the market or from decisions by members of a cartel, are the natural concomitants of these "supply shocks"
and tend to clear the market under
the new supply conditions.
Other commodity price increases resulted from "demand shocks." For example, prices of nonferrous metals
rose sharply in 1972-73 in the wake
of simultaneous upswings in the business cycle in the industrial nations,
while increases in the productive capacity for many of these metals were
limited.
A third class of price shocks, not
precipitated by either supply or
demand shocks, may be called "instiNOTE.—Otto Eckstein, Marvin Rosters, Joel
Popkin, and Richard Wertheimer made helpful
comments on a preliminary draft of this article.
The extensive underlying computer simulations
were performed by Bruce Baker.
1. See, for example, Otto Eckstein, Core Inflation
(Englewood Cliffs, N.J.: Prentice Hall, 1981) and Barry
P. Bosworth and Robert Z. Lawrence, Commodity
Prices and the New Inflation (Washington, D.C.: The
Brookings Institution, 1982).
2. "Primary commodities" consist of crude materials
(such as crude oil, foods and feeds, and iron ore) and
materials that have passed through initial stages of
processing (such as wood products and fibers).
30
tutional" price shocks. They are the
result of (public or private) policy decisions. Recent examples were the introduction and subsequent removal of
general price and wage controls in
1971-74 and the decontrol of domestic
crude oil during 1978-81.
In conventional macroeconometric
models, which are
essentially
demand-driven, supply shocks (with
market-clearing price responses) and
institutional price shocks are handled
in the same way. From the standpoint
of the model—as from that of buyers
in actual markets—these two kinds of
shocks are basically indistinguishable,
both appearing as price shocks. Thus,
in order to incorporate them into a
model simulation or forecast, it is
usually necessary first to translate
them 3into their mirror-image price
shock.
A demand shock, unlike a supply
shock, can usually be incorporated as
an explicit model input. A shift in
demand can be represented by such
variables as a change in sales, orders,
inventories, or capacity utilization;
the resulting price change is an endogenous response. Of course, if the
demand shock originates abroad and
does not impinge primarily on U.S.
exports, the resulting change in world
commodity prices is, from the U.S.
point of view, again a purely exogenous price shock.
Previous studies of price shocks
have largely concentrated on prices of
energy and food. This article, in con-
3. Conventional models often do contain certain
breakdowns of production sectors, with outputs as well
as prices of these sectors feeding back into the main
sector. The farm sector in the BEA quarterly econometric model, which is used in the simulations described in this article, is of this type. Indeed, one of
the price shock cases to be analyzed in this article
stems from an assumed shortfall of farm output; in
that case, both output and price variables explicitly
affect the overall model results.
trast, analyzes and compares shortand medium-term effects on major
macroeconomic variables of a broad
variety of price shocks as estimated
from simulations with the BEA quarterly econometric model. More specifically, the prices subjected to shocks
include prices of both primary commodities (or "basic
materials") and
final products.4 The variables affected
include GNP, major GNP components, the GNP and personal consumption expenditures implicit price
deflators, shares of national income
by type of income, the unemployment
rate, and interest rates. In all but one
of the cases—an increase in farm
product prices—the cause of the shock
(i.e., whether a supply or a demand
shift or a policy decision) is not specified; rather, the shock is treated as an
exogenous price change.
The simulations are highly stylized
rather than faithful representations
of the real world, so that one can
derive useful generalizations/However, approximations to realistic cases
can often be made by appropriate interpolation or extrapolation. On the
basis of this study, two generalizations can be made concerning the effects of price shocks: (1) The effects on
real GNP and unemployment, as well
as on the general price level, are usually strong; and (2) the magnitudes of
these effects differ substantially
among different types of shocks and
are also sensitive to the economic and
monetary policy environments in
which they occur.
The first section of the article outlines the structure of the price-wage
sector of the BEA model to provide
the necessary background for understanding the mechanisms involved in
4. The distinction between "primary commodities" and
"basic materials" is explained below.
February 1983
the price-shock simulations.5 The
second section describes the general
methodology used in the simulations
and the cases for which simulations
were run. The final section presents
and analyzes the results.
The Price-Wage Sector: An
Overview
In the BEA model, prices—or more
precisely, implicit price deflators
(hereafter referred to as "deflators"),
as defined in the national income and
product accounts (NIPA's)—are largely determined in a "stage-of-processing" framework. Producer prices of
energy and farm products and prices
of imported commodities are exogenous.6 Together with wage rates or
unit labor costs and demand pressure
variables, such as capacity utilization,
the unemployment rate, or manufacturers' new orders, energy and import
prices explain producer prices of five
classes of "basic materials," the
lowest tier of endogenous prices; the
five commodity groups are primary
iron and steel products, primary nonferrous metal products, nonmetallic
mineral products, lumber and wood
products, and primary nondurable
products.7
Basic materials prices, along with
variables (including energy prices)
similar to those used in the equations
for basic materials prices, in turn determine producer prices of finished
consumer goods and, through the
latter, deflators for corresponding personal
consumption
expenditures
(PCE) components and for business
purchases of motor vehicles. Similar
equations determine (directly) deflators for nonconsumption goods purchases. In addition, the producer price
index for farm products largely explains movements in the PCE deflator
5. A full description of this sector is given in Albert
A. Hirsch, "A Stage-of-Processing Price Sector for the
BEA Quarterly Econometric Model," BEA Working
Paper 1, September 1982. (See the abstract in the
SURVEY OF CURRENT BUSINESS, 62 (December 1982): 10.)
6. Energy prices used in the model are the producer
price indexes for coal, refined petroleum products, gas
fuels, and electric power. If assumed changes in
energy prices are given in terms of crude materials,
such as crude oil, they must first be translated into
appropriate producer prices by extraneous calculations.
7. "Basic materials" overlap but differ somewhat
from "primary commodities" in that they include commodities that have undergone a substantial amount of
initial processing and exclude crude materials.
SURVEY OF CURRENT BUSINESS
31
for food and beverages and producer fects), and money supply that are the
energy prices determine correspond- subjects of the multiplier analysis
ing PCE deflators for energy products. and, accordingly, are the variables
8
Other equations, not involving inter- that are changed exogenously. For
mediate goods prices but with the this study, it is price indexes or imwage rate or unit labor cost playing plicit price deflators that are
the dominant role, explain move- "shocked" (i.e., changed), in each case
ments in deflators for nonenergy serv- by a fixed percentage, although these
ices (except the deflator for govern- percentages differ for different cases,
ment employee compensation, which as will be explained shortly.
In linear models, multipliers are
is exogenous).
The basic wage-rate variable—the fixed parameters of the system; i.e.,
change in compensation per hour for once such a model has been estimatthe nonfarm business sector excluding ed, its multipliers can be directly calhousing—depends primarily on the culated and taken to be valid under
inverse of the overall unemployment all economic environments and for
rate (adjusted for changes in the different assumed amounts of exoge"high-employment" unemployment nous change. Because most macroerate) and lagged changes in the PCE conometric models, including the BEA
price deflator. The inverse form of the model, are—realistically—nonlinear,
unemployment rate introduces an im- such invariance does not hold; accordportant nonlinearity into the model ingly, multipliers must be determined
and is based on the assumption that by model simulation under specified
in tight labor markets (reflected in conditions. The procedure is to run a
low unemployment rates), wage rates "control" solution of the model,
respond much more sensitively to the obtain another solution with the
availability of workers than in loose changed input (in the present study,
labor markets. Short- and long-run the price shocks), and finally, to measchanges in the PCE deflator have dif- ure the differences between correferent influences on the change in the sponding outputs of the shocked and
wage rate; the short-run elasticity the control solutions.
Two control solutions, each extend(i.e., up to 1 year) of the wage rate
with respect to consumer prices is 0.5, ing over a 5-year (20-quarter) period
while the long-run elasticity is 0.9. and representing different cyclical
These graduated effects are based on states of the economy, were utilized.
the assumption that
short-run In one control solution, a relatively
changes in the inflation rate are high unemployment rate—between
much less firmly implanted in expec- 7% and 8 percent (i.e., near the midtations of future inflation than are point of its actual range during the
longer run changes and, accordingly, last 5 years)—was maintained; in the
have less of an influence on wage other, a relatively low rate—between
rates. The differential also reflects 5% and 6 percent—was maintained.9
the short-run fixity of union wage
contracts.
Description of Model
Simulations
General methodology
The analysis of price shocks in a
macromodel context is essentially an
adaptation of "multiplier" analysis.
Multipliers measure the changes in
endogenous variables that are induced by a unit change in an exogenous variable or by an exogenous
change in an endogenous variable.
Usually, it is such policy-determined
variables as Federal expenditures,
taxes (tax rates or direct receipts ef-
8. See Albert A. Hirsch, "Policy Multipliers in the
BEA Quarterly Econometric Model", SURVEY, 57 (June
1977): 60-71.
9. Each of these solutions was obtained by running
the model over a historical period and modifying selected exogenous variables—mainly major fiscal and
monetary policy variables—relative to actual values in
order to bring the unemployment rate within the desired range throughout the simulation period. More
specifically, the high-unemployment control solution
was obtained by running the model over the period
1976-80; for the low-unemployment solution, the
period 1978:2 through 1983:1 was used. (Exogenous
variables for the latter portion of the second period
are pragmatic projections, rather than realistic forecasts.) Although, from the standpoint of making comparisons, it would have been desirable to use a
common period, the use of different periods was dictated by the practical requirement that in each instance, historical levels of the unemployment rate in
the early quarters of the simulation periodxbe within
or near the desired range.
32
All of the price-shock simulations
were run with the high-unemployment control solution; in one case, the
low-unemployment solution was also
used in order to examine the sensitivity of the results to this alteration of
the economic environment.
For each shocked solution, exogenous adjustments to the relevant
price indexes or deflators were made
as follows. Where the shocked price
index or deflator is itself exogenous,
its level was set in each quarter at a
fixed percentage above its corresponding control solution level. Where the
price index/deflator is endogenous,
adjustments were made to the intercept of the equation that explains it
in order to yield a fixed-percentage increase in the price, before model feedbacks, relative to corresponding control solution levels.
For multiplier analysis in which
income or product flows are shocked,
it is meaningful to compare results
for common dollar amounts of all
shocks. The appropriate analog for
price multipliers, however, involves
shocks of varying sizes because different prices have different weights in
terms of the proportion of GNP that
is directly affected. The approach
used to solve the weighting problem,
and thereby to facilitate comparisons
among price shocks, was to scale the
size of each shock so that its "direct"
effect (i.e., its effect before system
feedback) on the GNP deflator is a
common fixed-percentage increase.
More specifically, the size of each
shock was set so as to raise the GNP
deflator 1 percent above its corresponding control solution level by the
fourth quarter after the introduction
of shock,
as a result of direct effects
only.10 Normalization in the fourth
quarter allows for lags in passthroughs of intermediate goods
(energy, basic materials, and farm
products) prices. For a shock in the
deflator for a final-demand component, the direct effect is the percent-
10. Although, as noted, in a nonlinear system, multipliers can vary with the size of the exogenous change,
such variability is in fact small, at least over a moderate range of variation of the input. Accordingly, no
simulations of larger or smaller changes in any price
were prepared for this article. Similarly, experimentation showed that positive and negative price shocks of
the same magnitude have approximately symmetric
effects; accordingly, no instances of negative price
shocks are reported.
SURVEY OF CURRENT BUSINESS
age increase in the deflator multiplied
by the relative weight of that component in real GNP. For a shock in the
price of an intermediate good, the
direct effect on the GNP deflator is
calculated on the basis of the passthrough of the price (i.e., cost) increase to final-product prices.11
Where necessary, the direct effect
was sorted out from indirect (i.e.,
model feedback) effects by a simulation in which all the normally endogenous variables in the model except
prices were exogenized. An important
variable in the exogenized set is the
private nonfarm sector wage rate,
which accounts for most of the system
feedback to prices. (In addition, certain other adjustments to eliminate
inappropriate feedbacks were made.)
Ad-hoc modifications to model
structure.—Certain aspects of the
BEA model's structure that are not
critical for most applications of the
model are significantly misspecified if
it is used to analyze price shocks, especially for periods longer than 2 to 3
years—the typical forecasting horizon
over which the model is considered
useful. Accordingly, the following special modifications to the structure
were introduced for this study.
(1) Government purchases of goods
and services are ordinarily exogenous
in current dollars because they reflect
budgetary appropriations, which are,
of course, made in current dollars. In
reality, however, when there are
large unexpected price changes, real
purchases will not be modified to compensate fully for them. Accordingly,
the following assumptions were made:
(a) All national defense purchases
were made exogenous in real terms;
i.e., real purchases are unresponsive
to price shocks; and (b) current-dollar
State and local noncompensation purchases were increased by one-half of
the relative increase in the deflator
for these purchases; i.e., the elasticity
of real purchases with respect to their
price was assumed to be —0.5.
(2) Federal transfer payments to
persons other than unemployment in11. Insofar as pass-throughs of energy and basic materials prices to products prices are determined by
input-output coefficients, pass-throughs are constrained to be on a dollar-for-dollar basis. However, in
certain equations pass-throughs are determined from
regression-based estimates. Thus, one cannot be certain as to how much the system estimates of passthroughs deviate from a strict dollar-for-dollar effect.
February 1983
surance benefits, which are ordinarily
exogenous, were assumed to respond
to the lagged change in the Consumer
Price Index (CPI) to reflect the actual
indexation of most transfer payments.
Specifically, social security benefits
were fully indexed to the CPI and
other Federal transfers were assumed
to increase in the shocked solution
relative to the control solution by 0.25
times the corresponding difference in
the lagged CPI due to a price shock.
(3) Because there is a tendency to
adjust wage rates in the government
sector to comparable wage-rate
changes in the private sector (although in recent years, less than proportionally), government employee
compensation payments and deflators
(both exogenous) were modified in the
price-shock simulations by setting the
percent difference from the control solution values in the compensation deflators in quarter t equal to 0.7 times
the corresponding difference in private nonfarm compensation per hour
in quarter t-2.12
(4) Crude adjustments were made to
the foreign exchange rate in response
to changes in net foreign investment
and in short-term interest rates that
are induced by the price shocks. The
change in the value of the dollar, in
turn, affects the volume of exports
and the deflator for imports.
Monetary accommodation of price
shocks.—The question arises what assumption should be made about monetary policy in the presence of price
shocks. The assumption used for most
of the simulations analyzed in this article is that monetary policy is nonaccommodating. Specifically, the M2
variant of the money supply, which is
the principal exogenous monetary
policy instrument in the BEA model,
is held unchanged from its control solution levels in the shocked solution.13
The rationale for this course is that
with the money supply fixed, a price
shock should result (allowing suffi12. In reality, adjustments in social security benefits
and Federal pay normally occur only once a year—on
July 1 for the former and on October 1 for the latter.
However, in keeping with the stylized nature of these
simulations, these seasonal elements were not introduced.
13. M2 contains small tune and savings deposits,
money market funds, overnight repurchase agreements, and Eurodollar deposits, in addition to demand
deposits, other checkable deposits, and currency,
which define Ml. Ml is endogenous in the model and
is related to M2.
SURVEY OF CURRENT BUSINESS
33
cient time for market participants to With a stable velocity of money (ratio
make adjustments) in a change in rel- of the money supply to current-dollar
ative prices, but not in the aggregate GNP), there would be no change in
price level or, in the long run, in the real GNP other than that 16resulting
level of economic activity. This out- from secondary price effects.
Although a more accommodating
come would materialize, according to
theory, because the exogenous price criterion—for example, increasing the
increase induces substitution by pur- money supply to satisfy the additional
chasers toward commodities whose transactions demand associated with
prices did not initially increase (and the secondary changes in the price
that have, therefore, fallen in a rela- level—could have been ^ed, this was
tive sense) and away from the com- not done because the intent was only
modity whose price increased. This to bracket the probable monetary redemand response, in turn, tends to sponse. Of course, there is a broad
reduce the price of the shocked com- spectrum of policy responses—one
modity, thus partly offsetting the ini- that includes fiscal as well as monetial increase, and to increase the tary policy—that could be used to
prices of the substituted commodities. mitigate the effects of an exogenous
An "accommodative" monetary price shock. Model simulation could
policy cannot be unambiguously de- also be used to study the mitigating
fined. The criteria for such a policy effect of these policy responses, but
can be specified alternatively in terms this kind of analysis is beyond the
of monetary aggregates, interest rates scope of this article.
(short-term or long-term), or measures
of economic activity, such as real Price shock cases
output or employment (or its compleSimulations with the BEA model
ment, unemployment).14 For this were run for seven cases, designated
study, a monetary accommodation as- by the name of the price that is
sumption was specified in terms of a shocked. The first three cases relate
monetary aggregate. Specifically, M2 to increases in the prices of primary
was set 1 percent above the control commodities or basic materials. The
solution levels (i.e., the levels main- remaining four cases relate to intained in nonaccommodating cases).15 creases in the prices of final products.
Alternative simulations (i.e., with ac- Except in case 4, price increases are
commodation) were run for the case for specific commodities (or commodin which the low- as well as the high- ity groups) or services; these increases
unemployment control solution was therefore result (at least initially) in
used.
relative price changes. In case 4, the
The rationale for this criterion of price increase is for goods and servaccommodation is that if prices of ices in general (represented by simulcommodities other than the shocked taneous increases in final-product decommodities are "rigid," i.e., unre- flators). The final three cases relate to
sponsive to demand shifts, the 1-per- specific final products with differing
cent increase in the money supply is elasticities of demand or impacts
just enough to satisfy the additional upon wage rates and are designed to
transactions demand for money asso- study the macroeconomic effects of
ciated with the directly generated 1- these factors.
percent increase in the GNP deflator;
In order to indicate the sensitivity
it is not enough, however, to satisfy of results to different economic envithe additional transactions demand ronments and to different assumpassociated with the secondary changes tions about monetary accommodation,
in the price level (i.e., price-wage feed- alternative simulations were run for
backs resulting from the price shock).
case 1 with accommodating monetary
policy, using the high-unemployment
control solution, and with and without accommodating monetary policy,
using the low-unemployment control
solutions.
Case 1. Price of domestic crude
oil.—To reflect an increase in the
price of domestic oil, the producer
price index (PPI) for refined petroleum was increased about 21 percent
above corresponding control solution
levels.17 Also, the PPI for electricity
was increased 2.3 percent, an amount
that reflects the small share of oil as
a fuel source for electricity generation. Under an assumed long-run
price elasticity of demand for oil of
—0.25, the increase in the price of oil
results in a reduced volume of oil imports (which are exogenous in the
model).
Case 2. Price of primary iron and
steel products.—The PPI for primary
iron and steel products, an endogenous basic materials price, was increased about 23 percent.
Case 3. Price of farm products.—The
PPI for farm products was increased
20 percent above corresponding control-solution levels. Because gross
farm product and farm proprietors'
income are explicit model variables, it
is meaningful, in terms of the model
structure, to assume that an autonomous reduction in farm output (and
thus gross farm product) i.e., a supply
shock—is the cause of the increase in
farm prices. Specifically, associated
with the increase in farm prices are
an 11-percent decrease in real gross
farm product and, in the first quarter
of the simulation, a $2J£ billion (1972
prices) decrease in farm inventory investment.18 Underlying the decrease
February 1983
14. For a full treatment of this issue, with definitions of extreme cases, see Edward M. Gramlich,
"Macro Policy Responses to Price Shocks," Brookings
Papers on Economic Activity (1979, 1): 125-66.
15. More precisely, because the case in point involves the price of the primary commodity (oil), the
higher M2 level was phased in linearly over the first
year, consistent with the gradual impact of the price
change on the GNP deflator.
16. Initially, an interest-rate criterion of accommodation was considered. Specifically, a short-term interest rate was to be held at control solution levels, and
thus the money supply was to be allowed to increase
(endogenously) consistent with the stable interest rate
and higher price levels. However, because it turns out
that even with nonaccommodation, interest rates
eventually fall below control-solution levels as a result
of weakened economic activity, this criterion would actually have resulted in a lower money supply than in
the control solution.
17. An increase in the price of domestically produced oil in the absence of a concomitant increase in
the world price could occur, for instance, with decontrol. A comparable simulation was tried in which the
price of imported oil was increased. Because the macroeconomic effects were on the whole very similar to
those for the domestic oil price increase (with the
main difference being that income is shifted abroad
rather than from personal income to domestic corporate profits), the results of this variant are not reported here. A simultaneous change in domestic and foreign oil prices can also be expected to yield similar results.
An allowance was made for a lag in the passthrough of cost from crude to refined petroleum by
raising the refined petroleum PPI only two-thirds the
full pass-through amount in the first simulation quarter.
18. The temporary decrease in inventory investment
results from the lack of an instantaneous marketclearing price response in wholesale and consumer
markets for farm products.
34
SURVEY OF CURRENT BUSINESS
in gross farm product is a 5^-percent
decrease in farm output and a 2-percent decrease in intermediate products consumed. Farm proprietors'
income increases an average of 60
percent, as increases in farm prices
far outweigh production losses.19
Case 4- Implicit price deflators for
final products.—All final product deflators, except those for imports and
compensation of government employees, were increased about 1 percent.
In addition to its main purpose, this
simulation may be used to represent a
stylized removal of price controls.
Case 5. Implicit price deflator for
consumer purchases of new and net
used automobiles.—-This case illustrates the effects of shocking a deflator for a consumption component with
a high price elasticity of demand, in
this case -1.1. The deflator, which is
basically endogenous, was exogenously increased 39 percent.
Case 6. Implicit price deflator for
personal consumption expenditures for
household operation, except gas and
electricity.—This case illustrates the
effects of a price shock for a consumption component with a low price elasticity of demand, -0.14. The deflator
(which, again, is basically endogenous)
was exogenously increased 43 percent.
Case 7. Implicit price deflator for
investment in producers' durable
equipment, except motor vehicles.—
This case illustrates the effects of increasing the price of a nonconsumption component of GNP, which avoids
a price-wage spiral. The deflator (also
basically endogenous) was increased
exogenously 14 percent.
19. In the version of the model used for this study,
farm output, prices, and income are all exogenous.
Consistent relationships among them and between
them and final demand for food and agricultural exports were derived by external calculation.
February 1983
Principal simulations
The analysis of the principal simulations proceeds as follows: (a) case
1—the domestic crude oil price
shock—is used as a base case; (b)
cases 2 through 4 are compared with
case 1; and (c) cases 5 through 7, representing shocks to specific final product deflators, are compared with case
4 and with one another. Where other
comparisons are of interest, they are
also made. Tables 1.1 through 1.7
show, for the HU/NMP variants of
cases 1 through 7, respectively, differences between price-shock and control-solution values for major economic variables at selected horizons (quarters) of the simulations. Chart 5
shows, for the same cases, the percent
differences (price shock case less control solution) in the GNP deflator and
in real GNP, respectively.
Case 1. Price of domestic crude
oil.—The increase in the price of domestic crude oil results in gradual increases in the GNP deflator relative
to the control solution. By the fourth
quarter, the GNP deflator is 1.4 percent above the control-solution level
and the difference continues to grow
Analysis of Results
In what follows, an analysis is first
made of the principal simulations, i.e.,
the high-unemployment, nonaccommodating-monetary-policy (HU/NMP)
simulations for all cases. Then, for
case 1, low-unemployment (LU) and
accommodating
monetary
policy
(AMP) alternatives are compared
with their HU and NMP counterparts.
Table 1.1—Effects of Price Shocks: Case 1. Price of Domestic Crude Oil
[Differences: price shock less control solution]
Quarters after change
2
1
4
3
6
8
12
16
20
-1.8
1.8
1.5
.8
-1.9
1.9
1.6
.9
-2.1
2.0
1.7
.9
-1.9
1.7
1.5
.8
g
-1.6
3.2
9.4
-3.0
-1.3
-2.5
3.8
9.9
-3.6
-2.8
-5.7
7.1
11.0
-4.7
67
-15.0
14.2
9.8
4.6
-24.6
-11.6
-7.6
-2.5
-2.1
.3
-1.2
-14.3
-26.5
-12.9
-8.2
-2.4
-2.2
.3
-1.2
-15.7
-30.1
-15.4
-9.3
-2.1
-1.7
-.1
-1.5
-18.7
288
-15.8
97
-.7
14
.1
14
-21.4
10
Percent of control solution level
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures
Compensation per hour, nonfarm business sector except housing
-0.1
.3
.4
0
05
.8
.8
0
-0.9
1.2
1.0
.1
-1.2
1.4
1.1
.2
-1.4
1.6
1.3
.5
2.6
.1
2.9
-.3
1,1
5.3
1.1
5.8
1.9
.9
4.9
.7
6.5
5.2
-.3
3.4
.4
5.4
7.8
1.3
18
-1.5
.4
-.2
.1
-.4
-.1
-3.2
-6.1
47
.4
g
-.1
-.4
-.4
-6.1
112
-7.6
-.6
16
-.9
.1
-.6
-8.2
156
-9.3
-2.4
-2.2
-1.7
.6
7
-9.7
-1.6
1.7
1.4
.6
Billions of dollars
GNP
Corporate profits with IVA and CCAdj
Net exports of goods and services
Federal surplus of deficit, NIPA's
...
2.4
.6
3.5
9.2
1.7
3.5
1.1
4.2
9.6
1.5
Billions of 1972 dollars
GNP
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services
Disposable personal income
...
187
-8.6
-5.1
-2.6
-2.4
.7
g
-11.0
-21.0
-9.4
64
-2.5
21
.5
10
-12.3
Percent
Share of national income:
Compensation 6f employees
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj
Net interest
Rental income of persons with CCAdj
-.2
0
.2
0
0
.4
0
.4
0
0
-.4
0
.4
0
0
-.4
0
.4
0
0
-.3
0
.3
0
0
-.3
0
.2
0
0
-.3
0
.2
0
0
-.3
0
.2
0
0
-.4
0
.4
-.1
0
-.5
0
.7
-.3
0
Unemployment rate
Yield 4—6 month commercial paper
Yield domestic corporate bonds (Moody 's) .
0
.4
.1
.1
.7
.2
.2
.5
.2
.3
.3
.2
.3
0
.2
.4
1
.1
.6
1
.1
.7
_i
'.1
.9
-.2
0
1.0
Y
-.3
-.6
1.2
-1.4
2.1
-1.6
1.5
-1.4
1.0
-.3
.2
-.5
-.1
.5
.1
-.1
.2
-.2
0
.6
-.2
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator GNP
.
..
Note.—The abbreviations used in tables 1 and 2 are: CCAdj—capital consumption adjustment; GNP—gross national product; IVA—inventory valuation adjustment; NIPA's—national income and
product accounts.
February 1983
through the 16th quarter to 2.1 percent, then narrows slightly. Initially,
the difference reflects the gradual
pass-through of higher oil prices; later
it increasingly reflects the interaction
of the wage rate and consumer prices.
1
The GNP deflator is up slightly more
than the PCE deflator, mainly because there is a reduction in relatively high-priced oil imports. The oil
price shock increases the inflation
rate only temporarily; annual rates of
increase in the GNP deflator are up
more than 1 percentage point only
during the first year. However, the
price level remains substantially
above the control solution over the
whole simulation period, showing
only a slight tendency to retreat
toward it in the fifth year.
The higher price of oil and its secondary inflationary effects result in
reductions in real GNP relative to the
control solution of roughly the same
magnitude. The decrease is largest—
2.1 percent—in the 17th quarter, one
quarter after the peak increase in the
GNP deflator, and remains large
thereafter. The rates of change in real
GNP and in the GNP deflator move
sharply in the quarters immediately
following the price shock; then the
differences from the control solution
diminish rapidly to small amounts for
the remainder of the period. This pattern is also typical for the cases that
follow.
Higher prices relative to control solution of consumer oil products—gasoline and home heating oil—and of
electricity (also due to the oil price increase) directly reduce consumer purchases of these energy products and
also of motor vehicles, especially recreation vehicles. An increase in the
PCE deflator relative to the control
solution—the result of pass-throughs
of higher oil prices to nonenergy as
well as to energy products—also reduces real PCE, generally by lowering
real disposable income and real
household wealth. Compensation per
hour is also higher and tends to hold
down the reduction in real disposable
income; however, it increases substantially less than the PCE deflator. The
nonwage components of disposable
income respond only slightly to the
price increases. Employment is also
down, tending to reduce labor income.
Initially, the decrease in real PCE
relative to the control solution ac-
35
SURVEY OF CURRENT BUSINESS
counts for most of the decrease in real
GNP. After about a year, however,
nonresidential fixed investment and
inventory investment are down in response to the reduction in PCE. Both
residential and nonresidential fixed
investment are down because of
higher long-term interest rates (see
below). Government purchases are
also down in response to the increases
in the prices of noncompensation pur-
chases. Real net exports are up slightly after the second quarter, despite
higher export prices, mainly because
of the assumed reduction in oil imports. (Because of the relatively large
deflator for oil imports, this difference
is greatly magnified in current-dollar
net exports.)
The unemployment rate is also up
relative to the control solution, as
lower output reduces employment. By
CHART 5
Effects of Price Shocks: Principal Simulations
(Price shock less control solution, relative differences)
WPUCIT PRICE DEFUt0RM» '
-3.0
-4.0
' 'i ',i'u*...i *'! .»..'_ i, t.i a..''* I 4 r fr' I i li A
12
16
-4.0
20
0
Quarters after change
U.S. Department of Commerce, Bureau of Economic Analysis
4
12
16
20
36
SURVEY OF CURRENT BUSINESS
the 16th quarter, the rate is up nearly
1 percentage point and the spread
continues to increase slightly thereafter, lagging the modest turnaround in
the reduction in real GNP.
Current-dollar GNP is initially up
slightly from the control solution, as
the increase in the deflator more than
offsets the decrease in real GNP; it is
down in the 10th quarter and increasingly so thereafter, as the decreases
in real GNP exceed the increases in
the deflator.
Personal income is changed little
from the control solution for about
the first 2 years, as smaller wages are
roughly offset by somewhat larger
proprietors' income, dividends, interest income, and transfers to persons.
Thereafter, personal income is down
increasingly, reflecting reductions in
labor income and eventually in interest income. Lower labor income reflects reductions in employment that
outweigh concomitant increases in
hourly compensation. Lower interest
income reflects reductions in interest
rates (see below).
Corporate profits are up substantially from the control solution in the
early quarters, as higher oil prices
are passed on to prices of final products.20 The increase diminishes gradually from the third quarter to the
middle of the period, as weakened
demand tends to offset the price
effect, then increases again as wage
costs decrease. Shifts in shares of national income from employee compensation and net interest to corporate
profits and, to a lesser extent, to proprietors' income are substantial by
the end of the period.
The oil price shock increases the
Federal deficit slightly in the first
two years. In this part of the period,
larger expenditures more than offset
larger receipts. In the third through
fifth years, the difference increases.
This increase results from the effects
of an exogenous price shock on both
prices and real GNP. A decline relative to the control solution in personal income in the later quarters (centered in wages) holds down receipts,
while expenditures are up because of
February 1983
indexation and larger unemployment
benefits.21
The yield on 4-to-6 month commercial paper, a representative shortterm interest rate, is up significantly
in the early quarters, as larger current-dollar GNP increases
the
demand for transactions balances in
the face of a fixed money supply. In
the eighth quarter, the difference in
the commercial paper rate becomes
negative and increasingly so thereafter. Differences in long-term rates, as
exemplified by Moody's average corporate bond yield, lag substantially
the differences in short-term rates.
Case 2. Price of primary iron and
steel products.—The GNP deflator is
up significantly less from corresponding control-solution levels in this case
than in case 1. The maximum increase (reached in the 12th quarter) is
1.5 percent, compared with 2.0 percent in case 1. As might be expected,
21. Inflation per se tends to increase the Federal surplus (reduce the deficit). (See Frank de Leeuw and
Thomas M. Holloway, "The High-Employment Budget:
Revised Estimates and Automatic Inflation Effects/'
SURVEY, 62 (April 1982): 21-33.)
20. No windfall profits tax was assumed for this simulation.
Table 1.2—Effects of Price Shocks: Case 2. Price of Primary Iron and Steel Products
[Differences; price shock less control solution]
Quarters after change
1
2
4
3
6
10
8
12
16
20
-1.6
1.4
1.0
.4
-1.7
1.5
1.1
.5
-1.7
1.4
1.1
.5
14
1.1
.8
.3
-4.6
-5.4
12
2.3
-3.1
-5.5
-6.8
7
2.6
-3.6
-7.0
-10.1
2.2
2.6
-4.4
-8.3
-18.2
10.5
2.5
-3.0
-21.6
98
-6.3
18
-1.8
-1.5
-.5
-12.0
234
-10.9
-6.7
18
-1.8
17
-.6
132
-24.8
-12.0
-7.5
-1.3
-1.3
20
-.7
148
215
-11.9
-6.9
1
-.6
15
-.5
161
1
0
0
0
0
2
0
.2
-.1
0
3
0
.5
-.2
0
Percent of control solution level
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures
Compensation per hour nonfarm business sector except housing
-0.1
.2
.1
0
.
-0.3
.6
.3
0
-0.7
.9
.6
0
-1.1
1.0
.7
.1
-1.5
1.2
.9
.2
-1.5
1.3
1.0
.3
Billions of dollars
2.0
0
1.5
0
1.3
GNP
Personal income
Corporate profits with IVA and CGAdj
Net exports of goods and services
Federal surplus or deficit NIPA's
3.6
.2
2.5
.2
1.9
2.2
-.9
1.7
.8
.9
-1.3
-2.2
9
1.7
-1.1
-5.4
36
-3.9
2.7
-3.4
-4.8
44
-2.8
2.4
-3.3
Billions of 1972 dollars
GNP
-1.1
1.0
.4
-.2
.1
.4
1
-1.0
.. .
Nonresidential investment
p •,! f 1 •
f
f
fhanffp in business inventories
Net exports of goods and services
TV
hi
1'
-4.4
-3.1
.6
-.7
1
-1.0
— 2
-2.8
-9.4
-5.7
3
-1.3
7
-1.3
2
-5.4
-14.5
79
-2.1
-1.7
-1.5
-1.1
-.3
-7.5
-19.5
87
-5.2
-1.9
-2.7
8
-.3
97
201
-8.7
-5.9
18
-2.3
10
-.4
108
Percent
Share of national income:
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj
Net interest
Unemployment rate
Yield 4 6 month commercial paper
Yield domestic corporate bonds (Moody's)
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator GNP
••
-.1
0
.1
0
0
-.2
0
.2
0
0
-.1
0
.1
0
0
0
.3
.1
.1
.5
.1
.2
.4
.2
.4
.9
-1.0
1.5
-1.6
1.3
0
0
0
0
0
.1
0
2
.1
0
.1
0
1
.1
0
0
0
0
0
0
.2
.2
.1
.4
0
.1
.4
-.1
.1
.5
0
0
.6
-.1
0
.7
-.3
_ ^
.8
-.7
-.4
16
.8
-.4
.2
-.1
.2
-.3
.4
-.1
.2
-.1
-.2
.5
-.4
SURVEY OF CURRENT BUSINESS
February 1983
because of the high steel content of
the commodities included, the final
product deflators showing the largest
relative increase are those for PCE
for motor vehicles and for producers'
durable equipment outlays. For consumer expenditures other than motor
vehicles, the direct price effects are
small. Thus, the spread between increases in the GNP and PCE deflators
is greater than in case 1, in which the
direct effects of the exogenous price
increase are more widely dispersed
among final products. As a result, the
price-wage "spiral" is less pronounced
than in case 1,
Nevertheless, real GNP is down
about as much as in case 1 in the
early quarters, although somewhat
less in the later quarters. Nonresidential fixed investment is down substantially, in part because of the higher
cost of investment goods. Similarly,
the higher price of motor vehicles reduces consumer purchases. Moreover,
total real PCE is held down by reductions in real disposable income that
are almost as large as in case 1
through the 12th quarter, although,
37
is up 2.3 percent, compared with 1.6
percent is case 1 and 1.1 percent in
case 2; the corresponding increases in
the GNP deflator are 2.2 percent, 1.9
percent, and 1.5 percent; for private
nonfarm compensation per hour, they
are 1.5 percent, 0.9 percent, and 0.5
percent.
Despite the larger price increases,
real GNP is down substantially less
than in cases 1 and 2 during most of
the simulation period—in the 12th
quarter the loss is 1.2 percent, compared with 1.9 percent in case 1 and
1.7 percent in case 2.22 The causes of
this difference are the relatively low
price elasticity of consumer demand
for food (—0.36 in.the long run) and,
associated with this low elasticity, the
substantial increase in farm proprietors' income, which offsets the reduction in real labor income/Because of
this shift within personal income,
total real disposable income and, as a
as noted, the PCE deflator is up less
than in case 1. Compensation per
hour is also up less. Real net exports
are down slightly, in contrast to case
1, in which oil imports are smaller.
Corporate profits are up only moderately in the first three quarters and
down somewhat for about the next
two years, in contrast to case 1, in
which they are up continuously and
more substantially. This contrast reflects both smaller current-dollar
GNP and larger capital consumption
allowances in case 2, the latter being
due to higher capital replacement
costs.
Case 3. Price of farm products.—In
contrast to case 2, this price shock impinges heavily on the PCE deflator—
specifically, on the deflator for consumer food purchases. It also increases substantially the deflator for
merchandise exports, in which agricultural commodities have a weight of
about 20 percent. Because of the concentrated impact on consumer prices,
the price-wage spiral is more pronounced than in both cases 1 and 2.
By the 12th quarter, the PCE deflator
22. In the first three quarters, especially the first,
real net exports are too high because of a timing misspecification that affects the merchandise exports deflator. Accordingly, real GNP should be somewhat
lower in those quarters.
Table 1.3.—Effects of Price Shocks: Case 3. Price of Farm Products
[Differences: price shock less control solution]
Quarters after change
1
2
3
4
6
-0.1
1.0
1.1
0
-0.4
1.1
1.3
.2
-0.6
1.2
1.4
.3
12
16
20
-1.1
2.0
2.2
1.2
-1.2
2.2
2.3
1.5
-1.6
2.5
2.6
1.8
-1.9
2.7
2.8
1.9
18.8
24.9
-5.5
5.9
17
20.7
29.9
-8.8
5.9
-3.1
21.5
34.2
-11.9
7.2
55
20.0
36.2
-13.4
7.6
85
115
-5.4
-2.1
-1.9
7
-.8
-.6
-4.7
145
-6.5
-2.9
22
11
-1.0
-.8
5.3
-16.8
-6.8
-3.6
2.4
-1.3
-1.6
-1.0
5.0
228
-9.4
-5.1
-3.1
16
-2.2
-1.5
76
278
-11.7
-6.7
3.5
19
-2.4
-1.6
10.5
8
10
Percent of control solution level
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures.....
Compensation per hour nonfarm business sector except housing
0
.2
.2
0
.
-0.6
1.6
1.7
.7
-0.9
1.8
2.0
1.0
Billions of dollars
GNP
Personal income
Corporate profits with IVA and CCAdj
Net exports of goods and services
Federal surplus or deficit NIPA's
••••
3.3
11.8
88
4.6
-2.2
13.9
14.1
.9
4.0
1.4
11.8
14.3
.3
4.6
-.8
11.4
15.2
17
5.5
-1.3
17.1
19.5
-1.2
5.4
0
17.1
22.2
-4.6
4.8
12
Billions of 1972 dollars
GNP
Personal consumption expenditures
Residential investment
Change in business inventories
••
•••
Disposable personal income
-.6
.7
8
.1
-2.6
2.1
0
5.8
-1.6
3.5
.8
-.3
.7
.7
0
-.7
-5.3
-5.9
1.1
-1.1
.3
.3
0
-2.0
-7.4
6.2
.3
-1.3
.5
.2
-.1
-2.7
-8.3
41
-1.1
-1.7
.8
.3
-.3
-4.0
Percent
Share of national income:
-.7
.8
0
0
0
-.6
.7
1
-.1
0
5
.7
-.2
0
0
5
.7
-.2
0
0
-.4
.8
-.4
0
_,4
.8
-.4
0
0
-.3
.8
6
.1
0
-.2
.8
-.7
.1
0
-.2
.7
-.7
.1
0
••.•••
1
.3
.1
0
1.2
.3
0
.3
.2
.1
.2
.2
.1
.3
.3
.2
.2
.3
.3
.3
.3
.4
.4
.3
.5
.3
.4
.7
.3
.4
.-.
2
1.0
3
3.0
1.1
.6
7
.5
.2
.8
5
.3
-.4
.4
3
.4
—4
'.2
-.2
.1
-.1
.8
—7
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj
o'
0
Yield 4—6 month commercial paper
Yield domestic corporate bonds (Moody's)
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator GNP
.
.
...
••
•••
o-
SURVEY OF CURRENT BUSINESS
38
result, real PCE are reduced23much
less than in the previous cases.
By the 20th quarter, however, the
decline in real GNP is as large as in
case 1 and larger than in case 2. This
catchup reflects primarily a large decrease in residential investment,
which is in turn due to higher mortgage interest rates and a lower real
return to owners of rental housing.
Increases in the unemployment
rate are small during the first 3
years—0.4 percentage points by the
12th quarter compared with 0.7 percentage points in case 1 and 0.6 percentage points in case 2. A sizable
share of the decreases in real GNP—
during the first 3 years, about onethird on the average—is in gross farm
product, to which there is no significant employment response. The smaller decrease in employment tends to
hold up real wages.
23. Contrary to the assumption (implicit in the
model) that the marginal propensity to consume with
respect to farm proprietors' income is the same as
with respect to other personal income, a lower propensity might prevail if farmers viewed much of their
income as not available for consumption, but rather as
business income. If so, the difference between real
GNP losses in this case and in cases 1 and 2 might be
much smaller.
February 1983
quarters of the simulation than in
case 1.
In the fourth quarter, although the
PCE and GNP deflators are up roughly the same as in case 1, real GNP is
down substantially more—9% billion
in 1972 dollars—than in case 1. More
than one-half of the difference between the two cases in real GNP is
due to nonresidential fixed investment, which responds to reduced cash
flow as well as to earlier reductions in
final sales. The impact on cash flow is
from smaller corporate profits, which,
in contrast, initially increase in case
1. In addition, real PCE is down $2.6
billion more than in case 1, mainly
because of a larger reduction in employment, and inventory investment
is down $1.7 billion more because of
lower final sales.
After the fourth quarter, however,
the difference between cases 1 and 4
in real GNP losses narrows quickly,
as the lagged responses to the oil
price shock are registered in case 1
and, more importantly, as the transitory effect of reduced cash flow terminates in case 4. By the 12th quarter,
differences between the two cases in
real GNP and unemployment, as well
Because farmers, most of whom are
unincorporated, are the beneficiaries
of higher prices, their gains, together
with larger employee compensation,
squeeze the share of corporate profits.
Because marginal tax rates on profits
are high, the Federal fiscal balance
eventually moves toward substantially larger deficits.
The increases in current-dollar
GNP, in contrast to smaller increases
or decreases in previous cases, together with a fixed money supply, yield
short- and long-term interest rates
that remain above control-solution
levels, in contrast to lower rates in
the previous cases. Higher interest
rates contribute to weakness in residential and nonresidential fixed investment.
Case 4- Implict price deflators for
final products.—The macroeconomic
effects of increasing final-product deflators proportionally are, in general,
remarkably similar to those resulting
from the domestic oil price shock. Because final-product prices are directly
and immediately increased by the
price shock in this case, increases in
the GNP deflator and decreases in
real GNP are larger in the early
Table 1.4.—Effects of Price Shocks; Case 4. Implicit Price Deflators for Final Products
[Differences: price shock less control solution]
Quarters after change
1
2
3
4
-0.6
1.1
1.2
0
-1.3
1.1
1.2
.1
-1.7
1.2
1.2
.3
-1.9
1.2
1.3
.4
6
10
8
12
16
20
-2.0
1.7
1.7
.9
-2.1
1.8
1.8
1.0
-2.2
1.7
1.8
1.0
-1.7
1.4
1.5
.8
-8.0
-3.2
-3.2
2.1
-5.7
-7.1
-3.6
17
2.4
-5.6
-12.2
-8.9
.4
3.1
-7.6
-10.0
-17.0
12.9
2.2
-4.5
-27.5
-13.4
-8.2
-1.8
-2.0
11
-.9
16.8
-28.7
-14.6
-8.0
18
-2.1
-1.2
-1.0
-18.0
-32.3
169
-10.3
11
-1.8
-26.1
159
-8.7
.5
-.4
-.6
-1.0
-22.5
Percent of control solution level
GNP constant dollars
Implicit price deflator, GNP
.
Compensation per hour, nonfarm business sector except housing
-1.7
1.4
1.5
.6
-1.8
1.5
1.6
.7
Billions of dollars
GNP
Personal income
Corporate profits with IVA and CCAdj
Federal surplus or deficit, NIPA's
8.6
.3
8.5
11
5.7
-3.4
-.8
-.5
.4
-2.7
-10.2
-2.5
-7.0
2.0
-5.6
-12.0
-2.6
-8.9
2.8
-6.4
-16.9
-11.1
11
-2.1
12
-1.2
-.4
-10.8
-22.4
-11.9
51
-2.1
28
-.3
-.3
-12.3
-25.0
119
-7.3
20
-3.4
0
-.4
13.1
-6.3
-1.3
-4.3
1.7
-4.9
-4.5
-.4
-3.6
1.7
-4.1
Billions of 1972 dollars
GNP
N
s'Hp tial fixed investment
P °H t" 1 '
i
t
Ph ff ' hiifiinpsfi
unange
^^ inventories
Government purchases of goods and services
Disposable personal income
-7.8
-6.8
1.8
-.9
.5
-2.0
4
-10.0
-22.1
97
-6.6
20
-2.4
9
-.6
13.6
-24.5
114
-7.5
-1.8
-2.1
9
-.8
14.9
-i.o
-1.2
-21.2
Percent
Share of national income:
-.5
0
.6
-.1
0
0
0
0
0
.1
.3
0
-.4
.1
.1
.4
0
5
.1
.1
.1
0
2
0
.1
.2
0
2
0
.1
.1
0
2
0
.1
0
0
-.1
0
.1
_ ^
.1
-.1
.1
.6
-.4
.1
Yield 4—6 month commercial paper
Yield domestic corporate bonds (Moody's)
.1
1.6
.4
.3
-.1
.1
.4
-.1
.1
.4
-.1
.1
.4
0
.1
.5
0
0
.7
-.1
0
.8
-.2
0
1.0
-.5
2
1.0
-.8
5
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator, GNP
26
4.8
-1.7
.1
g
.4
0
.5
— 4
'.2
-.4
.3
.1
.3
.1
-.2
.6
-.4
Proprietor's income with IVA and CCAdj
Corporate profits with IVA and CCAdj
Net interest
Rental income of persons with CCAdj
-2.9
0
o'
o'
4
February 1983
as in the aggregate deflators, are
small.
A difference persists, however, in
real net exports, because of lower oil
imports in case 1; the difference is
magnified in current-dollar net exports because of the relatively high
deflator for oil imports and, to a
somewhat smaller degree, in currentdollar GNP and corporate profits.
Lower current-dollar GNP results
eventually in larger reductions in interest rates. Consequently, between
the ends of the fourth and fifth years,
there is more of a positive turnaround
in real fixed investment and, accordingly, in the reduction in real GNP.
Two important conclusions can be
derived from this analysis. First, an
exogenous increase in the general
price level—as distinct from an exogenous increase in the price of a particular commodity—is far from neutral
in its impact on economic activity
(i.e., on real GNP and employment).
Although such a price increase produces, before output responses, a corresponding increase in current-dollar
income, it results in a shift in income
shares from those with a relatively
SURVEY OF CURRENT BUSINESS
39
high propensity to spend to those
with a relatively low propensity to
spend. This shift, in turn, leads to a
net reduction in real expenditures;
the reduction in aggregate demand,
which is reinforced by multiplier feedbacks, persists—as does the increase
in the price level—with only a modest
reversal of the reduction within the 5year simulation period.
Second, some relative price increases, such as an increase in the
price of crude oil, have effects similar
to that of a general price level increase. This similarity reflects the
widespread intermediate and end uses
of these commodities and limited substitutability of lower priced alternatives.
Case 5. Implicit price deflator for
consumer purchases of new and net
used automobiles.—Real GNP is down
more and unemployment is up more
from the control solution in this case
than in any other. By the fourth
quarter, with a 1.3-percent increase in
the GNP deflator—about the same increase as in case 4—real GNP is down
3.3 percent, compared with 1.9 percent in case 4, and unemployment is
up 1.3 percentage points, compared
with 0.4 percentage points in case 4.
The price shock results directly in a
large reduction in real auto purchases. This reduction, together with
that in real disposable income resulting from both the higher overall PCE
deflator and lower employment, reduces real PCE generally and both
nonresidential fixed investment and
inventory investment. A sharp initial
falloff in corporate profits reinforces
the reduction in nonresidential fixed
investment. Net exports are up somewhat because of lower imports.
The reduction in real GNP begins
to moderate in the fifth quarter, primarily because of a sudden dropoff in
the inflation rate, as measured by the
four-quarter change in the PCE deflator—a variable that has a substantial
negative effect on total real PCE.
Moderations in the reductions in
other GNP components accompany or
follow that in PCE. Although the reduction in GNP is smaller than in the
fourth quarter, it remains large until
the fifth year, as the price-wage spiral
results in continuing increases in the
PCE deflator. In the fourth year,
Table 1.5—Effects of Price Shocks: Case 5. Implicit Price Deflator for Consumer Purchases of New and Net Used Automobiles
[Differences: price shock less control solution]
Quarters after change
2
1
3
4
6
10
8
12
16
20
-2.6
1.8
2.4
1.0
-2.6
1.9
2.5
1.1
-2.7
1.7
2.2
1.1
20
1.1
1.6
.6
-16.7
110
.6
.3
-7.1
16.2
-11.8
2.8
.5
-7.0
245
-18.9
4.2
1.8
9.6
244
32.2
20.9
.6
-4.7
351
-20.1
-10.7
-.8
17
-1.1
-.6
271
363
-21.8
-10.0
-.8
17
-1.3
-.7
-28.2
386
-23.8
-12.2
.4
-1.7
-.5
-.9
-29.4
296
-22.9
-9.4
2.5
.4
.4
6
-30.8
Percent of control solution level
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures
Compensation per hour nonfarm business sector except housing
15
1.1
1.6
0
-2.6
1.1
1.6
.1
-3.1
1.1
1.7
.3
-3.3
1.3
1.8
.4
-7.2
-4.3
-.7
4
1.5
-27.0
91
-11.6
2.4
-11.2
-34.6
143
-14.6
4.4
-14.1
-36.5
167
-13.4
5.1
-14.7
-19.6
-18.8
.3
6
.3
-.8
0
-16.9
-34.0
-24.7
41
-1.5
-4.7
.7
.1
-19.4
-40.1
260
86
-1.3
-5.9
1.8
.1
-23.0
-43.0
-26.4
115
-1.1
60
2.0
0
-25.6
29
1.5
2.2
.7
27
1.6
2.3
.9
Billions of dollars
GNP
Personal income
Corporate profits with IVA and CCAdj
Federal surplus or deficit NIPA's
•
.
..
-25.3
129
-6.4
2.9
-11.1
-21.5
121
-3.8
1.3
-9.2
Billions of 1972 dollars
GNP
Nonresidential fixed investment
Rps'dpnt'fll inwstmpnt
Ph 0 ' h ' PSS ' *» to IPS
Disposable personal income
...
-38.1
213
-11.6
-1.1
-4.4
.6
-.3
-26.6
-36.3
200
-11.8
-.9
28
— 4
-'.5
267
Percent
Share of national income:
Corporate profits with IVA and CCAdj
Net interest
Rental income of persons with CCAdj
Yield domestic corporate bonds (Moody's)
Quarterly change at annual rate:
GNP, constant dollars
Implicit price deflator GNP
•
0
0
0
0
0
.6
0
-.7
.1
0
.3
1.3
.3
0
-4.5
-.2
-6.5
4.7
.8
4
.6
0
-.8
.2
.1
.5
0
-.7
.2
.1
.2
0
-.3
.1
0
.1
0
-.2
0
0
-.1
0
.1
-.1
0
-.1
0
.2
-.2
0
-.1
0
.3
-.3
0
-.5
0
1.1
-.6
0
1.1
4
0
1.3
-.3
0
1.1
-.3
-.1
1.1
3
-.1
1.2
-.1
-.1
1.3
-.3
2
1.4
-.7
4
1.3
-1.2
g
-1.9
.2
-.8
.6
.6
.2
.1
.2
.1
.7
.1
.4
.5
4
.6
-.6
40
SURVEY OF CURRENT BUSINESS
higher unemployment rates reduce
the wage-rate increases. This effect,
together with higher productivity and
a substantial reduction in long-term
interest rates, reduces the increase in
the PCE deflator, which in turn reduces the decrease in real GNP from
2.7 percent in the 16th quarter to 2.0
percent in the 20th.
Corporate profits are down sharply
in the early quarters in response to
the reduced demand. After widening
through the fourth quarter, the difference relative to the control solution
narrows sharply. In the 10th quarter,
the difference becomes positive and
by the 20th quarter, profits are up
nearly $21 billion, although currentdollar GNP is down more than $24
billion. The large increase in profits
toward the end of the period is
mainly due to large reductions in employee compensation and net interest.
Case 6. Implicit price deflator for
personal consumption expenditures for
household operation, except gas and
electricity.—Because of the much
lower price elasticity of demand for
household operation services than for
automobiles, real PCE for household
February 1983
operation is reduced by much smaller
amounts than are automobile purchases in case 5. As a result, total
real PCE and real GNP are reduced
substantially less during the first two
years after the price shock than in
case 5 and unemployment rises less.
The smaller increase in unemployment, however, produces a smaller
offset to the effect of the higher PCE
deflator on compensation per hour;
thus the price-wage spiral is stronger.
By the 12th quarter, compensation
per hour is up 1.6 percent compared
with 1.1 percent in case 5. Smaller reductions in employment also tend to
hold up real disposable personal
income and thus real PCE. Nevertheless, because the PCE deflator is also
up more, tending to reduce both real
disposable personal income and real
household wealth, real PCE is down
as much in case 6 as in case 5 by the
16th quarter. Moreover, with the
money supply fixed, smaller reductions in current-dollar GNP (reflecting the higher GNP deflator) eventually result in higher long-term interest rates, which tend to depress fixed
investment. Thus, after 3 years, re-
ductions in real GNP are somewhat
larger than in case 5.
Because this case is comparable to
case 3 in the sense that the price
shock impinges on a PCE component
with a relatively low price elasticity
of demand, similar macroeconomic results might be expected (apart from a
short-run timing difference, due to
the lagged pass-through of farm
prices). The price effects are, indeed,
roughly similar after the first year.
However, real GNP is down more
than in case 3 because of a stronger
shift of income shares from personal
income to corporate profits; in case 3,
the shift is to proprietors' income,
with respect to which the propensity
to consume is (in the model) as large
as with respect to other personal
income.24
Cose 7. Implicit price deflator for
investment in producers' durable
24. The qualification expressed in footnote 23 concerning the realism of this relatively high propensity
also applies to the comparison of cases 3 and 6. Further, the difference between cases 5 and 6 in PCE responses overstates those that would actually occur to
the extent that cross-elasticities of demand are understated in the model.
Table 1.6.—Effects of Price Shocks: Case 6. Implicit Price Deflator for Personal Consumption Expenditures for Household Operation, Except Gas
and Electricity
[Differences: price shock less control solution]
Quarters after change
2
1
3
4
6
8
12
16
20
26
2.1
2.6
1.4
-2.7
2.3
2.7
1.6
-2.9
2.3
2.8
1.6
-2.4
2.0
2.5
1.4
-10.6
33
-3.4
2.4
-8.5
-9.5
-3.7
18
2.8
-8.3
-15.1
-10.4
1.3
3.7
-10.1
-13.3
-21.1
16.4
2.9
-6.5
-18.4
-10.4
20
-2.8
-.8
-1.0
-24.6
353
-36.9
199
-10.3
-1.9
-2.7
9
-1.1
26.1
-41.7
234
-12,8
-1.1
-2.3
8
-1.3
30.8
-36.7
235
-11.4
6
-.9
4
-1.2
34.2
0
0
-.1
_ j
'.1
-.1
.1
.1
-.2
.1
— 4
.8
-.5
0
1.2
2
1.4
-.6
-.3
1.4
-1.1
-.6
.1
.3
0
-.2
.6
-.4
10
Percent of control solution level
04
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures
Compensation per hour, nonfarm business sector except housing
1.2
1.7
0
-1.3
1.2
1.8
0
19
1.4
2.0
0
22
23
20
1.5
2.1
.6
1.8
2.4
1.0
2.0
2.5
1.2
Billions of dollars
11.7
1.2
11.4
-2.2
7.6
GNP
Personal income
Corporate profits with IVA and CCAdj
Federal surplus or deficit, NIPA's
-1.2
1.9
1.5
-.9
-3.0
-9.4
3
-5.7
1.0
-6.6
-13.7
13
-4.3
1.5
-2.6
1.3
-5.8
87
2.3
-8.7
-6.8
0
-3.9
1.5
-6.8
Billions of 1972 dollars
GNP
Nonresidential fixed investment
*•••
Change in business inventories
Government purchases of goods and services
Disposable personal income
-5.7
55
2.3
7
.2
20
0
14.3
-16.7
124
-.8
19
-.3
13
0
14.4
244
-14.4
-5.1
-2.1
-2.5
-.4
0
17.2
291
-15.6
-7.9
21
-3.5
.2
-.1
18.7
265
-12.6
-7.7
21
-2.8
-.8
-.5
-19.8
304
-15.1
-9.1
20
-2.6
g
-.8
21.9
Percent
Share of national income:
Compensation of employees
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj
Net interest
Rental income of persons with CCAdj
Y" 1H 4 fi onth commercial naoer
Yield domestic corporate bonds (Moody's)
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator, GNP
.
.. ..
-.7
0
.8
1
0
-.1
.1
.1
1
0
.2
.1
-.3
.1
0
.4
0
-.5
.1
0
.1
.1
1
0
0
.1
0
2
0
0
.1
0
2
0
0
.1
1.6
.4
.3
0
.1
.4
-.1
.2
.5
-.1
.1
.6
.1
.1
.8
-.1
.1
1.1
-.2
19
35
.4
-2.4
.5
14
4.9
-.1
.8
-.7
.3
-.6
.2
.5
0
0
!i
SURVEY OF CURRENT BUSINESS
41
equipment, except motor vehicles.—A quarter, however, the difference is
relatively low price elasticity of negative. PCE is again the real GNP
demand—in the long run, about component showing the largest abso—0.3—attaches to investment in pro- lute decrease from the control soluducers' durable equipment. The en- tion; reductions in real household
dogenous responses in this case are wealth as well as the reductions in
much smaller than in any of the pre- real disposable income contribute to
vious cases. Because the exogenous this effect.
price increases is for a nonconsumption component of GNP, so that there
is only a very small feedback to the
Varying the economic and policy enviPCE deflator, reductions in real disronment
posable income and real household
wealth, and thus, in PCE, are small.
The results presented thus far have
Together with the small increases in been for a HU/NMP environment.
the PCE deflator, increases in unem- The effects of varying the unemployployment, although modest, virtually ment rate in the control solution and
prevent a price-wage spiral.25
the assumed monetary policy reAn initial step-up in cash flow sponse in the shocked solution will
raises nonresidential fixed investment now be examined, using case 1 for ilabove the control solution in the first lustration (see table 2 and chart 6).
and second quarters. By the third
The results for case 1 are illustrative of all of the price shock cases reported in the sense that they indicate
the direction and, for many of the
25. The reason that the PCE deflator increases at all is
cases, the order of magnitude of the
that changes in the general price level appear as
explanatory variables in some PCE component deflator differences in results due to the effects of varying the unemployment
equations. Their appearance is, perhaps, a misspecificatidn in the present context. On the other hand, there may
rate and the monetary response. It
be an offsetting specification error in that nonconsumpcannot
be assumed, however, that the
tion prices do not appear as an explanatory variable in the
wage-rate equation.
differences would be of even approxi-
mately the same magnitude for all
the cases.
Low-unemployment control solution.—In both the LU/NMP and HU/
NMP cases, the differences from the
control solution in real GNP and the
GNP deflator are about the same for
the first six quarters.26 After that,
however, the differences begin to diverge. Because of the nonlinear relationship between changes in the wage
rate and the level of unemployment,
an increment to the unemployment
rate of a given size that results from
a positive price shock has a substantially more mitigating effect on compensation per hour when that increment is added to a base unemployment rate of 5% to 6 percent (LU)
than when it is added to a base rate
February 1983
26. The slight differences are hard to account for,
but are probably mainly due to the small differences
in the historical periods used in the control solutions.
The sizable differences in interest-rate effects (as
represented by the yield on commercial paper) are due
to the fact that interest rates in the initial quarter of
the LU control solution are almost twice as high as
the corresponding rates in the HU control solution.
The larger absolute differences in rates reflect comparable relative differences (note that the interest rates
in the money demand equation are expressed in logarithmic form).
Table 1.7.—Effects of Price Shocks: Case 7. Implicit Price Deflator for Investment in Producer's Durable Equipment, Except Motor Vehicles
[Differences: price shock less control solution]
Quarters after change
2
1
4
3
6
10
8
12
20
16
Percent of control solution level
01
1.0
.3
0
GNP constant dollars
Implicit price deflator GNP
Implicit price deflator personal consumption expenditures
Compensation per hour, nonfarm business sector except housing
05
1.0
.3
0
-0.7
1.0
.3
.1
-0.6
1.0
.4
.1
08
1.0
.3
.1
-0.6
1.0
.4
.2
06
.9
.4
.2
05
.9
.4
.2
-0.7
.9
.3
.1
05
.7
.2
0
5.9
16
19
10
1.4
8.8
-.9
2
13
2.6
4.7
-3.8
23
-1.0
1.2
4.3
-7.3
-.3
-1.3
2.0
-8.4
-3.5
18
-1.4
-.7
-.9
1
-4.0
-8.3
-3.7
16
13
-.6
— .9
'l
-4.0
-6.9
-3.8
2
-1.3
-.4
-1.1
1
-3.7
-9.7
50
20
-1.2
-.5
8
_i
-5.0
-8.2
47
-2.0
.8
-.2
5
0
-5.3
0
0
0
0
0
0
0
Billions of dollars
14.9
1.0
5.8
-2.3
8.1
GNP
Corporate profits with IVA and CCAdj
..
Federal surplus or deficit, NIPA's
v
9.0
.2
1.7
17
2.7
4.3
-1.1
31
8
.6
3.0
-1.5
-4.2
3
.1
6.8
8
-1.5
1.0
1.7
6.1
-1.2
21
10
1.4
Billions of 1972 dollars
GNP
Personal consumption expenditures
. ..
Rps'rfpntial investment
Change in business inventories
•••
Government nurchases of goods and services
Disposable personal income
....
16
-1.8
2.5
-.6
.1
-1.8
0
2.1
-5.9
-3.5
.9
17
.1
-1.4
0
2.7
-9.1
-3.8
-1.8
18
-1.0
-.8
0
-3.5
-10.2
-3.5
-3.0
17
-1.5
-.6
0
-3.8
-8.2
-2.9
-1.7
-1.6
-1.0
-1.0
.1
-3.8
Percent
Share of national income:
Corporate profits with IV A and CCAdj
Net interest
Yield 4 6 month commercial paper
Quarterly change at annual rate:
GNP constant dollars
Implicit price deflator GNP
.
..
-.3
0
.4
0
0
-.1
0
.1
-.1
0
.1
0
-.2
.1
0
.2
0
-.3
.1
0
0
0
-.1
.1
0
.1
0
-.1
-.1
0
.1
0
1
.1
0
0
0
0
.1
0
0
0
1.5
.3
.1
0
.1
1
.2
0
.1
.1
.2
.2
.1
.2
.1
.1
.3
-.1
0
.3
-.2
0
-.6
4.3
-1.3
-.1
.1
.1
.3
.1
0
.2
-.2
0
.1
-1.0
-.1
-.3
0
0
.1
.2
.1
0
.1
0
.1
0
1
.1
.1
42
SURVEY OF CURRENT BUSINESS
of 7 & to 8 percent (HU). Thus, the
price-wage spiral is weaker than in
the HU-based simulation.
The differences from the LU control
solution in aggregate price level and
compensation per hour begin to trend
down in the third year; in the HUbased simulation, such a trend begins
only in the fifth year. In the final
quarter of the LU-based simulation,
the GNP deflator is up only 0.7 percent, compared with its peak increase
of 1.5 percent in the seventh quarter
and 1.7 percent in the final quarter of
the HU-based simulation; compensation per hour is actually down 0.5 percent, with the effect of higher unemployment on the wage rate dominating that of higher prices.
The smaller price increases in the
LU-based simulation hold down the
reduction in real GNP, which also
eventually reverts toward zero.
During the last half of the period,
when the reductions tend to diminish,
they are much smaller than in the
HU-based simulation. The reduced
price increases operate through
higher real values of household financial assets, which hold down the reduction in PCE (real disposable
income is down about the same in the
two simulations), and through lower
interest rates and larger profits,
which hold up fixed investment; also,
the reductions in real government
purchases are smaller. A larger shift
in income shares from wages and interest to profits occurs in the LUbased simulation, another result of
the greater sensitivity of wage rates
to changes in unemployent.
It may seem paradoxical that a
positive price shock is more self-limiting when it impinges on a high-employment economy, in which one
might expect the potential for triggering accelerating inflation to be stronger, than when it impinges on a lowemployment economy. The explanation is that a positive price shock,
which is characterized in this article
as a one-time exogenous step-up in a
price or price level, has only a transitory inflationary impact. Fundamentally, it is deflationary, tending to
lower demand and, eventually, prices.
The deflationary effect is greater at a
lower unemployment rate because of
the nonlinearity in the response of
wage rate changes to given shifts in
the unemployment rate.
Monetary accommodation. — Again
using the HU control solution and
case 1, the AMP assumption of increasing M2 1 percentage point has
virtually no effect on the aggregate
price level during the first half of the
February 1983
period and only a slight effect during
the last half of the period. The reductions in real GNP are only slightly
smaller, due to lower interest rates.
The differences between the AMP
and NMP simulations are also small
using the LU control solution. However, in the LU/AMP simulation, there
are somewhat larger price responses
relative to those in the LU/NMP simCHART 6
Effects of Price Shock With
Alternative Unemployment Rates
and Monetary Responses: Case 1
(Price shock less control solution,
relative differences)
Percent
Table 2.—Effects of Price Shock with Alternative Unemployment Rates and Monetary Responses:
Case 1
[Differences: price shock less control solution]
Quarters after change
2
1
3
4
6
8
10
12
20
16
Percent of control solution level
Implicit
GNP:
price
deflator,
HU/NMP
HU/AMP
LU/NMP
LU/AMP
0.3
.3
.4
.3
0.8
.8
.8
.8
1.2
1.1
1.0
1.1
1.4
1.4
1.1
1.4
1.6
1.7
1.2
1.6
1.7
1.8
1.4
1.6
-.1
-.5
-.4
.5
-.4
-.9
7
-'.9
-1.2
10
-1.3
1.0
-1.4
12
-1.4
1.2
-1.6
-1.4
-1.4
1.3
1.8
1.9
1.3
1.6
1.9
1.9
1.3
1.6
2.0
2.1
1.1
1.5
1.7
1.8
.7
1.1
-1.0
GNP, constant dollars:
HU/NMP
HU/AMP
LU/NMP
LU/AMP
-.2^
-.1
.7
-1.8
-1.7
-1.4
-1.3
-1.9
-1.7
-1.3
-1.1
-2.1
18
-1.2
-1.1
-1.9
-1.7
-.9
-.9
-2.0
Percent
Unemployment rate:
HU/NMP
HU/AMP
LU/NMP
LU/AMP
0
0
0
0
.1
.1
.1
.1
.2
.1
.2
.2
.3
.2
.3
.2
.4
0
.6
0
.7
.2
1.2
.4
.5
0
1.0
.1
.3
2
.6
-.4
.3
.3
.4
.3
.4
.4
.5
.5
.6
.6
.6
.6
.7
.7
.7
.6
.9
.8
.7
•6
1.0
.9
.7
.7
-.1
-.2
-.2
-.5
-.1
-.2
-.2
-.9
-.1
-.3
^.4
-.7
2
-.4
6
-.8
7
-1.0
9
-1.2
Yield, 4-6 month commercial paper:
HU/NMP
HU/AMP
LU/NMP
LU/AMP .
0
1
-.1
2
-3.0
0
4
8
12
Quarters after change
U.S. Department of Commerce, Bureau of Economic Analysis
16
83-2-6
February 1983
ulation than in the HU/AMP simulation relative to the HU/NMP simulation, with noticeable differences in
the GNP deflator appearing as early
as the fourth quarter; by the end of
the period, the deflator is 0.4 percent
higher in the LU/AMP simulation
than in the LU/NMP simulation, in
contrast to a corresponding difference
of only 0.1 percent in the HU-based
simulations. There is less of a contrast between differences in real GNP
responses—AMP versus NMP—when
the LU- and HU-based simulations
are compared. Toward the end of the
SURVEY OF CURRENT BUSINESS
43
period the differences are slightly
smaller for the LU-based simulations,
the result of the larger price differences. Although these differences are
not large, they show that the demand
stimulus created by the larger money
supply has more inflationary impact
in a high-employment than a low-employment economy, whereas, as noted
earlier, a price shock itself has a
more inflationary impact in a low-employment economy.
It may be noted that an accommodating monetary policy, as here defined, does not, even after 5 years,
neutralize the effects on real output
and employment of a price shock, and
results in higher price levels. Although current-dollar GNP is larger
in the AMP simulation than in the
NMP simulation, the differences are
not nearly enough to maintain constancy in the velocity of money. This
implies that the money supply must
be increased several times the
amount required to accommodate the
additional transactions demand engendered directly by the price shock
in order to neutralize the effects on
real output and employment.
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade: Revised Estimates
The constant-dollar sales series usually shown each quarter in the SURVEY
OF CURRENT BUSINESS have been revised to incorporate new source data
for recent years and improvements in the deflation procedure. Constant-dollar sales for manufacturing and merchant wholesalers are revised beginning with 1967; retail trade sales, beginning with 1959. Revised estimates of sales and the related inventories and inventory-sales
ratios, quarterly from 1977: I-1982:IV, and monthly from JanuaryDecember 1982, are shown in tables 1-5.
Revised estimates for earlier periods are available upon request from
the National Income and Wealth Division (BE-54), Bureau of Economic
Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Table 1.—Manufacturing and Trade Inventories in Constant
[Billions of
19 77
19 78
19 79
19 80
T i-na
I
1
2
Manufacturing1 and trade
Manufacturing
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
IV
III
237.1
239.8
243.8
246.2
250.5
2538
256.2
2597
2622
2648
2652
2644
263 9
264 7
263 6
262 8
131.3
132.2
133.7
134.1
135.2
136.8
138.5
1398
141 8
143 3
1443
1450
1466
147 4
1463
145 9
3
4
5
6
7
8
9
10
11
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment ,
Motor vehicles
OTE
Other durable goods 1
866
13.7
11.1
20.3
120
14.5
55
9.0
149
868
13.7
11.2
20.3
123
14.3
57
8.6
149
876
13.7
11.4
20.3
125
14.7
58
8.9
150
881
13.5
11.4
20.8
12.7
14.6
5.8
8.8
15.2
891
13.1
11.6
21.1
13.0
14.9
59
9.0
15.4
905
13.2
11.7
21.5
135
15.1
59
9.1
155
919
13.4
11.8
21.8
138
15.4
62
9.2
15.7
933
135
11.9
22.4
139
15.7
60
9.7
159
953
132
12.1
23.0
144
16.5
66
9.9
161
967
134
12.1
233
145
17.0
64
10.6
163
977
135
12.1
236
147
174
65
10.9
163
988
136
12.1
240
154
175
59
11.6
162
996
135
12.0
244
158
17.5
56
11.9
164
1004
136
11.9
249
160
175
52
12.3
165
99 9
132
116
249
160
178
50
128
164
999
13 1
11.8
245
160
181
49
13.2
164
12
13
14
15
16
17
18
19
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2.
447
11.6
331
3.7
8.1
3.2
3.2
14.9
45.4
11.9
335
3.8
8.2
3.3
3.3
15.0
461
12.1
340
3.8
8.4
3.3
3.4
15.1
46.0
11.6
34.4
3.8
8.5
3.3
3.4
15.3
46.1
11.5
346
3.8
8.7
3.3
3.4
15.4
463
11.5
347
3.8
8.7
3.2
3.5
15.5
46.5
11.6
349
3.9
8.8
3.2
3.5
15.5
465
11.6
349
3.9
8.8
3.2
3.5
15.5
465
11.7
348
3.8
8.7
3.2
3.5
15.5
466
11.9
347
3.9
8.9
3.1
3.5
15.3
467
11.8
348
3.9
8.7
3.2
3.6
15.4
461
11.8
343
4.0
8.5
3.3
3.5
15.1
470
11.8
352
4.1
8.8
3.4
3.5
15.4
47 1
11.6
354
4.1
8.9
3.5
3.5
15.5
464
117
347
41
8.6
34
3.3
15.3
460
11.6
344
4.0
8.6
3.4
3.3
15.1
46.1
46.8
48.0
49.0
50.8
51.6
51.5
52.5
53.2
53.3
53.6
53.4
53.2
53.5
53.8
53.9
30.8
153
5.9
94
31.2
156
6.1
95
31.8
162
6.4
99
32.5
165
6.6
99
33.6
172
7.0
102
34.2
174
7.0
104
34.4
171
6.6
106
35.1
174
6.5
109
35.5
178
6.6
112
35.3
179
6.9
110
35.9
178
7.0
107
35.7
177
7.0
107
35.6
175
6.9
106
36.1
174
6.8
106
36.0
179
7.1
108
36.3
176
7.0
10.7
59.8
60.8
62.1
63.1
64.5
65.4
66.2
67.3
67.1
68.3
67.2
66.1
64.2
63.7
63.5
63.0
289
14.2
147
30.9
63
246
29.2
14.5
14.7
31.6
6.4
252
300
15.1
149
32.0
64
257
30.5
15.7
14.9
32.6
6.4
262
312
15.9
15.3
33.3
64
269
312
15.6
156
34.2
65
278
31.4
15.7
15.7
34.7
6.5
282
325
16.7
158
34.8
65
283
329
17.0
15.8
34.3
6.5
278
339
18.1
158
34.3
65
278
33.1
17.3
15.9
34.1
6.7
274
321
16.5
15.6
33.9
6.8
272
30.5
15.4
15.1
33.7
6.8
268
29.8
14.6
15.3
33.9
7.0
270
292
14.0
152
34.3
6.9
275
29.1
13.9
15.2
33.9
7.0
269
Merchant wholesalers
20
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
21
22
23
24
Retail trade
25
Durable goods
.
..
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
26
27
28
29
30
31
See footnotes to table 4.
Table 2.—Manufacturing and Trade Sales in Constant
[Billions of
1 Manufacturing and trade
2
...
..
Manufacturing
3
4
5
6
7
g
9
10
11
Durable goods
....
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor Vehicles
OTE
Other durable goods 1
12
13
14
15
16
17
18
19
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
....
,
Merchant wholesalers
20
21
22
23
24
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail Trade
25
26
27
28
29
30
31
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
....
Other nondurable goods
See footnotes to table 4.
44
• ••
II
III
IV
I
n
III
IV
163.7
163.8
164.4
162.9
162.4
155.0
157.6
161.3
78.6
77.9
77.9
76.5
76.7
72.1
73.3
75.4
43.8
55
5.0
8.1
6.4
105
7.6
2.9
84
44.4
55
5.0
8.2
6.5
109
7.7
3.1
82
437
54
4.9
8.4
67
99
6.9
3.0
84
436
54
5.0
8.5
68
95
6.2
85
424
51
4.8
8.5
69
88
5.7
3.2
84
42.7
51
4.9
8.5
7.2
87
5.4
3.3
8.3
39.2
45
4.4
8.3
69
75
4.3
3.2
77
40.2
45
4.5
8.5
70
79
4.7
3.2
7.9
418
48
4.7
8.7
71
82
4.9
3.3
83
34.2
10.9
23.3
2.8
6.1
3.1
2.2
9.1
34.2
10.9
233
2.8
6.2
3.2
2.2
9.0
34.3
10.7
235
2.8
6.4
3.3
2.3
8.8
342
10.7
235
2.8
6.3
3.3
2.2
8.9
343
10.9
234
2.9
6.2
3.2
2.1
9.1
341
11.0
231
2.8
6.2
3.1
2.0
9.1
34.1
11.0
23.1
2.8
6.1
3.0
2.1
9.1
32.9
11.0
21.9
2.7
5.7
2.9
1.8
8.8
331
11.1
22.0
2.8
5.8
2.8
1.9
8.7
336
11.0
226
2.8
6.1
2.8
2.0
8.8
37.7
38.0
38.1
37.6
38.5
38.9
38.8
38.8
37.8
38.6
39.6
17.9
19.7
10.5
9.3
18.2
19.9
10.5
9.4
18.3
19.9
10.4
9.4
18.1
19.5
10.1
9.5
18.6
19.9
10.1
9.8
18.8
20.1
10.4
9.7
18.6
20.2
10.6
9.6
18.6
20.1
10.6
9.5
17.6
20.3
10.8
9.4
18.0
20.6
10.6
10.0
18.7
20.9
10.8
10.2
45.2
47.0
46.9
47.9
47.5
47.3
47.7
47.6
47.0
45.1
45.7
46.3
15.8
9.2
6.6
29.4
9.3
20.1
17.2
10.3
7.0
29.8
9.1
20.7
16.9
9.8
7.0
30.1
9.0
210
17.4
10.2
7.2
305
9.1
213
17.2
10.2
7.1
302
9.1
211
17.2
98
7.4
302
9.3
209
17.2
9.5
7.7
305
9.4
21 1
16.8
9.3
7.5
308
9.6
212
16.3
8.9
7.4
30.7
9.7
21.0
14.7
7.7
7.0
304
9.7
207
15.2
8.2
7.1
305
9.6
20.8
15.6
82
7.4
307
9.5
212
II
III
IV
I
154.3
161.1
161.7
164.0
73.5
76.4
76.7
78.0
40.4
5.0
4.7
7.1
5.8
9.6
6.9
2.7
8.1
40.1
5.0
4.7
7.1
5.8
9.5
6.8
2.7
8.1
42.1
5.2
4.8
7.6
6.0
100
7.2
2.8
8.4
42.6
5.4
4.9
7.8
6.2
10.1
7.2
2.9
8.3
33.1
10.6
22.5
2.6
5.9
3.0
2.1
8.9
33.5
10.8
22.7
2.7
5.9
3.0
2.2
9.0
33.4
10.7
22.7
2.7
6.0
2.9
2.1
8.9
34.3
10.9
23.4
2.8
6.2
3.0
2.2
9.2
33.9
34.8
35.2
35.7
16.0
17.9
9.4
8.5
16.2
18.5
9.9
8.6
16.7
18.5
9.8
8.6
17.0
18.7
9.9
8.7
44.4
44.9
44.7
45.4
15.3
94
5.9
291
9.0
200
16.1
9.6
6.4
288
9.1
197
16.0
9.3
6.6
288
9.1
196
16.3
9.5
6.8
29.2
9.2
200
I
II
III
IV
148.8
150.9
152.3
154.5
71.0
72.1
72.8
73.9
385
49
4.5
6.7
53
95
6.9
2.7
76
39.3
5.1
4.6
6.8
5.4
95
6.9
2.7
7.8
39.7
49
4.7
7.0
5.6
96
7.0
2.6
8.0
32.5
10.5
219
2.7
5.7
3.0
2.0
8.6
32.8
10.5
22.3
2.7
5.8
3.0
2.1
8.8
33.4
15.5
17.9
9.3
8.6
1980
19 79
19 78
19 77
Line
I
q O
Dollars, Seasonally Adjusted, End of Period
1972 dollars]
1982
1982
1981
I
II
HI
263.1
265.9
269.4
Line
IV
I
II
in
IV
269.9
266.0
265.2
266.0
261.4
Jan.
267.7
Feb.
266.5
Mar.
266.0
Apr.
266.5
May
264.5
June
July
265.2
265.6
Aug.
265.5
Sept.
266.0
Oct.
265.2
Nov.
262.3
Dec.
261.4
1
146.9
147.5
149.4
148.4
146.4
144.6
143.3
140.3
146.9
146.9
146.4
146.0
145.3
144.6
144.4
144.0
143.3
142.6
141.0
140.3
2
100.5
13.7
11.6
24.5
16.1
18.0
4.7
13.4
16.6
100.9
13.6
11.5
24.6
16.4
18.1
4.4
13.7
16.7
102.5
14.2
11.6
25.1
16.6
18.1
4.4
13.7
17.0
101.8
14.2
11.4
25.2
16.3
17.9
4.0
13.8
16.8
100.1
14.2
11.2
24.9
16.0
17.5
3.7
13.8
16.4
99.2
13.6
11.1
24.7
15.7
17.8
3.7
14.1
16.2
98.3
13.4
10.8
24.3
15.4
18.2
3.7
14.5
16.1
95.7
12.7
10.3
23.4
15.2
18.5
3.6
14.9
15.7
100.6
14.1
11.4
24.9
16.1
17.5
3.7
13.9
16.5
100.4
14.2
11.3
25.0
16.0
17.5
3.7
13.8
16.4
100.1
14.2
11.2
24.9
16.0
17.5
3.7
13.8
16.4
99.8
13.9
11.1
24.9
15.8
17.7
3.7
14.0
16.3
99.5
13.8
11.1
25.0
15.8
17.7
3.6
14.1
16.2
99.2
13.6
11.1
24.7
15.7
17.8
3.7
14.1
16.2
98.8
13.6
10.9
24.7
15.6
17.9
3.8
14.1
16.2
98.6
13.5
11.0
24.6
15.5
18.0
3.7
14.3
16.1
98.3
13.4
10.8
24.3
15.4
18.2
3.7
14.5
16.1
97.6
13.3
10.7
24.1
15.3
18.2
3.6
14.6
16.0
96.4
13.0
10.4
23.9
15.3
18.0
3.5
14.5
15.8
95.7
12.7
10.3
23.4
15.2
18.5
3.6
14.9
15.7
3
4
5
6
7
8
9
10
11
46.5
11.6
34.9
4.1
8.7
3.5
3.3
15.2
46.6
11.6
35.0
4.1
8.9
3.5
3.4
15.2
46.8
11.6
35.2
4.2
8.9
3.4
3.4
15.4
46.7
11.3
35.4
4.3
8.9
3.3
3.3
15.6
46.3
11.1
35.2
4.3
8.8
3.4
3.2
15.4
45.4
10.8
34.5
4.2
8.7
3.2
3.2
15.2
45.0
11.1
34.0
4.3
8.5
3.2
3.0
15.0
44.6
11.0
33.6
4.3
8.3
3.2
3.0
14.7
46.4
11.3
35.1
4.2
8.8
3.3
3.2
15.5
46.5
11.2
35.2
4.3
8.8
3.3
3.2
15.6
46.3
11.1
35.2
4.3
8.8
3.4
3.2
15.4
46.2
11.1
35.1
4.3
8.9
3.3
3.3
15.4
45.8
11.0
34.8
4.3
8.7
3.2
3.2
15.4
45.4
10.8
34.5
4.2
8.7
3.2
3.2
15.2
45.6
11.0
34.6
4.2
8.6
3.2
3.1
15.3
45.4
11.1
34.3
4.3
8.6
3.2
3.1
15.2
45.0
11.1
34.0
4.3
8.5
3.2
3.0
15.0
45.1
11.0
34.1
4.3
8.5
3.2
3.1
15.0
44.7
10.9
33.7
4.3
8.3
3.3
3.0
14.8
44.6
11.0
33.6
4.3
8.3
3.2
3.0
14.7
12
13
14
15
16
17
18
19
53.4
53.9
54.1
55.3
54.5
55.2
55.5
55.2
55.4
54.5
54.5
55.4
54.5
55.2
55.6
55.0
55.5
55.8
55.3
55.2
20
36.0
17.3
6.7
10.6
36.5
17.4
6.5
10.8
36.7
17.4
6.5
10.9
37.4
17.9
6.8
11.1
36.9
17.6
6.5
11.0
36.9
18.3
6.9
11.4
37.4
18.1
6.9
11.2
36.8
18.4
7.3
11.2
37.2
18.2
7.0
11.2
36.7
17.8
6.8
11.0
36.9
17.6
6.5
11.0
37.5
17.9
6.6
11.3
36.6
17.9
6.6
11.3
36.9
18.3
6.9
11.4
37.5
18.1
6.8
11.4
37.0
18.0
6.7
11.3
37.4
18.1
6.9
11.2
37.6
18.2
6.9
11.3
37.1
18.3
7.1
11.2
36.8
18.4
7.3
11.2
21
22
23
24
62.8
64.6
65.9
66.1
65.1
65.4
67.2
65.9
65.4
65.0
65.1
65.2
64.7
65.4
65.5
66.4
67.2
66.9
65.9
65.9
25
28.6
13.1
15.5
34.2
7.2
27.0
30.0
14.6
15.4
34.6
7.2
27.4
30.4
14.9
15.6
35.5
7.3
28.2
30.3
14.6
15.7
35.7
7.4
28.3
29.3
14.2
15.1
35.8
7.4
28.3
29.7
14.4
15.2
35.7
7.5
28.2
31.3
15.8
15.5
35.8
7.4
28.4
30.0
14.3
15.7
35.9
7.8
28.1
29.8
14.4
15.4
35.6
7.4
28.1
29.4
14.1
15.3
35.7
7.5
28.1
29.3
14.2
15.1
35.8
7.4
28.3
29.4
14.2
15.2
35.8
7.4
28.3
29.1
13.8
15.3
35.6
7.4
28.1
29.7
14.4
15.2
35.7
7.5
28.2
30.0
14.8
15.2
35.6
7.4
28.2
30.7
15.4
15.4
35.7
7.4
28.4
31.3
15.8
15.5
35.8
7.4
28.4
30.9
15.4
15.5
36.0
7.5
28.5
30.1
14.5
15.5
35.8
7.6
28.2
30.0
14.3
15.7
35.9
7.8
28.1
26
27
28
29
30
31
Dollars, Seasonally Adjusted Total at Monthly Rate
1972 dollars]
1982
1981
1982
Line
I
II
III
IV
I
II
in
IV
162.6
162.8
161.6
156.4
154.3
155.4
154.0
151.0
152.1
155.2
155.4
153.5
157.3
155.5
155.0
153.3
153.5
149.7
151.8
151.3
1
75.1
76.1
75.1
71.2
69.6
70.2
69.9
66.5
68.4
70.2
70.1
69.1
70.8
70.8
70.6
69.5
69.6
66.4
66.6
66.5
2
41.4
4.8
4.7
8.9
7.0
7.7
4.5
3.2
8.4
42.4
4.9
4.7
8.9
7.2
8.3
5.1
3.2
8.5
41.5
4.8
4.6
8.9
7.2
7.9
4.8
3.1
8.2
38.7
4.1
4.1
8.9
6.9
6.9
4.0
3.0
7.8
37.3
3.9
4.0
8.5
6.8
6.4
3.7
2.7
7.7
37.7
3.6
4.2
8.0
6.9
7.2
4.5
2.7
7.7
37.1
3.5
4.1
7.7
6.8
7.2
4.7
2.5
7.7
34.5
3.2
3.7
7.4
6.5
6.2
3.6
2.6
7.5
36.6
4.1
4.0
8.3
6.7
5.9
3.4
2.6
7.6
37.6
3.9
4.0
8.6
6.8
6.6
3.8
2.8
7.8
37.7
3.6
4.1
8.8
6.8
6.7
4.0
2.7
7.7
37.1
3.7
4.1
7.9
6.9
6.8
4.4
2.5
7.7
38.2
3.6
4.2
8.2
7.0
7.4
4.6
2.8
7.8
37.9
3.6
4.2
8.0
6.8
7.4
4.7
2.8
7.8
37.8
3.5
4.2
7.6
7.1
7.5
4.9
2.7
7.8
36.9
3.5
4.1
7.6
6.7
7.4
4.9
2.5
7.7
36.6
3.4
4.0
7.9
6.7
6.8
4.2
2.5
7.7
34.4
3.2
3.7
7.2
6.6
6.2
3.5
2.6
7.5
34.6
3.1
3.8
7.5
6.5
6.2
3.6
2.6
7.6
34.5
3.2
3.6
7.5
6.5
6.3
.3.7
2.6
7.4
3
4
5
6
7
8
9
10
11
33.6
11.2
22.4
2.9
6.1
2.7
1.8
9.0
33.7
11.3
22.4
2.8
5.9
2.7
1.8
9.1
33.6
11.2
22.4
2.8
5.9
2.7
1.8
9.2
32.5
11.0
21.5
2.8
5.6
2.6
1.7
8.7
32.3
11.2
21.0
2.7
5.5
2.5
1.6
8.7
32.5
11.2
21.3
2.7
5.7
2.8
1.6
8.6
32.8
11.2
21.6
2.7
5.8
2.7
1.6
8.7
32.0
.11.1
20.9
2.7
5.6
2.5
1.5
8.6
31.9
11.1
20.7
2.8
5.5
2.5
1.6
8.3
32.6
11.4
21.2
2.7
5.6
2.5
1.6
8.8
32.4
11.2
21.2
2.7
5.6
2.5
1.5
8.9
32.0
11.0
21.0
2.7
5.6
2.8
1.6
8.4
32.6
11.3
21.3
2.7
5.7
2.8
1.6
8.6
33.0
11.3
21.6
2.7
5.9
2.7
1.7
8.6
32.8
11.3
21.4
2.7
5.7
2.7
1.7
8.6
32.6
10.9
21.7
2.7
5.9
2.7
1.6
8.8
33.0
11.5
21.6
2.7
5.7
2.7
1.6
8.8
32.0
11.1
20.8
2.7
5.4
2.6
1.5
8.5
32.0
11.2
20.8
2.7
5.6
2.5
1.5
8.5
32.0
11.0
21.0
2.7
5.6
2.5
1.4
8.8
12
13
14
15
16
17
18
19
40.3
40.0
39.7
39.3
39.1
39.0
38.2
37.6
38.7
39.0
39.6
38.5
39.5
39.1
38.5
38.2
37.8
37.2
37.9
37.6
20
19.0
21.3T
11.2
10.1
19.1
20.9
10.9
10.0
18.8
20.9
11.0
10.0
18.1
21.2
11.4
9.8
17.6
21.5
11.4
10.1
16.8
22.2
11.5
10.7
16.4
21.7
11.4
10.4
16.6
21.0
11.1
9.9
17.8
20.9
11.2
9.7
17.5
21.5
11.6
9.9
17.4
22.2
11.6
10.6
16.9
21.6
11.1
10.5
16.9
22.5
11.7
10.8
16.6
22.5
11.6
10.9
16.7
21.9
11.3
10.6
16.2
22.0
11.5
10.5
16.4
21.4
11.2
10.1
16.4
20.9
11.0
9.9
16.8
21.1
11.2
9.8
16.6
21.0
11.0
10.0
21
22
23
24
47.2
46.7
46.9
45.9
45.6
46.2
45.9
46.9
45.0
46.1
45.7
46.0
47.1
45.5
45.9
45.6
46.2
46.1
47.3
47.2
25
16.3
8.8
7.6
30.9
9.6
21.3
15.8
8.3
7.5
31.0
9.7
21.2
16.0
8.6
7.4
30.9
9.7
21.1
15.0
7.9
7.1
30.9
9.9
21.0
14.9
8.0
7.0
30.7
9.7
21.0
15.3
8.3
7.0
30.8
9.7
21.1
15.0
8.1
6.8
30.9
9.8
21.1
15.8
8.9
6.9
31.1
9.9
21.2
14.5
7.6
6.9
30.5
9.7
20.9
15.2
8.2
7.0
30.9
9.7
21.2
15.1
8.1
6.9
30.6
9.8
20.9
15.3
8.3
7.0
30.7
9.7
21.0
15.9
8.9
7.1
31.2
9.8
21.3
14.9
7.9
7.0
30.7
9.7
21.0
14.9
8.0
6.9
31.0
9.7
21.2
14.7
7.9
6.8
30.9
9.9
21.1
15.3
8.5
6.8
30.9
9.9
21.0
15.1
8.3
6.8
31.0
9.9
21.2
16.4
9.5
6.9
31.0
9.9
21.1
16.0
8.9
7.1
31.2
9.9
21.3
26
27
28
29
30
31
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
45
SURVEY OF CURRENT BUSINESS
46
February 1983
Table 3.—Constant-Dollar Inventory-Sales Ratios
[Ratio, based
19 77
19 78
19 79
1980
T ir»o
1
2
Manufacturing and trade
Manufacturing
3
4
5
6
7
g
9
10
11
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
O.T.E
Other durable goods *
12
13
14
15
16
17
18
19
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
20
21
22
23
24
25
26
27
28
29
30
31
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
.
ra
I
II
1.59
1.59
1.60
1 85
1 83
1 84
225
281
245
3.02
228
1.52
79
3.41
197
221
2.70
241
297
230
1.50
82
3.25
191
138
1.10
151
1.39
1.42
1.06
1.62
174
in
I
II
1.59
1.62
1.58
1.58
1 82
1 84
1 79
1 80
221
278
245
292
222
1.54
3 38
3.28
189
218
271
242
291
217
1.52
84
3.28
188
222
264
250
295
224
157
87
3.34
191
215
254
243
283
226
1.50
82
3.25
184
139
1.14
150
1.40
1.41
1.10
1.58
172
139
1.15
151
1.45
1.43
1.11
1.60
169
137
1.07
152
1.44
1.45
1.12
1.55
171
138
1.07
153
1.39
1.45
1.14
1.61
172
1.38
1.38
1.38
1.39
198
.86
64
1.09
195
.87
65
1.11
195
.88
64
1.15
194
.90
.67
1.15
1.35
1.36
1.39
1.89
151
2.49
106
.70
123
1.82
1.51
2.29
110
.70
128
1.88
1.62
2.24
111
.70
131
IV
m
I
n
162
163
171
167
1 89
1 91
204
2 00
1 94
224
249
244
278
217
184
105
335
193
233
268
253
284
224
198
104
364
194
233
262
248
288
220
201
103
361
197
256
305
273
299
232
235
123
383
214
248
293
259
294
230
226
108
399
206
239
273
249
283
225
219
98
400
198
136
1.11
147
1.36
1.40
.96
1.62
1.72
136
1.09
149
1.34
1.40
1.02
1.75
1.70
135
107
148
1.42
1.38
1.05
1.75
166
138
107
153
1.46
1.46
1.14
1.72
168
143
106
162
153
1.57
1.20
1.87
175
140
106
158
148
1.48
1.24
1.72
174
137
1.06
152
1.42
1.40
1.19
1.69
1.71
1.42
1.38
1.38
1.38
1.37
1.42
1.39
1.36
1.97
.91
.66
1.18
1.90
.90
.69
1.12
1.91
.88
.68
1.11
1.92
.88
.66
1.12
1.91
.87
.65
1.12
2.06
.86
.63
1.12
2.00
.87
.67
1.08
1.94
.84
.65
1.05
1.41
1.41
1.44
1.41
1.39
1.37
1.41
1.39
1.36
1.87
1.64
2.19
1.14
.71
1.33
1.91
1.68
2.24
1.13
.71
1.32
1.98
1.85
2.15
1.14
.70
1.33
1.93
1.81
2.07
1.12
.71
1.30
1.91
1.79
2.06
1.10
.71
1.28
1.88
1.73
2.04
1.10
.70
1.28
2.03
1.89
2.18
1.12
.72
1.30
1.92
1.71
2.16
1.13
.72
1.32
1.87
1.69
2.07
1.10
.73
1.27
I
II
1.58
1.60
1.62
1.61
1 79
1 80
1 84
1 85
216
249
243
281
224
153
86
3.22
189
213
243
240
278
218
150
80
3.33
190
215
241
239
280
220
152
85
318
197
221
249
246
279
217
172
93
351
195
135
1.06
148
1.38
1.40
1.08
1.58
1.68
136
1.06
150
1.39
1.45
1.03
1.58
1.71
136
1.07
150
1.37
1.42
1.03
1.62
1.73
136
1.09
148
1.37
1.37
.96
1.55
1.77
1.43
1.37
1.36
1.38
1.98
.92
.71
1.16
1.91
.88
.66
1.13
1.90
.86
.63
1.12
1.92
.88
.62
1.16
1.39
1.43
1.39
1.41
1.88
166
2.18
112
.70
131
1.98
1.74
2.31
1.13
.69
134
1.81
1.53
2.23
1.15
.71
1.34
1.87
1.60
2.24
1.16
.72
1.34
IV
IV
HI
IV
163
See footnotes to table 4.
Table 4.—Fixed-Weight Constant-Dollar Inventory-Sales Ratios
[Ratio, based
19 77
Line
n
I
1978
HI
IV
n
I
in
IV
1 Manufacturing and trade. .
1.60
1.58
1.60
1.59
1.62
1.56
1.57
2
1.87
1.85
1.85
1.83
1.85
1.80
1.81
1.79
2.28
1.39
2.23
1.39
2.24
1.40
221
1.39
2.24
139
217
136
217
138
2.14
1.38
1.37
1.37
1.38
138
142
1 36
135
1.36
1.98
.87
1.95
.88
1.96
90
1.95
91
200
94
192
89
192
88
1.92
89
1.33
1.32
1.35
1.35
1.39
1.34
1.36
1.35
1.91
104
181
108
186
1 10
186
109
196
1 11
180
111
185
1 11
185
1 10
Manufacturing
3
4
Durable goods
5
Merchant wholesalers
6
7
8
9
10
....
Nondurable goods
Retail trade
Durable goods
Nondurable goods
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;
instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the estab-
1.56
lishment holding the inventory. Trade inventories are classified by the type of product sold by
the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-S
ratios by 1972 sales. For manufacturing 21 industries were used; for merchant wholesalers, 20
kinds of business; and for retail trade, 8 kinds of business.
47
SURVEY OF CURRENT BUSINESS
February 1983
for Manufacturing and Trade, Seasonally Adjusted
on 1972 dollars]
1981
I
1983
1982
ra
II
in
n
I
IV
IV
Jan.
Feb.
Mar.
A
May
r
P-
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Line
1.62
1.63
1.67
1.73
1.72
1.71
1.73
1.73
1.76
1.72
1.71
1.74
1.68
1.71
1.71
1.73
1.73
1.77
1.73
1.73
1
1.96
1.94
1.99
2.09
2.10
2.06
2.05
2.11
2.15
2.09
2.09
2.11
2.05
2.04
2.05
2.07
2.06
2.15
2.12
2.11
2
2.42
2.84
2.47
2.76
2.30
2.35
1.04
4.22
1.97
2.38
2.79
2.46
2.77
2.28
2.19
2.47
2.96
2.54
2.83
2.31
2.28
2.68
3.67
2.78
2.91
2.36
2.73
2.63
3.76
2.67
3.08
2.27
2.46
2.65
3.83
2.64
3.15
2.26
2.52
2.69
3.74
2.74
3.15
2.30
2.59
2.61
3.82
2.64
3.05
2.25
2.40
2.62
3.81
2.65
3.08
2.30
2.39
2.61
3.83
2.58
3.25
2.20
2.37
2.67
3.84
2.68
3.24
2.32
2.44
2.69
3.89
2.73
3.06
2.30
2.69
2.77
4.01
2.82
3.14
2.34
2.91
5.27
2.10
5.70
2.09
4.92
2.12
5.13
2.12
5.66
2.13
5.05
2.08
5.11
2.09
5.29
2.07
5.80
2.10
5.76
2.09
2.84
4.13
2.89
3.34
2.32
2.95
1.02
5.54
2.12
2.79
4.25
2.76
3.18
2.37
2.91
5.13
2.13
2.75
3.46
2.88
3.01
2.40
2.95
1.09
5.38
2.17
2.65
3.93
2.74
2.84
2.35
2.60
4.41
2.08
2.77
4.03
2.78
3.17
2.33
2.97
1.00
5.69
2.08
2.67
3.66
2.81
2.91
2.36
2.66
4.28
1.97
2.63
3.43
2.80
2.84
2.38
2.57
1.03
4.61
2.15
5.61
2.08
5.69
2.10
3
4
5
6
7
8
9
10
11
1.38
1.04
1.55
1.44
1.44
1.26
1.86
1.69
1.38
1.02
1.56
1.46
1.50
1.30
1.82
1.67
1.39
1.04
1.57
1.51
1.51
1.24
1.84
1.67
1.44
1.02
1.65
1.56
1.58
1.26
1.97
1.78
1.43
1.40
1.37
1.40
1.43
1.38
1.39
1.41
1.40
1.61
1.60
1.49
1.27
2.07
1.72
1.66
1.57
1.57
1.36
2.06
1.77
1.66
1.58
1.59
1.35
2.14
1.73
1.63
1.61
1.53
1.14
2.03
1.79
1.60
1.57
1.48
1.17
1.92
1.76
1.61
1.56
1.51
1.17
1.86
1.79
1.39
1.02
1.58
1.56
1.46
1.21
1.94
1.72
1.36
1.58
1.58
1.47
1.18
1.87
1.71
1.44
1.01
1.67
1.58
1.59
1.18
2.08
1.83
1.40
1.62
1.58
1.53
1.15
2.00
1.78
1.46
1.01
1.69
1.52
1.61
1.31
1.99
1.86
1.43
1.67
1.58
1.59
1.35
2.06
1.77
1.57
(
1.57
1.48
1.17
1.89
1.71
1.64
1.58
1.56
1.21
2.04
1.76
1.62
1.59
1.49
1.30
2.08
1.73
1.40
1.00
1.61
1.61
1.48
1.31
2.14
1.68
12
13
14
15
16
17
18
19
1.32
1.35
1.36
1.41
1.39
1.41
1.46
1.47
1.43
1.40
1.38
1.44
1.38
1.41
1.44
1.44
1.47
1.50
1.46
1.47
20
1.89
1.91
1.96
2.07
2.10
2.20
2.28
2.22
2.09
2.10
2.12
2.22
2.17
2.22
2.25
2.28
2.28
2.30
2.21
2.21
.88
.66
.88
.92
.99
.99
.81
.97
.79
.98
.99
.98
.99
.92
.99
.79
.85
.78
.79
.97
.96
.98
.75
.87
.97
.97
.99
.97
.98
1.05
1.08
1.09
1.13
1.10
1.07
1.08
1.12
1.15
1.11
1.04
1.08
1.05
1.04
1.07
1.08
1.11
1.14
1.13
1.11
21
22
23
24
1.33
1.38
1.41
1.44
1.43
1.42
1.46
1.41
1.45
1.41
1.42
1.42
1.37
1.44
1.43
1.46
1.46
1.45
1.39
1.40
25
1.75
1.50
2.05
1.11
1.90
1.75
2.06
1.12
1.90
1.72
2.11
1.15
2.02
1.84
2.22
1.16
1.96
1.78
2.18
1.17
1.93
1.73
2.17
1.16
2.09
1.95
2.27
1.16
1.90
1.61
2.27
1.16
2.05
1.90
1.17
1.94
1.73
2.18
1.15
1.94
1.74
2.18
1.17
1.93
1.72
2.17
1.16
1.83
1.56
2.17
1.14
2.00
1.83
2.19
1.17
2.01
1.85
2.20
1.15
2.09
1.94
2.27
1.16
2.05
1.87
2.27
1.16
2.05
1.85
2.29
1.16
1.84
1.53
2.25
1.16
1.88
1.61
2.21
1.15
1.27
1.29
1.33
1.35
1.35
1.34
1.35
1.33
1.35
1.33
1.36
1.35
1.32
1.35
1.33
1.35
1.35
1.35
1.34
1.32
26
27
28
29
30
31
.82
.60
.75
.83
.60
.83
.60
.74
.85
.60
.76
.82
.57
.75
.77
.82
.60
.77
.83
.61
.87
.62
.88
.66
.76
.83
.59
222
.78
.77
.78
.79
.56
.76
.83
.59
.80
.56
.77
.83
.60
.81
.59
.76
.76
.77
.82
.58
.75
.85
.61
.87
.63
.75
.87
.63
.75
.78
.76
for Manufacturing and Trade, Seasonally Adjusted
on 1972 dollars]
1980
1979
II
I
III
I
IV
1981
III
II
IV
1982
m
n
I
IV
n
I
Line
IV
III
1.58
1.59
1.58
1.60
1.59
1.69
1.65
1.60
1.59
1.60
1.64
1.72
1.74
1.73
1.77
1.78
1
1.80
1.83
1.82
1.87
1.87
2.01
1.95
1.89
1.91
1.89
1.95
2.06
2.10
2.07
2.08
2.15
2
2.15
1.38
2.21
1.38
2.20
1.38
2.29
1.37
2.27
1.40
2.48
1,45
2.41
1.42
2.31
1.39
2.35
1.40
2.31
1.40
2.40
1.41
2.56
1.47
2.63
1.48
2.62
1.43
2.66
1.40
2.75
1.45
3
4
1.39
1.36
1.35
1.35
1.34
1.41
1.38
1.35
1.31
1.33
1.35
1.41
1.41
1.46
1.52
1.52
5
1.96
.92
1.90
.91
1.90
.89
1.91
.89
1.90
.88
2.05
.87
1.99
.88
1.93
.86
1.88
.84
1.90
.86
1.95
.86
2.06
.88
2.09
.85
2.20
.85
2.33
.84
2.28
.88
6
7
1.36
1.39
1.35
1.34
1.33
1.39
1.36
1.32
1.28
1.34
1.36
1.41
1.39
1.38
1.44
1.37
8
1.89
1.10
1.96
1.10
1.91
1.08
1.89
1.06
1.86
1.07
2.01
1.09
1.89
1.09
1.84
1.06
1.72
1.07
1.88
1.07
1.88
1.10
1.99
1.11
1.94
1.12
1.91
1.11
2.08
1.12
1.89
1.11
9
10
48
SURVEY OF CURRENT BUSINESS
February 1983
Table 5.—Manufacturing Inventories by Stage of Fabrication
[Billions of
19 77
19 78
I
II
m
47.6
48.7
48.9
,
292
58
47
5.8
3.7
2.4
13
5.5
299
58
49
5.8
37
2.5
16
5.6
300
57
49
5.8
3.8
2.7
1.6
5.6
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products.,
Rubber and plastic products
Other nondurable goods 2
18.3
4.3
2.0
3,0
.9
1.2
7.0
18.7
45
2.0
30
.9
1.2
7.1
17 Manufacturing
42.3
18
19
20
21
22
23
24
25
Durable goods
Primary metals
Fabricated metals
Machinery except electrical
Electrical machinery
Motor vehiclGS
OTE
Other durable goods 1
35.3
4.6
3.7
8.9
52
2.1
68
3.9
26
27
28
29
30
31
32
Nondurable goods
..
.. ..
Food and kindred products
1980
19 79
I
II
48.3
48.2
48.8
49.6
297
55
48
5.9
38
2.6
1.5
5.6
29.6
52
48
6.0
39
2.6
1.5
5.6
30.1
52
48
6.2
4.1
2.7
1.4
5.7
310
53
49
6.3
42
2.9
16
5.8
18.9
4.6
2.0
3.1
.9
1.2
7.1
18.6
4.1
2.0
31
.9
1.2
7.2
18.6
41
2.0
3.1
.9
1.3
7.2
18.7
4.2
2.0
3.2
.9
1.2
7.1
18.6
4.1
2.0
41.8
42.9
43.5
44.4
34.8
46
3.7
8.9
54
2.2
61
3.8
35.7
46
3.9
9.0
56
2.2
6.4
4.0
36.1
46
4.0
9.2
57
2.2
64
4.1
37.0
4.5
4.2
9.4
59
2.3
65
4.2
IV
HI
II
III
522
522
513
51 2
331
55
50
70
47
2.6
21
6.1
330
55
49
71
48
2.4
23
6.1
324
53
47
70
48
21
23
6.1
323
52
48
70
48
2.2
23
6.1
19.2
18.9
18.9
I
II
49.9
50.4
504
51.0
51 6
312
53
50
6.4
42
2.7
17
5.9
31 8
52
50
6.5
44
3.1
16
5.9
319
52
50
6.6
45
2.9
17
6.0
323
53
50
6.6
45
3.1
18
6.0
329
54
50
6.9
47
2.8
20
6.0
18.7
18.7
18.5
18.7
18.7
19.1
IV
III
IV
I
IV
MATERIALS AND SUPPLIES
1 Manufacturing ..
2
3
4
5
6
7
g
9
„
,
Durable goods
.,
Primary metals
Fabricated metals
Electrical machinery
OTE
,..
Other durable goods 1...,
10
11
12
13
14
15
16
.....
4.0
2.1
3.3
.9
1.3
7.1
42
2.2
3.5
.8
1.3
7.1
42
2.3
3.4
.9
1.3
7.2
41
2.2
33
.9
1.2
7.1
42
2.2
3.4
.9
1.3
7.0
.9
1.3
7.0
45.2
45.6
46.5
47.1
48.3
49.0
49.6
50.0
50.3
50.4
50.6
37.8
4.6
4.2
9.6
6.1
2.3
6.8
4.2
38.2
39.0
39.7
40.6
41.2
42.0
42.3
42.7
42.9
43.0
10.0
10.2
10.4
10.5
10.8
10.9
11.0
11.0
10.9
7.4
1.1
.4
1.3
.7
.6
3.2
7.4
1.2
.4
14
.7
6
3.2
7.5
1.2
.4
1.4
.7
.6
3.2
7.5
1.2
.4
1.4
.8
.6
3.2
7.6
1.3
.4
1.4
.8
.6
3.2
7.8
1.4
.4
1.5
.8
.6
3.2
7.6
1.3
.4
1.3
.8
.6
3.1
7.7
1.3
.4
1.4
.8
.6
3.1
7.6
1.2
.5
1.4
.8
.5
3.1
7.5
1.2
.5
1.4
.8
.5
3.0
7.6
1.2
.5
1.4
.8
.5
3.1
q O
40
2.1
33
.9
1.3
7.1
40
2.1
34
.9
1.3
6.9
4.0
2.1
3.3
.9
1.3
7.1
42
2.2
33
.9
1.3
7.0
WORK-IN-PROCESS
,
........
7.0
11
.4
13
.7
5
3.0
.
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2 .
.,
7.1
11
.4
13
.7
5
3.0
7.2
11
.4
13
.8
5
3.1
7.3
11
.4
1.3
.8
6
3.1
7.3
11
.4
1.3
.8
6
3.2
47
4.2
9.8
6.2
2.4
67
4.3
4.8
4.1
6.3
2.4
70
4.4
4.7
4.2
6.6
2.4
71
4.4
4.8
4.2
66
2.4
77
4.£
4.9
4.2
70
2.3
7.9
4.4
49
4.2
73
2.1
84
4.4
4.7
4.1
7.4
2.0
8.6
4.5
4.9
4.1
75
1.9
8.8
4.6
4.6
4.0
7.6
2.0
9.1
4.5
4.7
4.1
7.7
1.7
9.5
4.5
FINISHED GOODS
33 Manufacturing
41.4
41.7
41.9
42.3
42.6
42.8
43.2
43.4
44.3
44.7
44.3
43.8
44.4
44.9
44.6
44.0
34
35
36
37
38
39
40
41
Durable goods ..
.....
Primary metals
Fabricated metals...
Machinery, except electrical
Electrical machinery ..
Motor vehicles
OT.E
Other durable goods
22.0
33
2.6
5.6
3.1
.9
.9
55
22.1
34
2.6
5.6
3.2
10
9
55
22.0
34
2.6
5.5
3.1
10
.9
54
22.2
34
2.7
5.6
3.2
10
.9
54
22.5
33
2.6
5.7
3.2
10
1.0
56
22.6
3.4
2.7
5.7
3.4
10
.9
5.5
22.7
23.1
23.9
24.2
24.1
24.2
24.7
24.6
24.5
2.9
6.2
3.4
1.1
1.1
5.8
2.9
6.4
3.4
1.2
1.2
5.9
3.3
2.9
6.5
3.3
1.1
1.2
5.9
24.0
42
43
44
45
46
47
48
Nondurable goods
Food and kindred products ..
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
193
6.2
13
3.8
16
15
49
196
6.3
13
3.9
17
16
4.9
200
6.4
14
4.0
17
16
4.9
201
6.3
14
4.1
17
16
50
202
6.3
14
4.2
16
16
5.0
20.2
6.3
14
4.1
1.6
17
5.2
205
6.4
14
4.2
1.6
17
5.3
20.4
20.5
20.2
19.9
20.2
20.3
20.0
19.5
See footnotes to table 4.
... ...
34
2.7
5.8
3.4
.9
.9
56
3.3
2.8
6.0
3.3
1.0
1.0
57
20.3
6.4
1.4
4.1
1.6
17
5.2
qQ
6.5
1.3
4.0
1.5
16
5.3
q q
6.6
1.4
4.1
1.5
1.6
5.3
6.5
1.3
3.9
1.6
1.7
5.1
3.3
2.9
6.3
3.5
1.0
1.2
5.8
6.4
1.4
3.9
1.6
1.6
5.0
3.3
2.9
6.4
3.6
1.0
1.2
5.8
6.3
1.4
3.9
1.7
1.6
5.1
3.2
2.9
6.8
3.7
1.0
1.2
5.8
6.2
1.4
4.1
1.8
1.6
5.2
3.2
2.9
6.8
3.6
.9
1.3
5.8
6.4
1.4
3.8
1.7
1.6
5.1
3.2
2.9
6.7
3.5
.9
1.4
5.9
6.3
1.4
3.8
1.6
1.5
5.0
SURVEY OF CURRENT BUSINESS
February 1983
49
in Constant Dollars, Seasonally Adjusted End of Period
1972 dollars]
1981
I
1982
III
II
IV
I
II
1982
III
IV
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Line
51.6
51.6
52.3
51.9
51.0
50.3
49.5
48.5
51.7
51.6
51.0
51.1
50.6
50.3
50.3
49.9
49.5
49.3
48.8
48.5
1
32.6
5.3
4.8
6.8
4.7
2.3
2.5
6.2
32.7
5.2
4.7
6.9
4.9
2.2
2.6
6.2
33.1
5.3
4.8
7.0
4.9
2.3
2.6
6.3
32.8
5.3
4.7
6.9
4.8
2.2
2.6
6.2
32.1
5.3
4.6
7.0
4.6
1.8
2.7
6.1
31.5
5.2
4.5
6.8
4.5
1.8
2.7
5.9
31.0
5.1
4.4
6.7
4.4
1.7
2.8
5.8
30.2
4.9
4.3
6.5
4.4
1.8
2.8
5.6
32.6
5.3
4.7
7.1
4.8
1.9
2.7
6.1
32.5
5.3
4.6
7.1
4.7
1.9
2.8
6.1
32.1
5.3
4.6
7.0
4.6
1.8
2.7
6.1
32.0
5.3
4.6
6.9
4.7
1.8
2.7
6.1
31.7
5.3
4.5
6.9
4.5
1.8
2.7
5.9
31.5
5.2
4.5
6.8
4.5
1.8
2.7
5.9
31.5
5.2
4.5
6.8
4.5
1.9
2.8
5.8
31.2
5.1
4.5
6.8
4.4
1.8
2.8
5.8
31.0
5.1
4.4
6.7
4.4
1.7
2.8
5.8
30.9
5.0
4.5
6.7
4.4
1.7
2.8
5.8
30.5
4.9
4.4
6.6
4.5
1.7
2.8
5.7
30.2
4.9
4.3
6.5
4.4
1.8
2.8
5.6
2
3
4
5
6
7
8
9
19.0
4.1
2.3
3.4
.9
1.3
7.1
18.9
4.0
2.3
3.4
.9
1.3
7.1
19.1
4.1
2.3
3.4
.9
1.3
7.3
19.2
3.9
2.3
3.3
.9
1.3
7.4
19.0
4.0
2.3
3.3
.9
1.2
7.3
18.8
4.0
2.2
3.3
.9
1.1
7.3
18.5
4.0
2.2
3.3
.9
1.1
7.1
18.3
3.9
2.3
3.2
.9
1.1
7.0
19.1
4.0
2.2
3.4
.9
1.2
7.4
19.1
4.0
2.3
3.3
.9
1.2
7.4
19.0
4.0
2.3
3.3
.9
1.2
7.3
19.1
4.1
2.3
3.3
.9
1.2
7.4
19.0
4.0
2.2
3.3
.9
1.1
7.4
18.8
4.0
2.2
3.3
.9
1.1
7.3
18.9
4.0
2.2
3.3
.9
1.1
7.3
18.7
4.0
2.2
3.3
.9
1.1
7.3
18.5
4.0
2.2
3.3
.9
1.1
7.1
18.4
4.0
2.2
3.3
.8
1.1
7.0
18.3
3.9
2.2
3.2
.9
1.1
7.0
18.3
3.9
2.3
3.2
.9
1.1
7.0
10
11
12
13
14
15
16
51.1
51.3
51.6
51.0
50.1
49.8
49.1
48.3
50.3
50.1
50.1
49.9
49.8
49.8
49.2
49.2
49.1
48.9
48.4
48.3
17
42.0
5.0
3.7
10.0
7.5
1.3
10.2
4.3
41.3
4.7
3.5
9.6
7.5
1.2
10.6
4.3
42.9
5.4
3.9
10.5
7.8
1.1
9.6
4.5
42.8
5.4
3.9
10.5
7.8
1.2
9.6
4.5
42.8
5.4
3.9
10.4
7.8
1.2
9.6
4.5
42.5
5.2
3.8
10.4
7.6
1.2
9.8
4.5
42.5
5.1
3.8
10.3
7.7
1.2
9.8
4.4
42.4
5.1
3.8
10.3
7.8
1.3
9.8
4.4
41.9
5.0
3.7
10.2
7.6
1.2
9.7
4.4
41.9
5.0
3.7
10.1
7.6
1.3
9.9
4.4
42.0
5.0
3.7
10.0
7.5
1.3
10.2
4.3
41.8
5.0
3.6
10.0
7,4
1.2
10.3
4.3
41.4
4.9
3.5
9.8
7.5
1.2
10.3
4.3
41.3
4.7
3.5
9.6
7.5
1.2
10.6
4.3
18
19
20
21
22
23
24
25
43.4
5.0
4.0
10.9
7.8
1:8
9.6'
4.5
43.6
5.1
4.0
10.8
8.0
1.5
9.8
4.6
44.0
5.3
3.9
11.0
8.0
1.4
9.7
4.6
43.5
5.4
3.9
10.9
7.9
1.2
9.7
4.6
42.8
5.4
3.9
10.4
7.8
1.2
9.6
4.5
42.4
5.1
3.8
10.3
7.8
1.3
9.8
4.4
7.6
1.3
.5
1.5
.8
.6
3.0
7.7
1.2
.5
1.6
.8
.6
3.1
7.6
1.1
.5
1.5
.8
.6
3.1
7.5
1.2
.5
1.4
.8
.6
3.0
7.3
1.1
.4
1.4
.8
.6
2.9
7.3
1.0
.5
1.5
.8
.6
2.9
7.2
1.0
.5
1.4
.8
.6
2.9
7.0
1.0
.5
1.3
.8
.6
2.8
7.4
1.2
.5
1.4
.8
.6
3.0
7.3
1.1
.4
1.4
.8
.6
3.0
7.3
1.1
.4
1.4
.8
.6
2.9
7.3
1.1
.4
1.4
.8
.6
3.0
7.3
1.1
.5
1.5
.8
.6
3.0
7.3
1.0
.5
1.5
.8
.6
2.9
7.3
1.0
.5
1.5
.8
.6
2.9
7.3
1.0
.5
1.5
.8
.6
2.9
7.2
1.0
.5
1.4
.8
.6
2.9
7.1
1.0
.5
1.4
.8
.6
2.9
7.0
1.0
.5
1.4
.8
.6
2.9
7.0
1.0
.5
1.3
.8
.6
2.8
26
27
28
29
30
31
32
44.2
44.6
45.5
45.5
45.3
44.5
44.7
43.5
44.9
45.2
45.3
45.1
44.9
44.5
44.8
44.9
44.7
44.4
43.8
43.5
33
24.4
3.3
2.8
6.8
3.5
.8
1.4
5.9
24.6
3.3
2.9
6.9
3.5
.7
1.4
5.9
25.4
3.5
2.9
7.1
3.6
.7
1.4
6.1
25.5
3.5
2.8
7.4
3.6
.7
1.5
6.0
25.3
3.5
2.8
7.5
3.6
.6
1.5
5.9
25.3
3.3
2.8
7.6
3.5
.6
1.5
5.9
25.3
3.4
2.7
7.6
3.5
.7
1.5
6.0
24.2
3.1
2.5
7.3
3.3
.7
1.5
5.8
25.1
3.4
2.8
7.3
3.5
.6
1.5
5.9
25.2
3.5
2.8
7.4
3.5
.6
1.5
5.8
25.3
3.5
2.8
7.5
3.6
.6
1.5
5.9
25.3
3.4
2.8
7.6
3.5
.7
1.6
5.8
25.4
3.4
2.8
7.7
3.5
.6
1.5
5.9
25.3
3.3
2.8
7.6
3.5
.6
1.5
5.9
25.4
3.4
2.7
7.7
3.5
.7
1.5
6.0
25.4
3.4
2.8
7.7
3.5
.7
1.5
5.9
25.3
3.4
2.7
7.6
3.5
.7
1.5
6.0
24.9
3.3
2.6
7.5
3.4
.7
1.5
5.9
24.5
3.2
2.6
7.5
3.3
.6
1.4
5.8
24.2
3.1
2.5
7.3
3.3
.7
1.5
5.8
34
35
36
37
38
39
40
41
19.8
6.3
1.4
3.9
1.7
1.5
5.0
19.9
6.4
1.4
4.0
1.7
1.5
5.0
20.1
6.4
1.4
4.0
1.7
1.5
5.0
20.0
6.2
1.5
4.1
1.6
1.5
5.1
20.0
6.0
1.6
4.1
1.7
1.5
5.1
19.3
5.8
1.6
3.9
1.5
1.5
5.0
19.4
6.1
1.6
3.8
1.5
1.4
5.0
19.3
6.1
1.6
3.8
1.6
1.3
4.9
19.8
6.1
1.5
4.0
1.6
1.4
5.1
20.0
6.2
1.6
4.1
1.6
1.4
5.1
20.0
6.0
1.6
4.1
1.7
1.5
5.1
19.8
5.9
1.6
4.1
1.6
1.5
5.1
19.5
5.9
1.6
4.0
1.5
1.5
5.1
19.3
5.8
1.6
3.9
1.5
1.5
5.0
19.4
6.0
1.6
3.9
1.5
1.4
5.1
19.4
6.1
1.6
3.8
1.5
1.4
5.0
19.4
6.1
1.6
3.8
1.5
1.4
5.0
19.5
6.1
1.6
3.9
1.6
1.4
5.0
19.3
6.0
1.6
3.8
1.6
1.4
4.9
19.3
6.1
1.6
3.8
1.6
1.3
4.9
42
43
44
45
46
47
48
U. S. GOVERNMENT PRINTING OFFICE : 1983 O - 398-321 : QL 3
CURRENT BUSINESS STATISTICS
STATISTICS here update series published in the 1979 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENT
BUSINESS. That volume (available from the Superintendent of Documents for $9.50, stock no. 003-010-00089-9) provides a description of each series, references to
sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1975 through 1978, annually, 1947-78; for selected series, monthly
or quarterly, 1947-78 (where available).
The sources of the series are given in the 1979 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listed
alphabetically on pages 171-172. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are
provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1981
Annual
Dec.
1982
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE f.
Seasonally adjusted, at annual rates: t
Total personal income . . .
bil $
Rental income of persons with capital
consumption adjustment
Dividends
Personal interest income .
.
Transfer payments
Less: Personal contrib. for social insur.
Total nonfarm income
2499 1 25138
1,535.7 1,546.6
517.1
513.5
3876
383.7
373.0
369.7
25186
1,542.6
512.2
384.1
371.4
1,356.1
468.0
354.4
330.5
24158
1,493.9
510.8
3864
361.4
2 497 6
do....
do....
do
do....
do....
do....
do....
297.4
260.2
127.2
338.6
283.1
140.4
355.0
293.6
146.9
357.0
295.4
148.0
360.1
296.4
149.1
361.4
297.6
150.2
do....
do
19.4
969
24.0
1007
22.8
995
19.9
986
17.3
98 4
16.3
988
bil. $ .
do
do
do....
do....
do ...
32.9
559
2634
297.2
88.7
2 117.3
33.9
625
3290
336.3
104.9
2,364.1
34.0
337
33.9
336
342
34 1
659
654
662
66 1
659
656
363.8
3598
3555
352 1
3720
3680
357.5
352.4
364.8
353.8
353.6
363.9
110.6
110.3
111.6
110.9
106.8
110.8
2,444.6 2,448.6 2,465.5 2,470.8 24868 2,506.9
2 160 4
336.3
1,824.1
17179
1,667.2
214.3
670.4
782.5
2 415 8
386.7
2,029.1
18989
1,843.2
2346
734.5
8741
2 497 6
394.7
2,103.0
19547
1,896.4
230 1
751.0
9153
55 1
576
577
577
57.9
582
583
588
0.8
0.6
0.7
0.8
0.8
0.9
09
0.9
106.2
130.2
148.3
143.4
130.6
143.3
152.4
58
64
72
6.7
66
6.7
1 043.1 10486
1,042.9
Wage and salary disbursements, total
Commodity-producing industries, total....
Manufacturing
Distributive industries
Service industries
Govt. and govt. enterprises
Other labor income
Proprietors' income: $
Farm
Nonfarm
2 160 4
1,530.5
514.0
3847
367.8
25355 25562
1,546.6 1,560.4
515.1
511.6
3864
3839
376.9
3725
368.5
3637
300.0
298.8
1525
1513
169
993
173
1003
2 566 3 25883 25920
1,562.9
514.1
3867
376 8
1,570.3
510.3
3840
378.9
3707
301.2
1536
1,569.5
513.0
3858
378.1
374.3
304.2
1546
180
1002
173
1009
166
1017
3782
302.8
1555
25972 r 26114 r 26312 r2 638 1 26389
1,570.1 1,571.5 1,572.2 1,579.2
1,595.7
507.3
500.9 r500.6
503.0
507.8
3772 rr3755 rr3748
3815
3786
378.3
378.2
3800
377.6
3834
7
381.0
3827 r3845 *387
3926
303.6
309.2 r310.8
307.5
311.8
1587
1565
1579
1572
1595
r
28 0
1053
190
105 4
347
345
325
344
348
346
343
684
673
66 1
666
693
689
677
3783
3780 r 3772 r 3764
3788
3760
3776
399.4
392.7
383.3
380.2
379.7
401.4
366.9
112.4
112.4
112.4
112.7
112.4
112.5
111.7
25160 2,538.5 25428 2,548.5 25615 r2,570.1 r2 576 9
352
69 7
3756
395.1
116.4
25866
160
1025
17 1
1042
r
28 1
1053
DISPOSITION OF PERSONAL INCOME *
Seasonally adjusted, at annual rates:
Total personal income
bil $
Less: Personal tax and nontax payments
do....
Equals: Disposable personal income
do....
Less' Personal outlays . . .
do
Personal consumption expenditures
do....
Durable goods
.
..
do
Nondurable goods
do....
Services
do
Interest paid by consumers to
business
...
..
do
Personal transfer payments to
foreigners (net)
do. ..
Equals: personal saving
do....
Personal saving as percentage of disposable
personal income §
percent
Disposable personal income in constant (1972)
dollars
. . . .
bil $
Personal consumption expenditures in
constant (1972) dollars
do.
Durable goods
do
Nondurable goods
do
Services
....
do.
Implicit price deflator for personal consumption
expenditures
index, 1972—100..
INDUSTRIAL PRODUCTION
Federal Reserve Board Index of Quantity Output
49.9
2499 1
389.9
2,109.2
1 965 8
1,907.4
2347
746.0
9267
25186 25355
394.2
389.1
2,124.4 2,146.3
1 981 1 19939
1,922.4 1,934.8
238.8
2388
745.4
747.0
938.2
949 1
r
26114
r
397.5
2,213.9
20772
2,017.3
2407
777.2
9994
25663 25883 25920
395.3
410.7
393.5
2,155.6 2,194.8 2,196.7
20144 20338 20413
1,954.7 1,974.1 1,981.5
2366
2368
2378
767.9
767.7
758.9
9773
9580
9694
25972
394.6
2,202.7
2063 1
2,003.2
2476
769.5
9860
589
589
59 1
590
09
0.8
08
0.8
0.9
139.4
141.2
161.0
155.4
139.5
68
67
68
70
69
6.5
1 047.7 1,050.0
1 048 8 1,060 8
10580
2 513 8
396.3
2,117.5
19869
1,928.3
240 1
755.9
9323
25562
403.7
2,152.5
2013 1
1,954.0
2456
759.2
949 1
r
r
2r 631 2
399.0
r
2,232.2
r
2
098 2
r
2,038.2
r
2556
r
r
2 638 1 2 638 9
403.4
2,235 5
20994
2,038.6
2537
773.9
775.0
775.3
1 008 71 006 8 10096
r
402.7
r
2,235.4
r
2
099 4
r
2,038.9
r
2572
r
r
r
59.2
0.9
136.7
133.9
r
r
09
136.0
6.1
62
1,056.1 1 054 41,062.4
596
09
136.1
60
1 065 3
10576
1058 1
9305
137 1
3558
437.6
947.7
1400
3624
445.2
9456
1339
365 1
446.7
943.1
1354
3595
448.2
954.1
1390
3655
449.6
950.1
138.0
3614
450.7
953.4
1377
3627
4530
960.5
1415
3678
451.2
951.0
1358
3629
4523
954.1
1349
366 1
453.2
954.4
1345
3660
453.9
960.4
1400
3655
454.9
960.8
1363
3674
r
457.0
970.1
145.5
r
366
4
r
458.2
971.7
146 1
3688
456.8
179.2
194.5
200.5
202.2
202.1
202.3
202.9
203.4
205.5
206.9
207.6
208.6
210.0
210.1
209.8
147.0
151.0
139.1
136.6
142.7
142.0
139.4
138.5
141.8
136.2
140.5
141.2
10180
599
r
Not Seasonally Adjusted
Total index
1967 = 100..
By industry groupings:
Mining and utilities ....
Manufacturing . .
Nondurable manufactures..
Durable manufactures
138.5
134.8
'131.2
147.2
132.1
.
do.
149.5
155.0
155.2
164.3
159.7
152.7
146.7
142.4
143.9
144.6
146.8
140.1
136.7
136.7
P
...
do.
do....
do
146.7
161.2
136.7
150.4
164.8
140.5
137.0
149.4
1284
133.1
147.1
123.4
140.7
156.6
129.7
140.7
156.6
129.7
138.4
154.7
1271
138.0
154.5
126.6
141.6
159.9
128.9
135.1
152.9
122.7
139.3
161.9
123.7
141.2
164.1
125.4
138.8
162.4
122.5
134.5
155.5
119.9
P
129.4
"147.7
P
116.9
e
!30.2
e
!48.5
e
do
1470
151.0
1434
140.7
142.9
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.8
"135.0
136.2
do.
do....
do....
146.7
145.3
145.4
150.6
149.5
147.9
146.2
146.3
142.0
142.9
142.8
139.6
144.6
144.1
141.8
143.7
143.3
141.5
142.9
142.6
142.1
142.3
142.2
143.6
142.1
142.1
144.8
142.6
142.5
145.8
142.0
141.2
144.1
140.8
140.0
143.4
139.3
138.7
142.2
139.0
138.2
141.1
P
139.2
P
139.8
e
!40.6
e
142.0
l!7.4
Seasonally Adjusted
Total index
By market groupings:
Products total
Final products
Consumer goods
See footnotes at end of tables.
398-321 O - 83 - SI
......
142.0
!40.0
143.3
S-l
SURVEY OF CURRENT BUSINESS
S-2
1980
1981
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
Annual
February 1983
1982
1981
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Seasonally Adjusted — Continued
By market groupings—Continued
Final products— Continued
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
1967—100..
do....
do....
do....
136.7
132.8
110.1
103.6
140.5
137.9
111.2
103.4
123.2
119.2
87.5
78.1
120.1
109.2
71.6
61.3
125.9
117.5
82.0
70.5
128.1
125.0
93.6
79.8
130.7
129.9
100.5
87.2
1326
138.9
111.8
96.1
134.6
143.0
117.1
101.9
137.3
149.7
127.7
114.6
132.9
135.5
107.1
93.3
131.3
135.5
105.8
94.3
126.5
123.6
89.6
79.5
124.4
120.7
86.9
77.7
P
126.6
P
129.3
P
99.0
P
e
!30.1
e
!35.1
e
!06.8
e
do....
138.9
142.0
125.4
126.3
130.6
129.9
131.1
129.1
129.9
130.4
131.4
128.9
128.1
126.5
P
e
do....
do....
do....
do
do....
148.9
126.0
155.2
1474
164.3
150.9
1198
159.5
1503
170.0
149.5
1138
159.4
1509
169.3
147.4
148.1
146.8
146.6
147.9
148.8
149.1
148.6
148.2
148.5
147.7
P
148.2
e
158.9
1500
169.1
159.2
151 1
168.7
158.1
1496
168.0
158.3
148.1
170.0
159.0
1499
169.5
159.9
150.9
170.4
159.7
149.9
171.2
159.4
149.6
170.8
158.8
148.6
170.7
159.1
150.2
169.5
158.0
149.0
168.4
P
158.5
P
150.0
P
e
e
do....
do.. .
do
do
do....
145.2
1732
156.5
2399
128.2
151.8
181 1
166.4
2862
127.9
152.1
1790
164.0
2946
122.0
147.2
172.2
158.1
289.0
116.9
147.3
171.6
155.9
274.9
116.8
145.9
169.0
151.2
256.9
116.3
143.4
164.9
145.9
242.2
114.0
140.4
159.9
138.9
224.4
109.7
138.4
156.7
134.0
209.0
107.5
138.0
154.9
131.3
200.4
106.0
137.3
153.9
128.4
190.8
104.4
135.2
150.5
123.8
182.1
101.6
134.0
147.1
118.3
169.3
98.0
134.3
146.6
117.4
166.8
r
97.5
P
135.2
P
147.5
P
117.7
P
173.3
P
e
!35.5
e
!47.4
e
l!8.0
e
!73.0
e
do....
do
do....
192.4
2378
139.9
198.0
2587
125.4
196.3
262.9
117.5
188.5
256.1
109.0
189.9
256.4
110.4
189.5
257.8
110.5
186.9
253.1
110.9
184.1
247.7
110.9
183.0
247.5
108.3
182.2
248.8
106.3
183.3
253.5
102.0
181.4
254.0
95.5
180.5
r
253.5
93.2
180.2
254.8
r
92.3
P
181.9
P
256.5
P
e
!81.4
e
257.3
e
do....
do
do....
do
98.2
1519
140.9
1628
102.7
1544
141.9
1667
107.0
1459
127.0
1646
105.2
143.4
124.2
162.4
106.5
146.3
127.5
165.1
107.0
145.2
125.6
1646
107.2
143.7
123.6
163.7
107.7
142.6
122.2
162.8
107.6
141.9
123.1
160.6
109.5
142.8
124.1
161.4
109.5
144.7
127.1
162.1
109.5
143.7
125.5
161.8
111.9
141.6
122.5
160.5
113.6
141.9
123.4
160.2
P
114.6
P
142.0
P
123.1
P
e
l!5.5
e
!43.0
e
Home goods
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco
Nonfood staples
Equipment
Business equipment
Industrial equipment #
Building and mining equip
Manufacturing equipment
Commercial, transit, farm eq. #
Commercial equipment
Transit equipment
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
r
87.9
125.1
168.4
96.0
95.3
97.1
!27.3
!48.5
!58.7
!68.2
96.7
93.0
!24.8
160.7
Materials
Durable goods materials
Nondurable goods materials
Energy materials
do
do....
do
do....
1476
143.0
1715
129.3
151.6
149.1
1746
129.0
139.0
134.0
158.3
127.4
137.2
129.7
156.8
130.9
140.4
132.4
164.2
130.3
138.5
130.7
162.0
128.2
136.2
128.1
160.3
125.8
134.3
126.6
156.6
125.4
133.5
126.6
153.5
125.4
133.0
126.0
152.3
126.0
132.8
125.1
154.5
124.5
132.0
123.0
158.5
121.0
130.0
118.5
158.2
122.6
128.5
116.4
157.3
121.6
P
127.7
"115.4
P
156.5
P
121.8
e
!29.4
e
l!7.7
e
!57.6
e
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction #
Crude oil
Natural gas
Stone and earth minerals
do....
do. .
do....
do .
do....
do....
do
do
149.5
132.7
109.2
146.7
133.3
94.9
155.0
142.2
123.1
141.3
146.8
95.1
1118
1294
154.7
142.6
110.9
1455
150.5
945
1105
1157
157.4
144.5
121.3
147.9
151.5
96.2
1113
115.8
155.6
142.4
120.8
156.0
146.6
94.7
1088
120.5
153.1
138.1
109.9
155.6
141.4
94.2
1078
121.6
151.6
134.1
108.8
146.2
137.7
95.9
1072
119.6
148.8
128.9
90.0
149.2
132.7
95.2
1028
114.6
145.2
123.5
71.8
144.4
129.1
95.7
102.3
106.6
142.6
120.1
58.1
140.3
127.0
95.7
102.8
103.8
141.3
116.9
53.4
135.8
123.3
95.0
99.5
105.7
139.7
114.7
55.4
127.9
121.0
94.9
101.3
106.3
140.4
115.9
r
63.1
143.2
119.1
r
93.9
104.2
108.5
140.5
116.6
r
70.4
134.1
120.0
93.8
"141.1
P
118.9
P
73.9
P
129.7
P
123.2
P
94.2
e
!41.3
e
111.9
P
167.7
189.2
168.5
189.9
167.5
188.2
167.8
188.4
167.3
188.2
P
165.9
P
e
!64.2
e
"134.2
P
155.5
e
!35.4
e
ill i
132.8
!22.8
!20.8
e
!38.5
e
!23.8
114.4
do....
do....
168.3
189.7
169.1
190.9
1682
190.2
171.8
195.2
170.4
192.5
170.0
191.7
171.0
193.1
170.9
193.4
169.4
191.6
Manufacturing
Nondurable manufactures
Foods
do....
do
do
146.7
161.2
1496
150.4
164.8
152 1
142.0
1574
1528
138.5
155.1
151 1
140.9
157.8
1517
140.1
157.3
1508
138.7
156.1
1497
137.9
155.0
1505
137.7
155.3
1510
138.1
155.7
1510
138.0
156.9
1507
137.1
156.7
1490
135.0
156.2
151.5
134.0
155.2
151.9
Tobacco products
Textile mill products
Apparel products
Paper and products
do....
do
do
do....
119.9
1386
127 0
151.1
122.2
1357
1204
155.0
112.6
1228
114 1
146.6
112.7
120.0
126.7
125.8
126.7
1260
116.1
1263
118.6
1235
123.6
123.7
121.4
124.3
120.6
125.9
113.3
126.1
110.6
125.9
113.0
123.1
148.3
151.5
150.6
149.8
146.5
146.8
147.0
152.5
154.3
155.0
154.3
P
151.6
e
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
do
do....
do
do....
do
1396
207.1
1329
255.7
70 1
1442
215.6
1297
274.0
693
1453
199.8
1283
247.3
656
146.4
201.3
119.5
251.8
64.0
145.9
200.3
121.3
253.4
61.2
144.2
198.6
120.8
255.1
142.6
193.2
124.3
258.9
62.3
143.9
194.1
124.7
256.8
62.9
145.3
195.6
121.4
261.1
60.8
144.3
196.4
122.6
262.0
60.9
142.0
194.1
123.8
r
256.3
59.5
141.8
193.0
120.0
r
250.2
r
57.7
P
144.0
P
195.6
P
118.7
P
248.2
P
e
60:6
143.8
193.6
122.2
257.0
61.1
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Furniture and fixtures
Clay glass and stone products
Primary metals
Iron and steel
Nonferrous metals
Fabricated metal products
Nonelectrical machinery
Electrical machinery
do....
do....
do
do....
do
do
do....
do
do....
do....
do
1367
78.5
119 3
150.0
1475
1023
92.4
1198
134.1
162.8
1728
140.5
81.1
119 1
157.2
1479
1079
998
1224
136.4
1712
1784
131.3
85.5
104 8
149.4
1315
896
79.2
1080
126.1
167.4
1707
1456
196.7
123.3
244.7
63.1
127.1
84.1
992
144.3
128.5
897
79.6
1089
120.7
160.9
1682
129.3
83.8
1049
126.7
85.2
1062
151.8
127.0
764
65.1
959
119.1
153.7
1722
126.1
86.3
1106
151.1
125.0
752
62.4
970
115.8
150.0
1709
125.5
86.5
1122
152.5
126.1
728
58.0
98.9
115.0
147.4
170.8
125.9
87.1
1169
123.5
86.9
1199
155.7
130.4
732
56.4
106.2
112.3
144.9
167.0
119.3
r
91.9
119.1
P
e
154.5
126.9
729
58.1
102.9
115.5
147.1
170.3
124.9
86.5
120.3
156.7
128.8
729
57.4
100.3
114.3
147.2
169.7
120.3
89.5
1172
148.4
135.0
885
78.5
1067
121.4
160.0
1729
128.2
83.8
1035
150.2
131.5
830
73.0
1007
121.1
157.3
172.6
154.3
128.1
r
696
54.1
95.5
107.6
140.4
165.4
152.4
127.3
r
636
r
47.5
r
92.2
107.0
139.6
165.4
P
152.7
P
127.8
P
627
P
46.7
P
91.8
P
106.6
P
138.0
P
e
!07.6
e
!37.9
e
116.9
1190
171.1
116.1
1223
170.3
103.7
100 4
166.8
96.6
904
162.2
102.0
986
164.5
104.4
1056
163.0
105.9
1107
162.8
110.0
1198
163.8
111.6
124.0
164.8
112.7
127.2
165.2
107.0
116.7
165.5
105.3
113.5
161.9
100.8
103.0
157.4
100.2
101.7
155.8
P
103.6
P
108.5
P
e
!04.9
e
l!1.7
e
Utilities
Electric
.
.
Transportation equipment
Motor vehicles and parts
Instruments
do...
do
do...
186.9
p
Manufacturing total t
Durable goods industries
Nondurable goods industries
Retail trade total §
Durable goods stores
Nondurable goods stores
Merchant wholesalers total @
Durable goods establishments
Nondurable goods establishments
"
do...
do...
do
119.4
P
92.0
120.5
P
164.0
157.2
do
do...
do
Mfg. and trade sales in constant (1972) dollars
(seas adj ) total *
bil $
Manufacturing *
do...
Retail trade *
do...
Merchant wholesalers *
do...
See footnotes at end of tables.
1038 790
326 596
712 194
86572
26206
60366
85320
25,316
60004
87,418
26,696
60722
87242
26,958
60284
88294
27,984
60310
90841
29416
61 425
88042
27,175
60867
89445
27,403
62042
88502
26,668
61834
89326
27,498
61828
90290
27849
62441
r
92 546
r
30,175
r
91482
29,276
62206
1055 168 1 174072
448,040 499 970
607 128 674 102
95 144
41053
54091
94236
40416
53820
95010
39,932
55078
97361
39,408
57953
95427
38,707
56720
97 427
38407
59020
96565
37,950
58615
93776
38,033
55743
92343
37 121
55222
90866
37449
53417
89774
37797
51977
r
90 915
r
38,577
r
52 338
89810
37,968
51842
1552
r
70.2
r
46 1
r
39.0
1554
r
70.1
r
457
r
39.6
1535
r
69.1
r
460
r
38.5
1573
r
70.8
r
47 1
r
39.5
1555
r
70.8
r
455
r
39.1
1550
r
70.6
r
459
r
38.5
1533
r
69.5
r
456
r
38.2
1535
r
69.6
r
462
r
37.8
1497
r
66.4
r
46 1
r
37.2
1518
r
66.6
r
473
r
37.9
1513
66.5
472
37.6
*951 902
296,594
655 308
1
1
1524
69.4
450
38.0
r
!52
1
r
68.4
r
450
r
38.7
62 371
!50.6
!45.5
e
l!7.0
55.7
r
mil $ 3 858 053 4 207 460 359 752 308 418 323,388 355 915 343 372 347 636 356,134 329,795 336,983 345,243 340,220 338,448 352,033
r
do... '3,858,053 X4,207,460 341,330 334,579 340,571 342,121 339,835 349,096 346,126 344,603 339,464 339,470 332,537 335,804 332,713
1
151,421
• do. 1 850 983 1994 600 159,614 155,023 158,142 157,517 156 114 160 828 161,519 161,382 158,619 159,278 152 473 152,343
r
do... 930,482 1,001,001 79,133 75,551 77,976 78,124 77,136 79,518 78,888 79,036 77,248 76,562 72,342 r72,708 72,664
do... 920 501 993 597 80481 79472 80 167 79394 78978 81310 82631 82 346 81371 82716 80 131 79 635 78757
Mfg. and trade sales (seas, adj.), total $
!56.3
122.0
BUSINESS SALES
Mfg and trade sales (unadj ) total $
!84.9
!20.9
e
92.4
e
66.1
!66.2
!58.6
S-3
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
1982
1981
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Nov.
Oct.
Dec.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of year
or month (unadj ) total i . .
mil $
477 287
513 530 513 530 513516 513 844 517 710 512 689 513 132 512 799 511 302 509 661 511 150 516 744 r514 563 499 657
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total ±
mil. $.
482,570
519,394 519 394 516 256 513 906 513 054 515 074 510 517 512 981
283 152 283 152 281 155 281 688 280 065 278 985 276 449 275 115
188 429 188 429 187 054 187 121 186 063 185 916 184 870 184 289
94,723 94723 94 100 94567 94002 93070 91579 90826
125 693 125 693 124 131 123 395 123 332 123 175 122 367 124 351
58835 58 835 57807 56 957 56 803 56 663 55 984 57 346
66858 66858 66324 66438 66529 66512 66383 67 005
110,549 110 549 110971 108 823 109 657 112 913 111 701 113 515
73224 73224 73036 72 003 72 782 74 668 72 858 73 908
37,325 37,325 37,935 36,820 36,875 38,245 38,843 39,607
Manufacturing total 1"
Durable goods industries
Nondurable goods industries
do
do .
do...
264 016
174 674
89,341
Retail trade total §
Durable goods stores
Nondurable goods stores
do
do
do....
114 114
53747
60,367
Merchant wholesalers, total @
Durable goods establishments
Nondurable goods establishments
do...
do
do...
104,441
67033
37,408
Mfg. and trade inventories in constant(1972)dollars,
end of year or month(seas.adj ) total*
bil $
Manufacturing *
do....
Retail trade * . . . .
.
do
Merchant wholesalers *
do...
2699
148 4
66 1
553
513387 514 554 515 399 514 224 r508 630 505 579
274 914 274 302 272 474 271 710 r269 297 266 688
183 798 183 550 182 793 181 843 179
324 177 683
91 116 90752 89681 89 867 r89 973 89 005
125 939 127 151 129 073 1?8 628 rr!26 638 126 848
58 246 60 075 6l'628 60 708 59 059 59 058
66 693 67076 67 445 67 920 r67 579 67 790
113 534 113 101 113 852 113 886 112 695 112 043
75 241 74 956 75*799 75 953 r74 784 74 039
38,293 38,145 38,053 37,933 r37,911 38,004
2677
1469
65 4
554
266 5
1469
65 0
54 5
266 0
146 4
65 1
54 5
266 5
146 o
65 2
55 4
264 5
145 3
64 7
54 5
265 2
144 6
65 4
55 2
265 6
144 4
65 5
55 6
265 5
144 0
66 4
55 0
266 0
143 3
67 2
55 5
r
265
r
r
2
!42 6
66 9
55 8
262 3
141 0
65 9
55 3
261 4
140 3
65 9
55 2
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total i
ratio..
1.45
1.44
1.52
1.54
1.50
1.50
1.52
1.46
1.52
1.52
1.55
1.51
1.52
1.66
2.18
0.70
0.95
0.53
1.66
2.19
0.69
0.97
0.53
1.77
2.38
0.74
1.05
0.60
1.81
2.48
0.77
1.09
0.62
1.78
2.40
0.74
1.05
0.60
1.78
2.38
0.73
1.05
0.61
1.79
2.41
0.74
1.06
0.61
1.72
2.32
0.71
1.02
0.60
1.43
1.70
2.34
0.71
1.03
0.60
1.49
do
do
do
do
do
1.70
2.33
0.71
1.01
0.60
1.73
2.38
0.71
1.04
0.62
1.71
2.39
0.71
1.05
0.62
1.78
2.51
0.75
1.11
0.66
1.77
2.47
0.74
1.10
r
0.63
1.76
245
0.73
1 09
0.62
do.
do
do
do
1.13
0.45
0.19
0.48
1.13
0.45
0.19
0.48
1.18
0.47
0.20
0.50
1.18
0.48
0.20
0.51
1.18
0.47
0.20
0.51
1.18
0.47
0.20
0.52
1.18
0.47
0.20
0.51
1.13
0.46
0.19
0.48
1.10
0.44
0.19
0.47
1.11
0.45
0.19
0.47
1.12
0.45
0.19
0.48
1.08
0.43
0.18
0.47
1.12
0.44
0.19
0.49
r
1.13
0.45
0.19
0.49
1.13
0.45
0.19
0.49
Retail trade, total §....
Durable goods stores
Nondurable goods stores
do
do
do
1.41
2.14
1.08
1.39
2.08
1.07
1.45
2.25
1.11
1.45
2.28
1.11
1.41
2.13
1.09
1.41
2.11
1.10
1.40
2.02
1.10
1.35
1.90
1.08
1.41
2.11
1.10
1.40
2.13
1.07
1.44
2.25
1.08
1.44
2.24
1.09
1.42
2.18
1.09
1.37
1.96
1.08
1.39
2.02
1.09
Merchant wholesalers, total @
Durable goods establishments
Nondurable goods establishments
do.
do.
do.
1.13
1.70
0.70
1.09
1.67
0.66
1.16
1.78
0.69
1.18
1.81
0.70
1.15
1.80
0.67
1.13
1.85
0.64
1.18
1.93
0.67
1.15
1.90
0.66
1.18
1.95
0.68
1.21
1.98
0.69
1.22
2.02
0.69
1.25
2.02
0.71
1.27
2.01
0.73
1.24
1.94
0.72
- 1.25
1.95
0.73
1 77
2 14
1 47
146
r
l 76
r
2 15
r
l
45
r
r
l 72
r
2 09
r
l
41
r
1 71
r
l 71
r
r
l 73
r
2 07
r
l
46
r
1 73
06
l 46
1 47
r
l 77
r
2 15
r
l
45
r
Manufacturing, total t
Durable goods industries
Materials and supplies
Work in process ..
Finished goods ....
Nondurable goods industries
Materials and supplies
Work in process ..
Finished goods ....
Manufacturing and trade in constant (1972) dollars,
total *
do
Manufacturing *
do...
Retail trade *
do
Merchant wholesalers *
do...
l 43
l 40
1 71
09
l 42
1 38
r
2
r
1 74
r
2 11
r
l 42
r
l 44
1 68
r
2 05
r
l 37
r
l 38
r
2 04
r
l 44
r
l 41
2 05
1
43
r
l 44
l 44
r
2
r
1 73
2 12
1 39
1 46
r
l 50
1 73
2 11
1 40
1 47
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Shipments (not seas, adj.), total t
Durable goods industries, total
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj.), total t.
By industry group:
Durable goods industries, total #
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
do.... 1,850,983 1,994 600 155 117 144 431 160 220 165 832 158 058 161 541 169 159 147 553 155 187 165 584 157 882
930,482 1,001,001 76,863 68,605 78,829 83,776 79,101 80,485 84,307 70,361 73,374 79,908 75,845
46083
49 141
3404
3238
3 543
3 871
3 801
3 923
4 166
3 708
4 107
3 957
4 021
133 930 136 847
9*634 10'046
g'oOO
9 507
8 951
9 742
8 981
7 481
7 951
8 310
7 797
61,486
69,195
4663
4*837
4 120
5051
4813
4 440
3974
3 291
3 413
3 554
3 077
116 194 123 282
8812
8360
9528 10 319
9 978 10 244 10 531
9 126
9 876
9 746
9 391
180,727 203 737 17692 14*455 16964 18 032 15 602 15 810 16 815 13 619 13 925 15 845 14 204
128 587 137 873 11 125 10 410 11 689 12 094 11 622 11 716 12 354 10 654 11 131 12 076 11 708
186 282 203 000 15645 12640 15524 17 362 16 889 18 004 18 983 14 767 14 616 16 825 16 183
104,560 114,882
7,353
6,979
8,521
9,905 10,297 10,682 11,361
8,412
9,799
8,483
9,223
44,139
47,530
4,054
3,379
3,832
4,171
3,936
3,758
4,285
3,519
3,873
4,316
3,895
do.
920,501 993,597 78,255 75,826 81,391 82,055 78,957 81,056 84,852 77,192 81,813 85,676 82,037
do
255,872 269,130 21,562 20,580 22,814 23,140 21,813 22,721 23,812 21,657 22,335 24,298 23,207
do
11,893
13,000
1,162
1,083
1,069
1,061
1,153
1,140
1,388
1,024
1,279
1,492
1,260
do
47,397
52,274
3,837
3,553
4,135
4,625
4,070
4,209
4,547
3,412
4,259
4,469
4292
do
72,650
79,489
6,139
6,416
6,782
6,915
6,447
6,538
6,727
6,080
6,721
6,684
6,598
do
161,559 175,131 13,581 13,360 14,369 15,176 14,542 14,629 15,360 12,960 13,977 14,840 13,164
do
198,673 220,333 18,067 17,298 16,547 15,533 16,194 17,287 17,770 17,341 17,006 17,443 17,098
do
47,342
46,504
3,319
3,375
3,669
3,607
3,648
3,592
3,898
3,469
3,682
3,778
3,699
do
159,614 155,023 158,142 157,517 156,114 160,828 161,519 161,382 158,619 159,278 152,473
do....
do ..
do
do....
do...
do....
do
do...
do....
do....
do.
do.
do
do
79,133
3,808
9,626
4,892
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
do.
Nondurable goods industries, total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do.
do
do
do
do
do
do
do
See footnotes at end of tables.
77,976
3,795
9,572
4,812
9,361
17,116
11,252
16,118
8,262
4,035
75,551
3,884
10,028
5,009
9,231
15,939
11,210
13,847
7,357
3,754
80,481
21,417
1 134
4,095
6,680
14,260
17,800
3,680
79,472
22,069
1 138
3,905
6,712
13,740
17,011
3,646
151 967 147 100
r
72,301
70,586
r
3 685
3 346
r
7*070
7 041
2 942
3 009
rg g2g
8 366
14 015 14*970
11 281 11 048
15
548 14*953
r
8 535
7459
r
3,853
3,789
r
79,666
r
22,830
1,103
• T 4 035
76,514
22,158
1,343
3818
r
6,278
5,918
13,163 13,236
16,429
15,926
r
3,264
2,906
152,343 151,421
r
77,136
3,728
8,953
4,156
79,518
3,863
8,682
3,904
78,888
3,834
8,598
3,989
79,036
3,764
8,443
3,685
77,248
3,730
8,383
3,654
76,562
3,800
8,250
3,597
72342
3,720
7,689
3,065
72,708
r
3,709
r
7,315
3,061
72664
3,741
7,585
3,151
9,557
16,587
11,451
15,152
8,241
3,933
78,124
3,821
8,829
4,254
9,765
16,570
11,508
15,805
8,829
3,942
9,750
15,432
11,677
15,945
9,509
3,825
10,096
15,899
11,912
17,314
10,109
3,988
9,890
15,488
11,639
17,573
10,420
4,007
9,965
14,879
12,108
17,806
10,918
3,905
9,680
14,847
11,434
17,589
11,018
3,894
9,520
15,402
11,452
16,292
9,568
4,043
8,921 r9,108
14,044 14,535
11,220 11,163
15,053 15,088
7,923 r8,082
3,753 r3,765
8,849
14,257
11,160
15,566
8,424
3,767
80,167
22,709
1 136
4,150
6,603
14,071
16,024
3,520
79,394
22,404
1 103
4,254
6,599
13,847
15,698
3,414
78,978
22,302
1 157
5,058
6,463
13,751
16,494
3,500
81,310
23,018
1 128
4,148
6,346
14,136
17,382
3,569
82,631
23,315
1 351
4,217
6,425
14,595
17,592
3,762
82,346
23,277
1 021
4,074
6,478
14,259
17,690
3,807
81,371
22,275
1 243
4,198
6,549
14,551
16,976
3,590
82,716
23,268
1 511
4,195
6,492
14,397
17,431
3,654
80,131 rr79,635
22392 22 339
1 207
1 081
4,084 rr3,988
6,519
6,486
13,548 14,003
17,352 16,467
3,483 r3,423
78,757
21992
1 311
4,095
6,435
13,857
15,731
3,225
Jan.
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
Annual
1982
1981
Dec.
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
.Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS f— Continued
Shipments (seas, adj.) t — Continued
By market category: t.
Home goods and apparel
mil $ 11 128,123
Consumer staples
do.... 328,375
Equipment and defense prod., exc. auto .... do.... '276,299
Automotive equipment
do . 11 123,602
Construction materials and supplies
do.... 1 144,922
849,662
Other materials and supplies
do
Supplementary series:
1
58,247
Household durables
do
1
312,672
Capital goods industries
do
'274,246
Defense
do.... '38,426
Inventories, end of year or month: t
Durable goods industries total
Nondurable goods industries, total
Book value (seasonally adjusted), total t
By industry group:
Durable goods industries total $
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
By stage of fabrication: t
Materials and supplies
Work in process
do....
do....
261,528
172,115
89,413
do....
264,016
do
do....
do....
do....
174,674
5,995
22,878
12,063
do....
19,623
40,714
26,042
35,890
.9,894
9,154
do....
. do
do....
do....
'136,418
'349,269
'306,929
'135,005
'152,663
'914,319
10,513
28,479
26,684
9,804
11,515
72,619
10,467
29,021
24,185
8,836
11,398
71,115
11,176
29,970
25,566
9,769
11,400
70,261
11,208
29,753
25,623
10,332
11,738
68,862
10,708
29,578
23,997
11,002
11,446
69,383
10,803
30,310
25,056
11,661
12,058
70,940
10,858
31,043
24,451
11,974
11,720
71,473
11,328
30,660
24,146
12,456
12,102
70,690
11,242
30,207
23,766
12,494
11,899
69,011
11,149
31,361
24,682
10,983
11,787
69,316
10,909
29,943
23,707
9,315
11,537
67,062
r
!0,636
r
30,176
r
23,794
r
9,564
r
ll,555
r
10,719
30,032
24,081
9,922
11,448
65,219
'61,299
'344,647
'297,724
'46,927
4,782
29,600
25,315
4,285
4,723
27,067
23,066
4,002
4,876
28,417
24,043
4,374
4,982
28,549
24,060
4,490
4,897
26,869
22,599
4,271
4,808
28,140
23,471
4,669
4,904
27,727
22,906
4,821
5,133
27,283
22,483
4,800
4,799
26,423
21,776
4,647
5,008
27,130
22,271
4,859
4,835
26,297
21,372
4,925
r
4,676
r
26,392
r
21,441
r
4,482
26,324
21,224
5,100
66,618
4,951
r
280,131 280,131 281,926 283,594 282,050 282,017 279,391 276,281 274,487 273,292 269,830 269,002 266,658 263,751
174,918
185,584 185,584 187,031 188,756 188,026 188,253 187,287 185,442 183,859 183,110 180,765 179,415 177,112
r
94,547 94,547 94,895 94,838 94,024 93,764 92,104 90,839 90,628 90,182 89,065 89,587 89,546 88,833
r
283,152 283,152 281,155 281,688 280,065 278,985 276,449 275,115 274,914 274,302 272,474 271,710 269,297 266,688
177,683
188,429 188,429 187,054 187,121 186,063 185,916 184,870 184,289 183,798 183,550 182,793 181,843 179,324
6,196
6,413 r r6,361
6,318
6,332
6,429
6,382
6,396
6,792
6,582
6,629
6,544
6,479
6,792
26,250 26,250 25,974 26,070 26,056 25,403 25,063 24,617 24,450 24,142 23,970 23,738 r23,107 22,308
13,347 13,347 13,120 13,128 13,441 13,075 12,867 12,566 12,485 12,154 11,985 11,847 l 1,465 11,133
20,208 20,208 20,339 20,142 19,848 19,716 19,664 19,593 19,223 19,200 19,050 18,682 r18,085 17,718
44,376 44,376 44,237 44,414 44,134 44,449 44,447 44,008 43,895 43,572 43,010 42,556 r41,923 41,004
28,142 28,142 27,784 27,697 27,526 27,365 27,024 26,950 26,834 26,891 26,669 26,670 r26,745 26,502
41,025
38,237 38,237 38,122 38,194 38,150 38,743 38,701 39,074 39,339 39,785 40,162 40,418 40,052
r
8,507
8,600
8,468
8,381
8,096
8,495
8,649
8,849
8,640
9,226
8,673
8,957
8,795
9,226
r
9,231
9,388
9,289
9,387
9,398
9,422
9,303
9,393
9,516
9,610
9,399
9,420
9,513
9,610
do....
do
55,310
76,851
42,513
58,461
82,814
47,153
58,461
82,814
47,153
58,184
82,211
46,659
57,999
82,097
47,026
56,897
81,729
47,435
56,947
81,562
47,408
55,996
81,284
47,590
55,643
81,304
47,342
55,781
80,216
47,801
55,191
80,458
47,901
54,703
80,379
47,711
54,279
80,567
46,997
r
53,491
r
79,786
r
46,047
53,020
79,281
45,382
Nondurable goods industries, total #
Food and kindred products
do....
do....
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum, and coal products
Rubber and plastics products
By stage of fabrication:
Materials and supplies
Work in process
do....
do
do....
do....
do....
89,341
21,590
3,638
6,695
7,788
19,514
9,814
6,029
94,723
20,400
4,401
7,011
8,825
21,615
10,544
6,298
94,723
20,400
4,401
7,011
8,825
21,615
10,544
6,298
94,100
20,481
4,495
6,761
8,675
21,420
10,373
6,120
94,567
20,486
4,514
6,710
8,850
21,418
10,615
6,172
94,002
20,405
4,572
6,587
8,921
21,428
10,531
6,153
93,070
20,377
4,812
6,513
8,842
21,363
9,675
6,165
91,579
20,140
4,812
6,501
8,810
20,895
9,060
6,115
90,826
19,830
4,697
6,367
8,757
20,973
9,101
6,046
91,116
20,178
4,893
6,428
8,734
20,798
9,220
5,868
90,752
20,212
4,696
6,381
8,748
20,656
9,329
5,791
89,681
19,972
4,492
6,369
8,831
20,272
9,274
5,678
89,867 •"89,973
19,911 19,944
4,417 r 4,456
6,350
6,386
r
8,880
8,890
20,396 r20,065
9,201 rr9,764
5,803
5,688
89,005
19,943
4,434
6,323
8,864
19,735
9,338
5,681
do....
do
36,208
15,656
37,478
38,015
16,196
40,511
38,015
16,196
40,511
37,961
15,959
40,179
37,899
15,792
40,877
37,317
15,629
41,057
37,486
15,601
39,983
37,172
15,438
38,969
36,714
15,555
38,557
36,789
15,519
38,808
36,448
15,529
38,775
35,800
15,192
38,689
35,637 r35,814
14,857 14,793
39,373 r39,366
35,443
14,621
38,941
do....
do
do....
do....
do....
do....
20,817
32,196
70,150
12,328
20,872
107,653
do
do
do....
do
10,345
79,141
68,605
10,535
By market category: t
Home goods and apparel
Consumer staples
Equip, and defense prod., exc. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense ...
.
Defense
r
22,948 22,948 22,766 22,631 22,041 21,948 21,779 21,598 21,675 21,517 21,416 21,327 r21,071 21,081
33,100 33,100 33,309 33,644 33,631 33,673 33,355 32,832 33,351 33,262 32,632 32,692 r32,638 32,512
76,445 76,445 76,265 76,744 76,716 77,708 77,506 77,622 77,423 77,618 77,464 77,083 76,653 76,134
11,873 11,873 11,567 11,366 11,220 11,191 11,102 11,226 11,332 11,054 10,807 10,806 10,500 10,972
22,172 22,172 21,729 21,338 21,078 20,723 20,639 20,533 20,415 20,490 20,261 20,125 19,909 19,592
116,613 116,613 115,518 115,964 115,379 113,741 112,068 111,304 110,718 110,361 109,894 109,677 108,526 106,397
11,256
86,515
73,360
13,154
11,256
86,515
73,360
13,154
11,196
86,302
72,968
13,334
11,120
86,974
73,376
13,598
10,896
86,795
72,937
13,857
10,856
87,752
73,806
13,946
10,692
87,644
73,615
14,029
10,744
87,393
73,166
14,227
10,782
87,378
73,173
14,205
10,656
87,885
73,426
14,459
10,678
87,579
72,710
14,869
78,729
6,872
2,517
3,742
8,668
13,978
12,025
14,828
4,181
69,598 r70,607
6,943 rr7,466
2,795 r3,056
3,534
3,729
8,297 r8,186
13,824 12,970
11,115 12,193
14,267 14,567
r
5,108
5,193
81,398
17,181
64,217
82,900
17,314
65,586
80,098
16,822
63,276
r
79,755
17,287
r
62,468
78,893
17,311
61,582
'948,723 '999,268
1
133,936 '133,901
'62,217
'68,410
'60,016
'53,606
76,421
8,981
4,462
3,804
75,061
9,163
4,469
3,866
76,309
8,241
3,741
3,767
77,859
7,596
3,432
3,440
76,194
8,137
3,583
3,828
75,710
8,453
3,928
3,741
74,550
8,617
3,789
3,939
76,446
8,660
3,999
3,797
72,982
8,178
3,749
3,765
73,266
7,983
3,351
4,010
1
115,658
1
180,332
1
135,199
1
'122,031
'202,448
'141,845
198,898 '202,472
'70,394
'66,145
9,272
16,343
11,566
14,617
5,282
8,777
15,120
11,842
15,182
5,841
9,052
14,506
11,391
17,305
7,475
9,819
14,438
12,782
17,138
7,206
8,989
15,262
12,508
16,595
5,779
9,405
14,408
11,888
16,011
4,854
9,389
13,015
11,705
16,347
4,560
9,368
12,876
12,396
17,515
4,989
8,897
13,091
11,572
16,084
5,175
Nondurable goods industries, total
do.... '920,134 '992,912
Industries with unfilled orders $
do.... '186,011 '205,870
Industries without unfilled orders H ........ do.... 1 734, 123 '787,040
80,239
17,111
63,128
79,458
16,946
62,512
79,676
16,866
62,810
79,339
17,607
61,732
78,803
16,653
62,151
81,081
16,756
64,325
82,508
16,867
65,641
82,142
16,742
65,400
Primary metals
..
.
Blast furnaces steel mills
Nonferrous and other primary met
Fabricated metal products
Machinery except electrical
do
do
do....
do
. do
Transportation equipment
Aircraft missiles and parts
See footnotes at end of tables.
10,352
86,668
71,162
15,506
154,514
1,868,857 1,992,179 153,451 147,978 159,497 166,453 156,759 155,250 162,730 143,375 149,397 161,757 157,190 148,975
do
r
948,723 999,268 75,381 71,856 78,548 84,383 77,867 74,504 78,199 66,393 67,545 75,921 75,222 r69,430 77,812
do
do.... 920,134 992,912 78,070 76,122 80,949 82,069 78,892 80,746 84,531 76,982 81,852 85,836 81,968 79,545 76,702
1
do.... 1,868,857 '1,992,179 156,660 154,519 155,984 157,198 154,995 156,791 157,058 158,588 154,380 156,166 149,696 150,362 157,622
New orders net (not seas adj ) total 1"
Durable goods industries total
Nondurable goods industries, total
New orders, net (seas, adj.), total t
By industry group:
By market category: t
Home goods and apparel
Consumer staples.
Equip and defense prod excl auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
.
Nondefense
Defense
10,548 10,302
87,779 rr87,018
72,575 71,667
15,204 15,351
do....
do
.
8,480
14,111
12,685
21,541
7,166
1
127,594
'328,433
'293,103
'122,045
'144,254
'853,428
'136,200
'349,430
'308,350
'134,898
'152,053
'911,251
10,472
28,451
24,381
9,869
11,228
72,258
10,296
28,978
26,587
8,771
10,856
69,031
11,120
29,996
26,161
9,438
11,108
68,162
11,570
29,822
25,349
10,285
12,006
68,167
10,067
29,477
25,890
10,625
11,003
67,937
11,040
30,340
22,074
11,398
11,592
70,347
10,964
31,070
23,179
11,887
11,384
68,574
11,181
30,590
22,390
12,647
12,008
69,772
11,099
30,181
21,542
11,928
11,429
68,201
10,978
31,389
22,310
11,267
11,691
68,531
10,772 10,683
29,967 rr30,147
22,325 22,888
9,346 r9,419
11,205 10,894
66,081 r66,331
10,892
30,086
29,174
10,071
11,200
66,199
'57,820
do
'334,268
do.
'281,384
do
do.... '52.884
'61,128
'347,082
'288,731
'58,350
4,747
27,774
22,130
5,644
4,578
28,291
21,717
6,573
4,869
28,772
21,560
7,213
5,353
29,239
22,174
7,065
4,254
28,782
22,608
6,174
5,022
25,107
20,332
4,775
5,004
24,715
19,278
5,437
4,990
25,006
20,322
4,684
4,670
24,207
18,893
5,314
4,850
24,608
20,273
4,335
4,743
25,004
20,183
4,821
r
4,715
r
25,264
r
20,173
r
4,604
33,080
20,583
12,497
do....
do....
do
do
do....
do....
5,091
Jan.
S-5
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Dec.
Annual
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS f— Continued
Unfilled orders, end of year or month (unadjusted),
total t
mil. $..
Durable goods industries total
do
Nondur. goods ind. with unfilled orders ±
do....
318,797
308 131
10,666
316 375 316,375 319 921 319 197 319817 318,518 312,234 305,804 301 624 295,827 292,004 291 312 rr288 323 295,732
306 395 306 395 309 646 309 365 309 971 308 736 302 762 296 652 292684 286 850 282 866 282 244 279 370 286 592
8,977
9,979
9,979 10,275
9,782
9,472
9,152
9,138
9,140
9,832
9,847
8,940
9,068 '8,953
320,977
318,621 318,621 318,114 315,957 315,639 314,521 310,482 306,032 303,235 299,001 295,883 293,107 r291,128 297 323
310,051
29658
16,966
8,899
308,370 308,370 307,877 306,211 305,947 305,004 301,194 296,866 294,272 290,011 286,706 283,960 r281,861
287 924
26 623 26623 25759 24 427 23 195 22378 22 147 22 168 22385 22 181 21913 21 167 r21 318 20604
16,113 16,113 15,573 14,502 13,679 13,106 13,129 12,930 13,244 13,369 13,093 12,823 12,818 12 184
7,302
6,419
6,106 r6,273
7,302
7,030
6,921
6,697
6,572
6,586
6,499
6,391
6,493
6,217
do....
do....
do
do....
do
30,497
73,884
47917
114,304
86831
Nondur. goods ind. with unfilled orders $ .. do....
10,926
29,240 29,240 28,785 28,281 28,334 27,574 26,883 26,384 25,788 25,004 24,150 23,528 rr22,605 22,236
72,627 72,627 71,807 69 727 67595 67 425 65934 63,462 61 458 59 703 58276 58,054 r56,491 56342
51 939 51939 52570 52510 53784 54613 54588 54655 54942 55082 55 654 55548 56 577 58 102
113,709 113709 115043 117 196 118529 119 178 117876 116652 116 359 114 855 113390 112 604 112
086 118 062
87207 87207 88 123 90514 92 483 93349 92613 91494 91 178 91 151 90025 89355 r89 021 90 469
r
10,251 10,251 10,237
9,746
9,692
9,518
9,288
9,166
8,963
9,177
9,267
8,990
9,147
9,399
do....
do....
do....
do....
4,167
186,434
17,588
112,788
4,244
4,244
4029
3998
3,684
3951
4087
4429
3866
3700
3556
3446 r 3462
3688
187,724 187,724 190,058 190,323 190,002 191,517 188,274 186,91.6 185,350 182,561 180,468 179,112 178,065 183,306
16982 16982 16440 16 148 16416 15972 15506 15 170 15076 14606 14 509 14 178 13517 13269
r
109,671 109,671 107,588 105,488 104,793 103,346 102,751 99,859 98,943 98,134 97,350 96,371 96,084 97,060
do
do. .
do
do....
3 123
218 190
155 646
62,544
3069
3069
2924
2916
2643
3 288
2 858
2961
2815
2 689
2 528
2 597
2 438 r2 475
220 621 220 621 221 841 222'l97 222'888 224 799 221 766 218 756 216 480 214 264 211 737 210 440 r209 314 216*070
146 701 146 701 145 351 142 868 140 982 140 991 137 852 134 226 132 067 129 183 127 180 125 988 124 721 124 079
73,919 73,919 76,490 79,329 81,905 83,808 83,914 84,530 84,413 85,081 84,557 84,452 r84,593 91,991
New incorporations (50 States and Dist. Col.):
Unadjusted
number..
Seasonally adjusted
do....
533,520
Unfilled orders, end of year or month (seasonally
adjusted) total t
mil. $..
By industry group:
Durable goods industries, total #
do....
Primary metals
do
Blast furnaces, steel mills
do....
Nonferrous and other primary met
do....
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment..
Aircraft missiles and parts
By market category: t
Home goods, apparel, consumer staples
Equip, and defense prod., incl. auto
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
BUSINESS INCORPORATIONS @
r
489,059
48,650
47556
42,680
43330
42,511
47234
52,574
46899
48,845
46876
46,008
46995
48,876
45936
45,282
44525
45,572
46981
45 461
45552
45029
45 530
INDUSTRIAL AND COMMERCIAL
FAILURES @
11 742
1,594
2355
1,599
4,910
1284
Failures total
Commercial service..
Construction
Manufacturing and mining
Retail trade
Wholesale trade
number
do....
do
do....
do....
do . .
Liabilities (current) total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
thous. $.. 4 635,080 6 955 180 626 739
do.... 413,502 1,045,825 103 459
do.... 752 109 851 780 92749
do.... 1,885,017 2,370,415 198 651
do
993 539 1 558 528 100 409
do.... 590,913 1,128,632 131 471
Failure annual rate (seasonally adjusted)
No per 10 000 concerns
*42 1
16794
2,366
3614
2224
6,882
1 708
^IS
1558
228
378
202
586
164
722
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS H
Prices received, all farm products.
1910-14=100..
614
633
do
do....
do
do
do
do....
do
do....
do
do
do....
539
562
583
417
452
458
1219
691
798
878
254
580
r
677
r
566
446
456
r
483
1363
688
842
848
264
Prices paid:
Production items
r
do....
All commodities and services, interest, taxes, and
wage rates (parity index)...
1910-14=100..
799
r
950
1,035
Crops #
•
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry and eggs
'...
Parity ratio §
. .. .
.
CONSUMER PRICES
(U.S. Department of Labor Indexes)
do
855
65
61
247.0
272.3
r
r
r
529
r
735
r
r
547
r
904
r
425
r
584
435
381
434
r
559
1452
641
856
756
253
840
1,035
r
602
399
432
525
1 474
659
850
791
259
r
r
853
1,056
56
57
281.1
282.1
r
609
r
535
r
800
r
415
r
390
425
553
1 474
685
844
841
264
r
r
855
1,059
r
r
r
r
522
r
664
r
425
r
r
533
r
641
r
609
391
419
535
1 469
699
832
870
268
r
r
864
1,066
618
459
404
417
r
549
1469
706
820
898
255
r
863
1,065
r
634
1-544
r
605
r
471
r
417
413
r
596
1469
727
807
950
247
r
868
1,070
58
57
58
59
282.9
2825
283.7
286.5
628
541
r
640
r
490
404
388
r
612
1 474
718
801
936
245
r
873
1,076
r
r
624
r
r
r
r
r
581
585
r
540
r
604
r
r
r
538
r
501
r
r
491
r
r
505
r
r
495
r
578
r
484
r
363
r
398
r
490
547
478
371
401
494
1 530
685
850
859
231
506
385
374
r
761
1 400
711
807
912
254
r
873
1,079
607
508
*528
r
446
363
376
r
689
1 526
710
807
922
236
r
871
1,079
58
58
56
290.1
291.8
2924
619
469
345
r
383
1088
1 565
705
826
894
253
r
865
1,077
r
585
518
505
328
r
388
r
721
1 535
685
844
850
249
r
859
1,073
587
617
506
345
r
393
r
671
1 548
672
856
823
244
r
860
1,075
546
1 548
r
669
r
850
r
828
232
r
859
869
1,073
57
55
' 55
54
2928
2936
293 2
2920
1,083
54
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W)
1967-100..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)
1967-100
Special group indexes:
All items less shelter
do....
All items less food
do
All items less medical care
do....
See footnotes at end of tables.
2468
2724
2815
2825
2834
283 1
2843
287 1
2906
2922
2928
2933
294 1
2936
292 4
235.5
2440
245.5
258.5
2706
270.9
266.0
2808
279.6
267.4
2814
280.6
268.3
282 1
281.5
268.5
281 7
280.9
268.7
2829
282.1
270.6
2860
284.9
273.8
2897
288.4
275.3
2915
289.9
275.7
2925
290.5
276.9
2929
290.8
2779
2940
291.5
278 1
2936
290.8
2782
292 1
289.5
292 1
2
293 1
2785
2
2926
2
290.0
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes) — Continued
Not Seasonally Adjusted
All items (CPI-U)—Continued
Commodities
Nondurables
Nondurables less food
Durables
..
Commodities less food
Services
Services less rent
1967—100
do
do
do. ..
do....
do
do....
233.9
245.0
235.2
210.4
222.0
270.3
285.1
253.6
266.3
257.5
227.1
241.2
305.7
324.3
258.4
269.8
261.1
233.7
246.5
321.8
342.0
258.8
270.8
260.2
233.4
245.9
323.9
344.2
259.5
271.7
260.1
233.7
246.0
325.3
345.7
258.8
270.7
258.4
233.5
245.2
325.5
345.7
258.9
269.3
255.0
235.8
245.0
328.4
349.1
261.5
270.7
256.2
239.8
247.8
331.8
352.8
265.1
274.4
261.2
243.2
251.9
334.9
356.5
266.5
275.7
263.0
244.7
253.5
337.0
358.5
266.4
275.5
263.6
244.6
253.8
338.9
360.5
266.6
276.2
264.6
244.1
253.9
339.7
361.3
267.5
276.5
265.7
246.0
255.4
340.3
361.6
267.8
276.4
266.1
246.6
256.0
338.6
359.3
267.7
275.8
264.7
247.3
255.8
335.6
355.5
Food #
Food at home
do....
do
254.6
251.5
274.6
269.9
277.8
271.7
281.0
275.3
283.3
278.0
283.0
277.1
283.9
277.9
285.5
279.8
287.8
282.6
288.5
282.8
287.4
280.8
287.6
280.6
287.0
279.4
286.4
278.3
286.5
277.8
'267.2
275.2
262.4
'247.3
'254.4
'337.9
(2)
288.1
279.3
Housing
Shelter #
Rent residential
Homeownership
Fuel and utilities #
Fuel oil, coal, and bottled gas
Gas (piped) and electricity
Household furnishings and operation
do
do....
do
do
do....
do....
do....
do....
263.3
281.7
191.6
314.0
278.6
556.0
301.8
205.4
293.5
314.7
208.2
352.7
319.2
675.9
345.9
221.3
305.2
328.0
216.5
367.8
331.8
682.5
359.9
227.7
306.1
328.3
217.8
367.5
336.2
686.0
367.4
228.4
307.3
329.5
218.6
368.7
337.1
683.1
368.7
230.2
306.7
327.6
219.6
365.7
339.3
664.0
375.9
231.6
309.4
331.4
220.1
370.6
339.2
641.3
377.8
232.6
313.8
336.7
221.8
377.4
345.4
644.6
389.0
233.4
317.5
340.9
222.6
382.8
352.2
656.6
398.9
233.7
319.2
342.8
224.8
384.5
354.7
659.9
402.1
234.1
320.1
344.2
226.0
385.9
356.3
659.9
404.4
233.4
319.7
342.6
226.9
383.0
359.5
662.8
409.2
234.2
320.7
342.8
228.9
382.8
363.4
677.2
413.4
235.4
319.0
340.7
230.2
379.5
362.2
691.3
407.6
235.1
316.3
335.9
230.8
372.9
364.1
688.5
410.6
235.7
'317.9
'338.3
232.2
(2)
365.4
671.1
413.5
'235.8
Apparel and upkeep
Transportation
Private
New cars
..
Used cars
Public
..
Medical care
do
do....
do
do....
do
do....
do....
178.4
249.7
249.2
179.3
208.1
251.6
265.9
186.9
280.0
277.5
190.2
256.9
312.0
294.5
190.5
289.8
286.5
197.0
281.9
333.8
310.2
187.3
289.9
286.6
197.4
280.5
334.9
313.4
188.0
288.0
284.5
195.5
279.7
336.8
316.2
191.1
285.1
281.3
194.4
280.9
336.7
318.8
191.9
282.9
278.8
196.0
285.1
339.3
321.7
191.5
285.6
281.5
197.5
291.4
342.1
323.8
190.8
292.8
288.9
198.1
298.2
345.6
326.4
189.7
296.1
292.3
198.6
302.4
347.2
330.0
191.8
296.2
292.4
198.7
304.4
348.1
333.3
194.9
295.3
291.1
197.7
304.6
353.3
336.0
195.5
295.5
291.1
197.7
306.7
356.3
338.7
195.4
295.8
291.4
199.0
310.5
356.0
342.2
193.6
294.8
290.4
200.1
312.6
355.6
344.3
191.0
293.0
288.4
201.0
311.0
357.7
347.8
Seasonally Adjusted
0.4
All items percent change from previous month
Commodities
1967—100
Commodities less food
do
Food
.
do....
Food at home
do
279.4
.'273.2
Apparel and upkeep
do
Transportation
Private
New cars
do
do....
do
Services .
r
o.i
r
o.o
r
266.0
r
253.6
r
286.9
r
279.9
'266.4
r
253.8
'287.5
'280.2
r
0.4
267.9
255.6
r
288.1
'280.5
191.1
191.5
192.2
192.7
192.8
r
282.5
r
r
285.1
r
r
291.5
r
r
294.1
r
290.4
198.0
r
'295.3
291.6
199.2
r
295.6
r
'329.0
r
'334.9
r
r
275.5
245.7
'282.6
r
277.1
277.4
247.3
285.4
r
279.7
189.6
189.5
190.2
190.6
190.8
r
291.2
r
r
290.9
r
r
287.7
195.9
'287.0
'283.5
195.3
r
r
r
322.9
r
259.0
r
324.8
326.0
286.6
'283.0
195.7
326.1
o.i
r
265.8
r
253.0
r
1.0
r
261.0
r
r
259.5
r
246.7
r
281.3
r
r
r
264.3
r
251.2
r
0.2
r
258.1
r
244.2
r
283.3
r
288.2
196.3
do....
0.3
'258.8
r
245.3
'282.8
r
277.0
r
259.3
r
247.2
r
278.6
196.1
281.2
196.5
332.1
1.1
287.1
'281.5
287.7
197.2
0.6
287.6
'281.5
336.8
0.3
r
o.o
-0.3
'0.2
'268.1
268.1
'255.9
r
288.2
r
280.1
r
268.4
r
256.3
r
288.1
r
193.3
193.2
192.7
193.2
r
r
296.0
r
r
291.6
199.6
296.4
'292.3
199.2
291.8
198.7
295.8
'291.7
199.3
293.9
289.4
199.4
338.9
r
r
r
r
336.7
'338.3
339.1
339.9
r
339.3
279.4
'255.6
288.3
279.5
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
268.8
293.4
295.8
298.3
298.6
298.0
298.0
298.6
299.3
300.4
300.2
'299.3
299.9
300.4
300.6
300.0
304.6
280.3
247.0
248.9
239.8
329.0
306.0
269.8
271.3
264.3
311.5
309.4
275.4
275.8
274.1
318.4
311.0
277.9
278.3
276.2
321.6
311.1
277.9
278.6
275.0
320.0
310.6
277.3
277.7
275.8
322.6
309.9
277.3
277.3
277.2
328.3
309.8
277.8
277.7
278.1
325.6
309.9
279.9
280.1
279.2
323.4
311.1
281.7
282.1
280.2
319.8
310.8
282.3
282.8
280.7
r
316.1
r
310.5
r
281.2
r
281.9
'278.7
312.2
310.0
284.1
284.2
283.8
313.4
310.1
284.9
285.2
284.0
312.6
310.2
285.1
285.1
285.1
313.7
309.9
283.6
283.0
285.7
251.5
282.4
261.5
250.8
273.0
269.8
312.4
286.0
269.6
303.6
276.0
311.4
289.9
276.5
304.3
277.6
314.7
291.9
278.0
306.8
277.4
315.4
292.0
277.8
307.2
277.4
314.2
291.4
277.8
305.9
278.1
313.6
291.1
278.7
304.1
278.5
314.5
291.3
279.2
304.0
278.3
316.0
292.4
279.3
306.3
278.9
317.6
293.7
279.9
308.5
278.8
317.1
293.8
279.8
308.6
'278.6
r
315.7
r
292.9
r
279.6
r
307.1
281.4
314.3
293.9
282.4
305.9
281.2
315.5
294.0
282.4
306.3
282.0
315.1
294.1
283.2
305.6
282.8
313.4
293.7
283.9
303.9
251.5
254.9
248.7
248.4
247.1
248.1
255.8
256.5
254.4
255.3
252.7
255.8
252.4
246.6
254.6
249.6
240.8
253.5
r
247.4
r
234.5
r
253.5
243.9
229.1
251.0
244.0
230.6
250.4
244.8
232.5
250.6
245.9
233.1
251.8
311.8
311.6
247.5
244.7
248.1
311.0
251.6
250.6
251.1
304.1
241.0
234.6
243.6
310.0
246.0
242.2
247.1
do...
244.7
249.4
241.2
274.8
309.9
309.6
310.6
312.8
313.2
'312.7
314.4
315.1
315.0
314.0
do
do...
do...
do...
do...
do
do
260.3
574.0
187.7
248.9
288.9
239.8
286.4
287.8
694.4
198.4
261.5
292.8
263.1
300.4
291.8
702.5
202.9
260.7
285.4
272.0
303.3
292.9
705.1
203.5
261.8
285.5
274.1
304.7
293.6
697.8
204.6
261.6
285.2
275.4
304.2
294.6
689.7
205.5
260.6
285.3
276.2
302.9
294.3
670.6
206.0
263.4
286.5
277.6
303.1
295.0
662.2
206.5
263.2
284.6
278.2
302.8
293.3
677.3
207.0
261.8
289.0
278.6
299.3
291.6
701.1
206.8
263.1
288.6
279.6
299.5
291.6
705.6
208.1
262.0
284.2
279.9
299.2
r
290.7
'700.4
'208.3
r
263.5
283.0
'280.2
301.8
290.4
699.6
208.4
264.7
279.6
280.9
302.1
290.5
707.3
208.3
264.3
279.9
281.3
301.0
289.3
702.6
208.6
265.2
284.8
281.8
300.9
289.2
686.3
210.1
265.6
292.1
282.7
301.7
Nonmetallic mineral products
do
Pulp paper and allied products
do
Rubber and plastics products
do...
Textile products and apparel
do
Transportation equipment # ....Dec. 1968=100.
Motor vehicles and equip
1967—100.
283.0
249.2
217.4
183.5
207.0
208.8
309.5
273.7
232.8
199.6
235.4
237.5
313.5
281.0
238.3
203.4
246.8
249.5
315.6
285.5
237.3
205.0
248.6
250.8
319.0
2863
239.3
205.6
245.2
246.8
319.9
287.4
240.8
205.0
245.2
246.8
320.2
288.5
241.1
205.4
245.8
247.2
321.2
289.6
242.1
205.4
247.5
249.2
320.9
289.5
242.5
205.0
249.1
251.1
321.1
289.1
242.0
204.1
249.8
252.0
320.5
289.3
242.6
204.2
250.6
252.8
r
321.2
r
289.4
r
321.2
289.2
243.0
202.6
256.4
258.1
321.5
289.6
242.6
203.5
256.1
257.5
320.9
289.5
243.0
202.4
257.5
257.9
321.5
291.1
244.5
202.6
257.1
257.8
All commodities
1967—100..
By stage of processing: t
Crude materials for further processing
do....
Intermediate materials, supplies, etc
do....
Finished goods 4£
do
Finished consumer goods
do
Capital equipment
do
By durability of product:
Durable goods
do
Nondurable goods
do....
Total manufactures
do
Durable manufactures
do
Nondurable manufactures
do
Farm prod., processed foods and feeds
Farm products ...
..
Foods and feeds processed
Industrial commodities
Chemicals and allied products
Fuels and related prod., and power
Furniture and household durables
Hides, skins, and leather products
Lumber and wood products
Machinery and equipment
Metals and metal products
do...
do ..
... do
242.5
'204.3
r
244.5
r
244.6
Seasonally Adjusted $
Finished goods, percent change from previous
month..
By stage of processing: t
Crude materials for further processing 1967 — 100
Intermediate materials, supplies etc
. do...
Finished goods $
do
Finished consumer goods
do
Food
do
Finished goods exc foods
do
Durable
.
do
Nondurable
do
Capital equipment
do
r
0.4
0.3
r
o.i
273.6
320.2
'311.9
r
277.3
r
278.0
r
256.2
r
284.8
r
224.2
r
330.0
r
274.9
r
317.9
r
311.0
r
277.5
r
278.3
r
257.8
r
0.363
0.355
0.360
0.354
r
315.1
r
311.0
r
276.2
r
277.0
r
253.3
284.6
r
223.8
r
329.9
r
r
r
-0.3
0.1
r
317.0
r
309.6
r
276.8
r
r
320.8
r
284.6
'223.3
r
330.3
r
274.5
277.0
'257.4
r
282.9
r
224.6
r
326.5
r
276.0
308.4
277.1
277.3
r
261.6
r
281.6
'224.3
r
324.4
276.5
0.360
0.353
0.361
0.353
0.361
0.352
r
o.o
1.0
r
326.4
r
308.7
r
277.1
r
276.9
r
262.3
r
280.7
r
225.0
r
322.4
r
r
325.8
r
309.7
r
279.9
r
280.0
r
263.5
r
284.6
r
226.8
r
277.8
0.360
0.348
0.5
r
r
r
0.5
o.i
r
r
0.4
310.3
'282.5
'282.6
r
259.4
r
290.1
r
228.6
r
336.2
r
282.3
315.4
310.8
r
282.8
r
283.0
r
258.3
r
291.2
'227.8
'338.6
'281.9
r
314.4
r
0.354
0.342
'0.356
0.341
0.352
0.340
327.7
279.5
322.1
'310.3
281.2
r
281.5
r
259.2
r
288.5
r
227.4
r
334.3
280.5
r
319.1
r
0.357
0.344
0.355
0.342
310.9
283.9
r
284.3
r
258.3
293.0
'228.6
'341.4
r
282.5
r
229.4
345.2
283.3
316.5
311.8
r
286.0
r
286.5
r
258.7
r
295.9
r
229.9
'345.5
'284.6
0.351
0.341
0.351
0.342
r
-1.0
'0.2
0.6
317.4
r
311.9
r
285.5
r
286.1
r
258.4
r
295.6
r
315.6
310.8
283.0
282.6
258.2
290.5
229.8
335.9
284.3
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
Consumer prices
..
See footnotes at end of tables.
1967— $1.00.
do
0.405
0.406
0.371
0.367
0.353
0.341
1
S-7
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Dec.
Annual
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
r
r
mil. $..
230,749
238 201
18865
15 142
14 726
16705
17943
19 323
20932
20490
21 021
21402
20 635
19698
do....
do
do....
175,699
87261
63,139
185,222
86566
62664
14,941
5 966
3951
12,170
4 963
3450
11,794
4 417
3 166
13,349
5 175
3789
14,173
5915
3856
15,205
6 609
4 175
16,281
6 899
4 406
15,738
6 680
4676
15,801
6628
4846
16,005 16,124
16,098
6 602 rF6 815 rr7 067
5006
4971
5068
15,813
6 570
4565
Nonresidential buildings, except farm and
public utilities, total #
mil. $..
Industrial
.
do
Commercial
do....
Public utilities:
Telephone and telegraph
do....
52,434
13837
29,945
60818
17030
34248
4575
1 239
2623
5018
1338
2898
5 195
1296
3078
5383
1417
3 119
5776
1 543
3320
New construction (unadjusted) total
Private, total #
Residential
New housing units
5230
1 456
3008
4542
1226
2619
5610
1 433
3302
5615
1458
3235
21 028
5679
1 465
3289
5774
1 548
3252
6,733
7,074
652
466
584
626
652
652
52979
3924
2971
3 356
3 770
588
4 us
654
55050
531
2 932
639
do
4 651
4 752
5220
5 396
r
Buildings (excluding military) #
Housing and redevelopment
Industrial
do....
do....
do
18,517
1,648
1 441
17,792
1,722
1655
1,459
147
158
1,186
111
93
1,227
113
121
1,290
129
138
1,377
137
150
1,377
128
131
1,468
132
146
1,458
142
141
1,527
153
144
1,599
150
167
1,461
154
136
Military facilities
Highways and streets
do
do....
1880
13,807
1 964
13,304
161
756
159
434
114
444
179
585
137
721
186
1 014
168
1467
201
1 563
215
1 673
244
1672
2288
225 1
222 6
2246
226 1
228 7
231 6
227 3
228 1
228 1
1766
1755
1730
1736
175 1
179 9
182 6
178 7
176 6
177 0
758
49 4
737
51 0
692
49 2
700
51 0
72 3
49 6
75 5
51 0
75 3
49 8
73 4
51 5
72 1
52 3
71 5
53 1
622
16 6
364
628
17 1
362
64 1
17 2
368
649
16 6
384
64 2
15 9
38 4
64 4
67 1
18 4
38 0
64 0
16 4
37 5
63 3
16 7
36 1
64 2
16 6
37 1
Public total #
.
New construction (seasonally adjusted at annual
rates) total
..
bil $
Private, total #
.
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities, total #
bil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
17 1
36 8
r
5652
1 369
3285
r
604
4 905
599
r
4 538
3 885
1,512
162
138
1,344
142
127
184
211
1 649 1 241
r
5334
1 313
3075
204
763
228 8
r
235 8
239 o
177 7
183 8
186 8
74 0
52 3
r
78 9
r
54 7
83 1
57 1
63 5
17 1
35 7
r
64 7
15
8
r
37 8
63 5
15 0
37 1
r
75
73
84
74
71
73
70
74
72
73
do
522
496
496
510
51 0
48 8
48 9
48 9
51 4
51 1
r
r
52 0
52 2
Buildings (excluding military) # .. . .
Housing and redevelopment
Industrial
.
do
do....
do
176
1.6
18
168
1.7
1i
177
1.5
18
169
1.6
16
17 5
1.6
18
16 5
1.5
15
16 8
1.6
16
16 1
1.6
17
16 9
1.8
18
16 8
1.6
16
17 1
19
19
17
8
r
20
19
16 2
16
14
Military facilities
Highways and streets
do
do....
20
127
21
115
15
124
23
133
17
12 1
21
11 7
19
13 1
23
14 1
25
133
27
135
23
143
25
13 9
25
13 2
11 980
115
10 580
118
8 881
115
13 036
'105
11 713
88
11 821
94
15 444
111
12 528
98
13 896
112
14 180
117
12 549
105
12 909
122
13 977
131
r
r
2811
r
2 673
7907
2 998
5883
4280
8756
3 394
8319
3 773
8 048
4 360
11 084
3 745
8 783
3 411
10485
3 849
10330
3 272
9276
3 137
9 772
2 835
11 142
r
60
r
60
r
088
164
33 228
r
4 362
r
3677
r
3941
3458
3008
4 113
3606
3 143
2 132
5273
4600
3 164
4 400
4 656
2658
4 233
4 984
2 604
6 113
5 602
3 729
5 Oil
5 144
2 372
5250
5 414
3232
5226
5 525
3429
5027
5 629
1 893
4 520
5 628
2 761
3 975
5 184
4 818
Public, total #
65
51 1
68
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation total
mil $
Index (mo. data seas, adj.)
1977=100..
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) §
mil $
do....
148 393
107
41 717
106,676
153rl480
l!0
38 956
114,524
9 170
do....
do
do....
52,492
63668
32,234
do. ..
149,143
166 366
17516
13920
12 102
10844
14 043
9 119
8 278
11 992
10 385
11 936
13 373
15 530
17 683
12 665
thous..
do
do
1,312.6
12922
8522
1,100.3
1 0842
7054
59.7
59 1
34 1
47.6
47 2
293
52.0
51 3
325
78.7
78 2
518
85.1
84 1
558
99.2
98 8
58 9
91.9
91 1
63 5
107.2
106 8
61 4
97.2
96 0
620
108.4
106 4
63 3
111.5
110 5
66 3
109.9
108
9
r
66 0
r
82.2
r
81 7
r
94.6
93 0
55 6
r
906
r
r
877
r
r
911
r
r
920
r
r
911
r
583
1 028
'622
r
910
r
797
454
803
450
792
436
851
460
879
450
944
488
139
221
17
3
r
248
156.5
156.0
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
.
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
do
do....
New private housing units authorized by building
permits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do....
Manufacturers' shipments of mobile homes
Unadjusted ..
Seasonally adjusted at annual rates
thous
do....
556
1 191
"710
2216
986
564
r
240 9
142
216
r
585
r
561
607
22 1
244
r
22 3
249
r
21 8
244
r
617
929
516
23 6
252
r
51 6
1r 185 1r 046 1r 134 1 142 1 361 1r 263
r
r
651
625
683
837
716
868
1 062
500
888
497
1 003
561
19 4
240
22 2
234
21 2
222
155.1
154.8
155.1
r
1 172
651
20 4
224
r
1 192
729
1r 305
736
18 8
251
15 9
243
1584
1606
r
1 716
1 110
1 512
893
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1977=100..
143.2
152.5
156.1
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
1913—100
do....
do....
do
do....
2495
2,660
2,553
2671
2,343
2643
2,841
2,645
2873
2,453
2700
2,893
2,659
2934
2,535
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings 1977=100..
Commercial and factory buildings
do
Residences
do....
125.1
1277
128.9
137.4
140 1
136.0
Engineering News-Record:
Building
Construction
2877
3014
3103
3289
3223
3440
163.0
156.7
156.8
1967-100
do
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr.)
1977=100..
See footnotes at end of tables.
144.1
1463
142 1
3247
3468
156.3
156.5
146.0
1485
143.1
3257
3478
3248
3472
145.3
154.9
154.3
149.0
151 1
146 1
3250
3473
3286
3530
152.6
154 3
1499
328 5
3529
146.8
330 6
3579
155.8
153.6
1552
1512
3335
3600
332 9
3610
147.8
154.9
156 0
1525
332 8
3609
334 5
3623
339 6
3660
146.1
2342 o
2
3687
S-8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE H
Mortgage applications for new home construction:
FHA net applications
.
thous units
Seasonally adjusted annual rates
do....
6.7
90
8.2
100
68
102
98
180
11.8
106
7.9
143
11.3
168
83
178
13.0
149
14.1
157
12.3
137
11.9
128
12.9
154
15.7
186
r
16.9
227
r
15.1
238
19.5
274
547.57
374.45
589.61
327.85
716.28
443.89
653.80
438.90
592.51
552.50
772.41
743.54
724.61
38569
771.21 1,083.56
45478 563.89
914.79
630.80
67,941
67,801
69,398
69,325
68,399
67,642
67,077
66,308
66,004
62,365
r
75
!28
86
110
98
101
9.1
141
9.3
138
9.1
120
11.1
119
13.6
143
Home mortgages insured or guaranteed by:
Fed Hous. Adm.: Face amount
mil. $.. 16,458.53 10,278.14
13 855 54 7 905 93
Vet Adm * Face amount §
do
593.31
35769
443.87
32739
606.52
39360
585.12
421 78
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
65,194
65,099
65,089
66,162
Requests for VA appraisals
Seasonally adjusted annual rates
do....
do
New mortgage loans of all savings and loan
By purpose of loan:
Home construction
do
All other purposes
do
1414
923
8.2
115
202.2
153.8
48,963
65,194
72 537
53 283
3760
2628
2849
14 946
42 957
14634
11599
28299
13 385
824
1 682
1254
495
1204
929
592
1320
937
966
1647
1353
6.3
74
r
5.2
65
r
r
r
3807
3797
5006
4 101
4543
5 112
4724
832
1612
1,363
796
1 607
1,394
1,052
2080
1,874
859
1 921
1321
981
1962
1,600
1,154
1988
1,970
1,125
1,194
1 786 1 938
r
1,813
2,182
1,625
2543
3680
7848
5314
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Publishers Information
Bureau):
Cost total
mil $
Apparel and accessories
do
Automotive incl accessories
do
Building materials
do....
Drugs and toiletries
..
do
Foods, soft drinks, confectionery
do....
Beer wine liquors
Houshold equip., supplies, furnishings .
Industrial materials
Soaps cleansers etc
Smoking materials
All other
28726
1122
231 1
52.5
280.8
211.9
32225
1417
290 1
56.5
318.3
231.8
2753
116
210
3.8
23.5
20.3
2112
79
203
2.7
20.1
10.3
2495
8.4
235
2.5
27.8
21.1
2878
15.1
296
4.4
27.5
18.5
2909
15.9
255
5.9
30.8
26.2
3389
11.8
365
6.8
34.4
21.2
262.7
5.5
170
4.4
28.7
22.8
2107
7.6
21 2
3.7
22.6
20.9
2116
130
20 1
3.0
23.5
15.8
3075
23.2
179
6.9
30.4
22.3
351.1
17.2
368
5.1
30.3
26.9
397.6
16.7
462
4.1
28.5
34.3
2855
11.9
269
2.7
24.7
20.8
2392
1396
710
300
290.3
12139
2518
165.4
675
296
314.5
1355 1
37.9
13.0
47
1.7
25.2
112.7
15.1
7.1
35
1.5
21.2
101.4
16.2
6.7
42
1.9
24.5
112.5
20.8
12.5
5.5
2.8
27.1
123.3
20.7
14.9
52
3.1
28.9
129.6
22.7
19.2
8.0
3.0
32.3
143.0
23.2
9.6
3.5
2.3
28.2
117.5
16.1
8.5
3.2
1.4
27.2
66.6
122
6.7
32
1.7
31.0
82.8
19.5
17.1
3.9
2.1
32.0
132.1
24.3
16.0
3.7
3.2
34.2
153.1
32.6
17.5
4.4
2.5
38.7
172.0
34.8
10.8
24
1.1
32.7
116.7
8 185 9
1824
2 1956
297 3
1 1217
4 388 9
9 575 4
2256
25149
387 2
13800
5 067 8
795 0
132
149 1
317
917
509 4
738 3
216
2084
426
1206
345 0
729 6
225
197.3
260
119 1
3647
824 3
258
2185
313
1288
4199
814 7
24 1
2092
306
1228
4280
9049
250
233.6
294
137.8
4790
mil. $.. 1,055,168 1,174,072
448 040 499 970
do
607 128 674 102
do
98,565
41012
57,553
87,340
35404
51,936
87,470 103,912
36578 42482
50,892 61,430
96,622
39,675
56,947
95,748
37,908
57,840
98,549
39,582
58,967
91,642
37348
54,294
92,666
38383
54,283
91,904
38,647
53,257
91,461
38,704
52,757
r
92,603
r
38 538
r
92,551
37,702
54,849
do
do
do
do
do....
do
Newspaper advertising expenditures (Media
Records Inc.):
Total
mil $
Automotive
do
Classified
do
General
Retail
do
do
WHOLESALE TRADE $
Merchant wholesalers sales (unadj.), total
Durable goods establishments
Nondurable goods establishments ..
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $..
Durable goods establishments
do....
Nondurable goods establishments
do
104,655
65 825
38 830
54,065
112,675
111,163 111,163 111,331 110,187 111,386 113,319 111,342 112,469 112,444 111,116 112,255 114,075 113,581
72,345 72,345 71,575 71,931 73,073 75,265 74,169 75,238 76,219 75,031 75,344 75,118 r73,737 73,151
38818 38818 39756 38256 38313 38,054 37,173 37,231 36 225 36,085 36,911 38,957 r39,844 39,524
RETAIL TRADE
All retail stores: t
Estimated sales (unadj.), total t
mil. $..
951,902 1,038,790
106,069
76,647
75,698
86,129
87,502
90,347
88,426
90,600
89,130
87,755
90,877
r
29,443
28,502
28,116
27,889
27,762
27,710
r
32,104
'24,667
93,878 112,382
29,464
r
'81,012
Durable goods stores #
do.,.. 296,594
Building materials, hardware, garden supply,
and mobile home dealers
mil. $.. - 49,616
Automotive dealers
. do . 162 309
Furniture, home furn., and equip
do....
43,416
326,596
29,140
21,704
23,365
27,988
27,903
53,164
180 722
45,701
3,841
13,341
4,836
3,058
12 118
3,211
3,055
13912
3,143
3,861
17,068
3,552
4,308
16,506
3,451
4,886
17,329
3,477
4,808
16,225
3,647
4,665
15996
3,715
4,501
15,880
3,676
4,477
15,828
3,577
4,489 r4,133 r3,907
15,498
15,788 16,862
3,677 r4,003 r5,027
'3,352
14,468
'3,423
Nondurable goods stores
General merch. group stores
Food stores
Gasoline service stations ..
63 167 r64,414
11,089 13,243
21,300 r20,440
r
8296
8,030
r
80,278
r
21,230
r
23,225
r
'56,345
1
8,164
'20,287
'7,509
6,874
146
4,044
1,974
'3,341
'8,353
'2,838
91 482
'91 575
...
Apparel and accessory stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated sales (seas adj ) total 1"
do....
do....
do....
do
655 308
117,227
217,047
93624
712 194
127,494
237,586
101 665
76,929
19,888
22,019
8555
54,943
7,442
19,966
8 110
52,333
7,468
18,594
7460
58,141
9,473
20,066
7918
59,599
10,226
20,616
7,819
60,904
10,775
21,157
8,062
59,924
10,143
20,785
8463
62 484
10,124
22,398
8852
61,241
10,519
20,600
8,577
59,993
10,119
20,703
8 144
do....
do
do....
do. ..
44,426
85842
30,504
17083
47,755
94070
32,999
17461
6,676
7888
3,837
2,125
3,302
7279
2,590
1,333
3,168
7259
2,575
1,257
3,729
8129
2,802
1,362
4,038
8,464
2,829
1,410
3,934
8889
2,833
1,469
3,649
8934
2,827
1,450
4,130
9,427
2,802
1,439
3,919
8812
2,764
1,389
4,157
9204
2,855
1,434
86572
85320
87418
87242
88294
90841
88 042
3,812
9428
2,827
1,560
89445
88502
89 326
90290
r
26206
25316
26696
26958
27984
29416
27 175
27403
26668
27498
27849
r
4,058
2586
783
4,046
2538
844
4,102
2668
777
4,173
2727
785
4,263
2829
759
4,480
2938
820
4,261
2,855
764
4,257
2861
746
4,076
2742
714
4,077
2,733
709
4,116
2796
744
15,492 14,911
13688 13 137
1 804 1774
15,671
13893
1778
do
Durable ^oods stores $
do
Building materials, hardware, garden supply,
and mobile home dealers #
mil. $..
Building materials and supply stores do
Hardware stores
do....
....
do....
do
do....
14,497
12819
1,678
13,677
12083
1,594
14,819
13 156
1663
15,175
13526
1649
16,074
14360
1,714
17,269
15485
1,784
15,288
13446
1842
Furniture home furn., and equip 4^ .
Furniture, home furnishings stores
Household appliance, radio, TV
do .
do....
do....
3 776
2,285
1,236
3508
2,112
1,137
3634
2,161
1,180
3652
2,182
1,173
3,706
2,233
1,184
3723
2,239
1,181
3641
2,187
1,136
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
See footnotes at end of tables.
3717
2,204
1,222
3,613
2,187
1,123
3600
2,180
1,109
8,100
r
4,495
r
8552
r
r
9
r
2,921
1,439
92 546
30 175
r
4,124
r
2776
r
r
r
29 276
r
'28 997
4,155
2,941
722
'4,416
16,123 18,183 17,012
14313 16 370 15 278
1 810 1813
1,734
'16,545
'14826
3631
2,242
1,118
752
r
3 698
r
2,258
1,175
r
3,898
2,317
1,302
'3,855
S-9
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
Jan.
Feb.
Mar.
Apr.
May
1983
Nov.
June
July
Aug.
Sept.
Oct.
Dec.
Jan.
62 042
11039
9 140
746
61 834
10 895
9003
758
61 828
10 838
8924
732
62 441 TQ2 371 r62 206
10891 11
085 11 499
9 004 r9068 r9413
1-741
736
756
J
20990
19361
8257
21 070
19469
8 177
21 157 r21 086 r21 060
19578 19481
19 604
8 206 r8211 r8 028
4 019
4r 120 r 4089
634
640
631
1,606
1557 1609
r
730
725
714
i2i 075
*19 447
ig 014
4 175
660
1,595
754
21 067
19428
8 138
4 082
611
1556
746
8697
2 905
1468
8777
2 892
1 449
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores t— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores
mil $
General merch group stores
do
Department stores ,.
, . ... do ..
Variety stores
do
Food stores
...
do ..
Grocery stores.,,,....
,
do...
Gasoline service stations
.. . do
60722
10735
8890
711
20390
18,737
8363
60 284
10833
8,992
760
60 310
10700
8861
721
61 425
11 181
9237
759
20487
18950
8521
60004
10427
8672
707
20213
18666
8628
20 340
18798
8 047
20984
19390
7 935
Apparel and accessory stores $
do.
Men's and boys' clothing
do ..
Women's clothing, spec, stores, furriers do...
Shoe stores
..
. do .,
3984
627
1471
750
3947
568
1,534
722
4334
618
1,661
786
4 196
619
1599
781
20555
19026
7 827
4017
633
1562
700
4233
679
1641
759
60867
10795
8923
717
20648
19017
8075
4001
644
1542
707
Eating and drinking places ..
Drug and proprietary stores
Liquor stores ' .
7880
2 801
1500
7973
2690
1 466
8431
2827
1465
8 329
2 880
1495
8364
2852
1519
8514
2 882
1496
8549
2 920
1453
...
Nondurable goods stores #.,
do. .
General merch. group stores..
do....
Department stores
do. .
Food stores
......,.,.,.,,,...., do....
Apparel and accessory stores .,
do....
Firms with 11 or more stores:
Estimated sales (unadjusted), total
mil. $..
Durable goods stores
..
. . . . . do.
Auto and home supply stores
do....
Estimated sales (sea. adj ) total #
Auto and home supply stores
Department stores . . .
.
Variety stores .,,
Grocery stores
.,
()
do.
do
do
Estimated inventories, end of year or month: t
Book value (unadjusted), total
mil. $..
Durable goods stores •$•
..
do
Building materials and supply stores .. do....
Automotive dealers
do....
Furniture, home furn., and equip ........ do....
Nondurable goods stores #
,
do....
General merch. group stores.............
do....
Department stores
,..,....,.....
do....
Food stores
.
do
Apparel and accessory stores
do...,
Book value (seas, adj.), total
do....
Durable goods stores #
do....
Building materials and supply stores ,. do....
Automotive dealers
,
do....
Furniture, home furn., and equip
do....
Nondurable goods stores # ,
General merchandise group stores
Food stores
Grocery stores....
..
Apparel and accessory stores
Eating places
Drug stores and proprietary stores
,. do....
do....
do....
do
do....
do
do....
111,104
52991
9,197
24,708
8,346
58113
19,811
14,835
12660
9,041
114,114
53,747
9,610
24488
8,542
60367
21,810
16 213
12,535
9,388
4007
654
1 503
741
8699
2 950
1 448
9050
2943
1 463
r
9059
r
2962
1 442
r
9046
r
2 920
1 385
62 578
11
J 606
9 517
14 099
1
9 240
12991
122,236 122,236 119,899 120 063 123 374 123,540 122 399 124 049 124 371 125 253 129 065 133 667 134 259
57994 57994 57454 56869 57842 57780 57319 58419 58462 57 935 59 131 r60
146 59 995
9,390
9,390
9,997
9,372
9,657
9,795
9,970
9,951
9,868
9,804
9,638 r9,749
9,905
28,211 28,211 28,249 27,384 28,097 27,624 27,207 28483 28762 27657 28 179 r28,507
27 978
r
8,847
8,847
8,663
8,605
8,630
8,630
8,688
8,772
8,738
8,939
9,156
9,356
9,331
64242 64242 62445 63 194 65532 65760 65080 65630 65909 67318 69934 rr73 521 74264
22,515 22,515 22,113 22,575 24016 24411 24070 24324 24686 25435 26781 r28 890 28963
16,897 16,897 16,600 16,882 18,025 18,395 18,069 18,039 18,128 18,722 19,760 21,511 21,718
13825 13825 13573 13724 13 907 13 907 13 825 14 009 13 702 13 586 13 830 14 461 14 929
9574
9,574
9249
9565 10'054
9882
9837
9963 10533 10976 11 247 11 193
9945
125 693 125 693 124 131 123 395 123 332 123 175 122 367 124 351 124 939 127 151 129 073 128 628 126 587
58,835 58,835 57,807 56,957 56,803 56663 55984 57,346 58246 60075 61628 r60
708 59 095
9,822
9,822
9,652
9,638
9,500
9,587
9,785
9,878
9,734
9,863
9745 r9857 10,066
27,987 27,987 27,695 27,006 27068 26716 25911 27414 28337 29803 30931 r30 008 28232
9,074
9,074
8,968
8,826
8,791
8,708
8604
8,679
8,728
9,050
8,886
9056 F8996
66858 66858 66324 66438 66529 66512 66383 67005 66693 67 076 67 445 rr67 920 67492
24,821 24,821 24,666 24,611 24689 24,620 24444 24751 24 929 25 109 25018 25611 25308
18487 18487 18465 18470 18506 18469 18270 18370 18442 18 629 18 589 19 138 18 787
13,702 13,702 13766 14018 13824 13893 13979 14 165 13896 13835 13956 13 999 14272
9,952
9,952 10,097 10,197 10,301 10,200 10,177 10,236 10,115 10 296 10,325 10,132 10,021
338,028
25 023
3,606
372,443
27216
3846
313 005
105,982
115,059
113 630
17066
18237
16,137
345 227
116,115
127 517
125629
18798
20 125
17,769
do.,..
do
. . . . do....
do....
do.
Apparel and accessory stores
Women's clothing spec stores furriers
Shoe stores
.. .. ,.,,,..
Drug stores and proprietary stores
60 366
10774
8,728
738
2
(2)
do ...
do
do
do....
44,821
3447
345
41 374
18,270
12,064
11790
2790
1705
2,254
31827
320
8407
580
10927
1591
655
366
1489
27,194
26,138
1710
'275
1718
259
25484
6,753
10,934
10 797
1 160
1579
1,394
31311
329
8330
550
10733
1598
674
358
1488
24420
6,814
10086
9929
1 137
1512
1,374
31951
339
8539
563
10863
1710
718
368
1561
30,277
2 115
323
31360
32 205
2 205
352
2 370
346
32491
2368
2387
359
370
28 162 29 155 29835 28900 30 104
8,715
9,401
9,931
9,334
9,279
10923 11204 11 321 11038 12046
10779 11 031 11 175 10 889 11 886
1477
1666
1606
1458
1534
1 750 1 804 1 925 1 926 2 014
1,524
1,535
1,550
1,518
1,554
32044 31789 32737 32362 32932
332
337
329
341
348
8 830
8668
8914
8 626
8 517
598
619
602
586
571
10 910 10 987 11 130 11 044 11 140
1 664 1 614 1 724 1 614 1 740
713
697
676
713
679
342
365
388
379
353
1611
1578
1604
1547
1588
31 268
2 305
348
31507
2 320
345
29609
9,686
1C 928
10 778
1776
2 Oil
1,521
29 187
9290
11201
11 057
1 611
1 856
1,507
32651
338
8 680
604
11 321
32 768
344
8 632
587
11 225
31914
1 680
700
357
1575
r
35558
2 572
364
r
30 931 32986
10 179 12,296
11 521 11 124
11 381 10 983
1935
1729
1 977 1 860
1612
1551
r
32 716 33066
350
341
r
8 766
8r699
586
587
11 213 11 253
33 278
r
2 347
359
1 631 1r 664
704
670
349
348
1640 1640
1 736
729
367
1638
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total incl armed forces overseas ^
mil
LABOR FORCE
Not Seasonally Adjusted
Labor force, total, persons 16 years of age
and over
thous
Armed forces
,. .,
do....
Civilian labor force, total
do....
Employed
,
,
do....
Unemployed .. ..
do...
Seasonally Adjusted H
Civilian labor force total
do
Participation rate *
,.
percent..
Employed, total
thous..
Employment-population ratio *
percent..
Agriculture
thous
Nonagriculture
do
Unemployed total
Long term, 15 weeks and over
See footnotes at end of tables.
do
do....
3
3
109 042
2102
106,940
99303
7637
110 812 110 738 110 173 110 492 110 936 110 990 112 089 113 742 114 706 114 083 112 744 112 955 113 035 112659
111 968
2,142
2,168
2 164
2 159
2 175
2*176
2 175
2' 180
2196
2198
2 188
2 173
2 180 C2 182
2 189
108,670 108,574 108,014 108,324 108,761 108,814 109,914 111,569 112,526 111,887 110,546 110,767 110,855 110,477 109,779
100,397 99562 97,831 97,946 98471 98858 99957 100 683 101 490 101 177 99851 99825 99379 98849 97262
8273
9013 10 183 10,378 10290
9957
9957 10886 11036 10 710 10695 10942 11 476 11628 12517
227 66
638
58"5
3 364
95938
1,871
229 81
230 84
231 01
231 18
231 32
231 48
231 63
231 81
231 99
232 22
232 43
23263
232 84
233 01
233 27
109 066 109 034 109 364 109 478 109 740 110378 110 147 110416 110 614 110 858 110 752 111 042 111 129 110 548
637
638
636
642
642
638
639
640
64 1
641
642
64 1
642
638
99,677 99,688 99,695 99,597 99,484 99,994 99,681 99,588 99,683 99,543 99,176 99,136 99,093 99,103
57.5
57.4
"58.3
57.5
57.2
57.4
57.2
57.1
57.1
56.6
57.3
56.6
56.5
56.9
57.2
3219
3367
3 368
3 379
3 356
3 446
3 445
3 429
3 367
3 371
3413
3 466
3 363
3 412
3 411
97030 96458 96309 96328 96230 96'l28 96548 96310 96 143 96254 96 180 95763 95670 95 682 95 g9i
9669
9389
9346
9881 10256 10 384 10466 10828 10 931 11 315 11576 11906 12 036 11 446
2,407
2,285
2,402
2,750
3,'267
3,'517
3^569
4,167
2,962
3,080
3,637
3^856
4^524
4J32
4,634
639
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1981
Dec.
Annual
February 1983
1982
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted H
Civilian labor force—Continued
Unemployed—Continued
Rates (unemployed in each group as percent
of civilian labor force in the group): §
All civilian workers
Men 20 years and over
Women, 20 years and over
Both sexes 16-19 years
71
5.9
6.4
178
76
63
6.8
196
86
7.6
7.4
214
86
7.6
7.2
217
88
77
7.6
223
90
8.0
7.9
219
93
8.3
8.1
228
94
8.3
8.2
229
95
8.7
8.1
225
98
8.9
8.3
23.9
99
9.0
8.3
23.8
102
9.6
8.4
23.8
105
9.8
8.7
241
107
10.0
9.0
24.2
108
10.1
9.2
24.5
10.4
9.6
9.0
22.7
White
Black and other
Married men spouse present
Married women, spouse present
Women who maintain families
63
13.1
42
5.8
92
67
14.2
43
6.0
104
76
15.7
56
6.6
103
76
15.5
53
6.3
104
77
16.0
54
6.9
104
79
16.6
56
7.0
108
83
16.8
60
7.6
115
84
17.1
61
7.3
119
84
17.1
64
7.1
12 1
8.7
17.4
6.6
7.4
12.0
8.7
17.7
6.8
7.3
11.7
9.1
18.1
7.2
7.6
12.4
9.3
18.4
7.5
7.9
11.3
9.6
18.5
7.6
8.2
12.5
97
18.8
78
8.2
13.2
9.1
19.0
7.1
7.8
13.2
3.7
100
4.0
103
4.5
126
4.3
124
4.6
125
4.7
130
4.8
135
4.8
136
4.9
140
4.9
14.4
4.9
14.4
4.9
155
5.2
158
5.5
162
5.6
163
7.4
14 1
8.5
89
7.7
156
8.3
82
9.0
18.0
10.8
11.6
8.8
185
10.3
109
9.0
18.3
10.6
11.2
9.4
18.2
10.7
10.8
9.8
19.3
11.3
11.9
9.8
18.9
11.5
12.2
10.0
19.5
12.2
13.1
10.2
20.3
12.1
12.8
10.2
20.4
12.4
13.3
10.7
22.0
13.6
14.9
11.0
22.3
14.1
16.0
11.4
21.8
14.8
17.0
11.6
22.0
14.8
17.1
90,406
74,165
91,105
75,081
91,437
75,329
89,269
73,407
89,413
73,328
89,679
73,503
89,984
73,830
90,455
74,295
90,570
74,599
89,238
74,230
r
89,533
73,689
r
89,487
r
r
89,327
r
do....
do....
do....
do....
do
do....
90,406
74,165
53880
25,658
1027
4,346
91,105
75,081
54908
25,481
1 132
4,176
90,642
74,725
55,049
24,908
1,206
4,026
90,460
74,596
55,079
24,684
1,201
3,966
90,459
74,609
55,155
24,631
1,203
3,974
90,304
74,445
55,126
24,450
1,197
3,934
90,083
74,231
55,062
24,289
1,182
3,938
90,166
74,313
55,198
24,255
1,152
3,988
89,839
74,007
55,077
23,994
1,124
3,940
89,535
73,900
55,087
23,840
1,100
3,927
r
r
88,750
r
72,996
r
54,815
r
23,081
r
l,046
r
r
88,535
r
72,779
r
54,650
r
Durable goods
do .
Lumber and wood products
do
Furniture and fixtures
do
Stone clay and glass products
do....
Primary metal industries
do
Fabricated metal products
do....
Machinery except electrical
do
Electric and electronic equipment ...?.... do....
Transportation equipment
do
Instruments and related products
do....
Miscellaneous manufacturing
do....
20285
12 187
690
465
662
1 142
1,613
2494
2,090
1899
711
418
20 173
12 117
668
467
638
1 121
1,592
2507
2,092
1892
726
410
19676
11,724
615
457
610
1,053
1,529
2486
2,049
1791
725
409
19517
11,622
607
452
596
1038
1,515
2459
2,055
1777
720
403
19454
11,575
611
449
596
1,024
1,505
2446
2,048
1778
718
400
19319
11,490
607
446
590
1,007
1,496
2419
2,038
1774
716
397
19 169
11,375
615
443
584
976
1,481
2389
2,034
1748
713
392
19 115
11,332
617
443
586
945
1,472
2377
2,034
1755
713
390
18930
11,203
615
442
580
926
1,452
2322
2,026
1745
708
387
18,813
11,133
614
439
579
906
1,446
2,274
2,018
1759
708
390
18,672
10,993
614
443
574
889
1,427
2,230
2,011
1719
702
384
18,572
10,900
616
439
571
865
1,414
2,208
1,995
1709
701
382
8098
1,708
68
847
1,263
692
1,252
1,107
197
726
232
8056
1,674
69
822
1,244
687
1,265
1,107
215
736
233
7952
1,661
68
794
1,222
677
1,276
1,100
214
716
224
7895
1,657
69
780
1,201
674
1,275
1,095
210
712
222
7879
1,663
68
1,201
670
1,276
1,093
208
708
215
7829
1,658
68
760
1,186
668
1,278
1,088
207
703
213
7794
1,643
67
773
1,165
664
1,274
1,082
206
706
214
7783
1,652
67
759
1,165
661
1,274
1,079
207
708
211
7727
1,637
67
741
1,161
658
1,269
1,073
205
704
212
7680
1,643
65
741
1,126
657
1,267
1,068
205
700
208
7679
1,628
65
737
1,145
653
1,269
1,070
205
699
208
7,672
1,629
63
735
1,143
657
1,269
1,066
209
694
207
64748
5,146
20310
5275
15,035
5,160
17890
16,241
2866
13375
65625
5,157
20551
5359
15,192
5,301
18592
16024
2772
13253
65734
5,128
20,524
5,357
15,167
5,331
18834
15,917
2,756
13 161
65776
5,125
20630
5346
15,284
5,326
18831
15,864
2741
13 123
65828
5,115
20670
5343
15,327
5,326
18867
15,850
2737
13 113
65854
5,100
20,655
5,336
15,319
5,336
18904
15,859
2,736
13 123
65794
5,094
20,584
5323
15,261
5,335
18929
15,852
2730
13 122
65911
5,101
20,652
5331
15,321
5,342
18963
15,853
2,728
13 125
65845
5,078
20,595
5307
15,288
5,352
18988
15,832
2739
13093
65695
5,044
20,615
5,299
15,316
5,359
19042
15,635
2,737
12898
60,331
14,214
60,881
14021
61,007
13,515
59,135
13,200
59,094
13,168
59,257
13,093
59,562
12,971
60,027
12,958
60,284
12,931
59,931
12,618
59,868
12,674
59,868
12,773
59,478 r59,305 r59,211
12,493 12,313 12,192
60,331
18442
762
3421
14,214
8,442
578
376
513
878
1,195
1602
1,328
1,233
426
313
60,881
18245
832
3250
14021
8,301
556
376
491
861
1,173
1585
1,312
1,216
428
304
60,401
17478
883
3 107
13,488
7,885
503
364
465
795
1,110
1552
1,257
1,115
423
301
60,248
17,251
875
3035
13,341
7,793
497
359
452
780
1,096
1526
1,266
1,102
420
295
60,282
17 225
876
3059
13,290
7,759
502
356
452
770
1,089
1514
1,258
1,108
418
292
60,132
17073
871
3023
13,179
7,685
497
353
446
756
1,081
1490
1,248
1,109
415
290
59,923
16922
863
3017
13,042
7,576
507
350
441
727
1,069
1460
1,241
1,086
411
284
60,025
16917
835
3074
13,008
7,553
507
350
444
702
1,063
1454
1,240
1,098
412
283
59,759
16686
805
3029
12852
7,443
506
349
438
686
1,046
1408
1,233
1,089
407
281
59,670
16564
782
3022
12,760
7,388
505
346
438
669
1,043
1,366
1,221
1,112
406
282
59,388
16,414
770
2997
12,647
7,272
506
350
435
657
1,027
1,328
1,215
1,075
402
277
59,303
16,308
763
2,979
12,566
7,191
507
346
433
638
1,017
1,309
1,202
1,064
399
276
58,929 r58,788 r58,613 PP58,992
15,811 15,942
16,037 15,895
P
718
746 r r739 r r726
2,912 P3,019
2,953
2956
"12,205
12,173
12,335 12,203
r
"6,883
6,857
6,979 r6,874
r
P
r
508
520
513
505
P
r
342
342
342
343
r
r
427
420
"415
416
P
r
r
607
591
591
587
r
r
989
972 p P981
975
1,250
l,193
1,206
1,221
p
l,168
1,159
1,180
1,171
r
"1,020
1,014
990 1,012
r
"383
387
383
392
r
"270
266
269
273
Occupation:
White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers.
Construction
Manufacturing
Durable goods
o
(*)
10.6
20.0
13.0
14.7
EMPLOYMENT t
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation ....thous..
Private sector (excl. government)
do....
89,058
74,180
89,520
74,129
r
r
r
r
73,505
"87,696
73,378 "72,027
Seasonally Adjusted t
Total employees, nonagricultural payrolls
Private sector (excl. government)
Nonmanufacturing industries
Goods-producing
Mining
Construction
Nondurable goods
do
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do...
Chemicals and allied products
do...
Petroleum and coal products
do...
Rubber and plastics products, nee
do...
Leather and leather products
do...
Service-producing
do
Transportation and public utilities
do...
Wholesale and retail trade ...
do...
Wholesale trade
do
Retail trade
do...
Finance, insurance, and real estate
do....
Services
do
Government
do....
Federal
do
State and local
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous.
Manufacturing
do...
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrolls t
thous.
Goods-producing
do
Mining
do...
Construction
do
Manufacturing
. do
Durable goods
do...
Lumber and wood products
do...
Furniture and fixtures
do...
Stone, clay, and glass products
do...
Primary metal industries
doFabricated metal products
do...
Machinery except electrical
do
Electric and electronic equipment
do...
Transportation equipment
do...
Instruments and related products
do...
Miscellaneous manufacturing
do...
See footnotes at end of tables.
111
89,313
73,640
54,968
23,657
1,086
3,899
r
65 656
5,025
20,550
5,278
15,272
5,360
19048
r
!5,673
r
2,740
12933
89,264
73,504
54,932
23,530
1,075
3,883
r
65 734
5,031
20,492
5,272
15,220
5,367
19084
r
!5,760
r
2,731
13029
88,877
73,118
54,793
23,239
1,058
3,856
3,854
88,874
"73,206
P
55,048
22,975 P23,113
p
l,028
1,034
r
3,812 P3,927
18325 18,181 18,129
10,523
10,666 10,550
r
r
621
616
614
r
435
435
434
r
556
552
565
r
806
813
831
1,365
1,359
1,381
2,142 r2,108 r2,087
1,949
1,969 1,963
1,660
1658 1,631
r
r
683
689
694
r
371
374
378
r
r
65 638
5,007
20,441
5,254
15,187
5,357
19074
r
!5,759
r
2,740
13,019
r
7,631
1,644
61
r
726
1,134
652
1,266
1,059
206
r
678
205
7,659
1,644
63
735
1,141
650
1,268
1,061
208
684
205
r
65,669
r
4,992
r
20,425
r
5,228
15,197
r
5,363
19,135
15,754
r
2,745
13 009
P
7606
1,631
r
65
r
725
1,129
650
1,266
1,055
206
r
678
r
201
P
18,158
P
10,540
"629
P
435
"551
P
8.10
p
l,364
P
2,068
p
l,955
p
l,669
P
683
P
376
P
7,618
p
l,634
P
66
P
719
p
l,134
P
648
p
l,270
p
l,055
P
208
P
681
P
203,
P
65,761
65,560
r
4,984 P P4,973
r
20,306
20,549
r
5,204 P5,208
"15,341
15,102
r
5,373 P5,401
19 141 PP19 170
15,668
15,756
r
2,761 P2,751
12 995 P12,917
r
P
57,886
P
12,067
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
S-ll
1981
1981
Dec.
Annual
1982
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
r
5,316
1,118
r
50
r
622
r
952
M84
r
694
587
124
r
517
168
P
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT f— Continued
Seasonally Adjusted t
Production or nonsupervisory workers—Continued
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
.
Service-producing
...
Transportation and public utilities
Wholesale and retail trade
Wholesale trade
Retail trade
.
Finance, insurance, and real estate
Services
thous..
do....
do....
do
do....
do
do
do
do....
do....
do
5,772
1,175
54
737
1,079
523
699
626
125
559
197
5,721
1,151
54
712
1,059
518
698
627
135
569
197
5,603
1,140
53
683
1,036
506
700
616
131
548
190
5,548
1,135
54
670
1,018
504
699
612
125
544
187
5,531
1,142
53
667
1,018
501
699
609
124
538
180
5,494
1,138
53
651
1,006
499
701
609
124
534
179
5,466
1,125
52
662
987
496
698
602
123
541
180
5,455
1,133
52
650
985
493
699
600
123
543
177
5,409
1,121
52
633
982
489
696
595
122
542
177
5,372
1,129
51
634
949
489
694
591
122
541
172
5,375
1,115
51
630
967
487
695
593
122
540
175
5,375
1,116
49
631
966
492
695
592
126
535
173
do
do....
do....
do
do
do....
do
41,933
4,293
17,812
4,312
13,500
3,907
15,921
42,778
4,277
17,960
4,360
13,600
4,002
16,539
42,923
4,241
17,920
4,348
13,572
4,014
16,748
42,997
4,241
18,011
4,332
13,679
4,007
16,738
43,057
4,232
18,061
4,327
13,734
4,003
16,761
43,059
4,217
18,051
4,317
13,734
4,004
16,787
43,001
4,209
17,996
4,301
13,695
3,999
16,797
43,108
4,212
18,065
4,309
13,756
3,998
16,833
43,073
4,194
18,014
4,287
13,727
4,012
16,853
43,106
4,165
18,037
4,282
13,755
4,013
16,891
42,974
4,142
17,941
4,260
13,681
4,006
16,885
42,995
4,155
17,889
4,253
13,636
4,014
16,937
5,356
1,128
48
631
963
484
694
588
125
525
170
5,329
1,128
46
622
r
956
485
693
r
588
124
517
170
42,892 r42,893 r42,802
T
4,129
4,113
17,841 17,803 17,707
r
r
4,237
4,209
4,191
13,604 13,594 13,516
r
r
4,001
4,005
4,010
16,921 16,972 16,974
5,322
"1,121
P
51
P
615
P
959
P
483
P
694
P
588
P
125
P
517
P
169
P
43,050
P
4,095
17,932
P
4,194
P
13,738
P
4,022
P
17,001
P
AVERAGE HOURS PER WEEK f
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: fl Not seasonally adjusted
hours..
Seasonally adjusted
do
Mining $
. do
Construction i
do
Manufacturing:
Not seasonally adjusted....
do....
Seasonally adjusted
do
Overtime hours
do
35.3
35.2
43.3
37.0
43.7
36.9
39.7
39.8
35.2
35.0
44.8
37.1
33.9
34.4
42.9
33.3
34.8
35.0
43.6
35.9
34.7
34.9
43.8
37.0
34.6
34.9
42.7
36.7
34.8
35.0
42.6
37.5
35.0
34.9
42.8
37.5
35.2
34.9
42.5
38.0
35.2
34.8
42.4
37.6
34.8
34.8
41.9
36.9
34.7
34.7
41.9
•37.1
34.7
34.7
41.6
36.1
r
35.0
r
34.8
r
42.0
36.8
P
42.3
P
37.1
37.6
2.3
39.2
39.4
2.4
39.1
39.0
2,3
38.7
39.0
2.4
39.0
39.1
2.3
39.3
39.2
2.4
38.9
39.2
2.4
39.0
39.0
2.4
38.9
38.8
2.3
39.0
38.8
2.3
39.3
38.9
2.3
39.7
38.9
2.3
P
2.8
2.8
39.9
39.1
2.4
Durable goods
Overtime hours
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
,
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
do
do
do
do....
do
do....
do
do....
do....
do.
do....
do
40.1
2.8
38.5
38.1
40.8
40.1
40.4
41.0
39.8
40.6
40.5
38.7
40.2
2.8
38.7
38.4
40.6
40.5
40.3
40.9
39.9
40.9
40.4
38.8
39.5
2.3
37.7
37.9
39.7
39.2
39.5
40.4
39.5
39.7
39.0
38.5
38.2
2.2
35.0
33.6
38.6
38.3
38.1
39.3
38.3
39.0
39.0
37.3
39.8
2.2
37.9
37.7
40.1
39.4
39.7
40.7
39.8
40.5
39.9
38.6
39.5
2.2
37.6
37.3
40.0
38.8
39.5
40.2
39.4
40.4
39.9
38.6
39.5
2.2
37.6
37.4
40.0
38.5
39.4
40.1
39.3
41.1
39.9
38.5
39.6
2.2
38.5
37.5
40.2
38.5
39.5
39.8
39.4
41.1
40.2
38.7
39.7
2.3
38.7
37.8
40.4
38.9
39.4
39.6
39.5
41.6
40.2
38.6
39.7
2.2
38.6
37.6
40.6
38.9
39.5
39.8
39.8
41.0
40.1
38.7
39.4
2.2
38.2
37.9
40.3
38.8
39.2
39.5
39.3
40.5
40.1
38.6
38.9
2.1
38.5
37.4
40.2
37.8
38.8
39.0
38.8
39.8
39.8
38.3
39.0
2.0
38.0
37.5
40.2
38.0
38.9
39.2
39.0
40.1
39.4
38.6
39.2
2.1
38.5
37.6
40.2
38.2
r
39.0
39.2
39.2
40.8
r
39.2
38.6
39.2
2.1
38.5
r
37.6
r
40.0
r
38.8
r
39.2
39.3
39.3
r
39.9
r
39.6
r
38.5
Nondurable goods
Overtime hours ...
Food and kindred products
Tobacco manufactures if
Textile mill products
Apparel and other textile products
do
do
do
do
do....
do....
39.0
2.8
39.7
38.1
40.1
35.4
39.1
2.8
39.7
38.8
39.6
35.7
38.6
2.6
39.8
38.1
37.8
35.1
36.8
2.5
39.1
36.1
32.3
31.4
38.9
2.6
40.2
38.3
38.3
35.5
38.5
2.5
39.5
37.3
37.6
35.0
38.4
2.6
39.4
36.6
37.7
34.7
38.5
2.5
39.4
37.2
37.9
34.8
38.6
2.5
39.5
38.4
37.8
35.1
38.6
2.6
39.5
36.8
37.7
35.2
38.5
2.6
39.1
38.1
38.2
35.0
38.6
2.6
39.4
39.7
38.1
35.2
38.5
2.6
39.7
39.0
38.2
35.0
38.5
2.5
39.4
38.0
r
38.6
r
35.1
38.5
2.5
39.2
r
38.0
r
38.4
35.0
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
do....
do.,..
do
do....
do....
do....
42.2
37.1
41.5
41.8
40.0
36.7
42.5
37.3
41.6
43.2
40.3
36.8
41.8
37.1
41.3
42.7
39.4
36.1
41.3
36.9
41.0
44.3
37.9
34.1
42.3
37.4
41.2
43.5
40.0
35.6
41.8
37.1
40.7
43.5
39.6
35.8
42.1
37.1
40.7
44.0
39.8
35.6
41.8
36.8
41.0
44.1
39.9
35.6
42.0
37.1
41.0
44.1
40.1
35.7
41.9
37.0
40.9
43.3
40.2
36.1
41.7
36.8
40.9
43.9
39.7
36.0
41.5
37.0
41.2
44.0
39.6
35.7
41.7
36.9
40.8
43.3
39.0
35.2
r
41.6
37.1
40.6
r
43.9
r
39.3
r
35.9
r
41.5
r
37.1
r
41.0
r
44.5
r
39.7
r
r
r
39.1
r
32.1
r
38.4
r
30.2
r
36.2
r
Transportation and public utilities ±
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate ±
Services
do....
do
do
do
do....
do
39.6
32.2
38.5
30.2
36.2
32.6
39.4
32.2
38.6
30.1
36.3
32.6
39.3
32.0
38.4
29.9
36.2
32.6
38.5
31.7
38.1
29.7
36.2
32.5
39.2
32.0
38.5
29.9
36.2
32.6
39.0
31.9
38.4
29.8
36.3
32.6
38.8
31.8
38.3
29.8
36.2
32.7
38.8
32.0
38.5
30.0
36.3
32.7
39.2
31.9
38.6
29.8
36.1
32.7
39.2
31.9
38.5
29.9
36.2
32.6
39.3
31.9
38.5
29.9
36.3
32.6
38.8
32.1
38.4
30.1
36.1
32.8
38.8
31.9
38.3
29.9
36.2
32.6
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj. at annual rate
bil. hours..
Total private sector
do
Mining
, .
do
Construction
do
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade
do
Finance, insurance, and real estate
do....
Services
do
Government
do
169.39
137.55
2.32
8.36
41.89
10.61
34.17
9.74
30.45
31.84
169.96
139.05
2.58
8.01
41.69
10.57
34.54
10.01
31.65
30.91
168.66
137.41
2.79
7.75
40.14
10.41
34.21
10.05
32.05
31.24
165.66
136.28
2.73
7.28
39.44
10.43
34.25
10.03
32.11
29.38
168.93
137.80
2.73
7.76
39.93
10.46
34.64
10.01
32.27
31.13
167.92
136.61
2.73
7.61
39.31
10.40
34.36
10.06
32.14
31.32
167.23
135.98
2.65
7.53
38.92
10.36
34.26
10.05
32.21
31.25
167.99
136.79
2.58
7.75
39.06
10.37
34.60
10.14
32.29
31.20
166.52
135.78
2.51
7.49
38.79
10.34
34.32
10.09
32.24
30.73
166.16
135.75
2.45
7.56
35.58
10.27
34.48
10.09
32.33
30.40
165.61
135.14
2.38
7.47
38.24
10.22
34.38
10.12
32.33
30.47
165.60
134.87
2.34
7.30
37.82
10.16
34.45
10.13
32.66
30.73
164.35
133.69
2.29
7.30
37.36
10.13
34.13
10.08
32.41
30.66
Indexes of employee-hours (aggregate weekly): fl
Private nonagric. payrolls, total
1977=100..
Goods-producing
do
Mining
.
do
Construction
do
Manufacturing
do
Durable goods
.
..
do
Nondurable goods
do
Service-producing .
do
Transportation and public utilities
do....
Wholesale and retail trade
do..
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real estate
do....
Services
;
do....
107.2
102.4
122.6
115.0
98.9
99.5
98.1
109.8
106.3
105,5
110.3
103.7
114.5
115.0
108.0
100.9
134.5
108.9
97.8
98.0
97.6
111.9
105.1
106.5
111.7
104.5
117.4
119.3
106.3
96.3
145.5
104.2
92.5
91.4
94.1
111.8
103.6
105.4
111.0
103.3
117.4
120.8
104.3
91.4
141.6
96.8
88.0
87.3
89.0
111.4
102.8
105.2
109.7
103.4
116.9
120.3
106.2
95.6
143.7
102.9
91.9
90.6
93.8
112.1
103.7
106.3
110.7
104.6
116.8
120.9
105.6
93.9
142.6
101.1
90.3
89.1
92.0
112.0
103.3
105.9
110.2
104.2
117.1
121.1
105.2
93.0
138.4
100.9
89.3
87.8
91.5
111.9
102.8
105.5
109.5
103.9
117.0
121.5
105.7
93.3
133.6
104.5
89.2
87.8
91.4
112.5
102.6
106.5
110.3
105.1
117.9
121.8
104.9
91.9
128.2
101.0
88.4
86.7
91.0
112.1
102.2
105.8
110.0
104.2
117.4
121.9
104.8
91.4
125.1
101.9
87.8
86.1
90.3
112.2
101.5
106.1
109.6
104.7
117.4
121. 8
104.1
90.0
121.4
100.5
86.5
84.1
90.0
111.8
101.2
105.5
109.0
104.2
117.2
121 8
103.9
88.7
118.6
98.3
85.5
82.2
90.3
112.3
100.7
105.6
108.6
104.5
117.4
19.29
102.8
87.2
115.2
97.2
r
r
39.0
31.8
38.4
29.8
36.2
32.6
"34.7
P
35.2
r
36.8
39.1
P
39.7
D
2.3
P
40.1
P
2.1
40.6
P
39.0
P
41.5
P
39.0
P
39.6
P
39.7
P
39.9
P
41.3
P
40.4
P
39.1
P
P
39.2
P
2.5
P
39.2
P
36.7
"40.3
P
36.6
P
41.7
"37.5
P
41.2
P
45.3
P
40.3
"36.2
35.5
P
38.5
P
32.2
P
38.6
30.3
P
P
36.5
P
32.6
32.8
AGGREGATE EMPLOYEE-HOURS f
Seasonally Adjusted
See footnotes at end of tables.
soio
89.7
111.5
100.1
104.8
107.9
103.6
117.0
1220
163.43 164.14 "166.01
133.30
133.26
"135.11
r
r
P
2.26
2.24
2.30
r
P
7.31
•7,27
7.98
r
r
P
37.06
36.85 P37.21
10.09
10.03
10.08
r
P
r
33.95
34.53
34.03
10.10
10.14
"10.26
r
P
'32.53
32.64
32.81
r
P
r
30.87
30.89
30.13
102.6
86.7
113.8
r
97.4
83.3
79.2
89.4
111.4
100.2
104.3
107.4
103.1
117.2
102.6
r
86.3
112.1
r
96.9
r
83.1
r
78.9
89.2
111.6
T
99.9
104.8
107.0
103.9
117.3
H994
P
104.4
P
89.4
P
114.3
P
106.4
"85.0
"90^9
"112.7
P
99.3
"106.4
"107.6
P
106.0
"118.6
P19P.3
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS f
Average hourly earnings per worker: U
Not seasonally adjusted:
Private nonagric. payrolls
dollars .
Mining
do....
Construction
do
Manufacturing
do....
Excluding overtime
do
Durable goods
do
Excluding overtime
do....
Lumber and wood products
do....
Furniture and
fixtures
do....
Stone clay and glass products
do
Primary metal industries
do
Fabricated metal products
do....
Machinery, except electrical
do....
Electric and electronic equipment .... do....
Transportation equipment
do....
Instruments and related products
do....
Miscellaneous manufacturing
do....
6.66
9.17
9.94
7.27
7.02
7.75
7.49
6.55
5.49
7.50
9.77
7.45
8,00
6.94
9.35
6.80
5.46
7.25
10.05
10.80
7.99
7.72
8.53
8.25
7.00
5.91
8.27
10.81
8.20
8.81
7.62
10.39
7.43
5.96
7,45
10.41
11.26
8.27
8.00
8.83
8.55
7.16
6.12
8.56
11.08
8.53
9.18
7.90
10.76
7.81
6.19
7.55
10.65
11.59
8.42
8.17
8.92
8.68
7.38
6.28
8.70
11.23
8.55
9.19
7.98
10.79
7.93
6.27
7.54
10.62
11.32
8.34
8.10
8.89
8.65
7.27
6.19
8.62
11.20
8.57
9.20
7.96
10.82
7.94
6.29
7.55
10.62
11.33
8.37
8.13
8.91
8.68
7.28
6.21
8.65
11.15
8.64
9.18
8.01
10.89
8.00
6.32
7.58
10.65
11.32
8.42
8.19
8.94
8.72
7.24
6.21
8.72
11.24
8.69
9.24
8.03
10.89
8.07
6.35
7.63
10.66
11.46
8.45
8.22
9.01
8.77
7.41
6.23
8.80
11.23
8.79
9.26
8.05
11.08
8.16
6.38
7.64
10.82
11.41
8.50
8.25
9.06
8.81
7.59
6.30
8.86
11.31
8.83
9.27
8.09
11.21
8.23
6.41
7.67
10.91
11.53
8.55
8.31
9.11
8.87
7.64
6.34
8.93
11.37
8.85
9.30
8.18
11.25
8.31
6.40
7.70
10.93
11.60
8.51
8.26
9.09
8.84
7.61
6.39
8.93
11.49
8.85
9.33
8.24
11.18
8.40
6.39
7.76
11.04
11.68
8.59
8.33
9.16
8.91
7.70
6.41
9.03
11.54
8.90
9.40
8.31
11.24
8.44
6.49
7.79
11.02
11.82
8.56
8.31
9.13
8.89
7.61
6.41
9.04
11.42
8.85
9.34
8.34
11.30
8.48
6.50
r
7.81
11.06
11.66
8.61
8.36
9.17
8.92
r
7.63
6.44
9.04
11.49
8.90
r
9.36
8.38
11.35
8.57
r
6.56
7.82
11.05
11.90
8.69
8.43
9.24
8.98
r
7.60
r
6.47
r
9.08
11.54
r
8.96
9.41
r
8.47;
11.46
r
8.66
r
6.65
"7.89
"11.10
"11.88
"8.70
"8.46
"9.24
"9.01
"7.67
"6.50
P
9.07
"11.51
"8.97
"9.41
"8.47
"11.41
"8.71
"6.65
Nondurable goods
do....
Excluding overtime
.. do
Food and kindred products
do....
Tobacco manufactures
do
Textile mill products
do....
Apparel and other textile products .. do....
Paper and allied products
do
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee .... do....
Leather and leather products
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
do....
Retail trade
do....
Finance, insurance, and real estate
do....
Services
...
do....
6.55
6.32
6.85
7.74
5.07
4.56
7.84
7.53
8.30
10.10
6.52
4.58
8.87
5.48
6.96
4.88
5.79
5.85
7.18
6.93
7.43
8.88
5.52
4.96
8.60
8.18
9.12
11.38
7.16
4.99
9.70
5.93
7.57
5.25
6.31
6.41
7.44
7.20
7.67
8.96
5.72
5.04
8.96
8.48
9.53
11.59
7.38
5.15
10.06
6.02
7.81
5.31
6.47
6.66
7.67
7.42
7.82
9.21
5.76
5.18
9.06
8.58
9.68
11.91
7.51
5.19
10.10
6.17
7.94
5.43
6.56
6.79
7.54
7.31
7.74
9.56
5.76
5.13
8.99
8.56
9.68
12.29
7.49
5.22
10.13
6.16
7.94
5.42
6.62
6.79
7.57
7.34
7.79
9.72
5.76
5.15
9.03
8.59
9.71
12.32
7.45
5.24
10.07
6.16
7.93
5.43
6.59
6.77
7.65
7.43
7.90
10.05
5.79
5.18
9.11
8.59
9.81
12.50
7.52
5.32
10.14
6.18
7.97
5.44
6.64
6.81
7.66
7.43
7.92
9.93
5.79
5.16
9.14
8.61
9.83
12.52
7.56
5.32
10.17
6.20
8.03
5.47
6.77
6.85
7.70
7.46
7.90
10.35
5.79
5.18
9.28
8.66
9.95
12.53
7.64
5.36
10.20
6.20
8.01
5.47
6.71
6.84
7.77
7.53
7.88
10.42
5.81
5.17
9.41
8.74
10.02
12.42
7.65
5.30
10.29
6.21
8.07
5.48
6.78
6.87
7.74
7.48
7.85
9.53
5.82
5.18
9.45
8.79
10.03
12.42
7.64
5.33
10.43
6.22
8.11
5.48
6.87
6.90
7.84
7.56
7.91
9.57
5.86
5.20
9.63
8.90
10.20
12.62
7.76
5.41
10.46
6.26
8.14
5.52
6.90
6.99
7.81
7.55
7.88
9.50
5.87
5.19
9.54
8.87
10.24
12.57
7.72
5.39
10.48
6.30
8.17
5.54
6.97
7.05
7.88
7.62
8.00
10.16
5.92
r
5.22
r
9.60
8.91
10.28
12.69
7.79
5.41
10.59
6.32
8.18
5.58
7.01
7.08
r
7.96
r
7.70
8.05
r
9.78
r
6.02
5.26
r
9.65
r
8.98
10.34
12.74
r
7.89
r
5.46
10.62
6.28
r
8.24
r
5.55
r
7.04
r
7.12
"7.99
. "7.74
"8.04
"9.85
"6.06
"5.32
"9.62
P
9.00
"10.35
"13.25
"7.93
"5.46
"10.69
"6.42
"8.32
"5.67
"7.21
"7.19
6.66
9.17
9.94
7.27
8.87
5.48
5.79
5.85
7.25
10.05
10.80
7.99
9.70
5.93
6.31
6.41
7.46
10.41
11.22
8.20
10.02
6.08
6.47
6.65
7.52
10.65
11.52
8.38
10.09
6.09
6.56
6.71
7.53
10.62
11.34
8.34
10.13
6.10
6.62
6.72
7.54
10.62
11.39
8.37
10.15
6.12
6.59
6.72
7.59
10.65
11.43
8.44
10.18
6.16
6.64
6.80
7.65
10.66
11.54
8.48
10.24
6.20
6.77
6.85
7.67
10.82
11.51
8.52
10.30
6.22
6.71
6.90
7.71
10.91
11.56
8.56
10.30
6.23
6.78
6.96
7.74
10.93
11.58
8.57
10.40
6.26
6.87
7.00
7.72
11.04
11.56
8.56
10.37
6.25
6.90
7.01
7.77
11.02
11.71
8.56
10.43
6.32
6.97
7.04
•7.79
11.07
11.61
8.61
10.51
6.34
7.01
7.04
7.83
11.09
11.85
8.62
10.58
6.35
7.08
r
7.11
"7.86
"11.10
"11.80
"8.66
"10.68
"6.34
"7.21
"7.10
127.3
93.5
134.2
121.9
129.4
127.2
127.8
127.0
125.5
138.9
92.6
148.3
131.9
141.9
139.4
138.2
138.1
137.3
143.5
92.3
153.4
136.6
146.9
144.3
141.7
142.0
142.6
144.9
r
93.1
156.2
139.9
148.9
145.5
142.1
143.1
143.4
145.0
r
93.1
156.0
137.9
149.1
146.0
142.5
143.3
143.7
145.4
r
93.5
156.0
138.1
149.9
146.3
142.8
143.8
143.9
146.3
93.7
156.5
138.7
150.8
146.9
143.7
144.9
145.1
147.7
r
93.5
156.8
139.9
151.8
148.2
145.1
148.0
146.5
148.1
r
92.9
159.6
139.7
152.5
149.1
145.2
147.2
147.3
148.9
r
92.8
161.3
140.6
153.3
148.9
145.7
148.6
148.7
149.9
r
93.1
161.5
140.7
154.2
150.3
146.5
150.6
149.7
150.1
93.2
163.2
140.4
154.7
149.9
146.8
151.3
149.7
150.8
93.2
162.5
142.3
154.6
151.1
147.6
152.9
150.8
151.2
r
93.5
163.3
141.0
155.3
152.3
148.1
152.7
150.9
152.1
r
94.3
163.2
143.9
155.7
153.2
148.5
154.2
152.3
"152.7
"94.7
"163.4
"143.9
"156.4
"154.8
"148.7
"156.5
"152.3
11.73
18.42
12.92
16.78
13.69
17.72
13.78
17.89
13.83
17.99
13.83
18.00
13.85
18.07
14.15
18.39
14.15
18.40
14.45
18.70
14.56
18.98
14.64
18.99
14.64
19.01
14.77
19.26
14.86
19.34
"14.92
"19.46
3 66
359
3 82
3 67
9.92
10.64
11.00
11.25
11.39
11.09
11.22
11.29
11.29
11.54
11.55
11.59
11.64
12.07
234.93
172.74
254.74
170.13
261.10
167.91
258.69 263.55
166.15 169.16
263.15
169.12
264.89
169.69
267.75 267.68 269.08
169.78 167.93 167.76
269.35
167.40
268.66
166.77
r
269.62 '270.31 272.48
166.53 167.17 168.82
"276.67
"171.53
206.40
151.65
220.57
147.05
225.73
145.16
235.10
397.06
367.78
288.62
310.78
255.45
351.25
176.46
269.97
147.38
209.60
190.71
255.20
439.19
398.52
318.00
342.91
280.74
382.18
190.95
294.08
158.03
229.05
208.97
262.24
466.37
417.75
329.97
356.73
291.65
395.36
194.45
302.25
160.89
234.21
217.12
255.95
456.89
385.95
312.38
336.28
277.65
388.85
191.89
300.13
157.47
237.47
219.32
262.39
463.03
406.39
326.93
352.93
291.04
397.10
194.66
303.31
159.35
239.64
220.68
261.99
465.16
419.21
327.27
352.84
289.93
392.73
194.66
303.72
159.64
239.22
220.03
262.27
454.76
415.44
325.85
350.45
291.47
393.43
195.91
304.45
161.02
240.37
221.33
265.52
454.12
429.75
329.55
355.90
294.14
394.60
197.78
308.35
163.01
245.75
222.63
267.40
463.10
427.88
334.05
360.59
297.99
399.84
199.02
309.19
164.65
242.23
224.35
269.98
463.68
438.14
332.60
357.11
299.15
403.37
202.45
312.31
168.24
245.44
227.40
271.04
463.43
436.16
331.89
356.33
299.54
409.90
202.77
313.05
168.24
249.38
227.70
270.05
462.58
430.99
334.15
357.24
304.19
405.85
200.95
312.58
166.70
249.09
228.57
270.31
461.74
438.52
333.84
357.90
302.25
406.62
200.97
314.55
165.09
252.31
229.13
129
119
109
106
103
96
88
87
85
83
78
73
76
Seasonally adjusted:
Private nonagri cultural payrolls
Mining
....
Construction
Manufacturing
Transportation and public utilities
Wholesale and retail trade
Finance, insurance, and real estate.
Services
dollars..
do....
do....
do....
do....
do....
do....
do
Indexes of avg. hourly earnings, seas, adj.: U
Private nonfarm economy:
Current dollars
1977=100..
1977 dollars $
do....
Mining
do....
Construction
do .
Manufacturing
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Finance, insurance, and real estate
do....
Services
do....
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §
Common labor
$ per hr..
Skilled labor
do ..
Farm (U.S.) wage rates, hired workers, by
method of pay:
All
k
Workers
W k
"R "1
H
' fh fh
f~c ' 'riff c sh wa^es onlv
'd
h
h wae~es onlv
(
' 1
r>
d
do
do
d
Avg. weekly earnings per worker,
private nonfarm: fl
Current dollars seasonally adjusted
1977 dollars seasonally adjusted t
Spendable earnings (worker with^3 dependents):
1977 dollars seasonally adjusted i
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollarsMining
do
Construction
do....
Manufacturing
do....
Durable goods ..
.....
do ...
Nondurable goods
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate
do....
Services
• • • •• do
r
H
O
r
271.01 r273.70 "273.78
460.10 r464.10 "469.53
420.93 r437.92 "437.18
338.37 344.99 "340.17
363.13 370.52 "365.90
306.53 r311.24 "307.62
r
413.01 r415.24 "411.57
r
200.34 r203.47 "202.87
314.93 r318.89 "318.66
165.73 169.83 "167.83
253.76 r254.85 "263.17
230.10 r232.11 P234.39
r
r
HELP- WANTED ADVERTISING
Seasonally adjusted index
See footnotes at end of tables.
1967 — 100
78
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Annual
S-13
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
1983
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES H
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year
number..
Workers involved in stoppages:
Beginning in month or year
thous..
Days idle during month or year
do
UNEMPLOYMENT INSURANCE
187
145
2
2
2
3
9
14
17
11
15
14
3
795
20844
729
16908
4
146
6
200
3
237
8
352
36
480
44
636
41
894
36
831
42
786
390
2 126
40
949
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly # @
..
.
..
thous
3837
State programs (excl. extended duration prov.):
Initial claims
thous..
25,373
3,350
Insured unemployment, avg. weekly
do....
Percent of covered employment: @ @
39
Unadjusted
Seasonally adjusted
Beneficiaries, average weekly.
thous...
2,864
Benefits paid @
mil. $.. 13,761.1
3410
3935
4681
4723
4892
4760
4387
4328
4495
4398
4282
4391
23,939
3,048
3,272
3,778
3,328
4,470
2,272
4,376
2,418
4,282
2,347
4,067
1,989
3,729
2,399
3,707
2,658
3,912
2,358
3,831
2,342
3,712
2,443
3,828
35
2,614
13,257.8
43
4.1
3,171
1,592.5
51
50
49
41
40
43
3,801
3,908
3,944
1,764.2 1,781.8 2,072.6
46
46
3,672
1,849.9
43
46
3,257
1,573.4
Federal employees, insured unemployment,
average weekly
thous..
Veterans' program (UCX):
Initial claims
do .
Insured unemployment, avg. weekly
do....
Beneficiaries average weekly ...
do
. Benefits paid
mil. $..
Railroad program:
Applications
thous..
Insured unemployment, avg. weekly
do....
Benefits paid
mil $
•
44
45
43
47
45
47
3,331
3,332
3,413
1,692.2 1,682.1 1,746.2
4635
r
2,661
4,156
5 078
P
3,066
4,583
44
47
42
52
53
53
50
50
3,306 r 3,282 r3,446 P P3,866
1 710.6 l 646.6 1,818.2 2,122.2
30
32
39
40
40
38
33
29
28
29
27
26
28
31
267
56
56
357.7
193
40
41
280.7
11
19
20
10.2
8
16
15
7.1
8
13
12
5.3
10
11
10
5.1
9
10
8
4.0
8
9
7
3.4
10
8
7
3.3
10
7
6
2.8
11
7
5
2.8
11
8
6
2.9
10
9
7
3.4
17
14
r
8
4.0
23
26
19
10.9
162
34
176 1
184
40
2108
19
56
253
22
73
305
11
67
280
9
65
339
5
52
263
5
43
19 1
36
41
18 6
68
54
180
20
59
270
14
65
31 1
20
73
31 6
17
78
35 1
17
81
39 5
33
P
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $.
Commercial and financial co. paper, total do...
Financial companies
do....
Dealer placed
do
Directly placed
do....
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total end of period
.
mil $
Farm mortgage loans:
Federal land banks
do...
Loans to cooperatives
do
Other loans and discounts
do
54,744
121,597
87,667
19 904
67,763
33930
78 188
78 387
79 035
79 758
80 695
80 972
81 415
38,138
9506
21 005
46,463 46,463 46899
9 124 9 124 9498
22619 22619 21 990
47324
9760
2l'951
47966
9581
22 211
48425
9758
22 512
48838
9260
22 874
49289 49 582 49845 50 006 50 160 50 292 50 375
8 670 8 355 8 034 8 078 8 288 8 477 8 423
23 456 23 722 23 685 23 464 22 904 21 998 21 609
171 495
Reserve bank credit outstanding, total # .. do.... 137,644
Time loans
do....
1809
U.S. Government securities
do
121 328
Gold certificate account
do...
11 161
Liabilities, total #
do.... 171 495
Investments, total
.
..
U.S. Government securities, total
Investment account *
Other securities
See footnotes at end of tables.
.
do
do....
do
do....
r
68 648
Federal Reserve banks, condition, end of period:
Assets total #
mil $
Deposits, total. .
do
Member-bank reserve balances
'.. do....
Federal Reserve notes in circulation.
. do
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total..
.
. .
mil $
Required
do
Excess
do
Borrowings from Federal Reserve banks
do....
Free reserves
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted §
mil $
Demand, total #
do...
Individuals, partnerships, and corp
do....
State and local governments
do
U.S. Government
do.
Domestic commercial banks
do....
Time, total #
do....
Individuals, partnerships, and corp.:
Savings...
do
Other time
do
Loans (adjusted), total §
do....
Commercial and industrial
do....
For purchasing or carrying securities ........ do....
To nonbank financial institutions
do....
Real estate loans
do
Other loans
do
69,226 69,226 70,088 70468 71619 71 128 71601 71 765 72559 72709 73 818 75 811
161,114 161,114 167,271 167,460 166,373 172,540 176,937 180,015 180,878 174,094 171,627 170,365 166,941 162,387
111,908 111 908 112 112 110656 109 657 113 786 117918 121 083 122 885 117 202 115 216 115 530 115650 118 206
30357 30357 30666 30974 31 844 32 723 34 336 35 446 36 983 36 657 35 584 35 893 36 147 34 818
81,551 81,551 8l',446 79,682 77,813 81,063 83,582 85,637 85,902 80,545 79 632 79637 79503 83388
49206 49 206 55 159 56804 56 716 58 754 59 019 58 932 57 993 56 892 56 411 54 835 51 291 44 181
78 206
176 778
143,906
1601
130 954
11 151
176 778
30816
25228
131 906
176 778
143,906
1601
130 954
11 151
176 778
30816
25 228
131 906
'-I 471
Ml 918
Ml 606
'312
'642
1
41 918
41 606
312
642
277
119 485
228 086
158,283
5829
1 108
41,407
314,128
108 595
187 518
140,376
5 235
2 148
21,896
362 502
108 595
187 518
140,376
5 235
2 148
21,896
362 502
72670
205 862
433,313
174,581
9,988
26,073
111 819
135 555
118 098
39,611
35239
78.487
76 971
250 511
470,988
195 499
10,756
26,729
124 444
146 367
116 905
36819
30872
80.086
76971
250 511
470,988
195 499
10,756
26,729
124 444
146 367
116 905
36819
30872
80.086
31546
27,456
124 241
MO 097
MO 067
*30
'i.ei?
277
179 941 170 321 172 249
141,871 138,575 139,700
2217
2646
1 180
128 230 125 410 125 589
11 151 11 150 11 150
179 941 170 321 172 249
182 959
148,335
1799
134 257
11 149
182 959
39324 29630 30 073 38 357
25 066 24964 26 357 24702
126 835 126 869 128 855 130 189
43210
42 785
425
1,526
1 026
41 280
40 981
299
1,713
1 282
39 230
38 873
357
1,611
1 080
39 558
39 284
274
1,581
1 140
81 659
81 564
173 574 173 810 177 673
141,249 140,244 143,812
1058
1 638
458
129 407 127 005 132 640
11 149 11 149 11 149
173 574 173 810 177 673
180 258
144,502
449
132 858
11 148
180 258
26 834 25325 29 893 29 076
23463 20* 198 24 974 24 993
132 619 134*228 134 115 135 374
39 552
39 192
360
1,105
508
39 567
39 257
310
1,205
656
39 864
39 573
29i
669
153
40 177
39 866
311
510
-80
81 566
180 647
146,838
1 123
134 393
11 148
180 647
32 095
20 318
135' 197
81 352
80 766
186 454 187 494
142,629 149,394
374
438
132 080 137 676
11 148 11 148
186 454 187 494
36 638 29 884
24 678 26 533
136 048 139 989
80 408
190 128 176 424
153,769 142,656
354
717
139 312 132 368
11 148 11 144
190 128 176 424
34 334 26 275
26 489 22 683
141 990 137 667
40 587
40 183
404
455
35
41 199 Ml 853
40 797 Ml r353
402
500
r
697
579
r lg4
130
41 683
41 314
'369
506
104
99 682 95 764 101 234 94 010 95 278 102 299
170 840 169 273 172 931 157 940 179 476 178 515
127,443 125,658 131,868 120,484 133,774 133,268
5 328 4 492 5 133
4 640 4 521 5 710
1 133
3645
3331
2 345
2 958 1 148
19,273 19,762 19,695 16,143 23,721 20,392
367 200 370 510 372 461 373 733 381 227 385 108
97 375 102 844 96 793 104 736
158 878 182 564 164 592 187 996
120,287 136,351 124,103 139,931
4 594 4 850 4 479 5 391
1 874 3 014
1 575
900
17,299 20,735 17,963 22,492
393 402 401 576 401 320 403 348
107 467 109 485
190 848 189 553
143,159 139,264
5 238 5 487
1 064
1*767
23,374 23,613
400 672 406 888
103 892
173 523
131,271
5 722
1 213
19,964
416 773
79 286
252 236
470,410
198 009
8,675
26,756
126 157
144 998
118 503
38090
30 785
80.413
79 642
269 351
490,863
212 428
8,700
27,666
129 689
144 398
115 122
36 997
29 196
78 899
276 274
488,186
210 500
9,421
27,368
130 082
143 263
115 404
37 659
28 957
80 977
280 606
495,430
212 741
10,257
28,090
131 003
151 608
115 831
37 113
30 161
78 1 25
77 745
7871S
79 314
253 750
472,278
198 819
9,163
26,762
126 840
144 382
117 596
38374
30 747
79.222
80 434
255 514
476,519
202 573
7,782
27,913
127 306
140 837
117 936
38570
30 345
79.366
78 902 80 795
257 536 263 021
479,517 486,083
204 731 209 058
9,056
7,484
28,096 27,768
128 538 129 098
138 662 143 552
115 768 117 554
36 999 36 945
29 548 29 158
78769 80609
39 963
39 579
384
976
-490
79 898
281 321
499,562
217 315
10,496
27,279
131 471
148 534
116 311
37 899
30 695
78419
85 764
276 097
503,562
217 027
11,627
27,017
131 987
152 199
122 120 122 031
42 270 44 152
33 043 34 740
7Q 85ft
7787P
85 222
278 768
503,707
216 951
12,207
27,312
131 759
154 608
110 726
257 937
505,624
216 895
11,223
26,924
132 324
155*308
125 862
44 586
36 730
81 97fi
147 742
233*046
507,196
218 565
9,758
26,361
133 935
155*643
131 837
48 816
38 677
83 091
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
Nov..
July
Aug.
Sept.
Oct.
1,376.1
116.5
235.9
10237
1,383.1
117.8
237.1
1,028.3
1,389.4
118.2
237.6
1,033.5
1,397.5 1,398.5
122.3
126.4
237.2
235.8
1,038.1 1,036.4
Dec.
Jan.
FINANCE—Continued
BANKING— Continued
Commercial bank credit, seas, adj.:
Total loans and securities H
U S Treasury securities
Other securities
Total loans and leases ]j
bil. $..
do
do....
do
1,239.6
1100
214.4
915 1
1,316.3
111.0
231.4
9739
1,316.3
1110
231.4
9739
1,320.0
114.1
231.5
9745
1,332.4 1,342.5
115 1 114.4
233.1
232.0
9950
9852
1,352.5
116.6
234.0
10020
1,362.0 1,368.8
116.3
115.8
234.9
235.9
1 010.8 1,017.1
1,412.4
130.9
239.2
1,042.3
Money and interest rates:
Discount rate (N Y F R Bank) @ @
1341
12 10
1200
1200
1200
1200
12.00
1200
11.81
10.68
10.00
9.68
9.35
8.73
14.20
14.87
14.63
14.45
14.11
14.14
13.93
13.73
13.63
13.43
13.21
12.90
12.48
12.14
2
12.25
2
2
14.17
2
15.23
15.53
14.67
15.37
14.44
15.22
14.93
15.07
15.13
15.39
15.11
15.57
14.74
15.01
15.01
14.96
15.05
15.03
14.34
14.71
13.86
14.37
13.26
13.74
13.09
13.44
13.00
13.04
3
12.78
3
1229
3
4
15.32
3
1476
3
13.73
12.13
12 14
11.24
13.06
1335
12.56
14.47
1427
13.58
13.73
13.47
12.89
13.95
1364
13.09
13.29
13.02
12.61
14.00
1379
12.69
12.90
1300
12.15
10.34
10.80
9.93
10.40
1086
9.63
9.24
9.21
8.60
8.76
8.72
8.42
8.54
8.50
8.20
8.19
8.15
7.97
3
14.077
10.926
12.412
13.780
12.493
12.821
12.148
12.108
11.914
9.006
8.196
7.750
8.042
8.013
7.810
336,341
316 447
30,914
26595
22,574
25814
22,758
25460
27,986
28289
28,449
27217
28,389
27,413
31,098
28,586
27,415
26,792
29,608
28,272
28,988
26,848
27,680
28,650
30,905
28,889
34,311
27,932
do
26656
26888
27 150
27462
28684
29 197
29737
27514
27579
28268
28,062
31,610
30,462
do
. do
do
13264
4089
2517
4 142
11775
4433
3,326
4385
12 431
4857
2,695
4254
12519
5,002
2,631
4,536
12790
5,343
3,010
4618
12765
6,135
2,902
4,449
13460
5,700
2,887
4,762
12485
4,607
2,711
4,785
12,499
4,685
2,904
4,396
12750
4,894
3,092
4,684
13,322
4,427
2,897
4,431
14,616
6,231
3,438
4,383
13,992
5,752
3,315
4,518
do
7352
11592
508
7474
11070
434
7283
11730
364
7,183
12 143
411
7,871
12416
544
8,429
12528
478
8,182
13361
459
7,332
12,551
441
7,112
12,497
581
7,546
12,464
452
7,970
12,340
476
10,329
12,489
484
9,618
12,336
455
do
26689
26,445
27075
26,472
27,509
27,798
28,388
26,944
27,513
27,176
28,386
29,087
28,270
do
do
12 104
4503
2886
4,480
11765
5,030
2637
4,358
12602
4,550
2830
4,378
12,353
4,329
2,753
4,365
12,694
4,799
2878
4,437
12,778
5,009
2,941
4,381
13,560
4,826
2,849
4,458
12,551
4,412
2,780
4,488
12,751
4,827
2,725
4,505
12,269
4,779
2,746
4,624
13,371
4,820
2,929
4,519
13,712
5,098
3,020
4,481
12,893
4,907
3,146
4,553
7284
11,533
365
7595
11,266
460
7339
11,885
408
7,211
11,836
396
7638
11,917
493
7,470
11,991
408
7 527
12,854
392
7,271
11,939
378
7,514
12,354
440
7,041
12,254
442
8,048
12,232
480
8,513
12,382
444
8,315
11,804
523
1177
percent
Federal intermediate credit bank loans
do....
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
Existing home purchase (U.S. avg.)
percent..
do....
2
12.58
Open market rates, New York City:
Bankers' acceptances, 90 days
do....
Commercial paper 6-month $
do
Finance co. paper placed directly, 6-mo @ do....
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
2
12.22
14.62
11.28
3
11. 506
CONSUMER INSTALLMENT CREDIT
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
mil. $..
do
Seasonally adjusted:
Extended total #
By major holder:
Finance companies
Credit unions
Retailers
By major credit type:
Automobile
306,076
304 628
do
Mobile home
Liquidated total $
By major holder:
Commercial banks
Finance companies
Retailers
do
By major credit type:
Revolving
do
h' #
By major holder:
Commercial banks
do
Credit unions
Retailers
do
do
By major credit type:
Automobile
do
Revolving
do...
Mobile home
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
•
Outlays (net)
Budget surplus or deficit ( )
Budget financing total
Borrowing from the public
mil $.
do
do
....
do
do
Gross amount of debt outstandin
Held by the public
do
do
Budget receipts by source and outlays by agency:
Receipts (net) total
mil. $
Individual income taxes (net)
do..
Social insurance taxes and contributions
(net)
mil. $.
Other
do
313 472
333 375 333 375 330 135 327 435 327 131 328 363 329 338 331 851 332 471 333,808 335,948 334,871 336,991 343,372
147 013
76 756
44041
28448
149,300 149 300 148 162 146,922 146,454 146,616 146,147 146,775 146,745 147,275 148,280 147,926 148,270 150,643
89818 89818 88925 89009 89591 90674 91958 93009 93353 93,207 93,357 92,541 93,462 94,322
45,954 45954 45907 45,586 45,632 45,450 45,472 45,882 45,698 46,154 46,846 46,645 46,832 47,253
29551 29551 28 179 27013 26530 26537 26536 26,645 26,710 26,751 26,829 27,046 27,639 30,202
116 838
58,352
17322
126,431 126 431 125,525 125,294 125,559 126,201 127,220 128,415 128,359 128,281 129,085 128,619 129,594 130,504
63,049 63,049 61,433 59,514 58,491 58,641 58,647 59,302 59,824 60,475 60,932 60,811 61,500 66,273
18486 18486 18397 18,343 18,363 18,402 18,479 18,543 18,601 18,741 18,778 18,814 18,821 18,768
'517,112
'576
675
1
59563
'59 563
'70 515
1
10952
1914 317
1715 105
55,269 43,042 45,291
45,930 57,822 63,546
9339 -14 780 -18,255
-8,109
9783
17892
14,993
10,693
4300
18,773
12,305
6,468
'1 003 941 1 034 716 1 043 817 1 053 325 1 066 393
'794 434 830 055 839 837 850 504 862 809
75,777 36,753
66,073 55,683
9,704 -18,930
-8,711 21,424
3,187
2,527
-11 238 18,237
1 070 734 1 076 798
865 336 868,523
66,353 44,675 44,924 59,694 40,539 42,007 54,498
59,629 64,506 59,628 61,403 66,708 66,166 72,436
6,724 -19,831 -14,704 -1,708 -26,169 -24,158 -17,938
4,575 26,462 24,845 18,103
-4,457 20,962 16,751
6,228 25,923 29,895
3,260 14,348 21,086 22,129
6,614 -4,335 -17,554 20,234 -1,078 -11,792
-7717
1 084 658 1 094 628 1114214 1 146 987 1,147,713 1,166,569 1,201,898
871,783 886,131 907,218 929,346 935,574 961,497 991,392
r
56,822
25,770
10220
55,269
32,646
2473
43,042
21,007
1293
45,291
13,391
6,910
75,777
41,672
7342
36,753
9,576
1,202
66,353
32,273
10,589
44,675
23,987
601
44,924
20,867
422
59,694
32,592
6,146
40,539
20,832
-461
42,007
22,452
-680
54,498
24,946
8,164
157,803 '182,720
'50 640
'69 499
14,057
6777
14,575
5574
15,109
5,633
18,752
6,238
21,593
5,170
20,483
5,493
17,572
5,918
14,874
5,214
17,961
5,674
15,608
5,348
15,157
5,010
14,902
5,332
15,776
5,613
576,675 '657,204
124 555
'26 030
132,840 '156,035
r
45,930
4 573
13,783
57,822
2*984
14,239
63,546
4 394
16,042
66,073
2 484
16,013
55,683 59,629 64,506
1 362 1 526 2 668
14,826 16,041 16,329
59,628
2 184
15,011
61,403
3026
16,447
66,708
4 107
15,896
66,166
5374
16,461
72,436
7,49£
17,615
1194 691 '230 304
'76,691 '92,633
14 Q5Q
15 421
1
'22,904
21,135
r
7319
7,935
443
760
20679
8,164
493
1,908
21628
7,598
524
2,269
21898
9,641
464
3,236
19,883
8,286
486
751
22,499
8,643
435
3,097
21,168
9,235
491
994
21,424
7,179
467
1,924
22,200
9,149
482
1,942
22,817
9,076
632
2,066
23,440
14,327
524
3,200
'517,112
'244,069
'64 600
1
do..
1
Defense Department military .
Health and Human Services
do...
1
Treasury Department
do..
Veterans Administration
do..
Outlays total #
'599,272 rr56,822
'657,204 76,290
'-57,932 -19 468
5
57,932 20,516
'79,329 14274
1
21397
6242
'599,272
'285,917
'61 137
76,290
4 793
15,880
33 282
13,277
551
3,214
21087
14,090
497
1,923
GOLD AND SILVER:
Gold:
Pr
l-1^8
O<
v' t ft
Silver:
Price at New York ±±
See footnotes at end of tables.
!•? 1
i-
dol. Der trov oz
11 160
612 509
20.632
11 151 11 151 11 151 11 150 11 150 11 149 11 149 11 149 11 149 11 148 11 148 11,148 11,148
459 614 408 743 384 125 374 071 330 248 350 488 334 403 314 982 340 102 365.952 435.564 421.755 414.993 445.431
10.518
8.432
8.030
8.268
7.213
7.311
6.674
5.578
6.497
7.136
8.725
9.458
9.892
10.586
8.50
6
11.58
S-15
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Jan.
Dec.
Annual
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil. $..
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): t
Ml
bil. $..
M2
do
M3
...
do
L (M3 plus other liquid assets)
do....
Components (not seasonally adjusted):
Currency
.
...
Demand deposits
Other checkable deposits ffi .
Overnight RP's and Eurodollars *
Money market mutual funds
Savings deposits
Small time deposits @
Large time deposits @
do
do....
do
do....
do....
. do
do....
do
137.2
401.4
1 591 7
18730
2,267 6
1117
2639
218
30.0
55.3
4040
706.4
2363
145.6
145.6
140.5
140.5
142.6
144.0
148.2
146.5
148.1
1494
150.1
1492
154.1
156.2
429.6 rl452.1 r454.3 r438.1 r440.9 r456.3 r445.8 r450.8 r454.3 r454.3 r461.0 r470.6 r479.1 r491.2
489.9
799 61 817 71 807 91 825 91 848 61 848 71 865 41 883 01 896 51 908 71 928 41 943 31 963 8 2 015 3
1 747 1 1
20899 rr2 175 9 r2 193 5 r2 189 2 r2 211 0 r2 235 3 r2 237 3 r2 257 2 r2 280 8 r2 308 8 r2 324 4 r2 350 2 r2 368 9 r2 384 6 2 411 6
25193 2 629.7 r2 658 3 r2 671 8 r2 697 5 r2 724 4 r2 737 0 r2 762 8 r2 787 5 r2 809 4 28227
1198
2399
656
38.7
110.3
3616
812.9
2864
1254
2440
784
r
36.1
r
!50.9
r
342 1
r
824.1
3054
r
Measures (seasonally adjusted): $
Ml
M2
M3
L (M3 plus other liquid assets)
do
do....
do
do....
rl
440 6
r
l,794.9
r
2
167 9
r
Components (seasonally adjusted):
Currency
Demand deposits
Savings deposits
Small time deposits @
Large time deposits @
do....
do
do
do....
do
1232
236 4
r
3444
r
8286
r
3026
1233
2443
825
r
39.7
1547
r
3466
r
8287
r
3084
r
123 0
2293
81 5
'38.0
1560
r
344 6
r
8373
r
315 3
r
1239
r
229 1
838
r
39.1
1597
r
3463
r
8458
r
3189
125
7
r
2369
89
5
r
36.8
1618
r
348 5
r
851 1
r
319 0
127 2
2288
85 4
r
40.1
1649
r
347 9
r
8559
r
320 6
r
128 3
230 7
87 2
r
40.3
170
1
r
348 6
r
8614
r
323 5
r
129 8
231 7
87 9
r
41.8
1729
r
348 6
r
8716
r
327 4
r
130
1
r
2296
89
8
r
42.4
1823
r
346
8
r
8766
r
332 9
130 2 131
3
232
9 r237 6
r
93
3
97
3
r
r
41.5
43.9
185
1
1876
r
348 2 rr357 8
r
8790
875 1
r
334 9 r339 1
r
132 7 r 135 2
240 6
247 7
101
5 104
0
r
r
44.2
45.2
191
1
182
1
r
363 3 r356 5
r
871 2 rr853 8
r
340 8
336 6
r
133 2
245 0
107 4
47.1
1665
334 1
798 7
314 3
r
r
447 8 r448 0
448 6 r449 3 r452 4 r453 4 r454 4 r458 3 r463 2 r468 8 r474 1 r478 4
482 4
1,810.1 T18158 r1 828.9 r1 835 21 850 61 864 61 880 91 903 619170 1 929 51 944 71 958 8 2 007 1
181 8 2 191 6 r2 210 9 2 224 1 r2 240 7 r2 260 2 r2 283 4 r2 317 8 r2 333 9 r2 351 8 r2 369 9 r2 376 9 2 399 7
2 622.0 2,644 4 r2 668 0 2 692 6 r2 709 9 r2 736 9 r2 766 0 r2 795 7 r2 821 1 2 837 7
r
2
r
1240
r
238 9
"•347 7
r
8266
r
304 4
124
7
r
235 5
r
346 9
r
833 1
r
309 9
1252
r
233 8
r
346 6
r
8407
r
315 8
126 3
r
233 3
r
345 9
r
847 2
r
321 2
127 4
r
233 1
r
346 6
r
852
5
r
322 1
128 2
3
2
3
327 4
r
232
r
347
r
859
r
128 8
r
232 1
r
345 0
r
8729
r
332 1
129 6
r
232 5
r
346 7
r
879
8
r
334 9
130 5
r
234 0
r
350 0
r
883
2
r
336 1
131 3
r
236 1
r
358 0
r
877
8
r
r
237
r
366
r
339 6
131 9
6
4
874 6
340 4
r
9 878
7 351
7 248
4 057
132 8
8
0
1
333 9
r
239
r
359
r
859
r
134 2
239 3
334 5
797 5
310 8
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes, all industries
Food and kindred products
Textile mill products
Paper and allied products
Chemicals and allied products
mil. $..
do....
do....
do....
do....
92,579
8,222
977
2,789
11,578
Petroleum and coal products
do....
Stone, clay, and glass products
do....
Primary nonferrous metal
do....
Primary iron and steel
do....
Fabricated metal products (except ordnance,
machinery, and transport, equip.) ........ mil. $..
25,133
1,833
2,768
2,334
3,967
4,235
760
786
820
Machinery (except electrical)
Elec. machinery, equip., and supplies
do....
do....
11,459
7,114
12,580
7,872
3492
1,745
2657
1,781
2 454
1,801
1 687
1,688
Transportation equipment (except motor
vehicles, etc.)
mil. $..
Motor vehicles and equipment
do....
All other manufacturing industries
do....
3,084
-3,424
14,745
3,722
-209
15,762
707
-139
3,728
645
1
2738
693
1 072
3798
720
18
3759
36,495
40,317
10,763
10 160
Dividends paid (cash), all industries
do....
101,302 22,856
9,109
2446
1 157
198
3,110
829
12,973
2,985
23,733
1,627
2,124
3,507
5,464
267
369
5
18,999
2 120
78
418
2,900
20028
2 079
146
436
2,764
17828
2 031
258
408
2,451
4935
167
82
25
4 146
205
44
-430
5024
329
-41
893
425
10076
10 418
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
By type of security:
Bonds and notes, corporate
Common stock
Preferred stock
By type of issuer:
Corporate, total #
Manufacturing
Extractive (mining)
Public utility
Transportation
Communication
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
...
Short-term
mil $
r
81 111
75870
5 969
3 283
5 838
6 601
do....
56,265
45 606
3948
1607
4 074
4653
do....
do....
18,996
3,635
25 108
1,788
1 935
80
1477
199
1 430
185
1 750
198
1 875 1 367
172
'887
mil. $..
do....
do....
do
78,896
24,398
4,893
15940
72,503
17,397
9,113
14494
5963
1,212
723
1 246
3282
'727
724
962
5689
479
479
1 088
6601
1 142
919
2 219
4610
599
636
1 684
do....
do....
do....
3,727
7401
15,638
2,779
6 158
17,197
105
201
1894
68
66
506
76
366
2 994
255
87
1523
do
do
47 133
26 485
46 134
34 443
5 072
3 138
3 780
2*525
3 459
2 708
mil $
14 721
14 411
14 411
13 441
13 023
r
4 610
r
5 787
5 791
6 613
3 405
3 066
4 230
2 559
67
1 490 1 365
644
622
1 681 1 919
522
611
5 692
417
1,800
941
6 364
1845
668
909
9 283
2373
464
1 674
7 407
1 510
750
1 902
41
108
r
20
346
1 358 1 665
131
191
1 906
18
179
2 305
464
206
2 914
5 531
2 950
6 692
3 109
5 268
5 919
5 667
4 g4g
5 822
q 302
12095
12 202
12 237
11 783
11 729
4 215
6 345
4 410
6 730
r
2563
r
5 658
755
360
1 747
9 386
7 507
7 296
5 204
r
2 719
573
9 778
2r 904
302
1 941
7 350
1 274
516
1 403
149
305
2 343
521
314
3 015
319
129
2 811
6 635
4 766
6 381
3 146
7 959
3 357
9 505
3 396
8 178
11 396
11 208
11 728
12 459
1 q ooc
4 470
7 550
4 990
7 475
5 520
8 120
5 600
8*395
5 735
8*390
o'fiQO
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
Free credit balances at brokers:
Margin accounts ...
Cash accounts
do
do....
2 105
6070
3 515
7 150
3 515
7 150
3 455
6575
3 755
6 595
3 895
6 510
4 145
6 270
4 175
6 355
41 4
574
337
432
33 2
37 1
30 9
35 8
31 1
37 0
32 9
37 3
33 3
38 2
34 0
39 9
32 1
38 3
32 8
39 4
35 7
43 2
38 0
45 6
41 7
49 7
44 2
48 7
42 9
49 0
49 ^
5.190.30
5.733.07
673.76
410.47
388.34
512.80
509.13
510.05
49902
463.04
79A 3ft
699 SO
ft75 39
770 43
7Q9fiO
7«7 79
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composite §
dol per $100 bond
Domestic municipal (15 bonds)
. do
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $..
See footnotes at end of tables.
51 6
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1981
1982
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa .
.
A
Baa
.
percent.
12.75
15.06
15.38
16.05
16.13
15.68
15.53
15.34
15.77
15.70
15.06
14.34
13.54
13.08
13.02
12.90
do
do
do....
do
1194
1250
12.89
1367
14 17
1475
15.29
1604
1423
1500
15.75
1655
15 18
1575
16.19
17 10
15 27
1572
1635
17 18
14 58
1521
16 12
1682
14 46
1490
1595
1678
1426
1477
1570
1664
14 81
1526
1607
1692
14 61
1521
1620
1680
13 71
14 48
15 70
1632
12 94
1372
1507
1563
12 12
1297
1434
1473
11 68
12 51
1381
14 30
11 83
12 44
1366
14 14
11 79
1235
1353
13 94
do....
do
do
12.35
13 15
1148
14.50
1562
1322
15.00
1577
1384
15.37
1673
14 10
15.53
1672
1408
15.29
16 07
1400
15.22
1582
1403
15.08
15 60
1393
15.35
16 18
1399
15.37
16 04
1405
14.88
15 22
1390
14.11
14 56
1369
13.19
1388
1308
12.57
13 58
1274
12.48
13 55
12 60
12.34
13 46
1227
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do....
do....
8.73
8.51
11.56
11.23
13.30
12.77
13.15
13.16
12,70
12.81
13.13
12.72
11.97
12.45
12.13
11.99
1258
12.42
11.97
12.11
1074
11.12
1048
10.61
10.05
9.59
1023
9.97
956
9.91
9.45
U.S. Treasury bonds, taxable $
do....
10.81
12.87
12.88
13.73
13.63
12.98
12.84
12.67
13.32
12.97
12.15
11.48
10.51
10.18
10.33
10.37
328.23
891 41
11043
307.23
364.61
93292
10858
398.56
351.31
87828
11073
387.11
333.99
85341
105.68
353.99
32754
833 15
10598
345.93
318.94
81233
10747
328.85
332.69
84496
112 17
344.68
333.11
84672
114.49
340.90
313.66
80437
10841
314.58
316.31
81841
10628
316.68
321.30
832 11
109.64
318.34
35689
917 27
116 18
368.32
38392 401 57
98871 1 027 76
11997 119 34
402.70 436.43
404.83
1 033 08
117.83
446.37
41761
1 064 29
12383
457.74
11878
134.52
131.37
8688
12804
144.24
139.03
100 67
12379
138.35
128.23
98.37
11728
131.08
121.78
9543
114 50
127 56
120.53
9732
110 84
122.85
112.43
9700
11631
129.19
117.32
10291
11635
129.68
115.84
103.81
10970
122.61
105.97
100.92
10938
122.49
106.34
10266
10965
122.29
106.34
102.46
122.43
137.09
119.61
115.51
13266
148.11
131.64
126.43
138 10
153.90
139.35
133 27
13937
156.02
142.63
134 75
14427
162.02
151.03
133.08
..... do
1970=10..
1941-43=10..
5054
18.52
75.57
5187
23.26
93.09
53.53
22.21
90.84
51.81
20.05
80.86
5139
18.95
75.99
52.33
17.68
67.73
54.25
18.71
71.20
54.88
18.50
71.16
52.13
17.21
65.49
51 87
17.22
63.15
53.34
17.53
64.71
56.48
20.27
77.20
59.41
22.19
86.27
60.08
23.52
88.27
59.33
23.84
85.83
61.89
24.93
90.26
Financial (40 Stocks)
1970= 10..
NewYorkCity banks(6 Stocks) 1941-43=10..
Banks outside N.Y.C. (10 Stocks)
do....
Property-Casualty Insurance (6 Stocks) do....
12.50
44.00
102.90
127.06
14.44
52.45
117.82
141.29
14.76
54.01
112.58
149.00
13.95
51.33
102.51
141.08
14.19
53.85
100.48
146.08
14.15
53.77
96.11
147.01
14.59
55.93
97.40
149.14
13.81
52.27
93.29
142.45
12.45
48.10
86.01
126.05
12.07
45.36
81.10
120.61
12.38
47.46
82.06
118.41
13.72
50.50
86.79
134.47
15.97
64.21
106.48
156.02
17.46
68.70
114.55
166.54
16.90
65.60
103.62
168.28
16.51
63.91
101.22
162.01
New York Stock Exchange common stock indexes:
Composite
12/31/65-50
Industrial
do
Transportation
do
Utility
.*
do
Finance
do....
68 10
7870
60 61
3735
64.25
74.02
8544
7261
38.91
73.52
71.81
8170
6827
40.22
74.74
67.91
7685
6204
39.30
70.99
66.16
7478
5909
38.32
70.50
63.86
7151
55 19
38.57
69.08
66.97
7559
5791
39.20
71.44
67.07
7597
56.84
39.40
69.16
63.10
7159
5307
37.34
63.19
62.82
7137
5340
37.20
61.59
62.91
7098
53.98
38.19
62.84
70.21
8008
61.39
40.36
69.66
76.10
8667
66.64
42.67
80.59
79.75
9076
71.92
43.46
88.66
80.30
9200 •
73.40
42.93
86.22
5.26
495
977
4.04
575
5.20
490
10 15
3.40
541
5.57
528
1022
3.76
548
5.95
564
1074
4.20
589
6.06
575
1077
438
579
6.28
599
1061
4.72
592
5.99
570
1027
4.47
573
5.97
565
1027
4.47
607
6.28
590
1087
4.85
667
6.31
591
1102
4.92
697
6.32
594
1077
4.95
679
5.63
526
1022
4.17
6 12
5.12
478
973
3.75
522
4.92
460
962
3.53
484
4.93
459
983
3.46
508
1060
1236
1283
13 19
1320
1297
1290
1258
1296
1324
1278
1241
1171
11 18
1120
1123
475850
15486
490688
15910
38692
1365
33445
1,222
35953
1313
44 157
1,713
39 900
1,533
37350
1430
35 174
1,414
41 292
1,577
47 117
1,902
61374
2,301
79437
2,857
75 043
2,643
397 670
12390
415913
12843
32 701
1092
28301
987
30268
1071
38232 33 714
1 411 1242
31913 30420 35580
1 167 1 169 1304
40659
1555
52551
1890
67,157
2292
63,837
2 126
11,352
11,854
959
968
972
1,673
1,548
2,069
1,857
1,682
1,858
.
By group:
Industrials
Public utilities
Railroads
Stocks
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
Industrial total (400 Stocks) #
Capital goods (111 Stocks)
Consumer goods (189 Stocks)
Utilities (40 Stocks)
.
Transportation (20 Stocks)
Railroads (10 Stocks)....
1941-43-10
do....
do....
do
.
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
Financial (40 stocks)
Preferred stocks 10 high-grade
percent..
do
do
do....
do
do
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
... millions
On New York Stock Exchange:
Market value
mil. $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value all listed shares
. . bil. $ .
Number of shares listed
millions..
1,270
1,136
1,027
1,111
1,14379 1 143.79 1,115.82 1,053.75 1,036.85 1,081.87 1,039.18 1,017.45
38.298 38.298 38.408 38.572 38,588 38,738 38.594 38.894
1,242.80
33.709
1,145
993.56 1 106.56 1,120.26 1,244.38 1,291.94 1,305.36 1,349.19
39.064 39,070 39,177 39,262 39,400 39,516 39,688
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, total @
Excl Dept of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia including New Guinea
Japan
See footnotes at end of tables.
mil. $.. 220,704.9 1233,739.Q 19,139.9 17,515.3 17,637.3 20,160.9 18,610.6 19,000.7 19,416.1 17,259.3 16,264.5 16,716.7 17,274.5 15,695.0 16,723.9
do
220 548 7 '233 677 0 19 130 0 17 507 9 17 635 5 20 151 7 18 605 2 18 992 4 194133 17 252 2 16 249 9 16 712 6 17 267 0 15 689 2 167164
18,885.4 18,736.7 18,703.6 18,602.0 17,842.8 18,218.0 18,821.8 18,026.5 17,497.8 17,387.3 16,697.7 15,692.7 16,335.3
do
925.4
90604 r1ll 097.4
do
5,628.8
do.... 60,168.3 63,848.7
48757 1 16 435.8
582.4
do
71,371.4 69,714.7 5,912.5
do
.. do.... 35,399.0 ^ses.s 2,841.7
do
21 337 7 *24
368 7 18883
17 376 8 1 17 732 1 1,305.6
do
do
do
do
do....
X
972.4
5,194.8
442.6
5,605.7
967.1 1,001.7
5,752.2 5,215.9
597.9
471.6
6,328.8 5,753.1
2,463.8 2,593.5 3,346.8 3,066.1
1 7034 1665 1 17913 17586
1,318.6 1 163.0 1 376.6 1,258.2
936.3 1,038.0
5,545.1 5,786.2
495.4
662.3
5,711.4 5,639.7
681.9
693.7
5,793.3 5,186.8
470.0
495.9
4,743.1 4,562.0
720.1
4,947.1
445.8
4,857.0
915.0
5,372.4
433.6
4,930.1
601.3
5,109.7
362.7
4,892.6
3,189.7
17308
1,323.2
2,943.2
18379
1,437.0
2,667.7 2,634.8 2,838.1
1 5145 1328 1 15730
1,334.4 1,336.0 1,278.5
3,089.2
1,224.7
1,235.6
2,512.5
1 043 4
1,125.3
2 159 4
1428
215.9
1726
230.9
2752
224.6
231 1
206.7
383 1
237.4
293.6
234.8
2694
242.7
1778
191.9
191.7
182.7
191.4
174.7
280.0
162.3
1454
133.4
J
5 297 5
21,823.0
4866
2,064.6
3912
1,785.8
3705
1.705.6
4906
1,862.2
4024
1,574.8
4110
1,710.2
491 1
1,828.8
3863
1,776.3
3519
1,732.2
3804
1,568.4
337 0
1,804.1
3077
1,814.6
18736
2 463.5
4 1307
20.790.0
850.6
5,172.3
461.4
5,545.1
I
2,9ll.l
1
83.25
9537
75.65
45.59
85.66
S-17
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Dec.
Annual
1983
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS— Continued
Exports (mdse.), incl. reexports—Continued
Europe:
France
.....
mil $
German Democratic Republic (formerly
E Germany)
mil $
Federal Republic of Germany (formerly
W. Germany)
mil. $.
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American republics, total #
Brazil
Mexico
«.
Venezuela
Exports of U.S. merchandise total §
Excluding military grant-aid
Agricultural products, total
Nonagricultural products total
do
do..
do..
'7 340 5
5627
5234
5635
728 8
592 9
603 8
665 3
516 4
601 5
572 1
666 1
4786
'2957
164
499
266
43 7
93
22 0
22 0
55
08
19
16 9
10 1
10,959.8 '102767
798 9
8225
7896
9696
8047
8216
7649
7230
7036
6549
6786
755 9
'5 360 0
'2,431.3
12 439 2
548 0
358.3
940.6
413 6
398.0
912 1
397 5
450.5
8175
379 0
421.3
9910
395 2
325.1
9927
446 1
265.7
9133
499 4
134.4
928 1
328 8
71.8
8852
308 0
55.1
8055
349 4
77.1
935 g
386 5
80.0
833 1
344 1
160.6
838 1
2,593.5
5511 1
1,512.8
12,693 6
1
do...
35,395.3
1
39,564.3
2,841.7
2,463.5
do...
do
... do.
do
36,030.4
43435
15 144 6
45728
'38,950.1
2,933.4
252 0
13808
467 2
2,757.4
306 2
1 1878
364 4
17 129 0
17,121.6
32547
13 874 3
13 798 2
1
177887
15 444 9
do 2165922 1228 960 8 18 631 1
do... 216,436.0 1228,898.7 18,621.1
do... 41,255 9 '43 338 5 35965
do
175 336 3 1 185 622 6 15 034 6
3 346 2 30658 3 1895 2 9 4 2 7
2,537.2 2,926.9 2 699.6 27828 29243
274 9
260 4
289 8
319 1
334 3
1 1239 1 307 2 1 173 1 1 201 1 1 202 6
380 9
501 7
415 0
440 6
501 8
17 274 6 19 685 4 18 208 3 18 589 3 18 980 3
17 272.8 19 676 2 18 202 8 18 581 0 18 977 5
34999 37025 34818 3 403 4 3 129 1
13 774 7 15 982 9 14 726 5 15 185 9 15 851 2
By. commodity groups and principal
commodities:
Food and live animals $
mil $ 27 743 7 130 290 8
Beverages and tobacco
do
2 663 0 '29147
Crude materials, inedible, exc. fuels # ...... do.... 23,790.7 120,992.4
Mineral fuels, lubricants, etc. # . .
mil $
79823 '102790
Oils and fats, animal and vegetable
do.
19463 47503
Chemicals
Manufactured goods #
Machinery and transport equipment,
total
Machinery, total #
Transport equipment, total
Motor vehicles and parts
...
do
do
515 4
74854
2 315 3 2 064 9 2 188 5 2 429 6 2 272 1
2368
2089
2500
300 2
224 2
1,811.4 1,724.7 1,782.6 1,837.3 1,789.3
1 106 2 1 048 5 1 050 9 1 246 3 1 190 2
132 4
1584
1028
1673
124 3
20 740 2 i2l 187 1 1 715 4 1 594 2 1 662 1 1 858 4 1 688 2
22 254 6 120 632 5 1 446 3 1 456 9 1 388 7 1 633 8 1 439 6
mil $ 84 552 9 195 717 2
do
55 789 7 '62 945 5
do.... 28,838.8 132,790.9
do
14 589 6 116 214 0
7 931 2
5 012 2
2,921.0
1 124 8
7 126 7
4 849 8
2,281.4
1 023 7
6 979 4
4 719 0
2,261.0
1 123 9
8 357 6
5 523 1
2835 1
1 489 3
7 547 7
4 957 7
2*5803
1 395 6
26675
26345 28379 3089 1 25123
25885 23877 25622 2 1186 1 844 7
361 2
318 1
306 0
236 3
201 7
1 005 4 795 2 1 042 6 633 2
504 9
494 0
460 8
402 5
449 2
402 6
16 870 3
16 863 2
2 446 0
14 424 3
15 943 9 15 980 7 16 886 7 15 319 1
15 929 3 15 976 6 16 879 2 15313 3
2 492 4 2 388 1 2 887 4 3 049 7
13 451 5 13 592 5 13 999 3 12 269 4
2 161 4 2 172 3 1 722 3 1 874 2 1 691 6 1 816 6 1 798 8 1 758 0
262 5
167 0
211 6
221 3
350 3
379 8
193 1
*257 5
1,839.6 1,598.7 1,350.5 1,272.0 1,328.1 1,515.4 1,663.4 1,546.9
954 9 1 073 3 1 206 1 846 0
1 143 5 1 090 4 996 8
881 9
102 2
157 3
141 7
125 6
146 8
105 0
118 3
117 3
1 722 4 1 862 5 1 648 6 1 715 0 1 548 7 1 487 8 1 455 2 1 647 2
1 535 6 1 591 0 1 348 5 1 274 2 1*321 7 1*390 7 1*202 5 l'l55 4
7 782 5
5 203 1
25800
1 436 2
8 175 7
5 523 2
26528
1 325 5
7 597 3
5 083 1
25156
1 080 8
6 738 6
4 664 3
20815
1 029 5
6 756 3
4 928 1
1 828 8
1 040 7
7 136 5 6 083 4 6 846 4
4*889 2 4 451 1
2 248 1 1 632 7
1 084 0 *957 9
VALUE OF IMPORTS
do.... 240,834.3 1261,304.9 19,663.4
do.
19 516 3
General imports, total
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America...
South America
do....
do....
do....
do....
.
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
Japan
32,250.9 127,070.6
78 848 0 '92 032 6
3,391.9 13,352.7
47 849 7 '53 409 7
18,264.6 20,823.4 17,882.1 20,804.5 21,810.9 19,763.2 22,867.8 20,187.8 21,219.3 19,002.0 18,720.2
22 828 8 19 090 4 20 348 7 17 386 8 20 558 1 21 309 6 19 558 8 23 494 0 20 644 0 21 096 0 18 936 5 18 864 7
2
2 358.5
2
82 466 5
200.5
2
17063 15006 1252 1
63334 7 310 1 5 955 2
1919
2624
2268
4 758 5 36747 4 479 6 4 012 6
do.... 41,470.9 '46 432 0 36060 23 508 5 35490 4 158 8 3 737 8
do
22 656 9 '23 477 4 18263 21 860 6 1 831 9 1 967 5 1 660 2
do.... 14,361 6 45 526 4 12113 21 452 5
9772 1 144 3 1 027 2
do....
do....
mil. $..
do
458.4
3,320.5
'397.3
'2 445 3
24.3
1310
2,562.3 '2,514.8
30 701 3 '37612 1
235.4
30015
Europe:
France
do.... 5,247.0 '5,851 4
German Democratic Republic (formerly
E. Germany)
mil. $..
43.9
'47.7
Federal Republic of Germany (formerly
W. Germany)
mil. $.. 11,681.2 111,379.0
Italy
do
4313 1 '5 189 0
Union of Soviet Socialist Republics
do....
453.2
'347.5
United Kingdom
do
9755 1 '128346
North and South Airierica:
Canada
do.... 41 455 4 '46 413 8
Latin American republics, total #
do.... 29,851.2 '32,023.3
Brazil
do.... 3,714 6 '4 474 5
Mexico
do.
12 519 5 '13765 1
Venezuela
do.... 5,297.1 '5,566.0
By commodity groups and principal
commodities:
Agricultural products, total
mil. $.. 17,425.0 '170034
Nonagricultural products, total
do.... 223,409.2 '244,301.4
Food and live animals #
do.... 15,762.7 '15,237 6
Beverages and tobacco
do.... 2,771 5 '3 138 3
Crude materials, inedible, exc. fuels #
do.... 10,495.9 '11,193.4
Mineral fuels, lubricants, etc
do
79 057 7 '814169
Petroleum and products
do. . 73,770 9 '75 577 3
Oils and fats, animal and vegetable
do....
533.4
'479.5
Chemicals
do.
8 582 7 '9 445 9
Manufactured goods #
do.... 32,190.4 '37,291.9
Machinery and transport equipment
do.... 60,545.7 '69,627.2
Machinery, total #
do.... 31,903.6 '38,212.2
Transport equipment
do.... 28,642.0 '31,415 2
Automobiles and parts
do.... 24.133.9 '26.216.9
See footnotes at end of tables.
398-321 0 - 83 - S3
1,367.3
69614
280.5
44103
2
22,606.0
2
2
42.6
168 1
2
2
2
154.7
3 720 0
2
5110
100 1
183 1
152.8
2 708 0
800
138 5
327
141 1
162.6
215.3
3 586 6 2 790 4
9113 1 317 6
7 684 6 7 395 1
244 9
299 2
4 923 4 4 907 o
4 070 3 4 399 5
1 824 7 2 309 5
1 145 1 1 182 9
465
138 6
90 7
147 5
1 695 1 1 467 7 1 262 7 1 586 0 1 423 8
6 987 1 9 061 3 6 920 8 7 155 4 6 133 6
345 o
323 i
281 1
288 9
261 2
4 358 7 4 743 5 4 241 8 4 712 0 4 220 1
3 462 0 3 829 5 4 238 7 3 907 9 4 009 8
1 881 2 2 210 3 2 100 8 1 972 3 1 779 6
1 090 1 1 210 3 1 141 9 1 562 4 l'l73 7
22 4
144 6
181 1 2155
2197
3 759 4 3 117 2 2 887 9
23
159 0
85
184 4
19 2
227 i
51 2
162 8
2204
203 1
1723
2527
3 814 7 2 904 2 3 274 0 2 695 1
4527
4556
441 9
479 5
539 7
442 8
475 6
410 1
414 0
469 8
36
51
69
31
37
36
28
4§
11 2
33
32
1 055 9 212 087 4
5033
499
2
2
8.0
18.4
9063 29817
8749
394 4
22.0
7800
534 1
2
44
36039
2
12992
2389
696.1
5 426 9
48543
35.3
6913
2,901.1
5,711.3
2,971.3
27400
2.296.2
9448
439 7
15.5
821 4
1 221 1 1 090 5 957 1 1 025 4 872 9
949 0
981 1
494 6
4593
379 4
498 5
350 0
459 6
413 7
10.2
31.8
7.7
34.8
25.7
8.9
27.6
1 151 5 1 210 4 1 139 7 1 217 6 1 079 6 1 483 0 1 037 3
4 156 2 3 735 7 4 068 6 4 398 i 3 459 2 3 828 4 4 236 3 3 907 2 4 009 6
2,376.0 2,678.5 2,222.5 2,624.6 3,011.3 2,550.6 2,884.1 2,776.3 3,061.0 2,604.6
343 7
315 4
374 8
427 5
3144
3698
312 1
313 2
346 8
391 9
12553 1 310 5 1 014 2 1 238 3 1 578 2 1 230 8 1 435 3 1 448 9 1 299 9 1 219 1
3124
3552
350 2
2930
361 9
399 2
387 0
281 4
504 0
392 3
3 507 8 35476
2,573.1 22,759.9
2
3764
3354
1 170 9 212 116 6
6022
436.6
13679
18,285.2
1 003 3
492 7
18.0
1 Oil 3
2
1
2
306 8 1 140 3 1 396 1 1 284 0
21,343.0 17,173.6 19 419 5 16 610 8
1035
8
9484 1 270 6 1 158 2
2
285 8
1935
266 3
284 1
2
740.9
669.2
689.7
703.2
27 439 3 5 107 2 5 008 9 4 311 9
2
6 830
8 45232 4 504 2 3 8628
2
42.8
19.2
40.2
25.4
2
7774
667 7
872 9
730 2
2
2
3,225.9
2
6,199.7
2
3,318.1
2
2 881 6
2
2.436.4
2,830.9
5,263.5
2 784.4
2479 1
2.017.7
2,963.7
6,601.1
32956
33055
2.842.8
2,454.4
5,785.5
28985
2 887 0
2.522.3
1 327 2 1 339 4 1 106 9 1 352 1 1 290 3 1 445 6 1 198 4 1 250 8
19 456 3 20 476 2 18 614 7 21 519 8 18 885 8 19 790 7 17 754 0
1 267 2 1 272 6 1 122 5 1 301 1 1 266 6 1 384 3 1 232 7 1 192 8
251 3
321 2
292 4
300 1
310 1
287 5
266 0
305 3
771.3
790.5
695.3
782.1
705.0
715.8
701.3
624.8
4 ig7 4 5 426 6 5 942 7 6 353 1 5 200 6 5 946 5 5 037 4 5 467 6
3 749 4 5 025 3 5 454 9 5 954 0 4 741 4 5 486 9 4 419 7
38.8
43.1
32.2
31.8
24.4
32.3
46.6
28.9
840 3
820 7
827 0
698 9
897 6
869 7
739 3
751 8
3,203.9 3,091.3 2,501.4 2,941.1 2,581.1 2,616.0 2,509.1 2,229.1
7,051.3 6,929.7 5,646.5 6,700.7 5,894.2 6,187.3 5,543.0 5,517.3
35577 37023 3 108 7 38670 3 419 1 3 422 8 3 044 5
3 493 6 3 227 4 2 537 8 2 833 7 2 475 i 2 764 5 2 498 5
2.977.3 2.780.7 22706 2.532 5 2202.1 2 43fi fi 9. 17fifi
Jan.
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1981
1982
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977-100..
Quantity
do
Value
do
138 1
1329
1836
150 8
1288
194 1
1529
1239
1895
156.2
111 6
1742
1556
1130
1758
154.8
1294
2002
154.6
1199
1853
154.3
1225
189 1
152.6
1265
193.1
153.5
1118
171.6
151.3
107 1
162.1
150.8
1078
162.6
151.6
1133
171.8
151.0
1032
155.8
152.2
1089
165.7
General imports:
Unit value
Quantity
Value
161 4
1026
165 5
1703
1052
1179 i
1674
965
161 6
1707
109 1
186 2
1717
876
150 4
1704
1007
1715
1696
868
1473
1673
1024
1713
1659
1083
1796
1674
97.2
1627
165 1
114.0
1883
164 1
101.3
1662
1662
105.2
1747
164 1
95.3
1565
1642
93.8
1540
mil $
401 172
118835
1406
796
1
123 495
37 820
10350
29 927
9'657
32 880
9856
37243
11 113
37240
10*237
37 178
10299
37012
10'514
31425
9080
thous sh tons
mil $
487 936
164 924
J
464
1
31864
12863
27342
11 465
28615
12995
26025
11 010
27300
13 170
34,464
13875
33 829
12924
25.82
64.0
3,153
20.12
54.9
2,583
654
654
do
do
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Value
General imports:
Shipping weight
Value
420
177 059
6
39
6
974
15 694
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
T
P
'1
1 H f rtor
} t t 1
(
254.18
59.0
32,487
248.39
58.5
31,886
20.38
57.2
2,651
33,728
28,049
2
2,432
623
2
33,949
2
-124
36,502
30,579
2,480
675
2
36,922
533
8,776
7,238
651
192
9,284
-386
200.09
3,274
944
198.13
3,338
994
16.70
264
111
29,014
29,277
2
-360
6,999
7,389
-322
54.09
2,458
392
50.28
2,337
376
3.68
194
43
2
6,543
2
2
6,390
2
6,595
-186
1,501
1,625
-59
8,228
7,948
651
100
15,432
100
16,489
100
4,247
DP rent
1
Operating revenues (quarterly) # §
Passenger revenues
mil. $..
do
M '1
Operating expenses (quarterly) §
Ho
do....
2
Domestic operations:
P
f
M '1 t
"1
'1
do
"1
Operating revenues (quarterly) §
mil $
Net income after taxes (quarterly) §..
do....
International operations:
Passenger-miles (revenue)
M '1 t
"1
bil..
'
do
1
Operating expenses (quarterly) §
Net income after taxes (quarterly) §..
do....
do....
26,404
26,409
2
156
6,766
-270
2
19.62
55.5
2,457
17.65
55.3
2,280
21.71
60.7
2,768
21.58
61.2
2,715
21.52
58.4
2,725
14.80
230
77
18.29
269
87
17.76
249
85
17.26
257
82
3.83
191
32
3.42
208
33
2.85
180
29
9834
8,317
601
165
8,479
172
18.97
250
77
19.79
254
79
4.70
185
31
4.26
202
32
15.61
254
80
20.23
258
77
5.36
214
32
14.41
4.51
205
31
5.59
203
32
1,912
1,777
83
1,601
1,574
13
1,366
1444
-94
5
7,604
7,431
65
7,350
7,231
31
6832
7373
-501
3.70
162
29
25.16
63.0
3,094
9222
7,767
602
171
9,063
43
8415
7039
556
172
9,046
-689
15.92
225
79
23.67
63.6
2,910
Urban Transit Systems
Passengers carried total
mil..
720
623
603
650
645
636
584
636
631
678
Motor Carriers
Carriers of property, large, class I, qtrly.: @
Operating revenues total
mil $
Net income, after extraordinary and prior period
100
3,587
100
3,910
100
3,937
304
199
10
48
58
48
189
182
45
39
41
40
148.7
147.1
126.2
do
Ho
28,258
26,350
439
30,904
28,925
535
7,697
7,191
143
7 190
6,707
142
7,222
6746
145
6,612
6,148
145
do
Ho
26,351
1,342
3
1,130
28,583
1,362
3
2,055
7,113
192
580
6,821
204
216
6,821
265
340
6,500
114
161
920.6
918.6
284.5
r
911.7
r
910.2
327.6
224.9
225.1
337.8
35U4 ""356.6
182
49.48
65
35.30
66
194
56.39
68
38.31
67
195
57.95
50
38.21
50
159
60.33
57
40.22
56
2
9,010
2
8,905
9,978
11,976
9,933
3,222
1,965
2,208
2,681
2,339
210
Tonnage hauled (revenue), common and contract
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly )
average same period 1967 — 100
Common carriers of general freight,
seas adj
1967—100
131.4
128.0
131.8
127.9
132.9
132.9
132.1
131.5
133.9
124.6
119.6
P
118.1
Class I Railroads $
Financial operations, qtrly. (AAR), excl. Amtrak:
F Vhf
P
'
1 A t
k
0
N t
OH'
fl'l
n
tine income
Traffic:
Ton-miles of freight (net) total qtrly
Price index for railroad freight
bil
1969—100
207.4
207.4
350.5
351.2
351.4
208.0
208.0
351.5
352.0
352"6
190.9
351.9
351.9
351.9
r
207
63.96
"*71
r
41.79
r
71
204
62.44
68
41.41
70
200
62.00
68
41.30
66
215
60.82
68
41.02
72
212
58.66
64
43.15
72
191
59.17
65
41.77
72
188
61.34
63
41.89
62
210
64.28
70
41.26
65
187
61.87
62
39.19
58
2,051
2,192
2,381
1,931
271
4
729
4
830
4
883
4
4
772
4
893
4
865
4
4
830
1,025
4
973
4
765
496
4
1,022
4
1,087
4
1,249
4
4
786
4
836
4
943
4
4
795
4
762
4
838
4
4
600
4
623
4
686
4
7,018
5,532
191.4
352.1
4
14.0
355.2
602
228
288
"387
2,890
2,098
Travel
Hotels and motor-hotels:
Restaurant sales index.... same month 1967=100.
Hotels' Average room sale
fl
dollars
M t
K t 1•A
R
1
orri n' H
Foreign travel:
U S citizens' Arrivals (quarterly)
Departures (quarterly)
Aliens: Arrivals (quarterly)
Departures (quarterly)
Passports issued
National parks visits
.
See footnotes at end of tables.
fl
°/
H11
f t tal
thous
do
do....
do....
do....
do...
9,971
2
11,252
2
9,285
3,020
59,081
62,237
2,023
185
63.37
45
40.97
56
208
r
l,683
r
260
r
2,084
r
2,691
732
395
r
3,528
4
705
371
r
5,251
r
870
382
4
1,093
4
961
4
1,237
4
1,039
305
8,136 1 1,043 10,535
759
236
r
737
223
S-19
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
1980
Dec.
Annual
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
TRANSPORTATION AND COMMUNICATION—Continued
COMMUNICATION
Telephone carriers:
Operating revenues #
.
Station revenues
Tolls message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
Overseas, total:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
mil $
do....
do
do
do....
mil
56 738
24,333
22983
37983
10,194
1599
66 498
28,117
26 505
44 594
11903
1649
5978
2503
2394
4*505
865
1649
5911
2508
2324
3924
1041
1645
5802
2515
2 163
3944
987
164 4
6 163
2,552
2468
4304
mil $
do..
do....
697 0
5614
95.9
7792
6238
112.7
683
496
9.6
642
518
8.7
do....
do....
do....
5
5347
5
374.8
5
5780
436.2
117.0
47 1
36.3
9.3
39.0
137.0
6080
2591
2321
4216
998
164 1
6238
2660
2379
4315
1037
1627
6225
2,665
2348
4292
1,059
1622
6329
2,679
2428
4 189
1 148
1617
6291
2,712
2338
4366
164 1
6 128
2,604
2348
4229
1,011
1643
643
522
8.4
703
553
105
669
540
9.4
68 1
700
558
106
684
566
82
69 1
669
696
665
543
84
487
488
547
505
509
8.4
7.5
482
402
5.8
500
420
5.5
51 9
43.1
9.3
538
417
9.0
503
7.5
4.0
5.3
111
698
199
26
99
684
183
29
84
743
192
31
731
54
74
696
53
70
767
55
72
996
38.3
39.9
12.6
554
9.0
38.9
41.2
6327
2736
2334
4 417
986
1608
987
1614
592
65.
-7.0
42.6
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O3) $
thous. sh. tonsChlorine gas (100% C12) ±
. d o
Hydrochloric acid (100% HC1) ±
do.
Phosphorus elemental i
'
do
Sodium hydroxide (100% NaOH) ±
do....
Sodium silicate, anhydrous ±
do....
Sodium sulfate, anhydrous "f"
do....
Sodium tripolyphosphate (100% Na5P3010) ±
do....
Titanium dioxide (composite and pure) ±
do....
Sulfur, native (Frasch) and recovered:
Production
thous. Ig tons
Stocks (producers') end of period
do....
1,286
11 421
2895
1,206
10556
2,444
426
10,650
738
1,162
101
770
184
30
87
768
210
30
101
786
227
27
118
815'
251
34
95
828
218
33
91
794
215
31
111
782
225
31
771
54
97
764
48
82
767
64
84
801
62
81
837
64
74
807
51
73
786
54
72
94
783
198
31
794
44
71
690
748
57
55
52
44
56
58
57
56
48
55
53
53
55
51
41
53
54
52
51
58
56
51
10 440
3,577
844
3577
782
3651
718
3697
808
3775
755
3911
726
4 152
687
4 195
686
4231
685
4 202
651
4229
643
4160
19,043
8,791
4
1,642
9,039
4
2951
9,914
40,795
1,570
768
(2)
751
1,361
705
136
682
1,296
680
159
692
1,434
812
164
822
1,498
701
174
716
1523
664
154
664
1356
573
156
585
1,203
490
161
524
1 173
515
146
543
1 196 1 167
516
559
141
145
r
558
608
223
707
2888
196
659
2638
202
672
2625
258
748
2818
244
663
2612
268
640
2443
230
673
2462
16,903
3
1,068
6,478
1,076
1,068
614
1,128
1,197
416
1,213
1,306
396
1,240
1,317
417
983
1,200
618
857
929
552
967
917
375
432
11,606
786
1,139
X
727
727
1
10 298
3,045
1
r
r
658
4 199
663
4 175
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh. tons..
Ammonium nitrate, original solution i
do....
Ammonium sulfate $
do....
Nitric acid (100% HNO3) ±
do....
Nitrogen solutions (100% N) i
do
Phosphoric acid (100% P2O5) ±..
do....
Sulfuric acid (100% H2S04) ±
do....
19,653
9,127
2,136
9,232
2773
10,938
44,157
Superphosphate and other phosphatic fertilizers
(100% P205):
Production...
thous sh tons
Stocks, end of period
do
Potash, deliveries (K2O)
fl
do
8,339
372
6,950
Exports, total # .
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
3
4
4
4
4
4
4
4
4
6
4
211
696
2551
185
760
2703
211
749
2772
1,065 ,
998
340
1,184
926
517
1,230
909
389
8
r
152
694
2 743
l,258
r
881
358
966
885
313
1,912
139
1 177
172
29,445
3,668
17,524
1,815
22,391
2,834
13,308
1,203
1,834
246
1,148
100
1,497
243
860
62
1,637
212
1,135
30
2,031
274
1,309
106
1,582
259
992
37
1,736
244
1,022
109
1,811
251
911
142
1,872
317
933
146
1,734
148
979
139
1,756
229
1,013
158
1,580
207
982
64
do
do
do
do
247
289
8,907
158
264
327
8,601
159
17
58
719
0
21
20
670
12
16
24
552
0
18
34
582
21
33
51
722
9
51
23
664
22
29
30
483
19
19
20
599
5
16
5
643
18
16
25
504
(7)
17
33
661
0
5493
471
5 161
6
6
296
6
376
8
509
6
435
6
317
288
406
6
e
6
284
6
271
8
289
8,171
39680
32220
262
7,189
40745
31 827
286
7,692
38 194
31 399
334
7,893
41 591
35 306
297
7,597
39063
31 483
317
7,679
39 142
30 689
333
7,637
40 833
30 678
330
7,773
41 133
30 044
325
7,515
42 247
28 742
295
7,276
40 190
27 241
287
7,804
40 987
27*378
*33.7
152.5
233.6
1
5,555.3
314.8
1
10773
'SIS^
J
297
rl
81.9
X
1.8
8.8
18.2
376.5
21
5.2
13.7
375.0
24
6.4
110
379.0
27
8.2
248
398.4
22
240
443.8
20
85
243
402.3
14
277.1
X
5,720.7
299 1
'12917
>869.5
199
368.2
16
58
197
334.7
17
57
18 8
391.3
66
192
394.6
20
43
129
427.5
167
1215
57.1
175
930
53.8
186
85 8
42.1
204
109 8
75.6
228
110 9
64.7
192
95 6
68.5
187
104 2
53.7
204
97 4
57.2
16 4
76 7
48.0
187
77 3
69.0
21 5
94 3
54.4
mil. tax gal..
do....
643.2
72.0
5712
83.2
454
83.2
429
79.8
398
81.6
482
72.8
376
64.0
419
57.5
526
58.0
519
59.9
44 3
55.7
533
49.1
61 9
48.1
mil. wine gal..
do....
do....
301.2
284.2
10.1
2302
225.9
• 5.0
18 1
16.3
5.0
187
18.3
4.7
172
15.2
6.2
224
22.8
4.8
199
18.5
4.8
203
20.2
4.5
219
21.7
4.7
235
22.4
5.1
22 1
23.2
4.0
256
25.5
4.0
23 7
23.6
3.9
See footnotes at end of tables.
r
495
15
28
489
15
12
25
584
9
103
382.4
r
21 5
83 2
58.7
18 7
307.0
14 1
97 1
48.0
254
3,813
103,278
490 285
430 610
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks, end of period
r
1,193
125
684
55
6
"3,005
106,562
479 240
430 977
1
6
134
802
2 894
do
do
do
do
Industrial Gases
Production:
Acetylene i
..
mil cu ft
Carbon dioxide, liquid, gas, and solid
thous. sh. tons..
Hydrogen (high and low purity) ±.... mil. cu. ft.
Nitrogen (high and low purity) ±
do....
Oxygen (high and low purity) i
do
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
...mil. lb..
Creosote oil
mil. gal..
Ethyl acetate (85%)
mil. lb..
Formaldehyde (37% HCHO)
do....
Glycerin, refined, all grades
do....
Methanol synthetic
mil gal
Phthalic anhydride
mil. lb..
1 144
569
132
599
Jan.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
1980
February 1983
1981
Annual
Dec.
1982
Jan.
Mar.
Feb.
Apr.
May
June
1983
July
Aug.
Sept.
89.7
9744
2610
432.1
374.3
91.8
10537
273.1
441.1
408.5
101.1
10537
2804
460.5
481.0
7449
390.7
2040
150.2
7982
408.7
2226
166.9
Oct.
Nov.
Dec.
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
....
Polystyrene and copolymers
Poly vinyl chloride and copolymers
mil. lb.. 1 11,744.9
117199
do
*3 699 0
do
do.... 'S^O.l
do.... '5,485.4
1
1,688.0
12
603 6
J
4
007 8
J
5,915.2
1
5,618A
101.8
8259
2733
404.6
310.6
3 000 4
30036
8167
76359
3,641 2
24185
1.576.2
83957
3,968.9
27372
1.689.5
5136
225.9
1860
101.7
1
93.2
8146
276.4
351.8
329.0
100.7
8458
3045
397.5
384.5
5449
234.8
2019
108.2
5799
274.2
1963
109.4
101.5
10125
3479
432.8
436.9
103.7
9555
321.8
414.4
426.2
102.5
9423
2878
435.4
491.4
741 0
362.9
2203
157.9
7912
415.9
2228
152.5
1027
9447
2716
422.2
490.5
1070
9984
2875
434.0
454.9
91 3
934
1 020 1 10834
2864
3110
421 1
352 1
405.5
452.4
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil lb
Paints, varnish, and lacquer, shipments:
Total shipments
Architectural coatings
Product finishes (OEM)
Soecial nuroose coatings
mil $
do....
do
do....
1
6870
7117
355.5
2198
136.4
582.9
675.1
835 1
433.6
2354
166.1
773.8
379.3
234.4
160.1
5699
r
656.4
r
302.4
r
206.4
147.6
5899
253.3
204.2
132.3
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
By fuels
By waterpo wer
mil kw -hr 2 286 439 2 294 812 195 590 210 098 180 310 187 662 172 588 177 261 186 204 210,543 205 656 180 662 172 967
do 2010418 2 034,129 171711 183,195 153 614 157,784 144,661 149,199 158,178 183,131 181,768 160,766 153,216
276,021 260,684 23,879 26,904 26,698 29,879 27,928 28,063 28,027 27,412 23,888 19,896 19,751
do
Sales to ultimate customers, total (Edison Electric
Institute) i
mil kw -hr 2 126 094 2 153 796 518 615
524 122 541,426 131 742
Commercial §
do
793 812 799 885 194 026
4091
1004
4275
Railways and railroads
do
734411 735 724 174 008
Residential or domestic
do
3830
14975
14832
Street and highway lighting
do
48,284
51,055 12,424
Other public authorities
...
do
1 581
6 358
6 640
Revenue from sales to ultimate customers (Edison
3
542 662
3
137,466
3
512,758
133,118
188 374
1006
171,862
185 625
3
1059
204,112
563 084
151,910
193 918
3
3,458
13,358
1 581
1 038
198,141
3,633
12,901
1543
30 513
29440
33485
3
3,936
12,938
3
1 527
3
3
95 462
111 584
27 810
47 263
43 528
3499
188
48
47 859
47859
48352
48253
47 894
44 059
3'563
189
48
44 059
3563
189
48
44 466
3644
194
49
44 405
3613
187
48
44 116
3,546
184
48
!5 338
3844
5332
3051
2399
r
4573
r
2357
r
8r 165
2279
1078
1,875
100
876
459
1,674
42
405
285
1,670
39
13,348
4408
2,162
6,607
172
10,789
2,395
1,409
6,832
152
GAS
Total utility gas, quarterly
(American Gas Association):
r
°i
Industrial
Other
HO
'
do
do ...
Sales to customers total
tril Btu
15 409
do
do
... do
do
4 823
2442
7862
283
r
243
1227
642
1902
73
mil. $..
48,276
r
56,478
15,199
22,859
Residential
Commercial
do
do
r
Other
do
17409
8 149
22081
637
5478
2683
6812
226
10449
4,787
7272
351
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
!9
208
r
9267
r
27r276
727
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
...mil bbl
Taxable withdrawals
do
Stocks, end of period
do....
Distilled spirits (total):
Production
mil. tax gal..
Consumption, apparent, for beverage
purposes i
mil wine gal
Stocks, end of period i
mil. tax gal..
Imports
mil proof gal
Whisky:
Production i
mil tax gal
Imports
Wines and distilling materials:
Effervescent wines:
Production
Taxable withdrawals
Imports
Still wines:
Production i
Stocks, end of period ±
Imports
mil. proof gal..
mil wine gal
do....
do....
do
do....
do
13.93
1291
12.95
15.19
11 90
14.16
15.00
1291
14.93
17.65
15.68
16.32
17.62
15.82
15.83
18.22
16.56
15.59
18.19
17.22
15.28
17.17
16 10
14.45
19.50
16.26
14.31
15.64
14.88
13.99
15.07
13.83
14.00
13.65
13.14
13.43
152.03
14.05
11.02
12.34
15.28
13.59
10.98
10.83
6.85
6.57
10.50
14.68
449 45
613.76
117,93
5409
613.76
9 12
3070
612.96
7.03
3022
608.32
6.33
3569
618.40
5.82
36.13
621.06
7.98
33.29
616.72
9.12
38.32
616.84
10.86
33.47
614.96
7.29
32.74
565.60
8.95
34.93
604.93
9.87
36.33
605.53
12.75
11.75
8.29
8431
554 88
86.00
9666
541 07
86.53
906
541 07
6.62
737
541 03
4.91
888
54322
4.65
1032
54529
4.06
10.20
54776
5.91
7.54
54725
6.88
7.81
54548
8.09
4.94
54459
5.40
4.57
501 07
5.88
6.66
53959
7.19
8.31
53600
9.89
8.18
5.54
26 20
25.28
9 27
3073
27.27
11 53
7.66
195
2.72
11 53
1.01
183
1.15
12 67
0.53
1 89
1.12
13 09
0.33
206
1.93
13 23
0.45
192
1.62
1359
0.52
2 18
2.57
1336
0.67
292
1.98
1365
0.70
251
1.21
1552
0.52
3 11
2.17
1556
0.67
339
1.90
1652
0.71
377
6.55
14 64
0.81
270
2.85
1402
1.13
1.29
466 23
363 63
604.31
107 60
1500
3096
604.31
1091
603
2563
557.53
649
381
2862
467.53
945
1 37
4.97
3096
435.01
10.61
5.18
2576
408.23
8.83
186
162.79
27 10
512.20
9.93
43 17
229.61
34 14
702.10
9.13
71 36
11.47
208
29.96
29 17
395.40
9.99
1168
72.07
71 06
705.62
11.94
10 50
707
35 16
523.86
7.81
4 04
4.87
3003
492.03
8.16
188 20
402
2898
575.15
996
288
140.53
2
449 42
623.26
11371
4
:4.83
50905
349 35
610.53
9768
224 38
See footnotes at end of tables.
193.69
17670
12.95
19408
17337
13.96
r
2 87
1135
2796
Jan.
S-21
SURVEY OF CURRENT BUSINESS
February 1983
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
Jan.
Dec.
Annual
1983
1982
1981
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter, creamery:
Production (factory) @
,
Stocks, cold storage, end of period
Price, wholesale, 92 score (N.Y.)
Cheese:
Production (factory), total @
..
American, whole milk @
,
mil. Ib
,., do..
$ per Ib
1 145.3
304.6
1.448
12282
429.2
1
1.535
109.5
429.2
mil Ib
do
3 984 3
2,375 8
42290
26085
7173
632.0
190
6964
622.6
11 8
7222
641.6
15 7
168
18 8
1 684
1 684
1 684
1 684
1 684
Stocks, cold storage, end of period
do.;
American, whole milk
doImports
do
Price, wholesale, cheddar, single daisies
(Chicago)
$ per Ib
Condensed and evaporated milk:
Production, case goods @
mil. Ib
Stocks, manufacturers', case goods, end of
period
,
..mil. Ib.
Exports.
.
,
1168
440.4
1234
4478
578.8
479.6
231 2
7096
623.0
247 7
1 562
1 672
1 684
347 0
2184
325 8
2049
295
4632
18 178 8
7409
1 099 5
662 5
1 104 6
633 8
7123
206
18 2
22 7
8712
765
25 6
1 684
1 684
1 684
1 683
8
7579
68.6
58 1
53.6
615
46.0
349
46.0
37
455
407
477
22
50
12
18
18
133,013 10,905 11 116 10 391 11 728
76,004
6,208
6,099
6,370
6945
1380
1400
1390
13 80
13 60
13 40
13 20
195 0
1856
8
103 3
89
25
24
06
13 20
13 20
r8
35 723
8
82.7
1,160.7
927
1,314.3
89
110.1
92
104.1
80
107.2
94
1253
do...
do...
5.3
85.0
60
86.7
6.0
86.7
76
87.7
69
94.5
69
94.4
Exports, whole and nonfat (human food)
do....
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per Ib.
176.2
198.0
2.0
9.4
12.6
17.4
0.887
0.939
0.940
0.936
0.936
0.937
(7)
3,914.4
3,918.3
318.6
285.8
299.5
360.9
353.7
Stocks, manufacturers', end of period:
Dry whole milk
,
Nonfat dry milk (human food)
262
5100
8
8044
8
51.8
128,525
71,665
1300
541.6
8
376 3
2322
724.7
43 4
8
3329
8
7
()
3686
2205
709.6
623.0
529
do
Fluid milk:
Production on farms $ ..;...
do...
Utilization in mfd. dairy products @
do...
Price, wholesale U.S average .
$ per 100 Ib
Dry milk:
Production:
Dry whole milk @
mil. Ib.
Nonfat dry milk (human food) @
do.,.
1283
433.1
21419
13 10
05
1 686
33 983
19431
13 50
28 7
9549
8714
46 8
1 686
1 686
1 680
184 6
56 9
03
r
13 80
06
03
f 32 854
18 107
14 00 13 90
8292
417 2
21 4
3467
24 5
296 8
73
898
60
933
18.2
8
96
"127.5
20.4
23.1
16.7
13.7
12.1
22.4
339.4
344.8
243.7
248.5
245.8
268.7
269.1
8
11.4
24
10
11 292
P
13 90
10.4
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)
mil. bu..
Barley:
Production (crop estimate)
fl
,
do....
Stocks (domestic), end of period, total $
do....
On farms $...
,
do....
Off farms
do....
Exports, including malt §... ,.„,
..
do
Corn:
Production (crop estimate, grain only) fl .. mil. bu..
Stocks (domestic), end of period total $
do
On farms $
do....
O f f farms.
. . d o
Exports, including meal and flour..........
Oats:
Production (crop estimate) ]f
Stocks (domestic), end of period, total $
On farms ±
Off farms...
do....
mil. bu..
do..,.
do....
do....
Exports including oatmeal
,
do
Price, wholesale, No. 2, white (Minneapolis)
$ per bu..
Rice:
Production (crop estimate)
mil. bags #..
California mills:
Receipts, domestic, rough
. .....
mil Ib
Shipments from mills, milled
rice
do....
Stocks, rough and cleaned (cleaned basis), end
of period
,
mil. Ib..
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib..
Shipments from mills, milled
rice
do....
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
,
mil. Ib..
Exports
...
...
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per Ib
Rye:
Production (crop estimate) |f....
mil. bu..
Stocks (domestic), end of period $....,
do....
Wheat:
Production (crop estimate), total U ............ mil. bu..
Spring wheat tf ,
do....
Winter wheat |f
do....
Distribution, quarterly @ @
do....
2
361.0
303.4
185.6
117.8
2
6,644.8
58588
4,141.5
17173
2
8,201.6
r
6 967 7
r
2,485.3
2,159.3
r
226.9
1475
r
794
231.2
101 9
77
85
82
65
r4
149.7
r4
94 1
4
55 7
39
522 4
418.7
293 9
124 8
19
r
501.4
r
63
75
49
86
3534
148 0
57
15
30
9
r
6
r
r
5
r
172.4
r3
3 904 1
r3
2 758 5
3
131 8
3 625 9
1 505 9
151.1
147.2
189.3
285 9
356 0
929 9
1 145 6
195.0
212.4
8 397 3
8 422 7
6 156 9
9 9fi^ 8
r5
2
rs
l
rS
179.8
119.8
112.8
107.4
166.5
173.8
169.8
9
r
365.2
r
..............
03
06
314.1
51 1
r
236.9
r
r4
152.0
r4
127
2
4
200.5
363
03
06
24 8
08
617 0
473.6
397 9
75 7
'581.3
r
4860
r
95 3
06
08
03
03
03
08
03
02
(7)
2
9
182.7
H46.2
154.2
3582
2,711
3359
2,267
287
97
84
70
184
62
221
76
202
129
204
210
77
279
723
161
225
332
76
110
505
81
346
63
139
47
231
510
510
493
550
628
639
577
356
344
174
108
369
462
503
10,831
6,795
10821
7,354
768
654
505
612
683
564
784
685
702
662
552
602
406
583
434
505
1 198
559
3278
615
1 507
541
714
542
720
550
2,969
6 620
2,763
6 801
2,763
458
2,572
479
2,300
515
2,132
1,868
1,610
1,308
1,012
1,270
487
661
538
370
809
2,826
320
3,276
431
3,232
199
3,170
399
0225
0 256
0 195
0 185
0 175
0 160
0 158
0 165
0 163
0 160
0 165
0 165
0 165
0 155
0 180
2
2
16.5
9.3
18.8
r
7.9
2
2
2
2
2,374
2
479
1,895
2,191
1,344.5
1.309.5
314.1
51 1
12 8
91
Exports, total, including flour.,,..
Wheat only
398-321 O - 83 - S2
2
509.2
r
365.2
r
458.3
391.0
329.3
61.7
1,903.2
7534
1 1497
See footnotes at end of tables.
r
333.1
r
967 7
5,033.8 5,033.8
1 933 81 933 8
2
264.9
9
231.2
101 9
959
689
Stocks (domestic), end of period, total $
do....
On farms i
,
.. ..... ... .. do
Off farms
,
,
do.
do....
do....
2
479.3
r
333.1
r
2,799
2
695
2,104
2,523
Qfi7
9
r
r
7.9
559
3.1
125.6
124.2
143.8
138.7
164.5
159.1
16.5
6
964
4
1,163.9
r4
581 0
45329
154.1
147.4
118.9
114.8
157.9
1SK.7
20 8
109
92809
9
700
»2 108
6
394
620
1,557.1
r
7484
808 7
r
2,178.0
2,178.0
r
9556 r9556
1 222 4 12224
1,647.7
137.8
1.610.8
137.4
4
5.8
118.7
1179
126.8
1240
2,987.1
1 421 0
1 566 0
1324
130S
2,521.4
1 167 4
1 354 0
99.9
985
96.0
94 1
88.9
«RS
n 1 7D
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
February 1983
1981
Annual
1982
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
1983
Oct.
Nov.
24,965
r
450
56,328
23,584
431
53,153
Sept.
Aug.
July
Jan.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat flour:
Production:
Flour ±
thous sacks (100 Ib )
Millfeed $
thous. sh. tons..
Grindings of wheat 4thous bu
Stocks held by mills, end of period
thous. sacks (100 Ib.)..
Exports
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 Ib..
Winter, hard, 95% patent (Kans. City)
do....
r
282,655
4,866
628,599
283,966
5,045
634,381
22,321
403
50,197
23,985
432
53,740
23,553
423
52,786
25,256
453
56,663
22,474
403
50,348
21,886
393
49,018
22,471
406
50,215
23,153
424
52,333
24,669
448
55,826
24,213
435
54,340
3,842
15,014
3,460
15,839
3,460
184
605
2,165
3,384
2,336
2,858
1,760
3,744
944
352
1,196
3,563
698
593
824
185
10.844
10.347
10.338
10.763
10.638
10.950
10.700
10.738
10.638
10.538
10.425
10.550
10.500
10.538
10.188
10.475
10.388
10.463
10.450
15,058
1,232
1,087
1,070
1,253
1,220
1,222
1,360
1,306
1,377
1,364
1,338
1
10.566
no.iie
1
r
10.163
10.200
POULTRY AND EGGS
Poultry:
Slaughter
mil. Ib..
Stocks, cold storage (frozen), end of period, total
mil. Ib..
14,233
Price, in Georgia producing area, live broilers
$ per Ib..
Eggs:
Stocks, cold storage, end of period:
Shell
thous cases §
Frozen
mil Ib
Price, wholesale, large (delivered; Chicago)
$ per doz..
339
198
374
236
377
233
0.250
0.256
4
425
4
r
l,270
1,215
345
206
565
436
392
238
392
238
378
238
0.270
0.265
0.230
0.255
193.6
194.0
31
24
35
22
35
22
26
21
19
19
39
17
0.628
0.690
0.721
0.762
0.742
0.752
2,294
31,642
2,478
32,819
254
2,829
228
2,771
210
2,591
263
2,819
66.96
71.30
75.52
63.84
64.26
77.25
59.24
58.96
67.50
60.75
59.22
69.00
63.54
62.37
67.50
65.80
63.96
71.50
91,882
87,850
7,923
6,875
6,340
7,691
39.48
44.29
40.17
45.77
49.70
49.50
52.16
58.35
59.01
59.70
63.18
63.12
57.27
53.90
14.4
14.9
16.3
17.1
19.8
19.8
20.1
21.8
22.4
23.2
26.7
28.6
28.2
24.6
57.25
50.50
50.00
48.25
46.75
48.50
111
158
108
234
9,163
474
112
246
133
194
143
124
9,659
566
115
114
282
0.235
0.270
0.260
0.270
48.8
48.5
0.250
r
r
r4
4
32
4
0.608
0.604
0.230
0.230
r
0.235
0.617
0.616
0.659
0.240
484
35
27
29
28
23
0.683
0.265
479
0.668
0.662
0.641
0.602
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
Cattle
thous animals
do
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib..
Steers, stocker and feeder (Kansas City) .... do....
Calves, vealers (So. St. Paul)
do....
Hogs:
Slaughter (federally inspected)
thous. animals..
Prices:
Wholesale, average, all weights (Sioux City)
$ per 100 Ib..
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib live hog)
Sheep and lambs:
Slaughter (federally inspected)
thous. animalsPrice, wholesale, lambs, average (Omaha)
$ per 100 Ib..
4
608
8,193
69.11
64.72
78.00
70.18
63.70
85.00
72.10
66.07
82.88
726
8,762
693
8,770
4
66.18
64.17
84.84
65.14
66.42
81.12
4
61.25
63.55
84.60
58.78
62.21
75.00
58.91
61.24
75.00
4
55.23
r
23.7
57.24
23.7
1,634
1,577
1,493
59.33
63.70
55.88
20,068
18,310
20,043
59.82
59.17
78.40
5,363
5,789
522
510
490
570
59.81
52.23
45.10
49.75
51.50
59.00
38,590
750
1,663
2,052
38,675
578
1,847
1,832
3,417
578
153
118
3,152
554
129
127
2,894
524
147
106
3,296
536
124
160
do
do....
21,849
338
425
1,531
22,629
266
486
1,317
1,942
266
43
80
1,889
258
33
93
1,750
232
46
72
1,917
220
44
108
40
130
52
116
5,462
4
197
49
158
40
113
41
180
5,835
254
42
194
52
146
56
67
5,927
309
43
69
Price, wholesale, beef, fresh, steer carcasses,
choice (600-700 Ibs.) (Central U.S.)
$ per Ib.
1.044
0.998
0.937
0.974
1.012
1.038
1.095
1.151
1.112
1.026
1.008
0.955
0.930
0.929
0.926
310
9
328
11
30
11
29
10
28
do...
33
c
do
do...
do
16,431
349
314
433
15,719
264
347
432
1,445
264
29
33
1,234
249
30
30
1,116
246
25
30
1,346
274
21
46
22
34
42
43
3,550
4
264
32
50
19
42
18
45
3,239
183
16
44
17
43
22
51
3,639
225
19
40
254.8
1.011
266.5
1.137
292.5
1.007
271.1
1.209
278.6
1.169
282.4
1.100
283.7
1.186
289.2
1.301
299.4
1.386
299.6
1.376
305.6
1.366
327.5
1.415
342.7
1.349
342.0
1.232
352.4
1.229
329.8
1.291
148.5
1.354
245.0
1.085
11.5
1.090
10.0
1.160
29.0
1.070
17.6
1.020
15.3
0.990
16.8
0.940
11.9
0.800
13.0
0.830
20.3
0.860
14.3
0.870
14.4
0.880
14.4
0.820
17.4
0.850
0.910
2834
17,047
1,547
294
1.500
466
1,287
186
1.510
397
1,195
210
1.360
507
1,490
267
1.360
486
1,147
227
1.450
390
1,476
299
1.450
338
1,335
213
1.450
360
1,282
264
1.450
330
1,602
307
1.450
491
1,640
412
1.450
608
2,005
445
1.450
r
570
1,356
196
1.330
503
1,602
346
1.330
1.330
350
315
282
275
256
250
280
334
372
389
369
59.50
66.25
60.50
53.50
MEATS
Total meats (excluding lard):
Production total
mil. Ib..
Exports (meat and meat preparations)
Imports (meat and meat preparations)
do....
do....
Beef and veal:
St ks cold qt
Exports
PP end of neriod
Lamb and mutton:
Stocks, cold storage, end of period
Pork (excluding lard):
m- k
Exports
Imports
Id i-
0B end of Deriod
Prices, wholesale:
Hams smoked #
Index 1967—100
Fresh loins, 8-14 Ib. average (N.Y.)
$ per Ib.
2
4
131
169
167
167
9,097
4
504
147
215
4
4
93
9
88
85
4
8
g
4
0.939
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl shells)
thous Ig tons.
Price, wholesale, Accra (New York)
$ per Ib.
Coffee (green):
Inventories (roasters', importers', dealers'),
•D
Y aa (err
' hfl
Imports total
From Brazil
Price, wholesale, Santos, No. 4 (N.Y.)
Confectionery, manufacturers' sales @
Fish:
Stocks cold storage end of period
See footnotes at end of tables.
do
do...
$ per Ib.
mil. $.
18,153
3,505
2.066
4,684
(33)
()
16,555
3,243
1.594
5,189
mil. Ib.
393
350
do
r
385
r
383
P
337
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1983
1982
1981
Dec.
Annual
S-23
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar (United States):
Deliveries and supply (raw basis): §
Production and receipts:
Production
thous sh tons
Deliveries, total
do
For domestic consumption
do
Stocks, raw and ref., end of period
do
745
785
746
3,311
648
638
3743
3644
47605
4370
16,359
(4)
4246
15,619
2212
1,478
1751
4551
1,299
837
902
223
100
316
2,953
215
2,837
5,054
142
218
360
133
90
520
167
133
184 786
0 198
0303
190 254
0 167
0261
12 121
0 180
0282
15055
0 178
0282
15464
0 169
0282
13787
0 176
0.280
13 176
0195
0.300
16518
14309
15,598
17,425
16207
18,222
12,567
23910
17725
30,179
41903
5034
24,805
25541
74,480
29006
92,236
29 126
50,528
11714
5 589
sh tons..
5 157
10922
9731
3311
979 157
thous. sh. tons..
4,127
0306
0405
Exports, raw and refined....
Imports, raw and refined
Prices, wholesale (New York):
Raw .. . .. ..
.,
Refined (excl. excise tax)
Tea, imports
1 154
4 713
10838
10 149
2970
608,029
$ per Ib
do ..
..thous. Ib..
(4)
(4)
(")
0208
0.300
(44)
()
14286
TOBACCO
Leaf:
Production (crop estimate) .... ..
Stocks, dealers' and manufacturers',
end of period $
Exports, incl. scrap and stems
Imports, incl. scrap and stems
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports cigarettes
mil Ib
5
1 962
*1786
*2064
mil Ib..
thous. Ib..
do .
4850
591,518
365 622
5,080
575,255
335,920
5080
55,577
12970
31,670
31 264
39,392
16579
4983
49,862
20393
41,756
22659
53,960
24820
4675
37,226
25012
millions
do....
do
do
94256
620 565
3292
81 998
92006
638 114
3258
82 582
6479
42300
247
4 713
7479
48234
215
6 426
8990
52850
221
8 ]48
7584
57430
267
7 337
6577
48368
248
5 540
5919
48240
269
5 670
6 265
60590
292
5 797
5 784
49'l67
234
4 461
7 595
55802
279
5 844
6 789
56655
291
5 894
6 415
54068
259
6 734
6 766
49537
261
6 144
10417
11842
9726
28 448
28373
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Price, producer:
Sole, bends, light
thous. sq. ft..
192,597
index, 1967=100..
192,193
11,660
10,849
10,343
13,696
15,534
17449
18610
18486
12065
27 128
31060
26894
27940
28219
23561
27873
22,975 19,680
5991
6 672
1 413 1223
334
365
839
681
20,878
5 672
1390
298
18,831
3 933
797
242
693
20,444
6 427
l'348
341
742
20,258
20,365 r20,785
6 044 r6 288
6 604
1 464 1 375 1 511
241
320
357
577
595
649
105 8
215.6
98.3
106 0
214.1
98.3
101 2
218.5
98.5
106 2
219.0
99.1
106 3
219.5
99.1
2
306.7
283.8
LEATHER MANUFACTURES
Footwear:
Production, total
thous. pairsShoes, sandals, and play shoes, except athletic
thous. pairs..
Slippers
do
Athletic
do....
Other footwear
do....
396,851
375 473
27,624
26259
299,131
73337
24383
3,271
278,979
70834
25660
3171
9 688
21,061
4715
1848
238
615
20,178 20,102
4829
5 734
1 252 1292
257
274
505
629
103 1
214.4
99.6
1037
212.3
93.0
Exports
do
Prices, producer: *
Men's leather upper, dress and casual
index 12/80—100
Women's leather upper
index, 1967=100..
Women's plastic upper
index, 12/80 = 100..
9781
211.7
1049
204.1
94.4
103 5
205.3
94.4
104 0
207.7
94.7
636
r
r
635
106 4
220.0
r
99.7
107 0
222.3
99.7
107 0
221.8
99.7
2333
400
1 933
2 247
391
1 856
2 506
407
2 099
2 353
398
1 955
5,986
1 789
4 179
5,881
1 783
4 098
105 4
221.8
99.2
LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production, total
mil. bd. ft..
Hardwoods
do...
Softwoods
do....
Shipments, total
do....
Hardwoods
do
Softwoods
do....
Stocks (gross), mill, end of period, total
do....
Hardwoods
do....
Softwoods
do
Exports, total sawmill products
do....
Imports total sawmill products
do
SOFTWOODS
Douglas fir:
Orders, new
mil. bd. ft..
Orders, unfilled, end of period
do....
3
3
1,765
418
1 347
1,810
356
1454
1891
402
1489
2 148
411
1737
2281
416
1865
2251
419
1822
2338
443
1 895
2376
388
1 988
2560
382
2 178
3
3
1989
413
1576
1837
430
1407
2 148
446
1 702
2336
427
1909
2513
438
2075
2 363
*381
1 982
2 450
'377
2 073
6,068
1906
4 162
6,042
1842
4 200
5,983
1827
4 156
2308
465
1 843
5,915
1786
4 129
5,853
1789
4 064
5,867
1 797
4 070
5,977
1 802
4 175
2445
393
2052
2 260
396
1 864
6,163
1799
4 364
31,632
3
7297
24,335
31,126
3
6 679
24447
5,805
1,807
3998
1,655
9 859
29,713
3
7 003
22710
29,715
3
6 812
22,903
5,842
1972
3870
5,842
1972
3870
1637
393
1244
6,016
1936
4080
9 518
591
530
585
601
792
848
888
874
888
962
758
916
781
459
429
407
471
393
443
523
496
473
487
486
481
550
500
504
488
569
494
481
501
573
510
573
572
537
612
396
507
844
459
365
938
457
421
974
454
470
958
465
482
941
482
492
931
472
530
939
520
516
S43
556
563
936
512
474
974
490
564
900
509
511
898
452
497
853
47
19
28
34
11
22
34
g
26
54
18
36
46
14
32
48
14
35
40
9
30
31
g
23
42
14
28
31
7
24
41
8
33
31
g
25
39
8
31
do
do
do....
6815
6821
912
6,393
429
6 395
6463
844
Exports, total sawmill products
do....
Sawed timber
do
Boards, planks, scantlings, etc
do ..
Price, wholesale:
Dimension, construction, dried, 2" x 4", R.L.
$ per M bd. itSee footnotes at end of tables.
540
117
422
523
129
394
Production
Shipments
Stocks (gross), mill, end of period
6,791
499
223.42
106 1
218.5
99.1
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
February 1983
1981
1982
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
1983
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
Orders new
mil bd ft
Orders, unfilled, end of period
do
Production
do.
Shipments
do....
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
Exports total sawmill products
thous bd ft
Prices, wholesale (indexes):
Boards, No. 2 and better, 1" x 6", R.L.
1967_100
Flooring, C and better, F. G., 1" x 4", S.L.
1967_100
Western pine:
Orders new
Orders unfilled end of period ...
mil bd ft
do
Shipments
do
Stocks (gross), mill, end of period
do....
Price, wholesale, Ponderosa, boards, No. 3,
1" x 12" R L (6' and over)
$ per M bd ft
'6559
419
'6 128
'6758
'6,663
1
418
400
418
344
430
409
448
520
476
486
446
513
463
599
467
493
409
537
427
508
401
607
438
512
435
6,143
'6,129
415
412
366
332
419
391
487
492
515
516
490
496
556
595
547
551
582
519
643
534
563
570
513
515
1284
227 020
1284
1318
1346
1334
19318
1454
26989
18752
17778
1464
22 926
1456
18936
1340
23 660
1354
14283
1341
20 195
1291
15032
19908
22203
20273
7730
326
7235
219
428
219
407
257
413
261
562
333
608
302
605
331
609
305
629
304
741
337
609
357
684
365
663
364
526
324
7613
7807
1,185
7261
7342
1,104
390
452
423
369
417
409
529
490
621
639
572
576
603
634
642
630
726
708
603
590
605
676
598
664
504
566
1,104
1,158
1,166
1,205
1,187
1,183
1,196
1,208
1,226
1,239
1,168
1,102
1,040
2.8
83 1
10.1
2.8
52
10.1
2.0
54
2.2
54
10.3
2.6
69
1.9
60
10.5
1.8
60
10.2
2.1
62
11.8
2.2
58
11.4
3.3
6.7
11.3
2.7
73
10.4
2.8
67
10.6
3.4
6.3
10.9
4.8
6.2
12.0
1270
280 243
1 295
3372
3247
28755
HARDWOOD FLOORING
Oak:
Orders, unfilled, end of period
mil. bd. ft..
Stocks (gross), mill, end of period
do....
1.9
780
12.4
9.9
9.9
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
Scrap
Pig iron
thous sh tons
do
do
Imports:
Steel mill products
do
Pig iron
do
Iron and Steel Scrap
thous sh tons
do....
do
Production
Receipts, net
Consumption
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig. ton..
Pittsburgh district
do
4 101
11 168
73
2904
6415
16
227
509
1
173
462
4
154
539
(2)
197
522
1
148
507
1
194
812
1
180
806
6
146
577
1
152
542
1
158
607
18
133
434
1
109
620
21
97
375
15495
558
400
19898
572
433
1613
45
64
1969
32
36
1600
41
16
1,356
36
14
1,029
41
48
1,696
57
71
1,784
49
35
1,113
37
9
1,451
45
15
1,191
37
14
1,146
35
41
1,258
38
11
1,090
27
13
'42 207
'40,954
'83 710
8018
'43,260
'41,981
'85 097
8 118
2817
2,661
5656
8261
2742
2,715
5917
7826
2753
2,889
5615
7 870
3,019
3,114
6,180
7762
2,597
2,779
5,391
7716
2,418
2,611
5077
7650
2,320
2,303
4,715
7551
2,119
2,033
4,336
7352
r
2,122
r
2,133
r
4,377
r
7 117
2,078
2,106
4,357
6954
1,975
2,134
4,226
6628
1,772
1,914
3,749
6488
92.17
96 17
90.17
100 50
76.02
85.50
81.70
94.00
80.47
91.50
75.93
85.00
69.98
75.00
62.85
64.00
55.21
59.50
53.84
57.50
54.77
58.00
53.48
58.00
52.32
55.00
48.94
51.50
48.61
51.50
169 613
'69 594
25'058
173 174
172 181
28^328
4 430
3507
1,585
5 687
1076
1,630
5 244
1 180
1,018
5 126
1433
646
5 347
2265
773
4358
5306
1,199
2525
4964
1,865
869
4795
1,508
909
4 193
1,532
744
3,943
1,424
1470
3,161
1,395
1728
3065
898
826
1 596
5 670
1
2 795
4 888
211
6 672
4 896
'349
7 182
4 342
539
6 746
4 705
289
5361
4249
448
55,774
19,042
31,326
5,406
14
4368
4 192
478
54,480
17,423
31,501
5,556
25
3395
3664
9,179
52,647
16,098
30,953
5,596
32
3,077
3,201
649
55.19
62.50
Ore
Iron ore (operations in all U.S. districts):
OV,'
4-
f
A
'
Imports
do....
U.S. and foreign ores and ore agglomerates:
p
^ nt'on at ir
d tppl nl nts
Exports
Stocks total end of period
do
do .
do
At furnace yards
do
At U.S. docks
do....
Mangarese (mn content) general imports
do
Pig Iron and Iron Products
Pig iron:
Production (including production of ferroalloys)
thous. sh. tonsStocks end of period
do
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
Shipments total
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
Shipments total
For sale
See footnotes at end of tables.
do
do....
87 188
89*397
5,073
56066
11725
35706
6,095
795
96 645
94 958
'5,546
5 579
6 038
685
60243
12 734
36,203
6,571
775
60243
17469
36203
6,571
49
60401
21594
32,298
6,509
65
60894
25701
28813
6,380
49
57,340
26576
24,654
6,110
65
57725
29740
22,504
5,481
55
57,645
28314
24,209
5,122
22
58,457
26380
26,909
5,168
58
59,065
25297
28,860
4,908
35
5848
4369
51
57,833
22,137
30,276
5,420
33
68,721
'69 053
889
73,570
75 051
859
4,750
4824
859
3,967
4083
745
3,904
3975
747
3,595
3648
758
3,516
3,554
r
728
3,277
3,431
697
3,160
3,261
681
206 00
213 00
4,169
4384
822
213 00
4,622
4869
782
203 00
4,489
4766
881
213 00
21300
21300
213 00
213 00
21300
21300
21300
964
11799
6457
743
11929
6702
743
681
344
783
771
399
761
764
412
726
860
482
696
771
445
651
741
432
610
756
428
611
616
359
608
630
404
r
575
r
631
369
505
618
351
521
587
334
22
450
206
32
421
199
32
23
10
31
24
12
29
26
15
29
30
13
25
28
12
24
27
12
24
29
11
16
21
7
16
23
10
15
22
8
13
19
7
13
19
8
1 664
5 518
44
1 589
5 175
1
2,648
2,841
"603
P
2655
3565
210
29,923
5,750
15
2,712
3,192
S-25
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
Dec.
1983
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
thous sh tons
Rate of capability utilization
.. ..percent
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons
Shipments, total
do..
For sale, total
do..
4 45
34
7672
586
7737
593
7 178
609
8049
617
7006
552
6678
509
6 050
477
5 719
43
5 538
424
5 299
41 9
605
1,878
1,701
385
1,752
1,568
385
122
110
381
115
106
359
114
104
335
129
117
304
113
103
276
101
93
250
91
82
232
63
56
222
65
58
213
r
68
62
18
63
56
170
56
50
83853
87014
5 666
5608
5 434
6 163
5 488
5 149
5 372
4 514
4 724
4 760
4 309
4 088
4 23
5342
5,207
8080
1,797
5598
4,903
7397
1458
13,258
6,911
4683
1 585
9097
1768
5 709
33,595
12 116
13,313
13828
'7,770
4371
1620
285
323
498
102
821
506
205
105
702
115
449
2,139
768
817
325
365
527
91
1015
573
320
117
662
133
400
2,645
953
1030
318
321
393
73
865
470
298
93
10286
1694
4 927
36,924
13451
14 396
314
329
463
98
912
525
271
112
753
105
389
2,245
793
869
306
290
330
74
846
434
321
87
476
123
338
2,367
759
957
291
284
316
68
855
440
319
92
388
123
386
2,661
848
1 069
257
272
259
56
668
304
296
66
274
113
331
2,285
758
884
269
265
300
4
do...
do...
do
do
do
do
do
do...
do...
do...
389
299
482
81
898
471
323
99
759
102
412
2,246
901
811
283
280
269
44
746
347
322
73
228
113
502
2295
665
915
291
321
261
36
715
238
323
68
220
108
251
2189
657
878
260
237
260
49
639
280
293
64
224
89
266
2063
637
832
255
210
260
51
615
312
241
59
220
83
294
2247
656
974
do—
do....
do—
do....
do....
do—
do....
do .
16,172
8,742
3,148
12124
3,155
4,543
5,551
30415
17,546
8761
3,225
13 101
2,180
4,646
5,293
32264
3,704
1 812
610
2472
422
947
1,129
7075
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tonsProducing mills, inventory, end of period:
Steel in process
mil. sh. tonsFinished steel
do....
Service centers (warehouses), inventory, end of
period
mil. sh. tons..
Consumers (manufacturers only):
Inventory, end of period
do—
Receipts during period
do....
Consumption during period
do....
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tonsRecovery from scrap (aluminum content)
doImports (general):
Metal and alloys crude
.. ...
do
Plates sheets bars etc
do
Exports:
Metal and alloys crude
do
Plates, sheets, bars, etc
do
Price, primary ingot, 99.5% minimum .... $ per lb..
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
mil lb..
Mill products, total
do—
Sheet and plate
do—
Castings
do....
Inventories, total (ingot, mill products, and
scrap), end of period
mil. lb..
Copper:
Production:
Mine, recoverable copper
„. thous. met. tonsRefinery, primary
do—
From domestic ores—
do....
From foreign ores
do....
Secondary, recovered
as refined
do....
Imports (general):
Refined, unrefined,
scrap (copper cont.)
doRefined
,
,
do....
Exports:
Refined and scrap
doRefined
doConsumption, refined
(by mills, etc.)
thous. sh. tonsStocks, refined, end of period
—
do—
Price, electrolytic (wirebars), dom., delivered
$ per lb..
See footnotes at end of tables.
1
120 828
783
Steel Mill Products
Steel products, net shipments:
Total (all grades)
.
thous sh tons
By product:
Semifinished products
•
do
Structural shapes (heavy), steel piling
do...
Plates
do
Rails and accessories
do...
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Bars: Reinforcing
,
Bars' Cold finished
Pipe and tubing ...
Wire and wire products
..
Tin mill products
Sheets and strip (incl. electrical), total
Sheets: Hot rolled
Sheets: Cold rolled
By market (quarterly):
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive
Rail transportation
Machinery, industrial equip., tools
Containers, packaging, ship, materials
Other
11H835
728
3
602
125
328
2,462
828
1 005
3429
1684
592
2367
411
766
361
325
76
246
112
386
2,340
746
919
3 029
1 379
543
2 036
159
446
837
4 201
28.4
30.0
30.0
30.0
29.9
29.4
28.8
28.1
26.9
26.5
25.8
248
24.0
9.6
69
11.3
74
113
74
116
72
113
72
112
71
110
70
109
69
104
65
102
65
99
63
96
60
93
58
3
4 54
35
3099
1 568
548
2 311
183
491
1252
4 546
3213
1 651
598
2 791
277
689
1 115
5 676
1,260
6 500
5 26
40
53
54
54
52
52
52
51
50
51
50
50
48
46
6.6
69.9
73.4
5.9
. 71.7
72.4
5.9
r
3.9
r
4.3
6.0
4.7
4.6
6.2
5.3
51
59
5.8
61
57
5.0
52
53
4.8
52
49
47
51
48
43
44
46
44
46
44
45
47
42
42
44
5,130
1,377
4,948
1,653
364
123
351
144
311
156
336
170
319
170
321
167
300
188
297
182
287
186
271
181
275
180
266
164
5808
71 4
6985
140 1
49 3
13 7
385
175
65 9
19 1
61 7
21 4
61 0
14 1
51 0
19 5
66 5
15 5
42 2
16 7
78 2
17 9
52 8
16 9
52 7
18 9
60 1
7149
3153
0.6957
3442
2712
0.7600
24 6
168
0.7600
22 1
180
0.7600
18 8
178
0.7600
46 0
183
0.7600
26 6
154
0.7600
19 9
15 9
0.7600
48 5
19 9
0.7600
24 2
13 3
0.7600
42 6
14 3
0.7600
23 6
22 0
07600
59 5
20 4
07600
42 1
12 1
07600
14,057
10,485
5,862
1538
13,237
10,328
5,978
1581
928
679
389
98
849
738
430
106
934
734
430
105
1,095
831
482
120
995
783
452
119
971
762
441
116
1,113
833
498
143
879
744
444
102
r
l,100
111
462
r
!04
1014
781
465
108
955
732
416
102
5,076
6,607
6,607
6,670
6,742
6,658
6,683
6684
6577
6626
r
6,508
6 434
6 428
1,181.1
1,121.9
'89.0
1,538.2
1,544.0
1,430.2
113.8
114.0
130.2
123.9
62
112.6
106.2
97.3
89
107.4
1047
96.2
85
119.9
1172
110.4
69
112.0
1054
97.9
74
97.0
99 3
90.5
88
90.0
93 9
85.8
80
84.6
995
85.7
13 8
81.1
91 5
74.1
174
573.0
631.9
601
475
518
514
492
52 0
392
34 9
28 6
60 7
551.8
4598
502.5
3593
42.3
243
452
206
406
157
308
188
306
22 3
475
20 4
506
292
475
27 2
429
25 8
330.1
174
339.7
272
21.3
18
35.2
04
21.9
06
29.4
09
30.5
10
39.1
16
20.4
16
33.5
29
34.0
54
2,083
365
2,045
511
493
511
1.0242
0.8512
0.8029
n^io.g
508
558
0.7863
0.7878
0.7586
485
587
0.7487
0.7149
47 8
17 5
27 3
12 6
07600
86.5
95 0
80.1
14 9
89.2
114 2
98.1
16 1
573
29 9
562
27 6
423
26 2
40 0
21 9
36.6
99
40.2
86
34.3
08
228
i -^
0.7241
0.7297
0.7423
753
94 7
75.6
19 0
407
592
r
0.7627
r
1 ft 9
0.7105
0.7100
0.7106
5 570
43 4
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS— Continued
Copper-base mill and foundry products, shipments
(quarterly total):
564
636
107
544
654
114
mil Ib
do—
do
2,467
2,783
489
2,622
2,847
471
544
659
109
Lead:
Production:
Mine, recoverable lead
thous. met. tonsRecovered from scrap (lead cont.)
do....
549.5
675.6
'444.1
627.4
41.3
48.7
40.5
45.5
43.5
48.2
48.7
48.0
44.3
47.6
42.1
46.1
42.6
44.8
37.0
34.4
42.9
44.2
52.1
1,070.3
68.9
1,125.3
2.1
107.6
5.6
93.9
3.4
84.4
4.9
90.9
3.8
88.3
1.9
82.1
5.4
84.5
1.6
73.0
8.5
90.7
Brass mill products
Copper wire mill products (copper cont.)
Brass and bronze foundry products
P
f-
4- /' i
-a
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tonsRefiners' (primary), refined and antimonial
(lead content)
thous. met. tonsConsumers' (lead content) U
doScrap (lead-base, purchased), all smelters
41.7
l-9
2.3
87.9
4
45.0
44.6
42.1
41.9
8.2
95.3
1.9
83.0
2.4
135.3
83.3
83.3
78.9
79.3
81.2
85.7
85.6
82.1
79.2
79.0
75.1
76.6
75.9
54.8
95.8
79.5
98.1
79.5
98.1
68.3
92.0
70.0
88.4
73.4
85.2
65.5
87.2
61.7
81.7
69.0
88.3
66.6
84.2
61.7
83.5
66.6
84.2
69.0
79.4
73.6
77.4
59.6
0.4246
41.7
0.3653
41.7
0.3107
41.7
0.2967
36.8
0.2870
35.1
0.2764
34.5
0.2606
32.7
0.2609
36.1
0.2476
39.3
0.2718
34.8
0.2582
31.6
0.2532
30.6
0.2319
37.1
0.2161
0.2047
842
45,983
18,638
1
1,703
1
56,362
'44,342
232
45,873
15,010
1,705
48,450
38,750
0
4,216
1,270
160
2,950
2,200
295
2,312
1,025
85
3,400
2,500
72
1,089
1,150
95
3,300
2,500
162
2,742
1,135
120
3,750
2,800
149
3,145
1,005
150
5,100
3,600
0
2,966
1,065
140
5,000
3,600
156
2,055
1,025
140
5,100
3,700
93
2,450
1,000
155
4,900
3,600
186
2,742
940
145
4,700
3,400
194
1,697
996
121
4,700
3,400
289
2,409
1,019
164
4,600
3,300
88
2,233
277
2,100
4,500
3,200
do....
do—
$ per Ib..
4,293
5,504
8.4600
5,989
5,988
7.3305
1,180
5,988
7.9352
4,748
3,872
7.7590
1,610
3,490
7.4519
441
3,829
6.6917
454
5,222
6.5600
261
4,953
6.6284
662
4,653
6.0826
375
3,888
6.1255
305
2,910
6.2549
175
2,940
6.3904
249
2,770
6.2475
241
3,437
6.1347
thous. met. tons-
24.2
Price common grade delivered
$ per Ib
Tin:
Imports (for consumption):
Ore (tin content)
metric tons .
Metal unwrought unalloyed
do
Recovery from scrap, total (tin cont.)
do....
Consumption total
do
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, Straits quality (delivered)
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab blocks)
.
1
75.0
256
6.1434
317.1
312.4
23.9
24.7
25.3
23.4
25.6
27.0
21.3
27.4
25.7
27.8
25.9
do
do
113.8
329.0
117.7
602.6
9.2
32.8
3.2
2.0
6.1
33.0
6.3
36.2
2.4
26.4
4.0
35.3
4.9
39.8
0.7
27.8
2.8
26.2
3.9
34.9
9.1
49.1
2.3
61.5
do
do
67.6
236.1
58.2
224.1
5.3
18.6
4.6
17.1
4.2
16.8
4.7
18.2
6.8
18.0
6.2
17.7
3.9
17.3
3.1
17.3
2.6
17.5
3.6
17.9
4.0
17.6
4.7
17.1
'369.9
'Sll.l
0.3
341.8
834.7
0.3
23.0
52.0
(2)
24.2
55.1
(2)
21.6
55.3
(2)
21.4
60.0
(2)
19.3
57.8
(2)
21.5
58.8
(2)
21.5
65.8
(2)
18.7
56.3
0.
20.4
60.7
(2)
61.4
61.4
(2)
24.8
60.8
(2)
18.7
54.0
(2)
18.7
22.6
0.3743
34.6
44.7
0.4455
34.6
72.1
0.4259
36.7
70.1
0.4217
41.2
67.0
0.4272
41.8
65.7
0.3923
39.9
60.0
0.3550
35.3
60.8
0.3467
27.9
57.7
0.3460
20.5
62.0
0.3566
14.9
57.7
0.3779
15.9
56.1
0.3964
19.9
56.0
0.4083
21.5
62.2
0.4039
348.3
82.8
156.5
470.0
106.9
225.4
115.3
28.4
54.0
Material handling equipment (industrial):
Orders (new) index seas adi
1967 100
375.5
382.0
377.8
323.0
428.0
262.3
273.0
221.4
241.2
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
20,495
24,110
18,734
19,784
1,569
1,976
1,250
1,447
1,398
1,452
1,665
1,828
1,216
1,386
1,228
1,402
39,448
31,885
2,551
2,277
2,053
2,430
1,658
1,587
114.9
148.1
117.3
114.2
110.2
104.8
97.3
91.1
90.9
88.3
90.8
92.1
87.8
84.1
83.6
134.5
142.3
132.5
135.2
130.9
133.3
134.4
123.5
121.3
120.0
119.1
115.9
109.8
106.8
100.7
103.5
131.2
144.3
149.2
150.2
151.6
152.6
152.9
153.7
153.8
154.0
153.8
154.0
153.7
153.5
153.7
153.9
272
234
279
249
271
251
263
252
255
245
246
225
233
215
218
194
232
194
191
195
198
186
178
191
170
172
r
!66
r
r
!43
r
169
182
mil $
. do...
do...
do
do...
3,884.75
3,495.50
3,680.80
3,206.00
4,749.7
2,228.10
1,945.80
4,104.50
3,552.45
2,873.3
112.55
101.05
398.60
358.85
2,873.3
155.95 123.15 105.75 115.10
124.90 113.30
90.20 107.55
307.15 293.15 332.75 239.45
284.50 273.75 303.05 214.60
2,722.1 2,552.1 2,325.1 2,200.8
68.00
53.75
246.60
224.15
2,022.2
91.65
55.15
324.60
296.55
1,789.2
70.40
57.55
203.55
173.75
1,656.0
60.45
49.25
212.50
184.30
1,504.0
52.60
47.20
224.40
192.65
1,332.2
72.85
59.10
150.60
132.30
1,254.4
do
869.55
664.95
1,010.95
878.55
384.8
716.75
616.85
991.10
824.20
427.0
39.25
32.90
92.30
79.95
427.0
37.95
27.40
49.25
44.90
288.2
34.25
29.25
84.55
75.35
237.8
36.15
30.40
46.80
40.65
227.2
26.05
22.70
44.70
38.90
208.6
34.30
30.20
51.45
45.95
191.4
46.35
42.55
50.10
42.25
187.6
Consumption (recoverable zinc content):
Ores
Scrap all types
Slab zinc: @
Production total i
thous met tons
Exports
Stocks, end of period:
Producers', at smelter (ABMS) ...
do .
do....
Price Prime Western
$ per Ib
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
Electric processing heating equipment
Fuel-fired processing heating equip
do....
do
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1977=100.
Industrial suppliers distribution: t
Sales index seas adjusted
1977 — 100
Price index,' not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977=100.
Fluid power products shipments indexes: *
Hydraulic products, seas, adj
1972=100.
Machine tools:
Metal cutting type tools:
Orders new (net) total
Domestic
Shipments total
Domestic
Order backlog, end of period
Metal forming type tools:
Orders new (net) total
Shipments total
OrHor Knr«lr1r>cr *»nH nf rwrinri
See footnotes at end of tables.
.
do...
. Ho
49.25
41.25
76.40
49.60
399.8
40.65
35.90
66.45
57.50
374.0
32.05
26.75
78.30
73.15
327.8
37.70
29.95
60.00
56.30
299.4
18.1
(2)
24.6
21.9
0.3846
538
18 1
14.4
73.3
17.5
26.9
1137
20 2
61.0
3.6
41.0
235.1
209.5
266.0
188.4
1,558
1,567
787
931
1,207
1,042
1,160
1,312
1,220
1,113
1,299
1,379
2,216
824
1,265
1,484
1,312
1,447
!84
!74
62.75 "86.60
47.45 "85.00
155.70 "207.10
134.80 "187.15
1,161.5 "1,041.0
25.45
21.90
37.80
33.70
175.3
"35.15
"33.50
"59.85
"41.50
"150.6
S-27
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Dec.
Annual
1983
1982
1981
Jan.
Feb.
Mar.
Apr.
May
Aug.
July
June
Sept.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT— Continued
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil $
Wheel (contractors' off-highway)
units
mil. $..
Tractor shovel loaders (integral units only),
wheel and tracklaying types
units..
mil $
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units..
mil $
16503
1306 1
4781
387.5
15789
15699
4309
410.9
3010
3112
784
90.3
2,390
2644
547
58.2
2589
2727
2,110
2596
45,480
1697 1
33369
16055
6,774
3446
6218
3008
7432
2990
5468
2637
146,274
3 1834
141 170
34793
31,417
8227
28067
7542
25754
7377
20845
5830
4
699
4
4
336
4
10,533
4
2509
4
6,386
4
5,237
5,280
705
4
194
1976
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
thous..
50,063
53,597
4,897
4,269
3,611
3,584
3,640
3,629
4,750
5,819
5,660
Radio sets, production, total market.
Television sets (incl. combination models),
production, total market
thous..
28,104
31,476
2
1,814
2,012
1,671
2
1,816
1,609
2,460
2
3,179
2,284
4,052
2
3,624
3,490
thous..
18,532
18,480
2
1,250
1,208
1,344
2
1,499
1,375
1,292
2
1,710
1,177
1,420
2
1,619
1,106
1,161
1,229
1,151
30,260
3204
2 738
2962
2 530
5 124
1 681
4 550
3 177
7,439
30,336
3692
2 484
3'l78
2 325
4*944
1 561
4365
2977
7,785
1,810
163
144
206
153
264
r
78
246
189
1,767
1,915
191
169
220
149
r
277
r
92
306
228
2,177
361
160
214
143
324
99
347
234
2,650
572
151
272
161
343
117
383
253
1,911
2,452
517
201
175
169
379
107
345
214
2,232
419
169
200
150
359
112
322
195
2,341
289
160
207
293
437
161
352
214
1,677
2,196
145
187
199
166
456
151
323
196
2,257
61
203
219
170
432
156
364
244
2,097
17
167
241
168
381
109
360
245
2136
2,350
31
218
339
202
401
80
347
261
2,117
71
206
260
195
310
80
319
251
1,892
84
178
238
175
262
73
252
193
1812
2,179
89
213
264
190
363
1,446
1538
2,818
1,417
1496
2,785
95
124
211
80
99
239
69
107
268
* 77
135
305
70
110
295
69
113
246
85
123
248
78
96
230
96
99
225
126
133
232
140
113
260
127
114
236
148
126
257
340
77
637 4
387
121
637 4
347
107
638 0
66 480
68 836
63 365
56 506
48 332
7 665
2922
46 248
47 699
Household major appliances (electrical), factory
shipments (domestic and export) #
thous..
Air conditioners (room)
do
Dishwashers
do
Disposers (food waste)
do
Ranges
do
Refrigerators
do
Freezers
do
Washers ..
. . .
do
Dryers (incl. gas)
do. .
Vacuum cleaners (qtrly.)
do....
5,012
3,839
1 f)O
364
260
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments. ...thous..
Ranges, total, sales
do .
Water heaters (storage), automatic, sales @
do....
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
Exports
Price wholesale *
thous sh tons.
do
Index 1967 — 100
Bituminous:
Production t
thous. sh. tons..
Consumption, total
Electric power utilities
Industrial, total
Coke plants (oven and beehive)
Residential and commercial
Stocks, end of period, total
Electric power utilities
Industrial, total
Oven-coke plants
Exports
Price, wholesale
6056
1795
463 7
5423
2'249
582 2
353
147
643 7
394
101
643 7
381
44
643 7
459
84
645 5
274
79
648 1
329
41
639 0
823 644
818 352
75966
65720
69621
82 209
72 432
69 933
do....
do....
do
do....
669,061
568,322
125 815
66,493
728,543
595,575
127 527
60,888
64,578
52968
10783
4,833
68,842
57 195
10847
4,437
59,461
C
48 795
10 149
4,334
57965
47811
9 761
4,165
53017
43403
9 041
3704
54585
45523
8 713
3616
do....
4,924
do.... 199,077
do
178 269
do....
20,808
do....
9017
r
r
70 508
55730
47330
8 121
3476
r
313
106
637 5
319
45
637 5
r
59 145
63 629
55206
7 933
3,118
r
370
86
637 4
r
71 368
63 192
54 660
8 002
3056
r
5,440
800
517
827
573
349
279
393
490
530
509
179,607 179,607 168,274 167,676 173 574 180 807 187 248 192 664 184 237 184 429 183 872
163 356 163 356 152 935 152 735 159 030 165 848 171 892 176 911 168 844 169 403 169 216 173 879 175 811
16,251 16,251 15339 14,941 14544 14*959 15356 15753 15393 15 026 14'656
5 914
5 788
6446
5'422
6 181
5887
6446
6 216
5 594
6 153
6 518
110 243 11 462
6 029
8 918 10 335 10 742 10 057 10 626
9 071
7 293 r 8 603
9 850
7 700
493.7
520.6
525.3
510.2
529.6
527.9
529.3
525.0
534.9
534.4
535.6
533.9
536.2
do
Index, 1967=100..
89 882
466.5
thous. sh. tons..
do....
46,132
27,094
42,786
28,296
10,580
2,622
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke ±
do....
do....
do....
do....
8,627
7,521
1,106
3
846
6,724
6,320
403
900
6,724
6,320
403
900
Exports
do
2 162
1 251
134
353
43
CQQ A
coc o
60 158
6 020
536.2
528.1
COKE
Production:
Beehive and oven (byproduct)
Petroleum coke §
2533
7,507
2397
959
37
963
7,871
7489
382
1091
154
175
3,750
744.8
3,683
717.9
3,459
717.8
2,207
8,828
2551
829
894
7,455
7015
440
939
48
105
97
2,798
787.2
3,049
770.3
2,420
2428
2564
6270
2433
2 452
2 543
1 171
1088
7969
7639
330
1 244
1 168
1 339
129
61
3,899
718.2
3,286
718.4
2,848
718.4
2672
141
62
66
34
3,360
718.3
2,838
735.8
3,282
734.1
4,090
720.4
380 3
72
376 3
74
376 7
71
364 7
71
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
numberPrice, wholesale
Index, 1967=100..
Gross input to crude oil distillation
units
mil. bbl..
Refinery operating ratio
% of capacityAll oils, supply, demand, and stocks: $
New supply, total
fl
Production:
Crude petroleum
Natural gas plant liquids
Imports:
Crude and unfinished oils
Refined products
Change in stocks, all oils (decrease, —)
Demand, total
Exports:
Crude petroleum
Refined products
See footnotes at end of tables.
r
27,026
556.4
37,684
803.5
4,619
787.2
5,049.3
76
4,656.5
69
395 1
69
372.9
66
3254
65
3617
65
3530
66
3789
68
388 4
74
399 8
75
mil. bbl..
6,266.9
5,905.7
501.3
480.2
418.6
454.9
437.5
4652
464 1
4957
4792
4700
480 9
483 1
do....
do....
3 1464
591.8
3 1246
5979
2673
51 1
2687
492
2433
440
266 5
50 1
259 6
493
268 5
48 4
260 4
46 8
268 1
49 0
269 7
49 6
262 0
47 2
269 0
49 8
260 7
50 6
do....
do....
1,946.2
582.5
1,642.8
540.4
135.7
47.1
118.6
43.6
86.9
44.4
92.7
45.6
88.0
40.6
1073
41.0
1176
39.2
1369
41.8
1237
36.1
114 3
46.5
119 0
43.1
122 6
49.2
do....
3
r
79.3
68.3
-17.6
-27.7
-29.5
-30.5
-51.0
-0.5
12.9
31.6
13.5
7.1
19.2
21.4
do....
6,441.7
6,057.2
535.0
518.3
4689
5097
5050
485 1
4690
480 9
486 6
471 3
488 3
474 5
do
do....
1049
94.3
83 2
133.9
59
14^5
74
18'.3
85
14.0
10 0
17.4
52
18.3
81
16.8
28
18.3
7i
15.9
94
17.2
55
18.2
84
20.5
79
15.7
2,381
720.1
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
February 1983
1981
Dec.
1982
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
All oils, supply, demand, and stocks £—Continued
Domestic product demand, total #
do....
Gasoline
.. do
Kerosene
..
.. do
Distillate fuel oil
Residual fuel oil
Jet fuel
,
..
,
Lubricants
Asphalt
. .. .....
Liquefied gases
Stocks end of period total
Crude petroleum
... .
Strategic petroleum reserve
Unfinished oils natural gasoline etc
Refined petroleum products: ±
Gasoline (incl. aviation):
Production
Stocks end of period
..
do
do.,..
do
do
do....
do
do
do,.
do
do
mil bbl
do
6,242.4
24205
580
1 049 0
918.0
3907
i
i
•
r.
J
f
Price, wholesale
l
J
•
Jo
Stocks end of period
Asphalt:
••••• do
At refineries (L R G )
" I P
892
893
59.3
89.9
56.0
75.8
48.1
297
303
300
312
63.3
4579
211 7
30
646
45.4
306
4600
2074
24
69 1
477
302
166.3
216 1
186.8
2015
183.7
1820
196.8
1762
203.9
1802
211.3
1853
201.0
1872
5767
6660
6577
6517
6423
621 1
578.6
555.7
5827
628.8
636.3
1217
1261
4
08
06
06
27
07
26
05
24
09
25
09
27
24
09
24
do
80.2
45.4
29.8
41
15.2
44.2
310
742
47.9
314
188.9
1919
628.4
619.5
611.0
24
07
2.2
0.8
2.2
07
2.5
3.4
9.8
10.2
11.3
976.3
968.6
984.6
79.7
88.0
85.9
r
600.7
578.8
991.1
974.1
1,053.6
984.4
1,121.0
1,126.7
()
(4)
1i
27
27
50 1
43 6
11 1
96
„ 91
33
88
36
9.6
24
8.9
27
92
27
11 1
43
ll 4
91
26
9.5
863.4
1,039.8
1,037,9
1,044.3
1,034.3
1,027.9
1,009.1
975.9
974.2
984.4
983.0
707
819
848
783
1246
1482
1589
974.6
1,024.0
1,022.2
44
45
974 1
51.9
1205 4
9549
61.0
190 2
685
71 1
1660
146 7
1277
1.8
1902
1088
81 2
. 2.3
1145
850.6
1,058.1
1,060.6
1,067.8
1,058.2
1,029.3
953.6
928.7
887
2.9
402
28 5
81 1
3.0
367
25 4
3.6
1.5
34.9
347
31.8
282
229
26 0
53.6
573
58 1
1,177.6 1,163.0 1,182.7
5784
343 6
1915
961.2
4803
290 6
783
1,239.0
365 6
*42 4
353 5
293
278
28 0
405
405
372
370
347
42.5
65 1
606
43
41
14.3
13.7
141 2
'188
1242
195
19.5
23.1
24.3
26.1
561 8
440 9
1208
1128 0
5834
467 9
115 6
137 0
499
47.9
41 3
89
403
7.6
348
66
472
392
80
^s.e
do
754
450.9
1972
42
194.6
194.3
11 5
do .
459.4
1989
41
196.6
193.5
12
8
1
23
l
447.6
1962
32
39
46
41
45
48
42
42
43
45
42
2.9
71
10.5
143
16.7
8.9
43
52
182
15.4
490
444
58 1
47 4
458
386
46 1
459
476
42 1
458
14609 1 431 4 14009 13499 13494 13623 13939 1 4074 1 414 5 14337 14552
635 3
611.7
6254
'6178
6062
6122
6142
6110
6095
6460
6069
2672
2736
2353
2485
2555
2610
264 1
2779
2846
2900
2412
1764
1745
171.9
1739
1676
181 5
1840
1835
1784
174 1
1653
610 1
630 9
6733
603 1
5604
5654
581 2
6058
6228
635 2
643 9
1923
2168
Lubricants:
Stocks end of period
..
Liquefied gases (incl. ethane and ethylene):
Production total
1057
66.6
31 2
4479
2054
25
735
45.1
296
206.0
2058
Index, 1967=100..
J
/>
460.2
2070
32
2 350 8
2058
Jet fuel:
q,
4814
2075
34
2394 1
*2135
(\o
:...,
44
482.3
2058
36
14885
598.8
2303
1768
7129
J
• fj
307
4464
1705
50
14885
5988
2303
1768
7129
Price, wholesale (middle distillate)
Index, 1967 = 100..
Residual fuel oil:
^reduction
mil bbl
j
1010
67.9
492.6
1842
64
5.8
518
St- If • H f
' H
do
Price, wholesale (light distillate)
Index, 1967=100..
Distillate fuel oil:
u
62
560
124.8
5422
Kerosene:
a*,
514.6
2089
583
142.4
5378
HX4 2 0 2
4829
^07 8
*1920
1745 3
Prices (excl. aviation):
Wholesale regular
Index 2/73—100
Retail, regular grade (Lundberg/Platt's): |j
Leaded
$ per gal
Unleaded *
do
Aviation gasoline:
q,
5,840.2
24149
462
10328
752.5
3686
14.2
783
1,180.9
5.1
14.2
76
41 0
137 o
682
1,219.8
14.4
65
1222
54
1135
43
70
1090
303
44.1
4.5
3.0
34.9
323
229
591
1,191.6
60.5
1,229.5
279
279
40.1
418
4.6
193
4.6
3.8
31.9
178
4.6
1.8
2.4
31.2
161
52.8
59.0
1,237.1 1,250.0
299
39.8
r
30.4
40.8
4.4
4.0
3.0
4.3
4.2
161.2
170.2
185.6
998.8
997.7
1,040.6
30.2
29.6
26.1
23.5
61.8
63.6
1,120.7 1,125.2
29.7
r
29.3
39.7
3.9
30.4
40.9
4.4
253
66.4
1,152.8
30.5
40.5
4.4
13.4
13.5
13.4
13.5
13.4
12.7
12.6
12.6
27.1
8.0
10.5
27.1
12.4
25.6
13.1
22.1
13.3
17.4
12.4
14.6
13.6
13.1
14.1
47.0
39 1
49.1
47.1
48.2
404
8.7
383
8.8
389
9.3
49.3
40.5
48.2
38.9
49.0
41.0
48.1
40.3
9.3
8.0
78
1058
1077
1109
111 1
8.9
9.7
7.8
112.5
111.5
108.6
103.5
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
9t
thous cords (128 cu ft )
k
d f
' d
do
Waste paper:
Cf-
k
ri
f
' H
d
81 007
379 703
6 697
3
3
3
3
13 185
831
79 547
379 604
6 045
13 523
993
5972
5 658
6 045
966
993
(2)
(2)
(2)
(2)
(2)
WOODPULP
Production:
Total all grades 4£
Dissolving and special alpha
Sulfate
Sulfite
c • U
• i
thous sh tons
do
do
do
j
Stocks, end of period:
Total all mills
P
No
ri
h
d
3
52 055
1418
38 931
1 911
4 887
3 938
'11
Exports, all grades, total
Dissolving and special alpha
All other
...,,,,,
do
j
Dissol' ' s and snecial aloha
All other
See footnotes at end of tables.
,
do....
do....
do....
do
do....
51 783
1 366
39 597
1812
5 038
3940
1 198
690
454
54
944
439
449
57
do
-11
3
3
3590
85
2675
130
420
279
1 198
690
454
54
(2)
O
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
3
315
85
230
221
50
172
303
42
261
319
62
257
316
52
264
326
69
257
302
55
247
261
32
229
279
60
219
298
52
246
237
50
186
247
55
192
285
51
234
3
3
3
3
269
8
262
270
26
244
310
9
301
296
10
286
306
22
284
302
8
294
287
12
275
289
6
283
350
17
333
541
8
533
303
18
285
375
18
357
264
8
256
3,805
769
3
3,037
4 051
194
3.858
3,678
• 3 784
2,894
4086
201
3,885
S-29
SURVEY OF CURRENT BUSINESS
February 1983
Dec.
1983
1982
1981
1980
1981
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
Annual
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted
thous. sh. tons..
Paper
do
Paperboard
do...
Wet-machine board
do
Construction paper and board
do..
Producer price indexes:
Paperboard
1967—100
Building paper and board
do
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
. ....
thous sh tons
Orders, unfilled, end of period
do....
Shipments
....
.
...
do
Coated paper:
Orders, new
,
Orders, unfilled, end of period
Shipments
Uncoated free sheet papers:
Orders, new
Shipments
65,834
30 164
31 143
138
4390
66,439
30669
31 561
160
3846
4693
2309
2 177
9
197
(5)
2346
2062
258 1
231 7
2600
2303
259 7
233 8
261 4
2314
261 1
2396
261 2
2363
258 8
2402
2559
2400
255 0
2398
1475
110
1498
1449
100
1463
122
112
113
113
89
110
112
95
108
123
98
126
140
104
123
116
102
115
113
99
118
138
117
121
do....
do...
do
'4,753
391
4673
^,853
360
4940
363
308
389
397
343
404
411
361
389
407
332
437
408
336
409
381
307
408
432
306
431
do .
do
'7694
*8 326
X
592
600
628
676
612
658
713
745
641
689
621
669
645
670
Unbleached kraft packaging and industrial
converting papers:
Shipments
thous sh tons
Tissue paper production
do
rl
7735
18234
rl
3 962
(55)
(5)
()
(5)
r
250 7
2434
248 o
2415
113
100
124
125
104
121
131
99
139
399
312
400
443
307
443
407
285
433
610
628
674
705
640
684
2554
2438
r
r
2476
2404
244 5
2414
r
!21
r
93
126
115
91
116
446
282
447
r
413
r
272
r
411
283
399
684
716
r
652
r
608
622
309
r
r
433
695
3 725
14 518
269
311
324
343
288
272
291
271
326
315
270
M375
350
355
365
406
356
365
358
339
383
359
383
366
345
8625
8622
165
8946
8915
194
743
800
194
783
671
304
719
709
326
760
750
336
694
703
327
743
718
353
652
611
394
617
615
397
642
591
448
557
601
405
698
685
418
657
692
383
599
717
265
4239
4,234
21
4753
4,735
38
359
367
38
415
406
46
378
376
48
420
413
55
396
374
76
385
376
86
383
381
89
363
351
101
372
363
110
353
353
110
406
398
118
373
389
102
330
346
86
10089
10 165
892
790
775
868
890
902
732
961
961
981
1038
1068
Imports
thous. sh. tons.
7279
Price, rolls, contract, f.o.b. mill, freight allowed
3
or delivered..
Index 1967 — 100.
2793
Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft surf. area. 241 377
Folding paper boxes, shipments.... thous. sh. tons..
(2)
mil. $..
(2)
6977
557
585
524
3168
3168
!7 587
18961
Newsprint:
Canada:
Production
thous. metric tons.
Shipments from mills
do
Stocks at mills, end of period
do....
United States:
Production
do....
Shipments from mills
do....
Stocks at mills, end of period
do....
Consumption by publishers U
do....
Stocks at and in transit to publishers, end of
period
;
thous. metric tons
3
308 1
r
246 152
r
296
r
863
879
804
767
804
835
927
r
1 045
1 012
1 003
992
952
898
861
r
608
503
620
570
460
520
489
587
832
567
498
318 1
318 1
321 1
322 4
319 4
318 4
318 4
318 4
318 4
303 7
300 7
18638
21218
19941
18720
20 071
18 610
20 414
20 657
21 064
19 043
17 540
48 16 r4806 r58 08
62 06 115 27 105 71
54.35
38.67
40.60
0.468
0.465
0.445
53 61
110 56
54.36
0.426
51.37
0.421
49.45
0.418
12491 127 19
135 22 151 80
345 48 r310 25
2204
22 83
135 18
118 42
327 59
21 13
2047
18 86
14 835
17 700
2 817
14 625
258
40 192
454
15 381
17851
2 919
14 605
327
38 116
489
13 585
15325
2 652
12 337
336
38 436
377
13 972
14 521
3 518
10*606
397
39 955
474
243 6
2405
834
300 7
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons.
586.15
63467
Stocks, end of period
. .. ..
do
12667
142 43
Imports, incl. latex and guayule ....thous. Ig. tons..
598.31
662.41
4
4
Price, wholesale, smoked sheets (N.Y.).... $ per lb..
0.730
0.576
Synthetic rubber:
Production
thous. metric tons- 2,015.24 2,021.45
Consumption
do.... 1 854.01 1 889 71
341.77
Stocks, end of period
do....
34902
422.78
Exports (Bu. of Census)
thous. Ig. tons..
33463
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous.. 159263 181 762
Shipments total
.
do
177 063 201 105
Original equipment
do
40 227
41 711
Replacement equipment
do
131 271 153 716
Exports
do
5565
5 678
Stocks, end of period .:....
do
33298
40863
Exports (Bu. of Census)
do....
9058
11 088
Inner tubes, automotive:
Exports (Bu. of Census)
..
. do
4557
3428
See footnotes at end of tables.
4869 r5373
126 26 121 88
56.19
63.39
0.453
0.461
4256
142 43
49.13
0.483
5459
138 36
50.99
0.488
5164
138 02
59.33
0.465
5356
134 39
45.71
0.470
5440
67 00
53.86
0.453
125.51
13188
349.02
2165
140.49
14309
34036
2776
14576
13894
34043
2346
17032
14988
35630
31 18
15486
13463
376 91
2653
15544 139 71 11746
133 07 132 19 106 50
375 59 r374 70 r357 91
25 23
24 73
2040
11 855
13 544
2 363
10820
361
40863
485
14 866
14 144
2 478
11 365
301
42904
385
15 387
13 704
2 769
10573
362
46254
461
17 051
17 312
3 697
13 216
399
47 817
15 077
17 676
3 679
13*652
345
46583
454
14 856
18 216
3 970
13*989
'257
45 337
463
231
141
151
614
254
174
102
15 669
19 428
4 074
15 018
336
43475
653
178
12 293
16 421
3 038
13 199
264
40 763
381
195
162
15 528
18 938
3 022
15 583
'333
38 685
385
201
192
162
113
0.440
S-30
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
1981
1982
Dec.
Annual
February 1983
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
34 106
27 431
22718
312.5
322.1
322.1
Jan.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement ..
thous bbl
rl
402 830
rl
382 692
23495
15 149
17755
25729
28213
30984
35388
34527
35957
35351
5 1999
919
462.2
2767
51
21.9
1767
32
14.9
2137
27
13.4
345 1
3.5
23.3
3709
26
25.9
3984
37
29.0
4392
48
31.0
4262
38
31.6
4255
35
34.8
4462
43
37.5
(7)
(7)
(7)
(7)
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil standard brick
Structural tile, except facing...
thous. sh tons..
Sewer pipe and fittings, vitrified
do....
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
unglazed
mi. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967-100..
6090 1
101.5
758.7
45.4
35.3
2.6
1.8
1.6
2.5
30
2.4
297.6
287 8
22.8
20.7
20.7
27.0
257
234
280.8
300.2
303.8
303.8
304.2
304.2
308.4
309.5
26.1
310.0
23.4
310.9
27.6
266
r
319.0
319.2
322.3
GLASS AND GLASS PRODUCTS
Flat glass mfrs ' shipments ...
'
Glass containers:
Production
thous $
868 459
952 283 226 926
thous gross
327 972
321 373
194 972
19912
5
220 472
219 074
24 442
26095
29204
26673
27293
27934
25982
28009
r
24 714
27716
23345
24 731
23307
27448
26259
26774
28991
25 165
28 184
r
26 515
25956
22906
Shipments domestic total iji
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine
do
323 899
319 022
23788
do....
do
do
do
28075
57848
122 678
24574
28,728
60248
115 680
24003
1,968
4488
8396
1832
2,517
3696
8559
2097
2,208
4 103
8462
1 541
2579
5299
9503
1947
2488
5 156
9509
1865
2,520
5699
9695
1852
2,834
6326
10254
1943
2,598
5732
8661
1607
3,489
6029
9 111
1777
3,365
F
5 193
8,261
1849
2,483
4888
8,122
2 165
2,092
4483
7,603
1946
Wide-mouth containers:
Food and dairy products
thous. gross..
61,212
62,404
5,019
5,491
4,906
5,764
4,989
4,978
5,417
4,832
5,752
5,840
5,891
4,962
do
do
26 250
3262
25 119
2840
1 849
236
2 116
255
1875
212
2095
261
1 982
270
1848
182
2019
198
1542
193
1 767
259
1790
217
2 177
230
1648
172
do
46966
46683
46683
46462
49 124
50405
51009
51433
49982
50532
50244
52 988
49467
49374
do
12 376
11848
11 497
11687
862
825
784
872
844
688
820
919
886
971
855
809
949
965
912
923
1009
945
966
971
1044
1036
898
945
Imports crude gypsum
do
7365
7593
500
375
397
405
218
531
772
469
728
733
724
625
Sales of gypsum products:
Uncalcined
do
5678
4904
448
308
294
277
327
401
421
384
394
445
411
342
do
393
370
26
25
26
30
40
39
38
34
37
37
do
do
232
166
225
157
15
10
16
10
17
9
21
13
16
7
14
6
16
8
16
7
15
8
(6)6
23
(«)
14 144
79
338
199
13 759
59
325
208
955
3
21
15
965
4
22
15
876
3
18
15
1087
4
25
18
1 100
3
24
20
971
3
20
20
1 120
4
26
25
1098
3
24
22
1 169
4
26
23
1 140
3
23
25
1216
3
25
27
1 134
3
25
28
10551
2638
119
4
220
9295
3446
122
304
629
258
10
19
633
259
10
23
564
236
9
31
704
286
11
39
716
286
10
41
618
262
9
38
716
299
11
40
702
298
10
38
749
315
11
42
733
303
10
42
774
330
10
47
741
293
10
35
525
200
325
r3
661
r3
259
3
534
201
332
Narrow-neck and wide-mouth containers:
Medicinal and toilet
Chemical household and industrial
Stocks end of period
r
GYPSUM AND PRODUCTS @
Production:
Calcined
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl Keene's cement)
Board products total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
5/16 mobile home board
mil sq ft
do
do
do
. ...
do
do....
do
do....
40
8
21
34
(6)6
21
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants: *
8 420
3531
4990
8 176
3212
5 163
3
657
3
255
3
402
495
172
323
550
196
354
3
695
3
255
3
440
540
194
346
531
196
335
3
663
3
259
3
Inventories held at end of period
Cotton
do
do....
769
339
430
740
317
423
740
317
423
725
284
441
742
312
430
729
314
414
722
306
416
692
293
400
660
282
378
366
133
233
662
282
380
Backlog of finished orders
Cotton
....
Manmade and silk fiber
do
do....
do
8 495
4577
4219
9018
4,711
4307
601
326
275
580
249
330
575
255
320
585
269
317
592
264
328
554
254
300
529
194
334
485
182
302
439
178
261
40
453
Cotton
Manmade and silk fiber
do
do
403
673
285
389
402
r
652
267
385
r
r
668
278
390
r
456
185
271
451
195
255
1,531
5,290
8,826
416
390
COTTON
Cotton (excluding linters):
Production:
Ginnings
fl
. .
thous running bales..
Crop estimate
thous net weight bales §
Consumption
thous. running bales..
Stocks in the United States, total, end of period #
thous. running balesDomestic cotton, total
do....
On farms and in transit
do....
Public storage and compresses
do....
Consuming establishments
do....
See footnotes at end of tables.
2
10
2
826
11 122
2
15
2
150
15 646
13,502
6,135
5,409
MOO
378
391
9,261
9,260
2,502
5,927
831
13,777
13,776
3,752
9,268
756
13,777
13,776
3,752
9,268
756
12,567
12,566
2,257
9,488
821
11,424
11,422
1,810
8,729
883
3
493
410
392
10,060
10,058
1,221
7,921
916
8,976
8,974
953
7,112
909
8,117
8,116
924
6,292
900
460
317
386
3474
7,170
7,169
728
5,542
899
6,399
6,397
300
5,269
828
16,362
16,359
10,617
4,998
744
16,439
16,436
10,475
5,293
668
3
15,731 r!5,033
15,728 15,031
7,545 r4,209
7,575 r!0,190
r
632
608
10,580
12019
3
430
14,232
14,229
2,433
11,101
695
13,449
13,446
1,597
11,080
769
S-31
SURVEY OF CURRENT BUSINESS
February 1983
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Dec.
Annual
Jan.
Feb.
Mar.
Apr.
June
May
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters) —Continued
Exports
thous running bales
Imports
thous. net-weight bales §..
Price (farm), American upland fl cents per lb..
Price, Strict Low Middling, Grade 41, staple 34
(1-1/16"), average 10 markets
cents per lb.
Spindle activity (cotton system spindles):
Active spindles last working day total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton
754
0
49.1
873
(r6)
50.4
57.8
57.3
59.7
62.0
154
5.5
6.5
0327
2.3
153
5.5
6.8
0339
2.4
15 3
5.5
4
83
0 4414
3.0
152
5,5
67
0337
2.5
15 3
5.6
66
0327
2.5
14.6
15.3
12.5
12.7
11.5
9.6
5.6
6.7
6.8
7.0
7.3
7.1
6.3
0.29
040
046
045
056
058
062
540 2
567.0
345 6
7663
21 9
589
18 2
665
18 6
55 1
20 4
474
20 6
454
mil. lb..
do
3085
4433
2570
460 6
548
111 7
529
95 4
do....
do
do
3,725.3
4 1482
867 3
3,792.8
4 191 1
1 041 1
834.2
9408
263 2
785.4
864 6
206 9
..mil. lb..
do
18.4
27 2
14.3
31 1
14.3
31 1
135
38 2
do....
do
do. .
2893
2870
104 1
3370
327 8
1462
3370
329 8
146 2
330 7
340 3
151 8
10,774.1
3,980.6
11,228.7
3,850.9
2,586.8
8844
5,899.6
430.2
4,342.9
763.8
6,431.4
584.1
4,517.0
1,002.2
1.445.6
94.1
1,037.7
226.0
771.54
418.64
249.77
352.91
637.73
318.89
20848
318.84
38.08
19.00
1274
19.09
34.90
16.20
972
18.70
38.35
17.13
10 13
21.22
39.72
18.10
11 48
21.61
35.96
15.67
10 59
20.29
42.01
18.42
12 11
23.59
540.64
97.48
6728
2
443.15
378.52
18774
639.08
130.52
9538
508.56
434.87
18470
39.51
7.71
583
31.80
25.97
864
53.18
1088
774
42.30
36.48
1246
48.07
873
658
39.34
33.95
11 22
47.74
933
6 82
38.41
3229
10 55
40.14
958
6 79
30.56
2539
856
67.85
1227
8 74
55.58
40 45
1532
1134
100
56 5
260
1278
109
275 3
26 1
112
4
10
53
20
94
07
80
21
96
09
63
16
12
8
4
10
66
18
90
07
49
20
82
09
60
20
5
2.45
5
5
278
5
3.16
2.83
3.12
275
3.01
263
3.03
2 44
3.13
2 40
3.23
240
3.36
158.3
165.0
33.1
38.1
36 1
1,058.4
990.6
217.6
214.0
242.7
16,808
179,401
18,162
70 152
26,704
14,845
136 176
13,605
- 91 025
30,322
639
8015
813
5 192
2,097
mil
do....
.'. bil.
do
do....
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. sq. yd.
Orders, unfilled, end of period, compared with
avg. weekly production
no. weeks' prod..
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equiv. thous.
net-weight §
bales
Imports, raw cotton equivalent
do....
8021
17
54.5
737
1
51.2
3
3
83.0
55.1
159
6.0
102.4
0388
42.0
154
5.5
91.8
0357
33.6
154
5.5
4
6.9
0278
4
2.5
4,456
3,913
1,002
14.1
4.2
*7975
16
74.4
71.5
5
15.8
5
5
653
0
50.3
r
r
676
4
54.3
r
484
13
55.8
498
4
56.1
r
r
396
1
59.9
r
342
r
52.8
377
351
10
55.5
293
1
59.8
382
3
59.9
57.3
59.6
r
61.1
65.0
60.4
59.0
58.6
58.2
14 9
5.6
4
78
0 4310
2.9
14 7
5.5
54
0268
2.0
146
5.4
63
0314
2.4
145
5.3
4
7.7
r
0307
4
2.8
14 4
5.3
66
0328
2.5
146
5.2
62
0309
2.3
8.8
12.7
10.7
9.2
8.6
9.1
7.2
11.2
8.7
5.9
5.8
5.8
065
0 82
088
081
063
068
064
24 3
54 1
24 8
478
22 7
41 4
15 7
487
18 4
493
20 7
443
44.21
20.65
1336
23.56
33.93
16.12
10 66
17.80
33.13
14.70
9 32
18.44
3586
16.06
11 29
19.80
3687
16.87
12 03
1998
91.93
1248
9 14
79.46
5304
21 76
77.34
9 50
6 58
67.83
43 58
17 80
100.05
14 40
10 44
85.65
6091
26 41
82.75
12 95
9 07
69.80
48 38
21 52
70.14
10 65
7 41
59.49
40 59
20 04
4
08
66
26
59
06
40
17
80
10
42
20
r4g 3
12
47
18
71
07
29
14
77
08
36
13
37
12
2 40
3.21
2 40
3.04
2 40
2.94
2 40
2.87
2.76
2.69
2.67
62.4 •
983
"60.2
5.3
2.6
953
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament yarn (acetate)
Staple, incl. tow (rayon)
Noncellulosic, except textile glass:
Yarn and monofilaments
Staple, incl. tow
Textile glass fiber
.
Fiber stocks, producers', end of period:
Filament yarn (acetate)
Staple incl tow (rayon)
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
Staple, incl. tow
Textile glass fiber
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total #
mil. sq. yd..
Filament yard (100%) fabrics #
do....
Chiefly rayon and/or acetate fabrics
do....
Chiefly nylon fabrics
do....
Spun yard (100%) fab., exc. blanketing #.. do....
Rayon and/or acetate fabrics, blends
do....
Polyester blends with cotton
do....
Filament and spun yarn fabrics
do....
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period
Prices, manufacturer to mfr., f.o.b. mill:
50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56
$ per yd..
Manmade fiber manufactures:
Exports, manmade fiber equivalent
mil. Ibs..
Yarn, tops, thread, cloth
do....
Cloth, woven
do....
Manufactured prods., apparel, furnishings do....
Imports, manmade fiber equivalent
do....
Yarn, tops, thread, cloth
do....
Cloth, woven
do
Manufactured prods., apparel, furnishings do....
Apparel, total
do....
Knit apparel
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil lb..
Carpet class
do
Wool imports clean yield
do
Duty-free (carpet class)
do....
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:
Domestic—Graded territory, 64's, staple 2-3/4"
and up
cents per lb..
Australian, 64's, Type 62, duty-paid
do....
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. sq. yd..
2,352.3
7690
955
1103
1,326 3
30.5
1,009 3
225.3
22820
834 4
1058
110 0
1 1897
287
901 3
2234
0510
3.09
4
4
4
9
4
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly
mil. sq. yds..
APPAREL
Women's, misses', juniors' apparel cuttings:
Coats
thous. units..
Dresses
do....
Suits (incl. pant suits, jumpsuits)
do....
Skirts
do....
Blouses
thous. dozen..
See footnotes at end of tables.
4
2.79
S-32
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
February 1983
1981
Dec.
1982
Jan.
Feb.
Mar.
Apr.
May
June
1983
July
Aug.
Sept.
Oct.
Nov.
Dec.
29,632
22,725
24,466
27,540
22,561
20,969
624.7
3 129
102
421
Jan.
TEXTILE PRODUCTS—Continued
APPAREL— Continued
Men's apparel cuttings:
Suits
.,......., thous units
Coats (separate) dress and sport
do
Trousers (separate) dress
. ...
do
Slacks (jean cut) casual..,
,
.. do ..
Shirts dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..
14074
16906
124 Oil
253640
40988
286,379
1 139
1 312
14686
17880
175,445
38 112
304,826
10 178
2441
19,796
25,065
23,902
21,634
23,898
22,248
23,888
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
69624
33 496
67642
58,440
26674
Orders new (net) qtrly total @
mil $
U S Government
..
do
Prime contract
. do .
Sales (net), receipts or billings, qtrly, total..,
do....
U S Government
..
do..
U S. Government
do....
Aircraft (complete) and parts
do....
Engines (aircraft) and parts
,.,., do....
Missiles, space vehicle systems, engines, propulsion units and parts ..
mil $
Other related operations (conversions, modifications) products services
mil $
Aircraft (complete);
Shipments # #
.,
do
Exports commercial ii
.
mil. $..
r
92 640
43,262
44,555
13 173
20 079
11 016
19 407
16,719
8740
r
96
000
r
45,538
r
46,516
13,545
18 279
10 744
17 665
18,113
r
9,317
r
96
166
r
46,965
46,103
13,331
94 869
45,978
44,138
13,912
11047
11047
10,997
10,690
10,374
11314
11 314
11991
13,217
13,618
89 732
37,199
46,777
11494
72852
39 102
70,633
69944
33039
92 640
43,262
44,555
13 173
8498
10240
19 526
11808
18869
18,742
9253
13 043 1 13 195 0 15924
9 871
89 076
97 068
952
8250
8 551
774.2 1,122.0
5 857
3 993
369
809
7083
4 187
504
17572
10469
16,919
18,869
11456
806.0
4 270
412
956.5
5 045
453
739.9
4 059
434
564.0
3 437
445
466.1
2 801
370
646.5
3665
77
r
602.4
r
561
523
651
452
199
6
7.0
6
4.8
6
2,2
439
405
630
430
200
7.4
5.1
2.2
356
334
609
409
200
7.6
5.4
2.2
429
406
671
488
183
8.3
6.0
2.3
431
406
656
488
169
7.9
5.5
2.4
1,364
1247
717
206
1,377
1378
3.2
34.29
32.27
2619
44.1
626
203
1,379
1,531
3.4
21.18
18.39
2630
47.7
627
214
1,350
1,481
3.0
26.30
23.70
217.4
61.0
625
200
1,296
1,412
3.1
27.42
23.48
262.8
49.5
655
195
1,164
1,229
2.2
27.39
23.71
253.6
56.8
678
181
1,126
1,191
r
2.4
22.42
19.60
232.7
50.2
765
220
3225
378
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
Domestic
Retail sales, total, not seasonally adj t....,
Domestics § ..
..
Imports §
Total seas adjusted at annual rate 1"
Imports §
.
do
Retail inventories, end of period, domestics: § t
Not seasonally adjusted
,. thous
Inventory-retail sales ratio domestics § 1"
Exports (BuCensus) assembled cars
. thous
To Canada
. do....
Imports (BuCensus) complete units 4£ #
do
From Canada total
do
Registrations fl, total new vehicles
do....
Imports, incl. domestically sponsored
do....
T
'1
h H'
CH f
»h hi }
Id
n
t 1
d
Trailer chassis (detachable), sold separately ...... do....
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
,
,,.,
number..
Equipment manufacturers
do
New orders
.,
do....
TT Fll H n d
d of oeriod
Equipment manufacturers
do
do....
Freight cars (revenue), class 1 railroads (AAR): ±
Number owned end of period
thous
C
p
>
(
\ t t 1
y\
6
y &/)
>
P
See footnotes at end of tables.
H f
m'l to
tons
5840
• 6,225
5749
8,979
6,581
2398
r
r
2
366
344
632
448
184
8.7
6.1
2.6
407
382
743
558
185
9.4
6.8
2.6
433
8,535
6209
2326
273
256
535
368
166
79
54
25
320
302
632
457
175
8.4
62
2.2
469
431.
777
576
201
7.7
5.6
2.0
488
441
669
499
170
7.3
54
18
510
468
774
584
190
8.2
6.2
2.0
1,520
1440
26
60780
509.13
33107
5948
8,761
2,469
1,471
1495
29
538 12
470.86
29986
5639
8,444
2,432
1471
1495
37
29 18
22.37
2337
457
612
184
1432
1383
31
1727
13.42
2599
37 1
509
159
1,325
1 241
24
23.87
19.46
1959
580
546
164
1,247
1 171
25
40.21
36.03
2857
70.4
626
176
1,256
1 187
26
49.59
45.72
2492
73.2
672
186
1,213
1 146
22
45.70
42.55
3095
71 2
708
189
3
1,667
3
1,701
1514
127
116
116
108
144
133
197
184
183
169
193
180
212
197
166
154
142
134
155
146
142
132
127
118
130
122
1,746.6
5
73.9
5
151.7
120.4
r
5.4
13.0
167.6
r
4.0
'14.0
175.0
r
3.6
12.4
186.0
r
3.4
12.5
170.1
3.8
12.6
191.3
r
4.6
12.5
155.3
r
4.1
11.7
162.2
r
3.9
10.1
140.4
7
3.4
7
10.4
193.8
'3.9
10.1
149.7
r
3.5
r
9.6
199.4
3.6
10.0
179.2
r
3.8
12.5
8
r
r
r
r
r
r
r
569.0
13.81
'615.2
9.17
r
r
r
r
8
Trucks and buses:
Factory sales (from U.S. plants), total
thous..
Domestic
...
..
.. .. do....
Retail sales, seasonally adjusted: t
Light-duty, up to 14,000 Ibs. GVW
do....
Medium-duty, 14,001-26,000 Ibs. GVW
do....
Heavy-duty, 26,001 Ibs. and over GVW
do....
Retail inventories, end of period, seasonally
adjusted t
thous .
Exports (BuCensus) assembled units
do
Imports (BuCensus), including separate chassis
and bodies
thous
Registrations,]} new vehicles, excluding buses not
produced on truck chassis
..
thous
Truck trailers and chassis, complete (excludes
detachables), shipments
number..
3
6,400
3
370
344
523
358
165
72
49
23
thous..
do.
do.,..
do
do
. mil
1,464
5
1,963.5
5
92.3
5
175.7
5
6
6
3.1
38.66
35.72
2755
83.3
r7
5
574.0
190.32
5
559.4
17050
1 133 28
838.92
7229
7480
57.15
82.00
73.68
71.63
73.27
51.73
56.50
57.33
2,185
180
156
171
208
219
226
226
197
193
4
2477
136,702
86248
11 849
14,202
117,635
70928
7 239
8,615
'85,920
'80 357
'43,955
'40 140
52 370
47,866
'44,901
'41 435
17,916
17 288
16 485
14,819
1 168
88
9256
7924
1 111
69
8937
8043
5588
897
514.0
822
498.3
11.46
482.0
12.68
513.4
12.37
526.9
12.89
704.9
7.80
665.5
6.62
636.2
10.31
566.4
9.80
537.9
9.04
54.44
43.28
42.27
182
193
215
246
7,476
4327
252
449
8,418
4928
203
564
9,903
6355
429
817
8,453
5300
440
846
8,023
5240
504
790
8,382
5,388
376
598
6,046
4,025
305
680
7,826
5,582
228
597
6,910
4,900
335
320
r
6,421
r
4,279
378
211
7,480
5,400
335
93
1,995
2,711
1833
2455
815
1,811
815
1 811
16 485 14 735
14,819 13,231
1,762
1,526
753
753
13486
12,218
2,247
2032
1,485
1485
12599
11,546
2,443
2,265
539
539
10560
9,685
1,794
1,694
487
487
9253
8,478
1,339
1,244
586
586
8500
7,820
1,369
1,369
179
179
7 187
6,507
1,060
992
373
373
6829
6,217
967
913
583
583
5,895
5,337
890
650
884
134
5283
4,710
610
525
249
249
4,866
4,378
765
477
231
231
4295
4,095
1100
76
8876
80.71
1095
76
8848
80.84
1,090
77
88 19
80.92
1,083
80
87.71
81.02
1,077
81
87.47
81.19
1,069
79
86.94
81.35
1,059
8.3
86.24
81.44
1,053
8.4
85.86
81.54
1,047
T
8.6
85.43
81.60
84.87
81.68
9,628
5611
336
561
1 111
69
8937
8043
1 110
70
8932
80.48
1 105
74
89.02
80.58
595
413
182
8.7
6.0
2.7
1,180
1,209
2.4
2
129
168.9
8
4.4
8
10.9
495.7
S-33
SURVEY OF CURRENT BUSINESS
February 1983
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
Page S-l
Revised.
p Preliminary,
e Estimated,
c Corrected.
+ Revised series. See Tables 2.6 - 2.9 in the July 1982 SURVEY for revised estimates back to
1977. Pre-1977 estimates are available in The National Income and Product Accounts of the
United States, 1929-76: Statistical Tables.
$ Includes inventory valuation and capital consumption adjustments.
# New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "f"
for this page for information on historical data.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of the centered three-month moving average of disposable personal income.
PageS-2
1. Based on data not seasonally adjusted.
# Includes data not shown separately.
$ Revised series. For wholesale see note "$" for p. S-8. For manufacturing see note "t"
for p. S-3. For retail see note "t" for p. S-8.
t See note "t" for p. S-3.
§ See note "t" for p. S-8.
© See note "$" for p. S-8.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
Page S-3
$ Revised series. For wholesale see note "$" for p. S-8. For manufacturing see note "*"
for this page. For retail see note "t" for p. S-8.
t Revised series. Data have been revised back to 1972. A detailed description of these
revisions and historical data appear in the reports "Manufacturers' Shipments, Inventories,
and Orders" M3-1.10 (1972-1980) and M 3 - l . l l (1977-81), available from the Bureau of
the Census, Washington, D.C. 20233.
§ See note "t" for p. S-8.
@ See note "$" for p. S-8.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
# Includes data for items not shown separately.
PageS-4
1, Based on data not seasonally adjusted.
t See note "t" for p. S-3.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries are
zero.
T For these industries (food and kindred products, tobacco, apparel and other textile products,
petroleum and coal, chemicals and allied products, and rubber and plastics products) sales
are considered equal to new orders.
PageS-5
1. Based on unadjusted data.
2. Beginning with data for January 1983, the index is affected by a change in methodology
used to compute the homeownership component. For additional information regarding this
change see p. S-36 of this SURVEY.
t See note "t" for p. S-3.
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
I7 Revisions, back to 1975 for some commodities, are available upon request.
$ See note "$" for p. S-4.
PageS-6
1. See note 2 for p. S-5.
2. Index no longer available from the source, BLS.
§ For actual producer prices of individual commodities see respective commodities in the
Industry section beginning p. S-19. All data subject to revision four months after original
publication.
t Revised series. Stage-of-processing producer price indexes have been revised back to
1976 to reflect updated industry input-output relationships and improved classification of
some products.
# Includes data for items not shown separately.
j: Effective Feb. 1983 SURVEY, data have been revised back to 1978 to reflect updated
seasonal factors.
Effective Feb. 1982 SURVEY, data have been revised back to 1977 to
reflect updated seasonal factors. These revisions are available upon request.
PageS-7
1. Computed from cumulative valuation total.
2. Index as of Feb. 1, 1983: building, 347.5; construction, 372.5.
# Includes data for items not shown separately.,
§ Data for Jan., Apr., July, Sept., and Dec. 1982 are for five weeks; other months four
weeks.
Page S-8
1. Advance Estimate.
_1f Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-14.
§ Data include guaranteed direct loans sold.
.$ Effective Oct. 1982 SURVEY, seasonally adjusted wholesale trade data have been revised
for Jan. 1981-March 1982. Effective April 1982 SURVEY, wholesale trade data have been
revised for Jan. 1972-Dec. 1981. Revised data are available upon request.
t Effective April 1982 SURVEY, retail trade data have been revised for the years 1972-1981.
Revised data and a summary of the changes are available from the Census Bureau,
Washington, D.C. 20233.
# Includes data for items not shown separately.
Page S-9
1. Advance estimate.
2. Effective Jan. 1979 data, sales of mail-order houses are included with department store
sales.
3. As of July 1.
# Includes data for items not shown separately.
$ Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,
No. 870, Bureau of the Census.
If Effective with the January 1983 SURVEY, the seasonally adjusted labor force series have
been revised back to January 1978. Revised monthly series appear in the January 1983 issue
of Employment and Earnings. Effective with the February 1982 SURVEY, the labor force
series have been revised back to 1970 to reflect the 1980 Census of Population. Seasonal
adjustment factors were revised accordingly. Revised monthly series appear in the February
1982 issue of Employment and Earnings. Revised annual series will appear in the March
1982 issue of Employment and Earnings, U.S. Department of Labor, Bureau of Labor Statistics.
* New series. The participation rate is the percent of the civilian noninstitutional population in the civilian labor force. The employment-population ratio is employment as a percent
of the total noninstitutional population, 16 years and over.
t See note "t" for p. S-8.
PageS-10
1. This series has been discontinued.
§ These unemployment rates are for civilian workers only. The unemployment rate for all
workers, including the resident armed forces, was 10.2 in Jan. 1983.
t Effective June 1982 SURVEY, data have been revised back to 1977 based on March 1981
benchmark levels and updated seasonal adjustment factors. See "BLS Establishment Estimates
Revised to March 1981 Benchmarks," in the June 1982 issue of Employment and Earnings.
Effective July 1981 SURVEY, data have been revised back to 1974 to reflect new benchmarks
and new seasonal adjustment factors. See "BLS Establishment Estimates Revised to March
1980 Benchmarks," in the July 1981 issue of Employment and Earnings.
If See note "If" for p. S-9.
Page S-l 1
t See note "f" on p. S-l0.
$ This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
If Production and nonsupervisory workers.
PageS-12
1. This series has been discontinued.
t See corresponding note on p. S-10.
If Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index.
§ Wages as of Feb. 1, 1983: Common, $14.92; Skilled, $19.46.
PageS-13
1. Average for Dec,
If Effective April 1982 SURVEY, the series for work stoppages involving six or more workers
have been discontinued and have been replaced by series for work stoppages involving 1,000
or more workers.
# Includes data for items not shown separately.
§ For demand deposits, the term "adjusted" denotes demand deposits other than domestic commercial bank and U.S. Government, less cash items in process of collection; for
loans, exclusive of loans to and Federal funds transactions with domestic commercial banks
and include valuation reserves (individual loan items are shown gross; i.e. before deduction
of valuation reserves).
* New series. Beginning Dec. 1978, data are for all investment account securities; comparable data for earlier periods are not available.
@ Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws; amounts paid under these programs are excluded from
state benefits paid data.
@@ Insured unemployment as a percent of average covered employment in a 12-month
period.
February 1983
SURVEY OF CURRENT BUSINESS
S-34
PageS-14
PageS-18
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
2. Average for the year.
3. Daily average.
4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated
and regional dealer closing rates. See also note 3 for this page.
5. Beginning Oct. 1981, data represent the total surplus or deficit (budget surplus or deficit plus
off-budget surplus or deficit). See also note 1.
6. Interest rate charged as of Feb. 1, 1983 was 11.11.
# Includes data for items not shown separately.
§ The Department of Health, Education, and Welfare was redesignated as the Department of Health and Human Services by the Department of Education Organization Act.
H Adjusted to exclude domestic commercial interbank loans and Federal funds sold to
domestic commercial banks.
$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979, maturity is for 180 days.
@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979, maturity is for 180 days.
$$ Courtesy of Metals Week.
@@ Average effective rate
1. See note 1 for p. S-16.
2. Annual total; quarterly or monthly revisions are not available.
3. Before extraordinary and prior period items.
4. For month shown.
5. Domestic trunk operations only (averaging about 90 percent of domestic total).
6. See note 2 for p. S-17.
7. Beginning October 1982; data are not comparable because of the exclusion of some
small carriers who chose to waive filing a Form 41.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.
II Average daily rent per room occupied, not scheduled rates.
@ Effective January 1, 1980, contract carriers are not included because the data filed by
these carriers were substantially reduced in scope, in accordance with the ICC revised reporting
regulations.
PageS-15
1. M1 -A has been discontinued. M1-B will now be designated "M1."
t Effective Feb. 1982 SURVEY, the money stock measures and components have been revised
back to 1959. The Federal Reserve has redefined the monetary aggregates. The redefinition
was prompted by the emergence in recent years of new monetary assets—for example, negotiable
order of withdrawal (NOW) accounts and money market mutual fund shares—and alterations in
the basic character of established monetary assets—for example, the growing similarity of
and substitution between the deposits of thrift institutions and those of commercial banks.
Monthly data from 1959 to date are available from the Banking Section of the Division of
Research and Statistics at the Federal Reserve Board, Washington, D.C. 20551.
$ Composition of the money stock measures is as follows:
A//.—This measure is currency plus demand deposits at commercial banks and interest-earning
checkable deposits at all depositary institutions—namely NOW accounts, automatic transfer
from savings (ATS) accounts, and credit union share draft balances—as well as a small
amount of demand deposits at thrift institutions that cannot, using present data sources, be
separated from interest-earning checkable deposits.
A/2.—This measure adds to Ml overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depositary institutions. Depositary institutions are commercial banks (including
U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investment
companies), mutual savings banks, savings and loan associations, and credit unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depositary institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial paper,
savings bonds, and marketable liquid Treasury obligations.
f$ Includes ATS and NOW balances at all institutions, credit union share draft balances,
and demand deposits at mutual savings banks.
# Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member
banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
Page S-16
1. BeginningJan. 1981 data, U.S. Virgin Islands trade with foreign countries is included.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
PageS-17
1. See note 1 for p. S-16.
2. Beginning Jan. 1982 data, the Customs value is being substituted for the f.a.s. value.
$ Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.
Page S-19
1. Reported annual total; monthly revisions are not available.
2. Data withheld to avoid disclosing operations of individual companies.
3. Beginning Jan. 1981, data represent gross weight (formerly phosphoric acid content
weight) and are not comparable with data shown for earlier periods.
4. A portion of data is being withheld to avoid disclosing information for individual
companies; not comparable with other published data.
5. Beginning Jan. 1980 data, another company is included.
6. A portion of data is being suppressed because of not meeting publication standards.
For nitrogen solutions, see also note 4 for this page.
7. Less than 500 short tons.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Revisions, back to 1977 for some commodities, are available upon request.
11 Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly comparable with data shown for other periods.
Page S-20
1. Reported annual total; monthly revisions are not available.
2. Annual total includes Hawaii; not distributed to the months.
3. Beginning 1982, the reporting frequency has been changed from a monthly to a quarterly
basis. Revised quarterly data for 1979 through 1981 are available upon request.
4. Reported annual total, including Hawaii; monthly data are preliminary and subject to
change.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
$ Revisions back to 1977 are available upon request.
PageS-21
1. Average for three months, price not available for Apr.-Dec.
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).
5. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
6. See note "@@" for this page.
7. Data are no longer available.
8. See note 4 for p. S-22.
9. Crop estimate for 1982.
10. Effective with this reporting, data are reported on a monthly basis.
§ Excludes pearl barley.
# Bags of 100 Ibs.
*[ Revised crop estimates back to 1975 are available upon request.
@ Revisions, back to 1977, for some commodities, are available upon request.
$ Revisions back to 1975 are available upon request.
@@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
PageS-22
1. Average for 11 months; price not available for Dec.
2. Average for nine months; index not available for Apr.-June.
3. Data are no longer available.
4. Effective with this reporting, data are for three-month intervals.
§ Cases of 30 dozen.
H Bags of 132.276 Ibs.
$ Revisions for Jan.-July 1979 (back to 1975 for grindings of wheat) are available upon
request.
@ Revisions back to 1977 are available upon request.
# Effective Apr. 1981 SURVEY, the wholesale price of smoked hams has been discontinued
and has been replaced with the comparable price index. Annual indexes prior to 1979 and
monthly indexes prior to Feb. 1980 are available upon request.
PageS-23
1. Crop estimate for the year.
2. Average for seven months; price not available for July, Aug., and Oct.-Dec.
3. Annual total; monthly revisions are not available.
4. Data are no longer available.
5. Crop estimate for 1982.
§ Monthly data reflect cumulative revisions for prior periods.
| Revisions back to 1975 are available upon request.
* New series. Source: Bureau of Labor Statistics.
'# Totals include data for items not shown separately.
PageS-24
1. Annual data; monthly revisions not available.
2. Less than 500 short tons.
PageS-25
1. Annual data; monthly revisions are not available.
2. For month shown.
3. Effective Jan. 1981, data are revised back to Jan. 1980. Inventory data formerly calculated by the Bureau of the Census are now based on the Steel Service Center Institute monthly
Business Conditions report.
PageS-26
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
II Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased for direct shipment.
$ Source for monthly data: American Bureau of Metal Statistics. Source for annual data:
Bureau of Mines.
# Includes data not shown separately.
t Effective July 1980 SURVEY, data are revised and shown on a new base. The sample size
has been restored to 100 firms and the base has been changed to 1977= 100. The revised series
are not comparable to previously published data.
* New series. These indexes are based on shipments of hydraulic and pneumatic products
reported by participating members of the National Fluid Power Association. Data back to
1959 are available upon request.
PageS-27
1. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and
commercial stocks and are not comparable with data shown for earlier periods.
2. Data are for five weeks; other months 4 weeks.
3. Based on new 1981 stock level. See also note "$" for this page.
4. For month shown.
# Includes data for items not shown separately.
@ Beginning July 1977, data are representive of those manufacturers reporting and are
not an average of the total industry; they are not directly comparable with earlier data.
* New series. Annual data prior to 1978 and monthly data prior to April 1979 are available upon request.
§ Includes nonmarketable catalyst coke.
U Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not shown separately.
t Revisions for 1978 are available upon request.
$ Effective with 1981 petroleum data, the Energy Information Agency has changed some
definitions and concepts to reflect recent developments in refining and blending practices.
These changes include adding a category for gasohol production to motor gasoline production and accounting more precisely for distillate and residual fuel oil processed further after
initial distillation. A description of these changes appears in the May 1981 issue of Monthly
Energy Review, U.S. Department of Energy, Energy Information Administration.
PageS-28
1. Based on new 1981 stock level. See also note "$" for p. S-27.
2. See note 5 for p. S-29.
3. Reported annual totals; revisions not allocated to the months.
4. Simple averages of prices are no longer available.
H Prices are mid-month, include taxes, and represent full service; comparable prices prior
to Jan. 1979 are not available.
# Includes data for items not shown separately.
* New series. See note "II" for this page.
$ Except for price data, see note "$" for p. S-27.
S-35
SURVEY OF CURRENT BUSINESS
February 1983
Page S-29
1. Reported annual total; revisions not distributed to the months.
2. Effective Jan. 1980, data are no longer available.
3. Average for 11 months; no price for Aug. 1980 or June 1981.
4. Average for 11 months; no price available for Nov. 1980 or for Oct. 1981.
5. Monthly data will be discontinued as of April 1982 SURVEY, due to budgetary limitations. The related annual report, MA26A, will continue to be published.
II Source: American Paper Institute. Total U.S. estimated consumption by all newspaper
users.
§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end
of the month; annual data are as of Dec. 31.
$ Data are monthly or annual totals. Formerly weekly averages were shown.
PageS-30
1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. Data are not available prior to Jan. 1980.
5. See note "$" for this page.
6. Data for regular basecoat plasters not available; sales of "all other" represents total
sales of building plasters.
7. Data withheld to avoid disclosing operations of individual companies.
# New series. Data for finishing mills have replaced data for weaving mills, which are no
longer available.
# Includes data for items not shown separately.
If Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
t Beginning Jan. 1982, shipments include those for direct export; such shipments for 1980-81
were (thous. gross): 2,316 and 2,165 respectively.
@ Annual totals are based on advance summaries and reflect revisions not distributed to
the months.
PageS-31
1. Effective Jan. 1,1978, includes reexports, formerly excluded.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. Monthly average.
6. Less than 500 bales.
§ Bales of 480 Ibs.
II Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts and premiums).
# Includes data not shown separately.
PageS-32
1. Annual total includes revisions not distributed to the months.
2. Estimates of production, not factory sales.
3. Beginning Jan. 1979, data reflect the inclusion of Volkswagens produced in the U. S.
Beginning Jan. 1980, passenger vans (previously reported as passenger cars) are included
with trucks.
4. Monthly data for 1980 as published in earlier issues of the SURVEY, exclude exports for
off-highway trucks; not strictly comparable with data shown for other periods. Such exports
have since been included in the monthly data and are available upon request.
5. Based on unadjusted data.
6. See note "t" for this page.
7. Effective with the September 1982 SURVEY, retail sales of trucks have been restated back
to Jan. 1982 to include U.S.-built Mercedes-Benz trucks (19,501 - 33,000 Ibs.); comparable
stock data, prior to Aug. 1982, are not available.
8. See last sentence of note "f",for this page.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
Tf Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Revisions, back to 1967 for some commodities, are available upon request. Effective
with the July 1982 SURVEY, seasonally adjusted data for passenger cars have been revised
back to Jan. 1977 and are available upon request. Effective with the Feb. 1983 SURVEY,
seasonally adjusted data for trucks and buses have been revised back to Jan. 1980 and are
available upon request.
@ In the 1979 BUSINESS STATISTICS, 4th Qtr. 1977 should read "13,946" mil. $.
n In the 1979 BUSINESS STATISTICS, annual data for 1977 should read "2,604.8"
mil. $.
## Revisions back to 1977 are available upon request.
S-36
SURVEY OF CURRENT BUSINESS
February 1983
Change in the Treatment of Homeownership in the CPI-U
Beginning with data for January 1983, the Consumer Price
Index for All Urban Consumers (CPI-U), shown along with
selected components on pages S-5 and S-6, reflects changes
in the methodology used to compute the homeownership
component. A rental equivalence measure is now used.
Historical data for the CPI-U based on the new methodology
will not be available. However, the change has been made
in such a way that the indexes based on the new and old
methodologies are equal for December 1982 (the so-called
link month), and calculations based on the old method will
be available for a 6-month overlap period (January through
June 1983). The Consumer Price Index for Urban Wage
Earners and Clerical Workers (CPI-W) will continue to be
calculated by the old method through 1984. Beginning with
data for January 1985, it will also reflect a rental equivalence
measure of homeownership.
Under the old method of computation, the CPI homeownership component consisted of five subcomponents:
the net price of homes purchased, the amount of mortgage
interest expected to be paid over one-half the stated life of
a home mortgage, property taxes, property insurance, and
home maintenance and repairs. As such, it reflected investment elements, largely related to the purchase price
and mortgage interest subcomponents, as well as consumption
elements. The large weight of the homeownership component
in the CPI and the sensitivity of the all-items index to the
procedures used in its calculation focused attention on it.
A change to a flow-of-services-eonsumed treatment for
homeownership has been under discussion for some time.
Because such a treatment would abstract from investment
elements of homeownership, it would be consistent with the
design of the CPI as a measure of change in the prices of
the market basket of services consumed in the base period.
More recently, problems in obtaining reliable data for
calculating the home price and mortgage interest cost
subcomponents have highlighted the need for change. For
home prices, the prices used in the CPI pertained only to
purchases financed with FHA-insured mortgages. These
prices represented a very small, specialized, and declining
segment of the housing market, and thus were becoming
less representative. For mortgage interest, new types of
mortgages—involving variable rates, shorter financing terms,
and other special arrangements—had become increasingly
prominent, making the standard, long-term, fixed-rate
mortgage used in the CPI increasingly unrepresentative.
Further, because of high interest rates and difficulties faced
by home buyers in securing mortgages from financial institutions, many homeowners were offering to provide
financing at below commercial rates in order to sell their
homes; these arrangements were not reflected in the CPI.
Under the new method of computation, the CPI-U homeownership component has been replaced with a homeowners'
cost component to reflect costs associated with homeowners'
consumption of shelter service. (The new rental equivalence
CPI-U is a descendant, with important refinements, of the
CPI-U-Xl, one of the experimental measures produced since
1980 and now discontinued.) In the new CPI-U, the homeowners' cost consists of owners' equivalent rent and household
insurance. Owners' equivalent rent, the primary rental
equivalence item, is a measure of the rental income owners
forego when they choose to occupy their homes instead of
renting them out. It replaces home purchase, home financing,
and property tax of the old method, plus the portions of
the property insurance, maintenance and repairs, and
household appliances that are implicitly included in rents.
The household insurance subcomponent is a measure of the
portion of property insurance not implicitly included in
rents—insurance for liability and house contents. Except
for the portions now included in owners' equivalent rent,
maintenance and repairs (now excluding capital improvement
items) and household appliances are listed separately. As
a result of the change in methodology, the overall weight of
homeownership in the CPI-U declined, from about 26 to 14
percent.
The notes to pages S-5 and S-6 indicate which CPI-U
series shown on those pages are affected by the change in
methodology: the all-items index and series based on it;
the indexes for commodities, services, and some major
commodities and services aggregates; and the indexes for
housing and its shelter and household furnishings and
operation subcomponents. Two indexes — homeownership,
and services less rent—are no longer available. In addition,
a number of detailed and special-group indexes not shown
on these pages are affected.
For a detailed discussion of the change in the treatment
of homeownership, see "Changing the Homeownership
Component of the Consumer Price Index to Rental Equivalence,'1 CPI Detailed Report, January 1983: 1-8.
Charting the cpurse
of business
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SECTIONS
General;
Business indicators „ „.„,.,.
Commodity prices;..,.„.,.„....»..
Construction and real estate.
; Domestic trade ,..,.,.*.„.„.„„„»
Labor force, employment, and earnings..
Finance .,* » .*..*< ~
•
•
1-5
5,6
7,8
8,9
9-13
13-16
Transportation and communication ^......i..,,,,., 18,19
. . Industry:' •
'
- . '• v ' •„;;• " '..'/
Chemicals and allied products „,„..„,....„......,..
Electric power and gas ,..,,,,.»,...„„.,„..„„..„„„.
Food and kindred products; tobacco .„„....„.„»
Leather and products ,..«.........„„.„.„.„.„.„.„.*.
Lumber and products ,.„„,.„.»„.,„„,„.,.,.,.„.,....
Metals and manufactures ...M.,.,.i....,.,U.,.......,,.
Petroleum, coal, and products „.„,....„......,..„..;
Pulp, paper, and paper products .,.,....,.«»„.*...*.
Rubber and rubber products ».«.«.„„„„,.„,.,„....
Stone, clay, and glass products ,.,......„„..,....„..
Textile products .........,,,............,,v,.........,..,,,,,..
Transportation equipment ...„.,„„,;,,....,...;„„..„
19,20
20
20-23
23
23, 24
24-27
27,28
28, 29
29
30
30-32
32
Footnotes ,...i.,,,.....*......,,,.,,«..,,..,»,,..M.,«M.0., 33-35
INDIVIDUAL SERIES
Advertising ....,.,,.,.,,t,...«M»,,^,
,.,.„..„„• 8,12
Aerospace vehicles „>,....*,«;..„
,.„„..„,•. — 32
Agricultural loans ..„„».„„;„„„
13
Air carrier operations „„„;„..„
„„„....
18
Air conditioners (room)..;,.,*,,.
;.„,.,«.. •"' 27
Aircraft and parts »..„„».«..„.*„,
.,.,„„.. 4,32
Alcohol, denatured and ethyl ..
19
Alcoholic beverages „„.,..,..,....,
ww..... 8, 20
Aluminum •.«.«.«»«.,.«.,.•.,..,.,..,....<
,.„„..„ v>,25
Apparel .....„.«..„„,„.,.„.....,.;,„*
,. 2,4-6,8-12
..„..,.,.
28
Automobiles, etc ,„.,... „„, 2-4, 6,8,9; 14,151,17,32
Banking ....„....„„„..„.
„„.„... 13, 14
Barley..,,......„.„., —,
....„„,.
21
Battery shipments .....
„.„.,.„ v 27
Beef and veal „,...„.„„
......,, 8,17,20
Blast furnaces, steel mills „.........,„.„»,, ....,..„..
3-5
Bonds, issued, prices, sales, yields„«» ...«....„ 15-16
Brass and bronze »..,„„..,„,,.».,.....,«».„.„. .„„„..„
26
Brick .....,,.,.,.v....«,.^«.......,....,.,w,.,M.. .„.....,.,
30
Building and construction materials .,,,;
Building costs .;,..,......„..,..„.„„,.„„„„..„
' 7
;
Building permits .i...,,,*,,.,,..,..,...,......,,,,,,
7
Business incorporation (new), failures *
' r 5
Business sales and inventories „„...„».«„
2,3
, 21
Cattle and calves..,.......,.,,.......,..,.......,.,.....
-. 22
Cement ,.„....,<.,...„...„„....„.......„....„„„..,...
30
Chain-store sales, firms with 11 or more
stores ...„....,...„.......,...........„.„„..„„..„..
, , ,
Chemicals^ .,.,.»,........,r.,,.,/.,r.r 2 ~ " 15,17,19,20
Cigarettes and cigars «..«.«..;......«
,.™
23
Clay products .,,»i............,,.«,,.,,.,.
,....„.. 2-*, 30
Clothing (see apparel)
Coal ..»»u.^........,..,.*.,.,..,,,;.,,,.««
1,27
"
Coffee .
.,,.fV,M,.._..MM
Combustion, atmosphere, heating equipment ..,»....,.,...<,.
ommunication.,.*,....,.
Confectionery, sales ,<„
Construction:
Contracts ...
V'OStS •
,
,
,
.
Employment, unemployment, hours,
earnings ..,....,.,.....,,....M........,..,...M.^
Highways and streets .,,,,,,,...»«,...«»w,.,.,
Housing starts .,..,. ..........i..^,.,...^^..,....
Hew construction put in place .,,,,*»..i,,
Consumer credit ...«.»..,.v».*;,..»..,»,«,...,...,,.,
Consumer goods output, index .,*„..„.„ J.]
Consumer Price Index '.<.,„.«.,„.„,.,,.„„„„,
Copper and copper products .^..^v....,*,*,,
'
'-;• -22
22
27
7
7
10-12
7
•", 7
i, 2
5,6
'
21
Cost of living (see Consumer Price Index), „«..,.. 5,6
Cotton, raw and manufactures ..^.w..,,,,,,,.,., ,..w 5, 30,31
Credit, commercial bank, consumer «»;......^ „*,,*,..
14
Crops............ «..„„„„.,.....,....—„....,;\,4 5,21,23,30
Crude oil,,,,. ..i..........,.,,^..,,,.,....;...,..,..., ..,..„. 3,27
Currency in circulation ,.,......,w,.......,,,,...l, ,,i«..W ; , 15
Dairy products .....^,.,.....,.....,...,,,MM,,,i........ .,„.„..;' 5, '21'
Debt, U.S. Government.,.........,..;..,.,,,.,,,,,,.,
Deflator, PCE .,„«.,.,„.„.«...........,.,..,..,..„.,.,
Department stores, sales, inventories.........
Deposits, bank .,„„,..„„.„„„».......,.,.„„.„„.„,
Dishwashers,.....,,.,..,,.,,,,..;............,,...,,..,..............
Disposition of personal income „„..„......,.„..„.„„
Distilled spirits ,..,„„.„. ..................................
Dividend payments .......„.,..,.....„„,...,.„.,..,...,...,..,
Drugstores, sales .„....„.
,.„.„*..„.......„„,.......
Earnings, weekly and hourly/,,,,..,..,..,,.....,...,.,,,...
Eating and drinking places ,.„..;......,...„,......„..„..
27
1
20
1,15
National parks, visits „..,...„.„.;..„„..„.„.„,..,....,.,.
18
Newsprint .,..,,..M,.»,.,..,......,,.,,,.,,.,.,,,,,,....^...,.....,,.
29
New York Stock Exchange, selected data „.,..,»,.
16
Nonferrous metals.,..,.....,..,,,,,,.,,,..,,.,.. 2,4, 5,15,25, 26"
Oats ,.,«...,....».,,..«*v.,..,.«,...,.,.,,,,,,,,.i,,ll»....,,,M.,<<,«.
21
Oils and fats ..,*.„,;„.,„ ,,..*!L[l.l",*l""Zr
17
Orders, new and unfilled, manufacturers'.^,..,...,
4,5
Outlays, U.S. Government .,.......,,„.«.„.,»„„...„....
14
Paint and paint materials .»»,,,.,......,,*.i.i.,.,,«........
20
Paper and products and pulp ,.,.„.„„„„.„.„.„.,..„. 2-4,
6,10-12,15,28,29
Parity ratio ».„..,.„„,.„,;„,„.. ,..,v,,,.,^.^...^.,«
5
Passenger cars,,.*
,...,,.^.«..,, 2-4, 6, 8,9,15,17, 32
Passports issued ,...«.„.,„„*.„..„„„„„;.;..„.„..„..„„.
18
Personal consumption expenditures .......„„;„.„„,
1
Personal income .*......«...,..„„..„....„„„„.„.„«„..,„,
1
Personal outlays .,..,.,.,..,.L,;...,,..,........,M»..»,.J.*..Z
1
Petroleum and products.,..,
,.„.„...„„„„.,„„ 2-4,
• .
10-12,15,17,27,28
Pig iron »,,.+,...,.»...,..»«..,,,,,,,.,,..,..,..,,.,i,,,,,,,.,,,,,,,,,,..
24
Plastics and resin materials ...;.....].,."*m,r,^""^l
20
Population ,.....,,.,„,.....„„„.„.„„„.„.,.,„.,..,....„...„.
9
Pork,«."
'
'"'"'," '
• '
'' \. *)*t"~
Poultry and eggs ..w,.,*.,.,,.,..,......,.!!!!^.!.*!"!'"!"
5; 22
Price deflator, implicit (P€E) ».„.„.„..„„„„„,„.,.
t
Prices (See also individual commodities) „...,....,„
5, 6
Printing and publishing «,,,,,,,,.,,.,.,.,...,,...w.,....., 2,10*12
Prpate sector employment, hours, -earn-'
8,9
12
8,9
5,22
Electric power ...,.,,,,,«.,«.«,.,».,.JI,,.,.,,.^,.,T,,..,.,,,,M. 2, 20
Electrical machinery and equipment...,,,,,,,,,.,,,,... 2-5,
10-12,15,
Employee-hours, aggregate, and indexes ,„„.„„.„
11
Employment ,;u...i.,,«.*,».i.»,,,,i»»,«.,,,,,,,,,.,,i,,...,..,,.,,. 10^ 11
Explosives ,«,,.„..,«„«..,.,.„„..„,.,..„,.,..„„„„.,.,.,...,..
* 20
Exports (see also Individual commodities) ..„.,.... 16,17
Failures, industrial and commercial ..„....,.„.„..,.,
5
Farm prices ,„ .....,..,..,.,..„,»...<...«.,.....*„„.„.„.. 5 6
Farm wages ....i....,,..,,.,.........,..,..,..,.,,.,,..,,.,....!.;.
12
Fats and oils. ......,,...*.^.,,.........i..,
„—
17
Federal Government
finance,„„..»....„....„.....,.,.,.
14
Federal Reserve banks, large commercial^...........
13
Federal Reserve member banks,.;.„...............„..„
13
Fertilizers .....,.....,.....,.„.,......,....„..,. „,„......,...
19
Fish....,,,,.,.—,..„.....
^......^...i.,^..,....,,^,,..
22
Flooring, hardwood „„..„.„»...,..„.„„.„„,.,„..
24
Flonr, wheat ,„......„.„„,;.„„.......„.......,...„„„....,.,.
22
Food products ,.„„..,..„.„.... 2-6, 8,10-12,15,17, 20-23
Foeign trade (see also individual commod.) ,.v,..,. 16-18
Freight cars (equipment) .„„..,.. ,..„.„....,„.......
32
Producer Price Indexes ^^.****'^'»^^*^'
6
Fruits and vegetables ,.......,..„„..„..,„.,.....*„„.......
5
Profits, eorporate..,.......,..,,.,,..,,......,,,,, ...... ,
15
Fuel oil .....,,,.„„...„„„.„.„.„.......„..„„„..„„,.„...,.., 5, 28
Public utilities,,^,,,.,^^................. i, 2, 7,15,16, 20
Ftt^s, ..,.......„.,„.,.„„„,.„...„.............„ 2, 6,17, 27, 28
Pulp and palpwoodw.,.....,.........,...,......,..,,.,..,,...,,.
28
Furnaces ,,..„.,,,.,...«,..*...„.«»„„„„*„.„.......„„..„....»
27
Purchasing
power of the dollar, ,*»;,.«.i,,.,...,........
6
Furniture ,.............„„„,„.„......„..„„.„..,.;,.,„...... 2, 6, 8-12
Radio and television..,,.,,,.,,,,,,,.,..,.,,.,,.,,,.,,.,....,.,., g, 27
Gas, output, prices, sales, revenues „..,..,*.......„„ 2, 6, 20
Railroads ,.,,..,..,^;.,,.;...,,...,,M..,..,,.,,,,,>.,..,, 13,16,18, 32
Gasoline «..«..»,„.......,.„„.,„.;...,...,.......„..„.,....,„...
28
Ranges...
Glass and products
„,..,.
3d
27
Rayon and acetate „.„„....,„..,
Glycerin "w..,,.,.....,.,.,,,,.,..,.,,,.....,...,,,,^,,;,,,..,........
19
31
Real estate .,...,,,...;.,......„.,
8,13
Gold ,,,,...«,.......;«,,^.....,..,.,..,i...,.....M..MM...,,.,,,,..
14
Receipts, U.S, Government.;,
Grains and products....—,.....„.„...,..,„„...... 5, 6,21, 22
14
Refrigerators ««„.«„„..,.„„„.„
Grocery stores ,»„„.,........,..„...„.»„.,...,„.„..„.„.„„.
9
'$?•
Registrations
(new
vehicles),
Gypsum and products .*....„.„..,.„„„,„„.„,„,....„.,;
30
32
Rent (housing) ...,...„.„.„„.„.„
6
Hardware stores ....«...i...,..,,.,,.,,,,..*i,.»^...,..,,...,«,
8
Retail trade .,..........,„„„„,,..........,,.. 2, 3, 5? 8-12,14, 32
Heating equipment .......................i.,...,^,,....,..,.,...
26
Help-wanted advertising index .».,.,..»..,».,,,..,,^,..
12
Rubber and products (lK*^iS3SS"^!!!^Z'i^ 2r4,
Hides and skins ,,,.,,,.,,....;,..,,,,..,,.,.,M.«.........,,..,,^
6
.
.
Highways and streets ..,,,,,.,...«.,».,.....,.«,,.>.,.,iM,.«.
7
Saving, personal .„...»...,.,.,.„......„.,,,„.„„, ...,
Hogs ......................—......,,..,,,,..,i...,.......,,,,.,..,,.,
22
Savings
and
loan
assoc.,
new mortgage loans ,
8
Home Loan banks, outstanding advances,....,.,....
8
Savings deposits ....,vv».....,..,.,..,.,....,.,..,.,,,.,..,,.,...,
13
Home mortgages ...,...„,*.„,«.............„.„..«,.,;,„.,„,
8
Securities Issued .....i....,,,,.,,,.,.^..,.,,,,,,,.,,.,..,,...,.,,,
15
Hotels and motor-hotels ...,.„„„„...„....;.„.,.,.,«..,.,
18
Security markets .,,,„..,«.!,„.„,„„«„„«„.,..,„„.„.....,. 15,16
Hours, average weekly ,..„.......„.„.„„„„.,„».....,„.,
u
Services
..„,,..„,„..,.—..,...„„
„„.„„.....,,.„.„
6,10-12
Housefurnishings i.............^.,,......,,.....,.,.,,,.,.. 2*\ 5, 8, 9
Sheep ^nd, lambs „..„„..«,.„.;„„„„„„.„..,„„,......„..
22
Household appliances, radios, and television sets
27
Shoes and other footwear ,..».„„„„,...„.„..,«„..,...
23
Housing starts and permits..;..,.,,,,,.,,.,...,........;,.,,
7
Spindle activityj cotton Uu'.ii,...,,,.^!!!.^!"!!^!"^
31
Imports (see also individual commodities) „„.„,.„ 17,18
§teel (raw) and steel manufactures „,,.,.,,„„,.„,.,.
2i5
Steel
scrap
„,...,.,.,....,..,.,.,..„....,„„.„„..,.„.„..,.....„
24
Income, personal ..»,.....,,,««...„,..*,„.„„,„..„..,,,....,
2
Income and employment tax receipts ..„.*„..„»,.„,
14
Stock market customer financing ,<„„.»,.„...».„,.,„
15
Stock prices, yields, sales, etc ;,..„„„.„.,....„..*,,„
16
Industrial production indexes:
By industry „.„„.....„.,..,. „.„...,...„....„.„„„.
1,2
Stone, clay, glass products,..,., .;,.. 2-4,10*12,15,30
Sugar.......,.„.„«„....„....„„„„.„.„..„„„„..,.„.... ,
23
By^market grouping...........................<t..,..i.,.,,
1,2
Installment credit,,,,.,...,.,......;.,,,.,,,,.,..,,;..,.....,,,...
14
Sulfur .«,....,,.,.,,...,.,.,..,,.....w.,v....,.,,,....i...,.,.,.,.. : 19
Sulfuric acid....,,,.,,......i4;,.,<,.u.,.,.,,.««,...v.,..,.«.,...*.
19
Instruments and related products.,,.,.,*,,,,,.,... 2-4,10-12
Superphosphate ....^..,.,.,,.,..,«i,.,.,..,,,.,.^...,..,.,,,.,...
19
Interest and money rates ....,,,,,,.i,;.,..,.,..,..,.,..,,,»».
14
Inventories, manufacturers' and trade ;.„.........„.» 3, 4, 9
Tea imports »«..„.......,,„„„„...„„„...„„„..,.„.,„.„,,.
23
Inventory-sales ratios.............i,,.,,......,;.,....,,..,...,.
3
Telephone and telegraph carriers ..,,..,...,,,,,,,.....l
19
Iron and steel .,,.....,.......i.^i,,,,.,.,..,,.t,,,.,..,,t, 2,15,24, 25
Television and radio ,.,,,»*,,...,».„....„„„,.»..,....„„„„
'%y
Textiles and products „.,„„.,........ 2-4,10-12,15,30, 31
Labor advertising index,..,.....,,..,...,,,,........,...,...,..
14
Tin ,,,„,.„«........„..„„..„.....,„..„..„„„„.,„......,.„,„.,
26
Labor force.,,,,,,,,*.........,.,..,..,,..,,.,.....,,....;,..,.,.,..,,. 9,10
Tires and inner tubes .«„.*,.„.„.„„„„.,.„.,„„„.».„„
39
Lamb and mutton .„„„,.„ .„.„.».„..„. ..."...
' 22
Tobacco and manufactures „.„...,»..„,...... 2-4,10-12,23
Lead „..„„„„„...............„..,„„
LIT.
26
Tractors
.,»..,....„.„„,.„.„.........,....,„„,
..,„...,.„
27
Leather and products „.„..„...„...„.. ,. 2, 6,10-12, 23
Trade (retail and wholesale) ...„„......,... 2, 3, 5,8-12,32
Livestock ,.„..,....„..„„....„.„„,.,..„.
,.„.,
5^ 22
Transit lines, urban .„„„„.....„.....„..„.„„.....„„.„„
18
Loans, real estate, agricultural, bank (see
Transportation...,,—,...,.....
„... 6,10*1?, 15^ 16,18
also Consumer credit) ,„„„.....,.....„.„„„„„...,„.. 8,13
Transportation
equipment
,„„..„„
2^6,10-12,15,17,
32
Lubricants „......„„.„......„..„.„„.,,
„.
28
Travel ,,«,.....»..,,i»,,.*,,....,,,.......,;.,..,,......««...........
18
Lumber and products .„„„„„„..,„...,„ 2, 6,10-12, 23, 24
Truck trailers «,....„
,,,,,.....*,,.,,i,,..,,,,,,.,..,..,..,
32
Machine tools „..,.«......«„..„„.„„„,.„„.„.„.„.„,.,„„
26
Trucks (industrial and other)...,.,..,,...,,...,.....;. 26, 27, 32
Machinery .—„.„„.«.,„,,,..,.. 2-6,10-12,15, *17, 26, 27
Unemployment and insurance. „,.,„„„;....,„.. 9,10,13
Manufacturers* sales (or shipments), inventories,
U.S. Government bonds .,«.«.....«..„.,,„..„.„...,.....
16
orders „„;.„„..,„.„.„...,.».„;,„.„.„„„«„...„„......;„„
3.5
U.S. Government finance ,...„.,„„„„...„...„..„„„,..
14
Manufacturing employment, unempioyment!
Utilities,......,.,....,....,......,,..,........—.„ 2, 6, 7,15,16, 20
production workers, hours, earnings ,.„.„.,.,..» 10-12
Vacuum cleaners .„..,.,„,..*,..,.....„„„„„„.;.....„.,.„.
27
Manufacturing production indexes ,„*.„.„.„„.......
I, 2
Variety stores **,.,,,»........,.,.,,,,.,,.,....,.w....,.,,.....;.,,
9
Meat animals and meats ...,«..,.„*„,..„....„.....„.„„ 5, 22
Vegetables
and
fruits
.,..,,„,,.„,.,„.».....;...„.....„.....
5
Medical care... „„.»......„...„.....„..>..„..„„.,..,...
6
Veterans* unemployment insurance ,...,.„,.. ,„.,
13
Metals.,..,,..,,,.,,
..„.„„„— 2-6,10-12,15, 24-26
Wages and salaries ...,.,.,.........,*,,,...,..,w....,.,.,.......i.. 1,12
Milk.........................
J.,./ 21
Washers and dryers ...„„.,„«,...,......,„„„.......,..„.,
27
Mining and minerals..,...,,.,.......!,r..!r,«.r.r'2r6"l0-12,15
Water heaters ,».„».„.«.,,.,,..„„„.„........,...,...„......,
27
Monetary statistics .„„.„;,..„...,. .„.„„..,..„.„.„.
15
Wheat and wheat flour „.„.„„....,...„„„,„„„....„.,.„ 21,22
Money arid; interest rates ...„.....,.,.;,.........„.„„.,..,
14
Wholesale trade,,.,..,;.......,..,...,.,............ 2, 3,5, % 10-12
Money supply .....................„..„..„„.........„,.....„.,
15
Wc»od
pulp,.„.....,.,..„.,„„...........,..„.„.„.....,.........:
28
Mortgage applications, loans, rates......
8,13,14
Wool and wool manufactures ^.,..,,,»..,,i,,......i.......
31
Motor carriers ...,,,.,v.....^.,,.—...a.*..,....,.,.....,.,,,
18
Motor vehicles „«,.„....„...,,„„...,. 2-4, 6, 8, 9,15,17, 32
UNITED STATES
GOVERNMENT PRINTING OFFICE
PUBLIC DOCUMENTS DEPARTMENT
WASHINGTON, D.C. 20402
OFFICIAL BUSINESS
UNITED STATE
G OFFIC
WASHINGTON, D.C. 2O4O
OFFICIAL B U S I N E
@FedFRASER