Full text of Economic Indicators : December 1976
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
94th Congress, 2d Session Economic Indicators December 1976 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON :1976 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) HUBERT H. HUMPHREY, Minnesota, Chairman RICHARD BOLLING, Missouri, Vice Chairman SENATE JOHN SPARKMAN (Alabama) WILLIAM PROXMIRE (Wisconsin) ABRAHAM RIBICOFF (Connecticut) LLOYD M. BENTSEN, JR. (Texas) EDWARD M. KENNEDY (Massachusetts) JACOB K. JAVITS (New York) CHARLES H. PERCY (Illinois) ROBERT TAFT, JR. (Ohio) PAUL J. FANNIN (Arizona) HOUSE OF REPRESENTATIVES HENRY S. REUSS (Wisconsin) WILLIAM S. MOORHEAD (Pennsylvania) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) OTIS G. PIKE (New York) CLARENCE J. BROWN (Ohio) GARRY BROWN (Michigan) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) JOHN R. STARK, Executive Director COUNCIL OF ECONOMIC ADVISERS ALAN GREENSPAN, Chairman BURTON G. MALKIEL Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic1 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 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $3.60 additional per year. TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT Accordins to revised estimates for the third quarter, gross national product rose $34.6 billion or at an annual rate of 8.5 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 3.9 percent. The implicit deflator rose at a 4.4 percent annual rate. BIUIONS OF DOUARS (RATIO SCALE) 1,800 BILLIONS OF DOLLARS (RATIO SCALE) 1,800 S£ASONAU.r ADJUSTED ANNUAL RATES t,600 1,600 1,400 1,400 GNP IN CURRENT DOLLARS 1,200 1,200 GNP / IN 1972 DOIMRS 1,000 1,000 800 800 I I I 1968 ! 196? I I 1974 1973 1970 1975 1976 COWCn. Of ECONOMIC ADVJSgB SOUKS KPAKTMENT OF COMMHCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross na- Period product Personal consumption expenditures Gross private domestic investment Go v eminent purchases of goods and services Federal State NaNonTotal and tional Total delocal defense fense ' Exporl s and imjsorts of goocIs and ser vices Net exports Exports Imports 430.2 464. 8 490.4 535. 9 579. 7 618. 8 668.2 1, 171. 1 733.0 1, 306. 6 809.9 _ 1, 413. 2 887. 5 1, 516. 3 973.2 112.0 124.5 120. 8 131. 5 146.2 140. 8 160. 0 188. 3 220.0 215. 0 183.7 7.6 5. 1 4.9 2.3 1.8 3.9 1.6 3.3 7. 1 7.5 20.5 39. 5 42.8 45.6 49.9 54. 7 62.5 65.6 72. 7 101.6 144.4 148.1 32.0 37.7 40. 6 47.7 52. 9 58.5 64.0 75.9 94.4 136.9 127.6 138.4 158.7 180.2 198.7 207.9 218.9 233.7 253. 1 269.5 303.3 339. 0 1975:1 1, 446. 2 933. 2 II 1, 482. 3 960. 3 111-. i, 548. 7 987. 3 IV... I, 588. 21, 012. 0 172.4 164. 4 196.7 201.4 15. 0 24. 4 21.4 21.0 147. 5 142. 9 148.2 153.7 na 5 132. 5 1, 636. 21, 043. 6 229.6 1976:1 II--_ 1, 675. 21, 064. 7 239. 2 III— 1, 709. 81, 088. 5 247.0 8.4 9.3 4.7 154. 1 160. 3 167.7 1965 688. 1 1966 753.0 1967 796.3 1968 868.5 1969 935.5 1970... .. 982.4 1, 063. 4 1971 1972, 1973 1974 1975 102. 1 102.2 111.6 124.4 49.4 60.3 71.5 76.9 76.3 73.5 70.2 73.5 73.5 77.3 84.3 126.8 132. 7 325.6 333.2 343.2 353.8 120. 3 122.4 124.6 130.4 145.7 151. 0 163.0 354.7 362.0 369.6 129.2 131.2 134.5 «This category corresponds closely with budget outlays for national defense, shown on p. 33. 67.3 78. 8 90. 9 98.0 97. 5 95.6 96.2 Final sales 28.7 34. 3 40. 1 71.1 79.8 89. 3 100.7 110.4 123.2 137.5 151.0 167.3 191.6 214. 5 678.6 738.7 786.2 860.8 926.2 978.6 1, 057. 1 1, 161. 7 1, 288. 6 1, 402. 5 1, 531. 0 82.0 83.4 84.6 87.1 3&3 39.0 40.0 43.2 205.3 210. 9 218.6 223.4 1, 468. 4 1, 512. 3 1, 550. 6 1, 592. 5 86.2 86.9 88.5 44.2 42. 9 225. 5 230.9 235.0 1, 621. 4 1, 659. 2 1, 694. 7 17.8 18.5 19.5 21.2 21.2 22. 1 26.0 2ae 46.0 Source: Department of Commerce, Bureau oj 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 Exp orts of go ods aiid services Gross p>rivate domestic iiivestmeni Governinent pure bases of good s and ser1*/ices _. Nonresidential fixed Residential fixed Change in busiNet Exports Imports ness in- exports ventories Total Federal State and local sales 16.5 22. 6 49. 1 51. 6 54. 2 58. 5 62. 2 67. 1 67.9 72.7 87.4 97.2 90.6 41. 0 47.3 50.7 58.9 63. 5 65.7 68. 5 75.9 79.9 80. 7 68. 1 209.6 229. 3 248.3 259.2 256. 7 250. 2 249.4 253. 1 252. 5 256.4 261.0 100.5 112. 5 125.3 128. 3 121.8 110.7 103.9 102. 1 96. 6 95. 3 95. 7 109. 1 116. 8 123. 1 130.9 134.9 139.5 145.5 151.0 155.9 161. 1 165.2 914. 6 964. 3 995. 7 1, 043. 1 1, 068. 2 1, 071. 0 1, 100. 9 1, 161. 7 1, 218. 5 1,205.5 1, 203. 7 -20. 5 -21.2 -1.0 -5. 5 20. 1 24. 3 22.8 23. 1 90. 3 87.7 90.7 93.9 70.2 63.4 67.9 70. 8 257. 1 259. 1 262.4 265. 2 94. 8 95. 3 95.6 97.2 162. 2 163.8 166.9 168. 0 1,181.6S 1, 198. 2 1, 210. 2 1, 224. 7 10.4 11. 1 10.2 16.6 16.0 15. 7 93.6 95.4 98.0 77.0 79.4 82. 3 261.9 263. 6 265.5 95.4 96.0 97.3 166.6 167.7 168.2 1, 235. 9 1, 248. 8 1, 262. 0 925.9 1965 981. 0 1966 1, 007. 7 1967 1, 051. 8 1968. 1, 078. 8 1969 1, 075. 3 1970 1, 107. 5 1971 1, 171. 1 1972 1, 235. 0 1973 1, 214. 0 1974 1975_ _ - _ . 1, 191. 7 558.1 586.1 603.2 633.4 655.4 668.9 691.9 733.0 767. 7 759. 1 770. 3 95. 6 106. 1 103. 5 108. 0 114. 3 110.0 108. 0 116.8 131. 0 128. 5 111.4 43.2 38. 5 37. 2 42. 8 43. 2 40.4 52.2 62.0 59. 7 45. 0 38. 4 16.5 8. 5 -12. 0 1975: I__- 1, 161. 1 1, 177. 1 III 1, 209. 3 IV." 1, 219. 2 754.6 767.5 775.3 783. 9 114.4 110. 6 110. 1 110.5 35.4 36. 8 39. 6 41. 9 1976: 1-_-- 1, 246. 3 II— 1, 260. 0 1, 272. 2 800.7 808.6 815.7 112.6 114.9 117.5 44. 1 45.7 47.4 11. 3 16.7 12.0 8.7 8.2 4.3 3. 5 —.4 10. 6 4. 3 -1.3 6.6 9.4 -3.3 1.4 -.6 7.6 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100] Period Gross national product Personal1 consumj>tion expe'nditures Total Gross private dom estic invesltment Nonres- ResiNonDurable durable Services idential dential goods fixed fixed goods Expoi ts and Governnnent purimports of goods chases 3f goods and s<srvices and scsrvices State Exports Imports Federal and local (1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 74. 32 76.76 79. 02 82. 57 86.72 91.36 96.02 100. 00 105. 80 116. 41 127. 25 77. 1 79.3 81.3 84.6 88.5 92. 5 96. 6 100.0 105.5 116.9 126.3 85.6 85.7 87.4 90.7 93. 1 95.5 99. 0 100. 0 101.6 108.3 117.7 77. 3 80. 1 81. 9 85.3 89. 4 93. 6 96. 6 100. 0 107.9 124. 0 133.7 74.3 76.5 78.8 82.0 86. 1 90.5 95. 8 100. 0 104. 7 113. 5 122.7 74.5 76.8 79. 3 82.6 86. 6 91. 3 96. 4 100. 0 103.8 116. 1 132. 1 72.3 74.6 77.0 80. 7 87. 7 90. 6 94. 9 100.0 110. 8 122. 3 133. 2 80.5 82.8 84. 0 85. 3 87. 9 93. 1 96.6 100. 0 116. 2 148. 6 163. 4 78. 0 79. 7 80. 1 80. 9 83.3 89. 1 93.5 100. 0 118. 2 169. 6 187. 4 67.0 70.1 72.6 76.4 80.0 86.4 92. 6 100. 0 105. 8 117. 1 130.0 65.1 68.4 72.5 76. 9 81. 9 88. 3 94. 5 100. 0 107. 3 119. 0 129. 8 '1975: I... • II III IV 124.55 125. 93 128. 07 130. 27 123. 125. 127. 129. 7 1 3 1 115. 1 117. 1 118. 2 120. 2 131. 2 132. 1 135. 1 136. 2 119. 7 121. 5 123. 6 125. 9 129. 4 131. 8 132. 7 134. 5 131. 5 132. 1 132. 8 135.9 163.4 163.0 163.4 163.7 188.9 186. 9 186. 6 187. 3 126. 128. 130. 134. 8 4 4 2 126. 5 128. 7 131. 0 132.9 1976:1 II III 131. 29 132. 96 134. 40 130. 3 131. 7 133.4 121. 8 123.8 124.9 136.4 136. 9 13a 5 128. 0 129. 8 132.0 136. 2 137. 5 138.7 139. 0 142. 9 145. 3 164. 6 168. 1 171.1 189. 2 190.4 198. 1 135. 4 136. 7 13&3 135.4 137.7 139. 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 national product Constant (1972) dollars Current dollars Period 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 Implicit price deflator 5.9 5.9 8.2 9.4 5.8 2. 7 4. 4 2. 6 -. 3 3. 0 9. 1 7.7 5. 0 8.2 10. 1 11.6 5.7 2. 9 4.5 5. 0 5.4 5. 1 4. 1 5. 8 10. 0 5. 5 -1. 7 -1.8 1975: I II III IV -. 8 10. 4 19. 1 10.6 -9.9 5. 6 11. 4 3. 3 10. 1 4. 5 1976:1 II III 12. 6 9. 2 4. 5 9.9 8.5 3.9 Fixedweighted price index (1972 weights) Chain price index 2.2 3.3 8.2 7.3 Gross domestic product 1.9 3. 1 3.0 4.4 5.0 5.3 5.0 4.1 6.0 1.8 2.9 3. 0 4. 3 5. 0 5.2 4.9 4.0 6.0 10. 0 10. 0 7. 1 9.2 5.4 7.3 6.4 8.9 5.4 7.3 3. 2 4. 3 4. 2 5. 2 4. 6 9.3 7.0 5.2 4.4 NOTE.—Annual changes from previous year and quarterly changes from previous quarter. 9.2 9.2 5.4 4.6 6. 6 Implicit price deflator Constant (1972) dollars Current dollars 8.2 9.6 5.7 9.1 7.8 5.0 8.1 2.2 3.3 3.0 5.9 6. 1 2.7 4.4 2.6 4. 5 5. 1 3 5.3 5.1 2.8 5.8 5.4 10. 1 11. 5 4. 1 Chain price index 1.9 3.1 3.1 4.4 5.0 5.3 5.0 4. 1 9. 0 9. 5 5.9 9.7 9.3 .7 -9.2 5. 4 11.3 3.4 10.9 4. 5 7. 0 7. 1 9.4 5.5 7.4 6.4 9. 0 4. 6 3. 0 5. 3 4.3 5.4 4.4 as 8.2 3. 0 4.4 5.0 5.2 4.9 4.0 5. 9 9. 7 9. 2 -1.7 -1.7 12.2 10.1 1. 8 3.0 5.7 9.6 7.8 7.7 10. 1 19. 1 10. 8 Fixedweighted price index (1972 weights) 4.2 5.5 7.4 6. 7 4. 2 5.3 4.4 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Period Gross c omestic prodiict of nonfio ancial corp<Drate busi ness (billic>ns of doll ars) Current doliar cost a nd profit per unit of outpu t (dollars} » Total cost and 1965 1966 1967 1968 1969_ 1970 1971 1972 1973 1974 1975_ 1975: I II_. _ III.. IV... 1976: I !!___ III.. Current dollars 1972 dollars 392. 1 430.7 452.9 498.4 541.8 560. 6 602. 5 671. 0 752.0 810.0 870.4 822. 3 851. 1 892. 0 916. 1 949. 0 972. 8 993. 8 494.6 532.9 545.8 581.6 607.3 600. 6 619.3 671.0 720.4 698.7 676. 8 653. 1 668. 1 688. 9 696. 1 713. 9 725. 7 731.5 1 profit 2 0. 793 .808 .830 .857 .892 .933 .973 1.000 1.044 1. 159 1.286 1.259 1.274 1.295 1. 316 1. 329 1.341 1.359 Capital consumption Comallowpenances Indirect sation Net with business inof 3 capital taxes employ- terest conees sumption adjustment 0. 066 . 067 .072 .074 .079 . 088 .094 .093 . 095 . 116 . 143 . 139 . 142 . 143 . 146 . 146 . 147 . 149 0. 083 .080 .084 .089 .094 .103 .110 .110 . 112 . 123 . 138 . 135 . 138 . 139 . 140 . 136 .137 .138 Output is measured by gross domestic product of nonfinancial corporate siness in 1972 dollars. This is equal to the deflator for gross domestic product of nonfinancial corrate business with the decimal point shifted two places to the left. Indirect business taxes and nontax liability plus business transfer payments less subsidies. Corpc>rate profits with invent Dry valualion and capii;al consuniption £idjustmen ts Total 0.497 0.012 0. 134 .014 . 134 .513 . 123 .535 .016 . 124 .553 .017 .022 .109 .589 .028 .086 .628 .645 .029 .095 .028 . 107 .661 . 032 . 105 .699 .041 .794 .085 .045 .853 . 107 .863 .046 .076 .101 .045 .847 . 842 .045 . 126 . 124 .860 .046 .869 .047 .131 .132 .876 .049 .884 .050 . 137 Profits tax liability 0. 055 .055 .051 .058 .055 .045 .048 .050 . 055 .061 .059 .046 .053 .066 .068 . 072 .074 .075 Profits after4 tax 0.079 .078 .072 .066 .055 .041 .046 .057 . 050 . 024 .048 .030 .049 .059 . 055 .059 .058 .062 per Compensation ees hour of all employ- Output hour of all employ(1972 dollars) 6. 6252 6. 7773 6. 8731 7. 1406 7. 2109 7. 2423 7. 5311 7. 7981 7. 9847 7. 7426 7. 9687 7. 6778 7. 9584 8. 1231 8. 0968 8. 1865 8. 2889 8. 3410 per ees (dollars) 3. 2957 3. 4781 3. 6761 3. 9483 4. 2401 4. 5468 4. 8579 5. 1579 5. 5832 6. 1470 6. 7949 6. 6242 6. 7446 6. 8426 6. 9619 7. 1133 7. 2582 7. 3700 «With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1965_1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1975: III III... IV 1976: I II in _. - Compensation of em— ployees l Propri etors1 mcom<3 with inventor y valuation anc capital consunaption adjust ments Farm 12.6 13.6 12.1 12.0 13.9 13.9 14. 3 18.0 32.0 25.8 24.9 17.9 24.1 29.2 28.3 21.9 27.5 21.7 396.5 566.0 439.3 622.2 471.9 655.8 519.8 714.4 571.4 767.9 609.2 798.4 650.3 858.1 715. 1 951.9 799.2 1, 064. 6 875.8 1, 135. 7 92&8 1, 207. 6 904.0 1, 149. 7 912.9 1, 182. 7 935.2 1, 233. 4 963. 1 1, 264. 6 994.4 1,304.7 1, 337. 4 1, 017. 2 1, 362. 5 1, 037. 5 Nonfarm 44. 1 46.7 4a9 51.4 52,3 51.2 53.4 58. 1 60.4 61. 1 65. 3 63.2 62.7 66.3 69.0 71.4 72.8 74.4 Corpor,ate profits with inv«jntory va uation and capital co nsumptiori adjustm ents Rental income Profits with invcjntory valuat ion adjus Dment and ^vithout ca pital consum ption adjuistment with capital consumption adjustment Total Total 17.1 18.2 19.4 18.6 18. 1 iae 20.1 21.5 21.6 21.0 22.4 21.9 22.3 22.4 22.9 23.3 23. 1 23.4 1 77.1 82.5 79.3 85.8 81.4 67.9 77.2 92. 1 99. 1 84.8 91.6 69.0 86.6 105.3 105.6 115. 1 116.4 122.0 73. 3 78.6 75.6 82. 1 77.9 6&4 76.9 89.6 97.2 87.8 103. 1 77.7 97.9 117.9 119. 1 129. 6 131.8 137.6 Profits before tax Inventory valuation adjustment 75.2 80. 7 77.3 85.6 83.4 7L5 82.0 96.2 115.8 127.6 114. 5 94.2 105.8 126.9 131.3 141.1 146.2 150.2 -1. 9 — 2. 1 -1.7 — 3.4 — 5. 5 — 5. 1 — 5.0 -6.6 — 18.6 — 39. 8 — 11.4 -16.5 -7.8 -9.0 — 12.3 — 11.5 — 14.4 — 12.6 Capital consump- Net interest adjustment 3.8 3.9 3.7 3.7 3.5 1.5 .3 2.5 1.9 -3.0 -11.5 -8.6 — 11.4 -12.6 -13.5 -14.5 -15.4 -15.7 18.5 21.9 24.3 26.8 30. 8 37. 5 42. 8 47.0 52. 3 67. 1 74.6 73.7 74.0 74. 9 75. 8 7a 6 80.3 83.5 Source: Department of Commerce, Bureau of Economic Analysis. Lodudw5 employer contributions for social insurance. (See also p. 5.) PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates] Period 1965 1966 1967 ... 1968 1969 _. 1970 1971. .. ... 1972 1973 1974 1975 1975: I II III... IV... 1976: I II III 1 Total personal consumption expenditures 430.2 464.8 490.4 535.9 579.7 618.8 668.2 733.0 809. 9 887. 5 973. 2 933.2 960. 3 987.3 1, 012. 0 1, 043. 6 1, 064. 7 1, 088. 5 FurniTotal durablel goods Motor vehicles and parts 62.8 67.7 69.6 80.0 85.5 84.9 97.1 111.2 123. 7 121. 6 131. 7 122. 1 127. 0 136.0 141. 8 151.4 155.0 157.6 29. 8 30. 1 29.7 35.8 37.7 34.9 43.8 50.6 55.2 47. 9 53.2 47. 6 49. 5 5&3 59.2 68.0 70. 4 71.7 Total includes other items not shown separately. Retail sales of new passenger cars (nlillions of uilits) Nondura ble goods Durable goo(Is and household equipment 24. 7 27.7 29.5 32.6 35.0 36.7 39.4 44.8 50. 7 54. 7 57. 6 54.6 57.0 58.2 60. 6 61.2 62. 3 62.9 Services Total nondurable goods l 188.6 204. 7 212.6 230. 7 247. 0 264. 7 277.7 299. 3 333.8 376.2 409. 1 394.4 405.8 414. 6 421. 6 429. 1 434.8 441.8 Food 98.9 106.6 109.6 118.3 126. 1 136. 3 140.6 150.4 168. 1 189. 9 209. 5 203.2 207.8 211. 8 215.2 219. 2 223. 1 225.2 Clothing and shoes Gasoline and oil 33.5 14.7 16.0 17.0 18.4 20.4 22.0 23.4 24.9 27.8 36.3 3&6 38.2 41.8 45. 1 46.6 50.5 55.1 61. 3 65. 1 70.0 66.6 69. 3 71.3 73. 0 73.5 73.2 75.9 3a9 37.9 3ae 39.2 39.9 40. 1 40.3 4L6 Domestics m.7 192.4 208. 1 225.6 247.2 269.1 293.4 322.4 352. 3 389. 6 432.4 416.7 427. 4 436.7 448. 6 463.2 4749 489,1 as a4 7.6 ae as 7.1 8.7 9.3 9. 7 7.5 7. 1 6.7 6.3 7.6 7.7 8.9 8.7 8.6 Source: Department of Commerce, Bureau of Economic Analysis. Imports 0.7 .8 1.0 1.1 1.3 1.6 1.8 1.6 1.4 1.6 1.7 1.6 1.7 1.4 1.3 1.5 1.6 SOURCES OF PERSONAL INCOME Personal income increased $15.0 billion (annual rafe) in November compared fo a revised increase of $11.2 billion in October. Wage and salary disbursements were up $10.2 billion/ the revised increase for October was $7.8 billion. Farm proprietors* income changed little, following 4 consecutive months of decline. Othc her types of income increased in November. BILLIONS OF DOLLARS* (RATIO SCALQ BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 T,400 1,200 1,200 1,000 1,000 800 800 600. WAGE AND SALARY DISBURSEMENTS 400 400 OTHER INCOME „„«—<~~* 200 200 TRANSFER PAYMENTS i*^ftmm»2£____ 100 100 80 80 £0 40 l i i \ \ \ \ t \ i \ f \ t \ 11 \ 111 t f i i i I f i i f t i i i i i I i i i 1 1 I 4 0 1968 1969 1970 1971 1972 1973 1974 1975 *SEASONAILY ADJUSTED ANNUAL RATES SOURC& DEPARTMENT Of COMMERCE 1976 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage 3 Rental Other Proprieto rs' income Total and income personal salary labor of income disburse- income12 Farm Nonfarm persons 4 ments l Period 1968 1969 1970 1971 1972__ 685,2 745. 8 801.3 859. 1 _ 942.5 1, 052. 4 1, 153. 3 1, 249. 7 1975: N o v _ _ _ 1, 300. 2 1, 30a 2 Dec 1, 320. 8 1976: Jan Feb.... 1, 331. 4 1, 341. 9 Mar 1, 352. 5 Apr 1, 362. 9 May 1, 370. 4 June July... 1, 380. 8 1, 385. 5 Aug Sept 1, 391. 7 1, 402. 9 Oct Nov *__ 1, 417. 8 1973 1974 1975 1 469. 5 514.6 546. 5 579.4 633.8 701. 3 765.0 806. 7 836.6 844.0 854.2 861.4 868.8 876. 9 883.3 883. 1 892. 7 897.4 903.5 911.3 921.5 25.1 28.2 32.0 36.2 42.0 48.7 55.5 62.5 65.2 65.8 66.4 67. 1 67.7 68.4 69.0 69.7 70.4 71.1 71.7 72.4 7a2 12. 0 13.9 13.9 14.3 18.0 32. 0 25.8 24.9 28.4 27.3 246 21. 1 20.0 23.3 27.5 31.6 26.0 21.0 18.1 17.2 17.1 51.4 52.3 51.2 53.4 sai 60.4 61. 1 65. 3 68.7 69.9 70.6 71.3 72.2 72.7 72. 5 73.4 73.8 74.4 74.9 75.4 76.2 The total of wage and salary disbursements and other labor income differs rom compensation of employees (see p. 4) in that it excludes employer eontribulons for social insurance and the excess of wage accruals over wage disbursements. 2 Consists of employer contributions to private pension, health, and welfare mnds; workmen's compensation; directors' fees; and a few other minor items. » With inventory valuation and capital consumption adjustments. * With capital consumption adjustment. 18.6 18.1 1&6 20. 1 21. 5 21.6 21.0 22.4 22.9 22. 9 23. 2 23.4 23. 3 23.3 23.4 22. 7 23.4 23. 2 23. 6 24.0 24. 3 Dividends 21.9 22.6 22.9 23.0 24.6 27. 8 30.8 32. 1 32.9 30. 8 32.9 33.3 33. 0 33.4 33. 9 35. 9 35.2 35.4 35. 6 36. 1 36.5 Personal Transfer interest payincome ments5 49.6 55.9 64.3 69.3 74.6 84. 1 101.4 110.7 114.4 115. 5 116. 7 117.9 119. 3 120. 0 120. 7 121. 5 123.0 125.2 126.9 127. 8 128. 7 59.9 66.5 79.9 94. 1 104. 1 118.9 140.3 175. 2 182. 1 183.4 185. 3 189.2 191. 3 188.7 187. 1 186. 8 191.3 192. 9 192.9 194.4 196. 7 Less: PerNonsonal confarm tributions personal for social income * insurance 22.8 26.3 28.0 30.8 34.2 42.2 47.6 50. 0 51.0 51.4 53. 1 53.4 53.7 54. 1 54.4 54. 3 54. 9 55. 2 55.5 55. 9 56.4 667.5 725.8 780.7 ss&o 917.3 1, Oil. 9 1, 117. 3 1, 213. 4 1, 260. 0 1, 269. 1 1, 284. 4 1, 298. 6 1, 310. 1 1, 317. 3 1, 323. 3 1, 326. 6 1, 342. 5 1, 351. 8 1, 360. 8 1, 372. 7 1, 387. 5 * Consists mainly of social insurance benefits, direct relief, and veterans payments. • 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 in the third quarter changed little from its second quarter level. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCAl$ —PER CAPITA DISPOSABLE PERSONAL INCOME 3,000 2,000;: 2,000 1968 1976 1971 1969 ^SEASONALLY ADJUSTED ANNUAL RATES SOURCE; DEPARTMENT OF COMMERCE COUNCH OF ECONOMIC ADVISERS Less: Personal Por Period sonal income f QV and nontax payments Equals: Disposable personal income Less: P**r sonal outlays 1 Per cjapita dispc)sable persona [ income Equals : Personal saving Current dollars Bil lions of d ollars 1967 626.6 1968 685.2 1969 745. 8 1970 801. 3 1971 859. 1 1972 942. 5 1973__ __ 1, 052. 4 1974 1, 153. 3 1975__ __ 1, 249. 7 82. 1 544. 5 97. 1 588. 1 630.4 115.4 115.3 685.9 116.3 742.8 141.2 801. 3 150. 8 901. 7 170.4 982. 9 168. 8 1, 080. 9 1972 dollars Per cap>ita per- Percent sonal c(msump- change real tion exp enditures inper capita disposable 1972 Current perdollars dollars sonal income Saving as percent of Populadispostion able (thou-2 persands) sonal income Dollars 503. 7 550. 1 595. 3 635.4 685.5 751.9 831. 3 910. 7 996. 9 40.9 38. 1 35. 1 50.6 57.3 49. 4 70. 3 72. 2 84. 0 2,740 2,930 3, 111 3,348 3,588 3,837 4,285 4, 639 5, 062 3,371 3,464 3, 515 3,619 3,714 3,837 4, 062 3, 968 4, 007 2,468 2,670 2, 860 3,020 3,227 3,510 3,849 4, 188 4,558 3,035 3, 156 3, 234 3,265 3,342 3, 510 3, 648 3,582 3,608 4, 383 4,503 4,618 4, 724 4, 863 4,954 5,054 3, 544 3,599 3,626 3, 659 3, 731 3, 762 3,788 3.0 2.8 1.5 3.0 2.6 3.3 5. 9 -2. 3 1.0 7.5 6.5 5.6 7.4 7.7 6.2 7.8 7.3 7.8 198, 200, 202, 204, 207, 208, 210, 211, 213, 712 706 677 878 053 846 410 901 540 6.6 9.6 7.4 7.5 6.9 212, 213, 213, 214, 214, 214, 215, 897 278 805 245 599 926 355 Seas onally ad, usted anrlual rates 1975:I__._ 1, 203. 1 !!___ 1, 230. 3 III.. 1, 265. 5 IV.. 1, 299. 7 1976: I _ _ . 1, 331. 3 II... 1, 362. 0 III.. 1, 386. 0 179.3 142. 2 174. 0 179.8 183.8 189.5 195.8 1, 023. 8 1, 088. 2 1, 091. 5 1, 119. 9 1, 147. 6 1, 172. 5 1, 190. 2 956. 7 983. 6 1, Oil. 1 1, 036. 2 1, 068. 0 1, 089. 6 1, 114. 3 67. 2 104. 5 80.5 83.7 79.5 82.9 75.8 4,809 5, 102 5, 105 5,227 5,347 5,455 5,526 1 Includes personal consumption expenditures, interest paid by consumers to 1business, and personal transfer payments to foreigners (net). Includes Armed Forces abroad. Annual data are for July 1; quarterly data are for middle of period, interpolated from monthly data. 3,889 4, 078 4, 009 4, 049 4, 103 4, 143 4, 142 -3.4 20.9 -6.6 4. 1 5. 4 4.0 -^ 7. 1 6.4 Source: Department of Commerce (Bureau of Economic Analysis and Bureai of the Census). FARM INCOME Farm income decreased sharply in the third quarter. Including inventory change the decrease was $5.8 billion and excluding inventory change $6.2 billion (both annual rates). BILLIONS OF DOLLARS* (RATIO SCALC) BILLIONS OF DOUARS* (RATIO SCMI) 120 120 too 100 80 80 REALIZED GROSS FARM INCOME 60 40 40 40 v'\ NET FARM INCOME INCLUDING NET INVENTORY CHANGE f v 20 10 10 1968 1969 1971 1970 1972 1975 1974 1973 * SEASONALLY ADJUSTED ANNUM. RATES SOURCE, DEPARTMENT OF AGRICULTURE 1976 COUNCIL OF ECONOMIC ADVISERS [Quarterly data at seasonally adjusted annual rates] Persona 1 income received [ncome received from f amain;? by total farm po pulation Realize3d gross Net inc ome per Nett(> farm farm incl uding net3 oper ators Casli receipts from inventor;y change Period imarketings From From From Produc- Exclud- Includ1 all farm nonfarm Total tion ex- ing net ing net Livesources sources sources penses inven- inven- Current 1967 4 stock Total Crops tory 2 dollars dollars tory and change change products Dollars Billioiis of dollars 12. 8 3,859 1968 11.3 12.2 241 51.7 44.2 12. 3 4,013 25. 5 39.5 18.7 13.9 26.9 1969 12. 9 4,372 56.3 14.2 4,766 28.6 14.3 48. 2 42. 1 19.6 27.4 14.4 1970.. 14.2 4,202 14.2 4,790 13. 0 58.6 44.4 50. 5 29. 6 21.0 1971 15.3 28.7 60. 6 4,263 13. 4 5,030 47.4 30. 6 13. 2 14.6 52.9 22.3 1972 34.4 6,504 16.8 17. 6 70. 1 61.2 35.7 17.8 18. 7 5,288 25.5 52.3 48.6 19. 5 95. 5 29. 0 1973 45. 9 33.3 11, 727 41. 1 29. 9 8,817 87. 1 65. 6 21. 5 1974... ._ _ 45. 1 23. 5 100.2 9,371 92. 6 41. 4 26. 5 6,206 51.3 72.4 27. 8 22. 7 22. 8 98.2 45.5 1975 42. 9 9, 100 5,482 22. 7 25. 6 89. 6 75.5 46.7 1975: I II III.... IV.... 88.4 99.6 105. 2 99. 6 80.0 91. 1 96.5 90.8 36. 3 43. 9 45.0 46.4 43.7 47.2 51.5 44.4 73.4 76. 1 76.8 75.7 15. 0 23.5 28.4 23.9 18. 5 24. 8 30.0 29. 1 6,590 8,830 10, 680 10, 360 4,070 5,380 6,320 6,060 1976:1 II 100.0 110. 8 104. 8 90.9 101. 5 95. 5 46.0 50.4 46.0 44. 9 51. 1 49. 5 79.3 81. 0 81. 2 20. 7 29. 8 23.6 22.7 28.4 22.6 8,150 10, 190 8, 110 4,740 5,860 4,580 III 1 Cash receipts from marketings, Government payments, and nonmoney inome 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. 80-424 «—76 2 4 Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base. Source: Department of Agriculture; CORPORATE PROFITS Profits before tax rose $4.0 billion (annual rate) in the third quarter, while profits with inventory valuation adjustment rose $5.8 billion. After-tax profits were up $2.4 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 40 1968 1976 SOURCE, DEPARTMENT OF COMMERCE COUNOl OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] ;>ry valusition Profil is (before tax) wit a invent( adjustn lent 1 Pro fits after tax Dome*stic indu stries N onfinanci tal Period Total8 1965 1066 1967 1968 1969 1970 1971. __ 1972 1973 1974 1975 Total FinanTotal 3 cial Manufacturing Wholesale and retail trade Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment 73.3 78.6 75. 6 82. 1 77.9 66.4 76.9 89.6 97.2 87. 8 103.1 70. 1 75.9 72. 6 78.9 74.2 62.6 72.4 84.7 90.4 76.7 97.0 7.5 8.5 9.0 10.4 11.3 12.6 14.1 15.4 16. 2 14. 1 12. 9 62. 5 67.4 63.6 68.5 62.9 50. 1 58.2 69.3 74 1 62. 6 84. 1 38.3 41.6 37.9 41.2 36.8 27. 1 32.4 40. 6 44.1 36.9 46.4 7.9 8.0 8.9 10. 1 10. 1 9.4 11.7 13.3 14.7 12.4 20. 9 75.2 80, 7 77.3 85.6 83.4 71.5 82.0 96.2 115.8 127. 6 114. 5 30.9 33. 7 32.5 39.4 39.7 34.5 37.7 41.5 48. 7 52.4 49.2 44. 3 47.1 44.9 46.2 43. 8 37.0 44.3 54.6 67. 1 75.2 65.3 19. 1 19. 4 20. 1 21.9 22.6 22. 9 23.0 24. 6 27. 8 30.8 32. 1 25.2 27.6 24.7 242 21.2 14 1 21. 3 30. 0 39. 3 444 33.2 -1.9 -2.1 17 -3.4 -5.5 — 5. 1 -5.0 -6.6 -18.6 -39.8 -11.4 1975: I II III W 77.7 97.9 117.9 119. 1 72. 1 91. 7 111. 4 112.7 13. 9 12. 5 12. 1 12.9 58. 2 79. 2 99. 3 99.8 29. 7 43. 5 57.0 55.3 14. 5 19. 6 24.4 25.0 94.2 105.8 126.9 131.3 40. 2 44.8 54.8 57.2 54.0 61. 0 72. 1 74. 1 31. 7 31. 9 32. 6 32. 2 22. 3 29. 1 39. 5 41.9 -16.5 -7.8 -9.0 -12. 3 1976: I II III 129.6 131.8 137.6 121.9 125.0 130.5 14.0 13.8 14.4 107. 9 111.2 116.0 61.2 66.4 67.2 29. 0 26.6 28.8 141. 1 146.2 150.2 61.4 63.5 65. 1 79. 7 82. 7 85. 1 33. 1 34.4 35.4 46.6 48.3 49.7 -11.5 -144 -12.6 __ ... i See p. 4 for profits with inventory valuation and capital consumption adjustments. a Includes rest of the world, not shown separately. 8 * Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic An GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose at an annual rate of $5.1 billion in the third quarter compared to a rise of $4.5 billion in the second quarter. Residential outlays rose $3.6 billion, slightly less than in the second quarter. Inventory investment, at $15.1 billion, was down $0.9 billion from the second quarter leveL BILLIONS OF DOLLARS* &ATJO SCAI4 B1LUONS OF DOLLARS* (RATIO SCAI4 -GROSS PRIVATE DOMESTIC INVESTMENT _NONRESIDENTIAL FIXED INVESTMENT PRODUCERS' DURABLE EQUIPMENT l i t I I I I I I I ! I ! BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS RESIDENTIAL FIXB) INVESTMENT -CHANGE IN BUSINESS INVENTORIES -40 1975 1972 SEASONALLY ADJUSTED ANNUAL RATES SOURCE; DEPARTMENT OF CO/AMERCE 1976 COUNCIL OF ECONOMIC ADVISEES [Billions of dollars; quarterly data at seasonally adjusted annual rates] Notiresident ial fixed investmemt Period 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 ___ 1975 ___ 1975:1 !!____ ___ III... - — IV 1976:1 II III Gross private domestic investment 112.0 124.5 120.8 131.5 146.2 140. 8 160.0 188.3 220.0 215. 0 183. 7 172.4 164.4 196.7 201.4 229. 6 239.2 247.0 Struc/tures Total 71. 3 81.4 82. 1 89.3 98.9 100.5 104.1 116. 8 136. 0 149.2 147. 1 14& 0 145.8 146. 1 i4a7 153.4 157. 9 163.0 Prodincers' dur able equip ment Total Nonfarm Total Nonfarm 26.1 29.2 29.5 31.6 35.7 37.7 39.3 42. 5 49.0 54. 1 52. 0 53. 1 51.2 51.8 52. 1 53.2 54.9 56.0 25. 1 28. 1 28.2 30.4 34.3 36. 1 37.8 41. 1 46.9 51.8 49.8 50. 9 48.8 49 6 49.9 51. 0 52.5 53.7 45.1 52.2 52.6 57.7 63.3 62. 8 64.7 74.3 87.0 95.1 95. 1 94.9 94.6 94.3 96. 6 100.2 103.0 107.0 41.2 47.9 48.0 53.4 58.9 58. 1 59.9 69. 1 80. 1 87.2 86, 9 86.5 86.2 86.7 88.0 91. 3 94.1 98.0 Resid ential fix ed inves tment Total 31.2 28.7 28.6 34.5 37.9 36.6 49,6 62.0 66.1 55.1 51.2 46. 6 48.6 52.6 57.0 61.3 65.3 68.9 Nonfarm struc— tures 29.9 27.4 27.2 33. 1 36.3 35.1 47.9 60.3 64.3 52.7 49.0 44.9 46.7 50.2 54.2 58.6 62.9 66.3 Pfr» 5 Farm ducers durstrucable tures equipment 0.6 .7 .7 .6 .7 .6 .7 .7 .6 1.0 .8 .5 .6 1. 0 L4 1.2 .9 LO 0.7 .7 .7 .8 .9 .9 1.0 1. 1 1.2 1.3 1.3 1.2 1.3 1.4 1.4 1.5 1.5 L6 Change in business mv entories Total Nonfarm 9.5 14.3 10. 1 7.7 9.4 3.8 6.4 9.4 17.9 10.7 -14 6 -22. 2 -30. 0 —2. 0 -4. 3 14.8 16.0 15. 1 8.5 14.5 9.4 7.6 9.2 3.7 5. 1 8.8 147 12.2 -17.6 -25.6 -31.2 — 4.2 -9.5 12. 7 17.3 15.6 Source: Department of Commerce, Bureau of Economic Analysis. 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 4.3 percenHn the fourth quarter according to a survey conducted in late ~ " • — . , , , .• * f . ' b e 7.5 percent. Capital spending for the> first half o F1977 is pianned to b z 4.1 perceiit above th(z second ha If of 1976 <and 11.9 p«>rcent highe r than in the first half. BULKDNS OF DOLLAR*5 (RATIO SCALE) 180 BILLIONS OF D<3LLARS (RATIO SC:ALE) 180 160 - SEASONAl LY ADJUSTED ANNU M. RATES 160 1A(\ + 120 ——• ^-^H ^^^ r\f\ TOTM NEW PLAI'*T AND EQUIPMSMT v^ - ^***>00~l* •**— . s~*~^ W ^^*^ ^^-" ~-^ 40 ^]. — 120 100 - ^ 80 NONMANUFAC tIRING X'" __.....X- ,.......-—">,., ,„..-•" MM"*"*"""*"** MANU :ACTURING ^^ +***** 40 .+*** I -,''* — /* y y y 20 i i r •' 1 ! i 1 1971 1970 1969 i i I I I 1972 I ' 1 I I 1973 1 1 1 1974 i i i i i i i.i i 1975 1976 1977 20 am I/ '|EE FOOTNOTE 4 B SOURCE. DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Starts o f plant and equ ipment proje cts 8 Es:penditure& for plant and equipment Total i 1970 1971 1972 1973 1974 1975_4 1976 1975: III.... IV 1976: 1 II III IV* 1977: I 4 II* N<mmanuf acturing Mi mufacturi ng Period 79.71 81.21 88.44 99. 74 112. 40 112. 78 121. 23 112. 16 111.80 114. 72 118. 12 122. 55 127. 87 129. 38 131. 28 Total 31.95 29.99 31. 35 38.01 46. 01 47.95 62.98 47. 39 46.82 49. 21 50.64 54.78 56. 23 56. 99 57.58 Durable goods 15.80 14. 15 15. 64 19. 25 22. 62 21.84 23. 60 21. 01 21.07 21. 63 22. 54 24. 59 25. 23 25.52 26.45 Nondurable goods 16. 15 15.84 15.72 18. 76 23. 39 26. 11 29. 38 26. 38 25.75 27.58 28.09 30. 20 31.00 31.47 31. 12 Total 47.76 51.22 57. 09 61. 73 66. 39 64.82 68. 25 64. 76 64.98 65.51 67.48 67. 76 71.64 72. 38 73. 70 1 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, institutions, and real estate firms, and certain outlays charged to current account. »Includes trade, service, construction, finance, and insurance. 10 Trans- Public Mining porta- utilities tion 1.89 2. 16 2.42 2. 74 3. 18 3.79 3.97 3.82 3.82 3.83 3.83 4.21 4.03 4^22 6.04 4. 93 5. 72 6.03 6.66 7.57 7. 25 7. 86 7.60 6. 55 8.24 7.25 6. 83 6.84 13. 14 15. 30 17.00 18.71 20.55 20. 14 22. 44 19. 79 20.91 21.91 21.85 21. 67 24.05 24.57 Communication 10.10 10. 77 11. 89 12. 85 13. 96 12.74 13. 63 12, 95 12.22 12.54 12. 62 13. 64 Commercial and other 2 16.59 18.05 20.07 21. 40 22. 05 20.60 20.96 20.34 20.44 20. 68 20.94 20. 99 Manufacturing Public utilities 29. 18 28.00 35. 21 47. 57 52.49 48.24 17. 20 22.22 28. 60 38. 13 45.74 34. 50 11.29 12.16 11.64 12.77 13. 22 14. 82 5.84 3.43 8. 56 7. 54 36. 73 37. 26 * Starts are estimated by adding changes in carryover to expenditures during given period. * Expenditures estimates based on expected capital expenditures as reported by business in late October and November. NOTE.—Annual total is the sum of unadjusted quarterly totals. Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE The civilian labor force increased by 557,000 In November, increasing the labor force participation rate by 0.2 percentase point to 62.4 percent. Since November 1975, the civilian labor force has increased by 2.8 million (3.0 percent), while civilian employment has increased by 3.0 million (3.5 percent). MIU4ONS OF PERSONS* 100 MILLIONS OF PERSONS 100 19,69 1968 1971 1970 1973 1972 1975 1974 *U YEARS OF AGE AND OVER. SOURCE. DEPARTMENT OF IASOR 1976 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over] Period 19711972* 1973* 1974 1975 1975: Nov Dec 1976: Jan Feb Mar Apr May June July.... Aug Sept Oct Nov Noninstitutional population 142, 145, 148, 150, 153, 4,993 4,840 4,304 5,076 7,830 79, 120 81, 702 84, 409 85, 936 84, 783 Civilian Unememploy- ployment ment 596 79, 120 775 81, 702 263 84, 409 827 85, 936 449 84, 783 U nadjusted ,t Civilian e mploymen Total labor force Civilian (includ- labor ing force Armed Forces) 86, 929 84, 113 88, 991 86, 542 91, 040 88, 714 93, 240 91, Oil 94, 793 92, 613 Unempl<Dyment Nonagri cultural Tnf nl JL U Lcll Labor force participation rate (per-2 cent) -iotai 15 weeks and over 3,387 75, 732 2,440 3,472 78, 230 2,408 3,452 80, 957 2,311 3,492 82, 443 2,709 3,380 81, 403 3,490 Seas<snally adjusted 4,993 4,840 4,304 5,076 7,830 1, 182 1,158 812 937 2,483 61. 0 61.0 61.4 61. 8 61.8 Agricultural Part-time ecoTnfol JL utai for nomic l reasons TVital 154, 476 154, 700 85, 556 85, 536 7,231 7, 195 95, 272 95, 286 93, 117 93, 129 85, 178 85, 394 3,301 3,236 81, 877 82, 158 3, 353 3,243 7,939 7,735 3,004 3,080 61.7 61.6 154, 915 155, 106 155, 325 155, 516 155, 711 155, 925 156, 142 156, 367 156, 595 156, 788 157, 006 84, 491 84, 764 85, 588 86, 584 87, 278 88, 460 89, 608 89, 367 87, 949 88, 697 88, 542 8, 174 8,033 7,525 6,890 6,304 7,655 7,577 7,323 7,026 6,833 7,095 95, 624 95, 601 95, 866 96, 583 96, 699 96, 780 97, 473 97, 634 97, 348 97, 489 98, 048 93, 484 93, 455 93, 719 94, 439 94, 557 94, 643 95, 333 95, 487 95, 203 95, 342 95, 899 86, 194 86, 319 86, 692 87, 399 87, 697 87, 500 87, 907 87, 981 87, 819 87, 773 88, 130 3,343 3, 170 3, 179 3,417 3,329 3,294 3, 341 3,424 3,286 3,329 3,232 82, 851 83, 149 83, 513 83, 982 84, 368 84, 206 84, 566 84, 557 84, 533 84, 444 84, 898 3,482 3,262 3,266 3,248 3,382 3,080 3,012 3,047 3,348 3,469 3, 604 7,290 7, 136 7,027 7,040 6,860 7,143 7,426 7, 506 7,384 7,569 7,769 2,785 2,515 2,294 2,035 1,998 2,215 2,317 2,387 2,314 2,330 2,556 61.7 61.6 61.7 62. 1 62. 1 62. 1 62.4 62.4 62.2 62.2 62.4 *Data beginning January 1972 not strictly comparable with prior data because of adjustment to 1970 Census data, which added about 800,000 to the civilian noninstitutional population, 333,000 to the civilian labor force, and 301,000 to civilian employment. A further adjustment in March 1973 added 60,000 to the labor force and to employment. 1 Persons at work in nonagrieultural industries. 2 Total labor force as percent of noninstitutional population 16 years of age and over. Source: Department of Labor, Bureau of Labor Statistics; 11 SELECTED UME3MPliOYMENT RATES The seasonally adjusted unemployment rate increased by 0.2 percentage point to 8.1 percent in November. This 1$ the highest rate in 11 months. Unemployment rates increased in November for most demographic groups. •PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 20 BUCK AND OTHER / N' 10 10 1975 1972 1976 1972 1976 *UNEMHOYMEKT AS PERCENT Of OVKIANIABOR fORCE IN GROUP SPEORB*. SOURCE, DEFAKTMEW OF LAflC* COUNCIL CNF ECONOMK ADVISERS [Monthly data seasonally adjusted] lineniploymeiit rate (jpercent of civiliani labor fe>rce in gi-oup) Total (all civilian workers) Period 1971 1972... 1973 1974 1975.._ 1975: Nov. Dec 1976: Jan Feb Mar Apr May June July Aug Sept Get Nov - .. - .. 5,9 5.6 4.9 5.6 8.5 8.5 8.3 7.8 7.6 7. 5 7.5 7.3 7.5 7.8 7.9 7. 8 7.9 8.1 Men Women Both 20 20 sexes years years 16-19 and and years over over 4.4 4.0 3.2 3,8 6.7 7.1 6.6 5.8 5. 7 5.6 5.4 &6 ao 6. 1 5.9 6. 1 6. 3 6.5 5.7 5.4 4. 8 5.5 ao 7.9 8.0 7.5 7.5 7.3 7.3 6.8 7. 1 7.6 7.7 7. 5 7.6 7.7 16.9 16.2 14.5 16.0 19.9 19.0 19.6 19.9 19.2 19. 1 19. 2 18.5 18.4 18.1 19. 7 18.6 19.0 19.0 1 Aggregate hours tost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 I5y select ed grouj:>s By (jolor By sex and a ge White 5.4 5,0 4.3 5.0 7.8 7.8 7.6 7.1 6.8 6. 8 6.7 6.6 6.8 7.1 7. 1 7. 1 7.3 7.4 ExpeFullBlack rienced time wage Houseand hold workand other salary heads ers workers 9.9 10.0 8.9 9.9 13. 9 13.9 13.8 13.2 13.7 12.5 13.0 12. 2 13.3 12,9 13.6 12. 7 13,5 13. 6 5.7 5.3 4.5 5.3 &2 8.3 8.1 7.4 7.4 7. 1 7.2 7.2 7.2 7.4 7.5 7. 3 7.5 7.7 3.6 3.3 2.9 3.3 5.8 5.8 5.7 5.1 4.9 5.0 4.8 4.8 5. 1 5.4 5.2 5.4 5.4 5.4 5.5 5. 1 4.3 5. 1 8.1 8.3 7.9 7.3 7. 1 7.0 7.0 6.8 7.4 7.3 7.5 7.5 7.6 7.7 Source: Department of Labor, Bureau of Labor Statistics, Parttime workers 8.7 ae 7.9 ae 10.3 10.2 10.5 10.5 10.4 10.3 10.7 10.2 9. 0 10. 7 9.9 9.3 10.2 10.5 Labor force time lost (per-1 cent) 6.4 6.0 5.2 6. 1 9. 1 9.3 a9 8.4 ai 8.2 8. 2 8.1 7.7 7.9 8.2 8. 4 8.8 8.8 DELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The seasonally adjusted increase In unemployment of 200,000 in November was accompanied by an increase in the proportion of the unemployed who are reentrants to the labor force, and a decline among job leavers. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* REASON FOR UNEMPLOYMENT 60 JOB LOSERS ,40 REENTRANTS 20 JOB LEAVERS NEW ENTRANTS 1973 1974 1975 1976 1973 1975 1574 1976 *SEASONAU.Y ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE, DEPARTMENT OF LA8O8 Period 1971 1972 1973.. 1974 1975 1975: Nov.. Dec._ 1976: Jan_._ Feb.. Mar.. Apr.. May-June. July.. Aug.. Sept. Oct*__ Nov»_ [Monthly data seasonally adjusted, except as noted] Pereerit distribution of unemPereer it distribution of unem1 State p rograms Insured ployment b y duraticm 1 unemployment by reasoii ployTT Unemment, ployall 27 Insured ment New Less 5-14 ReenJob Job 15-26 weeks unem- Initial regular (thouthan 5 enpro- 2 and ploy- claims grams sands) losers leavers trants trants weeks weeks weeks over ment (unadjusted) 4,993 4,840 4,304 5,076 7, 830 7,939 7,735 7,290 7,136 7,027 7,040 6,860 7, 143 7,426 7,506 7, 384 7,569 7,769 46.3 43.2 38.7 43.4 55.4 55.6 51.7 48.3 49. 1 50.2 49.6 49.6 51.0 51.5 49. 3 50. 0 50. 2 50.3 11.8 13.1 15. 7 14.9 10. 4 10. 9 11.3 11.8 12. 1 10.9 11.8 12. 6 12.4 12.9 13. 1 12. 4 12.7 11. 1 29.4 29.8 30.7 28.4 23.8 23. 1 25. 8 27.6 26. 6 26.6 26.0 25.5 25. 3 24. 9 25.2 25. 2 25. 3 26.8 12.6 13.9 14.9 13.3 10.4 10. 5 11. 3 12. 3 12. 1 12. 2 12.7 12.3 11.3 10. 7 12.4 12. 4 11.9 11.8 44.7 45.9 51. 0 50. 6 37. 0 32. 5 33.2 35. 7 38. 1 38.3 43.2 42.0 36. 9 40, 4 37. 0 37.2 39. 1 347 ^* Detail may not add to 100 percent because of rounding. •a Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicePen (UCX), Federal (TJCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include FSB (Federal Supplemental Benefits) and SUA (Special Unemployment Assistance). 31.6 30. 1 30. 1 31.0 31. 3 30.4 28. 1 27. 6 26.3 28.0 27. 3 28. 6 31. 9 27.8 31.8 32. 3 30.6 33.0 13.3 12.3 11.0 11. 1 16. 5 15.8 17.7 15.2 13.6 13.3 9.7 12.2 12. 9 15.3 15.0 14.8 13. 9 15. 3 10.4 11.6 7.8 7.3 15.2 21.2 20. 9 21. 5 22. 1 20.4 19.8 17.2 18.3 16.5 16. 3 15.7 16.4 17.0 Special unemployment benefit claims * (unadjusted) Weejkly aver age, thoussands 295 2,608 261 2,192 246 1,793 363 2,558 472 4,942 392 4,120 1,340 362 4,461 1,411 371 4,962 1,482 4, 721 343 1,428 350 4,366 1,339 361 3,917 1,125 398 3,564 993 397 3,458 1, 145 403 3,642 1,379 417 3,446 1, 327 427 3,236 986 437 3,217 853 385 3.452 862 2, 150 1,848 1,632 2,262 3,973 3,576 3,242 2,961 2,859 2,759 2,717 2,862 2,947 3,086 3,203 3,261 3,328 3, 164 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 Nonfarm payroll employment increased by 260,000 in November. Much of the 121.000 increase in durable manufacturing jobs may be attributed directly or indirectly to the settlement of the automobile workers strike. Employment declined in trade but increased in the other major service-producing industries. MILLIONS OF PERSONS' (ENLARGED SCALE) MILLIONS OF PERSONS' 901 ALL NONAGRICULTURAL ESTABLISHMENTS 80 14 70 12 -SERVICE-PRODUCING' INDUSTRIES 22 MANUFACTURING 50 * 20 ^*** \ \ — ^ t-0f*»r«.i*«,^ 18 11 I 1 M 1 1 1 1 1 i 1 1 1 1 1 I ! 1 I I 1 ! I 1 1 1 ! I i ! 1 -GOODS-PRODUCING INDUSTRIES 30 """-sj \ '*.,,,LMM.,,«««' •» •• * " '- «••'»-''«-" 1974 1975 1976 M | 1 1 11 M 11 I 1 1 1 1 1 I | 1 M| r^ - CONTRACT C ONSTRUCTIO N 20 1973 - *S<""M—»^t**%* t\ i t ii 1 n i ii i i i H I 1 1 I 1 1 1974 ' 1973 1977 i I 1 M 1 I II II 1 1 1 n 1 1 n 11 1975 1976 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 1 ! 1 I | | I I M IV 1977 COUNCIL OF r CONOMIC H ADVISERS 1 [Thousands of wage and salary workers; seasonally adjusted] Groods-prc>ducing industrie*3 Period 1971 1972.. 1973 1974 1975 1975 :Nov Dec... 1976: Jan.__ Feb___ Mar. _ Apr... May June.. July... Aug.. Sept.. Oct »._ Nov *_ Total nonagricultural employ- Total 2 ment 71, 222 73, 714 76, 896 78, 413 76, 985 77, 542 77, 764 78, 142 78, 358 78, 692 79, Oil 79, 006 79, 043 79, 183 79, 278 79, 572 79, 451 79,711 22, 820 23, 546 24, 727 24, 697 22, 549 22, 639 22, 713 22, 880 22, 920 23, 050 23, 196 23, 169 23, 140 23, 118 23, 080 23, 228 23, 101 23, 240 Contract construction 3,639 3,831 4,015 3,957 3,457 3,406 3,392 3,409 3,379 3,380 3,413 3, 393 3,375 3,382 3,349 3,330 3,346 3,375 Service-pi oducing industri*JS Trans- Whole- Finance, Gover nment porta- sale insurtion ance, Services and Non- Total State and and retail Total Durable durable Federal and public trade real goods goods local utilities estate Ma nufactui ing 18, 572 19, 090 20, 068 20, 046 18, 347 18, 472 18, 555 18, 704 18, 774 18, 897 19, 008 19, 000 18, 984 18, 945 18, 979 19, 100 18, 952 19, 052 10, 597 11, 006 11, 839 11, 895 10, 679 10, 652 10, 709 10, 810 10, 857 10, 956 11, 016 11, 062 11, 059 11, 034 11, 083 11, 146 11, 028 11, 149 7,975 8,084 8,229 8, 151 7,668 7,820 7,846 7,894 7,917 7, 941 7,992 7,938 7,925 7,911 7,896 7,954 7,924 7,903 1 Includes all full- and part-time wage and salary workers in nonagrieultural 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 nonagrieultural 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 48, 401 4,457 15, 352 3,802 11, 903 2,696 50, 167 4,517 15, 975 3,943 12, 392 2,684 52, 169 4,644 16, 674 4,091 13, 021 2,663 53, 715 4,696 17, 017 4,208 13, 617 2,724 54, 436 4,498 16, 947 4,223 13, 995 2,748 54, 903 4,482 17, 027 4,248 14, 188 2,756 55, 051 4,477 17, 084 4,260 14, 229 2,753 55, 262 4,489 17, 207 4,266 14, 307 2,749 55, 438 4,504 17, 308 4,266 14, 360 2,742 55, 642 4,507 17, 399 4,276 14, 422 2,735 55, 815 4,510 17, 465 4,289 14, 498 2,733 55, 837 4,503 17, 461 4,282 14, 529 2,730 55, 903 4,482 17, 460 4,301 14, 571 2, 728 56, 065 4,508 17, 531 4,312 14, 623 2,723 56, 198 4,501 17, 554 4,312 14, 709 2,732 56, 344 4,528 17, 625 4,338 14, 758 2, 728 56, 350 4,504 17, 608 4,361 14, 786 2,730 56, 471 4, 528 17, 589 4,386 14, 836 2,734 10, 192 10, 656 11, 075 11, 453 12, 025 12, 202 12, 248 12, 244 12, 258 12, 303 12, 320 12, 332 12, 361 12, 368 12, 390 12, 367 12, 361 12, 398 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. Note.—Seasonally adjusted data revised beginning January 1971; Source: Department of Labor, Bureau of Labor Statistics. HOURS AND HOURLY EARNINGS AVERAGE PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Total private nonagrieultural * Period Manufsicturing Total Adjusted h ourly earnin gs index2 —tc>tal private nonagricultural Averag e gross hourly tjarnings Aver age weekly ] lours Overtime Total private nonagrieultural 1 Manufacturing Percent cltange from a year sarlier * Index, 1*367=100 Current dollars 1967 dollars 3 Current dollars 1967 dollars 38.0 37.8 37. 7 37.1 37.0 37. 1 37. 1 36.6 36.1 40.6 40.7 40.6 39.8 39.9 40.6 40. 7 40. 0 39.4 3.4 3.6 3.6 3.0 2.9 3.5 3.8 3.2 2.6 $2.68 2.85 3. 04 3.22 3.44 3.67 3. 92 4.22 4.54 $2.83 3. 01 3. 19 3.36 3. 57 3.81 4.08 4.41 4.81 100.0 106. 3 113. 3 120. 8 129. 4 137.8 146. 6 158.6 172. 7 100.0 102.0 103.2 103.9 106. 7 110.0 110. 1 107.4 107.1 4.8 6.3 6.6 6.6 7. 1 6. 5 6.4 8.2 8.9 1. 9 2. 0 1.2 .7 2.7 3. 1 .1 -2.5 -.3 1975: Nov Dec 36.3 36.4 39.9 40.3 2.9 3.0 4.67 4.68 4.93 4.96 177. 6 178.0 107. 3 107.0 8.4 7.9 1.0 .8 1976: Jan Feb Mar Apr May June. July. Aug Sept Oet* Nov" 36.4 36.4 36.2 36.1 36.3 36.2 36.2 36. 1 36. 0 36. 1 36.2 40.4 40.3 40.3 39.4 40.3 40.2 40. 1 40.0 39.7 39.8 40. 1 3.1 3.1 3. 1 2.6 3.3 3.2 3.1 3.0 3.0 2.9 3.1 4.72 4.74 4.77 4.79 4.83 4.85 4.88 4.90 4. 92 4.94 4.99 5.00 5.04 5.08 5.08 5. 13 5. 16 5.21 5.25 5.29 5. 29 5. 36 179. 4 180.3 181. 1 182. 1 183. 3 184.0 185.2 186.4 187.2 188. 1 189. 2 107.3 107.8 108.0 108.2 108.3 108.1 108.4 108.5 108. 5 108. 7 8.0 7.7 7.2 7.6 7.7 7.1 7.3 7.0 7. 1 6.8 6. 5 1.2' 1.3 1.0 1.4 1.4 1. 1 1.8 1.4 1.5 1.5 1967 1968 1969 1970 1971 1972 1973 1974_ 1975 - AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTUKAL INDUSTRIES [For production of nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly earnings Total pri vate nonagncu itural i Period Current dollars 1967 1968 1969 1970 1971 1972 1973 1974 1975-_ 1975: Nov Dec 1976: Jan Feb Mar Apr May June July Aug Sept Oct * Nov v -_ Manufacturing 1967 dollars 3 Retail trade 8 Current dollars Current dollars3 1967 dollars $101. 84 107. 73 114. 61 119. 46 127. 28 136. 16 145. 43 154. 45 163. 89 $101. 84 103. 39 104.38 102. 72 104. 93 108. 67 109. 26 104. 57 101. 67 $114. 90 122. 51 129. 51 133. 73 142. 44 154.69 166. 06 176. 40 189. 51 $154, 95 164.49 181. 54 195. 45 211. 67 222. 51 235. 69 249. 08 265. 35 $70. 95 74.95 78. 66 82.47 86.61 90. 99 95.57 101. 04 108. 22 3. 1 5.8 6.4 4.2 6. 5 7. 0 6. 8 6.2 6. 1 0.2 1.5 1.0 -1.6 2.2 3. 6 .5 — 4. 3 1—2. 8 169.52 170. 35 102. 43 102. 37 196. 71 199. 89 273. 06 277. 14 110. 81 111. 13 7.6 7.1 .3 .1 171.81 172. 54 172. 67 172. 92 175. 33 175. 57 176. 66 176. 89 177. 12 178. 33 181. 14 102. 82 103. 13 103. 03 102. 74 103. 56 103. 22 103. 37 102. 96 102. 68 103. 02 202. 00 203. 11 204.72 200. 15 206. 74 207. 43 208. 92 210. 00 210. 01 210. 54 214. 94 281. 25 281. 62 272. 52 283. 12 284. 19 286. 46 286. 71 284. 83 276. 79 289. 82 289. 42 112. 45 112. 08 112. 06 113. 43 113.02 112. 64 113. 63 114. 24 115. 56 116. 16 117. 17 8.2 8.1 7.9 7.5 8.5 7.6 7.9 7.0 6.6 6.7 6.8 1.3 1.7 1.6 1.4 2. 1 1.6 2.3 1.3 1.0 1. 3 i8 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. * Monthly changes based on indexes to two decimal places. 80-424°—76 Contract construction Percent chginge from a year e arlier, total prb^ate nonagricuiltural s * Includes eating and drinking places. 6 Based on unadjusted data. Note.—Seasonally adjusted data revised beginning January 1971. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY Hours of all pensons2 Out]put 1 Output :>er hour of all i>ersons Compcmsation per !iour 3 Unit labor CO sts Implic it price defla tor* Total Private Total Private Total Private Total Private Total Private Total Private nonnonprinonnonpriprinonnonprivate private private vate vate farm farm vate farm farm business farm farm business business business business business business business business business business business Period 1967 == 100; quairterly dat a seasomilly adjus bed 92.9 98.0 100. 0 105. 1 108. 3 92.6 98. 1 100.0 105.4 108.6 98. 1 100.3 100. 0 101,7 104.5 96.8 100.0 100. 0 102. 1 105.3 94.7 97.8 100.0 103.3 103. 7 95.7 98. 1 100.0 103.2 103. 1 88.4 94.7 100. 0 107.6 115. 1 89. 1 94.5 100. 0 107.3 114.2 93.4 96.8 100.0 104. 1 111.0 93.2 96.4 100. 0 103.9 110.9 94.2 97.2 100. 0 103.9 108.8 94. 1 96.8 100.0 104.0 108.7 1970 1971 1972 1973 1974 107.4 110.3 117.6 124. 5 120. 8 107.4 110.3 117.9 125.0 121.1 102. 8 102. 3 106.0 110. 1 110. 6 104.0 103. 7 107. 6 112. 2 112. 7 104.5 107.8 110. 9 113. 1 109. 2 103. 2 106.3 109.5 111.4 107.5 123. 3 131. 5 138.9 150. 3 164. 3 121.9 129.9 137. 4 148. 1 162.0 118. 1 121.9 125. 2 132. 9 150.4 118. 1 122.2 125. 5 133. 0 150. 8 113.9 118. 9 123. 2 130. 3 143.8 114.0 119.2 122.9 128. 0 142.0 1975 118. 1 118.0 105.9 107. 9 111.5 109. 4 180.2 177.7 161.6 162.4 157.5 156.4 1974: III IV 120. 6 117.7 121.0 117. 9 110. 9 109. 3 113.3 111. 5 108.7 107.6 106.7 105. 7 166. 7 170. 7 164.0 168.3 153.3 158.6 153.6 159. 3 146.0 150.4 144.6 149.2 1975: I II III IV 114. 2 116. 7 120. 1 121.2 114.4 116.6 119. 9 121.3 105.7 104.8 105.7 107.0 107. 9 106.7 107. 4 109.2 108.1 111.4 113.6 113.2 106. 109. 111. 111. 0 2 6 0 176. 0 179.0 181. 3 185.0 173. 1 176.4 179. 3 182. 2 162. 9 160.7 159.5 163.4 163. 3 161.6 160.6 164.1 1545 155.9 158.4 160.9 154.0 155.0 157.0 159.3 1976: I II III"... 124.2 125. 8 126. 9 124.3 126.0 127. 1 107.7 108.2 108.2 110.4 110.4 110.6 115.3 116.3 117. 2 112.6 114. 1 114. 9 189. 8 193. 3 196. 7 186.4 190.4 193. 6 164.7 166. 1 167. 8 165. 5 166.9 168.5 161.7 163. 8 165.4 161.0 162.5 164.8 1965 1966_ 1967 1968 1969 - Perceiit change ; quarterlyf data at seasonal] y adjuste d annual rates 1965 1966 1967 1968 1969 7.0 5.5 2.0 5.1 3.0 7.1 6.0 1.9 5.4 3.0 1970 1971 1972 1973 1974 —.9 2. 8 6.6 5.9 -3.0 -1. 1 2. 7 6.9 6.0 -3. 1 1975 -2.3 1974: III IV 1975: I II III IV 1976: I II m*___ 3.7 3.3 .0 2. 1 3.2 3.7 3.2 2.3 3.3 .3 3.3 2.5 1.9 3.2 -.2 3.9 7.0 5.6 7.6 7.0 3.4 6. 1 5. 8 7. 3 6.5 0.2 3.7 3.3 4.1 6.6 0. 1 3.4 3.8 3.9 6.6 1.6 3.2 2.9 3.9 4.7 1.3 2.9 3. 3 4.0 4.5 -1. 6 -.4 3.6 3.9 .4 -1.2 -. 3 3. 7 4. 3 .4 .7 3.2 2.9 1. 9 -3.4 .2 2.9 3.0 1.7 -3. 5 7.2 6.6 5.7 8.2 9.3 6.7 6. 6 5. 8 7.8 9.4 6.4 3.2 2.7 6.2 13. 2 6. 5 3.5 2.7 6.0 13.4 4.7 4.4 3.6 5.8 10.3 4.9 4. 5 3. 1 4. 1 11. 0 -2.6 -4.2 -4.3 2.1 1.8 9.7 9.7 7.5 7.7 9.5 10.1 -3. 9 -9. 4 -3.8 -9.9 -1. 4 -5. 7 -. 6 -6.2 -2. 6 -4. 0 -3.2 -3.9 12.6 9.9 11.5 10. 9 15. 5 14. 5 15. 2 15. 5 13. 2 12. 9 13.4 13. 5 -11. 2 8.9 12.3 3.6 -11. 3 7. 9 12. 1 4. 5 -12.7 -3.3 3.5 5.2 -12. 4 -4. 1 2.5 6. 9 1. 6 12.7 8.5 -1.5 1. 3 12. 6 9. 3 -2. 2 13. 1 6. 9 5.2 8.3 11. 8 7.9 6.8 6.6 11. 3 -5. 1 -3.0 10.0 10.4 -4.2 -2.2 9. 0 11.3 3.5 6.6 6. 6 13. 5 2. 6 5. 3 6.2 10. 2 5. 5 3. 4 10. 5 5.4 3.4 ' 2.6 1.6 .2 4. 4 .1 .o 7.4 3.8 3. 1 5.8 5.4 2.9 10.9 7.5 7. 3 9.5 8.9 6.9 3.2 3. 6 4. 1 3. 5 3. 3 3.9 2. 1 5.2 4.3 3.6 5.8 3. 1 2.3 —1.7^ 2.7 1 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 on3 establishment data. 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. 16 a9 < Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production increased 1.2 percent in November, following declines in the 2 preceding months. More than half of the increase resulted from resumption of production following settlement of strikes, but additional moderate increases were widespread among consumer goods, business equipment, and nondurable materials. INDEX, 1967=100* (RATIO SCALE) 180 UTILITIES AND MINING PRODUCTION INDEX, 1967=100* (RATIO SCALE) TOTAL INDUSTRIAL PRODUCTION 140 120 120 100 1972 1973 1974 1975 1976 100 MANUFACTURING PRODUCTION 1972 1973 1976 PERCENT (RATIO SCALE) 90 ..MANUFACTURING CAPACITY, UTILIZATION RATE 80 70 100 60 1976 1974 1972 1972 1975 1 1976 * SEASONALLY ADJUSTED SOURCE, SOARO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion 1970 1971 1972 1973 1974 1975 1975: Nov Dec_ 1976: Jan Feb Mar Apr May June July Aug Sept Oct*___ _ Nov/ Total iiidustrial prodiiction Percent Index, change 1967= from 100 year earlier „ 100. 00 -3. 0 107.8 1. 7 109. 6 9. 2 119.7 8.4 129. 8 —.4 129. 3 -8.9 117. 8 -1. 1 123. 5 4. 3 124. 4 9. 1 125.7 13. 0 127. 3 14.7 128. 1 14. 0 128.4 14. 0 129.6 130. 1 11.8 10.4 130. 7 8. 5 131. 3 7. 2 130.9 6. 7 130. 4 6.9 132.0 COWOt Of ECONOMIC ADV1SIRS [Seasonally adjusted] Indus try produ ction ind exes, 196 7=100 M anufacturj **g Total Durable Nondurable 87,95 106.4 108. 2 118. 9 129. 8 129.4 116. 3 122. 7 123. 6 125. 2 127. 0 127. 9 128.5 129.6 130. 2 131. 0 131.6 130. 7 129.9 131. 7 51.98 S5.97 112.3 116.6 126. 5 133.8 134.6 126.4 136.2 136. 9 138.4 140. 2 140. 7 140. 7 140. 9 141. 3 141. 1 140.9 142. 4 141. 9 142.5 102. 3 102.4 113. 7 127. 1 125.7 109.3 113. 4 114. 4 115. 8 117. 9 119. 0 120. 1 121. 7 122. 3 124.2 125. 1 122. 5 121. 6 124. 4 1 a Output as percent of capacity. Quarterly data entered in last month of quarter. Annual data are averages of quarterly data. »Quarterly data are for last month in quarter. Annual data are averages of four monthly indexes. Mining Utilities 6.36 5.69 112.2 109.8 113. 1 114. 7 115. 3 112. 8 114. 2 112. 9 113. 6 112. 7 113. 9 113.5 113.0 114.4 112.5 114. 4 114. 7 115. 8 115.0 124. 5 130. 5 139.4 145. 4 143. 7 146. 0 148.8 147.2 152.0 152. 5 151.4 150. 8 153. 0 151.2 150.8 151. 3 150. 4 150. 9 151. 9 Manuf acturmg (capacity iitilization rate, p<3rcent l Federal Reserve seric5S 2 ComWharTotal merce3 ton 2 Mate- series manuseries rials facturing 79.2 78. 0 83. 1 87.5 84.2 73.6 84.3 83. 1 88.0 92. 4 87.7 73.6 81 80 83 86 83 77 87. 9 86.4 91. 8 97. 1 93.0 80.4 76.8 77. 1 79 84. 0 79.0 79.0 82 86.4 80.2 80.6 82 87. 8 80. 9 81.3 - _ 80 88.0 Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economic Analysis), and Wharton School of Finance. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adjusted] Proc lucts Final products Equij>ment Coiisumer goods Period Total NonDurable durable goods goods Total 1967 proportion 1968 --1969 1970 -__ 1971 ___ 1972 1973 -1974 1975 1975: Nov _- -_. Dec 1976: Jan -Feb Mar Apr May June July Aug .__ -- _ Sept —Oct* Nov" ._ 47.82 106. 2 109.6 105. 3 106. 3 115. 7 124.4 125. 1 118.2 122. 3 123.5 123. 9 125. 3 126.4 126.3 127. 3 127.6 127.6 128.3 127. 5 127.3 129. 5 27.68 105.9 109.8 109.0 114.7 124.4 131.5 128.9 124. 0 131. 1 132.3 133. 1 134.9 136. 1 136. 1 137.4 137.8 136.8 137.5 136. 2 136.5 138.9 Internetediate proc uets Total Business Total Materials Construction supplies 7.89 19.79 20.14 12. 63 12.89 6.42 111. 1 115.0 106. 1 118.8 133.8 146.2 135. 3 121.4 132.5 134.0 134.7 137.9 140.4 141. 1 143.2 144.2 141.8 143.7 138. 5 138. 1 144.6 103.9 107.7 110. 1 113. 1 120.6 125.6 126. 3 125. 1 130. 6 131. 5 132. 5 133.9 134.4 134.0 135. 1 135. 1 1348 134.9 135. 3 135.8 136. 6 106.5 109.3 100. 1 94.7 103.8 114.5 120.0 110. 2 110.0 111.5 111.2 112. 1 112.9 112.9 113.5 113.8 114.9 115.7 115.5 114.7 116.6 105.5 112.5 107.0 104.1 118. 0 134.2 142.4 128.2 129.6 131. 6 131. 0 132.6 134. 0 134. 1 134.6 135.0 136.9 137.7 137.6 136.4 139.3 106.3 112.9 112.9 116. 7 126.5 137.2 135.3 123. 1 129. 3 129. 9 133. 6 135. 3 134. 9 134.7 135. 0 135.9 137.6 137.8 139.0 138.3 139.2 106.6 112.3 111.0 116.8 128.4 139.8 134.5 116.3 123.1 124. 1 126.8 129. 6 128.7 128. 0 130. 9 131. 8 133. 1 134. 1 134.3 133.9 134.9 39.29 106.5 112.5 109.2 111.3 122. 3 133.9 132.4 115.5 123. 1 123.3 125.3 127.3 128.2 129. 2 130.6 131. 1 132. 2 133.0 132.4 131.7 133.0 Supplementary group: Energy total 12. 28 105.5 111. 1 117.0 119. 5 125. 2 128. 3 125. 5 125. 5 127. 1 126. 6 128. 8 127. 5 128. 6 128.2 129. 3 129. 7 128. 4 129.0 128. 1 127.9 128. 8 [1967=100, seasonally adjusted] Diirable m anufactu res .- . - . . • • - - Primaryf metals Period Total 1967 proportion 1968 1969 1970 1971 1972 1973 1974 1975 1975: Nov Dec 1976: Jan Feb Mar Apr May June July Aug Sept Oct* Nov * _ Iron and steel Fabricated metal products Electrical machinery Transportation equip>ment Total Motor vehicles and parts Lumber and products Apparel products Print- Cheming icals and and Foods pubprodlishing ucts 6.67 4, 21 5.93 9.15 8.05 9.27 3.31 4. 72 7.74 8. 75 103.2 112.6 104.7 96. 1 107. 1 122. 3 119. 8 95. 8 105.6 107.9 102.4 103. 5 112. 1 124.7 124. 2 109.9 101.8 109.3 104.4 100.2 116.0 133.7 140. 1 125. 1 105. 5 111. 9 108. 1 107. 7 122. 2 143. 1 143. 8 116.5 111. 1 108.4 89. 5 97.9 108.2 118.3 108.7 97.4 4*50 120.3 116.5 92.3 118.6 135. 8 148.8 128. 2 111. 1 1.64 104.3 113.8 106.6 100.2 112. 1 126.7 123. 1 96.4 105.5 107.9 105.6 113.8 120.8 126.0 116.2 107.6 102. 9 106.7 101.4 104.7 109. 4 117. 3 114 3 107. 6 103.2 107.4 107.0 107. 1 112.7 118.2 118.2 113.4 109.5 118.4 120.4 125.9 143.6 1545 159.4 147. 3 102.6 106. 1 108.9 112.8 116.8 120.9 1240 123.4 98. 1 92.6 96. 5 89. 1 116.3 117. 3 m.6 126.6 120. 1 122. 7 104.7 106.7 127. 1 130. 1 114. 1 116.4 na3 115.4 11R4 161.9 163.3 128.8 128.5 9a i 92.9 100.9 97.7 103. 5 110. 7 110. 0 115. 3 116. 2 110. 3 105.4 105. 4 116.6 120.9 120. 2 121. 5 121.4 124. 0 124. 6 125. 8 126.4 124. 6 125. 7 129.0 131.5 132.9 133.5 134. 0 133. 5 135. 0 136. 4 136.8 134.4 138.6 124. 7 126.5 127. 8 130.0 131.8 132. 0 131. 0 135. 3 133. 9 134.8 136.4 105.8 109.0 111.2 110.6 112. 9 112.6 113. 3 115. 0 104.4 104.9 113. 1 126.7 135. 2 140. 8 141. 3 144. 3 146. 5 148.5 150. 6 130. 1 129.6 146. 0 123. 5 123.9 121. 1 122.8 123.0 120.3 1246 128. 1 128.7 129.2 123.8 128.0 126.3 126. 1 130.3 126.8 125. 6 123. 7 122.9 120.0 121.0 121.0 122.0 120. 5 119. 7 122.0 120.6 120.9 119.9 120. 0 162.9 167.6 170. 6 168. 7 166.6 170.0 167.6 170.4 170. 9 169. 9 129.2 130.8 103. 9 101.4 105.4 113. 2 111.5 116.9 118. 6 114. 1 109.8 110. 1 Source: Board of Governors of the Federal Reserve System. 18 Nonelectrical machinery Non durable manufac tures 121.2 i2a3 129.2 131. 2 130. 5 131. 8 133.4 1348 1346 NEW CONSTRUCTION 3onstruction contracts * Private Total new construction expenditures Period Resid ential Total Commercial and industrial New housing Total J Other Federal, State, and local CommerTotal value cial and industrial index (1967= floor space 100) (millions of square feet) Bil lions of doll ars 1969 1970 1971 1972 1973 1974 1975 93.9 94.9 110. 0 124. 1 137.9 138. 5 132. 0 _. 66.0 66.8 80. 1 93.9 105. 4 100.2 93. 0 16.2 16. 3 17.0 18.1 21.7 23.8 20.8 25.9 24. 3 35. 1 44.9 50. 1 40.6 34.4 33.2 31. 9 43.3 54.3 59. 7 50.4 46.5 16.6 ia 6 19.8 21.5 24 0 26. 0 25.7 28.0 28. 1 29.9 30.2 32.5 38.3 39. 0 Seasonally adjusted Seasonally / adjusted atinual rates 1975: Oct Nov Dec 1976: Jan Feb Mar Apr____ May June July Aug Sept*'..—.. Get" 136 2 138. 0 137. 8 136.7 139.0 145. 1 143.9 142.8 146,4 145. 1 147.5 150. 6 148. 8 95. 6 97. 3 98. 1 99.3 102.6 107. 1 106.0 106.6 107.5 108.4 110. 2 nao 114.4 37.5 38.9 39.9 39. 3 41. 1 43. 8 44.2 43.9 45. 4 46.9 46.5 48.8 51. 1 49.4 50.4 52. 1 52.8 55.2 58. 1 58.4 58.3 59.6 60.6 60.0 62. 4 64. 9 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 floorspace. 20. 0 20. 1 19.8 19.0 20.6 21. 0 19.8 19.3 18.7 18.7 19. 9 19.7 19.0 123.7 123. 1 145. 4 165.3 179.5 169.7 166.0 26.2 26.8 26.2 27.6 26.8 28.0 27.8 29.0 29.2 29.1 30.3 31.0 30.4 40.6 40.7 39.8 37.4 36.4 38.0 37. 9 36.2 38.9 36.8 37.3 37.6 34.4 166 148 137 186 170 185 189 205 187 184 162 164 237 883 743 727 854 1, 010 840 569 Seasonally adjusted annual rates 649 504 609 462 496 653 648 657 693 676 654 592 658 Note.—New construction expenditures data prior to 1973 not comparable with later data. Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] £lew private housing uni1bs Units started, by type of strticture Period 1969 1970 1971 1972 1973 1974 1975 -_ Total 1 unit 1, 466. 8 1, 433. 6 2, 052. 2 2, 356. 6 2, 045. 3 1, 337. 7 1, 160. 4 810.6 812. 9 1, 151. 0 1, 309. 2 1, 132. 0 888. 1 892.2 2-4 units 85.0 84.8 120.3 141. 3 118.3 68. 1 64.0 5 or more units 571. 2 535.9 780.9 906.2 795.0 381.6 204.3 New priv ate homes Units authorized 1, 323. 7 1, 351. 5 1, 924 6 2, 218. 9 1, 819. 5 1, 074. 4 939.2 Units completed Homes sold Vacancy rate for Homes for rental sale at housing end of units period * (percent) 2 1,399.0 1, 418. 4 1, 706. 1 1, 971. 5 2, 013. 8 1, 691. 7 1, 296. 8 448 485 656 718 620 501 544 222 220 287 409 450 402 378 1,386 1,329 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,390 1,317 660 641 573 679 573 628 540 589 606 643 736 715 381 378 379 384 389 394 400 406 411 406 416 419 5.5 5.3 5.5 5.6 5.8 6.2 6.0 Seasonally adjusted armual rates 1975: Nov Dec___ 1976: Jan Feb Mar Apr May June. July Aug Sept* Oct" Nov" 1 _ 1,381 1,283 1,236 1,547 1,417 1,367 1,422 1,510 1,382 1,537 1,840 1,813 1, 705 1,048 962 957 1,295 1, 110 1, 055 1,065 1, 139 1, 123 1, 171 1,280 1,340 1,237 Seasonally adjusted. 2 Quarterly data entered in last month of quarter. 79 77 70 62 80 76 94 76 69 84 114 102 94 254 244 209 190 227 236 263 295 190 282 446 371 374 1,127 1,091 1,147 1,165 1, 188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,585 5.4 5. 5 5.8 5.7 Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business inventories increased $1.5 billion in October/ the revised September Increase was $3.3 billion. Business sales changed very little for the second consecutive month. According to the advance survey, retail sales rose 1.7 percent In November following a 1.1 percent increase in October. WLUONS OF DOLLARS? (RATIO SCALE) BILLIONS OF DOLLARS^ (RATIO -INVENTORY-SALES RATIO 100 1972 1975 'SCASONAUY ADJUSTED SOURCE. DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Total btisiness 1 Who!esale Re tail Sales Period Q f_ bales *2 n Inventories * Inven-8 CJ i 2 bales * tories TYitft.1 2 DurNonable durable goods goods stores stores In ventorie3 * Tntfll DurNonable durable goods goods stores stores Millions of dollars, seas onally tidjusted 1970 104, 736 175, 561 20, 583 27, 290 31, 294 9,524 21, 770 46, 626 20, 345 1971 112, 315 184,711 22, 327 29, 695 34, 071 10, 985 23, 086 52, 571 23, 864 1972. ___ 124, 289 197, 692 24, 862 32, 817 37, 365 12, 472 24, 893 57, 156 26, 056 1973 143, 823 224, 401 30, 400 38, 302 41, 943 14, 190 27, 754 65, 229 29, 593 1974 163, 991 270, 819 37, 344 46, 564 44, 815 13, 943 30, 872 73, 851 34, 301 1975 168, 009 266, 365 36, 583 45, 115 48, 702 15, 060 33, 642 74, 676 34, 474 1975: Get 174, 847 268, 206 37, 449 45, 715 49, 995 15, 772 34, 223 75, 981 34, 699 Nov 174, 085 267, 354 37, 018 45, 554 50, 552 15, 904 34, 648 75, 129 34, 568 Dec 176, 710 266, 365 37, 360 45, 115 51, 734 16, 690 35, 044 74, 676 34, 474 1976: Jan 179, 027 267, 967 38, 159 45, 645 51, 592 16, 730 34, 862 75, 292 34, 479 Feb 182, 329 269, 878 38, 816 46, 307 52, 601 17, 397 35, 204 76, 243 34, 592 Mar 185, 488 271, 846 39, 094 46, 398 53, 344 17, 403 35, 941 77, 298 35, 231 Apr __ _ _ 187, 074 273, 049 39, 530 46, 826 53, 696 18, 046 35, 650 78, 102 35, 462 May 186, 341 275, 244 39, 386 47, 799 52, 868 17, 419 35, 449 78, 406 35, 547 June _ 189, 007 278, 931 40, 780 48, 645 53, 983 17, 803 36, 180 79, 375 35, 863 July 188, 282 280, 546 40, 616 48, 805 53, 754 17, 699 36, 055 79, 917 36, 523 Aug 189, 748 282, 897 40, 581 49, 006 54, 643 18, 208 36, 435 81, 118 37, 515 Sept.- _ 189, 345 286, 185 41, 381 49, 723 54, 100 17, 481 36, 619 81, 848 37, 822 Oet"_ 189, 137 287, 722 40, 867 49, 987 54; 669 17, 579 37, 090 81, 658 37, 517 Nov " 55, 583 18, 024 37, 559 - ~ The term "business" also includes manufacturing (see page 21). Monthly average for year and total for month. * Book value, end of period, seasonally adjusted. s 20 1976 26, 281 28, 707 31, 100 35, 636 39, 550 40, 202 41, 282 40, 561 40, 202 40, 813 41, 651 42, 067 42, 640 42, 859 43, 512 43, 394 43, 603 44, 026 44, 140 Invent(>ry-sales rat io 4 Total business * 1.64 1.61 1. 53 1.46 1. 50 1. 59 1. 53 1.54 1. 51 1. 50 1.48 1. 47 1.46 1.48 1.48 1. 49 1.49 1.51 1. 52 Retail 1.47 1.47 1.46 1.46 1.53 1.51 1.52 1.49 1.44 1.46 1.45 1.45 1.45 1.48 1.47 1.49 1.48 1. 51 1. 49 4 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. Source: Department ol Commerce (Bureau oi Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS After declining for 3 months, manufacturers1 orders rose in October—total orders 0.8 percent and durable goods orders 2.1 percent. Sales declined slightly and inventories rose $1.5 billion. BILLIONS OF DOLLARS* (RATIO SCALE BILLIONS OF DOLLARS* (RATIO SCALE) 100 L-SHIPMENTS T OTAL +> 60 ^^~—i _ - *~ ^-^1 _ DURAB LE GOODS \ ___,^^( 40 ^.It'""*'*** *+\ "***™**sim% NONDURAB £ GOODS 20 1 i M I 1M M 1 M 1 1 1 1 1 1 1 n 1 1| 11 11f 1 1! ^ ( I 1 I ! 1 1 1 I I 1II I 1 1 I 1 II ! 1 BILL ONS OF DOL j\RS*( RATIO S ^\LE) 100 -NEW OFtDERS ^ _x—' r ~^\ i ->-\ --X 1sy S*^ ^ AA x- TOTAL DURABL E GOODS ^s»*'O ++~ ^«*^~* jfj .+~*+~**1 ...„..••«""*""* i,,.,,...".**""*" "' ^ - ^.C:.:M " INVENTORY-SHIPMENTS RATIO 2.00 1.80 - NONDURAB .E GOODS 1.60 1.40 70 ,. M . I M M . .1 M M I t n t i 1972 M Ml III Ml 1973 1 1 ! I 1 111 1 M j i J_LI 1 1 1 1 1 1 1975 1976 1974 1.20 1972 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 1973 1974 11 11 j 1 1 1 1 1 1 1975 1976 COUNCIL OF ECONOMIC ADVISERS 2 Manufa< sturers* shipments l Manufael mrers' inv entories Period Total 1970 52, 859 1971 55, 917 1972 62, 062 1973 71, 480 1974 81, 832 1975 82, 724 1975: Oet___ 87, 403 Nov_. 86, 515 Dec__ 87, 616 1976: Jan___ 89, 276 Feb_. 90, 912 Mar __ 93, 050 Apr 93, 848 May_. 94, 087 June__ 94, 244 July._ 93, 912 Aug... 94, 524 Sept 93, 864 Oct *__ 93, 592 NonDurable durable goods goods 28, 229 29, 948 33, 489 38,806 42, 744 41, 527 43, 607 42, 352 43, 681 44, 570 45, 700 47, 546 47, 741 48, 321 48, 475 47, 779 48, 338 47, 035 46, 926 24, 629 25, 969 28, 573 32, 674 39, 089 41, 197 43, 796 44, 163 43, 935 44, 706 45, 212 45, 504 46, 107 45, 766 45, 769 46, 133 46, 186 46, 829 46, 666 Marmfacture rs' new 01*ders 1 Durab le goods Capital NonNongoods durable durable Total Durable Total goods goods Total indusgoods tries, nondefense Millie>ns of doll ars, seaso aally adjusted 101, 645 66,768 34, 877 52, 146 27, 514 7,055 24, 632 102, 445 66, 050 36, 395 55, 754 29, 773 7,324 25, 981 107, 719 70, 218 37, 501 63, 015 34, 368 8,487 28, 648 120, 870 79, 441 41, 429 73, 992 41, 253 10, 310 32, 738 150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009 146, 574 95, 754 50, 820 81, 351 40, 048 10, 261 41, 302 146, 510 96, 215 50, 295 86, 336 42, 307 10, 689 44, 029 146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44, 363 146, 574 95, 754 50, 820 86, 754 42, 837 10, 156 43, 917 147, 030 95, 664 51, 366 88, 083 43, 177 10, 351 44,906 147, 328 95, 696 51, 632 90, 201 44, 975 10, 710 45, 226 148, 150 96, 193 51, 957 93, 389 47, 895 10, 984 45, 494 148, 121 96, 133 51, 988 94, 090 47, 790 11, 530 46, 300 149, 039 96, 579 52, 460 95, 378 49, 565 11, 664 45, 813 150, 911 97, 616 53, 295 95, 596 49, 926 11, 835 45, 670 151, 824 97, 826 53, 998 94, 204 48, 122 12, 644 46, 082 152, 773 98, 109 54, 664 94, 143 48, 051 11, 779 46, 092 154, 614 99, 216 55, 398 93, 566 46, 648 12, 085 46, 918 156, 077 100, 389 55, 688 94, 274 47, 635 12, 486 46, 639 1 Monthly average for year and total for month. Shipments are the same as sales. s Book value, end of period. a End of period. * For annual periods, ratio of weighted average inventories to average monthly Manufacturers' unfilled orders 3 77, 093 75, 081 86, 608 117, 034 137, 328 120, 659 121, 697 121, 530 120, 659 119, 468 118, 757 119, 093 119, 340 120, 624 121, 974 122, 271 121, 885 121, 587 122, 264 Manufacturers' inventory— shipments4 ratio 1.89 1.82 1.69 1.58 1.64 1.80 1.68 1.70 1.67 1. 65 1.62 1.59 1.58 1. 58 1.60 1. 62 1.62 1.65 1.67 shipments; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21 WHOLESALE PRICES PRICES In November the wholesale price index rose 0.2 percent (0.6 percent seasonally adjusted). Prices of farm products and processed foods and feeds declined 0.6 percent (rose 0.2 percent seasonally adjusted). Industrial commodities prices rose by 0.4 percent (0.8 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 220 INDEX, 1967= 100 (RATIO SCALE) 220 200 FARM PRODUaS AND l\ PROCESSED FOODS AND FEEDS I \ j I V! 120 120 100 100 1976 1972 1968 COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF lABOR [1967=100] AU commodities Period 1968 1969 1970 1971 1972 1973 1974 1975 102.5 106. 5 110.4 113.9 119. 1 134.7 160. 1 174.9 1975 :Nov Dec 1976: Jan Feb Mar Apr May June July Aug Sept 178. 2 178. 7 179.3 179. 3 179.6 181. 3 181.8 183. 1 184.3 183. 7 184. 7 185. 2 185. 6 Oct Nov _. Farm products Indusand trial processed commodfoods ities and feeds 102.4 102. 5 108. 0 106.0 111.7 110.0 113. 8 114.0 122.4 117. 9 159. 1 125.9 177.4 153.8 184.2 171.5 Unadjusted 175.4 186. 1 186.0 176.1 184. 6 177.3 182. 0 178.0 180.3 178.9 183.7 180.0 180.4 184.9 187. 5 181. 3 188. 1 182.6 181. 7 183.6 182. 7 184. 7 179.4 186.3 178.4 187.0 Special ggroupings Farm products Processed foods and feeds 102.5 109. 1 111. 0 112.9 125. 0 176. 3 187. 7 186.7 102. 2 107.3 112. 1 114. 3 120. 8 148. 1 170.9 182.6 196. 1 197.2 192.6 187. 7 185.9 193. 8 194. 9 195.4 193.4 187.7 191. 2 188.9 188.0 184. 3 181. 8 178. 3 175. 5 175. 9 179. 3 181.6 182.4 180.8 175.6 176. 4 175. 1 176. 2 1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco. 22 Crude mate-1 rials Inter- Producmediate er finmate-2 ished rials goods 102. 0 103. 5 102.6 110. 6 106. 1 106. 9 110. 0 118. 8 111. 9 122. 7 114. 3 116.6 131. 1 118. 9 119.5 155.2 128. 1 123. 5 219. 1 159. 5 141. 0 225. 1 178. 6 162. 5 Seas onally ad; listed 227. 4 183. 3 167. 1 235.4 184.6 167. 9 236. 0 185.2 169. 1 230.0 185.7 170. 0 236. 5 186.3 170. 7 242.6 171. 3 186.7 242.6 186. 5 171. 4 172. 1 187. 8 246. 1 172. 9 255.5 188. 7 173.2 255. 7 190. 1 254. 5 192. 0 174. 5 264. 7 193. 3 177. 0 270. 7 194. 9 177. 4 Consunler finished goods ex(iluding fo<3ds Total 102. 1 104.6 107.7 111. 2 113. 5 118.6 138.6 153. 1 158.2 158. 9 159. 1 159.4 159. 1 159. 0 159. 0 160.0 161. 2 162. 1 163.9 165. 1 166.2 NonDurable durable 102. 2 102. 2 104.0 105. 0 107. 0 108.3 110. 9 111.3 113. 2 113.6 115.8 120. 5 126.3 146.8 138.2 163. 0 141. 8 141. 9 142. 5 142. 8 143. 1 142. 9 142. 9 143. 5 143. 5 143. 9 145.3 146.7 147. 4 169. 0 170. 1 170.2 170.4 169. 7 169.9 169.6 170. 8 172. 6 174.2 176.2 177.4 178. 6 2 Includes supplies and components; excludes intermediate materials for food manufacturing and manufactured animal feeds. Source: Department of Labor. Bureau of Labor Statistics. CONSUMER PRICES In November, the consumer price index rose 0.3 percent (also 0.3 percent seasonally adjusted). Food prices declined 0.3 percent (0.2 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (also 0.4 percent seasonally adjusted) and services prices were up 0.5 percent (0.4 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 220 INDEX, 1967-100 (RATIO SCALE) 220 100 1968 1970 1969 1971 1972 1975 1974 1973 1976 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT Of LABOR [1967=100] All items Food Commodities less food _ 104.2 109. 8 116. 3 121. 3 125. 3 133. 1 147. 7 161. 2 103.6 108.9 114.9 118.4 123. 5 141.4 161. 7 175.4 103.7 108. 1 112. 5 116.8 119. 4 123. 5 136.6 149. 1 Period 1968 1969 1970.1971 1972 1973 1974 1975 Services commodities All Food «t C*W home Food away from home 105.2 112.5 121. 6 128. 4 133. 3 139. 1 152. 1 166.6 103.7 108. 4 113. 5 117.4 120. 9 129.9 145. 5 158.4 103.6 108.9 114. 9 118. 4 123. 5 141.4 161. 7 175. 4 103.2 108. 2 113.7 116. 4 121. 6 141. 4 162. 4 175.8 105.2 111. 6 119.9 126. 1 131. 1 141.4 159.4 174.3 Unac [justed 1975: Oct Nov___ Dec 1976: Jan Feb _ _ _ Mar Apr May June July___ Aug Sept_-_ Oct Nov*_. 164.6 165.6 166. 3 166.7 167. 1 167.5 168.2 169. 2 170. 1 171. 1 171. 9 172.6 173. 3 173.8 179. 0 179. 8 180.7 180.8 180. 0 178. 7 179. 2 180. 0 180. 9 182. 1 182. 4 181. 6 181. 6 181. 1 152. 2 152.6 152.8 152. 3 152. 7 153. 3 154.2 155. 5 156.5 157. 1 158.0 158. 9 159. 6 160.3 All 103.7 108. 1 112. 5 116.8 119.4 123. 5 136.6 149. 1 Services Durable Nondur— able 103. 1 107. 0 111. 8 116. 5 118. 9 121. 9 130.6 145.5 104. 1 108. 8 113. 1 117. 0 119. 8 124.8 140.9 151.7 105.2 112.5 121.6 128.4 133.3 139. 1 152. 1 166.6 148. 1 148. 5 149. 2 149.7 150. 6 151. 7 152.7 153. 6 154. 1 155. 0 155. 7 156.3 156.8 157.4 154. 4 154.8 155.3 155.6 155.7 155. 6 155.7 156. 6 157. 4 158.4 159. 6 160.2 160.8 161.6 170.0 171. 7 172.8 174.7 176.0 177.2 178.0 178. 8 179.9 181.0 182.0 183.0 184.0 184.7 Seasonal y adjusted 170. 1 172.0 173. 1 174. 9 176. 1 177. 2 177.7 178. 4 179.5 180.7 181.8 183. 2 184. 1 185. 1 Source: Department of Labor, Bureau of Labor Statistics. ComrQodities k ss food Food AH xxLL 161.5 162. 2 162. 9 163. 1 162. 7 162.4 163. 1 164.3 164. 9 165. 6 166.4 166. 8 167. 3 167.6 179.6 180. 6 181. 6 181. 2 179. 4 177.9 178. 9 180.6 181. 0 181.2 181. 8 181.8 182. 3 181.9 180. 2 181.2 182. 1 181.4 178.6 176.5 177. 7 179.5 179. 8 179. 8 180. 3 180. 1 180. 7 180.0 * Not charted. 177. 5 178. 6 179. 5 180.9 182. 4 183.4 184. 0 185.0 186. 0 187. 1 187. 8 188. 5 188. 7 189.2 151. 7 152. 2 152.8 153. 1 153.5 153.9 154.4 155. 3 156. 0 156. 9 157.9 158. 5 159. 1 159.8 23 CHANGES IN WHOLESALE PRICES Percent c.aange from 3 montl is earlier; Percent c hange fro m 6 mont' is earlier; season ally adjus ted annua1 rates seasonsilly adjug5ted annuiil rates Percen t change from pre ceding pericMi; season ally adjus ted 1 Industrial commodities Farm products Processed foods and feeds 1.0 2.8 4.8 2.2 40 6. 5 15.4 20.9 4.2 -2.7 4.4 8.4 -47 8.1 18.7 36. 1 — 1.9 5.5 -1.2 3. 0 6.8 .8 4.7 11.6 20. 3 20.9 -3.8 1.9 2.7 3.9 3. 6 3.2 3.6 10.7 25.6 6.0 1975:Nov__ Dec.. 1 3 -1.9 .6 -1.2 -1.4 ;7 1976: Jan... Feb.Mar.. Apr May_ JuneJuly.. Aug.. Sept.. Oct.. Nov.. — 2 -4 2 8 3 4 3 _ 1 9 6 6 -2.3 -2.5 -1.0 4.2 .6 .3 -1.0 — 2. 9 1.9 — 1. 2 -.5 -1.9 -1.6 .2 1.9 1.3 .4 —0 9 -2.9 .5 —.7 .6 ;4 Period All commodities 1967.. 1968 1969 1970 1971_ 1972 1973 1974 1975 ;6 ;1 .3 .3 .1 .5 .7 :7 .9 1.0 .8 All commodities Farm products Processed foods Industrial feeds modities and com- All com- modities 8. Q 6.5 7.2 .6 -1. 1 -7.3 11.9 10. 8 7.9 8.6 .9 -1. 1 -1.8 2.5 5.5 6.6 4.5 2.7 4.7 5.8 9.0 -13.8 -16. 1 -21. 0 2.5 16.2 22. 1 -.8 -14.0 — 16.6 -17.8 -12.4 4. 4 7.3 6.4 3.8 »Annual changes are from December to December (unadjusted). -8.3 -9.0 .6 2.3 14.6 15. 6 3.4 -12.6 -12.5 -12. 0 1.4 2. 3 3.2 3.0 2.9 3.6 5.2 7.8 9.6 1.7 2. 1 2.3 3,5 4. 1 5.6 5. 1 11.0 11.6 5.8 Farm products Processed foods Industrial feeds modities and com- 11.2 14.2 3.7 1.6 8.4 9.4 -5. 1 -10.9 -6.0 — 1.2 -1.8 2.9 -4. 5 -9. 8 -9.9 -7.7 -2.9 .7 9.5 8.1 6.9 .- 0 .1 .8 5.8 -5.0 -7.0 2.8 .6 -46 -5.9 5. 1 3.7 3.4 4.1 5.3 6.6 8. 1 9. 7 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES Pereenit change from preceding perio d; seasortally adjussted1 Period All items Food Commodities less food Services Percent c lange f re m 3 mont bis earlier; Percent c mnge frc m 6 mont is earlier; seasonsilly adjussted annii a,l rates seasonsilly adjuj3ted annu al rates All items Food Commodities less food Services All items 3.0 4.7 6. 1 5.5 3.4 3.4 8.8 12. 2 7.0 1.2 4.3 7.2 2.2 4.3 4.7 20. 1 12.2 6.5 3.1 3.7 4.5 4.8 2.3 2. 5 5.0 13.2 6.2 4.0 6. 1 7.4 8.2 4. 1 3.6 6.2 11.3 8. 1 1975: Oct... Nov... Dec... .6 .6 .5 9 6 6 3 3 4 .6 1. 0 .6 5.8 6.8 7.3 4. 1 7.2 8.3 5.2 4. 0 4.3 7.6 10.2 9.3 7.4 7.7 7.4 1976: Jan... Feb... Mar Apr May June. . July... Aug... Sept.. Oct... Nov .4 .1 — 2 —1 0 2 3 3 3 6 5 6 6 4 4 4 1.1 .7 .7 .5 .4 .6 .6 .6 .5 .5 .4 6. 5 4.4 2.9 2.9 4.9 6. 1 6.3 6. 0 5.8 5.2 4.3 3.6 -2.6 -7.9 -5.0 2.7 7.2 5.2 2.7 1.8 2.5 .2 3.7 3.5 2.9 3.4 4.8 5. 6 6. 6 6. 9 6.6 5.7 4.9 11. 5 10.4 10.6 7.8 6.5 6.2 6. 9 7.4 7. 1 6.8 6.1 6.1 5.6 5. 1 4.7 46 45 46 5. 5 5.9 5.8 5.1 1967.. 1968 1969_ 1970 1971 1972___ 1973 1974 1975 1 c O ;2 —""• .4 .6 .5 .5 ;5 .4 .3 ,3 6 10 2 1 3 0 3 — 2 Annual changes are from December to December (unadjusted). 24 Food Commodities less food Services ... 10.3 9.6 8.2 5.9 5. 9 5.9 7.1 8.4 8.4 3.9 2.2 , -t — 8 0 _ 7 0 4.5 3.8 10.3 mmi^ 2 7 44 3.8 1.4 Source: Department of Labor, Bureau of Labor Statistics. 3. 6 3.6 41 42 5. 0 5. 8 6. 1 6.2 5.9 9.6 9.9 9.6 8.4 8.4 7.3 6.9 6.7 6.9 6.7 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers declined 3 percent in the month ended November 1 5. Contributing most to the decrease were lower prices for feed and food grains, grapefruit, hogs, and cattle. Partially offsetting were higher prices for eggs dnd soybeans. Prices paid by farmers declined 0.5 percent. INDEX, 1967=100 (RATIO SCALE) 220 220 200 180 PRICES RECEIVED (All FARM PRODUCTS) 160 140 140 PRICES PAID (ALL ITEMS, INTEREST, TAXES, AND WAGE RATES) 120 120 100 I! I I I ! ! I I ! I I II I 1 I 1 I I I I I I 1 I tI I I I I 1 I I I I I I I I I ! I 110 90 f-1'l ! I f I t 1 I I I I I I I I 1 I I M It I I I 1-1 I ! I I Jk 1AA Ai QA > / * -1—-——r~*~~*^r~-*-^r~^ — 70 i i i i i 1 i i i i i i ii i i I 1 1 i i i f i i i 1 1 i i M r IM i t i 1 1 t i i i 1 1 i i i 1 i i i 1 fi I ! 1 f 1 1 ! 1968 1969 1970 1971 1972 1973 t RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-•14=100 BASE. 1 s<3URC6 DEPARTMENT Of AGRICULTURE ^V^^^^L ^ 60 I 1 , r. f i i ! i t . M 1 All farm products Crops 90 on f , 1 , I I f f . .! 1974 1< sj I | ! 1 1 1 ! 1 |1 I 70 60 1976 1975 COUNCIL C)F ECONOMIC ADVISERS Prices received by rarmers Period I f t I I II I I I I no PARITY RATIO (AOlIAL) _ I I I I I If II t I Prices paid by far mers Livestock All items, Family Producinterest, living tion and taxes, and products items items wage rates Index, 1 967=100 l Parity ratio Actual Adjusted * 102 107 110 113 125 179 192 186 100 97 100 108 114 175 224 201 104 117 118 118 136 183 165 172 103 108 112 120 125 144 166 181 104 109 114 118 123 133 151 166 100 104 108 113 121 146 166 182 73 73 72 69 74 91 85 75 79 79 77 73 79 94 86 76 1975: NovlS Dec 15 184 186 189 188 181 184 184 185 171 171 184 186 74 74 74 74 1976: Jan 15 Feb 15 MarlS Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 186 187 185 189 191 196 195 187 187 178 173 190 192 194 193 198 211 215 201 204 195 187 183 183 178 186 185 184 179 175 172 165 162 190 191 192 193 193 195 196 195 195 194 193 172 172 173 174 174 175 177 177 178 179 180 191 193 194 197 196 199 199 198 197 195 194 72 72 71 72 73 74 73 71 71 68 66 72 72 71 72 73 74 74 71 71 68 66 1968 1969 1970 1971 1972 1973 1974 1975 ._ ._ _..._ __ _ . __ 1 Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes, and wage rates on 1910-14*-100 base. a The adjusted parity ratio reflects Government payments made directly to farmers. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK After a large increase in October, Mi was unchanged in November. Over the past 6 months (May to November Mi and M2 grew at annual rates of 4.2 and 10.7 percent, respectively. WliiONS OF DOLLARS* (RATIO SCALE) 800 BILUONS OF DOLLARS* (RATIO SCALE) 800 AVERAGES OF DAILY FIGURES 700 600 500 400 300 200 200 ' ' '_ t i l M M | I I I I„ I 1 1 1 I I| I Ml I_ 1I I I I I t | t I t f_ I } 1 t 1 1 ! | M 1 t_ I I I M I -^ I I 1 1:1_ I I t.l f t I| f f t I_ I I t I t \ \| I 1 Ml I II I f 1 I I 1 I III _ | l i t I-_ •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Over all measiires l Deposi ts at colmmercia banks Period MJ 1971:Dec___ 1972: Dec__. 1973: Dec... 1974: Dec___ 1975: Dec__. 1975: Nov__ Dec.. 1976: Jaa___ Feb__. Mar_. Apr___ May__ June__ July. . Aug___ Sept Oct_._.. Nov». 1 233.8 255. 3 270. 5 283. 1 294.8 295. 6 294.8 295.1 296. 6 298. 1 301. 8 303. 5 303. 2 304. 9 306. 4 306. 3 309.8 309.8 M2 471.7 525. 3 571. 4 612.4 664.3 662. 1 664. 3 670. 0 677. 9 682. 6 690. 8 695.7 698. 5 705.4 710. 8 716.4 725.8 732.0 M3 745.1 844.9 919.5 981.6 1,092.9 1,086.5 1,092.9 1,103.5 1,116.7 1,126.5 1,140.0 1,150.0 1,157.4 1,169.9 1,182.3 1,195.3 1,211.7 1,223.4 Currency 52.6 56.9 61.5 67.8 73.7 73.4 73.7 742 75. 0 75.7 76. 7 77.3 77.6 78. 1 78. 6 79. 1 79.8 80.3 Deposits at Total Large CDs Other nonbank thrift institutions 271.2 313.6 364. 4 419. 1 452. 4 448.3 452.4 454. 1 456. 7 457. 6 460.4 460.4 465.9 470.0 468.7 472. 5 478.0 484.2 33. 3 43. 6 63. 5 89.8 82.9 81. 8 82.9 79.2 75.4 73. 2 71.5 68. 2 70.6 69. 6 64.4 62.4 62.0 62. 1 237. 8 270.0 300.9 329.3 369. 6 366.5 369.6 374.9 381. 3 384.4 388.9 392. 2 395. 3 400.4 404.4 410. 1 416. 0 422.2 273.4 319. 6 348. 0 369. 2 428. 6 424. 4 428.6 433. 5 438.8 444. 0 449.3 454.3 458. 9 464. 5 471.6 478.9 485.9 491.4 Tim e and savings Demand 181.3 198.4 209. 0 215. 3 221. 0 222. 1 221.0 220.9 221. 6 222.4 225. 2 226. 2 225. 6 226.8 227. 8 227. 2 230.0 229. 6 MI is currency plus demand deposits; M2 is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is Ms plus deposits at nonbank thrift institutions. 26 Percjent charige 2 Compon ents anc related 11bems U.S. Government demand deposits (unadjust- Mt M, ed) 6.9 7.4 6. 3 4. 9 4. 1 6.5 9.2 6.0 4. 7 4. 1 11.4 11.4 as 7.2 a5 3.5 5.6 2. 6 9.2 6.9 3.8 2.2 7. 1 8. 6 4.8 3.4 3.6 4.9 5.8 5.4 5.8 6.8 6.7 5.6 5.4 4.2 11.0 10.4 10. 6 10. 8 9. 9 10. 1 10. 4 10. 7 4. 1 4. 6 3. 9 3. 9 3. 8 3. 8 4.0 2. 3 3. 1 9.3 * Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. Source: Board of Governors of the Federal Eeserre System. PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS [Averages of daily figures; billions of dollars, seasonally adjusted] Curre ncy and <leposits Time d eposits Total liquid assets Period U.S. G overnment securities Total Currency Demand deposits Commercial banks ShortNonbank term Savings marketthrift bonds able seinstitutions curities Negotiable certificates of deposit Commercial paper Dec Dec Dec Dec Dec Dec Dec 582. 8 723.2 632. 5 770.9 721. 0 857.4 817.4 972. 0 887.4 1, 083. 6 944. 6 1, 175. 2 1, 301. 8 1, 053. 3 46.1 49. 1 52.6 56. 9 61. 5 67. 8 73.7 145. 0 151.8 161.5 176. 5 183. 3 186. 6 190.6 176.8 198. 9 233. 6 264.4 294.4 321. 1 360.3 214.9 232.7 273. 4 319. 6 348. 0 369. 2 428.6 51.7 52.0 54. 3 57. 6 60.4 63. 3 67.3 53. 2 42.0 31.7 34. 5 43. 2 47. 1 65. 7 9.1 23.0 30.2 39.8 58. 1 79.8 72.9 26. 4 21. 4 20. 2 22. 7 34. 6 40.4 42.7 1975: Nov Dec 1, 291. 5 1, 047. 5 1, 301. 8 1, 053. 3 73.4 73.7 192.5 190. 6 357. 1 360. 3 424. 4 428. 6 66. 9 67. 3 64.0 65.7 71.6 72. 9 41. 5 42. 7 1, 064. 5 1, 078. 1 1, 087. 6 1, 101. 6 1, 112. 2 1, 118. 9 1, 131. 2 1, 144. 0 1, 156. 4 1, 171. 8 1, 183. 3 74.2 75.0 75. 7 76.7 77.3 77.6 78. 1 78.6 79.1 79.8 80. 3 191.0 191.8 192. 0 194. 5 196.0 195.0 195.9 196. 7 195.7 198.2 197.5 365.8 372. 5 375.9 381. 1 384.6 387.4 392. 7 397. 1 402.7 408. 0 414.0 433.5 438.8 444.0 449. 3 454. 3 458.9 464.5 471.6 478.9 485.8 491.5 67. 6 68. 0 68.3 68. 6 69.0 69.4 69.7 70.3 70.8 71.1 71.5 66. 5 66.8 67.8 68. 5 69. 1 70.0 72.0 71.4 69. 6 69.0 68.8 69.5 66. 1 64. 1 62.3 58.9 61. 1 60.0 54.9 53.4 53. 7 54.0 43. 1 43.3 43.6 44.4 45. 8 47.2 48. 0 48.2 48.3 48. 7 49.5 1969: 1970: 1971: 1972: 1973: 1974: 1975: 1976: Jan Feb Mar Apr May June July Aug__ Sept Oct Nov » 1, 311. 3 1, 322. 3 1, 331. 3 - 1, 345. 3 1, 355. 0 1, 366. 5 1, 380. 9 .- — 1, 388. 7 1, 398. 3 1, 414. 2 1, 427. 1 Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Instalment credit e:sitended Period Total * 1969 1970 1971 1972 1973 1974 1975 109, 112, 123, 140, 160, 160, 163, 146 175 086 072 228 008 483 Automobile 32, 29, 34, 40, 46, 43, 48, Bank credit cards 553 965 778 266 105 209 103 4, 398 6,768 8,377 10, 390 13, 863 17, 098 20, 428 Instalmcmt credit lieluidated Total * 99, 107, 113, 124, 140, 151, 156, Automobile Bank credit cards Net change in amount <sutstanding Total * Automobile Bank credit cards 786 385 788 513 552 056 640 29, 974 30, 432 31, 303 34, 705 40, 137 42, 883 45, 472 3,066 5,615 7, 679 9,472 12, 433 15, 655 19, 208 9,360 4,790 9,299 15, 559 19, 676 8,952 6,843 2,579 -468 3,476 5,561 5,968 327 2,631 1,332 1, 153 699 918 1,430 1,443 1,220 1975: Oct Nov Dec 14, 609 14, 579 15, 228 4,354 4,441 4,642 1,781 1, 842 1,839 13, 429 13, 255 13, 738 3,860 3, 835 3,883 1, 696 1,762 1,832 1,181 1,324 1,490 494 606 759 85 80 6 1976: Jan Feb Mar Apr May June. - _ July Aug Sept Oct 15, 132 15, 045 15, 521 15, 003 15, 041 15, 592 15, 240 15, 685 15, 775 16, 055 4,505 4,523 4,689 4,583 4,471 4,600 4,477 4,712 4,769 4,587 1,921 2, 012 2, 118 1, 985 2, 103 2,088 2, 152 2, 183 2, 165 2,198 14, 029 13, 923 14, 048 13, 576 13, 566 14, 261 13, 937 14, 282 14, 294 14, 491 3,966 3,909 4,026 3,851 3, 819 4, 074 3, 922 4,090 4,165 4,059 1,815 1,881 1,926 1,846 1, 911 1, 990 1, 981 2, 097 2,000 2,074 1, 103 1, 123 1,473 1,427 1,474 1, 330 1,303 1,403 1,481 1,564 539 614 663 732 652 526 556 621 605 528 106 132 192 139 193 98 171 86 166 123 3 Includes some items not shown separately. Source: Board of Governors of the Federal Eeserve System. 27 BANK LOANS, INVESTMENTS, AND RESERVES Commercial and industrial loans increased by $1.9 billion in November. This was the third consecutive monthly increase. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLIARS*(RAT!0 SCALE) 1,000 1,000 "ALL COMMERCIAL BANKS" 800 800 600 600 400 400 200 200 INVESTMENT IN OTHER SECURITIES too 100 80 80 INVESTMENT IN US. GOVERNMENT SECURITIES 60 60 40 40 1968 1969 1970 1971 "'SEASONALLY ADJUSTED, END OF MONTH SOURCEi BOARD OF GOVERNORS Of THE FIDERAL RESERVE SYSTEM TQ • j Feriod 1969 1970 1971... 1972 1973 1974 1975 1975: Nov Dec1976: Jan » Feb » Mar » Apr »v May June 9 July v» . Aug Sept * _ _ „ _ _ _ Oct » Nov » 1 Data 2 Total loans and investments 4 401.7 435.5 485.7 558.0 633.4 690. 4 721.1 722.2 721. 1 723.3 726.7 731. 2 734.5 737.6 738. 8 743. 1 748. 7 752.5 760. 3 766. 3 1973 1974 1975 1976 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All me mber ban ks Allc ommercial I>anks l Borrowi ngs (milL(sans Investnaents IReserves 2 * lions of dollars, unadji isted) 2 Total ex- Commer- U.S. Gov- Other cluding cial and NonReSeaernment secuTotal Total inter- industrial securities borrowed quired sonal rities bank 51.2 279.4 27.93 26. 81 27.65 105.7 71.1 1,086 292.0 57.8 85.7 29. 11 28.77 28.86 321 110.0 31. 12 104.2 31.24 320.9 31.06 116. 1 60.6 107 130.2 31.44 31. 16 378.9 62.6 30.39 116. 5 1,049 449.0 156.4 34.98 33.69 54.5 129.9 34.68 1,298 41 500.2 50.4 36.63 35.90 183.3 139.8 36. 37 703 32 34.62 176.0 79.4 144. 8 34.49 496.9 34.75 127 13 34. 67 177. 1 34.73 34.44 498. 5 76.8 146.9 61 28 34.62 176. 0 79.4 34.75 496.9 144.8 34.49 127 13 34. 32 34. 24 176.6 497. 3 81.0 145.0 34.08 79 9 175. 1 34. 05 33. 97 144.5 497. 8 84.4 33.83 76 11 8 499.7 sa2 143.3 33.95 171. 4 34.00 33. 78 58 8 34. 02 500.5 170.5 33. 98 144.0 90.0 33.87 44 11 144. 0 34 14 34.02 170.7 500. 6 93. 0 33.93 121 11 500.7 170.2 144. 1 34.34 94. 0 34.21 34. 12 120 20 504.7 92.7 145.7 34.25 171.0 34.39 34. 15 123 24 507.6 171.0 146. 1 34.52 95.0 34.42 34,32 104 28 511.4 172. 0 34. 30 94. 0 147. 1 34.36 34. 16 75 31 519.3 34.39 174.8 93. 5 147.5 34.49 34.27 66 32 521.8 176. 7 150. 2 34. 82 94.3 34.89 34. 62 84 21 are for end of period. Averages of daily figures. Annual data are for December. * Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Kegulations D and M. 28 1972 4 During 1974, total loans and investments were increased $0.6 billion due to a bank merger and were reduced $1.5 billion due to liquidation of a large bank; * Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976, Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates! Sources External Period 1966 1967 1968 1969 1970_ 1971 1972 1973 1974 1975.... Total _ 1975: I._ II_ III IV.. _-_ 1976: I II III » Internal l Credit market funds Total Tntfll Total Other Short-3 term Longterm 2 Uses Purchase of physical assets 4 Increase in financial assets Discrepancy (sources less uses) 96. 9 93. 3 114.5 118.6 105.1 129.0 154.0 181.7 183.0 145.5 60.5 61.3 62.3 61.7 5R9 68.6 80.8 83.8 77.6 103.4 36.4 32.0 52. 2 56.9 46.2 60.4 73.2 97.8 105.4 42. 1 25.6 28.9 31.9 38.4 41.5 46.4 58.8 72.9 83.1 37.1 16.0 21.0 18.9 20.8 32.6 41.6 41.4 37.4 39.6 49.8 9.6 7.9 13.0 17.7 8. 9 4.7 17.3 35.5 43.5 -12.8 10.9 3.1 20.3 18.5 4.8 14. 0 14.4 25.0 22.2 5.0 88.6 89.4 106.4 113.4 96. 1 115.1 137.5 165.5 169.9 130.9 76.0 72.6 77.6 85.0 80.6 86.2 101.0 124.4 134.6 95.7 12.6 16.8 28.8 28.4 15.4 28.8 36.5 41. 1 35.3 35.2 8.3 3.9 8.1 5.2 9.0 13. 9 16.4 16. 1 13.1 14.6 83.5 130.7 171. 0 196. 7 83.5 101.5 113. 6 114. 9 .0 29. 2 57.4 81.8 35.0 32. 1 31. 1 50. 0 52. 9 54.4 37.9 54. 0 -18. 0 — 22. 2 -6.8 -4.0 -35. 0 — 2. 9 26.3 31.7 68. 6 115.3 157.9 182.2 89.8 80. 9 106. 8 105. 5 -21.2 34.4 51. 1 76.7 14.9 15.4 13.2 14.6 200.9 200. 1 198. 5 120.6 121.3 128. 1 80.3 78.8 70.4 45. 4 48. 1 38.0 48.6 43.0 37.7 -3. 1 5.0 .2 34.8 30. 6 32. 4 190.9 195. 4 189.2 129.3 140. 5 143.7 61.6 54. 9 45. 5 9.9 4.6 9. 3 1 Undistributed profits plus inventory valuation and capital consumption adjustments and capital consumption allowances, and foreign branch profits. *1Stocks, bonds, and mortgages. Bank loans, commercial paper, finance company loans, bankers' acceptancest and Government loans. * 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] Cur rent liab ilities Ciirrent ass«2tS End of period Total 3640 1966 386. 2 1967 426.5 1968 473.6 1969 492. 3 1970 529. 6 1971 1972 573. 5 643.3 1973.. 712. 2 1974 1975_.__ „ 731. 6 1974: III_. 708.6 IV__ 712. 2 1975: !_„_. 698.4 !!___ 703. 2 III_. 716. 5 IV... 731. 6 1976: !____ 753. 5 !!___ 775. 4 Cash U.S. on Governhand and ment in securibanks * ties3 Receivables from U.S. Government 8 Notes and accounts receivable Other Incurvenrent tories assets 4 41.9 45.5 48. 2 47.9 50.2 53. 3 57.5 61.6 62. 7 68. 1 60. 3 62. 7 60.6 63.7 65. 6 68. 1 13.0 10. 3 11.5 10. 6 7.7 11.0 9.3 11.0 11.7 19.4 11.0 11.7 12. 1 12.7 14. 3 19.4 4.5 5.1 5. 1 4.8 4.2 3. 5 3.4 3.5 3.5 3. 6 3.5 3.5 3.2 3.3 3.3 3. 6 142. 1 142.8 150.2 153.1 ieas 166.0 192.2 186.4 201. 9 193. 3 217. 6 200.4 240.0 215.2 266. 1 246.7 289.7 288.0 294. 6 285.8 295.5 282.1 289.7 2sao 281. 9 285.2 284.8 281.4 294.7 279.6 294. 6 285.8 19.7 22.0 26.9 31.6 35.0 43. 8 48. 1 54.4 56.6 60. 0 56. 1 56.6 55. 4 57.3 59. 0 60. 0 199.4 211.3 244. 1 287.8 304.9 326. 0 352. 2 401.0 450.6 457. 5 449. 1 450.6 438. 0 434.2 444.7 457. 5 4.4 5.8 6.4 7.3 6.6 4. 9 4.0 4.3 5.2 6.4 5. 1 5.2 68.4 70.8 21. 7 23. 3 3.6 3.7 307.3 288.8 318. 1 295. 6 63.6 63. 9 465. 9 475.9 6.4 6. 8 •i Includes time certificates of deposit. Includes Federal agency issues. Receivables from and payables to the U.S. Government do not include mounts offset against each other on corporations' books or amounts arising from ubcontracting which are not directly due from or to the U.S. Government. 2 8 Total Advances and Notes preand acpayments, counts payU.S. Govable ern- s ment 5.3 5.8 6.2 6.4 mi 141. 3 162.4 191.9 204.7 215.6 230.4 261.6 287.5 281.6 287.0 287.5 271.2 270. 1 273.4 281. 6 280. 5 287.0 Federal income tax liabilities Other current liabilities 17.4 13.2 14.3 12.6 10. 0 13. 1 15. 1 18. 1 23.2 20. 7 22. 7 23.2 21. 8 17.7 19.4 20. 7 44.5 51.0 61.0 76. 0 83.6 92. 4 102.6 117.0 134. 8 148. 8 134.3 134.8 139.8 140. 6 145.6 148.8 164.6 174.9 182.4 185.7 187. 4 203. 6 221. 3 242. 3 261.5 274. 1 259. 5 261.5 260. 4 269. 0 271.8 274. 1 23.9 22. 0 155. 0 160. 1 287.6 299.4 Net working capital Wherever possible, adjustments have been made to include U.S. Government advances offset against inventories on corporations' books. * Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundry current assets, Source: Securities and Exchange Commission. INTEREST RATES AND BOND YIELDS Short-term and long-term interest rates fell sharply in late November and early December. PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS (MOO DY'S) N. /" \^ /-% /•v \ J (J . V / \v, / .,. /] \ it,.- 1 1 ""I DISCOUNT RATE FE DERAL RE•SERVE BA NK OF NENM YORK v iL 1968 i M i i I i n n•1 1969 1970 r v\1 Jt •L \ i \ L I-M 1 1 1 I 1 1 1 ri\^ J * 1 ^iA J, A\ / V,• /_? & /. ; . / —r\\ f f.*" \i < V 1) M M 1 M 1 M . ^x-, V ': """xv/****\ Al\ J j\ <\ \ " '\T t i n t 1 M 1 1i 1971 M X--X A ' 1I ? TREASURY IJILLS /\kt \A/ * I ' *\ .«>./ 1111 1 M 1 1 1972 i 11 i i ! i i t ii 1973 t I1 1 1 1 1 1M 1 ! I 1 M 1 1 11! I 1974 1975 SOURCE: SEE TABLE BELOW | 1 t 1 l I M I J IK 1976 ' H COUNCIL OF-ECONOMIC ADVISERS [Percent per annum] U.S. Government sectirity yields Period 1970_> 1971 1972 1973 1974__ 1975 1975: Dec 1976: Jan Feb Mar Apr May June July Aug Sept Get Nov Weekended: 1976: Nov 19 26 Dec 3 10 17 24 1 Rate on a Selected 5 _ _ Highgrade Corporate Aaa municipal bonds bonds (Standard (Moody's) & Poor's)4 Discount rate (N.Y. F.R. Bank)5 3-month Treasury bills l 3-5 year issues 2 6.458 4.348 4.071 7.041 7.886 5. 838 5. 504 4. 961 4. 852 5.047 4.878 5. 185 5.443 5. 278 5. 153 5. 075 4. 930 4.810 7.37 5.77 5.85 6.92 7.81 7. 55 7. 50 7. 18 7. 18 7.25 6. 99 7.35 7.40 7. 24 7. 04 6. 84 6. 50 6.35 6.59 5.74 5.63 6.30 6.99 6.98 7. 17 6. 94 6. 92 6.87 6. 73 6. 99 6.92 6. 85 6. 79 6. 70 6. 65 6.62 6.51 5.70 5.27 5. 18 6.09 6.89 7.06 6. 80 6. 91 6.86 6. 62 6.87 6. 85 6. 64 6.28 6.20 6. 06 6. 05 8. 04 7.39 7. 21 7.44 8.57 8.83 8. 79 8.60 8. 55 8. 52 8. 40 8.58 8.62 8. 56 8. 45 8.38 8. 32 8. 25 7.72 5. 11 4.69 8. 15 9.87 6.33 5.97 5. 27 5.23 5.37 5. 23 5.54 5. 94 5.67 5.47 5. 45 5. 22 5. 05 5&-5H 5&-5M 5H-5X2 5&-S& 5M-5H 5&-5tf 4.890 4. 596 4. 466 4. 383 4.360 4.269 6.44 6. 09 5. 92 5. 94 5.99 6.62 6. 52 6.43 6. 37 6.41 6.04 5. 90 5.77 5. 71 5.70 8.27 8. 17 8.09 8.01 8.00 5.13 4.88 4.83 4. 70 4.75 5K-5H 5K-5K 5^-5^ 5#-5# 5&-5J4 Taxable bonds * new issues within period. note and bond issues. April 1953 to date, bonds due or callable 1C years and after. «Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 30 Prime commercial paper. 4-6 months 5.95 4.88 4.50 6.44 7.83 6.25 6 -6 6 -5K 5M-5H 5&-5H 5M-5K SH-SH Prime rate charged by banks 5 7.91 5.70 5. 25 8.02 10.80 7.86 7l/2-7^ 7&-6J4 6»-6» 6&-6# 6%-m m~§% 7 -7% llA-ll/4 71/4-7 7 _7 7 -£>% 6^-6X2 Newhome mortgage yields (FHLBB)« 8.45 7.74 7. 60 7.95 8.92 9. 01 9.01 8.99 8. 93 8.93 8.92 8.97 8.89 8.97 9. 02 9. 08 9. 07 9.06 6H-6K 6^-6# 1 &A-Q A 6H-6H 6M-6H * Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Eates beginning January 1973 not strictly comparable with prior rates. Sources: Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation; COMMON STOCK PRICES AND YIELDS Stock prices increased substantially in late November and early December to levels only slishtly below the peaks for the year reached in September. INDEX, DEC 31,1965 =50 INDEX, DEC 31, 1965=50 80 70 70 COMPOSITE STOCK PRICE INDEX (NYSE) 60 60 50 50 40 40 30 30 1976 1968 PERCENT 20 PERCENT 1 20 15 15 -EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 10 ! I ! 1968 I I 1 1969 1 1 1 1970 i I ! 1971 1 ! I I 1972 ! 1 1973 1974 1975 COUNCIL OF ECONOMIC ADVISERS SOURCES-. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION Common stock5 yields (percent) Common stock prices ] q New York Stock Exch ange indexes3 (Dec. 31, 1L965 = 50) 2 Period Composite Industrial Transportation 1970 _ 1971 1972 1973 1974 1975 1975: Oct Nov Dec 1976: Jan Feb Mar Apr May June July Aug Sept Oct Nov__ Week ended: 1976: Nov 26 Dec 3 10 17 _ 1 Finance Utility , , & Poor's Dowcomposite Dividend- EarningsJones industrial index ratio ratio average 3 (1941-43= 10) * 45.72 54.22 60.29 57.42 43.84 45.73 46.87 47.64 46.78 51. 31 53.73 54.01 54. 28 53. 87 54. 23 55.68 55. 18 56.29 54.43 54. 17 48.03 57.92 65.73 63.08 48.08 50. 52 52.26 52. 91 51. 89 57. 00 59.79 60. 30 60. 62 60. 22 60.70 62. 11 61. 14 62. 35 60.07 59. 45 32. 14 44.35 50. 17 37.74 31.89 31. 10 30. 79 32. 09 31.61 35. 78 38. 53 39. 17 38. 66 39. 71 40. 41 42. 12 40. 63 40. 36 38.37 39. 28 37.24 39.53 38.48 37. 69 29.79 31.50 31.87 32.99 32.75 35.23 36. 12 35.43 35. 69 35.40 35. 16 36.49 37.56 38.77 38.33 38. 85 60. 00 70.38 78. 35 70. 12 49. 67 47. 14 44. 36 45. 10 43. 86 48.83 52. 06 52. 61 52. 71 50.99 51.82 54.06 54.22 54.52 52.74 53. 25 753. 20 884. 76 950. 71 923. 88 759. 37 802. 49 831. 26 845. 51 840. 80 929. 34 971. 70 988. 55 992. 51 988. 82 985. 59 993. 20 981. 63 994. 37 951. 95 944. 58 83. 22 98.29 109. 20 107. 43 82.85 86.16 88.57 90. 07 88. 70 96. 86 100. 64 101. 08 101. 93 101. 16 101. 77 104.20 103. 29 105. 45 101. 89 101. 19 3.83 3. 14 2. 84 3. 06 4. 47 4. 31 4.22 4. 07 4. 14 3. 80 3. 67 3. 65 3. 66 3. 76 3. 75 3.64 3. 74 3.71 3.85 4. 04 54. 99 54. 98 55.95 56.45 60. 60. 61. 61. 40. 38 40. 55 41. 45 42.06 39.43 39. 63 40. 26 40. 84 54. 18 54. 95 57. 17 57. 94 953. 19 948. 77 965. 92 979. 80 102. 53 102. 38 104. 07 104.78 4. 4. 3. 3. 32 16 13 58 Averages of daily closing prices. (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. * Includes all the stocks 1 1976 6.45 5.41 5.50 7. 12 11.59 9.03 8.62 8.27 8.77 00 00 94 91 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand, ard & Poor's Corporation. Q« FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In fiscal 1976 there was a deficit of $65.6 billion, compared to a deficit of $43.6 billion in fiscal 1975. In the transition quarter. July-September 1976, the deficit was $12.7 billion, or $7.3 billion less than the estimate of mid-July BILLIONS OF DOLLARS 450 BILLIONS OF DOLLARS 450 RECEIPTS AND OUTLAYS 400 400 350 350 300 300 250 250 RECEIPTS 200 200 150 ISO 50 50 SURPLUS (+) OR DEFICIT (-) -50 -50 _L -100 1968 1969 _L 1970 -too _L 1971 1972 1973 1974 1975 1976 1977 FISCAL YEARS SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OP ECONOMIC ADVISERS [Billions of dollars] Federal debt ( end of period) Period Fiscal year or period: 1967 1968. 1969 1970 1971 _ 1972 1973 . 1974 1975 1976* . 1977 (estimates): 2 Mid-Session Review Second Concurrent Resolution s Transition quarter (estimates 2) July-September 1975 _ __ July-September 1976 (transition quarter) October 1975 October 1976 4 _ _ 1 3 Receipts __ Excludes non-interest-bearing public debt securities held by IMP. Mid-Session Review of the 1977 Budget, Office of Management and Budget, July 16,1976. Debt figures are very preliminary. 3 Second Concurrent Eesolution on the Budget—Fiscal Year 1977, September 16, 1976. 32 Outlays 149.6 153.7 187. 8 193. 7 188.4 208. 6 232.2 264. 9 281.0 300.0 158. 3 178. 8 184. 5 196. 6 211. 4 231. 9 246.5 26& 4 324.6 365. 6 352.5 362. 5 82. 1 72.3 81.8 19.3 21.0 400. 0 413. 1 102. 1 90.8 94.5 32.5 34.0 Surplus or deficit (-) -8.7 — 25.2 TVif»l l Held by the public —43.6 —65.6 341. 3 369.8 367.1 382.6 409.5 437.3 468.4 486. 2 544. 1 631.3 267.5 290.6 279.5 284.9 304.3 323.8 343.0 346. 1 396.9 479. 7 —47. 5 -50.6 -20.0 -18.5 -12.7 -13.2 -13.0 721.8 700. 0 648.9 564.6 645.7 572.9 649.3 560. 5 3.2 -2.8 -23.0 -23.2 -14.3 -a 5 500. 5 420.4 497. 7 432. 1 502.7 * First month of fiscal year 1977. Sources: Department of the Treasury and Office of Management and Budget, sxcept as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1976, receipts were $19.0 billion higher than In fiscal 1975 and outlays $41.0 billion higher. BILLIONS <OF DOLLARS BILLIONS OF DOLLARS 50 300 50 OUTLAYS 300 250 250 200 200 NONDEFENSE 150 150 NATIONAL DEFENSE 100 100 I 50 1968 1 1969 50 JL 1970 1971 1972 1973 1974 1975 1976 1977 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Receipts ()utlays Nationa . defense Period Total Fiscal year or period: 1967 1968 1969 1970 1971 1972 1973_ 1974 1975 1976" 1977 *_. Transition quarter l . July-September 1975 2 July-September 1976 October 19753 October 1976 149.6 15a7 187.8 193.7 188.4 208.6 232.2 264.9 281. 0 300.0 352.5 82.1 72. 3 81. 8 19.3 21. 0 CorpoIndividual ration income income taxes taxes Other 34.0 28.7 36.7 32.8 26.8 32. 2 36.2 38.6 40. 6 41.4 53. 1 8.9 8.0 8.5 .9 1.0 54. 1 56.3 63. 9 70. 5 75.4 81.7 92. 8 107.4 118. 0 127.0 146. 8 33. 5 30.6 34.5 7.8 8. 9 61. 5 68. 7 87.2 90.4 86. 2 94, 7 103.2 119. 0 122.4 131. 6 152.6 39.7 33. 6 38. 8 10.7 11. 1 » Estimates from the Mid-Session Review ojthe Budget, July 16,1976. *1Transition quarter. First month offiscalyear 1977. Total 158,3 178.8 184.5 196. 6 211.4 231.9 246.5 268.4 324.6 365.6 400.0 102. 1 90. 8 94. 5 32.5 34. 0 Total 69.1 79.4 80.2 79.3 76.8 77.4 75. 1 78.6 86. 5 90.2 101.6 26. 0 22. 4 22. 4 8.2 7.6 Health Internaand In- Other Depart- tional income ment of affairs security terest Defense, military 67.5 77.4 77.9 77.2 745 75.2 73. 3 77. 6 85.0 88.0 100. 0 24. 5 21.4 21. 9 7.9 7. 2 4.7 4.6 3.8 3. 6 3. 1 3.7 3.0 3. 6 4.4 4.5 7.1 2. 0 1. 0 1.4 .4 .5 4.7 43.4 49. 0 56. 1 70. 1 81.4 91.8 106. 5 136. 3 160.5 172.7 42. 1 38.4 41.8 13. 7 14. 3 12.5 13.8 15.8 18. 3 19. 6 20.6 22. 8 28. 1 31. 0 35.5 40.2 9.5 6.5 7. 3 2.4 2.6 343 37.7 35.7 39.3 41.8 48. 8 53.9 51.7 66.5 749 78.4 22.5 22.6 21. 5 7.9 8.9 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS According to revised estimates for the third quarter, Federal receipts rose $9.2 billion and expenditures $12.4 billion, yielding a deficit of $57.4 billion or $3.3 billion more than in the second quarter (all annual rates). BILLIONS OF DOLLARS BILLIONS OF DOLLARS 440 160 SURPLUS o p»i m* w w «Ii iii^i*! "" mm IWIi I 1 1i t I 1 —40 i 1 1 vz ^ _ QA Af\ 80 bd ^ DEFICIT -170 -^120 1968 1970 1969 1971 1972 1973 197 5 1974 197r6 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Ifederal (jrovernm ent expe aditures Federal Cxovernm snt receip ts Period Grants-p Purin-aid Indirect Contriirersonal Corpoto State Net chases Transrate business butions and profits fer payfor Total of goods and interest Total tax tax and nontax local tax nontax social inand ments paid receipts accruals governservices accruals surance ments Surplus or deficit ( — )? national income and product Subsidies Less : less Wage current accruals surplus of less Govern- disment en- burseterprises ments accounts Fiscal 3rear: 1973_ 240.5 1974 271. 9 283.2 1975 311.4 1976 ! 364. 1 1977 2 Calendar 107. 3 122. 6 127. 3 136. 3 159.4 41. 0 43.8 41. 6 51.2 60.4 20.7 21.4 22. 1 24.2 24.6 71.5 84. 1 92.2 99. 7 119. 7 256.2 278.9 329.5 372.6 408. 1 101. 7 104. 8 119.0 127.6 141. 0 89. 7 104. 7 134. 1 156. 7 170. 1 40. 4 41. 6 48. 3 57.0 59.9 15. 9 19. 8 21. 9 25.8 30. 9 9. 1 7.9 5. 7 5.8 6.2 0. 5 -.2 —.4 .0 .0 -15.7 -7. 1 -46. 3 -61.2 -44.0 1972 _ _ ' 1973 1974 1975 227. 5 258. 3 288. 2 286.5 108. 2 114. 6 131.2 125. 7 36.6 43. 0 45. 6 42. 6 20.0 21. 2 21. 7 23. 9 62.8 79.4 89.8 94.3 244. 7 265. 0 299. 7 357.8 102. 1 102. 2 111.6 124.4 83.2 95.8 117. 6 148. 9 37. 5 40. 6 43. 9 54.4 14. 6 18.2 20. 9 23. 5 7. 8 8.2 5. 2 6. 5 .5 .0 -.5 .0 -17.3 -6.7 -11.5 -71.2 1975: I II III__ IV___ 287.2 254. 4 297.7 306. 7 137. 6 99. 7 130. 5 135. 1 34. 8 38.7 47. 4 49. 4 21.9 23.2 25. 2 25. 5 92.8 92. 9 94. 7 96. 6 337.0 354. 3 363. 7 376. 0 120.3 122.4 124. 6 130. 4 138. 7 149. 7 152. 1 154. 9 49. 8 53. 2 56. 8 58. 0 22.2 22. 6 23. 6 25. 6 6. 0 6. 4 6.7 7. 1 .0 .0 .0 .0 -49. 8 -99.9 -66. 0 -69.4 1976: ! _ _ _ _ 316. 5 11 324. 6 Ill- 333.8 137. 7 141. 9 147.2 53. 1 54.8 56. 2 22. 8 23.3 23.8 102. 9 380. 3 104. 6 378.7 106. 6 391. 1 129. 2 131. 2 134.5 160.3 158. 7 163. 1 58.8 56. 3 60. 1 26. 6 27.4 27.7 5.4 5.2 5.6 .0 .0 .0 -63.8 -54. 1 -57.4 i Preliminary; based largely on data not seasonally adjusted. Estimates based on Mid-Setsion Review oj the Budget, July 16,1976. 8 34 Sources: Department of Commerce (Bureau of Economic Analysis), Depa ment of the Treasury, and Office of Management and Budget. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] Iiidustrial produc tion (seaisonally iadjustecI) Period United States 1969 _ 1970 1971 1972 1973 1974 1975 _ 1976: I.... II III.. July. Aug_ Sept. IV— Oct.. Nov_ 111 108 110 120 130 129 118 127 129 131 131 131 131 Canada Japan GerFrance many Italy 111 118 115 119 134 141 128 135 143 111 114 123 132 143 148 141 148 148 133 152 156 167 197 189 168 181 191 118 124 132 142 150 154 140 150 152 127 135 137 142 153 150 142 150 152 146 148 195 192 156 156 145 153 Coiisumer prices (u nadjusted) United United King- States dom 109 111 111 113 122 120 114 114 115 Canada 110 116 121 125 133 148 161 167 169 172 171 172 173 115 114 130 132 173 109 112 116 121 130 145 160 168 171 173 172 173 174 GerJapan France many 111 120 127 133 149 183 205 217 224 22i 225 222 228 111 117 124 131 141 160 179 189 193 198 196 198 200 105 109 115 121 130 139 147 152 154 155 155 155 155 231 Italy United Kingdom 104 109 114 121 134 160 187 202 215 221 218 220 224 110 118 128 138 150 174 217 241 248 254 251 254 258 155 Sources: National sources as reported by Department ol Commerce, Bureau of Economic Analysis, in Business Conditions Digest, U.S. MERCHANDISE EXPORTS AND IMPORTS [Millie>ns of doliars; memthly diita seasonally ad justed] Merch andise e xports Mercl landise i mports 3 ]Domestic3 exports Gee eral imp orts Period Mer 3handise trade balance Ex- ports Ex(f.a.s.) ports Exports Food, Crude Food, Crude less (f.a.s.) (f.a.8.) bever- mate- Manu- Total bever- mate- Manuless imless 2 facfacTotal rials ages, ages, rials (c.i.f. 4 ports imports imtured tured and to- and value) and to- and (c.i.f.) (cusports bacco fuels goods bacco fuels goods toms (f.a.s.) value) F. a.s. valu e 5 Custom s value Total domestic and foreign Total J 2 exports Monthly average: 3973 1974 5,902 8, 159 5,811 8,045 1,078 1,269 1, 317 3,728 5,294 5,790 8,416 8, 159 1974 1975 _ 8,928 1975: Nov.... 9,409 Dec___ 9,250 9, 103 1976: Jan 8,800 Feb Mar— 8,956 9,394 Apr May. „ 9, 578 9, 716 June July. 10, 022 9, 688 Aug Sept — 9,872 9, 728 Get 8,045 8,803 1,269 1,399 1,493 1,409 1, 510 1,337 1,305 1,521 1, 427 1,439 1, 563 1, 615 1, 437 1,598 1,317 1,266 1,330 1,222 1,223 1, 138 1,165 1,284 1, 377 1, 337 1,374 1, 250 1,501 1, 503 5,294 5,913 6, 189 6,291 5,971 6,035 6,088 6, 191 6,443 6, 557 6,669 6,567 6,507 6,266 8,354 8,010 8,201 8,522 9, 176 8,941 9,607 9,596 9, 182 10, 094 10, 849 10, 446 10, 651 10, 424 895 770 892 F.a.s. 1 Total excludes Department of Defense shipments of grant-aid military supplies 2 and equipment under the Military Assistance Program. 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 'nited States. Data for 1973 are estimates. 892 827 867 825 872 889 1,053 896 932 1, 062 1, 068 982 994 943 1, 120 2,653 <value 5 2,672 2,716 2,896 2,852 3,233 2,913 2,885 3,492 2,759 3, 409 3,881 3, 758 3,724 3,760 3,750 4,684 6, 131 9,000 4, 602 4,257 4,362 4,582 4,714 4,782 5, 183 5,307 5, 196 5, 338 5,722 5, 513 5, 625 5, 544 9,000 8, 616 8,828 9, 161 9,880 9,593 10, 301 10, 302 9,873 10, 889 11, 650 11,219 11, 448 11, 166 -257 -195 -229 -841 -257 -195 —841 112 852 918 1,134 1,208 671 728 -73 -132 -213 -734 -302 282 -516 -917 -848 -888 -762 -141 -651 -202 396 -377 -827 -758 -779 -696 312 581 89 -776 -793 -1,345 -908 -295 -1, 173 -1,628 -1,531 -1,577 -1,438 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. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter, the merchandise trade deficit increased to $2.9 billion. Exports rose 4.3 percent from their second quarter level, while imports increased 9.5 percent, with fuel imports accounting for nearly one-third of the rise. BILLIONS OF DOLLARS 6 BILLIONS OF DOLLARS 1968 1970 1976 SOURCE, DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Me rchandise Period Exports 1969 1970 1971 1972 1973 1974 1975 Militjj,ry transactions 12 Imports Net balance Direct expenditures 36, 414 -35,807 607 -4, 856 42, 469 — 39,866 2, 603 -4, 855 43, 319 -45, 579-2, 260-4,819 49, 381 -55,797 -6,416 -4, 784 71, 410 -70,499 911 -4, 629 98, 310 -103,679 -5,369 -5,035 107, 088 -98,058 9,030 -4, 780 1975: I II.... III... IV... 27, 018 -25, 570 25, 851 -22, 568 26, 562 -24, 483 27, 657 -25,437 1, 528 1,501 1,926 1,163 2,342 2,952 3,897 1,448 -1,317 915 3,283 -1, 185 807 2,079 - 1, 093 978 2,220 -1,185 1,197 1976:1 26, 836 -28, 510 -1,674 -1,150 II 28, 450 -29, 735-1,285 -1,087 III ». 29, 678 -32,553 -2, 875 1 Excludes military 3 Sales 1,145 1,074 Net balance Private 3 U.S. Government -3, 328 3,471 156 -3, 354 3,631 -112 -2,893 5,659 -956 -3, 621 6,208 -1,888 -2,287 8, 188 -3,010 -2,083 13, 461 -3,234 -883 9,430 -3,423 Net Baltravel Other ance and on trans- servporta- ices,3 goods and tion net serv-1 expendices itures - 1, 763 1,833 977 -2, 023 2, 190 2,938 -2, 315 2,509 -256 -3, 028 2,789 -5, 954 -3, 086 3,188 3, 905 -3, 107 3,919 3,586 -2, 503 4,666 16, 316 — 402 — 378 -115 12 2,109 2,349 2,487 2,485 — 985 -818 -805 -815 — 687 -498 -568 -750 -5 -13 3,066 2,889 -787 -732 -754 1,212 — 502 1,217 grants. Adjusted from Census data tor 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 net investment income and included in other services, net. 36 Netiiavestment income 1, 125 1,146 1, 187 1,205 2,608 5,084 4,265 4,357 RemitBaltances, penance sions, on curand other rent uniaclateral count trans-l fers -2, 994-2, 017 -3,294 -356 -3, 701 -3, 957 -3,848 -9, 802 -3, 8G3 22 -7, 184 -3, 598 -4, 620 11, 697 -1, 179 — 1, 146 -1,044 -1,251 1, 429 3,938 3,221 3,106 1,058 — 1, 118 1,574 -872 — 60 702 Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued Indications are that in the third quarter foreigners placed a record volume of new issues in the United States. The increase in foreign official assets in the United States slowed while U.S. bank liabilities to international institutions and private foreigners rose sharply. BILLIONS OF DOLLARS 15 BILLIONS OF DOLLARS 15 -15 1970 1969 1968 1972 1971 1973 1974 1975 SOURCE: DEPARTMENT OF COMMERCE 1976 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S3. assets abroad, n et [ineregise/eapita] outflow (-)] Period Total 1969 1970 1971 1972 1973 1974 1975 Other U.S. U.S. Govern- private ment assets assets — 8, 823 -1,187 -2,200 -5,436 -6, 032 2,477 - 1, 589-6,920 -9, 596 2,348 -1,884 10, 060 32 -1,568 -8,708 -10,245 -16,434 209 -2,645 -13, 998 -33, 392 -1,434 365 -32, 323 -31, 593 -607 -3,463 -27, 523 -8, 001 1975:1 II -7,943 III. -4,411 IV____ -11,238 1976: I II III » U.S. official reservel assets -325 -29 -342 89 -899 -840 -772 -952 -6,777 -7,074 -3,297 10, 375 - 10, 072 -773 -684 -8, 615 -8,839 -1,578 - 1, 032 6, 228 —407 Forei gn assets in the U.S., net [iner<3ase/capit al inflow (+)] Total U.S. Allocaofficial Foreign official tions reserve of ass ets Of assets, nTntol special (sum of which: net 1 Foreign drawing (unadSeasonal the Assets of private rights adjust- justed, items foreign (SDH) with end of assets ment sign official Total period) changed) discrepreserve ancy agencies 12, 270 -1,301 - 1, 552 7,362 5,923 6,907 22, 445 26, 895 27, 405 21, 127 10, 705 10, 322 18, 519 6,299 5, 145 32, 433 10, 981 10, 257 15, 326 5, 166 6,899 13, 571 -984 -4, 450 10, 422 12, 220 21, 452 8, 427 3,402 2,837 2, 958 3,907 2,331 1,913 2,708 -1,606 -1,977 2,272 5,874 2, 771 -565 1, 576 4, 313 3, 103 3, 942 3, 960 1,454 3, 151 1,246 5,396 7, 157 1 Consists of gold, special drawing rights (SDK), convertible currencies, and the U.S. gold tranche position in the IMF. Statistical discre pancy 2,460 3, 162 -1,430 — 402 867 717 -9, 609 710 -1, 790 -2, 107 4, 557 4,570 16, 964 14, 48T 12, 167 13, 151 14, 378 15, 88a 16, 226 3,735 1,328 98 -39 -1,517 -2, 561 2,258 1,275 4,736 979 16, 256 16, 242 16, 291 16, 226 1,348 16, 941 — 108 18, 477 18, 945 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC POSTAGE A N D FEES P A I D U.S. G O V E R N M E N T P R I N T I N G O F F I C E 375 DOCUMENTS WASHINGTON. D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AMD SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits. Gross Private Domestic Investment Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force _ Selected Unemployment Rates. ..-. _ -..-....-. Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Private Business Economy 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and New Orders 17 18 19 19 20 21 PRICES Wholesale Prices. . _ Consumer Prices. . Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers ,., 22 ^3 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings—Nonfinancial Investors Consumer Instalment Credit. .. Bank Loans, Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt -._... Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries. U.S. Merchandise Exports and Imports U;S: International Transactions 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price 85 cents (single copy). Subscription price: $10.10 per year; $2.55 additional for foreign mailing. 38 If.S G O V E R N M E N T P R I N T I N G O F F I C E : 1976
@FedFRASER