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)
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',
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).
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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
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D O
D O
D a
D a
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D
D
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D
D
na
an a D
DD D D
a
a
a
a
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a
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a
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D D
D D
D
D
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D
D
D
D
D
D D
DD
a
a
a
a
a
D
a
a
a
a
a
a
a
a
a
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a
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aDa
DaD
a
Daa
a
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DaD D DDD
aaa a a Da
Daa a aaa
DaD a a aD
a
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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.
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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.
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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
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I
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add it
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Foreign handling
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(or Country)
OPNR
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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
@FedFRASER