Full text of Survey of Current Business : January 1983
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JANUARY 1983 /VOLUME 63 NUMBER T CONTENTS THE BUSINESS SITUATION I National Income and Product Accounts Tables 8 State and Local Government Fiscal Position in 1982 19 • V;.. • "*,- - : ' . , • • / / , ' . ' '/ ; : . ' '-"•''';.: ,;/V; .' - • _ , " ; - : ; ' - ; V - , V';'/'''. • ,'"/•'' Thus Far in the 1980*8 23 State Personal Income 26 27 Plant and Equipment Expenditures, 1983 31 ' , , - • , " ' ' . The Monetary Aggregates; An Introduction to Definitional Issues Bulreaii'bf Analysis " •'/ •, ', George Jaszi /Director • - " :-:- •••'•/ ' ' Federal Personal Income Taxes: Liabilities and Payments, 1977-81 •'-•;.• ^B^ Robert G. Dederiek / Under Secretary for Economic Regional and State Nonfarm Wages and Salaries . . / „ - ; • ; ;.;'". , • -,, _ • Allan H. Young / Deputy Director Cmol S. Carson / Editor-in-Chief, Survey of Current Business Manuscript Editor :D&nnelet A. Grosvenor Managing Editor :Patti\. Tru jillo 34 Staff Contributors to TTii's/sswe: Leo M. Bernstein, Robert B. Bretzfelder, Robert L. Brown, Edwin J. Coleman, Douglas R» Fox, Howard L.Fried0nberg, Eric R* Johnson, |, Steven Landefeld, Daniel J. Larkins, David J. Levin, Fran* ;'ee».G. MeFaiil, TOae S, Park, Eiigene #. Seskin, John T. CURBENT BUSINESS STATISTICS '•: v , "'• ' General ' SI' Industry S19 Footnotes S33 Subject Index (Inside Back Cover) STJKVEY OE CIJ&RENT BU^IHESS. Published monthly by tbe Bureau of Economic Analysis of tfie US. Departmeat of Commerce* Editorial correspondence sliould b«s addlreisfed to the Editor-inrChief, Survey of Current Business, Bureau of, Economy Aftalysis, tJ*S. Department of Commerce, W^bington, D.C* 2tl2S0. Annual subscription: $ec0nd*clq$$ maj/----$30.00 domestic; $3^-50 foreign. Single copy: $4.75 domestic; $5^95 foreign. ; First-class mail rates^ and foreign cur mail rates available upon , request.-- ^, ,, ^ ;;•;' •/''••' _ • ' , ' , " ! ' , :\ ' - ' ' ; ' - : ' - / • ' . • ';-: \. \-. 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'TX, »al,tas T5242 '- ;" ' ', ' I1000Co0iTOerce St. 767-0542 .- S50,Main St. 68449440H,tieveiiu»d 666- Ettplid'Ave.- 522-4750OR, 4024 ti oKia Cily "1S105 , ln Blvd. ; VTX.HOBSWH' 77002 ~, ' 515' lunk St, -226*4231 - . , IF?,' Salt t»fe« Clt^ 841,01 ' • , 350~ S. Main St. $24-5116 ' •' - - OB, , 1220 S.W.Jrd Aw., 22'I-300| . ' : ¥A, lkfetno»d 23240" • ;» : :', 406 N. Stfa Si, '771*^46 ', ' ..' , FA, , 600 Arch St. 597-286i ' ='WA:, Seattfe 9810^'' "- - ' •; l:7jOO W« PA, Ptttsfoprg fe ' '"". 1000 Liberty Ave. ' 644-28SO' '. PR,Saitj«a« 0091E '' ' ' ; Him 659, ^deral Bldf . 753-455$ • , 8C, Columbia 29201' • • ' ; ' 1835' AssemWv St, 765*3345 ' . . - . - . - . • "; ' ' ',291.3473 , - WV, Charteetoiii- 25301 '" • 500 Quarrier/Bt, 343.6181 : . Wt, efeeyeatte'- 82001 ', the BUSINESS SITUATION CHART 1 REAL GNP declined 2% percent at an annual rate in the fourth quarter of 1982, the net result of sharp changes in most components (table 1 and chart I).1 These changes reflected the wide spectrum of forces affecting economic activity—lower and, in some cases, decelerating rates of price increase; sharply lower interest rates; appreciation of the dollar; and depressed levels of economic activity here and abroad. Personal consumption expenditures (PCE) was up sharply. Increases were widespread; in durables, where lower interest rates were a factor, the increase was quite strong. Nonresidential fixed investment declined further, in part due to poor profits and low rates of capacity utilization. Lower interest rates appear to have turned residential investment around. Imports declined, but exports declined even more, and net exports dropped, as they continued to show the effects of the dollar's appreciation and the worldwide recession. An increase in government purchases was largely due to operations of the Commodity Credit Corporation 1. The fourth-quarter GNP estimates are based on the following major source data: For personal consumption expenditures (PCE), retail sales, and unit auto and truck sales through December; for nonresidential fixed investment, the same information for autos and trucks as for PCE, manufacturers' shipments of machinery and equipment for October and November, October and November construction put in place, and investment plans for the quarter; for residential investment, October and November construction put in place, and housing starts for October and November; for change in business inventories, October and November book values for manufacturing and trade, and unit auto and truck inventories through December; for net exports of goods and services, October and November merchandise trade, and fragmentary information on investment income for the quarter; for government purchases of goods and services, Federal unified budget outlays for October and November, State and local construction put in place for October and November, and State and local employment through December; and for GNP prices, the Consumer Price Index for October and November, and the Producer Price Index for October and November. Some of these source data are subject to revision. (CCC). CCC purchases stepped up as farmers responded to sharply lower prices for crops by putting substantial amounts under loan. Business inventories registered a large swing, from modest accumulation in the third quarter to substantial decumulation in the fourth. As shown in table 2, the business inventory swing amounted to $21 billion (1972 dollars); final sales were up $11 % billion, or 3 percent; and GNP was down $9& billion.2 Table 2 also breaks out motor vehicles. With vehicle output down $7 % billion and final sales up $6% billion, the inventory swing—from accumulation in the third quarter to liquidation in the fourth—was $14 billion. Prices.— GNP prices as measured by the fixed-weighted price index increased 5 percent at an annual rate (table 3). Quarterly increases in 1982 have ranged from 4 to 6 percent, down substantially from increases in 1981 of 8% to 10 percent. A Federal pay raise, which is reflected in the prices of employee services purchased by the Federal Government, accounted for 0.4 percentage points of the fourth-quarter increase. Prices of PCE were up 5% percent at an annual rate, after an increase of 7% percent in the third quarter. Larger increases in the second half of the year—prices had increased 5 and 3 percent, respectively, in the first and second quarters—were due to energy prices. Gasoline prices had declined in the first and second quarters, but then increased, substantially in the third quarter and moderately in the fourth. Natural gas prices continued to increase in the range of 20- Real Product: Change From Preceding Quarter Billion (1972)$ 40 ;^ 30 20 10 0 w -10 -20 -30 -40 10 0 -10 30 20 10 0 ifi -10 -20 4 -30 Y" ''1 10 ^;RXE0 INVESTMENT ;, 0 -10 Residential 3 * "M -20 -30 10 S1ET EXPORTS iiJ -10 10 2. Quarterly estimates of the national income and product accounts are expressed at seasonally adjusted annual rates, and quarterly changes in them are differences between these rates. ililii 1 -10 GOVERNMENT PURCHASES ; , -2*1: Til - Federal , 1979 1980 1981 1982 Based on Seasonally Adjusted Annual Rates U.S. Department of Commerce, Bureau of Economic Analysis 2 35 percent, partly due to the effect of the phased deregulation. Food prices continued to decelerate. They increased only about % percent in the fourth quarter, down from 7 percent in the first. Prices of other PCE increased 6% percent; earlier in the year, increases had ranged from 6 to 7% percent. Prices of fixed investment goods increased only moderately in the fourth quarter—about 2% percent at an annual rate for nonresidential and % percent for residential. For nonresidential investment, this rate was several percentage points less than earlier in the year. For residential investment, prices had moved erratically earlier, including a one-quarter decline. Prices of goods and services purchased by government increased 7 percent; excluding the effect of the Federal pay raise, the increase was 4£ percent. Earlier increases had ranged from 4 to 6 percent. Costs and productivity.—The slower rate of inflation in 1982 in the prices of final goods and services has been accompanied by a slowing of the increase in compensation per hour. In the business economy other than farm and housing, the fourth-quarter increase was 5 percent at an annual rate (table 4). In late 1981 and early 1982, increases had been about 7% percent, and in the second and third quarters, about 6^-7 percent. Table 4 also shows the increase in productivity as measured by real gross product per hour. Productivity increased in the fourth quarter, as it had in each quarter this year. The fourth-quarter increase of 1 percent at an annual rate reflected a larger drop in aggregate hours than in real product—5 percent for hours and 4 percent for product. (Real product in this sector was down more than GNP mainly because farm product, which is in GNP but not in this sector, increased very sharply.) Despite the decline in product, the increase in unit labor cost was relatively small—3% percent at an annual rate—because compensation was down. Declines in compensation have been infrequent in the last 20 years; earlier in the postwar period it was not uncommon for compensation to decline in at least one quarter of a recession. Although the fourth-quarter SURVEY OF CURRENT BUSINESS January 1983 Table 1.—Real GNP: Change From Preceding Quarter [Percent change at annual rates; based on millions of 1972 dollars, seasonally adjusted at annual rates] 1981 1982 II I IV IV III GNP 53 51 21 07 25 Final sales 23 2 9 13 32 -33 25 25 6 209 373 -5.9 -150 104 457 -12.4 69 25 33 6.8 60 54 4*5 -3.5 116 199 516 3.4 11 Nondurables Food 1 Energy Clothing and shoes Other nondurables 0 24 75 — .1 25 -1.0 6 22 3.8 90 2.6 29 161 1.1 -17 1.5 41 74 — .1 9 2.6 48 53 1.2 18 Services 2 Energy Other services 33 -.2 30 67 2.8 2.4 209 3.9 17 32 1.6 27 6 2.8 -6.0 -7.6 -7.2 -3.2 118 1.6 174 -16.7 -17.5 76 -5.2 88 9.1 -11.6 90 -2.3 121 -18.1 — 109 Personal consumption expenditures , Durables Motor vehicles and parts Furniture and household equipment Other durables . o -5.0 Gross private domestic fixed investment Nonresidential Structures . . Producers' durable equipment Autos, trucks, and buses Other 6 5.9 17 -43.0 75 Residential -253 50 1.3 76 38.8 135 50 -10.2 12.9 -5.3 23.7 -2.4 27 53.0 -71 -8.3 -12.7 153 -.9 -189 -9.2 7.5 -2.1 17.5 -7.1 20.4 -16.8 -16.7 -52.5 -2.9 -16.9 -26.9 —240 -3.9 -285 -30.2 60 19.0 54 201 176 175 -301 442 289 176 145 10.6 327 143 225 Net exports of goods and services Exports Merchandise Agricultural Nonagricultural Other . . , Imports Merchandise Petroleum Nonpetroleum Other . Government purchases of goods and services . . . Federal National defense . Nondefense Commodity Credit Corporation 3 Other 46 19.6 1153 150 207 148 -13.0 119 131 186 70 29 -53 84 113 204 101 436 55 79 9 135 214 581 231 130 507 284 32 1027 43 48 139 17 13 4 2 10 11 8 State and local Change in business inventories 1. Gasoline and oil, and fuel oil and coal. 2. Electricity and gas. 3. Estimates, in billions of 1972 dollars, for the third quarter of 1981 through the fourth quarter of 1982 were: 1.9, 5.7, 6.1, -0.5, 3.1, and 10.1 NOTE.—Most dollar levels are found hi the National Income and Product Accounts Tables, table 1.2. Table 2.—Recent GNP Patterns [Billions of 1972 dollars, seasonally adjusted at annual rates] Change from preceding quarter 1981: III 1982 1981 IV I II IV III GNP Motor vehicles Other 1,510.4 58.2 1,452.2 20.3 -10.9 -9.4 19.4 -2.1 -17.3 7.7 10.1 -2.4 2.7 1.0 1.7 9.4 -7.6 18 Final sales Motor vehicles Other 1,493.9 56.7 1,437.2 -8.6 -9.7 1.1 .8 6.4 -5.6 -3.4 -2.4 -1.0 -4.9 12 -3.7 11.5 6.5 5.0 909.3 155.5 42.9 45.7 283.7 -2.3 2.7 -3.0 -1.4 5.3 .5 35 -1.0 .7 -2.2 6.6 -4.6 1.2 -.3 40 2.0 -3.6 -.6 -7.3 5.6 6.3 31 2.2 -8.2 7.9 11.0 12.5 15 7.8 2.0 5.8 Personal consumption expenditures Nonresidential fixed investment , Residential investment Net exports . . . . Government purchases Change in business inventories . Motor vehicles Other. . . NOTE.—Components may not add to totals due to rounding. 16.5 1.3 15.2 -11.7 -1.1 -10.6 -20.2 -8.4 -11.8 -21.1 -14.1 -7.0 SURVEY OF CURRENT BUSINESS January 1983 Table 3.—Fixed-Weighted Price Indexes: Change From Preceding Quarter [Percent change at annual rates; based on index numbers (1972=100), seasonally adjusted] 1982 1981 I IV GNP . 5 . II IV III 8.5 4.8 4.1 8.6 4.8 4.1 2.4 30 5.1 67 1.2 5.9 5 5.2 Less: Change in business inventories Equals* Final sales . Less* Exports Plus* Imports -6.7 6.0 -1.7 0 5.2 .5 2.2 7.9 4.9 3.2 6.0 5.3 Personal consumption expenditures Food Energy Other personal consumption expenditures 7.1 20 6.5 88 4.8 70 3.2 38 7.3 2.0 5.6 .7 Other J Nonresidential structures Producers' durable equipment. . . Residential Government purchases 9.3 61 7.5 63 11.1 Addenda: Food and energy components of GNP—2 Food components3 4 Energy components . . 10.0 Equals: Final sales to domestic purchasers 22 9.6 8.4 95 GNP less food components GNP less energy components GNP less food and energy components -4.6 59 -13.5 6.1 18.5 12.0 4.6 2.2 2.3 .7 6.9 7.3 6.3 49 44 5.5 26 5.8 3.2 48 6.1 -34 4.0 3.9 2.3 5.7 .1 4.7 66 3.8 9.6 19.1 13.0 4.1 5.0 52 6.7 5.1 5.8 6.1 4.7 5.6 -5.6 4.5 5.5 53 1.2 -.5 1. Index number levels for the third quarter of 1981 through the fourth quarter of 1982 were: 217.6, 222.5, 225.2, 227.0, 229.2, and 231.8. 2. Inasmuch as GNP is the sum of final products, the food and energy estimates in this table do not take into account the effect on the prices of final products of changes in the prices of the food and energy that are costs of production. 3. Consists of all components for which separate estimates are prepared. The major component that is not included is purchases of food by the Federal Government other than transactions by the Commodity Credit Corporation that are treated like purchases. 4. Consists of all components for which separate estimates are prepared. The major components that are not included are (1) exports of energy; (2) the gasoline and motor oil portions of inventories of gasoline service stations, and (3) the energy portions of inventories of businesses that do not produce energy for sale. 5. The Federal pay raise accounted for 1.2 percentage points of the increase in the index for GNP in the fourth quarter of 1981 and 0.4 percentage points in the fourth quarter of 1982. NOTE.—Index number levels are found in the National Income and Products Accounts Tables, table 7.2. Personal income and its disposition The increase in personal income decelerated to $30£ billion from $40 billion in the third quarter (table 5). Wage and salary disbursements slowed sharply to a small increase, personal interest income declined, proprietors' income was up strongly, and transfer payments registered another large increase. Wage and salary disbursements increased only $2% billion in the fourth quarter, following a $13 % billion increase in the third. Private wages and salaries registered the first decline since the first quarter of 1975: Employment and hours were both down, and the increase in hourly earnings slowed. In the commodity-producing industries, durables manufacturing wages and salaries were down substantially more than in the third quarter; in the distributive industries, trade declined following an increase, and transportation declined more than in the third quarter; and in the Table 5.—Personal Income and Its Disposition: Change From Preceding Quarter [Billions of dollars; based on seasonally adjusted annual rates] Table 4.—Real Gross Product, Hours, and Compensation in the Business Economy Other Than Farm and Housing: Change From Preceding Quarter [Percent change at annual rates; based on seasonally adjusted 1981 IV 1982 I II III IV Real gross product Hours Compensation. . . . -7.3 -4.3 -3.7 -48 33 26 06 8 59 0.7 -4.0 51 29 4 37 Real gross product per hour Compensation per hour Unit labor cost -3.7 73 11.9 1.4 67 53 3.7 69 3.0 .5 *78 7.9 1.2 50 3.7 1. Increases in employers' contributions for social security in the first quarter of 1982 accounted for 0.6 percentage points of the increase in compensation per hour. increase in unit labor cost was up somewhat from the 3 percent registered in the third quarter, increases have been progressively smaller since last year, Labor market conditions.—Major indicators of labor market conditions worsened in the fourth quarter. Employment as measured by both the household and establishment series declined, the former by 470,000 (seasonally adjusted) and the latter, a measure of nonfarm payroll employment, by 680,000. About two-thirds of the decline in the establishment series was in durable goods manufacturing, particularly in primary and fabricated metal products and in nonelectrical machinery. The unemployment rate jumped 0.7 percentage points to a postwar high of 10.7 percent.3 The rate for adult men, who have been particularly hard hit by the recession, jumped 0.9 points, to 10.0 percent. The number of unemployed reached 11.8 million, up 0.8 million from the third quarter; another 1.8 million persons, up 0.2 million, reported they wanted a job but did not look for one because they did not believe they could find one. Average weekly hours in the private nonfarm economy slipped further, from 34.8 in the third quarter to 34.7 in the fourth. 3. These unemployment rates incorporate the annual revision of the household survey series. Thus, they differ from the unemployment rates presented in the "Business Situation" in the December 1982 SURVEY OF CURRENT BUSINESS. 19£ 2 Wage and salary disbursements .... Manufacturing.. Other commodity-producing Distributive Services Government and government enterprises Proprietors' income Farm Nonfarm . ... I II III IV 10.4 15.0 13.4 2.3 .5 -1.9 -8.0 -3.6 -.7 .2 -1.2 -1.6 3.0 -1.0 4.0 3.1 65 8.1 10.2 6.7 41 3.5 35 5.6 77 .9 1.0 9.8 -67 10 -.5 1.4 -.7 1.8 6.0 3.8 Personal interest income 8.8 12.3 Transfer payments 3.8 10.7 Other income 42 Less: Personal contributions for social insurance Personal income 3.6 15.9 4.0 .7 42.1 6.2 -1.0 15.8 4.5 1.1 39.8 16.2 3.3 0 30.7 Less: Personal tax and nontax .2 5.3 7.7 -6.7 payments -10.3 -4.8 -18.4 -3.1 Impacts of legislation 11.7 8.4 106 12.5 Other Equals: income Disposable personal 15.7 34.4 46.6 25.4 Less* Personal outlays 351 292 389 485 Equals: Personal saving . 19.4 5.2 4 2.4 12.0 32 1 3 1.1 -i.i 7.6 -23.1 Addenda: Special factors in personal income— Cost-of-living increases in Federal transfer payments Social security base and rate changes (in personal contributions for social insurance) Subsidies to farmers Federal pay raise Property damage (see text) 12 81 27 -1.4 SURVEY OF CURRENT BUSINESS service industries, increases were smaller. Wages and salaries paid by government and government enterprises were up more than in the third quarter; the 4 percent pay raise for most Federal employees, which totaled $2% billion, accounted for the difference. The decline in personal interest income was the first in the postwar period and followed a sharp slowdown in the third quarter. The swing from an increase of $12 & billion in the second quarter to a $1 billion decline in the fourth quarter was concentrated in interest from money market fund shares and large-denomination time deposits, and reflected a steep slide in short-term interest rates (chart 2). (The growing importance of these assets in recent years is described in the article "The Monetary Aggregates: An Introduction to Definitional Issues" later in the SURVEY OF CURRENT BUSINESS.) The rate on large-denomination, negotiable 6month certificates of deposit fell from 14 percent in the middle of the second quarter to 11 & percent in the middle of the third and to 9 percent in the middle of the fourth. Farm proprietors' income increased $6 billion, after declining $% billion in the third quarter. The increase was more than accounted for by an $8 billion step-up in subsidy payments by the CCC. Roughly one-quarter of the step-up was in regularly scheduled deficency payments for 1982 crops— mainly wheat and cotton. (Deficiency payments are made when the market price of a covered crop falls below a "target price.") Most of the remainder was due to a speed-up in payments for 1982 crops—mainly corn and other feed grains—that would otherwise have been paid in the first quarter of 1983 and to diversion payments for some 1983 crops. (Diversion payments are made to farmers who set aside crop acreage from production.) Other farm income continued to slide: Receipts for marketings were down in the fourth quarter, as prices tumbled and more than offset an increase in the volume of production. The increase in nonfarm proprietors' income can be attributed partly to pickups in the contruction, real estate, and securities industries. Transfer payments increased about as much in the fourth quarter as in January 1983 CHART 2 Selected Interest Rates Percent 22 20 18 16 14 12 10 Jul_ 1978 1979 1980 1981 1982 "Ceiling rate at savings and loan associations. U.S. Department of Commerce, Bureau of Economic Analysis the third—$16 billion. In the third quarter, they had been boosted $12 billion by cost-of-living increases in benefits paid under several Federal programs, primarily social security. In the fourth quarter, the increase in social security payments was usually large, partly reflecting retroactive payments and resumption of payments to college students. Unemployment insurance benefits, which had increased $2 billion in the third quarter, were up $6% billion in the fourth. The pickup was due to supplementary extended benefits authorized under the Tax Equity and Fiscal Responsibility Act of 1982. Personal income was reduced $1% billion as a result of property damage done by hurricane Ewa in Hawaii and by extensive flooding in the Mississippi River basin. This damage is reflected in the proprietors' and rental income components. Setting aside the effects of these disasters and the other special factors listed as addenda to the table, the fourth-quarter deceleration in personal income is narrowed only slightly. Personal tax and nontax payments increased $5J£ billion after a $6% billion decline. In the third quarter, legislative changes, mainly the withheld income tax rate reductions under the Economic Recovery Tax Act of 1981 (ERTA), on balance, had reduced taxes $18 % billion. In the fourth quarter, legislative reductions under ERTA amounted to $3 billion, including a $1% billion reduction in estate and gift taxes. (Increases in personal taxes under the Tax Equity and Fiscal Responsibility Act of 1982 do not become effective until 1983.) Reflecting the weakness in personal income, the increase in taxes due to increases in the tax base decelerated to $8% billion from $11fcbillion. Disposable personal income increased a little more than one-half as much as in the third quarter. In real terms it changed little, following a IVk-percent increase in the third quarter and a 3-percent increase in the second. The slowing in disposable income, coupled with a step-up in the increase in personal outlays, resulted in a sharp drop in personal saving. January 1983 SURVEY OF CURRENT BUSINESS The personal saving rate fell to 5.8 percent—the lowest rate in nearly 2 years—from 6.9 percent in the third quarter. Real PCE.—Developments in real disposable income in combination with other general factors that influence PCE do not yield a clear answer to why PCE increased as strongly as it did in the fourth quarter—5 percent at an annual rate—after several quarters of lackluster performance. Some of these factors showed improvement, others did not. Interest rates have come down from the high levels that acted as a deterrent to the incurrence of debt and as an incentive to save, and consumer balance sheets, as indicated by real net worth, appear to have improved again in the fourth quarter. On the other hand, labor market indicators that proxy concern about job security worsened. The size and composition of the increase in PCE on durables points to the significant role of interest rates in boosting consumer purchases—both directly, via the rate on auto installment and other consumer loans, and indirectly, via the effect of lower mortgage rates in spurring housing sales, which in turn led to increased sales of household furniture and equipment. Sales of motor vehicles, both autos and trucks, were up substantially. Major automakers, through their financial subsidiaries, subsidized auto installment loan rates. These rates—less than 11 percent—applied, for the most part, to 1982 models. In November, when these rates were introduced, domestic unit sales (about two-thirds of which are sales to consumers) climbed to 6.8 million at an annual rate, the highest rate since August 1981. In December, as stocks of 1982 models dwindled, sales fell back to 6.1 million, but remained above the third-quarter rate. PCE on household furniture and equipment was up 3% percent. These expenditures had been on a downtrend since the first quarter of 1981, interrupted only in the second quarter of this year. With one exception, all other categories of PCE goods and services performed better than in the third quarter. The exception was fuel oil, which was down slightly because of the unseasonably warm weather. "Other" durables and gasoline declined less than in the third quarter, and cloth- ing and shoes increased after no change. Other categories increased more than in the third quarter; among these, a sharp increase in "other" services was largely accounted for by commissions paid to brokers. Real investment Nonresidential fixed investment deteriorated in the fourth quarter. The structures component declined slightly, as it had in the third quarter, and producers' durable equipment (PDE) declined sharply, as it had earlier in the year. In structures, off only 2J£ percent at an annual rate, declines in several components more than offset increases in several others. Declines continued in commercial buildings other than offices and in petroleum and natural gas well drilling, and public utilities declined after earlier increases. Office building continued to increase, although less than in the first half of the year, and industrial building increased after earlier weakness. In PDE, which declined 12 percent at an annual rate, motor vehicles declined following an increase. The disparate movements of motor vehicles in PDE and in PCE partly reflected the fact that subsidized interest rates did not apply to fleet purchases by business. Almost all types of nonvehicle PDE continued to decline. In fabricated metals equipment, metalworking machinery, general industrial machinery, communications equipment, and instruments the declines were expecially large. The persistence of high interest rates on long-term corporate debt well into 1982, low capacity utilization, and the poor performance of corporate profits were major factors in the 8%-percent decline of nonresidential investment from the fourth quarter of 1981. Only the unfavorable impact of interest rates has abated. Capacity utilization declined throughout 1982; in manufacturing, only about twothirds of capacity was in use in the fourth quarter. Domestic profits of nonfinancial corporations remain depressed despite a third-quarter increase, which was concentrated in profits of petroleum manufacturing. A continuing impact of these factors is consistent with the results of the BEA survey of year-ahead plans for plant and equipment expenditures, which are presented later in this issue. In current dollars, plans show a decline in capital expenditures for 1983—the first year-to-year decline in 20 years in the plant and equipment surveys taken at the turn of year. When adjusted by BEA for price changes, the expenditures show a 5.2-percent decline. Residential investment turned around, increasing 23 % percent at an annual rate. Construction of singlefamily houses and the component of residential investment that includes brokers' commissions on the sale of residences both strengthened. Mortgage interest rates have declined as part of the general decline in interest rates, although, as seen in chart 2, less rapidly than short-term rates. The effect of the interest rate decline and other financial developments on residential investment was discussed in the "Business Situation" in the December 1982 SURVEY. Construction of multifamily housing, which had increased in the third quarter under the impetus of Federal commitments to purchase below-market-rate mortgages under the Section 8 rental assistance program, was flat in the fourth quarter. Business inventories were run off at an annual rate of $17 % billion in the fourth quarter, following a $3% billion accumulation in the third; thus, the swing amounted to —$21 billion. A major portion of the swing was in motor vehicle inventories; they declined $7^ billion, as stocks of 1982 model cars and trucks were liquidated, following a $6% billion buildup in the third quarter. The liquidation of business inventories since the fourth quarter of 1981 has totaled $8% billion, or 2% percent—more than in any of the last four recessions. Most of the liquidation was in manufacturers' inventories, and was spread across all major durable and nondurable categories. Declines in primary and fabricated metals and in electrical and nonelectrical machinery were especially sharp. Trade inventories were down only slightly; declines centered in retail auto dealers and in nonmerchant wholesalers. An overview of inventory developments may be obtained by relating inventories to total business final sales. Analytical use of this ratio implies 6 SURVEY OF CURRENT BUSINESS ••••••••••••••I CHART 3 Constant-Dollar Business Inventory-Final Sales Ratios Ratio 5.0 Ratio 4.0 3.8 4.8 3.6 4.6 3.4 4.4 3.2 4.2 3.0 1970 t i r .1. I i t t 71 72 JL 73 J_ 74 75 76 JL J_ 77 78 79 4.0 t i 80 81 82 83 Note.—"Total" is total business inventories divided by total business final sales, and "goods and structures" is nonfarm business inventories divided by business final sales of goods and structures. U.S. Department of Commerce, Bureau of Economic Analysis that the production of services results in a demand for inventories that is similar to that generated by the production of goods and structures. The ratio changed little in 1982, before declining in the fourth quarter (chart 3). Throughout the current recession it has remained well below the levels reached in the 1970 and 1973-75 recessions. A characteristic of the ratio that would have brought it down, other things being equal, is the reflection in its denominator of the rapid increase in services during the latter part of the 1970's and their continued increase during the last 3 years' economic weakness. The low level of the ratio in historical perspective indicates that inventories in the aggregate were well-balanced relative to sales at the end of 1982 and suggests that a recovery in sales would need to be accompanied by a quick rebuilding of inventories. An alternative ratio is that of nonfarm inventories to final sales of goods and structures. Use of this ratio implies that the production of services does not generate demand for inventories. This ratio moved up through the third quarter of 1982, when it was higher than at any time except during the 1973-75 recession. In the fourth quarter, it declined sharply. It is less clear from the level of this ratio in the fourth quarter that inventories in the aggregate were back in line with sales. Real net exports Net exports were down $6% billion in the fourth quarter to $21 billion, as exports dropped more than imports (chart 4). After a peak of $53 % billion in mid-1980, net exports have declined in all but two quarters. The decline in the fourth quarter of this year and that in the third, which was $8% billion, were especially large; in those quarters, a decline in the balance on investment income, which had held up relatively well, occurred along January 1983 with a continuing deterioration in the trade balance. In exports, merchandise trade and investment income contributed about equally to the $11 billion fourth-quarter decline. Economic activity abroad remained depressed, and the dollar has appreciated substantially against the currencies of major industrial nations (chart 5). These developments in combination with declining U.S. interest rates, which influenced investment income, were major factors affecting exports. In merchandise trade, declines were widespread among enduse categories, but about one-half was in autos to Canada and other capital goods. In imports, also, both merchandise trade and investment income contributed to the fourth-quarter decline, which amounted to $4% billion. Merchandise trade accounted for somewhat more than one-half, as most end-use categories declined. The decline in autos from Canada was especially sharp. Petroleum imports were down; volume declined from 5.77 million barrels a day (seasonally adjusted) in the third quarter to 5.65 billion in the fourth. In investment income, the decline was largely traceable to the fall in Eurodollar rates. Government purchases Real government purchases increased 28 % percent at an annual rate in the fourth quarter, following an in- Table 6.—Federal Government Receipts and Expenditures, NIPA Basis: Change From Preceding Quarter [Billions of dollars, based on seasonally adjusted annual rates] 1981 1982 IV Receipts Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Expenditures Purchases of goods and services National defense Nondefense Transfer payments Grants-in-aid to State and local governments Net interest paid Subsidies less current surplus of government enterprises Less: Wage accruals less disbursements Surplus or deficit ( — ), national income and product accounts I II III IV 145 158 7i 70 93 6 23 10 12 6 86 64 59 13 12 13 102 46 10 14 37 1 2 29.2 33 10 82 33 1 462 205 125 79 g 3 1 54 100 154 147 65 82 17 1 62 109 56 27 50 6 25 6 7 9 96 20 31 10 146 30 59 9 16 6 22 5 10 8 3 1 2 o o 437 167 12 364 n.a. Not available. NOTE.—Dollar levels are found in the National Income and Product Accounts Tables, table 3.2. SURVEY OF CURRENT BUSINESS January 1983 CHART 4 Net Exports of Goods and Services Billion (1972)$ 180 NET EXPORTS 160 Exports 140 120 100 80 100 EXPORTS 80 60 , ' ' Factor Income 7" 40 S :. . \ --:-::-- 20 Other Services, i t Ii i i It i r 100 IMPORTS 80 - 60 40 0£lw, Services 20 1977 1978 1979 1980 1981 1982 Seasonally Adjusted at Annual Rates U.S. Department of Commerce, Bureau of Economic Analysis 33-1- crease of 23 percent in the third. In both quarters, the major factor in the large increase was purchases by the CCC. These purchases stepped up from $3 billion in the third quarter to $10 billion in the fourth, as farmers responded to low market prices for crops by putting larger amounts, especially of corn and soybeans, under loan. (The treatment of the CCC in the national income and product accounts and the problems of using changes in CCC purchases to explain changes in GNP were discussed in a Special Note in the January 1982 SURVEY.) National defense purchases increased, but less than in the two preceding quarters. As discussed in the Special Note on defense purchases in the November 1982 SURVEY, throughout the 1979-82 period, over which defense purchases have been on an uptrend, the pattern of quarterly changes was often irregular. The increases in the second and third quarters centered in services, such as depot maintenance, and in military hardware. The third-quarter increase included a speed-up in deliveries of aircraft, such as the F-16. In the fourth quarter, hardware deliveries increased less, as did a wide range of other purchases. The slowing of purchases other than for hardware probably reflected concern about appropriations for fiscal 1983. Nondefense purchases other than CCC continued the decline begun in the fourth quarter of 1981. In State and local government purchases, a slight increase was in structures; other components showed little change. The Federal sector.—Changes in current-dollar Federal receipts and expenditures on a national income and product accounts basis are shown in table 6. In expenditures, the purchases just described amounted, in current dollars, to an increase of $17 billion, and the increase in transfer payments described in connection with personal income amounted to $16% billion. The subsidy payments to farmers referred to in connection with proprietors' income boosted subsidies less the current surplus of government enterprises, and that item increased $11 billion. Among the expenditure components, only net interest paid was down. CHART 5 Factors Affecting Net Exports Index (1967 = 100) 300F3T 250 •^v,'r?;:vv^^N^d '-•'iXJ/-/'->l^;^*K7''':; •'••^.f;.- 200 150 ;i4>;^ 100 7M:^ Index (1977 = 100) 150 1977 1978 1979 1980 1981 1982 Seasonally Adjusted at Annual Rates 1. OECD is Organization for Economic Cooperation and Development. 2. Trade-weighted average index of foreign currency price of the U.S. dollar. Data: Federal Reserve Board, OECD, Statistics Canada, and Ministry of International Trade and Industry (Japan). U.S. Department of Commerce, Bureau of Economic Analysis 83-1-5 Although the estimate of total receipts cannot be completed until estimates of corporate profits, and thus of corporate profits tax accruals, are available, it is quite likely that receipts were up only moderately in the fourth quarter. Personal taxes increased $3& billion; indirect business taxes and contributions for social insurance showed no change, reflecting weakness in the tax base. With expenditures up $46 billion and receipts up only moderately, the deficit on a national income and product accounts basis increased substantially and approached $200 billion. SURVEY OF CURRENT BUSINESS January 1983 National Income and Product Accounts Tables New estimates in this issue: Fourth quarter and annual 1982, preliminary. 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 IV III 1,843.2 Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures. . . Producers' durable equipment Residential Nonfarm structures Farm structures Producers' durable equipment . Nonfarm Farm Net exports of goods and services . . . . . Government purchases of goods and services Federal National defense Nondefense State and local . I 1981 II . . . III III IV I II 1,470.7 1,478.4 IV p 1,481.1 1,471.7 1,510.4 1,490.1 2,034.6 917.6 957.1 951.4 943.4 949.1 955.0 956.3 968.0 240.7 755.0 952.1 240.3 251.7 768.4 778.3 977.6 1,004.5 149.0 362.4 445.2 138.7 365.2 453.2 142.2 363.0 446.2 134.1 363.1 446.2 137.5 362.2 449.5 138.3 364.5 452.2 136.4 365.9 454.0 142.8 368.2 457.0 1,919.4 1,947.8 229.6 746.5 908.3 237.9 749.1 932.4 1,972.0 1,868.8 1,884.5 1982 1981 1982" IV P III 2,937.7 3,057.5 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.3 Gross national product Personal consumption expenditures Exports Imports 1982 1981 1982 P 1,986.3 1,502.6 1,475.5 234.6 734.5 874.1 242.7 762.7 966.6 241.2 741.3 886.3 471.5 421.9 486.0 468.9 414.8 431.5 443.3 397.9 225.8 196.9 233.4 218.9 195.4 202.3 206.3 183.6 451.1 346.1 129.7 216.4 104.9 99.7 2.1 3.2 20.5 15.0 5.5 443.3 347.5 141.7 205.8 95.8 90.1 2.5 3.2 -21.4 -21.6 .2 454.2 353.0 132.7 220.2 101.2 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 3.2 162 -15.0 1.2 438.6 344.2 141.3 203.0 94.3 88.7 2.4 3.2 4.7 3.7 1.0 436.4 336.6 140.4 196.2 99.8 94.1 2.4 3.2 385 -39.0 .5 216.9 172.0 51.6 120.4 44.9 .9 2.0 2.0 6.8 6.8 2.1 205.4 165.4 53.2 112.2 40.0 37.1 1.0 1.9 85 -8.6 .1 216.9 173.9 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 1.9 154 -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 .5 201.3 159.6 52.7 106.9 41.7 38.8 1.0 1.9 -17.7 17.9 .3 26.1 16.5 25.9 23.5 31.3 34.9 6.9 -6.9 42.0 30.3 39.2 36.5 36.9 35.7 27.5 21.1 367.3 341.3 349.7 333.2 367.2 341.3 367.9 344.4 359.9 328.6 365.8 330.9 349.5 342.5 323.7 330.6 158.5 116.4 147.5 117.2 157.8 118.7 156.9 120.4 151.7 114.7 154.4 118.7 147.5 120.0 136.4 115.3 596.9 647.1 600.2 626.3 630.1 630.9 651.7 675.7 287.1 291.2 286.4 291.3 289.2 285.3 291.1 299.0 228.9 153.7 75.2 368.0 257.3 178.5 78.8 389.8 230.0 154.4 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 76.3 392.7 276.1 188.9 87.2 399.6 110.4 73.5 36.8 176.7 116.1 78.7 37.4 175.0 110.7 74.3 36.5 175.7 116.0 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 35.5 174.9 123.7 81.3 42.4 175.4 Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars Billions of dollars Billions of 1972 dollars Seasonally adjusted at annual rates 1981 1982 p 1981 III Gross national product Final sales. . . . Change in business inventories Goods Final sales Change in business inventories Durable goods .. .. Final sales Change in business inventories Nondurable goods Final sales . Change in business inventories Seasonally adjusted at annual rates 1982 IV I II 1981 III IV P III IV I II III IV" 2,937.7 3,057.5 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.3 1,502.6 1,475.5 1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 1,471.7 2,917.3 3,078.9 2,949.1 2,989.9 3,031.1 3,061.4 3,083.5 3,139.8 4.7 -38.5 31.8 13.2 356 162 214 20.5 1,493.7 1,484.0 -8.5 9.0 1,493.9 16.5 1,485.3 4.8 1,486.1 -15.4 1,482.7 -4.4 1,477.8 1,489.3 17 7 3.4 1,289.2 1,280.6 1,317.0 1,298.4 1,268.7 1,302.0 1,285.1 1,285.2 20.5 214 13.2 31.8 528.1 519.4 8.7 761.1 749.4 11.7 495.2 510.7 -15.5 785.4 791.3 -5.9 547.3 527.5 19.8 769.7 757.6 12.0 504.9 510.5 56 793.6 774.7 18.9 1,269.4 1,283.1 1,295.5 1,274.5 689.5 661.1 697.2 678.0 661.8 663.2 665.1 654.5 1,305.0 1,299.3 356 162 1,290.7 4.7 1,313.0 -38.5 680.5 9.0 669.6 85 680.7 16.5 673.2 4.8 677.2 154 667.5 44 661.7 3.4 672.1 -17.7 516.9 506.8 10.1 778.6 783.9 -5.4 475.6 510.3 -34.7 798.9 802.7 -3.8 293.1 289.3 3.8 391.2 391.2 5.1 266.8 273.3 -6.5 394.3 396.3 -2.0 298.8 290.2 8.6 398.4 390.5 7.9 275.1 277.6 25 402^9 395.6 7.3 265.0 278.7 137 396.8 398.5 -1.7 272.3 274.9 26 390.9 392.6 -1.7 274.0 269.2 4.8 391.1 392.5 -1.5 255.9 270.6 -14.7 398.6 401.5 29 701.3 113.1 697.5 115.7 698.6 113.4 697.0 111.9 702.2 113.0 703.6 112.5 702.3 114.9 1,445.2 1,471.2 1,453.7 1,454.7 1,453.6 1,448.8 1,433.8 1,442.6 1,453.7 1,449.2 1,447.0 1,450.3 1,450.6 1,468.3 482.4 513.2 309 787.0 791.8 -4.8 505.9 512.6 66 777.2 786.7 -9.6 Services Structures . 1,364.3 1,492.1 1,382.1 1,421.5 1,444.4 1,476.7 281.7 281.9 285.3 284.9 284.2 283.3 1,509.5 1,537.6 283.2 289.2 695.6 117.6 Addenda: Gross domestic purchases J Final sales to domestic purchasers * 2,911.7 3,041.0 2,955.0 2,979.7 2,964.2 3,010.3 3,081.3 3,108.2 2,891.2 3,062.4 2,923.2 2,966.5 2,999.8 3,026.5 3,076.6 3,146.7 1,460.6 1,451.6 1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports. 1982 1981 1982 P SURVEY OF CURRENT BUSINESS January 1983 9 Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars Billions of 1972 dollars Billions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1981 1981 1982" IV III 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 1982 I II III 1982 P Gross national product 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 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 incomeBusiness transfer payments Equals: Personal income 1982 IV I II III IV" 1,502.6 1,475.5 1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 1,471.7 1,447.2 1,274.3 1,236.8 1,105.5 131.4 38.4 -.9 46.9 3.3 43.6 156.0 49.7 106.3 25.4 1,453.2 1,249.7 1,210.1 1,077.3 132.8 39.6 0 48.1 3.1 45.0 155.4 49.8 105.6 22.2 1,463.3 1,260.2 1,221.5 1,089.9 131.6 42.3 -3.6 47.4 3.2 44.1 155.8 49.8 106.0 26.7 1,454.1 1,250.5 1,212.2 1,079.5 132.6 38.0 .4 47.9 3.1 44.8 155.7 49.8 105.9 24.2 1,141.4 1,116.9 3,011.9 2,582.5 2,507.6 2,257.9 249.7 74.8 .1 106.7 7.1 99.6 322.7 99.8 222.9 45.7 2,931.2 2,533.9 2,454.7 2,223.0 231.7 80.1 8 97.1 7.1 90.1 300.1 91.0 209.2 49.7 2,949.8 2,538.6 2,467.4 2,229.9 237.4 78.4 72 100.3 7.1 93.3 310.9 97.9 213.0 53.3 2,949.6 2,530.6 2,465.1 2,222.8 242.3 72.9 75 103.3 7.1 96.2 315.8 98.6 217.1 45.8 2,995.7 2,570.1 2,494.4 2,247.9 246.5 74.8 .8 105.3 7.1 98.2 320.3 98.9 221.4 49.5 3,041.6 2,610.0 2,530.2 2,278.0 252.3 76.1 3.6 107.9 7.1 100.8 323.8 99.1 224.7 46.6 3,060.5 2,619.3 2,540.6 2,282.7 257.8 75.2 3.6 110.4 7.2 103.2 330.8 102.4 228.4 40.8 1,485.0 1,282.4 1,241.9 1,110.6 131.3 40.9 -.4 46.7 3.3 43.5 155.9 49.8 106.1 25.4 1,448.0 1,244.4 1,210.0 1,077.9 132.0 38.1 -3.7 47.8 3.1 44.7 155.7 49.8 106.0 22.7 1,458.6 1,255.4 1,214.4 1,081.3 133.1 39.3 1.7 48.0 3.1 44.9 155.2 49.8 105.4 22.5 1,452.2 1,248.4 1,204.0 1,070.4 133.5 42.8 1.7 48.6 3.1 45.5 155.1 49.9 105.3 19.5 Table 1.11.—National Income by Type of Income Billions of dollars Billions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1981 1982 1981 IV I II III 2,937.7 3,057.5 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.3 III 330.1 356.8 335.2 344.8 348.7 353.9 359.4 365.0 267.5 -62.6 309.8 -47.0 271.9 -63.2 282.6 -62.2 293.4 -55.3 304.4 -49.6 314.6 -44.8 326.7 -38.3 2,607.9 2,700.8 2,645.8 2,658.4 2,646.7 2,691.2 2,728.9 2,736.3 251.3 258.8 253.3 255.3 250.2 256.7 261.7 266.5 12.4 -19 13.7 .1 12.5 -.8 12.8 -7.2 13.1 -7.5 13.5 .8 13.8 3.6 14.3 6.6 8.3 6.5 7.0 6.0 4.9 5.8 16.5 2,352.5 2,436.5 2,387.3 2,404.5 2,396.9 2,425.2 2,455.6 190.6 235.7 161.1 265.3 193.1 244.0 183.9 249.5 157.1 258.7 155.4 267.5 166.2 268.1 ""267.0 238.1 253.7 240.3 243.5 250.8 253.0 255.2 255.8 0 0 .2 -.1 -.2 0 0 0 323.9 329.0 62.5 360.8 371.8 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 67.2 382.9 377.2 68.8 12.4 13.7 12.5 12.8 13.1 13.5 13.8 14.3 2,415.8 2,569.7 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 2,623.2 [Billions of 1972 dollars] Gross national product 1,502.6 1,475.5 1,510.4 1,490.1 1,470.7 1,478.4 1,481.1 1,471.7 Less: Capital consumption 161.7 162.2 allowances with CCAdj 156.3 157.8 159.3 160.8 164.4 155.6 Equals: Net national product 1 347 0 13138 13541 13322 13114 13176 13189 1,307 3 Less: Indirect business tax and nontax liability plus business transfer payments less subsidies plus current surplus of govern1468 ment enterprises 1470 1466 1471 1476 1472 1475 1465 1.7 -3.7 .4 Statistical discrepancy.... -.9 0 -.4 -3.6 Equals: National income 12008 1 1668 12070 1 1892 1,168.5 1 1701 1 170.4 National income 1982 1981 1982" IV " Table 1.8.—Relation of Gross National Product, Net National Product, and National Income in Constant Dollars III 2,937.7 3,057.5 2,980.9 3,003.2 2,995.5 3,045.2 3,088.2 3,101.3 2,253.5 2,332.8 III Less: Capital consumption allowances with CCAdj... Capital consumption allowances Less: CCAdj IV * 1981 2,888.5 2,492.4 2,418.5 2,188.9 229.6 75.8 -1.9 96.4 7.0 89.4 299.7 92.3 207.4 49.2 Table 1.7.—Relation of Gross National Product, Net National Product, National Income, and Personal Income 1981 1982 p 1981 IV I II III IV p 2,352.5 2,436.5 2,387.3 2,404.5 2,396.9 2,425.2 2,455.6 Compensation of employ1,767.6 1,855.9 1,789.1 1,813.4 1,830.8 1,850.7 1,868.3 1,873.7 ees 1,494.0 1,560.1 1,512.6 1,531.1 1,541.5 1,556.6 1,570.0 1,572.3 Wages and salaries Government and gov309.1 300.0 303.5 296.3 292.3 302.2 284.0 ernment enterprises .... 283.1 Other 1,210.9 1,257.8 1,228.6 1,238.8 1,245.2 1,256.6 1,266.4 1,263.2 Supplements to wages 301.4 298.3 294.1 289.3 276.5 282.3 273.6 295.8 and salaries Employer contributions for social in141.7 142.8 143.4 140.2 133.2 142.0 134.3 136.5 surance 157.9 152.5 155.5 149.1 140.4 153.8 142.2 145.8 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 CCAdj 124.7 24.0 120.1 18.6 127.5 27.1 124.1 24.6 116.4 17.8 117.3 17.4 118.4 16.6 128.1 22.6 31.8 -7.9 100.7 100.3 -1.6 2.1 26.8 -8.1 101.4 94.6 -.5 7.3 35.1 -8.0 100.4 99.3 -1.2 2.3 32.8 82 99.5 97.7 -1.2 3.0 26.0 82 98.6 93.8 0 4.7 25.5 8.1 99.9 94.5 -1.0 6.4 24.7 -8.1 101.7 94.4 5 7.9 30.8 -8.2 105.5 95.7 4 10.3 33.9 34.1 33.6 33.6 33.9 34.2 34.6 33.9 69.4 -35.5 70.8 -36.7 69.5 -35.9 70.5 -36.9 71.0 -37.1 70.7 -36.4 70.9 363 70.9 -37.0 190.6 161.1 193.1 183.9 157.1 155.4 166.2 207.5 232.1 81.2 150.9 65.1 166.0 175.4 58.8 116.6 70.3 210.3 233.3 82.4 150.8 66.8 199.4 216.5 71.6 144.9 68.1 167.2 171.6 56.7 115.0 68.8 162.2 171.7 55.3 116.3 69.3 170.0 180.3 60.9 119.4 70.5 72.4 85.8 246 -16.8 46.3 -9.4 -4.9 84.0 -23.0 -17.1 76.9 -17.1 -15.5 46.1 -4.4 -10.1 47.0 -9.4 -6.9 48.8 -10.3 -3.8 -13.4 1.2 Net interest 235.7 265.3 244.0 249.5 258.7 267.5 268.1 267.0 Addenda: Corporate profits after tax with IVA and CCAdj Dividends Undistributed profits with IVA and CCAdj 109.5 65.1 102.3 70.3 110.7 66.8 112.3 68.1 100.4 68.8 100.0 69.3 105.3 70.5 72.4 44.4 32.1 43.9 44.3 31.6 30.7 34.8 10 SURVEY OF CURRENT BUSINESS January 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 Billions of dollars Billions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates III Gross domestic product of corporate business Capital consumption allowances with CCAdj Net domestic product Indirect business tax and nontax liability plus business transfer payments less subsidies 1982 1981 1982" I IV 1981 225.1 209.7 216.0 1,630.9 1,667.8 1,658.1 1,657.1 1,644.2 1,659.3 1,683.7 186.1 190.0 187.8 184.0 189.1 194.6 192.2 189.1 1,444.8 1,477.8 1,470.3 1,468.0 1,460.2 1,470.3 1,491.4 Domestic income Compensation of em1,224.5 1,270.8 1,242.5 1,251.5 1,259.5 1,270.7 1,278.7 1,274.3 ployees 1,024.8 1,057.2 1,040.5 1,046.6 1,049.7 1,057.8 1,063.4 1,057.9 Wages and salaries Supplements to wages and salaries ... 199.7 213.6 202.1 204.9 209.8 212.9 215.3 216.4 Corporate profits with 172.2 158.3 140.2 137.2 149.9 167.8 144.7 IVA and CCAdj Profits before tax Profits tax liability .. Profits after tax Dividends Undistributed IVA CCAdj Net interest Gross domestic product of financial corporate business Gross domestic product of nonfinancial corporate business Capital consumption allowances with CCAdj 209.3 81.2 128.1 50.8 77.3 -24.6 -16.8 52.5 159.0 58.8 100.2 59.1 41.1 -9.4 49 62.3 212.3 82.4 129.8 52.7 77.1 -23.0 -17.1 55.6 154.7 56.7 98.1 56.0 190.9 71.6 119.3 54.6 42.0 44 -10.1 60.5 64.7 171 -15.5 58.3 153.5 55.3 98.2 58.0 164.0 60.9 103.1 60.6 61.7 40.2 94 -6.9 62.4 42.4 -10.3 -3.8 62.8 -13.4 1.2 63.4 Profits before tax Profits tax liability .. Profits after tax Dividends Undistributed profits IVA CCAdj Net interest 1,732.3 1,779.3 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 195.8 213.7 106.6 106.0 104.2 199.1 111.7 219.0 216.0 212.1 207.8 205.1 III II IV P 186.6 63.3 123.3 52.9 136.5 40.6 95.9 61.0 191.5 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 63.8 70.3 -24.6 163 62.5 34.9 -9.4 52 72.5 71.6 -23.0 167 65.7 58.9 -17.1 -15.1 68.1 37.8 44 -10.0 70.5 34.5 94 -7.1 72.6 35.0 103 -4.2 73.1 134 .5 73.8 857.9 859.3 Gross domestic product of nonfinancial corporate business... 116.8 113.6 I Billions of 1972 dollars Capital consumption allowances with CCAdj 104.8 IV Net domestic product 1,536.5 1,565.6 1,564.5 1,562.0 1,548.8 1,559.0 1,578.4 Indirect business tax and nontax liability plus business transfer payments less subsidies .... 178.3 182.0 179.9 181.3 176.3 181.2 184.2 186.4 Domestic income. 1,358.2 1,383.6 1,384.5 1,380.8 1,372.4 1,377.8 1,394.2 Compensation of em1,150.1 1,189.2 1,167.0 1,174.5 1,181.6 1,190.4 1,195.8 1,188.8 ployees Wages and salaries 962.9 989.8 977.7 982.7 985.3 991.4 995.0 987.5 Supplements to wages and salaries ... 187.1 199.4 189.3 191.9 196.4 198.9 200.8 201.3 Corporate profits with IVA and CCAdj 145.6 121.9 151.8 138.2 120.3 114.8 125.3 230.7 227.5 223.4 218.9 1982 1981 III 1,837.1 1,892.9 1,867.8 1,873.1 1,863.1 1,882.7 1,911.2 206.2 1982" IV P III II 881.3 856.4 887.5 870.4 858.8 94.3 98.7 94.9 96.0 97.0 98.1 99.2 787.0 757.7 792.6 774.5 761.8 759.8 760.1 94.7 692.2 94.8 662.9 95.2 697.4 94.7 679.8 94.6 667.2 95.0 664.8 94.6 665.5 100.4 95.2 Table 1.14-1.15.—Auto Output in Current and Constant Dollars Billions of 1972 dollars Billions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1981 Auto output Net exports Exports Government nurchases Chancre in business inventories New Used . Addenda: Domestic output of new autos2 1 Sales of imported new autos 69.2 65.7 68.0 67.2 49.2 18.0 13.6 24.1 -10.5 -13.8 4.0 17.8 1.0 1.2 .9 .3 68.1 70.9 51.8 19.1 13.9 24.7 -10.8 -17.6 3.0 20.6 9 -2.4 -2.4 0 54.6 24.5 49.5 28.3 I IV III Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos 1982 1981 1982" IV P III II 1982 P 1981 1982 1981 III IV I III II IV P 58.3 53.5 69.9 75.2 64.3 41.5 37.6 45.6 34.4 31.3 39.7 42.3 37.1 60.2 74.4 62.8 71.5 45.0 52.1 17.8 19.3 15.3 12.5 22.0 27.6 -12.3 -9.4 -16.0 -13.4 2.8 4.6 18.9 18.1 9 11 -1.9 4.3 -1.6 3.1 3 1.2 65.9 68.0 48.8 18.3 13.1 23.3 -10.2 -16.1 2.6 18.7 9 -12.4 -12.7 .3 64.5 67.8 50.0 17.8 13.4 22.9 95 -17.6 3.4 21.0 .9 5.4 5.8 -.4 66.6 69.5 48.8 20.7 15.2 26.7 116 19.1 3.4 22.5 10 -8.7 9.1 -.4 75.4 78.2 58.6 19.6 13.9 25.7 -11.8 -17.6 2.6 20.2 9 -11.1 -11.6 .5 40.8 36.0 28.8 7.2 9.5 14.1 -4.6 -5.3 2.3 7.7 7 -1.3 .6 .1 38.9 35.7 29.1 6.6 9.8 13.9 40 -7.3 1.6 8.9 6 1.3 -1.3 0 43.7 37.4 30.0 7.5 10.7 15.8 52 5.1 2.7 7.8 7 1.8 1.3 .5 35.2 32.2 25.6 6.6 8.8 12.5 37 -6.5 1.6 8.0 6 -.8 -.7 -.1 38.3 34.9 28.3 6.6 9.3 13.3 40 -6.6 1.5 8.0 6 -7.0 -7.1 .1 37.0 34.4 28.2 6.2 9.3 12.9 3.6 7.3 1.9 9.2 .6 2.7 2.8 _i 37.4 34.2 27.2 7.1 10.6 14.9 -4.3 8.1 1.8 9.9 7 4.8 5.0 -.1 43.1 39.4 32.8 6.6 10.1 14.3 42 7.1 1.4 8.5 6 -5.9 -6.1 .2 44.8 25.2 37.8 27.6 53.3 26.6 59.7 28.1 47.2 30.9 31.9 14.3 27.8 15.9 35.4 14.0 25.5 14.4 21.6 15.7 30.1 15.0 33.1 15.7 26.5 17.3 78.7 61.6 24.3 Table 1.16-1.17.—Truck Output in Current and Constant Dollars Billions of dollars Billions of 1972 dollars Seasonally adjusted at annual rates 1981 III Truck output * Final sales Personal consumption expenditures Producers' durable equipment Net exports Exports Imports . Government purchases Change in business inventories ... I IV II 1981 III 1982" IV P 1982 1981 III IV I II III IV * 27.8 29.3 26.5 27.7 29.4 32.9 30.3 24.5 13.3 13.7 12.6 12.9 13.9 15.6 14.0 11.5 27.6 .7.7 17.3 16 3.3 4.9 4.3 29.3 11.3 16.2 2.9 2.5 5.4 4.6 27.5 8.2 17.4 25 3.2 5.7 4.4 25.8 7.4 16.6 -2.2 3.1 5.3 4.0 32.0 11.8 18.6 -2.6 2.9 5.5 4.3 29.7 11.6 17.0 -3.3 2.7 6.0 4.5 26.9 10.7 15.2 37 2.0 5.7 4.7 28.4 11.2 14.1 18 2.4 4.2 4.9 13.2 4.5 7.8 10 1.5 2.5 1.9 13.7 6.4 6.9 15 1.1 2.6 1.9 13.0 4.7 7.7 14 1.4 2.8 2.0 11.8 4.2 7.2 -1.3 1.3 2.6 1.7 15.1 6.7 8.0 -1.5 1.2 2.7 1.8 14.0 6.5 7.3 -1.7 1.1 2.8 1.9 12.4 6.0 6.3 -1.8 .8 2.7 2.0 13.3 6.3 6.0 -1.0 1.0 2.0 2.0 0 10 1.9 2.5 3.2 3.4 39 .1 0 -.5 1.0 1.6 1.5 18 .2 Table 1.14-1.15: 1. Consists of final sales and change in business inventories of new autos produced in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases. Seasonally adjusted at annual rates 1982 1981 1982" Table 1.16-1.17: 1. Includes new trucks only. -1.2 11 SURVEY OF CURRENT BUSINESS January 1983 Table 2.1.—Personal Income and Its Disposition Table 2.2-2.3.—Personal Consumption Expenditures by Major Type of Billions of dollars Billions of dollars Seasonally adjusted at annual rates 1981 1982 1981 1982^ III Seasonally adjusted at annual rates IV I II III 140.4 Other labor income Proprietors' income with IVA and CCAdj Farm Rental income of persons with CCAdj 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 153.8 152.5 155.5 157.9 116.4 17.8 98.6 117.3 17.4 99.9 118.4 16.6 101.7 128 1 22.6 105 5 33 9 142.2 145.8 149.1 124.7 24.0 100.7 120.1 18.6 101.4 127.5 27.1 100.4 124.1 24.6 99.5 33.9 34.1 33.6 33.6 33.9 34.2 34.6 62.5 67.0 64.1 65.2 65.8 66.1 67.2 68 8 329.0 371.8 339.6 351.0 359.7 372.0 378.2 377 2 336.3 374.5 344.8 350.7 354.6 365.2 381.0 397.2 182.0 204.5 190.6 192.8 194.7 197.5 209.2 216.6 15.4 16.1 24.9 16.3 14.1 16.0 16.7 16.4 18.7 16.3 23.5 16.1 25.5 16.3 31.8 16.6 49.2 73.6 54.0 74.8 49.6 74.4 50.8 74.0 51.5 73.3 54.4 73.8 54.9 75.2 55.3 76.9 13.4 60.3 13.1 61.6 13.5 61.0 13.4 60.6 13.2 60.1 13.2 60.6 13.0 62.1 13.1 Less: Personal contributions for social insurance 104.9 111.7 106.1 107.0 110.6 111.4 112.4 112.4 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 2,172.5 2,060.0 2,101.4 2,117.1 2,151.5 2,198.1 2,223.5 Less: Personal outlays .. . 1,898.9 2,031.4 1,925.7 1,942.7 1,977.9 2,007.2 2,046.1 2,094.6 Personal consumption expenditures 1,843.2 1,972.0 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 2,034.6 Interest paid by consumers to 57.8 business 58.4 59.0 58.6 56.2 57.5 55.1 59.1 Personal transfer payments to foreigners (net) .7 .6 .8 .9 .7 .9 .8 .9 Equals: Personal saving 130.2 141.1 134.4 158.6 139.1 144.3 152.0 128.9 Addenda: Disposable personal income: Total, billions of 1972 dollars 1,043.1 1,054.5 1,048.8 1,051.9 1,046.9 1,054.8 1,058.3 1,057.9 Per capita: Current dollars 8,827 9,362 8,951 9,107 9,155 9,285 9,461 9,546 1972 dollars 4,538 4,544 4,557 4,559 4,527 4,552 4,555 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 6.5 6.5 7.5 6.6 6.7 6.9 1982 1981 III Wage and salary disbursements.. 1,493.9 1,560.1 1,512.3 1,531.2 1,541.6 1,556.6 1,570.0 1,572.3 Commodity-producing 510.8 509.9 519.3 517.7 514.3 513.6 510.2 industries 386.4 382.6 392.9 388.7 385.1 385.6 383.8 375 8 361.4 375.7 366.5 368.3 371.4 375.4 378.4 377.4 Distributive industries 338.6 372.3 342.8 352.8 359.5 367.6 377.8 384.3 Service industries Government and government 283.1 302.3 283.8 292.4 296.5 300.0 303.5 309 1 1982 " 2,415.8 2,569.7 2,458.2 2,494.6 2,510.5 2,552.7 2,592.5 Personal income Equals: Disposable income 1981 IV" I IV II III IV r Personal consumption expenditures.... 1,843.2 1,972.0 1,868.8 1,884.5 1,919.4 1,947.8 1,986.3 2,034.6 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 234.6 242.7 241.2 229.6 237.9 240.7 240.3 251.7 98.6 106.2 104.0 93.9 103.2 103.3 104.3 114.1 93.4 42.6 92.7 43.7 93.8 43.4 93.3 42.4 91.0 43.7 93.2 44.2 92.7 43.3 94.0 43.6 734.5 762.7 741.3 746.5 749.1 755.0 768.4 778.3 375.3 114.6 96.8 147.9 19.7 128.2 397.8 118.6 93.9 152.4 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 18.4 135.4 406.8 119.5 94.9 157.2 17.6 139.6 874.1 966.6 886.3 908.3 932.4 952.1 977.6 1,004.5 295.3 128.9 66.8 62.1 65.4 384.4 324.7 144.1 75.2 68.9 70.3 427.6 298.7 132.8 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 71.5 432.9 335.5 149.3 77.8 71.5 73.4 446.4 Billions of 1972 dollars Personal consumption expenditures Durable (foods 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 947.6 957.1 951.4 943.4 949.1 955.0 956.3 968.0 140.0 138.7 142.2 134.1 137.5 138.3 136.4 142.8 54.2 .55.7 56.1 50.0 54.9 54.4 53.8 59.7 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 59.4 23.6 362.4 365.2 363.0 363.1 362.2 364.5 365.9 368.2 181.4 82.7 25.7 72.6 3.5 69.1 184.2 84.0 26.6 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 67.2 187.0 84.3 26.4 70.5 3.0 67.5 445.2 453.2 446.2 446.2 449.5 452.2 454.0 457.0 162.6 63.5 24.6 38.8 32.4 186.8 165.4 64.0 24.6 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 64.2 24.4 39.9 32.9 193.7 Table 3.14.— State and Local Government Social Insurance Funds Receipts and Expenditures [Billions of dollars] 5g Receipts.. Contributions for social insurance Personal contribution Employer contributions Government and government enterprises .... Other .. Interest and dividends received Expenditures ,. Administrative expenses (purchases of goods and services) Transfer payments to persons Surplus ( ) or 52.6 593 53 4 55 1 568 585 60 1 61 8 338 37? 342 35 1 36 0 369 37 7 384 8.5 25.3 9.2 28.1 8.6 25.6 8.7 26.3 8.9 27.1 9.1 27.8 9.2 28.4 9.4 29.1 22.7 25 25.4 27 23.1 26 23.7 26 24.4 26 25.1 27 25.7 27 26.3 28 188 221 192 200 208 216 225 233 20.8 23.0 21 1 21.7 22.3 22.8 233 23.7 6 7 6 6 7 7 7 7 202 223 204 21 1 21 6 221 226 230 31 8 363 32 3 333 34 5 357 369 380 deficit Table 3.14: NOTE.—In this table, interest and dividends received are included in receipts; in tables 3.2 and 3.3, interest received and dividends received are netted against expenditures. 12 SURVEY OF CURRENT BUSINESS Table 3.3.—State and Local Government Receipts and Expenditures Table 3.2.—Federal Government Receipts and Expenditures 1981 Receipts 628.2 Personal tax and nontax receipts Income taxes Estate and gift taxes Nontaxes . . Corporate profits tax accruals Indirect 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 To foreigners. . . Grants-in-aid to State and local governments Net interest paid Interest paid To persons and business To foreigners Less: Interest received 1982p 614.7 Billions of dollars Billions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates I III IV 640.2 625.7 609.9 WP II III 617.0 613.7 300.1 292.5 7.3 .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 48.1 68.4 59.1 46.5 45.2 49.8 50.0 34.7 8.6 6.8 204.3 688.2 Receipts 50.7 35.0 8.5 7.3 50.8 35.5 8.5 6.8 214.9 216.2 217.5 217.4 728.3 736.6 769.7 815.9 250.5 166.9 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 5.6 276.1 188.9 87.2 344.0 337.0 7.0 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 84.2 88.2 112.1 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 23.9 57.2 41.9 9.3 6.1 48.7 33.6 8.7 6.3 216.5 206.1 208.4 762.6 698.2 727.4 228.9 153.7 75.2 286.6 280.9 5.7 257.3 178.5 78.8 321.9 315.7 6.1 230.0 154.4 75.7 295.1 289.0 6.1 87.7 71.9 91.4 83.6 84.8 107.7 74.6 16.7 19.5 90.3 17.5 22.9 Expenditures Subsidies less current surplus of government enterprises Subsidies Less: Current surplus of government enterprises .. 13.1 12.2 15.1 14.5 13.0 12.0 13.6 13.8 12.7 13.7 11.6 12.6 12.6 11.8 23.4 19.9 -.9 -.5 -1.0 .3 1.1 1.0 -.8 -3.4 Less: Wage accruals less disbursements 0 0 .2 — 1 -.2 0 0 Surplus or deficit (-), NIPA's Social insurance funds Other 0 -60.0 -147.9 -58.0 -101.7 -118.4 -119.6 -156.0 -11.0 308 -49.0 -117.2 -16.6 -41.4 -19.3 -16.4 -82.4 -102.0 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 299.3 293.3 5.7 .3 49.8 34.6 8.6 6.6 57.8 43.1 9.0 5.8 1982 1981 1982 1981 298.1 290.8 7.0 .3 58.5 44.1 8.6 5.8 January 1983 .... Purchases of goods and services Compensation of employees Other Transfer payments to persons Net interest paid Interest paid Less: Interest received Less: Wage accruals disbursements I II III 437.3 420.3 421.5 424.2 434.3 440.5 88.6 48.3 32.0 8.3 97.1 51.8 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 IV P 100.5 53.4 38.1 9.0 13.9 10.7 14.0 12.5 10.1 10.2 11.2 192.8 90.4 75.1 27.2 208.8 95.4 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 30.2 215.8 97,9 87.7 30.2 33.8 87.7 37.2 83.6 34.2 86.3 35.1 83.6 36.0 83.0 36.9 85.0 37.7 82.0 38.4 84.2 385.0 405.4 386.9 392.4 396,5 402.2 408.2 414.9 368.0 389.8 370.1 375.7 380.4 386.6 392.7 399.6 207.4 160.6 222.9 166.9 209.2 161.0 213.0 162.7 217.1 163.2 221.4 165.2 224.7 168.0 228.4 171.2 43.0 -16.9 23.7 40.6 45.1 -19.5 28.0 47.5 43.3 -17.4 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 46.0 -20.2 29.7 49.9 2.6 3.3 2.7 2.8 3.0 3.2 3.3 3.5 -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 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 less Surplus or deficit ( ) NIPA's Social insurance funds Other IV 416.8 Less: Dividends received Subsidies less current surplus of government enterprises Subsidies Less: Current surplus of government enterprises- 1982 1981 III .. . 38.0 -46.1 -24.1 -36.5 -95.5 -119.6 Table 3.7B-3.8B.—Government Purchases of Goods and Services by Type in Current and Constant Dollars Billions of dollars Billions of 1972 dollars Seasonally adjusted at annual rates 1981 Government purchases of goods and services Federal National defense Durable goods Nondurable goods Services Compensation of employees Military Civilian Other services Structures Nondefense . . . . Durable goods Nondurable goods Services Compensation of employees Other services Structures . . State . . . . Durable goods Nondurable goods Services Compensation of employees Other services Structures .... 1982" Seasonally adjusted at annual rates 1982 1981 III IV I II 1981 III IV* 1982" 1981 1982 III IV I II III iyP 596.9 647.1 600.2 626.3 630.1 630.9 651.7 675.7 287.1 291.2 286.4 291.3 289.2 285.3 291.1 299.0 228.9 153.7 40.1 12.6 98.0 60.8 35.6 25.2 37.2 3.0 257.3 178.5 49.4 13.5 111.8 67.2 40.2 27.0 44.6 3.7 230.0 154.4 41.6 11.9 98.0 59.8 34.6 25.2 38.1 2.9 250.5 166.9 42.7 13.2 107.6 65.6 39.4 26.2 42.0 3.4 249.7 166.2 43.1 13.6 106.0 66.3 39.7 26.5 39.8 3.5 244.3 176.2 48.9 13.4 110.7 66.5 39.8 26.7 44.1 3.3 259.0 182.7 51.7 13.2 113.8 66.8 39.9 26.9 47.0 4.0 276.1 188.9 54.2 13.9 116.6 69.2 41.4 27.8 47.5 4.1 110.4 73.5 19.7 2.6 49.9 32.8 19.3 13.5 17.1 1.4 116.1 78.7 21.9 2.8 52.3 33.3 19.6 13.8 19.0 1.6 110.7 74.3 20.2 2.4 50.3 33.0 19.3 13.6 17.3 1.3 116.0 76.1 20.1 2.6 51.8 33.1 19.4 13.6 18.8 1.5 114.4 74.5 19.9 2.8 50.3 33.2 19.5 13.7 17.1 1.5 110.3 78.2 21.7 2.8 52.3 33.3 19.5 13.7 19.1 1.4 116.2 80.6 22.8 2.7 53.4 33.3 19.6 13.8 20.1 1.7 123.7 81.3 23.2 3.0 53.3 33.4 19.6 13.8 19.9 1.8 75.2 2.5 11.0 55.0 31.5 23.5 6.8 78.8 2.6 14.7 55.4 32.6 22.8 6.1 75.7 2.1 12.3 54.4 31.1 23.2 6.8 83.6 2.5 18.9 55.7 32.2 23.5 6.4 ' 83.5 2.8 18.4 56.1 32.4 23.7 6.3 68.2 2.6 4.8 54.7 32.4 22.3 6.0 76.3 2.5 12.8 55.1 32.3 22.7 6.0 87.2 2.5 22.8 55.8 33.2 22.6 6.1 36.8 1.3 4.1 28.4 16.9 11.5 3.1 37.4 1.2 6.6 27.0 16.5 10.5 2.6 36.5 1.1 4.2 28.1 16.8 11.3 3.0 39.9 1.2 7.9 27.9 16.7 11.2 2.8 39.8 1.3 8.1 27.7 16.6 11.1 2.7 32.1 1.3 1.4 26.8 16.5 10.3 2.6 35.5 1.2 5.0 26.8 16.5 10.3 2.6 42.4 1.2 12.0 26.6 16.4 10.2 2.6 368.0 12.0 30.3 282.8 207.4 75.4 42.9 389.8 12.5 32.2 304.4 222.9 81.5 40.8 370.1 12.1 30.7 285.9 209.2 76.7 41.4 375.7 12.2 31.3 290.6 213.0 77.6 41.6 380.4 12.3 31.7 296.1 217.1 79.0 40.3 386.6 12.4 31.8 302.3 221.4 80.8 40.1 392.7 12.5 32.4 306.9 224.7 82.3 40.8 399.6 12.7 32.8 312.2 228.4 83.7 42.0 176.7 6.0 11.4 140.7 106.3 34.4 18.6 175.0 6.0 11.9 139.7 105.6 34.1 17.5 175.7 6.0 11.5 140.4 106.1 34.3 17.9 175.3 5.9 11.6 139.9 106.0 33.9 17.9 174.9 5.9 11.7 140.0 106.0 34.0 17.2 175.0 5.9 11.8 140.0 105.9 34.1 17.2 174.9 5.9 11.9 139.5 105.4 34.1 17.6 175.4 6.0 12.0 139.3 105.3 34.0 18.0 SURVEY OF CURRENT BUSINESS January 1983 13 Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars Billions of 1972 dollars Millions of dollars Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1981 Exports of goods and services Merchandise Durable goods Nondurable goods . . . Services Factor income 1 Other 1981 1982 1981 1982 ' III IV I II III IV 1982 p 1982 1981 III IV I II HI IV P 368.4 349.7 368.3 369.0 359.9 365.8 349.5 323.7 367.3 231.9 134.4 97.4 349.7 209.9 119.9 89.9 367.2 226.3 133.2 93.1 367.9 227.8 130.1 97.8 359.9 221.4 123.9 97.5 365.8 218.9 123.9 95.0 349.5 207.3 121.0 86.3 323.7 191.9 111.0 80.0 158.5 89.8 51.8 38.0 147.5 80.5 43.4 37.0 157.8 87.0 50.3 36.6 156.9 87.6 48.6 39.0 151.7 84.0 45.2 38.8 154.4 83.5 44.8 38.7 147.5 79.8 43.7 36.1 136.4 74.5 40.0 34.5 135.5 86.1 49.4 139.8 86.6 53.2 140.8 89.6 51.3 140.1 89.5 50.6 138.5 85.9 52.6 146.8 93.8 53.0 142.2 88.4 53.8 131.8 78.4 53.4 68.7 44.5 24.2 67.0 42.2 24.9 70.9 45.9 25.0 69.3 44.8 24.5 67.7 42.5 25.1 70.9 45.9 25.0 67.7 42.7 24.9 61.9 37.5 24.4 1.1 1.1 0 0 0 0 368.4 349.7 368.3 369.0 359.9 365.8 349.5 323.7 341.3 260.1 123.7 136.4 333.2 247.2 125.4 121.8 341.3 257.9 126.3 131.7 344.4 263.5 130.5 133.1 328.6 243.9 125.4 118.5 330.9 241.1 127.7 113.4 342.5 256.5 127.4 129.1 330.6 247.2 121.2 126.0 116.4 79.1 51.9 27.2 117.2 79.2 52.0 27.2 118.7 80.3 53.0 27.3 120.4 83.8 55.2 28.6 114.7 76.7 51.6 25.1 118.7 78.6 52.0 26.6 120.0 82.2 53.2 29.1 115.3 79.4 51.3 28.1 Services Factor income 1 Other 81.1 36.9 44.2 86.0 40.9 45.0 83.4 39.9 43.5 80.9 36.1 44.8 84.7 40.0 44.7 89.8 44.3 45.5 86.0 41.8 44.2 83.4 37.6 45.8 37.4 19.1 18.3 38.0 19.9 18.0 38.4 20.4 18.0 36.6 18.1 18.5 38.1 19.8 18.2 40.1 21.7 18.4 37.8 20.2 17.6 35.9 18.0 17.9 From persons (net) 6.3 .6 5.7 7.0 .9 6.1 6.7 .7 6.1 7.3 .7 6.6 6.9 .8 6.0 6.7 .9 5.8 6.4 .8 5.6 7.9 .9 7.0 17.5 17.1 17.1 17.9 17.4 3.1 .1 6.5 10.8 Capital grants received by the United States (net) Imports of goods and services Merchandise Durable goods Nondurable goods overnment to forei Net foreign investment 1-1 16.7 4.1 0 -7.9 17.8 -17.3 16.8 317 Table 4-1-4.2: 1. Equals rest-of-the-world production as shown in tables 1.5-1.6. Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars Billions of dollars Billions of 1972 dollars Seasonally adjusted at annual rates 1981 1982 P Seasonally adjusted at annual rates 1982 1981 III IV I II 1981 III IV P 1982 P 1981 III 1982 IV I II III IV » 231.9 209.9 226.3 227.8 221.4 218.9 207.3 191.9 89.8 80.5 87.0 87.6 84.0 83.5 79.8 Foods, feeds, and beverages . . 38.3 32.2 34.9 35.7 36.0 36.6 29.0 27.2 15.5 14.8 14.6 15.7 15.7 16.4 13.7 13.3 Industrial supplies and materials Durable goods Nondurable goods 65.4 20.4 45.0 61.7 17.1 44.6 63.4 19.0 44.4 67.1 19.4 47.7 66.5 17.9 48.6 63.1 17.6 45.4 59.4 16.5 42.9 58.0 16.4 41.6 22.3 7.0 15.4 21.7 6.0 15.7 21.5 6.5 15.1 22.9 6.6 16.7 22.9 6.1 16.7 21.9 6.1 15.8 21.2 5.9 15.3 20.8 5.9 14.9 Capital goods, except autos 81.7 74.7 80.9 80.8 77.4 77.1 74.2 69.9 32.9 27.6 31.8 31.2 29.0 28.6 27.3 25.5 Autos . 1.9.1 16.8 20.2 16.8 17.3 17.9 17.7 14.4 6.7 5.4 6.9 5.5 5.6 5.7 5.6 4.6 Consumer goods Durable goods Nondurable goods 16.3 7.7 8.6 14.8 6.5 8.2 16.3 7.8 8.5 15.5 7.1 8.4 14.7 6.6 8.1 15.3 6.8 8.5 14.7 6.4 8.2 14.4 6.3 8.1 8.1 3.2 5.0 7.3 2.6 4.7 8.1 3.1 4.9 7.6 2.9 4.7 7.2 2.6 4.5 7.6 2.7 4.8 7.3 2.5 4.8 7.2 2.5 4.7 Other Durable goods Nondurable goods 11.1 5.5 5.5 9.7 4.8 4.8 10.7 5.4 5.4 11.9 5.9 5.9 9.5 4.8 4.8 8.9 4.4 4.4 12.4 6.2 6.2 8.0 4.® 4.0 4.3 2.1 2.1 3.7 1.9 1.9 4.1 2.1 2.1 4.6 2.3 2.3 3.6 1.8 1.8 3.4 1.7 1.7 4.8 2.4 2.4 3.1 1.5 1.5 79.4 Merchandise exports 74.5 Merchandise imports 260.1 247.2 257.9 263.5 243.9 241.1 256.5 247.2 79.1 79.2 80.3 83.8 76.7 78.6 82.2 Foods, feeds and beverages 18.1 17.4 17.8 17.2 14.9 17.2 19.1 18.6 7.0 7.3 7.0 7.2 6.1 7.2 8.1 7.7 Industrial supplies and materials, excluding petroleum Durable goods Nondurable goods 56.3 33.3 23.0 51.2 28.3 23.0 57.8 34.4 23.4 56.8 33.2 23.6 54.1 31.7 22.4 51.2 29.1 22.2 50.6 27.0 23.6 48.9 25.3 23.6 19.0 11.2 7.8 17.8 9.8 8.0 19.5 11.6 7.9 19.4 11.3 8.1 18.3 10.7 7.6 17.7 10.0 7.7 17.9 9.5 8.4 17.5 9.0 8.5 Petroleum and products 77.6 61.5 72.6 72.4 62.6 53.7 65.8 64.0 6.0 5.1 5.7 5.8 5.0 4.5 5.5 5.3 Capital goods except autos 34.6 35.9 35.1 37.3 35.1 36.4 36.6 35.6 18.0 18.5 18.6 20.1 17.9 18.2 19.1 18.6 Autos . . . . 29.7 34.3 30.8 31.4 30.6 35.7 37.3 33.6 10.3 11.0 10.7 10.4 9.8 11.6 11.8 10.6 Consumer goods . .. Durable goods Nondurable goods 38.7 23.5 15.1 39.8 23.5 16.4 38.7 23.4 15.3 41.9 25.3 16.7 40.5 24.9 15.6 38.2 22.2 16.0 40.6 23.3 17.3 40.0 23.4 16.6 16.7 11.3 5.4 16.8 11.4 5.4 16.8 11.1 5.6 18.3 12.1 6.2 17.1 11.9 5.1 16.0 10.5 5.5 17.1 11.4 5.7 17.0 11.8 5.2 5.2 2.6 2.6 7.0 3.5 3.5 5.1 2.5 2.5 6.5 3.3 3.3 6.0 3.0 3.0 8.8 4.4 4.4 6.5 3.3 3.2 6.5 3.3 3.2 2.1 1.0 1.0 2.8 1.4 1.4 2.0 1.0 1.0 2.7 1.3 1.3 2.4 1.2 1.2 3.5 1.7 1.7 2.6 1.3 1.3 2.6 1.3 1.3 44.3 187.6 182.6 37.8 172.0 185.7 39.8 186.6 185.3 42.4 185.5 191.2 42.0 179.4 181.3 42.6 176.3 187.5 33.9 173.3 190.7 32.7 159.1 183.2 18.0 71.8 73.1 17.3 63.1 74.1 16.6 70.4 74.5 18.5 69.1 78.0 18.4 65.5 71.6 19.2 64.3 74.1 15.9 63.9 76.7 15.8 58.7 74.1 Other . Durable goods Nondurable goods Addenda: Exports: Agricultural products Nonagricultural products Imports of nonpetroleum products 14 SURVEY OF CURRENT BUSINESS Table 5.1.—Gross Saving and Investment January 1983 Table 5.10-5.11.—Inventories and Final Sales of Business in Current and Constant Dollars Billions of dollars Billions of dollars Seasonally adjusted at annual rates 1981 1982" 1981 III Gross saving . . Seasonally adjusted quarterly totals 1982 IV I II IV p III 477.5 413.9 490.0 476.3 428.8 441.5 422.4 Gross private saving. 504.7 Personal saving 130.2 Undistributed corporate profits with IVA and CCAdj 44.4 Undistributed profits 85.8 IVA -24.6 CCAdj -16.8 529.9 141.1 513.4 134.4 547.7 158.6 519.4 139.1 529.0 144.3 546.1 152.0 128.9 32.1 43.9 44.3 46.3 84.0 76.9 -9.4 -23.0 -17.1 -4.9 -17.1 15 5 31.6 46.1 -4.4 10 1 30.7 47.0 -9.4 69 34.8 48.8 -10.3 38 134 1.2 Capital consumption allowances with CCAdj: Corporate Noncorporate Wage accruals less disbursements Government surplus or deficit (-), NIPA's Federal State and local 206.2 123.9 225.1 131.6 209.7 125.5 216.0 128.7 218.9 129.8 223.4 130.5 227.5 131.9 230.7 134.3 0 0 0 0 0 0 0 0 -28.2 — nai —24.5 — 72.5 60.0 -147.9 580 10L7 31.7 31.9 33.5 29.1 Capital grants received by the United States (net) Gross investment Gross private domestic investment 1.1 0 1.1 1.1 — 90.7 -87.5 — 123.7 1184 -119.6 -156.0 27.7 32.3 32.1 0 0 0 0 475.6 414.0 489.1 469.0 421.3 422.3 426.0 366.3 471.5 4.1 421.9 79 486.0 468.9 .1 3.1 414.8 6.5 431.5 10.8 443.3 17 3 397.9 31 7 19 .1 75 .8 3.6 Statistical discrepancy g 72 1981 1982 III IV P 812.5 86.4 726.1 413.0 313.1 816.0 83.5 732.5 419.2 313.4 806.1 80.6 725.5 412.6 312.9 358.1 231.4 126.7 352.7 229.9 122.7 351.3 229.5 121.8 346.9 226.3 120.6 163.0 103.0 60.0 130.8 86.9 43.9 32.2 16.1 16.1 158.4 101.5 56.9 128.5 85.9 42.6 29.9 15.6 14.3 160.8 102.0 58.8 131.7 86.5 45.2 29.1 15.5 13.6 161.9 104.0 57.9 132.5 88.6 43.9 29.4 15.4 14.0 162.1 103.7 58.4 132.3 88.5 43.8 29.8 15.2 14.6 139.1 63.6 75.5 69.1 140.7 64.1 76.6 70.5 137.6 61.8 75.8 71.1 140.2 63.3 77.0 72.4 145.6 67.8 77.7 73.7 141.8 64.9 76.9 74.8 208.5 130.6 210.4 130.7 213.8 132.2 215.5 132.1 217.1 131.2 221.5 133.5 3.91 3.51 3.91 3.52 3.79 3.39 3.77 3.37 3.76 3.37 3.64 3.28 5.61 5.67 5.48 5.50 5.58 5.43 III IV Inventories 1 Farm Nonfarm Durable goods Nondurable goods 814.3 81.5 732.8 418.5 314.2 822.4 81.8 740.5 421.8 318.8 809.7 84.5 725.2 412.3 312.9 Manufacturing Durable goods Nondurable goods 365.1 235.8 129.3 366.4 236.8 129.6 Wholesale trade Durable goods . . Nondurable goods Merchant wholesalers Durable goods . . Nondurable goods Nonmerchant wholesalers Durable goods Nondurable goods 159.5 100.7 58.8 127.4 84.6 42.8 32.1 16.2 16.0 Retail trade Durable goods . . Nondurable goods Other . .... ... Final sales 2 Final sales of goods and structures Ratio: Inventories to final sales Nonfarm inventories to final sales Nonfarm inventories to final sales of goods and structures I II Billions of 1972 dollars Table 5.8-5.9.—Change in Business Inventories by Industry in Current and Constant Dollars Billions of dollars Seasonally adjusted at annual rates 1981 Change in business inventories 20.5 -21.4 1982 1981 1982 P I III IV 31.8 13.2 -35.6 III II 16.2 1.2 .4 7.2 7.2 .2 5.5 6.0 -36.0 -15.0 24.6 15.0 -21.6 46 305 26.6 48.9 43.5 -11.1 -28.6 -10.4 -24.3 -20.5 -5.6 -10.4 Farm Nonfarm . IVA1 6.0 -18.0 4.4 -12.6 1.7 -5.5 2.8 -2.4 2.7 -1.8 .1 -.7 -.3 3.0 -.6 2.8 .3 .3 21 -.2 0 -1.1 -.2 -1.0 6.5 -1.5 2.6 -1.0 3.8 -.5 .4 -.3 -1.0 -.2 .6 .7 Manufacturing Durable goods Nondurable goods Wholesale trade Durable goods Merchant wholesalers Durable goods Nondurable goods Durable goods Retail trade Durable goods Nondurable goods Other Nondurable goods 15.1 15.4 -.3 1.6 2.8 44 .6 1.7 -1.0 22 1.1 —3.3 11.6 4.3 7.3 -.5 27 2.2 4.7 IV P 38.5 .5 1.0 3.7 -39.0 14.8 -24.3 11.1 -14.7 8.7 -17.8 -21.0 -12.6 -20.6 -7.2 9.1 -8.5 -17.9 14.8 2.8 -1.4 -3.0 -11.9 -4.2 2.1 -1.7 2.4 12.5 10.4 3.8 -3.6 -.7 5.3 -6.6 1.8 1.7 3.1 5.1 -5.8 7.6 1.7 -2.3 10.9 -8.1 4.6 -2.2 0 6.3 -5.1 -.2 7.5 -3.0 4.6 -3.1 .6 .4 -.5 -4.3 -5.1 -.8 -1.4 -.7 1.0 1.5 2.0 1.3 28 44 .5 15.8 15.5 2.9 1.7 -8.7 14.8 -13.3 -8.6 3.2 -1.0 .7 -2.5 .3 0 2.7 -.8 .7 -1.3 2.7 2.9 .1 .1 -.8 0 -2.7 -.9 .7 -1.2 5.4 3.7 Billions of 1972 dollars Change in business tories inven- Farm Nonfarm ... Change in book value IVA 1 Durable goods Wholesale trade Durable goods Nondurable goods Merchant wholesalers Durable goods Nondurable goods Durable goods Nondurable goods Retail trade. . . Durable goods Nondurable goods Other Durable goods . Nondurable goods . . .... 9.0 -8.5 16.5 4.8 -15.4 2.1 6.8 .1 -8.6 3.0 13.6 3.2 1.6 .2 15.6 2.6 1.9 .7 1.5 1.2 .3 1.5 1.2 .3 0 0 0 3.1 1.2 1.8 -.2 -.5 .2 -7.4 53 -2.1 8 -.6 -.2 -.1 — 2 7.6 6.5 1.0 1.1 1.4 3 1.0 .9 0 .1 .5 3 5.5 1.9 3.5 -.6 -1.2 .7 36 -3.1 5 4.5 2.3 2.2 4.8 2.7 2.1 3 -.4 .1 .6 4 1.0 .2 -1.2 1.4 81 -6.5 16 -4.5 -2.7 -1.9 -3.4 20 -1.4 11 !i -.7 -.5 2 -.7 5 -.2 .3 _\ !3 -.7 5 -4.0 42 .2 1.0 -.3 1.4 -4.4 -.6 3.8 3.4 'A 17.7 .5 .3 2.9 -17.9 7 3 -5.0 -3.7 -3.6 37 -1.4 1.1 1.8 -.4 1.7 -.6 2.2 1.3 2.8 1 2.0 -.7 2.9 -.3 10 -.4 -.3 -.7 .1 1.3 7.1 1.4 6.8 _i .3 -.3 0 0 .4 — 2 Inventories * Farm ... Nonfarm Durable goods Nondurable goods -9.2 -7.5 -1.7 -1.6 1.2 -.3 -1.1 -.7 -.4 -.5 -.6 .1 -7.0 -6.0 -1.0 -.1 0 -.2 .. Manufacturing Durable goods Nondurable goods Wholesale trade Durable goods Nondurable goods Merchant wholesalers Durable goods . . Nondurable goods Nonmerchant wholesalers Durable goods ... Nondurable goods Retail trade Durable goods Nondurable goods Other . ... . .. . . Final sales 2 Final sales of goods and structures Ratio* Inventories to final sales Nonfarm inventories to final sales Nonfarm inventories to final sales of goods and structures 346.4 347.6 343.7 342.6 343.5 339.1 42.4 304.0 185.1 118.9 43.2 304.4 184.5 119.9 43.3 300.5 181.0 119.4 43.1 299.5 180.4 119.1 43.3 300.2 181.6 118.6 43.3 295.7 177.9 117.8 149.4 102.5 46.8 148.4 101.8 46.7 146.4 100.1 46.3 144.6 99.2 45.4 143.3 98.3 45.0 141.0 96.4 44.6 65.4 43.9 21.4 54.1 36.7 17.4 11.2 7.2 4.1 66.5 44.5 22.0 55.3 37.4 17.9 11.1 7.1 4.1 65.3 43.8 21.5 54.5 36.9 17.6 10.9 6.9 4.0 65.8 43.7 22.1 55.2 36.9 18.3 10.6 6.8 3.8 66.1 44.1 21.9 55.5 37.4 18.1 10.5 6.7 3.8 65.7 43.8 21.8 55.2 37.2 18.0 10.4 6.6 3.8 65.9 30.4 35.5 23.3 66.1 30.3 35.7 23.4 65.1 29.3 35.8 23.6 65.4 29.7 35.7 23.7 67.2 31.3 35.8 23.7 65.4 29.8 35.6 23.6 105.5 66.4 104.6 65.6 105.0 65.8 104.6 65.0 104.3 64.5 105.5 65.6 3.28 2.88 3.32 2.91 3.27 2.86 3.28 2.86 3.29 2.88 3.21 2.80 4.58 4.64 4.57 4.60 4.65 4.51 Table 5.10-5.11: 1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GNP. The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices. The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition, changes calculated from this table are at quarter rates, whereas CBI is stated at annual rates. Quarter-to-quarter changes calculated from the constant-dollar inventories shown in this table are at quarterly rates, whereas the constant-dollar change in business inventories component of GNP is stated at annual rates. 2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of households and institutions, government, and rest-of-the-world and includes a small amount of final sales by farms. Table 5.8-5.9: 1. The IVA shown in this table differs from that which adjusts business income. The IVA in this table reflects the mix of methods (first-in-first-out, last-in-first-out, etc.) underlying book value inventories derived primarily from Census Bureau Statistics. The mix differs from that underlying business income derived primarily from Internal Revenue Service statistics. January 1983 SURVEY OF CURRENT BUSINESS Table 6.4.—National Income Without Capital Consumption Adjustment by Industry 15 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 III I IV III III II 2,410.6 2,478.9 2,446.0 2,462.1 2,447.6 2,470.1 2,495.8 Domestic industries 2,361.4 2,433.2 2,396.3 2,408.8 2,401.7 2,420.6 2,449.3 Private industries 2,025.4 2,072.3 2,059.0 2,060.9 2,048.6 2,062.6 2,086.6 Agriculture, forestry, M' ' 0 Construction 68.7 44.9 113.4 68.1 44.9 113.2 72.7 47.0 112.8 71.6 49.0 113.4 66.1 49.3 112.9 66.6 45.5 112.8 66.5 42.9 112.9 Durable goods Nondurable goods 580.8 344.8 236.0 555.6 321.9 233.8 595.4 349.3 246.1 573.1 336.7 236.4 555.2 323.1 232.1 556.0 326.8 229.1 560.4 324.1 236.3 190.9 87.0 55.3 200.0 86.0 59.9 193.9 87.6 56.8 197.7 86.5 58.3 198.5 85.3 59.3 200.2 87.1 59.2 201.0 86.9 60.1 48.6 54.1 49.6 52.8 53.8 53.9 54.0 Transportation and public utilities Communication Electric, gas, and sanitary services Wholesale trade Retail trade Finance, insurance, and real estate Services... 155.8 197.5 165.0 207.1 156.0 201.6 162.9 199.1 157.3 203.6 154.6 205.7 155.4 209.1 324.2 349.4 347.9 380.4 326.2 353.4 331.5 362.7 336.4 369.3 345.0 376.1 352.7 385.6 Government and government enterprises 336.0 360.9 337.3 347.9 353.2 358.0 362.7 49.2 45.7 49.7 53.3 45.8 49.5 46.6 Rest of the world . IV 194.5 167.5 202.7 196.3 206.0 174.9 208.9 213.3 196.4 169.7 204.2 198.6 199.8 171.3 205.6 203.6 202.2 173.0 206.8 207.4 204.0 174.0 207.1 210.6 207.7 176.1 210.0 215.3 210.2 176.3 211.4 219.8 Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment .. Residential Nonfarm structures Farm structures . . . . Producers' durable equipment .. Change in business inventories 208.0 201.3 251.5 179.8 233.6 237.1 236.9 159.4 215.8 210.1 266.4 183.4 239.3 242.8 242.6 168.3 209.4 203.0 252.7 181.4 235.8 239.4 237.9 161.3 212.9 206.8 261.9 182.5 239.2 243.3 242.7 162.8 213.6 207.6 264.5 181.9 240.5 244.3 243.8 165.7 216.6 211.3 267.6 184.6 238.6 242.1 242.0 168.1 216.2 210.7 266.7 183.8 238.8 242.3 241.9 169.4 216.8 210.9 266.7 183.5 239.4 242.7 242.9 170.0 237.1 232.6 284.3 287.7 234.5 286.1 237.3 286.4 236.8 278.8 236.9 285.4 237.4 286.7 209.5 207.8 207.9 207.4 210.7 215.0 216.0 219.5 209.4 214.3 217.8 218.3 223.0 209.6 217.5 221.1 221.6 225.2 212.6 220.9 223.9 223.0 226.5 214.9 224.5 226.0 223.3 232.4 205.9 227.9 Net exports of goods and services Exports Imports 231.8 ... 293.1 Government purchases of goods and services Federal National defense Nondefense State and local 207.9 207.4 209.0 204.2 208.2 222.3 221.6 226.9 210.4 222.7 Table 7.2.—Fixed-Weighted Price Indexes, 1972 Weights, for Gross National Product Fixed-weighted price indexes, 1972=100 Corporate profits with IVA and CCAdj . . . . I II III 161.1 193.1 183.9 157.1 155.4 166.2 167.8 22.2 145.6 22.8 144.7 22.8 121.9 16.4 172.2 20.3 151.8 21.0 158.3 20.1 138.2 25.7 140.2 19.9 120.3 16.9 137.2 22.4 114.8 18.2 149.9 24.7 125.3 16.3 207.5 166.0 210.3 199.4 167.2 162.2 170.0 184.6 149.6 189.3 173.7 150.3 144.1 153.7 Financial Federal Reserve Banks... Other 22.7 14.5 8.1 22.5 15.7 6.8 20.8 15.2 5.5 20.4 15.6 4.8 20.0 16.1 3.9 22.2 16.0 6.2 24.2 15.8 8.4 Nonfinancial Manufacturing Durable goods .... Primary metal industries Fabricated metal products Machinery, except electrical Electric and electronic equipment .. Motor vehicles and equipment Other 162.0 86.3 28.4 127.1 59.8 11.4 168.5 92.2 27.4 153.3 73.7 18.9 130.4 57.7 9.1 121.9 56.6 12.7 129.5 62.7 12.2 -3.1 -6.5 -5.4 Corporate with IVA profits Domestic industries Nondurable goods Food and kindred products Chemicals and allied products Petroleum and coal products Other Transportation and public utilities Wholesale and retail trade Other Rest of the world 4.1 4.1 .7 4.4 5.4 3.4 4.4 3.8 9.3 5.1 9.6 9.9 8.3 4.8 3.7 5.1 3.5 4.8 4.3 3.6 3.7 3.2 -1.1 6.2 1.1 2.3 -2.8 6.3 -1.8 2.4 3.3 3.5 3.2 2.7 57.9 48.4 64.8 54.7 48.6 43.9 50.5 8.7 6.5 7.7 8.1 6.7 6.3 7.0 8.2 5.7 8.0 7.8 6.5 5.8 5.1 4.9 26.6 14.4 -5.1 24.4 11.7 35.1 14.1 24.7 14.1 -4.1 0 25.4 10.0 20.4 11.4 4.7 25.9 12.5 19.1 18.7 19.6 21.2 18.8 18.5 19.2 33.4 23.1 28.1 20.6 33.0 23.7 35.7 22.7 31.9 21.9 26.8 20.0 27.4 20.3 22.8 16.4 21.0 25.7 16.9 18.2 16.3 1981 1982" IV P Gross national product 190.6 Domestic industries Financial Nonfinancial Rest of the world Seasonally adjusted 1981 1982 1981 IV IV * 195.51 207.23 197.36 201.55 203.68 205.98 i08.51 210.73 Billions of dollars III III Personal consumption expenditures Durable goods Nondurable goods Services Seasonally adjusted at annual rates 1982 P II 40.8 Table 6.20.—Corporate Profits by Industry 1981 I IV P Gross national product National income without CCAdj 1982 1981 1982" 1982 1981 1982" 1981 1982 III IV I II III IV P 202.0 214.6 204.2 208.4 210.8 213.0 216.0 218.8 Personal consumption expenditures Durable goods Nondurable goods Services . ... 202.1 172.9 212.8 202.1 213.8 181.4 218.8 220.3 203.9 175.1 214.0 204.5 207.5 177.4 215.9 209.9 209.9 179.0 217.2 213.8 211.6 181.0 216.4 217.6 215.4 182.6 219.7 222.6 218.4 182.9 221.9 227.3 Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment .. Residential , Change in business inventories 220.9 213.5 237.3 199.8 235.0 231.1 225.7 248.9 212.3 241.3 223.2 215.6 239.4 201.9 237.5 226.8 219.3 243.0 205.6 241.2 229.2 222.0 245.7 208.4 242.7 230.4 225.0 248.6 211.5 240.7 232.0 227.4 250.0 214.5 240.7 233.0 228.7 251.3 215.7 241.1 Net exports of goods and services Exports Imports 239.3 , 319.0 245.7 315.5 241.1 316.3 242.5 314.0 245.6 319.1 246.3 313.6 245.2 313.6 245.5 315.3 Government purchases of goods and services Federal National defense Nondefense State and local 212.2 214.7 219.7 201.7 210.6 226.2 230.1 236.4 214.0 223.6 213.6 214.5 219.6 201.6 212.9 219.3 223.9 230.1 207.9 216.1 222.4 227.1 233.4 211.0 219.2 224.5 227.2 228.4 230.1 234.6 236.3 212.6 214.2 221.9 225.2 231.0 234.9 241.4 218.2 228.3 Addenda: Gross domestic purchases1 207.2 Final sales 202.0 Final 1 sales to domestic purchasers 207.2 219.1 214.7 209.0 204.2 213.0 208.4 215.6 210.9 217.3 213.0 220.4 216.1 223.3 218.9 219.2 209.0 213.0 215.6 217.4 220.5 223.4 Personal consumption expenditures, food 208.8 Personal consumption expenditures, energy 359.6 Other personal consumption expenditures 185.5 217.5 210.6 211.7 215.3 217.3 218.4 218.8 362.3 360.4 366.1 361.9 348.9 364.1 374.5 199.1 187.6 191.6 194.3 197.3 200.8 203.9 Gross domestic product Business Nonfarm 214.7 215.4 204.2 205.7 208.5 209.4 210.9 211.8 213.0 213.8 216.1 216.8 218.9 219.4 202.1 203.4 203.3 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. 16 January 1983 SURVEY OF CURRENT BUSINESS Table 7.3.—Implicit Price Deflators for Gross National Product by Major Type of Product Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross Domestic Product of Nonfinancial Corporate Business Index numbers, 1972=100 Dollars Seasonally adjusted Seasonally adjusted 1981 1982 ' 1981 III Gross national product 1982 IV I II 1981 1982" III 195.3 207.5 197.4 201.3 204.0 206.5 208.7 210.8 187.0 193.7 188.9 191.5 191.8 193.5 194.8 194.7 Final sales Change in business inventories 186.4 194.4 188.8 190.9 192.7 194.6 195.1 195.3 Durable goods Final sales Change in business inventories. .. Nondurable goods... . Final sales Change in business inventories 180.2 179.5 185.6 186.8 183.1 181.8 183.5 183.9 182.0 184.2 185.8 186.5 188.6 188.3 185.8 188.6 192.0 191.5 199.2 199.7 193.2 194.0 197.0 195.8 198.3 198.7 198.8 200.4 199.1 199.7 200.4 199.9 Services 196.1 212.8 198.2 203.5 207.2 210.3 214.5 218.9 Structures 241.8 251.9 243.7 249.7 251.8 252.5 251.9 251.7 Addenda: Gross domestic purchases 1 199.3 Final 1 sales to domestic purchasers 199.2 210.4 200.9 205.0 206.7 208.7 212.0 214.3 210.7 200.9 204.8 207.0 209.2 212.1 214.3 Goods III IV * 195.51 207.23 197.36 201.55 203.68 205.98 208.51 210.73 Final sales Change in business inventories 1981 1982 IV I II III IV p Current-dollar cost and profit per unit of constant-dollar gross do1.966 2.078 1.987 2.030 2.045 2.064 2.088 mestic product 1 Capital consumption allowances with CCAdj... Net domestic product . . ... Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Corporate profits with IVA and CCAdj Profits tax liability Profits after tax with IVA and CCAdj... Net interest .222 .250 .224 .236 .242 .247 .251 1.743 1.828 1.763 1.795 1.803 1.817 1.837 .202 1.541 1.305 .165 .072 .093 .071 .213 .203 .208 .205 .211 .214 1.616 1.560 1.586 1.598 1.606 1.623 1.389 1.315 1.349 1.376 1.388 1.392 .142 .047 .095 .085 .171 .074 .097 .074 .159 .063 .096 .078 .140 .045 .095 .082 .134 .043 .091 .085 .146 .049 .097 .085 Table 7.8.—Implicit Price Deflators for Auto Output Index numbers, 1972=100 Seasonally adjusted 1981 1982 P Table 7.4.—Implicit Price Deflators for Gross National Product by Sector Gross national product . .. 195.51 207.23 197.36 201.55 203.68 205.98 208.51 210.73 Gross domestic product Business . . Nonfarm Nonfarm less housing Housing Farm Statistical discrepancy 195.5 1956 1955 198.0 1748 197.4 1956 207.3 197.4 2066 1976 2072 1977 209.6 200.2 1880 1765 189.0 195.8 2066 1976 201.6 2014 2020 204.6 1804 185.5 2014 203.7 203.3 2037 206.2 1835 191.1 2033 206.0 205.5 2058 208.2 185.9 197.1 205.5 208.5 207.9 2084 210.7 189.6 193.5 207.9 210.8 209.8 211.0 213.3 193.1 175.7 209.8 Households and institutions . . Private households Nonprofit institutions 2055 212.1 2050 2220 231.2 2213 2078 214.2 2073 2119 218.4 2114 2161 219.8 232.7 229.4 2150 219.1 224.8 231.8 224.3 227.1 230.9 226.8 Government Federal . State and local 1921 1857 195.0 207.6 2003 211.0 192.6 1828 197.2 199.6 1967 200.9 202.8 1982 204.9 205.7 198.6 209.0 208.7 199.0 213.2 213.2 205.4 217.0 193.6 205.6 195.4 199.5 201.8 204.3 206.9 209.3 Addendum: Gross domestic business product 1974 less housing 2089 Rest of the world 195.51 207.23 197.36 201.55 203.68 205.98 208.51 210.73 2207 2144 2185 2189 220 1 2216 222.1 Equals: Net national product 205.6 195.4 199.5 201.8 204.3 206.9 209.3 Less: Indirect business tax and nontax liability plus business transfer payments less subsidies plus current surplus of government enterprises 174.7 Statistical discrepancy Equals: National income ... 179.7 175.8 178.0 175.6 180.4 183.7 195.6 206.6 197.6 201.4 203.3 205.5 207.9 195.9 208.8 197.8 202.2 205.1 207.3 209.8 179.0 Table 7.7: 1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. Table 7.8: 1. Consists of final sales and change in business inventories of new autos produced in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases. Final sales Personal consumption expenditures Producers' durable equipment Net exports Exports Imports Government purchases Change in business inventories I II III IV p 166.8 174.8 172.7 169.7 171.0 176.0 178.0 173.2 166.5 186.8 170.9 174.8 170.1 171.3 172.2 174.3 177.9 175.0 198.3 185.6 195.0 194.9 196.9 203.0 198.5 177.7 173.8 175.4 175.5 177.0 179.5 178.8 142.8 171.4 141.5 143.3 142.6 140.7 144.4 143.6 137.3 178.0 174.0 175.6 175.8 177.2 179.8 178.9 172.8 181.0 174.9 180.2 178.8 180.0 182.8 182.5 232.1 230.9 232.9 234.6 232.9 227.5 226.9 237.5 144.1 144.3 146.6 143.2 143.0 144.6 146.2 143.8 171.3 171.1 177.9 173.9 175.7 175.2 177.2 180.2 178.1 177.8 173.8 175.5 175.6 177.1 179.5 178.8 208.6 213.1 211.3 215.3 211.5 210.9 217.0 213.5 209.4 213.4 211.2 217.8 211.7 212.1 216.2 214.1 171.2 177.7 173.8 175.4 175.6 177.0 179.6 178.8 221.7 2353 224.8 231.4 231 1 2340 2400 2373 2197 2356 2242 2289 231 1 2334 2399 2405 195.5 210.0 201.6 201.6 201.9 210.4 215.8 212.4 221.8 236.4 224.7 231.4 231.0 234.0 240.0 240.9 Table 7.11.—Implicit Price Deflators for Personal Consumption Expenditures by Major Type of Product Personal consumption expenditures Table 7.3: 1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports. Table 7.9: 1. Includes new trucks only. Addenda: Domestic output of new autos2 * Sales of imported new autos IV Table 7.9.—Implicit Price Deflators for Truck Output Less: Capital consumption allowances with CCAdj 2121 193.6 Auto output Truck output 1 Table 7.5.—Implicit Price Deflators for the Relation of Gross National Product, Net National Product, and National Income Gross national product III Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos Net purchases of used autos . . . . Net exports Exports Imports . Government purchases Change in business inventories 1982 1981 194.5 206.0 196.4 199.8 202.2 204.0 207.7 210.2 Durable goods Motor vehicles and parts Furniture and household equipment Other 167.5 1818 151.7 1756 174.9 1907 157.0 1823 169.7 1852 152.9 1760 171.3 1880 154.4 1790 173.0 1880 155.7 1812 174.0 1898 156.8 1807 176.1 1938 157.4 1826 176.3 191 1 1582 1845 Nondurable goods Food Clothing and shoes Gasoline and oil Other nondurable goods. Fuel oil and coal Other 202.7 2069 138.5 3767 203.8 5716 1854 208.9 2160 141.1 3536 216.5 5659 2003 204.2 2089 139.5 3731 2055 5746 1870 205.6 210.1 139.7 3785 208.5 5807 1907 206.8 213.4 140.2 3639 210.7 5685 194.6 207.1 2158 140.8 3359 214.1 544 1 1985 210.0 217.1 141.7 3556 218.2 5624 2014 211.4 2175 141.8 3596 2229 5900 2067 Services Housing Household operation Electricity and gas Other Transportation Other 196.3 181.6 2032 270.9 160.1 201.9 205.8 213.3 196.3 2253 305.5 175.1 216.3 223.5 198.6 183.4 2073 277.7 162.4 204.0 208.0 203.6 187.8 2126 282.9 167.5 207.3 213.7 207.4 191.1 2191 293.4 170.3 209.7 217.2 210.6 193.9 2219 300.9 173.4 213.7 220.6 215.3 198.1 227 6 309.0 177.3 218.4 225.6 2198 201.8 2325 3192 179.4 2230 230.5 SURVEY OF CURRENT BUSINESS January 1983 Table 7.14B.—Implicit Price Deflators for Government Purchases of Goods and Services by Type 17 Table 7.17.—Implicit Price Deflators for Merchandise Exports and Imports by Type of Product and by End-Use Category Index numbers, 1972=100 Index numbers, 1972=100 Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1981 Government purchases of goods and services 1981 1982 P 1981 1982 III IV I II 217.8 221.1 III IVP 223.9 226.0 207.9 222.3 209.5 215.0 207.4 221.6 207.8 216.0 218.3 221.6 223.0 223.3 National defense Durable goods Nondurable goods Services Compensation of employees Military Civilian Other services Structures 209.0 203.5 486.9 196.5 226.9 226.0 476.4 213.5 207.9 205.6 488.8 194.9 219.5 212.6 503.0 207.5 223.0 216.4 479.5 210.8 225.2 225.4 472.2 211.5 226.5 227.0 484.4 213.0 232.4 233.9 469.9 218.6 185.3 184.8 186.0 217.9 221.5 201.7 205.6 196.3 234.2 232.3 181.5 179.3 184.7 220.3 224.2 198.5 203.1 192.0 223.4 227.5 199.6 203.5 194.0 232.7 231.4 200.0 203.6 194.8 231.7 235.4 200.4 203.8 195.5 233.9 233.8 207.0 211.3 201.0 238.1 229.1 Nondefense Durable goods . Nondurable goods Services Compensation of employees Other services Structures 204.2 194.0 210.4 211.2 207.4 196.7 209.4 202.9 209.6 206.3 212.6 209.8 214.9 213.7 205.9 215.9 Federal State and local.. . Durable goods Nondurable goods Services Compensation of employeesOther services Structures 193.3 205.4 193.3 199.5 202.6 203.9 205.4 209.6 186.5 203.4 222.6 197.4 217.9 232.0 185.3 205.1 224.5 193.1 209.0 227.8 195.3 213.4 230.5 196.0 216.7 231.8 196.4 219.9 232.6 202.0 222.0 233.2 208.2 200.5 265.3 183.8 195.0 219.5 230.3 222.7 209.5 271.5 217.9 211.0 239.0 232.8 210.7 202.6 267.7 203.7 197.2 223.9 231.7 214.3 206.0 269.5 207.7 200.9 229.0 232.3 217.5 206.5 270.5 211.6 204.9 232.3 233.6 220.9 208.4 269.6 215.8 209.0 236.9 232.8 224.5 210.9 272.3 220.0 213.2 241.1 232.1 227.9 212.4 273.4 224.0 217.0 245.9 232.6 Table 7.16.—Implicit Price Deflators for Exports and Imports of Goods and Services Index numbers, 1972=100 Seasonally adjusted at annual rates 1981 1981 1982" III IV I II III IVp Merchandise exports 258.3 260.8 260.2 260.2 263.6 262.0 259.7 257.5 Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods 246.9 217.8 239.1 228.0 228.6 223.3 212.2 204.1 293.2 293.2 293.2 284.6 284.6 284.6 294.2 294.2 294.2 292.6 292.5 292.6 291.0 291.0 291.0 287.8 287.8 287.8 280.7 280.8 280.7 278.3 278.3 278.3 Capital goods except autos Autos Consumer goods Durable goods Nondurable goods Other Durable goods Nondurable goods 248.4 286.4 200.7 244.1 173.1 258.3 258.3 258.3 270.5 312.6 202.3 252.0 174.9 260.8 260.8 260.8 254.3 294.3 202.1 248.4 172.5 260.0 260.0 260.0 258.6 303.4 204.2 248.3 177.4 260.0 260.0 260.0 266.6 308.7 205.6 249.8 179.8 263.4 263.4 263.4 269.7 315.0 202.9 249.3 176.5 262.1 262.3 262.0 271.9 313.6 200.3 254.2 171.8 259.8 259.8 259.8 274.4 313.3 200.4 255.3 171.8 257.8 257.8 257.8 Merchandise imports 329.0 312.0 321.4 314.3 318.1 306.7 312.0 311.4 235.2 240.4 Foods, feeds, and beverages Industrial supplies and materials, excluding petroleum Durable goods Nondurable goods Petroleum and products 259.3 239.3 254.4 238.2 243.4 239.4 296.8 287.3 296.4 293.5 296.1 290.1 282.7 279.9 296.9 288.8 297.0 293.7 296.6 290.4 284.4 282.4 296.7 285.5 295.7 293.2 295.5 289.7 280.9 277.3 1,297.1 1,206.5 1,267.9 1,246.8 1,248.2 1,181.0 1,195.7 1,200.3 Capital goods except autos Autos Consumer goods . . Durable goods Nondurable goods . . Other Durable goods Nondurable goods 191.9 288.0 231.3 208.3 279.3 249.2 249.2 249.2 194.6 312.7 237.1 205.8 303.2 250.2 250.0 250.4 189.3 288.2 231.0 210.5 271.4 248.4 248.2 248.6 185.4 303.3 228.8 209.1 266.9 244.8 244.9 244.6 195.5 311.0 237.4 209.0 303.2 252.5 252.5 252.5 200.0 307.7 239.0 211.5 291.6 252.9 252.8 253.1 191.5 315.5 236.9 204.1 302.2 248.1 247.9 248.3 191.5 316.6 235.2 199.0 316.3 246.6 246.4 246.8 Addenda: Exports: Agricultural products Nonagricultural products Imports of nonpetroleum products 246.3 261.3 218.1 272.5 239.3 265.2 229.1 268.5 227.8 273.7 222.0 274.0 212.8 271.4 207.4 271.0 249.8 250.5 248.6 245.0 253.0 253.1 248.6 247.4 1982 III IV I II III IVP Exports of goods and services 231.8 237.1 232.6 234.5 237.3 236.8 236.9 237.4 Merchandise Durable goods Nondurable goods 258.3 259.5 256.6 260.8 276.2 242.8 260.2 264.7 254.0 260.2 267.8 250.7 263.6 274.0 251.4 262.0 276.4 245.5 259.7 276.8 238.9 257.5 277.6 234.2 Table 7.21.—Implicit Price Deflators for Inventories and Final Sales of Business Index numbers, 1972=100 Seasonally adjusted at annual rates 1981 197.3 193.7 203.8 208.7 205.4 214.1 198.8 195.4 205.0 202.1 199.5 206.6 204.7 201.8 209.5 207.2 204.3 212.5 210.1 206.9 215.7 213.1 209.3 218.9 Imports of goods and services 293.1 284.3 287.7 286.1 286.4 278.8 285.4 286.7 Inventories Merchandise . . Durable goods Nondurable goods 329.0 238.4 501.9 312.0 241.2 447.4 321.4 238.4 482.3 314.3 236.4 464.6 318.1 242.9 473.0 306.7 245.5 426.4 312.0 239.7 444.1 311.4 236.4 447.9 Services Factor income Other 217.1 193.6 241.7 226.4 205.5 249.6 217.2 195.4 242.0 221.3 199.5 242.5 222.5 201.8 245.0 224.1 204.2 247.5 227.5 206.9 251.2 232.1 209.3 255.0 Farm. Nonfarm Durable goods Nondurable goods Services Factor income . Other 1982 1981 1982" 1982" 1982 1981 III IVP 237.1 237.6 237.7 200.4 242.4 229.0 262.8 193.1 244.0 230.8 264.1 186.0 245.3 231.9 265.5 243.9 231.7 270.6 245.1 233.5 270.6 246.0 234.6 270.5 242.4 231.7 264.3 235.9 232.8 242.4 275.3 225.9 361.1 244.4 233.3 266.2 238.6 234.4 247.1 274.2 227.3 358.4 245.1 235.7 264.1 238.7 236.9 242.4 278.9 229.0 366.9 246.8 236.5 267.4 239.5 237.7 243.4 285.4 230.2 379.9 211.5 210.9 211.9 300.9 214.4 213.4 215.3 305.2 216.7 216.5 216.9 311.6 216.7 217.4 216.1 316.6 I II III IV 235.1 236.6 235.6 192.1 241.1 226.1 264.3 189.3 243.3 228.6 265.9 195.3 241.4 227.7 262.0 Manufacturing Durable goods Nondurable goods. 244.4 229.9 276.2 246.8 232.6 277.7 244.6 231.1 273.8 Wholesale trade Durable goods ...» Nondurable goods Merchant wholesalers. Durable goods Nondurable goods Nonmerchant wholesalers Durable goods Nondurable goods 244.1 229.4 274.2 235.4 230.1 246.5 286.2 225.6 393.0 245.2 231.6 272.6 236.4 232.4 244.9 288.7 227.8 394.1 Retail trade Durable goods Nondurable goods Other 210.9 208.9 212.6 296.4 212.9 211.3 214.2 301.7 197.7 201.2 203.7 206.1 208.1 209.9 196.8 199.4 201.1 203.0 203.3 203.6 l Final sales 2 Final sales of goods and structures Table 7.21: 1. Inventories are as of the end of the quarter. 2. Business final sales equals final sales less gross product of households and institutions, government, and rest of the world. 395-822 0 - 8 3 - 2 : QL 3 18 SURVEY OF CURRENT BUSINESS January 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 III Gross national product: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Personal consumption expenditures: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Durable goods: Current dollars 1972 dollars Implicit price deflators Chain price index Fixed-weighted price index Nondurable goods: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Services: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index .... Gross private domestic investment: 1972 dollars Implicit price deflator Chain price index Fixed investment: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weigh ted price index .... Nonresidential: Current dollars Implicit price deflator Chain price index Fixed-weighted price index Structures: 1972 dollars Implicit price deflator Chain price index Fixed-weighted price indexProducers' durable equipment: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price indexResidential: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Exports: Current dollars 1972 dollars Implicit price deflator Fixed-weighted price index Imports: Current dollars 1972 dollars 4.1 11.6 1.9 -1.8 6.0 9.4 6.4 9.4 6.2 9.6 10.6 1.8 8.6 9.1 11.2 9.4 2.2 7.1 7.5 7.8 9.6 1.8 7.6 8.4 8.7 11.7 1.7 9.8 10.1 10.4 7.0 1.0 5.9 6.0 5.8 3.5 .9 4.4 4.6 4.9 3.8 .8 3.0 3.1 2.8 10.6 1.8 8.6 8.8 9.0 17.2 -10.5 8.4 -12.8 IV 3.0 11.4 2.2 -5.3 8.8 9.0 8.4 9.2 8.5 8.9 11.3 2.9 8.2 8.0 7.7 3.4 3.3 7.0 7.2 7.6 20.2 -17.9 10.7 -20.9 3.8 8.5 5.6 7.9 5.3 8.6 6.5 1.5 5.0 4.3 3.7 13.2 1.7 11.2 11.3 11.2 I 10 51 4.3 5.0 4.8 7.6 2.5 5.0 5.2 7.1 15.1 10.4 4.2 3.8 3.7 1.4 2.9 -1.0 0 2.4 2.8 2.9 3.5 2.4 3.6 10.3 0 10.3 10.7 11.0 11.0 3.0 7.8 7.6 7.6 9.2 -13.3 -38.8 6.9 -22.6 -36.5 1.3 -4.6 3.0 9.4 -1.7 1.7 -5.3 -1.0 -5.0 -6.0 4.0 1.5 6.7 3.8 7.6 4.9 7.1 7.5 5.0 8.2 4.2 6.7 7.8 4.6 8.2 .4 12.0 3.5 8.1 8.6 8.9 4.4 5.7 5.7 14.3 9.3 4.6 7.3 7.7 17.4 6.3 10.4 9.1 8.2 9.2 3.1 5.9 5.8 4.9 19.1 12.6 5.8 8.6 7.8 4.9 8.9 2.4 -6.8 2.0 6.4 5.7 8.3 6.3 9.4 11.6 7.8 3.4 6.6 7.5 8.4 -3.5 .6 -5.0 1.5 7.8 5.5 7.3 5.1 7.0 22.3 5.9 15.5 8.6 6.1 5.3 1.3 4.0 5.2 4.4 II 6.8 2.1 4.6 4.6 4.1 6.1 2.5 3.5 3.6 4.8 4.9 2.5 2.3 3.7 4.5 3.2 2.6 .6 -.4 1.4 8.7 2.4 6.2 6.9 7.3 17.2 15.0 8.4 .8 1.8 8.3 -4.8 — 4 -6.9 -4.7 -2.4 -12.7 4.9 3.2 3.0 2.3 S.S 5.1 2.8 4.7 2.8 9.5 5.1 2.4 4.7 2.7 9.5 3.7 -17.1 6.0 -17.5 1981 1982" III 5.8 .7 5.0 6.0 5.9 8.1 .6 7.5 7.1 3.2 -.7 -5.4 5.0 3.1 3.6 IV P 1.7 25 4.3 5.2 5.2 10.1 5.0 4.9 5.6 5.7 7.3 1.5 5.6 5.9 6.2 5.3 2.6 2.7 3.5 4.0 11.2 1.7 9.3 9.1 9.4 11.5 2.7 8.6 8.4 8.8 -2.0 -3.2 1.2 1.6 1.7 -5.3 -8.7 7.4 5.6 5.6 -1.2 3.8 4.3 -8.6 -9.0 .4 1.9 2.3 6.4 1.6 4.7 5.5 4.8 64 -5.2 -1.2 2.6 2.3 -2.3 -2.3 -.1 1.9 2.2 9.4 12.9 -3.1 -3.1 -3.4 10.3 -12.8 8.8 12.1 -.8 -1.7 4.6 1.9 2.3 5.7 -4.9 5.3 .3 .2 .1 25.1 23.7 1.1 .7 .7 16.7 26.4 6.7 7.5 -16.8 -26.9 .7 .2 -.8 1.0 1.2 -1.2 .5 1.2 -1.7 2.8 14.5 14.8 -13.2 4.6 -14.8 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 Government purchases of goods and services: Current dollars 1972 dollars Implicit price deflator „. , . , , . . , Federal: 1972 dollars Implicit price deflator . . .. Fixed-weighted price index National defense: 1972 dollars Implicit price deflator Fixed-weighted price index Nondefense: 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index State and local: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index 11.4 -35.1 7.9 -37.2 -7.9 -7.2 — .8 3.0 2.8 1.3 -3.0 -14.0 6.1 -.3 -7.1 5.0 -1.1 -8.4 Implicit price deflator Chain price index Fixed-weighted price index Addenda: Gross domestic purchases: Current dollars 1972 dollars Chain price index Fixed-weighted price index Final sales: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Final sales to domestic purchasers: Current dollars 1972 dollars imp ici price aenator F' H fit H ' ' A Gross domestic product: Current dollars 1972 dollars Implicit price deflator Chain price index Business: Current dollars 1972 dollars Implicit price deflator Chain price index Nonfarm: Current dollars 1972 dollars Implicit price deflator Chain price index Fixed-weighted price index Disposable personal income: 1972 dollars 1982 1981 III 20.4 19.9 .4 1.3 .7 -2.4 -7.6 5.6 3.7 2.2 8.8 12.4 .7 7.6 -17.4 1.7 6.0 2.4 -1.3 5.7 5.7 6.6 5.5 7.5 6.1 1.7 -8.7 -27.0 -20.8 -8.4 25.3 10.2 -4.8 -10.9 -31.9 2.0 6.0 7.2 2.4 6.9 2.7 6.3 8.1 2.7 7.1 2.6 6.3 8.1 2.7 7.1 8.7 -2.4 -4.3 .7 11.3 7.2 Seasonally adjusted 1982 1981 1981 1982* IV I II -2.2 18 -3.0 .5 -10.2 43 8.4 6.7 -6.7 III 9.8 11 0 IV P 1.9 1.9 2.2 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 7.0 10.8 11.3 11.1 .6 53 6.2 5.1 4.0 13.8 8.4 5.0 5.3 4.7 15.6 11.3 3.8 7.1 6.9 16.1 3.7 12.0 10.6 11.4 12.4 5.2 6.8 7.4 7.2 23.5 14.8 7.6 4.8 4.6 -8.3 40.7 -1.4 20.4 -5.5 -13.5 4.4 6.1 16.8 6.4 3.3 18.3 5.9 2.3 18.6 26.3 23.1 2.5 3.3 3.1 29.2 28.4 .6 8.5 8.6 17.0 4.9 11.5 11.5 11.8 16.1 6.9 8.5 8.3 7.6 10.8 7.6 3.0 5.4 4.2 36.7 -1.8 10.1 -7.9 6.5 24.2 7.5 20.5 5.8 20.6 15.6 13.0 2.3 3.5 3.0 14.3 3.2 10.8 9.5 8.9 14.3 1.3 12.8 8.8 10.3 4.8 1.7 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 5.7 5.9 -.9 -2.7 8.7 7.0 8.7 6.9 7.8 6.2 6.2 .8 7.0 7.0 6.2 2.4 29 5.5 6.3 5.8 26.4 21.4 4.1 3.3 2.0 -.4 -55.7 .9 -58.1 .5 5.8 3.3 4.3 3.1 6.2 57.3 70.8 50.7 102.7 4.3 -15.8 6.2 3.0 7.6 3.1 5.0 1.1 6.2 6.2 5.7 6.7 .4 6.3 6.2 5.2 6.5 -.2 6.7 6.6 5.9 7.2 1.0 6.2 6.2 5.7 4.4 11.6 2.6 -1.1 8.8 5.6 9.0 6.0 9.1 5.8 11.1 3.4 -2.1 53 3.7 -4.7 3.5 7.2 8.5 5.4 7.7 7.9 4.9 7.4 7.8 6.4 2.5 3.8 4.0 3.2 9.8 3.1 6.5 6.1 5.9 3.5 -.8 4.4 5.4 5.3 10.4 1.0 9.3 9.4 9.6 5.5 -.6 6.2 6.4 6.3 5.7 10.4 1.0 -2.3 8.1 9.3 8.5 9.3 8.9 8.6 5.6 .2 5.4 5.0 4.8 4.1 -.9 5.0 4.5 4.1 2.9 1.3 4.3 6.0 6.0 7.5 3.2 4.2 5.3 5.2 10.4 1.6 8.7 9.0 9.2 5.9 .1 5.8 6.1 5.8 10.1 6.1 2.5 -1.6 7.5 7.8 7.8 8.0 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 9.4 5.1 4.2 5.4 5.3 11.7 4.3 2.0 -1.6 9.4 6.0 9.4 6.4 6.2 9.6 0 2.6 11.1 2.0 -5.7 -4.1 4.3 9.0 8.8 5.0 9.2 8.4 4.8 8.9 8.5 6.4 1.7 4.6 4.6 4.1 6.3 1.2 5.0 6.0 5.9 2.5 -1.7 4.3 5.3 5.2 3.6 11.8 2.2 -1.9 5.6 9.4 9.4 6.1 9.6 5.9 .7 11.9 2.4 -6.7 9.3 8.0 9.6 7.6 7.4 9.3 1.3 49 3.8 4.7 4.4 6.4 2.0 4.3 4.3 3.8 6.4 1.6 4.7 5.9 5.9 1.4 -2.2 3.7 4.8 4.7 12.0 2.2 9.6 9.6 9.7 3.7 22 6.0 10.4 .3 10.1 2.1 64 9.1 -.4 37 3.5 4.8 .7 4.1 5.9 .7 5.1 1.6 34 5.2 11.2 2.5 7.1 1.1 13.4 4.8 8.3 1.2 3.0 19 6.7 3.1 8.9 1.3 4.7 2 7.9 -.8 8.7 8.8 8.2 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. By DAVID J. LEVIN State and Local Government Fiscal Position in 1982 J.HE State and local government surplus on a national income and product accouting (NIPA) basis was $31.9 billion in 1982, up slightly from the 1981 surplus. The social insurance funds surplus continued to increase, but its $4.4 billion increase was almost offset by a swing to an other funds deficit. Receipts increased about 5 percent, and expenditures slightly more; both showed a considerably slower rate of growth than in the previous year. The deceleration in receipts was caused by the weak economy and by Federal policy decisions reducing grants-inaid, and occurred despite widespread impositions of higher tax rates by many governments. The deceleration in expenditures occurred in the context of budget shortfalls and took the form of a continued decline in purchases of structures and restraints on employment. Receipts State and local government receipts increased about 5 percent in 1982, down from an 8-percent increase in 1981 (table 1). All five major categories of receipts contributed to the deceleration. Three categories—personal tax and nontax receipts, indirect business tax and nontax accruals, and contributions for social insurance—increased less, and corporate profits tax accruals and grants-in-aid declined more. Personal tax and nontax receipts increased 9% percent in 1982, down from 12& percent in 1981. Income taxes accounted for all of the deceleration. They increased only 1% percent, after several years of increases averaging more than 10 percent. Legislative actions added more than a percentage point to income tax growth, reversing the post-1976 pattern of holding down growth. For most of this period, indexing held down income tax growth. Indexing continued to have this effect in 1982, but a $1 billion addition to these taxes by current legislative actions more than offset it. Other types of personal taxes and nontaxes recorded about the same growth as in 1981. Corporate profits tax accruals declined for the second consecutive year, but the 1982 decline was much sharper—23 percent compared with 4 percent. Although most of the decline stemmed from adverse economic conditions, changes in the Federal tax treatment of depreciation contributed indirectly because many States usually follow Federal treatment. The contribution was probably small, however, because more than one-half of the States imposing such taxes either "decoupled" from the Federal treatment or raised tax rates in an attempt to make up the tax losses that otherwise would have occurred. Indirect business tax and nontax accruals increased less in 1982 than in 1981. At 8J£ percent, the increase was more than the 6%-7 percent recorded in 1978 and 1979, when Proposition 13 and similar measures held down property tax growth. In 1982, sales tax accruals were a major drag on indirect business tax growth; they increased about 5% percent compared with a 9-percent increase in 1981. In the absence of legislative actions, the Table 1.—State and Local Government Receipts, NIPA Basis Calendar years Billions of dollars 1978 1977 Receipts General own-source receipts 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 • •• 1979 Percent change 1981 1980 1978 1982 1980 1979 1982 1981 297.7 327.6 352.0 385.9 416.8 437.3 10.0 7.4 9.6 8.0 4.9 208.1 225.7 244.0 267.3 295.3 316.5 8.4 8.1 9.5 10.5 7.2 56.3 30.8 18.9 6.7 63.8 35.3 21.4 7.0 70.4 38.5 24.5 7.4 78.8 42.8 28.1 7.9 88.6 48.3 32.0 8.3 97.1 51.8 36.4 8.8 13.2 14.9 13.3 5.2 10.5 9.0 14.7 5.0 11.9 11.0 14.4 7.7 12.5 12.9 14.0 5.0 9.5 7.4 13.8 5.5 11.1 11.9 13.4 14.4 13.9 10.7 7.4 12.7 7.3 140.7 64.0 63.2 13.5 150.0 71.0 63.7 15.3 160.2 77.3 64.4 18.5 174.1 82.8 68.4 22.9 192.8 90.4 75.1 27.2 208.8 95.4 83.5 29.9 6.6 10.9 .9 13.3 6.8 8.8 1.0 21.2 8.7 7.2 6.2 23.8 10.7 9.1 9.8 18.9 8.3 5.5 11.2 9.7 22.1 67.5 24.7 77.3 27.4 80.5 29.9 88.7 33.8 87.7 37.2 83.6 11.8 14.4 11.1 4.2 9.1 10.1 13.0 1.1 10.1 -4.7 297.2 207.6 329.9 228.0 360.0 251.6 394.8 276.2 424.9 303.4 442.7 322.0 11.0 9.8 9.1 10.4 9.7 9.8 7.6 9.9 4.2 6.1 -3.7 -22.7 Addenda: Receipts excluding selected law changes: Total General own-source receipts 19 20 increase would have been about 3 percent. This deceleration was primarily caused by the effect of slower retail sales growth on general sales taxes, for which there was no countering effect in motor fuel, tobacco, and liquor taxes, as demand for these goods remained weak. Unlike the 1981 legislative actions, which were centered on motor fuel tax increases, the 1982 actions involved sales taxes of all types, including both State and local general sales taxes. Wisconsin, Vermont, and Florida raised overall general sales tax rates; Nebraska imposed a temporary rate increase. Washington State, which exempted grocery food sales from the sales tax base in 1978, brought them back in 1982. These changes added about $1.5 billion to sales tax collections during 1982. Legislative actions increased motor fuel taxes about $0.5 billion for the second consecutive year. In the absence of these actions, motor fuel taxes would have been virtually unchanged from 1981. The property tax accrual part of indirect business taxes was the one general own-source receipt that showed notable acceleration in 1982. For most of the 1970's, these taxes, which are largely local, recorded annual increases of 5-7 percent annually, except for 1978 and 1979, when Proposition 13 and related measures held growth to 1 percent. In 1981, the increase accelerated to almost 10 percent, and would have been even SURVEY OF CURRENT BUSINESS January 1983 larger had it not been for the imposition of Massachusetts' Proposition 2%, which lowered property taxes about $250 million. It is likely that the 1982 increase exceeded 11 percent, an exceptionally large increase. After a decade of reductions in average effective rates, in which inflation and real growth in values of taxable property were sufficient to generate needed increases in property tax collections, it appears that many local decisionmakers allowed effective rates to move up. Such action may be the necessary response to the combination of the current Federal administration's intent to devolve fiscal responsibility to lower levels of government and the widespread financial troubles in many State governments, which have greatly reduced their ability to finance local government outlays from State resources. Grants-in-aid declined, even more than in 1981—4% percent compared with 1 percent. In 1982, grants under the Comprehensive Employment and Training Act (CETA) declined $1.6 billion, as employment financed by the act was terminated. Other major declines occurred in education grants ($0.6 billion); and in several construction-related programs (about $1 billion). Total public assistance grants were up slightly: Medical vendor payments (in part financed by these grants) increased 7 percent, and grants for other assistance programs, including Aid to Families with Dependent Children (AFDC), declined. Contributions for social insurance increased 10 percent in 1982, compared with 13 percent in 1981. This deceleration was due to a *'negative contribution" of about $0.4 billion in 1980 in the California temporary disability insurance program. Excluding this transaction, increases in contributions would have been about 11 percent in both 1980 and 1981, only slightly more than the 1982 increase. Expenditures State and local government expenditures increased 5% percent in 1982— the smallest increase since World War II. The deceleration from 7% percent in 1981 was concentrated in the purchase of structures, which declined for the second consecutive year, and in transfer payments to persons (table 2). Purchases of goods and services increased 6 percent in current dollars, but in constant dollars were down about 1 percent. Compensation of employees increased 7% percent, down from 9 percent in 1981. Employment declined about 1 percent in 1982, and average compensation was up about 8% percent. Public service employment under CETA, which funded more than 500,000 State and local government positions in 1978, came to an end in late 1981. In 1979 and 1980, permanent employment other than education increased rapidly enough to match the decline in CETA employment (chart 6). It seems likely that Table 2.—State and Local Government Expenditures, NIPA Basis Calendar years Percent change Billions of dollars 1980 1979 1978 1977 1982 1981 1978 1979 1980 1982 1981 269.7 297.3 321.5 357.8 385.0 405.4 10.2 8.1 11.3 7.6 5.3 250.4 144.0 31.0 15.4 59.9 278.3 157.6 37.5 16.6 66.7 306.0 171.8 40.3 18.7 75.2 341.2 189.9 45.4 21.8 84.0 368.0 207.4 42.9 25.2 92.5 389.8 222.9 40.8 26.9 99.2 11.2 9.4 20.9 7.4 11.3 9.9 9.0 7.4 12.9 12.8 11.5 10.6 12.7 16.7 11.7 7.9 9.2 -5.5 15.4 10.1 5.9 7.5 -4.9 6.7 7.3 Transfer payments to persons Benefits from social insurance funds Direct relief. Other 29.7 12.5 13.4 3.8 32.8 14.1 13.6 5.0 35.0 15.8 14.1 5.1 39.6 17.8 16.0 5.8 43.0 20.2 17.0 5.8 45.1 22.3 16.9 5.9 10.3 13.3 1.3 32.6 6.8 12.0 3.3 2.0 13.1 12.4 13.7 13.9 8.5 13.2 6.2 .1 4.9 10.7 -.7 1.2 Net interest paid Interest paid Less* Interest received by government -4.0 13.7 17.7 -6.2 14.9 21.1 -11.8 17.2 29.1 -14.8 20.3 35.0 -16.9 23.7 40.6 -19.5 28.0 47.5 8.9 19.3 15.7 37.8 17.5 20.5 17.0 15.9 18.2 16.9 2.1 2.6 3.3 33.0 14.5 12.2 20.5 26.1 65 68 .4 6.5 .4 6.9 .5 7.2 13.8 11.9 36.8 4.0 8.3 5.2 13.6 5.1 12.9 5.3 0 0 0 Expenditures Purchases of goods and services Compensation of employees Structures Medical vendor payments Other Less* Dividends received .. 1.3 .. 51 Subsidies less current surplus of government enterprises Subsidies Lessi current surplus of government enterprises . Less: Wage accruals less disbursements .. .2 5.3 0 1.7 -5.7 1.9 -5.9 .2 6.0 .3 6.2 .2 -.1 -6.2 January 1983 6 State and Local Government Employment: Change From Precedir Thousands of employees, full-time equivalents 250 -100 r -200 1979 U.S. Department of Commerce, Bureau of Economic Analysis aa-i-e better qualified GETA employees— those more easily absorbed into the permanent work force—were "skimmed" off in 1979 and early 1980, as local government managers anticipated continued declines in CETA funds. By 1981, this process was largely complete. Managers either would not or could not, because of deteriorating fiscal positions in many governments, continue to move former CETA employees into the permanent work force. In 1982, as fiscal positions worsened further, State and local new hiring virtually ceased. The decline in the purchases of structures—slightly over $2 billion— was concentrated in education construction ($1.5 billion) and in sewer and utility construction ($1.3 billion). Declining school population was a factor in the decline of education construction, and uncertainty about the future of Clean Water Act grants was a factor in the decline of sewer and water construction. Purchases of all other types of structures increased slightly. Real structures purchases declined $1 billion in 1982, following a $2 billion decline in 1981. Structures prices overall increased only about 1 percent in 1982, reflecting the weak market for construction. Real high- SURVEY OF CURRENT BUSINESS 21 way construction, about one-third of total State-local structures purchases, increased for only the second time since 1968; prices reflected in bids for highway projects fell about 5 percent in 1982 following a 1-percent decline in 1981. Federal investigations into improper bidding practices^ which led to convictions in several States in 1981 and 1982, augmented the effect on prices of the weak market. Other purchases of goods and services from business increased about 7 percent, following increases that averaged about 12 percent for the 4 previous years. This deceleration largely reflects slower price increases for many categories of goods and services purchases. Transfers to persons increased 5 percent, compared with 8% percent in 1981. Direct relief transfers declined slightly, after a 6-percent increase in 1981. A major factor in this decline was the tightening of eligibility requirements for AFDC required by Federal legislation. Limitations on State-controlled cost-of-living adjustments also contributed. Social insurance transfers decelerated only slightly, from 13 to 10% percent, and other transfers changed very little for the second consecutive year. In the latter group, declines in funds flowing to nonprofit institutions for job training under CETA offset other increases; chief among them was $0.3 billion representing "dividends" paid by Alaska to residents from oil revenues. Interest paid in 1982 increased somewhat more rapidly than interest received. Rates for municipal borrowing rose to all-time highs at the beginning of 1982, and remained near those highs through mid-year. Thereafter, rates declined sharply, and long-term municipal borrowing was stepped up, reaching about $75 billion by the end of 1982. Interest earnings increased almost as rapidly as interest outlays, so net interest paid continued to be a substantial offset to other expenditures. down from near balance in 1981. This deficit was the first sizable one in the Fiscal position The sector, social deficit State and local government excluding the operations of insurance funds, registered a of about $4% billion in 1982, [Billions of dollars] 1978 1979 1980 1981 1982 30.3 30.4 28.2 31.7 31.9 20.3 100 23.8 6.6 27.3 .9 31.8 36.3 -.1 -4.4 NIPA surplus or deficit (-) Total Social insurance funds Other funds sector since 1975.l Its major cause was the poor 1982 performance of major general own-source revenue sources other than property taxes. As it became evident that even modestly optimistic estimates of economic growth during 1982 were too strong, governments began to reduce expenditures and increase taxes. The States of Ohio, Minnesota, and Washington, where weakness in the economy had slowed receipts growth and depleted reserves even earlier, had enacted sizable tax increases in 1981 and found it necessary to increase taxes again in 1982. Michigan, Wisconsin, Oregon, West Virginia, and Vermont imposed higher broad-based taxes in 1982. Florida and Nevada also increased broad-based taxes, although in these cases the purpose was at least partly to fund local property tax reductions rather than to cover immediate budget shortfalls. A number of other States, although able to avoid major changes in broad-based taxes, increased alcohol, tobacco, and other excise taxes. Revenue increases related to mineral wealth (chiefly severance taxes and royalties) slowed or stopped in 1982, forcing budget changes in Texas, Louisiana, and New Mexico. On the expenditures side, the virtual cessation of new hirings, noted above, and a decline in education employment, indicates the extent to which expenditures growth was limited. Minnesota employees took a 1. Although since 1975 there have been surpluses, earlier there were usually deficits. Because capital spending by government is combined with current spending in the summary NIPA presentations and because much of the capital spending by States and localities is funded by long-term borrowing, the "normal" fiscal position of the other funds measure has been a deficit. This and other characteristics of the surplus and deficit in the NIPA framework are discussed more fully in "State and Local Government Fiscal Position in 1978," in the December 1978 issue of the SURVEY OF CURRENT BUSINESS. 22 salary reduction, a four-day work week was imposed on Idaho employees, and wage freezes and layoffs occurred in other jurisdictions. Reductions in Federal grants-in-aid also contributed to the shift into deficit, as did an increase in debt service. (Of the repayment of principal and payment of interest that make up debt service, only the latter is included in the NIPA measure of government expenditures.) The increase in debt service appears to reflect increased reliance on long-term borrowing for capital purposes. Although some of the increased reliance on borrowing appears to be a reaction to reductions in Federal grants, the size of the increase in 1982—almost 50 percent—clearly implies an acceptance of increased debt service well beyond what is required by the grant reduction incurred so far. Outlook Receipts growth in 1983, although not strong, will be significantly more than the 5 percent recorded for 1982. The 7-percent increase that seems probable assumes a decline in grantsin-aid of only 2 percent, a substantial increase in corporate profits tax accruals, and an acceleration in broadbased taxes provided by a modest economic recovery. Part of this acceleration will reflect the full-year effect in 1983 of legislative actions taken during 1982. It also allows for changes in Missouri, Indiana, New Jersey, Mississippi, and Minnesota that came into place in January 1983, and for a large California tax package that will be required to avoid a fiscal year 1983 deficit, currently estimated at $1.6 billion. The 7-percent increase further assumes that certain tax increases temporarily put into place during 1982, and intended to expire during 1983, will be extended (at least through December 1983) and that SURVEY OF CURRENT BUSINESS property tax accruals will continue to increase about 11 percent. The slower inflation in taxable property values (especially for residential property) and the reduced additions to real property of 1981 and 1982 will work through the assessment process in 1983 and 1984. Slowed increases in assessments will dampen further increases in property taxes if there is not further acceleration in average rate increases. A small boost to 1983 receipts will come in States following the new Federal income tax withholding on interest and dividend earnings. Expenditures increases will also be larger than the 1982 increase, but will remain well under 10 percent. The downward thrust on employment due to the ending of CETA public service jobs will be absent in 1983, but a downdrift in education employment, which appeared in mid-1982, will probably continue through 1983. Thus, overall employment levels for 1983 will be below those for 1982. Overall compensation will increase about 7 percent. Construction activity is likely to revive somewhat in 1983, despite lower Federal support in general. Very strong long-term borrowing in 1982 and the additional Federal Highway Trust Fund money available after April 1983, which are detailed in the following paragraphs, will contribute to that revival by providing a record amount of construction capital. Medical vendor payments are likely to continue at the relatively slow pace of 1982, in line with the imposition of stricter administrative controls. Other purchases from business will probably match, or slightly exceed, increases in prices for these goods and services. Transfer payments and interest outlays are likely to increase somewhat more rapidly than in 1982, and interest earnings are likely to increase somewhat more slowly. In 1982, long-term borrowing for public capital increased about $13 billion. Borrowing was strong, especially in the latter half of 1982, because the January 1983 lower rates available after mid-year were regarded as a window of opportunity for borrowers and because Federal legislation required, as of January 1983, that municipal debt be issued in registered form (most municipal issues are now bearer bonds). Many potential issuers expected this requirement to increase administrative costs associated with sales and with making interest payments. Implementation has been delayed until July 1983, but Congress did not approve the delay until the last week of December, and the uncertainty probably brought some issues to market that otherwise would not have been sold until 1983. Further, in December, commercial banks were strong participants in the municipal bond market, probably reflective of their incentive to add tax-exempt securities to their portfolios before December 31, 1982, after which earnings from these securities will be subject to the minimum corporate profits tax. The 5-cent increase in the Federal gasoline tax (effective April 1, 1983) will significantly increase the revenues of the Federal Highway Trust Fund and provide substantial new funds for highway and transit construction. It is noteworthy that this was the first time Federal Highway Trust Fund receipts were earmarked for transit construction. A part of these Federal funds (about $1 billion annually) will be available for repair and maintenance work, and should add to outlays of this type after mid1983. Funds for construction will probably not generate sizable spending increases until near yearend. The 1983 surplus on an NIPA basis will probably be about $34 billion, consisting of a social insurance fund surplus of $41 billion and an all other funds deficit of about $7 billion. If the assumed recovery is delayed or aborted, or if property taxes are unable to sustain a second consecutive year of 11-percent growth, the other funds deficit will probably reach $10 billion. By ROBERT BRETZFELDER and HOWARD FRIEDENBERG Regional and State Nonfarm Wages and Salaries Thus Far in the 1980's FROM the first quarter of 1980, the peak quarter of the most recent sustained national business cycle expansion, to the third quarter of 1982, the most recent quarter for which estimates of regional and State personal income are available, nonfarm wage and salary disbursements (payrolls) increased less than the national average in three northern and central regions (Great Lakes, Plains, and Mideast) and more than the national average in four southern and western regions (Southwest, Rocky Mountain, Far West,1 and Southeast) and in New England. For six of the eight regions, 1. Nonfarm wages and salaries, which are the largest component of personal income, are used because, on a quarterly basis, estimates of nonfarm wages and salaries for regions and States are more reliable than estimates of most other components of personal income. industry. Construction and durables manufacturing had the smallest increases; the small increase in durables manufacturing payrolls in part reflected weakness in the production of iron and steel, fabricated metals, motor vehicles, and farm equipment. Mining, services, and the finance group had the largest increases. Rows 2-9 of table 1 show, for each of the eight BEA regions, the percent change in nonfarm payrolls by industry. Discussions of the regional percent changes relative to the national percent changes (bottom part of table 1), and the factors that underlie them, follow. In general, the factors reflect the relative contributions to regional nonfarm payrolls of industries with varying rates of production growth nationally. The regional percent changes are discussed in ascending order. the pattern thus far in the 1980's was similar to that from 1969 to 1979: the 1969-79 increase in nonfarm payrolls was less than the national average in the Great Lakes and Mideast regions and more than the national average in the four southern and western regions. For two regions, the patterns were different: the 1969-79 increase in nonfarm payrolls was more than the national average in the Plains region and less than the national average in New England. Thus far in the 1980's, nonfarm payrolls in the Nation increased a modest 18.5 percent.2 The first row of table 1 shows, for the Nation, the percent change in nonfarm payrolls by 2. Prices, as measured by implicit price deflators for both GNP and personal consumption expenditures, increased about 20 percent. Table 1.—Percent Change in Nonfarm Payrolls, by Industry, 1980:1-1982: III, United States and BEA Regions Line Total Construction Durables manufacturing (1) (2) (3) Nondurables manufacturing Wholesale and retail trade (4) (5) Transportation, communication, and public utilities State and local government Federal Government Finance, insurance, and real estate Services Mining (6) (7) (8) (9) (10) (ID Percent change 1 United States 2 Great Lakes 3 Plains 4 Mideast 5 6 7 8 9 Southeast Far West New England Rocky Mountain Southwest / 18.5 4.3 6.5 13.8 16.9 17.2 20.2 20.8 30.5 33.6 36.4 9.0 14.1 17.9 136 -8.6 5.3 26 3.2 3.1 12.0 14.7 12.6 8.2 10.3 16.2 10.3 9.8 15.9 15.8 20.7 19.0 17.7 20.2 17.4 23.9 25.8 33.9 26.7 31.8 32.7 6.2 -4.8 4.5 20.6 20.8 20.8 23.1 32.6 9.1 -.7 23.3 18.1 23.2 9.4 16.7 14.9 14.0 21.9 12.3 15.8 13.1 17.4 24.6 19.8 18.0 18.8 21.0 30.0 19.6 19.2 22.7 20.2 26.9 22.7 17.5 9.9 22.4 35.4 23.3 24.5 20.6 17.1 20.9 30.1 27.7 36.9 31.4 39.2 35.6 34.1 34.9 35.0 46.4 29.0 47.0 16.4 33.5 61.3 Index, U.S. percent change=100 1 5 6 7 8 9 100 United States 2 Great Lakes 3 Plains 4 Mideast Southeast Far West New England Rocky Mountain Southwest . 49 76 97 111 112 112 125 176 100 122 212 542 422 540 100 100 100 100 100 100 100 100 100 49 48 86 106 91 48 61 96 60 57 92 79 103 94 85 97 84 78 84 111 80 95 97 17 145 259 230 216 339 89 114 94 126 177 117 107 111 124 177 114 112 132 118 156 113 87 49 111 175 112 118 99 82 100 99 91 121 103 128 106 102 104 104 138 80 129 45 92 168 12 NOTE.—The 10 major industries are ranked in ascending order by their percent changes in the Nation (columns 2-11). The regions are ranked in ascending order by the percent change in total nonfarm payrolls (column 1). 23 24 SURVEY OF CURRENT BUSINESS January 1983 Table 2.—Percent Distribution of Nonfarnt Payrolls, by Industry, 1979, United States and BEA Regions Line 1 United States 2 Great Lakes 3 Plains 4 Mideast 5 6 7 8 9 Southeast Far West New England Rocky Mountain Southwest ... . .. . Total1 Construction Durables manufacturing (1) (2) (3) Nondurables manufacturing Wholesale and retail trade (4) (5) Transportation, and communi- State local cation, governand ment public utilities (7) (6) Federal Government Finance, insurance, and real estate Services Mining (8) (9) (10) (11) 100.0 5.9 177 96 17 1 77 12.7 6.2 5.6 15.6 1.6 1000 100.0 100.0 5.4 6.5 4.3 288 16.2 15.9 94 9.8 107 162 19.4 15.9 69 9.2 8.0 11.2 12.9 12.9 2.9 4.9 6.6 4.6 5.4 7.0 135 14.3 18.0 .8 1.1 .5 100.0 100.0 100.0 100.0 1000 6.5 6.4 4.1 8.1 83 12.0 166 23.0 110 122 13.0 63 9.8 5.4 72 17.3 17.7 16.1 18.2 191 8.0 7.2 5.9 9.1 8.0 13.0 13.8 12.2 13.7 12.2 8.6 6.5 4.2 8.6 7.1 4.9 6.0 6.3 5.2 5.4 13.9 18.2 17.9 14.5 14.0 2.4 .6 .1 6.0 5.9 1. Rows do not sum to 100 percent because other nonfarm payrolls, which consist of payrolls in agricultural services, forestry, and fisheries and payrolls of U.S. residents working for international organizations, are not shown separately. NOTE.—For rankings of industries and regions, see note to table 1. In the Great Lakes region, the the national average in each Plains below-average increase in nonfarm State except North Dakota. The inpayrolls was mainly accounted for by creases ranged from 6.4 percent in durables manufacturing. The Great Iowa—ranking 48th among all Lakes region had the only regional States—to 25.2 percent in North decline in durables manufacturing Dakota—ranking 8th. payrolls, and the industry's weight, In the Mideast, the below-average that is, the percent of total nonfarm increase in nonfarm payrolls was payrolls accounted for by durables mainly accounted for by durables and manufacturing, was larger than in nondurables manufacturing and by any other region (table 2). Within duthe Federal Government. The iron rables manufacturing, iron and steel, and steel and machinery components fabricated metals, machinery, and motor vehicles had large weights in of durables manufacturing and the the Great Lakes region and registered chemicals component of nondurables large declines in production. Payroll manufacturing had large weights in increases that were smaller than in the Mideast and registered large deany other region in nondurables man- clines in production. The Mideast's inufacturing, trade, and services and a crease in Federal Government paypayroll decline that was larger than rolls was smaller than in any other in any other region in construction region except the Rocky Mountain. also contributed to the below-average The increase in nonfarm payrolls was increase. The increase in nonfarm below the national average in PennDelaware, and Maryland payrolls was below the national aver- sylvania, and above the national average in age in each Great Lakes State (chart New York and Jersey. The in7). The increases ranged from 5.5 per- creases ranged New from percent in cent in Indiana—ranking 50th among Pennsylvania—ranking9.943rd all States—to 10.8 percent in Ohio— all States—to 22.0 percent inamong New ranking 42nd. York—ranking 16th. In the Southeast, the above-average In the Plains region, the belowaverage increase in nonfarm payrolls increase in nonfarm payrolls was was mainly accounted for by durables mainly accounted for by construction, manufacturing, construction, trade, durables manufacturing, trade, and and services. In part reflecting weak- both State and local and Federal Govness in farm income, payrolls declined ernment. The Southeast's increase in in construction and increased at rates Federal Government payrolls was that were well below the national larger than in any other region average in durables manufacturing, except the Far West, and the industrade, and services. Within durables try's weight in the Southeast was manufacturing, farm equipment and larger than in any other region transportation equipment had large except the Rocky Mountain. Increases weights in the Plains and registered in nonfarm payrolls that were above large declines in production. The in- the national average in Florida, Loucrease in nonfarm payrolls was below isiana, Virginia, Georgia, and South Carolina more than offset below-average increases in the other seven Southeast States. The increases ranged from 30.9 percent in Florida— ranking 3rd among all States—to 9.1 percent in West Virginia—ranking 46th. In the Far West, the above-average increase in nonfarm payrolls was mainly accounted for by durables and nondurables manufacturing and Federal Government. The payroll increase in durables manufacturing was larger than in any other region except the Southwest. Within durables manufacturing, defense equipment and electronic components had large weights in the Far West, and production in these industries was well maintained. In contrast, lumber, which had a large weight in the Far West, registered a large decline in production. The Far West's increase in Federal Government payrolls was larger than in any other region. The increase in nonfarm payrolls was above the national average in each Far West State except Oregon. The increases ranged from 22.4 percent in Nevada—ranking 13th among all States—to 5.8 percent in Oregon— ranking 49th. In New England, the above-average increase in nonfarm payrolls was mainly accounted for by durables manufacturing, construction, and the finance group. New England had an increase in durables manufacturing payrolls that was more than twice the national increase, and the industry's weight was larger than in any other region except the Great Lakes. Within durables manufacturing, defense equipment, electronic components, and instruments had large 25 SURVEY OF CURRENT BUSINESS January 1983 Percent Change in Nonfarm Wages and Salaries. 1980:1-1982: III PLA1 ^—fl G** UNITED STATES 18.5% |jj Above average 18.6 - 34.8% r~~] Average or below average 5.5 -18.5% U.S. Department of Commerce, Bureau of Economic Analysis weights in New England, and production in these industries was well maintained. New England's increase in construction payrolls was larger than in any other region. The increase in nonfarm payrolls was above the national average in each New England State except Rhode Island and Maine. The increases ranged from 26.9 percent in New Hampshire—ranking 7th among all States—to 16.0 percent in Rhode Island—ranking 33rd. In the Rocky Mountain region, the above-average increase in nonfarm payrolls was mainly accounted for by construction, durables manufacturing, and private service-type industries. Among private service-type industries, the payroll increase in trade was larger than in any other region except the Southwest. The increase in nonfarm payrolls was above the national average in Colorado, Wyoming, and Utah and below the national average in Idaho and Montana. The increases ranged from 27.7 percent in Colorado—ranking 6th among all States—to 11.6 percent in Idahoranking 41st. In the Southwest, the above-average increase in nonfarm payrolls was ac- counted for by payroll increases that were larger than in any other region in nearly all industries. In particular, the defense equipment component of durables manufacturing and the petroleum and natural gas component of mining had large weights in the Southwest, and production in these components was well maintained. The increase in nonfarm payrolls was above the national average in each Southwest State. The increases ranged from 34.8 percent in Oklahoma—ranking 1st among all States—to 22.2 percent in Arizona—ranking 15th. 26 SURVEY OF CURRENT BUSINESS January 1983 State Personal Income Table 1.—Total Personal Income, States and Regions 1 [Millions of dollars, seasonally adjusted at annual rates] State and region 1982 1981 1980 I II III IV I II III IV I II III" Percent 1981: III1982: III Change 1982: II1982: III 2,079,954 2,103,475 2,178,755 2,252,188 2,321,266 2,370,938 2,447,592 2,482,596 2,498,639 2,541,536 2,584,937 5.6 1.7 New England Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont 118,745 34,656 8,314 55,461 8,023 8,439 3,852 120,421 35,000 8,452 56,419 8,117 8,545 3,888 124,892 36,348 8,753 58,551 8,395 8,804 4,041 129,396 37,741 9,070 60,500 8,811 9,103 4,171 132,259 38,842 9,336 61,507 8,916 9,345 4,311 135,342 39,491 9,589 63,210 9,120 9,525 4,408 140,134 40,881 9,818 65,478 9,529 9,847 4,581 142,676 41,442 9,930 66,797 9,833 9,986 4,687 144,251 41,992 9,994 67,377 10,046 10,096 4,746 146,666 42,552 10,183 68,679 10,171 10,271 4,809 149,661 43,502 10,397 70,007 10,381 10,420 4,955 6.8 6.4 5.9 6.9 8.9 5.8 8.1 2.0 2.2 2.1 1.9 2.1 1.5 3.0 Mideast Delaware District of Columbia Maryland New Jersey New York Pennsylvania 415,749 5,860 7,536 42,431 77,710 173,655 108,558 421,616 5,854 7,637 42,975 78,870 176,930 109,350 435,131 6,057 7,906 44,422 81,383 182,849 112,514 449,732 6,282 8,152 45,990 84,388 188,855 116,066 461,903 6,442 8,358 47,305 86,551 194,378 118,870 471,726 6,532 8,399 48,109 88,403 198,956 121,326 487,190 6,747 8,651 49,745 91,328 205,554 125,165 494,447 6,837 8,760 50,555 92,869 208,403 127,023 499,686 6,813 8,821 50,822 94,225 211,064 127,940 507,229 7,039 8,949 51,716 95,943 215,078 128,505 515,846 7,197 9,186 52,792 97,563 219,147 129,960 5.9 6.7 6.2 6.1 6.8 6.6 3.8 1.7 2.2 2.6 2.1 1.7 1.9 1.1 Great Lakes . Illinois Indiana Michigan Ohio Wisconsin 397,701 117,479 47,750 89,866 99,518 43,089 397,816 117,787 47,563 89,269 100,259 42,940 408,266 120,265 48,977 91,970 102,674 44,380 420,030 122,371 50,807 95,499 106,033 45,321 432,110 128,890 52,664 96,864 107,866 45,826 439,591 130,752 52,459 99,225 110,023 47,120 451,023 134,410 53,841 101,012 113,047 48,714 452,850 136,636 53,624 100,154 113,779 48,657 453,497 136,518 53,578 100,549 114,254 48,597 462,135 138,355 54,137 103,697 116,712 49,235 468,939 140,832 54,551 104,347 118,837 50,372 4.0 4.8 1.3 3.3 5.1 3.4 1.5 1.8 .8 .6 1.8 2.3 Plains Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota 153,722 26,528 22,689 38,575 41,715 13,709 5,284 5,222 153,689 26,421 22,839 38,463 41,732 13,744 5,309 5,182 159,515 27,228 23,664 40,182 43,393 14,214 5,439 5,394 163,912 27,990 24,432 41,143 44,562 14,614 5,628 5,544 171,088 29,380 24,926 42,467 46,380 15,764 6,342 5,828 174,627 30,013 25,465 43,472 46,993 16,113 6,592 5,979 180,153 30,910 26,109 44,984 48,367 16,709 6,897 6,177 182,213 31,146 26,550 45,424 48,989 16,796 7,069 6,240 182,265 30,517 26,946 45,324 49,468 16,761 7,018 6,231 185,062 31,097 27,144 46,033 50,567 16,845 7,062 6,314 188,312 31,663 27,597 46,753 51,572 17,040 7,252 6,435 4.5 2.4 5.7 3.9 6.6 2.0 5.2 4.2 1.8 1.8 1.7 1.6 2.0 1.2 2.7 1.9 Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia 411,951 28,288 15,929 85,438 42,285 27,132 33,902 16,244 44,239 21,901 33,819 48,098 14,676 418,271 28,436 15,833 87,787 43,063 27,026 34,768 16,334 44,778 22,227 34,291 49,018 14,709 435,060 29,367 16,532 92,072 44,684 27,939 36,518 17,051 46,399 22,989 35,491 50,900 15,118 450,453 30,373 16,950 95,777 46,327 28,774 37,883 17,573 47,824 23,771 36,524 53,046 15,630 465,640 31,377 17,895 98,497 48,104 29,949 39,250 18,142 49,655 24,514 37,692 54,492 16,073 475,091 31,711 18,192 102,088 49,210 29,964 40,364 18,530 50,854 25,144 38,566 55,196 15,272 492,150 32,761 18,817 105,471 50,646 31,533 41,814 18,996 52,689 25,833 39,634 57,025 16,929 499,125 32,944 18,960 107,954 51,226 31,898 42,575 19,329 52,781 26,336 39,936 58,053 17,134 500,239 32,719 18,740 109,002 51,085 32,129 42,933 19,277 52,037 26,146 40,348 58,596 17,227 510,631 33,656 19,373 111,262 52,464 31,954 43,721 19,728 53,687 26,778 41,010 59,784 17,214 519,348 33,811 19,404 114,326 53,273 32,540 44,371 19,909 54,296 27,312 41,707 60,974 17,426 5.5 3.2 3.1 8.4 5.2 3.2 6.1 4.8 3.0 5.7 5.2 6.9 2.9 1.7 .5 .2 2.8 1.5 1.8 1.5 .9 1.1 2.0 1.7 2.0 1.2 Southwest Arizona New Mexico . Oklahoma Texas 188,880 23,031 9,921 26,323 129,605 192,868 23,496 10,011 26,767 132,595 201,596 24,233 10,388 28,280 138,694 209,511 25,388 10,803 29,164 144,155 217,851 25,974 10,862 30,248 150,767 224,266 26,833 11,158 31,079 155,196 233,134 27,810 11,515 32,267 161,542 239,879 28,406 11,762 33,492 166,220 242,392 28,490 11,917 33,824 168,161 246,628 28,896 12,048 34,401 171,283 249,916 29,391 12,203 34,870 173,452 7.2 5.7 6.0 8.1 7.4 1.3 1.7 1.3 1.4 1.3 Rocky Mountain Colorado Idaho Montana . Utah Wyoming 57,472 27,919 7,503 6,432 10,794 4,824 58,086 28,264 7,410 6,441 10,979 4,992 60,415 29,388 7,790 6,686 11,331 5,221 62,891 30,660 7,988 6,988 11,787 5,468 65,041 31,815 8,321 7,200 12,190 5,515 66,349 32,588 8,477 7,343 12,307 5,635 69,156 33,985 8,773 7,634 12,910 5,854 70,032 34,635 8,723 7,656 13,070 5,947 70,641 34,863 8,649 7,920 13,217 5,993 71,652 35,442 8,747 7,915 13,441 6,107 72,487 35,919 9,014 7,843 13,657 6,055 4.8 5.7 2.7 2.7 5.8 3.4 1.2 1.3 3.0 -.9 1.6 -.9 321,353 248,301 8,264 23,857 40,930 326,068 252,442 8,342 23,898 41,386 338,740 262,002 8,741 24,726 43,270 350,616 271,464 9,100 25,370 44,682 359,347 278,028 9,430 25,999 45,890 367,684 284,525 9,694 26,349 47,116 378,002 292,876 9,947 26,879 48,300 384,354 298,501 10,055 26,879 48,919 388,433 301,963 10,206 27,112 49,152 393,987 306,443 10,364 27,430 49,749 401,885 312,506 10,490 27,817 51,073 6.3 6.7 5.5 3.5 5.7 2.0 2.0 1.2 1.4 2.7 4,864 9,517 4,997 9,642 5,159 9,982 5,338 10,308 5,558 10,468 5,566 10,697 5,709 10,941 5,835 11,185 6,029 11,207 6,121 11,425 6,917 11,626 21.2 6.3 13.0 1.8 142,676 428,294 452,850 182,213 379,636 124,106 261,246 120,255 391,319 144,251 433,229 453,497 182,265 380,550 124,473 263,658 121,254 395,462 146,666 439,526 462,135 185,062 388,892 126,349 268,777 122,960 401,169 149,661 446,670 468,939 188,312 396,781 127,967 272,097 124,572 409,939 6.8 5.8 4.0 4.5 6.2 4.1 6.9 5.2 6.6 2.0 1.6 1.5 1.8 2.0 1.3 1.2 1.3 2.2 United States . Far West California Nevada Oregon Washington Alaska Hawaii Census Regions New England Middle Atlantic East North Central West North Central South Atlantic East South Central. . West South Central Mountain Pacific p . 118,745 359,922 397,701 153,722 312,464 105,483 205,760 98,688 327,470 120,421 365,150 397,816 153,689 318,049 106,087 209,963 99,935 332,365 124,892 376,746 408,266 159,515 330,548 109,847 220,025 103,777 345,139 129,396 389,309 420,030 163,912 342,799 113,244 228,153 108,183 357,162 132,259 399,798 432,110 171,088 353,440 117,161 238,160 111,308 365,942 Preliminary. 1. Detail may not add to higher level totals because of rounding. The personal income shown for the United States differs from that in the national income and product accounts, primarily because it omits income received by Federal Government employees overseas. NOTE.—The quarterly estimates of State personal income were prepared by Francis G. McFaul 135,342 408,685 439,591 174,627 360,804 118,772 244,831 114,034 374,253 140,134 422,047 451,023 180,153 373,736 122,924 254,440 118,429 384,705 with the aid of Thelma E. Harding, under the supervision of Robert L. Brown. The tables were prepared by Eunice P. James and Kathy A. Albetski. The quarterly personal income estimates have been revised for the years 1948-68. Quarterly estimates for the years 1948-82 are now available from the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Dept. of Commerce, Washington, DC ! By THAE S. PARK Federal Personal Income Taxes: Liabilities and Payments, 1977-81 1 HIS article presents quarterly Federal personal income tax liabilities for 1977-81 and explains the sources of the differences between this series and the payment series included in the national income and product accounts (NIPA's). A technical note describes briefly the methodologies underlying the two series, both of which are prepared by BEA. Estimates of these series for 1949-76 appeared in the May 1978 SURVEY OF CURRENT BUSINESS; subsequently the payment series was revised as part of the comprehensive revisions of the NIPA's completed in 1980. Estimates for 1977 and 1978 for both the payment and liability series presented in the March 1980 SURVEY are superceded by those in this article. There are different timing bases for recording personal taxes. In the NIPA's, personal taxes are recorded on a payment basis, that is, at the time the payments are made by individuals. In the Monthly Treasury Statement, published by the Treasury Department, these taxes are recorded on a cash collection basis. BEA also estimates these taxes on a liability basis, that is, when taxpayers earn their income. If one assumes that consumers base their expenditure on income net of tax liabilities rather than on income net of tax payments, it can be argued that the liability basis is more appropriate than either the payment or the collection basis for the analysis of the impact of taxes on consumers and on fiscal policy. In general, the payment series differs from the liability series for the following reasons: (1) payment of nonwithheld taxes—quarterly declarations and final payments—and the payment of refunds by the Treasury do not coincide with liabilities; (2) changes in withholding rates do not always occur at the same time as the change in liability, and (3) graduated withholding rates can result in changes in taxes withheld different from those in changes in liabilities if the income flow or deductions change during the tax year, Table 1 shows Federal personal income tax liabilities and payments for 1977-81 and the excess of liabilities over payments. In what follows, the factors affecting these series are explained for 1977-81. 1977.—Three provisions of the Tax Reduction and Simplification Act of 1977 (TRSA) significantly reduced tax liabilities for 1977: (1) a zero bracket amount was introduced to replace the standard deduction in effect for 1976 and earlier years, (2) the general tax credit was extended to cover exemptions for age and blindness, and (3) a new jobs credit was enacted to encourage businesses to hire additional workers. On a liability basis, these provisions became effective January 1, 1977, but tax payments were not reduced until withholding rates were reduced on June 1, 1977. As a result, tax payments exceeded liabilities in the first half of 1977 by about $4.5 billion. In the second half of 1977, the excess of Table 1.—Federal Personal Income Tax Liabilities and Payments [Billions of dollars, quarters at seasonally adjusted annual rates] Personal income taxes1 Year and quarter Liability basis Payment basis Excess of liability basis over payment basis Personal2 income Taxable3 income 1976 1977 1978 1979 1980 1981 145.5 161.2 190.1 216.2 251.9 285.5 141.5 162.7 189.5 224.8 250.7 290.8 4.0 15 .6 86 1.2 53 1,391.2 1,540.4 1,732.7 1,951.2 2,160.4 2,415.8 674.9 939.0 1,062.2 1,157.2 1,280.0 1976- I II Ill IV 138.0 143.1 147.4 153.6 132.6 138.6 144.7 150.3 5.4 4.5 2.7 3.3 1,348.5 1,373.7 1,404.2 1,438.4 647.2 666.0 682.0 704.3 1977- I II HI IV 150.3 157.3 164.5 172.6 155.4 161.3 162.9 171.3 -5.1 -4.0 1.6 1.3 1,476.9 1,514.5 1,561.1 1,609.2 894.1 923.0 952.7 986.0 1978- I II HI IV 172.0 186.3 196.0 205.8 173.1 183.0 195.5 206.2 -1.1 3.3 .5 4 1,644.9 1,702.7 1,761.8 1,821.3 992.5 1,046.9 1,085.2 1,124.2 1979: I II Ill IV 197.4 208.7 221.6 236.8 211.0 219.6 229.9 238.8 -13.6 106 -8.3 -2.0 1,871.8 1,916.6 1,981.9 2,034.4 1,096.6 1,133.1 1,175.1 1,224.2 1980: I II HI IV 240.0 242.0 254.4 271.3 238.0 244.5 252.9 267.5 2.0 -2.5 1.5 3.8 2,086.8 2,109.6 2,185.3 2,260.0 1,240.9 1,247.4 1,288.1 1,343.6 1981- I II Ill IV 277.9 284.7 292.5 286.8 279.7 289.8 300.6 293.2 -1.8 -5.1 -8.1 64 2,330.0 2,380.6 2,458.2 2,494.6 1. The liability series for 1949-75 appears in the May 1978 SURVEY OF CURRENT BUSINESS; the payment series appears in table 3.4 in National Income and Product Accounts of the U.S., 1929-76: Statistical Tables. 2. This series appears in national income and product accounts table 2.1. 3. Annual totals appear in Statistics of Income: Individual Income Tax Returns. 27 28 liabilities over payments was about $1.5 billion, reflecting the June 1 reduction in withholding rates and continued growth in personal income. 1978.—The excess of liabilities over payments in 1978 was due to heavy refunds resulting from provisions of TRSA. In the first half of the year payments increased $12 billion—more than 90 percent of refunds are usually made by the end of the second quarter—compared with $23 billion in the second half. Tax liabilities were lowered in 1978 by an increase of about $3 billion in income tax credits—the introduction of the residential energy tax credit and wider use of existing tax credits, such as the investment tax credit, the foreign tax credit, and the targeted jobs credit. The Energy Tax Act of 1978 introduced the residential energy credit retroactive to April 20, 1977. The amount of the residential energy credit claimed in 1978 was $577 million on $4.1 billion of energy conservation expenditures and $125 million of renewable energy source expenditures made from April 20, 1977 to December 31, 1978. However, the credit could not be claimed for any taxable year beginning before January 1, 1978; therefore, the entire amount of the tax credit claimed on energy-saving expenditures in 1977 was shown as reducing tax liabilities in the first quarter of 1978. The Revenue Act of 1978 was enacted late in the year. Although most of its provisions became effective for tax years beginning after December 31, 1978, some, such as the provision relating to capital gains, became effective in the second half of 1978. The 1978 Act increased the amount of net capital gain that could be excluded from gross income from 50 to 60 percent, effective for taxable transactions occurring after October 31, 1978, and provided for a one-time exclusion from gross income of up to $100,000 of gain realized on the sale or exchange of a principal residence occurring after July 26, 1978, for taxpayers age 55 or over. 1979.—A sizable decline in liabilities from the fourth quarter of 1978 to the first quarter of 1979 was primarily due to provisions of the Revenue Act of 1978 that became effective January 1, 1979. A reduction in with- SURVEY OF CURRENT BUSINESS January 1983 holding rates, which also became effective on the same date, was much less than the reduction in liabilities and thus resulted in unusually large overwithholding for much of 1979. The excess of payments over liabilities averaged about $11 billion in the first three quarters of 1979. The Revenue Act of 1978 reduced tax liabilities by widening the zero bracket amount, as well as most other tax brackets; by increasing the amount of the personal exemption from $750 to $1,000; and by expanding the earned income credit to cover taxpayers with income under $10,000 with a maximum credit of $500. (For 1978, the maximum income level eligible for the earned income credit was $8,000, with a maximum credit of $400.) Widening the zero bracket amount and raising the level of the personal exemption reduced taxable income about $63 billion and tax liabilites about $12 billion. The expansion of the earned income credit further reduced tax liabilities by about $0.2 billion. Several actions partly offset this reduction in liabilities: the general tax credit was allowed to expire, itemized deductions for State and local gasoline taxes and for political contributions were repealed, and a portion of unemployment compensation was made taxable for the first time. The Foreign Earned Income Act of 1978, also enacted late in 1978, primarily affected personal income tax liabilities for tax years after 1978. A $15,000 exemption of earned income provided by previous legislation was replaced either with the exclusion of up to $20,000 of earned income for residents in "hardship" areas or with an adjustment to gross income for an employee's expenses of living abroad. As a result, there was a small increase in liabilities. The amount of exemption, exclusion, of deduction claimed per return filed in 1979 was about $11,000 per return, down from $14,000 in 1978. 1980.—In the absence of major tax legislation affecting personal income tax liabilities, both liabilities and payments registered small increases in the first half of 1980, but for different reasons. The small increase in liabilities in the first half is traceable to the recession in 1980. However, the recession was very mild and lasted only from January to July. Unlike the declines in liabilities registered in past recessions, inflation and continued growth in nominal personal income, through the process of "bracket creep/' resulted in a continued increase in liabilities. Although payments tend to exceed liabilities when the rate of income growth is decelerating or when income is declining because they are more responsive to income change, this was not the case during this period. Also, payments in the first half of 1980 slowed sharply due to the decline in net settlements resulting from unusually excessive overwithholding in 1979. In fact, payments declined slightly from the fourth quarter of 1979 to the first quarter of 1980. The excess of liabilities over payments in the second half of 1980 was due to rising personal income and continued high inflation during the upswing of the business cycle. 1981.—Payments exceeded liabilities by substantial amounts throughout 1981 as new and previously enacted legislation reduced liabilities. The Windfall Profit Tax Act of 1980 broadened the dividend exclusion to include interest and increased the combined exclusion from $100 to $200 ($400 for joint returns). This provision was originally effective for tax years 1981 and 1982, but the Economic Recovery Tax Act of 1981 (ERTA) limited the exclusion to the 1981 tax year only. The dividend and interest exclusion reduced personal income tax liabilities significantly for 1981. The number of returns with interest received is usually four times as large as the number of returns with dividends, and the amount of interest received per return is higher than the amount of dividends per return for most income classes except the very low and very high classes. By extending the exclusion to the combination of dividend and interest income and by making the maximum exclusion on a joint return unaffected by division of dividend or interest income between the spouses, this act reduced the liability for almost all returns with dividend or interest income. Liabilities were reduced again in the second half of the year by various January 1983 SURVEY OF CURRENT BUSINESS provisions of ERTA. ERTA, enacted in August 1981, provided some reduction in liabilities in the third quarter because certain provisions were retroactive. The maximum tax rate on long-term capital gains from sales or exchanges occurring after June 9, 1981, was reduced to 20 percent, so as not to deter sales or exchanges until 1982, when the maximum individual tax rate drops to 50 percent. Also, the once-in-a-lifetime exclusion of capital gain on the sale or exchange of a principal residence was increased from $100,000 to $125,000 effective July 20, 1981. A new tax credit was provided for research and experimentation expenditures made after June 30, 1981. The research tax credit was set at 25 percent of the excess of the qualified research expenses for the year over the average research expenses for the 3 immediately preceding years. Other provisions of ERTA became effective in the fourth quarter. Individual income tax rates were reduced in that quarter (and in the third quarters of the following 2 years), beginning with a 1.25-percent cut in liabilities in 1981. Individuals were also granted a one-time exclusion of up to $1,000 for interest on All Savers Certificates issued after September 1981 and before 1983. As a result, the excess of payments over liabilities averaged $5.3 billion in 1981. of estimated tax, together with other prepayment credits, are insufficient to cover total tax liability, the amount due is paid at the time of filing a tax return. These payments, along with Federal Insurance Contributions Act (FICA) payments, are deposited in Federal tax and loan accounts at the Federal Reserve banks. When the Federal Reserve banks notify the Treasury of the deposits, personal tax collections are recorded by the Treasury. The time lag between payments by individuals and collections by the Treasury varies from 3 days for large employers to about 1 month for small ones. The payment series is constructed from Treasury collections data by correcting for the time lag between payments and collections. First, quarterly estimates of combined collections of withheld income taxes and FICA payments are converted to a payments basis by adjusting for the time lag. Next, the FICA component is estimated by use of data on taxable wages supplied by the Social Security Administration and subtracted from the combined payments to arrive at the quarterly payment series of withheld income taxes before seasonal adjustment. The quarterly unadjusted series is summed to obtain annual totals. The seasonally adjusted series is derived by allocating these totals to quarters, largely in proportion to seasonally adjusted wages and salaries. (For the current-period estimates, when annual totals for withheld income taxes are not available, the quarterly series is estimated by multiplying wages and salaries by an effective tax rate derived from Treasury estimates prepared for the annual Federal budget.) Treasury data for nonwithheld income tax collections and tax refunds are used, without adjustments, for the payment series because timing difference between payments and receipts by the Treasury are considered insignificant. Both nonwithheld income tax collections and refund payments are seasonally adjusted by allocating annual totals to quarters, with allowance for legislative tax changes. In the case of a permanent legislative tax change, the seasonally adjusted series moves to a new level in the first quarter of the calendar Technical Note This note describes the methodology underlying the payment and liability series for Federal personal income taxes. Payment series Payments of Federal personal income taxes are usually made in three ways—payment through withholding, payment on declarations of estimated tax, and payment due at time of filing a tax return. Most wage earners make tax payments through employer withholdings. Self-employed persons and persons with income from nonwage sources make quarterly payments of estimated tax, net of any credit for overpayment of the previous year's tax liability. When the tax withheld and the quarterly payments 29 year and continues with a smooth pattern. In the case of a temporary change, the series reflects the underlying unadjusted data. For example, a one-time rebate is not allocated to each of the quarters, but is recorded in the quarter paid. The final income tax series is the sum of withheld and nonwithheld payments, less refunds. It is the major component of the personal tax and nontax series in the NIPA's which is published in NIPA tables 3.2 and 3.4. Liability series The personal income tax liability series is based on annual taxable income and tax liabilities published by the Internal Revenue Service (IRS) in Statistics of Income, Individual Income Tax Returns (SOI). This report provides tabulations of information as reported on individual income tax returns filed during a given calendar year based on a stratified systematic sample of returns. There are several differences between the SOI liability series and the BEA liability series presented in this article. The SOI series is annual and exclusive of liability changes occurring after initial returns are filed; the BEA series is both annual and quarterly and inclusive of liability changes that result from audits, amended returns, and other additional assessments. In addition, the BEA liability series includes fiduciary tax liability, but SOI series does not, and the BEA liability series excludes all liabilities associated with social security tax, but SOI series includes the self-employment social security tax and social security taxes on tip income. The method for generating the quarterly BEA liability series is an extension of the method used by BEA to reconcile annual personal income with annual SOI taxable income. (See the December 1976 SURVEY for a detailed discussion of this reconciliation.) First, a quarterly BEA adjusted gross income (BEA-derived AGI) series is constructed from quarterly personal income by adjusting for conceptual and accounting differences and adding in the portion of SOI adjusted gross income (SOI-AGI) not included in personal income. The quarterly BEA-derived AGI series is used 30 to allocate SOI-AGI annual totals to quarters. Next, quarterly estimates of deductions and exemptions are subtracted and quarterly estimates of negative taxable income and the unused zero bracket amount are added to the quarterly SOI-AGI series to derive quarterly taxable income. The quarterly tax liability is estimated by use of an estimated elasticity of tax liability with respect to taxable income. The final liability series is derived by adjusting the SURVEY OF CURRENT BUSINESS quarterly tax liability series for tax credits (including the credit for excess FICA tax withheld), fiduciary income tax, additional tax for tax preferences, recapture and penalty taxes, audit assessments, and undercoverage of SOI data. The methodology described above was used to estimate the BEA liability series through 1980. Because SOI data are not available for 1981, the liability estimate for 1981 is derived by summing withheld and nonwithheld January 1983 taxes by liability year based on unpublished Treasury data and subtracting refunds lagged by 1 year. Withheld taxes are almost entirely collected in the liability year, while nonwithheld taxes are collected in the liability year as well as in subsequent years. Refunds mostly represent excess payments for the previous year's liability. The calendar year liability is allocated to quarters by an estimated elasticity of tax liability with respect to personal income. By JOHN T. WOODWARD, EUGENE P. SESKIN and J. STEVEN LANDEFELD Plant and Equipment Expenditures, 1983 NEW plant and equipment expenditures planned by U.S. nonfarm business for 1983 total $315.7 billion, 1.3 percent less than in 1982, according to the annual survey conducted by BEA in late November and December (table 1 and chart 8). Spending for 1982, based on the quarterly survey conducted a month earlier, is $320.0 billion, 0.5 percent less than in 1981.l Prior to the latest survey results, current-dollar "year-ahead" investment plans reported by BEA early in the year have not indicated a decline in the past 20 years; the last such decline was for 1963, based on the January-February survey. Capital spending after adjustment by BEA for price changes indicates a 5.2-percent decline in 1983 (table 2). A decline of 4.8 percent is indicated for 1982. Real spending increased 0.2 percent in 1981 and 0.9 percent in 1980. Implicit price deflators prepared for the survey data by BEA indicate that prices of capital goods purchased by business in 1982 increased 4.8 percent 1. For estimates of prior years, see "Revised Estimates of New Plant and Equipment Expenditures in the United States, 1947-77," pages 42-49, in the October 1980 SURVEY OF CURRENT BUSINESS; the December 1980 issue, page 44; and the March 1982 issue, page 25. The 1982 estimate is based on actual expenditures in the first three quarters and plans for the fourth quarter. The plans, collected by BEA in October and November, were adjusted for systematic biases by procedures described in the October 1980 SURVEY. The 1983 plans were also adjusted for systematic biases. The net effect of the adjustments was to lower manufacturing $0.8 billion and to raise nonmanufacturing $5.3 billion; before adjustment, plans were $120.3 billion for manufacturing and $190.9 billion for nonmanufacturing. Bias adjustments were computed separately for each major industry group and were applied only when plans deviated from actual spending , in the same direction for at least 5 of the last 7 years. In these cases, the adjustment used was the median deviation between actual and planned spending in the last 5 years. Survey respondents have consistently reported larger capital goods price increases than indicated by the BEA implicit price deflator. The 2.9 per- and will increase 4.0 percent in 1983. Survey respondents reported a larger price increase for 1982, 7.7 percent, and expect a 7.1-percent increase in 1983 (table 3).2 rates respondents' expectations that price increases in 1983 will be smaller than the increases in 1982. Respondents were asked: "What are your best estimates of average price changes from 1981 to 1982 and expected price changes from 1982 to 1983: "a. Prices paid by your company for new construction, machinery, and equipment. "b. Prices of goods and/or services sold by your company." The companies' responses on capital goods and sales price changes were weighted by their reported capital expenditures and sales, respectively. 2. To estimate real spending, the figures reported by survey respondents are adjusted using implicit price deflators for each industry prepared by BEA based on unpublished data in the national income and product accounts. Deflators calculated by BEA for the 1983 spending plans were extrapolated from 1982 deflators using the percentage change in prices in 1982, for each industry, adjusted by the ratios of the expected 1983 price change to the 1982 price change reported by survey respondents. Thus, the procedure incorpo- Table 1.—Expenditures for New Plant and Equipment by U.S. Nonfarm Business, 1981-83 Billions of dollars Total nonfarm business Manufacturing Durable goods 2 Primary metals Blast furnaces, steel works Nonferrous metals Fabricated metals Electrical machinery Machinery except electrical Transportation equipment2. Motor vehicles Aircraft Stone clay and3 glass Other durables Nondurable goods Food including beverage Textiles Paper Chemicals Petroleum Rubber Other nondurables4 Nonmanufacturing Mining Transportation Railroad Air Other Public utilities Electric Gas and other Trade and services Communication and other5 . . . . . . p Percent change 1981 1982 321.49 319.99 315.69 -0.5 126.79 122.67 119.52 -3.3 -2.6 61.84 8.12 3.17 3.46 2.96 10.31 13.22 18.39 10.08 6.43 3.14 ^ 5.69 57.95 7.78 3.63 2.87 2.64 10.67 13.89 15.09 7.91 5.92 2.60 5.28 57.35 6.34 2.94 2.39 2.52 11.75 14.20 14.96 8.09 5.69 2.39 5.19 -6.3 41 14.8 170 -11.0 3.4 5.0 -17.9 215 -7.8 173 -7.3 -1.0 185 -19.1 170 -4.3 10.2 2.2 -.9 2.2 -4.0 82 -1.7 64.95 8.22 1.56 6.72 13.60 26.56 1.77 6.53 64.72 7.67 1.29 5.96 13.82 27.60 1.75 6.64 62.18 8.00 1.28 6.16 13.18 24.62 1.98 6.95 -.4 -6.7 172 -11.3 1.6 3.9 11 1.8 -3.9 4.3 -.5 3.5 -4.6 108 13.4 4.6 194.70 197.32 196.16 1.3 -.6 16.86 12.05 4.24 3.81 4.00 38.40 29.74 8.65 86.33 41.06 16.05 11.80 4.12 3.97 3.71 41.62 33.06 8.56 86.42 41.43 16.45 11.92 4.11 4.04 3.77 39.98 31.90 8.08 86.86 40.96 -4.8 20 29 4.3 72 8.4 11.2 -1.1 .1 .9 2.5 1.0 -.3 1.8 1.6 -3.9 -3.5 -5.6 .5 -1.1 1983 » 1981-82 1982-83 1.3 p Preliminary. 1. Planned capital expenditures reported by business in late November and December 1982. Plans for each industry have been adjusted for systematic biases. 2. Includes industries not shown separately. 3. Consists of lumber, furniture, instruments, and miscellaneous. 4. Consists of apparel, tobacco, leather, and printing-publishing. 5. Includes construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 31 32 SURVEY OF CURRENT BUSINESS centage points by which the 1982 price increase reported by respondents exceeded the BEA measure is within the range, 1-3% percentage points, recorded in 12 of the 13 annual surveys conducted since 1969. The BEA quarterly survey of spending plans conducted in October and November and reported in December indicated an increase of 0.9 percent in current-dollar spending from the second half of 1982 to the first half of 1983. Between the two surveys, economic conditions showed little, if any, improvement, and the latest survey results suggest that first-half plans may have been revised down. January 1983 Table 2.—Real Expenditures for New Plant and Equipment by U.S. Nonfarm Business, 1981-83 Billions of 1972 dollars 1982 1981 Total nonfarm business p Percent change 1983 1 1981-82 1982-83 159.44 151.75 143.78 -4.8 -5.2 Manufacturing . Durable goods Nondurable goods 60.75 31.67 29.08 56.53 29.08 27.46 53.44 28.07 25.37 69 -8.2 -5.6 55 -3.5 -7.6 Nonmanufacturing Mining Transportation Public utilities . Trade and services Communication and other.. . 98.69 5.39 5.59 17.30 47.27 23.14 95.22 4.71 5.31 17.62 46.00 21.57 90.35 4.48 5.18 15.97 44.95 19.76 -3.5 -12.5 50 1.8 -2.7 -6.8 -5.1 -4.9 26 -9.3 -2.3 84 p Preliminary. 1. Plans reported by business in late November and December 1982, adjusted by BEA for assumed price changes. Table 3.—Change in Prices of Capital Goods Purchased [Percent change from preceding year] Industry plans Estimates of planned real spending in manufacturing show a 5.5-percent decline—3.5 percent in durable goods and 7.6 percent in nondurables. Last year, manufacturing spending deCHART 8 Changes in Business Investment Reported in Nov.-Dec. 1981 survey Actual 1981 Expected 1982 Reported in Nov.-Dec. 1982 survey Actual 1982 Expected 1983 10.9 10.4 7.7 7.1 Manufacturing Durable goods Nondurable goods 10.7 10.3 11.0 10.1 9.7 10.5 6.6 6.5 6.7 6.2 6.0 6.3 Nonmanufacturing Mining Transportation Public 1utilities Other 11.0 13.8 10.2 10.3 10.9 10.6 13.7 10.1 9.5 10.6 8.4 7.5 7.9 8.7 8.5 7.7 6.1 7.1 7.6 7.9 Total nonfarm business 1. Includes trade; services; and "communication and other" as defined in Table 1. TOTAL NONFARM BUSINESS Table 4.—Percent Change in Business Sales Mining 1982 Expected as reported in Nov.-Dec. 1981 survey Air Transportation Miscellaneous Transportation Trade and Services Railroad Durable Goods Manufacturing Communication and Other Electric Utilities Nondurable Goods Manufacturing Gas, Water, and Sanitary Services U.S. Department of Commerce, Bureau of Economic Analysis 11.5 Manufacturing Durable goods1 Primary metals Fabricated metals . Electrical machinery Machinery except electrical Transportation equipment Stone clay and glass Nondurable goods1 Food including beverage Textiles Paper 13.1 12.5 11.1 . 108 132 17.7 9.5 9.8 9.4 7.6 . 13.4 126 7.4 Petroleum Rubber Trade Wholesale Retail Public utilities 12.1 9.7 Actual — 5.5 -8.3 -25.3 -7.5 9.0 5.3 10.3 11.5 11.6 10.2 12.1 9.6 15.3 -8.1 8.4 -2.7 9.2 8.4 8.6 .7 -5.9 -1.5 —3.7 10.7 12.3 8.0 8.1 11.3 -1.4 8.5 4.2 1.9 16.0 13.9 10.9 . . . . 1983 Expected as reported in Nov.-Dec. 1982 survey 6.8 7.1 7.2 6.9 14.7 1. Includes industries not shown separately. Sources: Manufacturing data from Bureau of the Census, Current Industrial Reports, Series M-3, for first 11 months of 1982, and BEA estimates for December 1982. Trade data are from the Bureau of the Census, Current Business Reports, Monthly Wholesale Trade and Monthly Retail Trade, and BEA estimates for December 1982. Public utility figures are estimated by BEA on the basis of data collected in the annual business investment surveys. January 1983 clined 6.9 percent, with a larger decline in durables. A 5.1-percent decline is estimated for nonmanufacturing, compared with a 3.5-percent decline last year; declines are indicated in all major industry groups this year. In current dollars, manufacturing industries plan to spend $119.5 billion in 1983, a 2.6-percent decline; spending in 1982 declined 3.3 percent. The largest planned declines this year are in iron and steel, 19 percent; nonferrous metals, 17 percent; and petroleum, 11 percent. Sizable increases are planned in rubber, 13 percent, and electrical machinery, 10 percent. Nonmanufacturing industries plan current-dollar spending of $196.2 billion in 1983, a 0.6-percent decline; spending in 1982 increased 1.3 percent. The largest planned decline this year is in public utilities, 4 percent, following an 8%-percent increase in 1982. Mining firms plan a 2 ^-percent increase in 1983, after a 5-percent decline. 395-822 0 - 8 3 - 2 33 SURVEY OF CURRENT BUSINESS Table 5.—Change in Prices of Products and Services Sold by Manufacturing and Utility Companies [Percent change from preceding year] Reported in Nov. -Dec. 1981 survey Actual 1981 Manufacturing Durable goods Nondurable goods . Public Utilities Expected 1982 Reported in Nov. -Dec. 1982 survey Actual 1982 Expected 1983 9.2 7.7 3.8 5.0 8.1 10.1 7.4 8.0 5.2 2.4 5.7 4.4 13.7 14.8 15.0 12.6 cent in 1982; they had expected a 16percent increase. Sales and sales prices Manufacturers expect the prices of Manufacturers expect their sales to the goods and services they sell to inincrease 10J£ percent in 1983 (table 4). crease at a slightly higher rate in Sales in 1982 declined 5% percent, 1983 than in 1982 (table 5). They compared with an expected 11 ^-per- expect prices to increase 5 percent in cent increase. Trade firms expect an 1983, compared with a 4-percent inincrease of 7 percent in 1983; they re- crease in 1982; a year ago, they had ported a 1 ^-percent decline for 1982, expected a 7 ^-percent increase. Public compared with an expected 9 ^-per- utilities expect a 12 ^-percent incent increase. Public utilities expect a crease; they reported a 15-percent in15-percent increase in 1983 revenues, crease last year, about the same as compared with an estimated 14 per- they had expected. By DANIEL J. LARKINS The Monetary Aggregates: An Introduction to Definitional Issues 1HREE years ago the Board of Governors of the Federal Reserve System redefined the monetary aggregates— the measures of the stock of money in the economy. Since then the meaning of the new aggregates has been altered and their analytical usefulness has been reduced by developments similar to those that prompted the 1980 redefinition. Prominent among these developments is the appearance of new or substantially altered financial instruments and services. As a result, another redefinition of the aggregates may be needed, and it has even been suggested that the use of the aggregates as intermediate targets in monetary policy may have to be abandoned. This article draws on research conducted, in the main, by Federal Reserve economists over the past few years, to provide an introduction to the issues involved in the definition of the monetary aggregates. The first section describes the factors that prompted the 1980 redefinition and the changes that were made. The second section focuses on the behavior of the aggregates since 1979 and on the major forces that may prompt future modifications of the monetary aggregates. Aggregates, Old and New Official estimates of the monetary aggregates are of rather recent origin. Until 1960, Federal Reserve statistics did not include a series labeled "money" or "money stock." For the next decade, the statistical pages of the Federal Reserve Bulletin reported only one such series—currency plus demand (checking) deposits. During the 1970's increasing emphasis began to be placed on the role of the money stock in the implemen34 tation of monetary policy. It was not clear, however, that currency plus demand deposits was the most useful measure of the money stock. This total, or aggregate, did represent transactions balances, or the medium of exchange, which clearly belonged in any measure of the money stock. A considerable amount of research, however, suggested that the volume of "near-monies"—close substitutes for transactions balances—was also an important determinant of economic activity and, therefore, should be included in measures of the money stock. Unfortunately, there was (and is) no consensus on which, if any, assets besides transactions balances belong in a total called "money." A number of different totals, therefore, were developed in the early and middle 1970's. Currency plus demand deposits was designated Ml early in 1971 and two new measures of money were introduced. M2 was defined as Ml plus savings and small-denomination time deposits at commercial banks; M3 was defined as M2 plus deposits at savings and loan associations, mutual savings banks and, later, credit unions.1 Large negotiable certificates of deposit (CD's) were brought into this scheme in 1975: M4 and M5 were defined as large CD's plus M2, and large CD's plus M3, respectively. These five series were the monetary aggregates that the Federal Reserve Board overhauled in 1980. Even before this classification scheme was completed, the Board launched a thorough investigation into its shortcomings and possible improvements. This investigation was 1. Small-denomination, or simply "small," time deposits are those in denominations of less than $100,000. Large-denomination, or "large," time deposits are those in denominations of $100,000 or more. prompted in large part by two developments. First, new financial assets were developed in the early and middle 1970's; it was necessary to see if and how these should be reflected in the aggregates. Second, the demand functions for the aggregates showed a pronounced shift at about the same time that the new assets were appearing. This shift was important because it raised questions about the predictability of the effects of monetary policy. In fact, stability of demand is one of the criteria widely used for choosing the monetary aggregate on which to focus. (Another criterion sometimes used is the performance of the aggregates in reducedform equations relating some important macroeconomic variable, such as GNP, on the one hand, to the aggregate and a fiscal policy variable, on the other.) The first part of the following section begins the discussion of these developments. Shortcomings in the old aggregates New financial assets.—Several new types of financial assets were created in the early and mid-1970's. Because these assets possessed some of the characteristics of assets that were included in one or more of the aggregates, the question arose as to whether the new assets should be included in the aggregates and, if so, in which ones. At first, of course, these new assets were quantitatively insignificant; including them in—or excluding them from—the aggregates made little practical difference. It quickly became obvious, however, that these assets would eventually reach sizable proportions, and the question would have to be addressed. NOW accounts were the first of these new assets. In June 1972, the Massachusetts Supreme Judicial January 1983 Court ruled that there were no statutory restrictions on the way that withdrawals could be made from savings accounts at State-chartered mutual savings banks. Savings banks in the State soon began issuing savings deposits from which the owner could withdraw funds by writing a negotiable order of withdrawal—hence the acronym. The withdrawal document was a negotiable draft (like a check drawn on a demand deposit at a commercial bank), which could be used to make payments to third parties. State-chartered savings banks in New Hampshire started offering NOW accounts within a few months of their introduction in Massachusetts. Federally regulated institutions in the two States were immediately at a competitive disadvantage because, like federally regulated institutions in the rest of the country, they were barred from offering NOW accounts. This disadvantage was subsequently removed by Federal legislation (PL 93-100) and amendments to the relevant Federal regulations; effective January 1, 1974, all depository institutions (except credit unions) in Massachusetts and New Hampshire were authorized to offer NOW accounts. By early 1976, Federal legislation authorizing NOW accounts in the rest of the New England States had become effective. These developments, and others related to the emergence of savings-based transactions accounts, are summarized in table 1. NOW accounts have two important features. First, accounts at savings and loan associations and at savings banks could be used by depositors to pay third parties. The development of NOW accounts, therefore, signaled the end of the virtual monopoly over transactions accounts that commercial banks had previously enjoyed. Second, because the NOW accounts were technically classed as savings accounts, they could earn interest, unlike demand deposits, on which payment of interest was prohibited by the Banking Act of 1933. Table 2 highlights the difficulty of adequately reflecting NOW accounts in the set of monetary aggregates that existed in the mid-1970's. OldMi—defined as currency plus demand deposits at commercial banks—was designed to measure transactions balances, and, as a means of making SURVEY OF CURRENT BUSINESS 35 third-party payments, NOW accounts constituted transactions balances. Because NOW accounts were savings accounts, however, they were not included in this aggregate. Old-M2 included some, but not all NOW accounts. NOW accounts at commercial banks entered the aggregates at this point, but NOW accounts at savings and loan associations and at mutual savings banks entered at the level of old-M3. Old-M3, which included time as well as savings deposits at all depository institutions, was clearly Table 1.—The Development of Savings-Based Transactions Accounts 1970: September The Federal Home Loan Bank Board permitted federally chartered savings and loan associations to make preauthorized nonnegotiable transfers from savings accounts to third parties for household-related expenditures. 1972: June State-chartered mutual savings banks in Massachusetts began offering NOW accounts. State-chartered mutual savings banks in New Hampshire began offering NOW accounts. September 1974: January Federal legislation authorized all depository institutions (except credit unions) in Massachusetts and New Hampshire to offer NOW accounts. First Federal Savings and Loan of Lincoln, Nebraska, installed communications terminals in two supermarkets, enabling customers to withdraw funds from their savings accounts to pay for merchandise purchased from the stores. The National Credit Union Administration permitted Federal credit unions to issue'share drafts. January August 1975: April... September. November.. The Federal Home Loan Bank Board permitted federally chartered savings and loan associations to make preauthorized transfers from savings accounts to third parties for any purpose. Commercial banks were permitted to make preauthorized nonnegotiable transfers from savings accounts to third parties for any purpose. Commercial banks were authorized to accept savings deposits from partnerships and corporations operated for profit, up to a limit of $150,000 per customer per bank. 1976: February.... Federal legislation extended NOW account authority to all New England States. 1978: October November. Federal legislation extended NOW account authority to all New York State. Commercial banks were authorized to offer automatic transfers from savings deposits to demand deposits. 1979: March. U.S. Court of Appeals ruled that automatic transfer accounts were illegal. 1980: March. Federal legislation extended NOW account authority nationwide (effective December 31, 1980) and legalized automatic transfer accounts. Source: Steven M. Roberts, "Developing Money Substitutes: Current Trends and Their Implications for Redefining the Monetary Aggregates," in Improving the Monetary Aggregates: Staff Papers (Washington, D.C.: Board of Governors of the Federal Reserve System, November 1978). (Updated by author.) Table 2.—Components of the Old Monetary Aggregates Component M3 M2 Ml Currency X X X Demand deposits at commercial banks X x x x x x x x x Savings balances at commercial banks Time deposits at commercial banks 1 Savings balances at thrift institutions Time deposits at thrift institutions Negotiable certificates of deposit at large commercial banks. 1. Except negotiable certificates of deposit at large commercial banks. M4 x x x x x M5 x x x x x x x 36 rather far from a measure of transactions balances. NOW accounts were only one of the innovations in financial markets at this time: Preauthorized transfers, telephone transfers, and automatic transfer from savings (ATS) blurred the line between savings accounts and transactions balances at commercial banks, i.e., between old-Mi and oldM2. Further, credit union share draft accounts and demand deposit accounts offered by some mutual savings banks began to reach significant proportions. The share draft accounts, which are transactions balances, entered the old set of aggregates at the M3 level. The demand deposit accounts did not fit neatly into any of the old-M's and, in fact, were not included in any. In addition to new types of accounts at depository institutions, other new assets gained prominence in the mid1970's. During 1974, the number of money market mutual funds rose from 4 to 30, and their net assets climbed from less than $200 million to $2% billion. Most to these funds provided limited check-writing privileges, but because the funds are not classified as depository institutions, shares in the funds were not included in any of the old-M's.2 Overnight repurchase agreements (RP's) also increased in importance in the mid-1970's. Overnight RP's are highly liquid; funds committed to RP's one day can be used to finance transactions the next day. RP's, however, did not fit into the classification scheme of the old aggregates. While new assets were appearing, older assets were changing. During most of the 1970's, the average maturity of time deposits at commercial banks and other depository institutions lengthened significantly, due to the establishment of higher interest rate ceilings for longer maturity accounts. This lengthening of maturity, along with substantial interest penalties for early withdrawal of time deposits, made time deposits less liquid than they had previously been, and SURVEY OF CURRENT BUSINESS BBBBBBBBBBBBBi CHARTS Overpredictions of Demand for Ml andM2 Percent 20 OW-M1 15 10 74 75 76 77 78 79 Data: See footnote 4. U.S. Department of Commerce, Bureau of Economic Analysis 93-1-9 less liquid than savings deposits. The rational for including both time and savings deposits in the monetary aggregates at the same level of aggregation—old-M2 for accounts at commercial banks, old-M3 for accounts at nonbank depository institutions— became strained. (The trend toward lengthening maturities of time deposits was reversed with the authorization of 6-month money market certificates in mid-1978.) Shift in money demand.—Until the mid-1970's, the demand for money was generally thought to be very stable. At the same time that NOW accounts and like assets began appearing, however, evidence began to suggest that there had been a sudden downward shift in the demand for most of the then-existing monetary aggregates. Demand equations that had worked well until that time began to overpredict the level of money demand; the overpredictions were quite large and showed no tendency to be offset by subsequent underpredictions. Simulation of a demand for money equation illustrates these overpredictions. The equation used in this simulation is of the type popularized by Goldfeld:3 M t /P t = a + b(GNP72) - c(RPB) - d(RCP) + e(Mt-i/Pt-i) 2. For an analysis of factors involved in the growth of these funds, see Timothy Q. Cook and Jeremy G. Duffield, "Money Market Mutual Funds: A Reaction To Government Regulation Or A Lasting Financial Innovation?/' Federal Reserve Bank of Richmond Economic Review 65 (July/August 1979) :15-31. 3. Stephen M. Goldfeld, "The Demand for Money Revisited," Brookings Papers on Economic Activity, No. 3 (Washington, D.C.: The Brookings Institution, 1973), pp. 683-730. January 1983 where: M/P is real (old-)Ml or (old-)M2 balances, GNP72 is real GNP, RPB is the weighted average rate on passbook accounts at commercial banks, RCP is the average rate on 4- to 6month commercial paper, and all variables are measured in natural logarithms. This equation was fitted to data for 1960:IV-1974:II, and was used to "predict" money demand in 1974:1111979:IV.4 For old-Mi, the equation consistently overpredicted demand throughout the period (chart 9). A roughly similar pattern of overpredictions is produced by the simulation of the demand for old-M2, although the errors are considerably smaller, especially during 1976-77. Although simulations such as these certainly suggest a shift in the demand for money, formal statistical tests of the structural stability of the demand function yield confusing, and sometimes contradictory, results. These findings are illustrated in table 3, which reports the results of two common tests—the F test and the cusum-squares test—for the money demand function given earlier. Before examining these results, however, it is important to be clear that it is not the specification of the demand function that is being tested; it is assumed that the Goldfeld-type equation correctly specifies the demand function. More explicitly, it is assumed that the equation (1) includes all of the important variables that determine the demand for money, (2) accurately represents the lag patterns of these variables, and (3) is correct in treating these variables as additive in their logarithms. If one or more of these assumptions is incorrect, which is a possibility raised by a number of writers, probability statements about whether the demand function has shifted based on 4. David J. Bennett et al., "Econometric Properties of the Redefined Monetary Aggregates," (Washington, D.C.: Board of Governors of the Federal Reserve System, Division of Research and Statistics, February 1980). (Processed.) January 1983 the results in table 3 will be unreliable.5 With this caveat in mind, the results in table 3 may be examined. The first four rows of the table show that when variables in the equation are measured in levels, statistically significant structural shifts are found by both tests. Row five of the table shows that when varibles are measured in levels but the autocorrelation coefficient is constrained to 0.922, no statistically significant shift is discovered by the cusum-squares test. Constraining the autocorrelation coefficient to 0.922 means that the equation is estimated as if the variables were "almost" measured in first differences. (If the autocorrelation coefficient were 1, the results would be identical to estimation of a first-difference specification.) The final three rows of the table show that when variables are measured in true first differences, the F test is unable to detect any structural shift.6 Despite the inability of conventional tests to find statistically significant shifts in money demand when the variables are measured in first differences (or "almost" first differences), most researchers and policymakers in the mid-1970's—relying in part on the analysis of prediction errors—had no doubt that a major shift had occurred.7 An analysis of the various ex5. See, for example, the articles mentioned in R. W. Hafer and Scott E. Hein, "The Shift in Money Demand: What Really Happened?/' Federal Reserve Bank of St. Louis Review 64 (February 1982) : 11-16. See also, William E. Cullison, "Money, the Monetary Base, and Nominal Income," Federal Reserve Bank of Richmond Economic Review 68 (May/June 1982) :3-13; and Thomas D. Simpson and Richard D. Porter, "Some Issues Involving the Definition and Interpretation of Monetary Aggregates," Controlling Monetary Aggregates III, Conference Series, No. 23 (Boston: Federal Reserve Bank of Boston, October 1980), pp. 161234. The caveat also applies to the second section's discussion of possible shifts in money demand during 1980-82. 6. For a discussion of the relative ease of finding structural shifts in equations where the variables are measured in levels (and the relative difficulty of finding shifts in equations where the variables are measured in first differences), see Edward K. Offenbacher, "Discussion of Money Demand Papers at Washington University Workshop," in his "Two Papers on Money Demand," Special Studies Paper 157, (Washington, D.C.: Board of Governors of the Federal Reserve System, Division of Research and Statistics, July 1981), p. 5. (Processed.) 7. Even Hafer and Hein, who point out that no structural shifts are found in first-difference equations, nonetheless conclude that there was indeed a shift in 1974 and that it was the result of a change in intercept of the money demand equation; they find no evidence of changes in other parameters in the equation. See their "Shift in Money Demand," p. 14. SURVEY OF CURRENT BUSINESS 37 Table 3.—Tests of Stability of Demand for Ml Specification Rho constrained to— Test Levels Levels Levels F F F Levels Levels Cusum-squares Cusum-squares First differences First differences First differences F F F Test statistic significant at— Date of break (i) 1963-1 (i) 1968-1 0) Less than \% level Less than \% level Less than \% level. 1974:1 0.440 n.a. 922 n a. Less than \% level. Not significant at 10% level. n a. 1963-1 n a 1968-1 n a. 1974:1 Not significant at 10% level. Not significant at 10% level Not significant at 10% level. n.a. Not applicable. 1. Rho was unconstrained, assuming different values in each subperiod. Sources: R. W. Hafer and Scott E. Hein, "Evidence on the Temporal Stability of the Demand for Money Relationship in the United States," Federal Reserve Bank of St. Louis Review 61 (December 1979) :3-14, and by the same authors "The Dynamics and Estimation of Short-Run Money Demand," the same Review 62 (March 1980) :26-35. Table 4.—Components of the New Monetary Aggregates Component Currency Demand deposits . Travelers checks of nonbank issuers 1 Other checkable deposits Savings deposits Small denomination time deposits 2 Overnight repurchase agreements Overnight Eurodollar deposits Money market mutual fund shares: 3 Broker/ dealer and general purpose Institutions only Large denomination time deposits .. Term repurchase agreements 4 Term Eurodollar deposits U S savings bonds Short-term Treasury securities Bankers' acceptances Commercial paper , X x x M2 M1B MIA X x x x X x x x x x x x x M3 x x x x X x x x x x x X L x x x x x x x x x x x x x x x x x 1. Travelers checks issued by nonbank institutions were included in the aggregates for the first time in June 1981, when data on them became available. Travelers checks issued by banks had long been included in the aggregates as a part of demand deposits. 2. Includes all retail repurchase agreements. 3. The distinction between broker/dealer and general purpose funds, on the one hand, and institution-only funds, on the other, was made in early 1982. Previously, both had 1>een included in new-M2. 4. Excludes all retail repurchase agreements. planations for the shift in money demand would lead far afield.8 Suffice it to say that because the demand function shifted at about the same time that developments in financial markets were altering the meaning of "money", some analysts concluded that these developments caused (at least part of) the shift in money demand. NOW's, ATS's, and RP's, it was argued, satisfied part of the public's demand for "money" without being represented in the measures of money used in estimating money demand equations. This argument was buttressed by the results of further investigations that showed that the shift in money demand appeared 8. For such analyses, see R. W. Hafer and Scott E. Hein, "Evidence on the Temporal Stability of the Demand for Money Relationship in the United States," Federal Reserve Bank of St. Louis Review 61 (December 1979) :3-14 and the references cited there. to be localized in the demand deposit component. The obvious solution was to redefine money so that these new instruments would be included in some way. The new aggregates The Board of Governors of the Federal Reserve defined five new aggregates in February 1980. Table 4 shows the components of each aggregate, and these components are defined in the accompanying box. New-MlA differed from old-Mi only in the treatment of certain foreignowned demand deposits. In the redefined aggregates, all identifiable monetary assets held by foreign commercial banks and official institutions are excluded on the grounds that the demand for them and their effect on domestic macroeconomic variables are substantially different from monetary Components of the Monetary Aggregates Currency: legal tender issued by the U.S. Treasury and the Federal Reserve and circulating outside the Treasury and outside the Federal Reserve banks. Currency held in the vaults of commercial banks is counted as part of bank reserves and not as part of the monetary aggregates. Currency held as vault cash by thrift institutions to service their "other checkable deposit" liabilities is also excluded from the currency component of the aggregates. Other currency held by thrifts—assumed to be used in servicing their savings and small time deposits—is removed as a consolidation adjustment from M2. Travelers checks: outstanding travelers checks of nonbank issuers. (Bank-issued travelers checks are included in the demand deposit component of the aggregates.) Travelers checks were first included in the aggregates in the June 1982 revision of monetary statistics. Demand deposits: noninterest bearing checking accounts at all commercial banks except accounts owned by domestic banks, the U.S. Government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Demand deposits due to commercial banks are excluded to prevent double counting, as are cash items in the process of collection and float. Demand deposits due to the U.S. Government and to foreign banks and official institutions are excluded because their levels are thought to be determined by fundamentally different factors than other demand deposits and to have fundamentally different effects on the economy. Demand deposits held by thrift institutions to service their "other checkable deposit" liabilities are excluded from the demand deposit component. Other demand deposits of thrifts are removed in an M2 consolidation adjustment. Other checkable deposits: interestearning checking accounts, including NOW (negotiable order of withdrawal), ATS (automatic transfer from sav- 38 ings), and super NOW accounts at commercial banks and thrift institutions, credit union share draft accounts, and demand deposits at mutual savings banks. Overnight repurchase agreements: borrowings by commercial banks from nonbank customers, in which the banks sell securities one day and buy them back the next business day. As with term repurchase agreements (see below), Federal and Federal agency securities are the principal instruments used in overnight repurchase agreements. Most overnight repurchase agreements are believed to be in amounts of $1 million or more. Overnight Eurodollars: dollar-denominated, interest-earning deposits maturing the next business day and held by nonbank U.S. residents in Caribbean branches of member banks. Money market mutual fund shares: interest-earning, checkable deposits in mutual funds that invest in money market instruments. Shares in general purpose funds and broker/dealer funds are included at the M2 level of aggregation; shares in institution-only funds are included at the M3 level. Savings deposits: interest-earning deposits, which can usually be withdrawn without prior notice without penalty, at all depository institutions. Interest rate restrictions, now determined by the Depository Institutions Deregulation Committee, are scheduled to be eliminated by 1986, as are interest rate restrictions on time deposits. Since December 14, 1982, includes money market deposit accounts which have limited check-writing privileges and which are not subject to regulatory ceilings on interest rates. Small denomination time deposits: noncheckable interest-earning deposits, which are subject to substantial forfeiture of interest if withdrawn before maturity, in denominations of less than $100,000 at all depository institutions. Large denomination time deposits: interest-earning deposits in denominations of $100,000 or more at all depository institutions, exclusive of the holdings of domestic depository institutions, money market mutual funds, the U.S. Government, foreign banks, and official institutions. (Holdings of domestic depository institutions and money market mutual funds are excluded to prevent double counting. Holdings of the other institutions are excluded for reasons akin to those for excluding their holdings of demand deposits from the demand deposit component.) Term repurchase agreements: borrowings by thrift institutions from nonbank customers, in which the borrowers sell securities with the understanding that the securities will be bought back at a specified date. Most term repurchase agreements are in amounts of $1 million or more, but retail repurchase agreements, in amounts of less than $100,000, also exist. Retail repurchase agreements are included at the M2 level of aggregation (in small time deposits); larger term repurchase agreements enter the aggregates at the M3 level. Other Eurodollar deposits: longerterm dollar denominated interestearning deposits with maturities of more than 1 day held by nonbank U.S. residents in banking offices outside the U.S. Some overnight Eurodollars are included in this component because the available data do not permit their inclusion in the "overnight Eurodollar" component. Bankers acceptances: negotiable drafts—orders to pay a specific amount at a specified time—that U.S. banks have formally agreed to honor and that are held by the nonbank public exclusive of the amount held by money market mutual funds. Commercial paper: unsecured shortterm debt obligations of corporations held by the nonbank public, net of holdings by money market mutual funds. U.S. savings bonds: held by the nonbank public, net of holdings by money market mutual funds. Short-term Treasury securities: marketable securities issued by the U.S. Treasury that have less than 12 months remaining to maturity. January 1983 assets owned by other economic units.9 New-MlB included other checkable deposits, such as NOW accounts, ATS accounts, and demand deposits at ;nonbank depository institutions. NewMlB, it was thought, would probably be superior to MIA as a measure of transactions balances. It was appropriate to exclude NOW accounts and other checkable deposits from the narrowest measure of transactions balances because some of these deposits had turnover rates (about 10 per year) intermediate between the turnover rates of demand deposits (35 per year) and ordinary savings accounts (3 per year). Moreover, if, as in fact did happen, NOW accounts were authorized nationwide, M1B might overstate the public's true transactions balances. MIA, which would understate transactions balances in this event, would aid in estimating actual transactions balances by providing a lower bound. The broader aggregates represent definitions of money that move progressively further away from transactions balances. New-M2 differs considerably from old-M2. (Table 5 shows the relation between the old and new aggregates.) Savings and small time deposits at nonbank depository institutions, as well as at commercial banks, were included in new-M2, along with overnight RP's, overnight Eurodollars, and shares in money market mutual funds. The last three of these items have some of the characteristics of both transactions balances and liquid investments. The Board decided that, on balance, they were more like investments than like transactions balances. Data on each of the series are published by the Board, however, enabling analysts who disagree with the Board's decision to develop alternative measures of their own. (The relative importance of the various components is shown in chart 10.) Large time deposits and term RP's enter the aggregates in new-M3. L, the broadest of the new aggregates, includes a variety of additional assets, 9. See Helen T. Fair et al., "Foreign Demand Deposits at Commercial Banks in the United States," in Improving the Monetary Aggregates—Staff Papers (Washington, D.C.: Board of Governors of the Federal Reserve System, November 1978), pp. 35-54. SURVEY OF CURRENT BUSINESS 39 Table 5.—Relation Between New and Old Aggregates Old-Mi less demand deposits of foreign commercial banks and official institutions New-MlA plus other checkable deposits equals New-MlB plus equals plus plus plus less less less equals plus plus 01d-M2 savings and time deposits at thrift institutions Old-M3 overnight repurchase agreements and Eurodollars money market mutual fund shares demand deposits at mutual savings banks large-denomination time deposits at all depository institutions in old-M3 demand deposits of foreign commercial banks and official institutions consolidation component to eliminate double counting New-M2 large-denomination time deposits at all depository institutions term repurchase agreements at commercial banks and savings and loan institutions New-M3 the largest in a quantitative sense being liquid Treasury obligations. Aggregation.—The underlying principle of aggregation in the redefined monetary aggregates was that similar kinds of assets should be combined at each level of aggregation. In the old aggregates, the implicit principle had been that similar kinds of assets issued by similar types of institutions should be combined at each level. The new principle had to be compromised from the outset. An extreme example of compromise is the entry at the M2 level of both money market mutual fund shares and 8-year time deposits. The contrast between the limited check-writing privileges of the former and the substantial interest penalties for early withdrawal of the latter, raises the question whether it would not be useful to have an aggregate broader than Ml but including only highly liquid assets with short maturities. "Clearly, [such] a concept . . . would be an attractive alternative or supplement to present broad money measures, but the statistics on remaining maturity of deposits and other similar assets are not available and would be very costly to collect/' 10 The degree to which two assets are similar—the key to the aggregation principle-—is reflected in the elasticity 10. Stephen H. Axilrod, "Monetary Policy, Money Supply, and the Federal Reserve's Operating Procedures," Federal Reserve Bulletin 68 (January 1982):1617. Table 6.—Elasticities of Substitution Between Selected Pairs of Financial Assets Household sector Currency and household demand deposits Savings deposits.. Small time deposits ,.,, .. .. ,. 0203 070 Savings deposits 162 Business sector Firm demand deposits Overnight repurchase agreements Large time deposits : 645 .145 Overnight repurchase agreements .259 Source: David J. Bennett et al., "Econometric Properties of the Redefined Monetary Aggregates," (Washington, D.C.: Board of Governors of the Federal Reserve System, Division of Research and Statistics, February 1980), tables 5-5 and 5-6. (Processed.) of substitution.11 If holders view two assets as excellent substitutes for each other, the elasticity of substitution is very high. Conversely, two assets that complement each other very well will have a large negative elasticity of substitution. The elasticity of substitution is, of course, exceedingly difficult to estimate, especially in a period of financial innovation such as the 1970's when the elasticity may have been changing. Despite these difficulties, the elasticity estimates in table 6 11. The elasticity of substitution between assets A and B is measured by the percent change in (A/B) divided by the percent change in (Pb/Pa), where A and B are the amounts of the two assets, in dollars, and Pa and Pb are the (perhaps implicit) yields of assets A and B, respectively. 40 SURVEY OF CURRENT BUSINESS January 1983 i CHART 10 Components of M2 Currency and Demand Deposits 59 60 61 62 63 64 Data: Federal Reserve Board. U.S. Department of Commerce, Bureau of Economic Analysis 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 January 1983 SURVEY OF CURRENT BUSINESS appear reasonable. For households, savings deposits—which are more liquid than time deposits—are closer substitutes for currency and demand deposits than are small denomination time deposits. Time deposits, in fact, appear—on the basis of these estimates—to be complements, rather than substitutes, for the medium of exchange. These estimates taken by themselves, therefore, do not support the practice of having small time deposits and savings accounts enter the aggregates at the same level of aggregation. For businesses, overnight RP's are very good substitutes for demand deposits, and large time deposits are less good substitutes. This finding tends to justify the practice of having RP's enter the aggregates at a lower level (new-M2) than large time deposits (new-M3). One might even argue that the very high elasticity of substitution for RP's suggests that they should enter at an even lower level than new-M2—M1B, say, or some aggregate intermediate between M1B and M2. Statistical properties.—The redefinition was unsuccessful at removing the apparent shift in money demand in the 1970's. A study prepared at the Board estimated demand equations for each of the old and new aggregates and then used F tests to test the stability of the equations. (Variables were measured in levels.) When the two subperiods 1960:IV-1969:IV and 1970:I-1979:IV were compared, the null hypothesis of stability was rejected at the 5 percent level of significance for every old and new aggregate. When the two subperiods 1960:IV-1974:II and 1974:1111979:IV were compared, the null hypothesis was rejected for every new and old aggregate except for new-Mi A and for the broadest of the old and new aggregates (old-M4, old-M5, and newL). Table 7.—Errors From a Dynamic Simulation of Demand Equations for Old and New Monetary Aggregates, 1974:II-1979:IV * Root mean square error Mean error Aggregate 41 Old-Mi 344 381 Old-M2 Old-M3 Old-M4 Old-M5 402 -71.1 1150 1788 481 78.4 1331 2140 Mean error Aggregate New-MlA New-MlB New-M2 New-M3 L Root mean square error 356 -314 1 392 33.7 125 1892 237 2217 503 1. Errors are in billions of dollars. All equations were estimated over the period 1960:IV-1974:II. The simulation period for L ends with 1979:111; all other simulations go through 1979:IV. Source: David J. Bennett et al., "Econometric Properties of the Redefined Monetary Aggregates," (Washington, B.C.: Board of Governors of the Federal Reserve System, Division of Research and Statistics, February 1980), table 2-4. (Processed.) Redefinition also failed to eliminate the overprediction of the demand for the narrow monetary aggregates after 1974:11 (table 7). New M2 and L do predict considerably better than their old counterparts, but the reasons for this are mysterious. Recall that the shift in demand for the old-M's was localized in the demand deposit component. The improved predictive performance of new-M2, then, suggests that overpredictions of demand deposits are offset by underpredictions of other liquid asset components of M2. Further statistical analysis suggests savings and small time deposits as the component most likely to have absorbed funds that otherwise would have gone into demand deposits. Demand functions for this component, however, do not generate underpredictions of the size necessary to offset overpredictions in the demand deposit component. Moreover, new-M3's predictive performance deteriorates markedly in the mid-1970's; this should not happen if savings and small time deposits (or other liquid asset components of new-M2) internalized the shift out of demand deposits.12 12. See Bennett et al., "Econometric Properties," pp. 26-28, and Neil G. Berkman, "Abandoning Monetary Aggregates," Controlling Monetary Aggregates III, conference Series, No. 23 (Boston: Federal Reserve Bank of Boston, October 1980), p. 88. Lastly, redefinition had little effect on the performance of the aggregates in reduced-form regressions. As noted in the introduction, it is sometimes suggested that the aggregate most highly correlated with the level of economic activity be chosen as "the" money stock. Moreover, reduced-form regressions are sometimes used to infer the effect that changes in the money stock have on the level of economic activity. Table 8 shows the standard errors from a typical reduced-form equation of current-dollar GNP on alternative monetary aggregates and a fiscal policy variable; it also shows standard errors for regressions in which constant-dollar GNP, the implicit price deflator for GNP, and the unemployment rate are used as the dependent variables.13 These last three regres13. Reduced-form regressions of this sort frequently have been criticized because of the possibility of "simultaneous equation bias." This bias results if causation in these equations is not unidirectional—i.e., if there are feedback effects from the dependent variable to one of the independent variables. For an early discussion of this issue, see Frank de Leeuw and John Kalchbrenner, "Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization—Comment," Federal Reserve Bank of St. Louis Review 50 (April 1969) :6-ll. A recent investigation concludes that the issue remains unsettled. See, William A. Barnett, Paul A. Spindt, and Edward K. Offenbacher, "Empirical Comparisons of Divisia and Simple Sum Monetary Aggregates," Conference Paper No. 122, NBER Conference Paper Series (Cambridge, Mass.: National Bureau of Economic Research, August 1981), p. 29. Table 8.—Standard Errors From Reduced-Form Regressions Dependent variable Current-dollar GNP Constant-dollar GNP Implicit deflator for GNP Unemployment rate Monetary aggregate Old-Mi 3.848 4.083 1.795 .411 New-Mi 3.652 4.040 1.804 .415 01d-M2 4.021 4.079 1.801 .424 Old-M3 3.993 3.809 1.732 .396 New-M2 3.981 3.759 1.751 .397 01d-M4 4.284 4.455 1.829 .431 Old-M5 4.169 4.195 1.784 .424 New-M3 4.27 4.73 1.20 .28 New-L 3.608 3.639 1.755 .411 Maximum Old-M4 Old-M4 Old-M4 Old-M4 Minimum New-L New-L 01d-M3 Old-M3 Range 0.676 .816 .097 .035 NOTES.—All equations included a fiscal policy variable, defined as the annualized percentage change in high-employment federal expenditures. The monetary and fiscal variables entered the equations with third-degree polynomial distributed lags, constrained to zero at t-5. Sample period: 1970-79. The aggregates and the dependent variables (except for the unemployment rate) were measured as annualized precentage changes. Source: Neil G. Berkman, "Abandoning Monetary Aggregates," in Controlling Monetary Aggregates III, Conference Series, No. 23 (Boston: Federal Reserve Bank of Boston, October 1980), p. 93. 42 SURVEY OF CURRENT BUSINESS sions are reported in the belief that real GNP, inflation, and unemployment are the variables of ultimate concern to policymakers. For each of the dependent variables in table 8, all of the standard errors are relatively large and their range is rather narrow. A pattern is evident, however. Old-M4 produces the largest standard errors for all of the dependent variables, new-L produces the smallest standard errors for both current-dollar and real GNP, and old-M3 yields the smallest standard errors for inflation and unemployment.14 (NewL, it may be noted, is perhaps least amenable to control by the monetary authorities of all the old and new aggregates.) Of the other new aggregates, newMi produces the smallest standard error for current-dollar GNP and new-M2 produces the smallest standard errors for the other dependent variables. In no instances are these standard errors much, if any, smaller than the standard errors produced by some of the old aggregates. Redefining the aggregates, therefore, had little effect on their performance in reduced-form equations estimated with data for the 1960's and 1970's. It may well be, of course, that the new aggregates would outperform the old aggregates subsequent to 1979. Developments in 1980-82 During 1980-82, some of the innovations of the preceding decade assumed new importance; in addition, new financial instruments and services made their appearance. In this section, these developments are described and then the growth of the aggregates and the stability of money demand during the past few years is discussed. 14. A comparison of the standard errors produced by the various aggregates should be understood as suggestive rather than conclusive. The comparisons would be strictly legitimate only if the estimated coefficients of autocorrelation in each regression were identical. Although the source for table 8 does not report these coefficients, it is highly unlikely that this condition is met. Innovations in financial markets The Depository Institutions Deregulation and Monetary Control Act of 1980 authorized the nationwide issuance of NOW accounts, effective December 31, 1980. In the first two months of 1981, "other checkable deposits"—in which NOW's are included—roughly doubled, rising $26% billion, as funds flowed into NOW accounts from demand deposits and from savings accounts. Over the entire year, other checkable deposits increased $50 billion, while demand deposits fell $31 billion (11% percent). Not all of the increase in other checkable deposits was at the expense of demand deposits. There were two important reasons for assuming, early in 1981, that a sizable part of the increase in NOW accounts would actually serve as savings, rather than transactions, balances. First, many depository institutions required relatively large minimum balances in NOW accounts; it was reasonable to assume that individuals would cover at least part of this requirement by shifting funds out of savings balances. Second, the experience with NOW accounts in New England had been that roughly one-third of flows into NOW accounts and ATS accounts had represented shifts of funds out of savings balances and other non-Mi sources. The Federal Reserve estimated that 22% percent of the flows into newly opened NOW accounts in January 1981, and 27% percent in FebruaryDecember, came from non-Mi sources. This amount was subtracted from M1B in order to obtain "shift-adjusted M1B," which was then used as the basic measure of transactions balances.15 Shift-adjusted M1B was the focus of most monetary policy discussions in 1981. By the end of 1981, the shift into Ml attributable to NOW accounts was concluded to have run its course. The shift adjustment was discontinued as of January 1982, MIA was dropped from the list of aggregates, and M1B was rechristened Ml. 15. An explanation of the method of calculating shift-adjusted M1B is given in Daniel L. Thornton, "The FOMC in 1981: Monetary Control in a Changing Financial Environment," Federal Reserve Bank of St. Louis Review 64 (April 1982): 4. January 1983 Several new assets have appeared since early 1980. Effective October 1, 1981, All Savers Certificates were authorized, with 12-month maturities and limited tax exemption of interest earnings. In the spring of 1982, 91-day certificates of deposit—with yields tied to those on Treasury bills—were introduced at depository institutions. Beginning May 1982, depository institutions were authorized to offer negotiable and nonnegotiable certificates of deposit with maturities of 3% years or more, with no restrictions on their yields. Effective September 1982, depository institutions were permitted to offer certificates with maturities of from 7 to 31 days with yields linked to Treasury securities. Presumably all of these certificates compete mainly with other short-term liquid assets— money market mutual fund shares, retail repurchase agreements, and other certificates of deposit—already included in M2. If so, the level and rates of change of the broad aggregates will be little affected, although the composition of M2 could change. Two points should be noted about these new instruments. First, they represent a continuation of the movement toward the deregulation of the yields on time deposits at depository institutions. (All deposit rate ceilings are scheduled to be eliminated by 1986 in accordance with the provisions of the Depository Institutions Act.) In early 1978, less than 5 percent of the non-Mi components of M2 bore market-related yields; by early 1982, this share had risen to over 64 percent.16 The sensitivity of M2 with respect to changes in market interest rates, therefore, has decreased substantially. This decreased sensitivity is well illustrated by M2 growth in 1981. Interest rates were high throughout the year, but especially during the summer. The rate on 3month Treasury bills, for example, rose from 13.6 percent in April to an average of 15.2 percent for May 16. David E. Lindsey, "Recent Monetary Developments and Controversies/' Brookings Papers on Economic Activity, No. 1 (Washington, D.C.: The Brookings Institution, 1982), p. 252. January 1983 through September. In earlier years, such rates would have led to large movements of funds out of low yielding M2-deposits and into market instruments. In 1981, however, the nonMi components of M2 increased at an 11 percent annual rate from April to September, the same rate as in the previous five months (when rates had averaged 75 basis points lower) and much faster than Ml itself (which actually decreased at a 1 percent annual rate). Second, the quantitatively most significant certificates of deposit are 6month money market certificates (MMC's). The popularity of MMC's has shortened the average maturity of time deposits, making time deposits more liquid and, therefore, better substitutes for transactions balances. Some of the other certificates are tending to have the opposite effect, however. In particular, funds in individual retirement accounts and Keogh Plan accounts are quite illiquid, given the tax penalties that attach to premature withdrawal. Deposit "sweeping" arrangements have spread in recent years. Such arrangements provide that when transactions balances rise above a specified level, the excess funds are to be invested in short-term, highly liquid assets bearing market-determined rates of return. (The sweeping may, depending on the terms of the agreement, be done by the customer or automatically by the bank.) Conversely, when transactions balances fall below a specified level, liquid assets are to be sold and the proceeds put into the transactions account. Deposit sweeping is presently of importance primarily to large companies although the practice is now being used by increasing numbers of medium-sized and small businesses. Deposit sweeping is also a characteristic of many cash management accounts offered to individuals by brokerage firms, and some depository institutions have begun to offer the service to retail customers. The president of the Federal Reserve Bank of Boston has suggested that if deposit sweeping continues to spread, it will have serious implications for the measurement and interpretation of the monetary aggre- SURVEY OF CURRENT BUSINESS 43 gates.17 Funds in sweep accounts are clearly transactions balances from the point of view of the owners of the accounts; the funds are available for spending each morning. By close of business, however, a substantial portion of transactions balances may have been swept. Because the monetary aggregates are measured on the basis of balances at the close of business, they underestimate the volume of transactions balances. If the prevalence of deposit sweeping spreads, the seriousness of this underestimation will increase. The principal reason for holding funds in a sweep account, of course, is to earn interest on transactions balances. This reason has been undercut by recent actions of the Depository Institutions Deregulation Committee. Effective December 14, 1982, depository institutions were authorized to offer money market deposit accounts. Effective January 5, 1983, depository institutions were authorized to offer "super NOW accounts." Money market deposit accounts carry limited check-writing privileges (three per month), while super NOW accounts are true transactions accounts. The minimum balance for both types of account is $2,500 and both are free of restrictions on interest rates that may be paid. The authorization of these two new accounts substantially reduces the incentive for individuals to hold sweep accounts. Corporations, which are not now permitted to own super NOW accounts, continue to have an incentive to hold sweep accounts. The Depository Institutions Deregulation Committee, however, is currently considering a proposal to permit corporate accounts like super NOW's. If such an account is authorized, corporations too may have little reason to use sweep accounts. The Garn-St Germain Depository Institutions Act of 1982—which has been called the most important legislation for financial institutions in 50 years—required the Depository Institutions Deregulation Committee to authorize an account that would be directly competitive with money market mutual funds. The money market deposit account was the committee's response to this directive. It is generally expected that money market deposit accounts will offer yields somewhat higher than those offered by the money market mutual funds, at least initially, in order to attract deposits. Depository institutions may be able to afford to offer a higher rate because they can invest in longer term, higher yielding assets than the money market funds can. ("Borrowing short and lending long," of course, would expose the institutions to possibly severe earnings pressures if the term structure of interest rates were to turn negative.) Nonrate considerations may also favor the depository institutions—the availability of Federal deposit insurance, for example, and the convenience of dealing with a local institution instead of one located in a distant city. Competition between depository institutions and money market mutual funds, of course, can be expected to affect primarily the composition of M2 rather than its level. There could well be some spillover effects, however, in which funds invested in, say, Treasury bills, would be drawn into M2, raising its level. Money market deposit accounts, it is important to note, continue the trend mentioned earlier toward reducing the interest rate sensitivity of the M2 total. With rates completely free of ceilings, it is much less likely that funds will flow out of depository institutions when market interest rates rise. The coefficient of interest rates in demand for M2 equations, therefore, can be expected to fall. Similarly the coefficient of interest rates in demand for Ml equations can be expected to fall now that transactions balances free of interest rate ceilings are available. Also, it is clearly possible that some inflows into super NOW accounts will draw funds from assets that are not included in Ml, so that both the composition of Ml, its level, and the composition of the broader aggregates will be affected. Monetary growth in 1980-82.— The Federal Open Market Committee sets fourth-quarter to fourth-quarter 17. Frank E. Morris, "Do the Monetary Aggregates Have a Future as Targets of Federal Reserve Policy?," New England Economic Review (March/April, 1982) 44 target ranges for the growth rates of Ml, M2, and M3. (The committee also sets a target range for the growth rate of bank credit, which this article will ignore. No target is set for L.) The growth rate targets for the - M's are shown in the left-hand panels of chart 11, along with the actual rates of growth of the M's from November SURVEY OF CURRENT BUSINESS January 1983 of the preceding year.18 The levels of the aggregates are shown in the righthand panels, along with the range of levels implicit in each growth rate target. This chart illustrates two of the most important issues relating to monetary growth in the past few years. First, short-term variations in growth rates of the aggregates have been quite substantial. Ml growth has exhibited the largest such variation, but the broader aggregates have also exhibited large swings. Hein esti- 18. The chart would not be changed much if the fourth-quarter average levels of the M's, instead of the November levels, were used as the bases for calculating the rates of growth. CHART 11 Ml, M2, and M3 Rates of Change1 Percent 20 •M1 Levels2 Billion $ 480 M1 15 460 10 440 420 400 I ft i i i i I i i i { i t I r I i'.i t 1 f i I 1 i I i I t i I J I ...I .1. i i I 380 15 2,000 10 1,800 1,600 0 I 1 1 t V r I i f i I E I ( i t i t I t ..i i i r j i i i t r I t i » i > I I i i I r i ' i - i . .1 I t l i t { I i t i ( i 1 i r I i I I r i t t ' l ' J ' i ( i r t"l 1,400 20 2,400 M3. 15 2,200 10 2,000 1,800 1,600 1980 1981 1982 1979 1980 1981 1. White areas show growth rate ranges established by the Federal Open Market Committee. Lines show actual percentage changes (at seasonally adjusted annual rates) from November of preceding year. 2. White areas show levels implicit in ranges established by the Federal Open Market Committee. Lines show actual levels. Data: Federal Reserve Board. U.S. Department of Commerce, Bureau of Economic Analysis 1982 January 1983 mates that Ml growth—measured as deviation from trend—was more volatile in the second and third quarters of 1980 than at any other time in at least 20 years.19 Some have interpreted this volatility as indicative of shifts in the demand for money and have concluded that, because money demand cannot be forecast reliably, the use of aggregates as intermediate targets of monetary policy should be abandoned. Others contend that the volatility is better explained by developments affecting the supply of money—developments such as the credit control program in the spring of 1980 and the change in the Federal Reserve's operating procedure in the fall of 1979. If this latter interpretation is correct, the Federal Reserve need only abandon those practices that caused the volatility. The second issue illustrated in chart 11 is the divergent behavior of the various aggregates—divergent behavior that complicates the tasks of formulating and analyzing monetary policy. In 1981, for example, shift-adjusted Ml increased along a path that was below the lower limit of the range set by the Committee. M2 and M3, in contrast, increased along a path that was at or above the upper limit. Was money very tight, as suggested by the shift-adjusted Ml path, or was it not so tight, as suggested by paths of the broader aggregates? Further, although shift-adjusted Ml was well short of its targeted growth path during most of 1981, unadjusted Ml was comfortbly within that range.20 If Ml, rather than shift-adjusted Ml, was a better measure of transactions balances in 1981, then the discrepancy between the growth rates of transactions balances and the broader aggregates is reduced substantially. Short-term growth rate variations in 1981 are also related to the shiftadjustment issue. If the shift-adjusted measure of Ml is used, growth fell from 11.1 percent in the fourth quar- 19. Scott E. Hein, "Short-Run Money Growth Volatility: Evidence of Misbehaving Money Demand?," Federal Reserve Bank of St. Louis Review 64 (June/ July 1982) :28. 20. The Committee did not establish a growth rate range for unadjusted Ml in 1981. The Committee did, however, anticipate (accurately, as it turned out) that unadjusted Ml growth would be about 2& percentage points higher than the growth rate of shift-adjusted Ml. SURVEY OF CURRENT BUSINESS ter of 1980 to -0.9 percent in the first quarter of 1981; if the unadjusted measure is used, growth fell from 11.1 percent in the fourth quarter of 1980 to 4.6 percent in the first quarter of 1981. As explained earlier, the shift adjustment was an estimate of the amount of the increase in other checkable deposits that came from sources other than demand deposits. One interpretation of the adjustment is that such funds would be idle balances and that they would have to be netted out of Ml to obtain an accrate measure of transactions balances. In calculating the shift adjustment, the staff of the Federal Reserved Board relied on surveys of depository institutions, surveys of households, and cross-sectional econometric analysis of changes in demand deposits and changes in other checkable deposits. Some critics have concluded that the shift adjustment thus calculated was much too large. They maintain that unadjusted Ml was a better measure of transactions balance in 1981 than shift-adjusted Ml.21 Using the unadjusted measure, the increase in velocity of Ml in 1981 is much less than the increase calculated using adjusted Ml. The demand for Ml, there- 21. See, for example, John A. Tatom, "Recent Financial Innovations: Have They Distorted the Meaning of Ml?," Federal Reserve Bank of St. Louis Review 64 (April 1982) :23-35, and Cullison, "Money, the Monetary Base, and Nominal Income," p. 6. 45 fore, appears to be more stable if the shift adjustment is ignored. Defenders of the shift adjustment explain the velocity behavior of adjusted and unadjusted Ml by hypothesizing a downward shift in money demand—a shift about equal in size, but otherwise unrelated, to the shift adjustment. Lindsey, for example, suggests that the increased use of money market fund shares for transactions purposes, the economizing on transactions balances induced by the high yield and liquidity of money market funds, and the further spread» of improved cash management practices all are important for an understanding of 1981's velocity behavior. Many other analysts and policymakers have also hypothesized recent shifts in money demand.22 To examine the possibility of a recent shift, a Goldfeld-type demand equation was estimated in both level and first-difference forms for 1959:1111979:IV. (This equation was identical to the one discussed earlier except that the average rate on time deposits 22. Lindsey, "Recent Monetary Developments and Controversies," p. 250. See also Axilrod, "Monetary Policy," p. 18 passim; William C. Ford, "Monetary Policy in 1981-1982," Economic Policy Issues Conference Board Report, No. 1 (New York: The Conference Board, 1982), p. 4; John Wenniger, Lawrence Radecki, and Elizabeth Hammond, "Recent Instability in the Demand for Money," Federal Reserve Bank of New York Quarterly Review (Summer 1981), pp. 1-9; and Byron Higgins and Jon Faust, "Velocity Behavior of the New Monetary Aggregates," Economic Review of the Federal Reserve Bank of Kansas City (SeptemberOctober 1981), pp. 3-7. Table 9.—Regressions for Ml/P, Various Periods l 1959:1111979:IV Not adjusted 1980:11982:1 Shift-adjusted 1959:1111982:1 1980:11981:IV 1959:1111981:IV Coefficients: 0 (.49) 0018 (3.99) 0 (.07) -0.012 (1.50) 0 (.26) GNP 217 (2.97) .076 (.41) .246 (2.99) -.073 (.24) .258 (3.21) RTD -.041 (1.85) .030 (.72) -.085 (4.65) -.077 (1.23) -.099 (5.69) RCP -.012 (1.90) .076 (4.76) .004 (.58) .068 (2.97) .002 (.35) (Ml/P)t i .502 (4.99) 1357 (3.67) .285 (2.65) -.453 (.90) .361 (3.70) D -.012 (2.06) O -.015 (2.18) (*) -.014 (2.15) .447 .0054 2.04 .872 .0053 1.27 .364 .0068 1.80 .690 .0086 1.62 .458 .0065 2.09 Constant R2 SEE D-W 1. All variables, except D, are in first differences. Figures in parentheses are t-statistics. 2. D has a value of zero throughout this subperiod and, therefore, cannot be included in the regression. 46 SURVEY OF CURRENT BUSINESS was substituted for the average rate on passbook accounts.) Both forms were then used to make static simulations of money demand in 1980:11982:1. In each case, the root mean square error of the simulation was more than triple the standard error of estimate of the associated regression, lending support to the suggestion that there has been at least one shift in the demand for Ml since 1979. In a more formal analysis, the firstdifference form of the equation was estimated for 1959:111-1982:1 and an F test was performed to test for a shift in the first quarter of 1980. (For 1981, both shift-adjusted and unadjusted Ml were used.) The results are striking (table 9). The coefficients for the 1980:1-1982:1 period bear no resemblance to those of the earlier period. The F-statistic (distributed with 6 and 79 degrees of freedom) was 9.44 for unadjusted Ml and 5.93 for shift-adjusted Ml, both far above the critical level (3.07) for the 1-percent level of significance; the null hypothesis (stable money demand) is rejected. The high F-statistics in these tests are the more remarkable when it is recalled that the F test is frequently not powerful enough to identify shifts in first-difference equations. The post-1979 instability in money demand differs importantly from the 1974 shift, which led to large and consistent overprediction of the demand for money. Since 1979, there have been large overestimates for some quarters, but there have also been large underestimates for some others. The bias in the estimates is quite small. The fact that over- and underestimates have tended to cancel each other out may be viewed as justifying the aggregates as intermediate targets of monetary policy. The recent instability may be viewed as indicating the futility of using monetary policy to "fine-tune" the economy from quarter to quarter, but it may be compatible with the possibility of "gross-tuning" from year to year, say, or from cycle to cycle. Another way to justify the role of the monetary aggregates, of course, is to deny that even the quarterly volatility in monetary growth since 1979 has been due to shifts in money demand and to argue that it has been due to supply side disturbances. Those who have taken this tack point to the January 1983 credit control program that the Federal Reserve Board administered in the spring of 1980 and to the change in the Federal Open Market Committee's operating procedures in the fall of 1979.23 If, as has been argued, thesq developments created an imbalance between the amount of money demanded and the amount supplied, then the F tests reported above are invalid. Detailed examination of this issue would entail an investigation of monetary control, which is outside the scope of this article. Without such an investigation, about all that can be said—unsatisfying though it may be— is that the question of monetary stability since 1979 is still open. 23. See, for example, Hein, "Short-Run Money Growth Volatility," and the references cited therein, and Allan H. Meltzer, "The Results of the Fed's Failed Experiment," Wall Street Journal, July 29, 1982, editorial page. Meltzer does not explicitly rule out the possibility of a shift in demand but does say that since "the experiment began in October 1979, the volatility of money growth . . . has been raised . . . more than necessary." Note that the credit control program can be viewed as affecting not the supply of money, but rather the demand for money. See, The New Monetary Control Procedures—Federal Reserve Staff Study, (Washington, D.C.: Board of Governors of the Federal Reserve System, 1981). U.S. GOVERNMENT PRINTING OFFICE : 1983 0 - 395-822 : QL 3 SURVEY is for businesspeople, government administrators, trade association executives, union officials, economists, statisticians, market researchers, and anyone else who wants to know, month by month, the state of the Nation's economy. SURVEY carries articles on special subjects, such as State personal income , corporate profits, business programs for new plant and equipment, foreign trade, Federal government receipts and expenditures, and current price developments. SURVEY issues show more than 2,500 statistical series for each month of the past year or for each quarter over the past several years, plus annual data for recent years. 12 monthly issues of from 48 to 72 pages, including about 36 of tabular material, with special supplements appearing from time to time. Annual subscription: second-class mail—$30.00 domestic; $37.50 foreign. Single copy: $4.75 domestic; $5.95 foreign. ORDER FORM Mail To: Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Enclosed is $ D check, D money order, or charge to my Deposit Account No. Credit Card Orders Only MasterCard and VISA accepted. Total charges $ Fill in the boxes below. Credit Card No. Expiration Date Month/Year Order No._ Name—First, Last 1 Street address Company name or additional address line City (or Country) PLEASE PRINT OR TYPE State ZIP Code JJ For Office Use Only. Quantity Charges Enclosed To be mailed Subscriptions Postage Foreign handling MMOB OPNR UPNS Discount Refund CURRENT BUSINESS STATISTICS THE 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 Nov. 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. GENERAL BUSINESS INDICATORS PERSONAL INCOME BY SOURCE f Seasonally adjusted, at annual rates: t Total personal income . ,. bil. $.. Wage and salary disbursements, total ........ do.... Commodity-producing industries, total.... do.... Manufacturing .. .... ,, do Distributive industries do.... Service industries do Govt. and govt. enterprises do.... Other labor income do Proprietors' income: $ Farm do Nonfarm. . ...... do.. Rental income of persons with capital consumption adjustment ..„..., bil. $.. Dividends .. ... ,. do Personal interest income ..„,... do..., Transfer payments .. do.. Less: Personal contrib. for social insur. ...... do.... Total nonfarm income . . . . . . do 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 § , percentDisposable 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 Not Seasonally Adjusted Total index 1967—100 By industry groupings: Mining and utilities do... Manufacturing , do... Nondurable manufactures.,... do.... Durable manufactures ....... ,. .... . ... do ., Seasonally Adjusted Total index . ., .... do .. By market groupings: Products, total , , do.... Final products. . ,, ., ... do Consumer goods do See footnotes at end of tables. 21604 1,356.1 468.0 3544 330.5 2974 260.2 1272 24158 1,493.9 510.8 3864 3614 3386 283.1 140 4 194 96.9 240 1007 24990 24976 1,534.2 1,530.5 514.0 518.7 3894 3847 369.3 367.8 3550 3538 293.6 292.5 1469 145 8 247 1001 228 995 24991 25138 25186 25355 25562 25663 25883 25920 25972 r2 611 5 r2 621 3 26368 1,535.7 1,546.6 1,542.6 1,546.6 1,560.4 1,562.9 1,569.5 1,570.3 1,570.1 1,571.5 1,571.5 1,573.9 511.6 515.1 513.5 517.1 514.1 513.0 512.2 507.3 '503.0 r500.9 510.3 500.4 3867 3837 3839 3864 3876 3841 3815 r 3772 '375 6 3858 3840 3746 3697 3769 3730 3714 3725 3768 3781 3782 3769 3789 3783 '3771 3570 360 1 361 4 363 7 3685 370 7 374 3 381 0 r382 7 '384 4 378 2 385 9 295.4 298.8 296.4 297.6 300.0 301.2 304.2 303.6 '307.5 '309.2 302.8 310.7 1480 149 1 151 3 1525 1536 154 6 1502 1565 157 2 1555 157 9 158 7 19 9 986 173 984 163 988 169 993 173 1003 18 0 1002 17 3 100 9 160 1025 166 101 7 17 2 104 2 '19 2 105 7 31 5 1067 32.9 559 263.4 2972 88.7 21173 33.6 33.7 34.2 34.3 33.9 33.6 33.9 34.0 34.7 34.1 34.5 34.6 34.8 '34.4 32.5 625 654 656 659 66 2 66 1 666 652 659 677 66 1 67 3 68 4 68 9 693 3555 368.0 3720 3760 329.0 351 1 352 1 3598 3788 rr3780 '3772 3776 3638 3783 376 4 3648 366 9 3797 3363 351 5 3536 3524 3538 3833 392 7 '3987 3639 357 5 3802 400 3 111.6 106.8 110.8 104.9 107.2 110.3 111.7 112.4 110.9 110.6 112.4 112.5 112.4 112.3 112.4 2,364 1 24446 24446 24486 24655 24708 24868 25069 25160 25385 25428 25485 r2 561 5 r2 569 2 2 572 2 21604 336.3 1,824.1 1 717.9 1,667.2 2143 6704 782.5 24158 386.7 2,029.1 1 898.9 1,843.2 2346 7345 8741 24990 393.9 2,105.1 19433 1,885.1 2307 7459 9085 499 55 1 575 0.8 106.2 06 130.2 07 161.8 5.8 6.4 1 018.0 24976 2499 1 394.7 389.9 2,103.0 2,109.2 19547 1 965.8 1,896.4 1,907.4 2301 2347 7510 7460 9153 9267 25138 396.3 2,117.5 19869 1,928.3 240 1 7559 9323 57.6 577 577 07 148.3 08 1434 08 1306 7.6 7.2 6.7 66 10431 10530 25355 389.1 2,146.3 19939 1,934.8 2388 747 o 9491 2 556.2 403.7 2,152.5 2013.1 1,954.0 2456 759 2 9491 25663 410.7 2,155.6 2 014.4 1,954.7 2378 7589 9580 25883 393.5 2,194.8 20338 1,974.1 2368 767 9 9694 25920 395.3 2,196.7 20413 1,981.5 2366 767 7 9773 25972 394.6 2,202.7 2063 1 2^003.2 2476 7695 9860 '26115 '398.0 '2,213.5 '2 077 2 '2,017.3 r 2407 r 777 2 r 9994 579 582 583 588 589 589 59 1 590 59 1 592 09 1433 09 152.4 09 1394 09 1412 08 1610 08 1554 08 1395 09 1363 09 121^8 09 1287 67 68 67 68 70 69 25186 394.2 2,124.4 1981 1 1,922.4 2388 745 4 9382 r r 65 '2 621 3 26368 '399.5 401.8 '2,221.8 2,235.1 '2 100 1 21064 '2,040.1 2,046.3 '2582 2563 '775 9 7820 1 006 1 1 008 1 60 58 10486 10429 930.5 137 1 355.8 437 6 947.7 1400 362.4 445 2 943.0 1348 362.7 445 5 945.6 1339 365.1 4467 943.1 1354 359.5 448 2 954.1 1390 365.5 449 6 950.1 1380 361.4 450 7 953.4 1377 362.7 4530 960.5 141 5 367.8 451 2 951.0 135 8 362.9 4523 954.1 1349 366.1 4532 954.4 134 5 366.0 453 9 960.4 1400 365.5 4549 '960.8 1363 r 367.4 '457 1 971.0 1465 367.1 457 3 1792 194 5 1999 2005 2022 202 1 2023 202 9 2034 205 5 2069 207 6 2086 r 210 1 1470 1510 146 4 139 1 1366 1427 1420 1394 1385 141 8 1362 1405 141 2 138 8 P 1349 e r !401 141 2 164.1 1254 1369 1389 162.0 1228 P 1364 1345 "155.8 P 1198 e !41 4 !29 1 147.3 e l!6 6 1373 1358 P e 139.4 1386 1422 P 1386 P 1377 P e !387 e !38 1 e 10477 10500 1 0576 1 058 1 1 048 8 1 060 8 1 0580 1 056 1 1 0543 1 057 5 1495 1467 161.2 1367 1550 1504 164.8 1405 1520 1456 161.0 1349 155.2 1370 149.4 128.4 1643 133.1 147.1 123.4 1597 1407 156.6 1297 1527 1407 156.6 1297 1467 1384 154.7 1271 1424 1380 154.5 1266 1439 141 6 159.9 1289 1446 1351 152.9 1227 1468 1393 161.9 1237 1470 1510 1463 1434 1407 1429 1417 1402 1392 1387 1388 1384 146.7 1453 1454 150.6 1495 1479 1475 1472 1440 146,2 146.3 1420 142.9 1428 1396 1446 144 1 141 8 1437 1433 141 5 1429 1426 142 1 142.3 1422 1436 1421 142 1 1448 1426 1425 145 8 142.0 141 2 144 1 140.8 1400 143 4 210 0 P 1348 141 1 !30 5 e !34 7 !41 4 S-l S-2 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 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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.— Home goods do—. Nondurable consumer goods Clothing Consumer staples Consumer foods and tobacco Nonfood staples Equipment Business equipment Industrial equipment # Building and mining equip Manufacturing equipment do.... do dodo— do do do— do— do.... do— Commercial, transit, farm eq. # Commercial equipment Transit equipment Defense and space equipment Intermediate products Construction supplies Business supplies do— dododo . do.... do..., do Materials Durable goods materials Nondurable goods materials Energy materials do. . do..., do. .. do.... . By industry groupings: Mining and utilities Mining Metal mining Coal Oil and gas extraction $ N\auurai f 1g s— do . do.... do . dodo . . A Utilities Electric dodo.... Nondurable manufactures Foods do... . do.... Te t'l \i im11pr>rnri irts. do Paper and products do.... Printing and publishing do.... Petroleum products Rubber and plastics products do.— do.— Durable manufactures Ordnance, pvt. and govt do.... do- Furniture and fixtures Clay, glass, and stone products Primary metals N" f t 1 Fabricated metal products Nonelectrical machinery Electrical machinery . Transportation equipment Motor vehicles and parts Instruments BUSINESS SALES do... do... do... do dodo... do... do do• do... . Mfs and trade sales (unadi ) total t Mfg. and trade sales (seas, adj.), total $ Manufacturing, total t Durable goods industries Nondurable goods industries Retail trade total § Nondurable goods stores Merchant wholesalers, total @ Durable goods establishments .- 140.5 137.9 111.2 103.4 142.0 150.9 119.8 159.5 150.3 170.0 151.8 181.1 166.4 286.2 127.9 198.0 258.7 125.4 102.7 154.4 141.9 166.7 151.6 149.1 174.6 129.0 129.7 121.7 88.9 81.1 134.1 149.7 116.1 159.0 150.4 169.1 151.5 179.0 165.1 293.8 123.6 195.0 260.6 116.6 105.3 148.7 130.1 167.1 144.6 141.0 164.7 128.1 123.2 119.2 87.5 78.1 125.4 149.5 113.8 159.4 150.9 169.3 152.1 179.0 164.0 294.6 122.0 196.3 262.9 117.5 107.0 145.9 127.0 164.6 139.0 134.0 158.3 127.4 149.5 132.7 109.2 146.7 133.3 94.9 111.1 132.8 168.3 189.7 146.7 161.2 149.6 119.9 138.6 127.0 151.1 139.6 207.1 132.9 255.7 70.1 136.7 78.5 119.3 150.0 147.5 102.3 92.4 119.8 134.1 162.8 172.8 116.9 119.0 171.1 155.0 142.2 123.1 141.3 146.8 95.1 111.8 129.4 169.1 190.9 150.4 164.8 152.1 122.2 135.7 120.4 155.0 144.2 215.6 129.7 274.0 69.3 140.5 81.1 119.1 157.2 147.9 107.9 99.8 122.4 136.4 171.2 178.4 116.1 122.3 170.3 155.4 143.3 115.4 160.8 148.4 93.9 108.1 116.7 168.9 190.9 145.0 160.3 153.0 119.6 126.1 113.8 152.6 143.4 204.6 128.0 264.1 70.8 134.4 84.3 104.7 153.7 135.9 96.6 87.2 112.8 130.2 167.9 175.7 106.1 105.5 167.1 154.7 142.6 110.9 145.5 150.5 94.5 110.5 115.7 168.2 190.2 142.0 157.4 152.8 112.6 122.8 114.1 146.6 145.3 199.8 128.3 247.3 65.6 131.3 85.5 104.8 149.4 131.5 89.6 79.2 108.0 126.1 167.4 170.7 103.7 100.4 166.8 120.1 109.2 71.6 61.3 126.3 147.4 125.9 117.5 82.0 70.5 130.6 148.1 128.1 125.0 93.6 79.8 129.9 146.8 130.7 129.9 100.5 87.2 131.1 146.6 132.6 138.9 111.8 96.1 129.1 147.9 134.6 143.0 117.1 101.9 129.9 148.8 137.3 149.7 127.7 114.6 130.4 149.1 132.9 135.5 107.1 93.3 131.4 148.6 131.3 135.5 105.8 94.3 128.9 448.2 426.9 424.0 89.6 79.5 428.6 "124.9 "121.4 "86.9 "77.7 "126.9 148.3 "147.6 158.9 150.0 169.1 147.2 172.2 158.1 289.0 116.9 188.5 256.1 109.0 105.2 143.4 124.2 162.4 137.2 129.7 156.8 130.9 159.2 151.1 168.7 147.3 171.6 155.9 274.9 116.8 189.9 256.4 110.4 106.5 146.3 127.5 165.1 140.4 132.4 164.2 130.3 158.1 149.6 168.0 145.9 169.0 151.2 256.9 116.3 189.5 257.8 110.5 107.0 145.2 125.6 164.6 138.5 130.7 162.0 128.2 158.3 148.1 170.0 143.4 164.9 145.9 242.2 114.0 186.9 253.1 110.9 107.2 143.7 123.6 163.7 136.2 128,1 160.3 125.8 159.0 149.9 169.5 140.4 159.9 138.9 224.4 109.7 184.1 247.7 110.9 107.7 142.6 122.2 162.8 134.3 126.6 156.6 125.4 159.9 150.9 170.4 138.4 156.7 134.0 209.0 107.5 183.0 247.5 108.3 107.6 141.9 123.1 160.6 133.5 126.6 153.5 125.4 159.7 149.9 171.2 138.0 154.9 131.3 200.4 106.0 182.2 248.8 106.3 109.5 142.8 124.1 161.4 133.0 126.0 152.3 126.0 159.4 149.6 170.8 137.3 153.9 128.4 190.8 104.4 183.3 253.5 102.0 109.5 144.7 127.1 162.1 132.8 125.1 154.5 124.5 458.8 448.6 470.7 458.9 449.5 469.8 "157.9 "148.3 "169.1 457.2 435.2 450.5 123.8 182.1 101.6 433.5 446.4 417.7 466.8 '98.0 479.5 '251.7 '93.2 411.8 442.4 423.6 461.0 "133.0 "144.6 "115.8 "163.8 "96.4 433.6 444.1 415.5 470.3 '94.0 "177.9 "250.8 "91.8 477.0 '249.1 '93.1 '116.0 '141.0 '122.2 430.3 419.3 457.7 422.7 "128.9 "118.0 "155.5 "122.0 '128.4 e l!7.3 '155.5 '121.4 157.4 144.5 121.3 147.9 151.5 96.2 111.3 115.8 171.8 195.2 138.5 155.1 151.1 112.7 120.0 155.6 142.4 120.8 156.0 146.6 94.7 108.8 120.5 170.4 192.5 140.9 157.8 151.7 126.7 125.8 153.1 138.1 109.9 155.6 141.4 94.2 107.8 121.6 170.0 191.7 140.1 157.3 150.8 126.7 126.0 151.6 134.1 108.8 146.2 137.7 95.9 107.2 119.6 171.0 193.1 138.7 156.1 149,7 116.1 126.3 148.8 128.9 90.0 149.2 132.7 95.2 102.8 114.6 170.9 193.4 137,9 155.0 150.5 118.6 123.5 145.2 123.5 71.8 144.4 129.1 95.7 102.3 106.6 169.4 191.6 137.7 155.3 151.0 123.6 123.7 142.6 120.1 58.1 140.3 127.0 95.7 102.8 103.8 167.7 189.2 138.1 155.7 151.0 121.4 124.3 141.3 116.9 53.4 135.8 123.3 95.0 99.5 105.7 168.5 189.9 138.0 156.9 150.7 120.6 125.9 439.7 414.7 '55.4 127.9 421.0 '94.9 101.3 106.3 467.5 488.2 137.1 456.7 449.0 413.3 426.1 440.7 416.4 '65.1 143.2 419.6 '94.0 "140.1 "115.9 "68.4 "134.1 "119.6 "93.8 '140.4 418.0 408.5 "109.5 "167.1 "188.1 148.3 145.6 196.7 123.3 244.7 63.1 127.1 84.1 99.2 144.3 128.5 89.7 79.6 108.9 120.7 160.9 168.2 96.6 90.4 162.2 151.5 146.4 201.3 119.5 251.8 64.0 129.3 83.8 104.9 148.4 135.0 88.5 78.5 106.7 121.4 160.0 172.9 102.0 98.6 164.5 i'50.6 145.9 200.3 121.3 253.4 61.2 149.8 144.2 198.6 120.8 255.1 60.6 126.7 85.2 106.2 151.8 127.0 76.4 65.1 95.9 119.1 153.7 172.2 105.9 110.7 162.8 146.5 143.8 193.6 122.2 257.0 61.1 126.1 86.3 110.6 151.1 125.0 75.2 62.4 97.0 115.8 150.0 170.9 110.0 119.8 163.8 146.8 142.6 193.2 124.3 258.9 62.3 125.5 86.5 112.2 152.5 126.1 72.8 58.0 98.9 115.0 147.4 170.8 111.6 124.0 164.8 147.0 143.9 194.1 124.7 256.8 62.9 125.9 87.1 116.9 154.5 126.9 72.9 58.1 102.9 115.5 147.1 170.3 112.7 127.2 165.2 152.5 145.3 195.6 121.4 261.1 60.8 124.9 86.5 120.3 156.7 128.8 72.9 57.4 100.3 114.3 147.2 169.7 107.0 116.7 165.5 454.3 144.3 496.4 422.6 262.0 60.9 128.2 83.8 103.5 150.2 131.5 83.0 73.0 100.7 121.1 157.3 172.6 104.4 105.6 163.0 481.4 '254.0 '95.5 109.5 443.7 425.5 461.8 432.0 423.0 458.5 421.0 423.5 86.9 419.9 155.7 430.4 '73.2 '56.4 106.2 412.3 444.9 167.0 105.3 113.5 461.9 467.8 488.9 "113.6 "141.9 "123.2 "160.3 435.0 456.0 450.6 108.6 426.4 "134.0 "155.2 "151.2 455.0 "153.9 "142.6 "192.8 "119.9 "253.7 "58.8 "119.3 "92.6 "119.4 "150.7 "126.5 "67.1 "51.4 "94.3 "107.4 "138.0 "164.9 "100.0 "101.7 "153.9 442.6 493.7 423.9 '256.4 '59.5 420.5 '89.5 417.2 454.3 428.1 '70.0 '54.1 '95.5 408.5 440.5 465.7 400.8 103.0 456.9 do.. 153.2 69.8 44.9 38.5 152.4 69.4 45.0 38.0 148.4 67.0 44.1 37.3 152.2 68.8 45.1 38.3 152.5 68.8 44.8 38.9 150.9 67.7 45.0 38.2 155.2 69.4 46.1 39.7 153.0 69.4 44.5 39.0 152.3 69.0 44.9 38.4 150.4 67.9 44.6 37.9 450.4 '67.9 45.1 '37.3 146.8 '64.8 '45.1 '37.0 427.3 429.8 e 99.4 '87.9 425.9 447.0 468.4 '129.7 423.0 '165.5 486.2 433.9 '155.1 "123.8 mil $ 3,858,053 4,207,460 344,041 359,752 308,418 323,388 355,915 343,372 347,636 356,134 329,795 336,983 345,243 '340,220 339,023 1 do- iq QKQ flKq 4,207,460 344,943 341,330 334,579 340,571 342 121 339,835 349,096 346,126 344,603 339 464 339,470 '332,537 336,372 do- 4,850,983 4,994,600 161,442 159,614 155,023 158,142 157,517 156,114 160,828 161,519 161,382 158,619 159,278 452,473 152,777 do... 930,482 1,001,001 80,279 79,133 75,551 77,976 78 124 77,136 79,518 78,888 79,036 77,248 76,562 '72,342 72,668 do- 920,501 993,597 81,163 80,481 79,472 80,167 79394 78,978 81,310 82,631 82,346 81,371 82,716 '80,131 80,109 1 951,902 4,038,790 86,733 86,572 85,320 87,418 87,242 88,294 90,841 88,042 89,445 88,502 89,326 '90,290 92,613 do 296,594 326,596 26,436 26,206 25,316 26,696 26,958 27,984 29,416 27,175 27,403 26,668 27,498 '27,849 30,050 do- 655,308 712,194 60,297 60,366 60 004 60,722 60,284 60,310 61,425 60,867 62,042 61 834 61,828 '62,441 62,563 do.. 4,055,168 4,174,072 96,768 95,144 94,236 95,010 97 361 95,427 97,427 96,565 93,776 92,343 90,866 '89 774 90,982 448,040 499,970 41,495 41,053 40,416 39,932 39,408 38,707 38,407 37,950 38,033 37,121 37,449 '37,797 38,514 do.. 607,128 674,102 55,273 54,091 53,820 55,078 57,953 56,720 59,020 58,615 55,743 55,222 53,417 '51,977 52,468 Mfg. and trade sales in constant (1972) dollars (seas adi ) total * bil $ Merchant wholesalers * See footnotes at end of tables. 136.7 132.8 110.1 103.6 138.9 148.9 126.0 155.2 147.4 164.3 145.2 173.2 156.5 239.9 128.2 192.4 237.8 139.9 98.2 151.9 140.9 162.8 147.6 143.0 171.5 129.3 148.7 64.9 46.2 37.5 '152.9 '144.0 '118.2 '119.3 '93.8 '65.9 '106.5 '135.8 '164.5 '103.7 '108.8 455.5 1 S-3 SURVEY OF CURRENT BUSINESS January 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. GENERAL BUSINESS INDICATORS—Continued BUSINESS INVENTORIES Mfg. and trade inventories, book value, end or month (unadj ) total if Mfg. and trade inventories, book value, end or month (seas, adj.), total $ of year mil $ of year mil. $. 477 287 513 530 527 253 513 530 513 516 513 844 517 710 512 689 513 132 512 799 511 302 509 661 511 150 r516 744 514 471 482570 519394 Manufacturing, total t do .. 264 016 283 152 Durable goods industries do 174 674 188 429 Nondurable goods industries do 89341 94723 Retail trade, total § do 114 114 125 693 Durable goods stores do 53747 58835 Nondurable goods stores do 60*367 66858 Merchant wholesalers, total @ do 104 441 110 549 Durable goods establishments do..., 67,033 73,224 Nondurable goods establishments do..., 37,408 37,325 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.... BUSINESS INVENTORY-SALES RATIOS Manufacturing and trade, total $ ratio1.45 1.44 Manufacturing, total t do 166 166 Durable goods industries do 2 18 2 19 Materials and supplies do.... 0.70 0.69 Work in process do 095 097 Finished goods do 053 053 Nondurable goods industries do.... 1.13 1.13 Materials and supplies . do.... 045 045 Work in process do.. . 019 019 Finished goods . do 048 048 Retail trade total § do 1 41 139 Durable goods stores do 214 208 Nondurable goods stores do.... 108 107 Merchant wholesalers, total @ do.... 1.13 1.09 Durable goods establishments do.... 1.67 1.70 Nondurable goods establishments do.... 0.70 0.66 Manufacturing and trade in constant (1972) dollars, total * . . . . do Manufacturing * do. . Retail trade * do.... Merchant wholesalers * do.... MANUFACTURERS' SALES, INVENTORIES, AND ORDERS Shipments (not seas, adj.), total t do.... 1,850,983 1,994,600 Durable goods industries, total do.... 930,482 1,001,001 Stone, clay, and glass products do.... 46,083 49,141 Primary metals do.... 133,930 136 847 Blast furnaces, steel mills do.... 61,486 69,195 Fabricated metal products do.... 116,194 123,282 Machinery, except electrical do.... 180,727 203 737 Electrical machinery do 128 587 137 873 Transportation equipment .. do.... 186,282 203 000 Motor vehicles and parts do.... 104,560 114,882 Instruments and related products do.... 44,139 47,530 Nondurable goods industries, total do.... 920,501 993,597 Food and kindred products . do 255 872 269 130 Tobacco products . do 11 893 13000 Textile mill products do 47397 52274 Paper and allied products do.... 72,650 79,489 Chemical and allied products do.... 161,559 175,131 Petroleum and coal products do.... 198,673 220,333 Rubber and plastics products do.... 47,342 46504 Shipments (seas, adj.), total t do By industry group: Durable goods industries, total # . do Stone, clay, and glass products do.... Primary metals do .. Blast furnaces, steel mills do Fabricated metal products do.... Machinery, except electrical do Electrical machinery . do Transportation equipment do.... Motor vehicles and parts .-. do... Instruments and related products do Nondurable goods industries total # do Food and kindred products do... Tobacco products .. . do Textile mill products do... Paper and allied products do.... Chemicals and allied products do . Petroleum and coal products do.... Rubber and plastics products do.... See footnotes at end of tables. 521 574 285 784 190 222 95561 125 618 58 907 66711 110 173 73479 36,694 519 394 283 152 188 429 94723 125 693 58835 66858 110 549 73,224 37,325 516 256 281 155 187 054 94*100 124 131 57807 66 324 110 971 73036 37,935 513906 281688 187 121 94567 123 395 56957 66438 108 823 72003 36,820 513 054 280 065 186 063 94002 123 332 56 803 66*529 109 657 72782 36,875 515,074 278,985 185 916 93070 123 175 56663 66512 112 913 74668 38,245 510 517 276 449 184 870 91579 122 367 55984 66 383 111 701 72858 38,843 512 981 275 115 184 289 90*826 124 351 57346 67*005 113 515 73908 39,607 513,387 274,914 183 798 91 116 125 939 58246 66693 113 534 75241 38,293 514 554 274 302 183 550 90752 127 151 60075 67076 113 101 74956 38,145 515 399 272,474 182 793 89 681 129 073 61628 67445 113 852 75799 38,053 '514,224 '271,710 r !81 843 r 89 867 128 628 r 60 708 r 67 920 113 886 r 75 953 r 37,933 508 601 269,345 179 468 89877 126 587 59095 67492 112 669 75122 37,547 271.2 1498 662 55.1 269.9 1484 661 553 267.7 146 9 654 554 266.5 1469 650 545 266.0 1464 65 1 545 266.5 1460 652 554 264.5 1453 647 545 265.2 1446 654 552 265.6 1444 655 556 265.5 1440 664 550 266.0 1433 672 555 r 265.3 1427 669 558 262.4 141 2 659 553 1.51 177 237 0.74 105 058 1.18 0.47 020 051 145 223 1 11 1.14 1.77 0.66 1.52 177 238 0.74 105 060 1.18 047 020 050 1 45 225 1 11 1.16 1.78 0.69 1.54 1 81 248 0.77 109 062 1.18 048 020 051 1 45 228 1 11 1.18 1.81 0.70 1.50 1 78 2 40 074 1 05 060 1.18 047 020 051 1 41 2 13 109 1.15 1.80 0.67 1.50 178 2 38 073 1 05 061 1.18 047 020 052 1 41 2 11 1 10 1.13 1.85 0.64 1.52 1 79 241 074 1 06 0 61 1.18 047 020 051 1 40 202 1 10 1.18 1.93 0.67 1.46 1 72 232 071 1 02 060 1.13 046 0 19 048 1 35 1 90 108 1.15 1.90 0.66 1.48 1 70 234 071 1 03 060 1.10 044 0 19 0 47 1 41 2 11 1 10 1.77 215 148 1.43 177 214 147 1.46 180 219 148 149 175 214 144 1.42 174 213 145 140 177 2 16 145 145 170 209 1 40 137 160,772 155,117 144,431 160,220 165,832 158,058 79,659 76,863 68,605 78,829 83,776 79,101 3,832 3,404 3,238 3,543 3,871 3,801 10014 9000 9634 10046 9742 9507 5,029 4,663 4,837 4,813 5,051 4,440 9,295 8,812 8,360 9,528 10,319 9,978 16856 17692 14455 16964 18 032 15602 11725 11 125 10410 11 689 12094 11 622 16194 15645 12640 15524 17 362 16889 8,940 7,353 9,905 10,297 6,979 8,521 3,955 4,054 3,379 3,832 4,171 3,758 81,113 78,255 75,826 81,391 82,055 78,957 22 111 21 562 20580 22814 23 140 21 813 1 144 1 162 1 083 1 069 1 061 1 153 4 145 3837 3553 4 135 4625 4070 6,476 6,139 6,416 6,782 6,915 6,538 13,346 13,581 13,360 14,369 15,176 14,542 17,972 18,067 17,298 16,547 15,533 16,194 3515 3319 3375 3669 3607 3648 161 442 159 614 155 023 158 142 157 517 156 114 80279 79 133 3857 3*808 9626 10408 5243 4892 9492 9361 17527 17116 11 '581 11 252 15*695 16 118 8439 8262 3876 4035 81 163 80481 21652 21417 1 120 1 134 4*095 4095 6682 6680 14196 14260 18030 17800 3,680 3,682 75551 77 976 3884 3795 10 028 9572 5009 4812 9231 9557 15939 16 587 11 210 11 451 13847 15152 7357 8 241 3754 3933 79472 80 167 22069 22709 1 138 1 136 4 150 3905 6712 6603 13740 14071 17011 16024 3,646 3,520 78 124 3821 8 829 4254 77 136 3 728 8953 4 156 9 765 9750 16570 15 432 11 508 11 677 15805 15945 8829 9*509 3942 3825 79394 78978 22404 22302 1 103 1 157 4 254 5058 6599 6463 13847 13751 15*698 16494 3,414 3,500 1.18 1.95 0.68 1.49 1 70 233 071 1 01 060 1.11 045 0 19 047 1 40 2 13 1 07 1.21 1.98 0.69 1.52 1 73 238 071 1 04 062 1.12 045 0 19 0 48 1 44 225 1 08 1.22 2.02 0.69 173 208 147 142 174 209 146 145 1 77 2 12 149 145 1.52 1 71 239 071 1 05 062 1.08 0 43 0 18 0 47 1 44 224 1 09 1.25 2.02 0.71 1 42 2 18 1 09 1.27 r 2.01 0.73 1 77 2 11 1 49 149 1 81 '220 1 48 151 1 77 2 17 1 43 1 47 r 161,541 169,159 147,553 155,187 165,584 80,485 84,307 70,361 73,374 79,908 3,923 4,166 3,708 3,957 4,107 8981 8951 7481 7951 8 310 3*974 4,120 3,291 3,554 3*,413 10,244 10,531 9,126 9,746 9,876( 15810 16815 13619 13925 15 845 11 716 12354 10654 11*131 12*076 18004 18983 14 767 14 616 16*8^5 8,412 10,682 11,361 8*.'483 9J99 3,519 4,285 3,873 3,936 4,316 81,056 84,852 77,192 81J813 85,676 22721 23812 21 657 22335 24 298 1 1 388 1 024 1 140 i'279 ''1 492 4209 4547 3412 4 259 4 469 6,447 6,727 6,080 :e;72i 6,684 14,629 15,360 12,960 13,977 14,840 17,287 17,770 17,341 17^006 17,443 3 778 3898 3592 3469 3682 160 828 161 519 161 382 158 619 159 278 79518 78888 3863 3834 8 598 8682 3904 3 989 10 096 9890 15 899 15 488 11 912 11 639 17314 17573 10 109 10420 3988 4007 81 310 82631 23018 23 315 1 128 1 351 4 148 4217 6346 6425 14 136 14595 17 382 17592 3,569 3,762 79036 3764 8443 3*685 9965 14879 12 108 17806 10918 3*905 82346 23277 1 021 4 074 6478 14 259 17690 3,807 77 248 3730 8383 3*654 9680 14 847 11 434 17 589 11 018 3 894 81 371 22275 1 243 4 198 6549 14 551 16976 3,590 1.55 1 78 2 51 075 1 11 066 1.12 044 0 19 0 49 1.51 1 76 247 074 1 10 064 1.12 045 0 18 0 49 1 37 1 97 1 08 1.24 195 0.72 r 157,882 152,391 '75,845 72,249 r 4,021 3,702 r 7 797 7078 '3,077 2*,942 i! '9;391 8,829 i' 14 204 14065 11*708 11*220 16 183 15 591 '9*223 8*,538 r 3,895 3,844 ?82,037 80,142 '23207 23 018 1 260 1 103 '4 292 4 032 '6,698 6,322 13,164 13,230 '17,0981 16,609 '3699 3 256 '15? 473' 1 *?9 777 76 562 '72 342 3800 '3720 8250 '7689 3*597 '3 065 9520 '8921 15 402 '14 044 11 452 '11 220 16292 '15 053 9 568 '7 923 4 043 '3 753 82 716 '80 131 23 268 '22 392 1 511 1 207 4 195 '4084 6492 '6519 14397 '13 548 17431 '17 352 3,654 '3,483 72 668 3726 7 353 3 ogi 9011 14 582 11 106 15 135 8 085 3 759 80 109 22524 1 081 3986 6529 14 074 16647 3,414 Dec. SURVEY OF CURRENT BUSINESS 8-4 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 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. GENERAL BUSINESS INDICATORS—Continued MANUFACTURERS' SALES, INVENTORIES, AND ORDERS t—Continued Shipments (seas, adj.) t—Continued By market category: t Home goods and apparel mil $ '128 123 1 Consumer staples do.... 328,375 Equipment and defense prod exc auto do '276 299 1 123,602 Automotive equipment . . do 1 144 922 Construction materials and supplies do '849 662 Supplementary series: 1 58,247 Household durables do.... '312 672 Capital goods industries do '274,246 Nondefense do.... 1 38,426 Defense do.... Inventories, end of year or month: t COOK vj™ue U^&Hjuste(y, total.... TSIonH urahi e ' c\ g oH s in t' ' ,t t 1 .. .... do 261 528 172 115 89 413 264 016 By industry group: cu. gpoas inaustr ess, iot«* •«• Blast furnaces, steel mills .... do.... 174 674 5 995 22 878 12,063 1 136 418 '349,269 '306 929 1 135 005 1152 663 1914 319 11 042 28,636 26321 9933 11728 73 783 10513 28,479 26684 9804 11515 72 619 10467 29,021 24185 8836 11398 71 115 11 176 29,970 25 566 9,769 11400 70261 11208 29,753 25623 10,332 11738 68862 10708 29,578 23997 11,002 11446 69383 10803 30,310 25056 11,661 12058 70940 10858 31,043 24451 11,974 11720 71473 11328 30,660 24146 12,456 12102 70690 11,242 30,207 23,766 12,494 11,899 69011 11,149 10,909 31,361 r29,943 24,682 r23,707 r 10,983 9,315 11,787 r 11,537 69316 r67 062 10,702 30,415 23,756 9,546 11,490 66868 '61,299 '344 647 '297 724 '46,927 4,945 29 532 25,387 4,145 4,782 29600 25,315 4,285 4,723 27067 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 r 4,835 26,297 21,372 r 4,925 4,658 26,433 21,505 4,928 r r r 280 131 282 992 280 131 281 926 283 594 282 050 282 017 279 391 276 281 274 487 273 292 269 830 r269 002 266,680 177,250 185 584 187 855 185 584 187 031 188 756 188 026 188 253 187 287 185 442 183 859 183,110 180 765 !79,415 r 94 547 95 137 94 547 94895 94 838 94 024 93 764 92 104 90839 90628 90182 89065 89 587 89430 r 283 152 285 784 283 152 281 155 281 688 280 065 278 985 276 449 275 115 274 914 274 302 272 474 271 710 269,345 1 843 179,468 188 429 190222 188 429 187 054 187 121 186 063 185 916 184 870 184 289 183 798 183 550 182 793 18 r 6479 6388 6332 6318 6396 6413 6429 6382 6 582 6629 6544 6 792 6 781 6 792 r 23,970 23,181 24,450 24,142 23,738 24*617 25063 26 250 26415 26250 25974 26070 26056 25403 13,347 13,378 13,347 13,120 13,128 13,441 13,075 12,867 12,566 12,485 12,154 11,985 11,847 11,479 18,218 20208 20 561 20208 20339 20,142 19,848 19,716 19,664 19,593 19,223 19,200 19,050 18,682 r 44376 44 255 44376 44237 44414 44134 44449 44,447 44,008 43,895 43,572 43,010 r42,556 41,835 26669 26641 26891 26 670 26834 27024 26950 28 142 28 655 28 142 27 784 27697 27 526 27365 r 418 39997 38 237 38958 38237 38 122 38 194 38 150 38743 38701 39*074 39339 39785 40*162 40 8468 r8381 8086 8600 8849 8640 8 649 8*673 8495 8 795 9 226 9 360 9 226 8 957 r 9387 9*398 9301 9388 9422 9516 9*303 9393 9513 9*399 9 610 9420 9*610 9 587 Fabricated metal products Macninery, except e ectncai do iransportation equipment .00.... 19623 40714 9fi 049 35 890 do do 55 310 76851 42513 58 461 82814 47153 59 216 84*058 46946 58 461 82,814 47153 58 184 82*,211 46659 57 999 82,097 47026 56 897 81,729 47,435 56947 81,562 47,408 55996 81*284 47,590 55643 81,304 47,342 55781 80,216 47,801 55 191 80,458 47,901 54703 r54 279 80,379 '80,567 47,711 '46,997 53625 79,806 46,227 QQ 0,4-1 21 590 3638 £ floe 7 788 19 514 9 814 R 09Q 94 723 20400 4401 7 Oil 8825 21*615 10*544 6*298 95 561 20939 4231 7 061 8802 21 792 10 431 6 546 94 723 20400 4401 7 Oil 8825 21 615 10 544 6 298 94 100 20*481 4*495 6761 8675 21 420 10 373 6 120 94 567 20486 4514 6 710 8850 21 418 10615 6*172 94002 20405 4,572 6587 8921 21428 10531 6 153 93070 20377 4812 6513 8842 21 363 9675 6 165 91 579 20 140 4,812 6501 8,810 20 895 9060 6 115 90826 19,830 4,697 6367 8,757 20973 9101 6046 91 116 20,178 4,893 6428 8,734 20798 9220 5868 90752 20,212 4,696 6381 8,748 20656 9329 5791 89681 r89 867 19,972 19,911 4,492 4,417 6369 '6350 r 8,890 8,831 20272 r20 396 r 9274 9,201 5678 r5803 89877 19,933 4,456 6346 8,887 19942 9,644 5725 36 208 15,656 37478 38 015 16,196 40511 37 834 16 174 41555 38 015 16196 40511 37 961 15,959 40179 37 899 15,792 40877 37 317 15,629 41,057 37 486 15,601 39,983 37 172 15,438 38,969 36714 15,555 38,557 36789 15,519 38,808 36 448 15,529 38,775 35800 r35 637 15,192 14,857 38,689 r39,373 35,758 14,735 39,144 .... Q QQA 9 154 By stage of fabrication: t Work in process Finished goods T h H t louacco proaucts H ao.... raper ana auiea proaucis Ti ifu Um , ? i c?- proaucts ao.... ao.... By stage of fabrication: Work in process do By market category: f uonsumer staples ao.... /\utoinoL yc equipnieiit 20 817 32 196 70'l50 12*328 20 872 107*653 Supplementary series: xa.ou.sei o u. uurauico..^..... Defense 22 948 23 153 33 100 33305 76 445 7fi 71 ft 11 873 12081 22 172 99 4ftfi 116 613 118121 11256 86 515 73360 13,154 10345 7Q 14.1 68605 10535 do 11343 07 19£ 74164 12,962 327 21254 22 948 22766 22631 22041 21 948 21 779 21 598 21675 21517 21416 '21 r 33100 33309 33644 33631 33673 33*355 32,832 33,351 33,262 32,632 r32,692 32,564 76 445 76 265 76744 76716 77708 77 506 77 622 77 423 77618 77464 77 083 76496 10,471 11873 11,567 11,366 11,220 11,191 11*102 11,226 11,332 11,054 10,807 10,806 r 22 172 21 729 21 338 21 078 20723 20639 20533 20415 20 490 20261 20 125 20025 116 613 115,518 115,964 115,379 113,741 112^068 111,304 110,718 110,361 109,894 109,677 108,535 11256 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 87644 73,615 14,029 10,744 87393 73,166 14,227 1 992 179 157 465 153 451 147 978 159 497 166 453 156 759 155 250 162 730 999268 76894 75 381 71*856 78548 84383 77867 74504 78,199 O(\ cry-i QQO Q1 9 7ft fY7ft 7ft' 1 99 80 949 09 ncq 78 892 80 746 84 531 '1 868 857 1 1,992,179 159,460 156,660 154,519 155,984 157,198 154,995 156,791 157,058 1 RfiR ft"*? 948 723 Nondurable goods industries, total do.... By industry group: Blast furnaces steel mills Nonferrous and other primary met Machinery, except electrical Transportation equipment Aircraft, missiles, and parts inaustries WIMI unimea oraers + ••••• do do.... By market category: t Consumer staples do Supplementary series: Capital goods industries Defense See footnotes at end of tables. do do... 150,767 75710 8,453 3,928 3,741 74 550 8^617 3,789 3,939 76 446 8*660 3,999 3,797 72982 8,178 3,749 3,765 73 266 '69 598 7,983 '6,943 3,351 '2,795 4,010 '3,534 70569 7,493 3,080 3,748 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 8,668 '8,297 13,978 13,824 12,025 11,115 14,828 14,267 8,318 12,976 12,027 14,487 8981 4,462 3,804 1122031 '202,448 1141 845 '202,472 '66,145 9124 17,073 12036 15,067 5,341 9272 16,343 11566 14,617 5,282 8777 15,120 11842 15,182 5,841 9,052 14,506 11,391 17,305 7,475 9819 14,438 12,782 17,138 7,206 Oft QCQ 80 239 17 111 cq -190 79 458 16946 62 512 79676 16 866 62810 79339 17*607 61 732 78 803 16,653 62 151 81 081 16 756 64325 82508 16,867 65641 82142 16,742 65400 81398 17,181 64217 82900 '80 098 17,314 16,822 65586 '63 276 80198 17,231 62967 10,296 28,978 26587 8 771 10856 69 031 11,120 29,996 26 161 9438 11 108 68*162 11,570 29,822 25349 10 285 12006 68 167 10,067 29,477 25890 10625 11 003 67 937 11,040 30,340 22074 11 398 11 592 70 347 10,964 31,070 23179 11 887 11384 68 574 11,181 30,590 22390 12647 12008 69772 11,099 30,181 21542 11 928 11429 68201 10,978 31,389 22310 11 267 11691 68531 10,772 '29,967 '22,325 '9346 11 205 '66 081 10,744 30,393 22,668 9384 11075 66503 4578 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 22608 6*174 5022 25,107 20 332 4J75 5004 24,715 19278 5*437 4990 25,006 20322 4,684 4670 24,207 18893 5,314 4850 '4743 24,608 '25,004 20273 '20 183 4,335 '4,821 4,718 25,090 20,214 4,876 1QQ9 Q1 9 '205 870 17P.7 D4O 70 KQ9 17 067 f>O Qft"t 127 594 '136 200 1 328,433 '349 430 1 293 103 '308 350 10835 28,669 26 421 i jg2 053 11 761 79 977 10472 28,451 24 381 9 869 11*228 72 258 4 739 29,372 24 369 5*003 4 747 27,774 22 130 5,644 1-199 ft4*> 1 1/1/1 9*>4 1QKO AOfl 1 1 14 fiQPi 1 57 820 '334 268 '61 128 '347 082 '288 731 '58,350 '52,884 149,362 69,372 79990 9686 4,836 4,033 1 19Q-J QQA 157 190 '75,222 '81 968 149,696 133 901 '68 410 '53,606 1 '60,016 77 859 7,596 3,432 3,440 10,425 86742 71,387 15,355 76 194 8,137 3,583 3,828 8,989 15,262 12,508 16,595 5,779 1QQQ 9fift 115 658 do.... 11 180,332 135 199 do.... 1 198,898 do.... '70,394 iQ9fl 1 14 186011 j 1704 i oq 76 309 8,241 3,741 3,767 10,548 '87 779 '72,575 15,204 75 061 9163 4,469 3,866 1QAQ 79Q 133 936 '62 217 7ft 491 10,782 10,656 10,678 87 378 87885 87579 73,173 73,426 72,710 14,205 14,459 14,869 143 375 149 397 161 757 66,393 67,545 75,921 76 982 81 852 85 836 158,588 154,380 156,166 1Q1 1 9K1 Q ACfJ Dec. S-5 SURVEY OF CURRENT BUSINESS January 1983 Unless otherwise stated hi footnotes below, data through 1978 and descriptive notes are as shown hi the 1979 edition of BUSINESS STATISTICS 1980 1981 Annual 1982 1981 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. Dec. 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 . 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 . .. do . Machinery, except electrical do.... Electrical machinery . . do . Transportation equipment do.... Aircraft, missiles, and parts do.... Nondur. goods ind. with unfilled orders $ .. do.... By market category: t Home goods, apparel, consumer staples do.... Equip, and defense prod., incl. auto do.... Construction materials and supplies do.... Other materials and supplies do.... Supplementary series: Household durables ... do Capital goods industries do.... Nondefense do Defense do.... BUSINESS INCORPORATIONS @ New incorporations (50 States and Dist. Col.): Unadjusted number Seasonally adjusted..... do.... INDUSTRIAL AND COMMERCIAL FAILURES @ Failures, total numberCommercial service do.... Construction .. do . Manufacturing and mining do.... Retail trade. do.... Wholesale trade do.... Liabilities (current), total Commercial service Construction Manufacturing and mining Retail trade Wholesale trade 318 797 308,131 10666 316 375 318 041 316,375 319,921 319 197 319 817 318,518 312,234 305,804 301,624 295,827 292,004 '291,312 288,282 279,363 306,395 307,877 306,395 309,646 309,365 309,971 308,736 302,762 296,652 292,684 286,850 282,866 '282,244 r 9152 8940 8,977 9,138 9,068 8,919 9,979 10275 9832 9847 9,472 9979 10163 9782 320,977 318,621 321,574 318,621 318,114 315,957 315,639 314,521 310,482 306,032 303,235 299,001 295,883 '293,107 291,091 310 051 29658 16966 8899 r 308 370 311 082 308370 307 877 306 211 305 947 305 004 301 194 296 866 294 272 290 Oil 286 706 283 960 281 859 26623 27268 26623 25,759 24427 23195 22378 22,147 22168 22385 22,181 21,913 '21,167 21,308 16 113 16543 16113 15 573 14502 13679 13106 13129 12930 13244 13369 13093 '12 823 12842 6586 6493 '6,106 6259 7030 6,419 6499 6,391 7302 7433 7302 6921 6697 6572 30497 73,884 47917 114,304 86,831 29240 29328 29240 26785 28281 28334 27574 26883 26384 25788 25004 24150 72,627 73400 72,627 71,807 69,727 67,595 67,425 65,934 63,462 61,458 59,703 58,276 51939 51625 51939 52570 52510 53784 54613 54588 54655 54942 55082 55654 113,709 115211 113,709 115,043 117 196 118 529 119 178 117,876 "116,652 116,359 114,855 113 390 87,207 88,029 87,207 88,123 90,514 92,483 93,349 92,613 91,494 91,178 91,151 90,025 9,177 10,251 10,492 10,251 10,237 9,746 9,692 9,166 8,963 9,518 9,288 8,990 10,926 4,167 186,434 17,588 112,788 C 4,029 4,244 C4312 C4,244 3,998 4429 3,951 4,087 3866 3,556 '3446 3,684 3,700 3464 187,724 189,959 187,724 190,058 190,323 190,002 191,5X7 188,274 186,916 185,350 182,561 180,468 '179,112 177,860 16,982 17,269 16,982 16,440 16,148 16,416 15,972 15,506 15,170 15,076 14,606 14,509 '14,178 13,763 109,671 110,033 109,671 107,588 105,488 104,793 103,346 102,751 99,859 98,943 98,134 97,350 '96,371 96,004 3123 218,190 155 646 62,544 3069 3069 3104 2924 2916 2643 3288 2858 2961 2815 2689 2528 '2438 2498 220 621 222 445 220,621 221 841 222 197 222 888 224 799 221 766 218 756 216 480 214*264 211 737 '210 440 209 096 146 701 149 886 146 701 145 351 142 868 140 982 140 991 137 852 134226 132 067 129 183 127 180 f 125 988 124 696 73919 72560 73919 76490 79329 81905 83808 83914 84530 84413 85081 84557 '84 452 84 400 533 520 580 867 43533 49413 48650 47,556 11,742 1,594 2,355 1,599 4,910 1284 16,794 2366 3,614 2,224 6,882 1708 6,955,180 1,045,825 851 780 2,370,415 1 558 528 1,128,632 1,368 207 290 180 553 138 618,765 100,240 69854 222,773 142 320 83,578 1,558 228 378 202 586 164 626,739 103,459 92749 198,651 65.7 72.2 thous. $.. 4,635,080 do.... 413,502 do.... 752 109 do.... 1,885,017 do.... 993,539 do.... 590,913 Failure annual rate (seasonally adjusted) No. per 10,000 concerns.. '23,528 22 834 '58,054 56,449 '55 548 56469 '112,604 111,954 '89,355 88,998 '9,147 9,232 M2.1 1 61.3 42680 43330 42511 47234 52574 46*899 48845 46876 46008 46995 48876 45936 45 282 44525 45572 46*981 45461 45552 100 409 131,471 COMMODITY PRICES PRICES RECEIVED AND PAID BY FARMERS U Prices received, all farm products 1910-14=100.. Crops # do . Commercial vegetables do.... Cotton . . . do Feed grains and hay do.... Food grains do Fruit do... Tobacco do.... Livestock and products $ do Dairy products do.... Meat animals ... do Poultry and eggs do Prices paid: Production items .. do All commodities and services, interest, taxes, and wage rates (parity index) 1910-14=100.. Parity ratio § do CONSUMER PRICES (U.S. Department of Labor Indexes) 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. 614 633 593 583 601 608 608 616 633 628 622 609 620 539 580 524 527 545 534 521 530 541 541 537 513 540 i 509 i 464 | 345 i 382 I 1093 i 1565 i 562 583 417 452 458 676 565 446 456 477 621 507 373 442 554 733 432 381 434 540 892 421 400 432 519 789 409 391 425 547 1,363 602 458 418 413 581 1435 1,452 632 452 404 417 537 636 464 404 388 614 1,219 656 423 392 419 533 1,478 1478 1478 1469 1469 1474 1400 1,526 691 798 878 254 688 842 848 264 665 856 794 268 641 856 756 253 659 850 791 259 685 844 841 264 699 832 870 268 706 820 898 255 727 807 950 247 718 801 936 245 711 807 912 254 710 807 922 236 603 486 385 374 709 539 440 363 376 695 705 • 826 ! ! 894 253 i 586 493 529 505 328 387 726 1535 685 844 850 249 589 582 509 '641 '506 '345 '322 '679 1548 638 495 362 340 555 '672 '856 '823 244 501 1548 666 856 819 232 799 854 849 840 856 858 866 866 871 876 876 874 869 863 864 862 950 65 1,031 61 1,037 1,031 1,060 1,067 1,066 1,071 1,073 1,077 1,071 1,073 1,071 57 57 57 58 59 59 58 1,078 56 1,075 57 1,058 57 58 55 55 54 247.0 272.3 280.4 281.1 282.1 282.9 282.5 283.7 286.5 290.1 291.8 292.4 292.8 293.6 293.2 292.0 246.8 272.4 280.7 281.5 282.5 283.4 283.1 284.3 287.1 290.6 292.2 292.8 293.3 294.1 293.6 292.4 235.5 2440 245.5 258.5 2706 270.9 265.4 2801 279.0 266.0 2808 279.6 267.4 2814 280.6 268.3 2821 281.5 2685 2817 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 290.8 277.9, 294.0 291.5 278.1 293.6 290.8 278.2 292.1 289.5 S-6 SURVEY OF CURRENT BUSINESS Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown hi the 1979 edition of BUSINESS STATISTICS 1980 1981 1981 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. COMMODITY PRICES—Continued CONSUMER PRICES—Continued (U.S. Department of Labor Indexes) — Continued Not Seasonally Adjusted All items (CPI-U)—Continued Commodities 1967 — 100 Nondurables do Nondurables less food do.... Durables do Commodities less food .. do Services do Services less rent do.... Food # Food at home . do.... do Shelter # do .. Rent residential do.... Homeownership do •• Fuel and utilities # do.... Fuel oil, coal, and bottled gas do.... Gas (piped) and electricity do .. Household furnishings and operation do.... Apparel and upkeep do.... Transportation do .. Private ... do.... New cars do.... Used cars do.... Public . do.... Medical care do Seasonally Adjusted All items percent change from previous month Commodities ... 1967—100.. Commodities less food . do.... Food do.... Food at home do.... Apparel and upkeep do.... Transportation do..., Private do.... New cars do.... Services .. do..., PRODUCER PRICES § (U.S. Department of Labor Indexes) Not Seasonally Adjusted All commodities 1967 — 100 . By stage of processing: t Crude materials for further processing do.... Intermediate materials, supplies, etc do.... Finished goods # 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 do.... Farm products do.... Foods and feeds, processed do... Industrial commodities do Chemicals and allied products do.... Fuels and related prod., and power do.... Furniture and household durables doHides skins and leather products do... Lumber and wood products do... Machinery and equipment do Metals and metal products . do... Nonmetallic mineral products do Pulp paper and allied products do... Rubber and plastics products do... Textile products and apparel doTransportation equipment # ....Dec. 1968=100. Motor vehicles and equip 1967 — 100. Seasonally Adjusted $ Finished goods, percent change from previous month By stage of processing: f Crude materials for further processing 1967=100 Intermediate materials, supplies, etc do... Finished goods 4£ do. Finished consumer goods do Food .... do Finished goods exc foods do... Durable do Nondurable do... Capital equipment do PURCHASING POWER OF THE DOLLAR As measured by: Producer prices 1967— $1.00. Consumer prices do See footnotes at end of tables. 233.9 245.0 235.2 210.4 222.0 270.3 285.1 254.6 251.5 263.3 281.7 191.6 314.0 278.6 556.0 301.8 205.4 178.4 249.7 249.2 179.3 208.1 251.6 265.9 253.6 266.3 257.5 227.1 241.2 305.7 324.3 274.6 269.9 293.5 314.7 208.2 352.7 319.2 675.9 345.9 221.3 186.9 280.0 277.5 190.2 256.9 312.0 294.5 258.0 269.5 261.1 233.2 246.2 320.6 340.8 277.1 271.0 304.2 327.2 215.0 367.2 329.8 676.1 358.3 227.2 191.3 289.1 285.8 195.3 281.4 333.2 308.2 258.4 269.8 261.1 233.7 246.5 321.8 342.0 277.8 271.7 305.2 328.0 216.5 367.8 331.8 682.5 359.9 227.7 190.5 289.8 286.5 197.0 281.9 333.8 310.2 258.8 270.8 260.2 233.4 245.9 323.9 344.2 281.0 275.3 306.1 328.3 217.8 367.5 336.2 686.0 367.4 228.4 187.3 289.9 286.6 197.4 280.5 334.9 313.4 259.5 271.7 260.1 233.7 246.0 325.3 345.7 283.3 278.0 307.3 329.5 218.6 368.7 337.1 683.1 368.7 230.2 188.0 288.0 284.5 195.5 279.7 336.8 316.2 258.8 270.7 258.4 233.5 245.2 325.5 345.7 283.0 277.1 306.7 327.6 219.6 365.7 339.3 664.0 375.9 231.6 191.1 285.1 281.3 194.4 280.9 336.7 318.8 258.9 269.3 255.0 235.8 245.0 328.4 349.1 283.9 277.9 309.4 331.4 220.1 370.6 339.2 641.3 377.8 232.6 191.9 282.9 278.8 196.0 285.1 339.3 321.7 261.5 270.7 256.2 239.8 247.8 331.8 352.8 285.5 279.8 313.8 336.7 221.8 377.4 345.4 644.6 389.0 233.4 191.5 285.6 281.5 197.5 291.4 342.1 323.8 265.1 274.4 261.2 243.2 251.9 334.9 356.5 287.8 282.6 317.5 340.9 222.6 382.8 352.2 656.6 398.9 233.7 190.8 292.8 288.9 198.1 298.2 345.6 326.4 266.5 275.7 263.0 244.7 253.5 337.0 358.5 288.5 282.8 319.2 342.8 224.8 384.5 354.7 659.9 402.1 234.1 189.7 296.1 292.3 198.6 302.4 347.2 330.0 266.4 275.5 263.6 244.6 253.8 338.9 360.5 287.4 280.8 320.1 344.2 226.0 385.9 356.3 659.9 404.4 233.4 191.8 296.2 292.4 198.7 304.4 348.1 333.3 266.6 276.2 264.6 244.1 253.9 339.7 361.3 287.6 280.6 319.7 342.6 226.9 383.0 359.5 662.8 409.2 234.2 194.9 295.3 291.1 197.7 304.6 353.3 336.0 267.5 276.5 265.7 246.0 255.4 340.3 361.6 287.0 279.4 320.7 342.8 228.9 382.8 363.4 677.2 413.4 235.4 195.5 295.5 291.1 197.7 306.7 356.3 338.7 267.8 276.4 266.1 246.6 256.0 338.6 359.3 286.4 278.3 319.0 340.7 230.2 379.5 362.2 691.3 407.6 235.1 195.4 295.8 291.4 199.0 310.5 356.0 342.2 267.7 275.8 264.7 247.3 255.8 335.6 355.5 286.5 277.8 316.3 335.9 230.8 372.9 364.1 688.5 410.6 235.7 193.6 294.8 290.4 200.1 312.6 355.6 344.3 0.5 258.8 246.5 279.3 273.3 189.3 290.8 287.8 194.6 321.4 0.4 259.6 247.5 279.5 273.1 189.4 292.5 289.6 196.1 322.9 0.3 259.9 247.2 281.5 275.9 189.3 291.9 288.7 196.0 324.4 0.2 260.4 247.2 283.2 278.1 190.1 289.9 286.5 194.5 325.6 -0.3 259.1 245.9 282.2 276.4 190.9 287.1 283.4 194.6 325.7 0.2 258.4 244.6 283.0 277.1 191.1 282.6 278.5 196.0 328.7 1.0 260.7 246.9 285.4 279.9 191.0 283.8 279.7 196.5 331.8 1.0 264.0 250.6 287.2 282.0 191.2 289.7 285.7 197.9 334.5 0.6 265.5 252.7 287.0 281.0 192.1 293.1 289.2 198.8 336.4 0.3 265.6 253.1 286.2 279.2 192.8 293.9 290.0 199.7 338.5 0.2 266.2 253.5 287.6 280.5 193.2 294.8 290.6 200.1 338.9 0.5 267.9 255.6 288.2 280.7 193.6 296.5 292.2 199.3 339.7 0.1 268.6 256.4 288.4 280.5 193.3 297.4 293.2 198.4 339.2 -0.3 268.9 256.9 288.0 279.2 192.6 297.5 293.3 199.1 336.4 268.8 293.4 295.5 295.8 298.3 298.6 298.0 298.0 298.6 299.3 300.4 r 300.2 299.5 299.9 300.4 300.6 304.6 280.3 247.0 248.9 239.8 329.0 306.0 269.8 271.3 264.3 313.9 309.0 274.7 275.2 273.0 311.5 309.4 275.4 275.8 274.1 318.4 311.0 277.9 278.3 276.2 321.6 311.1 277.9 278.6 275.0 320.0 310.6 277.3 277.7 275.8 322.6 309.9 277.3 277.3 277.2 328.3 309.8 277.8 277.7 278.1 325.6 309.9 279.9 280.1 279.2 323.4 311.1 281.7 282.1 280.2 r 319.8 r 310.8 r 282.3 r 282.8 r 280.7 316.3 310.7 281.4 282.0 279.5 312.2 310.0 284.1 284.2 283.8 313.4 310.1 284.9 285.2 284.0 312.6 310.2 285.1 285.1 285.1 251.5 282.4 261.5 250.8 273.0 244.7 ' 249.4 241.2 274.8 260.3 574.0 187.7 248.9 288.9 239.8 286.4 283.0 249.2 217.4 183.5 207.0 208.8 269.8 312.4 286.0 269.6 303.6 251.5 254.9 248.7 304.1 287.8 694.4 198.4 261.5 292.8 263.1 300.4 309.5 273.7 232.8 199.6 235.4 237.5 275.4 311.4 289.7 275.8 304.5 242.5 237.4 244.3 309.3 292.0 698.1 202.1 259.8 282.1 270.4 304.2 313.7 280.4 238.0 203.6 246.3 248.9 276.0 311.4 289.9 276.5 304.3 241.0 234.6 243.6 310.0 291.8 702.5 202.9 260.7 285.4 272.0 303.3 313.5 281.0 238.3 203.4 246.8 249.5 277.6 314.7 291.9 278.0 306.8 246.0 242.2 247.1 311.8 292.9 705.1 203.5 261.8 285.5 274.1 304.7 315.6 285.5 237.3 205.0 248.6 250.8 277.4 315.4 292.0 277.8 307.2 248.4 247.1 248.1 311.6 293.6 697.8 204.6 261.6 285.2 275.4 304.2 319.0 286.3 239.3 205.6 245.2 246.8 277.4 314.2 291.4 277.8 305.9 247.5 244.7 248.1 311.0 294.6 689.7 205.5 260.6 285.3 276.2 302.9 319.9 287.4 240.8 205.0 245.2 246.8 278.1 313.6 291.1 278.7 304.1 251.6 250.6 251.1 309.9 294.3 670.6 206.0 263.4 286.5 277.6 303.1 320.2 288.5 241.1 205.4 245.8 247.2 278.5 314.5 291.3 279.2 304.0 255.8 256.5 254.4 309.6 295.0 662.2 206.5 263.2 284.6 278.2 302.8 321.2 289.6 242.1 205.4 247.5 249.2 278.3 316.0 292.4 279.3 306.3 255.3 252.7 255.8 310.6 293.3 677.3 207.0 261.8 289.0 278.6 299.3 320.9 289.5 242.5 205.0 249.1 251.1 278.9 317.6 293.7 279.9 308.5 252.4 246.6 254.6 312.8 291.6 701.1 206.8 263.1 288.6 279.6 299.5 321.1 289.1 242.0 204.1 249.8 252.0 '278.8 '317.1 '293.8 '279.8 308.6 '249.6 r 240.8 '253.5 '313.2 291.6 '705.6 '208.1 '262.0 '284.2 '279.9 '299.2 '320.5 '289.3 '242.6 '204.2 '250.6 '252.8 278.7 315.9 293.1 279.7 307.3 247.5 234.4 253.6 312.9 291.4 701.8 207.7 264.8 283.0 280.3 301.8 320.2 289.2 243.3 203.8 245.0 245.0 281.4 314.3 293.9 282.4 305.9 243.9 229.1 251.0 314.4 290.4 699.6 208.4 264.7 279.6 280.9 302.1 321.2 289.2 243.0 202.6 256.4 258.1 281.2 315.5 294.0 282.4 306.3 244.0 230.6 250.4 315.1 290.5 707.3 208.3 264.3 279.9 281.3 301.0 321.5 289.6 242.6 203.5 256.1 257.5 282.0 315.1 294.1 283.2 305.6 244.8 232.5 250.6 315.0 289.3 702.6 208.6 265.2 284.8 281.8 300.9 320.9 289.5 243.0 202.4 257.5 257.9 0.405 0.406 0.371 0.367 0.5 0.3 0.5 -0.2 -0.1 0.1 -0.1 1.0 0.5 0.6 -0.1 0.5 0.6 0.1 318.1 310.6 275.5 276.3 253.2 283.8 224.5 328.0 272.5 313.6 311.1 276.3 276.9 253.0 284.6 224.7 329.3 274.1 319.3 312.0 277.8 278.5 255.9 285.6 224.4 331.3 275.4 317.3 311.1 277.3 278.2 257.1 284.7 223.1 330.6 274.3 314.7 310.1 276.9 277.3 256.8 283.6 224.3 327.8 275.7 320.1 308.3 277.1 277.3 261.1 281.7 223.7 325.0 276.5 327.4 308.8 276.9 276.8 262.7 280.4 224.6 322.0 277.5 327.0 309.6 279.7 279.8 263.9 284.1 226.6 327.1 279.5 323.7 310.7 281.2 281.4 259.8 288.2 227.2 334.0 280.5 '321.2 '310.4 '282.9 '283.1 '260.2 '290.4 '228.9 '336.5 '282.5 317.0 310.8 282.6 282.7 258.9 290.6 227.1 338.1 282.1 314.7 310.3 283.9 284.2 258.5 293.0 229.0 340.7 282.7 317.4 311.7 285.7 286.4 258.1 296.1 230.6 345.2 283.5 314.6 311.8 285.9 286.2 258.3 295.7 230.8 344.5 285.1 0.364 0.356 0.363 0.355 0.360 0.354 0.360 0.353 0.361 0.353 0.361 0.352 0.360 0.348 0.357 0.344 0.355 0.342 0.354 0.342 0.355 0.341 0.352 0.340 0.351 0.341 0.351 0.342 SURVEY OF CURRENT BUSINESS January 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-7 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. CONSTRUCTION AND REAL ESTATE CONSTRUCTION PUT IN PLACE New construction (unadjusted) total mil $ Private total # do Residential do... New housing units ' do Nonresidential buildings, except farm and public utilities, total # .. . mil. $. Industrial do Commercial . .. do... Public utilities: Telephone and telegraph . .. do... Public, total # do... Buildings (excluding military) # do... Housing and redevelopment do..., Industrial.... do.. Military facilities. doHighways and streets . .. . do 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... Public, total # do.... Buildings (excluding military) # do.... Housing and redevelopment do . Industrial doMilitary facilities do... Highways and streets do 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 mil. $.. Private ownership do.... By type of building: Nonresidential do... Residential ... do Non-building construction do... New construction planning (Engineering News-Record) § do.... HOUSING STARTS AND PERMITS New housing units started: Unadjusted: Total (private and public) .. .thous Privately owned do.... One-family structures do.... Seasonally adjusted at annual rates: Total privately owned do One-family structures 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 , thous. Seasonally adjusted at annual rates . . do CONSTRUCTION COST INDEXES Dept. of Commerce composite 1977—100.. American Appraisal Co., The: Average, 30 cities 1913—100.. Atlanta. do.... New York do... San Francisco do.... St. Louis... ..' do.... Boeckh indexes: Average, 20 cities: Apartments, hotels, office buildings 1977—100. Commercial and factory buildings do.... Residences do... Engineering News-Record: Building 1967—100 Construction .. do Federal Highway Adm. —Highway construction: Composite (aver, for year or qtr.) 1977=100.. See footnotes at end of tables. 20,932 '20,490 r21,021 '21,402 '21,049 16,005 16,126 16,281 15,738 15,801 6,899 '6,680 r6,628 '6,602 '6,817 4,846 '5,006 '4,973 4,406 4,676 230 749 175 699 87,261 63139 238 201 185 222 86,566 62664 19963 15487 6736 4630 18,865 14,941 5,966 3951 15,142 12 170 4,963 3450 14726 11794 4,417 3 166 16,705 13,349 5,175 3,789 17,943 14,173 5,915 3856 19,323 15,205 6,609 4,175 52,434 13837 29945 60818 17030 34248 5,230 1456 3,008 4542 1226 2619 4,575 1 239 2,623 5,018 1338 2,898 5,195 1296 3078 5,383 1417 3,119 5,776 1,543 3,320 6733 55050 18517 1,648 1441 1880 13807 7074 52979 17792 1,722 1655 1,964 13304 5545 1588 3117 V 631 4476 1511 135 109 165 1 110 652 3924 1459 147 158 161 756 466 2971 1 186 111 93 159 434 531 2932 1,227 113 121 114 444 639 3356 1290 129 138 179 585 584 3770 1377 137 150 137 721 588 4,118 1,377 128 131 186 1014 654 4,651 1,468 132 146 168 1467 2300 178 1 762 504 2288 1766 758 494 2251 175.5 737 510 2226 1730 692 49 2 2246 1736 700 51 0 2261 1751 723 496 228.7 179.9 755 510 2316 1826 753 498 63.4 184 357 62.2 166 36.4 628 171 362 641 172 368 649 166 384 64.2 159 384 64.4 171 368 7.5 51.9 17.7 16 1.5 1.9 128 7.5 52.2 17.6 16 1.8 2.0 127 73 49.6 16.8 17 1.1 2.1 115 84 49.6 17.7 15 1.8 1.5 124 74 51.0 16.9 16 1.6 2.3 133 71 51.0 17.5 16 1.8 1.7 121 20,753 16,149 7,022 5,019 5,610 1433 3,302 5,615 1,458 3,235 '5,679 1,465 3,289 '5,774 1,548 '3,252 5,723 1,483 3,226 626 4,752 1,458 142 141 '201 1563 652 '5,220 1,527 153 '144 '215 1673 652 '5,396 1,599 150 167 '244 1672 604 '4,923 1,479 154 154 '184 1649 4,603 1,531 162 151 211 1248 r 2276 1787 r 734 515 '228 1 '176 6 '72 1 523 '2281 1770 '715 '531 '229 1 '741 '523 2372 1844 784 542 67.1 184 38.0 64.0 164 37.5 63.3 167 36.1 '642 '166 37.1 '635 '17 1 '35.7 656 172 37 1 73 488 16.5 15 1.5 2.1 117 70 489 168 16 16 1.9 131 7.4 48.9 161 16 17 r 23 14 1 7.2 '51.4 16.9 18 1.8 '2.5 133 7.3 '51.1 168 16 1.6 '2.7 135 65 '51.3 173 19 21 '2.3 143 528 180 19 21 25 140 r r mil 148rl>393 107 41,717 106 676 150 189 107 39,070 111 120 '9676 92 r 2,344 r 7332 11577 112 2,862 8,715 10 580 'l!8 2,673 7,907 8881 'll5 2,998 5,883 13036 105 4,280 8756 11713 88 3,394 8319 11 821 94 3,773 8,048 15 444 111 4,360 11084 12528 98 3,745 8783 13896 112 3,411 10 485 14180 117 3,849 10,330 12549 105 3,272 9,276 12 909 122 3,137 9,772 52 492 63668 32*234 58250 60063 31877 r 4408 r 3648 1620 4445 3739 3393 3458 3008 4113 3606 3143 2132 5273 4600 3164 4 400 4656 2658 4233 4984 2604 6 113 5602 3729 5 Oil 5144 2372 5250 5414 3232 5,226 5525 3429 5,027 5629 1893 4520 5628 2761 149,143 166,366 15,492 17,516 13,920 12,102 10,844 14,043 9,119 8,278 11,992 10,385 11,936 13,373 15,530 17,683 13126 1,292.2 852.2 1 1003 1,084.2 705.4 649 646 40.1 597 59.1 34.1 476 47.2 29.3 520 51.3 32.5 787 782 51.8 851 84 1 55.8 992 98.8 58.9 919 91 1 63.5 1072 106.8 61.4 972 96.0 62.0 1084 106.4 63.3 1115 110.5 '66.3 1100 109.0 '66.1 817 812 50.2 860 554" 882 550 885 592 945 568 931 621 882 566 1 066 631 908 621 1 193 628 1033 645 1 129 677 1 126 '1 404 '701 '883 1 222 800 1 291 732 1 191 710 986 564 743 413 797 454 803 450 792 436 851 460 879 450 944 488 929 516 1062 500 888 497 1003 561 1 172 651 1 192 '729 2216 2407 157 207 142 206 139 211 172 251 22 1 252 223 255 218 246 236 257 194 246 222 234 212 222 204 218 188 246 143.2 152.5 154.7 156.1 156.5 156.0 1563 1565 154.9 154.3 155.1 1548 '155.1 155.8 1584 2,495 2660 2553 2,671 2,343 2,643 2,841 2645 2,873 2,453 2,678 2878 2646 2,918 2523 2,700 2893 2659 2,934 2535 125 1 127.7 1289 1374 140.1 1360 1432 145.9 1416 2877 301 4 310 3 3289 3228 3442 163.0 156.7 1460 148.5 143 1 144.1 146.3 1421 r 3223 r 3440 156.8 324 7 3468 3257 3478 324 8 3472 145.3 1526 154.3 1499 1490 151.1 1461 3250 3473 3286 3530 328 5 3529 146.8 3306 3579 1536 155.2 1512 3335 3600 3329 3610 147.8 1549 156.0 1525 3328 3609 334 5 3623 23395 2 3660 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 1981 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. CONSTRUCTION AND REAL ESTATE—Continued REAL ESTATE 1J Mortgage applications for new home construction: FHA net applications . thous. units Seasonally adjusted annual rates do.... 1414 923 202.2 153.8 46 61 8.7 123 82 126 9.1 141 75 136 9.3 142 86 126 9.1 119 98 104 11.1 118 63 67 13.6 143 52 51 13.0 151 67 76 14.1 154 82 90 12.3 139 68 76 11.9 127 98 106 12.9 150 118 139 15.7 181 Home mortgages insured or guaranteed by: Fed Hous Adm ' Face amount mil. $.. 16 458 53 10,278.14 Vet. Adm.: Face amount § do.... 13,855.54 7,905.93 727.94 464.19 593.31 357.69 44387 327.39 606.52 393.60 585 12 421.78 54757 374.45 589.61 327.85 716.28 443.89 653.80 438.90 592.51 552.50 772.41 743.54 724.61 385.69 771.21 1,083.56 454.78 563.89 Federal Home Loan Banks, outstanding advances to member institutions, end of period mil. $.. 64,409 65,194 65,099 65,089 66,162 67,941 67,801 69,398 69,325 68,399 67,642 67,077 66,308 Requests for VA appraisals Seasonally adjusted annual rates do.... do New mortgage loans of all savings and loan associations estimated total mil $ By purpose of loan: Home construction do Home purchase do All other purposes do.... 48,963 65,194 79 101 16.9 226 72537 53283 2934 3760 2628 2849 3966 3807 3797 5006 4101 4543 5,112 r 4,724 4,911 14946 42957 14,634 11,599 28299 13,385 600 1498 836 824 1682 1,254 495 1204 '929 592 1320 937 966 1647 1,353 832 1612 1,363 796 1,607 1,394 1,052 2,080 1,874 859 1,921 1,321 981 1,962 1,600 1,154 1,988 1,970 1,125 r l,786 1,813 1,127 1,801 1,983 338.9 11.8 36.5 6.8 34.4 21.2 22.7 19.2 8.0 3.0 32.3 143.0 262.7 5.5 17.0 4.4 28.7 22.8 23.2 9.6 3.5 2.3 28.2 117.5 210.7 7.6 21.2 3.7 22.6 20.9 16.1 8.5 3.2 1.4 27.2 66.6 211.6 13.0 20.1 3.0 23.5 15.8 12.2 6.7 3.2 1.7 31.0 82.8 307.5 23.2 17.9 6.9 30.4 22.3 351.1 17.2 36.8 5.1 30.3 26.9 24.3 16.0 3.7 3.2 34.2 153.1 397.6 16.7 46.2 4.1 28.5 34.3 91,904 '91,461 38,647 r38,704 53,257 '52,757 92,674 38,475 54,199 113 186 15.1 243 66,004 DOMESTIC TRADE ADVERTISING Magazine advertising (Publishers Information Bureau): Cost total ... mil. $.. A itomotivp i rl o "PS Building materials Drugs and toiletries Foods, soft drinks, confectionery • Beer wine liquors Houshold equip., supplies, furnishings Industrial materials Soaps cleansers etc Smoking materials All other. . 2,872.6 112.2 231.1 52.5 280.8 211.9 239.2 139.6 71.0 30.0 290.3 1,213.9 3,222.5 141.7 290.1 56.5 318.3 231.8 251.8 165.4 67.5 29.6 314.5 1,355.1 393.3 16.5 38.4 5.4 31.1 34.2 33.7 23.5 8.3 3.5 28.4 170.3 275.3 11.6 21.0 3.8 23.5 20.3 37.9 13.0 4.7 1.7 25.2 112.7 211.2 7.9 20.3 2.7 20.1 10.3 15.1 7.1 3.5 1.5 21.2 101.4 249.5 8.4 23.5 2.5 27.8 21.1 287.8 15.1 29.6 4.4 27.5 18.5 16.2 6.7 4.2 1.9 24.5 112.5 20.8 12.5 5.5 2.8 27.1 123.3 290.9 15.9 25.5 5.9 30.8 26.2 20.7 14.9 5.2 3.1 28.9 129.6 8,185.9 182.4 2,195.6 297.3 1,121.7 4,388.9 9,575.4 225.6 2,514.9 387.2 1,380.0 5,067.8 936.7 19.6 201.3 31.1 137.1 547.5 795.0 13.2 149.1 31.7 91.7 509.4 738.3 21.6 208.4 42.6 120.6 345.0 729.6 22.5 197.3 26.0 119.1 364.7 824.3 25.8 218.5 31.3 128.8 419.9 814.7 24.1 209.2 30.6 122.8 428.0 904.9 25.0 233.6 29.4 137.8 479.0 mil. $.. 1,055,168 1,174,072 do.... 448,040 499,970 607,128 674,102 do 95,938 40,333 55,605 98,565 41,012 57,553 87,340 35,404 51,936 87,470 103,912 36,578 42,482 50,892 61,430 96,622 39,675 56,947 95,748 37,908 57,840 do do.... do do.... do.... do.... do.... do do. . do.... Newspaper advertising expenditures (Media Records Inc.): Total mil $ Automotive do Classified do Financial do Retail 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. $.. 104,655 65,825 Durable goods establishments do.... 38,830 Nondurable goods establishments do.... RETAIL TRADE All retail stores: t Estimated sales (unadj ) total t mil. $.. Durable goods stores # do.... Building materials, hardware, garden supply, and mobile home dealers mil $ Automotive dealers do.... Furniture, home furn., and equip do.... Nondurable goods stores t do.... General merch. group stores do.... Food stores do Gasoline service stations do.... Apparel and accessory stores do.... Eating and drinking places do Drug and proprietary stores do.... Estimated sales (seas adj ) total 1" do Durable goods stores 4£ ... • do... Building materials, hardware, garden supply, and mobile home dealers $ mil $ Hardware stores Automotive dealers Motor vehicle dealers Auto and home supply stores do .. do... do.... do Furniture home furn and equip $ do Household appliance, radio. TV do... See footnotes at end of tables. 19.5 17.1 3.9 2.1 32.0 132.1 32.6 17.5 4.4 2.5 38.7 172.0 1 98,549 39,582 58,967 91,642 37,348 54,294 92,666 38,383 54,283 111,163 111,015 111,163 111,331 110,187 111,386 113,319 111,342 112,469 112,444 111,116 112,255 114,075 113,532 74,070 72,345 72,450 72,345 71,575 71,931 73,073 75,265 74,169 75,238 76,219 75,031 75,344 '75,118 r 38,818 38,565 38,818 39,756 38,256 38,313 38,054 37,173 37,231 36,225 36,085 36,911 38,957 39,462 951,902 1,038,790 87,331 106,069 76,647 75,698 86,129 87,502 90,347 88,426 90,600 89,130 296,594 326,596 25,750 29,140 21,704 23,365 27,988 27,903 29,443 28,502 28,116 27,889 49,616 162,309 43,416 655,308 117,227 217,047 93,624 44,426 85,842 30,504 17,083 53,164 180,722 45,701 712,194 127,494 237,586 101,665 47,755 94,070 32,999 17,461 4,190 13,444 3,987 61,581 12,622 19,514 8,271 4,268 7,570 2,725 1,438 86,733 3,841 13,341 4,836 76,929 19,888 22,019 8,555 6,676 7,888 3,837 2,125 86,572 3,058 12,118 3,211 54,943 7,442 19,966 8,110 3,302 7,279 2,590 1,333 85,320 3,861 17,068 3,552 58,141 9,473 20,066 7,918 3,729 8,129 2,802 1,362 87,242 4,308 16,506 3,451 59,599 10,226 20,616 7,819 4,038 8,464 2,829 1,410 88,294 4,886 17,329 3,477 60,904 10,775 21,157 8,062 3,934 8,889 2,833 1,469 90,841 4,808 16,225 3,647 59,924 10,143 20,785 8,463 3,649 8,934 2,827 1,450 88,042 4,665 15,996 3,715 62,484 10,124 22,398 8,852 3,812 9,428 2,827 1,560 89,445 4,501 15,880 3,676 26,436 26,206 25,316 3,055 13,912 3,143 52,333 7,468 18,594 7,460 3,168 7,259 2,575 1,257 87,418 26,696 26,958 27,984 29,416 27,175 27,403 61,241 10,519 20,600 8,577 4,130 9,427 2,802 1,439 88,502 26,668 4,213 2,758 789 14,596 12,866 1,730 3,775 2,270 1,246 4,058 2,586 783 4,046 2,538 844 4,480 2,938 820 4,076 2,742 714 16,074 14,360 1,714 17,269 15,485 1,784 15,492 13,688 1,804 14,911 13,137 1,774 3,706 2,233 1,184 3,723 2,239 1,181 4,261 2,855 764 15,288 13,446 1,842 3,641 2,187 1,136 4,257 2,861 746 13,677 12,083 1,594 3,508 2,112 1,137 4,173 2,727 785 15,175 13,526 1,649 3,652 2,182 1,173 4,263 2,829 759 14,497 12,819 1,678 4,102 2,668 111 14,819 13,156 1,663 3,634 2,161 1,180 3,717 2,204 1,222 3,613 2,187 1,123 3,776 2,285 1,236 87,755 '90,877 '93,958 113,158 27,762 '27,710 '29,332 '32,309 4,477 15,828 3,577 59,993 10,119 20,703 8,144 3,919 8,812 2,764 1,389 89,326 '4,489 15,788 '3,677 '63,167 11,089 '21,300 '8,296 '4,157 '9,204 '2,855 1,434 '90,290 '4,179 16,828 '4,005 '64,626 13,296 '20,450 '8,087 '4,493 '8,596 '2,911 1,423 '92,613 '3,853 15,857 '4,874 '80,849 '20,849 '23,275 '8,302 '6,874 '9,161 '4,080 4,077 2,733 709 '4,116 '2,796 '744 '4,170 2,820 750 '4,095 '92,263 27,498 '27,849 '30,050 '29,517 15,671 16,123 18,146 17,401 13,893 14,313 16,336 '15,598 1,810 1,778 1,810 3,600 '3,631 '3,700 '3,781 2,245 2,180 '2,242 1,188 1,109 1,118 S-9 SURVEY OF CURRENT BUSINESS January 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 Nov. Annual Dec. Jan. Feb. Mar. Apr. Oct. Nov. Dec. May June July Aug. Sept. 61,425 11 181 9237 759 20984 19390 7935 60,867 10795 8923 111 62042 11039 9140 746 20648 19,017 8075 20990 19361 8257 4175 660 1595 754 8697 2905 1468 61,834 10895 9,003 758 21067 19428 8138 61828 '62,441 r62,563 *62 746 891 11 130 11 301 10838 10 '9,088 *9194 8924 r9004 r 736 747 732 r r 21070 21 157 21 096 "21 109 19469 19 578 19 508 *19 673 8177 r8206 r8269 ig228 r 4007 4019 '4 120 14072 633 631 654 1503 1557 1618 r 741 714 728 8699 r9,050 r9106 MJOei 2 950 r2943 '2952 12946 1448 1*463 1426 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 Apparel and accessory stores $ . . .. do Men's and boys' clothing do... Women's clothing spec, stores furriers do Shoe stores do... Eating and drinking places ........................ do... Drug and proprietary stores . ...... .. do .. Liquor stores..... do.... Estimated inventories, end of year or month: t Book value (unadjusted), total mil. $.. Building materials and supply stores .. do.... Automotive dealers do.... Furniture, home furn., and equip do..., 111,104 52,991 9,197 24,708 8,346 Nondurable goods stores # do..., General merch. group stores do.... Department stores ,. , do..., Food stores ,.. ., . ....... do ., Apparel and accessory stores do..., 58,113 19,811 14835 12600 9,041 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..,. 114,114 53,747 9,610 24,488 8,542 Nondurable goods stores # ,. General merch. group stores do.... 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..,. Nondurable goods stores #...„ do..,. General merchandise group stores do.... Food stores , do.... Grocery stores do.... Apparel and accessory stores do.... Eating places . do Drug stores and proprietary stores do.... Estimated sales (sea. adj.), total # do.... Auto and home supply stores ,. do-,,. Department stores ,,...,. .. do... Variety stores do.... Grocery stores ..,...,... , do Apparel and accessory stores do Women's clothing, spec, stores, furriers., do.... Shoe stores , ,. do Drug stores and proprietary stores do.... 60297 10751 8721 740 20393 18 867 8536 3985 630 1485 702 7935 2801 1463 (2) 60,367 21,810 16213 12,535 9,388 60366 10774 8728 738 60,004 10427 8672 707 60722 10735 8890 711 20487 18950 8521 3984 627 1471 750 20213 18,666 8628 20 390 18737 8363 4334 618 1661 786 8,431 2827 1465 7880 2801 1500 3947 568 1534 722 7973 2690 1466 60,284 10833 8992 760 60,310 10700 8861 '721 20555 20340 18798 19026 8047 7827 4196 4017 619 633 1 599 1562 781 700 8329 2880 1495 8364 2852 1519 4233 679 1 641 759 8514 2882 1496 4001 644 1542 707 8549 2920 1453 4082 611 1556 746 8777 2892 1449 122,236 133,246 122,236 119,899 120,063 123,374 123,540 122,399 124,049 124,371 125,253 129,065 133 773 57,994 59,819 57994 57454 56869 57842 57780 57319 58419 58462 57935 r59 131 60034 9,390 9,795 9,745 9,390 9,372 9997 9657 9970 9951 9,804 r T9638 9868 9684 28211 27838 28211 28249 27384 28097 27624 27207 28483 28762 27657 28 179 28528 8,847 9,349 8,847 8,663 8630 8,688 8738 8,605 8630 8772 8 939 r9156 9364 64,242 73,427 64,242 62,445 63194 65532 65760 65080 65630 65909 67318 r'69 934 73739 22,515 28,746 22,515 22,113 22,575 24,016 24,411 24,070 24,324 24686 25435 26 781 28909 16,897 21730 16897 16600 16882 18025 18395 18069 18039 18128 18722 19 760 21540 13825 14208 13825 13573 13724 13907 13907 13825 14 009 13 702 13586 13 830 14 384 9,574 11,193 9,574 9,249 9,565 10,054 9,945 9,882 9,837 9,963 10,533 10,976 11,401 125,693 125,618 125,693 124,131 123,395 123,332 123,175 122,367 124,351 124,939 127,151 '129,073 128,719 58,835 58,907 58,835 57,807 56957 56,803 56663 55,984 57,346 58246 60 075 r61 628 60 601 9,822 9,903 9,822 9,652 9,638 9,500 9,587 9,734 9,785 9,878 9863 r r9745 9792 27,987 28,091 27,987 27695 27006 27068 26716 25911 27414 28337 29803 30 931 30030 9,074 9,074 9,068 8,968 8,826 8,708 8679 8,604 8728 8791 8,886 r9056 9004 66,858 66,711 66,858 66.324 66,438 66,529 66,512 66,383 67,005 66693 67076 '67 445 68118 24,821 25,113 24,821 24,666 24,611 24,689 24,620 24,444 24,751 24,929 25,109 r25,018 25,628 18,487 18798 18487 18465 18 470 18 506 18469 18270 18370 18 442 18629 18 589 19 164 13,702 13,583 13,702 13766 14018 13824 13893 13979 14165 13896 13835 13 956 13924 9,952 10,030 9,952 10,097 10,197 10301 10,200 10,177 10236 10 115 10,296 10 325 10271 338,028 25,023 3,606 372,443 33,310 27,216 3,846 313,005 105,982 115,059 113,630 17,066 18,237 16,137 345,227 116,115 127 517 125,629 18,798 20,125 17,769 2,404 321 30,906 11,533 10,488 10,339 1,729 1,690 1,477 31391 313 8374 578 10725 1567 '655 337 1,503 (2) 44821 3,447 345 41,374 18,270 12064 11,790 2,790 1705 2,254 31827 320 8407 580 10927 1591 655 366 1,489 27 194 1710 275 25,484 6,753 10934 10797 1,160 1579 1,394 31 311 329 8330 550 10733 1598 674 358 1,488 26138 30277 31360 1718 259 24,420 6,814 10086 9929 1,137 1512 1,374 31951 339 8539 563 10863 1710 718 368 1,561 2115 323 28,162 8,715 10923 10,779 1,477 1750 1,524 32044 337 8668 598 10910 1664 697 365 1,611 2205 352 29155 9,401 11204 11031 1666 1804 1535 32205 2370 346 29,835 9,931 11321 11 175 1,606 1925 1,550 31789 32737 329 '341 8914 8517 '586 619 10987 11 130 1 614 1724 676 713 388 342 1,547 1,578 31 914 2305 348 28900 30,104 29,609 9,279 9,686 9,334 11038 12046 10928 10889 11886 10778 1776 1458 1534 2011 1926 2014 1518 1554 1521 32362 32932 32651 332 348 338 8680 8626 8830 571 604 602 11 044 11 140 11321 1 614 1 740 1 680 700 679 713 379 353 357 1,588 1,604 1,575 31268 2368 359 32491 2387 370 '31 507 r2320 r 345 r 29 187 r 9,290 11 201 11 057 1611 1856 1507 r 32r 768 344 33 177 2357 359 30820 10,180 11 499 11359 1725 1900 1538 32614 341 rg g32 8695 587 '586 11 225 11 191 1 631 1 660 '670 698 349 348 1,640 1,626 LABOR FORCE, EMPLOYMENT, AND EARNINGS POPULATION OF THE UNITED STATES Total, incl. armed forces overseas i mil LABOR FORCE Not Seasonally Adjusted Labor force, total, persons 16 years of age and over thous Civilian labor force, total Employed , , , do.... do 3 3 109 042 2,102 106,940 99303 7,637 110 812 111 337 110 738 110 173 110 492 110 936 110 990 112 089 113 742 114 706 114 083 112 744 112 955 113 035 112 641 2 176 2 164 2*164 2142 2158 2159 2168 2*175 2*175 2 173 2 196 2 180 2*188 2 198 2 180 108,670 109,179 108,574 108,014 108,324 108,761 108,814 109*,914 111,569 112*,526 111,887 110^546 110,767 110,855 110,477 100 397 100 502 99562 97831 97946 98 471 98858 99957 100 683 101 490 101 177 99851 99825 99 379 98 849 8,273 8676 9*013 10183 10378 10*290 9*957 9957 10886 11 036 10 710 10695 10*942 11 476 11 628 227 66 229 81 23067 230 84 231 01 231 18 231 32 231 48 231 63 231 81 231 99 232 22 232 43 232 63 232 84 oqq ni Seasonally Adjusted U 638 Employment-population ratio * ...... percent.. Agriculture , thous. Nonagri culture ... do Unemployed, total , , do.... Long term, 15 weeks and over do.,.. See footnotes at end of tables. 395-622 0 - S2 : QL 3 58.5 3364 95938 1,871 109 254 '109 066 109 034 '109 364 '109 478 '637 '639 '636 '638 '638 '100,229 '99,677 '99,688 '99 695 '99 597 58.3 '57.5 r '57.5 '57.3 '57.9 '57.4 3368 '3389 '3219 3379 '3367 '3367 97030 r96 840 r96 458 '96 309 r96 328 '96 230 r '9,025 '9,389 9,346 '9669 '9881 2,285 '2,358 '2,407 '2,402 '2,750 '2,962 639 '109 740 '110 378 110 147 '110 416 '110 614 '110 858 '110 752 r '639 '640 '64 2 '64 1 *64 1 '64 1 642 '99 484 r99 994 '99 681 '99F 588 '99 683 '99 543 r99 176 '57.4 '57.2 57.1 '57.2 '56.6 '57.1 '56.9 '3356 '3446 '3 371 '3445 '3429 '3363 '3413 '96 128 r96 548 '96 310 '96 143 '96 254 '96 180 '95 763 '10,256 '10 384 '10,466 '10 828 '10 931 11 315 11 576 '3,080 '3,267 '3,517 '3,569 '3,637 '3,856 '4,167 '111 042 111 129 '642 642 '99 136 99093 56.5 '56.6 r 3 466 3411 '95 670 95682 11,906 12,036 4,732 '4,524 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 1982 1981 Nov. Annual January 1983 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 White Black and other Married men spouse present Married women spouse present Occupation: White-collar workers • Blue-collar workers Industry of last job (nonagricultural): Private wage and salary workers Construction Manufacturing . •• EMPLOYMENT t Employees on payrolls of nonagricultural estab.: Total, not adjusted for seasonal variation ....thous.. Private sector (excl. government) do.... Seasonally Adjusted t Total employees, nonagricultural payrolls do.... Private sector (excl. government) do.... Nonmanufacturing industries do.... Construction Manufacturing •• •> • do.... • . 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 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... 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 1" thous Goods-producing do.. Mining • do Construction ... do.. Durable goods do.. Lumber and wood products doFurniture 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.. See footnotes at end of tables. r 7.1 5.9 6.4 17.8 6.3 13.1 4.2 5.8 9.2 7.6 6.3 6.8 19.6 6.7 14.2 4.3 6.0 10.4 8.3 '7.0 r 7.2 r 21.5 '7.3 15.2 '5.0 r 6.4 10.8 '8.6 r 7.6 r 7.4 r 21.4 r 7.6 15.7 r 5.6 '6.6 10.3 '8.6 '7.6 '7.2 '21.7 '7.6 15.5 '5.3 '6.3 10.4 '8.8 '7.7 '7.6 '22.3 '7.7 16.0 '5.4 '6.9 10.4 '9.0 '8.0 '7.9 '21.9 '7.9 16.6 '5.6 '7.0 10.8 '9.3 '8.3 '8.1 '22.8 '8.3 16.8 '6.0 '7.6 11.5 '9.4 '8.3 '8.2 '22.9 '8.4 17.1 '6.1 '7.3 11.9 '9.5 '8.7 '8.1 '22.5 '8.4 17.1 '6.4 '7.1 12.1 '9.8 '8.9 '8.3 '23.9 '8.7 17.4 '6.6 '7.4 12.0 '9.9 '9.0 '8.3 '23.8 '8.7 17.7 '6.8 '7.3 11.7 10.2 '9.6 '8.4 '23.8 '9.1 18.1 '7.2 '7.6 12.4 10.5 '9.8 '8.7 '24.1 '9.3 18.4 '7.5 '7.9 11.3 10.7 10.0 '9.0 '24.2 '9.6 18.5 '7.6 '8.2 12.5 10.8 10.1 9.2 24.5 9.7 18.8 7.8 8.2 13.2 3.7 10.0 4.0 10.3 '4.2 11.6 '4.5 12.6 '4.3 12.4 '4.6 12.5 '4.7 13.0 '4.8 13.5 '4.8 13.6 '4.9 14.0 '4.9 14.4 '4.9 14.4 '4.9 15.5 '5.2 15.8 '5.5 16.2 5.6 16.3 7.4 14.1 8.5 8.9 7.7 15.6 8.3 8.2 r 8.4 17.7 r 9.4 r 9.4 r 9.0 18.0 10.8 11.6 '8.8 18.5 10.3 10.9 '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 91,765 75,628 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 89,057 74,180 89,523 '89,516 '89,418 "89,311 74,129 '73,689 '73,459 "73,382 90,406 74,165 53,880 25,658 1,027 4,346 20,285 12,187 690 465 662 1,142 1,613 2,494 2,090 1,899 711 418 8,098 1,708 68 847 1,263 692 1,252 1,107 197 726 232 64,748 5,146 20,310 5,275 15,035 5,160 17,890 16,241 2,866 13,375 91,105 90,996 75,081 75,088 54,908 55,185 25,481 25,176 1,202 1,132 4,071 4,176 20,173 19,903 12,117 11,901 628 668 462 467 620 638 1,082 1,121 1,553 1,592 2,511 2,507 2,077 2,092 1,830 1,892 727 726 411 410 8,002 8,056 1,664 1,674 69 69 804 822 1,235 1,244 681 687 1,276 1,265 1,103 1,107 215 215 725 736 230 233 65,625 65,820 5,150 5,157 20,551 20,623 5,375 5,359 15,192 15,248 5,324 5,301 18,592 18,815 16,024 15,908 2,749 2,772 13,253 13,159 90,642 74,725 55,049 24,908 1,206 4,026 19,676 11,724 615 457 610 1,053 1,529 2,486 2,049 1,791 725 409 7,952 1,661 68 794 1,222 677 1,276 1,100 214 716 224 65,734 5,128 20,524 5,357 15,167 5,331 18,834 15,917 2,756 13,161 90,460 74,596 55,079 24,684 1,201 3,966 19,517 11,622 607 452 596 1,038 1,515 2,459 2,055 1,777 720 403 7,895 1,657 69 780 1,201 674 1,275 1,095 210 712 222 65,776 5,125 20,630 5,346 15,284 5,326 18,831 15,864 2,741 13,123 90,459 74,609 55,155 24,631 1,203 3,974 19,454 11,575 611 449 596 1,024 1,505 2,446 2,048 1,778 718 400 7,879 1,663 68 111 1,201 670 1,276 1,093 208 708 215 65,828 5,115 20,670 5,343 15,327 5,326 18,867 15,850 2,737 13,113 90,304 74,445 55,126 24,450 1,197 3,934 19,319 11,490 607 446 590 1,007 1,496 2,419 2,038 1,774 716 397 7,829 1,658 68 760 1,186 668 1,278 1,088 207 703 213 65,854 5,100 20,655 5,336 15,319 5,336 18,904 15,859 2,736 13,123 90,083 74,231 55,062 24,289 1,182 3,938 19,169 11,375 615 443 584 976 1,481 2,389 2,034 1,748 713 392 7,794 1,643 67 773 1,165 664 1,274 1,082 206 706 214 65,794 5,094 20,584 5,323 15,261 5,335 18,929 15,852 2,730 13,122 90,166 74,313 55,198 24,255 1,152 3,988 19,115 11,332 617 443 586 945 1,472 2,377 2,034 1,755 713 390 7,783 1,652 67 759 1,165 661 1,274 1,079 207 708 211 65,911 5,101 20,652 5,331 15,321 5,342 18,963 15,853 2,728 . 13,125 89,839 74,007 55,077 23,994 1,124 3,940 18,930 11,203 615 442 580 926 1,452 2,322 2,026 1,745 708 387 7,727 1,637 67 741 1,161 658 1,269 1,073 205 704 212 65,845 5,078 20,595 5,307 15,288 5,352 18,988 15,832 2,739 13,093 89,535 73,900 55,087 23,840 1,100 3,927 18,813 11,133 614 439 579 906 1,446 2,274 2,018 1,759 708 390 7,680 1,643 65 741 1,126 657 1,267 1,068 205 700 208 65,695 5,044 20,615 5,299 15,316 5,359 19,042 15,635 2,737 12,898 89,312 73,640 54,968 23,657 1,086 3,899 18,672 10,993 614 443 574 889 1,427 2,230 2,011 1,719 702 384 7,679 1,628 65 737 1,145 653 1,269 1,070 205 699 208 65,655 5,025 20,550 5,278 15,272 5,360 19,048 15,672 2,739 12,933 89,267 73,504 54,932 23,530 1,075 3,883 18,572 10,900 616 439 571 865 1,414 2,208 1,995 1,709 701 382 7,672 1,629 63 735 1,143 657 1,269 1,066 209 694 207 65,737 5,031 20,492 5,272 15,220 5,367 19,084 15,763 2,734 13,029 60,331 14,214 60,881 14,021 61,311 13,834 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 '59,478 '59,254 "59,135 12,773 12,493 12,315 "12,195 60,331 18,442 762 3,421 14,214 8,442 578 376 513 878 1,195 1,602 1,328 1,233 426 313 60,881 18,245 832 3,250 14,021 8,301 556 376 491 861 1,173 1,585 1,312 1,216 428 304 60,775 17,754 882 3,155 13,717 8,061 516 369 475 821 1,133 1,576 1,285 1,159 424 303 60,401 17,478 883 3,107 13,488 7,885 503 364 465 795 1,110 1,552 1,257 1,115 423 301 60,248 17,251 875 3,035 13,341 7,793 497 359 452 780 1,096 1,526 1,266 1,102 420 295 60,282 17,225 876 3,059 13,290 7,759 502 356 452 770 1,089 1,514 1,258 1,108 418 292 60,132 17,073 871 3,023 13,179 7,685 497 353 446 756 1,081 1,490 1,248 1,109 415 290 59,923 16,922 863 3,017 13,042 7,576 507 350 441 727 1,069 1,460 1,241 1,086 411 284 60,025 16,917 835 3,074 13,008 7,553 507 350 444 702 1,063 1,454 1,240 1,098 412 283 59,759 16,686 805 3,029 12,852 7,443 506 349 438 686 1,046 1,408 1,233 1,089 407 281 59,670 16,564 782 3,022 12,760 7,388 505 346 438 669 1,043 1,366 1,221 1,112 406 282 59,388 16,414 770 2,997 12,647 7,272 506 350 435 657 1,027 1,328 1,215 1,075 402 277 59,303 '58,929 '58,739 "58,535 16,308 16,037 15,895 "15,816 "729 '746 '742 763 2,979 '2,956 '2,947 "2,914 12,566 12,335 12,206 "12,173 7,191 '6,979 '6,877 "6,853 '505 '509 "509 507 341 "343 346 '342 '427 "415 '419 433 "586 607 '593 638 "977 '989 '976 1,017 "1,202 1,309 1,250 1,221 "1,147 1,170 1,202 1,180 '992 "1,021 1,064 1,014 '387 "385 '392 399 "268 '273 269 276 '88,860 '73,118 '54,793 '23,239 1,058 '3,856 18,325 10,666 '614 '434 '565 831 1,381 2,142 1,969 1,658 '694 378 '7,659 1,644 '63 735 1,141 '650 1,268 1,061 208 '684 '205 '65,621 '5,007 r 20,441 '5,254 15,187 '5,357 19,074 15,742 2,723 13,019 '88,684 '72,953 '54,770 '23,082 1,051 '3,848 18,183 10,555 '618 433 '556 '815 1,367 2,109 1,962 1,633 688 374 '7,628 1,642 61 725 1,136 '652 1,266 1,058 '206 '677 '205 '65,602 '4,994 '20,390 '5,230 15,160 '5,362 19,125 15,731 2,726 13,005 "88,518 "72,783 "54,649 "22,988 "1,036 "3,818 "18,134 "10,533 "619 "435 "553 "806 "1,364 "2,095 "1,939 "1,664 "685 "373 "7,601 "1,632 "63 "720 "1,128 "650 "1,265 "1,055 "206 "679 "203 "65,530 "4,979 "20,297 "5,203 "15,094 "5,376 "19,143 "15,735 "2,728 "13,007 S-ll SURVEY OF CURRENT BUSINESS January 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 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued EMPLOYMENT f— Continued Seasonally Adjusted f Production or nonsupervisory workers—Continued Nondurable goods ,thous. 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 41933 4,293 17,812 4312 13500 3,907 15921 5,721 1,151 54 712 1,059 518 698 627 135 569 197 42778 4,277 17,960 4360 13600 4,002 16539 35.3 35.2 43.3 370 43.7 369 39.7 39.8 2.8 401 2.8 385 38.1 40.8 401 40.4 410 39.8 40.6 40.5 38.7 390 28 39.7 38.1 401 35.4 42.2 37.1 41.5 41.8 40.0 367 39.6 32.2 385 302 36.2 326 28 402 28 38 7 384 40.6 405 40.3 409 39.9 409 40.4 38.8 391 28 39.7 38.8 396 35.7 42.5 37.3 41.6 43.2 40.3 368 39.4 32.2 386 301 36.3 326 39.7 393 25 397 24 37 7 376 40.1 396 39.7 407 39.4 404 40.2 39.0 387 27 39.5 38.8 387 35.5 42.0 37.1 41.2 42.5 39.6 365 39.2 321 385 300 36.2 326 169.39 13755 232 836 41 89 10.61 3417 9.74 30.45 3184 169.96 13905 258 801 41 69 10.57 34 54 10.01 31.65 3091 168.76 13855 277 794 40 84 10.48 3445 10.04 3203 3022 168.66 13741 279 775 40 14 10.41 3421 10.05 3205 31 24 165.66 13628 273 7 28 39 44 10.43 3425 10.03 32 11 2938 168.93 137 80 2 73 7 76 39 93 10.46 34 64 10.01 3227 31 13 167.92 136 61 273 761 39 31 10.40 3436 10.06 32 14 31 32 167.23 135 98 2 65 7 53 38 92 10.36 34 26 10.05 3221 31 25 167.99 136 79 2 58 7 75 3906 10.37 34 60 10.14 3229 31 20 166.52 135 78 2 51 749 38 79 10.34 34 32 10.09 3224 30 73 166.16 135 75 245 756 35 5g 10.27 34 48 10.09 3233 30 40 165.61 135 14 2 38 7 47 38 24 10.22 34 38 10.12 32 33 30 47 107.2 1024 1226 1150 989 995 98.1 1098 106.3 1055 110.3 1037 114.5 115.0 108.0 1009 1345 1089 978 98,0 97.6 1119 105.1 1065 1117 1045 117.4 119.3 107.3 984 1450 1069 946 940 95.4 1122 104,4 1063 1118 1043 117.4 120.6 106.3 96 3 1455 1042 925 914 94.1 111 8 103.6 1054 1110 1033 117.4 120.8 104.3 91 4 141 6 968 880 873 89.0 111 4 102.8 105 2 1097 1034 116.9 120.3 106.2 95 6 1437 1029 91 9 906 93.8 112 1 103.7 106 3 110 7 1046 116.8 120.9 105.6 93 9 142 6 101 1 903 89 1 92.0 1120 103.3 1059 1102 1042 117.1 121.1 105.2 93 0 1384 100 9 893 878 91.5 111 9 102.8 1055 1095 1039 117.0 121.5 105.7 93 3 1336 104 5 892 878 91.4 1125 102.6 1065 110 3 105 1 117.9 121.fi 104.9 91 9 1282 101 0 884 867 91.0 112 1 102.2 1058 1100 104 2 117.4 121 9 104.8 91 4 125 1 101 9 878 86 1 90.3 1122 101.5 106 1 1096 1047 117.4 121 8 104.1 90 0 121 4 1005 86 5 84 1 90;0 111 8 101.2 1055 1090 104 2 117.2 191 ft 5,772 1,175 54 737 1,079 523 699 626 125 559 197 5,656 1,144 54 693 1,049 511 700 621 132 557 195 5,603 1,140 53 683 1,036 506 700 616 131 548 190 43021 4,261 18,016 4367 13649 4,013 16731 42 923 4,241 17,920 4348 13 572 4,014 16748 35.1 35 1 444 37 1 35.2 350 448 37 1 33.9 344 429 333 39.9 39 1 24 395 23 377 379 39.7 392 39.5 404 39.5 39 7 39.0 38.5 386 26 39.8 38.1 37 8 35.1 41.8 37.1 41.3 42.7 39.4 36 1 39.3 320 38 4 299 36.2 326 5,531 5,494 1,138 53 651 1,006 499 701 609 124 534 179 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 43059 4,217 18,051 4317 13 734 4,004 16787 5466 1,125 52 662 987 496 698 602 123 541 180 43 ooi 4,209 17,996 4301 13695 3,99£ 16797 43 108 4,212 18,065 4309 13 756 3,998 16 833 34.8 350 436 359 34.7 34 9 438 370 34.6 349 427 367 37.1 376 23 38 2 22 350 336 38.6 383 38.1 393 38.3 390 39.0 37.3 368 25 39.1 36.1 323 31.4 41.3 36.9 41.0 44.3 37.9 34 1 38.5 317 38 1 29 7 36.2 325 39.2 394 24 398 22 379 377 40.1 39 4 39.7 407 39.8 40 5 39.9 38.6 389 26 40.2 38.3 383 35.5 42.3 37.4 41.2 43.5 40.0 35 6 39.2 320 38 5 299 36.2 326 39.1 390 23 395 22 376 373 40.0 38 8 39.5 402 39.4 404 39.9 38.6 38 5 25 39^5 37.3 376 35.0 41.8 37.1 40.7 43.5 39.6 358 39.0 319 38 4 29 8 36.3 326 38.7 390 24 39 5 22 376 374 40.0 385 39.4 40 1 39.3 41 1 39.9 38.5 38 4 26 39^4 36.6 37 7 34.7 42.1 37.1 40.7 44.0 39.8 356 38.8 318 38 3 29 8 36.2 32 7 5,548 1,135 54 670 1,018 504 699 612 125 544 187 u !i 667 1,018 501 699 609 124 538 180 42997 43057 4,232 4,241 18,011 18,061 4332 4327 13679 13 734 4*007 4,003 16738- ' 16 761 5,375 1,116 49 631 966 492 695 592 126 535 173 43073 4,194 18,014 4287 13 727 4,012 16853 634 949 489 694 591 122 541 172 43 106 4,165 18,037 4282 13 755 4,013 16 891 5375 1,115 51 630 967 487 695 593 122 540 175 42974 4,142 17,941 4260 13681 4,006 16 885 42995 4^55 17,889 4 253 13*636 4,014 16937 34.8 350 426 375 35.0 349 428 375 35.2 349 425 380 35.2 348 424 376 34.8 34 8 41 9 36 9 39.0 39 1 23 396 22 38 5 375 40.2 38 5 39.5 39 g 39.4 41 1 40.2 38.7 385 25 39.4 37.2 379 34.8 41.8 36.8 41.0 44.1 39,9 356 38.8 320 38 5 300 36.3 32 7 qq q ou.o 392 24 397 23 38 7 37 3 40.4 389 39.4 396 39.5 41 6 40.2 38.6 38 6 25 39.5 38.4 378 35.1 42.0 37.1 41.0 44.1 40.1 357 39.2 319 386 29 8 36.1 32 7 38.9 392 24 39 7 22 38 6 376 40.6 389 39.5 398 39.8 41 0 40.1 38.7 386 26 39.5 36.8 377 35.2 41.9 37.0 40.9 43.3 40.2 36 1 39.2 31 9 385 29 9 36.2 32 6 39.0 390 24 394 22 38 2 379 40.3 38 8 39.2 39 5 39.3 40 5 40.1 38.6 38 5 26 39.1 38.1 38 2 35.0 41.7 36.8 40.9 43.9 39.7 36 0 39.3 31 9 38 5 29 9 36.3 32 6 38.9 38 8 23 38 9 2i 38 5 37 4 40,2 37 8 38.8 39 0 38.8 39 8 39.8 38.3 38 6 2g 39.4 39.7 38 1 35.2 41.5 37.0 41.2 44.0 39.6 357 38.8 32 1 384 30 1 36.1 32 8 5,372 u i? r 5,356 1,128 48 631 '963 r 484 r 694 '588 125 r 525 170 '42 892 <129 17,841 r 4237 13 604 4,001 16 921 r 5329 "5320 "1,121 1,128 P 46 48 P 622 619 '957 "953 485 "486 r "692 693 '587 "587 '124 "125 '517 "520 170 "169 P '42 844 42 719 '4,116 "4,107 17,771 "17,694 '4208 "4 186 13*563 "13 508 4,000 "3,951 '16 957 "16 967 AVERAGE HOURS PER WEEK f Seasonally Adjusted Avg. weekly hours per worker on private nonagric. payrolls: fi Not seasonally adjusted ...... hours.. Seasonally adjusted do Mining $ ,..,,...„ ..,.,..„, .. do. Construction $ do Manufacturing: Not seasonally adjusted do.... Seasonally adjusted do. , Overtime hours , do Durable goods. . do Overtime hours.. , 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.... Nondurable goods do Overtime hours.,. . 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 $ Wholesale and retail trade Wholesale trade Retail trade Finance, insurance, and real estate $ Services . ,. , do.... do.... do do do.... do AGGREGATE EMPLOYEE-HOURS t Seasonally Adjusted Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month, seas adj. at annual rate bil. hoursTotal 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 Indexes of employee-hours (aggregate weekly): t[ 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 .„.. doRetail trade . do Finance, insurance, and real estate do.... Services , do.... See footnotes at end of tables. 34.7 347 r 41 9 r 37 1 39.0 388 23 39 0 20 r 38 0 37 5 40.2 38 0 38.9 r 39 2 39.0 r 40 1 r 39.4 '38.6 38 5 2Q 39.7 r 39.0 r 38 2 35.0 41.7 36.9 40.8 r 43.3 r 39.0 r 35 2 '38.8 31 9 383 29 9 36.2 r 32 6 '34.7 '347 '41 6 '36 1 "34.8 "34 6 "42 1 "36 6 '39.3 389 23 '39 2 21 "39.7 "38 9 "2 3 "39 2 "2 1 '37 6 40.2 '38 2 38.9 '39 2 '39.2 '40 8 39.3 38.6 38 5 "37 4 "39.6 "38 0 "39.0 "39 3 "39.3 "40 2 P 40.1 "38.4 P 38 5 '39.5 '38.0 '38 5 '35.0 41.7 '37.1 '40.6 '44.2 '39.2 '36 0 '38.8 31 8 384 29 8 '36.2 32 6 P rqo 7 ro K pqo K PO £ 39.2 "37.5 "38 5 "35.0 "41.4 "37.2 "40.8 "45.4 "39.3 "35 6 "38.8 "31 8 B 38 2 pOQ C "36.0 pqo A 165.60 164.35 163.26 "163.28 1 qq -to pi qo AK /»q 134 87 ri qq r 2 34 2 29 "2 25 r 2 27 r P7 94. 7 ^n 7 30 7 30 q7 qa 07 QO pqc a A *T7 O7 10.16 10.13 10.06 "9.99 34 45 r34 13 '33 89 pqq RE 10.13 r 10.08 10.09 "10.08 32 66 32 41 '32 49 "32 40 30 73 30 66 r30 08 pqn QA 103.9 88 7 118 6 98 3 85 5 822 90.3 1123 100.7 105 6 1086 104 5 117.4 1929 102.8 r R7 9 115 2 r 97 2 83 9 800 r 89.7 Ill'S 100.1 104 8 1079 103 6 117.0 '1990 102.5 "101.8 '114 3 '97 2 83 3 '792 '89.4 '111 3 '99.8 '104 2 '1074 '102 9 117.0 '19,93 "112 8 pqe A "83 0 P 78 8 P 89.2 "110 5 "99.1 "103 5 "106 3 P 102 5 "114.9 of* 7 pQ£ 9 P191 ft 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 Annual January 1983 1981 Nov. 1982 Dec. Jan. Feb. Mar. Apr. June May July Aug. Sept. Nov. Oct. Dec. LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued HOURLY AND WEEKLY EARNINGS f Average hourly earnings per worker: fl Not seasonally adjusted: Private nonagric. payrolls dollarsMining 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.... 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.... Seasonally adjusted: Private nonagricultural payrolls dollarsMining . . do .. Construction do.— Manufacturing . do Transportation and public utilities do.... Wholesale and retail trade do Finance, insurance, and real estate do.Services do.... Indexes of avg. hourly earnings, seas, adj.: f 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: . ,, , ' ,, ,v° ^ . ," * V do W lc JjX , "R. "1 d ' ' ' h i? .j °, ? 0 (a eraee ' class D 1 ^ ""V Ho j do Avg. weekly earnings per worker, private nonfarm: fl Current dollars seasonally adjusted 1977 dollars seasonally adjusted $.. . . Spendable earnings (worker with 3 dependents): 1977 dollars seasonally adjusted i Current dollars, not seasonally adjusted: Private nonfarm total dollars. Mining do... Construction do... Manufacturing do... Durable goods do— Nondurable goods . .. do... Transportation and public utilities doWholesale and retail trade doWholesale trade doRetail trade doFinance, insurance, and real estate deServices do... HELP- WANTED ADVERTISING Seasonally adjusted index 1967—100 See footnotes at end of tables. 6.66 9.17 994 7.27 7.02 775 7.49 6.55 549 7.50 9.77 7.45 8.00 6.94 9.35 6.80 5.46 6.55 6.32 6.85 7.74 5.07 4.56 7.84 7.53 830 10.10 6.52 4.58 8.87 5.48 696 4.88 5.79 5.85 7.25 10.05 1080 7.99 7.72 853 8.25 7.00 5.91 8.27 10.81 8.20 8.81 7.62 10.39 7.43 5.96 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 7.47 10.39 11 18 8.20 7.94 877 8.50 7.16 605 8.54 11.10 8.42 9.08 7.83 10.74 7.68 6.11 7.38 7.12 7.61 9.04 5.73 5.04 8.89 8.42 9.42 11.58 7.31 5.11 10.05 6.04 7.79 5.32 6.52 6.67 7.45 10.41 1126 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 7.44 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 7.55 10.65 1159 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 7.67 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 10.62 1132 8.34 8.10 889 8.65 7.27 619 8.62 11.20 8.57 9.20 7.96 10.82 7.94 6.29 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 7.55 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 7.57 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 7.58 10.65 1132 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 7.65 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 7.63 10.66 1146 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 7.66 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 7.64 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 7.70 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 7.67 7.70 10.91 10.93 11.53 1160 8.55 8.51 8.31 8.26 9.09 9.11 8.87 8.84 7.64 7.61 6.34 6.39 8.93 - 8.93 11.37 11.49 8.85 8.85 9.30 9.33 8.18 8.24 11.25 11.18 8.40 8.31 6.40 6.39 7.77 7.74 7.53 7.48 7.88 7.85 10.42 9.53 5.81 5.82 5.17 5.18 9.41 9.45 8.79 8.74 10.03 10.02 12.42 12.42 7.64 7.65 5.30 5.33 10.43 10.29 6.22 6.21 8.07 8.11 5.48 5.48 6.87 6.78 6.87 6.90 6.66 9.17 9.94 7.27 8.87 548 5.79 5.85 7.25 10.05 10.80 7.99 9.70 5.93 6.31 6.41 7.45 10.39 11.14 8.20 9.97 6.06 6.52 6.63 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 6.96 127.3 93 5 134.2 121.9 129.4 1272 127.8 1270 125.5 138.9 926 148.3 131.9 141.9 1394 138.2 1381 137.3 143.0 923 153.4 135.7 146.4 143.5 141.2 142.6 142.1 143.5 923 153.4 136.6 146.9 144.3 141.7 142.0 142.6 144.9 929 156.2 139.9 148.9 145.5 142.1 143.1 143.4 145.0 928 156.0 137.9 149.1 146.0 142.5 143.3 143.7 145.4 93.3 156.0 138.1 149.9 146.3 142.8 143.8 143.9 146.3 93.7 156.5 138.7 150.8 146.9 143.7 144.9 145.1 147.7 93.7 156.8 139.9 151.8 148.2 145.1 148.0 146.5 148.1 93.1 159.6 139.7 152.5 149.1 145.2 147.2 147.3 11.73 18.42 12.92 16.78 13.69 17.74 13.69 17.72 13.78 17.89 13.83 17.99 13.83 18.00 13.85 18.07 14.15 18.39 3 66 359 3 82 367 992 1064 1079 11 00 1125 1139 11.09 1122 234.93 172.74 254.74 170.13 261.50 168.82 261.10 167.91 258.69 165.93 263.55 168.62 263.15 168.90 264.89 169.69 20640 151 65 22057 14705 22603 14583 22573 145 16 o (*) 235.10 397.06 367.78 288.62 310.78 255.45 351.25 176.46 269.97 147.38 209.60 190.71 255.20 439.19 398.52 318.00 342.91 280.74 382.18 190.95 294.08 158.03 229.05 208.97 262.20 461.32 414.78 325.54 351.68 28856 393.96 192.68 300.69 158.54 236.02 216.78 262.24 466.37 417.75 329.97 356.73 291.65 395.36 194.45 302.25 160.89 234.21 217.12 255.95 456.89 385.95 312.38 336.28 277.65 388.85 191.89 300.13 157.47 237.47 219.32 262.39 463.03 406.39 326.93 352.93 291.04 397.10 194.66 303.31 159.35 239.64 220.68 261.99 465.16 419.21 327.27 352.84 289.93 392.73 194.66 303.72 159.64 239.22 220.03 129 119 111 109 106 103 96 7.76 11.04 11.68 8.59 8.33 9.16 8.91 7.70 ,6.41 J 9.03 11.54 8.90 9.40 8.31 11.24 8.44 6.49 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 7.79 11.02 11.82 8.56 8.31 9.13 '8.89 r 7.61 r 6.41 '9.04 11.42 8.85 '9.34 8.34 11.30 8.48 '6.50 '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 7.80 11.07 1165 '8.61 8.36 9.17 8.92 '7.64 '6.44 '9.04 11.51 '8.90 '9.35 '8.38 11.33 '8.57 '6.53 7.88 7.62 '7.99 10.16 5.92 '5.23 '9.59 '8.91 10.26 12.71 7.79 '5.41 10.55 '6.32 8.18 '5.58 7.01 '7.08 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 7.78 11.07 11.60 '8.61 10.47 '6.34 7.01 '7.04 P 7.83 P 11.09 P 11.82 P 8.62 P 10.56 P 6.35 P 7.08 P 148.9 93.0 161.3 140.6 153.3 148.9 145.7 148.6 148.7 149.9 93.2 161.5 140.7 154.2 150.3 146.5 150.6 149.7 150.1 93.2 163.2 140.4 154.7 149.9 146.8 151.3 149.7 150.8 '93.2 162.5 142.3 154.6 151.1 147.6 152.9 150.8 151.1 '93.3 163.3 140.9 155.3 151.5 148.0 152.7 150.8 P 14.15 18.40 14.45 18.70 14.56 18.98 14.64 18.99 14.64 19.01 14.77 19.26 P 11.29 { 11.29 11.54 11.55 11.59 11.64 267.75 169.89 267.68 168.14 269.08 167.97 269.35 167.61 268.66 '269.62 '269.97 166.87 166.53 166.75 P 270.92 P 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 '270.66 '460.51 '420.57 '338.37 '363.13 '306.53 '409.34 '200.98 314.93 165.73 '253.76 '230.10 P 88 87 85 83 78 73 76 78 "7.82 P 11.09 P 11.87 P 8.69 P 8,42 P 9.24 "8.98 "7.57 P 6.51 "9.06 "11.50 P 8.97 "9.41 P 8.46 P 11.51 P 8.63 P 6.63 P 7.95 P 7.69 P 8.05 "10.05 P 5.99 P 5.26 P 9.61 P 8.97 P 10.36 P 12.71 P 7.86 P 5.45 P 10.60 P 6.28 P 8.23 P 5.54 P 7.08 P 7.10 7.09 151.9 P 163.6 P 143.6 P 155.6 P 152.8 "148.3 P 154.5 P 151.9 14.86 "19.34 167.65 272.14 "466.89 P 434.44 P 344.99 "370.52 "310.85 "411.28 "201.59 P 316.86 "167.31 "254.88 "230.04 S-13 SURVEY OF CURRENT BUSINESS January 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 Nov. Annual Dec. Mar. Feb. Jan. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 5 2 2 2 3 9 14 17 795 20844 729 16908 12 141 4 146 6 200 3 237 8 352 36 480 44 636 41 894 3410 3228 3935 4681 4723 4892 4760 23939 3,048 2286 3,061 3272 3,778 3328 4,470 2272 4,376 2 418 4,282 2347 4,067 Unemployment insurance programs: Insured unemployment, all programs, average weekly #@ , .thous 3837 State programs (excl. extended duration prov.): Initial claims .... .. .. .thous 25373 Insured unemployment, avg. weekly do..., 3,350 Percent of covered employment: @ @ Unadjusted 39 Seasonally adjusted . . Beneficiaries, average weekly thous... 2,864 Benefits paid @ mil $ 13 761 1 Federal employees, insured unemployment, average weekly thous 30 Veterans' program (UCX): Initial claims do. 267 Insured unemployment, avg. weekly do.... 56 Beneficiaries, average weekly do.... 56 Benefits paid mil. $,. 3577 Railroad program: Applications thous 162 Insured unemployment, avg. weekly., do.... 34 Benefits paid mil $.. 176.1 3.5 2,614 13 257 8 r 11 15 36 r r r 831 42 r 786 14 3 390 r 2126 40 949 r 4387 4328 4495 4398 ^4282 4391 1989 3,729 2399 3,707 2658 3,912 2358 3,831 "2342 r 3*712 2443 3,828 4635 P 2641 4*156 35 43 51 50 49 46 43 43 45 44 42 44 47 39 4x 40 41 43 46 46 47 45 47 50 53 53 2,393 3,171 3,801 3,908 3,944 3,672 3,257 r3,332 r 3,331 3,413 3,306 3,282 p "3434 10808 1 5925 1 7642 1 781 8 20726 1 8499 1 573 4 1 692 2 l 682 1 1 7462 1 710 6 1 696 6 l 810 3 32 36 39 40 40 38 33 29 28 29 27 193 40 41 2807 9 22 22 100 11 19 20 102 8 16 15 $ 13 12 53 10 11 10 51 9 10 8 40 8 9 7 34 10 8 7 33 10 7 6 28 11 7 5 28 184 40 13 43 210.8 16.4 19 56 22 73 25.3 11 67 9 65 5 52 5 43 36 41 68 54 30.5 28.0 33.9 26.3 19.1 18.6 18.0 26 D ll 8 i 6 2-9 28 P 10 31 7 34 9 17 14 7 40 73 78 69,226 68,749 69,226 70,088 70,468 71619 71,128 71,601 71765 72 559 72709 73,818 161,114 166,317 161,114 167,271 167,460 166,373 172,540 176,937 180,015 180,878 174,094 171,627 170,365 111 908 113411 111 908 112 H2 110 656 109 657 113 786 117 918 121 083 122 885 117 202 115 216 H5 530 30357 30728 30357 30666 30974 31 844 32723 34336 35446 36 983 36657 35 584 35 893 81 551 82683 81 551 81 446 79682 77 813 81 063 83 582 85637 85*902 80545 79*632 79637 49206 52906 49206 55159 56804 56716 58754 59019 58932 57*993 56892 56*411 54835 166 941 115 650 36 147 79 503 51 291 71 20 59 14 65 27.0 31.1 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 . .. .. doOther loans and discounts.... ,„.. do.. Federal Reserve banks, condition, end of period: Assets, total # mil $ Reserve bank credit outstanding, total # .. do.... Time loans , do.. U.S. Government securities do.... Gold certificate account , do Liabilities total # Deposits, total ... Member-bank reserve balances Federal Reserve notes in circulation do . do. do.... 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 ,. doLarge 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 § Commercial and industrial For purchasing or carrying securities To nonbank financial institutions Other loans . Investments total U.S. Government securities, total Investment account * Other securities See footnotes at end of tables. do..,. do.... do.... do.... do do do.... do.... do.... 54,744 121,597 87667 19904 67763 33930 68648 78 188 78 103 78 188 78387 79035 79 758 80 695 80 972 81 415 81 659 81 564 81 566 81 352 80 766 38138 9506 21005 46463 9 124 22619 45961 9315 22827 46463 9124 22619 46899 9498 21990 47324 9760 21951 47966 9581 22211 48425 9758 22512 48838 9260 22874 49289 8670 23 456 49582 8*355 23 722 49845 8034 23685 50006 8078 23464 50 160 8 288 22904 50 292 8477 21 998 171 495 137,644 1809 121,328 11 161 171 495 31546 27,456 124,241 176 778 143,906 1601 130,954 11 151 176 778 30816 25,228 131,906 171 676 139,140 232 126,539 11 152 171 676 29053 24,312 129,086 1 40 097 1 40 X067 ' 30 1 1,617 1 1 176 778 179 941 143,906 141,871 1601 2217 130,954 128,230 11 151 11 151 176 778 179 941 30816 39324 25,228 25,066 131,906 126,835 170 321 172 249 182 959 173 574 173 810 177 673 180 258 180 647 186 454 187 494 190 128 138,575 139,700 148,335 141,249 140,244 143,812 144,502 146,838 142,629 149,394 153,769 374 1 123 458 449 1058 2646 1 180 1638 1799 717 438 125,410 125,589 134,257 129,407 127,005 132,640 132,858 134,393 132,080 137,676 139,312 11 150 11 150 11 149 11 149 11 149 ; li 149 11 148 11148 11 148 11 148 11 148 170 321 172 249 182 959 173 574 173 810 177673 180 258 180 647 186 454 187 494 190 128 29630 30073 38357 26834 25325 1 29 893 29076 32 095 36 638 29 884 34334 24,964 26,357 24,702 23,463 20,198 24,974 24,993 20,318 24,678 26,533 26,489 126,869 128,855 130,189 132,619 134,228 134,115 135,374 135,197 136,048 139,989 141,990 41 918 141 606 '312 '642 1 471 1 277 40951 40 604 347 695 269 119,485 228 086 158,283 5,829 1 108 41,407 314 128 108,595 187 518 140,376 5,235 2 148 21,896 362 502 106,737 186 099 137,774 4,985 1 114 22,158 356 985 108,595 99,682 95,764 187 518 170 840 169 273 140,376 127,443 125,658 5,235 5,328 4,492 2 148 3645 3331 21,896 19,273 19,762 362 502 367 200 370 510 72670 205 862 433,313 174,581 9,988 26,073 111 819 135 555 118 098 39,611 35,239 78.487 76971 250 511 470,988 195,499 10,756 26,729 124 444 146 367 116 905 36,819 30,872 80.086 76758 245 714 468,089 191,818 10,672 26,385 123 512 146 880 119 081 37*510 30,690 81.571 76971 79286 79314 80434 78 902 250 511 252 236 253 750 255 514 257 536 470,988 470,410 472,278 476,519 479,517 195,499 198,009 198,819 202,573 204,731 10,756 8,675 7,484 9,163 7,782 26,729 26,756 26,762 27,913 28,096 124 444 126 157 126 840 127 306 128 538 146 367 144 995 144 382 140 837 138 662 41 918 41 606 *312 642 -277 •••••••• 41280 39230 40 981 38873 '299 '357 1,526 1,713 1,611 1 026 1 282 1 080 43 210 42785 425 39558 39552 39284 39 192 274 360 1,581 1,105 — 1 140 —508 39567 39257 310 1,205 -656 39 864 39573 '291 669 153 40 177 39866 '311 510 —80 39 963 39579 384 976 -490 40587 *41 199 40 183 r40r797 404 402 579 455 r 130 35 101,234 94,010 95,278 102,299 97,375 102,844 96,793 104,736 172 931 157 940 179 476 178 515 158 878 182 564 164 592 187 996 131,868 120,484 133,774 133,268 120*287 136,351 124,103 139,931 4,521 5,133 4,479 5,391 4,594 4,850 5,710 4,640 1 575 900 1 148 2345 1 133 2958 1 874 3014 19,695 16,143 23,721 20,392 17,299 20,735 17,963 22,492 372 461 373 733 381 227 385 108 393402 401576 401 320 403 348 116 905 118 503 117 596 117 936 36,819 38,090 38,374 38,570 30,872 30,785 30,747 30,345 80.086 80.413 79.222 79.366 80795 263 021 486,083 209,058 9,056 27,768 129 098 143 552 115 768 117 554 Og QQQ 36,945 29*548 29,158 78.769 80.609 79642 269 351 490,863 212,428 8,700 27,666 129 689 144 398 115 122 36,997 29,196 78.125 78 899 276274 488,186 210,500 9,421 27;368 130 082 143 263 115 404 37,659 28,957 77.745 42 172 41 354 818 699 1 CO 107,467 109,485 190848 189 553 143,159 139,264 5,487 5,238 1 064 1 767 231374 23,613 400 672 406 888 80977 79898 85222 85764 110 726 280 606 281 321 278 768 276*097 257 937 495,430 499,562 503,707 503,562 505,624 212J741 217,315 216,951 217,027 216,895 10J257 10,496 12,207 11,627 11,223 28iQ90 27,279 27,312 27,017 26,924 131 003 131 471 131 759 131 987 132 324 151 608 148534 154 608 152 199 155 308 115831 116311 122 120 122 031 125 862 37,113 37,899 42,270 44,152 44,586 30,161 30,695 33,043 34,740 36,730 78.718 78.412 79.850 77,879 81,276 S-14 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 January 1983 1981 Nov. 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Nov. Oct. Dec. FINANCE—Continued BANKING-Continued Commercial bank credit, seas, adj.: Total loans and securities 1! bil $ US Treasury securities do Other securities do..., Total loans and leases If do Money and interest rates: Discount rate (N Y.F.R. Bank) @ @ percent. Federal intermediate credit bank loans do.... Home mortgage rates (conventional 1st mortgages): New home purchase (U S avg ) percent., Existing home purchase (U.S. avg) do..., 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.. CONSUMER INSTALLMENT CREDIT Total extended and liquidated: Unadjusted: Extended • mil. $.. Seasonally adjusted: Extended total # By major holder: Commercial banks • Credit unions Retailers By major credit type: 12396 1100 214.4 9151 1,316 3 111.0 231.4 9739 .. Liquidated total # By major holder: Commercial banks Finance companies Credit unions Mobile home 13.41 14.20 13.00 15.26 12.10 14.87 12.00 14.63 12.00 14.45 12.00 14.11 12.00 14.14 12.00 13.93 12.00 13.73 11.81 13.63 10.68 13.43 10.00 13.21 9.68 12.90 9.35 12.48 2 12.25 2 2 14.17 2 15.68 15.80 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 3 12.78 3 12.29 3 4 15.32 3 14.76 3 13.73 12.00 11.96 11.72 12.13 12.14 11.24 13.06 13.35 12.56 14.47 14.27 13.58 13.73 13.47 12.89 13.95 13.64 13.09 13.29 13.02 12.61 14.00 13.79 12.69 12.90 13.00 12.15 10.34 10.80 9.93 10.40 10.86 9.63 9.24 9,21 8.60 8.76 8.72 8.42 8.54 8.50 8.20 14.077 11.269 10.926 12.412 13.780 12.493 12.821 12.148 12.108 11.914 9.006 8.196 7.750 8.042 8.013 336,341 316 447 26,526 26125 30,914 26,595 22,574 25814 22,758 25,460 27,986 28,289 28,449 27,217 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 do..., 27,370 26,656 26,888 27,150 27,462 28,684 29,197 29,737 27,514 27,579 28,268 28,062 31,610 do .. 12430 5287 2571 4,279 13264 4089 2517 4,142 11775 4433 3,326 4,385 12,431 4,857 2,695 4,254 12,519 5,002 2,631 4,536 12,790 5,343 3,010 4,618 12,765 6,135 2,902 4,449 13,460 5,700 2,887 4,762 12,485 4,607 2,711 4,785 12,499 4,685 2,904 4,396 12,750 4,894 3,092 4,684 13,322 4,427 2,897 4,431 14,616 6,231 3,438 4,383 8073 11,379 479 26,770 7352 11,592 508 26,689 7474 11,070 434 26,445 7,283 11,730 364 27,075 7,183 12,143 411 26,472 7,871 12,416 544 27,509 8,429 12,528 478 27,798 8,182 13,361 459 28,388 7,332 12,551 441 26,944 7,112 12,497 581 27,513 7,546 12,464 452 27,176 7,970 12,340 476 28,386 10,329 12,489 484 29,087 do.... do.... do... 11,997 4,825 2,795 4405 12,104 4,503 2,886 4480 11,765 5,030 2,637 4358 12,602 4,550 2,830 4,378 12,353 4,329 2,753 4365 12,694 4,799 2,878 4,437 12,778 5,009 2,941 4,381 13,560 4,826 2,849 4,458 12,551 A /»1O 4,412 2,780 4,488 12,751 12,269 13,371 13,712 A 77Q A 2,725 4,505 2,746 4,624 2,929 4,519 do... 7,509 11358 404 12.58 14.62 11.28 3 11.506 306,076 304 628 3 do.. do. By major holder: Commercial banks Finance companies do.... do.... Retailers By major credit type: do Budget receipts by source and outlays by agency: Receipts (net), total mil. $ Individual income taxes (net) do.. Corporation income taxes (net) doSocial insurance taxes and contributions (net) mil. $ Other do.. Outlays total $ do Gold: mil $ dodo.. Qf)f\ E f)QR 3,020 4,481 qi q AT) qqq 07^ 147,013 76,756 44 041 28448 149,300 146,687 149,300 148,162 146,922 146,454 146,616 146,147 146,775 146,745 147,275 148,280 147,926 148,270 89,818 89,956 89,818 88,925 89,009 89,591 90,674 91,958 93,009 93,353 93,207 93,357 45 954 46092 45954 45907 45586 45632 45,450 45,472 45,882 45,698 46,154 46,846 46,645 46,832 29 551 27510 29,551 28,179 27,013 26,530 26,537 26,536 26,645 26,710 26,751 26,829 27,046 27,639 qOQ n*^ 125,559 126,201 127,220 128,415 128,359 128,281 129,085 128,619 129,594 58,491 58,641 58,647 59,302 59,824 60,475 60,932 60,811 61,500 18,363 18,402 18,479 18,543 18,601 18,741 18,778 18,814 18,821 45,291 75,777 36,753 r»q K4fi 66 073 55 683 9,704 -18,930 -18,255 18 773 -8 711 21 424 3 187 2 527 12?305 6 468 11 238 18237 1 066 393 1 070 734 1 076 798 862,809 865,336 868,523 66,353 59 629 6,724 -4457 3 260 7 717 1 084 658 871,783 44,675 64 506 -19,831 20962 14348 6 614 1 094 628 886,131 44,924 59 628 -14,704 16 751 21 086 -4335 1 114 214 907,218 59,694 61 403 -l',708 4575 22129 -17,554 1 146 987 929,346 40,539 42,007 66 708 66 166 -26,169 -24,158 26462 24845 6228 25923 20,234 -1,078 1 147 713 1 166 569 935,574 961,497 44,016 21,775 57,407 25,770 55,269 32,646 43,042 21,007 45,291 13,391 R Qio 75,777 41,672 7 342 36,753 66,353 9,576 32,273 1 202 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 -680 157,803 1 182,720 15,494 6,002 ^0,640 '69,499 1576 675 ig57 204 r54 658 20,483 jr Ann 14,874 17,961 15,608 E Q4Q 15,157 c nin q ft79 13889 15880 57,822 2 984 14,239 18,752 6,238 63,546 4 394 16042 21,593 *132 840 1156 035 14,575 5,574 45930 4 573 13783 15,109 10£» flOfl 14,641 6,777 76875 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 14,902 5 332 66,166 5,37^ 16,461 !9 469 33,866 8,204 13,277 551 517 3214 851 7,319 7,935 443 760 20,679 8,164 493 1908 21,628 7,598 524 2,269 21,898 9,641 464 3,236 19,883 8,286 486 751 22,499 8,643 435 3,097 21,168 9,235 49 994 21,424 7,179 467 1,924 22,200 9,149 482 1,942 22,817 9,076 632 2,066 I 5ll,n2 ^99,272 '244,069 '285,917 r 1 in* KKK 1 194 691 '230 304 ^6,691 '92,633 '5,42 '4,850 121 135 122 904 8.73 12.14 8 8,048 8,513 7,041 7,271 7,514 7,470 7,527 7,638 7,339 7,211 7,595 7,284 11,533 11266 11885 11,836 11,917 11,991 12,854 11,939 12,354 12,254 12,232 12,382 444 442 480 440 378 408 392 493 396 460 408 365 333 375 qqn -i qe 327 435 327 131 3?8 363 329 338 331 851 332 471 333 808 335 948 334 871 336 991 116 838 126 431 126 385 126 431 125 525 125 294 T? 1 ' do 63049 58923 63,049 61,433 59,514 58352 18486 18380 18,486 18,397 18,343 17322 Mobile homo do FEDERAL GOVERNMENT FINANCE Budget receipts and outlays: r 1 55,269 43,042 Receipts (net) mil. $. ^IT.HZ 599,272 44,016 57,407 K7 099 AK QQft 7fi $37)^ Outlays (net) do.... 1 9,339 -14,780 -19,468 Budget surplus or deficit (—) do... -59,563 '-57,932 -10,642 icn Kfjq 5K7 QQO 19 P\99 9fl ^1fi -8 109 14 993 1<J(\ f - l K 170 qoQ 1 fi Q79 14 974 9 783 10 693 1 1 i n QKO 1 ccn 91 ^Q7 4 300 6 242 17*892 in-tA q-|7 1-1 rinq CM-I 1 H1Q V)A. 1 (Y^A. 71 fi 1 (149 817 1 053 325 Held by the public do.. *715 105 '794 434 815 780 830,055 839,837 850,504 Health and Human Services Department § Treasury Department National Aeronautics and Space Adm 13425 1 352 5 rl 362.0 1 368 8 13761 rl 383.1 1,389.4 1,397.5 1,398.6 118.2 122.3 126.4 116.3 117.8 114.4 115.8 116.5 116.6 234.9 r235.9 237.6 237.2 235.8 235.9 237.1 233.1 234.0 995.0 10020 1 010.8 1,017.1 10237 1 028.3 1,033.5 1,038.1 1,036.4 2 11.77 12.22 do.... By major credit type: Automobile 13200 13324 115.1 1141 232.0 2315 985.2 9745 2 do do.... Revolving 13275 1,316 3 1103 1110 231.2 231.4 9739 9861 1 fl 99fi A 7QQ r 9 47^ 1 9Q3 17,572 K Q1 Q 21,087 14,090 497 1,923 c 91 A c C74 GOLD AND SILVER: Price at New York Silver: ' ffi See footnotes at end of tables. dol per troy oz n ffifi 612.509 20632 1 -j -i e •I 1 -I C 459.614 413.67 10.518 8.547 11 151 11 151 11 150 11 150 11 149 11 149 11 149 11 149 11 148 11 148 11 148 11,148 408.743 384.125 374.071 330.248 350.488 334.403 314.982 340.102 365.952 435.564 421.755 414.993 445.431 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 S-15 SURVEY OF CURRENT BUSINESS January 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 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FINANCE—Continued MONETARY STATISTICS Currency in circulation (end of period) bil. $. Money stock measures and components (averages of daily figures): f Measures (not seasonally adjusted): ± Ml bil $ M2 .. . do M3 ,... do . L (M3 plus other liquid assets) do... Components (not seasonally adjusted): Demand deposits ,, Other checkable deposits fl: Overnight RP's and Eurodollars * Money market mutual funds Savings deposits ., Small time deposits @ Large time deposits @ ... .... Measures (seasonally adjusted): $ dododo... do... do. . do.... do 137.2 401.4 15917 1,873 0 2,267.6 111 7 263.9 21.8 30.0 55.3 4040 706.4 2363 145.6 145.6 140.5 140.5 142.6 144.0 146.5 148.2 148.1 149.4 149.2 150.1 154.1 4397 *4512 4296 4555 4540 4534 4372 4400 4451 4505 4540 4605 '470 2 4785 4906 17471 1 8096 1 829 4 %1 849 2 1 8429 rr l 862 1 r1 888 11 889 1r1 906 6r1 925 2r1 939 4r1 951 3r1 972 11 987 2 20097 r 2,089 9 21756 2'l999 22172 '2 '2 402 3 216 1 2 266 3 2 290 3 2 314 5 2 356 8 2 383 4 2 237 5 2 269 5 2 343 1 24197 2,519.3 2,628.5 2,653.8 2,682.3 r2,698.5 r2,723.2 r2,754.7 r2,767.5 '2,794.7 r2,820.5 T2,843.4 119 8 2399 65.6 38.7 110.3 3616 8129 286 4 M2 do.... M3 do L (M3 plus other liquid assets) do.,.. Components (seasonally adjusted): Currency , do . Demand deposits ., do.... Savings deposits............. ., do Small time deposits @ do. ., Large time deposits @ do.... PROFITS AND DIVIDENDS (QTRLY.) Manufacturing corps. (Fed. Trade Comm.): 92,579 101,302 Net profit after taxes, all industries, mil. $.. Food and kindred products do.... 8,222 9,109 Textile mill products ,..,..,...,,..... do.... 977 1,157 Paper and allied products do.... 2,789 3,110 Chemicals and allied products do..,. 11,578 12,973 Petroleum and coal products , do.... 25,133 23,733 Stone, clay, and glass products do.... 1,833 1,627 Primary nonferrous metal do.... 2,768 2,124 2,334 Primary iron and steel , do.... 3,507 Fabricated metal products (except ordnance, machinery, and transport, equip.) mil. $.. 3,967 4,235 Machinery (except electrical) do.... 11,459 12,580 Elec. machinery, equip., and supplies do.... 7,114 7,872 Transportation equipment (except motor vehicles, etc.). , mil. $,. 3,084 3,722 Motor vehicles and equipment do.,.. -3,424 -209 AH other manufacturing industries , do.... 14,745 15,762 Dividends paid (cash), all industries do.,.. 36,495 40,317 SECURITIES ISSUED Securities and Exchange Commission: Estimated gross proceeds, total ,... mil. $.. 81,111 75870 By type of security: Bonds and notes, corporate do.... 56,265 45,606 Common stock do.... 25 108 Preferred stock ., , do.... 3*635 1,788 By type of issuer: Corporate, total # , mil. $., 78,896 72,503 Manufacturing , , , do..,. 24,398 17,397 Extractive (mining) , do.... 4,893 9,113 Public utility do.... 15,940 14,494 Transportation do.... 3,727 2,779 Communication..,,,. ,, ,,.. . do.... 7401 6 158 Financial and real estate do.... 15,638 17,197 State and municipal issues (Bond Buyer): Long-term ,....,.....,....,... do . 47133 46 134 34443 Short-term , ... do 26485 SECURITY MARKETS Stock Market Customer Financing Margin credit at brokers, end of year or month „ ... , ,,. mil. $.. 14721 14411 Free credit balances at brokers: Margin accounts ..,.. do.... 2105 3,515 Cash accounts ., , do 6070 7150 Bonds Prices: Standard & Poor's Corporation: High grade corporate: Composite § dol per $100 bond 414 337 Domestic municipal (15 bonds) „..„ do.... 57.4 43.2 Sales: New York Stock Exchange, exclusive of some stopped sales, face value, total mil. $.. 5,190.30 5,733.07 See footnotes at end of tables. 142.7 122 9 2375 75.2 36.9 144.9 342 2 8519 3018 125 4 2433 78,4 38.1 151.2 3430 8517 3054 123 3 2436 82.5 43.2 154.9 3468 8575 3076 1230 2285 81.5 42.9 r !56.1 344 5 8685 3142 123 8 2282 83.8 43.0 159,4 346 1 8796 3174 1256 2361 89.5 40.4 162.1 348 1 888 1 317 9 127 2 2283 85.4 42.8 164.6 3474 8953 3203 129 8 2315 87.9 43.4 171.7 3483 9141 3283 128 3 2304 87.2 r 43.0 168.9 3479 9023 3239 1300 2293 89.8 44.5 180.6 346 1 9202 3337 1302 2325 93.2 43.3 182.5 347 4 '9239 335 7 131 2 '2372 97.3 r 46.0 184.1 357 0 921 6 r 3399 132 7 '240 2 101.5 r 47.4 186.6 T 363 7 '9178 341 6 iqc o 247 1 104.1 45'.9 177.5 399 9 9028 338 1 447 3 4364 X 4409 4486 4483 4524 451 5 4552 451 4 451 3 4750 4605 4684 478 6 18099 18227 18413 1 848 1rl 865 3 1 880 91 897 71 908 21 923 81 946 81 955 01 968 21 987 4 2001 5 21747 2188 1 22043 '2 215 1 rT2 235 9 rr2 258 3 rr2 279 5 rr2 296 2 rr2 320 6 r'2 356 4 r2 364 2 '2 382 1 r2 401 3 2 406 0 26293 26428 26679 26905 2 717 2 2 744 2 2 774 4 2 799 5 2 831 9 2 858 2 1218 2357 3409 8568 3006 123 1 2364 3436 8547 3003 1238 239.3 3488 8523 3026 1246 2345 3486 8594 3080 125 1 2330 3507 8699 3126 1263 2330 3505 8816 3172 1274 2327 3509 894 1 3216 1284 231 0 3499 9009 3283 1288 2306 3440 9197 3358 1295 231 1 3420 9306 3396 1305 2326 3424 9326 3393 22,856 2,446 198 829 2,985 5,464 267 369 5 18,999 2,120 78 418 2,900 4,935 167 82 25 20028 2079 146 436 2764 4,146 205 44 -430 17828 2031 258 408 2451 5,024 329 -41 -893 760 3,492 1745 786 2,657 1,781 820 2,454 1801 425 1687 1688 707 -139 3,728 10,763 645 1 2,738 10,160 693 1,072 3798 10418 720 -18 3759 10076 9731 5,969 3283 5838 6601 4610 5949 5791 r 7,112 2039 59 3,948 1935 80 1,607 1477 199 4,074 1430 185 4,653 1750 198 2,573 1875 172 3,405 1 527 887 3,066 2559 ' 67 r 9,210 2,462 797 1,246 120 411 3,254 5963 1,212 723 1,176 105 201 1894 3283 '727 724 962 68 66 506 5689 479 479 1088 76 366 2994 6601 1,142 919 2219 255 87 1523 4610 599 636 1684 41 20 1358 5820 755 360 1747 108 457 1 719 5692 rg 364 417 1845 r 1 800 668 r 941 909 131 18 191 179 1 906 r2305 5035 2 902 5072 3 138 3 780 2525 3459 2708 5 531 2950 6 692 3 109 5 268 5 919 5 667 4 848 14 124 14411 13441 13023 12095 12202 11 729 11 396 3515 7 150 3455 6 575 3755 6595 3895 6 510 4 145 6 270 12237 4 175 6355 11 783 3290 6 865 4215 6 345 4 410 6 730 4 470 7 550 337 41.0 332 37.1 309 35.8 31 1 37.0 329 37.3 33 3 38.2 340 39.9 32 1 38.3 328 39.4 611.97 673.76 410.47 388.34 512.80 509.13 510.05 499.02 463.04 6613 '9850 131 6 '2383 362 3 '9230 3404 r 132 7 240 2 400 6 9060 3325 7 507 9876 5,204 1 681 522 7,248 1 917 611 r 9283 r 2r373 464 1674 464 r 206 »2914 7407 1510 750 1902 149 305 2343 9 776 2904 300 1 941 521 314 3015 6635 4*766 6 381 3 146 7 959 3 357 r 9 505 r 11 208 11 728 12 459 4990 7 475 5 520 8 120 5 600 8 395 357 43.2 380 45.6 41 7 49.7 44 2 48.7 42 9 49.0 724.38 699.80 875.39 770.43 792.60 4,230 r7,296 1 490 1 829 644 622 5 822 3 302 131 2 2362 3526 923 8 '3425 3 396 8 178 9 SQfl S-16 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 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FINANCE—Continued 1 Bonds—Continued Yields: Domestic corporate (Moody's) By rating: Aaa ,,...„, , Aa • A Baa percent 12.75 15.06 15.35 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 do.,.. do do.. do.... 11.94 12.50 12.89 13.67 14.17 14.75 15.29 16.04 14.22 14.97 15.82 16.39 14.23 15.00 15.75 16.55 15.18 15.75 16.19 17.10 15.27 15.72 16.35 17.18 14.58 15.21 16.12 16.82 14.46 14.90 15.95 16.78 14.26 14.77 15.70 16.64 14.81 15.26 16.07 16.92 14.61 15.21 16.20 16.80 13.71 14.48 15.70 16.32 12.94 13.72 15.07 15.63 12.12 12.97 14.34 14.73 11.68 12.51 13.81 14.30 11.83 12.44 13.66 14.14 do . do..,. 12.35 13.15 11.48 14.50 15.62 13.22 15.19 15.50 13.92 15.00 15.77 13.84 15.37 16.73 14.10 15.53 16;72 14.08 15.29 16.07 14.00 15.22 15.82 14.03 15.08 15.60 13.93 15.35 16.18 13.99 15.37 16.04 14.05 14.88 15.22 13.90 14.11 14.56 13.69 13.19 13.88 13.08 12.57 13.58 12.74 12.48 13.55 12.60 Domestic municipal: Bond Buyer (20 bonds) Standard & Poor's Corp. (15 bonds) do do.... 8.73 8.51 11.56 11.23 12.18 11.71 13.30 12.77 13.15 13.16 12.70 12.81 13.13 12.72 11.97 12.45 12.13 11.99 12.58 12.42 11.97 12.11 10.48 10.61 10.05 9.59 10.23 9.97 9.56 9.91 U.S. Treasury bonds, taxable $ do.... 10.81 12.87 12.68 12.88 13.73 13.63 12.98. 12.84 12.67 13.32 12.97 10.74 11.12 12.15 11.48 10.51 10.18 10.33 328.23 891.41 110.43 307.23 364.61 932.92 108.58 398.56 346.44 860.44 110.42 383.56 351.31 878.28 110.73 387.11 333.99 853.41 105.68 353.99 327.54 833.15 105.98 345.93 318.94 812.33 107.47 328.85 332.69 844.96 112.17 344.68 333.11 846.72 114.49 340.90 313.66 804.37 108.41 314.58 316.31 818.41 106.28 316.68 321.30 832.11 109.64 318.34 356.89 917.27 116.18 368.32 383.92 401.57 404.83 988.71 1,027.76 1,033.08 119.97 119.34 117.83 402.70 436.43 446.37 118.78 134.52 131.37 86.88 128.04 144.24 139.03 100.67 122.92 136.76 125.80 98.38 123.79 138.35 128.23 98.37 114.50 127.56 120.53 97.32 110.84 122.85 112.43 97;00 116.31 129.19 117.32 102.91 116.35 129.68 115.84 103.81 109.70 122.61 105.97 100.92 109.38 122.49 106.34 102.66 109.65 122.29 106.34 102.46 138.10 153.90 139.35 133.27 50.54 18.52 75.57 51.87 23.26 93.09 54.52 21.92 89.68 53.53 22.21 90.84 51.39 18.95 75.99 52.33 17.68 67.73 54.88 18.50 71.16 52.13 17.21 65.49 51.87 17.22 63.15 53.34 17.53 64.71 59.41 22.19 86.27 60.08 23.52 88.27 139.37 156.02 142.63 134.75 59.33 23.84 85.83 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 15.23 56.28 119.20 152.40 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 54.25 18.71 71.20 14.59 55.93 97.40 149.14 122.43 137.09 119.61 115.51 56.48 20,27 77.20 132.66 148.11 131.64 126.43 do.. 1970—10.. 1941-43-10.. 117.28 131.08 121.78 95.43 51.81 20.05 80.86 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 68.10 78.70 60.61 37.35 64.25 74.02 85.44 72.61 38.91 73.52 71.49 80.86 67.68 40.73 76.47 71.81 81.70 68.27 40.22 74.74 67.91 76.85 62.04 39.30 70.99 66.16 74.78 59.09 38.32 70.50 63.86 71.51 55.19 38.57 69.08 66.97 75.59 57.91 39.20 71.44 67.07 75.97 56.84 39.40 69.16 63.10 71.59 53.07 37.34 63.19 62.82 71.37 53.40 37.20 61.59 62.91 70.98 53.98 38.19 62.84 70.21 80.08 61.39 40.36 69.66 76.10 86.67 66.64 42.67 80.59 79.75 90.76 71.92 43.46 88.66 80.30 92.00 73.40 42.93 86.22 5.26 4.95 9.77 4.04 5.75 5.20 4.90 10.15 3.40 5.41 5.54 5.28 9.92 3,67 5.19 5.57 5.28 10.22 3.76 5.48 5.95 5.64 10.74 4.20 5.89 6.06 5.75 10.77 4.38 5.79 6.28 5.99 10.61 4.72 5.92 5.99 5.70 10.27 4.47 5.73 5.97 5.65 10.27 4.47 6.07 6.28 5.90 10.87 4.85 6.67 6.31 5.91 11.02 4.92 6.97 6.32 5.94 10.77 4.95 6.79 5.63 5.26 10.22 4.17 6.12 5.12 4.78 9.73 3.75 5.22 4.92 4.60 9.62 3.53 4.84 10.60 12.36 12.76 12.83 13.19 13.20 12.97 12.90 12.58 12.96 13.24 12.78 12.41 11.71 millions 475,850 15,486 490,688 15,910 37,495 1,303 38,692 1,365 33,445 1,222 35,953 1,313 44,157 1,713 39,900 1,533 37,350 1,430 35,174 1,414 41,292 1,577 47,117 1,902 61,374 2,301 79,437 2,857 mil $ 397,670 12,390 415,913 12,843 32,029 1,062 32,701 1,092 28,301 987 30,268 1,071 38,232 1,411 33,714 1,242 31,913 1,167 30,420 1,169 35,580 1,304 40,659 1,555 52,551 1,890 67,157 2,292 11,854 988 959 968 972 1,270 1,136 1,027 1,111 1,145 1,673 1,548 2,069 By group: Industrials Public utilities .• ... 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) 1941-43=10,. Industrial, total (400 Stocks) # , do.... Capital goods (111 Stocks) do Consumer goods (189 Stocks) ., do.... Utilities (40 Stocks) Transportation (20 Stocks) Railroads (10 Stocks)... New York Stock Exchange common stock indexes: Composite . 12/31/65—50 Industrial . do.... Utility . Finance .. .. 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): Shares sold On New York Stock Exchange: Market value New York Stock Exchange: Exclusive of odd-lot and stopped stock sales 11,352 (sales effected) millions. Shares listed, N.Y. Stock Exchange, end of period: Market value all listed shares «• bil $ 1,242.80 33,709 Number of shares listed millions.. 1,143.79 1,181.82 1,143.79 1,115.82 1,053.75 1,036.85 1,081.87 1,039.18 1,017.45 38,298 38,144 38,298 38,408 38,572 38,588 38,738 38,594 38,894 11.18 11.20 1,857 1,682 993.56 1,106.56 1,120.26 1,244.38 1,291.94 1,305.36 39,064 39,070 39,177 39,262 39,400 39,516 FOREIGN TRADE OF THE UNITED STATES VALUE OF EXPORTS Exports (mdse.), incl. reexports, total @ Excl. Dept. of Defense shipments mil. $.. 220,704.9 '233,739.0 19,047.7 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 do.... 220,548.7 1233,677.0 19,040.0 19,130.0 17,507.9 17,635.5 20,151.7 18,605.2 18,992.4 19,413.3 17,252.2 16,249.9 16,712.6 17,267.0 15,689.2 19,152.9 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 By geographic regions: Asia 925.4 795.5 9,060.4 '11,097.4 60,168.3 '63,848.7 5,286.4 5,628.8 582.4 545.2 4,875.7 1 '6,435.8 do.... 71,371.4 69,714.7 5,720.0 5,912.5 3,213.8 2,841.7 do.... 35,399.0 '39,565,8 1 do.,.. 21,337.7 24,368.7 2,002.4 1,888.3 do ... 17,376.8 '17,732.1 1,408.5 1,305.6 •«• Europe do . 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. do do.... , 1,873.6 2,463.5 '2,159.4 '2,911.7 do.,.. 4,130.7 '5,297.5 do.... 20,790.0 '21,823.0 972.4 850.6 5,172.3 5,194.8 442.6 461.4 5,545.1 5,605.7 2,463.8 2,593.5 1,703.4 1,665.1 1,318.6 1,163.0 967.1 1,001.7 5,752.2 5,215.9 597.9 471.6 6,328.8 5,753.1 3,346.8 3,066.1 1,791.3 1,758.6 1,376.6 1,258.2 693.7 720.1 681.9 936.3 1,038.0 5,545.1 5,786.2 5,793.3 5,186.8 4,947.1 470.0 445.8 495.9 495.4 662.3 5,711.4 5,639.7 4,743.1 4,562.0 4,857.0 3,189.7 2,943.2 2,667.7 2,634.8 2,838.1 1,730.8 1,837.9 1,514.5 1,328.1 1,573.0 1,323.2 1,437.0 1,334.4 1,336.0 1,278.5 915.0 5,372.4 433.6 4,930.1 3,089.2 1,224.7 1,235.6 142.8 215.9 172.6 230.9 275.2 224.6 231.1 206.7 383.1 237.4 293.6 234.8 269.4 242.7 177.8 191.9 191.7 182.7 191.4 174.7 280.0 162.3 486.6 464.1 1,940.1 2,064.6 391.2 1,785.8 370.5 1,705.6 490.6 1,862.2 402.4 1,574.8 411.0 1,710.2 491.1 1,828.8 386.3 1,776.3 351.9 1,732.2 380.4 1,568.4 337.0 1,804.1 140.7 222.0 S-17 SURVEY OF CURRENT BUSINESS January 1983 Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown in the 1979 edition of BUSINESS STATISTICS I960 1981 Annual 1982 1981 Nov. Dec. Jan. Feb. Apr. Mar. 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 do Union of Soviet Socialist Republics do... North and South America: Canada ., , Latin American republics, total # Brazil .. Mexico , Venezuela Exports of U.S. merchandise, total § ., 74854 17 340 5 5739 5627 5234 5635 7288 5929 6038 6653 478.6 '295.7 17.7 16.4 49.9 26.6 437 9.3 220 22.0 10,276.7 153600 '2,431.3 1 12,439.2 846.4 4590 239.9 908.3 798.9 5480 358.3 940.6 822.5 4136 398.0 9121 789.6 3975 450.5 8175 9696 3790 421.3 9910 804.7 3952 325.1 9927 8216 446 1 265.7 9133 '39 564 3 '38,950.1 '3,798.2 1 17,788 7 '5,444.9 '228,960.8 1 228,898.7 '43,338.5 1 185,622.6 32136 3,089.2 256.5 1 402.6 508.8 18,646.0 18,638.3 3,775.4 14,870.6 28417 2,933.4 252.0 13808 467.2 18,631.1 18,621.1 3,596.5 15,034.6 24635 25935 3 3462 30658 2,757.4 2,537.2 2,926.9 2,699.6 306.2 2604 2898 2749 11878 1 1239 13072 1 173 1 364.4] 380.9 501.7 415.0 17J74.6 > 18,208.3 17,121.6 T7,2T2"$ J&SS 18,202,8 3,254.7 3,499.9 3,702.5 3,481.8 13,874.3 13,774.7 15,982.9 14,726.5 1 2,335.3 3751 1,930.7 1,097.7 121.5 1,665 5 16236 2,315.3 2,064.9 21885 2368 2089 2500 1,811.4 1,724.7 1,782.6 1,106.2 1,048.5 1,050.9 158.4 102.8 167.3 17154 1 594.2 16621 14463 14569 1 3887 10,959.8 5511 1 1,512.8 12,693.6 do do... do do.... do.... do.... 35 395.3 36,030.4 4,343.5 15,144.6 4,572.8 216,592.2 216,436.0 do.... 41,255.9 do.... 175,336.3 Agricultural products, total. Nonagricultural products, total By commodity groups and principal commodities: Food and live animals # mil. $., 27,743.7 Beverages and tobacco ,...,.„ do .. 2,663.0 Crude materials, inedible, exc. fuels # do.... 23,790.7 Mineral fuels, lubricants, etc. # , mil. $., 7,982.3 Oils and fats, animal and vegetable do.... 1,946.3 Chemicals ....,..,„..... do- 20,740.2 Manufactured goods # do 22 254 6 Machinery and transport equipment, total... mil. $.. 84,552.9 Machinery, total # do.... 55,789.7 Transport equipment, total ,. do.... 28,838.8 Motor vehicles and parts , do.... 14,589.6 VALUE OF IMPORTS General imports, total ; do.... 240,834.3 Seasonally adjusted , doBy geographic regions: 32 250 9 Asia „ do 78 848 0 Australia and Oceania , do.... 3 391.9 Europe ,....,. , ,.,..,.„., ,„ do . 47 849 7 Northern North America..... do- 41,470.9 Southern North America do.... 22,656.9 South America do. 14 361.6 By leading countries: Africa: Egypt ., do 458.4 Republic of South Africa do.... 3,320.5 Asia; Australia and Oceania; Australia, including New Guinea mil. $.. 2,562,3 Japan .. do 30,701.3 Europe: 52470 German Democratic Republic (formerly 43.9 Federal Republic of Germany (formerly W.Germany).... mil $. 11 681 2 Italy .. .. do 4,313.1 Union of Soviet Socialist Republics...,, do.... 453.2 9,755 1 North and South America: Canada „ .. ... do 41 455 4 Latin American republics, total #... do.... 29,851.2 37146 Mexico do.... 12,519.5 52971 By commodity groups and principal commodities: Agricultural products, total . mil. $.. 17,425.0 Nonagricultural products, total , do.... 223,409.2 Food and live animals # do- 15,762.7 Beverages and tobacco , do.,., 2,771.5 Crude materials, inedible, exc. fuels # do.... 10,495.9 Mineral fuels, lubricants, etc do..,. 79,057.7 Petroleum and products.... do.... 73,770.9 Oils and fats, animal and vegetable do... 533.4 Chemicals ,. .. .... , do 85827 Manufactured goods # do.,.. 32,190.4 Machinery and transport equipment do.... 60,545.7 Machinery, total' # do.... 31,903 6 Transport equipment....... „ do 28 642 0 Automobiles and parts do.... 24,133.9 See footnotes at end of tables. 395-822 O - S3 : QL 3 5164 601 5 572 i 55 0.8 19 169 7649 4994 134.4 9281 7230 3288 718 8852 7036 3080 55.1 8055 6549 3494 77.1 9356 6786 3865 80.0 8331 3 1895 2,782.8 3191 1201 1 440.6 18,589.3 18,581.0 3,403.4 15,185.9 29427 2,924.3 3343 12026 501.8 18,980.3 18,977.5 3,129.1 15,851.2 26675 2 588.5 3612 1 0054 494.0 16,870.3 16,863.2 2,446.0 14,424.3 26345 2,387.7 3181 7952 460.8 15,943.9 15,929.3 2,492.4 13,451.5 28379 2,562 2 3060 1 0426 402.5 15,980.7 15,976.6 2,388.1 13,592.5 3 089 1 21186 2363 633 2 449.2 16,886.7 16,879.2 2,887.4 13,999.3 22721 2242 1,789.3 1 190.2 124.3 16882 1 439 6 21614 2625 1,839!6 1 1435 102.2 1 7224 1 5356 21723 221 3 1,598.7 1 090 4 141.7 1 862 5 1 5910 17223 1670 1,350.5 9968 157.3 1 6486 1 3485 18742 211 6 1,272.0 9549 125.6 1 7150 1 274 2 16916 193 1 1,328.1 10733 146.8 1 5487 1 321 7 1 8166 '3503 1,515!4 1 206 1 'lO&O 1 4878 1 390 7 '95,717.2 7,529.4 7,931.2 7,126.7 6,979.4 8,357.6 7,547.7 '62,945.5 5,167.7 5,012.2 4,849.8 4,719.0 55231 4 967.7 '32,790.9 2,367.6 2,921.0 2,281.4 2,261.0 2,835.1 2,580.3 '16,214.0 1,267.3 1,124.8 1,023.7 1,123.9 1,489.3 1,395.6 7,782.5 52031 2,580.0 1,436.2 8,175.7 55232 2,652.8 1,325.5 7,597.3 50831 2,515.6 1,080.8 6,738.6 46643 2,081.5 1,029.5 6,756.3 49281 1,828.8 1,0407 7,136.5 6,083.4 48892 2,248.1 10840 1 30,290.8 '2,914 7 '20,992.4 1 10,279.0 '1,750.3 1 21,187.1 '20 632 5 Qpmo n,fta 24296 3002 1,837.3 12463 132.4 18584 1 6338 666 1 1 798 8 3798 "" 1,663.4 8460 118.3 1 4552 1 202 5 '261,304.9 jjgjigiyj JlSiiPJ 4j iSEft 18J264J6 JJQ8J23.4, > 17 8821 20 804 5 21 810 9 19 763 2 22 867 8 20 187 8 21 219 3 19 002 0 22 521 5 19 516 3 ^228288 " 19 090 4 20 348 7 17 386 8 20 558 1 21 309 6 19 558 8 23 494 0 20 644 0 210960 18 936 5 ( '27 070 6 '92 032 6 '3,352 7 '53 409 7 '46,432.0 '23,477.4 '15 526 4 17972 86360 2411 45707 4,132.2 1 874.7 13027 1 3673 69614 2805 44103 3,606.0 1 826.3 12113 '3973 '2,445 3 33 3524 243 1310 2 2 358 5 1 7063 1 5006 23 466 5 63334 7 310 1 2 2005 1919 2624 24 758 5 36747 44796 2 3,508.5 3,549.0 41588 2 1 860 6 18319 19675 2 1 452 5 9772 1 1443 2 426 1681 2 100 1 1831 800 1385 1 252 1 59652 2268 40126 3,737.8 1 660.2 1 0272 9113 76846 2449 49234 40703 18247 1 145 1 1 3176 7 395 1 2992 49070 43995 23095 1 1829 327 1411 465 1386 907 1475 1 695 1 1 467 7 6987 1 9061 3 2889 3450 43587 4 7435 34620 38295 1 8812 2*210 3 1 090 1 1 2103 224 1446 23 1590 1 262 7 69208 '281 1 4 241 8 42387 2 100 8 1 141 9 1 586 0 7 1554 323 1 4 712 0 39079 19723 1 562 4 85 1844 19 2 227 1 "" "" '2,514.8 177.2 162.6 235.4 2154.7 152.8 215.3 215.5 219.7 220.4 203.1 252.7 181.1 '37,6121 33265 30015 23 720 0 27080 35866 27904 3 7594 3 1172 2887 9 38147 29042 32740 '5 851 4 5996 534 1 '477 40 44 '11 379 0 '5,189 0 '347,5 '12,834 6 25HO 2 36 9987 10559 212087 4 4944 5033 4992 2 27.8 8.0 18.4 9063 29317 9547 4527 4556 441 9 51 69 31 8749 1 0033 3944 '4927 22.0 18.0 7800 1 Oil 3 4795 37 5397 4428 4756 410 1 36 28 46 11 2 414 0 33 9448 1 221 1 1 0905 957 1 1 0254 8729 981 1 4397 4946 4593 3794 4985 4596 3500 15.5 31.8 10.2 77 25.7 276 348 821 4 1 151 5 1 2104 1 1397 1 217 6 1 079 6 1 4830 1 46,413.8 4 1322 36039 23 507 8 35476 4 1562 37357 4 068 6 4 ^98 1 3 4592 3 828 4 4 236 3 3 907 2 '32,023.3 2,755.6 2,573.1 22,759,9 2,376.0 2,678.5 2,222.5 2,624.6 3,011.3 2,550.6 2,884.1 2 776.3 30610 14 474 5 313 2 3764 23354 4126 314 4 3698 312 1 3437 391 9 346 8 427 5 374 8 '13,765.1 1 287 1 11709 212 116.6 12553 13105 1 0142 1 2383 15782 1 2308 1 4353 1 448 9 1 299 9 '5 566 0 3735 6022 4366 3124 3552 3502 3992 2930 3870 2814 *361 9 '5040 '17,003.4 '244,301.4 '15,237.6 '3,138.3 '11,193.4 '81,416.9 1 75,577.3 '4795 '9 445 9 '37,291.9 '69,627.2 '38,212.2 '31 415 2 '26,216.9 1,247.7 21,305.4 1,132.7 299.9 824.3 6,613.2 6,113.7 404 7182 32870 6,452.6 3 586 7 28659 2.290.6 1,367.9 21,306.8 1,140.3 18,285.2 221,343.0 17,173.6 1,299.2 21,035.8 948.4 238.9 2285.8 193.5 696.1 2740.9 669.2 2 5,426.9 27,439.3 5,107.2 4,854.3 6,830.8 4,523.2 2 353 428 192 691 3 2777 4 667 7 8 2,901 1 3 225.9 28309 5,711.3 226 199.7 5 263.5 29713 23 318 1 27844 27400 22 881 6 2479 1 2.296.2 2.436.4 2.017.7 1,396.1 19,419.5 1,270.6 266.3 689.7 50089 4,504.2 402 8729 29637 6601 1 32956 33055 2.842.8 1,284.0 16,610.8 1,158.2 284.1 703.2 43119 3,862.8 254 7302 24544 57855 28985 28870 2.522.3 1,327.2 19,456.3 1,267.2 321.2 771.6 41674 3,749.4 388 8403 32039 70513 3 557 7 34936 2.977.3 1,339.4 20,476.2 1,272.6 292.4 790.5 5,426.6 5i025.3 43 1 820 7 30913 69297 37023 32274 2.780.7 1,106.9 18,614.7 1,122.5 251.3 695.3 5,9427 5,454.9 31 8 698 9 2501 4 56465 3 1087 25378 2.270.6 1,352.1 21,519.8 1,301.1 300.1 782.1 63531 5,954 0 466 897 6 2941 1 67007 38670 28337 2.532.5 1,290.3 1,445.6 18,885.8 19 790.7 1,266.6 1,384.3 310.1 305.3 715.8 701.3 5 200.6 59465 4 741.4 5 486.9 322 244 827 0 869 7 r 2581 1 2 616 0 58942 61873 3419 1 34228 2*475 i 27645 2.202.1 2.436.6 1 1984 1,232.7 287.5 „ 7050 5 037 4 323 739 3 25091 5,543 0 , 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 Nov. Annual January 1983 1982 Jan. Dec. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. FOREIGN TRADE OF THE UNITED STATES-Omtinued Indexes Exports (U.S. mdse., excl. military grant-aid): Unit value 1977=100.. Quantity do Value . . d o 138.1 1329 1836 1 150.8 1 1288 H941 153.0 1240 1897 152.9 1239 1895 156.2 111 6 1742 155.6 1130 1758 154.8 1294 2002 154.6 1199 1853 154.3 1225 189 1 152.6 1265 1931 153.5 111 8 1716 151.3 1071 1621 150.8 1078 1626 151.6 1133 1718 151.0 1032 1558 General imports: Unit value » Quantity.... ... Value 1614 1026 1655 ^703 1 105.2 U791 1657 1119 1853 1674 965 161 6 1707 109.1 1862 1717 87.6 1504 1704 1007 1715 1696 86.8 1473 1673 102.4 1713 1659 108.3 1796 1674 972 1627 165.1 114.0 188.3 164.1 101.3 166.2 166.2 105.2 174.7 1641 95.3 156.5 401 172 J406 796 118835 *123 495 36674 10429 37820 10350 29927 9657 32880 9*856 37 243 11*113 37240 10237 37178 10299 37012 10*514 31425 9080 420 487 936 1454 164 924 1 177 059 37 298 14 517 31 864 «39 974 12863 *15 694 27342 11 465 28615 12995 26025 11010 27300 13170 34 464 13875 33829 12924 25.16 63.0 3,094 25.82 64.0 3,153 20.12 54.9 2,583 ..... ... ». . do ....... do.... do , Shipping Weight and Value Waterborne trade: Exports (incl. reexports): PP 6 6 • General imports: Value mil $ TRANSPORTATION AND COMMUNICATION TRANSPORTATION Air Carriers (Scheduled Service) Certificated route carriers: Passenger-load factor Ton-miles (revenue), total Operating revenues (quarterly) # § , percent milmil. $.. Carffo P Ties M "1 " " Operating expenses (quarterly) § Net income after taxes (quarterly) §.. do do do.... do.... Domestic operations: Passenger-miles (revenue) 254.18 59.0 32,487 2 33,728 28,049 2 2,432 623 2 33,949 2 -124 36,502 30,579 2,480 675 2 36,922 533 198.13 3,338 994 ' A 200.09 3,274 944 ' nues uarterl ) 5 Operating expenses (quarterly) § Net income after taxes (Quarterly) § mil $ do,... do 26,404 26,409 2 156 M if '1 International operations: irassenger miies v bil 248.39 58.5 31,886 18.06 54.7 2,419 20.38 57.2 2,651 17.65 55.3 2,280 19.62 55.5 2,457 8,776 "" 7238 651 192 9,284 -386 21.71 60.7 2,768 21.58 61.2 2,715 21.52 58.4 2,725 8,415 7,039 556 172 9046 -689 " 23.67 63.6 2,910 9,222 7,767 602 171 9,063 43 14.78 271 76 16.70 264 111 6,999 7,389 -322 15.92 225 79 14.80 230 77 18.29 269 87 6,832 7,373 -501 17.76 249 85 17.26 257 82 18.97 250 77 7,350 7,231 31 19.79 254 79 20.23 258 77 15.61 254 80 3.29 229 36 3.68 194 43 1,501 1,625 -59 3.70 162 29 2.85 180 29 3.42 208 33 1,366 1,444 -94 3.83 191 32 4.26 202 32 4.70 185 31 1,601 1,574 13 5.36 214 32 5.59 203 32 4.51 205 31 643 651 603 623 720 650 636 645 584 631 636 2 29,014 29,277 2 -360 .. 54.09 2,458 392 50.28 2,337 376 mil. $.. 2 6,543 2 2 6,390 2 do.... 6,766 -270 mil 8,228 7,948 Carriers of property, large, class I, qtrly.: @ j-^"111 ,. P °. . , .1 « Net income, after extraordinary and prior period 100 15,432 100 16,489 304 199 10 48 58 48 189 182 45 39 41 40 148.7 147.1 28,258 26,350 439 26,351 1,342 3 1,130 30,904 28,925 535 28,583 1,362 3 2,055 7,697 7,191 143 7,113 192 580 r 910.2 911.9 327.6 ""337.9 224.9 225.1 337.8 ""35'6!4 ""'me 182 49.48 65 35.30 66 194 56.39 68 38.31 67 189 58.72 64 38.57 59 195 57.95 50 38.21 50 160 60.33 57 40.22 56 185 63.37 45 40.97 56 198 62.00 68 41.30 66 2 9,010 2 9,971 11,252 2 9,285 3,020 8,905 9,978 11,976 9,933 3,222 59,081 62,237 172 2,719 1,965 2,208 2,681 2,339 210 '"""208 1,788 2,023 260 2,238 2,051 2,192 2,381 1,931 271 2,804 M °T f ; .. .. '1 do Operating revenues (quarterly) §. Net income after taxes (quarterly) § 6,595 -186 6 14.41 Urban Transit Systems Passengers carried total Motor Carriers Tonnage hauled (revenue), common and contract Freight carried—volume indexes, class I and II intercity truck tonnage (ATA): Common and contract carriers of property (otrlv ) average same period 1967 100 Common carriers of general freight, seas adj 1967—100 Class I Railroads $ Financial operations, qtrly. (AAR), excl. Amtrak: F M reVen ' j Passenger, excl. Amtrak Net railway operating income do.,,. ., Traffic: Ton-miles of freight (net) total otrlv Revenue ton-miles, qtrly. (AAR) Price index for railroad freight do.... 920.6 918.6 284.5 bil do... 1969 100 134.9 126,2 127.9 131.8 128.0 100 3,937 100 3,910 100 3,587 100 4,247 131.4 132.9 132.9 678 r 132.1 r !33.9 '131.5 7,190 6,707 142 7,222 6,612 6,821 204 216 6,821 265 340 6,500 207.4 207.4 350.5 ""35*1.2 ""351.4 208.0 208.0 351.5 352.0 496 8,192 382 11,114 125.3 r 119.9 190.9 351.9 351.9 351.9 305 236 223 228 10,608 7,045 352.0 191.4 Travel Hotels and motor-hotels: Restaurant sales index.... same month 1967=100. noteis. Average oum saie ]| ........ uu s. Motor-hotels: Average room sale fl dollars. Foreign travel: Departures (quarterly) Aliens: Arrivals (quarterly) Departures (quarterly) Passports issued See footnotes at end of tables. do... dodo... do... 2 4 729 4 830 4 883 4 4 772 4 893 4 865 4 3,621 5,323 732 395 705 371 "288 S-19 SURVEY OF CURRENT BUSINESS January 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 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. . Oct. Nov. TRANSPORTATION AND COMMUNICATION—Continued COMMUNICATION Telephone carriers: Operating revenues $ mil $ Station revenues do Tolls message do Operating expenses (excluding taxes) .. do Net operating income (after taxes) do . Phones in service end of period .. ... mil Telegraph carriers: Domestic: Operating revenues . mil $ Operating expenses .. ..... ... do Net operating revenues (before taxes) ....... do. .. Overseas, total: Net operating revenues (before taxes) 6080 2591 2321 4216 998 1641 6238 2,660 2379 4315 1,037 1627 6225 2665 2348 4292 1059 1622 6329 2679 2428 4 189 1 148 1617 6291 2712 2338 4366 987 161 4 643 522 84 703 553 105 669 540 94 68 1 554 9.0 700 558 10.6 684 566 82 69 1 592 65 669 696 -70 66 5 543 8.4 488 383 8.4 547 39.9 12.6 505 38.9 9.3 509 412 7.5 53.8 41.7 9.0 48.2 40.2 5.8 50.0 420 5.5 519 431 4.0 503 42.6 5.3 99 29 696 53 70 84 743 192 31 767 55 72 66498 28117 26505 44594 11,903 1649 5806 2463 2264 4060 950 165 1 5978 2503 2394 4*505 '865 1649 5911 2,508 2324 3924 1041 1645 5802 2515 2 163 3944 987 1644 6163 2552 2468 4304 6970 561.4 95.9 7792 6238 112.7 657 531 9.1 683 496 9.6 642 518 87 6 534.7 5 374.8 8 5780 436.2 117.0 480 47.1 36.3 487 39.0 7.5 137.0 do.... 164 1 6128 2,604 2348 4229 1011 1643 56738 24333 22983 37983 10,194 1599 37.4 9.3 8.5 CHEMICALS AND ALLIED PRODUCTS CHEMICALS Inorganic Chemicals Production: Aluminum sulfate, commercial (17% A1203) $ thous. sh. tons. Chlorine gas (100% C12) $ do. . Hydrochloric acid (100% HC1) $ do... Phosphorus, elemental $ do. 101 770 184 30 771 54 97 87 768 210 30 764 48 82 101 786 227 27 10,650 738 1,162 93 765 173 32 767 57 89 *727 727 690 748 51 58 57 55 10,298 3,045 40,440 3,577 842 3,367 844 3,577 19,653 9,127 2136 9,232 19,043 8,791 4 1642 9,039 4 2,951 9,914 40,795 1,491 1,570 1,286 11421 2,895 432 11,606 786 1,139 Sodium Sodium Sodium Sodium hydroxide (100% NaOH) $ do... silicate, anhydrous $ do... sulfate, anhydrous $ do... tripolyphosphate (100% Na6P3Oi0) $ do... Titanium dioxide (composite and pure) $ do..,. Sulfur, native (Frasch) and recovered: Production thous. Ig. tonsStocks (producers') end of period do..,. Inorganic Fertilizer Materials 1,206 10556 2,444 426 1 r 767 64 84 118 815 251 34 801 62 81 95 828 218 33 837 64 74 91 794 215 31 807 51 73 111 782 225 31 786 54 72 94 783 198 31 794 44 71 111 698 199 26 731 54 74 52 44 56 58 57 56 48 55 53 53 55 51 41 53 54 52 51 58 56 51 782 3,651 718 3,697 808 3,775 3,911 726 687 4,152 686 4195 4,231 685 4202 651 4,229 r 643 '4160 1,361 1,296 1,434 1,498 1523 1,356 1,203 1 173 '1 196 1 155 755 '684 '183 651 4 193 Production: Ammonia, synthetic anhydrous $ thous. sh. tons.. Ammonium nitrate, original solution $ do.... Ammonium sulfate $ do Nitric acid (100% HNO3) $ do.... Nitrogen solutions (100% N) $ do,... Phosphoric acid (100% P2O6) $ do.... Sulfuric acid (100% H2SO4) $ do.... 2,773 10,938 44,157 Superphosphate and other phosphatic fertilizers (100%P20B): Production thous. sh. tons. Stocks, end of period.. do.... Potash, deliveries (K2O) ij do 8339 372 6950 Exports, total # do Phosphate materials Imports: Ammonium nitrate .. Ammonium sulfate .. . . . . Sodium nitrate . do .. do do do 768 723 148 728 218 690 3,866 751 4 223 707 2,888 16 903 3 1,068 6478 1 112 1276 1076 1068 29445 3668 17524 1815 22391 2,834 13308 1203 1579 221 982 101 1 148 247 289 8907 158 264 327 8601 26 12 577 17 58 719 8 159 550 Q 705 136 682 614 1834 246 100 o 812 164 822 4 258 748 659 2,638 680 159 692 4 202 672 2,625 2,818 2,612 1 128 1 197 1213 1306 1240 1317 1200 (2) 4 196 416 1497 243 860 62 396 1637 '212 1 135 30 417 2031 274 701 174 716 4 244 663 983 618 1 582 664 154 664 4 268 640 2443 573 156 585 4 230 673 2,462 857 929 552 1 736 244 490 161 524 4 211 2,551 967 917 375 1 065 '998 1 184 340 926 517 1 811 '251 1 872 1 734 'l48 106 911 142 317 933 146 21 20 670 12 16 24 552 o 18 34 582 21 33 51 722 9 51 23 664 22 29 30 483 19 19 20 599 5 '296 '376 '509 '435 '406 '288 '317 r4 185 760 2703 1022 *109 516 141 558 979 139 r 6 211 '749 2772 134 802 2894 1 230 *909 1 255 389 1 756 *229 1 013 158 16 643 18 559 142 629 T 6 696 259 992 37 1 309 515 146 543 16 25 504 (7) 888 358 1 580 207 982 64 17 33 661 0 . '313 1 912 'l39 1 177 172 15 28 489 15 Industrial Gases Production: Acetylene $ 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) $ 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.. 5,493 6 5,161 6 403 8 3,005 106,562 479,240 430,977 3,813 103,278 490,285 430,610 300 7,809 39,646 33,397 *33.7 152.5 "29.7 117.9 277.1 1 5,720.7 299.1 4,291.7 24.8 435.8 '869.5 ^ss.e *5,555.3 314.8 4,077.3 ^IS^ 1 2.1 88 471 6 289 8,171 39,680 32,220 1.8 88 r6 re r6 *6262 *8317 '6334 '6297 286 333 330 '7,189 r '7,692 '7,893 '7,597 '7,679 '7,637 '7,773 r 40,745 '41,591 38,194 '39,142 '39,063 '40,833 '41,133 T 31,827 '31 399 '35,306 '31 483 '30 689 '30678 r30 044 2.1 52 284 6 325 7,515 42,247 28,742 271 6 295 7,276 40,190 27241 27 8.2 20 85 14 16 13.7 375.0 24 64 22 24.8 398.4 24.0 443.8 24.3 402.3 17 57 19.7 334.7 18.8 391.3 19.2 394.6 12.9 4275 17.5 93.0 53.8 18.6 85.8 42.1 20.4 109.8 75.6 22.8 110.9 64.7 19.2 95.6 68.5 19.9 368.2 18.7 104.2 53.7 58 11.0 379.0 22.7 107.7 48.4 18.2 376.5 16.7 121.5 57.1 20.4 97.4 57.2 16.4 76.7 48.0 18.7 77.3 69.0 '21.5 94.3 54.4 39.8 81.6 48.2 72.8 37.6 64.0 41,9 57.5 52.6 58.0 51.9 59.9 44.3 55.7 53.3 49.1 66 ALCOHOL Ethyl alcohol and spirits: Production Stocks, end of period ..„, Denatured alcohol: Production Consumption (withdrawals) Stocks, end of period See footnotes at end of tables. 254 «287 7804 40,987 27378 mil. tax galdo.... 643.2 72.0 571.2 83.2 47.8 77.5 45.4 83.2 429 mil. wine galdo.... do.... 301.2 284.2 10.1 230.2 '225.7 5.0 17.3 16.3 18.1 16.3 187 172 224 199 18.3 15.2 22.8 203 18.5 20.2 3.8 5.0 79.8 4.7 6.2 4.8 4.8 4.5 219 21.7 4.7 235 221 22.4 23.2 5.1 4.0 256 25.5 4.0 20 43 23.2 Dec. S-20 SURVEY OF CURRENT BUSINESS Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown hi the 1979 edition of BUSINESS STATISTICS 1980 1981 January 1983 1981 Annual Nov. 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. CHEMICALS AND ALLIED PRODUCTS—Continued PLASTICS AND RESIN MATERIALS Production: Phenolic resins mil. lb.. 11,744.9 117199 Polyethylene and copolymers do i Polypropylene do.... s,ei&9<o *5 540 1 Polystyrene and copolymers do Polyvinyl chloride and copolymers do . *5 485 4 MISCELLANEOUS PRODUCTS Explosives (industrial), shipments, quarterly mil. lb.. ^OOO^ Paints, varnish, and lacquer, shipments: Total shipments mil $ . 76359 Architectural coatings do.... 3,641.2 24185 Product finishes (OEM) do Special purpose coatings do . 15762 1 1,688.0 12 603 6 *4 007 8 159152 *5 618 4 104.9 8868 3014 4332 3849 101.8 8259 2733 4046 3106 93.2 8146 2764 3518 3290 1007 1015 8458 10125 3045 3479 3975 4328 3845 4369 5449 234.8 2019 1082 5799 2742 1963 1094 8167 3,003.6 8 395 7 3,968.9 27372 16895 5720 248.1 2030 1210 5136 2259 1860 1017 1037 9555 3218 4144 4262 1025 9423 2878 4354 4914 7410 362.9 2203 157.9 7912 415.9 2228 1525 89.7 91.8 101 1 9744 10537 10537 2610 273 1 2804 4321 441 1 4605 3743 4085 4810 835.1 433.6 2354 166.1 1070 9984 2875 4340 4549 582.9 675.1 6870 7117 355.5 2198 1364 102.7 9447 2716 4222 4905 744.9 390.7 2040 150.2 '798.2 r 408.7 r 222.6 r !66.9 773.8 379.3 234.4 160.1 654.5 303.3 203.7 147.5 ELECTRIC POWER AND GAS ELECTRIC POWER Production: Electric utilities total mil kw -hr rr2 286 439 rr2 294 812 175 570 195 590 210 098 180 310 187 662 172 588 177 261 186 204 210 543 205 656 2 010 418 2 034 129 156 607 171 7H 183 195 153 614 157 784 144 661 149 199 158,178 183,131 181,768 By fuels do By waterpower . ... do.... 276 021 r260 684 18 963 23879 26904 26698 29,879 27,928 28,063 28,027 27,412 23,888 Sales to ultimate customers, total (Edison Electric 8 542 662 512 758 518 615 Institute) 4 mil kw -hr 2 126 094 2 153 796 3 133,118 137,466 131 742 Commercial § .... .... do.... 524 122 541 426 3 188 374 793 812 799 885 185 625 194 026 Industrial § do 3 1006 4275 1004 1059 4091 3 171,862 204,112 174 008 Residential or domestic do. . 734411 735 724 3 3458 3936 14832 3830 14975 3 OHi hi' th V do " 13358 12 938 48284 12424 51*066 3 1,527 1,581 6358 6,640 1581 Interdepartmental do Revenue from sales to ultimate customers (Edison 3 29440 30 513 95462 111 584 27810 Electric Institute) $ mil $ GAS Total utility gas, quarterly (American Gas Association): Residential do Industrial Other Sales to customers total Residential Commercial do do tril Btu do do Other do Residential . • do Industrial Other do do.... 47263 43528 3499 188 48 15409 4823 2*442 7862 283 48 276 17409 8 149 22081 637 47859 44,059 3563 189 48 r !5 353 r 4572 2369 rg 155 '257 r 56 710 r !9 220 19310 r 27r427 752 563,084 151,910 193,918 1,038 198,141 3,633 12,901 1,543 33,485 48253 44,405 3,613 187 48 3,051 876 459 1674 42 13348 4,408 2,162 6,607 172 48352 44,466 3644 194 49 5332 2279 1,078 1875 100 22859 10,449 4787 7272 351 47859 44059 3563 189 48 3844 1227 642 1902 73 15 199 5,478 2683 6812 226 180 662 160,766 19,896 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 m- lr ena A 01f"pe ' oA ± otocKs, 4. Whisky: Production i Imports Wines and distilling materials: Effervescent wines: Production Taxable withdrawals mil ta 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 13.93 12.91 12.95 140.53 152.03 13.73 14.05 11.02 12.34 15.28 13.59 10.98 10.83 6.85 6.57 10.50 449.42 623.26 113.71 4 30.22 608.32 6.33 35.69 618.40 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 12.75 11.75 2 41.70 606.20 12.32 54.09 613.76 9.12 30.70 612.96 7.03 84.31 554.88 86.00 96.66 541.07 86.53 9.14 535.10 9.30 9.06 541.07 6.62 7.37 541.03 4.91 8.88 543.22 4.65 10.32 545.29 4.06 10.20 547.76 5.91 7.54 547.25 6.88 7.81 545.48 8.09 4.94 544.59 5.40 4.57 501.07 5.88 6.66 539.59 7.19 9.89 8.18 do.... 26.20 25.28 9.27 4.83 30.73 '27.27 11.53 7.66 2.88 3.91 12.63 1.07 1.95 2.72 11.53 1.01 1.83 1.15 12.67 0.53 1.89 1.12 13.09 0.33 2.06 1.93 13.23 0.45 1.92 1.62 13.59 0.52 2.18 2.57 13.36 0.67 2.92 1.98 13.65 0.70 2.51 1.21 15.52 0.52 3.11 2.17 15.56 0.67 3.39 1.90 16.52 0.71 3.77 6.55 14.64 0.81 1.13 do.... do.... do. do.... 509.05 349.35 610.53 97.68 224.38 466.20 '363.63 604.31 107.60 188.20 26.59 31.55 624.90 11.12 13.63 15.00 30.96 604.31 10.91 10.50 4.02 28.98 575.15 9.96 2.88 6.03 25.63 557.53 6.49 2.87 7.07 35.16 523.86 7.81 4.04 4.87 30.03 492.03 8.16 11.35 3.81 28.62 467.53 9.45 1.37 4.97 30.96 435.01 10.61 2.08 5.18 25.76 408.23 8.83 1.86 29.96 29.17 395.40 9.99 11.68 162.79 27.10 512.20 9.93 43.17 229.61 34.14 702.10 9.13 71.36 g!?al mil tax gal mil wine gal do.. Taxable withdrawals $ Stocks, end of period $ Imports Distilling materials produced at wineries See footnotes at end of tables. 15.00 12.91 14.93 13.12 12.39 13.38 449.45 613.76 117.93 mil proof gal Imports Still wines: 15.19 11.90 14.16 193.69 176.70 12.95 194.08 173.37 13.96 r 11.94 Dec. S-21 SURVEY OF CURRENT BUSINESS January 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 Annual 1982 1981 Nov. Dec. Jan. Feb. Mar. June May Apr. July Aug. Sept. Oct. Nov. Dec. 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 @ 1,145.3 304.6 1.448 1,228.2 429.2 4.535 93,4 451.1 109.5 429.2 128.3 433.1 116.8 440.4 123.4 447.8 mil. Ib, 3,984.3 2,375.8 578.8 479.6 231.2 4,229.0 2,608.5 709.6 623.0 247.7 330.5 190.3 677.5 590.4 26.5 368.6 220.5 709.6 623.0 52.9 347.0 218.4 717.3 632.0 19.0 325.8 204.9 696.4 622.6 11.8 376.3 232.2 722.2 641.6 15.7 16.8 1.562 1.672 1.692 1.684 1.684 1.684 1.684 1.684 Stocks, cold storage, end of period do.,., American, whole milk „,. do.,.. Imports .... 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 . 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.... Stocks, manufacturers', end of period: Dry whole milk .„.. do..., Nonfat dry milk (human food) do.... Exports, whole and nonfat (human food)........ do.... Price, manufacturers' average selling, nonfat dry milk (human food) $ per Ib., GRAIN AND GRAIN PRODUCTS Exports (barley, com, 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) If .. mil. bu.. Stocks (domestic), end of period, total $ do.... On farms $.« do.... Off farms ....„„.,.. do.... Exports, including meal and flour do.... Oats: Production (crop estimate) f mil. bu.. Stocks (domestic), end of period, total $.., do.,.. On farms $..,. , do.... Off farms ,.„„...., 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., Term., 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) fl ...,..„„.„ mil. bu.. Stocks (domestic), end of period $ do.... Wheat: Production (crop estimate), total f[ mil. bu.. Spring wheat fl do... Winter wheat U do.... Distribution, quarterly @@ do.... Stocks (domestic), end of period, total $ do.... On farms $ do.,.. Off farms ..do.. Wheat only ,...,. See footnotes at end of tables. 6 332.9 8 mil. Ib. do... $ per Ib. , do.... 724.7 757.9 62.1 68.6 58.1 53.6 61.5 51.8 43.4 46.0 34.9 58.6 3.1 46.0 3.7 45.5 2.2 40.7 5.0 47.7 1.2 8 10,847 6,208 14.00 11,047 6,370 13.90 10,311 6,099 13.80 11,642 6,945 13.60 82.7 1,160.7 92.7 1,314.3 8.5 89.3 8.9 110.1 9.2 104.1 8.0 107.2 9.4 125.3 5.3 85.0 176.2 6.0 86.7 198.0 4.3 75.8 7,9 6.0 86.7 2.0 7.6 87.7 9.4 6.9 94.5 12.6 6.9 94.4 17.4 0.887 0.939 0.942 0.940 0.936 0.936 0.937 (7) 3,914.4 3,918.3 312.8 318.6 285.8 299.5 360.9 353.7 8.7 332.2 230.7 101.5 7.7 8.2 226.5 1473 79.2 6.5 2 458.3 391.0 329.3 61.7 9.1 22.7 1.684 1,684 1.683 195.0 185.6 8 2.4 0.6 103.3 0.5 0.3 0.3 13.20 13.20 33,848 19,431 13.50 13.80 '14.00 1.684 891 2.5 1.8 13.40 13.20 21 419 13.10 28.7 1.686 1.686 214 346.7 18.2 8 96 127.5 20.4 23.1 16.7 73 898 13.7 12.1 22.4 339.4 344.8 243.7 248.5 245.8 268.7 269.1 8.6 497.6 3501 147.5 5.7 8 954.9 871.4 1.686 32,804 8 29.2 417.2 8 11.4 24.6 P 14.00 r8 361.0 303.4 185.6 117.8 68.9 6,644.8 5,858.8 4,141.5 1,717.3 2,485.3 18.2 8 35,512 8 10,384 5,533 14.00 463.2 1,099.5 662.5 r 871.2 r 765.1 25.6 1684 1.8 132,634 76,004 13.80 2 1,178.8 B 7409 8 804.4 8 712.3 20.6 18.8 8 128,525 71,665 13.00 2 262.2 510.0 r 541.6 (7) 479.3 332.2 230.7 101.5 95.9 9 8.5 4 149.6 4 939 4 55.7 7.5 3.9 6.3 4.9 522.4 1.5 3.0 r2 8,201.6 6,898.6 4,965.4 1,933.2 2,159.3 9 6,898.6 4,965.4 1,933.2 175.0 172.4 3 3,853.7 3 2,708.1 3 151.1 0.5 364.7 313.6 51 1 0.3 0.6 0.3 236.5 200.2 36.3 0.6 0.8 248 0.6 0.8 3,359 2,267 293 79 287 97 84 70 184 62 221 76 202 129 204 210 1,145.6 212.4 195.0 8,397.3 6 2,365.9 s l6 437 0 5,074.7 3,569.7 1,504.9 147.2 189.3 112.8 929.0 107.4 0.3 0.3 5698 4746 95.2 0.3 0.8 0.2 77 279 723 161 225 332 76 110 505 81 346 63 179.8 119.8 166.5 169.8 r2 509.2 364.7 313.6 51.1 12.8 9 4 i5i.7 4 1269 4 617.0 (7) 2 146.2 r2 182.7 3,582 2,711 "154.2 231 510 426 510 493 550 628 639 577 356 344 174 108 369 462 10,831 6,795 10,821 7,354 848 660 768 654 505 612 683 564 784 685 702 662 552 602 406 583 434 505 1,198 559 3,278 615 1,507 541 714 542 2,969 6,620 2,763 6,801 2,906 583 2,763 458 2,572 479 2,300 515 2,132 399 1,868 487 1,610 661 1,308 538 1,012 370 1,270 809 2,826 320 3,276 431 3,232 199 0.256 0.213 0.195 0.185 0.175 0.160 0.158 0.165 0.163 0.160 0.165 0.165 0.165 0.155 0.225 2 16.5 9.3 2 2,374 2 479 1,895 2,191 1,903.2 753.4 1,149.7 1,344.5 1.309.5 2 0.180 r2 18.8 7.8 9 7.8 4 3.1 5.7 20.8 15.9 T2 2,799 2 695 2,104 2,523 2,176.0 954.8 1,221.2 1,647.7 1.610.8 9 2,809 8 700 2,108 r2 9 559 2,176.0 954.8 1,221.2 137.8 127.8 137.4 127.5 125.6 124.2 143.8 138.7 620 1,556.7 748.0 808.7 164.5 159.1 8 6 394 4 1,162.7 4 579.8 4 582.9 118.9 154.1 114.8 147.4 157.9 155.7 118.7 117.9 964 3,010.0 1 431 8 15781 126.8 132.4 124.0 130.8 99.9 98.5 96.0 94.1 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 January 1983 1981 Nov. Annual 1982 Jan. Dec. Mar. Feb. Apr. May Aug. July June Sept. Oct. Nov. r 24,213 435 54,340 25,141 452 56,711 Dec. FOOD AND KINDRED PRODUCTS; TOBACCO—Continued GRAIN AND GRAIN PRODUCTS— Continued Wheat flour: Production: Flour $ thous sacks (100 Ib ) Millfeed i thous sh tons 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 POULTRY AND EGGS Poultry: Slaughter mil. Ib. Stocks, cold storage (frozen), end of period, total mil. Ib.. Turkeys do Price, in Georgia producing area, live broilers $ per Ib.. Eggs: 282,655 4,866 628,599 283,966 5,045 634,381 22,835 410 50,982 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 3,842 15,014 3,460 15,839 117 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 10.844 10.347 10.675 10.313 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 15,058 1,193 1,232 1,087 1,070 1,253 1,220 1,222 1,360 1,306 1,377 1,364 1,338 1,262 1 10.566 10.116 14,233 r 4 425 4 565 '436 339 198 392 238 469 305 392 238 378 238 374 236 377 233 0.270 0.265 0.235 0.230 0.255 0.250 0.256 193.6 193.4 16.2 16.9 16.6 15.0 31 24 35 22 38 24 35 22 26 21 19 19 39 17 0.628 0.690 0.773 0.721 0.762 0.742 0.752 2,294 31,642 2,478 32,819 217 2,668 254 2,829 228 2,771 210 2,591 263 2,819 66.96 71.30 75.52 63.84 64.26 77.25 59.81 61.77 68.88 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 7,308 7,923 6,875 6,340 7,691 39.48 44.29 42.10 40.17 45.77 49.70 49.50 52.16 58.35 59.01 59.70 63.18 14.4 14.9 17.7 16.3 17.1 19.8 19.8 20.1 21.8 22.4 23.2 26.7 57.25 50.50 50.00 9097 4 504 147 215 111 158 108 234 9,163 r 474 112 246 5,462 4 197 49 158 40 113 41 180 1.026 1.008 Stocks, cold storage, end of period: Shell thous cases § Price, wholesale, large (delivered; Chicago) $ per doz.. 1 r 282 0.235 0.270 0.260 4 0.270 0.250 4 0.230 0.230 0.608 0.604 35 27 29 28 23 0.617 0.616 0.235 48.2 r 32 4 0.683 0.265 345 206 47.4 484 10.450 0.668 0.662 0.641 58.78 62.21 75.00 58.91 61.24 75.00 59.82 59.17 78.40 63.12 57.27 53.90 55.23 28.6 28.2 0.659 LIVESTOCK Cattle and calves: Slaughter (federally inspected): Cattle 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. animalsPrices: 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 8,193 693 8,770 4 69.11 64.72 78.00 72.10 66.07 82.88 70.18 63.70 85.00 66.18 64.17 84.84 65.14 66.42 81.12 4 18,310 20,043 4 5,789 476 522 510 490 570 59.81 52.23 45.27 45.10 49.75 51.50 59.00 59.50 66.25 38,590 750 1,663 2,052 38,675 578 1,847 1,832 3,185 552 154 120 3,417 578 153 118 3,152 554 129 127 2,894 524 147 106 3,296 536 124 160 131 169 167 167 21,849 338 425 1,531 22,629 266 486 1,317 1,838 241 39 80 1,942 266 43 80 1,889 258 33 93 1,750 232 46 72 1,917 220 44 108 40 130 52 116 1.044 0.998 0.946 0.937 0.974 1.012 1.038 1.095 1.151 310 9 328 11 27 11 30 11 29 10 28 8 33 9 60.50 r 24.6 23.6 48.25 46.75 48.50 133 194 143 124 52 146 56 67 0.930 0.929 1,577 1,493 5,363 61.25 63.55 84.60 MEATS Total meats (excluding lard): rroaucLiori, iota •• . . Exports (meat and meat preparations) Imports (meat and meat preparations) do... do... Beef and veal: Stocks, cold storage, end of period do... Exports doImports do... Price, wholesale, beef, fresh, steer carcasses, choice (600-700 Ibs.) (Central U.S.) $ per Ib. Lamb and mutton: rroo.ucuon, cotai . Pork (excluding lard): Production, total Stocks, cold storage, end of period T mil. Ib. do... rt do Prices, wholesale: Hams smoked # Index, 1967 — 100 Fresh loins, 8-14 Ib. average (N.Y.) $ per Ib 4 4 1.112 4 566 5,835 r 254 42 0.955 309 88 85 4 8 9 rC 4 0.926 15,719 264 347 432 1,319 255 30 35 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 51 254.8 1.011 266.5 1.137 283.3 1.074 292.5 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 1.232 148.5 1.354 245.0 1.085 5.8 1.030 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 '""6.850 2,834 17,047 18,153 3,505 2.066 4,684 (3) (3) 16,555 3,243 1.594 5,189 1565 309 1.470 460 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 r 608 2,005 445 1.450 572 1,356 196 1.330 393 350 355 350 315 282 275 256 250 280 334 372 389 16,431 349 314 433 2 225 352.4 1.229 MISCELLANEOUS FOOD PRODUCTS Cocoa (cacao) beans: Imports (incl shells) thous Ig tons Price, wholesale, Accra (New York) $ per Ib Coffee (greenyInventories (roasters', importers', dealers'), g (gr g From Brazil Price, wholesale, Santos, No. 4 (N.Y.) Confectionery, manufacturers' sales @ Fish: See footnotes at end of tables. do.. $ per Ib mil. $ r 369 "426 1.330 S-23 SURVEY OF CURRENT BUSINESS January 1983 Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown hi the 1079 edition of BUSINESS STATISTICS 1980 1981 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 Exports raw and refined.. sh. tons Imports raw and refined thous. sh. tons Prices, wholesale (New York): Raw • t $ per lb Refined (excl excise tax) ... .... . .... do Tea imports thous lb TOBACCO Leaf: Production (crop estimate) ...mil lb.. Stocks, dealers' and manufacturers', end of period $ mil lb Exports incl scrap and stems .. <» thous lb Imports incl. scrap and stems ., do Manufactured: Consumption (withdrawals): Cigarettes (small): Taxable - Exports, cigarettes do.... do.... (4) (*} 4713 10838 10 149 2970 608 029 4127 5157 10922 9731 3311 979 157 5,054 1 132 842 766 2416 65210 462 1 154 785 746 3311 47605 902 745 648 638 3743 4370 223 3644 16359 100 4,246 316 2953 215 2,837 142 15,619 218 0306 0405 184 786 0198 0303 190 254 0 163 0261 13473 0167 0261 12121 0180 0.282 15055 0178 0282 15,464 0169 0282 13787 0176 0280 13176 0195 0300 16518 0208 0300 14 309 1 1,786 14 («) 1478 133 1,751 90 4,551 520 1,299 167 15598 17 425 16207 18 222 2,212 360 (4) («) 14286 rl 8 2,064 4850 591 518 365 622 5,080 575 255 335 920 94256 620,565 3292 81,998 92006 638 114 3258 82,582 86 775 22946 5080 55577 12970 31670 31,264 7447 49658 267 8,058 6479 42,300 247 4,713 7479 48 234 215 6,426 39392 16579 4983 49862 20393 41756 22*659 8990 52850 221 8,148 7584 57430 267 7,337 6577 48,368 248 5,540 53960 24,820 4675 37226 25012 23910 17725 5919 48,240 269 5,670 6265 60590 292 5,797 17449 30179 41 903 5034 24805 25541 74480 29006 92236 29126 5784 49,167 234 4,461 7595 55,802 279 5,844 6789 56,655 291 5,894 6415 54068 259 6,734 6,144 18610 18486 12 065 10417 11 842 9726 595 649 635 1063 2195 99 1 2204 995 1070 2223 99 7 1070 2218 997 1962 LEATHER AND PRODUCTS LEATHER Exports: Upper and lining leather thous sq ft Price, producer: Sole, bends, light index, 1967—100.. LEATHER MANUFACTURES Footwear: Production, total thous. pairs.. Shoes, sandals, and play shoes, except athletic thous. pairs.. Slippers do Athletic do.... Other footwear do.... 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 — 100 192,597 192 193 2 283.8 19464 11660 10849 10343 13696 15534 3067 396,851 375,473 30,493 27,624 26,259 27,128 31,060 26,894 27,940 28,219 23,561 27,873 28,519 299,131 73337 24,383 3,271 9781 278,979 70834 25,660 3,171 9688 22,562 21,061 4715 6197 1734 1,848 266 238 1 121 615 20,178 4829 1,252 257 505 20,102 5734 1292 274 629 22,975 6672 1,413 365 681 19,680 5991 1223 334 839 20,878 5672 1390 298 693 20,444 6427 1348 341 742 18,831 3933 797 242 636 20,365 6044 1,464 241 577 20,835 6291 1 393 211.7 1031 2144 996 103.7 2123 930 104.9 2041 944 103.5 2053 944 104.0 2077 947 1058 2156 983 1060 214 1 98 3 1012 2185 985 106.2 2190 99 1 103.9 212.3 935 r 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.... Production .. .... do Shipments ,. do ... Stocks (gross), mill, end of period do..., ExportSj 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. ft.. See footnotes at end of tables. 3 31 632 3 7297 24,335 3 3S 1,126 6679 24447 5,805 1807 3,998 1,655 9,859 6791 499 6815 6,821 912 540 117 422 223.42 3 29 713 3 7003 22710 3 29 715 3 6812 22903 5,842 1 972 3,870 1831 441 1390 2,045 441 1 604 6,075 1 968 4107 1765 418 1347 1 989 413 1 576 5,842 1 972 3870 1 810 356 1454 1 637 393 1 244 6,016 1 936 4080 1 891 402 1489 1 837 '430 1407 6,068 1906 4162 2 148 411 1737 2 148 446 1 702 6,042 1 842 4200 2281 '416 1,865 2336 427 1 909 5,983 1 827 4156 2251 ? 419 1822 2308 465 1 843 5,915 1 786 4129 2338 '443 1895 2 513 438 2075 5,853 1 789 4064 2376 388 1988 2363 381 1 982 5,867 1 797 4070 2560 *382 2 178 2 450 377 2 073 5,977 1 802 4' 175 2445 393 2052 2260 '396 1 8641 6 163 1 799 4364 2333 *400 1933 2506 '407 2099 5,986 • 1 789 4 179 9,518 728 591 530 585 601 792 848 888 874 888 962 758 916 6393 429 6395 6,463 844 523 129 394 476 477 403 457 955 38 6 31 459 429 396 507 844 47 19 28 407 471 459 365 938 34 11 22 393 443 457 421 974 34 8 26 523 496 454 470 958 54 18 36 473 487 465 482 941 46 14 32 486 481 482 492 931 48 14 35 550 500 472 530 939 40 9 30 504 488 520 516 943 31 g 23 569 494 556 563 936 42 14 28 481 501 512 474 974 31 7 24 573 510 490 564 900 41 8 33 573 572 509 511 898 31 6 25 1054 2218 992 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 January 1983 1981 Nov. 1982 Jan. Dec. Feb. Mar. Apr. June May July Sept. Aug. Oct. Nov. Dec. LUMBER AND PRODUCTS—Continued SOFTWOODS—Continued Southern pine: Orders new ... Orders unfilled end of period Production Shipments .. ..... .. .. ... mil bd ft ... ... do.... 1 ... 1 Exports total sawmill products thous bd ft ^eea 400 418 415 412 1270 280 243 1284 227 020 1281 21334 1284 1318 1346 15032 14283 18936 7,235 219 7261 7342 489 243 1,104 436 510 1 166 428 219 390 452 1,104 407 257 423 369 1 158 413 261 417 409 1,166 28 83.1 10 1 24 5.7 77 28 5.2 10 1 20 5.4 99 22 5.4 103 6758 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 , .... qoo 486 446 515 516 513 463 490 496 599 467 556 595 493 409 547 551 537 427 582 519 508 401 643 534 607 438 563 570 1341 1340 26989 1291 18752 1354 17778 1464 23660 1334 19318 1295 20195 22,926 1456 19,908 22203 562 333 529 490 1,205 608 302 621 639 1,187 605 331 572 576 1,183 609 305 603 634 1,196 629 304 642 . 630 1,208 741 337 726 708 1,226 609 357 603 590 1,239 684 365 605 676 1,168 663 364 598 664 1,102 26 6.9 99 19 6.0 105 18 6.0 102 21 6.2 11 8 2.2 5.8 114 3.3 6.7 113 2.7 7.3 104 2.8 6.7 106 3.4 6.3 109 520 476 487 492 3247 7730 326 7613 7807 1 185 do do do Price, wholesale, Ponderosa, boards, No. 3, 1" x 12" R L (6' and over) $ per M bd ft 344 430 366 337.2 ....mil. bd. ft.. Production Shipments ..... «•> • Stocks (gross) mill end of period 409 448 419 391 461 430 364 430 . do do.... Stocks (gross), mill and concentration yards, end of period mil bd ft 1 6128 418 J 6 143 *6 129 6559 419 28755 HARDWOOD FLOORING Oak: Shipments . . 19 78.0 12 4 do.. METALS AND MANUFACTURES IRON AND STEEL Exports: Steel mill products Imports: Steel mill products Scrap Pig iron ••••• do.... 4,101 11,168 73 2,904 6,415 16 244 480 1 227 509 1 173 462 4 154 539 0' 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 do..,. do do. . 15,495 558 400 19,898 572 433 1,921 43 42 1,613 45 64 1,969 32 36 1,600 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 42,207 '40,954 '83,710 8,018 '43,260 '41,981 '85,097 8,118 3,004 3,064 6,054 8,453 2,817 2,661 5,656 8,261 2,742 2,715 5,917 7,826 2,753 2,889 5,615 7,870 3,019 3,114 6,180 7,762 2,597 2,779 5,391 7,716 2,418 2,611 5,077 7,650 2,320 2,303 4,715 7,551 2,119 2,033 4,336 7,352 2,077 2,128 4,345 7,109 92.17 96.17 90.17 100.50 78.01 86.00 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 5,244 1,180 1,018 5,126 1,433 646 5,347 2,265 773 4,358 5,306 1,199 2,525 4,964 1,865 869 4,795 1,508 909 4,193 1,532 744 3,943 1,424 1,395 898 1,596 2,795 1,589 5,670 5,175 4,888 1 211 1 60,894 57,340 57,725 25,701 26,576 29,740 28,813 24,654 22,504 5,481 6,380 6,110 55 49 65 6,672 4,896 349 57,645 28,314 24,209 5,122 22 7,182 4,342 539 5,848 4,369 51 57,833 22,137 30,276 5,420 33 5,361 4,249 448 55,774 19,042 31,326 5,406 14 478 9,179 58,457 26,380 26,909 5,168 58 6,746 4,705 289 59,065 25,297 28,860 4,908 35 25 32 3,967 4,083 745 3,595 3,648 758 213.00 3,516 3,554 726 3,277 3,160 213.00 213.00 213.00 thous Sh tons Pig iron .. >. .. Iron and Steel Scrap thous. sh. tons.. Production Con sumpti on do Prices, steel scrap, No. 1 heavy melting: Composite . . , $ per Ig. ton.. Pittsburgh district do Ore Iron ore (operations in all U.S. districts): „,. " , * . ' ' " " *"" T rt ** j do U.S. and foreign ores and ore agglomerates: xteceipts at iron ana steei plants ao..., Exports ... ••• Stocks, total, end of period At f rds - .. do.... do.,.. do At U.S. docks do.... Manganese (mn. content), general imports ........ do.... Pig Iron and Iron Products Pig iron: Production (including production of ferroalloys) thous. sh. tons.. q, , J ' J f fJO P Castings, gray and ductile iron: Orders, unfilled, for sale, end of period thous. sh. tons.. ,.," , ' " " j Castings, malleable iron: Orders, unfilled, for sale, end of period thous. sh. tonsShipments total do For sale do.... See footnotes at end of tables. X '69,613 1 '69,594 25,058 73,174 '72,181 28,328 3,910 5,048 2,029 4,430 3,507 1,585 5,687 1,076 1,630 87,188 89,397 5,073 56,066 11,725 35,706 6,095 795 96,645 94,958 '5,546 60,243 12,734 36,203 6,571 775 7,241 6,370 8,358 60,144 16,429 36,939 6,776 67 5,579 6,038 685 60,243 17,469 36,203 6,571 49 1,664 5,518 44 60,401 21,594 32,298 6,509 65 68,721 '69,053 889 203.00 73,570 75,051 859 206.00 4,782 4,847 841 213.00 4,750 4,824 859 213.00 4,489 4,766 881 213.00 964 11,799 6,457 743 11,929 6,702 727 823 458 743 681 344 22 450 206 32 421 199 33 26 13 32 23 10 213.00 4,622 4,869 782 213.00 213.00 3,904 3,975 747 213.00 783 771 399 761 764 412 726 860 482 696 771 445 651 741 432 610 756 428 611 616 359 608 630 404 574 624 369 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 4,169 4,384 822 3,077 48.61 51.50 S-25 SURVEY OF CURRENT BUSINESS January 1983 1980 Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown hi the 1979 edition of BUSINESS STATISTICS 1981 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. METALS AND MANUFACTURES—Continued Steel, Raw and Semifinished Steel (raw): Production .... . Rate of capability utilization thous sh. tons percent Ull.SSS 72.8 Steel castings: Orders, unfilled, for sale, end of period thous. sh. tons. Shipments, total... , do... For sale total . do 120,828 78.3 7,962 62.8 7,672 58.6 7,737 59.3 7,178 60.9 8,049 61.7 7,006 55.2 6,678 50.9 6,050 47.7 5,719 43.8 5,538 42.4 5,299 41.9 605 1,878 1,701 385 1,752 1,568 366 127 116 385 122 110 381 115 106 359 114 104 335 129 117 304 113 103 276 101 93 250 91 82 232 63 56 222 65 58 213 69 62 83,853 87,014 5,783 5,666 5434 6,163 5,488 5,149 5,372 4,514 4,724 5,342 5,207 8,080 1,797 13,258 6,911 4,683 1,585 5,598 4,903 7,397 1,458 13,828 ^,770 4,371 1,620 385 313 498 98 389 299 482 81 314 329 463 98 285 323 498 102 325 365 527 91 318 321 , 393 73 306 290 330 74 291 284 316 68 257 272 259 56 269 265 300 41 953 543 296 109 898 471 323 99 912 525 271 112 821 506 205 105 1,015 573 320 117 865 470 298 93 846 434 321 87 855 440 319 92 668 304 296 66 do do.... do do 9,097 1,768 5,709 33,595 12,116 13,313 10,286 1,694 4,927 36,924 13,451 14,396 813 107 327 2,288 863 857 759 102 412 2,246 901 811 753 105 389 2,245 793 869 702 115 449 2,139 768 817 662 133 400 2,645 953 1,030 602 125 328 2,462 828 1,005 476 123 338 2,367 759 957 388 123 386 2,661 848 1,069 274 113 331 2,285 758 884 do.... do.... do.... do.... do.... do.,,. do.... do , 16,172 8,742 3,148 12,124 3,155 4,543 5,551 30,415 17,546 8,761 3,225 13,101 2,180, 4,646 5,293 32,264 Steel MU1 Products Steel products, net shipments: Total (all grades) ,, thous. sh, tons By product: Structural shapes (heavy), steel piling do... Plates , do... Rails and accessories do Bars and tool steel, total do Bars: Hot rolled (incl. light shapes).......... do... Bars* Reinforcing , do Tin mill products . .. ,. Sheets and strip (incl. electrical), total Sheets1 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 , Steel mill shapes and forms, inventories, end of period—total for the specified sectors: mil. sh. tons.. Producing mills, inventory, end of period: Steel in process , mil. sh. tons., Finished 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..,. 3 . 3,704 1,812 610 2,472 422 947 1,129 7075 3,429 1684 592 2,367 411 960 1,260 6,500 4,546 35.9 4,760 4,309 4,088 283 280 269 44 291 321 261 36 260 237 260 49 766 361 325 76 746 347 322 73 715 238 323 68 639 280 293 64 246 112 386 2,340 746 919 228 113 502 2,295 665 915 220 108 251 2,189 657 878 224 89 266 2,063 637 832 3,099 1,568 548 2,311 183 491 1,252 4,546 3,213 1651 598 2,791 277 689 1,115 5,676 30.0 30.5 30.0 30.0 29.9 29.4 28.8 28.1 26.9 26.5 25.8 24.8 9.6 6.9 11.3 7.4 11.3 7.4 11.3 7.4 11.6 7.2 11.3 7.2 11.2 7.1 11.0 7.0 10.9 6.9 10.4 6.5 10.2 6.5 r 9.9 r 9.6 6.0 6.3 2 1,016 2 474 2 180 2 576 2 56 2 149 2 270 2 1,369 5.3 5.4 5.5 5.4 5.2 5.2 5.2 5.1 5.0 5.1 5.0 5.0 4.8 5.9 71.7 72.4 6.3 4.9 5.0 5.9 3,8 4.2 6.0 4.7 4.6 6,2 5.3 5.1 5.9 5.8 6.1 5.7 5.0 5.2 5.3 4.8 5.2 4.9 4.7 5.1 4,8 4.3 4.4 416 r 4.4 r 4.6 4.4 4.5 4.7 5,130 1,377 4,948 1,653 364 129 364 123 351 144 311 156 336 170 319 170 321 167 300 188 297 182 287 186 271 181 do do 580.8 71.4 698.5 140.1 41.5 14.9 49.3 13.7 38.5 17.5 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 18.2 do 714.9 315.3 0.6957 344.2 271.2 0.7600 23.1 16.0 24.6 16.8 22.1 18.0 18.8 17.8 46.0 38.3 26.6 15.4 19.9 15.9 48.5 19.9 24.2 13.3 42.6 14.3 23.6 22.0 0.7600 0.7600 0.7600 0.7600 0.7600 0.7600 0.7600 0.7600 0.7600 0.7600 59.5 20.4 0.7600 42.1 12.1 0.7600 0.7600 14,057 10,485 5,862 1,538 13,237 10,328 5,978 1,581 860 673 373 110 928 679 389 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 1,105 777 462 106 5,076 6,607 6,524 6,607 6,670 6,742 6,658 6,683 6,684 6,577 6,626 6,512 1,181.1 l,210.9 1,121.9 mo 1,538.2 1,544.0 1,430.2 113.8 134.9 113.4 108.5 6.2 114.0 130.2 123.9 6.2 112.6 106.2 97.3 8.9 107.4 104.7 96.2 8.5 119.9 117.2 110.4 6.9 112.0 105.4 97.9 7.4 97.0 99,3 90.5 8.8 90.0 93.9 85.8 8.0 84.6 99.5 85,7 13.8 81.1 91.5 74.1 17.4 573.0 631.9 32,5 60.1 47.5 51.8 51.4 551.8 459.8 502.5 359,3 42.4 30.2 42.3 24.3 45.2 20.6 40.6 15.7 30.8 18.8 30.6 22.3 47.5 20.4 50.6 29.2 47.5 27.2 42.9 25.8 57.3 29.9 56.2 27.6 42.3 26.2 330.1 17.4 339.7 27,2 19.4 2.1 21.3 1.8 35.2 0.4 21.9 0.6 29.4 0.9 30.5 1.0 39.1 1.6 20.4 1.6 33.5 2.9 34.0 5.4 36.6 9.9 40.2 8.6 34.3 0.8 2,083 365 2,045 511 1.0242 0.8512 0.7105 0.7100 0.7106 0.7241 0.7297 thous. met. tons.. „ ... do. . do.... ....„..„.„ do.... l r *" •••• •••••••• 2 1,030 2 490 2 191 2 638 2 45 2 156 2 263 2 1,495 6.6 69.9 73.4 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.. Production: Mine, recoverable copper Refinery, primary , , From domestic ores From foreign ores , Secondary, recovered 5,608 • 5,262 40.2 28.4 3 NONFERROUS METALS AND PRODUCTS Aluminum: Production, primary (dom. and foreign ores) thous. sh. tons.. Recovery from scrap (aluminum content) do.... Imports (general): Metal and alloys, crude Plates sheets bars etc .. Exports: Metal and alloys crude 1 0.7600 74.6 94.7 75.6 19.0 Imports (general): Refined, unrefined, Refined do . C Exports: Refined . do Consumption, refined (by mills, etc.) „ thous. sh. tons.. Stocks, refined, end of period do.,.. Price, electrolytic (wirebars), dom., delivered $ per lb.. See footnotes at end of tables. 493 511 0.8122 0.8029 508 558 0.7863 0.7878 0.7586 485 581 0.7627 0.7487 0.7149 0.7423 S-26 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 January 1983 1982 1981 Nov. Annual Dec. Feb. Jan. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. METALS AND MANUFACTURES—Continued NONFERROUS METALS AND PRODUCTS— Continued Copper-base mill and foundry products, shipments (quarterly total): Brass mill products Copper wire mill products (copper cont.) Brass and bronze foundry products .,., mil Ib do.,.. do.... 2,467 2,783 489 2,622 2,847 471 do.... 549.5 675.6 do.,,. 52,1 1,070.3 '444.1 627.4 68.9 1,125.3 Lead: Production: Recovered from scrap (lead cont.) , Imports (general), ore (lead cont,), metal Stocks, end of period: Producers', ore, base bullion, and in process Refiners' (primary), refined and antimonial Gead content) thous met tons Consumers' (lead content) If do.... Scrap (lead-base, purchased), all smelters Price common grade delivered $ per Ib., Tin: Imports (for consumption): 39.8 52.2 3.0 94.4 41.3 48.7 2.1 107.6 564 636 107 544 654 114 544 659 109 40.5 45.5 5.6 93.9 43.5 48.2 3.4 84.4 48.7 48.0 4.9 90.9 44.3 47.6 3.8 88.3 42.1 46.1 1.9 82.1 42.6 44.8 5.4 84.5 37.0 34.4 1.6 73.0 42.9 44.2 8.5 90.7 1.9 2.3 8.2 75.1 76.6 0.2532 0.2319 0.2161 194 l,697 289 '2,409 88 2,233 135.3 83.3 88.0 83.3 78.9 79.3 81.2 86.7 85.6 82.1 79.2 79.0 54.8 95.8 79.5 98.1 71.9 101.0 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 59.6 0.4246 41.7 0.3653 45.8 0,3388 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 842 45,983 18,638 1 1,703 '56,362 '44,342 232 3,951 1,150 115 3,400 2,500 171 5,563 8.2147 0 4,216 1,270 160 2,950 2,200 1,180 5,988 7.9352 295 2,312 1,025 85 3,400 2,500 4,748 3,872 7.7590 72 1,089 1,150 95 3,300 2,500 1,610 3,490 7.4519 162 2,742 1,135 120 3,750 2,800 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 3,400 441 3,829 6.6917 149 3,145 1,005 150 5,100 3,600 454 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 Exports incl reexports (metal) do Stocks, pig (industrial), end of period... do.... Price Straits quality (delivered!) . $ per Ib.. 4,293 5,504 8.4600 232 45,873 15,010 1,705 48,450 38,750 5,989 5,988 7.3305 Zinc: Mine prod., recoverable zinc. ....... thous. met. tonsImports (general): 317.1 312.4 26.0 23.9 24.2 24.7 25.3 23.4 25.6 27.0 21.3 27.4 25.7 113.8 329.0 117.7 602.6 '2.3 r 61.5 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 67.6 236.1 58.2 224.1 4.6 18.7 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 17.9 369.9 '811.1 0.3 341.8 834.7 0.3 26.6 59.8 () 23.0 52.0 () 24.2 55.1 () 21.6 55.3 () 21.4 60.0 () 19.3 57.8 () 21.5 58.8 () 21.5 65.8 (2) 18.7 56.3 0. 20.4 60.7 (2) 61.4 61.4 (2) 18.7 22.6 0.3743 34.6 44.7 0.4455 31.6 72.9 0.4615 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 348.3 82.8 156.5 470.0 106.9 225.4 375.5 382.0 388.7 377.8 323.0 428.0 262.3 273.0 221.4 241.2 235.1 209.5 266.0 188.4 20,495 24,110 18,734 19,784 1,586 1,81< 1,569 1,976 1,250 1,447 1,398 1,452 1,665 1,828 1,216 1,386 1,228 1,402 1,558 1,567 787 931 1,207 1,042 1,160 1,312 1,220 1,113 1,299 1,379 39,448 31,885 2,622 2,551 2,277 2,053 2,430 1,658 1,587 2,216 824 1,265 1,484 1,312 1,447 Metal, unwrought, unalloyed , Recovery from scrap, total (tin cont,) .-, ,. , , , * P. P ' do.... do.... j j Metal (slab blocks) Consumption (recoverable zinc content): Ores do do Slab zinc: @ p 1 •}- ., , uonsumpuon, laoncators , , /L Stocks, end of period: Producers', at smelter (ASMS) 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... Material handling equipment (industrial): Industrial trucks (electric), shipments: Hand (motorized) „.. number. Rider-type „ do... Industrial trucks and tractors (internal combustion Industrial supplies, machinery and equipment: "Wow mvl«a-rQ in/lov aoaa aHiii«farl 1 Q77 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: * nyarauiic prooucts, seas, am 4 Machine tools: Metal cutting type tools: rJ ' t' onipmen4. , i. qi • O t\ do j. 1 h kl JQ d f prind Metal forming type tools: Orders, new (net), total Q, . onipme , , , , 1 •Order backloe1. end of neriod See footnotes at end of tables. 1 do , do,. J do.. 2 a 2 2 a a 2 4,700 3,400 249 241 6.2475 6.1347 9.1 49.1 2.3 61.5 24.8 (2) 18.7 19.9 21.5 0.4083 0.4039 114.9 148.1 118 1 117.3 114.2 110.2 104.8 97.3 91.1 90.9 88.3 90.8 92.1 87.8 84.1 134.5 142.3 140.0 132.5 135.2 130.9 133.3 134.4 123.5 121.3 120.0 119.1 115.9 109.8 106.8 131.2 144.3 148.3 149,2 150.2 151.6 152.6 152.9 153.7 153.8 154.0 153.8 154.0 153.7 153.5 178 191 '170 172 165 182 272 234 279 249 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 2,873.3 869.55 664.95 1,010.95 878.55 384.8 716.75 616.85 991.10 824.20 427.0 276 252 271 251 135.40 112.55 115.65 101.05 329.75 398.60 287.35 358.85 3,159.4 2,873.3 60.35 52.85 78.40 70.00 480.0 39.25 32.90 92.30 79.95 427.0 263 252 255 245 246 225 155.95 123.15 105.75 90.20 124.90 113.30 307.15 293.15 332.75 284.50 273.75 303.05 2,722.1 2,552 1 2,325.1 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 73.15 327.8 218 194 232 194 191 195 68.00 115.10 107.55 53.75 239.45 246.60 214.60 224.15 2,200.8 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 34.25 29.25 84.55 75.35 237.8 36.15 30.40 46.80 40.65 227.2 233 215 37.70 29.95 60.00 56.30 299.4 37.95 27.40 49.25 44.90 288.2 198 186 60.45 r'52.60 47.20 49.25 212.50 '224.40 184.30 '192.65 1,504.0 1,332.2 26.05 22.70 44.70 38.90 208.6 '34.30 30.20 '51.45 45.95 '191.4 72.85 "62.75 59.10 "47.45 150.60 "155.70 132,30 "134.80 1,254.4 pl,161.5 46.35 42.55 50.10 42.25 187.6 6.1434 (a) 53.8 18.1 14.4 73.3 17.5 26.9 1137 20 2 610 1153 28 4 540 r 0.2047 "25.45 "21.90 "37.80 "33.70 "175.3 0.3846 S-27 SURVEY OF CURRENT BUSINESS January 1983 Unless otherwise stated in footnotes below, data through 1978 and descriptive notes are as shown in the 1970 edition of BUSINESS STATISTICS 1980 Nov. Annual 1982 1981 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Oct. Sept. Nov. Dec. 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 $ ELECTRICAL EQUIPMENT Batteries (auto.-type replacement), ship......... ...thous Radio sets, production, total market ,.......,,. thous Television sets (incl. combination models), Household major appliances (electrical), factory shipments (domestic and export) # .thous.. Dishwashers Disposers (food waste) Ranges Refrigerators Freezers ,,.... Washers Dryers (incl. gas) ,. ,. ,. . do.... do do.... do , . do. do.... do GAS EQUIPMENT (RESIDENTIAL) Furnaces, gravity and forced-air, shipments....thous.. Ranges total, sales do Water heaters (storage), automatic, sales @ do..., 16503 1 306.1 4781 3875 15789 1,569.9 4309 410.9 3010 311.2 784 903 2,390 264.4 547 58.2 2589 272.7 2,110 259.6 45480 1697 1 33369 1 605.5 6774 344.6 6218 3008 7432 299.0 5,468 263.7 146 274 3 183.4 141 170 3,479.3 31417 822.7 28067 7542 25,754 737.7 20,845 583.0 50,063 28104 53 597 31476 4,668 3,216 18532 18,480 1474 30,260 3204 2,738 2962 2,530 5124 1681 4,550 3 177 7,439 30,336 3692 2,484 3178 2,325 4944 1,561 4,365 2977 7785 1,446 1538 2,818 1,417 1496 2,785 5012 1814 4897 2,012 4,269 1671 1,250 1208 1344 l,883 r 93 165 198 163 272 '64 267 217 1831 163 144 206 152 264 76 246 189 1767 1,947 191 169 220 147 276 89 306 228 111 119 203 95 124 211 80 99 239 3839 1816 3611 1609 3,584 2,460 1499 1375 1,292 2,177 361 160 214 143 324 99 347 234 2650 572 151 272 161 343 117 383 253 1 911 2452 517 201 175 169 379 107 345 214 69 107 268 77 135 305 70 110 295 3,629 2284 4,750 4,052 1 710 1 177 1420 2,232 419 169 200 150 359 112 322 195 2,341 289 160 207 293 437 161 352 214 1677 2,196 145 187 199 166 456 151 323 196 69 113 246 85 123 248 319 45 637.5 3,640 3179 4 699 4 70.5 4 10,533 4 250,9 5,819 3624 5,660 3490 5,237 l,619 1 106 1 161 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 2117 71 206 260 195 310 80 319 251 78 96 230 96 99 225 126 133 232 427 106 637.5 505 86 637.4 476 77 637.4 818 352 76027 75966 65720 69621 82209 72432 69933 76508 57354 67889 728 543 58293 64578 68 842 59461 57965 53 017 54585 55730 595,575 46,873 52,968 57 195 48,975 47811 43403 45523 47,330 55206 54660 127,527 10,769 10,783 10,847 10,149 9041 8,713 8,121 9761 60,888 4,437 5,030 4,833 3,616 4,334 4,165 3,476 3,704 5,440 651 827 800 517 279 573 349 393 179 607 177 361 179 607 168 274 167 676 173 574 180 807 187 248 192 664 163,356 161,454 163 356 152 935 152 735 159 030 165 848 171892 176911 168 844 169 403 16,251 15,907 16,251 15,339 14,941 14544 14959 15,356 15753 6,446 6,357 5,594 6,518 6,181 5,887 6,446 6,216 5,914 9071 r 7293 6029 8918 10335 10742 10057 10 626 110 243 11676 11462 510 2 5076 493 7 533 9 5349 5293 5296 5206 525 3 5250 5279 62220 2 2 r B 2 S 8 2 a r 1229 !40 113 260 126 115 236 121 637.4 107 638.0 638.0 8603 5373 9850 535 6 7 700 5362 5362 PETROLEUM, COAL, AND PRODUCTS COAL Anthracite: Production Exports Price, wholesale * Bituminous: thous. sh. tons., do.. Index, 1967=100.. 823 644 Consumption, total , do . 669 061 Electric power utilities do.... 568,322 Industrial, total .., do.... 125,815 Coke plants (oven and beehive) do,... 66,493 Residential and commercial do.... 4,924 Stocks, end of period, total do- 199077 Electric power utilities , do.... 178,269 Industrial, total do.... 20,808 Oven-coke plants ,. , do.... 9,017 Exports... .. , do. 89882 Price wholesale Index 1967—100 4665 COKE Production: Beehive and oven (byproduct) ...... thous sh. tons.. 46,132 Petroleum coke § ,, , . do 27094 Stocks, end of period: Oven-coke plants, total..... do.... 8,627 At furnace plants..... do.,.. 7,521 At merchant plants ,. , do.,.. 1,106 3 846 Exports , , ... do. .. 2162 PETROLEUM AND PRODUCTS Crude petroleum: Oil wells completed number 27026 Price wholesale Index 1967 — 100 556 4 Gross input to crude oil distillation units ., mil bbl 50493 Refinery operating ratio . % of capacity.. 76 All oils, supply, demand, and stocks: $ New supply, total fl mil. bbl., 6,266.9 Production: Crude petroleum ,. do.... 3 146.4 Natural gas plant liquids ., ,, do.... 591.8 Imports: Crude and unfinished oils do.... 1,946.2 Refined products ..... . do 5825 3 Change in stocks, all oils (decrease, —) ........ do.... 79.3 64417 Exports: Crude petroleum . .. do 1049 Refined products , do.... 94.3 See footnotes at end of tables. 5,423 2249 582.2 6,056 1795 463.7 550 171 642.5 394 101 643.7 353 147 643.7 2445 10580 2622 6724 6,320 403 900 1251 836 67 6724 6,320 403 900 134 829 48 37 684 803 5 3591 7859 4 619 7872 46565 69 3782 68 395 1 69 42786 28296 r r 381 44 643.7 459 84 645.5 274 79 648.1 329 41 639.0 7507 2 397 2672 2564 2433 2452 7871 7,489 382 1 091 175 1 171 129 1 088 61 i 044 141 1 168 62 66 3459 717 8 3899 718 2 3286 718 4 2848 718 4 3360 7188 2 838 735 8 3 282 734 1 3530 66 3789 68 388 4 74 3998 75 3803 72 3763 74 3767 71 2207 8828 2551 894 105 7455 7,015 440 939 97 959 37 963 154 2 790 7872 3 049 770 3 3 750 744 8 3683 717 9 3729 66 325 4 65 361 7 65 2420 2 428 2533 r 5,905.7 476.2 501.3 480.2 418.6 454.9 437.5 465.2 464.1 495.7 479.2 470.0 480.9 3 124.6 597.9 2578 50.1 2673 51.1 2687 49.2 2433 44.0 2665 501 2596 493 2685 484 2604 46.8 2681 49.0 2697 496 2620 472 2690 498 1,642.8 5404 68.3 60572 135.7 124.0 471 443 17.9 . -17.6 5350 486.3 118.6 436 -27.7 5183 86.9 444 -29.5 4689 92.7 456 -30.5 5097 88.0 406 -510 5050 107.3 410 -0.5 4851 117.6 392 12.9 4690 136.9 418 31.6 4809 123.7 36 1 13.5 4866 114.3 465 71 471 3 119.0 43 1 19.2 4883 59 14.5 74 18.3 85 14.0 100 17.4 52 18.3 81 16.8 28 18.3 71 15.9 94 17.2 55 18.2 84 20.5 832 133.9 83 12.7 4 090 720 4 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 1981 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 ,. do.... Residual fuel oil .. do Jet fuel do,... Lubricants do . . Asphalt do Liquefied gases . . . . do Stocks, end of period, total do.... Crude petroleum .. .......... do Strategic petroleum reserve do.... Unfinished oils natural gasoline etc ... do Refined products do.,.. Refined petroleum products: $ Gasoline (incl. aviation): Production ... . mil. bbl.. Stocks end of period ... do Prices (excl. aviation): Wholesale, regular Index, 2/73=100.. Retail, regular grade (Lundberg/Platt's): fl Leaded $ per gal Unleaded * do... Aviation gasoline: Production .. ... ..... .. .....mil bbl Stocks end of period do Kerosene: 6,242.4 2 420.5 58.0 1,049.0 9180 390.7 58.3 142 4 5378 x l,420.2 *4829 1 107.8 '1920 '745.3 5,840.2 24149 46.2 1,032.8 7525 368.6 560 1248 5422 1,488.5 5988 230.3 1768 712.9 2,394 1 ^2135 2,3508 2058 198.3 2029 206.0 2058 192.3 2168 166.3 216 1 1868 2015 183.7 1820 1968 1762 203.9 1802 211.3 1853 576.7 666.0 661.7 657.7 651.7 642.3 621.1 578.6 555.7 582.7 628.8 1217 1.261 (44) Stocks end of period do Price, wholesale (light distillate) Index, 1967=100.. Distillate fuel oil: Production mil bbl Imports do Stocks end of period .. do Price, wholesale (middle distillate) Index, 1967=100.. Residual fuel oil: Production mil bbl Imports '„ .. • ...,.,....,., do... Stocks end of period do Price, wholesale. Index, 1967=100., Jet fuelProduction mil bbl Stocks end of period do Lubricants: Production .. • do Stocks end of period do . Asphalt: At refineries (L R G ) *• " do 482.3 492.6 446.4 481.4 4479 4579 4600 4602 4476 4594 1842 2058 1705 2075 196 2 2070 2054 211 7 207 4 1989 36 64 5.0 34 24 32 25 30 32 41 1057 892 893 899 758 735 646 691 754 802 593 454 477 666 633 560 48 1 451 442 45 4 312 297 303 300 302 310 312 296 306 298 46 39 42 42 45 41 45 43 42 41 52 71 154 29 43 105 14 3 16 7 182 152 421 458 476 474 461 458 58 1 44 4 386 459 14609 1 431.4 1 400.9 1,349.9 1,349.4 1,362.3 1 393.9 1 407.4 1,414.5 14337 6142 6110 6069 6178 6062 6122 6095 6117 6254 6353 255.5 277.9 2412 248.5 261.0 264.1 2672 273.6 284.6 235.3 1764 1739 1840 1835 1784 1745 174 1 1719 1676 1815 673.3 603.1 560.4 565.4 581.2 610.1 622.8 630.9 635.2 605.8 201.0 1872 196.6 1935 1946 1943 636.3 630.8 619.5 1.1 24 0.7 22 0.8 22 26 95 34 9.8 40 102 983.0 975.2 968.6 783 2.4 158.9 797 1.8 161.2 880 3.0 170.2 r 611.0 600.7 984.6 991.1 997.7 1,040.6 1,053.6 () 128 »23 115 27 0.8 27 08 27 06 27 0.6 27 0.7 26 0.5 24 0.9 25 0.9 24 0.9 24 50 1 1114 436 11 1 37 124 45 11 1 44 96 43 91 33 88 36 9.6 24 89 27 92 27 91 r 863.4 1,039.8 1,042.7 1,037.9 974 1 519 *2054 9549 61.0 190.2 819 34 200.0 887 29 1902 81 1 30 1660 685 36 1467 850.6 1,058.1 1,047.5 1,060.6 1,067.8 1,058.2 5784 343.6 1915 961,2 4803 290.6 783 1,239.0 365 402 25.3 28.5 783 808 1,174.3 1,180.9 367 25.4 682 1,219.8 318 349 34.7 26.0 22.9 28.2 581 573 536 1,177.6 1,163.0 1,182.7 3656 M24 3535 405 289 419 293 405 278 372 280 37.0 347 42.5 303 44.1 279 41.8 279 401 299 398 30.4 40.8 29.3 39.7 30.4 40.9 651 136 60.6 14.2 50 13.9 51 142 43 144 4.1 14.3 4.3 13.7 4,5 13.4 46 13.5 46 13.4 4.6 13.5 4.4 13.4 3.9 12.7 4.4 12.6 141 2 1 188 1242 19.5 90 176 76 195 65 231 54 24.3 70 26.1 8.0 27.1 105 27.1 124 25.6 131 22.1 13.3 17.4 12.4 14.6 13.6 13.1 5618 4409 1208 1128 0 5834 4679 1156 1370 50.0 410 90 1464 499 410 89 1370 479 403 76 122 2 413 348 66 113 5 472 392 8.0 1090 47.0 391 7.8 1058 491 404 8.7 1077 47.1 383 8.8 1109 48.2 38.9 9.3 111.1 49.3 40.5 8.9 112.5 48.2 38.9 9.3 111.5 49.0 410 8.0 1086 302 55 247 287 12 275 261 32 229 289 6 283 279 60 219 350 17 333 298 52 246 541 8 533 237 50 186 303 18 285 X Stocks end of period .. ... do Liquefied gases (incl. ethane and ethylene): Production total ... do 465.2 514.6 192.5 2089 4.4 62 86.6 1010 563 679 29.8 307 37 44 99 58 474 518 1,506.2 1,488.5 5948 5988 222.5 230.3 1783 1768 733.0 712.9 1,044.3 1,034.3 1,027.9 1,009.1 975.9 974.2 984.4 707 1.8 108.8 812 2.3 114.5 819 3.0 124.6 848 3.8 148.2 953.6 928.7 974.6 71 1 15 127.7 1,029.3 1,024.0 rl,022.2 1,001.7 32.3 31.2 31.9 349 19.3 17.8 16.1 22.9 52.8 59.0 605 591 1,191.6 1,229.5 1,237.1 1,250.0 30.2 29.6 26.1 23.5 61.8 63.6 1,120.7 1,125.2 1,152.8 1,121.0 PULP, PAPER, AND PAPER PRODUCTS PULPWOOD AND WASTE PAPER Pulpwood: Receipts thous cords (128 cu ft ) Stocks end of period Waste paper: Consumption do thous sh tons WOODPULP Production: Total all grades $ thous sh Dissolving and special alpha... , Sulfate • • Sulfite Groundwood Stocks, end of period: Total all mills Pulp mills Paper and board mills Nonpaper mills Exports, all grades, total Dissolving and special alpha All other Imports all grades total Dissolving and special alpha All other See footnotes at end of tables. ... , , tons do..,. do do do do do do do do.... do.... do do do.... do.... i 3 81,007 3 3 79,547 3 6,258 6,459 5,600 5,972 5,658 6,045 3 3 1,016 941 966 993 3 3 51,783 1,366 39,597 1,812 5,038 3,940 4,268 129 3,251 147 407 301 3,590 85 2,675 130 420 279 (22) () (2a) (2) (2) () 1,198 690 454 54 3 3,678 784 3 2,894 3 4,086 201 8 3.885 1,341 842 443 56 267 53 214 318 10 308 1,198 690 454 54 315 85 230 269 8 262 (2) (22) (2) () 79,703 6,697 13,185 831 52,055 1,418 38,931 1,911 4,887 3,938 944 439 449 57 3 3,805 769 3 3,037 3 4,051 194 3 3.858 79,604 6,045 13,523 11,042 (2) 88 221 50 172 270 26 244 303 42 261 310 9 301 319 62 257 296 10 286 316 52 264 306 22 284 326 69 257 302 8 294 247 55 192 375 18 357 S-29 SURVEY OF CURRENT BUSINESS January 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 Annual 1982 1981 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. PULP, PAPER, AND PAPER PRODUCTS—Continued PAPER AND PAPER PRODUCTS Paper and board: Production (Bu. of the Census): All grades total unadjusted . thous sh Paper Paperboard . .» Wet-machine board . , Construction paper and board Producer price indexes: Paperboard Building paper and board B tons do... do do. do..., 65834 30 164 31 143 138 4,390 66439 30,669 31561 160 3,846 5252 2,500 2497 9 247 4693 2,309 2177 9 197 H(*)(5) M . .1967—100. , do.... 2346 206.2 258 1 231.7 2616 2321 2600 2303 2597 233.8 2614 231.4 tons do do..., 4475 110 *1498 11449 100 1 1463 95 90 116 122 112 113 113 89 110 112 95 108 do.. do.... do 1 4J763 391 4673 *4853 360 4940 396 319 399 363 308 389 397 343 404 do.,.. do *7694 '8326 1 7,735 *8234 570 655 592 599 *3930 *3873 X 4375 M519 326 373 8625 8622 165 8946 8915 194 4239 4234 21 10,089 4753 4735 38 732 7279 Selected types of paper (API): Groundwood paper, uncoated: Ordsrs new . thous sh Orders unfilled end of period .. Shipments , Coated paper: Orders new , , .. .. , ., Orders, unfilled, end of period ..„...„ Shipments .... Uncoated free sheet papers: Orders, new... Shipments Unbleached kraft packaging and industrial converting papers: Shipments ... ., thous sh tons Tissue paper, production do 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 fl do.... Stocks at and in transit to publishers, end of period . ,,...... , thous metric tons Imports ... , thous sh tons Price, rolls, contract, f.o.b. mill, freight allowed or delivered .. Index 1967—100 Paper products: Shipping containers, corrugated and solid fiber shipments mil. sq. ft. surf. areaFolding paper boxes, shipments.... thous. sh. tons.. mil. $„ 2612 236.3 2588 2402 2559 2400 2550 2398 2555 243.8 2507 242.8 2480 2415 2476 2404 123 98 126 140 104 123 116 102 115 113 99 118 138 117 121 113 100 124 125 104 121 131 r 99 138 118 92 123 411 361 389 407 332 437 408 336 409 381 307 408 432 306 431 399 312 400 443 307 443 407 285 433 r 446 '282 r 447 408 267 431 628 676 612 658 713 745 641 689 621 669 645 670 610 628 674 705 '640 '684 r 684 r 632 676 269 350 311 355 324 365 343 406 288 356 272 365 291 358 271 339 326 383 307 359 315 '383 327 366 769 773 252 743 800 194 783 671 304 719 709 326 760 750 336 694 703 327 743 718 353 652 611 394 617 615 397 642 591 448 557 601 405 698 685 418 657 692 383 359 367 38 892 415 406 46 790 378 376 48 775 420 413 55 868 396 374 76 863 385 376 86 879 383 381 89 804 363 351 101 10,165 412 407 46 914 767 372 363 110 804 353 353 110 r 835 406 398 118 r 928 373 389 102 907 961 6977 947 624 961 557 981 585 1038 1068 1 045 1 012 1 003 992 952 524 608 503 620 570 460 520 898 489 861 587 835 567 308 1 3168 3168 3168 318 1 318 1 321 1 3224 3194 3184 318 4 3184 3184 3037 244,429 18,317 17,600 18,961 18,720 20,071 18,610 20,414 20,657 21,064 19043 4816 6207 38.67 5915 5564 5090 10831 54.35 40.60 54.36 5137 0.465 0.468 0.445 0.426 0.421 117.46 '124.91 106 51 '135 22 127.19 153 54 21 13 2047 3 32793 241,377 18,638 261 1 239.6 21,218 19,941 716 2445 2414 3007 (a) « RUBBER AND RUBBER PRODUCTS RUBBER Natural rubber: Consumption Stocks, end of period thous. metric tons.. »...,.,..,.... do..., Imports, incl. latex and guayule ....thous. Ig. tonsPrice, wholesale, smoked sheets (N.Y.).... $ per lb.. Synthetic rubber: Production.,, ,„.,... thous. metric tonsConsumption do Stocks, end of period do Exports (Bu. of Census) thous. Ig. tons.. TIRES AND TUBES Pneumatic casings, automotive: Production , ,,... thous. . Shipments, total , , .. do Original equipment . ., do Replacement equipment do.... Exports „ do Stocks end of period do Exports (Bu of Census) Inner tubes, automotive: Exports (Bu of Census) ... See footnotes at end of tables. .. 586.15 12667 598.31 4 0.730 54.59 13836 50.99 5164 13802 59.33 5356 13439 45.71 5440 6700 4869 12626 56.23 4256 14243 49.13 53.86 56.19 5571 119 72 63.39 0.456 0.483 0.488 0.465 0.470 0.453 0.453 0.461 2,015.24 2,021.45 157.68 1 854 01 1 889 71 141 13 34902 36438 341 77 422.78 334.63 22.49 125.51 131 88 34902 21.65 140.49 14309 34036 27.76 145.76 13894 170.32 14988 154.86 13463 155.44 13307 139.74 137 02 34043 23.46 35630 31 18 37691 2653 37559 2473 36358 2523 35790 2040 11855 17051 14856 18 216 3970 13,989 257 45337 463 15669 19428 4074 15,018 336 43475 653 12293 16421 3038 13,199 264 40763 381 102 178 195 do '159263 177 063 40227 131,271 5,565 33298 9058 do 4557 1 634.67 14243 49.68 13051 662.41 4 0.576 11088 13,750 13992 2758 10,823 411 41 112 990 13544 2363 10,820 361 40863 485 14866 14 144 2478 -11,365 301 42904 385 15387 13 704 2769 10,573 362 46254 461 399 47817 614 15077 17676 3679 13,652 345 46 583 454 3 428 208 231 141 151 254 174 18 1,762 201 105 41711 153,716 5678 40863 17312 3697 13,216 r 345 48 2204 318 51 2283 14835 17 700 2817 14,625 258 454 15528 18938 3*022 15^583 333 38685 385 162 201 40 192 15381 17 851 2919 14,605 327 38 116 489 377 192 162 0.418 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 Nov. Annual January 1983 1982 Dec. Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 34,106 27,431 312.5 322.1 Dec. STONE, CLAY, AND GLASS PRODUCTS PORTLAND CEMENT Shipments finished cement thous bbl 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 equivalentFloor 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 GLASS AND GLASS PRODUCTS Flat glass, mfrs.' shipments thous. $.. Glass containers: Production . . thous. gross.. Shipments, domestic, total $ Narrow-neck containers: Food .. 15,149 17,755 25,729 28,213 30,984 35,388 34,527 35,957 35,351 5,199.9 91.9 462.2 352.6 6.1 30.9 276.7 5.1 21.9 176.7 3.2 14.9 213.7 2.7 13.4 345.1 3.5 23.3 370.9 2.6 25.9 398.4 3.7 29.0 439.2 4.8 31.0 426.2 3.8 31.6 425.5 3.5 34.8 446.2 4.3 37.5 0 o o o 6,090.1 101.5 758.7 45.4 35.3 2.4 2.6 1.8 1.6 2.5 3.0 297.6 287.8 21.5 22.8 20.7 20.7 27.0 25.7 952,283 327,972 323,899 321,373 319,022 23,849 24,008 19,912 23,788 28,075 57,848 122,678 24,574 28,728 60,248 115,680 24,003 1,928 4,454 8,360 1,893 61,212 62,404 do do.... do. 26,250 3,262 46,966 tons.. do Sales of gypsum products: do All other (incl Keene's cement) Board products total Lath ' 23,495 868,459 do Calcined: Industrial plasters Building plasters: 29,590 300.2 do ,. do.. . Narrow-neck and wide-mouth containers: Medicinal and toilet Chemical, household and industrial .; Stocks end of period GYPSUM AND PRODUCTS @ Production: Crude gypsum (exc. byproduct) .... thous. sh. Calcined 404>569 '382,452 280.8 do.... Beer Liquor and wine . ,. Wide-mouth containers: 1 do mil sq ft do.. Gypsum sheathing do.. Type X gypsum board do 5/16 mobile home board do... 303.8 303.8 303.8 304.2 304.2 308.4 2.4 r 23.4 309.5 310.0 23.4 310.9 26.6 27.6 319.0 312.5 r 219,074 194,972 226,926 26.1 220,472 24,442 24,731 26,095 23,307 29,204 27,448 26,673 26,259 27,293 26,774 27,934 28,991 25,982 25,165 28,009 28,184 29,755 26,519 1,968 4,488 8,396 1,832 2,517 3,696 8,559 2,097 2,208 4,103 8,462 1,541 2,579 5,299 9,503 1,947 2,488 5,156 9,509 1,865 2,520 5,699 9,695 1,852 2,834 6,326 10,254 1,943 2,598 5,732 8,661 1,607 3,489 6,029 9,111 1,777 3,365 5,197 8,261 1,849 5,214 5,019 5,491 4,906 5,764 4,989 4,978 5,417 4,832 5,752 5,840 25,119 2,840 46,683 1,958 201 50,278 1,849 236 46,683 2,116 255 46,462 1,875 212 49,124 2,095 261 50,405 1,982 270 51,009 1,848 182 51,433 2,019 198 49,982 1,542 193 50,532 1,767 259 50,244 1,790 217 52,983 12,376 11,848 7,365 11,497 r ll,687 7,593 924 778 703 862 825 500 784 872 375 844 688 397 820 919 405 886 971 218 855 809 531 949 965 772 912 923 469 1,009 945 728 966 971 733 1,044 1,036 724 5,678 4,904 419 448 308 294 277 327 401 421 384 394 445 411 393 370 29 26 25 26 30 40 39 38 34 37 37 40 232 166 14,144 79 338 199 10,551 2,638 119 4 220 225 157 13,759 59 325 208 9,295 3,446 122 304 18 9 982 4 21 15 655 258 9 20 15 10 955 3 21 15 629 258 10 19 16 10 965 4 22 15 633 259 '10 .23 17 9 876 3 18 15 564 236 9 31 21 13 1,087 4 25 18 704 286 11 39 16 7 1,100 3 24 20 716 286 10 41 14 6 971 3 20 20 618 262 9 38 16 8 1,120 4 26 25 716 299 11 40 16 7 1,098 3 24 22 702 298 10 38 15 8 1,169 4 26 23 749 315 11 42 (8)6 23 1,140 3 23 25 733 303 10 42 (6)6 21 1,216 3 25 27 774 330 10 47 540 194 346 722 306 416 592 264 328 531 196 335 692 293 400 554 254 300 3 663 3 259 3 366 133 233 662 282 380 485 182 302 525 200 325 673 285 389 439 178 261 663 261 402 646 267 379 457 185 271 40 453 1,531 410 392 3 8 976 8974 953 7 112 '909 8 117 8116 924 6292 900 5 TEXTILE PRODUCTS FABRIC Woven fabric, finishing plants: Cotton do Inventories held at end of eriod Cotton do do klo f finished orders Cotton -^^WM»"» do ^JQ COTTON Cotton (excluding linters): Production: C t' t fh t ht halpq 8 i thous runnin bales Stocks in the United States, total, end of period # tnou . runrn g ,. O f arm ana,'. "*"."' " ' , "" in , ans T> v !j ® Er "' ••* ao.... Consuming establishments See footnotes at end of tables. do..,. 8 420 3531 4990 769 339 430 8 495 4*577 4 219 2 10 826 2 11 122 6 135 9 261 9260 2 502 5 927 831 8 176 3,212 5163 740 317 423 828 236 391 794 334 459 642 343 301 9018 4711 4 307 2 15 150 2 15 646 5409 13777 13 776 3 752 9 268 756 3 657 3 255 3 402 740 317 423 601 326 275 495 172 323 725 284 441 580 249 330 550 196 354 742 312 430 575 255 320 3 695 3 255 3 391 3 440 729 314 414 585 269 317 403 660 282 378 529 194 334 r !0 156 13502 403 14 907 14 907 7 170 7 064 673 3 400 378 13777 13 776 3 752 9 268 756 12 567 12 566 2257 9488 821 493 11 424 10 060 11 422 10058 1 810 1 221 7921 8729 916 883 460 317 386 7 170 7 169 728 5542 899 6399 6397 300 5269 828 16362 16359 10617 4998 744 3 474 16439 16436 10475 5,293 668 5,290 416 8,826 12,102 390 15731 15728 7545 7575 608 12 130 15127 4355 10 146 626 r 322.1 S-31 SURVEY OF CURRENT BUSINESS January 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 Nov. Annual 1982 1981 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 mil Consuming 100 percent cotton .. do Spindle hours operated all fibers total bil Average per working day doConsuming 100 percent cotton 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' prodInventories, end of period, compared with avg. weekly production no. weeks' prodRatio of stocks to unfilled orders (at cotton mills) end of period Exports, raw cotton equiv. thous. net-weight § . bales Imports, raw cotton equivalent ,. .. .. do .. MANMADE FIBERS AND MANUFACTURES Fiber production, qtrly: Filament yarn (acetate) , , mil. lb.. NonceUulosic, except textile glass: Yarn and monofilaments Staple incl tow .. Textile glass fiber do.... do . do.... Fiber stocks, producers', end of period: Filament yarn (acetate) ....mil. lb.. Staple incl. tow (rayon) ... do ... NonceUulosic fiber, except textile glass: Yarn and monofilaments . . do.... Staple, incl. tow do.... Textile glass fiber . . . do.. Manmade fiber and silk broadwoven fabrics: Production (qtrly.), total # mil. sq. yd.. Filament yard (100%) fabrics # do.,.. Chiefly rayon and/or acetate 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.. 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.. FLOOR COVERINGS Carpet, rugs, carpeting (woven, tufted, other), shipments quarterly mil sq yds 8,021 17 54.5 478 0 60.1 737 1 51.2 653 0 49.9 754 0 48.4 873 (fl) 50.1 676 4 53.5 484 13 54.2 498 4 54.9 396 1 57.6 342 2 52.1 351 10 54.9 293 1 59.8 382 c 59.9 3 3 83.0 57.5 55.1 57.8 57.3 59.7 62.0 62.4 61.1 65.0 60.4 59.0 58.6 58.2 15.9 6.0 102.4 0.388 42.0 15.4 5.5 91.8 0.357 33.6 15.3 5.5 7.0 0.349 2.5 15.4 5.5 4 6.9 0.278 4 2.5 15.4 5.5 6.5 0.327 2.3 15.3 5.5 6.8 0.339 2.4 15.3 5.5 4 8.3 0.414 4 3.0 15.2 5.5 6.7 0.337 2.5 15.3 5.6 6.6 0.327 2.5 14.9 5.6 4 7.8 0.310 4 2.9 14.7 5.5 5.4 0.268 2.0 14.6 5.4 6.3 0.314 2.4 14.5 5.3 4 7.7 0.306 4 2.8 14.5 5.3 4,456 3,913 ^,975 16 74.4 71.5 5 1,002 Suits (incl. pant suits, jumpsuits)..... do.... Skirts ,..„...... do.... Blouses thous. dozen.. See footnotes at end of tables. 953 983 12.8 14.6 15.3 12.5 12.7 11.5 9.6 8.8 12.7 10.7 9.2 8.6 4.2 5.6 6.4 6.7 6.8 7.0 7.3 7.1 6.3 7.2 11.2 8.7 5.9 5.8 5.8 0.29 0.40 0.50 0.46 0.45 0.56 0.58 0.62 0.65 0.82 0.88 0.81 0.63 0.68 0.64 540.2 567.0 345.6 766.3 26.6 66.7 21.9 58.9 18.2 66.5 18.6 55.1 20.4 47.4 20.6 45.4 24.3 54.1 24.8 47.8 22.7 41.4 15.7 48.7 18.4 49.3 20.7 44.3 308.5 443.3 257.0 460.6 54.8 1117 52.9 954 3,725.3 4,148.2 867.3 3,792.8 4,191.1 1,041.1 834.2 9408 263.2 785.4 8646 206.9 18.4 27.2 14.3 31.1 14.3 311 13.5 382 289.3 287.0 104.1 337.0 327.8 146.2 3370 3298 1462 3307 340.3 151.8 10,774.1 3,980.6 11,228.7 3,850.9 2,586.8 884.4 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 2,352.3 769.0 955 1103 1,326.3 305 1,009.3 225.3 36.87 16.87 12.03 19.98 70.14 10.65 7.41 59.49 40.59 20.04 5 5 9.1 2 282.0 834.4 105.8 110.0 1,189.7 28.7 901.3 223.4 0510 42.01 18.42 12.11 23.59 67.85 12.27 8.74 55.58 40.45 15.32 44.21 20.65 13.36 23.56 91.93 12.48 9.14 79.46 53.04 21.76 33.93 16.12 10.66 17.80 77.34 9.50 6.58 67.83 43.58 17.80 33.13 14.70 9.32 18.44 100.051 35.86 16.06 11.29 19.80 82.75 12.95 r 9.07 69.80 48.38 21.52 12.8 4 1.0 6.6 1.8 9.0 0.7 4.9 2.0 8.2 0.9 6.0 2.0 4 9.4 4 0.8 6.6 2.6 5.9 0.6 4.0 1.7 8.0 1.0 4.2 2.0 4 8.2 4 L2 4.7 1.8 2.9 1.4 3.6 1.3 2.44 3.13 2.40 3.23 2.40 3.36 2.40 3.21 2.40 3.04 2.40 2.94 2.40 2.87 2.76 2.69 637.73 318.89 208.48 318.84 639.08 130.52 95.38 508.56 434.87 184.70 46.95 23.16 15.51 23.79 49.12 10.56 8.02 38.56 31.96 12.63 113.4 10.0 56.5 26.0 127.8 10.9 2 75.3 26,1 9.4 0.7 5.1 2.0 5 2.45 5 5 2.78 5 2.83 3.17 158.3 165.0 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 3.09 3.16 38.08 19.00 12.74 19.09 39.51 7.71 5.83 31.80 25.97 8.64 35.96 15.67 10.59 20.29 40.14 9.58 6.79 30.56 25.39 8.56 771.54 418.64 249.77 352.91 540.64 97.48 67.28 *443.15 378.52 187.74 34.90 16.20 9.72 18.70 53.18 10.88 7.74 42.30 36.48 12.46 38.35 17.13 10.13 21.22 48.07 8.73 6.58 39.34 33.95 11.22 11.2 4 1.0 5.3 2.0 9.4 0.7 8.0 2.1 9.6 0.9 6.3 1.6 2.83 3.12 2.75 3.01 2.63 3.03 4 APPAREL Women's, misses', juniors' apparel cuttings: Coats . >. ... ... thous. units.. 2.5 14.1 15.8 "58.6 849 8,152 939 6,461 2.178 639 8,015 813 5,192 2.097 39.72 18.10 11.48 21.61 47.74 9.33 6.82 38.41 32.29 10.55 4 14.40 10.44 85.65 60.91 26.41 2.67 S-32 Unless otherwise stated in footnotes below, data through 1978 and descsiptive notes are as shown in the 1979 edition of BUSINESS STATISTICS SURVEY OF CURRENT BUSINESS 1980 1981 1981 Nov. Annual January 1983 1982 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 23.888 29.632 22,725 24,466 27,540 22.561 102 Dec. 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.. 14,074 16906 124 Oil 253 640 40988 286.379 14,686 14686 1,227 1433 1,139 1312 175 445 38 112 304,826 10052 2864 24.125 10178 2441 19.796 25.065 21.634 23.902 23.898 22,248 TRANSPORTATION EQUIPMENT AEROSPACE VEHICLES r 69,624 Orders new (net) qtrly, total @ mil $ TJ S Government do '33,496 r 67,642 Prime contract do 58,440 Sales (net), receipts, or billings, qtrly, total do.... 26,674 U S Government do Backlog of orders, end of period # do.... '89,732 r 37,199 U S Government do Aircraft (complete) and parts do.... '46,777 11,494 Engines (aircraft) and parts do Missiles, space vehicle systems, engines, propulr 8,498 sion units and parts mil $ Other related operations (conversions, modifications), products, services mil. $.. 10,240 Aircraft (complete); 13,043.1 Shipments # # .. do 97,068 Airframe weight $ $ thous Ib 8,250 Exports commercial $$ mil $ MOTOR VEHICLES (NEW) Passenger cars: 3 6,400 Factory sales (from U.S. plants) total thous.. 3 5,840 Domestic do 8,979 Retail sales, total, not seasonally adj t do.... 6,581 Domestics § do.... 2,398 Imports § '. do.... Total seas adjusted at annual rate "j" mil Domestics § do.... Imports § do Retail inventories, end of period, domestics: § t 1,520 Not seasonally adjusted thous.. 1,440 Seasonally adjusted do 2.6 Inventory-retail sales ratio domestics § "j* 607.80 509.13 To Canada do.... Imports (BuCensus), complete units # # do.... 3,310.7 594,8 From Canada total do.. . 8,761 Registrations 11 total new vehicles ... • do.... 2,469 Imports, incl. domestically sponsored do.... Trucks and buses: 3 1,667 Factory sales (from U.S. plants), total thous.. 3 1,464 Retail sales, seasonally adjusted: t Light-duty, up to 14,000 Ibs. GVW do.... 1,963.5 5 92.3 Medium-duty, 14,001-26,000 Ibs. GVW do.... 8 175.7 Heavy-duty, 26,001 Ibs. and over GVW do.... Retail inventories, end of period, seasonally 8 adjusted t thous.. 4 574.0 190.32 Exports (BuCensus), assembled units do.... Imports (BuCensus), including separate chassis and bodies thous 1,133.28 Registrations, H new vehicles, excluding buses not 2,477 produced on truck chassis thous.. Truck trailers and chassis, complete (excludes detachables), shipments number- 136,702 86,248 Vans • do 11,849 Trailer bodies (detachable), sold separately do.... 14,202 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.. L85,920 ^0,357 Equipment manufacturers do New orders do.... '43,955 Equipment manufacturers do.... ^0,140 52,370 Unfilled orders, end of period do.... Equipment manufacturers do 47,866 Freight cars (revenue), class 1 railroads (AAR): $ Number owned end of period thous 1,168 Held for repairs, % of total owned 8.8 Capacity (carrying), total, end of mo mil. tons92.56 Average per car tons.. 79.24 See footnotes at end of,tables. '72,852 '39,102 r 70,633 r 69,944 r 33,039 '92,640 '43,262 '44,555 13,173 19,526 11,808 18,869 18,742 '9,253 '92,640 '43,262 '44,555 13,173 20,078 11,016 19,406 16,719 8,740 95,923 45,532 46,479 13,534 18,469 10,908 17,951 18,073 9,294 96,319 47,146 46,103 13446 11,047 11,047 10,988 10,873 11,314 11,314 11,981 13,070 13,195.0 89,076 8,551 1,017.7 1,592.4 7,025 9,871 476 952 708.3 4,187 504 774.2 3,993 369 1,122.0 5,857 809 806.0 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 '3,665 77 558.4 3,097 378 561 523 651 452 199 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 1,247 6 3.1 38.66 35.72 275.5 83.3 717 206 1,377 1,378 3.2 34.29 32.27 261.9 44.1 626 203 1,379 1,531 3.4 21.18 18.39 263.0 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 2 404 2 384 6,225 5,749 8,535 6,209 2,326 425 394 585 432 152 7.7 5.4 2.3 370 344 523 358 165 7.2 4.9 2.3 273 256 535 368 166 7.9 5.4 2.5 320 302 632 457 175 8.4 6.2 2.2 469 431 777 576 201 7.7 5.6 2.0 488 441 669 499 170 7.3 5.4 1.8 510 468 774 584 190 8.2 6.2 2.0 1,471 1,495 2.9 538.12 470.86 2,998.6 563.9 8,444 2,432 1,490 1,494 3(3 29.73 24.95 237.3 58.9 614 169 1,471 1,495 3.7 29.18 22.37 233.7 45.7 612 184 1,432 1,383 3.1 17.27 13.42 259.9 37.1 509 159 1,325 1,241 2.4 23.87 19.46 195.9 58.0 546 164 1,247 1,171 2.5 40.21 36.03 285.7 70.4 626 176 1,256 1,187 2.6 49.59 45.72 249.2 73.2 672 186 1,213 1,146 2.2 45.70 42.55 309.5 71.2 708 189 1,700 1,513 123 112 127 115 116 108 144 133 197 184 183 169 193 180 212 197 166 154 142 134 155 146 143 133 1,746.6 5 73.9 S 151.7 130.8 4.3 11.2 114.2 5.3 13.6 173.4 3.9 14.6 182.0 3.4 12.2 196.0 3.3 12.6 165.6 3.8 13,2 198.5 4.7 12.4 154.1 4.2 11.7 156.3 4.1 9.8 141.8 7 3.4 7 10.4 192.1 4.2 10.1 142.1 3.4 9.3 192.7 3.6 9.8 176.3 3.6 12.4 5 559.4 170.50 547.5 10.77 575.5 8.97 517.0 8.22 492.4 11.46 473.9 12.68 510.6 12.37 521.5 12.89 566.0 13.81 622.5 9.17 691.7 7.80 668.3 6.62 647.7 10.31 579.6 9.80 544.8 838.92 69.97 72.29 74.80 57.15 82.00 73.68 71.63 73.27 51.73 56.50 57.33 54.44 43.28 2,185 169 180 156 171 208 219 226 226 197 193 182 193 215 117,635 70,928 7,239 8,615 9,408 6,109 404 817 9,628 5,611 336 561 7,476 4,327 252 449 8,418 4,928 203 564 9,903 6,355 429 817 8,453 5,300 440 846 8,023 5,240 504 790 8,382 5,388 376 598 6,046 4,025 305 680 7,826 5,582 228 597 '6,910 '4,900 '335 320 6,385 4,294 378 211 44,901 *41,435 17,916 17,288 16,485 14,819 2,063 1,839 860 860 17,724 15,802 2,711 2,455 1,811 1,811 16,485 14,819 1,995 1,833 815 815 14,735 13,231 1,762 1,526 753 753 13,486 12,218 2,247 2,032 1,485 1,485 12,599 11,546 2,443 2,265 539 539 10,560 9,685 1,794 1,694 487 487 9,253 8,478 1,339 1,244 586 586 8,500 7,820 1,369 1,369 179 179 7,187 6,507 1,060 992 373 373 6,829 6,217 967 913 583 583 5,895 5,337 890 650 884 134 5,283 4,710 610 525 249 249 4,866 4,378 1,111 6.9 89.37 80.43 1,116 7.0 89.64 80.30 1,111 6.9 89.37 80.43 1,110 7.0 89.32 80.48 1,105 7.4 89.02 80.58 1,100 7.6 88.76 80.71 1,095 7.6 88.48 80.84 1,090 7.7 88.19 80.92 1,083 8.0 87.71 81.02 1,077 8.1 87.47 81.19 1,069 7.9 86.94 81.35 1,059 8.3 86.24 81.44 1,053 8.4 85.86 81.54 1,047 8.5 85.43 81.60 5 r 6 7 8 743 558 185 9.4 6.8 2.6 632 448 184 8.7 6.1 2.6 1,164 1,229 '2.2 27.39 23.71 253.6 56.8 678 181 1,126 1,178 2.3 2 126 2 130 S-33 SURVEY OF CURRENT BUSINESS January 1983 FOOTNOTES FOR PAGES S-l THROUGH S-32 General Notes for all Pages: r p e c Revised, Preliminary, Estimated, Corrected. Page S-l Page S-8 t 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, J 929-76: Statistical Tables. $ Includes inventory valuation and capital consumption adjustments. * New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "t" 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. 1. Advance Estimate. If 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. f 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. PageS-2 1 . Based on data not seasonally adjusted. # Includes data not shown separately. $ Revised series. For wholesale see note "$" for p. S-8. For manufacturing see note t for p. S-3. For retail see note "t" for P- s-& t See note "t" for p. S-3. § See note "t" for p. S-8. @ See note "$" 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 "$" for p. S-8. For manufacturing see note "t" for this page. For retail see note "t" for p. S-8. t Revised series. Data have been revised back to 1972. A detailed description of these revisions and historical data appear in the reports "Manufacturers' Shipments, Inventories, and Orders" M3-1.10 (1972-1980) and M3-l.ll (1977-81), available from the Bureau of the Census, Washington, D.C. 20233. § See note "t". for p. S-8. @ See note "$" 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. 11 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. 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). If Revisions, back to 1975 for some commodities, are available upon request. $ See note "$" for p. S-4. PageS-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 noriinstitutional 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 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. f See note "1f" for p. S-9. Page S-l 1 t See note "+" on p. S-10. $ 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. 11 Production and nonsupervisory workers. PageS-12 1. This series has been discontinued. f 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 Jan. 1, 1983: Common, $14.86: Skilled, $19.34. PageS-6 PageS-13 § For actual producer prices of individual commodities see respective commodities in the Industry section beginning p. S-l9. 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. $ Effective Feb. 1982, data have been revised back to 1977 to reflect new seasonal factors. 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. PageS-7 1, Computed from cumulative valuation total. 2. Index as of Jan. 1, 1983: building, 342.0; construction, 368.7. # Includes data for items not shown separately. § Data for Jan., Apr., July, Sept., and Dec. 1982 are for five weeks; other months four weeks. S-34 SURVEY OF CURRENT BUSINESS January 1983 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 Dec. 1, 1982 was 12.14. # 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. If 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. Seenotelforp.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. # 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. Ml-B will now be designated "Ml." 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: Ml.—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. M2.—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. $$ 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. PageS-16 1. Beginning Jan. 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. PageS-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. H Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly comparable with data shown for other periods. PageS-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. § Excludes pearl barley. # Bags of 100 Ibs. H 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. U 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. Page S-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. U 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. f 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. H 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. T 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 "1T" for this page. $ Except for price data, see note "$" for p. S-27. S-35 SURVEY OF CURRENT BUSINESS January 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. U 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. «[ Cumulative ginnings to the end of month indicated. § Bales of 480 Ibs. $ 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. 11 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 "f" 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 4 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. If 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, f 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. @ In the 1979 BUSINESS STATISTICS, 4th Qtr. 1977 should read "13,946" mil. $. $$ In the 1979 BUSINESS STATISTICS, annual data for 1977 should read "2,604.8" mil. $. ## Revisions back to 1977 are available upon request. FIXED REPRODUCIBLE TANGIBLE WEALTH IN THE UNITED STATES, • 1925-79 U.S. DEPARTMENT OF COMMERCE Bureau of Economic Analysis D D D D D D D D D D D D D D D D D D D D D D D O D D O D D D D D D a D n D O D O D a D a D D D D D D D D D na an a D DD D D a a a a D a a a D D D D D D D D D D D D D D D D D D D DD a a a a a D a a a a a a a a a D D a a D aDa DaD a Daa a aaa D Daa Daa D DDD DaD D DDD aaa a a Da Daa a aaa DaD a a aD a a a a a D D a a a D D D D D D D D D D D D D D D D D D n a p D D D D D na na Fixed Reproducible Tangible Wealth in the United States, 1925-79 provides estimates of capital stocks and related measures for: • • • • Fixed nonresidential private capital Residential capital Government-owned fixed capital Durable goods owned by consumers The methodology and the investment series used to derive the wealth estimates are also presented. The estimates are consistent with the NIPA's, definitionally and statistically. This book is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. (Stock number 003-010-00102-0, price $13.00). To order call (202) 783-3238 or use the order blank. a a a D aa na aD DD 0 DD D D D D D D D D D D D D D 1=1 D D D nan D a a D a a a a a n ODD a D a D a a o a a D a a D a a a a a a a D D D O D D aD Da aa a a a a a a a a D D a a D D a D D D a D a a a a D D a a D a a D D D D D D D D a a a a a a a a a a D a a a a a a D a a D D a a D D a FIXED REPRODUCIBLE TANGIBLE WEALTH IN THE UNITED STATES, 1925*79 ORDER FORM Mail To: Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Enclosed is $ D check, Credit Card Orders Only D money order, or charge to my Total charges $ Fill in the boxes below. Deposit Account No. Credit i—r—i—i—i—i—i—i—i—i—i—i—\—i—i—r Card No. I I I I I I I I I I I I I I 1 I Expiration Date , Order No Month/Year I For Office Use Only. Name—First, Last I Quantity Charges Enclosed Street address I To be mailed Subscriptions add it Company name or additional address line Postage City State ZIP Code Foreign handling MMOB (or Country) OPNR UPNS Discount PLEASE PRINT OR TYPE Refund i i i i i i i i-n i i i i i i i i i i i i M i l l I I I I I I l I l I I I II I I I I I I I I I II Dishwashers .^..i............._____,«,„, 1-5 Commodity prices ,n.;....u;..,».,,»4..,...^w.*.. Constructionand real estate ,w«.U«.,.*..,..;, ' BomestiC;tridew.>,»«,*,,v*«...,..,*v,w,;«..,..,.^ Lahor force, employment, and earnings.... , Foreign trai^ Transportation and communication .. Industry: •;''„;'; -.V-C' ;•/:"-. : V\VV Chemjcak -; , Electric power anil, :^s v«w.*».«v»t.,«,. Food and kindred products; tobacco §,« ^r; 8,9 . 16*18 1% 19 20-23 Failures, industrial and comnierci^ „„.,„»„ Rubber and rubber products ........ Stone, clay, and glass products .... .*«..,«,, . . - 29,2ID:* 30-32; Aerospace vehicles ,_ Agricultural loans ..... Air carrier operations., Air conditioners (room) Aircraft and partis ..«,.;,„„„,... Alcohol, denatured and ethyl. Alcoholic beverages Aluminum Apparel ... Asphalt,;.,, Automobiles, etc .... , Banking '^.... -iatarley;.,^...;.*.,.,., ~;-w««.™».w,«^w^*jp^wwiw&-^|iew), failures.... Business sates and inventories ,^.. ":jCemeiit,,,^.,..^,#,.,..^,. .^^...^...^ CJhain-store sales, firms with 11 or more i *v*,/stores .,,.,„' • • - - 'Cheesew.*...* Chemicals T_, ,„„ Cigarettes and cSS;T ' Clay products ..,.„..,..,' Clothing (seeapparefc Coal.. - - •• • 9: 21 2-% 1042,15* 17,19,20 Combusti on7 atmosp^ ,- m,ent'«,»«»*«»*;»»»,»4«i»'»»y», Communication .^,..*»>i Confectionery, sales... Construction: '-••'••'„ • Contracts „„.;...„.„«. ...,.^,..... Employment, unemployment, JiOurs^ ,;; 7 --- '-"10-12 Highways and streets .. , .:'t Housing starts .w.^««...w««,.< New construction put jln place •;:,," ' 7 ..^ 14 Consumer goods output, index 1,2 Consumer Price Index ..„..,. •**oir»**-»'**»»«***»*%*»*«»»,»»^»* 5,6 Copper and copper products ' ' " " " ' " " ' ' '' 21 Cost of living (see Consumer"Price IndexC*"!". 5/6 Cotton, rawand maiiulacturei.,.^. 5,30,31 Credit, commercial hank, consumer „*;.,.*: , % ' 14' • 5,21,23*30 Crude oil.„.„.„„,„..„ Currency in circulation, »Z1" :/ =/ 15Bairy products ..*. .«».,„ 5,21 ; Deflator, PCE w..»**«.»..»«.,..»..,.«*..,. Department stores, sales, inventories.., Deposits, bank ..,;..«•' 14 M,,....;^.V.I, : ,*.,^;, v ;» ,9,, ,..»^ 13*15 : • ^^ ! ? l 20 1«, 17 S ;;; 5,6 , Personal/income 4, 5 20 " '/;;"":2-4';' ' Paper and products and pulp ' ;U 11 . M . i l t on expendittoes ...».,.t;......^v'' ' ' | ' ~ - 12 .-; -i7> |4 13 Plastics and resin materials . « 20 . -^ " * Price deflator, i .....»M« Pricej (see also in«dual com^ditiesl ._......... Pmate sector em^oymenr tours, earn* Mooring, hardwood « ; 24 . Hoiir, wheat .........i..*.....^^.^......^.^...^..!.^..... 22 Fwd products. «^.«..w.M. 2^6, 8/10rl2, 15, 17, 20^23 Foeign trade (see also individual coinirtod.) «— 16-18 INW-^W<«fi(i^M^ 32 Fruits and vegetables^ ««..*....™..M....WW«*. .. * $ Fuel oil '^^^^^^ 5, 2S *&-««*«»«*~M^^ ' Furnaces- ..iM^...^........^*^..^......^.^,.,,^-,,, 27 , I^itiire.....^^....^^.,,^^^ : Gas, output, prices, sales, revenue^ ..WU,«........ 2, 6, 20 .grtwlp^-^^^^^ja*^ . '28Glass and products v«,...«»«»*.»,..^,»»»....;...i».,»M , 30 *.*«...»» -vr ** 16 m Radio and television Railroads .,,4,**..—^ Ranges ,,,»*,»,.^ Rayon and acetate Real estate «..„..,...«„*..,....„*,„., • 14 ... 5, 6, 21^ 22 9 M...,.t, -; ; J30; grains and proAacts^w»»» CJrocery stores Imports (see also individual ctimmoalties) ^..»..., 17, 18 ^Income, per^onaU.^^...^.,,..^.^^..,.^;^ 2 Income and employment tax receipts *...»,..„„..„« 14 Industrial production Metes: ' " ' By market grouping .........»«.«,,...,.tM;, Installinenf: credit,,^ Instruments and related products „.„.„ Interest and money ra&s ^^«.«*«. w.. Inventories, manufacturers9 and trade . 1^2 ~^A""-- 14 ... 2-4,10-12 ..,».«.,>• i,4\ Labor advertising inde*..^..,..,,. •«»'*«.».«;.«.*«, - - - • • 14 Labor force ..*....«.,.*,»..„„„..„„„„, *„.„.*,„„., 9,10 Lamb and mutton „.„;...„„,.„„... >..«......,.,.,. 22 lead, ,.,.....»,».... 26 Leather and products ...... 2,6,10-12, 23 -Livestock w..«,........«..;.....M^M.....M,M^ »....,.,.i..,.,,.; 5,22 Loans, real estate, agricultural, hank (see also Consumer credit)../ ,...........„„„. 8,13 Lubricatnts , „ Lumber and products. Z17MO-12, 23, 24 Machine tools ...»,........«...„....,.„..„.„.„.„..„.„..,.„ 26 Machinery ......w.,,.;^.,^««. 2-6, lO-bfll, 17,26,27 Manufacturers' sales (or shipments), inventories, mfatt..,...^^^ 3-5 Manufacturing employment, unemployment; production workers, hours, earnings .„..„..,„... Manufacturing production indexes.,.....,..,, ...„„, 1,2 Meat animals and meats................. . 5,22 Medfeal care,..,.,.,,. ^.»»«»»».^»^™^ 6 2-6,10-12,15,24-26 Milk ....4v.«A.. —....*...«... 21 Mining and »iinerals...«...... 10-12,15 Monetary statistics ....^... 15 Money and interest rates .» 14 :;-f»^^^^^^M^,W 15 Mortgage applications, loans, rates. 8,13,14 Motor carriers *.*«*«..........,;....„.......„.„»,„.. Motor vehicles W..-.4......,..»,.«. 2-4, 6, S^ 15,17,32 «**•*.&/• 8,13:, Receipts, U.S. government,..».; Refrigerators »..»..;.<*».;,.«„.,».»,... Registrations (new vehicles),.., Rent (housing) ............^.^^^ Retail trade .........i.....,.^......,,, !SiSr?jC£%: 1^2-: 26 12 ..^..,,3,4,9 „„,.;...,' ' - 3 ...i... 2,15,24,25 :-.>.-'•"? Orders, new and unfilled, i^i^icturers* .^...^ to, 11 ^^^ Home Loan banks, outstanding^?ances.* : Home mortgages? *..«^^..^. ......^.»«.; :< % Hotels and motor-hotels ..*.„„;««*».,„*... ^ HourVaveTage weeMy^^ H Housefurnishings ...«..,.......w»ww...»«»*.......^. 2, 4S 5, 8, 9 Household^^appliaiices, radios, and television sets * * 27 Housing stots and pertnits^..^,w.i..u^i...M 7 Building costs *« 16 ^onferrdtts ^meft|ls,..w..,.U^^^.^...i % .fyfy -15^ 25; 26 ; Oats «*«»*«.*«««.«»««.«.*»»,«.«,f,.^ > , -• '21: - Oils and ^.^«...............«;.M.M,U»w^.«...^.^. ' ' - '-^7 ' 5,22 2,20 2-5, jfi^iways and streets ' - - , 29 New York Stock Exchange, selected data...;^... '- -^'-' 9 Heating ei?Uipnient«M««,«M Help-wanted advertising index .. _______ ,._, Bonds, issued, prices, saie^ yields Brass and broi&e ^. ' '' Federal Government finance. .««»WW.,.,M^ Federal Reserve banks, large commercial^ , Battery shipments Beef and veal Beverages ' Exports (see also individual commodities) . <„.,.,.., :,24-27 *wL, 33-35 "' , . . . « , * . M « , Electrical machinery and eQUipment*».. " '•!,'.'• - -•:,'. -•-;:'• - v ' - " : . ''" : - : ' - ; : : ' Employee-noiirf , a^regate^ w& indexes ,. ............*.,,^,..,..,.,^^^^ 1 8,9 12 19,20 ^iii,-2T,;jg-- . 20 1,15 Explosives . M . . . « M M . . . . . . . . M . . Lumber and products Metals and manufactures.. Petroleum, coal, and products «». Pulp, paper, and paper products .. Transportation equipment . 27 1 Disposition of personal income Distilled spirits...^.,, Dividend payments ... Drugstores, sales Earnings, weekly and hourly .. Eating and drinking places ;,„ ' • " ' «»«..«....*.+..«...».M,,,Mi«.rt.»MMMw, <, Rtthher ' and products (ind^ ' ' , 2-C ' Savings and loan assoc., new mortgage loans . -Savings deposife .M..........w.......«^^.^M^Mu..a ' Security markets Services .....^.............^^ Sheep and lamhs,.,.. „;. Shoes and other footwear 16 <22 '• Spindle activity, cotton ».,,,,.^....w.,.w Steel (raw) and steel manufactures ....... • Steel-scrap:i.i,,,»*,»,i,»,,.«..,,,»t.,i,*.».«»i,,i,,,.:: -; Stock market customerfinancing, Stock prices, yields, sales, etc ,*.,., Stone, clay, glass products ,,,.,.l..«» '31; ;L.\IS> vX-Ifc'15,30 23 Sulfiiric acid «.^ ,MM.^,..W.,..,M»..,,^..*..;..^, ; |9 Superphosphate .,..»..*..,..,.,«...;,..,*,,«,..,..,..,^WM,.M 19 ; ' tea: imports ^........^^...^....i..^.^...^^.^..^,^ -. '' 23'? Telephone and telegraph carriers ,..........;...,«»«,. 19 Television and radio ..,.i,,.v..«.,,0^M.,...w^,>.i,^: 27 Textiles and products ,.,......,.,,v. 2^4,10-12^ 15,30, M Tires and toieTtulb^ j$; Tobacco and manufactures „.„.„.«„.,».,.;.,. 2-r4» 10-12, 23 ....i,.,.,..,..^, „ •..... • ' , : • , - • ' , : - : ; - ' 27' Trade (retail and wholesale) **» *•*»«?»•*•»»» Transit Iti^s, urban .,,..^«., Transportation .,..„.„.,..„„„„, Transportation equipment ,^..,..,, 2-6^ iti-lX 15,' 17; 32 . . . M M Truck trailers ,i.«.........i.».......^ Trucks (industrial and other)., Unemployment and insurance. U.S. Government bonds . ....».„;««.*,„ I -, 16 - Tractors,, »*«••«•••«..«....< ^^ciium cleaners:.. variety stores .........„.. Vegetables andfruits\... Veterans' unemployment i Wages and s^aries^«.._, Washers and dryers >.^...^, Water heaters ....;..,.,.;.,..M,MVM Wheat and wheat flour ,^...iM Wholesale trade .,..„„..,..,.,„.. Wood pulp i.^......^........^,..,.. Wool and wool manufactures '•• ; 14 '' 2, & 1,15,16, 2Q »»,,i........i«» ;\" • 27,,, (,.«.^...,».,«. .•".:': 9 ' --: 5 ' ' 27'' ' :,2t*, *2- 31 26 UNITED STATES GOVERNMENT PRINTING OFFICE :\SHINGTON, D.C. 2040 OFFICIAL BUSIN