Full text of Economic Indicators : April 1979
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96tb Congress, 1st Session
Economic Indicators
April 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 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
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
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
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
ll
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter, gross national product rose $50.8 billion or 9.5 percent, both
at annual rates. Real output (GNP adjusted for price changes) increased 0.7 percent from the fourth quarter level
and ihe implicit price deflator rose at an 8.7 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
2,200
2,200
2,000
2,000
1,800
1,800
UOO
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
IBillions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Federal
Net
exports
Exports
Nondefense
Final
sales
131. 9
126.9
155.7
186.6
216.8
944
21.2
21.2
22. 1
26.0
28.6
28.7
34. 1
39.4
43.1
50.8
54 3
100.7
110.4
123.2
137.5
151.0
167.3
191.5
215.4
229.6
248.9
280.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404 0
1, 539. 6
1, 689. 9
1, 871. 6
2, 091. 6
180.8
172. 1
187. 8
195.2
399. 5
412.5
146.8
152. 2
94.4
97. 1
52.4
55. 1
252.7
260.3
1, 894 9
1, 945. 0
-24. 1
-5.5
-10.7
-7.6
181.7
205.4
210. 1
221.9
205.8
210.9
220.8
229.5
416.7
424.7
439. 8
454. 5
151.5
147.2
154.0
162.5
97.9
98.6
99.6
102. 1
53.6
48.6
60.4
545
265.2
277.6
285.8
292.0
1, 975. 3
2, 067. 4
2, 122. 5
2, 201. 3
-10.3
229. 0
239.2
459.4
164.7
103.9
60.8
2948
2, 247. 4
-7.0
-23.2
1978:1
1, 992. 01, 276. 7
!!_._ 2, 087. 51, 322. 9
III_._ 2, 136. 11, 356. 9
IV._._ 2, 214. 81, 403. 9
322.7
345.4
350. 1
364.0
1979: !*»___ 2} 265. 61, 444. 7 371.6
2.3
1.8
3.9
1.6
-3.3
7. 1
6. 0
20.4
7.4
47.7
52.9
58.5
64.0
75.9
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Total
State
and
local
76.9
76.3
73.5
70. 2
73.5
73.5
77.0
83.7
86.8
94.3
99. 5
1977 : III. _ 1, 916. 8 1, 214. 5 309. 7
IV_._ 1, 958. 11, 255. 2 313.5
1
Total
National
defense 1
98.0
97.5
95.6
96.2
102. 1
102.2
111. 1
123.1
129.9
145. 1
153.8
— 11. 1
— 12. 0
131.5
146.2
140.8
160.0
188. 3
220.0
214.6
190.9
243.0
297.8
345.6
Imports
198.7
207.9
218.9
233.7
253. 1
269.5
302.7
338.4
359.5
394.0
433.9
49. 9
54.7
62. 5
65.6
72.7
101.6
137. 9
147.3
163.2
175.5
204.8
868.5 535.9
935.5 579.7
982.4 618.8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809.9
1, 412. 9 889.6
1, 528. 8 979.1
1, 700. 11, 090. 2
1, 887. 2 1, 206. 5
2, 107. 61, 340. 1
Goi/ernment purchases of goods and
services
Export,s and imj:>orts of
goocIs and ser vices
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]
Ex 3orts of g oods
Gross private d<smestic
aind servic es
i nvestmemb
Personal
Gross
conChange
national sumpNonResi- in busition
product
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
9.5
8.4
58.8
60.3
12.2
7.5
12. 5
3. 1
100.8
96. 0
88.2
92.9
271.7
2745
102.9
103.6
168.8
170.9
1, 331. 7
1, 347. 1
133. 8
140.5
141. 7
144.9
59.5
59.9
59.7
60.3
12.3
12.7
11.3
2.9
10.2
9.2
99. 1
108.4
109. 0
111. 7
96.2
97. 1
99.7
101.5
272. 1
271.9
276.7
279.4
101.2
97.1
100.4
102.5
170.8
1748
176.3
176. 9
1, 341. 8
I, 369. 9
1, 382. 4
1, 406. 5
145.9
58. 1
11.8
8.9
112.4
103.4
277.0
102.1
1749
I, 405. 5
108.0
114 3
110. 0
108.0
116. 8
131.0
130.6
113.6
118. 9
129.8
140.2
42.8
43.2
40.4
52. 2
62.0
59.7
45. 0
38.8
47.8
57.7
59.8
1977: III__ 1, 343. 9
IV— 1, 354 5
858. 0
876.6
130.8
132.5
1, 354 2
1, 382. 6
rail 1, 391. 4
IV— 1, 414. 7
873.5
886.3
895. 1
911.8
915.7
II
1979: I *___ 1, 417. 3
Federal
Final
sales
10.6
633.4
655. 4
668.9
691. 9
733.0
767.7
760.7
774.6
819.4
857. 7
891.7
1978: 1
-0.4
-1.3
1. 4
Total
State
and
local
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
107.0
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 271. 0
1, 332. 7
1, 385. 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978 _ „_
Govern ment pureihases of
gooc Is and ser vices
8.7
10. 6
43
6.6
9.4
16.5
8. 0
-9.8
6.7
8.9
9.0
8.2
-.6
-3.3
7.6
15.9
22.6
15.4
58. 9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.5
88.7
98.6
259.2
256. 7
250. 2
249.4
253. 1
252. 5
257. 7
262. 6
262. 8
269. 2
275.0
128.3
121.8
110.7
103.9
102. 1
96.6
95.8
96. 5
96.6
101.6
100.3
130.9
1349
139.5
145. 5
151.0
155. 9
161.8
166. 1
166.2
167.6
1747
1, 043. 1
1, 068. 2
1, 071. 0
lf 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 264 4
lf 323. 8
1, 375. 2
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona 1 consumj)tion expenditures
Total
Gross private
dom estic
inves tment
NonresNonDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Expoi ts and
imports of goods
and s<srvices
GovernnQent purchases <af goods
and s<srviees
Exports Imports Federal
State
and
local
82.57
86.72
91.36
__ 96. 02
100. 00
105. 80
_ 116. 02
127. 15
133. 76
141. 61
_ 152. 09
84.6
88.5
92.5
96. 6
100.0
105.5
116.9
126.4
133. 1
140.7
150.3
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
124. 4
129.5
136.5
85.3
89.4
93. 6
96.6
100.0
107.9
123.8
133.4
138.2
145.0
155. 0
82.0
86. 1
90. 5
95.8
100.0
104. 7
113. 6
123.2
131.6
141.0
151.2
82.6
86.6
91.3
96.4
100.0
103.8
115.3
132. 2
138. 4
146.7
158.7
80.7
87.7
90.6
94. 9
100.0
110.8
122. 3
132. 8
142.5
159.4
178.8
85.3
87.9
93. 1
96. 6
100.0
116.2
148.3
163.6
170. 1
178.7
191.3
80.9
83.3
89. 1
93.5
100.0
118. 2
171. 0
188.0
193.5
210.3
219.7
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127.5
1344
142.7
153.3
76.9
81.9
88.3
945
100.0
107.3
118.4
129.7
138. 1
148.5
160.4
1977:111
IV
142. 63
144. 56
141.6
143.2
129.5
130.9
145.7
147.0
142. 3
144.4
147.9
151.2
160. 6
166. 1
179.4
179.2
212.9
210. 2
142.7
146.9
149.7
152.3
1978:1
II..
III...
IV
147. 10
150. 98
153. 52
156. 56
146.2
149.3
151.6
154.0
133. 1
135.7
137. 8
139.3
150.4
154.4
156. 2
158.8
147. 1
149.9
152.6
155.2
153.6
156.7
160. 6
163.6
168.6
175.7
182.6
188.2
183.3
189.4
192. 8
198.7
213.8
217.2
221.5
226. 1
149.6
151.5
153.4
158.5
155.2
158.8
162. 1
165. 1
159. 85
157.8
142. 2
164. 1
158. 1
166.3
191.0
203. 8
231.3
161.3
168.6
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978_
1979: I P
_
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change Irom previous period; quarterly data at seasonally adjusted annual rates]
Gross national j:>roduct
Con-
Cur-
Period
stant
(1972)
rent
dol-
dol-
lars
lars
9. 1
1968
1969
1970__
1971
1972
1973
1974
1975
1976. _
1977
1978
4.4
2.6
-.3
3.0
5.7
5.5
7.7
5.0
8.2
__
10. 1
11.6
8. 1
8.2
-1.4
-1.3
11.1
8.9
5.7
3.2
7.1
-. 1
11.2
11.0
11.7
1977: III
IV
1978: I
II
III
IV
_ _ ___
__
1979: I*
5.7
4.9
4.0
Im-
plicit
price
deflator
5. 1
4. 1
4.6
6.5
7.2
15.6
9.5
.7
8.7
6.9
8.2
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
(1972
4.3
5.0
5.2
4.9
4.0
6.0
4. 1
5. 1
5.5
price
index
4.4
5.0
5.3
5.0
6.0
9.9
9.4
5.6
6.2
7.5
9.6
ed
Con-
Cur-
Implicit
price
deflator
stant
(1972)
rent
dol-
dol-
lars
lars
weights)
5.8
9.7
9.6
5.2
5.9
7.4
11.0
Fixedweight-
Chain
price
index
4.5
5.0
5.4
8.7
2.6
6.9
20. 6
Gross (domestic |>roduct
9. 1
4.4
2.6
-.3
2.8
5.8
5.4
Chain
price
index
Fixedweighted
price
index
(1972
weights)
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9.4
5.7
6. 1
7.5
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
7.7
9.3
5.6
6.3
7.6
7.9
8.5
11.0
10.9
11.7
-1.3
-1. 1
5.6
4.8
4.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
7.4
4.7
6.8
11.2
5.8
3.5
5. 1
5.8
4.5
6.7
4.6
7.0
10.2
7.8
5.0
8. 1
10. 1
11.5
9.5
11.0
6.7
8. 1
7.6
8.4
20. 1
10.2
15. 5
—.4
8.3
3.0
6.9
7. 1
10.9
7.0
8. 1
7. 1
10.9
7.5
8. 1
7.0
11.0
7.6
8.4
9.2
9.5
9.3
.7
8.6
9.2
9.5
7.0
7.1
10. 8
7.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross c omestic
prodi let of
nonfin ancial
corp<jrate
busi ness
(billic>ns of
doll ars)
Period
Current-do ilar cost a nd profit per unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
conComsumption
penallowances Indirect sation
business
of
with
capital taxes 3 employees
consumption
adjustment
Current
dollars
1972
dollars
452. 9
1967
498. 4
1968
541.8
1969
560.6
1970
602.5
1971
671. 0
1972
752. 0
1973
1974
808.8
874. 1
1975
1976
988.5
1977. _ - 1, 103. 2
1978*
1, 240. 6
545.8
581.6
607.3
600.6
619.3
671.0
720.4
695.0
680. 0
730.0
769.3
810.4
0.830
. 857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1.354
1.434
1.531
1977: I
II.—
III__
IV...
1, 048. 5
1, 093. 3
1, 124. 6
1, 146. 3
750.2
766.9
776.7
783.6
1.398
1.426
1. 448
1.463
.
.
.
.
1, 161. 6
II.... 1, 233. 0
III___ 1, 260. 6
IV *_ 1, 307. 0
783.6
811.9
814.9
831.0
1.482
1. 519
1.547
1.573
. 155
. 153
. 158
. 158
1978: I
0.072
. 074
.079
.088
. 094
.093
.095
. 116
. 142
. 146
. 150
. 156
149
149
151
152
0.084
. 089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
. 146
. 140
. 139
. 140
. 142
. 145
. 145
. 145
. 147
1
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
3
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Net
interest
Corpo rate profi ts with
inventc3ry valuat;ion and
capii al consuniption
£idjustmen ts
Total
0.535 0. 016 0. 123
. 124
.553
.017
.022
. 109
.589
.086
.028
. 628
.095
.645
.029
. 107
.661
.028
. 699 . 032 . 105
.086
.043
. 796
. 113
.045
.848
. 042
. 139
.891
.952
. 044
. 148
. 154
.046
1.029
. 932
. 946
.955
.973
1.008
1. 017
1.038
1. 053
4
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.051
.058
.055
.045
.048
.050
. 055
.061
.060
.073
.077
.085
0.072
.066
.055
.041
.046
.057
. 050
. 024
.053
.066
.071
.070
6.909
7. 134
7. 157
7. 148
7. 393
7.630
7.788
7. 489
7.721
7.962
8.057
8. 148
3.695
3. 945
4.209
4.488
4. 769
5. 047
5.446
5.958
6.550
7.093
7.667
8.382
.043
.043
.044
.045
. 134
. 148
. 158
. 151
.075
.078
.076
.077
.059
.070
.082
. 074
7. 991
8.025
8. 113
8. 103
7.451
7.590
7.746
7.881
.046
. 045
. 046
.046
. 129
. 157
. 160
. 169
.071
.086
.086
.094
.057
.071
.074
.075
8. 053
8. 139
8. 165
8. 117
8. 281
8.471
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]
Corpor ate profit s with inv entory va luation
Propr letors'
and capital cc nsumptio n adjustmtents
incom e with
Rental
inventor y valua- income
Profits > with inv entory
tion anc . capital of perComvaluaibion adjustment
consuroption
sons
pensaand iwithout aipital
ments
adjust
with
tion
of
Net
Naconsum ption adjiistment Capital
capital
con- interest
emtional
conincome ployTotal
Inven- sumpsumption
ees l
tory
Profits valuation
NonadjustFarm
Total
adjustbefore
farm
ment
tion
tax
ment
adjustment
Period
519.8
714.4
571.4
767.9
609. 2
798.4
650.3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
_ _ 1, 703. 7 1, 301. 4
12.0
13.9
13.9
14.3
18.0
32.0
25. 4
23.5
18. 4
20.2
25.3
51.4
52.3
51.2
53. 4
58. 1
60.4
60.9
63.5
70.2
79.5
87.8
18.6
18. 1
18.6
20. 1
21.5
21. 6
21.4
22.4
22.5
22. 5
23.4
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
127.0
144.2
159.5
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.4
159. 1
177.6
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
202.0
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14.5
-14.8
-24.4
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12. 0
-14.4
-14.9
-18. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
84.3
95.4
106.3
1977:111
IV
1, 537. 6 1, 165. 8
1, 576. 9 1, 199. 7
16.5
25. 1
80.8
82.3
22. 4
22.7
154.8
148.2
169.9
163.5
177.5
178.3
-7.7
-14.8
-15.0
-15.3
97.3
99.0
1978:1
II
III v
IV
1, 603. 1
I, 688. 1
1, 728. 4
1, 795. 2
1, 241. 0
1, 287. 8
1, 317. 1
1, 359. 8
21.9
24.0
25.0
30.4
83. 1
86. 1
89.6
92.6
22. 8
22.2
24.3
24.4
132.6
163.4
165.2
176.6
148.7
180.6
184.5
196.4
172. 1
205. 5
205.4
224.9
-23.5
-24.9
-20.9
-28.4
-16.1
-17.2
-19.3
-19.9
101.7
104.6
107.4
111.4
1, 405. 9
30.6
93. 1
24.7
40.3
-20.7
114. 2
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978 *
1979:1*
Source: Department of Commerce, Bureau of Economic Analysis.
* Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates)
Nondura ble goods
Durable goo is
Total
personal
consumption Total
expendi- durablel
goods
tures
Motor
vehicles
and
parts
535.9
579.7
618.8
668.2
733.0
809.9
889.6
979. 1
1, 090. 2
1, 206. 5
1, 340. 1
80.0
85.5
84.9
97. 1
111.2
123.7
122.0
132.6
156.6
178.4
197.5
35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.4
69.7
81.5
89.7
1977: III.... 1, 214. 5
IV
1, 255. 2
177.4
187.2
1978:1
II
III
IV_.__
1,276.7
1, 322. 9
1, 356. 9
1, 403. 9
1979: I"
1, 444. 7
Period
1968
1969
1970..
1971
1972
1973
1974
1975
1976
1977
1978
1
Total
nondurable1
goods
Food
Clothing Gasoline Services
and
and oil
shoes
58.0
63.9
71.3
77.7
230.4
247.0
2647
277.7
299.3
333.8
376.3
408.9
442.6
479.0
526.5
118.3
126. 1
136.3
140.6
150.4
168. 1
189.8
209.6
225.8
245.2
269.4
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.7
81.5
89.0
79.5
84.0
72.0
75.3
479.7
496.9
246.4
252.6
183.5
197.8
199.5
209. 1
84 1
92.5
89.8
92.6
72. 1
76.5
78.9
83.2
501.4
519.3
531.7
553.4
213.4
96.4
83.6
569.7
Total includes other items not shown separately.
Furniture
and
household
equipment
32.6
35.0
36.7
39.4
44.8
50.7
549
Retail sales of
new passenger
cars(nlillions
of uilits)
18.4
20.4
22.0
23.4
Domestics
Imports
27.8
36.4
39.5
42.8
46.5
51.2
225.6
247.2
269. 1
293.4
322.4
352.3
391.3
437.5
491.0
549.2
616.2
8.6
9.1
9.3
1.0
1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2.1
2.0
81.4
8$. 7
46. 0
47.5
557.5
571. 1
8.9
9.0
2.0
2.0
257.7
267.8
272.0
279.9
82.9
87.5
90.5
95.3
48.3
49. 1
51.5
55.8
591.8
605. 8
625.8
641.4
10.0
8.7
2. 1
2. 1
290.3
94. 0
59.8
661.6
9.3
249
8.6
8.5
7.1
8.7
9.3
9.7
7.5
7. 1
9.3
9.2
Source: Department of Commerce, Bureau of Economic Analysis.
2.0
1.9
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $19.2 billion (annual rate) in March, following revised increases of $13.0 billion in February
and $7.4 billion in January. Wage and salary disbursements rose $14.2 billion in March compared with $10.4
billion in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
-"
i \
I
600
-WAGE AND SALARY DISBURSEMENTS
600
400
400
200
200
100
100
30
80
<50
60
1971
1972
1973
1977
1974
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1971
1972
1973
1974
1975
1976
1977
1978
'1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at
Wage
3
Total
and
Other Proprietc>rs' income
personal salary
labor
income disburseincome1 2 Farm
Nonfarm
l
ments
seasonally adjusted annual rates]
Rental
income
of
persons 4
Dividends
Less: PerNonPersonal Transfer sonal confarm
payinterest
tributions personal
income ments ° for social income 6
insurance
579.4
859. 1
942.5
633. 8
1, 052. 4
701.3
1, 154. 9
764.6
1, 255. 5
805. 9
1, 380. 9
890. 1
1, 529. 0
983.6
1, 708. 0 1, 100. 9
36.2
42.0
48.7
55.6
65. 1
77.0
90. 4
105.9
14.3
18.0
32.0
25.4
23.5
18.4
20. 2
25.3
53.4
58. 1
60.4
60.9
63. 5
70.2
79.5
87.8
20. 1
21.5
21.6
21.4
22. 4
22. 5
22. 5
23.4
23.0
24.6
27.8
31.0
31.9
37.9
43.7
49.3
69.3
74.6
84. 1
103.0
115.5
126.3
141.2
159. 0
94. 1
104. 1
118.9
140.8
178.2
193.9
208.8
226. 0
30. 8
34 2
42. 2
47.7
50. 5
55.5
61. 0
69.7
838. C
917. 3
1, Oil. S
1, 119. 3
1, 220. S
1, 349. 5
1, 494. 4
1, 666. S
1, 646. 3
1, 669. 4
1, 682. 1
1, 695. 7
1, 719. 2
1, 731. 1
1, 744. 7
1, 768. 7
1, 786. 6
1, 811. 6
1978:
Mar___
Apr____
May
June
July____
Aug
Sept__>
Oct
Nov
Dec
1, 066. 6
1, 083. 9
1, 088. 4
1, 098. 4
1, 108. 2
1, 111.3
1, 120. 1
1, 137. 5
1, 149. 3
1, 161. 4
101. 3
102.7
104.0
105. 4
106.7
107.9
109. 1
110.4
111.8
113. 1
18. 6
22.0
24. 8
25. 3
24.0
24.9
26.0
27.4
29.0
34.9
84.4
85.5
86. 1
86.7
88.4
90. 1
90.2
92.0
92.6
93. 3
22.6
22.3
22. 1
22. 1
24. 3
24. 3
24.2
24.3
24.4
24.4
47.2
47.4
48.0
49.0
49.2
50.3
50.7
51.3
51.8
52.6
153.3
154. 8
156. 5
157.6
159. 6
161.9
163. 6
165. 1
166. 1
168.5
220.3
219.7
221. 3
220.8
229.0
230. 8
231. 5
232.2
233. 6
235. 9
68.0
68.9
69. 0
69. 6
70. 3
70. 4
70. 8
71. 6
72. 0
72.6
1, 612. 5
1, 631. S
1, 641. g
1, 654. 1
1, 679. 4
1, 690. 2
1, 702. C
1, 725. 1
1, 741. 5
1, 760. S
1979:
Jan *___ 1, 819. 0 1, 173. 0
Feb » _ _ _ 1, 832. 1 1, 183. 5
Mar » 1, 851. 2 1, 197. 7
114.5
115. 9
117.3
31.0
30.5
30.3
92.6
92.8
94.0
24.5
24. 7
24.8
53.6
54.2
54. 2
170. 1
171.8
173.5
237.8
237. 5
238.9
78.2
78.7
79.5
1,771.2
1, 784. £
I, 803. €
1 The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; workmen's compensation; directors' fees; and a few other minor items.
J With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm othei
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
600
600
DOLLARS* (RATIO SCALE)
8,000
PER CAPITA DISPOSABLE PERSONAL INCOME
7,000
DOLLARS* (RATIO SCALE)
8,000
7,000
6,000
6,000
CURRENT DOLLARS
5,000
5,000
1972 DOLLARS
4,000
4,000
3,000
3,000
i
1971
1972
1973
1974
1976
1975
1978
1977
1979
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
T
Less:
Per
Period
sonal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays *
Per csapita
dispc>sable
persona . income
Equals :
Personal
saving Current
dollars
801.3
859. 1
942. 5
1, 052. 4
1, 154 9
1, 255. 5
1, 380. 9
1, 529. 0
1, 708. 0
115.3
116.3
141.2
150.8
170.3
168.8
196.5
226.0
256.2
685.9
742.8
801.3
901.7
9846
1, 086. 7
1, 184 4
1, 303. 0
1, 451. 8
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of Populadispostion
(thou-2
able
sands)
sonal
income
Dollars
Billions of d ollars
1970
1971
1972
1973
1974
1975 ___
1976
1977
1978
1972
dollars
Per cap ita personal ccmsumption exp enditures
635.4
685. 5
751.9
831.3
913.0
1, 003. 0
1, 116. 3
1, 236. 1
1, 374 9
50.6
57.3
49.4
70.3
71.7
83.6
68.0
66.9
76.9
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,009
6,643
3,619
3,714
3,837
4,062
3,973
4,025
4,136
4,271
4,421
3,020
3,227
3,510
3,849
4, 197
4,584
5,066
5,564
6,132
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3,955
4,080
3.0
2.6
3.3
5.9
-2.2
1.3
2.8
3.3
3.5
7.4
7.7
6.2
7.8
7.3
7.7
5.7
5. 1
5.3
204,
207,
208,
210,
211,
213,
215,
216,
218,
878
053
846
410
945
566
191
856
547
Seas onally ad.lusted anriual rates
1977: III.. 1, 543. 7 224.6 1, 319. 1 1, 244 8
IV. _ 1, 593. 0 233.3 1, 359. 6 1, 285. 9
743
73.7
6,077
6,250
4,293
4,365
5,595
5,770
3,953
4,030
5.0
6.9
5.6
5.4
217, 073
217, 541
1978 :!_.__ 1, 628. 9
II-.. I, 682. 4
III_. 1, 731. 7
IV— 1, 789. 0
1, 309. 2
1, 357. 0
1, 392. 5
1,440.9
82.4
76.3
76.0
73. 0
6,387
6,566
6,712
6,906
4,370
4,399
4,428
4,485
5,859
6,060
6,203
6,404
4, 009
4,060
4,092
4,159
.5
2.7
2.7
5.2
5.9
5.3
5.2
48
217, 897
218, 290
218, 768
219, 233
1979: 1 *___ 1, 834. 1 270. 6 1,563.5 1,482.6
80.9
7, 118
4, 512
6,577
4,169
2.4
5.2
219, 645
237.3
249. 1
263.2
275. 1
1, 391. 6
1, 433. 3
1, 468. 4
1, 513. 9
•* Includes per«>iw4..consuniptioiiexi»nditur05, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
* Includes firmed Forces abroad, Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
6
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
According to preliminary estimates for the first quarter, net farm income before inventory adjustment rose $1.7 billion
(annual rate), while income after inventory adjustment rose $0.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
160
140
140
120
120
100
100
30
"
GROSS FARM INCOME
BEFORE INVENTORY "
ADJUSTMENT
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
V
I
I
_t
20
20
V
i
10
1971
1972
1974
1973
1975
1977
1976
1978
10
1979
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personsil income received
Income rejceived frc>m farmin g
by tota farm po pulation
Gross i ncome be ore mven tory adNett [> farm
justnlent
oper ators
Cas h receipts from
Period
ProducFrom From From
inarketing s
all
farm nonfarm
tion ex- Before
After
l
penses inven- invensources sources sources Total
Livestock
tory
tory
Crops
Total
and
adjust- adjust-2
ment
ment
products
Billioias of dollairs
60. 6
13.2
15.3
30.6
28.8
13. 5
52.9
22.3
47.4
1971
14.6
70. 1
17.8
18.7
1972
34.6
17.8
16.9
35.7
25.5
61. 2
52.3
41. 1
19.7
87. 1
33.3
95.5
48.9
29. 2
45.9
1973
29.9
65.6
100. 0
51. 1
21.8
92.4
41.4
26. 1
45.2
23.4
1974 .
72.2
27.7
22.7
96.9
88.2
45.1
43.0
21.1
21.9
24.5
1975
44.5
75.9
24.4
104. 1
46.2
18.8
41. 2
16.9
94.5
48.3
83.0
1976
21. 1
20. 6
96. 1
20. 1
108. 1
47. 6
24.7
48.5
18.3
1977
88.0
43. 0
28.2
110.2
52.2
28.8
27. 8
124.3
58.0
53.2
25.3
96. 1
1978
102.7
16.8
47.8
16.7
91.3
43.5
1977 :!!!___
86.0
25.5
114.8
49.5
23.4
99.6
50. 1
IV
91.4
Net incc>me per
farm sifter inventory adjustme n t 3
Current
1967
dollars dollars 4
Do liars
5,042
6,526
11, 813
9,349
8,845
6,848
7,592
10, 780
6,210
9,420
4, 157
5,208
8, 875
6,330
5,487
4,016
4, 183
5,520
3,390
5,080
1978: I
II
III___
IV____
118.3
123.0
122.6
133.2
104.6
109. 3
109.0
117. 7
52.7
57.4
57.7
64.0
51. 9
51.9
51.3
53.7
92.5
95.0
95.5
101.5
25.8
28.0
27. 1
31.7
26.3
28.0
27. 6
33.2
9,840
10, 480
10, 330
12, 430
5,220
5,420
5,220
6, 160
1979:1*
138.9
125.3
68.5
56.8
105.5
33.4
33.4
12, 710
6, 140
1 Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
3
Based on 1969 Census of Agriculture definition of a farm. The number of
arms is held constant within a year. Data for 1979 estimated.
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the fourth quarter of 1978, corporate profits before tax rose $19.5 billion (annual
rate) while after-tax profits rose $11.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
240
240
80 —&*
— 40
40 -
1971
1972
1978
SOURCI: DEPARTMENT OF COMMERCE
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Profits after tax
Dry valusition
Profil & (before tax) wit h invent
adjustn nent l
Domeptic indu stries
IN [onfinan< 3iaJ
Period
Total *
1968
1969_______
1970
1971
1972
1973____
1974
1975
1976
1977
1978"
1977: III
IV. _
1978: I_ _
II
III
IV"____ .
1979: I*
82. 1
77.9
66. 4
76.9
89.6
97. 2
86.5
107.9
141. 4
159. 1
177.6
169.9
163. 5
148.7
180.6
184. 5
196. 4
Total
Financial
78.9
74.2
62.6
72.4
84.7
90.4
76.9
101.8
133.2
149.5
167. 7
159.5
155. 6
139. 2
168.9
175.4
187. 4
10. 4
11.3
12.6
14. 1
15.4
16.2
14. 4
13.0
17.5
20.9
25. 1
21.9
21.9
22. 7
24. 3
26.0
27.6
Total8
Manufaeturmg
Wholesale
and
retail
trade
68.5
62.9
50. 1
58.2
69.3
74. 1
62. 5
88.9
115.6
128.6
142. 6
137. 6
133.7
116.6
144. 6
149.4
159.8
41.2
36.8
27. 1
32.4
40.6
44. 1
36. 6
48.3
65.6
74.7
85.0
74.7
80.2
69.8
87.8
87. 1
95.2
10. 1
10. 1
9.4
11.7
13.3
14. 7
12. 9
20.7
24. 0
24.0
22.7
30.6
22. 1
16.7
22. 0
25.8
26.3
i See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
2
3
Profits
before
tax
Tax
liability
Total
Dividends
85. 6
83.4
71.5
82.0
96.2
115. 8
126.9
120.4
155.9
173.9
202.0
177.5
178.3
172. 1
205.5
205.4
224.9
39. 4
39.7
34.5
37. 7
41.5
48.7
52. 4
49. 8
64.3
71.8
83.9
72. 8
73.9
70.0
85.0
86.2
94.4
46. 2
43.8
37.0
44. 3
54.6
67. 1
74. 5
70.6
91.7
102. 1
118. 1
104.8
104.4
102. 1
120. 5
119.2
130.5
21.9
22.6
22.9
23.0
24.6
27.8
31. 0
31.9
37.9
43. 7
49.3
44. 1
46.3
47.0
48. 1
50. 1
51.9
54.0
Undistributed
profits
24. 2
21.2
14. 1
21. 3
30.0
39.3
43. 6
38.7
53.8
58.4
68.8
60.6
58. 1
55. 1
72.4
69.2
78.6
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-14.8
-24.4
-7.7
-14.8
-23.5
-24.9
-20.9
-28.4
-40.3
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter, business fixed investment rose $5.5 billion (annual rate) as
nonresidential construction outlays fell $0.1 billion and producers' durable equipment purchases increased $5.6
billion. Residential investment outlays declined $2.5 billion. Inventory investment amounted to $18.1 billion, up
$4.6 billion from the fourth quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
180
-NONRESIDENTIAL FIXED INVESTMENT
160
380 -GROSS PRIVATE DOMESTIC INVESTMENT-
340
140
300
PRODUCERS'
DURABLE EQUIPMENT
120
260
100
220
200
180
80
STRUCTURES
• >*
BILLIONS OF DOLLARS*"(RATIO SCALE)
RESIDENTIAL FIXED INVESTMENT
120
60
110
100
I
90
I
I
I I
BILLIONS OF DOLLARS*
80
70
60
50
-40
I I 1
1975
1977
1976
J
1978
L_L
1979
1975
1976
1977
1979
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investmcint
Gross
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1977:111
IV
1978:1
II
III
IV_
1979: I*_.
_ _
private
domestic
investment
Strucjtures
Total
Prodiucers'
dur able
equip ment
Total
Nonfarm
Total
Nonfarm
Resid ential fix ed inves iment
Prn
Total
Nonfarm
structures
Farm ducers'
durstrucable
tures equipment
Change in business inv entories
Total
Nonfarm
131.5
146.2
140.8
160.0
188.3
220.0
214. 6
190.9
243.0
297.8
345. 6
309.7
313.5
322.7
345.4
350. 1
364.0
89.3
98.9
100. 5
104. 1
116.8
136.0
150. 6
150.2
164.6
190.4
222. 6
193.5
200.3
205.6
220. 1
227.5
237. 1
31.6
35. 7
37. 7
39.3
42.5
49.0
54. 5
53.8
57.3
63.9
77.8
65. 4
67.4
68.5
76.6
80.9
85. 1
30. 4
34.3
36. 1
37. 8
41. 1
46.9
51. 8
51.3
54.7
61.0
74. 5
62.7
64.5
65.2
73.4
78.0
81.8
57. 7
63.3
62.8
64. 7
74.3
87.0
96.2
96.4
107.3
126.5
144. 8
128. 1
132.8
137. 1
143.5
146. 6
152.0
53. 4
58.9
58. 1
59. 9
69. 1
80. 1
88. 2
87.4
97.5
116.7
133.8
118.6
123.4
127.2
132.9
135.5
140.9
34.5
37.9
36. 6
49.6
62.0
66. 1
55. 1
51.5
68.2
91. 9
107.0
94.3
100.2
100.3
105. 3
109.0
113.4
33. 1
36.3
35. 1
47. 9
60.3
64. 3
52.7
49.5
65.8
88. 9
103.8
91.2
97.5
97.3
102. 1
105.7
110.2
0.6
.7
.6
.7
0.8
.9
.9
1.0
.6
1.2
.9
1.2
17.9
1.5
1.5
1.3
1.5
1.7
1.5
1.6
1.7
1.8
1.7
1.7
-10.7
10.2
15.6
16.0
21.9
13. 1
16.7
20. 1
13.6
13. 5
14.7
10.8
-14.3
12.2
15.0
16.7
22.0
10.4
16.9
22. 1
14. 6
13.4
371.6
242.6
85.0
81.4
157.6
146.5
110.9
107.8
1.3
1.8
18.1
19.6
.7
1. 1
1.5
1.4
1.6
1.2
1.3
1. 4
1. 1
1. 2
1. 1
7.7
9.4
3.8
6.4
9.4
8.9
7.6
9.2
3.7
5. 1
8.8
Source: Department of Commerce, 1Bureau of EC onomic An ilysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.3 percent in 1979, according to the Commerce Department survey
conducted in late January and February. Spending in 1978 was 13.3 percent above 1977.
BILLIONS OF DOLLARS (RATIO SCALE)
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUAL RATES
160
160
140
140
TOTAL NEW PLANT AND EQUIPMENT
120
120
100
100
80
80
NONMANUFACTURING
....-•-1
,.....**"'""
60
60
-\
MANUFACTURING
—^-
40
I
20
I
I
J
1971
40
I
I
1973
1972
1974
I
I 1
1975
1976
1977
1978
I
20
1979
\/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts ( [>f plant
and eqilipment
proj ects*
. . E :xpenditun;s for planit and equipment
M anufactur ing
Period
Total i
Total
N onmanuf aeturing
Durable
goods
Nondurable
goods
Total
Trans- Public
Mining porta- utilition
ties
1972
1973
1974
1975
1976
1977
1978__
1979 4 _
88. 44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
171. 14
31. 35
38. 01
46.01
47.95
52.48
60. 16
67.62
77. 54
15. 64
19.25
22. 62
21.84
23.68
27.77
31. 66
37.84
15.72
18.76
23.39
26. 11
28.81
32.39
35.96
39.70
57.09
61.73
66.39
64. 82
68.01
75.64
86. 19
93.60
5.08
1978:1
II
III
IV
144. 25
150. 76
155.41
163. 96
61.57
67.20
67.75
73.24
28.72
31.40
32.25
33.99
32.86
35.80
35.50
39. 26
82.68
83.56
87.66
90. 71
1979: I*_4 „ _ 164. ®$
II
167. 62
75.90
37.09
37.78
92.26
38.81
91.62
80.93
39.88
41.05
95.16
2nd
half 4 ___ 176. 09
71.97
34.18
* Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
2.42
2.74
3. 18
3.79
4.00
4.50
4. 78
5.72
6.03
6.66
7.57
7.45
6.93
8.05
Communication
Commercial
Manufacturing
and
other 2
Public
utilities
9.38
17.00
18.71
20.55
20. 14
22.28
25.80
29.48
32.40
11.89
12.85
13.96
12.74
13.30
15.45
18. 16
19. 28
20.07
21.40
22. 05
20.60
20.99
22.97
25. 71
27.45
35.21
47.57
52.49
48.24
51.05
66. 73
72.44
28.60
38. 13
45. 74
34. 50
29.66
32.54
34. 93
4.45
4.81
4.99
4.98
8.46
7.40
8.05
8.43
27.92
28.46
29.62
31.73
17.07
18. 18
13.90
18.46
24.76
24.71
26.09
27. 12
17.41
18. 10
16.96
19.97
7.98
7.78
4.40
14. 00
5.35
4.89
10.06
8.36
31.91
44. 54
46. 46
5. 12
9. 72
32. 77
47. 55
32.30
2 Includes trade, service, construction, finance, and insurance.
* Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late January and
February 1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment increased by 195,000 in March while unemployment fell by 10,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
10
- 5
1979
1971
*16 YEARS OF ACE AND OVER-
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons3 16 years of age a nd over]
C ivilian einaploymerit
Period
Civilian
labor
force
Total
5,076
7,830
7,288
6,855
6,047
Total
labor
force
(including
Armed
Forces)
93, 240
94, 793
96, 917
99, 534
102, 537
91,011
92, 613
94, 773
97, 401
100, 420
85, 935
84, 783
87, 485
90, 546
94, 373
101, 557
101, 885
102, 222
102, 602
102, 738
102, 785
103, 097
103, 199
103, 745
103, 975
Noninstitu- Civilian Unemtional employ- ployment
populament
tion
Unempl(Dyment
N onagri cultural
Part-time Total
AgriecoculTotal for
nomic l
tural
reasons
2,709
3,492 82, 443
5, 076
3,490
7,830
3,380 81, 403
3,272
7,288
3,297 84, 188
3,297
3,244 87, 302
6,855
3,342 91, 031
3,216
6,047
Seascmally adjilisted
1974
1975
1976
1977
1978*
150, 827
153, 449
156, 048
158, 559
161, 058
1978: Mar*.
Apr—
May..
June__
July..
Aug__
Sept._
Oct__.
Nov__
Dec__
160, 313
160, 504
160, 713
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
162, 250
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
95, 906
6,479
5,685
5,457
6,326
6,438
5,931
5,797
5,460
5,629
5,725
99, 435
99, 767
100, 109
100, 504
100, 622
100, 663
100, 974
101, 077
101, 628
101, 867
93, 282
93, 704
93, 953
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,334
3,274
3,243
3,424
3,377
3,351
3,406
3,374
3,275
3,387
89, 948
90, 430
90, 710
91, 216
91, 069
91, 372
91,604
91, 867
92, 476
92, 468
3,184
3,310
3,247
3,433
3,316
3,298
3,203
3,164
3, 131
3,058
1979: Jan... 162, 448
Feb__ 162, 633
Mar_. 162, 909
94, 436
94, 765
95, 501
6,431 104, 277 102, 183
6,484 104, 621 102, 527
6,165 104, 804 102, 714
96, 300
96, 647
96, 842
3,232
3,311
3,343
93, 068
93, 335
93, 499
3, 159
3, 147
3,179
85, 935
84, 783
87, 485
90, 546
94, 373
Uinad justed
* Persons at work. Economic reasons include slack work, material short,C3,, JLUaULUliy
UU 1111U.
WUJLJK., CLU.
inability to
find ILLU-UULUC
full-time work,
etc.
* Total labor force as percent of noninstitutional population 16 years of age and
15
weeks
and
over
Labor
force
participation
rate
(perx \ 2o
cent)
2,483
2,339
1,911
1,379
937
61.8
61.8
62. 1
62.8
63.7
6,153
6,063
6,156
5,864
6,176
5,940
5,964
5,836
5,877
6,012
1,488
1,486
1,404
1,266
1,314
1,234
1,268
1,317
1, 196
1,208
63.3
63.5
63. 6
63.8
63.8
63.7
63.8
63.8
64.0
64. 1
5,883
5,881
5,871
1,251
1,260
1,305
64. 2
64.3
64.3
*Beginning 1978, data not strictly comparable with earlier data because of
revisions
iCVIOIUUO in
UJ. the
WHO household survey, which added about 250,000 to labor force and
to employment.
Source: Department of labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March the seasonally adjusted unemployment rate held steady at 5.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
w
15
WOMEN 20 YEARS
AND '
1975
1976
1977
0 I { M f 111111
1975
1979
1978
II t i l HI II
1 M i l I I II I t
1976
*UNIMPIOYMEN1 AS PERCENT OF CIVILIAN lAftOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
HI 1 1 1 f i t i t
t t i t ! I t ! 111
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1974
1975
1976
1977
1978
1978: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
„
White
5.5
8.0
7.4
7.0
6.0
16.0
19.9
19.0
17.7
16.3
5.0
7.8
7.0
6.2
5.2
6.2
4.5
4.3
4.2
4.0
17.0
16.7
16.5
15. 1
16.3
15.7
16.3
16.2
16.2
16.5
5.3
5.2
5.3
5.0
5.2
5.2
5.2
5.1
5.0
5.2
12.5
12.0
12.3
12.0
12.3
11.5
11.3
11.3
11.7
11.5
5.7
5.6
5.7
5.4
5.7
5.5
5.6
5.4
5.4
5.6
15.7
16. 1
15.5
5.1
4.9
5.0
11.2
11.9
11.2
5.4
5.3
5.3
5.9
5.9
5.8
5.8
5.9
4. 1
5.9
6.0
6.2
6.1
6.4
5.9
5.9
5.6
5.8
5.8
5.8
5.7
5.7
4.0
4.0
4.0
5.7
5.7
5.7
6. 1
6. 1
4. 1
4. 1
4. 1
4.0
3.9
i Aggregate hours lost by the unemployed and persons on part-time tor economic reasons as percent of potentially available labor force hours.
12
ExpePartouse- FullBlack rienced
time • time
wage Hhold
and
workand
other salary
heads workers
ers
workers
3.3
5.3
5. 1
8.6
9.9
10.3
8.2
5.8
8. 1
13.9
7.3
5. 1
10. 1
13. 1
7.3
6.5
9.8
4.5
13. 1
6.6
5.5
5.6
9.0
3.7
11.9
3.8
6.7
5.9
5.2
4.2
6. 1
_
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
5.6
8.5
7.7
7.0
6.0
5.8
__
Uneinployment rate ( percent <of civilia Q labor f orce in group)
By sex and iige
By select ed group)S
By race
Labor
force
time
lost
(per-l
cent)
6. 1
9. 1
8.3
7.6
6.5
3.5
3.4
3.5
5.6
5.5
5.6
5.3
5.7
5.4
5.4
5.2
5.2
5.3
9.4
9.4
9.2
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.7
6.5
6.6
6.5
6.8
6.5
6.4
6.2
6.2
6.2
3.4
3.5
3.4
5.2
5.2
5.1
8.6
9.2
9. 1
6.2
6.2
6.1
3.8
3.7
3.8
3.7
3.8
3.7
3. 6
Source: Department of Labor, Bureau of labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In March the percentage of unemployed persons who were job losers or new entrants declined and the percentage
who were job leavers or reentrants rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATIC)N OF UNIEMPLOYMEENT
REASON FOR UNEMPLOYMENT
60
40
,/~
n
LESS THA N
5 WEEKS
*,
y\M
A/WVS
5. 4
WE :KS
f
*<yV'~v< ^/v \/ **
20
20
V^ili%
^-
15-26
WEEKS
•'i*i»
%
\
^
27 WEEKS
AND OVER
,nnl,,n, n i i i l n i i i i n 1 1 1 1 n 1 1
1976
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1 1 1 1 1 11 1 1 n 1 1 n 1 1n i n
1980
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPereenit distribution of unem1
State pi^ograms Insured
unem- Special
ployment b y duraticMl 1
Pioyment 3y reasoii
ployunemUnemployment,
ployall
ment
27
Insured
Period
ment
Less
regular benefit3
Initial
5-14
15-26
weeks
unemReen- New
Job
(thou- Job
en- than 5
pro- 2 claims
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unadover
ment
(unad- justed)
justed)
We€)kly aver age, thou sands
7.3 2,262
14.9
28.4
363
31.0
13.3
50. 6
11. 1
43. 4
1974
_„ 5,076
2,558
15.2 3,986
10.4
478
10.4
16. 5
23.8
55.4
37. 0
1975
31. 3
7,830
4,943
1, 173
382
18.3 2,991
12. 1
13.8
12. 2
38. 3
29. 6
1976
49.8
7,288
26. 0
3,822
1, 152
14.8 2, 655
375
13. 1
13.0
41.7
30.5
28. 1
13.7
1977
6,855
45. 3
572
3, 111
342
46.2
31.0
14. 1 30.0
10.5 2,356
12.3
14.3
1978__ _ _ 6,047
41.6
2,640
11.3 2,452
13. 8
30. 2
14.7
45. 1
30.9
12.7
339
1978: Mar__ 6, 153 41.3
3,212
102
11. 1 2,307
14.4
45. 1
30.5
13.3
28.7
338
14. 9
Apr__ 6,063 42. 0
2, 659
60
30.2
11. 1 2,223
331
11.8
13.5
29.3
46.9
42.7
14.6
May_ 6,156
2,369
36
10.0 2,247
32. 1
11.3
14. 6
14. 0
347
46.6
30.6
40.8
21
June. 5,864
2,297
48.2
10. 5 2,374
364
30.4
13.9
30.5
14.2
10.9
July__ 6, 176
41.4
2,581
47.2
10. 6
10.3 2,448
14.2
32.0
29.5
345
14.8
Aug__ 5,940
41.6
2,394
10.2 2, 292
11.2
14.3 32.4
31.5
13.7
326
47.1
Sept__ 5,964
39.7
2,064
12. 6
10.0 2,234
14.2
325
14. 0
30.7
46.7
29. 6
Oct_. 5,836 42.2
1,999
14.2
30. 1
48. 8
30.6
11.8
8.8 2,230
338
15.0
Nov__ 5,877
40.7
2, 148
12.0
47.4
7.9 2,252
32.6
40.2
14.3
31.9
339
13.6
Dec._ 6,012
2,567
32. 1
12.5
46. 4
9.0 2,367
15. 7
28.7
14. 0
350
1979: Jan. __ 5,883 41.6
3, 198
12. 1
341
46.7
9.3 2,349
14. 0
29.6
14.7
31.8
Feb... 5,881 41.8
3, 209
12. 3
30.2
46. 5
31. 4
9. 7 2,323
14. 6
349
13.9
Mar__ 5,871
41.3
2, 921
1
8
Detail may not add to 100 percent because of rounding.
s FSB and SUA. These programs started January 1975 and regular reporting
Inclrdes State (50 States, District of Columbia, and Puerto Rico), ex-service- began March 1975.
men (t CX), Federal (UCFE), and railioad (RR) programs. Also includes
Source: Department of Labor (Bureau of Labor Statistics and Employment
Federal and State extended benefit programs. Does not include FSB (Federal
and Training Administration).
supplemental benefits) and StJA (special unemployment assistance).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultura! employment as measured by the payroll survey rose by 324,000 in March.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS' (ENLARGED SCALE)
90
20-
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
60
^—4—
22
MANUFACTURING
50
\
20
18
40
111 1 1 1 1 1 1 1 1
_GOODS-PRODUCING_
INDUSTRIES
30
1 in hint!
CONSTRUCTION
„„••..*•'««•«»»"
20
1975
1976
1977
2HJII
1979
1978
I I I I I I I I I | || I I I I I I I I I 1 1 I I I M 1 1 1 IM M I I 1 t I 1 t I I I I 1 t I I
1975
1976
1977
•SEASONALLY ADJUSTED
SOURCE; DIPARTMf NT OF IABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
Serviee-pr oducing industrie s
Croods-prc>ducing i ndustries
Period
1974
1975
1976
1977
1978-..
1978: Mar _ _
Apr
May__
June__
July._
Aug__
Sept__
Oct___
Nov_._
Dec__
1979: Jan___
Feb P..
Mar "_
Total
nonagricultural
employ- Total *
ment
Construction
24, 794
22, 600
23, 352
24, 288
25, 381
24, 927
25, 313
25, 341
25, 473
25, 501
25, 463
25, 471
25, 670
25, 872
26, 030
26, 111
26, 201
26, 343
4,020
3,525
3,576
3,833
4,212
3,999
4, 164
4, 175
4,278
4,317
4,298
4,298
4,341
4,368
4,397
4,381
4,383
4,454
78, 265
76, 945
79, 382
82, 256
85, 763
84, 726
85, 418
85, 618
85, 996
86, 033
86, 149
86, 163
86, 573
87, 036
87, 281
87, 524
87, 832
88, 156
Trans- Whole- Finance,
Gover nment
insurportasale
ance, Services
tion
and
State
Non- Total
and
and
Durable
retail
Federal and
durable
Total goods
real
public trade
local
goods
estate
utilities
Ma nufactui ing
20, 077
18, 323
18, 997
19, 647
20, 332
20, 230
20, 282
20, 297
20, 316
20, 302
20, 278
20, 286
20, 436
20, 601
20, 729
20, 825
20, 902
20, 972
11, 925
10, 688
11, 077
11, 573
12, 160
12, 041
12, 076
12, 093
12, 109
12, 138
12, 146
12, 166
12, 305
12,410
12, 491
12, 562
12, 656
12, 712
8, 152
7,635
7,920
8,074
8, 172
8, 189
8,206
8,204
8,207
8, 164
8, 132
8, 120
8,131
8,191
8,238
8,263
8,246
8,260
1
Includes all full- and part-time wage and salary workers in nonagrieultural
e stablishments who worked duiing or received pay lor any part of the pay period
which, includes the 12th of 1he month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of 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
53, 471
54, 345
56, 030
57, 968
60, 382
59, 799
60, 105
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 164
61, 251
61, 413
61, 631
61, 813
4,725
4,542
4,582
4,696
4,859
4,817
4,847
4,847
4,881
4,827
4, 846
4,855
4,922
4,947
4,967
4,974
5,004
5,031
16, 987
17, 060
17, 755
18, 492
19, 394
19, 169
19, 252
19, 335
19, 412
19, 469
19, 523
19, 546
19, 632
19, 701
19, 697
19, 817
19, 910
19, 999
4, 148
4, 165
4, 271
4,452
4,676
4,605
4,623
4,637
4, 670
4, 690
4, 707
4,719
4,737
4,774
4,789
4,809
4,828
4,844
13, 441
13, 892
14, 551
15, 249
15, 979
15, 773
15, 866
15, 896
15, 963
15, 989
16, 074
16, 127
16, 169
16, 270
16, 327
16, 352
16, 427
16, 444
2,724
2,748
2,733
2,727
2,753
2,739
2,745
2,753
2,772
2,765
2,765
2,752
2,760
2,757
2,734
2,755
2,755
2,755
11,446
11, 937
12, 138
12, 352
12, 723
12, 696
12, 772
12, 809
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 737
12, 706
12, 707
12, 740
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag56 gross
hourly earnings
Avei•age weekly hours
Period
Total
private
nonagncultural *
Manuf,acturing
Total
Overtime
Manufacturing
$3.23
3.45
3.70
3. 94
4.24
4.53
4.86
5.25
5.69
$3.35
3.57
3.82
4.09
4.42
4.83
5.22
5.68
6. 17
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106. 5
109.7
109. 7
106.6
105.9
107.3
108.4
108.9
6.01
6.05
6.08
6. 12
6. 18
6.20
6.25
6.32
6.38
6.43
208. 3
210.3
211.0
212.3
214. 1
214.6
216. 2
218.0
219.0
220.7
109.5
109.6
109. 1
108.8
109. 1
108.7
108.7
108. 7
108.5
108.6
8.2
8.2
8.3
8.2
8.2
8.5
1.2
1.4
.8
.7
.5
.4
.0
-.7
-.6
-.6
6.45
6.52
6.57
222.6
223.7
225.4
108.5
107.7
107.4
8.0
8.3
8.2
-1.2
-1.6
-2.0
39.8
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
1978: Mar
Apr_
May
June
July.
Aug
Sept
Oct
Nov
Dec-
36.0
36. 1
35.9
35.9
35.9
35.8
35.8
35.9
35.8
35.9
40.6
40.8
40.4
40.5
40.5
40.3
40.4
40.5
40.7
40.7
3.5
3.6
3.6
3.4
3.6
3.6
3.7
3.8
5.54
5.61
5. 62
5.66
5.71
5.73
5.77
5.82
5.87
5.91
1979: Jan
Feb »
Mar* „
35.7
35.8
35.9
40.7
40.7
40.8
3.8
3.8
3.8
5.97
5.99
6.04
._
3.0
2.9
3.5
3. 8
3.3
2.6
3. 1
3.4
3.6
3.7
3. 8
Percent ehLange from
a year earlier *
Index, 1967=100
Total
private
nonagricultural *
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36. 0
35.8
1970
1971
1972__
1973
1974
1975
1976
1977
1978
Adjusted h ourly earnirtgs index2 —t otal private
nonagri(cultural
Current
dollars
1967
dollars s
Current
dollars
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
8. 1
7.9
8.2
8.0
8. 1
1967
dollars
0.7
2.6
3.0
0
-2.8
-.7
1.3
1.0
.5
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period
Total pri vate nonagricuItural l
Current
dollars
1970
1971
1972
1973
_.
1974
__
1975._
1976._ _
1977
..
1978"
1978: Mar
Apr.
May.
_ _
June
>_ _ _
July
Aug
_
Sept_._
Oct
Nov
..
Dec
1979: Jan
„_
Feb »
Mar 9 _ _ __
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
199. 44
202. 52
201. 76
203. 19
204. 99
205. 13
206. 57
208. 94
210. 15
212. 17
213. 13
214. 44
216. 84
Manufacturing
1967
dollars *
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
104. 86
105. 59
104. 32
104. 20
104. 48
103. 97
103. 86
104. 16
104. 14
104. 41
103. 86
103. 25
103. 31
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
244. 01
246. 84
245. 63
247. 86
250. 29
249. 86
252. 50
255. 96
259. 67
261. 70
262. 52
265. 36
268. 06
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
319. 19
312. 54
315. 93
314. 39
322. 65
323. 02
323. 51
323. 75
323. 61
324. 58
329. 59
320. 23
329. 06
337. 94
Percent ch*inge from a
year e arlier,
total pri^/ate nonagricu Itural 5
Current
dollars
(Current dollars5
i8 Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
1
Current dollar index (or earnings) divided by the consumer price index.
Eevised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 31
150. 15
151.80
151. 34
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
159. 24
159. 73
160. 23
162. 02
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.8
8.3
7.5
7.9
8. 1
8.5
8.5
8. 1
8.6
9. 1
9.4
9. 4
8.4
1967
dollars
-1.3
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.0
.4
1.3
1.7
.4
.5
.3
.6
.2
-.6
-.2
.1
.0
-.5
-1.7
* Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hour s oi 2all
pers ons
Out put 1
Output per hour
of all persons
Unit labor
cc>sts
Comp ensation
per hour 3
Implici t price
defla tor 4
PriNonPriNonPriNonNonNonNon- Private
Private
Private
vate
farm
vate
vate
farm
farm
farm
farm business farm
business
business business
business business business business business business
sector business
sector business
sector
sector sector sector sector sector
sector sector
sector
sector
Period
1967== 100; quiirterly da1:a season ally adjus ted
98.0
100. 0
105. 1
108.3
98. 1
100.0
105.4
108.6
100.0
100. 0
101.8
104.6
99.8
100. 0
102. 1
105.5
98.0
100.0
103.3
103.5
98.4
100.0
103.2
102.9
94.9
100.0
107.6
114.9
94.8
100.0
107.3
114.1
96.8
100.0
104. 1
111.0
96.4
100.0
1040
110.9
97.2
100.0
103.9
108.8
96.8
100.0
1040
108.6
107.3
110.3
117.6
124.5
121.5
107.4
110.2
117.8
125.0
121.9
103.0
102.4
105.5
109.6
110.3
104.2
103.8
107.0
111.6
112.4
104.2
107.8
111.4
113.6
110. 1
103.1
106.3
110. 1
112.0
108.5
123.1
131.4
139.7
151. 1
164.8
121.7
129.9
138.3
149. 1
162.7
118. 1
122.0
125.3
133. 1
149.7
118. 1
122.3
125.6
133.1
150.0
113.9
118.9
123. 1
130.2
143.0
1140
119.1
122.8
127.9
141.3
1975
1976
1977
1978"-
118.8
126.5
133.2
139.0
118.8
127. 0
133.6
139.9
105.6
108.7
112.6
117.2
107.5
111.0
115.4
120.2
112.4
116.4
118.2
118. 6
110.5
114.4
115.8
116.4
181.2
197.0
213.0
232. 7
178.8
193.7
209.3
228.7
161.2
169.3
180.2
196.3
161.8
169.4
180.8
196.5
157.4
165.4
174.9
187.9
156.3
1648
1746
186.8
1977: I
II
III
IV
130.5
132.5
134.2
135.5
131.0
133.0
134.6
135.8
110.7
112.9
112.9
113. 9
113.3
115.5
115.8
116.7
117.9
117.4
118.9
119.0
115.6
115.2
116. 2
116.4
207.5
210. 5
215.3
218.8
203.9
207. 1
211.2
215. 1
176.0
179. 3
181. 1
183.9
176.4
179.8
181.7
184.8
170. 6
174.0
176.3
178.4
170.0
173.6
176.4
178. 1
1978: I _ _
II
III
IV*
135.3
138.7
139. 7
142.3
136. 1
139.8
140.6
143.2
115.0
117. 6
117.4
118.9
117.8
120.6
120.5
122.0
117.6
118.0
119.0
119.6
115.5
116.0
116.6
117.3
225.2
229. 6
235.4
240.3
221.4
225.8
231.0
236. 1
191.4
194.6
197.8
200.8
191.7
194.7
198. 1
201.2
181. 3
186.6
189.9
193.5
180.6
185.3
188.9
192.1
1966
1967
1968
1969
1970
1971
1972
1973
1974
___
.„
Perce at change ; quarterl;Y data at seasonal!y ad juste d annual rates
5.5
2.0
5. 1
3.0
6.0
1.9
5.4
3.0
2.2
-.0
1.8
2.8
3.3
.2
2. 1
3.3
3.2
2.0
3.3
.2
2.6
1.7
3.2
-.3
7.1
5.4
7.6
6.8
6.1
5.5
7.3
6. 3
3.8
3.3
4.1
6. 6
3.5
3.7
40
6.6
3.2
2.9
3.9
47
2.9
3.3
40
45
1970
1971
1972
1973
1974
—.9
2.8
6.6
5.9
-2.4
— 1. 1
2.6
6.9
6.0
-2.5
-1.5
-.6
3.1
3.9
.7
-1.2
—.4
3.2
4.2
.7
.7
3.4
3.4
1.9
-3.0
.1
3.1
3.6
1.7
-3.1
7. 1
6.7
6. 3
8.2
9. 1
6.6
6.7
6.5
7.8
9. 1
6.4
3.3
2.8
6. 2
12.5
6.5
3.5
2.7
6.0
12.6
47
44
3.6
5.8
9.8
49
45
3. 1
41
10.5
1975
1976
1977
1978*—
-2.3
6.5
5.3
4.4
-2.5
6.9
5.2
4.7
-4.3
2.9
3.7
4. 1
-4.3
3.3
3.9
4.2
2.1
3.5
1.6
.3
1.9
3.5
1.3
.5
9.9
8.7
8.1
9.2
9.9
8.4
8.1
9.3
7.7
5.0
6.4
8.9
7.8
4.7
6.7
8.7
10. 1
5.1
5.7
7.5
10.6
5.4
5.9
7.0
9.3
6.5
5. 0
4.0
9.4
6.2
5.0
3.5
6.6
8.3
-. 1
3.7
6.8
7.7
1.3
3.0
2.5
-1.7
5. 1
.4
2.4
-1.4
3.7
.5
7.9
5.8
9.5
6.7
8.3
6.5
8. 1
7.6
5.3
7.6
4.2
6.3
5.8
8.0
4.2
7. 1
5.2
8.2
5.2
49
44
8.7
6.5
40
-.6
10. 5
3.0
7.5
.7
11.6
2. 1
7.5
4.0
9.2
-.4
5.3
3.9
9.8
-.2
5. 1
-4.5
1.2
3.5
2. 1
-3. 1
1.7
2.3
2.3
12. 1
8. 1
10.4
8.6
12.2
8.2
9.6
9.0
17.4
6.8
6.7
6.4
15.7
6.4
7.1
6.5
6.7
12. 1
7.3
7.8
5.8
10.8
8. 1
6.9
1966
1967._
1968
1969
__
1977:1
II— _ _
III
IV
1978: 1
II
III..
IV"
1
Output
2
refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross" domestic product.
16
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.8 percent in March, following two months of almost no change in the level of output.
Rebounds from earlier weather effects contributed significantly to the March increase.
INDEX, 1967= 100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
160
140
120
^T?*i
MINING
100
MANUFACTURING PRODUCTION
I 1 III I
1975
1 1 ll 1
III I I I I I I M
1976
1977
1978
1 ?111
I
1979
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
100
1975
1976
1977
1978
1979
1975
1976
1977
1979
1978
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE Ft Of RAl RESERVE SYSTEM
Total in dustrial
produ ction
Percent
Period
Index,
1967= change
from
100
year
earlier
1967 proportion
100. 00
1972
9.2
119.7
8.4
1973
129.8
1974
—. 4
129. 3
1975
-8.9
117.8
10.2
1976
129.8
5. 6
1977
137. 1
1978
5.8
145.2
1978: Feb
4.5
139.2
Mar
4.1
140.9
5.2
143.2
Apr
May___ _ _ 143. 9
5.0
June
5.2
144. 9
July
5.3
146. 1
Aug__
6.5
147. 1
Sept
6.7
147. 8
Oct__
7. 1
148.7
NoVi_.i_- ___ 149.6
7.4
Dec. _ _
150.9
8.0
1979: Jan
150.9
8.7
Feb*_
8. 5
151.0
Mar 9 _ _
152.2
8.0
1
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind(•jxes, 1967 = 100
M anufaeturi ng
Total
Dur-
87. 95
118.9
129.8
129.4
116.3
129.5
137. 1
145.7
139. 4
141.4
143.5
144. 3
145.5
146.7
147.6
148.7
149.5
150.4
151.8
152.0
152. 1
153.3
51. 98
113.7
127. 1
125.7
109.3
121.7
129.5
139.3
131. 5
134.4
136.9
137.6
139.0
141. 1
142.2
142.8
144.0
144.8
146.4
146. 1
146.3
147.7
able
Nondur-
Mining
85.97
6.S6
113. 1
114.7
115.3
112.8
1142
ties
able
126.5
133.8
134.6
126.4
140.9
148. 1
154.8
150.6
151.4
153.2
154.0
154.9
155.0
155.6
157.1
157.4
158.5
159.6
160.6
160. 6
161.5
Output as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
* Annual
1
utm-
117.8
124.2
114.4
119.3
127.2
126.7
128.0
127. 1
126.0
124. 1
127.6
128. 1
127.6
123.7
122. 1
124.8
Manufa eturing catpacity ut ilization
rate, p«ircent *
Federal Reserve
serics
WharComTotal
ton
merce2
Mate- series
manuseries 3
facturrials
ing
5. 69
139.4
145.4
143.7
146.0
151.0
156.5
161.0
163.5
159.5
156.0
157. 0
158.6
159.9
160.8
162.3
162.4
162.9
164.3
165.7
166.6
166.2
83. 1
87.5
84.2
73. 6
80.2
82.4
84.2
81.9
82. 7
83.7
83. 9
84.3
84.7
85.0
85.3
85.5
85.8
86.3
86. 1
85.9
86.3
88.0
92.4
87.7
73.6
80.4
81.9
84.9
81.3
81.9
84.0
84.5
85. 1
85. 7
85.9
86.3
87.1
87.6
88. 1
87.5
87. 1
87.9
83
86
83
77
81
83
84
88.1
93.4
90.9
80.3
86.6
89.1
92.5
84
89.4
84
92.2
83
93.8
84
947
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Procluets
Final ]Products
Equif >ment
Coiisumer goods
Period
Total
Total
1967 proportion _.
1970
1971
1972____
1973
.
1974
1975
1976
1977
1978
1978: Mar
Apr
__ _
May___ __
June
July.
Aug___
_ - _ _ _
Sept
Oct_
Nov
_ '
Dec
1979: Jan
_ _
Feb»
Mar*__ __ _
47.82
105.3
106.3
115.7
124.4
125. 1
118. 2
127.2
134.9
141.4
138.9
140.5
140.5
141. 1
142.2
143.3
143.7
144. 1
144.5
145.6
145.9
146.2
147.3
27. 68
109.0
114. 7
124.4
131.5
128.9
124.0
136.2
143.4
147.4
145. 9
147.5
147.0
147.0
147.7
148.4
149.0
149.2
149.7
150.6
150.6
150.7
151.9
Intern icdiate
proc ucts
NonDurable
»
durable
goods
goods
19. 79
7.89
110. 1
106. 1
113. 1
118. 8
133.8
120.6
146. 2
125.6
126. 3
135. 3
125. 1
121.4
141.4
134. 1
153. 1
139.6
158.9
142.8
141.3
157.5
141. 8
161.8
160.2
141.7
141.6
160.6
142.4
160.9
143. 1
161.5
144.4
160.3
161.6
144.3
144.8
161.8
146.2
161.9
146.7
160.9
161.0
146.6
147.0
164. 1
Total
Business
Total
SO. 14
IS. 63
12. 89
100. 1
94.7
103.8
114.5
120.0
110. 2
114. 6
123.2
133. 1
129. 1
130.8
131.6
133.0
134.7
136.3
136.4
137.0
137.3
138.7
139.4
140. 1
140.9
107.0
104. 1
118.0
134. 2
142.4
128.2
136.3
149.2
162.0
157.4
159.3
160.2
161.8
163.8
165.4
165.8
166. 9
167.2
168.7
169.7
170. 1
171.0
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
155.3
151.4
152. 1
152.6
154. 7
155.6
156.4
157.0
158.0
159.3
161.8
162.3
162.9
163.4
Construction
supplies
6. 42
111.0
116.8
128.4
139.8
134.5
116.3
132.6
140.8
153.3
147.9
148. 5
150.4
152. 1
153.5
154. 7
155.6
157.0
159.0
160.8
161.2
161.7
162.0
Materials
Supplementary
oup:
lergy
total
f
39. 29
12. 2S
109.2
111.3
122.3
133.9
132.4
115.5
130.6
136.9
146.5
139.9
143.7
145.1
146.4
147.9
148.6
149. 7
151.4
152.7
153.8
153.3
153.0
1546
117.0
119.5
125.2
128.3
125.5
125.5
128.8
132.5
135. 1
129.8
133. 1
134.2
135.9
136.4
136. 1
135.9
137.6
138.2
139.3
138. 1
137.5
139. 1
f 1967= 100, seasonally adjusted]
Durable nr anufacti ires
Primar y metals
Period
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: Mar
Apr
May
June
July
Aug
Sept__
Oct
Nov
Dec
1979: Jan
Feb*
Mar"
Fabricated
metal
products
Total
Iron
and
steel
6.67
106.6
100.2
112. 1
126.7
123. 1
96.4
108.9
110.2
119.0
106. 1
114.3
115.5
117.5
123.0
126.0
127.9
128.6
129.0
130.4
122.8
122.5
124.9
4.21
6.93
104.7
96. 1
107. 1
122.3
119.8
95.8
104.9
103.4
113.2
96.4
109.0
110.5
114.5
119.0
120.9
123.2
123.8
124. 1
124.5
113.4
113.5
102.4
103.5
112. 1
124. 7
124.2
109.9
123.3
130.9
142.6
138. 1
139.5
140.4
142.3
144.0
145.8
146.3
146.0
146.9
149.0
151.0
151.7
152.5
Source: Board of Governors of the Federal Reserve System.
18
Non-
Non durable inanufact ures
Transp ortation
equif >ment
trieal
machin—
ery
Electrical
machinery
9.16
104.4
100.2
116.0
133.7
140. 1
125. 1
135.0
144.8
155.6
151. 5
152.2
152.9
154.6
156. 1
157.3
158.7
160.3
160.3
161.8
163.7
164.4
165.3
8.06
9.27
4.60
108. 1
107.7
122.2
143. 1
143.8
116.5
131.6
141.9
154.3
149.5
152.3
152.9
154.1
157.9
156. 9
158.3
157.9
159.0
161.9
163.9
165. 1
166.4
89.5
97.9
108.2
118.3
108.7
97.4
110. 6
121. 1
130.5
126.5
130.5
130. 1
130.4
132. 1
133.4
132.8
137.0
139. 3
139.5
137.6
136.9
140.3
92.3
118.6
135.8
148.8
128.2
111. 1
140.7
159.7
168.3
165. 1
171.7
168.3
167.7
169.7
171.0
168.9
176.8
180.8
179.7
174.4
171.4
177.1
Total
Motor
vehicles
and
parts
Lumber
and
products
1.64
105.6
113.8
120.8
126. 0
116.2
107.6
125. 1
133.4
138.9
136.5
136.9
136. 5
138.7
138.1
136.9
139.2
141.2
142.5
146.0
143.0
140.2
Ap^F
parel
products
3. 31
Print- Chemicals
ing
Foods
and
and
pubprodlishing ucts
4- 72
7. 74
101.4 107.0 120.4
104.7 107. 1 125.9
109.4 112.7 143.6
117.3 118.2 154.5
114.3 118.2 159.4
107.6 113.3 147.2
122.2 120.6 169.3
124.2 124.7 180.7
126.3 129.9 190.7
122.8 129.1 185.2
126. 1 128.6 185.5
125.8 128.2 188. 1
126.8 128.7 191. 1
124.5 130.3 192.3
127.2 129.5 192.2
130.9 131.0 194.2
130.6 130.5 195.9
129.9 132. 1 197.6
131.4 133.0 197.9
132.9 135.8 200.7
136.6 201.3
137.8
8,76
108.9
112. 8
116.8
120.9
124.0
123.4
132. 3
137.9
142.9
141. 1
143.1
142.8
141.8
142.9
144.0
144.4
143.2
144.2
145.7
145.8
146.2
NEW CONSTRUCTION
Constructio n contracts1
Private
Total new
construction
expenditures
Period
Resic iential
Total
Total 1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of dollars
1972
1973
1974
1975
1976
1977
1978-
_ _
124. 1
137.9
138.5
134.5
148.8
172.6
202.2
93.9
105.4
100.2
93.7
110.5
134.7
157.5
54.3
59.7
50.4
46.5
60.5
81.0
93. 1
18. 1
21.7
23.8
20.8
19.9
22.5
29.0
44.9
50. 1
40.6
34.4
47.3
65.7
75.5
21.5
24.0
25.9
26.4
30.0
31.3
35. 3
30.2
32. 5
38.3
40.9
38.3
37.8
44. 8
Seasonally
adjusted
Seasonall\/ adjusted atinual rates
1978: Feb
._
Mar
Apr
May
June
July
Aug
Sept __
Oct _ _ _ _ _ _ _
Nov
Dec _ _
1979: Jan"
Feb*
177.6
185. 4
195. 0
201.3
206. 3
209. 9
208.4
209.8
212.0
215.8
218.5
208.6
205.5
141.9
147.7
153.5
156.2
161. 1
161.5
160.3
161.9
164. 1
167.9
171. 0
162.3
164.3
22. 8
25.4
26.4
27.3
30.6
30.6
30.9
31. 6
32.0
32.8
33.3
31.8
31.8
70.9
72.5
74.4
75. 1
76. 6
77.7
77. 1
76.8
76.8
78.9
80.5
74.6
77. 0
85.3
88. 1
92.2
94.3
95.4
95.7
94.8
94. 7
95. 2
97.6
98.8
92.2
94. 1
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
100.0
109. 2
103.0
101.9
121. 0
153.6
173. 1
33.8
34. 1
34.9
34.6
35. 1
35.2
34. 6
35. 6
36.9
37.5
38.9
38.3
38.4
35.7
37.7
41.5
45. 1
45. 2
48.4
48. 2
48.0
47. 9
47.9
47.6
46.3
41. 2
162
153
169
202
153
173
177
182
193
174
184
181
231
854
1,010
840
555
592
739
964
Seasonally
adjusted
annual
rates
814
863
921
1,061
999
898
951
1,037
1,015
1,093
978
1,062
1,266
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
*Tew private housing unilbs
Units started, by type of striicture
Period
1971
1972
1973
1974
1975
1976
1977
1978-
__
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
2-4
units
120.3
141.3
118.3
68. 1
64. 0
85.9
121.7
125.0
5 or more
units
780.9
906.2
795.0
381.6
204.3
289.2
414.4
462.0
Units
authorized
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 679. 5
Units
completed
Homes
sold
Homes for
sale at
end of 1
period
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
656
718
634
519
549
646
819
816
287
409
418
346
313
353
401
414
1,790
1,958
1,869
1,876
1,928
1,948
1,900
1,883
1,885
1,888
1,805
1,892
809
827
843
830
829
778
796
900
803
787
748
663
406
411
414
419
417
418
417
407
412
414
415
415
Vacancy
rate for
rental
housing
units
(percent)2
5.4
5.6
5.8
6.2
6. 0
5.6
5.2
5.0
Seasonally adjusted atinual rates
1978: Mar__ _
Apr
May. __
June._
July
Aug
Sept
Oct__ _
Nov.
Dec
1979: Jan »_ ___
Feb »_
Mar » _
2, Oil
2, 176
2,037
2,093
2, 104
2,004
2,024
2,054
2,107
2,074
1,679
1,384
1,793
1,413
1,482
1, 463
1,439
1,455
1,431
1,432
1,436
1,502
1,539
1,139
946
1,263
«2 Seasonally adjusted.
Quarterly date entered in last month of quarter.
126
138
92
143
134
137
112
135
150
119
124
76
109
472
556
482
511
515
436
480
483
455
416
416
362
421
1,647
1,740
1,597
1,821
1,632
1,563
1,731
1,727
1,724
1,664
1,324
1,321
1,579
5.0
5. 1
5.0
5.0
4.8
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 0.6 percent in February while inventories rose $3.5 billion. According to the advance survey, retail
sales rose 1.0 percent in March following little change in February and January.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
RETAIL INVENTORIES
90
80
70
RETAIL SALES
60
50
40-
RATIO*
1975
1.20
1976
1979
1975
1978
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business
l
R<?tail
Who esale
2
Iriventories
Sales
Period
cj i
32
bales
Inventories3
Inven1 23
Sales
tories5
Q
TWf €»1
DurNonable durable
goods goods
stores stores
TVvfal
Inventoiry-4sales
ratio
Non- Total
Durable durable busigoods goods ness l
stores stores
Retail
Mill ons of d o liars, seasonally adjusted
1972
1973
1974
1975
1976
1977
1978..
1978: Mar
Apr
May
June _ _
July
Aug
Sept
Oct
Nov
049
647
200
621
760
793
727
203,
233,
285,
283,
309,
334,
379,
088
749
064
614
238
785
391
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
37, 422
41, 871
44, 543
48, 370
53, 542
59, 029
66, 568
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
23, 160
25, 054 55, 079 24, 238
27, 781 62, 950 28, 072
30, 723 70, 716 32, 394
33, 463 70, 623 32, 119
35, 998 78, 045 36, 417
39, 127 87, 073 40, 534
43, 409 100, 818 48, 161
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
52, 657
1.50
1.44
1.47
1.58
1.48
1.44
1.41
1.40
1.41
1.48
1.43
1.39
1.40
1.44
243, 979
251, 323
252, 259
253, 459
252, 755
260, 068
260, 535
266, 946
270, 134
273, 776
349,
354,
357,
360,
363,
367,
369,
372,
376,
379,
201
332
401
355
432
044
526
639
596
391
58, 803
61,640
63, 171
62, 656
63, 425
64, 894
64, 531
67, 338
67, 552
67, 823
72, 629
74, 327
74, 779
75, 191
75, 744
76. 338
77, 113
78, 625
79, 526
80, 771
64, 075
65, 146
65, 522
65, 964
66, 224
67, 303
68, 085
68, 971
70, 158
70, 918
21, 813
22, 617
22, 730
22, 947
23, 049
23, 617
23, 872
24, 422
24, 954
25, 163
42, 262 92, 712 44, 624
42, 529 94, 290 45, 619
42, 792 94, 933 45, 525
43, 017 95, 607 45, 502
43, 175 96, 521 45, 704
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47,006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
48, 088
48, 671
49, 408
50, 105
50, 817
51, 708
51, 906
52, 273
52, 928
52, 657
1.43
1.41
1.42
1.42
1.44
1.41
1.42
1.40
1.39
1.39
1.45
1.45
1.45
1.45
1.46
1.45
1.44
1.44
1. 43
1.42
273, 444 383, 886 67, 148 81, 543 70, 855 25, 250 45, 605 101, 739 49, 302 52, 437
275, 154 387, 418 67, 322 83, 187 71, 097 24, 949 46, 148 101, 000 49, 411 51, 589
71, 821 25, 620 46, 201
1.40
1.41
1. 44
1.42
130,
151,
175,
179,
200,
223,
254,
_
Dec___
1979: Jan
Feb*
Mar»_
i The term "business" also includes manufacturing (see page 21).
* Monthly average for year and total for month.
» 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
NOTE.—Data for 1978 are as revised in March. Revised data not yet available
for earlier periods.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 orders, shipments, and inventories rose in February. In March, according to advance data, durable
goods orders fell while shipments rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
160
120
100
DURABLE GOODS
80
40
60
NONDURABLE GOODS
BIllIONS OF DOLLARS* (RATIO SCALE)
160
140
-NEW
40
ORDERS
120
100
I f I f f I lit t.l... t i l II I ti I I f
80
RATIO*
220
60
2.00
r
180
1.60
40
""^i
XV
I f II I 1 I I t I 1 I 11 I t I I t t f I
1975
II I M I M I T 1 f l i t if I f t
1977
1976
1978
I f I I I f I t f tI
TOTAL
\r
*^%j
V
it n i f t ? 1 1 t f f I I ! I 11 I 1MI! 1 1 1 I I! t I
1979
1976
1975
w*
*"^1
1.40
it I 1.1.1.1 I I I
I t I t t 11t t f t
INVENTOR.Y-SHIPMEN TS RATIO
K
NONDURABLE GOODS
It f I I I 1 I ! I I
1 1 I ! I 1 ! 1 1 1f 11 f f 1 ! ! 1 1 11
1978
1977
1979
^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCll OF ECONOMIC ADVISERS
Manutacturers' shi pments 1 Manufact urers' inv entories 2
Mamifacturer.3' new ore ers 1
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
125, 317
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
66, 924
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 394
Durab le goods
Capital
NonNongoods
Durable
Total
Total
indus- durable
goods durable
Total
goods
goods
tries,
nondefense
Miliions of dolli*rs, seasontally adjussted
8,832 29, 104
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114 33, 329
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691 40, 417
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781 43, 125
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501 48, 137
179, 714 115,424 64, 290 112,842 59, 795 15, 201 53, 047
197, 802 129, 141 68, 661 129, 263 70, 744 18, 814 58, 519
1978: Mar— 121, 101
124, 537
Apr
May._ 123, 566
June_- 124, 839
123, 106
July
Aug — 127, 871
Sept— 127, 919
Oet— 130, 637
Nov___ 132, 424
Dec___ 135, 035
64, 457
66, 493
65, 417
66, 293
65, 222
68, 684
68,916
70, 292
71, 635
73, 429
56, 644
58, 044
58, 149
58, 546
57, 884
59, 187
59, 003
60, 345
60, 789
61, 606
183, 860
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
194, 735
196, 587
197, 802
1979: Jan __ 135, 441
Feb» 136, 735
Mar*>__
73, 253
74, 229
76, 692
62, 188 200, 604 131, 542
62, 506 203, 231 133, 783
Period
1972
1973
1974
1975
1976
1977
1978
Total
W «*jr „
NonDurable durable
goods
goods
118,
119,
121,
122,
123,
125,
126,
126,
128,
129,
725
848
471
688
830
206
176
784
357
141
i Monthly average for year and total for month. Shipments are the same as sales.
* Book value, end of period.
»End of period.
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
67, 951
68, 230
68, 661
125,
128,
128,
127,
123,
130,
131,
137,
137,
140,
801
175
450
580
279
952
840
185
662
356
69, 016
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
76, 984
76, 654
78, 623
69, 062 142, 679 80, 732
69, 448 144, 894 82, 007
79, 962
Manufacturers1
unfilled
Borders 3
Manufacturers'
inventory—
shipments4
ratio
121, 709
161, 194
189, 678
170, 686
174, 553
193, 659
241, 025
1.67
1.58
1.65
1.83
1.66
1.58
1.51
205, 500
209, 133
214, 010
216, 754
216, 922
219, 999
223, 921
230, 464
235, 704
241, 025
1.52
1.49
1.52
1.52
1.55
1.51
1.52
1.49
1.48
1.46
22, 058 61, 947 248, 266
23, 270 62, 887 256, 424
22, 271
1.48
1.49
17, 507
17, 409
18, 124
18, 155
17, 074
19, 344
20, 149
22, 219
20, 575
20, 790
56, 785
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
60, 201
61, 008
61, 733
4
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In March, the producer price index for all finished goods rose 1.0 percent, seasonally adjusted. Prices of finished
consumer foods increased 1.2 percent and prices of other finished consumer goods rose 1.1 percent. Prices of capital
equipment increased 0.6 percent.
INDBC, 1967=100 (RATIO SCALE)
INDEX, 1967=: 100 (RATIO SCALE)
CONSUMER GOODS
EXCLUDING FOODS
140
120
120
100
100
1 I1i i i1iiii
l i i I 1 I i i I l i 1 1 I i i_Li i LLJ
1979
SOURCE' DEPARTMENT OP UBOR
COUNCIL OF ECONOMIC ADVISERS
[196'7=100; month! y data seasona Qy adjusted]
]Finishec1 goods
In iermedi ate
inaterials
lotai
consumer
Capi- finFoods
ished Total and 2 Other
tal
feeds
equip- goods
ment l
116.6 112.9 114.1 111.7 114.3
119.5 116.6 118. 7 118.5 118.9
123.5 129. 2 131.6 168.4 128. 1
141. 0 149.3 162.9 200.2 159.5
162.5 163.6 180.0 195.3 178.6
173.2 169.0 189.3 186.6 189.5
184.5 178.9 201.7 191.0 202.4
199.0 192.6 215.5 201. 0 216.4
194.4 187.5 210. 9 197.9 211.8
195.7 189.7 212.0 200.6 212.8
197.2 190.8 213.3 200.8 214. 1
198.7 192. 3 214.4 201.9 215. 5
200. 1 193.7 215.4 201.5 216. 2
201.0 194.0 216. 8 198.8 217. 7
202. 1 195. 8 218.2 203.4 219. 1
203.4 197.4 220.8 207.6 221.5
205. 1 198.6 222. 6 207. 7 223.5
206.4 200. 9 224.0 212.3 224.8
208.4 203.7 226. 6 214.4 227.5
210. 1 206. 1 229.0 218.3 229.6
211.3 208.4 231.3 218.9 232. 1
Finished goods e xcludin g
Period
1971
1972
1973
1974
1975
1976
1977
1978
1978: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Total
finConished sumer
goods foods Total
113.7
117.2
... 127.9
147.5
163.4
170.3
180.6
194.6
189.5
191.5
192.8
194.2
195.6
196.1
197.7
199. 2
200.6
202.5
205.2
207.3
209. 3
115.3
121.7
146.4
166.9
181.0
180.2
189. 1
206.8
201.7
203.8
204.4
207. 2
207.4
206.6
209.7
213. 1
214. 7
217.3
221.2
224.7
227.5
113. 1
115.4
120.1
139. 3
156.2
165 5
176.2
188.9
183.9
185.8
187.3
188.3
190.0
190.9
192.0
192.9
194.2
196.0
198.2
199.9
201.6
cons umer f c>ods
Conssumer goods
Total
111.4
113.4
118.5
138.6
153. 1
161.8
172. 1
183.7
178.5
180.8
182. 2
183. 0
184.9
185.9
186.9
187.6
188.7
190.7
193.0
194.7
196.8
Fhir-
able
110.8
113.2
115. 8
126.3
138.2
144. 4
152.2
165.9
158.8
163.0
165.3
165.6
168.5
169.8
171.0
169.7
169. 9
172. 1
174. 1
175.4
176.4
Nondur-
able
111.7
113.6
120.5
146. 8
163.0
173.3
185.4
195.4
191.7
192.4
193.3
194.4
195. 5
196.3
197.2
199.3
201. 1
203.0
205. 5
207.4
210.2
i3 Formerly called producer finished goods.
Intermediate materials for food manufacturing and manufactured animal
feeds. Data are not seasonally adjusted.
22
rri AI
Crud e materials
Total
115. 1
127. 6
174.0
196. 1
196.9
205.1
214.3
240.2
229.2
233.8
235.9
240.9
241.5
241.5
245.7
252.7
255.6
257.3
263.4
272.2
275.0
NOTE.—Data revised for November 1978.
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
114.2
127.5
180.0
189.4
191.8
190. 1
190.9
215.4
205.5
211.0
212.9
218.0
215.7
215.6
219.5
227.6
229.6
230.2
236.7
245.6
246. 2
Other
117.0
128.0
162.5
208. 9
206. 9
233.6
258.4
287.0
274.0
276.7
279.0
283.7
289.9
290.3
295.0
299.9
304. 9
308.5
313.6
322.3
329. 2
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 1.0 percent (also 1.0 percent seasonally adjusted).
Food prices increased 1.0 percent (1.1 percent seasonally adjusted). Nonfood commodity prices rose 1.2 percent
(1.1 percent seasonally adjusted) and services prices were up 0.8 percent (0.9 percent seasonally adjusted).
INDEX, 1967= 100 (RATIO SCALQ
240
INDDC, 1967=100 (RATIO SCALE)
240
220
140
140
120
120
100
100
1971
1972
1973
1975
1974
1976
1977
1979
1978
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1971
1972
1973
1974
1975
1976
1977
1978. _
All
items
Food
121.3 118. 4
125.3 123.5
133. 1 141.4
147.7 161.7
161.2 175. 4
170.5 180.8
181.5 192.2
195.4 211.4
Comnlodities less food
Food
Commodities
less
food
Services
commodities
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
117.4
120. 9
129.9
145.5
158.4
165.2
174.7
187. 1
All
Food
at
home
Food
away
from
home
116.4
121. 6
141.4
162.4
175.8
179.5
190.2
210.2
126.1
131. 1
141.4
159.4
174.3
186. 1
200.3
218.4
118. 4
123.5
141.4
161.7
175.4
180. 8
192.2
211.4
All
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
Services
Durable
Nondurable
116.5
118.9
121.9
130. 6
145.5
154.3
163.2
173.9
117.0
119.8
124.8
140.9
151.7
158.3
166.5
174. 3
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
Seasonal y adjust ed
Unad justed
1978: Mar_...
Apr
May...
June
July___
Aug
Sept...
Oct
Nov
Dec
189.8 204. 2
191. 5 207.5
193. 3 210. 3
195.3 213.8
196.7 215.0
197.8 215. 4
199.3 215.6
200.9 216.8
202.0 217.8
202.9 219.4
170.0
171.3
173.0
174.4
175.4
176.3
177.8
179. 1
180.3
181.3
204.9
206.5
208. 0
209.9
211.7
213.4
215.6
217.6
218.6
219. 2
182.3
183.9
185. 3
186.9
187.7
188. 7
190.2
191. 7
193.0
194. 6
204. 7
208. 1
210.5
213.5
213. 7
214.6
216.0
217. 9
219.2
221.3
202.8
207. 1
209. 9
213. 1
212.7
213. 2
214. 5
216.5
217.8
220. 1
212.5
213. 8
215.5
218.0
219.5
221. 4
223. 1
224.7
226. 0
227.8
170.7
171.6
172.6
173.7
174.7
175.7
177.2
178.5
179.8
181.3
169.3
170.2
171. 5
173.0
174.2
175.3
176. 8
178.3
180. 1
181. 6
171.3
172. 1
172.9
173.6
174. 5
175.4
176.5
177.4
178. 3
179.4
205. 1
206.9
208.7
210.5
212.2
213. 8
215.7
217. 6
218. 7
219.5
1979: Jan
Feb
Mar
204. 7
207. 1
209. 1
181.9
183. 7
185. 9
221. 1
223. 3
225. 1
196. 7
199. 1
201.3
224. 5
228. 1
230. 5
223. 7
227.7
230.0
230.7
233. 6
236.2
182.9
184.8
186. 9
183.3
185. 1
186.0
181.4
182.9
186. 4
220. 7
223. 1
225. 1
223. 9
228. 2
230.4
NOTE.—Beginnic g January 1978 data relate to all urban consu[iners. Earlie T
data related to urbiin wage earners and cl erical workei•s.
SOUrce:
Departnlent of Laboi% Bureau o f Labor Statisties.
f\f*
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978___
Percen t change from pr seeding
perio<i; season ally adJListed !
Percen t change from 3 inonths
earlie$r; seasorlally adjilisted
annua i rates
Percen b change from 6 inonths
earlie r; seasontally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
2.2
3.2
3.8
-2.5
6.6
3.3
6.6
5.5
11.8
18.3
.
_
1978: Mar
Apr
May
June
July
Aug
Sept
Oct__.
Nov
Dec
__
1979: Jan.
Feb
Mar
Capital Total
finequipExclud- ment ished
goods
Foods
ing
foods
5.9
8.0
22.5
13.0
-2.5
6.6
9. 1
11.9
.6
1. 1
1.0
1.0
.3
1.4
.7
.7
.7
.3
.8
.8
.7
.9
1.3
1. 0
1.0
.1
-.4
1.5
1.6
.8
1.2
1.8
1.6
1.2
3.9
2.0
2.0
7.4
20.5
6.7
4.9
6.1
8. 3
.5
1.3
.8
.4
1.0
.5
.5
.4
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods
ing
foods
4.9
2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
.5
.7
.8
.8
.7
16.8
16.9
8.7
10.2
.4
.5
8. 6
10. 5
10.5
11.4
7.3
4.4
4.9
8.8
7.0
7.4
7.6
9.5
.6
.6
10. 1
11.5
16.6
15. 3
1. 2
.9
1. 1
1.0
.8
.6
12.6
14. 0
14. 1
16. 1
20.0
20. 1
7. 1
5.3
9.5
9.7
10.3
.6
.8
1. 1
Foods
Capital
equipExclud- ment
8. 1
7.3
8.9
8.8
9.5
9.5
8.3
8.8
8.2
8.3
8.7
8. 1
9. 1
9.4
8.4
8.8
6.0
6.2
8.4
9.3
7.9
7.0
6.8
8.4
8.8
12. 0
13.3
13.4
10.2
10. 1
10.1
11.7
12.1
9.8
12. 6
14.2
11.9
14.1
12.0
6.9
8. 1
9.3
10.3
10.0
13.8
18.3
17.7
5.1
7.0
7.8
7.9
9.0
9.4
9.6
7.7
7.3
8.6
8.8
7.3
7.8
9.0
9.7
8.5
9.3
9.3
10.9
8. 1
8.3
8.0
8. 1
8.0
8.2
7.9
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data tor November 1978.
CHANGES IN CONSUMER PRICES
Percerit change; from pre ceding
perio d ; seasoilally adju sted1
Period
All
items
1970
1971
1972... .
1973
1974
1975
1976
1977
1978
1978: Mar___
Apr
May__
June..
July.__
Aug__.
Sept__
Oct___
Nov___
Dec___
1979: Jan. _ _
Feb_._
Mar___
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
9.0
.8
.8
.8
Food
2.2
4.3
4.7
Commodities
less
food
4.8
2.3
2.5
5.0
20. 1
12.2
13.2
11.8
4.9
7.7
6.5
.6
8.0
1.2
1.7
1.2
1.4
6.2
5. 1
.6
.5
.4
.7
.6
.6
.6
.6
.9
.6
.6
.6
1.0
.7
.8
.9
1.2
1.0
1. 4
1.6
.9
1.0
1.1
.9
.6
.6
.9
.8
.1
.9
1. 1
.7
Services
Percent c tiange frc>m 3 months earlier; Percent change frc>m 6 mont hs earlier;
season!illy adju sted annu al rates
season*illy adju sted annu al rates
All
items
Services
All
items
Food
Commodities
less
food
Services
8.2
4. 1
3.6
6.2
11.3
8. 1
7.3
7.9
9.3
.8
.9
.9
.9
.8
.8
.9
.9
.5
.4
.5
1. 1
.9
8.9
9.5
10.3
10.7
9.5
8.5
8.5
9.5
9.4
8.5
8.8
11.3
13.0
i Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Food
Commodities
less
food
9. 1
10. 3
10.6
11.0
10.6
10. 1
10.3
10.6
10.2
5.8
5.3
7.0
7.2
7.4
7.4
8.3
9.0
9.7
9.6
12.7
17.3
17.7
10.2
11. 6
12. 9
5.8
8.3
14.9
17.2
17.5
18. 3
11.2
8.0
4.8
8. 1
8.9
9.5
7.2
10.6
7.3
8.3
8.9
9.8
9.5
9.4
9.6
9.5
9.0
8.5
9.2
10.4
10.7
10.5
13.8
5.5
5.8
16.6
14.2
12.6
11.3
9.6
8.4
7.4
6.5
6.4
7.2
7.8
8.2
8.5
8.9
10.0
10.5
10.4
10.6
10.6
10.4
13. 0
13.9
10.6
11.2
9.6
8.2
8.9
8.9
146
Source: Department of Labor, Bureau of Labor Statistics.
6. 1
7.6
8.6
9.4
9.8
8.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 2 percent in March and prices paid by farmers rose 2 percent in the month ended
March 1 5.
INDEX, 1967=100 (RATIO SCALIJ
280
- 70
60
1971
I
1972
1973
1974
1
1975
1976
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. INTEREST. TAXES, AMD WAGE RATES. OM 1910-14*100 BASE.
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1971
1972
1973
1974
1975
1976
1977
1978,.- _
1978: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
1979: Jan
Feb .
Mar
All farm
products
__
Crops
Prices paid by far mers
All
items,
Livestock
Family
Producinterest,
and
living
tion
taxes,
and
items
items
products wage rates
Index, 1967=100
113
125
179
192
185
186
183
210
200
208
215
218
215
211
216
218
216
222
108
114
175
224
201
197
192
203
197
208
212
216
213
204
204
202
202
205
118
136
183
165
172
177
175
216
204
209
217
219
217
217
226
232
228
237
118
125
144
164
180
191
202
219
214
216
219
220
220
221
223
224
225
226
(33)
()
(')
(*)
(sJ)
(3)
(3)
( 3)
()
(33)
()
(3)
232
241
246
209
216
214
252
264
274
234
238
243
(3)
(33)
()
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
2 The adjusted parity ratio reflects Government payments made directly to
fanners.
118
123
133
151
166
176
Parity ratio l
Actual
Adjusted *
113
121
146
166
182
193
200
216
211
214
217
218
218
217
220
222
222
225
71
74
91
86
76
71
66
70
69
71
72
73
72
70
71
72
71
72
75
79
94
87
76
72
68
72
71
73
74
75
73
72
73
73
72
74
230
235
243
73
75
75
74
76
76
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
M1 rose slightly in March, but M1 -f- continued to decline.
BILLIONS OF DOLLARS*(RATJO SCALE)
1,000
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
AVERAGES OF DAILY FIGURES
300
300
200
200
i i I i_
i I i n n | r i t i_
i 1 I i i i i | i i i i_
i 1 i i i i |i i i i_
i i I i i i i |i i M_
M I_
t i i^n t M_
t i I > i i i |t i I n
t I f M i|i i t i_
? r I I r M |t r t t _
f t I Mii i
_
*SEASONAllY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
iOverall measur es 1
Depositbs at coirimereial banks
Period
Ml
M1 +
M2
M3
Currency
Large
CDs
Savings
Deposits
at
nonbank
thrift
institutions
363.7 63.0
418. 1 89.0
450.3 81.0
489.2 62.4
544.4 73.7
611.4 96.6
560.8 81.5
565. 9 83.4
572. 2 86.2
576.8 86.7
582.2 88.0
587.5 87.6
593.7 88.5
597.9 88.6
608. 8 95.4
611.4 96. 6
616.0 100.5
620.4 102. 1
619.7 99.0
127. 1
135.9
160. 7
202. 1
219.7
222.0
220. 9
221.7
222.8
223.5
222.8
223.7
225. 5
225.2
223.4
222. 0
219.6
217.4
216.3
347.7
368.7
427.7
495. 0
564.9
624.3
577.7
581.5
585.3
590.5
595.9
601. 5
608.5
614.6
619.5
624.3
628.7
633.0
637.8
Time and savings
Demand
Tntnl
JL U tctJ 2
1973:
1974:
1975:
1976:
1977:
1978:
1978:
Dec.. 270.5
Dec.. 283. 2
Dec.. 295.4
Dec.. 313.8
Dec.. 338.7
Dec.. 361.5
Mar- 343. 2
Apr.- 347.9
May- 350.7
June. 352.5
July. 354.5
Aug._ 357.0
Sept. 361. 1
Oct.. 361.6
Nov. 361.0
Dec.. 361.5
1979: Jan__ 359.9
Feb._ 358. 8
Mar*. 359.0
397.9
419.5
456.8
517.2
560.6
586.4
566.4
572. 1
576. 1
578.6
580. 0
583.4
589.4
589.7
587.2
586.4
582.3
578.9
578.1
571.3
612.2
664. 8
740.6
809.4
876.3
822.6
830.3
836.7
842.6
848.7
856.9
866.2
870.9
874.3
876. 3
875.4
877. 1
879.8
919.0
981. 0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 6
1, 400. 3
1, 411. 9
1, 422. 0
1, 433. 1
1, 444. 6
1, 458. 4
1, 474. 7
1, 485. 5
1, 493. 8
1, 500. 6
1, 504. 1
1, 510. 0
1, 517. 6
61.6
67.8
73.8
80.8
88.6
97.5
90.7
91.3
92.0
92.5
93.2
93.9
95.2
95. 8
96.6
97.5
98.2
98.9
99.4
209.0
215.3
221. 7
233.0
250. 1
264. 1
252.5
256.6
258.8
260.0
261.3
263.0
265.9
265.8
264.4
264. 1
261.7
259. 9
259.6
1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
3
Perecjnt ehaiige
<Dompone nts andL related items
U.S.
Government
demand
deposits
(unadjusted)
Ml
M1 +
5.0
6.3
6.0
5.4
4.7
4.9
4. 1
4.3
8.9
6.2 13.2
4.4
8.4
7.9
5. 1
6.7
4.7
10.2
6.2
4.7
4.8
5.6
5.0
7.6
6.6
8.6
4.0
8.3
6.5
6.2
5.5
7.5
4.5
6.5
8.7
3.6
8.3
6.2 10.7
8.0
6.2
4.3
3.9
6.0
8.0
5.2
10.2
2.7
3.1
.8
12.0
1.0 -1.5
8.3
o. o
6. 6 -1.2
M2
8.8
7.2
8.6
11.4
9.3
8.3
6.9
7.4
8.0
8.4
8.2
9.4
10.9
10.0
9.2
8.2
6.4
4.8
3.2
*3 Includes time deposits other than large CDs, not shown separately.
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and d eposits
854. 2
967. 1
1, 084. 8
1, 169. 8
1, 289. 2
1, 421. 8
1, 588. 6
1, 770. 9
721. 1
816. 6
887. 3
944.8
1, 054. 5
1, 193. 0
1, 326. 5
1, 452. 2
52.5
56.9
61.6
67.8
73.8
80.8
88.6
97.5
161.8
176. 1
183.7
187.3
192.6
200.2
214. 1
225.0
233.5
264.4
294. 3
321.0
360.4
417. 1
459.0
505.4
273.3
319. 1
347.7
368. 7
427.7
495. 0
564. 9
624.3
54.3
57.6
60.4
63. 3
67. 3
71.9
76.6
80.6
31.3
34.3
43.3
47.0
66. 1
66.2
77.2
88.7
27.6
36.2
53.8
70.4
58. 1
43.0
52.0
65.1
19.8
22.5
40.0
44.4
43.2
47.7
56.3
84.3
1, 631. 3
— 1, 648. 4
1, 664. 5
_
1, 677. 8
— — 1, 690. 6
— 1, 703. 2
— 1, 722. 6
1, 735. 3
1, 753. 6
1, 770. 9
1, 352. 4
1, 363. 5
1, 373. 4
1, 384. 2
1, 396. 5
1, 409. 8
1, 425. 5
1, 437. 0
1, 445. 7
1, 452. 2
90.7
91.3
92. 0
92.5
93.2
93.9
95.2
95.8
96.6
97.5
216.4
220.6
222.2
222.6
224.2
225.6
227. 6
227. 1
225.6
225.0
467.6
470. 1
473.9
478.6
483.2
488.8
494. 2
499.5
504.0
505.4
577.7
581.5
585. 3
590.5
595.9
601. 5
608.5
614.6
619.5
624.3
77.8
78.2
78.5
78.9
79.3
79.5
79.8
80. 1
80.4
80.6
80.4
81.5
82. 8
83.2
81.7
82.0
84.9
83.9
82.7
88.7
55.7
58.0
60.6
60.6
61.4
60. 1
60. 2
59.0
64.5
65. 1
65.0
67.2
69.3
70.9
71.7
71.7
72. 2
75.3
80.3
84.3
1, 782. 9
1, 788. 4
1, 792. 1
1, 454. 8
1, 459. 7
1, 465. 7
98.2
98.9
99.4
221.9
219.2
217.9
506.0
508. 7
510. 6
628.7
633.0
637.8
80. 7
80.6
80.6
91.9
91.2
92.3
68.4
69.2
65.5
87. 1
87.7
88.0
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1978: MarApr
May
June
July
Aug
Sept
Oct
Nov
Dec
Other
private
money
market
instruments
Negotiable
certificates of
deposit
Total
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
U.S. Tr easury
secur ities
Time d eposits
Total
liquid
assets
1979: Jan
Feb
Mar »__
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institubonds able setions
curities
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e xtended
Instalm<mt credit liejuidated
Net change in amount <DUtstanding
1 3 «
Fenodi
Total i
1971 _
__
1972
_ _
1973 _
1974
1975
1976
1977___
1978
Automobile
Revolving
Total1
Automobile
Revolving
Total *
Automobile
Revolving
138, 046
151, 749
173,035
172, 765
180, 441
211, 028
254, 071
298, 574
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 986
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 508
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 429
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
45, 066
4, 194
5,621
5,910
495
2,976
10, 465
15, 204
19, 557
1,044
1, 174
2,003
1,970
1,340
2, 170
6,248
7,776
1978: Feb
Mar__ _ _
Apr
.„
May
June
July
Aug___
Sept
Oct : _ _ _
Nov
Dec
22, 758
23, 925
24, 682
25, 104
25, 565
25, 022
25,669
25, 537
25, 758
26, 214
26, 500
6,730
7, 043
7,434
7,592
7,595
7,652
7,744
7,542
7,501
7,787
7,833
8, 147
8,398
8,523
8,563
9,062
8,700
9,028
9,006
8,846
9, 176
9,424
19, 896
19, 849
20, 576
20, 824
21, 358
21, 556
22, 037
21, 857
22, 384
22, 115
22, 100
5,397
5,409
5,622
5,715
5, 953
5,941
6, 140
6,010
6, 126
6,032
6,053
7,698
7,566
7,840
7,919
8, 107
8, 100
8,291
8,384
8,500
8,511
8,555
2,862
4, 076
4, 106
4,280
4,207
3,466
3,632
3,680
3,374
4,099
4,400
1,333
1,634
1,812
1,877
1,642
1,711
1,604
1,532
1,375
1,755
1,780
449
832
683
644
955
600
737
622
346
665
869
1979: Jan
Feb_
25, 544
26, 202
7,545
7,756
9,417
9,357
22, 483
22, 894
5,865
6,191
8,984
9,040
3, 061
3,308
1,680
1,565
433
317
1
__
_
_
Includes "mobile home" and "other," not shown separately.
Source: Board of Governors of the Federal Beserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in loans and investments slowed further in December.
BILLIONS OF DOUARS*(RAT10 SCAU)
S1LUONS OF DOLLARS "(RATIO SCALE)
1,000
-ALL COMMERCIAL BANKS
1,000
TOTAL
-LOANS AND INVESTMENTS -
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
100
100
80
80
INVESTMENT IN
US. GOVBINMENT SECURITIES
60
60
11 i 11 11 i l l
40
1970
1971
1972
i I I \ I I I
1973
1974
I
1976
1975
•SEASONALLY ADJUSTED, END OP MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
P^rinH
COUNCIL OF ECONOMIC ADVISERS
320.9
378.9
449. 0
500.2
496.9
538.9
617.0
709.0
637.2
647.6
659. 7
667.8
675. 1
680.2
687.3
696.8
706. 8
709. 0
116. 2
130.4
156.6
183.5
176.2
8
179. 7
• 201. 4
228. 9
209.8
212.4
217.9
219.0
220.8
222.8
224.6
227.0
228.9
228. 9
60.6
62.6
545
51. 1
80. 1
98.0
95.6
88.4
96.1
98.3
97.9
100. 2
100.6
97.9
97.2
95.2
90.3
88.4
1979: Jan *>__
Feb v
Mar *
* Data are for end of period.
Averages of daily figures. Annual data are for December,
s Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
28
1978
[Billions of dollars, seasonally adjusted, except as noted]
l
A U c ommereial I>anks
All me mber banks
Borrowiiags (milL oans
Investnaents
Ileserves 2 8
lions of dollars.
Total
unadji isted) *
loans
and Total ex- Commer- U.S. Gov- Other
invest- cluding cial and
NonReSeaernment
secuTotal
Total
ments
inter- industrial securities
borrowed quired
sonal
rities
bank
1971
485.7
1972
558.0
1973
633.4
1974
* 691. 1
1975
721.8
1976
785. 1
1977
_..__ 870.6
1978"_—
967.3
1978: Mar
894. 1
Apr
909.0
May
921.7
June
932.2
July 9
940.7
Aug*_
944. 6
Sept*
952. 4
Oct 9
960. 9
Nov *_
966.5
Dec 9
967.3
2
M I I | I M I I 40
1977
104.2
116.5
129. 9
139. 8
144.8
148. 2
158.0
169.9
160.8
163. 1
164. 1
164.2
165.0
166.5
167. 9
168.9
169. 4
169.9
31.16
31.34
34.90
36.55
34.67
34.89
36.10
41.27
36.67
36.93
37.27
37.63
38. 11
37.93
38.21
38.38
39.75
41.27
31.03
30.29
33.60
35.83
34.54
34.83
35.53
40.40
36.34
36.38
36.06
36.53
36.80
36.79
37.15
37. 10
39.05
40. 40
30.98
31.05
34.60
36.30
34.40
34.61
35.91
41.04
36.47
36.79
37.05
37.45
37.92
37.77
38.02
38.22
39. 53
41. 04
107
1,049
1,298
703
127
62
558
874
344
539
1,227
l,.lll
1,286
1, 147
1,068
1,261
722
874
41
32
13
12
54
134
47
43
93
120
143
188
191
221
185
134
41.48
40. 75
40.81
40. 48
39.78
39.82
41.26
40. 54
40.66
994
973
999
112
114
121
4
During 1974, total loans and investments were increased $0.6 billion due to
a bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
5
Loan ^classifications reduced these loans by $1.2 billion as of March 31, 1976.
• Loan reclassifications reduced these loans by $0.2 billion in December 1977.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
(Billions of dollars; quarterly data at seasonaDy adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Credil ; market i unds
Total
Tntal
104.3
127.1
161.7
199.8
190.8
143.8
205.0
239.0
283.4
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
141.9
45.5
58.5
80.9
115.9
115.1
37.0
80.3
103.6
141. 5
40.7
44. 5
58.3
1977: I
II
III
IV
2443
198.6
266.0
247.1
123.8
134.9
145.5
137.3
1978: !_____
II
III
277.0
276.8
292.5
286.8
127.2
144. 1
146. 1
150.2
1970
1971
1972
1973
1974
1975
1976
1977
1978 " _ _ _ _
_
IV*
Longterm 2
Short-3
term
Other
Total
Discrepancy
(sources
less
uses)
Purchase
of
physical
assets 4
Increase
in
financial
assets
80.3
86.0
100.3
8.4
7. 5
15.9
142
11.8
11.9
20. 1
26.7
145
72.7
81.8
37.0
58.2
78.7
89.5
32. 1
40.6
40.6
37.0
39. 1
49.3
48.8
46.2
49. 1
8.6
3.9
17.6
35.7
42.6
-12.3
9.5
32.6
40.4
4.8
14. 1
22. 7
43.3
33.4
.0
22.0
24.9
52.0
95.9
119.6
145. 8
185.6
179.0
131.9
1849
212.3
268.9
134.7
99.9
141.2
164.6
1949
15.6
33.6
45.6
62.3
444
32.0
43.7
47.8
740
120.5
63.7
120.6
109.9
75.9
63.7
80. 1
95.2
34.4
35.3
53.5
61.5
41.6
28.5
26.6
33.7
446
-.0
40.5
147
214 6
177.3
2346
222.7
152.5
162.4
175.2
168.0
62. 1
149
59.4
547
29.6
21.3
31.4
244
149.8
132.7
146.4
136.6
94.5
86.8
88. 1
88.2
35. 1
54.5
60.8
45.9
59.4
32.4
27.3
42.3
55.4
45.9
58.2
48.4
260. 1
264 3
277.6
272.9
179.8
199.8
198.8
201.3
80.3
645
78.8
71.6
16.9
12.4
148
13.9
» Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
*3 Stocks, bonds, and mortgages.
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
ms
< Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Curre tit assets
End of period
Total
SEC series:2
1970
1971
1972
1973
1974
FTC-FRB series :3
1974
„_
1975
1976
1977
Cash
Notes
U.S.
governand
Invenment
acsecuri- counts tories
ties receivable
Other
current
assets
Total
Notes
Other
and
current
accounts liabilities
payable
Net
working
capital
Current
ratio *
492.3
529. 6
599. 3
697.8
790.7
50.2
53.3
59.0
66.3
71. 1
11.0
10.6
12. 8
12. 3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263. 9
313.6
35.0
43.8
55.8
66.4
71.7
304 9
326.0
375.6
450. 9
530.4
211. 3
220. 5
282. 9
340.3
402.3
93. 6
105.5
92.7
110.7
128. 1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1. 491
734 6
756.3
823. 1
900. 1
73.0
80.0
86.8
94.2
11.3
19. 6
26.0
20.9
265.5
272. 1
292.4
325.7
318.9
314.7
341.4
375. 0
65. 9
69.9
76.4
843
451.8
446.9
487. 5
543.2
272.3
261.2
273. 2
306.8
179. 5
185.7
214.2
236.3
282.8
309.5
335. 6
357.0
1.626
1.693
1.688
1.657
1977: !_„_
II
III
IV
842.0
856.4
880.3
900. 1
80.8
83. 1
83.4
94.2
26.8
22. 1
21.5
20.9
304. 1
312.8
326.9
325.7
352. 1
358.8
367.5
375.0
78.3
79.6
81. 0
84.3
502.6
509.5
528.9
543.2
280.2
286.8
297.8
306.8
222.4
222.7
231. 1
236.3
339. 5
346.9
351.4
357.0
1.675
1. 681
1.664
1.657
1978: !_„
II
III
9242
953.5
992.4
88.5
90.9
91.4
20.9
19.7
18.6
338.3
356.8
377.8
389.7
399. 1
415.5
86.8
87.0
89.0
570.4
590.8
6245
317.2
331.3
349.9
253.2
259.4
2746
353.8
362.7
367.9
1.620
1.614
1.589
* Total current assets divided by total current liabilities.
2 Based on data from Statistics of Income, Department of the Treasury* Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Keserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Most rates rose through mid-April and then declined slightly.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
X.
/
I..'*-
•
r,
:
-
TREASURY BILLS
V
lyiLU, .1.1 ! 1
1971
I
1973
1972
i t i i i I ' t I tI
ii i t t I i f t t i
1974
1975
1979
SOURCE.- SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
k
Period
1973
__
1974
1975
1976
1977
1978
_
1978: Mar
Apr
May
June
July
Aug
Sept
...
Oct....
Nov
Dec
1979: Jan..
Feb
Mar_
Apr
Week ended:
1979: Mar 31
Apr 7
14
21
289,,,
J
8
U.S. Trc asury secur ity yields High-grade Corporate Prime com- Discount
rate
mercial
municipal
Aaa
Constant imaturities 2
(N.Y.
paper,
bonds
1
bonds
F.R.
(Standard
4-6
bills
3-year
10-year & Poor's)3 (Moody's) months
Bank)*
6.95
6.84
6.45
7.44
8. 15
7.041
5. 18
7.82
7.56
7. 83
9.87
8.57
6.09
7.886
7.49
7.99
6.25
6.33
8.83
5. 838
6.89
6.77
7.61
5.35
5. 50
8. 43
6.49
4.989
7.42
6.69
8.02
5.46
5.60
5. 265
5.56
8.41
8.29
7.46
7.221
8.73
7.99
5.90
8.04
7.70
6.80
8.47
6H-6H
5.49
6.319
7.85
8. 15
6.86
8.56
5.71
6.306
6}r-6H
8.35
8.07
8.69
7.11
6X2-7
5.97
6.430
8.30
8.46
8.76
7.63
7-7
6.707
6. 13
8.54
8. 64
7.91
7— 7%
8.88
7.074
6. 18
8.41
8.33
7.90
8.69
5.98
7K-7J4
7.036
8.42
8.41
8.44
7%— 8
8.69
7.836
5.93
8.62
8.64
9.03
8. 132
8.89
5.95
8-8H
8.81
9.04
10.23
9.03
8.787
6.03
9H-9K
9. 01
9.33
10.43
9. 122
9. 16
6.33
9 54-9%
9. 10
9. 50
10.32
9.351
9.25
6.25
9/4-9^
gi^_9^
9. 10
9.29
10.01
9.265
6. 19
9.26
9%—9*4
9. 12
9.38
9.96
6. 16
9.37
9.457
9.493
6. 14
9H9.498
9.593
9.649
9.613
9. 115
9.33
9.34
9.46
9.44
9.47
9.09
9.09
9. 18
9. 17
9. 25
6.
6.
6.
6.
6.
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
»Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
30
13
12
19
14
10
9.35
9.31
9.37
9.39
9.43
9.81
9.85
10.05
9.94
9.68
9J4- 9^2
9H-9H
9J4—9^
9Hr~9J^
9H-
Prime
rate
charged
by
banks *
8.03
10.81
7.86
6.84
6. 83
9.06
8-8
8-8
8-8M
8H-9
9-9
9-9%
9%— 9%
9%~ 10/£
KW-11J4
ll^r-11%
11%-11%
1 1%-11%
11%— 11%
11%-
Newhome
mortgage
yields
(FHLBB)*
7.95
8.92
9. 01
8.99
9.01
9.54
9.26
9.30
9.37
9.46
9.57
9.70
9. 73
9.83
9.87
10. 02
10. 18
10.20
10.32
11%-11%
1 i a / 1 13/
i i a/_1 1 ZA
11%— 11%
i i a/
« Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Kates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices continued to rise through mid-April, but then declined.
INDEX, bEC 311965=50
80
INDEX, OEC3U965=5
COMPOSITE STOCK PRICE INDEX
(NYSE)
40
40
30 -
- 30
1
197!
1972-
I
1973
1979
1974
PER CENT
20
PERCf
EARNINGS-PRiCE RATIC> ON COMMON STOCKS
15
,
10
^xl
„
5
0
r\ x^—^
S&P}
I
I
I
1971
I
I
I
1972
^
1
\
\
1973
-11—""^
.
-- 5
1
1
1
I
1974
I
I
l
i
1976
1975
t
?
1
1977
i
!
I
1978
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Excllange indexes(Dec. 31, 1965=50) *
Composite Industrial Transportation
1973
1974
1975
1976
1977
1978
1978: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Week ended:
1979: Mar 31___
Apr 7_-_
14
21
28
57.42
43.84
45.73
54.46
53. 69
5a70
49.50
51.75
54.49
54.83
54. 61
58.53
58.58
56.40
52.74
53.69
55.77
55.08
56. 19
63.08
48.08
50.52
60.44
57.86
58.23
52.77
55.48
59. 14
59.63
59.35
6407
64.23
61.60
57.50
58.72
61.31
60.37
61.89
37.74
31.89
31. 10
39.57
41.09
43.50
38.95
41. 19
44.21
44. 19
44.74
49.45
50. 19
46.70
-41. 80
42.49
43. 69
42.27
43.22
57.22
57.62
57.82
57. 12
57.52
63.24
63.70
63. 91
63. 10
63.84
44. 39
45.74
46.27
45.71
46.05
1
Average of daily closing prices.
1
Includes all the stocks (more than
1
Finance
Utility
1
1
!
1979
Common stock 5 yields
(percent)
x
Standard
& Poor's
DowJones
composite Dividend- Earningsindex
industrial
ratio
ratio
average 3 (1941-43=
10) *
37.69
29.79
31.50
36.97
40.92
39.22
39.26
39.69
39.47
39.41
39.28
40.20
39.82
39.44
37.88
38.09
38.83
39. 21
38. 94
70. 12
49.67
47. 14
52. 94
55.25
56.65
51.44
55.04
57.96
58.31
57.97
63.28
63.22
60.42
54.95
55.68
57.59
56.09
57.65
923. 88
759. 37
802. 49
974.92
894.63
820. 23
756. 37
794. 66
838. 56
840. 26
831. 72
887. 93
878. 64
857. 69
804. 29
807. 94
837. 39
825. 18
847. 84
107. 43
82.85
86. 16
102. 01
98.20
96.02
88.82
92.71
97.41
97.66
97. 19
103. 92
103. 86
100. 58
94.71
96. 11
99.71
98.23
100. 11
3.06
4.47
4.31
3.77
4.62
5.28
5.62
5.42
5.20
5.19
5.25
4.93
4.97
5.11
5.45
5.39
5.29
5.43
5.36
39.01
39.05
39.03
38. 58
38.09
58.72
59. 14
59.93
59. 42
59. 64
864. 28
869. 33
873. 66
858. 18
862. 39
101. 85
102. 48
102. 63
101. 31
102. 02
5.28
5.26
5.41
5.38
5.36
1,600) listed on the NYSE.
Includes 30 stocks.
«Includes 500 stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1
COUNCIL OF ECONOMIC ADVISERS
Com]mon stock prices l
Period
10
7.12
11.59
9. 15
8.90
10.79
12.05
12.25
11. 76
11.32
12.85
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 6 months of fiscal 1979, the budget deficit was $44.2 billion. A year earlier the deficit was $54.6 billion.
WLUONS OF DOLLARS
BflJJONS OF DOLLARS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
0
0
-50
•50
I
-100
1971
_L
1972
1973
I
J_
1974
1975
1976
1977
1978
1979
1980
FISCAL YEARS
of ECONOMIC
SOURCES, DEPARTMENT OP THE TREASURY AND OFFICE OF MANAGEMENT AND MIDGET
mam
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979 (estimates) 22
1980 (estimates)
Federal debt ( end of period)
Total i
Held by
the public
3.2
-2.8
-23.0
-23.4
-148
-47
-45.2
-66.4
-13.0
-45.0
-48.8
-33.2
-28.4
367. 1
382.6
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
780.4
279.5
2849
3043
323.8
343.0
346. 1
396. 9
480.3
498.3
551.8
610.9
___i
1845
196.6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
495.0
532.3
_ _ _
_ _ „ ___
169.9
201.6
224.5
245.8
-546
-442
747. 8
8046
593.3
636.9
_ _
_
12 Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
Surplus or
deficit ( — )
187.8
193. 7
188.4
208.6
232.2
264.9
281. 0
300.0
81.8
357.8
402.0
461.8
503.9
..
Cumulative total first 6 months:
Fiscal year 1978
Fiscal year 1979
_ __
32
Outlays
Receipts
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1979, budget receipts were $31.7 billion higher than a year earlier and outlays were
$21.3 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS
200
200
100
100
CORPORATION INCOME TAXES
«•• •§•§••• Mi aillMM •§•»•••§••<
OUTLAYS
400
400
300
300
NONDBINSE
200
200
100
100
l
r
1971
1972
1
I
1973
1971975
4
1975
FISCAL YEARS
1977
1978
1979
SOURCES,'DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1980
v
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Outlays
Rec«jipts
Nationa 1 defense
Period
Fiscal year or period:
1969
1970
1971
1972
.
1973
1974
1975
1976
Transition quarter
1977
1978
1979 (estimates)11
1980 (estimates)
Cumulative total first 6
months :
Fiscal year 1978
Fiscal year 1979
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
187.8
193.7
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
461.8
503.9
87.2
90.4
86.2
94.7
103.2
119.0
122. 4
131.6
38.8
157.6
181.0
208.8
228.6
36.7
32.8
26.8
32.2
36.2
38.6
40.6
41.4
63.9
70.5
75.4
81.7
92.8
107.4
118.0
127.0
54.9
60.0
70.4
71. 1
145.2
161. 1
182.6
204.2
184.5
196. 6
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
495.0
532.3
169.9
201.6
77.0
95.0
22.6
25.8
70.3
80.7
224.5
245.8
8.5
345
i Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
Total
79.4
78.6
75.8
76.6
745
77.8
85.6
Interna- Health
and
In- Other
Depart- tional income
terest
ment of affairs security
Defense,
military
77.9
77. 1
745
75. 1
73.2
77.6
46
43
41
47
41
22.3
97.5
105.2
115.0
126.0
87.9
21.9
95.6
103.0
112.4
122.9
5.7
6.9
5.6
2.2
48
5.9
7.5
8.2
51.4
56.2
50.4
55.9
2.5
J89. 4
849
2. 1
49.0
56. 1
70.1
81.4
91.8
106.5
136. 3
160.9
41.5
176.7
189.9
208.6
232.7
945
102.3
52.5
56.9
35.7
39.3
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105.9
111.4
108.5
21.0
25. 0
55.5
59.8
15.8
18.3
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1978, according to revised data, Federal receipts rose $21.4 billion (annual rate) and expenditures rose $19.3 billion, yielding a deficit of $20.8 billion, $2.0 billion less than the third quarter deficit. In the first
quarter of 1979, Federal expenditures rose $3.4 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
I
1
!
1
1
1
1
1
1
1
I
I
!
I
i
I
I
L_JUh 150
50
50
SURPLUS
-50
DEFICIT
-50
-100
-100
1971
1973
1972
1974
1975
1976
1977
1978
1979
•CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Personal
and
Total tax
nontax
receipts
Corporate
profits
tax
accruals
Surplus
Fcideral G<3vernmeiit expen litures
Federal (jiovernm ent receip ts
deficit
Subsidies Less:
Grants. Wage
less
in-aid
PurIndirect Contri(-),
current accruals national
chases Trans- to State Net
business butions
less
surplus
of
income
Total of goods fer pay- and interest
for
tax and
and
paid Govern- disments
local
and
nontax social inment en- burse- product
governservices
accruals surance
terprises ments accounts
ments
Fiscal year:
283.5
1975
313.9
1976
365. 3
1977
413.8
1978 *
127. 1
136.9
165.9
186.3
42. 1
51.9
58.8
67.2
22.2
24.2
24.5
27.2
92.1
100.9
116.1
133. 1
328.7
371.5
412.0
450.6
118.0
126.2
140.7
151. 1
134.3
156.5
169.6
181.8
48.4
57.5
66.2
74.6
21.9
25.2
28.4
33.7
5.7
6.2
7.0
9.4
-.4
.0
.0
.0
-45.3
-57.6
-46.7
-36.8
Calendar
year:
1975
1976
1977
1978
286.2
331.4
374.5
431.4
125.4
146.8
169.4
193.2
42.8
54.8
61.3
71.6
23.9
23.4
25.0
27.9
94.2
106.4
118.7
138.7
356.8
385.2
422. 6
461.4
123.1
129.9
145. 1
153.8
149. 1
161.6
172. 7
185.4
54.6
61. 1
67.4
76.9
23.2
26.8
29. 1
35.5
6.8
5.8
8.3
9.7
.0
.0
.0
.0
-70.6
-53.8
-48. 1
-29.9
1977:111.. 374.3
IV... 385.5
167.6
174.8
62.0
62.9
25.4
25.6
119.3 430.7
122.2 444. 1
146.8
152.2
175.7
178.3
70.9
71. 1
28.9
30.7
8.4
11.8
.0
.0
-56.4
-58.6
396.2
1978: I
IL._. 424.7
III... 441.7
463. 1
IV
176.8
186.7
199.7
209.7
59.6
72.6
73.6
80.6
26.5
27.9
28.2
28.8
133.3
137.6
140.1
144.0
448.8
448.3
464.5
483.8
151.5
147.2
154.0
162.5
180.2
180.7
188.8
191.9
73.9
75.9
77.5
80.3
33.2
34.6
36.3
38. 1
10.0
10.0
8.0
11.0
.0
.0
.2
.0
-52. 6
-23.6
-22.8
-20.8
1979: I » _
206. 1
29. 1
156.9 487. 2
164.7
195.6
76.9
41. 6
8. 3
-. 2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasuryt and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria produ*stion (se.asonally ad justed)
Period
1972
1973
1974
1975
1976
1977
1978"
1978: M a y _ _
June
July___
Aug.—
Sept
Oct
Nov_._.
Dec p _ >
1979: Jan*-__
Feb "—
Mar 9
United CanStates ada
Japan
130.7
143. 0
147.5
139.6
146.7
152.6
160.8
157. 6
159.7
160.4
159.4
165. 1
164.5
165. 5
167. 9
169.3
170.5
167.2
190. 5
183. 1
163. 9
182.0
189. 5
201.3
200.3
200.5
199. 7
201.8
203. 4
203.1
205.4
208.4
208.9
210.7
119. 7
129.8
129.3
117.8
129.8
137.1
145.2
143.9
144.9
146. 1
147. 1
147.8
148.7
149.6
150. 9
150. 9
151.0
152. 2
GerFrance many
Italy
138.7
147.7
145. 1
137. 1
149. 1
152.7
155.8
122.7
1346
140.6
127.6
143. 5
145. 1
147.5
144.5
146. 0
145.0
144.2
146.8
154. 1
154. 7
152.4
152.2
159.2
135
145
148
139
149
152
156
156
154
h^
S JOO
157
156
159
160
161
159
151
155
157
156
159
159
159
159
159
157
Con sumer ] prices (uiaadjuste*i)
United United CanGerKing- States * ada Japan France many
dom
113.2
123.0
120.0
114. 3
117.5
122.8
126.5
126. 5
128. 0
128.6
129.3
127.3
124.9
126.3
128. 7
120. 1
130.5
125.3
133. 1
147. 7
161.2
170. 5
181. 5
195. 4
193.3
195. 3
196.7
197.8
199.3
200.9
202.0
202.9
204.7
207. 1
121.2
130.3
144.5
160. 1
172. 1
185.9
202. 5
200.7
202.4
205.4
205.5
205. 2
207.3
209. 0
209.6
211.2
213.2
215.7
132.3
147. 9
184.0
205.8
224. 9
243.0
252.3
253.5
252. 1
253. 1
253.3
256.4
256.8
254. 1
253.7
253.9
253. 1
131. 1
140.7
160.0
178.9
196. 1
214.5
233. 7
231. 1
232.8
235.7
237. 1
238.6
240.8
242. 1
243. 2
245.5
247.2
119.0
127.2
136. 1
144.2
150.7
156. 6
160.7
161. 1
161. 5
161. 5
161.0
160.6
160.6
161. 1
161.8
163.5
164. 5
165.5
United
Kingdom
Italy
121.0
134. 0
159.7
186.8
218. 1
255.2
286.2
282.7
285. 1
286.8
288.3
292.9
295.5
298.6
300. 1
305.8
310.4
314. 1
137.7
150.2
174,3
216.5
252. 4
292.4
316.6
314.4
316.8
318.2
320.3
321.6
323.1
325.3
328.0
332.9
335.6
338.3
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc!landise exports 1
Merc tiandise imports
Gejneral im ports *
Domesti B exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- mate- ManuTotal
bever- mate- Manufac2
facrials
(c.i.f.
ages,
ages,
rials tured Total
tured
and to- and
value) 4
and to- and
goods
goods
bacco fuels
bacco fuels
5,902
8, 159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
1974
8, 159
1975
8,966
1976
9,596
1977
10, 096
1978
11, 965
1978: Mar___ 11, 147
Apr
11, 630
May... 11, 786
June— 12, 268
July___ 11, 662
Aug___ 12, 294
Sept___ 13, 274
Oct
12, 901
Nov.__ 13, 451
Dee___ 13, 283
1979: Jan___. 13, 132
Feb____ 13, 507
Mar_.__ 14, 452
8,045
8,842
9,456
9,912
11, 756
10, 903
11, 420
11, 541
12, 053
11, 497
12, 101
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
1,269
1,399
1,436
1,330
1,719
1,643
1,641
1,864
1,964
1,799
1,960
1,877
1,786
1,634
1,692
1,437
1,557
1, 765
1,317 5,294
1,266 5,913
1,341 6,437
1,548 6,679
1,746 7,874
1,531 7,339
1,677 7, 594
1,754 7,614
1,905 7,791
1,620 7,728
1,718 8,094
1,901 8,586
1,934 8,626
2,040 8,913
2,047 8,907
2,143 8,759
2,009 9,078
2, 313 9,403
8,354
8,048
10, 084
12, 307
14, 336
14, 004
14, 492
14, 009
13, 970
14, 545
14, 133
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
15, 273
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
1
Total includes commodities and transactions not classified according to kind.
»Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
trade
Exports
(f.a.s.)
less
imports
(c.i.f.)
Custoiris value
F.a.s. valu<3 »
Monthly
average :
1973
1974
Mer chandise
balance
ExExports
(f.a.s.) ports
(f.a,s.)
less
imless
imports
(cusports
toms (f.a.s.)
value)
770
892
F.a.s.
892
827
991
1, 186
1,312
1,408
1,374
1,326
1,240
1,313
1,123
1, 235
1,358
1, 369
1,452
1,486
1,261
1,437
1,120
2,653
value s
2, 672
2,718
3,457
4,463
4,329
4,255
4,312
4,109
4,237
4,176
4,519
4,513
4,355
4,443
4,578
5,145
4,438
4,890
3,750
4,684
4,602
4,257
5,398
6,379
8,363
7,972
8,471
8,257
8, 158
8,729
8,167
8,767
8,755
8,691
8,617
9,291
8,824
8, £96
6,131
9,000
112
-257
-195
-229
-841
9,000
—841
-257 —195
8,654
853
918
312
10, 825
581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 -3,297
14,893
-2, 858 -3,747
-2, 861 -3,804
15, 434
14, 913
-2,223 -3, 127
-1,702 -2, 601
14, 869
-2, 883 -3, 834
15, 495
15, 074
-1,839 -2, 780
15, 821
-1,546 -2, 547
-1,951 -2, 863
15, 764
-1,374 -2, 319
17, 770
-1,749 -2, 724
16, 006
-3, 099 -4, 150
17, 282
-1,300 -2, 213
15, 720
-821 -1,776
16, 228
* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1978, the current account deficit fell to $1.3 billion from $3.7 billion in the third quarter.
For the year 1978 the current account deficit was $16.0 billion, compared with $15.3 billion in 1977.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
MERCHANDISE TRADE BALANCE >
-10
1970
1972
1971
1973
1974
1978
1975
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M erehandise
Period
Exports
1972
1973
1974 _._
1975
1976
1977
1978 *
Imports
Invcjstment inicome 3
12
KT«a+
l^eiHal
Ual-
ance
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
107, 088 — 98,041
9,047
114, 694 -124,047 -9,353
120, 576 -151,706 -31, 130
141, 844 - 175, 988-34, 144
1977 :!-___
II.__
III__
IV.._
29,
30,
30,
29,
1978: ! _ _ _
!!.__
III__
IV
30, 787
35, 256
36, 486
39,315
1
a
501
860
578
637
-37, 120 -7,619
-37,635 -6,775
-37,942 -7,364
- 39, 009 -9,372
Receipts
Payments
14, 694 -6,544
21, 697 -9,655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13,311
32, 100 -14,593
41, 514 -21,599
7,796
8,088
8,220
7,997
-3,197
-3,601
-3,610
-4, 185
-42,707 -11,920 9,392 -4,515
-43, 125 -7,869 10, 013 -5,432
-44,478 -7,992 10, 332 -5,444
-45,678 -6,363 11, 787 - 6, 207
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
» Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the "United States are excluded from investment income and
included in other services, net.
36
Nof
.LN "I/
Net
military
transactions
Nettravel
and
transportation
receipts
8,150 -3,621 -3,028
12, 042 -2,287 -3,086
15, 457 -2, 080 -3,105
12, 795
-876 -2, 522
312 -2, 245
15, 933
17, 507
1,334 -3,044
531 -3, 135
19, 915
Other.
services,
net 1
Balance
on
goods
and
services l
RemittanceSy
pensions,
and
nt
l"i*»T
u tiicl
nni—
U.U1—
lateral
transfers 1
Balance
on
current
account
2,789 -2,125 -3,854 -5,979
3,185 10, 766 -3,881
6,885
8,905 -7,186
1, 719
3,975
-4,615
18, 445
4,617 23, 060
-5,022
4,714
9,361
4,339
4,749 -10,585 -4, 708-15,292
5,949 - 10, 885 -5,076 - 15, 961
-2,224 - 1, 126 -3,350
- 1, 581 - 1, 243 -2,824
-1,705 - 1, 277 -2,982
-5,072 - 1, 064 -6, 136
4,599
4,487
4,610
3,812
568
295
467
5
-907
-759
-677
-701
1, 136
1, 171
1,260
1, 183
4, 877
4,581
4,878
5,580
210
444
12
-834
-637
-930
-734
1,366 -6,302 - 1, 282 -7,584
1,472 -2,009 - 1, 317 -3,326
1,596 -2,436 - 1, 275 -3,711
1,515
-138 - 1, 204 - 1, 342
-136
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the fourth quarter of 1978, both capital outflows and capital inflows accelerated sharply. The increased outflow was
primarily concentrated in private accumulation of foreign assets. The increased inflow reflected the acceleration of
foreign official accumulation of U.S. assets, which rose From $4.9 billion in the third quarter to $19.0 billion in the
fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
SEASONALLY ADJUSTED
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
_A
10
\
/\
-10
-20
-30 L
1978
1970
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of doDars; quarterly data seasonally adjusted, except as noted]
U S. assets abroad, net
[inerc>ase/capitsil outflow <-)]
Period
Total
1972
1973
1974
1975
1976
1977
1978 9
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve2 ment
assets
assets *
assets
-14,461
32
_ -22,823
209
-34,712 - 1, 434
_ -39,444
-607
-50,608 -2,530
_ - 34, 650 -231
-58,748
872
1977: I
- 1, 334
II
- 12, 003
III_._ -6,615
IV.. „ -14,700
1978: I
II
III_._
IV*__
-15,067
-6, 167
-10,216
-27, 298
Fore ign assets in the U.S., net
[incirease/capiltal inflow (-HP
Foreigri official
ass ets
Total
- 1, 568- 12, 925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 -35,368 15, 550
-4,213 -43,865 36, 969
-3,679 — 30,740 50, 869
-4, 657 -54,963 63, 260
10, 705
6,299
10, 981
6,907
18, 073
37, 124
33, 967
10, 322
5,145
10, 257
5,259
13, 080
35, 480
31, 157
3 2, 490
-388
-949
6
-795 -11,214 14, 064
151 -1,098 -5,668 14, 251
-838 -13,862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2,962
6,180
7,467
7,914
6, 005
4,522
15, 153
-896 14, 417 18, 095 15, 760 14, 956
246
406 -5,685 -5,373
329 -1, 176 -5,320
4,852
4,502
115 -1,498 -8,833 15, 489
182 -1,086 -26, 394 29, 270 19, 040 17, 072
1
Consists of gold, special drawing rights (SDB), convertible currencies, and
the3 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Total
Assets of Other
foreign foreign
assets
official
reserve
agencies
10, 991
12, 364
23,696
8,643
18, 897
13, 746
29, 293
2,336
6,090
10, 637
10, 230
Stati stical
discre pancy
Allocations
Of
Total
of
special (sum of Seasonal
the
drawing
adjustitems
rights
ment
(SDR) with sign discrepreversed) ancy
710 -1,966
-2,725
- 1, 684
5,449
9,300
-927
11, 449
2, 194
725
-38
763
-4,655 -2, 133
1,455
771
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
13, 151
14,378
15, 883
16, 226
18, 747
19, 312
18, 650
19, 120
19, 156
18, 988
19, 312
917 19,
4, 555
108 18,
9,087
-1,562 -2,455 18,
-630
1,431 18,
192
864
850
650
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross 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
1
2
2
3
3
4
4
5
6
7
8
9
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 Business Economy
11
12
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
,.
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices.
Changes in Consumer Prices
Prices Received and Paid by Farmers. . j . •
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
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions.
35
35
36
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