c;£-al economic indicator :;~ s - st. louis fed · 2018-11-07 · washington, d.c. 20402 the 1980...

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


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.


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



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.


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).


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.


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


[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.



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


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).


FARM INCOMEIn the third quarter, gross farm income rose $2.7 billion (annual rate) and net farm income rose $1.6 billion.


200


[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.


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


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


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


•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



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


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.



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


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.


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.


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


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


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


= 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.



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


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


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


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


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


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


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.


140

BILLIONS OF DOLLARS * (RATIO SCALE)

-SHIPMENTS-

120

100

80

401 1 1

TOTAL

DURABLE GOODS

1 1 1 1

NONDURABLE GOODS


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.


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


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.


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


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.


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.


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


[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-


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.



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


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


[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.



SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS


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.


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


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


[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.


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


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. •


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


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


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



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


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


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


1973 1981

-10

-15


[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.


36


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 DOLLARS

40

-30

-40

CHANGE INFOREIGN ASSETSIN THE U.S., NET f-

-30

-401973


[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


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
