07-1983

98th Congress, 1st Session

Economic IndicatorsJULY 1983

Prepared for the Joint Economic Committee by theCouncil of Economic Advisers

UNITED STATESGOVERNMENT 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 ADVISERSMARTIN FELDSTEIN, Chairman

WILLIAM A. NISKANEN, MemberWILLIAM POOLE, Member

[PUBLIC LAW 12081ST CONGRESS; CHAPTER 237IST SESSION]JOINT RESOLUTION [S.J. Res. 55]

To print the monthly publication entitled "Economic Indicators*'Resolved by the Senate and Home of Representatives of the United States of America in Congress assembled, That the

Joint 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($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreignmailing) from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

WASHINGTON, B.C. 20402

11


TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to preliminary estimates for the second quarter of 1983, gross national product rose $102.2 billion or13.5 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 8.7 percent (annual rate)and the implicit price deflator rose at a 4.5 percent annual rate. (GNP and related data have been revisedbeginning 1980.)

BILLIONS OF DOLLARS (RATIO SCALE)3,400

3,200

3,000

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

SEASONALLY ADJUSTED ANNUAL RATES

GNP.IN CURRENT DOLLARS.

1975J I L

1976 1977J L

1978 1979

\GNP

IN 1972 DOLLARS

J L__L1980 1981

BILLIONS OF DOLLARS (RATIO SCALE)3,400

3,200

3,000

2,800

2,600

J L1982

I I I

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1983

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

DBillions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

197219731974197519761977197819791980 r1981 r1982 r

1981: HI rIV r

1982: I rII rin rIV r

1983: I r11

Grossnationalproduct

1,185.91,326.41,434.21,549.21,718.01,918.32,163.92,417.82,631.72,954.13,073.0

3,004.93,032.2

3,021.43,070.23,090.73,109.6

3,171.53,273.7

Personalconsump-

tionexpendi-

tures

737.1812.0888.1976.4

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

2,073.02,151.3

Grossprivate

domesticinvest-ment

195.0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5

495.8476.2

422.9432.5425.3377.4

404.1451.5

Exports ai

Netexports

0.714.213.426.813.8

-4.0-1.113.223.926.317.4

22.829.2

29.933.3

.95.6

17.0-12.5

id imports ofservices

Exports

77.5109.6146.2154.9170.9182.7218.7281.4338.8368.8347.6

367.5371.0

358.4364.5346.0321.6

326.9321.7

goods and

Imports

76.795.4

132.8128.1157.1186.7219.8268.1314.8342.5330.2

344.7341.7

328.5331.2345.0316.1

309.9334.3

Total

253.1270.4304.1339.9362.1393.8431.9474.4537.8595.7649.2

600.3622.8

629.8631.6655.7679.7

677.4683.3

Goveng

Tnfol

101.7102.0111.0122.7129.2143.4153.6168.3197.0229.2258.7

232.4248.5

249.7244.1261.7279.2

273.5274.8

iment purchsds and servi

Federal

Nationaldefense

73.172.877.083.086.092.8

100.3111.8131.2154.0179.4

154.9166.7

168.1175.2183.6190.8

194.4201.9

ises ofces

Non-defense

28.529.133.939.743.250.653.356.565.975.279.3

77.581.8

81.768.978.188.5

79.172.8

State andlocal

151.4168.5193.1217.2232.9250.4278.3306.0340.8366.5390.5

367.9374.3

380.0387.5394.0400.5

404.0408.6

finalsales

1,175.71,307.91,420.11,556.11,706.21,895.32,137.42,403.52,641.52,935.63,097.5

2,971.43,017.9

3,047.13,081.43,095.63,165.9

3,210.93,284.2

Note.Series revised beginning 1980, Source: Department of Commerce, Bureau of Economic Analysis.


GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

197219731974197519761977197819791980 r1981 r1982 r

1981: m rIV r

1982: I rn r.ffl rIV r

1983: I rILp

Grossnationalproduct

1,185.91,254.31,246.31,231.61,298.21,369.71,438.61,479.41,475.01,513.81,485.4

1,525.81,506.9

1,485.81,489.31,485.71,480.7

1490.11521.4

Personalconsump-

tionexpendi-

tures

737.1767.9762.8779.4823.1864.3903.2927.6931.8956.8970.2

962.9955.7

961.4968.8971.0979.6

986.71,010.5

Gdome

Nonresi-dentialfixed

121.0138.1135.7119.3125.6140.3158.3169.9165.8174.4166.1

177.0176.3

173.6167.1163.3160.5

159.9161.8

ross privatistic investi

Residen-tial fixed

63.862.348.242.251.260.762.459.147.144.737.8

43.139.4

36.337.836.540.6

45.551.2

enent

Change

businessinven-tories

10.217.211.6

-6.77.8

13.316.07.3

-4.48.5

-9.4

16.16.0

-10.2-3.4-1.3

-22.7

-15.4-4.5

IX]s

Netexports

0.715.527.832.225.422.024.037.250.343.028.9

39.839.9

35.233.424.023.0

20.510.2

jorts of gotnd services

Exports

77.597.3

108.5103.5110.1112.9126.7146.2159.1159.7147.3

159.0158.7

151.8154.5146.4136.5

137.3134.2

ods

Imports

76.781.880.771.484.790.9

102.7109.0108.8116.7118.4

119.1118.8

116.6121.1122.4113.5

116.8124.0

Total

253.1253.3260.3265.2265.2269.2274.6278.3284.3286.5291.8

286.8289.6

289.4285.8292.2299.7

292.9292.2

Governgoo

CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]

Period

1971197219731974197519761977197819791980r1981 r1982r

1981: fflr.IV r

1982: Ir.n rmr....IV r

1983: I rn

p

Currentdollars

8.610.111.88.18.0

10.911.712.811.78.8

12.24.0

13.33.7

-1.46.62.72.5

8.213.5

Grc

Constant(1972)dollars

3.45.75.8-.6

-1.25.45.55.02.8-.32.6

-1.93.6

-4.9-5.5

1.0-1.0-1.3

2.68.7

ss national prc

Implicitprice

deflator

5.04.25.88.89.35.25.87.48.69.29.46.09.49.04.35.63.73.8

5.54.5

duct

Chain priceindex

4.94.16.09.19.25.76.17.68.98.99.46.59.08.25.65.25.95.0

3.65.1

Fixed-weighted

price index(1972

weights)

4.84.06.09.49.15.86.37.89.59.89.56.48.98.45.34.75.94.7

3.45.2

Currentdollars

8.19.6

10.29.49.9

11.011.111.811.910.711.37.3

11.43.97.57.27.57.8

5.216.0

Personal

Constant(1972)dollars

3.75.84.2

.72.25.65.04.52.7.5

2.71.43.5

-3.02.43.1.9

3.6

2.910.0

consumption &:

Implicitprice

deflator

4.33.75.7

10.17.65.15.87.09.0

10.28.45.87.77.05.04.06.54.1

2.25.5

itpenditures

Chain priceindex

4.33.66.1

10.47.75.36.07.39.3

10.79.05.97.87.05.23.96.45.1

2.35.4

Fixed-weighted

price index(1972

weights)

4.23.56.1

10.47.85.36.27.49.7

11.19.25.77.56.84.83.56.75.1

1.65.6

NOTE.Annual changes are from previous year and quarterly changes are from previous quarter.Series revised beginning 1980.

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESSOUTPUT, COSTS, ANDPROFITS

[Quarterly data at seasonally adjusted annual rates]

Period

19701971197219731974197519761977197819791980 r.1981 r.1982 r.1981: I r

nr.m rIV r.

1982: I rn rm rIV r.

1983: I ri

Gross dproduct of i

corporate(billions o

Currentdollars

563.7609.9678.0759.4818.9890.0

1,001.3,128.4,276.2,416.8,540.7,739.9,776.7,683.3,718.8,778.6,778.9,764.9,780.2,786.8,775.0

1,817.6

omesticlonfinancialbusiness

f dollars)

1972dollars

599.6626.8678.0731.9708.2694.2745.5795.8846.3876.1859.5887.5857.7883.7888.7898.6878.9864.3860.5859.5846.4

856.0

Totalcost andprofit 2

0.940.973

1.0001.0381.1561.282.343.418.508.617.793.960

2.072.905.934.979

2.0242.0422.0692.0792.097

2.123

Cun

Capitalconsump-

tionallowances

withcapital

consump-tion

adjustment

0.087.091.092.093.112.137.141.145.155.171.198.217.245.207.213.217.229.236.242.247.254

.252

ent-dollar co

Indirectbusinesstaxes3

0.106.113.113.114.127.140.141.141.144.149.172.199.209.195.198.199.204.204.207.209.215

.218

st and profit

Compen-sation ofemploy-

0.631.641.659.692.786.837.878.928.998

1.0941.2181.3021.3971.2721.2901,3061.3421.3741.3941.4031.419

1.428

per unit of

_ Netinterest

0.028.029.028.031.042.044.040.040.044.050.065.074.076.064.070.081.080.080.079.072.073

.070

output (dollaiCorporate

valuation i

Total

0.088.099.107.107.090.124.144.163.168.154.140.169.145.168.163.177.169.148.147.148.135

.156

rs)1

profits withmd capital ccadjustments

Profitstax

liability

0.045.047.049.055.059.059.071.075.079.079.078.074.048.081.071.075.068.053.051.049.040

.049

inventorymsumption

Profitsaftertax*

0.043.052.058.053.030.065.073.088.089.075.062.095.097.086.092.102.101.095.096.099.095

.108

Outputper hour

of allemploy-

ees (1972/tailored

7.1157.4507.6647.8497.5557.7748.0028.1448.2168.2018.1268.3328.3738.2908.3198.3928.3238.3428.3308.4098.421

8.492

Compen-sation per

hour ofall

employ-ees

(dollars)

4.4914.7785.0525.4295.9376.5077.0247.5588.1988.9699.894

10.85011.70010.54110.73010.95711.17111.46311.61411.79511.952

12.126

lars.1

Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-8.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with

the 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.

NOTE.Series revised beginning 1980.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor

(Bureau of Labor Statistics).


NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

197219731974197519761977197819791980r1981r1982r

1981: HP.IV

1982: F.nrmr.IVr

1983: IrIP

Nationalincome

963.61,086.21,160.71,239.41,379.21,550.51,760.31,966.72,116.62,373.02,450.4

2,423.42,435.6

2,419.72,448.92,458.92,474.0

2,528.5

Compensa-tion of

employees1

718.0801.3877.5931.4

1,036.31,152.11,301.11,458.11,599.61,769.21,865.7

1,791.71,815.6

1,834.2,859.9,879.5,889.0

,923.7,969.9

Proprietors'inventory va

capital coiadjust

Farm

18.732.826.524.619.119.126.331.921.830.521.5

35.031.3

27.416.815.826.0

22.224.1

income withiluation andisumptionments

Nonfarm

58.161.062.265.475.084.892.2

100.295.689.787.4

88.585.8

83.788.187.890.2

98.4106.0

Rentalincome ofpersons

withcapital

consump-tion

adjustment

21.022.623.523.023.524.826.627.931.541.449.9

42.745.6

47.449.050.952.3

54.154.8

Corporate p

Total

96.6108.394.9

110.5138.1167.3192.4194.8175.4192.3164.8

197.6192.0

162.0166.8168.5161.9

181.8

rofits with invc

Profits wadjustme

consi

Total

94.0105.696.7

120.6151.6178.5205.1209.6191.7203.3165.9

208.3201.5

167.7170.3168.3157.2

168.0

mtory valuatioadjustments

ith inventory int and withouunption adjust

Profits

100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2

227.7217.2

173.2178.8177.3167.5

169.7

n and capital (

valuation; capitaltnent

Inventoryvaluation

adjustment

-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

1.7-8.5

;onsumption

Capitalconsump-

adjustment

2.72.7

-1.8-10.1-13.5-11.3-12.7-14.8-16.3-11.0

1.1

-10.7-9.5

-5.6-3.5

.14.7

13.923.0

< Netinterest

51.260.276.184.587.2

102.5121.7153.8192.6249.9261.1

268.0265.3

265.0268.3256.4254.7

248.3244.4

1 Includes employer contributions for social insurance. (See also p. 5.)

Note.Series revised beginning 1980.Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

197219731974197519761977197819791980r1981r1982r

1981: nr.IV

1982: Ir.nrnr.ivr

1983: I rup

Totalpersonalconsump-

tionexpendi-

tures

737.1812.0888.1976.4

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

2,073.02,151.3

Totaldurablegoods

111.1123.3121.5132.2.156.8178.2200.2213.4214.7236.1244.5

243.5230.8

239.4242.9243.4252.1

258.5278.1

Durable

Motorvehicles

andparts

52.457.150.455.872.684.895.796.690.7

101.6109.9

107.796.5

106.4107.6109.4116.1

118.4134.5

j goodsFurni-

ture andhouse-hold

equip-ment

41.747.150.653.559.165.772.881.886.393.393.5

93.893.4

91.793.993.594.9

97.3100.5

Other

16.919.220.522.925.227.731.735.137.741.241.1

42.040.9

41.341.440.541.0

42.943.1

Totalnondur-

ablegoods

300.6333.4373.4407.3441.7478.8528.2600.0668.8733.9761.0

741.1747.7

749.7754.7766.6773.0

777.1799.8

Noi

Food

154.9172.1193.7213.6230.6249.8275.9311.6345.1375.9396.9

378.9383.2

388.1394.7400.4404.5

411.7420.1

idurable go

Clothingand

shoes

55.461.464.869.675.382.692.499.1

104.6115.3119.0

116.8117.2

118.4119.0119.2119.6

120.0126.3

ods

Gasolineand oil

25.428.636.640.444.048.151.266.684.894.691.5

95.195.6

94.089.691.391.1

87.390.9

Other

64.971.278.283.791.998.2

108.8122.8134.3148.1153.5

150.2151.7

149.2151.5155.6157.9

158.1162.6

Services

325.3355.2393.2437.0485.7547.4618.0693.7784.5887.1986.4

901.5925.6

949.7975.2998.9

1,021.8

1,037.41,073.4

Retail salpasseng

(millions

Domes-tics

9.39.67.47.08.59.09.28.26.66.25.8

6.85.1

5.85.75.66.0

6.16.9

es of newr carsof units)

Imports

1.61.81.41.61.52.12.02.32.42.32.2

2.22.2

2.22.02.22.5

2.32.3

Note.Series revised beginning 1980. Source: Department of Commerce, Bureau of Economic Analysis.


SOURCES OF PERSONAL INCOMEPersonal income rose $13.4 billion (annual rate) in June, following a rise of $30.1 billion in May. Wages andsalaries rose $10.1 billion in June, compared with a rise of $21.3 billion in May.

BILLIONS OF DOLLARS*(RATIO SCALE)3,200

2,800

2,400

2,000

1,600

1,200

1,000

800

600

400

200

160

120

_ s\_._.~

1976* SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF COMMERCE

1977

WAGE AND SALARY DISBURSEMENTS

OTHER INCOME

1978

TRANSFERPAYMENTS

1979 1980 1981

BILLIONS OF DOLLARS*(RATIO SCALE)3,200

2,800

2,400

2,000

1,600

1,200

1,000

800

600

1982 1983

200

160

120

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

197519761977197819791980 r1981 r1982r1982: June r

JulyrAugrSept r. ,.OetrNovrDee r.

1983: Jan rPeb rMarr.Aprr.MayrJune*

Totalpersonalincome

1,265.01,391.21,540.41,732.71,951.22,165.32,435.02,578.62,572.52,589.82,586.72,597.42,617.82,633.12,645.02,652.62,650.52,670.12,690.52,720.62,734.1

Wage andsalary

disburse-ments l

806.4889.9983.2

1,106.31,237.61,356.71,493.21,568.11,571.71,578.91,579.21,581.21,583.11,583.11,591.81,608.91,606.31,616.81,632.11,653.31,663.4

Other laborincome * 2

64.575.989.4

102.5114.9128.0143.5156.6156.4157.4158.1159.1159.7160.4161.2162.6164.2166.0168.1170.1172.2

Proprietors

Farm

24.619.119.126.331.921.830.521.515.515.014.118.323.828.126.122.921.322.323.624.424.1

i' income 3

Nonfarm

65.475.084.892.2

100.295.689.787.489.187.787.588.389.189.092.596.797.8

100.8103.1106.6108.3

Rentalincome ofpersons 4

23.023.524.826.627.931.541.449.949.750.550.851.452.852.951.053.854.154.354.654.855.0

Personaldividendincome

29.936.539.645.350.856.862.866.465.565.966.566.867.468.068.368.768.968.969.069.469.5

Personalinterestincome

123.2132.5152.8179.4218.7266.0341.3366.2371.1368.2363.9362.2361.7363.3364.3360.0356.0355.7355.0356.6358.4

Transferpay-

ments a

178.3194.3207.9223.8250.3297.6337.2374.5365.6378.9379.2383.1392.9401.0403.0395.4398.1402.0402.7403.9402.5

Less:Personal

contributionsfor socialinsurance

50.455.561.169.881.188.7

104.6112.0112.1112.7112.8112.8112.8112.7113.1116.6116.2116.8117.6118.6119.4

Nonfarmpersonalincome 6

1,229.11,359.31,506.51,689.71,899.32,119.52,377.02,527.62,527.42,545.22,543.12,549.72,564.52,575.52,589.42,600.22,599.72,618.42,637.52,666.82,680.5

1 The total of wage and salary disbursements and other labor income differs from compensation of

employees (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 inventory valuation and capital consumption adjustments.

4 With capital consumption adjustment.

5 Consists mainly of social insurance benefits, direct relief, and veterans payments.

8 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,

and agricultural net interest.

NOTE.Series revised beginning 1980.



DISPOSITION OF PERSONAL INCOMEAccording to preliminary estimates, real per capita disposable income rose in the second quarter.

BILLIONS OF DOLLARS* (RATIO SCALE)

2,400

BILLIONS OF DOLLARS* (RATIO SCALE)

2,400

4,000

3,0001975

c SEASONALLY ADJUSTED ANNUAL RATESSOURCE; DEPARTMENT OF COMMERCE

1983


Period

19741975197619771978....19791980 r1981 r1982 r

1981: mr....IV r.....

1982: I rn rmr....IV r.....

1983: I rHP.

Personalincome

1,168.61,265.01,391.21,540.41,732.71,951.22,165.32,435.02,578.6

2,490.92,516.62,528.12,563.22,591.32,632.0

2,657.72,715.0

Less:Personaltax andnontax

payments

B170.2168.9196.8226.4258.7301.0336.5387.4402.1

398.9396.1400.2404.2399.8404.1

401.8412.2

Equals:Disposablepersonalincome

illions of doll

998.31,096.11,194.41,314.01,474.01,650.21,828.92,047.62,176.5

2,092.02,120.52,127.92,159.02,191.52,227.8

2,255.92,302.8

Less:Personaloutlays *

ars

913.21,001.81,111.91,236.01,384.61,553.51,718.71,912.42,051.1

Seas

1,942.31,961.51,997.02,031.92,068.42,107.0

2,134.22,213.5

Equals:Personalsaving

85.194.382.578.089.496.7

110.2135.3125.4

Dually adiu

149.7159.0130.8127.1123.0120.8

121.789.4

Percdisposable

incc

Currentdollars

4,6675,0755,4775,9656,6217,3318,0328,9069,377

stcd annual

9,0889,1889,1999,3159,4309,562

9,6619,842

apitapersonal

me

1972dollars

Do!

4,0094,0514,1584,2804,4414,5124,4874,5874,567

rates

4,6404,6124,5624,5744,5584,576

4,5994,623

Per capitfconsulexpem

Currentdollars

lars

4,1524,5214,9725,4686,0486,6957,3268,0788,581

8,1948,2508,3828,5118,6448,785

8,8789,194

i personalnptionlitures

1972dollars

3,5663,6093,7743,9244,0574,1214,0924,1624,180

4,1834,1414,1564,1804,1784,204

4,2264,319

Percentchange inreal percapita

disposablepersonalincome

Per

-1.71.02.62.93.81.6

-.62.2

-.4

7.8-2.4-4.3

1.1 1.4

1.6

2.02.1

Saving aspercent ofdisposablepersonalincome

cent

8.58.66.95.96.15.96.06.65.8

7.27.56.15.95.65.4

5.43.9

Popula-tion(thou-

sands)2

213,898215,981218,086220,289222,629225,106227,694229,916232,118

230,187230,797231,304231,790232,387232,990

233,501233,978

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 averages

for the period.

NOTE.Series revised beginning 1980.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


FARM INCOMEIn the first quarter of 1983, according to current estimates, gross farm income fell $9.3 billion (annual rate) andnet farm income fell $5.8 billion.

BILLIONS OF DOLLARS* (RATIO SCALE)200

100

80

60

40

20

BILLIONS OF DOLLARS* (RATIO SCALE)1 200

I I I1975

1 I I I I I1976

NET FARM INCOME-

I I I1978

%

J L1979

V

I I I1980 1981

I I I1982

100

80

60

40

20

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: InfflIV

1982: InraIV

1983: I"

Total *

101.0101.9108.6127.3151.3150.6166.8164.8

161.8164.7171.5168.8

164.5163.0161.9169.8

160.5

(Cas

Total

88.995.496.2

112.5131.7139.5143.5144.0

142.5142.3146.7142.5

144.4144.4143.2144.1

140.2

In

iross farm incom

h marketing reee

Livestock andproducts

43.146.347.658.868.667.868.569.3

67.969.471.065.7

67.470.170.469.4

70.0

come of farm ope

ipts

Crops

45.849.048.653.763.171.775.074.7

74.672.975.776.8

77.074.372.874.7

70.2

rators from farmi

Value ofinventorychanges 2

3.4-2.4

1.01.15.6

-4.35.5

.2

2.55.37.27.0

.5-.5

.3

.5

-1.5

ng

Productionexpenses

75.883.390.2

100.6119.0130.5141.6144.4

139.0141.0143.2143.2

143.8144.3144.6144.8

141.3

Net fara

Currentdollars

25.218.718.426.732.420.125.120.4

22.823.728.325.6

20.718.717.325.0

19.2

i income

1967 dollars 3

15.611.010.213.614.98.29.27.1

8.78.8

10.29.1

7.36.55.98.5

6.51

Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and nonmoney income furnished by farms.

8 Physical changes in end-of-year inventory of crop and livestock commodities valued at average

prices during the year.

3 Income in current dollars divided by the consumer price index (Department of Labor).

Source: Department of Agriculture, except as noted.


CORPORATE PROFITSIn the first quarter of 1983, according to revised estimates, corporate profits before tax rose $2.2 billion (annualrate) from their fourth quarter level and after-tax profits fell $5.3 billion.

BILLIONS OF DOLLARS320

280

BILLIONS OF DOLLARS320

80

40

80

40

1975


1983



Period

19721973197419751976....1977197819791980 r1981 r1982 r

1981: m rIV r

1982: I rn rm rIV r

1983: I rn*

Prc

Total 2

94.0105.696.7

120.6151.6178.5205.1209.6191.7203.3165.9208.3201.5167.7170.3168.3157.2

168.0

>fits (before ti

Total

85.392.080.4

107.6137.4163.4185.4179.0161.9179.7144.1186.5174.7147.0148.5147.6133.1

147.8

ix) with inveDoi

Financial

15.315.915.011.817.123.131.030.326.920.320.918.818.115.520.422.225.5

29.8

ntory valuatii

nestic industi

Total3

70.076.065.495.8

120.3140.3154.4148.6134.9159.4123.2167.7156.5131.5128.1125.4107.6

118.0

m adjustmeniesNonfinancial

Manufac-turing

40.745.539.052.669.278.386.985.672.986.759.093.376.960.961.465.548.3

53.7

t 1

Wlinla

sale andretailtrade

13.413.912.521.322.426.626.927.123.632.827.633.337.830.227.425.227.5

27.8

Profitsbefore tax

100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2227.7217.2173.2178.8177.3167.5

169.7

Taxliability

41.649.051.650.663.872.783.287.684.882.859.283.775.660.361.460.854.0

61.5

P

Total

58.976.685.181.5

102.5122.0145.9165.1149.8144.1115.1144.0141.7112.9117.4116.5113.5

108.2

rofits after ta

Dividends

24.427.029.930.837.440.847.052.758.664.768.766.467.367.767.868.870.4

71.472.0

X

Undistrib-uted

profits

34.549.655.250.765.181.298.9

112.491.279.546.477.674.445.249.547.743.1

36.7

Inventoryvaluation

adjustment

-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

-1.7-8.5

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.

Note.Series revised beginning 1980.Source: Department of Commerce, Bureau of Economic Analysis.

8Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS PRIVATE DOMESTIC INVESTMENTAccording to preliminary estimates for the second quarter of 1983, business fixed investment rose $3.2 billion(annual rate) and residential investment outlays rose $15.5 billion. There was a $10.6 billion decrease ininventories following a decrease of $39.4 billion in the first quarter.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1975


1983



Period

197219731974197519761977197819791980r1981 r1982r

1981: m rIV r

1982: I rn rm rIV r

1983: I rn

p.

Grossprivate

domesticinvestment

195.0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5

495.8476.2

422.9432.5425.3377.4

404.1451.5

NonresM

Total

121.0143.3156.6157.7174.1205.2248.9290.2308.8352.2348.3

360.6367.6

361.3352.7342.3337.0

332.1335.3

ential fixed irn

Structures

44.151.055.955.458.864.478.798.3

110.9133.4141.9

137.0145.5

144.7144.2140.0138.6

132.9127.7

vestment

Producers'durable

equipment

76.992.3

100.7102.3115.3140.8170.2191.9197.9218.8206.4

223.6222.1

216.5208.5202.2198.4

199.3207.6

Total

63.868.057.955.372.095.8

111.2118.6102.9104.390.8

101.794.3

87.391.087.996.8

111.3126.8

Residential fix

Nonfarmstructures

61.565.654.852.468.892.0

107.0114.098.199.886.0

97.089.5

83.286.183.491.2

106.7121.8

ed investment

Farmstructures

0.7.7

1.31.01.11.51.71.71.81.31.5

1.51.6

.91.61.32.3

1.31.5

Producers'durable

equipment

1.51.71.81.92.12.32.52.93.03.23.2

3.23.3

3.23.33.33.3

3.43.5

Change iiinven

Total

10.218.514.1

-6.911.823.026.514.3

-9.818.5

-24.5

33.614.3

-25.7-11.2-4.9

-56.4

-39.4-10.6

i business#nes

Nonfarm

9.615.216.0

-10.513.921.925.48.6

-4.510.9

-23.1

24.16.2

-27.6-8.8-2.3

-53.7

-39.0-8.6

NOTE.Series revised beginning 1980. Source: Department of Commerce, Bureau of Economic Analysis.


EXPENDITURES FOR NEW PLANT AND EQUIPMENTNONFARMBUSINESSAccording 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


40

30


Period

197519761977197819791980198119821983 4

1982: InmIV

1983: In4m4IV4

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

1

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

ifacturing

Publicutilities

19.9822.3726.7929.9533.9635.4438.4041.9541.59

40.1241.4043.3842.88

41.6142.1840.4642.12

Tradeand

serv-ices l

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

mentprojects,manufac-turing3

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-

Sessional 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.

* Planned capital expenditures as reported by business in late April and May 1983, corrected forbiases.

_ _ _ _


10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted civilian employment rose 1.2 million in June and unemployment fell 46,000.

MILLIONS OF PERSONS* MILLIONS OF PERSONS*

*16 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]

Period

19771978 41979198019811982

1982: JuneJulyAugSeptOctNovDec

1983: JanFebMarAprMayJune

Noninsti-tutionalpopula-

tionincludingresidentArmedForces

160,689163,541166,460169,349171,775173,939

173,854174,038174,200174,360174,549174,718174,864175,021175,169175,320175,465175,622175,793

Eesi-dent

ArmedForces

1,6561,6311,5971,6041,6451,668

Unadj1,6641,6741,6891,6701,6681,6601,6651,6671,6641,6641,6711,6691,668

Oivuianemploy-

ment

92,01796,04898,82499,303

100,39799,526

usted

100,683101,490101,17799,85199,82599,37998,84997,26297,26597,99498,84099,543

101,813

Unem-ployment

6,9916,2026,1377,6378,273

10,678

10,88611,03610,71010,69510,94211,47611,62812,51712,38211,87911,03510,76511,570

Totallaborforce

includ-ing

residentArmedForces

100,665103,882106,559108,544110,315111,872

111,811112,090112,303112,528112,420112,702112,794112,215112,217112,148112,457112,418113,600

Totalemploy-

mentinclud-

ingresidentArmedForces

93,67397,679

100,421100,907102,042101,194

101,345101,262101,372101,213100,844100,796100,758100,770100,727100,767101,129101,226102,454

rr !v/ivilianlaborforce

99,009102,251104,962106,940108,670110,204

110,147110,416110,614110,858110,752111,042111,129110,548110,553110,484110,786110,749111,932

Total

92,01796,04898,82499,303

100,39799,526

99,68199,58899,68399,54399,17699,13699,09399,10399,06399,10399,45899,557

100,786

Civilian e

Agri-cultural

3,2833,3873,3473,3643,3683,401

Seas

3,3713,4453,4293,3633,4133,4663,4113,4123,3933,3753,3713,3673,522

mploymen

Nonagi

Total

88,73492,66195,47795,93897,03096,125

anally adji96,31096,14396,25496,18095,76395,67095,68295,69195,67095,72996,08896,19097,264

t

icultural

Part-time foreconom-

icrea-

sons l

3,3693,2983,3734,0644,4995,852

isted

5,5615,5775,8206,4956,4036,4116,4256,8456,4816,2026,0825,9285,729

Unemp

Total

6,9916,2026,1377,6378,273

10,678

10,46610,82810,93111,31511,57611,90612,03611,44611,49011,38111,32811,19211,146

oyment

15weeks

andover

1,9421,4141,2411,8712,2853,485

3,5173,5693,6373,8564,1674,5244,7324,6344,6184,6154,3564,5174,589

Laborparticipa

(pen

Total 2

2.633.564.064.164.264.3

64.364.464.564.564.464.564.564.164.164.064.164.064.6

forcetion rate;ent)

Civil-ian 3

62.363.263.763.863.964.0

64.064.164.164.264.164.264.263.863.763.663.763.764.3

1 Persons at work. Economic reasons include slack work, material shortages, inability to find full- 4 Data beginning 1978 not strictly comparable with earlier data because of revisions in the house-

time work, etc. hold survey, which added about 250,000 to labor force and to employment.2 Total labor force as percent of noninstitutional population (both including resident Armed

0 _ , T , , T ^ c, Forces). Source: Department of Labor, Bureau of Labor Statistics.3 Civilian labor force as percent of civilian noninstitutional population.

11


SELECTED UNEMPLOYMENT RATESThe seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force,declined in June to 9.8 percent. The unemployment rate for all civilian workers also declined, to 10.0 percent.

PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)

25

20

15

10

5

0

'VS. 4VyV

1 1 1 1 1 1 1 1 1 1 11979

UNEMPLOYMENT ASSOURCE: DEPA8TMEN

t*%f

ALL C

^^^

,,./

1 1 I 1 1 1 1 1 1 1 11980

PERCENT OF CIVILIAT OF LABOR

BLACKAND OTI-

.

>/'*v

VILIAN WORK\-

^^* /^'

WHITE

1 I I I I | i 1 I 1 I1981

M LABOR FORCE IN G

'*1ER ~S

V*

>x^ERS^X^J

^^ t^********

1 1 1 1 1 1 1 1 1 1 11982

ROUP SPECIFIED.

y

*^*^ -.

***"*,

I I 1 1 1 I 1 1 1 1 11983

25

20

15

10

5

0

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn June, the percentage of unemployed persons who had been out of work for more than 15 weeks and thepercentage out of work for less than 15 weeks were unchanged.

PERCENT DISTRIBUTION70

DURATION OF UNEMPLOYMENT

0 I I I 1 1 1 1 1 1 1 i i 1 1 1 1 1 1 i i l l 1 1 1 1 1 1 1 1 i 1 1 i i i i i I i i 1 1 1 t i i i ) l i i i i

PERCENT DISTRIBUTION*70

60

50 -

40

10 -

20

10

REASON FOR UNEMPLOYMENT

JOB LOSERSV

1979 1980

* SEASONALLY ADJUSTED

1983 1979

REENTRANTS

1980 1981

NEW ENTRANTS

1982 1983

COUNCll OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

19781979198019811982

1982: June....JulyAugSeptOetNovDec

1983: JanFebMarAprMayJune ....

TTployment

(thou-sands)

6,2026,1377,6378,273

10,678

10,46610,82810,93111,31511,57611,90612,036

11,44611,49011,38111,32811,19211,146

Percent

AER FOODS

/"'""~3P

-' \CONSUMER GOEXCLUDING FO

7.04.86.89.0

13.312.48.93.9

1.1.6.3.1.4

0-.3

.2-.2

.1

.6

.5

.2

Food

6.5.6

8.011.810.210.24.33.1

0.6.2

-.2.2.2.0

-.0

.10.6.4.3

-.3

Total1

7.55.47.69.9

15.213.710.23.6

1.0.5.4

.1.42

-.8

.50-.1

.5

.3

.2

Total1

7.34.28.7

11.517.415.19.92.4

1.2.6.4

-.5.1

-.6-1.4

.7

.2

.0

.7

.3

.3

Hot

Sh

Rent-ers'

costs

0.6.3.2.4.5.3

ising

elter

Home-owners'

NSA

Chang

0.7.2.0.8.3.2

Mainte-nanceand

repairs

NSA

e, Decem

5.57.17.2

10.110.310.69.24.2

Change,

0.5-.4

.4

.7

.3-i

-A

1.5-1.0

.11.1.2.2

Fueland

otherutili-ties

ber to D

11.29.08.15.9

16.013.614.59.7

month ti

0.9.5.8

1.21.51.2.7

-.2-.5-.5

.2

.8

.0

Ap-parelandup-

keep

eeember

2.34.54.23.25.56.83.61.6

o month

0.2.4.3.1.3i

-.3

.3

.5-.1

.2

.7

.4

Tn

Total1

, NSA

9.88.84.37.7

18.214.711.01.7

2.2.9.4.1.3.1

-.1

-.6-1.6-.01.11.3.4

insportati

Newcars

7.34.87.26.27.47.56.81.6

0.4.4.6.2

-.2-.3

.3

.1

.9

.7-.6-.3

.1

on

Motorfuel2

11.02.64.98.5

52.218.99.46.5

5.31.5.6.0

-.2.3

-.8

-3.3-6.7-1.0

3.94.1

.7

Medi-cal

care

9.910.18.88.8

10.110.012.511.0

0.91.0.9.9.7.9.8

.8

.8

.5

.5

.4

.5

Ener-gy3

11.66.97.28.0

37.418.111.91.3

2.8.9.5.5

1.3.8.3

*-2.5-3.7-.92.02.5.3

Allitemslessfood,

energy,and

shelter

6.47.05.26.57.29.99.46.1

0.8.5.4.4.6.2.5

.5

.4

.3

.2

.2

.4

Addenduchar

From3

monthsearlier

9.811.38.24.13.32.1.5

-.4-1.2

.42.15.15.4

m: All itemsige (annual r

From6

monthsearlier

5.56.16.66.97.25.12.3

1.4.4.5.8

1.92.9

percentate)

Fromyear

earlier

NSA

9.15.86.57.7

11.313.510.46.1

7.16.55.95.05.14.63.9

3.83.53.63.93.52.6

1 Includes items not shown separately.

3 Fuel oil, coal, and bottled gas; gas (piped)

_ September 1981.electricity; and motor fuel, motor oil, coolant,

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


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) INDEX, 1977=100 (RATIO SCALE)

60 I M I M 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 M I I I I I M I I I I I I I I I I M I I I I 1 I I I I I I I I I I I I I I I I I I I I I I J 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 60

RATIO I/ RATIO

601975 1976 1977

I ' RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE DEPARTMENT Of AGRICULTURE

198360


[1977=100]

Period

19751976197719781979198019811982

1982: JulyAugSeptOctNovDec

1983: JanFebMarAprMayJuneJuly

Pri

All farmproducts

101102100115132134139133

137133136128128127

128132134136137134131

ces received by farm

Crops

105102100105116125134121

125117124114117114

114118121127129126123

ers

Livestock andproducts

98101100124147144143145

147148147142139139

142146146145144

r!41139

I

All commodities,services,

interest, taxes,and wage rates l

8995

100108123138150156

157157157156156156

157158159159160160160

'rices paid by farmer

Productionitems, interest,

taxes, and wagerates

8995

100109125139151154

155155154153154153

156157157158159159158

s

Productionitems

9197

100108125138148149

151150149148149148

150151152153154154152

Batio2

113107100106107979386

878587828281

82848486868482

1 Includes items not shown

2 Percentage ratio of index

and wage rates.prices received by farmers to index of prices paid, interest, taxes,

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


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK MEASURES AND LIQUID ASSETSGrowth in Ml and M2 slowed in June; growth in M3 was unchanged.

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

1975I I I I I I I I I I I

1976I I I I I I I I I I I

1977 1978 1979

AA2

I i i i i I i i i i1980

I I I I I I I I I I1981

BILLIONS OF DOLLARS'(RATIO SCALE)2,6002,4002,2002,0001,800

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: JuneJulyAugSeptOctNovDec

1983: JanrFeb rMar rApr rMayrJunep

Ml

Sum of currency,demand deposits,

travelers' checks, andother checkable deposits

(OCD) l

291.1310.4335.5363.2389.0414.1440.6478.2

453.4454.4458.3463.2468.7474.0478.2482.1491.1497.6496.5507.4511.7

M2

Ml plus overnight RPsand Eurodollars,MMMF balances

(general purpose andbroker/dealer),

MMDAs, and savingsand small time deposits

,023.0,163.5,286.4,388.5,497.5,630.3,794.9,959.5

,864.5,880.9,903.6,917.0

1,929.71,945.01,959.52,010.02,050.82,069.92,074.72,096.02,114.6

M3

M2 plus large timedeposits, term RPs, andinstitution-only MMMF

1,161.71,296.31,451.81,613.51,758.41,936.72,167.92,377.6

2,260.22,283.4

r2,317.92,333.92,352.02,370.22,377.62,403.32,430.62,447.12,454.02,476.32,498.8

L

M3 plus other liquidassets

1,371.91,522.41,711.01,922.92,131.82,343.62,622.02,896.8

2,767.02,798.22,823.62,840.52,866.02,882.42,896.82,930.72,960.5

Percent cm

Ml

4.96.68.18.37.16.56.48.5

5.93.04.76.68.89.8

11.212.614.815.412.214.614.5

hange fromonths earlier

M2

12.613.710.67.97.98.9

10.19.2

7.98.09.99.9

10.610.510.514.216.116.615.616.116.5

pear or 62

M3

9.411.612.011.19.0

10.111.99.7

8.79.5

r!1.911.411.811.910.710.810.09.98.99.2

10.51

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 6 months

earlier at an annual rate.

26

NOTE.See page 27 for components.Source: Board of Governors of the Federal Reserve System.


COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

Period

Dec:19751976197719781979198019811982

1982:JuneJulyAugSeptOctNovDec

1983:Jan r....FebMar rApr rMay r.....June p ...

Cur-rency

73.980.688.697.5

106.3116.2123.2132.8

128.2128.8129.6130.5131.3131.9132.8

134.2135.6137.0138.0139.3140.3

De-manddepos-its1

214.1224.4239.7253.8262.0266.8236.4239.8

232.3232.1232.5234.0236.0237.6239.8

239.4238.7240.1238.9242.5244.0

Othercheck-able

depos-its

(OCD)

0.92.74.28.4

17.026.976.6

101.3

88.489.191.894.397.0

100.1101.3

104.5112.5116.0115.0120.9122.7

Over-nightrepur-chaseagree-ments(RPs),

net, plusover-nightEuro-dollars

NSA

5.810.614.720.321.228.436.144.3

40.341.842.441.543.945.244.3

47.348.848.750.655.156.5

Moneymutua

balai

Gener-al

pur-poseandbro-ker/

dealer

NSA

2.72.42.46.4

33.461.4

150.9182.2

170.1172.9182.3185.1187.6191.1182.2

166.7159.6154.0146.7140.9139.3

marketIfundaces

Insti-tutiononly

NSA

0.4.6.9

3.19.5

14.936.047.6

36.640.447.148.249.349.947.6

46.145.243.541.040.439.2

Moneymarket

. depositaccounts(MMDAs)

NSA

43.2

43.2

189.1277.7320.5341.2356.8367.3

Sav-ings

depos-its

388.8453.0491.6481.2423.1400.7344.4359.3

347.2345.0346.7350.0358.0366.4359.3

335.1325.7322.7321.5323.0324.9

Smalldenom-inationtime

depos-its2

338.1391.0446.0521.8635.9731.7828.6859.1

859.3872.9879.8883.2878.0874.9859.1

797.4755.1733.8725.7720.1722.2

Largedenom-ination

timedepos-its2

129.9118.2145.2194.9222.2258.9302.6333.8

327.4332.1334.9336.1339.6340.4333.8

310.7297.9296.2300.4299.5304.0

Termrepur-chaseagree-ments(RPs)

NSA

8.414.219.527.130.134.837.240.3

36.334.537.036.437.739.440.3

40.640.841.742.745.344.6

TermEuro-dollars(net)

NSA

9.713.118.429.041.548.065.380.1

84.783.780.980.681.179.580.1

81.283.8

oatroav-ings

bonds

67.271.776.480.279.572.367.767.9

67.767.667.567.567.667.867.9

68.168.5

Short-term

Treas-ury

securi-ties

76.880.889.799.3

128.7156.9176.3217.6

197.2202.9204.1203.6210.3214.5217.6

219.3219.3

Bank-ers'

accep-tances

8.48.8

11.821.626.731.640.644.9

41.642.041.341.442.843.144.9

45.343.2

CftTTIom-mercialpaper

48.051.762.979.297.098.1

104.2108.8

115.7118.7112.0113.7112.3107.3108.8

113.5115.1

, * Net of demand deposits due to foreign commercial banks and official institutions.2 Small denomination and large denomination deposits are those issued in amounts of less than

$100,000 and more than $100,000, respectively.NOTE.-See p. 26 for overall measures.

Travelers checks are a component of money stock but are not shown here.NSA indicates data are not seasonally adjusted.Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT[Millions of dollars; monthly data seasonally adjusted]

Period

197519761977197819791980198119821982: May

JuneJulyAugSeptGetNovDee

1983: JanPebMarAprMay

InstaUn

Total2

180,083210,740257,600297,668324,777306,076334,508344,90129,51730,03427,98228,02428,61928,65031,69130,777

nent credit ei

Auto-mobile

52,42063,74375,64187,98193,90183,45493,24095,9978,4718,3647,3767,1627,4888,041

10,1779,716

ttended

Revolving

36,95643,93487,596

105,125120,174128,068139,829150,06112,77513,36712,65812,72812,70512,61412,77812,491

Instate

Total2

172,675189,179222,138254,589286,396304,628316,291331,80527,67328,01127,14327,76827,36328,78129,67628,359

lent credit liq

Auto-mobile

49,44453,27860,43769,24579,18682,97784,74591,0997,3787,3957,3397,5427,1398,1UL8,6438,225

uidated

Revolving

35,61641,76481,34896,090

111,546126,653135,362145,69612,02412,64012,10012,52912,39412,53312,73911,990

Net

Total2

7,40821,56135,46243,07938,381

1,44818,21713,0961,8442,023

839256

1,256-1312,0152,4182,725

7352,5822,2712,696

change in amoutstanding 1

Auto-mobile

2,97610,46515,20418,73614,715

4778,4954,8981,093

96937

-380349

-701,5341,491

625-2331,221

6891,313

ount

Revolving

1,3402,1706,2489,0358,6281,4154,4674,365

7517275581993118139

50168

-1351,177

917514

Amount ousea

Total2

169,387190,725226,646269,392307,115308,137326,274339,316332,142333,884334,276334,343335,180335,593336,897339,316342,041342,776345,358347,629350,325

standing, ensonally adjus

Auto-mobile

57,27967,79882,890

101,863116,523116,808125,323130,235126,970127,727127,628127,271127,473127,694128,824130,235130,860130,627131,848132,537133,850

1 of period,ted

Revolving

14,46716,50536,42745,00453,17454,65058,72262,83060,78461,45861,86762,00762,12062,30262,32662,83062,89862,76363,94064,85765,371

1 Through 1982 calculated as the difference between credit extensions and credit liquidations. Be-

ginning 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


BANK LOANS AND INVESTMENTS, AND RESERVESCommercial and industrial loans rose slightly in June.

BILLIONS OF DOLLARS*(RATIO SCALE)1,8001,6001,4001,200

1,000

800

BILLIONS OF DOLLARS'(RATIO

ALL COMMERCIAL BANKS

600

400

200180160140120

100

80

60

40

INVESTMENT

LOANS AND LEASES

IN OTHER SECURITIES

-V

1975 1976 1977SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURESSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1979 1980 1981 1982

1,000

800

600

400

200180160140120

100

80

60

401983


[Billions of dollars, seasonally adjusted, except as noted]

Period

1976: Dec1977: Dec1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec

1982: June....JulyAugSeptOctNovDec

1983: JanFebMarAprMayJune p.

Total loansand

investments

804.6891.5

1,013.51,135.91,239.61,316.31,412.1

1,368.81,376.11,383.11,389.41,397.51,398.51,412.1

1,428.21,436.51,450.21,460.61,474.41,487.9

Al

Loans a

Total2

555.0632.5747.0849.9915.1973.9

1,042.0

1,017.11,023.71,028.31,033.51,038.11,036.41,042.0

1,045.11,048.81,056.31,059.51,063.31,070.6

commercial ban]

nd leases

Commercialand industrial

loans

190.9210.9245.9291.2326.8358.0392.4

383.4386.7387.9392.5394.8392.0392.4

395.2394.9396.2392.9393.0395.0

ks1

Investi

U.S. Treasurysecurities

100.899.893.894.5

110.0111.0130.9

115.8116.5117.8118.2122.3126.4130.9

139.8144.5151.0157.8166.1171.1

nents

Othersecurities

148.8159.3172.8191.5214.4231.4239.1

235.9235.9237.1237.6237.2235.8239.1

243.3243.2242.8243.4245.0246.2

R.

re

Total

29.7531.1532.8334.2336.2337.9340.78

38.9639.0139.2139.6639.9340.4140.78

40.1240.3441.0041.3041.2441.72

Depos

eserves adjustsfor changes

serve require!

Non-borrowed

29.7030.5831.9632.7634.5437.2940.15

37.7538.3238.6938.7239.4539.7940.15

39.5939.7640.2140.2940.2940.08

itory institutio

sdinnents

Required

29.4830.9632.5933.9135.7137.6140.28

38.6538.6938.8939.2739.5340.0140.28

39.5739.9140.5740.8340.7941.24

ns3

Borr

07-1983

Documents

thejoint economic committee

percent annual rateand

congress chapter

member of congress

annual rates

monthly publication

federal reserve bank

j l1978