SCB_041984

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

APRIL 1984 / VOLUME 64 NUMBER

OF

CONTENTS

THE BUSINESS SITUATION 1

National Income and Product Accounts Tables 11< *-~Federal Budget Developments 22

Regional Nonfarm Wages and Salaries Thus Far in the Recovery 25

Slate Quarterly Personal Income, 1980-83 27County and Metropolitan Area Personal Income, 1980-82 30

Personal Income and Adjusted Gross Income, 1980-82 53Federal Personal Income Taxes: Liabilities and Payments, 1980*82 56

Gross Product by Industry, 1983 58

CURRENT BUSINESS STATISTICSGeneral SI

Industry S19Footnotes S33

Subject Index (Inside Back Cover)

US ofMalcolm Baldrige / SecretarySidney L. Jones / Under Secretary

for Economic Affairs

ofGeorge Jaszi / DirectorAllan H. Young / Deputy DirectorCarol S. Carson / Editor-in-Chief,

Survey of Current BusinessManuscript Editor: Dannelet A. GrosvenorManaging Editor: Patli A. Trujillo

Staff Contributors to This Issue: Lorna M. Aldrich,Wallace K. Bailey, Leo M. Bernstein, Robert B. Breltzfelder,Robert Brown, David W. Cartwright, Edwin J. Cole man,Douglas R, Fox, Howard F. Friedenberg, Linnea Hazen,Eric R. Johnson, Daniel J. Larkins, Thae S. Park, Milo O.Peterson, Kenneth A. Petrick, Elizabeth H. Queen, ArthurL. Sensenig, Tracy R. Tapscott, Joseph C. Wakefield

SURVEY OF CURRENT BUSINESS. Published monthly by the Bureauof Economic Analysis of the ILS; 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 OFFICESAK; Aarfiorage 99513701 CSu 271-5041AL, BsrwsJigham 35205 .908 S. 28th;Su 2544331"A& Utile Reek '-72201-320 W. Capitol Ave, 378.5794A2, Pfeoenb 85073,201 PI'Centra! A w, 261*3285CA; Los Angeles 90049

.,11777 San Vicente Blv

the BUSINESS SITUATION

JJJCONOMIC activity continued toexpand rapidly in the first quarter of1984. Real GNP increased at anannual rate of 8l/2 percent, followingincreases of 5 percent in the fourthquarter of 1983 and 7l/2 percent in thethird quarter. Inflation remainedmoderate. The GNP fixed-weightedprice index increased 4*/2 percent atan annual rate in the first quarter,following increases of 4 percent in thefourth and 4V2 percent in the third.1

More than one-half of the increasein real production in the first quartertook the form of an increase in inven-tory investment (chart 1). Inventoryinvestment was up $18 billion, follow-ing a $5 billion increase in the fourthquarter. About one-half of the first-quarter and all of the fourth-quarterincreases were in farm inventories.Transfers of crops from the Commodi-ty Credit Corporation (CCC) to farm-

1 Quarterly estimates in the national income and

product accounts are expressed at seasonally adjustedannual rates, and quarterly changes in them are dif-ferences between these rates. Quarter-to-quarter per-cent changes are annualized. Real, or constant-dollar,estimates are expressed in 1972 dollars.

The first-quarter GNP estimates are based on thefollowing major source data: For personal consumptionexpenditures (PCE), retail sales, and unit auto andtruck sales through March; for nonresidential fixed in-vestment, the same information for autos and trucksas for PCE, manufacturers' shipments of machineryand equipment for January and February, Januaryand February construction put in place, and invest-ment plans for the quarter; for residential investment,January and February construction put in place, andhousing starts for January and February; for changein business inventories, January and February bookvalues for manufacturing and trade, and unit auto in-ventories through March; for net exports of goods andservices, January and February merchandise trade,and fragmentary information on investment incomefor the quarter; for government purchases of goods andservices, Federal unified budget outlays for Januaryand February, State and local construction put inplace for January and February, and State and localemployment through March; and for GNP prices, theConsumer Price Index for January and February, theProducer Price Index for January and February, andunit-value indexes for exports and imports for Janu-ary and February. Some of these source data are sub-ject to revision.

ers under the payment-in-kind (PIK)program accounted for $5 billion ofthe first-quarter increase and for $3l/2billion of the fourth-quarter. The han-dling of PIK in the national incomeand product accounts (NIPA's) offsetsthese transfers, which relate to com-modities produced in the past, in finalsales; as a result, GNP, which is ameasure of current production, is notaffected. (The PIK program, intro-duced last year as part of the Federalacreage reduction program designedto reduce agricultural inventories,and its handling in the NIPA's weredescribed in the January 1984 "Busi-ness Situation.'0

Real final sales increased 3l/2 per-cent in the first and fourth quarters.In both quarters, changes in govern-ment purchases and, in turn, in finalsales were greatly affected by CCC in-ventory transactions. In the NIPA'sthese transactions are treated as Fed-eral purchases, positive or negative.(CCC inventories were reduced by thetransfers of crops to farmers underPIK, and thus Federal purchases and,in turn, final sales were held down inthe fourth and first quarters.) Had itnot been for transactions of the CCC,final sales would have increased 4V2-5percent in the first and fourth quar-ters, about as strong as the 5-percentincrease in the third. For these quar-ters in which PIK transactions werelarge, this measure is more useful inassessing the strength of finaldemand than is unadjusted finalsales.

Increases in economic activity havebeen robust in the business sector ofthe economy (table 1). Real businessproduct registered larger percent in-creases in each of the past severalquarters than did GNP. Until thefirst quarter of 1984, nonfarm busi-ness product registered still larger in-

CHART1

Real Product:Change From Preceding Quarter

GROSS NATIONAL PRODUCT

CHANGE IN BUSINESS INVENTORIES

Billion 1972$40

30

20

10

-10

-20

-3020

10

0

-10

-20

30

20

10

0

-10

-2020

10

0

-10

-2010

0

-10

10

0

-10

Motor Vehicles

PERSONAL CONSUMPTION EXPENDITURES .

I ll-i liil'-a t I

FIXED INVESTMENT

* -^

Residential

NET EXPORTS

GOVERNMENT PURCHASES

Federal'*1981 1982 1983 1984Based on Seasonally Adjusted Annual Rates

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


SURVEY OF CURRENT BUSINESS April 1984

Table 1.Alternative Measures of Production[Billions of 1972 dollars, seasonally adjusted at annual rates]

Line

1

2

34

567

89

10

11

Gross national product .Less: Rest-of-the-world .Gross domestic product .Less: Household and institutions

Government

Business productLess* Farm

Residual 1

Nonfarm business productLess* Housing

Nonfarm business product less housingAddenda:

Motor vehicle output . ...GNP less motor vehicle output

Dollars

Level1983

I

1,490.121.0

1,469.247.1

155.91,266.1

39.26

1,227.5145.6

1,081.9

59.01,431.1

II

1,525.120.7

1,504.447.3

156.01,301.2

37.7

161,265.1

146.91,118.2

62.51,462.6

III

1,553.422.3

1,531.147.6

156.01,327.5

35.51.1

1,290.9148.3

1,142.6

71.11,482.3

IV

1,572.521.3

1,551.248.0

156.31,346.9

34.932

1,315.2149.8

1,165.4

76.11,496.4

1984: I

1,604.321.0

1,583.348.0

156.31,378.9

36.9-3.1

1,345.1151.4

1,193.7

80.81,523.5

Change from preceding quarter1983

II

35.03

35.2.2.1

35.1-1.5-1.0

37.61.3

36.3

3.531.5

III

28.3

1.626.7

.30

26.3-2.2

2.7

25.81.4

24.4

8.619.7

IV

19.11 0

20.1.4

.3

19.4-.6

-4.324.3

1.522.8

5.014.1

1984:1

31.83

32.100

32.02.0-.1

29.91.6

28.3

4.727.1

Percent change from precedingquarter at annual rate

1983

II

9.7-5.5

9.91.4.1

11.5142

12.83.6

14.1

25.99.1

III

7.634.7

7.32.60

8.4

-21.4

8.4

3.99.0

67.55.5

IV

5.0-16.8

5.43.4.8

6.0

-6.6

7.7

4.1

8.2

31.23.9

1984:1

8.3558.500

9.825.0

9.44.3

10.1

27.17.5

1. The residual is the constant-dollar equivalent of the statistical discrepancy. For the first quarter of 1984, it is not yet available; it is assumed in this table to be the same as in the fourthquarter of 1983.

NOTE.Most dollar levels are found in the National Income and Product Accounts Tables, table 1.6, and most percent changes are found in table 8.1.

Table 2.Real Gross Product, Hours, andCompensation in the Nonfarm BusinessEconomy Less Housing: Percent Change

[Based on seasonally adjusted estimates]

Table 3.Fixed-Weighted Price Indexes: Change From Preceding Quarter[Percent change at annual rates; based on index numbers (1972=100), seasonally adjusted]

Real gross productHoursCompensation

Real gross product per hourCompensation per hourUnit labor cost

Change from precedingquarter at annual rates

1983II

14.16.1

10.8

7.64.5

-2.9

III

9.06.1

10.52.84.11.3

IV

8.25.89.82.33.71.4

1984:1

10.16.7

13.63.16.43.2

NOTE.For estimates for 1980-82, see table 12, page 16, ofthe July 1983 SURVEY OF CURRENT BUSINESS.

ceases. In that quarter, farm product,which had dropped steeply in 1983due to widespread drought and Feder-al acreage reduction programs, in-creased sharply. Housing productthat is, the value of the services ofowner- and tenant-occupied resi-dencesis removed from nonfarmbusiness product to derive a measurethat can be used with labor variablesfor productivity analysis. Increases inthis aggregatenonfarm businessproduct less housingwere verystrong, ranging from 8 to 14 percentin the past four quarters.

Real motor vehicle output, which isshown in the addenda to table 1,again contributed significantly to theincrease in GNP. Over the past sever-al quarters, manufacturers have pro-

GNP

Less* Change in business inventoriesEquals* Final sales

Less* Exports . . . . .Plus* Imports

Equals: Final sales to domestic purchasersPersonal consumption expenditures

FoodEnergyOther personal consumption expenditures

OtherNon residential structuresProducers' durable equipmentResidentialGovernment purchases

Addenda: Food and energy components of GNP:1

Food components2 . ...Energy components3 ... ..

GNP less food components(JNP less energy components. ..GNP less food and energy components

II

4.3

4.32.6633.44.95 16.84.51.2

-1.01.2

-2.62.6

5.416.54 13.53.2

1983III

4.7

47

3.91 54.54.4

-1 18.6554.71.61.38.05.3

-.69.8564.452

IV

4.2

4 2

6112

3.64.2381.948262.41 1.3

38

511.7

404.342

4.7

47

2.51 6

4.64.4

112-6.0

4 2

491.621

.775

112-6.1

385.546

1. Inasmuch as GNP is the sum of final products, the food and energy estimates in this table do not take into account theeffect on the prices of final products of changes in the prices of the food and energy that are costs of production.

2. Consists of all components for which separate estimates are prepared. The major component that is not included ispurchases of food by the Federal Government other than transactions by the Commodity Credit Corporation that are treated likepurchases.

3. Consists of all components for which separate estimates are prepared. The major components that are not included are (1)exports of energy; (2) the gasoline and motor oil portions of inventories of gasoline service stations, and (3) the energy portions ofinventories of businesses that do not produce energy for sale.

NOTE.Most index number levels are found in the National Income and Product Accounts Tables, table 7.2.

gressively stepped up production ofcars and trucks to rebuild inventoriesfrom recession lows. GNP less motorvehicle output was up 7% percent inthe first quarter. As in the past sever-al quarters, this measure increasedabout 1-2 percentage points less thandid total GNP.

Productivity and costs. Table 2shows changes in real gross product,aggregate hours, and compensation inthe business economy other thanfarm and housing. As in the preced-ing several quarters, real product andaggregate hours registered sizable in-creases in the first quarter. Again,


April 1984 SURVEY OF CURRENT BUSINESS

the increase in product exceeded thatin hours; productivity was up 3 per-cent, following gains of 3 percent and2l/2 percent in the preceding twoquarters. The increases in compensa-tion and in compensation per hour ac-celerated in the first quarter. Expand-ed coverage and increased rates foremployer contributions for social in-surance, effective January 1, account-ed for about ll/z percentage points ofthe acceleration in compensation andfor 1 percentage point of that in com-pensation per hour. The increase inunit labor cost remained moderate.Unit labor cost less the impact of theincrease in employer contributionsabout matched the IVk-percent in-creases of the preceding two quarters.

Prices.GNP prices as measured bythe fixed-weighted price index in-creased 4x/2 percent in the first quar-terabout the same rate as in thepreceding several quarters (table 3). AFederal pay raise, which in theNIPA's is reflected in the price of em-ployee services purchased by the Fed-eral Government, accounted for 0.5percentage point of the first-quarterincrease.

Prices paid by domestic purchasersfor the goods and services they buywhether produced in the UnitedStates or abroadalso increased 4l/2percent in the first quarter. In thefourth quarter, a decline in importprices held the increase in prices paidby domestic purchasers to SVfe percentcompared with the 4-percent increasein GNP prices. The convergence inthe first quarter occurred as the in-crease in export prices deceleratedand import prices turned up.

Prices of personal consumption ex-penditures (PCE) increased 4Vfe per-centabout the same rate as in thepreceding several quarters. Foodprices jumped 11 percent. The pricesof fruits and vegetables shot up inJanuary in response to freezedamage. Egg prices moved up sharply,as a large number of chickens ex-posed to avian flu were destroyed.Prices also rose for beef and pork.PCE energy prices dropped 6 percent,as lower gasoline prices more thanoffset sharp increases in fuel oilprices. Other PCE prices increasedsomewhat less than they had in thepreceding several quarters.

Components of Real GNP

Most of the major components ofreal GNP registered changes in thefirst quarter of 1984 that were broad-ly similar to those in the fourth quar-ter of 1983 (table 4). PCE again in-creased strongly, as did nonresiden-tial fixed investment. Net exportsagain fell sharply. Government pur-chases declined, but not as much as inthe fourth quarter. The increase inbusiness inventory investment pickedup sharply. Residential investment in-creased after declining in the fourthquarter.

Personal consumption expendituresReal PCE increased 6 percent after

a 6V2-percent increase in the fourthquarter. The continued strength was

backed by large increases in real dis-posable income, as well as high levelsof consumer confidence. On a month-ly basis, the latter has weakenedsince January, as have many of thecomponents of PCE, which may indi-cate that the boom in consumerspending is beginning to moderate.

Expenditures for durable goods in-creased slightly less than in thefourth quarter. Motor vehicles contin-ued to increase, but at a slower pace,largely due to a weakening in pur-chases of trucks and used cars. Pur-chases of new cars increased at ahigher rate than in the fourth quar-ter. Expenditures for furniture andhousehold equipment and for otherdurables increased at about the samerate.

Expenditures for nondurable goodsregistered a slightly stronger increase

Table 4.Real GNP: Change From Preceding Quarter[Percent change at annual rates; based on millions of 1972 dollars, seasonally adjusted at annual rates]

GNPFinal sales

Personal consumption expenditures

DurablesMotor vehicles and partsFurniture and household equipmentOther durables

NondurablesFood ..Energy *Clothing and shoes .Other nondurables

ServicesEnergy 2 . . .Other services

Gross private domestic fixed investmentNonresidential

StructuresProducers' durable equipment .

Autos and trucksOther ...

ResidentialNet exports of goods and services

MerchandiseAgricultural Nonagricultural

OtherImports

Merchandise . ....PetroleumNonpetroleum ..

Other ... .Government purchases of goods and services .

FederalNational defense . .... ...Nondefense

Commodity Credit CorporationOther

State and local . .Change in business inventories

II

9.768

100

32.666.515.71.4

6.42.5

10218.91 064

42.14.8

21.57.9

-14919.819120.079.5

32-7.0

-18.5351.7

26.826.2

224520.028.4

-1.1

-2.87.4

-23.59

0

1983

III

7.65.12.2

3.7-.37.94.4

3.68.03.7

-10.110.7

65.8.3

22.7

18.711 122.065615.135.9

3710.111.498

18.418.122.6

152.616.98.4

4.4

4.60

16.922

4.3

IV

5.03.7

6519.924.718.210.84.8.9

-4.219.424

37-4.5

4.2

17.927.268

36.558832.4

-6.9

12.6

-7.053

-3.329.531.3

-46439.125.4

-3.9-84

7.8-40.1

4 1

-.8

8.33.65.8

17.219.114.220.35.9

-1.013.212.614.2

20-19.7

3.3

16.412.12597.0

2543.5

31.3

9713.628.31004.9

41.754.9

-17160.113.5-.8

-669.7

-42.92

3.2

1. Gasoline and oil, and fuel oil and coal.2. Electricity and gas.NOTE.Percent changes in major aggregates are found in the National Income and Product Accounts Tables, table 8.1. Dollar

levels are found in tables 1.2, 1.15, 1.17, 3.8B, and 4.4.



than in the fourth quarter. Gasolineand oil increased substantially, follow-ing several quarters of decline orlittle change, and other nondurablesincreased more than in the fourthquarter. In contrast, purchases ofclothing and shoes increased some-what less than in the fourth quarter.Food purchases again changed little.

Expenditures for services increasedmore slowly than in the fourth quar-ter, as energy declined significantly.Both the natural gas and the electrici-ty components of energy services havefluctuated over the past several quar-ters. Electricity purchases, which hadbeen high in the third quarter due tounusually hot weather, declined inthe fourth and again in the first. Nat-ural gas purchases increased in thefourth quarterDecember was unusu-ally coldand declined in the first. Aslowdown in the increase in otherservices was largely in foreign travel.

Nonresidential investmentReal nonresidential fixed invest-

ment registered another strong in-crease12 percent, following third-and fourth-quarter increases of ISVfepercent and 27 percent, respectively.Structures accelerated sharply, butproducers' durable equipment (PDE),which accounts for more than two-thirds of total nonresidential fixed in-vestment, decelerated even moresharply.

Commercial and industrial build-ings accounted for virtually all of the26-percent increase in structures inthe first quarter. Both the office andnonoffice components of commercialbuilding recorded substantial gains.In the two preceding quarters, in-creases had been based mainly on thestrength of the nonoffice component.An increase in industrial buildingsthe first in 2 yearswas also substan-tial.

PDE increased only 7 percent in thefirst quarter, following a 36V2-percentincrease in the fourth. Motor vehiclePDE and, to a larger extent, otherPDE contributed to the deceleration.Trucks, in the former category, andcommunications equipment, in thelatter, both declined in the first quar-ter, following extraordinarily large in-creases in the fourth. In trucks, pur-chases appear to have turned upagain late in the first quarter. In com-munications equipment, one may

CHART 2Housing Starts

Millions of units2.5

2.0

1.5

1.0

t t f t r i i i l.i \ r...i t . . . f t f i t i I t i i t i i i .1 t t t1980

Data: Census.


speculate that the circumstances sur-rounding the January 1 divestiture ofA.T. & T. may have led to a bunchingof purchases in the fourth quarter.

Most of the factors commonly usedin assessing the future course of cap-ital spending point toward continuedincreases. Corporate profits, cashflow, capacity utilization, real finalsales, and net new orders for capitalgoods all registered substantial in-creases in the past several quarters.Interest rates, however, moved uplate in the first quarter; the rate onseasoned corporate bonds, for exam-ple, increased almost one-half per-centage point in March.

Residential investmentReal residential investment, which

had slipped slightly in the fourthquarter after four consecutive strongincreases, bounced back in the firstquarter. Single-family constructionwas up 46 percent, multifamily con-struction was up 241/2 percent, andthe "other'' component (which in-cludes additions and alterations, bro-kers' commissions, and mobile homesales) was up 15 2 percent.

Housing starts increased sharply inthe first 2 months of the year andthen posted an unprecedented 261/2-percent drop (not an annual rate) inMarch (chart 2). Unusually mildweather in February, followed by an

1981 1982 1983Seasonally Adjusted at Annual Rates

1984

unusually cold and wet March, ap-pears to have played an importantpart in this month-to-month pattern.

On a quarterly basis, starts were up14V2 percent (not an annual rate) inthe first quarter. Starts of single-family units increased 221,000 to1,258,000 (seasonally adjusted annualrate) in the first quarter, and starts ofmultifamily units increased 30,000 to691,000. Building permits also wereup in the first quarter. Permits forsingle-family units increased from896,000 in the fourth quarter to1,026,000 in the first, and permits formultifamily units increased from710,000 in the fourth quarter to800,000 in the first.

Sales of both new and existingsingle-family residences were alsostrong in the first quarter. Sales ofnew one-family houses increased26,000 to 695,000 (seasonally adjustedannual rate) in January-February,after a strong fourth-quarter increaseof 83,000, and sales of existing single-family homes increased 123,000 to2,880,000 (seasonally adjusted annualrate) in January-February after afourth quarter in which they hadchanged little. The inventory ofunsold new one-family houses in Feb-ruary was low5.1 months' supply atcurrent sales rates.

The commitment rate on fixed-ratemortgages has hovered around 13V2



percent since July (chart 3). An in-creasing proportion of mortgages arebeing written with adjustable rates;initial interest rates on these mort-gages are ll/2 to 2 percentage pointsless than on fixed-rate mortgages. Ineach of the first three quarters of1983, about one-third of conventionalmortgages carried adjustable rates; inthe fourth quarter, this share jumpedto over 50 percent. In the first quarterof 1984, it increased to almost 60 per-cent.

The lower interest rate on an ad-justable-rate mortgage results in ini-tial monthly payments lower than ona fixed-rate mortgage; it also reducesthe income that a potential borrowerneeds to qualify for a mortgage. On a25-year, $65,000 mortgage, for exam-ple, initial monthly payments forprincipal and interest on an adjusta-ble-rate mortgage are about $85 (11percent) lower than on a fixed-ratemortgage. Assuming that a borrowerneeds an income equal to at least fourtimes mortgage payments, the annualincome needed to qualify for a $65,000adjustable-rate mortgage is about$4,000 lower than for a fixed-ratemortgage.

Financial conditions at savings andloan associations, major suppliers ofmortgage credit, continued generallyfavorable in January-February. Theinflow of funds was strong; net newdeposits received and mortgage repay-ments totaled $20.2 billion in just 2months, compared with a total of$25.7 billion for the whole fourthquarter. Mortgage activity was alsostrong; outstanding commitments tooriginate mortgages increased $1.6billion, after remaining unchanged inthe fourth quarter.

Change in business inventoriesReal business inventories were up

$26 Vz billion in the first quarter, fol-lowing an $8Vz billion increase in thefourth (table 5). The $18 billion step-up in the rate of accumulation wasabout evenly split between farm andnonfarm inventories. An $8l/z billionaccumulation in farm inventories,after little change in the fourth quar-ter, reflected the transfer of invento-ries to farmers under the PIK pro-gram and the step-up in production,which is assumed to go largely intoinventories in the short run.

CHART 3Selected Interest Rates

Percent22

20

18

16

14

12

10

6

Prime Rate

I I I I I I i i I n I'M ft rl M 111 i t t r t i I f iTi'.i f i i fiiJi ill Tl iTnl 11 in19811980

Data: FRB, FHLMC.U.S. Department of Commerce, Bureau of Economic Analysis

1982 1983 1984

Table 5.Change in Business Inventories[Billions of 1972 dollars; seasonally adjusted at annual rates]

Change in business inventories

Farm .

Nonfarm

Man ufacturingWholesale tradeRetail tradeOther

Level

1983

I

-15.4

-.3

-15.1

-12.3-6.7

3.1.8

II

-5.4

-2.1

-3.3

-.8-2.9

1.7-1.3

III

3.8

-5.0

8.8

1.44.13.8-.5

IV

8.7

-.1

8.8

-.53.66.3-.6

1984:1

26.6

8.6

18.0

3.13.7

10.6.7

Change from preceding quarter

1983

II

10.0

-1.8

11.8

11.53.8

-1.4-2.1

III

9.2

-2.9

12.1

2.27.02.1

.8

IV

4.9

4.9

0

-1.9-.52.5-.1

1984:1

17.9

8.7

9.2

3.6.1

4.31.3

NOTE.Dollar levels are found in the National Income and Product Accounts Tables, table 5.9.

The $18 billion accumulation innonfarm inventories in the first quar-ter was about double that in thefourth. The pickup was mainly inmanufacturing and retail trade. Inmanufacturing, durables invento-riesparticularly primary metals andelectrical machineryaccumulated ata faster pace than in the fourth quar-ter. In nondurables, most of the turn-around from liquidation to accumula-tion was in food processing. Thepickup in retail trade inventories wascentered in apparel and department

stores, and probably reflected a drop-off in sales at the end of the quarter.Auto dealers' inventories accumulatedat the same rate as in the fourthquarter.

The large inventory accumulationsled to the first increases in the aggre-gate inventory-sales ratios since mid-1982. The ratio of constant-dollarbusiness inventories to total businessfinal sales edged up from 3.02 to 3.04,and the ratio of nonfarm business in-ventories to final sales of goods andstructures from 4.24 to 4.25.



Net exports

Real net exports fell $9x/2 billion,following an $8V2 billion decline inthe fourth quarter. Exports increased,but imports increased much more.

Exports increased moderately$3%billionin the first quarter, followinglittle change in the fourth. The lack-luster performance in the past severalquarters reflected the sluggish eco-nomic recoveries of most major trad-ing partners; the effects of trade con-straints, particularly of less developedcountries; and the impact of thestrong dollar. Agricultural exports in-creased $1 billion after a small de-cline. A $lx/2 billion increase in ex-ports of nonagricultural merchandisewas concentrated in capital goods andautomotive products. In services, in-vestment income recorded a small in-crease.

Imports registered another strongincrease$12V2 billionin the firstquarter. The increases in the last sev-eral quarters largely reflected thestrength in U.S. business activity. Im-ports of nonpetroleum merchandisejumped $liy2 billion in the first quar-ter. The increase was spread acrossmost major end-use categories; thelargest were in consumer goods, in-dustrial supplies, and capital goods.Petroleum imports remained lowatabout 5.2 million barrels per day. Inservices, payments of investmentincome increased somewhat morethan in the fourth quarter, largely re-flecting increased direct investmentpayments.

Government purchases

Real government purchases de-clined 1 percent in the first quarter,following a 4-percent decline in thefourth. Federal purchases declinedagain; State and local purchases in-creased after a decline.

In Federal purchases, national de-fense purchases jumped 9J/2 percent,following increases that averagedabout 5 percent in the past five quar-ters. Sharp declines in nondefensepurchases in the past two quarterswere due to CCC operations, princi-pally under the PIK program. As

Table 6.Federal Government Receipts and Expenditures, NIPA Basis: Change From PrecedingQuarter

[Billions of dollars, based on seasonally adjusted annual rates]

Receipts . .

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accruals .Contributions for social insurance

ExpendituresPurchases of goods and services

National defenseNondefense

Transfer paymentsGrants-in-aid to State and local governmentsNet interest paid . .Subsidies less current surplus of government enterprisesLess* Wage accruals less disbursements

Surplus or deficit ( ), national income and product accounts

II

29.366

11.27441

12.02

5.0-48

67.9

3.4 4

12

17.2

1983in

7.4

1746.8

436

138441.82635

.6914.1

9

21.2

IV

12381-.2

340

14840519174-.8369.0

4

25

1QQ/1.T

n a.

75n.a

1167132

99.99 1333.1329.4o

n a

n.a. Not available.NOTE.Dollar levels are found in the National Income and Product Accounts Tables, table 3.2.

mentioned earlier, the transfer ofcrops to farmers under PIK reducesCCC inventories and is treated as anegative Federal purchase. Reduc-tions in CCC inventories amounted to$7V2 billion in the first quarter, andto $3 billion in the fourth.

The turnaround in State and localpurchases was in purchases of struc-tures. These purchases increased $1billion, following a decline,of $1 bil-lion in the fourth quarter. All types ofconstructionbuildings, highways,and other structuresshowed im-provement.

The Federal sector.Changes incurrent-dollar Federal receipts andexpenditures on a NIPA basis areshown in table 6. Among expendi-tures, purchases were up $1 billion;national defense purchases increasedstrongly, and nondefense purchasescontinued to decline due to the oper-ations of the CCC. Transfer paymentsfell $3*/2 billion; large payments toIsraelthe full amount earmarkedfor that country in the appropriationfor fiscal year 1984had boostedtransfers to foreigners in the fourthquarter. A $3 billion increase ingrants-in-aid to State and local gov-ernments was largely in public assist-ance, highway grants, and communitydevelopment grants. Net interest paidcontinued to increase, largely reflect-ing higher interest rates on Gover-ment securities. The large increases

in subsidies less the current surplusof Government enterprises in the lasttwo quarters were more than account-ed for by subsidies paid to farmers,primarily under the PIK program.(The PIK subsidy payments offset thereduction of CCC inventories due toPIK, so these transactions have noeffect on total Federal expenditures.)These changes sum to an increase of$13 billion in total expenditures,about the same amount as in the pastseveral quarters.

Among receipts, an increase of $7V2billion in personal tax and nontaxpayments was largely due to growthin the tax base. A $16V2 billion in-crease in employer and employee con-tributions for social insurance result-ed from legislated changes in socialsecurity coverage, taxable wage base,and tax rate. Estimates of corporateprofits, and thus of corporate profitstax accruals, are not yet available.Because business production contin-ued to expand in the first quarter, itis likely that profits and profits taxaccruals also increased. Thesechanges indicate a substantial in-crease in total receipts in the firstquarterperhaps twice as large asthe $12V2 billion increase in thefourth.

An increase of this size in receiptswould exceed the $13 billion, increasein expenditures, so the deficit on aNIPA basis would decline from the$190 billion registered in the fourthquarter.



Personal Income

Personal income increased $891/2billion in the first quarter, following a$73 Va billion increase in the fourth(table 7). These large increases reflect-ed a number of specific developments,particularly in farm proprietors'income and in transfer payments, aswell as the continued expansion ineconomic activity.

Wage and salary disbursementswere up $39 billion in the first quar-ter, about as much as in the past sev-eral quarters. Wages and salaries inmanufacturing recorded another sub-stantial increase, primarily due to in-creases on both employment andhourly earnings. The increase wasconcentrated in durables and was par-ticularly large in motor vehicles andequipment. Wages and salaries inother commodity-producing industriesand in services increased at about thesame pace as in the past several quar-ters. The pattern of increases in thedistributive industries in the pastthree quarters largely reflected theimpact of a 3-week strike in Augustby telephone workers. In the firstquarter, a 3J/2-percent pay rise forFederal civilian and military employ-ees boosted government wages andsalaries by $3 billion.

Proprietors' income contributed sig-nificantly to the large increases inpersonal income in both the fourthand first quarters. The ballooning offarm income in these quarters was at-tributable to the step-up in crop pro-duction and to large subsidy pay-ments under the PIK and other pro-grams. Payments under PIK amount-ed to $11 billion in the fourth quarterand $23 V2 billion in the first. Thesepayments probably peaked early inthe quarter and then tapered off. Thepickup in nonfarm income in the firstquarter was in retail trade and inconstruction.

Personal interest income registeredanother substantial increase in thefirst quarter. The increases in thepast three quarters were due to in-creased holdings of personal financialassets and to slowly rising interestrates (chart 3).

The increase in transfer paymentsslowed somewhat in the first quarter.

Table 7.Personal Income and Its Disposition[Billions of dollars; based on seasonally adjusted annual rates]

Wage and salary disbursementsManufacturing . . . . . . . . .Other commodity-producingDistributive . . . . . .ServicesGovernment 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 payments . .Other .

Equals* Disposable personal incomeLess' Personal outlays

Equals* Personal saving1

Addenda: Special factors in personal income Cost-of-living increases in Federal transfer paymentsSocial security base, rate, and coverage changes (in personal contributions for social

insurance) . . . . . . .Subsidies to farmers . . . .Telephone strike . . . . .

Change from preceding quarter1983

II

37.712.01.67.9

10.95.46.6

-1.27.8-.1

6.87.0

2.1

55.910.824

13.345.175.330.2

1.0

1.2

III

33.611.83.84.69.14.2

-.5-5.5

5.012.8

-2.87.01.9

48.2-12.5-25.4

12.8

60.736.4

24.3

.4

-.2

-3.3

IV

35.49.82.4

10.49.43.3

12.79.53.2

11.1

5.510.62.0

73.411.2

-1.012.2

62.152.49.7

0

10.13.3

1984:1

38.913.83.36.18.67.1

29.522.37.2

14.7

3.29.36.2

89.410.0

-1.611.679.451.727.8

6.3

3.912.1

Reflecting improvements in labormarket conditions, unemployment in-surance benefits continued to decline,and at a more rapid rate than theyhad in the fourth quarter. In the firstquarter, a social security cost-of-livingincrease that had been postponed 6months from July 1, together withother cost-of-living increases, boostedsocial security and associated benefitsby $6V2 billion. This boost was nearlyoffset by a swing, from a $3 billion in-crease to a $3 billion decline, in retro-active payments to social security re-cipients.

Personal contributions for social in-surance, which are subtracted in de-riving the personal income total, wereaffected in the first quarter by severallegislated changes in social security.As a result, increases in these contri-butions were stepped up $4 billionto $6 billionin the first quarter. Anincrease in the maximum social secu-rity taxable wage base from $35/700to $37,800 accounted for $1 billion ofthe step-up. (The social security taxrate for employees was not changed

from 6.70 percent.) A rate increase forself-employed persons from 9.35 per-cent to 11.30 percent, together withfinal payments for 1983, accounted foranother $1V2 billion of the step-up. Arate increase for supplementary medi-cal insurance and an extension ofsocial security coverage accounted formuch of the remainder.

Personal tax and nontax paymentsincreased $10 billion in the first quar-ter, following an $11 billion increasein the fourth. With the exception ofthe third quarter, when a sizable re-duction in withheld income taxes oc-curred, personal taxes have increasedsteadily due to the continued growthin the taxable wage base.

Disposable personal income regis-tered an even stronger increase thanin the preceding two quarters. Thestrength again carried through to realincome, as the increase in PCE pricesremained moderate. Real disposablepersonal income jumped 10 percent inthe first quarter, following increasesof Gl/2 percent in the third quarterand 8 percent in the fourth.


8 SURVEY OF CURRENT BUSINESS April 1984CHART 4

Unemployment Rate1

1974 1975 1976 1977 1978 1979 1980 1981 198219731. Civilian.NOTE.Business cycle peaks (P), and troughs (T), are turning points in economic activity, as designated by the National Bureau of Economic Research, Inc. Shaded areas represent recessions.Data: BLS.


1983 1984

The increase in disposable personalincome exceeded the increase in per-sonal outlays by a wider margin thanin the fourth quarter. Thus, personalsaving was up by a larger amountthan in the fourth quarter. Three con-secutive quarters of increase in per-sonal saving have raised the personalsaving rate to 6.1 percent from a lowof 4.0 percent in the second quarter of1983.

Employment andUnemployment

The employment picture continuedto brighten in the first quarter. Civil-ian employment, as measured by thehousehold survey, increased 1.2 mil--lion to 103.7 million. The civilianlabor force turned up after a fourth-quarter decline. The increase in em-ployment exceeded that in the laborforce, and unemployment declined 0.6million to 8.9 million. The unemploy-ment rate declined 0.6 percentagepoint to 7.9 percent (chart 4).

The unemployment rates for adultmen and women converged in thefirst quarter after eight quarters ofhigher rates for men. Presumably, therate for men will drop below that forwomen if the recovery in employmentcontinues. Typically, the unemploy-ment rate for men has been lowerthan that for women.

Total nonfarm payroll employment,as measured by the establishmentsurvey, increased 0.9 million to 92.3million in the first quarterthe firsttime that the payroll measure of em-ployment exceeded its prerecessionpeak in the third quarter of 1981. Em-ployment increased 3.5 million fromthe fourth quarter of 1982 to the firstquarter of 1984 (table 8). The increasewas buoyed by manufacturing, con-struction, retail trade, services, and fi-nance, insurance, and real estate.

In manufacturing, the 1.2 millionincrease in employment since thefourth quarter of 1982 represents a

Table 8.Employment by Industry[Thousands]

Total nonfarm

Private nonfarm

MiningConstructionManufacturing

DurablesNondurables

Transportation andpublic utilities

Retail tradeWholesale tradeFinance, insurance,

and real estateServices

GovernmentFederalState and local

1981:111

91,440

75,492

1,1934 162

20,29812 1968,102

5,184152625,376

5,31718700

15,9482,771

13,177

Change:

1981:111-1982:IV

-2,644

-2,466

-126327

-2,0401 589-451

-164169

-162

41482

-178-26

-152

1982:IV-1984:1

3,460

3,470

-15359

1,219945274

44456146

2051054

101626

Source: Bureau of Labor Statistics.

recovery of more than one-half of therecession's decline. Within manufac-turing, five of twenty industries morethan recouped recession losses in em-ployment. Four were durables indus-tries: lumber and wood products, fur-niture and fixtures, electric and elec-tronic equipment, and transportationequipment. The first two relate tohousing, and the second two relate tohigh-technology equipment and tomotor vehiclesthree areas of recentstrong economic growth. The nondur-ables industry that more than re-couped losses was rubber and miscel-laneous plastics products, which istied, in part, to motor vehicles.

In construction and retail trade, theincreases in employment since thefourth quarter of 1982 more thanoffset recessionary declines; construc-tion increased by slightly more thanthe amount lost, and retail trade in-creased by over two-and-a-half timesthe amount lost. Employment in theservices industry and the finance, in-surance, and real estate industry in-creased both during the recessionand, even more strongly, thereafter.

Mining was the only private indus-try in which employment continuedto declinealbeit slightlysince therecession. Employment also continuedto decline in the government sector; asmall decline in State and local gov-ernment employment more thanoffset an increase in Federal Govern-ment employment.



Corporate Profits in 1983Profits from current production

profits with inventory valuation andcapital consumption adjustmentsin-creased 40 percent in 1983, to $229billion. The increase reflected recov-ery from recession; profits had de-clined 14 percent in 1982. Domesticprofits of nonfinancial corporationsincreased about 40 percent, to $178billion, following a 17-percent decline;those of financial corporations in-creased about 50 percent, to $30 bil-lion, following a slight increase. Prof-its from the rest of the world declinedslightly to $21 billion, following amoderate decline.

Nearly one-half of the increase forthe year appeared in the capital con-sumption adjustment (CCAdj), as theeffects of the Accelerated Cost Recov-ery System of the Economic RecoveryTax Act of 1981 (ERTA) became morepronounced. For investment in newcapital, ERTA permitted the accelera-tion of depreciation, which is deduct-ed from revenues in deriving profits.Depreciation charges as reported fortax purposes now exceed capital con-sumption as defined in the NIPA's(economic depreciation). Thus, theCCAdj, which converts depreciationfor tax purposes to economic deprecia-tion, became positive in 1983 (chart 5).

The inventory valuation adjustment(IVA), which is the difference betweenacquisition and replacement cost ofgoods removed from inventory, re-mained negative in 1983. Because thepositive CCAdj was larger than theIVA in absolute value, the sum of thetwo adjustments lifted profits fromcurrent production above profitsbefore tax (book profits).

Profits by industry.Profits withIVA but without CCAdj is the publi-cation form for profits by industry inthe current year because the CCAdj isnot estimated by industry. This prof-its measure increased $32x/2 billion, or20 percent, to $198 billion, followingan 18-percent decline. Manufacturers'profits contributed 40 percent of theincrease, largely because primarymetals manufacturers cut their lossesand motor vehicles manufacturers in-creased their profits. Financial insti-tutions' profits contributed another 30percent of the increase, largely be-

CHART 5

Composition of Domestic Corporate ProfitsFrom Current Production

Billion $250

225-

175-

-251

1982 1983U.S. Department of Commerce, Bureau of Economic Analysis

cause profits of savings and loan asso-ciations and of mutual savings banksimproved.

Nondurables manufacturers in-creased their profits $3 billion, or 6percent. The increase was held downby declines in two large industries:food and petroleum manufacturers.Most others increased sharply.

Durables manufacturers doubledtheir depressed 1982 profits. Profits ofprimary metals manufacturers weredown slightly after huge losses in1982, reflecting some improvement inconstant-dollar sales. Profits of motorvehicles manufacturers soared, asconstant-dollar sales increased nearlyone-third. Profits of fabricated metalsmanufacturers and of "other" dura-bles manufacturers also increased. Insharp contrast, nonelectric and elec-tric machinery manufacturers both

registered profit declines, which oc-curred despite increases in constant-dollar sales.

Financial profits increased substan-tially. Savings and loan associationsand mutual savings banks accountedfor most of the improvement. As in1982, when their losses diminishedthroughout the year, these institu-tions benefited from falling interestrates. Profits of Federal Reservebanks held approximately even.

In 1983, trade profits increased $7billion; both wholesale and retail prof-its were up substantially. Among re-tailers, general merchandise profitswere up the most; food profits heldeven; and auto dealers turned lossesinto profits as sales rose. Utility prof-its increased, in part the result of un-usually hot weather in the third quar-ter and unusually cold weather in the


10 SURVEY OF CURRENT BUSINESS April 1984fourth. Transportation profits in-creased, primarily because airlinescut losses substantially.

In sharp contrast to the large in-crease in domestic profits, those fromthe rest of the world declined slightly,from $22 to $21V2 billion, following a$2 billion decline. The decline in 1983reflected more rapid economic expan-sion in the United States thanabroad, particularly in Europe.

Disposition of profits.Book profitsincreased 19 percent, to $207 billion,following a 23-percent decline. Theeffect of accelerated depreciationunder ERTA limited the increase inbook profits, compared with levelsthey would have registered under pre-

Table 9.Effects of the Economic Recovery Tax Act (ERTA) of 1981 and the Tax Equity andFiscal Responsibility Act (TEFRA) of 1982 on Corporate Profits Taxes

[Billions of dollars: quarters are seasonally adjusted at annual rates]

Cor rate rofits tax liabilitFederal tax liability

Effect of ERTAEffect of TEFRA

Effect of ERTAEffect of TEFRA

I QO-I

5 55 2

-5.2

33

1 Q89

9 2

8 6-10.7

216g

1 QftQ

11 511 0

-21.3103

5g3

I

7 67 1

-8.514

55

19II

9 28 6

-io!i1 5

gg

82III

9 993

-11.320

5g

IV

10 19 4

-12.935

77

I

7 4

6 8-15.7

896g2

19II

9 59 0

-18.999

5g3

83III

13 913 4

-24.1107

5g3

IV

153148

-26.5117

5g3

vious legislation. The limited increasein book profits, in turn, limited theincrease in tax liability (table 9). TheTax Equity and Fiscal ResponsibilityAct of 1982 partially offset ERTA.

The limited increase in tax liabilityand the economic recovery producedan increase in undistributed profits of23 percent. Dividends increased only 7percent.



National Income and Product Accounts Tables

11

New estimates in this issue: First quarter 1984, preliminary; and fourth quarter and annual 1983, revisions for corporate profits and relateditems.

The abbreviations used in the tables are: CCAdj Capital consumption adjustmentIVA Inventory valuation adjustmentNIPA's National income and product accountsP Preliminaryr Revised

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 1977-79 and corrections for earlier years are in the July 1982 SURVEY; estimates for 1980-82and corrections for earlier years are in the July 1983 SURVEY. Summary NIPA Series, 1950-82, are in the October 1983 SURVEY. These publica-tions are available from the Superintendent of Documents and 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

1982

3,073.0

1,991.9

244.5761.0986.4

414.5

439.1348.3141.9206.4

90.886.01.53.2

-24.5-23.1-1.4

17.4

347.6330.2

649.2

258.7179.479.3

390.5

1983

3,310.5

2,158.0

279.4804.1

1,074.5

471.9

478.4348.4131.1217.2130.0124.9

1.53.664

-2.83 7

90

335.4344.4

689.5

274.8200.3

74.5414.7

Seasonally adjusted at annual rates1982

IV

3,109.6

2,046.9

252.1773.0

1,021.8

377.4

433.8337.0138.6198.496.891.22.33.3

564-53.7

27

5.6

321.6316.1

679.7

279.2190.888.5

400.5

1983

I

3,171.5

2,073.0

258.5777.1

1,037.4

404.1

443.5332.1132.9199.3111.3106.7

1.33.4-

39 4-39.0

4

17.0

326.9309.9

677.4

273.5194.479.1

404.0

II

3,272.0

2,147.0

277.7799.6

1,069.7

450.1

464.6336.3127.4208.8128.4123.3

1.53.5

-14.5-10.3

4 2

8.5

327.1335.6

683.4

273.7199.474.3

409.7

III

3,362.2

2,181.1

282.8814.8

1,083.5

501.1

492.5351.0130.9220.2141.5136.3

1.63.68.5

18.49 9

183

341.1359.4

698.3

278.1201.276.9

420.2

IV

3,436.2

2,230.9

298.6825.0

1,107.3

532.5

512.8374.0133.3240.7138.8133.5

1.63.7

19.619.7

1

261

346.5372.6

699.0

274.1206.3

67.8424.9

1984

I"

3,541.2

2,280.5

310.3844.4

1,125.8

595.3

533.1384.2140.3243.9148.9143.7

1.43.8

62.241.121.1

-45.2

357.7402.9

710.6

275.0216.258.8

435.6

Billions of 1972 dollars

1982

1,485.4

970.2

139.8364.2466.2

194.5

203.9166.153.4

112.737.835.2

.61.99 4

-8.63

28.9

147.3118.4

291.8

116.678.837.8

175.2

1983

1,535.3

1,011.4

156.3376.1479.0

219.0

221.1168.449.7

118.852.750.0

.62.121-.21 9

11.8

138.7126.9

293.1

117.884.333.6

175.3


IV

1,480.7

979.6

143.2366.0470.4

178.4

201.1160.552.2

108.340.637.8

.91.9

227-21.1

1 6

23.0

136.5113.5

299.7

124.481.443.0

175.2

1983

I

1,490.1

986.7

145.8368.9472.0

190.0

205.4159.9

50.3109.645.543.0

.52.0

154-15.1

3

20.5

137.3116.8

292.9

118.482.735.7

174.5

II

1,525.1

1,010.6

156.5374.7479.4

210.0

215.6163.048.3

114.752.650.0

.62.1

-5.4-3.3-2.1

12.3

136.2123.9

292.1

117.684.233.4

174.5

III

1,553.4

1,016.0

157.9378.1480.1

230.7

227.0170.149.6

120.556.854.1

.62.13.88.8

-5.0

11.4

140.7129.2

295.2

118.984.234.7

176.3

IV

1,572.5

1,032.2

165.2382.5484.4

245.2

236.5180.750.4

130.355.853.1

.62.18.78.8

1

2.8

140.6137.8

292.3

116.485.830.5

175.9

1984

I"

1,604.3

1,046.8

171.9388.0486.9

272.2

245.7185.953.4

132.559.757.0

.62.2

26.618.08.6

65

143.9150.4

291.7

114.487.826.5

177.3

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

Gross national product

Final salesChange in business inventories

Goods

Final sales

Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal sales

Services .Structures

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

Billions of dollars

1982

3,073.0

3,097.5-24.5

1,208.9

1,305.424 5

500.8516.3155

780.1789.1-9.1

1,511.1281.0

3,055.63,080.1

1983

3,310.5

3,316.9-6.4

1,366.5

1,373.064

548.7552.6-3.9817.8820.3-2.5

1,635.6308.4

3,319.53,325.9


rv

3,109.6

3,165.9564

1,264.8

1,321.256 4

474.0519.0

-45.0790.8802.2

-11.4

1,560.5284.3

3,104.03,160.4

1983

I

3,171.5

3,210.9-39.4

1,292.2

1,331.639 4

482.7520.9

-38.2809.5810.6-1.2

1,588.4290.9

3,154.63,193.9

II

3,272.0

3,286.6-14.5

1,346.8

1,361.3-14.5

536.8545.7-8.9810.0815.7

57

1,623.4301.9

3,280.53,295.0

III

3,362.2

3,353.78.5

1,388.9

1,380.48.5

568.9555.913.1

820.0824.5

45

1,651.0322.3

3,380.53,371.9

IV

3,436.2

3,416.619.6

1,438.1

1,418.519.6

606.4588.118.3

831.8830.4

1.4

1,679.6318.5

3,462.33,442.7

1984

I"

3,541.2

3,479.062.2

1,492.3

1,430.262.2

607.4591.3

16.0885.0838.9

46.1

1,711.3337.5

3,586.43,524.2


1982

1,485.4

1,494.8-9.4

661.6

671.09 4

269.6276.1-6.5392.0394.9-2.9

712.2111.6

1,456.51,465.9

1983

1,535.3

1,537.421

688.6

690.72 1

291.4292.7

13397.3398.0-.8

724.5122.2

1,523.51,525.6


rv

1,480.7

1,503.4-22.7

652.1

674.8227

256.4275.3

-18.9395.6399.4-3.8

715.0113.6

1,457.71,480.4

1983

I

1,490.1

1,505.5-15.4

656.9

672.3154

261.3277.0

-15.7395.6395.2

.3

717.8115.4

1,469.61,485.0

II

1,525.1

1,530.5-5.4

681.8

687.2-5.4

287.4291.1-3.7394.5396.1-1.7

723.0120.3

1,512.81,518.3

III

1,553.4

1,549.73.8

699.0

695.33.8

299.9294.1

5.8399.2401.2

20

727.0127.3

1,542.01,538.2

IV

1,572.5

1,563.78.7

716.8

708.08.7

316.9308.4

8.5399.9399.6

.3

730.0125.7

1,569.71,561.0

1984

l

1,604.3

1,577.726.6

738.0

711.526.6

318.6311.6

7.0419.4399.9

19.6

733.0133.2

1,610.81,584.2

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


12 SURVEY OF CURRENT BUSINESS April 1984Table 1.5-1.6.Gross National Product by Sector in Current and Constant Dollars

Gross national productGross domestic product

BusinessNonfarm

Nonfarm less housingHousing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local.

Rest of the worldAddendum:

Gross domestic business product less housing

Billions of dollars

1982

3,073.03,025.72,594.62,520.02,252.6

267.474.1

.5107.0

7.699.4

324.1101.1223.047.3

2,318.4

1983

3,310.53,264.82,803.32,734.72,441.9

292.870.8

-2.3114.9

8.2106.7346.6106.1240.545.7

Seasonally adjusted at annual rates1982IV

3,109.63,063.52,619.12,539.12,261.0

278.175.84.2

110.87.8

102.9333.7104.2229.546.0

1983I

3,171.53,127.22,675.52,601.82,317.9

284.074.9

-1.2112.2

8.0104.2339.5105.6233.844.3

II

3,272.03,227.92,769.82,700.52,411.0

289.672.7

-3.5114.1

8.1106.0344.1106.0238.144.1

m

3,362.23,314.12,849.82,779.02,483.3

295.768.32.5

115.68.2

107.4348.8106.2242.648.1

IV

3,436.23,389.92,918.32,857.52,555.4

302.167.4

-6.8117.8

8.4109.4353.9106.6247.246.3

1984IP

3,541.23,494.83,013.92,941.82,633.7

308.178.8-6.7118.4

8.5109.8362.5110.2252.346.3


1982

1,485.41,462.31,259.61,220.41,078.3

142.139.0

.246.73.3

43.4156.150.5

105.623.1

1 1162

1983

1,535.31,514.01,310.41,274.71,127.0

147.736.8

-1.147.53.5

44.0156.150.8

105.221.3


1,480.71,458.61,255.91,213.21,068.9

144.340.62.0

46.93.3

43.5155.850.7

105.122.1

1983I

1,490.11,469.21,266.11,227.51,081.9

145.639.2-.647.13.4

43.7155.950.8

105.121.0

n

1,525.11,504.41,301.21,265.11,118.2

146.937.7

-1.647.33.4

43.9156.050.8

105.120.7

m

1,553.41,531.11,327.51,290.91,142.6

148.335.51.1

47.63.5

44.1156.050.8

105.222.3

IV

1,572.51,551.21,346.91,315.21,165.4

149.834.9

-3.248.03.5

44.4156.350.8

105.421.3

1984I"

1,604.31,583.31,378.91,345.11,193.7

151.436.9

-3.148.03.6

44.4156.350.9

105.521.0

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

Gross national productLess:

Capital consumption al-lowances with CCAdj...

Capital consumption al-lowances

Less- CCAdjEquals: 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

1982

3,073.0

359.2312.6

-46.6

2,713.8

258.314.1

.5

9.52,450.4

164.8261.1253.0

0

260.4366.266.414.1

2,578.6

1983

3,310.5

377.3367.8-9.5

2,933.2

285.915.5

-2.3

16.12,650.2

229.1247.5272.3-.4

388.1366.370.515.5

2,742.1


3,109.6

368.3329.5

-38.8

2,741.3

264.814.74.2

16.62,474.0

161.9254.7255.4

0

384.3363.167.914.7

2,632.0

1983

I

3,171.5

370.8341.829.1

2,800.7

270.615.0

-1.2

12.32,528.5

181.8248.3265.4

0

383.6357.268.815.0

2,657.7

n

3,272.0

373.3359.0

-14.3

2,898.7

285.815.3

-3.5

11.82,612.8

218.2243.8270.1-1.3

390.0357.169.315.3

2,713.6

m

3,362.2

381.7

378.5-3.2

2,980.5

291.115.72.5

15.82,686.9

248.4246.1274.4-.4

386.8369.970.915.7

2,761.9

IV

3,436.2

383.2

391.88.6

3,053.0

296.016.1

-6.7

24.62,772.4

268.2251.9279.2

0

392.0381.172.916.1

2,835.2

1984IP

3,541.2

388.3402.013.7

3,152.9

300.416.6

33.9

262.6296.6

0

394.8395.875.116.6

2,924.6

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 enterprises

Statistical discrepancy....qua s. aiona income

1,485.4162.5

1,322.9

147.3.2

1 1754

1,535.3169.1

1,366.2

153.8-1.1

1 213 4

1,480.7165.5

1,315.2

146.92.0

1 1662

1,490.1166.3

1,323.9

150.3-.6

1 1742

1,525.1167.8

1,357.3

152.8-1.6

1 206.1

1,553.4170.7

1,382.7

154.41.1

1,227.1

1,572.5171.6

1,400.9

157.7-3.2

1,246.3

1,604.3173.7

1,430.6*

160.5

National incomeCompensation of employ-

eesWages and salaries

Government and gov-ernment enterprises ....

OtherSupplements to wages

and salariesEmployer contribu-

tions for social in-surance

Other labor incomeProprietors' income with

IVA and CCAdjFarm

Proprietors' incomewith IVA

CCAdjNonfarm

Proprietors' incomeIVACCAdj

Rental income of personswith CCAdj

Rental income of per-sons

CCAdjCorporate profits with IVA

and CCAdjCorporate profits with

IVAProfits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interest

Addenda:Corporate profits after

tax with IVA andCCAdj

DividendsUndistributed profits

with IVA and CCAdj

Billions of dollars

1982

2,450.4

1,865.71,568.1

306.01,262.1

297.6

140.9156.6

109.021.529.9

-8.487.484.2-.63.9

49.986.3

-36.5

164.8165.9174.259.2

115.168.746.4

-8.4-1.1

261.1

105.668.737.0

1983

2,650.2

1,990.21,664.1

325.71,338.4

326.1

152.7173.4

128.520.929.3

-8.4107.697.3-.811.1

54.893.2385

229.1198.3207.576.9

130.673.357.3

-9.230.8

247.5

152.273.378.9


2,474.0

1,889.01,586.0

314.51,271.5

302.9

142.5160.4

116.226.034.6

-8.690.286.0-.84.9

52.387.4352

161.9157.2167.554.0

113.570.443.11034.7

254.7

107.970.4

37.5

1983I

2,528.5

1,923.71,610.6

319.21,291.5

313.1

148.8164.3

120.622.2

30.6-8.498.491.0

27.6

54.191.6375

181.8168.0169.761.5

108.271.436.71 7

13.9248.3

120.371.4

48.9

II

2,612.8

1,968.71,647.1

323.31,323.8

321.6

151.5170.1

127.221.029.4

-8.4106.296.8

-1.110.5

54.892.2

-37.4

218.2192.7203.376.0

127.272.055.2

-10.625.6

243.8

142.272.070.1

III

2,686.9

2,011.81,681.5

328.41,353.1

330.3

153.9176.4

126.715.523.9

-8.4111.2100.6

1 512.2

53.994.0

-40.0

248.4210.8229.184.9

144.173.770.4

-18.337.6

246.1

163.473.789.7

IV

2,772.4

2,056.61,717.3

332.11,385.2

339.4

156.7182.7

139.425.033.2

-8.3114.5100.9-.614.1

56.295.1

-38.8

268.2222.0228.285.3

142.975.967.0

-6.346.2

251.9

182.975.9

107.0

1984IP

2,113.01,756.2

339.21,416.9

356.8

167.9189.0

169.047.355.5

-8.2121.7106.8g15.7

57.096.5

-39.5

78.3

-10.050.3

262.0

78.3


April 1984 SURVEY OF CURRENT BUSINESS 13Table 1.13.Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business in

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-

ployees .Wages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdjProfits before tax



IVACCAdj

Net interestGross domestic

product of finan-cial corporatebusiness

Gross domesticproduct of nonfi-nancial corpo-rate business


Billions of dollars

1982

1,897.1222.0

1,675.1

187.61,487.51,282.21,065.8

216.4143.0152.4

59.293.254.438.884

-1.162.3

120.4

1,776.7210.0

1983

2,064.5231.6

1,832.9

206.91,626.01,363.51,126.3

237.1

207.7186.176.9

109.261.847.492

30.854.8

142.8

1,921.7218.2


1,903.2227.7

1,675.4

191.41,484.01,289.21,070.3

218.9137.8143.4

54.089.456.732.61034.7

57.1

128.2

1,775.0215.1

1983I

1,954.2228.3

1,725.9

195.61,530.31,313.61,086.9

226.7161.6149.5

61.588.060.627.41 7

13.955.1

136.5

1,817.6215.3

II

2,036.5229.8

1,806.7

207.31,599.41,347.61,114.1

233.5197.7182.876.0

106.762.943.910625.654.0

144.1

1,892.4216.7

HI

2,102.5233.1

1,869.4

211.01,658.41,379.11,138.5

240.5225.0205.7

84.9120.7

62.358.418337.654.3

144.7

1,957.8219.6

IV

2,164.7235.2

1,929.5

213.71,715.81,413.51,165.7

247.9246.5206.5

85.3121.261.359.9

-6.346.255.8

145.7

2,019.0221.3

1984I"

238.0

215.3

1,455.01,193.2

261.9

65.4

-10.050.357.9

223.6



Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdjProfits before tax



profitsIVA ...?_'"::::::::::CCAdj

Net interest

Gross domestic prod-uct of nonfmancialcorporate business...




Domestic income

Billions of dollars

1982

1,566.8

179.01,387.81,198.6

997.3201.3124.0131.541.290.357.233.1

-8.4.8

65.2

1983

1,703.5

197.21,506.31,269.11,048.9

220.1177.8154.6

56.298.464.533.9

-9.232.459.4


1,559.8

182.41,377.41,201.2

998.2203.0114.3117.933.684.459.225.1

-10.36.7

61.9

1983I

1,602.3

186.41,415.91,222.41,012.0

210.4133.9119.741.877.963.314.5

-1.715.959.7

II

1,675.7

197.61,478.11,253.91,037.2

216.7165.7149.0

55.094.065.628.4

-10.627.358.6

III

1,738.2

201.11,537.11,283.71,060.4

223.3194.5173.8

63.9109.865.144.8

-18.339.058.9

IV

1,797.7

203.71,594.11,316.41,086.2

230.2217.2

176.964.2

111.764.047.7

-6.347.660.5

1984I"

205.1

1,355.21,111.9

243.3

68.0

-10.051.862.8


857.7

96.8760.9

94.2666.6

895.2

100.4794.8

98.7696.1

846.4

98.2748.2

93.9654.3

856.0

98.9757.2

96.4660.8

885.8

99.8786.0

97.5688.4

909.4

101.1808.3

99.1709.2

929.7

101.9827.8

101.7726.1

103.1

103.9

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

Auto output

Final sales :. do....

Durablfe goods doNondurable goods do....

Service-producing do....Transportation and public utilities do....Wholesale trade do....Retail trade doFinance, insurance, and real estate do....Services do....

5,4401,126

52642983493698601120536185

42,9404,1944,268

13,5593,994

16,926

34.8

42.636.7

38.9

2.339.32.2

38.037.240.038.639.239.739.340.539.838.538.42.5

39.437.837.534.741.837.140.943.939.635.639.038.429.936.232.6

165.82135.17

2.547.46

38.2610.3310.5423.5110.0732.4530.65

104.491.0

132.2100.087.384.890.9

111.8102.3108.9103.2116.9122.1

5,4501,123

49641989492705588118562180

43,4724,0594,209

13,7114,063

17,430

35.0

42.537.1

40.1

3.040.73.0

40.039.441.440.540.640.540.542.140.439.139.43.0

39.537.440.436.242.637.641.643.941.236.839.038.629.836.232.7

'167.76'136.82

2.26'7.62

'38.79'10.08'10.50'23.68'10.2833.6130.95

105.792.3

114.4102.289.486.593.6

113.199.0

107.9104.1118.8126.2

5,3541,115

52622970486694587121529178

42,9014,0874,166

13,6034,003

17,042

34.234.541.335.4

38.839.22.4

39.72.3

39.537.940.539.139.639.439.541.239.737.738.52.6

39.034.139.035.241.437.141.044.439.734.938.638.229.336.132.5

'163.63'132.64

'2.207.19

'37.179.93

10.2723.0110.1032.7630.79

102.287.2

111.694.784.180.489.6

110.598.6

105.5100.8116.4122.5

5,3621,114

52627965486694585122538179

43,0084,0864,156

13,6204,012

17,134

34.734.841.836.4

39.639.52.6

39.92.5

39.538.340.639.439.739.739.841.740.039.039.02.7

39.236.339.635.642.137.441.244.940.636.038.838.429.736.032.7

'164.53'133.72

'2.207.09

'37.5710.0310.3323.3910.0933.0230.81

103.187.8

110.794.385.481.691.0

111.699.1

106.1103.0116.4123.9

5,4001,126

51631972488699587122546178

43,1344,1064,165

13,5894,037

17,237

34.734.941.636.7

39.840.12.9

40.52.8

40.039.341.039.940.540.240.442.340.539.039.53.0

39.637.340.636.242.437.741.543.541.137.038.838.529.636.132.7

'166.19'134.79

'2.187.26

'38.1210.0910.3623.3410.18

'32.2531.41

104.089.6

109.596.387.483.792.8

111.999.6

106.6102.4117.8124.7

5,4161,126

51634976491701585120554178

43,2794,1114,182

13,6154,049

17,322

34.935.142.237.4

39.940.02.7

40.42.6

39.839.241.240.340.440.040.341.640.438.839.42.9

39.437.440.436.142.737.441.643.641.136.838.938.629.936.332.9

'167.04'136.05

'2.217.47

'38.38'10.1110.4423.6310.2933.5230.99

105.090.5

110.399.687.884.392.9

113.099.9

107.3103.7119.1126.1

5,4461,136

50643980491705586119558178

43,5224,1104,203

13,7074,065

17,437

35.235.142.537.9

40.340.12.9

40.62.8

40.039.641.640.340.540.440.541.940.138.939.63.0

39.838.540.736.142.837.641.943.841.336.838.938.729.936.132.7

'167.49'136.86

2.227.63

'38.7510.1410.5023.7610.2833.6030.63

105.791.8

112.5102.088.885.493.9

113.399.9

108.1104.4118.9126.1

5,4781,133

50643999494705589119568178

43,6444,1034,207

13,7514,071

17,512

35.435.042.138.2

40.040.23.0

40.83.0

39.939.741.740.840.740.740.842.040.738.839.53.0

39.436.840.735.842.937.741.843.740.937.438.938.629.836.332.6

'168.21'137.58

2.237.72

'39.13'10.1810.5223.8310.3133.6530.64

106.193.0

114.0103.590.087.294.2

113.499.7

107.9104.3119.1126.3

5,4741,120

47650994492708588118575182

43,1253,4614,225

13,7754,090

17,574

35.435.042.738.0

40.240.33.1

40.83.1

40.239.741.740.940.940.740.741.840.439.139.53.1

39.637.740.936.242.937.541.643.541.237.239.338.529.736.132.7

'167.89'137.02

2.267.81

'39.25'9.3410.5523.7610.3033.7530.88

105.393.5

115.0104.590.487.894.2

111.885.0

108.1104.2119.0127.1

5,4811,120

48650995495708589117576183

43,9024,1434,250

13,7684,095

17,646

35.335.243.137.9

40.840.83.3

41.53.4

40.540.042.141.241.641.241.143.541.039.539.93.1

39.938.441.336.843.337.841.743.241.937.739.438.729.736.032.8

'170.39'139.02

2.307.84

'39.72'10.3310.6323.7810.38

'34.0531.38

107.595.1

117.0106.092.089.895.3

114.4102.0109.3104.1119.5128.0

5,5211,120

49655

1,009498714591116586183

43,9604,1354,256

13,7964,099

17,674

35.335.343.237.3

40.740.63.3

41.23.4

40.339.841.741.741.241.341.142.540.739.839.73.1

39.738.340.736.543.238.041.743.541.937.539.438.730.036.332.9

'170.53'139.48

2.337.73

'39.8610.3310.63

'24.0310.4134.1831.05

108.195.6

118.5103.992.991.195.6

115.1101.8109.5105.4120.2128.6

5,5461,127

46656

1,016499719592115593183

44,0584,1294,259

13,8374,108

17,725

35.135.242.936.3

40.840.63.3

41.23.5

39.739.741.741.641.441.341.142.540.639.939.73.1

39.540.240.736.443.037.941.843.642.037.239.238.730.036.132.7

'169.65'139.40

2.337.81

'39.9810.2410.64

'23.9610.3434.1130.25

108.396.3

118.1105.293.591.995.8

114.9101.1109.6105.7119.8128.2

5,5651,126

48658

1,022503719594114599182

44,1834,1304,274

13,8674,118

17,794

35.535.343.536.8

41.240.53.4

41.13.5

39.740.141.641.841.441.440.941.940.740.139.73.2

'39.437.840.736.543.037.641.9

'44.742.537.039.438.730.436.232.6

'171.38'140.08

2.347.76

'40.04'10.31'10.67'24.34'10.40'34.2131.30

108.996.8

118.9105.694.092.6'96.1115.6101.7109.9107.3120.5128.3

'5,597'1,138

'46664

1,027504

'723'595112605183

'44,294'4,162'4,302

'13,898'4,133

'17,799

35.035.5

'43.436.3

'40.641.03.5

'41.83.7

'40.8'40.2'42.3'41.941.8'41.8'41.4'43.4'41.4'38.940.03.2

39.6'38.1'41.137.343.2'37.942.2

'45.1'42.0'37.3'39.538.830.1'36.632.8

'173.38'141.87

'2.41'8.35

'40.82'10.34'10.78'24.22'10.55'34.38'31.50

110.1'99.5

'122.2'112.6

r95,9'94.7'97.6

'116.0'102.7iii.o'106.5'121.9129.1

'5,602'1,131

'46661

'1,030'506723

'596'113'613183

'44,475'4,163'4,311

'13,939'4,137

'17,925

35.135.4

J '43.2'37.0

40.741.03.6

41.73.7

'40.4'39.7'42.642.0'41.9'42.041.3

'43.2'41.2'39.6'40.0

3.3'39.8'36.2'40.937.1'43.337.9

'42.2'44.6'42.1'37.3'39.3'38.730.0'36.3'32.7

'173.76'142.12

'2.38'8.3840.97

'10.34'10.77'24.20'10.48'34.59'31.64

'110.4100.1

'121.5'114.1'96.4'95.6'97.7

'116.1'102.2'110.9'106.5'121.4'129.7

"5,621"1,135

"48"664

"1,030"507"726"595"115"621."180

"44,587"4,168"4,320

"13,939"4,142

"18,018

"35.0"35.2"42.7"36.6

"40.6"40.5"3.4

"41.1"3.6

"39.6"38.9"41.6"41.5"41.2"41.5"40.8"42.8"40.8"39.3"39.6"3.2

"39.7"37.4"40.3"36.6"42.7"37.7"41.9"45.0"41.7"36.6"39.2"38.5"29.9"36.2"32.7

"172.79"141.67

"2.36"7.92

"40.93"10.35"10.76"24.16"10.49"34.71"31.13

"109.8"98.4

"119.8"107.6"95.6"94.6"97.1

"116.1"102.1"110.6"106.1"120.8"130.3

See footnotes at end of tables.


S-12 SURVEY OF CURRENT BUSINESS April 1984

Unless otherwise stated in footnotes below, datathrough 1982 and methodological notes are asshown hi BUSINESS STATISTICS: 1982

1982 1983

Annual

1983

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1984

Jan. Feb. Mar.

LABOR FORCE, EMPLOYMENT, AND EARNINGSContinuedHOURLY AND WEEKLY EARNINGS

Average hourly earnings per worker: 0Not seasonally adjusted:

Private nonagric. payrolls dollars..Mining doConstruction . . do....Manufacturing do

Excluding overtime do....Durable goods do

Excluding overtime do....Lumber and wood products do....Furniture and fixtures do....Stone, 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....Excluding overtime do....

Food and kindred products do....Tobacco manufactures doTextile 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 trade ... do....Retail trade doFinance, insurance, and real estate do....Services do

Seasonally adjusted:Private nonagricultural payrolls dollars..

Mining doConstruction do....Manufacturing doTransportation and public utilities do....Wholesale trade * doRetail trade * do....Finance, insurance, and real estate do....Services do

Indexes of avg. hourly earnings, seas, adj.: 0Private nonfarm economy:

Current dollars 1977 1001977 dollars $ ... do

Mining doConstruction do....Manufacturing doTransportation and public utilities do....Wholesale trade * doRetail 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....

Railroad wages (average class I) doAvg. weekly earnings per worker,

private nonfarm: 0Current dollars seasonally adjusted1977 dollars, seasonally adjusted $Current dollars, not seasonally adjusted:

Private nonfarm, total dollars..Mining doConstruction doManufacturing do

Durable goods do....Nondurable goods do....

Transportation and public utilities do....Wholesale trade do....Retail trade doFinance, insurance, and real estate do....Services do

EMPLOYMENT COST INDEX @Civilian workers t 6/81 100..

Workers, by occupational groupWhite-collar workers doBlue-collar workers do....Service workers do

Workers, by industry divisionManufacturing doNonmanufacturing do

Services doPublic administration do

HELP-WANTED ADVERTISINGSeasonally adjusted index 1967=100..

767107811.628508259068817.466318.86

11.338.789.298.21

11.128.106.437.737.497.899785.835.209.328759.96

12467.655.32

10.308.025476.78690

7.67107811.62850

10.308025476.78690

1483933

1590141.11525148.61484143.2148.3147.6

14.2818.561151

26692167.87

266.92459.234264533065356.06296.83401.70307.9716355245.4422494

86

8.01113011.918848.539409.077.796.629.28

11.339.149.638.67

11.688.546.828.077.788.17

10326.185.379.939 12

10.5913.288.025.53

10.818.415737.30726

8.01113011.91884

10.818415.737.30726

1551947

1669145.0158 1156.91556149.8158.9155.4

28035171.15

280.35480.25441.8635448382.58317.96421.59324.6317075264.2623740

96

7.92112512.008758.509319.067.726.509.10

11.539.049.448.56

11.498.486.737.997.758.119966.105.339.658.99

10.4113.257.915.50

10.728.285697.227 19

7.91(!)12.00876

10.70

(*)714

153495 1

165 1145.61573155.2153 1147.2157.4152.4

14.9219.461279

27290169.29

270.86464.634248033950366.81305.22411.65313.81163.30260.6423296

83

79011 1911958748479299.027.686519.13

11.249.059.468.60

11.498.476.758.007.748.16

10436.115.339.67903

10.3913287.925.52

10.688.275687.197 17

7.91(l)12.00875

10.77

(')7 15

153494.9

1640145.5157 1155.91529147.8156.6152.6

14.9219.461248

27527170.34

274.13467.7443498346 10372.53311.20413.32316.74166.42258.8423374

113.2113.7112.31143

1125113511661162

83

794112811908778489319i027.746519.16

11.259.079.488.60

11.538.466.768.037.758.20

10616.145.359.72903

10.4313277.955.52

10.728.345697.23720

7.95C)12.02878

10.76

o7 19

1540947

1657145.91570155.91544148.4157.4154.0

14.9219.461267

27746170.64

275.52469.254367334905375 19313.97413.79319.4216729261.0023472

81

797112011808788499349047.786529.20

11.289.089.598.60

11.528.486.828.037.758.18

10746.145.339.81905

10.5013 177.975.51

10.748.365717.31723

7.97(!)11.86879

10.82

(!)7.24

1546947

1650144.51577156.61546149.4159.0154.9

14.9219.491268

27975171.42

278.15472.644413235032377.34315.58415.64321.86169.59265.3523642

87

797112511748818499379047.856609.28

11.239.119.638.63

11.638.486.818.047.758.17

10916.165.369.91906

10.5213 177.965.49

10.738.355717.26720

8.00(!)11.85882

10.83

(!)726

1548948

1664144.61578156.81545150.1158.2155.5

15.2419.851263

28080171.85

280.54478.134449535504382.30319.19419.54323.1517187262.0923688

114.51149113.6115 111351149117 11170

92

800112911788868549409087.826659.34

11.379.109.658.69

11.628.576.828.117.818.17

10846.175.35

10.069 10

10.5813208.065.52

10.868.425727.307 18

8.03(!)11.82885

10.88

C)726

155294.7

1676144.01582157.91556150.3159.1155.6

15.3520.051309

28105171.48

283.20475.31450.0035440379.76319.53425.71326.70175.-03264.9923766

100

794112811.848798469349.007.836.679.31

11.289.129.618.64

11.538.536.818.057.738.12

10246.195.35

10.029 14

10.6113:168.035.50

10.688.415717.257 18

7.98C)11.83884

10.64

(')7.26

155094.1

1673144.1158 1155.41555150.5158.2155.9

15.4420.241289

27930169.58

281.08481.664499235336380.14319.59421.86325.47174.16261.7323766

97

8 11113512038908539489.097.886749.43

11.339.219.718.75

11.808.616.858.117.778.149906.235.39

10.11925

10.6913368.085.56

10.908.485777.33731

8.08()11.96887

10.82

(")7.32

1559943

1683145.51583157.21570151.0159.8157.1

15.5320.3713 13

28442172.06

286.28489.19455.94363 12392.47325.21429.46328.1817252263.8823904

116.51176114.81167

1150117.2121 1119.8

98

8.15113512.048928.569499.117.876.719.39

11.289.229.748.73

11.888.606.858.117.798.139.676.245.43

10.10924

10.7813.368.125.55

10.938.545787.45739

8.13(!)11.92894

10.90

H7.38

156894.6

1687145.11589158.41582151.9162.1158.4

15.5320.371299

28699173.09

287.70490.32449.0936304391.94323.59430.64331.35172.82270.4424239

111

8.16114311.898998.629569.167.806.729.41

11.319.279.818.78

12.028.626.868.187.868.23

10.746.265.45

10.199.27

10.8613.448.105.56

11.018.545817.39741

8.13(^11.89900

10.92

(')7.37

1569944

1698144.61597158.71580152.0161.0158.1

15.5620.4313.04

286 18171.98

286.42490.35431.6136679396.74327.20432.69331.35173.14266.7824157

114

8 1611 4412019068689639217.806779.41

11.359.389.918.86

12.068.706.978.24

r7.918.33

10 186.31

r5.4410.23931

10.891352

8.185.60

10.98860577743744

8.16(!)11.93901

10.94

(')741

1575947

1700145.2160 1158.9

159 1152.4162.0159.2

15.4920.401306

28805172.90

289.68497.644419737327404.46

r330.42435.91335.4017772268.9724254

1178

1189115.8

SCB_041984

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