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94th Congress, 2d Session
Economic Indicators
July 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
RICHARD EOLLING, Missouri, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MAcAVOY
BURTON G. MALKIEL
Economic Indicators prepared under supervision of FRAHCBS M. JAMES
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S.J. Res. 55]
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u.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter, gross national product rose $36.8 billion or at an annual
rate of 9.3 percent. Real output (GNP adjusted for price changes) increased at a rate of 4.4 percent compared
with 9.2 percent in the first quarter. The inflation rate rose from a 3.2 percent to a 4.7 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
1,600
1,400
1,200
1,000
800
1968
1969
1974
1973
1972
1970
1975
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Go^/eminent purchases of goods and
services
Federal
State
NaNonTotal
and
tional
Total
delocal
de- 1
fense
fense
Export,s and imi>orts of
goocis and services
Net
exports
Exports
Imports
Final
sales
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
688. 1
753.0
796.3
868. 5
935. 5
982. 4
1, 063. 4
1, 171. 1
1, 306. 6
1, 413. 2
1, 516. 3
430.2
464.8
490.4
535.9
579.7
618.8
668.2
733.0
809.9
887. 5
973.2
112. 0
124. 5
120.8
131. 5
146.2
140.8
160.0
188.3
220.0
215. 0
183. 7
7.6
5. 1
4.9
2.3
1.8
3.9
1.6
-3.3
7. 1
7.5
20. 5
39.5
42.8
45.6
49.9
54.7
62.5
65.6
72.7
101.6
144.4
148. 1
32. 0
37.7
40.6
47.7
52.9
58. 5
64.0
75. 9
94.4
136. 9
127.6
138.4
158.7
180.2
198. 7
207. 9
218.9
233. 7
253.1
269.5
303. 3
339.0
67.3
78. 8
90.9
98.0
97.5
95.6
96.2
102. 1
102.2
111.6
124.4
49.4
60. 3
71. 5
76.9
76. 3
73.5
70.2
73.5
73.5
77. 3
84. 3
17.8
18. 5
19.5
21.2
21.2
22. 1
26.0
28.6
28.7
34.3
40. 1
71.1
79.8
89.3
100. 7
110.4
123.2
137.5
151.0
167.3
191.6
214.5
678.6
738. 7
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1975:I____
!!___
III__
IV...
1, 446. 2 933.2
1, 482. 3 960.3
1, 548. 7 987. 3
1, 588. 2 1, 012. 0
172. 4
164.4
196.7
201.4
15.0
24.4
21.4
21.0
147.5
142. 9
148.2
153.7
132.5
118. 5
126. 8
132.7
325.6
333.2
343.2
353.8
120.3
122.4
124. 6
130.4
82. 0
83.4
84. 6
87. 1
38.3
39.0
40. 0
43.2
205. 3
210.9
218. 6
223.4
1, 468.
1, 512.
1, 550.
1, 592.
1976:1
1, 636. 2 1, 043. 6
II*__ 1, 673. 0 1, 064. 6
229. 6
236. 3
8.4
9. 1
154. 1
156.8
145.7
147. 7
354.7
363. 1
129.2
132.3
86.2
88.4
42. 9
43.9
225. 5
230.8
1, 621. 4
1, 659. 7
i This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Note.—Data revised beginning 1973;
Source: Department of Commerce, Bureau of Economic Analysis;
4
3
6
5
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Govern:nent pure bases of
Exp orts of gc>ods
Gross ] private do mestic
a:ttd service»
gooc s and serdees
ijavestmenib
Personal
Gross
conChange
national sumpNonState
Resi- in busition
product
Net
resiand
expend- dential dential ness in- exports Exports Imports Total Federal
ventolocal
fixed
itures
fixed
ries
Period
925.9
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214 0
1, 19L 7
558.1
586.1
603.2
633.4
655.4
668.9
691.9
1, 161. 1
1975: 1
II
1, 177. 1
III.. 1, 209. 3
IV.. 1, 219. 2
7546
767.5
775.3
783.9
1,246.3
1, 259. 7
soa7
800.7
1965
1966
1967
1968
1969
1970.
1971
1972
1973
1974
1975
1976: 1-
73ao
767.7
759. 1
770.3
95.6
106. 1
103.5
108.0
1143
110.0
108.0
116.8
131.0
128.5
111.4
43.2
38.5
37.2
42.8
43.2
40.4
52. 2
62.0
59.7
45. 0
11.3
16.7
12.0
8.7
10.6
43
6.6
9.4
16. 5
a2
43
3.5
—.4
-1.3
1.4
-.6
-3.3
7.6
3a4
as
-12.0
16.5
22.6
1144
110.6
110.1
35.4
36.8
39.6
41.9
-20.5
— 21.2
— 1.0
-5.5
20. 1
112. 6
115.2
441
10.4
9.5
16.6
15.8
110.5
45.8
243
22.8
23. 1
Trivial
sales
49.1
51.6
542
58.5
62.2
67.1
67.9
72.7
87.4
97.2
41.0
47.3
50.7
58.9
63.5
65.7
68.5
75.9
79.9
80.7
68.1
209.6
229.3
248.3
259.2
256.7
250.2
249.4
253.1
252.5
256.4
261.0
100.5
112.5
125.3
128.3
121.8
110.7
103.9
102. 1
96.6
95.3
95.7
109.1
116.8
123.1
130.9
1349
139.5
145.5
151.0
155.9
161. 1
165.2
9146
9643
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
90.3
87.7
90.7
9&9
70.2
63.4
67.9
70.8
257.1
259.1
262.4
265.2
948
95.3
95.6
97.2
162.2
163.8
166.9
168.0
1, 181. 6
1, 198. 2
1, 210. 2
1, 224 7
93.6
93.6
77.0
77.7
261.9
95.4
96.7
166.6
167.9
1, 235. 9
1, 250. 2
9ae
2646
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona]I consumj>tion exp*jnditures
Total
77.1 :
79.3
81.3
846
1965.
1966
1967
1968
1969
1970
...
1971. _„
1972.
19731974
1975
7432
76.76
79.02
82.57
86. 72
91. 36
96.02
100. 00
105. 80
116. 41
127. 25
92.5
96.6
100.0
105. 5
116. 9
126.3
1975: 1
II
III
IV
12455
125. 93
12a07
130. 27
1976:1.
II »
- 131. 29
. 132. 81
NOTE.—Data revised beginning 1973;
Gross private
dom estic
inveslbment
ResiNonDurable durable Services Nonres- dential Exports Imports Federal State
idential
goods
and local
fixed
fixed
goods
117.7
77.3
80.1
81.9
85.3
89.4
93.6
96.6
100.0
107.9
124 0
133.7
743
76.5
78.8
82.0
86. 1
90.5
95.8
100.0
104 7
113. 5
122.7
76.8
79.3
82.6
86.6
91. 3
96.4
100.0
103.8
116.1
132.1
123.7
125.1
127. 3
129. 1
115.1
117. 1
118.2
120.2
131.2
132.1
135.1
136.2
119.7
121. 5
123.6
125.9
130.3
131.6
121.8
123.7
136.4
136.9
i2ao
sa 5
Expoi•ts and
Governnaent purimports of goods chases <:>f goods
and s(jrvices
and scjrvices
85.6
85.7
87.4
90.7
93. 1
95.5
99.0
100.0
101. 6
ioa 3
129.8
745
72.3
746
80.5
82.8
100.0
110.8
122.3
133.2
949
85.3
87.9
93. 1
96.6
100.0
116.2
148.6
163.4
78.0
79.7
80.1
80.9
83.3
89. 1
93. 5
100. 0
118.2
169.6
187.4
67.0
70.1
72.6
76.4
80.0
86.4
92. 6
100.0
105.8
117. 1
130.0
65.1
68.4
72.5
76.9
81.9
88. 3
94 5
100. 0
107.3
119. 0
129.8
129.4
131.8
132.7
1345
131.5
132. 1
132.8
135.9
163.4
163.0
163.4
163.7
188.9
186.9
186.6
187.3
126.8
128.4
130.4
1342
126.5
131.0
132.9
136.2
137,5
139.0
141.0
1646
167.6
189.2
190.0
135.4
136.8
135.4
137.4
77.0
80. 7
87.7
90.6
840
128.7
Source: Department of Commerce, Bureau of Economic Analysis*
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
1965
1966
1967
1968
1969
1970
1971..
1972
1973
1974
1975
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Gross domestic product
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
8.2
9.4
5.8
9. 1
7.7
5.0
8.2
10.1
11.6
8. 2
7.3
1975:1—
II
III
IV
...
__-_
1976:1
II"
2.2
3.3
2.9
4. 5
5.0
5.4
5. 1
4. 1
5.8
10. 0
9.3
1.9
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
6. 0
10. 0
9.2
1.8
2.9
3.0
4,3
5.0
5.2
4.9
4.0
6.0
10.0
9.2
8.2
9.6
5.7
9.1
7.8
5.0
8. 1
10. 1
11.5
7.8
7.7
5.9
6.1
2.7
4.4
2.6
—.3
2.8
5.8
5.4
-1.7
— 1.7
2.2
3.3
3.0
4.5
5.1
5.3
5.1
4.1
5.7
9.6
9.5
1.9
3. 1
3. 1
4.4
5.0
5.3
5.0
4.1
5.9
9.7
9.3
1.8
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.7
9.2
-.8
10.4
19. 1
10.6
-9.9
5.6
11.4
3.3
10. 1
4.5
7.0
7.1
9.2
5.4
7.3
&4
8.9
5.4
7.3
6.6
.7
10. 1
19.1
10.8
-9.2
5.4
11.3
3.4
ia9
4.5
7.0
7.1
9.4
5.5
7.4
6.4
9.0
5.5
7.4
6.7
12.6
9.3
_.
5.9
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5. 5
— 1. 7
-1.8
9.2
4.4
3.2
4.7
4.3
5.0
4.2
4.7
12.2
10.0
9.0
4.8
3.0
5.0
43
5.0
4.2
4.8
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Data revised beginning 1973.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross c omestic
prodiict of
nonfin ancial
corp<Drate
business
(billic>ns of
dollars)
Period
Current do liar cost and profit per unit of output (dollars) i
Total
cost
and
profit 2
Capital
conComsumption
penallowances Indirect sation
with
business
of
capital taxes 3 employconees
sumption
adjustment
Current
dollars
1965
19661967
1968
1969
1970
1971
1972
1973
1974
1975
..
..
1975:1
!!___
m__
IV...
1976: I
1972
dollars
392. 1
430.7
452.9
498.4
541. 8
560. 6
602. 5
671. 0
752. 0
810. 0
870.4
494.6
532.9
545.8
581. 6
607. 3
600.6
619. 3
671.0
720.4
698. 7
676.8
0.793
.808
.830
.857
.892
.933
.973
1. 000
1. 044
1. 159
1. 286
0.066
.067
.072
.074
. 079
.088
.094
.093
. 095
.116
. 143
0 083
080
084
089
094
103
110
110
112
123
138
0 497
513
535
553
589
628
645
661
699
794
853
822. 3
851. 1
892.0
916. 1
653. 1
668.1
688.9
696. 1
1. 259
1. 274
1. 295
1.316
.139
.142
. 143
. 146
135
138
139
140
863
847
842
860
949.0
713. 9
1.329
. 146
. 136
1
Output is measured by gross domestic product of nonfinancial corporate
business in 1972 dollars.
3
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted 2 places to the left.
* Indirect business taxes and nontax liability plus business transfer payments
Jess subsidies.
.869
Net
interest
Corpc rate profi fcs with
inventi3ry valual/ion and
capit al consuniption
£tdjustmen ts
Total
0.012 0.134
.014
.134
.016
. 123
. 124
.017
.022
. 109
.028
.086
.029
.095
.028
.107
.032
. 105
. 041 .085
.045
. 107
Profits
tax
liability
0.055
.055
.051
.058
.055
.045
.048
.050
. 055
.061
.059
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
(doldollars)
lars)
0.079
078
072
066
055
041
046
057
050
024
048
6. 6252
6. 7773
6. 8731
7. 1406
7. 2109
7. 2423
7. 5311
7. 7981
7. 9847
7. 7426
7. 9687
3. 2957
3. 4781
3. 6761
3. 9483
4. 2401
4. 5468
4. 8579
5. 1579
5. 5832
6. 1470
6. 7949
. 046
.045
.045
.046
.076
.101
. 126
.124
.046
.053
.066
.068
030
049
059
055
7. 6778
7. 9584
8. 1231
8. 0968
6. 6242
6. 7446
6. 8426
6. 9619
.047
.131
.072
.059
8. 1846
7. 1116
* With inventory valuation and capital consumption adjustments.
Note.—Data revised beginning 1973.
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]
Compensation of
employees1
National
income
Period
566.0
622.2
655.8
714.4
767.9
798.4
858. 1
951.9
1, 064. 6
1, 135. 7
.. 1, 207. 6
- 1, 149. 7
_ 1, 182. 7
1, 233. 4
1, 264. 6
1, 304. 7
1965
_
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1975: I
II..
III_
IV.-.
1976: I
II"
Propri etors'
incom<3 with
inventor y valuation anc capital
consuBaption
adjust ments
Farm
12.6
13. 6
12. 1
12.0
13. 9
13.9
14. 3
18.0
32.0
25.8
24.9
17.9
24. 1
29. 2
28. 3
21.9
27.5
396.5
439.3
471.9
519.8
571.4
609.2
650. 3
715. 1
799.2
875. 8
928. 8
904. 0
912. 9
935. 2
963. 1
994.4
1, 016. 9
Nonfarm
44. 1
46.7
48.9
51.4
52.3
51.2
53.4
58. 1
60. 4
61. 1
65. 3
63.2
62. 7
66.3
69.0
71.4
72.6
Rental
with
capital
consumption
adjustment
17. 1
18.2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21.6
21.0
22.4
21.9
22. 3
22. 4
22.9
23.3
23. 1
Corpor ate profits with inv entory va uation
and capital consumptioii adjustments
Profits with inv<mtory
valual,ion ad jus tment
and \without ca pital
consum ption adjtistment
Total
Total
77.1
82. 5
79. 3
85. 8
81.4
67.9
77.2
92. 1
99. 1
848
91.6
69.0
86. 6
105. 3
105. 6
115. 1
73.3
78.6
75. 6
82. 1
77.9
66.4
76.9
89.6
97. 2
87.8
103. 1
77.7
97. 9
117. 9
119. 1
129.6
Profits
before
tax
Inventory
valuation
adjustment
75.2
80.7
77.3
85.6
83.4
71.5
82.0
96.2
115. 8
127.6
114. 5
94.2
105.8
126.9
131.3
141. 1
-1.9
-2. 1
-1.7
-3.4
— 5.5
— 5. 1
-5.0
-6.6
— 18.6
—39. 8
—11.4
—16.5
—7.8
—9.0
—12. 3
—11.5
—14.2
Capital
Net
coninterest
sumption
adjustment
3.8
3.9
3.7
3.7
3.5
1. 5
.3
2.5
1.9
—3.0
—11.5
—8.6
—11.4
—12. 6
—13.5
—14.5
—15.4
18.5
21.9
24.3
26.8
30.8
37.5
42.8
47.0
52.3
67.1
74.6
73.7
74. 0
74. 9
75.8
78.6
80.3
Source: Department of Commerce, Bureau of Economic Analysis.
»Includes employer contributions for social insurance. (See also p. 5.)
Note.—Data revised beginning 1973.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
430.2
1965
1966
464.8
490.4
1967
1968
535. 9
1969
579. 7
1970
618.8
668.2
1971
1972
733.0
1973
809. 9
1974
887.5
1975
973.2
1975: I
933. 2
II
960.3
987.3
III...
IV. _ _ 1, 012. 0
1976: I
1, 043. 6
II"... 1, 064. 6
FurniTotal
durable
goods 1
Motor
vehicles
and
parts
62. 8
67. 7
69.6
80. 0
85. 5
84. 9
97. 1
111. 2
123. 7
121. 6
131. 7
122. 1
127. 0
136.0
141. 8
151.4
154. 1
29.8
30. 1
29. 7
35.8
37.7
34.9
43.8
50.6
55. 2
47. 9
53. 2
47.6
49. 5
56.3
59.2
68.0
69.7
* Total includes other items not shown separately.
Note.—Data revised beginning 1973.
4
Retail sales of
new passenger
cars (nmillions
of U]aits)
Nondura ble goods
D urable goo ds
and
household
equipment
24. 7
27.7
29. 5
32.6
35.0
36. 7
39.4
44.8
50. 7
54. 7
57. 6
54. 6
57.0
58.2
60.6
61.2
62.0
Services
Total
nondurable
goods l
188.6
204.7
212. 6
230. 7
247.0
264. 7
277.7
299. 3
333. 8
376. 2
409. 1
3944
405.8
414.6
421.6
429. 1
434.8
Food
98.9
106.6
109.6
118.3
126. 1
136. 3
140. 6
150. 4
168. 1
189.9
209.5
203. 2
207.8
211.8
215. 2
219.2
222. 5
Clothing
and
shoes
Gasoline
and oil
33.5
36.6
38.2
41.8
45. 1
46.6
50.5
55.1
61. 3
65. 1
70.0
66.6
69.3
71.3
73.0
73.5
73. 5
14.7
16.0
17.0
18.4
20.4
22.0
23.4
249
27.8
36. 3
38.9
37.9
38.6
39.2
39.9
40. 1
40. 1
Domestics
178.7
192.4
208.1
225.6
247.2
269. 1
293.4
322.4
352. 3
389.6
432.4
416.7
427.4
436. 7
448.6
463.2
475.6
8.8
8.4
7.6
8.6
8. 5
7.1
8.7
9.3
9.7
7. 5
7. 1
6. 7
6. 3
7.6
7.7
8.9
8.7
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
0.7
.8
1. 0
1. 1
1. 3
1.6
1.8
1. 6
1. 4
1.6
1. 7
1. 6
1. 7
1.4
1.3
1. 4
SOURCES OF PERSONAL INCOME
Personal income rose $6 billion (annual rate) in June, following monthly increases of about $101/k billion in the
preceding 4 months. Wage and salary disbursements fell $1 billion in June, largely because of a drop in average
weekly hours. Farm proprietors' income showed another large gain.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL^
1,400
1,200
1,200
1,000
1,000
800
800
£00
600
T,400
WAGE AND SAIARY DISBURSEMENTS
400
400
INCOME
200
200
. . . . . . m . ." "
...... i•' " "
TRANSFER
PAYMENTS
too
too
so
«**8-*»
80
60
60
i 1 1 1 11
40
1968
1970
1969
M 1I 1 I I I M
1971
1 II t \ l i t I I I
1972
I M T 1T I t t 1 1 I I t t ! I t f t I-I
1973
1974
1975
i 1 1 M I t i i 1 1 1 40
1976
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Other Propriet<3rs' income income Divi- Personal Transfer
Total
and
labor 12
personal salary
payof
dends interest ments8
income
income disburse- income
Nonfarm persons 4
Farm
1
ments
685.2
1968
1969
.. 745.8
801.3
1970
859. 1
1971
1972
... 942.5
1, 052. 4
1973
1974
1, 153. 3
1975
1, 249. 7
1975: June.-. 1, 253. 7
July... 1, 252. 0
Aug
1, 267. 5
Sept.... 1, 277. 1
1, 290. 8
Oct
Nov... 1, 300. 2
1, 308. 2
Dec
1, 320. 8
1976: Jan
Feb.... 1, 331. 4
Mar-._ 1, 341. 9
1, 352. 5
Apr
May
1, 362. 9
June*_- 1, 368. 9
469. 5
514.6
546.5
579.4
633. 8
701. 3
765.0
806.7
797.4
802.9
813.0
819. 1
828. 5
836. 6
844. 0
854.2
861.4
868. 8
876.9
883.3
882. 1
25.1
28.2
32.0
36.2
42.0
48.7
55.5
62. 5
62.0
62.6
63.3
63.9
64. 5
65.2
65.8
66.4
67. 1
67. 7
68.4
69. 0
69.7
12.0
13.9
13.9
14.3
18.0
32.0
25.8
24. 9
27.3
28.6
29.6
29.4
29.2
28.4
27.3
24.6
21. 1
20.0
23.3
27. 5
31.6
51.4
52.3
51.2
53.4
58.1
60.4
61. 1
65. 3
63.3
65.4
66.5
67.0
68.3
68.7
69.9
70.6
71.3
72.2
72. 7
72. 5
72.7
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
funds; workmen's compensation; directors' fees; and a few other minor items.
3 With inventory valuation and capital consumption adjustments.
*With capital consumption adjustment.
18.6
18. 1
18.6
20. 1
21. 5
21.6
21. 0
22.4
22.4
22.5
22.5
22.4
22.9
22.9
22.9
23.2
23.4
23.3
23.3
23.4
22. 7
21.9
22.6
22.9
23.0
24.6
27.8
30.8
32. 1
32. 0
32. 3
32. 6
32.9
32.9
32.9
30. 8
32.9
33. 3
33. 0
33.4
33. 9
35.9
49.6
55.9
64.3
69.3
74.6
84. 1
101.4
110.7
109.7
110. 1
110.9
112. 1
113.2
114.4
115.5
116.7
117.9
119. 3
120. 0
120. 7
121.3
59.9
66.5
79.9
94,1
104.1
118.9
140.3
175.2
189.2
177.3
179. 3
180. 7
182. 1
182. 1
183.4
185.3
189.2
191.3
188.7
187. 1
187. 1
Less: Per- Nonsonal con- farm
tributions personal
8
for social
insurance income
22.8
26.3
28.0
30.8
34.2
42.2
47.6
50.0
49.6
49.8
50. 2
50.4
50. 7
51. 0
51.4
53.1
53.4
53.7
54. 1
54.4
54.4
667.5
725.8
780.7
838.0
917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 215. 4
1, 212. 2
1, 226. 5
1, 236. 1
1, 249. 9
1, 260. 0
1, 269. 1
1, 284. 4
1, 298. 6
1, 310. 1
1, 317. 3
1, 323. 4
1, 325. 0
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
NOTE.—Data revised beginning 1973.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose at an annual rate of 3.9 percent in the second quarter of 1976.
BILLIONS OF DOLLARS* (RATIO SCAL^
BILLIONS OF. DOLLARS* (RATIO. SCALE)
-PER CAPITA DISPOSABLE PfRSONAl INCOME
2,000
2,000
1968
1976
1969
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
Personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Per (mpita
disp<>sable
persona i income
Equals :
Personal
saving Current
dollars
Bi]lions of d ollars
1967
1968
1969
1970
1971
1972
1973
1974
1975
626.6
685.2
.. 745.8
801.3
859. 1
, 942.5
1, 052. 4
1, 153. 3
1, 249. 7
82.1
544.5
97.1
588. 1
115.4
630.4
115. 3
685.9
116. 3
742. 8
141.2
801. 3
150.8
901.7
170.4
982.9
168.8 1, 080. 9
1972
dollars
Per eaj>ita pereonal c<jnsumption exp enditures
Current
dollars
1972
dollars
Percent
change Saving
in real as perper
cent of Population
capita disposdisposable
(thou-2
sands)
perable
sonal
perincome
sonal
income
Dollars
503.7
550. 1
595.3
635.4
685. 5
751. 9
831.3
910.7
996. 9
40.9
38. 1
35. 1
50. 6
57.3
49.4
70.3
72.2
84. 0
2,740
2,930
3, 111
3,348
3,588
3,837
4,285
4,639
5,062
3,371
3,464
3,515
3,619
3,714
3,837
4,062
3,968
4,007
2, 468
2,670
2,860
3,020
3,227
3,510
3,849
4,188
4,558
3,035
3,156
3,234
3,265
3,342
3,510
3,649
3,582
3,607
3.0
2.8
1.5
3.0
2.6
3.3
5.9
-2.3
1.0
7.5
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.8
198, 712
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
4,383
4,503
4,618
4,724
4,863
4,953
3,544
3,599
3,626
3,659
3,731
3,763
-3.4
20.9
-6.6
4. 1
5.4
3.9
6.6
9.6
7.4
7. 5
6.9
7.0
212, 897
213, 278
213, 805
214, 245
214, 599
214, 926
Seas onally ad; usted anDtual rates
1975: I.™ 1, 203. 1
!!„.> 1, 230. 3
Ill- 1, 265. 5
IV_. 1, 299. 7
1976:1... 1, 331. 3
II*. 1, 361. 4
179.3
142.2
174.0
179.8
183.8
189.6
1, 023. 8
1, 088. 2
1, 091. 5
1, 119. 9
1, 147. 6
I, 171. 8
956.7
983.6
1, Oil. 1
1, 036. 2
1, 068. 0
1, 089. 3
67.2
104.5
80. 5
83.7
79.5
82.5
4,809
5, 102
5, 105
5,227
5,347
5,452
1
Includes personal consumption expenditures, interest paid by consumers
to business, and personal transfer payments to foreigners (net).
* Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are lor middle of period, interpolated from monthly data.
6
3,889
4, 078
4, 009
4,049
4,103
4,142
Note.—Data revised beginning 1973.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
farm income including inventory change rose $5.7 billion (annual rafe) in the second quarter/ excluding inventory
change the increase was $9.1 billion.
BBUONS OF DOLLARS* (RATIO SCALQ
BWJONS OF DOLLARS* (RATIO SCALE)
!20
120
100
100
80
80
REALIZED GROSS
FARM INCOME
60
40
40
\
NET FARM INCOME
NCLUDING NET INVENTORY
20
20
10
10
1968
1969
1970
1971
1972
1974
1973
1975
•SEASONALLY ADJUSTS) ANNUAL RATES
SOURCE* DEPARTMENT OF AGRICULTURE
Period
1968
1969
1970
1971
1972
1973
1974.
1975
1976
COUNOL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
income received from f armin g
by tota farm population
Realize3d gross
Net inc ome per
Nettx3 farm
farm incl tiding net
oper ators
Casii receipts from
inventorJT change $
inarketings
From From From
Produc- Exclud- Includall
farm nonfarm Total1
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
and
tory
tory 2 dollars dollars
change change
products
Dol lars
Billioiis of dolla rs
24.1
12.8
11.3
51.7
44.2
3,859
12.2
4,013
25.5
12. 3
18.7
39. 5
26.9
13.9
12. 9
56.3
4,372
48. 2
4, 766
42. 1
14.2
14. 3
28.6
19.6
27.4
14.4
13.0
58.6
14.2
14. 2
4,202
50.5
44.4
4,790
29. 5
21.0
13.4
28. 7
15. 3
60.6
52. 9
30. 6
13.2
5,030
4,263
22.3
14.6
47. 4
34.4
17.6
16. 8
70. 1
6, 504
35. 7
61. 2
25.5
17.8
18.7
5,288
52.3
48. 6
19. 5
29.0
95. 5
87. 1
41. 1
46. 0
8, 817
65. 6
29. 9
33.3 11, 727
45. 1
21. 5
23.5
100.2
92. 6
41.4
51.2
9,371
72. 4
27. 8
26.5
6,206
45.5
22. 8
22.7
98.2
89. 6
42. 9
5,482
46.7
25. 6
9, 100
75.5
22.7
1975:1
II
III....
IV
88.4
99.6
105.2
99.6
80. 0
91. 1
96. 5
90.8
36.3
43.9
45.0
46.4
43.7
47. 2
51.5
44.4
73. 4
76. 1
76. 8
75. 7
15.0
23. 5
28. 4
2a9
18. 5
24. 8
30. 0
29. 1
6,590
8,830
10, 680
10, 360
4, 070
5,380
6,320
6, 060
1976:1
100.0
100. 1
90.9
101. 5
46.0
50.4
44.9
51. 1
79. 3
81.0
20.7
29.8
22. 7
28.4
8, 150
10, 190
4, 740
5,860
II 9
* 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.
« Based on Census of Agriculture definition of a farm. The number of farms is
bield constant within a year.
T4-834'—76
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Note.—Data on income received from fanning revised beginning 1973. Other
data revised beginning 1950.
Source: Department of Agriculture;
CORPORATE PROFITS
Profits before tax rose $9.8 billion (annual rate) in the first quarter, according to revised estimates, while profits
with inventory valuation adjustment rose $10.5 billion.
BILLIONS OF DOLLARS-
BULIONS OF DOICARS
40
T976
SOURCE, DEPARTMENT OF COMMERCE
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974__
1975___
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pro fits after
Profit s (before tax) wit" i inventc>ry valusition
adjustn lent 1
Domesstie indu stries
Tax
Profits
N onfinanej lal
liabefore
Divitax
bility Total dends
Total *
N WholeManu- sale
Total FinanTotal 3 faccial
and
turmg
tiade
44.3
19.1
62.5
75.2
70. 1
38.3
7.5
7.9
30.9
73.3
19.4
47. 1
67.4
41. 6
75.9
33.7
8.5
8.0
80.7
78.6
44. 9
20. 1
32. 5
72.6
9. 0
63.6
37.9
77.3
8.9
75.6
21.9
46. 2
68.5
41.2
78,9
10.4
39.4
82. 1
10. 1
85.6
22. 6
43. 8
74.2
83.4
62.9
39. 7
11.3
36.8
10. 1
77.9
22. 9
37.0
62.6
50. 1
27. 1
34.5
9.4
71.5
66.4
12.6
44. 3
23.0
58.2
72.4
14. 1
32.4
37.7
82.0
11.7
76.9
54. 6
24.6
15.4
69.3
96.2
41.5
84.7
13.3
40. 6
89. 6
67. 1
27. 8
44. 1
90.4
74. 1
16. 2
115. 8
48. 7
14.7
97. 2
75.2
30.8
14. 1
12.4
52.4
36. 9
76.7
62.6
127.6
87.8
32. 1
65.3
84. 1
49.2
97.0
46.4
12.9
20.9
114.5
103.1
tax
TT
Undistributed
profits
Inventory
valuation
adjustment
25.2
27.6
24.7
24.2
21.2
14. 1
21.3
30.0
39. 3
44.4
33.2
-1.9
-2. 1
-1.7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-39.8
-11. 4
1975:1
II
III
IV
77.7
97.9
117. 9
119. 1
72. 1
91. 7
111. 4
112.7
13.9
12. 5
12. 1
12.9
58.2
79. 2
99. 3
99.8
29.7
43. 5
57. 0
55.3
14.5
19. 6
24.4
25.0
94.2
105.8
126. 9
131.3
40.2
44. 8
54. 8
57. 2
54. 0
61.0
72. 1
74. 1
31.7
31. 9
32. 6
32.2
22. 3
29. 1
39.5
41.9
-16.5
-7.8
-9. 0
-12. 3
1976: I v
_
II
129. 6
121. 9
14.0
107.9
61.2
29.0
141. 1
61.4
79. 7
33. 1
34.4
46.6
-11.5
— 14.2
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
8
Note.—Data revised beginning 1973.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $5.1 billion in the second quarter, slightly more than the first quarter
rise. Residential outlays increased $3.2 billion, compared to a $4.3 billion increase in the preceding quarter. Inventory
investment, at $1 3.3 billion, was down $1.5 billion from the first quarter level.
300 -GROSS PRIV/JE DOMESTIC INVESTMENT-
BULKDNS OF DOLLARS* (RATIO SCALE)
120
_NONRESIDENTIAL FIXED INVISTMENT
260
100
BILLIC)NS OF DOLUMIS* (RATIO S CALE)
-— ^Suignd:
S ^
""*-**«.
220
~S
—
180
1
^X^
<SO
jt'+m1*'**
/•
++
\ i t
f 1 f
)
t
1
!
1 1
40 -CHANGE IN BUSINESS fNVIENTORIES
r
x*"""""1"""!
^Ah-^-v
-20
-40
i i t
1
1972
1
)
1
t
1
1974
1973
1 1
\
1
1
* « . . •
* * . * •
1 1
f
f
I t !
t
BILL ONS OF DOL LARS* (RATIO SCALE)
80
RESIDENTIAL FIXED INVESTMENT
BILL IONS OF DOL LARS*
0
TT'I
40
++
1 STRUCTURES
j-_i^« •^
I I I
****-
_
^J
140
20
-**
PRODUCERS'
DU SABLE EQUIPM ENT
^^r
-.^^^
1
Vr
-
\
^l
SO
^f
\
^--
rT
_
A
L
^HM
•*.
^^ —\
/"**
w
_
K
1
1
t
~
i i i
1975
~\
60
" "
'
y
S
X
-
40
W
f
1976
1
t
t
! t
1973
1972
Y
f
!
1 1 1
1
\
\
197$
1975
1974
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
-
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm*3nt
Gross
private
domestic
investment
Period
Strucitures
Total
Prod ueers*
dur able
equij»ment
Total
1965
1966
1967
1968
1969
1970
1971
1972__
1973
1974
1975
1975: I II
III
IV..
1976:1
UP.
__
.„
_
112.0
124.5
120. 8
131. 5
146. 2
140.8
160.0
188.3
220. 0
215.0
183.7
172. 4
164.4
196.7
201. 4
229.6
236.3
Note.—Data revised beginning 1973.
71.3
81.4
82. 1
89.3
98.9
100.5
104. 1
116.8
136.0
149.2
147. 1
148.0
145. 8
146. 1
148.7
153.4
158.5
Nonfarm
Total
25.1
28. 1
28.2
30.4
34. 3
36. 1
37.8
41. 1
46. 9
51. 8
49.8
50.9
48.8
49 6
49.9
51.0
52.9
45. 1
52.2
52.6
57.7
63.3
62.8
64.7
74.3
87. 0
95. 1
95. 1
94.9
94.6
94. 3
96.6
100.2
103.1
41.2
47.9
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
87.2
86.9
86.5
86. 2
86. 7
88.0
91.3
93.9
Prn
Total
Nonfarm
tures
Nonfarm
26.1
29.2
29.5
31.6
35. 7
37.7
39.3
42.5
49. 0
54. 1
52.0
53. 1
51.2
51.8
52. 1
53.2
55.3
Resid ential fix,ed investment
31.2
28.7
28.6
34.5
37.9
36.6
49.6
62.0
66. 1
55. 1
51.2
46.6
48.6
52.6
57.0
61.3
64.5
29.9
27.4
27.2
33. 1
36.3
35. 1
47. 9
60.3
64,3
52. 7
49. 0
44.9
46.7
50.2
54.2
58.6
62. 1
Farm ducers'
struc- duraHl*»
tures equipment
0 6
7
7
6
7
6
7
7
6
10
8
5
6
10
14
12
9
0.7
.7
.7
.8
.9
.9
1.0
1.1
1.2
1. 3
1.3
1.2
1.3
1.4
1.4
1.5
1.5
Change in business inv entories
Total
9.5
14.3
10. 1
7.7
9.4
3.8
6.4
9.4
17.9
10. 7
-14 6
-22.2
-30. 0
-2.0
-4. 3
14. 8
13.3
Source: Department of Commerce, Bureau of Economic Analysis.
Non-
farm
8.5
14.5
9.4
7.6
9.2
3.7
5. 1
8.8
14.7
12. 2
-17.6
— 25.6
-31. 2
-4.2
-9.5
12.7
14.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending nearly 7% percent in 1976. according to the survey conducted in laf<
April and May, or slightly more than the expected increase reported in March.
BILLIONS OF DOLLARS (RATIO SCA14
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUAL SATES
160
1#)
140
140
120
•120
TOTAt NEW PLANT AND EQUIPMENT
100
100
80
80
NONMANUFACTURING
60
(0
40
40
'
MANUFACTURING
——
so
1
t
1968
20
I
1969
1972
1971
1970
1973
1974
1975
1976
2/ SEE FOOTNOTE .4 BELOW.
SOUKEi DETARMmr OF COMMBKt
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c f plant
and equlipmeat
projt jcta '
E:Ependituress for plan t and equ
ipment
N onmanuf aoturing
M anufactun ing
Period
Total*
Durable
goods
Nondurable
goods
11457
112. 46
112.16
111.80
114.72
46.01
47.95
62.62
49.05
4a 78
47.39
46.82
49.21
15. 96
15. 80
14. 15
15.64
19.25
22.62
21.84
22. 74
22.86
22. 59
21.01
21.07
21.63
15.72
16.15
15.84
15. 72
18.76
23.39
26. 11
S9.78
26.20
26. 19
26.38
25.75
27.58
47.76
51.22
57. 09
61.73
66. 39
64.82
68.50
65.52
63. 68
64 76
6498
65. 51
II<-- l&l. U
III 4— 123. 00
IV *___ 1S4. 40
58.28
54-06
B4. 06
88. 68
SS.4S
S3. IS
2.9. 60
SO. 64
SO. 95
68. 86
68.93
70.34
1969
1970
1971_
1972...
1973-.
1974
1975..
1976 «
1975: I
II
III
IV
1976: I
75u56
79.71
81.21
8a44
99. 74
112. 40
112. 78
181. OS
Total
31.68
31. 95
29.99
31.35
saoi
Total
4ass
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonreaideiitial fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, institutions, and real estate firms, and certain outlays charged to
current account.
3
Includes trade, service, construction, finance, andlnsnrancfl.
* Starts are estimated by adding changes in carryover to expenditures during
10
Trans- Public ComMining porta- utili- munities cation
tion
1.86
1.89
2.16
2.42
2.74
3. 18
3.79
3.81
3.76
3.78
3.82
3.82
3.83
S.68
S.8B
6.05 11.61
6.04 13. 14
493 15.30
5.72 17. 00
6.03 18.71
6.66 20.55
7.57 20. 14
6.61
7.30
7.05
7.86
S3. 07
a 55
20. 28
19. 52
19. 79
20.91
21.91
6.95
6.78
SS.81
22.90
7. 60
8.30
10. 10
10.77
11. 89
12.85
13. 96
12.74
13.83
13.36
12. 50
12.95
12.22
12. 54
Commercial
and 2
other
16.05
16.59
18.05
20. 07
21.40
22.05
20.60
SI. 28
20.82
20. 83
20.34
20.44
20.68
Manufacturing
Public
utilities
3407
29. 18
28.00
35.21
47.57
52.49
48.24
15. 16
17. 20
22.22
2a 60
38. 13
45.74
3450
12. 12
12.80
11.29
12.16
11.64
5.34
9. 19
1482
5.84
1.30
SB. 48
35. 41
given period.
• Expenditures estimates based on expected capital expenditures as reported by
business in late April and May 197G.
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 civilian employment declined by nearly 200,000 in June while unemployment increased by
283,000. Long-duration unemployment increased for the first time since December.
AULUQNS OF PERSONS*
100
MILLIONS OF PERSONS
100
1968
19*9
1970
1973
1972
1971
1974
1975
*U YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
Period
1971
1972*
1973*
1974......
1975
COUNCIL OF ECONOMJC ADVISERS
Noninstitu- Civilian
tional employpopulament
tion
142, 596
145, 775
148, 263
150, 827
153, 449
1975:
June .
July.™
Aug
Sept..—
79, 120
81, 702
84, 409
85, 936
84, 783
U nad justed
153, 278
153, 585
153, 824
154, 052
154, 256
Oct
Nov.... 154, 476
154, 700
Dec
1976:
Jan „_ 154, 915
Feb
155, 106
Mar
.. 155, 325
Apr.
155, 516
May
155, 711
155, 925
June
[Thousands of persons 16 years of age and over]
Unemplc>yment
Civilian einploymen t
Total
labor
Nonagricultural
15
Unem- force Civilian
Part-time Total weeks
ploy- (includ- labor
AgriTotal
and
for ecoing
culment
force
TY\t«l
JuUucU.
over
nomic
tural
Armed
reasons *
Forces)
4,993 1,182
2,440
4,993 86, 929 84, 113 79, 120 3,387 75, 732
2,408
4,840 1, 158
4,840 88, 991 86, 542 81, 702 3,472 78, 230
812
2,311 4, 304
4,304 91, 040 88, 714 84, 409 3,452 80, 957
937
2,709
5,076
5,076 93, 240 91, Oil 85, 936 3,492 82, 443
3,490
7,830 2,483
7,830 94, 793 92, 613 84, 783 3,380 81, 403
Seasc>nally adj usted
Labor
force
participation
rate
(per-2
cent)
61. 0
61. 0
61. 4
61.8
61.8
85, 444
86, 650
86, 612
85, 274
86, 023
85, 556
85, 536
8,569
8,209
7,696
7,522
7,244
7,231
7,195
94, 747
95, 249
95, 397
95, 298
95, 377
95, 272
95, 286
92, 569
93, 063
93, 212
93, 128
93, 213
93, 117
93, 129
84, 498
84, 967
85, 288
85, 158
85, 151
85, 178
85, 394
3,350
3,439
3,464
3, 512
3,408
3,301
3,236
81, 148
81, 528
81, 824
81, 646
81, 743
81, 877
82, 158
3,422
3,277
3,234
3,291
3,361
3,353
3,243
8,071
8,096
7,924
7,970
8,062
7,939
7,735
2,751
2,954
2,878
2,934
2,719
3,004
3,080
61.8
62.0
62,0
61.9
61. 8
61.7
61.6
84, 491
84, 764
85, 588
86, 584
87, 278
88, 460
8,174
8,033
7,525
6,890
6,304
7,655
95, 624
95, 601
95, 866
96, 583
96, 699
96, 780
93, 484
93, 455
93, 719
94, 439
94, 557
94, 643
86, 194
86, 319
86, 692
87, 399
87, 697
87, 500
3,343
3, 170
3,179
3,417
3,329
3,294
82, 851
83, 149
83, 513
83, 982
84, 368
84, 206
3,482
3,262
3,266
3,248
3,382
3,080
7,290
7,136
7,027
7,040
6,860
7, 143
2,785
2,515
2,294
2,035
1,998
2,215
61.7
61.6
61.7
62.1
62. 1
62. 1
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added about 800,000 to the civilian
noninstitutional population, 333,000 to the civilian labor force, and 301,000 to
civilian employment. A further adjustment in March 1973 added 60,000 to the
labor force and to employment.
197d
1
3
Persons at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics;
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate returned to 7.5 percent in June after a dip in May. Labor force time
lost declined by 0.4 percentage point.
mCENT* IS&&ONAULY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1975
^UNEMPLOYMENT AS PERCENT OF C1YILIAM LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
linennployme at rate ( percent c>f civiliaii labor fc>rce in giroup)
Total
(all
civilian
workers)
Period
1971
1972
1973
1974
1975
1975: June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
.
Feb
Mar
Apr
May
June
1
_
5.9
5.6
4.9
5.6
8.5
8.7
8.7
8.5
8.6
8.6
8.5
8.3
7.8
7.6
7.5
7.5
7. 3
7.5
By s ex and akge
Men Women Both
20
20
sexes
years years 16-19 White
and
and
over
over years
4.4
4.0
3.2
3.8
6.7
7.0
7.1
6.8
7.2
7.2
6.6
5.8
5.7
5.6
5.7
5.4
4.8
5.5
8.0
8.2
8.0
7.9
7.8
7.9
7.9
8.0
7.5
7.5
7.3
6.0
7.1
7. 1
5.4
5; 6
7.3
6.8
16.9
16.2
145
16.0
19.9
20.7
20.5
20.7
19.4
19.8
19.0
19.6
19.9
19.2
19. 1
19. 2
18. 5
18.4
Aggregate hours lost by the unempkn^ed and pe rsons on psirt-time for economic reasons as percent of potentially av allable labo r force hours.
12
]3y select ed group)S
By color
5.4
5.0
4.3
5.0
7.8
8.0
8. 1
7.8
7.8
8.0
7.8
7.6
7. 1
6.8
6. 8
6. 7
6. 6
6.8
ExpeBlack rienced House- Fullwage
time
and
hold
and
other salary heads workers
workers
9.9
10.0
8.9
9.9
13.9
14.0
13.4
14.3
14.4
14.3
13.9
13.8
13.2
13.7
12.5
13. 0
12.2
13.3
5.7
5.3
4. 5
5.3
8.2
8.6
8.4
8.3
8.3
8.4
8.3
8. 1
7.4
7.4
7. 1
7.2
7.2
7.2
3.6
3.3
2.9
3.3
5.8
6.1
6.1
5.7
6.0
6.0
5.8
5. 7
5.1
4.9
5.0
4.8
4.8
5. 1
5.5
5. 1
4.3
5. 1
8.1
8.4
8.5
8.1
8.4
8.5
8.3
7.9
7. 3
7. 1
7.0
7.0
6.8
7.4
£Source: Dei>artment of Labor, Bui*eau of Labor Statistic,j.
Parttime
workers
Labor
force
time
lost
(percent) *
8.7
8.6
7.9
8.6
6.4
6.0
5.2
6.1
9.9
8.9
8.9
8.9
10.3
10.1
10.3
9.9
10.4
10.2
10. 5
10.5
10.4
10.3
10. 7
10.2
9.0
9. 1
9. 1
9.4
9.3
8.9
8.4
8.1
8.2
8. 2
8. 1
7.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The number of persons unemployed less than 5 weeks declined in June, but there was a large increase (217,000)
in the number unemployed 1 5 weeks or longer.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
20
JOB LEAVERS
NEW ENTRANTS
H i Ml
M 1 I I 111
1973
I Mil 1 M t t t
HfMlt-Mi!
1974
1975
I
t M t t
I
1976
1973
1975
1976
'SEASONALLY ADJUSTED
SOURCEt DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPerceiit distribution of unem- State pjrograms Insured
plo yment by duraticm 1
unem- Special
Pi oyment :>y reasoia »
ployunemTT
unemployment,
ployall
ment
Period
27
Insured
ment
Less
Reen- New than 5 5-14 15-26 weeks unem- Initial regular benefit3
Job
Job
(thouenproclaims
and
ploy- claims
sands) losers leavers trants trants weeks weeks weeks
grams 2 (unadover
ment
(unad- justed)
justed)
Weejkly avei age, thou sands
1971
10.4 2,150
46.3
4,993
11.8
29. 4
44,7
12.6
31.6
13.3
295
2,608
1972
43. 2
11.6 1,848
4,840
13. 1
29.8
45.9
13.9
30. 1
12.3
261
2, 192
1973.
4, 304
7.8
38. 7
15.7
30.7
14.9
51.0
30. 1
1,632
11.0
246
1,793
1974
43.4
28.4
7.3 2,262
5, 076
14.9
50.6
13. 3
31. 0
11. 1
363
2,558
1975
55.4
10.4
15.2 3,973
7,830
23.8
10. 4
37. 0
16.5
31. 3
472
4,942
1975: May- 8,250
56. 4
10.3
23. 5
37.6
9.8
31.6
18.0
497
5,202
12.8 4,464
868
June. 8,071
58. 5
23. 0
34. 2
9. 7
8.9
31.4
18.5
501
4,892
15.9 4, 343
1, 177
July__ 8,096
57.7
22. 1
10. 0
10. 2
36. 0
26.9
20. 1
17.0 4,187
446
4,979
1,489
Aug__ 7,924
56. 2
22.9
34. 1
9. 7
11. 1
30.3
17.7
460
17.9 4,108
4, 576
1,502
58.2
21.9
Sept. 7, 970
34.4
10. 0
9.9
29.8
16. 5
454
19.3 4,087
4,238
1,312
Oct__ 8, 062
56.0
23.4
10. 2
10.4
36.9
29. 9
15. 1
18. 1 3,918
460
4,039
1,284
Nov._ 7,939
55.6
10.9
23. 1
32.5
30.4
10. 5
15.8
21.2 3,587
410
4, 120
1, 340
Dec- 7,735
51.7
33.2
25.8
11.3
11. 3
28. 1
17.7
20.9 3, 199
390
4,461
1,411
1976: Jan_,_ 7, 290
48.3
11.8
27.6
12. 3
35.7
27.6
15.2
21. 5 2,938
346
4,962
1,482
Feb__ 7, 136
12. 1
49. 1
12. 1
26. 6
38. 1
26.3
13. 6
22. 1 2,807
322
4, 721
1,428
Mar__ 7,027
50. 2
10. 9
26. 6
12. 2
38.3
13. 3
28.0
20.4 2,742
349
4,366
1,339
Apr__ 7,040
11.8
49. 6
26. 0
43.2
12.7
27.3
9.7
19.8 2,721
358
3,917
1,125
v
12. 6
May 6,860
49. 6
25. 5
42. 0
12. 3
12. 2
28. 6
17.2 2,841
395
3,564
993
June* 7, 143
51. 0
12. 4
25. 3
11. 3
36. 9
31. 9
12. 9
404
18. 3 2,957
3,455
1,145
1
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (BE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
Supplemental Benefits) and SUA (Special Unemployment Assistance).
FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
_
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment was virtually unchanged in June. Small declines in the major goods-producing sectors
were offset by small increases in the major private service-producing sectors.
AUUIONS OF PERSONS' '(8flARGH> SCALE)
MILUONS OF PBiSONS'
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
18
£0
WHOLESALE AND RETAIL TRADE
1(5
70
SERVICE-PRODUCING
INDUSTRIES
12
22
MANUFACTURING
SO
^....*-"f*"—&•.,.
20
•40
Mill!
GOODS-PRODUCING
—
INDUSTRIES
CONTRACT CONSTRUCTION
20
! tnil mn 111 u! i n 11
1972
t ! I I 1 I IT I 1
1973
i Hutu
1974
1975
1111111 ft
11111111111 11111111111
iS7<5
1972
1974
1973
•SEASONALLY ADJUSTS)
SOUKC& DETARTMrnT Of lAtOH
1975
1976
CCVNCU OF fCONOMJC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
G oods-prc>ducing i ndustrie 5
Period
1971
1972
1973
1974
1975.
1975: May,June —
July—
Aug—
Sept—
Oct.—
Nov—
Deo
1976: Jan.—
Peb
Mar—
Apr
May '.
June»-
Total
nonagricultural
employ- Total"
ment
71, 222
73, 714
76, 896
78, 413
76, 985
76, 510
76, 343
76, 679
77, 023
77, 310
77, 555
77, 574
77, 796
78, 179
78, 368
78, 630
78, 963
78,964
78, 988
22, 820
23, 546
24,727
24, 697
22, 549
22, 339
22, 233
22, 222
22, 418
22, 601
22, 669
22, 657
22, 743
22, 914
22, 901
23, 013
23, 144
23, 136
23, 075
Contract
construction
3,639
3,831
4,015
3,957
3,457
3, 439
3,392
3,395
3,415
3,432
3, 402
3,409
3,406
3,428
3,375
3,366
3,399
3,407
3,393
Service-pr oducing IndustrieiS
Trans- Whole- Finance,
Government
Manufactui ing
porta- sale
insur4-;__
tion
ance, Services
and
Non- Total
State
and
and
Durable durable
retail
Total goods
Federal and
public trade
real
goods
local
utilities
estate
18, 572
19, 090
20, 068
20, 046
18, 347
18, 162
18, 100
18, 084
18, 254
18, 417
18, 493
18, 482
18, 568
18, 722
18, 763
18, 877
18, 973
18, 956
18, 901
10, 597
11, 006
11, 839
11, 895
10, 679
10, 595
10, 527
10, 465
10, 563
10, 650
10, 661
10, 653
10, 717
10, 820
10, 846
10, 937
11, 000
11, 040
11, 035
7,975
8,084
8,229
8,151
7,668
7,567
7,573
7,619
7,691
7,767
7,832
7,829
7,851
7,902
7,917
7,940
7,973
7,916
7,866
* Includes all full- and part-time -wage and salary -workers in nonagrieultural
establishments who worked during or received pay for any part of the pay period
Trhieh includes the J2th of tbe month. Excludes proprietors, self-employed persons, domestic servants, and personnel of tie 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
48, 401
50, 167
52, 169
53, 715
54, 436
54,171
54, 110
54, 457
54, 605
54, 709
54, 880
54, 917
55, 053
55, 265
55, 467
55, 617
55, 819
55, 828
55, 913
4,457
4,517
4,644
4,696
4,498
4,491
4,469
4,464
4,466
4,467
4,476
4,496
4,477
4,494
4,517
4,498
4,510
4,502
4,506
15, 352
15, 975
16, 674
17, 017
16, 947
16, 857
16, 877
16, 984
17, 016
17, 045
17, 043
17, 010
17, 080
17, 233
17, 326
17, 386
17, 444
17, 435
17, 454
3,802
3,943
4,091
4,208
4,223
4,208
4,202
4,203
4,218
4,239
4,246
4,248
4,264
4,266
4,266
4,276
4,293
4,278
4,297
11, 903
12, 392
13, 021
13, 617
13, 995
13, 889
13, 871
13, 990
14, 050
14, 113
14, 157
14, 188
14, 229
14, 307
14, 360
14, 422
14, 498
14, 542
14, 581
2,696
2,684
2,663
2,724
2,748
2,732
2,738
2,745
2,756
2,765
2,767
2,761
2,755
2,746
2,740
2,732
2,730
2,727
2,717
10, 192
10, 656
11,075
11, 453
12, 025
11, 994
11, 953
12, 071
12, 099
12, 080
12, 197
12, 214
12, 248
12, 219
12, 258
12, 303
12, 344
12, 344
12, 358
are not at work because of industrial disputes; and whicn are based on a sample
of the working-age population, -whereas the estimates in this table are based on
reports from employing establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics;
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAIi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural 1
Period
Manufstcturing
Total
Adjusted h ourly earnin gs index—tc>tal private
nonagricultural 2
Average gross
hourly cjarnings
Aver age weekly ] lours
Overtime
Total
private
nonagncultural 1
Manufacturing
Percent ch ange from
a year (earlier 4
Index, 11)67=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
38.0
37.8
37.7
37. 1
37.0
37. 1
37.1
36.6
36. 1
40.6
40.7
40.6
39.8
39.9
40.6
40.7
40.0
39.4
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6
$2.68
2.85
3.04
3.22
3.44
3.67
3. 92
4.22
4.54
$2.83
3.01
3. 19
3.36
3.57
3. 81
4.08
4.41
4.81
100.0
106.3
113.3
120. 8
129.4
137.8
146.6
158.6
172.7
100. 0
102.0
103. 2
103. 9
106.7
110. 0
110. 1
107.4
107. 1
4.8
6.3
6.6
6.6
7. 1
6.5
6.4
8.2
8.9
1.9
2.0
1.2
.7
2.7
3. 1
.1
-2. 5
—.3
1975: Apr
May
June
July
Aug
Sept
Oct..
Nov._
Dec
35.9
35.9
36.0
36. 0
36.2
36.1
36.2
36.3
36.4
39.1
39.0
39.3
39.4
39.7
39. 8
39.8
39.9
40.3
2. 3
2.4
2.4
2.6
2.8
2.8
2.8
2.8
3.0
4.47
4.49
4.51
4. 54
4.57
4.60
4.63
4.68
4.68
4.73
4.75
4.78
4. 82
4. 86
4.88
4.90
4.93
4.96
169. 4
170.6
172. 2
173. 1
174.6
175.2
176.7
178.2
178.6
106.8
107.0
107.2
106.7
107.3
107.2
107.4
107.6
107. 3
9.5
9.0
8.7
8.8
8.8
8.1
8.2
8.5
7.9
—.6
_.. 5'
—.6
—.8,
.1
.2
.5
1. 1
.8
1976: Jan
FebMar
Apr
May 9
June *
36.5
36.4
36.2
36. 1
36. 3
36.1
40.5
40.3
40.2
39.4
40.2
40.2
3.0
3.1
3.2
2. 5
3.2
3. 1
4.73
4,75
4. 77
4.78
4. 83
4.83
5.00
5.04
5.08
5.06
5. 13
5. 16
179. 6
180.8
181.4
182.2
183.7
184.2
107.5
108.1
108.2
108.3
108.5
108. 3
8.0
7.8
7.3
7.6
7.7
7. 0
1.2
1.3
1. 1
1.4
1.5
1.0
1967
1968
1969.
1970
1971
1972
1973
1974
1975...
—
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross weekly earnings
Total pri vate nonagricu tural *
Period
Current
dollars
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976: Jan
Feb
Mar
Apr
May »
June v
1967
dollars 3
-
„
$154. 95
164.49
181.54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
$101. 84
103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
$114.90
122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176.40
189. 51
161. 19
162. 36
163. 44
165. 43
166. 06
167. 61
169. 88
170. 35
101. 06
101. 10
100. 76
101. 62
101. 57
101. 89
102. 65
102. 37
185. 25
187.85
189. 91
192. 94
194. 22
195. 02
196. 71
199. 89
264.
259.
265.
267.
268.
267.
272.
278.
172.
172.
172.
172.
175.
174.
103. 32
103. 35
103. 03
102. 53
103. 56
102. 50
202.
203.
204.
199.
206.
207.
281.
282.
272.
283.
285.
286.
65
90
67
56
33
36
Retail
trade *
Current
dollars
Current dollars5
* Also includes other private industry groups shown on p. 14.
3
Adjusted for interindustry employment shifts and for overtime in manufacturing.
* Current dollar index (or earnings) divided by the consumer price index.
74_834°—T&—3
Contract
construction
$101. 84
107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
_
1975: May
June
July
Aug.
Sept
Oct
Nov
Dec
Manufacturing
50
11
22
36
23
43
Percent chsinge from a
year e<irlier,
total pm/ate nonagricuiltural
1967
dollars
$70. 95
74.95
78. 66
82.47
86.61
90. 99
95.57
101. 04
108. 22
3. 1
5.8
6.4
4.2
6.5
7.0
6.8
6.2
6.1
0.2
1. 5
1.0
— 1.6
2.2
3. 6
.5
-4. 3
-2.8
20
54
35
91
64
91
69
26
107. 58
107. 57
107. 55
108. 85
108. 84
110. 14
110. 83
110. 81
5.3
5.4
5.0
5.9
5.6
5.8
7.9
7.1
— 3.9
— 3.7
-4.2
-2.6
— 2.2
-1.7
.5
.1
24
73
48
50
72
44
112. 45
112. 08
112. 06
113. 43
113. 72
112. 99
8.1
8.1
7.8
7.5
8.8
7.4
1.3
1.7
1.6
1.4
2.5
fc4
* Monthly changes based on indexes to 2 decimal places.
* Includes eating and drinking places.
Source: Department of Labor, Bureau of Labor Statistics;
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of an
per sons2
Out]aut1
Output per hour
of all ipersons
Comp snsation.
per lour 3
Unit labor
C(JStS
Implicit price
defl£ itor «
Private Total Private Total Private Total
Total Private Total Private Total
nonnonnonprinonpriprinonprivate
private
private
farm
farm
vate
farm
farm
vate
vate
farm
business business business business business business business business business business business
Period
Private
nonfarm
busines
1967 == 100; qua rterly dat a season illy adjus ted
100. 0
105.0
108.0
100. 0
105. 2
100. 0
101.7
100.0
102 1
100.0
105. 3
103.2
103.4
100.0
103. 1
102.7
100.0
107.6
115. 1
100. 0
107.3
114.2
100. 0
104. 3
111. 3
100. 0
104 1
111.2
100. 0
104 1
109. 1
100. 0
104 1
109.0
107.1
110.1
117. 5
124.5
120. 8
107. 1
110.0
117.8
104. 0
103.7
107.6
112.2
112.7
104.2
107.6
110.9
113.0
109.2
103.0
106. 1
109.5
111. 3
107.4
123.3
131.5
138.9
150.3
164.3
121.9
129.9
137.4
148. 1
162.0
na4
124. 9
121. 1
102. 8
102.3
106.0
110. 1
110. 6
122. 2
125.2
132. 9
150. 4
118.4
122. 5
125. 5
133.0
150.8
1142
119.2
12a 2
130.4
14a 8
1143
119.4
122.9
128.0
142. 1
117. 3
117. 2
105. 9
107. 9
110. 7
108. 7
180. 2
177.7
162.7
163.5
158. 2
157. I
1974- III .
IV
120.6
117. 6
117. 8
109. 3
110.9
113.3
111.5
108.7
107.6
106.7
105.6
166. 7
170.7
164.0
168.3
153. 4
158. 6
153. 7
159. 3
146. 0
150. 5
144 6
149.2
1975: I
II
Ill
IV
114.2
116.7
120.1
121. 1
114. 3
116. 5
119.9
121. 2
105.7
104. 8
105.7
107. 1
107.9
106.7
107.4
109. 2
108.0
111.3
113.6
106.0
109. 2
111.6
111.0
173. 1
176.4
179.3
182. 2
162. 9
160.8
159.6
163. 5
163. 3
161. 6
160.7
164 2
154 6
155. 9
158.4
160.9
1540
155. 0
157. 0
159. 4
1976: I
II'
124. 1
125.8
124.3
107.7
108.2
110. 4
115.2
116.2
112.6
176.0
179. 0
181.3
185.0
189.8
19a2
186.4
1647
166.2
165.6
161.8
16-3.7
161.1
1967
1968
1969
-
1970
1971
1972
1973
1974
1975-
-
ioa 2
120. 9
104. 5
iia2
Perceiit change ; quarter!;y- data at seasonal! y adjuste d annual rates
0.0
2.1
2.5
3.2
.2
2.1
3.1
—.3
5.6
7.6
7.0
5.8
7.3
6.5
ai
43
6. 7
3.6
41
6. 8
2.7
41
48
3. 1
41
47
.8
3. 3
3.1
1.9
9.4
6.4
3.2
2.5
6.2
13. 2
3.4
2.5
6.0
13. 4
47
43
— 3.4
7.2
6. 6
5.7
8.2
9.3
6.7
6. 6
5. 8
7.8
.4
.2
3. 0
3.2
1.7
— 3. 5
6.5
3.6
3.9
-1.2
.3
3.7
4. 3
.4
10. 3
49
4.5
2.9
41
11.0
-3.2
-4.2
— 4.3
1.4
1.2
9.7
9.7
a2
a4
10.0
10.6
-3.9
-3.8
-9.9
-1.4
-5.7
-.6
-6.2
-2.6
—4.0
—3. 9
-a 2
12. 6
9.9
11.5
10. 9
15.5
145
15.2
15.5
13.2
12.9
13.4
13. 5
1975: I.
II
Ill
IV
— 11.2
-11.3
7.9
12.1
4.5
-12.7
-3.3
-12.4
1.3
12.6
iai
2.5
6. 9
1.6
12.7
-ao
10.4
— 42
-2.2
9.0
11.3
3. 5
—2.2
11.8
7.9
6.8
6. 6
11.3
— 5. 1
— 1.6
6.9
5.2
8.3
6.6
13. 5
2. 6
5. 3
6.2
1976: IH*
10.2
5.4
10.5
2.5
1.8
4.4
7.5
3.6
5.8
10.9
7.3
9.5
a2
ae
3.5
2.1
48
43
2.2
5.0
2.9
2. 1
5.2
2.9
-0.3
1970
1971
1972
1973
1974.
-.9
2.8
6.8
5.9
-3.0
-1.0
2.7
7.1
6.0
— 3. 1
— 1.6
—. 4
1975
—2.9
1974: III
IV
1967
1968
1969
1
Output
8
— 9.4
8.9
12.3
3.6
1.7
2.7
3.5
5.2
3.2
— 4.2
as
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.
' 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
9.3
10. 1
a4
5. 8
6.6
' Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—New series; replaces series for total private economy and private nonfarm economy.
Percent changes are from preceding period and are based on original data; they
therefore may differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.3 percent in June, following an increase of 0.7 percent in May. Output gains in durable
materials and business equipment were partially offset by continued weakness in production of consumer nondurable
goods and nondurable materials.
_^
INDEX, 1967=100* (RATIO SCA'LE)
180
INDEX, 1967=100* (RATIO SCALE)
UTILITIES AND MINING PRODI CTION
TOTAL INDUSTRIAL PRODUCTION
140
160
r~*
"XI
120
140
UTILli IES
100
t20
1972
1973
1974
1975
MiNir 4G
1976
100 m n Ti M M M M t ? n m 1 1 1 1 if 1 1 1 1 1 1 M 1 1 1 I M
1972
1973
1975*
,
J974 .
16*0
MANUFACTURING PRODUCTION
11
I
1 1 1 1 1 1 1n 1 1
1976
NONDURABLE,
140
^MANUFACTURING CAPACITY
sS*Z3
120
100
1976
1972
1976
1973
1972
* SEASONALLY ADJUSTED
SOURCEl BOARD OF GOVERNORS OF THE FEDERAL Rf SERVE SYSTEM
Total iiidustrial
prodiiction*
Percent
Index, change
1967=
from
100
year
earlier
Period
1967 proportion
1970
1972
1972
1973
1974
1975
1975: June
July.
Aug
Sept
Oct
Nov__
Dec__
1976: Jan
Feb
Mar_
Apr_ p
May
June v
_
100. 00
107.8
109. 6
119.7
129.8
129.3
117.8
116.4
118.4
121. 0
122. 1
122. 2
123.5
124.4
125. 7
127. 3
128. 1
128. 6
129. 5
129.9
-3.0
1.7
9.2
8.4
—.4
-8.9
-11.8
-10.2
— 8. 1
-7.4
-5.6
-1. 1
4.3
9. 1
13. 0
14. 7
14. 2
13.9
11.6
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try produ ction ind exes, 196'r=ioo*
M anufaetur ing
Total
Durable
Nondurable
87.95
106.4
108.2
118.9
129.8
129.4
116. 3
114.6
117. 0
119. 7
121.4
121. 2
122. 7
123.6
125. 2
127. 0
127. 9
128.4
129.0
129.7
51.98
102. 3
102.4
113.7
127. 1
125. 7
109. 3
107.0
109. 3
112.3
113.5
112. 7
113.4
114.4
115. 8
117. 9
119.0
120. 0
121. 1
122.2
35.97
112.3
116.6
126.5
133.8
134.6
126. 4
125. 5
128. 1
130. 5
132. 9
133. 6
136.2
136.9
138.4
140.2
140. 7
140. 6
140. 7
140. 7
1 Output as percent of capacity.
2 Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
a Quarterly data are for last month in quarter. Annual data are averages of four
monthly indexes.
Mining
Utilities
6.S6
5.69
112.8
113. 3
110.8
111. 6
111.6
113.8
114.2
112. 9
113. 6
112.7
113. 9
113.7
114.0
114.3
146.0
148. 1
145. 5
148. 3
144. 6
143. 8
148.8
147.2
152. 0
152. 5
151.4
150. 5
151.3
150.6
Manuf acturing (capacity iitilization
rate, p<^rcent l
Federal Reserve
sencJS 2
ComWharTotal
merce
ton
3
Matemanuseries
series 2
rials*
facturing
78. 3
75. 0
78. 6
83.0
78. 9
68. 7
67.0
84.3
83. 1
88. 0
92. 5
87. 7
73.5
70.6
81
80
83
86
83
77
75
87.9
85.3
89.6
95.8
91. 3
79.3
77.2
69. 0
748
79
79.8
70. 7
77.0
79
81.9
72. 1
78.9
82
83.7
73.6
80.5
" Series revised. Production indexes for mining and utilities not yet available
prior to 1975.
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc lucts
roducts
Final p
Equij)ment
Coiisumer go ods
Period
Total
NonDurable durable
goods
goods
19. 79
7.89
27. $8
105. 9
109.8
109.0
'
114 7
124. 4
131. 5
128.9
125. 1
121. 4
124.0
125. 5
121.4
124 3
126.7
126. 6
126. 6
126.9
127. 5
129. 2
132. 2
127.6
129.0
127.4
131.9
128. 7
130.6
132.5
131. 1
131. 5
132. 3
134.0
132.5
134. 7
133. 1
133.9
137. 9
134.9
134.4
140.3
136. 1
133.9
141. 0
135. 9
142. 7
133.9
136. 3
134.0
143. 3
136.6
Total
Business
20. 14
Total
1 967 proportion
" . . .47, 82
1968
1969
1970
..1971
1972
_-_
1973
124.4
125. 1
1974
.
118.2
1975
118.2
1975: June
.
119. 7
July
120. 8
Aug
.
Sept..
- 121. 5
Oct
~
--- 120. 9
122.3
Nov
123. 5
Dec
123. 9
1976: Jan__
125. 3
Feb.—
126.4
Mar
126.4
Apr
126. 8
May »
*
127. 2
June »
Internlediate
proc ucts
12. 68
105.5
112. 5
107. 0
104. 1
118.0
1342
142.4
128. 2
126. 6
127. 3
129.9
129. 2
128.8
129.6
131. 6
131. 0
132. 6
1340
134 5
135.8
136.6
114. 5
120. 0
110. 2
109.8
110.0
111.4
111. 3
110.0
110.0
111.5
111. 2
112. 1
112.9
113. 2
113. 8
114.4
Construction
supplies
12. 89
6.42
•
Supplementary
group:
Energy
total
Materials
Total
137.2
135.3
123. 1
120.8
125. 0
127. 9
127. 6
128,0
129. 3
129. 9
133. 6
135.3
1349
1349
135. 4
135. 4
116. 3
112.6
116. 8
121. 3
122.3
122.7
123. 1
124 1
126.8
129. 6
128. 7
i2a i
130.0
129. 6
S9.29
12. 23
106. 5
112.5
109. 2 ...
111. 3 -_
122.3
133. 9
132. 4
115. 5
125. 5
112.6
127.3
114 5
125. 2
119. 0
126. 7
121. 0
124 5
122. 0
124. 5
123. 1
127. 1
123. 3
126. 6
125.3
128.8
127.3
127.5
128.2
128.6
129. 1
128. 2
130.9
129.0
131.4
129. 2
[1967=100, seasonally adjusted]
Norj durable manufac tures
Diirable m anufactu res
Primaryr metals
Period
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
i
Transp ortation 1
Lumequip>ment
ber
and
Motor prodveTotal
ucts
hicles
and
parts
4.50
1. 64
9.27
I
Apparel
products
Total
1967 proportion
1968
1969
1970
1971
1972
1973
1974
1975
Iron
and
steel
6.57
4. 21
6. 93
9. 15
8.05
__.
96. 4
95. 8
109. 9
125. 1
116.5
97.4
111. 1
107.6
__
-
90.6
92.3
97.7
97.9
95.4
98. 1
92.6
89.4
87.0
92.7
93.4
92.0
96.5
89. 1
106.7
108.9
113.8
115.3
1144
116.3
117.3
122.6
123.9
126. 2
125. 5
125.4
126.6
128.6
112.4
116. 5
118. 0
120. 2
120. 1
120. 1
122.7
97.9
101. 1
105. 0
105.9
1044
1047
106.7
110.2
116.3
123.7
126.8
126. 5
127. 1
130. 1
108.6
110. 6
113. 6
115.8
116. 8
114 1
116. 4
9a i
92.9
100.9
97.7
100.9
116.6
120. 9
120.2
121. 5
121.6
122. 6
129.0
131. 5
132. 9
133.5
135.0
135.6
124.7
126. 5
127. 8
130. 1
131. 6
132.8
105.8
109.0
111. 2
110.8
112. 8
1142
126.7
135. 2
140. 8
141. 7
144 2
146.3
123.5
123. 9
121. 1
122.8
123.0
123.8
12a 0
126.3
126.2
7. 74
8. 75
107.6
113.4
147. 3
123. 4
105. 1
106.3
112. 8
111. 5
115. 9
118. 3
121.2
113. 3
115. 5
115.3
114 7
113. 2
115.4
118.4
1447
147. 1
150.8
1544
157.5
161. 9
163.3
1243
125.4
125. 8
126.2
126.4
128.8
12a 5
120. 0
121. 0
121. 0
122.Q
120. 9
120. 6
162. 9
167.6
170. 6
168.5
16a 1
129. 2
130.8
12a 3
129. 2
130. 8
..
-
_
_._
.
103.9
101. 4
1045
111. 5
113.5
ioa2
111. 3
Note.—Series revised. Data not yet available for all categories for all years.
18
4.72
-
1975: June.
July
Aug
Sept...
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr
May *
June *
S.S1
Print- Cheming
icals
and
and
Foods
pubprodlishing ucts
Source: Board of Governors ol the Federal Reserve System.
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Resic .ential
Total
Total *
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bil lions of dol] ars
1969
1970
1971
1972
1973
1974
1975
__
93. 9
94. 9
110. 0
124. 1
137.9
138. 5
132. 0
66. 0
66.8
80. 1
93.9
105. 4
100.2
93. 0
33. 2
31. 9
43. 3
54. 3
59.7
50.4
46. 5
16. 2
16. 3
17. 0
18.1
21.7
23.8
20. 8
25. 9
24. 3
o5. 1
44.9
50. 1
40. 6
34.4
16.6
18. 6
19.8
21. 5
24. 0
26.0
25. 7
28.0
28. 1
29. 9
30.2
32. 5
38. 3
39.0
Seasonally
adjusted
Seasonally / adjusted aiinual rates
1975: May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr*
May v
„
„_.
127. 1
129. 7
133. 1
132. 2
136. 3
136 2
138.0
137.8
136. 9
139. 3
144. 5
142. 1
140. 0
89.9
90.6
92. 0
92. 1
95. 4
95. 6
97. 3
98, 1
99. 5
102.9
106.4
1042
103.2
20.7
20. 3
20.5
20,4
20.3
20. 0
20. 1
19.8
19.0
31.5
32.2
33.4
33.6
35.7
37.5
38.9
39.9
39.3
41.1
43.8
44.2
43.9
43.9
44. 7
46. 1
46.3
48.4
49.4
50.4
52. 1
53. 1
55.6
57. 5
56. 1
55.0
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floorspace.
2CX6
21.0
19.8
18.7
123.7
123. 1
145. 4
165.3
179. 5
169. 7
166. 0
25.2
25.5
25.3
25.3
26.7
26. 2
26.8
26.2
27.4
26.6
28. 0
28. 2
29.5
37.2
39. 1
41. 1
40. 1
40.9
40.6
40.7
39.8
37.4
36.4
38. 0
37. 9
36.8
202
201
165
208
157
166
148
137
183
170
185
189
205
883
743
727
854
1,010
840
569
Seasonally
adjusted
annual
rates
537
606
631
519
601
649
504
609
462
496
653
648
657
Note.—New construction expenditures series revised beginning 1973. Data prior
to 1973 not comparable with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
I$ew private housing uni bs
Units started, by type of striicture
Period
Total
1969
1970
1971
1972
1973
1974
1975
-
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
2-4
units
85. 0
84.8
120. 3
141. 3
118. 3
68. 1
64.0
5 or more
units
571.2
535.9
780. 9
906. 2
795. 0
381.6
204.3
Units
authorized
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period 1 (percent) 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
448
485
656
718
620
501
544
222
220
287
409
450
402
378
5.5
5.3
5.4
5.6
5.8
6. 2
6.0
1,202
1,261
1,267
1,315
1, 115
1,386
1,329
1,213
1,299
1,399
1,266
1,331
551
548
573
571
610
660
641
573
679
574
628
514
379
381
378
384
389
381
378
379
384
389
394
399
6.3
Seasonally adjusted arinual rates
1975: June
July
Aug
Sept
Oct_.
Nov
Dec
1976: Jan
Feb
Mar
Apr'
May v
June *
1
1, 080
1, 207
1,264
1,304
1,431
1, 381
1,283
1,236
1,547
1,417
1, 367
1, 430
1,492
874
916
979
966
1, 093
1,048
962
957
1,295
1, 110
1, 055
1, 067
1, 150
Seasonally adjusted.
* Quarterly data entered in last month of quarter.
56
76
67
76
103
79
77
70
62
80
76
95
67
150
215
218
262
235
254
244
209
190
227
236
268
275
938
1,016
998
1,092
1, 111
1, 127
1,091
1,147
1,165
1,188
1,082
1, 158
1, 122
Note.—Seasonally adjusted units authorized revised beginning 1974.
Source: Department of Commerce, Bureau of the Census.
6.2
5. 4
5. 5
5.8
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $1.8 billion in May, with manufacturing and wholesale stocks each accounting for
about half of the increase. Business sales fell 0.6 percent. According to preliminary estimates, retail sales rose in
June following a decline in May.
___
BILLIONS OF DOLLARS* "(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
00
RETAIL INVENTORIES
70
^N^^BI
*0
RfTAiL SALES
50
40
30
RATIO>* 1972
t n 111
1973
1 1 I! I f I 1 1 M
M IM I I
I IIIII IIM !
1975
1976
1975
1974
1976
-INVENTORY-SALES RATIO
1.60
100
150 ^
1,40
1972
1976
1972
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Total biisiness l \ .
Whol esale
Retail
Sales
!
Period
Ci_i__, z
2
feales
Inventories 3
rj t
o Invenbales * tories 3
Tntal
1
2
In ventories3 s
DurNonable durable nnnt «i
goods goods
stores stores
DurNonable durable
goods goods
stores stores
Inventc>ry-sales
rat io 4
Total
business 1
Retail
Millions of doll ars, seas onally iidjusted
1970
1971
1972___
1973
1974__
1975
1975: May
June
July_
Aug
Sept
Oct____
Nov
Dec
1976: Jan
Feb
Mar
Apr_ _
May v
June p _
1
104,
112,
__ 124,
143,
163,
168,
163,
165,
170,
172,
-_ 173,
174,
174,
176,
179,
182,
185,
187,
185,
736
315
289
823
991
009
347
877
007
150
448
847
085
259
027
329
488
074
999
175, 561
184,711
197, 692
224, 401
271, 050
264, 770
264, 335
263, 749
263, 345
264, 662
265, 087
266, 867
266, 064
264, 770
266, 285
267, 979
269, 637
270, 599
272, 404
20, 583
22, 327
24, 862
30, 400
37, 344
36, 583
35, 442
36, 186
36, 567
37, 166
37, 604
37, 449
37, 018
37, 360
38, 159
38, 816
39, 094
39, 530
39, 351
27, 290
29, 695
32, 817
38, 302
46, 564
45, 115
44, 558
44, 850
44, 653
45, 501
45, 625
45, 715
45, 554
45, 115
45, 645
46, 307
46, 398
46, 826
47, 655
31, 294
34, 071
37, 365
41, 943
44, 815
48, 702
48, 171
48, 652
50,411
49, 774
49, 644
49, 995
50, 552
51, 283
51, 592
52, 601
53, 344
53, 696
52, 561
53, 994
The term "business" also includes manufacturing (see page 21).
2 Monthly average for ye^ and total for month.
z
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly
sales: for monthly data, ratio of inventories at end of month to sales for month.
20
9, 524
10, 985
12, 472
14, 190
13, 943
15, 060
14, 667
15, 006
15, 372
15, 410
15, 417
15, 772
15, 904
16, 239
16, 730
17, 397
17, 403
18, 046
17, 247
17, 892
21, 770
23, 086
24, 893
27, 754
30, 872
33, 642
33, 504
33, 646
35, 039
34, 364
34, 227
34, 223
34, 648
35, 044
34, 862
35, 204
35, 941
35, 650
35, 314
36, 102
|46, 626
52,571
57, 156
65, 229
74, 082
73, 081
70, 826
70, 840
71, 503
72, 578
73, 049
74, 642
73, 839
73, 081
73, 610
74, 344
75, 089
75, 652
75, 710
20, 345
23, 864
26, 056
29, 593
34, 649
33, 592
32, 086
31, 909
32, 270
33, 324
33, 471
33, 813
33, 712
33, 592
33, 510
33, 490
33, 920
33, 994
33, 936
26, 281
28, 707
31, 100
35, 636
39, 433
39, 489
38, 740
38, 931
39, 233
39, 254
39, 578
40, 829
40, 127
39, 489
40, 100
40, 854
41, 169
41, 658
41, 774
1.64
1.61
1.53
1.46
1. 50
1. 59
1. 62
1. 59
1.55
1.54
1. 53
1. 53
1. 53
1. 50
1. 49
1.47
1.45
1. 45
1. 46
1.47
1.47
1.46
1.46
1.54
1.49
1.47
1.46
1.42
1.46
1.47
1.49
1.46
1.43
1.43
1.41
1.41
1. 41
1. 44
i
Note.—Total business and retail sales, seasonally adjusted, revised for 1973
through 1975.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
5, AND NEW ORDERS
MANUFACTURERS' SHIPMENTS,
Manufacturers' new orders increased 1.4 percent in May following an 0.8 percent increase in April. Inventories rose
$0.9 billion after being unchanged in April, while shipments rose 0.3 percent.
BILLIONS OF DOLLARS* {RATIO SCALE)
BILLIONS OF DOLLARS* [RATIO SCALE)
BILLIONS OF DOLlJ\RS*(RATIO SCAUf
INVENTORY-SHIPMENTS RATIO
20
1972
1976
»5!ASONAUY ADJUSTED
SOU8O, UPM1MCHT Of COMMKCE
COUNCIL OF ECONOMIC ADVISERS
Maiaufactvm its' new orders l
Durah le goods
Capital
NonNongoods durable
Total Durable durable Total
goods
goods
Total indusgoods
tries,
nondefense
Millie>ns of doll ars, seaso nally adjusted
7,055 24, 632
101, 645 66,768 34, 877 52, 146 27, 514
7,324 25, 981
102, 445 66,050 36, 395 55, 754 29, 773
8,487 28, 648
107, 719 70, 218 37, 501 63,015 34,368
120, 870 79, 441 41, 429 73, 992 41, 253 10, 310 32, 738
150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009
146, 574 95,754 50, 820 81, 351 40, 048 10, 261 41, 302
148, 951 99, 378 49, 573 78,900 39, 575 10, 302 39, 325
148, 059 98, 796 49, 263 79, 789 39, 282 10, 138 40, 507
147, 189 98, 189 49, 000 83, 304 41, 435 10, 728 41, 869
146, 583 97, 199 49,384 85, 137 42, 176 10, 392 42, 961
146, 413 96, 640 49, 773 85, 482 42, 256 10, 214 43, 226
146, 510 96, 215 50, 295 86,336 42, 307 10, 689 44, 029
146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44,363
146, 574 95, 754 50, 820 86, 754 42, 837 10, 156 43, 917
147, 030 95, 664 51, 366 88, 083 43, 177 10, 351 44,906
147, 328 95, 696 51f632 90, 201 44, 975 10, 710 45,226
148, 150 96,193 51, 957 93, 389 47, 895 10, 984 45,494
148, 121 96, 133 51,988 94,141 47, 841 11, 530 46, 300
149, 039 96, 579 52, 460 95, 494 49, 681 11, 664 45, 813
50,397 11, 934
Manufa cturers' stlipments * Manufac turera* fanrentories 2
Period
Total
1970
52, 859
1971
55, 917
1972
62, 062
1973
71, 480
1974
81, 832
1975
82, 724
1975: May— 79, 734
June 81, 039
July., 83, 029
Aug— 85, 210
Sept.. 86, 200
Oct.. .87, 403
Nov.. 86, 515
Deo.. 87, 616
1976: Jan_._ 89, 276
Feb -. 90, 912
Mar_. 93, 050
&*" 93, 848
May_. 94,087
June».
NonDurable durable
goods
goods
28, 229
29, 948
33, 489
38, 806
42, 744
41, 527
40, 494
40, 757
41,354
42, 444
43, 192
43, 607
42, 352
43,681
44, 570
45, 700
47,546
47, 741
48, 321
48, 818
24, 629
25, 969
28, 573
32, 674
39, 089
41, 197
39, 240
40, 282
41, 675
42, 766
43, 008
43, 796
44, 163
43, 935
44,706
45, 212
45,504
46,107
45, 766
'Monthly average for year and total fcrmontb. Shipments are the same as salea.
«Book yalue, end of period,
'End of period.
• Tor annual periods, ratio oJ weighted average Sjronterles toftTCTDgeroontblj
ManuManufacturers'
unfilled
orders *
77, 093
75, 081
86, 608
117, 034
137, 328
120, 659
124, 513
123, 271
123, 545
123, 477
122, 761
121, 697
121, 530
120, 659
119, 468
118, 757
119, 093
119, 390
120, 790
turers'
inventory—
shipments
ratio *
1.89
1.82
1.69
1.58
1.64
1.80
1.87
1.83
1.77
1.72
1.70
1.68
1.70
1.67
1.65
1.62
1.59
1.58
L58
shipments; for monthly data, ratio of inventories at end of month to shipments for
Boorc«: Depertment of Commerce Bureau o( the Ccosasi
21
PRICES
WHOLESALE PRICES
In June, the wholesale price index rose 0.7 percent (0.4 percent after seasonal adjustment). Prices of farm products
and processed foods and feeds increased 1.4 percent (0.4 percent seasonally adjusted). Industrial commodity prices
were up 0.5 percent (also 0.5 percent seasonally adjusted).
INDEX, 1967^100 (RATIO SCALE)
220
INDEX, 1967«100 (RATIO SCALE)
220
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
10
1968
1976
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1968
1969_
1970_
1971
1972
1973
1974
1975
______
1975: June
July
Aug
Sept
Oct
' Nov
Dec
1976: Jan
Feb
• Mar
Apr_.
May
June
AH
commodities
102.5
106.5
110.4
113.9
119. 1
134. 7
160. 1
174.9
173.7
175.7
176.7
177. 7
178.9
178.2
178. 7
179.3
179.3
179.6
181.3
181.8
183. 1
Farm
products Indusand
trial
processed commodfoods
ities
and
feeds
102.4
108. 0
111.7
113.8
122.4
159. 1
177.4
184.2
Unadjusted
182. 3
188.2
189.0
190.4
190. 5
186. 1
186.0
184.6
182.0
180. 3
183.7
184.9
187.5
Special |
groupings
Farm
products
Processed
foods
and
feeds
102.5
106.0
110.0
114.0
117. 9
125.9
153.8
171.5
102. 5
109. 1
111.0
112. 9
125. 0
176. 3
187.7
186.7
102. 2
107. 3
112. 1
114.3
120.8
148. 1
170.9
182.6
170.7
171.2
172.2
173. 1
174.7
175.4
176.1
177.3
178.0
178. 9
180. 0
180.4
181. 3
184. 5
189.9
192.7
196.9
199.9
196. 1
197.2
192.6
187.7
185. 9
193. 8
194. 9
195. 4
180.4
182.5
184.8
185.3
186.6
184.3
181. 8
178. 3
175. 5
175. 9
179.3
181.6
182.4
1
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
. ; .
22
Crude
materials 1
Inter- Producmediate er finished
materials 2
goods
102.0
103. 5
102.6
106.9
110.6
106. 1
111. 9
118.8
110. 0
114. 3
122.7
116.6
131. 1
119.5
118. 9
155.2
128.1
123. 5
219. 1
159. 5
141.0
162. 5
225. 1
178.6
Seas onally ad; usted
224. 1
161.8
176.9
224. 5
177.1
162.6
178.2
226.5
163.1
179.4
164. 3
232.9
231.4
181.6
166. 3
227.4
183.3
167. 1
235.4
167.9
184.6
185.2
236.0
169. 1
230.0
185. 7
170. 0
236. 5
186.3
170. 7
171.3
242.6
186. 7
242. 6
171. 4
186. 5
172. 1
246. 1
187.8
Consunler finishe d goods
ex(eluding fo ods
Total
NonDurable durable
102. 1
104.6
107.7
111. 2
113.5
118.6
138.6
153. 1
102. 2
104. 0
107.0
110. 9
113.2
115.8
126.3
138. 2
102.2
105.0
108.3
111.3
113.6
120.5
146.8
163.0
151.5
152.6
153.9
155.4
157. 0
158.2
158. 9
159. 1
159.4
159. 1
159.0
159.0
160.0
137.3
137. 4
137.8
138.8
140. 7
141.8
141. 9
142.5
142. 8
143. 1
142.9
142. 9
143. 5
160.8
162.4
164.4
166.3
167. 9
169.0
170. 1
170. 2
170.4
169.7
169. 9
169.6
170.8
? Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In June, the consumer price index rose 0.5 percent (also 0.5 percent seasonally adjusted). Food prices increased
0.5 percent (0.2 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (0.5 percent seasonally
adjusted) and services prices were up 0.6 percent (also 0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
100
100
1968
1969
1970
1971
1972
1975
1974
1973
SOURCEs DEPARTMENT OF LABOR
1976
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
AU
items
Food
Commodities
IAOQ
Services
food
1968
1969
1970
1971
1972
1973
1974
1975
104.2
109.8
116.3
121.3
125.3
133. 1
147.7
161.2
103.6
108.9
114.9
118.4
123.5
141. 4
161.7
175.4
103. 7
108. 1
112. 5
116.8
119.4
123.5
136.6
149. 1
105.2
112.5
121.6
128.4
133.3
139. 1
152.1
166.6
commodities
103.7
108.4
113. 5
117.4
120.9
129.9
145. 5
158. 4
ComrQodities less food
Food
All
home
Food
away
from
home
103.2
108.2
113.7
116.4
121.6
141.4
162.4
175.8
105.2
111.6
119.9
126. 1
131.1
141. 4
159.4
174.3
Food
of
103.6
108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
Unac [justed
An
103.7
108.1
112.5
116.8
119.4
123. 5
136.6
149. 1
Services
Durable
Non-
103. 1
107. 0
111.8
116.5
118.9
121. 9
130.6
145. 5
104. 1
108.8
113.1
117. 0
119.8
124.8
140.9
151.7
105.2
112. 5
121.6
128. 4
133.3
139. 1
152. 1
166.6
able
Seasonal y adjust ed
1975: June___
July...
Aug
Sept...
Oct
Nov...
Dec
160. 6
162. 3
162.8
163.6
164.6
165.6
166.3
174.4
178.6
178. 1
177.8
179.0
179.8
180. 7
148. 9
149.9
150.7
151.4
152.2
152.6
152.8
165.7
166.6
167.4
169. 1
170.1
172.0
173. 1
157.6
159.6
160. 1
160.6
161.5
162.2
162.9
174.6
177.8
177. 5
178. 0
179.6
180. 6
181. 6
174.9
178.6
178.1
17a4
180.2
181.2
182. 1
173. 4
174.5
175. 3
176. 4
177.5
178. 6
179.5
148. 5
149.8
150.7
151.2
151.7
152.2
152.8
145.4
146. 2
147. 0
147.6
148. 1
148.5
149.2
150. 7
152.4
153.4
153.7
154.4
1548
155.3
166. 0
166.9
167.6
169.0
170.0
171. 7
172.8
1976: Jan
Feb...
Mar
Apr
May
June...
166. 7
167. 1
167.5
168.2
169.2
170. 1
180.8
180. 0
178. 7
179.2
180.0
180.9
152.3
152. 7
153.3
154.2
155. 5
156.5
1749
176. 1
177. 2
177.7
178.4
179.5
163. 1
162. 7
162.4
163.1
164.3
164.9
181. 2
179.4
177.9
178.9
180. 6
181.0
181.4
178.6
176. 5
177.7
179. 5
179.8
180.9
182.4
183.4
184.0
185.0
186.0
153.1
153.5
153.9
154.4
155.3
156.0
149.7
150.6
151.7
152.7
153.6
154.1
155.6
155.7
155.6
155.7
156.6
157.4
174.7
176.0
177.2
178. 0
178.8
179.9
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent cl mnge f re m 3 mont is earlier; Percent <shange frc m 6 mont tis earlier;
season.ally adju sted annu al rates
season ally adjus ted annuabl rates
Percen t change from pre ceding
perio d; seasorlally ad jussted 1
Period
Industrial
commodities
Processed
foods
and
feeds
All
commodities
Farm
products
1.0
2.8
4.8
2.2
4.0
6.5
15.4
20.9
4.2
-2.7
4.4
8.4
-4.7
8.1
-1.9
5.5
— 1.2
3.0
6.8
.8
4.7
11.6
20.3
20.9
-3.8
1975: June__
JulyAug..
Sept-.
Oct..
Nov..
Dec..
0
8
9
9
11
1
3
-.8
2.9
1.5
2.2
1.5
-1.9
.6
-.3
1.2
1.3
.3
.7
— 1.2
-1.4
1976: Jan...
Feb...
Mar..
Apr
MayJune.
— 2
— 4
2
8
3
4
-2.3
—2.5
-1. 0
4.2
.6
.3
-1.9
-1.6
.2
1.9
1.3
.4
1967
1968.
1969
1970
1971
1972
1973
1974
1975
ia7
sa i
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
6. 7
4. 0
8.7
11.3
9.3
— 1. 1
-7.3
2. 1
2.9
5. 1
8. 0
11.8
11. 9
10.8
0.5
2.5
5.7
8.6
9.0
7.9
8.6
— 1.7
12.8
26.0
34.6
26.0
11.2
14.2
-8.0
-2.8
3.6
9.0
6.6
3.7
1.6
3.0
2. 1
3.3
5. 0
7.2
8.4
9.4
-16.6
— 17. 8
-12.4
2.3
14. 6
15.6
7.3
4.4
3. 2
3.0
2.9
3.6
&4
3.8
2.3
1.7
2. 1
2.3
2.9
-5.1
-10.9
—6.0
— 1.2
— 1.8
-4.5
-9.8
-9.9
-7.7
-2.9
.7
9. 5
8. 1
6.9
5.1
3. 7
3.4
All
commodities
Farm
products
Processed
foods
and
feeds
6.5
5.9
6.9
10.8
12.2
R9
6.5
39.7
29.3
15.2
29.7
22.8
7.2
.6
:9 — 13.8
— 1. 1 -16. 1
— 1.8 -21.0
2.5
2.5
16.2
5.5
22. 1
6.6
Industrial
commodities
1.9
2.7
3.9
3.6
3.2
ae
10.7
25.6
6.0
;2
.4
.7
;9
1.2
7
.6
;4
: 1
;3
.3
.1
.5
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percer it chang<3 from prc'ceding
perio d; seasoilally adju sted1
Food
Commodities
less
food
1.2
4.3
7.2
2.2
4.3
4.7
20. 1
12.2
6.5
3.1
3.7
4.5
4.8
2.3
2.5
5.0
13.2
6.2
4.0
6.1
7.4
8.2
4.1
3.6
6.2
11.3
8.1
4
4
6
6
5
1.2
1.8
-.2
.3
.9
.6
.6
4
9
6
3
3
3
4
.7
.5
.4
.8
.6
1.0
.6
7.0
9.1
8.5
7.4
5.8
6.8
7. 3
9. 7
16.9
12.1
8.0
4. 1
7.2
8.3
5.3
6.7
7.8
7.5
5.2
4. 0
4.3
6.8
6.5
6.7
7.4
7.6
10. 2
9. 3
6.8
7.4
7.1
7.2
7.4
7.7
7.4
5.0
7.7
7.6
8.9
10.3
9.6
8. 2
6.6
7.2
7. 0
6.4
5.9
5.9
5.9
8.0
7.3
6.5
7. 1
7. 1
8.4
8.4
4
1
2
4
6
5
— 2
— 1. 0
—.8
.6
1.0
.2
2
3
3
3
6
5
1.1
.7
.7
.5
.4
.6
6. 5
4.4
2.9
2.9
4.9
6. 1
3.6
-2. 6
-7.9
— 5.0
2. 7
7.2
3.7
3.5
2. 9
3.4
4.8
5.6
11. 5
10.4
10.6
7.8
6. 5
6.2
6. 1
5. 6
5.1
4.7
4.6
4.5
3. 9
2. 2
—.1
-.8
.0
-.7
4.5
3.8
3.6
3.6
4. 1
4.2
9.6
10. 3
9.9
9.6
8. 4
8.4
Period
All
items
1967.
1968.
1969
1970
1971
1972
1973
1974
1975
_
1975: June..
July...
Aug...
Sept—
Oct...
Nov...
Dec.._
1976: Jan.. .
Feb...
Mar...
Apr
May...
June..
1
3.0
4.7
6. 1
5. 5
3.4
3.4
88
12 2
7 0
7
10
Services
Annual changes are from December to December (unadjusted).
24
Percent c hange frc>m 3 mont hs earlier; Percent c hange frc>m 6 months earlier;
season;illy adju sted annu al rates
season*illy adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Source: Department of Labor, Bureau of Labor Statistics.
Services
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2 percent in the month ended June 15. Contributing most to the increase were higher
prices for soybeans, corn, and hogs. Partially off-setting were lower prices for cattle, apples, and hay. Prices paid by
(farmers rose 1 percent. Both the actual and the adjusted parity ratios were up 1 point.
INDBC, 1967=
(RATIO SCALE)
PRICES RECEIVED
{ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INT^EST,
TAXES, AND WAGE RATES)
1968
1969
1970
1
19711
1
1972
*
1973
1974
1975
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, OH I9IO-T44M BASE,
SOURCE* DEPARTMENT Of AGUCUtTUM
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
1968
1969
1970
1971
1972
1973
1974
1975
1975: May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1976: Jan 15
Feb 15.
Mar 15
Apr 15_
May 15
June 15
„
„
_
_„
„
Crops
Prices paid by far mers
Livestock All items, Family
Producinterest,
living
and
tion
taxes, and
products wage rates
items
items
Index, 1967=100
Parity ratio l
Actual
Adjusted *
102
107
110
113
125
179
192
186
100
97
100
108
114
175
224
201
104
117
118
118
136
183
165
172
103
108
112
120
125
144
166
181
104
109
114
118
123
133
151
166
100
104
108
113
121
146
166
182
73
73
72
69
74
91
85
75
183
186
191
194
199
195
184
186
198
198
203
212
210
203
189
188
171
176
181
180
189
189
181
184
180
183
183
184
186
185
185
185
164
166
168
169
169
170
171
171
183
186
184
186
189
186
184
186
75
75
77
78
79
77
73
74
75
75
77
79
79
78
74
74
186
187
185
189
191
195
190
192
194
193
198
209
183
183
178
186
185
184
190
191
192
193
193
195
172
172
173
174
174
175
191
193
194
197
196
199
72
72
71
72
73
74
72
72
71
72
73
74
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates en 193O-H*= 100 base.
3
The adjusted parity ratio refects Government payments made directly to
fanners.
1976
^
79
79
77
73
79
94
86
76
Soturce: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
(MONEY STOCK
* In the second quarter Mi grew at an 8.6 percent annual rate, compared to a 2.5 percent rate in the 2 quarters preceding.
B1U4ONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
(RATIO SCALE)
200
300
1968
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures *
Deposi ts at co mmercia . banks
Total
Period
Mi
1971: Dec..
1972: Dec.,
1973: Dec..
1974: Dec..
1975: Dec..
1975: June.
July..
Aug....
Sept..
Oct..
Nov
Dec..
1976:Jan.__
Feb...
Mar. .
Apr
May__
June *.
233. 8
255. 3
270.5
283. 1
294. 8
291. 0
291. 9
293. 2
293.6
293.4
295. 6
294. 8
295. 1
296. 5
298. 0
301.7
303.3
303. 0
1
M3
471.7
525. 3
571. 4
612.4
6643
642.4
647.5
650.6
652. 9
655.8
662. 1
664, 3
670. 2
678.5
683. 4
691.9
697.2
700.2
M3
745.1
844.9
919.5
981.6
1,092.9
1,040.2
1,051.6
1,060.6
1,068.1
1,075.8
1,086.5
1,092.9
1,103.7
1,117.2
1,127.3
1,141.1
1,151.2
1,158.4
Currency
52.6
56.9
61.5
67.8
73.7
71. 0
71.3
71.9
72.0
72.6
73.4
73.7
74. 2
75.1
75.7
76.7
77.4
77. 6
Large
CD's
Other
Deposits
at
nonbank
thrift
institutions
271.2
313. 6
364.4
419. 1
452.4
435.5
437.6
436.2
438. 3
443.3
448. 3
452.4
454.4
457.3
458. 5
461,6
462. 0
467. 9
33.3
43.6
63.5
89. 8
82.9
84. 1
82. 1
78.8
79. 1
80.9
81.8
82.9
79.2
75.4
73.2
71.4
68.2
70.6
237. 8
270. 0
300.9
329.3
369. 6
351.4
355. 5
357.4
359.2
362.4
366.5
369. 6
375.2
381.9
385. 4
390.2
393.9
397.2
273.4
319. 6
348. 0
369. 2
428.6
397. 8
404. 1
410. 0
415.2
420.0
424.4
428.6
433. 5
438.8
444. 0
449.2
454.0
458.2
Timle and sa vings
Demand
181.3
198.4
209. 0
215. 3
221. 0
220.0
220. 6
221. 3
221. 6
220. 8
222. 1
221. 0
220.8
221.5
222. 3
225.0
226.0
225.4
Mi is currency plus demand deposits; M? is MI plus time deposits at commercial banks other than large certificates of deposit (CD's): and Ms is Mz Plus
deposits at nonbank thrift institutions.
26
Per cent
cha:ige 2
Compoilents anti related i terns
U.S. Government
demand
deposits
(unadjust-
Mi
M2
ed)
6.9
7.4
6. 3
4,9
4, 1
4.2
3.4
2.7
3.9
3.4
3.5
4.1
3.8
4.5
3.9
3.8
3. 7
4.7
6. 5
9.2
6. 0
4. 7
4. 1
5.7
7.2
8.2
6.8
6.1
5.6
2.6
2.2
2. 3
3. 0
5.7
5.3
5. 6
11.4
11.4
8. 8
7. 2
8. 5
10. 0
11. 0
10. 8
9.8
9. 5
9.2
6.9
7. 1
8. 8
9. 6
11. 3
10. 9
11. 1
2 Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Beserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currtmcy and <ieposits
Total
liquid
assets
Period
U.S. Grovernment se ourities
Negotiable
certifiShort- cates of
Nonbank
Savings term
thrift
deposit
institu- bonds marketable setions
curities
Timed eposits
Currency
Total
Demand
deposits
Commercial
banks
1969:
1970:
1971:
1972:
1973:
1974:
1976:
Deo.
Dec
Dec
Deo
Dec
Dec
Dec
583.1
737.0
784.8
632.5
719. 9
866. 3
979.2
816.1
885.4
_. 1, 092. 3
1, 183. 4
940.9
1, 301. 6 1, 052. 6
46.1
49. 1
52.6
56.9
61.5
67. 8
73.7
144.8
151.4
160. 3
174.9
180. 9
182. 1
189. 0
177.3
199.3
233. 7
264.7
294.9
321. 9
361. 3
214,9
232.7
273.4
319.6
348.0
369.2
1975:
May
June—
July
Aug
Sept..
Got
Nov
Deo
1, 225. 1
1,239.4
1, 251. 4
1, 258. 6
__ I, 264. 4
1, 275. 4
1, 291. 6
1, 301. 6
983.9
999.2
1, Oil. 1
1, 020. 3
1, 027. 4
1, 035. 6
1, 046. 7
1, 052. 6
70. 2
71.0
71.3
71. 9
72.0
72.6
73.7
185.2
187.8
188. 7
189.6
189. 7
189. 0
190. 7
189. 0
336.9
342. 6
347.0
348. 8
350.5
354.0
358.2
361. 3
1976: Jan
Feb
Mar
Apr
May.
June »
1, 310. 5
1, 320. 7
1, 329. 5
1, 342. 6
1, 351. 3
1, 362. 5
1, 063. 9
1, 078. 1
1, 088. 1
1, 102. 0
1, 112. 7
1, 119. 1
74. 2
75.1
75.7
76.7
77.4
77. 6
189.1
190. 0
190.2
192.5
193.8
193. 0
367.1
374.3
378.2
383. 6
387.5
390.3
73. 4
Commercial
paper
51.7
52.0
54. 3
57.6
60.4
63.3
67.2
64.0
52.6
37.8
38.3
50.3
57.8
67.3
9.0
23.0
30.2
39.7
57.9
79.6
72.9
29. 1
24. 7
24.0
391. 6
397. 8
404. 1
410.0
415.2
420.0
57. 1
58.2
60.8
62. 2
61.0
62. 1
65.4
67.3
75.3
73.7
71.9
69. 1
69.3
70.6
71.5
72.9
43. 9
424. 4
428.6
64.8
65.1
65. 6
65.9
66.2
66. 6
66. 9
67.2
433.5
438.8
444.0
449. 2
454.0
458.2
67.6
6&0
68.3
68.6
69.0
69.3
67.5
66.4
66.7
66.7
66. 7
67.7
69.6
66.1
64.0
62.2
59.0
61.4
41.9
42.1
42ae
27. 5
38.3
41. 8
41. 6
43.0
42.1
41. 1
40.4
40.5
41. 1
41.6
42.4
43. 0
43. 9
44,9
Source: Board of Governors of the Federal Reserve System;
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Jnstalm ent credit e xtended
Period
TotaH
Automobile
Bank
credit
cards
Total'
Automobile
Bank
credit
cards
32, 553
29, 965
34, 778
40, 266
46, 105
4,398
6,768
8, 377
10, 390
13, 863
17, 098
20, 428
99, 786
107, 385
113, 788
124, 513
140, 552
, 29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 257
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
9,360
4,790
9,299
15, 559
19, 676
8,952
6,803
2,579
—468
3,476
5,561
5,968
326
2,591
1,332
1, 153
699
918
1,430
1,443
1,220
3,676
3,845
4,090
4, 120
4,309
4,329
4,413
4,616
1,600
1,678
1,684
1,743
1,806
1, 781
1,842
13, 300
12, 717
3,751
3,705
3,737
3,859
3,847
3,834
3,811
3,860
1,529
1,555
1,591
1,634
1,670
1,696
1,762
1,832
— 300
450
1,253
839
993
1,181
1,321
1,486
-75
71
123
94
110
135
85
80
6
15, 745
15, 678
16, 099
15, 508
15, 041
5,095
5, 150
5,267
5,088
1,921
2,012
4,354
4,491
4,615
4,401
3,819
1,815
1,881
1,926
1,846
1,911
1,449
1, 173
1,462
1,382
1,474
741
664
652
687
652
15, 202
—
43, 209
47, 848
4,471
i Includes some items not shown separately.
Total»
12, 999
13, 167
14, 075
14, 025
14, 172
14, 585
14, 552
May
June
July
Aug..
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr
May
Bank
credit
cards
Net change in amount outstanding
109, 146
112, 175
123, 086
140, 072
160, 228
160, 008
163, 229
1969—
1970—
1971
1972
1973
1974 . .
.:
1975
1975:
Automobile
Instalm snt credit liejuidated
1,839
2,118
1,985
2, 103
151, 056
156, 425
12, 822
13, 186
13, 179
13, 403
13, 231
13, 716
14, 297
14, 505
14, 637
14, 126
13, 566
140
352
261
461
494
603
756
106
132
192
139
192
Note.—Series revised beginning July 1970.
Source: Board of Governors of the Federal Reserve System;
27
BANK LOANS, INVESTMENTS, AND RESERVES
From April to June, bank loans were essentially unchanged while banks' holdings of U.S. Government securities
increased by $4 billion.
BILLIONS OF DOLLARS*{RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000 "ALL COMMERCIAL BANKS
1,000
800
800
400
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
40
60
i 11 f 1 1 1 1 1 1 1 1 1 1 1 1
1968
1970
V)&9
1971
1972
f I M I I 1 I I40
1
1973
1974
1975
1976
•SEASONALLY ADJUSTED, END OF MONTH
SOURCE* IOAKO Of GOVERNORS OF THE rEDEHAL RESERVE STSTEU
Period
1969
1970
1971
1972
1973
1974
-
1975
1975: June
July
Aug
Sept..
Oot- . -Nov
Dec1976: Jan '
Feb » .. „
Mar *
Apr »
May "
June *
1
2 Data
Total
loans
and
investments
401.7
435.5
485.7
558.0
633.4
5
690. 4
721. 1
705.0
705.8
709.3
712.7
716.3
722.2
721. 1
723.3
726.7
731.2
734.5
737.6
738.8
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allc ommercial I>anks *
Borrowi ngs (mil] Reserves * 3
L sans
Invest!nents
lions of dollars,
unadji isted) 3
Total ex- Commer- U.S. Gov- Other
cluding cial and
NonAvailSeaTotal
secuTotal
ernment
borrowed able1
sonal
inter- industrial securities
rities
bank
51.2
279.4
1,086
27.93
26. 81
25.46
105.7
71. 1
321
85.7
29. 11
28.77
57.8
292.0
110.0
26.81
104.2
31.24
31. 12
107
320.9
116. 1
60.6
28. 78
31.44
30.39
1,049
378.9
130.2
62.6
116. 5
29.00
129.9
34.98
33.69
449.0
156.4
54.5
1,298
41
32.78
36.63
35. 90
34.42
703
32
50.4
500.2
183.3
139.8
34.62
79.4
34.75
32.44
144.8
496.9
175.6
127
13
35.07
34. 85
71.5
142.7
32. 90
490.8
271
11
176.7
32. 89
34.98
34.68
72.3
143.6
261
17
489.9
176.7
34.88
211
490.2
75.0
144. 1
34.67
176.5
38
32.77
32. 77
144. 5
34.99
175.4
34.59
396
61
76.7
491.5
34.79
34.60
495.0
176.3
32.61
191
65
76.0
145.3
177.1
34.73
34. 67
498.5
146.9
32.43
61
76.8
28
34. 75
34. 62
32.44
176.0
127
13
79.4
144.8
496.9
32. 17
9
34. 32
34. 24
79
145.0
176.6
81.0
497.3
175. 1
144.5
34.05
33. 97
31.85
76
11
84.4
497.8
6
34. 00
33. 95
58
8
88.2
143.3
499.7
171. 4
31. 75
34. 02
44
33.98
31.87
170.5
500.5
11
90.0
144.0
34. 14
34.02
31.95
121
11
144. 0
170.7
93.0
500.6
34.34
144. 1
34.21
32. 01
170.2
120
94.0
500.7
20
are for end of period.
Averages oi daily figures. Annual data are tor December.
' Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
* Reserves available to support private nonbank deposits are defined as (1)
required reserves for (a) private demand deposits, (b) total time and savings
deposits, and (c) nondeposit sources subject to reserve requirements and (2)
28
COUNCIL Or ECONOMIC AOTOBS
excess reserves. This series excludes required reserves for new interbank and
U.S. Government demand deposits.
6
During 1974, total loans and investments were increased $0.6 billion due to
a bank merger and were reduced $1.5 billion due to liquidation of a large bank:
• Loan ^classifications reduced these loans by $1.2 billion as of March 31,1978;
Source: Board of Governors of the Federal Eeserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Sources
Uses
External
Period
Total
1966
1967...
1968
1969
1970.
1971
1972
1973
1974
1975
1975: I
II
_
Internal 1
Credi t market fonds
Total
Shortterm 3
Longterm 2
TVyfoi
Total
Other
Purchase
of
physical 4
assets
Increase
in
financial
assets
Discrepancy
(sources
less
uses'*
163.4
192.0
36. 1
32. 5
51.9
57.4
44. 2
52.5
69.3
91.6
101. 8
40. 1
.6
30.6
49. 7
79.2
25. 3
29. 6
31. 5
38.9
39.5
46.8
55.3
67.2
77. 1
35.8
30. 9
36.4
31.5
44.7
15.7
21.6
18.4
20.0
30.7
41.8
39. 3
34. 5
36.3
49.8
56.1
55.8
35.0
52.4
9.6
8.0
13.2
18.9
8.8
5.0
16.0
32.7
40. 8
— 14.0
— 25. 3
-19.6
-3.3
-7.9
10.9
3.0
20.4
18.5
4.8
5.7
14.0
24.5
24. 7
4. 3
-30. 2
-5.8
18. 1
34. 5
88.6
90.2
105.7
113.7
95.0
111.0
134.8
164. 1
167. 8
135. 2
72.8
125.4
155.7
186.8
76.0
73.4
76.7
85.3
82. 1
87.9
104. 0
123. 2
124. 0
96.7
90.7
81.2
106.0
108. 9
12.6
16.8
29. 0
28.4
12.9
23. 1
30. 8
40.9
43.8
38.5
-17.9
44.2
49. 7
77.9
8.1
3.7
8.6
5.4
8.0
9. 5
14.7
11.2
11.8
8.7
13.8
8.2
7.7
5.2
189.0
_
60.6
61.4
62.4
61.8
58.7
68.0
80.2
83.8
77.7
103.8
85.9
103.0
113.7
112. 8
120.0
69.0
32.3
38.9
-6.5
36.7
181.3
129.0
52.3
7.8
96.7
93.9
114.3
119.2
102.9
120.5
149. 5
175.4
179.5
143.9
86.5
m.6
Ill
IV
1976: I».
1
Undistributed profits (after inventory valuation and capital consumption
adjustments) and capital consumption allowances.
2 Stocks, bonds, and mortgages.
s Bank loans, commercial paper, finance company loans, backers' acceptances,
and Government loans.
* Plant and equipment, residential structures, and inventory investment.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liab tlities
Ciurent ass ets
End of
period
Cash
on
Total hand
and
in
banks 1
364.0
1966
386. 2
1967
426.5
1968
473.6
1969
492.3
1970
529. 6
1971
1972
573.5
643. 3
1973
712.2
1974
731. 6
1975
1974: III.. 708.6
IV.. 712.2
1975: !____ 698.4
II__. 703.2
III.. 716. 5
IV... 731. 6
1976: !..._ 753.5
1
Includes
2
8 Includes
41.9
45.5
48.2
47.9
50.2
53. 3
57.5
61.6
62.7
68. 1
60.3
62.7
60.6
63.7
65. 6
68. 1
68.4
U.S. Receivables
Govfrom
ernU.S.
ment
securi- Governties 2
ment 3
13.0
10.3
11.5
10.6
7.7
11.0
9.3
11.0
11.7
19.4
11.0
11.7
12. 1
12.7
14.3
19.4
21.7
4.5
5. 1
5. 1
4.8
4.2
3.5
3.4
3.5
3.5
3. 6
3.5
3. 5
3.2
3. 3
3. 3
3.6
3.6
Notes
and
accounts
receivable
142.1
150.2
168. 8
192.2
201.9
217.6
240. 0
266. 1
289.7
294.6
295.5
289.7
281. 9
284.8
294.7
294.6
307.3
Other
Incurvenrent
astories
sets 4
Total
19.7
22.0
26.9
31.6
35.0
43.8
48. 1
54. 4
56.6
60.0
56. 1
56.6
55.4
57. 3
59.0
60.0
63.6
199.4
211. 3
244. 1
287.8
304.9
326.0
352.2
401. 0
450.6
457. 5
449. 1
450. 6
438.0
434. 2
444. 7
457.5
465.9
142.8
153. 1
166.0
186.4
193.3
200.4
215. 2
246. 7
288.0
285.8
282. 1
288. 0
285.2
281. 4
279.6
285.8
288.8
time certificates of deposit.
Federal agency issues.
[Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Advances
and
Notes
preand
payacments, counts
U.S.
payGovable
ern- 3
ment
Federal
income
tax
liabilities
Other
current
liabilities
133. 1
141.3
162.4
191.9
204.7
215.6
230. 4
261. 6
287. 5
281.6
287.0
287.5
271.2
270. 1
273.4
281. 6
280. 5
17.4
13.2
14. 3
12.6
10.0
13. 1
15. 1
18. 1
23. 2
20.7
22. 7
23.2
21.8
17. 7
19.4
20. 7
23. 9
44.5
51.0
61.0
76.0
83.6
92.4
102. 6
117.0
134.8
148.8
134.3
134.8
139. 8
140.6
145.6
148. 8
155.0
4.4
5. 8
6.4
7.3
6.6
4.9
4. 0
4. 3
5. 2
6.4
5. 1
5.2
5.3
5. 8
6.2
6.4
6.4
Net
working
capital
164.6
174.9
182.4
185. 7
187.4
203.6
221.3
242. 3
261. 5
274. 1
259.5
261.5
260.4
269.0
271.8
274. 1
287.6
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Short-ferm interest rates in the first 3 weeks of July averaged slightly below their June levels.
PERCENT PER ANNUM
ma-NT PER ANNUM
1969
1968
1275
1974
1973
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE SK TABLE BElfoW
[Percent per annum]
U.S. Government secu rity yields
3-month
Treasury
bills1
Period
1970
1971
1972
1973
1974
1975
...
3-5 year
issues 2
6.458
4.348
7.37
5.77
5.85
6.92
7.81
7.55
7.72
8.12
8.22
7.80
7.51
7. 50
7. 18
7. 18
7.25
6.99
7.35
7.40
7.06
7.29
7.29
7.21
7. 17
6.94
6.92
6.87
6.73
6. 99
6.92
7. 30
7. 18
7.26
6.86
6.83
6. 86
4.071
7.041
_
7.886
5.838
1975: July
6. 164
Aug
6.463
Sept
6. 383
6.081
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr
May
'
5.468
5. 504
4.961
4.852
5.047
4. 878
5. 185
June
July
Week ended:
1976: July 9
16____
23
30
5.443
5.278
5. 412
5. 190
5.226
5. 194
1
3 Bate on new issues within period.
3 Selected note and bond issues.
Taxable
bonds 3
6.59
5.74
5.63
6.30
6.99
6.98
a 89
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
commercial
paper,
4-6
months
Discount
rate
(N.Y.
F.R.
Bank)5
Prime
rate
charged
by
banks 5 8
7.72
5. 11
4.69
8.15
9.87
6.33
6.44
6.70
6.86
6.48
5.91
5.97
5.27
5.23
5.37
5.23
5.54
5.94
5.95
4.88
4.50
6.44
7.83
6.25
6 -6
6 -6
6 -6
6 -6
6 -6
6 -6
6 -5%
5H-5J*
5H-5K
5H-5H
5H-5/2
5X2-5H
6%-6M
6^-6%
6.86
8.04
7.39
7.21
7.44
8.57
8.83
8.84
8.95
8.95
8.86
8.78
8.79
8.60
8.55
8.52
8.40
8.58
8.62
6.73
6.61
6. 63
8.57
8.53
8.55
5. 81
5.65
5.65
5K2-5K
51/2-51/2
5/2-5H
Newhome
mortgage
yields
(FHLBB)7
1%-TA
6.51
5.70
5.27
5. 18
6.09
6.89
6.94
7.02
7.23
7.22
7.21
7.06
6.80
6.91
6.86
6. 62
6. 87
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
8
6 Average effective rate for year; opening and closing rate for month and week;
Beginning November 1971, several banks adopted a floating prime rate keyed
30
Prime
7.91
5.70
5.25
8.02
10.80
7.86
7 ~7H
7H-7%
7^-8
8 -7%
TJi-Tfc
7/2-7^
71A-Q%
6&-6J*
6«-6%
6%-7%
8.45
7.74
7.60
7.95
a 92
9.01
8.89
a 89
8.94
9.01
9.01
9.01
8.99
8.93
8.93
8.9$
8. 95
8. 91
7^-7%
7Y4-7Y4
to money market variables. Beginning April 16, 1973, with the adoption of the
"dual prime rate", this table shows only the rate charged for large business loans.
7
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. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Beserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation^
COMMON STOCK PRICES AND YIELDS
Since mid-June, stock prices appear to have stabilized within a fairly narrow range.
-50
80
INDEX, DIG 3i 1965-50
80
70
50
70
COMPOSITE STOCK PRICE INDEX
60
7=1
50
40
40
30
30
111111 n ! it
ft1\1tt11t
1969
1968
1970
\\ \ !1.1.1 t ! i I
11 n 11 n i f i
1972
11! 111 II \ \\
I t M ! 1 M 1 11
1973
1971
1974
1976
PER CENT
20
PERC ENT
2Q
1*>
41)
10
\
5
ft
1
!
t
1968
1
! 1
1969
1971
I
/* ^SV
_r
X
^-^*\
^
.
5
1
1
1973
1972
1
1
1
1
1974
1
1 1 1
1975
48.03
57.92
65.73
63. 08
48.08
50.52
53.22
54.61
54.96
50.71
50.05
52.26
52.91
51.89
57. 00
59. 79
60.30
60.62
60.22
60.70
32.14
44.35
50. 17
37.74
31.89
31.10
32.28
32.38
32.90
30.08
29.46
30.79
32. 09
31.61
35. 78
38. 53
39.17
38. 66
39.71
40.41
37.24
39.53
38.48
37.69
29.79
31. 50
31. 02
32.79
32.98
31.02
30.65
31. 87
32.99
32.75
35.23
36. 12
35.43
35.69
35.40
35. 16
60.00
70.38
78.35
70.12
49.67
47.14
50.06
52.20
52.51
46.55
43.38
44.36
45. 10
43. 86
48. 83
52.06
52.61
52.71
50. 99
51.82
55.46
55.61
56. 35
55.57
62.03
62. 09
62.93
61.94
41. 64
41.86
42.81
42.28
35.88
36.29
36.66
36. 55
53.65
53.90
54.72
53.90
999. 10
994. 52
1, 002. 62
990. 11
1 Averages of daily closing prices.
2 Includes all the stocks (more than 1,475) listed on the N YSE.
Includes 30 stocks.
* Includes 500 stocks.
fi
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
0
45.72
54.22
60.29
57.42
43. 84
45.73
47.76
49.22
49.54
45.71
44.97
46.87
47.64
46. 78
51.31
53.73
54.01
54.28
53.87
54.23
finance
Utility
i
8
1
Standard
Dow& Poor's
Jones
composite Dividend- Earningsprice
price
industrial
index
ratio
ratio
average 8 (1941-43=
10) *
83.22
6.46
753. 20
3.83
5.41
884.76
98.29
3. 14
5.50
109. 20
2.84
950. 71
7. 12
923. 88
107. 43
3.06
11.60
759. 37
82.85
4.47
802.49
4.31
9.03
86. 16
836. 56
90. 10
4.08
4.02
845. 70
92.40
a 29
4.02
856. 28
92.49
815. 51
85.71
4.36
818. 28
84.67
4.39
9. 12
4.22
831. 26
88.57
845. 51
90.07
4.07
840. 80
4.14
88.70
8.61
929. 34
96.86
3.80
971. 70
100. 64
3.67
8.22
988. 55
101. 08
3.65
992. 51
101. 93
3.66
988. 82
101. 16
3.76
985. 59
101. 77
3.75
New York Stock Exch ange indexe 3 (Dec. 31, 1L965=50) 2
Composite Industrial Transportation
! 1970
1971.
! 1972
1973
I 1974.
1975
.
' 1975: May
June
July
Aug
Sept
Oct. — . .
.
Nov
Dec
1976: Jan
Feb
Mar
Apr
May
June
Week ended:
1976: July 2
9____
16
23
1
1976
Common stock5yields
(perc ent)
Comrnon stock p]rices1
1
f
COUNCIL OF ECONOMIC ADVISERS
SOURCES* MEW YORK STOCK IXCHANGE AND STANDARD 8. POOR'S CORPORATION
Period
1A
1
0
.
^
^
^"^T""—1— 1 i
1 1 1
1 1 1 1 1
1970
15
/^V
£AKN)NGS->RICE RATIO ON COMMON STOCKS
(S&PJ
\
103. 85
104. 08
105. 48
103. 96
3.67
3.62
3.57
3.64
NOTE.—-All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal 1976 there was a deficit of $65.6 billion, compared to a deficit of $43.6 billion in fiscal 1975.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
- 200
150
150
50
SURPLUS |+) OR DEFICIT (-}
-50
-50
_L
-100
1968
J_
t
_L
1969
1970
1971
T
1974
1972
1973
FISCAL YEARS
1975
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1976
-100
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ([end of period)
Period
Fiscal year:
1967___
1968
1969
Receipts
Outlays
Surplus or
deficit (-)
Total i
Held by
the public
149.6
153.7
187. 8
158.3
178.8
184.5
-8.7
-25.2
341.3
369.8
367.1
267.5
290.6
279.5
1970
1971
1972
1973
1974
193.7
188.4
208.6
232.2
264. 9
196.6
211.4
231.9
246.5
26a 4
-2.8
-23.0
-23.2
-14.3
-a 5
382.6
409. 5
437.3
468. 4
486. 2
284.9
304.3
323.8
343.0
346. 1
1975
1976"
281.0
300.0
324.6
365. 6
—43.6
-65.6
544. 1
631.3
396.9
479.7
82.1
86.0
102. 1
102. 2
—20.0
— 16.2
648.9
647.2
500. 5
352. 5
362. 5
400.0
413.3
-47.5
-50.8
721.8
713. 1
560. 5
_
Transition quarter (estimates) 2
:
Mid-Session Review
First Concurrent Resolution 3.
1977 (estimates):
Mid-Session Review 2
First Concurrent Resolution 3
* Excludes non-interest-bearing public debt securities held by IMF.
2
Mid-Session Beview of the 1977 Budget, Office of Management and Budget,
July 16,1976. Debt figures are very preliminary.
8
First Concurrent Eesolution on the Budget—Fiscal Year 1977. (See Senate
Conference Report No. 94-805, May 7,1976.)
32
3.2
Sources: Department of the Treasury and Office of Management and Budget
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1976, receipts were $19.0 billion higher than in fiscal 1975 and outlays $41.0 billion higher.
BILLIONS'. OF DOLLARS
300
BILLIONS OF DOLLARS
OUTLAYS
300
250
250
200
200
NdNDOTNSE
150
150
NATIONAL DEFENSE
100
J_
_L
50
1968
1969
100
1970
1971
J_
1973
1972
1974
1975
1976
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
50
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Recei Dts
Period
Total
Fiscal year:
1967
1968_
1969
Total
34. 0
28.7
36. 7
54. 1
56. 3
63.9
158.3
178.8
184. 5
69. 1
79.4
80.2
67.5
77.4
77.9
4.7
4.6
3.8
37.6
43.4
49.0
12.5
13.8
15.8
34.3
37.7
35.7
193. 7
188. 4
208. 6
232. 2
264.9
l
61. 5
68.7
87. 2
90.4
86. 2
94. 7
103. 2
119.0
32. 8
26. 8
32. 2
36.2
38.6
70. 5
75. 4
81. 7
92. 8
107.4
196.6
211.4
231.9
246.5
268.4
79.3
76.8
77.4
75. 1
78.6
77.2
74.5
75.2
73.3
77.6
3.6
3. 1
3.7
3. 0
3.6
56. 1
70. 1
81.4
91. 8
106. 5
18. 3
19. 6
20.6
22.8
28. 1
39.3
41.8
48. 8
53.9
51.7
281.0
300. 0
82. 1
352. 5
122.4
131.6
39. 7
152.6
40. 6
41.4
8.9
53. 1
118. 0
127.0
33. 5
146. 8
324.6
365.6
102. 1
400.0
86.5
90.2
26.0
101.6
85.0
88.0
245
100.0
4.4
4,5
2.0
7.1
136.3
160. 5
42. 1
172.7
31.0
35.5
9.5
40.2
66.5
74.9
22.5
78.4
* Estimates from the Mid-Session Review of the Budget, July 16, 1976.
Other
149. 6
153.7
187.8
1970
1971
1972
1973
1974
1975
1976"
Transition quarter
1977 »
Individual Corporation
income
income
taxes
taxes
()utlays
Nationa defense
Health
Depart- Internaand
Intional income terest Other
ment of
Total Defense, affairs
security
military
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates, Federal receipts rose $9.8 billion (annual rate) in the first quarter and expenditures
$4.3 billion, yielding a deficit of $63.8 billion. Preliminary estimates for second quarter expenditures indicate a rise
of $2.8 billion/ receipts data are incomplete.
BrLUONS OF DOLLARS
44(1
BILLIONS OF DOLLARS
440
Q
SURPLUS
mm~
tm F*!
lizd i i
i i^1^1
m
™~"~
1 I
I Ii
i
Ii
" 1
|
•mAfi
MB
. A
-170
-40
-80
i
Mncn1968
1969
1970
i
1971
1972
1973
1?7 5
1974
1976
CALENDAR YEARS
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[IMillions of dollars; quarterly data a1} seasonally adjus ted anmlal rates^
I"ederal C•rovernm ent expe nditures
Federal C•rovernm ent receip ts
Period
GrantsPurin-aid
Indirect ContriPersonal Corpo- business butions
rate
chases Trans- to State Net
tax and profits tax and
Total nontax
for
Total of goods fer pay- and interest
tax
nontax
and ments local
paid
receipts accruals accruals social ingovernsurance
services
ments
Fiscal year:
1973
240. 5
1974
271.9
1975 1
283.2
1976
Calendar
year:
1972«__._. 227.5
1973
258.3
1974
288.2
1975
286. 5
Surpltis
Subsidies Less: deficit
Wage
less
(-),
current accruals national
surplus of less
income
Govern- disand
ment en- burse- product
terprises ments accounts
107.3
122.6
127.3
136.4
41.0
43.8
41.6
20.7
21.4
22. 1
24.2
71.5
84. 1
92.2
99.7
256.2
278.9
329.5
375. 8
101.7
1048
119.0
129. 1
89.7
1047
1341
15&5
40.4
41.6
48.3
58.2
15.9
19.8
21.9
25.8
9.1
7.9
5.7
6.2
0.5
-.2
-.4
.0
-15.7
-7. 1
-46. 3
108.2
1146
131.2
125.7
36.6
43.0
45. 6
42.6
20.0
21.2
21. 7
23. 9
62. 8
79.4
89. 8
94.3
244. 7
265. 0
299. 7
357.8
102. 1
102.2
111.6
1244
83.2
95.8
117.6
148. 9
37.5
40. 6
43. 9
54.4
146
18.2
20.9
23.5
7.8
8.2
5.2
6.5
.5
.0
-.5
.0
-17.3
-6.7
-11.5
-71.2
287.2
254.4
297.7
306.. 7
137.6
99.7
130.5
34.8
38.7
47.4
49.4
21.9
23.2
25.2
25. 5
92.8
92.9
94. 7
96.6
337.0
354. 3
363.7
376.0
120.3
122.4
1246
130.4
13a7
149.7
152. 1
1549
49.8
53. 2
56. 8
58.0
22.2
22.6
23.6
25.6
6.0
6.4
6. 7
7. 1
.0
.0
.0
.0
-49.8
-99.9
-66.0
-69.4
1976: I
316.5
II »
137.7
142. 1
53. 1
22.8
23.1
102.9 380.3
104.6 3Sa 1
129.2
132.3
160.3
158.8
58.8
59. 0
26.6
27. 5
5.4
5.5
.0
.0
-63.8
1975:1
!!_._
III-_
IV...
135. 1
* Preliminary; based on seasonally adjusted data.
Note.—Data revised beginning 1973.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
13idustrial
Period
United
States
*
1969
1970
1971
1972
1973,
1974_
1975
1975: I I .
I.
IV..
1976: 1.
Jan.
Feb.
Mar
I..
I.
AprMay
June
111
108
110
120
130
129
118
121
123
127
126
127
128
129
129
130
130
Coiismner prices (unadjusted)
production (seatonally jidjustec1)
Canada
Japan
GerFrance many
Italy
United United
King- States
dom
111
118
115
119
134
141
128
125
131
135
130
138
138
111
114
123
131
143
146
139
138
140
144
143
144
146
133
152
156
167
197
189
168
170
172
181
177
181
186
118
124
132
142
150
154
140
137
143
150
149
149
152
127
135
137
142
153
150
142
138
146
150
148
154
148
147
148
193
152
150
109
111
111
113
122
120
114
112
112
114
113
114
114
115
'Series revised.
Canada
110
116
121
125
133
148
161
163
166
167
167
167
168
169
168
169
170
GerJapan France many
Italy
United
Kingdom
109
112
116
121
130
145
160
163
166
168
168
168
169
111
120
127
133
149
183
205
207
211
217
215
217
218
111
117
124
131
141
160
179
181
185
189
188
189
191
105
109
115
121
130
139
147
148
150
152
151
152
153
104
109
114
121
134
160
187
188
194
202
198
202
206
110
118
128
138
150
174
217
224
232
241
240
240
242
170
171
223
223
192
194
154
154
212
216
246
249
Sources: National sources as reported by Department of Commerce, Bureau
ol Economic Analysis, in Business Conditions Digest.
U S MERCHANDISE EXPORTS AND IMPORTS
..
[Millions of dollars; monthly data seasonally adjusted]
Merclbandise i mports
Gerteral imp>orts 3
Merch andise exports
Domesti e exports
Period
Total
domestic and
foreign Total i 2
exports
Food, Crude
bever- mate- Manufac- Total 2
rials
ages,
tured
and to- and
bacco fuels goods
F. a.s. value 5
Customis value
Monthly
average:
1973
1974
5,902
8,159
5,811
8,045
1,078
1,269
895
1,317
1974
1975
_
1975: July...
Aug
Sept...
Oct
Nov
Dec...
1976: Jan
Feb ..
Mar
Apr
May_ .
June
8,159
8,928
8,871
8,980
9,104
9,226
9,409
9,250
9, 103
8,800
8,956
9,394
9,578
9,716
8,045
8,803
1,269
1, 399
1,295
1,379
1,358
1,510
1,493
1,409
1,510
1,337
1,305
1,521
1,427
1,439
1, 317 5,294 8,354
1,264 5,913 8,010
1,258 6,075 7,832
1,322 6,000 7,877
1,199 6,049 8,196
1, 198 6,304 8, 169
1,330 6,189 8,201
1,222 6,291 8,522
1,223 5,971 9,176
1,138 6,035 8,941
1,165 6,088 9,607
1,284 6,191 9,596
1,377 6,443 9, 182
1,337 6,557 10, 094
3,728
5,294
5,790
8,416
1 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2 Total includes commodities and transactions not classified according to kind,
s Total arrivals of imported goods other than intransit shipments.
* C J.f. (cost, insurance, and freight) import value at first port of entry in th«
United States. Data for 1973 are estimates.
Food, Crude
bever- mate- Manu- Total
facrials
ages,
(c.i.f.
tured value) 4
and to- and
bacco fuels goods
Mer chandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
ports
im- imports
(c.i.f.)
(cusports
toms (f.a.s.)
value)
770
892
F.a.s.
892
827
819
777
1,020
855
867
825
872
889
1,053
896
932
1,062
1,120
2,653
value 5
2,672
2,716
2,706
2,715
3,005
2,912
2,896
2,852
3,233
2,913
2,885
3,492
2,759
3,409
3,750
4,684
6,131
9,000
112
-257
-195
-229
-841
4,602
4,257
4,129
4,178
4,060
4, 289
4,365
4, 582
4,714
4,782
5,183
5,307
5, 196
5,338
9,000
8,616
8,413
8,478
8,820
8,794
8,828
9, 161
9,880
9,593
10, 301
10, 302
9,873
10, 889
-257
852
983
1,054
843
981
1,134
671
— 132
-213
-734
-302
282
-516
— 195
918
1,039
1,103
908
1,056
1,208
728
-73
-141
-651
— 202
396
-377
-841
312
458
502
284
432
581
89
-776
-793
-1,345
-908
— 295
-1, 173
6
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Note.—Data revised for 1975 except detail for general imports, not yet available.
Source: Department of Commerce, Bureau of the Census
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter, the balance on current account was in small deficit, compared with a $3.1 billion surplus in the fourtb
quarter of 1975, mainly because of a swing into deficit on trade account. In the second quarter, the trade deficit
narrowed as exports increased more than imports.
BILLIONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
1976
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Me rchandise
12
Period
Exports
1969
1970
1971
1972
1973
1974
1975
1975: I
II- —
III—
IV___
Imports
Net
balance
Direct
expenditures
36, 414 -35,807
607 -4, 856
42, 469 -39,866 2,603 -4, 855
43, 319 -45, 579 -2, 260 -4, 819
49, 381 -55, 797 -6,416 -4, 784
71, 410 -70,499
911 -4, 629
98, 310 -103,679 -5,369 -5,035
107, 072 -98, 126 8, 946 -4, 780
27,
25,
26,
27,
019 -25, 581
851 -22, 596
547 -24, 501
655 -25,448
Sales
1,528
1,501
1,926
1, 163
2,342
2,952
3,897
915
1,438 -1,317
807
3,255 - 1, 185
978
2, 046 -1,093
2,207 - 1, 185 1, 197
1976: ] > _ _ _ 26, 939 -28,447 - 1, 508-1,162
II"-- 28, 473 -29, 637 -1, 164
1
Excludes military grants.
3
Adjusted from Census data
3
Net
balance
Private 3
—3, 328
-3, 354
-2,893
-3, 621
-2, 287
-2, 083
-883
U.S.
Government
3,471
156
3,631 — 112
5,659 -956
6,208 -1,888
8, 188 -3, 010
13, 461 -3,234
9,430 -3,423
Net
travel
Other
and
trans- servporta- ices,3
tion
net
expenditures
2, 109
2,349
2,487
2,485
-985
— 818
-805
-815
-687
-498
-568
-750
—4
2,916
-787
— 772 1,213
1,158
Balance
on
goods
and
services l
-1,763 1,833
977
-2, 023 2, 190 2,938
-2, 315 2,509 -256
-3,028 2,789 -5,954
-3, 086 3, 188 3, 905
-3, 107 3, 919 3, 586
-2, 503 4,666 16, 269
-402
-378
-115
12
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
Neti avestment ; ncome
Milit;iry transactions
1, 125
1,146
1,187
1,205
2,595
5,051
4,285
4,336
Remittances,
Balpenance
sions,
on
curand
other
rent
uniaclateral count
transfers *
-2, 994-2, 017
-3,294 -356
-3, 701 -3,957
-3, 848-9,802
-3, 883
22
-7, 184 -3,598
-4, 620 11, 650
-1, 179
-1,146
— 1, 044
-1,251
1,416
3,905
3,241
3,085
1,058 -1,138
1
-80
Note.—Merchandise trade data revised for 1975. Other data to be revised later.
Source: Departi—* ~' Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the first quarter, total financing flows were little changed from the fourth quarter, with both recorded outflows and
inflows of capital at lower levels. Inflows on unrecorded transactions, however, rose.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
5EASONAU.Y ADJUSTED
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
10
/\
10
A
-5
CHANGE IN
U.S. ASSETS'
ABROAD, NET
-5
-10
-15
-15
1948
1949
1975
1973
SOUKZ. KFVUtTMEHT OF COMMOCE
1976
COUNCIL OF ECONOMIC ADVISEES
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S3. assets abroad, n et
[incre£ise/capital outflow (-)]
Period
Total
U.S.
official
reserve
assets l
Forei gn assets in the TJ. S., net
[incr ease/capit al inflow (+)]
Other
U.S.
U.S.
Govern- private Total
assets
ment
assets
AEocaForeign official
tions
asf ets
of
special (sum of
Foreign drawing
the
Assets of private rights
items
(SDR) with sign
foreign
assets
Total
official
changed)
reserve
agencies
1969
1970
1971
1972
1973
1974_
1975
—8, 823 — 1, 187 -2, 200-5,436 12, 270 -1,301 -1,552 13, 571
— 6,032
2, 477 - 1, 589-6,920 5,923
6,907
7,362
— 984
-9, 596 2, 348 — 1,884 -10, 060 22, 445 26, 895 27, 405 -4, 450
32 -1,568 -8,708 21, 127 10, 705 10, 322 10, 422
-10,245
-16,434
209 — 2, 645 -13, 998 18, 519
6,299
5,145 12, 220
— 33, 392 — I, 434
365 -32, 323 32, 433 10, 981 10, 257 21, 452
-607 -3,463 -27, 061 14, 879
-31,131
6,336
8,544
4,603
1975:1
II
III...
IV
-8,001
-7, 943
—4, 223
-10,964
— 342
-899 -6, 777
-840 -7,074
-772 -3, 109
-952 -10, 101
-9, 512
-773
-674 -8, 065 5,018
1976:1"
-325
-29
89
3,402
2,837
2,958
2,331
3,907
1,913
2,400 -1,985 -2, 356
5,736
2,587
2,088
1
1 Consists ol gold, special drawing rights (SDE), convertible currencies, and
-he XI.S. gold tranche position in the IMF.
Statistical
discrt pancy
3,325
1,856
-565
1,576
4, 384
3, 148
1,693
U.S.
official
reserve
Of
assets,
which:
net 1
Seasonal (unadadjust- justed,
end of
ment
discrep- period)
ancy
-1,430
— 402
867
717 -9, 609
710 — 1,790
— 2, 107
4,557
4,602
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
3,748
1,330
131
-37
— 1,417 -2, 565
2,143
1,275
4,574
16, 256
16, 242
16, 291
16, 226
1,357 16, 941
Sources: Department of Commerce (Bureau of Economic Analysis) and Department ol the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
378
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mall
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
_
_. ^........
_
,
__.
,
Gross National Product in 1972 Dollars
... _
,
.
_..
_ _..
_,
Implicit Price Deflators for Gross National Product
.-. ~ _
..
. . _.... ^. „. _. _ .. _ _ _ ._ _.,
_
Changes in GNP and GNP Price Measures.....-..-.,
«
____.^«_.^.
_. ^ _ _ _ _ _ _ _ _ _ _ _
Nonfinancial Corporate Business—Output, Costs, and Profits _
_
_ . . _ . » _ _ _ _. _. ^ _ ^. _ _. _
National Income.
_
.
_..
. _.
Personal Consumption Expenditures. —
_....._. _. _. _..
_. .
... ^. _.., _. ^. _ ^ _ _ _.._. ^.
Sources of Personal Income
_. .~. _ .-.... _.._ ...
Disposition of Personal Income
_. ^ _....
Farm Income.
..-... -..-.
... _.
................................ _ _ _ _
Corporate Profits
~ _.,
~
„.___.
Gross Private Domestic Investment
_
_............. -.......... _. —.... _,
Expenditures for New Plant and Equipment
_. _ _
.-........... _......
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
,
_
_. _..
Selected Unemployment Rates
_. _*
.
_..,-, —
,
_. _ -. _. ^ ^.
Selected Measures of Unemployment and Unemployment Insurance Programs...-.
-...____»_.-..-.__
Nonagricultural Employment.
*.-......_.__..-.__.._ ._. ^. -.
-..-. -..^ _ . _ . . . _ _ _ « _ _ , _ _ ^-.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries.._......-..-.-_ .^ _ _ M ._ .^ _ _ . M ... _
Average Weekly Earnings—Private Nonagricultural Industries... -,.. _..-. « ^.....-............. ^. ^..-. ^..-. ^. ^. ^, ^. « ^. « ^.
Productivity and Related Data, Private Business Economy.. ^ _ .^ ..._...
.
-..-. ^. ^ ~ M .^. « ^.».. ^.
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
. —. ^. ^. ^
....
.-. ^. ^..-.
^..-. »..... _..-«
Industrial Production—Major Market Groups and Selected Manufactures... _. ^. ^ ^. M ^. ^. ^ ^ ^ ^. ^. ^. M ^ M ^. ^ . .
New Construction......»-...,-........... _....... ^.. ^.. _ _ ^. ^. ^. _ .... _ _.... _ .... _.»~..-.... ^.. ^.^.^_^.. ^.^. ^.^.^.^.^-.^.»_^.^-.
New Private Housing and Vacancy Rates..... __..,.-. .^ .^ ,~, _ .^ _._.._.._.._. _ _.._..-. ^
_.... ^.... _ _ _ _..«. « .^
Business Sales and Inventories—Total and Trade. ....»-. « ^, ^ «, ^. M ^ ^. _ « ^. ^. ^
-. -.... *-....... —. ^. ^-. -..-. ^. ^. ^. _
Manufacturers* Shipments, Inventories, and New Orders..•,.; „.. ^ ^ .
....
._ .
...-..
....
.
17
18
19
19
20
21
PRICES
Wholesale Prices .. M «_~.-..^~.-..
..-, ~ _ ^. ~ ~ ~ ~. ~ ~
.
«,
.. ^. ^. *. ^, ^
^. _.« ».... -...
Consumer Prices.. _ ^.. ^* ^.»— »-. ^.»-..-..-. _. —« ^. ^. ^. _ ^. ^. _ ^. — _....... ^..,...-..-. ^^ ^..~..-.... ^^....._ •-. ^.. ^. _ »-. ^...-. ^-. ^.
Changes in Wholesale Prices.-. _ »-. ^..-. ^.. ^.. ^.. ^.. —. _ ^. *-. ^. ^. _ ^.»......-........-.,-.... ^..-.... ^..-. -..-. ^. ^. ^. _ ^. ^. »-.»~.._
Changes in Consumer Prices_ .-..-. ^..-..-. ^. *-. ^.. _. ^, « ^ ^. _ ^. ^. ^-.................... ^-...... -. ^* M « _. ^. ^-. M ^.
Prices Received and Paid by Farmers.
_. _. _. « _ M '_. .^ _ _
_...._._
_
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock.
^
^
Private Liquid Asset Holdings—Nonfinancial Investors
.-..
Consumer Instalment Credit. . _ .
.. _. M ^. ^. _. _. ^. „ .
„..
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....... ^.....-.... ^. ^. ^. ^, ^.._. _. _. _.._ ._. _.......-. _ . . . . _
.-..
_. ^. ^. ^. M ^. ^. ^.
^.. _. ^..-. ^. ^. ^. ^-. ^. ^. ^. _.
„ _ . - . _ . _ ... .^..-.
....._._ .-..-. ^....
.
_,
_
._. ^.. ^..-. _. ^. ^.... »_ ^
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt....
-. _ .
„ „ ~.
^,
_.....
_. ^..
^. ^. ^ ._. _ « _ „
32
Federal Budget Receipts by Source and Outlays by Function.-. •-. •-. ^. _ »-. ^»»-. ^..-..^.. ^.. ^.. ^-..-. ^-. ^. ^.. ^. .-• ^. ^. ^.. ^-. •-. ^. *-.
33
Federal Sector, National Income Accounts Basis. _. _ ^. « ^, ^ « _. ^. ^. -. ^-. M ....-......... -.....~. ^. ^..-. -. — ^..-. ^.,- -. «
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries. _ _ . _ . _ _ • . . . . . _ _ . . ~ . _ _ _ . ~ . _ _ . ^ _ . ^ . ^ _
U.S« Merchandise Exports and Imports...___. »_^.^.^.^.^-.»_^.^.^.^-. ^.. ^. ^* ^. ^.. _. _ _. ^.^.^.^.. ^.. »_»_^.^-.»_^.^.
U;S: International Transactions...-. ^-.^.*_^-.»_^.^.»_^.^.^-.^.^.^.^.^._^.. ^-^-. ^..».. _. ^..»-.».. ^.^-. ^.^.^*^.*~.»^*>.*~.*>«
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