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Economic Indicators: August 1983 - FRASERJOINT RESOLUTION [SJ. Res. S5] To print the monthly...
Transcript of Economic Indicators: August 1983 - FRASERJOINT RESOLUTION [SJ. Res. S5] To print the monthly...
98th Congress, 1st Session
Economic Indicators
AUGUST 1983
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1983
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.)
ROGER W. JEPSEN, Iowa, ChairmanLEE H. HAMILTON, Indiana, Vice Chairman
SENATEWILLIAM V. ROTH, JR. (Delaware)JAMES ABDNOR (South Dakota)STEVEN D. SYMMS (Idaho)MACK MATTINGLY (Georgia)ALFONSE M. D'AMATO (New York)LLOYD BENTSEN (Texas)WILLIAM PROXMIRE (Wisconsin)EDWARD M. KENNEDY (Massachusetts)PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVESGILLIS W. LONG (Louisiana)PARREN J. MITCHELL (Maryland)AUGUSTUS F. HAWKINS (California)DAVID R. OBEY (Wisconsin)JAMES H. SCHEUER (New York)CHALMERS P. WYLIE (Ohio)MARJORIE S. HOLT (Maryland)DAN LUNGREN (California)OLYMPIA J. SNOWE (Maine)
BRUCE R. BARTLETT, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, ChairmanWILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. S5]
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 theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted 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 $4.25 a single copy($535 foreign), or by subscription at $25.00 per year ($31.25 for foreignmailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the second quarter of 1983, gross national product rose $98.5 billion or 13.0percent, both at annual rates. Real output (GNP adjusted for price changes) rose 9.2 percent (annual rate) and theimplicit price deflator rose at a 3.5 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)3,400
3,200
3,000
2,800
2,600
BILLIONS OF DOLLARS (RATIO
2,400
2,200
2,000
1,800
1,400
SEASONALLY ADJUSTED ANNUAL RATES
GNP
. IN CURRENT DOLLARS.
1975 1976 1977 1978 1979
\GNP
IN 1972 DOLLARS
i I I1980 1981 1982
SCALE)3,400
3,200
3,000
2,800
2,600
2.400
2,200
1,800
1,600
1,400
1,200
1983
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: UIIV
1982: InmIV
1983: In r
Grossnationalproduct
1,077.61,185.91,326.41,434.21,549.21,718.01,918.32,163.92,417.82,631.72,954.13,073.0
3,004.93,032.2
3,021.43,070.23,090.73,109.6
3,171.53,270.0
Personalconsump-
tionexpendi-
tures
672.2737.1812.0888.1976.4
1,084.31,204.41,346.51,507.21,668.11,857.21,991.9
1,886.11,904.1
1,938.91,972.82,008.82,046.9
2,073.02,148.4
Grossprivate
domesticinvest-ment
166.4195.0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5
495.8476.2
422.9432.5425.3377.4
404.1451.8
Exports ar
Netexports
4.1.7
14.213.426.813.8
-4.0-1.113.223.926.317.4
22.829.2
29.933.3
.95.6
17.0-12.3
id imports ofservices
Exports
68.877.5
109.6146.2154.9170.9182.7218.7281.4338.8368.8347.6
367.5371.0
358.4364.5346.0321.6
326.9322.8
goods and
Imports
64.776.795.4
132.8128.1157.1186.7219.8268.1314.8342.5330.2
344.7341.7
328.5331.2345.0316.1
309.9335.1
Total
234.9253.1270.4304.1339.9362.1393.8431.9474.4537.8595.7649.2
600.3622.8
629.8631.6655.7679.7
677.4682.1
Govengoc
96.2101.7102.0111.0122.7129.2143.4153.6168.3197.0229.2258.7
232.4248.5
249.7244.1261.7279.2
273.5272.7
iment purchids and senn
Federal
Nationaldefense
70.273.172.877.083.086.092.8
100.3111.8131.2154.0179.4
154.9166.7
168.1175.2183.6190.8
194.4199.9
ises ofces
Non-defense
26.028.529.133.939.743.250.653.356.565.975.279.3
77.581.8
81.768.978.188.5
79.172.8
State andlocal
138.7151.4168.5193.1217.2232.9250.4278.3306.0340.8366.5390.5
367.9374.3
380.0387.5394.0400.5
404.0409.4
rmalsales
1,070.01,175.71,307.91,420.11,556.11,706.21,895.32,137.42,403.52,641.52,935.63,097.5
2,971.43,017.9
3,047.13,081.43,095.63,165.9
3,210.93,281.9
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: IHIV
1982: InmIV
1983: In r
Grossnationalproduct
,122.4,185.9,254.3,246.3,231.6,298.2,369.7,438.6,479.4
1,475.01,513.81,485.4
1,525.81,506.9
1,485.81,489.31,485.71,480.7
1,490.11,523.4
Personalconsump-
tionexpendi-
tures
696.8737.1767.9762.8779.4823.1864.3903.2927.6931.8956.8970.2
962.9955.7
961.4968.8971.0979.6
986.71,009.9
Gdome
Nonresi-dentialfixed
112.2121.0138.1135.7119.3125.6140.3158.3169.9165.8174.4166.1
177.0176.3
173.6167.1163.3160.5
159.9162.3
ross privatestic investi
Residen-tial fixed
53.763.862.348.242.251.260.762.459.147.144.737.8
43.139.4
36.337.836.540.6
45.552.4
enent
Changein
businessinven-tories
8.110.217.211.6
-6.77.8
13.316.07.3
-4.48.5
-9.4
16.16.0
-10.2-3.4-1.3
-22.7
-15.44.0
IX]a
Netexports
1.6.7
15.527.832.225.422.024.037.250.343.028.9
39.839.9
35.233.424.023.0
20.511.0
JOTtS Of gO
aid services
Ixports
71.077.597.3
108.5103.5110.1112.9126.7146.2159.1159.7147.3
159.0158.7
151.8154.5146.4136.5
137.3134.4
ods
Imports
69.376.781.880.771.484.790.9
102.7109.0108.8116.7118.4
119.1118.8
116.6121.1122.4113.5
116.8123.4
Total
250.1253.1253.3260.3265.2265.2269.2274.6278.3284.3286.5291.8
286.8289.6
289.4285.8292.2299.7
292.9291.9
GoverngOO(
Total
103.7101.795.996.697.496.8
100.4100.3102.1106.4110.4116.6
111.8114.5
114.5110.3116.9124.4
118.4117.6
ment purchIs and sen>
Federal
Nationaldefense
73.168.366.966.464.965.465.767.470.073.678.8
74.475.7
75.577.880.481.4
82.784.7
ases ofices
Non-defense
28.527.629.731.031.835.034.734.836.436.837.8
37.438.7
39.132.536.543.0
35.732.9
Stateand local
146.4151.4157.4163.6167.8168.4168.8174.3176.2177.9176.1175.2
175.0175.1
174.9175.4175.3175.2
174.5174.3
Finalsales
1,114.31,175.71,237.11,234.71,238.41,290.41,356.41,422.61,472.21,479.41,505.31,494.8
1,509.71,500.9
1,495.91,492.71,487.01,503.4
1,505.51,527.4
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972 = 100; quarterly data are seasonally adjusted]
Period
197119721973197419751976197719781979198019811982
1981: HIIV
1982: InmIV
1983: In r
Grossnationalproduct
96.01100.00105.75115.08125.79132.34140.05150.42163.42178.42195.14206.88
196.94201.22
203.36206.15208.03210.00
212.83214.66
Total
96.5100.0105.7116.4125.3131.7139.3149.1162.5179.0194.1205.3
195.9199.2
201.7203.6206.9209.0
210.1212.7
Personal cexpen
Durablegoods
99.0100.0101.7108.2117.3123.9129.2136.4145.0156.2167.3174.8
169.3171.2
172.9174.2176.1176.1
177.3177.9
onsumptionditures
Nondur-able
goods
96.6100.0108.5123.4132.5137.2143.6153.4169.9188.1202.5209.0
203.8205.5
206.8207.6210.2211.2
210.6213.3
Services
95.6100.0104.7113.0121.6129.6139.3150.0162.3178.8195.8211.6
197.9202.5
206.3209.4213.4217.2
219.8223.6
Grossdomestic i
Nonresi-dentialfixed
96.2100.0103.8115.4132.2138.6146.3157.2170.8186.2201.9209.7
203.7208.5
208.1211.1209.6209.9
207.7207.0
privatenvestment
Residen-tial fixed
94.8100.0109.1120.3131.0140.7158.0178.3200.5218.5233.5240.2
235.7239.2
240.8240.9240.9238.4
244.9243.9
Exports amgoods am
Ixports
97.0100.0112.7134.8149.6155.3161.9172.6192.5212.9230.8236.0
231.2233.8
236.1236.0236.3235.6
238.0240.1
i imports of1 services
Imports
93.3100.0116.7164.6179.6185.6205.5214.1246.1289.4293.4278.9
289.4287.7
281.8273.6281.8278.5
265.4271.5
Gove
Total
92.7100.0106.3114.9126.0133.5142.8153.1164.8185.2207.7222.0
207.9217.0
218.0221.3223.8224.4
230.9232.0
rmnent pureser
Federal
Nationaldefense
100.0106.6115.1124.9132.4141.9152.7166.0187.5209.3227.7
208.3220.0
222.7225.1228.3234.3
234.9236.1
liases of gocsices
Non-defense
100.0105.6114.2128.2135.7144.6153.8162.5180.8204.5210.0
207.0211.2
209.1212.3213.9205.7
221.7221.5
ds and
Stateand local
94.7100.0107.0118.0129.4138.3148.4159.7173.7191.5208.1222.9
210.2213.8
217.3220.9224.7228.5
231.6234.9
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: mIV
1982: InmIV
1983: In r
Currentdollars
8.610.111.88.18.0
10.911.712.811.78.8
12.24.0
13.33.7
-1.46.62.72.5
8.213.0
Gro
Constant(1972)dollars
3.45.75.8
^.6-1.2
5.45.55.02.8
__.32.61.9
3.6-4.9
5.51.0
-1.01.3
2.69.2
ss national pro
Implicitprice
deflator
5.04.25.88.89.35.25.87.48.69.29.46.0
9.49.0
4.35.63.73.8
5.53.5
duct
Chain priceindex
4.94.16.09.19.25.76.17.68.98.99.46.5
9.08.2
5.65.25.95.0
3.64.4
Fixed-weighted
price index(1972
weights)
4.84.06.09.49.15.86.37.89.59.89.56.4
8.98.4
5.34.75.94.7
3.44.4
Currentdollars
8.19.6
10.29.49.9
11.011.111.811.910.711.37.3
11.43.9
7.57.27.57.8
5.215.4
Personal
Constant(1972)dollars
3.75.84.2-.72.25.65.04.52.7.5
2.71.4
3.5-3.0
2.43.1
.93.6
2.99.7
3onsumption es
Implicitprice
deflator
4.33.75.7
10.17.65.15.87.09.0
10.28.45.8
7.77.0
5.04.06.54.1
2.25.1
tpenditures
Chain priceindex
4.33.66.1
10.47.75.36.07.39.3
10.79.05.9
7.87.0
5.23.96.45.1
2.35.0
Fixed-weighted
price index(1972
weights)
4.23.56.1
10.47.85.36.27.49.7
11.19.25.7
7.56.8
4.83.56.75.1
1.65.2
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter. Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, ANDPROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: InmIV
1982: InmIV
1983: III*
Gross dproduct of i
corporate(billions o
Currentdollars
609.9678.0759.4818.9890.0
1,001.31,128.41,276.21,416.81,540.71,739.91,776.7
1,683.31,718.81,778.61,778.9
1,764.91,780.21,786.81,775.0
1,817.61,890.7
omesticlonfinancialbusiness
f dollars)
1972dollars
626.8678.0731.9708.2694.2745.5795.8846.3876.1859.5887.5857.7
883.7888.7898.6878.9
864.3860.5859.5846.4
856.0883.5
Totalcost andprofit 2
0.9731.0001.0381.1561.2821.3431.4181.5081.6171.7931.9602.072
1.9051.9341.9792.024
2.0422.0692.0792.097
2.1232.140
Cun
Capitalconsump-
tionallowances
withcapital
consump-tion
adjustment
0.091.092.093.112.137.141.145.155.171.198.217.245
.207
.213
.217
.229
.236
.242
.247
.254
.252
.245
ent-dollar co
Indirectbusinesstaxes 3
0.113.113.114.127.140.141.141.144.149.172.199.209
.195
.198
.199
.204
.204
.207
.209
.215
.218
.224
st and profit
Compen-sation ofemploy-
0.641.659.692.786.837.878.928.998
1.0941.2181.3021.397
1.2721.2901.3061.342
1.3741.3941.4031.419
1.4281.419
per unit of
Netinterest
0.029.028.031.042.044.040.040.044.050.065.074.076
.064
.070
.081
.080
.080
.079
.072
.073
.070
.066
output (dollai
Corporatevaluation a
Total
0.099.107.107.090.124.144.163.168.154.140.169.145
.168
.163
.177
.169
.148
.147
.148
.135
.156
.186
s)1
profits withnd capital ccadjustments
Profitstax
liability
0.047.049.055.059.059.071.075.079.079.078.074.048
.081
.071
.075
.068
.053
.051
.049
.040
.049
.061
inventorynsumption
Profitsaftertax4
0.052.058.053.030.065.073.088.089.075.062.095.097
.086
.092
.102
.101
.095
.096
.099
.095
.108
.124
Outputper hour
of allemploy-
ees (1972dollars)
7.4507.6647.8497.5557.7748.0028.1448.2168.2018.1268.3328.373
8.2908.3198.3928.323
8.3428.3308.4098.421
8.4928.605
Compen-sation per
hour ofall
employ-ees
(dollars)
4.7785.0525.4295.9376.5077.0247.5588.1988.9699.894
10.85011.700
10.54110.73010.95711.171
11.46311.61411.79511.952
12.12612.212
1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-lars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business withthe decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments less subsidies.4 With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor(Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: mIV
1982: In...fflIV
1983: Inr
Nationalincome
871.5963.6
1,086.21,160.71,239.41,379.21,550.51,760.31,966.72,116.62,373.02,450.4
2,423.42,435.6
2,419.72,448.92,458.92,474.0
2,528.52,612.0
Compensa-tion of
employees *
652.2718.0801.3877.5931.4,036.3,152.1,301.1,458.1,599.6,769.2,865.7
1,791.71,815.6
1,834.21,859.91,879.51,889.0
1,923.71,968.8
Proprietors'inventory vs
capital coiadjust
Farm
15.018.732.826.524.619.119.126.331.921.830.521.5
35.031.3
27.416.815.826.0
22.223.6
income withiluation andisumptionments
Nonfarm
54.458.161.062.265.475.084.892.2
100.295.689.787.4
88.585.8
83.788.187.890.2
98.4106.1
Rentalincome ofpersons
withcapital
consump-tion
adjustment
20.221.022.623.523.023.524.826.627.931.541.449.9
42.745.6
47.449.050.952.3
54.154.8
Corporate p
Total
83.296.6
108.394.9
110.5138.1167.3192.4194.8175.4192.3164.8
197.6192.0
162.0166.8168.5161.9
181.8214.7
rofits with inv
Profits \*adjustmc
const
Total
82.094.0
105.696.7
120.6151.6178.5205.1209.6191.7203.3165.9
208.3201.5
167.7170.3168.3157.2
168.0189.3
sntory valuatioadjustments
ith inventory •<;nt and withouimption adjust
Profits
86.6100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2
227.7217.2
173.2178.8177.3167.5
169.7199.1
n and capital
valuationt capitaltnent
Inventoryvaluation
adjustment
-4.6-6.6
-20.040.0
-11.6-14.7-16.2-24.0-43.1-42.9-23.6-8.4
-19.4-15.7
-5.5-8.5-9.0
-10.3
-1.7-9.8
3onsumption
Capitalconsump-
adjustment
1.32.72.71.8
-10.1-13.5-11.3-12.7-14.8-16.3-11.0-1.1
-10.7-9.5
-5.6-3.5
.14.7
13.925.4
Netinterest
46.551.260.276.184.587.2
102.5121.7153.8192.6249.9261.1
268.0265.3
265.0268.3256.4254.7
248.3244.0
1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Iconomic Analysis.
PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979...198019811982
1981: mIV
1982: InmIV
1983: Inr.
Totalpersonalconsump-
tionexpendi-
tures
672.2737.1812.0888.1976.4
1,084.31,204.41,346.51,507.21,668.11,857.21,991.9
1,886.11,904.1
1,938.91,972.82,008.82,046.9
2,073.02,148.4
Totaldurablegoods
97.2111.1123.3121.5132.2156.8178.2200.2213.4214.7236.1244.5
243.5230.8
239.4242.9243.4252.1
258.5278.0
Durabh
Motorvehicles
andparts
45.452.457.150.455.872.684.895.796.690.7
101.6109.9
107.796.5
106.4107.6109.4116.1
118.4134.6
3 goods
Furni-ture andhouse-hold
equip-ment
37.241.747.150.653.559.165.772.881.886.393.393.5
93.893.4
91.793.993.594.9
97.3100.4
Other
14.616.919.220.522.925.227.731.735.137.741.241.1
42.040.9
41.341.440.5
• 41.0
42.943.0
Totalnondur-
ablegoods
278.8300.6333.4373.4407.3441.7478.8528.2600.0668.8733.9761.0
741.1747.7
749.7754.7766.6773.0
777.1798.2
No
Food
144.2154.9172.1193.7213.6230.6249.8275.9311.6345.1375.9396.9
378.9383.2
388.1394.7400.4404.5
411.7418.3
[idurable go
Clothingand
shoes
50.655.461.464.869.675.382.692.499.1
104.6115.3119.0
116.8117.2
118.4119.0119.2119.6
120.0126.6
ods
Gasolineand oil
23.925.428.636.640.444.048.151.266.684.894.691.5
95.195.6
94.089.691.391.1
87.390.3
Other
60.164.971.278.283.791.998.2
108.8122.8134.3148.1153.5
150.2151.7
149.2151.5155.6157.9
158.1163.1
Services
296.2325.3355.2393.2437.0485.7547.4618.0693.7784.5887.1986.4
901.5925.6
949.7975.2998.9
1,021.8
1,037.41,072.2
Retail salpasseng
(millions
Domes-tics
8.79.39.67.47.08.59.09.28.26.66.25.8
6.85.1
5.85.75.66.0
6.16.9
es of newer carsof units)
Imports
1.61.61.81.41.61.52.12.02.32.42.32.2
2.22.2
2.22.02.22.5
2.32.3
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income rose $15.5 billion (annual rate) in July, following a rise of $13.3 billion in June. Wages andsalaries rose $12.2 billion in July, compared with a rise of $8.9 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,400
2,000
1,600
1,200
1,000
800
600
400
200
160
_ A-..—•»
1975
-t.«.«•"•**"** WAGE AND SALARY
1976 1977
WAGE AND SALARY DISBURSEMENTS
OTHER INCOME
1978
TRANSFERPAYMENTS
\ ,
i?n 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 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 I I I i i t I t i I I I I I I i i I i i I I I I I i i I I I I i t i I i I i i i I 1201979 1980 1981
BILLIONS OF DOLLARS * (RATIO SCALE)
3,200
2,800
2,400
2,000
1,600
1,200
1,000
800
600
400
200
160
1982 1983
* SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1973 ..197419751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprr
May r
June r
July"
Totalpersonalincome
1,065.21,168.61,265.01,391.21,540.41,732.71,951.22,165.32,435.02,578.6
2,589.82,586.72,597.42,617.82,633.12,645.0
2,652.62,650.52,670.12,689.12,722.32,735.62,751.0
salarydisburse-ments ^
702.7765.7806.4889.9983.2
1,106.31,237.61,356.71,493.21,568.1
1,578.91,579.21,581.21,583.11,583.11,591.8
1,608.91,606.31,616.81,632.11,652.21,661.11,673.3
Other laborincome * 2
48.855.864.575.989.4
102.5114.9128.0143.5156.6
157.4158.1159.1159.7160.4161.2
162.6164.2166.0168.1170.1172.2174.3
Proprietors
Farm
32.826.524.619.119.126.331.921.830.521.5
15.014.118.323.828.126.1
22.921.322.322.324.724.022.9
' income 3
Nonfarm
61.062.265.475.084.892.2
100.295.689.787.4
87.787.588.389.189.092.5
96.797.8
100.8103.1106.6108.5109.3
Kentalincome ofpersons 4
22.623.523.023.524.826.627.931.541.449.9
50.550.851.452.852.951.0
53.854.154.354.654.855.055.3
Personaldividendincome
26.529.129.936.539.645.350.856.862.866.4
65.966.566.867.468.068.3
68.768.968.969.069.469.570.2
Personalinterestincome
93.9112.4123.2132.5152.8179.4218.7266.0341.3366.2
368.2363.9362.2361.7363.3364.3
360.0356.0355.7355.0356.6358.4360.2
Transferpay-
ments 5
119.5141.2178.3194.3207.9223.8250.3297.6337.2374.5
378.9379.2383.1392.9401.0403.0
395.4398.1402.0402.7406.7406.4405.7
Less:Personal
contributionsfor socialinsurance
42.647.950.455.561.169.881.188.7
104.6112.0
112.7112.8112.8112.8112.7113.1
116.6116.2116.8117.6118.8119.5120.1
Nonfarmpersonalincome 6
1,023.71,131.8,229.1,359.3,506.5,689.7,899.3
2,119.52,377.02,527.6
2,545.22,543.12,549.72,564.52,575.52,589.4
2,600.22,599.72,618.42,636.12,668.22,682.12,698.5
1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4) in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workmen'scompensation; directors' fees; and a few other minor items.
3 With inventor}' valuation and capital consumption adjustments.
4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEAccording to revised estimates, real per capita disposable income rose in the second quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)2,6002,4002,200
2,000
1,800
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)2,600
3,0001975 1983
3,000
r SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
197119721973197419751976197719781979198019811982
1981: HIIV
1982: InmIV
1983: In r
Personalincome
868.4951.4
1,065.21,168.61,265.01,391.21,540.41,732.71,951.22,165.32,435.02,578.6
2,490.92,516.6
2,528.12,563.22,591.32,632.0
2,657.72,715.7
Less:Personaltax andnontax
payments
B
116.7141.0150.7170.2168.9196.8226.4258.7301.0336.5387.4402.1
398.9396.1
400.2404.2399.8404.1
401.8412.7
Equals:Disposablepersonalincome
illions of doll
751.8810.3914.5998.3
1,096.11,194.41,314.01,474.01,650.21,828.92,047.62,176.5
2,092.02,120.5
2,127.92,159.02,191.52,227.8
2,255.92,303.0
Less:Personaloutlays 1
ars
691.1757.7835.5913.2,001.8,111.9,236.0,384.6,553.5,718.7,912.4
2,051.1
Seas
1,942.31,961.5
1,997.02,031.92,068.42,107.0
2,134.22,210.8
Iquals:Personalsaving
60.752.679.085.194.382.578.089.496.7
110.2135.3125.4
anally adju
149.7159.0
130.8127.1123.0120.8
121.792.2
Percdisposable
inct
Currentdollars
3,6203,8604,3154,6675,0755,4775,9656,6217,3318,0328,9069,377
sted annual
9,0889,188
9,1999,3159,4309,562
9,6619,842
apitapersonal
>me
1972dollars
Do
3,7523,8604,0804,0094,0514,1584,2804,4414,5124,4874,5874,567
rates
4,6404,612
4,5624,5744,5584,576
4,5994,626
Per capitsconsulexpen
Currentdollars
lars
3,2373,5113,8314,1524,5214,9725,4686,0486,6957,3268,0788,581
8,1948,250
8,3828,5118,6448,785
8,8789,182
i personalnptionJitures
1972dollars
3,3553,5113,6233,5663,6093,7743,9244,0574,1214,0924,1624,180
4,1834,141
4,1564,1804,1784,204
4,2264,316
Percentchange inreal percapita
disposablepersonalincome
Per
2.42.95.71.71.02.62.93.81.6
-.62.2
-.4
7.8-2.4
-4.31.1
-1.41.6
2.02.4
Saving aspercent ofdisposablepersonalincome
cent
8.16.58.68.58.66.95.96.15.96.06.65.8
7.27.5
6.15.95.65.4
5.44.0
Popula-tion
(thou-sands) 2
207,692209,924211,939213,898215,981218,086220,289222,629225,106227,694229,916232,118
230,187230,797
231,304231,790232,387232,990
233,501233,982
1 Includes personal consumption expenditures, interest paid by consumers to business, and person-al transfer payments to foreigners (net).
2 Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averagesfor the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEIn the second quarter of 1983, according to preliminary estimates, gross farm income rose $0.5 billion (annual rate)and net farm income rose $1.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)200
160
BILLIONS OF DOLLARS* (RATIO SCALE)200
160
120
100
80
60
40
120
100
80
60
40
ROSS FARM INCOME
20
NET FARM INCOME -
/N%
% ii
20
10 I I I i i I i i i
V
I I I I I I I I 101975 1976 1977 1978 1979 1980 1981 1982 1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19751976197719781979198019811982
1981: I r
TLr.m r
IV r.
1982: I r
nr.m r
IVr.
1983: I r
np
Total !
100.6102.9108.7127.2150.4150.1167.1162.2
161.2165.1172.2169.7
168.4158.5155.9165.8
161.4161.9
(
Cas
Total
88.995.496.2
112.9131.8140.5142.3144.6
141.9138.5145.7143.0
147.6142.0142.3146.3
142.1141.3
In
JTOSS farm incom
h marketing rece
Livestock andproducts
43.146.347.659.268.667.869.270.2
69.269.570.168.0
70.771.070.268.9
72.070.8
come of farm ope
3
ipts
Crops
45.849.048.653.763.272.773.174.4
72.769.075.675.0
76.971.072.177.4
70.170.5
rators from farmi
Value ofinventorychanges 2
3.4-1.5
1.1.8
4.9-5.3
7.6-1.9
3.110.19.57.9
2.0-1.7-3.5-4.2
-1.51.6
ng
Productionexpenses
75.082.788.999.5
118.1128.6137.0140.1
135.1136.5137.8138.6
141.0141.5140.3137.6
136.6135.5
Net farn
Currentdollars
25.620.119.827.732.321.530.122.1
26.128.634.431.1
27.417.015.628.2
24.826.4
i income
1967 dollars 3
15.911.810.914.214.88.7
11.07.6
9.910.712.511.0
9.75.95.39.6
11.612.2
1 Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at averageprices during the year.
3 Income in current dollars divided by the consumer price index (Department of Labor).
NOTE.—Series revised beginning 1970.
Source: Department of Agriculture, except as noted.
24-318 0 - 8 3 - 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSIn the second quarter of 1983, according to preliminary estimates, corporate profits before tax rose $29.4 billion(annual rate) from their first quarter level and after-tax profits rose $15.9 billion.
BILLIONS OF DOLLARS320
280
BILLIONS OF DOLLARS
320
80
40
80
40
1975
SOURCE.- DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: IIIIV
1982: IIIIllIV
1983: III p
Prc
Total 2
82.094.0
105.696.7
120.6151.6178.5205.1209.6191.7203.3165.9
208.3201.5
167.7170.3168.3157.2
168.0189.3
rfits (before t
Total
74.985.392.080.4
107.6137.4163.4185.4179.0161.9179.7144.1
186.5174.7
147.0148.5147.6133.1
147.8170.6
ix) with inve
Doi
Financial
14.115.315.915.011.817.123.131.030.326.920.320.9
18.818.1
15.520.422.225.5
29.833.7
ntory valuatic
nestie industr
Total 3
60.870.076.065.495.8
120.3140.3154.4148.6134.9159.4123.2
167.7156.5
131.5128.1125.4107.6
118.0136.9
jn adjustmen
ies
Nbnfinaneial
Manufac-turing
34.140.745.539.052.669.278.386.985.672.986.759.0
93.376.9
60.961.465.548.3
53.7
t 1
Whole-sale and
retailtrade
11.713.413.912.521.322.426.626.927.123.632.827.6
33.337.8
30.227.425.227.5
27.8
Profitsbefore tax
86.6100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2
227.7217.2
173.2178.8177.3167.5
169.7199.1
Taxliability
37.541.649.051.650.663.872.783.287.684.882.859.2
83.775.6
60.361.460.854.0
61.575.0
P
Total
49.058.976.685.181.5
102.5122.0145.9165.1149.8144.1115.1144.0141.7
112.9117.4116.5113.5
108.2124.1
rofits after ta
Dividends
22.924.427.029.930.837.440.847.052.758.664.768.7
66.467.3
67.767.868.870.4
71.472.0
IX
Undistrib-uted
profits
26.134.549.655.250.765.181.298.9
112.491.279.546.4
77.674.4
45.249.547.743.1
36.752.1
Inventoryvaluation
adjustment
-4.6-6.6
-20.0-40.0-11.6-14.7-16.2-24.0-43.1-42.9-23.6-8.4
-19.4-15.7
-5.5-8.5-9.0
-10.3
-1.7r-9.8
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTAccording to revised estimates for the second quarter of 1983, business fixed investment rose $3.8 billion (annualrate) and residential investment outlays rose $16.4 billion. There was an $11.9 billion decrease in inventoriesfollowing a decrease of $39.4 billion in the first quarter.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
550-
CHANGE IN BUSINESSINVENTORIES
-501975
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL QF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197119721973197419751976197719781979198019811982
1981: HIIV
1982: InIllIV
1983: In r
privatedomestic
investment
166.4195,0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5
495.8476.2
422.9432.5425.3377.4
404.1451.8
Nonresid
Total
107.9121.0143.3156.6157.7174.1205.2248.9290.2308.8352.2348.3
360.6367.6
361.3352.7342.3337.0
332.1335.9
ential fixed im
Structures
40.544.151.055.955.458.864.478.798.3
110.9133.4141.9
137.0145.5
144.7144.2140.0138.6
132.9127.4
restment
Producers'durable
equipment
67.476.992.3
100.7102.3115.3140.8170.2191.9197.9218.8206.4
223.6222.1
216.5208.5202.2198.4
199.3208.5
Total
50.963.868.057.955.372.095.8
111.2118.6102.9104.390.8
101.794.3
87.391.087.996.8
111.3127.7
Residential fix
Nonfarmstructures
48.961.565.654.852.468.892.0
107.0114.098.199.886.0
97.089.5
83.286.183.491.2
106.7122.7
ed investment
Farmstructures
0.7.7.7
1.31.01.11.51.71.71.81.31.5
1.51.6
.91.61.32.3
1.31.5
Producersdurable
equipment
1.31.51.71.81.92.12.32.52.93.03.23.2
3.23.3
3.23.33.33.3
3.43.5
Change irinven
Total
7.710.218.514.1
-6.911.823.026.514.39.8
18.5-24.5
33.614.3
25.7-11.2
-4.9-56.4
39.4-11.9
i businessones
Nonfarm
6.49.6
15.216.0
-10.513.921.925.48.6
-4.510.923.1
24.16.2
-27.6-8.8-2.3
-53.7
-39.0-10.4
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARMBUSINESSAccording to the Commerce Department April-May survey, nonfarm business spending for new plant andequipment for the year 1983 is expected to be 3.4 percent below the 1982 level. Spending in 1982 was 1.6percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
500
400
40
301975 1976
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
1977 1978 1979 1980 1981 1982 1983
60
40
30
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197519761977197819791980198119821983 4
1982: IIIIllIV
1983: III4
Ill4
IV4
Total
157.71171.45198.08231.24270.46295.63321.49316.43305.53
327.72323.22315.79302.77
293.03302.23306.83320.02
Plant
65.2171.2080.3192.70
105.73117.55133.46134.47
139.49137.95135.14127.15
125.40
Equip-ment
92.50100.25117.77138.54164.73178.08188.04181.96
188.23185.28180.65175.61
167.62
14
Total
54.9259.9569.2279.7298.68
115.81126.79119.68112.79
128.32123.77119.46110.09
109.86110.97114.09116.25
anufacturin
Durablegoods
26.3328.4734.0440.4351.0758.9161.8456.4451.95
60.8459.0357.1450.50
50.7449.6453.3454.09
g
Nondur-able
goods
28.5931.4735.1839.2947.6156.9064.9563.2360.84
67.4864.7462.3259.59
59.1261.3460.7562.15
Plan
Total
102.79111.50128.87151.52171.77179.81194.70196.75192.73
199.40199.46196.33192.68
183.17191.25192.74203.77
t and equip
Mining
6.107.449.24
10.2111.3813.5116.8615.4513.24
17.6016.5614.6313.31
12.0313.6913.5413.70
ment
Nonmanu
Trans-portation
8.688.899.40
10.6812.3512.0912.0511.9510.80
11.9912.3211.2812.41
11.0410.659.94
11.58
faeturing
Publicutilities
19.9822.3726.7929.9533.9635.4438.4041.9541.59
40.1241.4043.3842.88
41.6142.1840.4642.12
Tradeand
serv-ices *
46.2349.3056.5468.6679.2681.7986.3386.9587.13
87.8088.8587.3184.00
82.3885.3387.4193.37
Commu-nication
andother 2
21.8023.5126.9032.0234.8336.9941.0640.4639.97
41.8940.3339.7340.06
36.1139.4041.3943.00
Starts ofplant and
eouin-ment
projects,manufac-turing 3
56.5159.3877.4088.16
112.98123.32135.19104.78
27.7329.0325.6123.37
23.35
1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and pro-fessional services.
2 "Other" consists of construction; social services and membership organizations; and forestry,fisheries, and agricultural services.
3 Starts are estimated by adding changes in carryover to expenditures during given period.4 Planned capital expenditures as reported by business in late April and May 1983, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted civilian employment rose 499,000 in July and unemployment fell 556,000.
MILLIONS OF PERSONS* MILLIONS OF PKSQNS*
*16 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1
[Thousands of persons 16 years of age and over, except as noted]
Period
197719784
1979198019811982
1982: JulyAugSeptGetNovDec
1983: JanFebMarAprMayJuneJuly
Noninsti-tutionalpopula-
tionincludingresidentArmedForces
160,689163,541166,460169,349171,775173,939
174,038174,200174,360174,549174,718174,864
175,021175,169175,320175,465175,622175,793175,970
Besi-dent
ArmedForces
1,6561,6311,5971,6041,6451,668
Unadj
1,6741,6891,6701,6681,6601,665
1,6671,6641,6641,6711,6691,6681,664
Civilianemploy-
ment
92,01796,04898,82499,303
100,39799,526
usted
101,490101,17799,85199,82599,37998,849
97,26297,26597,99498,84099,543
101,813103,273
Unem-ployment
6,9916,2026,1377,6378,273
10,678
11,03610,71010,69510,94211,47611,628
12,51712,38211,87911,03510,76511,57010,707
Totallaborforce
includ-ing
residentArmedForces
100,665103,882106,559108,544110,315111,872
112,090112,303112,528112,420112,702112,794
112,215112,217112,148112,457112,418113,600113,539
Totalemploy-
mentinclud-
ingresidentArmedForces
93,67397,679
100,421100,907102,042101,194
101,262101,372101,213100,844100,796100,758
100,770100,727100,767101,129101,226102,454102,949
Civilianlaborforce
99,009102,251104,962106,940108,670110,204
110,416110,614110,858110,752111,042111,129
110,548110,553110,484110,786110,749111,932111,875
Total
92,01796,04898,82499,303
100,39799,526
99,58899,68399,54399,17699,13699,093
99,10399,06399,10399,45899,557
100,786101,285
Civilian e
Agri-cultural
3,2833,3873,3473,3643,3683,401
Seas
3,4453,4293,3633,4133,4663,411
3,4123,3933,3753,3713,3673,5223,527
mploymen
Nonagr
Tntnlloiai
88,73492,66195,47795,93897,03096,125
anally adji
96,14396,25496,18095,76395,67095,682
95,69195,67095,72996,08896,19097,26497,758
t
ieultural
Part-time foreconom-
icrea-
sons *
3,3693,2983,3734,0644,4995,852
isted
5,5775,8206,4956,4036,4116,425
6,8456,4816,2026,0825,9285,7295,636
Unemp
Total
6,9916,2026,1377,6378,273
10,678
10,82810,93111,31511,57611,90612,036
11,44611,49011,38111,32811,19211,14610,50)
oyment
15weeksandover
1,9421,4141,2411,8712,2853,485
3,5693,6373,8564,1674,5244,732
4,6344,6184,6154,3564,5174,5894,417
Laborparticipa
(pen
Tnt«l 2J.OUL1
62.663.564.064.164.264.3
64.464.564.564.464.564.5
64.164.164.064.164.064.664.5
forcebon ratesent)
CwH-MHl3
62.363.20.763.863.964.0
64.164.164.264.164.264.2
63.863.763.663.763.764.364.2
1 Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population (both including resident ArmedForces).
3 Civilian labor force as percent of civilian noninstitutional population.
4 Data beginning 1978 not strictly comparable with earlier data because of revisions in the 1hold survey, which added about 250,000 to labor force and to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESThe seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force,
declined in July to 9.3 percent. The unemployment rate for all civilian workers also declined, to 9.5 percent.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
10
25
20
15
10
1979
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED,SOURCE: DEPARTMENT OF LABOR
1983 1979
TEENAGERS(16-19)
WOMEN 20 YEARSAND OVER
'"'''/ '"**»***"»,***£-MEN 20 YEARS-
AND OVER
I 1 1 i | | i i i i i | | | | | | | | | 1 1 | | | 1 1 | | | | | | | | | |1980 1981 1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
197719781979198019811982
1982: July..Aug...Sept ..Oct....Nov...Dec ...
1983: Jan...Feb ...Mar...Apr ...May...June-July ..
Unem-ploymentrate, allwork-ers1
6.96.05.87.07.59.5
9.79.7
10.110.310.610.7
10.210.210.110.110.09.89.3
Allcivilianwork-
ers
7.16.15.87.17.69.7
9.89.9
10.210.510.710.8
10.410.410.310.210.110.09.5
B
Men20 yearsand over
5.24.34.25.96.38.8
8.99.09.69.8
10.010.1
9.69.99.69.89.69.08.8
y sex and a
Women20 years
andover
7.06.05.76.46.88.3
8.38.38.48.79.09.2
9.08.98.88.48.58.67.9
Unemp
ge
Bothsexes16-19years
17.816.416.117.819.623.2
23.923.823.824.124.224.5
22.722.223.523.423.023.622.8
oyment ra
White
6.25.25.16.36.78.6
8.78.79.19.39.69.7
9.19.29.08.98.98.68.2
te (pereen
By race
Black a
Total
13.111.911.313.114.217.3
17.417.718.118.418.518.8
19.018.018.518.818.618.917.9
t of civilia
ad other
Black
14.012.812.314.315.618.9
18.819.119.820.120.220.8
20.819.719.920.820.620.619.5
n labor force
Experi-enced
wage andsalary
workers
6.65.65.56.97.39.3
9.49.49.8
10.110.510.7
10.110.110.19.99.89.49.0
in group)
Bys
Marriedmen,
spousepresent
3.62.82.84.24.36.5
6.66.87.27.57.67.8
7.17.27.17.17.06.66.1
elected grou]
Womenwho
maintainfamilies
9.48.58.39.2
10.411.7
12.011.712.411.312.513.2
13.213.013.513.212.912.811.6
JS
Full-time
workers
6.65.65.36.97.39.6
9.69.7
10.210.510.610.8
10.310.410.310.29.99.79.4
Part-time
workers
9.99.08.88.89.4
10.5
11.210.410.610.311.311.1
10.610.110.510.611.012.110.2
Laborforce
time lost(per-
cent) 2
7.66.56.37.98.5
11.0
10.710.911.712.012.412.7
11.712.011.811.411.510.810.4
1 Unemployed as percent of total labor force including resident Armed Forces.2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn July, the percentage of unemployed persons who had been out of work for less than 15 weeks was aboutunchanged, the percentage out of work for 15-26 weeks rose, and the percentage out of work 27 weeks and overdeclined.
PERCENT DISTRIBUTION
70
40
PERCENT DISTRIBUTION*70
30 -
20
10 -,
60
50
40
30
20
10
REASON FOR UNEMPLOYMENT
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1983 1979
REENTRANTS
1980i i 1 1 i I i
1981
!VNEW ENTRANTS
JOB LEAVERS
1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
19781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJune ....July
TTu em
(thou-sands)
6,2026,1377,6378,273
10,678
10,82810,93111,31511,57611,90612,036
11,44611,49011,38111,32811,19211,14610,590
Percent (
Lessthan 5weeks
46.248.143.141.736.4
36.736.035.133.932.932.9
30.832.630.732.131.932.832.7
iistrihutiondurat
5-14weeks
31.031.732.330.731.0
30.130.731.130.229.528.3
28.927.128.128.527.026.126.1
of unemplo}ion l
15-26weeks
12.411.513.813.616.0
16.516.616.016.818.217.4
16.816.816.715.015.714.717.1
raient by
27weeks
andover
10.48.7
10.714.016.6
16.616.817.819.119.421.3
23.523.524.524.425.326.424.2
Percent
Joblosers
41.742.951.751.658.7
58.358.660.762.461.660.6
59.160.260.459.760.558.458.5
distributionreas
Jobleavers
14.114.311.711.27.9
7.57.46.86.86.66.9
7.47.58.07.27.27.07.0
of unemploon l
Reen-trants
29.929.425.225.422.3
22.822.221.219.821.321.8
23.122.021.522.021.121.722.9
pment by
Newentrants
14.313.311.411.911.1
11.311.911.311.010.410.7
10.410.310.211.011.212.911.6
Staprogr
Insuredunemploy-
ment
1
2,3592,4343,3503,0474,057
3,9884,1364,3794,6154,6354,428
3,9413,9073,8943,8323,5863,3293,110
teams
Initialclaims
Weekly ave
346388488460583
539617654659618546
509485493484458411384
Insuredunemploy-ment, allregular
programs(unadjust-
ed)2
rage, thousan
2,6452,5923,8373,4104,590
4,4954,3984,2824,3914,6355,074
5,4595,4375,1344,6423,9473,481
Specialunem-
ploymentbenefitclaims
(unadjust-ed)3
ids
807897708
936953691
1,1171,4451,086
849
1 Detail may not add to 100 percent because of rounding.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-
men (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State ex-tended benefit programs. Does not include Federal supplemental compensation program.
3 Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-tration).
13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose 487,000 in July following a rise of411,000 in June.
MILLIONS OF PERSONS*
90
80
70
60
50
40
30
20
ALL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
.GOODS-PRODUCINGINDUSTRIES
1980
•SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR
MILLIONS OF PERSONS* (ENLARGED SCALE)22
20
16
20
WHOLESALE AND RETAIL TRADE
MANUFACTURING
CONSTRUCTION
1983 1979 mo 1981 1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Period
197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMay r....June r....July"....
Totalnonagri-
employ-ment
82,47186,69789,82390,40691,15689,596
89,45089,26489,23588,93888,78588,665
r 88,88588,74688,814
r 89,09089,42189,83290,319
Total 2
24,34625,58526,46125,65825,49723,907
23,84323,67223,53023,28723,13123,061
23,18623,04923,03023,15923,34723,53423,749
Goods-
Con-struction
3,8514,2294,4634,3464,1883,911
3,9163,8933,8753,8473,8433,815
3,9053,7903,7573,7863,8603,9413,984
producing inc
M
Total
19,68220,50521,04020,28520,17018,853
18,80218,66618,55518,35818,22218,193
18,24418,24518,26718,37618,49318,58718,749
ustries
anufaeturing
Durablegoods
11,59712,27412,76012,18712,10911,100
11,09510,96110,86210,68510,57710,559
10,59410,60810,61710,68910,78810,84310,971
Nondur-able
goods
8,0868,2318,2808,0988,0617,753
7,7077,7057,6937,6737,6457,634
7,6507,6377,6507,6877,7057,7447,778
Total
58,12561,11363,36364,74865,65965,689
65,60765,59265,70565,65165,65465,604
r 65,69965,69765,784
r65,93166,07466,29866,570
Transpor-tation and
publicutilities
4,7134,9235,1365,1465,1655,081
5,0755,0565,0545,0335,0195,008
r4,9794,9664,9634,9884,9934,9914,977
Service-p
Whole-sale and
retailtrade
18,51619,54220,19220,31020,54720,401
20,43820,41020,38020,34420,32020,256
20,35520,34320,35020,32920,35620,48520,498
roducing ind
Finance,insurance,and realestate
4,4674,7244,9755,1605,2985,340
5,3425,3445,3515,3505,3565,367
5,3745,3845,3915,4235,4355,4515,471
ustries
Services
15,30316,25217,11217,89018,61919,064
19,08319,09719,13619,14419,18719,215
19,23819,26219,35619,47819,54619,66019,802
Gover
Federal
2,7272,7532,7732,8662,7722,739
2,7372,7392,7352,7422,7462,747
2,7482,7422,742
r 2,7382,7562,7452,737
nment
Stateandlocal
12,39912,91913,17413,37513,25913,064
12,93212,94613,04913,03813,02613,011
13,00513,00012,98212,97512,98812,96613,085
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments whoworked during or received pay for any part of the pay period which includes the 12th of the month.Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.Total derived from this table not comparable with estimates of nonagricultural employment of thecivilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domesticservants; which count persons as employed when they are not at work because of industrial dis-
putes, bad weather, etc., even it they are not paid for the time off; and which are based on a sampleof the working-age population, whereas the estimates in this table are based on reports from em-ploying establishments.
* Includes mining, not shown separately,
Source: Department of Labor, Bureau of Labor Statistics.
14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
197419751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly"
i
Totalprivate
nonagricul-tural1
36.536.136.136.035.835.735.335.234.8
34.934.834.834.734.734.8
35.134.534.834.935.135.135.1
Average weeklyhours
Manufa
Total
40.039.540.140.340.440.239.739.838.9
39.139.038.838.939.039.0
39.739.239.540.1
r40.0r40.240.3
cturing
Overtime
3.32.63.13.53.63.32.82.82.3
2.32.32.32.32.32.3
2.42.42.62.92.72.93.1
Average giearn
Totalprivate
nonagricul-tural l
$4.244.534.865.255.696.166.667.257.67
7.707.737.737.767.787.82
7.887.917.917.95
r7.978.008.02
oss hourlyings
Manufactur-ing
$4.424.835.225.686.176.707.277.998.50
8.548.568.578.588.618.63
8.688.768.758.788.798.828.85
Adjuste
Ind1977=
Currentdollars
80.086.792.9
100.0108.1116.8127.3138.9148.3
148.8149.6150.0150.7151.1151.9
152.7153.4153.4154.0154.6154.8155.2
d hourly earningnonagnc
ex,= 100
1977dollars 3
98.397.699.0
100.0100.597.493.592.693.3
92.893.093.193.193.494.1
94.795.395.094.894.794.794.6
gs index — totalultural2
Percent changearlie
Currentdollars
8.08.47.27.68.18.09.09.16.8
7.06.66.16.25.76.0
5.45.75.45.24.84.64.3
private
e from a yearr 4 5
1977 dollars
-2.8n
1.41.0.5
-3.1-4.0-1.0
.8
.7
.71.21.21.12.0
1.82.41.61.21.42.12.1
AVERAGE WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
197419751976197719781979198019811982
1982: JulyAugSeptOctNovDee
1983: JanFebMarAprMayr
JuneJuly*
Total ]nonagnc
Current dollars
$154.76163.53175.45189.00203.70219.91235.10255.20266.92
268.73269.00269.00269.27269.97272.14
276.59272.90275.27277.46279.75280.80281.50
Avera
)rivateultural *
1977 dollars 3
$190.12184.16186.85189.00189.31183.41172.74170.13167.87
167.54167.18166.98166.32166.96168.61
171.48169.61170.45170.85171.42171.85171.65
£e gross weekly ea
Manufacturing
$176.80190.79209.32228.90249.27269.34288.62318.00330.65
333.91333.84332.52333.76335.79336.57
344.60343.39345.63352.08351.60
r 354.56356.66
irnings
Construction
Current dollars
$249.25266.08283.73295.65318.69342.99367.78399.26426.45
431.47428.72425.59427.25426.24437.18
461.35439.20438.00443.54441.19
r441.19441.26
Wholesale andretail trade
$119.02126.45133.79142.52153.64164.96176.46190.62198.10
199.36199.68199.06200.65200.98203.19
202.57200.65202.88203.83205.76207.36207.03
Percent eha year
total private n<
Current dollars
6.45.77.37.77.88.06.98.54.6
4.94.34.03.43.44.4
6.83.14.34.74.65.24.6
ange fromearlier,^agricultural 5
1977 dollars
-4.1-3.1
1.51.2.2
-3.15.8
-1.51.3
-1.3-1.4-.9
-1.6-1.1
.5
3.1-.2
.6
.71.22.72.4
,'age earners and clerical workers used beginning 1978,
4 Monthly changes based on indexes to two decimal places.5 Based on unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.
24-318 0 - 8 3 - 3 15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Period
1969
19701971197219731974
19751976197719781979
198019811982
1981: InmIV
1982: InmIV
1983: In r.
1969
19701971197219731974
19751976197719781979
198019811982
1981: Inmrv
1982: InmIV
1983: In r.
Output pcall pe
Businesssector
85.5
86.289.292.494.792.5
94.597.6
100.0100.699.4
98.9101.3101.2
100.5101.1102.3101.2
101.1100.7101.1101.9
102.5103.9
0.2
.83.63.52.6
-2.4
2.23.32.4
.6-1.2
-.52.4
^5.92.24.7
—4.1
-.4-1.6
1.73.3
2.05.7
;r hour ofrsons
Nonfarmbusinesssector
86.5
86.889.793.095.392.9
94.797.8
100.0100.699.1
98.4100.3100.2
100.1100.1101.199.9
100.099.9
100.4100.8
101.7103.2
-0.3
.33.33.72.4
-2.5
2.03.22.2.6
-1.5
-.71.9.1
5.2.4
3.8-4.4
.14.
2.31.3
3.76.1
Outf
Businesssector
79.0
78.480.786.191.789.9
88.293.8
100.0105.5107.8
106.5109.8106.7
109.2109.8111.2108.9
107.2106.9106.6106.0
107.1110.3
2.9
-.83.06.66.6
-2.0
2.06.46.65.52.3
-1.33.1
-2.8
8.32.35.2
-7.8
-6.3-1.0-1.1-2.3
4.212.5
ut l
Nonfarmbusinesssector
78.8
78.080.385.891.789.8
87.893.7
100.0105.7108.0
106.5109.3106.3
109.2109.4110.5108.2
106.5106.7106.5105.4
106.7109.9
Pei
2.9
-1.02.96.96.8
-2.0
-2.26.76.75.72.2
-1.42.7
-2.8
7.8.8
4.3-8.3
-6.2.8g
-4.1
4.912.7
Hoursperse
Businesssector
19r
92.5
91.090.593.296.897.3
93.396.0
100.0104.9108.5
107.6108.4105.4
108.6108.6108.7107.7
106.0106.2105.4104.0
104.5106.2
rcent chan
2.6
-1.6-.53.03.9.4
4.13.04.14.93.5
g.7
-2.7
2.3.1.5
-3.9
-6.0.6
-2.7-5.4
2.16.5
of allms 2
Nonfarmbusinesssector
f7 = 100; (
91.1
89.889.592.396.296.7
92.795.8
100.0105.0109.0
108.2109.0106.0
109.1109.2109.4108.2
106.5106.8106.0104.6
104.9106.5
ge; quarte
3.2
-1.3-.43.14.3.5
4.13.44.45.03.7
7.7
-2.7
2.4.5.5
-4.0
-6.21.2
-2.9-5.3
1.26.2
Compenshou
Businesssector
[uarterly (
54.2
58.262.066.171.378.0
85.592.9
100.0108.6118.7
131.2143.9155.1
139.7142.2145.5148.2
151.6153.9156.5158.7
160.7162.1
rly data at
7.0
7.36.66.58.09.4
9.68.67.78.69.4
10.59.77.7
11.57.49.67.5
9.46.46.75.7
5.43.5
ation perr 3
Nonfarmbusinesssector
ata seasoi
54.8
58.762.566.771.778.5
86.093.0
100.0108.6118.4
130.7143.5154.7
139.3141.8145.1147.7
151.3153.5156.1158.3
161.0162.7
seasonal]
6.5
7.06.66.77.69.4
9.68.17.58.69.0
10.49.87.8
11.57.39.67.6
10.05.87.25.8
6.84.3
Heal comper h
Businesssector
lally adjus
89.6
90.892.895.797.395.9
96.398.9
100.0100.999.1
96.595.997.4
96.396.195.695.6
97.197.497.198.0
99.499.2
y adjusted
1.5
1.32.23.11.6
-1.4
.52.61.2.9
-1.7
-2.6-.61.5
.8-1.0-2.2
.3
6.31.1
-1.03.7
5.8-.7
pensationour 4
Nonfarmbusinesssector
ted
90.6
91.593.596.697.896.4
96.899.0
100.0100.998.9
96.195.697.1
96.095.895.395.4
96.997.196.997.8
99.599.6
annual ra
1.1
1.02.23.31.3
-1.4
.42.21.0.9
2.0
-2.8-.61.6
.9-1.1-2.1
.3
6.8.5
-.63.7
7.2.1
UnitCO
Businesssector
63.4
67.569.571.575.384.4
90.595.1
100.0108.0119.5
132.7142.1153.3
139.0140.7142.3146.4
149.9152.9154.7155.6
156.9156.1
tes
6.7
6.42.92.95.3
12.1
7.35.15.18.0
10.7
11.17.17.9
5.35.04.7
12.2
9.88.15.02.3
3.3-2.1
laborst
Nonfarmbusinesssector
63.4
67.669.771.775.384.5
90.895.1
100.0108.0119.5
132.8143.0154.4
139.2141.6143.5147.8
151.3153.6155.4157.1
158.3157.6
6.8
6.63.12.85.0
12.2
7.54.85.28.0
10.7
11.17.77.9
6.06.95.6
12.6
9.96.24.74.4
3.0-1.6
Implicdefla
Businesssector
63.2
66.069.071.375.382.4
90.494.7
100.0107.5117.2
128.1140.1147.7
136.3138.2141.5144.3
145.5147.5148.5149.4
151.5152.6
4.9
4.54.43.45.59.5
9.84.75.67.59.0
9.29.45.4
1125.69.98.2
3.45.52.72.6
5.53.1
t pricetor5
Nonfarmbusinesssector
63.3
66.369.371.374.081.6
90.094.6
100.0107.1116.5
128.1140.4148.6
136.2138.4141.8145.0
146.4148.3149.1150.5
152.4153.6
4.7
4.84.53.03.8
10.2
10.35.15.77.18.8
10.09.65.8
11.66.6
10.09.5
3.75.42.23.7
5.33.3
1 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, including hours of proprietors
and unpaid family workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed.
4 Hourly compensation divided by the consumer price index.
5 Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production rose 1.8 percent in July, following a rise of 1.1 percent in June. The index for July was 7.1percent above its year earlier level.
INDEX, 1967=100* (RATIO SCALE) INDEX, 1967=100* (RATIO SCALE)
180TOTAL INDUSTRIAL PRODUCTION
ii ill i1982
180UTILITIES AND MINING PRODUCTION
MINING"
MANUFACTURING PRODUCTION
MANUFACTURING CAPACITY UTILIZATION RATE
120
1979
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1981 1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Period
1967 proportion19731974197519761977197819791980198119821982: July
AugSeptGetNovDec
1983: JanFebMarApr r
May r
June r
July"
Toindusprodu
Index,1967 = 100
100.00129.8129.3117.8130.5138.2146.1152.5147.0151.0138.6138.8138.4137.3135.7134.9135.2137.4138.1140.0142.6144.4146.0148.6
taltrialction
Percentchange
from yearearlier
8.4-.48.9
10.85.95.74.43.62.7
-8.2-9.8-9.9
9.4-9.0-7.8-5.7-2.3
3.4-1.2
1.73.75.37.1
Total
87.95129.8129.4116.3130.3138.4146.8153.6146.7150.4137.6138.1138.0137.1135.0134.0134.5136.7138.2140.4143.1145.0146.8149.4
Industry pro<3
Manufacturing
Durable
51.98127.1125.7109.3122.3130.0139.7146.4136.7140.5124.7125.9124.9123.5120.3119.3119.9122.5123.9126.3129.1131.0133.0136.1
uction indexes
Nondurable
35.97133.8134.6126.4141.8150.5156.9164.0161.2164.8156.2155.7156.9156.7156.2155.3155.6157.4159.0160.7163.3165.1166.9168.6
, 1967 = 100
Mining
6.36114.7115.3112.8114.2118.2124.0125.5132.7142.2126.1120.1116.9114.7115.9116.8118.4121.9115.6112.6111.6113.2113.8115.9
Utilities
5.69145.4143.7146.0151.7156.5161.4166.0168.3169.1168.7167.7168.5167.5167.8166.7164.2163.1162.0165.8169.3169.9170.3172.8
Capacity u
Manufa
FederalReserve
series
87.683.772.979.682.284.786.079.679.471.171.471.270.669.468.868.970.070.671.672.973.774.675.8
tilization rate
cturing
Com-merce
series 2
86837781838483787670
69
68
70
, percent l
Materials(FederalReserveseries)
91.787.073.381.182.685.687.680.480.770.169.769.569.067.967.066.668.770.171.572.573.574.476.0
1 Output as percent of capacity.2 Annual data are averages of the four monthly indexes.
Sources: Board of Governors of the Federal Reserve System and Department of Commerce(Bureau of Economic Analysis).
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Period
1967 proportion
1973197419751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarApr r.Mayr.June r.July"
Total
47.62
124.4125.1118.2127.6135.9142.2147.2145.3149.5141.5
142.5141.2140.0138.7138.3139.5
140.1138.9139.9142.8144.5146.0148.0
C
Total
27.68
131.5128.9124.0137.1145.3149.1150.8145.4147.9142.6
145.8144.1143.4142.2141.3142.0
143.6143,4144.3147.7149.9151.4154.0
Final p
onsumer good
Durablegoods
7.89
146.2135.3121.4141.9154.0159.2155.8136.7140.5129.2
137.3132.9131.3126.5124.6125.9
131.6134.4136.3140.5145.0149,2154.2
Prod
roducts
s
Nondurablegoods
19.79
125.6126.3125.1135.2141.9145.1148.8148.9150.9148.0
149.1148.6148.2148.5147.9148.4
148.3147.0147.5150.5151.9152.3153.9
ucts
Equip
Total
20.14
114.5120.0110.2114.6123.0132.8142.2145.2151.8139.8
138.0137.3135.2134.0134.2136.1
135.3132.7133.8136.2137.0138.5139.8
ment
Business
12.63
134.2142.4128.2135.4147.8160.3171.3173.2181.1157.9
154.9153.9150.5147.1146.4148.1
146.6142.7143.7146.9148.0149.8151.3
Intermedia!
Total
12.89
137.2135.3123.1137.2145.1154.1160.5151.9154.4143.3
142.8144.7143.7141.6141.8141.5
143.7145.3147.8150.8152.1153.7156.1
& products
Construc-tion
supplies
6.42
139.8134.5116.3132.6140.6151.7158.0140.9141.9124.3
124.1127.1125.5122.5123.4123.0
127.0129.7133.1136.4138.6140.2143.4
Materials
39.29
133.9132.4115.5131.7138.6148.3156.4147.6151.6133.7
133.0132.8132.0130.0128.4127.8
132.0134.9137.6139.7141.8143.6146.8
Supple-mentarygroup:Energy
total
12.23
128.3125.5125.5129.1132.9135.4137.9137.7137.4135.7
136.4134.8132.7134.1133.3132.2
132.4131.0131.9133.9133.8134.0137.1
[1967 = 100, seasonally adjusted]
Period
1967 proportion
1973197419751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarApr T
May r
June r
July*.
Primary
Total
6.57
126.7123.196.4
109.7111.1119.9121.3102.3107.975.3
72.972.973.269.663.663.5
73.177.981.283.184.985.888.6
metals
Iron andsteel
4.21
122.3119.895.8
104.8103.8113.2113.292.499.861.7
58.157.456.454.147.546.6
59.064.366.968.569.570.3
Fabricat-ed metalproducts
5.93
124.7124.2109.9123.9131.0141.6148.5134.1136.4114.8
115.5114.3112.3107.6107.0107.3
107.6110.3113.9115.3115.5117.6120.0
Durable mi
Non-electricalmachinery
9.15
133.7140.1125.1134.5143.6153.6163.7162.8171.2149.0
147.1147.2144.9140.4139.6139.2
138.0136.2138.6143.1145.9149.0152.7
inufactures
Electricalmachinery
8.05
143.1143.8116.5134.8145.4159.4175.0172.8178.4169.3
170.3169.7167.0165.4165.5165.5
169.5168.9173.8177.2180.1182.1186.6
Transpequip
Total
9.27
118.3108.797.4
111.1122.2132.5135.4116.9116.1104.9
112.7107.0105.3100.8100.2103.7
106.3109.6110.1111.4113.8116.5120.0
stationment
Motorvehicles
and parts
4.50
148.8128.2111.1142.0161.1169.9159.9119.0122.3109.8
127.2116.7113.5103.0101.7108.8
113.9123.0123.2125.5130.4136.2142.3
Lumberand
products
1.64
126.0116.2107.6123.2131.2136.3136.9119.3119.1112.6
116.9120.3119.9117.2119.1121.4
130.0130.2128.7132.1135.8138.0
^
Apparelproducts
3.31
117.3114.3107.6125.7134.2134.2134.4127.0120.4
endurable i
Printingand
publish-ing
4.72
118.2118.2113.3122.5127.6131.5136.9139.6144.2144.1
143.9145.3144.3142.0141.7142.8
141.3144.0145.9145.7145.2147.5148.5
manufacture
Chemi-cals andproducts
7.74
154.5159.4147.2170.9185.7197.4211.8207.1215.6196.1
194.1195.6196.4194.1192.8195.9
197.6202.3205.7208.5210.9212.7
s
Foods
8.75
120.9124.0123.4133.0138.8142.7147.5149.6152.1151.1
151.0150.7149.0151.5152.0152.8
154.4153.0152.0153.7154.7
Source: Board of Governors of the Federal Reserve System.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION
Period
19751976197719781979198019811982
1982: JuneJulyAugSeptGetNovDec
1983: JanFebMarAprMay"Junep
July*
Total newconstructionexpenditures
135.9151.1173.8205.6230.4230.7239.4232.0
233.4230.8231.6230.7234.1243.7240.2247.9243.0241.9245.5253.2259.7
Total
95.1112.0135.7159.7181.6175.7186.1181.0
182.9180.8179.5178.2181.9190.5190.8195.0194.3194.9198.0204.7211.9
Resi
Total l
I
46.560.581.093.499.087.386.674.8
Seasonal
75.573.872.771.776.481.286.089.793.696.1
102.0107.6112.4
Private
lential
New housing
Millions of dollars
34.447.365.775.878.663.162.751.9
ly adjusted annu
49.351.452.653.053.655.858.663.468.872.377.382.386.6
Commercialand industrial
20.819.922.529.639.943.851.354.6
al rates
56.955.054.554.654.154.652.653.451.049.746.846.348.9
Other
27.831.532.236.742.744.748.251.5
50.552.052.351.951.454.752.252.049.849.049.250.850.6
Federal,State, and
local
40.939.138.245.948.855.053.351.1
50.450.052.252.552.253.249.452.948.747.047.548.547.9
Constructio
Total valueindex
(1977 = 100)
66.079.0
100.0114.0122.0107.0107.0111.0
Seasonallyadjusted
111102112117105122131127119131129148151137
n contracts 2
Commercialand industrial
floor space(millions ofsquare feet)
555592739977
1,059904906685
Seasonallyadjusted
annual rates
778694717671656608595803693632652734785741
1 Includes nonhousekeeping residential construction and additions and alterations, not shown sep-arately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971for floor space.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, P. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
19751976197719781979198019811982
1982: JulyAugSeptGetNovDec
1983: JanFebMarAprMay r
June r.July*
Total
1,160.41,537.51,987.12,020.31,745.11,292.21,084.21,062.2
1,1851,0461,1341,1421,3611,280
1,6941,7841,6051,5061,8071,7521,741
Units started, hj
1 unit
892.21,162.41,450.91,433.31,194.1
852.2705.4662.6
625651683716868842
1,1261,1031,0081,0011,1831,1461,010
New private
type of structure
2-4 units
64.085.9
121.7125.0122.0109.591.180.0
Seasona]
968790667979
10011710011796
124134
housing units
5 or more units
204.3289.2414.4462.0429.0330.5287.7319.6
ly adjusted annu
464308361360414359
468564497388528482597
Unitsauthorized
939.21,296.21,690.01,800.51,551.81,190.6
985.51,000.5
al rates
1,065928
1,0291,1541,2271,326
1,4471,4791,4671,5361,6351,7611,782
Unitscompleted
,317.2,377.2,657.1,867.5,870.8,501.6,265.7,005.5
1,0101,001
9361,0771,0531,035
1,1951,1381,1471,1641,3541,388
New prrv
Homes sold
549646819817709545436412
364389473481545529
611593611
r635r661r663620
ate homes
Homes forsale at end of
period l
313353402414
3 398336272251
250248247245246251
259262262
r266r277r290293
Vacancy rate
housing units(percent) 2
6.05.65.25.05.45.45.05.3
5.3
5.5
5.7
5.5
1 Seasonally adjusted.2 Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.3 New series beginning March 1979.
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—Total and TradeBusiness sales rose 2.5 percent in June and inventories fell $0.5 billion. According to the advance survey, totalretail sales were about unchanged in July following a rise of 0.3 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550
500
450
400
350
300
250
200
150
100 1 1 1 1 I 1 1 i i i1979 1980 1981
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE
1982 1983
BILLIONS OF DOLLARS* (RATIO SCALE)
160150
140
130
120
110
100
90
70
60
50
RETAIL INVENTORIES
1979 1980
1M,**"»""%Mlil
RETAIL SALES
1981 1982 1983
1.40
1.201979 1983
COUNCIL OF ECONOMIC ADVISERS
Period
197519761977197819791980.19811982
1982: JuneJulyAugSeptOctNovDec
1983: JanFebMarAprMayr
Junep
July*
Total bu
Sales 2
182,230204,277229,624260,307297,663327,284356,099344,179
349,742347,676343,426342,882336,905338,722338,391
345,337341,490348,009
r351,100363,925372,998
siness *
T
. • 3tones •*
288,375318,544351,036398,890450,736492,885526,152511,942
521,040521,145521,257521,000519,797513,888511,942
507,550507,665503,222504,796505,658505,187
Whol
Sales 2
46,62350,69455,98766,11778,68092,658
100,67395,363
98,01995,79094,34192,52791,80691,91291,389
94,79092,24592,94392,58697,529
100,393
esale
T
, • 3tones 3
Millions
56,69764,07872,31185,68598,394
112,341116,986118,790
119,828119,854119.190119,537120,162118,349118,790
117,564116,417116,591117,498115,855115,345
Total
of dollars,
49,01254,78160,43567,28675,04780,23587,29889,640
88,60389,46989,06989,89790,90592,49292,459
92,30891,16493,26395,44998,431
r98,68598,656
Sales2
Durablegoodsstores
seasonally *
15,24718,15020,72423,21825,19624,40126,33526,739
26,13626,12425,83126,61927,15428,72128,723
28,30727,49029,16030,66832,124
r32,33532,088
Be
Nondura-ble goods
stores
idjusted
33,76536,63139,71144,06749,85055,83460,96362,901
62,46763,34563,23863,27863,75163,77163,736
64,00163,67464,10364,78166,307
r66,35066,568
tail
Total
71,74479,27389,530
102,790111,229116,430126,833128,250
126,300126,662128,258129,788128,849127,619128,250
127,869130,392129,327129,901131,654132,452
Inventories 3
Durablegoodsstores
33,35637,84143,13549,98753,71754,40059,09559,597
58,22558,88860,20461,66860,58159,41759,597
59,73561,51760,41260,64061,40161,955
Nondura-ble goods
stores
38,38841,43246,39552,80357,51262,03067,73868,653
68,07567,77468,05468,12068,26868,20268,653
68,13468,87568,91569,26170,25370,497
Inventory-s
Totalbusiness 1
1.571.481.461.441.431.451.441.51
1.491.501.521.52.54.52.51
.47
.49
.45
.441.391.35
ales ratio 4
Retail
1.441.381.401.431.441.421.401.41
1.431.421.441.441.421.381.39
1.391.431.391.361.341.34
1 The term "business" also includes manufacturing (see page 21).2 Monthly average for year and total for month.3 Book value, end of period, seasonally adjusted.
4 For annual periods, ratio of weighted average inventories to average monthly sales; for monthlydata, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn July, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)240
200180160
140
120
100
on
AH
B-SHIPME—
~^S* ' ""1---ui»* >»***»*iii*tit*1ji~-**~m~~
-
NTS
r^X-*
DURABLE Ga
*2*j*j$**Not1
M i l . I
TOTAL
DOS
\vIDURABLE GO
, , , . , ! . . in
"' %—i
*~~^ODS
1 1 1 1 1 1 1 i 1 1 1
_
_*m
**^
~
-
^ -
«**
1 1 1 1 I I 1 1 I 1 i
BILLIONS OF DOLLARS * (RATIO SCALE)360
BILLIONS OF DOLLARS* (RATIO SCALE)240
180i fjr\
1 Af)
100
80
60
E-NEW Of—-^v - **--
[^%*%. ......i
•i **
1 1 1 1 1 1 1 1 1 1 11979
RDERS
^^ j**\r+*^S'
DURABLE GOO
i i i 1 1 1 i i i i i1980
— *T*'x^TOTAL
DS
)NDURABLE O
i i i i i I i i i i I1981
—
lODs"""*"""**
i i I 1 1 i I 1 1 1 i1982
E—
^^*---
•*
| 1 1 1 1 1 ! 1 1 1 |
1983
320280
240
200
160
120
100
80
60
40
—INVENTORIES-
DURABLE GOODS
1 1 1 1 1
LNONDURABLE GOODS
RATIO*2.2
2.0
1.8
1.6
1.4
1.2
INVENTORY-SHIPMENTS RATIO
1979 1980 1981 1982 1983
* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
19751976197719781979198019811982
1982: JuneJulyAugSeptGetNovDee
1983: JanFebMarAprr
Mayr
June r.July"
Manufa
Total
86,59598,802
113,202126,905143,936154,391168,129159,177
163,120162,417160,016160,458154,194154,318154,543
158,239158,081161,803163,065167,965173,920173,111
cturers' shipi
Durablegoods
43,65650,68959,26767,84876,06077,55083,87276,843
79,19778,85677,25076,41972,47873,00573,495
77,74477,76979,59580,24182,66986,58285,630
nents *
Nondura-ble goods
42,93948,11353,93559,05767,87676,84184,25782,334
83,92383,56182,76684,03981,71681,31381,048
80,49580,31282,20882,82485,29687,33887,481
Manufac
Total
M
159,934175,193189,195210,415241,113264,114282,333264,902
274,912274,629273,809271,675270,786267,920264,902
262,117260,856257,304257,397258,149257,390258,363
3turers' inven
Durablegoods
dlions of do
102,874112,581121,575137,834160,554174,547186,222175,200
182,811182,099181,543180,520179,675177,061175,200
172,506171,572169,377169,814170,734169,840169,712
tories 2
Nondura-ble goods
liars, seasoi
57,06062,61267,62072,58180,55989,56796,11189,702
92,10192,53092,26691,15591,11190,85989,702
89,61189,28487,92787,58387,41587,55088,651
1
Total
mlly adjust*
85,14999,543
115,061131,616147,466156,142167,924157,371
159,986158,913155,700156,572152,362152,604157,382
162,871157,757162,587166,025169,874178,489175,486
ianufaeturers
Durable
Total
3d
42,01951,39861,11172,40979,51379,34183,72575,103
76,15775,56372,96572,34870,73571,06776,180
82,35577,44979,95183,10184,45690,90587,719
new orders
3 goods
Capitalgoods
industries,non-
defense
11,01112,79915,29119,45823,23123,25924,05920,687
19,93219,93118,74120,21720,12719,98319,679
20,50719,17520,03222,59222,22824,28921,555
Nondura-ble goods
43,13048,14553,95059,20767,95376,80184,19982,268
83,82983,35082,73584,22481,62781,53781,202
80,51680,30882,63682,92485,41887,58487,767
Manufac-turers'unfilledorders 3
173,829182,499205,675262,671305,453325,908323,346300,971
313,384309,880305,564301,678299,846298,132300,971
305,599305,268306,053309,015310,922315,488317,867
Manufac-turers'inven-tory —
shipmentsratio 4
.84
.69
.61
.57
.571.661.641.73
1.691.691.711.691.761.741.71
1.661.651.591.581.541.481.49
1 Monthly average for year and total for month. Shipments are the same as sales.2 Book value, end of period.3 End of period.
4 For annual periods, ratio of weighted average inventories to average monthly shipments; formonthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn July, the producer price index for all finished goods rose 0.1 percent, seasonally adjusted. Prices of finishedconsumer foods fell 0.6 percent and prices of other finished consumer goods rose 0.4 percent. Prices of capitalequipment rose 0.1 percent.
INDEX, 1967=100 (RATIO SCALE)320
INDEX, 1967=100 (RATIO SCALE)
120 I I I i I I I I I I II I I I I I I I I I II I I I I I I I I I I I
160
140
1975
SOURCE: DEPARTMENT OF LABOR
160
140
1933
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Period
197519761977197819791980198119821982: July
AugSeptOctNovDec
1983: JanFebMarr.AprMayJuneJuly
Totalfinishedgoods
163.4170.6181.7195.9217.7247.0269.8280.7281.2282.5282.8283.8285.5286.4283.3283.8283.0282.8283.7285.0285.3
Con-sumerfoods
181.0180.4189.9207.2226.2239.5253.6259.3259.2259.4258.3258.2258.2258.8258.3260.9261.4264.2262.9261.2259.6
Fi
Total
156.2166.1177.7190.7213.3247.8273.3285.8286.6288.2288.9290.3292.5293.5289.5289.2288.1286.9288.5290.8291.8
Fin]
mished goc
Total
153.1162.6174.3186.7211.5250.8276.5287.8288.5290.1291.2293.2295.8296.7290.8290.0288.0286.6288.2291.3292.5
shed goods
)ds excluding
Consumer gc
Durable
138.2144.5152.8166.9183.2206.2218.6226.7227.4228.6227.8228.5229.8230.4229.6232.2232.6232.4232.6233.7233.8
consumer foo
»ods
Nondurable
163.0174.8189.3200.0231.3283.9319.6333.6334.3336.2338.6
. 341.7345.3346.4337.3333.7329.7326.7330.0334.6336.8
Is
Capitalequip-ment
162.5173.4184.6199.2216.5239.8264.3279.4280.5282.3281.9282.0283.1284.4283.9285.0285.8285.9286.6287.3287.7
Totalfinished
163.6169.7180.7194.9217.9248.9271.3281.0281.5282.6283.0284.4286.2287.0283.1283.4282.2282.0282.9284.4284.6
Intern
Total
180.0189.1201.5215.6242.2280.3306.0310.4310.3310.3310.8310.9311.7311.8310.1309.8308.6307.6308.9311.4312.2
lediate ma
Foodsand
feeds 1
195.3185.3190.5203.1226.1252.6250.3239.4242.1239.8236.7234.0233.7234.0236.0239.4239.8245.9245.1243.2242.3
terials
Other
178.6189.4202.3216.5244.4282.3310.1315.7315.3315.6316.3316.6317.4317.5315.6315.0313.7312.3313.7316.5317.4
Cn
Total
196.9202.7209.2234.4274.3304.6329.0319.5322.1319.1315.4314.3317.3316.6315.8316.8318.9323.9323.9323.5319.7
ide mater
Food-stuffsand
feed-stuffs
191.8190.2192.1216.2247.9259.2257.4247.8251.0246.9239.5237.0239.4240.3243.0248.8250.5258.0255.0251.0244.6
als
Other
206.9228.5245.0272.3330.0401.0482.3473.9475.4474.8478.6480.4484.8480.6472.6463.3466.4466.3472.6479.6481.2
1 Intermediate materials for food manufacturing and feeds. Source: Department of Labor, Bureau of Labor Statistics.
22
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICESIn July, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (also 0.4 percent notseasonally adjusted). The index was 2.4 percent above its level in July 1982.
INDEX, 1967=100 (RATIO SCALE)320
300
280
260
240
INDEX, 1967= 100 (RATIO SCALE)320
1980 1981
300
280
260
240
220
200
180
160
140
1982 1983
SEE NOTE ON TABLE BELOWSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Period
Rel. imp.5
197519761977197819791980198119821982: July
AugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly
Allitems 1
NSA
100.0161.2170.5181.5195.4217.4246.8272.4289.1292.2292.8293.3294.1293.6292.4293.1293.2293.4295.5297.1298.1299.3
Food
19.0175.4180.8192.2211.4234.5254.6274.6285.7287.6286.9287.5288.1288.2288.1288.3288.3290.1291.3292.2291.3291.0
Total *
57.7164.5174.6186.5202.8227.6263.3293.5314.7318.4319.7319.3320.5319.9317.4318.9318.9318.7320.4321.5322.1323.4
Total
21.3169.7179.0191.1210.4239.7281.7314.7337.0342.5344.0342.3342.6340.7336.0338.3339.1339.2341.6342.7343.6345.3
Hou
She
Eent-ers'
costs 2
6.9
100.2
100.8101.1101.3101.7102.2102.5103.1
sing
Iter
Home-own-ers'
costs 2
NSA
13.9
100.0100.7100.9100.9101.7102.0102.2102.7
Mainte-nanceand
repairs
NSA
0.5187.6199.6214.7233.0256.4285.7314.4334.1334.7335.9338.4339.4339.0337.8342.9339.4339.9343.6344.3345.1346.1
Fueland
otherutilities
8.4167.8182.7202.2216.0239.3278.6319.2350.8350.3353.1357.5362.7367.1369.6368.9366.9365.1365.8368.8368.9370.1
Appar-el andupkeep
5.2142.3147.6154.2159.6166.6178.4186.9191.8192.2192.7192.8193.3193.2192.7193.2194.2194.1194.5195.8196.5197.7
Ti
Total J
21.8150.6165.5177.2185.5212.0249.7280.0291.5294.1295.3295.6296.4296.0295.8293.9289.1289.0292.1295.8297.1298.6
ansportatic
Newcars
3.5127.6135.7142.9153.8166.0179.3190.2197.6198.0199.2199.6199.2198.7199.3199.4201.1202.6201.3200.6200.8200.8
m
Motorfuel3
6.2170.8177.9188.2196.3265.6369.1410.9389.4393.4395.9396.0395.4394.2391.2378.3353.0349.5363.2378.1380.9382.5
Medicalcare
6.0168.6184.7202.4219.4239.7265.9294.5328.7330.5333.4336.3338.7341.8344.4347.2350.1351.7353.3354.8356.4358.4
Ener-. gy4
12.4176.6189.3207.3220.4275.9361.1410.0416.1416.7418.9421.0426.6430.2431.3
6 420.5404.9401.3409.3419.5420.9422.3
Allitemsless
food,energy,
andshelter
47.5149.4159.9169.5179.1191.5208.3228.1245.6246.7247.7248.7250.1250.7251.9253.1254.2254.9255.5256.1257.0258.5
1 Includes items not shown separately.2 December 1982=100.3 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,
tc.5 Relative importance, December 1982.
6 Energy excludes motor oil, coolant, etc. beginning January 1983.NOTE.—NSA indicates data are not seasonally adjusted.Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.Data beginning 1983 incorporate a rental equivalence measure for homeownership costs.Source: Department of Labor, Bureau of Labor Statistics.
23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
197419751976197719781979198019811982
1982: JulyAugSeptGetNovDec
1983: JanFebMar r.Apr r.MayJune r
July
Ch
Totalfinishedgoods
Chi
18.36.63.76.99.2
12.811.87.13.7
C
0.5.5.1.4.6.3
-1.1.2
-.3-.1
.3
.5
.1
ange from pi
Consume
Foods
inge, Dec.
13.05.5
-2.56.9
11.77.47.51.42.1
mnge, moi
-1.6.1
-.4-.00
.2
-.21.0.2
1.1-.5-.6-.6
eceding peri
r goods
Exclud-ing foods
to Dec., N
20.56.76.06.78.5
17.514.28.54.2
ith to mon
1.4.6.4.7.9.3
-2.0-.3-.7
.5
.61.1.4
od
Capitalequip-ment
SA
22.68.26.47.37.98.8
11.49.23.9
th
0.4.6
-.1.0.4.5
-.2.4.3.0.2.2.1
Change
Totalfinishedgoods
6.18.04.23.74.35.2
-.7-2.4-4.7-.7
.12.93.6
from 3 month
Consum
Foods
-3.6-4.3-7.7
1.5-1.8
.8
.24.24.19.53.1-.3
-6.8
s earlier, anni
3r goods
Excludingfoods
10.214.19.66.78.17.8
-3.2-7.6
-11.2-5.7
2.54.78.5
lal rate
Capitalequipment
5.96.63.52.21.13.6
2.72.72.02.82.32.12.5
Change
Totalfinishedgoods
2.83.64.44.96.24.7
1.5.9.1
-.7-1.3-1.0
1.4
from 6 montl
Consum
Foods
2.41.2.7
-2.6-3.1-3.5
-.71.22.44.73.71.91.0
s earlier, ann
sr goods
Excludingfoods
2.63.96.08.4
11.08.7
1.6-.1
-2.2-4.5-5.1-3.6
1.2
ual rate
Capitalequipment
4.15.84.34.03.93.5
2.41.92.82.82.52.02.7
Changefromyear
earlier,total
finishedgoods
NSA
15.310.84.46.57.8
11.113.59.24.0
3.64.03.63.63.73.7
2.22.22.22.12.31.81.4
NOTE.—NSA indicates data are not seasonally adjusted. Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
197419751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly
Allitems l
12.27.04.86.89.0
13.312.48.93.9
0.6.3.1.4
0-.3
.2-.2
.1
.6
.5
.2
.4
Food
12.26.5
.68.0
11.810.210.24.33.1
0.2-.2
.2
.2
.0-.0
.10
.6
.4
.3-.3— .1
Total l
13.47.55.47.69.9
15.213.710.23.6
0.5.4
— .1.42
-.8
.50
— .1.5.3.2.4
Total1
11.47.34.28.7
11.517.415.19.92.4
0.6.4
— 5.1
-.6— 1.4
.7
.2
.0
.7
.3
.3
.5
Hoi
Sh
Rent-ers'costs
0.6.3.2.4.5.3.6
ising
elter
Home-owners'
NSA
Chang
0.7.2.0.8.3.2.5
Mainte-nanceand
NSA
e, Decem
16.25.57.17.2
10.110.310.69.24.2
Change,
-0.4.4.7.3i
^
1.5-1.0
.11.1.2.2.3
Fueland
otherutili-ties
ber to D
16.611.29.08.15.9
16.013.614.59.7
month t
0.5.8
1.21.51.2.7
-.2-.5-.5
.2
.8
.0
.3
Ap-parelandup-
keep
ecember
8.72.34.54.23.25.56.83.61.6
3 month
0.4.3.1.3i
-.3
.3
.5— .1
.2
.7
.4
.6
Trs
Total1
, NSA
13.39.88.84.37.7
18.214.711.01.7
0.9.4.1.3.1
-.1
-.6-1.6-.01.11.3.4.5
msportati
Newcars
11.57.34.87.26.27.47.56.81.6
0.4.6.2
-.2.3.3
.1
.9
.7-.6-.3
.10
on
Motorfuel2
20.611.02.64.98.5
52.218.99.4
-6.5
1.5.6.0
-.2.3
-.8
-3.3-6.7-1.0
3.94.1
.7
.4
Medi-cal
care
12.49.9
10.18.88.8
10.110.012.511.0
1.0.9.9.7.9.8
.8
.8
.5
.5
.4
.5
.6
Ener-gy3
21.611.66.97.28.0
37.418.111.91.3
0.9.5.5
1.3.8.3
*-2.5-3.7-.92.02.5.3.3
Allitemslessfood,
energy,and
shelter
11.36.47.05.26.57.29.99.46.1
0.5.4.4.6.2.5
.5
.4
.3
.2
.2
.4
.6
Addenduchar
From3
monthsearlier
11.38.24.13.32.1.5
-.4-1.2
.42.15.15.44.7
m: All itemsige (annual r
From6
monthsearlier
6.16.66.97.25.12.3
1.4.4.5.8
1.92.93.4
percentate)
Fromyear
earlier
NSA
11.09.15.86.57.7
11.313.510.46.1
6.55.95.05.14.63.9
3.83.53.63.93.52.62.4
1 Includes items not shown separately.2 Includes direct pricing of diesel and gasohol beginning September 1981.3 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,
tc.4 Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earn-ers and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers fell 2.2 percent in July and prices paid by farmers were unchanged in the month endedJuly 15.
INDEX, 1977=100 (RATIO SCALE)180
160
140
120
100
80
60
INDEX, 1977=100 (RATIO SCALE)180
PRICES RECEIVED
RATIO -I/
140
1975 1976 1977
V RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
160
140
120
100
80
60
1983
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100]
Period
19751976197719781979198019811982
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly
Pri
All farmproducts
101102100115132134139133
137133136128128127
128132134136137134131
3cs received by farm
Crops
105102100105116125134121
125117124114117114
114118121127129126123
ers
Livestock andproducts
98101100124147144143145
147148147142139139
142146146145144141139
P
All commodities,services,
interest, taxes,and wage rates *
8995
100108123138150156
157157157156156156
157158159159160160160
rices paid by farmer
Productionitems, interest,
taxes, and wagerates
8995
100109125139151154
155155154153154153
156157157158159159158
s
Productionitems
9197
100108125138148149
151150149148149148
150151152153154154152
Ratio 2
113107100106107979386
878587828281
82848486868482
1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexeshave been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK MEASURES AND LIQUID ASSETSGrowth in Ml and the broader aggregates slowed in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,6002,4002,2002,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
AA3
I I I I I I1975 1976 1977 1978 1979
M2
1980 1981
BILLIONS OF DOLLARS'(RATIO SCALE)
2,6002,4002,200
2,000
1,800
1,600
1982
1,400
1,200
1,000
800
600
400
2001983
'SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE, SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly"
Ml
Sum of currency,demand deposits,
travelers' checks, andother checkable deposits
(OCD) !
291.1310.4335.5363.2389.0414.1440.6478.2
454.4458.3463.2468.7474.0478.2
482.1491.1497.6496.5507.4511.7515.5
M2
Ml plus overnight EPsand Eurodollars,MMMF balances
(general purpose andbroker /dealer),
MMDAs, and savingsand small time deposits
1,023.01,163.51,286.41,388.51,497.51,630.31,794.91,959.5
1,880.91,903.61,917.01,929.71,945.01,959.5
2,010.02,050.82,069.9
r 2,074.8r 2,096.2r2,114.32,125.4
M3
M2 plus large timedeposits, term RPs, andinstitution-only MMMF
Da nee s
1,161.71,296.31,451.81,613.51,758.41,936.72,167.92,377.6
2,283.42,317.92,333.92,352.02,370.22,377.6
2,403.32,430.62,447.12,454.0
r 2,476.5r 2,499.32,510.0
L
M3 plus other liquidassets
1,371.91,522.41,711.01,922.92,131.82,343.62,622.02,896.8
2,798.22,823.62,840.52,866.02,882.42,896.8
2,930.72,960.52,988.3
Percent (m
Ml
4.96.68.18.37.16.56.48.5
3.04.76.68.89.8
11.2
12.614.815.412.214.614.514.3
Change fromonths earlier
M2
12.613.710.67.97.98.9
10.19.2
8.09.99.9
10.610.510.514.216.116.615.6
r!6.2r!6.411.8
pear or 62
M3
9.411.612.011.19.0
10.111.99.7
9.511.911.411.811.910.7
10.810.09.98.99.2
10.59.1
1 Net of demand deposits due to foreign commercial banks and official institutions.2 Annual changes are from December to December and monthly changes are from <
earlier at an annual rate.
NOTE.—See page 27 for components.
Source: Board of Governors of the Federal Reserve System.
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Dec:19751976197719781979198019811982
1982:JulyAugSeptOctNovDee
1983:JanFebMarAprMayJuneJuly P....
1 Net of dem2 Small deno
$100,000 and n
Cur-rency
73.980.688.697.5
106.3116.2123.2132.8
128.8129.6130.5131.3131.9132.8
134.2135.6137.0138.0139.3140.3140.9
and depositsmination anlore than $
De-manddepos-its 1
214.1224.4239.7253.8262.0266.8236.4239.8
232.1232.5234.0236.0237.6239.8
239.4238.7240.1238.9242.5244.0245.7
due to fored large den100,000, res
Othercheck-able
depos-its
(OCD)
0.92.74.28.4
17.026.976.6
101.3
89.191.894.397.0
100.1101.3
104.5112.5116.0115.0120.9122.7124.2
ign commeromination <pectively.
Over-nightrepur-chaseagree-ments(RPs),
net, plusover-nightEuro-dollars
NSA
5.810.614.720.321.228.436.144.3
41.842.441.543.945.244.3
47.348.848.750.655.1
r56.052.4
cial banks aneposits are t
Moneymutua
bala
Gener-al
pur-poseandbro-ker/
dealer
NSA
2.72.42.46.4
33.461.4
150.9182.2
172.9182.3185.1187.6191.1182.2
166.7159.6154.0146.7
r!41.1r 139.6
138.4
I official inslose issued
marketI fundnces
Insti-tutiononly
NSA
0.4.6.9
3.19.5
14.936.047.6
40.447.148.249.349.947.6
46.145.243.541.040.439.238.6
itutions.in amounts
Moneymarketdeposit
accounts(MMDAs)
NSA
43.2
43.2
189.1277.7320.5341.2356.8367.3368.4
of less than
Sav-ings
depos-its
388.8453.0491.6481.2423.1400.7344.4359.3
345.0346.7350.0358.0366.4359.3
335.1325.7322.7321.5
r323.1r 325.0323.5
TraveNSA
Soiirr
Smalldenom-ination
timedepos-its2
338.1391.0446.0521.8635.9731.7828.6859.1
872.9879.8883.2878.0874.9859.1
797.4755.1733.8725.7720.1
r722.1735.0
ers checksindicates da
e: Board of
Largedenom-ination
timedepos-its2
129.9118.2145.2194.9222.2258.9302.6333.8
332.1334.9336.1339.6340.4333.8
310.7297.9296.2300.4299.5
r 304.7306.3
are a comp<ta are not s
Governors
Termrepur-chaseagree-ments(RPs)
NSA
8.414.219.527.130.134.837.240.3
34.537.036.437.739.440.3
40.640.841.742.745.3
r44.542.8
ment of moeasonally a<
if the Feder
TermEuro-dollars(net)
NSA
9.713.118.429.041.548.065.380.1
83.780.980.681.179.580.1
81.283.886.7
ley stock bujusted.
al Reserve
Sav-ings
bonds
67.271.776.480.279.572.367.767.9
67.667.567.567.667.867.9
68.168.568.8
t are not sh
•ivstem.
Short-term
Treas-ury
securi-ties
76.880.889.799.3
128.7156.9176.3217.6
202.9204.1203.6210.3214.5217.6
219.3219.3224.5
own here.
Bank-ers'
accep-tances
8.48.8
11.821.626.731.640.644.9
42.041.341.442.843.144.9
45.343.242.0
Com-mercialpaper
48.051.762.979.297.098.1
104.2108.8
118.7112.0113.7112.3107.3108.8
113.5115.1119.2
NOTE.—See p. 26 for overall measures.
CONSUMER INSTALLMENT CREDIT[Millions of dollars; monthly data seasonally adjusted]
Period
19751976197719781979198019811982
1982: JuneJulyAugSeptGetNovDee
1983: JanFebMar...AprMayJune
Installn
Total 2
180,083210,740257,600297,668324,777306,076334,508344,90130,03427,98228,02428,61928,65031,69130,777
nent credit e?
Auto-mobile
52,42063,74375,64187,98193,90183,45493,24095,9978,3647,3767,1627,4888,041
10,1779,716
tended
Revolving
36,95643,93487,596
105,125120,174128,068139,829150,06113,36712,65812,72812,70512,61412,77812,491
Installrr
Total 2
172,675189,179222,138254,589286,396304,628316,291331,80528,01127,14327,76827,36328,78129,67628,359
ent credit liq
Auto-mobile
49,44453,27860,43769,24579,18682,97784,74591,099
7,3957,3397,5427,1398,1118,6438,225
uidated
Revolving
35,61641,76481,34896,090
111,546126,653135,362145,69612,64012,10012,52912,39412,53312,73911,990
Net
Total 2
7,40821,56135,46243,07938,381
1,44818,21713,0962,023
839256
1,256-1312,0152,4182,725
7352,5822,2712,6964,406
change in amsutstanding 1
Auto-mobile
2,97610,46515,20418,73614,715
4778,4954,898
96937
-380349
-701,5341,491
625233
1,221689
1,3131,973
ount
Revolving
1,3402,1706,2489,0358,6281,4154,4674,365
7275581993118139
50168
-1351,177
917514
1,210
Amount ousea
Total 2
169,387190,725226,646269,392307,115308,137326,274339,316333,884334,276334,343335,180335,593336,897339,316342,041342,776345,358347,629350,325354,731
tstanding, ensonally adjus
Auto-mobile
57,27967,79882,890
101,863116,523116,808125,323130,235127,727127,628127,271127,473127,694128,824130,235130,860130,627131,848132,537133,850135,823
I of period,ted
Revolving
14,46716,50536,42745,00453,17454,65058,72262,83061,45861,86762,00762,12062,30262,32662,83062,89862,76363,94064,85765,37166,581
1 Through 1982 calculated as the difference between credit extensions and credit liquidations. Be-inning 1983, calculated as change in amount outstanding.
2 Includes "mobile home" and "other," not shown separately.
Note.—Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve System.
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS AND INVESTMENTS, AND RESERVESCommercial and industrial loans rose again in July.
BILLIONS OF DOLLARS*(RATIO SCALE)1,8001,6001,400
1,200
1,000
800
BILLIONS OF DOLLARS*(RATIO
ALL COMMERCIAL BANKS
600
400
200180160
140
120
100
60
LOANS AND LEASES600
400
200180160
140
120
100
60
INVESTMENT IN OTHER SECURITIES
„.......».•»""""'„„.„««•«"•'"
INVESTMENT INU.S. TREASURY SECURITIES
40 I I I I I I I I I I I I I i i i i i M 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 I I I I I I I I I I I I I I I I I I I I I I I1975 1976 1977
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1978 1979 1980 1981 1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Period
1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec
1982: JulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJuly*
Total loansand
investments
745.2804.6891.5
1,013.51,135.91,239.61,316.3
rl,412.0
1,376.11,383.11,389.41,397.51,398.5
rl,412.0
1,428.2rl,436.3r 1,450.11,460.61,474.4
rl,488.01,499.9
AL
Loans a
Total 2
517.4555.0632.5747.0849.9915.1973.9
1,042.0
1,023.71,028.3,033.5,038.1,036.4,042.0
r ,045.0r ,048.7
,056.3,059.5,063.3,070.6,081.0
commercial ban
nd leases
Commercialand industrial
loans
189.6190.9210.9245.9291.2326.8358.0
r392.3
386.7387.9392.5394.8392.0
r392.3
r395.1394.9396.2392.9393.0395.0399.1
b1
Invest!
U.S. Treasurysecurities
82.2100.899.893.894.5
110.0111.0130.9
116.5117.8118.2122.3126.4130.9
139.8144.5151.0157.8166.1
r!71.2172.9
nents
Othersecurities
145.6148.8159.3172.8191.5214.4231.4
r239.2
235.9237.1237.6237.2235.8
r239.2
243.3r243.1242.8243.4245.0246.2246.0
R
re
Total
29.3729.7531.1532.8334.2336.2337.9340.78
39.0139.2139.6639.9340.4140.78
40.1240.3441.0041.3041.2441.7241.93
Depos
eserves adjustfor changes
serve requirer
Non-borrowed
29.2429.7030.5831.9632.7634.5437.2940.15
38.3238.6938.7239.4539.7940.15
39.5939.7640.2140.2940.2940.0840.47
itory institutio
3dinoents
Required
29.1029.4830.9632.5933.9135.7137.6140.28
38.6938.8939.2739.5340.0140.28
39.5739.9140.5740.8340.7941.2441.42
ns8
Bom(millions
unad
Total
12762
558874
1,4731,617
636697
669510976455579697
500557852993902
rl,7141,382
) wingsof dollars,usted)
Seasonal
131254
13482
1165333
225119102864733
3339538298
121172
1 Data are averages of Wednesday figures.2 Excludes loans to commercial banks in the United States.3 Data are averages of daily figures.
NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have beenreduced because of shifts from U.S. banking offices to International Banking Facilities (TBFs).
Source: Board of Governors of the Federal Reserve System.
28
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1973197419751976197719781979198019811982
1981: MIV
1982: InmIV
1983: lp
Total
192.4190.1156.9210.8252.2315.4346.3333.7352.2319.4
348.9345.0
310.5350.9335.3280.8
373.4
Internal l
91.785.6
119.7134.2157.4175.7188.8197.5231.1236.1
235.2241.4
232.6234.3240.1237.5
248.8
Total
100.7104.437.276.694.9
139.7157.5136.2121.183.3
113.7103.6
77.9116.695.243.3
124.6
Sources
Ci
Total
56.769.930.754.570.479.391.295.792.694.8
100.282.5
105.1100.3108.066.1
100.6
External
edit market fu
Securitiesand
mortgages
20.726.338.738.233.931.925.957.523.151.53.2
12.7
27.939.947.890.4
77.9
iids
Loans andshort-term
paper
36.043.6
-8.016.336.547.465.338.269.643.3
97.069.9
77.260.460.2
-24.3
22.7
Other 2
44.034.56.5
22.124.560.466.340.628.5
-11.7
13.521.1
-27.116.3
-12.8-22.8
24.0
Total
191.9190.1150.9201.8237.6294.2347.1317.9314.8271.5
304.6284.0
240.4284.4306.7254.3
322.1
Uses
Capitalexpendi-tures 3
121.5137.9109.7148.3175.1202.2219.8220.5260.9246.2
284.6265.5
241.9248.4268.2226.3
237.9
Increase infinancialassets
70.552.241.253.562.592.0
127.397.453.925.3
20.018.5j 5
36.038.528.0
84.2
Discrepancy(sources less
uses)
0.5.0
6.09.0
14.721.2-.815.837.448.0
44.261.0
70.266.528.726.551.3
1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained Government,abroad.
2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIALCORPORATIONS
[Billions of dollars, except as noted]
End of period
SEC series: 2
19701971197219731974
PTC-FRB series: 3
197419751976197719781979198019811982
1981: mIV
1982: InmIV
Total
492.3529.6599.3697.8790.7
735.4759.0827.4912.7
1,043.71,218.21,333.51,426.81,430.9
1,410.51,426.8
1,424.61,422.61,446.91,430.9
Cash
50.253.359.066.371.1
73.282.188.297.2
105.5118.0127.1131.9143.7
125.1131.9
122.0124.4126.9143.7
Curren
TT Q
Govern-ment
securities
7.711.010.612.812.3
11.119.023.518.217.317.019.318.023.118.118.0
16.917.119.623.1
assets
Notes andaccounts
receivable
206.1221.1248.2288.5322.1
265.8272.1292.9330.3388.0461.1510.6536.2517.0
542.0536.2
539.2536.8539.7517.0
Inven-tories
193.3200.4225.7263.9313.6
319.5315.9342.5376.9431.6505.5543.7587.1577.5
577.0587.1
592.7588.4598.0577.5
Othercurrentassets
35.043.855.866.471.7
65.969.980.390.1
101.3116.7132.7153.6169.6
148.3153.6
153.7155.8162.7169.6
C
Total
304.9326.0375.6450.9530.4
453.4451.6495.1557.1669.3807.8890.9979.5976.5
966.7979.5
988.0987.5
1,005.2976.5
urrent liabilitM
Notes andaccountspayable
211.3220.5282.9340.3402.3
269.8264.2282.1317.6382.9461.2515.2562.4548.7
549.0562.4
555.5555.1559.7548.7
58
Othercurrent
liabilities
93.6105.592.7
110.7128.1
183.6187.4213.0239.6286.4346.6375.7417.1427.8
417.7417.1
432.5432.4445.5427.8
Networkingcapital
187.4203.6223.7246.9260.3
282.0307.4332.4355.5374.4410.5442.6447.3454.4
443.7447.3
436.6435.1441.7454.4
ratio 1
.615
.625
.595
.548
.491
.622
.681
.671
.638
.559
.508
.497
.457
.465
.459
.457
.442
.441
.439
.465
1 Total current assets divided by total current liabilities.2 Based on data from Statistics of Income, Department of the Treasury.3 Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpo-
rations, 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, andSecurities and Exchange Commission.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rates rose again in August.
PERCENT PER ANNUM
1975 1976
SOURCE: SEE TABLE BELOW
1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
197719781979198019811982
1982: AugSeptOctNovDec
1983: JanFebMarAprMayJuneJulyAug*
Week ended:1983: July 2
9162330
Aug 6132027
Sept. 3
U.S. T
3-month bills l
5.2657.221
10.04111.50614.07710.686
9.0068.1967.7508.0428.0137.8108.1308.3048.2528.198.829.129.39
9.099.109.079.199.139.369.579.439.189.28
reasury security
Constant n
3-year
6.698.299.72
11.5514.4412.92
12.6212.0310.629.989.889.649.919.849.769.66
10.3210.9011.30
10.4710.7710.9210.9311.0611.3811.5811.1711.03
yields
laturities 2
10-year
7.428.419.44
11.4613.9113.00
13.0612.3410.9110.5510.5410.4610.7210.5110.4010.3810.8511.3811.84
11.0111.2511.4011.3611.5711.9512.1011.7111.58
High-grademunicipal
bonds(Standard &
Poor's) 3
5.565.906.398.51
11.2311.57
11.1210.619.599.979.919.459.489.168.969.039.519.46
9.389.519.459.369.519.659.869.679.60
CorporateAaa bonds(Moody's)
8.028.739.63
11.9414.1713.79
13.7112.9412.1211.6811.8311.7912.0111.7311.5111.4611.7412.1512.51
11.8512.0212.1312.1712.3112.6212.7112.4012.32
Primecommercial
paper,6 months 4
4 5.614 7.9910.9112.2914.7611.89
10.8010.869.218.728.508.158.398.488.488.319.039.369.68
9.119.279.379.419.469.799.909.679.39
Discount rate(N.Y. F.R.
Bank)5
5.467.46
10.2811.7713.4111.02
High-low
11.50-10.0010.00-10.0010.00- 9.509.50- 9.009.00-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.50
8.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.50
Prime ratecharged by
banks5
6.839.06
12.6715.2718.8714.86
High-low
15.50-13.5013.50-13.5013.50-12.0012.00-11.5011.50-11.5011.50-11.0011.00-10.5010.50-10.5010.50-10.5010.50-10.5010.50-10.5010.50-10.50
10.50-10.5010.50-10.5010.50-10.5010.50-10.5010.50-10.5010.50-10.5011.00-10.5011.00-11.0011.00-11.00
New-homemortgage
(FHLBB) 6
9.029.56
10.7812.6614.7015.14
15.6814.9814.4113.8113.6913.4913.1613.4112.4212.67
r!2.3612.49
1 Rate on new issues within period; bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities
partment.3 Weekly data are Wednesday figures.4 Prior to November 1, 1979, data are for 4-6 months paper.5 Average effective rate for year; high and low rate for month and week.
30
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges asr the Treasury De- well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices declined in August.
INDEX, DEC. 31,1965=50100
INDEX, DEC 31,1965=501100
40
20
10 ~>
1975
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
1977197819791980198119821982: July
AugSeptGetNovDec
1983: JanFebMarAprMayJuneJulyAug p
Week ended:1983: July 2
9162330
Aug 6132027
Nev
Composite
53.6953.7058.3268.1074.0268.9362.8262.9170.2176.1079.7580.3083.2584.7487.5090.6194.6196.4396.7493.92
97.1597.1296.1896.7696.7593.8293.0594.8693.96
v York Stock Exc
Industrial
57.8658.2364.7678.7085.4478.1871.3770.9880.0886.6790.7692.0095.3797.26
100.61104.46109.43112.52113.21109.45
113.84113.84112.45113.10113.28109.51108.27110.65109.40
Co
hange indexes (E
Transporta-tion
41.0943.5047.3460.6172.6160.4153.4053.9861.3966.6471.9273.4075.6579.4483.2885.2689.0792.2292.9187.96
94.0193.4491.7992.6093.5589.5587.8387.4287.00
mmon stock price
>ec. 31, 1965=5
Utility
40.9239.2238.2037.3538.9139.7537.2038.1940.3642.6743.4642.9345.5945.9245.8946.2247.6246.7646.6146.92
46.3346.3546.5746.8646.6046.3046.7747.1347.38
s 1
O)2
Finance
55.2556.6561.4264.2573.5271.9961.5962.8469.6680.5988.6686.2285.6686.5793.2299.07
102.45101.2299.6095.75
100.0499.7599.33
100.0898.9395.3995.1897.3095.43
Dow-Jonesindustrialaverage 3
894.63820.23844.40891.41932.92884.36818.41832.11917.27988.71
1,027.761,033.081,064.291,087.431,129.581,168.431,212.861,221.471,213.931,187.98
1,219.951,211.711,201.701,215.081,224.521,189.281,172.911,195.431,191.48
Standard &Poor's
compositeindex (1941-
43 = 10)4
98.2096.02
103.01118.78128.05119.71109.38109.65122.43132.66138.10139.37144.27146.80151.88157.71164.10166.39166.96162.33
167.56167.43165.88167.20167.01162.11160.91163.99162.27
Common st(perce
Dividend-price ratio
4.625.285.475.265.205.816.316.325.635.124.924.934.794.744.594.444.274.264.21
4.244.204.274.174.214.344.394.294.40
Dck yieldstit)5
Earnings-price ratio
10.7912.0313.4612.6611.9611.60
11.26
8.99
8.15
1 Average of daily closing prices.
* Includes 30 SockT^ ^ **" '' ^ *"4 Includes 500 stocks.5 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 (NYSB).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor-
poration.
31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 10 months of fiscal year 1983, there was a budget deficit of $179.8 billion, compared to a budgetdeficit of $94.2 billion a year earlier.
BILLIONS OF DOLLARS
800
700
600
500
BILLIONS OF DOLLARS900
800
700
600
500
-200
-100
-200
1975 1976 1977 1978 1979 1980
FISCAL YEARS
1981 1982 1983 1984
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period:19721973197419751976Transition quarter1977197819791980198119821983 (estimates) 1
1984 (estimates):First Concurrent Eesolution, June 23, 1983 2 ....Mid-Session Review, July 1983 l
Cumulative total first 10 months:Fiscal year 1982Fiscal year 1983
Budgetreceipts
207.3230.8263.2279.1298.181.2
355.6399.6463.3517.1599.3617.8599.9
679.6668.4
513.1487.3
Budgetoutlays
230.7245.6267.9324.2364.594.2
400.5448.4491.0576.7657.2728.4809.8
849.5848.1
607.4667.1
Budgetsurplus ordeficit (-)
-23.4-14.8-4.7
-45.266.4
-13.044.9
-48.827.7
-59.6-57.9
-110.6-209.8
-169.9-179.7
94.2-179.8
Off-budgetoutlays
.11.48.17.31.88.7
10.412.514.221.017.316.3
14.0
12.48.4
Totalsurplus ordeficit (— )
23.4— 14.9-6.1
-53.2-73.7-14.7-53.6-59.2-40.2-73.8-78.9
-127.9226.2
-193.7
-106.7-188.2
Federal debt
Gross
437.3468.4486.2544.1631.9646.4709.1780.4833.8914.3
1,003.91,147.01,390.8
1,614.61,611.9
1,094.61,331.6
end of period)
Held by thepublic
323.8343.0346.1396.9480.3498.3551.8610.9644.6715.1794.4929.4
1,145.4
1,339.4
886.11,105.8
1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget,July 25, 1983.
2 First Concurrent Resolution, June 23, 1983; figures exclude reserve fund items.
Sources: Department of the Treasury and Office of Management and Budget, except as noted.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 10 months of fiscal year 1983, budget receipts were $25.8 billion lower than a year earlier and budgetoutlays were $59.7 billion higher.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
300
200
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
\
OTHER RECEIPTS
CORPORATION INCOME TAXESI I
300
200
100
600
500
400
300
200
100
BUDGET OUTLAYS600
500
400
300
200
100
NONDEFENSE ^+~*
1975 1976 1978 1979 1980
FISCAL YEARS
1981 1982 1983 1984
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars"
Period
Fiscal year or period:1972197319741975 ,1976Transition quarter1977197819791980198119821983 (estimates) l
1984 (estimates) 1
Gumulative total first 10 months:Fiscal year 1982Fiscal year 1983
Total
207.3230.8263.2279.1298.181.2
355.6399.6463.3517.1599.3617.8599.9668.4
513.1487.3
Budget rt
Individualincometaxes
94.7103.2119.0122.4131.638.8
157.6181.0217.8244.1285.9297.7288.5296.0
244.7234.7
ceipts
Corpo-rationincometaxes
32.236.238.640.641.4
8.554.960.065.764.661.149.235.264.1
42.627.6
Other
80.491.4
105.7116.1125.034.0
143.0158.6179.8208.4252.2270.8276.2308.3
225.9225.0
Total
230.7245.6267.9324.2364.594.2
400.5448.4491.0576.7657.2728.4809.8848.1
607.4667.1
Nation
Total
76.674.577.885.689.422.397.5
105.2117.7135.9159.8187.4214.8242.3
155.1173.8
il defense
Depart-ment ofDefense,military
75.173.277.684.987.921.995.6
103.0115.0132.8156.1182.9208.9235.7
151.4169.4
budget outlays
Interna-tionalaffairs
4.74.15.76.95.62.24.85.96.1
10.711.110.011.013.5
8.27.9
Health andincomesecurity
80.090.4
104.8134.3158.941.0
174.5187.4207.1248.3291.1322.4361.7365.7
268.0302.8
Netinterest
15.517.321.423.226.76.9
29.935.442.652.568.784.789.0
103.5
84.988.8
Other
53.959.358.274.283.921.893.8
114.4117.5129.3126.5123.9133.3123.1
91.293.8
1 Estimates from Mid-Session Review of the 1984 Budget, Office of Management and Budget,July 25, 1983.
NOTE.—One substantial change was made in the January 1983 Budget in the functional classifi-cation: the interest function was changed to net interest. Formerly, the interest function total includ-ed all Treasury interest payments, including those made to trust funds. The new net interest func-tional total is the amount paid by the Treasury to the public. Intragovernmental payments arenetted out.
Sources: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the second quarter, according to preliminary estimates, Federal receipts rose $28.7 billion (annual rate) andexpenditures rose $9.1 billion, yielding a deficit of $163.7 billion.
BILLIONS OF DOLLARS
900BILLIONS OF DOLLARS
900
800
500
400
300
400
— 300
-100
-200
SURPLUS OR DEFICIT (-)
1975 1976 1977
SOURCE: DEPARTMENT OF COMMERCE
1978 1979 1980
CALENDAR YEARS
m
1981
•I
1982
-100
-2001983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:19781979198019811982
Calendar year:19781979198019811982
1981: III.IV
1982: I ;.IIIllIV
1983: I11 r
Total
414.3480.8525.9610.3627.8
431.6493.6540.9627.0617.4
638.8629.2
619.5622.2615.2612.6
623.3652.0
Federal
Personaltax andnontaxreceipts
186.5222.6250.4289.3310.4
194.9230.6257.7298.6304.7
308.6303.8
306.5308.5300.6303.0
297.7304.3
Governmer
Corpo-rate
profitstax
accruals
67.376.169.970.551.3
71.374.270.367.546.5
68.261.4
47.648.447.842.1
48.659.0
it receipts
Indirectbusinesstax andnontax
accruals
27.229.135.553.650.3
28.129.439.056.448.3
55.855.0
49.547.747.948.3
48.656.2
Contribu-tions for
socialinsurance
133.3153.1170.0196.9215.7
137.2159.5173.9204.5217.9
206.2209.1
215.8217.6218.9219.3
228.5232.6
Total
450.4495.6576.5668.1740.0
461.0509.7602.1689.2764.4
701.2725.0
728.0735.4773.5820.9
806.6815.7
Pur-chases
of goodsand
services
150.4164.1189.3218.5251.0
153.6168.3197.0229.2-258.7
232.4248.5
249.7244.1261.7279.2
273.5272.7
Federal (
Transferpay-
ments
182.2201.8239.4279.3310.2
185.6209.2251.5286.6321.1
295.3300.1
302.5311.2325.9344.8
340.3345.7
jovernment
Grants-in-aid to
Stateandlocal
govern-ments
74.779.186.790.183.4
77.380.588.787.983.9
86.484.2
82.585.183.085.0
85.886.8
expenditur
Netinterest
paid
33.540.650.767.782.2
35.242.453.473.284.9
75.279.0
79.782.388.689.1
88.491.6
BS
Subsidiesless
currentsurplus ofGovern-
mententer-prises
9.79.9
10.412.513.2
9.59.2
11.512.415.8
12.313.2
13.412.714.222.8
18.617.6
Wageaccruals
lessdisburse-
ments
0.0-.0
.0
.1-.0
.0-.0
.0
.1-.0
.3
.0
-.1.0.0.0
.0-1.3
or deficit
nationalincome
andproductaccounts
-36.1-14.8-50.7-57.8
-112.2
-29.5-16.1-61.2-62.2
-147.1
-62.4-95.8
- 108.5-113.2-158.3-208.2
-183.3-163.7
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,and Office of Management and Budget.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES[1967 = 100]
Period
19751976197719781979198019811982 P1982: Aug
SeptOctNovDec
1983: JanFebMarAprMayJune"Julyp
UnitedStates
117.8130.5138.2146.1152.5147.0151.0138.6138.4137.3135.7134.9135.2137.4138.1140.0
r!42.6r!44.4r!46.0148.6
Indu
Canada
140.3148.5152.2157.8167.4164.6167.3149.2151.2146.1141.6142.5140.5148.0
r 151.3r 149.9r!52.5154.8
strial prod
Japan
163.9182.0189.7201.1215.3225.2227.5228.4
r229.1r229.7r223.6r228.6r226.6
227.3225.9231.5230.6
r231.1234.0
action (sef
France
139149152154161160157154151154156156155156156155156159
isonally adju
Germany
137.1149.1152.0154.1161.8162.3159.9156.3155154152152151154154157155155
sted)
Italy
127.6143.5145.1147.9157.6166.5162.7159.0127.5153.6147.4152.0150.0150.0148.9148.2141.5
r 148.5145.8
United
114.3117.4123.2127.4132.2123.7118.8
rl!9.6119.8120.1119.7117.8120.5
r!20.7r 122.9r!21.3r!21.7r!22.4119.8
UnitedStates l
161.2170.5181.5195.4217.4246.8272.4289.1292.8293.3294.1293.6292.4
293.1293.2293.4295.5297.1298.1299.3
Canada
160.1172.1185.9202.5221.0243.5273.9303.4
307.6309.2311.2313.3313.4312.5313.9317.1317.1317.9321.5
Consume
Japan
205.8224.9243.0252.3261.3282.2296.2304.1303.8309.1310.0306.6306.0306.6305.5307.5308.6312.0309.7
?r prices (i
France
178.9196.1214.5233.9259.1294.2332.7
r373.1
375.9377.5379.5383.2386.4
390.1392.9396.5401.8404.5406.9
madjusted)
Germany
144.2150.4155.9160.2166.8175.9186.3196.2197.3197.9198.5198.9199.4199.8200.0199.8200.3201.1201.8
Italy
186.8218.1255.2286.2328.5398.0472.4549.4563.4571.3582.7590.3594.4
602.7610.5616.0622.2628.2632.2
UnitedKingdom
216.5252.4292.4316.6359.0423.6473.9514.7519.0518.7521.3523.9522.9523.5525.8526.7534.1536.4537.7540.6
1 Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, International Trade Adminis-
tration, Office of Trade Investment and Analysis, Trade Performance Division, in InternationalEconomic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data seasonally adjusted]
Period
Monthly average:1975*1976*1977*1978*1979*1980
19811982
1982: JuneJulyAugSeptOctNovDec
1983: JanFebMarAprMayJuneJulv
Totaldomestic
andforeignexports
8,9719,602
10,10311,97315,15518,386
19,47317,683
18,82318,06017,46317,32016,67115,85216,347
17,39316,32616,75216,07415,56617,00816,629
Merc
Total 2
8,8479,4629,919
11,76214,88618,043
19,07517,256
18,38717,67117,14316,58416,28415,47615,913
17,00715,98416,33515,72215,18616,65216,300
handise expo
Domestic
Food,bever-
ages, andtobacco
1,3991,4361,3301,7172,0492,534
2,7672,248
2,4181,9022,1531,9262,1282,0511,966
2,3122,2242,3072,0792,0102,1942,114
its1
exports
Grademateri-als and
fuels
I
1,2661,3411,5481,7462,3522,810
2,7522,793
2,8282,6982,6942,7512,6882,4402,420
2,7602,4432,3752,5492,2792,3772,382
Manu-facturedgoods
^.a.s. valu<
5,9136,4376,6797,8739,716
11,991
12,85711,643
12,53612,53611,80411,33110,94210,48410,648
11,26310,74311,06210,54510,33111,56011,125
Total 2
8,20910,29012,53314,56317,45520,406
21,74820,329
21,18719,84922,93020,58121,00618,89219,154
20,02119,01519,52519,77121,51421,024
Merc
Gen
Pood,bever-
ages, andtobacco
827991
1,1861,3121,4781,546
Customs
1,5291,485
1,5371,4361,6811,7011,6861,4991,414
1,5821,5301,4791,6121,6521,456
landise imp
eral import
Crudemateri-als and
fuels
2,7163,4574,4634,3255,9497,831
value
7,7396,200
6,1756,6717,1955,9176,7275,7856,158
5,9114,4134,6554,5115,8455,562
orts
s 3
Manu-facturedgoods
4,2575,3986,3798,3609,352
10,427
11,87312,002
12,83011,20013,45612,30411,90310,97810,988
11,98112,56112,67212,85613,35113,249
Total(c.Lf.value)
8,82311,04213,36815,50418,51921,415
22,77921,240
22,12920,75623,99221,51821,93219,73720,002
20,96219,90620,38120,67522,47321,96422,988
Merch
Exports/f „ Q \less
imports(customs
value)
-2,275-2,647
-2,3641,790
-5,467-3,261-4,335-3,041-2,808
-2,628-2,689-2,774-3,697-5,948-4,016
andise trade
Exports(f.a.8.)less
imports(f.a.s.)
762-688
-2,430-2,590-2,300-2,020
mlance
Exports(f.a.s.)less
imports(c.i.f.)
148-1,440-3,265-3,530-3,364-3,030
-3,306-3,558
-3,306-2,697-6,529-4,198-5,261-3,885-3,655
-3,569-3,580-3,630-4,601-6,907-4,956-6,359
1 Department of Defense shipments of grant-aid military supplies and equipment under the Mili-tary Assistance Program are excluded from totals for all periods and from monthly detail beginningJanuary 1978.
2 Total includes commodities and transactions not classified according to kind.3 Total arrivals of imported goods other than intransit shipments.NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-lands exports are reflected in the figures for domestic and foreign exports combined and trade bal-ance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and tradebalance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census. <j n
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the second quarter, the merchandise trade deficit rose to $14.8 billion from $8.7 billion in the first quarter. Inthe first quarter the current account deficit fell to $3.0 billion from $6.6 billion in the fourth quarter.
BILLIONS OF DOLLARS10
BILLIONS OF DOLLARS10
-10
-15
-5
-10
-151975 1983
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Period
197419751976197719781979198019811982
1981: mIV
1982: InfflIV
1983: Ip.ILp
Exports
98,306107,088114,745120,816142,054184,473224,237237,019211,217
57,81258,383
55,63654,99652,24148,344
49,56349,029
Merchandise l
Imports
-103,811-98,185
-124,228-151,907-176,020-212,028-249,781-265,086-247,606
-66,214-66,224
-61,739-60,850-65,319-59,698
-58,301-63,869
j
Netbalance
-5,5058,903
-9,483-31,091-33,966-27,555-25,544-28,067
36,389
-8,402-7,841
-6,103-5,85413,078
-11,354
-8,73814,840
In
Receipts
27,58725,35129,28632,17942,24564,13272,44586,24384,146
22,04321,801
20,76122,31621,56919,499
17,814
vestment ineon
Payments
- 12,084-12,564-13,311
14,217-21,680
32,914-42,875-52,760-56,842
13,888-12,892
-13,824-14,779-14,748-13,491
-12,579
ae3
Net
15,50312,78715,97517,96220,56531,21829,57033,48327,304
8,1558,909
6,9377,5376,8216,008
5,235
Netmilitarytransac-
tions
-1,653746559
1,528621
-1,778-2,286-1,355
179
179-515
-5120154
-26
702
Nettravel andtranspor-
tationreceipts
-3,1842,792
-2,558-3,565-3,573-2,935-1,434
-598-2,095
-184-30
-208-561-557-769
-723
Otherservices,
net3
3,9864,5984,7115,2726,0135,7357,1728,0607,822
2,0531,988
2,0501,9141,9061,951
2,042
Balanceon goods
andservices l
9,14722,7499,205
-9,894-10,340
4,6867,477
11,523-3,177
1,8012,571
2,6253,236
-4,854-4,190
-1,482
Remit-tances,
pensions,and otherunilateral
trans-fers1
-7,186-4,613-4,998-4,617-5,106-5,649-7,056-6,931-8,034
-1,884-1,986
-2,061-1,802-1,742-2,431
-1,563
Balanceon
currentaccount
1,96218,1364,207
-14,511-15,446
-964421
4,592-11,211
-83585
5641,434
-6,596-6,621
-3,045
1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $17.5 billion in the first quarter of1983, unchanged from the fourth-quarter increase. Liabilities to private foreigners reported by U.S. banksincreased $12.8 billion in the first quarter, compared with a $5.1 billion increase in the fourth quarter.
BILLIONS OF DOLLARS60
40
20
-20
-40
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS160
CHANGE INFOREIGN ASSETSIN THE U.S., NET
/, V
-60 I I I I1975
40
20
-20
-40
-601983
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
197419751976197719781979198019811982
1981: TTTIV
1982: InmIV
1983: Ip
t
Total
-34,745-39,703-51,269-34,785-61,130-64,331-86,052
-110,601-118,045
-17,279-47,817
-31,456-40,934-26,099-19,553
-21,783
U.S. assetsincrease /capita
U.S.officialreserve
assets * 2
-1,467849
-2,558375732
-1,133-8,155-5,175-4,965
-4262
-1,089-1,132
-794-1,950
-787
abroad, netil outflow (— )
Other U.S.Govern-
mentassets
366-3,474
4,214-3,693-4,660-3,746-5,140-5,078-5,732
-1,274973
-807-1,489-2,502
-934
-1,060
1
U.S.privateassets
33,643-35,380
44,498-30,717
57,202-59,453-72,757
-100,348-107,348
- 16,00147,106
29,560-38,313-22,803-16,670
- 19,936
Foreign[increase
Total
34,24115,67036,51851,31964,03638,75254,92280,67887,866
16,73141,551
27,12431,61217,61311,517
17,275
assets in the 1;/ capital inflov
Foreignofficialassets
10,5467,027
17,69336,81633,678
-13,66515,5665,4303,172
-5,8808,792
-3,0611,9302,6421,661
-37
J.S., netv (+)] 2
Otherforeignassets
23,6968,643
18,82614,50330,35852,41639,35675,24884,694
22,61132,760
30,18529,68214,9729,855
17,312
Allocationsof specialdrawingrights
(SDKs)
1,1391,1521,093
Statistical d
Total (sumof the items
with signreversed)
-1,4585,897
10,544-2,02312,54025,40429,55624,23841,390
6325,680
3,7687,887
15,08214,657
7,554
.screpancy
Of which:Seasonal
adjustmentdiscrepancy
-1,1451,350
729881
-1,1901,042
-340
U.S. official
assets, net 1
(unadjusted,end ofperiod)
15,88316,22618,74719,31218,65018,95626,75630,07433,958
29,71530,074
29,94430,67130,99333,958
34,261
1 Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserveposition in the IMF.
2 Quarterly data are not seasonally adjusted.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37
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ContentsTOTAL OUTPUT, INCOME, AND SPENDING P*
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, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction v 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Total and Trade 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices 22Consumer Prices f 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices 24Prices Received and Paid by Farmers 25
MONEYf CREDIT, AND SECURITY MARKETSMoney Stock Measures and Liquid Assets 26Components of Money Stock Measures and Liquid Assets 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 Receipts, 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
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:
p Preliminary.r Revised.... Not available (also, not applicable).
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