c;£-al economic indicator :;~ s - st. louis fed · 2018-11-07 · washington, d.c. 20402 the 1980...
Post on 07-Jan-2020
1 Views
Preview:
TRANSCRIPT
97th Congress, 1st Session
C;£-AL?*•' :;~
Economic Indicators
NOVEMBER 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, ChairmanROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVESRICHARD BOLLING (Missouri)LEE H. HAMILTON (Indiana)GILLIS W. LONG (Louisiana)PARREN J. MITCHELL (Maryland)FREDERICK W. RICHMOND (New York)CLARENCE J. BROWN (Ohio)MARGARET M. HECKLER (Massachusetts)JOHN H. ROUSSELOT (California)CHALMERS P. WYLffi (Ohio)
SENATEWILLIAM V. ROTH, JR. (Delaware)JAMES ABDNOR (South Dakota)STEVEN D. SYMMS (Idaho)PAULA HAWKINS (Florida)MACK MATTINGLY (Georgia)LLOYD BENTSEN (Texas)WILLIAM PROXMIRE (Wisconsin)EDWARD M. KENNEDY (Massachusetts)PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, ChairmanWILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled ''Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copyor by subscription at $21.00 per year ($26.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual datafor years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent ofDocuments, Government Printing Office. It should be noted that many of the series have undergonemajor revisions since the Supplement was published in the fall of 1980.
tt
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the third quarter, gross national product rose $70.8 billion or 10.2 percent, both atannual rates. Real output (GNP adjusted for price changes) rose 0.6 percent from the second quarter level and theimplicit price deflator rose at a 9.5 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)3,000
BILLIONS OF DOLLARS (RATIO SCALE)3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600
1,400
1,200
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,600
2,400
2,200
2,000
1,800
1,600
1,400
1,200
GNPIN CURRENT DOLLARS
Y
GNPIN 1972 DOLLARS
J I L I I I J L J L J I L1973 1974 1975 1976 1977 1978 1979 1980 1981
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
19701971197219731974197519761977197819791980
1980: III—III..IV...
1981: I....II...Ill *_
Grossna-
tionalprod-uct
992.71, 077. 6I, 185. 91, 326. 41, 434. 21, 549. 21, 718. 01, 918. 02, 156. 12, 413. 92, 626. 1
2, 571. 72, 564. 82, 637. 32, 730. 6
2, 853. 02, 885. 82, 956. 6
Pei-*sonalcon-
sump-tionex-
pend-itures
621.7672.2737. 1812. 0888. 1976.4
1, 084. 31, 205. 51, 348. 71, 510. 91, 672. 8
1, 631. 01, 626. 81, 682. 21, 751. 0
1, 810. 11, 829. 11, 887. 2
Grossprivatedomes-
ticinvest-ment
144.2166.4195.0229. 8228. 7206. 1257.9322.3375.3415. 8395. 3
415.6390.9377. 1397.7
437. 1458. 6459. 1
Exportgooc
Netex-
ports
6.74. 1.7
14.213.426.813. 8
-4.2-.613.423.3
8.217. 144.523.3
29. 220. 822.0
,s and imjIs and ser
Ex-ports
65.768.877.5
109.6146.2154. 9170.9183.3219.8281.3339.8
337.3333.3342.4346. 1
367.4368.2364. 1
)orts ofvices
Im-ports
59.064. 776. 795.4
132.8128. 1157. 1187. 5220.4267.9316.5
329. 1316.2297.9322.7
338. 2347.5342. 1
Go
Total
220. 1234.9253. 1270.4304. 1339.9362. 1394.5432.6473.8534.7
516.8530.0533.5558.6
576.5577. 4588.3
vernment
Total
95. 796.2
101.7102.0111. 0122.7129.2143.9153.4167.9198.9
190. 0198. 7194.9212.0
221.6219. 5226. 0
purchasesservices
Federal
Na-tional
de-fense
73.670.273. 172.877.083.086.093.3
100.0111.2131.7
125.0128.7131.4141.6
145. 2148.2153. 8
of goods
Non-de-
fense
22.226.028. 529. 133.939. 743. 250.653.456.767.2
64.970.063.570. 4
76. 471.372. 1
and
Stateandlocal
124.4138.7151.4168.5193. 1217.2232.9250.6279.2305. 9335.8
326.8331.3338. 6346.6
354. 9357. 9362.3
Finalsales
989.51, 070. 01, 175. 71, 307. 91, 420. 11, 556. 11, 706. 21, 897. 02, 133. 92, 396. 42, 632. 0
2, 569. 12, 557. 42, 653. 42, 748. 0
2, 848. 52, 862. 52, 932. 2
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
19701971197219731974197519761977197819791980
1980: 1—-!!_„.III..IV...
1981: I....II_._III*.
Grossnationalproduct
1, 085. 61, 122. 41, 185. 9l} 255. 01, 248. 01, 233. 91, 300. 41, 371. 71, 436. 91, 483. 01, 480. 7
1, 501. 91, 463. 31, 471. 91, 485. 6
1, 516. 41, 510. 41, 512. 8
Per-sonalcon-sump-tion
expend-itures
672. 1696.8737. 1768.5763.6780.2823.7863. 9904.8930.9935. 1
943.4919.3930.8946.8
960.2955. 1964.6
Grossi
Non-resi-
dentialfixed
113.8112.2121.0138. 1135.7119.3125.6140. 6153. 4163.3158.4
165.0156. 1155. 5157.0
162.0161. 1162.8
private cl<Dvestmem
Resi-dentialfixed
41.053.763.862.348.242.251.260.662.459. 148.1
54.243. 144.750.6
51.047.843.3
>mesticD
Changein busi-ness in-vento-
ries
3.88. 1
10.217.211.6
-6.77.8
12.314.010.2
-2.9
-.91.3
-5. 0-7.2
-1.410.814.0
Exia
M*a-friMetexports
3.91.6.7
15. 527.832.225. 421. 924.637.752.0
50. 151.757. 648.5
50.946.239.8
sorts of g<nd service
Exports
70.571.077.597.3
108.5103.6110. 1113.2127.5146. 9161. 1
165. 9160. 5160.5157.4
162.5161.5158.2
jods3S
Imports
66.669.376.781. 880.771.484.791.3
103.0109.2109.1
115.8108.9102.8108.9
111.6115. 4118. 4
Govern!gooc
Total
251. 1250. 1253. 1253. 5261. 2266.7266.8272. 3277.8281.8290.0
290. 1291.9288.2289.8
293.6289.5288.4
nent pureIs and ser
Federal
110.6103.7101.795.996.697.496.8
100.799.8
101.7108.1
107.6110.7106.9107.4
111.2108.7109.7
bases ofvices
Stateandlocal
140.5146.4151. 4157.6164.5169.3170.0171. 6178.0180. 1181.9
182.5181.2181.3182.4
182.5180.7178.7
Finalsales
1, 081. 81, 114. 31, 175. 71, 237. 81,236.41, 240. 61, 292. 71, 359. 31, 422. 91, 472. 91, 483. 6
1, 502. 81, 462. 01, 476. 91, 492. 7
1, 517. 81, 499. 61, 498. 8
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972=100; quarterly data are seasonally adjusted]
Period
197019711972197319741975 .19761977197819791980 ..
1980: IIIIIIIV
1981: IIIIII*
Grossnationalproduct
91.4596.01
100. 00105. 69114.92125. 56132. 11139. 83150. 05162. 77177. 36
171. 23175. 28179. 18183. 81
188. 14191. 06195. 44
Persona
Total
92.596.5
100.0105.7116. 3125.2131.6139.5149. 1162.3178.9
172.9177.0180.7184.9
188.5191.5195. 7
I consumf:
T"\ -.'UlDurablegoods
95.799.0
100.0101.7108.2117.3123. 9129.2136.2144. 8156.0
151.9154. 1157.5160.5
162.3165.4168. 5
>tion expe
Non-durablegoods
93.696. 6
100.0108.3123. 1132. 1137.0143. 4153.2169.8188.6
182.9186.2190. 0195.2
199.2200.4203.6
nditures
Services
90.595.6
100.0104. 7113.0121.6129.6139.9150. 1162. 1178. 1
171.6176.0180.3184.3
188.4192.2197.6
Grossdom
invest
Nonres-idential
fixed
91.396.2
100.0103.8115.4132. 2138.6146.2157, 7171.3186. 8
180.5185.7189. 1192. 4
195. 0201.4204.6
privateesticDment
Resi-dentialfixed
90.594.8
100.0109. 1120.3131.0140. 7158.0178.3200.5218.6
212. 6217.4221.9223. 3
228.7231. 8234.8
Exporimports
and se
Exports
93.297.0
100.0112. 7134. 7149.6155.2161.9172. 4191.5211.0
203.4207.6213.4219.9
226. 1228. 0230.2
ts andof goodskrvices
Imports
88.693.3
100.0116.7164. 6179. 5185.5205.4214. 0245.4290. 1
284.2290.4289.7296.4
303. 1301.2288. 9
Governnchases <
and sc
Federal
86.692.7
100.0106.3114.9126. 0133.5142.9153.7165. 1183.9
176.5179.5182.4197.4
199. 4201.9206.0
ient pur-3f goods3 r vices
Stateandlocal
88. 694.7
100. 0106.9117.4128. 3137.0146.0156.9169. 8184.7
179. 1182.8186.7190.0
194.5198.0202. 8
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Period
1969 .19701971. — -.-19721973 -19741975 -1976 »1977 - -1978 ...1979 .1980— - — -.
1980: I — —II....III.........IV .
1981: III .III 9
Cur-rentdol-lars
8. 15.28.6
10. 111.88. 1ao
10. 911.612.412.0as
12.6-1. 111.814.9
19.24.7
10.2
Gross
Con-stant(1972)dol-lars
2.8-.23.45.75.8-.6
-1.15.45.54.83.2-.2
3. 1-9.9
2.43.8
8.6-1.6
.6
national p
Im-plicitpricede-
flator
5.15.45.04.25.78.79.35.25.87.38.59.0
9.39.89.2
10.7
9.86.49.5
roduct
Chainpriceindex
5.05.34.94. 15.99.19.25.76.27.58.78.6
8.78.89.3
10.5
9.87.79.8
Fixed-weight-
edpriceindex(1972
weights)
5.05.2484.05.99.49.05.86.47.69.49.6
9.79.39.0
10.4
10.27.99.4
Per
Cur-rentdol-lars
a46.98.19.6
10.29.49.9
11.011.211.912.010.7
12.9-1.014.317.4
14.243
13.3
sonal cons
Con-stant(1972)dol-lars
3.72.23.75.843-.62.25.649472.9.5
.8-9.8
5.17.0
5.8-2.1
40
sumption
Im-plicitpricede-
flator
• 454.6433.75.7
10. 17.65.26.06.88.9
10.2
12.09.88.89.7
ao6.58.9
expenditu
Chainpriceindex
4.546433.66.0
10.37.75.36.37.19.3
10.6
12.59.79.5
10.1
10.3as8.7
res
Fixed-weight-
edpriceindex(1972
weights)
444 5423.56.0
10.47.85.36.37.29.6
11.0
13.29.99.5
10. 1
10.96.58.2
NOTE.—Annual changes are from previous year and quarterly changes arefrom previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
1969197019711972 ......1973..19741975... ..1976197719781979 ..19801979: III..
IV___1980: I
II...III...IV
1981: III....III*'.
'Gross dprodi
noijfincorpcbusi
(billicdoll
Currentdollars
544 1563.7609. 9678.0759.4818.9890.0
1? 001. 3I, 129. 51, 270. 71, 417. 01, 535. 21? 432. 11, 457. 71, 502. 11, 496. 31, 537. 71, 604 71, 690. 11, 716. 31,757.9
omesticict ofancial^rateness*ns ofBTS)
1972dollars
6040599.6626.8678.0731.9708.26942745.5799.0845. 1873.3867.28743873.4878.2853.2860.4876.9901.0901.2900.8
C
Totalcostand
profit 2
0.901.940.973
1.0001. 0381. 1561.2821.3431.4141.504L6231.7701.6381. 6691.7101.7541.7871.8301.8761.9041.951
urrent»do;
Capitalcon-
sumptionallow-anceswith
capitalcon-
sumptionadjust-ment
0.078.087.091.092.093.112. 137. 141. 146. 153.169.191. 172. 175. 180. 192. 196. 197. 197.204.211
lar cost a
Indirectbusiness
»
0.096. 106. 113. 113. 114.127. 140. 141. 144. 148. 153. 176. 154. 157. 161. 173. 181. 188. 199.202.206
nd profit
Com-pen-
sationof
employ-ees
0.594.631.641.659.692.786.837.878.924.996
1.0921. 1961. 1041. 1351. 1581. 1931.2031.2301.2441.2661.295
?er unit
Netin-
terest
0.022.028.029.028. 031.042.044.040.042.044.052.065.053.056.060.064.067.068.067.070.074
of outpu
Corpcinvent
capil!
Total
0. 112.088.099.107.107.090. 124. 144. 158. 163.157. 143. 154. 146. 151. 132. 141. 146. 169. 163. 166
t (dollars)
>rate profiDry valual,al consunidjustmen
Profitstax
liability
0.055.045.047.049.055.059.059.071.074.080.080.073.081.078.085.061.070.075.076.064.065
i
ts with;ion andiptionts
Profitsaftertax *
0.057.043.052.058.053.030.065.073.084.083.077.070.074.067.066.071.071.071.093.098. 101
Outputper
hourof all
employ-ees
(1972dollars)
7.0987.1267.4677.6887.8917.6227. 8818.1328.3488.3848.3848.4328.3888.3388.3698.3598.4968.4968.6288.6468.660
Com-pen-
sationper
hourof all
employ-ees
(dollars)
4213449847885.0685.4585.9896.5967.1387.7138.3479.159
10. 0859.2609.4629.6949.973
10. 21810. 45010. 73710. 97611.216
» Output is measured by gross domestic product of nonflnancial corporatebusiness in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial cor-porate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer paymentsless subsidies.
• With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and De-partment of Labor (Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197019711972.19731974__197519761977197819791980
1980: III....IIIIV
1981: IIIIII* _-
Na-tional
income
810.7871.5963.6
1, 086. 21, 160. 71, 239. 41, 379. 21, 546. 51, 745. 41, 963. 32, 121. 4
2, 088. 52, 070. 02, 122. 42, 204. 8
2, 291. 12, 320. 92, 371. 9
Com-
tion ofem-
ploy-ees l
612.0652. 2718. 0801.3877.5931.4
1, 036. 31, 152. 31, 299. 71, 460. 91, 596. 5
I, 558. 01, 569. 01, 597. 41, 661. 8
1, 722. 41, 752. 01, 789. 9
Propriincome
inventortion and
consunadjust
Farm
14.315. 018.732.826.524.619. 118.426. 130.823.4
25.723.322. 122.5
18.921.724.9
etors'» with7 valua-capital
iptionments
Non-farm
51.954.458. 161.062. 265. 475.085. 191. 0
100.7107. 2
107.9101.6107.6111. 6
113.2112.5112.4
Rentalincomeof per-
withcapital
con-sump-tion
adjust-ment
19.720.221.022.623.523.023.525. 127. 430.531.8
31. 231. 532.032.4
32.733.333.9
Corporand
Total
71.483.296.6
108. 394. 9
110.5138. 1164. 7185.5196.8182.7200.2169.3177.9183.3
203. 0190.3191.2
ate profitscapital co
Profitsvaluatand ^
consum
Total
68. 982.094.0
105.696.7
120.6151. 6176.7199. 0212. 7199,8
215.6186.9195.9201.0
217.7205. 1204.6
with invnsumptioi
with inv<ion adjusinthout ca3 tion adji
Profitsbefore
tax
75.486.6
100.6125.6136.7132. 1166.3192.6223.3255. 4245. 5
277. 1217.9237.6249.5
257.0229.0230.9
entory vai adjustm
sntoryfcmentpitalistment
Inven-tory
valua-tion
adjust-ment
-6.6-4.6-6.6
-20.0-40. 0— 11. 6-14.7-15.8-24. 3— 42. 6-45.7
-61.4-31. 1-41.7-48.4
-39.2-24.0-26.3
nationents
Capitalcon-
sump-tion
adjust-ment
2.51.32.72.7
-1.8-10. 1-13.5-12.0-13.5-15.9-17.2
-15.4-17.6-17.9-17.8
-14.7-14.7-13.4
Netinterest
41.446.551. 260.276. 184.587.2
100.9115.8143.4179.8
165.4175.3185. 3193.3
200.8211.0219.6
»Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
19701971197219731974__.___197519761977197819791980 _
1980: IIII I I _ _ _IV.__.
1981: IIIIII*..
Totalpersonal
con-sumptionexpendi-
tures
621.7672.2737. 1812.0888. 1976. 4
1, 084. 31, 205. 51, 348. 71, 510. 91, 672. 8
1, 631. 01, 626. 81, 682. 21, 751. 0
1, 810. 11, 829. 11, 887. 2
D
Totaldurablegoods l
85.297.2
111. 1123. 3121.5132. 2156. 8178.8199.3212. 3211.9
220. 9194.4208.8223. 3
238.3227. 3237.9
urable gooc
Motorvehicles
andparts
36.245. 452. 457. 150.455.872.685.094.395. 589.9
100. 677.587.094.6
105.493. 4
103. 5
Is
Furni-tureand
house-hold
equip-ment
35.237.241.747. 150. 653.559. 165. 872.981. 184.6
83.681. 384. 688.9
92. 392.493.1
Totalnon-
durablegoods l
265.7278.8300. 6333.4373.4407.3441.7479.0529. 8602. 2675.7
661. 1664. 0674.2703.5
726.0735.3750. 5
Nondural
Food
138.9144. 2154.9172. 1193.7213. 6230.6250. 3276. 4312. 1345.7
336.2338.4347.7360.4
372.5377.8386.2
J\Q goods
Clothingand
shoes
46. 850.655.461.464. 869.675.382. 191.998.9
104.8
102. 2102. 3105.3109. 4
113.4115. 8117.5
Gasolineand oil
22.423.925.428.636. 640.444.048. 252.768.489.0
89.490.985.390.5
93.592.495. 1
Services
270.8296.2325.3355.2393.2437.0485 7547.7619.6696. 3785.2
749.0768.4799.2824.2
845.8866.5898.8
Retail «new pacars ( ir
of ui
Do-mes-tics
7.18.79.39.67.47.08.59.09.28.26.6
7.95.46.46.6
7.45.66.9
sales ofssengerdllionslits)
Im-ports
1.31.61.61.81.41.61.52. 12. 02.32.4
2.72. 12.32.5
2.72.22.2
1 Total includes other items not shown separately. Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income rose $14.3 billion (annual rate) in October followins a rise of $18.2 billion in September. Wagesand salaries rose $5.9 billion largely as a result of pay raises for the military and for Federal employees (excludingpostal workers). Wages and salaries had risen $7.9 billion in September, including $2.8 billion in special bonuspayments to Postal Service employees.
BILLIONS OF DOLLARS*(RATIO SCALE)2,800
2,400
2,000
1600
1,400
1,200
1,000
800
600
400
200
160
120
100
80
BILLIONS OF DOLLARS*(RATIO SCALE)
2,8002,400
2,000
1,600
1,400
1,200
1,000
800
OTHER INCOME ,..«•••""*
TRANSFERPAYMENTS
\ _
600
400
200
160
120
100
80I I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I1973 1974 1975 1976 1977 1978 1979
* SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
1980 1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
19731974197519761977197819791980
1980: OctNovDec
1981: JanFebMarAprMay.__JuneJulyAugSept *.._Oct »..._
Totalpersonalincome
1, 065, 21, 168. 61, 265. 01, 391. 21, 538. 01, 721. 81, 943. 82, 160. 2
2, 234. 32, 257. 62, 276. 6
2, 300. 72, 318. 22, 340. 42, 353. 82, 367. 42, 384. 32, 418. 82, 444. 22, 462. 42, 476. 7
Wageand
salarydisburse-ments l
702. 7765.7806.4889.9983.8
1, 105. 21, 236. 11, 343. 7
1, 381. 71, 400. 41, 411. 2
1, 433. 11, 442. 81, 452. 81, 459. 61, 467. 31, 473. 91, 484. 91, 500. 31, 508. 11, 514. 1
Otherlabor
income1 2
48.855.864.575. 989. 0
102,2118.6137. 1
141.9143.5145.0
146.6148. 0149. 5150.9151. 6153. 0154.8156. 3157.8159.2
Propriety
Farm
32.826.524.619. 118.426. 130.823.4
22.222.622.6
19.918.718.220. 221. 723.224.025. 425. 224. 6
>rs* income 3
Nonfarm
61.062.265. 475. 085. 191.0
100. 7107.2
111.5111.5111.6
112.8112. 6114.2113. 0112.2112. 2112. 2112. 4112. 5112.5
Rentalincome
ofpersons 4
22.623. 523.023. 525. 127.430. 531.8
32.332.432. 5
32.532.732.933. 133.333. 533. 733. 934. 134.3
Personaldividendincome
26.529. 129. 936.538.743. 148. 654.4
55.555. 956. 7
57.458.258.359. 460. 261. 162.463. 063. 563.9
Personalinterestincome
93. 9112.4123.2132.5151.6173. 2209.6256.3
265.6269. 4274. 1
281.8289. 1295. 2297.9300. 6304.1309.2315.8322. 5328.7
Transferpay-
ments °
119.5141.2178.3194.3207.5223. 3249. 4294.2
313.8313.2314.7
318.4318.4321. 9322.5323. 5326. 5341.9342.2344.0345.6
Less: Per-sonal con-tributionsfor socialinsurance
42.647.950.455.561. 169.680.687.9
90.491. 491.9
101.9102.3102.6102. 9103. 1103. 3104.3105. 2105.4106. 1
Non-farm
personalincome 8
1, 023. 71, 131. 81, 229. 11, 359. 31, 505. 01, 679. 21, 892. 92; 112. 6
2, 186. 82, 209. 72, 228. 5
2, 254. 82, 273. 22, 295. 42, 306. 42, 318. 12, 333. 12, 366. 42, 389. 92, 407. 92} 422. 4
* The total of wage and salary disbursements and other labor income differsfrom compensation of employees (see p. 4) in that it excludes employer contribu-tions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists of employer contributions to private pension, health, and welfarefunds; workmen's compensation; directors' fees; and a few other minor items.1 With inventory valuation and capital consumption adjustments.
1 With capital consumption adjustment.s Consists mainly of social insurance benefits, direct relief, and veteranspayments.6 Personal income exclusive of farm proprietors' income, farm wages, farm otherlabor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEReal per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,2002,000
1,800
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
2,2002,000
3,000
4,000
3,000
1973
* SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
1972197319741975___19761977197819791980
1980: !___.!!___III__IV..
1981: I...IL-.Ill*
Per-sonal
income
951. 41, 065. 21, 168. 61, 265. 01, 391. 21, 538. 01, 721. 81, 943. 82, 160. 2
2, 088. 22, 114. 52, 182. 12, 256. 2
2, 319. 82, 368. 52, 441. 8
Less:p__Jrer-sonaltaxandnon-taxpay-
ments
Bil
141. 0150. 7170.2168.9196. 8226.5258.8302. 0338.5
323. 1330.3341.5359.2
372.0382.9400. 0
Equals :Dispos-
ableper-
sonalincome
lions of d
810.3914.5998.3
1, 096. 11, 194. 41,311.51, 462. 91, 641. 71, 821. 7
1, 765. 11, 784. 11, 840. 61, 897. 0
1, 947. 81, 985. 62, 041. 7
Less :Per-sonalout-
lays l
ollars
757.7835.5913.2
1, 001. 81, 111. 91, 237. 51, 386. 61, 555. 51, 720. 4
Seas
1, 678. 71, 674. 11, 729. 21, 799. 4
1, 858. 91, 879. 01, 938. 5
Equals :Per-sonal
saving
52.679.085. 194.382.574. 176.386. 2
101.3
jonally ad;
86.4110.0111. 497.6
88.9106.6103.3
Per cdispc
persona
Currentdollars
3,8604,3154,6675,0755,4775,9546, 5717, 2938,002
usted ann
7,7857,8488,0748,299
8,5048,6518,872
apitasableincome
1972dollars
Dol
3,8604,0834,0134,0554, 1614,2664,4094,4934,473
ual rates
4,5034,4354,4684,488
4,5114,5174,534
Per capsonal cc
tion exp
Currentdollars
lars
3,5113,8314, 1524,5214,9725,4726,0586,7127,348
7,1947,1567,3797, 660
7,9037,9698,200
ita per->nsump-enditures
1972dollars
3,5113,6263,5703,6123,7773,9224,0644, 1354,108
4,1614,0444, 0834,142
4,1924,1614, 191
Percentchangein real
percapitadispos-
ableper-sonal
incomePer
2.95.8
-1.71.02. 62.53.41.9
-.4
0.2-5.9
3.01.8
2. 1.5
1. 5
Savingas per-cent ofdispos-
ableper-sonal
income
Dent
6.58.68.58.66.95.65.25.25.6
496.26. 15.1
465.45. 1
Popula-tion
( thou-sands) 2
209, 924211, 939213, 898215, 981218, 086220, 289222, 629225, 106227, 654
226, 727227, 332227, 977228, 578
229, 051229, 537230, 139
* Includes personal consumption expenditures, interest paid by consumers tobusiness, and personal transfer payments to foreigners (net).2 Includes Armed Forces abroad. Annual data are averages of quarterly data,which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEIn the third quarter, gross farm income rose $2.7 billion (annual rate) and net farm income rose $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
[200
100
80
60
40
GROSS FARM INCOME
100
60
40
NET FARM INCOME ++•*\ ^
20 20
I I I J L I I I 101973 1974 1975 1976 1977 1978 1979 1980 1981
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Period
1973 _ „_1974 _19751976 :..197719781979 „ _ _ _1980 _ _
1980:1.. .II__ .____III _IV....
1981:1... _ _ _ „ _ _II _ .Ill _ _
Total l
98.998.3
100.3101.8108.7127. 5151.9150. 5
149.3145. 8151. 9155. 1
157.7165. 0167.7
Grc
Cash
Total
87. 192.488.294.896.3
112.9131.9136.4
133.0131.9139.2141. 5
142. 5145. 7145. 0
>ss farm incc
marketing re
Livestockand
products
45.941.443.046. 147.659.268.567.4
66.364.068.970.4
69.868.969.7
>me
seeipts
Crops
41. 151. 145. 148.748.753.763.469. 0
66.767.970.371. 1
72.776.875.3
Value ofinventorychanges 2
3.4-1.6
3.4-2.4
1.0.6
5.3-2.0
.9-1.9-3.7-3.3
-1.92. 05.0
Produc-tion
expenses
65. 672.275.983. 190.3
101. 1119. 2130. 7
125. 9128. 9132.2135.6
139. 3141.8142.9
Net farn
Currentdollars
33.326. 124.518.718.426. 532.719.9
23.416. 919.719.5
18.423.224.8
i income
1967dollars 8
25. 117.715.211.010. 213.515. 18. 1
9.96.97.97.6
7.08.69.0
1 Cash marketing receipts and inventory changes plus Government payments,other farm cash income, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commoditiesvalued at average prices during the year.
3 Income in current dollars divided by the consumer price index (Departmentof Labor).
Source: Department of Agriculture, except as noted.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSIn the third quarter, according to preliminary estimates, corporate profits before tax rose $1.9 billion (annual rate)while after-tax profits rose $0.8 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
120
80
40
120
80
40
1973 1974
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
197019711972197319741975197619771978197919801980: I
IIIIIIV
1981: I_IIIII*
[1
Profil
Total *
68.982.094. 0
105.696.7
120.6151. 6176.7199.0212.7199.8215.6186.9195.9201.0
217.7205. 1204.6
Billions of
bs (before
Total
62.474.985.392.080.4
107.6137.4161.2179 3182. 4168.7179.0157. 5165. 0173.4
192.3182.3182.0
dollars ;
tax) witadjustn
Dome
Finan-cial
12. 114. 115.315. 915.011.817. 123.529.331.630.633.330. 128. 730.5
28. 624.322.4
quarterly
b inventclent 1
stic indu
>
Total8
50.260.870.076. 065.495.8
120. 3137.7150. 0150.8138. 1145.7127.5136.2142.9
163.7158.0159. 6
JT data at
>ry valuz
stries
'onfinanc
Manu-fac-tur-mg
26.634. 140.745.539.052. 669.276.285.388.974.592. 161. 368.576.2
90.484.4
seasona
ition
3ial
Whole-saleand
retailtrade
9.511.713.413.912. 521.322.427.024. 523.020.914.825.920.422.6
27. 528.4
ly adjuste
Profitsbefore
tax
75.486.6
100.6125.6136.7132. 1166.3192.6223. 3255. 4245.5277. 1217.9237. 6249.5
257.0229.0230.9
d annua
Taxlia-
bility
34.237.541. 649.051.650.663.872. 683.087.682.394. 271.578.585.2
87. 776.477.4
rates]
Pro
Total
41.349.058.976.685. 181.5
102.5120.0140.3167.8163.2182.9146. 5159. 1164.3
169.2152. 7153.5
fits after
Divi-dends
22.522.924.427.029.930.837.439.944. 650.256.053.955.756.757.7
59.662.064.8
tax
Un-dis-trib-utedprof-its
18.826. 134. 549.655.250.765. 180. 195.7
117.6107.2128.990.7
102.4106.6
109.690.688.7
Inven-tory
valua*"tion
adjust-ment
-6. 6-4. 6-6. 6
-20.0-40.0-11. 6-14. 7-15.8-24. 3-42.6-45.7-61.4-31. 1-41.7— 48. 4
-39.2-24.0-26.3
»See p. 4 for profits with inventory valuation and capital consumptionadjustments.
> Includes rest of the world, not shown separately.
* Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.
8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTAccording to revised estimates for the third quarter, business fixed investment rose $8.6 billion (annual rate) asnonresidential construction outlays rose $4.7 billion and producers' durable equipment purchases increased $3.9billion. Residential investment outlays fell $9.1 billion. There was a $24.3 billion increase in inventories followinga $23.3 billion increase in the second quarter.
BILLIC
500
A en
/inn
OCA
•3 AA
250
onfi
150
100
50
0
-50
<
)NS OF DOLLARS
^— ̂
-***
X***
I I1973
>OURCE: DEPARTMENT O
' N
'
I i1974
F COMMERCE
\^\
I I
1975
SEA
GROSS
,
^^J^
r ^
«.*»-*************
RESIPENTIAFIXED INVESTM
.̂....̂
I I1976
5ONALLY ADJUSTED
PRIVATE DOMES
INVESTMENT\
f
NONRESFIXED IN^
ENT_^, .,,-'-'
CH
i I i1977
<kNNUAL RATES
nc ^^^^' S~^S^
IDENTIAL/ESTMENT_^^\ +*
ANGE IN BUSINE
INVENTORIES
I1978
S~^
^^*"*"
*^*
SS
^
i 11979
1
>w^X^M^
^V
+~*~
....•••"•̂
i 1 1
1980
COUNCIL O
MILLIONS OF DOl
~—
f
***
1*
X
1 1 11981
F ECONOMIC ADVISERS
LARS
500
450
•JCA
250
1C A
100
50
0
50
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
•p_ •_. Jxeriod
197019711972 _ _1973197419751976..19771978197919801980: I
IIIIIIV
1981: IIIIII*
Grossprivatedomes-
ticinvest-ment
144.2166.4195. 0229.8228.7206. 1257.9322.3375.3415.8395.3415.6390.9377.1397.7437. 1458. 6459. 1
Non
Total
103.9107.9121.0143.3156. 6157.7174. 1205. 5242.0279.7296. 0297.8289.8294.0302. 1315.9324. 6333.2
residentialinvestmenl
Struc-tures
38.740.544. 151. 055.955.458.864. 678.796.3
108.8108.2108.4107.3111.5117.2123. 1127.8
fixed
Pro-ducers'
dur-able
equip-ment
65.267.476.992. 3
100.7102.3115.3140. 9163.3183.4187. 1189.7181.4186.8190. 7198.7201.5205.4
Res
Total
37. 150.963.868.057.955.372. 095.8
111.2118.6105.3115.293.699.2
113.0116. 7110.7101.6
sidential fh
Non-farmstruc-tures
35.448.961. 565.654.852.468.891.9
106.9113. 9100.3110. 188.994. 5
107.6111.4105.496. 0
:ed investrr
i?struc-tures
0.6.7.7.7
1.31.01. 11.51.81.82.02.21.81.72.22.22. 12.3
lent
Pro-ducers1
dur-able
equip-ment
1. 11.31.51.71.81.92. 12.32.62.93.03.02.93.03. 13.23.23.3
Changeness inv
Total
3.27.7
10.218.514. 1
-6.911.821.022.217.5
-5.92.57.4
-16.0-17.4
4.523.324.3
in busi-pentories
Non-farm
3.16.49.6
15.216.0
-10.513.920.221.813.4
-4.71.56. 1
-12.3-14.0
6.821.519.5
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT EQUIPMENT—NONFARMAccording to the Commerce Department July-August survey, nonfarm business spending for new plant and equipmentfor the year 1981 is expected to be 8.8 percent above 1980. Expenditures in 1980 were 9.3 percent higher than in1979.
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
301973 1974
J/ SEE FOOTNOTE 4 BELOW,
SOURCE! DEPARTMENT OF COMMERCE
1975 1976 1977 1978 1979 1980 1981
40
30
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1973. ....1974.. ...19751976... __1977.19781979.1980___1981 4.._»
1980:1...II..III..IV..
1981: I-..II..m«.IV*.
Total
137. 70156. 98157. 71171. 45198. 08231. 24270. 46295. 63321. 50
291. 89294. 36296. 23299. 58
312. 24316. 73322. 96332. 6§
Plant
56.6664.2965.2171.2080.3192.70
105. 73117. 55
115. 96116. 50117. 59120. 27
128. 57131. 05
Equip-ment
81.0492.6992.50
100. 25117. 77138. 54164. 73178. 08
175. 93177. 86178. 64179. 32
183. 67185. 68
Ma
Total
42.3753.2154.9259. 9569.2279.7298. 68
115. 81126. 79
111. 77115. 69116. 40118. 63
124. 50125. 49128. 72128. 11
tnufactui
Dur-able
goods
22.75"27.4426.3328.4734. 0440.4351. 0758. 9162.92
58.2859.3858. 1959.77
61.2463. 1063.0764.06
"ing
Non-dur-able
goods
19.6225. 7628.5931.4735. 1839.2947.6156. 9063.87
53.4956.3258.2158.86
63.2762. 40 !65.6564.05
Plant
Total
95.33103. 78102. 79111. 50128. 87151. 52171. 77179. 81194. 71
180. 13178. 66179. 83180. 95
187. 74191. 24194. 23204. 58
and equi
1
Mining
3.314.626. 107.449.24
10.2111.3813.5116.47
11.8912. 8113.8615.28
16. 2016. 8016. 1216.70
pment
^onmani
Trans-porta-tion
7.418.238.688.899.40
10.6812.3512. 0912. 15
12.4712.0912.2311. 70
11.7411.7011.0713.88
ifacturin
1
Publicutilities
17.9719.8319. 9822.3726.7929.9533.9635.4436.91
36.2635.0335.5834.96
36.0537.8436.7937.00
g
Tradeandserv-ices *
45. 5347.7946.2349.3056.5468. 6679.2681.7987.30
82. 1781.0781. 1982.91
83.4385.8886.5592. 68
Com-muni-cationand
other 2
21. 1223. 3021.8023.5126.9032. 0234.8336.9941.89
37.3437.6636.9736. 11
40.3239.0243.7044.31
Starts ofplant and
equip-ment
projects,manufac-turing s
53.2161.2456.5159.3877.4088. 16
112. 98123. 32
32.4329.4127.7433.53
35.4132.90
1 Wholesale and retail trade; finance, insurance, and real estate; and personal,business, and professional services.
2 "Other" consists of construction; social services and membership organiza-tions; and forestry, fisheries, and agricultural services.
10
s Starts are estimated by adding changes in earryo¥er to expenditures duringgiven period.4 Planned capital expenditures as reported by business in lata July and August1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted employment was about unchanged in October, while unemployment rose 550,000.
MILLIONS OF PERSONS*110
MILLIONS OF PERSONS*110
1973
*16 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Period
19751976— —19771978*19791980
1980: Oct..Nov.-Dec_.
1981: Jan..Feb...Mar__Apr__May._June._July..Aug._.Sept,.Oct...
Nonin-stitu-tional
popula-tion
153, 449156, 048158, 559161, 058163, 620166, 246
U
167, 005167, 201167, 396
167, 585167, 747167, 902168, 071168, 272168, 480168, 685168, 855169, 049169, 252
Civilianemploy-
ment
84, 78387, 48590, 54694, 37396, 94597, 270
n ad justed
97, 93397, 80197, 545
96, 12896, 38397, 31898, 28298, 80399, 341
100, 474100, 01398, 27798, 902
Unem-ploy-ment
7,8307,2886,8556,0475,9637,448
7,4827,4867,233
8,5438,4258,0877,3967,5458,2797, 9347, 7587,6878,024
Totallaborforce
(includ-ing
ArmedForces)
94, 79396, 91799, 534
102, 537104, 996106, 821
107, 288107, 404107, 191
107, 668107, 802108, 305108, 851109, 533108, 307108, 603108, 762108, 401108, 894
Civilianlaborforce
92, 61394, 77397, 401
100, 420102, 908104, 719
105, 167105, 285105, 067
105, 543105, 681106, 177106, 722107, 406106, 176106, 464106, 602106, 236106, 736
C
Total
84, 78387, 48590, 54694, 37396, 94597, 270
97, 20697, 33997, 282
97, 69697, 92798, 41298, 97699, 23598, 39298, 96298, 94498, 27098, 217
ivilian ei
Agri-cul-tural
3,3803,2973,2443,3423,2973,310
Seasc
3,3193,3403,394
3, 4033,2813,2763, 4633,3533,2653,2583,3703,3103,337
uploymec
N onagri
Total
81, 40384, 18887, 30291, 03193, 64893, 960
inally adj
93, 88793, 99993, 888
94, 29494, 64695, 13695, 51395, 88295, 12795, 70495, 57494, 95994, 880
t
cultural
Part-timefor eco-nomic
reasons1
3,4903,2723,2973,2163,2813,965
usted
4,2204, 1764,218
4,4744, 1454,2274, 0444, 1433,7984,2254, 1874,5375,026
Unemplc
Total
7,8307,2886,8556,0475,9637,448
7,9617,9467,785
7,8477,7547,7647,7468, 1717,7847,5027,6577,9668, 520
synient
15weeksandover
2,4832,3401,9111,3791,2021,829
2,2922,3292,378
2,3582,2502, 1922, 1052, 1682,3152, 1002,1942,2122,251
Laborforce
partici-pationrate(per-
cent) 2
61.862. 162.863.764.264.3
64.264.264.0
64.264.364.564. 865. 164.364.464.464. 164.3
1 Persons at work. Economic reasons include slack work, material short-ages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age andover.
•Data beginning 1978 not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force andto employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESIn October the seasonally adjusted unemployment rate rose to 8.0 percent from 7.5 percent in September.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
20
10
' *>*' *.11rw'
1977 1978
TEENAGERS(16-19)
WOMEN 20 YEARSAND OVER
MEN 20 YEARSAND OVER
l l l1979 1980 1981
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1975 _....19761977 .
-1978̂ ,-__-_-1979... _..-1980..... _•_.,
1980: Oct..-NovJ>eer. , _ _ _
1981: Jan,._PebMar.Apr _-May..*JuneJulyAugSeptOct
Total(all
civil-ian
work-ers)
8.57.77.06.05.87.1
7.67.57.4
7.47.37.37.37.67.37.07.27.58.0
1
By s
Men20
yearsandover
6.75.95.24.24. 15.9
6.46.46.2
6.06.05.95.86.36.15.65.96.26.7
LJnemplo
ex and a
Women20
yearsandover
8.07.47.06.05.76.3
6.76.76.8
6.76.56.66.66.86.56.76.56.87.0
yment n
ge
Bothsexes16-19years
19.919.017.716.316. 117.7
18. 518.617.8
19.019.319.119. 119. 519. 018. 118. 819.320.6
ite (perc
By
White
7.87.06.25.25. 16.3
6.66.66.5
6.76.66.56.56.86.46.26. 16.56.9
ent of ch
race
Blackand
other
13.913. 113.111.911.313.2
14.214.014.0
12.913. 113.713.213.614213.615.015. 115. 5
rilian Jab
U1
Expe-riencedwageand
salaryworkers
8.27.36.65.65.46.8
7.37.27. 1
7. 17.07.06.87.47.06. 86.97.27.6
or force
By se
Mar-riedmen,
spousepresent
5. 14.23.62.82.74.2
4.64.44.3
4.24. 14.13.84. 14.23.93.94.34.7
in group
elected gj
Wo-menwho
main-tain
fami-lies
10.010.09.38.58.39. 1
10.29.9
10.4
10.59.69.49.8
10.310.611.59.8
10.610.7
)
roups
Full-time
work-ers
8. 17.36.55.55.36.8
7.37.47.3
7.17. 17. 16.97.37.06.76.77.27.7
Part-time
work-ers
10.310. 19.89.08.78.7
9.18.68.2
9.29.19.09.09.79.29.39.79.69.5
Laborforcetimelost(per-
cent) »
9.18.37.66.56.37.9
8.48.38.2
8.28.18.18.28.6ao7.97.98.59. 1
i Aggregate hours lost by the unemployed and persons on part-time for eco-nomic reasons as percent of -potentially available labor force Jiauts.
12
Source: Department of Labor, Bureau .of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-ANCE PROGRAMSIn October, the percentage of unemployed persons who had been out of work for less than 15 weeks rose, and thepercentage out of work for 15 weeks or more fell.
PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*
50
30
DURATION OF UNEMPLOYMENT
1977
27 WEEKSAND OVER
1978
15-26WEEKS
1979 1980 1981
30 -
2©
10 -
1977 1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
197619771978197919801980: Oct..
Nov..Dec..
1981: Jan..Feb__Mar.-Apr__May._June.-July..Aug —Sept..Oct__.
Unem-iploy-ment(thou-sands)
7,2886,8556,0475,9637,4487,9617,9467,7857,8477,7547,7647,7468, 1717,7847,5027,6577,9668,520
Percenplo
Lessthan 5weeks
38.341.746.248. 143. 139.939.040.441.341.241.440.241.540.442.641.041.842.9
t distribiyment b;
5-14weeks
29.630.531.031.732.431.331.728.828.729.930.432.231.830. 129.330.530.830.6
ution ofy duratic
15-26weeks
13.813. 112.311.513.815.715.216.013.712.813. 113.112.615.414.313.814.213. 6
unem->n l
27weeksandover
18.314.810. 58.7
10.813.014.014.916.216.215.214. 514. 114.113.814.713. 112. 9
Percenpl
Joblosers
49.745.341.642.851.953.053.554.349.450.749.749.750. 152.849.351.453.451.8
t distriboyment 1
i
Jobleavers
12.213.014.114.311.610.911.310.511.611.511.211. 112.410.812.011.010.911. 3
ution of i3y reasor
Reen-trants
26.028. 130.029. 525.225.224.024.026.225.726.426. 326. 124.527.025.424.025. 4
unem-i l
Newen-
trants
12. 113.714.313.411.411.011.211.212.812. 112.712.911.512.011.712.311.711. 6
State pi
Insuredunem-ploy-ment
We€
2,9912,6552,3592,4343,3503,6023,3673,0832,9822,8252,9062,9232,9452,9722,8212,9383,0553,215
ograms
Initialclaims
jkly avei
386375346388489458424415417410433415414418401433490528
Insuredunem-ploy-ment,
allregular
pro-grams(unad-
justed) 2
age, thous
3,8463,3082,6452,5923,8373,6613,7264,0854,6214,2643,9483,4533, 1112,9493,0122,8742,6802,598
Specialunem-ploy-ment
benefitclaims(unad-
justed) »
sands
1,152572
> Detail may not add to 100 percent because of rounding.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin
Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (ER) pro-grams. Also includes Federal and State extended benefit programs. Does notinclude FSB (Federal supplemental benefits) and SUA (special unemploy-ment assistance).
3 FSB and SUA. These programs started January 1975 and regular reportingbegan March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employmentand Training Administration).
13Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTIn October, total nonagricultural employment as measured by the payroll survey fell by 200,000.
MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE)
90
80
70
50
40 -
30
20
^~~* SERV
ALL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
GOODS-PRODUCINGINDUSTRIES
1977 1978'SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR
1979 1980 1981 1980 1981COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
TJ • 1Feriod
1975__197619771978.19791980
1980: OctNov..Dec...
1981: Jan...Feb._.Mar__Apr...May__June..July..Aug —Sept *.Oct »_.
Totalnonagri-culturalemploy-
ment
76, 94579, 38282, 47186, 69789, 82390, 564
90, 66890, 84490, 949
91, 09191, 25891, 34791, 45891, 56491, 61591, 88091, 90191, 94891, 743
C
Total a
22, 60023, 35224, 34625, 58526, 46125, 718
25, 52125, 62925, 631
25, 64725, 65725, 70525, 70025, 70525, 81825, 93925, 93125, 92525, 632
roods-prc
Con-struc-tion
3,5253,5763,8514, 2294,4634,399
4,3794,3894,387
4,3904,3894,4164,4184,3344,2844,2724,2754,2684,249
>dueing i
Ma
Total
18, 32318, 99719, 68220, 50521, 04020, 300
20, 11020,18820, 175
20, 17420, 17720, 19120, 33220, 41420, 42420, 53520, 50520, 50020, 225
ndustries
tnufactui
Durablegoods
10, 68811, 07711, 59712, 27412, 76012, 181
12, 01312, 09012, 077
12, 08412, 07412, 09912, 20712, 25412, 27812, 33312, 33212, 30912, 126
ing
Non-durable
goods
7,6357,9208,0868,2318,2808,118
8, 0978,0988, 098
8,0908,1038,0928,1258, 1608, 1468,2028, 1738, 1918,099
Total
54, 34556, 03058, 12561, 11363, 36364, 847
65, 14765, 21565, 318 .
65, 44465, 60165, 64265, 75865, 85965, 79765, 94165, 97066, 02366, 111
S
Trans-porta-tionA.T"lHaUU
publicutilities
4,5424, 5824,7134,9235,1365,143
5,1295,1145,118
5,1245,1355,1395,1615,1485,1495, 1675, 1705, 1915, 194
ervice-pr
Whole-saleand
retailtrade
17, 06017, 75518, 51619, 54220, 19220, 386
20, 46120, 46420, 470
20, 52920, 60020, 63520, 63620, 71420, 71720, 79620, 86220, 87920, 910
oducing
Finance,insur-ance,andreal
estate
4, 1654,2714,4674,7244,9755,168
5,2215,2355,254
5, 2685,2835,2935,3165,3265,3315,3445,3545, 3585,348
Industrie
Services
13, 89214, 55115, 30316, 25217, 11217, 901
18, 80718, 16018, 240
18, 30018, 34318, 37118, 47518, 54018, 56018, 64218, 66718, 79118, 839
s
Gover
Federal
2,7482,7332,7272,7532,7732,866
2,7952,7962,800
2,7992, 7952,7812,7672,7792,7812,7772,7702,7712,766
nment
Stateandlocal
11,93712, 13812, 39912, 91913, 17413, 383
13, 45413, 44613, 436
13,42413, 44513, 42313, 40313, 35213, 25913, 21513, 14713, 03313, 054
1 Includes all full- and part-time wage and salary workers in nonagriculturalestablishments who worked during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the Armed Forces. Total derived fromthis table not comparable with estimates of nonagricultural employment of thecivilian labor force., shown on p. 11, which include proprietors, self-employed'persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes, bad weather, etc., even if theyare not paid for the time off; and which are based on a sample of the working-age population, whereas the estimates in this table are based on reports fromemploying establishments.
* Includes mining, not shown separately.Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1972197319741975197619771978 -19791980
1980: OctNovDee
1981: JanFebMarAprMayJuneJulyAugSept 9Oct*
Aver
Totalprivatenonagri-cultural *
37.036.936. 536. 136. 136.035.835.735.3
35.335.335.3
35.335.235.335.435.335.235.335.234.934.9
age weekly 1
Manufa
Total
40.540.740.039.540. 140. 340.440.239.7
39.739.839.9
40. 139.839.940.240. 340.140.040.039.339.4
lours
eturing
Overtime
3.53.83.32.63.13.53.63.32.8
2.83.0ao3.02.82.82.93.23.03.03.02.62.7
Averaghourly €
Totalprivatenonagri-cultural l
$3.703.944.244.534.865.255.696.166.66
6.836.906.94
6.997.047.097.147. 187.237.267.347.367.38
e grossiarnings
Manufac-turing
$3.824.094.424.835.225.686.176.707.27
7.497.597.63
7.697.747.807.907.957.998.028.088.138.14
Adjusted h<
Index, 19
Currentdollars
69.874.180.08&792.9
100.0ioai116.8127.3
130.6132.1132.6
133.8135.0135.8136.7137.7m.4139.0140.7141.3141.6
>urly earninnonagric
77 = 100
1977dollars *
101.2101.19&397.699.0
100.0100.597.49as93.29a392.7
92.892.792.893.093.192.992.292.792.091.8
gs index — toultural 2
Percent chaa year e
Currentdollars
6.46.28.08.47.27.6aiao9.0
9.79.99.3
10.09.99.59.69.59.08.99.39.28.4
tal private
age fromarlier48
1977dollars
3.1-.3
-2.1f1. *1. <
-a:-4<
-2. <-2.1-2J
-1. (-i. ;i_. *
-i. '*""* A. i-1."— 1. «
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1972197319741975197619771978197919801980: Oct
NovDec
1981: JanFebMarAprMayJuneJulyAugSept 9Oct 9
Total priagricu
Currentdollars
$136. 90145. 39154.76163. 53175.45189. 00203. 70219. 91235. 10241. 10243. 5724498246. 75247. 81250. 28252. 76253. 45254. 50256. 28258. 37256. 86257. 56
Average
vate non-Itural l
1977dollars 3
$198. 4119a35190. 12184.16186. 85189. 00189. 31183. 41172. 74172. 09171. 89171. 19171. 12170. 20170. 96172. 06171. 37170. 92170. 06170. 20167. 23167. 03
gross weekly <
Manufac-turing
(
$154. 71166. 46176. 80190. 79209. 32228. 90249. 27269. 34288. 62297. 35302. 0830444308. 37308. 05311. 22317. 58320. 39320. 40320. 80323. 20319. 51320. 72
sarnings
Construction
Durrent dollars
$221. 19235. 89249. 25266.08283. 73295. 65318. 69342. 99367. 04376. 57379. 81382. 13397. 94380. 02392. 33390. 29388. 98388. 05397.41397. 11380. 45398. 57
Wholesaleand retail
trade
5
$106. 45111.76119.02126. 45133. 79142. 52153. 6416496176. 46180. 08182. 25182. 65184 18186. 12187. 0818a63189. 07189. 71190. 95192. 28193. 88192. 04
Percent cha
total prhagrieul
Currentdollars
7.56.26.45.77.37.77.8ao6.97.3a27.99.59. 19.29.59.99.2
10.09.87.97.3
inge from a!•
rate non-tural 5
1977dollars
41— . 0
-41-ai
1.51.2.2
-ai-5.8-47-3.9-41-2.0-2.1-1.2-.4
.1-.3-.7-.9
-2.6-2.6
1 Also includes other private industry groups shown on p. 14.1 Adjusted for interindustry employment "shifts and for overtime in manu-
facturing.8 Current dollar index (or earnings) divided by the consumer price index on a
1977=100 base. Revised index for urban wage earners and clerical workers usedbeginning 1978.
86-966 0 - 8 1 - 2
* Monthly changes based on indexes to two decimal places.5 Based on unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Period
19681969_.
19701971197219731974
19751976197719781979
1980
1979: IIIIV
1980: IIIIIIIV
1981: IIIIII *___
19681969
19701971197219731974
197519761977.19781979
1980
1979: IIIIV
1980: IIIIIIIV
1981: IIIIII *_
Out
Privatebusinesssector
76.979.2
78.580. 986.292.090.2
88.594. 1
100. 0104.7107.7
106.8
107.7108.2
108.7105.4105.7107.5
109.5109.5109.4
5.12.9
-.83.06.66.6
-1.9
-1.96.36.34.72.8
-.8
2. 41.7
1.8-11.5
1. 16.9
7.9-. 1-.3
put*
Non-farm
businesssector
76.778.9
78.180.485.991.990.1
88.194.0
100.0104.9107.7
106.8
107.8108.2
108.5105. 1105, 8107.7
109.7109. 4109. 1
5.32.9
-1.02.96.96.9
-1.9
-2.26.76.44.92.7
-.9
2.61.5
1.4-12. 1
2.97. 1
7.9-1. 1-1.3
Hourspers
Privatebusinesssector
90.392.7
91.290. 793.497.097.4
93.496. 1
100.0104.9108.2
107.5
108.4109. 1
109.2106.4106.3108.4
109.2108.3108.5
Percei
1.72.6
-1.7-.53.03.9.4
-4. 12.94.04.93.1
-.6
3.62.8
.2-9.9-.28.1
3. 1-3.5
.8
5 of allons2
Non-farm
businesssector
1977=
88.591.3
90.089.792.596.496.8
92.795.9
100.0105. 1108.7
108. 1
109.0109.4
109.8107. 1106.9108.8
109.7109.0109. 1
it change
2.03.2
-1.4-.43. 14.2.4
-4.23.44.35. 13.4
-.6
3.71.8
1. 1-9. 5— . 77.3
3.5-2.5
.3
Outputof all i
Privatebusinesssector
= 100; qus
85.285.4
86. 189.292.494.892.7
94. 897.9
100.099.899.5
99.3
99.499. 1
99. 599. 199.499. 1
100.3101. 1100.9
quarterly
3.3.2
.93.63.52.7
-2.3
2.33. 32. 1-.2-.3
-.2
-1.2-1.0
1.6-1.8
1.3-1. 1
4.63.5
-1. 0
per hourDersons
Non-farm
businesssector
irterly da1
86.786.4
86.789.693.095.393. 1
95.098. 1
100.099.899. 1
98.8
98.998.8
98.998.299.099.0
100.0100.499.9
r data at s
3.3-.3
.33.33.72.5
-2.4
2. 13.22.0-.2-.7
-.3
-1. 1-.2
.3-2. 9
3. 6-.2
4.3-1.4-1.6
Comp<per
Pri-vate
businesssector
:a season
50.654.2
58.262.066.071.378.0
85.592.9
100.0108.4119.3
131.5
120.7123.2
126.4130. 1133. 1135.9
139.7143.2146. 4
seasonal 1
7.87.0
7.46.66.58.09.4
9. 68. 67.78.4
10. 1
10.2
8.98.6
10.712.39.58.6
11.810.49.2
?nsationhour3
Non-farm
businesssector
ally ad jus
51.454.8
58.662.566.671.778.4
86.093.0
100.0108.5119.0
130.8
120.2123.0
126.0129.4132.3135.4
139. 1142. 4145.6
y adjustec
7.56.5
7.06.66.77.69.4
9.68. 17.68.59.7
9.9
8.69.7
10.211.39.09.8
11.69.69.3
Unitcc
Pri-vate
businesssector
ted
59.563.5
67.669.571.575.284.2
90.294.8
100.0108.6119.9
132.4
121.4124.3
127.0131.3133.9137. 0
139.4141. 6145. 1
1 annual
4.46.7
6.42.92.95.2
11.9
7.25. 15.58.6
10.4
10.4
10.29.8
9.014.48. 19.8
6.96.6
10.3
labor>sts
Non-farm
businesssector
59.363.4
67.669.771.775.284.3
90.594. 8
100.0108.7120.0
132.4
121.5124.4
127.4131.8133.6136.8
139. 1141.9145.7
rates
4. 16.8
6.63. 12.84.9
12. 1
7.44.75.58.7
10.4
10.3
9.79.9
9.914.65.3
10. 1
7.08. 1
11. 1
Implicidefla
Pri-vate
businesssector
60.363.3
66.269. 171.575.382.4
90.494. 7
100. 0107.4116.9
127.6
118. 1120.2
123.0126. 1129. 1132.2
135.4137. 5140. 8
4.04.9
4.54.43.45.49.4
9.74.75.67.48.8
9.2
8.27.4
9.710.59.89.9
10.06.2
10.0
t pricetor 4
Non-farm
businesssector
60.563.4
66.469.471.474.181.6
89.994. 5
100.0107.0116.2
127.4
117.4119.7
122.9126.3128.8131.9
135.3137.5141. 1
4.04.7
4.84.53.03.7
10.1
10.35. 15.87.08.6
9.7
8.57.8
11.311.38.2
10.0
11.06.5
10.9
* Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons in private industry engaged in the sector, includinghours of proprietors and unpaid family workers. Estimates based primarily onestablishment data.
a Wages and salaries of employees plus employers' contributions for socialinsurance and private benefit plans. Also includes an estimate of wages, salaries,and supplemental payments for the self-employed.
* Current dollar gross domestic product divided by constant dollar gross domes-tic product.
NOTE.—Percent changes are from preceding period and are based on originaldata; they therefore may differ slightly from percent changes based on indexesshown here.
Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production fell 1.5 percent in October following decreases of 1.2 percent in September and 0.2 per-cent in August. The index for October was 2.0 percent above the year earlier level.
INDEX, 1967=100
180
(RATIO SCALE) INDEX, 1967=100* (RATIO SCALE)
160
140
120
TOTAL INDUSTRIAL PRODUCTION
1977 1978 1979 1980 1981
MANUFACTURING PRODUCTION
180
140
120
100
UTILITIES
\^—
/" v' \
1 1 1 1 1 1 1 1 1 1 11977
AND MINI
UTILITIES
1t
i i i i i 1 i i i i i1978
NG PRODL
^^^^
/
%.*<-«*'*
MINING
i i i i i I i i i i i1979
CTION
|AA*
— -+s'
1980
~s~-
>~~' V.*'
1981
PERCENT* (RATIO SCALE)
100
140
120
90
80
70
MANUFACTURING CAPACITY UTILIZATION RATE
1977 1978 1979 1980 1981* SEASONALLY ADJUSTED
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Period
1967 proportion197419751976—19771978. „19791980
1980: OctNovDec
1981: JanFeb _ _ _ _MarAprMayJuneJulyAugSept*Oct » _.
Total inprodu
Index,1967=
100
100. 00129.3117.8130.5138.2146. 1152.5147.0
146.6149.2150.4
151.4151.8152. 1151.9152.7152.9153.9153.6151.8149. 5
dustrialBtion
Per-cent
changefromyear
earlier
-.4-8.910.85.95.74.4
-3.6
-4.0-2.0-1.4
-1.0-.7
.02.56.28. 19.78.05. 12.0
IndusMi
Total
87.95129.4116. 3130.3138.4146. 8153. 6146. 7
146.5148. 9150.4
151. 1151.2151. 6152.0152.8152.4153.2153. 1151.2148. 7
stry prodtinufaeturi
Dur-able
51. 98125.7109. 3122.3130.0139.7146.4136.7
135.7139.2140.3
141.0140.8142. 1142. 5143.5143.2143.6143.3140.9138. 2
iction indcng
Non-dur-able
S5.97134.6126.4141.8150.5156.9164. 0161.2
162.1163.0165.0
165. 6166.2165.3165.9166.4165.8167.1167.4166. 1163.9
?xes, 1967
Mining
6. 86115.3112.8114.2118.2124.0125. 5132.7
132. 1135. 1138.6
140.4143. 1143.2135.2135.4141.7146.5145.9144.9144. 9
= 100
Utili-ties
5. 69143.7146.0151.7156.5161.4166.0168.3
167.7169.9167.9
167.6166.4167.8167.6170.7172.7173. 1171.9171.5171.2
Capacit.
Mate-rials
(FederalReserveseries)
87. 173.481.182.785.687.480.0
78.480.581.4
82. 182. 382. 181.181.281.381.981.680.278. 2
y utilizati<
Mi
FederalReserve
series
83.872.979.581.984.485.779. 1
78.279.379.8
80.079.879. 879.880.079. 679. 879. 678. 476. 9
sn rate, p
mufaeturi
Com-merceseries 2
83778183848378
78
78
78
ereent l
ng
Whar-ton
series $
89.979.085.087.590.291.785.8
86. 1
87. 2
86. 8
1 Output as percent of capacity.1 Annual data are averages of four monthly indexes.8 Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
^ources: Board of Governors of the Federal Reserve System, epartmentCommerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Period
1967 proportion1971.197219731974197519761977.1978197919801980: Oct
NovDec....
1981: JanFeb ,MarApr .May ..JuneJulyAugSept"Oet"
Total
47.82106.3115.7124.4125. 1118.2127.6135.9142.2147. 2145.3145.7147.4147.8147.8148.2149.0149.9151. 3151.4152. 1151.5150.4149. 4
Coi
Total
27. 68114. 7124.4131.5128.9124.0137. 1145.3149. 1150.8145.4146.3148. 1147. 1146.9147.8148.3148.9150.7150.3150.7149. 6148. 3147.0
Final ]
asumer go
Durablegoods
7. 89118.8133.8146. 2135.3121. 4141. 9154. 0159.2155. 8136.7139.0143.4141.3140. 1141.2143.6144. 3147.3147.9146.5142.5140.5137.0
Proc
Products
ods
Non-durablegoods
19. 79113. 1120. 6125.6126. 3125. 1135. 2141. 9145. 1148.8148.9149.3150.0149.3149.6150.5150. 1150.7152. 1151. 2152.3152.4151.5150. 9
lucts
Equij
Total
20.1494.7
103. 8114.5120. 0110. 2114.6123.0132. 8142. 2145. 2144.8146. 5148.8149. 1148. 7150.0151.4152. 1153.0154. 1154.0153.2152.6
)ment
Busi-ness
12.63104. 1118. 0134. 2142.4128. 2135.4147.8160.3171.3173.2171.9173.9177. 1177.7177.5179.3181.0182.0183.6184.8184. 5182.7181. 7
Internrprod
Total
12. 89116.7126.5137.2135.3123. 1137.2145. 1154. 1160. 5151.9152.4153.4155.4157.5157.7157. 1156.3156. 1154. 9156.2156.9154. 1150.7
lediateucts
Con-structionsupplies
6.42116. 8128.4139.8134.5116. 3132.6140.6151.7158.0140.9140.6142.6145.2148.4148.9149.0147.9146.5143.4144. 3144.0139.3134.0
Ma-terials
39. 29111. 3122. 3133.9132.4115. 5131.7138. 6148. 3156. 4147. 6145. 9150. 1152.2153.8154.3154.4152. 9153. 4154.0155.3155.2152.8149. 3
Sup-ple-men-tary
group:Energytotal
12.23119.5125.2128. 3125. 5125. 5129. 1132.9135. 4137.9137.7135.6137.0137.7138.5138.5137.7132.6133. 5138.0141.2140.5138. 5137.6
[1967 = 100, seasonally adjusted]
Period
1967 proportion1971197219731974197519761977.1978197919801980: Oct___
NovDec
1981: JanFebMarAprMayJune _JulyAugSept"Oct"
Primar
Total
6.57100.2112. 1126.7123. 196.4
109. 7111. 1119.9121. 3102.399.6
113.2111.5114. 1114.5114. 9110. 6111.9107.4109.4113.2108.4102.2
y metals
Ironandsteel
4.2196. 1
107. 1122. 3119. 895.8
104.8103. 8113. 2113.292.492.0
107.6103. 0108.7108.4108.0103.4105.698.599.7
105.399.4
D
Fabri-catedmetalprod-ucts
5. 93103. 5112. 1124.7124. 2109. 9123.9131.0141. 6148. 5134. 1131.7132.3135.7135.8137. 6139.2139. 5138.4139.3140. 1139. 9137.6134. 1
urable m
Non-
tricalma-
chin—ery
9.15100. 2116. 0133.7140. 1125. 1134.5143. 6153.6163.7162.8160.9162. 9166.9167.3168.3169.2169.7172. 1174. 1176.7176.4173.9172.6
anufacti
Elec-tricalma-chin-ery
8.05107. 7122.2143. 1143. 8116. 5134.8145.4159. 4175.0172.8169.8173. 0175. 1177.6174.9177.4178. 8179. 9180. 1180.9181.9179.6178.0
ires
Transpequip
Total
9. 2797.9
108.2118.3108.797.4
111. 1122.2132. 5135.4116.9118. 3121. 8120.4117.4116. 1119. 5121. 3123.7123.4119.8115.2114.0110. 7
ortation>ment
Motorve-
hiclesand
parts
4.50118. 6135. 8148.8128.2111. 1142. 0161. 1169. 9159. 9119.0123. 2129.2125.7120. 0119.9127. 1130.7136.4137. 5130.5122.8120. 0113.3
Lum-berand
prod-ucts
1.64113.8120. 8126. 0116.2107.6123. 2131. 2136.3136.9119.3121.4123. 7123.6127.4126. 2125. 6126.3126. 2122.5122.9119. 3112.8
Non<
Ap-parelprod-ucts
3.31104. 7109. 4117.3114. 3107. 6125.7134.2134. 2134. 4127.0121.7125.7122. 7123.8121. 6120.2121. 6122.6121. 1122. 6123.7
durable r
Print-ingandpub-
lishing
4.72107. 1112.7118. 2118. 2113. 3122.5127.6131. 5136.9139.6142.5142. 1143. 0143.9144. 8142. 7141. 6141. 3143. 1144.4146. 1146.4145.6
nanufact
Chem-icalsand
prod-ucts
7. 74125. 9143. 6154.5159. 4147. 2170. 9185.7197. 4211.8207. 1209.4211.7220. 5218.9219. 8218. 5219.8220. 6218.4221.5219. 4217. 1
ures
Foods
8.76112.8116. 8120.9124. 0123.4133.0138.8142. 7147.5149. 6151. 1151. 6151.0151.9152.5152.4151.9152.2151.3151.6151.9151. 1
Source: Board of Governors of the Federal Reserve System.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION
Period
1974197519761977 —197819791980
1980: SeptOct .. _ _NovDec
1981: JanFebMar..._AprMayJuneJulyAug*Sept 9Oct 9
Total newconstruc-
tionexpendi-
tures
139.2135. 9151. 1173.8205.6230.8230.3
2246228.9234.3245.4259.0254.5250.3246.5235.9234.0234.7232.6231.6
Total
100.995. 1
112. 0135.7159.7181. 7174.9
169. 1174.9180.9187.9193.9193.2189.6189.9184.1181.8183.4183.2180.4
Resic
Total l
Bi]
50.446. 560.581.093.499.087.3
Seasonally
84.589.895.698.9
100.799.796.395.289.786.085.384.682.4
Private
iential
Newhousing
units
lions of doll
40.634447.365.775.878.663.1
/ adjusted ai
60.764268. 170.474275.17ao72.967.764360.558.1544
Commer-cial and
industrial
ars
23.820.819.922.529.639.943.8
inual rates
41.641.542.545.148.348.548.74a947.948.751.252.051.8
Other
26.727.831.532.236.742.843.9
43.143.642.843.944945.044745.846.547.246.846.646.2
Federal,State,andlocal
38.340.939. 138.245.949.155.4
55.554053.457.665.261.360.656.651.852.251.449.451.2
Constructio
Total valueindex
(1972=100)
103.0101.9121.0153.6174 1185.6161.8
Seasonallyadjusted
163167205193192177183172160170153156159157
n contracts2
Commer-cial and
industrialfloor space(millions ofsquare feet)
840555592739977
1,059898
Seasonallyadjustedannualrates
822865
1,0341,169
9441,0131,080
930994
1,015852924823868
> Includes nonhousekeeping residential construction and additions and alter-ations, not shown separately.3 F. W. Dodge series. Relates to 50 States beginning 1969 for value index andbeginning 1971 for floor space.
Sources: Department of Commerce (Bureau of the Census) and McGraw-HillInformation Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
19731974197519761977_.197819791980
1980: OctNovDec.. ...
1981: JanFeb ..Mar -..Apr _ _MayJuneJulyAug 9Sept*Oct"
Units
Total
2, 045. 31,337.71, 160. 41, 537. 51, 987. 12, 020. 31, 745. 11, 292. 2
1,5191,5501,5351,6601,2151,2971,3321,1581, 0391,047
941920857
IS
started, by
1 unit
1, 132. 0888. 1892.2
1, 162. 41, 450. 91, 433. 31, 194. 1
852.2
1,0091,019
974993791838897764688704606646487
lew private
type of strt
2-4units
118.368. 164.085.9
121.7125.0122.0109.5
Seasonally
12114313114911210592
1068886765896
housing unil
tcture
5 or moreunits
795.0381.6204.3289.2414.4462.0429.0330.5
adjusted ai
389388430518312354343288263257259216274
:s
Unitsauthor-
ized
1, 819. 51, 074. 4
939. 21, 296. 21. 690. 01, 800. 51, 551. 81, 190. 6
inual rates
1,3511,3661,2491,2141,1651,1531, 1861,167
963913865850729
Unitscompleted
2, 100. 51, 728. 51, 317. 21, 377. 21,657.11, 867. 51, 870. 81, 501. 6
1,2871,2741,3731, 2521, 3891,3621,5191,2731, 3771,3241,2241,169
New priv
Homessold
634519549646819817709530
549560514523500507451478402416357312
ate homes
Homes forsale atend ofperiod l
418346313353402414
3398336
334337336329334325327322310303301298
Vacancyrate forrental
housingunits
(percent)1
5.86.26.05.65.25.05.45.4
5.0
5.2
5.0
5.0
1 Seasonally adjusted.2 Quarterly data entered in last month of quarter. Series beginning 1979 notstrictly comparable with earlier data.
8 New series beginning March 1979.
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;data for 1973-77 are for 14,000 places.Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADEBusiness sales were about unchanged in September, while inventories rose $5 billion. According to the advancesurvey, retail sales fell 11A percent in October following no change in September.
BILLIONS OF DOLLARS* (RATIO SCALE)600
550
500
450
400
350
300
250
200
150
100
TOTAL BUSINESS
INVENTORIES
V
1977 1978
X' \TOTAL BUSINESS
SALES
1979 1980
BILLIONS OF DOLLARS* (RATIO SCALE)140
130
120
110
100
90
50 -
40 I ) i i i i I i i i1977 1978
RETAIL SALES
1979RATIO*
1980 1981
1981 1977
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE
1981
COUNCIL OF ECONOMIC ADVISERS
Period
197319741975197619771978197919801980: Sept
OctNov _Dec
1981: JanFebMarAprMayJuneJulyAug_ _Sept *_ _ _Oct v
Total b
O 1 _ i)bales 2
153, 412177, 625182, 230204, 277229, 623258, 724294, 733320, 540327, 758335, 873339, 049343, 752349, 018350, 334349, 898350, 923349, 245354, 442354, 759352, 783353, 652
usiness l
Inven-tories 3
233, 327285, 807288, 375318, 544350, 678395, 252444, 224475, 202471, 500473, 617474, 884475, 202478, 451484, 069485, 467487, 060490, 254494, 226498, 098502, 458507, 443
Who
QJ 1 nbales 2
Mill
38, 01447, 74846, 623 150, 69455, 98764, 71576, 26486, 99190, 22393, 28293, 90196, 59198, 96798, 01696, 48697, 57796, 21795, 56497, 08594, 67496, 535
iesale
Inven-tories ri
ons of d
45, 37256, 94856, 69764, 07872,311
i 83, 4921 93, 817105, 529102, 953104, 293105, 203105, 529104, 909106, 066105, 539105, 591105, 568107, 210106, 402107, 820108, 600
Trvtnl
o liars, se
42, 46245, 08249, 01254, 78160, 43567, 05774, 52979, 72180, 62081, 55282, 76483, 44385, 46386, 81087, 60885, 85585, 50187, 38487, 35088, 59188, 53687, 179
Sales -
Dur-able
goodsstores
asonally
14, 40914, 11815, 24718, 15020, 72423, 31325, 40124, 82725, 09425, 29326, 00725, 98327, 07528, 32828, 42926, 35626, 53627, 53227, 75328, 43928, 39926, 846
Re
Non-durablegoodsstores
adjusted
28, 05230, 96433, 76533, 63139, 71143, 74449, 12854, 89455, 52656, 25956, 75757, 46058, 38858, 48259, 17959, 49958, 96559, 85259, 59760, 15260, 13760, 333
»tail
Ir
TVitnl
63, 23771, 06771, 74479, 27389, 210
101, 681108, 835111,694111,710113, 106112, 639111, 694111, 790113,507113, 404113, 963115,426117,307119, 824121, 277122, 227
iventorie
Dur-able
goodsstores
28, 41832, 86133, 35637, 84142, 97049, 89853, 27451, 85351, 73852, 06652, 20951, 85352, 23452, 374515 79152, 30653, 52954, 88056, 19957, 12157, 156
S 3
Non-durable
goodsstores
34, 81938, 20638, 38841, 43246, 24051, 78355, 56159, 84159, 97261, 04060, 43059, 84159, 55661, 13361,61361, 65761, 89762, 42763, 62564, 15665, 071
Inventoirat
Totalbusi-ness l
1.411. 451.571.481.461. 441.431.451. 441.411. 401. 381.371. 381.391.391. 401. 391. 401.421.43
•v-salesio *
Retail
1.401.481.441. 381. 391.421.431. 381.391. 391. 361. 341.311.311. 291.331. 351. 341.371. 371.38
5 The term "business" also includes manufacturing (see page 21).2 Monthly average for year and total for month.s Book value, end of period, seasonally adjusted.* For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSManufacturers1 inventories rose in September, while shipments and orders fell. According to advance data, durablegoods shipments and new orders fell again in October.
BILLIONS OF DOLLARS* (RATIO SCALE)200180160
140
BILLIONS OF DOLLARS * (RATIO SCALE)
-SHIPMENTS-
120
100
80
401 1 1
TOTAL
DURABLE GOODS
1 1 1 1
NONDURABLE GOODS
BILLIONS OF DOLLARS* (RATIO SCALE)200180160
140
120
inn
Of)
60
40
ENEW OR
^
*,•"'*"*. x""*' _^gt«.
— *
I I I I I I I I I I I1977
DERS
.x-— -'̂
DURABLE GO\
X "" *"
_iu— «
< .̂'~ VNONDURA
i i i i i I i i i i i1978
^xy - • — '\
TOTAL
ODS
.-^•-
—x
JLE GOODS
i i i i i i i i i ii1979
^- x-j
x' v ^- "* '
^-^j>'-*
I II 1 1 I 1 I 1 1 1
1980
-—— x— s. —
-—
-
* *"" ""^— ̂ "̂
-
1 I M I I II I M
1981
320280
240
900
ion
100
-INVENTC
-
==— - —""""""
-„—-—*"""
-
_..---* — *
-
, , , ,
)RIES
— — — iP- — -"
..—-•* "*""""
, , i
r-— -"
DURABLE
-*" \
NONC
I I I I I I I I I I
TOTAL
GOODS
JURABLE GOO
, M l l
^ — -:-
-
_DS
-
I
RATIO*2.2
2.0
1.8
1.6
1.4
1.2
INVENTORY-SHIPMENTS RATIO
1977 1978 1979 1980 1981
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
1974197519761977197819791980
1980: Sept..Oct...Nov__Dec__
1981: Jan_._Feb...Mar_.Apr...May-June—July..Aug__Sept__Oct »_
Manufat
Total
84, 79486, 59598, 802
113,201126, 953143, 941153, 828
156, 915161, 038162, 384163, 719
164, 588165, 508165, 804167, 491167, 527171, 494170, 324169, 518168, 581
turers' sh
Durablegoods
44, 22843, 65650, 68959, 26767, 84875, 80378, 003
79, 73582, 51883, 22983, 482
83, 32984, 21585, 05886, 32786, 66488, 77087, 31986, 84186, 17983, 325
ipments *
Non-durablegoods
40, 56742, 93948, 11353, 93459, 10468, 13875, 826
77, 18078, 52179, 15580, 236
81, 25981, 29380, 74681, 16480, 86382, 72483, 00582, 67782, 402
Manufact
Total
Millio
157, 792159, 934175, 193189, 157210, 079241, 572257, 979
256, 837256, 218257, 042257, 979
261, 752264, 496266, 524267, 506269, 260269, 709271, 872273, 361276, 616
,urers' inv
Durablegoods
ns of dolls
101, 739102, 874112, 581121, 646137, 712161, 390171, 603
170, 163169, 781170, 275171, 603
174, 223175, 620176, 229177, 123177, 635178, 676180, 855182, 221185, 140
entories 2
Non-durablegoods
irs, season
56, 05357, 06062, 61267, 51172, 36780, 18286, 376
86, 67486, 43786, 76786, 376
87, 52988, 87690, 29590, 38391, 62591, 03391, 01791, 14091, 476
Manu
Total
ally adjus
87, 26885, 14999, 543
115,027131, 612147, 576155, 059
159, 496161, 924163, 020166, 900
165, 423166, 987167, 361168, 584169, 340170, 913172,611170, 013168, 444
faeturers
Durab
Total
ted
46, 85342, 01951, 39861, 07672, 35879, 35379, 264
82, 16283,36483, 97186,577
84, 20885, 44686, 72987, 18088, 16488, 30389, 69687, 35086, 27879, 351
'* new ord
e goodsCapitalgoodsindus-tries,non-
defense
12, 67311, Oil12, 79915, 27619, 45022, 51022, 548
22,51821, 62523, 35024, 664
24, 82321, 18524, 46024, 72323, 86523, 23024, 22624, 70023, 02621, 865
ers1
Non-durable
goods
40, 41543, 13048, 14553, 95159, 25468, 22375, 795
77, 33478, 56079, 04980, 323
81, 21681, 54180, 63281,40481, 17682, 61082, 91582, 71382, 166
Manu-fac-
turers'unfilledorders 3
191, 102173, 829182, 499204, 814261, 082304, 963319, 729
315, 027315, 912316, 547319, 729
320, 566322, 045323, 602324, 694326, 508325, 918328, 206328, 757328, 613
Manu-fac-
turers1
inven-tory —ship-mentsratio *
1.651.841.691.611.571.571.65
1.641.591.581.58
1.591.601.611.601.611.571.601.611.64
1 Monthly average for year and total for month. Shipments are the same as sales.2 Book value, end of period.8 End of period.
shipments; for monthly data, ratio of inventories at end of month to shipmentsfor month.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCER PRICES PRICESIn October, the producer price index (or all finished goods rose 0.6 percent, seasonally adjusted. Prices of finishedconsumer foods fell 0.2 percent, and prices of other finished consumer goods rose 0.7 percent. Prices of capital equip-ment rose 0.9 percent from their September level.
INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE)
280
140
120
1001973
SOURCE: DEPARTMENT OF LABOR
1981
140
120
100
COUNCIL OF ECONOMIC ADVISERS
Period
1973197419751976197719781979..1980 __.1980: Get
NovDec
1981: Jan....FebMarApr..MayJuneJulyAugSept..Oct
Totalfin-
ishedgoods
127.9147.5163.4170.6181.7195.9217.7247.0255. 1256.9257.8260.8262.8266. 0268.1269.1270.4271.0271.8272.3273.8
Con-sumerfoods
146.4166.9181.0180.4189.9207.2226.2239.5250.0250.8250.9251. 1249.5251.9251.6251.8253.0255.9256.4256.5255.9
[1967J
F
Total
120.1139.3156. 2166. 1177.7190.7213.3247.8255.2257.3258.4262.3265. 4268.8271.7272.9274.3274. 1275.0275.6277.7
= 100;Finishec
inishedcons
Cons
Total
118.6138.6153. 1162. 6174.3186. 7211.5250. 8257.8260. 1261.2265.3268.7272.6275.7276.6277.8276.8277.5278.3280.3
monthl.I goods
goods einner fc
>umer g
Phi-flhl*»
115.4125.9138.2144. 5152. 8166.9183.2206.2212.3213.3212.9213.6214.7214. 0215.7217.9218. 9218. 1219.4218.7222.5
y data j
xcludin>ods
oods
Non-dur-able
120.5146.8163.0174.8189.3200.0231. 3283. 9291. 4294.8297.4303.9309.0316.3320.4320.4321.7320.6320.8322.9323.5
seasonal
g
Capi-tal
equip-ment
123.5141. 0162.5173.4184.6199.2216. 5239.8248. 1249.7250. 8253.7256. 1258.0260.4262.3264. 1266.2267.7267.8270.2
ly ad jus
Totalfin-
ishedcon-
sumergoods
129.2149.3163.6169.7180. 7194.9217.9248.9257. 1258.9259.7262.7264.6268. 1270.2270.9272. 1272. 2272.9273.5274.7
ted]
Imr
Total
131.6162. 9180.0189. 1201. 5215.6242.2280.3287.6290.2293.5297.4298.5301. 6304.6306. 1306.8307.9309.2309.4309.3
;ermedinaterial
Foodsand
feeds1
168.4200.2195.3185.3190.5203. 1226. 1252.6281.8286. 1270. 1270.6260. 1253.4254.4253.5252. 1252. 0253.2245. 5242.0
ates
Other
128. 1159.5178.6189.4202.3216.5244.4282.3288.0290.5295.2299.4301.3305.2308.4310.0310. 9312. 1313.4314.2314.3
Crud
Total
174.0196. 1196.9202.7209.2234. 4274.3304.6327.2330.7328. 1328.8332.4328. 1332.8331.3335.2335.9333.9330.2324.6
e mater
Food-stuffsandfeed-stuffs
180.0189.4191.8190.2192. 1216.2247.9259.2282. 8283. 3275.9272.9263.8258.4262.4256.7263.8264.5262.0255.4248.9
ials
Other
162.5208.9206.9228.5245.0272.3330.0401.0421.0431.2438.9447.8479.0477.2483. 5491.3488. 1488.5487.9490. 6486.9
1 Intermediate materials for food manufacturing and feeds.
22
NOTE.—Data revised for June 1981.Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICESIn October, the consumer price Index for all urban consumers rose 0.4 percent, seasonally adjusted (0.2 percentunadjusted). Food and beverage prices were up 0.2 percent, seasonally adjusted, and energy prices were down 0.5percent, not seasonally adjusted.
INDEX, 1967=100 (RATIO SCALE)320
300
280
260
240
220
200
180
INDEX, 1967= 100 (RATIO SCALE)320
I I I I I I I M I
1973i i i I i i i i i1974
SEE NOTE ON TABLE BELOWSOURCE: DEPARTMENT OF LABOR
1975 1976i i i i i I i
1977
ALL ITEMS
i i i i i I i1978
I I I I I I I I I M
1979l.i i i i I i l l i i
1980i i I.1..J..I i i i i i
1981
300
280
260
240
220
200
[1967=100; monthly data seasonally adjusted, except as noted]
Period
Rel. imp,5--
19731974...1975_____._1976 ...1977____ ...1978 ..1979-1980 .1980: Oct..
Nov.Dec..
1981: Jan..Feb..Mar.Apr..May.June.July..Aug..Sept.Oct__
Allitems 1
NSA
100.0
133.1147.7161.2170.5181. 5195.4217.4246.8253.9256.2258.4260.5263.2265. 1266.8269.0271.3274. 4276.5279.3279.9
Foodand
bever-ages
18.3
139.5158. 7172. 1177. 4188.0206. 3228. 524a 0257.2260.2262.6262.6263.4264.5264.5263.92645266.7268.7271.3271.9
Total *
45.5
133.7148.8164.5174.6186. 5202.8227. 6263. 3270.8274. 1277.4279.5281.3282.8284.8288.4291.7296. o299.4303.3303.3
Housing
Homepur-chase
NSA
10.3
132.7142.7160.3168.4179.5196.7223. 1254.3265.5267.3267.2266.2263.0261. 1260.7263. 0266.6271.4272.6274.5272.5
Financ-ing,
taxes,and
insur-anceNSA
12.0
160. 6181. 1201. 9212. 8227. 2257.8308.9396.0404.7416. 9429.4435.2437. 1441. 1447. 1458.3467. 2480.0488.3501. 8501. 8
Appareland
upkeep
4.9126.8136. 2142.3147.6154.2159.6166.6178.4182. 1182.8182.8182.5184.0185.8186. 1185.7185.8186.8188.3189.4189.7
Tn
Total l
19.0
123.8137.7150.6165. 5177.2185.5212. 0249.7256.6259.9262.4267.0273.4275. 9275.7276.5277.2279.4281. 1284. 4287.8
ansportal
Newcars
3.6
111. 1117.5127.6135.7142. 9153.8166.0179. 3183.3183,5183. 3183. 5183. 3182.5185.7190. 1192. 2193. 3193.4194.6194. 1
bion
Motorfuel2
5.9
118. 1159.9170.8177. 9188.2196.3265.6369. 1371.3373.6377. 3391. 5417. 5427. 1421.0414. 8408.7404. 8403.6
2 405. 8410.7
Medicalcare
4.7
137.7150.5ieae184.7202.4219.4239.7265.9272.9274. 6276.2279.2281.7284. 1286.6289. 1292. 1295.9299. 6302.2305. 1
En-ergy3
NSA
10.8
123.5159.7176. 6189.3207.3220.4275.9361. 1368.0366. 1370.4381.740L 1409. 3409.8411.3414.0415.7416. 1417. 1414.9
Serv-ices
41.6
139. 1152. 1166. 6180.4194.3210.9234.2270.3277.9281.5285.528R 0290.3292. 6295.4299.6303. 1308. 5312. 1316.9318.3
All itemsless food,energy,
and homepurchase
andfinance *
49.6
128. 5138.5150. 5160. 8170.6180.9194. 1211. 6217.4219. 1220.8221. 9223.7225. 1226. 9228.3229.9232. 6234.3236.7238.4
.iiiviuvKsa ibcuio iiui, aiiuwu separately.2 Includes direct pricing of diesel and gasohol beginning September 1981.8 Fuel pa, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
* Relative importance, December 1980.NOTE.—NSA indicates data are not seasonally adjusted.Data hMrinnfncr 1978 are for all urban consumers; earlier data are for urban
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
19721973....19741975 —19761977197819791980
1980: Oct ..NovDec .
1981: JanFebMarAprMayJune...JulyAugSept...Oct.
Percemperioc
Totalfin-
ishedgoods
3.811.818.36.63.76.99.2
12.811.8
.9
.7
.4
1.2.8
1.2.8.4.5.2.3.2.6
change; seasoni
Consume
Foods
8.022.513.05.52.56.9
11.77.47.5
.7
.3
.0
.1-.61.0-.1
. 1
. 51. 1.2.0
-.2
from preilly adju,
»r goods
Exclud-ing
foods
2.07.4
20.56.76.06.78.5
17.514.2
.8
.9
.4
1.61.31.51.1.3.4
A^~~. ^S
.3
.3
.7
cedingsted1
Capitalequip-ment
2.05.3
22.68. 26.47.37.98.8
11. 4
1.7.6.4
1.2.9.7.9.7.7.8.6.0.9
Percentearlie
Totalfin-
ishedgoods
10.28.08.3
9.29.5
13.311.79.96.84.44. 12.84.2
, changer; season
annual
Consume
Foods
16.66.34.3
1.8-2.1
1.6.8
3.71.87.07.55.60
from 3 Eally adjirates
;r goods
Exclud-ing
foods
6.67.98.9
12.213.918.616.612.37.91.61.3.7
5.2
tionthsisted
Capitalequip-ment
12.110.411.8
9.310.712.011.010.09.89.28.55.76.1
Percenearlie
Totalfin-
ishedgoods
11.412.010.9
9.78.8
10.810.59.7
10.08.07.04.84.3
t changer; season
annua
Consume
Foods
18.418.116.9
8.92.02.91.3.8
1.73.95.63.73.4
from 6 rally adj*
1 rates
»r goods
Exclud-ing
foods
8.79.58.2
9.410.913.714.413. 113.18.96.74.23.4
nonthsisted
Capitalequip-ment
10.711.410.9
10.710.511.910.210.310.910. 19.37.77.7
»Annual changes are from December to December (unadjusted).NOTI.—Based on revised data for June 1981.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES[Percent change from preceding period; monthly data seasonally adjusted, except as noted l]
Period
1973 _19741975197619771978197919801980: Oct..
Nov,.Dec..
1981: Jan..Feb..Mar..Apr-May.June.July..Aug...Sept..Oct..
AUitems a
8.812.27.04.86.89.0
13.312.41.01. 11.0.7
1.0.6.4.7.7
1.2.8
1.2. 4
Foodand
bever-ages
18.512.06.2.8
7.611.610.010. 1
.91.2.9
0.3.4
0-.2
.2
.8
.71.0.2
]
Total 2
6.913.47.55.47.69.9
15.213.71.31.21.2.8.6.5.7
1.31.11.61.01.30
lousing
Homepur-chase
NSA
3.410. 110.04.38.4
11.215.811.41.5.7
-.0-.4
-1.2-.7-.2
.91.41.8.4.7
-.7
1
Fi-nanc-ing,
taxes,and
insur-anceNSA
11. 114.67.61.6
11.214.727.523.32.83.03.01.4.4.9
1.42.51.92.71.72.80
AT%Ap-parelandup-
keep
4.4a72.34.5423.25.56.8.7.4
0-.2
.81.0.2
-.2.1.5.8.6.2
Tra
Total a
4.513.39.88.84.37.7
18.214.71.01.31.01.82.4.9
— . 1.3.3.8.6
1.21. 2
nsporta
Newcars
1.311.57.34.87.26.27.47.5
Q
. 1
-.1
. 1
-. 1
-.41.82.41.1.6. 1.6
-.3
tion
Motorfuel3
19.720.611.02.64.98.5
52.2ia9
.9
.61.03.86.62.3
— 1.4-1.5-1.5-1.0-.3
8.51.2
Med-icalcare
5.212.49.9
10.18.88.8
10. 110.0
.7
.6
.61.1.9.9.9.9
1.01.31.3.9
1.0
En-ergy4
NSA
16.821. 611.66.97.28.0
37.418. 1-.6-.51.23.15.12.0. 1.4.7.4. 1.2
-.5
Serv-ices
6.211.38.17.37.99.3
13.714.21.21.31.4.9.8.8
1.01.41.21.81.21.5.4
AUitemsless
food,energy,
andhome
purchaseand
finance 5
4.011.16.36.85.56.97.59.9.8.8.8.5.8.6.8.6.7
1.2.7
1.0.7
AddenAll it
percent(annua
From3
monthsearlier
12.013.513.211.811.29.68.27.07.4
10.811.513.59.9
dum:emschange1 rate)
From6
monthsearlier
10.010.510.511.912.311.410.09. 18.59.59.2
10.410.3
* Annual changes are from December to December, not seasonally adjusted.* Includes items not shown separately.8 Includes direct pricing of diesel and gasohol beginning September 1981.4 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor oil, coolant, etc.5 Estimated series. Finance includes financing, taxes, and insurance.
NOTE.—NSA indicates data are not seasonally adjusted.Date beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
24Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers fell 0.8 percent in November and prices paid by farmers were unchanged in the monthended November 15.
INDEX, 1977=100 (RATIO SCALE) INDEX, 1977=100 (RATIO SCALE)
1973
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1981
COUNCIL OF ECONOMIC ADVISERS
[1977=100]
Period
197319741975 +197619771978197919801980: Nov... ....
Dec1981: Jan.
FebMarAprMayJune _.„July..Aug .Sept....,Oct .Nov
Prices
All farmproducts
98105101102100115132134144145144144143143142142141137134130129
received by fs
Crops
91117105102100106116125140142144144146143143137136129120119120
irmers
Livestockand
products
1049498
101100124147144149148145144141143141146146145146140138
Pric
All commodi-ties, services,
interest,taxes, and
wage rates l
71818995
100108123139144144147148149150150151150151151151151
es paid by fanProduction
items,interest,taxes,
and wagerates
72818995
100109125140145145149149150151151152151150150149149
ners
Productionitems
73S39197
100108125138144145146147148150150150149149149147147
Ratio 2
13813011310710010610796
1001019897969595949491898685
1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.NOTE.—The official indexes are published on a 1910-14 base as required by
law. The indexes have been converted to a 1977 <son with other indexes.
Source: Department of Agriculture.
=100 base to facilitate compari-
25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK MEASURES AND LIQUID ASSETSMl-A and Ml-B rose in October after having fallen in September. Growth in M2 accelerated while growth in M3decelerated again.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS'(RATIO SCALE)
>F THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1974: Dec... ....1975: Dec ...1976: Dec „._._.1977: Dec1978: Dec1979: Dec .1980: Dec1980: Oct...
Nov ...Dec
1981: Jan...Feb....MarApr . 'May ->.-June .July.,.. ...._._-_Aug . ___SeptOct» >
Ml-A
Currencyplus
demanddeposits
plustravelers'checks l
277. 1290.2307.7331.4354 8372. 7387.7390. 1391. 3387.7375. 1367.2365.8366. 63649361.9361.4362.3360. 0360.6
Ml-B
Ml-A plusother
checkabledeposits
(OCD) atbanks and
thriftinstitutions
27ao291.8311.1336.43642390.5415. 6416.3419. 1415.6419. 2421.2425.8433. 7431. 5428.8430. 1432. 8431.8433.0
M2
Ml-B plusovernightRPs and
Eurodollars,MMMF
shares, andsavings andsmall timedeposits atcommercialbanks and
thriftinstitutions 2
9oao1, 024 41, 169. 41, 296. 41, 404 21, 525. 21, 669. 4, 654 0
1, 668. 5, 669. 4, 680. 8, 695. 7,718.6
1, 738. 11, 743. 41, 749. 31, 760. 11,777.21, 786. 81, 798. 9
M3
M2 pluslarge timedepositsand termRPs at
commercialbanks and
thriftinstitutions
1, 060. 41, 163. 01, 302. 31, 462. 51, 625. 91, 775. 61, 965. 11, 928. 31, 951. 01, 965. 11,989.32, 009. 12, 027. 22, 046. 02, 060. 82,079.02, 094 02, 117. 52, 133. 72/143.5
L
M3 plusother liquid
assets
1, 246. 01,373.51, 528. 91, 722. 71,936.82, 151. 72, 378. 42t 326. 02, 355. 62, 378. 42, 408. 72, 433. 62, 445. 32, 457. 72, 480. 12, 502. 82, 519. 4
Perceor
Ml-A
43476.07.77. 15.040
11. 111.67.7-.8
-8.0-10,4-11.7-13.0-12.9-7.2-2.7-3.1-3.2
nt Chan6 mont
Ml-B
445.06.6ai8.37.26.4
13.414710.810. 27.26.98.56.06.5,5.35.62.8-.3
ige fronhs earli
M2
5.612.814210.98.38.69.5
13.313.210.38.47.89.2
10.49.29.89.79.88. 17. 1
i year3r*
MS
a49.7
12.012.311.29.2
10.712.613.212.512.712. 112.312.611.611.910.811. 110.89.8
»Net c-f demand deposits due to foreign commercial banks and officialinstitutions.
1 Total M2 excludes demand deposits held by thrift inattentions at commercialbanks, not shown separately in components.
26
s Annual changes are from December to December and monthly changes arefrom 6 months earlier at a seasonally adjusted annual rate.
NOTE.—See p. 27 for components except travelers' cheeks, which can be com-puted from data shown on these two pages.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Dec:1974.1975.1976.1977.1978.1979.1980.
1980:Oct._Nov.Dec..
1981:Jan..Feb..Mar.Apr..May.June-July.Aug..Sept..Get*
Cur-rency
67.873.880.688.697.4
106.1116. 1
114.9115.7116. 1
116.6117. 2117.9118.9119. 8119.9120.8121.2121.1121, 4
De-mand
de-posits l
207.4214 1221. 4239.7253.9262.8267.4
271.2271.6267.4
2544245.8243.5243. I240.7237.9236. 4236.7234.42347
Othercheck-able
deposits(OCD)
0.91.63.45.09.4
17.828. 1
26.327.928. 1
44354360.267.366.967. 169.070.872.272.7
Over-nightrepur-chaseagree-ments(RPs)/_ _JA(net)
NSA
7.27.5
13.617.621.921.827.9
28.328. 127.9
27.527.028.729. 331.833.332. 332.429.827. 1
Over-nightEuro-dollars
NSA
0.0.0.0
1.02.03. 645
444745
5.24.94.65.06.56.46.97.86.95.9
Moneymarketmutual
fundshares
NSA
2.33.63.43.8
10.343.675.8
77.477.075.8
80.792.4
105. 6117. 1118. 1122.81343145.4157.0166.4
Sav-ingsde-
posits
333.9383. 9447.8486.5475.5416. 5393. 0
407.8406. 1393. 0
376.9370.8368. 3367. 0361. 13540349. 1340.73345329.5
Smallde-
nomi-nationtimede-
posits 2
288.9340.1396.2453. 8533.3652.7756. 8
7240738. 0756.8
775.7783.3789.4790.0798.4807.7811. 3821.9830.7841. 1
Largede-
nomi-nationtimede-
posits 2
1440129.6117.9145. 11940219.7256. 8
237.7245. 4256. 8
268.0273.9271.0269. 5277.2287.3290.3296.6299.9298.7
Termrepur-chaseagree-ments(RPs)
NSA
8.49.0
15.021. 027.730.738.9
36.537. 138.9
40.439.537.638.540.242.443. 543.747. 145.9
TermEuro-dollars(net)
NSA
8.09.7
13.118.729.942. 948.4
45. 246.348.4
50.252.252.252.657.057.958.7
Sav-ings
bonds
63.267.271.876.480.379.672.3
72.872,672.3
71.971.170.770.469.969.769.3
Short-term
Treas-ury
secu-rities
53.677.181.190. 199.6
129.3159.9
150.2154.6159.9
165. 1169.9164 6157.6157.5160.3160.7
Bank-ers'
accept-ances
10.68.48.8
11.921.727.032.5
30.631.332.5
33.032.033.034635.736.537.2
Com-mer-cial
paper
50. 148. 151.863. 179.497.3
100.2
98.999. 8
100.2
99. 299.497. 696.599. 199.399. 6
1 Net of demand deposits due to foreign commercial banks and official insti-tutions.
2 Small denomination and large denomination deposits are those issued inamounts of less than $100,000 and more than $100,000, respectively.
NOTE.—See p. 26 for overall measures.NSA indicates data are not seasonally adjusted.Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT[Millions of dollars; monthly data seasonally adjusted]
Period
1973............1974____ _ _ _ _ _ _ _1975 .-1976—1977... ...... ..1978- ......1979___1980.. _.,
Sept...Oet___Nov.. _ _ _ _ _Dec.......
1981: JanFebMar_AprMayJuneJuly......Aug
. Sept
Installir
Total i
173, 035172, 765180, 083210, 740257, 600297, 668324, 777305, 887
27, 06427, 36525, 99127, 149
27,05928, 70629, 82228,87828; 14929, 00528,75028, 89929, 428
nent credit e
Auto-mobile
49, 60646, 51452, 42063, 74375, 64187, 98193, 90183,002
7,5187,5447, 1177,234
7,2378, 3338,7007,2057,3207,4428,1788,5739, 176
xtended
Revolving
28, 70233, 21336, 95643, 93487, 596
105, 125120, 174129, 580
11, 14311, 12410, 95311, 614
11, 48311, 86712/07112, 35211, 90412, 66812, 19011,96412, 335
Installrr
Total J
152, 817163, 276172, 675189, 179222, 138254, 589286, 396304, 477
26, 00926, 66325, 15225, 530
26, 19026, 71026, 71426, 54726, 80327, 07526, 79626, 04026, 609
tent credit li
Auto-mobile
43, 69646, 01949, 44453, 27860, 43769, 24579, 18683, 037
7,4347,3436,8726,932
7, 3007,3547, 0186,7777, 5157,3856,9706,4586, 894
quidated
Revolving
26, 69931, 24335, 61641, 76481, 34896, 090
111, 546126, 655
10, 66510, 85110, 68810, 998
10, 92611, 42611,48411, 51411, 55411,65011,71311,47312, 042
Net change
Total *
20,2189,4897, 408
21,56135, 46243, 07938, 381ls 410
1,055702839
1,619
8691,9963,1082,3311,3461,9301,9542, 8592,819
» in amount
Auto-mobile
5,910495
2,97610, 46515, 20418, 73614, 715
-35
84201245302
-63979
1,682428
-19557'
1,2082, 1152,282
outstanding
Revolving
2,0031,9701,3402, 1706,2489, 0358,6282,925
478273265616
557441587838350
1,018477491293
' Includes "mobile home" "oth<er/' not shown separately. Source: Board of Governors of the Federal Reserve System.
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS AND INVESTMENTS, AND RESERVESGrowth in commercial bank loans and investments decelerated slightly in October. The major reserve aggregatesdeclined.
BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
-ALL COMMERCIAL BANKS
INVESTMENT IN
U.S. TREASURY SECURITIES
40 401973 1974 1975
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1980 1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Period
1974: Dec1975: Dec .__1976: Dec .__1977: Dec _ ._1978: Dec1979: Dec _1980: Dec _
1980: Oct....NovDec
1981: JanFebMarAprMayJuneJulyAugSeptf^L A.Oct
Totalloansand
invest-ments
713.9745. 1804. 6891.3
1, 013. 41, 134. 61, 237. 0
1, 206. 51, 224. 01, 237. 0
1, 253. 21,262.51, 262. 21, 267. 51, 280. 81, 288. 21, 294. 81, 306. 01, 317. 61, 327. 3
Allc
Loans
Total 2
520. 1517.2555.0632.3746.9848.9912.5
887.6901.5912.5
923. 4930.1929.2934.7944.6949.8954. 8964.6976.0983.0
jommereial k
and leases
Commer-cial and
industrialloans
197.4189.9191.3211.2246. 1291. 1324. 9
313.9320.73249
329.3330.8330.7331.8336.0340.2345. 8352.3357.7361.8
>anks l
InvestE
U.S.Treasurysecurities
53.782.2
100. 699.593.393.8
110.7
109. 1110.5110.7
113.5115.2114.8115. 1117.5119.3120.4119.4117.6117. 1
cients
Othersecu-rities
140.0145. 7149.0159.5173.2191.8213.9
209.9212. 1213.9
216.2217.2218.2217. 7218.8219. 1219.7222.0224. 1227. 2
Total
36.6634.6734. 9036. 0041. 1643. 4640. 13
41.7341.2540.13
40.0639.8840. 1940.3240.7640.7541.0041.4741. 1240.78
Deposit<
Reserves
Non-borrowed
35. 9434.5434.8535.4340.2941.9838.44
40.4239. 1938.44
38.673R5839.1938.9938.5438.7239.3240.0539.6739. 60
>ry institi
Re-quired
36.4134.4034.6335. 8140.9343. 1339.66
41.5240.7339.66
39.7539. 6039.9440.2040.5940.5040.7541.2740.8040.56
itions 3
Borrow!]lions of
unadj
Total
70312762
558874
1,4731,617
1,3352,1561,617
1,4051,2781,0041,3432,1542, 0381,7511,4081, 4731,149
ags (mil-dollars,listed)
Sea-sonal
32131254
13482
116
6799
116
120148197161259291248220222594
i l?at,a are averages of Wednesday figures.! Excludes loans to commercial banks in the United States
-i averages of daily figures. Keserves series reflects actual reserveadjustment to eliminate the effect of changes in
theMonetaVComrolAY^^^
28
Note.—Loans and investments revised beginning January 1980; latest monthdata estimates.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19711972197319741975197619771978197919801980: I
IIIIIIV
1981: III 9
III 9
Total
133.7165.8208. 7202. 9168.0223.4264. 2320.4366.7336. 1359. 6265. 4325.5394.3340.8396.6393. 1
Inter-nal1
73.585.091. 785.6
119.7134.2156. 1171. 9190. 6196.8194.9192.9199.2200. 3222. 0228. 2233. 0
Total
60.280. 8
117.0117.348.389. 2
108. 1148. 5176. 1139.3164.772.5
126. 3194. 0118.8168.4160. 1
Sources
Credit
Total
45.657.672.982.841.764. 384.693.2
104.8106. 1126.770. 193.3
134.378. 1
123.5112.0
External
* market f
Securi-tiesand
mort-gages
41.240.736.939. 249. 748.048. 145. 839. 566.465. 962.363.574. 162. 129. 0
-4. 1
unds
Loansand
short-termpaper
4.416.936. 043. 6
-8.016.336.547.465.339.760.87.8
29. 860.216. 094. 5
116. 1
Other 2
14.623. 144. 134. 66. 5
24.923.555.371.433.338.02.4
33.059.640.744. 948. 1
Total
122. 7149. 2192.0190. 1150.9201. 3228.2290. 9340.6291.8310.6224. 8289. 1342.5319.4356.3362.9
Uses
Capitalexpend-itures 3
86.099. 1
121. 5137.9109.7148.3174. 1199.2220.9216.9224. 1212. 0207. 1224.3231. 0265.4276. 1
In-crease
infinan-
cialassets
36.750. 170.552. 241. 253. 054. 191.7
119. 774.986. 512.882.0
118.287.890.986.8
Dis-crep-ancy
( sourcesless
uses)
11.016.716.712. 917. 022.036.029.526. 244.549.040.736.351.921.440. 330. 1
1 Undistributed profits (after inventory valuation and capital consumptionadjustments), capital consumption allowances, and foreign branch profits,dividends, and subsidiaries' earnings retained abroad.2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3 Plant and equipment, residential structures, inventory investment, and min-eral riphts from U.S. Government.
NOTE.—Data revised beginning 1981. In addition, uses of funds and discrepancyrevised beginning 1978.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS[Billions of dollars, except as noted]
End of period
SEC series:2
1970... _._19711972 .19731974
FTC-FRB series:3
19741975197619771978197919801979: III
IV1980: I ._
II...IIIIV
1981: I
Total
492.3529.6599. 3697.8790.7
735.4759.0826.8902. 1
1, 030. 01, 200. 91, 281. 11, 169. 51, 200. 91, 234. 01, 232. 21, 254. 91, 281. 11, 321. 4
Cash
50.253.359. 066.371. 1
73.282. 188.295.8
104.5116. 1120.9103.7116. 1110.5111.5113.4120. 9120.4
Curre
U.S.govern-ment
securi-ties
7.711.010.612. 812.3
11. 119.023.417.616.315. 617. 115.815.615.214.016.417. 116. 8
at assets
Notesandac-
countsreceivable
206. 1221. 1248. 2288.5322. 1
265.8272. 1292.8324.7383.8456.8491.6453.0456.8470.3463.4478.7491. 6507.9
Inven-tories
193.3200.4225. 7263.9313.6
319.5315. 9342.4374.8426.9501.7525. 3489. 4501.7518.9525.0524. 5525. 3542.8
Othercurrentassets
35.043.855. 866.471.7
65.969. 980. 189.298.5
110.8126.2107.7110.8119.2118.3121.9126.2133.5
Cur
Total
304.9326.0375. 6450. 9530.4
453.4451. 6494.7549.4665. 5809. 1877. 8777.8809. 1836.5826. 0850.5877. 8911.7
rent liabil
Notesandac-
countspayable
211. 3220. 5282. 9340. 3402.3
269.8264.2281.9313.2373.7456. 3498.5438.8456.3467.7462.8477.0498. 55045
ities
Othercurrentliabili-
X* __ties
93.6105. 592. 7
110. 7128. 1
183.6187. 4212.8236.2291.7352. 8379.3339.0352.8368.8363.2373.5379. 3407.2
Network-
ingcapital
187.4203. 6223.7246. 9260.3
282.0307.4332.2352.7364.6391.8403.4391.7391.8397.5406.2404.3403. 4409.7
Currentratio *
1. 6151.6251. 5951.5481.491
1. 6221.6811.6721.6421.5481.4841.4601.5041.4841. 4751.4921. 4751.4601.449
* Total current assets divided by total current liabilities.* Based on data from Statistics of Income, Department of the Treasury.3 Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.See Federal Reserve Bulletin, July 1978, for details regarding the series.Sources: Board of Governors of the Federal Keserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rates declined sharply in November.
PERCENT PER ANNUM
CORPORATE Aaa BONDS(MOODY'S)
1973
SOURCE: SEE TABLE BELOW
1980 1981
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1975 .1976197719781979......1980 _1980: Nov
Dec1981: Jan
FebMarApr..MayJuneJulyAugSept __OctNov *>__
Week ended:Oct 17
2431.....
Nov 7142128»..._
U.S. Trei
3-monthbills *
5.8384. 9895.2657.221
10. 04111. 50613. 88815. 66114. 72414.90513. 47813. 63516. 29514.55714. 69915. 6121495113. 87311. 269
13. 52613. 61313. 35212. 69511. 12810. 69310. 560
xsury securil
Constant 11
3-year
7.496.776.698.299.71
11. 5513.3113. 6513.0113.6513.5114.0915.0814.2915.1516.0016.2215.5013. 11
15.2115.5015.3414. 1713.0712. 7212.67
by yields
laturities 2
10-year
7.997.617.428.419.44
11. 4612. 6812.8412.5713. 1913. 1213, 6814. 1013.4714.2814.9415.3215. 1513.39
14.8815.2115.2514.2213.2913.0913. 12
High-grademunicipal
bonds(Standard& Poor's) 3
6.896. 495.565.906.398. 519.55
10.099.65
10.0310.1210.5510.7310.5611.0312. 1312.8612. 6711.71
12.3512. 8212. 8612.4510. 9811.6011.81
CorporateAaa
(Moody's)
8.838.438.028.739.63
11. 9412.9713.2112.8113. 3513.3313.8814.3213.7514.3814.8915.4915.4014.24
15. 1815.3615.5114.8814. 1813.9213.92
Prime com-mercialpaper,
6months 4
4 6. 334 5. 354 5. 604 7. 9910.9112. 2914.7316. 4915. 1014.8713.5914. 1716.6615.2216.0916.6215.9314.7211.96
14.4214.6214.4713.5012. 1911.4511. 04
Discountrate
(N.Y.F.R.
Bank) •
6.255.505.467. 46
10.2811.7711-1212-1313-1313-1313-1313-1313-1414-1414-1414-1414-1414-1414-13
14-1414-1414-1414-1313-1313-1313-13
Primerate
chargedi>y
banks 5
7.866. 846.839.06
12.6715.27
uy2-i7%17J4-21H21Jf-20
20-1919-17H
17H-1818-20H
20K-2020-20K
20K-20H20/2-19K19H-18
18-16
19-1818-1818-1818-17̂
17H-1717-16H
16 -̂16
New-home
mortgageyields
(FIILBB)«
9.018.999. 019.54
10.7712.6513.0413.2813,2613.5414.0214.1514.1014.6714.7215.2715.2915.65
1 Rate on new issues within period; bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.8 Weekly data are Wednesday figures.4 Prior to November 1,1979, data are for 4-6 months paper.* Average effective rate for year; opening and closing rate for month and week.
30
5 Effective rate (in the primary market) on conventional mortgages, reflectingfees and charges as well as contract rate and assumed, on the average, repaymentat end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.
Sources: Department of the Treasury, Board of Governors of the FederalReserve System, Federal Home Loan Bank Board, Moody's Investors Service,and Standard & Poor's Corporation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in November.
INDEX, DEC 31,1965=50 INDEX, DEC 31,1965=50
10
5 - - 5
1973
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1981
COUNCIL OF ECONOMIC ADVISERS
Period
1975197619771978.197919801980: Nov __
Dec. _ » _ _ _1981: Jan
FebMar .AprMay •__JuneJuly...™.AugSeptOct-Nov v
Week ended:1981: Oct 17
24____31
Nov 7142128
New York
Composite
45.7354.4653. 6953.7058.3268. 1078.1576.6976.2473.5276.4677.6076.2876.8074.9875.2468.3769.4071.49
69.5569.3369.3771.9971.4370.3571.91
Stock Exch
Industrial
50. 5260. 4457. 8658.2364.7678.7092.3290.3789.2385.7489.3990.5788.7888.6386.6486.7278.0778.9380.86
79.0978.7878.7681.8880.6679. 1481.35
Comr
ange indexes
Transpor-tation
31. 1039. 5741.0943.5047.3460. 6177.2375. 7474.4372.7677.0980.6376.7876.7174.4273.2763.6765.6567.68
65.6365.6765. 7068. 3168.2465. 8167.88
non stock pi
3 (Dec. 31. 1
Utility
31, 5036.9740.9239.2238.2137. 3538.3537.8438.5337.5937.8238.3438.2739.2338.9040.2238. 1738.8740.73
38.9038.8739.0240. 1240.8441.0340.92
•ices l
965=50) *
Finance
47. 1452. 9455. 2556.6561.4264. 2567.2167.4670.0468.4872.8274.5974.6579.7974.9773.7669.3872.5676.47
73.0972.9673. 1875.8476.8876. 1476.91
Dow-Jones
industrialaverage 3
802. 49974.92894. 63820. 23844. 40891. 41971. 08945. 96962. 13945. 50987. 18
1, 004. 86979. 52996. 27947. 94926. 25853. 38853. 25860. 44
858. 73847. 26838. 49862. 78856. 55847. 39871. 53
Standard& Poor's
compositeindex
(1941-43=10) 4
86. 16102. 0198.2096.02
103. 01118. 78135. 65133. 48132. 97128. 40133. 19134. 43131.73132.28129. 13129. 63118. 27119. 80122. 92
119. 94119. 52119. 57123. 99122. 75120. 81123. 56
Common st(percc
Dividend-priceratio
4.313.774.625.285.475.264.634.744.805.004.884.864.985.035.185. 165.695.655.54
5.645.665.725.455.545.665.50
x>ck yieldsmt)5
Earnings-priceratio
9. 158.90
10.7912.0313.4612.66
10.92
10.72
i Average of daily closing prices.* Includes all the stocks (more than 1,500) listed on the NYSE.8 Includes 30 stocks. * Includes 500 stocks.» Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand-ard & Poor's Corporation. •
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBTIn the first month of fiscal year 1982, there was a budget deficit of $18.1 billion, compared to a deficit of $16.9 billiona year earlier.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
500
400
300
200
500
400
300
200
50
0
50
-100
SURPLUS (+) OR DEFICIT {-)
-̂ - ^—
^ — ̂ ,„,,„ ' — ' " ^̂ -̂ _ , — —
I I I I I I I I I1973 1974 1975 1976 1977 1978 1979 1980 1981 1982
FISCAL YEARSSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
50
0
50
-100
[Billions of dollars]
Period
Fiscal year or period:1971197219731974...1975 „_1976Transition quarter1977 .1978197919801981 ».
1982 (estimates):First Concurrent Resolution, May 21? 1981.Mid-Session Review, July 1981 l
First month:Fiscal year 1981. _ _ _ » .Fiscal year 1982 .
Receipts
188.4208.6232. 2264 9281.0300.081.8
357.8402. 0465.9520. 1602.6
657.8662.4
38.945.5
Outlays
211.4232.0247. 1269.6326. 2366.494.7
402.7450. 8493.6579.6660.5
695.57048
55.863. 6
Surplus ordeficit (-)
-23.0-23.4-148-47
-45.2-66.4-13.0-45.0-48.8-27.7-59.5-57.9
-37.7-42.5
-16.9-18. 1
Federal debt (
Gross
409.5437.3468.4486.2544 1631.9646.4709. 1780.4833.8914.3
1, 003. 9
1, 079. 81, 079. 2
914.81,011. 1
end of period)
Held bythe public
3043323.8343.0346. 1396.9480.3498. 3551.8610,9644.6715. 1794.4
845.1
719.9804. 8
i Estimates from Mid-Session Review of the 1982 Budget, Office of Management Sources: Department of the Treasury and Office of Management and Budget,and Budget, July 15,1981. except as noted.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first month of fiscal 1982, budget receipts were $6.6 billion higher than a year earlier and budget outlays were$7.8 billion higher.
BILLIONS OF DOLLARS
400
300
200
BILLIONS OF DOLLARS
100
600
500
400
300
200
100
600
500
400
300
200
OUTLAYS
NONDEFENSE
V—
NATIONAL DEFENSE
_L _L _L J_
100
v 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 ^FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period :1971 _19721973197419751976Transition quarter1977. .„ „19781979. „. _19801981 » . .1982 (estimate) J _
First month: 2
Fiscal year 1981Fiscal year 1982 _
Total
188.4208. 6232.2264.9281. 0300. 081.8
357.8402.0465.9520. 1602.6662.4
38.945. 5
Rece
Indi-vidualincometaxes
86.294. 7
103.2119. 0122.4131.638.8
157.6181.0217.8244 1285. 6302.9
21. 222. 6
ipts
Corpo-rationincometaxes
26.832.236.238.640. 641.48.5
54.960.065.764. 661. 166.8
1.31.3
Other
75.481.792.8
107.4118.0127.034.5
145.2161. 1182.4211.4255.9292.7
16. 521. 6
Total
211. 4232. 0247. 1269.6326. 2366.494.7
402. 7450.8493.6579. 6660.5704.8
55.863. 6
Nationa
Total
75.876.674.577.885.689.422.397.5
105.2117.7135.9159.7188. 1
13.014.7
(
[ defense
Depart-ment ofDefense,military
74575. 173.277. 684.987. 921.995.6
103.0115. 0132.8156.0183.8
12.714 4
)utlays
Interna-tionalaffairs
4. 14.74. 15.76.95.62.2485.96. 1
10. 511. 111.4
1.01.0
Healthand
incomesecurity
70. 181.491.8
106.5136.2160.841.5
176.7189.9209. 8250.32949312.3
25.427. 1
In-terest
19.620.622.828.030.934 57.2
38.044052.664 682. 692.3
496.2
Other
41.848.853.951. 666. 576. 121.585.7
105. 9107.5118.4112.3100.7
11.315.2
* Estimates from Mid-Semon Review of the 1982 Budget, Office of Management 2 Detail for outlays includes off-budget entities and therefore will not add toand Budget, July 15,1981. totals shown.
Sources: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTSIn the third quarter, according to preliminary estimates, Federal receipts rose $16.9 billion (annual rate) and ex-penditures rose $24.6 billion, yielding a deficit of $54.9 billion, $7.7 billion larger than the deficit in the secondquarter.
BILLIONS OF DOLLARS
200
50
-50
-100
BILLIONS OF DOLLARS
700
600
500
400
300
200
50
-50
-100
SURPLUS
' V/A
DEFICIT
1973 1974 1975 1976 1977CALENDAR YEARS
1978 1979 1980 1981
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:19771978. _._19791980
Calendaryear:
19771978.-..1979.. _.1980
1980: Ili-ra. .!¥.„.
1981:1IL—III ».
Total
365.94142408.7527.3
375. 1431.54944540.8528.4520.9540.8573.2617.4621.0637.9
Federal (
Personaltax andnontaxreceipts
166.4186.4223. 1249.7
170. 11949231.4257.8246. 9252.0259.4272.9283.3293. 2306.7
}overnm
Corpo-rate
profitstax
accruals
58.867.275.870.6
61.671.274670.280.560.966.772.674.664 865.8
ent receip
Indirectbusinesstax andnontaxaccruals
24 527.229. 135.7
25.028. 129.440.631.938.742. 949.160.662.661.8
ts
Contri-butions
forsocial in-surance
116.2133.4152.717L3
118.5137.2159.0172.2169.2169. 317L8178.619&9200.4203.7
Total
411.7450.54947578.2
421.5460.7509.2602.05647587.3615.0641.16640668.2692.8
Fc
Pur-chases
of goodsand
services
140.3150.7163.4190.2
143.9153.4167.9198.9190.0198.71949212.0221. 6219.5226.0
ideral G<
Trans-fer pay-ments
169.8182.2201.8239.3
172.8185. 6209. 1249.8228.9236.0265.3269.0271.92748292. 1
jvernmei
Grants-in-aid
to Stateandlocal
govern-ments
66.374779. 186.7
67.577.380.488.085.587.287.791.890.289.685.3
it expem
Netinterest
paid
28.433.540.651.2
29. 135.242.353.350.354453.555.267.770.476.2
litures
Subsidiesless
currentsurplus ofGovern-ment en-terprises
7.09.69.8
10.8
8.29.39.4
12.010.111.013.713.112.613.913.4
Less:Wage
accrualslessdis-
burse-ments
0.0-.0
.0
. 0
.0
.0-.0
. 0
.0
.0
.0
.0
.0
.0
.2
Surplusor
deficit(-}> ,national
incomeand
productaccounts
-45.8-36.3-140-50.9
-46.4— 29. 2— 148— 61. 2-36.3— 66. 5-742-67.9—46. 6—47.2— 54.9
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES[1967=100]
Period
197419751976 ...19771978 ...19791980 » .1980: Nov
Dec1981: Jan ._
FebMar....AprMay...June-July »__Augp
Sept*...Oct»._.
In<
UnitedStates
129.3117.8130.5138.2146. 1152.5147.0149.2150.4151.4151. 8152.1151.9152.7152.9153.9153.6151. 8149. 5
lustrial
Can-ada
149.2140.3148. 5152.2157.7166. 0162.7164.5164.9163.4165.9168.9168.5171. 0171.8168.0165.9
produc
Ja-pan
83. 163. 982.089. 7
201. 1217.7232.5230.7234.4236.4237.9235.9237.0232. 6238.4241. 1234. 1240.3
tion (sea
France
148139149152155163160154162151149156151150152155155155
sonally i
Ger-many
145.1137. 1149. 1152.0154.1161.8162.3160157158166161163163158161160158
idjustec
Italy
40.627.643.545. 1
147.9157.6166.5170.7160.5158.7170.6169. 1168. 2158.5158.7162.9138.0163.2
i)
UnitedKing-dom
120.0114. 3117.4122.9126.9131.7122. 6118.0117.2116.2117.5117.4116.9116. 0118. 1118.2118.0118.5
UnitedStates1
147.7161.2170.5181.5195.4217.4246.8256,2258.4260. 5263. 2265. 1266.8269. 0271.3274. 4276. 5279. 3279.9
Cons
Can-ada
144.5160. 1172. 1185.9202.5221. 0243. 5254.3255.8259. 1261.7265.2267.2269.6273.8276.2278.2280.2283.0
umer p
Japan
184.0205. 8224.9243.0252.3261.3282.2289.4288. 3291. 1290.8292.2294. 5297.0297.3296.4294. 7299.5
rices (un
France
160.0178.9196. 1214.5233.9259.1294.2306.4309. 1312.7315.6318.8323. 1326.0329.2334.9339.0342.9
adjusted
Ger-many
136. 1144. 2150.4155.9160. 2166. 8175.9178.3179.4180.9182.3183.5184.7185.4186.3187. 1187.7188.6189.2
)
Italy
159. 7186. 8218. 1255.2286.2328.5398.0427. 3432.5440.7449. 1455.4461.3468.7473.9477.7481.0487.7497. 5
UnitedKing-dom
174. 3216. 5252.4292. 4316. 6359.0423.6440.3442.7445. 5449.5456.2469.4472.4475.2477.3480.8483.5487. 9
i Beginning January 1978 data relate to all urban consumers.Source: National sources as reported by Department of Commerce, Inter-
national Trade Administration, Office of Planning and Research, in InternationalEconomic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data seasonally adjusted]
Period
Monthlyaverage:
19731974
1974*...1975* .__1976*1977*1978*1979*1980— ......1980: Sept— -
OctNov....Dec
1981: JanFeb....Mar.__AprMayJuneJuly.....Aug....Sept...Oct
Totaldomes-tic andforeign
ex-ports
5, 9028, 167
8,1708,9719,602
10, 10311, 97315, 15518, 38618, 82819, 21418, 71519,25118, 82519, 76421, 43419, 81818, 86919, 87019, 26419, 05019, 65519,044
Merch
Total 2
F.i5,8118,053
8,0538,8429,4569, 912
11,75314, 86918, 03618,52118, 77018, 34418, 91818, 45919, 44121, 00019, 40818, 49919, 46118, 89418, 74019, 21218, 614
andise e
Domestic
Food,bever-ages,
and to-bacco
i.s. value1,0781,269
1,2691,3991,4361,3301,7172,0492, 5342,7242,8862,9093,0992,9262,9383,3342,8792, 6802, 5822,5342,4552,7832,908
xports 1
3 exports
Crudemate-rialsandfuels
» s
8951,317
1,3171,2661,3411,5481,7462,3522,8102,7522,5542, 4472,7462, 8962,9363,2452,4582, 5412,3282,4342,6372,8052,877
Manu-fac-
turedgoods
3,7285,294
5,2945,9136,4376,6797,8739,716
11,99112, 48312, 47312, 24112, 36811,91312, 81613, 65813, 39212, 56213, 58113, 04613, 05113, 03012, 338
Total 2
5,7908, 450
8,5488,209
10, 29012, 53314, 56417, 45520, 40619, 94120, 34719, 86021, 43623, 19421, 92220, 949223 28921, 31021,97519, 80723, 52821, 229
Merci
Ge
Food,bever-ages,
and to-bacco
Custon770892
F.a.s.892827991
1, 1861,3121,4781,5461,3911,5831,6801,5831,7481,5881,6091,4771,6761,4671,3851,5001,396
landise ii
neral imf
Crudemate-rialsandfuels
is value1, 1202,653
value *2,6722,7163,4574,4634,3255,9497,8317,1127,5067,0598,3319,0419,1417,4788,9477,2068,2706,5987,7687,400
nports
)orts3
Manu-fac-
turedgoods
3,7504,684
4, 6024,2575, 3986,3798,3609, 357
10, 42710, 52410, 52010, 57210, 89711, 77710, 71411,29411,29111,82211, 59711,29613, 63611, 932
Total(e.Lf.
value) 4
6, 1319,033
9,2078,828
11, 04713,37115,50418, 51921, 41520, 83721, 24420, 75122, 36424, 26522, 91021, 88623, 28322, 31422, 99320, 72824, 66522, 23124, 312
Merc
Ex-ports(f.a.s.)
lessim-
ports(cus-tomsvalue)
112-283
handisebalance
Ex-ports(f.a.s.)
lessim-
ports(f.a.s.)
— 221
-378762
-688-2, 430-2, 590-2, 300-2, 020-1,112-1, 134-1,145-2, 185-4, 370-2, 158
485-2, 471-2,441-2, 105
-542-4,478-1,574
trade
Exports(f.a.s.)
lessimports(e.i.f.)
-229-866
-1,037143
-1,445-3, 268-3,530-3,364-3, 030-2, 008-2, 031-2, 036-3, 113-5,440-3, 146
-451-3, 465-3,445-3, 123- 1, 463-5, 614-2, 576—5, 268
I Department of Defense shipments of grant-aid military supplies and equip-ment under the Military Assistance Program are excluded from totals for allperiods and from monthly detail beginning January 1978.I1 oial includes commodities and transactions not classified according to kind.1T oial arrivals of imported goods other than intransit shipments.
* C.U. (cost, insurance, and freight) import value at first port of entry in theLnited States. Data for 1973 are estimates.
s F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exportsand at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domesticand foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports,and trade balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the third quarter, the merchandise trade deficit increased slightly to $7.2 billion from $6.9 billion in the secondquarter.
BILLIONS OF DOLLARS10
BILLIONS OF DOLLARS10
1973 1981
-10
-15
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (~f-), debits (—)]
Period
197319741975197619771978197919801979: III..
IV>.1980: I...
II..III-RL-
1981: !_..__II...m».
M
Ex-ports
71, 41098, 306
107, 088114, 745120, 816142, 054184, 473223, 96647, 23651, 36754, 89855, 66756, 25257, 14961, 09860, 47758, 012
erchandise
Im-ports
-70,499-103,649-98,041
-124,051-151,689-175,813-211,819-249,308-54, 210-59, 726-65,024-62,411-59, 154-62, 719-65,775-67,391-65, 237
1 2
"NT atIX cvHal.Ui*l—
ance
911-5, 343
9,047-9, 306
-30, 873-33,759-27,346-25,342-6, 974-8,359
-10,126-6, 744-2,902-5,570-4, 677-6,914-7,225
Invt
Re-ceipts
21, 80827, 58725, 35129, 28632, 17943, 26566, 69975, 93618, 05518, 95220, 46516, 86018, 85019, 76421, 56622, 235
jstment IE
Pay-ments
-9, 655-12,084-12,564-13,311-14,217-21,865-33,236-43, 174-8,734-9,203
-10,629-10,342-10,697-11,507-12,513-13,587
tcome3
Noti^l el)
12, 15315, 50312, 78715, 97517, 96221, 40033, 46332, 7629,3219,7499,8366,5188,1538,2579,0538,648
Netmili-tary
trans-actions
-2,070-1,653
-746559
1,528738
-1,947-2, 515
-565-923-918-427-455-715-568-586
Net-traveland
trans-porta-
tionreceipts
-3, 158-3, 184-2,792-2, 558-3, 293-3, 178-2,622
-798-722-545-532-152-38-76
-668-256
Otherserv-ices,net1
3, 1843,9864,5984,7115,1825,7925,4606,6741,3931,3901,5231,5921,7191,8381,6501,712
Bal-anceon
goodsandserv-ices1
11,0219,309
22, 8939,382
-9,493-9,008
7,00810, 7792,4531,312-217
7876,4783,7344,7902,603
Remit-tances,
pen-sions,and
ni"ViAfv/uilcl
uni-lateraltrans-fers1
-3,881-7, 186-4, 613-4, 998-4, 617-5,067-5,593-7,056-1,401-1,501-1,878-1,332-1,503-2, 344-1,527-1,530
Bal-anceon
cur-rentac-
count
7, 1402, 124
18, 2804,384
-14,110-14,075
1,4143,7231,052-189
-2, 095-5454,9751,3903,2631,073
1 Excludes military grants.1 Adjusted from Census data for differences in timing and coverage.8 Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income andincluded in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
36
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. official reserve assets abroad increased $0.9 billion in the second quarter, following a$4.5 billion increase in the first quarter. Foreign official assets in the U.S. decreased $3.0 billion, following a $5.5billion increase in the first quarter.
BILLIONS OF DOLLARS40
BILLIONS OF DOLLARS
40
-30
-40
CHANGE INFOREIGN ASSETSIN THE U.S., NET f-
-30
-401973
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1
Period
197319741975197619771978197919801979: III—
IV...1980: I
II...Ill—IV—
1981: IIL.__III".
1[inci
Total
-22, 874-34, 745-39, 703-51,269-34,785-61, 070-62, 639-84, 776-24, 942-14,003-12,639-24, 837-19,302-27, 995-22,397-21, 521
LT.S. assetsrease/eapit*
U.S.officialreserve
assets l 2
158-1,467
-849-2,558
-375732
-1,133-8, 155
2,779-649
-3,268502
-1,109-4, 279-4, 529
-905-5
abroad, neid outflow (
OtherU.S.
Govern-mentassets
-2,644366
-3, 474-4, 214-3, 693-4, 644-3, 767-5, 165
-778-925
-1,456-1, 187-1,427-1,094-1,395-1,475
b
U.S.privateassets
-20,388-33,643-35, 380-44, 498-30, 717-57, 159-57, 739-71,456-26, 943-12,429-7,915
-24, 152-16,766-22, 622-16,473-19, 141
Foreigrnetflow
Total
18, 38834, 24115, 67036, 51851, 21863, 74838, 94650, 26124, 3455,3357,5097,232
11, 65123, 8707,140
12, 810
i assets inIncrease/cs(+)] 2
Foreignofficialassets
6,02610, 5467,027
17, 69336, 81633, 561
-13,75715, 4926,011
-1,295-7, 462
7,5577,6867,7115,503
-3, 009
the U.S.,ipital in-
Otherforeignassets
12, 36223, 6968,643
18,82614, 40330, 18752, 70334, 76918, 3346,630
14, 971-3263,965
16, 1581,637
15, 819
Alloca-tions
ofspecial
drawingrights
(SDRs)
1,1391, 152
1,152
1,093
Statisdiscrep
Total(sum of
theitems
with signreversed)
-2, 654-1,620
5,75310, 367
-2, 32311, 39821, 14029, 640-4558,8576,073
18, 1512,6762, 736
10, 9017,637
ticalancy
Ofwhich:Seasonaladjust-ment
discrep-ancy
-3, 1222,000-2061,355
-3,2912,139-3401,221
U.S.officialreserveassets,net1
(unad-justed,end ofperiod)
14, 37815, 88316, 22618, 74719, 31218, 65018, 95626, 75618, 55718, 95621, 49121, 94322, 99426, 75630, 41029, 582
» Consists of gold, special drawing rights (SDRs), convertible currencies, andthe U.S. reserve position in the IMF.1 Quarterly data are not seasonally adjusted.
Sources: Department of Commerce (Bureau of Economic Analysis) and De-partment of the Treasury,
37
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
Gross National Product 1Gross National Product in 1972 Dollars 2Implicit Price Deflators for Gross National Product 2Changes in GNP and GNP Price Measures 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures 4Sources of Personal Income « 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment—Nonfarm Business 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries 15Average Weekly Earnings—Private Nonagricultural Industries 15Productivity and Related Data, Private Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures. 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Total and Trade , 20Manufacturers* Shipments, Inventories, and Orders , 21
PRICESProducer Prices 22Consumer Prices 23Changes in Producer Prices 24Changes in Consumer Prices 24Prices Received and Paid by Farmers 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock Measures and Liquid Assets 26Components of Money Stock Measures and Liquid Assets .. t 27Consumer Installment Credit « 27Bank Loans and Investments, and Reserves 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Current Assets and Liabilities of Nonfinancial Corporations 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Budget Receipts and Outlays and Debt 32Federal Budget Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 36
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402Price S2.75 (single copy). Subscription price: $21.00 per year; $26.25
for foreign mailing.
38 O US. GOVERNMENT PRINTING OFFICE : 1981 O—86-966
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
top related