Full text of Economic Indicators : April 1976
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94th Congress, 2d Session
April 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
RICHARD BOLUNG, Missouri, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAYITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R, STARK, Executive Director
LOUGHLIN F. MCHUGH, Senior
'Economist
RICHARD F. KAUFMAN, General Counsel
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MACAVOY
BURTON G. MALKIEL
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC L A W
1 2 0 — 8 1 S T Congress; C H A P T E R 237—1st SESSION]
JOINT RESOLUTION [ S J . Res. 55]
To print the monthly publication entitled ^Economic indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
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li
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter, gross national product rose $43.4 billion or at an annual
rate of 11.5 percent. Real output ( G N P adjusted for price changes) increased at a rate of 7.5 percent compared with
5.0 percent in the fourth quarter. The inflation rate dropped from 6.8 percent to 3.7 percent.
BILLIONS OF DOLLARS {RATIO SCALE)
1,600
BILLIONS O f DOUARS (RATIO SCALE)
11,800
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,600
1,400
1,400
GNP
I N CURRENT DOLLARS
v
1,200
1,20*
GNP
/
>.
IN 1972 DOLLARS
1,000
1,000
800
800
.lit
r
1963
1969
1970
1971
f
f
f
1973
1972
T T
1974
f
T T
1975
T
? I
1976
COUNOL OF ECONOMIC ADVKEXS
SOURCE, DEPARTMENT O f COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual ratesl
Gross
national
product
Period
PerGross
sonal
conprivate
sump- domestion
tic
exinvestpendment
itures
Government purchases of goods and
services
Federal
State
NaNonTotal
and
tional
Total
delocal
de- 1
fense
fense
Exports and imports of
goods and services
Net
exports
Exports
Imports
Final
sales
1965.._.
1966....
1967
'
1968....
1969
1970
1971... -"
1972. _ ""
1973
1974....
1975.
1974: III
688. 1 430.2
753.0 464.8
796.3 490.4
868.5 535.9
935.5 579.7
982.4 618.8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 3 808.5
1, 406. 9 885.9
1, 498. 9 963.8
1, 424. 4 907.7
IV JI 1, 441. 3 908.4
1975: I_ 1, 433. 6 926.4
11./ 1, 460. 6 950.3
H I / 1, 528. 5 977.4
IV... 1, 572. 9 1, 001. 0
112.0
124.5
120.8
131.5
146.2
140.8
160.0
188.3
220.5
212.2
182.6
207.6
210.3
168.7
161.4
194.9
205.4
7.6
5.1
4.9
2.3
1.8
3.9
1.6
-3.3
7.4
7.7
21.3
3.2
8.2
17.3
24.2
22.1
21.7
39.5
42.8
45.6
49.9
54.7
62.5
65.6
72.7
101.5
144.2
147.8
148.6
153.6
148.2
140.7
148.5
153.8
32.0
37.7
40.6
47.7
52.9
58.5
64.0
75.9
94.2
136.5
126.5
145.5
145.3
130.9
116.4
126.4
132.1
138.4
158.7
180.2
198.7
207.9
218.9
233.7
253.1
269.9
301.1
331.2
305.9
314.4
321.2
324.7
334.1
344.8
67.3
78.8
90.9
98.0
97.5
95.6
96.2
102.1
102.0
111.7
123.2
113.6
118.2
119.4
119.2
124.2
129.9
49.4
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73.4
77.4
84.0
78.4
80.5
81.4
82.1
84.9
87.4
17.8
18.5
19.5
21.2
21.2
22. 1
26.0
28.6
28.6
34.3
39.2
35.1
37.7
38.0
37.1
39.3
42.5
71.1
79.8
89.3
100.7
110.4
123.2
137.5
151.0
168.0
189.4
208.0
192.3
196.3
201.9
205.5
209.9
214.8
678.6
738.7
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 8
1, 397. 2
1, 513. 5
1, 420. 0
1, 430. 9
1, 458. 4
1, 490. 2
1, 530. 6
1, 574. 9
1976: I > _ 1, 616. 3 1, 028. 7
229.6
9.7
151.3
141; 7
348.4
131.2
87.0
44.1
217.2
1, 602. 2
ory corresponds closely with budget outlays for national defense,
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exports of goods v . Government purchases of
Gross private domestic
and services
goods and services
investment
Persohal
conGross
Change
national sumpNonState
Resi- in busi- ' Net
tion
product
resiand
expend- dential dential ness in- exports Exports Imports Total Federal
local
fixed
ventoitures
fixed
ries
Period
925.9
1965
981.0
1966
1,007. 7
1967
1968..— - 1,051.8
1, 078, 8
1969
1( 075. 3
1970
197K._"._. 1,107. 5
1,171, 1
1972
1973
1, 233. 4
1974
1, 210. 7
1975
1,186.1
558.1
586. 1
603.2
633.4
655,4
668,9
691.9
733.0
766. 3
759, 8
766.9
95.6
106.1
103.5
108.0
114.3
110,0
108.0
116.8
131,3
127,5
112. 2
43.2
38.5
37.2
42.8
43,2
40.4
52.2
62.0
60.1
44.7
36.6
11,3
16.7
12.0
8.7
10.6
4.3
6.6
9.4
16.0
7,7
-10.5
1974:III.. 1, 210. 2
IV._ 1,186. 8
767.2
748.9
125.0
120.8
44.1
3a 5
1975:1.... 1,158. 6
I I . . . 1, 168.1
I I I . . 1, 201. 5
IV... 1, 216, 2
752.3
764.1
771.6
779.4
115.2
110,8
110.6
112,3
1976:1 *-. 1, 238. 4
79a 7
114.4
109.1
116.8
123,1
130.9
134.9
139.5
145.5
151.0
156,3
159.3
163.3
914.6
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1,161.7
1, 217. 3
1, 203. 0
1, 196. 6
254,7
253,6
100.5
112.5
125.3
12a 3
121.8
110.7
103.9
102.1
96.1
95.0
94.3
95,7
94.7
159.0
158.9
1, 206. 0
1, 179, 3
69.2
* 62.0
07. 3
70.2
255.1
254,9
258. 7
261.6
93.7
92.4
94.9
96.1
161.4
162. 5
163.8
165.5
1, 177. 6
1,188. 7
1, 202. 4
1, 217. 8
74.4
261.6
95.8
165.7
1, 228, 9
-1.3
1.4
-, 6
-3.3
7.2
16.6
23.4
49.1
51.6
54,2
58.5
62.2
67.1
67,9
72,7
87.6
97.6
90,6
41.0
47,3
50,7
58.9
63.5
65.7
68.5
75,9
80.4
81.0
67.2
209.6
229.3
248.3
259.2
256.7
250.2
249.4
253. 1
252.5
254.3
257.6
4.2
7.6
15.1
17.4
96.9
95.7
81,9
78,3
33,6
34,0
38.0
40.7
-19.0
-20.7
-.8
-1,6
21.5
24.9
23.5
23.8
90.7
86.8
90.8
94,0
42.1
9.5
17.1
91.5
8.2
4.3
3.5
Final
sales
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Personal consumption expenditures
Total
Gross private
domestic
investment
Nonres- ResiNonDurable durable
Services idential dential
goods
goods
fixed
fixed
74.32
76.76
79.02
82. 57
80.72
. _ . . 91.36
96.02
100. 00
105. 92
116. 20
126. 37
77.1
79,3
81.3
84.6
88.5
92.5
96.6
100.0
105.5
116.6
125.7
85,6
85. 7
87.4
90.7
93. 1
95.5
99. 0
100.0
101.7
108.4
116.9
77.3
80. 1
81.9
85.3
89.4
93.6
96.6
100.0
108.0
124.0
133.6
74.3
76.5
78.8
82.0
86.1
90.5
95.8
100.0
104.6
112.7
121.5
74. 5
76,8
79.3
82,6
86.6
91.3
96.4
100.0
104.0
116.0
132.3
72.3
74. 6
77.0
80.7
87.7
90. G
94.9
100.0
110.6
122. 1
133.3
1974:111,.
IV
117. 70
121. 45
118.3
121.3
110.4
114.0
126.0
129.5
114.2
116.4
118.5
125.0
1975:1
II
Ill,-
123. 74
125. 04
127. 21
129. 33
123. 1
124.4
126,7
128,4
114.3
116.3
117.4
119.4
131.0
131.9
135.2
136.4
119.0
120.2
122.2
124.4
130. 51
129.6
12a 9
136.5
126,5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
_
rv
1976:1 »
Source: Department o( Commerce, Bureau of Economic Analysis.
Exports and
imports of goods
and services
Government purchases of goods
and services
State
Exports Imports Federal and
local
80. 5
82.8
84.0
87.9
93. 1
96.6
100.0
116.0
147.8
163,2
78.0
79. 7
80. 1
80.9
S3. 3
89.1
93.5
100.0
117. 1
168.6
188.3
67.0
70. 1
72. 6
76.4
80.0
86.4
92.6
100.0
106. 1
117.6
130,6
65. 1
68.4
72,5
76.9
81.9
88.3
94.5
100.0
107. 5
118.9
127.4
124.9
126.7
153.4
160.4
177.7
185.6
118.6
.124.8
121.0
123.6
129.6
131.8
132.6
135.3
131.6
132. 3
132. a
136. 1
163.5
162.0
163,6
163.5
189.1
187.8
187.8
188.2
127.3
128.9
130,9
135.3
125.1
126.4
128.2
129.8
137.1
139.5
165,4
19a 4
136,9
131,0
Zo.Z
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Current
dollars
Period
8.2
9.4
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1974: IIIIV.
1975: I . . .
5.8
9.1
7.7
5.0
8.2
10.1
11.5
7.7
6.5
9.9
4.8
-2.1
7.7
19.9
12.1
III.
rv.
Fixedweighted
price
index
(1967
weights)
Constant
(1972)
dollars
Implicit
price
deflator
Chain
price
index
5.9
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5.3
-1.8
-2.0
1.9
3.1
3.0
4.4
5.0
5.3
5.0
4.1
6.0
9.7
8.8
13.3
12.5
8.2
43
7.3
6.9
1.8
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
9.7
8.8
13.0
12.5
12.0
5.0
2.2
3.3
2.9
4.5
5.0
5.4
5.1
4.1
5.9
9.7
8.8
12.5
13.4
7.8
4.3
7. 1
6.8
7.5
3.7
4.0
•~2.
3
-7.5
-9.2
3.3
11; 5
1976: ! » „
Gross domestic product
NOTE.—Animal changes from previous year and quarterly changes from previous quarter.
Flxedweight-
Constant
(1972
dollars)
Implicit
price
deflator
5.9
6.1
2.7
4.4
2.6
-.3
2.8
5.8
5.3
-1.8
-1.9
-8.5
3.2
11.7
5.2
2.2
3.3
3.0
4.5
5.1
5.3
5.1
4.1
5.8
9.3
8.9
12.2
13.5
8.5
4.3
7.1
7.0
1.9
3.1
3.1
4.4
5.0
5.3
5.0
4.1
5.9
9.3
8.8
13.0
12.5
7.8
4.4
7.3
7.2
&2
9.6
5.7
9.1
7.8
5.0
8.1
10.1
11.4
7.3
6.9
9.5
4.6
-.7
7.7
19.6
12.5
8.3
4.3
7.4
6.9
1.8
3.0
3.0
4.4
5.0
5.2
4.9
4:0
5.9
0.4
8.8
12.7
12.5
7.9
4.5
7.4
7.2
3.9
10. 9
7.1
3. 5
4.0
3.8
Current
dollars
-2.4
-7.8
Chain
price
index
price
index
(1967
weights)
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
.
Period
Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)
Current
dollars
1972
dollars
392.1
430.7
452.9
498.4
541.8
560.6
602.5
671.0
751.9
808.7
864.1
786.2
80G. 5
820.3
821.8
816.4
845.1
886.2
908.5
494.6
532. 9
545.8
581.6
607.3
600.6
619.3
671.0
717.7
697.6
679.1
709.8
705.9
697.7
678.3
652.9
667.2
693.5
703.1
.
[Quarterly data at seasonally adjusted annual rates]
Current dollar cost and profit per unit of output (dollars)
Total
cost
and
profit3
0.793
.808
.830
.857
.892
.933
.973
1.000
1.048
1.159
1.272
1.108
1.142
1.176
1.212
1.251
1.267
1.278
1.292
Capital
conComsumption
penallowIndirect
sation
ances
of
with business
capital taxes 3 employees
consumption
adjustment
0. 006
.067
.072
.074
.079
.088
.094
.093
.096
.112
.131
104
108
114
123
130
131
131
132
0.083
.080
.084
.089
.094
103
,110
,110
112
,123
137
117
121
126
129
135
137
138
138
I by gross domestic product of nonfinancial corporate
Porat^hTilH e q u a l . * ? t h e dGflator for gross domestic product of nonfinancial cor-
0.497
.513
.535
.553
.589
.628
.645
.661
.700
.788
.837
.749
.772
.801
.829
.849
.835
.826
;S40
Net
interest
0.012
.014
.016
.017
.022
.028
.029
.028
.034
.045
.050
.041
.044
.047
.050
.051
.050
.050
.051
l
Corporate profite with
inventory valuation and
capital consumption
adjustments
Total
Profits
tax
liability
Profits
after
tax*
0.134
.134
. 123
.124
. 109
.086
.095
.107
.106
.091
.116
.096
.097
.088
.081
.085
.113
.134
:130
0.055
.055
.051
.058
.055
.045
.048
.050
.055
.061
.053
.056
.061
.070
.058
.042
.048
.060
:061
0.079
.078
.072
.066
.055
.041
.046
.057
.051
.029
.063
.040
.037
.018
.023
.043
.065
.074
:069
CompenOutput
sation
per
per
hour
hour
of all
employ- of aU
employees
(1972
CCS
dollars)
(dollars)
8. 7314
8. 4978
8. 8281
8. 5700
8. 5612
8. 4643
8. 4104
8. 4526
8. 7595
9. 0101
6. 1096
6. 6942
7. 3764
6. 4221
6. 6070
6. 7813
6.9722
7. 1785
7. 3113
7.4412
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
1965
1966 _
1967
1968
1969. 1970
1971.
1972
1973
__
1974
__
1975 ._
1974: III
IV
1975: I
II
III
IV.. .
1976: I »
566. 0
622.2
655.8
714.4
767. 9
798.4
858. 1
951.9
_ 1, 067. 3
1, 141. 1
1, 207. 8
1, 161. 3
1,161. 3
1,155. 2
1,180. 8
1, 232. 5
1, 262. 6
Compensation of
employees 1
Proprietors'
income with
inventory valuation and capital
consumption
adjustments
Farm
12.6
13.6
12.1
12,0
13.9
13.9
14.3
18.0
32.4
25.6
24.6
21,9
24.6
21.0
20.1
29.3
28.2
25.3
396.5
439.3
471.9
519.8
571.4
609.2
650. 3
715. 1
797.7
873,0
921,4
886,3
898.1
897.1
905.4
928.2
955.1
982.2
Nonfarm
44.1
46.7
48,9
51.4
52.3
51.2
53.4
58.1
59.3
59.5
58.7
60.2
59.0
58. 6
58.5
58.7
58,9
59.6
Rental
income
of persons
with
capital
consumption
adjustment
17.1
18,2
19.4
18.6
18.1
18.6
20. 1
21.5
21.3
21.0
21. 1
20.9
20.9
20.8
20.5
20.9
22.0
22,7
Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
77.1
82.5
79.3
85.8
81.4
67.9
77.2
92. 1
100.2
91.3
100.3
89.2
82.0
78.9
96.6
113.1
112.7
Total
Profits
before
tax
73,3
78.6
75.6
82.1
77.9
66,4
76.9
89.6
98. 6
93.6
106.0
92.0
86.1
83.4
101.6
119.6
119.3
75.2
80.7
77,3
85.6
83.4
71.5
82.0
96.2
117.0
132.1
116. 8
146.7
123.9
97.1
108.2
129.5
132.4
Inventory
valuation
adjustment
Capital
Net
consump- interest
tion
adjustment
— 1.9
-2,1
-1.7
-3.4
-5.5
-5,1
-5.0
-6.6
-18.4
-38. 5
-10.8
-54.7
-37.7
-13,7
-6.6
-9.9
-13.1
-11.0
3.8
3.9
3.7
3.7
3. 5
1.5
.3
2.5
1.6
-2.3
-5.7
-2.7
— 4.2
-4.5
— 5.0
-6.5
-6.6
-7.6
18.5
21.9
24.3
26.8
30.8
37,5
42.8
47.0
56.3
70.7
81. 6
72.7
76.7
78.7
79.7
82.2
85.7
89.2
Source: Department of Commerce, Bureau of Economic Analysis,
»Includes employer con tributions for social insui ance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expendiTotal
tures
durablel
goods
1965
430.2
1966
464.8
1967
490.4
1968
535, 9
1969
579.7
1970
618.8
1971
668.2
1972
_.
733.0
1973
808. 5
1974
885.9
1975
963. S
1974: I I I . . . .
907.7
IV..„
908,4
1975:1
926.4
II
950. 3
III
977.4
IV
1, 001. 0
1976: I >.
I, 028, 7
62.8
67.7
69.6
80.0
85.5
84.9
07.1
111.2
122.9
121.9
128.1
128.9
117.3
118.9
123.8
131.8
137.6
146.5
Motor
vehicles
and
parts
29.8
30.1
29.7
35.8
37.7
34.9
43.8
50.6
54.4
48.0
49.5
53. 5
43.6
44.6
46. 1
52. 1
55. 1
62.5
» Total Includes other Items not shown separately.
Retail sales of
new passenger
cars (millions
of units)
Nondurable goods
Durable goods
Furniture
and
household
equipment
24.7
27,7
29.5
32.6
35.0
36.7
39.4
44.8
50.7
54.7
57.4
55.9
54.3
54.1
57. 0
58.3
60.4
61.4
Services
Total
nondurable!
goods
188,6
204.7
212.6
230.4
247.0
264. 7
277.7
299.3
334.4
375.7
409.8
383.9
387.1
394. 1
404.8
416.4
423.7
431.0
Food
98.9
106. 6
109.6
118.3
126. 1
136.3
140.6
150.4
168. 0
189.4
209. 1
193.2
197.4
202.8
206.6
211.4
215.6
220.2
Clothing
and
shoes
Gasoline
and oil
33.5
36,6
38.2
41.8
45.1
46.6
50. 5
55.1
61,4
65.2
69-9
66. 5
64.8
66. 7
69.0
71.3
72.5
73.8
14.7
16.0
17.0
18.4
20.4
22.0
23.4
24.9
28.3
36.4
40.3
38.2
38.8
38. 1
39.6
41.2
42. 1
41.7
Domestics
178.7
192,4
208. 1
225.6
247.2
269. 1
293.4
322.4
351.3
388.3
426.0
394,9
404. 0
413.4
421. 6
429.2
439.7
451.2
8.8
8.4
7.6
8.6
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8.3
5.8
6.7
6.3
7.5
7.7
8.9
Source: Department of Commerce. BureaiL of EconomicAnalysis.
Imports
0.7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1,4
1.6
1.5
1.3
1.7
1.6
1.7
1.4
1.3
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose at an annual rate of 5.0 percent in the first quarter of 1 9 7 6 . The increase over
the 4 quarters in 1975 was 2.7 percent.
.
"
_ •
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
1,200
1,200
1000
1000
PER CAPITA DISPOSABLE PERSONAL INCOME
2,500
2,500
1976
•SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADV1SEKS
SOlftCEi DEPAXTMENT OF COMMERCE .
Period
Less:
Personal Equals:
DisposPertax
able
sonal
and
perincome nonsonal
tax 1 income
payments
Less:
Per•• s o n a l
outlays *
Per capita disposable income
Equals:
Personal
saving Current
dollars
Billions of dollars
1967—.
1968—
1969—
1970—
1971....
1972_
1973....
1974__._
1975....
626.6 82. 1 544.5
685.2 97. 1 588.1
630.4
745.8 115. 4
685. 9
801.3 115. 3
742.8
859. 1 116. 3
801.3
942.5 141. 2
903.1.
1, 054. 3 151. 2
1, 154. 7 171. 2
983. 6
1, 245. 9 169. 2 1,076.7
1972
dollars
Per capita personal consumption expenditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable ,
. .per- '"
sonal
income
Saving
as percent of Populadispostion
able
(thou-3
persands)
sonal
income
Dollars
503.7
550. 1
595.3
635.4
085.5
751.9
830.4
909.5
987.8
40.9
38. 1
35. 1
50.6
57. 3
49.4
72.7
74. 0
88.9
2,740
2,930
3,111
3,348
3, 588
3, 837
4,292
4,642
5,040
3,371. 2, 468
3,464 2 670.
3,515
2, 860
3,619. 3,020
714
3,227
3»
3,837
3 510
4, 068
3 843
4, 181
3,981
4, 010 ' 4,
512
3,035
3,156
3,234
3, 265
3,342
3, 510
3,642
3, 586
3, 590
3.0
2.8
1.5
3.0
2. G
3,3
6.0
-2. 1
7.5
6.5
5.6
7.4
7.7
6.2
8.0
7.5
8.3
!
198, 712
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211,894
213, 631
Seasonally adjusted annual rates
1974: III.. 1,171.6!
1,194.8'
1975:I.
1, 203. 6
II
1, 223. 8
III.. 1, 261. 7
IV... 1, 294. 5
175.3
178.9
179.6
142. 1
174.6
180.5
996.
931.7
1, 015.
932.4
1, 024.
950. 4
1, 081.
974.2
1, 001.
1,087.
.__„3
., 114. 0 !l, 025. 4
1, 324. 4 184.4 jl, 140. 0 jl, 053. 6 j
64.6
83.6
73.6
107.5
85.9
88.6
4,697
4,779
4,808
5,070
5,083
5,197
80.3
5,310
'Inclndes personal consumption expenditures, interest paid by consumers
to1business, arid personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual datn are for July 1; quarterly data
we for middle of period, Interpolated from monthly data.
3, 969 4,279
3,617
3, 523
3, 940. 4,273
4, 350 3,533
3,905
4,454
3,581
4,077
4, 569 3,607
4,012
3, 63G
4, 017 4,670
I
4, 097 | 4, 792 | 3, 697
-0.7
-2.9
-3.5
18.8
-6.2
3.5
5.0
G. 5
8. 2
7. 2
9.9
7. 9
7.9
i 212, 123
| 212, 585
| 212, 962
213, 362
213, 897
214, 339
7.6 214,692
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
CORPORATE PROFITS
Profits before tax rose $2.9 billion (annual rate) in the fourth quarter, according to revised estimates, but profits with
inventory valuation adjustment declined slightly.
"
'
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
1976
SOURCE. DEPARTMENT OF COMMERCE
Period
1965
1966
1967
1968
1909
1970.._
1971
1972.. .
1973
1974
1975
1974: III
IV
1975: I
II
III_
IV
1976: I '
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly <iata at seasonally adjusted annual rates]
Profits after
Profits (before tax) with inventory
valuation
adjustment l
Domestic industries
Tax
Profits
Nonfinancial
liabefore
Divibility Total dends
tax
WholeTotal*
FinanManusale
Total
cial
and
Total 3 facturretail
ing
trade
44.3
19.1
62. 5
38.3
75. 2
30.9
73.3
70.1
7. 5
7.9
47. 1
19.4
41. 6
33. 7
78. 6
75.9
8. 5
67.4
8.0
80. 7
37. 9
32. 5
44.9
20.1
75.6
72.6
9. 0
63. 6
8.9
77. 3
82. 1
78.9
41.2
39. 4
46.2
21.9
10.4
68. 5
10. 1
85. G
77.9
74.2
11. 3
62. 9
36. 8
10. 1
83 4
39. 7
43.8
22. 6
37.0
22.9
34. 5
66.4
62.6
12.6
50. 1
27. 1
9.4
71. 5
44.3
23.0
58.2
37.7
76.9
72.4
14.1
32.4
11.7
82.0
54.6
24.6
84.7
69.3
41.5
89.6
15.4
40. 6
13. 3
96.2
27.8
91.7
68.8
48.2
98.6
17.4
74.3
43. 8
14.4
117.0
82, 5
31. 1
52. 6
79. 5
93. 6
17.3
65. 3
37. 4
13. 4
132. 1
16.2
45.2
71.2
106.0
100.1
32.8
83.9
21.9
116.8
45.6
63.7
87.4
92.0
82.0
18.3
37.0
59.3
31.7
11.7
146.7
86.1
75.1
16.5
49.2
74.7
58. 6
31.9
11.9
123.9
31.7
32. 1
83.4
77.6
18.3
59.3
30.0
37.5
59.0
16.3
97.1
32.6
101.6
95.7
15.5
80.2
43.5
41.6
66.6
21.0
108.2
33. 5
119.6
113.4
14.9
98.6
25. 1
50.7
78.8
54.6
129.5
Hi). 3
33.1
113.6
16.1
97.4
25.4
132.4
52. 5
79.9
52.8
33.3
1
See p. 3 for profits with inventory valuation and capital consumption adjustments.
i Includes rest of the world, not shown separately.
* Includes industries not shown separately.
8
tax
Undistributed
profits
25.2
27.6
24.7
24.2
21.2
14. 1
21.3
30. 0
40.9
48.4
38. 4
55. 7
43.0
27. 5
34.0
45. 3
40. 8
Eourcc: Department of Commerce, Bureau of Economic Analysis,
Inventory
valuation
adjustment
-1.9
-2. 1
-1.7
-:i.4
-r>. 5
-5. 1
-5.0
-6.6
-18.4
-38.5
-10.8
-54.7
-37.7
-13.7
-9.9
-13.1
-11.0
SOURCES OF PERSONAL INCOME
Personal income rose $ 7 . 6 billion in M a r c h , following a revised increase of $ 1 2 . 3 billion in February. W a g e and salary
disbursements were up $ 4 . 2 billion or $ 1 . 4 billion less than in February. Transfer payments rose $1.3 billion following
a $4.2 billion increase in February, which was largely due to special factors.
BILLIONS OF DOLLARS
1400
BILLIONS OF DOLLARS
11,400
SEASONALLY ADJUSTED A N N U A L RATES
1,200
1,200
1,000
1,000
800
600
WAGE AND SALARY DISBURSEMENTS
600
600
400
400
200
200
PAYMENTS
t I
1968
1970
1969
1971
1972
1973
1975
1974
MI
1976
COUNCt. OP ECONOMIC ADVISERS
SOURCEi DETAXTMENT OF COMMENCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
19C8
1969.
1
Wage
Proprietors7 incomes Rental
Other
Total
and
income
labor
personal salary
of
income disburse- income12 Farm
Nonfarm
persons4
ments l
Dividends
22.8
26.3
28.0
30.8
34.2
42.2
47.4
49.8
667. 5
725.8
780.7
838.0
917.3
1, 013. 5
1, 119. 1
1,210.2
48.9
48.9
49.1
49.3
1, 176. 2
1, 179. 7
1, 186. 2
1,212.5
20. 5
21.0
21.3
21.8
22.0
22.2
32. 1
32.4
32.6
32.9
33.2
33. 5
33.9
33.8
33.8
31.7
59.9
66. 5
79.9
94. 1
104. 1
118.6
140.4
175.0
167.2
168. 6
169. 3
189.0
176.8
178. 1
181.3
ISO. 6
181.4
182.9
49. 5
50.0
50.4
50. 7
51.2
51. 6
1, 207. 2
1, 222. 1
1, 234. 8
1, 245. 6
1, 256. 3
1,262.9
22.5
22.7
22.9
33.4
33.3
33.2
130.4
131.8
132.9
184.7
188.9
190.2
53.3
53.4
53.5
1, 276. 3
1, 288. 9
1, 296. 7
469. 5
514. 6
546. 5
579. 4
633. 8
701.0
763. C
801. 6
25. 1
28.2
32.0
36.2
42.0
47.5
54.5
61.3
12.0
13.9
13.9
14.3
18.0
32.4
25.6
24.6
51. 4
52.3
51.2
53. 4
58. 1
59.3
59.5
58.7
18.6
18. 1
18.6
20.1
21.5
21.3
21.0
21.1
21.9
22.6
22.9
23.0
24.6
27.8
31.1
32.8
1975: Mar..._ 1,205.0
1, 209. 0
May___ 1, 217. 2
June
1,245.2
781.7
782. 7
787.4
702.7
59.4
59. 8
60.3
60.8
17.9
18.5
20. 1
21.7
58. 6
58. 5
58.6
58.6
20.8
20.7
20. 5
20.2
244. 0
2G2. 4
278. 7
287. 4
295. 0
300. 2
797.4
808.8
815. 6
824. 1
831.2
836.8
61.4
62.0
62.6
63.2
63.8
64.4
25. 8
29.3
32.7
30. 5
28.3
25.8
58.7
58. 7
58.8
58.9
58.8
58.9
Jan
1, 313. C
Feb
1, 325. 9
M a r ' . . 1, 333. 5
846.0
851.6
855.8
65.2
66. 1
67.0
25.6
25.3
25.0
59.1
59.7
59.9
July
Aug__
Sept
Oct...
Nov..."
Dec
1,
1,
1,
1,
1,
1,
ETOTT™ mt pa elnosfa twi oanS° ^ ^ salary disbursements and other labor income differs
So?«S? i a l m s u of employees (see p. 4) in that it excludes employer contribuir J™^
rance and the excess of wage accruals over wage disbursements,
fonrt?.« i omfcem
Ployer contributions to private pension, health, and welfare
n>s
» SMV? I
compensation; directors' fees; and a few other minor items.
"»Q inventory valuation and capital consumption adjustments.
Nonfarm
personal
incomefl
49.6
55.9
64.3
69. 3
74.6
88.4
106.5
120.5
116. 1
116.6
117.5
118.6
119.7
121.2
122.9
125. 1
127.9
129.0
085. 2
745. 8
801.3
859. 1
942.5
1, 0o4. 3
1, 154. 7
1, 245. 9
_
1972.
1973.
1974.
Less: PerPersonal Transfer sonal contributions
interest
payincome ments0 for social
insurance
'With
capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
« Personal Income exclusive of net income of unincorporated farm enterprises,
farm wages, and agricultural net Interest.
Source: Department or Commerce, Bureau of Economic Analysis.
FARM INCOME
Farm income including inventory change declined $3.0 billion (annual rate) in the first quarter, according to preliminary estimates. Excluding inventory change the decline was $1.5 billion.
BILLIONS OF DOLLARS* (RATIO SCAIfl
BfUJONS OF P O U R S * (RATIO SCALff
120
120
-N^-.-N
100
80
100
80
REALIZED GROSS
FARM INCOME
60
-
60
-
r
40
-
40
NET FAR/ K INCOME
INCLUDING N ET INVENTORY
CH/ ^NGE
ji
\
20
/
20
V
10
'
1968
1969
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT OF AGRICULTURE
Period
1968.
1069.
1970.
1971
1972"
1973.
1974
1975"
i
*i
t
1970
i
f
1971
f
1972
t
t
1975
1974
1973
f
f
10
T
1976
COUNCIL OF ECONOMIC AOVtSESS
[Quarterly data at seasonally adjusted annual rates]
Personal income received
Income received from farming
by total farm population
Net income per
Realized gross
Net to farm
Farm including net
operators
Cash receipts from
inventory change *
marketings
Produc- Exclud- IncludFrom From
From
tion ex- ing net ing net
all
farm nonfarm Total1
Livepenses inven- inven- Current
sources sources sources
1967
stock
Crops
Total
tory
tory s dollars dollars *
and
change change
products
Dollars
Billions of dollars
3,858
4,013
12.2
12.3
23.9
11.3
44.2
12.7
39.5
51.7
25.5
18.7
4,372
4,766
14.2
14.3
26.6
12.9
13.7
48.2
56.3
42. 1
28.6
19.6
4,202
4,790
14.2
14.2
27. 1
14.2
13.0
50.5
58.6
21.0
44.4
29.5
4,227
5,030
15.0
13.2
14.6
28.5
13.4
60.6
52.9
22.3
47.4
30.6
5,245
6,504
17.4
17.8
18.7
-34. 1
70. 1
16.7
61.2
25.5
52.3
35.7
8,569
11,825
19.2
95.3
30.0
33.6
48.4
41. 1
29.1
86.9
65.3
45. 8
5, 844
21.2
9,409
101. 1
52. 1
28.2
26.6
44.8
23.6
72.9
41.4
93. 5
5,232
22.2
9,260
99.2
47.3
23.7
26.0
45.5
23.3
75.5
43.3
90.6
1974: III
IV.
99.2
101.9
1975: I . .
II
ml"
IV
1976: I •
39.3
39.5
52.2
54.6
73.3
73.5
25.9
2a 4
22.8
25.5
8, 060
9,010
4,910
5,300
91. 1
101. 1
104.1
100. 4
91.5
94. 1
82.7
92.6
95.4
91.6
38.4
42.5
44.5
47.8
44.3
50. 1
50.9
43.8
7a 5
74.9
76.5
76.9
17.6
26.2
27.6
23.5
17.1
27.2
30.6
29.0
6,090
9,680
10, 900
10, 330
. 3, 500
5,530
6,090
5,710
" 100. 0
90.9
46.6
44.3
78.0
22.0
26.0
9,330
5,100
osh receipts from marketings, Government payments, and nonmoncy inof
i feVCIitory
and livestock valued at the average price for the year,
o n c n scops
held
e & s of Agriculture definition of a farm. The number of farms is
+
eia r
constant -within a year.
70-029*—76
• Income in current dollars divided by the index of prices paid by fanners for
family living items on a 1067 base.
Source: Department of Agriculture;
GROSS PRIVATE DOMESTIC INVESTMENT
Business Fixed investment rose at an annual rate of $4.9 billion in the first quarter, or slightly less than in the preceding
quarter. Residential outlays increased $3.3 billion, also less than in the preceding quarter. However, inventory investment rose sharply by $16.1 billion, from — $ 2 . 0 billion in the fourth quarter to $14.1 billion in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE}
120
^NONRESIDENTIAL FIXED INVESTMENT
BILLJONS OF DOLLARS* (RATIO SCALE)
300 -GRQSS PRIVATE DOMESTIC
260
220
f00*
i
/
v/
140
1
1
!
1
1
1 1
|
I
1
f
t
1
1 1
40
BILLIONS OF DOLLARS* (RATIO SCALE)
80
BILLIONS OF DOLLARS'
40 -CHANGE [N BUSINESS INV
20
f
X*
>
-
-20 -40
I
1
t
I
1972
I
I
1
1973
1 1
1974
1
1
! 1
1975
1 1
1975
1972
1976
•SEASONALIY ADJUSTED A N N U A L RATES
SOURCE. DEPARTMENT OF COMMERCE
1976
COUNCIL O f ECONOMIC ADVISERS
[Billions of dollurs; quarterly data at seasonally adjusted annual rates]
Residential fixed investment
Nonresidential fixed investment
Gross
private
domestic
investment
Period
19G5 ....
I960..
1967.
1968
1969
1970
1971
1972
1973.
1974
'"
1975.
1974: I I I . _
IV...
1975: I
lI-__
III.
IV- .
1976: I v
"
"
112.0
124.5
120.8
131.5
146.2
140.8
160. 0
188.3
220.5
212.2
182.6
207.6
210.3
168.7
161.4
194. 0
205.4
229.6
Structures
Total
71.3
81.4
82.1
89.3
98.9
100. 5
104.1
116.8
136.5
147.9
148.5
148. 1
151.1
149.3
146. 1
146.7
151.9
156.8
Producers'
durable
equipment
Total
Nonfarm
Total
Nonfarm
26.1
29.2
29.5
31.0
35.7
37.7
39.3
42.5
49.0
54.4
52.7
54.0
25.1
28.1
28.2
30.4
34.3
36.1
37.8
41.1
46.8
52. 1
50.5
51.7
53.7
52.6
48.8
49.0
51.5
52.9
45. 1
52.2
52.6
57.7
63.3
62.8
64.7
74.3
87.5
93.5
95.8
94.1
95.0
94.4
95.0
95.6
98.3
101.7
41.2
47.9
48.0
53.4
58.9
58.1
59.9
69. 1
80.7
86.0
88.2
86.6
86.7
86.7
87.2
88.6
90.4
93.7
ryQ. 1
54.9
51.1
51.2
53.6
55.2
Total
31.2
28.7
28.6
34. 5
37.9
36.6
49.6
62.0
66.5
54.6
48.7
55.0
48.7
44.2
45. 0
50.4
55.4
58.7
Nonfarm
structures
ProFarm ducers'
struc- durable
tures equipment
29.9
27.4
27.2
33.1
36.3
35.1
47.9
60.3
64.7
52.2
46.8
52.7
46.3
42.6
43.1
48.2
53.3
0.6
.7
.7
.6
.7
.6
.7
.7
.0
1.0
.6
.9
1.2
.4
.5
.8
.7
56.5
.7
0.7
.7
.7
.8
.9
.9
1.0
1.1
1.2
1.3
1.3
1.4
1.3
1.2
1.3
1.4
1.4
1.5
Change in business inventories
Total
9.5
14.3
10.1
7.7
9.4
3.8
6.4
9.4
17.5
9.7
-14.6
4.4
10.4
-24 8
-29.6
-2.1
-2.0
14.1
Nonfarm
S.5
14. 5
9.4
7.6
9.2
3.7
5.1
8.8
14. 1
11. fl
-16.5
7.G
13.7
-23. 3
-29. G
-5.7
-7.5
10.1
Source: Department oi Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 6% percent in 1976, according to the survey conducted in late January
and February. In early December, the expected increase was 5% percent.
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
1968
I
1976
1969
J / ' S E E FOOTNOTE 4 BELOV.
SOUKC& OeFACTMIW OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects J
Expenditures for plant and equipment
Nonmanufacturing
Manufacturing
Period
1969-.
1970-_
1971-1972_.
1973_.
1974_.
1975,197G «.
75.56
79.71
81.21
88.44
99.74
112.40
112. 79
120. 06
31.68
31.95
29.99
31. 35
3& 01
46.01
47.95
51.85
15.96
15. 72
15. 80 10. 15
14. 15 15. 84
15.64
15. 72
19.25
)& 76
22.62
23. 39
21.84
26.11
£2.93
28.92
43.88
47.76
51.22
57. 09
61.73
66. 39
64.82
68.21
1.86
1.89
2.16
2.42
2.74
3.18
3.79
3.88
6.05
6.04
4. 93
5.72
6.03
0.06
7.57
6.23
ComManu- Public
merfacturutilicial
ing
ties
and 3
1
other
11. 61
8. 30 16. 05
34.07
15.16
13. 14 10. 10 16. 59
29. 18
17,20
15. 30 10. 77 18. 05
28.00
22.22
17.00 11.89 20.07
35. 21
28.60
18. 71 12. 85 21. 40 47. ">7
3a 13
20. 55 13. 96 22. 05 52. 49
45. 74
20.14 12.74 20.00
48.24
3150
23. 24 IS. 56 21. 30
1975: I
II
Ill
IV
114.57
112. 46
112. 16
111.80
49.05
48.78
47. 39
46.82
22.86
22. 59
21.01
21.07
26.20
26. 19
26.38
25.75
65. 52
63. 68
64. 76
64.98
3.76
3.78
3.82
3.82
7.30
7.05
7.86
7.00
20. 28
52
19. 7\)
20.01
50. 24
51.46
22.32
22.74
27.92
28.72
68. 47
68. 17
7. 17
6.41
23. 21
23. 17
34. 39
34. 81
52.71
23.30
29.41
68.28
3.70
3.78
4-02
6.86
23. 27 j
36. 12
Total i
1976: I*
118. 70
I I * . . . . 119. 62
2nd
half*. 120. 99
Total
Durable
goods
1
Nondurable
goods
Total
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agreo precisely with tho nonrosldontlal fixed investment data in gross naUonal
product estimates, mainly becauso those data include investment by farmers,
professionals, institutions, and real ostate firms, and certain outlays charged, to
current account.
• Includes trade, service, construction, finance, and Insurance.
« Starts are estimated by adding changes in carryover to expenditures during
10
Trans- Public ComMining porta- utili- munication
ties
tion
13. 30 20. 82
12. 50 20. 83
12. 95 20. 34
12.22 20.44
12. 12
12.80
11.29
12. 16
5.34
9. 19
14.82
5.84
given period.
« Expenditures estimates based on expected capital expenditures as reported bybusiness in late January and February 1070.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted In footnote 4) Include adjustments when necessary for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted nonagricultural employment increased by 364,000 in March to 83.5 million. Nonagricultural
and total employment each have increased more than 2% million since March 1975.
MIUJONS OF PERSONS'
1100
MILLIONS OF PERSONS*
100
SEASOtUUY ADJUSTS
90
CIVILIAN LABOR FORCE
\
EMPLOYMENT
80
80
70
70
10'
UNEMPLOYMENT
i ftn 1 tii
1968
1969
1973
1972
1971
1970
1974
nnlt
1975
* l i YEARS OF AGE AND OVER.
SOURCE. DEPARTMENT O f LAAOff
Noninstitutional
population
Period
1971
1972*
1973*
1974,
1975..
COONCH. Of ECONOMIC
61.0
61.0
61.4
61.8
61.8
3,799
3,803
3,750
3,422
3,277
3,234
3, 291
3, 361
3,353
3,243
7,770
7,941
8,250
8,071
8,096
7,924
7,970
8,062
7,939
7,735
1,978
2,278
2,529
2,751
2,954
2,878
2,934
2,719
3,004
3,080
61.6
61.8
62.0
61.8
62.0
62.0
61.9
61.8
61.7
61.6
3,482
3,262
3,266
7,290
7,136
7,027
2,785
2,515
2,294
61.7
61.6
61.7
86,
88,
91,
93,
94,
929
991
040
240
793
84, 113
8Gt 542
88, 714
91, 011
92, 613
79,120
81, 702
84, 409
85, 936
84, 783
3,387 75, 732 * 2,440
2,408
3,472 78, 230
2,311
3,452 80, 957
2,709
3,492 82, 443
3,490
3,380 81, 403
Seasonally adjusted
824
052
250
476
700
83, 036
83, 549
84, 146
85, 444
SO, 650
86, 612
85, 274
86, 023
85, 556
85, 536
8,359
7,820
7,623
8,569
8,209
7,696
7,522
7,244
7,231
7,195
94,
94,
94,
94,
95,
95,
95,
95,
95,
95,
078
449
950
747
249
397
298
377
272
286
91,
92,
92,
92,
93,
93,
93,
93,
93,
93,
880
254
769
569
063
212
128
213
117
129
84,110
84, 313
84, 519
84,49S
84, 967
85, 288
85, 158
85, 151
85, 178
85, 394
3,268
3,301
3,528
3, 350
3,439
3,464
3, 512
3,408
3,301
3, 230
80,
81,
80,
81,
81,
81,
81,
81,
81,
82,
842
012
991
148
528
824
646
743
877
158
154, 915
155, 106
-_Mar_J" 155, 325
84, 491
84, 764
85, 588
8,174
8,033
7, 525
95, 624
95, 601
95, 866
93, 484
93, 455
93, 719
86, 194
86t 319
86, 692
3, 343
3,170
3, 179
82, 851
83, 149
83, 513
Sept....
Oct
Nov....
Dec...
1976:
Jan
Fob .
I
tltntional
153,
154,
154,
154,
154,
Jor data because
m
_ data, which added about 800,000 to the civilian
333,000 to the civilian labor force, and 301,000 to
adjustment in March 1973 added 00,000 to the
Labor
force
participation
rate
(per-3
cent)
4,993 1,182 !
4,840 1,158 j
4,304
812
5, 076 ' 937
7,830 2, 483 1
4, 993
4,840
4,304
5,076
7,830
79, 120
775 81, 702
263 84, 409
827 85, 936
449 84, 783
Unadjusted
1975:
M a r . . . . 152, 646
Apr
152, 840
M a y . . . . 153, 051
June
153, 278
July____ 153, 585
AWtSM
[Thousands of persons 16 years of age and over]
Unemployment
Civilian employment
Total
labor
Nonagricultural
15
Civilian Unem- force Civilian
AgriPart-time Total weeks
employ- ploy- (includ- labor
Total
and
for
ecoforce
culment
ing
ment
Total
nomic
over
tural
Armed
reasons1
Forces)
. 142, 596
145,
148,
150,
153,
1976
i Persons at work in nonagricultural industries.
> Total laborforceas percent of nonlnstitutlonal population 16 years of age and
over.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate declined by 0.1 percentage point to 7.5 percent in March. The rate
declined for most demographic groups, with the largest decline among blacks.
PERCENT* (SEASONALLY ADJUSTED)
f ERCENT* (SEASONALLY ADJUSTED)
20
f
*
TEENAGERS
t
» 4
l
15 -
1
V
/
W
ft
f
70
WOMEN 20 YEARS
y
AND OVER
*
MEN 2 0 YEARS
AND OVER
Li ' 1 1 1 1 1 111" in h i n '
1972
1973
1976
II
1 M 1 t
t f
1974
•UNEMPLOYMENT AS ffRCENT O f CIVIUAN UK>ft fO*CE H CROUP SPCCIFIEO.
SOUftCEi DEPARTMENT OF LABOR
II
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1971...
1972...
1973.._
1974
1975.__
1975: MarApr __
May.
June.
July.
Aug_.
SeptOct..
Nov.
Dec.
1976: Jan..
Feb..
Mar-.
Total
(all
civilian
workers)
5.9
5.6
4.9
5.6
8,5
S.5
8.6
8.9
8.7
8,7
8.5
8.6
8.6
8.5
8.3
7.8
7.6
7.5
By sex and age
By color
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.4
4.0
3.2
3.8
6.7
6.6
6.8
7.2
7.0
7. 1
6.8
7.2
7.2
7,1
<J.G
5.8
5.7
5.6
5.7
5.4
4.8
5. 5
8.0
8.3
8.o
8. 4
8.2
8.0
7,9
7.8
7.9
7.9
8.0
7.5
7.5
7.3
16,9
16.2
14. 5
16.0
19.9
20. 1
19.7
20.3
20.7
20.5
20.7
19.4
19. 8
19.0
19.6
19.9
19.2
19.1
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
White
5.4
5.0
4.3
5.0
7.8
7.8
7.9
8.3
8.0
8.1
7.8
7.8
8.0
7.8
7.0
7. 1
6.8
6.8
By selected groups
ExpeBlack rienced House- Fulland
wage
time
hold workand
other
heads
ers
races salary
workers
9.9
10,0
8.9
9.9
13.9
13.8
14. 1
14.2
14.0
13.4
14.3
14.4
14.3
13.9
13.8
13.2
13. 7
12. 5
5.7
5.3
4.5
5.3
8.2
8.2
8.6
8.9
8.6
8.4
8.3
8.3
8.4
S. 3
8. 1
7.4
7.4
7.1
3.6
3.3
2.9
3.3
5.8
5.7
5.8
6.1
6.1
6. 1
5.7
6.0
6.0
5.8
5.7
5. 1
4.9
5.0
5.5
5.1
4.3
5. 1
8. 1
8.0
8.3
8.5
8.4
S.5
8. 1
8.4
8.5
8.3
7. 9
7.3
7. 1
7.0
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.7
8.6
7.9
8.6
10.3
10.8
10,5
10.7
10.1
9.9
10.3
9.9
10.4
10.2
10.5
10.5
10.4
10.3
Labor
force
time
lost
(percent) *
6.4
6,0
5.2
6.1
9.1
9.3
9.4
9.7
8.9
8.9
8.9
9.1
9.4
9.3
8. 9
S.4
S. 1
8.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
.
Long-duration unemployment (15 weeks or longer) continued to decline in relative importance in March. After rcaching a peak of 38.6 percent of the unemployed in December 1975 # the proportion declined to 33.7 percent in March.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
DURATION OF UNEMPLOYMENT
rx
40
REENTRANTS
20
- J O B LEAVERS
NEW ENTRANTS
i 1 i i i i i
11,
1973
i
1974
1975
I.
t I t 11 i i
1976.
1S75
•SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF 1ABC*
Period
1976
COUNCIL Of ECONOMIC ADVlSEtt
[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemPercent distribution of unemState programs Insured
ployment by duration l
unem- Special
ployment by reason *
unemployUnemployment,
ployment
all
27
Insured
ment
New
Less
benefit3
5-14
15-26 weeks unem- Initial regular claims
ReenJob
Job
(thouenthan
5
proand
ploy- claims
sands) losers leavers trants trants weeks weeks weeks
grams i (unadover
ment
(unad- justed)
justed)
4,993
4,840
4,304
5,076
7,830
7,360
7,770
7,941
8,250
8,071
8,096
7,924
7,970
8,062
7,939
7,735
7,290
7,136
7,027
46.3
43.2
38.7
43.4
55.4
54.8
55. 1
56. 1
56.4
58.5
57.7
56.2
58.2
56.0
5iy. 6
51.7
48.3
49. 1
50.2
11.8
13.1
15.7
14.9
10.4
10.4
]0. 3
10.2
10.3
9.7
10.0
9.7
10.0
10.2
10.9
11.3
11.8
12.1
10.9
29.4
29.8
30.7
28.4
23.8
23.6
24.7
24.1
23.5
23.0
22.1
22.9
21.9
23.4
23.1
25.8
27.6
26.6
26. 6
12.6
13.9
14.9
13.3
10.4
11.2
9.9
9.6
9.8
8.9
10.2
11.1
9.9
10.4
10.5
11.3
12.3
12.1
12.2
44.7
45.9
51. 0
50.6
37.0
39.9
41.2
37.6
37.6
34.2
36.0
34. 1
34.4
36.9
32.5
33.2
35.7
38. 1
38.3
y not add to lOOpercent because of rounding.
,r?&3- S l a t e ( 5 0 States, District of Columbia, and Puerto EIco), ex-servlcep5? (UCX),
Federal (UCFE), and railroad (P.K) programs. Also includes
Inn i a n d s t n t e extended benefit prorrams. Does not include FSB (Federal
supplemental benefits) and SUA (Special Unemployment Assistance).
31.6
30.1
30.1
31.0
31.3
34.6
33.1
33.2
31.6
31.4
26.9
30.3
29.8
29.9
30.4
28. 1
27.6
26.3
28.0
13.3
12.3
11.0
11.1
16.5
15. 4
16.1
17.2
18.0
18.5
20.1
17.7
16.5
15.1
15. S
17.7
15. 2
13.6
13.3
10.4
11.6
7.8
7.3
15.2
10.0
9.6
12.0
12.8
15. 9
17.0
17.9
19.3
18. 1
21.2
20.9
21.5
22. 1
20.4
Weekly average, thousands
2, 150
295
2,608
1,848
261
2,192
1,632
246
1,793
2,262
363
2,558
3,973
472
4,942
3,853
501
5, 751
604
4,096
526
5,886
743
4,298
506
5,647
4,464
497
5, 202
868
4,343
501
4,892
1, 177
4,187
446
4,979
1,489
4, 108
460
4,576
1,502
4,087
454
4,238
1,312
3, 91S
460
4, 039
1,284
3,587
410
4,120
1,340
3, 199
390
4,461
1,411
1,482
2,938
346
4,962
2,807
322
1,428
4,721
2,741
348
1,339
4,361
»FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
- «
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment (seasonally adjusted) increased by nearly 200,000 in March to 78.5 million. The
largest increases were in durable goods manufacturing, wholesale and retail trade, and State and local government
employment.
' " -"
.
•
'
_•
MILUONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
(SEASONALLY ADJUSTS) .
(SEASONALLY ADJUSTED)
[ENLARGED SCALE)
80
-ALL NONAGRICULTURAL
ESTABLISHMENTS
76
WHOLESALE AND RETAIL TRADE
72
SERVICES
M
\
NONMANUFACTURJNG
(PRIVATE)
-40
DURABLE
MANUFACTURING
24
NONDURABLE
MANUFACTURING
MANUFACTURING
20
CONTRAa
CONSTRUaiON
16
/
12.
GOVERNMENT-
1?73'
1974
1976
1975
1975
1974
197Z
1OURC& MFACTMeNT O r UBOC
1976
COUNCIl OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employ- Total *
ment
1971.
1972.
1973.
1974.
1975.
1975: Feb...
Mar..
Apr...
May.
June.,
July..
Aug..
Sept..
Oct...
Nov.,
Dec.
1976: Jan.._
Feb»_.
Mar*
71, 222
73, 714
76, 896
78, 413
76, 985
76, 804
76, 468
76, 462
76, 510
76, 343
76, 679
77, 023
77, 310
77, 555
77, 574
77, 796
78, 179
78, 320
78, 511
22, 820
23, 546
24, 727
24t 697
22, 549
22, 691
22, 422
22, 328
22, 339
22, 233
22, 222
22, 418
22, 601
22, 669
22, 657
22, 743
22, 914
22, 885
22, 952
Contract
construction
Service-producing industries
Trans- Whole- Finance,
' Government
insurporta- sale
ance,
tion
and
Total
NonState
and
and Services
retail
durable
Federal and
Total Durable
public
real
goods goods
trade
local
utilities
estate
Manufacturing
3,639 18, 572
3,831 19, 090
4,015 20, 068
3,957 20, 046
3,457 18, 347
3,592 18, 375
3,467 18, 226
3,441 18, 155
3,439 18, 162
3,392 18, 100
3,395 18, 084
3,415 18, 254
3,432 18, 417
3,402 18, 493
3,409 18, 482
3,406 18, 568
3,428 18, 722
3, 361 18, 759
3,346 18, 834
10, 597
11, 006
11, 839
11, 895
10, 679
, 813
10, 728
10, 637
10, 595
10, 527
10, 465
10, 563
10, 650
10, 661
10, 653
10, 717
10, 820
10, 848
10, 914
7,975 48, 401
8,084 50, 167
8, 229 52, 169
8,151 53, 715
7,668 54, 436
7, 562 54, 113
7,498 54, 046
7,518 54, 134
7,567 54, 171
7, 573 54,110
7,619 54, 457
7,691 54, 605
7,767 54, 709
7, 832 54, 886
7,829 54, 917
7,851 55, 053
7, 902 55, 265
7,911 55, 435
7,920 55, 559
»Includes all full- and part-time wage and salary workers in nouagricultural
establishment* who worked during or received pay for any part of tho pay period
which includes the 12th of tho month. Excludes proprietors, self-employed persona, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which Include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
4,457
4, 517
4,644
4,696
4, 498
4, 565
4,506
4,508
4, 491
4,469
4, 464
4,466
4, 467
4,476
4, 496
4,477
4, 491
4, 518
4, 505
15, 352
15, 975
16, 674
17, 017
16, 947
16, 879
16, 851
16, 847
16, 857
16, 877
16, 984
17, 016
17, 045
17, 043
17, 010
17, 080
17, 233
17, 302
17, 357
3,802
3,943
4,091
4,208
4,223
4, 210
4,207
4,209
4,208
4,202
4,203
4,218
4,239
4,246
4,248
4,264
4,266
4,268
4,277
11, 903
12, 392
13, 021
13, 617
13, 995
13, 865
13, 864
13, 878
13, 889
13, 871
13, 990
14, 050
14, 113
14, 157
14, 188
14, 229
14, 307
14, 357
14, 384
2,690
2,684
2,663
2, 724
2,748
2,733
2, 733
2,731
2, 732
2,738
2,745
2,756
2, 765
2,767
2,761
2, 755
2,746
2,740
2,740
10, 192
10, C>r>()
1 1 , 071
11,451
12, 025
11,861
11,885
11,961
11,994
11,953
12, 071
12, 099
12, 080
12, 197
12,214
12, 248
12, 219
12, 250
12, 296
are not at work because of industrial disputes; and which are based on a sample
of the workiiiK-ape population, whereas tho estimates in this table are based on
reports from employing establishments.
a Includes mining, not shown separately;
Source: Department of Labor, Bureau of Labor Statistics;
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICUIiTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
Adjusted hourly earnings index—total
private
Average weekly hours
nonagricultural3
hourly earnings
Total
private
nonagri-l
cultural
Period
1967
1968
1969
1970__
1971_
1972
1973
1974__
1975
__
._
1975: Feb
Mar
Apr
A l a•Jv - t.
June.- «_„
July
Aug
.
Sept
Oct
_
Nov
Dec
1976: Jan
Feb *
Mar *
Manufacturing
Total
Overtime
Total
private
nonagri-l
cultural
Manufacturing
Index, 1907=100
Current
dollars
Percent change from,
a year earlier 4
1967
dollars *
Current
dollars
1967
dollars *
38. 0
37. 8
37. 7
37. 1
37. 0
37. 1
37. 1
36.6
36. 1
40.6
40. 7
40.6
39.8
39.9
40. 6
40.7
40.0
39.4
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6
$2.68
2. 85
3. 04
3.22
3.44
3.67
3.92
4.22
4.54
$2.83
3. 01
3. 19
3.36
3. 57
3. 81
4.08
4.41
4.81
100. 0
106. 3
113. 3
120.8
129.4
137. 8
146.6
158. 6
172.7
100.0
102. 0
103.2
103.9
106.7
110.0
110. 1
107.4
107.1
48
6.3
6.6
6.6
7.1
6.5
6.4
8.2
8.9
30. 1
35. 9
35. 9
35. 9
36.0
36. 0
36. 2
36. 1
36.2
36. 3
36. 4
38.8
38.9
39. 1
39. 0
39.3
39.4
39.7
39.8
39.8
39.9
40.3
2.4
2.3
2.3
2.4
2.4
2.6
2.8
2.8
2.8
2.8
3.0
4.43
4.46
4.47
4. 49
4.51
4.54
4.57
4.60
4.63
4.68
4.68
4.68
4.72
4.73
4.75
4.78
4.82
4.86
4.88
4. 90
4.93
4.96
167.8
169. 1
169.4
170.6
172.2
173. 1
174.6
175.2
176.7
178.2
178.6
106.7
107. 1
106.8
107.0
107.2
106.7
107.3
107.2
107.4
107.7
107.3
9.8
9.9
9.5
9.0
8.7
8.8
8.8
8.1
8.2
8.5
7.9
-1.1
36. 5
36.5
36.2
40.5
40.4
40.2
3.0
3.1
3.2
4.73
4.75
4.76
5.00
5.04
5.08
179.6
180.6
181.2
107.5
107.9
108.1
8.0
7.6
1.2
1.2
1.0
AVERAGE WEEKLY EARNINGS—PRIVATE
1.9
2.0
1.2
.7
2.7
3. 1
.1
-2.5
n
—.4
-.6
-.5
-.6
-.8
.1
.2
.5
1.1
.8
7.2
NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Percent change from a
Average gross weekly earnings
Total private nonagricultural x
Period
Current
dollars
1967
1968
1969
1970
1971
1972
1973
1974
1975
„
""". " "
1975: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
_
1976: Jan
Feb*
Mar 9
Manufacturing
1967
dollars 3
Retail
trade •
total private nonagricultural
Current
dollars
(Current dollarsj
1967
dollars
5101. 84
107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
$101. 84
103. 39
104. 38
102. 72
104. 93
108. 67
109. 2G
104. 57
101. 67
$114. 90
122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
$154. 95
164.49
181. 54
195. 45
211.07
222. 51
235. 69
249. 08
265. 35
$70. 95
74.95
78.66
82.47
86.61
90.99
95.57
101. 04
108. 22
3. 1
159. 92
160. 11
160. 47
161. 19
162. 36
163. 44
165. 43
166. 06
167. 61
169. 88
170. 35
101. 07
101. 40
101. 12
101. 06
101. 10
100. 76
101. 62
101. 57
101. 89
102. 65
102. 37
181. 58
183. 61
184.94
185. 25
187. 85
189. 91
192. 94
194. 22
195. 02
196. 71
199. 89
256. 86
250. 58
264.22
264. 20
259. 54
265. 35
267. 91
268. 04
267. 91
272. 69
278. 26
105. 30
106. 28
106. 27
107. 58
107. 57
107. 55
108. 85
108. 84
110. 14
110. 83
110.81
6.2
6.1
7.0
5.3
5.4
5.0
5.9
5.6
5.8
7.9
7.1
-4.3
-3.8
-2.9
-3.9
-3.7
-4.2
-2.6
-2.2
-1.7
202. 50
203. 62
204. 22
2S1. 24
284. 24
112. 45
112. 45
112. 43
8.1
8.4
7.6
1.3
1.9
172. 65
173. 38
172. 31
103. 32
103. 63
102. 81
14^° deludes other private industry groups shown on p. 14.
"Adjusted for Interindustry employment shuts and tor overtime In manuwnrinR
wnrinR.
Current dollar Index (or earnings) divided by the consumer price Index.
70-020 •—7G
3
Contract
construction
5.8
6.4
4.2
6.5
7.0
6.8
6.2
6.1
0.2
1.5
1.0
-1.6
2.2
3.6
.5
-4.3
-2.8
.5
.1
1.4
* Monthly changes based on Indexes to 2 decimal places.
• Includes eating and drinking places.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE ECONOMY
Hours of all
persons 2
Output 1
Period
Total
private
Private
nonfarm
Total
private
Private
nonfarm
Output per hour
of all persons
Total
private
Private
nonfarm
Unit labor
costs
Compensation
per hour 3
Total
private
Private
nonfarm
Total
private
Implicit price
deflator *
Private
nonfarm
Total
private
1967 = 100; quarterly data seasonally adjusted
1965.
1966_
1967.
1968.
1969.
92.3
97.8
100.0
104. 5
107.2
92.0
97.8
100.0
104, 7
107.5
97.5
99.8
100.0
101.7
104.4
96.4
99.5
100.0
102.0
105.2
94.6
98. 0
100. 0
102. 7
102.7
95.4
98.3
100. 0
102.6
102.2
88.5
94.7
100.0
107.7
115.3
89.1
94.6
100.0
107.4
114.6
03.5
96.7
100.0
104.8
112.2
93.4
96.3
100.0
104.7
112. 1
94,4
97.3
100.0
104. 1
109.2
1970.
19711972.
1973.
1974.
106.8
110.2
117,4
124.3
121.5
106.9
110.2
117.7
124.7
122.0
102.8
102.4
105.6
109.3
109.6
104,0
103.6
107.0
111. 1
111. 5
103.9
107.7
111.1
113.7
110.8
102.8
106. 4
110.0
112.2
109. 5
123.0
132. 1
140.0
151.4
105,7
122.4
130. 7
138.8
149.6
iea 9
119. 0
122.6
126. 0
133.2
149.6
119.0
122.9
126.2
133.4
149.7
114.3
119.6
123.8
130.8
143. 4
1975.
118.5
118.5
105.5
107.2
112.2
110.5
180.8
178.6
161. 1
161. 7
156.7
1973: I — .
II--.
Ill
IV...
123.6
123. 7
124.6
125.0
123.9
124.2
125. 3
125. 3
108.1
109.3
110.1
110.5
109.9
111. 1
111.8
112.4
114.4
113.2
113.3
113.2
112.8
111.7
112.0
111.6
147.6
149. 5
152.0
155. 5
145. 7
147.7
150.4
153.8
129.1
132. 1
134.2
137.4
129. 1
132. 2
134.2
137.8
127.2
129.4
131.8
134,6
1974: I —•
123.3
122.5
121.6
118.7
123.9
123.0
122.2
119. 1
110.4
110.3
110.0
108.4
111.9
112.2
112. 1
110.3
111.7
111.0
110. 5
109. 5
110.7
109.7
109.0
108. 0
158.4
163. 3
168. 3
172.2
157.0
161.5
165. 9
170.2
141. 8
147. 1
152.3
157.3
141.9
147.2
152.2
157.6
137.5
141.0
145.4
150. 1
1975: I—-
115.6
116.5
120. 1
121.8
115.5
116.7
120.0
121.7
105.3
104.6
105. 3
106.6
107.2
106.3
106. 8
108.5
109.8
111.4
114,0
114.2
107.7
109.8
112.3
112, 1
176.6
179.3
182.3
185.7
173.9
176.8
180. 6
183.4
160. 9
161.0
159.8
162.6
161. 5
161.0
160.8
163.6
153.5
155. 1
157. 8
160.4
II...
Ill
IV—
II —
Ill
IV—
Percent change; quarterly data at seasonally adjusted annual rates
6.2
5.9
2.3
4.5
2.6
0.3
6.4
2.2
4,7
2.7
1970_,
1971,,
1972-,
1973.
1974.
-.4
3.2
6.5
5.9
-2,2
-.5
3. 1
6.8
5.9
-2,1
1975.
-2.5
-2.9
1965_
1966_
1967.
196S_
1969,
ai
2.3
.2
1.7
2.6
-1.5
-.5
3.2
3.5
:3
3.6
3.3
.5
2.0
2.6
3.0
1.8
2.0
-.4
4.0
7.1
5.6
7.7
7.1
3.6
0.2
5. 7
7.4
6.7
1.0
3.4
3.4
4.8
7. 1
1.0
3.1
3.9
ai
3.0
3.5
2.1
2.7
.0
4.7
7. 1
2.0
3.1
2.8
4. 1
4.9
-1.1
-.3
3.3
3.8
.3
1.1
3.7
3.2
2.3
2.5
3,4
3.4
2.0
-2.4
7.2
0.8
0.0
8.1
9.5
6.8
6.8
6.2
7.8
9.5
6.0
3.1
2.7
5.7
12.3
6. 1
3.3
2.7
5.7
12.2
4.7
4.6
3,5
5.0
9.7
-as
1.3
;9
9.1
9.0
7.7
ai
9.3
1973: I —
II..
IIIIV-
10.0
.3
3.0
1.3
9.1
.7
3.7
.1
5.1
4,5
2.8
1.6
0.1
4.5
2.6
1.8
4.7
4.1
.3
2.8
-3.6
1. 1
-1,7
13.5
5.3
6.8
9.4
11.4
5.9
7.3
9. 3
8.4
9.7
6.5
9.8
8.4
9. 9
6.2
11.2
6.2
7.3
7.6
8.6
1974: I . . -
-5.6
-2.5
—2.9
-9.1
-4.7
-2.0
-2.7
-9.7
—. 5
-. 1
-1.0
-5.7
-1.6
1.0
—. 3
-6.1
5.1
2.4
1.9
3.6
-3.1
-3.6
-2.4
-3.8
8.8
11.8
11.0
10.7
13.6
15. 7
14.8
13.9
12. 3
15.9
14.3
15.0
1975: I . II_
III.
-10.2
3.2
13. 1
5.6
-11.7
4.4
11.7
5.7
-10.9
-3.4
2. 1
0. 4
1.0
6.0
9.9
.6
—.9
8.0
9.4
-.7
7.8
12.9
12.7
9.8
10.5
6.4
6.7
7.8
9. 1
6.8
8.7
6.5
9.4
;4
-2.9
7. 1
10.1
-1,1
-.7
7.2
8.9
10.6
13. 1
13.8
9. 1
4.2
- 7.4
6.6
II-.
III.
IV-
-11.2
-2.7
2.9
5.0
J Output rofors to gross domestic product originating in the soctor in 1972 dollars.
»Hours of all persons in private Industry engaged in production, including
^tabiiSSSSrtd!^
u n p a l d faially w o r k c r s E s t l m a t o s b a s e d
-
p
rlraaril
y
inLli'JSSl^JS 1 * 1 !! 6 ! 0 ' "ppjoyoes plus employers' contributions for social
insiirancoand
private
benefit Jplans. Also includes an ostlmato of wages, salaries,
and supplemental
payments
i for the solf-employed.
16
* Current dollar gross domestic product dividod by constant dollar gross domesNOTK.—Percent changes wo from preceding period and are based on original
data; thoy therefore may differ slightly from percent changos based on indexes
shown hero.
Sourco: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.6 percent in March, following rises of 0.7 and 0.8 percent in February and January, respectively. A l l major market groups contributed to the March increase.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE]
80"
~
180
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
140
160
120
^ / *
\
UO r
100
120
UTILITIES
MINING
/ * • - * " * *
ttl!|1|l||l iitiiiiini 11 Ll 111 l i t 1 iniilmii ii i ii 1 i.n I l
1975
1974
1973
1976
''
* *
v
V
\
100
MANUFACTURING PRODUCTION
111f i f f r i I I
1972
? r 111Ii 111 r| M 11111 1 M M M tin it i I t i i l i l l l T 1
1973
1974
1975
1976
" MANUFACTURING CAPACITY
UTIUZATI O N RATE
•———N,
80
70
100
i
1972
1972
1976
1973
1973
1974
1975
t
i
1976
* SEASONALLY ADJUSTED
COUNCfL OF CCONOMJC ADV1SKS
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1067 proportion
1970
1971.
1972.
1973.
1
1975: Mar
Apr
May
J
y
Aug__
Sept
Oct
Nov
Dec._
1076: Jan.
Fob *_
.
Mar »
Total industrial
production
Percent
Index,
change
1967=
from
100
year
earlier
100. 00
110.7
106. C
100. 8
115. 2
125. C
124.8
113.7
110. 0
109.9
110.1
111.1
112.2
114.2
116.2
116.7
117. G
119.4
120.2
120.9
4.7
-3.7
.2
7.9
9.0
-.6
-8.9
-11.7
-12.0
-12.4
-11.7
-10.6
-8.8
-7.5
-6.5
-3.4
.9
5.0
8.1
9.9
Percent of capacity.
-, data entered In last month of quarter,
mal data are averages of quarterly dcta.
[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing
Total
Durable
Nondurable
88,65
110.5
105. 2
105.2
114. 0
125. 1
124.4
112. 1
107.7
107.9
10&2
109.5
110.6
112.8
114.7
115.8
116.3
117.0
118.0
119.3
119.9
52,83
110.0
101.4
99.4
108. 4
122.0
120.7
105. 7
103.5
103.3
102.5
103.2
103.4
105. 4
107.0
107.6
107.8
108.1
109.0
110.3
111.2
111.1
110.6
113.5
122. 1
129.7
129.7
121.4
113.7
114.8
116.2
118.6
120.8
123.4
125.7
127.2
128.7
130.0
131.2
132.1
132.6
Mining
6.88
107.2
109.7
107.0
108. S
110.3
109. a
100. G
108.9
108.5
105.9
106.3
100.4
105. 0
105. 3
10G. 4
106.9
105.4
106.0
102. 9
107.2
Utilities
6.07
119. 5
128.3
133. 9
143. 4
152. G
149.9
153. 9
154. 1
153.1
152.3
152.6
153. 9
154.6
156. 1
152. 9
153.9
155. 8
157. G
158.7
159.6
Manufacturing capacity utilization
rn.t.p_ nornrmt
rate,
percent *
Federal Reserve
3
series*
ComWharTotal
merce
ton
Major
4
manuscries s 5
series
matefacturrials
ing
J_
86.5
78.3
75. 0
78.6
83.0
78.9
68.7
68.2
90.0
86.2
85.3
89.6
93.0
87.0
74.9
70.0
85
81
80
83
SO
83
77
75
95.6
87.9
85.3
89. G
95.8
91. 3
79.3
78.3
67.0
70.9
75
77.2
69.0
78.1
79
79.8
70.7
"8O~4
"79
"82."6
7L8
80.6
' Quarterly data ore for last month in quarter. Annual data arc averages of four
monthly indexes.
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and V* harlon School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Products
Final products
Consumer goods
Period
Total
NonDurable durable
goods
goods
20.66
7.86
105. 0
110.9
110. 1
113.7
112.4
104.8
115.9
115. 1
122.8
125.7
129.0
138. 9
129.2
127.9
128.4
112.5
124.2
103. 1
124.0
107.8
125. 3
110. 5
127. 2
113.2
129. 0
115.9
129.4
116.1
130. 1
118.3
130. 5
118.3
132.7
118. 8
134.4
119.5
134.8
120.8
135. 0
122.4
135.4
123.8
Total
1967 vrovortion
1968
1969
1970
1071
.
1072
1973
1974
1975
1975: Mar
Apr --»
May
June
July
Autr
- Sept
Oct
Nov
Dec
1976: Jan
Feb »
_
Mar*
_._.__ 48. 94
105. 8
109.0
104. 5
104.7
111.9
121.3
121.7
115. 5
112,2
--- 112.6
113.7
114. 5
115. 7
. . . _ 115.9
11G. 9
117.0
117.9
119. 0
119.7
_
12a 5
121.0
28.53
106. 6
111.1
110.3
115. 7
123. 6
131.7
128.8
124.0
118.2
119.7
121.2
123. 3
125. 5
125.7
120. 8
127,0
128.9
130.2
130. 9
131.6
132.2
Equipment
Intermediate
products
Total
Business
Total
20.4$
104.7
106. 1
96.3
89.4
95. 5
106.7
111.7
103. 6
103. 9
103. 0
102.9
102.2
102,2
102. 3
102.8
102. 6
102. 5
103.5
104.2
105. 0
105.4
12.74
103. 4
107.9
101.4
96.8
106. 1
122.6
129.4
116.7
117.0
115.4
115. 0
113. 9
113.9
114.9
11"). 6
115. 7
110. 5
118.2
119.1
120. 6
121.4
IS. 27
105.7
112.0
111.7
112.5
121.1
131.0
128.3
116.3
112.7
113.4
112.4
112.8
114.3
115.4
116.0
117.0
118.5
120.3
122.2
122.9
123. 3
Construction
5. 93
106.2
113.0
110.0
112.6
120. S
133.8
120. 6
112.2
109.1
110, 1
107. 6
106. 8
108.0
109.3
112,0
112. f>
112. 5
114.2
116. 7
117.0
117.2
Materials
Supplemen tary
croun*
liinergy
total
37.79
105.7
112.4
107.7
107.4
117.4
129. 3
127.4
110.5
105.9
105. 2
104.9
106.0
106.8
111.5
115. 1
116.5
116.8
116.8
118. 1
118.8
120.2
11.21
130. 7
127. 3
128. 0
127.7
127.2
126.6
128.2
129.0
128.2
129. 1
127, 9
127,8
127.8
128.0
127.9
129. 6
[1967=100, seasonally adjusted]
Primary metals
Period
1967 proportion.
1968
1969
_m
1970.._
._
1971
1972
1973
_.
1974
1975
1975: Mar.
Apr.
May.
June.
July.
Aug.
Sept_
Oct..
Nov.
Dec..
1976: Jan_.
Feb *
Mar »
Total
Iron
and
steel
6.61
103.2
114. 1
106.9
100.9
113.1
127. 0
124. 1
97.0
98.1
95.0
89.9
91.8
92.8
90.5
97.2
97.0
98.1
95.1
99.9
103.9
105.5
4*23
103.6
113.0
105. 3
96.6
107.1
121.7
119.9
95.9
103. 1
99.4
90.1
88.7
87.0
90.4
91. 3
93.2
96.0
92.2
96.2
101.3
103.0
Nondurable manufactures
Durable manufactures
Transportation
ChemiTexequipment
FabriPaper
icals,
MaFoods
cated
Motor Lumber tiles,
and
petrochinand
apparel, printand
metal
vehicles
leum, tobficco
Total
ery
products
and
products
and
ing
and
leather
parts
rubber
6.93
106.3
113. 6
109.4
107.4
114.8
130. 5
131.4
114.8
112.9
112.4
110.9
110.9
109.7
112.7
116. 1
115. 9
117.3
117.3
117,7
118.7
119.2
Source: Board of Governors of the Federal Reserve System.
18
17.40
101.9
106.8
100. 3
96. 2
107. 5
125. 8
128. 1
112.8
112.2
110.8
109.0
108.2
108.4
110.0
111.7
112.9
114.2
115.1
114.9
115.9
116.7
9.29
109.7
107.6
90.4
92. 9
99.0
109.1
96.9
88. 3
81.0
84.7
87.6
90. 5
91.0
92.9
94. 3
94.7
94.1
95.5
94.2
95.9
97.4
4. 56
117.7
115. 4
96.9
114. 1
123. 1
138. 1
113,2
98.0
85. 4
93. 1
95. 0
100.0
103.2
107.2
110. 1
111.0
109.4
110.4
109. 6
113,7
117.7
1.65
104.8
108. 6
106.3
113. 9
122.4
127.9
120.1
109. 6
99.8
104.1
108.0
110.3
112.0
114. 5
115. 5
116.8
115.0
110.1
122.2
121.4
6.90
104.9
105. 9
100,2
100.7
108. 1
115. 0
108,9
97.8
87. 5
90.4
93.2
94.9
97.4
100. 2
104.0
106. 0
108.4
109.7
110. 5
110.6
110. 6
7.92
104.2
109. 1
107.8
107.8
116, 1
122.2
121.0
109.6
104.2
102.4
10&9
107.3
107.4
110.8
113. 9
114.8
114.7
116.8
119.2
120.0
120.7
1U92
109. 6
118.4
118.2
124.7
137.8
149. 3
151. 7
140.3
130.2
131.0
132.4
136. 2
140. 1
143.6
146.2
148. 5
150. 2
151. 1
151. 5
153. 5
154.2
9. 48
103. 6
107. 5
110.8
113.7
117.6
121.9
124.8
124. 5
120.0
122. 5
122.4
1.23. 5
124.8
125. 2
126.0
126. 3
128.0
129.3
130.7
131.2
131.9
NEW CONSTRUCTION
Private
Total new
construction
expenditures
Period
Construction contracts8
Residential
Total
Commercial and
industrial
New
housing
units
Total»
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of dollars
1969
1970
1971
1972
1973
1974
1975
_.
_
93.9
94.9
110.0
124.1
136. 0
135. 5
130.8
ea o
33.2
31.9
43.3
54.3
57.6
47.0
43.0
66.8
80.1
93.9
103.4
97.1
90.0
25.9
24.3
35. 1
44.9
47.9
37.3
31.3
16.2
16.3
17.0
18.1
21.7
23.8
20.7
16.6
18.6
19.8
21.5
24.1
26.2
26.3
28.0
2& 1
29.9
30.2
32.5
38.4
40.7
Seasonally
adjusted
Seasonally adjusted annual rates
1975: Feb
Mar
Apr
}fay
June
July
Aug
Sept
Oct
Nov.
Dec
1976: Jan »
Feb"
_
128.9
. 125. 5
12]. 0
121.7
126. 9
129. 0
132. 1
137.0
135. 8
138. 0
138.0
134. 3
132. 5
89.0
85. 7
84.7
84.3
85. 0
88.3
90.6
93.0
93.4
96. 0
96.5
97.0
98.1
38. 5
38.0
37.6
38.5
40.4
43.3
45.3
46.1
47. 1
48.3
49. 1
48.9
49.4
27.4
26.9
26.8
27.6
28. 9
30.6
32. 1
33.2
34.9
36.7
37.6
37.5
38.2
»Includes nonhousekceping residential construction and additions and alterations,
not shown separately.
a
F. W. Dodge scries. Relates to 50 States beginning 1069 for value Index and
beginning 1971 for floor space.
23.7
20.9
20.3
20.3
19.4
19.7
20.2
20.3
20.0
20.4
19.9
19.3
20.4
123.7
123. 1
145.4
165. 3
179.5
169. 7
166.0
26.8
26.8
26.9
25.4
25. 1
25.4
25.2
26.5
26.4
27.3
27.4
28.8
28.2
39.8
39.8
36.3
37.4
41.9
40.6
41.5
44.6
42.4
42.0
41.5
37.3
34.4
140
150
186
202
201
165
208
157
166
148
137
183
170
883
743
727
854
1,010
840
569
Seasonally
adjusted
annual
rates
558
476
683
537
606
631
519
601
649
504
609
462
496
Note.—New construction expenditures scries beginning 1976 not strictly
comparable with earlier data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. \V. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Units started, by type of structure
Total
1969
1070_
1971
1972
1973...
1974...
1975____
1975: MarApr
_.
May
June
July
Aug
Sept
Oct
Nov._
Dec
1976: Jan »
Feb*
Mar » . .
—1
lunit
1, 4G6. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
810. 6
812.9
1, 151. 0
1,309.2
1, 132. 0
888.1
892.2
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,283
1,236
1,562
1,444
763
774
853
874
916
979
966
1,093
1,048
962
957
1,297
1,135
Seasonally adjusted.
Quarterly data entered in last month of quarter.
2-4
units
5 or more
units
New private homes
Units
authorized
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of1
units
(percent) *
period
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
924.4
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
448
485
656
718
620
501
544
222
220
287
409
450
402
378
5. 5
5.3
5.4
5.6
5.8
6.2
6.0
Seasonally adjusted annual rates
677
177
46
837
163
45
179
912
53
150
56
949
215
76
1,042
218
67
995
262
76
1,095
235
103
1,079
254
79
1,085
244
77
1,028
1,120
70
209
1,134
67
198
1,156
73
236
1,314
1,244
1,269
1,202
1,261
1,267
1,315
1,115
1,386
1,329
1,211
1,270
466
556
554
551
548
573
571
G10
660
G42
563
646
395
388
383
370
381
378
384
389
381
378
383
390
6.1
85.0
84.8
120.3
141.3
118.3
68.1
64.0
571.2
535.9
780.9
906.2
795.0
381.6
204.3
6.3
6.2
5.4
1 """
Source: Department of Commerce, Bureau of tho Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $1,5 billion in February, with retail stocks accountins for nearly half of the increase.
Business sales rose 1.7 percent. Retail sales rose briskly in March b y 2.8 percent, according to preliminary estimates.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
300
TOTAL BUSINESS
INVENTORIES
200
A
TOTAL BUSINESS
SALES
-INVENTORY-SALES RATIO
100
MO
m jjj.mii
1972
1973
1974
1975
1972
1976
1975
' S E A S O N A U Y ADJUSTED
SOURCE, WfA«TM£NT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
Total business x
Inventories s
Sales
Inventories 3
Inventory-sales
ratio «
Retail-
Wholesale
Inventories
Sales
Period
I
Durable
goods
stores
Total
DurNonable
durable
Total
goods
I goods
stores
stores
Nondurable
goods
stores
Total i
busi- I Retail
Millions of dollars, seasonally adjusted
1970
1971
1972
1973
1974
1975
___.
1975: Fcb
Mar....
Apr
May....
June
July...
Aug
Sept...
Oct
Nov...
Dec
1976: Jan
Feb ».._
Mar *__.
104,
112,
124,
143,
163,
168,
163,
159,
162,
163,
165,
169,
172,
173,
175,
173,
170,
179,
182,
736
315
289
823
991
009
388
176
744
349
803
251
301
353
017
826
960
027
067
175,
184,
197,
224,
271,
264,
501
711
692
401
050
770
270,
268,
266,
264,
263,
263,
264,
265,
266,
266,
264,
252
449
970
335
749
345
662
087
867
064
770
266, 285
267, 769
20, 583
22, 327
24, 862
30, 400
37, 344
36, 583
37, 120
35, 590
35, 228
35, 442
36, 186
36, 567
37, 166
37, 604
37, 449
37, 018
37, 300
38, 159
38, 741
27,
29,
32,
38,
46,
45,
290
695
817
302
564
115
45,
45,
45,
44,
44,
44,
45,
45,
45,
45,
45,
951
527
303
558
850
653
501
625
715
554
115
45, 645
46, 097
31, 294
34, 071
37, 365
41, 943
44, 815
48, 702
46, 914
45, 951
46, 813
48, 173
48, 578
49, 655
49, 925
49, 549
50, 165
50, 293
51, 990
51, 592
52, 414
53, 869
» The term "business" also includes manufacturing (sec page 21).
* Monthly average for year and total for mouth.
1
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average Inventories to average- monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
9,524
10, 985
12, 472
14, 190
13, 943
15, 060
14, 664
13, 378
14, 165
14, 703
14, 965
15, 432
15, 506
15, 440
15, 775
15, 703
16, 877
16, 730
17, 296
17, 697
21, 770
23, 086
24, 893
27, 754
30, 872
33, 642
32, 250
32, 573
32, 648
33, 470
33, 613
34, 223
34, 419
34, 109
34, 390
34, 530
35, 113
34, 862
35, 118
36, 172
46, 626
52, 571
57, 156
65, 229
74, 082
73, 081
72, 308
71, 728
71, 483
70, 826
70, 840
71, 503
72, 578
73, 049
74, 642
73, 839
73, 081
73,610
74, 344
20, 345
23, 864
26, 056
29, 593
34, 649
33, 592
32, 956
32, 460
32, 375
32, 086
31, 909
32, 270
33, 324
33, 471
33, 813
33, 712
33, 592
33, 510
33, 490
26, 281
28, 707
31, 100
35, 636
39, 433
39, 489
39, 352
39, 268
39, 108
38, 740
38, 931
39, 233
39, 254
39, 578
40, 829
40, 127
39, 489
40,100
40, 854
1.04
1.61
1.53
1.46
1. 50
1. ">9
1.65
1.47
1.47
1.46
1.46
1.54
1.49
1.54
1.56
1.53
1.47
1.46
1.44
1.45
1.47
1.49
1.47
1.41
1.43
1.42
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS5 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders increased 2.3 percent in February to an all-time high of $90.2 billion. Transportation
industries—largely motor vehicles and shipbuilding and railroad equipment—accounted for most of the increase.
Shipments were up 1.8 percent and inventories were up $298 million.
BILLIONS OF DOLLARS* fRATIO SCALE)
BILLIONS OF DOLLARS* (RATIO 5CAL9
NONDURABLE GOODS
20 I'Miilniii n n i l m i i i milnin i i i i i i n n i mnlitm
BILLIONS OF DOLLARS*(RATIO SCALE)
INVENTORY-SHIPMENTS RATIO
TOTAt r
"ih.
20
|ttiif
1976
1972
itU*
1972
•SEASONALLY ADJUSTED
SOUBCEi DEPARTMENT O f COMMERCE
• • ^
Mill!TIT!!
1973
^1
^
mnf
tmt nmtnni H T t t t f t t H
1974
1975
1976
COUNCA OF ECONOAAIC ADVtSStt
Manufacturers' new orders 1
Durable goods
Capital
NonNongoods durable
Durable durable Total
Total
indusgoods
goods
Total
goods
tries,
nondefense
Millions of dollars, seasonally adjusted
101, 645 66, 768 34, 877 52, 146 27, 514 7, 055 24, 632
102, 445 66, 050 36, 395 55/754 29, 773 7,324 25, 981
107, 719 70, 218 37, 501 63, 015 34, 368 8,487 28, 648
120, 870 79, 441 41, 429 73/992 41, 253 10, 310 32, 738
150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009
146, 574 95, 754 50, 820 81, 351 40,048 10, 261 41, 302
151, 993 100, 082 51,911 76, 694 37, 578 9,970 39,116
151, 194 99, 879 51, 315 74, 175 35, 785 9,522 38,390
150,184 99, 803 60, 381 78, 008 38, 391 10, 309 39, 617
148, 951 99, 378 49, 573 78, 900 39, 575 10, 302 39, 325
148, 059 98, 796 49, 263 79, 789 39, 282 10, 138 40, 507
147,189 98,189 49, 000 83,304 41,435 10, 728 41, 869
146, 583 97, 199 49, 384 85, 137 42 176 10, 392 42, 961
146, 413 96, 640 49, 773 85, 482 42, 256 10, 214 43, 226
146, 510 96, 215 50, 295 86, 336 42, 307 10, 689 44, 029
146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44, 363
146, 574 95, 754 50, 820 86, 754 42, 837 10, 150 43, 917
147, 030 95, 664 51, 366 88,190 43, 284 10, 351 44, 906
147, 328 95, 696 51, 032 90, 243 45, 017 10, 710 45, 226
47, 932 11, 036
Manufacturers' shipments Manufacturers' inventories Period
1970
1971
1972. .
1973...""
1974_
1975____":
1975: Feb..
Total
52, 859
55, 917
62, 062
71, 480
81, 832
82, 724
79, 354
77, 635
r
80, 703
May., 79, 734
June.. SI, 039
July.. 83, 029
85, 210
Sept. 86, 200
Oct.. 87, 403
Nov. 86, 515
D
87, 016
1976: Jan,. 89, 276
90, 912
• . - Mar *
£p --
NonDurable durable
goods
goods
28, 229
29, 948
33, 489
38, 806
42, 744
41, 527
40,132
39, 250
41, 221
40, 494
40, 757
41, 354
42, 444
43, 192
43, 607
42, 352
43, 681
44, 570
45, 700
47, 214
24, 629
25, 969
28, 573
32, 674
39, 089
41, 197
39, 222
38, 385
39, 482
39, 240
40, 282
41, 675
42, 760
43, 008
43, 796
44, 163
43, 935
44, 700
45, 212
1 *? on »? lly a^exuge for year and total for month. Shipments are the same as sales.
i v ° ? vtBlUe* e n d °* Period.
' E n d of period.
•For annual periods, ratio of weighted average inventories to average monthly
Manufacturers'
unfilled3
orders
77, 093
75, 081
86, 608
117, 034
137, 328
120, 659
131, 499
128, 043
125, 347
124, 513
123, 271
123, 545
123, 477
122, 761
121, 697
121, 530
120, 659
119, 576
118,907
Manufacturers1
inventory—
shipments
ratio 4
1.89
1.82
1.09
1.58
1.64
1.80
1.92
1.95
1.86
1.87
1.83
1.77
1.72
1.70
1.68
3.70
1.67
1.65
1.62
shipments; for monthly data, ratio of Inventories at end of month to shipments for
month.
• " Source: Department of Commerce, Bureau of the Census.
, 21
PRICES
WHOLESALE PRICES
In March the wholesale price index rose 0.2 percent (also 0.2 percent after seasonal adjustment). Prices of farm
products and processed foods and feeds dropped 0.9 percent (0.2 percent seasonally adjusted). Industrial commodity
prices were up 0.6 percent (0.4 percent seasonally adjusted).
_ _ _ _
INDEX, 1967= 100 (RATIO SCALfl
1220
INDEX. 1967=* 100 (RATIO SCALE)
220
200
200
180
180
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS J
160
160
140
140
120
120
100
100
1974
1968
1975
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE. MPAATMENT OF L U O *
[1967=100]
Farm
products Indusand
trial
processed commodfoods
ities
and
feeda
All
commodities
Period
100819f»91970.
1971.
1972.
1973.
1974.
1975-
102.5
100.5
110.4
113.9
119.1
134.7
160.1
174.9
1975: Mar
Apr
May
June
July
Aup
Sept
Oct
Nov
Dec
1976: Jan..
Fob..
Mnr_
170.4
172,1
173.2
173,7
175.7
176.7
177.7
178.9
178.2
178.7
179.4
179.4
179.8
_
102.4
108.0
111.7
113.8
122.4
159.1
177.4
184.2
Unadjusted
174,9
178.8
181.2
182,3
188.2
189.0
190.4
190,5
186.1
186.0
184.6
182.0
180.3
Special groupings
Farm
products
Processed
foods
and
feeds
102.5
106.0
110.0
114,0
117.9
125,9
153.8
171, 5
102.5
109.1
111.0
112.9
125.0
176.3
187.7
186.7
102,2
107.3
112.1
114.3
120.8
148.1
170.9
182.6
168.9
169.7
170.3
170.7
171.2
172.2
173. 1
174.7
175.4
176.1
177.3
178. 1
179. 1
169.7
178.1
186.0
184.5
189.9
192.7
196.9
199.9
196.1
197.2
192.6
187.7
185.9
177.5
180.7
181.0
180.4
182.5
184.8
185.3
186.6
184.3
181.8
178.3
175.5
175.9
» Excludes crude foodstuffs and foodstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
* Include* supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Crude
mate-1
rials
Inter- Producmediate er finmate-3
ished
rials
goods
102.6
102.0
103.5
106.1
110.6
106.9
110.0
118,8
111. 9
114.3
122.7
116.6
118.9
131.1
119.5
128.1
155.2
123.5
159.5
219.1
141.0
178. G 162.5
225.1
Seasonally adjusted
217.1
176.
159. 9
219.6
176.
160.9
222.5
176.
161.3
224.1
176.
161.8
224.5
177.
162.6
226.5
178.
163.1
232.9
179.
164.3
231.4
181.
166. 3
227.4
183.
167.1
235.4
184.
167.9
237.3
185.2
169.1
232.9
185.7
170.0
240.9
186.3
170.7
Consumer finished goods
excluding foods
Total
NonDurable durable
102.1
104.6
107.7
111.2
113. 5
118.6
138.6
153. 1
102.2
104.0
107.0
110.9
113.2
115.8
126.3
138.2
102.2
105.0
108,3
111.3
113.6
120.5
146.8
163.0
150.0
150.3
150. 8
151.5
152.6
153. 9
155. 4
157.0
158.2
158.9
159. 1
159.4
159.1
136. 9
137.0
137.0
137.3
137.4
137.8
138.8
140.7
141.8
141.9
142. 5
142. 8
143.1
158.7
159.2
159. 9
160.8
162.4
104.4
166.3
167.9
169. 0
170.1
170.2
170.4
169.7
Note.—Seasonally adjusted data revised beginning 1967.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In M a r c h , the consumer price index rose 0.2 percent (also 0.2 percent seasonally adjusted). Food prices declined
0.7 percent (0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.3 percent seasonally
adjusted) and services prices were up 0.6 percent (0.7 percent seasonally adjusted).
INDEX, 1967-100 (RATIO SCALE)
220
INDE*, 1967«100 (RATIO SCALE)
1220
200
100.
1975
1963
1976
couNcn. or .ECONOMIC ADVBEKS
SOUftCEi DEPARTMENT OF LABOlf
[1967=1001
Period
1968
1969.
1970.
1971.
1972.
1973.
1974.
1975.
All
items
Food
Commodities
less
food
104. 2
109. 8
116. 3
121 3
125 3
133. 1
147 7
161.2
103. 6
108. 9
114. 9
118 4
123 5
141. 4
161 7
175. 4
103. 7
108. 1
112. 5
116 8
119. 4
123. 5
136 6
149. 1
Services
commodities
All
105. 2
112.5
121.6
128. 4
133.3
139. 1
152. 1
166.6
103.7
108.4
113.5
117.4
120.9
129.9
145. 5
158. 4
103.6
108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
Food
at
home
Food
away
from
home
103. 2
108.2
113.7
116.4
121.0
141.4
162.4
175.8
105.2
111.6
119.9
126. 1
131. 1
141.4
159. 4
174. 3
June
Julv
Aug__._
Sept
Oct
Nov_.
Dec...
160. G
162.3
162.8
163. 0
164.6
165.6
166.3
1976: Jan
166.7
F o b . . . 167. 1
Mar... 167.5
Services
Durable
Nondurable
103. 1
107.0
111.8
116.5
118.9
121.9
130.6
145. 5
104.1
108.8
113.1
117.0
119.8
124.8
140.9
151.7
105.2
112.5
121.6
128.4
133.3
139. 1
152. 1
166.6
146.6
147.4
147.9
148.5
149. 8
150.7
151.2
151. 7
152. 2
152.8
143.2
144.4
144.8
145. 4
146.2
147.0
147.6
148.1
148.5
149.2
148.9
149.5
150.0
150.7
152.4
153.7
154 4
154.8
155.3
163.3
164.3
164.9
166.0
166.9
167.6
169. 0
170.0
171.7
172.8
153.1
153.5
153.9
149.7
150.6
151. 7
155.6
155.7
155.6
174.7
176.0
177.2
All
103.7
108.1
112.5
116.8
119.4
123.5
136. 6
149.1
Seasonally adjusted
Unadjusted
172.0
173. 1
155.0
155.6
156. 5
157. 6
159. 6
160.1
160.6
161. 5
162.2
162.9
170.6
171.0
172.5
174.6
177.8
177.5
178.0
179.6
180.0
181.0
174,9
176.1
177.2
163.1
162.7
162.4
181.2
179.4
177.9
174.4
178.6
178. 1
177.8
179.0
179.8
180.7
146.0
147.2
148.1
148. 9
149.9
150. 7
151.4
152.2
152. 6
152.8
163.2
164.1
164.5
165.7
166.6
167.4
169.1
180.8
180.0
178.7
152. 3
152.7
153.3
1975: M a r . . . 157. 8 171.3
Apr
158. G 171.2
M a y . . . 159. 3 171.8
Commodities less food
Food
Alt
All
na i
170. 3
170.6
172.3
174.9
178.6
178.1
178.4
180.2
181.2
182.1
181.4
178.6
176.5
171.8
172.4
173. 1
173.4
174.5
175. 3
176.4
177.5
178.6
179.5
180.9
182.4
183.3
isa 4
Source: Department of Labor, Bureau of Labor Statistics.
70-029°—
23
CHANGES IN WHOLESALE PRICES
Percent change from 3 months earlier;! Percent change from 6 months earlierseasonally adjusted annual rates t seasonally adjusted annual rates '
Percent change from preceding
period; seasonally adjusted *
Period
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
All
commodities
Processed
foods
and
feeds
Farm
products
1967..
1968..
19G9-,
1970..
1971.
1972.
1973.
1974.
1975.
1.0
2:8
4.8
2.2
4.0
6.5
15. 4
20,9
4.2
-2.7
4.4
&4
-4.7
8.1
18.7
36.1
-1.9
5.5
-1.2
3.0
6.8
.8
4,7
11.6
20.3
20.9
-3,8
1.9
2.7
3.9
3.6
3.2
3.6
10.7
25.6
6.0
1975: Mar
Apr.
May_
June
JulyAug-.
Sept-,
Oct.
Nov.
Dec.
-.5
.9
.6
.0
.8
.9
.9
1.1
.1
.3
-1.2
4.9
4.4
-.8
2.9
1.5
2.2
1.5
-1.9
.6
-2.3
1.8
.2
-.3
1.2
1.3
.3
.7
-1.2
-1.4
;2
.2
.2
.4
.7
.9
1.2
.7
.6
-5.2
-.9
4.5
6.5
5.9
6.9
10.8
12.2
8.9
6.5
-30.9
-1.6
1976: Jan.
Feb.
Mar-
—.2
-.3
.2
-2.3
-2. 5
-1.0
-1.9
-1.6
.2
.5
.1
.4
.9
-.9
-1.3
-13.8
-16. 1
-21.0
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
I
-2a 7
-9.2
37.7
39.7
-1. 3
6,7
4. 0
8. 7
11, 3
9. 3
-1. 1
-7. 3
29.3
15, 2
29.7
22.8
7.2
.6
-16. 6
— 17. 8
-12. 4
3.9
1.4
1.7
2. 1
2.9
5.1
8.0
11.8
11.9
10.8
4-0
1.4
—. 1
.5
2.5
5.7
8.6
9.0
7.9
8.6
-13.6
-12.0
-5.9
-1.7
12.8
26.0
34.6
26.0
11.2
14.2
7.5
4.6
3.7
6.4
3.9
2.5
2.9
-5.1
-10.9
1.5
-3.2
-9.6
-ao
-2.8
3.6
9.0
6.6
3.7
1.6
-4.5
-9.8
-9.9
7.6
4.9
3.4
3.0
2.1
3.3
5.0
7.2
8.4
9.4
9.6
8,2
7.2
Note.—Seasonally adjusted data revised beginning 1907.
Source: Department of Labor, Bureau of Labor Statistics.
» Annual changes arc from Deccinlrer to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percent change from preceding
period; seasonally adjusted l
Period
All
items
Food
Commodities
less
food
Percent change from 3 months earlier; Percent change from 6 months earlier;
seasonally adjusted annual rates
seasonally adjusted annual rates
Services
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
3.0
4.7
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
1.2
4.3
7,2
2.2
4.3
4.7
20. 1
12.2
6.5
3.1
3.7
4. 5
4.8
2.3
2.5
5.0
13.2
6.2
4.0
6. 1
7.4
8.2
4. 1
3.6
6.2
11.3
8.1
1975: Mar...
Apr
May-June_.
July...
Aug...
Sept
Oct..,
Nov...
Dec...
.4
.5
.5
.7
1.0
.4
.4
.6
,6
.5
-.3
.2
.9
1.2
1.8
-.2
.3
.9
.6
•6
.6
.5
.3
.4
.9
.6
.3
.3
.3
.4
.6
.6
.4
.7
.5
,4
.8
.6
1.0
.6
6.6
5.7
r>. 7
7.0
9. 1
8.5
7.4
5.8
6.8
7.3
0.5
-, 7
3.3
9.7
16.9
12. 1
8. 0
4. 1
7, 2
8.3
8.0
7.7
6.2
5.3
6.7
7.8
7.5
5.2
4.0
4.3
9.3
8,2
6.3
6.8
6. 5
6.7
7.4
7.6
10.2
9.3
8.6
7,9
7.0
6.8
7.4
7. 1
7.2
7.4
7.7
7.4
6.6
5. 1
4.6
5.0
7.7
7.6
8.9
10.3
9.6
8.2
8.7
8.2
7. 1
6.6
7.2
7.0
6.4
5,9
5.9
5.9
1976: Jan. „
Feb...
Mar
.4
.1
:2
,2
.3
;3
1.1
.7
;7
6.5
4.4
2.9
3.6
-2.6
-7.9
3.7
3,5
2.9
11.5
30.4
10.6
6.1
5,6
5.1
3.9
2.2
—. 1
4.5
3.8
3.6
1%7
1968
1909
1970...
1972
1973
1974
1975
-.2
-1.0
» Annual changes arc from December to EccciLfccr (ur.edjuttcd).
24
Services
•
Ecurce: J^cpartiLcnt of Later, Bureau of l a l o r Statistics.
9.9
9.2
8.4
S. 0
• !•?
f>. 5
7. 1
7. 1
8.4
8.4
9.6
10.3
9.9
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 11/2 percent in the month ended March 15. Contributing most to the decline were
lower prices for hogs, milk, eggs, and cattle. Partially offsetting were higher prices for lettuce, tomatoes, lemons, and
cotton. Prices paid rose 1/s percent. The actual parity ratio was down 2 points, and the adjusted ratio 1 point.
INDEX, 1967=100 (RATIO SCALE)
220
220
200
200
KJ
180
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
160
\
/ . ' • • " " ' \
140
140
PRICES PAID |
M l ITEMS, INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
I i I i I 1 LJ 1 L Li l l l l l l l i n
II'1
I n
1 1 1 ! 1 I 1 11 1
11111111111
I f 1 f t 1 1 M 1-1
111111
! 1 1 1 1 1 1 M 1r r!' i i-f T i
T
r
T
i
110
110
PARITY RATIO [ACTUAL)
100
100
Ai
90 80
90
80
70
70
in t I 1 I . i r t
i 11 i i . i .
60
1968
1970
1969
1
1971
I
1972
I
1973
1 ,|
1 if i fi 1 1 1 1 • 1 1 1 1 1 1
1974
1975
M
•
i
i 11 I • •
• • i
60
1976
J / RATIO OF IKDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14*100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT O f AGMCULftftE
Prices paid by farmers
All
items,
ProducFamily
Livestock interest,
tion
and
living
taxes, and
items
products wage
items
rates
Index, 1967-100
Prices received by farmers
Period
1968
1969
1970
1971..
1072
1973
1974...
1975___
1975: Feb 15_
Mar 15.
Apr 15_
Mav 15
_
June 15_ _
July 15
Aug 15
Sept 15
Oct 15
Nov 15___
Dec 15
1970: Jnn 15
Fob 1 5 Mar 15
All farm
products
_„
!
__
103
108
110
112
126
172
184
181
1G8
165
170
178
1S2
187
187
194
193
185
187
186
187
184
Crops
101
97
100
107
116
164
214
194
192
185
188
189
192
199
201
202
199
188
188
188
190
192
104
117
118
116
134
179
164
172
151
152
157
171
176
180
179
188
190
184
187
185
185
179
Percentage ratio of Index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100base.
104
109
114
120
126
145
169
185
180
179
182
184
185
186
187
189
189
189
189
193
193
194
104
109
114
119
124
138
161
177
175
173
173
175
176
178
179
180
180
182
182
183
183
184
102
106
110
115
122
146
172
188
180
179
185
187
190
190
192
194
192
192
192
193
194
196
Parity ratio l
Actual
73
74
72
70
74
88
81
73
69
69
69
72
73
75
74
76
76
73
73
72
72
70
Adjusteds
79
80
77
74
79
91
81
73
70
69
70
73
74
75
75
77
77
73
74
72
72
71
a The adjusted parity ratio reflects Government I ayments made directly to
farmers.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
In March, M i growth continued at the strong pace of February, while growth in M 2 moderated somewhat.
BILLIONS OF DOLLARS* (RATIO SCALE)
800
BILLIONS OF DOLLARS* (RATIO SCAti)
800
AVERAGES OF DAILY FIGURES
700
700
600
600
X
500
1
500
400
400
300
300
—
—
^
200
200
mi
i | i \ i 11
1968
1
i i r r i ) i i i i i 11 J _ J * T 1 1 1 1 1 i 1 !:! r I l,f 1 1 t t i | j i 1 i i t f t 1 1 l-f 1 I M 1 1ii11
i1 i i i ix
1973
1974
1976
1972
1975
1971
t 1 1 1 t 1 1 1 1 ! I
1970
1969
•SEASONALLY ADJUSTED
SOU«C( : K3APD OF OOVWNOTS OF THE FEDE»M IESERVE SYSTEM
COUNClt Of ECONOMIC
[Averages of daily figures; billions oi' dollars, seasonally adjusted, except as noted]
''•••
Overall measures
l
Percent
change 2
Components anc '. related items
Deposits at commercial banks
Period
M,
1971: Dec—
1972: D e c .
1973: D e c .
1974: D e c .
1975: Dec. .
1975: MarApr, _
May.
June.
July..
Aug..
Scpt__
Oct..
Nov..
Dec.
1976: Jan...
Feb...
Mar..
1
233.8
255.3
270.5
283. 1
295. 0
284. 1
284. 9
287. G
291.0
291. 9
203. 2
203. C
293.4
295.7
295. 0
295. 3
29G. 9
298.4
M,
471.7
525.3
571:4
612.4
GG3. 3
623.0
626.7
633. 7
642.4
647. 5
650.6
652. 9
655. 7
061. 6
663.3
669.0
677.0
681.7
745.1
844.9
919.5
981.6
1,091,9
1,003.7
1,012.7
1,025.3
1,040.2
1,051.0
1,060.6
1,008.1
1,075.0
1,080.0
1,091.9
1,102.5
1,115.7
1,125.7
Currency
52.6
56.9
61.5
67. 8
73.7
69.4
69.5
70.2
71.0
71.3
71.9
72.0
72.6
73.4
73.7
74. 2
75. 0
75. 7
Time and savings
Demand
181. 3
198.4
209. 0
215. 3
221. 3
214.7
215.4
217. 4
220. 0
220.6
221. 3
221. 6
220.8
222. 3
221.3
221.2
221.9
222.8
Total
cEH?
Other
271.2
313. 6
364. 4
419. 1
451. 2
428. 7
430. 1
431. 2
435. 5
437.6
436. 2
438. 3
443. 2
447.6
451.2
452. 9
455. 5
456.4
33. 3
43. G
63.5
89.8
82. 9
89. 8
88.4
80. 1
84. 1
82. 1
78.8
79. 1
80.9
81. 8
82.9
79. 2
75.4
73. 1
237. 8
270.0
300. 9
320. 3
368.3
339.0
341. 8
346. 1
351,4
355. 5
357. 4
359. 2
362. 3
365. 9
368. 3
373. 7
380. 1
383. 2
Mi Is currency plus demand deposits; Mi Is Mi plus lime deposits at com-
26
Deposits
at
nonbank
thrift
institutions
273.4
319. 6
348. 0
369. 2
428. G
. 380.7
.380. 0
391. 6
397. 8
404. 1
410. 0
415.2
420. 0
424. 4
428.6
433. ">
438.8
444. 0
U.S. Government
demand
deposits
(unadjusted)
G. 9
7.4
0.3
4.9
4.2
3.8
4.0
4. 1
4.2
:?. 4
2 7
3! 9
3.4
3. 5
4.2
3.8
4.6
4. 0
AT
Ml
6.5
9.2
6.0
4-7
4 2
3. 1
2.7
3.6
5.7
7.2
S. 2
0.8
6. 1
5. 7
2.8
2.3
2.5
3.3
11.4
11.4
8.8
7.2
8. 3
0.9
6. ">
7.7
10. 0
J J . r>
10. 8
9.8
0. r>
it. 0
6. 6
G. S
S. 3
9.0
* Annual changes arc from December to December and monthly cliungesare
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAII INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
Total
liquid
assets
Period
1969:
1970:
1971:
1972:
1973:
1974:
1975:
Dcc_
Dec.
Dec
Dec
Dec
Dec_
Dec.
_
6ct.._
Xov
Dec.
197G: Jnn
Fob
Mar 9
Currency
Total
737.0
583.1
632. 5
784.8
866. 3
719.9
979.2
816. 1
1, 092. 3
885. 4
1,183.4
940.9
1, 299. 8 1, 051. 3
Demand
deposits
Commercial
banks
46.1
49. 1
52.6
56.9
61. 5
67.8
73.7
144.8
151. 4
160.3
174.9
180. 9
182.1
188.9
177.3
199. 3
233.7
264.7
294.9
321.9
360.2
952.9
962. 4
971. 4
983.9
999. 2
1,011. 1
1, 020. 3
1, 027. 4
1, 035. 2
1, 046. 0
1, 051. 3
08.7
69.4
69.5
70.2
71.0
71.3
71.9
72.0
72.6
73.4
73.7
180.6
182.0
183.3
185.2
187. 8
188.7
189.6
189. 7
188.9
190.5
188.9
__ 1, 307. 4 1, 061. 6
_ 1, 317. 0 1, 07a 9
1, 325. 0 1, 082. 9
74.2
75.0
75.7
188.5
188.2
187.9
_. 1, 199. 8
1, 207. 7
1, 216. 2
1, 225. 1
1, 239. 4
1,251.4
ll, 258. 6
!l, 264. 4
__ 11, 275. 5
1. 291. 6
1, 299. 8
1975: Feb
Mar.,.
Apr__
Alay
June..
Julv
AugSopt
U.S. Government securities
Negotiable
certifiShortNonbank
cates of
thrift
Savings term
deposit
institu- bonds marketable setions
curities
Time deposits
Commercial
paper
51.7
52.0
54.3
57.6
60.4
63.3
67.3
64.0
52. 6
37.8
38.3
50.3
57.8
68. 1
9.0
23 0
30.2
39.7
57. 9
79.0
72.8 ,.
29. 1
24 7
24.0
27.5
38. 3
41.8
40.4
327.7
330. 3
332. 6
336. 9
342. 6
347.0
348.8
350. 5
353. 8
357. 6
360.2
214.9
232. 7
273.4
310.6
348.0
369.2
428.5
375.9
380. 7
386. 0
391. 6
397. 8
404. 1
410.0
415. 2
420. 0
424.4
428.5
63.9
64. 2
64. 5
64.8
65. 1
65.6
65.9
60. 2
66. 6
67.0
67.3
58.0
57.2
57.2
57.1
58.2
60.8
62.2
61.0
62.9
07.0
68. 1
82.2
79.9
78. 7
75.3
73.7
71.9
69. 1
69. 3
70. 6
71.4
72.8
42.8
44. 0
44.4
43.9
43.0
42.1
41.1
40.4
40.2
40.4
40.4
365. 5
372. 1
375.7
433.4
438.6
443.6
67.6
67.9
68.3
68.2
68.8
69.5
69.5
66.2
64.1
40.4
40.3
4a 2
Source: Board of Governors of the Federal Reserve System;
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalment credit extended
Period
Total i
1969
1970..
1971...
1972
1973
1974._,
1975..
.
„
109, 146
112, 158
124, 680
142, 862
164, 527
166, 170
166, 833
Automobile
Bank
credit
cards
32, 553
29, 794
35, 036
40, 447
46, 486
43, 431
46, 530
4,398
6, 768
8,376
10, 390
13, 862
17, 098
19, 567
Instalment credit liquidated
Total 1
Auto. mobile
99, 780
107, 199
• 115, 087
127, 078
143, 701
156, 346
163, 113
29, 974
30, 137
31, 418
34, 955
39, 506
42, 496
45, 110
1975: Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
13, 244
12, 735
13, 168
12, 993
13, 620
14, 322
14, 427
14, 555
14, 832
14, 877
15, 295 |
3,881
3,488
3, 477
3,554
3, 753
4,124 .
4, 032
4, 235
4, 189
4,218
4, 405 1 "
1,522
1,514
1,554
1, 517
1, 606
1,618
1,689
1,737
1,698
1,752
" 1,719
13, 117
13, 217
13, 409
13, 359
13, 412
13, 436
13,790
13, 795
14, 002
.14, 072
14, 401
3, 623
3,812
3,746
3,718
3,751
3,741
3,818
3, 849
3,800
3,814
3,865
197C: Jan
Feb
16, 205
15, 824
4, fill
4,378
1,840
1,931
14, 910
14, 656
4,023
3,746 1
1
Includes some Items not shown separately.
Bank
credit
cards
Net change in amount outstanding
Total »
3,066
9, 360
5, 615
4,959
7,679.
9, 599
9, 471
15, 784
12, 434
20, 826
15, 656 ., 9,824
18, 769
3,719
Automobile
Bank
credit
cards
2, 579
-343
3,618
5,492
6,980
935
1,420
1,332
1,153
697
919
1,428
1,442
798
. 1,480
1,517
1,512
1, 508
1, 504
1, 548
1, 576
1,631
1,619
1,723
1,768
128
-482
-242
-366
208
886
637
759
830
805
894
258
-324
-270
-164
2
383
213
385
389
404
540
42
-3
43
9
102
69
113
106
78
29
-49
1,733
1,798
. 1,295
1,169
488
632
107
133
Source: Board of Governors of the Federal Bcserve System*
27
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial and industrial loans continued to decline in March while holdinss of U.S. Government securities showed
another fairly large increase.
BILUONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
40
40
1970
19£8
• SEASONALLY ADJUSTED, END OF M O N T H
i lOAJtO O f GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1909.
1970.
1971.
1972.
1973.
19741975
1975: Mar_
Apr__
May_
June
July
g
Sept
Oct »
Nov "
Dec «•
1976: Jan"
Feb »,
Mar »_
Total
loans
and
investments
401. 7
435.5
484.8
556.4
630.3
• 687. 1
717.2
697.0
699. 1
702.0
705. 0
700.4
710.4
711.6
715.0
! 721.3
i 717.2
720.52
725.
730.5
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All member banks
All commercial banks ]
Borrowings (millions of dollars,
Reserves 2
Loans
Investments
unadjusted) a
Total ex- Commer- U.S. Gov- Other
NonAvailSeacluding cial and
Total
ernment
secuTotal
able *
borrowed
sonal
inter- industrial securities
rities
bank
25. 46
27.93
26.81
279. 1
105.7
51. 5
71. 1
1, 086
26.81
29. 11
28.77
291.7
110.0
57. 9
85.9
321
28.78
31. 24
31. 12
320. 3
115.9
60. 1
104. 4
107
29.00
31.44
30. 39
377.8
129, 7
61.9
116.7
1,049
32.
78
41
34.
98
33.69
447. 3
155.8
52.8
130.2
1,298
34. 42
32
36. 63
35.90
498.2
182.6
48.8
140. 1
703
32,44
13
34.62
494.7
177.7
77.9
144.6
34. 75
127
34. 88
498.3
180.0
58.5
140.2
32. 94
7
106
34.99
34.97
495.0
180.5
64. 0
140. 1
7
110
33. 00
35. 08
34.67
492.8
179. 1
68. 2
141.0
9
60
32.
77
34.74
34.85
489. 0
176.3
72.4
11
142.7
271
32. 90
35. 07
34.68
489.6
177.6
73.4
17
143.4
261
32. 89
34.98
34. 67
38
490.7
177.5
75.6
211
144. 1
32.77
34.88
61
34. 59
490.4
176.4
77. 1
396
144.1
32.77
34.99
65
34. 60
494. 1
75. 1
191
177. 9
145.8
32. 61
34.79
28
34.67
61
498.0
76.3
178.9
147.0
32. 43
34.73
13
34. 02
127
77.9
494. 7
177.7
144.6
32. 44
34. 75
34.
24
80.2
144.9
32. 17
9
79
495. 4
178. 1
34. 32
33. 97
84.4
144. 6
31. 85
76
496.2
177. 1
34. 05
11
33.
95
88.3
143.
3
31. 75 !
58
498.9
• 174. 6
34. 00
8
5
i Data arc for end of period.
* Averages of daily figures. Annual data are for December.
» Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
• Reserves available to support private nonbank deposits are defined as (1)
required reserves for (a) private demand deposits, (b) total timo and savinps
deposits, and (c) nondeposlt sources subject to reserve requirements and (2)
excess reserves. This series excludes required reserves for new Interbank and
U.S. Government demand deposits.
28
1976
During 1974, a bank merger increased total loans and investments by $0.6
billion and liquidation of a larpe bank reduced total loans and In vestments by
$1.5 billion. For effect on other categories, see Federal Reserve Bulletin.
• Rectification of loans reduced these Joans by about $0.7 billion as of
March 31,1<J7O.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
External
Period
Internal i
Total
Credit market Funds
Total
Long-2
term
Total
1906
1907.__
19G8 —
1969
1970
1971
-_
1972
1973
1974
1975 -__
1975:!_-_
IT.
Ill
IV
,__.._
90. 5
93. 6
114. 0
119. 0
102. 9
120. 5
149. 5
175. 4
179. 5
147. 3
85. 0
137. 1
107. 0
199. 8
00.4
Gl. 1
62. 1
61.0
58. 7
68.0
80.2
83. 8
77. 7
105. 3
86. 0
103. 2
114. 0
118. 1
25. 3
29. G
31. 5
38.9
39. 5
40.8
55. 3
07.2
77. 1
34.2
29. 7
32. 0
26.0
49.0
30. 1
32.5
51. 9
57. 4
44. 2
52. 5
69. 3
91. 6
101. 8
42. 0
-1.0
33. 9
53. 0
81.7
Short-3
term
15.7
21.6
18.4
20.0
30.7
41. 8
39. 3
34. 5
36. 3
47.6
55.0
55. 5
33.2
47.0
1
"Undistributed profits (after inventory valuation and capital consumption
adjustments)
and capital consumption allowances.
2
Stocks,
bonds, and mortgages.
1
Bank loans, commercial pnpor, finance company loans, bankers'acceptances,
and Government loans.
Total
Other
9. 6
8.0
13.2
18.9
8.8
5.0
16. 0
32.7
40. 8
— 13. 5
-25. 3
-23.7
-7.2
2.0
10.9
3.0
20.4
18.5
4. 8
5.7
14. 0
24. 5
24. 7
7. 9
-30.7
1. 9
27.0
32.6
88.2
89.7
105.0
112.0
95. 0
111.0
134. 8
164. 1
167. 8
135.3
73.3
125. 6
155. 7
186.5
Uses
Purchase
of
physical
assets*
crease
in
financial
assets
75.0
72.9
76.0
84.2
82. 1
87.9
104. 0
123. 2
124. 0
98.8
91.5
81.5
109.2
113.2
12.6
16.8
29.0
28.4
12. 9
23. 1
30. 8
40.9
43.8
36.5
-18.2
44. 1
40.5
73.3
In-
Discrepancy
(sources
less
uses)
8.4
4.0
9.0
0.3
8. 0
9.5
14.7
11.2
11.8
12.0
11.7
11.4
11.3
13.3
« Plant and equipment, residential structures, and Inventory investment.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current liabilities
Current assets
Cash
End of
period
on
Total
hand
and
in
banks
1906
364. 0
1907
386. 2
1908
1426.5
1909
473.6
1970
492.3
1971___
,529.6
1972...
1573.5
1973
043. 3
1974
712.2
1974: I _ m 000. 2
I I . . . 685. 4
III.. 70S. 0
IV-. 712.2
1975: I_._ 098.4
IT__.|703. 2
III.. 716. 5
i
41. 9
45. 5
48.2
47.9
50.2
53. 3
57. o
61.6
62. 7
59.4
58.8
60.3
02.7
60.6
03.7
65.6
1
U.S. Receiva Dies
Govtroxn
ernment
U.S.
securi- VJOVemties*
ment 5
13.0
10.3
11. 5
10.6
7.7
11. 0
9. 3
11. 0
11.7
12.1
10.7
11.0
11.7
12. I
12.7
14.3
4.5
5. 1
5. 1
4.8
4.2
3.5
3.4
3.5
3.5
3.2
3.4
3.5
3.5
3.2
3.3
3.3
Notes
and
ac-
counts
receivable
142. 1
150.2
108.8
192.2
201.9
217. 6
240. 0
266. 1
289.7
276. 2
289.8
295. 5
289.7
281.9
284. 8
294.7
In-
ventories
142.8
153. 1
160.0
186.4
193. 3
200.4
215.2
240.7
288.0
258.4
209.2
282. 1
28a 0
285. 2
281.4
279. 0
Includes time certificates of deposit.
* Includes Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset apainst each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
1
Other
current
as-
Total
sets 4
19.7
22.0
26.9
31.6
35. 0
43.8
48. 1
54.4
56.6
56.9
53. 5
56. 1
56.6
55.4
57. 3
59.0
199.4
211.3
244. 1
287.8
304.9
326.0
352.2
401.0
450.6
416.0
431.5
449.1
450.6
438.0
434.2
444.7
Advances
and
Notes
and
preacpayments, counts
payU.S.
Govable
eminent 3
4.4
5.8
6.4
7.3
6.6
4.9
4.0
4.3
5.2
4.5
4.7
5.1
5.2
5.3
5.8
6.2
133.1
141.3
162.4
191.9
204.7
215.6
230.4
261. 6
287.5
266.5
278.5
287.0
287.5
271.2
270.1
273.4
Fedprn.1
ClUl
income
tax
liabilities
17.4
13.2
14.3
12.6
10.0
13.1
15.1
18.1
23.2
20.6
19.0
22.7
23.2
21.8
17.7
19.4
Other
current
liabilities
44.5
51.0
61.0
76.0
83.6
92.4
102. 6
117.0
134.8
124 4
129. 1
134.3
134 8
139. 8
140. 6
145.6
Net
working
capital
164 G
174 9
182. 4
185.7
187.4
203. 0
221.3
242. 3
261.5
250. 2
253.9
259. 5
261.5
260.4
269.0
271.8
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
* Includes marketable Investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
In April, short-term interest rates cased back from the run-up which occurred in early March.
PERCENT PER ANNUM
_
•
PERCENT P R ANNUM
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1972
196a
1976
90UKE. 5ZE TAME KlOW
eOUHCll OP ECONOMIC ADVBSW
[Percent per annum]
Highgrade
Corporate
municipal
Aaa
Taxable
bonds
bonds
bonds•
(Standard (Moody's)
& Poor's)4
U.S. Government security yields
Period
1070..
1971-.
19721973.
1974.
1975.
1975: Mar....
Apr
May,,.
June
July—.
Aup
Sept...
Oct
Nov....
Dec
1976: Jan
Feb....
Mar....
Week ended:
1976: Apr 2.
9__,
16...
23 »_.
3-month
Treasury
bills 1
3-5 year
issues *
Prime
commercial
paper,
4-6
months
6.458
4.348
4.071
7.041
7.886
5.838
5.544
5.604
5.315
5. 193
6. 164
6.463
6. 383
6.081
5.468
5.504
4.961
4.852
5.047
7.37
5.77
5.85
6.92
7.81
7.55
7.00
7.76
7.49
7.26
7.72
8.12
8.22
7.80
7.51
7.50
7.18
7.18
7.25
6.59
5,74
5. 63
6.30
6.99
6.98
6.73
7.03
6.99
6.86
6.89
7.06
7.29
7.29
7.21
7.17
fi. 94
0.92
6.87
51
70
27
18
09
89
61
83
81
70
94
02
23
22
21
06
80
91
86
8.04
7.39
7.21
7.44
8.57
8.83
8.67
8.95
8.90
8.77
8.84
8.95
8.95
8.86
8.78
8.79
8.00
8.55
8.52
7,72
5,11
4.69
8. 15
9.87
6.33
6.06
6. 15
5. 82
5. 79
6.44
6.70
6.86
6.48
5.91
5.97
5.27
5.23
5.37
4.920
4.957
4. 830
4.763
7.14
7.04
6.88
6.91
6.78
6.72
6.65
6.70
69
69
59
58
8.46
8.42
8.36
8,36
5. 30
5.38
5. 19
5. 13
1
Hate on new issues within period.
* Selocted note and bond issues.
•April 1053 to date, bonds due or callable 10 years and after
«Woekiy data arc Wednesday figures.
! A Vl T ag ? e l T £ c t I v o ™ te Jorycar; openin* and closinR rate for month and week.
• Beginning November 1971, several banks adopted a floating prime rate keyed
30
Discount
rate
(N.Y.
F.R.
Bank)*
Prime
rate
charged
by
banks s *
f>. 95
4.88
4.50
6.44
7.83
6.25
7.91
5.70
5. 25
8.02
10.80
7.80
6 -6
(i -6
6 -0
6 -6
6 -6
6 -6
6-6
6 ~hM
5H-5H
ViVi
1%-VA
7J4-7
7 -l\i
"7H-7H
7%-S 3
8 -7 /4
7J4-7J4
7U7'4
Newhome
mortgage
yields
(FHLBB)T
8.45
7.74
7.60
7.95
8.92
9.01
0.06
8.96
8.90
8.96
8.89
8.89
8.94
0.01
9.01
0.01
8.99
8.93
8.93
5H-5H
to ir.oney market variables. Beginning April 10, 1973, with the adoption of th«
"dual
prime rate", this table shows only the- rate charged for larRo business loans.
7
Effective rate on conventional mortgages, reflecting fees and charges as well
as contract rate and assumed, on the average, repayment at end of 10 years.
Rates beginning January 1973 not strictly comparable with prior rates.
Soxirces: Board of Governors of tho Federal Reserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in early April but later regained the highs of late March.
80
80
70 -
COMPOSITE STCfcK PRICE INDEX
70
V
60
60
r
MI—
50
40
30 -
1 1 t t ! 1 1 1 1 111 t \ 1 1 1 1 1 ! t f
1969
1970
1968
1969
1970
1971
40
/
- 30
i i I r i J_i f i i I
1968
1 1 1 1 1 1 1 1 t I1 t1 1 t I 11 t_l [ 1
1973
1972
1974
1971
1975
1975
1970
1971
1072
1973
1974_
1975: Fcb._
Mar.
Apr
May.
June
y
Aug
Sept_
Oct
Nov.
Dec
1976: Jan.
Mar.__.
Week ended:
1973: Apr 2 .
91023.
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Utility
Finance
45.72
54.22
60.29
57.42
43.84
45.73
42. 48
44.35
44.91
47.76
49.22
49.54
45. 71
44.97
46.87
47.64
46.78
51. 31
53. 73
54.01
48.03
57.92
65.73
63.08
48.08
50.52
46.00
48.63
49.74
53.22
54.61
54.96
50.71
50.05
52.26
52.91
51.89
57.00
59. 79
60.30
32.14
44. 35
50.17
37.74
31.89
31.10
30.21
31.62
31.70
32.28
32.38
32.90
30.08
29.46
30.79
32.09
31.61
35.78
38.53
39.17
37.24
39.53
38.48
37. 69
29.79
31.50
31.31
31. 04
30.01
31.02
32.79
32.98
31.02
30.65
31.87
32.99
32.75
35. 23
36.12
35.43
60.00
70.38
78.35
70.12
49.67
47.14
47.59
47.83
47.35
50.06
52. 20
52.51
46.55
43.38
44.36
45.10
43.86
48. 83
52.06
52. 61
54. 59
54.44
53.49
54. 61
60.98
.60. 79
59. 72
61.04
38.98
38.74
37.52
38. 96
35.71
35. 67
35.33
35.77
53.49
53. 46
52. 05
52.84
'Averages of daily dosing prices.
"
j Includes all the stocks (more than 1,475) listed on thoNYSE.
* Includes500stocks.
* Standard & Poor's scries. Dividend-price ratios based on Wednesday closing
pnees. Earnings-price ratios based on prices at end of quarter.
1976
Common stock yields
(percent) *
Common stock prices 1
Composite Indus tria 1 Transportation
1976
COUNCIL OP ECONOMIC AOVUEiS
SOURCES. NEW Y O « STOCK EXCHANGE AND STANDARD t K X t t S G0RKKAHOK
Period
50
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial
ratio
ratio
average • (1941-43=
10) *
83.22
3.83
6.46
753. 20
98. 29
3.14
5.41
884.76
109. 20
950. 71
2.84
5.50
107. 43
923. 88
3.06
7. 12
759. 37
82. 85
4.47
11.60
802. 49
80.16
4.31
10.10
80.10
724. 89
4.61
83.78
765. 06
4.42
10.10
84.72
790. 93
4.34
90. 10
836. 56
4.08
92.40
845. 70
4.02
8.29
92. 49
856. 28
4.02
85.71
815. 51
4.36
84.67
818. 28
4.39
9.12
88. T>7
831. 20
4.22
90.07
845. 51
4.07
88.70
840. 80
4.14
"l2."87
96.86
929. 34
3.80
971. 70
100. 64
3.67
988. 55
101. 08
3.65
994. 93
987. 47
977. 07
1, 002. 20
102. 34
102. 14
100. 56
102. 58
3.01
3.64
3.71
3.61
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones <fc Company, Inc., and Standw d & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
The estimated budget deficits for fiscal 1976 and 1977 are $76.9 billion and $44.6 billion, respectively.
JMLUONS OF DOUARS
450
BILLIONS OF DOLLARS
4bO
RECEIPTS AND OUTLAYS
400
4UU
350
350
300
J00
OUTLAYS
j *
250
-
^ ,
REC£IPTS
**
-
200
150
150
!
A
L
1
1
1
1
-50
1968
1969
1972
1973
FISCAL YEARS
1970
1975
1974
1976
1977
COUNCIL OF ECONOMIC A0V1SEW
SOURCES. DEPARTMENT OF THE TREASURf AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt (end of period)
Period
Fiscal year:
1967___
1068
1969
1970
1971
1972
1973
1974
1975 s
Receipts
_._
...
II_."
!__""""
1976
I"
Transition quarter2
1977*
Cumulative totals for first 8 months
Fiscal year 1975
_.
Fiscal year 1976
Outlays
Surplus or
deficit ( - )
Total
Held by
the public
149.6
153.7
187.8
158.3
1.78. 8
184.5
-8.7
-25. 2
3,2
341. 3
369. 8
367. 1
267. 5
290.6
279. 5
193.7
188.4
208. 0
232.2
264. 9
196.6
211.4
231. 9
246. 5
268. 4
-2.8
-23.0
-23.2
-14.3
-3. 5
382. fi
409. 5
437. 3
408.4
486.2
2S4. 9
304.3
323. 8
343. 0
1
281. 0
297. 5
81.9
351. 3
324.6
374.4
98.5
395.8
-43. 6
-76.9
-16.6
-44.6
544. 1
633. 9
652. 8
719.5
396.9
484.4
504. 4
558.2
184. 6
185.9
207.9
245.1
-23. 3
-59.2
510. 7
604.8
309.0
463. 0
Sources: Deportment of the Treasury and Office of Management and Budget;
March .
,_
will be revised later.
32
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1976 budgcf receipts are estimated at $297.5 billion and budget outlays at $374.4 billion. The corresponding
figures for fiscal 1977 are $351.3 billion and $395.8 billion, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS
150
150
-
Illl
INDIVIDUAL INCOME TAXES
100
— — — i ^ —
" ^
..,.,.„.»...«.««"•"«•""
fffflBffltf*^
100
iss^
OTHER RECEIPTS
50
50
I
1
0
r
1
I
CORPORATION INCOME TAXES
1
1
I
I
OUTLAYS
300
300
-
250
250
-
200
200
NONDEFENSE
-
-
.--'*li"""*'
150
150
NATIONAL DEFENSE
100
100
\
50 A
1
1968
1
1969
|
1970
1
1
1971
1972
'"*
1
1973
1
1974
I
1
1975
1976
50
1977
COUNCIL OF ECONOMIC ADVlSEftS
SOURCES DEPARTMENT O f THE TREASURY AND OFFICE O f MANAGEMENT AND BUDGET
[Billions of dollars]
Outlays
Receipts
National defense
Period
Total
Fiscal year:
1967
1968
1969
Individual Corporation
income
income
taxes
taxes
Other
Total
34.0
28.7
36.7
54. 1
56.3
63.9
158.3
178.8
184.5
85.0
89.7
24.5
99. G
4.4
5.7
1.4
6.9
136.3
161. 7
41.5
172.6
5G. 0
57.9
2.5
2.8
85.2
105.5
20.4
22.9
207.9
245.1
57.3
59.2
90.4
86.2
94.7
103.2
119.0
32.8
70.5
75.4
26.8
81.7
32.2
92.8
36.2
38. G 107.4
196.6
211.4
231.9
240.5
2GS. 4
1975
197G^._
Transition quarter »
19771
281.0
297. 5
81.9
351. 3
122.4
130. 8
40.0
153. 7
40. G 118.0
40. 1 12G. 7
8.4
33.5
49.4 148.2
Cumulative totals for
first 8 months:
Fiscal year 1975___
Fiscal year 1976,__
184. G
185.9
90.7
88.9
18.2
18.4
56. 1
70.1
81.4
91.8
106. 5
324.6
374.4
98.5
395.8
193. 7
188.4
208. G
232.2
2G4. 9
'Estimates from the Spring Vpdate—1977 Budget transmitted to the Congress
3. G
3. 1
3.7
3.0
3.6
67. 5
77.4
77.9
77.2
61.5
68.7
87.2
75.7
78. G
74.5
75.2
73.3
77. G
12.5
13.8
15.8
18. o
19.6
20.6
22.8
28. 1
31.0
34.5
9.8
41.3
69.1
79.4
80.2
79.3
76.8
77.4
75. 1
78.6
8G.6
92.8
25.0
101. 1
149. G
153.7
187. 8
1970
1971
1972
1973
1974
Total
Health
Depart- InternaInand
ment of tional income
terest Other
Defense, affairs security
military
4.7
4.6
3.8
37.6
43.4
49.0
34. 3
37.7
35. 7
42.4
54.8
39.3
41.8
48. 8
53.9
51.7
6G. 4
79.7
20.9
73.8
Sources: Department of the Treasury and Office of Management and Budget;
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter, expenditures rose $10.4 billion, compared to an $11.5 billion increase in the quarter before
With receipts up $8.8 billion in the fourth quarter, the deficit rose by $1.6 billion. Preliminary estimates for first quarter
expenditures indicate a rise of $6.0 billion; receipts data are incomplete.
;
BWJONS OF- DOLLARS
BIWQNS OF DOLLARS
160
160
SURPLUS
uu {224
y/A
I
-40
-80
-120
-40
•I
-80
DEFICIT
-120
1968
I
1969
1970
1971
1972
1973
\975
1974
OkUNOAK YEARS
5OUICC Df PAlTMf N7 OF COMMttCC
W6
COUNOL Of KONOMIC ADY1SOS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
Fiscal year:
1973
240.0
1974
271.6
1975
281.5
1976 *
307. 4
1977 i
364.7
Calendar
year:
1972
227.5
1973
257.9
1974
288.4
1975 *
282.3
1974: III_. 299.2
IV,.. 293.1
Federal Government expenditures
Surplus
or
GrantsSubsidies Less: deficit
ContriPurin-aid
less
Wage
("),
butions
chases Trans- to State Net
current accruals national
for
Total of goods fer pay- and interest surplusof less
income
social inand
ments local
and
paid Govern- dissurancc
services
government en- burse- product
ments
terprises ments accounts
107. 3
122.9
126,4
136.4
160.4
40.5
43.6
40.6
47.5
58.2
20.7
21.4
22.4
24 0
24.3
71.5
83.7
92.0
99.5
121.8
256.1
278.7
328.7
378.7
404.5
101.5
104,5
117.6
130.0
139.4
89.7
104.7
134.8
158.7
168.2
40.4
41.6
48.3
57.8
59.3
15.9
19. 8
22.0
26.0
32.0
9.1
7.9
5.7
6.2
5.6
0.5
—. 1
-.4
.0
.0
-16.1
-7.1
-47.2
-71.3
-39. 8
108.2
114.7
131.4
125.6
36.0
42.5
45.9
39.0
20.0
21.2
21.7
24.2
62. 8
79.4
89.4
93.5
244.7
264.8
300.1
356.9
102.1
102.0
111.7
123.2
83.2
95. 8
117.7
149.2
37. 5
40.6
43.9
54. 3
14.6
18.2
21.0
23.4
7.8
8.2
5.2
6.8
.n
.0
—. 5
.0
-17.3
-6.9
-11.7
134. G
137.4
51.8
42.9
22.1
21.7
307.2
318. 6
113.6
118.2
121.2
127.8
44.0
45.4
21.4
22.0
5.1
1975: I___. 283. G
II-,. 250. 1
III.. 293. 3
IV... 302.1
137.6
99.3
130.5
135.2
32.1
35. 5
43.4
45.0
22.3
23.5
25. 5
25. 4
90. 8
91. 1
91.7
91.9
93.9
9G. 4
337.4
352.3
363. 8
374.2
119.4
119.2
124. 2
129. 9
139.2
150. 5
152. 5
154. 5
50. 1
52. 8
56. S
57. 4
22.4
22.6
23. 4
25. 3
6.3
7. 1
6.9
7.0
1976: I *,_
137. 8
131. 2 ; 160. 1
57.8
26.0
5.1
22.7
102.8 380.2
* Estimates from The Budget of the United Stctts Government,'Fiscal
transmitted to tho Congress January 1970.
34
Year 1U77,
'
-1.
.0 '
-8.0
-25.5
.0 I
-f>3. 7
.0
-102.2
.0 I -70.5
.0 ! -72.1
.ol
Sources: Department of Commerce (Bureau of Economic Analysis), Department of tlio Treasury, and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)
Period
United
States
Canada
Japan
GerFrance many
Italy
Consumer prices (unadjusted)
United United
KingStates
dom
„!
Canada ; pan
GerFrance many
Italy
United
Kinsdom
i
1969
.
1970
1971
1972
1973
1974
1975
1974: I.._.
II
IIIIV..
1975: I.
II
IIIIV_.
1976: I.
Jan.FebMar-
111
107
107
115
126
125
114
125
125
125
121
112
110
114
118
120
119
120
121
111
114
123
131
143
146
139
149
147
146
143
139
139
138
140
133
152
156
167
197
189
168
201
195
186
175
161
167
172
172
118
124
132
142
150
154
140
156
156
158
147
142
138
138
141
127
135
137
142
153
150
140
153
152
150
146
142
139
137
143
142
144
176
148
149
111
118
115
119
134
141
127
145
147
140
131
130
126
125
129
109
111
111
113
122
120
114
116
121
122
119
118
112
112
112
" 112
110
116
121
125
133
148
161
141
145
150
154
157
160
163
166
167
167
167
168
109
112
116
121
130
145
160
138
142
147
151
154
157
163
166
168
168
168
169
111
120
127
133
149
183
205
171
180
186
194
197
204
207
211
111
117
124
131
141
160
179
152
158
163
168
173
177
181
185
105
109
115
121
130
139
147
136
139
140
142
144
147
148
150
215
217
188
151
152
104
109
114
121
134
160
187
147
154
164
174
180
185
188
194
110
H8
128
138
150
174
217
163
173
176
185
196
214
224
232
240
Sources: National sources as reported by Deportment of Commerce, Bureau
of Economic Analysis, in Buainest Condition* 2Mgett.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports
Merchandise imports
Period
Domestic
Total
domesFood,
tic and
beverforeign Total» 3 ages,
exand toports
bacco
exports
Crude
mate- ManufacTotal 3
rials
tured
and
fuels goods
i
F.a.s. value 5
Monthly
average:
1973
1974...,
5,902
8, 159
5,811
8,045
1,078
1, 269
895
1,317
3,728
5,294
5,790
8,416
1974....
1975_...
.1975: M a r Apr-..
May__.
June__.
July...
Aug...
Sept...
Oct....
Nov.-.
Dec--.
1976: Jan—.
Feb
8, 159
8,933
8,685
8,648
8,222
8,716
8,894
8,979
9, 146
9,225
9,409
9,250
9,103
8,800
8,045
8,808
1,269
1,400
1, 375
1,362
1,174
1,215
1,295
1,380
1,367
1,501
1,493
1,404
1,510
1,337
1,317
1,266
1,324
1,197
1,217
1, 145
1,248
1,299
1,242
1,199
1,342
1,186
1,223
1,138
5,294
5,917
5,605
5,735
5,5915,991
6,063
5,983
6,063
6,267
6, 168
6,296
5,971
6,035
8,354
8,012
7,467
7, 959
7,266
7,104
7,832
7,877
8,205
8,170
8,204
8, 526
9, 176
8,941
1
Total excludes Deportment of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
1
Total
Includes commodities and transactions not classified according to kind.
1
Total arrivals of Imported goods other than lntransit shipments.
Merchandise trade
balance
.ExGeneral imports 3
Exports
(f.a.s.) ports Exports
Food, Crude
less (f.a.s.) (f.a.s.)
bever- mate- Manu- Total
less
less
imfacrials
ages,
im- imports
ports
<c.Lf.
tured
and to* and
(if)
ports
(cusbacco fuels i goods value) * toms
(f.a.s.)
value)
Customs value
770 1,120
892 2,653
F.a.s. value *
892 2,672
827 2,716
826 1,887
785 2, 952
742 2,489
858 1,976
819 2,706
111 2,715
1,020 3,005
855 2,912
867 2,896
825 2,852
872 3,233
889 2,913
3,750
4,684
6,131
9,000
112
-257
-195
-229
-841
4,602
4,257
4, 395
4,161
3,894
3,990
4,129
4,178
4,000
4,289
4,365
4, 582
4,714
4,782
9,000
8,618
8, 039
8,547
7,817
7,652
8,413
8,479
8,830
8, 795
8, 830
9,166
9,880
9,593
-257
854
1,130
615
869
1, 524
1,001
1, 053
874
978
1,132
667
-132
-213
-195
921
1,219
689
955
1,613
1,062
1,102
941
1,054
1,206
724
-73
-141
-841
315
646
101
405
1, 061
481
500
310
429
580
84
-776
-793
* CJ.f. (cost, insurance, and freight) Import value at first port of entry in the
United States. Data for 1073 are estimates.
• F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Cftnsun.
JJJJ
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The current account surplus, at $ 3 . 0 billion, in the fourth quarter was $ 0 . 4 billion below that in the third quarter'
There was little change in the fourth quarter merchandise trade surplus from that in the third quarter and a small decline
in net receipts on investment incomes and other services.
_
44,936 ,
BILUONS OF DOLLARS
4
BALANCE ON GOODS
AND SERVICES
1975
COUNCIL O f ECONOMIC ADVISERS
SOUftOi DEMKTMENT O f COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Military transactions
Merchandise 1 a
Period
Exports
1969
1970
1971
1972
1973
1974
1975*
30, 414
_ 42, 409
43,311
49, 3S8
71, 379
98,309
107,184
1974: I . . . ,
II—
III..
IV..
22,404
24,218
25,034
20,593
Imports
Net
balance
Direct
expenditures
-35,807
607 - 4 , 8 5 0
-39,S0G 2, 603 - 4 , 8 5 5
-45,579 - 2 , 268 - 4 , 819
-55,707 - 6 , 4 0 9 - 4 , 784
-70,424
955 - 4 , 058
-103,586 - 5 , 2 7 7 - 5 , 103
-98,139 9,045 - 4 , 8 0 0
-22,587
-123
-25,677 -1,459
-27,349 -2,315
-27,973 -1,380
1975: I . . . . 27, 056 -25,561
II— 25, 843 - 2 2 , 5 0 9
III.. 20, 596 - 2 4 , 4 8 5
27, GS9 - 2 5 , 5 2 4
1
1
1
1, 495
3,274
2, 111
2,165
-1,166
-1,324
-1,279
-1,335
Sales
1,528
1,501
1,926
1, 163
2, 312
2, 944
3,9S1
003
078
706
837
-1,303
949
800
-1,209
- 1 , 120 1,070
- 1 , 167 1, 162
Net
balance
Private3
- 3 , 328 3,471
- 3 , 355 3, 631
- 2 , 893 5,659
- 3 , 621 6,208
- 2 , 3 1 7 8, 188
- 2 , 158 13, 351
- 8 1 9 9,447
U.S.
Government
Net
travel
and
Other
transservportaices,3
tion
net
expenditures
150 - 1 , 7 6 3
-112
-956
-1,888
-3,009
-3,229
-3,417
- 2 , 023
-2,315
- 3 , 024
-2,862
- 2 , 692
-1,968
1,878
2,220
2,537
2,803
3,222
3,830
4,211
Balance
on
goods
and
services*
Remittances,
pensions,
and
other
unilateral
transfers 1
1,020 - 2 , 9 7 0
2, 960 - 3 , 248
- 2 3 7 - 3 , 042
— 5,930 - 3 , 770
4, 177 - 3 , 8 4 1
3,825 - 7 , 182
16, 500 - 4 , 5 8 3
Balance
on
current
account
-1,950
-281
- 3 , 879>
- 9 , 71G
335
-3,357
11,910
-503
-640
-513
" -498
4,014
2, 745
3, 101
3, 431
-769
-781
-807
-872
-513
-717
-721
-741
880
930
900
l,04<?
2,992
78
-235
989
-2,900
-1,805
-1,265
-1,088
20
-1,787
-1,500
— 99
-354
-409
-50
-5
2, 173
2,241
2,559
2,474
— 988
-841
-786
-802
-545
-370
-481
-573
1,092
1,041
1,120
959
2,873
4, 936
4,473
4,218
-1,175
-1,183
-1,027
-1,201
1,098
3, 753
3, 446
3, 017
Excludes military prams.
Adjusted from Census datft for differences in liming and coverape.
Fees and royalties from U.S. direct investments abrcad or from foreign direct
investments In the United States are eicluCed frcm cct ii.vestircnt income end.
Included in other sen ices, net.
36
Net investment income
Source: Department of Commerce, Bureau of Economic .Analysis.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
In the fourth quarter, the current account and long-term capital transactions were approximately in balance, compared
. with a surplus of $1.4 billion in the third quarter. In addition, liquid private capital flows switched from a $4.6 billion
inflow in the third quarter to a $1.3 billion outflow in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE O N •
CURRENT A C C O U N T
A N D LONG-TERM
CAPITAL
OFFICIAL RESERVE
TRANSACTIONS BALANCE
-10
1975
COUNCIL OF ECONOMIC ADVBEAS
SOURCE; DEPARTMENT OF COMMERCE
. [Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
I960..
1970.
1971 '
1972._
1973.
1974
1975*
1974 III
IV...
1975: I
!
Long-term capital Balance Nonliquid
flows, net
on
shortcurrent term
account private
U.S..
and long- capital
Govern- Private
term
flows,
ment *
capital
net 2
-1,949
- 2 , 045
-2, 376
-1,334
-1,490
-1,' 726
S3
-860
-469
-350
-477
III—
IV p . .
-430
-44
-1,434
-4,383
-69
177
-8,463
-8, 789
-2, 157
-5,570
-2,206
-2, 421
-1,573
-2, 591
-3,949
- 3 , 760
-10,637
-11,113
-977
-10,702
1, 401
- 3 , 574
- 6 , 529
-977
982
1,396
-640
-482
-2, 347
-1,542
-4, 238
-12,936
-2,819
-1,458
-2, 305
1,949
-966
-1,893
-1,909
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
hxcludcs
liabilities to foreign official reserve agencies.
IJH
. t e forci £ncrs exclude the IMF, but Include other International and
regional orpanlzatlons.
•Includes liabilities to foreign official agencies reported by U.S. Government
J&d U.S. bants aud U.S. liabilities to the IMF arising from reversible gold sales
p5 1 3 of
deposits
with, the United States.
w. and 1pold
>
w, rW 1513
K°ld ' special drawing rights (S
(SDR), convertible currencies, and
D W
y U.S. pold tranche i>osltion in the IM F. Minus sign indicates increase,
•inclurirs increases (in millions} ns follows: 1909, £67 due to revaluation of the
man mark in Oct. 1969: 1971. J28 due to dollar value of foreign currencies
t r f l t market exchange rates as of Doc. 31, 1971; 1972, $l,0ie due to
Net
liquidity
balance
Liquid
private
capital
flows,
net 3
-6,081
-3,851
-21,965
-13,829
-7,651
-18,940
3,138
-3,897
-7,598
3,457
462
439
- 1 , 223
8, 820; 2,739 - 1 , 5 5 !
7,36!
-5,988 - 9 , 839
— 7,788 -29, 753 27, 405
3,475 -10,354 10, 322
5,099
2,343 - 5 , 308
10,543 -8,397
9,831
-5,601 -2,463
3,070
4,014
117
886
4,731
2,730 - 4 , 868;
3,491
-6,623 - 3 , 166
-2,232 -1,770
1,799
4, 569 5, 0081 - 4 , 6 6 6
-1,315 - 2 , 538
2, 450
(SDR)
867
717
710
-1,492
-476
-9,698
-1,884
-2, 436
4,698
4, 556
1, 135
1,236
2, 485
446
936
69(
Changes
in lia- Changes
Official
in U.S.
reserve bilities
official
to
transreserve
actions foreign
assete,
balance official
agencies, net*
net 3
U.S.
official
reserve
assets,
net
(unadjusted,
; end of5
'period) -
-1,187
2,477
2,348
32
209
-1,434
-607
-1,003
137
-325
-29
-342
89
16, 964
14, 487
12, 167
13, 151
14, 378
15, 8S3
16, 226
15, 893.
15, 883
16, 256
16, 242
16, 291
16, 226.
chance in par valuo of the dollar on May S. 1972; and 1073. $1,430 due to change in
par valuo of the dollar on Oct. 18,1073.
Beginning July 1U74, SDR and reserve position In the IMF based on now
method ol valuation. On a pre-July basis, reserve assets for Sept. 30, 1974 are
$15,049 million, for Dec. 31.1974 $15,812 million, for Mar. 31,1975 $16,105 million,
for June 30,1075 $16,131 million, for Sept. 30,1975 $16,455 million, and for Dec. 31,
1975 $10,366 million.
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price DeflatorsforGross National Product
Changes in GNP and GNP Price Measures
.
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
••• •
-•
*
~
••
'•* ••
•
*
2
2
3
3
j"
*
jj
»
£
J*
J
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
•
•
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
;..............#
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Economy
•
« • .~ ~ ~ -
-.
-•.
jJ
|*
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
.
Business Sales and Inventories—Total and Trade
...._.....-...-..Manufacturers* Shipments, Inventories, and New Orders
. -...
;..,~_
.11.....\-.
;.
-
17
18
19
19
20
21
PRICES
Wholesale Prices
Consumer Prices
_
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers.
-
*•
•• -
-. —
....:
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
.^,_.
Common Stock Prices and Yields
«... ^
-...
-
-
-........-.»•
;
-... ~ ^
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function.
« ^ _. M ..
Federal Sector, National Income Accounts Basis
_. _,.-...,.- ^,
M......
..-. ~
. - ...... - .
.-
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.......
. ^. M ^. • . ^. ^. ^
^
U.S. Merchandise Exports and Imports
—^
. . « _.,-. ^- „ . - ^ _.... M ^. _. U.S. Balances on Goods, Services, and Transfers.... ^
..
... ~. ^. - , M — - . _. — « .^
U.S. Overall Balances on International Transactions
-..
... _. -
35
35
36
37
NOTE.—The revision of "Economic Indicators", which began in the January issue, was virtually completed in the March issue.
Some minor changes may be made in the next few issues.
For ealo by the Superintendent of Documents, U.S. Government Printing Office., Washington, D.C. 20402
Trice 85 cents (slnglo copy). Subscription price: $10.10 per yuar; $2.55 additional
38
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