Full text of Economic Indicators : December 1977
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95th Congress, 1st Session
Economic Indicators
December 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Unsolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly^ is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, gross national product rose $46.0 billion or 10.2 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 5.1 percent and'
the implicit price deflator rose at a 4.8 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
1,800
1,800
1,600
1,600
GNP
IN CURRENT DOLLARS
1,400
1,400
1,200
1,200
GNP
X
IN 1972 DOLLARS
1,000
1,000
800 I
f
I
L
1969
1970
1972
1971
t . t
i
1973
800
• 1975
1974
1977
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imj>orts of
gooc ^s and ser vices
Net.
exports
1966
753. 0 464. 8
796.3 490. 4
1967
1968___ .. 868.5 535.9
1969
935. 5 579. 7
982.4 618. 8
1970
1971
1, 063. 4 668.2
1972
'_ 1, 171. 1 733.0
1973
I, 306. 6 809. 9
1, 412. 9 889. 6
1974
1975__ _„ 1, 528. 8 980.4
1976__ — 1, 706. 5 1, 094. 0
124. 5
120. 8
131.5
146.2
140. 8
160.0
188.3
220. 0
214. 6
189. 1
243.3
1976:I_— 1, 651. 2 1, 056. 0
II— 1, 691. 9 1, 078. 5
III__ 1, 727. 3 1, 102. 2
• !¥__-. 1, 755. 4 1, 139. 0
231. 3
244.4
254. 3
243.4
10. 2
10.2
1977:1—- 1, 810. 8 1, 172. 4
II... 1, 869. 9 1, 194. 0
III... 1, 915. 9 1, 218. 9
271.8
294.9
303.6
-8.2
-9.7
-7.5
1
5. 1
4.9
2.3
1.8
3.9
1.6
-3.3
7. 1
6. 0
20. 4
7. 8
7.9
3.0
Exports
Imports
Total
Total
services
Federal
National
defense 1
Nondefense
Final
sales
State
and
local
42. 8
37.7
45. 6
40. 6
49. 9 ' 47. 7
52. 9
54.7
62.5
58. 5
64. 0
65. 6
72.7
75. 9
101. 6
94. 4
137. 9
131. 9
147. 3 ;-126.9
162. 9
155.1
158. 7
180.2
* 198. 7
207. 9
218. 9
233. 7
253. 1
269.5
302. 7
338. 9
361. 4
78.8
90. 9
98. 0
97. 5
95. 6
96.2
102. 1
102. 2
111. 1
123. 3
130. 1
60. 3
71.5
76.9
76.3
73.5
* 70. 2
73.5
73. 5
77.0
83. 9
86. 8
18. 5
19. 5
21.2
21. 2
22. 1
26.0
28. 6
28. 7
34. 1
39.4
43. 3
79. 8
738.7
89.3
786. 2
100. 7
860. 8
110.4
926.2
123. 2
978.6
137. 5 1, 057. 1
151. 0 1, 161.7
167. 3 1,288. 6
191. 5 1, 404. 0
215. 6 1,540. 3
231.2 •1, 693. 1
153. 9
160. 6
168.4
168. 5 ,
143.7
150. 4
160. 6
165. 6
353. 6
358. 9
363. 0
370. 0
127. 6
128. 5
130. 2
134. 2
- 86. 3
86.0
86.4
88.4
41. 3
42.5
43. 8
45; 8
225.9
230. 4
232.7
235. 8
1, 636. 7
1,673.7
1,705.8
1, 756. 3
170.4
178. 1
179.9
178. 6
187.7
187. 4
374.9
390. 6
400.9
136. 3
143.6
148.1
93.; 4
46. 7
50.2
52.5
238. 5
247. 0
252.9
1, 797» 0
1, 848. 2
1, 892. 2
This category corresponds closely with budget outlays for national defense*
shown on p. 33.
Go^^eminent purchases of goods and
89. 7
95.6
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exp orts of gc>ods
Gross i>rivate domestic
aiad servicem
iiavestmenlG
Personal
conGross
Change
national sumpNonResi- in busition
product
Net
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
Govermnent pureliases of
good s and ser^ices
Total
Federal
State
and
local
Final
sales
1966
1967
1968
1969
1970.
1971
1972
1973
1974
1975
1976
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274. 7
586. 1
603.2
633.4
655. 4
668. 9
691.9
733.0
767.7
760.7
775. 1
821. 3
106.1
103.5
108.0
114.3
110.0
108. 0
116. 8
131.0
130.6
112.7
116.8
38.5
37.2
42. 8
43. 2
40.4
52.2
62.0
59. 7
45.0
38.8
47.7
16.7
12.0
8.7
10. 6
4. 3
6.6
9.4
16. 5
8.0
-9.9
8.5
4. 3
3. 5
_. 4
— 1. 3
1.4
-.6
-3.3
7.6
15.9
22. 5
16.0
51. 6
54. 2
58. 5
62. 2
67. 1
67.9
72.7
87.4
93. 0
89. 9
95.8
47.3
50. 7
58. 9
63. 5
65.7
68.5
75.9
79. 9
77. 1
67.4
79.8
229.3
248. 3
259. 2
256. 7
250. 2
249.4
253. 1
252. 5
257. 7
263. 0
264.4
112.5
125.3
128.3
121. 8
110.7
103.9
102. 1
96.6
95. 8
96.7
96.5
116. 8
123. 1
130. 9
134. 9
139.5
145.5
151.0
155. 9
161. 8
166.3
167.9
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
1976: I
II—
III._
IV__
1, 256. 0
1, 271. 5
1, 283. 7
1, 287. 4
807. 2
815.5
822.7
839.8
113.7
115.9
118. 5
119. 0
44.8
47.1
47.1
52.0
9.7
12. 1
13.8
-1.8
16.8
16.4
17. 0
13. 8
93. 1
95.2
97. 9
96. 9
76.3
78. 9
80. 9
83. 1
263.9
264.4
264. 6
264.6
96.4
96. 1
96.7
97.1
167. 5
168.4
168.0
167.5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
1, 311. 0
1977: I
!!___ 1, 330. 7
III._ 1, 347. 4
850.4
854. 1
860.4
124.3
126.4
127.6
52. 7
57. 6
57.5
9.7
13.2
15.7
10.6
9.4
12.2
96.9
98.5
99.8
86.3
89. 1
87.6
263.3
270. 0
274.0
97.0
101. 1
103.3
166.4
168.9
170.7
1, 301. 2
1, 317. 5
1, 331. 8
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona 1 consumj>tion expenditures
Total
Gross private
domestic
inveslbment
NonresNonDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Expor ts and
imports of goods
and s€ rvices
Governnaent purchases <:>f goods
and sejrvices
Exports Imports
Federal
State
and
local
76.76
79.02
82. 57
86. 72
_ 91. 36
_._ 96.02
_ 100. 00
105. 80
116. 02
127. 18
133. 88
79.3
81. 3
84.6
88. 5
92. 5
96.6
100.0
105. 5
116.9
126. 5
133.2
85.7
87.4
90. 7
93. 1
95.5
99.0
100.0
101. 6
108.4
117.9
124.7
80.1
81. 9
85.3
89.4
93.6
96.6
100.0
107,9
123.8
133.1
137.7
76.5
78. 8
82. 0
86. 1
90.5
95.8
100.0
104.7
113.6
123.5
132.3
76.8
79.3
82. 6
86. 6
91. 3
96.4
100.0
103.8
115. 3
132. 3
138.7
74.6
77.0
80. 7
87.7
90.6
94. 9
100. 0
110.8
122. 3
132.8
142.5
82.8
84. 0
85.3
87.9
93. 1
96. 6
100. 0
116.2
148.3
163.8
170. 0
79.7
80. 1
80.9
83.3
89. 1
93. 5
100.0
118.2
171.0
188.2
194. 3
70. 1
72.6
76.4
80.0
86.4
92.6
100.0
105. 8
115.9
127.5
134.8
68.4
72.5
76. 9
81.9
88.3
94.5
100. 0
107. 3
118.4
129. 7
137.7
1976:1
II
III
IV_
131. 47
133. 06
134.56
136. 35
130.8
132.3
134,0
135.6
122.2
123.8
125.3
127.2
136.2
136.9
138.3
139. 3
129.2
131.1
133.2
135.4
136.8
137. 8
139. 2
140. 9
137. 1
140.7
144. 1
147.5
165. 3
168.6
172.0
174.0
188.2
190.7
198.4
199.3
132.4
133.7
134.7
138.2
134.9
136.8
138.6
140.7
1977: I
II
III
138. 13
_ 140. 52
142. 19
137. 9
139.8
141.7
129. 3
129. 5
130.1
141. 5
143.8
144.9
137. 8
140.1
142.9
142. 5
144.4
146.9
153.7
157. 6
160.9
175.9
180. 8
180.2
207.0
210.6
213.9
140. 6
142. 0
143.3
143.4
146.2
14ai
1966
1967
1968
1969
1970
1971
1972
1973_
1974
1975
1976. „
Source: Department of Commerce, Bureau of Economic Analysis;
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross ]aational p roduct
Con-
Cur-
Period
stant
(1972)
rent
dol-
dol-
lars
1966.
1967
1968.
1969
_
_
1970.__
_
1971
1972__
1973
1974
1975
1976
*
1977: 1 . . . .
II
III...
Chain
price
index
Current
dollars
Constant
(1972)
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
8.1
8.2
-1.4
— 1. 3
6.0
13.2
10.2
8.6
6.7
8.8
5. 1
3.9
1.2
4.1
4.9
4.6
5.4
4.9
5.3
4.6
5.9
4. 6
5.2
4.8
6.0
12.4
10.5
8.2
6.9
8.3
5.2
3.7
1.3
3.8
5.0
4.4
5.5
4.8
5.4
4.5
6.0
4.6
5.2
4.6
6.1
13.2
13.7
10.2
7. 5
6.2
5.1
5. 3
7.1
48
6.9
7.0
43
7.1
7.0
4.8
12.6
13.6
10.5
7.2
6.1
5.3
5.0
7.1
49
6.7
7.0
4.3
7.0
7.0
48
11.6
1976:1
Fixedweighted
price
index
(1972
weights)
3.3
2.9
4.5
5.0
5.4
5.1
4.1
5.8
9.7
9.6
5.3
9.4
5.8
9.1
7.7
5.0
8.2
10. 1
11.6
...
II.
III
IV
lars
Implicit
price
deflator
Gross clomestic {product
5.9
2.7
4.4
2.6
g
3.0
5.7
5.5
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
0.0
9.9
9.5
5.6
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.4
5.6
9.6
5.7
9.1
7.8
5.0
8.1
10.1
11. 5
7.9
8.5
11.4
6. 1
2.7
4.4
2.6
...,„ g
2.8
5.8
5.4
-1.3
-1.1
5.9
3.3
3.0
4.5
5.1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
3. 1
3. 1
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9.5
5. 6
3.0
3.0
4.4
5.0
5.2
49
40
5.9
9.9
9.4
5.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross c omestic
prodtict of
nonfin ancial
corp orate
busi ness
(billk>ns of
doll ars)
[Quarterly data at seasonally adjusted annual rates]
Current-doliar cost a nd profit per unit of outpu t (dollars]} »
Total
cost
and
profit 2
Capital
consumption
ComallowpenNet
ances Indirect sation
inwith business
of
capital taxes 3 employ- terest
conees
sumption
adjustment
Corpc>rate profits with
invent ory valualbion and
capit,al consuniption
iidjustmen ts
Profits
tax
liability
Profits
after4
tax
0.134
0.055
. 123 .051
. 124
.058
.109
.055
.086
.045
.095
.048
.107
.050
. 105
.055
.086
.061
. 115 .060
.139
.073
0.078
.072
.066
.055
.041
.046
.057
.050
.024
.055
.066
Current
dollars
1972
dollars
430. 7
452.9
498. 4
541. 8
560.6
602.5
671.0
752.0
808.8
875. 2
991.0
532.9
545. 8
581.6
607.3
600.6
619.3
671.0
720.4
695. 0
678.9
731. 0
0.808
.830
.857
.892
.933
.973
1.000
1. 044
1.164
1.289
1. 356
0.067
.072
.074
.079
.088
.094
.093
. 095
. 116
.143
. 146
0.080
.084
.089
.094
.103
.110
.110
. 112
. 123
. 136
.136
0.513
.535
.553
.589
.628
.645
.661
.699
.796
.849
.890
958.4
1976:1
II™.. 983.6
1,
III... 004. 7
IV_._ 1, 017, 2
719.4
731. 3
736.6
736.5
1.332
1.345
1.364
1.381
. 145
. 144
. 147
. 150
.134
. 135
.136
. 139
.870
.880
.892
.916
.044
.044
. 044
.045
. 139
.142
.145
. 132
.072
.075
.074
.072
1, 049. 3
1977:1
II__. 1, 094. 9
IO>_ 1, 124 8
753. 3
771.7
781.2
1.393
1.419
1.440
. 149
.148
. 151
. 140
.139
. 140
.930
.943
;949
.046
.047
.048
.128
. 142
. 152
.070
.075
.073
1966
1967
1968
1969
1970
1971
1972
1973.
1974
1975
1976..,
Output is measured by gross domestic product of nonfinaneial corporate
iness in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0.014
.016
.017
.022
.028
.029
.028
.032
.043
.045
.044
Total
CompenOutput
per
sation
hour
per
of aU
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
6.777
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.781
7.506
7.766
8.055
3.478
3. 676
3. 929
4. 198
4.478
4.757
5. 024
5.441
5. 972
6. 596
7. 166
.067
.066
.071
. 060
7.987
8.067
8. 109
8. 057
6.952
7. 096
7.236
7.378
.058
.068
. 079
8.171
8.202
8.278
7.731
7.871
7.599
< 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
Propri etors'
incom<2 with
inventor y valuation anc capital
consul)aption
adjust ments
Compensation of
employees 1
Farm
Nonfarm
Rental
with
capital
consumption
adjustment
Corpor ate profits with inv(mtory va uation
and capital co nsumptiori adjustm ents
Profits with inv(mtory
valuat ion adjusl ment
and vvithput ca pital
consum ption adjitstment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
622. 2
439. 3
471. 9
655. 8
519. 8
714.4
571.4
767. 9
609.2
798. 4
650. 3
858. 1
715. 1
951. 9
799. 2
1, 064. 6
875. 8
1, 136. 0
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
13. 6
12. 1
12. 0
13. 9
13. 9
14.3
18.0
32. 0
25.4
23. 2
18. 6
46. 7
48.9
51.4
52.3
51.2
53. 4
58. 1
60.4
60.9
62.8
69. 4
18. 2
19.4
18.6
18. 1
18. 6
20. 1
21. 5
21.6
21. 4
22.3
23.3
82. 5
79. 3
85. 8
81.4
67.9
77.2
92. 1
99. 1
83. 6
99. 3
128. 1
78. 6
75. 6
82. 1
77.9
66.4
76.9
89.6
97.2
86. 5
111. 5
142.7
80. 7
77. 3
85.6
83.4
71. 5
82.0
96.2
115. 8
126. 9
123. 5
156. 9
-2. 1
-1. 7
-3. 4
-5.5
-5. 1
-5.0
-6. 6
-18.6
-40. 4
- 12. 0
14. 1
3.9
3.7
3.7
3. 5
1. 5
.3
2. 5
1.9
-2.9
-12.2
-14.7
21. 9
24.3
26.8
30.8
37. 5
42.8
47. 0
52. 3
69.0
79.1
88.4
1976:1
II
III
.
IV_..__ — — -
999. 6
1, 321. 0
1, 353. 9 1,024. 9
1,379.6 1, 046. 5
1,402. 1 1,074.2
20. 0
21. 6
16. 2
16. £
66. 9
68. 8
70.0
72.0
23. 0
22.9
23. 3
24. 1
126.5
129. 2
133. 5
123. 1
141. 1
143. 7
148. 2
137. 9
153.5
159. 2
159. 9
154. 8
-12.4
-15. 5
-11. 7
-16.9
-14. 6
-14.6
--14. 7
— 14.-8-
85. 0
86. 5
90. 1
92. 0
1977:1
II
III
1, 450. 2 1, 109. 9
1, 505. 7 1, 144. 7
1, 540. 5 1, 167. 4
20. 7
19.7
15.5
74.3
77. 3
80. 0
24.5
24.9
25. 5
125. 4
140.2
149.0
141.0
156.2
166.9
161.7
174.0
172.8
-20.6
-17. 8
-5.9
-15. 6
— 15. 9
-17.9
95. 3
98.9
103. 1
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
-._
-_
_- —
Source: Department of Commerce, Bureau of Economic Analysis.
iIncludes 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
nr*-»4- ni i
!
personal
consumption
Total
expendi- durable
tures
goods 1
Motor
vehicles
and
parts
Betail sales of
new pa ssenger
i cars (naillions
of u aits)
Nondura ble goods
D urable goo ds
Furniture
and
household
equipment
Total
nondurable
goods *
Food
Services
Clothing
and
shoes
Gasoline
and oil
Domestics
Imports
1966_
1967
1968_
1969
1970
1971_
1972
1973
1974
1975
1976
464. 8
490.4
535. 9
579. 7
618. 8
668.2
733.0
809.9
889. 6
980.4
1, 094. 0
67. 7
69. 6
80. 0
85. 5
84.9
97.1
111.2
123.7
122.0
132.9
158.9
30. 1
29. 7
35. 8
37. 7
34.9
43.8
50.6
55.2
48. 0
53.9
71.9
27.7
29. 5
32. 6
35. 0
36.7
39.4
44.8
50.7
54. 9
58. 0
63.9
204. 7
212. 6
230.4
247.0
264.7
277.7
299.3
333. 8
376. 3
409.3
442. 7
106. 6
109. 6
118. 3
126. 1
136. 3
140. 6
150.4
168. 1
189.8
209.5
225.5
36.6
38.2
41.8
45. 1
46.6
50.5
55.1
61.3
65. 3
70. 2
76.3
16. 0
17.0
18.4
20. 4
22. 0
23.4
24.9
27.8
36.4
39. 1
41.4
192.4
208. 1
225. 6
247. 2
269. 1
293.4
322.4
352. 3
391.3
438.2
492.3
8.4
7.6
8. 6
8.5
7. 1
8. 7
9.3
9. 7
7.5
7.1
8.6
0.7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
1976: I
II
III....
IV... _
1, 056. 0
1, 078. 5
1, 102. 2
1, 139. 0
153. 3
156.7
159.3
166.3
68.8
71. 0
72. 1
75.7
61. 9
63.0
63.9
66.5
430. 4
437. 1
444. 7
458.8
219. 3
223. 8
227. 0
232. 0
74.2
74.3
76.9
79.9
40.6
40.3
41.2
43. 5
472.4
484. 6
498. 2
513. 9
8. 8
8. 7
8.4
8.5
1. 3
1.4
1. 5
1. 7
1, 172. 4
1977: I
II
1, 194. 0
III____ 1, 218. 9
177.0
178. 6
177.6
85.3
84.5
81.2
67.4
69.3
70.9
466. 6
474. 4
481.8
237. 9
244.8
248.3
79.3
80. 4
83.3
44. 1
44. 3
44. 2
528. 8
541. 1
559.5
9.4
9.3
8.9
1.8
2.4
2. 0
»Total includes other items not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
JOURCES OF PERSONAL INCOME
Personal income rose $14.9 billion (annual rate) in November, following a $21.2 billion (revised) increase in October.
Wages and salaries were up $5.7 billion in November, and farm proprietors1 income rose $4.0 billion. All other
major types of personal income also rose.
BILLIONS OF DOLLARS* (RATIO SCALE) .
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
1,600
1,400 *
1,200
1,200
1,000
1,000
800
800
1,600
600
600
—r— \ • .
WAGE AND SALARY DISBURSEMENTS
400
400
„„,«.««""""
OTHER INCOME
,,^«
,„„,«.*»«*
^.w"""1"'
1
200
200
TRANSFER
PAYMENTS
-A-1
100
100
L*-**
I*.--**!**1*]
80
80
60
60
40
I.I I I I I I I | I I
! I I 1! ! t
1969
1970
1971
1972
1973
1975
* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
j
3
Rental
Total
and
Other Proprietc)rs income income
Transfer
Divi- Persona
personal salary
labor 12
interest
payof
dends
income disburseincome
income ments5
Farm
Nonfarm persons 4
l
ments
1969
745. 8
514.6
1970
801. 3
546. 5
1971
859. 1
579.4
1972
942. 5
633. 8
1973
1, 052. 4 701. 3
1974
1,154.9
764.6
1975.
1, 253. 4
805.7
1976
1, 382. 7
891. 8
1976: Nov____ 1, 432. 1 923.9
Dec____ 1,450.2
931.7
1977: Jan
I, 454. 3
937.3
Feb
1, 477. 0 951.7
Mar
1, 499. 1 964.9
A p r _ _ _ _ 1, 510. 1
974. 1
May
1, 517. 3
982. 0
June.__ 1, 524. 3 986.5
July
1, 539. 2 992. 9
Aug
1, 549. 0
997. 9
Sept.... 1, 561. 3 1, 006. 0
Oct
1, 582. 6 1, 020. 3
Nov p »> 1, 597. 4 1, 026. 0
28.2
32. 0
36.2
42. 0
48.7
55.6
64.9
75.9
80.0
81. 0
82. 1
83.2
84.4
85.5
86. 7
87. 9
89. 1
90.3
91.5
92.8
94.0
13. 9
13. 9
14. 3
18. 0
32. 0
25.4
23.2
18. 6
16.4
18. 1
19. 6
21. 0
21. 7
20. 9
19. 8
18.4
16. 5
15. 1
14. 9
17.5
21.5
52. 3
51. 2
53.4
58. 1
60. 4
60. 9
62. 8
69. 4
72. 1
73. 2
72.5
74.4
76.0
76.9
77.2
77.6
79.2
80.2
80.8
81. 7
82.4
1
The total of wage and salary disbursements and other labor income differs
torn compensation of employees (see p. 4) in that it excludes employer contribuons
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
fund
s; wprkmen's compensation; directors' fees; and a few other minor items.
* With inventory valuation and capital consumption adjustments.
<with capital consumption adjustment.
40
It t I I I I t !I I
1974
18. 1
18. 6
20. 1
21. 5
21.6
21. 4
22. 3
23. 3
24.1
24.4
24.4
24.6
24. 6
24.3
24.8
25. 6
24. 7
25. 7
26.0
26.2
26.4
22. 6
22.9
23.0
24.6
27. 8
31. 0
32.4
35. 8
37.2
41.2
37.9
38. 5
39.0
39. 3
39. 6
41. 9
42. 0
42.4
4.26
42.7
42.9
55.9
64.3
69. 3
74. 6
84. 1
103.0
115. 6
130.3
136.4
137. 6
139. 0
140. 3
141. 8
143.5
145.2
147.4
149.1
150.4
151. 3
153. 1
154. 9
66. 5
79.9
94. 1
104. 1
118. 9
140. 8
176. 8
192.8
198. 4
200. 0
200. 5
203. 0
206.9
206.0
202.9
200.0
207. 2
208. 6
210. 2
210. 9
212. 1
Less: Per- Nonsonal confarm
tributions personal
for social income 6
insurance
26.3
28.0
30. 8
34. 2
42. 2
47.7
50. 4
55.2
56. 7
57.0
59. 0
59. 6
60. 2
60. 6
60. 9
61. 0
61. 5
61. 6
62. 0
62. 6
62. 8
725.8
780. 7
838. 0
917. 3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 402. 1
1, 418. 5
1, 421. 1
1, 442. 4
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
1, 508. 3
1, 519. 5
1, 531. 8
1, 550. 3
1, 561. 0
• Consists
woi:
mainly of social insurance benefits, direct relief, and veterans payments.
nts.
« Personal
Pen
income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
400
DOLLARS* (RATIO SCALE)
400
DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
2,000
2,000
1969
1970
1976
1971
1977
"".SEASONALLY ADJUSTED ANNUAL RATES
SOURCEs DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Less:
"p/at*
sonal
tax
Personal
and
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays 1
Per c apita
dispc)sable
persona . income
Equals :
Personal
saving Current
dollars
685.2
745. 8
801.3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
sonal
income
Population
(thou-2
sands)
Dol Lars
Bil lions of d ollars
1968
1969
1970
1971
1972
1973__
1974
1975
1976
1972
dollars
Per cap ita personal c()nsumption exp snditures
550. 1
97.1
588. 1
630.4
595.3
115.4
635.4
685.9
115. 3
742. 8
685.5
116. 3
801. 3
751. 9
141. 2
831. 3
901.7
150. 8
984.6
913. 0
170.3
169. 0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
38.1
35. 1
50.6
57.3
49. 4
70. 3
71.7
80.2
65.9
2,930
3, 111
3,348
3,588
3,837
4,285
4, 646
5,077
5, 511
3,464
3,515
3,619
3,714
3,837
4, 062
3, 973
4,014
4, 137
2,670
2,860
3,020
3,227
3,510
3,849
4,197
4,591
5,084
3,156
3,234
3,265
3, 342
3,510
3,648
3,589
3,629
3,817
2.8
1.5
3.0
2.6
3.3
5.9
-2.2
1.0
3.1
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5. 6
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
4,921
5,017
5, 117
5,277
5,423
5, 512
5,615
3,761
3,794
3,820
3,891
3,933
3,943
3,964
4. 5
2. 3
.5
4. 1
2.4
6. 4
3.5
6.3
6.0
5.4
4. 6
4. 1
5.3
5.5
214, 608
214, 948
215, 380
215, 827
216, 206
216, 602
217, 073
Seas onally ad; usted ann ual rates
1976: ! - _ _ 1, 338. 1
IX— 1, 366. 7
III._ 1, 393. 9
IV- _ 1, 432. 2
1977: L _ _ _ 1, 476. 8
II— 1, 517. 2
Ill- 1, 549. 8
184. 8
192. 6
200.6
209.5
224.4
224.8
226. 1
1, 153. 3
1, 174. 1
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 323. 8
1, 080. 9
1, 103. 8
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 9
1, 250. 5
72.4
70.3
64. 8
56. 3
51. 4
68.5
73.3
5,374
5,462
5,540
5, 665
5, 793
5,967
6,098
1
Includes personal consumption expenditures, interest paid by consumers
to2 business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
4, 107
4, 130
4,135
4,177
4,202
4,268
4,305
Source: Department of Commerce (Bureau of Economic Analysis and Bureaij
of the Census).
FARM INCOME
In the third quarter, farm income excluding inventory change (ell $5.5 billion (annual rate) while income including
inventory change fell $4.3 billion.
WLUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALQ
120
120
100
100
80
80
60
60
NET FARM INCOME
JNCLUDING NET INVENTORY
CHANGE
~
40
40
\
/~"\J
20
20
10
10
1970
1969
1971
1972
1974
1973
•1975
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT Of AGRICULTURE
1976
1977
COUNCIL Of ECONOMIC ADVJ5EJLS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by total farm po filiation
]income re ceived from farming5
Realize?d gross
Period
From From From
all
farm nonfarm Total1
sources sources sources
1969
1970
1971
1972
1973
1974
1975
1976
1976:1
II
III.
IV...
1977:1
II
III
26.9
27.4
28.7
34.4
48. 6
44.7
44. 3
42. 0
12.9
13.0
13.4
16.8
29. 0
23.1
21.5
17. 8
1 1
13.9
14.4
15. 3
17.6
19. 5
21.6
22.8
24.2
56.3
58. 6
60.6
70. 1
95.5
100.0
96.7
103. 6
102. 1
109.6
100.9
101.9
105. 6
108. 8
98.7
Net inc ome per
Net tc> farm
farm incl uding net8
oper ators
CashL receipts from
inventor?JT change
rnarketing 3
Produc- Exclud- Includtion
exLivenet ing net
penses ing
1967
inven- Current
invenstock
Total
Crops
tory 2 dollars dollars *
tory
and
change change
products
Dollars
Billioris of dolla rs
14.2
4,766
4,372
48.2
143
42. 1
28.6
19.6
142
4,790
4,202
14. 1
44.4
21.0
50.5
29.6
13.2
5,030
4,263
146
47.4
52.9
22.3
30.6
6,504
61.2
18.7
5,288
25, 5
52. 3
17. 8
35. 7
45.9
33.3 11, 727
41. 1
29. 9
8,817
87. 1
65.6
9,232
6,114
92.4
41.4
72.2
27.7
26. 1
51. 1
8,637
24
3
5,203
45.
1
43.
0
75.9
20. 8
88. 1
7,203
20.0
4,093
46.4
81.7
21.9
47.9
94.3
7,740
21. 5
23.0
4,500
93.0
46.3
46.7
79.1
23.2
8,350
52. 1
84.2
100.4
25.4
48.3
4,800
6,330
17.6
45.5
46. 0
82. 3
18. 6
3,580
91. 5
6,480
81.2
92.4
45.4
18. 0
3, 600
47.0
20. 7
22. 5
22. 0
7, 990
50. 6
45. 3
83. 1
95. 9
4,370
7,630
21. 0
48.0
51. 0
87. 1
99.0
21.7
4,080
82. 5
16.2
88.5
6, 070
41.5
47.0
16.7
3,210
Cash receipts from marketings, Government payments, and nonmoney insome
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.
* Income in current dollars divided by the index of prices paid by farmers for
20-216°—77
2
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the third quarter, profits before tax fell $1.2 billion (annual rate) while profits
with inventory valuation adjustment rose $10.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATiS
160
160
120
120
80
\.l--
PROFITS AFTER TAX
40
,„».-.--•
»»"«««««iMii«m«11 "'
40
V
fa.,..i,mui*>''M(*
TAX LIABILITY
UNDISTRIBUTED PROFITS
I
1969
1970
1971,
1972
1973
1974
I
f
1975
1976
SOURCE; DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969.,. .. ...
1970
1971
1972
1973
1974
1975
1976
1976: I
II
III
IV
1977: I
II
_
III
8
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
3ry valueition
Profil ;s (before tax) wit b. inventc
adjustn lent 1
Domesstic indu stries
.N onfinancj al
WholeTotal2
Manu- sale
Total Finanflacnn
3
cial Total
and
turretail
mg
trade
67.4
78.6
75.9
8.5
41.6
8.0
72. 6
37.9
75.6
9.0
63.6
8.9
41.2
82. 1
78.9
68.5
10. 4
10. 1
74.2
62.9
36.8
77.9
10. 1
11. 3
62. 6
12. 6
9. 4
50. 1
27. 1
66. 4
72. 4
58.2
32. 4
76. 9
14. 1
11. 7
89. 6
69. 3
15. 4
40. 6
84.7
13.3
97.2
90.4
74. 1
44. 1
16.2
14.7
86.5
76.9
62.5
14.4
12. 9
36.6
90.3
105.4
15. 0
22. 1
111.5
47. 9
142. 7
134. 6
18.2 116.4
27. 1
66. 3
132. 4
65.3
141. 1
17. 8 1146
26. 5
143. 7
136. 1
18. 1 118.0
68.7
25. 5
148. 2
139.8
18.4 121. 3
68.4
29. 1
137.9
130.2
18.4 111. 8
62.9
27.4
141.0
131.0
19.2 111.8
65.2
24. 0
156.2
145.5
19.9 125.5
76. 4
25.4
166.9
21.2 136.1
157.4
77.6
31. 2
1
See p. 4 for profits with Inventory valuation and capital consumption adjustments.
2
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
1977
adjusted annual rates]
Pro fits after tax
Tin
Profits
before
tax
Tax
liability
Total
Dividends
80. 7
77.3
85.6
83. 4
71.5
82. 0
96. 2
115.8
126.9
123. 5
156. 9
153. 5
159.2
159.9
154. 8
161. 7
174.0
172.8
33. 7
32.5
39.4
39.7
34.5
37. 7
41. 5
48.7
52.4
50. 2
64.7
63. 1
66. 1
65. 9
63. 9
64.4
69. 7
69.3
47. 1
44. 9
46. 2
43.8
37.0
44. 3
54. 6
67, 1
74.5
73.4
92. 1
90.4
93. 1
94. 0
90. 9
97.2
1043
103.6
19. 4
20. 1
21.9
22. 6
22. 9
23. 0
24. 6
27. 8
31. 0
32.4
35.8
33. 6
35. 0
36.0
38.4
38.5
40. 3
42. 3
distributed
profits
27.6
24.7
24.2
21. 2
14. 1
21. 3
30. 0
39. 3
43. 6
41. 0
56.4
56. 8
58. 1
58.0
52.5
58. 8
64.1
61. 2
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-2.1
_1. 7
-3.4
-5. 5
-5. 1
-5.0
-6. 6
-18. 6
-40.4
-12. 0
-14. 1
-12.4
-15. 5
-11.7
-16. 9
-20. 6
-17. 8
_5. (|
43ROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $5.1 billion (annual rate) in the third quarter as purchases of producers1 durable equipment increased $3.5 billion and investment in structures rose $1.6 billion. Residential investment increased $1.7
billion/Inventory investment amounted to $23.6 billion, up $1.9 billion from the second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL^
120
300 -GROSS PRIVATE DOMESTIC INVESTMENT-
^.NONRESIDENTIAL FIXEDJNVESTMENT
100
.PRODUCERS'.
DURABLE EQUIPMENT
80
180
\
STRUCT
\
\
I
t
40
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
i
l
(RATIO SCALE)
-40
1973
1977
*SEASONAILY ADJUSTED ANNUAL RATES
SOURCE! DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISiRS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investme;nt
Gross
private
domestic
investment
Period
1966
1967
1968
1969
1970
1971...
1972
1973
1974_._
1975-__
_
1976
1976: I
II
III
IV
1977: I
II
III
._
124.5
120. 8
131. 5
146.2
140.8
160.0
188. 3
220. 0
214.6
189. 1
243. 3
231.3
244.4
254.3
243.4
271. 8
294.9
303.6
Struc tures
Total
81.4
82.1
89. 3
98. 9
100.5
104. 1
116.8
136. 0
150. 6
149.1
161.9
155.4
159.8
164.9
167. 6
177. 0
182.4
187.5
Prodijeers'
dur able
equip ment
Total
Nonfarm
Total
Nonfarm
29.2
29.5
31.6
35.7
37.7
39.3
42.5
49. 0
54.5
52. 9
55.8
54.7
55. 8
56.0
57.0
57.9
61.0
62. 6
28. 1
28.2
30.4
34.3
36. 1
37. 8
41. 1
46.9
51. 8
50.4
53.4
52. 1
53.4
53. 6
54.4
55.1
58.2
60.1
52.2
52.6
57.7
63.3
-62. 8
64.7
74.3
87.0
96.2
96.3
106.1
100. 8
104.0
109. 0
110.6
119.2
121.4
124.9
47.9
48.0
53.4
58. 9
58. 1
59. 9
69. 1
80. 1
88.2
87. 1
95. 9
90.5
93.8
98.4
100. 7
107.8
110.0
114.0
Resid entiai fix ed inves iment
Piv^
Total
Nonfarm
structures
Farm ducers'
struc- durable
tures equipment
28.7
28.6
34.5
37.9
36. 6
49.6
62.0
66. 1
55.1
51. 5
68.0
61.4
66.3
67.8
76. 7
81. 0
90.8
92. 5
27.4
27.2
33.1
36.3
35.1
47.9
60.3
64.3
52.7
49. 5
65.7
58.9
64. 1
65. 7
74. 3
78.5
88.2
89.9
0,7
.7
.6
.7
.6
.7
.7
.6
1.2
.9
1.0
1.2
1.0
.9
1. 1
1.1
1.2
1.1
0.7
.7
.8
.9
.9
1.0
1.1
1. 2
1.2
1. 1
1.3
1.2
1.2
1.2
1.3
1.4
1.4
1.5
Change in business inv entories
Total
14. 3
10. 1
7.7
9.4
3. 8
6. 4
9.4
17. 9
8. 9
— 11. 5
13. 3
14.5
18. 3
21. 5
—.9
13. 8
21.7
23.6
Nonfarm
14.5
9.4
7.6
9.2
3. 7
5. 1
8. 8
14.7
10.8
— 15. 1
14.9
15. 9
20.4
22.0
1.4
14. 1
22. 4
23. 1
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 1.4 percent in the fourth quarter, according to the Commerce Department
survey conducted in late October and November. The increase for the full year 1977 is expected to be 13.7 percent.
Capital spending for the first half of 1978 is planned to be 4.7 percent above the second half of 1977 and 12,0
percent above the first half of 1977.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
20
20
1970
1971
J/ SEE FOOTNOTE 4 BELOW.
SOURCEi DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and eqtlipment
proj€jets 3
E:spenditur*3s for plarit and equ ipment
M anufaetur ing
Period
Total i
Total
Durable
goods
Nondurable
goods
16. 15
15.84
15. 72
18.76
23. 39
26. 11
28.81
30. 13
32. 19
33.79
47.76
51.22
57. 09
61. 73
66. 39
64.82
68.01
76.99
67.76
70.78
73.74
74. 78
77. 36
34.54
33. 68
35.91
77.96
82. 12
82. 13
122. 55
125. 22
130. 16
134. 24
140. 38
54. 78
54. 44
56. 43
59. 46
63. 02
15.80
14. 15
15.64
19.25
22.62
21.84
23. 68
28.26
24. 59
25.50
26. 30
27. 26
29. 23
I V _ _ _ 1J&. 38
1978: I 44- __ 146. 26
I I _ _ _ _ 149. 86
64. 42
64.14
67. 73
29.88
30. 46
31.82
1970___
1971
1972
1973
1974
1975
1976 4
1977
1976: III
IV
1977: I
II
III
4
79.71
81.21
88.44
99. 74
112.40
112. 78
120. 49
187. 02
31. 95
29.99
31.35
38.01
46. 01
47.95
52. 48
61. OS
N onmanuf acturing
32. 77
30.20
28.93
Total
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, nonprofit 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
4.00
6.04
4. 93
5. 72
6. 03
6.66
7.57
7.45
13. 14
15. 30
17. 00
18. 71
20. 55
20. 14
22.28
Communication
10. 10
10. 77
11. 89
12.85
13.96
12.74
13. 30
4.44
6.99
26. 14
15.36
4.21
4. 13
4.24
4.49
4. 74
7. 25
7. 53
7.29
6. 96
6. 85
21. 67
23.46
25.35
25. 29
26. 22
13.64
14.30
14. 19
4.30
4. 61
7. 17
8. 02
27. 41
28. 72
15.32
16. 40
Commercial
and 2
other
16. 59
18.05
20.07
21.40
22. 05
20.60
20. 99
23.06
Manufacturing
29. 18
28.00
35. 21
47.57
52. 49
48. 24
51. 05
17.20
22. 22
28.60
38. 13
45. 74
34. 50
29.66
20. 99
21. 36
22.67
22. 73
13. 22
12. 88
15. 26
15. 15
19. 81
7. 54
10. 22
9. 76
3. 79
10. 23
23. 14
Public
utilities
39. 09
40. 76
3
Starts are estimated by adding changes in carryover to expenditures durin
given period.
(
* Expenditures estimates based on expected capital expenditures as reported 15
business in late October and November 1977.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment grew sharply in November—by 950,000—and the employment-population ratio
reached a record high of 57.8 percent. Unemployment decreased only slightly.
MTLLIONS OF PERSONS*
100
MILLIONS OF PERSONS
100
1970
1969
1971
1972
1974
1973
1975
1976
*16 YEARS OF AGE AMD OVER.
SOURCE: DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[' thousands of personis 16 yean3 of age £ind over]
Period
1972
1973
1974
1975
1976__
Noninstitutional
population
145,
148,
150,
153,
156,
4,840
4, 304
5,076
7,830
7,288
81,702
84, 409
85, 935
84, 783
87, 485
Civilian Unememploy- ployment
ment
775 81, 702
263 84, 409
827 85, 935
449 84, 783
048 87, 485
U]nadjusted
CCivilian e mploymerit
Total
labor
force
Civilian
(includ- labor
ing
force
Armed
Forces)
88, 991 86, 542
91, 040 88, 714
93, 240 91, Oil
94, 793 92, 613
96, 917 94, 773
Total
Unempl oyment
Nonagr] cultural
AgriPart-time
culfor ecoT'n-fal
tural
nomic
reasons l
3,472 78, 230
2,408
3,452 80, 957
2, 311
3,492 82, 443
2,709
3,380 81, 403
3,490
3,297 84, 188
3,272
Seas<Dnally adjusted
Total
15
weeks
and
over
Labor
force
participation
rate
(per- 2
cent)
4,840
4,304
5,076
7,830
7,288
1, 158
812
937
2,483
2,339
61.0
61.4
61.8
61.8
62. 1
1976: Nov. 157, 006
Dec, 157, 176
88, 542
88, 494
7, 095
7,022
98, 020
98, 106
95, 871
95, 960
88, 220
88, 441
3,248
3,257
84, 972
85, 184
3, 545 ^ 7, 651
3,454
7, 519
2,517
2,514
62.4
62.4
157, 381
157, 584
157, 782
157, 986
158, 228
158, 456
158, 682
158, 899
159, 114
159, 334
159, 522
86, 856
87, 231
88, 215
89, 258
90, 042
91, 682
92, 372
92, 315
91, 247
92, 230
92, 473
7,848 97, 649
8, 109 98, 282
7,556 98, 677
6, 568 98, 892
6,151 99, 286
7,453 99, 770
6,941 99, 440
6,757 99, 834
6,437 99, 999
6,221 100, 236
6,346 101, 130
95, 516
96, 145
96, 539
96, 760
97, 158
97, 641
97, 305
97, 697
97, 868
98, 102
98, 998
88, 558
88, 962
89, 475
90, 023
90, 408
90, 679
90, 561
90, 771
91, 095
91, 230
92, 180
3,090
3,090
3, 116
3, 260
3, 386
3,338
3,213
3,252
3,215
3,272
3,362
85, 468
85, 872
86, 359
86, 763
87, 022
87, 341
87, 348
87, 519
87, 880
87, 958
88, 818
3,320
3,438
3,276
3, 174
3, 290
3,368
3,371
3, 199
3,315
3,298
3, 366
6,958
7, 183
7,064
6,737
6,750
6,962
6, 744
6,926
6,773
6,872
6, 818
2,283
2,182
1,923
1, 816
1,836
1,737
1,834
1,808
1,866
1,862
1,933
62.0
62.4
62. 5
62. 6
62. 7
63. 0
62. 7
62. 8
62.8
62.9
63.4
1977: Jan..
Feb__
Mar_
Apr._
May_
June_
JulyAug.
Sept..
OctNov1
Persons
2
at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate decreased by 0.1 percentage point in November to 6.9 percent. The
rate has shown virtually no improvement since April, The decrease in November in the unemployment rates for adult
males and teenagers or both sexes was almost entirely offset by the increase in the rate for adult women.
PERCENT* {SEASONALLY ADJUSTED)
•PERCENT* (SEASONALLY ADJUSTED)
'1977
* UNEMPLOYMENT AS PiRCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED,
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1972....
1973. _
1974. .
1975.
1976
1976: Nov___
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug_»
Sept
Oct _ _
Nov
1
_ _
•
_
„„
..
5.6
4,9
5.6
8. 5
7.7
8.0
7.8
7.3
7.5
7.3
7.0
6.9
7.1
6.9
7. 1
6. 9
7.0
6.9
Uneiinployme nt rate ( percent c)f civiliaii labor fc)rce in g]-oup)
]3y select>ed grouj>s
By s>ex and f s,ge
By race
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4. 0
3. 2
3. 8
6.7
5, 9
6. 3
6.2
5.6
5.8
5. 4
5. 0
5. 3
5.0
5. 1
5. 2
4.9
5. 3
4. 9
5. 4
4. 8
5.5
8.0
7.4
7. 6
7.4
6.9
7.2
7. 2
7. 0
6. 6
7. 2
6.9
7. 1
7.0
6.8
7. 1
16.2
14.5
16.0
19. 9
19, 0
19. 2
19.0
18.7
18. 5
18. 8
17.8
17.9
18.6
17.4
17. 5
18. 1
17. 3
17.1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
White
5.0
4.3
5.0
7.8
7.0
7.3
7.1
6. 7
6. 7
6.6
6. 3
6. 2
6.3
6.1
6. 1
6. 1
6. 1
6.0
ExpeFullBlack rienced
wage Housetime
and
hold workand
other salary heads
ers
workers
10. 0
5. 3
3.3
5. 1
8.9
4. 5
2.9
4.3
9. 9
5. 3
3. 3
5. 1
13. 9
8.2
5.8
8. 1
5. 1
13. 1
7.3
7.3
13. 5
5.3
7.6
7.6
13.4
7.4
5. 1
7.5
12. 5
4.8
7.0
6.7
13. 1
7. 1
4.9
6.9
12.7
6. 9
4.6
6. 7
12. 3
4. 4
6. 5
6.5
12.9
6. 7
4. 5
6.5
13. 2
6.5
4.3
6.5
13.2
6.4
4.3
6. 5
14.5
6. 6
4. 6
6.8
13. 1
6.4
4. 5
6.5
13.9
6.6
4. 6
6. 6
13. 8
6.5
4. 3
6.4
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8. 6
7.9
8.6
10. 3
10. 1
10. 5
9.8
10.2
10.7
11. 1
9.9
9.9
10.7
9. 2
8. 9
9.5
9. 7
9.6
Labor
force
time
lost
(per-J
cent)
6. 0
5.2
6. 1
9. 1
8.3
8.6
8. 4
8.0
7.9
7.8
7.4
7.5
7.5
7.4
7. 7
7.4
7.5
7.5
(SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The decrease of 54,000 in seasonally adjusted unemployment in November was accompanied by a decline in the
proportion of job losers and job leavers and an increase in reentrants and new entrants.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION *
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
40
60
JOB LOSERS
^-s^^V*—\
rvr
40
40
REENTRANTS
jo?:
20
20
JOB LEAVERS
15-26
WEEKS
<J<
\
1
V,,itM»
27 WEEKS
AND OVER
NEW ENTRANTS
111
i i i I I 1..1..1.J...:
1974
1975
1976
1974
1977
1975
1976
f I \
1977
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADYISIRS
SOURCE: DEPARTMENT OF IABOR
TTnATYi—
\J JLlClIi*'
Period
1972
1973
1974
1975
1976
1976: Nov__
Dec__
1977: Jan...
Feb_.
Mar_^
Apr
May_
June_
July..
Aug»_
Sept..
Oct^__
Nov1',
nlov—
piuy-
ment
(thousands)
4, 840
4, 304
5, 076
7, 830
7,288
7, 651
7,519
6,958
7, 183
7,064
6, 737
6,750
6 ? 962
6,744
6, 926
6,773
6,872
6,818
1
2 Detail
[Monthly data seasonally adjusted, except as noted]
Pereerit distrib ution of unemPerceiit distribution of unemState p rograms Insured
pioyment ]oy reasoii 1
plo yment b y durati<:>n 1
unemployment,
all
27 Insured
Less
regular
Reen- New
5-14
Job
Job
15-26
weeks
unemInitial
than 5 weeks weeks
enprolosers leavers trants trants
and
ploy- claims
weeks
grams 2
over
nient
(unadjusted)
43. 2
38. 7
43. 4
55. 4
49. 8
49. 8
50. 0
45. 6
47. 5
44.4
43. 6
44.2
42.7
45.8
46. 6
46.2
46. 3
45.4
13. 1
15.7
14. 9
10. 4
12. 2
11.2
11. 1
13, 2
11. 9
13.0
12. 5
13.7
13.9
12. 5
12. 9
12. 8
13. 1
12. 8
29.8
30.7
28. 4
23. 8
26.0
27. 0
26. 2
28, 3
27.5
28.4
29. 5
29.0
27.6
27. 1
26. 3
27. 3
28. 2
28. 5
13. 9
14.9
13. 3
10. 4
12. 1
12. 0
12. 6
12.9
13. 1
14.2
14.4
13.0
15. 7
14.5
14.2
13.7
12.4
13.3
45. 9
51.0
50.6
37, 0
38.3
35. 5
36. 4
38. 7
39.5
42. 8
45.8
41. 5
44.9
42.7
40.9
40.5
41. 5
41.3
may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (TICX), Federal (UCFE), and railroad (ER) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SXJA (special unemployment assistance).
30. 1
30. 1
31. 0
31. 3
29. 6
32. 1
30.5
29.2
29.7
29. 9
27.4
31. 2
29.7
29.7
33. 3
32. 4
31.7
30.7
12.3
11.0
11. 1
16. 5
13. 8
15. 3
14. 9
14.6
13.4
11. 1
10. 6
11. 9
11.7
13.8
13.8
13.6
13.2
14. 6
11. 6
7. 8
7. 3
15. 2
18.3
17. 1
18.2
17.5
17.4
16. 3
16. 3
15.4
13. 8
13.8
12.0
13.4
13.6
13.5
Special
unemployment
benefit3
claims
(unadjusted)
Weejkly aver age, thou sands
1, 848
261
2, 192
1, 632
246
1,793
2,262
363
2, 558
3, 992
478
4, 943
1, 173
382
2,968
3,822
1, 152
3,160
388
3, 453
862
2,969
361
3,884
903
2,781
409
4,442
823
2, 774
419
4,448
911
2,564
335
3,972
901
2,489
363
3, 506
784
2,515
381
3, 105
538
2,541
373
2,939
484
2,649
389
3, 065
540
2,801
397
2, 751
535
2,780
381
2, 643
412
2,744
372
2,649
364
2,367
349
2, 852
315
3 FSB and STJA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
«n
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment increased substantially in November—by 312,000. The largest gains were in services,
State and local government, trade, and durable goods manufacturing.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90 f
'
'
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
16
-SERVICE-PRODUCING'
INDUSTRIES
50
40
18
II M i l l I I I I I I 1 I I t i l l ! t i l l ! I I t i l l I I I 1 1 1 I t t I I t I M l i t l i t I I I t I t 11
-GOODS-PRODUCING INDUSTRIES
30
V_^~—
— ^:ONSTRUCTHD M
CONTRACT C
„„„«„,„„„,.««"
~~
'W.,.,.,m"'"""
*~
20
•ft 1 I 1 ! ! ! 1 1 1! I1 ! M I 1 1 II 1 I I I I I I ! I 1 I 1 t t 1 I 1 I I M ! 1
1973
I
1975
1974
r
1977
1976
1973
1974
1975
1976
! I I 1 1 I 1 1 1 1 IV
1977
•SEASONALLY ADJUSTED
COUNCIL OF 1CONOMIC ADVISERS
SOURCEi DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
CJoods-pr oducing i ndustries
Period
1972
1973
1974
1975
1976
1976: Nov__
Dec_>
1977: Jan___
Feb_Mar__
Apr__
May.
June.
July__
Aug__
Sept__
Oct »_
Nov*.
Total
nonagricultural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
80, 127
80, 370
80, 574
80, 870
81, 331
81, 620
81, 837
82, 157
82, 407
82, 474
82, 763
82, 905
83, 217
23, 546
24, 727
24, 697
22, 603
23, 332
23, 484
23, 528
23, 585
23, 763
24, 017
24, 176
24, 264
24, 355
24, 412
24, 305
24, 360
24, 438
24, 534
Contract
construction
3,831
4,015
3,957
3,512
3,594
3,609
3,605
3,549
3, 661
3,759
3,830
3,853
3,888
3,913
3,893
3,892
3,924
3,953
Service-pi•oducing Industrie33
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance,
and
Non- Total
State
and
and Services
retail
Total Durable
Federal and
public trade
real
goods durable
goods
local
utilities
estate
Msmufactui ring
19, 090
20, 068
20, 046
18, 347
18, 956
19, 070
19, 114
19, 219
19, 278
19, 417
19, 499
19, 566
19, 611
19, 666
19, 594
19, 612
19, 655
19, 718
11, 006
11, 839
11, 895
10, 679
11, 026
11, 126
11, 165
11,236
11, 261
11, 373
11, 404
11, 451
11, 484
11, 548
11, 527
11, 545
11, 597
11, 645
8,084
8, 229
8,151
7,668
7,930
7,944
7,949
7,983
8,017
8,044
8,095
8, 115
8,127
8,118
8,067
8,067
8,058
8,073
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 oi the
eivilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
50, 167
52, 169
53, 715
54, 448
56, 111
56, 643
56, 842
56, 989
57, 107
57, 314
57, 444
57, 573
57, 802
57, 995
58, 169
58, 403
58, 467
58, 683
4,517
4,644
4, 696
4,498
4,509
4,523
4,549
4,544
4, 553
4,563
4,575
4,586
4,588
4,572
4,581
4, 616
4, 607
4, 612
15, 975
16, 674
17, 017
17, 000
17, 694
17, 848
17, 925
17, 994
18, 039
18, 118
18, 175
18, 202
18, 264
18, 322
18, 377
18, 431
18, 411
18, 465
3,943
4,091
4,208
4,223
4,316
4,381
4, 398
4,419
4,431
4,453
4,463
4,481
4,494
4,506
4,524
4,545
4, 571
4,592
12, 392 2,684
13, 021 2, 663
13, 617 2,724
14, 006 2,748
14, 644 2,733
14, 858 2,731
14, 936 2,720
15, 010 2,721
15, 068 2,721
15, 149 2,725
15, 182 2,721
15, 197 2,725
15, 260 2, 735
15, 372 2,721
15, 448 2, 732
15, 482 2,728
15, 531 2, 730
15, 606 2, 731
10, 656
11, 075
11, 453
11, 973
12, 215
12, 302
12, 314
12, 301
12, 295
12, 306
12, 328
12, 382
12, 461
12, 502
12, 507
12, 601
12, 617
12, 677
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 1972.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURMi INDUSTRIES
[F©r production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly csarnings
Aver age weekly lours
Total
private
nonagneultural 1
Period
Overtime
Total
private
nonagricultural *
Manufacturing
Manufg icturing
Total
Adjusted h ourly earnin gs index2 —tc)tal private
nonagric ultural
Percent ctlange from
a year sarlier 4
Index, 1 567=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
37. 8
37. 7
37. 1
37.0
37. 1
37. 1
36. 6
36. 1
36. 2
40. 7
40. 6
39.8
39.9
40. 6
40. 7
40. 0
39. 4
40.0
3. 6
3. 6
3.0
2.9
3.5
3. 8
3. 2
2. 6
3. 1
$2. 85
3. 04
3.22
3. 44
3. 67
3. 92
4. 22
4.54
4.87
$3.01
3. 19
3.36
3. 57
3. 81
4. 08
4. 41
4.81
5. 19
106. 2
113. 2
120.7
129. 2
137. 7
146.5
158.5
172.5
185. 0
101.9
103. 1
103. 8
106. 5
109.9
110.0
107.3
107. 0
108.5
6.2
6. 6
6. 6
7. 1
6.5
6. 4
8.2
8.8
7.3
1.91. 2
.7
2.7
3. 1
.2
-2.5
-.3
1.4
1976: Nov....
Dec
36.2
36. 2
40.1
40. 0
3. 1
3. 2
5. 00
5. 02
5. 34
5.38
189.7
190. 7
109.3
109.5
6.7
6. 9
1.6
2.0
1977:
35.8
36.2
36. 2
36. 2
36.3
36.2
36. 1
36.0
36.0
36.2
36. 1
39.5
40.3
40.4
40. 3
40.4
40.5
40.2
40. 3
40. 3
40.4
40. 5
3. 2
3.3
3.3
3.4
3.4
3.4
3. 4
3.3
3.3
3. 5
3. 5
5.07
5. 10
5. 13
5. 17
5.20
5. 22
5. 27
5. 28
5.32
5. 37
5.39
5.43
5.45
5.49
5.53
5. 57
5. 61
5.66
5. 68
5. 73
5.79
5.81
192.6
193.2
194. 2
195. 6
196. 4
197.4
199.4
199.9
201. 2
203.0
203. 5
109. 7
109.0
108.8
108. 8
108.6
108.5
109. 2
109. 1
109.5
110. 1
7. 2
7.0
7.0
7.2
7. 0
7. 1
7.5
7. 1
7.3
7.7
7.3
2.0
10
6
4
2
S
7
4
7
Jan__ ._
Feb
Mar
Apr.
May
June
July
Aug
Sept
Get *
Nov *»__
LI
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period
Total pri vate nonagrieu Itural >
Current
dollars
1968
1969
1970
1971
1972
_
1973
1974___
1975
1976
1976: Nov. ___
Dec
1977: Jan
Feb
Mar
Apr
May.
_
June__ -_ _
July
Aug
Sept _
_ __
Get*
Nov *>
$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
181. 00
181. 72
181. 51
184. 62
185. 71
187. 15
188. 76
188. 96
190. 25
190. 08
191. 52
194. 39
194. 58
Manufacturing
1967
dollars 3
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
104. 32
104. 32
103. 37
104. 13
104. 10
104. 09
104. 34
103. 88
104. 19
103. 76
104. 20
105. 47
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
214. 13
215. 20
214,49
219. 64
221. 80
222. 86
225. 03
227. 21
227. 53
228. 90
230. 92
233. 92
235. 31
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
291. 31
291. 28
280. 37
296. 25
294. 25
296. 54
298. 08
295. 87
297. 41
294. 92
294.48
300. 29
300. 74
Percent ch*mge from a
year e arlier,
total prr/ate nonagrictiltural *
Current
dollars
iCurrent dollar,3
i Also includes other private industry groups shown on p. 14.
— * Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
4
Monthly changes based on indexes to two decimal places.
20-216°—77
3
Contract
construction
Wholesale
and retail
trade
$86. 40
90. 78
95. 66
100. 39
105. 65
111.04
118. 33
126. 75
133. 39
136. 27
138. 10
138. 20
139. 28
140. 28
141. 28
142. 04
141. 86
143. 19
143. 09
143. 76
146. 06
144. 65
1967
dollars
5.8
6.4
4,2
6.5
7. 0
6. 8
6. 2
6. 1
7.6
6.5
6.7
5.6
7. 1
7. 7
8. 3
7.5
7.6
7.7
7. 3
8.1
8.4
7.7
* Based on unadjusted data.
Note.—Seasonally adjusted dated revised beginning January 197&
Source: Department of Labor, Bureau of Lsbor Statistics.
1. 5
1. 0
-1. 6
2. 2
3.6
.5
-4.3
-2.8
Ii7
1. 5
1.8
.4
1.0
1.2
1.5
.7
.7
1.0
.6
1.4
1.8
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons 2
Outinit1
Output i>er hour
of all p ersons
Unit labor
CO sts
Compensation
per riour 3
Implici t price
defla tor *
Total Private Total Private Total Private
Total Private
Total Private
Total Private
prinonprinonprinonnonnonnonprivate
private
private
vate
farm
vate
vate
farm
farm
farm
farm business farm
business
business business
business
business business business business business business business
Period
1967 = 100; quai"terly dat a seasonsilly adjust,ed
1966
1967
1968
1969
98.0
100. 0
105. 1
ioa 3
98. 1
100. 0
105.4
108.6
100. 3
100. 0
101. 7
104.5
100.0
100. 0
102. 1
105. 3
97.8
100. 0
103. 3
103. 7
98. 1
100. 0
103. 2
103. 1
947
100. 0
107.6
115. 1
94.5
100.0
107. 3
114. 3
96.8
100. 0
104. 1
111.0
96.4
100. 0
103.9
110.9
97.2
100. 0
103.9
108. 8
96.8
100.0
104.0
108.7
1970
1971
1972
1973
1974
107.4
110. 3
117. 6
124. 5
121. 5
107. 4
110. 3
117.9
125.0
121. 9
104.0
103.7
107. 6
112. 2
112. 7
123. 3
131. 5
138.9
150. 3
164.3
118. 1
122.2
125. 5
133.0
149. 8
113.9
118.9
123. 2
130.3
143. 1
114.0
119.2
122.9
128. 0
141. 5
118. 7
127.4
115. 3
117. 1
120. 6
121. 8
109.9
114. 3
161. 1
168. 7
161. 7
168. 9
162. 0
160. 9
160.0
163. 9
1976:1
II
III
IV
124. 9
126.7
127. 7
128. 4
131. 3
134 0
135. 3
125. 2
127. 2
128.3
128.7
131. 6
134.5
135.6
108. 3
108. 9
109.0
109.5
111. 0
111. 3
111. 4
112. 2
115. 4
116. 3
117. 2
117.2
110.5
113. 1
112.9
113. 5
115. 7
115.9
118. 9
118. 5
119.9
112.9
114. 4
115. 2
114.7
116. 0
116. 2
117. 1
158.0
165. 6
154. 2
156. 5
159. 4
161.6
162. 9
164. 8
166.5
168.3
156.9
165. 0
107. 9
106.9
107.7
109.7
180. 2
196. 5
176. 2
179. 0
181. 1
184.7
121. 9
129. 9
137.4
148. 1
162.0
177.6
193. 1
173. 2
176. 2
179. 2
182. 0
118. 1
121.9
125.2
132. 9
149.5
118. 7
126.9
115. 1
117. 2
120. 6
121. 8
104.5
107.8
111.0
113. 1
109. 9
111.8
116. 5
108. 9
111.7
113. 8
113. 3
103. 3
106.3
109. 5
111.4
108. 1
1975
1976___
1975: I
II
III
IV ___
102.8
102. 3
106. 0
110. 1
110.6
106. 1
108. 9
105. 7
104.9
105. 9
107.5
170. 1
173. 1
175.4
169. 6
172.7
175.7
1977:1
II
m>___
108. 1
111. 4
106. 9
109.5
112. 0
111. 1
190. 5
194. 3
198.6
202.7
208. 3
211. 5
215.9
186. 9
191. 1
195. 2
198. 7
204. 2
207. 9
211.8
161. 7
160.4
159. 1
163. 0
165. 1
167. 0
169.4
173. 0
175. 2
178.4
180. 2
165. 6
167. 1
169.5
173.3
176. 0
178. 9
180.9
153.4
155.6
158. 1
160. 3
162. 1
163. 6
166. 0
168. 1
Perceiit change ; quarterlyi data at seasonal] y adjuste d annual rates
1966
1967
1968
1969_._
1970___
1971
1972
1973
1974___
_
1975___
1976
1975:1
III
III
IV
1976:1
II
III
IV
1977:1
II
III *>___
1
2.3
-.3
1.7
2.7
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
—.9
2. 8
6.6
5.9
-2.4
-2.4
7.0
-1. 1
2.7
6.9
6.0
-2.5
-1. 6
-. 4
3.6
3.9
.4
-2.6
7.3
-11.6
7.5
12.2
3.9
10.8
5.9
3. 1
2. 1
-11.6
6. 5
12. 5
4. 1
-4. 1
2.7
-12. 5
-2.7
3. 9
5. 9
3. 0
2.6
.1
2. 1
9. 6
8.5
4.0
9.5
11.7
6. 6
3.2
1.3
as
3.5
3.5
9.7
""""• U
3.3
-. 0
2. 1
3. 2
3.2
2. 3
3. 3
.3
2. 5
1.9
3. 2
_. 2
7.0
5. 6
7. 6
7. 0
6. 1
5. 8
7. 3
6. 5
3.7
3. 3
4. 1
6.6
3.4
3.8
3.9
6. 6
3.2
2.9
3.9
4. 7
2.9
3.3
4.0
4.5
-1. 2
— 3
3.7
4.3
.4
-4. 1
3. 1
-12. 3
-3.5
2. 9
7.6
4.9
1. 0
.4
3.2
4. 5
8. 1
.6
.7
3.2
2. 9
1. 9
-2.8
1.8
4. 2
.2
2.9
3.0
1.7
-2.9
1.6
4. 1
6.7
6. 6
5. 8
7. 8
9. 4
6. 4
3. 2
2. 7
6. 2
12. 5
4.7
4.4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10. 5
7. 7
4. 7
10.4
4. 8
.8
10. 3
9.3
-3. 2
9. 6
8. 7
11. 8
7. 2
6. 9
6. 4
11. 1
9. 4
8.8
7. 4
11. 4
7. 5
7.6
6.5
3. 5
2. 7
6. 0
12. 7
7. 9
4. 5
1. 0
10. 4
8. 0
-1.9
7.6
3.3
3.0
-. 0
5.8
-1. 1
4. 5
7. 2
6. 6
5. 7
8. 2
9. 4
9. 6
9.1
12. 9
6.7
4.8
8. 1
13. 1
8.3
9. 0
8.6
11.5
6. 3n
10.9
5. 1
14.2
5. 7
6.6
5.8
4.4
3.8
6.0
5.3
3.5
7.5
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 on
establishment
data.
8
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
6.5
5.5
2. 9
-1. 8
4.8
.7
2.9
8.6
11. 7
-3.4
-3. 0
10. 2
5. 1
4.9
5.8
8. 6
5.3
7. 5
3.9
10. 9
-2. 8
— 2. 2
10. 0
4. 3
3. 7
5. 8
9.4
6.3
6.8
4.5
12. 9
6. 2
7. 5
5.9
3. 1
4. 8
4. 1
4. 6
4. 4
7. 2
5.3
4
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 BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.5 percent in November, following gains of 0.3 percent in October and 0.4 percent
in September. Increases in output were widespread among nonautomotive products and materials.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE)
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
120 —
120 •—
100
ill
1973
1974
I I U
1975
j l l
I I I I I I |
I
1976
I I I
I
I I..I 1
I I I.; I 1
MINING
I I
1977
i
100
160 r
i
MANUFACTURING PRODUCTION
i l l I I I I I I I I II I | I 1.I....I...J I I I I M I I t I I I
1973
1974
1976
i
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
1973
1974
1975
1976
1973
1977
i
1975
1977
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1971
1972
1973
_
1974
1975
1976
1976: Nov___ _ _
Dec__ „
1977: Jan___
Feb
Max
Apr_._ _
May..
June
July
Aug - _ .
Sept _
_ _
Oct *_
Nov *
1
Output
2
Annual
s
Total iiidustrial
produ ction
Percent
Index,
1967= change
from
100
year
earlier
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusl,ry produ ction ind exes, 196^T = 100
M anufaetur ng
Total
Durable
Nondurable
e. 86
Utilities
100. 00
109.6
119. 7
129. 8
129. 3
117. S
129. 8
1. 7
9.2
8. 4
—.4
-8. 9
10. 2
87. 95
108. 2
118. 9
129. 8
129. 4
116. 3
129. 5
51. 98
102. 4
113. 7
127. 1
125. 7
109. 3
121. 7
35. 97
116.6
126. 5
133. 8
134. 6
126. 4
140. 9
109.8
113. 1
114. 7
115. 3
112. 8
114. 2
5. 69
130. 5
139. 4
145. 4
143. 7
146. 0
151. 0
78. 0
83. 1
87.5
84. 2
73. 6
80. 2
83. 1
88. 0
92. 4
87. 7
73. 6
80.4
131. 5
133. 0
132.3
133. 2
135. 3
136. 1
137. 0
137. 8
138. 7
138. 1
138. 6
139. 0
139. 7
6. 5
6. 9
5. 1
4. 4
5. 5
5. 7
5. 6
6. 2
6.1
5.2
6. 1
6. 8
6.2
131. 4
132. 5
131. 6
132. 6
135. 1
135. 8
1 37. 1
137. 8
138. 5
138. 6
139. 1
139. 4
139. 9
123. 4
125. 0
123. 4
124. 0
126. 8
128. 0
129. 3
130.5
131. 6
131. 3
131. 8
132. 4
132. 8
143. 0
143. 3
143. 4
145. 3
147. 0
147. 0
148. 5
148. 4
148. 6
149. 4
149. 7
149. 6
150. 2
115. 3
115. 4
112. 8
116. 3
120. 6
119. 2
119. 5
122. 8
119. 8
115. 4
118. 4
119. 4
119. 8
154. 6
157. 9
163. 8
160. 3
154. 8
154. 0
156. 7
156. 8
161. 4
155. 7
154. 0
155. 0
156. 6
80. 8
81. 2
80. 4
80.9
82. 1
82. 3
82. 8
83. 0
83. 1
82. 9
83.0
82. 9
82.9
80. 3
80. 2
79. 4
80. 2
81. 6
82. 1
82. 7
83.0
82.9
82.0
82.2
82.5
82.9
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Mining
Manuf acturing (3apacity \itilization
rate, p sreent *
Federal Reserve
sen es
ComWharTotal
ton
merce2
Mate- series
manuseries 3
rials
facturing
80
83
86
83
77
81
86. 4
91. 8
97. 1
93. 0
80. 4
87. 5
81
87. 7
83
88. 4
84
90. 4
82
90. 9
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc ucts
Final produets
Equip ment
Corisumer go ods
Period
Total
NonDurable durable
goods
goods
Total
1967 proportion
1969
1970
1971
1972
1973
.1974
1975
'1976
1976: Nov
Dec
1977: Jan
Feb
Mar __
Apr
May
June
July.
Aug
Sept
Get*
Nov v _ „
.
„ __
_ - __
47.82
109.6
105. 3
106. 3
115. 7
124.4
125. 1
118. 2
127.2
129. 3
131. 5
130.8
131. 6
133. 3
134. 1
134, 7
135.4
136.8
136. 3
136. 8
136.9
137. 0
27. 68
109. 8
109. 0
114. 7
124. 4
131. 5
128. 9
124. 0
136. 2
138.4
141. 3
139.9
140. 5
142. 9
142. 9
143. 1
143.8
145. 4
144. 7
144. 9
145. 5
145.4
7. 89
115.0
106. 1
118. 8
133. 8
146. 2
135. 3
121. 4
141. 4
143. 7
150. 5
145. 4
146. 1
152. 4
151. 5
152. 2
155. 8
158, 0
154. 7
155. 8
157.9
155. 9
Intermtediate
prod ucts
19. 79
107. 7
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
134. 1
136, 2
137. 6
137. 7
138. 3
139. 1
139. 4
139. 5
139. 1
140. 3
140. 6
140.6
140. 5
141. 2
Total
Business
Total
£0. 14
109. 3
100. 1
94. 7
103. S
114. 5
120. 0
110. 2
114, 6
116. 8
118. 0
118. 4
119. 2
120. 0
122. 1
123. 2
124. 1
124. 8
124. 9
125. 6
125.2
125.4
12. 6S
112. 5
107.0
104. 1
118. 0
134. 2
142. 4
128. 2
136. 3
140. 1
142. 3
142. 3
143. 5
144. 8
147. 1
148. 9
150. 1
151.2
151. 1
152. 2
152.6
153. 0
12. 89
112. 9
112. 9
116.7
126. 5
137. 2
135. 3
123. 1
137.2
139. 0
140. 5
142. 2
141. 6
141. 8
142.3
143. 5
144. 7
146.3
146. 1
146.4
146.8
148.0
Materials
Construction
supplies
6. 42
112. 3
111. 0
116. 8
128. 4
139.8
134. 5
116. 3
132. 6
135. 8
135. 5
136.2
135. 6
136. 4
137. 2
138. 7
139.9
141. 2
141. 7
143. 3
144. 1
145. 6
89. 29
112. 5
109. 2
111. 3
122. 3
133. 9
132. 4
115. 5
130. 6
131. 9
132. 0
131. 1
132.7
135. 5
136. 5
137. 8
138. 7
138. 9
137. 6
138. 2
139. 1
140. 1
Supplementary
group:
Energy
total
12. 23
111. 1
117.0
119. 5
125. 2
128. 3
125. 5
125. 5
128. 8
130. 6
133. 3
134. 1
132.9
132. 3
132. 1
132. 5
133.5
135.6
131. 4
132. 7
133. 5
134. 2
[1967=100, seasonally adjusted]
Diirable m<anufactu res
PrimaryT metals
Period
Total
1977: Jan
Feb
Mar
Apr__
May
June.
July
Aug__
Sept
Oct * _ _ _
Nov »„ _
trical
machinery
Electrical
machinery
Lumber
and
products
A.~
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
1. 64
Foods
112.6
104. 7
96. 1
107. 1
122. 3
119. 8
95. 8
104. 9
5.9S
107. 9
102. 4
103. 5
112. 1
124. 7
124. 2
109. 9
123. 3
9. 15
109.3
104. 4
100.2
116.0
133.7
140. 1
125. 1
135. 0
8. 05
111.9
108. 1
107. 7
122. 2
143. 1
143. 8
116. 5
131. 6
9. 27
108.4
89. 5
97. 9
108. 2
118. 3
108. 7
97. 4
110. 6
4.50
116. 5
92. 3
118. G
135. 8
148. 8
128. 2
111. 1
140.7
107.9
105. 6
113. 8
120. 8
126. 0
116. 2
107. 6
125. 1
S.S1
106. 7
101. 4
104. 7
109. 4
117.3
114. 3
107. 6
122. 2
4. 72
107. 4
107.0
107. 1
112. 7
118. 2
118. 2
113. 3
120. 6
7. 74
118.4
120.4
125. 9
143. 6
154.5
159.4
147. 3
169. 3
8. 75
106. 1
108. 9
112. 8
116. 8
120. 9
124. 0
123. 4
132.3
104. 6
101.5
100.3
93. 4
126.7
128. 1
137.5
141. 5
135. 7
135. 1
112. 7
117. 4
145. 5
155. 0
129. 5
128. 1
122. 7
124. 9
119. 7
123. 0
173.7
173. 1
134. 3
132. 9
100. 8
100. 2
_ _ 108. 3
112. 2
117. 1
114. 7
114.4
_ .._ 112. 5
109.0
_ . 113.2
114.7
89. 7
91. 3
97. 9
103. 9
111. 0
109. 2
110. 9
110. 6
104.6
107.6
125. 7
125. 8
127. 5
127. 6
128. 2
130. 8
132.0
134. 0
134. 0
133.7
135.2
139. 9
139.8
139. 8
142. 9
142. 6
144. 0
145.7
145. 2
147. 4
148.4
150. 0
134. 0
137. 6
137. 6
139. 6
141. 8
142, 6
143.6
143. 9
144. 7
144. 9
145. 5
113. 5
113. 4
120.5
119. 8
120. 3
123. 7
125. 6
124. 3
125. 5
124. 7
121. 5 !
145. 5
145. 4
161. 2
158. 1
157. 7
163. 2
166. 2
164. 4
165. 6
167. 6
161. 9
132. 7
132. 2
132. 1
130. 6
133. 0
132. 4
132.9
131. 8
136. 1
136.9
123. 0
124. 4
122. 2
121. 4
123. 5
122. 1
121. 1
124. 1
127.7
124. 7
122. 4
124. 8
123. 4
124. 4
124. 1
124. 9
125. 0
124. 3
125. 2
125. 7
172. 2
174. 9
180. 0
180. 6
182. 8
183. 5
182.6
182. 6
181. 7
181.2
134. 2
136. 4
138. 7
138. 0
138. 3
136. 9
138. 3
139. 3
138. 5
137. 6
__
4.81
Source: Board of Governors of the Federal Reserve System.
18
Total
Motor
vehicles
and
parts
6.57
113.8
106. 6
100.2
112. 1
126. 7
123. 1
96. 4
108. 9
1967 proportion1969
1970
1971
1972
1973
1974
1975
1976
1976: Nov
Dec
Iron
and
steel
Non-
Fabricated
meta]
products
Non durable itnanufad iures
Transpccitation
equip ment
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Resic ential
Total
Total
1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll ars
1970
1971
1972
1973_.__
1974
1975
1976
,
94, 9
110.0
124.1
137. 9
138. 5
134. 3
147. 5
66.8
80. 1
93.9
105. 4
100. 2
93.6
109. 5
24 3
35. 1
44.9
50. 1
40. 6
34.4
47.3
31. 9
43. 3
54. 3
59.7
50.4
46. 5
60. 5
16. 3
17..0
18. 1
21.7
23. 8
20. 8
19. 9
18. 6
19.8
21.5
24. 0
25.9
26.3
29. 0
Seasonally
adjusted
Seasonally j adjusted at inual rates
1976: Oct
Nov
Dec
1977: Jan.
Feb
__
Mar
Apr. _
Mav__
June
July
Aug
Sept 9
Oct v
__
_
150. 1
153. 8
155. 4
148. 1
156. 9
163. 8
167. 6
172. 2
174. 4
172. 3
170.9
174. 9
176.0
114. 8
119. 0
121. 2
116. 2
122. 4
128. 4
131. 4
133.8
135. 0
133.0
132. 7
135. 6
138. 5
50. 9
52. 7
54. 8
52. 1
58.3
62. 2
63. 5
65. 8
66.0
65. 1
65. 1
66. 3
68. 6
65. 5
69. 6
71. 1
66.5
72. 1
76.7
79. 6
82. 5
82. 2
79. 6
79. 1
80. 9
84. 2
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
be/nZ/Jovtfofflo^r
sm'cT * *° *•** ^"^ "* ** """ **** "*
Beginning un lor noor space.
19. 6
19. 3
19.4
18.7
18.8
20. 8
21. 1
20. 9
22. 3
22. 7
22.9
23. 5
23. 1
123. 1
145. 4
165. 3
179. 5
169. 7
167. 9
194. 1
28. 1
29.9
30.2
32.5
38.3
40. 7
38. 0
29. 7
30. 1
30. 7
30. 9
31.5
30. 9
30.7
30. 3
30. 5
30.6
30.7
31. 2
31.2
35. 3
34. 9
34.3
32. 0
34. 5
35. 4
36. 2
38. 4
39.4
39.2
38.2
39. 3
37.5
240
210
183
203
212
207
250
317
307
218
267
279
244
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
618
631
658
643
615
309
671
758
733
702
853
813
757
NOTE.—New construction expenditures data prior to 1973 not com parable with
later data.
Sources: Department
of Commerce
of the Census) and McGraw-Hill
Information
Systems Company,
F. W.(Bureau
Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
>Tew private housing unii £
Period
Units started, by tj^pe of striic tlire
Total
1969
1970
1971
1972
1973
1974
1975
1976
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1 unit
810. 6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
2-4
units
85. 0
84. 8
120. 3
141. 3
118. 3
68. 1
64.0
85. 9
5 or more
units
571. 2
535. 9
780. 9
906. 2
795. 0
381. 6
204. 3
289. 2
Units
authorized
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 280. 0
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period l
(percent) 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971, 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
431
1, 399
1,444
1, 416
1, 637
1,707
1, 540
1, 536
1, 647
1, 671
1, 699
1,907
1,612
694
808
827
893
867
775
774
805
694
823
889
869
429
431
431
434
435
441
441
444
453
467
467
476
5. 5
5.3
5.4
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted aninual rates
197G: Nov.
Dec
1977: Jan
Feb
Mar... _
Apr
Mav
June_ __
Julv > _ _
Aug
Sept *__
Oct*'.p _ _
Nov
1
1, 706
1, 889
1, 384
1, 802
2, 089
1, 880
1, 937
1,897
2,083
2, 029
2, 065
2, 224
2, 105
1, 236
1, 324
1, 006
1, 424
1, 503
1, 413
1, 455
1,389
1,437
1,453
1,523
1, 581
1, 535
Seasonally adjusted.
'Quarterly data entered in last month of quarter.
98
120
103
120
113
116
120
105
127
113
128
132
137
372
445
275
258
473
351
362
403
519
463
414
511
433
1, 583
1, 532
1,333
1, 526
1, 687
1, 605
1, 615
1,678
1,639
1,772
1, 695
1,850
1, 891
5.3
5. 1
5.3
5.4
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories rose $1.2 billion in October and business sales increased 1.1 percent. According to the advance
survey, retail sales rose 1K percent in November, following an increase of 2% percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
350
TOTAL BUSINESS
INVENTORIES
\
300
250
200
150
100
1.20
1974
1975
1976
1977
1978
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
bi isiness }
—Total
.—.—_____
Retail
Who] esale
Sales 2
Period
1971
1972___
1973
1974___
1975
_ ___
1976
1976: Oct
Nov
Dec__
1977: Jan
Feb
Mar
Apr
May.
June_
July..
Aug..
Sept
Oct 9
Nov v
Sales *
116, 351
130, 049
151, 647
174, 991
180, 229
200, 118
199, 569
203, 731
212, 095
209, 950
215, 281
221, 903
221, 167
221, 327
222, 240
221, 255
223, 604
224, 242
226, 799
Inventories 3
188, 180
202, 291
233, 340
285, 275
281, 837
306, 325
305, 234
306, 151
306, 325
309, 063
311, 232
314, 875
317, 873
320, 492
322, 899
324, 107
326, 849
329, 510
330, 701
3
The term "business" also includes manufacturing
;
Monthly average for year and total for month.
J
Book value, end of period, seasonally adjusted.
4
Inven-3
Sales 2 tories
Tntnl
Tntol
Millions of d ollars, s<?asonally ad juste d
26, 257 35, 823 34, 169 10, 827 23, 342 49, 867
29, 584 39, 786 37, 422 12, 369 25, 054 54, 433
36, 822 46, 254 41, 871 14, 091 27, 781 62, 691
45, 836 56, 537 44, 543 13, 820 30, 723 70, 767
44, 633 55, 113 48, 370 14, 907 33, 463 71, 031
48, 408 61, 307 53, 542 17, 544 35, 998 78, 431
48, 355 60, 553 54, 171 17, 656 36, 515 78, 007
48, 990 61, 049 54, 822 18, 098 36, 724 77, 988
50, 935 61, 307 56, 685 19, 038 37, 647 78, 431
50, 678 62, 123 55, 703 18, 860 36, 843 79, 458
51, 857 63, 062 57, 291 19, 382 37, 909 79, 721
52, 672 64, 300 57, 990 19, 863 38, 127 81, 196
53, 385 65, 301 58, 142 19, 833 38, 309 81, 825
53, 866 64, 838 58, 003 19, 516 38, 487 83, 025
53, 735 64, 947 57, 825 19, 436 38, 389 84, 134
53, 495 64, 210 58, 552 19, 505 39, 047 85, 326
53, 208 65, 095 59, 020 19, 984 39, 036 86, 650
53, 307 66, 119 59, 014 19, 763 39, 251 87, 227
53, 419 66, 410 60, 635 20, 762 38, 873 87, 462
61, 572 21, 109 40, 463
(see page 21).
For annual period?, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
DurNonable durable
goods goods
stores stores
In ventorie 3 3
DurNonable durable
goods goods
stores stores
21, 706
23, 929
27, 725
32, 007
31, 632
35, 067
34, 450
34, 875
35, 067
35, 588
35, 516
36, 150
36, 094
36, 818
37, 104
38, 130
38, 577
38, 515
38, 752
28, 161
30, 504
34, 966
38, 760
39, 399
43, 364
43, 557
43, 113
43, 364
43, 870
44, 205
45, 046
45, 731
46, 207
47, 030
47, 196
48, 073
48, 712
48, 710
Inventc)ry-sales
ratio4
Total
business1
1. 58
1. 49
1.43
1.48
1. 57
1. 47
1.53
1.50
1. 44
1. 4-7
1. 45
1. 42
1. 44
1. 45
1. 45
1. 46
1. 46
1. 47
1. 46
Retail
1. 39
1. 38
1. 40
1. 49
1. 45
1. 41
1. 44
1. 42
1. 38
1. 43
1.39
1. 40
1. 41
1. 43
1.45
1. 46
1. 47
1.48
1. 44
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* new orders, shipments, and inventories rose again in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
160
120
100
40 -^
80
DURAB I GOODS
60
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
120
NEW ORDERS
TOTAL
100
80
INVENTORY-SHIPMENTS
60
RATIO
| DURABLE GOODS
L-rf
40
A
\
NONDURABLE GOODS
1973
1975
1974
1977
1976
1977
1973
*SEASONALLY ADJUSTED
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sliipments l Manufact urers' inv entories 2
Manu faeturers ' new orelers i
Manufacturers'
inventory—
shipments4
ratio
Durabl e goods
Period
1971
1972
1973
1974
1975
1976
.1976: O c t _ _ _
Nov__
Dec___
1977: Jan...
Feb...
Mar..
Apr
May..
Jime__
July_.
Aug. _
Sept..
Oct "_.
Total
55,
63,
72,
84,
87,
98,
925
042
954
612
226
168
97, 043
99, 919
104, 475
103, 569
106, 133
111, 241
109, 640
109, 458
110, 680
109, 208
111, 376
111, 921
112, 745
NonDurable durable
goods
goods
29,
34,
39,
44,
43,
50,
973
042
704
043
912
376
49, 029
51, 238
55, 295
53, 341
54, 703
58, 849
56, 764
56, 717
57, 570
56, 820
58, 087
58, 608
59, 065
1
2 Monthly average for year and
Book value, end oi period.
3
Total
NonDurable durable
goods
goods
Total
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
Millio ns of dolLirs, seasorlally adjujsted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 659 42, 164
166, 587 105, 729 60, 858 98, 497 50, 681
7,575
8,947
11, 169
12, 656
10, 899
12, 820
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
107,
122,
161,
190,
171,
175,
656
362
766
271
438
453
1. 83
1.67
1. 58
1. 66
1. 80
1. 64
48, 014
48, 681
49, 180
50, 228
51, 430
52, 392
52, 876
52, 741
53, 110
52, 388
53, 289
53, 313
53, 680
166,
167,
166,
167,
168,
169,
170,
172,
173,
174,
175,
176,
176,
14, 124
12, 734
13, 835
14, 621
14, 249
14, 561
14, 679
15, 000
15, 535
14, 409
14, 678
16, 189
16, 374
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
53, 146
52, 567
53, 224
53, 393
53, 783
172,
173,
175,
177,
177,
178,
180,
182,
183,
182,
182,
183,
186,
468
333
453
179
623
167
065
301
150
541
646
166
722
1. 72
1. 67
1. 59
1. 62
1. 59
1. 52
1. 56
1. 58
1. 57
1. 60
1. 57
1. 57
L57
674
114
587
482
449
379
747
629
818
571
104
164
829
105, 589
106, 128
105, 729
106, 562
107, 222
107, 685
108, 190
109, 154
110, 421
110, 978
111,452
111, 787
112, 075
total for n:onth. Shipments are the same as sales.
End of period.
* For annual periods, ratio of •weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Total
ManufacCapital
Nonturers'
goods durable
unfilled
indusgoods orders 3
tries,
nondefense
61, 085
60, 986
60, 858
60, 920
61, 227
61, 694
62, 557
63, 475
63, 397
63, 593
63, 652
64, 377
64, 754
99, 006
100, 784
106, 600
105, 288
106, 575
111, 788
111, 547
111, 693
111, 524
108, 598
111,494
112, 441
116, 303
50, 754
52, 235
57,040
55, 037
55, 133
59, 160
58, 652
59, 176
58, 378
56, 031
58, 270
59, 048
62, 520
1
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In November, the wholesale price index rose 0.4 percent (0.7 percent seasonally adjusted). Prices of farm products
and processed foods and feeds rose 1.4 percent (2.3 percent seasonally adjusted). Industrial commodities prices
were up 0.1 percent (0.4 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967= 100 (RATIO SCALE)
200
FARM PRODUCTS AND
!\
PROCESSED FOODS AND FEEDS | \
I
V
120
120
100
100
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1967=100]
Period
All
commodities
1969
1970
1971
1972
1973
1974
1975
1976___
106. 5
110. 4
114. 0
119. 1
134.7
160. 1
174. 9
183. 0
1976:
185. 6
187. 1
188. 1
190. 2
192.0
194. 3
195. 2
194. 4
194. 9
194. 6
195.3
196. 3
197. 0
Nov.___
Dec___
1977: J a n _ _ _
Feb
Mar _ _
Apr_
May
June
July
Aug
Sept
Oct_ __
Nov __
Farm
products
Industrial
and
processed commodfoods
ities
and feeds
108. 0
111. 7
113. 9
122. 4
159. 1
177. 4
184. 2
183. 1
Unadj usted
178. 3
183. 9
184. 8
188.4
190. 9
195. 9
196.8
191. 5
189. 3
184. 2
183. 9
184.2
186. 8
106. 0
110. 0
114.1
117. 9
125. 9
153. 8
171. 5
182. 4
cessed
foods
and
feeds
109. 1
111. 0
112.9
125. 0
176. 3
187. 7
186. 7
191. 0
107.3
112. 1
114. 5
120.8
148. 1
170.9
182.6
178.0
187. 1
191. 9
194. 0
198. 3
203. 5
210. 4
205.5
191. 3
187. 9
179.9
179.6
184.0
189.5
175. 6
178. 8
178.5
181. 9
185. 3
190. 1
193. 4
190. 2
185. 6
184.2
183. 1
184.5
187. 7
|
187. 1
187. 4
188. 4
190. 0
191. 7
193. 3
194. 2
194. 6
195. 8
196. 9
197.8
199. 1
199. 2
1 Excludes crude foodstuffs and feedstufls, plant and animal fibers, oilseeds, and
leaf
tobacco.
2
Includes supplies and components: excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special ggroupings
Prn
Farm
products
Crude
mate-l
rials
Inter- Producmediate er finmate-2
ished
rials
goods
106. 1
110. 6
106. 9
109. 9
112. 0
118. 9
122. 7
114. 3
116. 6
119. 5
131. 1
118. 9
155. 2
123. 5
128. 1
141. 0
219. 1
159. 5
162. 5
225. 1
178.6
249. 9
173. 2
189. 5
Seas onally ad listed
194. 3
271. 6
177. 0
178. 4
265. 9
195. 5
262. 6
179. 0
196. 4
273. 0
180. 1
197. 6
199. 3
180. 8
279. 3
200. 5
280. 1
181. 8
182. 8
200. 9
282.3
201. 4
277. 9
183. 6
184.4
202.7
277. 8
203. 7
185. 2
283. 0
283. 9
205. 2
186. 1
188. 9
283. 2
206.3
190. 2
286. 8
206. 7
Consunxer finishe d goods
ex(jluding f o<ids
NonTotal Durable durable
104.6
107. 7
111. 2
113. 5
118. 6
138. 6
153. 1
161. 8
104. 0
106. 9
110.8
113. 2
115. 8
126. 3
138. 2
144. 4
105. 0
108. %
111. 7
113. 6
120. 5
146.8
163. 0
173. 3-
165. 5
165. 8
167. 5
168. 1
169.3
170. 5
171. 3
171. 9
172. 3
172. 9
174. 1
175. 1
175. 6
146. 8
146. 9
148. 1
148. 9
149. 4
150. 6
151. 1
151. 6
152. 0
153. 5
153. 6
155. 3
155. 5
178. 0
178. 4
180. 5
181. 0
182. 7
183. S
184. 8185. 6
185. 9
185. 9
187.8
188. 4
189. 1
Note.—Data for May 1977 revised.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In October, the consumer price index rose 0.3 percent (also 0.3 percent seasonally adjusted). Food prices fell 0.1
percent (rose 0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.3 percent seasonally
adjusted) and services prices were up 0.4 percent (also 0.4 percent seasonally adjusted).
WDBC, 1967= 100 (RATIO SCALI)
220
INDEX, 1967«100 (RATIO SCALE}
220
- 120
100
100
1969
1970
1971
1972
1973
1974
1975
1976
SOURCE: DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1969
1970
1971
1972
1973 -.
1974
1975
1976. .
All
items
Food
Commodities
less
food
109.8
116.3
121.3
125. 3
133. 1
147. 7
161.2
170. 5
108.9
114. 9
118.4
123. 5
141. 4
161.7
175.4
180. 8
108.1
112. 5
116. 8
119. 4
123.5
136.6
149. 1
156. 6
Services
commodities
112.5
121.6
128.4
133. 3
139. 1
152. 1
166.6
180.4
108.4
113.5
117.4
120.9
129.9
145. 5
158. 4
165.2
Conmlodities less food
Food
All
AU
108.9
114.9
118.4
123.5
141.4
161. 7
175.4
180. 8
Food
at
home
Food
away
from
home
108.2
113. 7
116. 4
121. 6
141.4
162. 4
175. 8
179.5
111.6
119. 9
126. 1
131. 1
141. 4
159.4
174.3
186. 1
All
108.1
112.5
116.8
119.4
123. 5
136.6
149. 1
156. 6
Services
Durable
Nondurable
107.0
111.8
116. 5
118. 9
121. 9
130. 6
145. 5
154.3
108.8
113. 1
117.0
119. 8
124.8
140. 9
151. 7
158.3
112. 5
121. 6
128.4
133.3
139. 1
152. 1
166. 5
180.4
Seasonal y adjust ed
Unac justed
1976: Oct
Nov
Dec
173. 3
173. 8
174.3
181.6
181. 1
181.7
159.6
160.3
160.6
184.1
185.1
185.8
167. 1
167.4
168.0
182.2
181.7
181.9
180. 3
179. 6
179.7
189.0
189.5
190.4
159.0
159.6
160. 5
156. 6
157.3
158. 4
160.6
161.3
162.0
184.0
184.8
185. 5
1977: Jan
Feb____
Mar
Apr
May___
June
July____
Aug
Sept__,
Oct
175.3
177. 1
178.2
179. 6
180.6
181.8
182.6
183. 3
184. 0
184. 5
183.4
187. 7
188.6
190. 9
191.7
193. 6
194. 6
195. 2
194. 5
194.4
160. 6
161. 6
162.6
163. 6
164.7
165.4
165. 6
166. 0
166.7
167.4
187.4
188.7
190. 0
191.2
192.2
193. 7
195.3
196. 3
197. 7
198.5
169. 4
171.4
172.2
173.6
174.5
175.3
175. 5
176. 0
176. 3
176.7
183.5
187. 1
188. 2
191. 0
192. 4
193. 9
194. 0
194. 5
194.7
194.9
181. 3
185.4
186. 4
189. 3
190. 7
192. 1
191. 9
192. 3
192.4
192.5
192. 0
194.0
195.4
197. 5
199.5
201. 2
202. 1
203. 2
203.7
204.2
161. 6
162.7
163.4
164. 0
164. 7
165. 1
165. 3
165. 8
166.2
166. 7
159. 9
161.4
162.4
163.2
163.5
163. 4
163. 4
163. 5
163. 8
163.8
162. 8
163. 7
164.2
164. 7
165. 6
166. 3
166. 8
167.5
168. 0
168.8
187. 0
188.4
189.9
191. 4
192. 6
194. 2
195. 7
196.7
197.7
198.4
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent el lange from 3 mont]is earlier ; Percent c hange fro m 6 moni as earlier ;
season ally adjus ted annua 1 rates
seasonf tlly adju?sted annulil rates
Percen t change from pre ceding
perio i; season ally ad jus ted 1
All
commodities
Period
1968.
1969
1970
1971
1972.
19731974
1975_1976
1976: Nov.
Dec..
1977: Jan-.
Feb..
Mar.
Apr__
May.
June_
July...
Aug..
Sept.,
Oct..
Nov.-
Farm
products
4.4
2.8
8.4
4.8
2.2 -4,7
8. 1
4.1
18. 7
6. 3
15.4
36.1
20.9 -1.9
5. 5
4.2
4.7 -1. 1
-.6
.6
2.6
.6
1. 1
.5
2. 2
1.0
2.6
1.1
3. 4
1. 1
. 4 -2.3
— . 7 -6.9
— . 1 -1.8
. 1 -4.3
—.2
.5
2.4
.8
3.0
.7
Industrial
commodities
Processed
foods
and
feeds
3.0
6.8
.8
4.7
11.6
20.3
20.9
-3.8
-1. 1
.4
1.8
2
1.9
1. 9
2.6
1.7
-1.7
-2.4
-.8
-.6
.8
1.7
All
commodities
Farm
products
Processed
foods
and
feeds
-1. 3
5.8
12. 9
26.2
26.5
38.3
15.3
-21.9
— 36. 4
-41.3
-22. 3
— 8. 0
23. 1
-0.7
6.5
8.5
15. 1
15.4
28.6
27.8
11.0
-9. 1
-17.7
-14.1
-2.3
7.8
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
-7.3
-3.5
-.2
11.6
15.7
25.0
20.6
-. 6
—6.2
-17.7
-22.1
-23.5
-15.0
-6.0
-3. 1
-2.2
6.9
10.8
18.1
21.3
13.2
8.1
2.5
-2.4
-5.8
-5.8
Industrial
commodities
2.7
3.9
a6
3.4
3.4
10.7
25.6
6.0
6.4
6
3
5
7
7
6
4
3
5
. 5
8
6
4
7.2
7. 1
7.1
8.9
10.6
13.4
10.5
3.2
-1.4
-2.6
1.9
5. 5
8.3
1
Annual changes are from December to December (unadjusted).
NOTE.—Data for May 1977 revised.
9. 5
7. 6
6.1
6.3
8.1
8.5
7. 1
5.1
4. 6
5.3
7.6
7.8
7.3
5.0
5.3
5.5
8.0
8.9
10.2
9.7
6. 8
5.7
3.7
2.5
2.0
2.7
8.4
7.8
7.7
7.9
7.8
7.3
6.7
6.6
6.6
6.2
6.4
6.2
6. 3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percent c aange frc>m 3 mont hs earlier; Percent c biange frc>m 6 mont bs earlier;
seasonsilly adju sted annu al rates
season*dly adju sted annu al rates
Percerit changej from pre ceding
period; seasoilally adju sted 1
Food
Commodities
less
food
Food
Commodities
less
food
„_
4,7
6, 1
5.5
3.4
3.4
8.8
12.2
7. 0
4.8
4.3
7.2
2.2
4.3
4.7
20. 1
12. 2
6.5
.6
3.7
4.5
4.8
2. 3
2. 5
5.0
13. 2
6.2
5. 1
6. 1
7.4
8. 2
4. 1
3.6
6.2
11.3
8. 1
7.3
1976: Oct__,
Nov
Dec.__
.3
.3
.4
.2
2
.1
4
4
6
4
4
4
4. 8
4.0
4.2
1.8
—.2
.0
5.5
4. 6
5.7
6.6
5.8
5. 1
5.5
4.8
4.8
3. 1
1. 0
.8
5.8
5.2
5.6
7.0
6.7
6. 3
1977: Jan__
Feb.._Mar___
Apr
May...
June.July...
Aug—
Sept....
Oct>..
.8
1.0
.6
.8
.6
.6
.4
.3
.3
.9
2.0
.6
1.5
.7
.8
.1
.3
„. 1
i
7
7
4
4
4
2
1
3
2
3
8
7
8
8
6
8
8
5
5
;4
6. 1
9. 1
10. 0
9. 9
8. 4
8. 1
6.4
5.2
4.2
3.8
2. 9
12.4
14. 6
17.4
11.8
12. 7
6.4
4.4
1.7
1.9
6.7
8.0
7.4
6. 1
5.0
4. 2
3.2
2.7
2.7
3.4
6.7
8.0
9. 8
9.7
9.2
9.4
9.3
8.8
7.4
5.6
5.5
6.5
7. 1
8.0
8.7
9.0
8. 1
6.8
6.1
5.1
2.3
5. 9
7. 0
9.9
12. 1
13. 6
11.8
8. 1
7.0
4. 1
6. 1
6. 3
6.5
6. 4
6. 5
5. 8
4.6
3. 8
3. 5
3.3
6. 6
6. 9
7.4
8.2
8.6
9. 6
9. 5
9. 0
8.4
7.4
Period
All
items
1968
1969
1970
1971
1972.
1973
1974
1975
1976
o
Services
* Annual changes are from D ecember to December (u nadjusted).
24
All
items
Services
All
items
Food
Commodities
less
food
Souiree: Departm ent of Labor Bureau of I,abor Statis tics.
Services
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 1 percent in the month ended November 1 5. Contributing most to the increase were
higher prices for corn, soybeans, and wheat. Partially offsetting were lower prices for hogs, oranges, and cattle.
Prices paid by farmers were up K percent from their October 15 level.
»DC, 1967= 100 (RATIO SCALQ
220
200
200
180
180
PRICES RECEIVED
{ALL FARM PRODUCTS)
160
160
140
140
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
RATIO J/
70 F
60
1969
1970
1971
1972
1973
1976
1974
I
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
Prices ireceived by farmers
Period
1969
197CL
1971
1972
1973....
1974
„
1975
1976
All farm
products
.
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1«367=100
Parity ratio l
Actual
Adjusted 2
107
110
113
125
179
192
185
186
97
100
108
114
175
224
201
197
117
118
118
136
183
165
172
177
108
112
118
125
144
164
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
71
74
91
86
76
71
79
77
75
79
94
87
76
72
1976: Nov 15
Dec 15
173
178
186
190
162
169
192
193
180
181
191
193
66
68
67
68
1977: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Get 15
Nov 15
103
187
190
191
194
184
180
175
174
178
180
198
203
211
214
214
198
182
173
171
178
187
170
174
171
172
176
173
179
177
177
177
175
198
200
201
204
204
204
203
202
201
201
202
182
196
199
201
204
205
203
201
199
197
198
199
68
69
69
69
70
67
65
64
64
65
66
69
70
70
70
70
67
66
64
64
65
66
._
„„
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
(33)
()
(33)
()
(33)
(3)
(3)
()
(3)
(')
3
Index discontinued. Consumer price index (Department'of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The growth in the monetary aggregates slowed in November as Mi declined.
BILLIONS Of DQtUiRS* pAT»O SCALQ
BILLIONS OF DOLLARS* [RATIO SCAI4
300
300
200
200
1977
1969
'SEASONALLY ADJUSTED
SOURCft &OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Ovei*all meas ures *
Deposi ts at co mmercia 1 banks
Period
M,
M2
M3
Currency
Timte and sa vings
Demand
Total
1972:
1973:
1974:
1975:
1976:
1976:
Dec___
Dec
Dec
Dec___
Dec_._
Nov..
Dec_._
1977: Jan. _ _
Feb_._
Mar__
Apr_._
May__
June_
July._
Aug__
Sept__
Oct...
Nov *>_
255.3
270.5
283. 1
294. 8
312.4
310.4
312. 4
313. 8
314.0
315. 4
320. 5
320. 7
321. 9
326. 8
328.4
330.4
333. 7
333. 2
525.3
571.4
612. 4
664. 3
740. 3
732.3
740.3
746. 3
750. 7
756. 1
764. 6
767.6
772.8
783.5
787. 7
792. 9
799. 6
802. 6
844. 5
919.6
981.5
1, 092. 6
1, 237. 1
1, 223. 4
1, 237. 1
1, 248. 9
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 5
1, 316. 9
1, 329. 5
1, 343. 1
1, 357. 1
1, 365. 3
56.9
61. 5
67. 8
73. 7
80. 5
80. 2
80. 5
81. 1
81.8
82. 2
83. 1
83. 6
84. 0
85. 1
85. 5
86.4
87. 1
87.8
198.4
209. 0
215.3
221. 0
231. 9
230. 2
231. 9
232.7
232. 1
233. 2
237. 4
237. 1
238. 0
241. 7
242. 9
244.0
246. 6
245. 5
313.5
363.9
418. 3
451. 7
491. 1
484, 2
491. 1
495.6
500. 0
502. 8
505. 7
509. 2
514. 8
519. 5
522. 5
525.8
532. 2
540.3
Mz is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Mz is M2 plus
deposits at nonbank thrift institutions.
26
Per cent
chaiage 2
Compoilents an<i related iterns
Large
CDs
43. 5
63. 0
89.0
82. 1
63. 3
62. 2
63.3
63. 1
63.3
62. 2
61. 6
62. 3
63.9
62. 8
63. 2
63. 2
66.4
70. 9
Other
270. 0
300. 9
329. 3
369. 6
427.9
422. 0
427. 9
432. 5
436.7
440. 6
444. 1
446.9
450. 9
456. 7
459. 3
462.6
465. 9
469. 4
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjust-
319. 3
348. 1
369. 1
428. 3
496.8
491. 0
496. 8
502. 6
507. 5
512. 1
516. 6
521. 4
526. 7
533. 5
541. 7
550.2
557. 5
562. 7
7. 4
6. 3
4. 9
4. 1
4. 7
4. 2
4. 7
4. 2
4. 4
4. 5
5. 6
3. 8
M,
M2
9. 2
6. 0
4. 7
4. 1
6. 0
4. 6
6. 2
5. 9
5. 0
5. 6
6. 6
6. 7
6. 2
8. 5
9. 4
11. 4
8. 8
7] 2
8. 5
1L 4
10. 8
12. 4
12. 0
ll! 7
11. 4
10. 9
9. 9
9. 0
10. 2
10. 1
10. 0
9. 4
9.' 3
ed)
5.2
3. 9
3. 7
5. 4
4. 1
3.8
9.7
8 4
7.9
2 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 Eeserve system.
PRIVATE LIQUID ASSET HOLDINGS—NONFINJINCI&II INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
U.S. Ti-easury
secui ities
Time d eposits
Negotiable
certificates of
deposit
Other
private
money
market
instruments
Total
liquid
assets
Total
Dec
Dec
Dec
Dec
Dec
Dec
Dec
769.5
851.8
967.4
1, 079. 2
1, 166. 9
1, 290. 4
1, 423. 7
632.4
718. 9
817.0
887.5
945.2
1, 054. 4
1, 194. 2
49. 1
52. 6
56.9
61.5
67.8
73.7
80. 5
151.8
161.6
176.4
183.3
187.2
191.7
198.8
198.9
233.6
264.5
294. 5
321.2
360.6
418. 1
232.7
271. 1
319.3
348. 1
369.1
428.3
496.8
52.0
54.3
57. 6
60.4
63.3
67.2
71.9
41.9
31.3
34.4
43. 3
47.5
66.5
66. 1
21.8
27.7
36.3
53.8
70.4
59.4
44.2
21.4
19.6
22.2
34.3
40.5
43.0
47. 4
1976: Nov
Dec
1, 413. 0
1, 423. 7
1, 182. 2
1, 194. 2
80.2
80.5
198.3
198.8
412.7
418. 1
491.0
496.8
71.5
71.9
68.5
66. 1
43.4
44.2
47. 5
47.4
1977: Jan__
Feb
Mar
Apr
May.
June.
July
Aug_
Sept__
Oct.. _
Nov v
1, 438. 5
1, 453. 6
1, 464. 3
1, 478. 6
1, 486. 8
1, 499. 6
1, 519. 4
1, 534. 1
1, 549. 7
1, 567. 4
1, 580. 1
1, 207. 6
1, 216. 7
1, 226. 0
1, 239. 4
1, 246. 3
1, 256. 0
1, 273. 4
1, 284. 7
1, 299. 0
1, 313. 4
1, 321. 0
81. 1
81.8
82.2
83. 1
83.6
84. 0
85. 1
85. 5
86.4
87. 1
87. 8
200.9
200. 1
200.9
205.5
204.5
205.0
208. 7
208. 6
209.9
213.2
212.2
423. 0
427.2
430.8
434.2
436.8
440.4
446. 1
448. 9
452.5
455. 7
458.2
502.6
507.5
512. 1
516.6
521. 4
526. 7
533.5
541. 7
550. 2
557. 5
562.8
72.3
72.6
73.0
73.4
73.8
74.2
74.7
75. 1
75.4
75. 8
76. 2
66.9
70.3
70.3
70.0
69. 2
68.4
69.8
71. 8
72.5
71.5
70.9
43. 6
44.2
43.3
42. 5
42. 8
44. 3
43.4
43.8
43.5
46. 8
51. 6
48. 1
49.7
51.7
53.3
54. 7
56. 6
58. 1
58.7
59.3
59.9
60.4
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institu- bonds able setions
curities
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total *
1969
1970
1971
1972
1973
1974
1975_
1976
___
_
1976: Oct
Nov
Dec___
1977: Jan
Feb. _
Mar__
Apr _
May _ _
June-July
Aug__
Sept___
Oct___
_
_
Automobile
Bank
credit
cards
Total i
Automobile
Bank
credit
cards
Net change in amount <outstanding
Total l
146
296
826
117
863
200
169
328
32, 553
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
99, 786
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
29, 974
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
9,360
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
15, 844
16, 712
17, 677
4,834
5, 312
5,869
2,266
2,260
2,297
14, 753
15, 077
15, 236
4,500
4, 630
4,667
2,095
2,148
2,228
1,091
1,634
2,442
15, 084
15, 610
15, 525
15, 886
15, 849
16, 388
16, 167
16, 553
16, 814
17, 160
4,712
4,801
4,816
4,901
4,801
5, 100
4,897
5, 104
5, 005
5,234
2,176
2,201
2, 142
2,298
2,430
2,403
2,382
2,396
2,567
2,687
2,156
1,984
2,971
2,898
2,655
2,422
2,464
2,651
2,351
2, 626
109,
112,
123,
137,
157,
157,
164,
193,
17, 241
17, 595
18, 496
18, 784
18, 503
18, 810
18, 631
19, 204
19, 164
19, 787
* Includes some items not shown separately.
Instalmc3nt credit liejuidated
5,511
5,819
6, 199
6, 106
6,048
6,063
5,966
6, 158
6, 109
6, 083
2,182
2,408
2,406
2, 576
2,621
2,640
2,566
2,711
2,847
2,973
Automobile
2,579
-^-347
4,207
5,512
5,758
Bank
credit
cards
1.332
1,153
699
918
500
1,430
1,443
1,220
1,850
334
682
171
112
69
799
6
207
263
278
192
238
184
315
279
287
3,007
10, 238
1,201
1,019
1,383
1,205
1,247
963
1,069
1,054
1, 105
850
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Revisions of the banking data smoothed the growth of business loans/ in November they were 12% percent above
a year earlier.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
BILLIONS OF DOLLARS* (RATIO SCAL^
1,000
"ALL COMMERCIAL BANKS"
800
800
600
600
400
400
200
200
,„„„..»«'"*"""**"
INVESTMENT IN OTHER SECURITIES
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
60
40
40
1970
1969
1971
1972
1973
1974
1975
1976
""SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
and
investments
Period
1969
1970
1971
1972
1973
1974
1975
1976
....I
4
.
401.7
435. 5
485. 7
558. 0
633. 4
690. 4
721. 1
784. 4
1976: Nov
Dec
778. 8
784. 4
1977: Jan
Feb.
Mar
Apr- . _
May _
June _„
July p . _ _ Aug*>v
Sept
Get*..
Nov p
_
787.3
797. 9
805. 1
815. 7
823, 9
830.5
837.0
845. 6
848.4
857. 9
866. 1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
>anks 1
Allc ommercial fc
Allm€ mber ban ks
i
Borrowi tigs (milIReserves 2 3
L<Dans
Investnaents
lions of dollars,
unadjt isted) 2
Total ex- Commer- U.S. Gov- Other
Recluding cial and
NonSeaernment
Total
Total
secuinter- industrial securities
borrowed quired
sonal
rities
bank
51.2
26. 82
279. 4
105.7
27. 94
1,086
27. 66
71. 1
292. 0
321
110. 0
57. 8
29. 12
28. 79
85.7
28.87
31.22
320. 9
116. 1
31.04
60.6
104,2
31. 10
107
130.2
31.41
30.
36
378.9
62.6
31.12
1,049
116. 5
449, 0
156.4
34. 94
33. 64
54.5
34.64
1,298
129. 9
41
183.3
50.4
500. 2
36. 60
36.34
703
35. 87
32
139.8
176.0
79.4
34. 73
34. 60
496.9
144. 8
34.46
127
13
5
179. 5
538.9
34. 90
62
97.3
34 95
148.2
3468
12
179.0
533. 1
95. 4
34.59
84
21
150. 3
34.85
34.78
538. 9
179.5
97. 3
34. 90
34. 95
62
148.2
34.68
12
541.4
546.6
552.9
560. 7
566. 1
572. 4
579. 0
587. 0
592.2
602. 5
611.2
180.4
182.2
184.4
186.7
188.2
190.2
192.4
194. 6
195. 1
199.3
201.6
97.0
101.7
103. 8
103. 2
105. 1
105.2
103. 6
103. 1
100. 1
97.8
95.0
*Data are for end of period.
2 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 Eegulations D and M.
* During 1974, total loans and investments were increased $0.6 billion due to
3
28
1977
148. 9
149.6
148.4
151.8
152.7
152. 9
154.4
155. 5
156. 1
157.6
159.9
34, 78
34. 40
34. 31
34.68
34. 72
34.86
35. 35
35. 64
35.63
35. 90
36.02
34. 71
34. 33
34.20
34.61
34. 52
34. 60
35. 03
34. 58
35. 00
34. 59
35. 16
34, 51
34.20
34.09
34.49
34.51
34.71
35.08
35.44
35. 42
35.69
35.75
61
79
110
73
200
262
336
1,071
634
1, 319
839
8
12
13
14
31
55
60
101
112
114
82
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.
Note.—Data revised beginning January 1977.
Source: Board of Governors of the Federal Beserve System;
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
......••
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
_
. ,
Total
Internal1
Credit market funds
Total
Tntnl
1970
1971
1972
1973
1974
1975
1976
_„.„-. ..
1976: I
II
III
iv-
1977: I
II
m>
Uses
External
..
Longterm 2
Short-3
term
8.6
3.9
104.3
127. 1
152.9
180.7
180. 7
148.4
213. 5
58.9
68. 6
80.8
83. 8
75. 7
107.8
125. 8
45. 5
58.5
72. 2
96.9
105. 0
40.6
87. 7
40. 7
44. 5
57.7
72.7
81.8
36. 6
58. 3
32. 1
40. 6
40.7
37.0
39. 1
49. 3
48. 6
219. 8
220.4
204. 3
209. 5
125.4
125.0
130.5
122.3
94.4
95.5
73.8
87.2
52. 1
60.2
51.7
69. 4
50. 1
46.8
51.0
46. 6
268.6
240.4
240.7
125. 7
134.8
145.3
143. 0
105.6
95.4
86.6
87.7
65.5
42.4
55.8
49.3
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, "bonds, and mortgages.
s Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
Total
Other
Purchase
of
physical
assets 4
crease
in
financial
assets
In-
Discrepancy
(sources
less
uses)
14. 1
14.5
24.2
23. 2
4. 1
29.4
4.8
95.9
114. 6
136. 5
162. 6
163. 5
132. 3
197.2
80.3
86. 0
100.3
123. 3
134. 7
98. 6
140. 3
15. 6
28. 6
36.2
39. 3
28.9
33.7
56.9
8. 4
12. 5
16. 5
18. 1
17. 1
16.2
16.3
22. 8
.7
42. 3
35.3
22. 1
17.8
203.2
202. 5
192. 6
190.5
134.3
143. 1
150.4
133. 4
68.9
59.4
42. 1
57. 1
16.6
17.9
11.7
19. 0
44. 3
31.8
16.2
56. 3
17.9
29.9
257.4
233.6
232. 0
153. 7
169.5
173.7
103. 7
64.1
58.3
11.3
17.0
35.7
42.7
-12. 7
9. 7
2. 1
13.4
6.8
8.7
* Plant and equipment, residential structures, inventory investment, and mineral rights.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Gunrent liabi lities
Ctirrent ass(its
Ad-
End of
period
Cash
U.S. Receivables
on
Govfrom
ernTotal hand
U.S.
and
ment
Govin
securiern- 3
banks * ties 2 ment
492. 3
1970
1971
529.6
1972
573.5
1973
643. 3
712. 2
1974
1975
731.6
1976
816. 8
1975: III.. 716. 5
IV... 731. 6
1976: !.„. 753. 5
!!___ 775. 4
III.. 791. 8
IV... 816.8
1977: !__„_ 845. 3
II... 874. 7
1
2 Includes
Includes
3
50.2
53.3
57. 5
61.6
62.7
68. 1
77.0
65.6
68. 1
68.4
70. 8
71. 1
77. 0
75.0
77.9
7.7
11.0
9. 3
11. 0
11.7
19. 4
26. 4
14.3
19. 4
21. 7
23. 3
23. 9
26.4
27.3
24. 1
4.2
3. 5
3. 4
3.5
3.5
3. 6
4. 3
3. 3
3. 6
3. 6
3.7
4.3
4. 3
4. 6
4.8
Notes
and
accounts
receivable
201. 9
217. 6
240.0
266. 1
289.7
294. 6
323. 9
294. 7
294. 6
307.3
318. 1
324. 2
323. 9
342. 0
356.6
Other
Incurvenrent
astories
sets 4
Total
193. 3
200. 4
215. 2
246. 7
288.0
285. 8
315.4
279.6
285. 8
288.8
295. 6
302. 1
315.4
322. 1
332. 5
304. 9
326.0
352. 2
401. 0
450. 6
457. 5
499. 9
444. 7
457. 5
465. 9
475. 9
484. 1
499. 9
516.6
532.0
time certificates of deposit.
Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset a gainst inventories on corporations' books.
35.0
43.8
48. 1
54. 4
56.6
60. 0
69. 8
59. 0
60. 0
63.6
63. 9
66. 3
69.8
74.3
78.8
vances
Fedand
Notes
eral
preand
inpayac- : come
ments. counts
tax
U.S.
payliabiliable
Govties
ernment 8
Other
current
•liabilities*
204. 7
215.6
230. 4
261. 6
287. 5
281. 6
295.9
273.4
281. 6
280. 5
287. 0
284.7
295. 9
302. 2
313.2
83. 6
92.4
102.6
117.0
134. 8
148. 8
170. 2
145.6
148.8
155. 0
160. 1
167.5
170.2
179. 0
188. 6
6.6
4.9
4. 0
4. 3
5. 2
6. 4
7.0
6.2
6. 4
6/4
6.8
7.0
7.0
6.8
5.7
10.0
13. 1
15. 1
18. 1
23. 2
20. 7
26. 8
19. 4
20.7
23. 9
22. 0
24.9
26. 8
28. 6
24. 5
Net
working
capital
187. 4
203. 6
221.3
242. 3
261. 5
274. 1
316.9
271.8
274. 1
287. 6
299. 4
307.7
316. 9
328. 7
342.7
* Includes marketable investments (other than Government securities and
time
certificates of deposit) as well as sundry current assets.
6
Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates remained fairly level in early December.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE ,\aa BONOS
(MOO DY'S)
\/\
A
/ \
A-.
r
i
J
/-'I
\A
x--/| V ¥
V
v
1
*«,,..,/
1
£|c COUNT
*ATE
FE DERAL
REESERVE
\
(*•
\
\ L
"^ I
ZA NK OF
NB/V YORK
V
11 i I 1 1 1 M I -I '
19<59
! M ! 1 I ! MM
.
19/0
*"W^
Al\ L,
^ 'L
?
\
//
U
/ 1
4
j.\ .
fJ \ L
\
/
\
\ /
\
\/
'l r-/
\ /**V'X"*S**"S
\
/-
/
M/*«j ^
TREASURY IJILLS
i
S1
/
/*
\ A/
fS
\
\ .'"*•-./
V
;
V
• 1 1 LJ 1 1 ! J 1 1J_ f t j I I f 1 M t_L
" 1971 *
n iM 1 1 1 1 1 1
I ! 1 1 1 I I ] 1 I!
! 1 I 1 ! ! ! f t 1 1
( t-f f ( ( f t f 1_L
f f | I J I I f | f IK
1974
1975
1976
1977
1973
1972
souRCf.- see TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1971
1972
1973.
*
1974
1975
1976.^
1976: Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
_
Oct
___
Nov
Week ended:
1977: Nov 18
25
Dee 2
9
16
23
U.S. Government seenirity yields High-grade
Prime com- Discount
municipal Corporate
mercial
rate
Aaa
3-month
bonds
paper,
(N.Y.
3-5
year
Taxable
bonds
Treasury
(Standard4 (Moody's)
4-6
F.R.
issues 2
bonds* &
bills l
Poor's)
months
Bank)5
Ann
4.348
4.071
7.041
7.886
5.838
4.989
4.810
4.355
4597
4.662
4.613
4.540
4. 942
5. 004
5. 146
5.500
5.770
6. 188
6.160
5.77
5.85
6.92
7.81
7.55
6.94
6.35
5.96
6.49
6.69
6.73
6,58
6. 76
6.58
6.67
6.90
6.92
7.23
7.28
5.74
5.63
6.30
6.99
6.98
6.78
6.62
6.39
6.68
7. 15
7.20
7. 14
7. 17
6.99
6.97
7.00
6.94
7.08
7.14
5.70
5.27
5.18
6.09
6.89
6.49
6.05
5.69
5.70
5.75
5,76
5.61
5.64
5.53
5.50
5.46
5.37
5.53
5. 30
6. 092
6.084
6.057
6.049
6.073
5.985
7.24
7.25
7.29
7.36
7.38
7. 14
7. 13
7. 14
7. 18
7.20
5.35
5.35
5.37
5.43
5.45
»2 Kate on new issues within period.
Selected note and bond issues.
3
4 April 1953 to date, bonds due or callable 10 years and after.
Weekly data are Wednesday figures.
«Average effective rate for year; opening and closing rate for month and week.
30
7.39
7.21
7.44
8.57
8.83
8.25
7.98
7.96
8.04
8.10
8.04
8.05
7.95
7.94
7.98
7.92
8.04
8.08
5. 11
4.69
8.15
9.87
6.33
5,35
5.05
4,70
4,74
4.82
4.87
4.87
5. 35
5.49
5.41
5.84
6.17
6.55
6.59
5}£-5%
§yg~§y*
5%— 5%
5M—5/4
5K"~5%
5%—5%
5%—6
6-6
8.07
8.07
8. 08
8. 13
8. 18
6. 59
6.56
6.57
6.60
6,64
6-6
6-6
6-6
6-6
6-6
a 43
4.88
4.50
6,45
7.83
6.25
5.50
5K~5%
5%-5%
5M~5%
51^51^
5%~5%
Prime
rate
charged
by
banks 8
Newhome
mortgage
yields
(FHLBB)«
5.72
5.25
8.03
10.81
7.86
6.84
7.74
7.60
7.95
8.92
9.01
6H-6K
6££_5}£
9.05
9. 10
9. 05
8.99
8.95
6M~6%
6/4~6*%
6%—6/4
gi^gi^
6%— 6%
6M— 6%
6%~ 6%
6% 7
7 -7K
7% 7%
a 99
a 94
a 96
8.98
9. 00
9.02
9. 04
9. 07
9.07
^73/___'"7a/
<
T3/.*73/
7%—7%
7^_73^
7—.7
6
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average,repayment
at end of 10 years. Kates beginning January 1973 not strictly comparable with
prior rates.
Sources: 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 moved downward in early December.
INDEX, DEC 31,1965=50
80
INDEX, DEC 31,1965=50
80
COMPOSITE STOCK PRICE INDEX
- 30
30 -
1969
1977
1970
PERCf ENT
PER CENT
20
20
«10
0
I
! !
1969
t
! 1
1970
/
^SV
/
!
1 1
1971
1
I 1
1972
f
1
\
1
^
-^
- 5
\ I
1974
1973
I I I
1975
1
!
1976
1971
1972
1973
1974
1975
1976
1976: Nov
Dec
1977: Jan
Feb___ __
Mar
Apr_
May- _
June
July
Aug__
Sept___
Oct
Nov
Week ended:
1977: Nov 18
25
Dec 2
9
16
1
New York Stock Exch ange indexe 3 (Dec. 31, 1.965=50) 2
57.92
65.73
63.08
48. 08
50. 52
60.44
59.45
61. 54
61.26
59. 65
59.56
58.47
58. 13
58.44
58.90
57.30
56. 41
54. 99
55.62
44.35
50.17
37.74
31.89
31. 10
39.57
39.28
41.77
41.93
40. 59
40. 52
41.51
43. 25
43.29
43. 52
41. 04
39. 99
38. 33
39.30
39. 53
38.48
37.69
29.79
31.50
36.97
38.85
40.61
41. 13
40.86
40. 18
40.24
41. 14
41.59
42.44
41.50
40. 93
40. 38
40.33
70.38
78. 35
70. 12
49. 67
47. 14
52. 94
53.25
57.45
57.86
55.65
54. 84
54.30
54. 80
55.29
57.29
56.52
55.33
53. 24
54.04
52.51
52. 99
52.46
51.56
51.72
56. 29
56. 87
56. 24
55. 18
55.40
40. 10
40.45
39. 91
39. 24
39. 63
40.82
40.88
40. 59
40. 30
40.34
54.67
55. 54
55. 32
54. 10
53.83
Averagesol daily closing prices.
YSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Utility
54.22
60.29
57.42
43.84
45.73
54.46
54. 17
56. 34
56.28
54.93
54.67
53.92
53. 96
54.30
54.94
53.51
52.66
51. 37
51.87
28 Includes all the stocks (more than 1,600) listed on the N
Includes 30 stocks.
* Includes 500stocks.
e
I
! !
1977
0
Common stook yields
(perc ant) *
Comrnon stock pi•ices l
Composite Industrial Transportation
I
COUNCIL OF ECONOMIC ADVISERS
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
15
irt
x^—,
\ ^-^i^
1^^
•»•
5
-
y.
1ARMINGS- PRICE RATIO ON COMiMON STOCKS
(S&P)
\
Standard
Dow& Poor's
composite Dividend- EarningsJones
industrial$
index
ratio
ratio
average (1941-43=
10) *
5.41
3. 14
884. 76
98.29
2.84
5. 50
109. 20
950. 71
7. 12
3.06
107. 43
923. 88
11.59
82. 85
4.47
759. 37
9. 15
802. 49
4.31
86. 16
8.90
974. 92
102. 01
3.77
4. 04
944. 58
101. 19
9.22
3. 93
104. 66
976. 86
103. 81
3.99
970. 62
4.21
941. 77
100. 96
4. 37
10.23
100. 57
946. 11
929. 10
4. 47
99.05
4. 57
98. 76
926. 31
4. 60
99. 29
916. 56
100. 18
4. 59
908. 20
4.72
872. 26
97. 75
4. 82
10.37
853. 30
96. 23
93. 74
4. 97
823. 96
5.02
94. 28
828. 51
837. 16
841. 59
829. 25
811. 50
817. 38
95.44
96. 13
94. 96
93. 30
93.63
4.95
4. 92
5. 01
5. 13
5.07
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
ni
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1978, there was a budget deficit of $14.7 billion. A year earlier, the deficit was $13.0
billion.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTLAYS
400
400
300
300
200
200
50"
50
SURPLUS (+) OR DEFICIT (-)
0
-50
-50
I
-100
1969
1970
1971
-100
1973
1974
FISCAL YEARS
1972
1975
1976
1978
1977
COUNCtt. OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICi OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
1972
__
1973
1974
1975
1976
Transition quarter
Receipts
.
„
__ __
October 1975-September 1976
1977
1978 (estimates):
Estimates, November 1977 2 __
Second Concurrent Resolution
__
3
_
First month:
Fiscal year 1977
Fiscal year 1978
* Excludes non-interest-bearing public debt securities held by IMF.
2 Estimates
"RstimatfiS from
frnm Revised
T?Pnis/>d 1978
1QVR Budget
J3<iir1ftft Outlay
Clttflnii Estimates,
TFativnntfo Office
nffino of
/vf Management
TV;T.
and Budget, November 11,1077.
32
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Total i
Held by
the public
187.8
193.7
188. 4
208.6
232.2
264. 9
281. 0
299. 2
81.7
184.5
196. 6
211.4
232.0
247. 1
269. 6
326. 1
365. 7
94. 6
-2.8
-23.0
-23.4
-14.8
-4.7
—45. 1
-66. 5
-13. 0
3.2
367.1
382.6
409.5
437. 3
468.4
486. 2
544. 1
631.9
646.4
279.5
284.9
304. 3
323. 8
343. 0
346. 1
396. 9
480. 3
498.3
308. 6
356.9
369.2
401.9
-60. 6
45.0
645.7
709. 1
497. 7
551.8
401. 4
397.0
459.8
458.3
-58. 5
— 61. 3
802.4
637. 1
21.0
24. 1
34.0
38. 8
-13. 0
-14.7
649. 3
707. 7
502. 7
553.7
Second Concurrent Resolution on the Budget—Fiscal Year 1978, September 15,1977.
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
^FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal year 1978 budget receipts were $3.1 billion higher than a year earlier and budget outlays,
$4.8 billion higher.
BILLIONS OF DOLLARS
200
BILUONS OF DOLLARS
-RECEIPTS-
200
INDIVIDUAL INCOME TAXES
100
100
«.-«..,«
OTHER RECEIPTS
„„„„„„„lc,-M»--- J_MM_-.—•~~*l>l*
400
400
OUTLAYS
300
300
200
200
NONDEFENSE
NATIONAL DEFENSE
100
100
1969
1970
1971
1973
1972
1974
1975
1977
1976
1978
FISCAL YEARS
SOURCES.- DEPARTMENT OF THE TREASURY AND OFFtCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
Billions of dollars]
(3utlays
liecc ipts
Nationa I defense
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974_
1975
1976
Transition quarter. _
October 1975-September
1976
_ _
1977
1978 !
First month:
Fiscal year 1977
Fiscal year 1978
Total
__
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Department of
Defense,
military
Interna- Health
Inand
tional
income terest Other
affairs security
187.8
193. 7
188.4
208. 6
232. 2
2649
281, 0
299, 2
81, 7
87.2
90. 4
86.2
94.7
103. 2
119.0
122.4
130.8
38.7
36.7
32. 8
26.8
32.2
36.2
38.6
40. 6
41.4
8.5
63.9
70. 5
75. 4
81.7
92.8
107. 4
118.0
127. 0
34. 5
1845
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
365. 7
94 6
80. 2
79. 3
76.8
77.4
75. 1
78.6
86.6
90.0
22.5
77.9
77. 2
74.5
75.2
73.3
77.6
85.0
88.0
21. 9
3. 8
3. 6
3. 1
3.9
3. 5
4.8
5.9
5. 1
2. 0
49. 0
56. 1
70. 1
81.4
91.8
106.5
136. 3
160. 0
41. 4
15.8
18. 3
19. 6
20. 6
22. 8
28. 1
31.0
34 6
7. 2
35.7
39. 3
41.8
48. 8
53. 9
51. 7
66.4
76.0
21. 5
308. 6
136.8
41.0
130.9
369.2
90.6
88.5
5.8
163. 8
35.5
73.5
356.9
401. 4
156.7
178. 2
54.9
59. 7
145.2
163. 5
401.9
459.8
96,7
107.5
95.8
105. 3
5.5
6.5
175.8
190.4
38.0
43.8
85.9
111.6
21. 0
24. 1
11. 1
13.3
1. 0
1. 4
8.9
9.4
340
38.8
7.6
8.1
7.2
8. 0
;5
.4
143
14 8
2.6
2. 9
8.9
12. 5
i Estimates from Revised 1978 Budget Outlay Estimates, November 11, 1977.
NOTE.—Figures beginning 1976 reflect recent definitional change: Earned
income credit payments in excess of an individual's tax liability, formerly treated
as outlays, now classified as income tax refunds. Deficit figures are not affected.
Total
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates, Federal receipts rose $2.0 billion (annual rate) in the third quarter and expenditures,
$20.6 billion, yielding a deficit of $58.9 billion, $18.6 billion more than the deficit in the second quarter.
BILLIONS OF DOLLARS
BILUONS Of DOLLARS
i«H4
40
1
40
SURFtUS
""•"i
l
i
i
i^I^|
-40
L^fJlM
mm
DEFICIT
^
1
\
//
-80
\ II\ 1 1
III
i
y
iI
n
-40
i
-80
i
-120
-120
19<}9
1970
1972
1971
1973
1974
197<5
1?75
19 77
CALENDAR TEAKS
cowKit Ctf
SQVKf, DEFAHMeNt I JFCOMMEUCT
ECC NOMt C Al)VISE«
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]''ederal (jovernment expenditures
Federal Clovernm ent reoeip ts
Period
Indirect
Personal Corporate business
anu profits
Total tax
tax and
nontax
tax
nontax
receipts accruals
accruals
Fiscal year:
1974
271.8
1975
283.6
1976
314. 1
Calendar
year:
1972. . ._- 227. 5
1973
258. 3
1974- . _.. 288. 6
1975 _ _ . 286. 9
1976
332. 3
1976: \
318. 4
!!„_ 329. 1
III.. 337. 1
IV... 344. 5
1977: I
364. S
II.— 371. 2
Ill-- 373. 2
122. 6
127.3
137.2
108.2
114.6
131. 1
125. 6
147.3
138. 0
143.9
150.3
157.1
170. 0
168.6
168.6
43.7
21.4
42. 1
52.2
24.2
36.6
20.0
21.2
43.0
22. 1
21.7
45.9
43.1
55.9
54.4
57.0
56.9
55. 1
24.0
23.4
22.7
23.2
23. 7
23. 8
55.4
59.9
59.5
24. 2
24. 6
25.4
Surplus
or
Gran taSubsidies Less: deficit
ContriPurWage
in-aid
less
(-),
butions
chases Trans- to State Net
current accruals national
for
Total of goods fer pay- and interesi surplus o: less
income
social inments local
and
paid Govern- disand
surance
governservices
ment en- burse- product
ments
terprises ments accounts
84.2 278.8
92. 1 328. 7
100.5 372. 3
104.6
117.9
126.5
104.7
134.2
156. 8
41. 6
48.4
57.5
62.8
79.4
89.9
94.2
105.7
103.2
105. 0
106.2
102.1
102.2
111.1
123.3
130.1
127.6
128.5
130.2
134.2
136.3
83.2
95.8
117.6
149. 1
162.0
160.2
157.8
163.9
166. 3
170.7
169.3
174.8
37.5
40.6
43.9
54.6
61. 0
58.5
56.8
63. 1
65. 5
62.0
63. 6
72.7
244.7
265. 0
299. 3
357.1
386.3
378.7
375. 3
390. 6
108.4 400. 4
115. 4 403. 7
118. 1 411. 5
119.7 432. 1
143. 6
148. 1
19.8
21.9
25.4
8.0
5.7
6. 1
14.6
7.8
8. 2
5.3
6.7
5.9
6.2
5.5
6. 1
6.0
6. 1
5.9
7.2
ia2
20.9
23.3
27.2
26.2
26.7
27. 3
28.5
28. 6
29. 1
29.4
Sources; Department of Coromcree (Bureau of Economic Analysis), Department of tlie Treasury, sad Office of Management and Budget.
34
-0.2
— 4.
!o
.5
.0
-. 5
.0
.0
.0
.0
.0
.0
.0
.0
.0
— 7. 0
— 45. 0
— 58. 2
— 17. 3
—6. 7
— 10. 7
— 70. 2
-54. 0
— 60. 3
—46. 2
—53 5
-55.9
,
oo
o
— 40." 3
-58.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria prodtH3tion (setisonally adjuste d)
Period
United CanStates ada
1970
1971
1972
._
1973__
1974___ __
1975___
1976
1977: Feb.—
Mar__
Apr
May_.
Jime__
July...
Aug__.
Sept"...
Oct"_.__
107. 8
109. 6
119. 7
129. 8
129. 3
117.8
129. 8
133.2
135.3
136. 1
137.0
137. 8
138.7
138. 2
138. 7
139.1
115. 3
121. 5
130.0
141.7
145.8
139.0
145.4
150. 3
150. 7
150.3
151.2
152.2
150.5
151.2
150.8
Japan
GerFrance many
151. 7
155.8
167.2
193.3
187.4
167.5
190. 3
194. 8
199. 1
200.8
196.7
199. 4
195.4 \
197. 7
197. 6
120
128
135
145
148
137
149
156
157
154
150
156
m
154
131. 1
133. 6
138.7
147.7
145. 1
137. 1
149. 1
152
155
152
151
152
152
153
152
Con sumer £>riees (urladjustec 1)
United
Italy King- United
States
dom
117.6
117.5
122.7
134.6
140.6
127.6
143. 5
153.8
150.7
144. 1
144.0
135.5
135. 9
132. 8
110.9
110.8
113.2
122.5
120.3
114. 5
116. 0
119.0
119.1
117.5
119.2
114.6
117.0
117. 3
na5
116.3
121. 3
125.3
133.1
147.7
161.2
170.5
177. 1
178.2
179.6
180.6
181. 8
182. 6
183.3
184.0
184.5
Can- Japan France Gerada
many
Italy
112.4
115.6
121.2
130.3
144. 5
160. 1
172.1
179.7
181.5
182.5
184.0
185.3
187. 1
187.9
188.9
190.8
109. 2
114. 4
121. 0
134. 1
159.7
186. 8
218. 1
243.4
246. 5
249. 5
252. 6
254. 3
259. 3
261. 1
263.9
266.7
119.3
126.5
132.3
147. 9
1840
205.8
224.9
237.2
238.7
242.6
244.9
243.6
243.0
243.0
247.3
117. 1
123.5
131. 1
140.7
160.0
178.9
196.1
205. 5
207.3
210.0
212.0
213. 6
215.5
216.7
218.6
107. 1
112. 7
119.0
127.2
136. 1
144. 2
150.7
154.9
155. 5
156.2
156.9
157.6
157.4
157. 3
157. 1
157. 3
United
Kingdom
117. 4
128. 5
137. 6
150.3
174.4
216.5
252.4
279. 7
282. 4
289. 6
291.9
294.9
295. 3
296. 7
298. 3
299. 6
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Eesearch, International Trade Analysis
Staff, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mere!tandise i mports
Merchandise e:sports
3
]Domestic; exports
Ge neral im ports
Total
Food, Crude
Food, Crude
domesbever- mate- Manubever- mate- Manu- Total
tic and
2
2
facforeign Total i ages,
rials
rials
(c.i.f.
fac- Total
ages,
tured value) 4
exand to- and
tured
and to- and
goods
bacco fuels goods
bacco fuels
ports
Period
F.<a,.s. valu
Monthly
average :
1973
1974
1974
1975
1976
1976: Oct
Nov
Dec
B
Custom s value
5
8,354
8,010
10, 057
10, 555
10, 623
11, 020
770 1,120
892 2,653
F.a.s. ^yalue 5
892 2,672
827 2,716
991 3,456
986 3,788
1, 030 3,905
1, 142 3,808
11, 269
11, 674
12, 459
12, 593
11, 616
12, 932
12, 476
12, 232
12, 631
12, 288
1, 150 3,946
1,261 4, 111
1,291 4,964
1,468 4,572
1,354 3,974
1,170 4,829
1,107 4,459
1,071 4,231
1,106 4,674
980 4,471
5,902
8,159
5,811
8,045
1, 078
1,269
1,317
895
3,728
5,294
5,790
8,416
8, 159
_ 8, 928
9,567
9,698
9, 594
10, 397
8,045
8,803
9,427
1,269
1,399
1,436
1,639
1,398
1,379
1,317
1,266
1, 341
1,470
1,482
1,475
5,294
5, 913
6,437
6, 284
6,462
7,324
1,250
1,265
1,451
1,350
1,376
1,315
1,366
1,305
1,430
1,040
1,409
1,574
1,482
1,684
1,789
1,575
1,607
1,247
1,477
1,451
6,459
6,483
6,745
6,479
6,794
6,700
6,695
6,531
7,473
6,258
9,599
1977: Jan
9,808
Feb
10, 072
Mar
9,970
Apr
10, 395
May
10, 112
June
July™ 10, 150
9,563
Aug
Sept... 10, 916
9,190
Oct
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
28 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mei*chandis€5 trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
im- imports
(c.i.f.)
(cus- ports
toms (f.a.s.)
value)
3,750
4, 684
6,131
9,000
112
-195
—229
-841
4,602
4,257
5,398
5,509
5,724
5,832
9, 000
-257 -195
8,616
852
918
10, 797
-583 — 490
11, 308
-925
-857
11, 381 -1, 124 -1,029
-720
11, 789
— 623
-841
312
-1,230
-1,611
-1,787
-1,392
5,861
5, 920
6,069
6,244
6,313
6,629
6, 631
6,724
6,807
6,650
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
13, 330
13, 051
13, 484
13, 121
-257
-1, 758 -1,670 -2, 460
-1,956 -1,866 -2, 655
-2, 484-2, 387 -3,212
-2, 707-2, 623 — 3,449
-1,326 -1,221 -2, 009
-2, 934-2, 820 -3, 698
-2, 408 -2, 326 -3, 180
-2, 721 -2, 670 — 3, 488
-1,778 -1,715 -2, 569
-3, 182 -3, 098 -3, 931
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.
Sources Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the U.S. merchandise trade balance was in deficit by $7.6 billion, slightly less than in the second
quarter.
BILUONS OF D'OLLARS
110
BILUONS OF DOLLARS
SEASONALLY ADJUSTS)
BALANCE ON GOODS
AND SERVICES
/\
* - *"'
BALANCE ON CURRENT ACCOUNT
-5
-10
-10
1976
1970.
1969
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Me rchandise 1 2
Period
Ex-
ports
1970
Im-
ports
Net
balance
Milita ry trans actions
Direct
expenditures
42, 469 - 39, 866 2, 603 -4,, 855
43, 319 -45, 579— 2, 260 -4, 819
49, 381 -55,797 -6,416 -4,784
1973_______ 71, 410 - 70, 499
911 -4, 629
1974__
98, 306 -103,673 -5,367 -5,035
1975
107, 088 -98, 043 9, 045 -4, 795
1976
114, 694 -124,014 -9,320 -4, 847
1975: III... 26, 562 -24,483 2,079 -1, 096
IV... 27, 657 -25,431 2, 226 -1, 198
1976: I
27, 000 -28, 343- 1, 343-1, 160
II.... 28, 380 — 29, 955 -1,575 - 1, 228
-III... 29, 603 -32,411 -2, 808 -1,237
IV... 29, 711 -33, 305 -3, 594 -1,222
1977: I
29, 458 -36, 561 -7,103 -1, 329
II »__. 30, 488 -38,347 -7, 859-1,403
Ill 9 . 30, 737 -38,300 -7,563
1971..
1972
Sales
1, 501
1, 926
1, 163
2,342
2,952
3, 919
5,213
957
1, 164
1, 095
1, 189
1,472
•1, 457
1,845
1,867
Net
balance
Private 3
U.S.
Government
-3, 355 3,605 -112
-2, 893 5, 575 -956
-3,621 6,074 — 1,888
-2,287 7,806 -3,010
-2,083 11, 978 -3, 234
-876 9, 377 — 3,423
366 13, 041 -3, 233
-139 2,435 -816
-34 2,404 -807
-65 3,210 -773
-39 3,025 -745
235 3, 455 -788
235 3, 351 -927
516 4,121 -869
464 4,295 -894
..
12 Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
3
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
Net iiivestment income
Nettravel Other
and
trans- service?,3
porta- net
tion
receipts
Balance
on
goods
and
serv-l
ices
-2,023 2, 190 2,912
-2, 315 2, 509 -340
— 3, 028 2,789 -6, 088
-3, 086 3, 185 3, 520
-3, 105 3, 970 2, 160
-2, 552 4,594 16, 164
-2, 145 4,888 3, 596
-604 1, 180 4, 135
-684 1, 184 4,289
-669 1, 192 1, 552
-337 1, 176 1, 505
-458 1, 239
875
-681 1,279 -337
-953 1, 293 -2, 995
— 737 1,366 -3, 365
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
-3,294 -382
-3, 701-4, 041
-3,854 -9, 942
— 3,887 ^367
-7, 188 -5,028
-4, 612 11, 552
-5,023 -1,427
— 1, 070 3, 065
- 1, 238 3, 051
— 1, 029
523
490
-1,015
-1,936 -1,061
— 1, 045 -1,382
-1,163 -4, 158
— 1,240 -4, 605
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
The growth of foreign assets in the United States and U.S. assets abroad resumed more normal rates in the second
quarter, following a slight decline in U.S. assets abroad and only a very small increase in foreign assets in the U.S.
during the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
130
301
SEASONALLY ADJUSTS)
20
20
CHANOilN
FOREIGN ASSETS
IN THE U.S., NET
10
10
-10
-10
-20
-20
-30
-30
1977
1969
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U. S. assets abroad, iaet
[in ere ase/capita1 outflow (-)]
Period
Total
Other
U.S.
U.S.
official Governreserve
ment
assets 1 2 assets
Forei gn assets- in the U.S., net
[increjase/capit*il inflow (+)]*
Foreign official
assets
U.S.
private2
assets
Total
Total
Other
Assets of foreign
foreign
assets
official
reserve
agencies
6, 907
2, 477 -1,589 -7,052 5, 923
1970—— — 6; 164
2,348 -1,884 -9,763 22,445 26,895
1971— — - -9,299
32 -1, 568 -8, 392 21, 127 10, 705
1972
-9, 929
6, 299
209 -2, 645- 12, 230 17, 753
14, 666
1973
365 -25, 960 33, 612 10,981
1974. _ _ _ _ _ _ -27,029 - 1, 434
6,960
-607 -3,463 -27, 478 14, 336
1975— — -31, 548
-42, 959 -2,530 -4,213 -36, 216 34, 520 17, 945
1976
-342
-745 - 1,994 2,416 -1, 603
1975: III.-_ -3,081
2, 832
— 977 -10,948 5,814
89
IV—_ -11, 836
3,847
-773
-723 -9, 254 6, 856
1976: I..— -10,751
-944 -7, 257 7,385
4,051
TI— : -9,779 -1,578
3,070
-407 - 1, 405 -6, 597 8,201
III— -8,409
6,977
228 -1, 142-13, 108 12, 079
IV— -14,022
5, 719
1, 627 2, 510
-388
331
— 909
1977: I
6,935
6
-827 -10,952 12, 991
II'-. -11,774
153
III *_
i Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. reserve position in the IMF.
* Quarterly data are not seasonally adjusted.
7, 362
— 984
27, 405 -4, 450
10, 322 10, 422
5, 145 11, 454
10, 257 22, 631
7, 376
5, 259
13, 007 16, 575
-1,977
4,019
2, 982
2, 328
2, 323
3,009
3, 308
3, 333
5, 131
1, 251
5, 102
6, 125
5,007 -3, 209
6, 628
6i 056
7, 781
Statistical
discrepancy
Allocations
of
Of
T/vfol
special (sum of which :
drawing
Seasonal
the
rights
adjustitems
(SDR) with sign ment
reversed) discrep-
U.S.
official
reserve
assets,
net i.
(unadjusted,
end of
period)
-244
14,487
867
12, 167
717 -9,822
710 -1,966
13,151
14, 378
-2, 720
15, 883
-1,555
16, 226
5, 660
18, 747
9,866
-2,400 -2,475 16, 291
2, 971
1, 316 16, 226
3,372
717 16, 941
129 18, 477
1,905
1, 268 -2, 622 18, 945
1,780 18, 747
3, 325
524 19, 120
1,317
— 205 19, 156
3,388
18, 988
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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GOVERNMENT PRINTING OFFICE
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375
DIVISION OF PUBLIC DOCUMENTS
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
».
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product.
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
....
Disposition of Personal Income
.._..Farm Income
.-. -..
Corporate Profits... ..
..-.
Gross Private Domestic Investment. ...
.......—
Expenditures for New Plant and Equipment
.
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
.
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade. .......-.
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
.
-.
-.
PRICES
Wholesale Prices
Consumer Prices
_...
Changes in Wholesale Prices.-.
Changes in Consumer Prices.Prices Received and Paid by Farmers
-.
~....... _ _* -..
-..
-.
.-.
_
-..
.-.... -..-.... ^..
. .
..-..-..-.... _..
.~..-......._..-....
.„„
.
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock.
.-.... _
.Private Liquid Asset Holdings—Nonfinancial Investors
.-...... Consumer Instalment Credit. . . . .
.
. _. ........
Bank Loans, Investments, and Reserves
.—
.-....... -. _ _. _..
.-..
.
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..
Current Assets and Liabilities of Nonfinancial Corporations
.-..-..-..,.._.....
Interest Rates and Bond Yields..-._._ .- .-..-.
~.....-..-..-. _..-..-. _ .- .-.._ -.....-. -..~..-... _. ^ _
Common Stock Prices and Yields.....-....._.,~..
.....-. -. _. _. -. -.,~.....-..........
....
........
_..-..........
....
._..-.
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
.._.-..
.
-. _....«~........-. _. _..
.....
.
....
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries..
U.S. Merchandise Exports and Imports. . . _.... „
U.S. International Transactions
.-. _..
.
.-.
-
....
.
^. ^....
.....,-. _..-.... ^.
.......... _. _ _ ....
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