scb_031982

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

MARCH 1982 / VOLUME 62 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS

THE BUSINESS SITUATION 1

National Income and Product Accounts Tables 7

Reconciliation and Other Special Tables 18

Federal Fiscal Programs 19

Plant and Equipment Expenditures,First and Second Quarters and Second Half of 1982 26

Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies, 1982 32

U.S. International Transactions,Fourth Quarter and Year 1981 37

CURRENT BUSINESS STATISTICS

General SI

Industry S22

Footnotes SS7

Subject Index (inside Back Cover)

U.S. Department of CommerceMalcolm Baldrige / Secretary

Robert C. Dederick / Assistant Secretaryfor Economic Affairs

Bureau of Economic Analysis

George Jaszi / Director

Allan H. Young / Deputy Director

Carol S. Carson / Editor-in-Chief,Survey of Current BusinessManuscript Editor: Dannelet A. GrosvenorManaging Editor: Patti A. Trujillo

Staff Contributors to This Issue: Christopher L. Bach,Leo M. Bernstein, Douglas R. Fox, Bruce T. Grimm,Thomas M. Holloway, Ralph Kozlow, Daniel J. Lar-kins, Robert P. Parker, Charles A. Waite, Joseph C.Wakefield, John T. Woodward

SURVEY OF CURRENT BUSINESS. Published monthly by the Bureauof Economic Analysis of the U.S. Department of Commerce, Editori-al correspondence should be addressed to the Editor-in-Chief,Survey of Current Business, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, D.C. 20230.

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U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES

\L. Birmingham 352O5908 S. 20th St. 254-1331

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AZ, Phoenix 85073201 N. Central Ave.. 261-3285

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ISM, Albuquerque 87102505 Marquctte Ave. , !\.W. 766-2386

NY, Buffalo 14202111 W. Huron St. K46-4191

N Y , New York 1027826 Federal Plaza 264-0634

NC, Greensboro 27402203 Federal Bldg. 378-5345

OH. Cincinatti 45202550 Main St. 684-2944

Oil, Cleveland 44114666 Euclid Ave. 522-4750

OR. Portland 972041220S. W. 3rd Ave. 221-3001

PA. Philadelphia 19106600 Arch St. 597-2866

PA, Pittsburgh 152221000 Liberty Ave. 644-2850

PR,San Juan 00918Rm. 659, Federal B!ds. 753-45

SC. Columbia 292011835 Assembly St. 765-5345

TN, Memphis 38103H7 Jefferson Ave. 521-32 13

T\, Dallas 752 421100 Commerce St. 767-0542

TX. Houston 77O02515 Rusk St. 226-4231

IT, Salt Lake City 84101350 S. Main St. 524-5116

VA, Richmond 23240400 N. 8th St. 771-2246

W A, Seattle 98109Rm. 706. Lake Union Bidg. 442-5616

WV, Charleston 253015000 Quarrier St. 343-6181

WL Milwaukee 53202517 E . Wisconsin Ave. 291-3473

W Y.Cheyenne 820012120 Capitol Ave. 7 78-2220


the BUSINESS SITUATION

INIFORMATION available in mid-March suggests that real GNP de-clined substantially in the first quar-ter.1 The composition of this declineis likely to have differed, however,from that of the 4V2-percent (annualrate) decline registered in the previ-ous quarter. Two components forwhich the estimates are relativelyfirm—motor vehicle output and resi-dential investment—declined muchless in the first quarter (table 1). Com-bined, they declined about $2V2 bil-lion, compared with $12 billion in thefourth quarter of 1981, when they ac-counted for a large part of the declinein GNP.2 In motor vehicles, saleswere up sharply after plunging in thefourth quarter, but inventories swungsharply to liquidation after littlechange. The steep slide in residentialinvestment slowed.

In contrast, real GNP other thanmotor vehicle output and residentialinvestment appears to have declinedmuch more than in the fourth quar-ter, largely due to a weakening in its

1. The major source data that shed light on first-quarter GNP components are limited to 1 or 2 monthsof the quarter, and in some cases are preliminary.These data are: For personal consumption expenditures(PCE), January and February retail sales, unit sales ofnew autos through the first 10 days of March, andsales of new trucks for January and February; fornonresidential fixed investment, the same data forautos and trucks as for PCE, January construction putin place, January manufacturers' shipments of equip-ment, and business investment plans for the quarter;for residential investment, January construction put inplace, and housing starts for January and February;for change in business inventories, January bookvalues for manufacturing and trade, and unit auto in-ventories for January and February; for net exports ofgoods and services, January merchandise trade; forgovernment purchases of goods and services, Federalunified budget outlays for January, State and localconstruction put in place for January, and State andlocal employment for January and February; and forGNP prices, the Consumer Price Index for January,and the Producer Price Index for January andFebruary.

2. Constant-dollar, or "real," estimates are in 1972dollars. Quarterly estimates in the national incomeand product accounts are expressed at seasonally ad-justed annual rates, and quarterly changes in themare differences between these rates.

final sales total. In nonvehicle inven-tories, January data indicate sharpliquidation, and even if it is assumedthat the liquidation was smaller inFebruary and March, the swing frommoderate accumulation in the fourthquarter to liquidation in the firstwould be a substantial negative in thechange in GNP. These inventorieshad a substantial negative effect alsoin the fourth quarter, when the rateof accumulation was cut back. In finalsales, only personal consumption ex-penditures (PCE) appears to havestrengthened, registering a small in-crease after no change in the fourthquarter. Fixed investment—especiallyproducers' durable equipment—de-clined after a fourth-quarter increase,and government purchases increasedless, largely reflecting a smaller in-crease in defense purchases. It islikely that net exports declined again,perhaps as much as in the fourthquarter. The total of these final salescomponents is likely to have declinedseveral billion dollars in the firstquarter, after a $6 Vz billion increasein the fourth.

GNP prices, as measured by thefixed-weighted price index, increasedless than the 8V2-percent annual rateregistered in the fourth quarter, evenafter allowing about 1 percentagepoint for the impact of the Federalpay raise on the fourth-quarter in-crease. The deceleration was in theprice of PCE, specifically goods. Mostimportantly, the increase in motor ve-hicle prices slowed, reflecting a vari-ety of rebate programs, and gasolineprices declined.

Personal income and its disposition

Personal income registered only asmall increase in the first quarter(table 2). Wage and salary disburse-ments and farm income largely ac-counted for the weakness. In addition,

personal contributions for social in-surance, which are subtracted in de-riving the personal income total, in-cluded $3V2 billion due to an increasein the social security tax rate from6.65 to 6.70 percent and an increasein the taxable wage base from $29,700to $32,400.

Of the increases in wages and sala-ries in the last 5 years, only one—inthe second quarter of 1980—wassmaller than in the first quarter.Wages and salaries in the commodity-producing industries again showedlittle change, compared with a $12 bil-lion increase in last year's depressedsecond quarter. Distributive and serv-ice industries increased, but less thanin that quarter. Government and gov-ernment enterprises increased atabout the average for recent quarterswithout a Federal pay raise. Farmproprietors' income declined sharply.In contrast to last year's fluctuations,in which prices had the major role,the first-quarter decline wasprimarily due to volume.

Personal taxes declined in the firstquarter as they had in the fourth, dueto the Crude Oil Windfall Profits TaxAct of 1980 and the Economic Recov-ery Tax Act of 1981. In the fourthquarter, the cut, which was almost all

Table 1.—Motor Vehicle Output and Residen-tial Investment: Change From PrecedingQuarter

[Billions of 1972 dollars; based on seasonally adjusted annualrates]

Motor vehicleoutput ...

Final salesChange in

businessinventories

Residentialinvestment

I

-07

7.8

-8.4

-.4

19

II

18

-10.9

12.8

-3.2

81

III

-13

5.6

-7.1

-5.1

IV

90

-9.7

.7

-3.2

1982

P

19

8.7

-10.5

-.6

* Projected. See text footnote 1, page 1.


SURVEY OF CURRENT BUSINESS March

in withholdings, amounted to over $15billion. In the first quarter, nonwith-held taxes and refunds were reducedby an interest and dividend exclusionprovided under the 1980 act, and ratereductions, depreciation write-offs forunincorporated businesses, and an oilroyalty credit provided under the1981 act; the reductions amounted toabout $9 billion. Increases in the tax

CHART 1

Retail Sales of New Passenger Cars

DOMESTIC LARGE CARS

intermediate

J_ I I I I

DOMESTIC SMALL CARS AND IMPORTS

imports

Subcompact Compact

_L I i . .1978 1979 1980 1981 1982

Seasonally Adjusted at Annual RatesNOTE.—The components may not add to the total because each categorywas separately adjusted for seasonal variation. Data for the most recentquarter are projected.Data: Motor Vehicle Manufacturers Association of the United States,Inc. and Ward's Automotive Reports; seasonal adjustment by BEA.

U.S. Department of Commerce, Bureau of Economic Analysis 82-3-1

base, and thus in taxes, were helddown by the weakness in wages andsalaries.

Despite the tax cut, first-quarterdisposable personal income showedonly a small increase. In real terms,it declined—the first decline since thesecond quarter of 1980. Saving andthe saving rate fell. The latter, whichhad reached 6.1 percent in the fourthquarter, returned to around 5percent.

Total real PCE strengthened in thefirst quarter, largely due to a turn-around in PCE on motor vehicles.These expenditures had dropped $5V2billion in the fourth quarter, and in-creased a little more than that in thefirst. As noted earlier, PCE excludingmotor vehicles also strengthened, reg-istering a small increase after nochange in the fourth quarter. Most ofthe strengthening was in services,which had registered a below-trendincrease in the fourth quarter. Goodsother than motor vehicles remainedweak, with a pickup in clothingoffsetting a weakening in food.

Motor vehiclesMotor vehicle output fell in the

first quarter but much less steeplythan in the fourth (table 1). Both autoand truck output were held at verylow levels, and rebate programs wereput in place at the beginning of Feb-ruary to boost sales. Auto and truckinventories, which had been high rel-ative to sales for the past year, werecut back sharply.

In terms of units, total new carsales increased to 8.5 million (season-ally adjusted annual rate) in the firstquarter from 7.4 million in the fourth.The largest increases were in sales ofdomestic intermediate and compactcars, but other domestic and importedcars also were up (chart 1). Domesticsales, which increased from 5.2 mil-lion in the fourth quarter to 6.1 mil-lion in the first, were boosted in Feb-ruary and March by rebates rangingfrom $500 to $750 on most models andup to $2,000 on some luxury models.The first-quarter increase continuedan irregular pattern that has persist-ed since the first quarter of 1981. In-

Table 2.—Personal Income and Its Disposition: Change From Preceding Quarter[Billions of dollars; based on seasonally adjusted annual rates]

Wage and salary disbursements

ManufacturingOther commodity-producingDistributiveServicesGovernment and government enterprises

Proprietors' income

FarmNonfarm

Personal interest income

Transfer payments

Other income . ... .

Less' Personal contributions for social insurance

Personal income

Less: Personal tax and nontax paymentsImpact of legislationOther

Equals* Disposable personal income

Less: Personal outlays

Equals: Personal saving

Addenda: Special factors in personal income:

Minimum wage

Cost-of-living increases in Federal transfer payments

Social security (in personal contributions for social insurance)

Coal strike

Federal pay raise .... ...

I

45 1

1244.9

11 412.53.9

-1.9

351.6

190

57

6.8

11.0

63.6

12.8-2815.6

50.8

59.5

-8.7

20

1 1

9.0

19

II

24 1

942.659803.4

2.0

27_ Y

12 1

4 6

6.7

.8

48.7

10.91 4

12.3

37.8

20.1

17.7

1 3

-26

31

III

31 6

724.97 58.04.0

2.9

30-.1

148

18.0

7.8

1.9

73.2

16.95

16.4

56.4

56.1

.3

163

26

IV

240

293.74 2

1038.8

-1.2

_ 2-.9

129

4 7

5.8

1.6

44.8

-1.7-159

143

46.5

25.4

21.1

5

62

1982

I*

138

9.2

4 1643.9

-7.2

65-.7

106

66

4.4

4.5

23.7

-.68983

243

47.8

-23.5

H34

3

* Projected.


March SURVEY OF CURRENT BUSINESS

termittent rebate and other sales in-centive programs and the following"payback" periods have been largelyresponsible for these fluctuations,which have obscured cyclical develop-ments.

The downtrend in domestic produc-tion has been pronounced. After peak-ing at 7.2 million (seasonally adjustedannual rate) in the second quarter of1981, production fell sharply to 5.0million in the fourth quarter. It slidfurther in January and February; asmall increase scheduled for Marchwill bring the first-quarter total to amere 4.2 million.

The gap between domestic sales andproduction led to a substantial decu-mulation of inventories; they fell from1,465,000 (seasonally adjusted) in De-cember to about 1,150,000 in Februaryand even lower in March. The sharpreduction brought inventories moreclosely in line with sales (the I/S ratiowas about 2.2 in February) but at alevel too low to support much of asales recovery. However, as evidencedby second-quarter production sched-ules as of mid-March, domestic manu-facturers do not anticipate a quick re-covery in sales. Production was sched-uled to increase to 5.8 million, stillbelow the level of sales in the firstquarter.

Total new truck sales increasedsharply to about 2.6 million (seasonal-ly adjusted annual rate) in the firstquarter from 2.1 million in the fourth.Most of the increase was in sales ofdomestic light trucks, which rebound-ed to their highest level in 2 years.Sales of the recently introduced com-pact pickups were particularly strong.Sales of domestic "other" (over 10,000-pound) trucks increased moderately,and imported truck sales changedlittle. As a result of the large increasein sales and only a slight scheduledincrease in production, domestic newtruck inventories decreased from576,000 (seasonally adjusted) in thefourth quarter.

Residential investment

Residential investment declined inthe first quarter, but much less thanin the preceding three quarters (table

H). Both multifamily and single-familyconstruction contributed to this decel-eration. Multifamily constructionchanged little after declining in thefourth quarter, and the decline in

CHART 2

Housing StartsMillions of Units2.5

1978 1979 1980 1981

Seasonally Adjusted at Annual RatesData: Census

U.S. Department of Commerce, Bureau of Economic Analysis

1982

CHART 3

Selected Interest RatesPercent

14 -

12 -

10 -

1978 1979 1980 1981 1982

* Ceiling rate at savings and loans associations.




single-family construction slowed. The"other" component of residential in-vestment—which includes additionsand alterations, brokers' commissions,and mobile homes—continued down,reflecting, in part, lower sales of newand existing residences.

Residential construction reflectshousing starts with a lag. The level-ing in multifamily construction re-flected the flatness of multifamilystarts during the second half of 1981;the smaller decline in single-familyconstruction reflected the bottomingout in single-family starts late lastyear (chart 2).

Financial conditions improvedsomewhat in the fourth quarter andcontributed to the stabilization. Mort-gage loan commitments outstandingat savings and loan associations(S&L's) increased $2 billion on a sea-sonally adjusted basis over the fourthquarter, reversing an almost continu-ous decline that had begun a yearearlier. This turnaround was accom-panied by an approximately 75 basis-point drop in the commitment inter-est rate on 25-year level-paymentmortgages with loan-to-price ratios of75 percent (chart 3). Flows of fundsinto S&L's also improved. Seasonallyadjusted net mortgage loan repay-ments rose for the first time in morethan a year, despite a sharp increasein the delinquent loan ratio. (Thisratio—the dollar amount of mort-gages delinquent 60 days or more as apercent of total mortgages held—hasrisen steadily from 0.84 in August1979 to 1.48 in December 1981.) More-over, although withdrawals exceedednew deposits (exclusive of interestcredited), the net outflow was thesmallest in a year.

Most 6-month Money Market Cer-tificates (MMC's) maturing in thefourth quarter either were rolled overat interest rates lower than the ratesat which they had been issued, orwere invested in lower cost All SaversCertificates (ASC's) and Small SaversCertificates (SSC's). In addition, theaverage rate on new Federal homeloan bank advances fell 370 basispoints during the quarter. Partly off-setting these cost declines was a shiftof some funds from low interest rateaccounts—passbooks and old, fixed-rate certificates—into ASC's, MMC's,and SSC's.

Financial developments early in thefirst quarter were mixed. On a sea-

Table 3.—Real Gross National Product and National Income, Command Over Goods andServices, and Related Series

[Billions of 1972 dollars]

GNPGross domestic purchasesNet exports of goods and services

Gross domestic purchases

Command National income basis ..

GNPCommand GNP basis

Command national income basis

Addendum:

Terms of trade 2

1980

1,480.71,428.7

52.01,184.6

1,436.81,428.7

8.01,145.5

1981

1,510.31,465.4

44.91,203.6

1,474.21,465.4

8.81,171.6

Seasonally adjusted at annual rates

1980

IV

1,485.61,437.1

48.51,187.8

1,444.91,437.1

7.91,151.7

1981

I

1,516.41,465.5

50.91,210.3

1,475.11,465.5

9.61,173.7

II

1,510.41,464.2

46.21,208.7

1,471.11,464.2

6.91,173.8

III

1,515.81,472.6

43.21,206.9

1,482.71,472.6

10.11,177.6

IV

1,498.41,459.2

39.21,188.4

1,467.81,459.2

8.61,161.2

Percent change from preceding period

-.2-1.0-1.0-1.9

72.7

2.02.61.62.3

77.5

3.84.35.15.8

74.2

8.68.67.87.9

74.6

-1.6-1.1-.50

75.7

1.43.2-.61.3

79.3

-4.5-4.0-6.0-5.5

80.5

1. Equals current-dollar net exports of goods and services deflatedservices.

2. Equals the ratio of the implicit price deflator for exports of goodsgoods and services.

by the implicit price deflator for imports of goods and

and services to the implicit price deflator for imports of

sonally adjusted basis, net new depos-its and net mortgage loan repaymentsat S&L's both declined in Januaryfrom their fourth-quarter averages,but outstanding mortgage loan com-mitments continued to increase. Inter-est rates rose in February, but inmost cases only slightly, and ceilingrates on new MMC's remained belowrates on those maturing. Yields onconventional mortgages at FederalNational Mortgage Association auc-tions—widely viewed as indicating thefuture path of mortgage rates-showed no clear pattern, hovering inthe 17-18 percent range, during thequarter.

Command Over Goods andServices

In the estimates of constant-dollarGNP, the net exports component iscalculated by deflating the current-dollar value of exports by exportprices and the current-dollar value ofimports by import prices. This proce-dure yields a constant-dollar measureof the goods and services currentlyproduced by labor and property sup-plied by residents of the UnitedStates, which is the appropriate meas-ure for analyses related to production.

In the article "International Trans-actions in Measures of the Nation'sProduction" by Edward F. Denison inthe May 1981 SURVEY OF CURRENTBUSINESS, an alternative approach tothe deflation of net exports was dis-cussed that takes into account

changes in the terms of trade—i.e.,the ratio of an index of export pricesto an index of import prices. In thisapproach, net exports in constant dol-lars is calculated by deflating thevalue of net exports by the importprice index. The use of this alterna-tive measure yields constant-dollarmeasures of the Nation's commandover goods and services resulting fromcurrent production. These series-called command series—are prefer-able for certain types of analysis, asexplained in that article.

Table 3 updates the May SURVEYpresentations of the command coun-terparts to GNP and national income,as well as the index of the terms oftrade. Henceforth this table willappear regularly in the March, June,September, and December issues. Thecommand counterpart to net nationalproduct (NNP) and deflators for GNP,NNP, and national income are availa-ble from BEA upon request.

Errata in "International Transactions inMeasures of the Nation's Production"The following errata have been identi-

fied in table 1 on pp. 20-21 of the May1981 SURVEY OF CURRENT BUSINESS:

Period Column Published Correct

1940195919611961

201367

1.008266.7760.01.0044

1.003267.7757.01.0004



The Fourth Quarter: CorporateProfits and the Government

SectorPreliminary estimates of corporate

profits for the fourth quarter of 1981have been completed. Their compila-tion makes it possible to estimate cor-porate profits tax accruals for thefourth quarter, rounding out the esti-mates of receipts and expenditures ofthe government sector. Also, the 75-day revisions of the national incomeand product accounts for the fourthquarter are shown in table 4.

Corporate profits

Corporate profits from current pro-duction—profits with inventory valua-tion and capital consumption adjust-ments—decreased $16 billion to$179l/z billion in the fourth quarter of1981, according to preliminary esti-mates. The decrease, which followedan increase of $51/2 billion in the thirdquarter, erased more than one-halfthe gain made since the 1980 reces-sion.

Domestic profits of nonfinancialcorporations decreased $15 billion to$137 billion, after increasing $5x/2 bil-lion in the third quarter (chart 4).Real output of nonfinancial corpora-tions was down sharply, and marginswere squeezed by accelerating unitcosts and decelerating unit prices.

The decrease in the profits of do-mestic nonfinancial corporations wascentered in the profits of manufactur-ing corporations. More than one-halfof the decrease in the latter was dueto a sharp drop in the profits of petro-leum manufacturing corporations,which reflected continuing decreasesin the prices of refined petroleumproducts and of crude oil. Crude oilprices can affect profits of petroleummanufacturers because they producea major share of domestic crude oil.The profits of primary metals andfabricated metal products manufac-turers reflected sharp drops in theirreal sales. In addition, profits of pri-mary metals manufacturers were ad-versely affected by weakness in theprices of ferrous and nonferrousmetals.

Profits of domestic nonmanufactur-ing industries also decreased. Profitsin trade declined; a substantial partof the decline was due to increases in

the losses registered by auto dealers.These increased losses reflected asharp drop in unit auto sales from al-ready depressed levels. In transporta-tion, an increase in the losses regis-tered by airlines—the effect of inten-sified competition appears to havebeen larger than the effects of in-creased airline fares and revenue pas-

CHART 4

Domestic Nonfinancial CorporateBusiness: Profits; Real Product; andPrice, Costs, and Profits per Unit ofReal Product

Billion $ (Ratio scale)200

150

PROFITS BEFORE TAX WITH IVA AND CCAdj(Annual rate)

100

80

60Billions of 1972 $ (Ratio scale)

1,000

800-

600Dollars (Ratio scale)3.0

2.0-

1.0

.8

.09

PRICE, COSTS, AND PROFITS PER UNITOF REAL PRODUCT

Price\

\Labor Cost

Nonlabor Cost\Profits Before Tax

With IVA and CCAdj

^N Y-^X

1975 76 77 78 79 80Seasonally Adjusted

81

NOTE.—Price per unit is current dollar product divided by constantdollar (real) product. Costs and profits per unit are respectivecomponents of current dollar product divided by constantdollar product.

U.S. Department of Commerce, Bureau of Economic Analysis 82-3-

senger miles—was about offset by anincrease in other parts of the indus-try.

Domestic profits of financial corpo-rations decreased $¥2 billion to $181/2billion in the fourth quarter, follow-ing a decrease of $2 billion in thethird. The fourth-quarter decreasewas more than accounted for by in-creased losses of savings and loan as-sociations. Profits from the rest of theworld also decreased $Vfe billion, to$24 billion, following an increase of$1V2 billion in the third quarter.

Other measures of profits.—Profitsbefore tax decreased $20 billion to$2141/2 billion in the fourth quarter,following an increase of $5V2 billionin the third.3 These profits excludethe inventory valuation adjustment(IVA) and the capital consumption ad-justment (CCAdj).4 Inventory prof-its—the IVA with sign reversed—de-creased $3 billion to $221/2 billion, fol-lowing an increase of $ll/2 billion.Profits attributable to underdeprecia-tion—the CCAdj with sign reversed—decreased $x/2 billion to $13 billion,following a decrease of $1V2 billion.

Disposition of profits.—Corporateprofits taxes, which are levied onprofits including inventory profits andprofits attributable to underdeprecia-tion, decreased $8 ¥2 billion to $691/2billion in the fourth quarter, follow-ing an increase of $1V2 billion in thethird. Dividends increased, continuinga 6-year uptrend; they increased $1billion to $66 billion in the fourthquarter. Undistributed profits de-creased $12V2 billion to $79 billion,following a $1 billion increase.

The government sector

The fiscal position of the govern-ment sector in the NIPA's deteriorat-ed significantly in the fourth quarterof 1981, as the combined deficit of theFederal and of State and local govern-

3. These estimates, and also those of the capital con-sumption adjustment and corporate profits tax accru-als, have been adjusted for changes in the tax law thatresulted from enactment of the Economic RecoveryTax Act of 1981. Fourth-quarter profits before taxwere reduced $8.6 billion, the capital consumption ad-justment was reduced the same amount, and tax lia-bility was reduced $6.6 billion. For an explanation ofthe changes, see the "Business Situation" in theAugust 1981 SURVEY OF CURRENT BUSINESS.

4. The IVA and CCAdj are defined in NationalIncome and Product Accounts of the United States1929-1976: Statistical Tables, U.S. Department ofCommerce, Bureau of Economic Analysis (Washing-ton, B.C.: U.S. GPO, 1981).


6 SURVEY OF CURRENT BUSINESS March

ments increased $46 billion. Com-pared with a year earlier, the com-bined deficit more than doubled to$63V2 billion. The deterioration oc-curred at both levels of government,but was most pronounced at the Fed-eral level.

The Federal sector.—The Federalgovernment deficit increased $44 bil-lion in the fourth quarter, as receiptsdeclined and expenditures continuedto increase.

Receipts declined $10 Vk billion,compared with a $17 Vk billion in-crease in the third quarter. The de-cline was the results of tax reduc-tions, a sharp drop in profits, and adecline in the price of domestic crudeoil. All categories of receipts declinedexcept contributions for social insur-ance. Corporate profits tax accrualsdeclined $7V2 billion, reflecting thedrop in profits. Personal tax andnontax receipts declined $5 billion,mainly reflecting the first stage ofrate reductions lender the EconomicRecovery Tax Act of 1981 (ERTA). In-direct business tax and nontax accru-als declined $2 billion, as windfallprofits tax receipts continued to de-cline. Contributions increased $3V2billion, including $J/2 billion each fora step-up in contributions to railroadretirement and in the Federal pay-ment to employee retirement funds.

Expenditures increased $33 billionin the fourth quarter, compared with$26 billion in the third. Purchases ofgoods and services accounted for over80 percent of the fourth-quarter in-crease. National defense purchases in-creased $15 Vk billion, including over$5 billion for the October pay raise.Nondefense purchases increased$11V2 billion, including $10y2 billionfor purchases by the CommodityCredit Corporation, reflecting a largefall harvest and a drop in farm prices.The pay raise added $1 billion; allother purchases—largely for the stra-tegic petroleum reserve—declined $Vfebillion. A $4 billion increase in trans-fer payments to persons was account-ed for by increases in medicare ($2V2billion) and unemployment benefits($1V2 billion). Net interest paid in-creased $3 billion, and subsidies lesscurrent surplus of government enter-prises increased $3/4 billion. Grants-in-aid to State and local governments de-clined $2 billion; $% billion was forpublic service employment grants,which were terminated in the fourthquarter.

Table 4.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1981

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investment ... .. ...Change in business inventoriesNet exports . ..Government purchases

National income

Compensation of employees,Corporate profits with inventory valuation and capital consumption

adjustmentsOther

Personal income

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investmentChange in business inventoriesNet exportsGovernment purchases

GNP implicit price deflatorGNP fixed-weighted price indexGNP chain price index

Seasonally adjusted at annualrates

45-dayestimate

75-dayestimate Revision

Billions of current dollars

2,995.3

1,908.4337.5

93.812.620.8

622.2

1,820.9

397.7

2,485.9

2,998.3

1,908.3339.8

94.29.4

24.7622.0

2,401.0

1,821.3

179.5400.2

2,486.5

3.0

-.12.3

.4-3.2

3.9-.2

.4

2.5

.6

Billions of constant (1972)dollars

1,497.6

957.2161.739.3

6.237.5

295.6

1,498.4

957.5162.7

39.44.2

39.2295.4

.8

.31.0.1

-2.01.7

-.2

Index numbers, 1972 = 100 1

200.01206.8

200.10206.9

.09.1

Percent changefrom preceding

quarter at annualrates

45-dayestimate

4.1

5.32.8

-24.0

24.6

6.9

6.8

7.4

-4.7

-2.3-5.1

-28.1

10.5

9.38.58.5

75-dayestimate

4.6

5.35.8

-22.9

24.5

4.0

7.0

-29.29.5

7.5

-4.5

-2.2-2.9

-27.1

10.2

9.58.68.6

1. Not at annual rates.NOTE.—For the fourth quarter of 1981, the following revised or additional major source data became available: For personal

consumption expenditures, revised retail sales for December, consumer share of new car purchases for December, and consumptionof electricity for November; for nonresidential fixed investment, revised manufacturers' shipments of equipment for December,revised construction put in place for December, business share of new car purchases for December, and business expenditues forplant and equipment for the quarter; for residential investment, revised construction put in place for December; for change inbusiness inventories, revised book values for manufacturing and trade for December; for net exports of goods and services, revisedmerchandise trade for December, and revised service receipts for the quarter; for government purchases of goods and services,revised construction put in place for December; for wages and salaries, revised employment, average hourly earnings, and averageweekly hours for December; for net interest, revised net interest received from abroad for the quarter; for corporate profits,domestic book profits for the quarter, and revised profits from the rest of the world for the quarter; and for GNP prices, revisedproducer price indexes for October.

On a high-employment budgetbasis, the Federal fiscal positionmoved from a surplus of $4.3 billionin the third quarter to a deficit of$24.0 billion in the fourth, reflectingthe tax reductions under ERTA (table2, page 18). The surplus or deficit as apercentage of potential GNP de-creased from 0.1 percent in the thirdquarter to —0.7 percent in thefourth—a move toward a more expan-sionary fiscal position. These esti-mates differ from those previouslypublished in the SURVEY due tochanges in the procedures used to cal-culate the high employment budget.A discussion of the new proceduresand revised historical estimates willbe published in the April 1982SURVEY.

The State and local sector.—TheState and local government surplusdeclined $2 billion in the fourth quar-ter to $36 billion, as expenditures in-creased more than receipts.

Receipts increased $4 billion, com-pared with $6 billion in the third

quarter. Indirect business tax andnontax accruals increased $3 billion,less than in the third quarter becauseof slower growth of retail sales and adecline in gasoline consumption. Per-sonal tax and nontax receipts in-creased $3 billion, and contributionsfor social insurance increased $1 bil-lion. Corporate profits tax accrualsdeclined $1 billion.

Expenditures increased $6 billion,compared with $4V2 billion in thethird quarter. Purchases of goods andservices accounted for the increase;all other expenditures, on balance,were unchanged. Within purchases,compensation increased somewhatmore than in the third quarter; publicservice employment ended by theclose of the quarter and was partly re-placed by employees with higher aver-age pay. Construction purchases in-creased, following a decline in thethird quarter; highway constructioncontinued to decline, but othertypes—transit and education—wereup, but probably only temporarily.



National Income and Product Accounts Tables

The tables that follow are presented in eight groups, and the table numbers reflect these groups. The same numbers are used in otherpublications presenting national income and product account estimates. The groups are:

1. National product and income 5. Saving and investment2. Personal income and outlays 6. Product and income by industry3. Government receipts and expenditures 7. Implicit price deflators and price indexes4. Foreign transactions 8. Supplementary table: Percent change from preceding period for

selected items

The abbreviations used in the tables are: CCAdjIVANIPA's

Capital consumption adjustmentInventory valuation adjustmentNational income and product accountsPreliminaryRevised

The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: Statistical Tables (StockNo. 003-010-00101-1, price $10.00). Estimates for 1976-79 are in National Income and Product Accounts, 1976-79 (Stock No. 003-010-72188-0,price $3.75). Additional estimates for 1980 are in the July 1981 SURVEY. These publications are available from the Superintendent of Documentsand Commerce Department District Offices; see addresses inside front cover.

Table 1.1-1.2.—Gross National Product in Current and Constant Dollars

Gross national product

Personal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investment

Fixed investmentNonresidential

StructuresProducers' durable equipment

ResidentialNonfarm structuresFarm structuresProducers' durable equipment

Change in business inventoriesNonfarmFarm

Net exports of goods and services

ExportsImports

Government purchases of goods and services

FederalNational defenseNondefense

State and local

Billions of dollars

1980

2,626.1

1,672.8

211.9675.7785.2

395.3

401.2296.0108.8187.1105.3100.3

2.03.0

-5.9-4.7-1.2

23.3

339.8316.5

534.7

198.9131.767.2

335.8

1981 r

2,925.5

1,857.8

232.0743.2882.6

450.5

434.4328.9125.7203.1105.5100.0

2.33.2

16.213.82.4

26.0

367.3341.3

591.2

230.2154.375.9

361.0


1980

III

2,637.3

1,682.2

208.8674.2799.2

377.1

393.2294.0107.3186.899.294.5

1.73.0

-16.0-12.3-3.7

44.5

342.4297.9

533.5

194.9131.463.5

338.6

IV

2,730.6

1,751.0

223.3703.5824.2

397.7

415.1302.1111.5190.7113.0107.6

2.23.1

-17.4-14.0-3.4

23.3

346.1322.7

558.6

212.0141.670.4

346.6

1981

I

2,853.0

1,810.1

238.3726.0845.8

437.1

432.7315.9117.2198.7116.7111.4

2.23.24.56.8

-2.4

29.2

367.4338.2

576.5

221.6145.276.4

354.9

II

2,885.8

1,829.1

227.3735.3866.5

458.6

435.3324.6123.1201.5110.7105.4

2.13.2

23.321.5

1.8

20.8

368.2347.5

577.4

219.5148.271.3

357.9

III

2,965.0

1,883.9

236.2751.3896.4

463.0

435.6335.1128.3206.8100.594.9

2.33.3

27.523.1

4.4

29.3

368.0338.7

588.9

226.4154.172.2

362.5

IV r

2,998.3

1,908.3

226.4760.3921.5

443.3

434.0339.8134.3205.5

94.288.4

2.53.39.43.75.6

24.7

365.6341.0

622.0

253.3169.783.5

368.7

Billions of 1972 dollars

1980

1,480.7

935.1

135.8358.4440.9

203.6

206.6158.448.4

110.048.145.2

.92.0

-2.9-2.4-.5

52.0

161.1109.1

290.0

108.170.937.2

181.9

1981 r

1,510.3

958.9

139.4367.3452.2

214.8

207.6162.451.0

111.445.242.2

1.02.07.15.91.2

44.9

160.4115.5

291.7

111.573.937.6

180.2


1980

III

1,471.9

930.8

132.6354.9443.3

195.3

200.2155.546.8

108.844.741.9

.72.0

-5.0-3.1-1.8

57.6

160.5102.8

288.2

106.970.935.9

181.3

IV

1,485.6

946.8

139.1360.4447.3

200.5

207.6157.047.8

109.350.647.5

1.02.0

-7.2-5.6-1.5

48.5

157.4108.9

289.8

107.471.935.4

182.4

1981

I

1,516.4

960.2

146.8364.5448.9

211.6

213.1162.049.6

112.451.048.0

.92.1

-1.4-.3

-1.1

50.9

162.5111.6

293.6

111.272.139.0

182.5

II

1,510.4

955.1

137.4367.0450.7

219.7

208.9161.150.4

110.747.844.8

.92.0

10.89.9

.9

46.2

161.5115.4

289.5

108.772.636.1

180.7

III

1,515.8

962.8

140.3368.8453.7

221.5

206.5163.951.5

112.442.739.7

1.02.0

14.912.82.2

43.2

160.1116.9

288.3

109.674.035.6

178.8

IV r

1,498.4

957.5

133.1368.8455.6

206.3

202.1162.752.6

110.139.436.4

1.02.04.21.32.9

39.2

157.4118.2

295.4

116.676.939.7

178.8

Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars

(Jross national product

Final salesChange in business inventories

Goods

Final sales .Change in business inventories

Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal salesChange in business inventories

ServicesStructures

Addenda:Gross domestic purchases 'Final sales to domestic purchasers 1

2,626.1

2,632.0-5.9

1,130.4

1 1363-5.9

458 64626

4 0671.96737-1.8

1 2296266.0

2,602.82,608.7

2,925.5

2,909.416.2

1,272.3

1 256 116.2

5069499 5

7 4765.47566

8.7

I 371 7281.6

2,899.62,883.4

2,637.3

2,653 4-16.0

1,129.4

1 145 4-16.0

456 5464 9

84672.96805-7.7

1 249 0258.9

2,592.82,608.8

2,730.6

27480-17.4

1,169.0

1 1863-17.4

476 7476 0

7692.27103

-18.1

1 285 3276.4

2,707 32,724.6

2,853.0

284854.5

1,247.5

1 243 14.5

501 4505 5

4 2746.1737 5

8.6

1 317 1288.4

2,823.82,819.3

2,885.8

2,862 523.3

1,257.0

1 233723.3

516 9498 3185

740.17353

4.8

1 344 7284.1

2,865.12,841.8

2,965.0

2937627.5

1,298.3

1 270 827.5

525 2506 6186

773.07642

8.9

1 390 5276.3

2,935 82,908.3

2,998.3

298909.4

1,286.4

1 277 09.4

484 2487 5

33802.27895

12.7

1 434 4277.5

297372,964.3

1,480.7

1 4836-2.9

665.2

668 1-2.9

279 4281 3

1 9385.7386 8-1.1

695 7119.8

1 42871,431.7

1,510.3

1 50327.1

684.9

677 87.1

282 1279 1

3 0402.8398 7

4.1

707 9117.4

1 46541,458.3

1,471.9

1 4769-5.0

657.5

662 4-5.0

274 6278 4

38382.9384 0-1.1

699 9114.5

1 41431,419.2

1,485.6

1 4927-7.2

662.9

670 1-7.2

281 8281 5

3381.1388 6-7.5

701 7121.0

1 437 11,444.2

1,516.4

1 517 8-1.4

688.9

690 3-1.4

289 3292 5

3 1399.6397 9

1.7

703 6123.9

1 46551,466.9

1,510.4

1 499610.8

686.3

675 510.8

288 6279 7

8 9397.7395 8

1.9

704 7119.4

1 464 21,453.5

1,515.8

1 500 914.9

691.9

677 014.9

287 0279 2

7 8404.9397 8

7.1

709 9114.0

1 472 61,457.7

1,498.4

1 494 24.2

672.6

668 44.2

263 5265 0

1 5409.1403 4

5.7

713 4112.5

1 45921,455.0

1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.



Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars


Gross domestic productBusiness

NonfarmNonfarm less housingHousing

Farm . .Statistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

Government . .FederalState and local

Rest of the worldAddendum:

Gross domestic business product less housing

Billions of dollars

1980

2,626.1

2,576.52,221.22,153.71,940.9

212.868.1-.785.9

6.779.2

269.381.9

187.449.7

2,008.4

1981 r

2,925.5

2,871.12,480.12,409.02,168.8

240.272.4

-1.297.7

6.990.8

293.390.0

203.354.4

2,239.9


1980

III

2,637.3

2,586.92,230.02,159.11,943.1

216.067.93.0

86.96.7

80.2269.980.7

189.350.5

2,014.0

IV

2,730.6

2,682.02,311.42,248.62,025.3

223.369.4

-6.690.4

6.983.5

280.387.1

193.348.6

2,088.0

1981

I

2,853.0

2,800.72,420.82,350.12,120.2

229.967.3

3.493.9

7.086.9

285.987.9

198.052.3

2,191.0

II

2,885.8

2,835.52,449.22,383.72,147.3

236.472.4

-6.996.4

6.989.5

289.988.2

201.650.4

2,212.8

III

2,965.0

2,909.42,517.62,442.22,198.7

243.575.2

.298.46.9

91.5293.588.5

205.055.6

2,274.1

IV r

2,998.3

2,938.82,532.72,459.82,208.8

251.074.6

-1.6102.0

6.995.1

304.095.3

208.759.6

2,281.7


1980

1,480.7

1,452.41,251.81,216.81,084.5

132.335.3-.445.43.5

41.9155.249.2

106.028.3

1,119.5

1981 r

1,510.3

1,481.91,280.11,243.01,105.6

137.437.7-.647.03.3

43.7154.949.0

105.928.3

1,142.7


1980

III

1,471.9

1,443.41,242.31,207.61,074.6

133.033.1

1.745.6

3.442.1

155.549.4

106.128.5

1,109.4

IV

1,485.6

1.458.91,257.51,227.91,093.7

134.233.2

-3.646.13.4

42.7155.348.9

106.326.7

1,123.3

1981

I

1,516.4

1,488.41,286.41,250.91,115.4

135.533.6

1.846.73.4

43.2155.349.0

106.428.0

1,150.8

II

1,510.4

1,483.81,281.81,248.91,112.1

136.836.5

-3.646.93.3

43.5155.249.0

106.226.6

1,145.0

III

1,515.8

1,487.11,285.71,246.21,108.2

137.939.4

.146.83.3

43.6154.649.0

105.628.7

1,147.8

IV r

1,498.4

1,468.41,266.41,225.91,086.7

139.241.4-.847.53.2

44.3154.549.0

105.430.0

1,127.2

Table 1.7.—Relation of Gross National Product, Net National Product,National Income, and Personal Income Table 1.11.—National Income by Type of Income


Less:Capital consumption al-

lowances with CCAdj...Capital consumption al-

lowancesLess: CCAdj

Equals: Net national prod-uct

Less:Indirect business tax and

nontax liabilityBusiness transfer pay-

mentsStatistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National income

Less:Corporate profits with

IVA and CCAdjNet interestContributions for social

insuranceWage accruals less dis-

bursementsPlus:

Government transfer pay-ments to persons

Personal interest income....Personal dividend income..Business transfer pay-

ments

Equals: Personal income

Billions of dollars

1980

2,626.1

287.3

224.1-63.1

2,338.9

212.3

10.5-.7

4.6

2,121.4

182.7179.8

203.7

0

283.8256.3

54.4

10.5

2,160.2

1981 r

2,925.5

321.7

257.0-64.7

2,603.9

251.1

11.6-1.2

5.2

2,347.6

192.1215.4

238.9

0

321.6308.561.3

11.6

2,404.1


1980

III

2,637.3

291.8

226.9-64.9

2,345.5

215.8

10.63.0

6.3

2,122.4

177.9185.3

204.1

.5

300.1261.855.1

10.6

2,182.1

IV

2,730.6

298.9

233.7-65.2

2,431.7

228.0

10.9-6.6

5.4

2,204.8

183.3193.3

212.3

-.5

303.1269.756.1

10.9

2,256.2

1981

I

2,853.0

306.5

243.2-63.3

2,546.4

245.5

11.23.4

4.7

2,291.1

203.0200.8

233.7

0

308.4288.758.0

11.2

2,319.8

II

2,885.8

316.7

251.9-64.9

2,569.1

249.4

11.5-6.9

5.7

2,320.9

190.3211.0

236.3

0

312.7300.960.2

11.5

2,368.5

III

2,965.0

326.5

261.7-64.8

2,638.5

254.0

11.8.2

5.1

2.377.6

195.7220.2

240.6

.2

330.4315.763.0

11.8

2,441.7

IV r

2,998.3

336.9

271.1-65.7

2,661.5

255.4

12.1-1.6

5.4

2,401.0

179.5229.7

245.0

-.1

334.8328.764.1

12.1

2,486.5

Table 1.8.—Relation of Gross National Product, Net National Product,and National Income in Constant Dollars

[Billions of 1972 dollars]

Gross national productLess: Capital consumption

allowances with CCAdjEquals: Net national prod-

uctLess: Indirect business tax

and nontax liability plusbusiness transfer pay-ments less subsidies pluscurrent surplus of govern-ment enterprisesStatistical discrepancy

Equals: National income

1,480.7

147.5

1,333 2

149.0-.4

1,184.6

1,510.3

153.4

1 3569

153.9-.6

1,203.6

1,471.9

147.9

1 3240

149.21.7

1,173.1

1,485.6

149.5

1 336 1

151.9-3.6

1,187.8

1,516.4

151.2

1 3652

153.21.8

1,210.3

1,510.4

152.4

1 358 0

152.9-3.6

1,208.7

1,515.8

154.2

1 361 6

154.6.1

1,206.9

1,498.4

155.8

1 3427

155.1-.8

1,188.4

National income

Compensation of employ-ees

Wages and salariesGovernment and gov-

ernment enterprises....Other

Supplements to wagesand salaries

Employer contribu-tions for social in-surance

Other labor income

Proprietors' income withIVA and CCAdj

FarmProprietors' income

with IVACCAdj

NonfarmProprietors' incomeIVACCAdj

Rental income of personswith CCAdj

Rental income of per-sons

CCAdj

Corporate profits with IVAand CCAdj

Corporate profits withIVA

Profits before taxProfits tax liability ..Profits after tax

DividendsUndistributed

profits

IVA

CCAdj

Net interest

Addenda:Corporate profits after

tax with IVA andCCAdj

DividendsUndistributed profits

with IVA and CCAdj

Billions of dollars

1980

2,121.4

1,596.5

1,343.6

253.61,090.0

252.9

115.8137.1

130.6

23.4

30.3-6.9

107.2112.7-3.7-1.9

31.8

649-33.1

182.7

199.8

245.582.3

163.256.0

107.2

-45.7

-17.2

179.8

100356.0

44.3

1981 r

2,347.6

1,771.6

1,482.8

273.91,208.8

288.8

134.7154.1

134.8

22.4

30.1-7.7

112.4116.1-1.6-2.1

33.6

700-36.4

192.1

206.0

233.777.9

155.863.1

92.7

-27.7

-13.9

215.4

114263.1

51.1


1980

III

2,122.4

1,597.4

1,342.3

253.91,088.4

255.0

116.0139.1

129.7

22.1

29.0-6.9

107.6113.1-3.5-2.0

32.0

659-33.9

177.9

195.9

237.678.5

159.156.7

102.4

-41.7

-17.9

185.3

99556.7

42.8

IV

2,204.8

1,661.8

1,397.3

263.31,134.0

264.5

121.0143.5

134.0

22.5

29.6-7.2

111.6117.5-4.0-2.0

32.4

66.4-33.9

183.3

201.0

249.585.2

164.357.7

106.6

-48.4

-17.8

193.3

98157.7

40.4

1981

I

2,291.1

1,722.4

1,442.9

267.11,175.7

279.5

131.5148.0

132.1

18.9

26.1-7.2

113.2117.4-2.5-1.7

32.7

682-35.5

203.0

217.7

257.087.7

169.259.6

109.6

-39.2

-14.7

200.8

115359.6

55.7

II

2,320.9

1,752.0

1,467.0

270.51,196.4

285.1

133.2151.8

134.1

21.7

29.3-7.6

112.5115.7-1.2-2.0

33.3

69.3-35.9

190.3

205.1

229.076.4

152.762.0

90.6

-24.0

-14.7

211.0

114062.0

52.0

HI

2,377.6

1,790.7

1,498.7

274.71,224.0

292.0

135.6156.3

137.1

24.7

32.6-7.9

112.4115.9-1.4-2.2

33.9

705-36.6

195.7

209.1

234.478.1

156.364.8

91.5

-25.3

-13.4

220.2

117 664.8

52.8

IV r

2,401.0

1,821.3

1,522.5

283.21,239.2

298.8

138.4160.4

135.9

24.4

32.6-8.2

111.5115.4-1.5-2.4

34.5

71 9-37.4

179.5

192.2

214.669.4

145.266.0

79.2

-22.3

-12.8

229.7

110.166.0

44.1



Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Businessin Current and Constant Dollars

Gross domestic prod-uct of corporatebusiness

Capital consumption allow-ances with CCAdj

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdj



profitsIVACCAdj

Net interestGross domestic

product of finan-cial corporatebusiness

Gross domesticproduct of non-financial corpo-rate business


Billions of dollars

1980

1,616.5

175.4

1,441.1

159.3

1,281.8

1,103.1917.9

185.2

151.5

214.482.3

132.037.4

94.6-45.7-17.2

27.2

81.3

1,535.2

165.9

1981r

1,815.1

197.7

1,617.4

191.4

1,426.0

1,226.71,016.0

210.7

167.9

209.677.9

131.747.0

84.6-27.7-13.9

31.3

81.7

1,733.4

186.6


1980

III

1,617.5

178.4

1,439.0

162.4

1,276.6

1,101.7915.2

186.4

147.0

206.778.5

128.237.9

90.3-41.7-17.9

27.9

79.7

1,537.7

168.6

IV

1,688.0

183.2

1,504.8

172.5

1,332.4

1,147.8954.6

193.2

155.6

221.885.2

136.639.5

97.1-48.4-17.8

29.0

83.3

1,604.7

173.0

1981

I

1,774.8

187.5

1 5873

187.2

1,400.1

1,193.3989.1

204.1

177.6

231.587.7

143.843.7

100.1-39.2-14.7

29.3

84.7

1,690.1

177.1

II

1,797.1

194.6

1 6025

190.2

1,412.2

1,214.01,006.0

208.0

167.6

206.276.4

129.945.5

84.3-24.0-14.7

30.7

80.8

1,716.3

183.7

III

1,840.6

201.1

1 639.5

194.0

1,445.5

1,242.51,029.4

213.1

171.1

209.878.1

131.849.1

82.7-25.3-13.4

31.9

80.3

1,760.3

189.7

IV r

1,848.0

207.7

1,640.3

194.3

1,446^0

1,256.91,039.5

217.4

155.5

190.669.4

121.249.8

71.4-22.3-12.8

33.5

81.2

1,766.9

195.9



Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdj



profitsIVACCAdj

Net interest

Gross domestic prod-uct of nonflnancialcorporate business...




Domestic income

Billions of dollars

1980

1,369.3

152.51,216.9

1,037.2864.2

172.9

123.6

183.863.1

120.640.4

80.3-45.7-14.4

56.1

1981r

1,546.8

183.31,363.6

1,152.2955.6

196.6

146.9

185.159.1

126.050.4

75.7-27.7-10.5

64.5


1980

III

1,369.1

155.41,213.6

1,034.8860.9

173.9

121.2

177.960.3

117.640.8

76.8-41.7-15.0

57.6

IV

1,431.7

165.11,266.6

1,078.5898.2

180.4

128.2

191.365.9

125.442.7

82.7-48.4-14.7

59.9

1981

I

1,513.1

179.21,333.9

1,121.3930.7

190.5

152.1

202.968.1

134.846.9

87.9-39.2-11.6

60.5

II n

1,532.6

182.11,350.5

1,140.6946.5

194.1

146.5

181.957.8

124.148.8

75.4-24.0-11.4

63.4

III

1,570.6

185.71,384.9

1,167.2968.3

198.9

152.0

187.259.5

127.652.5

75.2-25.3-9.965.8

IV r

1,571.0

186.01,385.0

1,179.7977.0

202.7

136.9

168.450.8

117.653.4

64.2-22.3-9.168.3


867.2

88.1

779.0

95.4683.6

896.9

91.8

805.1

97.3707.7

860.4

88.5

771.9

95.3676.5

876.9

89.4

787.5

97.2690.3

901.0

90.4

810.6

97.5713.1

901.2

91.2

810.0

96.7713.3

901.1

92.3

808.8

97.7711.1

884.0

93.2

790.8

97.4693.4

Table 1.14-1.15.—Auto Output in Current and Constant Dollars

Auto output

Final salesPersonal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos

Net exportsExportsImports

Government purchasesChange in business inventories

NewUsed

Addenda:Domestic output of new autos l

Sales of imported new autos 2

Billions of dollars

1980

60.2

62.261.846.215.612.421.2

-8.8-12.9

4.016.8

.8-1.9-1.3-.6

48.821.7

1981 r

69.6

69.268.049.618.414.324.3

-10.0-13.9

3.917.8

.8

.4

.2

.2

54.724.7


1980

III

54.3

57.858.744.314.413.321.9

-8.7-15.1

3.418.4

.8-3.5-3.8

.4

45.321.2

IV

68.8

65.566.148.817.312.522.4

-9.9-13.9

3.917.8

.83.23.5-.3

55.423.2

1981

I

68.1

77.975.657.418.213.724.7

-11.0-12.2

4.116.3

.8-9.8

-10.81.0

52.226.3

II

73.6

62.763.344.319.012.922.3

-9.4-14.2

4.018.2

.710.912.5

-1.6

59.123.5

III

76.8

75.270.251.618.617.228.8

-11.6-13.1

4.617.7

.91.6

-.72.3

61.624.4

IV r

60.2

61.162.945.017.913.421.4

-7.9-15.9

2.918.8

.8-.9-.2-.7

45.824.8


1980

38.6

39.936.528.67.88.5

13.2-4.7-5.5

2.48.0

.5-1.3-.9-.3

30.213.5

1981 r

41.8

41.436.529.17.49.9

14.2-4.3-5.4

2.37.7

.5

.3

.2

.1

32.014.5


1980

III

34.6

36.834.326.97.48.6

13.4-4.8-6.6

1.88.4.5

-2.2-2.4

.2

27.312.9

IV

42.8

40.937.529.77.88.9

13.6-4.7-6.0

2.48.3

.51.92.1-.1

33.714.1

1981

I

42.8

48.542.835.07.89.9

15.0-5.0-4.7

2.57.2

.5-5.7-6.2

.4

31.816.0

II

44.3

37.834.226.18.18.8

13.0-4.3-5.6

2.48.0

.46.67.3-.7

34.813.8

III

44.8

44.137.029.7f.3

11.616.5

-4.9-5.0

2.67.7

.5

.7-.21.0

35.414.0

IV r

35.1

35.432.325.86.59.1

12.2-3.1-6.4

1.68.1

.4-.2

0-.3

26.214.2

Table 1.16-1.17.—Truck Output in Current and Constant Dollars

Truck output 1

Final salesPersonal consumption expendituresProducers' durable equipmentN e t exports . . . . . . . . . . .

Exports ...Imports

Government purchases

Change in business inventories

25.7

27.87.9

17 6-1 1

3.14 13.3

-2.1

27.0

27.28.1

170-16

3.34 93.8

-.2

23.2

27.57.9

180-19

3.1503.4

-4.3

27.7

26.87.5

168-1.0

3.34.33.5

.9

27.0

27.67.8

169_ fj3.64.33.6

-.6

28.5

28.18.2

174-1.1

3.44.53.7

.4

25.4

27.48.6

17.5-2.5

325.73.8

-2.0

27.3

25.87.9

163-2.2

3.15.33.9

1.5

13.8

14.94.99 1-.81.62.31.7

-1.2

13.1

13.24.877

-1.01.52.51.7

12.2

14.54.891

-1.21.6281.7

-2.2

14.3

13.74.58.2-.71.62.31.7

.5

13.6

13.94.78.0-.61.72.31.7

-.3

13.9

13.74.88.0-.81.52.41.7

.2

12.1

13.04.97.8

-1.41.42.81.7

-1.0

12.8

12.04.57.1

-1.31.32.61.7

.7

.Table 7.14-1.15: Table 1.16-1.17:1. Consists of final sales and change in business inventories of new autos produced in the 1 Includes new trucks onlv

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and govern-

ment purchases.

369-912 0 - 8 2 - 2



Table 2.1.—Personal Income and Its Disposition

Personal income

Wage and salary disburse-ments . ..

Commodity-producingindustries

ManufacturingDistributive industriesService industriesGovernment and govern-

ment enterprises

Other labor income

Proprietors' income withIVA and CCAdj

FarmNonfarm

Rental income of personswith CCAdj

Personal dividend income

Personal interest income

Transfer payments

Old-age, survivors, dis-ability, and health in-surance benefits

Government unemploy-ment insurance bene-fits

Veterans benefitsGovernment employees

retirement benefitsOther transfer payments....Aid to families with de-

pendent childrenOther

Less: Personal contribu-tions for social insurance .

Less: Personal tax andnontax payments

Equals: Disposable person-al income

Less: Personal outlays

Personal consumption ex-penditures

Interest paid by consum-ers to business

Personal transfer pay-ments to foreigners(net) .

Equals: Personal saving

Addenda:Disposable personal

income:Total, billions of 1972

dollars

Per capita:Current dollars1972 dollars

Population (millions)

Personal saving as per-centage of disposablepersonal income

Billions of dollars

1980

2,160.2

1,343.7

465.4350.7328.9295.7

253.6

137.1

130.6

23.4107.2

31.8

54.4

256.3

294.2

153.8

16.015.0

42.866.7

12.454.3

87.9

338.5

1,821.7

1,720.4

1,672.8

46.4

1.2

101.3

1,018.4

8,0024,473

227.7

5.6

1981 r

2,404.1

1,482.7

512.7387.3361.1335.0

273.9

154.1

134.8

22.4112.4

33.6

61.3

308.5

333.2

180.4

15.516.0

48.572.8

13.459.4

104.2

388.2

2,016.0

1,908.4

1,857.8

49.5

1.0

107.6

1,040.4

8,7704,526

229.9

5.3


1980

III

2,182.1

1,341.8

460.1346.7329.2298.7

253.9

139.1

129.7

22.1107.6

32.0

55.1

261.8

310.7

163.2

19.014.9

43.170.5

12.857.7

88.1

341.5

1,840.6

1,729.2

1,682.2

46.0

1.0

111.4

1,018.5

8,0744,468

228.0

6.1

IV

2,256.2

1,397.8

484.0364.9340.6310.0

263.3

143.5

134.0

22.5111.6

32.4

56.1

269.7

313.9

165.3

17.515.5

45.769.9

13.156.8

91.2

359.2

1,897.0

1,799.4

1,751.0

46.8

1.6

97.6

1,025.8

8,2994,488

228.6

5.1

1981

I

2,319.8

1,442.9

501.3377.4351.9322.5

267.1

148.0

132.1

18.9113.2

32.7

58.0

288.7

319.6

169.8

15.615.9

46.771.7

13.358.3

102.3

372.0

1,947.8

1,858.9

1,810.1

47.8

1.0

88.9

1,033.3

8,5044,511

229.1

4.6

II

2,368.5

1,467.0

508.1386.7357.8330.5

270.5

151.8

134.1

21.7112.5

33.3

60.2

300.9

324.2

172.0

15.615.9

48.572.3

13.658.7

103.1

382.9

1,985.6

1,879.01

1,829.1

48.9

1.0

106.6

1,036.8

8,6514,517

229.5

5.4

III

2,441.7

1,498.5

520.2393.9365.3338.5

274.5

156.3

137.1

24.7112.4

33.9

63.0

315.7

342.2

188.5

14.815.9

48.974.0

13.460.5

105.0

399.8

2,042.0

1,935.1

1,883.9

50.3

1.0

106.9

1,043.6

8,8734,535

230.1

5.2

IV r

2,486.5

1,522.5

521.0391.0369.5348.7

283.3

160.4

135.9

24.4111.5

34.5

64.1

328.7

347.0

191.2

16.016.4

49.973.4

13.360.1

106.5

398.0

2,088.5

1,960.5

1,908.3

51.2

1.0

128.0

1,047.9

9,0514,541

230.7

6.1

Table 2.2-2.3.—Personal Consumption Expenditures by Major Type ofProduct in Current and Constant Dollars

Personal consump-tion expenditures

Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

FoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

Services

HousingHousehold operation

Electricity and gasOther

TransportationOther

Personal consump-tion expenditures

Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

FoodClothing and shoesGasoline and oilOther nondurable goods


Services

HousingHousehold operation


TransportationOther

Billions of dollars

1980

1,672.8

211.9

89.9

84.637.3

675.7

345.7104.889.0

136.219.8

116.4

785.2

272.0111.655.756.064.1

337.5

1981 r

1,857.8

232.0

98.3

92.641.2

743.2

382.0115.994.6

150.721.0

129.8

882.6

306.7126.563.063.568.9

380.5


1980

III

1,682.2

208.8

87.0

84.637.2

674.2

347.7105.385.3

136.020.7

115.3

799.2

275.7116.159.356.865.8

341.5

IV

1,751.0

223.3

94.6

88.939.8

703.5

360.4109.490.5

143.320.5

122.7

824.2

285.3116.958.858.267.5

354.5

1981

I

1,810.1

238.3

105.4

92.340.6

726.0

372.5113.493.5

146.620.5

126.1

845.8

293.6118.158.459.767.6

366.5

II

1,829.1

227.3

93.4

92.441.6

735.3

377.8115.892.4

149.421.0

128.4

866.5

302.1123.461.561.967.9

373.0

III

1,883.9

236.2

101.6

93.241.4

751.3

386.5117.595.1

152.121.3

130.8

896.4

310.9130.565.565.069.6

385.4

IV r

1,908.3

226.4

92.8

92.641.0

760.3

391.1117.097.4

154.721.0

133.8

921.5

320.3133.966.567.470.4

396.9


935.1

135.8

53.8

58.923.1

358.4

181.578.026.272.6

4.268.4

440.9

164.261.523.338.334.8

180.4

958.9

139.4

54.2

61.124.2

367.3

184.683.725.273.9

3.770.2

452.2

170.262.623.139.534.6

184.8

930.8

132.6

51.5

58.422.6

354.9

180.178.325.271.44.3

67.0

443.3

164.862.624.138.434.7

181.2

946.8

139.1

54.6

60.723.8

360.4

179.980.126.374.1

4.269.8

447.3

166.562.123.438.735.1

183.6

960.2

146.8

60.6

62.124.1

364.5

182.982.824.974.03.7

70.3

448.9

168.061.422.638.834.8

184.6

955.1

137.4

51.7

61.224.5

367.0

185.084.024.473.63.6

70.0

450.7

169.662.423.239.334.5

184.2

962.8

140.3

55.0

60.924.3

368.8

185.284.225.773.83.7

70.1

453.7

170.863.323.439.934.6

185.0

957.5

133.1

49.4

60.023.7

368.8

185.383.625.774.0

3.670.4

455.6

172.363.423.340.134.5

185.3

Table 3.14.—State and Local Government Social Insurance FundsReceipts and Expenditures

Receipts

Contributions for social in-surance

Personal contributionEmployer contributions

Government and gov-ernment enterprises....

Other

Interest and dividends re-ceived

Expenditures

Administrative expenses(purchases of goods andservices)

Transfer payments to per-sons

Surplus or deficit(-)

45.1

31.5

7.723.8

21.02.8

13.6

18.2

.6

17.6

26.9

52.1

36.4

8.927.6

24.33.2

15.7

20.0

.6

19.4

32.1

46.0

32.3

8.124.3

21.42.8

13.7

18.3

.6

17.8

27.7

47.8

33.7

8.425.3

22.42.9

14.1

18.8

.6

18.2

29.0

49.6

34.8

8.626.3

23.23.0

14.8

19.2

.6

18.7

30.4

51.5

35.9

8.827.1

24.03.2

15.6

19.8

.6

19.2

31.7

53.0

36.9

8.928.0

24.73.3

16.0

20.3

.6

19.7

32.7

54.5

38.0

9.128.8

25.53.4

16.5

20.8

.6

20.2

33.7

Table J.I4:NOTE.—In this table, interest and dividends received are included in receipts; in tables 3.2 and*

3.3, interest received and dividends received are netted against expenditures.


March SURVEY OF CURRENT BUSINESS 11

Table 3.2.—Federal Government Receipts and Expenditures Table 3.3.—State and Local Government Receipts and Expenditures

Receipts

Personal tax and nontaxreceipts

Income taxesEstate and gift taxesNontaxes

Corporate profits tax accru-als

Indirect business tax andnontax accruals

Excise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

Expenditures

Purchases of goods andservices

National defenseNondefense

Transfer paymentsTo personsTo foreigners

Grants-in-aid to State andlocal governments

Net interest paidInterest paid

To persons and busi-ness

To foreignersLess: Interest received

Subsidies less current sur-plus of governmententerprises

SubsidiesLess: Current surplus of

government enterprises..

Less: Wage accruals lessdisbursements

Surplus or deficit(-), NIPA's

Social insurance fundsOther

Billions of dollars

1980

540.8

257.8251.0

6.6.2

70.2

40.629.17.24.4

172.2

602.0

198.9131.767.2

249.8244.9

4.9

88.0

53.367.5

55.012.514.2

12.010.7

-1.3

0

-61.2

-14.2-47.0

1981 r

626.1

296.2289.0

7.0.2

66.2

61.247.58.65.1

202.5

688.4

230.2154.375.9

284.5279.4

5.2

87.2

73.191.2

74.416.718.1

13.412.8

-.5

0

-62.3

-12.4-49.9


1980

III

540.8

259.4252.3

6.9.2

66.7

42.931.47.34.2

171.8

615.0

194.9131.463.5

265.3260.4

4.9

87.7

53.568.2

56.311.914.8

13.710.7

-3.1

0

-74.2

-27.1-47.1

IV

573.2

272.9265.9

6.8.2

72.6

49.136.17.35.6

178.6

641.1

212.0141.670.4

269.0262.6

6.4

91.8

55.270.8

56.714.115.6

13.111.6

-1.4

0

-67.9

-22.2-45.8

1981

I

617.4

283.3276.8

6.4.2

74.6

60.647.8

7.75.0

198.9

664.0

221.6145.276.4

271.9267.3

4.7

90.2

67.784.4

68.615.816.7

12.611.9

-.7

0

-46.6

-4.6-42.0

II

621.0

293.2286.0

7.0.2

64.8

62.649.68.14.9

200.4

668.2

219.5148.271.3

274.8270.7

4.1

89.6

70.488.0

71.017.017.6

13.912.2

-1.7

0

-47.2

-6.1-41.1

III

638.3

306.4299.1

7.1.2

66.4

61.847.6

9.05.2

203.7

694.0

226.4154.172.2

293.6287.8

5.8

85.4

75.694.3

77.217.118.7

13.312.7

-.6

.2

-55.7

-18.9-36.8

IV r

627.7

302.0294.1

7.5.3

58.8

59.945.1

9.45.4

207.0

727.2

253.3169.783.5

297.9291.7

6.2

83.7

78.798.1

81.017.119.4

13.614.5

.9

-.1

-99.5

-19.8-79.7

Receipts

Personal tax and nontaxreceipts

Income taxesNontaxesOther

Corporate profits tax accru-als


Sales taxesProperty taxesOther

Contributions for social in-surance

Federal grants-in-aid

Expenditures

Purchases of goods andservices

Compensation of employ-ees

Other

Transfer payments to per-sons

Net interest paidInterest paid . ...Less: Interest received

Less: Dividends received

Subsidies less current sur-plus of governmententerprises

SubsidiesLess: Current surplus of

government enterprises..

Less: Wage accruals lessdisbursements

Surplus or deficit(-), NIPA's

Social insurance fundsOther

Billions of dollars

1980

384.0

80.744.927.9

7.9

12.2

171.682.967.521.2

31.5

88.0

355.0

335.8

187.4148.4

38.9

-10.817.628.4

1.6

-7.4.4

7.7

0

29.1

26.92.1

1981 r

417.2

91.951.931.4

8.7

11.7

189.992.772.624.6

36.4

87.2

380.5

361.0

203.3157.7

42.2

-12.819.432.3

1.8

-8.2.4

8.6

0

36.7

32.14.6


1980

III

386.8

82.145.828.38.0

11.7

173.083.467.921.7

32.3

87.7

358.2

338.6

189.3149.3

39.7

-11.117.728.8

1.6

-7.5.4

7.8

0

28.6

27.7.9

IV

403.4

86.349.129.08.2

12.6

179.087.568.922.6

33.7

91.8

366.3

346.6

193.3153.3

40.5

-11.418.029.5

1.6

-7.7.4

8.1

0

37.1

29.08.1

1981

I

411.7

88.650.429.8

8.4

13.1

184.991.270.323.3

34.8

90.2

374.8

354.9

198.0156.9

41.2

-11.818.630.4

1.6

-7.9.4

8.3

0

36.9

30.46.6

II

413.6

89.750.330.7

8.6

11.6

186.990.971.924.1

35.9

89.6

377.5

357.9

201.6156.2

42.1

-12.419.231.6

1.8

-8.2.4

8.6

0

36.1

31.74.3

HI

419.6

93.352.631.88.8

11.7

192.394.273.125.0

36.9

85.4

381.8

362.5

205.0157.5

42.6

-13.219.732.9

1.8

-8.2.4

8.6

0

37.8

32.75.1

IV r

423.8

96.154.033.09.0

10.6

195.594.475.026.0

38.0

83.7

387.8

368.7

208.7160.0

43.1

-13.920.334.2

1.9

-8.3.4

8.7

0

36.0

33.72.3

Table 3.7B-3.8B.—Government Purchases of Goods and Services by Type in Current and Constant Dollars

Government purchases of goods and services

FederalNational defense


Compensation of employeesMilitaryCivilian

Other servicesStructures

NondefenseDurable goodsNondurable goodsServices

Compensation of employeesOther services

Structures

State and localDurable goodsNondurable goodsServices

Compensation of employeesOther services

Structures

Billions of dollars

1980

534.7

198.9131.732.910.984.752.830.422.431.93.1

67.21.54.1

55.129.125.9

6.6

335.810.626.3

253.7187.466.345.3

1981 r

591.2

230.2154.339.313.398.759.434.924.539.33.1

75.91.8

10.556.330.625.77.3

361.011.229.1

277.6203.374.243.2


1980

III

533.5

194.9131.432.910.584.151.829.722.132.33.8

63.51.5

-1.156.328.827.56.8

338.610.726.7

256.3189.367.144.9

IV

558.6

212.0141.634.913.190.756.833.223.633.9

2.9

70.41.65.3

57.030.326.7

6.5

346.610.927.8

262.2193.369.045.7

1981

I

576.5

221.6145.236.312.993.257.433.523.835.92.8

76.42.09.2

57.630.627.0

7.7

354.911.128.3

268.5198.070.447.1

II

577.4

219.5148.237.213.194.957.833.724.237.13.0

71.31.85.4

57.030.426.5

7.2

357.911.328.8

274.5201.672.843.3

III

588.9

226.4154.140.712.398.158.433.924.439.83.0

72.21.68.6

55.030.124.97.1

362.511.229.6

281.1205.076.140.7

IV r

622.0

253.3169.742.915.0

108.464.038.625.544.43.4

83.51.7

18.855.731.324.47.4

368.711.229.7

286.3208.777.641.6


1980

290.0

108.170.918.42.5

48.532.118.913.216.41.6

37.2.9

2.031.117.114.03.2

181.96.3

13.7141.4106.035.420.5

1981 r

291.7

111.573.919.32.7

50.532.419.213.318.11.4

37.6.9

4.229.216.612.63.3

180.26.1

14.0141.6105.935.718.5


1980

III

288.2

106.970.918.02.3

48.732.218.913.216.51.9

35.9.9

-.131.917.214.63.2

181.36.3

13.7141.4106.135.320.0

IV

289.8

107.471.918.92.8

48.832.119.013.116.7

1.4

35.4.9.8

30.716.813.93.0

182.46.2

14.0142.0106.335.620.2

1981

I

293.6

111.272.118.72.7

49.432.219.013.117.21.4

39.01.04.0

30.516.813.63.5

182.56.2

14.0141.9106.435.520.4

II

289.5

108.772.618.72.7

49.832.319.113.217.5

1.4

36.11.02.1

29.816.713.13.2

180.76.2

14.0141.9106.235.718.6

III

288.3

109.674.019.52.5

50.632.619.213.318.1

1.4

35.6.8

3.128.516.412.03.1

178.86.1

14.0141.4105.635.817.3

IV r

295.4

116.676.920.12.9

52.332.719.313.319.61.5

39.7.8

7.728.016.411.63.2

178.86.0

14.0141.2105.435.717.7



Table 4.1-4.2—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars

Recei ts from forei ners

Exports of goods and servicesMerchandise

Durable goodsNondurable goods

Factor income l

Other

Capital grants received by the United States (net)

Payments to foreigners

Imports of goods and servicesMerchandise


ServicesFactor income *Other

F ( t)F e ernment (net)

Net foreign investment

Billions of dollars

1980

340.9

339.8218.2127.790.5

121.679.542.1

1.1

340.9

316.5245.9112.1133.8

70.629.940.7

6.01.24.9

12.5

5.9

1981 r

368.4

367.3229.8132.797.0

137.691.745.8

1.1

368.4

341.3260.3123.8136.5

81.037.343.7

6.21.05.2

16.7

4.2


1980

III

343.5

342.4222.9129.993.0

119.576.343.2

1.1

343.5

297.9231.5108.7122.8

66.425.940.6

5.91.04.9

11.9

27.8

IV

347.2

346.1221.0127.593.6

125.080.744.3

1.1

347.2

322.7248.8116.0132.9

73.932.241.7

8.01.66.4

14.1

2.3

1981

I

368.5

367.4236.3132.5103.9

131.187.143.9

1.1

368.5

338.2259.1116.4142.7

79.134.944.2

5.71.04.7

15.8

8.8

II

369.3

368.2234.2139.494.8

134.088.745.4

1.1

369.3

347.5265.3123.3142.0

82.238.343.8

5.11.04.1

17.0

-.2

III

369.1

368.0225.1132.692.5

142.995.947.0

1.1

369.1

338.7255.8125.7130.1

82.940.342.6

6.81.05.8

17.1

6.5

IV r

366.7

365.6223.4126.496.9

142.395.247.1

1.1

366.7

341.0261.2129.9131.2

79.835.744.1

7.21.06.2

17.1

1.5


1980

161.192.255.636.6

68.945.423.5

109.174.047.626.4

35.117.018.1

1981 r

160.489.051.137.8

71.447.823.7

115.578.451.127.3

37.119.417.6


1980

III

160.593.555.737.8

67.043.123.9

102.870.545.824.6

32.414.617.8

IV

157.489.052.536.4

68.444.424.1

108.973.447.525.8

35.517.717.8

1981

I

162.592.452.939.5

70.146.723.4

111.674.547.726.8

37.118.718.4

II

161.591.054.336.7

70.546.923.7

115.477.350.626.7

38.120.317.8

III

160.186.650.236.4

73.549.524.0

116.979.152.027.1

37.820.817.0

IV r

157.485.847.238.6

71.648.023.6

118.283.054.328.7

35.218.017.3

Table 4-1-4.1:1. Equals rest-of-the-world production as shown in tables 1.5-1.6.

Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars

Merchandise exports

Foods, feeds, and beverages

Industrial supplies and materialsDurable goodsNondurable goods

Capital goods, except autos

Autos

Consumer goodsDurable goodsNondurable goods

OtherDurable goodsNondurable goods

Merchandise Imports

Foods, feeds, and beverages....

Industrial supplies and materials, excluding petroleumDurable goodsNondurable goods

Petroleum and products

Capital goods, except autos

Autos

Consumer goodsDurable goodsNondurable goods


Addenda:Exports:

Agricultural products. .Nonagricultural products

Imports of nonpetroleum products

Billions of dollars

1980

218.2

35.9

67.124.342.8

73.5

16.9

16.58.87.7

8.34.24.2

245.9

18.2

52.131.220.9

79.1

30.1

27.1

34.421.213.1

4.92.52.5

42.3175.9166.8

1981r

229.8

38.8

64.920.644.3

80.1

18.9

16.07.68.4

11.15.55.5

260.3

18.8

56.733.822.9

77.2

33.8

30.0

38.423.514.8

5.42.72.7

44.9184.8183.1


1980

III

222.9

38.4

65.923.342.7

77.6

16.5

16.08.37.7

8.44.24.2

231.5

18.2

47.527.619.9

69.1

30.0

28.1

34.320.813.5

4.22.12.1

43.8179.1162.4

IV

221.0

38.8

65.222.243.0

75.5

18.1

16.18.08.1

7.33.73.7

248.8

19.5

51.631.220.4

76.8

31.2

28.9

34.821.713.1

6.03.03.0

44.8176.2172.0

1981

I

236.3

44.9

67.622.145.5

79.1

18.5

16.67.98.6

9.74.84.8

259.1

20.5

55.432.123.3

82.8

32.0

27.0

37.123.213.9

4.32.12.1

51.5184.8176.3

II

234.2

38.8

62.921.541.4

83.4

20.8

16.47.88.6

12.06.06.0

265.3

18.7

57.435.322.0

84.3

32.1

30.6

36.922.614.3

5.32.62.6

44.9189.3181.0

III

225.1

35.8

62.419.243.2

80.2

20.2

15.87.78.2

10.75.45.3

255.8

18.1

57.734.723.0

71.3

34.6

30.6

38.323.315.1

5.22.62.6

40.7184.4184.5

IV r

223.4

35.9

66.619.547.1

77.7

16.3

15.17.08.1

11.96.06.0

261.2

18.0

56.333.123.3

70.5

36.7

31.7

41.225.116.1

6.73.43.4

42.7180.6190.7


1980

92.2

15.3

23.78.6

15.1

34.7

6.8

8.33.84.5

3.51.81.8

74.0

6.7

17.310.27.1

6.9

14.7

10.9

15.510.94.7

2.01.01.0

18.074.167.1

i98r

89.0

15.7

22.17.0

15.1

32.3

6.6

7.93.14.8

4.32.12.1

78.4

7.3

19.011.37.7

5.9

17.1

10.4

16.611.35.3

2.11.11.1

18.270.772.5


1980

III

93.5

16.4

23.58.3

15.2

35.6

6.5

7.93.64.4

3.51.81.8

70.5

6.6

15.68.96.7

5.8

14.4

11.2

15.210.54.7

1.7.8.8

18.774.864.7

IV

89.0

15.2

23.07.8

15.2

33.1

6.8

7.93.44.6

3.01.51.5

73.4

7.0

16.910.06.9

6.2

14.8

10.8

15.210.74.5

2.41.21.2

17.771.367.1

1981

I

92.4

17.1

23.17.6

15.5

33.3

6.8

8.33.35.0

3.81.91.9

74.5

7.4

18.410.67.8

6.3

15.3

9.8

15.711.24.4

1.7.8.8

19.772.768.2

II

91.0

15.1

21.47.3

14.1

34.1

7.3

8.33.25.1

4.72.32.3

77.3

7.0

19.111.77.4

6.2

16.1

10.8

16.011.05.0

2.11.01.0

17.673.471.0

III

86.6

15.0

21.26.5

14.7

31.6

6.9

7.83.14.7

4.12.12.1

79.1

7.1

19.411.67.8

5.6

17.7

10.6

16.611.05.5

2.11.01.0

17.069.673.5

IV r

85.8

15.7

22.86.7

16.1

30.0

5.4

7.42.84.6

4.62.32.3

83.0

7.6

19.211.37.9

5.7

19.2

10.4

18.112.06.2

2.71.41.4

18.667.277.3



Table 5.1.—Gross Saving and Investment

Gross saving

Gross private savingPersonal savingUndistributed corporate profits

with IVA and CCAdjUndistributed profitsIVACCAdj

Capital consumption allowanceswith CCAdj'

CorporateNoncorporateWage accruals less disbursements ...

Government surplus ordeficit ( - ), NIPA's

FederalState and local

Capital grants received by theUnited States (net)

Gross investment

Gross private domestic investment..Net foreign investment

Statistical discrepancy

Billions of dollars

1980

401.9

432.9101.3

44.3107.2

-45.7-17.2

175.4111.8

0

— 32.1-61.2

29.1

1.1

401.2

395.35.9

-.7

1981 r

455.9

480.4107.6

51.192.7

-27.7-13.9

197.7123.9

0

— 25.6-62.3

36.7

1.1

454.7

450.54.2

-1.2


1980

III

402.0

44P.5111.4

428102.4

— 41 7-17^9

178.4113 4

'.5

— 45 6-74^2

28.6

1.1

405.0

377.127.8

3.0

IV

406.7

436.497.6

40.4106.6

— 48 4-1?!8

183.2115.8

— .5

— 30 8-67^9

37.1

1.1

400.1

397.72.3

-6.6

1981

I

442.6

451.188.9

55.7109.6

— 39 2-U.I

187.5119 0

o'

— 9 7-46^6

36.9

1.1

446.0

437.18.8

3.4

II

465.3

475.3106.6

52090.6

— 24 0-14^7

194.6122 1

o'

— 112-47^2

36.1

1.1

458.3

458.6— 2

-6.9

III

469.4

486.2106.9

52.891.5

— 25 3-13^4

201.1125 4

o'

— 17 9-55/7

37.8

1.1

469.6

463.06.5

.2

IV r

446.5

508.9128.0

44.179.2

— 22.3-12^8

207.7129.1

0

— 63.5-99^5

36.0

1.1

444.8

443.31.5

-1.6

Table 5.10-5.11.—Inventories and Final Sales of Business in Currentand Constant Dollars

Table 5.8-5.9.—Change in Business Inventories by Industry in Currentand Constant Dollars

Change in business inven-tories

FarmNonfarm

Change in book valueIVA1

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goodsNondurable goods


Change in business inven-tories

FarmNonfarm

Change in book valueIVA1







Billions of dollars

1980

-5.9

-1.2-4.749.3

-54.0

-2.1-.5

-1.61.0.8.2

1.51.1

.4-.5-.3-.2

-4.4-4.4

08.1.8

1981 r

16.2

2.413.845.4

-31.6

5.23.61.64.83.81.05.23.71.5

-.4.2

-.53.303.2

5-.1

.5


1980

III

-16.0

-3.7-12.3

36.5-48.8

-12.6-4.4-8.2-1.9-.8

-1.03.7

_ 4-41-5.6-.5

-5.12.9

-3.05.9-.8-.2-.6

IV

-17.4

-3.4-14.0

42.4-56.4

-9.7-1.6-8.1

.62.0

-1.4.7

2.5-1.8-.1-.5

.4-4.5

.5-4.9-.4_ 2-.2

1981

I

4.5

-2.46.8

52.7-45.9

15.06.28.9

.4-.91.3

-3.8-1.0-2.7

4.2.2

4.0-9.4-9.3-.1

.8-.1

.9

II

23.3

1.821.547.8

-26.3

2.0.6

1.47.56.31.29.76.43.3

-2.2-.1

-2.114.411.72.7

-2.4-.1

-2.3

III

27.5

4.423.151.7

-28.6

10.812.1

-1.3.6

5.4-4.8

4.64.0.6

-4.01.4

-5.410.01.28.81.7

-.11.7

IV r

9.4

5.63.7

29.5-25.8

-6.9-4.4-2.510.74.66.2

10.35.44.9

.4-.81.3

-1.8-3.4

1.61.7-.11.8


-2.9

-.5-2.4

-1.0-.1-.9

.5

.50

.6

.6

.1-.2-.10

-2.2-2.2

.1

.30

.2

7.1

1.25.9

2.11.5

.62.21.6

.72.21.5.7

0.1

01.501.5.1

0.1

-5.0

-1.8-3.1

-5.2-1.8-3.4

.9-.21.11.902.0

-1.1-.2-.91.3

-1.73.0-.1-.10

-7.2

-1.5-5.6

-3.6-.7

-2.80

.7-.8

.31.0

-.7-.3-.3-.1

-1.9.4

-2.3-.2-.1-.1

-1.4

-1.1-.3

4.62.52.1

-1.0-.9-.1

-1.6-1.0-.7

.7

.1

.6-4.3-4.7

.5

.40

.4

10.8

.99.9

.9

.4

.53.02.8

.23.22.8

.4-.30-.26.95.81.1

-.90-.9

14.9

2.212.8

5.45.2

.22.72.3

.42.71.71.00

.6-.64.5

.44.1

.20

.2

4.2

2.91.3

-2.4-2.0-.44.32.12.24.62.52.1-.2-.4

.1-1.1-1.6

.4

.60

.6

Inventories l

NonfarmDurable goodsNondurable goods

ManufacturingDurable goods •• ••Nondurable goods





Other

Final sales 2

Final sales of goods and structures

Ratio' Inventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods

and structures

FarmNonfarm


ManufacturingDurable goodsNondurable goods . •- .


Merchant wholesalersDurable goods • •Nondurable goods



Other

Final sales2

Final sales of goods and structures

Ratio' Inventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods

Billions of dollars

Seasonally adjusted quarterly totals

1980

III

765.892.6

673.2379.9293.4

335.3215.5119.8

146.389.057.3

116.774.042.729.615.014.6

127.358.169.364.3

187.2117.0

4.093.60

5.75

IV

785.492.6

692.8393.7299.1

344.2222.5121.8

151.792.659.1

120.777.243.531.015.415.6

130.360.869.566.5

194.1121.9

4.053.57

5.68

1981

I

796.986.9

710.0397.8312.2

355.2226.9128.2

155.794.361.4

121.878.243.533.916.117.8

129.858.771.169.4

201.4127.6

3.963.53

5.56

II

811.386.7

724.6408.8315.8

363.2231.8131.3

158.897.661.2

125.381.244.133.516.417.1

132.661.271.470.0

202.2126.5

4.013.58

5.73

III

825.685.1

740.5422.7317.8

369.7239.9129.8

160.6100.760.0

128.083.744.232.616.915.7

139.264.075.271.0

207.5128.9

3.983.57

5.74

IV r

834.484.9

749.5427.7321.8

372.0242.2129.8

164.3103.061.4

131.386.145.233.116.916.2

140.364.176.272.9

210.3129.5

3.973.56

5.79


342.3

43.4299.0179.9119.1

145.999.046.8

64.742.522.253.335.318.111.37.24.1

65.130.234.823.4

103.964.7

3.292.88

4.62

340.6

43.0297.6179.9117.6

145.098.946.1

64.742.722.053.435.517.911.27.14.1

64.630.334.223.4

105.465.9

3.232.82

4.51

340.2

42.7297.5179.2118.3

146.199.546.6

64.442.422.053.035.317.711.47.14.3

63.529.234.423.4

107.367.9

3.172.77

4.38

342.9

42.9300.0181.4118.6

146.399.646.8

65.243.122.053.836.017.811.37.14.2

65.230.634.623.2

105.966.2

3.242.83

4.53

346.6

43.5303.2183.3119.8

147.7100.946.8

65.843.722.154.536.418.111.47.34.1

66.430.735.723.3

105.965.9

3.272.86

4.60

347.7

44.2303.5183.0120.5

147.1100.446.7

66.944.222.755.637.018.611.37.24.1

66.130.335.823.4

105.265.1

3.312.89

4.66

Table 5.10-5.11:1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories

calculated from current-dollar inventories in this table is not the current-dollar change in busi-ness inventories (CBI) component of GNP. The former is the difference between two inventorystocks, each valued at their respective end-of-quarter prices. The latter is the change in the physi-cal volume of inventories valued at average prices of the quarter. In addition, changes calculatedfrom this table are at quarter rates, whereas CBI is stated at annual rates. Quarter-to-quarterchanges calculated from the constant-dollar inventories shown in this table are at quarterlyrates, whereas the constant-dollar change in business inventories component of GNP is stated atannual rates.

2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product ofhouseholds and institutions, government, and rest-of-the-world and includes a small amount offinal sales by farms.

Table 5.8-5.9:1. The IVA shown in this table differs from that which adjusts business income. The IVA in

this table reflects the mix of methods (first-in-first-out, last-in-first-out, etc.) underlying bookvalue inventories derived primarily from Census Bureau Statistics. The mix differs from that un-derlying business income derived primarily from Internal Revenue Service statistics.



Table 6.4.—National Income Without Capital Consumption Adjustmentby Industry

Table 7.1-7.2.—Implicit Price Deflators and Fixed-Weighted PriceIndexes, 1972 Weights, for Gross National Product

National incomewithout CCAdj

Domestic industries

Private industries

Agriculture, forestry,and fisheries

MiningConstruction


Transportation andpublic utilities

TransportationCommunicationElectric, gas, and

sanitary services

Wholesale tradeRetail tradeFinance, insurance, and

real estateServices

Government and govern-ment enterprises

Rest of the world

Billions of dollars

1980

2,180.4

2,130.8

1,829.1

62.837.0

108.4

527.2311.5215.7

174.380.050.1

44.3

133.8180.0

290.8314.8

301.7

49.7

1981 r

2,407.7

2,353.2

2,023.8

67.344.6

114.9

585.3350.6234.7

193.785.356.1

52.4

151.1200.8

312.6353.3

329.4

54.4


1980

III

2,183.1

2,132.6

1,830.1

62.136.0

106.6

517.6305.7211.9

179.379.950.9

48.5

131.4183.6

294.3319.1

302.5

50.5

IV

2,265.6

2,217.1

1,903.1

63.440.9

111.6

548.1329.2218.9

180.982.554.0

44.4

139.6186.6

304.0327.9

314.0

48.6

1981

I

2,350.2

2,297.9

1,977.2

61.442.5

116.4

577.2346.4230.9

187.584.753.9

48.9

146.6197.1

308.1340.4

320.7

52.3

II

2,381.1

2,330.7

2,005.4

65.841.0

114.1

586.3354.9231.4

190.885.354.4

51.2

148.5200.1

309.9348.7

325.3

50.4

III

2,437.6

2,382.0

2,051.3

70.346.1

113.8

596.6355.0241.6

195.585.456.7

53.5

153.6204.2

313.7357.5

330.8

55.6

IV r

2,461.7

2,402.2

2,061.1

71.748.8

115.2

581.1346.2234.9

201.185.659.5

56.0

155.8201.9

318.6366.8

341.0

59.6

Table 6.20.—Corporate Profits by Industry

Corporate profitswith IVA andCCAdj

Domestic industriesFinancialNonfinancial

Rest of the world

Corporate profitswith IVA

Domestic industries

FinancialFederal Reserve Banks...Other

NonfinancialManufacturing

Durable goodsPrimary metal in-

dustriesFabricated metal

Machinery, exceptelectrical

Electric and elec-tronic equipment..

Motor vehicles andequipment

Other

Nondurable goodsFood and kindred

productsChemicals and

allied productsPetroleum and coal

productsOther

Transportation andpublic utilities

Wholesale and retailtrade

Other

Rest of the world

Billions of dollars

1980

182.7

151.5279

123.6

31.1

199.8

168.7

30.611.918.7

138.174.520.9

3.1

3.9

63

5.3

-4.365

53.7

7.3

7.5

24614.3

18.5

20.924.1

31.1

1981 r

192.1

167.921.1

146.9

24.2

206.0

181.7

24.414.59.9

157.4

24.2


1980

III

177.9

147.025.8

121.2

30.9

195.9

165.0

28.711.317.4

136.268.519.4

.7

3.9

6.2

5.5

-4.88.0

49.1

5.7

7.0

22.214.2

22.5

20.424.8

30.9

IV

183.3

155.627.4

128.2

27.7

201.0

173.4

30.512.018.5

142.976.225.8

3.8

4.8

6.1

5.3

-.86.6

50.4

8.6

8.1

19.913.8

18.8

22.625.2

27.7

1981

I

203.0

177.625.5

152.1

, 25.4

217.7

192.3

28.613.515.1

163.790.431.5

5.1

4.1

8.7

8.4

-1.66.8

58.9

10.4

10.1

21.616.8

20.8

27.525.1

25.4

II

190.3

167.621.0

146.5

22.8

205.1

182.3

24.314.310.1

158.084.431.9

3.8

4.6

8.2

6.2

2.76.3

52.5

9.5

8.3

19.615.1

20.0

28.425.1

22.8

III

195.7

171.119.2

152.0

24.5

209.1

184.6

22.715.27.5

161.985.126.0

3.7

4.7

8.6

6.6

-2.24.7

59.0

8.9

8.5

26.415.2

21.6

30.125.2

24.5

IV r

179.5

155.518.6

136.9

24.0

192.2

168.3

22.215.27.0

146.0

24.0


Personal consumptionexpenditures


Gross private domesticinvestment


StructuresProducers' durable equipment ..

ResidentialNonfarm structuresFarm structuresProducers' durable equipment ..

Change in business inventories

Net exports of goods andservices

ExportsImports

Government purchases ofgoods and services


State and local


Personal consumptionexpenditures


Gross private domesticinvestment


StructuresProducers' durable equipment ..

ResidentialChange in business inventories

Net exports of goods andservices

ExportsImports



State and local

Addenda:Gross domestic purchases1

Final salesFinal sales to domestic purchas-

ers'

Personal consumption expendi-tures, food

Personal consumption expendi-tures, energy

Other personal consumption ex-penditures

Gross domestic productBusiness

Nonfarm

Implicit price deflators, 1972=100

1980

177.36

178.9156.0188.6178.1

194.2186.8224.7170.2218.6221.7219.9149.4

'2ii!(T290.1

184.4183.9185.6180.6184.7

1981 r

193.71

193.7166.4202.4195.2

209.2202.5246.3182.4233.3236.8235.5159.4

229.0295.5

202.7206.4208.8201.7200.3

Seasonally adjusted

1980

III

179.18

180.7157.5190.0180.3

196.4189.1229.5171.7221.9225.2223.1151.0

213.4289.7

185.1182.4185.2176.7186.7

IV

183.81

184.9160.5195.2184.3

199.9192.4233.3174.5223.3226.3224.2152.4

219.9296.4

192.8197.4196.8198.7190.0

1981

I

188.14

188.5162.3199.2188.4

203.1195.0236.2176.8228.7231.8229.6155.2

226.1303.1

196.4199.4201.2195.9194.5

II

191.06

191.5165.4200.4192.2

208.4201.4244.1182.0231.8235.0233.4158.0

228.0301.2

199.5201.9204.2197.3198.0

III

195.61

195.7168.3203.7197.6

210.9204.5249.2184.0235.4239.1237.6161.5

229.8289.8

204.2206.6208.3203.1202.8

IV r

200.10

199.3170.1206.2202.3

214.7208.9255.3186.7238.8242.9241.2163.1

232.2288.5

210.6217.2220.8210.3206.2

Fixed- weighted price indexes, 1972=100

183.3

184.3160.1195.6182.0

203.8195.5217.9182.6219.6

'217'J"302.9

190.8191.2195.1181.1190.5

188.8183.2

188.7

192.7

317.1

169.5

183.3184.5

200.4

201.0171.9212.6200.2

220.9213.6235.7200.9234.8

237.2321.1

209.1213.3218.8199.0206.2

205.9200.4

205.9

208.6

360.0

184.1

200.5201.8

185.1

186.3162.0197.3184.3

207.1198.6221.0185.8223.1

219.1308.7

192.1190.8194.9180.4193.0

190.9185.0

190.8

195.1

320.3

171.3

185.1186.7

189.7

190.8164.9202.9188.5

209.7202.0224.1189.4224.3

226.6315.5

198.2201.2205.8189.5196.2

195.4189.6

195.4

202.6

325.2

175.0

189.8190.9

194.4

195.8166.7209.5193.1

214.6206.7229.0193.9229.7

232.9324.4

202.7205.5210.0194.0200.7

200.3194.3

200.2

205.7

353.3

178.4

194.4195.7

198.1

198.9170.4211.2197.3

-----

211.8233.5199.3233.1

236.1324.8

206.9210.8216.1197.1204.3

203.8198.0

203.8

206.0

360.3

182.0

198.2199.5

202.6

202.9174.0213.5202.8

'2231'"216.1238.1203.4237.3

239.0318.6

210.6213.7219.3199.5208.6

207.8202.5

207.8

210.3

360.1

186.2

202.7204.3

206.9

206.4176.5216.2207.6

227. l"219.8241.7207.1240.9

24l'.l317.1

216.2223.1229.7206.0211.5

211.7206.8

211.8

212.5

366.2

189.9

206.9208.0

Table 7.1-7.2:1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic

purchasers equals final sales less exports plus imports.



Table 7.3.—Implicit Price Deflators for Gross National Product byMajor Type of Product

Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-DollarGross Domestic Product of Nonfinancial Corporate Business



Goods


Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal salesChange in business inventories

Services

Structures

Addenda:Gross domestic purchases l

Final sales to domestic purchas-ers l

Index numbers, 1972 = 100

1980

177.36

177.4

169.9

170.1

164.1164.5

174.2174.2

176.7

222.1

182.2

182.2

1981 r

193.71

193.6

185.8

185.3

179.7179.0

190.0189.8

193.8

239.8

197.9

197.7

Seasonally adjusted

1980

III

179.18

179.7

171.8

172.9

166.3167.0

175.7177.2

178.5

226.0

183.3

183.8

IV

183.81

184.1

176.3

177.0

169.2169.1

181.6182.8

183.2

228.5

188.4

188.7

1981

I

188.14

187.7

181.1

180.1

173.3172.9

186.7185.4

187.2

232.8

192.7

192.2

II

191.06

190.9

183.2

182.6

179.1178.2

186.1185.8

190.8

238.0

195.7

195.5

III

195.61

195.7

187.6

187.7

183.0181.4

190.9192.1

195.9

242.4

199.4

199.5

IV r

200.10

200.0

191.3

191.1

183.8184.0

196.1195.7

201.1

246.7

203.8

203.7

Table 7.4—Implicit Price Deflators for Gross National Product bySector

Gross national productGross domestic product

BusinessNonfarm

Nonfarm less housingHousing

FarmStatistical discrepancy

Households and institu-tions

Private householdsNonprofit institutions

GovernmentFederalState and local

Rest of the world

Addendum:Gross domestic business product

less housing

177 36177.41774177.01790160.9193.1177.4

189.51938189.1

173.51666176.7

175.4

179.4

19371193.71937193.81962174.9191.8193.7

207.92089207.9

189.4183.7192.0

191.9

196.0

179.18179.21795178.81808162.5205.3179.5

190.7195.0190.3

173.5163.2178.3

177.2

181.5

183.81183.81838183.11852166.4208.8183.8

196.0199.8195.7

180.5178.0181.7

182.0

185.9

188.14188.21882187.9190 1169.6200.0188.2

201.2203.4201.0

184.1179.5186.2

186.5

190.4

191.06191.1191 1190.91931172.8198.7191.1

205.7206.6205.7

186.8180.2189.8

189.2

193.3

195.61195.6195.8196.0198.4176.5190.6195.8

210.1211.0210.0

189.8180.5194.2

193.8

198.1

200.10200.1200.0200.7203.3180.3180.2200.0

214.7215.0214.7

196.8194.4198.0

198.2

202.4

Table 7.5.—Implicit Price Deflators for the Relation of Gross NationalProduct, Net National Product, and National Income

Gross national product.

Less: Capital consumption allow-ances with CCAdj

Equals: Net national product

Less:Indirect business tax and nontax

liability plus business transferpayments less subsidies pluscurrent surplus of governmententerprises


Equals: National income02.0

17736

194.8

175.4

146.4

1774

179.1

193 71

209.7

191.9

1673

1937

195.1

179 18

197.2

177.2

147 5

1795

180.9

183 81

200.0

182.0

1537

1838

185.6

188 14

202.8

186.5

1645

1882

189.3

191 06

207.8

189.2

1669

191 1

192.0

195 61

211.7

193.8

1687

195 8

197.0

200 10

216.2

198.2

169 1

2000

202.0

Table 7.3:1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic pur-

chasers equals final sales less exports plus imports.

Table 7.7:1. Equals the deflator for gross domestic product of nonfinancial corporate business with the

decimal point shifted two places to the left.

Table 7.8:1. Consists of final sales and change in business inventories of new autos produced in the

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and govern-

ment purchases.

Table 7.9:1. Includes new trucks only.

Current-dollar cost and profit perunit of constant-dollar gross do-mestic product l .

Capital consumption allowances with CCAdj ...Net domestic product

Indirect business tax and nontax liabilityplus business transfer payments lesssubsidies

Domestic incomeCompensation of employeesCorporate profits with

IVA and CCAdjProfits tax liabilityProfits after tax with IVA and CCAdj ...

Net interest

Dollars

1980

1.770

.1911.579

.1761.4031.196

.143

.073

.070

.065

1981 r

1.933

.2081.725

.2041.5201.285

.164

.066

.098

.072

Seasonally adjusted

1980

III

1.787

.1961.591

.1811.4111.203

.141

.070

.071

.067

IV

1.830

.1971.633

.1881.4441.230

.146

.075

.071

.068

1981

I

1.876

.1971.679

.1991.4801.244

.169

.076

.093

.067

II

1.904

.2041.701

.2021.4991.266

.163

.064

.098

.070

III

1.954

.2111.743

.2061.5371.295

.169

.066

.103

.073

IV r

1.999

.2221.777

.2101.5671.334

.155

.057

.097

.077

Table 7.8.—Implicit Price Deflators for Auto Output

Auto output

Final salesPersonal consumption

expendituresNew autosNet purchases of used autos

Producers' durableequipment

New autosNet purchases of used autos . .

Net exportsExportsImports


Addenda:Domestic output of new autos J

Sales of imported new autos 2


1980

155.9

155.8

169.4161.2

146.5161.3

164"7211.4167.5

161.7161.4

1981 r

166.8

167.1

186.1170.2

145.2171.1

"inJ230.8171.8

170.7170.5

Seasonally adjusted

1980

III

156.8

156.8

171.0164.5

154.9164.3

"182T219.5173.0

165.7164.5

IV

160.5

160.2

176.5164.6

140.5164.4

165.1214.1165.6

164.4164.6

1981

I

159.0

160.5

176.8164.3

137.5164.9

165.7228.0162.5

164.4164.4

II

165.9

166.0

185.4169.7

146.6170.5

168.6229.1173.6

170.0170.0

III

171.4

170.6

189.8173.6

148.5174.2

174.7231.8171.5

173.9173.8

IV r

171.3

172.9

194.8174.7

147.8175.3

178.6234.0180.1

175.1174.8

Table 7.9.—Implicit Price Deflators for Truck Output

Truck output 1

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports

ExportsImports


186.5

186.5161 2194.5

195.01764194.9

206.8

207.01706220.1

219.71955220.4

189.5

189.71644197.4

197.41800197.3

194.0

195.01647205.2

205.21864205.2

198.8

199.01643210.6

210.61853210.6

205.0

205.31699217.6

217.6191 6217.6

210.2

210.0173.7224.2

224.2201.6224.1

214.0

214.8174.6229.4

??89201.6229.4

Table 7.11.—Implicit Price Deflators for Personal ConsumptionExpenditures by Major Type of Product

Personal consumption expenditures

Durable goodsMotor vehicles and partsFurniture and household equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilOther nondurable goods


ServicesHousingHousehold operation


TransportationOther

178.9

1560167.1143.6161 7

188.6190.51343339.41875471.4170.1

178.11656181.523941463184.31870

193.7

166.4181.5151.61703

202.4206.9138.6376.0204 1574.0184.8

195.2180.2201.92725160.7199.02059

180.7

157.5168.8144.81644

190.0193.0134.5338.61906476.6172.1

180.3167.3185.62456147.9189.7188.4

184.9

160.5173.2146.5167.3

195.2200.3136.5343.7193.4484.5175.8

184.3171.3188.2250.9150.2192.4193.1

188.5

162.3174.0148.6168.1

199.22037137.0376 3198.1559.41793

188.4174.7192.3258.3153.81940198.5

191.5

165.4180.6150.9169.7

200.4204.2137.8379.0203.0582.8183.5

192.2178.1197.7265.5157.7197.0202.5

195.7

168.3184,6152.9170.2

203.7208.7139.63704206.2575.3186.7

197.6182.02062280.31629201.42083

199.3

170.1188.0154.2173.1

206.2211.11399378.42090579.1189.9

202.31859211,228541680203.8?,U?,



Table 7.14B.—Implicit Price Deflators for Government Purchases ofGoods and Services by Type

Table 7.17.—Implicit Price Deflators for Merchandise Exports andImports by Type of Product and by End-Use Category


Federal

National defenseDurable goodsNondurable goodsServices

Compensation ofemployees

MilitaryCivilian


NondefenseDurable goodsNondurable goodsServices

Compensation ofemployees


State and localDurable goodsNondurable goodsServices .

Compensation of employees...Other services

Structures


1980

184.4

183.9

185.6179.1441.5174.6

164.7160.9170.2194.0198.3

180.6167.5

176.9

170.0185.4207.7

184.7169.7191.7179.4176.7187.5220.8

1981 r

202.7

206.4

208.8204.1490.5195.3

183.2182.2184.6217.0216.4

201.7192.8

193.0

184.7203.9223.4

200.3182.3208.1196.0192.0207.9233.6


1980

III

185.1

182.4

185.2182.6451.6172.9

161.1156.8167.3195.9199.6

176.7168.6

176.6

167.2187.7211.0

186.7170.6194.7181.3178.3190.2224.7

IV

192.8

197.4

196.8184.8465.1185.8

176.9174.5180.3203.0203.1

198.7175.2

185.9

180.2192.8214.2

190.0175.0198.2184.7181.7193.5226.3

1981

I

196.4

199.4

201.2193.7476.1188.9

178.4176.0181.8208.5207.1

195.9186.6

"'l89".l'

181.8198.1218.9

194.5178.4202.3189.2186.2198.1231.3

II

199.5

201.9

204.2199.2481.0190.6

178.9176.4182.6212.2214.0

197.3189.3

191.1

182.6201.9222.2

198.0181.0205.8193.4189.8203.9233.5

III

204.2

206.6

208.3208.8495.6193.8

179.2176.5183.1220.0217.6

203.1194.5

192.9

183.1206.3225.0

202.8183.6211.5198.8194.2212.4235.0

IV r

210.6

217.2

220.8213.5508.2207.3

196.0199.6190.8226.1226.1

210.3202.9

199.2

191.2210.4227.9

206.2186.5212.7202.8198.0217.0234.9

Table 7.16.—Implicit Price Deflators for Exports and Imports of Goodsand Services

Exports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor incomeOther

Imports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor incomeOther .


1980

211.0

236.7229.7247.2

176.5175.3179.0

290.1

332.3235.4507.2

201.1175.3225.5

1981 r

229.0

258.3259.5256.6

192.5192.0193.6

295.5

331.9242.1500.0

218.5191.9247.9


1980

III

213.4

238.5233.1246.4

178.4177.2180.6

289.7

328.4237.0498.6

205.2177.2228.3

IV

219.9

248.4242.6256.8

182.8182.0184.2

296.4

339.1243.9514.2

208.1182.0234.0

1981

I

226.1

255.7250.2263.1

187.0186.5187.9

303.1

348.0244.0533.2

213.0186.5239.9

II

228.0

257.4256.6258.5

190.0189.2191.7

301.2

343.4243.7532.8

215.7189.2245.9

III

229.8

260.0264.4253.8

194.3193.8195.5

289.8

323.4241.8480.1

219.4193.8250.8

IV r

232.2

260.3268.1250.8

198.6198.2199.4

288.5

314.8239.4457.5

226.4198.2255.8

Table 7.21:1. Inventories are as of the end of the quarter.2. Business final sales equals final sales less gross product of households and institutions, gov-

ernment, and rest of the world.

Merchandise exports

Foods, feeds, and beveragesIndustrial supplies and

materialsDurable goodsNondurable goods

Capital goods, except autosAutosConsumer goods



Merchandise imports

Foods, feeds, and beveragesIndustrial supplies and

materials, excludingpetroleum


Petroleum and productsCapital goods except autosAutosConsumer goods



Addenda:Exports:

Agricultural productsNonagricultural products

Imports of nonpetroleumproducts


1980

236.7

235.1

282.9282.9282.9212.2249.7199.5231.1172.6235.9235.9235.9

332.3

270.1

301.1306.6293.2

1,153.8205.4248.5221.2195.0282.4246.2246.2246.2

234.5237.2

248.4

1981 r

258.3

246.9

293.2293.2293.2248.2286.5200.9244.0173.1258.4258.4258.4

331.9

259.2

298.0298.9296.7

1,298.0198.4288.0231.3208.3280.5251.8251.8251.8

246.4261.3

252.6


1980

III

238.5

234.1

280.5280.5280.5217.9255.0201.7232.2176.9238.5238.4238.7

328.4

276.0

303.8309.3296.5

1,191.6208.1252.3226.2198.1289.1249.1249.3248.8

234.0239.6

251.1

IV

248.4

255.4

283.1283.1283.1228.1267.3202.9238.9176.4248.4248.5248.2

339.1

277.3

305.9311.0298.3

1,231.0210.4267.4228.5202.8289.0254.2253.9254.4

253.5247.1

256.2

1981

I

255.7

263.1

292.6292.5292.6237.5270.6199.2237.4173.5255.8255.8255.8

348.0

277.0

300.3301.4298.9

1,319.8209.6277.4236.7206.5312.9258.4258.0258.7

261.8254.1

258.6

II

257.4

256.2

293.4293.4293.4244.3282.9197.7242.8169.2257.2257.2257.2

343.4

268.1

301.1302.3299.2

1,349.3199.7282.7230.8206.1284.8254.4254.6254.2

254.3258.1

254.9

III

260.0

239.1

294.2294.2294.2254.0292.5202.4248.4172.5260.0259.8260.1

323.4

254.4

297.5298.7295.7

1,268.4195.2288.2231.5210.9272.4250.8251.0250.6

239.3265.0

251.1

IV r

260.3

228.0

292.6292.6292.6258.6303.9204.6248.5177.5260.4260.5260.3

314.8

238.2

293.2293.2293.1

1,246.5191.2303.3227.1209.6260.9246.6246.6246.6

229.1269.0

246.7

Table 7.21.—Implicit Price Deflators for Inventories and Final Sales ofBusiness

Inventories l

FarmNonfarm







Other

Final sales2

Final sales of goods and struc-tures


1980 1981 r


1980

III

223.7

213.6225.2211.2246.3

229.9217.6255.9

226.2209.5258.1218.7209.6236.6261.2208.9351.9

195.7192.0199.0274.6

180.1

180.7

IV

230.6

215.4232.8218.8254.3

237.5225.1264.1

234.7217.2268.5226.0217.4243.0275.8216.1379.0

201.8200.4203.0284.7

184.1

184.9

1981

I

234.3

203.6238.6222.0263.8

243.1228.0275.0

241.7222.2279.2229.7221.7245.8297.0224.8417.8

204.3201.3206.8295.9

187.6

188.1

II

236.6

202.0241.5225.4266.3

248.2232.8280.9

243.7226.3277.8232.9225.7247.4295.1229.3406.3

203.2199.9206.0301.6

190.9

190.9

III

238.2

195.9244.3230.5265.3

250.3237.8277.2

244.0230.4270.8234.9230.0244.9287.4232.3386.1

209.7208.3210.9305.1

195.9

195.6

IV

240.0

192.1247.0233.8267.0

252.9241.3277.9

245.6232.9270.4236.1232.5243.2292.7234.9394.0

212.3211.6212.8311.2

199.9

199.1



Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price Deflator, andPrice Indexes

Gross national product:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted prive index

Personal consumption ex-penditures:

1972 dollarsImplicit price deflatorChain price index

Durable goods:

1972 dollarsImplicit price deflators

F' H fit A ' ' i\

Nondurable goods:

1972 dollarsImplicit price deflator

Fixed-weighted price index

Services:

1972 dollarsImplicit price deflatorChain price index

Gross private domesticinvestment:

Current dollars1972 dollars

Fixed investment:

1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index

Nonresidential:

1972 dollarsImplicit price deflatorChain price indexFixed- weigh ted price index

Structures:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Producers' durableequipment:

Current dollars1972 dollarsImplicit price deflator

Fixed- weigh ted price index

Residential:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Exports:Current dollars1972 dollarsImplicit price deflator

Fixed-weighted price index

Imports:Current dollars1972 dollarsImplicit price deflator

Percent

1980

8.8_ 29^08.69.6

10.7.5

10.210.611.0

-.2-7.4

7.78.48.4

12.21.1

11.012.012.4

12.82.69.9

10.210.4

-4.9-12.5

.7-7.1

8.510.010.1

5.8-3.0

9.110.310.6

13.0-.113.111.911.8

2.0-4.2

6.59.59.8

-11.3-18.6

9.09.39.3

20.89.6

10.210.110.3

18.1-.1182

1981 r

11.42.09.29.39.4

11.12.58.39.09.1

9.52.66.77.27.4

10.02.57.38.58.7

12.42.69.69.9

10.0

14.05.5

8.3.5

7.78.48.4

11.12.58.49.09.3

15.55.49.68.68.2

8.61.37.29.2

10.1

.2-6.1

6.77.06.9

8.1-.48.69.39.3

7.95.91 9

Percent at annual rates

Seasonally adjusted

1980

III

11.82.49.29.39.0

14.35.18.89.59.5

32.921.7

9.28.89.7

6.3-1.8

8.39.49.2

17.06.4

10.09.99.9

-13.3-10.0

10.52.18.39.79.7

6.0-1.5

7.610.010.2

-4.0-15.3

13.38.38.1

12.35.36.6

11.011.6

25.716.08.48.98.8

11.4_ 21L611.511.5

-21.2-20.4-1 0

IV

14.93.8

10.710.510.4

17.47.09.7

10.110.1

30.921.28.07.87.4

18.56.3

11.511.811.8

13.13.79.19.39.3

23.711.1

24.215.77.45.35.2

11.54.07.26.37.0

16.59.06.96.45.8

8.71.96.66.37.9

68.564.2

2.62.12.1

4.4-7.412.814.714.5

37.825.896

1981

I

19.28.69.89.8

10.2

14.25.88.0

10.310.9

29.724.14.54.74.5

13.44.68.4

12.513.6

10.91.49.39.9

10.1

45.924.2

18.010.86.59.49.7

19.613.35.69.19.5

22.316.64.99.79.0

18.011.85.58.89.9

14.03.6

10.010.110.1

27.013.611.811.611.7

20.510.393

II

4.7-1.6

6.47.77.9

4.3-2.1

6.56.56.5

-17.2-23.3

7.98.29.1

5.32.72.53.33.3

10.11.68.38.79.0

21.116.1

2.5-7.610.98.98.7

11.4-2.113.910.110.3

21.86.7

14.18.58.1

5.6-5.912.311.011.8

-19.2-23.4

5.56.06.0

.9-2.3

3.45.05.6

11.514.224

III

11.41.49.9

10.09.5

12.53.39.08.78.2

16.68.67.38.28.9

9.02.16.85.24.4

14.62.6

11.611.911.9

3.93.3

.3-4.4

4.97.88.0

13.66.96.27.98.3

17.88.48.78.88.1

11.16.34.57.38.5

-32.1-36.2

6.47.57.5

-.3-3.5

3.35.35.0

-9.75.5

144

IV

4.6-4.5

9.58.68.6

5.3-2.2

7.77.47.2

-15.5-18.9

4.25.95.7

4.9-.15.05.05.1

11.71.79.9

10.09.8

-16.0-24.7

-1.5-8.3

7.56.86.7

-5.8-2.9

8.96.97.0

20.19.2

10.07.56.2

-2.5-8.0

6.06.67.5

-22.9-27.1

5.86.26.3

-2.6-6.5

4.23.93.4

2.64.51 8

Chain price indexFixed-weighted price index

Government purchases of goods andservices:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Federal:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

National defense:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weigh ted price index

Nondefense:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

State and local:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Addenda:

Gross Domestic Purchases:Current dollars1972 dollars

Chain price index

Final sales:Current dollars1972 dollarsImplicit price deflatorChain price index

Final sales to domesticpurchasers:

1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Gross domestic product:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Business:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Nonfarm:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weigh ted price index

Disposable personalincome:


Percent

1980

25.224.0

12.92.99.79.7

11.1

18.56.3

11.411.013.1

18.45.7

12.011.814.3

18.67.5

10.39.4

10.0

9.81.08.79.09.7

8.4-1.1

9.710.310.8

9.8.7

9.08.69.6

9.5-.29.7

10.310.9

8.7-.29.08.69.6

8.5-.59.18.79.8

9.1-.49.6

11.0.7

1981 r

6.66.0

10.6.6

9.99.49.6

15.73.1

12.211.011.6

17.24.2

12.511.912.2

12.91.1

11.79.49.9

7.5-.98.58.58.2

11.42.68.69.09.0

10.51.39.19.39.4

10.51.98.59.09.1

11.42.09.29.39.4

11.72.39.29.39.4

11.82.19.5

10.72.2

Percent at annual rates

Seasonally adjusted

1980

III

11.913.1

2.6-5.0

8.08.58.1

-7.5-13.1

6.47.56.5

8.4-.18.67.27.1

-32.2-33.1

1.38.25.0

9.1.3

8.89.19.1

7.3.8

6.59.39.3

15.94.1

11.39.39.0

11.22.58.59.39.2

11.62.29.29.39.0

12.32.39.79.99.6

11.63.18.3

13.34.1

IV

9.69.0

20.22.2

17.612.813.3

40.22.0

37.422.923.6

35.05.9

27.523.624.4

51.2-5.359.721.421.6

9.72.37.27.26.8

18.96.6

11.59.9

10.0

15.04.4

10.210.610.4

19.07.2

10.99.9

10.0

15.64.4

10.710.510.4

15.45.09.99.79.3

17.66.9

10.0

12.82.9

1981

I

12.611.8

13.55.47.79.29.3

19.314.84.09.38.8

10.41.19.38.78.4

38.946.8

-5.410.49.9

10.0.2

9.89.29.7

18.48.19.49.9

10.2

15.56.98.09.8

10.3

14.66.47.79.9

10.3

18.98.39.89.8

10.2

20.39.59.9

10.010.5

19.37.7

10.8

11.23.0

II

.6

.4

.6-5.6

6.58.18.6

-3.7-8.4

5.19.1

10.6

8.72.65.9

10.212.2

-24.4-26.4

2.87.06.5

3.3-3.8

7.57.57.2

6.0-.36.37.27.3

2.0-4.7

7.07.77.9

3.2-3.6

7.17.27.3

5.1-1.2

6.47.77.9

4.8-1.4

6.37.98.2

5.8-.66.5

8.01.4

III

-5.9-7.4

8.2-1.5

9.98.77.4

13.13.19.76.15.8

16.97.98.37.76.0

5.4-6.112.32.95.1

5.3-4.2

9.910.48.6

10.22.37.88.68.0

10.9.3

10.510.09.5

9.71.28.48.68.0

10.8.9

9.910.09.5

11.61.2

10.310.49.9

10.2-.911.2

11.82.6

IV r

-1.3-1.9

24.510.213.011.110.9

56.728.222.218.418.6

47.016.326.420.720.5

78.955.714.913.613.5

7.1.1

6.96.85.8

5.3-3.6

9.28.07.9

7.2-1.8

9.18.78.6

7.9-.78.78.17.9

4.1-4.9

9.58.68.6

2.4-5.9

8.87.87.5

2.9-6.4

9.9

9.41.6

NOTE. — The implicit price deflator for GNP is a weighted average of the detailed price indexes used in the deflation of GNP. In each period, the weights are based on the composition of constant-dollar output in that "period. In other words, the price index for each item (1972=100) is weighted by the ratio of the quantity of the item valued in 1972 prices to the total output in 1972 prices.Changes in the implicit price deflator reflect both changes in prices and changes in the composition of output. The chain price index uses as weights the composition of output in the prior period, andtherefore reflects only the change in prices between the two periods. However, comparisons of percent changes in the chain index also reflect changes in the composition of output. The fixed-weightedprice index uses as weights the composition of output in 1972. Accordingly, comparisons over any time span reflect only changes in prices.

369-912 O - 82 - 3


18 SURVEY OF CURRENT BUSINESS

Reconciliation and Other Special Tables

Table 1.—Relation of Net Exports of Goods and Services in the National Income and ProductAccounts (NIPA's) to Balance on Goods and Services in the Balance of Payments Accounts(BPA's)

[Billions of dollars, seasonally adjusted at annual rates]

March

Exports of goods and services BPA'sLess- Gold BPA's

Capital gains net of losses in direct investment income receiptsStatistical differences 1

Other items •.Equals' Exports of goods and services NIPA's

Less' Payments of income on U S Government liabilitiesGold BPA'sCapital gains net of losses in direct investment income paymentsStatistical differences 1

Other itemsPlus- Gold NIPA'sEquals' Imports of goods and services NIPA's

Balance on goods and services BPA's (1—7)Less- Gold (2-9+13) .•

Capital gains net of losses in direct investment income (3-10)Statistical differences (4-11). .. .Other items (5-12)

Plus' Payments of income on US Government liabilities (8)Equals' Net exports of goods and services NIPA's (6—14)

123456

789

1011121314

15161718192021

I

377.45.51.52.6

.4367.4

357.915.83.8

.2

.4

4338.2

19.42.11.32.3

.415.8292

19

II

380.05.12.93.3

.4368.2

369.017.04.1-.21.2

6347.5

10.91.53.12.1

.417.0208

81

III

376.24.4-.94.2

.4368.0

360.317.145-.71 4

6338.7

15.9.6

-.22.9

417.1293

IV

370.525

-2.34 2

.43656

363317.137

.21 4

0341.0

7.1-1.1-2.5

2.94

17.1247

1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the NIPA's.

Table 2.—High-Employment Federal Receipts and Expenditures[Seasonally adjusted at annual rates]

1981

Receipts

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax ac-

crualsContributions for social insurance

Expenditures

Transfer paymentsGrants-in-aid to State and local gov-

ernmentsAll other expenditures

Surplus or deficit ( — ), nationalincome and product accounts..

Billions of dollars

I

650.2

301.779.2

61.6207.7

651.4

261.1

89.4300.9

-1.3

II

663.3

316.771.7

63.9211.1

652.8

264.3

88.7299.8

10.6

III

684.7

332.074.5

63.2214.9

680.4

283.8

84.5312.2

4.3

IV

688.3

333.871.7

61.9220.9

712.2

286.0

82.8343.5

-24.0

Billions of dollars: Change frompreceding period

I

36.7

8.3-3.2

11.220.4

21.1

3.5

-1.719.4

15.5

II

13.1

15.0-7.5

2.33.4

1.4

3.2

-.7-1.1

11.9

III

21.4

15.32.8

-.73.8

27.6

19.5

-4.212.4

-6.3

IV

3.6

1.8-2.8

-1.36.0

31.8

2.2

-1.731.3

-28.3

Percentage of potential GNP

I

21.9

10.22.7

2.17.0

22.0

8.8

3.010.1

0

II

21.9

10.42.4

2.17.0

21.5

8.7

2.99.9

.3

III

21.9

10.62.4

2.06.9

21.8

9.1

2.710.0

.1

IV

21.4

10.42.2

1.96.9

22.1

8.9

2.610.7

-.7

Percentage of potential GNP: Changefrom preceding period

I

0.6

0-.2

.3

.5

.1

-.2

-.2.3

.6

II

0

.2-.3

00

-.5

-.1

-.1-.2

.3

III

0

.20

-.1-.1

.3

.4

-.2.1

-.2

IV

-0.5

-.2-.2

-.10

.3

-.2

-.1.7

-.8

NOTE.—These estimates are not comparable with those previously published in the SURVEY OF CURRENT BUSINESS due to changes in the procedures to calculate the high-employment budget.Revised historical estimates will be published in the April 1982 SURVEY.


By CHARLES A. WAITE and JOSEPH C. WAKEFIELD

Federal Fiscal Programs

THE fiscal year 1983 budget, re-leased in early February, broadensthe redirection of fiscal policy begunlast year by the administration. Themain features of the new budget are:

• A rapid increase in national de-fense spending;

• A decline in nondefense spendingother than for entitlement programsand net interest;

• Adherence to the tax reductionspassed by Congress last year, al-though some increases in corporationincome taxes and user fees are pro-posed.

National defense spending increases18 percent in 1983 (roughly 10.5 per-cent in real terms, according to theadministration). Increases are pro-vided for virtually all weapons proj-ects under way; there are few, if any,new projects in the budget. Major em-

phasis is on improving the combatreadiness and training of forces, re-moving the backlog of required main-tenance of ships and aircraft, andmodernizing nuclear weapons and de-livery systems.

Nondefense spending other than forentitlements and net interest declines24 percent. The administration's pro-posed program reductions more thanaccount for the decline. Major de-clines occur in employment and train-ing, transportation, and education.Entitlements increase 5 percent, sig-nificantly below their recent rate ofincrease; the 1983 increase is limitedby proposed program reductions. (See"Entitlement Programs/' on page 25.)Net interest increases 16 percent, re-flecting large deficits and double-digitinterest rates.

CHART 5

Federal Fiscal Position: Surplus or DeficitBillion $

-30

-60

-90

-120

High Employment, NIPA

J_ I J_ I1973 74 75 76 77 78 79

Fiscal Year* Estimates from Office of Management and Budget, and BEA.


80 81 82* 83*

The Economic Recovery Tax Act of1981 (ERTA), passed by Congress lastsummer, is an integral part of the ad-ministration's economic program.This act provided major reductions inindividual income tax rates and sub-stantial depreciation write-offs for

Table 1.—Economic Assumption Underlyingthe Fiscal Year 1983 Budget

Gross national product:


Incomes:

Personal incomeWages and salaries

Corporate profits beforetaxes . . .

GNP in current dollars:Annual averageFourth quarter

GNP in 1972 dollars:

Annual averageFourth quarter

GNP deflator:


Consumer Price Index:


Unemployment rate:


Insured unemploymentrate: l


Interest rate, 91-day Treas-ury bills 2 . . . .

Calendar year

Actual

1980 1981

Estimates

1982 1983

Billions of dollars

2,6261,481

2,1601,344

246

2,9221,510

2,4041,483

230

3,1601,513

2,6411,605

215

3,5241,591

2,8871,747

260

Percent change from precedingyear

8.89.4

-.2-.3

9.09.8

13.512.6

11.39.3

2.0.7

9.18.6

10.39.4

8.110.4

.23.0

7.97.2

7.36.6

11.511.0

5.25.2

6.05.5

6.05.1

Percent

7.17.5

3.83.8

11.5

7.68.4

3.53.9

14.1

8.98.4

4.94.6

11.7

7.97.6

4.34.0

10.5

1. Insured unemployment under the State regular unemploy-ment insurance program, excluding recipients of extendedbenefits, as percentage of covered employment under thatprogram.

2. Average rate on new issues within the year. The esti-mates assume, by convention, that interest rates vary with therate of inflation. They do not represent a forecast of interestrates.

Source: "The Budget of the United States Government,Fiscal Year 1983."

19



business, effective in 1981 and overthe next several years. (See theAugust 1981 SURVEY OF CURRENTBUSINESS.) The budget does not pro-pose any modifications in the size ofthe timing of these reductions. How-ever, it does propose a variety ofchanges which increase receipts $12.8

Table 2.—Federal Government Receipts andExpenditures[Billions of dollars]

Unified budget

Receipts-Outlays ...

Surplus or deficit ( — )

National income and productaccounts

ReceiptsExpenditures...

Surplus or deficit ( — )High-employment surplus or

deficit(-)

Fiscal year

Actual1981

599.3657.2

-57.9

612.5667.4

-54.9

Estimates

1982

626.8725.3

-98.6

641.4741.4

-100.0

-6.1

1983

666.1757.6

-91.5

686.2788.1

-101.9

-10.7

Sources: 'The Budget of the United States Government,Fiscal Year 1983," and the Bureau of Economic Analysis.

Table 3.—Relation of Current ServicesEstimate to Unified Budget

[Billions of dollars]

Receipts

Current services estimate

Plus: Proposed legislation:Completed contract accountingMinimum corporate taxWithholding on interest and

dividendsAcceleration of corporate tax

paymentsAirport and airway trust fund

taxesRailroad retirementAll other

Equals: Unified budget

Outlays

Current services estimate

Plus: Proposed program increases:National defenseFederal Aviation Administration .Internal Revenue ServiceOther

Proposed program reductions:National defenseNondefense:

EntitlementsManagement initiatives:

Outer Continental ShelfOther

Net interestOther:

Employment and training ..Income security and

healthTransportationEducationSocial servicesOther

Equals: Unified budget

Fiscal year

1982

626.4

.1

.2

626.8

726.4

1.3.1.1

-1.4

-i.i

-.1-.1

725.3

1983

653.3

3.32.3

2.0

1.4

1.2-1.7

4.3

666.1

779.3

19.7.5.4.8

-1.1

-12.8

-8.4-5.8-2.7

-2.2

-1.8-1.6-1.2-1.0-4.5

757.6

billion in 1983. The major changes in-creasing receipts are: (1) changes inregulations concerning completed con-tract accounting, (2) modification ofthe minimum corporation income tax,(3) withholding on interest and divi-dends, (4) acceleration of corporatetax payments, and (5) higher airportand airway taxes. Partly offsettingthe increases is a change placing therailroad retirement system in the pri-vate sector and extending full socialsecurity coverage to railroad workers.In addition, the administration pro-poses to tighten enforcement and col-lection activities of the Internal Reve-nue Service, thereby increasing rev-enues. The administration is alsoseeking to increase various existinguser fees and impose new ones.

Economic assumptionsThe economic assumptions underly-

ing the fiscal year 1983 budget areshown in table 1. Gross national prod-uct (GNP) in constant dollars is fore-

cast to increase 3 percent from thefourth quarter of 1981 to the fourthquarter of 1982 and 5.2 percent to thefourth quarter of 1983. The currentrecession is expected to end early in1982 and to be followed by growth bymid-year. Prices, as measured by theGNP deflator, increase 7.2 percent tothe fourth quarter of 1982 and 5.5percent to the fourth quarter of 1983.It is expected that the moderation ofprice increases that began last yearwill become more general and signifi-cant this year; beyond 1982, the cu-mulative deceleration of inflation iscritical to the administration's fore-cast of sustained economic recovery.The unemployment rate is forecast tobe 8.4 percent in the forth quarter of1982 and 7.6 percent in the fourthquarter of 1983. The rate is expectedto reach about 9 percent this spring,before growth resumes. Thereafter,the administration forecasts thatrapid growth will pull the unemploy-ment rate down between one-quarter

CHART 6

Federal Government Receipts, NIPA BasisBillion $

300

250

200

150

100

50

_ _ _ — — Excluding Proposed Legislation

Personal Tax and"^ Nontax Receipts

, attributions for^Sodallnsurance

Corporate ProfitsTax Accruals

Indirect Business Taxand Nontax Accruals

1973 74 75 76 77 78 79 80

Fiscal Year

81 82* 83*

Source: "The Budget of the United States Government,Fiscal Year 1983."

'Estimates by BEAU.S. Department of Commerce, Bureau of Economic Analysis



and one-]|alf a percentage point perquarter.

Unified budget

The unified budget deficit decreasesfrom $98.6 billion in fiscal year 1982to $91.5 billion in fiscal year 1983(table 2 and chart 5). Despite tax re-ductions, receipts increase $39.8 bil-lion—or 6.3 percent—to $666.1 billion.

Table 4.—Relation of Federal Government Re-ceipts in the National Income and ProductAccounts to the Unified Budget


Unified budget receipts

Less: Coverage differencesFinancial transactions

Plus: Netting differences:Contributions to govern-

ment employees retire-ment funds

Other

Timing differences:Corporate income taxFederal and State unem-

ployment insurance taxes ..Withheld personal income

tax and social securitycontributions

Excise taxesOther

Miscellaneous

Equals: Federal Government receipts,NIPA

F

1981

599.3

1.30

9.87.9

-3.7

-.2

-1.52.7o-.4

612.5

iscal yea

1982

626.8

1.50

11.39.2

-1.7s

.3

-340o

.4

641.4

r

1983

666.1

1.60

12.411.1

-1.8

.7

-.8.1

0

0

686.2

Table 5.—Relation of Federal Government Ex-penditures in the National Income and Prod-uct Accounts to the Unified Budget


Unified budget expenditures

Less: Coverage differences:GeographicOff-budget Federal enti-

tiesOther

Financial transactions:Net lendingOther

Net purchases of land:Outer Continental Shelf .Other

Plus: Netting differences:Contributions to gov-

ernment employeesretirement funds

Other

Timing differences:National defense pur-

chasesOther

Miscellaneous . . . . .

Equals: Federal Government ex-penditures, NIPA

Fiscal year

1981

657.2

4.6

-21.0.3

29.8.2

-7.9.2

9.87.9

-1.4-.2

.3

667.4

1982

725.3

4.7

-19.6.6

21.4.5

-4.9.1

11.39.2

-.3-1.8

.3

741.4

1983

757.6

4.5

-15.7.4

15.3.4

-14.7-.7

12.411.1

-3.3-.6

.2

788.1

Tax reductions provided in the ERTAreduce receipts $38.3 billion in 1982and $91.6 billion in 1983.

Outlays increase $32.3 billion—or4.5 percent—in 1983, to $757.6 billion.National defense outlays increase$33.6 billion, more than accountingfor the overall increase. Nondefenseoutlays decline $1.3 billion. Entitle-ment programs and net interest in-crease nearly $30 billion; all otheroutlays combined decline more than$31 billion, or 24 percent. These "allother" outlays, which account for onlyabout 13 percent of the total budgetin 1983, will be 29 percent below their1980 level—a 3-year decline of nearly$40 billion—if the budget estimatesmaterialize. This measure exaggeratessomewhat the impact of the declineon programs because it includes sig-nificant increases in offsetting re-ceipts (negative oulays in the unifiedbudget), such as sales of Outer Conti-nental Shelf oil leases, user fees, andsales of assets. For example, sales ofoil leases were about $4 billion infiscal year 1980 and are estimated at$18 billion in fiscal year 1983.

Current services estimates

Current services estimates showwhat receipts and outlays would bewithout policy changes. They are nei-ther recommended amounts nor fore-

Table 6.—Breakdown of Changes in FederalReceipts, NIPA Basis

[Billion of dollars]

Total receipts

Due to higher tax basesDue to tax changes l

EnactedProposed

Personal tax and nontax re-ceipts

Due to higher tax basesDue to tax changes

EnactedProposed

Corporate profits tax accruals....Due to higher tax basesDue to tax changes

Enacted . ...Proposed



EnactedProposed

Contributions for social insur-ance


EnactedProposed

Change from precedingfiscal year

1981

85.2

70.914.314.3

41.042.8

-1.8-1.8

-1.08.9

-9.9-9.9

20.41.2

19.219.2

24.818.06.86.8

1982

28.9

48.7-19.8-20.6

.8

13.945.9

-32.0-32.1

.1

-10.5-6.8-3.7-4.1

.4

1.34.0

-2.7-3.0

.3

24.25.6

18.618.6

1983

44.8

83.5-38.7— 55.1

16.4

3.147.5

-44.4-49.1

4.7

19.015.43.6

-6.810.4

.62.1

-1.5-3.4

1.9

22.118.53.64.2-.6

casts, but rather are a base withwhich administration or congressionalproposals can be compared. The levelof outlays shown are those needed tomaintain on-going Federal programsand activities at levels, in real terms,of the preceding year. The estimatesalso reflect the effects of inflation onvirtually all programs.

Unified budget receipts in 1983 are$12.8 billion higher than current serv-ices receipts, largely due to the pro-posed tax changes discussed earlier(table 3). Unified budget outlays are$21.6 billion lower than current serv-ices outlays, because proposed reduc-tions ($43.0 billion) exceed proposedincreases ($21.4 billion). Changes inentitlement programs account forabout 30 percent of the reductions.Management initiatives, such as salesof Outer Continental Shelf oil leases,and lower net interest account for an-other 40 percent. A small reduction in

CHART 7

Growth of Federal GovernmentExpenditures, NIPA Basis

Percent

30

25

20

15

10

-5

-10

-15

-20

• National Defense Purchases

D Transfer Payments to Persons

-•Net Interest Paid

D Other Expenditures

Entitlements

1. Consists of all tax changes since fiscal year 1980.

70-75 75-80 80-81 81-82 82-83

Annual Rate of Change




national defense, including $0.6 bil-lion for pay reform, and reductions invarious other nondefense programsmake up the remaining 30 percent.Almost all of the reductions requirelegislation reducing authorized pro-gram levels. The unified budget defi-cit is $34.5 billion lower than the cur-rent services budget deficit.

Federal sector of the NIP A's

BEA has prepared estimates of theFederal sector on the national income

and product accounting (NIPA) basisconsistent with the unified budget es-timates (table 2). The estimates shownin this article differ slightly from thepreliminary estimates published inearly February in the budget; detailsof the latter are shown in SpecialAnalysis B, "Federal Transactions inthe National Income Accounts." Theestimates in this article incorporaterevised NIPA estimates for the fourthquarter of 1981 and more detailed in-formation about tax and expenditurechanges in the budget.

Estimates of the Federal ector areintegrated conceptually and statisti-cally with the rest of the NIPA's anddiffer in several respects from theunified budget. Unlike the unifiedbudget, they exclude financial trans-actions, such as loans, and record sev-eral categories of receipts and expend-itures on a timing basis that is differ-ent from the budget. (For a more de-tailed discussion of the differences,see the February 1980 SURVEY.) Table4 shows the relation between unifiedbudget and NIPA receipts and table 5

Table 7.—Selected Tax Changes, NIPA Basis[Billions of dollars]

Direct impact on Federal sector deficit NIPA basis *

Personal tax and nontax receipts

Legislation proposedWithheld income tax:

Interest and dividends .. . ..Declarations and net settlements

Increased enforcement ... .

Nontaxes" Coast Guard user fees . •

Economic Recovery Tax ActWithheld income tax' rate cuts and other .Declarations and net settlements

Tax-exempt certificates .Royalty owners creditExtend IRA'sMarried couples deductionOther

Estate and gift ...

Corporate profits tax accruals

Legislation proposed . .Completed contract accounting

Modified coinsuranceConstruction interestIncreased enforcement

Repeal energy credit .. ..

Economic Recovery Tax ActAccelerated cost recovery system' Basic ... .Accelerated cost recovery system' LeasingAccelerated cost recovery system: OtherRate reductions . ..Other

Indirect business tax and nontax accruals

User fees proposed' Nontaxes ....Aircraft and airwayInland waterwayNuclear wasteOther

Economic Recovery Tax Act ... ..Windfall profits tax creditExtension of telephone excise tax

Contributions for social insurance

Legislation proposedPrivatization of railroad retirementFull social security for railroad workersHospital insurance for Federal employees

Economic Recovery Tax Act: Railroad retirement

Social security rate and base increases ...Jan. 1, 1981 base increases: $25,900-$29,700Jan 1 1981 rate increases- 12 26%-13 3%Jan 1 1982 base increases: $29,700-$32,400Jan 1 1982 rate increases' 13 3%-13 4%Jan 1 1983 base increases-' $32,400-$35,100.Self-employed increases

Fiscal year

1982

-17.3

-30.2

.1

1.1

-30.3-23.5-6.6-.5-.3-.1-.4

-5.3-.2

-8.2

.4

.4

-8.6-4.6-2.8-.6-.1

5

-.7

.3

.3

-1.0-1.0

21.8

.4

21.44.5

13.61.01.0

1.3

1983

-56.2

-77.7

4.8

5.7101.626.1

-82.5-61.9-18.3-2.8

.4-1.1-3.6

-11.2-2.3

-6.0

10.85.034

.8

.81.0.3.1

-16.8-10.0-4.4-1.2-.4

g

.9

2.21.2

.4

.3

.3

1.3-1.8

5

26.6

-.6321.41.2

.5

26.74.8

14.83.21.4.9

1.6

Calendar year

1982

-27.0

-40.8

-40.8-33.4-6.6-.5-.3_ }-A

-5.3-.8

-9.8

.5

.5

-10.3-5.5-3.3-.7-.2

6

-.4

.9

.6

.1

.1

.1

-1.3-1.3

24.0

-.5g.3

.5

24.04.5

13.93.01.3

1.3

1983

-60.4

-85.6

6.9

7.81 01.626.1

-92.5-71.6-18.3-2.8

.4-1.1-3.6

-11.2-2.6

-4.8

14.46.7461.11.11.1.3.2

-19.2-11.9-4.7-1.4-.4

8

.8

2.21.2

.4

.3

.3

1.4-2.0

6

29.2

-.1321.51.6

.5

28.84.8

14.83.31.52.81.6


1982

I

-9.0

-23.8

-23.8-16.1-7.4-1.0-.6-.1-.4

-5.3-.3

-7.6

.5

.5

-8.1-4.0-2.7-.7-.1

6

-1.4

-1.4-1.4

23.8

.5

23.34.3

13.62.81.3

1.3

II

-10.1

-24.3

-24.3-16.6-7.4-1.0-.6-.1— 4

-5^3-.3

-8.9

.5

.5

-9.4-4.8-3.1-.7-.2

6

-1.3

-1.3-1.3

24.4

.5

23.94.5

13.92.91.3

1.3

III

-41.6

-56.0

-56.0-49.9-5.8

-.1-.4

-5.3-.3

-10.3

.5

.5

-10.8-5.8-3.5-.7-.2

g

1.21.2

-1.2-1.2

24.7

.5

24.24.5

14.13.01.3

1.3

IV

-47.0

-59.0

.1

.1

-59.1-51.0-5.8

-.1-.4

-5.3-2.3

-12.4

.5

.5

-12.9-7.4-3.9-.7-.3

g

1.1

2.21.2

.4

.3

.3

-1.1-1.1

23.3

-1.9-3.2

1.3

.5

24.74.6

14.33.11.4

1.3

1983

I

-41.6

-69.0

6.6

7.5-1.0

1.6-2.6

.1

-75.6-52.2-21.1-5.6

4-1.1-3.6

-11.2-2.3

-1.8

14.06.74.21.11.11.0

-.2.1

-15.8-9.0-4.3-1.4-.3

8

.8

2.21.2

.4

.3

.3

-1.4-2.0

.6

28.4

-.2-3.2

1.41.6

.5

28.14.7

14.53.21.42.71.6

II

-44.2

-70.2

6.8

7.7-1.0

1.6-2.6

.1

-77.0-53.6-21.1-5.6

.4-1.1-3.6

-11.2-2.3

-3.7

14.36.74.51.11.11.0

-.2.1

-18.0-10.8-4.6-1.4-.4

8

.8

2.21.2.4.3.3

-1.4-2.0

.6

28.9

-.2-3.2

1.41.6

.5

28.64.8

14.73.21.52.81.6

III

-75.6

-100.4

7.0

7.9-1.0

1.6-2.6

.1

-107.4-89.6-15.5

.4-1.1-3.6

-11.2-2.3

-5.6

14.56.74.61.11.11.1-.3

.2

-20.1-12.7-4.8-1.4-.4

8

.9

2.21.2

.4

.3

.3

-1.3-1.9

.6

29.5

-.1-3.2

1.51.6

.5

29.14.9

14.93.31.52.91.6

IV

-80.4

-102.9

7.2

8.1-1.0

1.6-2.6

.1

-110.1-91.0-15.5

.4-1.1-3.6

-11.2-3.6

-8.2

14.76.74.81.11.11.1

-.3.2

-22.9-15.1-5.1-1.4-.5

8

.9

2.21.2

.4

.3

.3

-1.3-1.9

.6

29.8

-.1-3.2

1.51.6

.5

29.44.9

15.23.31.52.91.6

1. The estimates are based on the direct effect only of tax changes at a given level of economic activity. Induced effects are not included here, but are included in total NIPA receipts and thetotal for each category of receipts shown in table 11.



Table 8.—Breakdown of Changes in FederalExpenditures, NIPA Basis


Total expenditures

Purchases of goods and ser-vices:

Pay raises 1

Veterans hospital and medi-cal care

Commodity Credit Corpora-tion

Petroleum, timber, and othersales

Transfer payments to persons:Social securityMilitary and civilian pen-

sions.Unemployment benefitsFood stampsRailroad retirementTrade adjustment assistance...

Grants-in-aid to State and localgovernments:

Public assistanceFood and nutritionEmployment and trainingEducationWaste treatmentPublic service employment

Net interest paid

Subsidies less current surplusof government enterprises:

Housing subsidies .„Agricultural subsidiesCommodity Credit Corpora-

tionFederal Housing Administra-

tionPostal Service

All other expenditures2

National defenseNondefense

Change from precedingfiscal year

1981

89.2

6.8

.4

.1

.1

27.7

4.82.01 7.5

-.2

3.9.5.2

-.2-.5

-1.2

15.7

1.41.0

.2

24.316.08.3

1982

74.0

6.7

.6

1.8

-1.0

23.0

3.07.0

.4-1.4

.9-.5

-1.1

".2-2.1

14.5

1.4.1

-.2

.1-1.3

21.921.5

.4

1983

46.7

5.5

.4

-4.6

-1.3

23.8

3.2-2.2-.7

-5.3-.1

-2.3-.8

-1.5-1.6-.7-.2

14.5

.3-.6

.6

-.9.2

21.025.0

-4.0

shows the relation between unifiedbudget outlays and NIPA expendi-tures.

Federal receipts on the NIPA basisin 1983 are $686.2 billion, up $44.8 bil-lion from 1982 (chart 6). The increaseis the net result of an $83.5 billion in-crease due to higher tax bases and a$38.7 billion decrease due to taxchanges (table 6). Enacted taxchanges—largely resulting fromERTA—contribute $55.1 billion to theincrease, and are partly offset by pro-posed tax changes, which raise re-ceipts $16.4 billion more in 1983 thanin 1982. Table 7 shows the directimpact of selected tax changes onNIPA receipts.

Federal expenditures on the NIPAbasis in 1983 are $788.1 billion, up$46.7 billion from 1982. As shown intable 8, social security benefits ac-count for over one-half of the 1983 in-crease; net interest paid accounts forabout one-third. Pay and pensions forFederal employees are also up. Reduc-tions occur in various grants-in-aid toState and local governments, subsi-dies for agriculture and housing, andin purchases for the agricultural price

1. Consists of pay raises since October 1980.2. Includes purchases of goods and services, transfer pay-

ments, grants-in-aid, and subsidies less current surplus ofgovernment enterprises.

Table 9.—Breakdown of Proposed Legislation and Administrative Actions, NIPA Basis[Billions of dollars]

Federal Government expenditures . .

Purchases of goods and servicesNational defenseNondefense ...

Transfer paymentsTo persons

Entitlement programsMedicare . . . .Food stampsRailroad retirement ..Guaranteed student loansCivilian retirementAll other. ..

Management initiativesOther proposals

To foreigners . .... . ...

Grants-in-aid to State and local governmentsEntitlement programs

MedicaidAid to families with dependent childrenA l l other . . . .

Management initiativesOther proposals

Employment and training ...EducationSocial servicesFood and nutritionEmergency assistance . . . . . .Health careMass transitAll other ..

Net interest paid

Subsidies less current surplus of government enterprises

Fiscal year 1982

Total

-1.0

1.61.3.3

1717

-1.03

-.3

2

-.26

-.2

-.95

-.3-.2

-.32

1-.1

Reduc-tions

-2.7

-.1

-.1

1 717

-1.03

-.3

2

-.26

-.2

-.95

-.3-.2

-.32

i-.1

In-creases

1.7

1.71.3.4

Fiscal year 1983

Total

-12.0

12.516.2

-3.7

-10.3-10.3-9.0

25-2.4-20

8-.5- 8

6-.8

1

-9.439

-2.0-1.2- 7-.3

-5.2-1.5

1 1-1.0

1 1- 6

.45.2

27

21

Reduc-tions

-34.0

-6.2-1.2-5.0

-10.6-10.5-9.0

25-2.4-20

8-.5- 8

6-1.0

-12.439

-2.0-1.2_ 7-.3

-8.2-2.7

1 1-1.0

1 1- 6-.6

5-.6

27

2 1

In-creases

22.0

18.717.41.3

.3

.2

.2

.1

3.0

3.01.2

1.0

.8

support operations of the CommodityCredit Corporation. Chart 7 shows theaverage annual rate of change forNIPA expenditure categories and en-titlements included in those catego-ries.

Table 9 shows the impact on NIPAexpenditures of proposed legislationand administrative actions. In 1983,expenditures are reduced $34 billionand increased $22 billion by theseproposals; 80 percent of the increasesare for national defense purchases.

Table 10 shows the relationship be-tween national defense outlays in theunified budget and national defensepurchases on the NIPA basis. In 1983,outlays, which are recorded on achecks issued basis, increase morerapidly than purchases, which are re-corded on a delivery basis. The morerapid increase in outlays reflects thesteep rise in procurement of militaryhardware, for which checks are issuedprior to deliveries. However, economicactivity may be stepped up prior toeither check issuance or deliveries—for example, when orders are placed.According to the Council of EconomicAdvisers, defense industries are be-

Table 10.—Relation of National Defense Pur-chases in the National Income and ProductAccounts to National Defense Outlays in theUnified Budget


National defense outlays in theunified budget

Department of Defense, mili-tary

Military personnelRetired military personnelOperation and maintenance....

ProcurmentAircraftMissilesShipsWeaponsAmmunitionsOther

Research, development, test,and evaluation

Other

Civilian ana1 military payraises 1

Atomic energy and other de-fense-related activities

Plus: Military assistance outlays ...

Less: Transfer payments to re-tired military personnel

Grants-in-aid and net inter-est paid

Timing differencesOther adjustments

Equals: National defense pur-chases, NIPA

Actual1981

159.8

156 1

36.413.751.9

35.213 13.55.2231.49.7

15.336

371.5

13.7

1.014

-1.9

147.1

Estin

1982

187.5

1828

38.315.060.6

41.315.84.45.4241.5

11.8

18.34.2

5.1

4.71.0

15.0

1.23

-2.1

174.1

lates

1983

221.1

2159

44.516.567.3

55.12176.36.3292.0

15.9

22.26.0

4.3

521.0

16.4

1.433

-2.2

203.2

1. Consists of the pay raise effective October 1981.



Table 11.—Federal Government Receipts and Expenditures, NIP A Basis[Billions of dollars]

Federal Government receipts

Legislation proposedTax revisionsUser feesOther

Social security rate and base in-creases

OtherPersonal tax and nontax receipts

Legislation proposedUser feesOther

Economic Recovery Tax ActOther

Corporate profits tax accrualsLegislation proposed

Tax revisionsOther ..

Other *.Indirect business tax and nontax

accrualsLegislation proposed' User feesEconomic Recovery Tax ActOther

Contributions for social insuranceLegislation proposed' OtherEconomic Recovery Tax ActSocial security rate and base

changesOther . .

Federal Government expendituresLegislation proposedOther

Purchases of goods and servicesNational defense

Pay raises:October 1981October 1982

Legislation proposedOther

NondefensePay raises:

October 1981October 1982

Commodity Credit CorporationStrategic petroleum reserveLegislation proposedOther

Transfer paymentsTo persons

Social securityLegislation proposedOther

Unemployment benefitsRegularExtended

Railroad retirementLegislation proposedOther

Other

OtherTo foreigners

Grants-in-aid to State and localgovernments

Public assistanceLegislation proposed .. .Other

EducationLegislation proposedOther

OtherLegislation proposedOther

Net interest paidLegislation proposedOther

Subsidies less current surplus of gov-ernment enterprises ....

Agriculture:Commodity Credit CorporationPayments to farmers

RegularNovember 1981 rate increase

Other

Other

Less: Wage accruals less disburse-

Surplus or deficit ( ) NIPA

Fiscal year

Actual1981

612.5

.1

.1-3.5

12.1603.8290.7

-.2290.9

69.6.1

.1-3.372.8

56.1

56.1196.1

12.1184.0

667.4

667.4217.8147.1

147.170.7

1.03.8

65.9

279.7273.9175.2

175.216.013.92.15.2

5.277.5

77.55.8

90.127.8

27.87.4

7.454.9

54.9

66.9

66.9

13.0

1.71.71.61.6

8.0

8.0

.1

-54.9

Estimates

1982

641.4

.8

.3

.539 5

21.4658.7304.6

.1

.1-30.3334.8

59.1.4

.4-8.667.3

57.4.3

1 058.1

220.3

.4

21.4198.5

741.410

742.4249.0174.1

5.5

1.3167.374.9

1.2

2.8"3.1

367.5

312.1306.0198.2-.3

198.523.019.83.25.6

5.679.2

1 480.66.1

86.328.7-.629.37.4_.l7.5

50.23

50.5

81.4

81.4

12.5

1.51.8.3

1.0-1.2

.58.9

8.9

-.1

-100.0

1983

686.2

17.2982.35.1

100 1

26.7742.3307.7

4.81

4.7-82.5385.4

78.110.8981.0

-16.884.1

58.02.21 3

57.1242.4

6.5

26.7215.7

788.1120

800.1273.4203.2

5.54.1

16.8176.8

70.2

1.21.4

-1.83.129

69.2

330.8324.6222.0

1.0221.0

20.819.51.3.3

576.0

81.557

87.26.2

76.826.4

-4.230.65.8

-1.16.9

44.64 1

48.7

95.9-2.798.6

11.2

2.11.2.5.9

-1.3.9

7.42 19.5

-101.9

Calendar year

Actual1981

626.1

.1

.1-8.9

16.9618.0296.2

-4.0300.2

66.2.1

.1-4.870.9

61.2

_ 161.3

202.5

16.9185.6

688.4

688.4230.2154.3

1.3

153.075.9

.3

3.4"4.4

67.8

284.5279.4180.4

180.415.514.41.15.3

5.378.2

78.25.2

87.227.7

27.77.9

7.951.6

51.6

73.1

73.1

13.4

1.51.81.41.3

-.2.3

8.7

8.7

62.3

•ri a.;

mate1 Qfi9

649.5

..9

.9

-51.9

24.0676.5305.3

-40.8346.1

60.4.5

.5-10.3

70.2

56.9.9

-1357.3

226.955

24.0202.9

750.740

754.6250.3178.9

5.51.04 2

168.271.4

1.2.3

-.62.6

268.0

319.0312.8204.5

.1204.4

24.420.93.54.3145.7

79.626

82.26.2

85.829.2

-1.630.76.9-.37.2

49.712

50.9

83.5-.584.0

12.1

1.71.4

.2

.9-1.3

.68.8

39.1

-101.2

Actual

1981

I

617.4

.1

.1-3.3

16.6604.0283.3

283.3

74.6.1

.1-3.377.8

60.6

60.6198.9

16.6182.3

664.0

664.0221.6145.2

145.276.4

4.12.3

70.0

* 271.9267.3169.8

169.815.613.22.45.1

5.176.8

76.84.7

90.226.9

26.98.8

8.854.5

54.5

67.7

67.7

12.6

.21.42.62.6

8.4

8.4

-46.6

II

621.0

.1

.1-4.5

16.7608.7293.2

293.2

64.8.1

.1-4.569.2

62.6

62.6200.4

16.7183.7

668.2

668.2219.5148.2

148.271.3

-3.05.5

68.8

274.8270.7172.0

172.015.614.31.45.1

5.178.0

77.94.1

89.628.5

28.57.6

7.653.5

53.5

70.4

70.4

13.9

3.41.3.6.6

8.6

8.6

-47.2

III

638.3

.1

.1-5.8

17.0627.0306.4

-.4306.8

66.4.1

.1-5.371.6

61.8

-.161.9

203.7

17.0186.7

694.0

694.0226.4154.1

154.172.2

1.05.0

66.2

293.6287.8188.5

188.514.814.3

.55.6

5.678.9

78.95.8

85.429.1

29.16.9

6.949.4

49.4

75.6

75.6

13.3

1.11.42.0

.9

i'.'i"8.8

8.8

.2

-55.7

IV

627.7

.1

.1-21.9

17.1632.4302.0

-15.6317.6

58.8.1

.1-6.164.8

59.9

-.260.1

207.0

17.1189.9

727.2

727.2253.3169.7

5.3

164.483.5

1.1

11.74.6

66.1

297.9291.7191.2

191.216.015.8

.25.5

5.579.0

79.06.2

83.726.2

26.28.4

8.449.1

49.1

78.7

78.7

13.6

1.32.9

.41.1

-.9.2

9.0

9.0

.1

-99.5

Estimates

1982

I

639.4

.5

.5-32.8

23.3648.4304.4

-23.8328.2

58.2.5

.5-8.165.8

56.2

-1.457.6

220.6

.5

23.3196.8

735.21.7

733.3248.8173.2

5.5

'i'.'i"166.075.6

1.2

4.53.0

66.9

308.6302.4193.9

193.924.220.24.05.4

5.478.9

78.96.2

85.328.3

28.37.7

7.749.3

49.3

80.0

80.0

12.3

1.42.1

1.0-1.3

.38.8

8.8

.2

-95.8

II

651.1

.5

.5-34.5

23.9661.2311.4

-24.3335.7

57.4.5

.5-9.466.3

56.1

-1.357.4

226.2

.5

23.9201.8

740.7-1.4742.1243.2174.9

5.5

T.s167.668.3

1.2

-3.52.3.3

68.0

315.5309.3196.5

3196.8

27.622.45.25.6

5.679.6-2.181.7

6.2

88.129.8-.630.47.1-.17.2

51.2-.451.6

82.0

82.0

11.9

1.61.2

1.0-1.3

.39.1

9.1

-89.6

III

647.8

1.7

1.2.5

-67.5

24.2689.4298.8

-56.0354.8

62.0.5

.5-10.8

72.3

57.41.2

-1.257.4

229.6

.5

24.2204.9

761.9-4.7766.6249.9178.5

5.5

iT171.371.4

1.2

-1.72.5

.968.5

326.8320.6211.0-.9

211.924.321.03.35.8

5.879.5

-3.583.0

6.2

88.330.6

-1.832.46.4-.36.7

51.3-.852.1

84.2

84.2

12.7

1.81.2.8.9

-1.31.28.9

8.9

-114.1

IV

659.5

.9

2.3-1.472 6

24.7706.5306.5

.1

.1

-59.1365.5

63.9.5

.5-12.9

76.3

58.02.2

-1.156.9

231.1-1.9

.5

24.7207.8

764.9-11.7776.6259.1189.0

5.53.9

11.6168.070.1

1.21.3

-1.82.7

-1.868.5

324.9318.7216.4

1.7214.7

21.720.1

1.6.3

-5.76.0

80.3-4.885.1

6.2

81.428.0

-3.831.86.2-.87.0

47.2-3.550.7

87.9-2.190.0

11.6

2.01.2

.2

.9-1.3

.68.2129.4

-105.4

1983

I

691.8

22.613.02.37.3

-92.3

28.1733.4310.9

6.6.1

6.5-75.6379.9

80.414.013.01.0

15 882.2

57.72.2

-1.456.9

242.8_ 2

'.5

28.1214.4

779.2-11.0790.2269.9199.5

5.54.1

16.6173.370.4

1.21.4

-1.82.9

-2.569.2

327.2321.0218.4

1.2217.2

22.019.62.4

.3-5.7

6.080.3

-5.685.9

6.2

77.726.8

-4.231.05.8

-1.06.8

45.1-4.049.1

93.2-2.595.7

11.2

2.11.2

.2

.9-1.3

.67.7209.7

-87.4

II

706.7

23.113.32.37.5

-95.9

28.6750.9319.0

6.8.1

6.7-77.0389.2

83.114.313.31.0

18 086.8

57.82.2

-1.457.0

246.8-.2

.5

28.6217.9

791.6-12.7804.3277.5207.2

5.54.1

18.4179.270.3

1.21.4

-1.83.3

-3.269.4

329.5323.3220.4

.7219.7

20.419.6

.8

.3-5.7

6.082.2

-6.088.2

6.2

75.525.9

-4.330.2

5.6-1.3

6.944.0

-4.548.5

98.5-2.9101.4

10.6

2.11.2.3.9

-1.3.7

7.0269.6

-84.9

III

692.8

23.613.42.37.9

-128.3

29.1768.4298.5

7.0.1

6.9-107.4

398.9

84.914.513.41.1

20 190.5

58.12.2

-1.357.2

251.3-.1

.5

29.1221.8

815.7-12.7828.4286.4217.2

5.54.1

20.6187.0

69.2

1.21.4

-1.83.5

-3.968.8

341.6335.4232.8

.4232.4

19.118.7

.4

.3-5.7

6.083.264

89.66.2

72.724.9

-4.529.45.6

-1.36.9

42.2-4.746.9

103.8-3.3107.1

11.2

2.21.21.1.9

-1.31.56.7269.3

-122.9

NOTE.—Fiscal year totals are based on unadjusted data and will not always conform to the average of four seasonally adjusted quarters.



ginning to build up inventories ofwork in progress as components andmaterials move through the stages offabrication toward delivery. Accord-ingly, this type of inventory accumu-lation (recorded in the NIPA's aschange in business inventories) willbe strengthened in coming quarters.

Quarterly pattern.—On a quarterlybasis, the Federal deficit increases inthe third quarter of 1982 whenincome tax withholding rates are cutand social security benefits are in-creased. The deficit declines for threequarters thereafter, but increasesagain in the third quarter of 1983,

surpassing its 1982 high, when with-holding rates are cut again (table 11).

The quarterly pattern is estimatedby BEA with the cooperation of theOffice of Management and Budget,the Social Security Administration,

(Continued on p. 31}

Entitlement Programs

Entitlement programs are defined in the 1983budget as programs that provide benefit paymentsfor individuals whose eligibility is determined by law.They consist of cash and in-kind programs and maybe administered directly by the Federal Governmentor as a grant-in-aid to State and local governments.They exclude programs, such as agricultural subsi-dies and revenue sharing, that provide paymentsthat are determined by legislated formulas. Exam-ples of entitlement programs are: social security,medicare and medicaid, unemployment, food stamps,aid to families with dependent children (AFDC), andveterans benefits. Because eligibility is established bylaw, expenditures in the short run are not deter-mined through the appropriation process.

Growth of entitlements

In fiscal year 1971, entitlements amounted to $77.5billion and accounted for 37 percent of total outlays.Ten years later, they amounted to $305.8 billion andaccounted for 47 percent of total outlays. Over thisperiod, entitlements increased at an average annualrate of 15 percent and accounted for over 50 percentof the growth in total outlays.

Several factors have contributed to this growth,among them increases in the number of beneficiaries,expanded coverage, and the introduction of new pro-grams. However, the most significant factor in recentyears has been indexing—the automatic adjustmentof spending to changes in prices or other economicvariables.

Indexing pushes up the cost of entitlements in twomain ways. First, it adjusts benefits for programssuch as social security when prices are rising. Cur-rently, each percentage-point increase in the Con-sumer Price Index (CPI) adds about $1.4 billion to thecost of social security. Second, it adjusts upward theincome limit for program eligibility. Eligibility forthe school lunch program, for example, is determinedby reference to the poverty income level as definedby the Federal Government, and that level is indexedto the CPI.

Military retirement was the first entitlement to beindexed in 1963; civilian retirement followed in 1965.Social security, the largest program, was indexed in

1975. Currently, most of the large entitlement pro-grams are indexed, either directly or indirectly. Themajor exception is AFDC. Medicare and medicaid arenot directly indexed, but their costs increase with thegeneral increase in the costs of medical care. Similar-ly, average unemployment benefits, which are large-ly based on a percent of wages, increase with averagewages.

Spending for entitlements is also highly sensitivenot only to inflation but also to other factors. For ex-ample, an increase of 1 percentage point in the un-employment rate increases unemployment benefitsby $4 billion; other entitlement programs are affect-ed by smaller amounts.

Reform of entitlementsThe rapid growth and absolute size of entitlements

have brought them under increased scrutiny by theadministration and Congress. As noted, in the shortrun these programs are not controlled by the appro-priation process. However, Congress can cut the costof entitlements by changing the laws that authorizethem. For example, the Omnibus Budget Reconcili-ation Act of 1981 made changes that reduced entitle-ments an estimated $11.3 billion in fiscal year 1982.(See the December 1981 SURVEY.) The administrationis proposing additional reforms in entitlements otherthan social security that would reduce spending $1.4billion in 1982 and $12.8 billion in 1983, and $35.9 bil-lion in 1987. These reductions cover medicare, educa-tion, and Federal retirement as well as food stampsand AFDC, which were reduced in 1981. Includingthese proposals, entitlements increase 11 percent in1982 and only 5 percent in 1983, but still account for$358 billion or 47 percent of total outlays.

However, for several reasons, entitlement reduc-tions may be more difficult to achieve in 1982 andlater. Congress may be less willing to approve largereductions this year: It may be more difficult to cuteducation benefits than food stamps, and it will bedifficult to reduce physician and hospital reimburse-ment rates under medicare. Also, earlier reductionsimplemented most of the generally accepted reformssuch as including a stepfather's income in determin-ing AFDC eligibility and limiting eligibility for tradeadjustment assistance.

369-912 0 - 8 2 - 4


By JOHN T. WOODWARD

Plant and Equipment Expenditures, First andSecond Quarters and Second Half of 1982

JNITED STATES nonfarm businessplans to spend $345.1 billion for newplant and equipment in 1982, 7.3 per-cent more than in 1981, according tothe BEA quarterly survey conductedin late January and February (table 1and chart 8).1 Spending totaled $321.5billion in 1981, an 8.7-percent increasefrom 1980.

These data are not adjusted forprice change. Spending plans adjustedfor price change indicate a 1-percentdecline in 1982 (table 2). Price-adjust-ed, or "real," spending was virtually

1. Plans have been adjusted for biases (table 10,footnote 1). The adjustments were made for each in-dustry. Before adjustment, plans for 1982 were $141.49billion for manufacturing and $198.87 billion for non-manufacturing. The net effect of the adjustments wasto lower manufacturing $4.67 billion and to raise non-manufacturing $9.43 billion.

CHART 8

Changes in Business InvestmentPercent

-10 0 __jm 20 30TOTAL NONFARM

BUSINESS

MiscellaneousTransportation

Communication andOther

Air Transportation

Mining

Durable GoodsManufacturing

Railroad

Nondurable GoodsManufacturing

Electric Utilities

Trade and Services

Gas, Water, andSanitary Services


unchanged from 1980 to 1981. To esti-mate real spending, the figures re-ported by survey respondents are ad-justed using price deflators developedby BEA based on unpublished data inthe national income and product ac-counts together with estimates of cap-ital goods price changes for 1981 and1982 supplied by respondents at theend of last year. The deflators devel-oped by BEA indicate that prices ofcapital goods purchased by businessin 1981 increased 8.7 percent and willincrease 8.2 percent in 1982.

In real terms, spending declined 2.1percent in the fourth quarter follow-ing a 1.9-percent increase in the thirdquarter. Plans indicate a 1-percent de-cline in the first quarter of 1982, littlechange from the first quarter to thesecond, and a 2.3-percent increasefrom the first half to the second.

Other highlights of the survey are:• Manufacturers expect larger sales

increases in 1982 than those realizedlast year. Trade firms expect smallerincreases, and public utility firmsexpect increases about equal to lastyear's (table 3).

• The rate of capacity utilization inmanufacturing declined 4 points fromSeptember to December (table 4 andchart 9); the December rate, 72 per-cent, is the lowest recorded since BEAbegan its survey in 1965.

• The value of new investmentprojects started by manufacturers in-creased slightly—1 percent—in thefourth quarter of 1981, and starts bypublic utilities dropped sharply (table5).

• Estimates of 1981 actual spendingand 1982 planned spending were bothrevised downward, $1.1 billion and$1.3 billion, respectively, from thosebased on the surveys taken near theend of last year. Thus, the planned7.3-percent increase for 1982 is littledifferent from the 7.4 percent report-ed in January.

• Spending in current dollars fornew plant in the fourth quarter waslittle changed from the third quarterand spending for new equipment de-clined 0.4 percent (table 6). Prices forplant continued to rise faster thanthose for equipment and, consequent-ly, real spending for new plant de-

Table 1.—Expenditures for New Plant andEquipment by U.S. Nonfarm Business: Per-cent Change From Preceding Year

Total nonfarmbusiness

Manufacturing

Durable goods

Primary metals 2

Blast furnaces,steel works

Nonferrousmetals....

Fabricated metals ...Electrical

machineryMachinery, except

electricalTransportation

equipment 2

Motor vehiclesAircraft

Stone, clay, andglass

Other durables

Nondurable goods

Food includingbeverage .

TextilesPaperChemicalsPetroleumRubberOther nondurables..

Nonmanufacturing

MiningTransportation

RailroadAirOther

Public utilitiesElectricGas and other

Trade and servicesCommunication and

other

1980

Actual

9.3

17.4

15.3

14.1

6.4

30.4-3.0

31.8

10.2

18.59.1

33.4

-3.020.8

19.5

11.77.6

22.616.827.6

-20.227.1

4.7

18.7-2 1

5.61

-11.3

4 417

16.1

3.2

6.2

1981

Planned '

10.2

12.1

12.8

6.5

-.6

15.39.9

25.7

20.6

5.6.4

8.5

2.116.0

11.4

7.16.2

-1.14 1

21.732.75.9

8.9

17.4653.42.5

14.1

80769.6

6.3

13.4

Actual

8.7

9.5

5.0

5.3

-3.8

11.3.2

7.5

14.1

1.311.3

-8.5

-17.711.8

14.1

11.2-3.9-1.3

8.028.4

1.97.4

8.3

24.8- 3-.3

-5 14.6

8358

18.1

5.6

11.0

1982

Planned

7.3

7.9

8.7

7.7

28.7

-14.912.3

22.2

12.7

1.1-5.912.9

1.33.4

7.1

-1.8-2.5

.613.19.0

14.65.2

7.0

8.71237.29.1

20.8

4.768

-2.6

4.8

11.4

1. Plans reported by business in January and February1981.

2. Includes industries not shown separately.

26



clined 2.6 percent while that for newequipment declined 1.8 percent.

The planned 7.3 percent increase in1982 current-dollar spending is small-er than actual spending increases inmost years since 1970 (table 7); actualincreases were smaller in 1970 (6.1percent), 1971 (2.8 percent), and 1975(0.5 percent). The weakness in invest-ment indicated by the latest spendingplans is consistent with other gages offuture investment activity and with

Table 2.—Expenditures for New Plant andEquipment by U.S. Nonfarm Business inConstant (1972) Dollars: Percent ChangeFrom Preceding Year

Total nonfarm business

Manufacturing . ..

Durable goods.Nondurable goods

Nonmanufacturing

MiningTransportationPublic utilitiesTrade and servicesCommunication and other

1980

0.8

8.8

7610.1

-3.5

2.1103

-4.439

-1.3

1981

0.1

.9

1 23.3

-.5

7.1-77-2.0

81.6

1982

-1.0

.7

1 5-3.1

-1.2

-8.334

-4.99

1.7

recent economic developments havingan influence on investment decisions.Among the former, net new capitalappropriations in manufacturing de-

Table 3.—Business Sales: Percent ChangeFrom Preceding Year

Manufacturing

Durable goods 2

Primary metalsFabricated metals....Electrical

machineryMachinery, except

electricalTransportation

equipmentStone, clay, and

glass

Nondurable goods 2 ....Food including

beverageTextilesPaper ...ChemicalsPetroleumRubber

TradeWholesaleRetail

Public utilities

1980

Actual

6.3

1 7-1.5

1.8

11.5

7.4

-7.9

2.7

11.4

7.3387.58.9

31.0-1.7

9.21186.6

19.7

19

Expect-ed1

12.3

12210.811.6

10.8

12.6

15.9

9.7

12.4

9,695

12.513.618.110.9

8.5967.3

13.9

31

Actual

8.2

9.02.95.3

8.5

11.9

14.8

7.8

7.5

4.5988.59.1

10.3-3.0

10.01089.2

16.7

1982

Expect-ed

9.9

11.010.07.6

9.9

11.9

15.4

9.0

8.7

8.17.9

12.211.75.4

11.3

8.28.97.4

16.4

1. Expectations for 1981 are based on the survey conductedin late January and February 1981.

2. Includes industries not shown separately.

CHART 9

Manufacturers' Capacity Utilization Ratesby Major Industry Groups

Percent92

88

84

80

76

72

ALL MANUFACTURERS

1970 72

U.S.

74 76 78Seasonally Adjusted

Department of Commerce, Bureau of Economic Analysis

80 (70)'

Table 4.—Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates l

[Seasonally adjusted]

Industry and asset size

All manufacturing

Asset size:$100 0 million and over$10.0 to $99.9 millionUnder $10 0 million

Durable goods 2

Asset size:$100.0 million and over$10.0 to $99.9 millionUnder $10 0 million

Primary metalsElectrical machineryMachinery, except electricalTransportation equipment 3


Stone clay and glass

Nondurable goods 4

Asset size:$100 0 million and over.$10 0 to $99 9 millionUnder $10.0 million

Food including beverageTextilesPaperChemicalsPetroleumRubber

Primary-processed goods 5 .. .Advanced-processed goods 6

Operating rates (percent)

1980

March

80

827974

80

827773

82829174707975

81

838275

778288828572

8180

June

76

777770

74

757370

69788967607871

78

808971

777986768265

7576

Sept.

76

777871

75

767471

66798971677873

78

808171

767987787672

7477

Dec.

78

807872

78

807572

77799074708074

78

808072

758089788070

7878

1981

March

78

807874

77

797572

79788972697774

/79

818275

798089787375

7878

June

78

797875

77

797571

77769073737571

80

808178

798289777677

7878

Sept.

76

767774

74

757472

74768965607571

78

798075

788185757272

7676

Dec.

72

727471

70

706971

63748860517366

75

757970

747583707366

7173

Ratios of operating to preferred rates

1980

March

0.86

.87

.85

.80

.84

.86

.83

.79

.87

.90

.96

.76

.69

.85

.81

.87

.89

.88

.82

.85

.86

.91

.89

.88

.77

.86

.85

June

0.81

.82

.83

.77

.79

.79

.79

.77

.74

.85

.95

.69

.60

.84

.78

.84

.86

.86

.77

.84

.81

.89

.82

.86

.70

.80

.81

Sept.

0.81

.82

.84

.78

.79

.80

.80

.78

.70

.86

.94

.73

.66

.85

.80

.84

.86

.87

.78

.85

.82

.91

.85

.81

.77

.79

.83

Dec.

0.84

.85

.84

.79

.83

.84

.81

.78

.83

.86

.96

.75

.70

.86

.81

.85

.87

.86

.79

.84

.84

.92

.86

.83

.75

.84

.83

1981

March

0.83

.84

.84

.80

.82

.83

.81

.77

.86

.85

.94

.74

.69

.83

.79

.85

.86

.88

.82

.86

.82

.93

.86

.77

.80

.83

.84

June

0.84

.84

.84

.81

.82

.83

.81

.78

.83

.84

.95

.75

.72

.81

.78

.86

.87

.87

.84

.86

.85

.92

.85

.80

.82

.83

.84

Sept.

0.81

.81

.83

.80

.79

.79

.80

.78

.80

.84

.94

.67

.59

.81

.76

.85

.85

.86

.82

.85

.84

.88

.83

.77

.76

.81

.82

Dec.

0.77

.77

.80

.77

.74

.74

.74

.76

.68

.82

.93

.61

.50

.79

.71

.81

.82

.85

.78

.83

.78

.86

.78

.78

.70

.76

.78

1. The survey asks manufacturers to report actual and preferred rates of capacity utilization for the last month of each quarter. Utilization rates for industry and asset-size groups are weightedaverages of individual company rates. See "The Utilization of Manufacturing Capacity, 1965-73," SURVEY OF CURRENT BUSINESS, July 1974, p. 47.

2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.3. Also includes other transportation equipment.4. Also includes tobacco, apparel, printing-publishing, and leather.5. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles; paper; chemicals (at 1/2 weight); petroleum; and rubber.6. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles, aircraft, other transportation equipment, instruments, food including beverage, tobacco, apparel,

printing-publishing, chemicals (at 1/2 weight), leather, and miscellaneous.



clined 22 percent in the fourth quar-ter, the sharpest quarterly declinesince 1974; new orders for nondefensecapital goods declined 6 percent inthe fourth quarter, after small in-creases in the earlier quarters of1981. The proportion of manufactur-ers reporting a need for more capacitydeclined significantly during thefourth quarter (table 8). Recent devel-opments, which reflect the deteriora-tion of the overall economy, include

the drop in BEA's capacity utilizationindex in the fourth quarter, as well assharp declines in real final sales, cor-porate profits, and cash flow. Further-more, long-term interest rates inrecent months—although somewhatbelow the peaks in the fall of 1981—were higher than average annualrates in previous years; high rateshave persisted despite recent substan-tial improvements in inflation.

MANUFACTURINGPROGRAMS

Manufacturers' current-dollarspending declined 2l/2 percent in thefourth quarter, to an annual rate of$126.9 billion, following a 3V2-percentincrease in the third quarter. Dura-bles declined 3 percent in the fourthquarter and nondurables, 2 percent.Manufacturers plan a 2-percent in-

Table 5.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities[Billions of dollars; quarters seasonally adjusted]

Manufacturing

Durable goods 3

Primary metalsElectrical machineryMachinery except electrical ....Transportation equipmentStone clay and glass

Nondurable goods 3

Food including beveragePaperChemicalsPetroleum

Public utilities

Starts l

1980

123.32

57.677.91

10.2510.7216.503.46

65.657.417.74

14.0126.63

43.69

1981

135.19

68.899.78

11.5015.9519.353.22

66.298.336.56

13.3427.64

34.98

1980

I

32.43

15.702.562.502.974.301.05

16.731.611.974.435.66

12.01

II

29.41

12.391.372.792.063.33

.74

17.021.972.083.287.44

12.96

III

27.74

13.941.942.572.523.83

.59

13.801.831.592.915:65

4.20

IV

33.53

15.482.082.393.124.921.07

18.041.992.103.487.73

14.88

1981

I

35.41

15.502.152.343.265.02

.84

19.902.051.363.909.71

10.10

II

32.90

17.492.872.623.825.51

.58

15.412.601.272.746.11

13.78

III

33.33

18.152.463.593.045.46

.94

15.192.281.673.705.23

9.29

IV

33.68

18.232.293.226.023.31

.90

15.451.402.303.016.25

1.00

Carryover 2

1980

March

82.16

39.447.854.686.84

12.992.44

42.724.805.82

11.1015.38

124.53

June

82.65

36.997.275.176.02

11.692.21

45.664.876.19

11.1618.03

128.72

Sept.

81.29

36.387.215.255.78

11.141.86

44.914.836.06

10.7718.32

124.03

Dec.

85.16

36.927.505.115.81

11.422.03

48.245.006.41

11.2820.22

130.16

1981

March

89.44

37.127.695.005.90

11.692.05

52.324.926.03

11.9823.60

131.25

June

90.97

38.848.524.966.48

12.301.86

52.135.475.70

11.7223.20

135.57

Sept.

91.78

41.349.015.656.32

13.201.97

50.445.595.62

11.6821.77

134.97

Dec.

93.73

44.379.186.498.75

12.262.13

49.365.076.28

11.0821.08

126.04

1. Starts are estimated by adding changes in carryover to expenditures during the given period.2. Carryover refers to expenditures yet to be incurred on plant and equipment projects already underway at the end of the period.3. Includes industries not shown separately.

Table 6.—Expenditures for New Plant and for New Equipment by U.S. Nonfarm Business in Current and Constant Dollars

Total nonfarm businessPlantEquipment

Manufacturing...PlantEquipment

Durable goodsPlantEquipment

Nondurable goods . .PlantEquipment

NonmanufacturingPlantEquipment

MiningPlantEquipment

TransportationPlantEquipment

Public utilitiesPlantEquipment...

Trade and servicesPlantEquipment

Communication and other l

Plant .. .Equipment

Billions of dollars; quarters seasonally adjusted at annual rates

1980

295.63117.55178.08

115.8136.0679.76

58.9116.2842.63

56.9019.7837.12

179.8181.4998.32

13.517.755.76

12.092.999.10

35.4423.0012.44

81.7935.2346.56

36.9912.5224.46

1981

321.49133.46188.04

126.7940.7086.09

61.8416.0345.82

64.9524.6840.27

194.7092.75

101.95

16.8610.756.11

12.053.338.72

38.4025.2313.17

86.3339.4346.90

41.0614.0227.05

1980

I

291.89115.96175.93

111.7733.8377.94

58.2816.4841.79

53.4917.3536.14

180.1382.1398.00

11.896.525.37

12.473.229.25

36.2623.6412.62

82.1736.1346.04

37.3412.6224.72

II

294.36116.50177.86

115.6936.3579.35

59.3816.9942.38

56.3219.3536.96

178.6680.1598.51

12.817.115.70

12.092.939.16

35.0322.5512.48

81.0734.3046.77

37.6613.2624.40

III

296.23117.59178.64

116.4037.0979.31

58.1916.7241 .47

58.2120.3737.83

179.8380.5099.33

13.868.205.66

12.232.959.28

35.5822.6612.92

81.1934.1047.08

36.9712.5924.38

IV

299.58120.27179.32

118.6336.8981.74

59.7715.2744.50

58.8621.6237.24

180.9583.3797.58

15.289.016.27

11.702.968.73

34.9623.1011.86

82.9136.5746.35

36.1111.7324.38

1981

I

312.24128.57183.67

124.5039.0385.47

61.2416.5044.74

63.2722.5440.73

187.7489.5498.20

16.209.986.22

11.743.138.61

36.0523.0113.04

83.4339.6343.80

40.3213.7926.53

II

316.73131.05185.68

125.4940.2685.23

63.1016.6046.50

62.4023.6638.73

191.2490.79

100.45

16.8011.075.73

11.703.188.52

37.8425.2912.55

85.8838.5947.29

39.0212.6626.36

III

328.25136.40191.85

130.1141.7588.37

62.5815.7046.88

67.5326.0541.48

198.1394.66

103.48

17.5510.836.72

11.613.408.21

39.5525.8413.71

87.5539.9247.63

41.8914.6727.21

IV

327.83136.67191.17

126.9141.3185.60

60.7815.4645.32

664425.8640.28

200.9295.35

105.57

16.8110.995.82

13.123.559.56

39.7426.4513.29

88.3339.5248.81

42.9214.8428.08

Billions of 1972 dollars; quarters seasonally adjusted at annual rates

1980

158.5252.92

105.61

60.1015.3444.76

31.787.59

24.20

28.327.75

20.57

98.4237.5860.85

5.252.482.78

6.131.404.72

17.4710.506.96

47.1616.8630.30

22.426.34

16.08

1981

158.6154.73

103.87

60.6415.5545.09

31.396.99

24.40

29.258.56

20.69

97.9739.1858.78

5.622.942.68

5.661.444.22

17.1110.506.61

46.8017.7029.10

22.786.61

16.17

1980

I

161.8754.76

107.10

60.2315.2644.97

32.327.95

24.37

27.917.31

20.60

101.6339.5062.13

4.932.252.68

6.501.554.94

18.5111.267.25

48.1917.8830.32

23.516.56

16.94

II

159.2752.87

106.39

60.6115.7044.91

32.157.88

24.27

28.467.82

20.65

98.6637.1861.48

5.112.332.78

6.131.364.77

17.4710.407.07

46.9016.3830.52

23.046.70

16.35

III

157.3651.87

105.49

59.8815.4844.40

31.147.63

23.51

28.747.85

20.88

97.4836.3961.09

5.322.602.72

6.131.344.79

17.3310.167.17

46.6016.0330.57

22.096.25

15.83

IV

155.6152.16

103.45

59.6914.9244.77

31.526.89

24.63

28.178.03

20.14

95.9237.2458.68

5.652.732.92

5.741.354.40

16.5510.196.36

46.9417.1529.80

21.035.83

15.20

1981

I

159.9455.24

104.70

61.9615.7346.24

31.997.41

24.58

29.978.31

21.65

97.9839.5158.46

5.772.912.85

5.711.414.30

16.8210.016.81

46.4518.3828.06

23.236.79

16.43

II

157.3154.34

102.97

60.4415.6844.76

32.117.26

24.84

28.338.42

19.91

96.8738.6658.21

5.623.082.54

5.531.394.14

17.0710.706.38

46.7517.4529.30

21.906.04

15.86

III

160.2555.40

104.85

61.5315.7645.77

31.446.77

24.67

30.098.99

21.10

98.7239.6459.08

5.842.932.92

5.431.463.97

17.4910.676.83

46.9817.7529.22

22.976.83

16.14

IV

156.9253.94

102.98

58.6115.0243.59

30.016.50

23.51

28.608.52

20.08

98.3138.9259.39

5.262.832.43

5.951.494.46

17.0610.636.43

47.0217.1929.83

23.016.78

16.23

1. Includes construction; social services and membership organizations; and forestry, fisheries, and agricultural services.



Table 7.—Planned and Actual Expenditures forNew Plant and Equipment: Percent ChangeFrom Preceding Year

Table 8.—Manufacturers' Evaluation of Their Plant and Equipment Facilities ]

[Percent distribution of gross depreciable assets]

197019711972197319741975

1976197719781979 . .198019811982

Planned1

10.06 1

12.714011.41.9

8 112.212.412612.01027.3

Actual

6.128

10.814514.0

.5

8715.516.71709.387

1. Plans are based on BEA surveys conducted in Januaryand February.

crease in the first quarter of 1982 anda 3V2-percent increase in the second.In the first quarter, the planned in-crease is larger in durables; in thesecond quarter, it is larger in nondur-ables. Plans for the second half implyan average quarterly increase of 3l/2percent, with durables somewhatstronger.

For the year 1982, manufacturersplan to spend $136.8 billion, 8 percentmore than they spent in 1981; theirspending increased 91/2 percent in1981. Durables plan an 8V2-percent in-crease; nondurables plan a 7-percentincrease. The largest increases in du-rables are planned by iron and steel,28*/2 percent, and electrical machin-ery, 22 percent. Aircraft, nonelectricalmachinery, and fabricated metalsplan increases between 12 and 13 per-cent. Declines are planned by nonfer-rous metals and motor vehicles, 15percent and 6 percent, respectively. Innondurables, the largest increases arein rubber, 14 V2 percent; chemicals, 13percent; and petroleum, 9 percent.The increase in petroleum spending isprincipally in production activities(table 9). Small declines are plannedby textiles, 2l/2 percent, and food-bev-erage, 2 percent.

In real terms, manufacturers plan asmall decrease in 1982 spending—about one-half of 1 percent. Nondura-bles plan a 3-percent decline and du-rables, a lV2-percent increase. In1981, nondurables had a 3V2-percentincrease in real spending and dura-bles, a 1-percent decline.

New investment projects started bymanufacturers in the fourth quarterof 1981 totaled $33.7 billion, 1 percentmore than in the third quarter. Siz-able increases in electrical machinery,

More plant and equipment needed:

All manufacturingDurable goods 2

Primary metalsMetal products 3

Nondurable goods 2

Food including beverageChemicals and petroleum

About adequate:


Primary metalsMetal products 3

Nondurable 'goods 2


Existing plant and equipment exceedsneeds:


Primary metalsMetal products 3 . . .

Nondurable goods 2


Mar. 31

35.532.917843.537944744.9

58.157.976.148.658447.454 1

6.49.26 17.93.77 91.0

19

June 30

32.029.199

41.434940841.9

58.757.170.848.560 149.6569

9.313.81931015.0961.2

80

Sept. 30

32.029.010540.634941 541.9

59.057.373.248.560750.9565

9.013.716310.94.4761.6

Dec. 31

30.626.810536.334343.039.6

60.859.872.653.862049.4595

8.613.41699.93.776

.9

Mar. 31

30.426.214933.934641.040.0

61.661.267.657.161.950.7588

8.012.61759.03.58.31.2

19

June 30

31.327.418934.735 141.940.2

58.559.065.253.758.051.852.3

10.213.615.911.66.96.37.5

81

Sept. 30

31.127.525330.934741.640.3

54.155.148.356.853.051.044.2

14.817.426412.312.37 4

15.5

Dec. 31

27.222.511.229.032.038.335.6

57.855.952.356.459.551.557.5

15.021.636.514.68.5

10.26.9

1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account theircurrent and prospective sales for the next 12 months.

2. Includes industries not shown separately.3. Includes machinery, transportation equipment, and fabricated metals.

petroleum, and paper were partlyoffset by declines in transportationequipment and food-beverage. In thefourth quarter, the value of projectsstarted was larger than spending sothat carryover increased. At the endof December, carryover was $93.7 bil-lion, $2.0 billion more than at the endof September.

Capacity utilization

The utilization of manufacturingcapacity was 72 percent in Decem-ber—4 points below the rate in Sep-tember and 6 points below the rate inJune. The December rate is thelowest recorded for the BEA seriessince it was begun in 1965; the previ-ous low was 75 percent in March andJune of 1975.

All major industries except petro-leum reported declines in their utili-zation jates from September to De-cember. Primary metals reported thelargest decline, 11 points to 63 per-cent. Motor vehicles reported a 9-point decline, to 51 percent. Textilesand rubber reported 6-point declines,to 75 percent and 66 percent, respec-tively. Chemicals and stone-clay-glassreported 5-point declines, to 70 per-cent and 66 percent, respectively.Food-beverage reported a 4-point de-cline, to 74 percent. Smaller declineswere reported by paper, aircraft, andthe machinery industries.

Table 9.—Petroleum Industry Expenditures forNew Plant and Equipment by Function

Total

ProductionTransportation

Refining andpetrochemicals ...

Marketing

Other

Billions of dollars

Actual

1980

20.69

11.291.01

4.61.91

2.85

1981

26.56

14.561.04

5.981.01

3.98

Planned

1982 *

28.96

17.00.84

6.18.86

4.08

Percent changefrom preceding

year

1981

28.4

28.92.2

29.610.9

39.6

1982

9.0

16.8-18.9

3.4-14.5

2.4

1. The reported plans are adjusted for biases when neces-sary; adjustments are applied separately to expenditures foreach function. Before adjustments, plans for 1982 were $30.75billion.

Primary-processed goods industriesreported a utilization rate of 71 per-cent in December, a 5-point declinefrom September; advanced-processedgoods reported 73 percent, a 3-pointdecline.

The utilization rate for large-sizedfirms declined 4 points, to 72 percent.Medium- and small-sized firms eachdeclined 3 points to 74 percent and 71percent, respectively.

Manufacturing companies owning27 percent of fixed assets reported aneed as of the end of December formore facilities, 4 points below the per-centage as of the end of September.Facilities viewed as about adequateincreased 4 points to 58 percent, and



Table 10.—Expenditures for New Plant and Equipment by U.S. Nonfarm Business in Current and Constant Dollars

Total nonfarm business ••• •

Manufacturing

Durable goods ...Primary metals 4 ••• ••••

Blast furnaces, steel works .Nonferrous metals • •

Fabricated metals

Machinery except electrical

Motor vehicles • •Aircraft ....

Stone clay and glassOther durables 5

Nondurable goods

TextilesPaperChemicals . . .Petroleum • •Rubber . .Other nondurables 6

Nonmanufacturing . .

Mining

Transportation .. . ....Railroad ... .. .AirOther >

Public utilitiesElectricGas and other

Trade and services • ••

Finance insurance and real estate

Communication and other ,

Other7

Total nonfarm business

Manufacturing

Durable goodsPrimary metals 4

Blast furnaces, steel worksNonferrous metals

Fabricated metalsElectrical machineryMachinery except electrica!6 45 .... . . . ...Transportation equipment 4


Stone clay and glassOther durables 5

Nondurable goodsFood including beverageTextilesPaper ...ChemicalsPetroleumRubber . . . .Other nondurables 6

Nonmanufacturing

Mining. ..

TransportationRailroadAirOther

Public utilities . .ElectricGas and other ....

Trade and servicesWholesale and retail tradeFinance, insurance, and real estatePersonal business and prof svcs

Communication and otherCommunicationOther7

Billions of dollars; quarters seasonally adjusted at annual rates

1980

295.63

115.81

58.917.713.293.112.969.59

11.5918.169.067.033.825.09

56.907.391.626.80

12.6020.69

1.736.08

179.81

13.51

12.094.254.013.82

35.4428.12

7.32

81.7921.7831.9328.08

36.9926.1610.82

158.52

60.10

31.783.941.691.571.595.526.949.594.693.781.972.72

28.323.92.85

3.646.678.95

.933.36

98.42

5.25

6.13

17.47

47.1612.1118.8816.18

22.4217.11

5.31

1981

321.49

126.79

61.848.123.173.462.96

10.3113.2218.3910.08

6.433.145.69

64.958.221.566.72

13.6026.56

1.776.53

194.70

16.86

12.054.243.814.00

38.4029.74

8.65

86.3322.4334.3629.54

41.0628.8912.17

158.61

60.64

31.393.801.441.631.475.62

9.174.893.341.502.89

29.254.06.75

3.336.60

10.23.88

3.40

97.97

5.62

5.66

17.11

46.8011.5519.2615.99

22.7817.28

5.50

1982 *

345.11

136.81

67.248.744.072.953.33

12.6014.9118.599.497.253.185.89

69.588.071.526.75

15.3828.96

2.036.87

208.30

18.33

13.534.554.154.83

40.2031.77

8.43

90.48

45.75

1980

III

296.23

116.40

58.198.023.293.393.059.97

11.0517.54

8.886.703.744.81

58.217.461.536.92

13.1921.45

1.835.82

179.83

13.86

12.233.984.064.18

35.5828.14

7.44

81.1921.4331.8227.94

36.9726.3210.66

IV

299.58

118.63

59.777.172.803.182.72

10.1012.3618.58

9.356.733.615.22

58.867.291.726.99

11.8723.30

1.576.12

180.95

15.28

11.704.543.773.39

34.9627.54

7.41

82.9120.2533.5529.11

36.1124.8911.22

1981

I

312.24

124.50

61.247.842.863.482.929.79

12.6618.9810.09

6.983.315.73

63.278.551.536.93

12.8125.33

1.746.37

187.74

16.20

11.744.233.853.66

36.0527.69

8.36

83.4320.5732.8330.03

40.3228.6811.64

II

316.73

125.49

63.108.142.933.822.82

10.6212.9419.5810.227.413.055.94

62.408.151.626.42

12.0126.03

1.766.39

191.24

16.80

11.704.383.294.04

37.8429.32

8.53

85.8822.5432.6030.74

39.0227.4511.57

III

328.25

130.11

62.587.893.043.493.05

11.6012.8218.2510.31

5.993.285.70

67.538.671.547.01

14.9526.61

1.806.94

198.13

17.55

11.614.183.344.09

39.5530.54

9.01

87.5522.7136.1128.73

41.8929.4312.45

IV

327.83

126.91

60.788.483.643.133.059.49

14.3417.01

9.725.582.965.45

66.147.661.536.56

14.4227.81

1.766.41

200.92

16.81

13.124.184.824.12

39.7431.14

8.60

88.3323.7035.8928.73

42.9229.9412.97

1982

I 1

330.34

129.23

62.958.023.632.832.79.

10.3612.4620.2511.407.073.016.06

66.288.431.346.17

14.4927.11

2.006.75

201.11

17.26

12.144.393.234.52

39.3330.86

8.46

89.46

42.93

Billions of 1972 dollars; quarters seasonally adjusted at annual rates 2

157.04

60.22

31.87

6.12

28.35

96.83

5.16

5.85

16.28

46.38

23.17

lo/.Sb

59.88

31.144.021.621.681.625.736.769.204.563.581.912.55

28.743.93

.803.676.899.31

.973.17

97.48

5.32

6.13

17.33

46.6011.8218.7716.01

22.0916.91

5.18

loo.bl

59.69

31.523.541.361.571.425.726.889.534.723.501.822.73

28.173.78.88

3.646.129.59

.823.34

95.92

5.65

5.74

16.55

46.9410.9819.6116.35

21.0315.66

5.37

loy.94

61.96

31.993.831.371.701.515.476.799.725.063.661.642.95

29.974.37

.763.556.55

10.42.90

3.42

97.98

5.77

5.71

16.82

46.4510.9418.8316.67

23.2317.76

5.47

Io7.31

60.44

32.113.851.361.801.415.796.689.814.983.841.463.00

28.333.98

.793.195.89

10.27.88

3.33

96.87

5.62

5.53

17.07

46.7511.6818.4116.66

21.9016.63

5.28

IbU.Zo

61.53

31.443.661.381.611.496.247.408.954.933.061.542.86

30.094.23

.733.447.18

10.04.88

3.59

98.72

5.84

5.43

17.49

46.9811.5920.0215.37

22.9717.40

5.57

lob.y^

58.61

30.013.871.631.421.484.97

8.194.592.781.382.74

28.603.67

.723.156.79

10.17.85

3.25

98.31

5.26

5.95

17.06

47.0212.0019.7815.24

23.0117.33

5.68

li>o.3U

58.70

30.59

28.11

96.60

5.18

5.40

16.50

46.95

22.56

II1

336.77

133.51

64.798.243.672.912.96

11.6313.9219.2610.187.362.925.86

68.727.801.456.30

15.2329.30

1.926.70

203.26

17.20

12.054.372.974.71

39.6431.59

8.04

89.92

44.45

155.23

59.43

31.10

28.33

95.81

4.96

5.26

16.26

46.50

22.84

2ndHalf1

355.12

141.21

69.969.214.393.013.72

13.8516.4417.518.307.263.395.84

71.258.061.647.19

15.8129.48

2.096.99

213.91

19.34

15.014.715.324.98

40.8332.25

8.58

91.08

47.65

158.82

61.37

32.89

28.48

97.45

5.24

6.36

16.18

46.03

23.64

[

1. Estimates are based on planned capital expenditures reported by business in late Januaryand February 1982. The planned expenditures for the first quarter, second quarter, and secondhalf of 1982 have been corrected for biases. The adjustment procedures are described in the Octo-ber 1980 SURVEY. Before adjustment, plans for 1982 were $340.35 billion for total business,$141.49 billion for manufacturing, and $198.87 billion for nonmanufacturing.

2. Procedures for preparing constant-dollar estimates are described in the September 1981SURVEY.

3. Constant-dollar plans are adjusted by BE A for assumed price changes.4. Includes industries not shown separately.5. Consists of lumber, furniture, instruments, and miscellaneous.6. Consists of apparel, tobacco, leather, and printing-publishing.7. Consists of construction; social services and membership organizations; and forestry, fisher-

ies, and agricultural services.



facilities viewed as in excess of needsremained at 15 percent. Shifts in eval-uation of facilities were most pro-nounced in primary metals, chemi-cals, and petroleum.

NONMANUFACTURINGPROGRAMS

Spending in current dollars for newplant and equipment by nonmanufac-turing increased ll/2 percent in thefourth quarter, to an annual rate of$200.9 billion, following a 3V2-percentincrease in the third quarter. Airtransportation reported a 44-percentincrease. Increases ranging between4*/2 and 2 percent were reported by

trade, "communication and other,"and electric utilities. Nonmanufactur-ing firms expect little change inspending from the fourth quarter tothe first and a 1-percent increase inthe second. Plans for the second halfimply an average quarterly increaseof about 3V2 percent.

For 1982, planned spending in cur-rent dollars by nonmanufacturingtotals $208.3 billion, 7 percent morethan spending last year. The largestincreases are planned by "othertransportation," 21 percent; and"communication and other," 11 Vk per-cent. Smaller increases are plannedby air transportation, 9 percent;mining, Sl/z percent; railroads, 7 per-

cent; electric utilities, 7 percent; andtrade and services, 5 percent. Gasutilities plan a 2y2-percent decrease.

A decline in real spending of 1.2percent is planned in 1982 by non-manufacturing industries. Declines inmining and public utilities more thanoffset increases in transportation and"communication and other."

Starts of new projects by publicutilities in the fourth quarter totaled$1.0 billion, compared with $9.3 bil-lion in the third quarter. Carryover ofutility projects totaled $126 billion atthe end of December, down $8.9 bil-lion from the end of September andreflecting the cancellation of severallarge generation projects.

(Continued from p. 25}

and the Departments of Agriculture,Labor, and Treasury. Receipts reflectthe pattern of proposed and enactedtax changes and the administration'sprojected quarterly pattern of wagesand profits. Expenditures reflect thepattern of proposed legislation and se-lected other items, such as cost-of-living increases in retirement benefitsand pay raises for Federal employees.All estimates are seasonally adjustedat annual rates.

High-employment surplus or defi-cit.—The high-employment surplus isan estimate of the amount by whichFederal revenues would exceed Feder-al expenditures if the economy wereoperating at a high-employment levelof activity at current price levels.Consequently, cyclical fluctuations inthe economy do not affect high-em-

Table 12.—High-Employment Surplus orDeficit (-), NIPA Basis


Calendar year:

198019811982

Quarters:

1980:I.IIIllIV

1981:IIIIllIV

1982:IIIIllIV

1983:

IIIII

Highemploy-

mentsurplus

ordeficit(-)

-20.3-26-2.7

183-21.7

242-16.8

1 310.643

-24.0

- 6152

-15.1-104

7336

-43.2

Change

-18.2177-.1

-106-3.4-25

7.4

15511.9

-63-28.3

23415.8

-30.347

17737

-46.8

ployment budget receipts or expendi-tures. The high-employment surplusis therefore a measure, although animperfect one, of discretionary fiscalpolicy. (See the November 1980SURVEY for a discussion of the limita-tions of the high-employment budgetand BEA's methodology for calculat-ing it. An article in the April 1982SURVEY will update and refine theearlier estimates.)

As measured on a high-employmentbasis, the Federal sector of theNIPA's was in deficit in calendar year1980 and continues in deficit—al-though much smaller—in 1981 and1982. There is a swing to surplus inthe first half of 1982 before returningto deficit in the second half, reflectingthe second stage of tax reductionsunder ERTA and a social securitybenefit increase. In 1983, the patternis repeated; the first half is in surplusand the second half is in deficit (table12).


By RALPH KOZLOW

Capital Expenditures by Majority-Owned Foreign Affiliates ofU.S. Companies, 1982

MAJOI)RITY-OWNED foreign affili-ates of U.S. companies plan to in-crease capital expenditures 11 percentthis year, to $50.7 billion, following aplanned 7-percent increase last year.In 1980, spending increased a record30 percent (table 1 and chart 10).l

Spending by petroleum affiliates isexpected to remain strong. These af-filiates plan an 18-percent spendingincrease this year, to $20.5 billion,after a similar increase last year.Both reflect ongoing efforts to explorefor, and develop, petroleum and otherenergy resources, mainly coal, in an-ticipation of future energy needs. The1982 increase is planned despite therecent weakening of petroleum prices.In manufacturing, spending is expect-ed to increase less than in petroleum.Manufacturing affiliates plan a 10-percent increase this year, to $21.4billion, after no change last year. Intrade, a 16-percent increase isplanned, after a 3-percent decline. Af-filiates in "other industries" and in fi-nance (except banking), insurance,and real estate plan to maintainspending at last year's levels, after in-creases of 7 and 32 percent, respec-tively. Only affiliates in mining andsmelting plan to reduce spending,after several years of large increases.

1. Capital expenditures estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. par-ents. (An affiliate is majority owned when the com-bined ownership of all U.S. parents exceeds 50 per-cent.) Capital expenditures are expenditures that aremade to acquire, add to, or improve property, plant,and equipment, and that are charged to capital ac-counts. They are on a gross basis; sales and other dis-positions of fixed assets are not netted against them.Capital expenditures are reported to BEA in currentdollars; they are not adjusted for price changes in hostcountries or for changes in the value of foreign cur-rencies, because the data needed for these adjustmentsare unavailable.

NOTE.—Patricia E. DiVenuti, Earl F. Holmes,Jr., and Edward L. Simons assisted in prepar-ing the estimates. Smith W. Allnutt III de-signed the computer programs.

By area, affiliates in developedcountries plan an 11-percent increasein spending, to $35.8 billion, comparedwith a 1-percent increase in 1981. Indeveloping countries, a planned 19-percent increase, to $13.8 billion, fol-lows a 28-percent increase. Affiliatesin "international"—those that haveoperations spanning more than onecountry and that are engaged in pe-troleum shipping, other water trans-portation, petroleum trading, or oper-ating oil and gas drilling equipmentthat is moved from country to coun-try during the year—plan to cutspending by one-third, to $1.0 billion,after a 2-percent increase.

The latest estimate for 1981, basedon the BEA survey taken in Decem-ber 1981, is sharply lower than the es-timate made 6 months earlier, whichindicated expenditures would increase18 percent. Although the estimatesfor every industry except finance(except banking), insurance, and realestate were revised downward, mostof the revision is in petroleum andtransportation equipment manufac-turing. The revision reflects theimpact of the slowdown in economicactivity abroad. For 1982, the latestestimate is also lower than the earlierone; however, the percent increasefrom 1981 is larger because it is calcu-lated from the lower 1981 base. By in-dustry, the largest downward revi-sions in dollar spending are in petro-leum and mining.

Petroleum

Petroleum affiliates plan to in-crease spending 18 percent, to $20.5billion, after a similar increase lastyear. The increase is widespread geo-graphically, and is particularly largein Canada and Norway, where it ismainly for petroleum extraction, andin the Netherlands, Australia, andColombia, where it is for developmentof alternative energy sources.

CHART 10

Capital Expenditures byMajority-Owned Foreign Affiliatesof U.S. Companies

Billion $ (Ratio scale)6050 -

40

30

20

.2

BY INDUSTRY

Petroleum

Trade

\

Finance (Except Banking),Insurance and Real Estate

J I J I

BY AREA

Total

A A V» \ / International _

V «

81 1977 79 811977 79• Planned

Note.- Estimates are for nonbank foreign affiliates of nonbankU. S. parents.


32



In developed countries, affiliatesplan to increase spending 18 percent,to $13.0 billion, after an 11-percent in-crease in 1981 (tables 2-3). Canadianaffiliates plan to boost spending 28percent, to $3.8 billion, after a 4-per-cent decline. Affiliates engaged in allphases of petroleum production planincreases, which are to finance contin-ued development of western Canada'star sands, expanded exploration infrontier areas, modernization of refin-eries, and construction of new petro-chemical facilities. They are planneddespite Canada's National EnergyProgram (NEP). The NEP, first pro-posed in late 1980 and some provi-sions of which recently became law, isdesigned to encourage increased do-mestic ownership of the Canadian pe-troleum industry. Although it ap-peared to be an important factor in

recent decisions by several U.S. com-panies to sell their Canadian oil andgas properties, it does not seem to bedampening plans for capital expendi-tures by affiliates still operating inCanada.

In the North Sea area, Norwegianaffiliates plan a 31-percent increase inspending, to $1.7 billion, after an 8-percent increase last year. The 1982increase is for continued developmentof offshore oilfields and gasfields.British affiliates plan a 2-percent in-crease—the smallest increase since1972—to $4.6 billion, after a 12-per-cent increase. The slowdown partlyreflects the impact of the host govern-ment's plans to conserve more of itsoil reserves.

In other areas of Europe, where af-filiates are primarily engaged in re-fining and distribution, several large

increases are planned. Netherlandsaffiliates plan a 115-percent increase,partly for a plant to convert coal intocoke, an industrial fuel that burnswith little smoke. German affiliatesplan a 40-percent increase, primarilyfor upgrading and expanding existingrefineries.

After more than doubling expendi-tures last year, Australian affiliatesplan a 20-percent increase in 1982. Itis partly for developing a new coal op-eration, including construction ofhousing for workers and a railroad,and partly for stepped-up drilling ofnatural gas wells and construction ofa pipeline; the 1981 increase was forrefinery upgrading, shale-oil extrac-tion, and gasfield development. The

(Continued on p. 36)

Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1977-82

Total

By industry

MiningPetroleum

Manufacturing

Food and kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery except electricalElectric and electronic equipmentTransportation equipmentOther manufacturing

TradeFinance (except banking), insurance and real

estateOther industries

By area

Developed countries

CanadaEurope

European Communities (9)3

FranceGermanyUnited KingdomOther

Other

JapanAustralia, New Zealand and South Africa

Developing countriesLatin AmericaOther AfricaMiddle East ..Other Asia and Pacific

International

Addenda — European Communities (10)4

OPEC5

Percent change from preceding year

Actual expenditures

1978

9

-14

14

17-8

722231816

9

-10-6

10

j13

131

3420

_79

3220

161714

-1056

-38

10

1979

25

5116

29

2538113126543

37

4922

25

2030

282628273142

157

202712

-2752

51

-2

1980 1

30

8934

27

28143718244929

25

728

29

2927

272317332826

4240

384244

-1047

22

13

Latest plans1

1981

7

1718

(*)

— 25

12-15-512

4

-3

327

1

2-1

-5-19-16

2_l

22

-734

282734

-3546

2

47

1982

11

-2418

10

1727541111

-101

16

(*)(*)

11

1210

91575

1616

296

1919135618

-33

91

Earlier plans2

1981

18

3328

14

121927-4

83412

6

-127

13

1311

7-3

1101435

(*)37

363538

-2954

19

28"

1982

6

214

2

-2151979

-13-1

10

(*)-9

7

114

452518

1318

97

4315

-5

-29

417

Billions of dollars

Actual expenditures

1977

24.1

.58.9

10.5

.82.0

.53.0

.71.61.8

2.1

.21.9

18.0

5.411.2

9.61.42.03.92.41.5

.41.0

4.82.2

.71.2.7

1.3

1.7

1978

26.1

.49.5

12.0

.91.9

.63.6

.91.92.1

2.2

.21.8

19.8

5.412.6

10.91.42.64.72.21.7

.61.2

5.52.5

.81.11.1

.8

1.9

1979

32.6

.711.0

15.4

1.22.6

.64.71.12.92.2

3.1

.32.1

24.8

6.516.4

14.01.83.46.02.92.4

.61.3

6.63.2

.9

.81.7

1.2

1.9

1980 1

42.4

1.314.8

19.5

1.53.0

.95.61.44.42.8

3.8

.32.7

31.9

8.320.8

17.82.23.98.03.73.0

.91.8

9.04.61.3

.72.5

1.5

2.1

Latest plans1

1981

45.5

1.517.5

19.5

1.53.11.04.81.34.93.0

3.7

.42.9

32.4

8.520.6

16.91.83.38.13.73.7

.82.5

11.65.81.7.5

3.6

1.5

16.93.1

1982

50.7

1.120.5

21.4

1.74.01.55.31.44.43.0

4.3

.42.9

35.8

9.522.7

18.42.03.58.54.34.3

1.12.6

13.86.92.0

.74.3

1.0

18.53.1

Earlier plans2

1981

50.1

1.719.0

22.2

1.73.51.15.31.55.93.2

4.0

.32.9

36.1

9.423.2

19.12.14.08.84.24.1

.92.5

12.26.21.8.5

3.8

1.8

19.22.7

1982

53.3

1.721.5

22.7

1.74.11.35.71.65.13.2

4.4

.32.7

38.7

10.424.2

19.82.24.09.24.34.4

1.03.0

13.46.62.5

.63.7

1.3

19.93.2

*Less than 0.5 percent (±).1. Based on the BEA survey taken in December 1981.2. Based on the BEA survey taken in June 1981.3. European communities (9) consists of Belgium, Denmark, France, Germany, Ireland, Italy,

Luxembourg, Netherlands, and the United Kingdom.4. European communities (10) consists of European communities (9) and Greece.5. OPEC consists of Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,

Qatar, Saudi Arabia, Venezuela, and the United Arab Emirates.NOTE.—Estimates are for nonbank foreign affiliates of nonbank U.S. parents.



Table 2.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1981

All countries .

Developed countries

Canada

Europe

European Communities (9)BelgiumDenmarkFranceGermanyIrelandItalyLuxembourgNetherlandsUnited Kingdom

Other EuropeAustriaGreeceNorwayPortugalSpainSwedenSwitzerlandTurkeyOther

Japan

Australia, New Zealand and South AfricaAustraliaNew ZealandSouth Africa

Developing countries

Latin America

South AmericaArgentinaBrazilChileColombia . .EcuadorPeruVenezuelaOther

Central AmericaMexico

Other

Other Western HemisphereBahamas ,BermudaNetherlands AntillesTrinidad and TobagoOther

Other AfricaSaharan

EevotLibyaOther

Sub-SaharanLiberiaNigeriaOther

Middle EastIsraelOPECOther

Other Asia and PacificHong KongIndiaIndonesiaMalaysiaPhilippines ....SingaporeSouth KoreaTaiwanThailandOther

InternationalAddenda — European Communities (10)2

OPEC3

Allindus-tries

45,463

32,352

8,490

20,556

16,859807244

1,7803,310

2741,146

361,1638,100

3,69738861

1,39176

1,067219403

1281

844

2,4612,026

84352

11,611

5,800

4,110715

1,66829042059

408407143

1,3771,169

75132

313441327

116113

1,72660334221248

1,12213

313796

45892

32640

3,627566

201,251

57626637999

17022081

1,50016,9203,108

Mining

1,466

1,107

430

12

8(*)

00320003

4013000010

0

665639

(*)26

360

299

26551

(D)50

(D)09

1510

14

1910

(*)0

18

234400

202

(*)17

1010

3600

35(*)

000010

937

Petro-leum

17,461

11,022

2,973

7,401

5,90498

123(D)

440(D)

1801

3104,500

1,497(D)11

1,300(D)654214(*)26

(D)

(D)51721(D)

5,439

1,283

1,0611956132

30725

3067065

51113

37

172(D)(D)(D)10535

1,602582330212

401,020

(*)290730

2705

23926

2,284(D)

01,182

(D)82

228(D)(D)19020

1,0005,9152,540

Manufacturing

Total

19,494

15,450

3,872

10,177

8,78855622

1,1812,619

16881634

6642,726

1,390278333931

8201245914

642

75957333

153

4,044

3,366

2,362457

1,48612692213

24163

976946

426

282

(*)(*)8

18

5441

(*)3

5019

39

36333

(*)

588302023

11114210533922013

8,821311

Foodand

kindredprod-ucts

1,487

962

210

654

600171370729

540

105260

543602

3544

(*)0

(D)

(D)52(D)30

525

415

25960

1001

1942

5023

146135

29

1110

(*)(*)10

20(*)

00

(*)1912

17

651

(*)

84(*)

01

(*)70O

5521

60657

Chemi-calsand

alliedprod-ucts

3,128

2,419

656

1,558

1,398143

1170264

46115

3195460

. 1618

2115

1001591

(*)

90

12192

623

709

592

49295

2915

2653

66(*)

948824

620

(*)(D)(D)

8110

(*)7043

77

(*)(*)

102653

(D)20(D)

51238

1,41980

Pri-maryand

fabri-catedmetals

996

599

210

353

33191

36106

1240

24130

223

(*)618310

(*)

(D)

(D)(D)

012

397

373

3218

2602

(D)24

12(D)

515001

(*)00

(*)0

(*)131001

1301

12

(*)0

(*)0

11(*)

031

(*)700

(*)(*)

33118

Ma-chineryexceptelectri-

cal

4,754

4,330

590

3,211

3,10960(*)

649927(D)(D)

3228750

1023

(*)(*)1

(D)(D)

500

(D)

(D)(D)

224

424

376

349(D)

2160

(*)0

(*)(D)(*)

272700

000000

(*)(*)

0(*)

00000

642

(*)

4255

(*)2

(*)217200

3,109(D)

Electricandelec-

tronicequip-ment

1,283

809

185

545

471375

55138(D)40( D )15

151

74(D)

2(D)

230(D)13(*)(*)

52

272313

473

213

965

75(*)3228

(*)

115112(*)3

2000

(*)2

2(*)

00

(*)20

(*)2

171700

2419

(D)8

582449136110(D)

47319

Trans-portation

equip-ment

4,894

3,968

977

2,653

(D)246

158

815(D)5804

555

(D)(D)

14

15(D)

2(*)

00

(D)

(D)(D)( D )35

926

906

511(D)

343(*)(D)

0(*)(D)

1

394394

0(*)

000000

(*)0000

(*)00

(*)0000

20000

(D)2

(D)00

(*)0

(D)(D)

Othermanu-

facturing

2,952

2,363

1,050

1,203

(D)441

14329746(D)(D)93

420

(D)(D)

3(D)

6(D)

727(*)3

13

97591127

589

492

33373

2003

(D)93

30(D)

149140

18

100

(*)0

(D)(D)

1020027035

(*)(*)

00

8810

(D)8

192512

135

(D)

(D)60

Trade

3,684

2,950

432

2,043

1,39413091

30020028

120(*)

100425

64974154333

16243

2209

51

127

34821525

108

734

467

2994565(D)3112(D)746

162147

610

5111

(*)2

2572

(*)4

18(D)11

(D)

86(D)52(D)

15638(*)

612(D)17(D)2481

1,409159

Fi-nance

(exceptbank-ing),

insur-ance,andreal

estate

443

313

95

199

(D)1

(D)24

(D)(*)(*)

4100

(D)(*)1

(D)0

(*)(*)(D)

0(*)

4

1615(*)(*)

130

71

33(*)300101

(*)(*)

25(D)(D)

1

1322

(*)(*)

9

400004212

55

(*)(*)

5030

(*)(*)(*)(D)

000

(D)(D)1

OtherIndus-tries

2,915

1,511

689

725

(D)21(D)(D)44

430(*)85

345

(D)(D)(*)(D)( D )2010

(D)1

(*)

(D)

(D)675

(D)

905

315

901325217

(*)1

221

148(D)(D)45

76(D)(D)(D)

232

177601

10(D)

2(D)

59(D)31(D)

514(D)(*)

5(D)(D)(D)(*)(D)

1(D)

500(D)60

* Less than $500,000.D Suppressed to avoid disclosure of data of individual companies.

1. Based on the BEA survey taken in December 1981.2. Consists of European Communities (9) and Greece.3. See footnote 5, table 1.

NOTE.— Estimates are for nonbank foreign affiliates of nonbank U.S. parents.



Table 3.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1982

Allindus-ties

Mining Petro-leum

Manufacturing

Total

Foodand

kindredprod-ucts

Chemi-calsand

alliedprod-ucts

Pri-maryand

fabri-cated

metals

Ma-chineryexceptelectri-

cal

Electricandelec-

tronicequip-ment

Trans-portation

equip-ment

Othermanu-

facturing

Trade

Fi-nance

(exceptbank-ing),

insur-ance,andreal

estate

Otherindus-tries

All countries

Developed countries...

Canada

Europe...

European Communities (9)Belgium.Denmark.FranceGermanyIreland.Italy.LuxembourgNetherlandsUnited Kingdom

Other Europe.AustriaGreeceNorway.PortugalSpainSwedenSwitzerlandTurkey.Other.

Japan

Australia, New Zealand and South Africa.AustraliaNew Zealand.South Africa

Developing countries

Latin America.

50,662

35,840

9,495

22,659

18,381704297

2,0493,540

2441,277

241,7248,521

4,27831292

1,794109

1,148277435

1695

1,086

2,6002,061

85454

13,823

6,886

South America 5,014Argentina 675Brazil. 2,278Chile. 244Colombia. 655Ecuador. 57Peru 453Venezuela 523Other 129

Central America 1,397Mexico 1,218Panama 82Other 97

Other Western Hemisphere 475Bahamas 54Bermuda 20Netherlands AntillesTrinidad and Tobago 230Other

Other Africa 1,954Saharan 649

ypt 433Lfbya 153Other 63

Sub-Saharan 1,305Liberia 11Nigeria 346Other 948

Middle East 717Israel 106OPEC 575Other 36

Other Asia and Pacific 4,266Hong Kong 617India 34Indonesia 1,464Malaysia 879Philippines 273Singapore 372South Korea 123Taiwan 147Thailand 241Other 115

International 1,000

18,4733,146

1,121

815

577540(*)36

306

253

220

1

40

011

10109

23

Addenda—European Communities (10) 2 ....OPEC3

20,537

13,047

3,800

8,456

6,5317015D9

615

1703

6654,575

1,924

271>70D°

633313325

61827

6,741

1,784

1,41721491145382436312349

346227

33310(°)

22040

1,79262141515353

1,171(*)301870

4065

38021

2,758

01,385

77224

52750

6,5582,384

21,355

16,688

4,069

10,947

9,44545629

1,3762,63816493521856

2,970

1,5031835136409201828327

87161033228

4,667

3,878

2,937409

2,0681482181227361

916890421

253

(*)(*)

83106

(*)47312547

39363

(*)

668303434

157101

722321

1,734

1,129

702

639172079777500

118270

6336014435

(*)0

72

49

605

486

32578130429525621

15114317

1010

(*)(*)9

23(*)00

(*)231

3,979

3,133

2,118

1,8491631

202284501164

365664

26893223

19021111

(*)

160126728

846

678

5137633042555681

16115623

520(*)11

17110

(*)15012

1437103

25

53412

1,537

759

335

391

37211128124137030141

193

(*)415230

(*)

3017013

779

748

6857

4211

21(D)

636201

100

(*)01

191001180

(*)18

5,290

4,835

771

3,390

3,23D1

(')75093946

2241650

159

45(D)31

455

390

363

1,427

946

238

594

51041

47157748

14184

845Dl

231

2011

75

403524

481

187

88469(*)4416

(*)

9895(*)4

1000

(*)1

2(*)00

(*)20

(*)2

181800

2736

4,404

3,586

809

2,460

1115762

5(D)

04

601

226(D)69

819

800

588(D)

415(*)(D)0

(*)

2122110

(*)

000000

55500

(*)00(*)

2,983

2,300

850

1,293

47

15529548

84460

135901036

683

588

375472672

43

(D)

20419717

4,280

3,328

492

2,300

1,57415810032821421135(*)108510

72687134840142522701163

167

37022719124

952

620

365368547231434118

247230710

20234(*)

443

284

97

162

96

2221(*)(*)

160

107

23(*)(D)010

9,496353

645 1,88189

37227

3,2314

51167

1,587213

2,926

1,678

812

782

18

67

37(*)

367

2310

454

997

245

52

7(*)171

(D)80

30

16

138

(*)72

1

(*)

250

164

*Less than $500,000.D Suppressed to avoid disclosure of data of individual companies.1. Based on the BE A survey taken in December 1981.2. Consists of European Communities (9) and Greece.3. See footnote 5, table 1.NOTE.—Estimates are for nonbank foreign affiliates of nonbank U.S. parents.



increases reflect the affiliates' re-sponse to Australia's drive for energyself-sufficiency.

In developing countries, affiliatesplan to increase spending 24 percent,to $6.7 billion, after a 39-percent in-crease in 1981. Substantial increasesare planned in most areas.

In Latin America, a 39-percent in-crease is planned. It is centered in Co-lombia, where massive, high-qualitycoal reserves are being developed, andin Trinidad, where offshore naturalgas fields are being developed. In theMiddle East, a 51-percent increase isplanned, mainly for exploration anddevelopment in the United ArabEmirates.

In "other Asia and Pacific/' affili-ates plan to increase spending 21-per-cent, to $2.8 billion. The increase islargely in Malaysia, where spendingincreased 91 percent last year and isexpected to increase 57 percent thisyear, to $0.7 billion. Last year's in-crease was mainly for constructingoffshore platforms, pipelines, and anoil terminal; this year's is mainly formodernizing refineries. Indonesian af-filiates plan an increase of 17 percent,to $1.4 billion, after an increase of 92percent last year. Both are largely foroffshore exploration for oil and natu-ral gas. This exploration is partly inresponse to favorable revisions in taxand production sharing agreementswith the host government in 1980.

In "other Africa"—particularlyCameroon and Egypt—affiliates plana 12-percent increase, to $1.8 billion.It is for developing new oilfields. Incontrast to affiliates in Cameroon andEgypt, those in Libya plan a 28-per-cent reduction in spending, after a 42-percent increase last year. Growingpolitical tensions between Libya andthe United States have resulted inseveral affiliates ending operations inthat country.

Affiliates in "international" areplanning to reduce spending by one-fourth, to $0.8 billion, compared witha 5-percent increase last year. The re-duction reflects a decline in demandfor tankers, because of lower importsof crude oil.

ManufacturingManufacturing affiliates plan to in-

crease spending 10 percent in 1982, to$21.4 billion, after no change last

year. Increases are expected in all in-dustries within manufacturing excepttransportation equipment.

Nearly one-half of the total dollarincrease in manufacturing is account-ed for by affiliates in chemicals; theseaffiliates'/ expenditures are expectedto increase 27 percent, to $4.0 billion,compared with last year's 5-percentincrease. Some of the spending is theresult of deferrals; several petrochem-ical manufacturers have stretched outcapacity-expansion projects plannedfor last year.

Affiliates in primary and fabricatedmetals plan a 54-percent increase, to$1.5 billion, compared with last year's12-percent increase; both are largelydue to a sizable expansion project un-dertaken by a bauxite mining andaluminum manufacturing affiliate inBrazil. In food products, affiliatesplan to increase spending 17 percent,compared with a 2-percent cut lastyear. Affiliates in nonelectrical ma-chinery and electric and electronicequipment each plan 11-percent in-creases, compared with last year'scuts of 15 and 5 percent, respectively.Affiliates in "other manufacturing"plan a 1-percent increase this year, to$3.0 billion, after a 4-percent increase.

In contrast to plans by affiliates inother industries within manufactur-ing, affiliates in transportation equip-ment plan to decrease spending; the10 percent decrease, to $4.4 billion,follows a 12-percent increase. The de-crease partly reflects near completionof several projects involving construc-tion of assembly and parts productionfacilities for subcompact cars. Plansfor further expansion have been dam-pened by current weak worldwidedemand for autos.

In developed countries, manufactur-ing affiliates plan an 8-percent in-crease in spending, to $16.7 billion,compared with a 4-percent declinelast year. Canadian affiliates plan a 5-percent increase, about the same aslast year; declines in spending by af-filiates in transportation equipmentand "other manufacturing" almostoffset increases in every other indus-try.

In Europe, British affiliates plan toincrease spending 9 percent, to $3.0billion, a reversal of last year's de-cline. Chemical affiliates account fornearly all of the increase, which ismainly for construction of petrochem-

ical plants. Partly offsetting is an ex-pected decline in nonelectrical ma-chinery; it reflects completion of newplants in 1981, including the rebuild-ing of a plant destroyed by fire. InGermany, affiliates plan to increasespending 1 percent, to $2.6 billion,after a 19-percent decline. Last year'sdecline was centered in nonelectricalmachinery, mainly computers, andtransportation equipment; this year, asmall increase in expenditures inmost industries will more than offseta further fall-off in transportationequipment. The planned 17-percentincrease in France, to $1.4 billion, iscentered in nonelectrical machinery;it is mainly for increased capitaliza-tion of computer equipment forrental. The 29-percent increase in theNetherlands, to $0.9 billion, is cen-tered in chemicals and is mostly forexpansion of petrochemical plants. Af-filiates in "other Europe" plan to stepup spending 8 percent, after a 71-per-cent increase. Much of this year's in-crease is accounted for by a majorplant expansion by a chemical affili-ate in Spain. Last year's was account-ed for by transportation equipmentaffiliates in Spain and Austria, andwas for construction of assemblyplants and parts production facilitiesfor subcompact cars.

In developing countries, affiliatesplan a 15-percent increase, to $4.7 bil-lion, following a 19-percent increasein 1981. The largest increase is inBrazil, where, as previously men-tioned, an affiliate in primary andfabricated metals plans to mine baux-ite and build a smelter to producealuminum. Partly offsetting is a de-cline in Mexico, where cuts areplanned in transportation equipmentafter completion of a new engineplant and assembly facilities.

Other industries

Mining affiliates plan to reducespending 24 percent, to $1.1 billion,after a 17-percent increase in 1981.The decline is mainly in Canada andAustralia. In Canada, mining oper-ations were sold by a U.S. parent. Thesale was part of a transaction inwhich the U.S. parent exchanged its

(Continued on p. 64}


By CHRISTOPHER L. BACH

U.S. International Transactions,Fourth Quarter and Year 1981

Fourth Quarter 1981

JL HE current account was in virtualbalance in the fourth quarter, com-pared with a surplus of $2.1 billion inthe third. The change largely reflect-ed a $2.2 billion increase in the mer-chandise trade deficit (chart 11). Netservice transactions changed little. Inthe capital accounts, gross4 flows ofU.S. bank-reported claims and liabil-ities increased substantially due tothe establishment of InternationalBanking Facilities (IBF's) in Decem-ber (see the discusson in the sectionon the year 1981).

Among current-account items, themerchandise trade deficit increased to$9.2 billion, as exports declined $0.9billion and imports increased $1.3 bil-lion. Although petroleum imports de-creased, nonpetroleum imports,mainly capital and some consumergoods, continued to increase. Capitalgoods increased at a slower rate thanin the third quarter; consumer goodsboth durable and nondurable, in-creased at a faster rate. Net servicereceipts were unchanged at $11.0 bil-lion. Within the income accounts, re-ceipts of income on U.S. direct invest-ment abroad slowed and payments ofincome on foreign direct investmentin the United States increased. Morethan offsetting was an increase in netreceipts of income on other private in-vestment, as the sharp decline in U.S.interest rates reduced payments morerapidly than receipts. Unilateraltransfers were unchanged at $1.8 bil-lion.

Foreign assets in the United Statesincreased $38.5 billion, compared witha $15.8 billion increase in the thirdquarter. Foreign official assets in-creased $8.1 billion, following a $5.7billion decrease. Industrial countriesincreased their dollar assets, mostlyafter the October 3 realinement of

currencies within the European Mon-etary System (EMS). Canada, whichborrowed heavily in both the U.S. andEurodollar markets, accounted forabout one-half of the increase. Dollarassets of OPEC members, primarily inthe Middle East, continued to in-crease, although the increase wassmaller than in previous quarters.Dollar assets of non-OPEC developingcountries increased; the transfer, es-pecially by Latin American countries,of liabilities to establish IBF's ac-counted for $2.0 billion of the increase(table B). Assets of Asian countriesalso increased.

Among other foreign assets, U.S. li-abilities to private foreigners and in-ternational financial institutions re-ported by U.S. banks increased $21.7billion, compared with a $16.3 billionincrease. The sharp drop in U.S. in-terest rates and a slowing in thegrowth of U.S. bank credit demandsresulted in a $7.3 billion decrease inU.S. liabilities, excluding IBF trans-fers. Liabilities were increased $29.0billion by the transfer of liabilities toIBF's from abroad. Few of these liabil-ities reflected additional transactionsby IBF's once established.

Net foreign purchases of U.S. secu-rities other than Treasury securitieswere $0.4 billion, compared with $0.8billion in the third quarter. However,Eurobonds issued by U.S. companiesrecorded in the U.S. direct investmentabroad account were substantial. In-flows for foreign direct investment inthe United States were sharplyhigher at $8.2 billion. As in the thirdquarter, they were boosted by anotherlarge transaction^^ Middle East pur-chase of a U.S. petroleum construc-tion and drilling company.

U.S. assets abroad increased $45.5billion, compared with a $16.7 billionincrease. U.S. reserve assets de-creased $0.3 billion. The decrease was

more than accounted for by a $0.8 bil-lion decrease in holdings of foreigncurrencies to redeem U.S. foreign cur-rency bonds (Carter bonds) denomi-nated in German marks.

CHART 11

Selected Balances onU.S. International Transactions

Billion

12

10 -

-2

-4

-6

-8

-10

-12

Services / \/

,V '

1975 1976 1977 1978 1979 1980Seasonally Adjusted


1981

37



Table A.—Summary of U.S. International Transactions[Millions of dollars, seasonally adjusted]

Lines in tables 1, 2, and 10 in which transactions areincluded are indicated in ( )

Exports of goods and services (1)Merchandise excluding military (2)Other goods and services (3—15)

Merchandise excluding military (18)Other goods and services (19 31)

U.S. Government grants (excluding military grantsof goods and services) (34)

Remittances, pensions, and other transfers (35, 36)

U.S. assets abroad, net (increase/capital outflow ( — ))(37)

US official reserve assets net (38)U.S. Government assets, other than official reserve

assets net (43)U S private assets net (47)

Foreign assets in the United States, net (increase/capital inflow ( + )) (56)

Foreign official assets net (57) ..Other foreign assets net (64)

Statistical discrepancy (75)

Line

123

456

78

910

1112

131415

1617

1980

344,667223,966120,701

-333,888-249,308

84580

-4,659-2,397

-84,776-8,155

-5,165-71,456

50,26115,49234,769

1,15229,640

1981"

375,993236,300139,693

-362,653-264,117

98,536

-4,460-2,303

-106,578-5,175

5,138-96,265

74,3565,208

69,148

1,09324,551

Change:1980-81

31,32612,33418,992

-28,765-14,809-13,956

19994

-21,8022,980

27-24,809

24,095-10,284

34,379

-59-5,089

1980

I

85,76454,89830,866

-85,981-65,024-20,957

-1,336-542

-12,639-3,268

-1,456-7,915

7,509-7,46214,971

1,1526,073

II

83,61755,66727,950

-82,830-62,411-20,419

-787-545

-24,837502

-1,187-24,152

7,2327,557

326

18,151

III

86,65556,25230,403

80 177-59,154-21,023

-912-591

-19,302-1,109

-1,427-16,766

11,6517,6863,965

2,676

IV

88,63657,14931,487

84902-62,719

22,183

-1,624-720

-27,995-4,279

-1,094-22,622

23,8707,711

16,158

2,736

1981

P

94,34160.990

. 33,351

89480-65,651-23,829

-977-550

-22,407-4,529

-1,395-16,483

7,1405,5031,637

1,09310,840

II'

94,99260,36934,623

92262-67,263-24,999

-965-553

-21,980-905

-1,485-19,590

12,888-2,77915,667

7,88(J"

IIP

94,04657,92936,117

-90,083-64,955-25,128

-1,249-599

-16,709-4

1,282-15,423

15,849-5,66321,512

-l',255"

IV p

92,61757,01235,605

-90,831-66,248-24,583

-1,269-602

-45,485262

976-44,771

38,4798,147

30,332

7,090"

Change:1980 III-

IV

-1,429-917-512

748-1,293

545

-20-3

-28,776266

306-29,348

22,63013,8108,820

£345

r Revised.p Preliminary.

Among other U.S. assets abroad,U.S. claims on foreigners reported byU.S. banks increased $42.4 billion,compared with a $15.2 billion in-crease. Non-IBF claims increased$11.0 billion. Claims were increased$31.4 billion by the transfer, of claimsto IBF's from abroad. Few of theseclaims reflected additional transac-tions by IBF's once established.

Net U.S. purchases of foreign secu-rities were $2.9 billion. There werenew issues by provincial and corpo-rate Canadian borrowers of $1.5 bil-lion, encouraged by rate differentialsof 2-3 percent in favor of U.S. borrow-

ing late in the third quarter and earlyin the fourth. In addition, the WorldBank borrowed $1.1 billion in U.S.markets, the first long-term borrow-ing since the third quarter of 1977.There was little net trading in otherbonds and stocks. Net inflows for U.S.direct investment abroad were $0.5billion. Equity and intercompany ac-count inflows increased $2.8 billion,$1.2 billion more than in the thirdquarter, reflecting inflows to petro-leum companies and heavy borrowingby finance subsidiaries in the Euro-bond market, with much of the pro-ceeds repatriated to the United

States. These inflows more than offseta $0.4 billion decline in reinvestedearnings.

From the end of September to theend of December, the dollar depreciat-ed 3 percent on a trade-weightedbasis, both against the currencies of10 industrial and 22 OECD countries.The depreciation was partly due tothe more rapid decline in U.S. than inforeign interest rates. Against theSwiss franc, the dollar depreciated 9percent, as Swiss interest rates roserapidly vis-a-vis both U.S. andGerman interest rates.

Table B.—Selected Transactions With Official Agencies[Millions of dollars]

Changes in foreign official assets in the U.S., net (decrease-) (line 57, table 1)

Industrial countries 1

Members of OPEC 2

Other countries

Changes in U.S. official reserve assets (increase — ) (line 38,table 1)

Activity under U.S. official reciprocal currency arrange-ments with foreign monetary authorities:3

U.S. drawings, or repayments ( — ), netDrawingsRepayments

Foreign drawings or repayments ( ) netDrawingsRepayments

U

1234

5

66a6b

77a7b

•I QQA

15,4921,013

127441,735

8 155

-3,1841,773

-4,957

242-242

5,208-11,899

134193,688

5 175

200-200

Change:1980-81

- 10,284-12,912

6751,953

2980

3,1841,7734,957

-4242

I

-7,462-10,942

2988492

3268

-3,173339

-3,512

95192

-97

19

II

7,5572,9134617

27

502

9641,096-132

9550

-145

80

III

7,6862,5704 1151,001

1 109

-604338942

IV

7,71164721 024

215

4 279

-371

37 i

I

5503609

5446552

4 529

200200

19

II

277966112 6761 156

905

200

200

81

III'

566383753 065

353

4

IV

8 14724782 2323437

262

Change:

IV

1381010853

8333790

266

r Revised.p Preliminary.1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's

Exchange Stabilization Fund.



The Year 1981

39

CHART 12

U.S. dollar in exchange marketsIn early August, the year-long ap-

preciation of the dollar against majorforeign currencies came to an end.The movement included a 45-percentappreciation against the Germanmark to a 5-year high, and 30-43 per-cent appreciations against most otherEuropean currencies, with small ap-preciations against the Canadiandollar and Japanese yen. Then, aftera four-month decline, the dollarfirmed in December.

Relative interest rates were an im-portant factor in the dollar's apprecia-tion (chart 14). Tight monetary condi-tions in the face of continued strongdemand for credit contributed to highU.S. rates; somewhat easier condi-tions prevailed in other leading coun-tries. Thus, while differentials favor-ing the dollar in 1981 were well belowtheir peaks in 1980, the strong inflowof interest-sensitive funds into dollar-denominated assets continued. In ad-dition, the dollar was bolstered by theU.S. current-account surplus, in con-trast to less favorable positions inmany industrial countries, especiallyGermany and Japan. Through Febru-ary, there was a substantial amountof intervention in exchange marketsby both U.S. and foreign authoritiesto limit the dollar's rise. The UnitedStates then announced its policy of re-fraining from intervention, exceptunder conditions of unusual disorderin the market, and leading Europeancountries raised interest rates in anattempt to slow capital outflows.

The dollar continued to strengthenuntil early August, boosted by a re-newed rise in U.S. interest rates,strong foreign demand for U.S. equi-ties and other financial assets, politi-cal and military unrest in Poland andthe Middle East, and the election of aSocialist government in France. Sub-sequently, the dollar declined throughlate November. As the U.S. recessiondeepened, the Federal funds rate andother short-term interest rates fell asmuch as 600 basis points.

The decline in both the dollar andU.S. interest rates resulted in a sub-stantial narrowing of the differentialbetween interest rates in the UnitedStates and most other leading foreignmarkets. In November and December,the downward movement of U.S. rates

Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)

95

85

75

200

170 —

TRADE-WEIGHTED AVERAGES

1978 1979 1980 19811. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand,Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has beenrevised as a result of a change in the method of computation; for details see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.3. Data: International Monetary Fund. NOTE.-Data are for end of month.



40

CHART 13

Indexes of Industrial Production(1975 = 100)

150

140 -

130 -.

1001979 19811980

Seasonally AdjustedData: Federal Reserve Board, OECD.


and the dollar was followed by a sig-nificant decline in interest ratesabroad. Substantial foreign interven-tion in exchange markets in Septem-ber preceded the October 3 realine-ment of currencies within the EMS,when the German mark and theNetherlands guilder were revalued by5.5 percent and the French franc andItalian lira were devalued by 3.0 percent.

The dollar firmed in December,with concern about the declaration of


martial law in Poland on December13 and increasing tensions in theMiddle East. In addition, althoughU.S. output was falling, demand forshort- and long-term U.S. funds re-mained stubbornly high and interestrates tu/ned upward. Rate differen-tials once again moved strongly infavor of the dollar.

Although the dollar depreciated 8percent against the pound sterling, 11percent against the Japanese yen andGerman mark, and 18 percent againstthe Swiss franc in the 4 monthsending in November, the dollar atyear-end remained 24 percent abovemid-1980 levels against the poundsterling, 28 percent against theGerman mark, 38 percent against theFrench franc, 10 percent against theSwiss franc, 3 percent against theJapanese yen, and was about un-changed against the Canadian dollar.

Merchandise tradeThe U.S. merchandise trade deficit

was $27.8 billion in 1981, comparedwith $25.3 billion in 1980. Imports in-creased 6 percent to $264.1 billion, fol-lowing an 18-percent increase. Ex-ports increased 5 percent to $236.3 bil-lion, following a 21-percent increase.Import volume increased 5 percent,compared with a 2-percent decrease.Export volume decreased 1 percent,compared with a 7-percent increase.The deficit increased substantiallyover the year, rising from $18.6 bil-lion at an annual rate in the firstquarter to $36.9 billion in the fourth(chart 15).

The declines in the rates of increasein both exports and imports in 1981reflected generally sluggish economic

Selected Interest Rates

March

CHART 14

Percent20

16

12

THREE-MONTH INTEREST RATES

U.S. CD's

16

14 -

12

10

8

LONG-TERM INTEREST RATES

U.S. CorporateAAA Bonds

1979 1980 19811. Foreign average interest rate for Group of 10 countries plus Switzerland,weighted by average total trade shares in 1972-76.

Data: Federal Reserve Board.U.S. Department of Commerce, Bureau of Economic Analysis 82-3-14

conditions both in the United Statesand abroad. The relative strength ofimports partly reflected the laggedimpact of the substantial appreciationof the dollar against other major cur-rencies during the second half of 1980and the first half of 1981.

In contrast to 1980, when petroleumimports accounted for one-half the in-

Table C.—Indexes of Foreign Currency Price of the U.S. Dollar[May 1970-100]

Trade- weighted average against 22 OECD currencies 1 ..Trade-weighted average against 10 currencies 2

Selected currencies: 3Canada . ...FranceGermanyItalyJapanNetherlands ....SwitzerlandUnited Kingdom

End of period

1979

I

80.373.0

108.177.851.4

133.558.355.439.1

116.1

II

80.972.4

108.777.650.7

132.460.555.938.4

110.8

III

79.870.5

108.174.348.0

127.562.253.235.5

109.3

IV

81.670.7

108.872.847.7

127.866.852.536.6

108.0

1980

I

89.377.2

110.981.153.4

142.869.658.642.4

110.9

II

81.070.2

107.274.048.4

133.460.653.137.5

101.7

III

82.070.9

109.076.149.9

137.159.154.138.1

100.6

IV

85.074.5

111.281.853.9

147.956.658.640.7

100.7

1981

I

89.679.8

110.589.857.9

166.658.864.144.2

107.0

II

98.088.8

111.8103.665.8

189.462.973.347.0

123.6

III

99.588.8

112.4100.8

63.9187.2

64.871.145.7

133.4

IV

96.686.3

110.4104.1

62.1190.861.368.041.5

125.9

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway Portugal SpainSweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury. '

2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has been revised as a result of a change inmethod of computation; for details, see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.

3. Data: International Monetary Fund.



U.S. Merchandise TradeBillion $ (Ratio scale)50

CHART 15

40

30

20

20

15

10

20

15

10

8

CURRENT $

Nonpetroleum Imports

I i i i

CONSTANT (1972) $

\Nonpetroleum Imports

Nonagricultural ExportsI . . , 1 . , . I t

NONAGRICULTURAL EXPORTS"(Current $)

Capital Goods

NonagriculturalIndustrial Supplies

Automotive Vehicles, Parts,and

20

15

NONPETRaEUM IMPORTS(Current $)

Nonpetroleum Industrial Supplies _ /

Consumer Goods (nonfood) ,.....••'

\x "*x

Ay\ * Food, Feeds, and Beverages

Automotive Vehicles,Parts, and Engines

'• i i i i i i i i t i i i i i i i1976 1977 1978 1979 1980 1981

Seasonally Adjusted


crease in total imports, petroleum im-ports declined 2 percent in value to$77.6 billion from $78.9 billion. Al-though average petroleum importprices were higher than in 1980,$34.02 per barrel compared with$30.46, they declined $3.78 per barrelby year-end from their peak in April,as demand in world petroleum mar-kets weakened and conservation ef-forts continued. Petroleum importvolume declined 9 percent betweenthe first and second halves of the year(table E). For the year, the averagenumber of barrels imported daily de-clined to 6.25 million from 7.08 mil-lion. Imports from Nigeria and Libya,which produce relatively high-pricedcrudes, declined 25 and 44 percent, re-spectively; those from Saudi Arabia,with more production at lower prices,declined 7 percent. Imports fromMexico also declined; those from theNorth Sea increased strongly. U.S.consumption declined 6 percent to anaverage daily rate of 15.95 millionbarrels. Imports as a percentage ofconsumption declined to 39 percentfrom 42 percent (chart 16). Inven-tories of crude petroleum, excludingthose for the Strategic Petroleum Re-serve, were 6 percent higher than atthe end of 1980. Imports for the Stra-tegic Petroleum Reserve accountedfor 4 percent of total petroleum im-ports.

Nonpetroleum imports increased 9percent in value to $186.5 billion. De-spite a slowing of economic activitysince spring and recession in the lasthalf of the year, the volume of nonpe-troleum imports continued to increasenearly 4 percent per quarter over thelast three quarters. Part of the rela-tive strength in import volume re-flected the lagged impact of dollar ap-preciation, which enhanced the pricecompetitiveness of foreign goods, andperhaps some structural shifts to-wards more imports of capital andconsumer goods, especially fromJapan. U.S. import prices fell duringthe second half of the year, especiallyfor cyclically sensitive industrial sup-plies and materials.

Capital goods imports, which in-creased 14 percent compared with 24percent in 1980, and which often aresubject to long order and productionschedules, were particularly strongfor electrical and nonelectrical ma-chinery. In the latter category, im-ports of machine tools and metal-

CHA^'t

U.S. Petroleum Consumption,Production, and Imports

Million barrels per day20

Production

I J I

Percent60

50

40

30

20

10

IMPORTS AS A PERCENTAGEOF CONSUMPTION

1972 74 76 78 80Data: Consumption defined as deliveries from refineries.Consumption and production, U.S. Department of Energy. Imports,BEA.


working equipment increased 12 per-cent, compared with increases of 23percent in 1980 and average increasesof 60 percent in 1978-79. Imports ofthese products from Japan increased33 percent, compared with increasesof 46 percent and 75 percent, respec-tively.

Consumer goods imports (otherthan automotive products) increased12 percent for the second consecutiveyear. There were increases in mostcommodity categories, with especiallylarge ones in textiles and householdappliances, including electronic equip-ment and products. Appliances in-creased 32 percent in 1981 following a7-percent increase in 1980.

Imports in other commodity catego-ries, especially cyclically sensitive in-dustrial supplies and materials, wereweak. An exception was iron andsteel imports, mainly from WesternEurope, which increased from anannual rate of 16 million tons in thefirst quarter to 23 million tons in thelast three quarters. Although Europe-an production costs were littlechanged from 1980, the large dollarappreciation from mid-1980 to mid-



Table D.—U.S. International Service Transactions[Millions of dollars]

Service transactions, net

Receipts . . . .Payments

Military transactions, net 1

Travel and passenger fares netOther transportation, netFees and royalties netInvestment income, net

Direct, netOther private netUS Government, net

Other private and U.S. Government, net-Contractor operations, netReinsurance, netCommunications netU S Government netOther net

1975

13,846

48,641-34,795

-746-2,944

1523,827

12,78714,3611,856

-3,430771855-98

1598611

1976

18,688

56,885-38,197

559-2,453

-1053,871

15,97515,8893,274

-3,188840

1,234-306-50738700

1977

21,380

63,479-42,099

1,528-2,683

-6104,367

17,96216,8395,040

-3,917815

1,241-414-29801818

1978

24,750

78,967-54,217

738-2,582

-5965,153

21,40021,2476,984

-6,831639

1,262-532-65

-925899

1979

34,354

104,452-70,098

-1,947-2,106

-5165,291

33,46331,97310,272

-8,782169

1,004-606-157

-1,1981,126

1980

36,121

120,701-84,580

-2,515-1,332

5346,096

32,76227,50615,196

-9,940578

1,563-715-139

-1,4071,276

1981"

41,157

139,693-98,536

-1,943-1,266

7586,212

36,75722,47427,391

-13,108640

1,549-821-87

1,5061,505

Change:1980-81

5,036

18,992-13,956

57266

224116

3,995-5,03212,195

-3,16862

-14-106

52-99229

.1. Consists of goods and services transferred under military sales contracts less imports of goods and services by U.S. defense

agencies.

1981 resulted in lower effective priceson these products for American im-porters.

Automotive imports were up slight-ly in value, but were down in terms ofunits. Despite depressed markets, theratio of Japanese to total U.S. salesincreased half a percentage point to21.8 percent. Among foods, feeds, andbeverages, imports of coffee droppedsharply due to a large decline incoffee prices and consumption.

Agricultural exports increased 5percent, all in price, to $44.3 billion,compared with 20-percent annual in-creases for the past 3 years. Through-out the year, agricultural exportvolume weakened, a combined resultof good crops among major world pro-ducers such as Canada, Australia, andArgentina, and weakening economicconditions in many consuming na-tions. Average U.S. export prices ofmost commodities declined sharply ineach quarter beginning with thesecond, reflecting soft market condi-tions. Exports to the Soviet Union in-creased somewhat as the embargo onU.S. shipments imposed in January1980 in retaliation for the Soviet inva-sion of Afghanistan was lifted inApril and the 5-year US-USSR grainagreement initiated in 1976 was ex-tended unchanged for 1 year. Exportsof corn, wheat, and soybeans to theSoviet Union increased to 10.1 millionmetric tons from 6.2 million metrictons in 1980, but were far below the19.1 million in 1979. Exports to otherareas of the world were 111 millionmetric tons compared with 114 mil-lion and 94 million, respectively.

Nonagricultural exports increased 6percent in value, to $192.0 billion;volume declined 1 percent. Most com-modity categories peaked in the firstor second quarters, reflecting price in-creases. Both values and volumes de-clined in the third and fourth quar-ters. Capital goods exports increased10 percent, following a 26-percent in-crease in 1980. A major component,machinery, slowed significantly incurrent dollars and declined in con-stant dollars. An exception was thecontinued strength in exports of drill-ing and oilfield equipment, and com-puters and parts—both of which in-creased in value and volume in 1981.Exports of industrial supplies and ma-terials were down sharply from thefirst quarter and subsequently re-mained essentially unchanged involume and price. One of the factorssupporting fourth-quarter exports wasa sharp increase in petroleum prod-ucts, following the removal of restric-tions effective October 2. Restrictionson exports of crude petroleum re-mained in effect. Another exceptionto the slowing of exports was a recordincrease in coal exports. The increasewas due to the strong demand for coalused in the production of energy; incontrast, metallurgical grade coalused in the production of iron andsteel had increased strongly in 1980.The volume of energy-grade coal ex-ports increased 65 percent.

By area, the surplus with WesternEurope was $12.3 billion, comparedwith $20.3 billion in 1980. Nonagricul-tural exports declined; both petro-leum and nonpetroleum imports rose.

The surplus with non-OPEC develop-ing countries was $0.3 billion, com-pared with $2.0 billion, as exportsslowed more than imports, ending 3consecutive years of declining deficitsor rising surpluses. Reflecting a $5.7billion decline in petroleum importsand a $3.7 billion increase in exports,the deficit with OPEC members de-clined to $28.8 billion from $38.2 bil-lion. The deficit with Japan increasedto $15.8 billion from $10.4 billion, asimports surged. The deficit withCanada increased to $2.1 billion from$1.0 billion; imports rose faster thanexports.

Service transactions

Net service receipts were $41.2 bil-lion, compared with $36.1 billion(table D). The increase in net receiptsof income on portfolio investmentmore than offset the decline in net re-ceipts on direct investment. Therewas a small rise in the surplus onother service transactions.

Receipts of income on U.S. directinvestment abroad were $30.6 billion,compared with $36.8 billion (table F).Reinvested earnings accounted formost of the decrease, although divi-dends also decreased. Soft petroleummarkets and declining prices loweredearnings of petroleum affiliates;higher profit margins apparentlyslowed the rate of decline. Recessionabroad resulted in lower earnings ofmanufacturing and other affiliates. Inaddition, income of many foreign af-

Table E.—Imports of Petroleum andProducts l

1978:IIIIllIV

1979:IIIIllIV

1980:IIIHIIV

1981:

IIHIIV

Averagenumber of

barrelsimported

daily(thousandsof barrels)

864886328 6838917

9060904483958705

8251745760586554

6 5816*51559045 991

Averageprice perbarrel ($)

13 35132313 2413 35

13 95162920962368

2806308431393225

34 6335 6233273242

1. Includes imports into the Virgin Islands from foreigncountries.



filiates was adversely affected bydollar appreciation through earlyAugust, which raised the cost of pur-chases denominated in dollars and re-duced the value of sales in foreigncurrencies. Partly offsetting were ex-change rate translation gains, espe-cially of Western European petroleumaffiliates, that occurred as the valueof the affiliates' foreign currency-denominated debt declined.

Payments of income on foreigndirect investment in the UnitedStates were $8.1 billion, comparedwith $9.3 billion. A $1.6 billion de-cline in reinvested earnings waspartly offset by a $0.4 billion increasein interest, dividends, and earnings ofunincorporated affiliates. If a specialnonrecurring capital gain is eliminat-ed from 1980 transactions, incomewas virtually unchanged in 1981. Pe-troleum affiliates' earnings held updespite the U.S. recession, partly be-cause they benefited from the finalstages of decontrol of U.S. petroleumprices and the stability of earningsfrom North Slope production. Incomein manufacturing and other indus-tries declined slightly.

Sustained strength in U.S. banklending abroad, coupled with sharplyhigher interest rates, propelled re-ceipts of income on other private andGovernment investment to a record$59.4 billion, compared with $39.1 bil-lion. This increase more than offsetthe; $6.5 billion decline in direct in-vestment receipts. Payments ofincome on other private investmentincreased to $28.5 billion, from $21.3billion, reflecting higher interestrates and a three-fold increase in li-

abilities to foreigners. U.S. Govern-ment payments on foreign officialassets in the United States were $4.2billion higher than in 1980.

U.S. military transactions with for-eigners resulted in lower net pay-ments to foreigners—$1.9 billion com-pared with $2.5 billion. Transfersunder U.S. military sales contractsrose $1.1 billion to $9.3 billion, despitean embargo on deliveries to Israelfrom mid-June to mid-August follow-ing the Israeli raid on Iraq. Deliveriesof aircraft and related parts to Israel,Saudi Arabia, Japan, and NATOcountries accounted for most of theincrease. An increase in constructionservices in Saudi Arabia was partlyoffset by a decline in other types ofU.S. technical assistance. U.S. directdefense expenditures abroad in-creased $0.5 billion to $11.3 billion,the smallest increase in the last 4years. Personnel expenditures andpay to foreign nationals, especially inGermany, accounted for most of theincrease. Expenditures by the U.S.Army Corps of Engineers on SaudiArabian construction projects and as-sociated services remained high. Ex-penditures for petroleum decreased.

International travel and passengerfare transactions resulted in un-changed net payments of $1.3 billion.U.S. travel expenditures were $11.5billion, up 10 percent, due to higheraverage expenditures in all areas; thenumber of U.S. travelers overseas fell3 percent. In contrast, the number ofoverseas visitors to the United Stateswas 4 percent higher, and togetherwith higher average expenditureshere, contributed to U.S. receipts of

$11.7 billion, up 16 percent. Anothersource of increase in receipts wasMexico, where high rates of inflationand fears of peso devaluation encour-aged travel and other expenditures inthe U.S. border area. Substantiallyhigher airfares resulted in a 24-per-cent increase, to $4.5 billion, in pay-ments by U.S. travelers to foreign airand sea carriers for transocean trans-portation. Higher air fares were alsolargely responsible for the 16-percentincrease, to $3.0 billion, in receipts ofU.S. transocean air carriers.

Other transportation receipts in-creased 7 percent to $12.3 billion; pay-ments increased 6 percent to $11.5 bil-lion. There was a moderate increasein ocean freight receipts due to asmall rise in rates and in U.S.-flagexport tonnage. Air port receipts in-creased substantially, due to both anincrease in the number of foreign air-line flights to the United States andan increase in the cost of U.S. portservices. This cost includes jet fuel,which climbed to $1.02 from $0.90 pergallon. The rise in U.S. payments wasdue to an increase in nonpetroleumtonnage, which more than offset afurther decline in the volume of pe-troleum imports and in tanker rates.

Net unilateral transfers other thanmilitary grants, at $6.8 billion, weredown from $7.1 billion, mainly due tolower private institutional remit-tances.

U.S. assets abroadU.S. assets abroad increased $106.6

billion in 1981, compared withbillion in 1980.

Table F.—Income Receipts and Payments[Millions of dollars]

Total receipts on U.S. assets abroad

DirectPetroleumNonpetroleum

Other privateGovernment

Total payments on foreign assets in theUnited States

DirectPetroleumNonpetroleum

Other private. .Government

I

9,651

5,8691,6144,255

3,400382

-4,388

630-268-362

-1,815- 1,943

19

II

10,072

5,9781 3754,603

3,575519

-5,331

1 262-292-971

-1,995-2,074

78

III

10,029

5,5321,0984,433

4,103394

-5,656

-1 261-355-905

-2,248-2,147

IV

13,514

8,0791,9236,156

4,887548

-6,489

1058-324-734

-2,922-2,509

I

14,354

8,0652,4725,593

5,801488

-7,287

- 1,423-514-909

-3,114-2,750

19

II

15,794

9,3982,7796,618

5,883513

-7,810

-1,623-482

-1,142

-3,476-2,711

79

III

17,017

9,8793,8476,033

6,572566

-8,587

-1,769-637

-1,132

-4,078-2,740

IV

19,535

10,98943166,673

7,819727

-9,553

-1 542-404

-1,137

-5,136-2,875

I

20,916

11,71455036,211

8,700502

-10,578

1912-816

- 1,096

-5,613-3,053

19

II

16,981

7,306928

6,378

9,142533

10,177

2105-815

-1,290

-5,135-2,937

80

III

17,729

8,70033945,305

8,352677

10,536

3254-775

-2,479

-4,290-2,992

IV

20,313

9,1233 1965,926

10,329861

11 884

2066-876

-1,190

-6,288-3,530

I

21,938

8,47339774,496

12,641824

12,493

1825-858-966

-6,719-3,949

19

II

22,468

8,23636114,625

13,488744

13,452

2040-885

-1,155

-7,171-4,241

81

IIP

22,412

6,46629413,525

14,951995

13,783

1878-740

-1,138

-7,633-4,272

IV

23,240

7,395n an a.

147681077

13574

2352-792

-1,560

-6,935-4,287

p Preliminary.r Revised.n.a. Not available.



U.S. claims on foreigners reportedby U.S. banks increased $84.5 billion,compared with a $46.9 billion increase(chart 17). Excluding IBF's, discussedin the accompanying box, the increasein bank claims was $53.1 billion,about $6.0 billion more than in 1980.

The initial transfer of assets and li-abilities to establish IBF's is recordedin the international transactions ac-counts if assets and liabilities aretransferred from abroad, but are notrecorded if transferred from banks,depository institutions, or other IBF'swithin the United States. Subsequenttransactions, which closely resembleEurocurrency-type transactions, willalso be entered in the internationalaccounts. As shown in the accompany-ing table G, assets of IBF's were $60.2billion as of December 31, 1981. Ofthis total, $26.7 billion was assets ofIBF's established by U.S.-owned com-mercial banks and $33.5 billion wasassets of branches and agencies of for-eign banks in the United States.Assets shifted from foreign offices ac-counted for $31.4 billion (claims en-tered in the accounts) and those fromU.S. sources for $28.8 billion. Liabil-ities of IBFs were $41.8 billion. Ofthis total, $20.2 billion was liabilitiesof IBF's established by U.S.-ownedcommercial banks and $21.6 billionwas liabilities of branches and agen-cies of foreign banks. Liabilities shift-ed from foreign offices accounted for$29.0 billion (liabilities entered in theaccounts) and those from U.S. sourcesfor $12.8 billion. U.S.-owned commer-cial banks relied almost exclusivelyon assets and liabilities shifted fromforeign offices for establishment ofIBF's; branches and agencies of for-eign banks in the United States reliedheavily on funds already on U.S.office books.

The assets and liabilities initiallyshifted and those resulting from sub-sequent transactions, also enter theestimates of income earned and paidin the current account, and amountedto several hundred million dollars inthe fourth quarter. Compared withthe funds used to establish IBF's,other recorded IBF transactionsduring the month were small. TableG presents IBF and all other banktransactions, both for private and offi-cial accounts. The remaining discus-sion covers non-IBF transactions.

Table G.—U.S. Bank-Reported Transactions and Establishment of IBF's, Fourth Quarter 1981[Billions of dollars]

U.S. claims reported by U.S. banks (increase — ) (table 1,lines 54 55)

Banks' claims on own account, dollarsU S -ownedForeign-owned

Custody claims dollarsForeign currency

U.S. liabilities reported by U.S. banks (increase + ) (table1 lines 68 72 73)

Banks' liabilities on own account, dollarsUS -ownedForeign-owned

Custody (dollars) and foreign currencyUS Treasury securities

Foreign official assets in the United States, net (increase-f ) (table 1 line 57)U.S. liabilities reported by U.S. banks, dollars (table 1,

line 62)

Bank transactions

Total

(1)

-42.4

-38.7n.a.n.a.

-1.7-2.0

21.7

17.2n.a.n.a.3.31.2

8.1

3.5

Excluding IBF shiftfrom foreign offices

(2)=(l)-(3)

-11.0

-7.3n.a.n.a.

-1.7-2.0

-7.3

-11.8n.a.n.a.3.31.2

5.9

1.3

IBF establishment

Shift from foreignoffices 1

(3)=(5)-(4)

31.422.78.7(*)(*)

29.018.910.1

(*)(*)

2.2

Shiftfromdo-

mesticoffices

(4)

28.84.0

24.8(*)(*)

12.81.3

11.5(*)(*)

1.1

Posi-tion,year-end2

(5)

60.226.733.5

(*)(*)

41.820.221.6

(*)(*)

3.3

* Less than $500,000 (±). n.a. Not available.1. Residual estimate includes existing offshore assets/liabilities transferred to IBF's and new business originated by IBF's.2. Federal Reserve position data adjusted for conformity with U.S. Treasury-reported data.

Throughout the year, two major in-fluences dominated U.S. banks' for-eign lending activity. First, U.S.banks' practice of booking loansabroad, when there was a substantialdifferential between the U.S. primerate and the London Interbank Of-fered Rate (Libor) favoring the latter,apparently increased further in 1981as the differential increased substan-tially. The differential made it advan-tageous to fund loans arranged by Ca-ribbean offices and other financialcenters from U.S. deposits, and/or totransfer funds to foreign offices withhigher deposit rates. Second, after

rising from October 1980 through Feb-ruary 1981, the incentive to transferfunds abroad diminished graduallyover the year as the differential be-tween Eurodollar 3-month depositrates and U.S. certificate of deposit(CD) rates narrowed (chart 17).

Although U.S. bank claims on theirCaribbean branches were sharplylower, similar interbank claims withbranches in the United Kingdomwere higher, bringing the total in-crease to slightly more than in 1980.

Claims on industrial countries, ex-cluding the United Kingdom's largeinterbank transactions, increased only

International Banking FacilitiesThe Board of Governors of the Federal Reserve System authorized the

establishment of International Banking Facilities (IBF's) beginning De-cember 3, 1981. IBF's may be established as adjuncts to regular bankingfacilities of U.S. banks and may also be established by any U.S. deposi-tory institution, Edge or Agreement corporation (domestically charteredcorporations authorized to engage in international or foreign banking, orother international or foreign operations), or U.S. office of a foreign bank.IBF's are permitted to conduct only international banking business suchas receiving foreign deposits and making foreign loans. Deposits may beaccepted only from non-U.S. residents and from other IBF's and musthave a minimum maturity of two days for nonbank foreigners but may beovernight for banks. The deposits received and held by these institutionsare exempt from reserve requirements and interest rate ceilings. Morethan 130 such institutions were established in December and included inreported data.


March

CHART 17

Changes in U.S. Bank-Reported Claimsand Liabilities, Selected InterestRates, and Interest Rate Differentials

Billion $

20

15

10

5

Q

-5

CHANGES IN U.S.

LIABILITIES

BANK-REPORTED CLAIMS AND 4

Claims (sign reversed)

_

/-

Ifl

1 1

-1

Liabilities

1•

-

-

-

u_

Percent22

20

18

16

14

12

10

INTEREST RATES

3-Month Eurodollar

8

Percent6

1979 1980 1981

Data: Interest rates and interest rate differentials, Federal Reserve Board.



slightly more than in 1980. About $9.4billion of the increase in claims on in-dustrial countries was accounted forby U.S. bank purchases of high-yieldforeign financial instruments, primar-ily Eurodollar CD's issued by foreignbanks, held for the accounts of moneymarket mutual funds. These pur-chases slowed somewhat in the lasthalf of the year, when Eurodollar in-terest rates plunged 600 basis pointsand growth of these money marketfunds slowed.

The increase in claims on non-OPEC developing countries slowedsomewhat. To the extent that thesecountries needed additional borrowingin 1981 to finance growing current-ac-count deficits, they apparentlystepped up borrowing in the Eurocur-rency markets and from U.S. offshorebranches, where borrowing costs werelower than at banks located in theUnited States. An increased sensitiv-ity by U.S. banks to country risk ex-posure, large external debt burdens,and political uncertainties in EasternEurope and the Middle East also lim-ited expansion of claims on non-OPECdeveloping countries.

U.S. official reserve assets increased$5.2 billion, compared with an $8.2billion increase. The slower increasewas due to reduced acquisitions of for-eign currencies. U.S. holdings of for-eign currencies increased $2.4 billionin the first quarter, mostly in Janu-ary and Febuary when high U.S. in-terest rates contributed to strong ap-preciation of the dollar against mostleading currencies. Thereafter, theUnited States, following a new policy,refrained from intervention in ex-change markets. Some of the Germanmarks and Swiss francs acquired in1979-81 dollar support operationswere used to redeem the equivalent of$1.9 billion in U.S. foreign currency-denominated bonds in the third andfourth quarters. U.S. holdings of spe-cial drawing rights (SDR's) increased$1.8 billion; $1.1 billion reflected anew allocation in January, the last ofthree authorized under a 1978 Inter-national Monetary Fund (IMF) resolu-tion. The remaining SDR transactionswere due to designation of the UnitedStates as a recipient of SDR sold tothe IMF by other countries. The U.S.reserve position with the IMF in-creased $2.5 billion, reflecting

45

stepped-up use of the dollar in IMFtransactions.

Net U.S. purchases of foreign secu-rities were $5.5 billion, compared with$3.3 billion in 1980. The rise wasmore than accounted for by foreignnew issues in the United States of$8.0 billion, the highest level since therecord $10.0 billion in 1976. AlthoughU.S. bond markets were characterizedby record long-term rates, borrowersresponded to brief declines in ratesnear mid-year and again at yearendby tapping the long-term market tohelp fund some of their large short-term debt (chart 14). Lenders, on theother hand, responded favorably tothe unusual real rates of return of 6-7 percent available on bonds.

The $4.7 billion increase in foreignnew issues over 1980 was led by Cana-dian issues of $4.8 billion, the highestsince the record $5.4 billion placed in1976, and substantially above the $1.8billion placed in 1980. Borrowing byCanadian provinces quadrupled; bor-rowing by corporations doubled. Cana-dians were attracted to the U.S.market as domestic long-term borrow-ing costs increased even more rapidlythan those in the United States, cre-ating a differential of 150-300 basispoints from April through October,substantially above the differentialsof the past 3 years. In addition, theWorld Bank entered the U.S. marketfor the first time since the third quar-ter of 1977 with two placements total-ing $1.1 billion. There were net salesand redemptions of $2.5 billion in out-standing foreign bonds, an increase of$0.3 billion over 1980.

In contrast to activity in newissues, net U.S. purchases of foreignstocks were very small in 1981, follow-ing record net purchases of $2.3 bil-lion in 1980. The decline in net pur-chases was widespread; there werenet sales of $0.6 billion of Canadianstocks, after net purchases of $0.8 bil-lion, as prices on the Toronto ex-change fell sharply. Energy and min-eral stocks, which had dominated U.S.purchases in 1980, were the stocksmost adversely affected by the Cana-dian Government's National EnergyProgram to promote national owner-ship of Canadian resources, an-nounced in October 1980. Net pur-chases of Japanese stocks were $0.3billion, compared with $0.8 billion.



Table H.—Selected U.S. Transactions With OPEC Members l

[Millions of dollars]

(Credits + ; debits—)

Exports of goods and services:

Merchandise adjusted excluding militaryTransfers under U.S. military agency sales con-

tracts •• •• ••Fees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU S Government miscellaneous services

Receipts of income on U.S. assets abroad:Direct investment

Interest, dividends, and earnings of unincor-porated affiliates

Reinvested earnings of incorporated affiliates ....Other private receipts .U S Government receipts

Imports of goods and services:

Merchandise, adjusted, excluding militaryDirect defense expendituresFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous serv-

ices

Payments of income on foreign assets in theUnited States:

Direct investmentInterest, dividends, and earnings of unincor-

porated affiliatesReinvested earnings of incorporated affiliates

Other private paymentsU S Government payments

US Government grantsU S Government pensions and other transfers

U.S. assets abroad, net (increase/capital outflow (-))..

U.S. Government asets, other than official reserveassets net

U S loans and other long-term assetsRepayments on U S loansU.S. foreign currency holdings and U.S. short-

term assets, net

U S private assets, netDirect investment abroad

Equity and intercompany accountsReinvested earnings of incorporated affiliates ....

Foreign securities

U.S. claims on unaffiliated foreigners reportedby U.S. nonbanking concerns:

Long-term .Short-term

U.S. claims reported by U.S. banks, not includedelsewhere:

Long-termShort-term . . . . .

Foreign assets in the United States, net (increase/capital inflow (-(-))

Of which' foreign official

US Treasury securitiesOther U S securitiesOther U S Government liabilitiesU.S. liabilities reported by U.S. banks, not in-

cluded elsewhere:Long-termShort-term

Direct investment in the United StatesEquity and intercompany accountsReinvested earnings of incorporated affiliates ....

U.S. liabilities to unaffiliated foreigners reportedby U.S. nonbanking concerns:

Long-termShort-term

All other transactions with OPEC and transfers of

Memorandum:Balance on merchandise trade

1972

2,551

448125

9139

5

2,751

2,660918576

-2,974-105

(*)(*)

-16

-34

(*)

(*)

-52-19

-44-2

-996

-214-408

194

(*)

-782-294

203-91

8

-31-80

175-210

565362

184-26

-141

-23597

-18-18

(*)-8

2512

-423

1973

3,414

65714111

1467

3,928

3,78913916687

-5,097-75

(*)(*)

-20

-34

(*)

(*)

-103-38

-35-2

702

-391-594

205

-2

1,0931,6671,806-139

9

-25-123

207-218

1,026720

50-2281

36514

22

-5150

4881

-1683

1974

6,219

1,25818114

2537

6,106

5,671435330105

-17,234-240

(*)(*)

-20

-34

-5

-5(*)

-451-276

-46-3

5,912

-211-436

229

-4

6,1237,1217,556-435

5

-126-341

45-581

1149910,455

5,4731,191

133

414,057

111111(*)

80413

13575

-11 015

1975

9,956

1,76518420

3728

3,717

2,6501,067

332118

-18,897-141

(*)(*)

-22

-40

-11

-8-3

-574-650

-41-3

-4,225

-44-256

212

(*)

-4,181-3,022-1 955-1,067

32

-318-230

5-638

79246,937

2,4263,199

944

801-170

-32-35

3

7749

208

-8941

1976

11,561

2,865209

2959022

3,498

4,060-562

405117

-27,409-441

(*)(*)

-31

-60

-5

-61

-655-816

-26-4

-1,821

-261-467

212

-6

-1,560-305-867

56235

102-61

76-1,255

108379,084

3,2063,0052,480

3601,278

-6-5-1

-78592

1 135

-15848

1977'

12,877

4,31820125

79918

3,360

3,088272489134

-35,778-790

(*)(*)

-57

-61

6

-612

-788-1,093

-31-4

-1,332

-39-317

269

9

-1,2932

274-272

18

44-415

229-713

73246,369

3,4772,938

390

47362

-102

-12

19101

10383

-22901

1978r

14,846

4,82228432

94732

3,139

2,724415840135

-33,286-1,455

(*)(*)

-79

-70

-28

-19-9

-1,084-1,271

-25-4

-4,527

-107-412

316

-11

-4,420-925-510-415-164

6378

\> 2 -3,472

209-1,161

-2,6021,620

52

J 3934

69609

-3139

16543

18440

1979r

14537

3,03226030

58837

4,520

4,301219

1,343154

-45,039- 1,837

2(*)

-93

-71

-49

-41-8

-1,678-1,382

-33-15

-1,634

-179-465

277

9

-1,455-1,830-1,611

-219258

V 2 —124

2 241

70745,543

2,1791,088-988

3 5,088

20128

> 2 —313

20254

30502

1980r

17364

2,878(D)38

78833

2,559

2,332227

1,869147

-55,602-1,649

(D)(D)

-112

(D)

-60

-48-12

-2,435-2,408

-43-17

94

-251-365

113

1

3452,0342,261-227

321

2 —264

2 -1,746

1503212,744

9,5674,691

626

3 -1,127

197185

12

2 1,078

21 161

38238

198P

21092

3,376(D)42

79227

4,069

3,450619

2,479167

-49,934-1,690

(D)(D)

-102

(D)

-41

-454

-3,117-3,901

-51-7

-3,879

-205-445

245

-5

-3,674-1,314

-695-619

59

2 —141

2 -2,278

1493713419

10,3434,362

536

3 -1,848

28372,841

-4

2 —1,293

15 258

28842

D Suppressed to avoid disclosure of data of individual companies.r Revised.p Preliminary.* Less than $500,000 (±).1. OPEC members are Algeria, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar,

Saudi Arabia, United Arab Emirates, Venezuela, and associate member Gabon. Individual coun-

try information is not available for all accounts; therefore, some accounts are estimated from re-gional data.

2. The distinction between long- and short-term is not available.3. The distinction between long- and short-term liabilities is discontinued.

Source: Bureau of Economic Analysis, U.S. Department of Commerce.



Most purchases were concentrated inthe first half of the year, when thedollar appreciated 10 percent againstthe yen. A substantial decline inprices on the Tokyo exchange in thesecond half resulted in large netsales, ending five consecutive quartersof substantial U.S. purchases. Pur-chases of most European stocks werelackluster, as stock prices on most Eu-ropean exchanges declined with weak-ening economic conditions.

Net capital outflows for U.S. directinvestment abroad declined to $7.0billion, compared with $18.5 billion,reflecting both a shift to inflows inequity and intercompany accountsand a decline in reinvested earnings.In the intercompany accounts, therewere large inflows, partly due to U.S.automotive companies' heavy borrow-ing from European subsidiaries.There were also several large sales ofCanadian energy affiliates of U.S.companies (resulting in U.S. inflows)spurred, in part, by the Canadian Na-tional Energy Program. Finally, U.S.corporations' finance affiliates in theNetherlands Antilles repatriated tothe United States $2.8 billion of theproceeds from Eurobond borrowings.U.S. corporations found the lowerrates, shorter maturities, and rela-tively quick placement abroad moreattractive than domestic alternatives.

Foreign assets in the United States

Foreign assets in the United Statesincreased $74.4 billion, compared witha $50.3 billion increase.

The increase in U.S. liabilities toprivate foreigners and internationalfinancial institutions reported by U.S.banks was $44.2 billion, comparedwith $13.4 billion. Excluding IBF's, li-abilities increased $15.2 billion. Thediscussion below covers non-IBFtransactions.

The largest increase in liabilities,as in 1980, occurred when interestrates were at their peaks, the dollarwas appreciating, and the demand forU.S. bank credit was strongest, as evi-denced by banks' loan expansion andrecourse to the U.S. CD and commer-cial paper markets (chart 17). Theseconditions prevailed in the second andthird quarters when liabilities in-creased $25.0 billion. When U.S. ratesdeclined 600 basis points in the fourth

quarter, the dollar fell, and U.S. loangrowth slowed, liabilities decreased$7.3 billion.

For the year, inflows from industri-al countries increased slightly. Thelargest step up was in liabilities toSwitzerland, particularly in the lasthalf of the year. Liabilities to non-OPEC developing countries wereabout unchanged. Despite higheraverage interest rates than in 1980,these countries utilized funds to fi-nance payments deficits or reducedebt burdens, rather than invest inU.S. financial markets. About one-half the increase in liabilities to Ca-ribbean branches was to nonbankU.S. residents, who sought higherEurodollar than domestic depositrates. The increase continued throughthe fourth quarter, despite a fall inEurodollar rates.

Foreign official assets in the UnitedStates increased $5.2 billion in 1981,compared with a $15.5 billion increasein 1980. The decrease in assets of in-dustrial countries was more thanoffset by the increase in assets ofOPEC members. Assets of industrialcountries decreased $11.9 billion, com-pared with a $1.0 billion increase. Thereduction reflected large withdrawalsto support foreign currencies in ex-change markets in the second andthird quarters, as the dollar's appre-ciation reached its peak. There was asmall increase in dollar assets in thefourth quarter, reflecting the partialreversal of the dollar's appreciationand reduced foreign intervention ac-tivity; however, nearly one-half of theinflow was from Canada, which hadborrowed heavily in the U.S. and Eur-ocurrency markets to support its cur-rency and finance its balance of pay-ments deficit.

Dollar assets of OPEC members in-creased $13.4 billion in 1981, slightlymore than in 1980. These increasesreflected the surge in revenues fromthe sale of higher priced petroleum.The combined current-account sur-plus for these countries reached apeak of over $100 billion in 1980, andthen dropped to less than $60 billionin 1981, as exports fell an estimated17 percent and imports rose 7 per-cent. By 1981, most of the acquisitionof dollar assets was accounted for byMiddle-East OPEC members; mostother OPEC members used their de-

clining revenues to finance their cur-rent-account deficits, virtually bring-ing to a halt their deposits in the U.S.and Eurocurrency markets.

Dollar assets of non-OPEC develop-ing countries increased $3.7 billion,$2.0 billion of which was associatedwith IBF transactions. In 1980, assetsincreased $1.7 billion. The current-ac-count deficits of these countries wereslightly higher than last year, causingthem to draw down their reserveassets and to either slow their depos-its in, or step up their borrowing in,the U.S. and Eurocurrency markets.Higher interest rates in both marketsincreased their debt service burdens.

Net foreign purchases of U.S. secu-rities other than U.S. Treasury securi-ties were $7.1 billion in 1981, toppinglast year's record by $1.7 billion. Inthe first two quarters, foreigners pur-chased $4.3 billion in U.S. stocks,more than in all of 1980. AlthoughU.S. stock prices were unchanged toslightly lower over the period, U.S.economic prospects apparentlyseemed better than in most industrialcountries. In addition, the dollar ap-preciated against the currencies ofthe U.K., Germany, and Japan, andshowed no change against the Canadi-an dollar. In the last half of the year,when U.S. stock prices fell 8 percentand the dollar fell an average of 7percent, there were much smaller netpurchases.

For the year, Western Europe ac-counted for $3.0 billion of net foreignstock purchases. U.K. purchases were$2.2 billion, down slightly from 1980;both years were apparently affectedby the lifting of U.K. exchange con-trols on foreign investments in 1979.French net purchases doubled to $0.9billion, mostly reflecting flight capitalin May and June following the elec-tion of a Socialist government. Cana-dian net purchases, at $1.0 billion,were up slightly.

Net foreign purchases of outstand-ing bonds, at $2.2 billion, were almostdouble the 1980 figure. The apprecia-tion of the dollar and high U.S. inter-est rates had boosted purchases fromthe fourth quarter of 1980 throughthe first three quarters of 1981, butpurchases dropped off sharply in thefourth. Eurobond issues sold abroad

(Text continued on p. 64)-



Table 1.-2.—U.S. International Transactions[Millions of dollars]

(Credits +; debits -) l

Exports of goods &nd S6rviccs 2

Merchandise adjusted excluding military 3

Transfers under U S military agency sales contractsTravelPassenger fares .Other transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreigners .. ....Other private servicesU S Government miscellaneous servicesReceipts of income on U.S. assets abroad:

Direct investment .Interest, dividends, and earnings of unincorporated affiliates ....Reinvested earnings of incorporated affiliates

Other private receiptsU S Government receipts .

Transfers of goods and services under U.S. military grant pro-grants net

Imports of goods and services

Direct defense expenditures • ••TravelPassenger faresOther transportationFees and royalties to affiliated foreigners

P ' tp navm ts fo othp servicesU S Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Interest, dividends, and earnings of unincorporated affiliates ....

Other private payments

U S military grants of goods and services netUnilateral transfers (excluding military grants of goods and serv-

ices) netU.S. Government grants (excluding military grants of goods and

services)U S Government pensions and other transfers .

U S assets abroad net (increase/capital outflow ( ))U S official reserve assets net *

GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies

U.S. Government assets, other than official reserve assets, netU S loans and other long-term assetsRepayments on U S loans 5

U.S. foreign currency holdings and U.S. short-term assets, net

U S. private assets net ,Direct investment

Equity and intercompany accountsReinvested earnings of incorporated affiliates

Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbank-

ing concerns:Long-termShort-term

U.S. claims reported by U.S. banks, not included elsewhere:Long-termShort-term

Foreign assets in the United States, net (increase/capital inflow( + ))

Foreign official assets in the United States, netU S Government securities . . . .

U S Treasury securities 6

Other7

Other U S Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9

Other foreign assets in the United States netDirect investment


U S Treasury securitiesU.S. securities other than U S Treasury securitiesU.S liabilities to unaffiliated foreigners reported by U.S. non-

banking concerns:Long-termShort-term

U.S. liabilities reported by U.S. banks', not included elsewhere:Long-term10

Short-term 10

Allocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)

Of which seasonal adjustment discrepancy

Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) ll .Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) * *

Transactions in U.S. official reserve assets and in foreign officialassets in the United States:

Increase ( ) in U S official reserve assets net (line 38)Increase (+) in foreign official assets in the United States (line 57

less line 61)

Line

1

23456789

10

1112131415

16

17181920212223242526

2728293031

32

33

343536

373839404142

43444546

4748495051

5253

5455

56

57585960616263

646566676869

7071

72737475

75a

76777879

80

81

1980

344,667

223,9668,231

10,0902,582

11,4305,6951,1705,207

362

36,84219,84516,99836,5222,572

635

-333,888249,308

-10,746-10,397-3,607

-10,896-515-254

-3,222-1,769

-9,336-3,147-6,190

-21,32612,512

-635

-7,056

-4,659-1,303

1 094

-84,7768155

-16-1,667-6,472

-5,165-9,812

4,367280

-71,456-18,546-1,548

-16,998-3,310

\ 12 -2,653

[ 13 -46,947

50,261

15,49211,8709,6832,187

636-1593,145

34,76910,8544,6646,190

14 2,6795,384

J 12 5,109

J 10,7431,152

29,640

-25,34210,7798,3823,723

-8,155

14,856

1981"

375,993

236,3009,346

11,6952,991

12,2585,8231,2725,825

427

30,56919,09311,47555,8483,640

581

-362,653-264,117

11,289-11,465-4,487

-11,500-608

275-3,679-1,933

-8,095-3,539-4,556

-28,457-16,748

-581

-6,762

-4,460-1,461

842

106,5785175

-1,824-2,491

-861

-5,138-9,640

4,353149

-96,265-6,995

4,480-11,475-5,536

n.a.

13 -84,462

74,356

5,2086,2875,0081,279

170-3,916

2,667

69,14818,66414,1084,556

14 2,9147,078

n.a.k

41,332

1,09324,551

-27,81713,34011,0386,578

-5,175

5,038

Not seasonally adjusted

1981

I

93,527

60,2862,1312,460

5822,9471,371

3121,419

82

8,4734,4494,024

12,641824

192

88,468-65,583-2,699-2,369-1,014

2,698-191-67

-905-451

-1,825-7961029

-6,719-3,949

-192

-1,513

-977-336

201

-23,0214529

-1,441-707

-2,381

-1,465-2,596

953178

-17,0272,1061,918

-4,024-488

12 -3,192

13 -11,241

7,140

5,5037,6967,242

454-112

-2,910829

1,6372,4871,4581,0291,4052,454

12 -820

-3,889

1,09311,241

-5,2975,0594,5233,546

-4,529

5,615

II

96,741

61,8462,2792,962

7823,0861,447

3171,455

99

8,2364,9723,264

13,488744

214

92,789-67,489-2,977-2,946-1,365-2,987

-94-69912

-499

-2,040-8721 168

-7,171-4,241

-214

-1,514

-965-336

213

-22,044905

-23-780-102

-1,435-2,305

1,037-167

-19,7055,069

-1,805-3,264-1,479

12 2,470

12,888

-2,779-1,533-2,069

536177

-2,070647

15,6673,8392,6711,168

7333,472

12 -293

7,916

6,719

5 6433,9523,4032,438

905

-2,956

IIP

91,550

55,5742,5643,470

9963,1731,420

3211,470

150

6,4664,2032,263

14,951995

132

-90,599-64,568-2,651

3,832-1,218-2,977

-178-69922

-400

-1,878-864

-1,015-7,633-4,272

-132

-1,814

1,249-395

171

-16,3624

-225-647

868

-1,302-2,420

1,08534

-15,057657

1,606-2,263

-6424

12 1,451

15,849

-5,663-4,089-4,634

545-161

-2,387974

21,5124,1343,1191,015

14 449759

12 273

16,795

1,376

8994951386863

-4

-5,502

IV *>

94,175

58,5942,3722,803

6313,0521,585

3231,482

96

7,3955,4701,924

14,7681,077

44

-90,797-66,477-2,962-2,318

-8902,839-145-70940

-584

-2,352-1,008

1345-6,935-4,287

-44

-1,922

1,269-395

257

-45,151262

-134-358

754

-937-2,319

1,278104

-44,477836

2,760-1,924-2,928

n.a.

13 -42,385

38,479

8,1474,2134,469-256

2663,451

217

30,3328,2056,8601,345

14 1,225393

n.a.

20,510

5,215

-7,8833,3782,7261,457

262

7,881

Seasonally adjusted

1981

r

94,341

60,9902,1312,658

7043,0151,439

3121,419

92

8,0984,6183,480

12,641842

192

89,480-65,651-2,699-3,122-1,151

2,737-191-67905

-459

-1,825-7961029

-6,724-3,949

-192

-1,527

-977-336

214

-22,4074529

-1,441-707

^2,381

-1,395-2,596

1,023178

-16,483-1,562

1,918-3,480

-488

12 -3,192

7,140

5,5037,6967,242

454-112

-2,910829

1,6372,4871,4581,0291,4052,454

12 820

-3,8891 093

10,840-401

-4,6614,8614,3113,334

-4,529

5,615

IP

94,992

60,3692,2792,782

8012,9851,491

3171,455

100

8,0554,9063,149

13,488870

214

92,262-67,263-2,977-2,671-1,108

3,000-94-69

-912-519

-2,040-872

-1,168-7,368-4,241

-214

-1,518

-965-336

217

-21,980905

-23-780-102

-1,485-2,305

987-167

-19,590-4,954-1,805-3,149-1,479

12 2,470

12,888

-2,779-1,533

2069536177

-2,070647

15,6673,8392,6711,168

7333,472

12 -293

7,916

7,8801,161

-6,8942,7302,1771,212

-905

-2,956

IIP

94,046

57,9292,5643,035

7683,0661,470

3211,470

122

7,3334,7042,629

14,9511,017

132

90,083-64,955-2,651-2,816-1,096

2,866-178-69

-922-486

-1,878-8641015

-7,893-4,272

-132

-1,848

1,249-395

204

-16,709_4

-225647868

-1,282-2,420

1,10434

-15,423-1,023

1,606-2,629

-642

12 1,451

15,849

-5,663-4,089

4 634545161

-2,387974

21,5124,1343,1191,015

14 -449759

12 273

16,795

-1,255-2,631

7 0263,9633,3642,115

-4

-5,502

IV"

92,617

57,0122,3723,220

7183,1921,423

3231,482

113

7,0834,8652,218

14,768911

44

-90,831-66,248-2,962

2,856-1,132-2,897

-145-70940

-469

2,352-1,008-1,345-6,472-4,287

—44

1,871

-1,269-395-207

-45,485262

-134-358

754

-976-2,319

1,239104

44,771542

2,760-2,218

2928

n.a.

13 -42,385

38,479

8,1474,2134,469-256

2663,451

217

30,3328,2056,8601,345

14 1,225393

n.a.

20,510

7,0901,875

9 2361,7861,184-85

262

7,881

See footnotes on page 57.



Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Balance of payments adjustments to Censustrade data:

EXPORTS

Merchandise exports, Census basis 1 includ-ing reexports and excluding military grantshipments

Adjustments:

Private gift parcel remittances

Gold exports, nonmonetary

Inland U.S. freight to CanadaU.S.-Canadian reconciliation adjustments,

n.e.c., net 2

Merchandise exports transferred underU.S. military agency sales contracts iden-tified in Census documents 3

Other adjustments, net 4

Of which quarterly seasonal adjustmentdiscrepancy 5

Equals: Merchandise exports, adjusted tobalance of payments basis, excluding "mil-itary" (table 1 line 2)

IMPORTS

Merchandise imports, Census basis 1 (gener-al imports)

Adjustments:

Gold imports, nonmonetaryU.S.-Canadian reconciliation adjustments,

n.e.c., net 2

Merchandise imports of U.S. military agen-cies identified in Census documents 3

Other adjustments, net 6

Of which quarterly seasonal adjustmentdiscrepancy 5

Equals: Merchandise imports, adjusted tobalance of payments basis, excluding "mil-itary" (table 1, line 18)

Merchandise trade, by area, adjusted to bal-ance of payments basis, excluding mili-tary: 7

EXPORTS

Total, all countries (A-9)

Western EuropeEuropean Communities (9) 7

United KingdomEuropean Communities (6)

GermanyWestern Europe excluding EC (9) 7

Eastern EuropeCanada2

Latin American Republics and Other West-ern Hemisphere

Mexico

JapanAustralia, New Zealand, and South Africa....Other countries in Asia and Africa

Memoranda:Industrial countries 7

Members of OPEC 7

Other countries 7

IMPORTS

Total, all countries (A-16)



GermanyWestern Europe, excluding EC (9) 7

Eastern EuropeCanada 2

Latin American Republics and Other West-ern Hemisphere .

Mexico

JapanAustralia, New Zealand, and South Africa--Other countries in Asia and Africa


Members of OPEC 7

Other countries 7

Line

A

1

2

3

4

5

67

8

9

10

11

12

1314

15

16

B

1

234567

89

1011

121314

151617

18

192021222324

2526

2728

293031

323334

1980

220,626

202

317

1,043

4,800

-3,317295

223,966

244,871

2,772

-3942,059

249,308

223,966

67,60353,46612,81838,95511,44914,137

4,14341,389

38,81115,197

20,8067,117

44,097

136,91517,36465,544

249,308

47,25536,0979,848

25,11211,69211,158

1,44442,434

37,52112,580

31,2176,533

82,904

127,43955,60263,536

1981 p

233,677

229

1,285

1,151

4,271

-4,921608

236,300

261,305

1,816

-3071,303

264,117

236,300

65,15851,50112,21636,7219,854

13,657

4,48945,217

42,81418,217

21,7968,998

47,828

141,16921,09269,550

264,117

52,85141,40212,74626,96311,36711,449

1,55247,316

39,09713,765

37,5985,608

80,095

143,37349,93469,258


1980

I

52,999

37

77

250

1,183

-701617

54,462

62,993

1,172

-78906

64,993

54,462

18,26114,2663,254

10,5652,9783,995

1,25310,233

8,1523,059

5,0331,461

10,069

34,9883,857

14,364

64,993

12,3319,3462,4256,6393,0982,985

33411,164

9,9413,133

7,2871,656

22,280

32,43815,29816,074

II

56,590

44

19

275

1,260

-899-145

57,144

61,729

641

-136248

62,482

57,144

17,86814,2913,746

10,1233,1153,577

76910,795

9,8103,727

5,2031,712

10,987

35,5784,268

16,529

62,482

11,8989,2072,3006,6333,1152,691

3469,907

9,2163,313

7,9841,610

21,521

31,39914,31215,987

III

52,927

49

35

255

1,111

-739100

53,738

58,193

736

-124243

59,048

53,738

15,10012,0712,7378,9402,6133,029

7059,717

9,8853,882

5,1931,820

11,318

31,8304,475

16,728

59,048

11,6548,8012,5625,9762,8292,853

3969,462

8,7052,883

7,9491,482

19,400

30,54712,56015,545

IV

58,110

72

186

263

1,246

-978-277

58,622

61,956

223

-56662

62,785

58,622

16,37412,8383,0819,3272,7433,536

1,41610,644

10,9644,529

5,3772,124

11,723

34,5194,764

17,923

62,785

11,3728,7432,5615,8642,6502,629

36811,901

9,6593,251

7,9971,785

19,703

33,05513,43215,930

1981

I

59,718

49

321

282

1,041

-1,010-115

60,286

65,064

476

-76119

65,583

60,286

17,12113,5603,2809,6442,6343,561

1,57511,148

10,7614,245

5,6001,983

12,098

35,8524,970

17,889

65,583

12,5869,5922,8216,3602,7512,994

45011,410

10,1383,190

8,5501,396

21,053

33,94214,52916,662

II

60,750

46

307

313

1,204

-1,204430

61,846

66,752

441

-81377

67,489

61,846

16,59213,1793,3219,1812,5043,413

87812,982

11,3175,035

5,2042,495

12,378

37,2735,472

18,223

67,489

13,30110,5183,2606,8402,8862,783

40012,324

9,6543,525

9,4161,434

20,960

36,47513,34717,267

III

55,145

49

363

281

1,023

-1,202-85

55,574

63,716

672

-76256

64,568

55,574

15,11911,9502,9288,4112,2983,169

84510,583

10,2234,453

5,1682,233

11,403

33,1035,233

16,393

64,568

13,58010,7703,7456,eoa2,7112,810

36711,192

9,5203,229

9,5871,336

18,986

35,69510,89717,609

IV p

58,064

85

294

275

1,003

-1,505378

58,594

65,773

227

-74551

66,477

58,594

16,32612,8122,6879,4852,4183,514

1,19110,504

10,5134,484

5,8242,287

11,949

34,9415,417

17,045

66,477

13,38410,5222,9207,1603,0192,862

33512,390

9,7853,821

10,0451,442

19,096

37,26111,16117,720

Seasonally adjusted

1980

I

52,669

37

77

262

1,183

-7011,371

754

54,898

63,868

1,172

-7862

-844

65,024

54,898

17,62013,8563,252

10,1932,7993,764

1,21410,302

8,7593,142

4,9521,460

10,591

34,3344,111

15,239

65,024

12,3669,4352,4806,6793,0962,931

33411,222

9,7513,016

7,4041,769

22,178

32,76115,02516,055

II

54,654

44

19

257

1,260

-899332

477

55,667

60,706

641

-1361,200

952

62,411

55,667

17,36313,8473,4969,9223,0993,516

75010,252

9,6833,592

5,3231,713

10,583

34,6514,141

16,125

62,411

11,7849,2092,2376,6973,0212,575

3479,574

9,3073,300

7,7961,561

22,042

30,71514,90516,006

III

56,181

49

35

265

1,111

-739-650

-750

56,252

58,792

736

-124-250

-493

59,154

56,252

16,52313,0962,9659,6932,8513,427

79610,450

9,9484,021

5,3801,820

11,335

34,1734,476

16,807

59,154

11,7728,8302,6035,9492,8892,942

39510,191

8,8193,025

7,8311,492

18,654

31,28612,22615,247

IV

57,180

72

186

259

1,246

-978-816

-539

57,149

61,644

223

-56908

246

62,719

57,149

16,09712,6673,1059,1472,7003,430

1,38310,385

10,4214,442

5,1512,124

11,588

33,7574,636

17,373

62,719

11,3338,6232,5285,7872,6862,710

36811,447

9,6443,239

8,1861,711

20,030

32,67713,44616,228

1981

lr

60,023

49

321

295

1,041

-1,010271

386

60,990

66,065

476

-76-814

-933

65,651

60,990

16,52313,1963,2639,2892,4633,327

1,53411,224

11,5674,353

5,4151,983

12,744

35,1455,293

19,018

65,651

12,6699,6782,8646,4122,7402,991

44811,463

9,9283,046

8,7301,495

20,918

34,35714,18016,666

11 r

58,557

46

307

294

1,204

-1,2041,176

735

60,369

65,574

441

-811,329

952

67,263

60,369

16,30312,8063,0829,0812,4963,497

86712,344

11,0794,849

5,2862,495

11,995

36,4285,318

17,756

67,263

13,21210,5883,2376,9272,7932,624

40311,933

9,7413,499

9,1681,386

21,420

35,69913,91017,251

IIP

57,969

49

363

293

1,023

-1,202-566

-481

57,929

64,564

672

-76-205

-461

64,955

57,929

16,36512,8353,1709,0292,5223,530

93111,387

10,1894,623

5,5702,233

11,254

35,5555,221

16,222

64,955

13,66410,7983,7666,5872,7672,866

36512,078

9,7103,429

9,4661,352

18,320

36,56010,68717,343

IV P

56,983

85

294

269

1,003

-1,505-117

-495

57,012

65,272

227

-74823

272

66,248

57,012

15,96712,6642,7019,3222,3733,303

1,15710,262

9,9794,392

5,5252,287

11,835

34,0415,260

16,554

66,248

13,30610,3382,8797,0373,0672,968

33611,842

9,7183,791

10,2341,375

19,437

36,75711,15717,998





Merchandise trade, by area, adjusted tobalance of payments basis, excludingmilitary— Continued

BALANCE (EXCESS OF EXPORTS +)

Total all countries



GermanyWestern Europe, excluding EC (9) 7

Eastern EuropeCanada2

Latin American Republics and OtherWestern Hemisphere

Mexico

Australia, New Zealand, and SouthAfrica

Other countries in Asia and Africa


Members of OPEC 7

Other countries 7 .

Merchandise trade, by principal end usecategory, adusted to balance of pay-ments basis, excluding military: *

EXPORTS

Total (A-9)


Foods feeds and beveragesFoods, feeds, and beverages — agricul-

turalGrainsSoybeans

Industrial supplies and materialsAgriculturalNonagricultural

Fuels and lubricantsPetroleum and products

Nonmonetary gold.. .

Capital goods, except automotiveMachinery except consumer-typeCivilian aircraft, complete — all types ....Other transportation equipment

Automotive vehicles, parts, and en-gines

To Canada 8

To all other areas

Consumer goods (nonfood), except auto-motive

All other, including balance of pay-ments adjustments, not included inlines C 4-21

IMPORTS

Total (A-16)

Petroleum and productsNonpetroleum products


Industrial supplies and materialsFuels and lubricantsNonmonetary gold ;

Capital goods, except automotive ..Machinery, except consumer-typeCivilian aircraft engines parts

Automotive vehicles, parts, and en-gines

From CanadaFrom all other areas

Consumer goods (nonfood) except auto-motive

All other, including balance of pay-ments adjustments, not included inlines C 26-36

Line

B

35

363738394041

4243

4445

46

4748

495051

C

1

23

4

567

89

10111213

14151617

181920

21

22

23

2425

26

272829

303132

333435

36

37

1980

25,342

20,34817,3692,970

13,843-2432,979

2,699-1,045

1,2902,617

-10,411

584-38,807

9,476-38,238

2,008

223,966

42,232181,734

35,762

34,67520,7955,884

71,8177,027

64,7908,7752,8474,033

74,07758,3528,4311,474

17,31810,3266,991

16,694

8,298

249,308

78,919170,389

18,127

134,52283,9135,565

30,34826,1762,985

27,0628,588

18,474

34,445

4,804

1981 *

27,817

12,30710,099-5309,758

-1,5132,208

2,937-2,099

3,7174,452

-15,802

3,390-32,267

-2,204-28,842

292

236,300

44,264192,036

38,314

37,08222,1296,223

69,8986,671

63,22810,7253,7694,398

81,63365,7198,8782,181

19,09711,1857,912

16,295

11,063

264,117

77,579186,538

18,112

137,85882,5324,014

34,55230,5023,750

29,73610,38319,353

38,664

5,195


1980

I

10,531

5,9304,920

8293,926-1201,010

919-931

-1,789-74

-2,254

-195-12,211

2,55011441

-1,710

54,462

10,55543,907

8,325

8,1814,8621,599

17,7032,246

15,4571,716

6611,009

16,81313,3301,868

333

4,4562,7641,692

4,690

2,475

64,993

21,62443,369

4,488

36,91723,119

1,867

7,3136,399

656

6,8422,1814,660

8,010

1,423

II

-5,338

5,9705,0841,4463,490

886

423888

594414

2781

102-10,534

4,17910044

542

57,144

9,93347,211

8,198

7,9304,5671,431

19,6731,847

17,8262,424

7041,237

18,92314,9422,118

389

4,3752,6011,774

4,024

1,951

62,482

20,13842,344

4,504

34,26521,462

1,209

7,7506,665

732

6,6341,9034,731

8,461

868

III

-5,310

3,4463,270

1752,964-216

176

309255

1,180999

2756

338-8,082

1,28380851,183

53,738

9,74243,996

8,696

8,3255,3121,098

16,9691,285

15,6842,231

695561

18,49214,7541,955

331

3,7102,0651,645

3,901

1,970

59,048

17,86541,183

4,314

30,82118,9511,644

7,4426,479

683

6,3271,6494,679

9,122

1,022

IV

-4,163

5,0024,095

5203,463

93907

1,048-1,257

1,3051,278

2620

339-7,980

1,464-8,668

1,993

58,622

12,00246,620

10,543

10,2396,0541,756

17,4721,649

15,8232,404

7871,226

19,84915,3262,490

421

4,7772,8961,880

4,079

1,902

62,785

19,29243,493

4,821

32,51920,381

845

7,8436,633

914

7,2592,8554,404

8,852

1,491

1981

I

-5,297

4,5353,968

4593,284-117

567

1,125262

6231,055

-2,950

587-8,955

1,910-9,559

1,227

60,286

12,81547,471

10,761

10,5636,4801,937

18,3222,105

16,2172,409

8991,370

19,89016,0902,073

464

4,7312,8421,889

4,191

2,391

65,583

21,32444,259

4,854

35,84522,693

943

8,0877,032

940

7,1152,2174,898

8,725

957

II

-5,643

3,2912,661

612,341-382

630

478658

1,6631,510

-4,212

1,061-8,582

798-7,875

956

61,846

10,77651,070

9,320

9,0745,4561,391

17,7211,555

16,1662,102

8061,283

21,68817,0762,817

595

5,6633,5862,077

4,344

3,110

67,489

20,27747,212

4,666

35,94921,411

1,035

8,5647,601

894

7,8652,8085,057

9,134

1,311

III

-8,994

1,5391,180

8171,808-413

359

478609

7031,224

-4,419

897-7,583

2,592-5,664

1,216

55,574

9,16146,413

8,423

7,9065,046

935

16,5731,154

15,4202,846

8171,108

19,76216,180

1,902497

4,4022,4741,928

3,918

2,496

64,568

18,28646,282

4,136

33,46219,5021,113

8,6567,776

820

6,7762,2934,483

10,293

1,245

IV

-7,883

2,9422,290-2332,325-601

652

8561886

728663

-4,221

845-7,147

-2,320-5,744

-675

58,594

11,51247,082

9,810

9,5395,1471,960

17,2821,857

15,4253,3681,247

637

20,29316,3732,086

625

4,3012,2832,018

3,842

3,066

66,477

17,69248,785

4,456

32,60218,926

923

9,2458,0931,096

7,9803,0654,915

10,512

1,682

Seasonally adjusted

1980

I

-10,126

5,2544,421

7723,514-297

833

880920

-992126

-2,452

-309-11,587

1,573-10,914

816

54,898

10,27444,624

8,478

8,2725,0501,406

17,7211,874

15,8471,932

6791,009

17,06813,444

1,996333

4,4112,7001,711

4,714

2,506

65,024

21,17443,850

4,501

36,64522,588

1,867

7,3866,459

667

6,4662,0314,436

8,548

1,478

II

-6,744

5,5794,6381,2593,225

78941

403678

376292

-2,473

152-11,459

3,936-10,764

119

55,667

10,05545,612

8,356

8,0284,7751,317

19,0571,871

17,1862,314

6761,237

18,48214,4982,176

387

4,0612,3531,708

3,865

1,846

62,411

21,02941,382

4,406

34,74122,306

1,209

7,4446,404

686

6,3991,8574,542

8,581

840

III

-2,902

4,7514,266

3623,744-38485

401259

1,129996

2451

328-7,319

2,887-7,750

1,560

56,252

10,83445,418

9,328

9,0565,1021,855

17,3231,647

15,6762,213

696561

19,20415,2232,143

330

4,2602,4901,770

4,026

2,111

59,154

17,38741,767

4,467

30,50918,5871,644

7,5776,561

736

7,0162,0534,963

8,554

1,031

IV

5,570

4,7644,044

5773,360

14720

1,0151062

1111,203

-3,035

413-8,442

1,080-8,810

1,145

57,149

11,06946,080

9,600

9,3195,8681,306

17,7161,635

16,0812,316

7961,226

19,32315,1872,116

424

4,5862,7831,802

4,089

1,835

62,719

19,32943,390

4,753

32,62720,432

845

7,9416,752

896

7,1812,6474,533

8,762

1,455

1981

r

-4,661

3,8543,518

3992,877-277

336

1,086239

1,6391,307

-3,315

4888 174

788-8,887

2,352

60,990

12,70048,290

11,098

10,8026,7791,768

18,4261,750

16,6762,716

9281,370

20,15916,2412,179

464

4,6612,7461,915

4,228

2,418

65,651

20,78544,866

4,953

35,46522,066

943

8,1687,095

958

6,6982,0244,674

9,341

1,026

II'

-6,894

3,0912,218-1552,154-297

873

464411

1,3381,350

3882

1,1099 425

729-8,592

505

60,369

11,04549,324

9,568

9,2615,6951,333

17,1681,637

15,5311,992

7761,283

21,22616,5632,898

592

5,2393,2451,994

4,175

2,993

67,263

21,16746,096

4,495

36,39922,2541,035

8,2117,302

840

7,5842,7224,862

9,296

1,278

IIP

-7,026

2,7012,037-5962,442-245

664

566691

4791,194

-3,896

8817 066

-1,005-5,466-1,121

57,929

10,01447,915

8,816

8,4404,7371,608

16,8671,473

15,3952,777

8211,108

20,44516,6932,033

497

5,0853,0202,065

4,042

2,674

64,955

17,91147,044

4,344

33,28719,2501,113

8,8167,883

873

7,5972,8494,748

9,657

1,254

IV P

-9,236

2,6612,326-1782,285-694

335

821-1,580

261601

4709

912-7,602

-2,716-5,897-1,444

57,012

10,50546,507

8,832

8,5794,9181,514

17,4371,811

15,6263,2401,244

637

19,80316,222

1,768628

4,1122,1741,938

3,850

2,978

66,248

17,71648,532

4,320

32,70718,962

923

9,3578,2221,079

7,8572,7885,069

10,370

1,637





Merchandise trade, by end-use category,Census basis,1 including military grantshipments:

Merchandise exports, Census basis, includ-ing military grant shipments


Excluding military grant shipments


AgriculturalGrains and preparationsSoybeansOther agricultural foods, feeds, and

beverages

Nonagricultural (fish, distilled beverages,etc)

Industrial supplies and materials

AgriculturalRaw cotton including lintersTobacco, unmanufacturedOther agricultural industrial supplies

(hides, tallow, etc.)

NonagriculturalFuels and lubricants 9

Coal and related fuelsPetroleum and products

Paper and paper base stocks

Textile supplies and materialsChemicals, excluding medicinalsOther nonmetals (minerals, wood,

rubber tires etc ) .. ..Steel making materialsIron and steel productsOther metals, primary and advanced,

including advanced steelPrecious metals (gold, silver, plati-

num)

Capital goods, except automotive

Machinery, except consumer-typeElectrical and electronic, including

parts and attachmentsNonelectrical, including parts and

attachmentsConstruction machinery and non-

farm tractorsTextile and other specialized indus-

try machineryOther industrial machinery, n.e.cAgricultural machinery and farm

tractorsBusiness and office machines,

computers, etcElectronic computers and parts

Scientific, professional, and serviceindustry equipment

Civilian aircraft engines partsCivilian aircraft, complete, all types

Other transportation equipment

Automotive vehicles, parts and engines

To Canada8

To all other areas

Passenger cars, new and usedTrucks, buses, and special vehiclesBodies, engines, parts and accessories,

n.e.c


Consumer durables manufacturedConsumer nondurables, manufacturedUnmanufactured consumer goods (gem

stones)

Special category (military-type goods)

Exports, n.e.c., and reexports

Domestic (low- value, miscellaneous)Foreign (reexports)

Line

D

1

234

5

678

9

10

11

121314

15

16171819

20

2122

232425

26

27

28

29

30

31

32

3334

35

3637

38

394041

42

4344

4546

47

48

4950

51

52

53

5455

1980

220,782

41,757179,025178,869

35,313

34,22620,7945,880

7,552

1,087

70,594

7,0002,8801,334

2,786

63,5948,7754,7802,847

4,973

3,81917,757

9,6471,4963,493

13,634

5,989

72,600

57,050

11,817

45,234

9,958

3,83715,306

1,926

9,0767,540

5,131

14,0768,2561,474

15,858

8,8666,992

4,0103,052

8,796

16,176

7,8907,554

732

3,264

6,977

2,8634,115

1981

233,739

43,815189,924189,862

37,888

36,67322,0606,186

8,427

1,215

67,674

6,6302,2771,458

2,895

61,04410,7256,0193,769

4,968

3,76417,962

9,416900

3,390

9,920

3,760

80,173

64,524

12,920

51,605

11,614

4,18717,243

2,232

10,5628,837

5,767

13,4678,6132,182

17,988

10,0767,912

4,0053,310

10,672

15,868

6,9768,336

556

4,178

9,971

5,1934,778


1980

I

53,042

10,43942,60342,560

8,221

8,0774,8431,599

1,635

144

17,399

2,2341,002

359

873

15,1651,716

749661

1,00'4

8874,268

2,443403745

3,699

1,920

16,452

13,012

2,756

10,257

2,106

8533,559

470

2,0561,669

1,212

3,1071,825

333

4,071

2,3791,692

1,164716

2,191

4,565

2,5151,831

220

708

1,625

643982

II

56,608

9,83746,77146,753

8,108

7,8404,5901,429

1,821

268

19,412

1,841874312

656

17,5712,4241,322

704

1,263

9954,715

2,672449920

4,134

2,028

18,521

14,601

3,053

11,548

2,616

9463,973

530

2,1821,811

1,301

3,5312,057

389

3,995

2,2211,774

1,120791

2,084

3,899

1,8501,868

182

834

1,840

7581,082

III

52,999

9,62643,37343,301

8,584

8,2135,3231,097

1,794

371

16,723

1,281500230

550

15,4432,2311,328

695

1,417

9354,502

2,287333918

2,819

763

18,144

14,438

2,914

11,524

2,652

9933,833

453

2,3321,954

1,261

3,3751,923

331

3,412

1,7671,645

641756

2,014

3,766

1,7321,879

155

736

1,634

707928

IV

58,134

11,85746,27746,254

10,400

10,0966,0381,755

2,302

305

17,061

1,645504433

707

15,4162,4041,381

788

1,289

1,0024,272

2,246311911

2,982

1,278

19,483

14,999

3,094

11,904

2,584

1,0453,941

472

2,5062,105

1,357

4,0632,451

421

4,380

2,5001,881

1,084789

2,507

3,946

1,7941,976

176

986

1,878

7551,123

1981

I

59,738

12,69947,03947,019

10,655

10,4576,4631,926

2,068

198

17,802

2,095915300

880

15,7072,4091,145

899

1,263

9644,538

2,430197857

3,050

1,290

19,580

15,799

3,140

12,659

2,760

1,0444,233

569

2,5932,165

1,459

3,3172,054

464

4,417

2,5281,889

1,058851

2,508

4,077

1,7872,130

160

905

2,302

1,1781,124

II

60,762

10,64650,11650,104

9,196

8,9505,4231,379

2,148

246

17,184

1,549540325

684

15,6352,1021,066

806

1,340

1,0144,575

2,586309884

2,824

1,144

21,296

16,748

3,335

13,414

3,025

1,0944,496

655

2,6392,197

1,504

3,9522,753

595

5,268

3,1912,077

1,270921

3,076

4,222

1,8962,176

150

1,052

2,544

1,3551,190

III

55,155

9,06746,08846,079

8,327

7,8205,054

926

1,840

507

15,947

1,145288281

576

14,8022,8461,834

817

1,207

9104,412

2,229189797

2,212

891

19,402

15,890

3,144

12,747

3,013

1,0004,246

504

2,5912,179

1,393

3,0141,831

497

4,193

2,2651,928

878783

2,532

3,823

1,6762,016

132

1,015

2,448

1,3241,124

IV

58,084

11,40346,68146,660

9,710

9,4465,1211,955

2,370

264

16,742

1,841534552

755

14,9003,3681,9741,247

1,158

8774,437

2,171204852

1,834

434

19,895

16,086

3,301

12,785

2,816

1,0494,268

504

2,7382,295

1,411

3,1841,975

625

4,110

2,0922,018

799755

2,556

3,746

1,6172,014

115

1,206

2,676

1,3351,341

Seasonally adjusted

1980

I

53,466

10,15843,30843,265

8,374

8,1685,0311,406

1,730

207

17,417

1,862810311

740

15,5551,932

947679

1,053

8944,318

2,434477746

3,703

1,920

16,707

13,126

2,798

10,328

2,178

8843,567

446

2,0441,668

1,208

3,2481,952

333

4,025

2,3141,712

1,186742

2,097

4,589

2,5401,846

202

708

1,646

668978

II

55,149

9,95945,19045,172

8,266

7,9384,7981,315

1,824

328

18,795

1,865759417

689

16,9302,3141,239

676

1,194

9724,564

2,501391906

4,089

2,028

18,080

14,157

2,945

11,213

2,494

9123,866

464

2,2231,847

1,254

3,5362,115

387

3,681

1,9731,708

972722

1,987

3,740

1,7341,828

178

834

1,754

7311,023

III

55,503

10,71844,78544,713

9,216

8,9445,1131,854

1,978

272

17,078

1,643695306

642

15,4352,2131,309

696

1,417

9734,393

2,356306937

2,840

763

18,856

14,907

3,005

11,903

2,716

1,0433,963

485

2,3821,991

1,314

3,6182,111

330

3,962

2,1921,770

853806

2,302

3,891

1,8171,902

172

736

1,765

7251,040

IV

56,664

10,92245,74245,719

9,456

9,1775,8521,305

2,020

280

17,303

1,630616299

716

15,6732,3161,285

796

1,309

9814,483

2,356322905

3,001

1,278

18,957

14,860

3,069

11,790

2,570

9983,910

531

2,4272,033

1,355

3,6742,078

424

4,190

2,3881,802

998782

2,410

3,957

1,7981,979

180

986

1,813

7391,074

1981

Ir

60,429

12,58447,84547,825

10,991

10,6966,7621,756

2,178

296

17,906

1,740740262

739

16,1662,7161,423

928

1,325

9714,589

2,419234858

3,053

1,290

19,849

15,950

3,191

12,759

2,851

1,0824,243

544

2,5832,167

1,456

3,4352,159

464

4,347

2,4311,916

1,068884

2,395

4,114

1,8172,150

146

905

2,318

1,2071,110

II r

59,304

10,91548,38948,377

9,444

9,1375,6621,321

2,155

307

16,631

1,631476435

720

15,0001,992

985776

1,263

9944,411

2,425270870

2,776

1,144

20,834

16,235

3,212

13,023

2,882

1,0564,372

577

2,6852,237

1,452

4,0062,834

592

4,844

2,8501,993

1,071842

2,931

4,053

1,7722,134

147

1,052

2,446

1,3221,124

IIP

57,497

9,92047,57747,568

8,720

8,3544,7451,599

2,009

366

16,241

1,464409379

676

14,7772,7771,761

821

1,209

9384,327

2,295178817

2,236

891

20,085

16,404

3,243

13,160

3,080

1,0484,393

541

2,6452,218

1,453

3,1841,962

498

4,876

2,8112,065

1,148837

2,890

3,947

1,7632,038

146

1,015

2,613

1,3451,268

IV P

56,509

10,39646,11346,092

8,733

8,4864,8921,509

2,085

246

16,896

1,795652382

761

15,1013,2401,8501,244

1,171

8624,634

2,277218844

1,855

434

19,406

15,935

3,273

12,662

2,801

1,0014,235

569

2,6492,215

1,407

2,8421,658

629

3,921

1,9831,938

717747

2,456

3,754

1,6232,013

117

1,206

2,594

1,3191,276





Merchandise imports, Census basis

Foods feeds and beverages

Coffee cocoa and sugar

Green coffeeCane sugar '.

Other foods, feeds, and beverages

Industrial supplies and materials

Fuels and lubricants 9

Petroleum and products

Paper and paper base stocks

Materials associated with nondurablegoods and farm output n e s

Textile supplies and materialsTobacco unmanufacturedChemicals, excluding medicinalOther (hides, copra, materials for

making photos drugs dyes)

Building materials except metals

Materials associated with durable goodsoutput n e s

Steelmaking materialsIron and steel productsOther metals, primary and advanced,

including advanced steelPrecious metals (gold, silver, plati-

num)Nonmetals (oils, gums, resins, miner-

als, rubber, tires, etc.)

Capital goods except automotive

Machinery, except consumer-type

Electrical and electronic, and parts andattachments

Nonelectrical, and parts and attach-ments

Construction, textile and other spe-cialized industry machinery andnonfarm tractors

Other industrial machinery, n.e.sAgricultural machinery and farm

tractorsBusiness and office machines, com-

puters etcScientific, professional and service

industry equipment

Transportation equipment, except auto-motive

Civilian aircraft, engines, partsCivilian aircraft, complete, all types....

Automotive vehicles, parts, and engines

From CanadaFrom all other areas

Passenger cars new and usedTrucks, buses, and special vehiclesBodies, engines, parts and accessories,

n e s


Consumer durables manufacturedConsumer nondurables, manufacturedUnmanufactured consumer goods (gems,

nursery stock)

Imports, n.e.s. (low value, goods returned,military aircraft, movies, exhibits)

Line

56

57

58

5960

61

62

6364

65

66676869

70

71

727374

75

76

77

78

79

80

81

8283

84

85

86

87

8889

90

91929394

95

96

9798

99

100

1980

244,871

18,127

6,255

3,8721,988

11,872

130,966

83,78978,795

5,269

10,1752,040

4555,187

2,492

3,734

28,0002,1617,559

13,795

5,716

4,485

29,624

26,176

7,945

18,231

2,8576,545

1,823

4,451

2,555

3,448

2,985964

27,062

8,58818,47416,8194,067

6,176

34,445

18,46113,066

2,918

4,647

1981

261,305

18,113

5,230

2,6222,142

12,882

134,632

82,05877,107

5,603

11,8632,555

6335,966

2,709

3,716

31,3902,588

11,262

12,514

4,134

5,027

34,493

30,502

9,452

21,050

3,4257,748

1,689

5,204

2,984

3,992

3,7491,339

29,737

10,38319,35417,7684,844

7,124

38,664

20,76614,928

2,969

5,667


1980

I

62,993

4,488

1,527

1,101338

2,960

35,496

23,06221,567

1,382

2,617549126

1,325

617

1,029

7,406425

1,888

3,870

1,670

1,223

7,168

6,399

1,867

4,532

6981,527

608

1,097

602

770

656274

6,842

2,1814,6604,329

946

1,566

8,010

4,0893,019

902

989

II

61,729

4,504

1,628

1,070419

2,876

33,479

21,47020,146

1,371

2,717545172

1,388

612

868

7,054663

1,970

3,264

1,126

1,157

7,528

6,665

1,972

4,694

7541,696

527

1,086

630

862

732202

6,634

1,9034,7314,213

964

1,458

8,461

4,6693,139

652

1,123

III

58,193

4,314

1,506

867555

2,808

29,937

18,95017,864

1,226

2,29846191

1,155

590

892

6,570550

1,750

3,284

1,561

986

7,297

6,479

2,029

4,449

6801,668

377

1,075

649

818

683164

6,327

1,6494,6793,9071,013

1,407

9,122

4,7093,759

654

1,196

IV

61,956

4,821

1,594

835676

3,227

32,054

20,30719,218

1,290

2,54248566

1,319

673

945

6,970523

1,951

3,377

1,358

1,119

7,631

6,633

2,077

4,556

7251,654

312

1,193

673

998

914325

7,259

2,8554,4044,3701,144

1,745

8,852

4,9943,149

709

1,339

1981

I

65,064

4,854

1,575

866586

3,279

34,968

22,53021,161

1,408

3,039629172

1,498

739

964

7,028484

2,024

3,190

1,054

1,330

8,031

7,032

2,083

4,949

8521,779

429

1,192

697

998

940297

7,115

2,2174,8984,3661,102

1,648

8,725

4,6103,324

791

1,371

II

66,752

4,666

1,247

603487

3,419

35,143

21,31320,179

1,424

3,056626184

1,580

666

1,105

8,245752

2,854

3,354

1,099

1,285

8,564

7,601

2,304

5,297

8511,920

497

1,300

729

963

894264

7,865

2,8085,0574,8451,172

1,848

9,134

4,8933,483

758

1,380

III

63,716

4,136

1,032

495422

3,105

32,508

19,39618,180

1,295

2,895644147

1,472

632

861

8,060729

3,203

2,906

901

1,222

8,654

7,776

2,477

5,299

8772,034

379

1,246

762

878

820278

6,776

2,2924,4833,9031,175

1,698

10,293

5,3164,260

717

1,349

IV

65,774

4,456

1,376

658647

3,080

32,013

18,82017,586

1,476

2,874655130

1,415

672

786

8,057622

3,181

3,064

1,081

1,190

9,245

8,092

2,588

5,505

8442,015

384

1,466

795

1,152

1,096500

7,980

3,0654,9154,6551,396

1,930

10,512

5,9473,861

703

1,568

Seasonally adjusted

1980

I

63,024

4,501

1,464

973434

3,037

35,224

22,53121,117

1,385

2,548544107

1,307

592

1,111

7,649572

1,966

3,899

1,670

1,213

7,241

6,459

1,955

4,504

7051,507

576

1,111

605

781

667274

6,466

2,0314,4364,027

897

1,542

8,548

4,4893,181

878

1,044

II

61,658

4,406

1,584

1,035415

2,821

33,955

22,31421,037

1,348

2,588535143

1,330

579

821

6,884607

2,029

3,123

1,126

1,124

7,222

6,404

1,924

4,480

7041,628

458

1,068

623

817

686202

6,399

1,8574,5423,978

973

1,447

8,581

4,6943,238

649

1,095

III

58,299

4,467

1,532

994430

2,936

29,625

18,58617,386

1,248

2,415464112

1,219

620

844

6,532486

1,696

3,348

1,561

1,002

7,432

6,561

1,998

4,563

6781,705

432

1,094

654

871

736164

7,016

2,0534,9634,4001,134

1,482

8,554

4,5443,345

666

1,205

IV

61,890

4,753

1,675

870708

3,078

32,162

20,35819,255

1,288

2,623497

941,330

702

958

6,935496

1,869

3,425

1,358

1,145

7,729

6,752

2,068

4,684

7701,706

357

1,178

673

979

896325

7,181

2,6474,5334,4141,062

1,705

8,762

4,7353,301

725

1,303

1981

F

65,132

4,953

1,583

772729

3,370

34,588

21,90220,622

1,411

2,956624139

1,478

716

1,040

7,277646

2,102

3,211

1,054

1,319

8,112

7,095

2,180

4,915

8611,751

402

1,201

700

1,017

958297

6,699

2,0244,6754,0561,021

1,622

9,341

5,0743,495

772

1,440

II '

66,526

4,496

1,205

591460

3,291

35,593

22,15521,068

1,399

2,910613146

1,519

632

1,053

8,076693

2,946

3,192

1,099

1,246

8,210

7,302

2,248

5,054

7921,834

428

1,279

721

908

839264

7,584

2,722,4,8624,5751,180

1,829

9,296

4,9523,590

754

1,347

IIIr

64,102

4,344

1,021

571301

3,323

32,333

19,14417,805

1,318

3,013646171

1,537

659

824

8,035648

3,133

3,007

901

1,246

8,813

7,883

2,442

5,440

8772,082

427

1,286

767

931

872278

7,597

2,8494,7484,4301,370

1,797

9,656

5,1353,794

727

1,358

IV '

65,545

4,320

1,421

688652

2,899

32,118

18,85817,612

1,475

2,984672178

1,432

702

800

8,002601

3,081

3,104

1,081

1,216

9,358

8,222

2',581

5,641

8942,080

432

1,438

796

1,136

1,079500

7,857

2,7885,0694,7071,273

1,877

10,370

5,6054,049

716

1,522




Table 4.—Selected U.S. Government Transactions[Millions of dollars]

I"? S Government grants (excluding military) and transactions increasing Government assets, total

By category

Grants, net (table 1 line 34, with sign reversed)Financing military purchases 1

Other grants

Loans and other long-term assets (table 1, line 44, with sign reversed).Capital subscriptions and contributions to international financial institutions, excluding IMFCredits repayable in U S dollars . . . .Credits repayable in foreign currenciesOther long-term assets

Foreign currency holdings and short-term assets net (table 1 line 46 with sign reversed)Foreign currency holdings (excluding administrative cash holdings), net

Receipts from —Sales of agricultural commoditiesInterestRepayments of principalReverse grants . . . .Other sources

Less disbursements for —Grants and credits in the recipient's currencyOther grants and credits . . . . . . . . . . . . . . .Other U.S. Government expenditures

Assets held under Commodity Credit Corporation Charter Act netAssets financing military sales contracts, net 2

Other short-term assets (including changes in administrative cash holdings) net

By program

Capital subscriptions and contributions to international financial institutions, excluding IMFUnder farm product disposal programs.. ..Under Foreign Assistance Act and related programsUnder Export-Import Bank ActOther assistance programsOther foreign currency assets acquired (lines A13, A14, and A16)Less foreign currencies used by U S. Government other than for grants or credits (line A19)Other (including changes in administrative cash holdings), net

By disposition 3

Estimated transactions involving no direct dollar outflow from the United StatesExpenditures on U.S. merchandiseExpenditures on U.S. services4

Financing of military sales contracts by U.S. Government 5 (line C6)By long-term creditsBy short-term credits 1

By grants *U.S. Government grants and credits to repay prior U.S Government credits l *U.S. Government long- and short-term credits to repay prior U.S. private credits .Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets

(including changes in retained accounts) 6 (line Cll)Less receipts on short-term U.S. Government assets (a) financing military sales contracts l and (b) financing

repayments of private creditsLess foreign currencies used by U.S. Government other than for grants or credits (line A19)

Estimated dollar payments to foreign countries and international financial institutions

Repayments on U.S. Government long-term assets, total (table 1, line 45)

Receipts of principal on U.S. Government creditsUnder farm product disposal programsUnder Foreign Assistance Act and related programsUnder Export-Import Bank ActOther assistance programs

Receipts on other long-term assets

U.S. Government liabilities other than securities, total, net increase ( + ) (table 1, line 61)

Associated with military sales contracts 2

U.S. Government cash receipts from foreign governments (including principal repayments on credits financingmilitary sales contracts), net of refunds 1

Less U.S. Government receipts from principal repaymentsLess U.S. Treasury securities issued in connection with prepayments for military purchases in the United

States . ..Plus financing of military sales contracts by U.S. Government 5 (line A34)

By long-term creditsBy short-term credits l

By grants l

Less transfers of goods and services (including transfers financed by grants to Israel, and by credits) 1 2 (table1, line 3)

Associated with U.S. Government grants and transactions increasing Government assets (including changes inretained accounts)6 (line A40)

Associated with other liabilitiesSales of nuclear materials by Department of EnergyOther sales and miscellaneous operationsGerman Government 10-year loan to U.S. Government

Line

Al

234

56789

1011

1213141516

171819202122

2324252627282930

313233343536373839

40

4142

43

Bl

23456

7

Cl

2

34

56789

10

11

12131415

1980

14,192

4,659750

3,909

9,812796

8,62913

375

280-141

(*)58

115

14

14

315132

-6

7961,5317,5163,336

909187315232

9,9706,0711,6111,9741,224

750360650

1

382315

4,222

4,367

3,959281

1,1781,3011,200

408

636

780

8,365576

7521,9741,224

750

8,231

1

-145'-80

10-75

1981 p

13,951

4,460317

4,148

9,6401,1428,050

14434

149-31

6185

118

14

27

281211

93

1,1421,6746,9333,057

932217281278

10,0995,9992,1871,7441,448

296482204

1

235281

3,852

4,353

3,922286

1,2501,454

932

431

170

396

8,752594

1601,7441,448

296

9,346

1

226-133

7-100

1980

I

3,779

1,336442894

2,614216

2,3001

97

171-12

(*)1837

1

4

6496

-63

216333

2,3376922735664

-63

2,4441,561

279585143

44261

216

-2

19264

1,335

917

82244

238308232

95

-68

-96

1,825128

640585143

442

1,738

-2

30-48

78

II

3,089

78746

741

2,365171

2,0992

93

63-68

(*)1127

8

3

111-18

23

171435

1,25091728246

111100

2,4631,671

306344299

46103232

(*)

82111

626

1,166

1,06665

355322325

100

420

467

1,928163

-442344299

46

2,085

(*)

4726

-73

III

3,468

91213

900

2,543287

2,1527

97

12-33

(*)1624

4

4

7328

17

287447

1,6278071894473

139

2,5031,337

530490478

1378

197

3

6073

965

1,108

99954

248340358

108

80

299

2,298134

84490477

13

2,272

3

-222-61-86

75

IV

3,856

1,624250

1,374

2,290121

2,0793

88

-58-29

(*)1327

2

3

67-46

17

121316

2,303920165416757

2,5591,502

495555305

250118

5

1

4967

1,297

1,177

1,072117338331286

105

205

111

2,313151

470555305

250

2,136

1

943

91

1981

I

3,394

977

977

2,596195

2,299(*)

102

-178-38

(*)2137

1

13

84-105

-35

195293

2,0098391205984

-36

2,5911,491

463739739

63"25

-1

10584

803

953

85158

241342210

102

-112

61

2,180124

603739739

2,131

-1

-17154

-118

II

3,438

965129836

2,305323

1,8834

96

167-28

31332

7

5

78-47

241

323492

1,4308171145278

287

2,4611,598

539339210

129103

4

1

4778

977

1,037

93054

369347160

107

177

215

2,545167

222339210

129

2,279

1

-39-16

76100

IIP

3,635

1,249121

1,128

2,420316

1,9814

119

-3423

362226

4

2

62-76

20

316599

1,560729384516258

2,5821,589

560317196

12120161

(*)

8462

1,054

1,085

97750

285323319

109

-161

60

1,589145

-742317196

121

2,564

(*)

-10139

-61

IV p

3,484

1,26967

1,2 '

2,319308

1,8877

117

-10412

222923

3

7

5816

133

308290

1,9356723145558

-32

2,4661,321

624350304

46115113

1

(*)58

1,018

1,278

1,164125355442243

113

266

180

2,437158

77350304

46

2,372

1

85-25110




Table 5.—Direct Investment: Income and Capital[Millions of dollars]

Table 6.—Securities Transactions[Millions of dollars]

U.S. direct investment abroad:

Income (table 1, line 11)

Interest, dividends, and earningsof unincorporated affiliates(tables 1, line 12)

InterestDividendsEarnings of unincorporated affili-

ates ..: ...Reinvested earnings of incorporated

affiliates (table 1, line 13)

Capital (outflow (-)) (table 1, line 48)...

Equity and intercompany ac-counts (table 1, line 49)

Incorporated affiliatesEquity ..

Increase 1

Decrease 2

Intercompany accountsU S parents' receivables .U S. parents' payables

Unincorporated affiliatesReinvested earnings of incorporated

affiliates (table 1, line 50)

By industry of affiliate: 3

Income (line 1):Petroleum . . .ManufacturingOther

Interest, dividends, and earnings ofunincorporated affiliates (line 2):

PetroleumManufacturingOther

Reinvested earnings of incorporatedaffiliates (line 6, or line 17 withsign reversed):

Petroleum.. ..ManufacturingOther

Equity and intercompany accounts(outflows (-)) (line 8):


Foreign direct investment in the UnitedStates:

Income (table 1, line 27)

Interest, dividends, and earningsof unincorporated affiliates(table 1 line 28)

InterestDividendsEarnings of unincorporated affili-

atesReinvested earnings of incorporated

affiliates (table 1 line 29)

Capital (inflow (+)) (table 1, line 65)

Equity and intercompany ac-counts (table 1, line 66)

Incorporated affiliatesEquity

Increase *Decrease2

Intercompany accountsU.S. affiliates' payablesU.S. affiliates' receivables

Unincorporated affiliatesReinvested earnings of incorpo-

rated affiliates (table 1, line 67) ..

By industry of affiliates: 3

Income (line 30):PetroleumManufacturingOther

Interest, dividends, and earnings ofunincorporated affiliates (line 31):

PetroleumManufacturingOtherReinvested earnings of incorporated

affiliates (line 35, or line 46 withsign reversed:)

PetroleumManufacturingOther .

Equity and intercompany accounts(inflows (+)) (line 37):


T Ine*

I

234

5

6

7

89

10111213141516

17

181920

212223

242526

272829

30

313233

34

35

36

373839404142434445

46

474849

505152

535455

565758

•IQOrt

36,842

19,845482

10708

8,656

16,998

-18,546

-1,548— 1,586-2,607-5,533

2,9251021

-2,2303,252

38

-16,998

13,02211,26312,558

84694,8996,478

4,5536,3646,080

2757-3,543

-763

-9,336

3 147'842

1311

-993

6 190

10,854

4,66441104,1624594—433-51

1,772-1,823

554

6,190

3281-2478-3577

610-9021635

2671- 1,576

1942

-3241,6843304

30,569

19,093n an a

n.a.

11,475

-6,995

4,480n an.a.n.a.n.a.n an a.n.a.n.a.

-11,475

n a.n.a.n.a.

n an a.n.a.

n.a.n.a.n.a.

2245n a.n.a.

-8,095

353910171743

-778

4 556

18,664

14,1081358774358142

7076,1525,649

504521

4,556

32751609

-3210

886-9971 657

2392-6121554

6393,382

10088

I

8,473

4,449181

1,889

2,378

4,024

-2,106

1,9181,384-273

- 1,008735

1,657-1,538

3,195534

—4,024

3,9772,0662,430

2,312977

1,160

1,6661,0891,270

1685555

-322

-1,825

796225377

-194

1029

2,487

1,45813781,0611 113-52317768

-45180

1,029

858-275-691

186-280

330

6735

362

268717473

19

II

8,236

4,97218

2436

2,518

3,264

-5,069

- 1,805-4461,127-3871,5141 572

-1,436-136

-1,359

-3,264

3,6112,1882,437

25961,1161,260

1,0151,0721,177

382-1641

219

-2,040

872202499

-171

1 168

3,839

2,671248512121287

751,273

953320185

1,168

885409746

239-206

427

647-203

318

3891,1821 101

81

IIP

6,466

4,20383

2025

2,094

2,263

-657

1,6063,022-326

-1,159883

3348841

2,507-1,416

-2,263

2,9411,1592,366

20871,0381,078

854120

1,288

-5381307

837

-1,878

864264430

-169

1 015

4,134

3,119305122572306

49794479315

69

1,015

740337801

266-225

373

475-112

428

205746

2168

IV P

7,395

5,470n an a

n.a.

1,924

836

2,760n an.a.n.a.n.a.n an a.n.a.n.a.

-1,924

n.a.n.a.n.a.

n an an a.

n an an.a.

1480n an a

-2,352

1 008326437

244

1 345

8,205

6,860667329053436

53137683,449

320187

1,345

792588972

195-286

527

597-302

446

223737

6346

Foreign securities, net U.S. purchases(-), balance of payments basis (table1 line 51 or lines 6+17 below)

Stocks:

Treasury basis net l

Adjustments:Less recorded in table 7, line 48, as

US direct investment abroadPlus exchange of stock associated

with direct investment in theUnited States

Plus other adjustments

Balance of payments basis net

Newly issued in the United States .Of which Canada

Other foreign stocksWestern Europe .. .CanadaJapanOther

Bonds:Treasury basis net 1 . . . .

Adjustments:Plus additional Canadian redemp-

tions 2

Balance of payments basis, net

Newly issued in the United States .By type* Privately placed

Publicly offered

By area' Western EuropeCanadaJapanLatin AmericaOther countriesInternational financial

institutions ^

Redemptions of U.S.-held foreignbonds 2 .. .

CanadaOther countriesInternational financial institu-

tions 3

Other transactions in outstandingbonds2

Western EuropeCanadaJapan . . . . . .Other

U.S. securities, excluding Treasury issuesand transactions by foreign officialagencies, net foreign purchases ( + ),balance of payments basis (table 1, line69, or lines 5+12 below)

Stocks:

Treasury basis net l

Adjustments:Plus exchange of stock associated

with U.S. direct investmentabroad

Plus other adjustments 4

Balance of payments basis, netWestern EuropeCanadaJapanOther

Bonds:

Treasury basis, net l

Adjustments 4

Balance of payments basis, netNew issues sold abroad by U.S.

corporations ...Investments by international fi-

nancial institutions 3 in non-guaranteed bonds of U.S. feder-ally sponsored agencies

Other transactions in U.S. bonds...

g

Al

2

3

45

6

7g

910111213

14

1516

17

181920

2122232425

26

272829

30

3132333435

Bl

2

34

56789

1011

12

13

1415

16

3 310

2084

80

— 100

-2,264

-516276

1748-417

510-781

40

-845

200

-1,045

-3,330-675

-2,655

-9671 808-60

7—389

99

2,528901478

1 149

243-90

-399-234

480

5,384

5357

-91-1 094

4,1723074

774-155

479

5,448

-4,236

1,212

372

-13853

392

5 536

18

18

-243103

261-132

685-228

64

-5555

-5,555

-8,020-1 184-6,836

-8164 816-297

617-374

1 100

1,232520453

259

1233122

-21514618

7,078

5 685

— 769

4,91635561,012

113235

5,078

-2,917

2,161

360

1,801

359

I

488

140

-140

140-44359

-44510

-348

-348

-752209

-543

543

100-109

29216060

72

112-153

-5139131

2,454

1 669

27

1,6961305

222-48217

2068

-1310

758

200

1557

122

19i

II

1 479

-174

-174

-114-97

-60-112

304-193-59

-1,305

-1,305

-2,306-245

-2,061

-2991 513-220

193-81

322165120

37

679115

-21310275

3,472

2,903

-55

2,8481686

740188234

1,491

-867

624

100

22502

127

Bl

IIlr

642

349

349

-78-6

42711998

4033

-991

-991

-1,675-409

-1,266

-2071 244-77

69-78

318105213

366168

-1613777

759

672

532

1402488215

205

1606

-987

619

60

_1560

165

IV P

2 928

-17

-17

-51

34-95120

72

-2,911

-2,911

-3,287-321

-2,966

-3101516

255-106

1 100

3009060

150

76-821

-72135

393

441

209

232317-32-42

U

-87

247

160

-22182

55





Table 7.—Claims and Liabilities on Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns[Millions of dollars]

(Credits (+); increase in U.S. liabilities or decrease in U.S. assets. Debits (-);decrease in U.S. liabilities or increase in U.S. assets.)

Claims totalLong-term (table 1 line 52) .. .Short-term (table 1 line 53)

Financial claimsDenominated in US dollarsDenominated in foreign, currencies

By area* Industrial countries * . . . . .Of which United Kingdom

Canada . .. ....Caribbean banking centers 2

OtherBy type: Deposits!

Other claims

Commercial claimsDenominated in U S dollars .. .Denominated in foreign currencies

By area' Industrial countries 1

Oil-exporting countries 3

OtherBy type: Trade receivables

Other claims

Liabilities, totalLong-term (table 1 line 70)Short-term (table 1, line 71)

Financial liabilitiesDenominated in US dollarsDenominated in foreign currencies

By area" Industrial countries 1

Of which United KingdomCaribbean banking centers 2

Other

Commercial liabilitiesDenominated in U S dollarsDenominated in foreign currencies

By area* Industrial countries 1


OtherBy Type* Trade payables

Other liabilities

Line

Al23

456789

10111213

1415161718192021

Bl23

456789

10

1112131415161718

1980

2653-83

2570

-8401 175

335306199114

-1,124-22

-729111

1813-1803

10-685-313-815

-1,801-12

510910544,055

35483055

49319491,3801474

125

1,5611453

108736

1072247999562

I

1,083392

1475

-1,121-1,280

159180274-70

- 1,35554

-1,093-28

3832

664

-4418-745

41686

502

48350926

19119626428

-6711

-5652

1172

242175

19

II

92-604

696

717741

-2474

-65105642

1885

-167

626-608

18-68

-235-323-578

48

1 092697395

49812637263221520

114

59453658

151277166127467

80

III

343-328

671

283501

-218190309

— 27291198517234

60622

49-617519

373456-83

2410480

1039019

146

34933811

15030710828960

IV

2005457

2462

-719-1 137

418-138-319

106-702

121- 1,038

318

1285-1289

4730-28527

- 1,26718

322813

3,241

25432316

2271229

8791249

65

68559095

383605303825140

I

3 192588

3780

-2,479-2457

-22- 1,538

34-1496-1,322

381-2,525

46

713-650

63683

-10373

-63578

820863

-1,683

19135716681

108121151

-101196348

479537

5546465

19

II

2470216

2254

2,1212060

611443

85547472648

2,03685

349349

413-59

5376

27

293213-80

31713

330408ooQ

11423

246440

2871103733511

81

IIP

1 451-2831734

1,1841236-52706569150488

101247

63

267273

g16998

29427

273367640

760911151

13061027

47670

—48738210547

870336

1076*589

IV

n an a.n a

n.a.n an.a.n an a.n an a.n an an a

n an a

n an an an an a

n a

n a

'

' 'n a

n a

n a

n an a'

Amounts

standingSept. 30,

1981

339925,593

28399

18,949165172,432

108003,47660176,1392010

13,2395710

1504314493

55080741,8265143

140011042

28 4305461

22969

12 1469 9642 18289664 4462330

850

1628415474

8106 0857*8282371

10*2955989


Table 8.—Claims on Foreigners Reported by U.S. Banks[Millions of dollars]

(Credits (+); decrease in U.S. assets. Debits (-); increase in U.S. assets.)

Total (table 1, lines 54 & 55)

By area:Industrial countries l

Of which United KingdomCaribbean banking centers 2


OtherOf which Latin American countries

Asian countries ..African countries

By type:Payable in dollars

Banks' claims for own accountOn own foreign offices

Of U S -owned banksOf foreign-owned banks in the United States

On foreign public borrowers * . . . .On other foreign banks

Of which depositsOn other foreigners

Banks' claims for domestic customers' accountsDepositsNegotiable and readily transferable instrumentsCollections outstanding and other claims

Payable in foreign currenciesBanks' claims for own account

Of which depositsBanks' claims for domestic customers' accounts

O f which deposits . . .. . . .Memoranda:

Claims on foreign public borrowers (incl. in line 15 above):Long-term .. ..Short-term

Claims on all other foreigners (incl. in lines 16 + 18 above):Long-term .. ..Short-term

U.S. banks' dollar acceptances payable by foreigners .. ..

Line

1

23456789

101112131415161718192021222324252627

2829

303132

1980

-46,947

- 14,3022812

168451 746

- 14,0548870

-4,408303

-44,777387591765612789

-4,867-5,006-9,288

19796809

-6,01871

2474-3,615-2,170-1787-1,513

-383-474

-1,781-2,803

-1,38214709

-4,694

1981 P

84,462

-34,2451605519 3742278

-28,565219665067

717

-83,42873 29431*28521433

-9,8529559

-20,04511 24912405

-10,134286

9370-478

- 1,0341025

- 1,006_9616

-5,385-4,674

-831023301

-6957

I

1,203

-3,43912351 638

373225518110103

-371212613992012-613

791,379

772-731

-2,497253

1663-581-832-353-218-479-370

-222421

-91622

-2,123

19

II

20165

-9,18656166910

258-4,327

19052499

21

-20,32417 749102417 176

-3,065357

-4,30210202849

-2,575298

2682191159102122261338

-80-414

1007414

-2232

80

III

12440

1,6063 11087701059

-421729031 199

131

-12,31311 98256106254

6443095

-2,112689

1 165-331

1712 184

-2344-127

329-7920291

- 1,050-1,709

-4192585

-1058

IV

13,139

-3,283154128031318

-5,7354580

82090

-11,76911 15432041371

-1,8331633

^4,2531 0422064-615

197313

-499-1,370

1003- 1,338

-367-533

-429-1,101

-9725332

719

I

11 241

-8,45035224 462

731744

54995345

-11,7826 83395766754

-2,822109

3,713991

1079-4,949

3838791 108

54123

809518581

-39-456

4282418

-1730

19

II

15,627

-7,70238513 162

176-4,939

18542973' 85

-16,30814 55951221392

-3,7301666

-6,3472 3621424

-1,749268

32621245

681584

-2739761

762-860

-8646464

-3048

81

IIIr

15209

-5,24734764 586

87-5,289

4231547290

-14,92813 15783877 177

-1,2102112

-3,3221 521

664-1,771

2291 634

92-281

380-359

9934

-1,344- 1,237

-7251370-184

IV f

42385

-12,84652067 1642294

-20081164302 500

557

-40,41038 74582006 110

-2,0905890

- 14,0898 357

10566-1665

363595707

-1,9751252

-1 183-723

8

3240-2,121

—7 14917885

-1995

Amounts

ing Dec.31, 1981

292,416

118,9084661867 7531279792,9586515624 8453 110

286,114248 850964145901237,4023091272,57621 0414894837,2641 355

25*786101236,30253303,592

97266

1560715,071

22,2909898829636




Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks[Millions of dollars]

(Credits ( + ); increase in foreign assets. Debits (— ); decrease in foreign assets.)

Foreign official assets in the United States net (table 1 line 57)

By area: (see text table B)By type:

U S Treasury securities (table 1 line 59)Bills and certificates . . .

Denominated in U S dollarsDenominated in foreign currencies

Bonds and notes marketableBonds and notes nonmarketable

Denominated in U S dollars

Other U S Government securities (table 1 line 60)Other U S Government liabilities (table 1, line 61)U S liabilities reported by U S banks not included elsewhere (table 1 line 62)

Demand depositsTime deposits 1

OtherBanks' custody liabilities payable in dollars12

Other foreign official assets (table 1 line 63)

Other foreign assets in the United States: U.S. Treasury securities and U.S. liabilitiesreported by U S banks not included elsewhere (table 1 lines 68 72 and 73)

By area:Industrial countries3

Caribbean banking centers4


Other countries . . . . . . . .

By type:

U S Treasury bills and certificates .U S liabilities reported by U S banks

Banks' liabilities for own account 1Payable in dollars

To own foreign officesOf U S -owned banks . . .Of foreign-owned banks in the United States

To other foreign banksDemand depositsTime deposits 1

OtherPayable in foreign currencies

Banks' custody liabilities payable in dollars 1 2

International financial institutions 6

US Treasury securitiesBills and certificatesBonds and notes, marketable . . . .

U.S. liabilities reported by U.S. banksBanks' liabilities for own account payable in dollars 1


OtherBanks' custody liabilities, payable in dollars12

Other private foreign residents and unallocatedU S Treasury securities

Bills and certificatesBonds and notes marketableBonds and notes, nonmarketable7

U S liabilities reported by U S banksBanks' liabilities for own account payable in dollars2


OtherBanks' custody liabilities, payable in dollars 1 2

Memorandum:Negotiable certificates of deposit held for foreigners1

Line

Al

23456789

101112131415161718

Bl

23456

789

1011121314151617181920

21222324252627282930

3132333435363738394041

42

1980

15492

968385778,577

3,8402734

-2,734

2,187636

-159466

-899562

-129307

3 145

13,422

6,1312,980

8864,251

826

9902200

970289607,1584854

-2,7517,6052304

90436

1,3641 802

742

826-688

153-841-138

242-113

6663

104

4,3463167

9219071,1681 1791 174

268921

155

-239

1981 P

5208

5008-3,855-3,855

11,7272864

-2,864

1,279170

-3,9161 182

-1,053538

-667-2,734

2667

44,246

13,39922,610

946,7051438

368051,060

357453240432,4992680622,8163,9905693

-2,5597473

77995

3341

14381,371

2871 084

6719211728

103-125

6,003483140

2232-1 889

55205378

1566207

674143

-80

I

7462

5357-4,869-4,869

116-604-604

801-68

-3,198—3650

-870653

-2,127452360

9,899

7,4551,787

49151457

7,361253

7 1086,5916,11550834,773

3101,032

112113

1,033476517

4571,086

551,031-629

307-100

66141

-322

2,0811961

435358

1,16812012

13268

212132

253

19

II

7557

43603,1103,110

2,080-830-830

250420

1,6761 7761,113

273390

-100851

-5,769

-3,0284,5711,323

824317

-5,526-82

5444-5,131-5,459

7824-8,784

9602,3651,524-79920328

-313

317-1,110

949-2,059

793461-61

6516332

7468

231163

142495606279168353

536

80

III

7686

37693,4543,454

1,015-700-700

54980

1,8232048-685

9061,827-2251465

662

8302,047

-1703132644

996-2321 2281 1391,1383481

5892,892

-2343-1,931

67-345

189

644-491

790299

-15335942

9410206

310469107362

15929284047672

133

1044

IV

7 711

691168826,882

629600

-600

587205

-460640

-45736

219180469

8,630

8743,71712173,144

322

7071261

681063615,3644 114

6713,44312501,199

295-244

997449

322-173

61112

-149376

1528

-112

1881805219

1224

10769833706564393

16

I

5 503

724242494,249

3,353360

-360

454-112

-2,9101 626-433-692-501

- 1,284829

— 2,484

2355-3,468

605-606

160

-3881204

4085-4292-3,807

1980-21

-1,959-1827-1,603

622-846

485207

160411

79332

-571153

-2018

115-418

1557790133657

7671010

971285

178243

852

19

II

2 779

20692774

-2,774

1,7971092

-1092

536177

-2070427743

-387783

- 1,643647

8649

26524,567

2191286

75

6702343

635962206,4667 16538213,344

6991,061

577-1183

246139

75-22

4523

-5364988

42-117

2022412123535

16101229

761 281

128381

480

81

lllr

5 663

4 6347540

— 7540

3,706800800

545-161

-238718641278-582

4-523

974

16346

48419,003

2723029

255

15963'269

156941515815,3121360210 1483,45417101,569

151-10154536

255-497

19330424241251531

201

63822186

7981 105

859721100

1 118497138

791

IV "

8 147

446922102210

2871612612

256266

34512735-85

2199621716217

21 735

355112508

75229961928

18021244

17777153181452880198868-8496509

-3,58672772818

7902459

19281,479

4461033

449240

143

229209

1786498

44242784

22842417

2352523'l29133

1083

Amounts

ing Dec.31, 1981

180 42<?

116 3205238952389

521411179011790

903713,32826317166872612418098959630

15912

182 538

81 524527107748

322898267

138 5271683

136 844126 812123 145957184518450,5332742711,6139 15666583667

10032

82676,087

54155462,180

63826258

3181,542

35,74410501

6986 4543349

25243216635212

15916535

3580

10542




Footnotes to U.S. International Transactions Tables 1-10

57

General notes for all tables:r Revised.p Preliminary.'Less than $500,000 (±).n.a. Not available.

Table 1-2:1. Credits, +: exports of goods and services; unilateral transfers to United States; capital in-

flows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. offi-cial reserve assets.

Debits, —: imports of goods and services; unilateral transfers to foreigners; capital outflows (de-crease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official re-serve assets.

2. Excludes transfers of goods and services under U.S. military grant programs (see line 16).3. Excludes exports of goods under U.S. military agency sales contracts identified in Census

export documents, excludes imports of goods under direct defense expenditures identified inCensus import documents, and reflects various other adjustments (for valuation, coverage, andtiming) of Census statistics to balance of payments basis; see table 3.

4. For all areas, amounts outstanding December 31, 1981, were as follows in millions of dollars:line 38, 30,075; line 39, 11,151; line 40, 4,095; line 41, 5,054; line 42, 9,774.

5. Includes sales of foreign obligations to foreigners.6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible

and noncovertible bonds and notes.7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and

of debts securities of U.S. Government corporations and agencies.8. Includes, primarily, U.S. Government liabilities associated with military sales contracts and

other transactions arranged with or through foreign official agencies; see table 4.9. Consists of investments in U.S. corporate stocks and in debt securities of private corporations

and State and local governments.10. Beginning with estimates for the second quarter of 1978, the distinction between short- and

long-term liabilities is discontinued.11. Conceptually, the sum of lines 79 and 74 is equal to "net foreign investment" in the Nation-

al Income and Product Accounts (NIPA's). However, the foreign transactions account in theNIPA's (a) includes adjustments to the international transactions accounts for the treatment ofgold, (b) excludes capital gains and losses of foreign affiliates of U.S. parent companies from theNIPA's measure of income receipts from direct investment abroad, and from the correspondingincome payments, and (c) beginning with 1973-IV, excludes shipments and financing of militaryorders placed by Israel under Public Law 93-199 and subsequent similar legislation. Line 77 dif-fers from "net exports of goods and services" in the NIPA's for the same reasons with the excep-tion of the military financing, which is excluded, and the additional exclusion of U.S. Govern-ment interest payments to foreigners. The latter payments, for NIPA's purposes, are excludedfrom "net exports of goods and services" but included with transfers in "net foreign investment."A reconciliation table of the international accounts and the NIPA's foreign transactions accountappears in the "Business Situation" in this issue of the SURVEY OP CURRENT BUSINESS.

12. The maturity breakdown is available only on the limited basis shown in table 7.13. The maturity breakdown is available only on the limited basis shown in table 8.14. Includes foreign currency denominated notes sold to private residents abroad. See table 9,

line 35, footnote 7.

Table 3:1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; imports,

Census basis, represent transaction values, f.a.s. foreign port of exportation. The unadjusted fig-ures for exports and imports shown in lines Al, A10, Dl, and D56, are as published by the CensusBureau, as are the seasonally adjusted figures in lines Al and A10; Census data are adjusted toinclude trade between the U.S. Virgin Islands and foreign countries. The seasonally adjusted fig-ures in lines Dl and D56 are prepared by BEA and represent the summation of seasonally adjust-ed 4-digit end-use categories (see Technical Notes in the June 1980 SURVEY).

2. Beginning in 1970, adjustments in lines A5, A12, B9, B26, and B43 reflect the Census Bu-reau's reconciliation of discrepancies in the merchandise trade statistics published by the UnitedStates and the counterpart statistics published in Canada. These adjustments also have been dis-tributed to the affected end-use categories in section C.

3. Exports of military equipment under U.S. military agency sales contracts with foreign gov-ernments (line A6), and direct imports by the Department of Defense and the Coast Guard (lineA13), to the extent such trade is identifiable from Customs declarations. These exports are includ-ed in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); and theimports are included in tables 1, 2, and 10, line 19 (direct defense expenditures).

4. Addition of electrical energy; deduction of exposed motion picture film for rental rather thansale; net change in stock of U.S.-owned grains in storage in Canada; net timing adjustments forgoods recorded in Census data in one period but found to have been shipped in another; and cov-erage adjustments for special situations in which shipments were omitted from Census data.

5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the unad-justed annual totals, plus the difference between Census published seasonally adjusted totals andthe summation of seasonally adjusted 4-digit end-use categories.

6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,which are included in tables 1, 2, and 10, line 22 (other transportation); net timing adjustmentsfor goods recorded in Census data in one period but found to have been shipped in another; andcoverage adjustments for special situations in which shipments were omitted from Census data.

7. Annual and unadjusted quarterly data shown in this table correspond to country and areadata in table 10, lines 2 and 18, except that imports from international organizations, namely,purchases of nonmonetary gold from the IMF, are included in data for other countries in Asiaand Africa. The memorandum items are defined as follows: Industrial countries: Western Europe,Canada, Japan, and Australia, New Zealand, and South Africa: members of OPEC: Venezuela, Ec-uador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya,Nigeria, Gabon; Other countries: Latin American Republics, Other Western Hemisphere, andOther countries in Asia and Africa, less OPEC and the IMF. Beginning in 1981, EC (9) becomesEC (10), including Greece.

8. The statistical identification of automotive products exports to Canada (lines D43) is not ascomplete and comprehensive as the identification of imports under the U.S.-Canada AutomotiveProducts Trade Act. However, the underestimation of automotive shipments to Canada due tounidentified auto parts and unreported exports, amounting to about $1,562 million in 1980, hasbeen largely corrected in line C19.

9. Includes nuclear fuel materials and fuels.

Table 4:1. Expenditures to release Israel from its contractual liability to pay for defense articles and

services purchased through military sales contracts—authorized under Public Law 93-199, section4, and subsequent similar legislation—are included in line A3. Deliveries against these militarysales contracts are included in line CIO: see footnote 2. Of the line A3 items, part of the militaryexpenditures is applied in lines A38 and A41 to reduce short-term assets previously recorded inlines A36 and C8; this application of funds is excluded from lines C3 and C4. A second part of lineA3 expenditures finances future deliveries under military sales contracts and is applied directlyto lines A37 and C9. A third portion of line A3, disbursed directly to finance purchases by Israeland other countries from commercial suppliers, is included in line A32.

2. Transactions under military sales contracts are those in which the Department of Defensesells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.Purchases by foreigners directly from commercial suppliers are not included as transactionsunder military sales contracts. The entries for the several categories of transactions related tomilitary sales contracts in this and other tables are partially estimated from incomplete data.

3. The identification of transactions involving direct dollar outflows from the United States ismade in reports by each operating agency. Data for the fourth quarter 1981 are extrapolated esti-mates by BEA, because of incomplete reports from one operating agency.

4. Line A33 includes foreign currency collected as interest, and lines A38 and B2 include for-eign currency collected as principal, as recorded in lines A13 and A14 respectively.

5. Includes (a) advance payments to the Department of Defense (on military sales contracts)financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry forthe part of line CIO which was delivered without prepayment by the foreign purchaser. Also, in-cludes expenditures of appropriations available to release foreign purchasers from liability tomake repayment.

6. Excludes liabilities associated with military sales contracts financed by U.S. Governmentgrants and credits and included in line C2.

Table 5:1. Acquisition of capital stock of existing and newly established companies, capitalization of in-

tercompany accounts, and other equity contributions.2. Sales and liquidations of capital stock and other equity holdings, total and partial.3. Petroleum includes the exploration, development and production of crude oil and gas and the

transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manu-facturing excludes petroleum refining and the smelting operations of mining companies. "Other"industries includes industries other than petroleum and manufacturing, the major ones being ag-riculture, mining and smelting, public utilities, transportation, trade, insurance, finance and serv-ices.

Table 6:1. As published in Treasury Bulletin. Treasury data are based on transactions by foreigners re-

ported by banks and brokers in the United States; net purchases by foreigners (+) correspond tonet U.S. sales (+).

2. Redemptions consist of scheduled retirements and identifiable premature retirements ofU.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by U.S.residents based on Canadian statistics. Unidentifiable nonscheduled retirements appear in line31.

3. Consists of International Bank for Reconstruction and Development (IBRD), InternationalDevelopment Association (IDA), International Finance Corporation (IFC), Asian DevelopmentBank (ADB), and Inter-American Development Bank (IDE).

4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate stocksand in debt securities of U.S. Government corporations and agencies, private corporations andState and local governments. These investments are included in table 1, lines 60 and 63.

Table 7:1. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.2. Mainly in the Bahamas and Cayman Islands.3. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.

Table 8:1. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.2. Mainly in the Bahamas and Cayman Islands.3. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.4. Includes central governments (central banks, departments, and agencies), state, provincial

and local governments, and international and regional organizations.

Table 9:1. Negotiable certificates of deposit issued to foreigners by U.S. banks are included with U.S.

banks' custody liabilities, and are shown in the memorandum.2. Mainly negotiable and readily transferable instruments; excludes U.S. Treasury securities.3. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.4. Mainly in the Bahamas and Cayman Islands.5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.6. Mainly the International Bank for Reconstruction and Development (IBRD), International

Development Association (IDA), International Finance Corporation (IFC), Asian DevelopmentBank (ADB), Inter-American Development Bank (IDE), and the Trust Fund of the InternationalMonetary Fund.

7. Consists of U.S. Treasury notes denominated in foreign currencies, sold through foreign cen-tral banks to domestic residents in country of issue; notes are subject to restricted transferability.

8. Valuation of foreign currency indebtedness based on market exchange rates at end of month.

Table 10:For footnotes 1-9, see table 1.10. See footnote 11 to table 1.11. The "European Communities (9)" includes the "European Communities (6)," the United

Kingdom, Denmark and Ireland. "European Communities (10)" reflects the admission of Greecein 1981.

12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg,the Netherlands, the European Atomic Energy Community, the European Coal and Steel Com-munity, and the Europeah Investment Bank.

13. Includes transactions with U.S. affiliated shipping companies operating under the flags ofHonduras, Liberia, and Panama, and U.S. affiliated multinational trading companies, finance,and insurance companies, not designated by country.

14. See footnote 12 to table 1.15. See footnote 13 to table 1.16. Details not shown separately; see totals in lines 57 and 64.17. Details not shown separately are included in combined lines 72 and 73.



Table 10.—U.S. International[Millions of

(Credits^; debits-)1

Exports of goods and services 2 .


Transfers under U S military agency sales contracts .TravelPassenger fares . ..Other transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private services •U S Government miscellaneous servicesReceipts of income on U.S. assets abroad:

Direct investment

Reinvested earnings of incorporated affiliatesOther private receiptsU S Government receipts .

Transfers of goods and services under U.S military grant programs, net


Direct defense expenditures .TravelPassenger faresOther transportationFees and royalties to affiliated foreigners

Private payments for other servicesU S Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investmentInterest dividends and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates

Other private payments . . . . .U S Government payments

U S military grants of goods and services, net . . . . .

Unilateral transfers (excluding military grants of goods and services), net

U S Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( — )) ... .. .

U S official reserve assets net *GoldSpecial drawing rightsReserve position in the International Monetary Fund .Foreign currencies

U.S. Government assets, other than official reserve assets, netU S loans and other long-term assetsRepayments on U.S. loans 5

U.S. foreign currency holdings and U.S. short-term assets, net

U S private assets netDirect investment


Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-termShort-term


Foreign assets in the United States net (increase/capital inflow (-)-))

Foreign official assets in the United States, netU.S. Government securities

U.S. Treasury securities 6

Other7


U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9

Other foreign assets in the United States netDirect investment

Equity and intercompany accounts .Reinvested earnings of incorporated affiliates

TJ P. Treasury securitiesU.S. securities other than U S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-termShort-term . . .

U.S. liabilities reported by U.S. banks, not included elsewhere:Long-termShort-term


Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) l°Balance on goods, services and remittances (lines 77, 35, and 36) .Balance on current account (lines 77 and 33) 10

Line

1

23456789

10

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

5253

5455

56

57585960616263

646566676869

7071

72737475

76777879

Western Europe

1980

107,312

67,6032,5211,9421,0343,7493,083

4681,160

88

16,0788,2577,8218,958

629

103

-86,955

-47,255-6,408-3,021-2,682-3,383

-599-207

-1,026-471

-5,6222223

-3,400-9,483-6,799

-103

-96-281-560

745

-28,049

6139

-6,139

-6651 7521,102-15

-21,24512,784

-4,9627821

-1,228

1 14-476

9,904

-4,400

} (16)

-357} (»,

14,3045,9992,5993,400

(16)

3,916

| 14 2,262

} (16)

-2,116

20,34820,35720,54320,261

1981 p

105,095

65,1582,6442,1561,1784,0683,016

4861,340

100

10,7467,0053,741

12,8181,385

120

-97,149

-52,8516,501

-3,1633344

-3,639-703-218

-1,192-477

-5,7252565

-3,160-11,702

7634

-120

7854

-644776

-26,803

779

-779

-64-1,112

1,069-22

-25,9603355

3863741-694

n.a.

11,849

-16,281

(16)

-32(16)

28,13110,7877,6273,160

(16)

5,312

n.a.

(16)

6,929

12,3077,9468,0788,025

1981

I

26,576

17,12154635520897372812032323

2,9901,3661,6242,876

313

25

-22,943

-12,5861,496-400

744-852-220

54-290-103

-1,314593

-721-2,899

1985

-25

48_7144199

-8,688

2384

-2,384

-53-331

23147

-6,25156

1,6801 624-179

3,706

-1,579

(16)

35(16)

5,2851,482

761721(16)

1,924

14 -720

(16)

1,302

4,5353,6323,6873,681

II

26,892

16,592630600323

1,00471712133422

3,0952,360

7363,134

319

43

-25,032

-13,3011,782

-1,001-1,085

-938-109-54

-297153

-1,395660

-734-2,942

1975

-43

209

148178

-6,680

-83

-83

-274-323

257-208

-6,3233073

-2,337-736-262

i* 1,200

15 -4,188

2 853

-8,623

(16)

96(16)

5,7692,0941,359

734(16)

2,216

14 9

(16)

7,653

3,2911,8601,8901,881

IIIr

25,084

15,119783739421

1,06072312234036

2,0491,385

6643,327

364

30

25,098

-13,5801,473

-1,256-873

944-208

55-301-104

-1,293-610-683

-3,0861 926

-30

425

-176204

-2,522

901

901

224022320

-3,425367

1,030664170

i4 659

15 -4,621

1,461

-7,138

(16)

401(16)

8,5992,8112,129

683(16)

727

14 1,371

(16)

1,072

1,539-14

14-11

IV "

26,543

16,326685462226

1,031848122342

19

2,6121,895

7183,481

389

22

24,075

-13,3841,750-506-642

904-167-55

-304-117

-1,724-701

-1,023-2,775

1748

-22

613

-176195

-8,913

788

788

261-218

359120

-9,961704

13718

-424

n.a.

15 -8,833

9,536

1,059

(16)

239(16)

8,4774,4003,3781,023

(16)

445

n.a.

(16)

-3,097

2,9422,4682,4872,474

EC(9)»

1980

84,780

53,4661,7881,506

8232,6842,687

38685566

12,9206,8266,0947,396

202

-1

66,630

-36,0974,525

-2,2591990

-2,407-451

176-866-282

-5,2491 876

-3,373-6,614

5715

1

5727

-386964

-22,803

-5,160

-5,160

-318-676

33227

-17,32510609

-4,5156094

-1,002

14 -323

15 -5,391

6,791

1 (17)

-488

J (17)

5,4272,0543,373

(17)

3,542

14 1,750

17 -3,440

-2,711

17,36918,15018,72918,722

EC(10)»

1981"

J1

82,764

51,5011,8801,700

9742,9862,698

4031,060

77

7,9635,2452,718

10,567954

41

76,401

41402-5,604-2,437

2531-2,681

549-183

-1,050334

-5,223-2,122-3,101-8,103-6,304

-41

36524

484872

-22,447

1917

-1,917

2-408

480-70

-20,532-1,428

1,290-2,718

749

n.a.

15 -20,153

10,237

(17)

-179

(17)

10,0066,9053,101

(17)

4,826

n.a.

17 -5,017

5,483

10,0996,3636,7516,728




Transactions, by Area

dollars]

European Communities (10) 1 1

1981

I

20,956

13,56035427117372064810025019

2,266954

1,3112,375223

7

-17,816

-9,592-1,379-311-551-626-188-45-254-64

-1,156-491-665

-1,998-1,652

-7

109

-112"221

-7,422

-2,179

-2,179

23-12010735

-5,265526

1,837-1,311-222

14 -174

15-5,395

4,405

(17,

94

(17)

1,152487665(17)

1,647

14 -360

17-1,873

-233

3,9683,1413,2493,249

II

21,2

13,17941947627474664310126415

2,4011,928472

2,574206

7

-19,829

-10,518-1,454-831-810-690-77-46-261-112

-1,306-572-733

-2,086-1,639-

-7

86-3

-113202

-6,228

846

-846

-186-128104

-161

-5,196-2,612-2,140-472-6(5

14 1,192

15 -3,711

-2,560

(17)

-13

(17)

1,8381,104733(17)

1,957

14-251

17 -6,092

7,235

2,6611,4681,5571,553

III'

19,717

11,95061459633977464710127231

1,376867509

2,757256

16

-19,780

-10,770-1,345-907-655-697-162-46-266-74

-1,166-516-651

-2,112-1,581

-16

79-16-133228

-2,306

306

306

-74-117

80-37

-2,539672

1,180-509

59

14 780

15 -4,049

1,624

(17)

-318

(17)

2,7582,107651(17)

76414 1,213

17 -2,794

672

1,180-682611

IV P

20,799

12,81249435718874776010227513

1,9211,496426

2,862269

11

-18,976

-10,522-1,427-388-515-668-123-46-269-84

-1,595-543

-1,052-1,907-1,432

-11

91-5

-125221

-6,491

802

802

239-4418993

-7,532-14412

-426-520

n.a.

15 -6,998

6,768

(17)

57

(17)

4,2583,2061,052(17)

457

n.a.

17 1,996

-2,192

2,2901,8231,9191,914

United Kingdom

1980

26,447

12,81830646931584776510634143

5,4953,0432,4524,852

90

(*)

-20,334

-9,848-687-903-824-839-104-82-476-46

-1,291-590-701

-4,154-1,081

(*)

293

-isi355

-7,470

-178337159(*)

-7,292-4,581-2,129-2,452-76

14 177

15 -2,812

5,797

(17)

-29

(17)

1,551850701(17)

2,99914 1,319

17-43

-4,732

2,9706,1136,4066,406

1981"

27,599

12,21635353543092882211539445

4,9422,4912,4516,718101

-25,171

-12,746-860-962

-1,001-915-282-83-584-54

-1,263-575-688

-5,241-1,182

342

-62404

-15,457

(*)

(*)

124491721

-15,581-1,0101,441

-2,451126

n.a.

15 -16,054

9,390

(17)

-85

(17)

2,5981,910688(17)

2,860

n.a.

17 3,554

3,297

-5302,4282,7702,770

1981

I

6,710

3,280619069214187289712

1,212478735

1,4518

-5,788

-2,821-224-122-209-214-102-20-145-11

-316-154-162

-1,280-324

83

-16100

-3,388

(*)

(*)

13-3115

-3,401500

1,235-735-150

14-229

15 -3,522

3,803

(17)

5

(17)

19331162(17)

1,02914 -248

17 2,824

-1,421

459923

1,0061,006

II

7,548

3,3216315013623018529986

1,697827870

1,62212

-6,598

-3,260-234-358-340-237-31-21-146-15

-289-174-115

-1,362-307

82

-1799

-4,952

-17-4227-2

-4,935-2,132-1,262-870

72

14 974

15 -3,850

-1,528

(17)

-24

(17)

313197115(17)

95314 -254

17-2,515

5,448

61950

1,0321,032

IIIr

6,951

2,928148178140242213299921

1,193366827

1,7519

-6,950

-3,745-205-320-260-239-110-21-147-20

-221-60-161

-1,371-291

91

-16107

-2,838

5— 412-3

-2,843-227600

-827249

14611

15 -3,476

3,367

(17)

-49

(17)

725564161(17)

59614 965

17 1,130

-622

-81719292

IV

6,390

2,6878111785243237291005

84082119

1,89373

-5,835

-2,920-197-162-192-224-40-21-147-9

-436-187-249

-1,228-259

86

-14100

-4,280

123

1231

-4,403849868-19-46

n.a.

15 -5,206

3,747

(17)

-17

(17)

1,3671,118249(17)

282

n.a.

17 2,115

-108

-233555641641

European Communities (6) 1 2

1980

55,272

38,9551,217980465

1,5611,78626948021

6,9313,7123,2192,500107

_j

-44,419

-25,112-3,784-1,204-1,040-1,292-323-92-376-228

-3,951-1,281-2,670-2,418-4,599

1

328_7

-294629

-14,694

5160

— 5,160

-130— 29814722

-9,405-5,443-2,224-3,219-912

14-513

15 -2,537

1,744

(17)

-343

(17)

3,8461,1762,670(17)

54214 437

17 -2,738

1,768

13,84310,85311,18811,181

1981 p

50,648

36,7211,1921,072489

1,6031,59527257630

2,6172,550

683,701779

(*)

-47,800

-26,963-4,166-1,159-1,286-1,410-252-97-422-245

-3,952-1,541-2,412-2,757-5,091

(*)

220-24-342586

-6,537

-1,917

— 1,917

-132— 212133-53

-4,487-352-284-68-595

n.a.

15 -3,954

1,103

(17)

-36

(17)

7,4034,9922,412(17)

1,891

n.a.

17 -8,277

2,365

9,7582,8483,0923,068

1981

I

13,166

9,64422316593400433681356

919431488888193

(*)

-11,289

-6,360-1,067-159-274-327-82-24-101-46

-841-336-505-691

-1,318

(*)

86

-73159

-3,884

-2,180

— 2,180

-5— 603520

-1,699197685

-488-72

14 135

15 -1,959

658

(17)

78

(17)

970464505(17)

61014-132

17 -868

1,262

3,2841,8771,9631,963

II

12,625

9,181273300124400417681449

6141,049-435915179

-12,325

-6,840-1,026-385-420-360-41-24-105-89

-1,012-398-615-698

-1,326

613

-73138

-1,171

-846

— 846

-133— 4740

-126

-192-531-966435-32

14 152

15 219

-1,012

(17)

-3

(17)

1,517903615(17)

975

14_9

17 -3,492

1,822

2,341300364361

m-

11,506

8,411359392186412261681488

65410

-344969226

(*)

-11,886

-6,603-1,004-417-331-367-47-24-108-44

-945-452-493-713

-1,284

(*)

3716

-93146

439

306

306

-86—7425

-37

218746401344

-118

14 127

15 -536

-1,478

(17)

-199

(17)

2,0411,548493(17)

16414 263

17 -3,747

1,382

1,808-380-327-343

IV

13,351

9,48533721586392485681497

1,019660359928181

-12,300

-7,160-1,070-198-261-357-83-25-109-66

-1,153-355-798-655

-1,164

36— 5

-102143

-1,921

802

802

91— 313389

-2,814-764-405-359-373

n.a.

15 -1,678

2,935

(17)

89

(17)

2,8752,077798(17)

142

n.a.

17-170

-2,101

2,3251,0511,0921,087

Line

1

2345678910

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

f 521 53

/ 54{ 55

56

{ 5758596061

( 6263

I 646566676869

/ 70I 71

/ 72{ 73

7475

76777879



Table 10.—U.S. International[Millions of

(Credits +; debits -)1

Exports of foods and services 2


Travel

Other transportation •Fees and royalties from affiliated foreigners

Oth tU S Go P mp t miscellaneous servicesReceipts of income on U.S. assets abroad:

T t t H° 'H H H ' f uni eornorated affiliatesinterest, aiviaen , a e g po

Other private receiptsU S Government receipts

Transfers of iroods and services under U S military errant programs net

.TV t H f ' H'Y PSTravel

Oth t snortat'onFees and royalties to affiliated foreigners

Private payments for other services • ••

Payments of income on foreign assets in the United States:Direct investment

Interest dividends and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates

TT ^ P t P t

U S military grants of goods and services net

US Government grants (excluding military grants of goods a*id services)

Private remittances and other transfers • •

Gold . .

Reserve position in the International Monetary Fund

U S Government assets other than official reserve assets netU S loans and other long-term assets ..Repayments on U S loans 5

U S foreign currency holdings and U S short-term assets, net . .

U g private assets net

Equity and intercompany accounts


Long-term . . .Short-term


Foreign assets in the United States net (increase/capital inflow ( + ))

Foreign official assets in the United States, net .. . ..U S Government securities

U S Treasury securities 6

Other7 . .. .Other U S Government liabilities 8

U S. liabilities reported by U.S banks, not included elsewhereOther foreign official assets 9 . .

Other foreign assets in the United States net.Direct investment

Equity and intercompany accountsReinvested earnings of incorporated affiliates .. .

U S Treasury securitiesU S securities other than U S Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-termShort-term


Allocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed) .. •.

Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) 10 .Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) 10

Line

1

23456789

10

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

5253

5455

56

57585960616263

64.6566676869

70171}

72737475

76777879

Eastern Europe

1980

4,849

4,143

121

19803

338145

-1,659

-1,444-2

-58-22-77

—2-6

-26

-21(*)

-86

-21-66

109

286-188

45717

-177

(*)

[ 1476

1 15-253

64

1 (17)

(17)

(17)

14-32

1796

-3,276

2,6993,1903,1033,103

5,386

4,489

181

1589

4

480128

-1,790

-1,552-2

-57-28

81

2-7

-31

-29-1

131

-24107

987

-180-490

348-37

-807

(*)

n.a.

15-783

65

(17)

(17)

(17)

2

n.a.

1771

2 543

2,9373,5963,4653,465

1981

I

1,761

1,575

27

4211

11024

-491

-450-1

2-220

1-2-6

-8(*)

-25

-519

22

57-24

774

-79

14g

15-87

29

(17)

(*)

(17)

(17)

143

17-32

-1,196

1,1251,2711,2461,246

II

1,078

878

33

4221

11427

-481

-400-1

-30-12-21

1-2-8

-7

28

-6-22

181

23-17

329

-204

145

15-209

-32

(17)

(*)

(17)

(17)

(*)

14-12

17-20

-356

478597569569

IIIr

1,126

845

69

4231

13450

-435

-367-118

-1220

1-2-8

-7(*)

-35

-is29

222

-122-280

186-29

-100

i4_37

15-63

15

(17)

(*)

(17)

(17)

144

1711

449

478690655655

IV '

1,421

1,191

52

4232

12227

-383

-335-1

7-220

1-2-9

-7(*)

43

-636

-563

-1391705322

424

(*)

n.a.

15 424

110

(17)

(*)

(17)

(17)

-2

n.a.

17112

-543

8561,038

995995

Canada

1980

56,642

41,38980

2,428

685931

5359019

5,7332,2433,4904,715

19

-49,179

-42,434-1371,817

636"-225

15-418-64

-1,795-228

-1,567-1,439

-198

-201

-195-6

7,072

(*)

(*)

-9114347

4

6,981-3,860

-3703490

-2,093

14 46

15 -1,074

6,571

-298

> (16)

38

1 (16)' 6,869

2,6001,0321,567

(16)

909

14 232

(16)

£ 7fi9

-1,0457,4637,2627,262

1981 P

60,687

45,217119

2,628

808983

67652

19

3,9522,1821,7706,214

30

-53,745

-47,316-1732,022

65l"-268

15-471

63

-516-199-3172,050-198

203

-21613

-7,638

-42-107

587

7,595846

2,616-1,770-3,735

n.a.

15 3,756

2,800

792(16)

-48

(16)

2,0081,106

789317(16)

1,007

n.a.

(16)

-1,902

9 OQQ

6,9436,7396,739




Transactions, by Area—Continued

dollars]

Canada

1981

J i14,978

11,14821746

170231161612

1,071504566

1,4102

-12,670

-11,410-52-229

-138-60-4

-114-12

-114-54-61-496-42

-39

-478

-2,350

-51-519

-8

-2,299-302264

-566-29

14 -1,625

15 -343

-666

-100(16)

27

(16)

-56736430361(16)

24614 59

(16)

747

-2622,3082,2692,269

II

17,052

12,98222697

207247171612

1,217418799

1,49011

-14,056

-12,324-35-521

-169-72-4

-117-11

-217-48-168-542-45

-53

-53(*)

-1,516

11-212011

-1,526165964

-799-1,162

14 526

15 -1,055

2,643

- 192(16)

-4

(16)

2,835433264168(16)

76414 -202

(16)

-4,070

6582,9962,9432,943

mr

14,528

10,58327682

1982501716411

93558435.1

1,6575

-13,257

-11,192-42-969

-172-70-4

-121-31

-62-17-45-549-45

-59

-59(')

-2,717

(*)-10

64

-2,71713364

-351-1,259

14 148

15 -1,620

264

133(16)

15

(16)

13115310845

(16)

9514 90

(16)

1,241

-6091,2721,2121,212

IV P

14,128

10,50449503

233254171663

73067753

1,65712

-13,761

-12,390-44-303

-173-67-4

-120-9

-123-80-43-464-66

-52

-585

-1,055

-3-2624(*)

- 1,053970

1,023-53

-1,285

n.a.

15 -738

560

951(16)

-85

(16)

-39115611343(16)

-97

n.a.

(16)

181

-1,886367314314

Latin American Republics and Other Western Hemisphere

1980

68,553

38,81179

3,948501

1,467591101

1,24161

6,8503,5043,34714,537366

7

-52,922

-37,521-391

-4,090— 310

-1,063-23-9

-1,379-276

-1,004-440-564

-6,646-209

_7

-1,180-358-214-609

-31,905

-499-1,6381,136

2

-31,405-2,655

691-3,347

37

14 -2,090

15 -26,697

8,226

<">-23

i (17)

1,226662564(17)

33014 1,507

17 5,186

9,227

1,29015,63114,80914,451

1981P

82,758

42,81458

4,930600

1,545657114

1,37866

5,9582,7983,16124,252

386

22

-58,372

-39,097-293

-4,533— 353

-1,149-44-10

-1,550-293

-884-500-384

-9,870-296

— 22

-1,235-391-236-608

-44,356

-556-1,7231,174-6

-43,800-5052,656

-3,16131

n.a.

15 -43,734

30,515

(17)

85

(17)

1,171787384(17)

95

n.a.

17 29,554

-9,310

3,71724,38623,54123,151

1981

I

19,879

10,761108871133871512833715

1,629738892

5,46399

1

-14,875

-10,138-90

-1,315— 94-266-8-2

-390-68

-236-105-130

-2,182-86

_1

-283-76-51-157

-5,810

-46-320275-1

-5,764-763129

-89239

14 -1,010

15 -4,030

-1,987

(17)

8

(17)

362232130(17)

144

14 278

17 -2,779

3,077

6235,0044,7964,720

II

20,693

11,31712

1,1651493981452834617

1,212499714

5,82380

g

-14,258

-9,654-46-992— 90-294-13-3

-383-72

-180-94-86

-2,457-75

— 6

-312-101-58-153

-3,950

-164-440283-8

-3,786255968

-71459

14 738

15 -4,838

4,570

(17)

56

(17)

30622186

(17)

146

14 -38

17 4,100

-6,742

1,6636,4346,2236,122

III'

20,877

10,22321

1,4282023901562934619

1,388558830

6,559116

9

-14,686

-9,520-64

-1,182— 110-302-9-3

-381-77

-215-168-47

-2,748-75

_g

-320— 111-64-144

-8,394

-171-500327

1

-8,22399929

-83043

14 680

15 -9,045

9,710

(17)

12

(17)

15510847(17)

-231

14 -630

17 10,404

-7.187

7U36,1915,9825,871

IV

21,310

10,51315

1,4501363702052935015

1,7291,003725

6,40792

g

-14,553

-9,785-94

-1,044—59-286-15-3

-396-76

-254-132-122

-2,483-59

g

-320— 103-63-154

-26,201

-174-4642882

-26,027-96630

-725-110

n.a.

15 -25,821

18,222

(17)

9

(17)

348226122(17)

36

n.a.

17 17,829

1,542

7286,7576,5406,437

Japan

1980

29,074

20,806127774440

1,5124133541564

871625246

3,453165

_1

-37,755

-31,217-967-185

1 49— 14£

-1,925156-19-113-36

-725-90-636-737

-1,844

1

-68

-9-59

-7,241

— 333

— 333

50-791281

-6,958-24222

-246-1,054

14 171

15 -6,051

6,662

(17)

225

(17)

72690636(17),

-82

i4 77

17 5,716

9,328

-10,411-8,681-8,749-8,749

1981 p

32,823

21,796382867512

1,62541838218316

981509472

5,471189

(+\\ >

-46,041

-37,598-1,083-213

•I QQ— ioy-1,947

86-25-132-59

-747-80-667

-1,037-3,096

(*)

-80

-27-53

-6,656

— 82

— 82

-72-141

68(*)

-6,502-610-138-472

44

n.a.

15 -5,929

7,926

(17)

25

(17)

2,2681,601667(17)

288

n.a.

17 5,392

12,029

-15,802-13,219-13,298-13,298

1981

I

8,297

5,6008622512839410994422

298179119

1,25961

-10,387

-8,550-272-39— 41-459

27-6-31-11

-1084

-112-231-666

-22

-9-13

-3,201

3

3

-36-5317(*)

-3,168-283-165-119-306

14 -262

15 -2,316

3,048

(17)

-129

(17)

13623112(17)

-42

14 76

17 3,007

2,266

-2,950-2,091-2,113-2,113

II

7,974

5,20410720014840613095467

26436228

1,34027

-11,612

-9,416-280-75ro— Oo

-50718— 6-33-22

-200-19-181-266-768

-15

-6-9

-2,271

— 19

— 19

-24-4218(*)

-2,229-108120

-228-47

14 147

15 -2,221

1,672

(17)

118

(17)

936755181(17)

170

14 21

17 427

4,253

-4,212-3,638-3,653-3,653

III'

7,997

5,1681292511154179196472

128219-911,506

45

(*\\ )

-11,824

-9,587-260-57—60-503

18-7-34-11

-242-16-226-273-809

(*)

-22

-6-16

1,947

—33

— 33

1-1414(*)

1,97919010091462

i4 108

15 1,218

2,112

(17)

35

(17)

682456226(17)

103

14 _144

17 1,436

-210

-4,419-3,827-3,849-3,849

IV »

8,555

5,824601911214098897485

29175216

1,36656

(*\\ )

-12,218

-10,045-271-42— 30-478

23_7-34-15

-198— 51-147-267-854

(*)

-21

-7-14

-3,131

— 34

— 34

13-3219(*)

-3,085-409-193-216-65

n.a.

15 -2,610

1,093

(17)

1

(17)

513366147(17)

57

n.a.

17 522

5,721

-4,221-3,663-3,683-3,683

Line

1

2345678910

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

| 52t 53

/ 54I 55

56

5758596061

/ 6263u

1 6566676869

{ 70I 71

r 72t 73

7475

76777879



Table 10.—U.S. International[Millions

(Credits +; debits -)1

Exports o f snoods &nd services2 . . . . . . .

Merchandise adjusted excluding military3

Transfers under U S military agency sales contracts .TravelPassenger faresOther transportation • •

Fees and royalties from unaffiliated foreigners . . .Other private services

Receipts of income on U.S. assets abroad:Direct investment

Reinvested earnings of incorporated affiliatesOther private receiptsU S Government receipts

Transfers of goods and services under U S military grant programs net

Imports of goods and services •••••

Merchandise adjusted excluding military**

Travel

Other transportation •

FPPS and rovalt'es to unaffiliated foreignersPrivate payments for other servicesU S Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investment

R . ? , . ' - . ° , , «.,. ,J^

Other private payments . . . .

U S military grants of goods and services, net

Unilateral transfers (excluding military grants of goods and services) net .U S Government grants (excluding military grants of goods and services)U S Government pensions and other transfersPrivate remittances and other transfers . .

U S assets abroad net (increase/capital outflow ( )) . . . .

U S official reserve assets net4

GoldSpecial drawing rightsReserve position in the International Monetary Fund ..Foreign currencies

U.S Government assets, other than official reserve assets, netU S loans and other long-term assetsRepayments on U S loans5 . .U S foreign currency holdings and U S short-term assets net

U S private assets netDirect investment ..

Equity and intercompany accountsReinvested earnings of incorporated affiliates . . . . . .


Long-termShort-term .

U.S. claims reported by U.S. banks, not included elsewhere:Long-term VShort-term

Foreign assets in the United States, net (increase/capital inflow ( + ))

Foreign official assets in the United States net .. . .U S Government securities

U.S. Treasury securities 6

Other 7


U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets9. .

Other foreign assets in the United States, netDirect investment

Equity and intercompany accounts .Reinvested earnings of incorporated affiliates

U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-term ...Short-term



Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) 10.Balance on goods, and services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 land 33) 10

Line

1

23456789

10

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

5253

5455

56

57585960616263

646566676869

7071

72737475

76777879

Australia, New Zealand, and South Africa

1980

11,045

7,11716230020233332263

2182

1,901976925407

18

-7,558

-6,533-47

-245171

-264-3

1-51-40

-52-44-8

-7872

-56(*)

-11-45

-1,425

1026305

1435-869

56-925

19

14 -110

I 15 -475

843

(17J

194

(17:>

47388

( 1 7 >43

1 14113

17 446

-2,849

5843,4883,4313,432

13,269

8,99821732021636337181

2173

1,8801,056

825587

18

(*)

-6,938

-5,608-46

-336224

-292(*)-166

-38

-5843

-15-111-159

(*)

-67(*)

-14-53

-1,976

-31-47

3418

-1,945-839

15-825-29

n.a.

15 -1,023

671

(17J

134

(17,

33231715

( 1 7 >-45

n.a.

17 406

4959

3,3906,3316,2656,265

1981

I

3,008

1,98334674488841955

524266258107

3

-1,757

-1,396-11

-13554

-671

(*)-15-7

-1715-2

-27-28

-15

-3-12

-362

2984

364-375

117-258-47

144

15 53

470

(17)

45

(17)

29262

(17)

2

14 26

17 369

-1,345

5871,2511,2361,236

II

3,611

2,49539

10556909020551

496295201159

5

(*)

1,726

1,434-11-40-50

75-1(*)16-9

-1111

-28-51

(*)

-17

-413

-505

1-910(*)

-506-346

146-201

45

14 -16

15 -188

1,074

(17)

-38

(17)

2424

(17)

-10

14 50

17 1,048

-2,438

1,0611,8851,8681,868

lllr

3,239

2,233110876299952154(*)

340222118135

3

1,675

1,336-13-62-67-78

1(*)

-17-10

-12-6-5

-2953

-16(*)-413

-484

-687

-5

-478-179

60-118

35

14 -42

15 -223

-1,172

(17)

110

(17)

162156

5(17)

-35

14 36

17 -1,225

109

8971,5641,5481,548

IV P

3,412

2,28734615486

10221532

520273247186

6

-1,780

1,442-11-99

53-73-1(*)

-17-12

-18-11-7

-28-27

-19

-316

-626

-282110

-17

-59761

308-247

7

n.a.

15 -665

299

(17)

-31(17)

118110

7(17)

-2

n.a.

17 214

1 285

8451,6311,6121,612




Transactions, by Area—Continuedof dollars]

Other countries in Asia and Africa

1980

1

64,630

44,0975,260698405

2,121644112

1,176183

4,8613,8221,0403,7321,342

527

-93,225

-81,617-2,794-981-221

-1,3691782

-227-447

-138123-15

-2,803-2,806

-527

-4,629-3,297

293- 1,039

-7,936

-3,747-5,4741,462265

-4,1891,7232,763

-1,0409

14 -269

15 -5,652

18,969

(17)

559

(17)

25624215

(17)

323

14 950

17 16,881

22,190

37 520-28,595-29,927-33,224

1981"

73,079

47,8285,926794485

2,159651127

1,301216

6,3245,362962

5,6771,591

440

-95,120

-80,095-3,1901,141-287

-1,508322-3

-260-486

165-152-13

-3,553-4,755

440

-4,414-3,315-299799

-11,748

-3,367-5,1901,598224

-8,381-2,159-1,197-962-241

n.a.

15 -5,818

18,879

(17)

274

(17)

3,0012,988

13(17)

359

n.a.

17 16,362

19,325

-32,267-22,041-23,140-26,455

1981

I

18,268

12,0981,434180895321643131939

1,7781,372406

1,298306

166

-24,479

21,053-777-249-60-357

69-1-62-114

35-33-3

-848-992

166

-1,015-732-77206

-409

-1,203-1,669

333132

794-467-61-406-32

14 31

15 1,262

2,650

(17)

-97

(17)

1141123

(17)

156

14 -542

17 3,018

4,986

-8,955-6,211-6,495-7,226

II

18,824

12,3781,4701951065871833232549

1,7221,343379

1,371408

165

-24,795

-20,960-823287-60-388

83-1-65-128

39-40

1-903

-1,224

165

-924-682-60183

-5,653

-759-1,207

41830

-4,894-1,720-1,341-379-114

14 -130

15 -2,930

5,710

(17)

-50

(17)

4647-1(17)

134

14 -121

17 5,701

6,838

-8,582-5,971-6,214-6,895

IIIr

17,894

11,4031,4932831965591603232879

1,4631,193270

1,516381

94

-22,830

-18,986-798288-80-388

89-1-66-123

-55-478

-922-1,212

-94

-1,134-882

80-172

-2,673

-820-1,182

32042

-1,853-907-636-270-16

14 -65

15 -866

3,876

(17)

289

(17)

1701618

(17)

98

14 454

17 3,773

4,868

-7,583-4,937-5,189-6,071

IV P

18,093

11,9491,529136944811453333049

1,3601,454-931,493496

16

-23,016

-19,096-792-317-87-375

81-1-67-121

-36-33-3

-880-1,326

-16

-1,340-1,021-81-238

-3,013

-585-1,132

52620

-2,42893584193

-79

n.a.

15 -3,284

6,643

(17)

132

(17)

2,6702,668

3(17)

-29

n.a.

17 3,870

2,633

-7,147-4,923-5,243-6,263

International organizations and unallocated 1 3

1980

2,564

1

i,443-288

5862

548419130383111

-4,637

-1,287

-59-2,179

-1-409

-119-583

-740-724

17

-1,258

-1,683

16-1,667

-509-514

5

935-7752

-1301,000

14 -1

15 13

-978

-978

(17)

-55

17 -923

1,1523,898

-1,287-2,074-2,090-2,814

1981 P

2,896

1,509-273

6664

728182546349-87

-3,498

-62-2,234

-1-485

-105-611

-712-700

-11

-6,414

-4,314

-1,824-2,491

-826-831

5

-1,274-374171

-546-913

n.a.

15 13

1,651

1,651

(17)

63

n.a.

17 1,588

1,0934,982

-601-613

-1,313

1981

I

761

377-95

161(*)

1832415911916

-866

-19-539

(*)-129

-28-150

-163-163

-2,180

-2,148

-1,441-707

-136-139

3

10328187

-15966

15 10

-51

-51

(17)

24

17 -75

1,0931,405

-105-105-268

II

616

361-64

1661

2302120958

-133

-828

-10-594

(*)-96

-26-102

-185-174

-11

-1,288

-803

-23-780

-248-248

-237-242-33-209

2

152

104

104

(17)

53

17 51

1,581

-212-223-396

Illr

806

381-55

1692

1634312011630

-794

-16-569

(*)-37

-19-152

-231-231

-1,296

-872

-225-647

-186-188

2

-238-241-121-120-8

15 11

-417

-417

(17)

2

17 -419

1,932

1212

-219

» IV"

714

39l-58

1711

153955856

-1,011

-17-531

(*)-224

-32-206

-133-133

-1,650

-492

-134-358

-256-256

-90280139-58-972

n.a.

15 -10

2,015

2,015

(17)

-16

n.a.

17 2,031

64

-297-297-430

Line

1

2345678910

1112131415

16

17

181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

/ 52{ 53

/ 54t 55

56

57585960616263

646566676869

| 70\ 71

/ 72\ 73

7475

76777879



(Continued from p. 47)

by U.S. companies' finance affiliatesrecorded in the portfolio accountswere small in 1981; however therewere large increases in issues report-ed by U.S. direct investors, as previ-ously discussed.

Net inflows for foreign direct in-vestment in the United States in-creased $7.8 billion to a record $18.7billion; there was a $9.4 billion in-crease in equity and intercompany ac-counts and a $1.6 billion decline in re-invested earnings. The $14.1 billiontotal of equity and intercompany ac-count inflows was nearly 80 percenthigher than in 1979, the previoushigh. The inflows were boosted by theinitial stages of a French acquisition

of a U.S. mining company in the thirdquarter and a Middle East acquisitionof a U.S. petroleum construction anddrilling company in the fourth. Bothtransactions were extraordinarilylarge, with much of the financing pro-vided directly by the foreign parent.There were also large net inflows inintercompany accounts by auto-motive, wholesale trade, and petro-leum affiliates.


The statistical discrepancy (errorsand omissions in reported transac-tions) was a positive $24.6 billion, fol-lowing a positive $29.6 billion in 1980.Similar factors may have been pres-ent in both 1980 and 1981. There may

have been continued underreportingof capital inflows by both banks andnonbanks, partly due to the shiftingof location of booking of claims and li-abilities between domestic and over-seas bank offices. When there we»significant increases in the differen-tial between the U.S. prime rate andthe Libor favoring booking loansabroad at the latter rate, U.S. firms'reported loans from their overseas of-fices, both bank and nonbank, in-creased only moderately, suggestingincomplete reporting. Furthermore,the politically stable United States,with high nominal and real interestrates during much of 1981, was ahaven for funds, particularly in viewof heightened tensions in the MiddleEast and Poland.

(Continued from p. 36}

ownership of the Canadian mining op-erations for its own common stockheld by a Canadian company. In Aus-tralia, the decline largely stems frommounting labor problems of, and anexpected substantial boost in the costof electric power to, a major miningoperation.

Trade affiliates plan a 16-percentincrease in spending, to $4.3 billion,after a 3-percent reduction. Over two-

thirds of the increase is in Europeand Latin America, and is largely ac-counted for by affiliates that marketcomputers.

Spending by affiliates in finance(except banking), insurance, and realestate will remain at $0.4 billion in1982, reflecting small offsettingchanges among several countries.Similarly, no change is planned in"other industries"—agriculture, con-struction, transportation, communica-tion, public utilities, and other serv-

ices—after a 7-percent increase; theoffset to a large cut in "internation-al," which reflects last year's pur-chase of new and used bulk ore andgrain carriers, is mainly in Canada,Saudi Arabia, and Hong Kong. Theincrease in Canada is spread amongmany affiliates. In Saudi Arabia, it islargely accounted for by a new affili-ate performing city sanitation serv-ices; in Hong Kong, it is by an affili-ate completing construction of anelectric power plant.


CURRENT BUSINESS STATISTICS

THE STATISTICS here update series published in the 1979 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENTBUSINESS. That volume (available from the Superintendent of Documents for $9.50, stock no. 003-010-00089-9) provides a description of each series, references tosources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1975 through 1978, annually, 1947-78; for selected series, monthlyor quarterly, 1947-78 (where available).

The sources of the series are given in the 1979 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listedalphabetically on pages 171-172. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources areprovided through the courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated in footnotes below, datathrough 1978 and descriptive notes are as shownin the 1979 edition of BUSINESS STATISTICS

1979 1980 1981

Annual total

1979

II III IV

1980

I II III IV

1981

I II III IV

1982

I II

GENERAL BUSINESS INDICATORS—Quarterly SeriesNEW PLANT AND EQUIPMENT

EXPENDITURES f

Unadjusted quarterly or annual totals:Total nonfarm business bil $

Manufacturing do....Durable goods industries |j do....Nondurable goods industries U do....

Nonmanufacturing doMining doRailroad do. .Air transportation doOther transportation do....

Public utilities do....Electric do .Gas and other do

Trade and services do....Communication and other do....

Seas. adj. quarterly totals at annual rates:Total nonfarm business do

Manufacturing do....Durable goods industries H do .Nondurable goods industries fl do....

Nonmanufacturing doMining doRailroad doAir transportation doOther transportation do....

Public utilities do . .Electric . doGas and other do

Trade and services do....Communication and other do....

U.S. INTERNATIONAL TRANSACTIONS

Quarterly Data Are Seasonally Adjusted(Credits + ; debits — )

Exports of goods and services (excl. transfers undermilitary grants) . mil $

Merchandise, adjusted, excl. military do....Transfers under U.S. military agency sales

contracts mil. $..Receipts of income on U.S. assets abroad do....Other services do....

Imports of goods and services doMerchandise, adjusted, excl. military do....Direct defense expenditures doPayments of income on foreign assets in the

U.S mil. $..Other services do....

Unilateral transfers (excl. military grants), netmil. $..

U S Government grants (excl military) doOther do....

U.S. assets abroad, net do....U.S. official reserve assets, net do....U.S. Gov't assets, other than official reserve

assets, net mil. $..U S private assets net do

Direct Investments abroad do....

Foreign assets in the U.S., net do....Foreign official assets, net do....Other foreign assets, net do....

Direct investments in the U.S do....

Allocation of special drawing rights doStatistical discrepancy do....

Memoranda:

Balance on merchandise trade do....

Balance on goods, services, and remittances .... do....Balance on current account do....

2704698.6851.0747.61

171 7711 384034 014.31

33.962765631

79.2634.83

228 925184,473

6,60966,70031,145

281 917-211,819

8556

-33,236-28,307

-5,5933536

-2058

-62 639-1,133

-3,76757739

-23,949

38,946-13,75752,70311,877

1 13921 140

-27,3467 0084,9501,414

29563115.8158.9156.90

179 811351

4 254013.82

35.4428 12732

81.7936.99

344 667223,966

8,23175,93636,536

333 888-249,308

10746

-43,174-30,660

-7,0564659

-2397

-84 776-8,155

-5,16571 456

-18,546

50,26115,49234,76910,854

1 15229640

-25,34210 7798,3823,723

321 49126.7961.846495

194 7016864 243 814.00

38.4029748 65

86.3341.06

375 993236,300

9,34690,05640,291

362 653-264,117

11 289

-53,300-33 947

-6,762-4460-2303

-106 578-5,175

-5 13896265-6,995

74,3565,208

69,14818,664

109324551

-27,81713 34011,0386,578

66 8123.6812.3111.3743 132811001 191.08

8.587051 53

19.768.70

265 2494.71492545.47

1705211 013834034 16

34022788

6 14790334.44

68 89043,834

1,70515,5827,769

68 188-51,117

2029

-7,949-7,093

-1,381911

-470

-15 639322

-97114990-7,097

7,007-9,78516,7923,353

9309

-7,283702232

-679

68 3924.9312.9911.9443 472871 040 911.18

8.807031 77

19.878.79

273 15100.1152 1347.97

1730411 404 13395460

350528 71635

78863505

7471847,236

1,59918,0557,828

72 265-54,210

2 164

-8,734-7,157

-1,401881

-520

-24 9422,779

-77826943-6,214

24,3456,011

18,3343,382

-455

-6,9742 4531,9331,052

77 9930.4215.731469

47 573 111 121 101.23

9.387421 96

22.019.62

284 30106.57550351.55

1777311 86424455441

340827 16692

82693590

79 89451,367

1,411189528,164

78 582-59J26

2334

-9,203-7319

-1,501890

-611

-14 003-649

-92512429-5,142

5,335-1,2956,6303,588

8857

-8,3591 312

701-189

65 1824.1012.5411 56

41 082740990 900.84

8.016641 37

19.088.52

291 89111.77582853.49

180 1311 894 463904 11

362628 98728

82 1737 34

85 76454,898

1,73820465

8,663

85 981-65,024

2 656

-10,629-7672

-1,8781 336-542

-12 639-3,268

-1 4567915

-4,863

7,509-7,46214,9712,221

1 1526,073

-10,126217

-759-2,095

74 0228.8614.791406

45 163 271061 270.98

8.847071 77

20.239.52

294 36115.69593856.32

1786612 814 06427376

350327 91

7 1281 073766

83 61755,667

2,085168609,005

82 830-62,411

2 512

-10,342-7565

-1,332787

-545

-24 837502

-1 18724 152-2,710

7,2327,557-3263,884

18,151

-6,744787242

-545

74 1228.9814.491450

45 133 501 000 931.07

8.976892 08

20.389.28

296 23116.4058 1958.21

1798313 863 984064 18

355828 14

74481 193697

86 65556,252

2,272188509,281

80 177-59,154

2 727

-10,697-7600

-1,503912

-591

-19 302-1,109

-142716766-3,851

11,6517,6863,9652,690

2,676

-2,9026 4785,8874,975

82 3133.8717.091678

48 444 011 200 910.94

9.627532 10

22.099.67

299 58118.63597758.86

1809515 284 54377339

349627 54

7 41829136 11

88 63657,149

2,136197649,587

84 902-62,719

2 851

-11,507-7825

-2,3441624-720

-27 995-4,279

-1,09422622-7,122

23,8707,711

16,1582,060

2,736

-5,5703 7343,0141,390

69 7526.9013.241366

42 853690960 880.74

7.956361 59

19.419.23

312 24124.5061 2463.27

1877416 20423385366

360527 69836

C83434032

r94 341r60,990

2,131r21 581

r9,639r-89 480r-65,651

2699r-12,498r-8 632

-1,527977

-550r-22,407-4,529

-1,395r-16 483r-l,562

7,1405,5031,6372,487

1,09310,840

r-4,661r4861r4,311r3,334

79 6031.3915.831556

48 214281 120 971.03

9.477372 10

21.449.90

316 73125.4963 1062.40

191 2416 80438329404

37842932853

85883902

r94 992r60,369

2,279r22,413

r9,931r 92262r-67,263

2977r-13,649r-8,373

-1,518-965-553

r-21,980-905

-1,485r-19,590r-4,954

12,888-2,77915,6673,839

r7,880

r-6,894r2730r2,177rl,212

81 7532.1515.451669

49 604 411 040 771.07

10.017492 52

21.7710.53

328 25130.11625867.53

198 1317 554 18334409

39553054901

875541.89

r94 046r57,929

r2,564r23,30110,252

r 90083r-64,955r 2651

r-14,043r-8,433

r-l,848r-l 249

r-599r-16,709

-4

r-l,282r-15,423r-l,023

15,849r-5,663r21,512

r4,134

r-l,255

r-7,026r3963r3,364r2,115

r90 39r36.3517.321903r54 03

r4 481 121 191.16

10.96r852r2 45

r23.7111.41

r327 83126.91

r60 78r66.14

r200 9216 81

r4 18r482r4 12

r3974r31 14

r860r8833r42.92

92 61757,012

2,37222,76210,471

90831-66^248-2962

-13,111-8,509

-1,871-1 269

-602

-45,485262

-976-44,771

542

38,4798,147

30,3328,205

7,090

-9,2361 7861,184

-85

"73 80r27.9013.5914 31r45 90

r3 93r0990 700.91

r8.70r7091 60

r20'.80r9.83

rl330 34129.23

r62 95r66.28

r201 1117 26

r439r323r452

r3933r3086

r846r8946r42.93

»84 5933.3716.2417 13

51 224 391 120 881.19

9.937951 98

22.4511.27

1336 77133.51647968.72

2032617 20437297471

396431 59804

89924445

See footnotes at end of tables. S-l


S-2 SURVEY OF CURRENT BUSINESS March 1982


1980 1981

Annual

1981

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1982

Jan. Feb.

GENERAL BUSINESS INDICATORS—Monthly SeriesPERSONAL INCOME BY SOURCE f

Seasonally adjusted, at annual rates: tTotal personal income bil $

Wage and salary disbursements, total do....Commodity-producing industries, total.... do....

Manufacturing do....Distributive industries do

Service industries do....Govt. and govt. enterprises do....

Other labor income .. . do...Proprietors' income: $

Farm doNonfarm do....

Rental income of persons with capitalconsumption adjustment bil. $..

Dividends doPersonal interest income do....Transfer payments do....Less: Personal contrib. for social insur do....

Total nonfarm income do....

DISPOSITION OF PERSONAL INCOME *

Seasonally adjusted, at annual rates:Total personal income bil. $..Less: Personal tax and nontax payments do....Equals* Disposable personal income doLess: Personal outlays do....

Personal consumption expenditures do....Durable goods do....Nondurable goods do....Services do

Interest paid by consumers tobusiness do....

Personal transfer payments toforeigners (net) do....

Equals* personal saving . do.Personal saving as percentage of disposable

personal income § percent

Disposable personal income in constant (1972)dollars bil $

Personal consumption expenditures inconstant (1972) dollars do....

Durable goods doNondurable goods do....Services do

Implicit price deflator for personal consumptionexpenditures index, 1972—100..

INDUSTRIAL PRODUCTION

Federal Reserve Board Index of Quantity Output

Not Seasonally Adjusted

Total index 1967-100..

By market groupings:Products total do

Final products . do.Consumer goods do....

Durable consumer goods do....Nondurable consumer goods do....

Equipment doIntermediate products do....

Materials do....

By industry groupings:Mining and utilities do....

Manufacturing do....Nondurable manufactures . . do .Durable manufactures do....

Seasonally Adjusted

Total index do ..

By market groupings:Products total do

Final products do....Consumer goods . do

Durable consumer goods doAutomotive products do....

Autos and utility vehicles do....Autos do

Auto parts and allied goods do....

Home goods doAppliances, air cond., and TV do....Carpeting and furniture do....

Nondurable consumer goods do....Clothing do....Consumer staples do

Consumer foods and tobacco do....Nonfood staples do....

Equipment doBusiness equipment do....

Industrial equipment # do....Building and mining equip do....Manufacturing equipment do....

Commercial, transit, farm eq. # do....Commercial equipment do....Transit equipment do....

Defense and space equipment do....

See footnotes at end of tables.

21602

1,343.7465.4350.73289

295.7253.6137 1

2341072

31.8544

256.3294.287.9

2,1126

2,160.2338.5

182171,720 41,672.8

211.9675.77852

46.4

12

1013

56

10184

935.1135835844409

178.9

1470

14671453145.4136.7148.91452151.9147.6

1495

146.71612136.7

1470

1467145.31454

1367132.8110.11036190.4

1389117.3155.2

148.9126.01552147.4164.3

1452173.2156.5239.9128.2

192.4237.8139.9

98.2

2404 1

1,482.7512.7387.3361 1

335.0273.9154.1

224112.4

33.661.3

308.5333.2104.2

2,353.5

2404.1388.2

201601,908.41,857.8

232.0743.28826

49.5

1.0

1076

53

10404

958.91394367.34522

193.7

151.0

15061495147.8140.5150.81518154.4151.6

154.9

150.41647140.5

1510

1506149.51478

1405137.9111.21034205.6

1420119.61580

150.8119.71594150.3169.9

1518181.1166.4286.1127.9

198.0258.6125.4

102.7

23007

1,433.1500.5375.63484

318.3265.9146.6

199112.8

32.557.4

281.8318.4101.9

2,254.8

2,300.7369.3

1,931.41,847.81,799.3

236.6721.58412

47.4

1.1

83.6

46

10304

959.91460364.8449 1

187.4

146.4

14391427140.8134.1143.51453148.1150.4

158.6

144.81569136.4

1514

1499147.81469

140 1130.4102.7933

200.8

1456132.2156.2

149.6121.21575149.3167.0

149 1177.7161.5264.0127.7

196.6249.3133.1

100.9

23182

1,442.8500.3377.23526

322.6267.2148.0

18.7112.6

32.758.2

289.1318.4102.3

2,273.2

2,318.2371.6

1,946.61,855.61,806.9

237.7726.98424

47.7

1.0

91.0

46

1 034.1

959.8146.8365.54476

188.3

151.7

1493148.0147.0142.8148.71494154.1155.4

158.1

150.71643141.3

151 8

1502148.21478

141 2133.9108.5101 1198.4

1452125.8160.4

150.5120.91586150.5168.1

1487177.5163.4270.4128.4

193.7250.4124.8

100.5

23404

1,452.8503.2379.43548

326.5268.41495

182114.2

32.9583

295.2321.9102.6

2,295.4

2,340.4375.1

196541,873.21,824.1

240.5729.68539

48.2

1.0

92.2

49

10353

960.91477363.1450 1

189.8

152.7

15021489148.1148.3148.01499155.1156.7

154.4

152.51648144.1

152 1

1507149.01483

1436139.2116.11078197.5

146 1129.11602

150.111891588150.51684

150 0179.3164.6276.6128.6

196.2252.7127.8

100.7

23538

1,459.6504.8383.73570

328.4269.4150.9

20.2113.0

33.159.4

297.9322.5102.9

2,306.4

2,353.8378.2

1 975.61,869.61,820.0

229.4733.98566

48.6

1.0

106.0

52

10368

955.11396366.54490

190.6

151.5

14951480147.2148.3146.7149 1155.2154.5

145.2

152.41653143.4

151 9

1513149.91489

144 3142.9120.2113 2200.8

1450121.21652

150.712061590150.21693

1514181.0165.9281.7128.5

198.6254.5131.5

101.5

2 367.4

1,467.3508.1387.83577

330.9270.5151.6

21.7112.2

33.360.2

300.6323.5103.1

2,318.1

2,367.4382.5

1,984.91,875.51,825.7

226.4731.5867.9

48.8

1.0

109.4

54

1,036.5

953.41366365.54513

191.5

152.6

1509149.5148.4150.5147.61510155.9155.1

145.5

153.4166 1144.7

1527

1523151.31507

1473151.8129.11200209.5

144 8121.4163 1

152.1122.11603151.31708

152 1182.0167.0286.4128.4

199.4258.0130.0

102.0

2,384 3

1,473.9511.5388.83587

332.2271.7153.0

232112.2

33.561 1

304.1326.5103.3

2,333.1

2,384.3388.0

1,996.31,891.91,841.6

226.1740.6874.9

49.3

1.0

104.4

54

1,037 3

956.91360368.94520

192.5

156.5

15601550154.4153.6154.81559159.7157.2

1556

156.61705147.0

1529

152215141503

1479153.1131.4122 2208.0

145 0120.01663

151.212091596149.61713

153 0183.6169.0289.7130.6

200.4259.9129.7

101.7

24192

1,484.9517.0391.73607

334.4272.8154.8

24.4112.2

33.762.4

309.2341.9104.3

2,366.4

2,419.2393.7

2,025.51,916.11,865.6

230.0746.8888.8

49.6

1.0

109.3

5 1

1,041.6

959.41370368.74536

194.5

151.0

1515150 1147.7134.8152.91533156.9150.2

1614

149.51639139.5

1539

1530152 11507

1465147.6123.0118 1210.0

1458123.61632

152.312281605150.51722

154 1184.8169.4290.3130.8

202.5263.7128.4

102.6

2,4434

1,500.3521.2394.73659

339.6273.6156.3

25.2112.4

33.963.0

315.7341.7105.2

2,389.3

2,443.4400.2

2,043.21,945.51,894.3

245.2752.5896.6

50.3

1.0

97.7

52

1,045.5

969.3145.8370.14534

195.4

155.4

1560154.4154.7137.4161.61540162.0154.3

164.1

154.31722142.0

1536

152615151496

1425137.6107.81040213.1

1453126.8160 1

152.512191610150.61730

154 0184.4170.2293.0130.8

200.9264.3124.6

102.8

2,462.6

1,510.3522.4395.4369 3

341.4277.2157.8

24.4112.5

34.163.5

322.3343.0105.5

2,409.0

2,462.6405.4

2,057.31,943.61,891.7

233.4754.6903.8

50.9

1.0

113.7

5.6

1,043.7

959.7138.0367.74540

197.1

155.8

1576156.5156.2142.4161.71570161.5153.2

156.8

155.51734143.1

1516

151015001478

140 4139.1110.01033212.9

141 1119.01586

150.811931595149.5171 1

152 9182.7168.9293.6129.3

198.5264.2121.0

103.0

r2 475 2

1,517.5522.5393.93685

344.6281.9159.2r24.9111.9

34.363.9

326.3343.6106.3

2,420.6

r2,475.2394.8

r2,080.4rl,946.81,894.6

226.3755.2

r913.1

51.2ri.o

133.6r6 1

1,048.4r954.8133 1367.0

r4547

198.4

152.4

15381533152.5145.0155.51544155.9150.1

1525

152.41693140.7

149 1

149 41489146 5

1363132.8101.792 5

211.8

138 2116.71526

150.51178159 6150.71699

152 1180.5166.9295.6125.7

196.2259.8120.6

104.5

r2 492 4

1,527.7522.2391.83717

350.4283.4

160.4r24.7111.4

34.564.1

r328.9347.4106.8

r2,437.6

r2,492.4399.5

r2,092.91,962.71,910.6

r226.2r761.7r922.6

51.2

1.0

130.2

6 1

1,049.6r958.2133.2369.2

r4558

199.4

146.4

14741470143.3131.7

148.0152 1148.5144.8

1520

145.61610134.9

1463

147 51472144 0

129 7121.788.981 1

205.0

134 1107.7

1469

149.7116 11590150^4169 1

151 5179.0165.1r293.8123.6

195.0r260.6116.6

105.3

r2,492 0

1,522.4r518.2387.3

r3684r351.2284.6

161.7r23.7111.0

34.764.3

'330.8r349.9106.6

r2,437.8

r2,492.0r399.8

r2,092.11,972.01,919.7

r226.7r764.0r928.9

51.3

1.0

120.1r5.7

1,045.6r959.4133.1r370.1r4562r200.1

139.1

14051407133.8116.7140.61503139.7136.8

155 1

136.71490128.3

1432

14581458

141 4

123 2119.2

87.578 1

199.7

125 4r85.7

144 4

148.71126

158 7151.11674

151 8178.4163.7r294.1121.7

195.5r261.3117.5

107.0

r2,497 7

1,529.0r518.2r387.6r3709r353.5286.4

162.7r21 1

110.7

r34.8645

r334.1r351.1110.3

r2,445.7

V2,497.7r396.2

r2,101.61,992.81,940.4

r235.9•758.8r9457

51.4

1.0

108.7

53

1,042 4

962.4137236574596

201.6

"1353

P1368P1375P133.1P114.2P1406P143 7P134.1P1329

P161 2P1320P145 41228

P139 6

P142 3"1423P138 6P1189P107.5"71.6P61 3

P198.5P125 3

P99.2P135 8P146.5P157 7P148.9P167 8P147 5P172.4"158.6P289.1P117.1P188.4P255.0"109.0P105.5

25099

1,536.7520.5390.83739

355.2287.1163.8

18.2110.8

34.8648

338.9352.9111.1

2,460.2

2,509.9398.4

2,111.52,008.41,955.4

239.9767.1948.4

52.0

1.0

103.0

141.7

14341440140.1125.31460e!493141.2139 1

1584

139615391297

e!41 8

144 31442140 9e!23 5114.1

e81.3e70 5

197.4

128 8100.9

147.8

'158 2

167 8

148 8173.3157.9e281.6118.2

191.0e257.7112.6

107.7


March 1982 SURVEY OF CURRENT BUSINESS S-3


1980 1981

Annual

1981


1982

Jan. Feb.

GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION— Continued

Seasonally Adjusted— Continued

By market groupings — ContinuedIntermediate products 1967—100..

Construction supplies do....Business supplies do. .

Materials do...Durable goods materials # do....

Durable consumer parts doEquipment parts do....

Nondurable goods materials # doTextile, paper, and chemical do....

Energy materials do

By industry groupings:Mining and utilities do...

Mining doMetal mining do....Coal do....Oil and gas extraction # ... . do...

Crude oil do....Natural gas do

Stone and earth minerals do....

Utilities do....Electric do

Manufacturing doNondurable manufactures do....

Foods do....

Tobacco products do....Textile mill products doApparel products do....Paper and products do

Printing and publishing doChemicals and products do....Petroleum products doRubber and plastics products do....Leather and products do....

Durable manufactures do....Ordnance pvt and govt .. doLumber and products do....

Furniture and fixtures do....Clay, glass, and stone products do....Primary metals do....

Iron and steel doNonferrous metals do....

Fabricated metal products do....Nonelectrical machinery do...Electrical machinery do....

Transportation equipment do....Motor vehicles and parts do....

Instruments do....

BUSINESS SALES

Mfg. and trade sales (unadj ) total $ mil. $.

Mfg. and trade sales (seas, adj.) total $ do....

Manufacturing total t do....^Durable goods industries do....^Nondurable goods industries do....

Retail trade total § do....^Durable goods stores do....^Nondurable goods stores do...

Merchant wholesalers total @ . . do..Durable goods establishments . do...Nondurable goods establishments do....

Mfg. and trade sales in constant (1972) dollars(seas, adj.), total * bil. $..

Manufacturing * do..Retail trade * do....Merchant wholesalers * do..

BUSINESS INVENTORIES

Mfg. and trade inventories, book value, end of yearor month (unadj ), total $ mil. $..

Mfg. and trade inventories, book value, end of yearor month (seas adj ) total "*" mil $

Manufacturing total 1" doDurable goods industries . . do..Nondurable goods industries do

Retail trade total § do....Durable goods stores do....Nondurable goods stores do

Merchant wholesalers, total @ do....Durable goods establishments doNondurable goods establishments do

IVtfg. and trade inventories in constant(1972)dollars,end of year or month(seas adj ) total* bil $

Retail trade * doMerchant wholesalers * do....

1519140.91628

1476143.0107818721715177.71293

14951327109.2146.7133394.9

111 1132.8

16831897

1467161.2149.6

119.91386127.0151 1

1396207.11329255.770.1

136.7785

119.3

150.0147.5102.3924

119.8134.11628172.8

116.9119.0171.1

3,846 477

'3,846 477

4,845,936936,030

1956,Q55297,926658 729

4043886438 439605,447

470,769

475 202

257 979171 60386376

111,69451,85359841

105,5296793837591

1544141.91668

1516149.11145191.21746181.41290

15491422123.1141.3146895.1

129.4

169 11909

1504164.7152.1

122.91357120.3155 1

144 2215.41297274.069.3

140.581 1

119.0

157.2147.9107.9998

122.4136.4171 2178.4

116.1122.3170.3

1575148.41666

1538150.0114718971802187.61302

153314041255147.51414954

11331384

16761893

151 1165.61519

1235138412381565

1439218.9133 1264.0689

1410786

127.4

1500156.8114 11087124 1135.816731776

117.4120.0173.9

323 300

349 018

164 58883,32981259

8546327,07558388

989674037058597

160573946.7399

476,328

478 451

261 752174 22387529

111,79052,23459556

104,90967 31937590

2628145 564352.9

1577148.91664

1543150.61143188.91799187.31316

154 1143 1134.1159.0142295.0

10871400

1664187 1

1512166.2152.5

125.4139312161560

1448219.81315270.268.3

140.8784

126.2

154.3156.4114510841259137.61683174.9

116.1119.9171.1

331 124

350 334

165 50884,21581 293

8681028,32858482

980164151156505

161.474347.140 1

483 898

484 069

264 496175 62088876

113,50752,37461 133

106,0666848237584

2629145863953.1

157 1149.0165 1

1544152.21184191.11775185.11309

15481432131 1151.2144 195.7

11181388

16781889

1516165.3152.4

125.7136212021576

1427218.51303269.568.8

142.1785

125.6

155.6154.6114910801277139.21692177.4

119.5127.1170.0

361 175

349 898

165 80485,05880746

8760828,42959 179

964863990756579

160.474346.8392

489,556

485 467

266 524176 22990295

113,40451,79161613

105,5396857136968

2626146 163553.0

1563147.91647

1529151.8119719281793186.8123 1

15051352123 175.9

146 1963

11271337

16761886

1520165.91519

1222138912161570

141 6219.81300275.2689

1425798

126.3

1587154.3110610341222139.516971788

121.3130.7170.0

354 873

350 923

167 49186,32781 164

8585526,35659499

975774029957278

159874846.0390

490,985

487 060

267 506177 12390383

113,96352,30661657

105,59169 17436417

2632146 463853.0

156 1146.51656

1534152.8121 119401790187.31230

152 11354125077.0

1462952

11181322

17071929

1528166.41522

1223138812261559

141 3220.61298280.3698

1435809

126.2

1589151.7111 9105 61216138.4172 11799

123.7136.4170.6

353 099

349 245

167 52786,66480863

8550126,53658965

962174058455633

158574245.7385

492,671

490 254

269 260177,63591625

115,42653,52961897

105,5686987635692

2639146664353.1

154.9143.41662

154.0152.4123 1193.21769183.71293

1563141 7123.5122.9148296.2

11281327

17271956

152 4165.81513

12091383121 11534

143 1218.41293285.1684

1432809

122.5

1624148.1107498 5

1231139.3174 1180 1

123.4137.5171.3

366 401

354 442

171 49488,77082724

8738427,53259852

955644104554519

160.275746.438 1

494 485

494 226

269 709178 67691033

117,30754,88062427

107,2107058936621

2654146365.253.8

156.2144.3168.0

155.3153.61232193.81765183.51333

159 11465123.6170.0147795.2

1115133.3

173 11962

1532167.1151.6

121.31394122.61549

144 4221.51287285.370.1

143.6806

122.9

1649148.71094997

131 8140.117671809

119.8130.5172.1

341 248

354 759

170 32487,31983005

8735027,75359597

9708541,24455841

159.074645.9385

495,544

498 098

271 872180,85591017

119,82456,19963,625

106,4026984136561

266.5146866.453.2

156.8144.01695

1552154.31218194.71754182.41326

15821460124 1167.4148294.8

11681282

17191942

1532167.31519

1238140712261567

146 1219.21304286.7696

1434818

119.1

1633148.2113 1105 11288140.017641826

115.4123.1172.3

349 730

352 783

169 51886,84182677

8859128,43960 152

9467440,55254 122

158.273846.8376

498,254

502 458

273 361182,22191 140

121,27757,12164,156

107,8207085536965

267.1146966.353.9

154.6139.71694

1525150.41145192.71755182.51289

155814501215161.9148895.0

11151234

16781883

151 1165.91507

1224136312251586

1459216.3129 1282.2697

1409823

113.2

1599147.31086992

1250136.817391800

114.2120.4169.7

357 025

353 717

168 58186,17982402

8869928,38060319

964374029456 143

158.473446.638.4

504,114

508 132

276 616185,14091 476

122,21957,12465095

109,2977250136796

268.5147766.454.5

151.4135.21675

1485145.61076190.31706176.41283

156 114531198166.9148994.0

111 91220

168 1189 4

1480162.81514

1243132511781533

1456208.8128 3276.0712

1378825

109.6

1572143.4102392 2

1193133.816971796

110.6113.8168.6

358 871

345 287

164 08582,58381502

8666026,31960341

9454239,60354939

153.570844.937.8

513,410

511 682

278 440186,71891 722

123,48557,49265,993

109,7577287436883

269.7148 166.954.7

148.7430.1467 1

144.6441.04028488.74647469.9428 1

455444334154160.8

448493.9

108 11167

16891909

4450460.34530

4196426 141384526

443 4r204.64280r264.1

708

4344r843

404.7

4537435.9

r966872

4128430.21679

4757

106.1105.5

467.1

343 537

345 213

161 97981,64180338

8722226,48460738

9601240,70055312

153.469845.138.5

520,102

515 165

279,544187,27592269

123,79957,46466,335

111,8227464837,174

270.4148 166.855.5

445.9427.24645

439 1434.1

r929483.34587462.74270

154244251094145.5

450594.5

4157

4673488 8

4417456.9452.4

121742281125

4468

444 9497.94284r246.9

r656

4312r855

403.8

4494432.0

r895r792

4076426.146674707

403.7400.4466.4

r359 212r342 226

461 081r81,146r79 935r87 444r26,694r60 750r93 701r39,836r53 865

152.969945.137.9

r506,647

r511 760r276 414485,226r91 188

423,228r57,054r66,174

412,118r74 516r37,602

269.4147566.355.5

P141.9P122.3"161.4P135.6P129.2

P849P178.7P1542P157.0P1281

P1556P1438P1180P147.9"1515

P96.2

"1125P1688P190 4P1376P153.5P150.2

P1170P1469P1460P192.7"1230P237.3

P637P1266

P847P95.5

P1425P128.2

P872P78 3

P1046P119.7P1612P1685

P96.5P90.2

P162.1

309 604

336 874

157 15777,92579232

86 16525,75660409

9355239,42354 129

506,135

509 676

275 314184,43590879

121,98756,08865,899

112,37574 14338232

e!444e!24.9

e!38 1"131.9

C891480.3"1574460.3e!291

e!540"1420

"154.3"147 1

"1674"188 7

"140 1"155.8

"148 5

"147 1

"120 1

"1292"86 3

"868

"122.1"1635"1713

"101.2"97.3

"164.6





1980 1981

Annual

1981


1982

Jan. Feb.

GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INVENTORY-SALES RATIOS

Manufacturing and trade total $ . ratio..

Manufacturing total 1" do....Durable goods industries do....

Materials and supplies do....

Finished goods do

Nondurable goods industries do

Work in process doFinished goods ... • do

Retail trade total § . . doDurable goods stores doNondurable goods stores do

Merchant wholesalers total @ do

Nondurable goods establishments do

Manufacturing and trade in constant (1972) dollars,total * ... .... do

Manufacturing * .. do....Retail trade * doMerchant wholesalers * ... ... do ..

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS H

Manufacturers' export sales:Durable goods industries:

Unadjusted total mil $Seasonally adj total do

Durable goods industries total doStone, clay, and glass products do....Primary metals. .. . do....

Blast furnaces, steel mills do....Fabricated metal products. do....

Electrical machinery do....Transportation equipment do

Instruments and related products do....

Nondurable goods industries, total do....Food and kindred products doTobacco products .. . do....Textile mill products do

Paper and allied products doChemical and allied products do....Petroleum and coal products do....

Shipments (seas adj ) total "f ••• • • • • do .By industry group:

Durable goods industries total $ doStone clay and glass products do....Primary metals do

Blast furnaces steel mills do....

Fabricated metal products doMachinery except electrical doElectrical machinery do....Transportation equipment do

Motor vehicles and parts . ... doInstruments and related products do

Nondurable goods industries total # doFood and kindred products do....Tobacco products do.. .Textile mill products doPaper and allied products do....Chemicals and allied products .. .. doPetroleum and coal products do....Rubber and plastics products do....

By market category: tHome goods and apparel do.Consumer staples doEquipment and defense prod exc. auto .... do....Automotive equipment doConstruction materials and supplies do....Other materials and supplies do....

Supplementary series:Household durables doCapital goods industries do....

Nondefense doDefense do..

Inventories, end of year or month: tBook value (unadjusted), total do....

Durable goods industries, total do....Nondurable goods industries, total do....

Book value (seasonally adjusted), total t do....By industry group:

Durable goods industries, total # do....Stone, clay, and glass products do....Primary metals do

Blast furnaces, steel mills do....

Fabricated metal products do....Machinery, except electrical do....Electrical machinery do....Transportation equipment do....

Motor vehicles and parts do....Instruments and related products do....

145

1652.160.70096050

1 13046018048

1412091 10

1 16171074

97078

rl 845 934

936 030r45,518

134,05162,481

116,868182 837125,907191 387114 909r45,993

r909,903254 74512,46646 167

71660167 099176,598

r48 060

135305'329 447*277 289134879143,4581825,553

158 493'308,368'267 210

*41 158

r256,584169,616r86,967

257,979

171,6036,145

2197611,844

19,77339,18924,38336,81096949,281

1 997 775

1 019 87949,051

137,97070,933

123,117204 644136,583219 761137 40450,233

977,896266 111

13,62350682

77745182,343194,70346 640

145530'345 664X306 690158828149,928'891,128

*63 3431 338,562'288 611

*49 948

274,790183,14891,642

276,414

185,2266,967

25 19413,089

20,31442,47226,32539,71189709,765

1.37

1.592.090.66096047

1080440 180.46

1.31193102

1.06167064

1.641.971381.33

75408571

152 094

75,3853,476

11,3535,7659,263

15 1609,986

1553599803,641

76,70920,901

1,0373,684

6,03614,07416,8663617

164,588

83,3294,170

12,3046,286

10 2111663610,77716,94110,5434039

81,25922,476

1,07940786,279

14,86516,8833,924

11,8692888224,2331222513,06274,316

5 12426,72123 1563,564

262,735174,25588,480

261,752

174,2236,223

2277112,190

20,12939,31724,75637,6239,6129,330

1.38

1.602.090.66095047

1090450 18047

131185105

108165067

1.631.961361.33

99009703

167 163

847463,903

12,2536,108

10,4051698211,29317706112364,027

82,41622348

1,0584 130

667915,25017,0913869

165,508

842154,216

118965,896

105181657311,04117,338109094 129

8129322,121

1,1224 1676,575

1491116,7473730

12 17328759243151273813,04074,484

532226,923230623861

266,053176,84989,205

264,496

175,6206,369

2324012,454

20,03439,58225,08337,81095689,372

1.39

1.612.070.65095047

1 120450 180.48

1.29182104

1.09172065

1.641.971361.35

102539598

175 250

91,5214,277

12,5596,392

11,07818 41211,81220522129124,327

83,72922,860

1,0604,558

6,79916,47216,1094017

165,804

85,0584,211

113215,622

105501691911,28418,45311,2854 136

8074621,930

1,08642356,525

15 16616,1533766

1205428366256411301713,10073,626

529228,15923999

4 161

267,908177,87990,029

266,524

176,2296,398

2364012,722

19,81239,61825,05738,11196059,380

1.39

1.602.050.65094047

1 110450 180.48

133198104

1.08172064

1.651.961391.36

98859615

170 022

88,6274,364

12,4316,437

10,72417 19411,30119872126643,979

81,39522,312

1,1014,225

6,58715,60715,7234 133

167,491

863274,293

116916,101

104591683611,37318,961119874030

81 16422,70010954 1956,536

1470415,9693962

122822900325 1851382713,05674 137

554727,773238103964

269,614179,09190,523

267,506

177,1236,390

2340212,362

19,79939,70525,58938,30594899,581

1.40

1.612.050.640920.46

1.130450 190.49

1.352021.05

1.101720.64

1.671.981.411.38

96479,395

169 040

88,2894,279

12,2676,364

10,8001686911,33820,067130454,148

80,75121,749

1,0464,409

6,55315,41316,2363915

167,527

86,6644,180

11,8246,209

1059416,77511,59719,13012,2574208

80,86321,931

1,0344,3506,426

14,87516,4043,850

12,2352820725,24114 13412,81274,898

5,29127,98224 041

3,941

271,609179,95991,650

269,260

177,6356,509

23 16312,112

19,79640,07025,45738,42793769,645

1.39

1.572.010.630920.46

1.100440 180.49

1.341991.04

1.121720.67

1.661.931.411.41

105729,613

179 978

95,0464,592

12,6286,617

11,3001873612,33021,924143974,552

84,93223,171

1,1494,755

6,72016,15316,4914227

171,494

88,7704,207

11,8106,172

1059117,30311,67920,44013,3784257

82,72422,676

1,15444676,392

15,29616,3574,074

12,5722934425,9381523012,69675,714

540328,71424602

4 112

270,228179,71090,518

269,709

178,6766,599

2333412,169

19,97340,34225,68938,62892759,603

1.40

1.602.070.65094048

1 100440 170.49

1.372021.07

1.101690.65

1.681.971.451.38

156 408

78,4974,151

10,8065,7369,701

1546510,35116,373102283,894

77,91121,057

1,1863,755

6,10614,18015,7723732

170,324

87,3194,250

11,9716,228

1054717,07011,71318,96712,3904308

83,00522,638

1,1954,4966,493

15,45915,8594,129

12,7922921925,2081438112,75475,949

551228,16023931

4229

271,008180,68190,327

271,872

180,8556,642

2392612,556

20,03141,03625,98738,94993979,569

1.42

1.612.100.65096049

1.100440 180.48

1.372011.07

1.141 750.68

1.691.991.421.43

166 520

83,1814,288

11,5565,921

10,5351624411,40216,54799974,198

83,33922,394

1,2184,430

6,65815,05516,4584040

169,518

86,8414,004

11,9816,111

1043217,24611,68219,43112,3704205

82,67722,4531,18644146,446

15,45816,4053,956

1240028919260441422712,28975,639

527428992245734419

272,545181,96790,578

273,361

182,2216,831

24 41212,734

20,23241,36626,24338,69590889,585

1.44

1.642.150.670980.51

1.110450.180.49

1.382.011.08

1.131800.66

1.702.011.421.42

174 010

88,5364,335

11,7245,965

10,6711781412,33918,28611,0394,587

85,47423,316

1,1904,713

6,69016,07816,0864087

168,581

86,1794,024

11,6095,929

1028617,35311,66718,95611,9714,299

82,40222,421

1,2114,4276,537

15,48916,0493,971

12,2172926726,1851368812,31074,914

536028,822246084214

273,900183,09190,809

276,616

185,1407,037

2508713,120

20,44042,01726,51739,42493169,738

1.48

1.702.260.701030.53

1.130450170.50

1.422 181.09

1.161840.67

1.762.091.491.45

170 346

86,7634,164

11,1915,698

10,49717 13611,83918,828122994,395

83,58322,763

1,1644,320

6,58114,78716,2494 152

164,085

82,5833,845

11,0655,710

998916,92411,26217,19810,6864241

81,50222,077

1,09940616,489

15,05316,4793,945

11,97128664251631244211,92573,920

5 19427871235344337

276,040184,31091,730

278,440

186,7186,923

2526813,148

20,59842,28226,86540,26494539/714

1.49

1.732290.711050.54

1.150460.180.51

1.422.171.09

1.161830.67

1.762.121.481.44

161 275

80,9453,824

10,1145,1549,297

1667511,58317,43310,6704,251

80,33021,900

1,1994,001

6,34714,47715,7783525

161,979

81,6413,860

10,6355,518

949417,44611,43316,80310,0184 146

80,33821,493

1,17339346,533

15,32815,8303,642

11,79328506262361160011,56472,280

5 12828935244334502

277,405185,14992,256

279,544

187,2756,953

25 36113,129

20,73342,50227,97640,25090949J71

1.49

1.712.290.70104054

1.000460 180.49

1.422 141.10

1.191840.70

1.762.111.471.47

155 673r78,345'3,400r9,090r4,779r8,850

17 95911,01216,669

r8939r4,237

r77,328r21,3431,218r3,703r5,993

14,80015,846

T3329

161,081r81,146

r3,822r9,803r5,144r9440

17,41711,15917,42710,018

r4 241r79 935r21,2961,193r3875r6,553

15 79415,542

r3698

11 088r28 551r27 04511 67811,392r71 327

r4921r29 377r24 750

r4627

r274,790183,148r91,642

r276,414

185 226r6,967

r25 19413 089r20,314M2 472r26,325r39,711

r8 970r9>65

145 267

70,4733,1739,7714,9608,324

1491610,32114,0018,4313,525

74,79419,8981,1343,547

6,34814,43115,4373501

157,157

77,9253,798

10,5885,409

9 19216,45011,13215,2738,9043908

79,23221,411

1,18139226,599

15,26715,4053797

11 149284712486810 46411,16971036

503327 18122967

4 214

276,267184,46091,807

275,314

184 4356,820

25 19713079

20,5464231126,23239,5038 6789^596





1980 1981

Annual

1981


1982

Jan. Feb.

GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,

AND ORDERS f— Continued

Inventories, end of year or month t — ContinuedBook value (seasonally adjusted) t — Continued

By industry group — ContinuedDurable goods industries — Continued

By stage of fabrication: tMaterials and supplies mil. $..

Primary metals do....Machinery, except electrical do....Electrical machinery do..Transportation equipment do....

Work in process # doPrimary metals do.Machinery, except electrical do....Electrical machinery .. doTransportation equipment do....

Finished goods # doPrimary metals doMachinery, except electrical do....Electrical machinery doTransportation equipment do.. .

Nondurable goods industries, total # do..Food and kindred products doTobacco products do....Textile mill products doPaper and allied products doChemicals and allied products do....Petroleum and coal products do....Rubber and plastics products do....

By stage of fabrication:Materials and supplies do.Work in process do....Finished goods . . . do

By market category: tHome goods and apparel mil. $..Consumer staples . . . . doEquip, and defense prod., exc. auto do....Automotive equipment doConstruction materials and supplies do....Other materials and supplies do....

Supplementary series:Household durables do.Capital goods industries do

Nondefense do....Defense do

New orders, net (not seas, adj.), total t do....Durable goods industries total . . doNondurable goods industries, total do....

New orders, net (seas, adj.), total t do....By industry group:

Durable goods industries, total doPrimary metals do....

Blast furnaces steel mills doNonferrous and other primary met ... do

Fabricated metal products do.Machinery, except electrical do....Electrical machinery do....Transportation equipment do....

Aircraft missiles and parts do

Nondurable goods industries, total do.Industries with unfilled orders $ do....Industries without unfilled orders fl .... do.

By market category: tHome goods and apparel do....Consumer staples. . doEquip, and defense prod., excl. auto do. ..Automotive equipment doConstruction materials and supplies do....Other materials and supplies do

Supplementary series:Household durables do. .Capital goods industries do

Nondefense doDefense do

Unfilled orders, end of year or month (unadjusted),total t mil $

Durable goods industries, total do....Nondur. goods ind. with unfilled orders $ ... do

Unfilled orders, end of year or month (seasonallyadjusted) total t mil. $..

By industry group:Durable goods industries total # . do

Primary metals do....Blast furnaces steel mills doNonferrous and other primary met do....

Fabricated metal products doMachinery, except electrical do....Electrical machinery doTransportation equipment do

Aircraft, missiles, and parts do....

Nondur. goods ind. with unfilled orders $ .. do....

By market category: fHome goods apparel consumer staples doEquip, and defense prod., incl. auto do....Construction materials and supplies do....Other materials and supplies do

Supplementary series:Household durables doCapital goods industries do....

Nondefense do .Defense do....

53,8088,924

10,9937,2298,836

779357,960

17,5561245223,902

398605,092

10,64047024,072

86,376223253,50763867798

18,4898,2405,279

35,57214,10836696

20,6633220169,90811 87221,266

102,070

9,9927824567,22411021

rl,860,706951 169

r909,536rl 1,860,706

1951 169134,057rl63212'58 694

'115993'182,782'130,744'202,676'63 658

r'909 536rl 184,073rl725 462

'134,892rI329 505'291,959'133322

rl 142,790r'828 235

r'58,182'326 752'270571'56 181

317 661306,995

10666

319,729

308 81530,248174399,008

30 18974,39647225

113,04388,371

10,913

3988186,87617,587

111 277

2954216,028147,67368.355

56,8249,357

11,39076189,986

842469941

18,4631355125,536

44 1565896

12,6195 1564 189

91 18821 1014,24366888817

20,4388,6805,508

37 12214,37339693

22,7733300576,3591136422,575

110,338

108808582572,18313642

1,998,0491 020 808

977,240

'1,998,049

' 1 020 808'134,411'69 519'52 465

'121692'204,948'140,846'220,808'59 381

'977 240'201,943'775 294

'145,479'345 823'310,210'158721'149,162'888 643

'63,333'344 264'281 618'62 641

317931307,91810013

319,865

30961126,599159777,392

2874674,71351563

113,92790,435

10,254

4 163190,23716,791

108 674

3007221,617140,73780.880

55,2939,429

11,00374919,123

797438463

17,7591258224,625

39 1884879

10,55546833875

8752922 1333,69964398090

18,8798,4225,321

36 11314,40137014

20,8733252270,78411 81921,372

104,382

100657957168,15411 418

157,13480 15976,974

165,423

8420810,61753174223

100631771811,416178255 111

81 21616,12365093

1200928908267461228112,86972611

52642935324 8234530

322 700311 76910931

320 566

309 69528561164698,391

3004175,47847863

113 92889,122

10,870

4 153189,44617,394

109 572

3094218,661149 34069.321

55,8709522

10,94274889,258

800908648

178841286624622

396605070

1075647293930

88876220743,60465258233

192019,1175,539

363811468237813

210223255371,4691171721,532

106 203

10 13980 24368,61611 628

169,6538699382659

166,987

854461187259514943

106041587611,290186335 118

81 54116,93664606

12,49428 746247421292213,00175082

56752743621 1856251

325 192314017

11 175

322 045

310 92628536165248,499

30 12774,78148 112

115 22389993

11,119

4462190,05817355

110 170

3447219,174147 46371.711

55,4959401

10,84373409,594

805848951

178441289324600

40 1495288

1093148243917

9029522 2373,6896 5188286

194889,8855,538

364121478239 103

21 2013288071,40011 77521,602

107 666

1023680 45668,47311 984

177,0039323283771

167,361

8672911 73960244580

105561674011,666194286324

8063216,66663966

12,24528 376268341308913,15473662

54732930724 4604848

326 943315 72711216

323 602

312 5982895516 9268,557

30 13474,60248 494

116 19891299

11,005

4664191,32417409

110206

3628220,323147 92472.398

55,8579 135

11,12375779,627

81 0008958

1767113 13624,807

40 2655309

1091148763871

9038322 0553,6436 5458246

194909,9325,652

366561479938927

214203269372,28411 66621,660

107 783

1036081 26669,10012 165

171 9269024281684

168,584

87 1801183163374475

102911750411,960186983777

81 40417,08364321

12,328290752560613 82212,84374909

56032869924 7233976

328 847317 34211505

324 694

313 4502909517 1618,572

2996475,27049082

115 93490,249

11,244

4782191,739

17 195110978

3 684221,248148 83872.410

55,2828,695

11,06975569,549

819339 157

180001309825,107

404205311

1100148033771

9162522 1143,69965628224

2002910,2785,616

366731497939973

21 7613289172,6971159222,055

108 264

103238160869,33512 273

168 6028768080922

169,340

88 1641180960764612

106071708211,721200935803

81 17617,05264 124

12,08328 188253651425812,75576691

5 1192924823 8655383

328411316,736

11675

326 508

314 95429080170288,712

2997575,58049207

116 90091,319

11,554

4609191,99017,137

112772

3511222,518148 66673.852

55,8168,849

11,21275819,762

81 7699 107

178281329025,022

41 0915378

1130248183844

91033218623,57066048332

202189,9965,634

363111460740 115

214103265873,24011 53022,393

108 478

1025082 37669,67612 700

1780149328084734

170,913

883031132460404235

109791730312,60020,9094083

8261016,81465796

12,77629 384250251508313,16675479

562528 18623 2304956

326 446314,968

11 478

325 918

314 47728595168978,425

3036275,57850 124

11551590,504

11,441

4854190,92617,607

112531

3732222,984147 28874.696

56,8679,074

11,1507626

10,394

824319315

18,3271346524,762

415575537

1155948963793

91017218363,7656 6088429

20 1169,6045,677

367861457339658

216373282673,75611 68822,613

109 352

10 44683 28370,60212 681

156,8317903577796

172,611

896961246664364842

108041637612,055206536 116

8291517,21365702

12,82829 2532694414 47412,90076059

55102970824 2265482

326 866315,502

11364

328,206

316 8532909017 1058,599

3062074,88550466

117 45692,166

11,353

4922192,75617,752

112645

3728223,533147,58175.952

56,5949,095

11,1957,8429,766

829969571

18,5031337525,065

42 6315746

1166850263864

91 14021 9513,9316 5508*445

202819,3205,624

3642114,77239947

218813320574,15611 39422,727

109 998

1067483 74271,05312 689

164,7818148783294

170,063

873501160260824*466

99011765811,920203755 106

8271317,03365680

1235328 9452750314 28411,94475034

52523045924 7005759

325 13331381211321

328 757

317 36928708170758,344

3009175,29750707

118 40592,449

11,388

4902194,278

17,407112 170

3708225,006147 71277.294

57,4959315

11,48277989,931

840839888

185371355125499

43 5625884

119985 1683994

9147621 8263,9666 6428588

203639,2065,703

366921456840216

2198233 14275,14811 71423,006

111 624

1071985 07472,05513 019

172 7338750785226

168,444

86278li 42260224*348

100541749812,487186275617

82 16617,03165 135

1222129 282253021340812,27375958

53882958023 0266554

323 853312 779

11 074

328 613

317 4602852117 1688,062

2985675,44051526

11807393,126

11,153

4921193,10817,371

113213

3735225,758146,12679.632

57,6489,374

11,48079289,899

849869913

186541366126065

44 0845*981

12 14852764300

91 72221 6004,0436 6768664

207228,7725,729

367161422240784

2257033 18476,18011 86622,795

111 845

1098186 05372,98513 068

168 1508489883252

159,005

77804101705 1073944

92821598410,370157803432

8120116,60564596

1157828 655232251249011,57171486

48102482620 9963830

321 651310 908

10743

323,538

31268127627165657,638

29 15074,49950634

11665792,010

10,857

4517191,21917,017

110785

3348222,716143,58979.127

57,7409,426

11,5627,9039,807

855749944

18,7641371426,337

439615991

12,17653594 106

92269216194,03667098822

20,7558,6635,801

3702214,06341 184

23,0643302076,5701157022,901

112,419

110378651372,97213 541

158,2597847279,787

159,923

7995610,0325 1244036

926217,47211,87315,4293966

7996716,64463323

11,55628 5472695611 17111,69869995

4,87328663238134856

318 635308,436

10 199

321,478

310 99527,02416 1717,522

2891774,52651072

115,28391,187

10,483

4320190,51017,151

108 497

3093222,442142,96979.473

r56,824r9,3571 1,390

r7618r9,986

r84 246r9941

r!8,46313 551r25 536r44 156

r589612619

r5 156r4 189

r91 188r21 101

r4,243r6688r8*817

r20 438r8,680r5,508

r37 12214 373r39 693

r22 773r33 005r76,35911 364r22,575110338

10 880r85 825r72,18313 642

154,967r77 825r77 142

159,469

r79 764r9,378r4949r3698r9270

17,60511,65016,071

r4657r79 70516,720r62 985

10,989r28 493r25 64711 80511,033r71 502

r4836r28 552r22 518

r6034

r317 931r307,91810013

r319,865

r309611r26,59915 977

r7,392r28 746r74,713r51 563113,927r90,435

10,254

r4 163190,23716,791108 674

r3007r221,617140,737r80.880

56,9619351

11,83077389,490

8406910 14817,971134142587043 4055698

1251050804 143

9087921 1454,3396 4418722

203488,7895,455

369091436339607

224893308276,08411 08222,333

110244

1078985 58871,75913 829

149,8537476975084

157,594

783949,26846263785

890815,38511,52218,0746710

7920016,73662464

11,19028 444282341037410,67168681

50712950922 2287281

322 512312,210

10302

320,307

310 08425,27815 1946,959

2846273,64951955

116,72692,636

10,223

4 177193,51616,294

106 320

3046223,946139,99983,947





1980 1981

Annual

1981


1982

Jan. Feb.

GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INCORPORATIONS $

New incorporations (50 States and Dist. Col.):Unadjusted numberSeasonally adjusted . .. . do...

INDUSTRIAL AND COMMERCIALFAILURES t

Failures, total number..Commercial service doConstruction do...Manufacturing and mining doRetail trade do.Wholesale trade do....

Liabilities (current), total thous. $..Commercial service doConstruction do....Manufacturing and mining doRetail trade do....Wholesale trade do

Failure annual rate (seasonally adjusted)No. oer 10.000 concerns..

533 520

11,74215942355159949101,284

4,635,080413 502752,109

1 885 017993,539590 913

'42.1

4696045864

1,109155229150468107

421,360124 91569,0309876599,30129349

48.6

4293547662

1,133153228156494102

789,2053430954401

522 1108800290383

47.8

5127847927

1,212173228180505126

485,3354062951,853

219 5218706486268

47.6

5203249574

1,557217327225625163

536,8776591358,801

188 987165,28357893

61.8

48 11548907

1,464211335180592146

428,1996099863,722

113 187109 41680876

62.0

5172948489

1,408209298181594126

408,5438443553,59797692

138,90033919

60.8

5256650.433

4576247483

4830548792

4900247,947

4353349,413

COMMODITY PRICESPRICES RECEIVED AND PAID BY

FARMERS H

Prices received, all farm products 1910-14=100..

Crops # do....Commercial vegetables doCotton do....Feed grains and hay doFood grains .. .. do....Fruit do....Tobacco do

Livestock and products # do....Dairy products do....Meat animals doPoultry and eggs .. . do....

Prices paid:All commodities and services do....

Production items . . do..All commodities and services, interest, taxes, and

wage rates (parity index) 1910-14—100

Parity ratio § do

CONSUMER PRICES(U.S. Department of Labor Indexes)


ALL ITEMS, WAGE EARNERS ANDCLERICAL WORKERS, REVISED(CPI-W) 1967 = 100..

ALL ITEMS, ALL URBAN CONSUMERS(CPI-U) 1967-100..Special group indexes:

All items less shelter do....All items less food doAll items less medical care . . . .. .. do ...

Commodities do....Nondurables do

Nondurables less food do....Durables . . do

Commodities less food do....Services do ...

Services less rent do

Food* . . . do..Food at home do

Housing . do .Shelter # do

Rent, residential . . do ..Homeownership do....

Fuel and utilities # . doFuel oil, coal, and bottled gas do....Gas (piped) and electricity do

Household furnishings and operation do....

Apparel and upkeep do ...Transportation do....

Private doNew cars do .Used cars do....

Public . . doMedical care do ...

Seasonally Adjusted

All items, percent change from previous month .Commodities 1967=100..Commodities less food doFood do ...

Food at home do

Apparel and upkeep do....

Transportation doPrivate do

New cars do. ..

Services do. ..


614

539562583417452465

1219

691798878255

810799

950

65

247.0

246.8

235.524402455

23392450235.22104222.02703285 1

25462515

2633281 71916314.02786556.03018205.4

1784249.724921793208.125162659

631

579673565446456477

1360

685841842265

854

1031

61

272.3

272.4

258.52706270.9

253.62663257.5227 1241.2305.73243

27462699

293531472082352.73192675.93459221.3

1869280027751902256931202945

660

623694647490497455

1296

697863848279

862844

1012

65

260.7

260.5

247.62576259.2

245.42569245.32210232.4287.73042

26862656

279 1300 12009335.82967625.93185212.6

181 1264.726291853234.028642795

08246.423342693266 1

183.0

266526491839

2885

658

623795598491492456

1296

693856845275

(2)847

1017

65

263.5

263.2

25122604261924832623253.22203235.4290 13069

27082673

2809300 52019335.83045675.63229214.9

18202709269418482343288 12826

10249.0236327102673

184.0

272627131839

2907

653

629834607490486450

1297

677844822270

854

1024

64

265.2

265.1

253.326232637

249.82652257.52198237.029253095

27222686

2826301 62030336.83084693.43267216.9

185 1273527171829235429392847

06250.1237527172680

1849

275 327381831

2930

652

618664614488486456

1300

687832851264

863

1031

63

266.8

266.8

254.92642265.4

250.82659258.1221 1238.029543128

27292687

284830382042339.33105690.63306219.2

186427532734186 1239129722870

04250.1237327232679

185.7

274 52728186 1

2960

648

615650612494471470

1304

680826845254

863

1033

63

269.1

269.0

256226702676

25192658258.22239239.629963174

27252677

2885308 42059345.03149685.83396220.1

1864277827601909245229772890

08251.1238 527262680

1858

275 8274 l1899

2999

650

597597601478439475

1304

704820890261

866

1037

63

271.4

271.3

257.826952699

253.22662258.02266241.130353219

27362687

292231262068350.43202682.03502221.1

1858279927791922252930392915

07252.1239727322682

186 1

276 927491920

3033

649

595662594463436440

1369

704820885270

859

1035

63

274.6

274.4

259.927272730

255.0267 1257.52296242.63088328 1

27622716

297031852078358.0325 1677.93576222.4

18472826279619252603323 12956

1 1254.0241 627502699

187 1

279 727661928

3086

627

558622549430430474

1 409

699820877265

858

1038

60

276.5

276.5

261427492749

2562268 125842309243.831223317

27742728

29973220210336183278674.63608222.9

1874283728051919266932652993

08255.424302765271 3

1884

281 427831928

3122

609

521600490393427464

1 452

701844873264

859

1040

59

279.1

279.3

26352782277.8

2577269526032326245.531733375

2780273 2

3037326 921193678331 1673.43645224.5

19072852281919132728329 13017

1 1257.3244927832733

1890

284 6281 51937

316 9

594

516607526382436477

1404

675856823255

850

1037

57

279.7

279.9

264.52790278.3

2579269526072329245.931863387

2776272 1

303532662136366.7330 1672.73606225.6

19152872283 91925278233083048

04258.3245927902735

1895

2882285 1194 0

318 4

593

524621507373442561

1422

664856794266

849

1037

57

280.4

280.7

2654280 12790

25802695261 1233224623206340 8

277 12710304 2327 2215036723298676.1358 3227.2

191 3289 128581953281433323082

05258.8246527932733

1893

2908287 8194 6321 4

584

528728432381434547

1469

641856756253

840

1031

57

281.1

2815

26602808279.6

25842698261 12337246.532183420

2778271 7

3052328 021653678331 8682.53599227.7

190 528982865197 028193338310 2

04259.6247 5279 5273 1

1894

29252896196 1

3229

r601r545r892r421r400r432r519

1478r659r850r791259

r856rl 058

r57

282.1

282.5

26742814280.6

258827082602233424593239344 22810275 3

306 13283217836753362686.0367 4228.4

187 32899286 6197 4280533493134

0 3259.9247 2281 5275 9

1893

291 9288 7196 0

324 4

609

538873420386422549

1478

683850836264

858

1 060

57

282.9

283.4

2683282 1281.5

2595271 7260 1233724603253345 7

2833278 0

3073329 521863687337 1683.1368 7230.2

18802880284 5195 527973368316 2

02260.4247 2283 2278 1

190 1

2899286 5194 5

325 6




1980 1981

Annual

1981


1982

Jan. Feb.

COMMODITY PRICES—ContinuedPRODUCER PRICES §

(U.S. Department of Labor Indexes)


Spot market prices, basic commodities:22 Commodities 1967-100.

9 Foodstuffs do .13 Raw industrials do....

All commodities do....By stage of processing: t

Crude materials for further processing do ..Intermediate materials supplies etc doFinished goods # . .. .do

Finished consumer goods do ...Capital equipment do

By durability of product:Durable goods doNondurable goods . doTotal manufactures do....

Durable manufactures doNondurable manufactures . . .. . . do

Farm prod processed foods and feeds doFarm products # do . .

Fruits and vegetables, fresh and dried.... do....Grains doLive poultry doLivestock . do

Foods and feeds processed # doBeverages and beverage materials doCereal and bakery products do....Dairy products doFruits and vegetables, processed doMeats poultry and fish do

Industrial commodities do

Chemicals and allied products # do....Agric. chemicals and chem. prod doChemicals industrial doDrugs and Pharmaceuticals do....Fats and oils, inedible do. .Prepared paint do

Fuels and related prod., and power # do....Coal doElectric power . . doGas fuels do....Petroleum products, refined do....

Furniture and household durables # do....Appliances, household doFurniture, household do....Home electronic equipment . do

Hides, skins, and leather products # do....Footwear doHides and skins do....Leather do

Lumber and wood products do ...Lumber . .. do

Machinery and equipment # do....Agricultural machinery and equip do....Construction machinery and equip doElectrical machinery and equip do....Metal working machinery and equip do

Metals and metal products # doHeating equipment doIron and steel doNonferrous metals do

Nonmetallic mineral products # doClay prod., structural, excl. refrac do....Concrete products doGypsum products ... do

Pulp, paper, and allied products do. ..Paper do

Rubber and plastics products doTires and tubes do

Textile products and apparel do....Synthetic fibers Dec. 1975=100..Processed yarns and threads doGray fabrics doFinished fabrics . doApparel 1967—100Textile house furnishings do

Transportation equipment # ....Dec. 1968=100..Motor vehicles and equip 1967—100

Seasonally Adjusted $

Finished goods, percent change from previousmonth

By stage of processing: tCrude materials for further processing 1967=100..Intermediate materials, supplies, etc do ..Finished goods # ... do

Finished consumer goods doFood doFinished goods exc foods do

Durable doNondurable do

Capital equipment do....

1 283.5'264 3'297.9

268.8

30462803247024892398

25152824261525082730

24472494238.62390202 12527

24122330236.023062287243 1

2748

260.3257 13240174.529802353

574.046733216760.76747

187.71742204.8914

248.9233 1370.9310628893258

2398259.22894201.72744

2864206530523050

2830231.5273925632492256821742369

183.5134.71225138 1115717242069

207.02088

281.72677291.6

284.8

3280296 126092625254 6

262 73026277326232935

2579264525872777213 12443

25332430251524472384248 1

2915

274.32676344 5184.73107242 9

634.64778341 4857.17369

1940182 2212991 1

258.22384377.533262965331 3

2533276.43059211.92897

294021663230292 1

296 6239.52862259 626442717224 82409

193 1146.5129814361222179 92198

227.42290

1 2

329.1297 1260 82627250726552132304 5253.8

273.425852842

2876

3365298 3263326502567

26383068279326342964255 12624275 12675220 8244 6

250 22448252 1245 02437243 6

2957

277.62716352 1187.32897246 6

667.54808346 2881.67696

1952183 5213891 3

257.72407367.4310 02947326 9

255327843100213.72916

2940217 63232287 4

297 9239.82866257 326722729226 42435

1939147.11303144 0122 9180 72213

229.12309

08

332 129842628264 6250426832142308 7256.0

275.12550289.8

2903

3342302026602682258 1

264 931092823264 43017

2535260729282618213 52393

248 524542522245 l25522420299 6

280.42758354 5189.32957246 6

696.5481 1351 2889.98255

1958184 2214591 4

261.22404(2)322 52944326 2

257527983128216.0294 9

2964219 53282286 5

300 9244.6286 9257 62690273 8228 42486

1952148.9134 6144 7123 2181 4221 3

228.12295

I i

32843015265 726782523272 1214 4315 1257.9

276.02530293.0

293.4

3363305 8268527062608

267 8314 2285326723049

25382633286 12647195 42466

247 624602539245 42580239 1

303 5

286.02778362 4191.03127248 1

707.2486 1355 5907.88409

1964185 12165

90 9

263.5241 1

337 829943336

259628253170217.42987

298 8219 8331 0288 4

310 8246.02899256 82714275 2230 8250 7

1976151.5135 0146 6124 9184 3222 1

231.92339

09

333.2304 1268 227042527275 521623198260.2

269.724402889

294 1

3344306 726992715262 5

2686314 82862268 23057

2529259627532577207 2251 8

248 224762563244 62594245 2

304 7

288.6279 1368 5192.4312 12500

709.0487 3360 4933.98353

197 4185 5216490 8

263.7241 4

330 0298 4336 3

26072857318 4217.5299 9

299 1222 3330 4287 7

312 0250.1291 2261 1272 1275 9231 8251 2

199 2156.4138 6145 8125 7185 2224 0

233.62360

02

3337305 7268 8270 6253 3275 6217 7318 8262.0

(2)(2)

(2)

2948

3354307 227052723263 8

269 131572869268 93064

254326072633257 l2100263 0

2499248 12564245 22625248 6

305 1

290.52889369 7193.2303 1250 0

707.6491 7366 6954.6828 1

1973186 1218686 7

261.6241 5

321 0298 1335 8

262 12868320 1219.2301 3

298 4223 5330 1284 5

313 6250.7293 5260 72729278 5233 4251 2

200 1157.91393147 41256186 22239

234.32367

06

3369306927032720254 5277 1218 93204264.1

2962

3373308 527182735265 4

270 83168288027063069

256826332656257 4215 3266 5

252 224902583245 1265 9257 1

306 2

291.3288 9370 4195.5290 9250 7

704.9505 5374 6969.4816 3

199 5188 8220 0

87 4

261.1242 4

3190296 5332 4

264 8288 1323 8221.1302 9

302 0226 4338 8282 8

314 3250.9293 4259 7274 9279 7232 1246 8

201 3159.7140 3148 2126 0187 2227 1

235.0237 4

04

3376308 1271 3272 92566277 4218 5321 2265.6

2964

3330310 127152730265 8

271 931622886271 73069

25422579258 1242721032620

251 224942577245 32673254 4

307 2

293.3293 4371 5195.0305 6250 7

704.35070385 8949.3813 4

199 6189 1220 787 6

261.3242 5

313 7294 53299

266229033250222.8303 5

304 122793399287 3

314 1250.9293 4255 3275 9282 1234 12499

2024161.2142 0149 0126 8187 8228 8

235.9238 4

03

3344309 7272 l273 32568277 92196321 5267.4

2957

3274309 72715273 1265 3

271 8315 02883271 7306 3

2503251 12528227 0196 7257 3

248 9249 12585245 52700253 3

307 4

293.32926371 8197.8285 6250 7

703.5510 2383 8976.6806 1

201 0190 1222 287 8

261.7242 9

313 2289 3320 2

268 12928326 5224.2305 3

304 9228 5339 8289 4

313 2255.32929252 9277 8285 9235 7256 5

202 9161.0142 3149 11268188 0232 2

231.8232 8

0 2

328430982726273 92555279 3219 5323 9267.8

r296 1r3199r309 4r2743r275 1r271 5r275 0r3128r2898r275 1r3055r2460r243 1'24882276185 7

r244 5

246 6r2500r2569r246 8r271 7246 6

'3090r292.4r293 1'3679198.5277 7

r250 7r698.1r510 8r378 4'965.6rgQ2 3

r201 31908r222 8

rgg 1

r260.0r2396r313 7r284 3r311 7r269 3r2955r3283'225.3r3066r305 3r229 0r341 3r285 4r313 3'256.2293 3252 4

r279 2r2878r237 3r257 1r204 0162.7144 4148 0126 7189 9r233 0r244.5r247 8

rO 6r32273097

r274 2r275 2r2550r281 4r2225r325 3r270.5

2955

314 1309027452749272 9

275 2311 52896275 5304 6

242 7237 42532226 5175 0231 1244 7250 82575246 9270 12400

309 1

292.5295 4365 6198.1282 5254 g

697.5513 1377 6981.4797 9201 6189 7225 488 0

261.7241 1

311 32830308 8

270 0298 7329 6226.0307 5

303 9227 6339 8281 4

313 5255.9293 2251 3280 2287 1238 7257 5

203 2162.5140 3147 9126 5188 7237 9

246.2248 6

rO 4

31823106275 3276 1253 2283 4224 1327 6272.5

2959

3116309 627532756274 l

275 9311 62900276 3304 5

241 223452798213 6171 4225 0

244 0251 52559247 2271 4236 3

310 1

292.7294 5364 6198.7280 4256 7

702.75156383 8

1,007.7798 3

202 2190 2227 087 8

262.7241 7

311 9285 2309 7

271 6301 33320226.9312 2

303 6229 2339 7277 5

313 6257.1293 5249 7280 7287 5239 0255 9203 1162.4139 8147 7125 8189 1238 1

246.7249 2

0 3

313 8311 3276 i276 6253 1284 2224 3328 9274.1

2982

3182311 327742777276 1

277 4314 72918277 8306 8

246 2242 12883225 2186 8236 8247 4253 5256 6247 72728244 2

311 7

293.4295 8363 8200.9272 8259 3

705.8526 l392 5990.2802 9

202 7192 0228 2

87 5

264.5241 4

320 3285 7310 6

273 5302 2337 0228.3313 7

305 1232 2343 1275 4

315 1257.1294 8250 4283 9288 8239 52566

203 7163.7135 3148 3126 7190 1241 9

248.3250 4

0 4

319 2312 4277 3277 9255 9284 8224 0330 12752

2985

3215311 3277 4278 1274 8

277 3315 32919277 7307 2

248 5247 12893223 2197 3251 2

248 3254 22553248 0274 7247 4

311 4

294.5297 9362 8203.0274 2259 3

697.6529 1392 6987.97894

203 9193 8228 387 5

263.3239 2

317 8285 4308 3

274 9303 7338 1229.4315 8

305 0231 9343 0274 2

318 4257.42956255 o285 4289 5241 o259 6

204 2164.1134 9147 4126 9191 0245 5

244.7246 l

-0 1

317 3311 4276 9277 7257 1284 0222 6329 6274 1





1980 1981

Annual

1981


1982

Jan. Feb.

COMMODITY PRICES—ContinuedPRODUCER PRICES— Continued

(U.S. Department of Labor Indexes) — Continued

Seasonally Adjusted

By durability of product:Total manufactures 1967—100

Durable manufactures doNondurable manufactures.. . ... do ..

PURCHASING POWER OF THE DOLLAR

As measured by:Producer prices 1967 — $1.00..Consumer orices do....

0.4050.406 0.367

(2)

(2)

(2)

0.3830.384

0.3800.380

0.3760.377

0.3720.375

0.3710.372

0.3700.369

0.3680.364

0.3680.362

0.3680.358

0.3650.357

0.3640.356

0.3630.355

0.3600.354

0.3600.353

CONSTRUCTION AND REAL ESTATECONSTRUCTION PUT IN PLACE

New construction (unadjusted), total mil. $..

Private, total # do. ..Residential do....

New housing units do

Nonresidential buildings, except farm andpublic utilities total # .. . mil. $..

Industrial doCommercial do

Public utilities:Telephone and telegraph do

Public, total # do....

Buildings (excluding military) # do....Housing and redevelopment do....Industrial . do .

Military facilities do.. .Highways and streets do....

New construction (seasonally adjusted at annualrates) total . bil. $ .

Private total # .. do .

Residential .. . do .New housing units do....

Nonresidential buildings, except farm andpublic utilities total # ... bil. $ .

Industrial doCommercial do

Public utilities:Telephone and telegraph do

Public total # do

Buildings (excluding military) # doHousing and redevelopment doIndustrial do....

Military facilities do....Highways and streets do

CONSTRUCTION CONTRACTS

Construction contracts in 50 States (F.W. DodgeDivision, McGraw-Hill):

Valuation, total mil. $..Index (mo data seas adj ) 1977 — 100

Public ownership mil $Private ownership do....By type of building:

Nonresidential do....Residential do

Non-building construction doNew construction planning

(Engineering News-Record) § do....

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total (private and public) thous..Privately owned do.

One-family structures do....

Seasonally adjusted at annual rates:Total privately owned do....

One-family structures . do

New private housing units authorized by buildingpermits (16,000 permit-issuing places):

Monthly data are seas. adj. at annual rates:Total thous

One-family structures do....

Manufacturers' shipments of mobile homesUnadjusted thousSeasonallv adiusted at annual rates do....

230,273

174,89787,26163,139

52,43413,83729,945

6,733

55,376

18,8641,6481,788

1,88013,785

148,393106

41,717106,676

52,49263,66832,234

149,143

1,312.61,292.2

852.2

1,191710

221.6

236,725

183,14985,77761,994

59,74716,88333,489

7,039

53,575

18,4781,7392,083

1,95913,162

150,189107

39,070111,120

58,25060,06331,877

166,366

1,100.31,084.2

705.4

980562

240.7

16,882

13,1906,6234,920

4,1101,0932,324

456

3,693

1,499150180

140664

259.0

193.9

100.774.2

58.215.333.0

7.1

65.2

20.72.32.3

1.819.4

11,558135

r3,218'8,340

'4,000'4,227'3,330

14,991

85.284.548.0

1,585974

1,214715

15.9232

16,184

12,6896,1784,668

4,0421,0632,283

455

3,496

1,361140135

170594

254.5

193.2

99.775.1

58.415.133.4

7.3

61.3

19.71.91.9

2.217.8

10,405112

3,0077,399

4,0854,2062,114

12,449

'72.571.948.0

1,294835

1,165677

17.4254

18,020

14,1826,9245,242

4,4501,2522,457

588

3,839

1,508147178

135653

250.3

189.6

96.373.0

58.315.433.3

7.1

60.6

20.41.92.0

1.716.2

13,904117

3,64910,255

5,3455,9292,630

11,212

108.9107.870.5

1,318863

1,153678

21.6255

19,254

15,0887,5845,524

4,6141,2392,609

557

4,166

1,493159170

168880

246.5

189.9

95.272.9

58.115.533.4

6.9

56.6

18.62.02.0

2.115.1

14,378123

3,70310,675

5,2726,5692,537

15,545

124.0123.083.6

1,301868

1,186689

24.1265

19,978

15,5657,8835,613

4,7161,2832,698

566

4,414

1,507158191

1811,061

235.9

184.1

89.767.7

56.815.532.4

7.0

51.8

17.91.92.2

2.112.4

13,350102

3,23610,113

5,0505,8872,413

14,093

110.6109.973.8

1,172776

1,167654

22.9262

21,297

16,3558,0015,810

5,0731,3702,875

611

4,941

1,553155187

1821,465

234.0

181.8

86.064.3

58.416.232.4

6.5

52.2

17.61.82.0

2.313.3

14,919109

3,40711,512

5,5605,9043,454

11,684

107.0105.872.5

1,046705

963567

23.1256

21,498

16,4407,8145,694

5,3331,4923,028

590

5,058

1,601146183

1801,530

233.9

182.3

82.960.5

60.517.234.0

6.8

51.6

17.41.52.1

2.113.2

13,65199

3,29210,360

5,5725,8532,227

12,897

101.099.969.5

1,040696

913528

21.8267

21,407

16,4097,6105,541

5,5111,6213,065

602

4,998

1,615150157

1451,469

229.8

180.6

80.558.1

61.418.333.7

6.7

49.3

17.51.81.8

1.612.2

12,28999

3,3368,953

5,2704,8942,126

11,890

87.386.357.0

946614

865494

22.4238

21,834

16,3637,3595,384

5,5271,6513,031

645

5,470

1,745129230

1631,563

230.9

178.6

78.555.9

61.218.333.4

7.1

52.2

18.51.42.4

1.812.5

12,868100

3,9658,903

5,1254,8442,898

11,999

90.984.158.3

899623

850453

21.5232

21,261

16,2617,0995,031

5,6351,6843,087

696

4,999

1,528125112

1641,414

229.9

178.2

78.252.8

61.218.633.0

7.2

51.6

17.51.41.6

2.111.5

12,328101

3,5418,787

5,2874,8722,169

16,597

88.187.249.9

854507

722398

20.2208

'20,053

15,518'6,686'4,609

5,4981,6113,067

626

4,535

1,571139159

1681,121

231.6

179.2

78.1'50.9

62.118.434.5

7.4

52.4

18.91.62.2

2.012.5

9,72292

2,4067,316

4,3803,7371,605

15,492

64.964.640.1

860554

723401

15.7207

19,055

15,089'6,015'3,958

'5,2371,525'2,969

647

'3,966

1,496142204

164'748

'234.4

181.3

'79.6'51.2

'62.717.7'36.0

7.4

'53.1

18.91.62.6

1.911.6

11,577112

2,8628,715

4,4453,7393,393

17,516

'59.7'59.1'34.1

'882'550

789454

14.2206

15,340

12,3665,1373,410

4,5421,2262,625

2,974

1,196104119

163416

231.0

180.1

77.951.1

63.917.236.9

50.9

16.41.61.5

2.112.2

10,580116

2,6737,907

3,4583,0084,113

13,920

48.2'47.8'29.7

'895'598

'832'462

13.9211

12,102

51.331.0

953533

838450





1980 1981

Annual

1981


1982

Jan. Feb.

CONSTRUCTION AND REAL ESTATE—ContinuedCONSTRUCTION COST INDEXES

Dept. of Commerce composite 1977=100..

American Appraisal Co., The:Average 30 cities 1913—100

Atlanta doNew York do....San Francisco doSt Louis do

Boeckh indexes:Average, 20 cities:

Apartments, hotels, office buildings 1977 = 100..Commercial and factory buildings do....Residences do....

Engineering News-Record:Building 1967-100Construction do..

Federal Highway Adm. — Highway construction:Composite (avg. for year or qtr.) 1977—100..

CONSTRUCTION MATERIALS

Output indexes:Iron and steel products 1947-49—100Lumber and wood products do.Portland cement do....

REAL ESTATE H

Mortgage applications for new home construction:FHA net applications thous units

Seasonally adjusted annual rates do.

Requests for VA appraisals do.Seasonally adjusted annual rates do....

Home mortgages insured or guaranteed by:Fed. Hous. Adm.: Face amount mil. $..Vet. Adm.: Face amount § do.

Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $..

New mortgage loans of all savings and loanassociations, estimated total mil. $..

By purpose of loan:Home construction do....Home purchase . doAll other purposes do....

143.3

249526602,55326712343

125.1127.7128.9

2877301 4

163.0

1414

2022

16,458.5313 855 54

48,963

72,537

149464295714,634

152.7

264328412,64528732453

137.4140.1136.0

31033289

156.7

923

1538

10,278.147 905 93

65,194

53,283

115992829913,385

149.2

257827732,62128202396

131.1133.9129.7

29823139

74128

125182

955.3391726

48,581

r4,288

1030r2317

941

149.7

258127812,63928212357

29843140

83121

149196

849.3674520

48,206

r3679

r8891967

r823

152.1

257627882,62928342346

132.6135.3131.3

29803150

1600

13 0144

173192

983.7070641

49,175

r4927

1226r2 5401,161

151.1

260028072,64428552361

30553214

113120

182192

1,121.5576970

51,530

r5537

1 367r2 8281,342

150.6

263528052,64028552485

135.4138.1134.4

307 33233

8888

154180

983.4258344

53,148

r5734

1 248r3 1301,356

150.2

265527842,63128212476

30833268

1524

7484

142156

978.0287583

56,095

T6052

1 187r3 4351^430

152.2

267828942,65329152467

139.7141.9138.3

312 13316

6265

138150

793.4764407

59,475

r4987

1003r2 7711,213

153.0

267928962,66829092505

3135332.8

7284

119135

622.9869621

62,471

r4055

772r2323

r960

154.5

267628982,65828932494

142.1145.3140.4

3166336 1

157.3

5458

85r99

1,014.78660 19

64,347

r3865

r8031 9701,092

155.5

267828922,65528962491

319 13419

4550

90100

654.2848573

64,662

r3465

r6501 838

r977

156.0

267828782,64629182523

143.2145.9141.6

32363454

4661

87123

727.94464 19

64,409

r2934r600

1 498'836

158.2

270028932,65929342535

3233344.9

156.8

82126

9 1141

593.3135769

65,194

r3760

r8241 6821,254

159.1

144.1146.3142.1

3247346.8

75136

93142

443.8732739

65,099

2369

4121 094

863

*3257^478

86126

9 1119

606.5239360

65,089

DOMESTIC TRADEADVERTISING

McCann-Erickson national advertising index,seasonally adjusted:

Combined index 1967- 100..Network TV do....Spot TV do. .Magazines do....Newspapers do....

Magazine advertising (Publishers InformationBureau):

Cost, total mil. $..Apparel and accessories doAutomotive, incl. accessories do....Building materials doDrugs and toiletries do....Foods, soft drinks, confectionery do....

Beer, wine, liquors doHoushold equip., supplies, furnishings do....Industrial materials doSoaps, cleansers, etc do....Smoking materials do....All other do....

Newspaper advertising expenditures (MediaRecords Inc.):

Total mil. $..Automotive doClassified doFinancial doGeneral do....Retail do....

WHOLESALE TRADE t

Merchant wholesalers sales (unadj.), total mil. $..Durable goods establishments do....Nondurable goods establishments do....

Merchant wholesalers inventories, book value,end of year or month (unadj.), total mil. $..

Durable goods establishments do....Nondurable goods establishments do....

2,846.1111 7229.5483

284.2211.6

2389138.870829.8

289.71,198.0

8,192.31836

2 19182980

1,122.74,396.3

1,043,886438,439605,447

105,44966,71638,733

184367

14823

18 19.0

1158.94 31.9

20786.0

671 2162

197 7339

100.63227

93,84535,92757,918

105,44666,23039.216

225762

24032

24917.9

14 47.83 81.9

24896.8

7038194

199 2246

113.33474

89,64137,05452,587

107,20968,25138.958

268012 125732

274184

17 811.65 82 1

3001139

8403225

235031 2

13624154

101 27341,99159,282

107,9076920838.699

288314 427248

316194

19614.86030

2981178

8166184

215 6309

12654252

99,08141,93457,147

106,4206967336.747

297911 1310

7 4313175

19 018.47 234

24 81268

884 521 3

240 226 0

1349462 1

9667640,67955,997

105,98571 11334.872

267 17 4

29053

274195

25712.35 420

2851045

772215 7

217 1280

11403974

98,63943,15255,487

106,9157182135.094

196664

17636

21 4176

15 09.94 31 4

25 5734

707315 8

208 829 794 1

3589

96,07241,45954,613

105,5567072934.827

210912 91744 8

223158

14 39.54 01 9

275807

811 721 3

238 835 2928

4236

9365541,34952,306

106,6037148735.116

284821 11477 2

309184

18 114.65 93 2

25 6125 1

779317 4

204 339 4

1094408 8

9699241,58755,405

108,1347234835.786

330515 42935 4

282237

24 821.1793 6

23 61468

856 724 7

207 845 5

1294449 4

9923642,06557,171

109,5557195837.597

393316 53845 4

31 1342

33 723.58 33 5

2841703

936 719 6

201 331 1

137 1547 5

94 44939,19555,254

111,9307343238.498

275311 621 13 8

235203

37 91304 71 7

25 21127

795 013 2

149 131 7917

509 4

r97 098r39,970r57,128

112,032r73 304r38.728

8705834,49452,564

112,0517235639.695


369-912 0 - 82 - S2 : QL 3




1980 1981

Annual

1981


1982

Jan. Feb.

DOMESTIC TRADE—ContinuedRETAIL TRADE

All retail stores: tEstimated sales (unadj.), total t mil. $..

Durable goods stores $ doBuilding materials, hardware, garden supply,

and mobile home dealers # mil. $..Building materials and supply stores doHardware stores . . do..

Automotive dealers # do....Motor vehicle dealers do....Auto and home supply stores do

Furniture, home furn., and equip # do....Furniture home furnishings stores do.Household appliance, radio TV do....

Nondurable goods stores do....General merch group stores do

Department stores do ...Variety stores do

Food stores do....Grocery stores do

Gasoline service stations . . .. do....

Apparel and accessory stores # do....Men's and boys' clothing do....

Women's clothing, spec, stores, furriers do....Shoe stores do

Eating and drinking places do....Drug and proprietary stores .. .. do ...Liquor stores do....

Estimated sales (seas, adj.) total t do....

Durable goods stores $ . do....Building materials, hardware, garden supply,

and mobile home dealers $ mil $Building materials and supply stores .. do....Hardware stores do....

Automotive dealers do....Motor vehicle dealers doAuto and home supply stores do....

Furniture home furn and equip $ do ...Furniture, home furnishings stores do....Household appliance radio TV do

Nondurable goods stores doGeneral merch group stores. . do....

Department stores doVariety stores .. . do .

Food stores . doGrocery stores do....

Gasoline service stations do

Apparel and accessory stores # do....Men's and boys' clothing doWomen's clothing, spec, stores furriers do...,Shoe stores do

Eating and drinking places doDrug and proprietary stores do....Liquor stores do

Estimated inventories, end of year or month: t

Durable foods stores # doBuildimr materials and suonlv stores doAutomotive dealers do

Nondurable goods stores $ do

Department stores doFood stores .. do ..Apparel and accessory stores do

Durable goods stores # do

Automotive dealers doFurniture, home furn. and equip do....

Nondurable goods stores $ do. .General merch group stores do

Department stores doFood stores doApparel and accessory stores do

Firms with 11 or more stores:Estimated sales (unadjusted) total mil $

Durable goods stores doAuto and home supply stores do

Nondurable goods stores $ doGeneral merchandise group stores do

Department stores . . do .Variety stores do....Miscellaneous general stores do


956,655

297 926

48,210336827743

167,017148,79918218

43,1982622813,190

658,729116 287294,185

8856

217,511202 06594,470

44,4878,025

16,9918040

86,6123155716,556

(2)

108 71751 1598 695

244578008

575581989414819124719 120

111 694518539076

242638,163

59,8412186116 178123729470

324 279

233903*501

300 889101 963892296,6276 107

120 22456 1689057

279258 472

640562287317 113136219692

123 662569709464

277588,645

66,69225 160187031352610064

357 461

255223733

331 939111 78097,9876,9836810

77,361

23239

3,3512360

565

13,35111,9261425

3,6162 1521,074

54,12272795,873

566

19,195178308,047

3,279565

1,258614

7,0652,7221,275

85,463

27,075

45963,246

731

14,965133551,610

4,0162,4041201

583889,9948078

775

1907217,6018497

3,945642

1,549728

78852,8151390

108 147519048 816

249317975

5624319 3971436612,1678624

111 790522349061

244918,196

59,5562161415980123159394

25080

1606'260

2347463145564

414336

74,321

23857

3,3592360

538

14,37013,0111359

3,3512020

976

50,4647 1605,783

557

17,47716 1337,616

2,911494

1,141530

6,7422,5301,195

r85,961r27,479

45963,233

738

15,46613 754

1,712

3,8882,3191 163

5848210,3068381

770

19 11217,6328596

4,022681

1,557755

78762,7681404

110 635524099 151

247838 146

5822620 59315 19012,5279060

113 507523749 096

242738,346

61,1332238616583127959679

23689

1565250

22 12462685491

416361

84,652

28295

4,0432785

655

17,33615,7451591

3,71622601,088

56,35789727,337

663

18,837174108,380

3,448552

1,355665

7,7102,7011,247

87,608

28,429

4,4813,126

731

16,330146881,642

3,8972,3131,185

59,17910,3068443

762

19,52218,0988613

3,947660

1,502745

8,0062,7701386

113 741530189590

246248374

607232205416*28912,8929436

113 404517919302

233858,450

61,6132264616690128409638

27291

1863288

2542879556977

511467

85,770

27688

4,5243038

771

16,27914,5631 716

3,60822291,047

58,08299618,093

787

19,383178398,492

3,972621

1,532831

7,8972,7691,285

85,855

26,356

44273,087

732

14,572129451,627

3,8222,2861 166

5949910,5638610

792

1967218,1858595

3,931646

1,547734

78422,8311401

114 951538689642

255398358

61083224991678312,8919453

113963523069298

24 1848,316

61,6572264416817129309646

28755

2039324

2671687767,677

593506

87,383

27669

4,7983221

809

15,79114,1541637

3,66223001,043

59,714102418,359

738

20,387189418,734

3,735615

1,470728

8,3442,8101,381

85,501

26,536

4,3993,127

718

14,786131671,619

3,7942,3231 103

58,96510,3508452

748

19,50618,0918513

3,923

1,534739

79022,8301396

115877550339849

264708431

60844225751689312,8229265

115 42653*5299590

250668,423

61,897228461701212,9259512

29643

2 148315

2749590437,930

563550

87,784

29 130

4,9933463

809

16,79415,0421752

3,8192,3511,154

58,654100118,220

716

19,79218,3388,996

3,632626

1,404690

8,2642,7581,367

87,384

27,532

4,3813,040

740

15,60313,9671,636

3,8732,3371,170

59,85210,6748,754

763

19,85018,4308633

4,000674

1,572750

7,8932,8261,368

117,34255,9699711

27,5038472

61 373229601698912,8149,325

117307548809558

26,4468,447

62,427233041724812,8409643

29017

2206343

268118,8747,809

548517

88,768

29038

4,7693361

784

16,92215,0501872

3,7792,2811,182

59,73095307,757

716

21,03819,5579,173

3,598565

1,439660

8,5242,7691,448

87,350

27,753

4,2602,910

735

15,99814,2121,786

3,7192,2151,163

59,59710,4098,496

768

19,93918,4678541

4,013662

1,580750

7,7992,8371,376

11898056,2389487

27,8938382

627422351517,31912,8939,718

11982456,1999487

27,6728,458

63,625237951769113,0509876

29238

2 170339

2706883907,372

530488

89,555

29438

4,6463298

748

17,35215,5011851

3,9152,3781,211

60,11710,3558,467

757

20,23418,8408,955

4,126649

1,592774

8,5882,7561,422

88,591

28,439

4,1582,850

751

16,72614,9481,778

3,8832,3361,212

60,15210,7138,756

781

20,32818,8978,480

4,052708

1,595746

7,7932,8441404

119 106546809461

258788480

64426244371799212,93610 154

121 27757 1219537

282828,463

64,1562407017849131469955

29772

2 123324

276499 1628,057

572533

86,023

27797

4,5343225

731

15,98814,1811,807

3,8732,3321,204

58,2269,8278,099

668

19,59718,2438,648

3,929623

1,561756

8,0732,7141,343

88,699

28,380

4,1452,834

723

16,63014,8181,812

3,9072,3721,197

60,31910,5078,607

738

20,05018,5968,683

4,062706

1,559722

8,0812,9091,414

122,08054,6639358

25,5528553

67,4172627419,44713,23910,590

122 21957,1249443

28,2658,468

65,0952468518,43313,3739962

28814

2086313

2672887017,687

508506

89,289

27315

4,4953 198

758

15,38213,5171865

3,9202,3191,264

61,97410,9108,909

757

20,77919,4078,762

4,234725

1,654793

8,2712,8801,403

86,660

26,319

3,9522,712

707

14,93713,2261,711

3,8072,2511,227

60,34110,5818,624

750

20,20618,8058,557

3,992713

1,502734

8,0772,9241,396

127,81556,6549375

26,6698887

71,1612845121,16413,69011,043

123 48557,4929518

28,3118,562

65,9932538118,86313,2919985

31026

2 131332

2889595938,440

570583

87,813

25 867

4,0482850

716

13,93212,1901742

4,0162,3821,296

61,94612,49210,203

787

19,56218,2188,364

4,271744

1,639761

7,6532,8431,383

87,222

26,484

4,0952,827

729

15,06713,3371,730

3,7802,2201,238

60,73810,7458,758

753

20,53819,1168578

3,940634

1,525710

8,0052,9341,377

130,767r58,021

r935827,626r9066

r72,7462878021,64513,98811,256

123 799r57,464'953928,133r8,819

r66,3352521718789

13,41210 159

r32 050r2271

312r29 77911 040

r9,678r613r749

106,441r29 045

r3,689r2324

r875

13,82912,0691760r4,888r2,5951,742

r77,39619,79016,0831,440

r22,069r20,265

r8,652r6,6621,238r2,4931,073r7,973r4,003r2,044

r87,444r26,694

r3,920r2,626

r724

15,26213,5761,686r3,818r2,2601,228

r60,75010,724

r8,708r750

r20,55319,118

r8,558

'3,965r643

1,517•768

r7,997r2,9201,462

120,22456,1689057

27,9258,472

64,0562287317,11313,6219,692

123 66256,9709464

27,7588,645

66,69225 16018,70313,52610064

43086

3314333

397721766415,3051,1451,214

r77,279r21 912

r2,9471940

626

12,69011,1731517

r3,3522,0221,048

'55,367r7,468r6,128

534

19,98518,659

r8,185r3,319

511

1,258686

r7,270r2,7711,297

r86,165r25,756

r3,9732,625

806

14,49012,7261,764

r3,6712,2171,159

r60,40910,491

r8,655732

r20,13718,734

r8,726r3,996

5961,549

797r8,051r2,8801,430

'75,693123 184

'2,956

14,08912,648

'3,218

'52,509'7,376'6,024

18,55217,241'7,722

'2,909

'7,078'2,686

'87,552

'26,538

'3,994

15,14013,300

'3,733

'61,01410,637'8,743

'20,37418,946'8676

'4,001

'8,250'2,945


March 1982 SURVEY OF CURRENT BUSINESS S-ll


1980 1981

Annual

1981


1982

Jan. Feb.

DOMESTIC TRADE—ContinuedRETAIL TRADE— Continued

Firms with 11 or more stores — ContinuedEstimated sales (unadjusted) — Continued

Nondurable goods stores— ContinuedFood stores . mil. $ .

Grocery stores do

Apparel and accessory stores # doWomen's clothing, specialty stores,

furriers mil. $..Family clothing stores doShoe stores do....

Eating places do....Drug stores and proprietary stores do

Estimated sales (sea. adj ) total # doAuto and home supply stores do....Department stores doVariety stores do....Grocery stores do....

Apparel and accessory stores do....Women's clothing spec stores furriers doShoe stores do....

Drug stores and proprietary stores do

All retail stores, accts, receivable, end of yr. or mo.:Total (unadjusted) mil. $..

Durable goods stores do....Nondurable goods stores . do.

Charge accounts . .. . . doInstallment accounts do....

Total (seasonally adjusted) do....Durable goods stores do....Nondurable goods stores do....

Charge accounts do....Installment accounts... do.

113,214111 857

15204

6,19136643,707

17,01115665

(2)(2)(2)

(2)

(2)

(2)

(2)

C)

(2)

(2)

125 415123 444

16745

6,7934 1194 106

18,80217281

1028110 153

979

384240251

1,4131317

28474308

7696572

9,810

1,328538317

1395

92079058

926

384216235

1,3361226

29091329

7958585

9,899

1,387573342

1390

98839743

1 206

501276311

15481 344

29252304

8010575

10128

1,402574342

1393

10 1289960

1459

594325407

1,5471 392

29618303

8 150614

10,132

1,407593345

1 444

1069410543

1330

552311344

1,6451 416

29418307

8002575

10,147

1394566358

1427

1026710 116

1272

523307317

16101 403

30 118317

8290585

10,322

1410583352

1448

10,98010818

1225

528296292

1,6831409

29833316

8057577

10,332

1,427580358

1469

10,54610390

1491

584374370

1,6811400

30223316

8332602

10,645

1,390560343

1475

10,32710 179

1392

562330357

1,5301325

30205317

8 178560

10,440

1,404568333

1 448

1107510925

1452

594362358

1,6371394

29847307

8 170572

10,455

1,355544336

1452

10,33210 178

1539

r612r405r360

1,5791434

r30 279299

r8365r577

10,580

1,391r557r331

1466

11,69511381

2474

975677504

1,5932221

30523312

8304579

10,597

1416563349

1458

LABOR FORCE, EMPLOYMENT, AND EARNINGSPOPULATION OF THE UNITED STATES

Total, incl. armed forces overseas $ mil

LABOR FORCE


Labor force, total, persons 16 years of ageand over thous

Armed forces do....Civilian labor force, total do....

Employed do.Unemployed do

Seasonally Adjusted H

Civilian labor force, total do....Participation rate * percent

Employed, total thousEmployment-population ratio * percent..

Agriculture . ... thousNonagriculture do ...

Unemployed total doLong term, 15 weeks and over do....

Rates (unemployed in each group as percentof civilian labor force in the group):

All civilian workersMen, 20 years and overWomen, 20 years and overBoth sexfc3, 16-19 years

WhiteBlack and otherMarried men, spouse presentMarried women, spouse presentWomen who maintain families

Occupation:White-collar workersBlue-collar workers

Industry of last job (nonagricultural):Private wage and salary workers

ConstructionManufacturing

Durable goods

EMPLOYMENT t

Employees on payrolls of nonagricultural estab.:Total, not adjusted for seasonal variation ....thous..

Private sector (excl. government) do....

Seasonally Adjusted t

Total employees, nonagricultural payrolls do....Private sector (excl. government) do....

Nonmanufacturing industries do....Goods-producing do .

Mining do....Construction do....

'227 66

109 0422 102

106,940993037637

638

58.53364

95938

1,871

7 15.964

17.8

6.313.14.25.892

37100

7414.1859.0

90,56474,316

90,56474,31654,01625718

10204.399

'229 80

110 8122 142

108,670100 397

8273

639

58.33368

97030

2,285

766.368

196

6714.24.36.0

104

40103

77156838.2

91,54875,493

91,54875,49255,228256761 1044.307

22883

109 0102 125

106,88598 1398746

107 923638

9990158.3

344596456

8 0222,391

746.167

189

6.612.8r4.26.0

103

39102

76137858.4

89,98873,772

91,09174,86854,69425647

10834.390

22898

109 1362 121

107,015984018 614

108 034638

100 06958.4

334696723

7 9652,322

746.066

191

6.513.24.15.898

38102

76137858.7

90,13873,680

91,25875,01854,84125657

10914.389

229 12

109 7622 128

107 634993648 271

108 36463 9

100 40658.5

334397*0637 9532,269

736066

192

6413.64 15.99 6

3 9100

7 51478 180

90,72074,227

91,34775,143549522570510984.416

22928

1100352 129

107 906100 345

7 561

108 77764 1

100 87858.7

347097*404

7 8992,187

735.866

190

6413.2385.999

4 o97

731457675

91,33774,880

91,45875,2885495825700

9504.418

22944

1107132 127

108 586100 855

7 731

109 29364 4

101 04558.8

340597640

8 2482,231

756.367

194

6713.74.05.8

104

4 099

77157787.4

91,84875,434

91,56475,43355,01925705

9574.334

22962

112 0352 131

109 904101 419

8 485

108 43463 8

100 43058.3

3 34897082

8 0042,363

746 166

192

6414.2425.7

10 7

3 998

7 416 1747 1

92,48176,278

91,61575,5755515125818

1 1104.284

22980

112 8812 139

110742102 612

8 130

108 68863 8

100 86458.5

3 34297522

7 8242,170

725867

187

6313.8395.7

11 2

4 095

7 2152737 1

91,60076,213

91,88075,88855,353259391 1324.272

23003

112 2592 160

110 099102 152

7 947

108 818639

100 84058.4

340497436

7 9782,217

736.066

190

6214.74.05.5

10 1

3995

73162706.5

91,59876,450

91,90175,98455,479259311 1514.275

23026

110 4382 165

108 273100 389

7 884

108 494636

100 25858.0

335896900

8 2362,248

766.269

19.7

6614.84.46.0

107

4 i102

77163797.7

92,15976,599

92,03376,12855,632259301 1624.272

230 48

111 4022158

109 244101 028

8 216

109 01263 8

100 34358.0

3 37896965

8 6692,292

806770

204

7015.2486.1

10 6

4 i109

8 11768686

92,42476,403

91,83275,89455,65325662

1 1624.259

23067

111 3372 158

109 179100 502

8 676

109 27263 9

100 17257.9

337296800

9 1002,364

837 172

214

7 415.25.26.5

10 8

4 2118

8 41789495

92,29376,136

91,52275,59653,57925418

1,1724.229

23084

110 7382 164

108 574995629 013

109 184638

9961357.5

320996404

9 5712,372

887.974

21.5

7715.75.76.6

105

45127

9 118 111011.8

r91,932•75,803

r91,113-75,183r55,447r25 1041 175r4.193

231 01

110 1732 159

108 01497 83110 183

108 87963 5

9958157.4

3 41196 170

9 2982,399

857572

21 7

7 515.1536.2

10 4

4 2125

8 8187104110

r89,760r73,870

r90,839•74,937r55,409r24 7641,168r4.068

231 17

110 4922 168

108 32497 83110 378

109 16563 7

9959057.3

3 37396217

9 5752,724

887676

223

7 715.9537.0

10 2

4 6125

9 018 110 611 3

"89,863"73,897

"90,936"75,072P55,590P24 789"1,161"4.146





1980 1981

Annual

1981


1982

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedEMPLOYMENT t— Continued


Employees on nonag. payrolls — ContinuedGoods-producing — Continued

Manufacturing thous..Durable goods do

Lumber and wood products do....Furniture and fixtures doStone, clay and glass products do....Primary metal industries do....Fabricated metal products § do....Machinery, except electrical do....Electric and electronic equipment @.... do....Transportation equipment § do....Instruments and related products do....Miscellaneous manufacturing do....

Nondurable goods doFood and kindred products do....Tobacco manufactures doTextile mill products . do...Apparel and other textile products do....Paper and allied products doPrinting and publishing do....Chemicals and allied products doPetroleum and coal products do....Rubber and plastics products, nee do....Leather and leather products do

Service-producing doTransportation and public utilities do....Wholesale and retail trade do

Wholesale trade . . . do....Retail trade do....

Finance, insurance, and real estate do....Services do....Government do

Federal do....State and local do

Production or nonsupervisory workers on privatenonagric. payrolls, not seas, adjusted thous..

Manufacturing do....


Production or nonsupervisory workers on privatenonagri cultural payrolls "j" •• thous..

Goods-producing do....Mining doConstruction do....Manufacturing do

Durable goods . ... . do ...Lumber and wood products do....Furniture and fixtures doStone, clay, and glass products do....Primary metal industries do....Fabricated metal products § do....Machinery, except electrical do....Electric and electronic equipment @.... do....Transportation equipment § do....Instruments and related products do....Miscellaneous manufacturing do....

Nondurable goods do ...Food and kindred products do....Tobacco manufactures do....Textile mill products do....Apparel and other textile products do....Paper and allied products do....Printing and publishing do....Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee do....Leather and leather products do....

Service-producing doTransportation and public utilities do....Wholesale and retail trade do ...

Wholesale trade doRetail trade do....

Finance, insurance, and real estate do....Services do ...

AVERAGE HOURS PER WEEK t

Seasonally Adjusted

Avg. weekly hours per worker on private nonagric.payrolls: H Not seasonally adjusted hours..

Seasonally adjusted doMining $ do .Construction $ do....Manufacturing:

Not seasonally adjusted do....Seasonally adjusted do....

Overtime hours do

Durable goods do....Overtime hours .. do

Lumber and wood products do....Furniture and fixtures doStone, clay, and glass products do....Primary metal industries do....

20,30012,181

690469666

1,1441,6092,4972,1031,875

708419

8,1181,711

69853

1,266694

1,2581,107

197731233

64,8475,143

20,3865,281

15,1045,168

17,90116,2492,866

13,383

60,45714,223

60,45718,442

7573,461

14,2238,438

577378516879

1,1931,6051,3361,215

424314

5,7861,175

54741

1,082524703626124562196

42,0154,291

17,8814,319

13,5623,913

15,930

35.3

43.237.0

39.7

2.8

40.12.8

38.638.140.840.1

20,26412,139

680477651

1,1281,5842,5132,1341,839

718415

8,1261,683

71840

1,256692

1,2881,107

211744233

65,8735,152

20,7365,343

15,3935,330

18,59816,0562,774

13,283

61,21014,088

61,21018,250

8123,350

14,0888,321

565384501867

1,1681,5921,3381,176

422307

5,7681,153

55727

1,069521712627132574197

42,9614,274

18,1284,348

13,7794,026

16,533

35.2

43.636.8

39.8

2.8

40.22.8

38.738.440.740.5

20,17412,084

689464654

1,1371,5792,4872,1101,840

713411

8,0901,696

71841

1,244691

1,2691,106

211730231

65,4445,124

20,5295,305

15,2245,268

18,30016,2232,799

13,424

59,76013,975

60,80718,305

8003,452

14,0538,306

575374504876

1,1661,5771,3241,183

422305

5,7471,162

55729

1,062521705623134562194

42,5024,264

17,9824,324

13,6583,986

16,270

35.135.343.636.4

39.940.13.0

40.63.0

39.838.541.341.1

20,17712,074

691466654

1,1401,5772,4812,1101,833

711411

8,1031,705

72839

1,243691

1,2721,109

210731231

65,6015,135

20,6005,313

15,2875,283

18,34316,2402,795

13,445

59,63313,971

60,87018,298

8063,439

14,0538,297

576376503879

1,1641,5731,3261,176

419305

5,7561,168

55727

1,061520707625134564195

42,5724,270

18,0134,329

13,6843,992

16,297

35.035.242.835.0

39.539.82.8

40.12.8

39.138.640.640.7

20,19112,099

692467651

1,1411,5812,4802,1171,849

712409

8,0921,691

72838

1,243689

1,2761,108

210734231

65,6425,139

20,6355,316

15,3195,293

18,37116,2042,781

13,423

60,11514,049

60,96118,346

8133,459

14,0748,325

577376501879

1,1691,5751,3341,190

420304

5,7491,158

56727

1,061519708626134566194

42,6154,268

18,0314,330

13,7013,996

16,320

35.235.342.337.2

39.939.92.8

40.42.8

39.138.640.741.0

20,33212,207

702478656

1,1451,5952,4912,1341,878

714414

8,1251,697

72842

1,250691

1,2801,107

211744231

65,7585,161

20,6365,333

15,3035,316

18,47516,1702,767

13,403

60,73614,127

61,11418,338

6893,462

14,1878,412

586386506884

1,1781,5801,3451,218

422307

5,7751,164

56729

1,065521709627134575195

42,7764,291

18,0274,342

13,6854,017

16,441

35.235.443.636.9

39.740.22.9

40.83.0

39.638.841.241.2

20,41412,254

710484658

1,1421,6042,5112,1431,872

716414

8,1601,703

71843

1,258694

1,2831,109

213753233

65,8595,148

20,7145,346

15,3685,326

18,54016,1312,779

13,352

61,20414,195

61,17918,317

6943,376

14,2478,442

593392507880

1,1841,5941,3531,210

423306

5,8051,170

55731

1,071523710629135584197

42,8624,272

18,0844,352

13,7324,024

16,482

35.235.343.836.9

40.140.33.2

40.83.2

39.839.041.041.0

20,42412,278

699486658

1,1441,6042,5212,1481,886

717415

8,1461,673

71846

1,264695

1,2841,111

212757233

65,7975,149

20,7175,349

15,3685,331

18,56016,0402,781

13,259

61,91114,325

61,29218,387

8193,323

14,2458,455

585393506882

1,1871,6021,354

11,218422306

5,7901,144

56733

1,077524709632133585197

42,9054,269

18,0934,350

13,7434,030

16,513

35.435.242.137.2

40.240.13.0

40.53.0

39.038.940.840.8

20,53512,333

702488658

1,1401,6142,5332,1631,886

723426

8,2021,691

71856

1,278696

1,2901,110

212760238

65,9415,167

20,7965,360

15,4365,344

18,64215,9922,777

13,215

61,81414,108

61,58518,476

8343,315

14,3278,491

585396508879

1,1971,6051,3651,213

427316

5,8361,160

55742

1,092525711630133586202

43,1094,284

18,2004,367

13,8334,037

16,588

35.635.343.537.7

39.640.03.0

40.53.0

38.838.540.940.5

20,50512,332

686487660

1,1481,6102,5422,1661,889

727417

8,1731,668

73849

1,272698

1,2951,106

212764236

65,9705,170

20,8625,375

15,4875,354

18,66715,9172,770

13,147

62,01814,230

61,62218,459

8503,315

14,2948,485

571395510883

1,1931,6181,3641,217

426308

5,8091,140

57738

1,082526714630132592200

43,1634,284

18,2304,370

13,8604,047

16,602

35.635.244.137.3

39.840.03.0

40.53.0

38.638.640.840.7

20,49612,311

677485655

1,1391,6062,5512,1631,889

727419

8,1851,669

71849

1,273703

1,3011,112

211760236

66,1035,186

20,8725,370

15,5025,366

18,77415,9042,765

13,140

62,19414,376

61,77018,454

8573,316

14,2818,465

563391505877

1,1871,6241,3601,221

426309

5,8161,140

56737

1,0845

718631131588200

43,3164,305

18,2714,367

13,9044,055

16,685

35.034.943.835.7

39.539.32.7

39.72.6

37.337.540.340.6

20,24112,115

652480644

1,1141,5752,5492,1501,811

723417

8,1261,675

70833

1,259691

1,3021,108

210744234

66,1705,168

20,9165,360

15,5565,360

18,78815,9382,759

13,170

62,00714,147

61,52718,185

8543,301

14,0308,267

540385495851

1,1571,6151,3471,147

423307

5,7631,149

55722

1,07131

718626130573199

43,3424,277

18,3114,359

13,9524,049

16,705

35.135.044.537.5

39.739.52.7

39.92.6

37.638.140.039.8

20,01711,932

634470634

1,0901,5462,5222,1191,783

719415

8,0851,676

70823

1,251686

1,3021,104

210733230

66,1045,147

20,8385,363

15,4755,355

18,83815,9262,748

13,178

61,72713,904

61,21017,934

8623,275

13,7978,083

521376485828

1,1321,5871,3081,121

418307

5,7141,149

55710

1,062520716620129573199

43,3424,277

18,3114,359

13,9524,049

16,705

35.135.044.337.0

39.639.32.5

39.72.4

37.537.740.039.7

19,73611,714

r619r464r622

1,0581,516r2,488r2,0891,725

r717r416

'8,0221,669

r70r812

1,233682

1,3021,100

r208722

r224r66,009

r5,122'20,735

r5,33615,399

r5,36618,85615,930r2,741

13,189

61,37213,601

r60,75917,611

r864r3,233

13,514r7,868

r506r370r473r799

1,1021,5541,278

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r5,6461,141

54r699

1,046r516r715r615127r551189

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18,120r4,339

13,781r4,041

16,752

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r612r457'609

1,0391,501r2,452r2,0831,706

712r407

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71795

1,208r677

1,3001,093

r204r717r222

r66,075r5,120

r20,843r5,324

15,519r5,361

18,84915,902

r2,73813,164

r59,50613,267

r60,50917,304

r853r3,117

13,334r7,749

r498r363460

r7821,0851,5241,2761,049

r414r298

r5,5851,134

r56r683

1,026r506r716r609122r547186

r43,205r4,225

18,201r4,317

13,884r4,033

16,746

r33.8r34.2r42.8r33.2

r37.1r37.3

r2.3r39.7

"2.2r34.7r32.9r38.2r38.4

P19,482pll,555

"618"451"607

pl,030"1,494"2,441"2,084"1,722

"709"399

"7,927"1,672

"70P789

pl,204P673

pl,305pl,093

"199"704"218

"66,147"5,114

"20,905"5,324

P15,581P5,362

p 18,902P15,864

P2,731P13,133

P59,450P13,260

P60,636P17,357

P844P3,181

P13,332P7,749

P507P359"460P777

"1,081pl,515pl,279pl,066

P412P293

P5,583pl,146

"55"680

pl,020P503P723P614P123"537"182

"43,279"4,225

"18,273P4,319

"13,934"4,026

"16,755

"34.6"34.9"43.2"35.3

"38.9"39.1"2.3

"39.5"2.2

P38.2P37.6P39.9P39.1





1980 1981

Annual

1981


1982

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedAVERAGE HOURS PER WEEK t— Cont.

Seasonally Adjusted — Continued

Average weekly hours per worker — Cont.Manufacturing — Continued

Durable goods — ContinuedFabricated metal products § hours..Machinery except electrical doElectric and electronic equipment @ do....Transportation equipment § do....Instruments and related products do....Miscellaneous manufacturing do....

Nondurable goods do....Overtime hours . do

Food and kindred products do....Tobacco manufactures do....Textile mill products do .Apparel and other textile products do....

Paper and allied products do....Printing and publishing . . . . . . do ..Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee do....Leather and leather products do....

Transportation and public utilities t do....Wholesale and retail trade do

Wholesale trade do....Retail trade do

Finance, insurance, and real estate $ do....Services do

AGGREGATE EMPLOYEE-HOURS f

Seasonally Adjusted

Employee-hours, wage & salary workers in non-agric. establish, for 1 week in the month,seas adj. at annual rate bil. hours..

Total private sector doMining do ..Construction do....Manufacturing . . doTransportation and public utilities do....Wholesale and retail trade do....Finance, insurance, and real estate do....Services do

Government do....

Indexes of employee-hours (aggregate weekly): flPrivate nonagric. payrolls, total 1977=100..

Goods-producing do....Mining doConstruction do....Manufacturing do....

Durable goods doNondurable goods do....

Service-producing doTransportation and public utilities do....Wholesale and retail trade do....

Wholesale trade doRetail trade do....

Finance, insurance, and real estate do....Services do ..

HOURLY AND WEEKLY EARNINGS t

Average hourly earnings per worker: fiNot seasonally adjusted:

Private nonagric payrolls dollars..Mining doConstruction . .. do...Manufacturing do....

Excluding overtime do....Durable goods do...

Excluding overtime doLumber and wood products do....Furniture and fixtures do....Stone, clay, and glass products do....Primary metal industries doFabricated metal products § do....Machinery, except electrical do....Electric and electronic equipment @ do....Transportation equipment § do....Instruments and related products .... do....Miscellaneous manufacturing do....

Nondurable goods doExcluding overtime do....

Food and kindred products do....Tobacco manufactures do....Textile mill products do....Apparel and other textile products .. do....Paper and allied products do....Printing and publishing do....Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee .... do....Leather and leather products do....

Transportation and public utilities do....Wholesale and retail trade do....

Wholesale trade doRetail trade . . do..

Finance, insurance, and real estate do....Services do....

40.441039.840.640.538.7

39.028

39.738.140 135.4

42.337 141.541.840.136.7

39.632238.530236.2326

r!69.68137 83

2318.46

r419410.6034.299.75

304731.86

107.3102.5122 1116.199.099598.3

1100106.3105.9110 41042114.61150

6.669 179927.277.027757486.535.497.509777.458.006.959326.805.47

6566.336.867.735.084.577.847.538.30

10.096.564.588.875.486964.885.785.85

40.340939.940.940.438.9

39.228

39738.839735.7

42.537341.643.340.436.8

39.432 138630 136.2326

170.6813971

2518.24

418910.5634.7910.06316430.97

108.5101.71320111.998.3982983

1123105.2107.3111 41056117.91193

7.25100610757.997.718528237.005.908.27

10818.208.837.66

10.317.445.98

7 196.947.468.815.524.988.608.209.12

11.367.234.999.725.927585.256.306.41

40.541 140.141.340.638.8

39.530

40.338.640036.1

42.637541.643.840.936.8

39.432238.830 136.4327

r!72.81r!40 80

2579.07

r424810.6334.799.99

31 2832.01

108.21024130 1113.998.9990989

111 3105.01066111 51047117.31177

703977

10427.737.468237956.795.717.87

10367.898.537.419967.195.82

6976.727.218.505.354.898.277.928.74

11.067.064.869.335.807325.186.106.21

40.240839.640.540.538.6

39.229

39938.540035.6

42.437341.643.840.337.0

39.532238630236.432 8

171.59139 96

252836

r42 1810.6234.7910.0331 463163

107.910091286109.198.0978983

111 7105.41068111 11052117.41182

706986

10417.757.488 267 gg6.815.747.89

10567.918.567.439937.205.83

6986.747.248.565.354.878.287.968.80

11.337.044.889.455847385206.216.27

40.240940.040.940.538.7

39.228

39737.239935.7

42.437 141.543.540.537.1

39.432238630236.4328

172.08140 14

248860

r42 1510.6034.7510.0431 513194

108.410241282116.698.498698 1

111 8105.11069111 11054117.51184

7 10985

10 447.807.538328046.795.767.94

10528.018.627.47

10087.235.85

7016.777.298.615.364.948.308.028.84

11.237.074.989.425.857425206.196.29

40.941340.242.040.138.9

39.329

40 137.239835.5

42.637341.544.140.736.6

39.332338630336.3328

170.50139 79

2 17843

r42 1310.6234.8410.0431563071

108.910281120115.8999

1007987

112 3105.41072111 41056117.81193

7 13970

10437887.628 408 126.835.788.11

10768.058.677.51

10 147.255.91

7086.867.378.905.364.968.378.048.94

11.407.154.939.545877475226.206.30

40.941440.441.840.439.2

39.63 1

40038.640536.0

42.837641.743.841.337.1

39.332 138530 136.1327

171.37139 81

2 19826

r424310.5634.7010.05316031 57

108.9103 11133112.91007101 1100 11120104.91069111 41052117.41192

7 17968

10537.927.648458 156.925.838.20

10688.178.757.55

10257.315.93

7 116.867.439.035.404.988.428.108.99

11.287.224.959.595.897515236.246.33

40.741 140.241.440.439.1

39.430

39.838.540236.1

42.737441.743.441.037.4

39.832 138530 136.132 5

170.86139 35

239804

r42 1310.6034.6510.04314931 51

108.710261280109.310021006995

112 1106.21070111 3105311761187

720994

13607.977.688 528 217.105.898.31

10768.238.817.60

10367.345.93

7 146.887.439.335.425.008.558.139.07

11.297.234.989.635.897515.236.246.33

40.541 140.541.240.539.2

39.32.9

39.438.640.435.9

42.737.341.843.140.536.5

39.832238.730 136.3325

171.03139 88

254r8.13

r422310.5934.7310.0831 5931 15

109.4103.51365110.9100.51009998

1126106.0107.811231060118.11193

72410 1110748.027.748 558267.165.918.39

10798.228.857.69

10.357.445.98

7236.987.479.435.514.948.738.229.16

11.417.284.969.695.917595.246.276.34

40.541240.441.340.839.1

39.329

39.440.740336.1

42.737341.742.840.636.9

39.532 138.630 136.3324

171.23140 06

261805

r422410.5234.9210.11316131 17

109.210341398110.0100.41009995

1125105.2107.9112 11062118.71190

73010 1510878027.748 578277.135.988.41

10978.278.867.76

10307.565.97

7246.977.508.615.664.988.678.279.19

11.317.324.979.895.947675.266.376.41

39.540339.639.940.538.4

38.928

39.240.238935.2

43.137 142.343.339.636.1

39.232 138530 136.0324

167.88139 60

258778

r41 7810.5635.0510.0831772828

108.6101 11390105.2985986985

1128105.51080111 81066118.31196

740102911028 157.868 688397.156.008.53

11 228.348.987.79

10417.606.07

7377.097.588.665.695.068.958.409.38

11.537.385.089.976.047715376.386.51

40.040739.940.540.439.0

39.02.8

39.539.439.335.7

42.437141.542.140.036.8

39.131938529936.2325

170.6313998

2648.10

41 6310.5435.0610.09319030.66

108.41008140 1109.897.2969978

1127104.0107.711161062118.5120 1

742102811 108.157.888 718427.096.058.50

10978.399.057.84

10.657.616.06

7347.087.538.585.725.078.828.429.37

11.467.395.099.966.007745.296.426.57

39.640.639.340.340.339.0

38.82.7

39.638.838.835.6

41.936.941.342.339.636.7

39.332038629936.2326

170.0513983

2708.24

41 1410.5435.0210.1232073022

108.0993

141 1111.195 194 1964

1128104.7107.3111 81055118.21208

746104211 128.207.938 758487.156.048.54

11 108.439.107.86

10667.706.12

7397.137.638.965.745.068.898.449.42

11.577.415.10

10.076.037815.326.516.67

r39.240.3

r39.239.4

r39.938.4

38.6r2.7

r39.838.1

r37.835.1

41.8r37.2r41.3r42.6r39.436.1

r39.331938.4

r299r36.2327

169.8513863

2798.14

405910.4034.5210.113207

r31 22

106.9r968

1430108.4r92.4r908r94.8

112 4103.2106.51108

104.9118.2121 2

r745104311 19r8.26r7.99r8 81r854•7.17r6.11r8.5611098.53

r9.20•7.93

1069r7.83r6.20

745r7.21r7.69r8.90r5.72r5.058.96

r8.50r9.52

11.58r7.485.14

10.08r6.01r783r5.32r6.46r6.66

37.939.0

r38.1r38.8r38.5r36.6r36.4

2.439.0

r36.1r312r30.9r41.1r366r40.8r44.3r37.7r33.8r38.6315

r38.1295

r36.2323

165.85136 47

r271r768

r39 1010.40r34.6210.12r3184r2937

104.1r908

137 4r98.6r872r862r886111 4

102.4105.710931043118.01196

r755106711 55

r841r8.16r8 90r8 67r7.38r6.26r8.70

11 21r8.55r9.21r8.00

1069r7.94r6.32r768r7.43r7.829.135.76

r5.199.06

r8.599.67

12.03r7.625.21

10.13r6.17r7945.44

r6.606.77

"39.3P40.4"39.4"40.3P39.8P38.3P38.5

P2.5P39.5P38.3P37.5P34.8P42.1P374P41.3P43.7P39.4P34.8P39.4P319P38.4P299P36.3"326

P170.02P138 56

P270P7.96

P40 17P10.54P35.08P10.15P3225P31 16

P106.5P954

P1369P105.8"91.4P899P936

P1127P104.3P107.3P1102P1062"117.8P1208

P754P1072pll 17

P835P8.11P8 90pg 65P7.41P6.17P8.67

pll 16P8.61P9.24P8.03

P1072P7.99P6.33P757P7.34P7.73P9.39P5.78P5.19P8.98"8.60P9.66

P12.14P7.61P5.25

P10.17P6.15P795P5.41P6.62P6.78





1980 1981

Annual

1981


1982

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedHOURLY AND WEEKLY EARNINGS t— Cont.

Average hourly earnings per worker — Cont.Seasonally adjusted:

Private nonagricultural payrolls .. dollarsMining do....Construction doManufacturing . do ...Transportation and public utilities do....Wholesale and retail trade do....Finance, insurance, and real estate do....Services do....

Indexes of avg. hourly earnings, seas, adj.: HPrivate nonfarm economy:

Current dollars 1977 — 100..1977 dollars $ do

Mining do ..Construction do....Manufacturing . doTransportation and public utilities do....Wholesale and retail trade do....Finance, insurance, and real estate do....Services do....

Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): §

Common labor $ per hr..Skilled labor do

Farm (U.S.) wage rates, hired workers, bymethod of pay:

All workers including piece-rate $ per hr

Workers receiving cash wages only do

T? '1 H ( ' 1 D d

Avg. weekly earnings per worker,private nonfarm: ff

Current dollars seasonally adjusted1977 dollars seasonally adjusted $Spendable earnings (worker with 3 dependents):

Current dollars seasonally adjusted1977 dollars seasonally adjusted $

Current dollars, not seasonally adjusted:Private nonfarm total . . dollars

Mining do....Construction doManufacturing do. ..

Durable goods do....Nondurable goods . . . . do

Transportation and public utilities do....Wholesale and retail trade do....

Wholesale trade do....Retail trade do

Finance, insurance, and real estate do....Services do....

HELP- WANTED ADVERTISING

Seasonally adjusted index 1967—100

LABOR TURNOVER

Manufacturing establishments:Unadjusted for seasonal variation:

Accession rate, totalmo. rate per 100 employees-

New hires doSeparation rate total do

Quit doLayoff do

Seasonally adjusted:Accession rate total do

New hires do....Separation rate total do

Quit do....Layoff do .

UNEMPLOYMENT INSURANCE

Unemployment insurance programs:Insured unemployment, all programs, average

weekly # @ thousState programs (excl. extended duration prov.):

Initial claims thous..Insured unemployment, avg. weekly do.. .

Percent of covered employment: @ @UnadjustedSeasonally adjusted

Beneficiaries, average weekly thous...Benefits paid @ mil. $..

Federal employees, insured unemployment,average weekly thous..

Veterans' program (UCX):Initial claims doInsured unemployment, avg. weekly do....Beneficiaries, average weekly do....Benefits paid mil $

Railroad program:Applications thousInsured unemployment, avg. weekly do....Benefits oaid mil. $..

6.669.179.927.278.875.485.785.85

127.3935

134.1121.8129.4127.2127.8127.0125.5

11.7318.42

366359382367992

234.9395.12

206 1983.52

235 10396.1436704288.62310.7825584351.25176.46267.9614738209.24190.71

129

3.52 1401.51 7

3837

25,3733,350

3.9

2,86414,590.3

30

2675656

2949

16234

176.1

72510.0610757.999.725.926.306.41

139.0926

148.2131.61420139.6138.3138.1137.4

12.921678

1064

254.74169.85

220 19146.77

255.20438.6239560318.00342.50281.85382.97190.03292.5915803228.06208.97

119

3.22036131 6

3339

23,9393,350

3.5

2,61413,206.7

193

41230.3

184

210.8

6999.77

10397.699.335.726.106.15

133.8928

142.0127.6136.5133.7133.7133.2132.0

12.2816.07

4124 044364 09

1051

246.75171.83

21396148.38

24675425.9737929308.43332.4927322367.60183.86281.8215281222.04201.83

128

3.418361216

352.2361.513

4621

2,6533844

4.434

3,2341,416.5

41

195759

266

1351

23.3

7049.86

10447.749.445.786.216.20

135.0927

143.2128.0137.5135.4135.0135.0133.2

12.281607

1071

247.81170.20

21475147.49

247 10422.0136435306.13329.5727152373.28185.13282.6515392226.04204.40

129

3.0183 11 i12

362.3381.514

4264

1,8063669

4232

3,2201,313.5

40

175455

225

548

22.0

7.099.85

10497.809.485.816.196.24

135.8928

144.0128.6138.5136.1135.8136.0134.0

12.3616.11

1049

250.28170.96

216.62147.96

249.92416.66388.37311.22336.96274.09371.15186.62285.67154.96225.32205.05

125

3.420321.212

352.2361.41.4

3948

1,6843382

3933

3,0691,393.6

36

185153

247

545

23.2

7149.70

10527.909.575.846.206.27

136.7930

145.7129.0139.9137.3136.4135.4134.8

12.4516.13

3.92388409391

1058

252.76172.06

218.48148.73

250.98422.92384.87312.84338.52275.41374.92188.43287.60156.60225.06205.38

118

3.3203 11.310

322.0331.31.2

3453

1,6472,988

3434

2,6981,226.8

31

164649

230

641

19.2

7 189.68

10577.959.675.896.246.32

137.793 1

145.6129.4140.7138.9137.4136.8136.0

12.5616.30

1062

253.45171.37

219.00148.07

252.38423.98388.56317.59343.07280.13376.89188.48289.14156.38225.26205.73

118

3.5233 11 310

3 12.03.41.31.3

3,111

1,4172,691

3.134

2,3311,006.3

27

154343

200

738

15.4

7.239.94

10.697.999.745.916.246.38

138.492.9

147.2130.4141.6139.8137.8137.1136.6

12.7716.48

1054

254.50170.92

219.80147.62

254.88418.47394.32320.39345.91282.03383.27190.25289.89158.99225.26206.99

121

4.0283.21.41.1

3.42.23.41.41.3

2,949

1,7412,596

3.034

2,2561,012.8

25

194244

21 1

2630

16.2

7.2610.1110.778.029.715.936.276.42

139.092.2

148.9131.8142.5139.3138.4137.4136.9

13.0316.85

1056

256.28170.06

221.14146.74

257.74439.79404.90317.59341.15282.69385.66193.85294.49161.92227.60209.22

123

3.6243.61.51.3

3.42.33.21.51.0

3,012

2,1142,743

3.132

2,2801,061.9

25

224444

228

4129

11.5

7.3410.1510.858.089.885.996.376.51

140.792.7

149.4132.5143.6141.8140.0140.4139.4

13.0916.98

1066

258.37170.20

222.71146.71

259.88447.62405.45319.20344.51285.26390.66194.83296.83162.53231.35210.89

119

4.0274.42.11.3

3.22.13.61.31.4

2,874

1,6102,656

3034

3,4861,004.9

25

194445

21 4

13297.1

7.3710.2910.888.149.886.056.386.52

141.592.1

151.5132.9144.8141.7141.2140.3139.8

13.2717.31

1065

257.21167.45

221.05144.43

259.00450.70393.41321.93345.46288.17390.82194.49296.8416217229.68210.92

112

3.5234.11.81.5

2.91.83.71.31.7

2,680

1,6802,486

2.935

2,1741,001.0

29

153435

17 1

1535

15.0

7.3910.2811.018.159.896.026.426.58

141.992.0

151.3134.3145.5142.0140.5140.9140.7

13.6217.66

10.61

258.65167.74

223.86145.18

260.44457.46416.25323.56349.27286.99389.44191.40299.54157.64232.40213.53

110

2.8184.21.32.2

2.91.74.01.22.2

C2,753

1,9962,488

r3.0r37

2,1741,001.0

r32

11r26r26

130

15T37

15.0

7.4510.4211.098.189.996.056.516.64

143.292.5

153.3135.4146.4144.0141.5143.2142.6

13.6917.74

1079

260.75168.23

225.20145.46

261.85461.61411.44324.72350.00288.95395.75192.36301.47158.54235.66216.78

111

2.4134.10.92.6

3.11.64.11.12.3

r3228

C2,286r3,061

r3.5r39

2,142997.2

r36

r9r22r21

101

21r43

16.0

r7.4510.4311.16r8.19

10.03r6.086.47

r6.65

143.5r923

153.2136.2147.0144.4141.9141.8142.7

13.6917.72

1100

r260.01167.21

224.90144.46

r262.24r466.22414.03

r329.57r355.92r292.04r396.14193.52r303.02161.20r233.85r217.12

109

1.7084.00.727

271.43.91.12.1

r3935

C3,272r3778

r43r4 1

r3,1721,079.7

r39

1119r20

102

13r56

16.4

r7.5110.6711.52

r8.3710.13

r6.08r6.606.70

145.0r93.0

155.9140.7148.8145.5142.2144.0143.5

13.7817.89

r256.84164.75

r255.19r456.68r383.46r312.01r335.53r278.02r391.02191.89'300.93157.22

r238.92217.32

106

4681

3,328r4470

5 1r4 1

3,8011,764.2

r40

r81615

r7 1

19r73

25.3

P7.52P10.72P11.20

P8.34P10.16

P6.08P6.62P6.70

P145.1

P156.4P136.9P149.3P146.2P142.7P143.7P144.0

P13.83P17.99

P262.45

P260.88P463.10P394.30P324.82P349.77P289.17P400.70P193.73P302.90P159.05P240.31P219.67





1980 1981

Annual

1981


1982

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedWORK STOPPAGES

Industrial disputes:Number of stoppages:

Beginning in month or year number..Workers involved in stoppages:

Beginning in month or year thousDavs idle during month or vear do....

3,885

136623.288

2,500

1 10024.700

187

39942

213

42770

285

2441.698

286

804.884

301

1245.308

302

2413.521

286

1202.073

211

68704

225

581.479

166

361.208

82

21395

33

8288

FINANCEBANKING

Open market paper outstanding, end of period:Bankers' acceptances mil. $..Commercial and financial co. paper, total do....

Financial companies do..Dealer placed doDirectly placed do..

Nonfinancial companies do....

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:

Total end of period .. .. mil $Farm mortgage loans:

Federal land banks do....Loans to cooperatives doOther loans and discounts do....

Federal Reserve banks, condition, end of period:Assets total # mil $

Reserve bank credit outstanding, total # .. do....Time loans do..U.S. Government securities do....

Gold certificate account do....

Liabilities total # do

Deposits total doMember-bank reserve balances do....

Federal Reserve notes in circulation do....

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total mil. $..Required doExcess do.

Borrowings from Federal Reserve banks do....Free reserves do

Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:

Deposits:Demand adjusted § mil $

Demand total # doIndividuals, partnerships, and corp do....State and local governments do....U S. Government . doDomestic commercial banks do....

Time, total # do....Individuals, partnerships, and corp.:

Savings doOther time do....

Loans (adjusted), total § do....Commercial and industrial doFor purchasing or carrying securities do....To nonbank financial institutions do....Real estate loans do....Other loans do....

Investments total do.. .U.S. Government securities, total do....

Investment account * . doOther securities do

Commercial bank credit, seas, adj.:Total loans and securities H bil. $..

U S Treasury securities . doOther securities do....Total loans and leases fl do. ..

Money and interest rates:

Discount rate (N. Y.F.R. Bank), end of year ormonth percent..

Federal intermediate credit bank loans do....

Home mortgage rates (conventional 1stmortgages):

New home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do....

Open market rates, New York City:Bankers' acceptances, 90 days do....Commercial paper 6-month ijiiji . doFinance co. paper placed directly, 6-mo @ do....

Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent..


54,744121,59787312195496776334,285

68648

38,1389506

21005

171 495

137,6441809

121,32811,161

171 495

3154627,456

124,241

M0,097'40 067

'30'1,617

'-1 471

119485r228 086r!58,283

r5,8291 108

r4 1,407r314,128

r72 670r205,862r433 313174 969

9,98926,081

112,285136,100

118098r39,611r35 239r78 487

1,237.01106213.9912.5

1287212.22

212.25212.58

312.783 12 29311.28

3 11. 506

161,101110603290658153850,498

78 188

46,4639 124

22619

176 778

143,9061601

130,95411,151

176 778

3081625228

131,906

Ml 918X41 606

'312*642

1 277

108 693

187 694140,532

5,2522 147

21,896

363,093

77 196250,863

471 234195 53510,75726,850

124,573146,281

117 14336,9293098280 214

131731109231.7974 7

12 10214.20

214.17214.62

315.32314763 13.73

314.077

54,465128,18789915203106960538,272

r70 106

38,74010324

r21 043

161 467

129,4921304

117,16911,159

161 467

3074726621

118,147

r41 584r41 226

r3581,405r-927

100 185

185 566127,940

4,8461676

34,044

320,947

74382210,718

425 949171 414

7,74625,253

112,866131,059

11733739,7773343877560

1 2532113521629234

1300

12.29

12.8013.24

416.6215 1014.09

14.724

58084129,92989830208016902940099

70886

393751005621455

161 824

129,1521249

11762111,156

161 824

2977726734

118,854

r39 756r39 478

r2781,278r 852

95658

183 252123J77

47141579

35,230

320,996

75072209,948

423 216169 482

8,'l8224,875

113,681131 875

118 19040,8163372677 374

1 262.51152217.2930 1

1300

12.93

13.0213.73

15.54148714.05

14.905

60,089130,11891087220576903039,031

72 123

40,2649802

22057

167 040

131,037656

118,04311,154

167 040

2998326 164

120,874

r39 720r39 445

r2751,004r 532

106 246

206 616139,810

49381005

38,664

321,801

79344208,372

430 070172 78210,15124,598

114,468134,392

120 10841,7543389778 354

12622114 821829292

1300

13.35

13.4813.91

13.88135912.89

13.478

62320134,696936982355470 14440998

73382

41 1119648

22624

168 067

132,8962333

11968711,154

168 067

31 31026063

121,852

r40 366r40 164

r2021,343r 980

97595

188 663128,835

44562881

32,839

322,992

77897211,052

430 525174 525

8,70825,338

115,337129 376

117 23439,72034 28077 514

1 2675115 121779347

1300

1365

13.6213.99

14.6514 1712.94

13.635

60,551140,05697030239897304143,026

74452

41,9139361

23 178

164 447

130,9391366

118,31111,154

164 447

2721324304

123,251

r40 512r40 260

r2522,154

r 1643

97 121

195 134130,752

42623312

36,735

334,602

77797221,968

437 332176 62310,39625,836

116,622132 871

121 04242,12834 44478 914

128081175218.89446

1387

13.95

13.5614.19

17.56166614.97

16.295

63427145,994100 873248537602045121

75207

426938807

23707

171 311

132,2271010

120 01711,154

171 311

2742323626

124,783

r40 443r40 104

r3392,038

r 1 408

101 467

209 662140,425

5 1761082

41,213

337,291

78236226,009

450 145182 50212,10026774

117,723137 441

11951340,59933 80778 914

1,288.21193219.19498

1400

14.29

14.1214.40

16.27152214.13

14.557

63721150,265104 73825 1147962445,527

76412

434508897

24065

167 377

134,9571027

123,17211,154

167 377

2969026011

124,765

r41 Oilr40 667

'3441,751

r 1 159

97063

173 405122,049

4 1631 784

27,901

341,228

76373232,390

442 601180 479

9,16025,929

118,697133,067

118 13240,6573341077 475

1 30281164222.39640

1400

14.59

14.1414.77

17.10160914.47

14.699

64,577153,651106 180267467943447,471

77072

44,0648932

24075

168 429

136,6991254

124,52211,154

168 429

3039827045

125,134

r41 026r40 731

r2951,408r-893

95344

187 465128,044

4,5321 111

36,984

349,890

76204239,748

452,410184 978

8,62227,119

120,047139,661

117,54938,8563198778693

1,312.21156223.8

r9727

1400

14.83

14.6015.03

17.22166215.32

15.612

65,048161,716109 965289868097951,751

77614

447208950

23944

181 639

138,2882486

124 33011,152

181 639

41 92427243

125,050

r40 593r40 177

r4161,473r-835

100 820

209 326136,206

5 1372 196

43,903

349,177

75388240,298

460 457188 03310,20126,277

121,559145 480

117 27237,7853164279487

1 317.81132225.6

r9790

1400

15.11

14.6915.38

16.11159315.01

14.951

66,072164,124112060294688259252,064

78283

45,3869400

23497

167 256

134,665924

123,00511,152

167 256

2874223672

125,351

r40711r40 433

r2781,149r 719

99201

163 399123,721

4 1401562

18,016

350,803

74568242^838

455 996187 395

8,48325,418

122,561137,913

116,45238,41731 51178035

rl 324.01125228.7

r9828

14.00

15.28

15.0415.47

14.7814.7213.96

13.873

68,749166,316112256295748268254,060

78 103

45,9619315

22827

171 676

139,140232

126 53911,152

171 676

2905324312

129,086

r40 951r40 604

r347695

r 269

106 811

186 251137,904

50021 114

22,158

357,550

76944246,072

468 465191 87510,'67326,386

123,760146,987

119,31637,6173079881 699

1 32751103231.29860

1300

15.26

15.6815.80

12.00119611.72

11.269

161,101110,603290658153850,498

78 188

46,4639 124

22619

176 778

143,9061601

130,95411,151

176 778

3081625228

131,906

r41 918r41 606

r312642

r 277

108 693

187 694140,532

52522 147

21,896

363,093

77 196250,863

471 234195 53510,75726,850

124,573146,281

117,14336,9293098280214

1,317.31109

r231.7r9747

12 1014.87

15.2315.53

12.1312.1411.24

10.926

167,056111897306668123155,159

78387

46,8999498

21990

179 941

141,8712217

128,23011,151

179 941

3932425066

126,835

4288542 784

1011,5261 350

99682

170 840127,443

53283645

19,273

367,200

79286252,236

470 410198 009

8,67526,756

126,157144,998

118,50338,0903078580 413

1,321.91142232.09756

12.00

14.63

14.6715.37

13.0613.3512.56

12.412

167,284110 480309747950656804

170 321

138,5751 180

125 41011,150

170 321

2963024964

126,869

4147540 992

4831,7131 098

95764

169 273125,658

44923 331

19,762

370,510

79314253J50

472 278198 819

9,16326,762

126,840144 382

117,59638,37430 74779 222

1 334.61153232.79866

12.00

14.45

14.5815.26

14.4714.2713.58

13.780




1980 1981

Annual

1981


1982

Jan. Feb.

FINANCE—ContinuedCONSUMER INSTALLMENT CREDIT

Total extended and liquidated:Unadjusted:

Extended . mil $Liquidated do....

Seasonally adjusted:Extended, total # do....

By major holder:Commercial banks do...Finance companies do....Credit unions doRetailers do....

By major credit type:Automobile do....Revolving do....Mobile home do

Liquidated total $ doBy major holder:

Commercial banks doFinance companies doCredit unions do....Retailers do

By major credit type:Automobile doRevolving . do..Mobile home do

Total outstanding end of year or month # doBy major holder:

Commercial banks . do...Finance companies do....Credit unions doRetailers do

By major credit type:Automobile do....Revolving doMobile home do....

FEDERAL GOVERNMENT FINANCE

Budget receipts and outlays:Receipts (net) mil $Outlays (net) doBudget surplus or deficit ( — ) do

Budget financing total doBorrowing from the public do....Reduction in cash balances do

Gross amount of debt outstanding doHeld by the public do

Budget receipts by source and outlays by agency:Receipts (net) total mil $..

Individual income taxes (net) doCorporation income taxes (net) doSocial insurance taxes and contributions

(net) mil $Other do...

Outlays total # do....Agriculture Department doDefense Department military do...Health and Human Services

Department § . .. mil $.Treasury Department doNational Aeronautics and Space Adm do....Veterans Administration . do.. .

LIFE INSURANCE

American Council of Life Insurance:Assets, total, all U.S. life insurance cos bil. $..

Government securities doCorporate securities do....Mortgage loans total do

Nonfarm do....

Real estate doPolicy loans and premium notes do..Cash do....Other assets do

Life Insurance Marketing and ResearchAssociation:

Insurance written (new paid-for insurance):Value estimated total. . mil $

Ordinary (incl. mass-marketed ord.) do....Group do....Industrial do....

r306,076r304,628

r313 472r147,013

76,75644041

r28 448

1 16,838r58 35217,322

'520 050'579 613*-59 563

*59 56317Q,515

1 10952J914317'715 105

^20,056'244 069

*64 600

160747'50 640

1579,603A24 555

132840

194,691176 691'4,850

121,135

479.213302

226.9713108118.12

150341413.21

2849

544 572371,113170,184

3.275

336,341316,447

333 375

149 30089,8184595429551

126,4316304918,486

*602 612'660 544x-57 932

157 932'79 329

*-21 397

1003941J794 434

'602 612*285 551

*61 137

186426'69 499

'660 544*26 030

156035

*230 304'92 633

J5,421*22 904

521.353900

241.2913905125.96

19 1648.742.99

31 14

763 170434,048327,263

1.859

r23,223r25,936

r27,466

10,8045,90429944,673

r7,34311,535

r392r26,260

11 82447912,7064264

r731210,944

r451r310 760

145,07777,13143601

r27 439

115,778r57 55617,202

5221459099-6884

68846,772

112

940 528749 533

52,21430964

2 158

143634,723

59,0995212

12424

190835222

3811,921

482.013356

229.6413171118.78

15664199

1.822763

4122127,46813,596

157

r23 577r24,952

r28,682

11 6246,1933 1674,500

r8,22911,738

r405r26 837

12 31946632,7234397

r739811419

r492r309 385

143,42978,09043776

r26 507

116,195r56 04717,113

3839453969

-15 575

1557513,9161659

956 898763 449

38,39415348

564

172115,271

53,9692390

12544

187026936

4591 953

485.033434

230001325711960

15874257

1.592809

4296730,35212,462

154

r29 352r27,664

r29,370

12 5045,9113 153

r4472

r8,49911,620

r616r26 399

12 07043722,866

r4245

r697311 110

r552r311071

143 39779,49044212

r26 097

118,049r55 35617,162

4462354217-9593

959315,138-5545

970 901778 587

44623136938586

157846560

542171802

13263

187836878

5591025

490.153466

232 111332312026

16244323172

2895

5234536,53715589

219

r28,951r26,353

r29,271

12,3795,2183 1815,002

r7,45912,383

r593r26,549

12 3333,9652,9094471

r681111,443

r410r313 669

143,68081,03344,390

r26 263

119,076r55,71617,342

7446457 19817266

-17 266-3,725

-13 541

970 326774,863

74,464386599371

202016,232

57,1981 546

13,000

19,3088376

4832,164

493.183475

233701339012092

16464377

1.702891

4825437,05511010

189

r28,036r26,026

r28,377

12,2834,93732124,486

r7,38411,876

r620r26,806

12 07245282,8214489

r7,49811,520

r372r315 679

143,84181,79445,055

r26 287

119,582r55,82017,576

3851454608

-16,094

16094539

15555

974 758775,402

38,514104961011

206946,312

54,6081456

13,500

18,8977415

4611,668

497.283538

235.00134 4912147

16744429

1.802957

4732134,28212,837

202

r30,397r27,286

r29,223

12,7015,25131375,018

r7,51512,658

r509r27,192

11 9864,6812,9184602

r736611,651

399r318 792

145,12582,72345,686

r26 394

120,400r56,79817,704

706885561915,070

-15 070572

-15 642

977 350775,973

70,6883372915,792

146576,510

55,6192 117

13,464

19,07412 100

5091,784

500.323630

235.8513532122.29

16974497

1.822909

9629038,44557,713

133

r28,750r26,885

r28,290

11,9735,4393,2994,826

r8,05911,706

r445r26,739

11 94444912,7674561

r700311,590

r386r320 656

145,38283,92446,096

r26 396

121,476r56,76417,760

48 14258486

-10,343

103433,3836960

979 388779,356

48,14224439

1715

152066,783

58,4861 123

14,392

21,1417522

4172,992

503.993682

237.0613593122.84

17434559

1.622954

5257935,77616670

133

r29,299r25,799

r28,323

11,4586,3852,9134,616

r8,39611,663

r520r25,895

11 7044,0022,6684,629

r6,53711,486

r364r324 161

146,00686,15246,605

r26 477

123,481r57,28017,959

4797653095-5,119

5,1196,501

-1382

986 312785,857

47,97621615

1,607

18 1906,565

53,0952750

13,239

19,3427793

401786

506.6837 17

237.1513652123.40

17634625

1.963001

5159434,42017,043

131

r30,158r26,133

r29,406

12,3847,1582558

r4,568

r9,00012,263

r532r26,431

119574,4762,692

r4557

r6,92111,692

r375r328 187

147,06088,69846,791

r26 594

125,703r58,31818,124

60594536986,897

-6,8978,577

-15 474

1 003 941794,434

60,594308828,659

145166,537

53,698604

13,624

20,9056537

3482,008

509.483770

236.9013698123.85

178047042.01

3105

53 16436,19016846

128

r27,158r26,693

r26,836

11,6105,3272621

r4,559

r7,49011,753

r475r25 834

11 68641232,830

r4455

r6,46611,429

r353r328 652

146,88989,58346,416

r26 922

126,344r58,45118,300

4546763573

-18,105218,74910,3748375

1011111804,808

45,46722555

1,265

153696,278

63,5733 146

14,351

21,2498268

6583,010

515.0838 14

240451377412459

18384773149

31 14

9680138,37958239

183

r26,526r26,125

r27,370

12,4305,2872,571

r4,279

r8,07311,379

r479r26,770

11 9974,8252,795

r4405

r7,50911,358

r404r329 053

146,68789,95646,092

r27 510

126,385r58,92318,380

4431754,959

-10,642

12,52210,9721,550

1 019 324815,780

44,31721 775

745

157956,002

54,9593072

13889

19,7708204

517851

519.283881

242.0213843125.30

18634828

1.743137

5362837,54615973

109

r30,914r26,595

r26,656

13,2644,0892,517

r4,142

r7,35211,592

r508r26,689

12 1044,5032,886

r4480

r7,28411,533

r365r333 375

149,30089,81845,954

r29 551

126,431r63,04918,486

5740776875

-19,468

20,51614,2746242

1 034 716830,055

57,4072577010,220

146416,777

76,8754793

15,880

33,86613277

5513,214

521.353900

241 291390512596

19 164874299

31 14

127 00447,59879285

121

22,57425,814

26,888

11,7754.43333264385

7,47411,070

434

26,445

1176550302,6374358

759511,266

460

330 135

148,16288,92545,90728 179

125,52561,43318,397





1980 1981

Annual

1981


1982

Jan. Feb.

FINANCE—ContinuedMONETARY STATISTICS

Gold and silver:Gold:

Monetary stock U S (end of period) mil $Net release from earmark § do....Exports thous $Imports do....

Production:South Africa mil $Canada do

Silver:Exports . . . thous $Imports doPrice at New York dol. per fine oz..Production:

United States thous fine oz

Currency in circulation (end of period) bil. $..

Money stock measures and components (averagesof daily figures): t

Measures (not seasonally adjusted): $Ml-A bil $Ml-B do. ..M2 doM3 do....L (M3 plus other liquid assets) do....

Components (not seasonally adjusted):Currency doDemand deposits doOther checkable deposits ii do....Overnight RP's and Eurodollars * do....Money market mutual funds do....Savings deposits do....Small time deposits @ do....Large time deposits @ do....

Measures (seasonally adjusted): $Ml-A doMl-B doM2 do....M3 . do....L (M3 plus other liquid assets) do

Components (seasonally adjusted):Currency do....Demand deposits do....Savings deposits doSmall time deposits (? do....Large time deposits (? do

PROFITS AND DIVIDENDS (QTRLY.)

Manufacturing corps. (Fed. Trade Comm.):Net profit after taxes all industries mil $

Food and kindred products do ..Textile mill products do....Paper and allied products doChemicals and allied products do....

Petroleum and coal products do ...Stone clay and glass products doPrimary nonferrous metal doPrimary iron and steel do....Fabricated metal products (except ordnance,

machinery and transport, equip ) ... . mil $ .

Machinery (except electrical) do ...Elec. machinery, equip., and supplies do....

Transportation equipment (except motorvehicles etc ) mil $ .

Motor vehicles and equipment do....All other manufacturing industries do....

Dividends paid (cash), all industries do....

SECURITIES ISSUED

Securities and Exchange Commission:Estimated gross proceeds, total mil. $..

By type of security:Bonds and notes corporate do

Common stock do....Preferred stock do

By type of issuer:Corporate, total # mil. $..

Manufacturing doExtractive (mining) do....Public utility do

Transportation doCommunication . do .Financial and real estate do

State and municipal issues (Bond Buyer):Long-term do....Short-term do

SECURITY MARKETS

Stock Market Customer Financing

Margin credit at brokers, end of yearor month mil. $..

Free credit balances at brokers:Margin accounts do....Cash arrnunfs . . do

11 160204

3 647 9322,750,120

916 12605

1 909 7331 602 295

20.632

33602

137.2

3797r401.4

1591 6rl,873.0r2,267.6

111 7r2639

r21.8r30.0r55.2

r404.0r706.4r236.3

924438223

9862781

11,576

25 1341 81227712,336

3936

11,4477,137

3077-3,43814,665

36,390

r81,lllr56 265

18,996r3635

78,889243984,818

15940

37457385

15638

47,13326485

14,721

2,1056070

11 151161

3 071 8862,157,487

892 1

332 4691 036 459

10.518

28099

145.6

429.61 74692,089.8

1198239965.638.7

110.1361.6812.9286.4

75,682

45556

24,9651 796

72,31717 3459 119

14 422

27766 151

17 144

46,13434 443

14,357

3,5157 150

11 15972

343 344200,324

73 048

56582132 99614.752

2820

131.1

37894220

1672 11,994.82,409.1

11562588

43.635.865.8

382.2772.7271.7

375 14179

1,665.61,984.123973

116.3254.13845768.1267 5

r5,546r3339rl,829

364

r5,532r2307

r5421 205

r507r76

r592

25741825

14,242

2,0655 655

11 1561

383 071160,263

73 048

45602127 50013.024

2611

131.9

3587410 1

1 67232,001.224235

11572385

52.035.275.1

374.2783.5276.9

3672419 4

1,678.12,001.824182

117.2244.837857757271 7

r4,649r3 054

1,196150

r4,4001 428

r529r890

128r315r645

2,8902 155

14,171

2,2255700

11 1549

310 60690,584

75259

41 19585 90012.338

1 524

133.9

35874167

169682,023.9

r2 441 5

1167237958.136.585.3

3739790.2273.9

365 6424 4

1,701.02,023.9

r2 437 9

117.8243.0378578202698

23 5861861

255758

3,363

5387228633836

1 035

28132,129

1010-3863,664

9,649

r6,871r4471

1,986298

r6,7551 843

r6551 174

r222r964

1 429

3,6951 718

14,243

2,3406 530

11 154-3

210 307165,227

7435 1

2657190 31911.437

2520

135.0

3692436.0

1 729 12,052.72 464.2

1183246866.836.895.8

3764790.0268.1

366 34333

1,723.12,046.224555

119.1243.53788784 12676

r8,273r4 720r2,453

85

r7,2581 947

r5651 415

r352r724

1 761

5,0821 881

14,869

2,2706440

11 15411

282 140213,447

73549

11 7448975710.848

2032

136.5

35924232

1 72382,055.62 476.3

1192235964.140.998.6

369.9796.9277.3

364 74292

1,732.32,065.12483 1

119.4240.4373579582784

r5,954r3251r2,440

164

r5,855r2204

7531 410

166r65

r899

3,3584763

14,951

2,3456 150

11 1544

473 202200,958

76049

319228539910.001

2649

138.1

361 1427.6

173902,076.32,501.8

1197237066.442.9

102.8365.0806.4281.7

361 94284

1,740.72,082.025066

119.7237.7366880552856

290052 128

417853

3,243

7472543659

1,055

1 303

32342,125

973921

4,079

9,961

10,979r5 704

4,754188

10,6461 8941 9971 690

r6921 506

r2267

4,9213756

15,126

2,3506650

11 15417

409 217140,388

7564 4

2198767920

8.631

2434

138.3

36354321

1 75602,098.32,522.0

121 3237668.642.3

112.7365.2809.5286.6

361 44294

1,753.62,102.425304

120.5236.7361 08140293 1

r4,259r2046

1,58967

r3,702r822r328r630

r74840

r807

3,2552267

15,134

2,6706.470

11 15421

136 047205,218

76058

22 17680 1928.925

1 957

138.5

3608430.4

176672,115.32,544.1

121 3234769.743.1

122.1355.0822.0294.8

3623431 1

1,772.22,125.825597

120.7236.6350983082999

r3,310

1 578

1,46714

r3,059468

r625608

186202545

3,0882084

14,545

2,6456.640

11 15220

192 04792,210

74 75 1

32,70571 72810.035

1 983

138.5

360.0431.5

1 77562,132.2

r2,568.3

12082346

71.739.6

130.4347.9832.1299.1

3599431 2

1,778.12,138.0

r2 577 2

121.1234.7343 183973023

24 7302 162

295625

2,982

6257536300

1,279

1 114

30561,769

856-6374,136

9,570

r4,972

2544

2,037186

4,767572905

1 746

150765541

3,5394412

13,973

2,9406.555

11 1522

49801259,119

768

18,877772209.251

1 952

138.8

3620434.5

1 793 12,152.4

r2,597.8

121 2236.6

72.436.2

137.1343.9847.6299.8

36064329

1,789.32,151.0

r2 599 4

121.3235.73396849.83022

r5,363r3839

1,382141

r5,362238703

1 331r74r91

2563

3,6253543

13,866

2,9906.100

11 1529

133 971339,034

74 7

8,922659288.547

1 853

142.7

3639439.7

18093r2,175.42,626.3

1229237.5

75.237.0

144.6342.2851.9301.8

361 84364

1,809.7r2,174.526272

121.8235.73409

r856.83006

r9,729

7 112r2,039

59

r9,2102462

7971 147

120411

r3254

5,0352,902

14,044

3,2906.865

11 151-2

148 13290,715

692

14 186615998.432

3763

145.6

(3)3451.2

1 829 1r2, 199.6

12542433

78.438.1

150.8r343.0r851.7r305.5

(3)3440 9

1,822.4r2,187.8

123.1236.4

r3436r854.73004

5,777

3898

1,79380

5,7711 160

7201 176

105192

1 841

r5,072r3,138

14,357

3,5157.150

11 151

101 445149,324

709

11,704725448.030

1 384

140.5

453.41 848 8r2,216.7

1232243682.5

r43.3154.4

r346.8r857.5r307.7

44861,840.9r2,203.9

123.8r239.3r3488r852.3r3027

3,7802,525

13,441

3,4546.580

8.268

1 354

437.11 842 12,215.2

1230228.581.543.1

155.4344.4868.3313.9

44721,847.22,214.2

124.6234.5348585933077

3,3262,697


369-912 0 - 82 - S3 : QL 3




1980 1981

Annual

1981


1982

Jan. Feb.

FINANCE—ContinuedSECURITY MARKETS— Continued

Bonds

Prices:Standard & Poor's Corporation:

High grade corporate:Composite § dol. per $100 bond-

Domestic municipal (15 bonds) do....

Sales:New York Stock Exchange, exclusive of some

stopped sales face value total mil $

Yields:Domestic corporate (Moody's) percent..

By rating:Aaa do ..Aa do....A doBaa do.. .

By group:Industrials do....Public utilities doRailroads do.. .

Domestic municipal:Bond Buyer (20 bonds) do....Standard & Poor's Corp. (15 bonds) do....

U.S. Treasury bonds, taxable $ do....

Stocks

Prices:Dow-Jones averages (65 stocks)

Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)

Standard & Poor's Corporation: §Combined index (500 Stocks) 1941-43=10..

Industrial, total (400 Stocks) # do....Capital goods (111 Stocks) do. .Consumer goods (189 Stocks) do....

Utilities (40 Stocks) do....Transportation (20 Stocks) 1970=10..

Railroads (10 Stocks) 1941-43=10..

Financial (40 Stocks) 1970—10NewYorkCity banks(6 Stocks) 1941-43=10..Banks outside N Y C (10 Stocks) doProperty-Casualty Insurance (6 Stocks) do....

New York Stock Exchange common stock indexes:Composite 12/31/65-50..

Industrial . doTransportation do....Utility do....Finance do

Yields (Standard & Poor's Corp.):Composite (500 stocks) percent..

Industrials (400 stocks) doUtilities (40 stocks) do....Transportation (20 stocks) do....Financial (40 stocks) do....

Preferred stocks 10 high-grade do.

Sales:Total on all registered exchanges (SEC):

Market value mil. $..Shares sold millions

On New York Stock Exchange:Market value mil. $..Shares sold (cleared or settled) millions..

New York Stock Exchange:Exclusive of odd-lot and stopped stock sales

(sales effected) millions..

Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil. $..Number of shares listed millions..

41.457.4

5 190 30

12.75

119412.50128913.67

12.3513 1511.48

8.738.51

10.81

32823891.4111043307.23

118.78134.52131 3786.88

50.5418.5275.57

125044.00

10290127.06

68.10787060.6137.356425

5.264949.774.045.75

1060

r475,85015 486

397 67012,390

11,352

1,242.8033,709

33.743.2

5 733 07

15.06

14 1714.75152916.04

14.5015621322

11.5611.23

12.87

36461932.9210858398.56

128.04144.2413903100.67

51.8723.2693.09

14 4452.45

11782141.29

74.028544726138.917352

5.20490

10 183.405.41

1236

490,68815910

41591312,843

11854

1 143.7938.298

38.050.4

35306

13.80

12.8113.52138315.03

13.37142212.42

9.919.65

11.65

371.59962.1311351394.64

132.97151.061472394.61

52.0124.25

102.31

135748.70

11750129.13

76.24892374.4338.537004

4.804499.783.085.52

11 55

42,4431 286

354531,020

956

1 189.1933,993

36.148.4

324 18

14.22

13.3513.89142715.37

13.60148412.61

10.2710.03

12.23

36526945.5010886392.60

128.40145.70143.1494.45

49.8123.6497.69

134148.18

11643126.73

73.52857472.7637.596848

5.00468

10.333.225.62

11 83

33,1531 039

27987834

816

1 203 1634.211

36.547.9

39895

14.26

13.3313.90144715.34

13.66148612.72

10.2110.12

12.15

381 05987.1810842417.42

133.19151.03149.76100.84

50.3625.02

101.32

143049.83

11952136.70

76.46893977.0937.827282

4.88457

10.233.065.38

11 81

49,1201 526

41 8881,239

1,175

1 248 9534,670

34.545.9

430 18

14.66

13.8814.3914.8215.56

14.0015.3212.85

10.9410.55

12.62

390.661,004.86107.32439.23

134.43152.2915080105.96

50.9625.88

103.25

14 4449.65

11930142.81

77.60905780.6338.347459

4.864 55

10462.985.41

11 81

48,2531 459

41 5751,204

1 123

1 229 5634.967

32.945.0

41849

15.15

14.3214.88154315.95

14.45158412.90

10.6410.73

12.96

380.45979.5210684423.24

131.73149.06146.78104.67

50.3724.4894.77

145552.57

11809142.21

76.28887876.7838.277465

4.98467

10.333.175.38

1230

41,2521,278

34,2531,019

906

1,238.1935.545

35.145.8

45782

14.76

13.7514.4115.0815.80

14.2515.2713.09

10.8510.56

12.39

384.92996.2710879422.72

132.28148.70144.84108.55

52.1524.1290.91

158058.23

12768155.50

76.80886376.7139.237979

5.034 76

10.033.224.95

1223

46,6941520

397131,232

1,101

1 224 7436.859

33.043.7

44469

15.18

14.3814.7915.3616.17

14.4815.8713.22

11.4411.03

13.05

368.97947.9410759404.26

129.13145.30140.10101.63

52.2823.5592.55

146753.94

12062146.16

74.98866474.4238.907497

5.18488

10.073.345.35

1243

42,6491 310

363401,064

954

1 224.8937.404

31.839.4

47507

15.60

14.8915.4215.7616.34

14.8716.3313.50

13.1012.13

13.61

364.22926.25111 49396.27

129.63145.95141.13110.04

54.0622.9991.12

144653.42

11724140.67

75.24867273.2740.227376

5.164869.783.465.43

1263

37,7281 224

31 769973

921

1 149 1937.567

29.936.8

577.36

16.18

15.4915.9516.3616.92

15.4716.8913.71

12.9312.86

14.14

333.33853.38105.18353.12

118.27132.67126.6093.67

51.0120.0378.81

137350.82

11169132.95

68.37780763.6738.176938

5.69538

10.493.995.74

1301

33,5341 220

28,378974

959

1 080 5637.709

30.037.4

567.54

16.20

15.4015.8216.4717.11

15.6416.7613.88

12.9912.67

14.13

337.10853.2410377368.56

119.80133.98123.9896.89

51.4121.0183.83

14 4053.75

11393141.22

69.40789365.6538.877256

5.65535

10.463.805.47

1309

39,6731,380

33,8261,129

996

1 134 1937,874

33.741.0

611 97

15.35

14.2214.9715.8216.39

15.1915.5013.92

12.1811.71

12.68

346.44860.4411042383.56

122.92136.76125.8098.38

54.5221.9289.68

152356.28

11920152.40

71.49808667.6840.737647

5.545289.923.675.19

1276

37,4951 303

320291,062

988

1 181 8238.144

33.237.1

67376

15.38

14.2315.00157516.55

15.0015.7713.84

13.3012.77

12.88

351.31878.2811073387.11

123.79138.35128.2398.37

53.5322.2190.84

14 7654.01

11258149.00

71.8181 7068.2740.2274 74

5.575 28

10.223.765.48

1283

38,6921 365

327011,092

959

1 143 7938.298

30.935.8

410.47

16.05

15.1815.7516.1917.10

15.3716.7314.10

13.1513.16

13.73

333.99853.4110568353.99

117.28131.08121.7895.43

51.8120.0580.86

139551.33

10251141.08

67.91768562.0439.307099

13 19

968

1 1158238.408

31.137.0

388.34

16.13

15.2715.7216.3517.18

15.5316.7214.08

12.7012.81

13.63

327.54833.1510598345.93

114.50127.56120.5397.32

51.3918.9575.99

14.1953.85

10048146.08

66.16747859.0938.327050

1320

972

1 053 7538.572

FOREIGN TRADE OF THE UNITED STATESVALUE OF EXPORTS

Exports (mdse.), incl. reexports, total @ mil. $..

Excl. Dept. of Defense shipments do....Seasonally adjusted do....

By geographic regions:Africa do....Asia doAustralia and Oceania do....Europe do....

Northern North America do....Southern North America do....South America do....

220,704.9

220,548.7

9,060.460 168 3

4,875.771,371.4

35 399.021,337.717,376.8

233,739.0

233,677.0

11,097463 848 7

6,435.869714 7

39 565 824,368.717,732.1

47,964.01 17,962.2

rl 18,902.0

'8035'50109

'425.9'5,686 6

'27370'1,815.1'1,480.3

18,845.4

18,838.0r!9,788.2

729448974

413.86069 1

323951,832.71,649.9

22,928.5

22,917.7r21,277.8

1097 764502

'498.67 141 1

3747 12.213.01.759.0

20,511.9

20,509.3r!9,786.1

998 15 466 1

514.160684

363902,157.51.509.5

19,988.7

19,986.118,899.0

92865 104 0

555.757954

3691 12,271.11.522.6

20,261.5

20,254.719,749.8

1088452934

692.753380

392782,312.61.500.9

18,569.0

18,565.219,289.4

93635 280 6

515.05 214 1

2977 32,082.31.469.6

17,766.4

17,764.219,030.8

97474 837 5

559.150193

3 10301,834.21.338.2

18,819.2

18,816.119,550.7

87545 010 8

544.15 7099

330271,889.11.364.8

19,896.8

19,893.519,163.2

944 45 582 6

589.260402

3 14582,070.61.423.0

19,047.7

19,040.019,152.9

79555 286 4

545.257200

321382,002.41.408.5

19,139.9

19,130.018,885.4

92545 628 8

582.459125

2 841 71,888.31.305.6

17,515.3

17,507.918,736.7





1980 1981

Annual

1981


1982

Jan. Feb.

FOREIGN TRADE OF THE UNITED STATES—ContinuedVALUE OF EXPORTS— Continued

Exports (mdse.), incl. reexports — Continued

By leading countries:Africa:

Egypt mil. $..Republic of South Africa do

Asia; Australia and Oceania:Australia including New Guinea do.India do....Pakistan doMalaysia do. ..

Indonesia do....Philippines doJapan do. ..

Europe:France doGerman Democratic Republic (formerly

E. Germany) mil. $..Federal Republic of Germany (formerly

W Germany) mil $

Italy do....Union of Soviet Socialist Republics do....United Kingdom . do

North and South America:Canada do....

Latin American republics, total # do....Argentina doBrazil . do .Chile do....Colombia do....Mexico do....Venezuela . do

Exports of U.S. merchandise, total § do....Excluding military grant-aid do....

Agricultural products total doNonagricultural products, total do....

By commodity groups and principalcommodities:

Food and live animals # mil. $..Meats and preparations (incl. poultry) .... do....Grains and cereal preparations do....

Beverages and tobacco . . . . . do

Crude materials, inedible, exc. fuels # do....Cotton, raw, excl. linters and waste do....Soybeans, exc. canned or prepared do....Metal ores, concentrates, and scrap do....

Mineral fuels, lubricants, etc. # mil. $..Coal and related products do....Petroleum and products do....

Oils and fats, animal and vegetable do....

Chemicals do

Manufactured goods # do....Textiles . . . . doIron and steel do....Nonferrous base metals do

Machinery and transport equipment,total mil $

Machinery total # doAgricultural do....Metalworking do....Construction, excav. and mining do....Electrical do. ..

Transport equipment, total do....Motor vehicles and parts . . do .

Miscellaneous manufactured articles do....

Commodities not classified do

VALUE OF IMPORTS

General imports, total do....Seasonally adjusted. do

By geographic regions:Africa . doAsia do....Australia and Oceania do .Europe do....

Northern North America do ..Southern North America do....South America do

By leading countries:Africa:

Egypt do....Republic of South Africa do....

1,873 624635

4 13071,689 4

642 113369

1,545 11 999 1

20 790 0

74854

4786

10 959 8

5,511.11,512.8

12 693 6

35,395 3

36,030.426253434351,353 51,735.6

15,144.645728

216,592.2216,436.041 255 9

175,336.3

27,743.71,292.6

18,079.0

26630

23,790.72,864.25,882.94,517.6

7,982.34,771.72,833.4

1,946.3

20 740 2

22,254.6363203,122.829639

84 552 9

55 789 73 103.61,756.31,627.7

10 484 5

28,838.814 589 6

16,343.1

84195

240,834.3

32 250 978,848.03391 9

47,849 7

41470922,656.914 361 6

458.43.320.5

2 15942911 7

5297 517475

491 71 5370

1 301 71 7870

21 823 0

73405

2957

10 276 7

5,360.02431.3

12 439 2

39 564 3

38,950.12 191 7379821 465.21,770.6

17,788.754449

228,960.8228,898.743 338 5

185,622.6

30,290.81,481.8

19,457.1

2914 7

20,992.42,260.06,199.62,718.3

10,279.0600593,695.8

1,750.3

21 187 1

20,632.5361892879920463

957172

62 945 5352262,158.41,822.8

11 493 6

32 790 9162140

16,745.9

83886

261 304 9

27 070 692,032.633527

53 409 7

46 432 023 477.415 526 4

397.32.445.3

'1527'214 4

'3707!147 7'419

'1152

'1107'1403

ll 7418

'6175

'495

'8397

'418.2'343.919613

'2 736 7

'3,071.0127671361 0'13581116.1

'1 297.413477

1 17,598.0'17,596.2'4 067 2'13,530.9

'2,752.0'119.3

'1,853.6

'221 7

'2,044.0'299.5'614.0'275.8

'619.5'302.6'278.1

'123.5

'1 681 4

'1,705.2'2856'240.5'2345

'6 472 0

'4 592 2'2316'178.5'122.7'830 1

' 1 880 5'10604

'1,253.9

'7230

'225771'23 194 3

'3 033 3'8,008 2

'361 6'4 1607

'36234'17617'1 6274

'59.7'234.0

16472143

3559108 1289946

867124 4

17460

6307

50 1

8636

460.62584

1 121 8

32395

3,251.220044533102 1134.6

1,329 94748

18,522.018,514.63825814,696.2

2,709.2123.3

1,830.9

1983

1,843.5296.4465.6274.1

705.33392323.5

124.7

1 684 5

1,664.8288222891682

75222

485062648175.4135.4895 5

2673313345

1,311.1

7509

21 124 321 921 7

304456,555.1

255040334

3678 12012.415456

51.5181.5

1938271 1

41701399399

137 1

1180142 1

2 161 1

8473

339

10259

574.3199 1

1 2403

37470

3,690.3299 334831586150.3

1 62004878

22,494.122,483.34 666 917,827.2

3,004.1149.4

1,942.3

2623

2,325.9315.0847.8234.1

826.24993296.5

2068

2 044 6

2,024.6366224342246

9 395 1

6047 13626222.5171.6

1 103 5

3351 815925

1,630.9

7627

21 362 620 949 3

230207 161.0

187545065

399001921.31 2940

50.1219.8

19802604

42691229289

1978

1080168 7

1756 1

705 8

400

864 1

394.5141 6

1 156 4

36390

3,395.1212 233081153144.3

1 60394368

20,102.320,099.73 751 416,350.9

2,640.5127.5

1,722.8

2190

1,823.9208.6487.2283.2

745.54208285.8

145.4

1 763 9

1,940.9343425502206

8651 4

5456 13175188.2162.6985 4

3 196 11 531 5

1,489.2

6800

22 775 222 289 2

321957 468.4

31584588 1

392222 128.61 1323

21.4197.4

19332653

42421146416

1043

1047143 6

15952

652 1

252

9400

473.743 1

1 111 2

36910

3,533.2172 4332 11195145.7

1 67344824

19,618.119,615.53566816,051.3

2,412.1150.4

1,561.8

2375

1,865.0190.0567.2246.2

637.73027307.1

151 8

1 859 2

1,893.3329725791963

84598

537143425218.5179.5966 2

3089 11 6038

1,383.3

7159

21 454 221 309 9

2204673557

259344108

4 14231,994.41 0868

31.0224.9

28502500

48861260386

1235

104 1144 4

1 7868

550 8

52

8085

424.9803

1 088 4

39277

3,561.7156 3347 11359166.5

1 73584385

19851.919,845.13 191 216,660.7

2,330.7131.2

1 482.7

217 7

1,594.4134.1335.0258.0

613.83369220.5

1645

1 819 4

1,802.2320 32633163 3

8 840 2

5 614 7'354 1202.1169.4

1 051 6

3226415734

1,492.0

970 1

22 522 221 974 7

2973674387

305645162

405152 11481 1216

549171.3

18422679

430 1165241 3

1332

115 1162 5

19000

512 8

146

7379

352.01272

1 146 5

29770

3,272.0135 028731228157.7

1 51305087

18 198.618,194.92841 815,356.8

2,342.395.6

1,432.9

194 4

1,244.5108.6232.0186.3

918.65792297.7

129.4

1 826 0

1,660.127732423154 8

7 597 2

529902988182.0168.8960 2

229891 2973

1,402.2

880 1

20 349 619 806 7

1 72307 265.8

23974 565.1

367781 713.81 164 4

5.7215.5

19382334

47771296695

1155

994160 6

15942

518 5

90

7637

444.710138854

3 1030

2,933.6188 726981193129.9

131443999

17,455.817,453.62 926 414,529.4

2,241.2110.3

1,477.9

1873

1,301.094.7

318.5179.1

919.0604 1243.5

168.1

1 644 1

1,559.1299 1205 11306

7471 5

48799249 1156.1134.9942 5

2592 11 1964

1,365.2

597 1

22617523 528 3

1 95098,450.6

256 14,938.1

364092,074.01 3066

15.5185.4

13272302

4649219.5426

1168

855158 2

1678 1

613 2

90

8877

419.62574952 1

33025

2,977.7124 03023115 1151.3

13754453 1

18,376.518,373.43 203 215,173.3

2,517.097.3

1,676.9

259 8

1,376.681.9

376.8186.8

958.4649 1238.4

124.3

1 684 9

1,660.7286 123281226

7 845 4

5 19722696160.8172.0907 5

2 649.013068

1,351.8

594 6

20 748 721 228 6

1 785 17,629.0

34204,055.6

370771,899.61 3297

28.6151.2

17762669

49082088516

1316

1219165 4

18590

555 2

249

9002

390.42808926 8

3 1457

3,241.7152 025771243182.0

154224393

19,466.419,463.13 925 615,540.9

2,691.1129.4

1 639.6

304 8

1,831.596.8

719.8222.5

1,131.16720422.5

131.9

1 798 2

1,651.728842578160 7

8 001 8

5 457 532931708155.2

1 028 6

254501 3255

1,430.1

490 9

23 555 123 234 4

166969 1027

308546542

425982,155.71 4042

51.4180.9

14072220

464 1116 1320

131 1

12971423

1 940 1

573 9

177

8464

459.023999083

32136

3,089.2138 625651259151.8

140265088

18 646.018,638.33 775 414,870.6

2,335.3126.9

1 392.0

375 1

1,930.7174.6726.9178.0

1,097.76626368.8

121.5

1 665 5

1,623.6281 7230 11373

7 529 4

5 167 72829151.3136.0923 8

2 367.612673

1,345.3

614 1

22 555 022 521 5

1 79728 636.0

241 14 570.7

4 132.21,874.71 3027

3.3352.4

14282159

48661492350

1362

11801345

20646

5627

164

7989

548.035839406

2841 7

2,933.4136 12520906

140.413808

4672

18,631.118,621.13 596 515,034.6

2,315.3121.3

1,443.6

2368

1,811.4259.75089194.2

1,106.26373413.6

158.4

1 715 4

1,446.3253022281328

7 931 2

501222198152.3114.7898 8

292101 124 8

1,290.9

609 2

19 663 4195163

1 36736961.4

28054410.3

3 606.01,826.31 211 3

24.3131.0

2,064.9

208 9

1,724.7

1,048.5

635.9

1028

1 594 2

1,456.9

7 126 7

1,261.8

532 2

222 606 0222 828 8





1980 1981

Annual

1981


1982

Jan. Feb.

FOREIGN TRADE OF THE UNITED STATES—ContinuedVALUE OF IMPORTS— Continued

General imports — Continued

By leading countries — ContinuedAsia; Australia and Oceania:

Australia including New Guinea mil $India . doPakistan do....Malaysia doIndonesia . . . do ..Philippines doJapan do

Europe:France doGerman Democratic Republic (formerly

E Germany) mil $Federal Republic of Germany (formerly

W Germany) mil $Italy. . do.. .Union of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada do.. .

Latin American republics total # do...Argentina doBrazil doChile do....Colombia doMexico do.. .Venezuela do

By commodity groups and principalcommodities:

Agricultural products total mil $Nonagricultural products total . . do .

Food and live animals $ do .Cocoa beans doCoffee doMeats and preparations do...Sugar do

Beverages and tobacco do

Crude materials, inedible, exc. fuels # do....Metal ores doPaper base stocks do....Textile fibers doRubber do.

Mineral fuels, lubricants, etc do....Petroleum and products do....

Oils and fats, animal and vegetable do....Chemicals do....

Manufactured goods # do....Iron and steel doNewsprint do....Nonferrous metals do..Textiles do....

Machinery and transport equipment do....Machinery total # do...

Metalworking do....Electrical .. .. do..

Transport equipment do....Automobiles and parts do....

Miscellaneous manufactured articles do....

Commodities not classified do..

Indexes

Exports (U.S. mdse., excl. military grant-aid):Unit value 1977- 100..Quantity doValue do....

General imports:Unit value do....Quantity do.Value do....

Shipping Weight and Value

Waterborne trade:Exports (incl. reexports):

Shipping weight thous sh. tons.Value mil. $..

General imports:Shipping weight thous. sh. tons..Value mil. $

2562310976

127.6257705 182.517303

30 701 3

52470

439

1168124,313 1

45329755 1

41,455 4

29 851 27408

37146515.0

124051251955297 1

17 425 0223 409 2

15 762 73952

387232,346.31 9875

2771 5

10,495.93696 11,773.4

242 1816 1

79,057.773,770.9

533.48,582.7

32,190.4736362,685.2762272,493.3

60,545.731 903 6

1,813.78064 1

28 642.024,133.9

23,711.0

7 1833

138.11329183.6

161.41026165.5

401 172118,835

487,936164 924

251481202 1

173.62 18346022419643

37 612 1

5851 4

477

11 379 05 1890

347512 834 6

46 413.8

32 023 31 124 444745

603.68189

13 765 155660

17 003 4244 301 4

15 237 64662

262191 996.12 1423

3 1383

11,193.4383801,823.8

34357779

81,416.975,577.3

479.59,445.9

37,291.91121052,871.16952.13,045.9

69,627.238 212 2

1,992.19 1798

31415226,216.9

26,178.7

72959

'3063'995'13.9

49861552.6497 1

'3 196 1

'499.6

'49

'9958'391.7'82 9

'8546

13,622.0

'2,801.84196'390.2'56.5'972

'918.1'7177

'16130'21 007.0

4,471.0'294

'3325'206.9'2258

'2533

'885.9'3209467.9'267'405

'8,014.2'7,388.5

'50.1'735.8

'2,910.5'6586'231.2'6236'258.0

'5,615.7'2,886.4

486.6'702.5

'2,729.3'2,311.7

'2,012.5

'628 1

449.54198479.1

473.14073485.8

'30 58640,145

'42,63045920

1878121014.4

2069499.51805

23412

455.8

29

75803967324

869 1

3,676 4

2,933 5942

382439.6983

1,16726123

1714819 471 8

1,340 9563

290 1189.71777

2360

1,029.43115159.0334

111 1

7,943.47,344.7

60.0767.4

2,795.16775233.46509226.2

4,694.22611.4

144.06062

2 082.81,689.4

1,779.3

4786

149.01264188.4

174.3997

173.8

300169,860

40,30214657

1439110815.1

164260291623

3053 1

4653

38

97003956445

1 119 1

3,987 7

263661365413650.0694

1,10494070

1506319 826 6

13729378

2436153.61823

2449

989.32780163.434071 4

6,475.95,992.5

46.6818.1

2,807.7622.8248.6

• 576.5252.0

5,984.23 1743

152.5757 1

2,810.02,324.6

2,054.8

568 1

148.41542228.8

176.1998

175.8

3641612046

34,24014073

19431038

14.7182748621426

32230

4567

4 1

10110397.6

1971 1039

3921.6

26590560

297 170.6633

1 245.44965

1417621 326 7

1 2250620

2055168.91439

261 5

1,038.3354 1132.4324796

7,835.57,368.9

24.9825.4

3,125.09330236.36066249.2

5,954.33 1254

159.07119

2,828.92,329.9

1,911.0

5745

150.41360204.6

175.91065187.3

3248210524

41,01915909

195397.017.4

191 1446.9175 1

30305

501.9

3.8

9719431.6184

989.5

4,140.9

2,435.3765

337.654.3742

1,072.23242

1552319,891.4

1,371.251 3

232.0148.01972

311 7

1,129.7352.3181.633066.6

6,078.25,651.8

40.5794.1

3,221.0968.4253.7595.1242.6

5,853.83,112.3

167.7763.4

2,741.52,298.7

2,047.8

606.3

151.1132 1199.6

172.51023176.5

3065610563

37,10214335

223399.114.4

1640399.51789

3 147.6

469.9

4.1

918.3411.8133

1 189.4

4,048.8

2,562.8728

349.234.969.8

1,207.73103

1306721,182.9

1,240.9437

165.3160.4146 1

2313

1,061.44047156.322260.7

7,255.56,853.8

32.0815.9

3,179.9961.9232.9612 1253.0

5,922.73,204.1

138.08117

2,718.62,365.3

2,142.0

6406

149.71349202.0

172.41076185.4

292449754

42,87415603

161778.213.8

1926451.01623

3 140.7

440.3

25

950 1433.5390

1,1317

3,677.2

2,381.9706

352.146.3387

987.54335

1 184819,132.4

1,161.6336

143.9168.91409

2197

891.9324.9145.833248.7

5,692.05,264.9

38.3707.8

3,092.3922.4229.3581.0254.5

5,694.23,198.0

167.07570

2,496.32,097.6

2,324.1

527 7

152.2121 7185.2

170.0985

167.4

335899809

35,01413649

1903115914.6

1534496.01505

35429

529.1

5 1

9878494.8

14 11,505 0

3,638.7

2,616.6835

356.454.2497

1,122.65148

1394721,276.8

1,176.1426

187.2176.01173

2855

873.23429142.0298502

6,880.56,436.2

32.8929.0

3,440.21 247.7

209.3568.2269.2

5,883.03 376.9

177.37893

2,506.12,089.7

2,492.2

6250

151.01176177.6

167.81109186.0

335519075

43,81215959

261086.910.3

170.6342.9155 1

2910.1

432.2

3.6

789.3409.0158

1 126.2

3,705.5

2651.5119 1395.0

42.355.0

1,119.2472.7

1 290.019,487.8

1,150.7385

163.7184.7163.8

2393

829.2298.5122.519771.6

6,557.96,154.3

37.2816.6

3,077.01 012.2

219.4533.2247.7

5,254.63 146.3

164.27875

2,108.41,752.4

2,285.4

500.8

151.31236187.0

166.31026170.6

3608110079

39,48214 123

2383110.417.3

201.2617.51933

3 698.9

466.9

4.5

972.1429.131 7

1,085.2

4,258.9

3,015.71083411.8

58.476.3

1,362.4467.0

1 428022,107.4

1,295.4398

210.8178.3235.0

3163

944.7314.3180.826673.4

6,643.76,153.7

41.4826.3

3,455.11,059.0

279.9605.2285.8

6,606.63,819.0

187.69299

2,787.52,370.7

2,699.8

7258

152.81296198.1

166.411631936

3981210871

4031615765

177299.614.4

175.3708.51396

3 326.5

599.6

4.0

9987494.4278

954.7

4,132.2

2,755.6131 6412.6

47.753.0

1,287.1373.5

1 247721,305.4

1,132.7109

220.9130.71360

2999

824.32982148.5252565

6,613.26,113.7

40.4718.2

3,287.01,1204

258.45263277.4

6,452.63,586 7

192.18437

2,865.92,290.6

2,384.7

802 1

15301240189.7

165.711191853

235479.913.3

1827418.81273

3001 5

534.1

4 4

10559503.3

80906.3

3,603.9

2,573.1556

376448.9739

1,170.94366

1367918,285.2

1,299.2203

2264130.02764

2389

696.12374123.627 1477

5,426.94,854.3

35.3691.3

2,901.11,026 5

238.74733230.5

5,711.329713

156.17195

2,740.02,296.2

2,045.1

6183

15291239189.5

1674965

1616

21 306 8

21,035.8

27,439.3

242.82777.4

23,225.9

26,199.7

22,221.626369





1980 1981

Annual

1981


1982

Jan. Feb.

TRANSPORTATION AND COMMUNICATIONTRANSPORTATION

Air Carriers (Scheduled Service)

Certificated route carriers:Passenger-miles (revenue) bil .

Passenger-load factor percent..Ton-miles (revenue), total . . .. mil

Operating revenues (quarterly) # § mil. $..Passenger revenues do....Cargo revenues do....Mail revenues . do

Operating expenses (quarterly) § do....Net income after taxes (quarterly) § do....

Domestic operations:Passenger-miles (revenue) bilCargo ton-miles mil..Mail ton-miles do ..

Operating revenues (quarterly) § mil. $..Operating expenses (quarterly) § do....Net income after taxes (quarterly) § do

International operations:Passenger-miles (revenue) bil..Cargo ton-miles mil..Mail ton-miles do

Operating revenues (quarterly) § mil. $..Operating expenses (quarterly) § do....Net income after taxes (quarterly) § do....

Urban Transit Systems

Passengers carried, total mil..

Motor Carriers

Carriers of property, large, class I, qtrly.:Number of reporting carriersOperating revenues, total mil. $..Net income, after extraordinary and prior period

charges and credits mil. $..Tonnage hauled (revenue), common and contract

carrier service mil. tons..

Freight carried — volume indexes, class I and IIintercity truck tonnage (ATA):

Common and contract carriers of property(qtrly.) average same period, 1967—100..

Common carriers of general freight,seas adj 1967 — 100

Class I Railroads t

Financial operations, qtrly. (AAR), excl. Amtrak:Operating revenues total # . . mil $

Freight do....Passenger, excl. Amtrak do....

Operating expenses do....Net railway operating income do....Net income (after taxes) do....

Traffic:Ton-miles of freight (net), total, qtrly bil..

Revenue ton-miles, qtrly. (AAR) do....Price index for railroad freight 1969=100..

Travel

Hotels and motor-hotels:Restaurant sales index.... same month 1967=100..Hotels: Average room sale fl dollars..

Rooms occupied . . % of totalMotor-hotels: Average room sale ^j ... . dollars

Rooms occupied % of total..

Foreign travel:U.S. citizens: Arrivals thous

Departures doAliens: Arrivals do.

Departures doPassports issued do

National parks visits do

COMMUNICATION

Telephone carriers:Operating revenues # mil $

Station revenues do....Tolls, message do....

Operating expenses (excluding taxes) do....Net operating income (after taxes) do....Phones in service, end of period mil..

Telegraph carriers:Domestic:

Operating revenues mil. $..Operating expenses do....Net operating revenues (before taxes) do....

Overseas, total:Operating revenues do....Operating expenses do...Net operating revenues (before taxes) do....

254.1859.0

32487233,267222,791

22,427621

233,4622-90

200093274

944

26,376226 383

2156

54.092,458

39226,89127,0792-246

8228

10015,538

284

183

1479

r28 25826,350

439r26,351

r3,142r3l,130

933 1918.6285.5

18249.48

653530

66

2901029971

211 252292853 020

59081

5673824,33322,98337,98310,194159.9

697.1561.595.9

5534.25374.45137.4

7949

147 0

3090428,925

535

285831362

32,055

911.9327.7

85619 640

ll'73795543 222

62 237

1935548

2437

157524584

3.6014528

647

153 1

313.8

1585671

623595

56

681700871752233

2 017

5 1352,2012,0713346

975164.2

57 948.85.9

45.23329.8

1700542

2214

140824678

2.9216228

644

151 9

317.7

17656 17

683761

64

587670692552237

2 092

5 0482,2361,9313352

913164.5

5854827.1

45.132210.8

1984568

2591

8,3677,108

577157

8,536-217

164928686

6,9646993

65

3.3620431

1,4031,543-152

726

1003,921

25

46

150 8

7 ego7,182

121

6960469636

236 12366321.4

19858 11

743742

72

735735819618338

2 622

53072',2442,1443498

9851647

63049310.3

50034013.7

202658.4

2603

164227885

3.8418431

690

153 2

321.0

1915728

7338 14

71

692792975755335

3 556

52752,2722,1023577

888165.0

640500108

48035210.7

218261.0

2776

17 4128981

4.4119431

676

152 2

321.4

2005629

733800

70

760863993785317

5 237

53032^2882,0763574

923164.8

6194867.3

4663608.5

228660.8

2876

9,4167,963

625159

9,2923

1782292

77

7,5427409

41

5.0419129

16271,641

-36

693

1004264

92

47

151 9

7 5827 101

126

7 179274341

22982225324.3

21454 90

7240 15

73

789988

1 036789363

7 892

5 5032,3302,199362010191648

68454993

49528311.1

244660.8

3057

189429778

5.52207

29

615

153 7

333.2

2145605

6939 42

76

672985

1 293873323

10 955

5 7142,3382,319372710741648

68055589

50238 39.9

245068.2

3023

186427375

5.8619629

625

148 5

333.5

19249 44

6838 79

76

989904

1 3691 198

272

11 226

5 7722,3602,34037031 1171646

682530114

470394

5.4

19.7257.6

2566

9,7298,195

625161

8,60073

15 1528978

7,4637442

12

4.5719929

1,9321,859

61

645

1004,301

78

46

145 1

7 9667452

144

7331r428498

227 12275333.6

19155 55

673856

67

715831

1 040913225

6 865

5 8162,4152,31038121 0851653

67756078

50 139 18.7

20.1657.7

2673

159730885

4.19232

32

693

139 4

337.6

2155956

7438 85

68

746752938830196

5 032

5 8382,4662,35438201 1111653

67656877

51236912.1

1269

643

r!36 5

337.8

18958 72

6438 57

59

622658778726172

2 719

5 8062,4632,2644 060

950165 1

65753 19 1

48037 48.5

'1427

652

128 0

7 6977 191

143

7 113192580

r225 1337.5

572763934763210

2 023

1382

P126 0

"743349.7

208

1298

4667349.9

P260





1980 1981

Annual

1981


1982

Jan. Feb.

CHEMICALS AND ALLIED PRODUCTSCHEMICALS

Inorganic Chemicals

Production:Aluminum sulfate, commercial (17% A1203) $

thous. sh. tons..Chlorine gas (100% C12) $ do .Hydrochloric acid (100% HC1) $ do....Phosphorus elemental do

Sodium hydroxide (100% NaOH) t doSodium silicate anhydrous $ doSodium sulfate anhydrous $ do....Sodium tripolyphosphate (100% Na5P3O10) $

do....Titanium dioxide (composite and pure) ijr do

Sulfur, native (Frasch) and recovered:Production thous Ig tonsStocks (producers') end of period do....

Inorganic Fertilizer Materials

Production:Ammonia, synthetic anhydrous $

thous. sh. tons-Ammonium nitrate original solution $ . . do. ..Ammonium sulfate i doNitric acid (100% HNO3) $ do

Nitrogen solutions (100% N) $ do....Phosphoric acid (100% P2O5) $ do ..Sulfuric acid (100% H2SO4) $ do....

Superphosphate and other phosphatic fertilizers(100% P2O5):Production thous sh tons..Stocks, end of period do....

Potash deliveries (K2O) fl do

Exports total # doNitrogenous materials do....Phosphate materials , do....Potash materials do

Imports:Ammonium nitrate do....Ammonium sulfate do....Potassium chloride doSodium nitrate . do.. .

Industrial Gases

Production:Acetylene $ mil cu ftCarbon dioxide, liquid, gas, and solid

thous sh tonsHydrogen (high and low purity) $ mil. cu. ft..Nitrogen (high and low purity) $ do....Oxygen (high and low purity) ijr do

Organic Chemicals §

Production:Acetylsalicylic acid (aspirin) mil IbCreosote oil mil galEthyl acetate (85%) mil. Ib..Formaldehyde (37% HCHO) do .

Glycerin refined all grades doMethanol synthetic mil galPhthalic anhydride mil Ib

ALCOHOL

Ethyl alcohol and spirits:

Stocks end of period do

Denatured alcohol:Production mil wine galConsumption (withdrawals) doStocks, end of period do....

PLASTICS AND RESIN MATERIALS

Production:Phenolic resins mil IbPolyethylene and copolymers doPolypropylene ... do....Polystyrene and copolymers doPolyvinyl chloride and copolymers do

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments, quarterlymil Ib

Paints, varnish, and lacquer, shipments:Total shipments mil $

Architectural coatings doProduct finishes (OEM) . . . . d oSoecial ouroose coatines do....

1,18211 1982812

440

11324740

1,258

719713

1 10 2713,042

19,0288590

414698931

3,0311085644,272

8339372

6950

294453668

17,5241 815

247289

8907158

5493

3720106,064478,964430 729

13371525

1233.615 555 3

3148110773

18182

642 8720

30082828

10.7

*1 7449*11 7199

13,699.015 540 1J5 485 4

13 000 4

763593641 2241851.576.2

1,206105572,444

426

10651738

1,162

686748

103693,571

19,0428,791

416429040

42,9489914

40,360

3 16,90731,0806478

223912,834

13,3081 203

264327

8601159

4904

3982101,563485,046421 748

2961179

1278.9'5 854 6

299 11 1 266 2

*8107

U 4890119984

13,948.115 686 6'5 663 3

30036

9288624136

9245192

5558

8903,018

1,663837

(2)

832

257869

3,704

1,6591,103

371

2261309

1,362109

2042

6810

480

3118,660

40,14635675

3010421.8

4528

259109.7686

49 2783

23 12567.0

156510707

350.244964446

555 123522088111.1

91904209

34

91058

115

5760

8182,989

1,535736

(2)

764

235873

3,480

1,5531,338

556

1803258

1,12575

1813

68113

404

2889,490

38,32232983

2610220.8

506.8

20799.753.0

44 3648

1871828.2

17389422318.644854765

59322592213.8120.2

9493221738

9526998

6063

8692,918

1,733839217875

284941

3,829

1,7171,417

651

1864226

1,22594

3146

87625

440

3248,582

41,24837 153

3410523.1

5319

25397 1960

49 3736

17417 76.6

23701 1166

332.458395543

7412

728 133952495139.1

10296021038

9657098

6168

8382,876

1,698778219804

279961

3,808

1,6931,374

687

1859245

1,184114

4528

80635

409

3558,625

40,05236281

3.210 427.2

576.5

27.1114.584.7

509698

19318.54.5

238510633

335.650105510

77453746248.3151.6

9994721039

9625599

5970

8782,859

1,632741188760

4263927

3,656

1,6321,339

441

2015259

1,17597

1946

59816

397

3248,746

41,79737964

1.911 022.2

537.0

25.7100.587.1

44 0762

18017.54.0

225610584

357.449025525

77083854240.4145.0

9893722136

9457395

6668

8752,824

1,582651181695

4235918

3,560

1,5141,414

514

1,949227

1,076110

1610

65112

388

3458,490

40,39635726

1.610820.6

504.2

27.0108.281.4

422675

23423.03.1

19251 001.2

347.34989552.2

5997

851 84261261.2164.5

114893221

34

8946296

5761

9152,930

1,545673199714

4250850

3,412

1,4361,561

513

2,184333

1,143116

1416

62310

389

3858,544

40,92136 147

1.887

24.2461.2

25.3112.560.6

453725

17216.63.4

151 810055

346.646835174

77443968224.9152.7

9787420237

8735996

5857

9143,044

1,510617165657

4231676

2,896

1,0921,321

806

1,659124979103

1629

9480

353

3537,630

40,93934 158

2.882

22.7593.0

24.284.672.5

55875.4

18.017.33.5

125 11 032.7

328.14566500.0

7848390.5232.7161.7

11985118334

8616995

5365

8523,203

1,537684152717

252742

3,142

1,1581,211

378

1,872220

1,02990

1517

78616

425

3248,785

41,22534930

2.910220.9

494.7

29.899.580.3

53 178.7

18818.53.1

12549843316.94963451.1

846.1

77323725233.0167.7

10683717338

8266192

5665

8343,235

1,547744

(2)

7424224760

3,096

1,2611,177

399

1,51216788093

2610

65526

392

3358,300

41,54536440

2.499

26.0483.1

28.7104.749.3

1295954.2327.3491 6402.2

7042315.1235.7153.3

9376517332

767r5789

5158

8423,367

rl,491723148728

r218690

r2,869

1,112rl,276

550

1,579221982101

2612

5776

r384

r324r7,669

'39,246r32 603

2.188

24.8435.8

22.7107.748.4

1049886.8301.44332384.9

5783250.7202.7124.9

10177118430

7725497

5355

8443,571

1,569768

(2)752

4220707

2,908

1,0801,080

614

1,834246

1,148100

1758

7190

443

3148,042

39,20931 688

1.888

18.2376.5

16.7121.557.1

1018825.9273.34046310.6

816.7

7743,658

416

1,497243860

62

2120

67012

17.1

P396





1980 1981

Annual

1981


1982

Jan. Feb.

ELECTRIC POWER AND GASELECTRIC POWER

Production:Electric utilities, total mil. kw.-hr..

By fuels . ... doBy waterpower do....

Sales to ultimate customers, total (Edison ElectricInstitute) i . . mil kw -hr

Commercial and industrial:Small light and power § doLarge light and power § . . ... do

Railways and railroads . . doResidential or domestic do....

Street and highway lighting do....Other public authorities do....Interdepartmental . ... do

Revenue from sales to ultimate customers (EdisonElectric Institute) ± mil. $..

GAS

Total utility gas, quarterly(American Gas Association):

Customers end of period total thous..

Residential do....Commercial do....Industrial . doOther do....

Sales to customers, total tril. Btu..

Residential do....Commercial do....Industrial do....Other do

Revenue from sales to customers, total mil. $..

Residential doCommercial do....Industrial do....Other do

2,286,0342010013

276,021

2 095 333

509 547791 241

4292720,784

14,56648,4266477

91,618.7

47,263

43,5283,499

18848

15,409

4,8232,4427,862

283

48,276

174098,149

22,081637

2 111 899

522 993795 369

4 103716471

1492151,2006841

105,868.3

205,192182 83622,355

187 047

43 94465 189

37971,063

1 4184,466

589

8,586.6

179,624158 49021 134

180 663

4261565632

36565 789

1 3454,340

578

8,324.3

185,435164 86320572

172 296

41 11466251

36758402

1 3174,242

602

80610

47840

44,0163584

19149

5312

2 151996

2,06897

18993

8 3363,7256662

269

172 369151 64620723

164 971

3971066*000

33953024

1 1524,175

571

7 653.8

177,656153 57424081

162 656

4039266040

33149978

1 2064,125

584

7,987.2

202 694176 32526370

174 208

44 50167497

33555789

1 1724332

581

8,948 2

47760

43,9633560

18948

3458

789428

2,18260

12416

3 4051,6787 182

152

220 164195 03225 133

191 316

4890968847

33267078

1 1374442

572

10,094.0

210,245188 61021635

192 116

4884869*198

32667472

1 1774,481

614

10 197.1

186,858169 01617842

183 125

47 19268*491

32561040

12064,284

587

9,609.9

181,377163 26418 114

170 764

43 18466677

32254522

1 2204,288

550

87998

163 665

4078963968

32952743

13023,989

544

84158

173711

43 16162252

35561 929

12944,183

536

9 165.6

FOOD AND KINDRED PRODUCTS; TOBACCOALCOHOLIC BEVERAGES

Beer:Production mil. bbl..Taxable withdrawals do....Stocks end of period . . do

Distilled spirits (total):Production mil. tax gal..Consumption, apparent, for beverage

purposes i mil. wine gal..Stocks, end of period i mil. tax gal..Imports mil proof gal

Whisky:Production i mil. tax gal..Stocks, end of period i do....Imports mil. proof gal..

Wines and distilling materials:Effervescent wines:

Production mil wine galTaxable withdrawals... . . do ..Stocks, end of period do....Imports do....

Still wines:Production ± do....Taxable withdrawals ± do....Stocks end of period i doImports do....

Distilling materials produced at wineries do....

DAIRY PRODUCTS

Butter, creamery:Production (factory) (« mil. lb..Stocks, cold storage, end of period do....Price, wholesale, 92 score (N.Y.) $ per lb..

Cheese:Production (factory), total d> mil. lb..

American whole milk & do

Stocks cold storage end of period doAmerican, whole milk do....

Imports do....Price, wholesale, American, single daisies

(Chicago) S per lb..

194.08173.371396

140.53

rl449.42578.02113 71

84.31512.02

86.00

26202529

9.264.83

50897349.43610 29

97.68

224.38

1,145.3304.61.448

3,983.123746

5788479.6231.2

1.562

2448.82

11793

86.53

7.66

107.60

1,236.8429.2

31.535

4,204.52 584 8

7096623.0247.6

1.672

13.3112.081398

14.42

32.9761558

884

7.38553.51

6.51

1 871 27

10.900.85

78630.34

556 628.91

551

121.3332.11.534

342.8212 2

601 7504.7

10.3

1.640

14.5812.411495

14.30

30.8862577

872

8.13553.47

5.06

2421 03

11.860.35

50425.14

548 257.52

352

110.1372.31.537

316.5198 1

5963508.6

11.6

1.640

16.72150115 12

16.68

35.6857104

10 04

12.42497.91

7.64

2 851 63

13.200.38

58732.31

526 797.44

281

116.7407.41.535

365.4224 5

591 1501.4

15.3

1.669

17.6815471526

14.75

37.03633 18

9 03

10.64558.33

6.88

2 421 73

13.970.55

54329.13

494 017.70

294

116.9450.4

371.2237 5

631 9539.4

19.5

1.670

18.8717001578

12.73

34.4262393

10 21

8.44558.77

7.56

2 361 98

14.470.64

56229.03

466 639.34

596

116.2473.6

386.9253 5

6498555.6

13.7

1.678

18.63172915 24

11.82

37.7263785

7 67

7.38555.79

5.30

3 052 42

11.920.45

44531.20

428 057.97

524

96.6507.5

385.9243 6

685 7585.0

16.8

1.679

188017371498

6.38

35.91621 26

8 56

3.68551.27

6.52

2 471 68

15.140.55

5 8429.51

401 618.58

296

84.1515.5

347.1217 9

714 2615.7

18.6

1.678

17.7216221453

7.93

33.3661800

833

4.66547.19

5.83

2 30226

14.890.52

743726.66

437 539.51

35 12

85.0515.6

333.7202 8

720 9617.7

16.9

1.678

15.72146814 42

11.43

34.7561274

11 77

6.92543.60

9.32

2 042 11

14.440.53

202 1631.46

620 508.37

6797

86.3490.0

324.5188 2

6943598.6

22.0

1.678

14.61138413 99

39.07

13 32

16.06

3 804 52

20.750.76

101 9036.40

656 6710.24

3205

100.5470.0

338.8198 4

682 4591.3

23.4

1.685

13 12123913 38

41.07

12 32

9.30

1.07

11.12

94.2451.1

326.3191 3

677 5590.4

26.5

1.692

54.09

9 12

6.62

1.01

10.91

108.9429.2

365.4217 0

709 6623.0

52.9

1.684

7 03

4.91

0.53

9.96

128.3433.1

347.0218 4

717 3632.0

19.0

1.684 1.684





1980 1981

Annual

1981


1982

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—ContinuedDAIRY PRODUCTS— Continued

Condensed and evaporated milk:Production case goods @ mil IbStocks, manufacturers', case goods, end of month

or year mil Ib

Exports do

Fluid milk:Production on farms $ doUtilization in mfd. dairy products @ do....Price, wholesale, U.S. average $ per 100 Ib..

Dry milk:Production:

Dry whole milk @ mil. Ib..Nonfat dry milk (human food) @ do

Stocks, manufacturers', end of period:Dry whole milk . do.. .Nonfat dry milk (human food) do....

Exports, whole and nonfat (human food) do....Price, manufacturers' average selling, nonfat dry

milk (human food) .. $ per Ib..

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats, rye, wheat) mil. bu..

Barley:Production (crop estimate) || do....Stocks (domestic) end of period total $ do

On farms $ • •• • do....Off farms do

Exports including malt § do....Prices, wholesale (Minneapolis):

No 2 malting $ per buNo 3 straight do

Corn:Production (crop estimate grain only) H mil buStocks (domestic), end of period total t do....

On farms $ doOff farms . . . . . . . . . do....

Exports including meal and flour . . do...Price, wholesale:

Weighted avg., selected markets, all grades$ per bu..

Oats:Production (crop estimate) 11 mil buStocks (domestic) end of period total $ . do

On farms $ do....Off farms do

Exports, including oatmeal do....Price, wholesale, No. 2, white (Minneapolis)

$ per bu..

Rice:Production (crop estimate) mil. bags #..California mills:

Receipts domestic, rough mil. Ib..Shipments from mills milled rice doStocks, rough and cleaned (cleaned basis), end

of period mil. Ib..

Southern States mills (Ark., La., Tenn., Tex.):Receipts rough from producers mil IbShipments from mills, milled rice do....Stocks, domestic, rough and cleaned (cleaned

basis) end of period mil Ib..

Exports do....Price, wholesale, No. 2, medium grain (South-

west Louisiana) $ per Ib..

Rye:Production (crop estimate) fl mil buStocks (domestic) end of period $ do .Price wholesale No 2 (Minneapolis) $ per bu

Wheat:Production (crop estimate), total fl mil. bu..

Spring wheat 11 . do ..Winter wheat fl do....

Distribution quarterly @ @ do

Stocks (domestic), end of period, total $ do....On farms i doOff farms. do....

Exports, total, including flour do....Wheat only do....

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$ per buNo. 2 hd. and dk. hd. winter (Kans. City) .. do....Weighted avg., selected markets, all grades

$ per bu..

7247

518

434

128 52571,687

13.10

82.71 1607

5385.0

176.2

0.887

3,914.4

2361.0303418561178

68.9

(6)

( )

26 644 85 858.84 141 51 7173

24853

(«)

245833910329.361 7

9.1

(«)

2146.2

3,5822711

231

108316,795

2,969

6,620

0.225

216593

(«)

22,3742479

21,8952 191

1,903.27534

1 1497

1,344.51,309.5

(6)(6)

(6)

7517

460

349

132 63475,637

13.80

92.11 3068

6.086.7

198.0

0939

3,914.2

2478.33325230.71018

91.8

28 201 06,900.0496601 934.1

2 1593

2508 13647313.651 1

12.8

2185.4

3,3592267

510

108217,354

2,763

6,801

0.256

218678

22,7932695

22,0992525

2,173.99548

1 219.2

1,647.71,610.8

557

41 7

28

107866,21214.10

6.8920

r6.5r81.7

16.9

0.938

348.0

6.4

208.3

0.7

354216

283

436590

2,686

533

0.270

132.2129.9

547

369

34

10 1295,90314.00

6.0953

48r93.3

7.2

0936

341.8

11.5

1998

1.5

253271

224

830635

2604

613

0.270

128.8124.4

60.4

395

29

115116,71813.80

6.81100

3.9r96.5

11.4

0.937

361.9

2034113.4900

4.8

3,987.22641 11,346.1

222.2

256 1211.7

44 4

0.8

333268

226

749852

2342

809

0.275

69

575

1,328.653897898

134.0128.8

65.0

530

2 1

11 5096,86313.60

8.01229

4.0102.0

14.6

0.939

326.1

3.5

185.3

2.5

351303

203

274660

1,853

688

0.275

134.5127.7

652

663

28

120557,05213.50

8.51353

r 46116.5

24.2

0.939

289.8

41373474.4"628

0.1

32,774.2318183

3955.9

2076

4i76 94148.9

4280

1.9

317346

120

142492

1,456

794

0.280

44 1

4988.84414345745

80.076.0

69.2

770

32

115766,83013.40

6.41326

3.6116.3

31.4

0.939

289.9

1.5

157.7

0.6

218186

107

85499

1,008

497

0.280

^40

130.0124.5

67.8

81 6

27

113446,45613.40

7.01200

3.399.1

26.3

0.938

295.7

6.7

147.2

1.4

16867

174

182389

772

371

0.280

140.4138.1

68.0

99 1

24

11,1046,17913.40

7.61148

29r!04.3

30.9

0.938

301.2

12.4

139.2

0.8

219238

114

1,503511

1,232

453

0.265

148.7145.4

60.1

101 1

30

106385,83713.80

8.4945

3.0r87.2

17.0

0.939

358.8

4510303.01480

12.0

51,034.05490 15543.8

150.0

4578384.0737

0.9

92106

98

3,308673

2,722

470

0.250

145

*1 049

2,733.91 204915290

195.8194.1

57.0

84.8

29

107515,90214.00

9.2904

2.8r83.7

8.2

0.944

369.6

16.5

194.6

0.6

47390

326

1,696738

3,091

532

0.225

157.6156.9

60.3

586

3 1

10,3845,53014.00

8.6882

4.375.8

7.9

0.942

312.8

8.7

175.0

0.5

29379

426

848660

2,906

583

0.213

127.8127.5

682

460

37

108476,15514.00

8.81096

6086.7

2.0

0.940

318.6

3325230.71018

7.7

6,900.0496601,934.1

172.4

364 7313.651 1

0.3

28797

510

768654

2,763

458

0.195

78

561

2,173.99548

1 2192

137.8137.4

58.1

455

22

11 0476,370

13.90

9.2104 1

7687.7

9.4

0.936

285.8

8.5

151.1

0.6

8470

493

505612

2572

479

0.185

125.6124.2

10311

'" '13.96

18462

550





1980 1981

Annual

1981


1982

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—ContinuedGRAIN AND GRAIN PRODUCTS— Continued

Wheat flour:Production:

Flour t thous. sacks (100 lb.)..Millfeed i thous sh tons

Grindings of wheat ± thous. bu..Stocks held by mills, end of period

thous sacks (100 lb )Exports do, ..Prices, wholesale:

Spring, standard patent (Minneapolis)$ per 100 lb..

Winter, hard, 95% patent (Kans. City) do....

POULTRY AND EGGS

Poultry:Slaughter mil lbStocks, cold storage (frozen), end of period, total

mil. lb..Turkeys do....

Price, in Georgia producing area, live broilers$ per lb..

Eggs:Production on farms mil. cases §..Stocks, cold storage, end of period:

Shell thous. cases §..Frozen mil lb

Price, wholesale, large (delivered; Chicago)$ per doz..

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous. animals..Cattle do....

Prices, wholesale:Beef steers (Omaha) $ per 100 lb..Steers, stocker and feeder (Kansas City) .... do....Calves, vealers (So. St. Paul) do....

Hogs:Slaughter (federally inspected) thous. animals..Prices:

Wholesale, average, all weights (Sioux City)$ per 100 lb..

Hog-corn price ratio (bu. of corn equal in valueto 100 lb. live hog)

Sheep and lambs:Slaughter (federally inspected) thous. animals..Price, wholesale, lambs, average (Omaha)

$ per 100 lb..

MEATS

Total meats (excluding lard):Production, total mil. lb..Stocks, cold storage, end of period do....Exports (meat and meat preparations) do....Imports (meat and meat preparations) do....

Beef and veal:Production, total do....Stocks, cold storage, end of period do....Exports do....Imports do

Price, wholesale, beef, fresh, steer carcasses,choice (600-700 Ibs.) (Central U.S.) $ per lb..

Lamb and mutton:Production, total mil. lb..Stocks, cold storage, end of period do....

Pork (excluding lard):Production, total mil. lb..Stocks cold storage end of period doExports do....Imports. . . do

Prices, wholesale:Hams, smoked # Index, 1967-100..Fresh loins, 8-14 lb. average (N.Y.) $ per lb..

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl. shells) thous. Ig. tons..Price, wholesale, Accra (New York) $ per lb..

Coffee (green):Inventories (roasters', importers', dealers'),

end of period thous bags tlRoastings (green weight) do....

Imports total doFrom Brazil do....

Price, wholesale, Santos, No. 4 (N.Y.) $ per lb..Confectionery, manufacturers' sales @ mil. $..

Fish:Stocks, cold storage, end of period mil. lb..


282,6554866

628,599

384215,014

1 10.56610.116

14048

339198

0.270

193.6

3124

0.628

2,29431,642

66.9675.1375.52

91,882

39.48

14 4

5,363

59.81

38590750

1,6632,052

21,849338425

1531

1.044

3109

16431349314433

2254.81.011

148.51.354

283417,047

18 1533,5052.0664,649

393

285,8085044

637 744

346015839

10.844'10.347

15008

392238

0.270

193.4

3522

0.690

2,47732,798

63.8464.2677.18

87,850

44.29

149

5,789

54.44

38644580

1,8471,832

22,599268486

1317

0.990

32711

15716264345432

1.137

24501.085

(3)

(3)

165553,2431.5945,079

350

25,860421

57513

980

11.05010.663

1 171

363208

0.285

16.7

2824

0.714

2152,803

63.0868.5677.38

7,768

41.67

128

488

46.50

r3417790143171

rl,97237134

128

0.998

r299

1 416351

2737

249.41.156

1351.095

1 858473

2.180400

388

22,787399

51084

1896

11.11310.400

1027

354208

0.290

15.0

1924

0.672

1922,483

61.5068.4178.00

6,873

42.78

128

426

54.50

r3014783141167

rl,75235638

128

0.961

268

12353563233

246.91.146

2781.100

1738259

2.180437

344

24,959435

55310

38972241

10.97510.275

1 203

373221

0.285

166

3222

0.629

2132726

61.4065.4780.88

7,988

39.88

119

488

55.25

3383776169131

1,931351

5487

0.943

298

1 423361

3737

245.91.105

1921.120

28494,742

1 395364

2.180440

r319

23,967424

53402

2932

11.10010.525

1236

394229

0.255

159

3222

0.697

1902625

64.9266.2883.90

7,993

40.15

120

512

59.25

3296817148155

1843349

40110

0.997

2910

1 4244043136

252.41.035

3041.150

1299138

2.180378

295

23,421420

52 184

1724

11.07510.313

1 258

420256

0.260

16.2

2523

0.622

1582593

66.8663.1084.25

7,004

41.96

126

425

65.00

3069795189140

1 791338

3495

1.033

2410

1 2543943937

242.41.124

27 11.040

1 356283

1.290305

294

23,521416

52643

38952350

11.12510.525

1320

506327

0.265

155

4124

0.629

1752769

682663.5182.38

6,682

48.78

150

440

66.25

3 113717180153

1,888306

46108

1.065

2412

1201347

3439

254.41.191

24 10.890

25903,962

1026166

1.155325

331

23,342410

51 194

987

10.81310.275

1336

596401

0.290

16.1

4127

0.675

2032760

67.8661.5176.00

6,539

51.01

157

439

59.00

3038628128162

185228030

116

1.072

2413

1 162283

1939

278.91.261

1931.085

922213

1.155304

356

23,665431

53323

1420

10.75010.300

1306

657466

0.280

16.2

2127

0.687

1972768

66.3764.1577.25

6,580

51.14

17 1

467

53.75

3041539144168

1,85825239

119

1.039

2514

1 158225

1942

282.61.212

2201.120

1 213172

1.270430

373

24,189436

54589

4222724

10.58810.200

1356

716532

0.255

15.7

2025

0.707

2272,840

65.3764.5877.50

7,320

48.89

19 1

546

50.25

3243509123180

1,926242

40141

1.030

3013

1288207

2029

r284.31.185

2031.170

(3)(3)

1 150256

1.270582

r378

24,712440

55,552

284

10.52510.025

1377

704528

0.245

16.4

2126

0.713

2362,935

61.4562.5271.75

7,872

46.15

184

558

51.00

3428547174167

2,00625248

123

0.960

3113

13912382836

284.51.148

24 11.130

1 487316

1.295588

363

22,835410

50,982

117

10.67510.313

1 191

469305

0.230

16.2

3824

0.773

2172,668

59.8461.7768.88

7,308

42.10

177

476

46.00

3 184552154120

1,837241

3980

0.946

2711

1 3202553035

283.31.074

581.030

1565309

1.470r450

355

22,550402

49968

3460184

10.338

1227

392238

0.230

16.9

3522

0.721

2542,829

59.2458.9667.50

7,923

40.17

163

522

46.50

3416580154118

1,9412684380

0.937

3011

1 4452642933

292.31.007

1151.090

1547294

1.500440

350

605

10.76310.638

1087

378238

0.255

16.6

2621

2282,771

60.7559.2269.00

6,875

45.77

17 1

510

49.75

3 152554129127

1,8892583393

0.974

2910

1 2342493030

273.71.209

10.01.160

1,287186

1.510

r315

0.250

15.0

2102,591

63.5462.3767.50

6,340

49.70

20 1

490

51.50

2894

1750

1.012

28

1 116

1.169

"280




1980 1981

Annual

1981


1982

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.MISCELLANEOUS FOOD PRODUCTS— Cont.

Sugar (United States):Deliveries and supply (raw basis): §

Production and receipts:Production . . . . . thous. sh. tons..

Deliveries total . . do...For domestic consumption do....

Stocks, raw and ref., end of period do....

Exports, raw and refined sh. tons..

Imports, raw and refined thous. sh. tons..

Prices, wholesale (New York):Raw $ per IbRefined (excl excise tax) do....

Tea imports thous. Ib..

FATS, OILS, AND RELATED PRODUCTS

Baking or frying fats (incl. shortening):Production mil. Ib..Stocks end of period @ do.

Salad or cooking oils:Production do....Stocks, end of period @ do....

Margarine:Production do....Stocks end of period @ . . . . do...

Price, wholesale (colored; mfr. to wholesaler orlarge retailer; delivered) $ per Ib..

Animal and fish fats:Tallow, edible:

Production (quantities rendered) mil. Ib..Consumption in end products . do...Stocks, end of period fl do....

Tallow and grease (except wool), inedible:Production (quantities rendered) doConsumption in end products do....Stocks, end of period fl do....

Vegetable oils and related products:Coconut oil:

Production, refined mil. Ib..Consumption in end products do....

Stocks, refined, end of period fl do....Imports do

Corn oil:Production: Crude do....Production' Refined do

Consumption in end products doStocks, crude and ref, end of period U do....

Cottonseed oil:Production: Crude do....Production' Refined do

Consumption in end products doStocks, crude and ref, end of period tl do....

Exports (crude and refined) do....Price wholesale ( N Y ) . . . .. $ per Ib..

Soybean oil:Production* Crude mil IbProduction: Refined do....

Consumption in end products do....Stocks, crude and ref, end of period fl do....

Exports (crude and refined) do....Price, wholesale (refined; N.Y.) $ per Ib..

TOBACCO

Leaf:Production (crop estimate) . mil IbStocks, dealers' and manufacturers',

end of period $ mil. Ib..Exports, incl. scrap and stems thous. Ib..Imports incl scrap and stems do

Manufactured:Consumption (withdrawals):

Cigarettes (small):Tax-exempt millions..Taxable do

Cigars (large), taxable do .Exports, cigarettes do....

4,713

1083810,1492,970

608,029

4,127

03060.405

184 786

4,177.81307

5 167.2122.5

2,592.874.2

0.603

1,042.7714.955.9

628402 922.2

413.0

644.7693.5

49.68893

810.66382

595376.3

1,447.113702

6983170.1

785.40.261

12 097 28,982.2

8,585.21,737.8

2,314.60.289

'1786

4,850591,518365 622

94,256620 565

r329281,998

5,157

10,9229,7313,311

979,157

5,054

0.1980.303

190,254

4,290.5120 1

5,369 9110.1

2,576.4610

0.637

1,130.2766653.9

6 12362,964 5

451.1

700.3786.8

40.710369

873.17600

621565.2

1,252 01 1244

5597133.2

702.30330

1130089,461 3

9,024.12,023.7

1,698 10.267

*2048

575,255335 920

91,996636 136

325782,582

758

754697

3,330

26,370

387

03030.432

12891

331.41252

404 1137.9

235.5622

0637

97.162468.1

53332545436.0

65.567.7

47.4110 1

65.8619

56972.4

131.71313

380183.6

77.00.334

10106741.6

698.71,900.1

116.00.282

4486933973

986853048

2586958

487

743675

3,472

55,765

289

02660.383

18354

325.21220

4095131.6

214.4683

0.637

87.464053.8

48062410436.9

66.065.0

50.61392

63.6656

52 180.3

1189996

445200.1

29.30.320

88787063

680.81,976.3

11380.265

3283144 274

924851474

2118289

232

1004836

3,195

134,737

313

02310.344

14,696

354.5118.9

474.5127.6

231.676.8

0.637

100.469.951.1

5175253.1443.6

61.871.1

44.779 1

76.2612

56677.0

115.4102 1

47 1202.4

66.70.335

9913833.9

775.12,016.7

202.80.281

4,6245372831753

759254224

2918534

153

878785

2,807

80,412

255

02000.315

19220

347.31268

438.2129.2

196.366.1

0.637

91.266.947.5

5143256.3449.2

53.568.3

33.9398

69.6597

43382.0

100.81130

442165.9

82.10.354

95427412

722.32,118.5

7610.285

4941424274

689153670

2576046

201

943815

2,755

83,266

398

0 1630.266

18,990

345.9129.0

459.3137.9

182.1742

0.637

90.563.139.8

47932619437.5

63.764.0

39.4905

74.364 4

50371.4

88.7829

506160.2

72.20350

9149754.9

728.72,166.3

10960.265

4457128796

634150678

2746621

138

1031914

2,285

115,336

312

01910.295

17736

356.81174

473.9117.0

214.387.0

0.637

93.764.540.6

4987249.1431.9

58.170.4

38.0812

76.1632

52572.6

77.479 1

480121.7

85.70.365

8307812.9

774.12,138.6

108.80.268

4,28540 14222347

803156519

*3366214

82

997877

1,928

88,501

347

0 1980285

14586

336.01149

4806112.5

184.7798

0.637

89.867537.8

502 12557419.0

57.058.0

40.11078

76.2577

48068.5

696737

390113.1

46.90.380

81587654

763.12,024.4

93 10.292

31 27722 171

676651 064

2426231

86

985853

1,602

122,452

313

0 1850.295

19 128

329.01327

478.6112.6

192.587.7

0.637

92.258.736.5

4746239.7426.6

58.470.4

45.9559

76.4595

45677.8

62.1569

43 4109.5

35.90.355

8272813.3

755.21,783.1

291.70.266

2739832 153

755558 716

'2616468

128

1099986

1,416

91,131

424

0 1540.236

13,205

385.71236

456.299.7

223.3754

0.637

96.564.536.2

5180244.4422.1

56.566.7

42.2847

77.8647

52875.8

60953 1

46580.0

46.50.300

8556812 1

796.41,736.1

9790.249

4,6974551032 372

763658 150

3137 149

603

861783

1,579

68,370

653

0 1600.261

15,855

402.31163

4405113.9

220.9625

0.637

103.666640.2

541 92510408.7

59.973.2

35.9863

81.4654

50589.1

111 2786

448102.5

42.20.290

1 12538336

796.81,790.2

17430.260

6322227 889

8 14156 635

3007300

1 132

842766

2,416

65,210

462

0 1630261

13473

404.81133

4327117.4

232.6642

0.637

92.361 148.3

51392344435.4

52.459.8

35.3763

69.2696

56369.1

15351206

586127.2

37.40.293

101788409

783.51,884.4

135 10.253

8677522 946

744749 658

2678058

1 154

785746

r3,311

47,605

902

0 1670261

12 121

r371.6120 1

r4218110.1

r248.2r610

0.637

r95.5574

r53.9

r5494r2234r451.1

47.5r52.2

40.7862

66.5r67 1r566r65.2

16181335r550

133.2

80.50.290

1 06968052

r749.4r2,023.7

17900.241

5557712 970

648042 300

2474713

"3,473

4,370

223

0 1800282

15055

347.31149

41631196

220.3593

95.655660.5

503922984348

56.6629

538825

56.753 5

50354.5

1592110 3

45 6165.2

41.20.290

99507595

73282,158.2

31 80.235

3167631 264

6 426





1980 1981

Annual

1981


1982

Jan. Feb.

LEATHER AND PRODUCTSHIDES AND SKINS

Exports:Value, total # thous.$ .

Calf and kid skins thous skinsCattle hides thous. hides

Imports:Value total # . thous $

Sheep and lamb skins thous. piecesGoat and kid skins do

Price, producer:Calfskins packer heavy, 9 1/2-15 Ib $ per IbHides, native steer heavy index, 1967=100..

LEATHER

Exports:Upper and lining leather thous. sq ft

Price, producer:Sole, bends, light index, 1967=100..

LEATHER MANUFACTURES

Footwear:Production total thous. pairs

Shoes, sandals, and play shoes, except athleticthous. pairs..

Slippers do.Athletic do....Other footwear do

Exports do.

Prices, producer: *Men's leather upper, dress and casual

index, 12/80-100

Women's leather upper index, 1967=100..Women's plastic upper index, 12/80=100..

693,6782495

19,568

882009,027

519

1098385.9

192 597

283.8

396 851

299,1317333724,3833271

9781

211.7

699 6013027

19703

101 30014237

821

2363.0

192 193

3306.7

9688

103 1

215.499.9

57458242

1 536

7600546

67

375.1

19633

317.1

31 441

22,9376 1792,325

270

710

1006

216.3100.5

64390264

1 749

82001289

34

344.1

14418

302.7

30660

22,86655982,196

275

804

1020

217.9101.8

64 187263

1 737

730092668

356.1

19717

308.5

34345

25,67362822,390

259

1 180

1026

214.0102.8

56,901227

1565

87001341

132

405.8

17678

317.1

33025

24,79556762,554

219

913

1030

214.1102.8

58,209278

1,545

84001,484

59

385.8

18016

318.5

31926

24,12455512251

217

729

1027

214.5103.0

55,976264

1,560

10 1001,381

79

364.9

18692

298.4

30361

22,25157982312

224

976

1035

213.4102.9

60,702184

1,775

89001,446

117

351.7

13921

26968

20,61846451,705

246

551

1036

214.0102.9

51,763216

1,496

112001,694

45

373.6

10918

30703

22,35162002,152

257

785

1038

213.6101.0

50,062194

1,521

790094661

344.3

15393

284.7

32887

24,54563621,980

397

640

104 1r217.9

r97.8

53,804277

1,561

72001,092

104

347.7

12682

35040

25,19676312,213

303

663

1035

217.196.3

59,316330

1,723

82001,254

21

19464

30320

22,54860351,737

265

1 121

1037

216.293.5

66,835289

1,936

760083932

343.4

11,660

615

1036

216.293.5

69,704370

2,043

587130

353.6

10849

505

104 4

213.094.3

LUMBER AND PRODUCTSLUMBER— ALL TYPES #

National Forest Products Association:Production, total mil. bd. ft..

Hardwoods doSoftwoods do....

Shipments, total do....Hardwoods do....Softwoods do

Stocks (gross), mill, end of period, total do....Hardwoods do. .Softwoods do

Exports, total sawmill products do....Imports, total sawmill products do....

SOFTWOODS

Douglas fir:Orders, new mil. bd. ft..Orders, unfilled, end of period do....

Production doShipments doStocks (gross) mill end of period .. do

Exports total sawmill products doSawed timber do....Boards planks scantlings etc do

Price, wholesale:Dimension, construction, dried, 2" x 4", R.L.

$ per M bd. ft..

Southern pine:Orders, new mil. bd. ft..Orders, unfilled, end of period do....

Production do....Shipments .. .. do

Stocks (gross), mill and concentration yards, endof period mil. bd. ft..

Exports, total sawmill products thous. bd. ft..

Prices, wholesale (indexes):Boards, No. 2 and better, 1" x 6", R.L.

1967=100..Flooring, C and better, F. G., 1" x 4", S.L.

1967=100..

'31,885'722024,665

131,422'658424838

5,80518073998

1,6559,859

6791499

68156821

912

540117422

223.42

6559419

6,7586663

1,270

280,243

337.2

324.7

6393429

63956463

844

2,523520

2,003

2,424501

1923

5,88318194064

756

601549

576551937

519

42

617456

569580

1,259

14,763

2,542579

1,963

2,379557

1 822

6,06518434222

848

486514

562521978

499

39

463447

492472

1,279

11,781

2,818614

2,204

2,752592

2 160

6,09818724 226

966

698594

622618982

439

35

587493

552541

1,290

26,059

2,780598

2,182

2,755579

2 176

6,1231 8914 232

980

598601

601591992

511338

602486

604609

1,285

19,198

2,651592

2,059

2,633626

2 007

621318714 342

991

538540

576599969

478

39

508474

546520

1,311

19,919

2,588560

2,028

2,765560

2 205

60151 8394 176

934

566505

533601901

431330

535440

559569

1,301

21,226

2,483545

1,938

2,395498

1 897

61031 8864 217

842

486510

521481941

31Q

25

546441

557545

1,313

20,898

2,554572

1,982

2,431546

1 885

623219184 314

465

466458

546518969

511437

448407

512482

1,343

21,048

2,307542

1,765

2,260518

1 742

62841 9474 337

659

483455

526486

1 009

431429

463402

485468

1,360

16,719

2,379527

1,852

2,382514

1 868

628519644 321

754

536458

533533

1 009

299

20

498399

488501

1,347

19,043

1,831441

1,390

2,045441

1 604

607519684 107

728

476477

403457955

386

31

461430

364430

1,281

21,334

590

459429

396507844

471928

15,032

530

407471

45936593834H22

14,283





1980 1981

Annual

1981


1982

Jan. Feb.

LUMBER AND PRODUCTS—ContinuedSOFTWOODS— Continued

Western pine:Orders new mil bd ftOrders unfilled end of period . do....

Production do....Shipments do....

Stocks (gross), mill, end of period do....

Price, wholesale, Ponderosa, boards, No. 3,1" x 12" R L (6' and over) $ per M bd ft.

HARDWOOD FLOORING

Oak:Orders new mil. bd. ft..Orders unfilled end of period do

Production doShipments .. do....Stocks (gross) mill end of period . do

7730326

7,6137,807

1,185

287.55

(3)19

(3)78.0124

7235219

72617,342

1,104

688418

659596

1,248

15

64109

605414

631609

1,270

19

6.793

747442

736719

1,287

25

8.097

637426

681653

1,315

37

9.093

573355

684644

1,355

32

7.586

761369

679747

1,287

30

7.39.2

627377

616619

1,284

36

6.576

569314

656632

1,308

30

7.187

538291

511561

1,258

3 1

6.688

573264

582600

1,240

2 1

7.079

489243

436510

1,166

24

5.777

428219

390452

1,104

28

5.210 1

407257

423369

1,158

METALS AND MANUFACTURESIRON AND STEEL

Exports:Steel mill products thous. sh. tons..Scrap do....Pig iron do

Imports:Steel mill products .. do.Scrap do....Pig iron do

Iron and Steel Scrap

Production thous sh tonsReceipts net do....Consumption . do....Stocks end of period .. do....

Prices, steel scrap, No. 1 heavy melting:Composite $ per Ig. ton..

Pittsburgh district do

Ore

Iron ore (operations in all U.S. districts):

Shipments from mines do....Imports • •• do....

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants do....Consumption at iron and steel plants do....Exports .. do....

Stocks total end of period doAt mines . do....At furnace yards doAt U S docks do....

Manganese (mn. content), general imports do....

Pig Iron and Iron Products

Pig iron:Production (including production of ferroalloys)

thous. sh. tons-Consumption do....

Price b si furnace $ er sh ton

Castings, gray and ductile iron:Orders, unfilled, for sale, end of period

thous. sh. tons-Shipments total do.

For sale do....

Castings, malleable iron:Orders, unfilled, for sale, end of periodqv- , , , , J

For sale do

Steel, Raw and Semifinished

Steel (raw):Production thous. sh. tons..

Rate of capability utilization . percent..

Steel castings:Orders, unfilled, for sale, end of period

thous sh tonsShipments total do

For sale, total do....

4,10111,168

73

15,495558400

*42 207'40,954'83,710

8,018

92.1796 17

'69 613'69,59425,058

87,18889,3975,073

5606610,636357066,095

795

68,721'69,053

889

20300

96411 7996,457

22450206

1 111,83572.8

60518781,701

2,9046415

16

19898572433

438064343887,2818271

90.1710050

74 27471,65028042

96,64594,95815210

6024317,469362036571

775

73,45677,052

858

20600

737119146,699

34420200

1119,912111

38017541,570

256578

2

12813818

37743,7697,4867,939

96.3410350

59642,8001,292

4,1628,667

33

5453617,477310885,971

22

6,6036,647

891

20300

9421034

562

463717

10,590799

668158144

213683

1

1,2344110

37503,6047,4357,856

94.2810100

60521,5451,075

2,6868,126

2

53 15421,990255545,610

76

6,1086,209

894

20300

9521011

548

454018

10,028837

586163147

260442

2

1 142535

42404,2618,3798,004

98.74109.00

67512,0351,165

3,7949,293

63

5078626,736199724,078

55

7,1937,316

881

20300

9681,140

634

434320

11,74488.6

558173155

291694

2

1,7615236

4,0784,0188,1378,015

101.44112.00

62803,9381,794

6,2338,793

625

49,78129,33617,2863,159

70

6,7556,927

846

20300

8821,170

657

424220

11,24387.7

540154137

259677

1

1,7726261

4,0014,1628,1848,175

96.13105.50

72658,9062,901

11,5208,8412,967

51,41127,70019,8853,826

111

6,9387,108

831

20300

8451,114

630

403819

11,42386.2

525150132

279628

2

1,6655259

3,8763,8177,6578,287

88.6399.00

75259,6253,879

11,9248,162

634

53,74425,60123,4804,663

78

6,4086,589

779

20300

8461,079

619

444018

10,45181.5

501151132

218348

1

1,6633736

3,6893,4547,1688,245

87.0799.00

7 1129,7033,059

12,3508,022

530

56,35623,01927,9045,433

68

6,2686,508

817

20300

848984577

403114

10,16077.6

489127114

194450

1

2,2265938

3,6313,5647,1168,383

91.37107.50

68609,3004,113

12,1598,024

607

58,75520,58631,9316,238

55

6,2596,521

786

20300

843951570

463317

10,12077.3

489137121

228395

1

1,7485630

3,5913,5427,1168,408

89.74102.50

63828,1332,595

9,9277,708

391

59,57418,83734,0626,675

72

5,8896,029

817

21300

833956548

363315

9,61875.9

469146131

233532

2

1,8723334

3,3533,4966,8338,418

84.2495.50

57317,1122,555

9,0706,913

315

60,38717,51536,1376,735

51

5,4195,527

812

21300

781986555

313518

9,00368.7

366144129

244480

1

1,9214342

r3,004r3,064r6,054r8,453

78.0186.00

39105,0482,029

7,2416,3708,358

60,14416,42936,9396,776

67

4,782r4,847

r841

213.00

r727823

'458

r3326

r!3

7,96262.8

r365127116

227509

1

1,6134564

2,8192,6875,6668,271

r76.2085.50

44303,5071,585

5,5796,038

685

60,24317,46936,2036,571

49

4,750"4,825

"858

213.00

737666341

342211

7,67258.6

380124112

173462

4

1,9693236

81.7094.00

5686rl,0761,630

1,6645,518

44

60,40121,59432,2986,509

65

4,489

21300

7,73759.3

4,169

7,17860.9





1980 1981

Annual

1981


1982

Jan. Feb.

METALS AND MANUFACTURES—ContinuedSteel Mill Products

Steel products, net shipments:Total (all grades) thous. sh. tons..By product:

Semifinished products do....Structural shapes (heavy) steel piling doPlates do....Rails and accessories do

Bars and tool steel, total do....Bars: Hot rolled (incl. light shapes) .. do .Bars: Reinforcing do....Bars: Cold finished do

Pipe and tubing doWire and wire products doTin mill products doSheets and strip (incl. electrical), total do....

Sheets: Hot rolled do....Sheets: Cold rolled do....

By market (quarterly):Service centers and distributors doConstruction, incl. maintenance do. .Contractors' products doAutomotive do. ..Rail transportation doMachinery, industrial equip., tools do....Containers, packaging, ship, materials do....Other do....

Steel mill shapes and forms, inventories, end ofperiod — total for the specified sectors:

mil. sh. tons..Producing mills, inventory, end of period:

Steel in process mil. sh. tons..Finished steel do

Service centers (warehouses), inventory, end ofperiod . mil sh tons

Consumers (manufacturers only):Inventory, end of period do....Receipts during period . . doConsumption during period do. .

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

thous. sh. tons..Recovery from scrap (aluminum content) do....

Imports (general):Metal and alloys, crude do....Plates sheets bars etc do

Exports:Metal and alloys, crude do....Plates sheets bars etc . do

Price, primary ingot, 99.5% minimum.... $ per lb..

Aluminum products:Shipments:

Ingot and mill prod, (net ship.) mil lb..Mill products, total do....

Sheet and plate doCastings do

Inventories, total (ingot, mill products, andscrap) end of period mil lb

Copper:Production:

Mine, recoverable copper thous. met. tons-Refinery, primary do

From domestic ores do .From foreign ores do....

Secondary, recoveredas refined do....

Imports (general):Refined, unrefined,

scrap (copper cont.) do....Refined .. do

Exports:Refined and scrap do....

Refined do....

Consumption, refined(by mills, etc.) thous. sh. tons..

Stocks, refined, end of period do....Price, electrolytic (wirebars), dom., delivered

$ per lb..

Copper-base mill and foundry products, shipments(quarterly total):

Brass mill products mil. lb..Copper wire mill products (copper cont.) do....Brass and bronze foundry products do ..

Lead:Production:

Mine recoverable lead thous met tonsRecovered from scrap (lead cont.) do....

Imports (general), ore (lead cont.), metal do....Consumption, total do....

83,853

5,34252078,0801 797

13,25869114,6831 585

90971 7685709

33,59512,11613,313

16 17487873362

12 1563 1784,5665549

30,082

328.4

9.669

353

6.6699734

5,1301,377

580.5727

715.03153

0.6957

14,05710,48558621538

5076

1,168.3'121091 1219

'89.0

573.0

520.34318

330.117.4

2,083365

1.0242

2,4672,783

489

5495675.6

52.11,070.3

87,014

5,59849037,3971 458

13,828'777043711620

102861 6944927

36,92413,45114396

1754687613225

13 1012 1804,6465293

32,264

4,9481,653

698.5140 1

3442271 2

0.7600

1 581

1,529.01 520714165

104.1

6319

502.5359 3

339727.2

0.8512

M44 1567.3

68.91,125.3

7,616

441457667145

1,079610320144

793150474

3,4101,2091368

286

9.570

54

6.7626 1

445124

55.85 8

59430 1

0.7600

1,090883511141

5 221

r!22.51260113512.5

389

41.724 7

3622.9

0.8857

42346.5

3.598.9

7,375

477426720158

1,146659342140

776153473

3,0461,0771,202

290

9.57 1

54

70646 1

404127

55.789

23227 1

0.7600

1072859486131

5 323

rl!6.912501103

14.6

528

39.029 4

32 12.5

0.8607

40543.9

6.090.7

8,422

606548731170

1,334764407156

945185431

3,4701,2671 344

46962356

9583591

7531,2611 4708326

293

987 1

54

706767

448146

75.67 5

32932 6

0.7600

1 294963562154

5 408

r!26.8139 61317

7.9

455

29.021 8

3875.8

526331

0.8738

710748121

43043.8

11.195.9

8,108

531472678161

1,292740395150

949161431

3,4341,2521 354

282

9973

53

676366

431139

50.210 7

486265

0.7600

1 199952550148

5 495

r!26.5140 11310

9.2

63 1

40.228 1

2021.2

0.8803

26442.4

3.391.2

7,932

535414667140

1,258722385145

925150388

3,4561,2331 402

298

10475

53

666465

441139

67.813 9

29330 6

0.7600

1 189929541139

5 600

130.2131 71236

8.1

557

28.621 7

3370.9

0.8580

27544.1

11.589.1

8 148

529408627116

1,263706399152

890155419

3,7391,3461487

49972442

8923811

5481,29213998806

295

10372

53

676867

420148

55.911 6

23521 4

0.7600

1248957564146

5 632

126.4133 11255

7.6

615

51.134 5

4003.5

547380

0.8523

716738125

17 146.7

2.491.0

7 115

400392584114

1,115593388128

859137413

3,1021,1461 209

300

10672

5 4

686 160

426149

63.912 5

29316 0

0.7600

1039859494119

5 964

123.0120 8111 5

9.2

54 4

41.632 2

18 51.3

0.8441

31 746.4

10.081.1

7,020

43439558689

1,106528342131

881130399

3,0011,1241 154

305

11 174

53

676 162

416139

67.011 0

16815 2

0.7600

1 119866514132

6 086

135.4110 31034

6.9

584

48.137 8

2281.7

0.8739

31849.1

3.993.1

7,039

43743263088

1,163659364134

849135396

2,9101,0631 125

4 1512 190

7963218

4551,14812787,938

305

11275

5 3

656062

393140

60.514 0

9217 2

0.7600

1082871514134

6 187

133.9121 8114 4

7.4

502

45737 8

21830

479409

0.8472

670701116

47852.5

4.399.9

6,723

43736254399

1,140638364133

892133351

2,765976

1085

304

11374

53

645859

396150

55.215 6

24 121 6

0.7600

1060-835r478128

rg 276

139.9128 91205

8.3

588

52736 7

35007

0.8231

47350.9

7.8110.4

5,783

38531349898

953543296109

813107327

2,288863857

304

11374

55

62495 1

364129

41.514 9

23 116 0

0.7600

857668366110

6 515

134.1113 41072

6.2

325

42.430 2

1942.1

0.8122

39652.2

3.094.5

5,666

38929948281

89847132399

759102412

2,246901811

37041 812

6102472

422947

1 1277075

364123

49313 7

24616 8

0.7600

98

113.3130 21239

6.2

60 1

42324 3

21318

0.8029

r41 2r48.7

2.1r89.6

5,608

31432946398

912525271112

753105389

2,245793869

21 109253021912766214123252403

22,142

38517 5

22 118 0

0.7600

45220 6

35204

0.7863

5.6

0.7600

0.7878





1980 1981

Annual

1981


1982

Jan. Feb.

METALS AND MANUFACTURES—ContinuedNONFERROUS METALS AND

PRODUCTS— Continued

Lead — ContinuedStocks, end of period:

Producers', ore, base bullion, and in process(lead content) ABMS thous met tons

Refiners' (primary), refined and antimonial(lead content) thous. met. tons..

Consumers' (lead content) U do....Scrap (lead-base, purchased), all smelters

(gross weight) . . thous. met tonsPrice, common grade, delivered $ per lb..

Tin:Imports (for consumption):

Ore (tin content) metric tons..Metal, unwrought, unalloyed do....

Recovery from scrap total (tin cont ) . . do.As metal do....

Consumption total do..Primary do....

Exports, incl. reexports (metal) do....Stocks, pig (industrial), end of period do....Price, Straits quality (delivered) $ per lb..

Zinc:Mine prod., recoverable zinc thous. met. tons..Imports (general):

Ores (zinc content) do....Metal (slab blocks) do

Consumption (recoverable zinc content):Ores. . . .. do.Scrap, all types do....

Slab zinc: @Production, total $ thous. met. tons-Consumption fabricators do....Exports doStocks, end of period:

Producers', at smelter (ABMS) do....Consumers' . do

Price Prime Western $ per lb..

MACHINERY AND EQUIPMENT

Heating, combustion, atmosphere equipment, neworders (domestic), net, qtrly # mil $..

Electric processing heating equipment . do ..Fuel-fired processing heating equip do....

Material handling equipment (industrial):Orders (new) index seas adj 1967 — 100

Industrial trucks (electric), shipments:Hand (motorized) number..Rider-type do....

Industrial trucks and tractors (internal combustionengines), shipments number..

Industrial supplies, machinery and equipment:New orders index, seas, adjusted 1977—100..

Industrial suppliers distribution: tSales index, seas, adjusted 1977—100..Price index, not seas. adj. (tools, material

handling equip., valves, fittings, abrasives,fasteners, metal products, etc.) 1977=100..

Fluid power products shipments indexes: *Hydraulic products seas adj 1972 — 100Pneumatic products, seas, adj do....

Machine tools:Metal cutting type tools:

Orders new (net) total mil. $.Domestic do

Shipments total do....Domestic do

Order backlog, end of period do....

Metal forming type tools:Orders new (net), total do ..

Domestic doShipments, total do....

Domestic . doOrder backlog, end of period do....

Tractors used in construction, shipments, qtrly:Tracklaying, total units..

mil. $..Wheel (contractors' off-highway) units..

mil. $..Tractor shovel loaders (integral units only),

wheel and tracklaying types units..mil $

Tractors, wheel, farm, nonfarm (ex. garden andconstruction types), ship., qtrly units..

mil. $..

ELECTRICAL EQUIPMENT

Batteries (auto.-type replacement), ship thous..

Radio sets, production, total market thous..Television sets (incl. combination models),

production, total market thous..

1353

54.895.8

5960.4246

84245,983

1 18 6381 1,703

'56 362'44,342

4,2935,504

8.4600

334.9

113.83290

676236.1

'369.9'Sll.l

03

18.7226

0.3743

348.3828

156.5

3755

20,49524,110

39,448

109.8

134.5

131.2

272234

3 884 753 495 503 680 803 206 004,749.7

8695566495

1,010.9587855384.8

16,5031,306.1

4,781387.5

45,4801697 1

146,2743,183.4

50,063

28,104

18.532

833

78.998.1

41 70.3653

23245,873

48,45037,350

5,9895,988

7.3305

117.76026

341.8

03

34.6

0.4455

3820

18,73419,784

31,885

115.6

1423

144.3

279249

2 228 101 945 804,104 503 552 452,873.3

7167561685991.10824204270

53,597

31476

18.480

1265

77.991.8

4350.3379

04,7901 195

14543003,500

4155,968

7.4876

24.6

19.4364

6419.1

30.374.5o16.757 1

0.4119

3837

1,1291,490

2,687

111.6

138.9

137.8

245248

206551863030870270704,647.6

8420782080.2567307052

4,820

2,243

1.560

1320

81.3879

37 10.3042

03,3271330

12044003,600

2335,745

7.1349

24.8

6.0517

5.719.2

28.573.6

(2)

17.0579

0.4125

3620

1,4431,527

2,667

113.8

135.6

139.4

262245

212801799033530279754,525.0

6730588086.8572656857

3,548

1986

1.518

1227

77.4871

37 10.3506

03,9851220

1304 1003,300

9195,229

7.0026

27.6

10.848 4

4819.8

31.377.3

(2)

19.0574

0.4130

91.819336.7

441 0

1,8931,693

2,920

117.8

138.9

140.8

260253

287252490537385311804,438.4

62255770

103.2575206447

4398391.91258104.0

9,3814394

36683938.0

3,33132030

3 1.895

1105

72.886.5

3820.3752

03,8561 185

13546003,700

2875,725

6.8358

25.5

3.9525

5719.9

30.974.30 1

16.0618

0.4256

3655

1,5051,727

2,817

118.0

145.6

142.6

278255

228551915535850291404,308.5

9130638088.907065647 1

3,460

1905

1.376

1083

57.189.1

3840.3641

04,8311285

16044003,500

3435,978

6.5806

24.8

10.2523

4.918.9

29.273.6

(2)

15.6664

0.4520

431.9

1,5591,551

2,563

115.7

140.2

143.6

267244

179001623533195274 104,155.6

5000429079.3567 106178

3,488

2519

1.390

111 1

47.393.2

39 10.3797

04,3591 345

1354,3503,200

4116,227

6.5839

23.1

13.371 7

5.219.0

28.077.2

(2)

16.2663

0.4612

99.836063.8

3696

1,7351,722

2,962

118.2

1409

144.2

294245

253652060541295352453,996.2

6450569595.8575455864

4474425.31 140104.3

96664669

39 145905.8

3,65832739

31.777

1172

43.796.3

46 10.4098

03,4401215

18539002,900

1,0196,465

6.8981

23.6

8.5554

3.217.3

30.064.4

(2)

18.9689

0.4625

4462

1,3831,258

2,366

121.9

149.4

145.8

310266

136851219529535255953,837.8

55 15486071.7562355698

4,037

2364

1.216

1160

41.197.4

5090.4389

02,8191310

14042003,000

2875,663

7.5339

24.6

13.6508

3.217.5

30.472.4

(2)

20.8705

0.4747

2925

1,5961,492

2,482

119.2

150.6

146.2

287267

167451457025960228353,745.6

4670429565.8056055507

5,278

3661

1.494

1069

45.9105.0

5280.4032

03,0381 225

12539503,000

4715,710

7.8022

28.3

11.4430

4.618.5

26.770.2

(2)

19.5724

0.4872

126.823270.9

4139

1,7651,812

2,721

115.6

147.2

146.7

301243

150951404536535336053,531.2

363531 0076.1067255110

3848412.61 127112.4

75053544

33732815.0

6,09633233

3 1.981

1005

59.8989

5400.3705

03,2611 280

15539002,950

2535,325

7.9560

28.0

7.8482

4619.5

27.066.00 1

24.572 1

0.4587

3242

1,5711,722

2,622

112.6

1479

147.4

269242

157 101458033460305703,353.7

5940502072.3060254980

41 3014138.3

414 68843702

6,201

3767

1 550

880

71.91010

4580.3388

2323,9511 150

11534002,500

1715,563

8.2147

25.4

3.7593

4618.7

26.660.0

(2)

31.6729

0.4615

3887

1,5861,814

2,622

111.7

1400

148.3

276252

13540115 6532975287353,159.4

6035528578.4070004800

4822483.8

4876642447

4,668

3216

1 474

833

78.998 1

4170.3107

04,216

29502,200

1,1805,988

7.9352

9.2328

23.0

(2)

34.6

0.4259

3778

15691,976

2,551

1105

1325

149.2

271251

11255101 0539860358 852,873.3

392532 9092.3079954270

5,0123181431 5>50

789

0.2967

2952,312

4,748

7.7590

3220

24.2

(2)

36.7

04217

12501,447

2,277

1076

1352

150.2r263r252

155 95r!24 90r307 15r284 50

r2,722.1

r4925r41 25r76.40r49 60r3998

4,897

1 428

1 208

0.2870

7.4519

21.6

41.2

04272

1309

151.6

252224

P123 20P113 35P329 05P273 65"2,552.2

MO 60P35 90"66.45"57 50P3740

1 344





1980 1981

Annual

1981


1982

Jan. Feb.

METALS AND MANUFACTURES—ContinuedELECTRICAL EQUIPMENT— Continued

Household major appliances (electrical), factoryshipments (domestic and export) # thous

Air conditioners (room) do....Dishwashers doDisposers (food waste) do....Ranges . .. . doRefrigerators do...Freezers do....Washers doDryers (incl. gas) do....

Vacuum cleaners (qtrly ) do

GAS EQUIPMENT (RESIDENTIAL)

Furnaces gravity and forced-air shipments thousRanges, total, sales do....Water heaters (storage), automatic, sales @ do....

302603,20427382,96225305 1241,68145503,1777439

14461,5382.818

303363,69224843 178232549441,56143652,9777785

14171,4962.785

255822224228422140891

408297

136114260

r2534r366205

r277199364121365244

123118242

2975623228317197424142408260

2 119

128143286

2982603240309220440141368245

111125287

2613477192253193428142346221

105123226

3 136653220230219542206402247

1944

108134235

2683283190237200511227376243

115110204

243664

236288190450152398254

120121204

2357' 52202234176456111416293

1955

125136202

234290

22033119138389

612260

139128224

185494

165197163272

62267217

111119203

1831163144206152264

76246189

1 767

95124211

194719116922014727689

306228

86105239

2 17736116021414332499

347234

PETROLEUM, COAL, AND PRODUCTSCOAL

Anthracite:Production thous sh tonsExports doPrice, wholesale * Index, 1967=100..

Bituminous:Production t thous. sh. tons..

Consumption total do....Electric power utilities doIndustrial total . do .

Coke plants (oven and beehive) do

Residential and commercial do

Stocks end of period total doElectric power utilities do...Industrial total do

Oven-coke plants do..

Exports . . do .Price, wholesale Index, 1967—100..

COKE

Production:Beehive and oven (byproduct) . .. thous sh tonsPetroleum coke § do....

Stocks, end of period:Oven-coke plants total . do .

At furnace plants do....At merchant plants do

Petroleum coke $ do..

Exports do. ..

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed number..Price wholesale Index 1967—100Gross input to crude oil distillation

units mil bblRefinery operating ratio % of capacity .

All oils, supply, demand, and stocks: $New supply total j) mil bbl

Production:Crude petroleum doNatural gas plant liquids . do.

Imports:Crude and unfinished oils doRefined products . . do

Change in stocks, all oils (decrease, — ) do....

Demand total doExports:

Crude petroleum .. doRefined products do

Domestic product demand total # doGasoline doKerosene . .. do

Distillate fuel oil doResidual fuel oil doJet fuel do....

Lubricants do....Asphalt doLiquefied gases do

Stocks end of period total doCrude petroleum do....

Strategic petroleum reserve doUnfinished oils natural gasoline etc doRefined products do....

60561795463.7

823,644

669,061568 322125 81566493

4924

199077178,269208089017

89882466.5

46 13227,094

86277,5211 1063846

2,162

27,0265564

5049376

62669

3 1464591.8

194625825379.3

64417

1049943

6242424205

580

104909180390.7

58.314245378

31 420 23482.931078319203745.3

57452 249

802,000

110243

28 296

900

1251

37647

4656569

59057

3 12465979

164285404

68.3

60572

832133 9

584022 414 9

462

103287525368.6

56.012485422

1 488 5598.82303176 8712.9

30565

508.7

65,296

6682254276118575450

689

193 568172 151214179583

5727476.0

2,276

1030

101

1 7947044

417672

5264

2645507

153857 5

-293

5842

10568

5669198 8

70

126889032.9

4.654

600

1 3909488.911251888713.1

4728

542.9

70,026

5922747855109735 161

399

192 892170 8562203610 159

6762477.9

2040

1024

54

r24598427

369771

4768

2408462

138051 7

67

4900

55104

47401769

46

95 171428.5

4.740

499

1 397 6502.81161193 5701.3

548114

542.8

77,325

597364832311 1085516

305

201 687179 0322265510735

9593478.3

211 3822,356

275862656421022

948

132

3,1028428

391468

5035

266650 1

141 5453

7.9

5092

65117

49101964

35

89665 132.7

4.972

480

14055518.112091939693.5

463167

545.2

36,869

540704360410*0354850

431

181 580163 859177216900

8099483.4

2209

835

118

29058425

368566

4770

2563477

135737 3

179

4755

5911 2

4584198 6

28

76254928.9

5.593

40 1

1 423 4541.413421898692.2

240170

552.8

37,276

543724490992004250

263

161 617147 095145224800

5911484.4

2,354

869

89

26048399

389267

4904

2634502

133543 3

23.5

4895

9788

471 12057

27

74254828.6

4.7108398

1 446 9552.3150 11854709.2

477283

572.0

61,902

590544988289624 451

210

152516139 440130764452

5872488.2

100582,395

49904,554

437758

206

3,4978159

381968

4705

2585493

1252374

-8.9

4925

3789

4799211 2

26

73 159.831.1

4.313.8399

14380'555.3163 11873695.4

566332

589.7

73,345

6676456042104595433

263

148 423134 855135685027

10414501.9

2,360

813

73

2,7907989

389967

4907

261 149.5

135344 8

5.8

5048

8097

487 12125

2.7

73861.933.7

5.115.2388

1 443 8565.6173.11810697.1

534278

597.3

78,204

6501454 195105805417

239

151 037136 977140605602

11034503.2

2,425

790

60

3,1377968

409371

4942

265950.5

1340439

14.5

4923

63136

47232072

2.9

73957.331.8

4.315.8350

14583549.9184.71826725.8

417307

r619.9

79,823

5897548385102705319

320

158 651144 097145546 179

11589'506.8

11 1432,466

5 1924,798

394765

94

3,416r7968

382568

4982

257650.9

145.344 4

22.3

484 1

5898

46862005

2.8

75956.330.9

4.613.942 1

14807560.7199.21799740.0

562252

629.8

82,747

47685

154,165

12,105506.4

2,348

708

123

3,7757884

383367

5005

264851.6

140.7434

7.6

5139

70159

491 12055

4.1

86657.829.0

5.313.7492

14883584.3214.81780726.0

676171

642.5

72,000

46873

159,454

11,676508.0

2,445

836

67

3,5877860

378268

4762

257850.1

1240443

17.9

4863

83127

46521925

4.4

86656.329.8

3.79.9

474

15062594.8222.51783733.0

485101

643.7

67,187

11462510.6

2,622

900

134

4,5817874

395 169

5013

267351.1

135.747 1

-17.6

5350

59145

51462089

6.2

101067.930.7

4.45.8

518

14885598.8230.31768712.9

147643.7

6,029521.4

48

2,7907874

3,049





1980 1981

Annual

1981


1982

Jan. Feb.

PETROLEUM, COAL, AND PRODUCTS—ContinuedPETROLEUM AND PRODUCTS— Continued

Refined petroleum products: $Gasoline (incl. aviation):

Production mil bblExports... ... do....Stocks end of period do

Prices (excl. aviation):Wholesale regular Index 2/73-100..Retail, regular grade (Lundberg/Platt's): fl

Leaded ... $ per gal.Unleaded * do....

Aviation gasoline:Production mil. bbl..Stocks end of period do

Kerosene:Production do....Stocks end of period doPrice, wholesale (light distillate)

Index 1967-100Distillate fuel oil:

Production mil bblImports . doExports do....Stocks end of period doPrice, wholesale (middle distillate)

Index, 1967-100..Residual fuel oil:

Production mil. bbl..Imports doExports do....Stocks, end of period do....Price wholesale Index 1967—100

Jet fuel:Production mil bblStocks end of period .. do

Lubricants:Production do....Exports ... ... doStocks, end of period do....

Asphalt:Production do....Stocks end of period ... do

Liquefied gases (incl. ethane and ethylene):Production, total do....

At gas processing plants (L.P.G.) do....At refineries (L.R.G.) do....

Stocks (at olants and refineries) do....

2394 10.5

42135

576.7

12171.261

12.8423

50.14114

8634

974 1519

1.242054

850.6

578.43436

12.2491.59612

36564424

65.186

413.6

141.24188

561.8440.9120.8

M28.0

2350807

2058

11.527

43611 1

954961019

1902

4803290643278.3

3535405

60.670

142

124.2195

5834467.91156137.0

2082(!)

2295

607.5

1.2781.326

0.925

5.7105

932 1

92685

(*)1800

935.4

50.0315

2.082.3

12079

296395

5.007

13.6

9.5229

50.540.410.0

116.5

1766C)2323

6329

13721.421

0.725

4.5104

9720

7879 105

1726

1,000.3

43826835

78.212480

266387

4.905

13.2

7.4263

45235.993

111.8

1933C)2345

6832

13841.435

0.72 1

3.8110

10410

77045

(»)

1647

1 082.8

44 121 745

74.913237

308392

5.309

12.9

8.3275

48.739.097

111.9

1842(»)2252

69472140021.449

0.818

3.6119

10809

725350 1

1647

1,105.4

39617545

73.013346

288407

5.206

126

10.0282

47938.397

118.5

1909(!)

2150

690.4

1.3981.448

1.22 1

3.5126

1 084 1

76 15 1

0)1719

1,092.5

37.92280.8

78.513182

312447

5.406

13.1

11.8293

49.839.810.1

126.9

187.8(!)

1963

685.6

1.3981.449

1.12 1

3.1132

10789

75060

(l)1802

1,092.2

37.01622.3

70.11 255.8

298454

5.10.6

13.6

11.9276

47.337.59.8

132.7

2002(»)1877

677.4

1.3981.450

1.322

2.8132

10675

745550.1

1867

1,079.8

36.42572.5

69.31 206 1

322449

5.004

13.3

12.7254

47.337.895

140.6

20630.1

1906

668.4

13971.449

1.223

3.0136

10526

82349

(l)2003

1,076.7

38.12542.1

74.812464

303449

5.305

14.1

13.423 1

48.437.810.6

148.1

198.10.1

1932

r666.4

1.3981.450

1.126

2.7138

rl 044 6

78339

0)2068

1,067.8

38.62523.8

80.0rl 192 4

280433

4.405

13.7

11.9213

48.639.39.3

151.3

200.90.1

1929

667.8

(5)(5)

1.026

2.7126

10420

772360.2

2012

1,053.4

38.22406.3

79.81 1743

280428

4.907

12.9

10.7184

49.840.69.2

148.7

198.30)2029

663.3

0.827

3.7124

1 0414

819340.2

2000

1,044.6

36.525361

80.81 1695

28941 9

5.004

139

9.0176

50.041.090

146.4

206.00.3

2058

659.3

0.827

4.511 1

10368

887290.8

1902

1,057.1

40.22854.9

78.31 1758

293405

5.106

14.2

7.6195

49.941.089

137.0

653.4

1 043 1

1,064.4

12310

PULP, PAPER, AND PAPER PRODUCTSPULPWOOD AND WASTE PAPER

Pulpwood:Receipts thous cords (128 cu.ft ).„Consumption do....Stocks, end of period do....

Waste paper:Consumption thous. sh. tons..Stocks end of period do

WOODPULP

Production:Total, all grades # thous. sh tons

Dissolving and special alpha .... ... doSulfate doSulfite do.Groundwood doSemichemical do....

Stocks, end of period:Total, all mills do..

Pulp mills doPaper and board mills do....Nonpaper mills do

Exports, all grades, total do....Dissolving and special alpha do....All other do.

Imports, all grades, total doDissolving and special alpha doAll other . do

PAPER AND PAPER PRODUCTS

Paper and board:Production (Bu. of the Census):

All grades, total, unadjusted thous. sh. tons..Paper do....Paperboard do....Wet-machine board do....Construction paper and board do....

8100779,7036,697

13,185892

520551 418

38931191148873938

94443944957

3805769

3037

4051194

3858

65,83430,16431,143

1384,390

68326,7006,336

1,109825

4,355116

3305167420348

103154243357

29167

224

38023

356

5,6462,6172,675

12342

63786,4776,210

1 148922

4 128115

3 138155396325

1 107568475

64

27961

218

355g

346

5,3312,4482,523

17343

68476,8896,009

1229854

4621110

3 556157438360

103553144761

35683

272

36822

346

6,00527622,848

16379

652868825,528

1 195910

4501108

3 479148421345

107758143858

29048

243

2953

287

5,89126792,811

18383

64656,7165,123

1,159866

4584125

3516165425353

1 08860743051

36361

302

41426

388

5,75726262,751

15365

66496,7904,985

1204925

4398120

3 351159430338

1 15461448853

35970

289

349g

341

5,72426222,734

11357

67996,5265,464

1063940

4057102

3 129126387313

122466749759

23765

172

32925

304

5,34724512,543

12342

670666565,552

1 190959

4513140

3 445155444330

128773050552

30065

236323

10313

5,65326032,705

14332

67746,6455,693

1 109958

4309102

3 309149427322

1 141602485

54

34763

284

27924

255

5,54825562,688

14290

720670585,917

1 135949

4459113

3 443'l54423326

1 26774546260

27462

212

40627

379

5,59226762,629

14273

625864595,600

1009919

4251129

3 268147407301

1 34284044359

26753

214

31810

308

5,24424972,490

9246

31585

230

269g

262

22150

17227026

244





1980 1981

Annual

1981


1982

Jan. Feb.

PULP, PAPER, AND PAPER PRODUCTS—ContinuedPAPER AND PAPER PRODUCTS— Cont.

Paper and board — Cont.Producer price indexes:

Paperboard 1967-100..Building paper and board do

Selected types of paper (API):Groundwood paper, uncoated:

Orders, new thous. sh. tons..Orders unfilled end of period doShipments do....

Coated paper:Orders new doOrders, unfilled, end of period do....Shipments do....

Uncoated free sheet papers:Orders new doShipments do. ..

Unbleached kraft packaging and industrialconverting papers:

Shipments thous sh tons

Tissue paper production do

Newsprint:Canada:

Production thous. metric tons..Shipments from mills doStocks at mills, end of period do....

United States:Production doShipments from mills do....Stocks at mills end of period do

Consumption by publishers H do....Stocks at and in transit to publishers, end of

period thous. metric tons..

Imports thous. sh tonsPrice, rolls, contract, f.o.b. mill, freight allowed

or delivered Index 1967—100

Paperboard (American Paper Institute):Orders new (weekly avg )§ thous sh tonsOrders unfilled doProduction total iji . do

Paper products:Shipping containers, corrugated and solid fiber

shipments mil. sq. ft. surf. area..

Folding paper boxes shipments . thous sh tonsmil $

234.62062

1 1,475110

1 1,498

'4753391

4,673

J769418,326

rl3 930

M375

8,6258622

165

42394,234

21

10,089

732

7279

32793

(2)

(2)

'30 952

243,228(2)

(2)

1,426112

1,441

4866308

4,951

77068,216

3891

4484

8,9468915

194

47534,735

38

10,165

961

31 338

250.22197

129122129

394365426

693690

322

372

751695221

37937426

781

768

584

3019

2709

21,161

25282257

113124114

377352391

603656

309

352

702684238

35635725

761

807

587

3019

2 539

20,044

22512279

126132122

427345438

710744

345

395

766769235

39939529

860

827

620

3019

2842

21,383

255.72325

103111127

409324405

664731

348

372

772782225

391392

29

867

846

584

3019

2747

21,583

25882373

128117121

405320411

698731

342

386

770744251

40240030

897

847

622

301 9

2854

19,808

259.22374

107106120

406313411

612695

317

374

748776223

40439539

814

902

568

2666

20,933

259.42355

125119111

407341387

639645

298

347

726738211

40540143

791

952

568

301 9

2509

20,486

260.62342

130122126

424340422

633675

330

395

677652236

42642148

827

928

502

3093

2737

20,434

r261.6r2342

118134110

409317434

627688

318

372

707708235

40041038

839

944

513r3168

2590

21,094

262.62325

117117133

448324439

677713

311

390

815795255

42041741

922

959

649

320.0

2,628

21,867

261.62315

9590

116

396319

r399

570r655

326r372

769773252

412407

46r914

947

624

314.4

2,482

18,189

259.32277

122112113

r363r308r389

r592r599

269r351

743800194

35936738

r892

r961

557

316.8

2,035

17,600

259.72332

116106115

384311385

642680

300

375

783671306

415406

46

798

981

585

316.8

2,400

719709317

37837648

775

1,025

RUBBER AND RUBBER PRODUCTSRUBBER

Natural rubber:'Consumption thous metric tonsStocks end of period do

Imports incl latex and guayule . thous Ig tons

Price wholesale smoked sheets (N Y ) $ per Ib

Synthetic rubber:Production thous metric tonsConsumption do


Exports (Bu of Census) thous Ig tons

TIRES AND TUBES

Pneumatic casings, automotive:Production thous..

Original equipment do....

Exports do....


Exports (Bu. of Census) do....

Inner tubes, automotive:Exports (Bu. of Census) do....

586 1512667

5983140 730

r2 015 241 854 10

34177

422 78

159,263

177 06340^227

131 2715,565

33298

9,058

4,557

6346714243

40 576

2 021 451 889 71

34902

48 9812801

3006

0 713

1935315295

36450

31 21

15,463

15 6223228

11 916478

40 188

797

206

52 59125 44

8664

0 690

1696816668

35460

31 65

15,641

14 3233,206

10 537580

43258

1,081

358

554412283

5338

0 650

2003719400

34699

38 73

16,834

18 6174,301

13 607709

43686

1,055

335

550612756

6762

0 590

1809414488

36586

31 77

15,466

18 8354454

14 160521

42393

1,224

374

539312405

6636

0 580

17592167 10

36829

3200

15,183

18 6194,292

13 851476

40615

1,072

252

595211951

5047

0 570

158 18154 13

35979

28 55

15,406

19 3244,538

14 290496

38570

1,040

250

563611353

4159

0 560

161 5014469

36944

26 27

14,277

17 3803,026

13901453

37,116

830

350

510711122

4340

0 540

1597216499

35340

21 97

14,902

175832,813

14 407363

36,709

1,134

337

52 1311437

6276

0 504

1689015672

333.47

24 40

15,851

17 9823^123

14503356

36,088

725

259

5732122.97

69.42

169 98163.75

352.57

23 94

16,534

18 1793'537

14 168474

36,556

653

268

4968130.51

56.23

0456

15768141.13

364.38

2249

13,750

139922,758

10823411

41,112

990

208

4256142.43

49.13

0483

12551131.88

349.02

2165

11,855

13 5442,363

10820361

40,863

485

231

50.99

0488

385

141





1980 1981

Annual

1981


1982

Jan. Feb.

STONE, CLAY, AND GLASS PRODUCTSPORTLAND CEMENT

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face)~, , •>..-, . f . ' ,, i , "q • J ftf" ' *t f" A H

Facing tile (hollow), glazed and unglazed

Floor and wall tile and accessories, glazed and

Price index, brick (common), f.o.b. plant or N.Y.dock 1967-100

GLASS AND GLASS PRODUCTS

Flat glass mfrs ' shipments thous $

Glass containers:

.

Narrow-neck containers:Food doBeverage do....Beer doLiquor and wine . . do

Wide-mouth containers:Food (inch packer's tumblers, jelly glasses,

and fruit jars) thous gross

Narrow-neck and wide-mouth containers:Medicinal and toilet . .. . doChemical household and industrial do


GYPSUM AND PRODUCTS

Production:Crude gypsum (exc byproduct) thous sh tonsCalcined do. .

Imports, crude gypsum do.. .

Sales of gypsum products:Uncalcined do

Calcined:Industrial plasters do .Building plasters:

Regular basecoat . . doAll other (inch Keene's cement) do....

Board products, total mil. sq. ft..Lath doVeneer base do.. .Gypsum sheathing do

Regular gypsum board doType X gypsum board doPredecorated wallboard do....5/16 mobile home board do....

1404 569

63352101 5721 8

454

2976

2808

868 459

327 022323 816

2480861,032

122 67824574

61212

262503262

46676

1 12 3761 11,848

7,365

'5544

409

217161

14,13178

339190

99233266

1054229

1382 697

321 626

316 163

2869260,040

11305524003

62416

525 26752690

46710

1143411,359

7,593

M904

*370

'225157

1 13,75959

325208

'92953446

122304

20665

38566 4

36 8

2 7

206

2902

25961

23367

20903,95277682013

5045

2,213286

50069

9871,026

721

309

30

1613

1,2607

3117

884293

1019

20782

361411 134 3

2 4

217

2896

25470

23 160

22383,72780401879

4874

2 157245

51651

892885

487

306

33

1712

10686

2414

734260

921

30229

51509 7

504

3 2

27 1

2993

233,439

28207

29337

2,6765,19498922,598

6301

2359317

49755

9391,005

456

308

36

1916

1,2396

2918

857296

924

35 165

52887 1

450

3 2

256

300 1

27851

27434

22565,554

106952,123

4450

2138218

49836

1 0031,080

593

419

34

1817

1,3536

3422

928322

1130

34 181

501 188

389

30

24 1

301.3

28209

26817

2,4265,188

106251,840

4627

1,889222

51053

9771,067

715

441

32

1615

1,1024

2619

740271

1131

38074

484 168

358

36

245

302.4

248,658

29532

30223

2,6756,476

113272,146

5 165

2,172262

50255

1008976

710

487

36

1614

1,1645

2917

782292

1128

38,872

477370

428

32

25.6

302.8

27751

29 172

2,5896,325

11,4591,795

4,904

1,902198

48478

1054838

812

411

32

2013

1,2345

3219

827313

1127

37,489

445460

426

27

252

302.8

29449

27342

2,7275,72496571,827

5247

1,941219

49633

891986

630

435

29

1912

1,1465

2717

7632951128

37,303

440.673

41 1

30

25.3

r303.2

243,260

25943

26478

2,8124,8098,7331,937

5616

2,339232

48 163

1030970

642

521

31

1913

1,1274

2719

748291

1028

36,266

429.610641 7

32

23.7

304.1

29305

25865

2,2974,5968,4872,124

5955

2,172234

50420

866924

623

452

36

2112

1,1334

2517

752297

1028

29,590

304.8

r23 849r23 823

1,928r4,4548,175

rl,893

5,214

r52,0415118

r50 278

924778

703

419

29

189

9824

2115

655258

920

23,495

305.1

20099

23 145

1,9784,0418,1971,828

5018

1,944139

46710

862825

500

448

26

1510

9553

2115

629258

1019

15,149

305.1

TEXTILE PRODUCTSFABRIC

Woven fabric, finishing plants: *Production (finished fabric) mil. linear yd..

Cotton do....Manmade and silk fiber do....

Inventories held at end of period do..Cotton . . . . doManmade and silk fiber do....

Backlog of finished orders do....Cotton do....Manmade and silk fiber do....

COTTON

Cotton (excluding linters):Production:

Ginnings |J thous. running bales..Crop estimate thous. net weight Sales §..

Consumption thous running balesStocks in the United States, total, end of period #

thous. running bales-Domestic cotton, total do....

On farms and in transit do.Public storage and compresses do....Consuming establishments do....


3,5314,990

769339430

8,4954,5774,219

2 10,826211,122

6 135

9,2609,26025025,927

831

215 150215,733

5409

13,77713,77637529,268

756

629244385

785341444

790428362

435

8,3288,32615345,846

946

684265420

801343458

827451376

446

7,201720010541,5091,037

389133413550

786338448

809441368

11,1223539

5,9385,937

6064,2271,104

683268415

778343435

832444388

435

5,0075006

4603,4691,770

686267419

111341436

839446393

441

4,1094 108

2782,8081,022

366333353528

730315415

761375386

3531

3,2173216

812,202

933

519188331

747318429

770376394

44

385

2,5952594

251,687

882

659251408

789325464

745369376

427

429

16,97016969146691,491

899

360933063502

776333443

715364351

1725

3517

16,32716326136921,940

694

668256412

780329451

687348339

5539

448

15,62815627109064,059

662

828236391

794334459

642343300

10 157

403

14,907149077 1707^064

673

1350215570

r3400

137771377637529268

756

378 404




1980 1981

Annual

1981


1982

Jan. Feb.

TEXTILE PRODUCTS—ContinuedCOTTON AND MANUFACTURES— Cont.

Cotton (excluding linters)— ContinuedExports thous running balesImports . thous. net-weight bales §Price (farm), American upland fl cents per lb..Price, Strict Low Middling, Grade 41, staple 34

(1-1/16"), average 10 markets cents per lb.

Spindle activity (cotton system spindles):Active spindles last working day total mil

Consuming 100 percent cotton doSpindle hours operated, all fibers, total bil..

Average per working day . doConsuming 100 percent cotton do....

Cotton cloth:Cotton broadwoven goods over 12" in width:

Production (qtrly.) mil sq. ydOrders, unfilled, end of period, compared with

avg. weekly production no. weeks' prodInventories, end of period, compared with

avg weekly production no weeks' prodRatio of stocks to unfilled orders (at cotton

mills) end of periodExports, raw cotton equiv. thous.

net-weight § balesImports, raw cotton equivalent do .

MANMADE FIBERS AND MANUFACTURES

Fiber production, qtrly:Filament yarn (acetate) mil lbStaple, incl. tow (rayon) do..Noncellulosic, except textile glass:

Yarn and monofilaments do....Staple, incl. tow do....

Textile glass fiber do .

Fiber stocks, producers', end of period:Filament yarn (acetate) mil lbStaple incl tow (rayon) doNoncellulosic fiber, except textile glass:

Yarn and monofilaments . . . doStaple, incl. tow do....

Textile glass fiber do

Manmade fiber and silk broadwoven fabrics:Production (qtrly.), total # mil. sq. yd..

Filament yard (100%) fabrics # doChiefly rayon and/or acetate fabrics . ... do..Chiefly nylon fabrics do

Spun yard (100%) fab., exc. blanketing # doRayon and/or acetate fabrics, blends do....Polyester blends with cotton do..

Filament and spun yarn fabrics do....Manmade fiber gray goods, owned by weaving

mills:Ratio stocks to unfilled orders end of period

Prices, manufacturer to mfr., f.o.b. mill:50/50 polyester/carded cotton printcloth, gray,

48" 3 90 yds /lb 78x54-56 . $ per yd

Manmade fiber manufactures:Exports, manmade fiber equivalent mil. Ibs..

Yarn tops thread cloth doCloth woven do

Manufactured prods apparel furnishings do

Imports manmade fiber equivalent doYarn tops thread cloth do .

Cloth woven doManufactured prods apparel furnishings do

Apparel total doKnit apparel . do

WOOL AND MANUFACTURES

Wool consumption, mill (clean basis):Apparel class mil lbCarpet class do. ..

Wool imports clean yield • . doDuty-free (carpet class) do....

Wool prices, raw, shorn, clean basis, delivered toU.S. mills:

Domestic— Graded territory, 64's, staple 2-3/4"and up cents per lb

Australian, 64's, Type 62, duty-paid do....Wool broadwoven goods, exc. felts:

Production (qtrly ) mil sq yd

FLOOR COVERINGS

Carpet, rugs, carpeting (woven, tufted, other),shipments quarterly mil sq yds

APPAREL

Women's, misses', juniors' apparel cuttings:Coats . . . thous unitsDresses doSuits (incl pant suits jumpsuits) doSkirts . doBlouses thous. dozen..

1797516

76.4371.5

1596.0

102.40388

42.0

515.8

5425029

54025670

3085443.3

3,725.34,148.2

8673

184272

2893287.0104 1

10,774.139806

58996

43429763.8

0510

771.5441864249.7735291

5406497.486728

2443.153785218774

113 410.056526.0

524553.09

10822

r!6 808r!79 40118* 162r70 152r26.704

802117

57.9

3830

15355

91.8035733.6

3888

34567663

637.73318892084831884

63908130529538

508564348718470

127710.575326.1

5278S3.16

14845136 176136059102530.322

6691

r76.6

85 1

159597.3

039734

128

52

040

348749

0569

53.1628 1617442500

467210 17700

365531 031223

10 2086927

253319

rl 12111 3151215r7456r2.454

2 3526

71.4

833

159597.4

037127

133

54

040

282684

0564

53.50278418232566

38 55804550

305025 641009

110087725

2683 12

r99413 1081245r8668r2.662

7338

72.3

815

15758

49.20366

43.3

971

147

48

033

358669

6141163

979.21,083.0

237 1

158293

2926318.11090

2,920.210359

128 1141 8

16040174.1

1 1057246.3

0568

67.33337221673362

43811186891

31 9426701051

4129409661.8

2743.07

537

255 1

100015 0861251r9092r2.748

498o73.2

812

158597.3

036527

137

48

035

357574

0581

64.83357624592908

45531087773

346729301251

10807751.9

2783.14

127513 6301 158r9222r2.509

458o

72.3

785

1565874

037127

138

52

038

309568

0576

58.05275318203051

578313 11934

447236661695

10 2088624

2783 16

147411 9351 159r7'914r2.461

320O71.1

78 1

15657

48.90358

43.2

971

136

53

039

30861 3

750114 1

1,011.11,116.0

2602

12 1237

2919312.9879

2,910.7999912791300

16279176.8

10963246.5

0574

58.7828 1318713066

580111.34859

46.6741 061768

4128409492.1

2833.19

2843

155212 0791233r8909r2.429

264o

70.2

75 1

156576.8

03392.4

18.4

60

033

21758.0

47.59240315842356

12.43925

542348 442152

8408652.8

2833.23

137410 2181 152r6827r2.449

990(7)65.0

665

156567.3

03632.5

14.6

55

037

259623

49.70242415752547

69321205898

572749852190

10 11.0532.5

2833.20

163311 4391218r7342r2.617

2612

58.0

608

15555

48.90358

43.1

953

144

56

039

258629

6581185

972.81,051.3

2806

126273

3344336.61210

48.77227413842602

56771005111

467240841730

411441 1371.6

2833.16

1,51511 2381 196r6,907r3.077

261o

62.3

606

15454

r7.40371

2.6

12.7

58

046

27571.8

50.98246015.972638

672412.33846

54.9247432275

941.1601.8

2833.16

1,419r99611026r7,035r2.641

478o

60.1

57.5

154557.1

03532.5

266667

46.9523 1615.512379

49 1210.56802

38.5631961263

940.75 12.0

2833.17

r849r8 152

r939r6,461'2.178

7371

r51.2

55 1

55

42.5

993

21958.9

38.08190012.741909

39517.71583

31 802597836

4112409532.0

2833.12

6398015

8135,1922.097

6531

49.9

5.5

2.3

2753.01

"49.7





1980 1981

Annual

1981


1982

Jan. Feb.

TEXTILE PRODUCTS—ContinuedAPPAREL— Continued

Men's apparel cuttings:Suits thous unitsCoats (separate) dress and sport do....Trousers (separate) dress doSlacks (jean cut) casual do...Shirts dress and sport thous doz

Hosiery, shipments thous. doz. pairs..

1407416,906

124 Oilr253,640

40988r281,654

1468614,686

175 44538 112

304.826

1 178rl,395r9 144

r!9 047r346223.721

1015rl,539r9471

15,433r346124,531

12591,477

10 82619,064

r366824.265

12841,588

11 35215,986

r343626.119

13671,444

11 51614,190

r337825.192

1,3931,575

11 07114,135

r332726,405

r9111,186r7857

13,663r266330,233

1,2521,448

11 93012,443

r3 10726,850

1,2941,801

17,894r3 19826,448

13671,682

13,360r3 10727,141

1,2271,433

10,052r286424,125

1,1391,312

10,1782441

19,796

TRANSPORTATION EQUIPMENTAEROSPACE VEHICLES

Orders new (net) qtrly total @ mil $U S Government do

Prime contract doSales (net) receipts or billings qtrly total do

U.S. Government do....

Backlog of orders end of period $ doU.S. Government do....

Aircraft (complete) and parts do....Engines (aircraft) and parts do....Missiles, space vehicle systems, engines, propul-

sion units and parts . . . . mil $.Other related operations (conversions, modifica-

tions) products services mil $

Aircraft (complete);Shipments # # do....

Airframe weight # # thous IbExports commercial £$ mil. $..

MOTOR VEHICLES (NEW)

Passenger cars:Factory sales (from U S plants) total thous

Domestic do....

Retail sales, total, not seasonally adj t do....Domestics § doImports § do....

Total, seas, adjusted at annual rate t mil..Domestics § . . . . . . do ..Imports § do....

Retail inventories, end of mo., domestics: tNot seasonally adjusted thousSeasonally adjusted § do....

Inventory-retail sales ratio, domestics § t

Exports (BuCensus), assembled cars thous..To Canada do

Imports (BuCensus) complete units # # do....From Canada, total do....

Registrations H, total new vehicles do....Imports, incl. domestically sponsored do....

Trucks and buses:Factory sales (from U.S. plants), total thous..

Domestic do

Retail sales, seasonally adjusted:!Light-duty, up to 14,000 Ibs. GVW do....Medium-duty, 14,001-26,000 Ibs. GVW do....Heavy-duty, 26,001 Ibs. and over GVW do....

Retail inventories, end of period, seasonallyadjusted"}" thous

Exports (BuCensus), assembled units do....Imports (BuCensus), including separate chassis

and bodies thous..

Registrations, H new vehicles, excluding buses notproduced on truck chassis thous..

Truck trailers and chassis, complete (excludesdetachables), shipments number..

Vans doTrailer bodies (detachable), sold separately do....Trailer chassis (detachable) sold separately ... do....

RAILROAD EQUIPMENT

Freight cars (new), for domestic use; all railroadsand private car lines (excludes rebuilt cars andcars for export):

Shipments number..Equipment manufacturers do....

New orders do.. .Equipment manufacturers do....

Unfilled orders, end of period do....Equipment manufacturers do....

Freight cars (revenue), class 1 railroads (AAR): $Number owned, end of period thous..

Held for repairs % of total ownedCapacity (carrying), total, end of mo mil. tons-

Average per car tons..

708473322268 1625760526,141

9537141,51347,85711,655

8855

10871

13,043.1970688250

364005,840

8,97965812,398

15201,438

r2.6

607.80509 133 310.7

594.8

8,7612,469

3 1,6671 464

1,963.592.3

175.7

5740"190.32

1,133.28

2,477

125,27875 17211,84914,202

185,920'80,357

rl43,955'40,14052,37047,866

1,16888

92.5679.24

17,041.1927888551

62255,749

8,53562092326

14711,465

2.7

538.12470753 000.8

562.3

8,4442,432

1,7001513

1 746.673.9

151.7

5594170.51

826.77

2,185

117,68071036

7,24913356

'44,901'41,4351791617,28816,48514,819

1,11169

89.3780.43

744.75007

337

439407

6484701789.6702.5

1 4211,335

2.3

31.022371276.5

35.6

636174

140126

153.08.6

13.5

575212.96

88.30

162

9,1865936

6141074

5,3365,0642 1472,147

48,45144,219

1,1668 1

92.4779.32

1,067.88037

751

475432

76454422010.4752.9

13351,210

1.9

52.824631209.0

29.5

675200

135118

156.56.4

12.4

548519.65

46.10

163

8,3114696

8351332

4,7094,40120692,069

45,12141,197

1 16380

92.3579.42

197659820

1924416 1107,467

9475139,51650,05111,801

8806

11063

1,355.39216

963

620565

96371924410.3772.6

12161,090

1.7

60.3653 12306.6

53.9

849226

167146

14906.2

13.8

547720.01

70.72

176

94905211

5452662

51624,71815591559

41,53938,059

1 16280

92.3779.49

1,501.8102041049

645589

7515342188.0582.3

1 3441 198

2.5

58.5252652823

55.6

752228

162142

15088.7

14.5

541516.21

63.66

186

9,98057511,009

885

4,2453,79217621737

38,97235,920

1 14680

91.0779.49

1,330.59239

746

670608

7345242107.9572.2

14721,313

2.7

63.815832254.1

56.0

731224

159139

157.36.3

11.6

546417.81

72.87

198

10,07658101,0721 105

4,1433,77917911,791

35,58832,900

1 1438 1

91.1879.75

200979742

19636193737,853

9553741,42649,81712,592

8428

11774

1,492.49312

916

712652

7245182067.5522.2

16651,472

3.4

57.845187282.4

59.8

747223

180161

152.15.2

11.5

559017.44

68.24

201

11,3116710

6961077

3,7813,4421 155

92732,32129,744

1 13777

90.6779.78

762.65 180

413

513472

7074972098.25.92.3

16751,606

3.3

49.854596250.1

41.0

690207

127111

141.96.3

12.0

576512.38

64.05

190

8,9134826

459849

2,9832,86413151,315

26,26723,809

1 13077

90.3279.92

812.45299

608

345313

801602199

10.48.22.2

1,4861,558

2.3

31.792900259.2

33.8

721206

8775

164.16.1

12.8

523911.19

67.49

194

9,7706061

3401 189

31842,971

798798

23,64821,403

1 12476

89.9280.00

20,8338562

20,420205258,089

95,84541,89949,26013,431

8,373

12,110

1,329.58413

804

r522487

6875191688.8672.1

14271,446

2.6

37.993408173743.7

763209

130115

150.35.9

13.3

516211.16

64.53

196

10,5336854

387767

35293,29917431743

21,85219,837

1 12272

89.8380.08

851.85373

538

520486

6494921577.2522.1

1 4811485

3.5

35.2228412360

48.8

654182

165152

127.24.9

11.4

548211.95

78.55

171

11,0517378

542855

29002,6561013

63818,83116,685

1 11972

90.0080.41

1,130.2r7331

476

425394

5854321527.6542.3

1 4901,459

3.3

29.7324952373

58.9

614169

123112

130.84.3

11.2

547510.77

69.97

169

9,4746 159

4041062

20631,839

860860

17,72415,802

1 11670

89.6480.30

1,662.110 177

952

r370344

5233581657.2502.3

1 4711,465

3.6

29.1822372337

45.7

612184

127115

114.25.3

13.6

57558.97

72.29

180

9,5855644

346499

27112,4551 8111811

16,48514,819

1 1116 9

89.3780.43

504

2280

5353681668.2572.5

14321,321

2.8

17.2713422599

37.1

509159

2 124

8.22

74.80

156

19951,833

835835

1473513,231

1 1107 o

89.3280.48

2324

6324571758.6632.3

13251 151

2.2

2 145

1 1057 4




FOOTNOTES FOR PAGES S-l THROUGH S-36General Notes for all Pages:

r Revised,p Preliminary,e Estimated,c Corrected.

Page S-l1. Estimates (corrected for systematic biases) for Jan.-Mar. and Apr. -June 1982 based on

planned capital expenditures of business. Planned capital expenditures for the year 1982appear in the article on plant and equipment expenditures in this issue of the SURVEY.

t The estimates for plant and equipment expenditures have been revised. An article describingthat revision and containing revised estimates for 1947-77 begins on p. 24 of the Oct. 1980Si K \ I . Y .

1] Data for the individual durable and nondurable goods industries appear in the Mar.,June, Sept., and Dec. issues of the S U R V E Y .

PageS-2t Revised series. Estimates of personal income have been revised as part of the 1980

benchmark revision of the national income and product accounts. An article describing thatrevision appears in the Dec. 1980 S U R V E Y . Data for 1976-79 are available in a specialsupplement to the S U R V E Y . Pre-1976 data are available in The National Income and ProductAccounts of the United States, 1929-76: Statistical Tables,

$ Includes inventory valuation and capital consumption adjustments.# New series. Detailed descriptions begin on p. I S o f t h e Nov. 1979 S U R V E Y . See note "t"

for this page for information on historical data.§ Monthly estimates equal the centered three-month average of personal saving as a per-

centage of the centered three-month moving average of disposable personal income.# Includes data for items not shown separately.

Page S-31. Based on data not seasonally adjusted.$ Includes data not shown separately.j Revised series. For wholesale see note "t" for p. S-9. For manufacturing see note "t"

for p. S-4. For retail see note "t" for p. S-10.t See note "t" for p. S-4.§ See note "t" for p. S-10.@ See note "t" for p. S-9.# New series. Data back to 1967 are available from the National Income and Wealth

Division, Bureau of Economic Analysis.

Page S-41. Based on data not seasonally adjusted.$ Revised series. For wholesale see note "t" for p. S-9. For manufacturing see note "t"

for this page. For retail see note "t" for p. S-10.t Revised series. Data have been revised back to 1972. A detailed description of this

revision and historical data appear in the report "Manufacturers' Shipments, Inventories,and Orders" M3-1.10 (1972-1980), available from the Bureau of the Census, Washington,D.C. 20233.

§ See note "t" for p. S-10.<& See note "t" for p. S-9.# New series. Data back to 1967 are available from the National Income and Wealth

Division, Bureau of Economic Analysis.^1 Effective September 1981 S U R V E Y , data for Manufacturers' Export Sales and Orders of

Durable Goods have been discontinued due to both budgetary l imitations and a continuingdeterioration in the quality of the data.

# Includes data for items not shown separately.

Page S-51. Based on data not seasonally adjusted.t See note "t" for p. S-4.# Includes data for items not shown separately.$ Includes text i le m i l l products, leather and products, paper and allied products, and

pr in t ing and publ ishing industries; unfilled orders for other nondurable goods industries arezero.

^ For these industries (food and kindred products, tobacco, apparel and other textile products,petroleum and coal, chemicals and allied products, and rubber and plastics products) salesare considered equal to new orders.

Page S-61. Based on unadjusted data.2. This series has been discontinued.$ Compiled by Dun & Bradstreet, Inc.# Includes data for items not shown separately.§ Ratio of prices received to prices paid (pari ty index).fT Revisions, back to 1975 for some commodities, are available upon request.

Page S-71. A n n u a l average computed by BEA.2. Indexes are no longer available.§ For actual producer prices of i nd iv idua l commodities see respective commodities in the

Indus t ry section beginning p. S-22. All data subject to revision four months after originalpublicat ion.

t Revised series. Stage-of-processing producer price indexes have been revised back to1976 to reflect updated industry input-output relationships and improved classification ofsome products.

# Includes data for items not shown separately.$ Effective Feb. 1982, data have been revised back to 1977 to reflect new seasonal factors.

Page S-81 . Computed from cumulative valuation total.2. Effective Jan. 1981, data are no longer seasonally adjusted.# Includes data for items not shown separately.§ Data for Jan., Apr., July and Oct. 1981, Jan. 1982 are for five weeks; other months

four weeks.

Page S-9I . Index as of Mar. 1 , 1982: building, 324.8; construction, 347.2.

51 Home mortgage rates (conventional first mortgages) are under money and interest rateson p. S-l 5.

§ Data include guaranteed direct loans sold.t Effective April 1981 S U R V E Y , wholesale trade data have been revised for Jan. 1973-Jan.

1981. Revised data are available upon request.

Page S-101. Advanceestimate.2. Effective Jan. 1979 data, sales of mail-order houses are included with department store

sales.t Effective April 1981 S U R V E Y , retail trade data have been revised for the years 1971-1980.

Revised data and a summary of the changes are available from the Census Bureau,Washington, D.C. 20233.


Page S-l 11 . A s o f J u l y l .2. The accounts receivable series have been discontinued.# Includes data for items not shown separately.J Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,

No. 870, Bureau of the Census.t Effective July 1981 S U R V E Y , data have been revised to reflect new benchmarks and new

seasonal adjustment factors. See "BLS Establishment Estimates Revised to March 1980Benchmarks," in the July 1981 issue of Employment and Earnings.

II Effective with the February 1982 S U R V E Y , the labor force series have been revised backto 1970 to reflect the 1980 Census of Population. Seasonal adjustment factors were revisedaccordingly. Revised monthly series appear in the February 1982 issue of Employment andEarnings. Revised annual series wi l l appear in the March 1982 issue of Employment andEarnings, U.S. Department of Labor, Bureau of Labor Statistics.

# New series. The participation rate is the percent of the civil ian noninst i tut ional popula-t ion in the c iv i l ian labor force. The employment-population ratio is employment as a percentof the total nonins t i tu t iona l population, 16 years and over.

PageS-12t See corresponding note on p. S-l 1.§ Effective October 1978 S u R v t Y , includes data formerly shown separately under ord-

nance and accessories.(Q, Formerly shown as Electrical equipment and supplies.*l Production and nonsupervisory workers.$ This series is not seasonally adjusted because the seasonal component is small relative to

the trend-cycle and/or irregular components and consequently cannot be separated withsuff ic ient precision.

PageS-13t See note "t" on p. S-l 1 .§ See note "§" on p. S-l 2.fe See note "(&" on p. S-12.$ See note "$" on p. S-12.1! Production and nonsupervisory workers.

Page S-l 4t See corresponding note on p. S-l 1 .<T Production and nonsupervisory workers.J Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by

Consumer Price Index.ij Wages as of Mar. 1, 1982: Common, $13.83; Skilled, $18.00.# Includes data for items not shown separately.(« Insured unemployment (all programs) data include claims filed under extended dura-

t ion provisions of regular State laws; amounts paid under these programs are excluded fromstate benefits paid data.

(afe Insured unemployment as a percent of average covered employment in a 12-monthperiod.



PageS-151. Average for Dec.2. Average for the year.3. Daily average.4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated

and regional dealer closing rates.# Includes data for items not shown separately.§ For demand deposits, the term "adjusted" denotes demand deposits other than domes-

tic commercial bank and U.S. Government, less cash items in process of collection; forloans, exclusive of loans to and Federal funds transactions with domestic commercial banksand include valuation reserves (individual loan items are shown gross; i.e. before deductionof valuation reserves).

If Adjusted to exclude domestic commercial interbank loans and Federal funds sold todomestic commercial banks.

# New series. Beginning Dec. 1978, data are for all investment account securities; compa-rable data for earlier periods are not available.

$$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equiva-lent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979, matu-rity is for 180 days.

@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979, matu-rity is for 180 days.

PageS-161. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the

months.2. Beginning Oct. 1981, data represent the total deficit (budget deficit plus off-budget

deficit),# Includes data for items not shown separately.§ The Department of Health, Education, and Welfare was redesignated as the Depart-

ment of Health and Human Services by the Department of Education Organization Act.

PageS-171. Total for Jan.-May and Oct.-Dec.2. Total for 11 months; production not available for Aug.3. Ml-A has been discontinued. Ml-B will now be designated "Ml."§ Or increase in earmarked gold (—).t Effective Feb. 1982 SURVEY, the money stock measures and components have been revised

back to 1959. The Federal Reserve has redefined the monetary aggregates. The redefinitionwas prompted by the emergence in recent years of new monetary assets—for example, negotiableorder of withdrawal (NOW) accounts and money market mutual fund shares—and alterations inthe basic character of established monetary assets—for example, the growing similarity ofand substitution between the deposits of thrift institutions and those of commercial banks.Monthly data from 1959 to date are available from the Banking Section of the Division ofResearch and Statistics at the Federal Reserve Board, Washington, D.C. 20551.

$ Composition of the money stock measures is as follows:Ml-A.—This measure is currency plus demand deposits at commercial banks. It is essen-tially the same as the old Ml except that it excludes demand deposits held by foreign com-mercial banks and official institutions.Ml-B.—This equals M l - A plus interest-earning checkable deposits at all depositaryinstitutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, andcredit union share draft balances—as well as a small amount of demand deposits at thriftinstitutions that cannot, using present data sources, be separated from interest-earning checkabledeposits.A/2.—This measure adds to Ml-B overnight repurchase agreements (RP's) issued by com-mercial banks and certain overnight Eurodollars (those issued by Caribbean branches ofmember banks) held by U.S. nonbank residents, money market mutual fund shares, andsavings and small-denomination time deposits (those issued in denominations of less than$100,000) at all depositary institutions. Depositary institutions are commercial banks (includingU.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investmentcompanies), mutual savings banks, savings and loan associations, and credit unions.M3.—This measure equals M2 plus large-denomination time deposits (those issued in denomina-tions of $100,000 or more) at all depositary institutions (including negotiable CD's) plusterm RP's issued by commercial banks and savings and loan associations.L.—This broad measure of liquid assets equals M3 plus other l iquid assets consisting ofother Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial paper,savings bonds, and marketable liquid Treasury obligations.

$$ Includes ATS and NOW balances at all insti tutions, credit union share draft balances,and demand deposits at mutual savings banks.

# Overnight (and continuing contract) RP's are those issued by commercial banks to thenonbank public, and overnight Eurodollars are those issued by Caribbean branches of memberbanks to U.S. nonbank customers.

(a Small time deposits are those issued in amounts of less than $100,000. Large timedeposits are those issued in amounts of $100,000 or more and are net of the holdings ofdomestic banks, thrif t institutions, the U.S. Government, money market mutual funds, andforeign banks and official insti tutions.


PageS-181. Beginning Jan. 1981 data, U.S. Virgin Islands trade with foreign countries is included.§ Number of issues represents number currently used; the change in number does not

affect the cont inui ty of the series.| For bonds due or callable in 10 years or more.# Includes data for items not shown separately.(& Data may not equal the sum of the geographic regions, or commodity groups and

principal commodities, because of revisions to the totals not reflected in the componentitems.

PageS-191. See note 1 for p. S-18.2. Beginning Jan. 1982 data, the Customs value is being substituted for the f.a.s. value.# Includes data not shown separately.§ Data may not equal the sum of geographic regions, or commodity groups and principal

commodities, because of revisions to the totals not reflected in the components.

Page S-201. See note 1 for p. S-18.2. See note 2 for p. S-19.# Includes data not shown separately.

PageS-211. Domestic t runk operations only (averaging about 90 percent of domestic total).2. Annual total; quarterly or monthly revisions are not available.3. Before extraordinary and prior period items.4. For month shown.5. Beginning Jan. 1980 data, another company is included.# Includes data for items not shown separately.§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled

service.$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.II Average daily rent per room occupied, not scheduled rates.

PageS-221. Reported annual total; monthly revisions are not available.2. Data withheld to avoid disclosing operations of individual companies.3. Beginning Jan. 1981, data represent gross weight (formerly phosphoric acid content

weight) and are not comparable with data shown for earlier periods.4. A portion of data is being withheld to avoid disclosing information for individual

companies; not comparable with other published data.# Includes data for items not shown separately.§ Data are reported on the basis of 100 percent content of the specified material unless

otherwise indicated.$ Revisions, back to 1977 for some commodities, are available upon request.U Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly compa-

rable with data shown for other periods.

Page S-231. Includes Hawaii; not distributed to the months.2. Reported annual total, including Hawaii; monthly data are preliminary and subject to

change.3. Average for three months, price not available for Apr.-Dec.§ Data are not wholly comparable from year to year because of changes from one classifi-

cation to another.@ Revisions, back to 1978 for some commodities, are available upon request.$ Revisions back to 1977 are available upon request.

PageS-241. See note"©®" for this page.2. Crop estimate for the year.3. Stocks as of June 1.4. Stocks as of June 1 and represents previous year's crop; new crop not reported until

June (beginning of new crop year).5. Previous year's crop; new crop not reported unt i l Oct. (beginning of new crop year).6. Data are no longer available.§ Excludes pearl barley.# Bags of 100 Ibs.!j Revised crop estimates back to 1975 are available upon request,(a Revisions, back to 1977, for some commodities, are available upon request.t Revisions back to 1975 are available upon request.fe(g. Data are quarterly except for June (covering Apr. and May) and Sept. (covering

June-Sept.).

PageS-251. Average for 11 months; price not available for Dec.2. Average for nine months; index not available for Apr.-June.3. Data are no longer available.ij Cases of 30 dozen.«! Bags of 132.276 Ibs.$ Revisions for Jan.-July 1979 (back to 1975 for grindings of wheat) are available upon

request.(a Revisions back to 1977 are available upon request.# Effective Apr. 1981 S U R V E Y , the wholesale price of smoked hams has been discontinued

and has been replaced with the comparable price index. Annual indexes prior to 1979 andmonthly indexes prior to Feb. 1980 are available upon request.

Page S-261. Cropestimate for the year.$ Monthly data reflect cumulative revisions for prior periods.(a Producers' and warehouse stocks.fT Factory and warehouse stocks.\ Revisions back to 1975 are available upon request.



PageS-271. Annual total; monthly revisions are not available.2. Average for 11 months; no price of Nov.3. Average of the seven available indexes.* New series. Source: Bureau of Labor Statistics.# Totals include data for items not shown separately.

PageS-281. Annual data; monthly revisions not available.2. Less than 500 short tons.3. Effective Jan. 1980, data are no longer available.

PageS-291. Annual data; monthly revisions are not available.2. For month shown.3. Effective Jan. 1981, data are revised back to Jan. 1980. Inventory data formerly calcu-

lated by the Bureau of the Census are now based on the Steel Service Center Institute monthlyBusiness Conditions report.

PageS-301. Annual data; monthly revisions are not available.2. Less than 50 tons.3. Data are for five weeks; other months 4 weeks.4. For month shown.11 Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.@ All data (except annual production figures) reflect GSA remelted zinc and zinc pur-

chased for direct shipment.$ Source for monthly data: American Bureau of Metal Statistics. Source for annual data:

Bureau of Mines.# Includes data not shown separately.t Effective July 1980 SURVEY, data are revised and shown on a new base. The sample size

has been restored to 100 firms and the base has been changed to 1977= 100. The revised seriesare not comparable to previously published data.

* New series. These indexes are based on shipments of hydraulic and pneumatic productsreported by participating members of the National Fluid Power Association. Data back to1959 are available upon request.

PageS-311. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and

commercial stocks and are not comparable with data shown for earlier periods.2. Beginning 1981, data are for quarterly intervals.3. Based on new 1981 stock level. See also note "$" for this page.# Includes data for items not shown separately.@ Beginning July 1977, data are representive of those manufacturers reporting and are

not an average of the total industry; they are not directly comparable with earlier data.* New series. Annual data prior to 1978 and monthly data prior to April 1979 are avail-

able upon request.§ Includes nonmarketable catalyst coke.H Includes small amounts of "other hydrocarbons and hydrogen refinery input," not shown

separately.t Revisions for 1978 are available upon request.$ Effective with 1981 petroleum data, the Energy Information Agency has changed some

definitions and concepts to reflect recent developments in refining and blending practices.These changes include adding a category for gasohol production to motor gasoline produc-tion and accounting more precisely for distillate and residual fuel oil processed further afterin i t ia l distillation. A description of these changes appears in the May 1981 issue of MonthlyEnergy Review, U.S. Department of Energy, Energy Information Administration.

PageS-321. Less than 50 thousand barrels.2. Effective April 1981, price represents simple average of Platt's/Lundberg special retai

gasoline prices for 48 cities; not strictly comparable with prices shown for earlier period:which represent weighted average price.

3. Reported annual totals; revisions not allocated to the months.4. See note 3 for p. S-31.

5. Simple averages of prices are no longer available.If Prices are mid-month, include taxes, and represent full service; comparable prices prior

to Jan. 1979 are not available.# Includes data for items not shown separately.* New series. See note "V for this page.$ Except for price data, see note "$" for p. S-31.

PageS-331. Reported annual total; revisions not distributed to the months.2. Effective Jan. 1980, data are no longer available.3. Average for 11 months; no price for Aug.4. Average for 11 months; no price available for Nov. 1980 or for Oct. 1981.U Consumption by 525 daily newspapers reporting to the American Newspaper Publishers

Association.§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end

of the month; annual data are as of Dec. 31.$ Data are monthly or annual totals. Formerly weekly averages were shown.

PageS-341. Reported annual total; revisions not allocated to the months.2. Crop for the year.3. Data cover five weeks; other months, four weeks.4. Data are not available prior to Jan. 1980.5. Effective Nov. 1981, shipments of wide-mouth containers for "chemicals, household

and industrial" are included in shipments for "medicinal and toilet" containers.* New series. Data for finishing mills have replaced data for weaving mills, which are no

longer available.# Includes data for items not shown separately.If Cumulative ginnings to the end of month indicated.§ Bales of 480 Ibs.

Page S-351. Effective Jan. 1, 1978, includes reexports, formerly excluded.2. Annual total includes revisions not distributed to the months.3. Average for crop year; Aug. 1-Jul. 31.4. For five weeks; other months four weeks.5. Monthly average.6. Average for 11 months; no price for Oct.7. Less than 500 bales.8. EffectiveAug. 1981 SURVEY.data are restated to represent millions of square yards.§ Bales of 480 Ibs.H Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects

total quantity purchased and dollars paid for the entire month (revised price includes dis-counts and premiums).

# Includes data not shown separately.

PageS-361 . Annual total includes revisions not distributed to the months.2. Estimates of production, not factory sales.3. Beginning Jan. 1979, data reflect the inclusion of Volkswagens produced in the U. S.

Beginning Jan. 1980, passenger vans (previously reported as passenger cars) are includedwith trucks.

4. Monthly data for 1980 as published in earlier issues of the SURVEY, exclude exports foroff-highway trucks; not strictly comparable with data shown for other periods.

# Total includes backlog for nonrelated products and services and basic research.§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and

imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.Imports comprise all other cars.

T Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some statesare not available, month-to-month comparisons are not strictly valid.

$ Excludes railroad-owned private refrigerator cars and private line cars.t Revisions, back to 1967 for some commodities, are available upon request.<& In the 1979 BUSINESS STATISTICS, 4th Qtr. 1977 should read "13,946" mil. $.$$ In the 1979 BUSINESS STATISTICS, annual data for 1977 should read "2,604.8"

mil .Revisions back to 1977 are available upon request.


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BUSINESS STATISTICS, Pages S1-»S40

SECTIONSGeneral:

Business indicators 1-6Commodity prices 6-8Construction and real estate 8,9Domestic trade 9-11

Labor force, employment, and earnings 11-15Finance 15-18Foreign trade of the United States 18-20Transportation and communication 21

Industry:Chemicals and allied products 22Electric power and gas 23Food and kindred products; tobacco 23-26Leather and products 27

Lumber and products 27,28Metals and manufactures 28-31Petroleum, coal, and products 31,32Pulp, paper, and paper products 32,33

Rubber and rubber products 33Stone, clay, and glass products 34Textile products 34-36Transportation equipment 36

INDIVIDUAL SERIESAdvertising 9,14Aerospace vehicles 36Agricultural loans 15Air carrier operations 21Air conditioners (room) 31Aircraft and parts 5,36Alcohol, denatured and ethyl 22Alcoholic beverages 9,23Aluminum 29Apparel 2-7,9-13,35,36Asphalt 31,32Automobiles, etc 2-7,9,10,17,19,20,36

BankingBarleyBattery shipmentsBeef and vealBeverages. 7,9,19,Blast furnaces, steel millsBonds, issued, prices, sales, yieldsBrass and bronzeBrick iBuilding and construction materialsBuilding costsBuilding permitsBusiness incorporations (new), failuresBusiness sales and inventoriesButter

15243025

20,234,5

17,182934

2-5,9986

3,423

Cattle and calves 25Cement and concrete products 7,9,34Cereal and bakery products 7Chain-store sales, firms with 11 or more stores. . . 10,11Cheese : 23Chemicals 3-5,7,12,13,17,19,20,22Cigarettes and cigars 26Clay products 3,4,7,34Coal 3,7,19,31Cocoa 20,25Coffee 20,25Coke.... 31Combustion, atmosphere, heating equipment 30Communication 1,17,21Confectionery, sales 25Construction:

Contracts 8Costs 9Employment, unemployment, hours, earnings. . 11-14Highways and streets 8Housing starts 8Materials output indexes 9New construction put in place 8

Consumer credit 16Consumer goods output, index 2Consumer Price Index 6Copper 29Corn 24Cost of living (see Consumer Price Index) 6Cotton, raw and manufactures 6,19,34,35Cottonseed oil 26Credit, short- and intermediate-term 16Crops 6,24,26,34Crude oil. 3,31Currency in circulation 17

Dairy products 6,7,23,24Debt, U.S. Government 16Deflator, PCE 2Department stores, sales, inventories 10,11Deposits, bank 15,17Dishwashers 31Disposition of personal income 2Disputes, industrial 15Distilled spirits 23Dividend payments 2,17Drugstores, sales 10,11

Earnings, weekly and hourly 13,14Eating and drinking places 10,11Eggs and poultry 6,7,25Electric power 3,7,23Electrical machinery and equipment 3-5,

7,12,13,17,19,20,30,31Employee-hours, aggregate, and indexes 13Employment 11,12Explosives 22Exports (see also individual commodities) 1,18,19

Failures, industrial and commercial 6Farm prices 6,7Farm wages 14Fats and oils 7,19,20,26Federal Government finance 16Federal Reserve banks, condition of 15Federal Reserve member banks 15Fertilizers 7,22Fish 25Flooring, hardwood 28Flour, wheat 25Food products 2-7,9,12,13,17,19,20,23-26Foreign trade (see also individual commod.) 18-20Freight cars (equipment) 36Fruits and vegetables 6,7Fuel oil 6,31,32Fuels 3,6,7,19, 20,31, 32Furnaces 31Furniture. 3,7,10,12,13

Gas, output, prices, sales, revenues 3,6,7,23Gasoline 32Glass and products 34Glycerin 22Gold 17Grains and products 6,7,19,24,25Grocery stores 10,11Gypsum and products 7,34

Hardware stores 10Heating equipment 7,30Help-wanted advertising index 14Hides and skins 7,27Highways and streets 8Hogs 25Home electronic equipment 7Home Loan banks, outstanding advances 9Home mortgages 9Hosiery 36Hotels and motor-hotels 21Hours, average weekly 12,13Housefurnishings 2,4-6,9,10Household appliances, radios, and television sets. 2,

7,10,30Housing starts and permits 8

Imports (see also individual commodities) 1,19,20Income, personal 2Income and employment tax receipts 16Industrial production indexes:

By industry 3By market grouping 2,3

Installment credit 11,16Instruments and related products 3,4,12,13nsurance, life 16nterest and money rates 15nternational transactions of the United States. . . 1iventories, manufacturers' and trade 3-5,9,10

nventory-sales ratios 4Iron and steel 3,7,9,17,19,20,28,29

Labor advertising index, stoppages, turnover 14,15Labor force 11Lamb and mutton 25Lead 29,30Leather and products 3,7,12,13,27Life insurance 16Livestock 6,7,25Loans, real estate, agricultural, bank (see also

Consumer credit) 9,15Lubricants 31,32Lumber and products 3,7,9,12,13,27,28

Machine tools 30Machinery 3-5, 7,12,13,17,19,20,30Mail order houses, sales 10Manufacturers* sales (or shipments), inventories,

orders 4,5Manufacturing employment, unemployment, pro-

duction workers, hours, earnings 11-14Manufacturing production indexes 2,3Margarine 26Meat animals and meats 7,19,20,25Medical care 6Metals 3-5,7,12,13,17,19,20,28-31Milk 24Mining and minerals 1-3,7,11-14,17Monetary statistics 17Money and interest rates 15Money supply 17Mortgage applications, loans, rates 9,15,16Motor carriers 21Motor vehicles 2-4,6,10,17,19,20,36National parks, visits 21Newsprint 20,33

New York Stock Exchange, selected data 18Nonferrous metals 3,5,7,17,19,20,29,30

Oats 24Oils and fats 7,19,20,26Orders, new and unfilled, manufacturers* 5Outlays, U.S. Government 16

Paint and paint materials 7,22Paper and products and pulp 3-5,

7,12,13,17,20,32,33Parity ratio . 6Passenger cars 2-4,6,7,9,10,17,19,20,36Passports issued 21Personal consumption expenditures 2Personal income 2Personal outlays 2Petroleum and products 3-7,12,13,17,19,20,31,32Pig iron 28Plant and equipment expenditures 1Plastics and resin materials 22Population 11Pork 25Poultry and eggs 6,7,25Price deflator, implicit (PCE) 2Prices (see also individual commodities) 6-8Printing and publishing 3,12,13Private sector employment, hours, earnings 11-14Producer Price Indexes 7,8Profits, corporate 17Public utilities 1-3,8,17,18,23Pulp and pulpwood 32Purchasing power of the dollar 8

Radio and television 2,10,30Railroads 1,14,18,21,36Ranges 31Rayon and acetate 35Real estate 9,15,16Receipts, U.S. Government 16Refrigerators 31Registrations (new vehicles) 36Rent (housing) 6Retail trade 3,4,6,10-14,16Rice 24Rubber and products (incl. plastics). 3-5,7,12,13,20, 33

Saving, personal 2Savings and loan assoc., new mortgage loans 9Savings deposits 15Securities issued 17Security markets 17,18Services 6,12-14Sheep and lambs 25Shoes and other footwear 7,10,11,27Silver 17Soybean oil 26Spindle activity, cotton 35Steel (raw) and steel manufactures 20,28,29Steel scrap 28Stock market customer financing 17Stock prices, yields, sales, etc 18Stone, clay, glass products 3,4,7,12,13,17,34Sugar 20,26Sulfur 22Sulfuric acid 22Superphosphate 22

Tea imports 26Telephone and telegraph carriers 21Television and radio 2,10,30Textiles and products 3-5,7,12,13,17,19,20,34-36Tin 30Tires and inner tubes 7,33Tobacco and manufactures 3-6,12,13,26Tractors 30Trade (retail and wholesale) 3,4,6,9-14Transit lines, urban 21Transportation 1,6,12-14,17,18,21Transportation equipment. . . 2-5, 7,12,13,17,19,20,36Travel 21Truck trailers 36Trucks (industrial and other) 30,36

Unemployment and insurance 11,14U.S. Government bonds 15-18U.S. Government finance 16U.S. International transactions 1Utilities 1,3,6,8,17,18,23

Vacuum cleaners 31Variety stores 10,11Vegetable oils 19,20,26Vegetables and fruits 6,7Veterans' unemployment insurance 14

Wages and salaries 2,13,14Washers and dryers 31Water heaters n, 31Wheat and wheat flour 24,25Wholesale trade 3,4,6,9,12-14Wood pulp |2Wool and wool manufactures 35

Zinc. 30

3e


UNITED STATESGOVERNMENT PRINTING OFFIC

PUBLIC D O C U M E N T S D E P A R T M E N T

WASHINGTON, D.C. 2O4O2

OFFICIAL BUSINESS

i the fourth quarterReal GNP declined 41 percentGNP fixed-weighted price index increased 8V2 percentReal disposable personal income increased 1 ]k percentCorporate profits before tax declined

Real GNP GNP Prices

1977 1978 1979 1980 1981

Disposable Personal Income Corporate Profits With IVA and CCAdj

Percent20 I

1977 1978 1979 1980 1981 1977 1978 1979 1980 1981


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