Full text of Economic Indicators : July 1977
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95th Congress, 1st Session
Economic Indicators
July 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402
II
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter, gross national product rose $58.2 billion or 13.5 percent/
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 6.4 percent and the
implicit price deflator rose at a 6.6 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALQ
BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
.1,800
1,800
1,600
1,600
GNP
IN CURRENT DOLLARS
1,400
1,400
1,200
1,200
GNP
NP
/
IN 1972 DOLLARS
1,000
1,000
800
1974
1973
1969
1975
1976
SOURCE. DEPARTMENT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
na-
Period
tional
product
Personal
Gross
conprivate
sump- domestion
tic
exinvestpendment
itures
Export s and imp)orts of
gooc s and serdees
Net
exports
42.8
45. 6
49. 9
54.7
62. 5
65. 6
72.7
101. 6
137.9
147. 3
162. 9
37.7
40.6
47. 7
52.9
58.5
64.0
75.9
94.4
131.9
126. 9
155. 1
158.7
180.2
198. 7
207.9
218.9
233.7
253. 1
269.5
302.7
338.9
261.4
78.8
90. 9
98. 0
97. 5
95.6
96.2
102.1
102.2
111. 1
123.3
130. 1
60. 3
71. 5
76.9
76.3
73. 5
70.2
73. 5
73. 5
77.0
83. 9
86. 8
18.5
19.5
21. 2
21.2
22. 1
26.0
28.6
28.7
34. 1
39.4
43. 3
79.8
89.3
100. 7
110.4
123.2
137. 5
151.0
167. 3
191. 5
215. 6
231.2
738. 7
786. 2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
143.7
150.4
160. 6
165. 6
353. 6
358. 9
363. 0
370.0
127. 6
128. 5
130. 2
134.2
86.3
86.0
86. 4
88. 4
41.3
42.5
43. 8
45. 8
225.9
230.4
232. 7
235. 8
1, 636. 7
1, 673. 7
1, 705. 8
1, 756. 3
178.6
183.5
374. 9
390. 1
136. 3
143. 3
89. 7
94.2
46.7
49. 1
238.5
246. 7
1, 797. 0
1, 849. 3
III__ 1, 727. 3 1, 102. 2
IV— 1, 755. 4 1, 139. 0
231. 3
244.4
254.3
243.4
10.2
10.2
7.9
3.0
153.9
160.6
168.4
168. 5
1977: I
1, 810. 8 1, 172. 4
!!>__ 1, 869. 0 1, 194. 0
271. 8
293. 0
-8.2
-8. 1
170.4
175.4
6.0
20.4
7.8
i This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Final
sales
Total
1976:1
1, 651. 2 1, 056. 0
II- — 1, 691. 9 1, 078. 5
-3.3
7. 1
State
and
local
Imports
124. 5
120. 8
131. 5
146.2
140.8
160.0
188.3
220.0
214.6
189. 1
243. 3
4.9
2.3
1.8
3.9
1.6
services
Federal
National
defense l
Exports
753.0 464. 8
1966
796. 3 490.4
1967
868.5 535.9
1968
935.5 579.7
1969
1970___ .. 982.4 618.8
1, 063. 4 668.2
1971
1972
1, 171. 1 733.0
1973
1, 306. 6 809.9
1,
412. 9 889.6
1974
1, 528. 8 980.4
1975.
1976_ _
1, 706. 5 1, 094. 0
5. 1
Go^^ernment purchases of goods and
Total
Nondefense
NOTE.—Data revised beginning 1974.
Source; Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
!
Gross i>rivate domestic
iiivestmenl
Governinent pure hases of
good s and services
Exp orts of gc ods
aiad service,s
Personal
conGross
national sumption
product
expenditures
Nonresidential
fixed
Residential
fixed
981. 0
1, 007. 7
1 051. 8
1 078. 8
1 075. 3
1 107. 5
1, 171. 1
1 235. 0
1 217. 8
1 202. 1
1, 274. 7
586. 1
603. 2
633. 4
655. 4
668. 9
691. 9
733. 0
767. 7
760. 7
775. 1
821. 3
106. 1
103.5
108. 0
114. 3
110. 0
108. 0
116. 8
131. 0
130.6
112.7
116.8
38.5
37.2
42. 8
43. 2
40. 4
52. 2
62.0
59. 7
45.0
38.8
47.7
16.7
12.0
8.7
10. 6
4. 3
6. 6
9,4
16. 5
8.0
-9. 9
8.5
4. 3
3. 5
—.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22. 5
16.0
51. 6
54. 2
58. 5
62. 2
67. 1
67.9
72.7
87.4
93. 0
89.9
95.8
47.3
50. 7
58.9
63. 5
65. 7
68. 5
75.9
79. 9
77. 1
67. 4
79.8
229. 3
248.3
259. 2
256. 7
250. 2
249. 4
253. 1
252. 5
257.7
263. 0
264. 4
112.5
125. 3
128. 3
121. 8
110. 7
103. 9
102. 1
96. 6
95.8
96. 7
96. 5
116.8
123. 1
130.9
134.9
139. 5
145.5
151.0
155. 9
161.8
166. 3
167.9
964.3
995. 7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
1, 256. 0
1976* I
1, 271. 5
II
III _ 1, 283. 7
IV_ _ 1, 287. 4
807.2
815. 5
822. 7
839.8
113.7
115.9
118. 5
119.0
44.8
47. 1
47. 1
52. 0
9.7
12. 1
13. 8
-1.8
16.8
16. 4
17.0
13. 8
93. 1
95.2
97.9
96. 9
76. 3
78. 9
80.9
83. 1
263.9
264.4
264.6
264.6
96.4
96. 1
96.7
97. 1
167. 5
168.4
168. 0
167. 5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
1977: I
1, 311. 0
II»_. 1, 331. 6
850.4
854. 6
124. 3
127. 0
52. 7
57. 5
9.7
12.5
10. 6
10. 0
96. 9
97. 0
86. 3
86.9
263. 3
269.8
97. 0
101.0
166. 4
168.8
1, 301. 2
1, 319. 0
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
Change
in busiNet
Exports Imports
ness in- exports
ventories
Total
Federal
State
and
local
Final
sales
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100]
j
|
Persona' consump tion expeiiditures
Period
Gross
national
product
Total
1976: I
II
III
IV
II*
Exports Imports Federal
State
and
local
91. 36
96. 02
100. 00
105. 80
116. 02
127. 18
_ 133. 88
80. 1
81.9
85. 3
89. 4
93. 6
96.6
100. 0
107, 9
123. 8
133. 1
137. 7
76. 5
78.8
82.0
86. 1
90. 5
95. 8
100. 0
104. 7
113. 6
123. 5
132. 3
76. 8
79. 3
82. 6
86. 6
91. 3
96. 4
100. 0
103.8
115. 3
132. 3
138.7
74. 6
77. 0
80. 7
87. 7
90.6
94. 9
100. 0
110.8
122. 3
132.8
142. 5
82. 8
84. 0
85.3
87.9
93. 1
96. 6
100. 0
116.2
148.3
163.8
170. 0
79. 7
80. 1
80.9
83.3
89. 1
93.5
100. 0
118.2
171. 0
188.2
194.3
70. 1
72. 6
76.4
80.0
86.4
92. 6
100. 0
105. 8
115.9
127. 5
134. 8
68.4
72. 5
76.9
81. 9
88.3
94. 5
100.0
107.3
118. 4
129. 7
137. 7
_ 131.
133.
134.
136.
47
06
56
35
130.8
132. 3
134. 0
135. 6
122.2
123.8
125. 3
127.2
136. 2
136.9
138. 3
139. 3
129. 2
131. 1
133. 2
135.4
136. 8
137. 8
139.2
140. 9
137. 1
140. 7
144. 1
147.5
165. 3
168. 6
172. 0
174.0
188. 2
190. 7
198. 4
199.3
132.4
133.7
134. 7
138.2
134,9
136.8
138. 6
140. 7
138. 13
140. 36
137.9
139. 7
129. 3
129.6
141. 5
143. 7
137. 8
139. 9
142. 5
144. 3
153.7
156. 5
175.9
180. 9
207. 0
211. 1
140. 6
141. 9
143.4
146. 1
NOTE.—Data revised beginning 1974.
Residential
fixed
Governnlent purchases c)f goods
and se rvices
85.7
87. 4
90. 7
93. 1
95. 5
99.0
100. 0
101. 6
108. 4
117. 9
124. 7
82.57
86.72
1977:1
NonresNonDurable j durable
Services idential
goods
fixed
goods
Expor bs and
imports of goods
and services
79. 3
81. 3
84. 6
88. 5
92.5
96. 6
100. 0
105. 5
116. 9
126. 5
133. 2
76. 76
79. 02
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
Gross i)rivate
dom<sstic
invest ment
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 iaational p roduct
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Gross c iomestic i>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
9.4
5.8
9. 1
7.7
5.0
8.2
10.1
11.6
8. 1
8.2
11.6
5.9
2.7
4. 4
2. 6
— .3
3.0
5.7
5. 5
— 1.4
— 1. 3
6.0
3.3
2.9
4. 5
5.0
5.4
5. 1
4. 1
5. 8
9.7
9. 6
5.3
3. 1
3.0
4.4
5.0
5.3
5.0
4. 1
6. 0
9. 9
9. 5
5.6
2.9
3.0
4,3
5. 0
5.2
4.9
4.0
6. 0
10. 2
9.4
5.6
9.6
5.7
9. 1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
11.4
6. 1
2. 7
4. 4
2.6
-.3
2.8
5.8
5.4
— 1. 3
— 1. 1
5.9
3.3
3.0
4.5
5.1
5.3
5.1
4.1
5.7
9.3
9.7
5.2
3. 1
3. 1
4.4
5.0
5.3
5. 0
4. 1
5.9
9. 6
9.5
5. 6
3.0
3.0
4. 4
5. 0
5. 2
4. 9
4.0
5. 9
9. 9
9.4
5.6
1976:1
II
Ill
IV
13.2
10.2
8.6
6.7
8.8
5. 1
3. 9
1.2
4. 1
4. 9
4. 6
5.4
4.9
5. 3
4. 6
5.9
4. 6
5. 2
4. 8
6.0
12.4
10.5
8. 2
6.9
8. 3
5. 2
3. 7
1.3
3.8
5.0
4.4
5.5
4.8
5. 4
4. 5
6.0
4.6
5. 2
4. 6
6. 1
1977:1
II v __
13.2
13.5
7.5
6.4
5.3
6. 6
6.9
6.7
7. 1
6. 6
12. 6
13. 9
7.2
6. 7
5.0
6.7
6. 7
6. 7
7.0
6. 6
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
.
_
__
-
NOTE.—Annual changes from previous year and quarterly changer from previous quarter.
Data revised beginning 1974.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross d omestic
prodt ict of
nonfin ancial
corp<srate
business
(billk>ns of
doll ars)
C urrent-do liar cost abnd profit per unit of outpu t (dollars
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
with
business
of
capital taxes 3 employconees
sumption
adjustment
Net
interest
Corpc>rate profits with
invent Dry valua Dion and
capil,al consuniption
£s-djustmen ts
Total
Profits
tax
liability
0. 513 0.014 0. 134
.535
. 016 . 123
. 553 . 017 . 124
. 022 . 109
. 589
. 628 . 028
. 086
. 645 . 029 . 095
.028
. 107
.661
. 699 . 032
. 105
. 796 . 043 .086
.849
. 045
. 115
. 044 . 139
.890
0. 055
. 051
.058
. 055
. 045
. 048
.050
. 055
. 061
. 060
. 073
Current
dollars
1972
dollars
430. 7
452.9
498.4
541.8
560. 6
602. 5
671.0
752. 0
808.8
875. 2
991. 0
532. 9
545. 8
581.6
607.3
600. 6
619. 3
671. 0
720.4
695. 0
678.9
731. 0
0. 808
. 830
.857
.892
. 933
. 973
1.000
1. 044
1. 164
1. 289
1.356
0. 067
. 072
. 074
. 079
. 088
.094
. 093
. 095
. 116
. 143
. 146
0. 080
. 084
. 089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
958. 4
1976:1
983.6
II._
III— 1, 004. 7
IV__ 1, 017. 2
719.4
731. 3
736.6
736. 5
1.332
1. 345
1. 364
1. 381
. 145
. 144
. 147
. 150
. 134
. 135
. 136
. 139
.870
. 880
. 892
. 916
. 044
. 044
. 044
. 045
. 139
. 142
-. 145
. 132
1977: I *__ 1, 049. 3
753.3
1. 393
. 149
. 140
. 930
. 046
. 128
19661967
1968
1969
1970
1971
1972_
1973
1974
1975
1976
1
Output is measured by gross domestic product of iionfinancial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
» Indirect business tax and nontax liability plus business transfer payments
less subsidies.
1
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employof all
ees
employ(1972
ees
dollars) (dollars)
0. 078
. 072
.066
. 055
. 041
. 046
.057
. 050
. 024
. 055
. 066
6. 777
6. 873
7. 105
7. 139
7. 132
7.374
7. 595
7. 781
7. 545
7. 742
8. 002
3.
3.
3.
4.
4.
4.
5.
5.
5.
6.
7.
478
676
929
198
478
757
024
441
990
602
069
.072
. 075
. 074
. 072
.067
. 066
. 071
. 060
7.926
8. 005
8. 053
8. 028
6.
7.
7.
7.
887
009
121
257
. 070
. 058
8. 080
7. 457
* With inventory valuation and capitalconsuniption adjustments.
NOTE.—Data revised beginning 1974 except for output and compensation per
hour, which will appear next month.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Propri etors'
incom 3 with
inventor y valuation and capital
consuloption
adjust ments
Compensation of
employeesl
Farm
Nonfarm
Rental
with
capital
consumption
adjustment
Corpor ate profits with inv entory va uation
and capital co nsumptioii adjustments
Profits with inv<3ntory
valuat ion adjus tment
and \without ca^pital
consum ption adjiistment
Total
Total
Profits
before
Inventory
valuation
adjustment
tax
Capital
Net
coninterest
sumption
adjustment
-2. 1
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
439.3
622.2
471.9
655. 8
519.8
714.4
571.4
767.9
609.2
798.4
650. 3
858. 1
951.9
715.1
799.2
1, 064. 6
875.8
1, 136. 0
930.3
1, 217. 0
1, 364. 1 1, 036. 3
13. 6
12. 1
12. 0
13.9
13.9
14.3
18.0
32.0
25.4
23.2
18.6
46. 7
48.9
51.4
52. 3
51.2
53.4
58. 1
60.4
60. 9
62. 8
69.4
18.2
19.4
18.6
18. 1
18.6
20. 1
21.5
21.6
21.4
22.3
23. 3
82. 5
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
99. 3
128. 1
78. 6
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
86. 5
111. 5
142. 7
80. 7
77. 3
85.6
83.4
71.5
82.0
96. 2
115.8
126. 9
123.5
156.9
— 1. 7
—3.4
-5.5
-5. 1
— 5. 0
— 6.6
-18.6
-40. 4
-12.0
-14. 1
-2.9
-12. 2
-14.7
21.9
24.3
26.8
30.8
37.5
42.8
47.0
52.3
69.0
79.1
88.4
1976:1
II
III
IV
999.6
1, 321. 0
1, 353. 9 1, 024. 9
1, 379. 6 1, 046. 5
1, 402. 1 1} 074. 2
20. 0
21. 6
16.2
16.6
66.9
68.8
70. 0
72. 0
23.0
22.9
23.3
24. 1
126.5
129.2
133.5
123. 1
141. 1
143.7
148.2
137.9
153.5
159.2
159.9
154.8
-12.4
-15. 5
-11.7
-16. 9
-14. 6
-14.6
-14. 7
-14.8
85.0
86. 5
90. 1
92. 0
1977:1
II"
1, 450. 2 1, 109. 9
1, 144. 8
20.7
21.2
74.3
77.4
24.5
25. 3
125.4
141. 0
161.7
-20.6
-17.8
-15.6
-15. 9
95.3
98.7
3. 9
3.7
3. 7
3. 5
1. 5
.3
2.5
1.9
Source: Department of Commerce, Bureau of Economic Analysis.
iIncludes employer contributions for social insurance. (See also p. 5.)
NOTE.—Data revised beginning 1974.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Retail sales of
new passenger
cars (nlilliona
of uilite)
Nondurable goods
D urable goo ds
Tntfl.]
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
464. 8
490.4
535. 9
579.7
618.8
668. 2
733.0
809.9
889. 6
980.4
1, 094. 0
67. 7
69.6
80.0
85. 5
84. 9
97.1
111. 2
123. 7
122.0
132. 9
158. 9
30. 1
29. 7
35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.9
71.9
27. 7
29. 5
32.6
35.0
36.7
39.4
44.8
50. 7
54. 9
58. 0
63. 9
204.7
212. 6
230. 4
247. 0
264. 7
277. 7
299. 3
333. 8
376.3
409. 3
442. 7
1976:1
II
III....
IV.. __
1, 056. 0
1, 078. 5
1, 102. 2
1, 139. 0
153. 3
156. 7
159. 3
166.3
68.8
71.0
72. 1
75.7
61.9
63.0
63.9
66. 5
1977:1
II *
1, 172. 4
1, 194. 0
177. 0
179. 1
85.3
84.5
67.4
69.6
Period
* Total includes other items not shown separately.
NOTE.—Data revised beginning 1974.
Furniture
and
household
equipment
Total
nondurable1
goods
Services
Clothing
and
shoes
Gasoline
and oil
106. 6
109.6
118. 3
126. 1
136. 3
140. 6
150.4
168. 1
189.8
209. 5
225. 5
36.6
38.2
41.8
45. 1
46.6
50. 5
55. 1
61. 3
65.3
70.2
76. 3
16. 0
17.0
18. 4
20. 4
22. 0
23.4
24.9
27. 8
36.4
39. 1
41.4
192.4
208. 1
225. 6
247. 2
269. 1
293.4
322.4
352. 3
391. 3
438. 2
492. 3
8.4
7.6
8.6
8.5
7.1
8.7
9.3
9.7
7.5
430.4
437. 1
444. 7
458. 8
219. 3
223. 8
227. 0
232. 0
74.2
74. 3
76.9
79.9
40.6
40.3
41.2
43. 5
472.4
484. 6
498. 2
513.9
8. 8
466.6
475.3
237.9
245.0
79. 3
80.6
44. 1
44.4
528. 8
539. 6
Food
Domestics
7. 1
8. 6
8.7
8.6
8.5
9.4
9. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
0.7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1. 0
1.5
1. 3
1.4
1. 5
1. 7
1. 8
2.4
SOURCES OF PERSONAL INCOME
Personal income rose $10.4 billion (annual rate) in June, compared with an increase of $8.6 billion (revised) in May.
Wage and salary disbursements were up $4.8 billion in June following a $7.8 billion rise in May. Dividends rose $2.3
billion in June due to an extra payment by a large automobile manufacturer.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
T,400
1,200
1,000
800
600
600
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
„,««•««•""
U-
"
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
I I ( 1 I ( I I I ; 111111111
40
1971
1970
1969
1972
...I M t I.I
1973
111 1 1 1 1 1 \ \
1974
f f f M I I I t iI
i 1 1 1 1 1 f t f 11 f ( f 11 f f i t f \
1975
1976
.40
1977
"SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Wage
>rsf income3 Rental
Total
and
Other Proprietc
income
personal salary
labor
of
income disburse- income12 Farm
Nonfarm
persons 4
ments l
Dividends
Persona] Transfer
interest
payincome ments5
Less: Personal contributions
for social
insurance
Nonfarm
personal6
income
52. 3
18. 1
22.6
55. 9
66.5
26.3
725.8
51. 2
18.6
22.9
79.9
64.3
780.7
53.4
20. 1
23. 0
69.3
94 1
838.0
30.8
58. 1
21.5
24.6
104.1
34.2
74.6
917. 3
60. 4
21. 6
27.8
84. 1
118.9
42.2 1, Oil. 9
60.9
21.4
140.8
31. 0
103.0
47.7 1, 119. 3
62. 8
32.4
22.3
176.8
115.6
50. 4 1, 218. 8
69. 4
23.3
35.8
192.8
130.3
55.2 1, 351. 3
68.8
22. 5
36. 6
128.8
188.5
54.9 1, 338. 5
69.4
23.2
35.8
130.4
193.7
55.4 1, 355. 1
70. 1
23. 3
36. 0
132. 2
194.9
55.6 1, 365. 0
70. 5
23.4
36.3
134. 1
194.5
55. 9 1, 374 0
70. 8
23. 9
36.7
135.2
195.5
56. 1 1, 385. 5
72. 1
24. 1
37.2
136.4
198.4
56. 7 1, 402. 1
73.2
24.4
41.2
137.6
200.0
57.0 1, 418. 5
24. 4
72.5
37.9
139.0
200. 5
59.0 1, 421. 1
24. 6
74.4
38.5
140. 3
203.0
59. 6 1, 442. 4
24. 6
76. 0
39.0
141. 8
206.9
60.2 1, 463. 7
76. 9
24. 6
39.3
143. 5
206.0
60. 6 1, 475. 6
77.4
25. 3
39. 6
145. 2
202.9
60. 9 1, 484 2
77.9
25.9
41. 9
147. 1
202.3
61.0 1, 494. 6
1
6
The total of wage and salary disbursements and other labor income differs
Personal income exclusive of farm proprietors' income, farm wages, farm other
from compensation of employees (see p. 4) in that it excludes employer contribu- labor income, and agricultural net interest.
tions
2 for social insurance and the excess of wage accruals over wage disbursements.
Consists of employer contributions to private pension, health, and welfare
NOTE.—Data revised beginning 1974.
funds; workmen's compensation; directors' fees; and a few other minor items.
* With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
*With
capital consumption adjustment.
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
1969
1970
1971
1972
1973
1974
1975
1976
1976: June__
July____
Aug
Sept...
Oct
Nov
Dec
1977: Jan
Feb
Mar____
Apr
May__
June*...
745.8
801.3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1, 372. 7
1, 386. 2
1, 393. 7
1, 401. 8
1, 414. 2
1, 432. 1
1, 450. 2
1, 454. 3
1, 477. 0
1, 499. 1
1, 510. 9
1, 519. 5
1, 529. 9
514. 6
546. 5
579.4
633.8
701.3
764.6
805.7
891.8
885.5
894. 5
899. 8
906. 1
914. 0
923. 9
931. 7
937. 3
951. 7
964.9
974. 1
982.0
986. 8
28.2
32. 0
36.2
42. 0
48. 7
55. 6
64.9
75.9
75.5
76.4
77.3
78. 1
79. 1
80. 0
81. 0
82. 1
83.2
84. 4
85.5
86.7
87. 9
13. 9
13. 9
14.3
18.0
32. 0
25. 4
23.2
18. 6
21.4
18.2
15. 6
14. 6
15.3
16.4
18. 1
19.6
21. 0
21.7
21. 4
21.2
21. 0
2ao
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter.
BILUONS Of-DOLLARS.* (RATIQSCAL^
B1LUONS OF DOLLARS*. (RATIO SCALQ
400
DOLLARS* (RATIO SCALE)
400
DOLLARS* (RATIO SCALE)
6,000
6,000 —PER CAPITA DISPOSABLE PERSONAL INCOME-
5,000
5,000
CURRENT DOLLARS
4,000
4,000
1972 DOLLARS,
3,000
3,000
i
2,000
i
'1969
i
1970
2,000
1972
1971
1973
1975
1977
1976
*~SEASQNALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
Less :Personal
outlays 1
Per <capita
disp<)sable
persona I income
Equals :
Personal
saving Current
dollars
Billions of d ollars
1968
1969
1970__
1971
1972
1973...
1974_
1975
1976
685. 2
745. 8
801. 3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1972
dollars
Per cap>ita personal c<jnsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
(thou-2
sands)
Dollars
588. 1
550. 1
97. 1
630. 4
595. 3
115. 4
685.9
115.3
635.4
116.3
742.8
685.5
141. 2
801.3
751.9
150.8
901. 7
831. 3
984.
6
913.
0
170. 3
169.0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
38. 1
35. 1
50. 6
57. 3
49.4
70.3
71.7
80. 2
65. 9
2, 930
3, 111
3,348
3, 588
3, 837
4, 285
4, 646
5, 077
5, 511
3,464
3, 515
3,619
3, 714
3,837
4, 062
3, 973
4, 014
4, 137
2,670
2,860
3,020
3,227
3,510
3, 849
4, 197
4,591
5, 084
3,156
3,234
3 f 265
3,342
3,510
3,648
3,589
3, 629
3,817
4, 921
5, 017
5, 117
5, 277
5,423
5, 513
3, 761
3,794
3,820
3,891
3,933
3,946
2.8
1. 5
3.0
2.6
3.3
5.9
-2.2
1.0
3. 1
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5.6
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
6. 3
6. 0
5. 4
214, 608
214, 948
215, 380
215, 827
216, 206
216, 596
Seas onally ad] usted ann ual rates
184. 8
192. 6
200. 6
209. 5
224.4
II'- 1, 520. 1 224. 9
1976: ! - _ _ 1, 338. 1
II... 1, 366. 7
• III.. 1, 393. 9
IV__ 1, 432. 2
1977: !____ 1, 476. 8
1, 153. 3
1, 174. 1
1, 193. 3
1, 222. 6
1, 252. 4
1, 295. 2
1, 080. 9
1, 103. 8
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 6
72. 4
70. 3
64. 8
56.3
51.4
71.6
5, 374
5, 462
5,540
5, 665
5,793
5,980
1
Includes personal consumption expenditures, interest paid by consumers
to2 business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
4, 107
4, 130
4, 135
4, 177
4,202
4,280
4. 5
2. 3
.5
4. 1
2.4
7. 6
.
4.6
4. 1
5. 5
NOTE.?—Data revised beginning 1974.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the second quarter, farm income excluding inventory change rose $0.7 billion (annual rate). Including inventory
change the rise was $0.5 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALQ
(RATIO SCAI4
120
100
80
60
NTT FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
\
\
20
20
10
10
1969
1970
1971
1972
1973
1974
1975
*SIASONALIY ADJUSTED ANNUAL HATES
SOURCE* DEPARTMENT Of A
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona.1 incomereceived
[ncome re ceived from f armin g
by total farm po pulation
Realizt?d gross
Net inc ome per
Net t<> farm
farm incl uding net3
oper ators
Casti receipts from
inventor:
f change
Period
imarketings
From From From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
tory 2 dollars dollars
and
tory
change change
products
Dol lars
Billioris of dollars
1969
26.9
12. 9
13. 9
56.3
14.2
14. 3
48. 2
28. 6
42. 1
19. 6
4,766
4,372
1970
27. 4
14.4
13.0
58.6
14.2
50. 5
29.6
14, 1
21. 0
44. 4
4,790
4,202
1971
28. 7 . 13.4
15.3
60. 6
13.2
52. 9
22. 3
14. 6
30. 6
5,030
47.4
4,263
1972
34. 4
17.6
16.8
70. 1
6, 504
61. 2
35. 7
25. 5
17.8
18. 7
52. 3
5,288
1973
48. 6
19.5
29.0
95. 5
45. 9
41. 1
87. 1
29.9
33. 3 11, 727
65. 6
8,817
1974
44. 7
21. 6
23. 1
99. 9
92.4
41.3
27.7
51. 1
26. 1
9,232
72. 2
6, 114
1975
44. 3
21.5
22.8
96. 7
43. 0
88. 1
45. 1
20.8
24.3
8,637
75.9
5, 203
1976. „ _
42. 0
24.2
17.8
103.6
46.4
94.3
47.9
21.9
20. 0
7,203
81. 7
4,093
1976: I
102. 1
93. 0
46. 3
46.7
21. 5
23. 0
79. 1
7,740
4, 500
II
109. 6
100.4
52. 1
48. 3
842
25.4
23.2
8, 350
4,800
IIL...
100.9
45.5
91. 5
46. 0
82. 3
18. 6
17. 6
6,330
3,580
IV
101. 9
45.4
92.4
47.0
81. 2
20. 7
18.0
6,480
3,600
1977:1
105. 6
95. 9
45.3
50. 6
22. 5
83. 1
22. 0
7, 990
4, 370
II p
110. 3
52. 4
100.5
48. 1
87. 1
22. 5
23. 2
8,180
4,370
1
Cash receipts from marketings, Government payments, and nonmoney inome
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
s Based on Census of Agriculture definition of a farm. The number of farms is
leld constant within a year.
* Income in current dollars divided by the index of prices paid by fanners for
93-688°—77-
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
NOTE.—Data revised beginning 1974.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates, profits before tax rose $6.9 billion (annual rate) in the first quarter, while profits with
inventory valuation adjustment rose $3.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS.
40
40
1969
1976
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit & (before tax) wit i invent(>ry valu£ttion
Pro fits after
adjustn lent >
Domesstic indu stries
Profits
Tax
N onfinanc lal
Period
before
liaDivitax
bility Total dends
Total *
WholeManuTotal Finansale
cial Total 3 facand
turretail
mg
trade
19. 4
47. 1
67.4
1966
75.9
41.6
8.0
80. 7
78.6
8.5
33.7
20. 1
44.9
1967
37. 9
32. 5
63.6
8.9
77.3
75.6
72.6
9.0
21. 9
46. 2
41. 2
1968
82. 1
68.5
85. 6
78.9
10.4
10. 1
39. 4
22. 6
43. 8
74.2
62. 9
1969
36. 8
10. 1
83. 4
77.9
11.3
39. 7
22. 9
37. 0
1970
62. 6
12. 6
66.4
50. 1
27. 1
9. 4
71. 5
34. 5
44. 3
23. 0
58.2
32. 4
1971
72.4
14. 1
11. 7
76.9
82.0
37. 7
54. 6
24. 6
1972
40. 6
41. 5
84. 7
15.4
13. 3
96.2
89.6
69. 3
27.8
67. 1
74. 1
44. 1
14. 7
1973. _
115.8
97. 2
90. 4
16. 2
48. 7
74. 5
31. 0
62. 5
12. 9
52. 4
1974. _
__ __
14.4
36. 6
126. 9
86.5
76. 9
73.4
32.4
105.4
22. 1
123. 5
111. 5
15. 0
90. 3
47. 9
1975_ _ _
50. 2
92. 1
35. 8
142. 7
64. 7
18.2 116. 4
66. 3
27. 1
156. 9
134.6
1976
33.6
90. 4
65.3
153. 5
141. 1
132.4
26.5
63. 1
17.8 114.6
1976: I
_-_
93. 1
35. 0
159.2
25.5
68.7
143. 7
136. 1
18. 1 118.0
66. 1
!!___
94. 0
36. 0
Ill
68.4
159. 9
18.4 121. 3
65. 9
148. 2
29. 1
139. 8
154.
8
38.4
90.9
130.2
62.
9
27.4
63.
9
137. 9
18.4 111.8
IV
38.5
97. 2
65.2
161. 7
64.4
141. 0
19.2 111.8
131.0
24.0
1977: I
40. 3
II »
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
2s Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
1977
tax
Undistributed
profits
27. 6
24.7
24.2
21. 2
14. 1
21. 3
30.0
39.3
43. 6
41.0
56.4
56.8
58. 1
58. 0
52.5
58.8
NOTE.—Data revised beginning 1974.
Source: Department of Commerce, Bureau ol Economic Analysis.
Inventory
valuation
adjustment
-2. 1
-1.7
-3.4
— 5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
— 12. 0
-14. 1
-12.4
-15. 5
-11.7
-16.9
-20.6
— 17.8
IBROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $6.3 billion (annual rate) in the second quarter as purchases of producers* durable
equipment increased $3.9 billion and investment in structures rose $2.3 billion. Residential investment increased $9.0
billion. Inventory investment amounted to $19.7 billion, up $5.9 billion from the first quarter level.
300 -GROSS PRIVATE DOMESTIC INVESTMENT-
BILLIONS OF DOLLARS* (RATIO SCALE)
120
_NONRESIDENTIAL FIXED INVESTMENT
260
100
BILLIONS OF DOLLARS* (RATIO SCAL^
220
.PRODUCERS'
DURABLE EQUIPMENT
80
180
60
140
STRUCTURES
I
t
1
I
1
I 1
1 f
1
1
1 1
1
1
40
I 1 1
I
I
I
I
I f
1
1
1
I
I I
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
40 -CHANGE IN BUSINESS INVENTORIES-
20
v
-20
40
I
i i i
i !
1973
1
1974
1
1
1975
1
1 1
1976
1973
1977
1977
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISIRS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident ial fixed investmejnt
Gross
private
domestic
investment
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: I
II
III
_
__
IV
1977: I
II"
_._
124.5
120.8
131.5
146.2
140.8
160.0
188.3
220.0
214.6
189. 1
243.3
231.3
244.4
254. 3
243.4
271.8
293.0
?OTE.—Data revised beginning 1974.
Struc tures
Total
81.4
82. 1
89.3
98.9
100.5
104. 1
116. 8
136. 0
150.6
149. 1
161.9
155.4
159.8
164. 9
167. 6
177. 0
183.3
Prodiicers'
dur able
equip ment
Total
Nonfarm
Total
Nonfarm
29.2
29.5
31.6
35.7
37.7
39.3
42.5
49. 0
54.5
52.9
55. 8
54. 7
55.8
56.0
57. 0
57.9
60.2
28. 1
28. 2
30.4
34. 3
36. 1
37.8
41. 1
46. 9
51. 8
50.4
53.4
52. 1
53.4
53.6
54.4
55. 1
57.4
52.2
52.6
57.7
63.3
62. 8
64. 7
74. 3
87. 0
96. 2
96. 3
106. 1
100. 8
104. 0
109.0
110.6
119.2
123. 1
47.9
48.0
53.4
58.9
58. 1
59. 9
69. 1
80. 1
88.2
87. 1
95. 9
90. 5
93. 8
98. 4
100.7
107.8
111.4
Resid ential fixed investment
Total
Nonfarm
tures
28.7
28.6
34.5
37.9
36.6
49.6
62. 0
66. 1
55. 1
51. 5
68.0
61.4
66. 3
67. 8
76. 7
81.0
90.0
27.4
27.2
33. 1
36.3
35.1
47.9
60. 3
64. 3
52. 7
49.5
65.7
58. 9
64. 1
65.7
74.3
78.5
87.6
Pfrt
Farm ducers
struc- durtures equipment
0.7
.7
.6
.7
.6
.7
.7
.6
1.2
.9
1.0
1. 2
1. 0
.9
1. 1
1. 1
1.1
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.2
1. 1
1. 3
1.2
1.2
1.2
1.3
1.4
1.3
Change in business in\ entories
Total
14.3
10.1
7.7
9.4
3.8
6.4
9.4
17.9
8.9
-11.5
13. 3
14.5
18.3
21. 5
-.9
13.8
19.7
Source: Department of Commerce, Bureau of Economic Analysis.
Nonfarm
14. 5
9. 4
7. 6
9. 2
3. 7
5. 1
8. 8
14. 7
10. 8
-15. 1
14. 9
15. 9
20. 4
22. 0
1.4
14. 1
20.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.3 percent in 1977, according to the Commerce April-May survey,
slightly more than the expected increase reported in March.
BHJJONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
rOTAL N£W PLANT AND EOAflPMENl
40
20
20
1949
V
1970
SEE FOOTNOTE 4 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
fBillic ns of dol are; quanterly data at seasor ally adj jsted an nual rate s]
Starts c f plant
and eqilipment
I
projesets •
E spenditur<3S for plarit and equ ipiaent
M umfactur ng
Period
Total '
1970.1971.
79. 71
81. 21
88.44
1973
99. 74
1974
112. 40
1975
112. 78
1976
120. 49
1977 «
.. 135. 84
1976: I.
114. 72
II
118. 12
III,
122. 55
IV...
125. 22
1977: I
130. 16
II*—. IS/f. 46
III' - 136. 91
IV* . 139. 08
1972
Total
31. 95
29. 99
31. 35
38. 01
46. 01
47. 95
52. 48
69.91
49. 21
50.64
54. 78
54.44
56. 43
SB. en
61. 77
6%. 3f,
Durable
goods
15. 80
14. 15
15. 64
19. 25
22. 62
21. 84
23. 68
27.44
21. 63
22. 54
24. 59
25. 50
26. 30
86. 4%
S8.SO
S8. 59
N onmanul aoturing
Nondurable
goods
16. 15
15. 84
15. 72
IS. 75
23. 39
26. 11
28.81
SS. 47
27.58
28.09
30.20
28. 93
30. 13
SS. SO
S3. 48
S3. 74
Total
47. 76
51. 22
57.09
61.73
66. 39
64,82
68. 01
76.48
65. 51
67.48
67. 76
70. 78
73.74
75. 84
75. 14
76. 75
tional, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the no 11 residential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and. certain outlays
charged
to current account.
1
Includes trade, service, construction, f nance, and Insurance.
10
Trans- Public
Mining porta- utilities
tion
1. 89
2. 16
2.42
2.74
3. 18
3.79
4.00
4.41
3.83
3.83
4.21
4.13
4.24
4.48
4.54
6. 04
4, 93
5. 72
6. 03
6.66
7. 57
7. 45
6. 83
6. 55
8. 24
7. 25
7. 53
7.29
6. 60
8. 74
13. 14
15. 30
17. 00
18. 71
20. 55
20. 14
22. 28
S6. 11
21. 91
21. 85
21. 67
23.46
25.35
$5. 66
SS. 73
Communication
10. 10
10. 77
11. 89
12. 85
13. 96
12.74
13. 30
IB. 34
12. 54
12. 62
13. 64
14.30
14. 19
39.
38.
Commercial
and 2
other
Manufacturing
16. 59
18. 05
20. 07
21. 40
22. 05
20. 60
20. 99
SS. 75
20. 68
20. 94
20. 99
21.36
22.67
16
14
29. 18
28. 00
35. 21
47. 57
52. 49
48. 24
51 05
11. 64
12 77
13 22
12. 88
10. 26
Public
utilities
17 20
22 22
28 60
38 13
45 74
34 50
29 66
3 43
8 56
7 54
10 22
9.76
3
Starts are estimated by adding cbanf es In carryover to expenditures durtns
given period.
' Expenditures estimates based on expected capital expenditures as reported by
business in late April and May 1977.
N OTE.—Annual total,is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for sys
tematic 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 increased by 271,000 in June and untmployment rose by 21 2,000. Since
October 1976, civilian employment has increased by 2.9 million and the civilian labor force has increased by 2.3
million.
M1L1ONS OF PERSONS*
100
MILLIONS OF PERSONS*
100
0 L ! I I...I.I. i . t . l .I..I I
I I I I'I I I I I I I
ILI... I. I I | I I I I...
1971
1970
19.69
1 II III III I1
J?74
1973
1972
1975
1976
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
COUNOL OF ECONOMIC ADVISERS
n thousands of
Period
Noninstitutional
population
Civilian Unememploy- ployment
ment
1972
1973
1974
1975
1976
145,
148,
150,
153,
156,
775
263
827
449
048
1976: June.
July.
Aug_
Sept_
Oct..
Nov.
Dec.
155,
156,
156,
156,
156,
157,
157,
925
142
367
595
788
006
176
88, 460
89, 608
89, 367
87, 949
88, 697
88, 542
88, 494
1977: Jan..
Feb__
Mar.
Apr__
May_
June.1
157,
157,
157,
157,
158,
158,
381
584
782
986
228
456
86, 856
87, 231
88, 215
89, 258
90, 042
91, 682
1
2 Persons
81, 702
84, 409
85, 935
84, 783
87, 485
u nadjusted
4,
4,
5,
7,
7,
840
304
076
830
288
person s 16 years of age a nd over]
Total
labor
Civilian
force
(includ- labor
ing
force
Armed
Forces)
Unempl<Dyment
Civilian e mploymeELt
Nonagri cultural
T°t 1
Agricultural
Tntal
Part-time
for economic
reasons l
Tnt fll
Labor
1 rorce
partici15 |
weeks I pation
and
! rate
over I (per-2
cent)
3, 472 78, 230
2, 408
3, 452 80, 957
2,311
3,492 82, 443
2, 709
3, 380 81, 403
3, 490
3, 272
3,297 84, 188
Seas(anally adjusted
4,
4,
5,
7,
7,
840
304
076
830
288
1, 158
812
937
2,483
2,339 1
61. 0
61. 4
61. 8
61. 8
62. 1
87, 533
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441
3, 313
3,333
3, 372
3, 278
3, 310
3,248
3,257
84, 220
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184
3, 150
3, 136
3, 178
3, 376
3,448
3, 545
3,454
7, 171
7, 406
7,517
7, 448
7, 564
7, 651
7, 519
2, 173
2, 247
2, 341 '
2,311
2,360
2, 517
2,514
62. 1
62. 3
62. 4
62. 2
62. 2
62. 4
62. 4
88? 558
88, 962
89, 475
90, 023
90, 408
90, 679
3,090
3, 090
3, 116
3, 260
3, 386
3, 338
85, 468
85, 872
86, 359
86, 763
87, 022
87, 341
3, 320
3,438
3,276
3, 174
3, 290
3, 368
6, 958
7, 183
7,064
6, 737
6, 750
6,962
2,283
2, 182
1,923 i
1, 816 ;
1, 836
1, 737
62. 0
62. 4
62. 5
62. 6
62. 7
63. 0
88, 991
91, 040
93, 240
94, 793
96, 917
86, 542
88, 714
91, Oil
92, 613
94, 773
81,
84,
85,
84,
87,
7, 655
7, 577
7,323
7, 026
6, 833
7, 095
7, 022
96,
97,
97,
97,
97,
98,
98,
841
329
498
387
449
020
106
94,
95,
95,
95,
95,
95,
95,
704
189
351
242
302
871
960
7,848
8, 109
7, 556
6, 568
6, 151
7,453
97, 649
98, 282
98, 677
98, 892
99, 286
99, 770
95,
96,
96,
96,
97,
97,
516
145
539
760
158
641
at work in nonagricultural industries.
Total labor force as percent of noiiinstitutional population 16 years of age and
over.
1977
702
409
935
783
485
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The unemployment rate rose in June by 0.2 percentage point to 7.1 percent. Most of the increase took place amons
adult women, but the teenage unemployment rate also rose. The rate for adult males fell.
PERCENT* (SEASONALLY ADJUSTED)-
PERCENT* (SEASONALLY ADJUSTED)
1976
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE, DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Uneniploymeiit rate ({percent of civilianL labor fo rce in gr oup)
By s ex and a ge
Total
(all
civilian
workers)
Period
1972
1973____
1974
1975
1976
1976: June
July
Aug
Sept
Oct...
Nov___
Dec
1977: Jan
Feb
Mar
Apr
May___
June
.
_
_
5. 6
4.9
5.6
8.5
7.7
7.6
7. 8
7.9
7.8
7.9
8.0
7.8
7. 3
7. 5
7. 3
7. 0
6. 9
7. 1
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.0
3.2
3.8
6.7
5.9
5.9
6. 1
5.9
6. 1
6.2
6. 3
6.2
5.6
5.8
5.4
5.0
5.3
5.0
5.4
4. 8
5.5
8.0
7.4
7.2
7.6
7. 8
7. 6
7. 6
7. 6
7.4
6.9
7.2
7.2
7.0
6.6
7.2
16.2
14.5
16. 0
19. 9
19.0
18.4
18.2
19. 6
18. 8
19. 0
19. 2
19.0
18.7
IS. 5
18. 8
17. 8
17. 9
18, 6
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
I5y select ed group s
B y (x>lor
White
5.0
4.3
5.0
7.8
7.0
6.8
7. 1
7. 1
7.2
7.2
7.3
7.1
6.7
6.7
6.6
6.3
6. 2
6.3
ExpeBlack rienced House- Fullwage
time
and
hold
and
other salary
heads workers
workers
10. 0
8. 9
9.9
13.9
13. 1
13.4
12. 9
13. 6
12. 8
13.4
13. 5
13.4
12.5
13. 1
12. 7
12. 3
12. 9
13. 2
5.3
4.5
5.3
8.2
7.3
7. 2
7.4
7.5
7.4
7.5
7.6
7.4
7. 0
7. 1
6.9
6. 5
6.7
6.5
3.3
2.9
3.3
5.8
5.1
5. 1
5.3
5. 2
5.4
5.4
5.3
5. 1
4,8
4. 9
4.6
4. 4
4. 5
4. 3
5. 1
4.3
5. 1
8. 1
7.3
7.2
7.3
7.5
7. 5
7. 6
7. 6
7. 5
6.7
6.9
6.7
6. 5
6. 5
6. 5
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.6
7.9
8. 6
10. 3
10. 1
9.2
10. 6
10. 0
9. 6
10. 3
10. 5
9.8
10.2
10.7
11. 1
9. 9
9. 9
10.7
Labor
force
time
lost
(percent) *
6.0
5.2
6. 1
9. 1
8.3
7.9
8.1
8.4
8.4
8. 6
8.6
8.4
8.0
7.9
7.8
7.4
7 5
7.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The rise In seasonally adjusted unemployment of 212,000 in June was accompanied by an increase in the proportion
of newly unemployed (less than 5 weeks) and a decrease in the proportion unemployed more than 15 weeks.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
$0
JOB LOSERS
r~K
40
40
REENTRANTS
X.
20
20
JOB LEAVERS
15-26
WEEKS
\
NEW ENTRANTS
I I! 1I M
1974
1975
|1 1 !
I IIII M
1976
1977
1974
1 11
1975
1976
I! I |
1977
'SEASONALLY ADJUSTED
SOURCE DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Pereer it distribution of unemPerceiit distribution of uneml
1
State p rograms Insured
plo yment by durati on
unem- Special
ployment 3y reasoii
unemployUnemment,
ployployall
ment
Period
27
Insured
ment
Less
Reen- New
Job
15-26
weeks unem- Initial regular benefit3
(thou- Job
enthan 5 5-14
proclaims
ploy- claims
sands) losers leavers trants trants weeks weeks weeks and
grams 2 (unadover
ment
(unad- justed)
justed)
Weejkly aver age, thou sands
1972
43.2
4r 840
13.1
29.8
13.9
45.9
11.6 1,848
12.3
30. 1
2, 192
261
1973
4,304
38. 7
15.7
30.7
14.9
51.0
7.8 1,632
30.1
11.0
246
1,793
1974
43.4
28.4
5,076
14.9
13. 3
7. 3 2,262
50.6
31.0
11.1
363
2,558
1975
7,830
55. 4
10.4
23.8
10.4
15.2
37. 0
31.3
3,992
16.5
478
4,943
1,173
1976
7,288
49.8
12.2
12. 1
26. 0
38. 3
18.3 2,968
29.6
13. 8
382
3,822
1, 152
50.3
1976: June. 7,171
12.6
25. 5
11. 7
38.4
31. 1
17.9 2,916
12.7
402
1, 145
3,457
July__ 7,406
50.9
13. 0
25. 4
10.7
40.3
28. 8
16. 4 3,045
14.6
3,642
411
1,379
Aug__ 7,517
49. 3
12. 9
25. 3
12.4
37.5
31. 8
15. 9 3, 183
147
3,446
416
1,327
Sept.. 7,448
12. 5
49. 7
25.5
12.3
37. 6
15.7 3,260
32.0
14.7
421
3,235
986
Oct___ 7, 564
12. 5
50. 0
25.6
11. 9
16.5 3,263
38.4
30.8
142
421
3,217
853
Nov__ 7, 651
11.2
49. 8
27. 0
12. 0
35.5
32. 1
17. 1 3, 160
15. 3
388
3,453
862
Dec._ 7,519
50.0
11. 1 26.2
12. 6
36.4
18.2 2,969
30. 5
14.9
361
3,884
903
1977: Jan... 6,958
45.6
13.2
28.3
12. 9
38.7
29.2
17.5 2,781
14. 6
409
4,442
823
Feb.. 7,183
47. 5
11.9
27.5
13. 1
39. 5
29.7
17.4 2,774
13. 4
419
4,448
911
Mar.. 7,064
44.4
28.4
13.0
14.2
42.8
11. 1
29.9
16. 3 2,564
335
3,972
901
Apr
6, 737
43. 6
12.5
29. 5
14.4
45.8
27.4
10. 6
16. 3 2,489
363
3,506
784
May44.2
6,750
13.7
29.
0
13.
0
41.5
31.
2
15.4
11.9
2,515
381
3,
105
538
31
June . 6,962
42. 7
13.9
27.6
15.7
44.9
29. 7
11.7
13.8 2,541
373
2,938
484
1
Detail
3
may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (EB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
3 FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration);
"I O
lo
NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural payroll employment rose by 135/000 in June as most major Industries showed inoraases. The
largest rise (76,000) was in services. Manufacturing employment was down for the first time since October.
MHUQNS Of PERSONS* fcNLARGID SCALE)
MM.UONS OF PERSONS*
n\
WHOLESALE AND RETAIL TRADE
ALL NONAGR1CULTURAJ.
ESTABLISHMENTS
70
14
12
-SERVIGE-^ODUGNG
INDUSTRIES
UHwuaiiMKa
I |.j I { I .LL1.J } U 1 I i ft I t I J'l Lt 1 I \ t M V 1 I.T. 11.1
• • -l.H
• - • • • I L » f 1 1 ? lit M
^,
I \
^.*«*"'**"*""**'*
*.*•**""*" " " " ""*
22
- I ii
MANUFACTURING
50
r
/
»«**!
20
V
-
r"*'"
i**'^*
1 *
40
18
frn M h fin
30
M. M i l . Ill I n , M l . . , ! ,
,,,,,„
,,,,,,
-GOODS-PRODUCING INDUSTRIES
CONTRACT CONSTRUCTION
''"*<Mif»jlin
20
I I 1! I I I I
1973
1974
1975
1977
1976
1973
1 1 ill i 11 i LI
1974
( M M f i t 1..IJ
1975
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1976
1977
COUNCH. OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted ]
Groods-prc >ducing i ndustriesi
Period
1972 _._1973
1974. _ _ _ _
197S_».. _
1976
1976: June™
July..
Aug..
Sept_^
Oct.Nov__
Dec..
1977: Jan._
Feb»_
Mar»_
Apr__
May p.
June*1.
Total
nonagricuitural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
79, 368
79, 513
79, 618
79, 918
79, 819
80, 106
80, 344
80, 561
80, 824
81, 395
81, 686
81, 921
82, 056
23, 546
24, 727
24, 697
22, 603
23, 332
23, 357
23, 344
23, 310
23, 463
23, 323
23, 489
23, 508
23, 589
23, 701
24, 005
24, 217
24, 310
24, 332
Contract
construction
3,831
4,015
3,957
3,512
3,594
3, 592
3, 608
3,579
3, 565
3, 582
3,619
3,605
3,561
3, 645
3, 759
3, 842
3, 867
3,898
Serviee-pr oducing Industrie s
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance, Services
Total
and
NonState
and
and
retail
Total Durable
durable
Federal and
public
real
goods goods
trade
local
utilities
estate
Ma nufactur ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 984
18, 945
18, 979
19, 100
18, 941
19, 065
19, 095
19, 211
19, 233
19, 404
19, 528
19, 599
19, 575
11,006
11,839
11, 895
10, 679
11, 026
11, 059
11, 034
11, 083
11, 146
11, 018
11, 128
11, 158
11, 236
11, 230
11, 370
Hi 423
11, 473
11, 483
8,084
8, 229
8, 151
7,668
7, 930
7,925
7, 911
7,896
7,954
7, 923
7, 937
7, 937
7,975
8,003
8, 034
8, 105
8, 126
8, 092
i Includes all full- and part-time wage and salary workers in nonagriculturai
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, sell-employed persons, domestic servants, and personnel oi the Armed Forces. Total derived from
this table not comparable with estimates of nonagricuitural employment ol the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, end domestic servants; which count persons as employed when they
14
50, 167
52, 169
53, 715
54, 448
56, 111
56, Oil
56, 169
56, 308
56, 455
56, 496
56, 617
56, 836
56, 972
57, 123
57, 390
57, 469
57, 611
57, 724
4,517
4,644
4,696
4,498
4, 509
4,482
4, 508
4, 501
4, 528
4, 506
4,519
4, 553
4, 549
4,553
4, 568
4, 575
4, 585
4, 574
15, 975
16, 674
17, 017
17, 000
17, 694
17, 664
17, 737
17, 764
17, 839
17, 824
17, 808
17, 898
17, 981
18, 067
18, 189
18, 203
18, 226
13, 237
3,943
4, 091
4,208
4,223
4, 316
4,301
4, 312
4, 312
4, 338
4, 359
4,381
4,403
4,423
4, 431
4, 453
4, 463
4,481
4, 493
12, 392
13, 021
13, 617
14, 006
14, 644
14, 610
14, 664
14, 751
14, 798
14, 819
14, 873
14, 936
15, 010
15, 068
15, 149
15, 182
15, 205
15, 281
2,684
2, 663
2, 724
2,748
2,733
2, 728
2,723
2, 732
2, 728
2,730
2,734
2,720
2,721
2, 721
2, 725
2,719
2,723
2, 729
10, 656
11, 075
11, 453
11, 973
12, 215
12, 226
12, 225
12, 248
12, 224
12, 258
12, 302
12, 326
12, 288
12, 283
12, 306
12,327
12, 391
12, 410
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports
from employing establishments.
J
Includes mining, not shown separately.
Source: Department oi Labcr, Bureau of Labor Statistics,
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural *
Period
1968
1969,
1970
1971
1972_._
1973
1974
1975
1976
_
Overtime
Total
private
nonagncultural 1
Manufacturing
Manufa cturing
Total
Adjusted h ourly earnin gs index2 —tc>tal private
nonagricultural
Averag e gross
hourly eearnings
Aver age weekly ]lours
Percent ehtange from
a year <earlier 4
Index, 11)67=100
1967
dollars 3
Current
dollars
Current
dollars
37. 8
37.7
37.1
37.0
37. 1
37.1
36.6
36. 1
36.2
40. 7
40.6
39.8
39. 9
40.6
40.7
40.0
39.4
40.0
3.6
3.6
3. 0
2.9
3. 5
3.8
3.2
2.6
3.1
$2. 85
3.04
3.22
3.44
3.67
3.92
4.22
4. 54
4.87
$3. 01
3. 19
3. 36
3.57
3.81
4. 08
4. 41
4. 81
5.19
106.2
113.2
120.7
129.2
137.7
146.5
158. 5
172.5
185.0
101.9
103. 1
1967
dollars
106. 6
109.9
110.0
107.3
107.0
108.5
6.2
6. 6
6. 6
7. 1
6. 5
6.4
8.2
8.8
7.3
1.9
1.2
.7
2.7
3. 1
.2
-2.5
-.3
1.4
103. n
1976:
June
July......
Aug
Sept
Oct
Nov.
Dec.-
36.1
36.1
36. 1
36. 0
36. 1
36.2
36.2
40.2
40. 1
40.0
39.7
39.9
40. 1
40.0
3.2
3. 1
3.0
3.0
2.9
3. 1
3.2
4.85
4.88
4.91
4. 92
4. 95
5.00
5.02
5.16
5.21
5.25
5.29
5. 29
5. 34
5. 38
184.3
185.6
186.8
187.5
188. 4
189. 7
190. 6
108.3
108.5
108.7
108.7
108.9
109. 3
109.4
7.2
7.3
7. 1
7. 1
6.8
6.7
6.9
1.2
1.8
1.4
1.5
1.5
1.6
1.9
1977:
Jan
Feb.
Mar
Apr
May »
June*
35.8
36.3
36.3
36.2
36.3
36.2
39.5
40.3
40.4
40.3
40.4
40.5
3.2
3.3
3.3
3.4
3.4
3.4
5. 07
5.09
5. 12
5. 17
5.20
5.21
5. 43
5.43
5.49
5. 53
5. 57
5.60
192.7
193.2
194. 1
195.3
196. 3
196.9
109.7
109.0
108.8
108. 6
108. 5
108.2
7.3
7.0
7.0
7.1
6.9
6.8
2. 1
1.0
.6
.3
.1
— .0
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURMJ INDUSTRIES
[For production or nensupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total prrvate nonagricu tural l
Period
Current
dollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976:
1977:
__
June
July
Aug
Sept
Oct
Nov.
Dec
—.
Jan
Feb
Mar
Apr
May*
June*
Manufacturing
1967
dollars 3
3
Retail
trade 5
Current
dollars
(Current dollars3
1967
dollars
$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
$103. 39
104. 38
102. 72
104.93
108. 67
109. 26
104. 57
101. 67
103. 40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284.93
$74. 95
78. 66
82. 47
86. 61
90. 99
95. 57
101. 04
108. 22
113. 96
5.8
6.4
4.2
6. 5
7.0
6. 8
6. 2
6. 1
7.6
175. 09
176. 17
177. 25
177. 12
178. 70
181. 00
181. 72
102. 87
103. 02
103. 17
102. 74
103. 29
104. 32
104.32
207. 43
208. 92
210. 00
210. 01
211. 07
214. 13
215. 20
286. 46
286. 71
284. 83
276. 79
289. 45
292. 09
291. 69
112. 29
113. 60
114. 24
115. 56
115. 84
116. 75
118. 50
7. 8
7.9
7.0
6.6
6.9
6.5
=••'•! : 6. 7
1.8
2. 3
1.3
1.0
1.5
Is 5
1.8
181. 51
184. 77
185. 86
187. 15
188. 76
188. 60
103. 37
104.21
104.18
10409
104.34
103. 68
214.
218.
221.
222.
225.
226.
281. 08
297. 86
293. 09
296. 54
297. 33
294. 70
117. 55
119. 25
119. 94
(7)
(77)
()
5.6
7. 1
7.7
8.3
7.5
7.2
.4
1.0
1.2
1.5
.7
.3
i Also includes other private industry groups shown on p. 14.
' 2 Adjusted for interindustry employment shifts and for overtime in manufacturing.
8 Current dollar index (or earnings) divided by the consumer price index;
< Monthly changes based on indexes to two decimal places.
93~688e—77^
Contract
construction
Percent ohtmge from a
year e arlier,
total pri^/ate nonagricuiltural5
49
83
80
86
03
80
6
6 Includes eating and drinking
Based on unadjusted data.
7
•/,
1. 5
1. a
— 1. 6
2. 2
3.6
.5
-4.3
-2.8
1.7
,,-
places.
Data no longer available.
Source: Department of Labor, Bureau of Labor Statistics;
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons2
Outp lit1
Output i>er hour
of all persons
Compe nsation
per h our 3
Unit labor
COJ3tS
Implieit price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonprinonprinonnonprinonnonprivate
private
private
farm
vate
farm
vate
farm
vate farm
farm business farm
business
business business
business
business business business business business business business
Period
1967= 100; quai terly datei seasons lly adjust ed
98.0
100. 0
105. 1
108.3
98. 1
100. 0
105.4
108.6
100.3
100. 0
101.7
104. 5
100. 0
100. 0
102. 1
105. 3
97.8
100. 0
103.3
103.7
98. 1
100. 0
103.2
103.1
100. 0
107.6
115.1
100. 0
107.3
1143
96.8
100. 0
104 1
111.0
96.4
100. 0
103.9
110.9
97.2
100.0
103.9
108.8
96.8
100.0
1040
108.7
1970
1971
1972
1973
1974
107.4
110.3
117. 6
124. 5
120.8
107.4
110.3
117.9
125.0
121. 1
102. 8
102. 3
106.0
110. 1
110. 6
104. 0
103.7
107. 6
112. 2
112.7
104.5
107.8
111.0
113. 1
109.2
103.3
106.3
109. 5
111.4
107.5
123.3
131.5
138. 9
150. 3
1643
121.9
129.9
137.4
148. 1
162.0
118. 1
121.9
125.2
132. 9
150.4
113.9
118.9
123.2
130.3
143. 8
1140
119.2
122.9
128.0
142.0
1975
1976___.
118.1
126. 1
118.0
126.2
106. 1
108.9
108.0
111.4
111.3
115.7
109.2
113.2
179.9
193.7
177.4
190.5
161.6
167.4
118. 1
122.2
125.5
133.0
150.8
162.4
168.2
157.5
1646
156.4
163.9
1975: I
II
III
IV
114. 2
116. 7
120. 1
121.2
114.4
116. 6
119. 9
121. 3
105.7
104.9
105.9
107.5
107.8
106.9
107.7
109.7
108.1
111.2
113. 4
112.8
176. 1
178.7
180.8
1842
173. 1
176.1
178.9
181. 4
162.9
160.7
159.5
163. 3
163.3
161.5
160.6
164 1
1545
155. 9
158.4
160. 9
1540
155.0
157.0
159. 3
1976: III
III
IV
124.2
125. 8
126. 8
127.5
124.3
126. 0
126. 9
127.5
108.2
108.9
108.9
109.5
111. 0
111.2
111.3
112.2
114.7
115.5
116.3
116.4
106. 0
109.0
111. 4
110.6
112.0
113.2
114. 0
113.6
188. 8
191.8
195.3
199.2
185. 4
188.9
192. 1
195.4
1646
166.0
167.8
171. 1
165.4
166.8
168. 5
171.9
161.7
163. 8
165. 4
167.4
161.0
162. 5
164.8
167.2
1977: I
130.0
130.1
110. 4
113.3
117.8
114.8
204 4
200. 2
173.6
1744
169.4
168. 6
1966
1967
1968_
1969_
-_.
947
945
Perceiit change ; quarterlyy data at seasonal y adjuste d annual rates
2.5
1.9
3.2
-.2
7.0
5.6
7.6
7.0
6. 1
5.8
7.3
6.5
3.7
3.3
41
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
47
2.9
3.3
40
45
1. 9
-3.4
;2
2.9
3.0
1.7
-3.5
7.2
6.6
5.7
8.2
9.3
6.7
6. 6
5.8
7.8
9.4
6.4
3.2
2.7
6.2
13.2
6.5
3.5
2.7
6.0
13.4
47
44
3.6
5.8
10.3
4.9
45
3.1
41
11.0
-4.1
3.1
1.9
4.0
1.6
3.7
7.7
9. 5
9.5
7.4
7.5
3.6
7.7
3.6
9.5
45
10.1
48
— 12. 5
-2.7
3.9
5.9
-12.3
-3.5
1.4
1. 1
11. 8
12. 9
6. 1
11.3
3. 5
-2.8
11. 3
-5.2
-3.1
10.0
-42
-2. 1
11.6
7.1
6.4
5.8
10.4
2.9
7.6
12.0
13. 5
2.6
5.3
6.2
10.5
5.4
3.0
1.9
2.9
2.6
.1
2.1
4.8
1.0
.4
3.2
7.0
2.9
2.9
.3
5.4
44
2.6
9.0
7.7
7.1
7.0
3.1
3.5
45
8.0
2. 1
-1.2
6.5
7.5
8.2
43
8.3
5.2
3.9
5.0
43
3. 6
5. 8
5.9
8.3
3.2
41
47
41
10. 9
10. 3
5.9
6.0
48
3.5
1966
1967___
1968
1969
5.5
2.0
5. 1
3.0
6.0
1.9
5.4
3.0
2.3
—.3
1.7
2.7
3.3
-.0
2.1
3.2
1970_
1971
1972
1973___
1974___
—.9
2.8
6.6
5. 9
— 3. 0
-1.1
2.7
6.9
6.0
-3. 1
-1.6
—.4
3.6
3.9
.4
1.2
—.3
4.3
;4
1975___
1976
-2.3
6.8
-2.6
6.9
-4.1
2.7
1975: I
II
III
IV
-11.2
8.9
12. 3
3.6
-11.3
7.9
12. 1
4.5
1976: I_
II
III
IV
10.2
5.5
2.9
2.3
8.0
1977: I
1
2
3. 7
3.2
2. 3
3.3
.3
;7
3.2
2.9
8.1
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
8
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
8.9
48
7.6
10. 4
-2.3
8.9
3.4
3.2
6.6
6.6
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Bevised data consistent with revisions in GNP estimates beginning 1974 will
appear next month.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.7 percent in June, following a 1.0 percent increase in May. Contributing substantially to
the June advance were automotive products, business equipment, and durable goods materials.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODIICTION
TOTAL INDUSTRIAL PRODUCTION
'
, i. -
A.-
140
~^-N^T^\
^\AVf
V
•;
rl
.
u
UTILIT1ES
>
120
1
v
«*^***
-v'^
i
M Mi ! I ' 11*
160
\ 1 1 1 I1 1 M I I
1 1 1 1 1 !1 1 1 1 1
H M 1 1 M 1 f JJ
: MANUFACTURING PRODUCTION
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
80
120
70
100
1973
1974
1975
•1976
1977
.1973
1977
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total iiidustrial
prodiiction
Percent
Period
Index, change
1967=
from
100
year
earlier
.
1967 proportion
100. 00
1.7
1971
109.6
9.2
1972
119. 7
8.4
1973
129. 8
—.4
1974
129. 3
-8.9
1975
_. 117.8
10.2
1976
129.8
130. 1
11.8
1976: June
10.4
130.7
July..
8.5
Aug
131.3
7. 1
Sept
..... 130.8
6. 6
Oct.
130.3
6.8
Nov
131.9
6.9
133. 0
Dec
132. 1
5.1
1977:Jan___
4.6
133.2
Feb
Mar
135.2
5.5
Apr
__
6. 1
136. 2
6.2
May »
137.6
6.5
138. 6
June *
_
1
[Seasc>nally adjiisted]
Indusibry produ ction ind exes, 196 7=100
M mufactun ng
Total
Durable
Nondurable
Mining
Utilities
87.96
108.2
118.9
129.8
129. 4
116. 3
129.4
130.2
131. 0
131.6
130.7
129. 8
132.0
132.8
131.5
132.9
135.2
136. 3
137.9
138. 7
51.98
102. 4
113.7
127. 1
125.7
109.3
121. 4
122.3
124.2
125. 1
122.4
121. 5
123.8
125.2
123.0
124.0
126.8
128.0
130.0
131.2
S5.97
116.6
126.5
133.8
134.6
126.4
141.0
141.3
141. 1
140.9
142. 6
142.0
143.6
143.7
143.7
145.7
147.0
148. 1
149.4
149.5
6.86
109.8
113.1
114.7
115.3
112.8
114. 1
114.4
112.5
114.4
115.7
116. 7
116. 2
116.2
113. 2
116.5
120. 2
118.7
119. 5
122. 3
6. 69
130. 5
139.4
145.4
143.7
146. 0
151. 7
151.2
150.8
151. 3
150. 1
151.2
154 0
155.5
161.5
158. 8
154.2
152.4
154.0
153.9
Output as percent of capacity.
28 Annual data are averages of four monthly index*
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Manuf acturing <capacity iitilization
rate, p ercent *
Federal Reserve
sen es
ComWharTotal
merce2
ton
Mate- series
manuseries 3
rials
facturing
78.0
83. 1
87.5
84.2
73.6
80. 1
80. 5
80. 9
81. 1
80.4
79.7
80.8
81.2
80.2
80.8
82.1
82. 5
83.3
83.5
83. 1
88.0
92.4
87.7
73. 6
80.3
80.8
81. 2
81.6
81.0
80.3
80.3
80. 1
79.1
80.0
81.6
82.1
82.8
83.2
80
83
86
83
77
81
82
86.4
91.8
97. 1
93.0
80.4
87.4
87.6
80
88. 1
81
87.7
83
88.3
90.7
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final piroduets
Total
Total
1967 proportion
1969
1970
1971
1972
1973
1974
1975
1976
1976: June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr 9
May
June >
Equip ment
Corisumer go ods
Period
.
---
47.82
109.6
105. 3
106.3
115. 7
124. 4
125. 1
118. 2
127.3
127.6
127. 6
128. 3
127.3
127.3
129.9
131.9
130.8
131.8
133.0
134. 4
135.3
136. 3
27. 68
109.8
109.0
114.7
124.4
131.5
128. 9
124. 0
136.8
137.8
136.8
137. 5
136.1
136.6
139.3
141.7
140.2
141.0
142.8
143. 6
143.9
144. 7
InternoLediate
prod ucts
NonDurable durable
goods
goods
19.79
7.89
107.7
115.0
110. 1
106.1
118.8
113. 1
120. 6
133. 8
125.6
146. 2
126.3
135. 3
125. 1
121. 4
134.9
141.5
144.2
135. 1
134. 8
141. 8
134.9
143. 7
138.4
135.1
135.5
139. 4
137.4
143.7
151.2
138. 0
145. 1
138.3
138, 9
146.1
139.0
152.4
152.0
140. 3
152.6
140. 4
140. 7
155.2
Total
Business
Total
so. 14
12.63
112. 5
107.0
104. 1
118. 0
134. 2
142. 4
128. 2
136. 1
135. 0
136. 9
137. 7
137.5
136.0
140.2
142.9
142. 0
143. 1
144.5
147.0
149. 3
151.6
12.89
112.9
112.9
116. 7
126. 5
137.2
135. 3
123. 1
136.8
135.9
137. 6
137. 8
138.7
138.3
138.8
139.8
141.8
141. 8
141. 9
142. 8
144.6
145.8
109.3
100.1
94.7
103.8
114.5
120. 0
110. 2
114.3
113.8
114 9
115. 7
115.2
114.4
116.9
118.4
117. 8
119.0
119.7
121.8
123.3
124. 9
Construction
supplies
6. 42
112.3
111. 0
116. 8
128. 4
139.8
134. 5
116. 3
132. 0
131.8
133. 1
134. 1
134. 3
134.0
135. 7
135.5
136. 1
135. 7
136. 4
137. 4
139. 6
141. 1
Materials
S9. 29
112.5
109. 2
111. 3
122. 3
133.9
132.4
115. 5
130. 5
131. 1
132. 2
133. 0
132. 5
131.6
132.0
131. 9
130.7
132. 4
135.5
136.4
137.9
138. 9
Supplementary
group:
Energy
total
12. 2S
111. 1
117.0
119. 5
125. 2
128.3
125.5
125.5
129. 0
129.7
128.4
129.0
128.6
128.6
130.7
132.2
133.0
132. 4
132.0
131.3
131. 6
132. 3
[1967 = 100, seasonally adjusted]
Diirable miinufactu res
Primarjr metals
Period
Total
1 967 proportion
1969_._
1970
1971
1972
1973.
1974_,_
1975
1976
_
1976: June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May »
June *
Iron
and
steel
4.21
Fabricated
metal
products
chinery
Electrical
machinery
Transp<Drtation
equip ment
Total
Motor
vehicles
and
Lumber
and
products
Print- ChemAping
icals
parel
and
and
Foods
prod- pubproducts lishing ucts
parts
6.57
113.8
106.6
100.2
112. 1
126. 7
123. 1
96.4
108.0
5.9S
107.9
102.4
103. 5
112. 1
124.7
124.2
109.9
123.3
9. 15
109.3
104.4
100.2
116.0
133.7
140. 1
125. 1
134.7
8.06
111.9
108,1
107.7
122.2
143. 1
143.8
116. 5
131. 7
9.27
108.4
89. 5
97. 9
108.2
118.3
108.7
97.4
110. 6
4.50
116.5
92. 3
118.6
135. 8
148.8
128.2
111. 1
140.7
1.64
107. 9
105.6
113. 8
120.8
126. 0
116.2
107.6
125. 1
S.S1
106. 7
101.4
104.7
109. 4
117.3
114.3
107.6
126. 1
4*72
7.74
112.6
104.7
96. 1
107. 1
122.3
119.8
95. 8
104.4
107.4
107.0
107. 1
112. 7
118.2
118.2
113.3
120.7
118.4
120.4
125. 9
143.6
154.5
159.4
147.3
169.4
8. 75
106. 1
108.9
112.8
116.8
120.9
124.0
123.4
132. 0
111. 5
116. 9
118. 6
114. 1
109.9
107.3
102. 7
110.0
115. 3
116.2
110. 3
105. 1
103. 1
95.6
124.0
124. 6
125. 8
126. 6
123.5
126. 7
128.2
133.5
135. 0
136. 4
136. 8
134. 1
137.5
141. 2
132.0
131. 0
135. 3
133.7
135.0
135.8
135. 6
112.6
113. 3
115. 0
104.4
104.7
112.7
118. 2
146. 5 '
148. 5
150.6
130.2
129. 3
145. 8
156. 4
120. 3
124. 6
128. 1
128. 7
130.7
129.0
127. 5
126.8
125.6
123. 7
122. 5
124.2
127. 4
128.8
119.7
122. 0
120. 6
120.6
119.2
119. 3
123. 1
170.0
167. 6
170.4
170.5
170.6
174.2
173. 5
130. 5
131. 8
133. 4
135.7
134.7
134.7
134.3
._ 100.0
_.. 100. 4
108.3
112.3
117.0
118. 0
89. 8
91. 3
97.9
104.0
111.2
112.5
125. 7
126.0
127.5
128. 6
130. 1
131. 1
139. 5
139.4
140. 4
142.9
145.5
147.5
134.0
137.6
137.6
139. 6
142.0
143.0
113. 5
113. 4
120.5
119. 7
120.1
122. 7
145.5
145. 4
161.2
157.8
158.0
162. 7
132.7
132. 2
132. 1
131.6
132.2
123. 6
125. 2
123.5
124.2
124. 3
122. 4
124.3
123. 4
123.9
124. 0
172.0
175. 1
179.0
180. 6
181. 6
135. 5
137. 1
138.5
140. 6
140. 1
Source: Board of Governors of the Federal Keserve System.
18
Nonelectrical
Non durable manufacl iures
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Resic [ential
Total
Total 1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bil lions of dollars
1970____
1971
1972
1973
1974
1975
1976
94. 9
110.0
124. 1
137.9
138,5
134. 3
147.5
__
66.8
80.1
93.9
105.4
100.2
93.6
109.5
31.9
43. 3
54.3
59.7
50.4
46.5
60.5
24,3
35. 1
44.9
50. 1
40. 6
34.4
47.3
16. 3
17.0
18.1
21. 7
23.8
20.8
19. 9
18. 6
19,8
21.5
24.0
25.9
26.3
29.0
2ai
29.9
30.2
32.5
38.3
40. 7
38.0
29.0
28.9
28. 3
29. 0
29.7
29.7
30. 1
30.7
30.9
31. 5
30. 9
30. 9
30. 3
39. 6
39.9
38. 7
38. 2
37. 9
35. 3
34. 9
34.3
32.0
34. 5
35. 4
36.2
38.0
Seasonally / adjusted arinual rates
1976: May
June
July
Aug
Sept
Oct
Nov
Dec—
1977: Jan
Feb
Mar
Apr »
May »
147.8
149.6
145. 8
141. 8
145. 2
150. 1
153. 8
155.4
148.4
157. 1
163. 3
166.3
169.6
108.2
109. 7
107. 1
103.6
107.4
114. 8
119. 0
121. 2
116. 4
122. 6
127. 9
130. 1
131.5
45.4
45.8
46. 3
47. 1
48.7
50. 9
52. 7
54. 8
52. 1
58.3
62.2
63. 7
66.2
59. 2
61, 0
59. 2
54. 5
57.7
65.5
69. 6
71. 1
66.8
72.4
76. 2
78. 1
80.4
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 60 States beginning 1969 for value index and
beginning 1971 for floor space.
20. 0
19.8
19. 6
20. 1
20. 0
19.6
19. 3
19. 4
18.7
18.8
20. 8
21. 1
20. 9
123. 1
145.4
165.3
179. 5
169.7
167.9
194. 1
743
727
854
I, 010
840
555
602
Seasonally
Seasonally adjusted
adjusted
annual
rates
205
632
196
646
217
627
189
609
203
582
240
618
186
631
183
658
203
643
207
615
207
809
250
671
317
758
Note.—New construction expenditures data prior to 1973 not comparable with
later data. Series revised beginning 1974.
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]
Itfew privatehousing units
Units started, by type of striicture
Period
1969
1970
1971
1972
1973
1974
1975
1976
_
.
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
85. 0
84.8
120. 3
141. 3
118. 3
68. 1
64.0
85.9
5 or more
units
571. 2
535.9
780.9
906. 2
795. 0
381. 6
204. 3
289. 2
New private homes
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period l
(percent) 2
Units
authorized
Units
completed
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 280. 0
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
431
5.5
5.3
5.5
5.6
5.8
6.2
6.0
5. 6
1, 373
1,317
1,380
1,402
1,339
1,399
1,444
1,416
1, 637
1,707
1,532
1,485
595
606
656
714
728
694
808
827
893
854
746
720
406
410
410
415
420
429
431
431
434
435
442
441
5.8
Homes
sold
Seasonally adjusted arinual rates
1976: June
July
Aug
Sept...
Oct...
Nov .
Dec..
1977: Jan
Feb
Mar
Apr *
May »
June »
1
1,494
1,413
1, 530
1,768
1, 715
1, 706
1,889
1,384
1, 802
2, 089
1,880
1,954
1, 833
1, 122
1, 129
1, 172
1, 254
1, 269
1,236
1, 324
1, 006
1,424
1,503
1,413
1,467
1,383
Seasonally adjusted.
* Quarterly data entered in last month of quarter.
75
72
83
106
98
98
120
103
120
113
116
120
91
297
212
275
408
348
372
445
275
258
473
351
367
359
1, 170
1,229
1, 308
1, 481
1, 481
1, 583
1,532
1, 333
1, 526
1,687
1, 605
1, 615
1, 602
NOTE.—Seasonally adjusted units authorized revised beginning 1975.
Source: Department of Commerce, Bureau of the Census.
5.7
5.3
5. 1
5.3
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories rose $3.1 billion in May and business sales were about unchanged. According to the advance
survey, retail sales showed virtually no change in June, following a slight decline in May.
BILLIONS OF DOLLARS? (RATIO SCALfi)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
90
1977
*SfASPNALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biisiness l
Wholesale
Re tail
Sales 2
Period
C5_1__ 2
bales
Inventories 3
C5_1_._ » Invenbales
* tories 3
Tnfn.1
DurNonable durable
goods goods
stores stores
In ventories
TVitnl
DurNonable durable
goods goods
stores stores
Millions of doll ars, seas onally aAdjusted
1971
_... 112,323 184, 756 22, 327 29, 695 34, 071 10, 985 23, 086 52, 571 23, 864
1972...
125, 269 198, 045 24, 862 32, 817 37, 365 12, 472 24, 893 57, 156 26, 056
1973.. _
145, 297 227, 926 30, 400 38, 302 41, 943 14, 190 27, 754 65, 229 29, 593
1974._
__ 166, 771 278, 386 37, 344 46, 564 44, 815 13, 943 30, 872 73, 851 34, 301
1975
172, 511 275, 484 36, 583 45, 115 48, 702 15, 060 33, 642 74, 676 34, 474
1976
192, 704 299, 123 40, 212 50, 131 54, 324 17, 847 36, 476 82, 405 38,224
1976: May...
190, 445 285, 693 39, 386 47, 799 52, 868 17, 419 35, 449 78, 406 35, 547
June
193, 360 289, 138 40, 780 48, 645 53, 983 17, 803 36, 180 79, 375 35, 863
July
193, 302 290, 866 40, 616 48, 805 53, 754 17, 699 36, 055 79, 917 36, 523
Aug
194, 302 293, 308 40, 581 49, 006 54, 643 18, 208 36, 435 81, 118 37, 515
Sept
193, 868 296, 537 41, 381 49, 723 54, 100 17, 481 36, 619 81, 848 37, 822
Oct
192, 353 298, 179 40, 676 49, 847 54, 634 17, 559 37, 075 81, 658 37, 518
Nov
196, 288 298, 941 40, 796 50, 167 55, 573 18, 157 37, 416 81, 660 37, 933
Dec__
204, 140 299, 123 41, 767 50, 131 57, 898 19, 730 38, 168 82, 405 38, 224
1977: Jan
202, 160 301, 970 41, 931 50, 872 56, 660 19, 024 37, 636 83, 616 38, 931
Feb
207, 541 303, 985 43, 233 51, 658 58, 175 19, 764 38, 411 83, 878 38, 912
Mar
214, 642 307, 325 43, 879 52, 549 59, 522 20, 687 38, 835 85, 397 39, 613
Apr
213, 596 309, 847 44, 491 53, 067 59, 465 20, 333 39, 132 86, 033 39, 581
May*
213, 916 312, 931 45, 211 53, 196 59, 247 20, 073 39, 174 87, 106 40, 167
June*
59, 233 20, 033 39, 200
i
1
The term "business" also includes manufacturing (see page 21).
* Monthly average for year and total for month.
*Book value, end of period, seasonally adjusted.
< For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
3
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
45, 784
46, 452
46, 939
InventcDry-sales
rat io 4
Total
business 1
1,61
1.52
1.46
1.51
1.60
1. 50
1.50
1.50
1.50
1.51
1.53
1.55
1. 52
1.47
1.49
1.46
1.43
1.45
1.46
Retail
1.47
1.46
1.46
1.53
1.51
1.46
1.48
1.47
1.49
1.48
1.51
1.49
1.47
1. 42
1.48
1.44
1.43
1.45
1.47
NOTE.—Total (and manufacturing) sales revised beginning October 1976.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
In May, manufacturers' shipments and new orders were little changed overall and inventories rose again. According to
preliminary June estimates, durable manufacturers* shipments rose 1.5 percent and orders fell 1.1 percent while orders
in nondefense capital goods industries rose 5.0 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
160
120
100
80
DURABLE GOODS
__„,,
60
'.,
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
RATIO*
220
INVENTORY-SHIPMENTS RATIO
2.00
40
1.20
1973
1975
1974
1976
1973
1977
1977
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
ECONOMIC ADVlSiRS
Manufac,turers' shipments1 Manufadburers' in\rentories2
Manufacturers ' new orelers *
Durab le goods
Period
Total
1971
55, 925
1972
63, 042
1973
72, 954
1974
84, 612
1975
87, 226
1976
98, 168
1976: May- 98, 191
June.. 98, 597
July.. 98, 932
Aug.. 99, 078
Sept.. 98, 387
Oct... 97, 043
Nov.. 99, 919
Dec 104, 475
1977: Jan... 103, 569
Feb... 106, 133
Mar.. 111, 241
Apr 109, 640
May.. 109, 458
June*.
NonDurable durable
goods
goods
29, 973 25, 953
34, 042 28, 999
39, 704 33, 250
44, 043 40, 569
43, 912 43, 313
50, 376 47, 792
50, 558 47, 634
50, 606 47, 990
51, 090 47, 842
51, 648 47, 430
50, 060 48, 328
49, 029 48, 014
51, 238 48, 681
55, 295 49, 180
53, 341 50, 228
54, 703 51, 430
58, 849 52, 392
56, 764 52, 876
56, 717 52, 741
57, 575
Total
NonDurable durable
goods
goods
Total
Millie>ns of doll ars, seasoilaHy adju sted
102, 490 66, 149 36, 341 55, 937 29, 951
7,575
108, 072 70, 098 37, 974 64, 246 35, 142
8,947
124, 395 81, 218 43, 177 76, 217 42, 888 11, 169
157, 971 101, 780 56, 191 86, 988 46, 570 12, 656
155, 693 100, 310 55, 382 85, 659 42, 164 10, 899
166, 587 105, 729 60, 858 98, 497 50, 681 12, 820
159, 488 101, 502 57, 986 99, 025 51, 354 12, 666
161, 118 102, 429 58, 689 99, 135 51, 249 12, 607
162, 144 102, 856 59, 288 98, 811 51, 180 13, 778
163, 184 103, 282 59, 902 97, 554 50, 380 12, 690
164, 966 104, 117 60, 850 98, 476 50, 068 13, 468
166, 674 105, 589 61, 085 99, 006 50, 754 14, 124
167, 114 106, 128 60, 986 100, 784 52, 235 12, 734
166, 587 105, 729 60, 858 106, 600 57, 040 13, 835
167, 482 106, 562 60, 920 105, 288 55, 037 14, 621
168, 449 107, 222 61, 227 106, 575 55, 133 14, 252
169, 379 107, 685 61, 694 111, 788 59, 160 14, 561
170, 747 108, 190 62, 557 111, 547 58, 652 14, 679
172, 629 109, 154 63, 475 111, 693 59, 176 15, 000
58, 522 15, 751
2 Book vSue 'encfo?* ^f'ifnd total for month- Shipments are the same as sales.
3
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
*
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
47, 670
47, 886
47, 631
47, 174
48, 409
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
171, 520
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
177, 623
178, 167
180, 065
182, 301
Manufacturers'
inventory—
shipments
ratio *
1. 83
1. 67
1. 58
1. 66
1. 80
1. 64
1. 62
1. 63
1. 64
1.65
1. 68
1. 72
1. 67
1.59
1. 62
1. 59
1. 52
1.56
1.58
Note.—Total and durable shipments and new orders revised beginning OoSource: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In June, the wholesale price index fell 0.4 percent (0,7 percent seasonally adjusted). Prices of farm products and processed foods and feeds declined 2.7 percent (3.6 percent seasonally adjusted). Industrial commodities prices were up
0.2 percent (0.3 percent seasonally adjusted).
INDEX, 1967«100 {RATIO SCALE)
1220
INDEX, 1967=100 (RAT1O.SCALE)
220
UNADJUSTED
200
200
ISO
180
FARM PRODUCTS AND
I
PROCESSED FOODS AND FEEDS J
160
160
ALL COMMODITIES j
140
140
INDUSTRIALCOMMODITIES
120
120
100
100
i i(1
1969
1970
i f iMt t
1971
1972
t f..f M t t
1973
11 1 1 1 1
1.974
J. i t i.r.lVt i f t
1975
SOURCE: DEPARTMENT OF LABOR
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
commodities
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976: June
July
Aug
Sept
Oct
Nov.
Dec
1977: Jan
Feb
Mar
Apr
May
June
..
...
106.5
110.4
114.0
119. 1
134.7
160. 1
174.9
183. 0
183.2
184.4
183. 8
184. 8
185.3
185.6
187. 1
188.0
190.0
191.9
194.3
195.2
194.4
Farm
products
Industrial
and
processed commodfoods
ities
and feeds
108. 0
106. 0
111. 7
110. 0
113.9
114. 1
122.4
117.9
159. 1
125.9
177.4
153.8
184.2
171.5
182. 4
183.1
Unadjusted
187.4
181. 5
188.1
182.7
181.7
183.8
182. 9
184.8
179. 5
186. 3
178.3
187.1
183.9
187.4
184.8
188.4
188.4
189.9
190.9
191.6
193.2
195.9
194.2
196. 8
194.6
191. 5
Farm
products
T>__
JrrOcessed
foods
and
feeds
109.1
111.0
112.9
125.0
176.3
187. 7
186.7
191.0
107.3
112. 1
114.5
120.8
148. 1
170.9
182.6
178. 0
195. 3
194.2
187. 7
189.2
188.2
187. 1
191.9
194.0
198.3
203.3
210.2
205.3
191.3
181.6
180. 5
175.9
176.0
174.9
175.6
178.8
178.6
181.9
185.4
190. 1
193. 5
190.2
- ^A.VJ.U.U.C£» ui u.u.c iuuuatu.u.5 aim ieeustujus, piani anu animal nuers. onseeas, ana
leaf
tobacco.
2
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special gproupings
Crude
materials l
Inter- Producmediate er finmate-2
ished
rials
goods
106. 1
110.6
106.9
109.9
118. 9
112.0
122.7
114.3
116.6
131. 1
119. 5
118. 9
155. 2
128. 1
123. 5
219. 1
159. 5
141. 0
225. 1
178.6
162.5
173.2
249.9
189.5
Seasonally ad; usted
188.2
246.8
172.5
252.7
189. 1
173.1
254.4
190.3
173.6
253. 1
192.0
174.5
262.4
193.3
176.3
271.6
194.3
177.0
195. 5
265.9
178.4
196. 3
179.2
262.6
273.0
197.4
180.1
279.3
199.1
180.8
280. 1
200.3
181.8
282.4
200.9
182.8
277.9
201.4
183.6
Consunaer finishe d goods
ex<sluding fo ods
NonTotal Durable durable
104.6
1040
105.0
107.7
106.9
108.3
111.2
110.8
111.7
113. 5
113. 2
113.6
115.8
118. 6
120. 5
138. 6
126.3
146.8
138.2
153. 1
163.0
161.8
144.4
173.3
160. 7
161.5
162.5
163.7
164.6
165.5
165.8
167. 4
167.9
169.2
170.4
171.2
171.9
143.9
144.2
144.9
145.7
146. 5
146.8
146. 9
148.0
148.8
149. 4
150.5
151. 1
151.6
NOTE.—Data for December and year 1976 revised.
Source: Department of Labor, Bureau of Labor Statistics;
171.8
173. 1
174.2
175.6
176. 7
178.0
178.4
180. 3
180.7
182. 5
183. 7
184.6
185.6
CONSUMER PRICES
In June, the consumer price Index rose 0.7 percent (0.6 percent seasonally adjusted). Food prices increased 1.0 percent
(0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.2 percent seasonally adjusted) and
services prices were up 0.7 percent (0.8 percent seasonally adjusted).
INDIX, 1W7»100 (RATIO $C*Ut
INDEX, 1967=* 100 fRATSO 3CA14
220:
22©
200
180
FOOD
'"COMMODITIES
LESS FOOD
120
100
100
1969
I
1971
1970
1973
1972
1974
1975
1976
SOURCE.- DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
AI!
Items
Food
Commodities
less
food
1969- -----.
1970.
1971
1972
1973
._..
1974. _
1975 _
1976
109. 8
116. 3
121.3
125.3
133. 1
147. 7
161. 2
170.5
108.9
114. 9
118. 4
123. 5
141. 4
161. 7
175. 4
180. 8
108.
112.
116.
119.
123.
136.
149.
156.
!
.
1
5
8
4
5
6
1
6
Food
All
Cornnnodities leSB food
Services
commodities
All
Food
at
home
Food
away
from
home
All
112.
121.
128.
133.
139.
152.
166.
180.
108.4
113. 5
117. 4
120. 9
129. 9
145. 5
158.4
165. 2
108. 9
114. 9
118. 4
123.5
141. 4
161. 7
175. 4
180. 8
108. 2
113. 7
116. 4
121. 6
141. 4
162. 4
175.8
179.5
111. 6
119. 9
126. 1
131. 1
141.4
159. 4
174. 3
186. 1
108. 1
112. 5
116.8
119. 4
123. 5
136. 6
149. 1
156. 6
5
6
4
3
1
1
6
4
Unadjusted
I
Durable
S:
! -'
able j
107. 0
111.8
116.5
118. .9
121. 9
130. 6
145. 5
154. 3
108.
113.
117.
119.
124.
140.
151.
158.
8
I
0
8
8
9
7
3
i
1
:
i
!
I
i
i
112. 5
121. 6
128.4
133. 3
139. 1
152. 1
166. 6
180. 4
Seasonally adjusted
1976: June— . 170. 1
July— 171. 1
Aug... 171. 9
172. 6
Sept
Get
173. 3
Nov~__ 173. 8
174.
3
Dec_.».
180. 9
182. 1
182. 4
181. 6
181. 6
181. 1
181. 7
156. 5
157. 1
158.0
158. 9
159. 6
160. 3
160.6
179.5
180.7
181.8
183. 2
184. 1
185. 1
185. 8
165.0
165. 5
166. 2
166.6
167. 1
167. 4
168. 0
181.2
181.4
181.8
181. 9
182. 2
181. 7
181. 9
179.9
179.9
180.2
180. 1
180. 3
179. 6
179. 7
186. 1
187.2
188. 0
188. 7
189. 0
189. 5
190. 4
156.2
156.9
157. 8
158. 3
159. 0
159. 6
160.5
154.2
155. 0
155. 6
156. 1
156. 6
157. 3
158. 4
157.6
158. 4
159. 3
159. 9
160. 6
161. 3
162. 0
179.9
181. 1
182. 2
183.2
184. 0
184. 8
185. 5
175. 3
177. 1
178.2
179. 6
180. 6
181. 8
183.4
187. 7
188. 6
190. 9
191. 7
193. 6
160. 6
161. 6
162. 6
163. 6
164. 7
165. 4
187. 5
169. 4
188, 7
171. 4
172. 2
190. 0
191. 3
173. 6
192, 3 | 174. 5
193. 7
175. 3
183. 5
187. 1
188. 2
191. 0
192.4
193. 9
181. 3
185. 4
186. 4
189. 3
190. 7
192. 1
192. 0
194. 0
195. 4
197. 5
199. 5
201. 2
161.6
162. 7
163.4
164. 0
164. 7
165. 1
159. 9
161.4
162. 4
163, 2
163. 5
163.4
162. 8
163.7
164.2
164. 7
165.6
166. 3
187. 2
188.4
189. 9
191. 4
192. 7
194. 2
1977: Jan
Fob
Mar—.
Apr
May...
June
Source; Department of Later, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent cllange from 3 montlis earlier; Percent c hange from 6 mont as earlier;
seasonsilly adjussted annulJ rates
season ally adjusted annua 1 rates
Percen t change from pre ceding
perio< i; season ally adjus>ted l
All
Period
Farm
products
commodities
1968
1969
1970
19711972
1973
1974
1975
1976
1976: June.
July.
Aug.Sept.
Oct..
Nov.
Dec..
1977: Jan..
Feb..
Mar.
Apr..
May.
June,
4.4
8.4
2.8
4.8
2.2
-4.7
4. 1
8.1
15.4
20.9
4.2
4.7
-1.1
.5
-.6
.3
-.6
5.5
.5
.4
-.2
.7
.5
.6
.6
.5
.9
-3.3
.8
-.5
—.6
2.6
1. 1
1. 1
1. 1
.4
_ 7
-2.5
.1
_. 6
.4
1. 8
2. 5
-2. 3
-6.8
-1.7
3.4
Processed
foods
and
feeds
Farm
products
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
10.7
25.6
-.1
1.8
1.9
2.2
All
commodities
2.7
3.9
3.6
3.4
3.4
3.0
6.8
.8
4.7
11.6
20.3
20.9
-3.8
-1.1
18.7
36.1
— 1.9
6.3
Industrial
commodities
Processed
foods
and
feeds
2. 5
1.8
6.0
6.4
.6
.6
.6
.8
.9
.6
.3
.5
.6
.8
.6
.4
.3
18.2
-1.6
2.9 -12.9
3.5 -11.9
4.0 -11.8
10.3
2.2
-11.0
-11.8
-11.8
-.7
6.5
8.7
15.1
15.6
28.4
28.1
10.8
6.6
4. 5
7.2
7. 1
7.1
8.4
10.2
13. 1
10.9
3.6
— 1. 3
5. 8
12.9
26. 2
26.0
37.8
14.9
-21. 6
1
4.8
5.4
7.3
8.0
9.3
9. 5
7.6
5.9
5.9
7.9
8.5
7.6
5.3
3.9
42
4.2
5. 1
4.2
5.0
5.3
5.5
7.8
8.6
10. 1
9.7
6.8
1.1
.9
-2.2
2.0
— 6.9
— 7.3
-3.5
— 2
11.6
15.5
24. 7
20.4
_. Q
0.8
2.0
-. 7
-1.3
— 5. 1
-6.0
-3. 1
-2. 1
6. 9
11.0
18. 1
21.4
13.2
5.0
4.8
5.6
6.4
7.4
8.4
7.8
7.6
7. 7
7. 7
7.2
6.7
6.6
Source: Department of Labor, Bureau of Labor Statistics.
Annual changes are from December to December (unadjusted).
NOTE.—Data for December 1976 revised.
CHANGES IN CONSUMER PRICES
Percen t change from preceding
perio d; seasontally adju sted l
Period
All
items
._
_
4.7
6. 1
5. 5
3.4
3.4
8.8
12.2
7.0
4.8
1976: June...
July...
Aug...
Sept
Oct...
Nov._Dec.
4
5
5
3
3
3
4
1977: Jan_
Feb_...
Mar.
Apr
May...
June. _
8
10
6
8
6
6
1968
1969
1970
1971
1972
1973
1974
1975
1976
1
—
—
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
3.7
4.5
4.8
2.3
2. 5
5. 0
13.2
6.2
5. 1
6. 1
7.4
8.2
4. 1
3.6
6.2
11. 3
8. 1
7.3
.2
.1
.2
.1
.2
-.3
.1
4
4
6
3
4
4
6
.6
.7
.6
.5
.4
.4
.4
6. 1
6. 3
5.5
5.3
4.8
4. 0
4. 2
6.2
4. 5
2.2
1. 6
1. 8
—.2
.0
5.6
6. 1
5.8
5.5
5. 5
4.6
5.7
6.5
7.4
7.6
7. 5
6.6
5.8
5. 1
5.0
4,7
5.5
5.7
5. 5
4.8
4,8
0.2
.3
2.6
3.8
3. 1
1.0
.8
4.8
4. 9
5.4
5.5
5.8
5. 2
5.6
8.5
7.6
7.4
7.0
7. 0
6. 7
6.3
.9
2.0
.6
1.5
.7
.8
7
7
4
4
4
2
.9
.6
.8
.8
.7
.8
6. 1
9. 1
10.0
9. 9
8.4
8. 1
2.9
12.4
14. 6
17.4
11. 8
12.7
6. 7
8. 0
7.4
6, 1
5.0
4,2
7. 1
8.0
9,8
9.3
9.4
9.4
5.5
6.5
7.1
8.0
8.7
9.0
2. 3
5.9
7.0
9. 9
12. 1
13. 6
6. 1
6. 3
6. 5
6.4
6. 5
5.8
6. 9
6.9
7.4
8.2
8.7
9.6
4.3
7. 2
2.2
4.3
4.7
20. 1
12.2
6. 5
.6
Annual changes are from December to December (unadjusted).
24
Percent c lange frc>m 3 mont is earlier; Percent c lange fro m 6 mont is earlier;
seasonsklly adjussted annu al rates
seasonsilly adju sted annu al rates
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 5 percent in the month ended June 1 5. Contributing most to the decline were lower
prices for soybeans, cattle, corn, wheat, vegetables, and fruit. Partially offsetting were higher prices for hogs and dairy
products. Prices paid by farmers were % percent lower than their May 1 5 level.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
1969
1970
1971
1972
I
'
1973
1974
1975
1977
1976
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices iDeceived by farmers
Period
All farm
products
Crops
Prices paid by farmers
items, Family
Livestock All
Producinterest,
and
tion
living
taxes,
and
products wage rates
items
items
Index, li)67=100
Parity ratio l
Actual
Adjusted2
1969
1970
1971
1972
1973
1974
1975
1976
107
110
113
125
179
192
185
186
97
100
108
114
175
224
201
197
117
118
118
136
183
165
172
177
108
112
118
125
144
164
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
71
74
91
86
76
71
79
77
75
79
94
87
76
72
1976: June 15
July 15
Augl5
Sept 15
195
194
186
186
178
173
178
209
214
201
204
195
186
190
184
179
175
172
165
162
169
±93
194
193
193
192
192
193
175
177
177
178
179
180
181
196
196
194
194
192
191
193
74
74
71
71
68
66
68
75
74
72
72
69
67
68
183
187
190
191
194
184
198
203
211
214
214
198
170
174
171
172
176
173
198
200
201
204
204
203
182
P)
(3)
(33)
()
(3)
196
199
201
204
205
203
68
69
69
69
70
67
69
70
70
70
70
67
Oct 15___
Nov 15 ._
Dec 15
1977: Jan 15
Feb 15
Mar 15___
Apr 15 __ _
May 15
June 15__
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.
s Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
NOTE.—Series revised beginning 1965.
Source: Department of Agriculture.
OC
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
MI grew at an annual rate of 5.0 percent i» June aft®* growing at a rate ol 0.8 percent in May.
BILLIONS OP DQLLASS* IKATIQ SCALI)
•JUJQNS OF DOLLARS* ^ATIO SOU!
200
200
1969
^SEASONALLY ADJUSTED
SOURCE: BOAID OF GOVERNORS OF THE FEDERAL USSEKVE SYSTEM
COUNCM. OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Deposi }s at coinmereiai banks
Period
M,
M2
M3
Currency
255. 3
270. 5
283. 1
294. 8
312. 4
303. 2
305.0
306.5
306. 9
310.4
310. 4
312. 4
313. 8
314. 0
315. 4
320. 5
May__ 320. 7
June". 322. 0
1
525. 3
571. 4
612. 4
664. 3
740. 3
698. 2
705.2
710.4
716.3
725. 9
732. 3
740. 3
746.3
750. 7
756. 1
764. 6
767. 6
772. 9
844. 5
919. 6
981. 5
1, 092. 6
1, 237. 1
1, 156. 5
1, 168. 8
1, 180. 8
1, 193. 9
1, 210. 7
1, 223. 4
1, 237. 1
1, 248, 9
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 4
56.9
61. 5
67.8
73.7
80. 5
77.5
78. 1
78. 6
79. 2
79. 8
80. 2
80. 5
81. 1
81. 8
82. 2
83. 1
83.6
84. 0
Tim e and savings
Demand
198.4
209. 0
215; 3
221. 0
231. 9
225. 6
226. 9
227. 9
227. 7
230. 6
230. 2
231. 9
232. 7
232. 1
233. 2
237. 4
237. 1
238. 0
Large
CDs
43. 5
63. 0
89.0
82. 1
63. 3
70. 2
68. 9
65.0
63. 1
62.3
62.2
63. 3
63. 1
63.3
62. 2
61.6
62.3
63. 9
313. 5
363. 9
418. 3
451. 7
491. 1
465.3
469. 0
468. 9
472. 5
477.8
484. 2
491. 1
495. 6
500. 0
502. 8
505. 7
509. 2
514. 8
MI is currency plus demand deposits; Ms is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Mz is M 2 plus
deposits at non'bank thrift institutions.
26
Deposits
at
Total
1972: Dec...
1973: Dec___
1974: Dec ..
1975: Dec...
1976: Dec___
1976: JuneJuly..
Aug___
Sept..
Oct__.
Nov..
Dec___
1977: Jan...
Feb___
Mar..
Apr___
Perc3ent
chaiige 2
Compon ents and related i1:ems
Over.ill measiires *
J
Other
270.0
300. 9
329. 3
369. 6
427.9
395. 1
400. 1
403. 9
409.4
415. 5
422. 0
427.9
432. 5
436. 7
440. 6
444. 1
446.9
450. 9
nonbank
thrift
institutions
319. 3
348. 1
369. 1
428. 3
496. 8
458. 2
463. 6
470.5
477. 6
484. 8
491. 0
496. 8
502. 6
507.5
512. 1
516. 6
521. 4
526.5
U.S. Government
demand
deposits
(unadiust-
M!
M2
ed)
7.4
6.3
4.9
9.2
6.0
4.7
4.7
6.2
4. 8
3. 5
6.7
4. 1
4. 1
5. 8
3.7
6. 6
4.0
6.0
5.8
5. 0
4. 2
4. 7
4. 2
4.4
4. 5
5.6
3.8
5.2
4. 6
6. 2
5.9
5. 0
5. 6
6. 6
6.7
6. 2
11.4
8. 8
7. 2
8. 5
12.4
10.5
10. 7
9. 7
10. 1
10. 5
10. 8
12.4
12. 0
11.7
11.4
10. 9
9.9
9.0
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Eource; Board of GoTerrors of the Federal Beserve system.-
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and <leposits
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Currency
Demand
deposits
190. 7
196.8
232. 7
271. 1
319. 3
34a 1
369.1
428. 3
496. 8
52. 0
54. 3
57.5
60.4
63.3
67.3
71.9
41. 9
31.7
34. 5
43. 2
47.4
66. 3
66.9
21. 8
27.6
36.2
54.0
70.7
60. 0
44.9
21. 4
20.2
22. 7
345
40.4
42. 8
49.7
77.5
78. 1
78. 6
79.2
79.8
80. 2
80.5
194.7
195. 6
196. 3
195.5
197.8
196.2
196.8
386.7
391.8
305. 9
401. 0
406.5
412.6
418. 1
458. 2
463. 6
470. 5
477. 6
484.8
491.0
496.8
69.4
69.7
70. 2
70.8
71. 1
71.5
71.9
69.7
71.4
71.4
69.7
69.7
69.5
66.9
51. 2
50. 3
46. 7
45. 3
44.8
44, 3
44.9
47. 4
48. 2
48,8
49.2
49.5
49. 5
43. 7
81. 1
81.8
82.2
83. 1
83. 6
84.0
198.9
197.8
198.5
203. 3
202. 4
202.4
422.9
427. 1
430.7
434. 1
436. §
440. 1
502. 6
507.5
512. 1
516. 6
521. 4
526. 3
72.3
72.7
73.0
73.4
73. S
74. 2
67.9
71.8
72.1
72.3
72.9
73. 6
44. %
43.2
42.4
42.8
44.4
44.3
50.2
51. 1
52 3
53.1
53.8
54. 3
151.8
161.5
176.5
183.3
1, 354. 9
1, 368. 8
1, 378. 5
1, 388. 2
1, 404. 0
1, 414. 8
1, 425. 5
1, 117. 1
1, 129. 1
1, 141. 3
1, 153. 2
1, 168. 9
1, 180. 0
1, 192. 1
,._ 1, 440. 2
1, 454. 5
__ _ 1, 464. 3
1, 478. 3
1, 487. 3
1, 499. 4
1, 205. 5
1, 214. 3
1, 223. 6
1, 237. 1
1, 244. 0
1, 252. 8
Oct
Commercial
banks
Other
private
money
market
instruments
198. 9
233. 6
264.4
2944
321.1
360. 6
418. 1
49. 1
52. 6
56. 9
61. 5
67. 8
73. 7
80. 5
Nrv
Dec
1977: Jan
_.
Feb
Mar
Apr
May
• June »
Total
632.4
769. 5
852.5
718. 7
967.9
817. 0
887.4
1, 079, 5
. . 1, 166. 2
944. 5
. __ 1, 289. 7 1, 053. 3
1, 425. 5 1, 192. 1
1976: June
July
Aug
Sept
Negotiable
certifiShortNonbank
cates of
term
Savings marketthrift
deposit
institu- bonds able setions
curities
Time d epoaits
Total
liquid
assets
Period
U.S. TJreasury
sectiiities
isas
Source: B»ard of Governors •£ tke Federal Reserve System.
NOTE.—Data rcTised besiiaiing October 1976.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total *
Automobile
109,
112,
123,
140,
160,
160,
163,
186,
146
175
086
072
228
008
483
221
1976: May.
June
July
Aug
Sept
Oct
Nov
Dec
15,
15,
15,
15,
15,
16,
15,
16,
041
592
240
685
775
055
763
702
4,471
4, 600
4,477
4, 712
4,769
4,587
4, 632
5, 263
1977: Jan
Feb
Mar
Apr
May
16, 870
17, 186
18, 253
18, 077
17, 902
4, 940
5,205
5, 654
5,474
5,445
1969— —
1970
1971
1972
1973
1974
1975
1976
_
32,
29,
34,
40,
46,
43,
48,
55,
»Includes some items not shown separately.
553
965
778
266
105
209
103
807
Bank
credit
cards
Instalmc;nt credit liejuidated
Total l
Bank
credit
cards
Total l
Automobile
Bank
credit
cards
786
385
788
513
552
056
640
682
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 337
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
23, 905
9,360
4, 790
9,299
15, 559
19, 676
8, 952
6, 843
16, 539
2,579
— 468
3, 476
5,561
5, 968
327
2,631
7,470
1, 332
1,153
699
918
1,430
1,443
1,220
1,576
2, 103
2, 088
2, 152
2, 183
2, 165
2, 198
2, 181
2,217
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 879
3,819
4, 074
3,922
4, 090
4,165
4,059
4, 155
4,250
1, 911
1,990
1,981
2, 097
2,000
2, 074
2, 110
2,250
1,474
1, 330
1,303
1,403
1,481
1, 564
1,243
1, 823
652
526
556
621
605
528
477
1, 013
193
98
171
86
166
123
71
-33
2,117
2, 332
2,434
2, 509
2,521
14, 952
15, 164
15, 536
15, 418
15, 376
4, 183
4, 320
4,453
4, 300
4,354
2,089
2, 161
2, 141
2,264
2,345
1, 918
2, 022
2, 717
2, 660
2,526
758
884
1,201
1, 174
1,091
28
170
293
246
176
4,
6,
8,
10,
13,
17,
20,
25,
398
768
377
390
863
098
428
481
99,
107,
113,
124,
140,
151,
156,
169,
Automobile
Net change in amount Dutstanding
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks rose at an annual rate of 16.6 percent in June after increases at a rate of 6.7
percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
INVESTMENT IN OTHER SECURITIES
40
1969
1977
•SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
investments
1969
1970
1971
1972
1973
1974
1975
1976
401.7
435. 5
485. 7
4
558.0
633.4
690. 4
721. 1
784,4
1976: June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan'
Feb »
Mar v
Apr *__
May"
June* _
__
748. 8
751. 4
758. 0
762.9
771.6
778.8
7844
786. 6
796. 4
803.0
812.4
819. 4
825. 5
1
Data are for end of period.
2
Averages of daily figures. Annual
8
[Billions of dollars, seasonally adjusted, except as noted]
Allcommercial b anks l
Allni€jmber ban ks
Borrowi ngs (milL<Dans
Investnaents
]Reserves 2 3
lions of dollars,
unadji isted) 3
Total ex- Commer- U.S. Gov- Other
cluding cial and
ReNonSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
279. 4
105.7
27. 94
26. 82
71. 1
27. 66
1,086
292. 0
110.0
57.8
29. 12
85. 7
28. 79
321
28. 87
320.9
116. 1
104.2
31. 22
60.6
31. 10
31. 04
107
130.2
378.9
31. 41
62.6
30. 36
116.5
31. 12
1,049
449.0
156.4
54.5
34.
94
33. 64
129.9
34. 64
1,298
41
500.2
183.3
50.4
36. 60
139.8
35.87
36. 34
703
32
176.0
79.4
496.9
34.
60
34.73
144.8
34.
46
127
13
5
538.9
179. 5
97.3
148.2
34.95
34.90
34. 68 !
62
12
509.3
172.1
94.7
144.8
34.29
34. 16
34.07
120
20
512. 1
172.8
93.2
34.34
34.21
146. 1
34. 11
123
24
173.
1
516. 0
95.6
146. 4
34. 41
34.51
34. 31
104
28
520. 8
174. 1
94.9
147.2
34. 34
34. 14
34.27
75
31
176.8
529. 6
94.4
34. 51
34.41
147.6
34. 29
66
32
179.0
533. 1
95.4
34. 85
150.3
34. 78
34. 59
84
21
538.9
179.5
97. 3
34. 95
US. 2
34. 90
62
34.68
12
540.9
179.8
96.9
148.8
34. 78
34. 71
34. 51
61
8
545.4
181.2
101. 5
149. 5
34.40
34.33
34.20
79
12
182.9
551.0
103.6
148.4
34. 31
34.20
34. 09
110
13
557.7
102.8
184.9
34. 68
151.9
34. 61
34.49
73
14
562. 1
185. 9
104. 6
34. 72
152. 7
34. 52
34. 51
200
31
567.0
188.3
105.3
153.2
34.86
34. 60
34. 71
261
54
data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
* During 1974, total loans and investments were increased $0.6 billion due to
28
COUNCIL OF ECONOMIC ADVISERS
i bank
merger and were reduced $1.5 billion due to liquidation of a large bank4
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976Source: 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
Pur-
External
Period
Total
1970
1971
1972
1973
1974
1975
1976
1975: I
II
105.1
129.0
154.0
181.7
183. 0
145. 5
211. 5
83.5
130. 7
171. 0
196.7
199.3
! 205. 5
204. 8
236. 6
232. 6
III
IV
1976: I
II_
III
IV
1977: I*
Internal1
58.9
68.6
80.8
83.8
77.6
103. 4
121. 8
83.5
101. 5
113. 6
114 9
120. 6
121. 3
126.0
119. 5
118. 6
Credit
Total
Tntal
46.2
60.4
73.2
97.8
105. 4
42. 1
89. 7
.0
29. 2
57.4
81. 8
78. 7
84. 2
78.8
117. 1
114.0
chase
market funds
Longterm 2
46. 4
58. 8
72.9
83. 1
37. 1
56. 6
35. 0
32. 1
31. 1
50. 0
46. 8
51. 9
50.7
77.2
80. 6
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
3 Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
Other
Shortterm s
8.9
4.7
17. 3
35. 5
43.5
-12.8
9. 9
-18. 0
-22. 2
-6.8
-4.0
-1. 4
10. 8
3. 5
26. 9
42. 8
32.6
41. 6
41. 4
37. 4
39.6
49. 8
46.6
52. 9
54. 4
37. 9
54.0
48.2
41. 0
47. 2
50. 2
37.9
41. 5
Total
of
physi-
cal
assets 4
4.8
14 0
14 4
25. 0
22. 2
5.0
33. 2
-35. 0
— 2. 9
26.3
31.7
31. 9
32. 4
28. 1
40. 0
33.4
96. 1
115. 1
137. 5
165. 5
169.9
130. 9
196. 6
68. 6
115. 3
157.9
182.2
187.4
190. 4
188. 7
219. 5
216. 1
80.6
86.2
101. 0
124 4
134 6
95. 7
137. 6
89.8
80.9
106.8
105. 5
129. 5
139. 1
145. 0
136.9
142.9
Increase
in
financial
assets
15.4
2as
36. 5
41. 1
35. 3
35.2
59.0
-21.2
34 4
51. 1
76.7
57.9
51. 3
43.7
82.6
73.2
Discrepancy
(sources
less
uses)
9.0
13.9
16. 4
16. 1
13. 1
14 5
15. 0
149
15.4
13.2
14 6
11.9
15. 1
16.0
17. 1
16.5
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liabilities
Ciirrent ass<sts
Ad-
period
U.S.
Govern-
Cash
End of
on
Total
hand
and
in
banks
l
ment
securities 2
Receivables
from
U.S.
Government
3
vances
Notes
and
accounts
receivable
Other
Inventories
current
assets
Total
4
and
prepay-
Notes
ments,
counts
U.S.
Govern-
pay-
and
acable
Federal
income
tax
liabilities
Other
Net
cur-
work-
rent
capi-
liabilities 5
ing
tal
ment s
492. 3
6. 6
49
40
43
5. 2
6. 4
7.0
204 7
215. 6
5.3
5.8
6. 2
6. 4
271. 2
270. 1
573. 5
643. 3
712. 2
731. 6
816.8
50. 2
53. 3
57. 5
61.6
62.7
68. 1
77. 0
7.7
11. 0
9.3
11. 0
11.7
19.4
26.4
42
3.5
3. 4
3.5
3.5
3. 6
43
201.9
217. 6
240. 0
266. 1
3
4
2
7
0
8
4
35. 0
43. 8
48. 1
54 4
56.6
60. 0
69. 8
1975: I
II__.
III_. 716. 5
IV.__ 731. 6
60.6
63.7
65.6
68. 1
12. 1
12.7
14 3
19. 4
3.2
3.3
3.3
3. 6
281. 9 285. 2
284 8 281. 4
2947 279. 6
294 6 285.8
55. 4
57. 3
59. 0
60. 0
444 7
457. 5
1976: I— - 753. 5
68. 4
70.8
71. 1
77. 0
21. 7
23. 3
23.9
26.4
3.6
3. 7
43
43
307.3 288. 8
!!___ 775. 4
III.. 791.8
IV___ 816. 8
318. 1 295. 6
324 2 302. 1
323.9 315.4
63. 6
63. 9
66. 3
69. 8
484 1
499. 9
6.4
6.8
7. 0
7.0
1977: I—- 845.3
75. 0
27. 3
46
342.0 322. 1
743
516. 6
6. 8
1970
1971
1972
1973
1974
529.6
1975___
1976
698.4
703.2
193.
200.
215.
246.
289.7 288.
294 6 285.
323. 9 315.
3049
326. 0
352. 2
401. 0
450.6
457. 5
499.9
438.0
4342
465. 9
475.9
10.0
13. 1
15. 1
18. 1
23. 2
20. 7
26.8
83.6
92. 4
102. 6
117. 0
134 8
148.8
170. 2
187.4
203. 6
221. 3
242. 3
261. 5
274 1
316. 9
21. 8
17.7
19. 4
20. 7
139.8
140. 6
145. 6
148.8
260. 4
269. 0
271.8
274 1
284. 7
295. 9
23. 9
22. 0
24 9
26. 8
155. 0
160. 1
167.5
170.2
287. 6
299. 4
302. 2
28. 6
179. 0 i
328. 7
230.4
261.6
287. 5
281. 6
295.9
273.4
281. 6
280. 5
287.0
307.7
316.9
4
Includes marketable investments (other than Government securities and
time certificates of deposit.
time
Includes Federal agency issues.
fi certificates of deposit) as well as sundry current assets.
Includes commercial paper outstanding, the portion of long-term debt due
| * Receivables from and payables to the U.S. Government do not include
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
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.
Source: Securities and Exchange Commission.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
1
2 Includes
INTEREST RATES AND BOND YIELDS
Short-term interest rates have remained steady since May.
mem PER ANNUM
PERCENT PHI ANNUM
1977
1969
SOURCE: see. TAHE BELOW
COUNCIL OF ECONOMIC ADVISiiS
[Percent per annum]
U.S. Gove rnment sectirity yields
Period
1971..
1972
...
1973
1974
1975
1976_
1976: July
Aug..
Sept......
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr... __
May
June
July
Week ended:
1977: July 1
8
15
22
29
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard4 (Moody's)
& Poor's)
3-month
Treasury
bills *
3-5 year
issues 2
Taxable
bonds *
4. 348
4. 071
7.041
7.886
5. 838
4. 989
5.278
5. 153
5. 075
4. 930
4. 810
4. 354
4.597
4.662
4. 613
4. 540
4. 942
5. 004
5. 146
5.77
5.85
6.92
7.81
7. 55
6.94
7.24
7. 04
6. 84
6. 50
6.35
5.96
6.49
6.69
6.73
6.58
6. 76
6. 58
5.74
5. 63
6.30
6.99
6.98
6.78
6.85
6.79
6.70
6.65
6. 62
6. 39
6. 68
7. 15
7.20
7. 14
7. 17
6.99
5. 70
5. 27
5. 18
6.09
6.89
6.49
6.64
6.28
6.20
6. 06
6. 05
5. 69
5.70
5. 75
5. 76
5. 61
5. 64
5.53
7. 39
7. 21
7.44
8.57
8.83
8.43
8.56
8. 45
8.38
8.32
8. 25
7. 98
7.96
8.04
8. 10
8. 04
8. 05
7.95
5. 11
4.69
8.15
9.87
6.33
5.35
5.67
5.47
5.45
5.22
5.05
4.70
4. 74
4.82
4. 87
4.87
5. 35
5.49
4.
5.
5.
5.
5.
6.49
6. 60
6. 62
6. 69
6. 90
6. 94
6.96
6.99
5. 50
5.51
5. 50
5. 50
7. 91
7.93
7.94
7. 94
5.44
5.43
5. 41
5.40
965
044
163
214
163
1
2 Rate on new issues within period.
Selected note and bond issues.
8
April 1953 to date, bonds due or callable 10 years and after.
* Weekty data are Wednesday figures.
1
Average effective rate for year; opening and closing rate for month and week.
30
Prime
commercial
paper,
4-6
months
Discount
rate
(N.Y.
F.R. 5
Bank)
4.88
4.50
6.45
7.83
6.25
5.50
51/2-51/2
5/^—5/^
1
S/ ^— 5/4
5*4-5^
5^2~ 5/4
5%~5/4
514-5K
514—514
514—514
5%—5%
KL/_K1/
514_514
514_514
5J4_514
Prime
rate
charged
by
banks 5
5.72
5.25
8. 03
10. 81
7.86
6.84
7J4-7H
7^-7
7 -7
7 -6%
(514— §y2
§1/2-614
6l4-6^
%y±— 6M
6%—6H
gL/_gl.^
&/4— 6%
6%— 6%
Newhome
mortgage
yields
(FHLBB)8
7. 74
7. 60
7. 95
8.92
9.01
a 99
8.97
9.02
9.08
9.07
9.05
9. 10
9.05
8. 99
8. 95
8. 94
8. 96
8.98
8
6%-6
4
634-6%
514_514
6%_ga/ ,
514—514
6%-6% i
« 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. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Reserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices continued to edge up slightly in July.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=
40
30 1969
1970
1971
1974
1973
1972
1975
1976
1977
PERCENT
PERCENT
120
20
15
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
10
0
1969
1970
1971
1974
1972
1975
1976
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL Of ECONOMIC ADVISERS
Common s tock5yields
(perc ent)
Comrnon stock pirices 1
New York Stock Exeh ange indexe 3 (Dec. 31, 11965 = 50) 2
Period
Composite Industrial Transportation
1971
1972
_
1973
1974
1975
1976
1976: June.. —
July
Aug.
' Sept_.__.__
Oct _ - _ _ Nov
Dec
1977: Jan
Feb
Mar
_
Apr
Mav
June_
Week ended:
1977: June 24
July !____
8
15
22
1
Finance
Utility
54.22
60. 29
57.42
43.84
45. 73
54.46
54. 23
55. 68
55. 18
56. 29
54.43
54. 17
56. 34
56.28
54. 93
54. 67
53. 92
53. 96
54.30
57.92
65.73
63.08
48. 08
50. 52
60.44
60. 70
62. 11
61. 14
62.35
60.07
59.45
61. 54
81. 26
59.65
59. 56
58.47
58. 13
58.44
44. 35
50.17
37.74
31. 89
31. 10
39.57
• 40. 41
42. 12
40. 63
40. 36
' 38. 37
39. 28
41.77
41. 93
40. 59
40. 52
41. 51
43. 25
43.29
39. 53
38.48
37. 69
29.79
31. 50
36. 97
35. 16
36.49
37. 56
38. 77
38. 33
38. 85
40.61
41. 13
40. 86
40. 18
40.24
41. 14
41. 59
70. 38
78. 35
70. 12
49. 67
47. 14
52. 94
51. 82
54. 06
54. 22
54. 52
52. 74
53. 25
57. 45
57.86
55. 65
54. 84
54. 30
54. 80
55.29
55. 10
55. 04
54. 81
54. 74
55. 63
59.35
59. 21
58. 88
58. 66
59. 69
43. 77
43. 68
43. 54
43. 44
44. 16
42.05
42. 17
42. 15
42.41
42. 76
56.25
56. 42
56. 49
56. 88
58. 28
Averages oi daily closing prices.
2 Includes all the stocks (more than 1,500) listed on the N YSE.
* Includes 30stocks.
* Includes500stocks.
«Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on pricer at end of quarter.
1977
Standard
Dow& Poor's
composite Dividend- EarningsJones
industrial3
index
ratio
ratio
average (1941-43=
10) *
5.41
98. 29
884.76
3. 14
2. 84
5.50
950. 71
109. 20
7. 12
923. 88
107. 43
3.06
11.59
759. 37
82.85
4.47
802. 49
9. 15
86. 16
4.31
8.90
974. 92
102. 01
3. 77
985. 59
8.87
3.75
101. 77
993. 20
104.20
3.64
981. 63
103. 29
3. 74
994. 37
105. 45
3. 71
9.07
3. 85
951. 95
101. 89
944. 58
4. 04
101. 19
9.22
104. 66
3. 93
976. 86
970. 62
103. 81
3. 99
4.21
941. 77
100. 96
4. 37
100. 57
946. 11
99. 05
929. 10
4. 47
926. 31
98. 76
4.57
4. 60
99.29
916. 56
926.
916.
909.
904.
919.
85
40
71
47
11
100. 69
100. 36
99. 85
99. 69
101. 55
4.54
4.56
4. 59
4. 59
4. 50
JSOTE.—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.
o "I
RECEIPTS
OUTLAYS AND
In the first 9 months of fiscal 1977 (October 1976-June 1977), there was a budget deficit of $32.9 billion. A year
earlier the deficit was $47.7 billion.
BILLIONS OF DOLLARS
500
BttllONS OF DOLLARS
500
RECEIPTS AND OUTIAYS
.400
400
OUTLAYS
300
300
200
200
50
50'
SURPLUS (+) OR DEFICIT (-)
0
0
-50
-50
I
I
-100
1969
1970
1971
-TOO
1973
1972
1974
1975
1977'
1976
1978
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt (end of period)
Receipts
Period
Outlays
Surplus or
deficit (-)
HPrtfal 1
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
_
..
Transition quarter
1977 (estimates):
Estimates, July 1977 2
Third Concurrent Resolution3
1978 (estimates) :
Estimates, July 1977 2 ___
First Concurrent Resolution 4
October 1975-June 1976 5
October 1976-June 1977
_
1 Excludes non-interest-bearing public debt securities held by IMF.
2
Estimates from Mid-Session Review of the Budget, Office of Management and
Budget, July 1,1977.
3 Third Concurrent Eesolution on the Budget-—Fiscal Year 1977, revised May
17,1977.
32
Held by
the public
187.8
193. 7
188.4
208. 6
232.2
264. 9
281. 0
299. 2
81.7
184.5
196.6
211.4
232.0
247.1
269. 6
326. 1
365. 7
94. 6
-2.8
-23. 0
-23.4
-14.8
-4.7
-45. 1
-66. 5
-13.0
3.2
367. 1
382.6
409.5
437.3
468.4
486. 2
544. 1
631.9
646.4
279.5
284.9
304. 3
323.8
343.0
346. 1
396.9
480. 3
498.3
358. 3
356.6
406. 4
409.2
-48. 1
-52.6
727.0
571.3
401.4
396. 3
462.9
461. 0
274. 6
298.4
— 61. 5
-64.7
802. 4
637.1
-47. 7
-32.9
631.3
685.2
479.7
532.2
226. 9
265. 6
* First Concurrent Resolution on the Budget—Fiscal Year 1978, May 17,1977.
* First 9 months of fiscal year 1977.
Note.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY
In the first 9 months of fiscal 1977 (October 1976-June 1977), budget receipts were $38.7 billion higher than a year
earlier and budget outlays, $23.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200 -RECEIPTS-
200
INDIVIDUAL INCOME TAXES
100
100
400
400
OUTLAYS
-
.^*
300
300
-
+*
200s
NONDEFENSE
100
.— - —,-«•"-*"*1"*"*
NATIONAL DEFENSE
_
/
—t
A
v
200
„.—'-*.--*"*
1
1969
I
1970
!
1971
1
1972
I
1973
1
1974
******
-......l—. •«
——
!
1975
1
197.7
1976
100
-«•••'*••'
1
1978
N
h
FISCAL YEARS
SOURCiS: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Outlays
Receipts
Nationa defense
Period
Total
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975__
1976
Transition quarter
1977 i_
1978 i
Indi- Corpovidual ration Other
income income
taxes
taxes
187.8
193,7
188. 4
208. 6
232. 2
264. 9
281. 0
299.2
81.7
358.3
401.4
87.2
90. 4
86.2
94.7
103.2
119. 0
122. 4
130.8
38.7
158. 3
178. 2
October 1975-June 1976 2 226.9
October 1976-June 1977 _ 265.6
97.2
114.2
Total
Total
Department of
Defense,
military
tional
affairs
184.5
196. 6
211. 4
232. 0
247. 1
269.6
326. 1
365. 7
94. 6
406.4
462.9
80.2
79.3
76.8
77.4
75. 1
78.6
86.6
90. 0
22. 5
96. 9
113.0
77.9
77.2
74. 5
75. 2
73.3
77.6
85. 0
88. 0
21. 9
96.0
109.3
3. 5
4. 8
54. 6
59.7
63.9
70.5
75. 4
81. 7
92. 8
107, 4
118. 0
127. 0
34. 5
145.4
163.5
33. 4
44. 2
96. 3
107. 2
274. 6
298. 4
67.8
71. 3
66. 6
71. 5
4.1
36.7
32. 8
26. 8
32. 2
36.2
38.6
40. 6
41. 4
8.5
3.8
3.6
3. 1
3.9
5.9
5. 1
2.0
6.5
7. 1
3. 8
Health
Inand
income terest Other
security
49.0
56. 1
70. 1
81.4
91. 8
106.5
136. 3
160. 0
41.4
176.5
191. 1
15.8
18.3
19. 6
20.6
22.8
28. 1
31. 0
34. 6
7. 2
38. 0
41.7
35.7
39.3
41.8
48.8
53.9
51.7
66.4
76. 0
21. 5
88.5
110.0
122.1
131. 5
28. 3
30. 0
52. 3
61.7
income credit payments in excess of an individual's tax liability, formerly treated
> Estimates from Mid-Session Review of the 1978 Budget, July 1,1977.
* First 9 months of fiscal year 1977.
as outlays, now classified as income tax refunds. Deficit figures are not affected.
Note.—Figures "beginning 1976 reflect recent definitional change: Earned
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to'revised estimates for the first quarter, Federal receipts rose $20.4 billion (annual rate) and expenditures
$3.3 billion, yielding a deficit of $38.8 billion, $17.1 billion less than the deficit in the fourth quarter of 1976. In the
second quarter, expenditures rose $9.5 billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
440
40
440
40
SURPLUS
~m~
-40
fyfyVM WA wa
! DEFICIT
-40
-80
=-80
-120
-120
1969
1970
1972
1971
1974
1973
1976
1975
1977
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCH OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receipts
Period
Indirect
Personal Corporate business
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
I^ederal (>overnm ent expe nditures
GrantsSubsidies Less:
ContriPurin-aid
less
Wage
butions
chases Trans- to State Net current accruals
for
Total of goods fer pay- and interest surplus of less
social inand
ments local
paid Govern- dissurance
services
government en- bursements
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
1974
271.8
1975 _ _ 283. 6
1976__
314, 1
Calendar
year :
1972
227. 5
1973
_ 258. 3
1974
288. 6
1975
286. 9
1976- _ 332. 3
122. 6
127.3
137. 2
43. 7
42. 1
52.2
21.4
22. 1
24.2
842 278.8
92. 1 328. 7
100. 5 372. 3
104 6
117. 9
126. 5
104 7
1342
156. 8
41. 6
48. 4
57. 5
19. 8
21. 9
25. 4
8. 0
5. 7
6. 1
-0.2
—.4
.0
— 7. 0
45. 0
— 58. 2
108.2
1146
131. 1
125. 6
147. 3
36.6
43. 0
45. 9
43. 1
55.9
20.0
21.2
21. 7
24.0
23.4
62. 8 2447
79.4 265. 0
89.9 299. 3
942 357. 1
105. 7 386. 3
102. 1
102. 2
111. 1
123. 3
130. 1
83. 2
95. 8
117. 6
149. 1
162. 0
37.5
40. 6
43. 9
54 6
61. 0
146
18.2
20.9
23. 3
27.2
7. 8
8. 2
5. 3
6. 7
5. 9
.5
.0
—. 5
.0
.0
— 17. 3
6 7
10. 7
— 70 2
— 54 0
1976: I
!!___
III__
IV___
318.
329.
337.
344.
138.
143.
150.
157.
0
9
3
1
54 4
57. 0
56.9
55. 1
22. 7
23. 2
23. 7
23. 8
103. 2
105. 0
106. 2
108.4
378.7
375.3
390. 6
400.4
127. 6
128. 5
130.2
1342
160.2
157.8
163. 9
166. 3
58.5
56. 8
63. 1
65.5
26.2
26. 7
27. 3
28. 5
6. 2
5. 5
6. 1
6. 0
.0
.0
.0
.0
— 60
— 46
— 53
-55.
1977: I
II p
364. 9
170. 0
168.7
55.4
24.2
24.7
115.4 403. 7
118. 0 413,2
136. 3
143. 3
170. 7
170.4
62. 0
63. 6
28. 6
29.4
6. 1
6.5
.0
.0
— 38 8
4
1
1
5
1
NOTE.—Data revised beginning 197^L
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
3
2
5
9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=1001
Industria producrtion (seiasonally ad justed)
Period
United CanStates ada
107. 8
109. 6
119.7
129.8
129. 3
117.8
129. 8
131.9
133. 0
132. 1
133. 2
135.2
136.2
137. 6
138. 6
1970—
1971—
___
1972__
1973
1974
1975__
1976
1976: Nov...
Dec...
1977: Jan
Feb.—
Mar..
Apr
May_.
June
114. 1
122. 0
130. 6
142.4
146.6
139. 7
146. 3
147. 0
148.4
152. 0
151. 0
151.3
150. 9
152. 4
Japan
France
Germany
123
127
137
147
151
138
152
157
154
159
156
159
156
131.3
133. 3
139. 0
149. 1
146.9
137. 9
147.8
149. 1
147. 3
157. 7
152. 3
152.4
156. 2
151.6
155.8
167. 0
193. 1
187. 6
167. 4
190. 0
197.9
197.7
198.3
194. 8
199. 1
200.8
Con sumer j>riees (uiiadjuste< i)
United
Italy King- United
States
dom
116.9
116. 8
121.8
133. 7
139.7
126.8
142. 5
150.4
154.7
152. 2
152. 9
153.2
143.3
111
111
114
122
120
113
116
118
118
119
119
119
116.3
121. 3
125. 3
133. 1
147.7
161.2
170. 5
173.8
174.3
175.3
177. 1
178. 2
179.6
180. t>
181. 8
Can- Japan France
ada
112.4
115.6
121. 1
130.3
1445
160. 0
172. 0
175.7
176.3
177.9
179.4
181. 3
182.4
183. 8
185. 1
119.6
127. 1
133. 2
148.9
182.6
204. 7
224. 4
231. 2
233.7
236. 6
237.8
238.9
242. 7
245. 0
242. 9
117. 1
123. 3
130. 8
140.4
159.6
178. 2
195.4
202. 8
203. 5
204. 1
205.5
207. 4
210. 1
212. 1
Germany
107. 1
112. 7
118.9
127.2
136. 1
144. 2
150.8
151.8
152. 6
154.0
154.9
155. 5
156. 2
156.9
157.6
Italy
109. 1
114.4
121.0
134. 1
159. 6
186. 8
218. 1
235. 5
238. 6
241. 3
243. 4
246. 5
249.6
252.6
United
Kingdom
117. 5
128. 6
137. 7
150.4
174. 4
216. 7
252.9
266. 5
270. 0
277. 1
279. 9
282. 6
289.8
292. 1
Source: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc" landise i mports
Merch andise e:cports
Period
[
i
1Domesticj
|
Total 1
Food,
domes- 1
bevertic and
12
foreign Total
ages,
and toexbacco
ports
Ge neral im 3orts
exports
Crude
Food, Crude
mate- Manubever- mate2
rials
rials
facTotal
ages,
and
and to- and
tured
fuels
fuels
goods
bacco
F. a.s. valu e 5
Monthly
average :
1973
1974
Total
(c.i.f.
value) 4
3, 750
4, 684
6, 131
9, 000
4,602
4,257
5, 398
5,355
5,617
5, 546
5, 665
5, 509
5,724
5, 832
9,000
-257 -195
852
8,616
918
-582 -490
10, 797
10, 954
-571 -432
11, 508
-850 -761
11, 253
-835 -744
11, 449
-965 -855
11,308
-925 -857
11, 381 -1, 124 - 1, 029
— 720 -623
11, 789
3,946
4, 111
4,964
4, 572
3, 974
4, 829
5,861
5, 920
6,069
6, 244
6, 313
6,629
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
Custom s value
5,811
8, 045
1, 078
1,269
895
1,317
3, 728
5, 294
5, 790
8,416
1974
1975
1976
1976: June...
Julv...
Aug
Sept.—
Oct
Nov__
Dec____
8, 159
8,928
9, 567
9, 722
9, 956
9, 733
9, 796
9,698
9, 594
10, 397
8,045
8,803
9,427
1,269
1,399
1,436
1,387
1,459
1, 476
1,442
1, 639
1, 398
| 1, 379
1,317
1,266
1,341
1,350
1,363
1,283
1,490
1,469
1,482
1,475
5,294
5,913
6,437
6,552
6, 629
6, 549
6,440
6,285
6,457
7,337
8,354
8,010
10, 056
10, 154
10, 717
10, 477
10, 651
10, 555
10, 623
11, 020
770 1, 120
892 2, 653
F.a.s. ^value 5
892 2,672
827 2,716
991 3,456
1,041 3,432
1,036 3,817
972 3,761
998 3,747
986 3, 788
1,030 3,905
1, 142 3,808
1977: Jan
Feb
Mar
Apr
May
June
9,599
9,808
10, 072
9, 970
10, 395
10, 112
1 1, 250
1.265
1, 451
1, 350
1, 376
i 1, 315
1,409
1,574
1,482
1,684
1, 789
1, 575
6,459
6,483
6, 745
6, 479
6, 794
6,700
11, 269
11, 674
12, 459
12, 593
11, 616
12, 932
1,150
1,261
1,291
1,468
1, 354
1, 170
1
Total excludes Department of Defense shipments of grant-aid military supdies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
8
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mei-ehandise5 trade
balance
Exports
Ex(f.a.s.) perts Exports
less
(f.a.s.) (f.a.s.)
im1®SS
less
ports
imimports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
Manufactured
goods
5, 902
8, 159
1
1
'
3
112
-257
-195
-229
-841
-841
312
-1,230
-1,232
- 1, 552
-1, 520
-1, 653
— 1, 611
-1,787
- 1, 392
-1, 758 - 1, 670 -2, 460
— 1, 956 -1, 866 -2, 655
-2, 484-2, 387 -3, 212
-2,707 — 2, 623 -3,449
-1, 326-1, 221 -2,009
-2, 934 -2, 820 -3, 698
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 1976, except detail for exports and imports, not yet
available.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. merchandise trade balance fell in the second quarter to a defict of $7.8 billion from $7.0 billion in the
first quarter. Although exports rose modestly, imports registered a larger increase, primarily due to a rise in oil
imports.
BILLIONS OF DOLLARS
BIIUONS OF DOLLARS
10
1969
1976
1970
I
1977
COUNCIL OF ICONOM1C ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Mejrchandise
Period
Exports
Imports
12
Net
balance
Militstry trans actions
Direct
expenditures
1970
42, 469 -39,866 2, 603 -4, 855
1971
43, 319 -45, 579 -2,260 -4,819
1972
49, 381 -55,797 -6,416 -4, 784
1973
911 -4, 629
71, 410 -70,499
1974
98, 306 -103,673 -5, 367 -5, 035
1975
107, 088 -98, 043 9,045 -4, 795
1976
114, 695 -123,918 — 9, 223 -4, 847
1975: III___ 26, 562 -24,483 2, 079 -1, 096
IV.. _ 27, 657 -25,431 2, 226 -1, 198
1976: I
26, 999 -28, 324 - 1, 325-1, 160
II—. 28, 379 -29, 914 -1, 535- 1, 228
III___ 29, 607 -32, 387 -2, 780-1, 237
I V _ _ _ 29, 710 -33,293 -3, 583 -1,222
1977: T *
29, 476 -36,456 -6, 980-1, 350
II *>___ 30, 521 -38, 315 -7, 794
Sales
1, 501
1,926
1,163
2, 342
2,952
3, 919
5,213
957
1, 164
1, 095
1, 189
1,472
1, 457
1,432
Net
balance
Private 3
U.S.
Government
-3,355 3,605 -112
-2,893 5, 575 -956
-3, 621 6, 074 -1,888
-2,287 7, 806 -3, 010
-2, 083 11, 978 -3, 234
-876 9,377 -3, 423
366 13, 041 -3, 233
-139 2,435 -816
-34 2, 404 -807
-65 3, 210 -773
-39 3, 025 -745
235 3,455 -788
235 3, 351 -927
82 4,042 -872
*2 Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
3
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Net iiavestment i ncome
Nettravel Other
and
trans- servporta- ices,
net 3
tion
receipts
-2,023
-2, 315
-3, 028
-3, 086
-3, 105
-2, 552
— 2, 145
-604
-684
-669
-337
-458
-681
-863
Balance
on
goods
and
serv-l
ices
2, 190 2,912
2, 509 -340
2, 789 -6, 088
3, 185 3, 520
3,970 2, 160
4, 594 16, 164
4,888 3, 699
1, 180 4, 135
1, 184 4, 289
1, 192 1, 569
1, 176 1, 545
1, 239
899
1,279 -315
1,419 -3, 172
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
-3, 294 -382
-3,701 -4, 041
-3,854 — 9, 942
— 3, 887 -367
-7, 188 -5, 028
-4, 612 11, 552
-5,023 -1, 324
- 1, 070 3, 065
-1, 238 3, 051
- 1, 029
540
-1,015
530
-1, 936-1,037
- 1, 045 -1, 360
-1, 145, -4, 317
Note.—Merchandise trade data revised for 1976. Other data to be revised late
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
U.S. assets abroad fell in the first quarter and foreign assets in the United States grew much more slowly than in 1976
as year-end window-dressing and movements of funds in response to temporary interest rate incentives were reversed. Foreign official assets in the United States continued to expand strongly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 30
30 I
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
10
10
-10
-10
-20
-20
-30
-30
1977
1969
SOURCEs DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
UJ3. assets abroad, rlet
[mere*ise/capita outflow (-)]
Period
Total
1970___
1971
1972
1973
1974
1975
1976
U.S.
official
reserve
assets 1 z
Other
U.S.
U.S.
Govern- private2
ment
assets
assets
Forei gn assets in the U. S., net
[inert?ase/eapit*il inflow (-HP
Foreign official
assets
Total
Total
-6, 164
2,477 - 1, 589- 7, 052 5,923
2,348 -1, 884 - 9, 76322, 445
-9,299
32 -1, 568 - 8, 39221, 127
-9, 929
- 14, 666
209 -2, 645-12,230 17, 753
-27, 029 - 1, 434
365 — 25,960 33, 612
-31, 548
-607 -3,463 -27,478 14, 336
-42, 959 -2,530 -4, 213 -36,216 34, 520
1975: I I I _ _ _ -3,081
IV.___ -11, 836
-342
89
451
-388
-895
1,734
856
385
201
079
3,067
1
Consists of gold, special drawing rights (SDH), convertible currencies, and
voe
U.S. reserve position in the IMF.
2
Quarterly data are not seasonally adjusted.
7,362
-984
27, 405 -4,450
10, 322 10, 422
5, 145 11, 454
10, 257 22, 631
5, 259
7,376
13, 007 16, 575
-745 - 1, 994 2,416 -1,603 -1,977
2,832
-977
10,948 5,814
2, 328
1976: I
-773
-10, 751
-723 - 9, 254 6,
II
-9,779 -1,578
-944 - 7, 257 7,
-407
I I I _ _ _ -8,409
- 1, 405 - 6, 597 8,
IV
- 14, 022
228 -1, 142 -13,108 12,
1977: !*____
6, 907
26, 895
10, 705
6,299
10, 981
6,960
17, 945
Other
Assets of foreign
foreign
assets
official
reserve
agencies
3,
4,
3,
6,
847
051
070
977
5, 852
2,323
3, 308
1, 251
6, 125
4, 019
2, 982
3,009
3, 333
5, 131
5, 102
4,847 -2, 785
Statistical
discre pancy
U.S.
Allocaofficial
tions
reserve
of
Of
assets,
Total
which :
special (sum
net 1
of
drawing
Seasonal
(unadthe
rights
adjust- justed,
items
(SDR) with
end of
ment
sign discrepperiod)
reversed)
-244
867
717 -9,822
710 -1,966
-2, 720
-1, 555
5, 660
9, 763
14,
12,
13,
14,
15,
16,
18,
-2,400 -2,475
2, 971
1, 316
3,355
717
1,865
129
1, 244 -2, 622
3, 303
1,780
799
470
487
167
151
378
883
226
747
16, 291
16, 226
16, 941
18, 477
18, 945
18, 747
19, 120
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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GOVERNMENT PRINTING OFFICE
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U.S. GOVERNMENT PRINTING OFFICE
379
DIVISION OP PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
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
.
,... _. _ M _ M .., ^ « „ ~. ^ ^ _ „.. M
. _ _ ... « ^ M M M M . ^ _ ^ M ^ M M M
..
_,... M _ »-. _. _. _.. ^ _. _ « —. ... M ^
.... ^ « « ^ M ^ . « ^ « ^ ^ M ^ . ^ ^ ^ , « ^ .
„.....__..-.,~. -..*-..-..,-, ~-. -. ^ _ — .
......
— ... ~ .......... _ »-............ « ... —
„ _. *. _ _.._ ._ _. _. _, ^. ^.._. _. _. _.. _. _ ^ .~. M ^
...,._..,. .. -*.
..*
...-,„......._. _........_.......-_.._ _. _. ^.......
— ......-...._ ....-.........................-..-..-.
_._ _
- ~^.....-.
_ ~ M .-.
._ ..............-. *--..-. -. ^ M ~.
-..~. _ »~..-. .-._—.
..... ^...._._ ....,.....
.......-. .... M
1
2
2
3
3
4
4
5
6
7
8
9
10
Status of the Labor Force. .
,
..,...'._.-._.-.
-'.
-,.
Selected Unemployment Rates
.-.
....... M ... ^. M
_..
-. « « « ^
Selected Measures of Unemployment and Unemployment Insurance Programs.. ^
_..M__M__.^_.^
Nonagricultural Employment
M .^ „ ^. ^.. .^ _. .^ M « ...... ^.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
-...-.....- .... M M .^^.^^, M ^..
Average Weekly Earnings—Private Nonagricultural Industries
» . . . . . . . . . ^. ^, .^. _. ^. M .-. ^.. ^.-«-^. M
Productivity and Related Data, Private Business Economy
^.
^......... -.
11
12
13
14
15
15
16
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
^..
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
_.....-....-«.....-..-..-......-...-..-..-._
_. _ .^ _. _ ^..
^. ^. M ^, ^. ^ ^ M ^. M
.... _...... _. ^ « ».. « M _ ^. M .-. M « ^. ^. .^.
_.....-.... M ...... .^ ... ^ *.. M *.. _ M .-,... ^.
,
_. ^ -. „ „. M -. _ _ M _. ^. ^ M .
.-.»........ -., ^.._....-. ^........ -.... M « ^,......
17
18
19
19
20
21
PRICES
Wholesale Prices
Consumer Prices
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
_.
*..„...
.. .. ^
_ M M _ _ _ M _ _ _ ^. _ _
..
-. ^ .
,. ^. ^. ^ .-. ^ ^ ^. *- M ~ ^. ^ ^..-. — «
. . ^. ^..
-, « ~ M _ -. _ ,
-. M ^-.^.^,««^, M M «
^...... -, .-. M M .-..-. « ^. M ... ^. ^. M ^ M ^, ^ ^ ^ «
.......
M „ »...
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
_,
_.... ,. „ _..
M
Private Liquid Asset Holdings—Nonfinancial Investors
MM««^.MM^.«MMMM
Consumer Instalment Credit
........-....._ ............. ^.. _. ~.. ^.. ^, ^-. _, ^ ^. ^ ^, ^.. ^. ^ ^,... ^
Bank Loans, Investments, and Reserves
^. -.....
^. ^. ^ « ^ M ^ ^. ^ _, ^ M ^. ^
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
._ ....... M _ M M M M M ..^ M ...
Current Assets and Liabilities of Nonfinancial Corporations
._. _...«........ ^............. .^.._ ^....... M ^.. .
Interest Rates and Bond Yields
..„..._ M .^ _ ^ ... _. ^ ^ ^ ^ ^ M _ _ „ _.
Common Stock Prices and Yields
_ M ... _,...... ^.. ^ ^ ^.. ^.. ^ _ ^ ^. M M ^ w ^ »...
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
„. _ ,
.„ _ _ _ _ _ MM^.^M«^MMM
Federal Budget Receipts by Source and Outlays by Function........ _ ^. M ^.... ^.... M M ^ . M M M M M M ^ . ^ , « ^ . ^ . ^ , M ^ .
Federal Sector, National Income Accounts Basis
-.....,.
M _. „.. ^.. .^, ^ ^ ^.. ^. „ M « ^. ^. „ ^.
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.... ». ^. ^. *.. ^.. ^.. ^. _ ^.. ^ ^. ».. ^ ^ ^, ^. ^ _ ^.. ^,
U.S. Merchandise Exports and Imports
^-. ^.»........ _. ^.. ^. ^. _. ^... ^. ^ ^. M ^. ^ M ^ _ ^. ^ ^, ^ ^ ^.. ^,
U.S. International Transactions.
„
..
^. ^.... ^.... ^ M _ ^ ^. ^.. ^.. M ^ „ ^ ^ ^ ^ ^
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