Full text of Economic Indicators : January 1978
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95th Congress, 2d Session Economic Indicators January 1978 Prepared for the joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1978 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) RICHARD BOLLING, Missouri, Chairman LLOYD M. BENTSEN, JR., Texas, Vice Chairman HOUSE OF REPRESENTATIVES HENRY S. REUSS (Wisconsin) WILLIAM S. MOORHEAD (Pennsylvania) LEE H. HAMILTON (Indiana) G1LLIS 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 RIB1COFF (Connecticut) EDWARD M. KENNEDY (Massachusetts) JACOB K. JAVITS (New York) WILLIAM V. ROTH, JR. (Delaware) JAMES A. McCLURE (Idaho) ORRIN G. HATCH (Utah) GEORGE McGOVERN (South Dakota) JOHN R. STARK, Executive Director COUNCIL OF ECONOMIC ADVISERS CHARLES L. SCHULTZE, Chairman LYLE E. GRAMLEY WILLIAM D. NORDHAUS [PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 85 cents a single copy or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, B.C. 20402 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the fourth quarter, gross national product rose $49.2 billion or 10.7 percent, both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 4.2 percent and the implicit price deflator rose at a 6.2 percent annual rate. BILLIONS OF DOLLARS (RATIO SCALE) 1,800 1,800. 1,<500 1,<500 1,400 1,400 1,200 1,200 1,000 — 1,000 1977 1969 COUNCIl OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977* Gross national product Personal consumption expenditures 796.3 490.4 868.5 535. 9 935.5 579. 7 982. 4 618. 8 1, 063. 4 668. 2 1, 171. 1 733. 0 1, 306. 6 809. 9 1, 412. 9 889.6 1, 528. 8 980.4 1, 706. 5 1, 094. 0 1, 890. 4 1, 210. 1 Gross private domestic investment 120. 8 131. 5 146.2 140. 8 160. 0 188.3 220. 0 214. 6 189, 1 243.3 294.3 Export s and imp>orts of good s and services Net exports 4.9 2.3 1.8 3.9 1.6 -3.3 7. 1 6. 0 20.4 7.8 -9.0 Go1-/eminent purchases of goods and services Federal State NaNonand tional Total delocal de- l fense fense Final sales Exports Imports Total 45.6 49.9 54.7 62.5 65. 6 72.7 101. 6 137. 9 147. 3 162.9 175,6 40.6 47.7 52/9 58.5 64. 0 75.9 94. 4 131. 9 126.9 155. 1 184. 7 180.2 198.7 207.9 218. 9 233. 7 253. 1 269. 5 302. 7 338.9 361.4 395. 0 90. 9 98. 0 97. 5 95. 6 96. 2 102. 1 102. 2 111. 1 123.3 130. 1 145. 4 71.5 76.9 76. 3 73. 5 70.2 73. 5 73. 5 77.0 83.9 86.8 94. 3 19. 5 21.2 21. 2 22. 1 26.0 28.6 28.7 34. 1 39.4 43. 3 51, 1 89. 3 100. 7 110. 4 123. 2 137. 5 151. 0 167. 3 191.5 215. 6 231. 2 249. 5 786. 2 860. 8 926. 2 978.6 1, 057. 1 1, 161. 7 1, 288. 6 1, 404. 0 1, 540. 3 1,693. 1 1, 872. 7 1, 636. 7 1, 673. 7 1, 705. 8 1, 756. 3 1976: I 1, 651. 2 1, 056. 0 II_._ 1, 691. 91, 078. 5 III., 1, 727. 3 1, 102. 2 IV.. _ 1, 755. 4 1, 139. 0 231. 244. 254. 243. 3 4 3 4 10.2 10.2 7. 9 3.0 153.9 160, 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 1977:1 1, 810. 81, 172. 4 II,.. 1, 869. 9 1, 194. 0 III... 1, 915. 9 1, 218. 9 IV».. 1, 965. 1 1, 255. 3 271. 8 294. 9 303. 6 307.0 -8. 2 -9. 7 -7.5 -10. 8 170. 4 178. 1 179.9 174. 3 178.6 187.7 187.4 185. 1 374.9 390. 6 400.9 413.6 136. 3 143. 6 148. 1 153. 8 89. 7 93.4 95.6 98.6 46. 7 50.2 52. 5 55.2 238.5 1, 797. 0 247. 0 j 1, 848. 2 252. 9 1, 892. 2 259. 8 1, 953. 2 i This category corresponds closely with budget outlays for national defense* shown on p. 33 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] i ExF>orts of gc ods Gross isrivate do mestic iiavestmemii a ttd service,s Personal conGross Change national sumpNonproduct Resi- in busition resiNet expend- dential dential ness in- exports Exports Imports ventofixed itures fixed ries Period Governinent purehases of good s and serdees Total Federal State and local Final sales 11.6 8.5 15.9 22.5 16.0 10.7 54.2 58.5 62.2 67. 1 67.9 72.7 87.4 93.0 89.9 95.8 98.0 50.7 58.9 63. 5 65, 7 68.5 75.9 79. 9 77. 1 67.4 79. 8 87.3 248.3 259.2 256.7 250. 2 249.4 253. 1 252. 5 257.7 263.0 264.4 271.1 125.3 128.3 121.8 110.7 103. 9 102. 1 96. 6 95.8 96.7 96.5 101.4 123.1 130,9 134.9 139. 5 145. 5 151. 0 155. 9 161.8 166.3 167.9 169.7 995. 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 1, 326. 1 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 2646 264.6 96.4 96.1 96. 7 97. 1 167.5 168.4 168.0 167.5 1, 246. 3 1, 259. 4 1, 269. 8 1, 289. 2 52.7 57.6 57.5 59.8 13.2 15.7 9.7 10.6 7.7 12.2 10.6 96.9 98.5 99.8 96.8 86. 3 89. 1 87.6 86.2 263.3 270. 0 274,0 276.8 97.0 101. 1 103.3 104.1 166.4 168.9 170.7 172.8 1, 301. 2 1, 317. 5 1, 331. 8 1, 353. 8 1, 007. 7 1967 1968.— .. 1, 051. 8 1, 078. 8 1969 1, 075, 3 197CL 1971.,__ — 1, 107. 5 1, 171. 1 1972 1, 235. 0 1973 1, 217. 8 1974 1, 202. 1 1975 1, 274. 7 1976 1, 337. 6 1977" 603. 2 633.4 655. 4 668. 9 691. 9 733.0 767.7 760.7 775. 1 821.3 860.3 103. 5 108.0 114. 3 110. 0 108. 0 116.8 131.0 130.6 112.7 116.8 127.1 37.2 42.8 43.2 40.4 52. 2 62.0 59. 7 45.0 38.8 47.7 56.9 1976: I™. 1, 256, 0 IL... 1, 271. 5 III.. 1, 283. 7 IV.. 1, 287. 4 807.2 815. 5 822.7 839.8 113.7 115. 9 118. 5 119.0 1977:1—. 1, 311. 0 II— 1, 330. 7 III.. 1, 347. 4 IV».. 1, 361. 4 850.4 854. 1 860.4 876.4 124.3 126. 4 127.6 130.2 12.0 8.7 10.6 4.3 6.6 9.4 16.5 8.0 -9.9 3.5 — 4. -1.3 1.4 _. 6 — 3.3 7.6 9.4 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100] Gross national product Period Persona 1 consurniDtion expe nditures Total Gross private dom estic invesitment Expoi ts and imports of goods and s(srvices NonNonres- ResiDurable durable Services identi al dential goods fixed goods fixed Governnaent purchases <Df goods and s(srvices T-l Exports Imports Federal State and local 1967 1968 1969 1970.. 1971 1972 1973 1974 1975 1976 1977* 79. 02 82. 57 86.72 91. 36 96. 02 100. 00 105. 80 116. 02 127. 18 133. 88 141. 32 81. 3 84. 6 88.5 92.5 96.6 100. 0 105. 5 116. 9 126.5 133.2 140.7 87.4 90. 7 93. 1 95.5 99. 0 100. 0 101.6 108.4 117.9 124.7 130.0 81.9 85. 3 89.4 93.6 96.6 100.0 107,9 123. 8 133. 1 137. 7 144. 1 78.8 82. 0 86. 1 90. 5 95.8 100.0 104. 7 113. 6 123. 5 132. 3 141.5 79.3 82, 6 86. 6 91. 3 96. 4 100.0 103. 8 115. 3 132. 3 138. 7 146. 0 77. 0 80. 7 87. 7 90.6 94. 9 100. 0 110. 8 122. 3 132. 8 142. 5 159. 9 84. 0 85. 3 87.9 93. 1 96.6 100. 0 116.2 148. 3 163. 8 170.0 179. 2 80. 1 80.9 83.3 89. 1 93. 5 100. 0 118. 2 171.0 188.2 194. 3 211. 5 72.6 76.4 80.0 86. 4 92. 6 100. 0 105. 8 115.9 127.5 134. 8 143. 5 72. 5 76.9 81.9 88. 3 94. 5 100. 0 107.3 118.4 129.7 137.7 147, 1 1976: I II III IV 131. 133. 134. 136. 47 06 56 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. 140. 144. 147. 1 7 1 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. 8 138.6 140.7 138. 140. 142. 144. 13 52 19 34 137. 9 139. 8 141.7 143.2 129. 3 129. 5 130. 1 131.2 141.5 143. 8 144.9 146. 0 137.8 140. 1 142.9 145. 1 142.5 144.4 146.9 150.2 153. 7 157. 6 160. 9 166. 5 175. 9 180. 8 180. 2 180. 0 207. 0 210. 6 213.9 214. 6 140. 6 142. 0 143.3 147.8 143.4 146.2 148. 1 150.4 1977:1 II III IV" „__ Ecmree: 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 c lomestie j:>roduet Gross ilational p roduct Constant (1972) dollars Current dollars Period 1967 1968 *-~ 1969. --.-1970 ....... 1971...... 1972 1973 1974 ._1975 1976 1977*. 1976:1 -II_____ III.... . .... IV ----1977:1—. II III IV*.. 2.7 4.4 2. 6 -.3 3.0 5.7 5. 5 -1.4 -1.3 6.0 4.9 8. 8 5. 1 3. 9 1.2 7.5 6.2 5.1 4.2 5.8 9,1 7.7 5.0 8.2 10.1 11.6 8. 1 8.2 11.6 10.8 13.2 10.2 8.6 6.7 13. 2 13.7 10.2 10.7 Implicit price deflator Fixedweighted price index (1972 weights) Chain price index 2.9 4.5 5.0 5.4 5.1 4. 1 5.8 9.7 9.6 5.3 5. 6 4. 1 4.9 4. 6 5.4 5.3 7. 1 4.8 6.2 NOTE.—Annual changes from previous year and quarterly changes from previous quarter. 3.0 4.4 5.0 5.3 5.0 4. 1 6. 0 9. 9 9. 5 5. 6 6.0 4. 9 5. 3 4. 6 5.9 6.9 7.0 4.3 6. 0 3.0 4.3 5.0 5.2 4.9 4.0 6.0 10. 2 9.4 5.6 6.1 4. 6 5. 2 4. 8 6.0 7. 1 7.0 4.8 6.1 Constant (1972) dollars Current dollars 5.7 9.1 7.8 5.0 8.1 10.1 11. 5 7.9 8. 5 11.4 10.7 12.4 10. 5 8. 2 6.9 12. 6 13. 6 10.5 11.1 Implicit price deflator 2.7 4.4 2.6 -.3 2.8 5.8 5.4 -1.3 -1. 1 5. 9 4.9 8.3 5.2 3.7 1.3 7. 2 6. 1 5.3 4.5 Chain price index Fixedweighted price index (1972 weights) 3.1 4.4 5.0 5.3 5.0 4.1 5.9 9. 6 9. 5 5.6 5.9 4.8 5.4 4. 5 6. 0 6.7 7.0 4.3 6.0 3.0 4,5 5.1 5.3 5.1 4.1 5.7 9.3 9.7 5. 2 5.5 3. 8 5. 0 4.4 5. 5 5. 0 7.1 49 6. 3 3.0 4.4 5.0 5.2 4.9 4.0 5.9 9.9 9.4 5.6 6. 1 4. 6 5.2 4. 6 6.1 7.0 7.0 4.8 6.2 Source: Department oi Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Period Gross c omestic prodijet of nonfin tancial corp orate busi ness >ns of doll ars) Current-doliar cost a nd profit per unit of outpu t (dollars ) i Total cost and profit 2 Capital consumption Comallowpenances Indirect sation with business of capital taxes 3 employconees sumption adjustment Current dollars 1972 dollars 452.9 498.4 541.8 560.6 602.5 671.0 752. 0 808. 8 875. 2 991. 0 1, 104. 9 545.8 581.6 607.3 600.6 619.3 671.0 720.4 695.0 678. 9 731.0 774.1 0.830 .857 .892 .933 .973 1.000 1. 044 1. 164 1. 289 1.356 1.427 0.072 .074 . 079 . 088 . 094 .093 . 095 . 116 . 143 . 146 . 151 958. 4 1976:1 II 983. 6 III... 1, 004. 7 IV... 1, 017. 2 719.4 731. 3 736.6 736. 5 1. 332 1. 345 1.364 1. 381 . 145 . 144 . 147 . 150 . . . . 1, 049. 3 1, 094. 9 ii".":.i ni-j 1, 124 8 753. 3 771.7 781. 2 1. 393 1.419 1.440 . 149 . 148 . 151 . 140 . 139 . 140 1967 1968. 1969 1970 1971 1972 1973 1974 1975 1976 1977" 1977-1 0.084 .089 .094 . 103 . 110 . 110 . 112 . 123 . 136 . 136 . 140 134 135 136 139 1 Output is measured by gross domestic product of nonnnancial corporate Business in 1972 dollars. If This is equal to the deflator for gross domestic product cf nonfinancial corporate business with the decimal point shifted two places to the left. 8 Indirect business tax and nontax liability plus business transfer payments less subsidies. Net interest Corpc>rate profi ts with invent ory valual ion and capit,al consuniption £idjustmen ts Total 0. 535 0.016 0. 123 . 553 .017 . 124 . 589 . 022 . 109 .628 . 028 .086 .645 . 029 . 095 .661 .028 . 107 . 699 .032 . 105 .796 .043 .086 .849 . 115 . 045 .890 . 044 . 139 .947 . 143 .047 Profits tax liability 0.051 . 058 . 055 . 045 . 048 . 050 . 055 . 061 . 060 . 073 . 074 .870 .880 .892 . 916 . . . . 044 044 044 045 . 139 . 142 . 145 . 132 . . . . . 930 .943 . 949 . 046 .047 . 048 . 128 . 142 . 152 .070 . 075 . 073 072 075 074 072 Profits after4 tax 0.072 . 066 .055 .041 .046 .057 . 050 . 024 . 055 . 066 . 069 ComOutput penper sation hour per of aU hour employ- of all ees employ(1972 ees dollars) (dollars) 6.873 7. 105 7. 139 7. 132 7. 374 7. 595 7. 781 7. 506 7. 766 8.055 3. 3. 4. 4. 4. 5. 5. 5. 6. 7, 676 929 198 478 757 024 441 972 596 166 . 067 .066 .071 .060 7. 8. 8. 8. 6. 7. 7, 7. 953 101 238 373 . 058 .068 .079 8. 170 8.209 8.298 988 073 112 052 7. 599 7. 737 7.873 < 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] Period Compensation of employees l National income Propri etors' incom<3 with inventor y valuation and capital consuniption adjust ments Farm Nonfarm Corpor ate profits with inv<sntory va uation and capital co nsumptioii adjustm ents "Ri^ntnl with capital consump— tion adjustment Profits with inv*mtory valuat ion adjuslbment and ^without ca pital consum ption adJListment Total Total Profits before tax Inventory valua- Capital Net coninterest sumption adjustment adjustment 471.9 655. 8 1967.519.8 1968 .....,-. 7144 571. 4 1969 ._ 767.9 798.4 609. 2 1970 650. 3 858. 1 1971_ _ „ 715. 1 951. 9 1972 799.2 1,064. 6 1973 875. 8 1974. . ,-. 1, 136. 0 930. 3 1975 - 1,217. 0 1, 364. 1 1, 036. 3 1976 1977 ». ... ..- 1, 520. 3 1, 155. 8 12. 1 12.0 13.9 13.9 14.3 18.0 32. 0 25.4 23. 2 18.6 19.5 48. 9 51. 4 52.3 51.2 53.4 58. 1 60.4 60.9 62.8 69. 4 78.4 19.4 18.6 18. 1 18.6 20. 1 21.5 21.6 21.4 22.3 23. 3 25,3 79.3 85.8 81.4 67.9 77.2 92. 1 99, 1 83.6 99.3 128. 1 140. 3 75.6 82.1 77.9 66.4 76.9 89.6 97.2 86.5 111. 5 142.7 157. 5 77.3 85.6 83.4 71.5 82.0 96.2 115. 8 126. 9 123. 5 156. 9 172. 1 -1.7 -3.4 -5.5 -5.1 -5.0 -6.6 -18. 6 -40.4 -12. 0 -14. 1 -14. 5 3.7 3.7 3.5 1. 5 .3 2.5 1.9 -2.9 -12. 2 -14.7 -17.2 24. 3 26.8 30.8 37.5 42.8 47.0 52. 3 69. 0 79. 1 88. 4 100.9 999. 6 . 1, 321. 0 1, 353. 9 1, 024. 9 1, 379. 6 1, 046. 5 ... 1, 402. 1 1, 074. 2 20.0 21. 6 16.2 16. 6 66.9 68.8 70.0 72.0 23. 0 22.9 23.3 24. 1 126. 5 129.2 133. 5 123. 1 141. 1 143. 7 148. 2 137.9 153.5 159.2 159.9 154,8 -12. 4 -15.5 -11.7 -16.9 -14.6 -146 -14.7 -14. 8 85.0 86. 5 90. 1 92. 0 1, 109. 9 1, 144. 7 1, 167. 4 1, 201. 3 20.7 19.7 15.5 22.1 74,3 77.3 80.0 82.0 24. 5 24.9 25. 5 26.4 125.4 140.2 149.0 141. 0 156.2 166,9 161.7 174.0 172.8 -20.6 -17.8 -5.9 -13.8 -15. 6 -15. 9 -17.9 -19.4 95.3 98,9 103. 1 106.4 1976:1. II _ III IV... 1, 450. 2 1977:1— II... ... 1, 505. 7 III 1, 540. 5 IV »..™ ... i Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates] Nondura ble goods D urable goo ds Tntftl Period personal consumption expenditures Total durablel goods Motor vehicles and parts Furniture and household equipment Total nondurable1 goods Food Clothing Gasoline and and oil shoes Services Retail sales of new pa ssenger cars (nlillions of uinits) Domestics Imports 1 490.4 1967-.__-.1968 535.9 1969 579.7 1970 618.8 668. 2 1971. 1972_ 733.0 1973 ... 809. 9 1974 ,_ 889. 6 980.4 1975 ... 1, 094. 0 1976... 1977 ».„... 1, 210. 1 69.6 80.0 85.5 84.9 97. 1 111. 2 123. 7 122. 0 132.9 158. 9 179.4 29, 7 35.8 37. 7 34.9 43.8 50.6 55.2 48. 0 53. 9 71.9 83.8 29. 5 32. 6 35.0 36. 7 39.4 44.8 50.7 54.9 58.0 63. 9 70.3 212. 6 230. 4 247. 0 264.7 277. 7 299. 3 333. 8 376, 3 409.3 442, 7 480, 1 109.6 118.3 126. 1 136.3 140.6 150.4 168. 1 189.8 209. 5 225. 5 246. 3 38.2 41.8 45. 1 46.6 50. 5 55. 1 61. 3 65. 3 70. 2 76. 3 82. 6 17.0 18. 4 20.4 22. 0 23,4 249 27.8 36.4 39. 1 41. 4 44. 8 208.1 225.6 247.2 269.1 293,4 322.4 352.3 391. 3 438. 2 492. 3 550, 6 7.6 8.6 8.5 7. 1 8.7 9.3 9,7 7.5 7. 1 8.6 9. 1 0.8 1.0 1. 1 1. 3 1. 6 1. 6 1.8 1. 4 1. 6 1. 5 2. 1 1976:1, 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 1977:1 1, 172. 4 II..... 1, 194. 0 III.... 1, 218. 9 IV».- 1, 255. 3 177.0 178.6 177. 6 184. 6 85.3 84. 5 81.2 84. 1 67.4 69,3 70.9 73.4 466. 6 474, 4 481.8 497.7 237. 9 244. 8 248. 3 254. 2 79. 3 80. 4 83.3 87.5 44. 1 44.3 44. 2 46.4 528. 8 541. 1 559. 5 572.9 9.4 9.3 8.9 1.8 2. 4 2.0 2.0 i Total includes other items not shown separately. a9 Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income rose $18.3 billion (annual rate) in December, following a $15.7 billion (revised) increase in November. Wages and salaries were up $3.6 billion in December. All other major types of personal income also rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 1,600 T,400 1f200 1,000 800 600 WAGE AND SALARY DISBURSEMENTS 40 1977 1969 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Period 3 Total Other Proprietc>rs' income Rental and income personal salary labor of income disburse- income 12 Farm Nonfarm persons 4 ments l 1970 1971 1972 1973 1974 1975 1976 801.3 859. 1 942.5 546. 5 579. 4 633. 8 701.3 1, 052. 4 1, 154. 9 764.6 1, 253. 4 805.7 1, 382. 7 891. 8 1977"... 1, 536. 1 989. 5 1976: Dec 1, 450. 2 931.7 1977: Jan 1, 454. 3 937. 3 Feb 1, 477. 0 951. 7 Mar 1, 499. 1 964.9 Apr 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, 583. 8 1, 022. 1 Nov 1, 599. 6 1, 027. 8 Dec *»___ 1, 617. 9 1, 031. 4 32.0 36.2 42.0 48. 7 55.6 649 75.9 88.6 81. 0 82. 1 83.2 844 85.5 86.7 87.9 89. 1 90. 3 91.5 92. 8 94 0 95. 3 13.9 143 18. 0 32.0 25. 4 23.2 18.6 19. 5 18. 1 19. 6 21. 0 21. 7 20.9 19.8 18.4 16.5 15. 1 14 9 17.2 20. 6 28. 5 51.2 53.4 58. 1 60. 4 60.9 62.8 69.4 78.4 73. 2 72. 5 744 76.0 76.9 77.2 77.6 79. 2 80,2 80.8 81. 5 82. 1 82. 5 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists of employer contributions to private pension, health, and welfare kinds; workmen's compensation; directors' fees; and a few other minor items. F » with inventory valuation and capital consumption adjustments. 'With capital consumption adjustment. 18. 6 20. 1 21.5 21. 6 21.4 22.3 23. 3 25.3 244 244 24 6 24 6 243 248 25.6 247 25.7 26. 0 26. 2 26. 4 26.6 Dividends 22.9 23.0 246 27. 8 31. 0 32.4 35.8 41.2 41.2 37.9 38.5 39. 0 39. 3 39. 6 41. 9 42. 0 42.4 42. 6 42. 7 42. 9 45. 2 Persona] Transfer interest payincome ments* 643 69. 3 74 6 84 1 103.0 115. 6 130.3 147. 9 137. 6 139. 0 140. 3 141. 8 143. 5 145. 2 147. 4 149. 1 150.4 151. 3 153. 1 155.5 158. 2 79.9 94 1 104 1 118. 9 140. 8 176.8 192.8 206.9 200. 0 200. 5 203. 0 206. 9 206. 0 202. 9 200. 0 207. 2 208.6 210. 2 210. 9 213. 1 213. 4 Less: PerNonsonal confarm tributions personal for social income 6 insurance 28. 0 30. 8 342 42.2 47.7 50. 4 55.2 61.2 57. 0 59. 0 59. 6 60.2 60. 6 60. 9 61. 0 61. 5 61. 6 62. 0 62. 6 62. 9 63. 1 780.7 838. 0 917. 3 1, Oil. 9 1, 119. 3 1, 218. 8 1, 351. 3 1, 502. 3 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, 551. 9 1, 564 1 1, 574 3 • Consists mainly of social insurance benefits, direct relief, and veterans payments. e Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again jn the fourth quarter. B1LUONS OF DOLLARS* (RATIO SCALE) 1,400 BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 400 DOLLARS* (RATIO SCALE) 6,000 400 DOLLARS* (RATIO SCALQ 6,000 -PER CAPITA DISPOSABLE PERSONAL INCOME- 5,000 5,000 CURRENT DOLLARS 4,000 4,000 1972 DOLLARS 3,000 3,000 i 2,000 1969 1971 1970 1972 1974 1973 1975 1976 2,000 1977 *'SEASONAllY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less: "Pe»t* Period Personal income tax and nontax payments Equals: Disposable personal income T Personal outlays * Equals: Personal saving Per c apita dispc sable persona] income Current dollars Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Populadispostion able (thou-2 persands) sonal income Dol iars Bil lions of d ollars 1969 1970—-.— 1971 1972 1973 1974 1975 1976 1977 » 1972 dollars Per cap ita personal cc>nsumption exp<snditures 630.4 595. 3 745.8 115. 4 635. 4 685. 9 801.3 115. 3 685.5 742.8 859. 1 116. 3 942. 5 141. 2 801. 3 751.9 1, 052. 4 150. 8 901. 7 831. 3 984. 6 913. 0 1, 154. 9 170. 3 1, 253. 4 169. 0 1, 084. 4 1, 004, 2 1,382.7 196. 9 1, 185. 8 1, 119. 9 1, 536. 1 227. 5 1, 308. 6 1, 240. 9 35. 1 50. 6 57.3 49. 4 70. 3 71. 7 80. 2 65. 9 67. 8 3, 111 3,348 3,588 3,837 4, 285 4, 646 5, 077 5, 511 6, 035 3, 515 3,619 3, 714 3,837 4, 062 3, 973 4, 014 4, 137 4, 290 2,860 3, 020 3, 227 3,510 3, 849 4, 197 4, 591 5, 084 5, 580 3, 234 3,265 3,342 3, 510 3,648 3, 589 3, 629 3,817 3,967 1. 5 3.0 2.6 3.3 5.9 -2. 2 1. 0 3. 1 3.7 5.6 7. 4 7.7 6.2 7.8 7. 3 7.4 5.6 5.2 202, 677 204, 878 207, 053 208, 846 210, 410 211, 945 213, 566 215, 191 216, 856 4, 921 5, 018 5, 117 5,278 5,422 5, 513 5, 615 5, 770 3, 761 3, 794 3, 820 3,891 3, 933 3, 943 3,964 4, 028 4. 5 2. 3 .5 4. 1 2. 4 6. 4 3.5 7.4 6.3 6. 0 5. 4 4.6 4. 1 5.3 5.5 5. 7 214, 214, 215, 215, 216, 216, 217, 217, Seas on ally ad; usted ann ual rates 1976: ! _ _ _ 1, 338. 1 II 1, 366. 7 III- 1, 393. 9 IV. _ 1, 432. 2 1977: !____ 1, 476. 8 II— 1, 517. 2 Ill 1, 549. 8 IV *_ 1, 600. 5 184. 8 192. 6 200. 6 209. 5 224. 4 224.8 226. 1 234. 6 1,153.3 1, 174. 1 1, 193. 3 1, 222. 6 1, 252. 4 1, 292. 5 1, 323.8 1, 365. 9 1 080. 9 1 103. 8 1 128. 5 1 166. 3 1 201. 0 1 223. 9 1, 250. 5 1, 288. 1 72. 4 70.3 64. 8 56. 3 51. 4 68. 5 73. 3 77. 8 5, 374 5, 462 5, 540 5, 665 5, 793 5,967 6,098 6,279 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 average for the period. 4, 107 4, 130 4, 135 4, 177 4,202 4, 268 4,305 4, 383 608 948 380 827 206 603 073 542 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the third quarter of 1977, farm Income excluding inventory change fell $3.8 billion (annual rate) while income including inventory change fell $3.3 billion. BILLIONS OF DOLLARS* (RATIO SCALQ BILLIONS OF DOLLARS* (RATIO SCALE) 120 120 100 100 REALIZED GROSS FARM INCOME 80 80 60 40 NET FARM INCOME INCLUDING NET INVENTORY CHANGE - 40 40 x 20 20 10 _f 1969 1970 1971 1972 1973 1974 •1975 1976 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE.- DEPARTMENT OF AGRICULTURE 10 1977 COUNCIL OF ECONOMIC ADVISERS [Quarterly data at seasonally adjusted annual rates] Persona I income received by total farm po pulation income received from f armin g Realize;d gross Period From From From all farm nonfarm Total1 sources sources sources 1 1970-. 1971 1972 1973 1974 1975 1976 1977" 1976:1 II IIL.._ IV 1977: I II III 27.4 28. 7 34.4 48. 6 44.7 44. 3 42.0 44.5 13.0 13. 4 16. 8 29. 0 23. 1 21. 5 17.8 18.6 14.4 15.3 17.6 19. 5 21. 6 22. 8 24.2 25.9 58. 6 60. 6 70. 1 95. 5 100.0 96.7 103.6 102. 1 109. 6 100.9 101. 9 105. 8 107. 5 99.5 Net inc ome per Nett<3 farm farm incl uding net3 oper ators Cash receipts Tom inventor y change rnarketing.3 Produc- Exclud- Includtion ex- ing net ing net Livepenses 1967 4 inven- inven- Current stock Total Crops and tory tory 2 dollars dollars change change products Dollars Billioris of doll a rs 14. 1 4,790 29.6 14.2 4, 202 50.5 44.4 21.0 30. 6 5,030 52.9 22. 3 4,263 47.4 13. 2 14.6 6,504 61.2 35. 7 25. 5 17. 8 18. 7 5,288 52.3 45. 9 41. 1 29. 9 33. 3 11, 727 87. 1 65. 6 8,817 9, 232 92.4 41. 4 72.2 51. 1 27. 7 6, 114 26. 1 8,637 43. 0 45. 1 24. 3 88. 1 20. 8 5,203 75.9 94. 3 46. 4 21. 9 7,203 20.0 47.9 81.7 4,093 93.0 100.4 91. 5 92. 4 96. 1 97.7 89. 3 1 Cash receipts from marketings. Government payments, and nonmoney income furnished by farms. a Inventory of crops and livestock valued at the average price for the year. s Based on Census of Agriculture definition of a farm. The number of farms is held constant within a year. * Incorre in current dollars divided by the :ndex of rricer paid by farmers for 22-4540—78 46.3 48.3 45.5 45.4 45. 7 47. 7 47.6 46.7 52. 1 46.0 47.0 50.4 50.0 41. 7 79. 1 84.2 82. 3 81. 2 83.5 87. 5 83.3 23.0 25.4 18. 6 20. 7 22. 3 20.0 16.2 21.5 23.2 17.6 18. 0 21. 8 20.5 17.2 7,740 8,350 6,330 6,480 7, 920 7,450 6,250 4, 500 4,800 3,580 3,600 4,320 4, 000 3,290 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 In 1977, according to preliminary estimates, profits before tax with and without inventory valuation adjustment rose about 10 percent. Profits after tax rose about 11^ percent. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 40 1969 SOURC& DEPARTMENT OF COMMERCE Period COUNCH OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] >ry valua tion Prof its after tax Profit & (before tax) wit]i inventc adjuster lent 1 InvenDomes>tie indu stries TT_ untory Tax Profits disN<snfinanci al valualiabefore tribDivition bility Total dends Whole- tax uted Total2 adjustManu- sale profTotal Finanment and cial Total 3 iacits turretail mg trade -1.7 20. 1 449 24 7 77.3 32.5 37.9 8.9 9.0 63. 6 72.6 75.6 21. 9 242 -3. 4 46. 2 41.2 39.4 85.6 10. 1 10.4 68. 5 78.9 82. 1 22. 6 21.2 -5.5 43. 8 39.7 36.8 10. 1 83. 4 742 11. 3 62.9 77.9 22. 9 37.0 -5. 1 14 1 345 71.5 9.4 27. 1 50. 1 12.6 66.4 62.6 23. 0 -5.0 443 21. 3 82, 0 32.4 37.7 58.2 11.7 72.4 14 1 76.9 246 -6.6 54 6 30.0 41.5 40. 6 13.3 96, 2 69.3 15. 4 84 7 89.6 -18.6 27.8 39.3 67. 1 115. 8 44. 1 147 48. 7 74 1 90.4 16. 2 97.2 — 40.4 745 31. 0 43. 6 52. 4 36.6 12, 9 62. 5 126.9 144 86.5 76.9 32. 4 — 12. 0 41. 0 73. 4 47. 9 22. 1 50. 2 123. 5 90. 3 105.4 15. 0 111.5 56.4 -14 1 92. 1 35.8 64 7 66.3 156.9 27. 1 1346 18. 2 116. 4 142. 7 41. 2 -14 5 61.7 69.2 102.9 172. 1 747 147.9 20. 6 127.3 157.5 -12. 4 33.6 56.8 90. 4 153.5 63. 1 65. 3 26. 5 17.8 114 6 132. 4 141. 1 -15. 5 35.0 58. 1 93. 1 159. 2 66. 1 68. 7 25. 5 18, 1 118. 0 136. 1 143. 7 -11.7 36.0 58.0 94 0 65. 9 68.4 159. 9 18.4 121. 3 29. 1 148.2 139. 8 38.4 52. 5 -16. 9 90. 9 63. 9 62. 9 27.4 154 8 130.2 18. 4 111.8 137. 9 97.2 -20. 6 38. 5 58. 8 64 4 19.2 111.8 65.2 240 161. 7 131.0 141.0 -17. 8 64.1 40. 3 1740 76.4 69. 7 1043 25. 4 145.5 19.9 125.5 156.2 42. 3 61. 2 -5.9 172.8 69. 3 103. 6 77. 6 21. 2 136. 1 166.9 157.4 31. 2 — 13. 8 43.6 f nn 1967 1968.—.-. 1969 1970. ...... 1971 1972 1973 1974 1975 1976 .. 1977 ». 1976: I II III IV 1977: I II III IV 9 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 23 Includes rest of the world, not shown separately. Includes industries not shown separately. 8 Source: Department of Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose $8,0 billion (annual rate) in the fourth quarter as purchases of producers* durable equipment increased $5.8 billion and investment in structures rose $2.3 billion. Residential investment increased $7.0 billion. Inventory investment amounted to $11.9 billion, down $11.7 billion from the third quarter level. BILLIONS OF DOLLARS* (RATIO SCALE) 120 BILLIONS OF DOLLARS* (RATIO SCALE) 300 -GROSS PRIV>til DOMESTIC INVESTMENT- s* •>ZA 220 Sitf^^ /" NONRESIDENTIAL FIXED INVESTMENT 100 ^\ vy V/1 ./^ 180 - - .PRODUCERS' DURABLE EQUIPMENT 80 60 IjiA STRUCTURES 1 1 1 V 1 ! 1 . , 1 1 ! 1 1 1 1 I ! 40 I I I 1 I 1 BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS 40 -CHANGE IN BUSINESS INVENTORIES -20 -40 1977 1973 •SEASONALLY ADJUSTED ANNUAL RATES SOURCE, DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Noiiresidential fixed investmcmt Gross private domestic invest- Period Struc,tures Total Total 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976__ 1977 p 1976: I II III IV 1977: I II III IV » 120.8 131.5 146. 2 „ 140. 8 _. 160. 0 188. 3 220.0 214. 6 189. 1 243. 3 . _ 294. 3 231. 3 244. 4 254. 3 243.4 271.8 294.9 303.6 307.0 82. 1 89.3 98.9 100. 5 104. 1 116. 8 136. 0 150. 6 149. 1 161.9 185. 6 155.4 159. 8 164. 9 167. 6 177.0 182.4 187.5 195. 5 Nonfarm 29. 5 28. 2 30.4 31.6 34.3 35.7 36. 1 37.7 39.3 37. 8 42. 5 41. 1 46. 9 49. 0 54. 5 51. 8 52. 9 50.4 53.4 55.8 58.9 61. 6 54.7 52. 1 55. 8 53. 4 56. 0 53. 6 54. 4 57. 0 57.9 55. 1 58.2 61.0 60. 1 62.6 64.9 1 62. 1 Source: Department of Commerce, Bureau of Economic Analysis. Prodiucers1 dur able equip ment Total Nonfarm 52.6 57.7 63.3 62. 8 64. 7 74. 3 87. 0 96.2 96.3 106. 1 124. 0 100. 8 104. 0 109. 0 110. 6 119.2 121. 4 124.9 130.7 48.0 53.4 58.9 58. 1 59.9 69. 1 80. 1 88. 2 87. 1 95.9 112. 9 90.5 93. 8 98. 4 100. 7 107.8 110.0 114. 0 119.7 Resid ential fij[ed investment T>I.|-\ Total 28.6 34.5 37.9 36. 6 49. 6 62. 0 66. 1 55. 1 51.5 68. 0 90.9 61.4 66. 3 67.8 76.7 81.0 90.8 92.5 99. 5 Nonfarm structures 27.2 33. 1 36. 3 35.1 47.9 60.3 64.3 52.7 49. 5 65.7 88. 4 58. 9 64. 1 65. 7 74.3 78. 5 88.2 89. 9 97.0 Farm ducers' struc- durable equipment 0. 7 .6 . / .6 .7 .7 .6 10. 1 .9 1.0 9.4 3.8 6.4 .9 1. 1 1.2 .9 1. 0 1. 1 1:2 1.0 1. 2 1. 1 1. 1 1. 3 1. 4 .9 1.2 1.1 1. 0 1 Total 0.7 .8 1. 2 1. 1 1. 3 1. 4 1.2 Change in business in\ entories 1.2 1.2 1.4 1.5 1. 5 7.7 9. 4 17. 9 8.9 -11.5 13. 3 17,8 14.5 18. 3 21.5 -.9 13. 8 21.7 23.6 11.9 Nonfarm 9.4 7.6 9. 2 3.7 5. 1 8. 8 14.7 10.8 -15;1 14. 9 17. 5 15. 9 20.4 22. 0 1.4 14. 1 22. 4 23. 1 10. 4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 10.1 percent in 1978, according to the Commerce Department survey conducted in November and December. Spending in 1977 was 13.7 percent above the 1976 level, according to the estimates released in December. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCAU) TOTAL NEW PLANT AND EQUIPMENT 20 1970 1971 J/ 'SEE FOOTNOTE' 4 BELOW. SOURCE, DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] E3^penditurtis Total l 1971. 1972.. 1973 1974 1975 1976 4 1977 4 N onmanuf acturing M anufacturi ng Period - 1978 1976: III_._IV 1977: III III Total Durable goods Nondurable goods 81.21 88.44 99.74 112. 40 112. 78 120. 49 29.99 31. 35 38. 01 46. 01 47.95 52.48 61. 03 14. 15 15. 64 19. 25 22. 62 21.84 23. 68 15. 84 15. 72 18. 76 23. 39 26. 11 28.81 150. 89 67.35 54. 78 54.44 56. 43 59. 46 63. 02 137. 02 122. 55 125. 22 130. 16 134. 24 140. 38 I V * _ _ _ 142. 38 146. 26 1978: I 4 II*_.__ 149. 86 64. 42 64. 14 67. 73 Total Trans- Public ComMining porta- utili- munication tion ties Commercial 4.44 6.99 86.14 and other 2 10. 77 18. 05 11. 89 20. 07 12. 85 21. 40 13. 96 22. 05 12.74 20. 60 13. 30 20. 99 15. 36 23. 06 5. 27 4.21 4. 13 4.24 4. 49 4. 74 7.39 29. 27 41 61 30. 20 28. 93 30. 13 32. 19 33.79 83.54 67. 76 70. 78 73.74 74. 78 77. 36 7. 25 7. 53 7. 29 6. 96 6. 85 21. 67 23. 46 25.35 25. 29 26. 22 34. 54 33. 68 85.91 77.96 82. 12 82. 13 4.30 7. 17 8.02 27.41 28. 72 28. 26 32. 77 31.57 35. 78 24. 59 25. 50 26.30 27. 26 29. 23 29. 88 30.46 31.82 51. 22 57.09 61.73 66. 39 64.82 68. 01 75. 99 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. a Includes trade, service, construction, finance, and insurance. 10 Starts c f plant and equtipment proj€;cts 3 for plan t and equ ipment 2. 16 2.42 2. 74 3. 18 3.79 4. 00 4.61 4. 93 5. 72 6. 03 6.66 7.57 7.45 15. 30 17. 00 18. 71 20. 55 20. 14 22. 28 13. 64 14. 30 14. 19 15. 32 16.40 I 20. 99 21. 36 22. 67 22. 73 23. 14 Manufacturing Public utilities 28. 00 35. 21 47.57 52.49 48. 24 51. 05 22. 22 28.60 38. 13 45. 74 34. 50 29. 66 13. 22 12. 88 15.26 15. 15 19.81 7. 54 10. 22 9. 76 3.79 10. 23 ' 1 39. 09 40. 76 * Starts are estimated by adding changes in carryover to expenditures duringgiven period. *Expenditures estimates based on expected capital expenditures as reported bj business in October-December 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 by 395,000 in December, bringing the increase in unadjusted civilian employment to 4.1 million since the end of 1976. Unemployment declined sharply in December—by 353,000. MILLIONS OF PERSONS* 100 MILLIONS OF PERSONS* 100 t_ I I 1 I 1.1 t j t 1 1 M I M. H1 1_ I M tlt _ j ! H 1, 1.111.1 I I I t } l 1972 1 1 1 1 I f 1 I.. t t l . l . ' 1973 * I |.) \ I I I 1 I 1J ] 1974 I t I I I I. t I I t I * 1975 *16 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR I i M i t i i > i i| i 11 1976'1977 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over] Period 1973 1974 1975 1976 1977 Noninstitutional population 148, 150, 153, 156, 158, Civilian Unememploy- ployment ment 263 84, 409 827 85, 935 449 84, 783 048 87, 485 559 90, 546 U nadjusted 4, 5, 7, 7, 6, Total labor Civilian force (includ- labor force ing Armed Forces) Unempl oyment C ivilian e mployrriei it N onagri cultural Total 304 076 830 288 855 91, 040 93, 240 94, 793 96, 917 99, 534 88, 714 91, 011 92, 613 94, 773 97,401 ' 84, 85, 84, 87, 90, 409 935 783 485 546 Labor force participation rate (per-2 cent) Total 15 weeks and over 3, 452 80, 957 2, 311 3,492 82, 443 2, 70U 3, 490 3, 380 81, 403 3,272 3, 297 84, 188 3,297 3, 244 87, 302 Seascjnally adj usted 4, 304 5,076 7,830 7,288 6, 855 812 937 2, 483 2, 339 1,911 61.4 61. 8 61.8 62. 1 62. 8 Agricultural Total Part-time for economic reasons l 1976: Dec_ 157, 176 88, 494 7, 022 98, 082 95. 936 88. 446 3,240 85, 206 3, 392 7,490 2, 462 62. 4 157, 381 157, 584 157, 782 157, 086 1 58, 228 158, 456 158, 682 158, 899 159, 114 159, 334 159,522 159, 736 86, 856 87, 231 88,215 89, 258 90, 042 91, 682 92, 372 92, 315 91, 247 92, 230 92, 473 92,623 7, 848 97, 852 8, 109 98, 457 7, 556 98, 761 6, 568 98, 878 6, 151 99, 289 7, 453 99, 681 6,941 99, 442 6, 757 99, 751 6, 437 99, 887 6,221 100, 205 6,346 101, 009 5, 880 101, 048 95, 719 96, 320 96, 623 96, 746 97, 161 97, 552 97, 307 97, 614 97, 756 98, 071 98, 877 98, 919 88, 653 89, 047 89, 478 89, 877 90, 267 90, 648 90, 588 90, 793 91, 088 91, 383 92, 214 92, 609 3, 121 3, 164 3, 179 3,256 3,335 3, 330 3,206 3,224 3, 199 3,243 3,357 3, 323 85, 532 85, 883 86, 299 86, 621 86, 932 87, 318 87, 382 87, 569 87, 889 88, 140 88, 857 89, 286 3,243 3,441 3,271 3, 192 3, 268 3, 390 3,464 3,253 3,306 3, 263 3, 285 3,220 7,066 7,273 7, 145 6,869 6, 894 6, 904 6, 719 6, 821 6, 668 6, 688 6,663 6,310 2,244 2, 168 2,008 1,828 1,869 1,788 1,824 1, 800 1, 834 1,848 1,829 1,797 62.2 62. 5 62. 6 62. 6 62. 8 62. 9 62. 7 62.8 62.8 62.9 63.3 63.3 1977: Jan.. Feb.. Mar.. AprMay. June.. July. Aug.. Sept.. Oct.. Nov. , Dec.. 2Persons at work in nonagricultural industries. Total labor force as percent of nomnstitutionai population 16 years of age and over. NOTE.—Seasonally adjusted data revised beginning 1973. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate declined to a 3 year low of 6.4 percent in December/ and the newly revised seasonal adjustments now show a steadier decline throughout the year in the unemployment rate than earlier indicated. PERCENT* (SEASONALLY ADJUSTED) •PERCENT* fseA'SONAUY ADJUSTED) 15 'BLACK AND OTHER , /! 10 A^ .V~V%4/«v' 1977 1973 0973 1976 *UNEMPIOYMEKT AS PERCENT OF CIVILIAN IABOR FORCE JN GROUP SPECIFIiD. SOURCEi DEPARTMENT OF LABOR I 1977 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Period 1973 , ... 1974 _ ... 1975. . , ... 1976 . . 1977 1976: Dec 1977: Jan___ Feb... Mar_ Apr. " ._ May__ „'__ June „ ._' July..... .__ Aug Sept Oct... Nov_ ' - -« Dec Total (all civilian workers) 4.9 5.6 8.5 7.7 7.0 7.8 7.4 7,6 7.4 7. 1 7. 1 7, 1 6. 9 7. 0 6.8 6.8 6.7 6.4 Unemployment rate (percent of civilian labor force in group) ]3y select ed grouj;)S By race By s>ex and iige Men Women Both 20 20 sexes years years 16-19 and and years over over 3.2 3.8 6.7 5.9 5. 2 6. 1 5.8 5.9 5.6 5.2 5.3 5.1 5.1 5. 1 4.7 5.0 4.7 4,6 4.8 5. 5 8. 0 7.4 7.0 7,4 6. 9 7.2 7.2 7.0 6.9 7.2 6. 9 7. 1 6.9 6.8 6.9 6.6 14. 5 16. 0 19. 9 19. 0 17.7 19. 3 18.4 18.6 18. 7 18. 2 18. 1 18.0 17.3 17. 3 18. 3 17. 3 17.2 15.6 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 4. 3 5.0 7.8 7.0 6.2 7.0 6.7 6.8 6.6 6.4 6.3 6.3 6. 1 6. 1 6.0 6.0 5.9 5.5 ExpeFullBlack rienced wage Housetime and hold workand other salary heads ers workers 8.9 4. 5 2. 9 4.3 5.3 9. 9 3.3 5. 1 13.9 8.2 5. 8 8. 1 5. 1 13. 1 7.3 7.3 13. 1 4.5 6.6 6. 5 13.5 7.4 5. 1 7.4 12.6 7.0 4.9 6.9 7.1 49 13.1 6.9 6.9 4.7 6.8 12.9 12. 3 6.6 4.5 6.6 4, 5 12. 9 6.7 6. 6 13.2 6.5 4.3 6. 5 6.4 4.4 13. 3 6. 5 14. 3 4.5 6. 5 6. 6 6.3 13. 1 4.4 6.4 6.5 4.4 13. 7 6. 4 13. 7 4.2 6. 3 6.2 12.7 6.0 3.9 5.9 NOTE.—Seasonally adjusted data revised beginning 1973. Source: Department of Labor, Bureau of Labor Statistics. Parttime workers 7.9 8.6 10. 3 10. 1 9.8 9.9 10. 1 10. 6 10. 9 9.9 9.9 10.5 9.3 9.0 9.7 9. 6 9.6 8.9 Labor force time lost (per- 1 cent) 5.2 6. 1 9. 1 8.3 7.6 8.4 8. 1 8.0 7.8 7.4 7.6 7.6 7.5 7. 6 7.4 7. 4 7.3 7.0 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The decrease of 353,000 in seasonally adjusted unemployment in December was accompanied by a decline in the proportion of job losers and new entrants and an increase in job leavers and reentrants. PERCENT DISTRIBUTION* REASON FbR UNEMPLOYMENT PERCENT DISTRIBUTION* DURATION OF UNEMPLOYMENT 60 40 40 REENTRANTS 27 WEEKS OVER 20 20 JOB LEAVERS \ JNEW ENTRANTS 1975 1976 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR TVJTn Am — IlCJJLl Tilov— t*i%JJ Period ment (thousands) 1973 1974_ 1975 1976 1977 >. 1976: Dec.. 1977: Jan.. Feb_. Mar. Apr-. May_ JuneJuly. Aug.. Sept« Oct.. Nov. Dec*_ 4, 304 5,076 7, 830 7,288 6,855 7,490 7, 066 7,273 7, 145 6, 869 6,894 6, 904 6,719 6,821 6, 668 6, 688 6, 663 6,310 15-26 WEEKS 1977 1978 1975 1976 1977 1978 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Pereerit distrit ution of unemPerceiit distrilmtion of unemrjA_j._ _ 1 otate programs Insured plo yment b y durati on J unem- Special Pi oyment by reasoin ployunemment, ployall ment 27 Insured New Less Job Job Reen5-14 15-26 weeks unem- Initial regular benefit3 enthan 5 proclaims losers leavers trants trants weeks weeks weeks and ploy- claims grams J (unadover ment (unad- justed) justed) We<skly avei•age, thou sands 38. 7 15.7 30.7 14.9 7.8 1, 632 51. 0 11. 0 30. 1 246 1, 793 43.4 14.9 28.4 13.3 11. 1 50.6 7.3 2,262 31.0 363 2, 558 55.4 10.4 23.8 10.4 15.2 3,992 37. 0 16.5 31.3 478 4,943 1, 173 12. 2 49.8 12. 1 26.0 38. 3 13. 8 18. 3 2, 968 382 29.6 3, 822 1, 152 45. 3 13.0 28. 1 13,7 41. 7 13. 1 14.8 2, 473 30.5 375 3, 112 572 49. 8 11.4 26. 0 12. 8 37. 4 14. S 17. 6 2,915 30.2 365 3,884 903 46. 0 13. 1 27.9 17. 1 2, 823 39.0 14. 3 12. 9 29. 6 407 4,442 823 47.4 12. 2 13.0 27.3 39. 9 13. 4 16. 9 2,822 29. 9 430 4,448 911 45. 1 12. 9 12. 1 28. 1 41. 5 14. 0 16. 2 2, 636 30.2 344 3,972 901 44.2 12. 6 28.9 14.3 44. 9 16. 4 2, 565 10. 6 374 28.1 3,506 784 45.0 13.3 41. I 28. 7 13. 0 12. 0 15. 6 2, 565 383 3, 105 31. 4 538 43.0 13.6 27.7 15. 7 44. 5 11. 9 13. 9 2,568 372 2, 939 29. 6 484 45. 3 12. 5 14.5 27. 7 42. 1 13. 2 14. 1 2, 626 385 3, 065 30. 6 540 46. 3 12. 9 27. 1 13.7 41.5 12. 6 2,733 13. 5 385 2, 751 32. 4 535 12. 9 45. 3 27.9 13. 9 41. 1 13. 6 13.7 2,664 368 2,643 412 31. 8 45. 5 13. 1 28.6 12. 8 41. 4 13. 6 13.7 2, 624 361 2, 649 364 31. 3 44. 7 13.3 28.5 13. 6 42. 4 13.9 13.3 2, 602 354 2,853 315 30. 3 43. 4 13. 9 29.8 13. 0 41.3 14.8 13. 5 2, 516 346 3, 225 259 30. 4 1 Detail may not add to 100 percent because of rounding. NOTE.—Seasonally adjusted data revised beginning 1973. 'Includes State (50 States, District of Columbia, and Puerto Rico), ex-serviceSource: Department of Labor (Bureau of Labor Statistics and Employment men (UCX), Federal (UCFE), and railroad ( R R ) programs. Also includes and Training Administration). Federal and State extended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). 8 FSB and SUA. These programs started January 1975 and regular reporting began March 1975. 13 NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment increased by 217,000 in December. The increase since December 1976 was 3.1 million. The largest employment gains over the year were in services, wholesale and retail trade, and durable goods manufacturing. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* ! 901 WHOLESALE AND RETAIL TRADE ALL NONAGRICULTURAL ESTABLISHMENTS 70 60 -SERVICE-PRODUCING" INDUSTRIES MANUFACTURING SO ..,.**'T'*—-»•/ 40 18 JTI M I I » I I I I I I I I I I I M I I I I I 1 I I I I II I I 1 I t I I I I I I 1 1 1 I I M M I I II M II 30 -GOODS-PRODUCING INDUSTRIES *-*•*" "'" " „*,,«»...„«..*«• "-71 P=— CONTRACT C ONSTRUCTIO S| *«»«!«„ 20 11 M 11 f! 1 I 1 1 ! M 1 1 I ! I 1 1 I I II 1 1 1I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1973 1974 1975 1977 1976 1973 1974 1975 •SEASONALLY ADJUSTED SOURCE, DEPARTMENT OF LABOR 1 1 1 1 1 I 1 1 1 1 IV 1977 1976 COUNCIL OF •CONOMIC i ADVISERS 1 [Thousands of wage and salary workers; seasonally adjusted] Croods-pr<educing i ndustrie 5 Period Total nonagricultural employment 1973... ..__ 1974 1975 1976 1977 » 1976: Dec_. 1977: Jan__. Feb.. Mar__ Apr.. May. June. July.. Aug.. Sept.. Oct.. Nov p _ Dec* 76, 896 78, 413 77, 051 79, 443 82, 140 80, 370 80, 574 80, 870 81, 331 81, 620 81, 837 82, 157 82, 407 82, 474 82, 763 82, 902 83, 222 83, 439 Total 2 24, 727 24, 697 22, 603 23, 332 24, 232 23, 528 23, 585 23, 763 24, 017 24, 176 24, 264 24, 355 24, 412 24, 305 24, 360 24, 436 24,526 24, 553 Contract construction 4, 015 3, 957 3, 512 3, 594 3,845 3, 605 3,549 3,661 3,759 3, 830 3,853 3,888 3,913 3,893 3,892 3, 9il 3,946 3,964 Service-pi oducing industri<28 Msmufaetuj ring Non- Total 20, 068 20, 046 18, 347 18, 956 19, 555 19, 114 19, 219 19, 278 19,417 19, 499 19, 566 19, 611 19, 666 19, 594 19, 612 19, 666 19, 717 19, 876 Durable durable goods goods 11, 839 11, 895 10, 679 11, 026 11, 480 11, 165 11, 236 11, 261 11, 373 11, 404 11, 451 11, 484 11, 548 11, 527 11, 545 11, 604 11, 627 11, 746 8,229 8, 151 7,668 7,930 8,075 7,949 7,983 8,017 8,044 8,095 8, 115 8, 127 8,118 8, 067 8,067 8,062 8,090 8, 130 1 Includes all full- and part-time wage an<3 salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel oi the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p, 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they 14 Total 52, 169 53, 715 54, 448 56, 111 57, 909 56, 842 56, 989 57, 107 57, 314 57, 444 57, 573 57, 802 57, 995 58, 169 58, 403 58, 466 58, 696 58, 886 TransFinance, Gover nment porta- Whole- insursale tion ance, and State and and Services retail Federal and public trade real local utilities estate 4,644 4,696 4,498 4,509 4, 590 4, 549 4,544 4, 553 4,563 4, 575 4, 586 4, 588 4, 572 4, 581 4,616 4,610 4,630 4,660 16, 674 17, 017 17, 000 17, 694 18, 281 17, 925 17, 994 18, 039 18, 118 18, 175 18, 202 18, 264 18, 322 18,377 18, 431 18, 414 18, 486 18, 511 4,091 4,208 4,223 4,316 4,509 4,398 4,419 4,431 4,453 4,463 4,481 4,494 4,506 4, 524 4,545 4, 572 4,600 4,618 13, 021 13, 617 14, 006 14, 644 15, 334 14, 936 15, 010 15, 068 15, 149 15, 182 15, 197 15, 260 15, 372 15, 448 15, 482 15, 533 15, 601 15, 676 2, 663 2,724 2,748 2,733 2,727 2,720 2, 721 2,721 2,725 2, 721 2, 725 2, 735 2, 721 2, 732 2, 728 2, 730 2, 727 2, 722 11, 075 11, 453 11, 973 12, 215 12, 468 12, 314 12, 301 12, 295 12, 306 12, 328 12, 382 12, 461 12, 502 12, 507 12, 601 12, 607 12, 652 12, 699 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 ou reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NON&GRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Averagre gross hourly <earnings Aver age weekly hours Total private nonagricultural J Period Total Percent cllange from a year earlier 4 Index, 1<£67=100 Manufacturing Overtime Total private nonagricultural l Manufo icturing Adjusted h ourly earnin gs index3 —1<Dtal private nonagricCultural Current dollars 1967 dollars 3 Current dollars 1967 dollars 37.7 37. 1 37. 0 37. 1 37. 1 36.6 36. 1 36. 2 36. 1 40.6 39. 8 39.9 40. 6 40.7 40. 0 39. 4 40. 0 40.3 3.6 3. 0 2. 9 3. 5 3. 8 3. 2 2.6 3.1 3.4 $3.04 3. 22 3. 44 3. 67 3.92 4.22 4. 54 4.87 5. 24 $3. 19 3. 36 3. 57 3. 81 4. 08 4.41 4. 81 5. 19 5, 63 113.2 120.7 129.2 137.7 146.5 158.5 172.5 185.0 198.5 103. 1 103.8 106.5 109. 9 110.0 107.3 107.0 108. 5 109. 4 6. 6 6. 6 7.0 6.6 6.4 8.2 8.8 7; 2 7.3 1.2 .7 2.6 3.2 .1 -2. 5 —.3 1.4 .8 1976: Dec 36.2 40. 0 3.2 5. 02 5. 38 190. 7 109. 5 6.9 2. 0 1977: Jan Feb Mar Apr. May June_ _ _ July Aug__ _ Sept _ _ _ Oct____ Nov v»_ Dec 35. 8 36.2 36.2 36.2 36. 3 36.2 36. 1 36.0 36.0 36. 2 36. 1 36.0 39.5 40.3 40.4 40. 3 40.4 40.5 40. 2 40. 3 40. 3 40.4 40.5 40. 3 3.2 3.3 3.3 3.4 3.4 3.4 3.4 3.3 3.3 3. 5 3. 5 3.4 5.07 5. 10 5. 13 5. 17 5. 20 5. 22 5. 27 5,28 5. 32 5. 38 5.39 5.41 5. 43 5.45 5. 49 5. 53 5. 57 5.61 5. 66 5. 68 5. 73 5. 79 5. 81 5. 82 192.6 193.2 194. 2 195. 6 196.4 197. 4 199. 4 199.9 201.2 203.3 204.0 204.8 109. 7 109. 0 108.8 108. 8 108. 6 108. 5 109. 2 109. 1 109.5 110.3 110. 1 110.2 7.2 7.0 7.0 7.2 7.0 7. 1 7.5 7. 1 7.3 7.9 7.5 7.4 2.0 1.0 .6 .4 .2 .3 .7 .4 .7 1.3 .7 .6 1969 1970 1971 1972 1973 1974 1975 1976 1977* - AVERAGE WEEKLY EARNINGS—PRIVATE NON&GRICULTUR&II INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly earnings Total private nonagricu Ltural » Period Current dollars 1969 __ 1970 1971__ 1972 1973___ 1974 _ 1975__ _ 1976 1977*-. _ 1976: Dec._ 1977: Jan.. Feb Mar Apr__ May_ June. July Aug _ _ _ Sept _ Oct Nov » Dec*., _ _ _ _ _ _ _ _ _ _ _ _ $114. 61 119. 46 127. 28 136. 16 145. 43 154. 45 163. 89 176. 29 189. 16 181. 72 181. 51 184. 62 185. 71 187. 15 188. 76 188. 96 190. 25 190. 08 191. 52 194. 76 194. 58 194. 76 1967 dollars s $104. 38 102. 72 104. 93 108. 67 109. 26 104. 57 101. 67 103. 40 104. 22 104. 32 103. 37 104. 13 104. 10 104. 09 104. 34 103. 88 104. 19 103. 76 104. 20 105. 68 105. 06 104. 77 Manufacturing . $129. 51 133. 73 142. 44 154. 69 166. 06 176. 40 189. 51 207. 60 226. 89 215. 20 214. 49 219. 64 221. 80 222. 86 225. 03 227. 21 227. 53 228. 90 230. 92 233. 92 235. 31 234. 55 $181. 54 195. 45 211. 67 222. 51 235. 69 249. 08 265. 35 284. 93 295. 87 291. 28 280. 37 296. 25 294. 25 296. 54 298. 08 295. 87 297. 41 294. 92 294. 48 300. 66 301. 10 298. 21 Percent chimge from a year e arlier, total priifate nonagricuiltural * Current dollars Current dollar,3 1 Also includes other private industry groups shown on p. 14. 2 Adjusted for interindustry employment shifts and for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index. < Monthly changes based on indexes to two decimal places. 22-454°—78 3 Contract construction Wholesale and retail trade $90. 78 95.66 100. 39 105. 65 111. 04 118. 33 126. 75 133. 39 142. 52 138. 10 138. 20 139. 28 140. 28 141. 28 142. 04 141. 86 143. 19 143. 09 143. 76 146. 40 145. 85 146. 74 6.4 4. 2 6. 5 7.0 6.8 6.2 6. 1 7.6 7.3 6.7 5. 6 7. 1 7.7 8.3 7. 5 7. 6 7.7 7.3 8. 1 8.4 7.9 7.2 1967 dollars 1. 0 — 1. 6 2. 2 3. 6 .5 -4.3 -2. 8 1.7 .8 1.8 .4 1. 0 1. 2 1. 5 .7 .7 1. 0 .6 1.4 1.8 1.1 .4 * Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY Hours of all pergions2 Out]put 1 Output per hour of all i>ersons Compemsation per 1 lour 3 Unit labor COsts ImpJicjit price defla tor * PriNonPriNonNonPriNonPrivate NonPrivate NonPrivate farm farm vate farm business vate farm vate farm farm business business business business sector business business business business business business business sector sector sector sector sector sector sector sector sector sector sector Period 1967 == 100; qua rterly dat a seasonsilly adjuslbed 1966 1967 1968 1969 98.0 100.0 105. 1 ioas 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 1143 96.8 100. 0 104 1 111.0 96.4 100.0 103.9 110.9 97.2 100. 0 103.9 108.8 96.8 100.0 104 0 108.7 1970 1971 1972 1973 1974— - _ _ 1975___ 1976 1977 »_ 1975: I_. — II III.... IV 107.4 110.3 117.6 124. 5 121. 5 107.4 110.3 117.9 125.0 121. 9 104.5 107.8 111.0 113. 1 109.9 111.8 116. 5 119. 3 108.9 111.7 113. 8 113. 3 123.3 131.5 138.9 150. 3 1643 1140 119.2 122.9 128.0 141. 5 161.7 160. 4 159. 1 163. 0 158.0 165.6 1742 1542 156. 5 159.4 161.6 1976: I II III IV 124.9 126.7 127. 7 128.4 112.9 1145 115. 2 114 6 180.2 196. 5 213. 6 176.2 179.2 181. 1 1846 190. 5 194 5 198.6 202. 7 118. 1 122.2 125. 5 133. 0 149.8 161. 7 168. 9 179.7 162.0 160.9 160. 0 163.9 113.9 118.9 123. 2 130.3 143. 1 109.9 114 3 116. 7 121. 9 129. 9 137. 4 148. 1 162.0 177.6 193. 1 209.6 173.2 176. 3 179. 1 181. 9 118.1 121.9 125. 2 132. 9 149.5 na7 104. 0 103.7 107.6 112. 2 112.7 108. 1 111. 4 115. 7 107.8 106. 8 107. 7 109. 7 111. 0 111.2 111.4 112. 3 103. 3 106.3 109.5 111.4 108. 1 118. 7 126.9 134.6 115. 1 117.2 120.6 121.8 102.8 102.3 106.0 110. 1 110.6 106. 1 108. 9 112,8 131. 3 134.0 135.7 137.3 116. 1 116. 3 117.4 117.8 208. 4 211. 7 216.0 219. 7 165.6 167. 1 169.5 173. 3 176.0 178.9 180.5 183. 2 162.9 1648 166.5 168. 3 1977: I, II III IV »__ 165. 1 167. 1 169.4 173. 0 175.2 178.5 179. 7 182. 2 15&9 165.0 1740 153.4 155.6 158. 1 160.3 162. 1 163. 6 166.0 168. 1 170. 1 173. 1 175.4 177.7 169.6 172.7 175.6 177.7 127.4 134.9 115. 3 117. 1 120.6 121.8 125.2 127.2 128. 3 128.7 131.6 1345 136.0 137. 5 105.7 104.9 106. 0 107.5 108.2 108.9 109. 0 109.6 110. 4 113.0 112.9 113.9 113.4 115. 6 115.9 116.8 115.4 116.4 117.2 117. 2 118.9 118.6 120. 2 120. 6 106.9 109. 6 112. 0 111. 0 186. 9 191. 3 195.2 198. 7 2043 208. 1 211. 9 215.7 161. 1 168. 7 179.0 Perceiit change ; quarterlyf data at seasonal] y adjuste d annual rates 1966 1967 1968 1969- 5.5 2^0 5.1 3.0 6. 0 1.9 5.4 3.0 2.3 -. 3 1. 7 2.7 3.3 — .0 2. 1 3.2 3.2 2. 3 3. 3 .3 2.5 1.9 3.2 2 7.0 5.6 7.6 7.0 6.1 5.8 7.3 6. 5 3.7 3.3 41 6.6 3.4 3.8 3.9 6.6 3.2 2.9 3.9 47 2.9 3.3 40 45 1970 1971 1972 1973 1974 -.9 2. 8 6. 6 5. 9 -2. 4 -2. 4 7.0 6.0 -1. 1 2.7 6.9 6.0 -2.5 -2.6 7.3 5.9 -1.6 —. 4 3.6 3. 9 .4 .7 3.2 2.9 1. 9 -2.8 1. 8 4. 2 2.4 -11.6 6.5 12. 5 4. 1 1.3 10. 6 7.7 -1. 9 13. 1 6.9 4.4 8. 1 6. 4 3. 2 2.7 6.2 12. 5 7.7 47 6. 1 11.7 -3. 3 -3. 0 10. 2 47 44 3.6 5.8 9.8 10.4 48 5. 1 -11.6 7.5 12.2 3. 9 6. 7 6. 6 5. 8 7.8 9. 4 9. 6 8. 7 8.5 12. 1 7.4 6. 5 6. 4 6.5 3.5 2.7 6.0 12. 7 1975: I II III IV 10.9 -2.8 -2.2 10.0 49 4.5 3. 1 41 10. 5 10. 9 5. 1 5.5 14.2 5. 7 6.6 5.8 1976: I II III IV 10.8 5. 9 3. 1 2.1 11.7 6.6 3.2 1.3 2. 8 2. 3 .3 2.2 11.4 9.7 8. 5 7. 3 5. 1 49 5.8 8. 6 43 3.8 5.7 9.4 9. 5 8. 8 4.8 45 3.3 9.5 2 3.4 7.8 3. 5 2.8 ^ 6. 1 -1.0 5.4 1.4 13.3 8.6 8.7 8.5 9.6 8.5 5.2 4.8 4. 6 .8 .6 3. 3 4.2 7.9 .9 3.2 .2 2.9 3.0 1.7 -2.9 1. 6 41 2.0 1.0 10. 5 8. 9 -3.3 6.8 5.7 2.6 -1.9 5. 1 .8 3.8 1.2 7.2 6. 6 5. 7 8.2 9.4 -4. 1 2.7 3.6 -12.7 -2.8 4. 2 5. 9 -1.2 g 3.7 4. 3 .4 -4. 1 3. 1 3. 8 -12.5 -3.6 3.3 7.6 11.8 6.5 8.5 7.0 11.7 7.7 7.5 7.5 5. 4 7.6 2.9 5.6 6. 3 6.8 3.5 6.1 1975 1976 1977 » — 1977: I II III IV »... 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 9. 6 9. 1 8.7 7.9 45 6.4 12.9 6.2 7.5 5.9 3.1 48 41 46 44 7.2 5.2 5.5 44 3.8 6.0 5. 3 3. 5 7.5 7.0 4.8 < 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. Seasonally adjusted data revised beginning 1972. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production increased 0.2 percent in December following gains of 0.4 percent in November and 0.2 percent in October. The December increase in the index would have been twice as large if it were not for the nearly 50 percent cut in bituminous output due to the coal strike. INDEX, 1967«100* (RATIO SCALE) 180 UTILITIES AND MINING PRODUCTION INDEX, 1967=100* (RATIO SCALE) 160 TOTAL INDUSTRIAL PRODUCTION 160 140 UTILITIES 120 >*••*«» 4 r \* MINING 100 1974 1973 1975 1976 1977 PERCENT (RATIQ SCALE) 100 MANUFACTURING CAPACITY UTILIZATION RATE 90 SO 120 70 100 1973 1974 1976 1975 1973 1977 1977 * SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion 1972 1973 1974 1975 1976 1977* 1976: Dec 1977: Jan Feb Mar Apr May June _ July Aug Sept Oct__ . Nov P Dec* _ Total iiidustrial produ ction Percent Index, change 1967= from 100 year earlier 100. 00 9. 2 119. 7 8.4 129. 8 —.4 129. 3 -8.9 117.8 10.2 129.8 5.6 137. 1 133.0 132. 3 133.2 135. 3 136. 1 137. 0 137. 8 138. 7 138. 1 138. 5 138. 8 139. 3 139. 6 6.9 5. 1 4.4 5. 5 5. 7 5.6 6.2 6. 1 5.2 6.0 6. 6 5.9 5.0 COUNCIL Of ECONOMIC ADVISERS [Seasonally adjusted] Indust ry produ ction indeixes, 1967 = 100 Miinufacturi ng Total Durable Nondurable Mining Utilities 87.95 118. 9 129.8 129.4 116.3 129. 5 137. 1 61. 98 113.7 127. 1 125. 7 109, 3 121. 7 129. 4 85.97 126.5 133.8 134.6 126. 4 140. 9 148. 1 6. 36 113. 1 114. 7 115. 3 112. 8 114. 2 117. 8 5. 69 139.4 145.4 143.7 146. 0 151.0 156.8 83. 1 87.5 84. 2 73.6 80.2 82.4 88.0 92. 4 87.7 73.6 80.4 81.9 83 86 83 77 81 91.8 97.1 93.0 80.4 87.5 90. 2 132.5 131. 6 132. 6 135. 1 135. 8 137. 1 137. 8 138. 5 138. 6 139.0 139.2 139.6 140.4 125. 0 123. 4 124. 0 126. 8 128. 0 129. 3 130. 5 131. 6 131. 3 131. 7 132. 3 132. 2 133.0 143. 3 143.4 145. 3 147. 0 147.0 148. 5 148. 4 148. 6 149. 4 149. 5 149. 4 150. 3 151. 1 115. 4 112.8 116. 3 120. 6 119. 2 119. 5 122. 8 119. 8 115. 4 118. 0 119. 1 118.3 113.4 157.9 163.8 160. 3 154.8 154. 0 156.7 156. 8 161. 4 155.7 154. 1 153.5 155. 7 157. 4 81. 2 80.4 80. 9 82. 1 82. 3 82. 8 83. 0 83. 1 82.9 82.9 82.8 82.8 83.0 80.2 79.4 80.2 81.6 82. 1 82.7 83.0 82.9 82.0 82. 0 82. 3 82. 4 82. 1 81 87. 7 83 88. 4 84 90. 4 82 90, 9 » Output as percent of capacity. » Annual data are averages of four monthly indexes. * Quarterly data entered in last month of quarter. Annual data are averages of quarterly data. Manuf acturing <japacity titilization rate, p<3rcent * Federal Reserve sen es WharComTotal merce2 ton Mate- series manuseries 3 rials facturing 91. 0 Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economic Analysis), and Wharton School of Finance. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adjusted] Prod uets Final p roducts Equip ment Cortsumer go ods Period Total NonDurable durable goods goods Total 1967 proportion 47.82 1969 1970 1971 1972 1973 1974 1975 1976 1976: Dec ___ ___ 1977: Jan Feb Mar — Apr - _ May __ - _ June _ _ _ _ _ _ July Aug_ _ __ Sept Get Nov * Dee »_ 109.6 105. 3 106. 3 115.7 124. 4 125. 1 118.2 127.2 131. 5 130.8 131. 6 133.3 134. 1 134. 7 135.4 136. 8 136. 3 136. 8 136. 6 137.0 137. 6 i ! ! 1! ! 27. 68 109.8 109. 0 114. 7 124.4 131. 5 128.9 124. 0 136.2 141. 3 139. 9 140. 5 142.9 142. 9 143. 1 143.8 145. 4 144. 7 144. 9 145.2 145.7 146. 2 IntermLediate prod ucts Total Business Total Materials Construction supplies Supplementary group: Energy total 7. 89 19. 79 20. 14 12.- €S 12.89 e. 42 39. 29 12. 23 115.0 106. 1 118.8 133. 8 146. 2 135.3 121.4 141.4 150.5 145.4 146. 1 152.4 151. 5 152.2 155.8 158.0 154. 7 155. 6 157.2 155.6 155. 9 107.7 110. 1 113. 1 120. 6 125. 6 126.3 125. 1 134, 1 137.6 137.7 138.3 139. 1 139. 4 139. 5 139. 1 140.3 140.6 140.7 140. 5 141. 6 142. 2 109. 3 100. 1 94.7 103.8 114.5 120.0 110. 2 114.6 118. 0 118.4 119.2 12U 0 122. 1 123. 2 124. 1 124. 8 124. 9 125. 6 124.9 125. 3 126. 0 112.5 107. 0 104. 1 118. 0 134. 2 142. 4 128. 2 136.3 142.3 142.3 143.5 144. 8 147. 1 148. 9 150. 1 151.2 151. 1 152. 1 152. 3 152. 7 153. 3 112.9 112.9 116. 7 126. 5 137. 2 135. 3 123. 1 137.2 140.5 142.2 141. 6 141. 8 142. 3 143. 5 144. 7 146.3 146. 1 146.5 147. 0 147.9 149. 2 112. 3 111. 0 116. 8 128. 4 139. 8 134. 5 116.3 132. 6 135. 5 136.2 135.6 136.4 137.2 138.7 139. 9 141.2 141. 7 143.2 144.4 146.0 147. 1 112. 5 109. 2 111. 3 122. 3 133. 9 132.4 115. 5 130. 6 132. 0 131. 1 132.7 135. 5 136.5 137.8 138.7 138.9 137.6 137.9 138. 8 139.2 139. 1 111. 1 117.0 119. 5 125. 2 128. 3 125. 5 125. 5 128.8 133.3 134. 1 132. 9 132. 3 132. 1 132. 5 133.5 135.6 131.4 132. 5 132.8 132. 6 130. 1 [1967 = 100, seasonally adjusted] Duirable mjmufaetu res Primaryr metals Nontrical machinery Electrical machinery Non durable manufaci bures Transp<srtation equip ment Iron and steel Fabricated metal products 6.57 113.8 106.6 100.2 112. 1 126.7 123. 1 96.4 - 108.9 4. 21 112. 6 104. 7 96. 1 107. 1 122. 3 119. 8 95.8 104.9 9. 15 109. 3 104. 4 100. 2 116. 0 133. 7 140. 1 125. 1 135.0 8.05 9. 27 4.60 107. 9 102. 4 103. 5 112. 1 124. 7 124. 2 109. 9 123.3 111.9 108. 1 107.7 122. 2 143. 1 143. 8 116. 5 131.6 108.4 89.5 97. 9 108. 2 118. 3 108. 7 97.4 110. 6 116. 5 92. 3 118. 6 135.8 148. 8 128. 2 111. 1 140.7 1.64 107.9 105. 6 113. 8 120. 8 126. 0 116. 2 107.6 125. 1 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. 2 169. 3 106. 1 108. 9 112. 8 116.8 120. 9 124. 0 123.4 132.3 1976: Dee 101.5 93.4 128. 1 141. 5 135. 1 117.4 155. 0 128. 1 124.9 123.0 173. 1 132.9 1977: Jan Feb Mar Apr _ _ May June __ _ _ July Aug_ _ _„ Sept _ 100.8 100.2 108. 3 112. 2 117. 1 114. 7 114.4 112.5 109. 0 113. 7 111. 9 111. 2 89. 7 91. 3 97. 9 103. 9 111. 0 109. 2 110. 9 110.6 104. 6 108. 1 105. 6 125. 7 125. 8 127. 5 127.6 128. 2 130.8 132.0 134. 0 133. 6 134. 4 135.2 136. 0 139. 9 139. 8 139. 8 142. 9 142. 6 144. 0 145.7 145. 2 147. 4 148. 2 148. 9 150. 4 134.0 137. 6 137. 6 139. 6 141. 8 142. 6 143.6 143. 9 144. 6 144. 2 145. 1 146. 6 113.5 113.4 120. 5 119. 8 120. 3 123. 7 125.6 124. 3 125. 5 124. 1 121. 9 122. 2 145. 5 145.4 161.2 158. 1 157. 7 163.2 166.2 164.4 165. 6 167. 9 163. 0 161. 9 132. 7 132.2 132. 1 130. 6 133.0 132.4 132.9 131. 8 137. 1 136. 2 137.4 123. 124. 122. 121. 123. 122. 121. 124. 127. 129. 124.7 122. 4 124. 8 123. 4 124.4 124. 1 124. 9 125. 0 124. 2 124. 8 124. 7 126.5 172.2 174.9 180. 0 180.6 182.8 183.5 182.6 182. 6 181. 3 180. 8 183. 0 134.2 136.4 138. 7 138. 0 138. 3 136.9 138.3 139. 3 138. 3 137. 6 138. 4 Period Total 1 967 proportion 1969 1970 1971 1972 1973 1974 1975 1976 __ Oct Nov *__ Dee v 5.98 Source: Board of Governors of the Federal Kesei ve System. 18 Total Motor vehicles and parts Lumber and products Ar\ Apparel products 0 4 2 4 5 1 1 1 7 2 Print- Cheming icals and and pubprodlishing ucts Foods 8. 75 NEW CONSTRUCTION Construction contracts 2 Private Period Total new construction expenditures Resid ential Total Total J Commercial and industrial New housing Otker Federal, State, and local CommerTotal value cial and industrial index (1967= floor space 100) (millions of square feet) Bil lions of dollars 1971 1972 1973 1974 1975 1976 1977 » 110.0 124. 1 137.9 138. 5 134.3 147. 5 170.7 80.1 93.9 105.4 100.2 93. 6 109.5 133.7 43.3 54. 3 59. 7 50.4 46.5 60.5 81.1 17.0 18. 1 21. 7 23. 8 20. 8 19. 9 21. 8 35. 1 44.9 50. 1 40. 6 34.4 47.3 65. 1 19.8 21.5 24. 0 25. 9 26.3 29. 0 30. 8 29.9 30.2 32. 5 38.3 40. 7 38. 0 37.0 30. 1 30. 7 30.9 31. 5 30. 9 30. 7 30.4 30. 4 30. 2 30.2 30. 8 31. 0 31. 4 32. 2 34.9 34. 3 32. 0 34. 5 35.4 36.2 38. 4 39.4 39.2 38.2 39. 3 37. 7 35. 6 36.2 Seasonalh/ adjusted atinual rates 1976: Nov _ . _ Dee--- _ _ 1977: Jan Feb Mar_ Apr .. May__ June _ July Aug Sept Oct___ Nov__ _ _ Dec v 153.8 155. 4 148. 1 156.9 163.8 167. 5 172. 1 174. 6 173.0 172.0 175.9 177. 8 177.8 180. 3 119. 0 121.2 116.2 122.4 128.4 131.3 133. 7 135. 2 133.8 133. 8 136. 7 140. 1 142.2 144. 1 52. 7 54. 8 52. 1 58.3 62.2 63. 5 65.8 66. 0 65. 1 65. 1 66. 4 68. 8 70. 5 72.9 69. 6 71. 1 66.5 72. 1 76.7 79.5 82. 4 82. 5 80. 8 80. 7 82. 4 85. 7 87.7 89. 9 1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 19. 3 19. 4 18.7 18.8 20.8 21. 1 20.9 22. 3 22.7 22.9 23. 5 23. 4 23. 1 21. 9 145.4 165.3 179.5 169. 7 167.9 199. 4 252. 2 727 854 1,010 840 555 592 738 Seasonally Seasonally adjusted adjusted annual rates 210 183 203 212 207 250 317 307 218 267 279 244 258 299 631 658 643 615 309 671 758 733 702 853 813 757 847 864 NOTE.—New construction expenditures data prior to 1973 not comparable with later data. Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] I^ew private housing uni ts Period 1970 1971 1972 1973 1974 1975 1976 1977 *> _ Units started, by type of str\icture Total 1 unit 1, 433. 6 2, 052. 2 2, 356. 6 2, 045. 3 1, 337. 7 1, 160. 4 1, 537. 5 1, 986. 4 812. 9 1, 151. 0 1,309. 2 1, 132. 0 888. 1 892.2 1, 162. 4 1, 451. 3 1, 889 1,384 1, 802 2, 089 1,880 1,937 1,897 2,083 2,029 2,065 2, 203 2, 121 2,295 1,324 1,006 1, 424 1,503 1, 413 1,455 1,389 1,437 1,453 1,523 1,562 1,543 1,605 2-4 units 84. 8 120. 3 141. 3 118. 3 68. 1 64.0 85. 9 122.0 5 or more units 535. 9 780. 9 906. 2 795. 0 381. 6 204. 3 289. 2 413. 1 New priv ate homes Units authorized 1, 351. 5 1, 924. 6 2, 218. 9 1, 819. 5 1, 074. 4 939. 2 1, 296. 2 1, 680. 0 Units completed Homes sold Vacancy rate for Homes for rental sale at housing end ofl units period (percent) 2 1, 418. 4 1, 706. 1 1, 971. 5 2, 013. 8 1, 691. 7 1, 296. 8 1, 362. 1 485 656 718 620 501 544 639 220 287 409 450 403 380 431 5.3 5. 4 5. 6 5.8 6. 2 6. 0 5. 6 1, 444 1,416 1,637 1,707 1,540 1,536 1,647 1, 671 1,699 1, 901 1, 624 1,789 808 827 893 867 775 774 805 694 825 882 868 843 431 431 434 435 441 441 444 453 467 468 477 481 5.3 Seasonally adjusted armual rates 1976: Dec 1977: Jan Feb. Mar_ _ _ Apr _ May June July Aug Sept Oet».__ Nov v Dec v 1 Seasonally adjusted. J Quarterly data entered in last month of quarter. 120 103 120 113 116 120 105 127 113 128 132 136 169 445 275 258 473 351 362 403 519 463 414 509 442 521 1,532 1, 333 1, 526 1, 687 1, 605 1, 615 1,678 1,639 1,772 1,695 1,850 1,893 1,858 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% billion in November and business sales increased 1 percent. According to the advance survey, retail sales fell nearly % percent in December, following an increase of more than 1 percent in November. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALI) 400 350 tOTAC BUSINESS INVENTORIES 300 250 •200 TOTAL BUSINESS SALES 150 •100 1.20 1974 1975 1977 1978 1977 1976 * SEASONALLY ADJUSTED SOURCE; DEPARTMENT Of COMMERCE Who]esale Total biusiness l R€itail CJ_i_ bales *2 Inventories 8 Q f * bales 3 Inventories * DurTotal Inventc)ry-sales 4 In ventories s Sales 2 Period 1978 COUNCIL OF JECONOMIC ADVISERS Non- able durable goods goods stores stores DurTA+AI of d oUars, s«sasonally adjuste;d 35, 823 34, 169 10, 827 23, 342 49, 867 39, 786 37, 422 12, 369 25, 054 54, 433 46, 254 41, 871 14, 091 27, 781 62, 691 56, 537 44, 543 13, 820 30, 723 70, 767 55, 113 48, 370 14, 907 33, 463 71, 031 61, 307 53, 542 17, 544 35, 998 78, 431 61, 049 54, 822 18, 098 36, 724 77, 988 61, 307 56, 685 19, 038 37, 647 78, 431 62, 123 55, 703 18, 860 36, 843 79, 458 63, 062 57, 291 19, 382 37, 909 79, 721 64, 300 57, 990 19, 863 38, 127 81, 196 65, 301 58, 142 19, 833 38, 309 81, 825 64, 838 58, 003 19, 516 38, 487 83, 025 64, 947 57, 825 19, 436 38, 389 84, 134 64,210 58, 552 19, 505 39, 047 85, 326 65, 095 59, 020 19, 984 39, 036 86, 650 66, 119 59, 014 19, 763 39, 251 87, 227 66, 209 60, 778 20, 895 39, 883 87, 462 66, 422 61, 482 20, 640 40, 842 88, 465 61, 048 20, 335 40, 713 Non- able durable goods goods stores stores rat io Total business1 Retail Milliens 1971 1972 1973 1974 1975 1976 1976: Nov Dec__ 1977: Jan__ Feb Mar Apr May June July Aug Sept Oct Nov * Dec * 1 5 The 116,351 130, 049 151, 647 174, 991 180, 229 200, 118 203, 731 212, 095 209, 950 215, 281 221, 903 . 221, 167 221, 327 222, 240 221, 255 223, 604 224, 242 227, 536 __ 229, 848 188, 180 202, 291 233, 340 285, 275 281, 837 306, 325 306, 151 306, 325 309, 063 311, 232 314, 875 317, 873 320, 492 322, 899 324, 107 326, 849 329, 510 330, 460 332, 049 26, 257 29, 584 36, 822 45, 836 44, 633 48, 408 48, 990 50, 935 50, 678 51, 857 52, 672 53, 385 53, 866 53, 735 53, 495 53, 208 53, 307 53, 639 55, 126 term "business" also includes manufacturing (see page 21). Monthly average for year and total for month. •Book value, end of period, seasonally adjusted. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of inventories at end of month to sales for month. 4 20 21, 706 23, 929 27, 725 32, 007 31, 632 35, 067 34, 875 35, 067 35, 588 35, 516 36, 150 36, 094 36, 818 37, 104 38, 130 38, 577 38, 515 38, 752 39, 134 28, 161 30, 504 34, 966 38, 760 39, 399 43, 364 43, 113 43, 364 43, 870 44, 205 45, 046 45, 731 46, 207 47, 030 47, 196 48, 073 48, 712 48, 710 49, 331 1. 58 1.49 1.43 1.48 1.57 1.47 1.50 1.44 1. 47 1. 45 1.42 1. 44 1. 45 1. 45 1, 46 1.46 1.47 1.45 1.44 1. 39 1.38 1. 40 1. 49 1.45 1.41 1.42 1.38 1. 43 1.39 1.40 1.41 1.43 1. 45 1. 46 1.47 1.48 1.44 1.44 Source; Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers* new orders rose 4 percent in December and shipments rose 2% percent. Inventories were about unchanged from their November level. BILLIONS OF.DOLLARS* (RATIO SCALQ BILLIONS OF DOLLARS* (RATIO SCALI) INVENTORIES 240 200 160 120 100 80 DURABLE GOODS 60 ;^sw"" \ ,„.•"*"" NONDURABLE GOODS 40 RATIO*. d 2.20 INVENTORY-SHIPMENTS RATIO 200 40 1.20 1973 1975 1974 1976 1976 1973 1977 ^SEASONALLY ADJUSTED SOURCEs DEPARTMENT OF COMMERCE 1977 COUNCIL OF ECONOMIC ADVISERS 1 Manufacturers' slu pmentsl Manufacturers* inventories2 1 Manui"aeturers' new orelers1 ManufacManu- turers* facCapital Nonimvengoods durable turers' toryunfilled indus- goods shiporders3 ments tries, nonratio 4 defense DurabJ e goods Period Total NonDurable durable goods goods Total NonDurable durable goods goods Total Total 55, 925 63, 042 72, 954 84, 612 87, 226 98, 168 110, 560 29, 973 34, 042 39, 704 44, 043 43, 912 50, 376 57, 693 25, 953 28, 999 33, 250 40, 569 43, 313 47, 792 52, 867 MElio ns of doll ars, seasorlally adjussted 102, 490 66, 149 36, 341 55, 937 29, 951 108, 072 70, 098 37, 974 64,246 35, 142 124, 395 81, 218 43, 177 76, 217 42, 888 157, 971 101, 780 56, 191 86, 988 46, 570 155, 693 100, 310 55, 382 85, 659 42, 164 166, 587 105, 729 60, 858 98, 497 50, 681 177, 352 112, 845 64, 507 112, 113 59, 185 1976: Dec.__ 104, 475 1977: Jan___ 103, 569 Feb... 106, 133 Mar._ 111, 241 Apr__. 109, 640 May__ 109, 458 June 110, 680 July.. 109, 208 Aug__ 111,376 Sept-_ 111, 921 Oct... 113, 119 Nov__ 113, 240 Dec *>_ 116, 184 55, 295 53, 341 54, 703 58, 849 56, 764 56, 717 57, 570 56, 820 58, 087 58, 608 59, 262 59, 154 61, 650 49, 180 50, 228 51, 430 52, 392 52, 876 52, 741 53, 110 52, 388 53, 289 53, 313 53, 857 54, 086 54, 534 166, 587 167, 482 168, 449 169, 379 170, 747 172, 629 173, 818 174, 571 175, 104 176, 164 176, 789 177, 162 177, 352 1971 1972 1973 1974 1975 1976 1977" 1 2 Monthly average for year and s Book value, end of period. End of period. 4 105, 729 106, 562 107, 222 107, 685 108, 190 109, 154 110, 421 110, 978 111,452 111, 787 111, 904 112, 548 112, 845 total for month. Shipments are the same as sales. For annual periods, ratio of weighted average inventories te average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. 60, 858 60,920 61, 227 61, 694 62, 557 63, 475 63, 397 63, 593 63, 652 64, 377 64, 885 64, 614 64, 507 106, 600 105, 288 106, 575 111, 788 111, 547 111, 693 111, 524 108, 598 111, 494 112, 441 116, 543 116, 068 120, 765 57, 040 55, 037 55, 133 59, 160 58, 652 59, 176 58, 378 56, 031 58, 270 59, 048 62, 503 61, 984 66, 028 7, 575 8,947 11, 169 12, 656 10, 899 12, 820 15, 320 25, 986 29, 104 33, 329 40, 418 43, 495 47, 816 52, 927 107, 656 122, 362 161, 766 190, 271 171, 438 175, 453 193, 997 1.83 1.67 1. 58 1. 66 1.80 1.64 1.56 13, 835 14, 621 14, 249 14, 561 14, 679 15, 000 15, 535 14, 409 14, 678 16, 189 16, 502 15, 883 17, 329 49, 560 50, 251 51, 442 52, 623 52, 895 52, 517 53, 146 52, 567 53, 224 53, 393 54, 040 54, 084 54, 737 175, 453 177, 179 177, 623 178, 167 180, 065 182, 301 183, 150 182, 541 182, 646 183, 166 186, 590 189, 416 193, 997 1. 59 1. 62 1. 59 1. 52 1.56 1. 58 1. 57 1. 60 1. 57 1.57 1.56 1.56 1.53 Source: Department of Commerce, Bureau of the Census. 21 PRICES WHOLESALE PRICES In December, the wholesale price index rose 0.6 percent (0.5 percent seasonally adjusted). Prices of farm products and processed foods and feeds rose 1.4 percent (0.4 percent seasonally adjusted). Industrial commodities prices were up 0.4 percent (0.5 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 220 INDEX, 1967= 100 (RATIO SCALE) 220 200 200 FARM PRODUCTS AND PROCESSED FOODS AND FEEDS 100 100 1977 1969 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967=100] All commodities Period __ 110. 4 114. 0 119. 1 134. 7 160. 1 174.9 183. 0 194. 2 1976: Dec__ 1977: Jan _ „ Feb Mar Apr May _ _ June_ July Aug Sept__ _ Oct _ Nov Dec 187. 1 188. 1 190. 2 192.0 194. 3 195. 2 194. 5 194. 8 194.6 195.3 196. 3 197.0 198. 2 1970 1971 1972 1973 1974 1975 1976 1977 Farm products Indusand trial processed commodfoods ities and feeds 111. 7 110. 0 113. 9 114. 1 122. 4 117. 9 159. 1 125. 9 177. 4 153. 8 184. 2 171. 5 182. 4 183. 1 188.8 195. 1 Unadjusted 183. 9 187. 4 184. 8 188. 4 190. 0 188. 4 191. 7 190. 9 195. 9 193.3 194. 2 196. 8 194. 7 191. 5 188.7 195. 9 184. 2 196. 9 183. 9 197.8 184.2 199. 1 186. 8 199. 2 189. 5 200. 0 T>_ Jrrocessed foods and feeds rt Farm products 111. 0 112. 9 125. 0 176.3 187. 7 186.7 191. 0 192. 5 112. 1 114. 5 120. 8 148. 1 170. 9 182. 6 178. 0 186. 1 191. 9 194. 0 198. 3 203. 5 210. 4 205.5 191. 4 187.6 179.9 179.6 184.0 189.5 189. 0 178. 8 178. 5 181.9 185. 3 190. 1 193.4 190. 1 185. 0 184.2 183. 1 184.5 187. 7 189. 3 1 Excludes crude foodstuff's and feedstuffs, 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 Consunler finishe d goods Crude excjluding foe)ds mate-1 Nonrials Total Durable durable 118.9 109. 9 106.9 112.0 107. 7 108. 3 114. 3 111. 4 123. 1 111. 7 116. 6 110.8 113.4 131. 1 119. 5 113. 2 118. 9 113.6 155. 2 123. 5 118. 5 115. 8 128. 1 120. 5 141. 0 138. 6 219. 1 159. 5 126. 3 146.8 162. 5 153. 1 138. 2 178. 6 225. 1 163.0 249.9 173. 2 161. 8 189.5 144. 4 173. 3 172. 1 202. 4 152. 1 184. 5 280. 4 185.4 Seasonally adjusted 165. 8 178.4 265. 9 195. 5 178.4 146. 9 262. 6 196.4 167. 5 179. 0 148. 1 180.5 168. 1 180. 1 181.0 273. 0 197. 6 148.9 180. 8 169. 3 279. 3 199.3 149. 4 182.7 183.8 200.5 170. 5 280. 1 150. 6 181. 8 182. 8 184.8 282. 3 200. 9 171. 3 151. 1 172. 0 151. 7 183. 5 185. 7 277.8 201. 5 172.4 152. 1 202. 7 184. 4 186. 0 277. 7 172. 9 153. 5 185. 2 203. 7 185. 9 283. 0 174. 1 205.2 153.6 186. 1 187.8 283. 9 188. 9 155. 3 175. 1 188.4 283.2 206.3 175. 6 155. 5 190. 2 189. 1 286.8 206. 7 176. 0 155. 9 189. 5 207.8 191. 2 296. 0 Inter- Producmediate er finmate-2 ished rials goods Note.—Data for June and July 1977 revised. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In December, the consumer price index rose 0.4 percent (also 0.4 percent seasonally adjusted). Food prices increased 0.4 percent (0.2 percent seasonally adjusted). Nonfood commodity prices rose 0.2 percent (0.5 percent seasonally adjusted) and services prices were up 0.5 percent (also 0.5 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCAL^ 220 INDEX, 1967=100 (RATIO SCALE) 200 100 1969 1970 1971 1972 1973 1976 1975 1974 1977 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967=100] All items Period Food Commodities Services food 1970.1971 1972 1973 1974 1975 1976 1977_._ __ 116. 3 121. 3 125. 3 133. 1 147. 7 161.2 170.5 181.5 114. 9 118. 4 123. 5 141.4 161. 7 175.4 180.8 192.2 112. 5 116. 8 119. 4 123. 5 136.6 149. 1 156. 6 165. 1 121. 6 128. 4 133. 3 139. 1 152. 1 166.6 180.4 194. 3 commodities 113.5 117. 4 120. 9 129. 9 145. 5 158. 4 165.2 174.7 Comrnodities le ss food Food All All 114. 9 118.4 123.5 141.4 161. 7 175.4 180. 8 192.2 All home Food away from home 113. 7 116. 4 121. 6 141. 4 162.4 175. 8 179. 5 190.2 119. 9 126. 1 131. 1 141. 4 159.4 174.3 186. 1 200. 3 112. 5 116.8 119. 4 123. 5 136. 6 149. 1 156. 6 165. 1 Food at Services Durable Non- 111.8 116. 5 118. 9 121. 9 130.6 145. 5 154.3 163.2 113. 1 117. 0 119. 8 124.8 140. 9 151. 7 158. 3 166.5 121.6 128.4 133.3 139. 1 152. 1 166.6 180.4 194.3 able Seasonal y adjust ed Unac justed 1976: D e c _ _ . 174. 3 181. 7 160. 6 185. 8 168. 0 181. 9 179. 7 190. 4 160.5 158.4 162.0 185. 5 175.3 177. 1 178.2 179. 6 180. 6 181.8 182.6 183. 3 184.0 184.5 185. 4 186. 1 183.4 187. 7 188.6 190. 9 191. 7 193.6 194. 6 195. 2 194. 5 194.4 195. 6 196.3 160. 6 161. 6 162. 6 163. 6 164. 7 165.4 165. 6 166. 0 166. 7 167.4 168. 1 168.4 187. 4 188.7 190. 0 191.2 192.2 193.7 195.3 196. 3 197. 7 198.5 199. 5 200.5 169. 4 171. 4 172. 2 173. 6 174. 5 175.3 175. 5 176.0 176. 3 176.7 177.6 178.3 183. 5 187. 1 188. 2 191. 0 192. 4 193.9 194. 0 194.5 194.7 194.9 196. 1 196.5 181.3 185.4 186. 4 189. 3 190. 7 192. 1 191. 9 192.3 192. 4 192. 5 193.9 194.1 192.0 194. 0 195. 4 197. 5 199. 5 201. 2 202. 1 203. 2 203.7 2042 204.8 205.6 161.6 162.7 163. 4 164. 0 164. 7 165. 1 165. 3 165.8 166.2 166. 7 167.5 168.3 159.9 161.4 162.4 163. 2 163. 5 163.4 163.4 163.5 163. 8 163.8 164.8 165.9 162. 8 163.7 164.2 164. 7 165. 6 166. 3 166. 8 167. 5 168. 0 168.8 169.5 170.1 187.0 188.4 189. 9 191. 4 192. 6 194. 2 195. 7 196.7 197.7 198. 4 199.2 200.1 1977: Jan__._ Feb Mar_^>_ Apr May... June July..-. Aug Sept___ Oct Nov Dec Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN WHOLESALE PRICES Percent cl langefro m 3 mont as earlier ; Percent cJiange from 6 mont hs earlier; season ally adjusted annua 1 rates seasonsilly adju£sted annulil rates Percen t change from pre ceding perio<i; seasontally adjusJted 1 Period All commodities 1969 .. 1970 1971 1972 _ 1973. 1974 1975....— 1976 1977. 1976: Dec.. 1977: Jan.. Feb.. Mar» Apr__ May. JuneJuly.. Aug.. SeptOct__ Nov.. Dec,. 4.8 2.2 4.1 6.3 15.4 20.9 4.2 47 5.9 .6 .5 1.0 1.1 1. 1 Farm products 8.4 -4.7 8.1 18.7 36.1 -1.9 5. 5 -1. 1 -1.7 2.6 1.1 2.2 2.6 3.4 .4 -.6 —.2 .1 -2.3 -6.9 -2.0 -4. 1 . 2 .8 .7 .5 2.4 .5 3. 0 -.3 Industrial commodities Processed foods and feeds 6.8 .8 4.7 11.6 20.3 20.9 -3.8 -1.1 5.8 1. 8 -.2 1.9 1.9 2.6 1.7 —.4 -.6 .8 1.7 .9 Processed foods and feeds Farm products Industrial commodities All commodities Farm products Processed foods and feeds Industrial commodities 3.9 3.6 3.4 3.4 10.7 25.6 6.0 6.4 6.7 .3 .5 .7 .7 .6 -1.7 -2.7 All commodities .4 .3 .5 .5 .8 .6 .4 .5 7. 1 7, 1 8.9 10.6 13.4 10.5 3.6 -1.4 -2.6 1.5 5.5 8.3 8.3 6.5 8.5 5.8 12.9 26.2 26.5 38.3 15.3 -21.7 -36.8 -41.3 -22. 5 -7.5 23. 1 22.6 1 15.1 15.4 28.6 27.8 10. 8 -10. 3 -17.7 -13.9 -1.1 7.8 14.2 7.6 6.1 6.3 8.1 8.5 7.1 5,3 4.9 5.3 7.4 7.6 7.3 6.0 5.3 5.5 8.0 8.9 10.2 9.7 7.0 5.7 3.7 2.5 2.0 2.7 4.8 -3.5 —.2 -3. 1 -2.2 —.5 10.8 18. 1 21.3 13.0 11.6 15.7 25.0 20.6 -6.5 -17.7 -22.1 -23.5 -15.0 —2. 5 6.9 7.4 2.5 -2.4 -5,8 -5.8 -.8 7.8 7> 7 7.9 7.8 7.3 6. 7 6.7 6.7 6.2 6.4 6.2 6.3 6.7 Source: Department of Labor, Bureau of Labor Statistics. Annual changes are from December to December (unadjusted). NOTE.—Data for June and July 1977 revised. CHANGES IN CONSUMER PRICES Percecit change; from preceding period; seasortally adju sted1 Period All items 1969 1970 1971 1972 1973 1974 1975 1976 1977 6.1 5. 5 3.4 3.4 8.8 12.2 7. 0 4. 8 Food 7. 2 2. 2 4. 3 4.7 20. 1 12.2 6. 5 Commodities less food Services 4,5 4.8 2.3 2.5 5.0 13.2 6.2 Percent c mnge frc»m 3 mont hs earlier; Percent c iange frc m 6 mont hs earlier; seasonsilly adjussted annu al rates seasonsilly adju.sted annu al rates All items Food Commodities less food Services All items Food Commodities less food Services 7.4 8.2 4. 1 3.6 6.2 11. 3 8. 1 6.8 .6 8.0 5. 1 4.9 7.3 7.9 1976: Dec... .4 .1 .6 .4 4.2 0.0 5.7 5.1 4.8 0.8 5.6 6.3 1977: Jan.. _ Feb.... Mar... Apr.-. May.. June.. July... Aug— Sept Oct... Nov... Dec... .8 1.0 .9 2. 0 7 7 4 4 4 2 1 3 2 3 5 5 .8 .7 .8 .8 .6 .8 .8 .5 .5 .4 .4 .5 6.1 9.1 2.9 6.7 8.0 7.4 6.7 8.0 9.8 9.7 9.2 9.4 9.3 8.8 7.4 5.6 5.2 4.9 5.5 6.5 7.1 8.0 8.7 9.0 8.1 6.8 6.1 2.3 5.9 7.0 6.1 6.3 6.5 6.4 6.5 6.6 6.9 7.4 8.2 8.6 9.6 J .6 .8 .6 .6 .4 .3 .3 .3 .5 .4 .6 1.5 .7 .8 .1 .3 .1 .1 .6 .2 Annual changes are from December to December (unadjusted). 24 10.0 9.9 8.4 8. 1 6.4 5.2 4. 2 3.8 4.4 4.6 12.4 14.6 17.4 11.8 12.7 6.4 4.4 1.7 1.9 3.3 3.7 6. 1 5.0 4.2 3. 2 2.7 2.7 3.4 4.2 5. 2 5. 1 4.8 4.4 9. 9 12. 1 13. 6 11.8 8. 1 7.0 4. 1 3.9 2.7 Source: Department of Labor, Bureau of Labor Statistics. 5. 8 4.6 3.8 3.5 3.3 3.4 3.9 9. 5 9.0 8.4 7.4 7.0 6.2 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 percent in the month ended January 1 5. Contributing most to the increase were higher prices for cattle, hogs, broilers, lettuce, and tomatoes. Partially offsetting were lower prices for eggs, milk, grapefruit, and soybeans. Prices paid by farmers were up 2 percent from the December 1 5 level. INDEX, 1967*= 100 (RATIO SCALE) PRICES RECEIVED (ALL FARM PRODUCTS) PRICES PAID fALL ITEMS, INTEREST, TAXES, AND WAGE RATES) 1969 I 1970 1971 1972 1973 1975 1974 1976 1977 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE. COUNCfc OF ECONOMIC ADVISERS SOURCE) DEPARTMENT OF AGRICULTURE Prices received by farmers Period All farm products 1970 1971 1972 1973 1974 1975 1976 1977 Crops Prices paid by fai•mers All items, Livestock interest, Family Producand living tion taxes, and products wage rates | items items Index, 1 967=100 110 113 125 179 192 185 186 183 100 108 114 175 224 201 197 193 118 118 136 183 165 172 177 175 112 118 125 144 164 180 191 202 _._ 178 190 169 1977: Jan 15 Feb 15 Mar 15 Apr 15 May 15. . ___ June 15 July 15 AuglS Sept 15 Oct 15___ Nov 15. _ Dec 15 _ 183 186 190 191 193 184 180 175 174 178 179 181 198 203 211 213 214 198 182 173 171 178 185 183 170 174 171 172 176 173 179 177 177 177 174 180 185 186 185 1976: Dec 15 1978: Jan 15 4 _ _ 1 ___. i 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. s The adjusted parity ratio reflects Government payments made directly to formers. 8 Index discontinued. Consumer price index (Department of Labor) substituted in calculating total prices paid beginning January 1977. Parity ratio 1 Actual Adjusted 2 114 118 123 133 151 166 176 108 113 121 146 166 182 193 200 72 71 74 91 86 76 71 67 >77 75 79 94 87 76 72 68 192 181 192 68 69 198 200 202 204 204 204 203 201 201 201 202 203 182 (s3) () (33) (3) (3) () (33) 68 69 69 69 70 66 65 64 63 65 65 66 69 70 70 70 71 68 66 65 65 66 66 67 208 (8) 196 199 201 204 205 203 201 198 197 198 199 199 203 65 67 (8) e>(3) () (3) * Not charted. NOTE.—Data revised beginning January 1976. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK The growth in Mi during the fourth quarter was 6.2 percent (annual rate). BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 200 1969 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1977 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Over all measiares l Deposi ts at co tnmercia banks Period M, M, M8 Currency Timte and sa vings Demand Total 1972: Dec__. 1973: Dec__. 1974: Dec_._ 1975: Dec... 1976: Dec... 1977: Dec*_ 1977: Jan__. Feb..Mar.. Apr___ May.. June__ July_. Aug__ Sept.. Oct... Nov__ Dec v. 255. 3 270. 5 283. 1 294.8 312.4 335.4 313.8 314.0 315. 4 320. 5 320.7 321.9 326. 8 328.4 330. 4 333.7 333.3 335.4 525. 3 571.4 612.4 664. 3 740.3 806.5 746.3 750. 7 756. 1 764.6 767.6 772. 8 783.5 787. 7 792. 9 799. 6 802.7 806.5 844.5 919. 6 981.5 1, 092. 6 1, 237. 1 1, 374. 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. 6 1, 374. 1 56.9 61.5 67.8 73. 7 80.5 88.4 81. 1 81. 8 82. 2 83. 1 83.6 84. 0 85. 1 85. 5 86. 4 87. 1 87.8 88.4 198.4 209. 0 215. 3 221. 0 231.9 247.0 232. 7 232. 1 233. 2 237.4 237. 1 238. 0 241.7 242. 9 244.0 246.6 245.5 247. 0 313. 5 363. 9 418. 3 451. 7 491.1 545.8 495. 6 500.0 502.8 505.7 509. 2 514. 8 519. 5 522. 5 525.8 532. 2 540.3 545.8 1 MI is currency plus demand deposits; M* Is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is Ms plus deposits at nonbank thrift institutions. 26 Per cent chaiage * Comporlents anc [ related iterns Large CDs 43.5 63.0 89.0 82. 1 63.3 74. 7 63. 1 63. 3 62.2 61.6 62. 3 63. 9 62. 8 63.2 63.2 66.4 70.9 74. 7 Other 270.0 300.9 329. 3 369. 6 427.9 471. 1 432. 5 436.7 440. 6 444. 1 446. 9 450. 9 456.7 459. 3 462.6 465.9 469.4 471.1 Deposits at nonbank thrift institutions U.S. Government demand deposits (unadjusted) 319. 3 348. 1 369. 1 428.3 496. 8 567. 6 502. 6 507.5 512. 1 516. 6 521. 4 526.7 533. 5 541. 7 550.2 557.5 563.0 567.6 7.4 6. 3 4,9 4. 1 4.7 5.5 4. 2 4.4 4. 5 5.6 3.8 5.2 3.9 3.7 5.4 4.1 3.8 5.5 M! 9.2 6.0 4,7 4. 1 6.0 7.4 5.9 5. 0 5.6 6.6 6.7 6.2 8.5 9.4 9.7 8.4 8.0 8.6 M2 11.4 8.8 7.2 8.5 11.4 8.9 12.0 11.7 11.4 10.9 9.9 9.0 10.2 10. 1 10.0 9.4 9.3 8.9 * Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. Source; Board of Governors of the Federal Reserve system. PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAI, INVESTORS [Averages of daily figures; billions of dollars, seasonally adjusted] Curre ncy and c leposits Period 1970: 1971: 1972: 1973: 1974: 1975: 1976: 1977: Dec Dee Dec. Dec Dec Dec Dec Dec * Time c .eposits Negotiable certificates of deposit Other private money market instruments Total liquid assets Total 769. 5 851.8 967.4 1, 079. 2 1, 166. 9 1, 290. 4 1, 423. 7 1, 599. 6 632.4 718. 9 817.0 887.5 945.2 1, 054. 4 1, 194. 2 1, 330. 8 49.1 52. 6 56. 9 61. 5 67. 8 73. 7 80. 5 88. 4 151.8 161.6 176.4 183. 3 187.2 191. 7 198.8 214. 7 198.9 233. 6 264. 5 294. 5 321.2 360.6 418. 1 460. 3 232.7 271.1 319.3 348.1 369. 1 428.3 496.8 567.4 52.0 54.3 57.6 60.4 63.3 67.2 71. 9 76.6 41.9 31.3 34.4 43. 3 47. 5 66.5 66. 1 76.4 21.8 27.7 36.3 53.8 70.4 59.4 44.2 55.0 21.4 19.6 22.2 34.3 40.5 43.0 47.4 60.9 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. 5 1, 321. 4 1, 330, 8 81. 1 81. 8 82. 2 83. 1 83. 6 84. 0 85. 1 85. 5 86. 4 87. 1 87. 8 88. 4 200. 9 200. 1 200. 9 205.5 204. 5 205. 0 208. 7 208. 6 209. 9 213.3 212. 4 214. 7 423. 0 427. 2 430.8 434. 2 436. 8 440. 4 44.6. 1 448. 9 452. 5 455. 7 458. 5 460. 3 502. 6 507. 5 512. 1 516. 6 521.4 526. 7 533. 5 541. 7 550. 2 557. 5 562.7 567.4 72.3 72.6 73.0 73.4 73. 8 74. 2 74. 7 75. 1 75. 4 75. 8 76. 2 76.6 66. 9 70. 3 70. 3 70. 0 69.2 68. 4 69. 8 71. 8 72. 5 74.4 75.8 76.4 43. 6 44.2 43. 3 42. 5 42. S 44. 3 43.4 43. 8 43.5 46. 8 51.3 55. 0 48.1 49. 7 51.7 53. 3 54.7 56.6 58. 1 58. 7 59. 3 59.9 60.4 60. 9 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, 570. 2 1, 585. 1 ! 1, 599. 6 1 1977: Jan Feb Mar Apr Mav June Julv Aug Sept. Oct Nov Dec » U.S. T reasury secu]rities Currency Demand deposits i Commercial banks ShortNonbank term Savings marketthrift bonds able seinstitucurities Source: Board of Governors of the Federal Reserve System, CONSUMER INSTALMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Instalmlent credit extended i Bank AutoTotal » credit mobile cards Period 1970 1971 1972 1973 1974 1975 1976 2 1977 .__ Instalm ent credit li cjuidated Total l 30, 094 35, 820 42, 700 48, 399 45, 429 51, 413 62, 988 72, 946 6, 768 8, 377 10, 390 13, 863 17, 098 20, 428 25, 862 31, 563 107, 444 113, 784 121, 926 138, 156 147, 920 156, 665 172, 795 195, 115 1976: Nov Dec 16, 712 17, 677 5, 312 5,869 2,260 2, 297 15, 077 15, 236 1977: Jan Feb Mar Apr May_, June July__ Aug _ Sept _ __ Oct. Nov 2 Dec 17, 241 17, 595 18, 496 18, 784 18, 503 18, 810 ' 18, 631 19, 204 19, 164 19, 787 19, 680 20, 079 5, 511 5,819 6, 199 6, 106 6, 048 0, 063 5, 966 6, 158 6, 109 6,083 6, 330 6, 554 2, 182 2, 408 2,406 2, 576 2, 621 15, 084 15, 610 15, 525 15, 886 15, 849 16, 388 16, 167 16, 553 16, 814 17, 160 16, 826 17, 253 2, Q40 1 Includes some items not shown s?Darately. 2 Preliminary; December by Council of Economic Advisers. j ! 112, 296 123, 826 137, 117 157, 863 157, 200 164, 169 193, 328 225, 974 2, 566 2,711 2,847 2, 973 2,828 2,805 Automobile Bank credit cards Net change in amount outstanding — Total l Automobile Bank credit cards 5, 615 7, 679 9,472 12, 433 15, 655 19, 208 24, 012 .28, 910 4, 852 10,043 15, 191 19, 707 9,280 7, 504 20, 533 30, 859 -347 4,207 5, 512 5, 758 500 3,007 10, 238 13, 420 1, 153 699 918 1,430 1,443 1,220 1,850 2, 653 4, 630 4, 667 2, 148 2,228 1,634 2, 442 682 1, 201 112 69 4, 712 4,801 4, 816 4, 901 4, 801 5, 100 4,897 5, 104 5,005 5,234 5,089 5, 066 2, 176 2, 201 2, 142 2, 298 2,430 2,403 2, 382 2,396 2, 567 2,687 2, 585 2, 643 i 2, 156 1,984 2,971 2,898 2, 655 2,422 2,464 2, 651 2, 351 2, 626 2,853 2,826 799 1,019 1, 383 1, 205 1, 247 963 1,069 1, 054 1,105 850 1,241 1, 488 6 207 263 278 192 238 184 315 279 287 243 162 30,440 31, 614 . 37, 188 ' 42, 642 44, 929 48, 406 52, 750 59, 526 Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS, INVESTMENTS, AND RESERVES Growth of business loans was quite modest in December and total loans and investments declined at commercial banks. BILLIONS OF DOLLARS*(RATIO SCALE) 1,000 BILLIONS OF DOLLARS* (RATIO SCALE) 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 t ...I.. .1.1....i i i 40 1970 1969 1972 1971 I I I ! I I I I 1 I! ill i j i t 11\ i i \ i i \ I i i l i t i i 11 i Li i i l l 40 1974 1973 1975 1976 •'SEASONALLY ADJUSTED, END OF MONTH SOURCE* BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All me mber ban ks Allc ommercial b anks * 1 Borrowiiags (milI Leserves 2 8 L<>ans Total lions of dollars, Investnlents unadju sted) * loans and lotai ex- Commer- U.S. Gov- Other invest- cluding ReNonSeaTotal cial and ernment secuTotal ments borrowed quired sonal inter- industrial securities rities bank t Period 1970.... 1971 1972 1973 1974__ 1975 1976 _.--4 _ 1977 * _ _ . 1977: Jan Feb Mar_ __ Apr _ May ..- _ June July" Aug*__ Sept *_ _ _ _ Oct*. Nov* Dec v 435.5 485.7 558. 0 633. 4 690. 4 721. 1 784.4 292.0 320.9 378. 9 449. 0 500.2 496. 9 538. 9 110. 0 116.1 130.2 156. 4 183.3 176. 0 5 179. 5 865.4 612. 9 6 787.3 797.9 805. 1 815.7 823.9 830.5 837. 0 845. 6 848. 4 857.9 866. 1 865.4 541.4 546. 6 552.9 560. 7 566. 1 572, 4 579.0 587.0 592.2 602. 5 611.2 612. 9 6 28 28. 79 31. 10 30. 36 33. 64 35. 87 34.60 3490 35. 64 28.87 31. 04 31. 12 3464 36. 34 34.46 34 68 321 107 1,049 1,298 703 127 62 159.0 29. 12 31.22 31.41 34.94 36.60 34 73 34 95 36.21 36.02 558 148.9 149. 6 148.4 151. 8 152.7 152.9 154.4 155. 5 156. 1 157.6 159.9 159. 0 3478 34.40 3431 34 68 34 72 3486 35.35 35. 64 35. 63 35. 90 36. 01 36. 21 3471 3433 34.20 34 61 34 52 34 60 35. 03 34 58 35.00 34 59 35. 15 35. 64 3451 3420 3409 3449 34 51 34 71 35. 08 35.44 35.42 35. 69 35. 76 36. 02 61 79 110 73 200 262 336 1,071 634 1,319 840 558 85.7 104.2 116. 5 129.9 139.8 144.8 148. 2 202. 2 57.8 60.6 62.6 54. 5 50.4 79.4 97.3 93.5 180. 4 182. 2 184.4 186. 7 188.2 190. 2 192. 4 194. 6 195. 1 199. 3 201. 6 202. 2 97.0 101. 7 103.8 103. 2 105. 1 105. 2 103. 6 103. 1 100. 1 97. 8 95.0 93. 5 1 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 Regulations D and M. 4 During 1974, total loans and investments were increased $0.6 billion due to 5 1977 41 32 13 12 54 8 12 13 14 31 55 60 101 112 114 83 54 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, 6 Loan ^classifications reduced these loans by $0.3 billion in December 1977. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS JBillions of dollars; quarterly data at seasonally adjusted annual rates] Uses Sources . Total Purchase of physical assets * crease in financial assets 95. 9 114. 6 80. 3 86. 0 15. 6 28. 6 123. 3 134. 7 39. 3 External Period 1970 1971. 1972. Total ._ 1973. . 1974 1975__ 1976 _. . 1976: I • II.. Ill-IV 1977: I. II III" 104. 3 127. 1 152.9 ISO. 7 180. 7 148.4 213. 5 Internal' 58. 9 68. 6 80. 8 83. 8 75.7 107. 8 125. 8 219.8 220. 4 204.3 209. 5 125. 4 268. 6 125. 7 240. 4 240.7 125. 0 130.5 122. 3 134. 8 145. 3 Cred t market funds Total Longterm 2 Short-a term 32. 1 40. 6 40. 7 37. 0 39. 1 49. 3 48. 6 8. 6 40. 7 45. 5 58. 5 44. 5 57.7 72.7 81.8 36.6 72. 2 96. 9 105. 0 40. 6 87.7 58. 3 17. 0 35. 7 42.7 -12. 7 9. 7 4. 8 14. 1 14. 5 24. 2 23.2 4. 1 29. 4 136. 5 162. 6 163. 5 132. 3 197. 2 140. 3 42. 3 35. 3 22. 1 17. 8 203.2 202. 5 192. 6 190. 5 56. 3 17.9 29.9 257.4 233. 6 232.0 169. 5 3.9 73. 8 87. 2 52.1 60.2 51.7 69.4 50. 1 46.8 51. 0 46. 6 2. 1 13. 4 .7 22. S 143.0 105. 6 95. 4 86. 6 87.7 65.5 42. 4 55. 8 49. 3 44. 3 31. 8 16. 2 94. 4 95. 5 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits. 1 Stocks, bonds, and mortgages. * Bank loans, commercial paper, finance company loans, bankers' acceptances, »nd Government loans. Other 100. 3 In- 36. 2 Discrepancy (sources less uses) 8. 4 12. 5 16. 5 18. 1 28. 9 33. 7 17. 1 16. 2 16.3 134.3 143. 1 150. 4 133. 4 68. 9 16.6 17. 9 153. 7 103. 7 64. 1 58. 3 98.6 173.7 56. 9 59. 4 42. 1 57. 1 11.7 19. 0 11. 3 6. 8 8.7 * Plant and equipment, residential structures, inventory investment, and mineral rights, Source: Board of Governors of the Federal Keserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars] Cur rent liabilities Ourrent ass ets Ad- End of period Cash U.S. Receivables on Govfrom ernTotal hand U.S. and ment Govin securi2 ernbanks ' ties ment * Notes and accounts receivable Other Incurvenrent tories assets * Total — 492. 3 1970 1971 529. 6 1972 573.5 1973 643. 3 1974 712. 2 1975 731. 6 1976 816. 8 1975: III-. 716. 5 IV— 731. 6 1976: I 753. 5 II-. 775.4 III.. 791. 8 IV 816. 8 1977: I 845. 3 II— 874.7 Ill- 909. 8 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 79. 1 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 24. 1 4. 2 3. 5 3. 4 3.5 3. 5 3. 6 4.3 as 3. 6 3. 6 3.7 4.3 4. 3 4. 6 4. 8 5.3 201. 9 217. 6 240. 0 266. 1 289.7 294. 6 323.9 294. 7 294. 6 193. 3 200. 4 215. 2 246. 7 288. 0 285. S 315.4 279. 6 285. 8 307. 3 318. 1 324. 2 323. 9 342. 0 356.6 373.8 288. 8 295. 6 302. 1 315.4 322. 1 332. 5 343. 1 * Includes time certificates of deposit. 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 TT.8. Government. Wherever possible, adjustments nave been made to include TJ.S. Government advances offset against inventories on corporations' books. 3 1Includes Federal 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 84.5 304, 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. 0 556. 3 vances and Notes preand payacments, counts U.S. payGovable ernment ' Federal income tax liabilities Other current liabilities 6 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 26. 9 sae 6. 6 4. 9 204.7 215. 6 4.0 230. 4 4.3 261.6 5. 2 287. 5 6.4 281. 6 7. 0 295.9 6. 2 273. 4 6. 4 281. 6 6.4 280. 5 6. 8 287. 0 7. 0 284. 7 7. 0 295. 9 6. 8 302. 2 5. 7 313. 2 6.2 323.6 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. 0 188.6 199.7 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. 7 342.7 353.5 * Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundry current assets. * 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 moved up early In January when the discount rate was increased, but subsequently declined a little. PERCENT PER ANNUM PERCENT PER ANNUM 1977 1969 SOURCE! SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Period 1972 1973. 1974. U.S. Government seenirity yields High- grade Prime com- Discount municipal Corporate mercial rate 3-month paper, bonds (N.Y. 3-5 year Taxable bonds Treasury F.R. (Standard 4-6 bonds * issues 2 Bank)9 bills * & Poor's)4 (Moody's) months 4.071 7.041 7.886 5.838 4.989 5.265 4.597 4.662 1975.. 1976 1977 1977: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec__ 7 1978; Jan Week ended: 1977: Dec 30 1978: Jan 6 13 20 27 Feb 3 _ _ _ 4.613 4. 540 4. 942 5. 004 5. 146 5. 500 5. 770 6. 188 6. 160 6. 063 6. 448 6. 152 6. 144 6.682 6. 535 6.429 6. 440 5.63 6.30 6.99 6.98 6.78 7.06 6. 68 7. 15 7.20 7. 14 7. 17 6.99 6.97 7.00 6.94 7. 08 7. 14 7.23 7.50 5.27 5. 18 6.09 6.89 6.49 5.56 5. 70 5. 75 5. 76 5.61 5. 64 5.53 5.50 5.46 5.37 5. 53 5. 38 5.48 5. 60 8.02 7.96 8.04 8. 10 8.04 8.05 7.95 7.94 7.98 7.92 8.04 8.08 8. 19 8.41 4.69 8. 15 9.87 6.33 5. 35 5.60 4.74 4.82 4.87 4.87 5. 35 5.49 5.41 5.84 6. 17 6.55 6.59 6.64 6.79 7. 51 7.52 7.78 7. 75 7.74 7.68 7.34 7.36 7. 54 7. 54 7. 55 7.54 5. 54 5.54 5. 64 5. 61 5. 60 5.54 8.28 8.30 8.40 8.44 8.47 8.46 6.68 6.69 6.77 6. 85 6.83 6.81 1 Eate on new issues within period. 2 Selected note and bond issues. s April 1953 to date, bonds due or callable 1C years and after. * Weekly data are Wednesday figures. 1 Average effective rete for yrer: or ening an<! closing rate for irccth and week. 30 7.21 7.44 8.57 8.83 5. 85 6.92 7. 81 7. 55 6.94 6.85 6.49 6.69 6. 73 6. 58 6.76 6. 58 6.67 6.90 6.92 7. 23 7.28 7.40 7. 71 a 43 Prime rate charged by banks * 4. 50 6.45 7.83 6.25 5.50 5.46 5.25 8.03 10.81 7.86 6. 84 6.83 5V4-5K 5&-5K w*~m 6 /4~6^ 5H-5K. 5K-5H 5K-5M 5l/4-5^ 6*4~6K ^-6% SK-SK 5M-5% 5^-5% 53/4-6 6-6 6-6 6-6X2 6-6 6-6 6-6H 6^-6M l 6^-6^/4 6%-6% 6«-7 7 -7H 7J4-7J4 7K-7K 73/4-7% 7J4-8 7%-7% 7%-7% 7%~8 8-8 8-8 8-8 Newhome mortgage yields (FHLBB)1 7.60 7.95 8. 92 9. 01 a 99 9.01 9.05 8.99 8.95 8.94 8.96 8.98 9.00 9.02 9.04 9.07 9.07 9.08 6H-6H 6H-6H 6K-6K • Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Eates beginning January 1973 not strictly comparable with prior rates. * Not charted. Sources: Board of Governors of the Federal Eeserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices moved erratically in January but were somewhat lower than at the end of 1977. INDEX, DEC 31,1965=50 80 INDEX, DEC 31,1965=50 80 I 70 70 COMPOSITE STOCK PRICE INDEX (NYSE) 60 50 50 40 30 30 1977 1969 PER CENT 20 PERC ENT, 20 15 „. «-, 15 J •ARMINGS-PRICE RATIO ON COMMON STOCKS (S&P) / ^^w ^S 10 10 r-'XS^ 5 j— 0 \ ^xl 1 1969 ! I I ! 1970 — -" ,-\ 5 ^— t ! I 1971 f 1 t 1972 t t I ! ' 1 1 I 1974 1973 i ! 1975* I I I 1976 5OURCE& NEW YORK STOCK EXCHANGE AND STANDARD t COOK'S CORPORATION Composite Industrial Transportation _ Utility 60.29 57.42 43. 84 45. 73 54.46 53. 69 56. 28 54. 93 54. 67 53. 92 53. 96 54.30 54. 94 53.51 52. 66 51. 37 51. 87 51. 83 6 49. 89 65. 73 63.08 48.08 50. 52 60. 44 57. 86 61. 26 59.65 59. 56 58. 47 58. 13 58. 44 58. 90 57. 30 56. 41 54. 99 55. 62 53. 55 53. 45 50. 17 37.74 31. 89 31. 10 39. 57 41.09 41.93 40. 59 40. 52 41.51 43. 25 43. 29 43. 52 41. 04 39. 99 38. 33 39. 30 39. 75 39. 15 38.48 37. 69 29. 79 31. 50 36. 97 40.92 41. 13 40. 86 40. 18 40. 24 41. 14 41. 59 42. 44 41. 50 40. 93 40. 38 40. 33 40. 36 39. 06 51.34 49. 70 49. 73 49. 28 49. 66 55. 02 53. 19 53. 26 52. 80 53.24 39.73 38. 60 39. 36 39. 14 39. 15 40. 15 39. 20 38. 85 38. 49 38.78 i Averages oi daily closing prices. * Includes all the stocks (more than 1,£00) listed on the NYSE. Includes SO slocks. «Includes 500 stocks. 'Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. • Not charted. 0 Common s tock5 yields (perc ent) 1 Standard Dow& Poor's composite Dividend- EarningsJones index Finance industrial ratio ratio average s (1941-43= 10) * 78. 35 2.84 950. 71 109. 20 5.50 70. 12 7. 12 107. 43 3. 06 923. 88 49. 67 82. 85 11.59 759. 37 4.47 47. 14 802. 49 4. 31 86. 16 9. 15 52. 94 974. 92 102. 01 8.90 3.77 55. 25 4.62 894. 63 98. 20 57. 86 970. 62 103. 81 3.99 55. 65 4. 21 941. 77 100. 96 54. 84 10.24 100. 57 946. 1 1 4.37 54. 30 929. 10 99. 05 4. 47 54. 80 98. 76 4. 57 926. 31 55. 29 99. 29 4. 60 916. 56 10.37 57. 29 100. 18 908. 20 4. 59 56. 52 872. 26 97. 75 4. 72 6 55. 33 853. 30 4. 82 96. 23 11. 09 53. 24 93. 74 823. 96 4. 97 54. 04 94. 28 5. 02 828. 51 53. 85 93. 82 5. 11 818. 80 50. 01 781. 09 90. 25 5. 32 New York Stock Exchlange indexes (Dec. 31, 1965 = 50) 2 Period 8 1 1 1977 COUNCIL OF ECONOMIC ADVISERS Cominon stock p rices 1972 1973 _ 1974 . 1975 1976 1977 1977: Jan Feb Mar Apr May_ _ June July Aug Sept Oct Nov Dec 1978: Jan Week ended: 1978: Jan 6 13 20 27 Feb 3 \ 52. 59 50. 62 50. 71 50. 32 50.58 S07. 779. 778. 768. 772. 43 17 53 43 59 92. 93 90. 01 89. 97 89. 01 89.65 5. 15 5. 37 5. 33 5. 42 5.42 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. nj FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT According to the Budge! submitted in January, the budget deficit is estimated at $61.8 billion for fiscal year 1978 and at $60.6 billion for fiscal 1979. BILLIONS OF DOLLARS 500 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS 500 ;4oo 400 OUTLAYS V" 300 300 RECEIPTS 200 200 50 50 SURPLUS (+) OR DEFICIT (-) 0 0 -50 -50 I _L -100 1970 1971 1 I 1972 -100 1973 1974 1975 1976 1977 1978 1979 FISCAL YEARS COUNCIt OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THi TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Receipts Period Fiscal year or period: 1969 1970 1971 1972 1973 . 1974 1975 . 1976 Transition quarter 1977 1978 (estimates)2... 1979 (estimates)2 _ . . • „ __ _ . _ __ _ Cumulative total first 3 months : Fiscal year 1977 . Fiscal year 1978 __ 1 Excludes non-interest-bearing public debt securities held by IMF. 2 Estimates from Budget of the United States Government, Fiscal Year, 1979. 32 Outlays Surplus or deficit (-) Federal debt (end of period) Total l Held by the public 187.8 193.7 188.4 208. 6 232.2 264. 9 281. 0 299. 2 81.7 356.9 400. 4 439. 6 184.5 196.6 211. 4 232. 0 247. 1 269. 6 326. 1 365. 6 94. 7 401.9 462. 2 500. 2 3.2 -2.8 -23.0 -23. 4 -14.8 -4.7 -45. 1 -66. 4 -13. 0 -45.0 -61. 8 -60. 6 367. 1 382.6 409. 5 437.3 468.4 486.2 544, 1 631.9 646. 4 709. 1 785.6 873.7 279.5 284.9 304. 3 323. 8 343.0 346. 1 396.9 480. 3 498. 3 551.8 617. 8 690.8 76. 2 84.5 99. 0 113. 3 -22 8 -28.8 664. 8 729.2 515.8 572.5 NOTE.—See Note, p. 33. Sources: Department of the Treasury an<i Office of Management and Budget. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION Fiscal 1978 budget receipts are estimated at $400.4 billion and budget outlays at $462.2 billion, according to the January Budget. Corresponding figures for fiscal 1979 are $439.6 billion and $500.2 billion. BILLIONS OF DOLLARS BILLIONS'OF DOLLARS 200 400 .400 OUTLAYS 300 300 NONDI 200 200 100 1970 1971 1972 1973 1974 1975 .1976' 1978 1977 1979 FISCAL YEARS SOU8CE& DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS 'Billions of dollars] IJutlays lieeeipts Nationa . defense Period Total Fiscal year or period: 187.8 1969 193. 7 1970 188. 4 1971__ 1972 208. 6 232. 2 1973 264. 9 1974 281. 0 1975 _ _ _ _ 299. 2 197G __ _ _ Transition quarter _ __ 81. 7 356.9 1977 400. 4 1978 (estimates)11. _ _ 1979 (estimates) _ _ _ 439. 6 Cumulative total first 3 months: Fiscal year 1977___ Fiscal year 1978. 76.2 84.5 Indi- Corpovidual ration Other income income taxes taxes 87.2 90.4 86.2 94. 7 103. 2 119. 0 122.4 130. 8 38.7 156.7 178. 8 190. 1 36. 3 40.4 36.7 32.8 26. 8 32. 2 36. 2 38. 6 40.6 41. 4 8.5 54.9 58. 9 62.5 9.4 11.6 63. 9 70.5 75.4 81.7 92.8 107. 4 118. 0 127. 0 34.5 145.2 162. 6 187. 0 30.5 32.6 i Estimates from Budget of the United States Government, Fiscal Year 197-9. NOTE.—Earned income credit payments in excess of an individual's tax liability are classified as income tax refunds beginning 1976 and as outlays prior to 1976. Total Total Department of Defense, military Interna- Health Inand tional income terest Other affairs security 211.4 232. 0 247. 1 269. 6 326. 1 365. 6 94.7 401.9 462. 2 500. 2 79.4 78. 6 75. 8 76.6 74.5 77.8 85. 6 89. 4 22. 3 97.5 107.6 117.8 77.9 77.2 74 5 75. 2 73.3 77.6 85. 0 88. 0 21. 9 95.6 105.3 115.2 4.6 4.3 99. 0 113.3 22.6 25.5 23.3 24.9 1.3 184,5 i9ae 4. 1 4.7 4.0 5.6 6. 9 5.6 2. 2 4.8 6.7 7. 7 1. 1 49. 0 56. 1 70. 1 81.4 91.8 106. 5 136. 3 160. 0 41. 4 175.8 191.9 209.7 38.1 43.8 49. 0 35.7 39. 3 41.8 48. 8 53.9 51.7 66. 5 76. 0 21. 5 85.7 112. 1 116.0 43.0 45.7 11. 1 11.9 21.0 29. 1 15. 8 18.3 19.6 20.6 22.8 28. 1 31. 0 34.6 7.2 Source: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL ACCOUNTS BASIS According to preliminary estimates for calendar 1977, Federal receipts rose $41.6 billion and expenditures $37.2 billion, yielding a deficit of $49.6 billion, $4.4 billion less than in 1976. BILLIONS OF DOLURS 440 440 400 I 160 I ! - I l l I I I t I 40 SURPLUS HI Hi mm *»m —40 40 mm m iiiia!«| ^ KM v* u* -H.H.i DEFICIT — so IP i 1 IIi 11 i iIi 1 1i 1 ^ jin '_QA -170 -120 1949 1970 1972 1971 1973 1974 1?7 5 1977 '1976 CALENDAR YEARS SOURCE. DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] I^ederal C•rovernm ent expeinditures Federal C*overnm<snt receip ts Period Corporate and profits Total tax nontax tax receipts accruals T> J. ersonai1 Fiscal year: 1974 271. 8 1975 283. 6 1976 314. 1 1977" 364.0 Calendar vear : 1974 288.6 1975 286. 9 1976. _ __ 332. 3 J977* 373.9 1976: I 318.4 II— 329. 1 III._ 337. 1 IV___ 1977:1 IL___ Ill— IV". 344. 5 364. 9 371. 2 373. 2 Indirect business tax and nontax accruals GrantsSubsidies Less : ContriPurin-aid Wage less to State chases Transbutions Net current accruals Total of goods fer pay- and interest surplus of less for social inand ments local paid Govern- disgovernservices ment en- bursesurance ments terprises ments 122. 6 127. 3 137.2 165. 5 43. 7 42. 1 52.2 57.4 21. 4 22. 1 24.2 24 6 84.2 92. 1 100.5 116.5 278. 8 328. 7 372.3 411.8 104. 6 117. 9 126. 5 140.7 104. 7 134. 2 156. 8 169.7 41. 6 48.4 57.5 66. 0 19.8 21. 9 25.4 29.3 8.0 5.7 6. 1 6. 1 131. 1 125. 6 147. 3 170.7 138.0 143. 9 150. 3 157. 1 170. 0 168. 6 168.6 175.5 45.9 43. 1 55.9 59.5 54.4 57. 0 56.9 55. 1 55.4 59.9 59.5 21. 7 24.0 23.4 24.8 22.7 23.2 23. 7 23. 8 24. 2 24. 6 25.4 25.2 89.9 94.2 105. 7 118.9 103. 2 105. 0 106. 2 108. 4 115. 4 118. 1 119. 7 122. 4 299. 3 357. 1 386. 3 423.5 378.7 375. 3 390. 6 400. 4 403. 7 411. 5 432. 1 446. 7 111. 1 123. 3 130. 1 145.4 127. 6 128. 5 130. 2 134. 2 136. 3 143. 6 148. 1 153. 8 117. 6 149. 1 162. 0 173. 1 160. 2 157. 8 163. 9 166. 3 170. 7 169. 3 174. 8 177. 6 43.9 54.6 61.0 67. 6 58. 5 56. 8 63. 1 65. 5 62, 0 63. 6 72. 7 72.2 20.9 23. 3 27.2 29.5 26.2 26. 7 27. 3 28.5 28. 6 29. 1 29. 4 30.9 5.3 6.7 5. 9 7.9 6. 2 5. 5 6. 1 6.0 6. 1 5.9 7.2 12.3 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office oi Management and Budget. 34 -0.2 —.4 .0 .0 -. 5 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Surplus or deficit (-), national income and product accounts — 7. 0 -45.0 — 58.2 — 47. 8 — 10.7 — 70. 2 — 54. 0 -49. 6 — 60. 3 — 46. 2 — 53. 5 -55.9 -38. 8 -40. 3 -58.9 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] In dustria . produc;tion (seiasonally adjuste d) Period 1971 1972 1973— 1974 1975 1976 1977* 1977: Apr... May._ June.July... Aug... Sept*.. Oet*_,_ Nov.. Dee* United CanStates ada 109.6 119.7 129.8 129.3 117.8 129. 8 137. 1 136. 1 137.0 137.8 138.7 138, 1 138.5 138,8 139.3 139. 6 GerFrance many Japan 128 135 145 148 137 149 121. 5 130.0 141.7 145.8 139.0 145.4 155.8 167.2 193.3 187.4 167.5 190.3 150.3 151.2 152.2 150.7 151. 4 151. 3 151. 6 152. 6 _ __ 152 200. 8 151 196.7 199.4 156 195.4 1 151 197.0 152 198. 6 149 197.9 203. 3 155 Consumer f >rices (uiiadjuste< i) United CanItaly King- United States ada dom 133.6 138.7 147.7 145.1 137.1 149. 1 117.5 122.7 134.6 140.6 127.6 143.5 110,8 113.2 122.5 120.3 114.5 116.0 152 151 152 152 152 153 152 153 144.9 144.4 136.1 135.9 132.8 140.9 136.0 142. 7 117.5 119.2 114.6 117.7 117. 6 117.6 115.6 116.3 121.3 125.3 133.1 147.7 161.2 170.5 181. 5 179.6 180.6 181.8 182. 6 183. 3 184. 0 184.5 185.4 186. 1 GerJapan France many Italy 126.5 132.3 147.9 1840 205. 8 224.9 123.5 131.1 140.7 160.0 178.9 196,1 242. 6 244.9 243.6 243. 0 243.0 247. 3 248.6 245. 7 210.0 212.0 213.6 215. 5 216.7 218.6 220.3 221. 1 114.4 121.0 134. 1 159.7 186.8 218. 1 256.0 249.5 252. 6 254.3 255.8 258.2 263. 9 266.7 270.7 272. 0 115.6 121.2 130.3 144. 5 160.1 172.1 185.9 182.5 184.0 185.3 187. 1 187. 9 188. 9 190. 8 192. 0 193.3 112.7 119.0 127.2 136. 1 144. 2 150.7 156.6 156. 2 156. 9 157.6 157.4 157.3 157. 1 157. 3 157. 5 157.9 United Kingdom 128. 5 137. 6 150.3 174.4 216.5 252. 4 292.4 289.6 291.9 294.9 295. 3 296. 7 298. 3 299.6 301. 0 302. 6 Source: National sources as reported by Department of Commerce, Bureau of International Economic Policy and Research, Office of International Economic Research, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Mereh andise e xports Merc] landise im ports General im ports 3 ]Domestic3 exports Period Total domesFood, Crude ManuFood, Crude tic and Total mate- facbever- mate- Manu2 foreign Total * 2 beverfac(c.i.f. rials rials ages, Total ages, tured tured exand to- and value) 4 and to- and goods goods ports fuels bacco bacco fuels Custom s value F- a.s. valu e » Monthly average : 5,902 1973 1974 _ „ „ „ 8,159 8, 159 1974 8,928 1975 9, 567 1976 10, 009 1977 1976: Dee.___ 10,397 9,599 1977: Jan Feb-,_ 9,808 10, 072 Mar 9,970 Apr May_._ 10, 395 10, 112 June July... 10, 150 9, 563 Aug 10, 916 Sept Oct 9, 190 Nov 9, 304 11, 030 Dec 5,811 8,045 1,078 1,269 895 1,317 3,728 5,294 5,790 8,416 8,045 8,803 9,427 9, 825 1,269 1, 399 1,436 1,329 1,379 1, 250 1,265 1, 451 1, 350 1,376 1, 315 1,366 1,305 1,430 1,040 1,256 1, 577 1,317 1,266 1, 341 1, 528 1,475 1,409 1,574 1,482 1,684 1,789 1, 575 1,607 1,247 1,477 1,451 1, 475 1,495 5,294 5,913 6,437 6,704 7,324 6,459 6,483 6,745 6,479 6,794 6,700 6,695 6,531 7,473 6, 258 6, 369 7,512 8,354 8,010 10, 057 12, 235 11,020 11, 269 11, 674 12, 459 12, 593 11, 616 12, 932 12, 476 12, 232 12, 631 12, 288 11, 386 13, 059 , 1 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 2 Total includes commodities and transactions not classified according to kind. *4 Total arrivals of imported goods other than intransit shipments. C.i.f. (cost, insurance, and freight) imrort value at first port of entry in the United States. Eatr. for 1972 are estimates. Mei-chandisci trade balance Exports Ex(f.a.s.) ports Exports less (f.a.8.) (f.a.8.) imless less ports im- imports (cusports (c.i.f.) \ toms (ff.a.s.) value) 770 892 F.a.s. 892 827 991 1, 179 1,142 1, 150 1,261 1, 291 1,468 1,354 1, 170 1, 107 1,071 1,106 980 897 1,347 1, 120 2,653 value 5 2,672 2,716 3, 456 4, 397 3,808 3,946 4, 111 4, 964 4,572 3,974 4,829 4,459 4,231 4,674 4,471 4,472 4,175 3, 750 4,684 6, 131 9,000 4, 602 4,257 5,398 6,434 5,832 5, 861 5,920 6, 069 6,244 6,313 6,629 6,631 6,724 6,807 6, 650 6, 077 7, 474 9, 000 8,616 10, 797 13, 058 11, 789 12, 059 12, 463 13, 283 13, 419 12, 404 13, 810 13, 330 13, 051 13, 484 13, 121 12, 127 13, 933 112 -257 -195 -229 -841 -841 -257 — 195 852 312 918 -583 — 490 -1,230 — 2, 312 -2, 226 — 3, 050 -720 — 623 -1, 392 — 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 -2, 163 -2, 082 -2, 823 -2, 121 -2, 030 -2, 903 6 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS The merchandise trade balance deficit increased further in the fourth quarter. For the year 1977 the deficit was $31.4 billion compared with $9.3 billion in 1976. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 1969 1970 1977 SOURCft DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISEtS [Millions of dollars J quarterly data seasonally adjusted] Merchandise 12 Period Exports Imports Net balance Direct expenditures 1970 ... 42, 469 -39,866 2,603 -4,855 1971 43, 319 -45,579 -2,260 -4, 819 1972 49, 381 -55,797 -6,416 -4, 784 1973 71, 410 -70,499 911 -4, 629 1974 98, 306 -103,673 -5, 367 -5,035 1975— _ 107, 088 -98,043 9, 045 -4, 795 1976—.-.- 114, 694 -124,014 -9,320 -4, 847 1977" 120, 402 -151, 803 -31, 401 1976: I 27, 000 -28,343 - 1, 343-1, 160 IL_._ 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 1977:1 29, 457 -36,612 -7, 155 -1,329 II 30, 589 -38,397 -7, 808-1,403 III *„ 30, 867 -38,429 -7, 562-1,431 IV *>__ 29, 489 -38,365 -8, 876 Sales 1, 501 1,926 1, 163 2, 342 2,952 3, 919 5, 213 Net balance Private 3 U.S. Government -3, 354 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 1,095 1, 189 1, 472 1. 457 1,845 1,714 2,008 *2 Excludes military grants. 8 Adjusted from Census data for differences in timing and coverage. Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services, net. 36 Netiiivestment income Milita ry trans actions -65 -39 235 235 516 311 577 3,210 3,025 3, 455 3,351 4, 121 4,399 4, 202 -773 -745 -788 -927 -869 -895 -987 NetBaltravel Other ance and on trans<- servgoods ices, porta- net 8 and tion serv-l receipts ices Remittances, pensions, and other unilateral transfers * -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 -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 -669 -337 -458 -681 -953 -785 -727 1, 192 1, 552 1, 176 1, 505 1, 239 875 1,279 -337 1,293 -2, 995 1,338 -3, 389 1,494 -2, 950 Balance on current account - 1, 029 523 -1, 015 490 -1, 936-1, 061 -1, 045 -1, 382 -1, 163 -4, 158 -1,215 -4, 604 -1,352 -4, 302 Nof E.—Merchandise trade data revised for 1977. Other data to be revised later. Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued Foreign assets in the United States grew slightly less in the third quarter of 1977 than in the second, but the increase in official assets was greater. The increase in U.S. assets abroad in the third quarter was smaller than in the second. BILLIONS OF DOLLARS • BILLIONS OF DOLLARS 30! SEASONALLY ADJUSTED 20 20 CHANGE IN FOREIGN ASSETS IN THE U.S., NET 10 10 -10 -20 -20 -30 -30 1977 1969 COUNCIL Of ECONOMIC ADVISERS SOURCEi DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, iact [increase/eapita 1 outflow (-)] Period Total 1970 1971 1972 1973 1974__ 1975 1976 Other U.S. U.S. U.S. official Governprivate2 reserve ment l2 assets assets assets Forei gn assets in the U.S.. net [incr<3ase/capitiil inflow (+)1 2 Foreign oflicial ass ets Total Total 2,477 - 1, 589 - 7, 052 5,923 -6, 164 2, 348 - 1, 884 -9,763 22, 445 -9,299 32 -1,568 -8,392 21, 127 ... -9, 929 -14,666 209 -2, 645- 12, 230 17, 753 -27,029 - 1, 434 365 — 25, 960 33, 612 -31, 548 -607 -3,463 -27,478 14, 336 -42, 959 -2, 530 -4,213 -36, 216 34, 520 3, 847 4, 051 3, 070 6,977 2, 3, 1, 6, -388 -909 1, 627 2, 510 6 -825 -9,464 13, 781 151 -1,175 -2, 372 12, 923 """""""I 5, 719 7,908 8,243 5, 007 -3, 209 7,452 5,873 7,924 4, 680 i Consists of gold, special drawing rights (SDR), convertible currencies, and the 3 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 5,259 7,376 13, 007 16, 575 6, 856 7,385 8,201 12,079 -723 -9,254 -773 1976: I..... -10, 751 -944 -7, 257 II..-.. -9, 779 -1,578 -1,405 -8, 409 -407 -6,597 III_._ 228 -1, 142-13, 108 IV.-.. -14,022 331 1977: I - 10, 283 II III "__ -3,396 IV ». 6,907 26, 895 10,705 6,299 10, 981 6, 960 17, 945 Other Assets of foreign foreign assets official reserve agencies 323 308 251 125 3,009 3, 333 5, 131 5, 102 Stati stical disere pancy Allocations of nn-^j. -I 1 otai special (sum of drawing the rights items (SDR) with sign reversed) U.S. official reserve Of assets, which: net 1 Seasonal (unadadjust- justed, end of ment discrep- period) 867 -244 717 -9,822 710 -1,966 -2, 720 -1, 555 5, 660 9,866 3, 372 717 1, 905 129 1,268 -2, 622 3, 325 1, 780 14, 487 12, 167 13,151 14, 378 15, 883 16, 226 18, 747 16, 18, 18, 18, 941 477 945 747 1,317 524 19, 120 1, 106 — 215 19, 156 -5, 225 -2, 506 18, 988 19, 317 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 POSTAGE AND PEES PAID UNITED STATES GOVERNMENT PRINTING OFFICE U.«. GOVERNMENT PRINTING OFFICE 37S DIVISION OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING Gross National Product Gross National Pr4cluct 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 _._.._._ Page .-. — ........ .-._.., .... , .. . _. _ ,,, • . -..-.. 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force . Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries .-... Productivity and Related Data, Private Business Economy 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....._..-....._ ._. ^ _ .^ .^. M .^ _ .. .^ .. ^. MONEY, CREDIT, 22 23 24 24 25 , 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 Federal Budget Receipts and Outlays and Debt ^ .^ _ ^. ^ M Federal Budget Receipts by Source and Outlays by Function.-. ~ _ ^ ^ M .- . Federal Sector, National Income Accounts Basis..-........-..........._._ M ._.-... . 32 33 34 Industrial Production and Consumer Prices—Major Industrial Countries..-.. .. . U.S. Merchandise Exports and Imports. . ._ _. _.. ._ _. _ _. ^.. _. ^ ^. ^ ^.. ^.... _. ^. »., U.S. International Transactions ^.....-.......... .^.... _. _. _ +.. ^. ^..............-....................................... _. 35 35 36 INTERNATIONAL STATISTICS For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price 85 cents (single copy). Subscription price: $10.10 per year; $2.55 additional for foreign mailing. 38 0.3. G O V E R N M E N T P R I N T I N G OFFICE: I97§
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