Full text of Economic Indicators : August 1978
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95th Congress, 2d Session
Economic Indicators
August 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN ]. MITCHELL (Maryland)
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)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
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—81sr CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION JSJ. Res. 55J
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
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $91.2 billion or 19.6 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased 8.0 percent from the first quarter level
and the implicit price deflator rose at a 10.7 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,200
BILLIONS OF DOLLARS (RATIO SCALQ
2,200
2,000
2,000
1,800
1,800
1,600
!,<SOO
1,400
1,400
1,200
1000
1970
1971
SOURCE! ȣPARTMENt Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
Gross
conprivate
sump- domestion
tic
exinvestpend- ment
itures
Go^/ernment purchases of goods and
Export£ and imp>orts of
goocis and services
Net
exports
services
Federal
National
defense »
Total
40. 6
47. 7
52.9
58.5
64. 0
75. 9
94.4
131.9
126.9
155.7
186. 6
180.2
198. 7
207.9
218.9
233.7
253. 1
269. 5
302.7
338.4
359.5
394. 0
90.9
98. 0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129. 9
145. 1
71.5
76. 9
76. 3
73.5
70.2
73.5
73. 5
77. 0
83.7
86. 8
94. 3
19.5
21. 2
21. 2
22. 1
26.0
28.6
28. 7
34. 1
39.4
43. 1
50. 8
89.3
100.7
110.4
123.2
137. 5
151. 0
167.3
191.5
215.4
229. 6
248. 9
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404, 0
1, 539. 6
1, 689. 9
1, 871. 6
46. 4
49.3
52.4
55. 1
236.7
245. 9
252.7
260.3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
5ae
265. 2
277.3
1, 975. 3
2, 064. 3
Total
120.8
131.5
146.2
140.8
160. 0
188. 3
220.0
214.6
190.9
243.0
297.8
-11. 1
45. 6
49. 9
54.7
62.5
65. 6
72. 7
101. 6
137.9
147.3
163.2
175. 5
1, 806. 8 1, 167. 7
1977:1
II... 1, 867. 0 1, 188. 6
Ill — 1, 916. 8 1, 214. 5
IV... 1, 958. 1 1, 255. 2
272. 5
295.6
309.7
313.5
-8.5
-5.9
-7.0
-23.2
170.9
178. 1
180. 8
172. 1
179.4
184.0
187. 8
195. 2
375.0
388.8
399. 5
412. 5
138. 3
142.9
146. 8
152.2
91.9
93.7
94, 4
97. 1
1, 992. 0 1, 276. 7
1978:1
II... 2, osa 2 1, 324. 9
322. 7
344.0
-24. 1
— 10.2
181.7
200.9
205.8
211. 1
416.7
424.5
151. 5
147.2
9ae
4,9
2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
7.4
i This category corresponds closely with budget outlays for national defense,
shown on p. S3.
Final
sales
Imports
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. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
State
and
local
Exports
97.9
Nondefense
48.6
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Personal
conGross
national sumption
product
expenditures
Period
Nonresidential
fixed
Residential
fixed
Change
in busiNet
ness in- exports Exports Imports
ventories
Total
Federal
50.7
58.9
63. 5
65.7
68.5
75. 9
79. 9
77. 1
67.5
80.5
88. 7
248. 3
259. 2
256. 7
250.2
249. 4
253. 1
252. 5
257. 7
262. 6
262. 8
269. 2
125. 3
128.3
121. 8
15. 9
22. 6
15.4
9. 5
54.2
58. 5
62. 2
67. 1
67. 9
72. 7
87.4
93. 0
90.0
95. 9
98.2
5.8
10. 0
12.2
7.5
11. 2
11.0
12.5
3. 1
97. 1
98.9
100. 8
96. 0
85.9
87. 9
88. 2
92. 9
12. 3
12.0
2.9
8.9
99. 1 !
106. 1
96.2
97.3
1, 007. 7
1, 051. 8
1, 07a 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 271. 0
1, 332. 7
603.2
633. 4
655. 4
668.9
691.9
733.0
767.7
760. 7
774. 6
819.4
857.7
103.5
108.0
114. 3
110. 0
108. 0
116.8
131. 0
130.6
113. 6
118. 9
129. 8
37. 2
42.8
43.2
40. 4
52. 2
62. 0
59.7
45.0
38.8
47. 8
57.7
12. 0
8.7
10. 6
4.3
6. 6
9.4
16. 5
8.0
-9.8
6.7
8.9
1977:1-— 1, 306. 7
II__. •1, 325. 5
Ill— 1, 343. 9
IV___ 1, 354. 5
846. 6
849. 5
858.0
876.6
126.8
129. 1
130. 8
132.5
53.5
58. 0
58. 8
60.3
1978: 1_— 1, 354. 2
II__. 1, 380. 5
873. 5
887. 3
133. 8
140.4
59.5 1
60. 1 1
1967
1968
1969
1970
1971_-_
1972 .
1973___
1974___
1975
1976
1977.-
Governrnent pure bases of
good s and sen/ices
Exj>orts of gc>ods
a ad service®
Gross iDrivate do mestic
iiivestment
3.5
—.4
— 1. 3
1.4
-.6
-3.3
7.6
State
and
local
Final
sales
110.7
103. 9
102. 1
96.6
95.8
96.5
96. 6
101. 6
123. 1
130. 9
134. 9
139. 5
145. 5
151. 0
155.9
161.8
166. 1
166. 2
167. 6
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 264. 4
1, 323. 8
262. 8
267. 9
271.7
274. 5
98.7
101.3
102. 9
103. 6
164.
166.
168.
170.
1
6
8
9
1, 300. 9
1, 315. 5
1, 331. 7
1, 347. 1
272. 1
271.9
101.2
97. 1
170. 8
174.7
1, 341. 8
1, 368. 5
i
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Personal consump tion expe nditures
Period
Gross
national
product
Total
Gross ]Drivate
dom estic
invesl ment
Exports and
imports of goods
and sejrvices
NonresNonDurable durable Services idential
goods
goods
fixed
Residential
fixed
Governrrlent purchases c>f goods
and se rvices
Exports Imports Federal
State
and
local
1967
1968
1969
1970
1971_
1972_ _
1973__
1974___
1975
1976
1977
79.02
82.57
86. 72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
13&76
141. 61
81.3
84. 6
88.5
92. 5
96.6
100. 0
105. 5
116.9
126.4
133. 1
140. 7
87.4
90.7
93. 1
95. 5
99. 0
100. 0
101. 6
108. 4
117. 7
124. 4
129. 5
81. 9
85. 3
89. 4
93.6
96. 6
100. 0
107. 9
123. 8
133. 4
138. 2
145.0
78.8
82.0
86. 1
90.5
95. 8
100. 0
104. 7
113. 6
123. 2
131. 6
141. 0
79.3
82. 6
86. 6
91. 3
96. 4
100. 0
103. 8
115. 3
132. 2
138. 4
146. 7
77.0
80.7
87. 7
90.6
94. 9
100. 0
110.8
122. 3
132.8
142. 5
159. 4
84. 0
85. 3
87.9
93. 1
96. 6
100. 0
116. 2
148.3
163. 6
170. 1
178. 7
80. 1
80.9
83.3
89. 1
93.5
100. 0
118.2
171.0
188. 0
193.5
210. 3
72.6
76.4
80.0
86. 4
92. 6
100.0
105.8
115. 9
127.5
134.4
142. 7
72.5
76.9
81.9
88. 3
94.5
100.0
107.3
118.4
129.7
138. 1
148.5
1977:1
II
III
IV
138. 27
140.86
142. 63
14456
137.9
139. 9
141. 6
143. 2
128.4
128. 9
129. 5
130.9
142. 4
144. 7
145. 7
147.0
137.4
139. 7
142. 3
144. 4
142. 5
145. 0
147. 9
151. 2
152.
157.
160.
166.
3
6
6
1
176. 1
180. 0
179. 4
179. 2
208. 9
209. 3
212. 9
210. 2
140. 1
141. 1
142. 7
146. 9
144.3
147.6
149. 7
152. 3
1978: I
II
147. 10
150. 90
146.2
149.3
133. 1
135.7
150. 4
154.4
147. 1
150. 0
153. 6
156. 6
168. 6
175. 2
183.3
189. 3
213. 8
217.0
149. 6
151.5
155.2
158.7
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross aational p roduct
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Gross (iomestic ]product
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
5. 8
9. 1
7.7
5. 0
8. 2
10. 1
11.6
8. 1
8. 2
11. 2
11.0
2.7
4. 4
2.6
-.3
3.0
5. 7
5. 5
— 1. 4
-1.3
5.7
4. 9
2. 9
4. 5
5.0
5.4
5. 1
4. 1
5. 8
9.7
9.6
5.2
5.9
3. 0
4. 4
5.0
5.3
5.0
4. 1
6. 0
9.9
9.4
5. 6
6. 2
3. 0
4.3
5.0
5.2
4. 9
4. 0
6.0
10.2
9.3
5.6
6. 3
5.7
9. 1
7.8
5. 0
8. 1
10. 1
11. 5
7.9
8. 5
11. 0
10.9
2.7
4.4
2. 6
_. 3
2. 8
5.8
5.4
-1.3
— 1. 1
5.6
4.8
3. 0
4. 5
5. 1
5.3
5. 1
4. 1
5.7
9. 3
9.7
5.2
5.8
3. 1
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.7
6. 1
3.0
4. 4
5. 0
5. 2
4. 9
4. 0
5. 9
9. 9
9. 3
5.7
6.3
1977: I
II
III...
IV
13.7
14. 0
11. 1
8.9
7.3
5. 9
5.7
3.2
6. 0
7.7
5. 1
5.5
6.6
7.3
4, 6
6.5
7.0
7.4
4.7
6. 8
13.3
13. 9
11.2
9.5
7. 1
5. 8
5.8
3.5
5.7
7.7
5. 1
5.8
6.4
7.4
4. 5
6.7
6. 8
7. 5
4. 6
7. 0
1978: I
II
7. 1
19.6
—. 1
8.0
7.2
10.7
7. 1
10.7
7.0
10.9
6.7
19. 7
-. 4
8.0
7. 1
10.8
7. 1
10.8
7.0
11.0
1967
1968__
1969__ _ _
1970
1971
1972 _
1973
_
1974_
_
_
1975__
_
1976
1977
•_. .
_
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]
Gross d omestic
prodi, .ct of
nonfin ancial
corp(Drate
busi ness
(billic>ns of
doll ars)
Period
Ciarrent-dollar cost a nd profit per unit of output (dollars) i
Total
cost
and
profit 2
Current
dollars
1972
dollars
452. 9
498. 4
541. 8
_
560. 6
602. 5
671. 0
752. 0
808. 8
__ 874. 1
988. 5
_
1, 103. 2
545. 8
581. 6
607. 3
600. 6
619. 3
671. 0
720. 4
695.0
680. 0
730. 0
769.3
0.830
. 857
. 892
.933
.973
1. 000
1. 044
1. 164
1. 285
1. 354
1. 434
1, 048.
1, 093.
1, 124.
1, 146.
5
3
6
3
750. 2
766.9
776.7
783. 6
1978: I _ _ _ _ 1, 161. 6
II * _ _ 1, 230. 9
783.6
810. 6
1967_
1968
1969 _
1970
1971
1972
1973
1974
1975_.
1976_.
1977
1977: I
!!___
III__
IV_._
Capital
consumption
Comallowpenances Indirect sation
with
business
of
capital taxes 3 employconees
sumption
adjustment
0. 072
. 074
. 079
.088
. 094
. 093
.095
. 116
. 142
. 146
. 150
0.084
. 089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
1. 398
1.426
1. 448
1. 463
. 149
. 149
. 151
. 152
. 140
. 139
. 140
. 142
1. 482
1. 518
. 155
. 154
. 145
. 145
1
Output is measured by gross domestic product of nonfinancial corporate
*— "iness in 1972 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corB,te business with the decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments
jess subsidies.
Corpo rate profi fcs with
inventc3ry valuat ion and
capit al consurription
aidjust men ts
Net
interest
Total
0.535 0. 016 0. 123
. 553 . 017 . 124
. 022 . 109
.589
.086
.028
.628
. 645 . 029 .095
. 107
. 661 . 028
. 105
. 699 . 032
.086
. 796 . 043
. 113
. 045
.848
. 042
. 139
.891
. 952 . 044
. 148
.932
. 946
. 955
.973
1.008
1. 019
Profits
tax
liability
0. 051
. 058
. 055
.045
. 048
.050
.055
. 061
.060
.073
. 077
Profits
after
tax 4
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.072
. 066
. 055
. 041
. 046
.057
.050
. 024
.053
.066
. 071
6.873
7. 105
7. 139
7. 132
7.374
7. 595
7. 780
7.504
7. 777
8. 045
8. 190
3. 676
3. 929
4. 198
4. 478
4. 757
5. 024
5. 440
5. 971
6.597
7. 166
7. 794
. 043
. 043
. 044
. 045
.
.
.
.
134
148
158
151
.075
.078
. 076
. 077
.059
. 070
. 082
. 074
8.097
8. 152
8.257
8.252
7.550
7. 709
7. 884
8. 027
.046
.045
. 129
. 156
. 071
. 085
. 057
. 070
8. 198
8.280
8. 264
8.434
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
Period
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corpor ate profits> with inv entory va .uation
Proprietors1
and capital co nsumptioii adjustments
income3 with
1
Rental
f valua- income
inventor
Profits with inv<mtory
tion and capital of perComvaluation adjus :ment
consuniption
sons
pensaand ^without ca pital
adjust ments
with
Net
tion of
Naconsum ption adjiistment Capital interest
capital
conemtional
conincome ployTotal
Inven- sumption
sumpeesl
tory
Profits valua- adjustNontion
Farm
Total
adjustfarm
ment
before
tax
ment
adjustment
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107. 9
141. 4
159. 1
77. 3
85. 6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
76. 1
78.9
80.8
82.3
22. 5
22.4
22.4
22.7
129. 9
143. 7
1548
148.2
1445
158. 5
169.9
163.5
1648
175. 1
177.5
178.3
83. 1
86.0
22. 8
22.2
132. 6
159. 5
14a7
176.7
172. 1
201. 6
18.0
32.0
25.4
23.5
18.4
20.2
1, 107. 9
1, 14a 5
1, 165. 8
1, 199. 7
19.4
20.0
16. 5
25. 1
i, eoa i 1, 241. 0
1, 683. 6 1, 287. 5
21.9
655. 8
471.9
519.8
7144
571.4
767.9
609.2
798.4
650.3
858.1
715. 1
951.9
799.2
1, 064 6
875.8
1, 136. 0
931.1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
12.1
12.0
13.9
13.9
1977:1
II
III
IV
1, 447. 5
1, 499. 3
1, 537. 6
1, 576. 9
1978:1
II*
1
20.1
21.5
21.6
21.4
22.4
22. 5
22.5
79.3
85. 8
81.4
67.9
77.2
92. 1
99.1
83.6
95. 9
127.0
1442
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
60.9
63. 5
70.2
79.5
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
143
240
19.4
18.6
18.1
1&6
Includes employer contributions for social Insurance. (See also p. 5.)
1.7
3.7
3.7
3.5
1.5
.3
2.5
1.9
-144
-14 9
243
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
843
95. 4
—20. 3
-16.6
-7.7
-148
-148
-148
-15.0
-15.3
91.7
93. 7
97. 3
99.0
—23. 5
—249
— 16. 1
-17.2
101.7
1045
-3.4
-5.5
-5. 1
-5.0
— 6. 6
-18.6
— 40.4
— 12.4
-145
-148
-2.9
— 12. 0
Source: Department of Commerce, Bureau of Bcomomic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura jle goods
D arable goocIs
Period
Total
personal
consumption
expenditures
Total
durable
goods l
Motor
vehicles
and
parts
7.6
8.6
0.8
8.7
1.6
63.9
71.3
8. 6
9. 1
2. 1
81.3
81.2
79.5
465.9
473. 6
479.7
496.9
237. 5
244 5
246.4
252.6
78.5
79. 3
81.4
86.7
46. 1
46.2
46. 0
47.5
528.6
539. 4
557. 5
571. 1
9.4
9.2
8. 9
9. 0
2.3
840
68.0
69. 9
72.0
75.3
84 1
92.8
72. 1
76.5
501.4
519.8
257.7
267.9
82.9
87. 6
48.3
49.2
591.8
607. 1
10.0
43.8
50. 6
55.2
48.0
53.4
69.7
81.5
1977:1
II
III____
IV
1, 167. 7
1, 188. 6
1, 214 5
1, 255. 2
173.2
175. 6
177.4
187.2
1, 276. 7
1, 324 9
183.5
198.0
349
Total Includes other Items not shown separately.
Imports
208.1
225.6
247.2
269. 1
293.4
322. 4
352. 3
391.3
437. 5
491.0
549. 2
97. 1
111.2
1
Domestics
17.0
18.4
20.4
22.0
23. 4
24 9
27.8
36.4
39. 5
42. 8
46.5
29. 7
35.8
37.7
1978:1
II
Clothing Gasoline Services
and
and oil
shoes
38.2
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.7
81.5
69. 6
80.0
85.5
122. 0
132.6
156. 6
178.4
Food
109.6
118. 3
126. 1
136.3
140.6
150. 4
168. 1
189.8
209. 6
225. 8
245. 2
490.4
535.9
579.7
618.8
668.2
733.0
809.9
889.6
979. 1
1, 090. 2
1, 206. 5
m.7
Total
nondurable
goods *
212.6
230.4
247.0
2647
277. 7
299.3
333.8
376.3
408.9
442. 6
479.0
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
849
Furniture
and
household
equipment
Retail?sales of
new pa ssenger
cars (DCdllions
of uilits)
29.5
32.6
35.0
36.7
39.4
448
50.7
549
sao
8. 5
7. 1
9. 3
9. 7
7. 5
7.1
8.7
Source: Department of Commerce, Bureau of Economic Analysl
1. 0
1. 1
1. 3
1. 6
1.8
1.4
1. 6
1.5
1. 9
2. 0
2.0
2. 1
2. 1
SOURCES OF PERSONAL INCOME
Personal income rose $24.2 billion (annual rate) in July following revised increases of $12.9 billion in June and
$12.7 billion in May. Wages and salaries rose $11.2 billion in July, compared with $9.0 billion in June. A cost-ofliving increase in social security benefits accounted for $5.7 billion of the $8.2 billion rise in transfer payments.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
WAGE AND SALARY DISBURSEMENTS
400
„.„„.„„.,,,.....«'•""'
OTHER INCOME
,—....."'""^
400
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
IJ I.. I...1.1 1 I 1 II
1970
1972
1971
1973
] ||
| \ \ |M II I
1974
1975
1976
1977
I
1978
*SEASONALLY ADJUSTED ANNUM RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
Period
[Billions of dollars; monthly data at
s
Wage
and
Other Proprietc>rs' income
Total
labor
personal salary
income disburse- income1 2 Farm
Nonfarm
l
ments
seasonally adjusted annual rates]
Rental
income Diviof
dends
persons 4
Less: PerPersonal Transfer sonal con- Nornfarm
interest pay- 8 tributions personal
income ments
for social incomefi
insurance
801. 3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0
546. 5
579.4
633.8
701. 3
7646
805. 9
890. 1
983.6
32. 0
36.2
42. 0
48.7
55.6
65. 1
77.0
90.4
13.9
14.3
18. 0
32. 0
25.4
23. 5
18.4
20.2
51.2
53.4
58. 1
60.4
60.9
63.5
70.2
79. 5
18.6
20. 1
21.5
21. 6
21.4
22.4
22. 5
22. 5
22.9
23.0
24.6
27.8
31.0
31.9
37.9
43. 7
64. 3
69.3
74.6
84. 1
103.0
115. 5
126. 3
141.2
79.9
94. 1
104. 1
118.9
140.8
178.2
193.9
208. 8
28.0
30.8
34.2
42.2
47.7
50.5
55.5
61. 0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494. 4
1977: July... 1, 533. 5
Aug
1, 540. 7
Sept... 1, 556. 9
Oct
1, 577. 0
Nov
1, 592. 7
Dec
1, 609. 2
988.9
991. 5
1, 000. 4
1, 014. 1
1, 022. 3
1, 027. 3
91. 0
92.2
93. 5
94.8
96. 1
97. 3
15.9
15. 0
18.5
22. 1
24.6
28. 5
80.5
80.8
81.0
81.4
82.2
83.2
22. 3
22.4
22. 4
22.4
22. 6
22.9
43.8
44. 1
44.4
45. 1
45.5
48.3
142. 1
143. 7
145. 1
145.3
145. 5
147. 3
210.3
212.1
213.3
214.2
216.5
217.2
61.2
61.3
61. 6
62. 4
62. 6
62.8
1, 503. 3
1, 511. 2
1, 523. 9
1, 540. 1
1, 553. 1
1, 565. 5
1978: Jan
1, 615. 5
Feb.... 1, 625. 0
Mar
1, 646. 3
1, 669. 4
Apr
May
1, 682. 1
June ._ 1, 695. 0
July »__ 1, 719. 2
1, 038. 3
1, 047. 4
1, 066. 6
1, 083. 9
1, 088. 4
1, 097. 4
1, 108. 6
98.7
100.0
101.3
102. 7
104. 0
105.4
106.7
25.6
21.5
18. 6
22. 0
24.8
25. 3
24.4
82.0
83. 0
84.4
85. 5
86. 1
86. 5
88. 2
23.0
22.8
22. 6
22. 3
22. 1
22. 1
24. 1
46. 8
47.0
47.2
47.4
48. 0
49.0
49. 2
149. 6
151.4
153. 3
154.8
156. 5
158. 1
159.3
218. 1
219. 0
220.3
219. 7
221. 3
220. 7
228.9
66. 5
67. 0
68. 0
68. 9
69. 0
69. 5
70.2
1, 574. 7
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654 1
1, 679. 1
1970
1971___
1972...
1973___
1974
1975
1976
1977
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare
funds; workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
«With capital consumption adjustment.
780.7
83&o
8
Consists mainly of social insurance benefits, direct relief, and veterans oavments.
8
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 DOllABS* (fcATIO SCA19
BILLIONS OF DQILARS* (RATIO SCALE)
t,600
-PER CAPITA DISPOSABLE PERSONAL INCOME--
2,000
1970
2,000
1971
1978
*,SEASONALLY ADJUSTED ANNUAL RATES
5OWCE; DEPARTMENT Of COMMERCE
Less:
Jrersonal
tax
Personal
and
income nontax
payments
COUNCIt OF ECONOMIC ADVISERS
TJ
Period
Equals :
Disposable
personal
income
Less :
Personal
outlays 1
Per capita
disposable
Equals : personal income
Personal
saving Current
1972
dollars dollars
745. 8
801.3
859. 1
,__ 942. 5
_ 1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0
Current
dollars
1972
dollars
Percent
change Saving
in real as percent of Populaper
tion
capita dispos(thou-2
able
dispossands)
perable
sonal
perincome
sonal
income
Dol lars
Billions of d ollars
1969
1970
1971
1972
1973
1974
1975
1976
1977
Per capita personal co nsumption exp*mditures
595. 3
630.4
115. 4
635. 4
685.9
115.3
685.5
742.8
116.3
801. 3
751.9
141.2
831. 3
901.7
150.8
913.0
984. 6
170.3
168.8 1, 086. 7 1, 003. 0
196. 5 1, 184 4 1, 116. 3
226. 0 1, 303. 0 1, 236. 1
35. 1
50. 6
57.3
49.4
70. 3
71. 7
83. 6
68.0
66. 9
3, 111
3, 348
3, 588
3,837
4,285
4,646
5, 088
5,504
6, 009
3,515
3,619
3,714
3,837
4,062
3,973
4,025
4,136
4,271
2,860
3, 020
3,227
3,510
3,849
4, 197
4,584
5,066
5,564
3,234
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3, 955
1.5
3.0
2.6
3.3
5.9
-2.2
1.3
2.8
3.3
5.6
7.4
7. 7
6.2
7.8
7.3
7. 7
5.7
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
213, 191
216, 856
Seas onally ad, usted anrmal rates
1, 470. 7 222.7 1, 248. 0 1, 195. 8
II™ 1, 508. 6 223. 3 1, 285. 3 1, 217. 8
1977: I
III.. 1, 543. 7 224. 6 1, 319. 1 1, 244 8
IV. .1, 593. 0 233.3 1, 359. 6 1, 285. 9
1, 628. 9 237.3 1, 391. 6 1, 309. 2
II— 1, 682. 2 248. 9 1, 433. 3 1, 358. 7
1978: I
5,401
5,487
5, 595
5,770
3, 916
3,922
3,953
4,030
1. 1
5. 5
5. 0
5.3
73.7
4,185
4,241
4, 293
4,365
42
743
5,772
5,934
6,077
6,250
6.9
5. 6
5. 4
216,
216,
217,
217,
82.4
74 6
6,387
6,566
4, 370
4,397
5,859
6,070
4,009
4,065
.5
2.5
5.9
5.2
217, 897
218, 287
52.2
67.5
* Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
a Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974, Quarterly data are average for the
period.
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and Bureau,
of the Census).
FARM INCOME
In the second quarter, according to revised estimates, net farm income before inventory adjustment rose $4.2 billion
(annual rate) while income after inventory adjustment rose $2.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALQ
BILLIONS OF DOLLARS* (RATIO SCALE)
120 100
120
—X^
^x^_^
wir--1
_
so
y
^\_~
X
-
. GROSS FARM NCOME
BEFORE 1NVE
NTORY
ADJUSTM ENT
^-^
—
tnn
—*/]
sX
80
„„ xj
_
NETF 4RM INCOMH
AFTEFk INVENTORY
ADJUSTMENT
40
S
/rt
40
%
%
%
\
w
f
.^
j^^
f
\
f
<
**«»^
to
T
f *>^
r r
1970
+*
/
/
^
\/
\£
/*
20
f
^%
20
—^^
^ V
J%
^
\/
"*^
'
/
f
1971
1972
1
T
\
1973
\ \
1974
f
f
1975
f
,
r
197«
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE DEPARTMENT OF AGRICULTURE
r
f
1977
f
f
r
1978
10
COUNCIL OF ECONOMIC ADVTSERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by total farm po pulation
Income re ceived frc>m farming
Gross income be fore inven tory adjustnlent
Net t s farm
oper ators
Cas h receipts from
Period
From From From
Producinarketings
all
farm nonfarm
tion ex- Before
After
sources sources sources Tn+Al 1
Livepenses
inven- invenstock
tory
tory
Total
Crops
and
adjust- adjust- 2
products
ment
ment
Billioiis of dolla rs
1970
14.5
13.0
27.5
58.6
50.5
29. 6
21.0
14. 1
44.4
14.2
1971
28.8
15.3
60. 6
13.5
52.9
30.6
22.3
13.2
47. 4
14 6
1972
34.6
70. 1
17.8
16. 9
61. 2
35.7
25. 5
52. 3
17.8
18. 7
1973 „. __ 48.9
29. 2
19. 7
95.5
87. 1
45. 9
41. 1
65.6
29. 9
33. 3
1974
45. 2
23. 4
21.8
100.0
92. 4
41. 4
51. 1
72. 2
27. 7
26. 1
1975
22. 7
44.5
21.9
96.9
88. 2
43. 0
45. 1
21. 1
75.9
24 5
1976
41. 2
24. 4
16.9
104. 1
94 5
46. 2
48.3
83.0
21. 1
18. 8
1977
43.0
24. 7
18.3
108. 1
96. 1
47.6
48.5
88.0
20. 1
20. 6
1977: I
108.1
97. 6
46. 3
51.3
87. 5
20.6
19.6
II
106. 7
95. 7
46. 6
49. 1
87. 0
19.7
20.2
III___
102. 7
91.3
47.8
43.5
16.7
86.0
16.8
IV
114. 8
99.6
49.5
50.1
91.4
23. 4
25. 5
1978:1
115. 8
102.2
52.7
49. 5
22. 3
93. 5
22. 3
II
122.5
109.0
57.5
51.5
26.5
96.0
245
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
32-834°—-78-
Net incc>me per
farm sliter inventory adjustme:n t «
Current
dollars
4
Dol lars
4, 800
5, 040
6, 530
11, 810
9, 350
8, 850
6, 850
7,590
7, 240
7,460
6,210
9,420
4, 130
4 160
5 210
8, 870
6 330
5 490
4, 020
4, 180
4, 090
4, 130
3, 390
5,080
8, 320
9,140
4, 410
4,730
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
1967
dollars
CORPORATE PROFITS
According to preliminary estimates for the second quarter, profits before tax rose $29.5 billion while after-tax profits
rose $15.2 billion. About one-fourth of the increase was due to a rebound from the effects of the severe weather and
coal strike in the first quarter.
201.6
BILLIONS OF DOLLARS
40
40
.
'
1970
1978
SOURCE, DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
ProJats after tax
Profit s (before tax) wit i inventc>ry valusition
adjustn lent l
Dome stic indu,stries
r
N onfinanc >ial
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: I
II
III
IV
1978: I
II*
Total 2
_
75.6
82. 1
77.9
66.4
76. 9
89.6
97.2
86. 5
107. 9
141.4
159.1
144. 5
158.5
169.9
163.5
148. 7
176.7
Total
72.6
78.9
74.2
62.6
72.4
84.7
90.4
76.9
101. 8
133.2
149.5
134.8
148. 1
159.5
155. 6
139.2
167.3
Financial
Total3
Manufacturmg
9.0
10.4
11.3
12.6
14. 1
15. 4
16.2
14.4
13.0
17. 5
20.9
19.7
19. 9
21.9
21. 9
22. 7
24. 3
63. 6
68.5
62.9
50. 1
58.2
69.3
74. 1
62.5
88. 9
115.6
128.6
115. 1
128. 1
137.6
133. 7
116.6
143.0
37.9
41.2
36.8
27. 1
32.4
40. 6
44. 1
36.6
48.3
65.6
74.7
66.4
77.4
74. 7
80.2
69.8
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
8
Wholesale
and
retail
trade
8.9
10. 1
10. 1
9.4
11. 7
13.3
14. 7
12.9
20.7
24.0
24.0
20. 6
22.8
30,6
22.1
16. 7
Profits
before
tax
Tax
liability
Total
Dividends
77.3
85.6
83.4
71. 5
82.0
96.2
115.8
126. 9
120.4
155.9
173.9
164.8
175. 1
177.5
178. 3
172. 1
201. 6
32.5
39.4
39.7
34. 5
37. 7
41.5
48.7
52.4
49.8
64.3
71.8
68.3
72. 3
72.8
73.9
70.0
84. 2
44. 9
46.2
43.8
37.0
44. 3
54. 6
67. 1
74.5
70. 6
91. 7
102. 1
96.5
102. 8
104. 8
104.4
102. 1
117.3
20.1
21.9
22.6
22.9
23. 0
24.6
27.8
31. 0
31.9
37.9
43.7
41.5
42. 7
44. 1
46. 3
47.0
48. 1
Undistributed
profits
24.7
24.2
21.2
14. 1
21.3
30.0
39.3
43. 6
38.7
53.8
58.4
55.0
60. 1
60.6
58. 1
55. 1
69. 2
2 Includes rest of the world, not shown separately.
* Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-L7
-3.4
-5.5
—5. 1
—5.0
-6.6
-18.6
—40.4
— 12.4
-14.5
-14.8
-20.3
-16.6
-7.7
-14.8
-23.5
-24.9
JROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, business fixed investment rose $14.2 billion (annual rctfe) as
nonresidential construction outlays rose $7.6 billion and producers' durable equipment purchases increased $6.6
billion. Residential investment outlays increased $5.0 billion. Inventory investment amounted to $18.9 billion, up
$2.2 billion from the first quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOtURS»fRATIOSCAL9
-NONRESIDEh(TLAL FIXED IK/ESTME4T
340 -GROSS PRIVATE DOMESTIC INVESTMENT
300
260
^\
120
~7_
*r
PRODUCERS'
DlJRABLE EQUIPA\mr
100
\
v
—
_>
s"^
~-
^
^
«^~-
220
~
80
180
I
I
I
I
t
I
BILLIONS OF DOLLARS
1.20
RESIDENTIAL'FIXED
110
I
I
f
1
!
! I
! f
| -
INVESTMENT
mm
%+*
+'***
STRUCTURES
^&^<mm*wm
60
-''" -
**
50
100
I
90
I
I
I
I
1
1
1
1
\
\ \
1
1
!
BILLIONS OF DOLLARS
80
70
60
50
1974
1975
1976
1974
1978
1977
1975
1976
•* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1977
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident ial fixed investmeknt
Gross
private
domestic
investment
Period
Struc tures
Prodiicers'
duna,ble
equipment
Total
Total
Nonfarm
Total
Resid ential fix ed invesibment
~Pvn
Total
Nonfarm
Nonfarm
structures
Farm ducers*
durstrucable
tures equipment
120. 8
131. 5
146.2
140. 8
160. 0
188.3
220. 0
214. 6
190. 9
243.0
297. 8
82.1
89. 3
98.9
100.5
104. 1
116. 8
136.0
150. 6
150. 2
164. 6
190.4
29.5
31. 6
35. 7
37.7
39.3
42. 5
49. 0
54.5
53.8
57. 3
63.9
28.2
30. 4
34. 3
36. 1
37.8
41. 1
46. 9
51.8
51.3
54. 7
61.0
52. 6
57. 7
63. 3
62.8
64. 7
74. 3
87.0
96.2
96. 4
107. 3
126.5
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88. 2
87.4
97. 5
116. 7
2&6
34.5
37.9
36. 6
49.6
62.0
66. 1
55. 1
51.5
68.2
91. 9
27. 2
33. 1
36.3
35. 1
47. 9
60. 3
64. 3
52. 7
49.5
65. 8
88. 9
0.7
.6
.7
.6
.7
.7
.6
1. 2
.9
1. 1
1. 5
0.7
.8
.9
1977:1
II
III
IV
272.5
295. 6
309. 7
313.5
180. 6
187. 2
193.5
200. 3
59. 3
63. 4
65.4
67. 4
56. 4
60. 4
62.7
64. 5
121. 4
123. 8
128. 1
132.8
111.0
113. 8
118. 6
123.4
81. 6
91. 4
94. 3
100.2
78. 6
88. 4
91. 2
97.5
1. 6
1. 6
1. 6
1. 2
)78:I
II
322.7
344.0
205.6
219.8
68.5
76. 1
65. 2
72.9
137. 1
143.7
127. 2
133.2
100. 3
105.3
97.3
102. 1
1.3
1.4
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
_
_
Source: Department of Commerce, Bureau of Economic Analysis.
Change in business mv entories
Total
10. 1
7.7
9. 4
Nonfarm
9.4
7.6
9.2
1.0
6. 4
3. 7
5. 1
1.2
17. 9
8. 9
-10.7
10.2
15. 6
14.7
10.8
-14.3
12.2
15. 0
1.4
1. 4
1. 5
1. 6
10.3
17.0
21. 9
13. 1
11. 1
16. 5
22. 0
10. 4
1.7
1.8
16. 7
18.9
16.9
20.9
.9
1. 1
1. 2
1. 1
1.3
1. 5
3.8
9.4
8.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.2 percent in 1978, according to the Commerce Department survey
conducted in late April and May. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
1970
1978
1971
J/ SEE FOOTNOTE 4 BELOW.
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts ()f plant
Ex penditure s for plant and equ ipment
and eqiiipment
3
proie*cts
Mi mufacturi ng
Period
Total l
DurTotal
1971
1972
1973
1974
1975
1976
1977 4
1978
Non-
able
goods
durable
goods
81.21
88. 44
99. 74
112. 40
112. 78
120. 49
135. 80
151. 05
29. 99
31. 35
38. 01
46. 01
47. 95
52. 48
60. 16
67. 28
130.
134.
140.
138.
16
24
38
11
56. 43
59. 46
63. 02
61. 41
29. 23
28. 19
144.
148.
III _._ 153.
IV*____ 156.
25
88
83
84
61.57
65. 67
so. 4%
1977:1
II
III
IV
1978: I
II *4
69. 44
71. 81
Ncmmanuf.acturing
i
14. 15
15. 64
19. 25
22. 62
21. 84
23. 68
27. 77
15. 84
15. 72
18.76
23. 39
26. 11
28.81
32. 39
80.95
86.84
26. 30
30. 13
32. 19
33. 79
27.26
28. 72
81.99
82. 45
33.22
Total
51. 22
57.09
61.73
66. 39
64. 82
68.01
75. 64
88. 76
73. 74
74.78
77.36
76.70
32. 86
85. 25
87. 45
84.89
89.86
85. 03
82.68
88. 21
i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account,
10
Transportation
Public
utilities
2. 16
2.42
2.74
3. 18
3. 79
4. 00
4.50
4. 76
4.93
5.72
6. 03
6.66
7.57
7.45
6. 93
7. 94
15.30
17. 00
18. 71
20.55
4.24
4. 49
4. 74
4. 50
4.45
4. 95
Mining
4.84
4.90
Communication
Commer-
Manufactur-
cial
ing
and
other 2
18. 05
20. 07
21. 40
22. 05
20. 60
20. 99
22. 97
24. 67
28.00
28.94
10.77
11. 89
12. 85
13.96
12. 74
13. 30
15.45
17. 46
7.29
6. 96
6. 85
6.88
25. 35
25. 29
26. 22
26. 23
14. 19
15. 32
16. 40
15. 82
22.67
22.73
8. 4.6
8. IS
7. 65
7.61
27.92
17. 07
20. 14
22. 28
25. 80
28. 27
29. 26
SO. 80
Public
utilities
23. 14
23. 27
24. 76
41. 86
42. 63
42. 21
35.21
47. 57
52. 49
48. 24
51. 05
22. 22
28. 60
38. 13
45. 74
34. 50
29. 66
66.73
32.54
15.26
15. 15
19. 81
16. 54
9. 76
3. 79
10. 23
7.99
17.41
5. 13
2
Includes trade, service, construction, finance, and insurance.
_ 3 Starts are estimated by adding changes in carryover to expenditures durir
< Planned'capital expenditures as reported by business in late April anu
May 1977. Plans are adjusted when necessary for systematic bias,
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment in July decreased by 394,000 while unemployment increased 439,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
EMPLOYMENT
101
UNEMPLOYMENT
\
i I 1111
1970
I I I I II M > Ii t f f M f f t <
1971
t M t t f t t f t.l
1372
f l.f f I I t I
1974
1973
I t I I II M
1975
[ t II II!t t t I
ftI
I IIIM
1977
1978
1976
*16 YEARS OF AGE AND OVER.
SOURCEs DEPARTMENT Of LABOR
Period
Noninstitutional
population
COUNCIL OF ECONOMIC ADVISERS
Civilian
employment
[Thousands of persons 16 years of age and over]
Civilian einploymerit
Unempl<syment
Total
labor
Nonagri cultural
15
Unem- force Civilian
Part-time Total weeks
Agriploy- (includ- labor
Total
for ecoculand
ment
ing
force
Total
nomic
over
tural
Armed
reasons 1
Forces)
2,311
4,304
812
4,304 91, 040 88, 714 84, 409 3,452 80, 957
2,709
5, 076
937
5,076 93, 240 91, Oil 85, 935 3,492 82, 443
3,490
7,830 2,483
7,830 94, 793 92, 613 84, 783 3, 380 81, 403
3,272
7, 288 2,339
7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
6,855 99, 534 97, 401 90, 546 3, 244 87, 302
Seascmally adj listed
1973
1974
1975
1976
1977
148,
150,
153,
156,
158,
263
827
449
048
559
1977: July__
Aug..
Sept._
Oct..
Nov__
Dec__
158,
158,
159,
159,
159,
159,
682
899
114
334
522
736
92, 372
92, 315
91, 247
92, 230
92, 473
92, 623
6,941 99, 442
6,757 99, 751
6,437 99, 887
6,221 100, 205
6, 346 101, 009
5,880 101, 048
1978: Jan*__
Feb..
Mar__
Apr~_
MayJune..
July__
159,
160,
160,
160,
160,
160,
161,
937
128
313
504
713
928
148
91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
6, 897
6,739
6,479
5,685
5,457
6,326
6,438
84, 409
85, 935
84, 783
87, 485
90, 546
Uiladjusted
101,
101,
101,
101,
102,
102,
102,
Labor
force
participation
rate
(per- 2
i\
cent) *
61. 4
61. 8
61. 8
62. 1
62. 8
97, 307
97, 614
97, 756
98, 071
98, 877
98, 919
90, 588
90, 793
91, 088
91, 383
92, 214
92, 609
3,206
3,224
3, 199
3,243
3,357
3,323
87, 382
87, 569
87, 889
88, 140
88, 857
89, 286
3, 464
3, 253
3, 306
3, 263
3, 285
3,220
6,719
6,821
6,668
6, 688
6,663
6,310
1,824
1,800
1,834
1,848
1, 829
1, 797
62.7
62.8
62.8
62. 9
63. 3
63.3
228 99, 107
217 99, 093
536 99, 414
902 99, 784
374 100, 261
671 100, 573
734 100, 618
92, 881
93, 003
93, 266
93, 801
94, 112
94, 819
94, 425
3,354
3,242
3, 310
3,275
3,235
3,473
3, 387
89, 527
89, 761
89, 956
90, 526
90, 877
91, 346
91, 038
2, 986
3, 193
3, 164
3,327
3,243
3, 458
3, 330
6, 226
6,090
6, 148
5,983
6, 149
5, 754
6, 193
1, 688
1, 568
1,463
1, 384
1, 358
1,231
1,292
63. 3
63. 2
63. 3
63. 5
63.7
63.8
63.8
'ersons at work. Economic reasons include slack work, material shortages,
ility to find full-time work, etc.
Total labor force as percent of noninstitutional population 16 years of age and
II
Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the seasonally adjusted unemployment rate again rose above 6.0 percent to 6.2 percent. The higher rate was
reflected in almost all demographic groups.
PERCENT* (SEASONALLY ADJUSTO)
PBfcCENT* ^SEASONALLY ADJUSTED)
20
15
AND OTHER
v
4
lvMv- V.vw
10
5 <*»*<.
1974
1978
1974
JMJNEMPtOYMEN* AS PERCENT OF OVttlAN UBOR FORCE W GROUP SPECIFIED.
SOURCEi DEPARTMENT OF LABOR
1977
1978
COUNCIL OF ECONOMIC ADVJSBS
[Monthly data seasonally adjusted]
Period
1973
1974
1975
1976
1977
J
1977: July
A
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr_>
May. _
June
July
Total
(all
civilian
workers)
4.9
5.6
a5
7.7
7.0
6.9
7.0
6.8
as
6.7
6.4
6.3
6.1
6.2
6.0
6.1
5.7
6.2
linenaploymeiQt rate ( >ercent c>f civiliaii labor f<?rce in giroup)
Labor
I3y select ed group 8
By race
Bys ex and akge
force
Expetime
Men Women Both
lost
Black rienced House- Full- Part- (per20
20
sexes
wage hold
time
time
years years 16-19 White and
and
other salary heads work- work- cent) *
and
and
ers
ers
years
workers
5.2
4.3
3.2
8.9
2.9
4.3
14.5
4.5
7.9
4.8
5.0
9.9
5.3
3.3
16.0
5.1
ae
6.1
3.8
5.5
8.2
13.9
9. 1
7.8
5.8
19.9
a i ia3
6.7
8.0
13. 1
8.3
7.3
7.3
7.0
5.1
10. 1
19.0
5.9
7.4
6.2
13. 1
4.5
5.2
6.6
as 9.8
7.6
17.7
7.0
13.3
9.3
6.4
4.4
6.5
6. 1
17.3
7.5
5.1
6.9
6. 1 14.3
4.5
6. 6
9. 0
7.6
17.3
6. 5
5.1
7.1
13. 1
6.3
6.4
9.7
4.4
7.4
6.0
18.3
4.7
6.9
6.4
13.7
4.4
9.6
7.4
17.3
6.0
6.5
5.0
6.8
6.2
4.2
17.2
13.7
as
9.6
7.3
5.9
4.7
6.9
12.7
5.9
5.5
3.9
8.9
7.0
6.0
15.6
4.6
6.6
5.8
5.5
12.7
5.9
3.8
8.9
6.8
16.0
4.7
6.1
11.8
5.7
5.7
8.6
6.6
17.4
5.3
3.6
5.7
4.5
5.7
3.7
12.4
5.6
9.6
6.6
5.3
17.3
4.5
5.8
5.4
5.2
11.8
5.5
6.3
3.6
9.6
4.2
5.8
16.9
9.2
12.3
6.6
5.2
5.6
5. 6
3.7
4.2
16.5
6.3
5.4
5. 2
8.8
6.4
14.2
4.9
11.9
3.6
6.1
3.9
8.8
5.3
5.7
3.9
5.7
12.5
16.3
4.1
6.5
6.8
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The increase in unemployment in July was accompanied by an increase in the proportion of job losers and very shortterm and very long-term unemployed, and by a decrease in job leavers.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
JOB LEAVERS
NEW ENTRANTS
1975
1976
1977
1978
1975
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
Unemployment
(thousands)
1973
1974
1975
1976
1977
1977: July..
Aug..
Sept..
Oct
Nov..
Dec
1978: Jan...
Feb...
Mar__
Apr— May..
June1'.
July»__
4,304
5,076
7,830
7,288
6,855
6,719
6,821
6,668
6, 688
6, 663
6,310
6,226
6,090
6, 148
5,983
6,149
5,754
6, 193
PMonthly data seasonally aAdjusted, except aus noted]
Percecit distribution of unem- State p rograms Insured
Pereen t distrib ution of unemployment by durati<sn*
unem- Special
pl oyment 1Dy reasoii i
ployunemment,
ployall
ment
Insured
27
New
Less
regular benefit
5-14 15-26 weeks unem- Initial
ReenJob
Job
enproclaims f
and
ploy- claims
losers leavers trants trants than 5 weeks weeks
weeks
grams1 (unadover
ment
(unad- justed)
justed)
Weeikly aver age, thoujsands
7.8 1,632
246
3a? 15.7 30.7 149 51. 0 30.1 11.0
1,793
28.4
50.6
7.3 2,262
43.4
14 9
13. 3
11. 1
363
2, 558
31.0
15.2 3, 992
55.4
37.0
16.5
10. 4
23. 8
31. 3
478
4,943
10. 4
1,173
12. 2
38.3
18. 3 2,968
26. 0
12. 1
13. 8
382
49. 8
29. 6
3, 822
1,152
14 8 2,473
41. 7
45. 3
13. 0
13. 1
375
3, 112
28. 1
13. 7
30.5
572
42. 1
12. 5
13.2
45. 3
145
14 1 2,626
27.7
30.6
385
3,065
540
41.5
32.4
12. 6 2,733
13.5
385
46. 3
12.9
27. 1
13. 7
2,751
535
41. 1
12. 9
45.3
13.4
27. 9
31. 8
13.7 2,664
368
2,643
13. 9
412
41. 4
45. 5
13. 7 2, 624
13. 1
12. 8
31. 3
28. 6
13. 6
361
2,649
364
42. 4
13. 3
44 7
30. 3
13. 3 2, 602
13. 9
13. 6
28.5
354
2,853
315
41. 3
43. 4
13. 9
30.4
13. 5 2,516
346
29.8
13.0
148
3,226
259
43.2
13. 6
13. 2 2,461
3,781
42.9
29.0
145
29.8
13.8
344
192
147
142
11. 2 2,524
29.4
43.3
30.5
369
3,638
41.6
15.0
143
40. 3
3,212
13. 9
30. 5
11.3 2,406
149
45.8
12.4
30.9
326
102
2,659
41.2
14. 5
11. 2 2,210
46.8
12. 0
15.4
29.9
330
28.9
60
331
42.5
13. 5
29.2
11. 2
11. 1 2,167
29. 6
2,369
148
48. 1
36
2, 194
40. 6
14.7
14 1
32. 6
11. 1
9. 9
348
2,297
30.6
46. 4
21
14. 1
10.2 2, 392
41.3
14 2
49.0
30.4
30. 0
10. 8
377
2,579
1
Detail may not add to 100 percent because of rounding.
* Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
COUNCI. OF ECONOMIC ADVISERS
3
FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 264,000 in July. The increase was
concentrated in services, trade, and contract construction.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
-WHOLESALE AND RETAIL TRADE-
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
16
70
GOVERNMENT
14
SERVICES
12
-SERVICE-PRODUCING INDUSTRIES
it t I I I ! Ill I f
t in hi MI
I IH I I » 11 H
22
-
50
20
40
-
\ AAANUFACTURING
.x"-'—'
%
\
«.. »,»«*»'
-
18
I 1 11 I I 1 1 I1U
M'f t t 1 f I f t 1 t 1 1 1 t 1 1 I 1 II t 1 1 1 1 1 1 1 1 M M 1 1 1 1 ! 1 I ! M II
-GOODS-PRODUC NG INDUSTRIES
30
1—-T-r1
,l|lllll«IIHIligiltt»<
X*— —" "
^—
CONTRACT CONSTRUCTION
20
1974
1975
1976
1977
11 !
<fl 1 I f I 1 1 1 |l I 1 1 1 1 1 ! ! 1 1 I ! 1 { I I 1 ! 1 1111 1 1 1 1 1 n in i i i 1 i i i i iv
H
1978
1977
1 7
9 4
1 7
9 5 1976
1978
'
* SEASONALLY ADJUSTED
SOURCE* DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Groods-pro ducing i]adustries
Period
1973
1974. _ _
1975___
1976. _ _ __
1977
1977: July _ _
Aug__
Sept__
Oct__.
Nov__
Dec___
1978:Jan___
Feb.—
Mar _ _
Apr
Mayp
June __
July *>_
Total
nonagricultural
employ- Total 2
ment
Service-pr oducing Industrie s
Ma nufactur ing
Con- ,
tract
conNon- Total
struc- Total Durable durable
goods goods
tion
76, 896 24, 727 4,015 20, 068 11, 839
78, 413 24, 697 3,957 20, 046 11, 895
77, 051 22, 603 3,512 18, 347 10, 679
79, 443 23, 332 3,594 18, 956 11, 026
82, 142 24, 229 3,844 19, 554 11, 480
82, 407 24, 412 3,913 19, 666 11, 548
82, 474 24, 305 3,893 19, 594 11, 527
82, 763 24, 360 3,892 19, 612 11, 545
82, 902 24, 436 3,911 19, 666 11, 604
83, 245 24, 528 3,950 19, 715 11, 625
83, 429 24, 526 3,947 19, 868 11, 748
83, 719 24, 593 3,916 19, 972 11, 828
84, 046 24, 733 3,947 20, 075 11, 909
84, 555 24, 945 4,053 20, 164 11, 965
85, 223 25, 351 4,237 20, 216 11, 992
85, 466 25, 429 4,268 20, 258 12, 029
85, 767 25, 552 4,357 20, 283 12, 048
86, 031 25, 637 4,408 20, 308 12, 093
8,229
8, 151
7, 668
7,930
8, 074
8, 118
8,067
8,067
8,062
8, 090
8, 120
8, 144
8, 166
8,199
8,224
8,229
8,235
8,215
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 of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
52, 169
53, 715
54, 448
56, 111
57, 912
57, 995
58, 169
58, 403
58, 466
58, 717
58, 903
59, 126
59, 313
59, 610
59, 872
60, 037
60, 215
60, 394
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance, Services
and
State
and
and
Federal and
public retail
real
trade estate
local
utilities
4, 644
4, 696
4,498
4, 509
4, 589
4,572
4, 581
4, 616
4, 610
4, 634
4,652
4, 628
4, 651
4, 672
4, 709
4,714
4, 724
4, 697
16, 674
17, 017
17, 000
17, 694
18, 292
18, 322
18, 377
18, 431
18, 414
18, 512
18, 610
18, 744
18, 744
18, 849
18, 891
18, 967
19, 047
19, 109
4,091
4,208
4,223
4,316
4, 508
4, 506
4, 524
4, 545
4, 572
4, 597
4,611
4,630
4,647
4,670
4,683
4,712
4,738
4, 758
13, 021
13, 617
14, 006
14, 644
15, 333
15, 372
15, 448
15, 482
15, 533
15, 608
15, 663
15, 693
15, 791
15, 875
15, 962
15, 970
16, 014
16, 124
2,663
2, 724
2, 748
2, 733
2, 727
2,721
2, 732
2, 728
2,730
2,727
2,718
2,736
2,736
2,736
2,744
2, 753
2,772
2,767
11, 075
11, 453
11, 973
12, 215
12, 463
12, 502
12, 507
12, 601
12, 607
12, 639
12, 649
12, 695
12, 744
12, 808
12, 883
12, 921
12, 920
12, 939
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 l
Period
Manufe icturing
Total
Adjusted h ourly earnin gs index—1(:»tal private
nonagricCultural 2
Averag•e gross
hourly (earnings
Aver age weekly '. lours
Manufacturing
Overtime
1969_
1970 _ _
1971__
1972 _ _ _ _ _
1973
1974
1975 _
1976
1977
__
37.7
37. 1
37. 0
37. 1
37. 1
36.6
36. 1
36. 2
36. 1
40. 6
39.8
39. 9
40. 6
40. 7
40.0
39.4
40. 0
40. 3
3. 6
3. 0
2.9
3. 5
3. 8
3. 2
2.6
3. 1
3.4
$3.04
3. 22
3. 44
3.67
3.92
4.22
4. 54
4. 87
5. 25
1977: July__
Aug
Sept__.
Oct
Nov
Dec____
36. 1
36. 0
36. 0
36. 2
36. 2
36.2
40. 2
40.3
40. 3
40. 4
40. 5
40.5
3. 4
3. 3
3. 3
3. 5
3. 5
3. 5
5.27
5.28
5. 32
5. 38
5.41
5. 42
35. 6
35.8
36.2
36. 3
36. 0
36. 1
36. 1
39. 6
39. 9
40.6
40.6
40.3
40.4
40. 4
3.5
3.8
3. 7
3. 6
3.5
3.5
3.5
5.49
5. 52
5.56
5.62
5. 64
5. 68
5. 73
Current
dollars
$3. 19
3. 36
3. 57
3. 81
4.08
4. 41
4. 81
5. 19
5.63
_
1978: Jan
Feb
Mar__ _
Apr ~ - May—
June »
July*
Percent ch ange from
a year earlier 4
Index, 1<267=100
Total
private
nonagricultural 1
1967
dollars 3
Current
dollars
1967
dollars
113.2
120. 7
129. 2
137.7
146. 5
158.5
172. 5
185. 0
198. 5
103. 1
103.8
106. 5
109.9
110. 0
107. 3
107. 0
108.5
109.4
6. 6
6. 6
7.0
6. 6
6.4
8.2
8. 8
7. 2
7.3
1. 7
.6
2. 2
3. 1
.5
-2. 3
—. 2
1.4
.8
5. 66
5.68
5. 73
5. 79
5. 81
5.83
199.
199.
201.
203.
204.
205.
4
9
2
3
1
2
109. 3
109. 2
109. 5
110. 2
110. 2
110.3
7.5
7. 1
7.3
7.9
7.6
7.6
.7
.4
.7
1.3
.8
.8
5. 90
5.95
5.97
6.00
6. 03
6.08
6. 13
208. 1
208. 8
210. 2
212. 1
212. 8
213.9
215. 6
111. 0
110.6
110.5
110.6
109.9
109. 5
8. 1
8. 1
8. 2
8. 4
8. 3
8.3
8. 1
1. 2
1.5
1.5
1.7
1. 2
.8
A¥ERAGE WEEKLY EARNINGS—
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total PITvate nonagricu Itural l
Period
Current
dollars
1969___
1970
1971.
1972_ _
1973
1974_
1975. _
1976
1977
_
___
$114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
189. 53
Manufacturing
1967
dollars 3
$104.
102.
104.
108.
109.
104.
101.
103.
104.
38
72
93
67
26
57
67
40
42
Contract
construction
Wholesale
and retail
trade
Current
dollars
Current dollars5
$129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
226. 89
$181.
195.
211.
222.
235.
249.
265.
284.
296.
54
45
67
51
69
08
35
93
68
Percent change from a
year e arlier,
total prih/ate nonagriculItural 5
$90.
95.
100.
105.
111.
118.
126.
133.
142.
1967
dollars
78
66
39
65
04
33
75
39
52
6.4
4. 2
6. 5
7. 0
6. 8
6.2
6. 1
7.6
7.5
1. 0
-1. 6
2. 2
3.6
.5
-4. 3
— 2. 8
1. 7
1. 0
1977: July
Aug
Sept
Oct
Nov
Dec
190.
190.
191.
194.
195.
196.
25
08
52
76
84
20
104. 30
103. 81
104. 20
105. 62
105. 75
105. 48
227.
228.
230.
233.
235.
236.
53
90
92
92
31
12
297. 41
294. 92
294. 48
300. 66
301. 84
302. 13
143. 19
143. 09
143. 76
146. 40
145. 75
147. 52
7. 7
7.3
8. 1
8.4
8. 2
7.7
1.0
.6
1. 4
1. 8
1.4
.8
1978: Jan
Feb
Mar__ _
Apr
May v
June
July v
195.
197.
201.
204.
203.
205.
206.
44
62
27
01
04
05
85
104. 23
104. 73
105. 82
106. 37
104. 88
104.99
233.
237.
242.
243.
243.
245.
247.
64
41
38
60
01
63
65
287.
297.
309.
314.
312.
320.
325.
147. 93
148. 26
151. 27
152. 92
152. 46
153. 45
154. 44
7.7
7.0
8. 1
8.9
8. 1
8. 3
8.8
.9
.6
1. 6
2.2
1.0
.8
1
2 Also
includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
* Current dollar index (or earnings) divided by the consumer price index.
Eevised index for urban wage earners and clerical workers used beginning 1978.
32-834°—78
3
87
02
12
16
32
14
73
4
5 Monthly changes
based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistic!.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Out{>ut l
\
Output i>er hour
of all p ersons
Hours of all
perse>ns 2
Unit labor
CO sts
Compe nsation
per I lour 3
Impliciib price
deflal Dor 4
PriNonNon- 1 PriPriNonNonNonPrivate
f
Private
Private Nonfarm
farm
vate
vate
vate
farm
farm
arm
farm
business business business business business business business business business business business business
sector
sector
sector
sector sector sector sector sector
sector sector
sector
sector
Period
1967 =:10Q; qua]rterly dat a seasomilly adjusl;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.
100.
102.
105.
0
0
1
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
114. 3
96.8
100.0
104. 1
111. 0
96.4
100.0
104.0
110. 9
97. 2
100. 0
103.9
108.8
96.8
100.0
104. 0
108.6
107.3
110. 3
117. 6
124. 5
121.5
107.4
110. 2
117. 8
125. 0
121. 9
102. 8
102. 3
106.0
110.3
110.7
104.0
103.7
107.6
112. 4
112.9
104. 4
107. 8
110.9
112.8
109.7
103.2
106.3
109.5
111.1
108.0
123. 3
131. 5
138.9
150.0
164. 1
121.9
129.9
137.4
147. 8
161.8
118.1
121.9
125.2
132.9
149. 5
118.1
122. 2
125. 5
133. 0
149.8
113.9
118. 9
123. 1
130.2
143. 0
114. 0
119. 1
122. 8
127.9
141.3
118. 8
126. 5
133.2
118. 8
127.0
133.6
106. 1
109.0
112.7
108.0
111.4
115.6
112.0
116. 1
118. 1
110.0
114.0
115.6
180.3
196.3
212.7
177.8
192.9
208. 9
161. 1
169.2
180. 1
161.6
169.2
180.7
157.4
165.4
174.9
156.3
164.8
174.6
1976:1
II
III
IV
125.0
126.2
127. 1
127.6
125.2
126.9
127.7
128. 1
108.6
108.9
108.8
109. 3
111.1
111.3
111. 3
112.0
115. 1
115.9
116.8
116.8
112.6
114. 1
114.7
114.4
190.3
194.2
198.5
202.7
186.8
191.0
194.9
198.8
165.3
167.6
170.0
173.6
165.8
167.4
169.9
173.8
162.4
164. 5
166.3
168. 5
161.8
163.4
165.7
168.2
1977:1
II
II
IV
130.5
132.5
134.2
135.5
131.0
133.0
134. 6
135.8
111.0
113. 1
112.9
113.8
113.8
115.7
115.9
116. 7
117. 6
117.2
118. 9
119. 1
115.2
114.9
116. 1
116.4
206.8
210.0
215.2
218.9
203.0
206. 5
210. 9
215.0
175.9
179.2
181.0
183.8
176.3
179.7
181. 6
184.8
170.6
174.0
176. 3
178.4
170.0
173. 6
176.4
178.1
1978:1
II"
135.3
138.5
136. 1
139.7
115. 0
117.5
117.9
120.7
117.7
117.9
115.4
115.7
225. 1
229. 5
221.2
225. 5
191.4
194.7
191. 6
194s 8
181. 3
186.5
180.6
185.2
1966
1967
1968
1969
-
1970
1971
1972
1973
1974
1975
1976
1977
__
_
Perceiit change ; quarterly? 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
3.2
-. 2
7.0
5.6
7. 6
7.0
6.0
5. 8
7.3
6.5
3.7
3.3
4. 1
6. 6
3.4
3.8
4.0
6.7
3.2
2. 9
3.9
4.7
2.9
3.3
4.0
4.5
—.9
2.8
6.6
5.9
-2. 4
-1. 1
2.6
6. 9
6.0
-2.5
-1.6
-. 4
3. 6
4. 1
.4
-1.2
-.3
3.7
4. o
.4
.7
3.2
2.9
1.7
-2. 8
.2
2.9
3. 1
1. 5
-2. 8
7.2
6.6
5.7
8.0
9. 4
6. 7
6.6
5.8
7.5
9. 5
6. 4
3.2
2.7
6.1
12. 5
6.5
3.5
2.7
6.0
12. 7
4.7
4.4
3.6
5.8
9.8
4.9
4. 5
3. 1
4. 1
10. 5
-2.3
6. 5
5.3
-2.5
6.9
5.2
-4.2
2. 7
3. 5
-4.3
3.2
3.7
2.0
3.7
1. 8
1.9
3.6
1. 5
9.9
8.9
8.4
9.9
8.5
8.3
7.7
5.0
6.5
7.9
4. 7
6.7
10. 1
5. 1
5.7
10.6
5.4
5.9
1976:1
II
III
IV
11.2
4.0
2.8
1.6
11.5
5.7
2.5
1.2
5.2
1.2
-. 3
1.7
6.4
.4
.3
2.3
5.8
2.8
3.2
-. 1
4. 8
5.3
2.2
-1. 0
10.2
8.6
9. 1
8.7
8.7
9.2
8.4
8.3
4.2
5.6
5. 8
8.8
3.8
3. 8
6. 1
9.4
3.2
5.2
4.4
5.4
4.9
4. 1
5.8
6. 1
1977:1
II
III
IV
9.3
6.5
5.0
4.0
9.4
6.2
5.0
3.5
6.3
7.8
-.7
3.4
6.6
7. 1
.7
2.7
2.8
-1.2
5.8
.6
2.7
-.8
4.3
.8
8.3
6.4
10. 3
7.0
8.6
7.2
8.8
8.0
5.3
7.7
4.3
6. 3
5.8
8. 1
4. 3
7. 1
5.2
8.2
5.2
4.9
4.4
8.7
6.5
4. 0
1978: I
II*
—.6
.7
11. 1
4.2
9. 1
4. 2
9.8
-4.7
.8
-3. 3
1.2
11.9
8.0
12. 0
8. 1
17.4
7.2
15. 8
6.9
6.7
12.0
5.8
10. 7
1966
1967
1968
1969
1970
1971
1972
1973
1974__.
___
1975
1976
1977
9.9
1
2 Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
8
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data revised for 1966-74 and first and second quarters of 1978.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND
ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in July for the third consecutive month. The index for July was 4.8 percent above
a year earlier.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* '(RATIO SCALC)
160
180
UTILITIES AND MINING PRODUCTION
160
140
inuriES
120
MINING
100
1975
1974
1976
1977
1978
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
SO
120
70
100
1974
1975
1977
1976
1978
1974
1978
* SEASONALLY ADJUSTED
SOURCEj BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
prodmition
Percent
Index,
change
1967=
from
100
year
earlier
Period
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction ind(?xes, 1967 = 100
Mimufacturi ng
Total
Durable
Nondurable
Mining
Utilities
Manufa cturing aipacity ut ilization
rate, p(srcent l
Federal Reserve
ser ies
ComWharTotal
ton
merce
Matemanuseries 3
series 2
facturrials
ing
100. 00
119. 7
129. 8
129. 3
117. 8
129. 8
137. 1
9.2
8.4
4
-8.9
10.2
5.6
87. 95
118. 9
129. 8
129. 4
116. 3
129. 5
137. 1
61. 98
113. 7
127. 1
125. 7
109. 3
121. 7
129.5
35, 97
126. 5
133. 8
134. 6
126.4
140. 9
148. 1
6. 36
113. 1
114. 7
115. 3
112. 8
114. 2
117. 8
6. 69
139.4
145. 4
143.7
146. 0
151. 0
156.5
83. 1
87. 5
84.2
73. 6
80.2
82. 4
88. 0
92. 4
87. 7
73. 6
80.4
81. 9
83
86
83
77
81
83
91. 8
97. 1
93. 0
80. 4
87. 5
90. 2
1977: July _ _
Aug_ _
Sept _
Oct__
Nov
Dec _ _ _
138.7
138. 1
138. 5
138. 9
139. 3
139. 7
6. 1
5.2
6.0
6. 7
5. 9
5. 0
138. 5
138. 6
139.0
139.4
139. 9
140. 5
131.6
131. 3
131. 7
132. 4
132.7
133. 4
148.6
149. 4
149. 5
149. 6
150. 1
150. 9
119.8
115. 4
118. 0
119. 6
118.8
113. 4
161. 4
155. 7
154. 1
154.0
154.2
156. 7
83. 1
82. 9
82. 9
82. 9
82. 9
83.0
82. 9
82. 0
82. 0
82.4
82. 3
81. 9
82
90. 9
82
91. 1
1978: Jan__
Feb
Mar
Apr—
May v
June
July *
138. 8
139.2
140. 9
143.2
143. 9
144. 6
145.3
4.9
4.5
4. 1
5.2
5.0
4.9
4.8
138. 7
139.4
141. 4
143.5
144. 2
144. 9
145.6
131. 1
131. 5
134. 4
136.9
137.6
138. 5
139. 6
149.8
150. 6
151.4
153. 2
153. 8
154.3
154.3
115. 0
114.4
119.3
127.2
128. 1
128. 9
129. 3
162. 3
163. 5
159. 5
156. 0
156. 7
156.9
157.9
81. 7
81. 9
82. 7
83.7
83.8
84.0
84. 1
81.9
81.3
81.9
84.0
84.6
84.9
85. 2
84
90.1
1967 proportion
1972. _
1973. .
1974.
__ _
1975.
1976
1977
__
_
__
_
1
3 Output
8 Annual
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
92.5
Sources: Board of Governors of the Federal Eeserve 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]
Prod ucts
Final I'roducts
Corisumer go<3ds
Period
Total
Equip ment
NonDurable durable
goods
goods
7. 89
19. 79
110. 1
106. 1
113. 1
118. 8
120. 6
133. 8
146.2
125. 6
135. 3
126.3
125. 1
121. 4
134. 1
141. 4
153. 1
139. 6
Total
Interm ediate
prod ucts
Total
Business
Total
20.14
12.63
12.89
100. 1
94. 7
103. 8
114. 5
120. 0
110.2
114. 6
123.2
107.0
104. 1
118. 0
134.2
142.4
128. 2
136. 3
149. 2
112.9
116.7
126.5
137.2
135.3
123. 1
137. 2
145. 1
Construction
supplies
6.42
111. 0
116. 8
128.4
139. 8
134. 5
116. 3
132. 6
140. 8
1967 proportion.
1970
1971
1972
1973
1974_
1975
1976
1977
47. 82
105.3
106. 3
115.7
124. 4
125. 1
118.2
127.2
134. 9
27.68
109. 0
114. 7
124. 4
131. 5
128.9
124. 0
136. 2
143. 4
1977: July
Aug
Sept
Oct
Nov___
Dec
136.8
136. 3
136. 8
136. 5
137.0
137.6
145.4
144.7
144.9
144.9
145. 2
145.8
158.0
154.7
155. 6
156.8
155.2
155.8
140.3
140. 6
140.7
140. 1
141.2
141.8
124.8
124. 9
125.6
125.0
125. 8
126.2
151. 2
151.1
152. 1
152.6
153.5
154.0
146.3
146. 1
146.5
147. 8
148.4
150.4
1978: Jan
Feb
Mar
Apr
May___
June 9
July »
134.9
136. 4
138. 9
140. 5
140.5
140. 9
141. 6
141.8
143.8
145.9
147. 5
147. 1
146. 9
147. 3
146.5
151.2
157.5
161. 8
160. 3
161. 2
161. 6
139. 9
140. 8
141.3
141. 8
141. 7
141. 1
141. 6
125.4
126.2
129. 1
130.8
131. 6
132. 5
133.8
152.6
154.2
157.4
159. 3
160.2
161.3
162.8
151.6
151.4
151.4
152. 1
152. 9
154.3
154.8
> _ _
Materials
Supplementary
oup:
lergy
total
f
109. 2
111.3
122. 3
133. 9
132.4
115. 5
130.6
136. 9
12. 23
117. 0
119. 5
125.2
128. 3
125. 5
125. 5
128.8
132. 5
141. 2
141. 7
143.2
144.9
146. 5
148. 3
138.9
137. 6
137. 9
138.9
139. 0
138. 8
135.6
131.4
132. 5
133.0
132.3
129.7
149.2
148.6
147.9
148.5
150.4
151.3
152. 4
139. 2
138. 6
139.9
143.7
145. 2
146. 2
146. 9
132.5
130.0
129. 8
133. 1
134 7
135. 1
136. 1
89. 29
[1967=100, seasonally adjusted1
Diirable m anufactu res
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Non-
trical
ma-
chin—
ery
Electrical
machinery
I
Transpc>rtation
equipment
Total
Motor
vehicles
and
parts
Lumber
and
products
None iurable nlanufact ures
Apparel
products
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
6.57
4. 21
6.93
9. 15
8.05
9.27
4.50
1. 64
3.31
4. 72
7. 74
8. 75
106.6
100.2
112. 1
126.7
123. 1
96. 4
108. 9
110. 2
104. 7
96. 1
107. 1
122. 3
119. 8
95. 8
104.9
103.4
102.4
103. 5
112. 1
124.7
124.2
109. 9
123.3
130.9
104. 4
100. 2
116.0
133.7
140. 1
125. 1
135. 0
1448
108.1
107. 7
122.2
143. 1
143.8
116.5
131. 6
141. 9
89.5
97. 9
108.2
118.3
108.7
97.4
110. 6
121. 1
92.3
118. 6
135. 8
148. 8
128.2
111. 1
140.7
159.7
105.6
113. 8
120.8
126. 0
116.2
107. 6
125. 1
133. 4
101.4
104 7
109.4
117.3
114.3
107. 6
122. 2
1242
107. 0
107. 1
112.7
118.2
118.2
113. 3
120. 6
1247
120.4
125.9
143.6
1545
159.4
147. 2
169.3
180.7
108.9
112.8
116.8
120.9
1240
123.4
132.3
137.9
1977: July
Aug
Sept
Oct
Nov
Dec
114.4
112.5
109.0
113. 5
111. 2
111. 0
110. 9
110. 6
104. 6
107.7
104. 3
103. 8
132. 0
134. 0
133.6
133.8
135.8
136. 4
145.7
145. 2
147.4
148.9
149.7
151.7
143.6
143.9
144 6
1442
146.0
147.3
125.6
1243
125. 5
1243
122.0
122.2
166.2
1644
165. 6
168. 4
163.0
161.8
132. 9
131.8
137. 1
135. 7
137. 5
138. 1
121. 1
124. 1
127.7
129.0
125.1
125. 8
1249
125. 0
1242
125.7
126.2
127.5
182.6
182.6
181.3
182.3
183. 1
183.0
138.3
139. 3
138. 3
137.3
139.4
140. 4
1978: Jan
Feb
Mar
- Apr
__ _
May__ _ _ _ __
June p
July » _ _ _
107.4
106. 2
106. 1
114.3
115. 3
117. 3
118. 4
99. 5
96. 3
96. 4
109.0
110.5
113.9
136.9
136. 9
138. 1
139.5
140.4
141. 5
142. 5
150. 1
150. 1
151. 5
152.2
152.9
1542
156. 0
1440
146.4
149. 5
152. 3
153. 1
1540
155.0
116.2
118.4
126. 5
130. 5
130. 1
130.5
131.4
146. 6
153. 1
165. 1
171. 7
168.3
168. 1
169.1
138.5
135.5
136.5
136. 9
136.5
136.7
118.6
121. 1
122.8
126. 1
125.9
129.9
128.3
129. 1
12R6
128.2
128.0
128.6
1844
183. 7
185. 2
185.5
188. 1
190.2
139. 3
140.8
141. 1
143. 1
142. 5
141. 9
Source: Board of Governors of the Federal Eeserve System.
18
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total1
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
Total value
index
(1967=
100)
Commercial and
industrial
floor space
(millions of
square feet)
Billions of doll ars
1971
1972
1973
1974. _ _ _ _
1975
1976
1977
_ _
_
___
__
110. 0
124. 1
137. 9
138.5
134.5
148, 8
172. 6
35. 1
44.9
50. 1
40. 6
34. 4
47.3
65. 7
43. 3
54. 3
59. 7
50.4
46.5
60.5
81. 0
80. 1
93.9
105. 4
100. 2
93. 7
110.5
134.7
17. 0
18. 1
21. 7
23.8
20. 8
19.9
22. 5
19. 8
21.5
24. 0
25.9
26.4
30.0
31.3
Seasonally
adjusted
Seasonally / adjusted aiinual rates
1977: June _
J u l y _ _ _ _.
Aug _ _ Sept
Oct_ _ _
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June v
July *>_
175.8
176.4
176.4
177. 8
176. 7
178. 1
179. 0
171.7
177.9
184. 8
192.9
198.3
200. 5
82.6
82. 9
82.9
83.0
84. 2
85. 2
87.4
79.7
85. 6
87. 6
90.0
91.3
92. 4
136. 6
137. 3
137. 6
138. 3
139. 2
140. 6
142. 3
135. 3
142. 2
147. 1
151.3
153. 2
156. 6
22. 8
23.4
23.8
24. 2
24. 1
24. 3
22.8
22.4
22.8
25.4
26.4
27.3
29. 9
66. 6
67. 1
67. 1
67.6
69.3
70.7
72. 8
65.0
70.9
72.5
74.4
75.3
76. 6
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
145.4
165.3
179. 5
169. 7
167.9
199. 4
252. 2
29. 9
30. 2
32. 5
38.3
40.9
38. 3
37.8
31.2
31.0
30.9
31. 2
30.9
31.1
32. 1
33. 2
33.8
34. 1
34.9
34. 7
34. 2
39. 2
39. 1
38. 8
39. 4
37.4
37.4
36. 8
36.4
35. 7
37.7
41.5
45.1
43. 9
307
209
267
279
244
258
299
283
266
254
279
332
249
286
727
854
1,010
840
555
592
738
Seasonally
adjusted
annual
rates
733
702
853
813
757
847
864
996
814
863
921
1,061
999
898
NOTE.—New construction expenditures data prior to 1973not 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!
IS ew private tiousing unil,s
Units started, by type of stnicture
Period
Total
1970_ _
1971
1972 _ _
1973
1974
1975
1976
1977
.
1 unit
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
2-4
units
84. 8
120.3
141.3
118.3
68. 1
64.0
85.9
121.7
5 or more
units
535. 9
780.9
906.2
795. 0
381. 6
2043
289. 2
414.4
New priv ate homes
Units
authorized
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
Units
completed
Homes
sold
Homes for
sale at
end of 1
period
1, 418. 4
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
485
656
718
634
519
549
646
819
220
287
409
418
346
313
354
403
1, 671
1, 677
1,875
1,665
1,769
1, 641
1, 759
1,696
1,821
1,943
1, 840
1,893
722
818
845
870
819
857
813
774
793
828
845
812
375
389
389
398
401
403
405
404
404
411
417
421
Vacancy
rate for
rental
housing
units
(percent)2
5.3
5. 4
5.6
5. 8
6.2
6.0
5. 6
5.2
Seasonally adjusted arinual rates
1977: July
Aug
Sept
Oct
Nov__
Dec _
1978: Jan
Feb
Mar
Apr 9
May 9
June v
July 9
1
2 Seasonally
2,072
2,038
2, 012
2, 139
2,096
2, 203
1,548
1, 569
2, 047
2,165
2,054
2, 124
2, 085
1,453
1, 454
1, 508
1, 532
1,544
1, 574
1, 156
1,103
1,429
1,492
1,478
1,445
1,416
adjusted.
Quarterly data entered in last month of quarter.
124
119
124
127
134
153
101
79
126
142
89
149
126
495
465
380
480
418
476
291
387
492
531
487
530
543
1,678
1,770
1,695
1,781
1, 822
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,616
5.4
5. 1
5.0
5. 1
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose slightly again in June, while inventories rose $2 billion. According to the advance survey, retail
sales were unchanged in July for the third month in a row.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
350
TOTAL BUSINESS
INVENTORIES
300
250
200
TOTAL BUS NESS
SALES
150
100
1974
1975
1976
1977
1977
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total b usiness l
Who esale
R€stail
Sales2
Period
O_.l_~ o
bales *
1978
COUNCIL OF ECONOMIC ADVISERS
Inventories3
Invenbales - tories 3
O_l.-._, 2
Tntnl
Iniventories
DurNonable durable
goods goods
stores stores
Tntil
DurNonable durable
goods goods
stores stores
Inventory- sales
ra1 io4
Total
business J
Retail
Mill]ons of d ollars, se asonally adjustea
1971—
1972___ _
1973__. _ _
1974
1975
1976__. _ _
1977
116, 351
130, 049
151, 647
175, 200
179, 621
200, 760
223, 793
188, 508
203, 088
233, 749
285, 064
283, 614
309, 238
334, 785
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
35, 823
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
34, 169
37, 422
41, 871
44, 543
48, 370
53, 542
59, 029
10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127
50, 063
55, 079
62, 950
70, 716
70, 623
78, 045
87, 073
21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40, 534
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
1.58
1. 50
1.44
1.47
1.58
1. 48
1.44
1.39
1. 40
1.41
1.48
1. 43
1.39
1. 40
1977: July
Aug__
Sept
Oet_
Nov
Dec
221, 874
224, 247
224, 907
228, 508
231, 488
237, 258
324, 990
327, 639
330, 345
330, 832
333, 186
334, 785
53, 495
53, 208
53, 307
53, 639
55, 558
57, 266
64, 210
65, 095
66, 119
66, 209
67, 047
67, 998
58, 552
59, 020
59, 014
60, 778
61, 588
62, 054
19, 505
19, 984
19, 763
20, 895
20, 733
20, 915
39, 047
39, 036
39, 251
39, 883
40, 855
41, 139
83, 483
84, 462
85, 215
85, 322
86, 299
87, 073
39, 005
39, 303
39, 559
39, 589
40, 087
40, 534
44, 478
45, 159
45, 656
45, 733
46, 212
46, 539
1. 46
1.46
1.47
1. 45
1.44
1. 41
1. 4
1.43
1.44
1.40
1.40
1. 40
230, 162
238, 332
242, 745
250, 885
252, 199
253, 035
337, 676
340, 396
345, 839
350, 545
354, 226
356, 272
55, 985
57, 635
58, 877
62, 152
64, Oil
63, 417
68, 991
70, 361
72, 882
74, 867
75, 474
75, 172
59, 855
61, 661
62, 690
64, 079
64, 229
64, 271
64, 421
19, 782
20, 558
20, 938
21, 969
21, 758
21, 792
21, 913
40, 073
41, 103
41, 752
42, 110
42, 471
42, 479
42, 508
87, 708
87, 642
89, 097
89, 963
91, 063
91, 543
41, 060
41, 369
41, 521
41, 881
42, 300
42, 036
46, 648
46, 273
47, 576
48, 082
48, 763
49, 507
1. 47
1. 43
1.42
1.40
1. 40
1.41
1.47
1. 42
1. 42
1. 40
1. 42
1.42
1978: Jan..
Feb
Mar _
Apr
May
JunevJuly "
_
1 The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
2
3
4
20
Source: Department of Commerce (Bureau of Economic Analysis and Bureau,
of the Census).
I
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments and inventories increased in June, while new orders declined slightly. According to advance
data, durable goods orders and shipments declined in July.
BILLIC)NS OF DOLL/^RS* (RATIO SC ALE)
BILLKDNS OF DOLLA.RS* (RATIOS CALE)
140
rs
120 _ 5H1PMEN"
TOTAL
100
-
^_«^UL_X1
^<**^*\-m^^^—'
80 m^"^^
^^^••r-V
-
200
160
^<^—
D JRABLE GOOD
60
\.-*-X!
40
iNVENTORIES
X*"""*"
^^^^\
^.^r,,,..." ««"**"
.^^^
120
100
t--^:,T^ - ****** NONDURABLE GOODS
,,^
TOTAL
*»*«*—*—— •«*•*••
^i«——1
80
^
^^**
.«—'^
\
DURABLE GOOD s
^
.minimum ,„»«•««*•*•
1 11 1 11 1 1111
I I I ! I I M 1 II i
60
iiiiliiiii
MllltllMI
IIMlillMI
BILLKDNS OF DOLL\RS* (RATIO S CALE)
140 -NEW ORE)ERS
120
100
80
40
.
^s*^s<^ ^^
~**^\
TOTAL
V
-
>«xx^
v&*r
-
^ p . u ,^X
^ a- ,. ^
X
s*^
.
.
_V~
A ^,^SEL
.
^f"*»
-
•*,** »^
60
DURAE LE GOODS ^ .**"""*+*
*
"
.f ..X "'
| 1 1 1 1 1 1 M ! 1 ! 1 1 1 1 ! 1 1 II 1 I! 1 1 1 1 1 1 1 1 1
2.00
1
^./••A^
40
,t^|i*«!>»»
M
^rhS^i*
-NONDURABL : GOODS
^
~
-
11 1 III III 1 1
1 1 ! II I M M 1
1974
1975
M | i i li ii i l
1976
1.80
INVENTO RY-SHlPMEhsITS RATIO
^%_
/
TOTAL
~J
r^vm.
I I 1 1 ll M 1 1 1
llllllMIII
1977
1.40
1.20
-
K^ ^^^k.
1.60
-
! 1 1 I 1 I 1 1 1 I l' 1 1 1 1 1 I 1 1 1 1 I
RATIC)*
220
,, . ,««
,^H, . »
%«uii*'i&
IHf
,„„..••."**"
«.** ""«»••„„„ ,„•«»»"
%%%v*^
\
t% %
'^** *
NONDURABL E GOODS
H
*<^^^^»»>^
*
^
-
1978
M M 1 1 II 1 M
1974
M MI 1 1 iin
1975
MI 1 1 1 1 n n
II 1 II 1 1 1 M 1
1977
1978
1976
*SEASONALLY AD USTED
SOURCE: DEPARTMEN OF COMMERCE
T
COUNCIL OF CONOMIC ADVISER >
I
Manufac turers' shipments 1 Manufaet urers' inv entories 2
Manufacturers 7 new ord ers l
55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
29, 973
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
Durabi e goods
Capital
Nongoods
Durable durable
Total
Total
indusgoods
Total
goods
tries,
nondefense
Millio]as of dolla rs, season ally ad jus ted
102, 622 66, 271 36, 351 56, 016 30, 030
7,535
8,832
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115, 424 64, 290 112, 842 59, 795 15, 201
1977: July..
Aug___
Sept. _
Oct___
Nov__
Dec___
109,
112,
112,
114,
114,
117,
827
019
586
091
342
938
57, 463
58, 649
59, 285
60, 316
60, 228
62, 130
52, 364
53, 370
53, 301
53, 775
54, 114
55, 808
177,
178,
179,
179,
179,
179,
297
082
Oil
301
840
714
113, 160
113, 917
114,467
114, 448
115, 212
115,424
64,
64,
64,
64,
64,
64,
137
165
544
853
628
290
108,
112,
113,
117,
117,
122,
868
615
680
331
024
128
56, 367
59, 269
60, 364
63, 556
62, 821
66, 165
13,
14,
16,
16,
16,
16,
1978: Jan.__
Feb___
Mar—
Apr
May__
June »_
Julv *_
114, 322
119,036
121, 178
124, 654
123, 959
125, 347
59, 973
63, 077
64, 457
66, 493
65, 417
66, 293
65, 814
54, 349
55, 959
56, 721
58, 161
58, 542
59, 054
180,
182,
183,
185,
187,
189,
977
393
860
715
689
557
116, 278
117, 511
118,725
119, 848
121, 471
122, 688
64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
117,
122,
125.
128,
128,
128,
899
598
878
292
843
088
63,
66,
69,
70,
70,
68,
65,
Period
1971
1972
1973
1974
1975___
1976
1977
Total
_
.
NonDurable durable
goods
goods
i31 Monthly average for year and total for month. Shipments are the same as sales.
3 Book value, end of period.
4 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.
-
II 1 M I 1 I 1 1 1
335
681
016
033
045
840
074
ManufacNonturers'
durable unfilled
goods orders 3
Manufacturers'
inventory—
shipments
ratio 4
25, 986
29, 104
33, 329
40, 417
43, 125
48, 137
53, 047
107,
121,
161,
189,
170,
174,
193,
657
709
194
678
686
553
659
1. 83
1.67
1.58
1. 65
1. 83
1.66
1.58
936
527
124
097
090
988
52, 501
53, 346
53, 316
53, 775
54, 203
55, 963
181,
182,
183,
186,
189,
193,
857
453
547
787
469
659
1. 61
1.59
1. 59
1. 57
1.57
1. 52
16, 511
17, 882
17, 507
17, 409
18, 124
18, 155
16, 665
54, 564
55, 917
56, 862
58, 259
58, 798
59, 248
197,
200,
205,
209,
214,
216,
235
798
500
133
010
754
1. 58
1. 53
1. 52
1. 49
1.51
1. 51
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In July, the producer price index for all commodities rose 0.6 percent (0.3 percent seasonally adjusted). The index
for finished goods rose 0.8 percent(Q-5 percent seasonally'
:ALE)
INDEX, 19 67=100 (RATIO S<
INDB<, 1967= 100 (RAT IO SCALE)
220
220
UNADJUSTED
-
^ J
OAn
200
/\^
_
i
F>M*M PRODUCTS t
PROC E5SED FOODS AhID FEEDS ! \
N*! v
160
/ **
1 An
/
•*""""**•.. ..«**•. A
180
-.
r
^
A^V
>y
/^/\
INDUSTRIAL
COMMODITIES
y^/>-^
120
A>^*1
\ / x- ^s^Z^
N / r ^ -*"ALL COMMOD TIES
W
J/
jj
/
—
\
K/
180
120
^^*i!S*^
g
.
-inn
100
i.l 1 1 1 I I 1 1 1 1
1 ! 1 ? 1 I t ! II I
1970
1971
1 | 1! ! 11 11 1 I
i
i iii i1 iH H
1972
11 ii1 iiii f!
1 1 l-l 1 f 1 ! I.I
1975
1974
1973
! 11 t 1 11 t 1 1 1
i i i i i Iii i ii
1976
1977
SOURCE: DEPARTMENT O F LABOR
t ri i i 1 i I r i i
1978
COUNCIL C>F ECONOMIC ADVISERS
[1967 = 100]
Firlished go ods
Uarm
products Indusand proc- trial
essed
comfoods
modand feeds ities
T7I
Period
AU
commodities
1970. . .
.
1971_
1972___ __
1973
1974
1975__.
1976
_
1977_ _ _
110.4
114.0
119. 1
134. 7
160. 1
174. 9
183.0
194. 2
1977: July...
Aug__
Sept._
Oct___
Nov__
Dec..
1978: Jan___
Feb..
Mar..
Apr__
May..
June .
July..
194.8
194. 6
195. 3
196. 3
197. 1
198.2
200. 1
202. 1
203. 7
206. 4
207. 9
209.4
210. 6
1
111.7
113.9
122.4
159. 1
177. 4
184.2
183. 1
188.8
1Unadjustec
188.7
184.3
184.0
184.0
187.0
189.4
192.2
196. 8
200. 0
205. 5
207.7
210.4
210. 5
22
Total
Consumer
foods
Total
Consumer
goods
Capital
equipment *
110.0
114. 1
117.9
125.9
153. 8
171. 5
182.4
195. 1
110.3
113.7
117. 2
127. 9
147. 5
163.4
170.3
180. 6
113.5
115.3
121. 7
146. 4
166.9
181.0
180. 2
189. 1
109. 1
113. 1
115. 4
120. 2
139.4
156. 2
165. 5
176. 2
107. 7
111.4
113. 4
118. 5
138. 6
153. 1
161.8
172. 1
195.9
196. 9
197. 8
199. 1
199.3
200. 0
201. 6
202. 9
204. 1
206.0
207. 3
208. 5
209. 9
181. 1
181. 5
182. 1
183.2
184.5
185. 3
186.6
188. 6
189. 6
191. 9
193. 3
194.7
195.7
189. 9
189. 3
189. 2
189.5
191.9
192. 6
194. 8
200.7
202. 1
205. 8
206. 8
209. 1
208.4
176.5
177.2
178. 2
179. 5
180. 3
181.2
182. 2
183. 0
183. 9
185. 7
187.2
188. 3
189. 8
172.6
173.2
174. 1
174. 8
175.4
176. 1
177. 1
177.6
178.3
180. 7
182. 1
182.9
184.8
184. 5
185.4
186.4
188.9
189. 9
191. 3
192.3
193. 5
194.6
195.6
197.3
198. 9
199. 9
Internlediate
mate rials,
suppliejs, and
comp<Dnents
Total
Foodstuffs
and
feedstuffs
112. 3
115. 1
127. 6
174.0
196. 1
196. 9
205. 1
214. 3
112.3
115. 1
127.6
174.0
196. 1
196. 9
205. 1
214. 3
112.7
117.0
128.0
162.5
208.9
206. 9
233. 6
258.4
209. 8
206. 3
205. 7
207. 4
214. 4
217. 2
221. 6
228. 7
231.7
238. 3
238. 9
243. 1
241. 7
185. 8
180.2
179. 8
182.2
189.9
191. 1
196. 4
205. 6
209.2
217.0
217. 1
221. 3
215.7
255.4
255.6
254.4
254. 9
260.9
266.3
269.4
272. 1
276.2
278.7
279.7
284.4
291. 0
109. 9 109. 9
114. 1 114. 3
118.7 118. 9
131.6 128. 1
162. 9 159. 5
180. 0 178. 6
189.3 189.5
201.7 202. 4
Seasonallj*r ad justed
202.2
202. 6
203. 5
204. 3
205. 2
206.0
207.9
209. 7
211. 3
212. 3
213. 6
214. 3
215.4
Crude mater hils for
furtl ler processing
Excluding
foods
Total
and 2
feeds
112. 0
116.6
119. 5
123. 5
141. 0
162.5
173. 2
184. 5
Formerly eal]ed produce r finished goods.
nn
Exclu ding con sumer
foods
203. 2
204. 2
205. 3
206. 1
206.4
207.4
209.2
210. 9
211. 9
213. 0
214. 1
215. 1
216. 0
Other
2 Excludes i ntennediat e materials for food m anufacturii ag and mai
lufaeturea
animal feeds.
IS[OTE.—Dat a revised for March 19"rs.
source: Dep artment of Labor, Bmreau of Labor Statistic,s.
JONSUMER PRICES
In June, the consumer price index for all urban consumers rose 1.0 percent (0.9 percent seasonally adjusted). Food
prices increased 1.7 percent (1.3 percent seasonally adjusted). Nonfood commodity prices rose 0.8 percent (0.6
percent seasonally adjusted) and services prices were up 0.9 percent (also 0.9 percent seasonally adjusted).
INDEX 1967=100 (RATIO SCALE)
INDEX 1967=100 (RATIO SCAIfl
120
120
100
100
1970
1971
1972
1977
1976
1975
1974
1973
1978
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1970
1971
1972
1973
1974
1975
1976
1977
All
items
Food
116.3
121. 3
125. 3
133. 1
147. 7
161. 2
170. 5
181.5
114. 9
118. 4
123.5
141. 4
161. 7
175. 4
180.8
192.2
Commodities
less
food
112. 5
116.8
119. 4
123. 5
136.6
149. 1
156. 6
165. 1
Comnaodities le ss food
Food
Services
All
commodities
AU
Food
at
home
Food
away
from
home
AU
Durable
Nondurable
121.6
128.4
133. 3
139. 1
152. 1
166. 6
180.4
194. 3
113.5
117. 4
120.9
129. 9
145. 5
158.4
165.2
174.7
114. 9
118. 4
123. 5
141. 4
161. 7
175.4
180.8
192.2
113. 7
116.4
121. 6
141. 4
162. 4
175.8
179.5
190.2
119. 9
126. 1
131. 1
141. 4
159. 4
174.3
186. 1
200. 3
112.5
116. 8
119. 4
123.5
136. 6
149. 1
156.6
165. 1
111. 8
116. 5
118. 9
121. 9
130.6
145.5
154.3
163.2
113. 1
117. 0
119. 8
124.8
140. 9
151. 7
158. 3
166.5
121. 6
128. 4
133. 3
139. 1
152. 1
166. 6
180. 4
194.3
Unac justed
Services
Seasonal y adjust ed
1977: June___
July...
Aug
Sept.__
Oct
Nov
Dec
181.8
182.6
183. 3
184. 0
184.5
185.4
186. 1
193. 6
194.6
195. 2
194.5
194.4
195.6
196.3
165. 4
165.6
166. 0
166. 7
167.4
168.1
168.4
193. 7
195.3
196. 3
197.7
198.5
199. 5
200.5
175. 1
175. 2
175. 7
176. 2
176.7
177. 5
178.3
193. 8
193. 5
194.3
194. 7
195. 0
196. 0
196.7
191.9
191. 3
192. 0
192. 3
192. 5
193. 5
194. 2
200.9
201. 8
203. 0
203.8
204. 5
205. 1
206. 1
165. 1
165. 4
165.7
166. 2
166. 8
167.6
168.4
163.3
163.4
163. 6
163. 9
164. 4
165. 1
166. 0
166.4
166. 9
167. 2
167.8
168.6
169. 4
169. 9
194.3
195. 7
196.8
197. 9
198. 7
199. 5
200.3
1978: Jan
Feb
Mar
Apr
May___
June
187. 2
188.4
189.8
191. 5
193.3
195.3
199.2
202. 0
204.2
207.5
210.3
213. 8
168.6
168.8
170. 0
171. 3
173.0
174.4
202. 0
203.5
204.9
206.5
208. 0
209.9
179. 9
180.8
182.3
184.0
185. 6
187.2
199.2
201. 6
204. 3
208. 1
211. 2
214.0
197. 0
199.5
202. 5
207. 3
211. 1
214.0
208. 4
210. 5
212.5
214.0
215. 8
218.2
169. 5
169.9
170.9
171.8
172.8
173.9
167.6
168. 7
169. 5
170. 4
171.8
173.2
170.6
170. 1
171.2
172. 1
172.8
173.5
201.5
203. 0
204. 7
206.6
208. 7
210. 5
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics,
23
CHANGES IN PRODUCER PRICES
mths
Perce nt change firom 3 m<
ear ier; seasona lly adjusted
annual rates
Percent change fr om prec edlng
peri<od ; seasonal y adjuslbed 1
Period
Farm
products Industrial
and
comprocessed modifoods and ties
feeds
An
commodities
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: July..
Aug..
Sept..
Oct..
Nov__
Dec..
1978: Jan..
Feb..
Mar.
Apr..
May.
JuneJuly..
4.8
2.2
4.1
6.3
15.4
20.9
4.2
4.7
5.9
.1
.1
.4
.5
.7
.4
.9
1.0
.9
1.0
.7
.7
.3
7.5
-1.4
6.0
14.4
2a7
11.0
—.3
-1. 1
3.0
-2.3
-1 2
-5
8
2 4
3
1.2
2.4
2.5
2.3
.5
1.0
g
3.9
3.6
3.4
3.4
10.7
25. 6
6.0
6.4
a7
.6
.5
.5
.5
.3
.5
.8
;6
.5
.7
.7
.7
.6
Finished
goods
All
commodities
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Perce nt change f rom 6 m<
snths
ear ier; seasona lly adjus ted
annual rates
Finished
goods
All
commodities
4.3
2.0
2.9
4.7
6.8
7.2
7.6
9.2
9.6
11.9
10.3
11.2
6.6
4. 5
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
4.8
2.2
a2
as
11.8
18.3
6.6
3. 3
6.6
2
2
3
6
7
4
7
11
5
12
7
7
5
0
-1.2
2. 1
4.0
6.5
6.7
8.4
9.6
12.0
12.5
11.1
10.2
7.2
* Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for March 1978.
— 19.2
-22.9
-148
-3.6
11. 1
14.5
16.5
16.8
27.8
33. 3
23.6
16.2
2.5
5.9
5.9
6.7
6. 1
5.2
5.2
6. 6
7. 8
7.8
7.5
7.9
8. 7
8.2
a2
ao
2.0
a6
4.4
6.2
8.1
9.3
10.5
10.4
11. 1
9.8
2.3
-4.1
-9.1
-11.7
— 7.5
-1.3
7.7
6.9
ao
ia9
as
ae
ao
5.5
5.9
6.5
6.5
7.1
7.9
8.3
7.9
21.0
246
20.2
21.9
16.9
7.3
5.6
47
45
4.4
5.0
6.2
8.0
a4
9.7
9.8
10.4
10.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasoEtally adjussted 1
Period
1969
1970
__
1971
1972
1973
1974
1975
1976
1977
1977: June..
July...
Aug...
Sept
Oct...
Nov...
Dec...
1978: Jan...
Feb
Mar..
Apr...
May..
June..
1
All
items
6. 1
5.5
3.4
3.4
8.8
12. 2
7.0
48
6.8
5
3
4
4
3
4
4
8
6
8
9
9
9
Food
7. 2
2.2
43
47
20. 1
12. 2
6.5
.6
8.0
.6
—.2
.4
.2
.2
.5
.4
1. 3
1.2
1.3
1.9
1.5
1.3
Commodities
less
food
Services
45
48
2.3
2.5
5.0
13.2
6.2
5. 1
49
3
2
2
3
4
5
5
7
2
6
5
6
6
Percent c lange f re>m 3 mont bis earlier ; Percent c lange frcma 6 mont lis earlier;
seasonailly adju<sted annu al rates
seasonsilly adjussted annu al rates
All
items
Services
All
items
Food
Commodities
i
less
food
Services
7.4
8.2
41
3.6
6.2
11. 3
8. 1
7.3
7.9
.7
.7
.6
.6
.4
.4
.4
.6
.7
.8
.9
1.0
.9
7.8
5.7
5.0
11. 5
45
47
49
3. 1
45
6.7
7.5
9.3
10.0
11.3
11.4
Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.
24
Food
Commodities
i
less
food
42
3.6
1.9
3.5
42
a9
ia4
42
3.2
2. 7
2.7
3.4
47
5.4
9.4
9.3
8.3
7.6
6.3
5. 6
49
6. 1
5. 1
48
47
a6
ai
5.8
7.2
9.1
10.5
11. 7
11.8
5. 6
6. 1
7. 1
8.3
9.4
10.4
11.9
5. 6
19.1
20.5
20.4
5.5
7.0
7.2
8.9
7.9
a6
13.4
11.2
7.5
6. 6
a7
ae
ao
ao
7.7
10. 1
13.9
16.1
ia4
Source: Department of Labor, Bureau of Labor Statistics.
5.8
46
a7
3.5
3.3
3.7
40
5.0
5. 1
5.7
6.1
6.3
6.6
9.6
9.2
9.1
8.5
7.8
7.0
a3
6.0
6.4
7.0
8.1
9.4
10.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 1 percent in July. Contributing to the decrease were lower prices for cattle, corn, hogsf
soybeans, and lettuce. Partially offsetting were higher prices for potatoes, broilers, and eggs. Prices paid by farmers
were unchanged in the month ended July 15.
WDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
1970
1
1971
1972
'
1973
1974
»
1976
1975
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
AH farm
products
Crops
Prices paid by far mers
All items,
Livestock interest,
Family
Producand
living
tion
taxes, and
products wage rates
items
items
Index, 1<367=100
1970
1971
1972
1973
1974
1975
1976
1977
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
192
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
(3)
1977: July
Aug
Sept
Oct
Nov _ _ _
Dec
180
174
174
177
178
181
181
172
170
178
184
183
179
177
177
176
174
180
203
201
201
201
202
203
1978: Jan
Feb
Mar
Apr
May
June
July
186
193
200
208
215
217
215
188
190
198
208
212
216
213
185
196
204
209
217
219
217
209
211
214
216
219
220
220
__
_
1
Percentage ratio of index of prices received by farmei•s to index of priees paid,
interest, taxes, and wage rates on IQlO-l^1=100 base,
» The adjusted parity ratio reflects G overmnent payments made directly to
farmers.
1978
114
118
123
133
151
166
176
Parity ratio *
Actual
Adjusted *
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
66
77
75
79
94
87
76
72
68
3
(3)
(3 )
(3)
(3)
(3)
()
201
198
197
198
199
199
65
64
63
65
65
66
66
65
65
66
66
67
(3)
8
(3)
(3)
(
(3)
(3)
(3)
203
206
211
214
217
218
218
65
67
69
71
72
73
72
67
69
71
73
74
75
74
» Index discontinued. Consumer price index (Dej>artment of Labor) substituted
in<calculating total prices paid beginning January 1977.
ource: Departatent of Agricultiire.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in Mi slowed in July while growth of deposits at thrift institutions accelerated.
BILLIONS OF DOLLARS* (RATIO<
BILLIONS OF DOLLARS* (RATIO SCALE)
9QQ
300
200
200
1978
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Oven ill measLires x
Deposil ;s at coinmercial banks
Period
Mj
M2
M3
Currency
Tim e and savings
Demand
Total
1972:
1973:
1974:
1975:
1976:
1977:
1977:
Dec—
Dec—
Dee—
Dee—
Dee—
Dec—
July._
Aug___
Sept__
Oct.—
Nov..
Dec—
1978: Jan—
Feb.—
Mar__
Apr
May —
June__
July v.
255. 3
270. 5
282. 9
294. 5
312. 6
337,2
327. 5
329. 2
331.6
334.7
334.9
337. 2
340. 1
339. 9
340.9
346.3
348. 6
350.3
351. 9
525.3
571. 4
612. 2
664. 1
739. 6
808.4
782. 9
787. 9
793.8
800.3
804. 2
808. 4
814. 8
818.0
821. 8
829. 7
835. 1
840.5
846. 5
844. 4
919. 2
981. 2
1, 091. 8
1, 235. 6
1, 375. 0
1, 317. 2
1, 330. 0
1, 343. 5
1, 356. 8
1, 366. 0
1, 375. 0
1, 385. 4
1, 392. 0
1, 399. 5
1, 410. 9
1, 419. 8
1, 429. 7
1, 441. 6
56.8
61. 5
67.8
73.7
80. 7
88. 6
85. 1
85. 5
86. 3
87. 1
87. 7
88.6
89.4
90. 1
90. 7
91. 3
92.2
92, 9
93.4
198. 4
209. 0
215. 1
220. 8
231. 9
248. 6
242.3
243.7
245. 3
247. 6
247. 2
248.6
250. 7
249. 8
250.2
255. 1
256. 4
257.4
258.4
313. 5
363. 9
418.3
450.9
489.7
545. 2
518.3
521.9
525. 9
531. 9
540. 2
545.2
551.0
557.5
562.9
566.8
573. 6
576.8
582.0
1
MI is currency plus demand deposits; Ms is Mi plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is M2 plus
deposits at nonbank thrift institutions.
26
Perc;ent2
cha nge
Compon ents and related it ems
Large
CDs
43. 5
63. 0
89.0
81. 3
62. 7
74. 0
62.8
63.2
63.8
66.4
70. 9
74. 0
76.3
79. 4
82.0
83.4
87. 1
86. 7
87.4
Other
270. 0
300. 9
329. 3
369.6
427.0
471. 2
455. 5
458. 7
462. 1
465. 6
469. 3
471. 2
474.7
478. 1
480. 9
483.4
486. 5
490. 1
494. 6
Deposits
at
nonbank
thrift
institutions
319. 2
347. 8
369. 1
427. 8
496.0
566. 6
534. 3
542. 1
549.8
556. 5
561.7
566.6
570. 7
574.0
577. 7
581.2
584. 7
589.2
595. 1
U.S. Government
demand
deposits
(unadjust-
Mi
M2
ed)
7.4
6. 3
4. 9
4. 1
4.4
5.1
3.6
3.4
5. 0
3.7
3.5
5. 1
4. 3
4. 3
4.7
4.9
3. 9
6. 1
4. 4
9. 1
11.3
4. 6
4. 1
6. 1
7. 1
8. 5
11.4
6.0
7.9
8.2
8.8
9.3
8. 3
10.0
9. 7
8.5
8.0
7.9
9.6
9.5
9.5
9.0
8. 1
7. 8
6.6
5.7
7. 1
8. 3
7.9
7. 1
8. 3
7. 8
7.2
7.5
7.8
8. 1
7.9
2 Annual changes are from December to December and monthly changes ar©
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Eeserve System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
769.7
852. 5
967. 7
1, 079. 3
1, 166. 9
1, 290. 1
1, 423. 3
1, 596. 4
632. 7
719. 0
816.9
887.4
945. 0
1, 054. 5
1, 194. 1
1, 328. 1
49. 1
52. 6
56.8
61. 5
67.8
73. 7
80.7
88.6
152. 0
161. 8
176.4
183. 3
186. 9
191. 5
198. 8
213. 5
198. 9
233. 6
264. 4
294.5
321.2
360. 6
417. 3
459. 4
232.
271.
319.
348.
369.
428.
497.
566.
7
1
3
1
1
6
3
6
52. 0
54. 3
57.5
60.4
63. 3
67. 2
71. 9
76. 6
41.9
31. 5
34.5
43.3
47.7
66. 9
66.6
76.7
21. 8
27. 6
36. 2
53.8
70.4
58.5
43.5
51. 6
21. 3
20. 1
22.5
34.5
40.6
43.0
47.3
63.4
1, 515. 4
1, 530. 3
1, 546. 3
1, 565. 6
1, 582. 4
1, 596. 4
1, 273. 3
1, 284. 8
1, 298. 6
1, 312. 0
1, 320. 0
1, 328. 1
85. 1
85.5
86.3
87. 1
87. 7
88.6
209.
209.
210.
213.
212.
213.
2
2
9
7
9
5
444. 8
448. 0
451.5
454. 7
457. 7
459. 4
534.
542.
549.
556.
561.
566.
3
1
8
5
7
6
74.7
75. 1
75.4
75.8
76. 2
76. 6
69. 4
71.6
73. 0
74. 9
76. 4
76.7
42. 2
42.5
42. 8
44. 9
49.0
51.6
55.8
56.3
56. 6
58.0
60. 8
63.4
1, 613. 1
1, 624. 5
1, 635. 9
1, 650. 4
1, 664. 6
1, 677. 1
_ 1, 690. 5
1, 338. 9
1, 345. 3
1, 352. 7
1, 364. 7
1, 373. 3
1, 383. 1
1, 396. 1
89.4
90. 1
90.7
91. 3
92.2
92.9
93.3
215.9
214. 9
215. 1
220. 1
220.8
221. 3
223. 1
462. 8
466. 2
469. 3
472. 1
475. 6
479.6
484. 6
570. 7
574. 0
577.7
581. 2
584. 7
589.3
595. 2
77.0
77.4
77.8
78.2
78. 6
78.9
79.3
78.8
79.7
79. 6
79.2
80.4
82.6
81.6
52. 7
54. 3
56.0
57.3
61.1
61.1
61.9
65. 7
67.9
69.8
70.9
71. 2
71.4
71.6
Dec
Dec
Dec
Dec
Dec
Dec__
Dec
_
Dec _ . _
1977: July
Aug
Sept..
Oct_
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July*
Other
private
money
market
instruments
Total
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
U.S. T]reasury
Negosecuirities
tiable
certifiShortNonbank
cates of
term
Savings market- deposit
thrift
institu- bonds able setions
curities
Time d eposits
Total
liquid
assets
Currency
Demand
deposits
Commercial
banks
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e^xtended
Instalm ent credit liejuidated
Net change5 in amount outstanding
Period
Total i
1970
1971
1972__
1973
1974
1975
1976
1977
Bank
credit
cards
Total i
094
820
700
399
429
413
988
888
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
107,
113,
121,
138,
147,
156,
172,
194,
444
784
926
156
920
665
795
555
Automobile
112,
123,
137,
157,
157,
164,
193,
225,
296
826
117
863
200
169
328
645
1977: June
July_
Aug
Sept
Oct
Nov
_
Dec-.. _
18,
18,
19,
19,
19,
19,
20,
810
631
204
164
787
680
138
6, 063
5, 966
6, 158
6, 109
6,083
6, 330
6,721
2, 640
2, 566
2,711
2, 847
2,973
2, 828
2,973
16,
16,
16,
16,
17,
16,
17,
1978: Jan
Feb_
Mar
Apr_
May
June
19,
20,
21,
22,
22,
22,
586
179
595
117
336
680
6,263
6,400
6,822
7,248
7,387
7,241
2,948
3,143
3,231
3,255
3,245
3,482
1
_ _
30,
35,
42,
48,
45,
51,
62,
72,
Includes some items not shown separately.
Automobile
Bank
credit
cards
Total i
Automobile
Bank
credit
cards
440
614
188
642
929
406
750
652
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
31, 090
— 347
4,207
5, 512
5,758
500
3,007
10, 238
13, 235
1, 153
699
918
1,430
1, 443
1,220
1,850
2, 911
388
167
553
814
160
826
402
5, 100
4,897
5, 104
5,005
5,234
5,089
5,424
2, 403
2, 382
2,396
2,567
2, 687
2, 585
2,723
2,422
2, 464
2, 651
2,351
2, 626
2,853
2,736
963
1, 069
1, 054
1, 105
850
1, 241
1,297
238
184
315
279
287
243
250
17, 162
17, 518
17, 527
18, 398
18, 479
18, 888
5,078
5,296
5,300
5,520
5, 598
5, 698
2,788
2, 858
2, 783
2, 944
2,982
3, 120
2,424
2,661
4,068
3, 719
3,857
3, 792
1, 185
1, 104
1,522
1,728
1,789
1,543
160
285
448
311
263
362
30,
31,
37,
42,
44,
48,
52,
59,
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans remained more moderate in July than in the spring months.
B1LUONS OF IX>LLARS*{RATIO SCALE)
1,000
BILLIONS OF DOLLARS* (RATIO SCALE)
-ALL COMMERCIAL BANKS-
1,000
TOTAL
-LOANS AND INVESTMENTS-
800
300
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
„,••*
..'»
..,„.«"
,,„."""
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
60
40
n i 11 11 i 11 i 1.1..U..I 1.1 t i l l
1970
1971
1 II
t 1I I t M I
1972
> f I M 1 II M I
1973
I MM I I 1
1975
1976
1977
•"SEASONALLY ADJUSTED, END OF MONTH
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1970
1971—
1972
1973
1974
1975
1976
1977
1977: July
Aug
Sept
Oct
Nov
Dec .
1978: Jan »
Feb»
Mar 9
Apr *— _
May v _
June v - _
July *
COUNCIL OF ECONOMIC ADVISERS
838.5
845.8
850.8
860.0
866.2
870. 6
292.0
320. 9
37&9
449. 0
500. 2
496.9
538.9
617. 0
580. 0
587.9
593.9
602. 7
611. 6
617.0
880.6
886.6
892. 2
906. 0
917.9
922.4
935. 2
624.9
628. 2
636.5
646.3
657. 9
661. 2
672. 0
435. 5
485. 7
558.0
63a 4
4
691. 1
721.8
785. 1
870.6
41
32
13
12
54
i5ao
28.86
30.98
31.06
34.61
36. 31
34.42
34.65
35.95
35. 00
35.30
35.31
35.60
35.71
35.95
321
107
1,049
1,298
703
127
62
558
35.27
35.50
35.52
35.81
35.96
36.14
2a78
31.04
30.29
33.61
35.84
34.55
34.87
35.57
34.95
34.44
34. 89
34. 50
35.10
35.57
336
1,071
634
1,319
840
558
60
101
112
114
83
54
159.4
159.4
160. 1
162. 1
162. 9
162. 8
163. 5
36. 60
36.93
36.67
36. 95
37.27
37. 73
38. 19
36. 12
36.53
36.34
36.40
36.06
36.63
36.87
36.33
36.69
36. 47
36. 81
37. 05
37. 55
37. 99
481
405
344
539
1,227
1, 111
1,286
32
52
47
43
93
120
143
85. 7
104.2
isae
isas
176.2
179. 7
• 201. 4
57.8
60.6
62. 6
54. 5
51. 1
80. 1
98.0
95. 6
192.4
194.4
196.0
19a 7
200. 2
6
201. 4
104. 1
102.4
100.7
99.4
96.3
95. 6
154. 4
155.5
156. 2
157.9
158.3
203.9
206. I
210.3
213.3
219.2
220.4
222. 3
96.3
99.0
95.6
97.6
97. 1
9&4
99.7
110.0
116.2
130.4
5
data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with n® adjustment to eliminate the effect of changes in Regulations D and M.
40
1978
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
All c ommercial b anks *
Borrowirigs (mil23
Investn lents
lions of dollars,
Lcmns
BDeserves
Total
unadju sted) 2
loans
and Total ex- Commer- U.S. Gov- Other
SeaReNoninvest- cluding cial and
secuTotal
ernment
Total
borrowed quired
sonal
ments
inter- industrial securities
rities
bank
1
Data are for end of period.
2
Averages of daily figures. Annual
3
28
i i n I i i i i.
I I I ; > | ; i j ii I M M 1 M I 1 1
1974
nas
129.9
139. 8
144. 8
148.2
158. 0
29.11
31. 17
31. 34
34.91
36.57
34.68
34.93
36.14
4
During 1974, total loans and investments were increased $0.6 billion due to
i bank merger and were reduced $1.5 billion due to liquidation of a large bank;
6 Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976;
6 Loan reclassifications reduced these loans by $0.2 billion in December 1977;
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Purchase
of
physical
assets 4
Increase
in
financial
assets
145
242
2a2
41
29.4
21.8
9&9
1146
136.5
162. 6
163. 5
132. 3
197. 2
220.4
80.3
86.0
100.3
12&3
134 7
98.6
140.3
170. 3
15.6
28.6
3a2
39. 3
2a9
Credilj market j unds
Total
Tntal
Longterm 2
Shortterm 8
32.1
40.6
40.7
37. 0
39.1
49.3
48. 6
49.2
Other
ae
4a7
Total
Discrepancy
(sources
less
uses)
a4
104.3
127. 1
152.9
180.7
180.7
148.4
213.5
241.0
58.9
45.5
80.8
83.8
75.7
107.8
125.8
135.9
72.2
96.9
105. 0
40.6
87.7
105. 1
44. 5
57.7
72.7
81.8
36.6
58. 3
83.4
50. 1
12.5
16.5
18. 1
17. 1
16. 2
16.3
20.7
1976: I
II
III
IV
219.8
220.4
204.3
209.5
125.4
125.0
130.5
122.3
94.4
95.5
73.8
87.2
52.1
60.2
51.7
69.4
50.1
46. 8
51.0
46.6
2.1
13.4
.7
22.8
42.3
35.3
22. 1
17.8
203.2
202. 5
192.6
190.5
1343
143. 1
150.4
133.4
68.9
59.4
42. 1
57. 1
16.6
17.9
11.7
19.0
1977: I
II
III
IV.
254. 6
202. 1
250.8
256.7
125.7
134.8
145.1
138.0
128.9
67.3
105.7
118.7
81.2
73.3
75.5
ioa4
38.2
38.8
55. 1
65.0
43.3
34.7
20.4
38.4
47.6
-5.9
30. 1
15. 3
235. 8
188.9
223.8
232.8
160. 1
167.6
181.4
171.9
75.7
21.3
42.4
60.9
18.8
13.2
26.9
23.9
1978: I"
243.2
126. 9
116.3
94.2
33. 1
61. 1
22. 1
225.9
179.6
46. 3
17.4
1970
1971
1972
1973
1974
1975
1976
1977
eae
5&5
* Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
* Stocks, bonds, and mortgages.
1
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
4.8
14.1
3.9
17.0
35.7
42.7
-12.7
9.7
342
sa7
5a 9
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curreiat assets
End of period
Total
SEC series:2
1970
1971
1972
1973
1974
FTC-FRB series:3
1974
1975
1976
1977
Cash
Cm-rent liabEities
Notes
U.S.
governand
ment
acsecuri- counts
ties
payable
Inventories
Other
current
assets
Total
Notes
Other
and
current
accounts liabilities
payable
Net
working
capital
Current
ratio l
492.3
529.6
599.3
697.8
790. 7
50.2
53.3
59.0
66.3
71. 1
11.0
10.6
12. 8
12. 3
7.7
206. 1
221. 1
248.2
288. 5
322. 1
193. 3
200.4
225.7
263. 9
313. 6
35.0
43.8
55.8
66.4
71.7
3049
326.0
375.6
450.9
530. 4
211. 3
220.5
282. 9
340. 3
402.3
93.6
105. 5
92. 7
110. 7
128. 1
187.4
203. 6
223. 7
246. 9
260.3
1. 615
1.625
1. 595
1. 548
1.491
7346
756.3
823. 1
901.2
73.0
80.0
86.8
944
11.3
19.6
26.0
20.8
265. 5
272. 1
292.4
326.2
318.9
3147
341.4
375.4
65.9
69.9
76.4
843
451.8
446.9
487. 5
543. 9
272.3
261.2
273.2
307.1
179. 5
185.7
214.2
236.8
282.8
309.5
335.6
357. 3
1.626
1.693
1.688
1.657
1976: III
IV
817.4
823. 1
79.5
86.8
26.0
241
297.9
292.4
342.2
341.4
73.6
76.4
4840
487.5
271.2
273. 2
212. 8
2142
333. 4
335.6
1.689
1.688
1977: I
II
III
IV
843.2
857.3
881.7
901.2
80.9
83.2
83.6
26.9
22.3
21.7
20.8
3045
313.2
327. 1
326.2
352.4
359.3
367.9
375,4
78.3
79.2
81.2
503.4
510. 5
530. 2
543.9
280.6
287.4
298.2
307. 1
222.9
223. 1
231.7
236. 8
339.8
346. 9
351. 6
357. 3
1.675
1.679
1.663
1.657
1
Total
s
1 Based
944
current assets divided by total current liabilities.
on data from Statistics of Income. Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
843
NOTE.—SEC series revised for 1972-1974 and not available after 1974.
See federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates declined somewhat in late July and early August but moved to higher levels later in the month/ the
discount rate was also raised late in August.
PERCENT PER ANNUM
PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
A
\
*»+.*
T I L
I'.
/H/
X
TREASURY BILLS
JL
v
IjUJJl ! H
1970
! !!1 I1 I 1
1971
1972
DISCOUNT
RATE
FEDERAL
" RESERVE '
BANK OF
NEW YORK
M 1 M I 1M 1
I T 1! ! t1 1 !! 1 1 1 ! f ! f 1 ! | I
f
1974
1973
1975
1976
1978
1977
SOURCE! SEE TABLE BELOW
COUNCIl OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Tre asury seeuri ty yields
Period
3-month
bills !
1972
1973
1974
1975
1976
1977
4. 071
7. 041
7.886
5.838
4.989
1977: July
Aug
_
Sept
Oct
Nov
Dec__.
1978: Jan
Feb
Mar
Apr
May- _
June
July
Week ended:
1978: July 28
__
5. 265
5. 146
5. 500
5. 770
6. 188
6. 160
6. 063
6. 448
6. 457
6. 319
6. 306
6. 430
6. 707
7. 074
Constant iMaturities
3-year
5.72
6.95
7.82
7.49
6.77
6. 69
6. 51
6.79
6.84
7. 19
7. 22
7. 30
7. 61
7.67
7.70
7.85
8.07
8. 30
8. 54
2
10-year
6. 21
6.84
7.56
7.99
7.61
7. 42
7.33
7. 40
7. 34
7. 52
7. 58
7.69
7. 96
8.03
8.04
8. 15
8. 35
8.46
8. 64
High-grade Corporate Prime com- Discount
mercial
municipal
rate
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
4-6
(Moody's)
Bank)4
& Poor's)3
months
5.27
5. 18
6. 09
6. 89
6. 49
5. 56
5.50
5. 46
5. 37
5. 53
5. 38
5. 48
5. 60
5. 51
5.49
5.71
5.97
6. 13
6. 18
7. 21
7. 44
8. 57
8.83
8.43
8. 02
7.94
7.98
7.92
8. 04
8. 08
8. 19
8. 41
8.47
8.47
8. 56
8. 69
8.76
8. 88
469
8. 15
9.87
6. 33
5. 35
5. 60
5.41
5. 84
6. 17
6. 55
6. 59
6. 64
6. 79
6. 80
6. 80
6.86
7. 11
7. 63
7.91
4.50
6.45
7. 83
6. 25
5. 50
5.46
5M-5H
3
5K-5 /4
5X-5J4
5%-6
6-6
6-6
6-6H
6H-6H
6M-6H
6h-6H
6X2-7
7 7
7-7
Prime
rate
charged
by
banks *
5.25
8. 03
10. 81
7.86
6.84
6.83
6^-6%
6J1-7
7l -7%
7 A-7%
73/4-7%
7*4-7%
7%-8
8-8
8-8
8-8
8-8X2
8y2-9
9-9
Newhome
mortgage
yields
(FHLBB)*
7.60
7.95
8. 92
9. 01
8.99
9.01
9. 00
9. 02
9.04
9.07
9. 07
9.09
9. 15
9. 18
9.26
9.30
9.37
9.46
9.57
6.935
8. 55
8.63
7.92
6. 12
8.88
9-9
7K-7&
6.895
8.36
8.46
8.76
6.00
7. 86
9-9
7K-7&
l
8.21
6.808
8.39
5. 90
8. 66
7. 84
7%-7 /4
9-9
6.887
8.37
8.48
6.02
8.70
7.86
9-9
7M-7K
7.267
8. 35
8. 37
5. 96
8.69
7. 95
7^/4-7%
9-9
1
Rate on new issues TBIthin period,
s Effective rate (in the primary market) on conventional mort|;ages, reflectiij
2
Yields on the more actively traded issues adjusted to constant m aturities
fe BS and charges a s well as contract rate and assunled, on the average, repaymer
by the Treasury Depart ment.
at end of 10 years . Rates beginning January 197 3 not strictly cc>mparable wit~
« Weekly data are Wed nesday figures.
pi ior rates.
4
Average effective rate3 for year; openi ng and closing r ate for month aiid week.
Sources: Department of the 1^reasury, Boar( of Governors of the Federal
R eserve System, Federal Home 3Loan Bank Boa rd, Moody's In1pesters Service,
arid Standard & I'oor's Corporati on.
Aug
4
11
18
25
30
COMMON STOCK PRICES AND YIELDS
Stock prices continued to advance in August.
INDEX, DEC 31,1965^5
INDEX, DEC 311965=50
80
EARNINGS-PRICE RATIO ON COMMON STOCKS
10
5 -
-5
1970
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCES. NiW YORK STOCK EXCHANGE AND STANDARD 8. POOR'S CORPORATION
Common stook 5yields
(perc ent)
Comilion stock p rices 1
Period
New York Stock Exch ange indexes (Dec. 31, 1L965=50) 2
Composite Industrial Transportation
1972
1973
1974
1975
1976
1977
.
1977: July
.
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr_
May
June
July
Week ended:
1978: J u l y 2 8 _ _ _ _
Aug 4
11
18
25
Utility
60. 29
57.42
43.84
45.73
54. 46
53. 69
54.94
53.51
52. 66
51.37
51.87
51.83
49.89
49.41
49. 50
51.75
54.49
54.83
54. 61
65. 73
63. 08
48.08
50.52
60.44
57.86
58.90
57.30
56. 41
54.99
55.62
53. 55
53. 45
52.80
52.77
55.48
59. 14
59.63
59. 35
50. 17
37. 74
31.89
31. 10
39.57
41. 09
43. 52
41. 04
39.99
38.33
39.30
39. 75
39. 15
38.90
38.95
41. 19
44.21
44. 19
44. 74
38.48
37. 69
29. 79
31.50
36.97
40. 92
42. 44
41. 50
40. 93
40.38
40.33
40. 36
39. 06
39.02
39.26
39. 69
39.47
39.41
39. 28
78.35
70. 12
49. 67
47. 14
52. 94
55. 25
57. 29
56. 52
55. 33
53. 24
54. 04
53. 85
50. 91
50. 60
51. 44
55. 04
57.95
58. 31
57.97
55. 57
57. 50
58.46
58.85
58.98
60.49
62. 82
63. 92
64. 44
64,63
46.27
48.43
49.25
49. 55
49.82
39. 60
40.09
40.34
40. 27
40. 27
58.97
61. 36
63. 35
63.98
63.94
1 Averages of daily closing prices.
2 Includes all the stocks (more than 1,500) listed on the NYSE.
* Includes 30 stocks.
* Includes 500 stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Standard
& Poor's
Dowcomposite Dividend- EarningsJones
Index
industrial
ratio
ratio
average 3 (1941-43=
10)*
109. 20
2.84
950. 71
5. 50
107. 43
923. 88
3. 06
7. 12
82.85
759. 37
4. 47
11.59
802. 49
86. 16
4. 31
9. 15
102. 01
974. 92
3.77
8.90
894. 63
98. 20
4.62
10.79
100. 18
4. 59
908. 20
97. 75
872. 26
4. 72
96. 23
4. 82
853. 30
11.09
93. 74
823. 96
4.97
94. 28
5.02
828. 51
93. 82
818. 80
5. 11
11. 45
90. 25
5. 32
781. 09
88.98
763. 57
5.49
88. 82
5.62
756. 37
12. 31
794. 66
92.71
5. 42
838. 56
97.41
5. 20
97.66
840. 26
5. 19
831. 72
97. 19
5.25
845. 04
876. 35
888. 44
893. 40
894. 25
98.96
102. 34
103. 94
104. 46
104. 62
5. 14
4. 98
4. 91
4. 91
4. 90
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 BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 10 months of fiscal 1978 the budget deficit was $47.9 billion. A year earlier the deficit was $41.5 billion.
BILLIONS OF DOLlARS
BILLIONS OF DOLLARS
500
200
200
50'
50
SURPLUS (*) OR DEFICIT (-)
-50
-50
j
-100
1970
I
I
1971
1972
I
1973
J_
1974
1975
1976
1977
1978"
-100
1979
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Outlays
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976__
Transition quarter
1977
1978 (estimates) 2 _ _
1979 (estimates):
Mid-Session Review, July 1978 2
First Concurrent Resolution, May 1978 3
448.2
447.9
496.6
Cumulative total first 10 months:
Fiscal year 1977..
Fiscal year 1978
291.4
3244
333. 0
372.3
187.8
193.7
188.4
208. 6
232.2
264 9
281. 0
300.0
81.8
357.8
401.2
, Excludes non-interest-bearing public debt securities held by IMF.
2
•Estimates from Mid-Session Review of the 1979 Budget, Office of Management
ad Bud
—-»«-«-„
and Budget, July 6,1978.
* First Concurrent Resolution on the Budget—Fiscal Year 1979, May 17, 1978.
32
184 5
196.6
211.4
232. 0
247.1
269.6
326. 1
366.4
947
402.8
452. 3
Surplus or
deficit (-)
Federal debt ( end of period)
Total *
Held by
the public
367.1
382. 6
409. 5
437. 3
46R4
486.2
5441
631. 9
646.4
709. 1
776.0
279.5
2849
3043
323.8
343. 0
346. 1
396.9
480. 3
498. 3
551.8
606. 8
-48.5
-50.9
853.9
668.9
— 41.5
-47.9
6846
760.2
534 0
599. 1
3.2
-2.8
-23.0
-23.4
-148
-47
-45. 1
-66. 4
-13.0
-45.0
-51. 1
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budge
Departm
Pt ^ noted-
exce
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1978 budget receipts were $33.0 billion higher than a year earlier and expenditures
were $39.3 billion higher.
BILLIONS OF DOLLARS
BftLlONS OF DOLLARS
205 -RECEIPTS
200
100
iui
•<•"•
..••••MM""1"1*"
100
..MUM*"""
V
CORPORATION
INCOME TAXES
OTHER RECEIPTS
JL
400
400
OUTLAYS
300
300
NONDEFENSE
\^
200
200
100
100
v
_L
1970
1 7
9 1
1 7
9 2
_L
1 7
9 3
1974
1975
1976
1977
1978
1979 N
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Rece ipts
Nationa defense
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
__
.
1976
Transition quarter
1977
1
1978 (estimates)1
1979 (estimates)
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
187.8
193. 7
87.2
90.4
20a6
232.2
__ 264. 9
._ 281.0
300.0
81.8
357.8
_ 401. 2
448.2
94.7
103.2
119. 0
122.4
131. 6
Cumulative total first 10
months:
Fiscal year 1977___
Fiscal year 1978
isa4
291.4
324.4
86.2
3&8
157.6
182. 0
200. 1
127.6
145.3
Total
59.0
60.8
63. 9 184.5
70.5 196.6
75.4 211.4
81.7 232.0
92. 8 247. 1
107. 4 269.6
118.0 326.1
127. 0 366. 4
34. 5 94.7
145.2 402.8
160. 2 452. 3
187. 2 496. 6
45.7
49. 1
118.2
130.0
3a7
32.8
26.8
32.2
36. 2
3a 6
40.6
41.4
8. 5
549
* Estimates from Mid-Session Review of the 1979 Budget, Office of Management
and Budget, July 6,1978.
NOTE.—Earned income credit payments in excess of an Individual's tax liability
are classified as outlays for all periods.
Total
333.0
372.3
Interna- Health
and
InDepart- tional income terest Other
ment of affairs security
Defense,
military
79.4
78.6
75.8
76.6
74.5
77. 8
85.6
89. 4
22. 3
97. 5
104.2
114 6
75.2
73.3
77. 6
85.0
88.0
21. 9
95.7
102.0
112.0
81.0
86.4
848
77.9
77.2
745
79.7
48
6.5
7.4
49.0
56. 1
70. 1
81.4
91. 8
106.5
136. 3
160. 9
41.5
176.7
190. 6
209.4
38. 1
43.8
49.0
35.7
39.3
41.8
48.8
53.9
51. 7
66. 5
76. 0
21. 5
85.7
107. 1
116. 3
2.7
47
149.0
157.5
32.5
37.2
67. 8
86.4
46
43
41
47
4.0
5. 6
6.9
5. 5
2. 2
15.8
18.3
19. 6
20.6
22.8
28. 1
31.0
346
7.2
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 $27.3 billion (annual rate) and
expenditures fell slightly, yielding a deficit of $25.2 billion, less than half the deficit in the first quarter.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
200 —
150
50
50
SURPLUS
DEFICIT
-50 -
-100
1970
197J
1973
1972
1974
CALENDAR YEAR'
iiI I
1<?75
11 m\ i T .
v
H
-50
-100
1976
1978
1977
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal <jovernm ent receip ts
Period
Indirect
Personal Corpo- business
rate
t/ax and
Total nontax profits tax and
tax
nontax
receipts accruals accruals
F<sderal G overnmeint expen ditures
Surplus
or
GrantsSubsidies Less: deficit
ContriPurin-aid
less
Wage
(-),
butions
chases Trans- to State Net
current accruals national
for
Total of goods fer pay- and interest surplus of less
income
social inand
ments local
paid Govern- disand
surance
services
government en- burse- product
ments
terprises ments accounts
Fiscal year:
1974..
271. 8
283. 5
1975
313. 9
1976. _
1977
365.3
Calendar
year:
1974. _ _ 288. 6
1975.. _ 286. 2
1976. _
331.4
1977__
374.5
122. 6
127. 1
136. 9
165.9
43.7
42. 1
51.9
58.8
21.4
22.2
24. 2
24. 5
84. 2
92. 1
100.9
116. 1
278. 8
328.7
371. 5
412. 0
104. 6
118.0
126.2
140.7
104. 7
134.3
156.5
169. 6
41. 6
48.4
57. 5
66. 2
19. 8
21. 9
25.2
28.4
8. 0
5.7
6.2
7.0
— 0.2
—.4
;0
;0
131. 1
125.4
146.8
169. 4
45.9
42. 8
54. 8
61.3
21. 7
23. 9
23.4
25.0
89. 9
94. 2
106. 4
118. 7
299. 3
356.8
385. 2
422. 6
111. 1
123. 1
129.9
145. 1
117. 6
149. 1
161. 6
172.7
43. 9
54. 6
61. 1
67. 4
20.9
23. 2
26.8
29. 1
5. 3
6. 8
5.8
8.3
_. 5
.0
.0
.0
— 10. 7
— 70. 6
— 53. 8
-48. 1
1977: I
366.6
!!___ 371. 4
III.. 374.3
IV.__ 385. 5
168. 3
167.0
167. 6
174. 8
58.4
61. 8
62. 0
62.9
24.4
24. 8
25.4
25. 6
115.
117.
119.
122.
403.9
411. 7
430. 7
444. 1
138. 3
142. 9
146.8
152.2
168. 6
168.2
175. 7
178.3
62. 1
65.4
70. 9
71. 1
28. 1
28.8
28.9
30.7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
— 40. 3
— 56. 4
-58.6
1978: I
396.2
II »„ 423.5
176.8
186.4
59.6
71.9
26. 5
27.6
133.3 448.8
137.5 448. 6
151. 5
147.2
180.2
180.7
73.9
75.9
33.2
34.9
10.0
10.0
.0
.0
-52. 6
—25.2
5
7
3
2
Sources: Department of Commerce (Bureau of Economic Analysis). Department of the Treasury, and Office of Management and Budget.
34
— 7.
— 45.
— 57.
— 46.
0
3
6
7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Con sumer \trices (uiaadjuste d)
In dustria produ(jtion (seiisonally adjuste d)
Period
United
States
Japan
Canada
many
Italy
128
135
145
148
139
149
152
150
154
149
154
152
156
160
155
154
133. 6
138.7
147.7
145. 1
137. 1
149. 1
152.7
117. 5
122.7
134.6
140. 6
127. 6
143. 5
144. 8
139.2
142. 1
137. 3
143. 4
148. 0
146. 6
143. 1
145.1
143. 2
109.6 121. 5 155.8
1971
1972
1973
1974
1975
1976
_—
1977
1977: Oct__«
Nov .
Dec1978: Jan
Feb___
Mar___
Apr J> _
May *>_
June *_
July *_
119.7
129. 8
129. 3
117.8
129.8
137.0
138.9
139. 3
139.7
138.8
139.2
140.9
143.2
143.9
144. 6
145.3
130.7
143. 0
147. 5
139. 6
146. 7
152.6
154.3
154. 7
155.4
153.3
156.7
157.5
158. 1
156.9
157.7
Ger-
France
167. 2
190. 5
183. 1
163. 9
182. 0
189. 5
187.7
191.5
193. 3
194. 9
195. 4
199. 5
199.7
200. 3
199. 2
152
153
156
157
152
151
153
151
152
United United CanKing- States1 ada Japan France
dom
110. 6
113. 2
122.5
120. 3
114. 3
115. 6
117.2
116. 2
116. 1
117.2
117. 8
118. 7
118. 6
121. 5
118.0
119. 2
121. 3
125.3
133. 1
147.7
161. 2
170. 5
181.5
184.5
185. 4
186. 1
187. 2
188. 4
189. 8
191. 5
193. 3
195. 3
126. 5
132. 3
147.9
184.0
205. 8
224. 9
115. 6
121. 2
130.3
144.5
160. 1
172. 1
185.9
190.8
192. 0
193. 3
194. 0
195.3
197. 5
197.9
243.0
248.6
245.7
Ger-
many
112. 7
119. 0
127.2
136. 1
144. 2
150. 7
156.6
157.3
157. 5
157. 9
158.9
159.7
160. 3
160.7
161.1
161.5
161. 5
123. 5
131. 1
140.7
160.0
17a 9
196. 1
213.9
220. 3
221. 1
221.7
222. 8
245. 1
246. 1
247. 1 224.4
249.4 226.4
252. 1 228.9
200.7 253.5 231. 1
202. 4 252. 1 232. 8
205. 4
Italy
United
King-
dom
114.4
121.0
134. 1
159.7
186.8
218. 1
128. 5
137.6
150. 3
174.4
216. 5
252. 4
266. 7
292.4
299.6
257.6
270.7
272.0
274. 6
277.4
280. 3
283. 3
286.4
288.8
291. 0
301. 0
302. 6
304.4
306.2
308. 1
312. 6
314.4
316. 8
318. 2
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc]landise imports
Mercllandise exports
Ge neral im ports
Domesti<3 exports
Period
Total
domestic and
foreign Total 1 2
exports
Food, Crude
Food, Crude
bever- mate- Manubever- matefac2
rials
ages,
rials
ages,
tured Total and to- and
and to- and
goods
bacco
bacco
fuels
fuels
F. a.s. valu e 5
Monthly
average :
1973
1974
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4, 684
6, 131
9, 000
4, 602
4,257
5, 398
6,379
6,655
6,446
6, 393
6,844
6,767
6, 140
7, 556
7,264
8,464
8, 043
8, 636
8,247
8, 020
9, 000
8, 654
10, 825
13, 130
14, 233
13, 339
12, 897
13, 813
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
MenAandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.)
(f.a.s.)
imless
less
ports
imimports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
Custom s value
5, 902
8, 159
5, 811
8, 045
1,078
1, 269
895
1, 317
3,728
5,294
5,790
8, 416
8, 159
1974
8, 966
1975
1976
_ 9,596
10, 096
1977
1977: June___ 10, 091
J u l y _ _ _ 10, 372
9, 683
Aug
Sept.__ 11, 039
9, 357
Oct__
9,478
Nov
10, 999
Dec
10, 014
1978: Jan
Feb.... 9,922
10, 912
Mar
Apr
11, 635
11,754
May
June___ 12, 126
8, 045
8,842
9,456
9, 915
1,269
1, 399
1, 436
1,332
1, 376
1, 420
1, 346
1,466
1,023
1, 135
1,472
1,281
1,531
1,604
1,693
1,897
1, 963
1,317
1,266
1, 341
1,548
1, 612
1, 653
1,296
1,531
1,466
1, 500
1,493
1,402
1,282
1,483
1,699
1,781
1, 930
5,294
5,913
6,437
6,681
6, 620
6, 640
6,469
7,516
6,294
6, 380
7, 471
6,739
6,674
7, 145
7, 562
7,548
7, 751
8, 354
8,048
10, 084
12, 307
13, 334
12, 483
12, 101
12, 942
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
s
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.
3
770 1, 120
892 2, 653
F.a.s. value 5
892 2, 672
827 2, 718
991 3,457
1, 186 4, 463
1,181 5,172
1,107 4,595
1,088 4, 352
1, 115 4,571
998 4,680
962 4, 771
1,442 3, 900
1,276 3,912
1,363 4,362
1,370 3, 928
1,370 4, 139
1, 313 4,461
1, 135 4,221
112
-257
— 195
—257 —195
853
918
—581 —488
—2, 297 —2, 211
-3, 356 -3,244
-2, 189 -2, 111
-2, 466 -2, 418
-1, 967 -1,903
-3,314 -3,230
-3, Oil -2, 929
-2, 581 -2,475
-2,455 -2, 367
-4,649 -4, 518
-2, 915 -2, 787
-2, 983-2,861
-2, 358 -2,238
-1, 702 -1, 597
-229
-841
—841
312
—1, 229
—3, 034
-4, 142
-2, 966
-3, 214
-2, 775
-4, 074
-3, 725
-3, 371
-3, 143
-5,459
-3, 658
-3,801
-3, 141
-2, 482
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 beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U S INTERNATIONAL TRANSACTIONS
..
In the second quarter, the merchandise trade deficit fell to $8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS /
AND SERVICES
* '
1970
1971
1977
J
1978
COUNCIL OF ECONOMIC ADVISERS
•SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
Ex-
Im-
Invtjstment iricome 8
12
Net
balance
Net
Net
military
transactions
Nettravel
and
transportation
receipts
-2,893
-3,621
-2,287
-2, 080
-876
312
1,334
-2, 315
-3, 028
-3,086
— 3, 105
-2,522
-2,245
-3,044
Other
services,
net 3
Balance
on
goods
and
services l
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
Receipts
Payments
43, 319 -45,579 -2,260
49, 381 -55, 797 -6,416
71, 410 -70,499
911
98, 306 - 103, 649 -5,343
107, 088 -98,041
9,047
114, 694 -124,047 -9,353
120, 554 -151,658 — 31, 104
12, 688
14, 694
21, 697
27, 541
25, 359
29, 244
32, 100
-5,436
-6,544
-9,655
-12,084
-12,564
-13,311
-14,593
7,252
8,150
12, 042
15, 457
12, 795
15, 933
17, 507
29, 478 -36,496 -7,018
30, 630 -37,258 -6,628
-3, 197
-3,601
-3,610
-4, 185
4,599
4,487
4,610
3,812
568
295
467
5
-907
-759
-677
-701
1, 136
1, 171
1,260
1,183
4,767
307
— 824
1,252 -5,700 -1,254 -6,954
ports
1971
1972
1973
1974
1975
1976
1977
1977: ! _ _ _
ports
III__
IV__
29, 434 -39,639 -10,205
31,012 -38,265 -7,253
7,796
8,088
8,220
7,997
1978: !»__
II *_
30, 664 -41,865 -11,201
35, 014 -42, 978 — 7, 964
9,432 -4,665
II—
* Excludes military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
2
Adjusted
8
36
2,294
2,509
2,789 -2, 125
3,185 10, 766
8,905
3,975
4,617 23, 060
4,714
9,361
4,749 -10,514
— 1, 623
-1,427
-1,591
-5,870
-3,701 - 1, 407
-3,854 -5,979
-3,881
6, 885
-7, 186
1,719
-4,615 18, 445
-5,022
4,339
-4,708 -15,221
-1,126
-1,243
-1,277
- 1, 064
-2, 749
— 2,670
-2,868
-6,934
NOTE.—Merchandise trade data revised for 1977. Other data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
iJ.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. rose by $15.7 billion in the first quarter of 1978 largely reflecting exchange market
intervention by foreign central banks to slow appreciation of their currencies against the dollar.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
30
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A -\
1f70
1977
1971
SOURCE: KFAKTMENT OF COMMERCE
1978
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, iaet
[incre ase/capita1 outflow (-)]
Foreigri official
ass ets
Period
Total
1971
1972
1973
1974
1975
1976
1977.
Foreign assets in the U. S., net
[inci ease/capil}al inflow (+)] 2
_
_
_
_
U.S.
Other
U.S.
U.S.
private
official
reserve Govern- assets 2
assets 1 2 ment
assets
1978: I»... — 14, 286
26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124
27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
8,643
5,259
13, 080 18, 897
35, 480 13, 746
3 2,490
-949
-388
6
-795 -11,214 14, 064
151 -1,098 -5,668 14, 251
-838 -13,862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2,962
6, 180
7,467
7, 914
6,005
4,522
15, 153
— 900 - 13, 632 17, 816
15, 691
14, 906
246
Consists of gold, special drawing rights (SDR), convertible currencies, and
s U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
J
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
-1,884 - 12, 939 22, 987
-12,925 21, 696
- 1, 568
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 — 35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
- 12, 475 2,348
32
— 14. 461
-22,823
209
-34,712 - 1, 434
-39,444
-607
-50,608 -2,530
-34,650
-231
-1,334
1977: I
II
- 12, 003
III... -6,615
IV.... -14,700
Total
2,125
Stati stical
discre pancy
Allocations
Of
of
Total
which*
special (sum of Seasonal
drawing
the
adjustrights
items
ment
(SDR) with sign discrepreversed) ancy
717 -9,822
710 -1,966
-2,725
- 1, 684
5,449
9, 300
-998
U.S.
official
reserve
assets,
net l
(unadjusted,
end of
period)
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
1,593
130 19, 120
609
-177 19, 156
-4,769 -2,230 18, 988
1, 569
2,276 19, 312
3,423
176 19, 192
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfmancial 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
Page
•
»
•
,
«
•
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
PRODUCTION
11
12
13
14
15
15
16
ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures.;
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
26
27
27
28
29
29
30
31
-.__.-...*
*
......«.».
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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