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95th Congress, 1st Session
Economic Indicators
August 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON :1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. 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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $58.9 billion or 13.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 6.1 percent and
the implicit price deflator rose at a 7.1 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALEj
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1977
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates"
Gross
na-
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975. _
1976
tional
product
Personal
consumption
expenditures
753.0 464. 8
796.3 490.4
868. 5 535.9
935. 5 579.7
982.4 618.8
1, 063. 4 668.2
_ 1, 171. 1 733. 0
1, 306. 6 809.9
1, 412. 9 889.6
__ 1, 528. 8 980.4
1, 706. 51, 094 0
Gross
private
domestic
investment
124. 5
120.8
131.5
146.2
140. 8
160. 0
188. 3
220. 0
214. 6
189. 1
243. 3
1, 651. 21, 056. 0 231. 3
Net
exports
5. 1
4.9
2.3
1.8
3.9
1.6
-3. 3
7. 1
6.0
20.4
7.8
37.7
40. 6
47.7
52.9
58.5
64.0
75.9
94.4
131.9
126. 9
155. 1
158. 7
180. 2
198. 7
207. 9
218. 9
233.7
253. 1
269. 5
302. 7
338.9
361.4
78.8
90. 9
98. 0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 3
130. 1
60. 3
71. 5
76.9
76.3
73. 5
70.2
73. 5
73.5
77.0
83.9
86. 8
18.5
19. 5
21.2
21.2
22. 1
26. 0
28.6
28. 7
34. 1
39.4
43. 3
79.8
89. 3
100. 7
110.4
123.2
137.5
151.0
167.3
191. 5
215. 6
231. 2
738.7
786.2
860. 8
926. 2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
143.7
150.4
160. 6
165. 6
353. 6
358. 9
363. 0
370. 0
127.6
128. 5
130.2
134. 2
86. 3
86. 0
86.4
88. 4
41.3
42. 5
43. 8
45. 8
225. 9
230.4
232. 7
235.8
1, 636. 7
1, 673. 7
1, 705. 8
1, 756. 3
178.6
187.8
374.9
390.6
136.3
143. 6
89.7
93.4
46.7
50.2
238.5
247.0
1, 797. 0
1, 848. 0
1, 810. 8 1, 172. 4 271.8
1, 869. 71, 194. 0 294.9
-8.2
-9. 8
170.4
178. 0
»This eatefory corresponds closely with budget outlays for national defense,
sfeown on p. 33.
Final
sales
42. 8
45. 6
49. 9
54. 7
62. 5
65.6
72. 7
101. 6
137. 9
147. 3
162. 9
7.9
3.0
77:l
II...
State
and
local
Total
153.9
160.6
168.4
168. 5
1, 727. 31, 102. 2 254,3
IV__. 1, 755. 41, 139. 0 243.4
services
Federal
' National
defense 1
Imports
10.2
10.2
m__
Go^/eminent purchases of goods and
Ex- ports
II— 1, 691. 91, 078. 5 244.4
1976: I
In
Export s and imj)orts of
gooc[s and services
Total
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis,
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonaEy adjusted annual rates]
Exp orts of gc>ods
Gross i>rivate do mestic
a ad serviceJS
iiivestmenlb
Personal
conGross
Change
national sumpNonResi- in busition
product
Net
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
Federal
10.6
4.3
6.6
9.4
16.5
8.0
-9.9
8.5
47.3
5a7
58.9
63. 5
65. 7
68.5
75.9
79.9
77. 1
67.4
79.8
229.3
24a3
259.2
256. 7
250.2
249.4
253. 1
252. 5
257.7
263.0
264.4
112.5
125.3
128.3
121. 8
110. 7
103.9
102. 1
96. 6
95.8
96.7
96. 5
116.8
123. 1
130.9
134.9
139.5
145.5
151. 0
155.9
161. 8
166.3
167.9
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
47.1
47.1
52.0
448
9. 7
12. 1
13.8
-1.8
16.8
16.4
17.0
13.8
93.1
95.2
97.9
96.9
76.3
78.9
80.9
83. 1
263.9
264.4
264.6
264.6
96.4
96. 1
96.7
97.1
167.5
168.4
168.0
167. 5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
52.7
57.6
9.7
13.2
10.6
9.3
96.9
98.5
86.3
89.2
263.3
270.0
97.0
101.1
166.4
16R9
1, 301. 2
1, 317. 4
586. 1
603.2
633.4
655.4
668.9
691.9
733. 0
767.7
760.7
775.1
821.3
106.1
103. 5
108. 0
114.3
110.0
108.0
116.8
131.0
130.6
112.7
116.8
38. 5
37. 2
42. 8
43.2
40.4
52.2
62.0
59. 7
• 45.0
38.8
47.7
1976: I
II— 1, 271. 5
1, 256. 0
807.2
815.5
822.7
839.8
113. 7
115.9
118.5
119.0
1977: 1— .1, 311. 0
850.4
854.1
124. 3
126.4
1, 330. 6
Total
State
and
local
51.6
54.2
58. 5
62.2
67. 1
67.9
72.7
87.4
93.0
89.9
95.8
981.0
1, 007. 7
- 1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274. 7
II
-Tinai
sales
TTi-nal
4.3
3. 5
—.4
— 1. 3
1.4
-.6
-3.3
7.6
15.9
22.5
16.0
1966
1967
1968
1969
1970—
1971
1972
1973
1974
1975
1976
III_. 1, 283. 7
IV. _ 1, 287. 4
Governinent pure liases of
gooc s and services
16.7
12.0
a7
964.3
995.7
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona] consumption expeinditures
Total
1966
1967
1968
1969
1970..
1971
1972
1973
1974
1975
1976
76.76
79.02
82. 57
86. 72
_ 91. 36
96. 02
100.00
._ 105. 80
116. 02
127. 18
133. 88
79.3
81. 3
84. 6
88. 5
92.5
96.6
100. 0
105.5
116.9
12&5
133.2
1976:1
II
III
IV
131. 47
133. 06
134. 56
136. 35
1977: I
II
138. 13
140. 51
_
.
goods
Expor ts and
GovernEaent purimports of goods chases <3f goods
and se rvices
and scjrvices
NonNonres- Residurable Services idential dential Exports Imports Federal
fixed
goods
fixed
State
and
local
80. 1
81.9
85. 3
89.4
93.6
96.6
100.0
107,9
123.8
133. 1
137. 7
76.5
78. 8
82.0
86.1
90.5
95.8
100. 0
104.7
113.6
123.5
132.3
76. 8
79. 3
82.6
86.6
91. 3
96.4
100. 0
103.8
115.3
132. 3
138. 7
74.6
77.0
80.7
87.7
90. 6
94.9
100.0
110.8
122. 3
132. 8
142. 5
82.8
84. 0
85. 3
87.9
93. 1
96.6
100.0
116.2
148. 3
163.8
170.0
79.7
80. 1
80. 9
83.3
89. 1
93.5
100.0
118.2
171. 0
188.2
194.3
70.1
72. 6
76.4
80.0
86.4
92.6
100.0
105. 8
115.9
127. 5
134.8
68.4
72. 5
76.9
81.9
88. 3
94.5
100.0
107. 3
118.4
129. 7
137.7
130.8
132.3
134.0
135. 6
85.7
87.4
90. 7
93. 1
95.5
99.0
100.0
101. 6
108.4
117.9
124.7
122.2
123. 8
125. 3
127.2
136.2
136. 9
138.3
139.3
129.2
131. 1
133.2
135.4
136.8
137.8
139.2
140. 9
137. 1
140.7
144. 1
147. 5
165.3
168. 6
172. 0
174. 0
188.2
190. 7
198.4
199.3
132.4
133.7
134.7
138.2
134.9
136.8
138.6
140.7
137.9
139.8
129.3
129.5
141.5
143.8
137.8
140. 1
142. 5
144.4
153.7
157.6
175.9
180.8
207.0
210.6
140.6
142.0
143.4
146.2
Source: Department of Commerce, Bureau of Economic Analysis.
Gross iDrivate
dom estic
invest ment
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross ilational product
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Gross clomestic i>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
9.4
5.8
9. 1
7.7
5.0
8.2
10.1
11.6
8. 1
8.2
11.6
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5. 5
-1.4
-1.3
6.0
3.3
2.9
4.5
5.0
5.4
5.1
4.1
5.8
9.7
9. 6
5.3
3.1
3.0
4.4
5. 0
5. 3
5.0
4.1
6.0
9.9
9.5
5. 6
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.4
5.6
9. 6
5.7
9. 1
7.8
5.0
8.1
10.1
11.5
7.9
8. 5
11.4
6.1
2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5.9
3.3
3.0
4.5
5. 1
5.3
5.1
4.1
5.7
9.3
9.7
5.2
3.1
3.1
4.4
5. 0
5.3
5,0
4.1
5.9
9.6
9.5
5.6
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.4
5.6
1976:1
II
III
IV
13.2
10.2
8. 6
a7
8.8
5. 1
3.9
1.2
4.1
4.9
4.6
5.4
4.9
5.3
4.6
5. 9
4.6
5.2
4.8
6. 0
12.4
10. 5
8.2
6. 9
8.3
5.2
3.7
1.3
3.8
5.0
4.4
5.5
4.8
5.4
4.5
6.0
4.6
5.2
4.6
6.1
13.2
13.7
7.5
6. 1
5.3
7.1
6. 9
7.0
7. 1
7.0
12. 6
13.6
7.2
6.1
5.0
7.1
6.7
7.0
7.0
7.0
1977:1
II
-
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross c omestic
prodiict of
nonfin ancial
corp orate
business
(bffiic >ns of
doll ars)
Current-do liar cost a nd profit per unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
with
business
of
capital taxes 3 employconees
sumption
adjustment
Net
interest
Corpc>rate profits with
invent ory valualion and
capil,al consuniption
iidjustmen ts
Current
dollars
1972
dollars
430.7
452.9
498.4
541.8
560.6
602.5
671.0
752. 0
808.8
875.2
991.0
532.9
545.8
581.6
607. 3
600.6
619.3
671.0
720.4
695. 0
678.9
731.0
0.808
.830
.857
.892
.933
.973
1.000
1. 044
1.164
1.289
1. 356
0.067
.072
.074
.079
.088
.094
.093
.095
. 116
. 143
. 146
0.080
.084
.089
.094
.103
.110
.110
. 112
. 123
. 136
.136
0.513
.535
.553
.589
.628
.645
.661
.699
.796
.849
.890
958.4
1976:1
983. 6
II..
III... 1, 004. 7
IV.. 1, 017. 2
719.4
731.3
736. 6
736. 5
1.332
1.345
1.364
1.381
.145
. 144
. 147
. 150
.134
. 135
. 136
.139
.870
.880
.892
.916
.044
.044
. 044
.045
.139
. 142
. 145
. 132
1977: !-__. 1, 049. 3
II*___ 1, 094. 2
753.3
771. 3
1.393
1. 419
. 149
.148
.140
.139
.930
.943
. 046
.047
.128
. 141
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1
Output is measured by gross domestic product of nonfinancial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Total
0.014 0.134
. 123
.016
. 124
.017
.022
. 109
.086
.028
.095
.029
.028
.107
.032
. 105
. 043 .086
.045
.115
. 044 .139
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
Profits
tax
liability
Profits
after4
tax
0.055
.051
.058
.055
.045
.048
.050
.055
.061
.060
.073
0.078
.072
.066
.055
.041
.046
.057
.050
.024
.055
.066
6.777
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.781
7.506
7. 766
8.055
3.478
3.676
3.929
4.198
4.478
4.757
5. 024
5.441
5. 972
6.596
7.166
.072
. 075
. 074
.072
.067
.066
.071
.060
7.987
8.067
8. 109
8.057
6.952
7. 096
7.236
7.378
.070
.074
.058
.067
»8. 176
*7. 604
* With inventory valuation and capital consumption adjustments.
NOTE.—Data revised beginning 1974 for output and compensation per hour.
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]
i
Corpor ate profits with inv<mtory val uation
Propri etors'
and capital co nsumptioii adjustm ents
incom s with
"Rant al
inventor y valuaProfits with inv(jntory
capital
tion anc
of pervalual ion adjus bment
consulaption
Comand \without ca pital
adjust ments
pensaCapital
with
Naconsum ption adjiistment
tion of
concapital
tional
emsumpconincome
InvenTotal
ploytion
sumptory
ees l
Profits valuaadjusttion
NonFarm
before
Total
adjustment
farm
tion
tax
ment
adjustment
Period
622. 2
439. 3
471. 9
655. 8
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
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
13.6
12. 1
12. 0
13. 9
13. 9
14. 3
18. 0
32. 0
25.4
23.2
18.6
46.7
48. 9
51.4
52. 3
51.2
53.4
58. 1
60.4
60. 9
62. 8
69.4
18. 2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21. 6
21.4
22. 3
23. 3
82.5
79.3
85. 8
81.4
67. 9
77.2
92. 1
99. 1
83.6
99. 3
128. 1
78. 6
75. 6
82. 1
77.9
66.4
76. 9
89. 6
97.2
86. 5
111. 5
142. 7
80. 7
77. 3
85.6
83.4
71.5
82. 0
96.2
115.8
126.9
123. 5
156.9
-2. 1
-1.7
-3.4
-5. 5
-5. 1
-5. 0
-6. 6
-18. 6
-40.4
-12. 0
-14. 1
3.9
3.7
3.7
3. 5
1. 5
.3
2.5
1.9
-2.9
— 12.2
-14.7
21.9
24.3
26.8
30.8
37.5
42. 8
47.0
52.3
69. 0
79. 1
88.4
999. 6
1, 321. 0
1, 353. 9 1, 024. 9
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
20.0
21. 6
16. 2
16.6
66.9
68.8
70. 0
72. 0
23. 0
22.9
23.3
24. 1
126. 5
129. 2
133. 5
123. 1
141. 1
143. 7
148.2
137.9
153. 5
159. 2
159.9
154.8
-12.4
-15. 5
-11.7
-16.9
-14.6
— 14.6
-14.7
— 14. 8
85. 0
86. 5
90. 1
92.0
_ _ _ _ _ _ 1, 450. 2 1, 109. 9
1, 505. 1 1, 144. 7
20. 7
19.7
74.3
77.3
24. 5
249
125. 4
139.7
141. 0
155. 6
161. 7
173.4
-20. 6
-17.8
-15. 6
-15.9
95.3
98.9
1966
1967
1968
1969
1970
1971
1972
1973___
1974
1975
1976
--
1976: I
II
III
IV
1977: I
II
9
Net
interest
Source: Department of Commerce, Bureau of Economic Analysis.
i 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]
Retail sales of
new passenger
cars (nlillions
of uilits)
N on dura ale goods
D urable goo ds
T/^-f-al
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
1966. .
1967
1968 _
1969
1970
1971
1972
1973
1974
1975
1976
464. 8
490. 4
535. 9
579. 7
618. 8
668. 2
733. 0
809.9
889. 6
980.4
1, 094. 0
67. 7
69.6
80. 0
85. 5
84. 9
97. 1
111.2
123.7
122. 0
132. 9
158. 9
30. 1
29. 7
35.8
37.7
34. 9
43.8
50. 6
55. 2
48.0
53. 9
71.9
27. 7
29. 5
32.6
35.0
36.7
39.4
44.8
50. 7
54.9
58. 0
63. 9
204. 7
212. 6
230. 4
247. 0
264. 7
277. 7
299. 3
333. 8
376.3
409.3
442. 7
1976: I
II
III_...
IV____
1, 056. 0
1, 078. 5
1, 102. 2
1, 139. 0
153.3
156.7
159. 3
166. 3
68.8
71. 0
72. 1
75. 7
61.9
63. 0
63.9
66.5
1977: I
II
1, 172. 4
1, 194. 0
177. 0
178.6
85. 3
84. 5
67.4
69.3
Period
1
Total includes other items not shown separately.
Furniture
and
household
equipment
Total
nondurable1
goods
Services
Clothing
and
shoes
Gasoline
and oil
106. 6
109. 6
118. 3
126. 1
136. 3
140. 6
150.4
168. 1
189.8
209. 5
225. 5
36.6
38.2
41.8
45. 1
46.6
50. 5
55.1
61. 3
65. 3
70. 2
76. 3
16. 0
17. 0
18.4
20.4
22. 0
23.4
24.9
27. 8
36.4
39. 1
41.4
192.4
208. 1
225. 6
247. 2
269. 1
293.4
322.4
352. 3
391.3
438.2
492.3
8,4
7.6
8. 6
8. 5
7.1
8.7
9.3
9.7
7.5
7.1
8.6
0.7
.8
1. 0
1. 1
1. 3
1. 6
1.6
1.8
1.4
1. 6
1. 5
430.4
437. 1
444. 7
458. 8
219. 3
223.8
227. 0
232. 0
74. 2
74.3
76.9
79.9
40. 6
40.3
41.2
43. 5
472.4
484. 6
498. 2
513. 9
8. 8
8.7
8.4
8.5
1. 3
1.4
1. 5
1.7
466. 6
474,4
237.9
244.8
79.3
80.4
44. 1
443
528.8
541. 1
9.4
9.3
1. 8
2.4
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal Income rose $11.7 billion (annual rate) in July, compared with an increase of $7.0 billion (revised) in June.
Wage and salary disbursements were up $5.4 billion in July following a $4.5 billion rise in June. Transfer payments
increased $6.6 billion in July, about three-fourths of which was due to a cost-of-living increase in social security benefits.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
800
800
600
-T
600
\
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
200
200
•mANSFQ*
.PAYMiMTS
100
100
80
80
60
60
4 0 1 , 1 1 i i l i m i t 1 1 1 ii I f 1 1 1 1 i 1 1 1 1 1 1 1 n. i
1969
1970
1971
u n1111 ni
1972
i n nln n
1973
1974
1975
1976
40
1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCEi DEPARTMENT OF COMMERCE
Period
COUNCH. OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Total
and
Other Proprieto rs' income income
Transfer
Divi- Personal
labor 12
personal salary
interest
paydends
of
income disburseincome
income ments5
Nonfarm persons 4
Farm
1
ments
1969
745.8
1970
801. 3
1971
859. 1
1972
942.5
1973
1, 052. 4
1974
1, 154. 9
1975
1, 253. 4
1, 382. 7
1976
1976: July.... 1, 386. 2
Aug
1, 393. 7
Sept_._ 1, 401. 8
Oct
1, 414. 2
Nov
1, 432. 1
Dec
1, 450. 2
1977: Jan
1, 454. 3
Feb
1, 477. 0
Mar.... 1, 499. 1
Apr
1, 510. 1
May... 1, 517. 3
June
1, 524 3
July*3
1, 536. 0
514.6
546. 5
579.4
633. 8
701. 3
764. 6
805. 7
891. 8
894. 5
899. 8
906. 1
914. 0
923. 9
931.7
937.3
951. 7
964. 9
974. 1
982. 0
986.5
991. 9
28.2
32.0
36.2
42. 0
48.7
55. 6
649
75.9
76.4
77.3
78. 1
79. 1
80. 0
81.0
82. 1
83.2
84.4
85.5
86. 7
87. 9
89. 1
13. 9
13.9
143
18.0
32.0
25. 4
23.2
18.6
18.2
15. 6
14 6
15. 3
16. 4
18. 1
19.6
21. 0
21. 7
20. 9
19.8
18.4
16. 5
52. 3
51. 2
53.4
58. 1
60.4
60. 9
62.8
69.4
69.4
70. 1
70. 5
70. 8
72. 1
73.2
72.5
744
76. 0
76. 9
77.2
77.6
77.4
1
The total of wage and salary disbursements and other labor income differs
rom 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.
3
With inventory valuation and capital consumption adjustments.
*With capital consumption adjustment.
f
18.1
18. 6
20. 1
21. 5
21. 6
21. 4
22. 3
23.3
23. 2
23. 3
23. 4
23. 9
24 1
24.4
244
24 6
24 6
24 3
24 8
25.6
247
22.6
22.9
23. 0
24 6
27.8
31. 0
32.4
35.8
35. 8
36. 0
36. 3
36. 7
37.2
41. 2
37.9
38.5
39. 0
39. 3
39. 6
41. 9
42. 0
55.9
64 3
69. 3
746
84 1
103.0
115.6
130.3
130.4
132. 2
134 1
135.2
136.4
137.6
139.0
140. 3
141. 8
143. 5
145. 2
147. 4
149. 1
66. 5
79.9
94 1
1041
118. 9
140.8
176.8
192.8
193. 7
1949
1945
195.5
198.4
200.0
200. 5
203. 0
206. 9
206. 0
202. 9
200.0
206.5
Less : PerNonsonal confarm
tributions personal
for social income 6
insurance
26. 3
28. 0
30. 8
342
42. 2
47.7
50. 4
55.2
55.4
55.6
55.9
56. 1
56.7
57. 0
59. 0
59. 6
60. 2
60.6
60.9
61.0
61.4
725.8
780.7
838.0
917. 3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 355. 1
1, 365. 0
1, 374 0
1, 385. 5
1, 402. 1
1, 418. 5
1, 421. 1
1, 442. 4
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
1, 505. 1
* Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
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 second quarter,
BILLIONS OF DOLLAI&* {RATIQ SCALE)
BHUONS OF DOLLARS*' (RATIO SCALE)
1400
—PER CAPITA DISPOSABLE PERSONAL INCOME
2,000
2,000
1969
1977
1970
*~.SEASONALIY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays1
Per cjapita
dispc>sable
Equals : persona I income
Personal
saving Current
1972
dollars dollars
Bi]lions of d<ollars
1968
1969.
1970
1971
1972
1973
1974
1975
1976
Per cap ita per- Percent Saving
sonal c<>nsump- change
real as pertion exp<snditures inper
cent of Populacapita dispostion
disposable
(thou-2
persands)
able
Current 1972
sonal
dollars dollars
sonal income
income
Dollars
685.2 97. 1
588.1
550. 1
745.8 115.4
630.4
595. 3
801.3 115.3
685. 9
635. 4
742. 8
859. 1 116. 3
685. 5
942.5 141. 2
801. 3
751.9
1, 052. 4 150.8
901.7
831. 3
1, 154. 9 170.3
984. 6
913. 0
1, 253. 4 169. 0 1, 084. 4 1, 004. 2
1, 382. 7 196. 9 1, 185. 8 1, 119. 9
38. 1
35. 1
50.6
57.3
49. 4
70. 3
71.7
80. 2
65.9
2,930
3, 111
3,348
3,588
3,837
4,285
4, 646
5,077
5,511
3,464
3,515
3,619
3,714
3,837
4,062
3, 973
4,014
4, 137
2,670
2,860
3,020
3,227
3,510
3,849
4, 197
4,591
5,084
3,156
3,234
3,265
3,342
3,510
3,648
3,589
3,629
3,817
4,921
5,017
5, 117
5,277
5,423
5,512
3,761
3, 794
3,820
3,891
3,933
3,943
2.8
1.5
3.0
2.6
3.3
5.9
-2.2
1.0
3. 1
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5.6
200, 706
202. 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
6. 3
214, 608
214, 948
215, 380
215, 827
216, 206
216, 602
Seasonally ad; usted ann ual rates
1976: !_._ 1, 338. 1 184.8
II... 1, 366. 7 192. 6
III.. 1, 393, 9 200. 6
IV.. 1, 432. 2 209. 5
1977: I.... 1, 476. 8 224. 4
II... 1, 517. 2 224.8
1
1, 153. 3
1, 174. 1
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 080. 9
1, 103. 8
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 9
72.4
70.3
64.8
56.3
51.4
68.5
5,374
5,462
5,540
5, 665
5,793
5,967
Includes personal consumption expenditures, Interest paid by consumers
to2 business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
4,107
4,130
4,135
4, 177
4,202
4,268
4.5
2.3
.5
4, 1
2.4
6.4
6.0
5.4
4. 6
4. 1
5.3
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the second quarter, farm income excluding inventory change fell $0.8 billion (annual rate). Including inventory
change the decline was $1.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL^
120
120
100
100
REALIZED GROSS
FARM INCOME
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
\
v\
20
20
\
10
1969
1970
1971
1972
1973
1974
1975
197$
10
1977
* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF AGRICULTURE
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976:1
II
III.
IV
1977:1
II
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 incomereceived
[ncome received from f arminj5
by total farmpo pulation
Realizeid gross
Net inc ome per
Net t(> farm
farm incl uding net3
oper ators
Casli receipts from
inventory change
inarketings
From From From
Produc- Exclud- Includ1
all
nonfann
farm
tion ex- ing net ing net
Total
Livesources sources sources
penses inven- inven- Current 1967
stock
4
Total
Crops
tory 2 dollars dollars
tory
and
change
change
products
Dollars
Billioiis of dollars
13.9
26.9
12. 9
56.3
48.2
4,766
4,372
14.2
28.6
42.1
14.3
19.6
14.4
27.4
13.0
58. 6
4,790
4,202
14.2
44.4
14. 1
29.6
21.0
50.5
13. 4
15. 3
60. 6
5,030
28. 7
47.4
13.2
4,263
14.6
30.6
22.3
52.9
6,504
34.4
16.8
17.6
70. 1
61.2
25. 5
18.7
5,288
35. 7
52.3
17.8
48.6
29. 0
19. 5
95. 5
45.9
33.3 11, 727
41. 1
29. 9
8,817
87. 1
65. 6
9,232
23. 1 21. 6
100.0
44.7
92. 4
41.4
72.2
6,114
51. 1
27.7
26. 1
44.3 21.5 22.8
8,637
96.7
45. 1
20.8
24.3
5,203
88. 1
43.0
75.9
24.2
17.8
7,203
42.0
103.6
46.4
4, 093
94.3
81.7
21.9
20.0
47.9
102. 1
7,740
21. 5
46.3
46.7
23.0
93.0
4,500
79.1
8, 350
52.1
84.2
25.4
23.2
100.4
109. 6
48.3
4,800
6, 330
100.9
17.6
91. 5
45.5
46.0
82.3
18.6
3,580
81.2
6,480
101.9
92.4
45.4
18.0
47.0
20.7
3,600
7,990
105. 6
22.5
45.3
50. 6
83. 1
22.0
95.9
4,370
7,630
108. 8
51.0
21. 0
48.0
99.0
87.1
21.7
4,080
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crop? and livestock valued at the average price for the year.
s Based on Census of Agriculture definition of a farm. The number of farms Is
held constant within a year.
< Income in current dollars divided by the index of prices paid by fanners for
94-783°—77-
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates for the second quarter, profits before tax rose $11.7 billion (annual rate) while
profits with inventory valuation adjustment rose $14.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS.
40
40
1969
1976
1970
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC AOVISfRS
[Billions of dollars; quarterly data at seasonally
Profil is (before tax) wit b invent
ary valu2ition
adjustn aent 1
Dome stic indus tries
N onfinanc ial
Period
Total 2
Manu- WholeTotal Finansale
cial Total 3 facand
turretail
ing
trade
1966
78. 6
75. 9
8. 5
67.4
41. 6
8.0
1967
72. 6
75.6
9.0
37.9
63.6
8. 9
82. 1
1968
41.2
78. 9
10.4
68.5
10. 1
1969_
74.2
77. 9
62.9
36.
8
10. 1
11.3
1970
.
66.4
62.6
12. 6
50. 1
27. 1
9.4
1971
76. 9
72.4
14. 1
58. 2
32. 4
11.7
1972
89. 6
84.7
15.4
69. 3
40. 6
13.3
1973
97. 2
74. 1
90. 4
44. 1
16. 2
14. 7
1974
86. 5
76. 9
14. 4
62.5
12. 9
36. 6
1975
105. 4
111. 5
15. 0
90. 3
22. 1 1
47. 9
1976
142. 7
134.6
18. 2 116.4
66.3
27. 1
1976: 1__.
132.4
141. 1
17. 8 114. 6
65.3
26.5
II
.__ 143. 7
136. 1
18.1 118.0
68.7
25. 5
Ill
148. 2
139. 8
18.4 121. 3
68.4
29. 1
rv___ .
130. 2
137.9
18.4 111. 8
62. 9
27.4
141. 0
1977: I
131. 0
19.2 111. 8
65. 2
24. 0
II"
144 8
155.6
19.9 124.9
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
28 Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
1977
adjusted annual rates]
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
80. 7
77. 3
85.6
83.4
71.5
82.0
96.2
115. 8
126. 9
123. 5
156. 9
153.5
159. 2
159.9
154.8
161.7
173. 4
33. 7
32. 5
39.4
39.7
34. 5
37. 7
41. 5
48.7
52.4
50.2
64. 7
63. 1
66. 1
65.9
63. 9
64.4
69.3
47. 1
44. 9
46. 2
43. 8
37.0
44. 3
54. 6
67. 1
74.5
73.4
92. 1
90.4
93. 1
94. 0
90. 9
97.2
104. 1
19.4
20. 1
21.9
22. 6
22.9
23. 0
24.6
27.8
31.0
32.4
35.8
33.6
35. 0
36. 0
38.4
38.5
40.3
27.6
24.7
24. 2
21. 2
14. 1
21. 3
30.0
39. 3
43. 6
41.0
56.4
56. 8
58. 1
58. 0
52.5
58.8
63.8
Source: Department oi Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
2. 1
-1.7
-3.4
-5.5
-5. 1
-5. 0
-6.6
-18. 6
-40.4
-12. 0
-14. 1
-12.4
-15.5
-11.7
-16. 9
-20.6
-17.8
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed inveshnenf rose $5,4 billion (annual rafe) in the second quarfer as investment in structures rose $3.1
billion and purchases of producers' durable equipment increased $2.2 billion. Residential investment increased $9.8
billion. Inventory investment amounted to $21.7 billion, up $7.9 billion from the first quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
120
_NONRES!DENTIAL FIXED NVESTMBsIT
BILLIONS OF DOLLARS* (RATIO SCALE)
300
100
.PRODUCERS'.
DURABLE EQUIPMENT
80
60
lUCTURES
40
I
t
I
I
I I
\ [
I
I
1 t
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
40 -CHANGE IN BUSINESS INVENTORIES-
20
-20 50 -
-40
I
1
I I
1973
I I
I I
1974
1975
I
I
t I
1976
I . I
1977
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVlSIRS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident ial fixed investmemt
Gross
private
domestic
investment
Period
Struc tures
Total
Total
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: I
II
III
IV
1977: I
II
__
_
_
124.5
120. 8
131. 5
146.2
140.8
160.0
188. 3
220. 0
214. 6
189. 1
243. 3
231. 3
244.4
254. 3
243.4
271. 8
294.9
81.4
82. 1
89. 3
98. 9
100.5
104. 1
116.8
136. 0
150. 6
149. 1
161. 9
155.4
159. 8
164.9
167.6
177. 0
182.4
29.2
29.5
31.6
35.7
37.7
39. 3
42. 5
49. 0
54.5
52. 9
55. 8
54.7
55. 8
56. 0
57.0
57.9
61. 0
Nonfarm
Total
Nonfarm
28. 1
28.2
30.4
34.3
36. 1
37. 8
41. 1
46.9
51.8
50.4
53.4
52. 1
53.4
53. 6
54.4
55. 1
58.2
52.2
52.6
57.7
63. 3
62. 8
64. 7
74.3
87.0
96.2
96. 3
106. 1
100.8
104. 0
109. 0
110. 6
119. 2
121. 4
47.9
48. 0
53.4
58. 9
58. 1
59. 9
69. 1
80. 1
88.2
87. 1
95. 9
90. 5
93.8
98.4
100. 7
107. 8
110.0
Source: Department of Commerce, Bureau of Economic Analysis.
Prod ucers'
dur able
equip ment
Resid ential fix ed inves tment
Pt*r»
Total
28.7
28.6
34.5
37.9
36. 6
49.6
62.0
66.1
55. 1
51. 5
68.0
61.4
66. 3
67. 8
76. 7
81.0
90.8
Nonfarm
struc—
tures
27.4
27.2
33. 1
36.3
35.1
47. 9
60. 3
64. 3
52. 7
49.5
65. 7
58. 9
64. 1
65.7
74.3
78.5
88.2
Farm ducers,
durstrucable
tures equipment
0 7
7
6
7
6
7
7
6
1 2
9
1 0
1 2
1 0
9
11
11
12
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.2
1. 1
1. 3
1.2
1.2
1.2
1.3
1.4
L4
Change in business mv entories
Total
Nonfarm
14.3
10. 1
7.7
9.4
3. 8
6.4
9.4
17.9
8.9
-11.5
13. 3
14. 5
18. 3
21. 5
14.5
9.4
7.6
9.2
3. 7
5. 1
8.8
14.7
10.8
-15. 1
14. 9
15.9
20.4
22. 0
1.4
14.1
22.4
— .9
13.8
21.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.3 percent in 1977, according to the Commerce April-May survey,
slightly more than the expected increase reported in March.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
20
1969
1970
3f *EE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c f plant
and eqilipment
pro]€;cts3
E:spenditur<5s for planit and equdpment
M anufactun ing
Period
Total »
1970
1971
1972..
1973
1974
1975_
1976 4
1977
1976: III
III
IV
1977: I
II *____
III 4
IV*_ —
N onmanuf acturing
!
Total
79.71
81.21
88.44
99.74
112. 40
112. 78
120. 49
46.01
47.95
52.48
118. 12
122. 55
125. 22
130. 16
49. 21
50.64
54.78
54.44
56. 43
185. 84
114.72
134. 46
136. 91
189. 08
31. 95
29.99
31. 35
3aoi
59.91
58. 62
61. 77
62. 83
Durable
goods
Nondurable
goods
15. 80
14. 15
15.64
19.25
22. 62
21.84
23. 68
27.44
21.63
22. 54
24. 59
25. 50
26. 30
26.42
16. 15
15.84
15. 72
18.76
23. 39
26. 11
28.81
28. 80
28. 59
32. 47
27.58
28. 09
30. 20
28. 93
30.13
32. 20
33. 46
38. 74
Total
47.76
51.22
57.09
61. 73
66. 39
64.82
68.01
75.42
65. 51
67.48
67.76
70.78
73.74
75.84
75. 14
76. 75
—
„ 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.
a
Includes trade, service, construction, finance, and insurance.
10
Trans- Public
Mining porta- utilition
ties
1. 89
2. 16
2. 42
2. 74
3. 18
3.79
4. 00
6. 04
4. 93
5.72
6. 03
6.66
7.57
7.45
4.41
6.83
3.83
3. 83
4.21
4. 13
4.24
6. 55
8. 24
7.25
7. 53
7.29
4.42
4.54
6. 60
6. 74
13. 14
15.30
17. 00
18. 71
20. 55
20.14
22. 28
26. 11
21. 91
21. 85
21. 67
23.46
25.35
25. 65
25. 72
Communication
10. 10
10.77
11. 89
12. 85
13. 96
12. 74
13. 30
15.34
12. 54
12. 62
13.64
14.30
14. 19
Commercial
and
other 2
16. 59
18. 05
20. 07
21. 40
22.05
20.60
20. 99
22. 75
20. 68
20. 94
20. 99
21.36
22.67
Manufacturing
Public
utilities
29. 18
28. 00
35. 21
47. 57
52. 49
48. 24
51. 05
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
29. 66
11. 64
12. 77
13. 22
12. 88
15.26
3. 43
8. 56
7. 54
10. 22
9.76
89. 16
88. 14
8
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in late April and May 1977.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted unemployment declined in July by 218,000 and employment decreased slightly by 118,000
as the civilian labor force decreased by 336,000. The decline in civilian employment was the first in 9 months.
MilLlONS OF PERSONS*
MILLIONS OF PERSONS
100
100
SEASONAILY ADJUSTED
CIVILIAN LABOR FORCE
i HIM
! f M i lj t t f n
i t ini j M in!
n l t f i M ji r t _
M l t i M i jM M_
MM t i t
_
_
_t i n t jf i t _
f I l I I I MM I...1JJ I ill || 1I.J 0
1976
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Noninstitutional
population
I
1977
COUNCIL OF ECONOMIC ADVISERS
Civilian Unememploy- ployment
ment
Total
labor
force
Civilian
(includ- labor
ing
force
Armed
Forces)
Civilian eiaiploymenit
Unempl Dyment
Nonagri cultural
Tni
a!
JL U ifdJ.
Agricultural
Tntol
JL U ttii
Part-time
for economic
reasons 1
Tntol
JL U tell
15
weeks
and
over
Labor
force
participation
rate
(per-2
cent)
1972
1973
1974
1975
1976
145,
148,
150,
153,
156,
775 81, 702
263 84, 409
827 85, 935
449 84, 783
048 87, 485
Uiaadjusted
4,840
4,304
5,076
7, 830
7,288
88, 991
91, 040
93, 240
94, 793
96, 917
86, 542
88, 714
91, Oil
92, 613
94, 773
81, 702
84, 409
85, 935
84, 783
87, 485
3,472 78, 230
2,408
3,452 80, 957
2, 311
3, 492 82, 443
2, 709
3, 380 81, 403
3,490
3,272
3,297 84, 188
Seascmally adj usted
4,840
4, 304
5, 076
7,830
7, 288
1,158
812
937
2,483
2, 339
61.0
61.4
61. 8
61.8
62. 1
1976: July.
Aug>
Sept.
Oct..
Nov.
Dec.
156,
156,
156,
156,
157,
157,
142
367
595
788
006
176
89, 608
89, 367
87, 949
88, 697
88, 542
88, 494
7,577
7,323
7,026
6,833
7,095
7,022
97, 329
97, 498
97, 387
97, 449
98, 020
98, 106
95, 189
95, 351
95, 242
95, 302
95, 871
95, 960
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441
3,333
3, 372
3,278
3,310
3,248
3,257
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184
3,136
3, 178
3,376
3,448
3, 545
3,454
7,406
7, 517
7,448
7,564
7,651
7,519
2,247
2,341
2, 311
2,360
2, 517
2,514
62.3
62.4
62.2
62.2
62.4
62.4
1977: Jan..
Feb__
Mar_
Apr__
May>
June_
July.
157, 381
157, 584
157, 782
157, 986
158,228
158, 456
158, 682
86, 856
87, 231
88, 215
89, 258
90, 042
91, 682
92, 372
7,848
8,109
7,556
6, 568
6, 151
7,453
6,941
97, 649
98, 282
98, 677
98, 892
99, 286
99, 770
99, 440
95,
96,
96,
96,
97,
97,
97,
88, 558
88, 962
89, 475
90, 023
90, 408
90, 679
90, 561
3,090
3, 090
3, 116
3,260
3, 386
3,338
3,213
85, 468
85, 872
86, 359
86, 763
87, 022
87, 341
87, 348
3,320
3,438
3,276
3, 174
3, 290
3,368
3,371
6,958
7, 183
7,064
6, 737
6, 750
6,962
6,744
2,283
2, 182
1,923
1,816
1,836
1,737
1,834
62.0
62.4
62.5
62.6
62.7
63. 0
62.7
1
Persons
2
516
145
539
760
158
641
305
at work in nonagrieultural industries.
Total labor force as percent oi noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July the unemployment rate returned to the May level of 6.9 percent after a slight increase in June. All of the
decrease took place among adult women and teenagers. The teenage unemployment rate of 17.4 percent was the
lowest since October 1974.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1973
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1972
1973
1974
1975
1976
1976: July
Aug
Sept
Get
Nov
Dec
1977: Jan_.
Feb
Mar
Apr
May
June
July
1
_
Unernployme nt rate ( Dercent c>f civiliaii labor fc>rce in gi-oup)
]3y seled ed group)S
By s>ex and sige
By color
Total
(all
civilian
workers)
Men
20
years
and
over
5. 6
4. 9
5.6
8.5
7.7
7.8
7.9
7.8
7.9
8.0
7.8
7.3
7. 5
7.3
7. 0
6.9
7. 1
6.9
4, 0
3. 2
3, 8
6.7
5.9
6. 1
5. 9
6. 1
6. 2
6. 3
6.2
5.6
5. 8
5. 4
5. 0
5.3
5.0
5.1
Women Both
20
sexes
years 16-19
and
years
over
5.4
4,8
5. 5
8.0
7.4
7. 6
7.8
7. 6
7. 6
7.6
7. 4
6. 9
7.2
7. 2
7. 0
6. 6
7. 2
6.9
16. 2
14. 5
16.0
19. 9
19. 0
18. 2
19. 6
18. 8
19. 0
19. 2
19. 0
18. 7
ia 5
18. 8
17. 8
17. 9
18.6
17.4
Aggregate hours lost by the unemployed and persons on part-time tor economic reasons as percent of potentially available labor force hours.
12
White
5.0
4.3
5.0
7. 8
7. 0
7. 1
7. 1
7. 2
7. 2
7.3
7. 1
a7
6.7
6. 6
6. 3
6.2
6. 3
ai
Black
and
other
10.0
8.9
9. 9
13. 9
13. 1
12. 9
13.6
12.8
13. 4
13. 5
13.4
12.5
13. 1
12. 7
12. 3
12. 9
13. 2
13.2
Experienced Housewage
hold
and
salary heads
workers
3,3
5.3
4. 5
2.9
3. 3
5. 3
8.2
5.8
5.1
7.3
7.4
5.3
5.2
7.5
5. 4
7.4
7. 5
5.4
5. 3
7.6
5. 1
7.4
7.0
4.8
4.9
7. 1
4. 6
6. 9
4.4
as
4. 5
6.7
6.5
4.3
6.4
4.3
Fulltime
workers
5. 1
4.3
5. 1
8.1
7.3
7.3
7.5
7.5
7. 6
7.6
7.5
a7
6. 9
6.7
6. 5
6. 5
6.5
as
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.6
7.9
8.6
10.3
10.1
10.6
10. 0
9.6
10.3
10. 5
9.8
10.2
10.7
11. 1
9. 9
9. 9
10.7
9.2
Labor
force
time
lost
(percent) *
6.0
5.2
6. 1
9.1
8.3
8. 1
8.4
8. 4
8.6
8.6
8. 4
8. 0
7. 9
7.8
7.4
7.5
7.5
7.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The decline in seasonally adjusted unemployment of 218,000 in July was accompanied by an increase in the proportion of job losers and a decrease in the proportion of job leavers, reentrants, and new entrants.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
^\i
40
REENTRANTS
20
20
JOB LEAVERS
\
NEW ENTRANTS
I i IIII IM II
i iii
M M t I M IM
1974
1975
1976
1977
1974
1975
1977
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
unem.—
nlnv—
piuyment
(thousands)
1972
1973__
1974.
1975
1976
1976: July__
Aug__
Sept..
Oet___
Nov__
Dec..
1977: Jan_._
Feb..
Mar__
Apr
May_.
June v.
July *_
4,840
4,304
5,076
7,830
7,288
7,406
7,517
7,448
7,564
7,651
7,519
6,958
7, 183
7,064
6, 737
6, 750
6,962
6,744
[Monthly data seasonally adjusted, except as noted]
Percen t distribution of unemPerceiit distrib ution of unem1
State pirograms Insured
plo yment by durati(m 1
unem- Special
Pi oyment ay reasoii
ployunemployment,
all
ment
27 Insured
New
Less
benefit
regular
Reen5-14
Job
Job
15-26 weeks unem- Initial
3
than
5
enproclaims
losers leavers trants trants weeks weeks weeks
and
ploy- claims
2
(unadgrams
over
ment
(unad- justed)
justed)
Weejkly avei age, thou sands
43. 2
13. 1
29.8
13.9
45.9
11.6 1,848
12.3
30. 1
261
2, 192
15.7
38.7
14, 9
30.7
51.0
7.8 1,632
11.0
30. 1
246
1,793
43.4
14.9
28.4
13.3
50. 6
7.3 2, 262
31. 0
11. 1
363
2,558
10.4
55. 4
23. 8
10.4
15.2 3,992
37. 0
31. 3
16. 5
478
4,943
1, 173
12. 2
12. 1
38. 3
49.8
26. 0
18.3 2,968
13. 8
29.6
382
3,822
1, 152
13.0
16.4 3,045
50. 9
25. 4
10.7
40. 3
28.8
14.6
3,642
411
1,379
12. 9
12. 4
49. 3
25. 3
15.9 3, 183
37. 5
31.8
14. 7
416
3,446
1, 327
12. 5
12. 3
49. 7
25.5
32. 0
15.7 3, 260
37.6
14.7
421
3,235
986
12. 5
50.0
25. 6
11.9
38. 4
14. 2
16. 5 3,263
30. 8
421
3,217
853
11.2
49. 8
12. 0
27. 0
35. 5
32. 1
15. 3
17. 1 3, 160
862
388
3,453
11. 1
26.2
18.2 2,969
12. 6
50. 0
36.4
30.5
14,9
361
3,884
903
13.2
45.6
28.3
12. 9
14. 6
38.7
17. 5 2, 781
29. 2
409
4,442
823
11.9
47.5
13. 1
27. 5
39. 5
13. 4
17. 4 2,774
29. 7
419
4,448
911
44. 4
13.0
14. 2
28.4
11.
1
16.3
42.8
2,564
29. 9
335
3,972
901
12. 5
43. 6
14. 4
29. 5
45.8
27. 4
10. 6
16.3 2,489
363
3, 506
784
44. 2
13.7
13. 0
41. 5
29. 0
31. 2
11. 9
15.4 2, 515
381
3, 105
538
42. 7
13. 9
27. 6
15. 7
44. 9
29.7
11.7
13. 8 2,541
373
2,937
484
45. 8
12. 5
14. 5
27. 1
42.7
29.7
13.8
13.8 2, 649
389
3,063
540
iJ Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Bico), ex-servicemen (UCX), Federal (UCFE), and railroad (RB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SXJA (special unemployment assistance).
COUNCIL OF ECONOMIC ADVISERS
FSB and SIT A. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
>• ^
io
NONAGRICULTURAL EMPLOYMENT
Despite the decrease in total civilian employment, nona< [ricultural payroll employment increased in July for the
ninth consecutive month, rising by 256,000. Most major inc lustries registered increases with the largest gains in manufactoring, services, and trade.
MILLIONS OF PERSONS* {ENLARGED SCALE)
MILL10NS OF PERSONS*
_
.
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
SO
WHOLESALE AND RETAIL TRADE
16
GOVERNMENT
X4*
-_
M*"-"*
14
70
..u**eg
T"
SERVICES
12
•"SERVICE-^PRODUCING '
INDUSTRIES
in
^in i f him
22
MANUFACTURING
50
20
40
t M 1 1 1 1 n.
II 1 I I 1 I II I I M t 1 I I H I t I I 1 M I I
t t i t 111 I I II!
-GOODS-PRODUCING INDUSTRIES
30
CONTRACT CONSTRUCTION
20
1973
1974
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
nnilnm
1975
n ml
Mil
1977
1976
1974 I
1973
1975 I
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted j
Croods-prc )ducing i ndus tries3
Period
1972
1973
1974
1975
1976
1976: July..
Aug..
Sept..
Oct..
Nov..
Dec__
1977: Jan..
Feb..
Mar._
Apr..
May..
June".
July.
Total
nonagricultural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
79, 513
79, 618
79, 918
79, 819
80, 106
80, 344
80, 561
80, 824
81, 395
81, 686
81, 921
82, 095
82, 351
23, 546
24, 727
24, 697
22, 603
23, 332
23, 344
23, 310
23, 463
23, 323
23, 489
23, 508
23, 589
23, 701
24, 005
24, 217
24, 306
24, 351
24, 424
Contract
construction
3,831
4, 015
3, 957
3, 512
3, 594
3, 608
3, 579
3, 565
3, 582
3, 619
3,605
3,561
3, 645
3, 759
3, 842
3,861
3,877
3,913
Service-pr oducing industryiS
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance,
and
Non- Total
State
and
and Services
Total Durable
Federal and
public retail
real
goods durable
goods
local
utilities trade estate
Ma nufactui ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 945
18, 979
19, 100
18, 941
19, 065
19, 095
19, 211
19, 233
19, 404
19, 528
19, 600
19, 619
19, 690
11, 006
11,839
11,895
10, 679
1 1, 026
11, 034
11, 083
11, 146
11, 018
11, 128
11, 158
11, 236
11, 230
11, 370
11, 423
11, 469
11,490
11, 527
8,084
8,229
8, 151
7, 668
7,930
7,911
7, 896
7,954
7,923
7,937
7,937
7,975
8,003
8,034
8, 105
8, 131
8, 129
8,163
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the 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 ol 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
50, 167
52, 169
53, 715
54, 448
56, 111
56, 169
56, 308
56, 455
56, 496
56, 617
56, 836
56, 972
57, 123
57, 390
57, 469
57, 615
57, 744
57, 927
4, 517
4, 644
4, 696
4,498
4, 509
4,508
4, 501
4, 528
4, 506
4,519
4,553
4,549
4,553
4, 568
4,575
4,586
4,576
4,583
15, 975
16, 674
17, 017
17, 000
17, 694
17, 737
17, 764
17, 839
17, 824
17, 808
17, 898
17, 981
18, 067
18, 189
18, 203
18, 235
18, 227
18, 285
3,943
4, 091
4, 208
4, 223
4,316
4,312
4, 312
4, 338
4, 359
4, 381
4,403
4, 423
4,431
4,453
4,463
4,480
4,488
4,506
12, 392
13, 021
13, 617
14, 006
14, 644
14, 664
14, 751
14, 798
14, 819
14, 873
14, 936
15, 010
15, 068
15, 149
15, 182
15, 197
15, 241
15, 305
2,684
2, 663
2, 724
2,748
2,733
2, 723
2, 732
2,728
2,730
2, 734
2,720
2, 721
2,721
2, 725
2, 719
2, 723
2,735
2, 730
10, 656
11,075
11, 453
11,973
12, 215
12, 225
12, 248
12, 224
12, 258
12, 302
12, 326
12, 288
12, 283
12, 306
12, 327
12, 394
12, 477
12, 518
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]
Total
private
nonagricultural 1
Period
Overtime
Total
private
nonagricultural l
Manufacturing
Manufa .cturing
Total
Adjusted hourly earnings index2 —tc)tal private
nonagrieultural
Averag e gross
hourly cjarnings
Aver age weekly 1 lours
Percent cttange from
a year <sarlier *
Index, 1<367=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
37.8
37.7
37.1
37.0
37. 1
37. 1
36.6
36. 1
36.2
40.7
40.6
39.8
39.9
40. 6
40. 7
40. 0
39.4
40.0
3.6
3.6
3.0
2.9
3. 5
3.8
3.2
2.6
3.1
$2.85
3.04
3.22
3.44
3.67
3. 92
4.22
4.54
487
$3.01
3. 19
3.36
3. 57
3. 81
4. 08
4.41
4.81
5.19
106.2
113.2
120.7
129.2
137.7
146.5
158.5
172.5
185.0
101.9
103. 1
103.8
106.6
109.9
110.0
107. 3
107.0
108.5
6.2
6.6
6.6
7. 1
6.5
6.4
8.2
8.8
7.3
1.9
1. 2
.7
2.7
3. 1
.2
-2.5
-.3
1.4
1976: July
Aug
Sept
Oct
Nov.
Dec
36. 1
36. 1
36.0
36. 1
36.2
36.2
40. 1
40.0
39.7
39. 9
40. 1
40.0
3.1
3.0
3.0
2.9
3.1
3.2
4.88
4.91
4.92
4. 95
5.00
5.02
5.21
5.25
5.29
5. 29
5. 34
5.38
185.6
186.8
187.5
188. 4
189. 7
190.6
108.5
108.7
108.7
108.9
109.3
109.4
7.3
7. 1
7. 1
6.8
6.7
6.9
1.8
1.4
1.5
1.5
1. 6
1.9
1977: Jan
Feb
_
Mar
Apr
May
June*., _
July
35.8
36.3
36.3
36.2
36.3
36.2
36.1
39.5
40.3
40. 4
40.3
40.4
40.5
40.3
3.2
3. 3
3.3
3.4
3.4
3.4
3.3
5. 07
5.09
5. 12
5.17
5.20
5.22
5.25
5. 43
5.43
5.49
5.53
5.57
5.61
5.64
192.7
193.2
194. 1
195.3
196. 5
197.4
198.5
109. 7
109.0
108. 8
108.6
108.6
108.5
108.7
7.3
7.0
7.0
7. 1
7.0
7.1
6.9
2. 1
1.0
.6
.3
.2
.2
.1
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu] tural *
Period
Current
dollars
1968
1969
1970
1971___
1972 __ 1
1973__
1974
1975
1976
_
-
1976: July
Aug.._ _ _ —
Sept
Oct
Nov._
Dec
_ _
1977: Jan _ _ _
Feb
Mar__
Apr
May__ _
June15
July p
__
__
_
1
2
$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
Manufacturing
1967
dollars 3
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
3
Retail
trade 6
Current
dollars
iCurrent dollars3
$122.
129.
133.
142.
154.
166.
176.
189.
207.
51
51
73
44
69
06
40
51
60
92
00
01
07
13
20
176. 17
177. 25
177. 12
178. 70
181.00
181. 72
103.
103.
102.
103.
104.
104.
02
17
74
29
32
32
208.
210.
210.
211.
214.
215.
181. 51
184. 77
185. 86
187. 15
188. 76
188. 96
189. 53
103.
104.
104.
104.
104.
103.
103.
37
21
18
09
34
88
80
214. 49
218. 83
221. 80
222. 86
225. 03
227. 21
227. 29
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manu(facturing.
34 Current dollar index (or earnings) divided by the consumer price index.
Monthly changes based on indexes to two decimal places.
94-783°—-77
Contract
construction
Percent ehjinge from a
year e arlier,
total pri1'/ate nonagrictiltural6
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
1967
dollars
$74. 95
78. 66
82. 47
86. 61
90. 99
95.57
101. 04
108. 22
113. 96
5. 8
6.4
4. 2
6.5
7.0
6.8
6. 2
6. 1
7.6
1.5
1. 0
— 1. 6
2. 2
3. 6
,5
-4.3
-2.8
1.7
71
83
79
45
09
69
113. 60
114. 24
115. 56
115. 84
116. 75
118. 50
7.9
7. 0
6. 6
6.9
6.5
6.7
2.3
1.3
1.0
1.5
1. 5
1.8
281. 08
297. 86
293. 09
296. 54
297. 70
295. 87
295. 80
117. 55
119. 25
119. 94
(7)
(77)
( 7)
5.6
7. 1
7.7
8. 3
7. 5
7.4
7.3
.4
1.0
1.2
1. 5
.7
.5
.6
286.
284.
276.
289.
292.
291.
C)
*6 Includes eating and drinking places.
Based on unadjusted data.
7
Data no longer available.
Source: Department of Labor, Bureau of Labor Statistics;
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
OutF ut
Hours of aU
pers ons2
1
Output l >er hour
of all p ersons
Compensation
3
per 1tour
Unit
labor
CO sts
Implici t price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
prinonprinonnonnonnonprinonprivate
private
private
vate
vate
farm
farm
farm
vate
farm
farm business farm
business
business business
business business business business business business business
business
Period
1967 = 100; quai•terly datii seasonaiHy adjust ed
98.0
100. 0
105. 1
108. 3
98. 1
100. 0
105.4
108.6
100. 3
100. 0
101. 7
104.5
100. 0
100. 0
102. 1
105.3
97.8
100. 0
103.3
103.7
98. 1
100. 0
103.2
103. 1
94.7
100.0
107.6
115. 1
94. 5
100. 0
107.3
1143
96.8
100. 0
104. 1
111.0
96.4
100. 0
103.9
110.9
97.2
100. 0
103. 9
108.8
96.8
100. 0
104 0
108. 7
.....
— -..
..
107. 4
110. 3
117.6
124 5
121. 6
107.4
110. 3
117.9
125.0
122. 0
102. 8
102. 3
106. 0
110. 1
110.6
104.0
103.7
107. 6
112. 2
112. 7
103. 3
106. 3
109. 5
111.4
108. 2
123.3
131. 5
138. 9
150. 3
164. 3
118. 8
127. 5
115.3
117.2
120. 8
122. 0
108. 0
111.4
110.0
114.4
160. 9
168. 5
107.9
106.9
107.7
109. 7
109. 0
111.8
114. 0
113.5
106. 9
109. 6
112. 1
111.2
180. 2
196.5
176.2
179. 0
181. 1
184.7
113.9
118.9
123. 2
130s 3
143.0
157. 8
165. 4
173.2
176. 2
179. 2
182.0
161. 7
160. 2
158. 9
162.8
153.4
155. 4
157.9
160. 1
125. 1
126. 9
127. 8
128. 5
131. 5
134.0
125. 4
127.4
128.4
128.8
131. 8
134. 3
111.0
111.3
111.4
112. 2
115. 5
116.5
117. 3
117. 3
113. 0
114. 5
115.3
114. 8
190. 5
194. 3
198.6
202. 7
164.9
166.9
169.2
172. 8
162.6
164. 6
166.2
168. 2
161.8
163.4
165. 8
168. 0
113.4
115.7
119. 1
118.5
116. 2
116. 1
208. 4
211. 6
186. 9
191. 1
195. 2
198.7
204. 3
208. 0
162.0
160.7
159. 8
163.6
165. 4
166.9
169.3
173. 1
154. 1
156. 3
159. 2
161.4
1976:1
II—
III......
. . * IV. — ..
1977:1
II"....
106. 1
108.9
105. 7
104.9
105.9
107.5
108.3
108. 9
109.0
109. 5
110.4
113.0
118. 1
122.2
125.5
133.0
149. 7
161.5
168. 7
1140
119.2
122. 9
128. 0
141. 4
118. 8
127. 1
115. 1
117. 3
120. 7
121. 9
121. 9
129.9
137.4
148. 1
162.0
177. 6
193. 1
118. 1
121.9
125.2
132. 9
149.4
1975
1976
1975: I
II
i
III—
IV
104.5
107.8
111.0
113. 1
110. 0
112.0
116. 6
175. 1
178.5
175. 8
179. 2
170,0
173. 0
169. 5
172.5
1966
1967
1968
1969....
1970
1971
1972
1973
1974
156. 8
164 8
Pereeiit change ; quarterlyf data at seasonal] y adjuste d annual rates
5.5
2.0
5. 1
3.0
6.0
1.9
5.4
3.0
2.3
-.3
1.7
2.7
3. 3
-.0
2.1
3.2
3.2
2.3
3. 3
.3
2.5
1.9
&2
-.2
7.0
5. 6
7. 6
7.0
6. 1
5. 8
7.3
6.5
3.7
3.3
41
6.6
3. 4
3.8
3.9
6.6
3.2
2.9
3.9
4.7
2.9
3.3
40
45
-.9
2.8
6.6
5.9
-2.3
-2.3
7.0
-11.4
7.7
12.3
3.9
10. 8
_
5.9
3. 1
2.0
-1. 1
2.7
6.9
6.0
—2.4
-1.6
-.4
3. 6
3.9
.4
-4.1
2. 7
-1.2
-. 3
3.7
4. 3
.4
.7
3.2
2.9
1.9
-2.7
1.8
4.2
.2
2.9
3.0
1.7
-2.8
1.6
4. 1
7.2
6.6
5.7
8.2
9.4
6.7
6. 6
5. 8
7. 8
9. 4
6.4
3.2
2.7
6.2
12.4
6.5
3.5
2.7
6.0
12. 6
4.7
4.4
3.6
5.8
9.8
49
45
3. 1
41
10.5
9.6
8.7
7. 7
4.7
7.9
4.4
1.2
10.7
8.1
-1.8
1.0
10.6
9.4
-3.2
11.5
-3.6
-3. 1
10. 1
6. 5
5.4
2.8
-1.8
5.0
-.4
11.8
7.2
6. 9
6. 4
11. 1
9.4
8,8
7.4
10.7
-3.0
— 2. 3
9.9
4. 4
10. 3
4.8
12. 9
5.9
7.6
5. 8
7.6
3.2
9.6
9. 1
12.9
6.7
4.8
8. 1
13. 1
8.3
9.0
8.6
11.7
6.3
11.7
7.4
5.3
8.2
10.9
5. 1
14.2
5.5
6.6
5.7
43
40
5.9
5.5
3. 5
7.4
1966—
.
1967—.
1968
....
1969.
....
1970
1971
1972____
1973
1974
1975—
1976
1975: I
III
III
IV
1976: I_
II
III
IV
1977:1
II >
9.6
7.9
-2.6
7.3
-11.4
6.7
12.7
4.2
11.7
6.5
3.2
1.3
9.5
7.8
-12.5
-2.7
3.9
5.9
3.0
2.6
.1
2.1
3.3
9.8
-4. 1
3. 1
-12.3
-3.5
2.9
7.6
4. 9
1.0
.4
3.2
4.2
8. 2
ao
-.0
6.1
-1.8
1
Output refers to gross domes!ie product 01•iginatingint he sector in 1972 dollars,
1
Hours of all persons in priirate industr y engaged in production including
hours of proprietor s and unpaic I family wor kers. Estimsites based pr [marily on
establishment
data
8
Wages and sal*iries of emp oyees plus employers' c ontributions for social
insurance and priv ate benefit p ans. Also in<eludes an estimate of wagejs, salaries,
and supplemental payments foi the self-emj loyed.
16
5. 1
5.0
5.8
8.7
a Oo
5.8
9.4
6.3
7.9
3. 0
4.9
40
48
44
7.2
* Curren ; dollar gross domestic piroduct divi<led by const*mt dollar gr oss domestic produd
NOTE.— Percent ehsinges are ffoin precedin g period and are based on original
data; they therefore naay differ sH ghtly from percent chaiages based on indexes
shown here
Data rev ised beginning 1974.
Source: DC partment c f Labor, Bui*eau of Lab or Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in July, following increases of 0.7 percent in June and 0.9 percent in
INDEX, 1967=100* (RATIO SCALE)
160
May.
INDEX, 1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
w^^^C—
UTILITIES
120
'"7"\,
MINING
100
Min
1973
1974
1975
1976
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
100 -
1973
1977
1973
1
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total irtdustrial
prodi,iction
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusljry produ ction ind exes, 196'r=ioo
•Mimufacturi ng
PerPeriod
Index,
1967=
100
100. 00
1971--__
109. 6
1972
119. 7
1973
129. 8
1974
129. 3
1975 _
117. 8
129.8
1976
130.7
1976: July___
Aug
_ _
131. 3
130.8
Sept__
Oct
130. 4
131.8
Nov__
Dec___
133.1
132. 1
1977: Jan___
133. 2
Feb
Mar
135. 2
136. 2
Apr
_ _
137. 4
May
138. 3
June v _ _
139. 0
July »
cent
change
from
year
earlier
1. 7
9. 2
8.4
—.4
-8.9
10.2
10.4
8.5
7. 1
6.7
6.7
7.0
5. 1
4. 6
5.5
6. 1
6. 0
6. 3
6.4
Durable
108. 2
118.9
129. 8
129. 4
116. 3
129.4
131.0
131.6
130.7
129.9
131.9
132. 8
131.5
132.9
135.2
136.0
137. 4
138. 3
138. 8
51. 98
102. 4
113. 7
127. 1
125. 7
109. 3
121.4
124.2
125. 1
122.4
121. 5
123.8
125. 2
123. 0
124.0
126.8
127.9
129.3
130. 6
131.3
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are av<
quarterly data.
Nondur-
Mining
Utilities
able
sen es
Total
manufactur-
Com-
Whar-
ton
Materials
merce
series 2
83. 1
88. 0
92. 4
87. 7
73.6
80. 3
81. 2
81. 6
81. 0
80.3
80.3
80. 1
79. 1
80.0
81. 6
82.0
82. 7
83. 1
83. 0
80
83
86
83
77
81
86.4
91.8
97. 1
93. 0
80. 4
87.4
80
88. 1
81
87.7
83
88, 3
series 3
ing
87.95
1967 proportion
1
2 Output
s Annual
Total
Manuf aeturing (capacity iitilization
rate, p srcent l
Federal Reserve
35.97
116.6
126.5
133.8
134. 6
126. 4
141.0
141. 1
140.9
142. 6
142. 2
143. 5
143.7
143. 7
145. 7
147.0
147. 8
149. 1
149. 3
149. 6
6. 86
109. 8
113. 1
114.7
115.3
112. 8
114. 1
112.5
114. 4
115.7
116. 7
116. 2
116. 2
113. 2
116.5
120. 2
119.2
120. 0
122. 3
119. 3
5. 69
130. 5
139. 4
145. 4
143.7
146. 0
151. 7
150. 8
151. 3
150. 1
151.2
154. 0
155. 5
161.5
158. 8
154. 2
153. 1
156. 4
157. 7
161. 3
78. 0
83. 1
87.5
84.2
73.6
80. 1
80. 9
81. 1
80.4
79. 7
80. 8
81.2
80.2
80. 8
82. 1
82. 3
82. 9
83.3
83.4
90. 7
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]
Proc .ucts
Final products
Total
Total
1967 proportion
1969
1970
1971
„_--1972
1973
1974
1975
1976.._.
1976: July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb__
Mar
Apr
May
June "
July »
Equip>ment
Coiisumer goods
Period
_
_
--
-_
_ >
_ _
47.82
109.6
105.3
106. 3
115. 7
124.4
125. 1
118. 2
127.3
127.6
128. 3
127.4
127.4
129.8
132. 1
130.8
131.8
133.0
134.3
135.2
136. 1
136.9
27.68
109.8
109. 0
114. 7
124.4
131.5
128.9
124. 0
136. 8
136.8
137. 5
136.2
136. 9
139. 1
142.0
140.2
141.0
142.8
143.3
144.0
144.4
145. 3
Internemediate
proc ucts
NonDurable durable
goods
goods
19.79
7.89
107.7
115.0
110. 1
106. 1
113. 1
118. 8
120. 6
133.8
125. 6
146.2
126.3
135. 3
125. 1
121.4
134.9
141.5
134.8
141.8
134.9
143. 7
135.3
138. 4
135.8
139.4
137. 1
143.7
138.4
151. 2
145. 1
138.3
138.9
146. 1
139.0
152. 4
140.0
151.7
152.4
140.7
155.0
140.3
140.4
157. 5
Total
Business
Total
20. 14
109.3
100.1
94.7
103.8
114.5
120. 0
110. 2
114,3
114. 9
115. 7
115.2
114.4
116.9
118.6
117.8
119.0
119.7
121.8
123. 1
124.5
125. 6
12. 68
112.5
107.0
104. 1
118. 0
134. 2
142.4
128. 2
136. 1
136. 9
137. 7
137.5
135.9
140.2
143.2
142. 0
143. 1
144.5
147.0
148.8
150.8
152. 6
12.89
112.9
112.9
116. 7
126. 5
137. 2
135. 3
123. 1
136.8
137.6
137. 8
138.7
138. 3
138.8
139.8
141.8
141.8
141. 9
142.7
144.1
145.4
146.6
Construction
supplies
6.42
112.3
111. 0
116.8
128.4
139. 8
134.5
116. 3
132.0
133. 1
134. 1
134.3
134.0
135. 7
135.5
136.1
135.7
136.4
137. 4
138. 9
140.2
141. 0
Materials
39. 29
112. 5
109. 2
111. 3
122. 3
133.9
132.4
115.5
130. 5
132. 2
133.0
132.5
131.6
131.9
131. 9
130. 7
132.4
135.5
136.3
137.8
138.8
139. 1
Supplementary
group:
Energy
total
12.23
111.1
117.0
119. 5
125. 2
128.3
125.5
125.5
129. 0
128. 4
129. 0
128.6
128.6
130. 7
132.2
133.0
132.4
132.0
131.7
132.8
133.6
135. 4
[1967=100, seasonally adjusted]
Dtirable m<anufactu res
Primaryr metals
Period
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
4.50
116.5
92.3
118.6
135.8
148. 8
128.2
111. 1
140. 7
1. 64
107.9
105.6
113.8
120.8
126.0
116.2
107.6
125. 1
3.31
106. 7
101.4
104.7
109.4
117.3
114.3
107.6
126. 1
4. 72
107.4
107.0
107. 1
112.7
118.2
118. 2
113.3
120.7
7. 74
118.4
120. 4
125. 9
143.6
1545
159.4
147. 3
169. 4
8. 75
106. 1
108. 9
112.8
116. 8
120.9
124.0
123.4
132.0
135. 0
136. 4
136.8
134. 1
137.5
141.2
131.0
135. 3
133.7
135.0
135.8
135. 6
113. 3
115. 0
104.4
104.7
112. 7
118.2
148. 5
150. 6
130.2
129.3
145.8
156.4
124.6
128. 1
128.7
130.7
129.0
127. 5
125.6
123.7
122. 5
126.4
125.9
128.0
122.0
120. 6
120.6
119.2
119.3
123. 1
167.6
170.4
170.5
170.6
174,2
173.5
131.8
133. 4
135.7
134.7
134.7
134.3
139. 5
139.4
140. 4
142.5
143.2
144. 8
146.4
134. 0
137. 6
137. 6
139. 6
141. 8
143. 2
143.9
113. 5
113. 4
120.5
119. 8
120. 1
123.3
124,2
145. 5
145.4
161.2
158. 1
157.7
162.9
167.0
132.7
132. 2
132. 1
131.6
133.0
133. 1
123. 6
125. 2
123.5
123. 8
125.2
124. 3
122. 4
124.3
123.4
124.4
123.9
124.6
172.0
175. 1
179.0
180. 6
182.0
182.5
135.5
137. 1
138.5
139.9
139. 8
139. 5
ioao
4.21
112.6
104.7
96.1
107. 1
122. 3
119.8
95.8
104.4
5.9S
107.9
102.4
103. 5
112. 1
124. 7
124. 2
109.9
123.3
9. 15
109. 3
104.4
100. 2
116.0
133. 7
140. 1
125. 1
134.7
1976: July
Aug
Sept
Oct
Nov
Dec
116.9
118. 6
114. 1
109.9
107.3
102. 7
115. 3
116.2
110.3
105. 1
103.1
95. 6
124. 6
125. 8
126.6
123.5
126.7
128.2
1977: Jan
Feb
Mar
Apr
May
June »
July 9
100.0
100.4
108.3
112. 3
116.8
115.6
112.2
89.8
91. 3
97.9
104. 0
111. 0
109.3
125. 7
126.0
127.5
127. 6
128. 0
130.2
130.5
Print- Cheming
icals
and
and
Foods
pubprodlishing ucts
9.27
108.4
89.5
97.9
108.2
118.3
108.7
97.4
110.6
6.67
113.8
106.6
100.2
112. 1
126.7
123. 1
96.4
Source: Board of Governors of the Federal Eeserve System.
Apparel
products
8.05
111. 9
108. 1
107.7
122.2
143. 1
143.8
116. 5
131. 7
1967 proportion
1969
1970
1971
1972
1973
1974
1975__
_
1976
18
Lumber
and
products
Total
Total
.„
Trans p ortation
equip ment
Motor
vehicles
and
parts
Iron
and
steel
.
Non durable manufac tures
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Resic ential
Total
Total
1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll ars
1970___
1971
1972
1973
1974
1975
1976
_
94.9
110.0
124.1
137. 9
138.5
134.3
147.5
66.8
80. 1
93.9
105. 4
100.2
93.6
109.5
31.9
43.3
54.3
59.7
50.4
46.5
60.5
24 3
35. 1
44.9
50.1
40.6
34.4
47.3
16. 3
17.0
18.1
21. 7
23.8
20.8
19. 9
18.6
19.8
21.5
24 0
25.9
26.3
29.0
2ai
Seasonally
adjusted
Seasonalli/ adjusted armual rates
1976: June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
Mav *
June 9
149.6
145.8
141.8
145.2
150.1
153.8
155.4
148.4
157. 1
163. 3
166. 1
170.4
171.0
109. 7
107. 1
103. 6
107.4
114.8
119.0
121.2
116.4
122. 6
127.9
130.0
132.0
132.2
61.0
59.2
54. 5
57.7
65.5
69.6
71. 1
66. 8
72.4
76.2
78.0
80.5
80. 1
45.8
46.3
47. 1
48.7
50.9
52.7
54. 8
52. 1
58.3
62.2
63.5
66.2
66.6
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Eelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
19. 8
19.6
20. 1
20. 0
19.6
19.3
19.4
18.7
18.8
20.8
21. 1
20.9
21.9
123. 1
145.4
165.3
179.5
169. 7
167.9
194 1
29.9
30.2
32.5
38.3
40.7
38.0
28.9
28.3
29. 0
29.7
29.7
30. 1
30.7
30.9
31. 5
30. 9
30.9
30.5
30.3
39.9
38. 7
38.2
37.9
35.3
34 9
34.3
32.0
34 5
35.4
36.2
38.4
38.8
196
217
189
203
240
210
183
203
207
207
250
317
284
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
646
627
609
582
618
631
658
643
615
809
671
758
733
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 private homes
*few private housing unil}S
Period
1969
1970..
1971—
1972
1973
1974
1975
1976
Units started, by type of stnicture
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810.6
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
85.0
84.8
120. 3
141.3
118.3
68. 1
64.0
85.9
5 or more
units
571.2
535.9
780.9
906.2
795.0
381.6
204.3
289.2
Vacancy
rate for
Homes for
rental
sale at
housing
end ofl
units
period
(percent) *
Units
authorized
Units
completed
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 280. 0
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
431
1,317
1,380
1,402
1,339
1,399
1,444
1,416
1,637
1,707
1,540
1,524
1,620
606
656
714
728
694
808
827
893
867
780
760
797
410
410
415
420
429
431
431
434
435
441
442
444
Homes
sold
5.5
5.3
5.5
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted actnual rates
1976: July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr v
May
June *
July *
1
8 Seasonally
1,413
1,530
1,768
1,715
1,706
1,889
1,384
1,802
2,089
1, 880
1,937
1,910
2,064
1, 129
1,172
1,254
1,269
1,236
1,324
1,006
1,424
1,503
1,413
1,455
1,400
1,462
adjusted.
Quarterly data entered in last month of quarter.
72
83
106
98
98
120
103
120
113
116
120
109
113
212
275
408
348
372
445
275
258
473
351
362
401
489
1,229
1,308
1,481
1,481
1,583
1,532
1,333
1,526
1, 687
1, 605
1, 615
1,678
1,630
5.7
5.3
5.1
5.3
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories rose $2.6 billion in June and business sales were again about unchanged. According to the
advance survey, retail sales rose Vk percent in July following a decline of 1% percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLAR^* (RATIO SCALE)
100
90
RETAIL INVENTORIES
350
80
TOTAL BUSINESS
INVENTORIES
70
300
60
250
RETAIL SALES
50
200
+~
40
r v* \
TOTAL BUSINESS
SALES
150
RATIO',* 1973
1974
1975
1976
1977
100
1973
1975
1974
1977
1976
1973
1977
SEASONALLY ADJUSTED
SOURCEj DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total bLisiness 1
Re tail
Whol esale
Sales 2
Period
bales *
Q
|7
Inventories 3
Inven-3
kales *' tories
Q_l__
In ventorieg5
j DurNonable durable
goods
1 goods
stores stores
J
T'rk+ol j
HTrti-ol
3
DurNonable durable
goods goods
stores stores
Inventc>ry-sales
ratio 4
Total
business l
Retail
Millions of doll ars, seasonally aidjusted
1971
.
_ _ _ _ _ 112, 323
1972.
,
125, 269
1973
........ 145, 297
1974
166,771
1975
_ : _ _ _ _ 172, 511
1976
i....... 192, J04
1976: June
•_
193, 360
July
193, 302
Aug___._ _ _ 194, 302
Sept..
193,868
Oct
__ 192, 353
Nov _ _ .
196, 288
Dec
_ _ _ 204, 140
1977; Jan_^_
202, 160
Feb_____
207, 541
"•• -<: M a r _ _ _ _ _ _
214, 642
Apr
__ _ 213, 596
" ' ' May... __ 213, 821
June * :
214, 175
July »
184,756
198, 045
227, 926
278, 386
275, 484
299, 123
289, 138
290, 866
293, 308
296, 537
298, 179
298, 941
299, 123
301, 970
303, 985
307, 325
309, 847
313, 052
315, 608
1
2 The term "business" also includes manufacturing
Monthly average lor year and total for month.
1
Book value, end of period, seasonally adjusted.
4
22, 327
24, 862
30, 400
37, 344
36,583
40, 212
40, 780
40, 616
40, 581
41, 381
40, 676
40, 796
41, 767
41, 931
43, 233
43, 879
44, 491
45, 182
44, 853
29, 695
32, 817
38, 302
46,564
45, 115
50, 131
48, 645
48, 805
49, 006
49, 723
49, 847
50, 167
50, 13.1
50,872
51,658
52, 549
53, 067
53, 247
53, 437
34, 071
37, 365
41, 943
44, 815
48, 702
54, 324
53, 983
53, 754
54, 643
54, 100
54, 634
55, 573
57,898
56, 660
58, 175
59, 522
59, 465
59, 181
58, 438
58, 741
(see page 21).
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
10, 985
12, 472
14, 190
13, 943
15, 060
17, 847
17, 803
17, 699
18, 208
17, 481
17, 559
18, 157
19, 730
19, 024
19, 764
20, 687
20, 333
20, 088
19, 877
19, 822
23, 086
24, 893
27, 754
30, 872
33, 642
36, 476
36, 180
36, 055
36, 435
36, 619
37, 075
37, 416
38, 168
37, 636
38,411
38, 835
3.9, 132
39, 093
38, 561
38, 919
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
79, 375
79, 917
81, 118
81,848
81, 658
81, 660
82, 405
83, 616
83, 878
85, 397
86, 033
87, 176
88, 353
23, 864
26, 056
29,593
34, 301
34, 474
38, 224
35, 863
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
38, 912
39, 613
39, 581
40, 279
40, 665
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
45, 784
46, 452
46, 897
47, 688
1.61
1.52
1.46
1. 51
1.60
1.50
1.50
1.50
1.51
1.53
1. 55
1. 52
1.47
1.49
1.46
1.43
1.45
1.46
1.47
1.47
1.46
1.46
1.53
1.51
1.46
1.47
1.49
1.48
1. 51
1.49
1.47
1.42
1.48
1.44
1.43
1.45
1.47
1.51
Source: Department of Commerce (Bureau of Economic Analysis and Bureai
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In June, manufacturers1 new orders were again unchanged while shipments rose 1.3 percent and inventories were up
$1.2 billion. Preliminary estimates indicate new orders and shipments of durable goods manufacturers declined in July.
BILLIONS OF DOLLARS* (RATIO SCALE) •
BILLIONS OF DOLLARS* [RATIO SCALE)
INVENTORIES
160
120
100
40 3
-J^\.
80
«*^
m
mA
DURABLE
GOODS
60
t
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
120 _ NEW
ORDERS
TOTAL
100
1 1 1 ! 1 1 1 It 1 1
80
RATIO*
2.20
60
1 M 111 11 I 1!
1 1 1 1 i M 1 11
INVENTORY-SHIPMENTS
RATIO
^~^'C'*rt«*
*.••/«•
DURABLE GOODS
40
NONDURABLE GOODS
I ! 1 1 1 1 1 1 1 II
! 1 1 1 I ! 1 1 I 1t
1973
1974
1.20
1975
1976
1977
1973
1977
*SEASONALLY ADJUSTED
SOURCE,- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers* shi pments1 Manufact urers' inventories
2
Manu raeturers ' new ore lers1
Durabl e goods
Period
Total
1971
55, 925
1972
63, 042
1973
72, 954
1974
84, 612
1975
87, 226
1976
98, 168
1976: June- 98, 597
July.. 98, 932
Aug_. 99, 078
Sept— 98, 387
Oct... 97, 043
Nov.. 99, 919
Dec.__ 104, 475
1977: Jan... 103, 569
Feb... 106, 133
Mar._ 111, 241
Apr.. _ 109, 640
May.. 109, 458
June.. 110,884
July »_
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 376
50, 606
51, 090
51, 648
50, 060
49, 029
51, 238
55, 295
53, 341
54, 703
58, 849
56,764
56, 717
57, 774
57, 148
25, 953
28, 999
33, 250
40,569
43, 313
47, 792
47, 990
47, 842
47, 430
48, 328
48, 014
48, 681
49, 180
50, 228
51, 430
52, 392
52, 876
52, 741
53, 110
Total
NonDurable durable
goods
goods
Total
Millio ns of doll*irs, seasortally adjussted
102, 490 66, 149 36,341 55, 937 29, 951
108, 072 70, 098 37,974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55,382 85, 659 42, 164
166, 587 105, 729 60, 858 98, 497 50, 681
161, 118 102, 429 58, 689 99, 135 51, 249
162, 144 102, 856 59, 288 98, 811 51, 180
163, 184 103, 282 59, 902 97, 554 50, 380
164, 966 104, 117 60, 850 98, 476 50, 068
166, 674 105, 589 61, 085 99, 006 50, 754
167, 114 106, 128 60, 986 100, 784 52, 235
166, 587 105, 729 60,858 106, 600 57, 040
167, 482 106, 562 60, 920 105, 288 55, 037
168, 449 107, 222 61, 227 106, 575 55, 133
169, 379 107, 685 61, 694 111, 788 59, 160
170, 747 108, 190 62, 557 111, 547 58, 652
172, 629 109, 154 63, 475 111, 693 59, 176
173, 818 110, 421 63, 397 111, 702 58, 556
55, 956
1
Monthly average for year and total for month. Shipments are the same as sales.
* Book value, end of period.
* End of period.
* 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.
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7, 575
8,947
11, 169
12, 656
10, 899
12, 820
12, 607
13, 778
12, 690
13, 468
14, 124
12, 734
13, 835
14, 621
14, 252
14, 561
14, 679
15, 000
15, 713
14, 354
25,986
29, 104
33, 329
40, 418
43, 495
47, 816
47, 886
47, 631
47, 174
48, 409
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
53, 146
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
177, 623
178, 167
180, 065
182, 301
183, 125
Manufacturers'
inventory—
shipments4
ratio
1.83
L67
L58
1^66
L80
1.64
1.63
L64
1.65
1.68
1.72
1.67
1.59
1.62
1.59
1.52
L56
1.58
L57
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In July, the wholesale price index rose 0.2 percent (fell 0.1 percent seasonally adjusted). Prices of farm products and
processed foods and feeds declined 1.1 percent (2.1 percent seasonally adjusted). Industrial commodities prices
were up 0.6 percent (0.5 percent seasonally adjusted).
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967-100. (RATIO SCALE)
220
220
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS !
120
120
100
100
1977
1969
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
commodities
Period
1969
1970
1971
1972
1973
1974
1975
1976
_____
.
1976: July.
Aug
Sept
Oct
Nov.
Dec___
1977: Jan
Feb
Mar
Apr
May
June.
July
1
106.5
110.4
114.0
119. 1
134. 7
160. 1
174. 9
183. 0
184. 4
183. 8
184. 8
185. 3
185. 6
187. 1
188.0
190. 0
191.9
194.3
195. 2
194. 4
194. 8
Farm
products Indusand
trial
processed commodfoods
ities
and feeds
108.0
106. 0
111.7
110.0
113. 9
114. 1
122. 4
117. 9
159. 1
125. 9
177. 4
153.8
184.2
171.5
182. 4
183. 1
Unadjusted
188. 1
182. 7
181. 7
183.8
182.9
184. 8
179. 5
186. 3
178.3
187. 1
183. 9
187.4
184. 8
188. 4
188. 4
189.9
190.9
191.6
195. 9
193. 2
196.8
194.2
191. 5
194. 6
189.3
195. 8
Farm
products
•D—rt
JtTOcessed
foods
and
feeds
109. 1
111.0
112.9
125. 0
176.3
187. 7
186.7
191. 0
107. 3
112. 1
114.5
120. 8
148. 1
170. 9
182. 6
178. 0
194.2
187. 7
189. 2
188.2
187. 1
191.9
194. 0
198. 3
203. 3
210. 2
205. 3
191.3
187.9
180. 5
175.9
176.0
174.9
175.6
178.8
178. 6
181. 9
185.4
190. 1
193. 5
190. 2
185. 6
Excludes crude foocIstufis and fe edstuffs, plant a nd animal fib ers, oilseeds, and
leaf
tobacco.
2
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Crude
mate-1
rials
Special §jroupings
Inter- Produc- Consunier finished goods
exc3luding fo<:>ds
mediate er finmate-2
ished
NonTotal Durable durable
rials
goods
110.6
106.9
106. 1
118.9
109.9
112.0
122. 7
114. 3
116.6
131. 1
119. 5
118. 9
155.2
123.5
128. 1
219. 1
141. 0
159. 5
162. 5
178. 6
225. 1
173.2
249. 9
189. 5
Seas onally ad. usted
252. 7
173. 1
189. 1
254. 4
190.3
173.6
253. 1
192.0
174.5
262. 4
193. 3
176.3
271. 6
194. 3
177.0
265.9
195. 5
178.4
262.6
179.2
196.3
273. 0
197.4
180. 1
279.3
199. 1
180.8
280. 1
200.3
181. 8
282. 4
200.9
182. 8
277.9
201.4
183. 6
277.8
202.4
184. 4
104.6
107. 7
111. 2
113.5
118.6
138.6
153. 1
161.8
104.0
106.9
110.8
113. 2
115. 8
126.3
138.2
144. 4
105. 0
108.3
111. 7
113.6
120. 5
146. 8
163. 0
173.3
161. 5
162.5
163. 7
164. 6
165.5
165. 8
167.4
167. 9
169. 2
170. 4
171.2
171. 9
172. 3
144. 2
144. 9
145. 7
146. 5
146. 8
146. 9
148. 0
148. 8
149.4
150. 5
151. 1
151. 6
152. 0
173. 1
174. 2
175. 6
176 7
178 0
178. 4
180. 3
180. 7
182. 5
183. 7
184. 6
185. 6
185. 9
So nrce: Department of Lab DI, Bureau ol Labor Stati sties.
CONSUMER PRICES
In July, the consumer price index rose 0.4 percent (also 0.4 percent seasonally adjusted). Food prices increased 0.5
percent (0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.1 percent (also 0.1 percent seasonally
adjusted) and services prices were up 0.8 percent (also 0.8 percent seasonally adjusted).
INDEX, 1967«100 (RATIO SCALE}.
INDEX, 1967=100 (RATIO SCALE)
220
200
120
- 120
100
100
1969
1970
T97!
1973
1972
1975
1974
1976
1977
COUNCIL OF ECONOMIC ADYISiRS
SOURCEs DEPARTMENT OF LABOR
[1967=100]
Period
1969
1970
1971
1972
1973
1974
1975
1976
All
items
109.8
116. 3
121. 3
125.3
133. 1
147.7
161. 2
170.5
Comraodities less food
Food
Food
Commodities
less
food
Services
commodities
All
Food
at
home
Food
away
from
home
108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
180.8
108. 1
112.5
116.8
119. 4
123.5
136.6
149. 1
156. 6
112.5
121.6
128. 4
133. 3
139. 1
152. 1
166.6
180.4
108.4
113.5
117.4
120. 9
129.9
145. 5
158.4
165.2
108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
180.8
108.2
113.7
116.4
121. 6
141.4
162.4
175.8
179.5
111. 6
119.9
126. 1
131. 1
141. 4
159. 4
174.3
186. 1
All
Services
All
Durable
Nondurable
108. 1
112.5
116.8
119. 4
123. 5
136. 6
149. 1
156. 6
107.0
111.8
116. 5
118. 9
121.9
130.6
145. 5
154. 3
108.8
113. 1
117. 0
119.8
124. 8
140.9
151.7
158. 3
112.5
121.6
128. 4
133.3
139. 1
152. 1
166.6
180.4
Seasonal ly adjust ed
Unac justed
1976: July. _ _
Aug
Sept___
Get
Nov
Dec
171. 1
171. 9
172. 6
173. 3
173.8
174.3
182. 1
182. 4
181. 6
181. 6
181. 1
181. 7
157. 1
158.0
158.9
159. 6
160. 3
160. 6
180.7
181. 8
183. 2
184. 1
185.1
185. 8
165.5
166. 2
166.6
167. 1
167. 4
168.0
181.4
181.8
181.9
182.2
181.7
181.9
179.9
180.2
180. 1
180. 3
179.6
179.7
187.2
188.0
188.7
189.0
189. 5
190.4
156.9
157.8
158. 3
159. 0
159.6
160.5
155.0
155. 6
156. 1
156.6
157.3
158. 4
158.4
159. 3
159. 9
160. 6
161. 3
162.0
181. 1
182. 2
183.2
184. 0
184.8
185.5
1977: Jan
Feb.___
Mar
Apr
May
June
July....
175. 3
177. 1
178.2
179.6
180. 6
181.8
182.6
183.4
187.7
188. 6
190. 9
191. 7
193. 6
194. 6
160. 6
161. 6
162. 6
163. 6
164. 7
165. 4
165.6
187.5
188.7
190. 0
191. 3
192. 3
193.7
195. 3
169.4
171.4
172. 2
173.6
174.5
175.3
175.5
183.5
187. 1
188. 2
191.0
192. 4
193. 9
194.0
181.3
185.4
186.4
189.3
190. 7
192. 1
191.9
192.0
194.0
195. 4
197. 5
199. 5
201.2
202. 1
161.6
162. 7
163.4
164. 0
164. 7
165. 1
165. 3
159. 9
161.4
162.4
163.2
163.5
163.4
163.4
162.8
163. 7
164. 2
164. 7
165. 6
166. 3
166. 8
187.2
188.4
189. 9
191. 4
192. 7
194. 2
195. 7
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent cllange from 3 mont]is earlier ; Percent cjhange from 6 mont as earlier ;
season ally adjusted annua 1 rates
seasonsilly adjussted annulU rates
Percen t change from preceding
perio d; season ally adjussted V
Period
All
1968
1969
1970
19711972
1973
1974
1975
1976
—
1976: July.
Aug..
Sept.
Oct..
Nov.
Dec..
1977: Jan..
Feb,_
Mar_
Apr._
May.
JuneJuly.
1
commodities
Farm
products
2.8
4.8
2.2
4.1
4.4
8.4
6.3
15.4
20.9
4.2
4.7
.4
-.2
.7
.5
.6
.6
.5
.9
1. 1
1. 1
.4
-. 7
I
-4.7
&i
18. 7
36. 1
-1.9
5. 5
-1. 1
-.6
-a 3
.8
-.5
-.6
2.6
1.1
2.2
2. 5
3.4
-2.3
-6.8
-1.8
Industrial
commodities
Processed
foods
and
feeds
All
commodities
Farm
products
4. 5
-1.6
Processed
foods
and
feeds
Industrial
commodities
commodities
5.4
7.3
8.0
4.2
42
9.5
7.6
5.9
5.9
7.9
5.0
5.3
5.5
7.8
8.6
All
Farm
products
Processed
foods
and
feeds
Industrial
commodities
2.7
3.9
3.0
6.8
.8
4.7
1L6
20.3
20.9
-as
-1. 1
-.6
-2.5
1
-6
4
18
-1
18
19
2 5
18
-1 7
-2.4
ae
3.4
a4
10.7
25.6
6.0
6.4
6
6
8
9
6
3
5
6
8
6
4
3
5
2.2
2.9 -12. 9
3.5 -11. 9
4.0 -11.8
7.2 -1. 3
5.8
7.1
12.9
7.1
26.2
8.4
-11. 0
-11. 8
-11. 8
-.7
6.5
8.7
15. 1
15. 6
28. 4
28. 1
10.8
-9.1
26. 0
37. 8
14. 9
3.6 -21. 6
-1. 2 -36. 1
10. 2
13. 1
10. 9
5. 1
42
9. 3
8. 5
7.6
5. 3
10.1
9.7
6.8
5.7
49
0.9
-2.2
2.0
-6.9
-7.3
-3. 5
-. 2
11.6
15.5
247
20.4
-. 6
-6.2
2. 0
— 7
-1.3
-5. 1
-6.0
-3.1
-2. 1
48
5. 6
a4
6.9
7.4
8.4
7.8
7.6
7.7
8.0
6.6
6.7
11.0
18. 1
21.4
13.2
7. 7
7.2
6.7
Source: Department of Labor, Bureau of Labor Statistics.
Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percent c aange frc>m 3 mont tis earlier; Percent c lange frc>m 6 months earlier;
seasonsdly adju sted annu al rates
season?illy adju sted annu al rates
Percerit changej from pre ceding
period; seasorlally adju sted1
Period
All
items
1968
1969
1970
1971
1972
1973
1974
1975
1976
_
-.
_-.
1976: July...
Aug.._
Sept...
Oct__.
Nov
Dec.__
1977: Jan...
Feb_.._
Mar...
Apr
May..
June..
July..
1
47
6. 1
5.5
3.4
3.4
8.8
12. 2
7.0
48
.5
.5
.3
.3
.3
.4
.8
1.0
.6
.8
.6
.6
.4
Food
43
7.2
2.2
43
4. 7
20. 1
12. 2
6.5
.6
.1
.2
.1
.2
2
.1
.9
2.0
.6
1. 5
.7
.8
.1
Commodities
less
food
3.7
45
48
2.3
2.5
Services
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
6. 1
7.4
8.2
41
3.6
6.2
5. 0
13.2
6. 2
5. 1
11.3
8. 1
4
6
3
4
4
6
7
6
5
4
4
4
7
7
4
4
4
2
1
9
6
8
8
7
8
8
7.3
Annual change>s are from D ecembei to December (uinadjusted).
24
All
items
6.3
5. 5
5. 3
48
4.0
42
6. 1
9. 1
10. 0
9.9
8.4
8. 1
&4
45
2.2
1.6
1.8
-. 2
.0
2.9
12.4
14 6
17.4
11. 8
12.7
6.4
6. 1
5.8
5. 5
5.5
46
5.7
7.4
7.6
7.5
6.6
5.8
5. 1
6.7
8.0
7.4
7.1
8.0
9.8
5.0
42
9.4
9.4
9.3
6. 1
a2
9. 3
47
5.5
5.7
0.3
48
48
1.0
5. 5
5.5
6.5
7. 1
8.0
8.7
9.0
&1
2. 6
3. 8
3. 1
49
5.4
5.5
5. 8
5. 2
7.6
7.4
7.0
7. 0
.8
5.6
6.7
6.3
2.3
5.9
7.0
6. 1
6. 9
9. 9
12. 1
13.6
11.8
Boui>ee; Departmem of Labor Bureau of L abor Statis Lies.
6.3
6.5
6.4
6. 5
5.8
46
6.9
7.4
8. 2
8.7
9. 6
9.3
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 2 percent in the month ended July 15. Contributing most to the decline were lower
prices for soybeans, all grains and hay, oranges, and tobacco. Partially offsetting were higher prices for hogsf cattle,
eggs, and broilers. Prices paid by farmers were % percent lower than their June 15 level.
INDEX, 1967=100
(RATIO SCAL£J
PRICES RECEIVED
(AU FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
70 F
60
1969
I
1970
I
1971
'
1972
1973
1974
1975
1976
»
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, OH 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of AGRICULTURE
Prices ]received by farmers
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976: July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1977: Jan 15
Feb 15
Mar 15
Apr 15___
May 15
June 15 _
July 15
All farm
products
Crops
Prices paid by farmers
All
items,
Family
Livestock interest,
Production
and
living
taxes,
and
products wage rates
items
items
Index, 1(^67 = 100
Actual
Adjusted2
107
110
113
125
179
192
185
186
97
100
108
114
175
224
201
197
117
118
118
136
183
165
172
177
108
112
118
125
144
164
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
71
74
91
86
76
71
75
79
94
87
76
72
194
186
186
178
173
178
214
201
204
195
186
190
179
175
172
165
162
169
194
193
193
192
192
193
177
177
178
179
180
181
196
194
194
192
191
193
74
71
71
68
66
68
\ 74
72
72
69
67
68
183
187
190
191
194
184
180
198
203
211
214
214
198
181
170
174
171
172
176
173
179
198
200
201
204
204
204
203
182
(33)
()
(33)
()
(33)
()
196
199
201
204
205
203
201
68
69
69
69
70
67
65
69
70
70
70
70
67
66
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 191t>14»=100 base.
« The adjusted parity ratio reflects Government payments made directly to
farmers.
Parity ratiol
79
77
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
STOCK
Mi grew at an annual rate of almost 20 percent in July, following a modest rise in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
(RATIO SCALE)
200
200
1969
*SeASONALLY ADJUSTED
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiires *
Deposi ts at coitnmereia banks
Period
M1
M2
M3
Currency
Tim e and savings
Demand
Total
1972: Dec...
1973: Dec...
1974: Dec...
1975: Dec...
1976: Dec...
1976: July..
Aug —
Sept
Oct___
Nov..
Dec...
1977: Jan___
Feb...
Mar..
Apr...
May-.
June..
July.
255. 3
270.5
283. 1
294. 8
312.4
305. 0
306. 5
306.9
310.4
310.4
312. 4
313.8
314. 0
315.4
320. 5
320.7
321.9
326.8
525. 3
571.4
612.4
664.3
740. 3
705.2
710. 4
716. 3
725.9
732. 3
740. 3
746. 3
750.7
756. 1
764. 6
767.6
772.8
783.5
844.5
919.6
981. 5
1, 092. 6
1, 237. 1
1, 168. 8
1, 180. 8
1, 193. 9
1, 210. 7
1, 223. 4
1, 237. 1
1, 248. 9
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 5
1, 316. 8
56.9
61.5
67.8
73.7
80.5
78. 1
78.6
79.2
79.8
80.2
80.5
81. 1
81. 8
82. 2
83. 1
83.6
84.0
85.1
198.4
209. 0
215. 3
221.0
231. 9
226.9
227. 9
227. 7
230.6
230.2
231. 9
232. 7
232. 1
233.2
237.4
237. 1
238. 0
241. 7
313.5
363. 9
418.3
451. 7
491. 1
469. 0
468. 9
472. 5
477.8
484.2
491. 1
495.6
500.0
502. 8
505. 7
509.2
514.8
519. 5
1
MI is currency plus demand deposits; Mj is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus
deposits at nonbank thrift institutions.
26
Per cent
chaiige *
CompoEtents anc [ related i ;ems
Large
CDs
43.5
63. 0
89.0
82. 1
63. 3
68.9
65.0
63. 1
62. 3
62.2
63.3
63. 1
63.3
62. 2
61.6
62. 3
63.9
62.8
Other
270. 0
300. 9
329.3
369. 6
427.9
400. 1
403.9
409.4
415. 5
422. 0
427.9
432. 5
436. 7
440. 6
444. 1
446.9
450. 9
456.7
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjusted)
319. 3
348. 1
369. 1
428. 3
496.8
463. 6
470.5
477.6
484.8
491. 0
496. 8
502. 6
507. 5
512. 1
516. 6
521. 4
526.7
533.2
7.4
6. 3
4. 9
4. 1
4.7
3.5
3.7
5.0
4.0
4.2
4.7
4.2
4.4
4. 5
5. 6
3. 8
5.2
3.9
Mi
M2
9.2
6. 0
4. 7
4. 1
6.0
6. 7
6. 6
6. 0
5. 8
4. 6
6.2
5.9
5. 0
5. 6
6. 6
6. 7
6.2
8.5
11.4
8.8
7. 2
8. 5
11.4
10.7
9. 7
10. 1
10. 5
10. 8
12.4
12. 0
11. 7
11.4
10.9
9. 9
9.0
10.2
2
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate,
: Board of Governors of the Federal Eeserve system.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cumsncy and <ieposits
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1976: July
Aug
Sept
Get
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July »
U.S. TJreasury
secuiities
Negotiable
certifiShort- cates
Nonbank
of
term
thrift
Savings marketdeposit
institubonds able setions
curities
Time d eposits
Total
liquid
assets
Total
Cur-
rency
Demand
deposits
Com-
mercial
banks
769.5
632.4
852. 5
718.7
967.9
817.0
887.4
1, 079. 5
944.5
1, 166. 2
1, 289. 7 1, 053. 3
1, 425. 5 1, 192. 1
49. 1
52. 6
56.9
61. 5
67.8
73.7
80.5
151. 8
161. 5
176.5
183. 3
186.5
190.7
196.8
198.9
233. 6
418.1
428.3
496.8
1, 129. 1
1, 141. 3
1, 153. 2
1, 168. 9
1, 180. 0
1, 192. 1
78.1
78.6
79.2
79.8
80.2
80.5
195.6
196.3
195. 5
197.8
196.2
196.8
391.8
463.6
401.0
477.6
4848
1, 205. 5
1, 214. 3
1, 223. 6
1, 237. 1
1, 244. 1
1, 253. 4
1, 269. 6
81. 1
81.8
82.2
83.1
83. 6
198.9
197.8
198.5
1, 368. 8
1, 378. 5
1, 388. 2
1, 404 0
1, 414. 8
1, 425. 5
1, 440. 2
1, 454. 5
1, 464. 3
_ _ 1, 478. 3
1, 487. 4
i, 5oa i
i, sia o
840
85. 1
203.3
202.3
202.4
205.7
2644
294 4
321. 1
360.6
395.9
406.5
412.6
418.1
422.9
427.1
430.7
434 1
436.8
440.3
445.7
232.7
271.1
319. 3
348. 1
369.1
470. 5
491. 0
496.8
502.6
507.5
512. 1
516.6
521.4
526.7
533.2
Other
private
money
market
instruments
52.0
54 3
57. 5
60.4
63.3
67.3
71.9
41.9
31.7
34 5
43.2
47.4
66.3
66.9
21.8
27.6
36.2
21.4
20.2
22.7
70.7
60.0
40.4
42.8
49.7
69.7
70.2
70.8
71.1
71.5
71.9
71.4
71.4
69.7
69.7
69.5
66.9
50.3
46. 7
45.3
48.2
48.8
49.2
49.5
49.5
49.7
72.3
72.7
73.0
73.4
73.8
67.9
71.8
72. 1
72. 3
73.0
73.6
742
746
7ae
540
449
448
44 3
449
44 3
446
43.2
42.4
42.8
446
43.7
345
50.2
51. 1
52.3
53. 1
53. 8
543
544
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total 1
Automobile
InstalnMmt credit Hepiidated
Bank
credit
cards
Total *
Automobile
Bank
credit
cards
Net change in amount outstanding
Total i
Automobile
Bank
credit
cards
109, 146
112, 296
123, 826
137. 117
157, 863
157, 200
164, 169
193, 328
32, 553
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
99, 786
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
29, 974
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
9,360
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
2,579
-347
4,207
5,512
5,758
500
3,007
10, 238
1T332
1,153
699
918
1,430
1,443
1,220
1,850
1976: June
July
Aug
Sept
Oct
Nov
Dec
15, 989
15, 796
16, 118
16, 420
15, 844
16, 712
17, 677
5, 245
5,097
5,204
5,298
4,834
5,312
5,869
2,105
2,185
2,209
2,211
2,266
2,260
2,297
14, 454
14, 349
14, 589
14, 589
14, 753
15, 077
15, 236
4,456
4,389
4,451
4,532
4,500
4,630
4,667
2,003
2,002
2,092
2,007
2,095
2,148
2,228
1,534
1,447
1,528
1,831
1,091
1,634
2,442
789
707
753
766
334
682
1,201
102
184
117
203
171
112
69
1977: Jan
Feb
Mar.
Apr
May
June
17, 072
17, 418
18, 351
18, 609
18, 322
18, 613
5,440
5,747
6,135
6,037
5,973
5,978
2, 166
2,384
2,381
2,547
2,589
2,604
15, 082
15, 594
15, 503
15, 840
15, 803
16, 331
4,708
4,792
4,809
4,882
4,785
5,080
2, 176
2,198
2,136
2,288
2,416
2,385
1,990
1,824
2,848
2,770
2,519
2,282
732
955
1,326
1,155
1,188
898
-10
186
245
259
173
219
1969
1970
1971
1972
1973
1974
1975
1976
i Includes some items not shown separately.
NOTE.—Series revised beginning 1970.
Source: Board of Governors of the Federal Eeserve System;
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks rose at an annual rate of 8.6 percent in July after increasing at a rate of 16.6
percent in June.
BILLIONS OF DOLLARS "(RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
ALL COMMERCIAL BANKS
INVESTMENT IN
US. GOVERNMENT SECURITIES
40
40
1969
*"SEASONALIY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
and
investments
1969
1970
1971
401. 7
435.5
485. 7
558. 0
1972____
1973
1974
4
633.4
1975___
690. 4
721.1
1976: July
751. 4
758. 0
784*4
1976
Aug
Sept.
Oct
Nov
Dec
1977: Jan"
Feb*
Mar *
Apr *>
May v*_
June _ _
July"
762.9
_
771. 6
778. 8
784.4
786. 6
796.4
803.0
812.4
819.4
825. 5
831. 8
1
Data are for end of period.
2
Averages of daily figures. Annual
s
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allcommercial b anks l
Borrowi Qgs (milIReserves 2 3
L(?ans
lions of dollars,
Investn lents
unadji isted) 2
Total ex- Commer- U.S. Gov- Other
ReSeaNoncluding cial and
Total
secuTotal
ernment
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
105. 7
26. 82
1,086
279.4
27.66
27. 94
71.1
321
292.0
110. 0
28.79
57. 8
29. 12
28.87
85.7
31. 04
104.2
31. 10
107
320.9
31.22
116. 1
60.6
130.2
31. 12
31.41
30. 36
378.9
1,049
62.6
116.5
33.64
156.4
34.94
34,64
54.5
1,298
41
449. 0
129.9
500.2
50.4
36.60
35.87
36.34
703
32
183.3
139.8
176.0
34. 60
79.4
34. 73
496. 9
13
144.8
34.46
127
6
179. 5
62
538.9
34.
95
3490
148.2
34.68
12
97.3
172.8
512. 1
93.2
34.21
34.11
34.34
123
24
146.1
173.1
104
34.41
516. 0
95.6
34.51
34.31
146.4
28
520.8
174. 1
94.9
34.34
34. 14
31
147.2
34.27
75
176.8
94.4
529.6
34.51
34.41
66
32
34.29
147.6
179. 0
95.4
21
34. 85
34. 78
84
533. 1
34. 59
150. 3
538.9
179. 5
34. 90
62
34. 95
34. 68
97.3
148.2
12
179. 8
96.9
540.9
148. 8
34. 78
34. 51
8
34. 71
61
545.4
12
181. 2
101.5
149. 5
34. 40
34.33
34.20
79
551. 0
182. 9
103.6
34.31
34.20
110
13
148.4
34. 09
102.8
184. 9
557.7
34. 68
34. 61
73
14
151.9
34.49
562. 1
104. 6
185. 9
31
200
152. 7
34. 72
34. 52
34. 51
567.0
188. 3
105.3
262
34. 86
34. 60
55
153.2
34.71
574. 5
189. 6
102.9
60
35. 36
336
154.4
35. 04
35. 08 I
data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with
no adjustment to eliminate the effect of changes in Regulations D and M.
4
During 1974, total loans and investments were increased $0.6 billion due to
28
COUNCIL OF ECONOMIC ADVISERS
a bank merger and were reduced $1.5 billion due to liquidation of a large bank;
* Loan reclassifications reduced these loans by $1.2 billion as of March 81,1976; I
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Internal1
Total
1970
1971
1972
„
1973
1974
1975
1976
1975: I
II
III
IV
1976: I
..
II
III_____
IV
1977: I".
105. 1
129.0
154 0
181. 7
183. 0
145. 5
211.5
83. 5
130.7
171.0
196.7
199. 3
205. 5
204.8
236.6
232. 6
58.9
68.6
80.8
83.8
77.6
103.4
121.8
83. 5
101. 5
113.6
1149
120. 6
121. 3
126.0
119.5
118.6
Credi t market 'unds
Total
Total
46.2
60.4
73.2
97. 8
105. 4
42. 1
89.7
Longterm 2
41. 5
46.4
58.8
72.9
83. 1
37. 1
56.6
35. 0
32. 1
31. 1
50.0
46.8
51. 9
50.7
77.2
80.6
:0
29.2
57.4
81.8
78.7
84 2
78.8
117. 1
114 0
32. 6
41.6
41.4
37. 4
39. 6
49. 8
46. 6
52. 9
544
37.9
540
48.2
41. 0
47.2
50.2
37. 9
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
* Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loams.
Total
Short-3
term
Other
8.9
4.7
17. 3
35. 5
43. 5
-12. 8
9.9
-18. 0
-22. 2
-6.8
-40
-1.4
10.8
3.5
26. 9
42.8
48
14 0
14 4
25. 0
22. 2
5.0
33.2
-35. 0
-2.9
26.3
31.7
31. 9
32.4
28. 1
40.0
33.4
96. 1
115. 1
137. 5
165.5
169. 9
130. 9
196. 6
68.6
115. 3
157. 9
182.2
187.4
190.4
188.7
219. 5
216. 1
Purchase
of
physical
assets 4
80.6
86. 2
101.0
124.4
1346
95. 7
137. 6
89.8
80. 9
106.8
105. 5
129. 5
139. 1
145.0
136. 9
142. 9
Increase
in
financial
assets
15.4
28.8
36. 5
41. 1
35. 3
35.2
59.0
-21.2
34 4
51. 1
76. 7
57.9
51. 3
43.7
82.6
73.2
Discrepancy
(sources
less
uses)
9.0
13.9
16.4
16. 1
13. 1
14 5
15. 0
14 9
15.4
13.2
14 6
11.9
15.1
16.0
17. 1
16. 5
< Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cunrent liab ilities
Ciirrent ass€its
End of
period
Cash
on
Total hand
and
in
banks
492. 3
1970
529. 6
1971
1972
573.5
643. 3
1973
712.2
1974
1975-___ _ 731.6
816.8
1976__
1975: I— 698. 4
II__. 703. 2
III.. 716.5
IV___ 731. 6
753.5
1976: I
II — 775. 4
III__ 791. 8
IV__- 816.8
845. 3
1977: I
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriern- 3
* ties 2 ment
50.2
53. 3
57.5
61. 6
62. 7
68. 1
77.0
60.6
63. 7
65. 6
68. 1
68. 4
70. 8
71.1
77. 0
75. 0
7.7
42
9.3
3.4
3.5
3.5
11.0
11. 0
11. 7
19. 4
26.4
12. 1
12. 7
14 3
19.4
21. 7
23.3
23.9
26.4
27. 3
3. 5
3. 6
43
3.2
3. 3
3. 3
3.6
3. 6
3. 7
4.3
43
46
Notes
and
accounts
receivable
201.9
217. 6
240.0
266. 1
289. 7
2946
323.9
281.9
284.8
294 7
294 6
307. 3
318. 1
324. 2
323. 9
342. 0
Other
Incurvenrent
tories
assets *
193. 3
200. 4
215. 2
246.7
288.0
285. 8
315. 4
285. 2
281. 4
279.6
285. 8
288.8
295. 6
302. 1
315.4
322. 1
1 Includes time certificates of deposit.
Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
2
8 Includes
35. 0
43.8
48. 1
54 4
56. 6
60. 0
69. 8
55. 4
57.3
59. 0
60. 0
63.6
63.9
66. 3
69.8
743
Total
3049
326. 0
352. 2
401. 0
450.6
457. 5
499. 9
438. 0
434 2
444 7
457. 5
465. 9
475. 9
484 1
499. 9
516. 6
Advances
and
Notes
and
preacpayments, counts
U.S.
payable
Govern- s
ment
Federal
income
tax
liabilities
Other
current
liabilities 5
204 7
215.6
230.4
261. 6
287. 5
281, 6
295.9
271.2
270. 1
273. 4
281.6
280. 5
287. 0
2847
295. 9
302. 2
10.0
13. 1
15. 1
18. 1
23. 2
20. 7
26.8
21. 8
17.7
19. 4
20. 7
23. 9
22. 0
24. 9
26.8
28. 6
83. 6
92.4
102.6
117.0
134 8
148. 8
170.2
139.8
140. 6
145. 6
148.8
155. 0
160. 1
167.5
170.2
179.0
6.6
49
40
43
5.2
6. 4
7. 0
5.3
5. 8
6. 2
6.4
6. 4
6. 8
7.0
7. 0
6.8
Net
working
capital
187.4
203.6
221. 3
242. 3
261.5
274 1
316. 9
260.4
269. 0
271.8
274 1
287. 6
299. 4
307.7
316. 9
328. 7
< Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
s Includes commercial paper outstanding, the portion of long-term debt du«
In less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates rose about % percentage point from late July to late August but long-term rates were little
changed.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BdNDS
(Mooors)
A_^a
Tw
—1
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
M II 1 I 1 M 1 1
1969
1|i ii I ; t i i i M. t.M.J 1.1 I \ \\
f | I f f f1
1970
1971
1977
1974
1972
SOURCE: Slf TABLE BEIOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Government secu rity yields
Period
1971
1972...
1973
1974...
1975
1976
1976: Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Week ended:
1977: July 29
Aug 5
12
19
26
1
2
_
3-month
Treasury
bills1
3-5 year
issues 2
4.348
4.071
7.041
7.886
5.838
4.989
5. 153
5.075
4930
4.810
4.355
4. 597
4. 662
4.613
4.540
4.942
5.004
5. 146
5.500
5.77
5.85
6.92
7.81
7. 55
6.94
7.04
6.84
6.50
6.35
5.96
6.49
6.69
6.73
6.58
6.76
6. 58
6. 67
5.74
5.63
6.30
6.99
6.98
6.78
6.79
6.70
6.65
6.62
6.39
6.68
7. 15
7.20
7. 14
7. 17
6.99
6.97
5. 163
5.424
5.353
5. 669
5.553
6.77
6.86
6.90
6.97
7.01
7.03
7. 04
7.00
Taxable
bonds *
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
5.70
5.27
5. 18
6.09
6.89
Discount
rate
(N.Y.
F.R.
Bank)*
Prime
rate
charged
by
banks 5
5.72
5.25
8.03
10.81
7.86
6.84
7K-7
7 -7
7 -6%
6.28
6.20
6.06
6.05
5.69
5.70
5.75
5.76
5.61
5. 64
5.53
5.50
7.39
7.21
7.44
8.57
8.83
8.43
8.45
8.38
8.32
8.25
7.98
7.96
8.04
8. 10
8. 04
8.05
7.95
7.94
5. 11
4.69
8. 15
9.87
6.33
5.35
5.47
5.45
5.22
5. 05
4.70
4. 74
4.82
4.87
4.87
5. 35
5.49
5.41
5H-5tf
5K-5K
5#-5tf
5K-5K
5J4-5K
5&-5tf
5K-5M
5K-5tf
5K-5M
6H-6#
6&-6K
6tf-6tf
6&-6K
6K-6K
6M-6»
6%-6%
6%-6%
5.50
5. 50
5.49
5.48
7. 96
8. 00
8.00
7.99
5.42
5.61
5.75
5. 95
5Ji-5#
5&-5K
5#-5#
5M-5M
6%-6%
6%-6%
6Ji-6Ji
6«-6Ji
a 49
Kate on new issues •«Titliin period,
Selected note and bo ad issues,
s April 1953 to date, be nds due or calliible 10 years an<3 after,
< Weekly data are Wednesday figures.
* Average effective rat e for year; open]ng and closing i ate for month a nd week.
30
Prime
commercial
paper,
4-6
months
4.88
4.50
6,45
7.83
6.25
5.50
5H-5K2
5K-5X2
5/2-5/2
6/2-6/2
Newhome
mortgage
yields
(FHLBB)«
7.74
7.60
7.95
8.92
9. 01
8.99
9.02
9.08
9.07
9.05
9. 10
9.05
8.99
8.95
8.94
8. 96
8.98
9.00
s Effective rate [in the primary market) on con ventional mort|?ages, reflecting
fee s and charges as well as contract rate and assunled, on the aver age, repayrnerj|
at end of 10 years. Bates beginning January 197 3 not strictly cc mparable wit^
pn or rates.
c :!nttrn.fiS' "Rnarr! nf Omrpmnrs n rthfi TiVfWnl TJ PtiATtTA R-trtjfOTn
TPprfpretl TTnma
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in August after edging up during June and July.
INDEX, DEC 31,1965=50
INDEX, DEC 3V1965=
COMPOSITE STOCK PRICE INDEX
40
40
30 -
- 30
1977
1969
PERCENT
20
PERCENT
20
_
15
—
15
1IARNINGS-PRICE* RATIO ON COMWON STOCKS
X^V
(S&P)
10
J
\ .^-^|
-X^
»•
^"^
1 t I
1969
f
1 1
1970
t
I I
1971
f
1 t
1972
f
^
I
x^
1P—.
*
r
f
f
1973
t f
1974
f
T T
1975
SOURCES: MEW YORK STOCK EXCHANGE AND STANDARD «. POOR'S CORPORATION
f
f I
1976
New York Stock Exchange indexe 3 (Dec. 31, 1 965=50) 2
Composite Industrial Transportation
1971
1972
1973
_
1974
1975
1976
1976: July
Aug
Sept
Get
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Week ended:
1977: July 22
29
Aug 5
12....
19
i
57.92
65.73
63.08
48.08
50.52
60.44
62. 11
61. 14
62. 35
60.07
59.45
61.54
61. 26
59.65
59.56
58.47
58. 13
58.44
58. 90
44.35
50.17
37.74
31.89
31.10
39.57
42. 12
40. 63
40.36
38.37
39.28
41.77
41. 93
40. 59
40. 52
41.51
43.25
43.29
43. 52
39.53
38.48
37.69
29.79
31. 50
36.97
36.49
37. 56
38.77
38. 33
38.85
40. 61
41. 13
40.86
40. 18
40.24
41. 14
41.59
42.44
70.38
78.35
70. 12
49. 67
47. 14
52. 94
54.06
54.22
54. 52
52. 74
53. 25
57.45
57.86
55.65
54.84
54. 30
54. 80
55. 29
57.29
55.63
54. 52
54. 02
53. 76
53. 53
59. 69
58. 30
57.78
57. 51
57. 33
44. 16
42. 86
41.82
41.29
40.73
42.76
42.44
42. 16
41.91
41. 52
58.28
57.47
56. 79
56.75
56.60
Includes all the stocks (more than 1,£00) listed on the N YSE.
*6 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.
Finance
Utility
54.22
60.29
57.42
43.84
45.73
54.46
55.68
55. 18
56. 29
54.43
54. 17
56.34
56. 28
54.93
54.67
53.92
53.96
54.30
54.94
1
8 Averages of daily closing prices.
f
f
1
1977
5
o
COUNCIL OF ECONOMIC ADVISERS
Common s took a yields
(perc<3nt)
Comrnon stock pi•ices l
Period
10
"*
Standard
& Poor's
Dowcomposite Dividend- EarningsJones
industrial
index
ratio
ratio
average * (1941-43=
10) *
3.14
5.41
98.29
884.76
5.50
2.84
109. 20
950. 71
7.12
3.06
107. 43
923. 88
11.59
4.47
82.85
759. 37
9.15
4.31
802. 49
86. 16
8.90
974.92
102. 01
3.77
3.64
104. 20
993. 20
3.74
103. 29
981. 63
9. 07
3.71
994. 37
105. 45
3.85
101. 89
951. 95
4.04
944. 58
101. 19
9.22
3.93
104. 66
976. 86
3. 99
103. 81
970. 62
4.21
941. 77
100. 96
4.37
100. 57
946. 11
929. 10
99. 05
4.47
4.57
98.76
926. 31
4. 60
99.29
916. 56
100. 18
4.59
908. 20
919. 11
898. 18
888. 41
878. 88
867. 17
101. 55
99.48
98. 70
98.20
97.77
4.50
4.66
4. 68
4. 67
4.72
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.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 10 months of fiscal 1977 (October 1976-July 1977), there was a budget deficit of $41.5 billion. A year
earlier the deficit was $58.9 billion.
BILUONS OF DOLLARS
500
RECEIPTS AND OUTLAYS
WLLIONS OF DOLLARS
500
,400
400
OUTLAYS
300
300
RECEIPTS
200
200
50
50'
SURPLUS (+) OR DEFICIT (-)
0
0
-50
-50
1969
I
JL
JL
-100
1970
1971
J_
-100
1973
1974
FISCAL YEARS
1972
1975
1976
1977
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt ( end of period)
Period
Receipts
Outlays
Surplus or
deficit (-)
nPnfal 1
Fiscal year or period:
1969
_
1970
1971
1972
1973
1974
1975
1976
Transition quarter _
1977 (estimates):
Estimates, July 1977 2
Third Concurrent Resolution3.. _
1978 (estimates) :
Estimates, July 1977 2
First Concurrent Resolution4
October 1975-July 1976_._
October 1976-July 1977 5
1
2
_
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Mid-Session Review of the Budget, Office of Management and
Budget, July 1,1977.
^^
s Third Concurrent Resolution on the Budget—Fiscal Year 1977, revised May
32
Held by
the public
187. 8
19&7
188.4
208. 6
232.2
264. 9
281. 0
299. 2
81. 7
184. 5
196. 6
211. 4
232.0
247.1
269. 6
326. 1
365. 7
94 6
— 2. 8
-23. 0
-23.4
-14.8
-4. 7
-45. 1
-66.5
-13. 0
3.2
367. 1
382.6
409. 5
437. 3
468.4
486. 2
544. 1
631. 9
646. 4
279.5
284. 9
304. 3
323. 8
343.0
346. 1
396.9
480. 3
498.3
358.3
356.6
406. 4
409. 2
-48. 1
-52. 6
727. 0
571. 3
401.4
396. 3
462. 9
461. 0
308.5
332.1
-61. 5
-64.7
802. 4
637. 1
-58.9
-41.5
635.3
684.6
485. 7
534.0
249.5
290.5
* First Concurrent Resolution on the Budget—Fiscal Year 1978, May 17,1977
* First 10 months of fiscal year 1977.
Note.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1977 (October 1976-juIy 1977), budget receipts were $41.0 billion higher than a year
earlier and budget outlays, $23.6 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
OTHER RECEIPTS „„„„„„„.„„„.. J1..-„———*
400
.400
OUTLAYS
-
^--
300
300
,«***** • .
-
^""
200
200
NONDEFENSE
*—-""*"**"**"***
-
.„••* --•"*
NATIONAL DEFENSE
100
..
A
v
1
1969
1
1970
1
1971
!
!
1972
1973
V
1974
^^^-^^^
^^^^^"^
—
^—
. "
1975
'1
I
1976
I
'
100
N
1978 N
1977
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Rece ipts
Nationa . defense
Period
Total
Fiscal year or period:
1969
1970
1971
__
1972_
1973
1974
_
1975
1976
_
Transition quarter.
1977 L.
1978 i
___
Indi- Corpovidual ration Other
income income
taxes
taxes
187.8
193. 7
188. 4
208.6
232. 2
264. 9
281. 0
299. 2
81.7
358. 3
401. 4
87. 2
90.4
86.2
94.7
103. 2
119. 0
122. 4
130.8
38.7
158. 3
178. 2
October 1975- July 1976___
249.5
October 1976-July 1977 2 __ 290.5
108.3
126. 7
Total
Department of
Defense,
military
Interna- Health
and
Intional income
terest Other
affairs security
184.5
19a 6
211. 4
232. 0
247. 1
269.6
326. 1
365. 7
94. 6
406. 4
462. 9
80.2
79. 3
76. 8
77. 4
75. 1
78.6
86. 6
90. 0
22. 5
96.9
113.0
77.9
77. 2
74. 5
75. 2
73.3
77.6
85. 0
88. 0
21. 9
96.0
109.3
3. 5
4. 8
54. 6
59. 7
63. 9
70. 5
75. 4
81. 7
92.8
107. 4
118. 0
127. 0
34.5
145.4
163. 5
34.9
45.7
106.3
118.2
308.5
332.1
75. 2
79.3
73.8
79.8
36. 7
32. 8
26.8
32.2
36. 2
38. 6
40. 6
41.4
8.5
1 Estimates from Mid-Session Review of the 1978 Budget, July 1,1977.
2 First 10 months of fiscal year 1977.
Note.—Figures beginning 1976 reflect recent definitional change: Earned
Total
5. 1
2. 0
6. 5
7. 1
49. 0
56. 1
70. 1
81. 4
91. 8
106.5
136.3
160.0
41.4
176. 5
191. 1
15. 8
18.3
19. 6
20. 6
22. 8
28. 1
31.0
34. 6
7. 2
38. 0
41.7
35.7
39.3
41.8
48. 8
53.9
51.7
66.4
76.0
21.5
88.5
110.0
5. 1
4. 3
136. 1
146. 2
30.8
32. 5
61.3
69. 7
3.8
3.6
3. 1
3.9
5.9
income credit payments in excess of an individual's tax liability, formerly treated
as outlays, now classified as income tax refunds. Deficit figures axe not affected.
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the second quarter, Federal receipts rose $6.0 billion (annual rate) and
expenditures $7.8 billion, yielding a deficit of $40.6 billion, $1.8 billion more than the deficit in the first quarter.
BILL! ONS OF- DOLLAR3
I
1ILLIONS
OF DOLLARS
440
440
SEASONAilY ADJUSTED ANNU
AL RATES
^+
400
X
r- -^
/
*+
*5JtA
360
OZrt
^
*/
+
/
^0
^
,
•3 on
X'
+ mm~~ **
200
160
40
280
^^
240
RECEIPTS
200
^.M— •]
A
I
1
1
I
I
I
\
\
!
\
I Y
I
f
!
t
f
t
|
|
\
\
f
\
t
I
I K '160
N
40
SURPLUS
0 11 H mm ««»
—40
>—-^
^
\^
,^ssy^
++**t ^v ^_A
240
^"
f*
EXPENDITURES
280
•JO A
*
<s
ueag iiii*I»|
~"i
DEFICIT
||
\
|
I
w
— Aft
-120
1969
1970
1972
1971
1973
1974
Ii
I
w
vs
w
11
y1
1
1
i
^
1?7 5
~A(\
80
-120
?7 6
1977
1
CALENDAR YEARS
<:ouN<:IL c F
SOURCE: DEPARTMENT C)F COMMERCt
ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
I^ederal Cjovernm ent expe Qditures
Federal C•irovernm ent receip ts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
Surplus
or
GrantsSubsidies Less: deficit
ContriPurin-aid
less
Wage
(-),
current accruals national
butions
chases Trans- to State Net
Total of goods fer pay- and interest surplus of less
for
income
social inand
ments local
paid Govern- disand
surance
government en- burse- product
services
ments
terprises ments accounts
Fiscal year:
1974
271.8
1975
283. 6
1976
314. 1
Calendar
year:
1972
227.5
1973
258. 3
1974
288. 6
1975
286.9
332. 3
1976
122. 6
127.3
137.2
43.7
42. 1
52.2
21.4
22. 1
24.2
84.2 278.8
92. 1 328.7
100.5 372.3
104. 6
117.9
126.5
104. 7
134.2
156.8
41. 6
48.4
57.5
19.8
21.9
25.4
8.0
5.7
6. 1
108.2
114. 6
131.1
125.6
147. 3
36.6
43. 0
45.9
43. 1
55.9
20.0
21.2
21.7
24.0
23.4
62. 8
79.4
89. 9
94.2
105.7
244. 7
265.0
299.3
357. 1
386.3
102. 1
102.2
111. 1
123.3
130. 1
83. 2
95.8
117.6
149. 1
162. 0
37. 5
40. 6
43.9
54.6
61. 0
14.6
18.2
20.9
23.3
27.2
7.8
8.2
5.3
6.7
5.9
.5
.0
-. 5
.0
.0
-17.3
— 6. 7
— 10.7
— 70.2
-54.0
1976: I
318.4
I I _ _ _ 329. 1
III.. 337. 1
IV.._ 344. 5
138. 0
143. 9
150.3
157. 1
54.4
57. 0
56. 9
55. 1
22.7
23.2
23. 7
23.8
103.2
105. 0
106. 2
108.4
378. 7
375.3
390.6
400.4
127.6
128.5
130.2
134.2
160. 2
157. 8
163. 9
166. 3
58.5
56. 8
63. 1
65. 5
26.2
26.7
27. 3
28.5
6.2
5.5
6. 1
6.0
.0
.0
.0
.0
-60. 3
— 46. 2
— 53.5
-55.9
1977: I
364. 9
II»_- 370.9
170.0
168.6
55.4
59.6
24.2
24.6
115.4 403. 7
118.1 411.5
136.3
143.6
170. 7
169.3
62. 0
63. 6
28. 6
29.1
6. 1
5.9
.0
.0
— 38. 8
-40.6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
-0.2
-.4
.0
-7.0
—45.0
— 58.2
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria producrfcion (sejisonally adjuste d)
Period
United CanStates ada
Japan
France
Germany
Italy
114. 1
122. 0
130.9
142.7
147.2
140. 1
147.2
148.4
152.0
151.0
151.4
150.9
152.3
152.7
151. 6
155.8
167.0
193. 1
187.6
167.4
190. 0
197.7
198.3
194.8
199. 1
200.8
196.7
122
127
137
147
151
138
152
154
159
156
159
156
131.3
133. 3
139.0
149. 1
146.9
137. 9
147.8
147.3
157. 7
152.3
152.4
155.7
152.3
116.9
116.8
121.8
133.7
139.6
126.8
142. 5
154.7
152. 2
152. 9
153.2
143.3
147. 1
1970
1971
1972
1973
1974
1975
1976
1976: Dee....
1977: Jan_
Feb___
Mar..
Apr
May..
June...
July...
107.8
109.6
119. 7
129. 8
129. 3
117. 8
129.8
133. 0
132. 1
133.2
135.2
136.2
137.4
138.3
139.0
ConBurner i>rices (uiladjustec 1)
United United CanKing- States ada Japan France
dom
110
110
114
122
120
113
116
118
119
119
119
118
120
116.3
121.3
125.3
133. 1
147. 7
161.2
170.5
174.3
175.3
177. 1
178.2
179.6
180.6
181.8
182.6
112.4
115.6
121. 1
130. 3
144. 5
160.0
172.0
176.3
177.9
179.4
181.3
182. 4
183.8
185.1
119. 6
127. 1
133.2
148. 9
182. 6
204.7
224. 4
233.7
236.6
237.8
238.9
242.7
245.0
243.2
242.7
117. 1
123.3
130.8
140.4
159. 6
178.2
195.4
203.5
204.1
205.5
207.4
210. 1
212. 1
Germany
107.1
112.7
118. 9
127. 2
136. 1
144.2
150. 8
152. 6
154. 0
154.9
155. 5
156.2
156.9
157.6
157.4
United
Kingdom
Italy
109. 1
114.4
121.0
134. 1
159. 6
186.8
218. 1
238.6
241.3
243.4
246.5
249.6
252.6
251. 1
117.5
128. 6
137. 7
150.4
174.4
216.7
252.9
270.0
277. 1
279.9
282.6
289.8
292. 1
292.0
Source: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc!aandise i mports
Merch andise e sports
]Domesticj exports
Period
Total
Food, Crude
domesbever- mate- Manutic and
2
foreign Total * ages,
rials
fac- Total2
exand to- and
tured
ports
bacco fuels goods
F. a.s. valu e »
Monthly
average :
1973
1974.
5,902
8,159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
1974
_._ 8, 159
8,928
1975
9,567
1976
1976: June... 9,722
July... 9, 956
Aug
9, 733
Sept... 9,796
9, 698
Oct
Nov
9, 594
10, 397
Dec
8,045
8,803
9,427
1,269
1,399
1,436
1,387
1,459
1,476
1,442
1,639
1,398
1,379
1,317
1,266
1,341
1,350
1,363
1,283
1,490
1,469
1,482
1,475
5,294
5,913
6,437
6,552
6,629
6,549
6,440
6,285
6,457
7,337
1,250
1,265
1,451
1,350
1,376
1,315
1,409
1,574
1,482
1,684
1,789
1,575
6,459
6,483
6,745
6,479
6,794
6,700
1977: Jan
Feb
Mar
Apr
May
June
9,599
9,808
10, 072
9,970
10, 395
10, 112
3,750
4,684
8,354
8,010
10, 056
10, 154
10, 717
10, 477
10, 651
10, 555
10, 623
11, 020
770 1,120
892 2,653
F.a.s. 'value 5
892 2,672
827 2,716
991 3,456
1,041 3,432
1,036 3,817
972 3,761
998 3,747
986 3,788
1,030 3,905
1, 142 3,808
11, 269
11, 674
12, 459
12, 593
11, 616
12, 932
1,150
1,261
1,291
1,468
1,354
1,170
1 Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
8 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mei•chandise
balance
General im]sorts
Exports
ExFood, Crude
(f.a.s.) ports
Total
bever- mate- Manuless
(f.a.s.)
fac(c.i.f.
ages,
rials
imless
tured value) * ports
and to- and
imgoods
bacco fuels
(cus- ports
toms (f.a.s.)
value)
Custom s value
trade
3
3,946
4,111
4,964
4,572
3,974
4,829
6,131
9,000
112
-257
Exports
(f.a.s.)
less
imports
(c.i.f.)
— 195
-229
-841
4,602
4,257
5,398
5,355
5,617
5,546
5,665
5,509
5,724
5,832
9,000
-257 — 195
852
8,616
918
-582 -490
10, 797
10, 954
-571 —432
11, 508
— 850 -761
11, 253
— 835 — 744
11, 449
— 965 -855
11, 308
-925 -857
11, 381 -1, 124 -1,029
11, 789
-720 -623
-841
312
-1,230
— 1,232
-1,552
-1,520
-1,653
-1,611
-1,787
-1,392
5,861
5,920
6,069
6,244
6,313
6,629
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
-1,758 -1,670 -2, 460
-1,956 -1,866 -2, 655
-2, 484-2, 387 -3,212
-2, 707-2, 623 -3, 449
-1,326 -1,221 -2, 009
-2, 934 -2, 820 -3, 698
6
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 revised for 1976, except detail for exports and imports, not yet
available.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. merchandise trade balance fell in the second quarter to a deficit of $7.8 billion from $7.0 billion in the
first quarter. Although exports rose modestly, imports registered a larger increase, primarily due to a rise in oil
imports.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1969
1972
1971
1970
1974
1973
1975
SOURCE: DEPARTMENT OF COMMEICE
1976
1977
COUNCIt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Me rchandise
Period
-
Exports
Imports
12
Net
balance
Milita ry trans actions
Direct
expenditures
1970
42, 469 -39,866 2,603 -4, 855
1971
43, 319 -45, 579 -2, 260-4, 819
1972
49, 381 -55,797 -6,416 -4, 784
1973
71, 410 -70,499
911 -4, 629
1974
98, 306 -103,673 -5, 367 -5, 035
1975
107, 088 -98, 043 9, 045 -4, 795
1976
114, 695 -123,918 -9,223 -4, 847
1975: III... 26, 562 -24, 483 2, 079 - 1, 096
IV.. _ 27, 657 -25,431 2, 226 -1, 198
1976: I
26, 999 -28,324 -1, 325 -1, 160
!!__._ 28, 379 -29, 914 -1, 535 - 1, 228
Ill
29, 607 -32,387 -2, 780-1,237
IV... 29, 710 — 33, 293 -3, 583-1,222
1977: !»_._ 29, 476 -36,456 -6,980 -1,350
II »_.. 30, 521 -38,315 -7, 794
1
1
3
Sales
1, 501
1, 926
1, 163
2, 342
2, 952
3,919
5, 213
957
1,164
1,095
1, 189
1,472
13 457
1,432
Net
balance
Private 3
, U.S.
Government
NetBaltravel Other ance
and
on
trans- servgoods
ice?,
porta- net 3
and
tion
serv-1
receipts
ices
-3, 355 3,605 -112 — 2, 023
-2,893 5,575 -956 -2, 315
-3, 621 6,074 - 1, 888 -3, 028
-2,287 7,806 -3,010 -3,086
-2, 083 11, 978 -3,234 -3, 105
-876 9,377 -3,423 -2, 552
366 13, 041 -3,233 -2, 145
-139 2,435 -816
-604
-34 2,404 -807
-684
—'65 "3,210 -773
-669
-39 3, 025 -745
-337
235 3,455 -788
-458
235 3,351 -927
-681
82 4,042 -872
-863
Excludes military grants.
Adjusted from Census data for differences in toning and coverage.
Fe*i and royalties from U.S. direct investments abroad or from foreign direct
investewots in the United States are excluded from net investment income and
included in other services, net.
36
Net iiivestment i ncome
2, 190 2, 912
2, 509 -340
2,789 -6,088
3, 185 3,520
3,970 2, 160
4, 594 16, 164
4,888 3, 699
1, 180 4, 135
1, 184 4,289
1,192 1, 569
1,176 1, 545
899
1,239
1,279 -315
1,419 -3, 172
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
- 3, 294 -382
-3, 701 -4, 041
-3,854 -9, 942
-3,887 -367
-7, 188 -5, 028
-4, 612 11, 552
-5, 023 -1,324
-1,070 3,065
-1,238 3,051
- 1, 029
540
-1, 015
530
-1,936 - 1, 037
- 1, 045 -1,360
— 1, 145 -4, 317
Note,—-Merchandise trade data for 1976 are as revised in July. Other data to
be revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
U.S. assets abroad fell in the first quarter and foreign assets in the United States grew much more slowly than in 1976
as year-end window-dressing and movements of funds in response to temporary interest rate incentives were reversed. Foreign official assets in the United States continued to expand strongly.
BILLIONS OF DOLLARS
130
BILUQNS OF DOLLARS
30'I
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A
10
A
\
10
-10
-10
-20
-20
-30
-30
1977
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DB>ARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
UJ3. assets abroad, rlet
[ineref ise/capita] outflow (-)]
Period
Total
1970_.-._..
1971
1972
1973
1974
1975
1976
Foreign official
ass ets
Total
Total
-6, 164 2, 477 -1,589 - 7, 052 5,923
2,348 -1,884 - 9, 76322, 445
-9,299
32 -1, 568 - 8, 39221, 127
-9,929
-14, 666
209 -2, 645-12,230 17, 753
-27, 029 - 1, 434
365 -25,960 33, 612
-31, 548
-607 -3,463 -27,478 14, 336
-42, 959 -2, 530 -4, 213 -36,216 34, 520
1975:III___ -3,081
IV.. __ -11,836
1976: I
II
III...
IY.___
U.S.
official
reserve
assets l 2
Other
U.S.
U.S.
Govern- private2
assets
ment
assets
Forei gn assets in the U.S., net
[inertiase/capit*il inflow (+)] f
-342
89
451
-388
6
-895
1,734
3, 067
1
Consists of gold, special drawing rights (SDR), conrertible currencies, and
the U.S. reserre position in the IMF.
s Quarterly data are not seasonally adjusted.
7,362
— 984
27, 405 -4, 450
10, 322 10, 422
5, 145 11, 454
10, 257 22, 631
5,259
7,376
13, 007 16, 575
745 - 1, 994 2,416 - 1, 603 -1,977
2,832
-977 -10,948 5,814
2,328
-773
-723 - 9, 254 6,856
-10,751
-944 - 7, 257 7,385
-9,779 -1,578
-407 -1,405 - 6, 597 8, 201
-8,409
-14,022
228 -1, 142 -13,108 12, 079
1977: I*
II »
6,907
26, 895
10, 705
6,299
10, 981
6,960
17, 945
Other
Assets of foreign
foreign
assets
official
reserve
agencies
4, 019
2,982
3,847
4,051
3, 070
6,977
2,323
3,308
1, 251
6, 125
5,852
4, 847 -2, 785
6, 521
3,009
3,333
5, 131
5,102
Statistical
discr€jpancy
U.S.
Allocaofficial
tions
reserve
of
Of
assets,
TVi-l-nl
1 otai
special (sum
which :
net 1
of
drawing
Seasonal
(unadthe
rights
adjust- justed,
items
(SDR) with
end of
sign ment
reversed) discrep- period)
—244
867
717 -9,822
710 -1,966
-2, 720
-1, 555
5,660
9, 763
14,
12,
13,
14,
15,
16,
18,
487
167
151
378
883
226
747
-2, 400 -2, 475 16, 291
2,971
1, 316 16, 226
3, 355
717
1,865
129
1, 244 -2, 622
3,303
1, 780
799
470
16, 941
18, 477
18, 945
18, 747
19, 120
19, 156
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product........~ -, -.. ~ «-* ~ ~. « ~ ._._._...
Gross National Product in 1972 Dollars..;.5. _ ... _ ..
,
Implicit Price Deflators for Gross National Product
_
,
Changes in GNP and GNP Price Measures. . . . ^ ,
_._ _ ,.
NonfinanciaJ 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.
~.,
-..
....
-. _. ^. M M ^. _ « « ^^. ^.^
\ Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries.. Average Weekly Earnings—Private Nonagricultural Industries..•.•^__ M __.-«.~..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
Wholesale Prices.. ^
Consumer Prices. . _. ^. _
-..
Changes in Wholesale Prices-.
Changes in Consumer Prices._. -.
Prices Received and Paid by Farmers. ^
~.~ .
.
- _, ~ .
...-.._ ^.... ^.
... _...
._. -. ^..-..
^.._.
_
._..-..-.._.._._.
_
.-.
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
__
._ ^. _ _ _ _ _ _ _ _ _ _ _
^
„
Private Liquid Asset Holdings—Nonfinancial Investors... M ^ M ^ „ _ ^ M M . .
Consumer Instalment Credit. . -. _ ^. ^. M »_ ^, ^ « « -, ^. ^. ^. ^. M —. ^. « ^. _ _ ^. ^. ^. ^....... ^.......... ^
^...
Bank Loans, Investments, and Reserves.... ^- ^.. « _ ^. ^- ^. ^. _ ^. ^. »_.— ^..— ^. ^.... _.._. ^........-...... ^. _........_. ^. „ . . .
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .. _
_ .Current Assets and Liabilities of Nonfinancial Corporations
_ .-..-. M *~.._ .-....Interest Rates and Bond Yields... _ ~..
_.. _ M ^ M . ..-. M .-. ^..
.
.
Common Stock Prices and Yields..-.
._. _ ._.._.....-.........-.
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt. s;;.-. ^. ^. ^ ~ _. ~ ^. ^ ^..
Federal Budget Receipts by Source and Outlays by Function ~ ^ ^, ^ _ M ^.
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.. ^ _
.
^
_ ^.
^
,. ^.. ^. ^. ^. ^.
_. _. ^
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