Full text of Economic Indicators : July 1978
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95th Congress, 2d Session
Economic Indicators
July 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
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)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
J O H N R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC L A W
1 2 0 — 8 1 S T C O N G R E S S ; C H A P T E R 237—1st SESSION]
JOINT RESOLUTION f S J . R e s . 55]
To print the monthly publication entitled "Economic Indicators'*
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Anns of the Senate; the Cleric 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 $84.9 billion or 18.2
percent, both at annual rates. Real output (GNP adjusted for price changes) increased 7.4 percent from the
first quarter level and the implicit price deflator rose at a 10.0 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,200
BILUONS OF DOLLARS (RATIO SCALE)
2,200
SEASONALLY ADJUSTED A N N U A L RATES
•
2,000
2,000
1,800
1,800
1,600
1,600
GNP
f
IN CURRENT DOLLARS
/
1,400
1,400
A
1,200
1,200
****
GNP
IN 1972 LX) IARS
^
-
- - *
-
1,000
1,000
i
i
i
|•
1970
\
1
1971
I
1
1
1972
1 1
1973
i
i
t
r
1974
i
i
t
i
t
W6
1975
t
t
i
1977
1
1
1
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEfAJtrMfNT OF COMMERCE
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purchases of goods and
services
Federal
State
NaNonTotal
and
tional
Total
delocal
de- !
fense
fense
Exports and imports of
goods and services
Net
exports
Imports
40. 6
47.7
52. 9
58. 5
64. 0
75. 9
94.4
131.9
126.9
155.7
186.6
180.2
198.7
207. 9
218.9
233.7
253. 1
269.5
302.7
338.4
359.5
394.0
90.9
98.0
97.5
95.6
96.2
102. 1
102. 2
111. 1
123.1
129.9
145. 1
71.5
76.9
76.3
73. 5
70. 2
73. 5
73.5
77.0
83.7
86.8
94.3
19.5
21. 2
21.2
22. 1
26. 0
28.6
28.7
34. 1
39.4
43. 1
50.8
89. 3
100.7
110.4
123.2
137.5
151. 0
167. 3
191.5
215.4
229. 6
248.9
786.2
860.8
926.2
978.6
I, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
46.4
49. 3
52. 4
55. 1
236.7
245. 9
252. 7
260.3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
53.6
265.2
277.2
1, 975. 3
2, 056. 2
490.4
796.
868.
535.9
935.
579.7
982.
618.8
1, 063.
668.2
1, 171.
733.0
1, 306.
809. 9
1, 412.
889. 6
1, 528., 8 979. 1
1, 700. 1, 090. 2
1, 887. 2 i; 206. 5;
120.8
131.5
146.2
140.8
160.0
188. 3
220. 0
214. 6
190.9
243.0
297.8
-11. 1
45. 6
49.9
54.7
62. 5
65. 6
72.7
101.6
137.9
147. 3
163.2
175. 5
1, 806. 8 1, 167. 7j
1977:1
II... 1, 867. 0- 1 188.6
III.. 1,916. 8 1 i 214. 5
1, 958. 1 1, 255. 2
272. 5
295. 6
309. 7
313.5
-8.5
-5.9
-7.0
-23. 2
170. 9
178. 1
180.8
172. 1
179.4
184.0
187.8
195. 2
375.0
388.8
399.5
412.5
138.3
142.9
146.8
152.2
91.9
93.7
94.4
97. 1
1, 992.
2, 076.
322.7
342.2
-24. 1
181.7
199.4
205.8
213.3
416.7
424.6
151.5
147.4
97.9
-13.9
1967
1968
1969
1970
1972IIII
1973
1974
1975
1976
1977
1978:1
U
, 276. 7
, 324, 0
4.9
2.3
1.8
3.9
1.6
-3. 3
7. 1
6.0
20.4
7.4
1 This catepory corresponds closely with budget outlays tor national defense,
shown on p. 33.
Final
sales
Exports
98.9
48.5
Note.—Data revised beginning 1975.
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 private domestic
Exports of goods
investment
Perand services
sonal
conGross
Change
national sumpNonResi- in busition
product
Net
resiness
inexpend- dential dential
Exports Imports
vento- exports
fixed
itures
fixed
ries
Period
Government purchases of
goods and services
Total
Federal
State
and
local
Final
sales
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. 3
1, 271. 0
1, 332. 7
603.2
633.4
655.4
668.9
691.9
733.0
767.7
760.7
774. 6
819.4
857.7
103.5
108.0
114, 3
110.0
108.0
116.8
131.0
130.6
113.6
118.9
129.8
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
12.0
8.7
10.6
4.3
6.6
9.4
16.5
8.0
-9.8
6.7
8.9
3.5
-.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.4
9.5
54.2
58.5
62.2
67.1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
50.7
58.9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80. 5
88.7
248.3
259.2
256.7
250.2
249.4
253. 1
252.5
257. 7
262.6
262.8
269. 2
125.3
128.3
121.8
110.7
103.9
102. 1
96.6
95. 8
96.5
96.6
101. 6
123. 1
130.9
134. 9
139.5
145.5
151.0
155. 9
161.8
166. 1
166. 2
167.6
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
lf 218. 5
1, 209. 9
1, 212. 1
1, 264. 4
1, 323. 8
1977:1- — 1, 306. 7
I I — 1, 325. 5
1, 343. 9
IV... !l, 354. 5
846.6
849.5
858.0
876.6
126.8
129. 1
130.8
132.5
53.5
58.0
58.8
60.3
5. 8
10.0
12.2
7.5
11.2
11.0
12.5
3.1
97.1
98.9
100.8
96.0
85. 9
87.9
88.2
92.9
262.8
267.9
271.7
274.5
98.7
101.3
102.9
103.6
164. 1
166.6
168.8
170.9
1, 300. 9
1, 315. 5
1, 331. 7
1, 347. 1
1978:1_— 1, 354. 2
1, 378. 6
873.5
886.5
133.8
138.6
59.5
60. 1
12.3
13.1
2.9
7.8
99. 1
105.7
96.2
97.9
272.1
272.4
101.2
97.3
170.8
175. 1
1, 341. 8
1, 365. 4
1967
1968
1969
1970
1971
1972
1973
1974_
1975
1976
1977
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona] consumption expenditures
Total
Gross private
domestic
investment
Nonres- ResiNonDurable durable Services idential dential
fixed
goods
goods
fixed
Exports and
imports of goods
and services
Government purchases of goods
and services
Exports Imports Federal
State
and
local
79. 02
82. 57
86.72
91. 36
9a 02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61
81. 3
84. 6
88.5
92. 5
96. 6
100. 0
105. 5
116. 9
126.4
133. 1
140. 7
87.4
90. 7
93. 1
95. 5
99. 0
100. 0
101. 6
108. 4
117. 7
124. 4
129. 5
81. 9
85. 3
89.4
93. 6
96. 6
100. 0
107.9
123. 8
133. 4
138. 2
145. 0
78. 8
82.0
86.1
90. 5
95. 8
100. 0
104.7
113. 6
123.2
131. 6
141.0
79. 3
82. 6
86.6
91. 3
96. 4
100. 0
103.8
115.3
132.2
138. 4
146. 7
77. 0
80. 7
87.7
90. 6
94. 9
100.0
110. 8
122. 3
132. 8
142. 5
159. 4
84.0
85. 3
87.9
93. 1
96. 6
100.0
116.2
148.3
163.6
170. 1
178. 7
80. 1
80. 9
83.3
89. 1
93. 5
100. 0
118.2
171.0
188. 0
193. 5
210. 3
72. 6
76. 4
80.0
86. 4
92. 6
100. 0
105.8
115.9
127. 5
134.4
142. 7
72. 5
76. 9
81.9
88. 3
94. 5
100. 0
107.3
118.4
129. 7
138. 1
148. 5
1977: I
II
III...
IV_
138. 27
140. 86
142. 63
144. 56
137. 9
139. 9
141. 6
143. 2
128. 4
128. 9
129. 5
130. 9
142. 4
144. 7
145.7
147. 0
137. 4
139. 7
142. 3
144. 4
142. 5
145. 0
147.9
151. 2
152. 3
157. 6
160. 6
166. 1
176. 1
180. 0
179. 4
179. 2
208. 9
209. 3
212.9
210. 2
140. 1
141. 1
142.7
146.9
144. 3
147. 6
149. 7
152. 3
1978- I
II*
147. 10
150. 66
146. 2
149.3
133. 1
135.7
150. 4
154.6
147. 1
149.9
153. 6
156. 3
168. 6
174.5
183. 3
188.6
213. 8
217.8
149. 6
151.5
155. 2
158.3
1967
1968
1969
1970 _ _
1971
1972 __.
1973
1974
1975
1976_
1977
_
Note.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Gross domestic product
Fixedweighted
price
index
(1972
weights)
Constant
(1972)
dollars
Implicit
price
deflator
Chain
price
index
5.8
9.1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0
2.7
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
2.9
4.5
5.0
5.4
5.1
4. 1
5.S
9.7
9.6
5.2
5.9
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.2
1977- I
II
III
IV
13.7
14.0
11.1
8.9
7.3
5.9
5.7
3.2
6. 0
7.7
5.1
5.5
6.6
7.3
4.6
1978: I
II"
7.1
18.2
-. 1
7.4
7.2
10.0
7.1
10.1
Current
dollars
Period
1967
1968
1969
1970
1971.
1972
1973 —
1974
1975
1976
1977
_—
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
as
ao
Current
dollars
5.7
9.1
7.8
5.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.3
7.0
7.4
4.7
6.8
10.1
11.5
7.9
8.5
11.0
10.9
13.3
13.9
11.2
9.5
7.0
10.2
6.7
18.3
aI
Constant
(1972)
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1.1
5.6
4.8
3.0
4.5
5.1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
3. 1
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.7
6. 1
3.0
4. 4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
7. 1
5.8
5.8
3.5
5.7
7.7
5. 1
5.8
6. 4
7.4
4.5
6.7
6.8
7.5
4.6
7.0
—.4
7.5
7.1
10. 1
7. 1
10.2
7.0
10.2
NOTE.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)
Current-dollar cost and profit per unit of output (dollars)
Capital
conComsumption
penallowTotal
Net
sation
ances
Indirect
cost
inof
with business
and
profit 2 capital taxes a employ- terest
ees
consumption
adjustment
Current
dollars
1972
dollars
452.9
498. 4
541. 8
560.6
602. 5
671.0
752. 0
808. 8
874. 1
988. 5
1, 103. 2
545.8
581.6
607. 3
600.6
619.3
671.0
720.4
695.0
680. 0
730. 0
769. 3
0.830
.857
.892
.933
.973
I. 000
L 044
L 164
]1.285
1. 354
1.434
0.072
.074
.079
.088
.094
.093
. 095
. 116
. 142
. 146
0.084
150
110
112
123
136
136
140
589
628
645
661
699
796
848
891
952
1 9 7 7 : 1 - - 1, 048. 5
1, 093. 3
I I I - 1, 124. 6
IV___ 1, 146. 3
750.2
766.9
776.7
783. 6
L 398
1.426
L. 448
I. 463
. 149
149
151
152
140
139
140
142
1978:1 r . . . 1, 161. 6
783.6
]L482
155
145
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
—_
_
__ _
_-_
089
094
103
. 110
i Output is measured by gross domestic product of nonfinancial corporate
business in 1872 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the loft.
» Indirect business tax and nontax liability plus business transfer payments
less subsidies.
1
Corporate profits with
inventory valuation and
capital consumption
adjustments
Total
CompenOutput
sation
per
per
hour
hour
of all
employ- of all
ees
employ(1972
ees
dollars) (dollars)
Profits
tax
liability
Profits
after
tax*
0. 072
.066
.055
.041
.046
.057
.050
.024
.053
.066
.071
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.780
7.504
7.777
8.045
8. 190
3. 676
3. 929
4. 198
4.478
4.757
5.024
5.440
5.971
6.597
7. 166
7. 794
0.016
.017
.022
.028
. 029
. 028
. 032
. 043
.045
0. 123
; 124
. 109
.086
. 095
.044
. 148
0.051
;058
:055
.045
. 048
.050
.055
. 061
.060
.073
.077
932
946
955
973
043
.043
.044
045
134
148
158
151
.075
.078
.076
.077
.059
.070
. 082
.074
8.097
8. 152
8.257
8.252
7. 550
7. 709
7.884
8. 027
1. 008
046
< 129
.071
.057
8. 198
8. 264
0.535
: 553
042
107
. 105
.086
. 113
139
* With inventory valuation and capital consumption adjustments.
NOTE.—Data revised beginning 1976.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
Period
income
Compensation of
employees 1
Proprietors'
income with
inventory valuation and capital
consumption
adjustments
Farm
1967
1968
1969
1970
1971
1972
1973
1974
1975.
1976
1977
-
1978:1
I!"
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
Total
Profits
before
tax
12. 1
12.0
13.9
13.9
14.3
18.0
32.0
25.4
23.5
18. 4
20.2
48.9
51.4
52.3
51.2
53.4
58.1
60.4
60.9
63.5
70.2
79. 5
19.4
18.6
18. 1
18.6
20. 1
. 21.5
21.6
21.4
22.4
22.5
22.5
79.3
85.8
81.4
67. 9
77.2
92.1
99. 1
83.6
95.9
127.0
144. 2
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
86.$
107.9
141.4
159. 1
77.3
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155. 9
173. 9
__- 1, 499. 3 1, 140. 5
1, 447. 5 1, 107. 9
1, 537. 6 1, 165. 8
1, 576. 9 1, 199. 7
19. 4
20.0
16.5
25.1
76. 1
78.9
80.8
82.3
22.5
22.4
22.4
22.7
129.9
143.7
154.8
148.2
144.5
158.5
169. 9
163.5
164.8
175. 1
177.5
178.3
1, 603. 1 1, 241. 0
1, 286. 1
21.9
24. 5
83.1
86. 1
22.8
23.0
132.6
14& 7
172. 1
.
1977:1
II
III
IV
Corporate profits with inventory valuation
and capital consumption adjustments
655.8
471.9
519.8
714.4
571.4
767. 9
609.2
79a 4
650. 3
858. 1
715.1
951.9
799. 2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
3, 359. 2 1,036. 8
1, 515. 3 1, 153. 4
--
_ _ .
Nonfarm
Rental
income
of persons
with
capital
consumption
adjustment
„
—
Inventory
valuar
tion
adjustment
Capital
Net
coninterest
sumption
adjustment
-1.7
3. 7
-a 4
3.7
3.5
1.5
.3
2.5
1.9
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-14.8
-20.3
-16.6
-7.7
-118
-23.5
-24.8
-2.9
-12.0
-14,4
-14.9
-14.6
-14.8
-15.0
-15.3
-16. 1
-16.7
24. 3
26. 8
30.8
37. 5
42.8
47.0
52.3
69. 0
78. 6
84. 3
95.4
:
91. 7
93.7
97. 3
99.0
101.7
104.2
1
Includes employer contributions for social Insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
Note.—Data revised beginning 1975.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Retail sales of
new passenger
cars (millions
of units)
Total
personal
consumption
expenditures
Total
durable
goods *
Motor
vehicles
and
parts
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
490.4
535.9
579. 7
618.8
668.2
733.0
809.9
889. 6
979. 1
1, 090. 2
1, 206. 5
69.6
80.0
85, 5
84.9
97. 1
111.2
123.7
122. 0
132.6
156. 6
178.4
29. 7
35.8
37.7
34 9
43.8
50.6
55.2
48. 0
53.4
69.7
81. 5
29. 5
32.6
35. 0
36.7
39.4
44.8
50. 7
54. 9
58.0
63. 9
71.3
212.6
230.4
247.0
264. 7
277.7
299.3
333.8
376. 3
408.9
442. 6
479. 0
109.6
11&3
126.1
136.3
140.6
150.4
168. 1
189.8
209.6
225.8
245.2
41.8
45. 1
46.6
50. 5
55. 1
61.3
65.3
70. 1
75.7
81.5
1977:1
II
III___.
IV
1, 167. 7
1, 188. 6
1, 214. 5
1, 255. 2
173.2
175. 6
177.4
187.2
81.3
81.2
79. 5
84,0
68.0
69. 9
72.0
75.3
465. 9
473.6
479.7
496.9
237.5
244.5
246.4
252.6
78.5
79.3
81.4
86.7
20.4
22.0
23.4
24.9
27.8
36.4
39.5
42. 8
46.5
46. 1
46. 2
46. 0
47.6
1978:1
II °.
1, 276. 7
1, 324. 0
183.5
197.3
84. 1
92.4
72. 1
76.1
501.4
518.6
257.7
266. 2
82.9
87. 8
48.3
49.3
Period
1
Total Includes other Items not shown separately.
4
Furniture
and
household
equipment
Total
nondurablel
goods
Food
Services
Clothing
and
shoes
Gasoline
and oil
3a 2
17.0
ia4
Domestics
2oai
225. 6
247.2
269.1
293.4
322.4
352.3
391.3
437.5
491.0
549.2
7.6
a6
528.6
539.4
557.5
571. 1
8.5
7. 1
8.7
9. 3
9.7
7.5
7. 1
8.6
9. 1
9.4
9.2
8.9
9.0
591.8
608.1
8.7
10.0
Imports
0.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1. 5
2. 1
1.9
2.3
2.0
2.0
2.1
%1
Note.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $14.4 billion (annual rate) in June following revised increases of $11.2 billion in M a y and
$23.9 billion in April. Wages and salaries increased $7.3 billion in June, compared with $3.5 billion in M a y . A l l
other major types of income also rose in June.
BILLIONS OF DOLLARS* (RATIO SCA
20
2,000
1,800
1,600
1X00
1,200
1,000
BILUONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400
1,200
1,000
800
800
WAGE AND SALARY DISBURSEMENTS
600.
600
400
OTHER INCOME
400
„
•>" ""
200
TRANSFER
PAYMENTS
200
3
100
100
80
80
60
60
nln
1970
1 1 I I I I I I
1971
11 i i 11
1972
1 t T 11
HMllllll
i 11 it i 11
1974
1973
1976
1975
I I I I I 1 I M I I
1977
1978
•SEASONALLY ADJUSTED A N N U A L RATES
COUNCIL O f ECONOMIC AOV1SE8S
SOURCE. DEPARTMENT O f COMMERCE
1970
1971
1972
1973
1974
1975
1976- _
1977
801. 3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380.9
1, 529. 0
[Billions of dollars; monthly data at seasonally adjusted annual rates]
8
Wage
Rental
Other Proprietors' income income
and
Divi- Personal Transfer
pay- 8
salary
labor 12
dends interest ments
of
disburseincome
income
Nonfarm persons *
Farm
l
ments
51.2
22. 9
64. 3
13. 9
18. 6
546. 5
32. 0
79. 9
36.2
53.4
23. 0
69. 3
94. 1
14. 3
20. 1
579. 4
24. 6
74. 6
104. 1
42. 0
21. 5
633. 8
18. 0
58. 1
32. 0
60.4
21. 6
84. 1
701. 3
27. 8
48. 7
na
9
21.4
31.0
103. 0
140.8
25.4
764.6
55.6
6a 9
805. 9
65. 1
23. 5
63. 5
22. 4
31. 9
115. 5
178.2
890. 1
77. 0
18. 4
70.2
22. 5
37. 9
126. 3
193. 9
983. 6
90. 4
20.2
79. 5
22. 5
43. 7
141. 2
208.8
1977: June™
July...
Aug
Sept___
Oct
Nov
Dec
1,
1,
1,
1,
1,
1,
1,
517. 4
533. 5
540. 7
556. 9
577. 0
592. 7
609. 2
980.3
988.9
991.5
1, 000. 4
1, 014. 1
1, 022. 3
1, 027. 3
89.8
91.0
92.2
93.5
94.8
96. 1
97.3
18.9
15. 9
15.0
18.5
22. 1
24.6
28.5
79. 5
80.5
80.8
81. 0
81. 4
82. 2
83. 2
23. 1
22. 3
22.4
22.4
22.4
22. 6
22. 9
43.8
43. 8
44. 1
44. 4
45. 1
45. 5
48. 3
140.5
142. 1
143.7
145. 1
145. 3
145. 5
147.3
202. 3
210. 3
212. 1
213.3
214. 2
216.5
217. 2
60.8
61. 2
61.3
61.6
62. 4
62. 6
62.8
1,
1,
1,
1,
1,
1,
1,
1978: Jan
Feb.—
Mar
Apr
May___
June *_
1, 615. 5
1, 625. 0
1, 646. 3
i; 670. 2
1, 681. 4
1, 695. 8
1, 038. 3
1, 047. 4
1, 066. 6
1, 083. 9
1, 087. 4
1, 094. 7
98.7
100.0
101.3
102.7
104.0
105. 4
25. 6
21.5
18.6
22.4
24. 6
26. 6
82.0
83.0
84.4
85. 5
86. 1
86. 6
23.0
22.8
22.6
22.7
22.9
23.4
46.8
47.0
47. 2
47. 4
48. 0
49. 0
149.6
151.4
153.3
154. 8
156.3
157.8
218. 1
219.0
220. 3
219.7
221. 3
221. 8
66.5
67.0
68.0
68.9
69.0
69.4
1, 574. 7
1, 588. 3
1, 612. 5
1, 632. 3
1, 641. 3
1, 653. 6
Period
Total
personal
income
AUVVUlV
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
» Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
8
With inventory valuation and capital consumption adjustments.
•With capital consumption adjustment.
Less: PerNonsonal confarm
tributions personal
for social income 6
insurance
780.7
28.0
30. 8
838.0
34. 2
917.3
42.2 1, 011. 9
47. 7 1, 119. 3
50.5 1, 220. 8
55.5 1, 349. 5
61. 0 1, 494. 4
484. 2
503. 3
511. 2
523. 9
540. 1
553. 1
565. 5
8
Consists mainly of social insurance benefits, direct relief, and veterans payments.
* Personal Income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
NOTE,—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
5
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter.
BIUJONS OF DOLLARS* tRATIO SCAIQ
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
1,600
1,400
1,400
a
MM
1,200
DISPOSABLE PERSONAL INCOME
m
- ^^
1/200
^
^
^
\
1,000
1,000
onn
800
• * ^ ^
PERSONAL OUTLA
rs
600
600
L _ L . _]
1
1
1
T
t
t
I
i
1
i
i
i
i
t
i
i
t
i
1
1
1
I
I
I
"
DOLLARS* (RATIO SCALE)
-^
"7,000
DOLLARS* (RATIO SCALE)
7,000
^
6,000 -PER CAPITA DISPOSABLE PERSO
^—r^<
'-I
_^
C AAA
-
6,000
5,000
CURRENT DOLLARS
j( flrtrt
*0>
-
1972 DOLLARS
•
3/000
2,000
4,000
3,000
t
t
1
t
i
»
1
1971
1970
T
i
t
t
t
i
i
1973
•1972
t
19?4
1
1
i
»
1976
1975
t
»
1977
i
i
i
2,000
1978
* S E A S O N A U Y ADJUSTED A N N U A L RATES
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF COMMERCE
Period
Less:
Personal
tax
perand
sonal
income nontax
payments
Equals:
Disposable
personal
income
Less :
Personal
outlays l
Per capita
disposable
personal income
Equals:
Personal
saving Current
dollars
Billions of dollars
1969
1970
1971
1972
1973
1974
1975
1976
1977
1,
1,
1,
1,
1,
745.8
801.3
859. 1
942. 5
052. 4
154, 9
255. 5
380. 9
529. 0
115.4
115.3
116.3
141.2
150.8
170. 3
168.8
196.5
226.0
1972
dollars
Per capita personal consumption expenditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
(thousands) *
Dollars
630.4
595.3
685.9
635.4
742.8
685.5
801. 3
751. 9
831.3
901.7
913. 0
984. 6
1, 086. 7 1, 003. 0
1, 184. 4 1, 116. 3
1, 303. 0 1, 236. 1
35. 1
50.6
57.3
49.4
70.3
71.7
83.6
68.0
66.9
3,111
3,348
3, 588
3,S37
4,285
4,646
5,088
5,504
6,009
3,515
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4,271
2,860
3,020
3,227
3,510
3,849
4, 197
4,584
5,066
5, 564
3,234
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3,955
1.5
3.0
2.6
3.3
5.9
-2.2
1.3
2.8
3.3
5.6
7.4
7.7
6.2
7.8
7.3
7.7
5.7
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211,945
213, 566
213, 191
216, 856
Seasonally adjusted annual rates
1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9
52.2
67.5
74.3
73.7
5,772
5,934
6,077
6,250
4,185
4,241
4,293
4,365
5,401
5,487
5,595
5,770
3,916
3,922
3,953
4,030
1. 1
5.5
5.0
6.9
4.2
5.3
5.6
5.4
216,
216,
217,
217,
1978:1__._ 1, 628. 9 237.3 1, 391. 6 1, 309. 2
Im- 1, 682. 5 248. 8 1, 433. 7 1, 357. 9
82.4
75.8
6,387
6,572
4,370
4,400
5,859
6,069
4,009
4,063
.5
2.8
5.9
5.3
217, 897
218, 168
1977: I .
II—
III—
IV..
1,
1,
1,
1,
470. 7
508. 6
543. 7
593. 0
222.7
223.3
224.6
233. 3
1,
1,
1,
1,
248. 0
285. 3
319. 1
359. 6
1
Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
* Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
206
603
073
541
Note.—Data revised beginning 1975.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the second quarter, net farm income before inventory adjustment rose $4.7 billion (annual rate) while income after
inventory adjustment rose $2.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOUARS* (RATIO SCALQ
120
120
160
100
•GROSS FARM INCOME
BEFORE INVENTORY "
ADJUSTMENT
80
60
80
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
40
v
40
i
/v
20
10
10
1971
1970
1972
1973
1974
1975
1976
1977
•SEASONALLY ADJUSTED A N N U A L RATES
SOU8C& DEPARTMENT OF AGRICULTURE
1978
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population
Income received from farming
Gross income before inventory adjustment
Period
From From From
all
farm nonfarm
sources sources sources Total*
1970
1971
1972
1973
1974
1975
1976
1977
1977:I
II
III._.
IV
13.0
13. 5
16.9
29. 2
23.4
21.9
16.9
18.3
27.5
28.8
34.6
48.9
45.2
44.5
41. 2
43.0
14.5
15. 3
17.8
19.7
21.8
22.7
24.4
24. 7
58.6
60.6
70.1
95. 5
100.0
96.9
104.1
ioa i
108. 1
106.7
102.7
114.8
1978: I
I^-
115.8
124.0
Cash receipts from
Producmarketings
tion exLivepenses
stock
Total
Crops
and
products
Billions of dollars
50. 5
29. 6
21.0
44.4
52.9
30.6
22.3
47.4
61.2
35.7
25.5
52.3
87. 1
45.9
41. 1
65.6
92. 4
41.4
51.1
72.2
88. 2
43.0
45. 1
75.9
94.5
46. 2
43. 3
83.0
96. 1
47.6
48.5
88.0
97.6
46.3
87.5
51.3
95.7
46.6
87.0
49.1
91.3
47.8
86.0
43.5
99.6
49.5
91.4
50. 1
102.2
110.0
1
Cash receipts from marketings. Government payments, and nonmoney income
furnished by farms.
1
Inventory of crops and livestock valued at the average price for the year.
> Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
31-480°—78
2
52.7
57.0
49. 5
53.0
93.5
97.0
Net to farm
operators
Net income per
farm after inventory adjustment 3
After
Before
inven- inventory
tory
adjust- adjust-2
ment
ment
Current
1967
dollars dollars *
14.2
14.6
14. 1
13.2
17.8
29.9
27.7
21. 1
21. 1
20. 1
20.6
19.7
16.7
23. 4
33.3
26. 1
24.5
18.8
20.6
19.6
20.2
16.8
25.5
22.3
27.0
22.3
25.0
ia7
Dollars
4,800
4,130
5,040
4, 160
6,530
5,210
11,810
8,870
9,350
6,330
8,850
5,490
6,850
4,020
7,590
4,180
7,240
4,090
4,130
7,460
3,390
6,210
5,080
9,420
8,320
9,330
* Income in current dollars divided by the consumer price index.
Note.—Series revised.
Source: Department or Agriculture.
4,410
4,830
CORPORATE PROFITS
According to revised estimates for the first quarter, profits before tax fell $6.2 billion while after-tax profits fell $2.3
billion. About half of the decline was caused by severe weather, the coal strike/and coal and electricity shortages.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1970
1971
1977
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual ratesl
Profits (before tax) with inventory
valuation
adjustment l
Period
Total
Total
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: I .
III
IV.
1978:
II*.
75.6
82. 1
77.9
66.4
76.9
89.6
97. 2
86.5
107.9
141.4
159. 1
144.5
158.5
169.9
163.5
148.7
72.6
78.9
74.2
62.6
72.4
84.7
90.4
76. 9
101. 8
133. 2
149.5
134.8
148. 1
159. 5
155. 6
139.2
Domestic industries
Nonfinancial
,
'WholeMTa n u
Finan" sale
3
faccial
Total
and
tur- retail
ing
trade
63.6
9. 0
37.9
8.9
10. 4
68.5
10. 1
41.2
11.3
62.9
10. 1
36.8
12.6
50. 1
9.4
27. 1
14. 1
58.2
11.7
32.4
15.4
69.3
13. 3
40.6
16.2
74. 1
14. 7
44. 1
14. 4
62.5
12. 9
36.6
13.0
88.9
20. 7
48.3
17. 5 115.6
24.0
65.6
24. 0
20. 9 128.6
74.7
66.4
19. 7 115. 1
20.6
77.4
19.9 128. 1
22.8
74. 7
21. 9 137. 6
30.6
80.2
21. 9 133.7
22. 1
22.7 116.6
69.8
16. 7
i See p. 4 for profits with Inventory valuation and capital consumption adjustments.
1
Includes rest of the world, not shown separately.
«Includes industries not shown separately.
8
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
77.3
85.6
83.4
71.5
82.0
96. 2
115, 8
126.9
120. 4
155.9
173.9
164. 8
175. 1
177. 5
178. 3
172. 1
32.5
39.4
39.7
34.5
37.7
41.5
48.7
52.4
49.8
64.3
71.8
68.3
72.3
72,8
73.9
70.0
44. 9
46. 2
43.8
37.0
44.3
54.6
67. 1
74. 5
70. 6
91. 7
102. 1
96. 5
102. 8
104. 8
104. 4
102. 1
20.1
21.9
22,6
22.9
23.0
24.6
27.8
31.0
31.9
37.9
43.7
41. 5
42.7
44. 1
46.3
47.0
48.1
24.7
24.2
21.2
14.1
21.3
30.0
39.3
43.6
38.7
53.8
58.4
55. 0
60. 1
60. 6
58. 1
55. 1
Note.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-1.7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-14.8
-20.3
-16.6
-7.7
-14,8
-23.5
-24. 8
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, business fixed investment rose $11.1 billion (annual rate),
nonresidential construction outlays rose $5.7 billion and producers' durable equipment purchases increased $5.4 billion. Residential investment outlays increased $4.5 billion. Inventory investment amounted to $20.7 billion, up $4.0
billion from thefirstquarter level.
BILUONS OF DOtlARS»(RATIOSCALE)
BILUONS O f DOUARS* (RATIO SCALE)
340 -GROSS PRIVATE DOMESTIC INVESTMENT
-NONRESIDfNTIAL RXED INVESTMENT-r
300
120
PRODUCERS'
V
DURABLE E Q U I P M E N T \ A " ^
/
260
-
100
220
-
J
180
1
1
J
I
\
80
i
l
|
)
1
t
1
I
T
. /
T
BILLIONS OF DOLLARS
120
_RESlDENTlAL FIXED INVESTMENT
110
60
X
*
_
100
~"
50
I
-
90 - '
-
STRUCTURES
I I
1 11
1 1 1
\
1 1
1
1
t
BILLIONS OF DOLLARS
80
-CHANGE IN BUSINESS INVENTORIES
j
70
-
60
^
\
/
-20 -
50
i
I
1974
i
I
I
i
I
\
i
1975
i
i
1976
\
1
\
1
-40
1974
1978
1977
1975
1976
* SEASONALLY ADJUSTED A N N U A L RATES
SOURCEi DEPARTMENT OF COMMERCE
1977
1978
COUNCtt. OF ECONOMIC ADVISERS
[Jbiuions oi dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential fixed investment
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
Gross
private
domestic
investment
Structures
Total
Residentialfixedinvestment
Producers'
durable
equipment
Total
Total
Nonfarm
Total
Nonfarm
Nonfarm
structures
Farm
structures
Producers'
durable
equipment
Change in business inventories
Total
Nonfarm
120. 8
131. 5
146. 2
140.8
160.0
188.3
220. 0
214. 6
190.9
243.0
297.8
82. 1
89.3
98.9
100.5
104. 1
116.8
136.0
150. 6
150. 2
164,6
190. 4
29.5
31.6
35.7
37.7
39.3
42. 5
49.0
54. 5
53.8
57.3
63.9
28. 2
30. 4
34. 3
36. 1
37. 8
41. 1
46.9
51.8
51.3
54.7
61. 0
52.6
57.7
63.3
62.8
64.7
74.3
87.0
96.2
96.4
107. 3
126.5
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.5
116.7
28.6
34.5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68.2
91. 9
27.2
33. 1
36.3
35. 1
47.9
60.3
64.3
52.7
49.5
65.8
88.9
0.7
.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
0.7
.8
.9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1.5
10. 1
7.7
9.4
3.8
6.4
9.4
17. 9
8.9
-10.7
10. 2
15. 6
9.4
7.6
9.2
3.7
5. 1
8.8
14,7
10.8
-14.3
12.2
15.0
1977:I
II - _
III
IV
272.5
295.6
309.7
313.5
180.6
187.2
193.5
200.3
59. 3
63.4
65.4
67.4
56. 4
60. 4
62. 7
64. 5
121. 4
123. 8
128. 1
132.8
111.0
113.8
118.6
123.4
81. 6
91. 4
94. 3
100.2
78.6
88.4
91. 2
97.5
1.6
1.6
1.6
1. 2
1. 4
1. 4
1.5
1.6
10.3
17.0
21. 9
13. 1
11. 1
16.5
22.0
10.4
1978:1
322.7
342.2
205. 6
216.7
68.5
74.2
65.2
71. 1
137. 1
142.5
127. 2
132.7
100.3
104.8
97. 3
101.7
1. 3
1. 4
1.7
L8
16.7
20.7
16.9
22. 7
__ _
_-
UP
Note.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
^Business plans to increase capital spending 11.2 percent in 1978, according to the Commerce Department survey
conducted in late April and May. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS (RATIO SCALQ
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUAL RATES
160
160
140
140
TOTAL NEW PLANT AND EQUIPMENT
120
120
100
100
80
80
60
60
>•••
MANUFACTURING
40
40
y y y
20
1
I
20
1973
1972
1970
1971
J/ SEE FOOTNOTE 4 BELO*.
SOURC£t DEPARTMENT OF COMMERCE
1975
1974
1976
1977
1978
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects *
Expenditures for plant and equipment
Manufacturing
Period
N onm anuf acturin g
Trans- Public ComMining porta- utili- munities
cation
tion
Total
Durable
goods
29.99
31.35
38.01
46.01
47.95
52.48
60.16
67. £8
14. 15
15. 64
19. 25
22. 62
21.84
23.68
27.77
30.96
15.84
15. 72
18. 76
23.39
26. 11
28.81
32.39
36.34
51.22
57.09
61. 73
66.39
64. 82
68. 01
75.64
83. 76
2. 16
2.42
2.74
3.18
3. 79
4.00
4.50
4. 76
4.93
5.72
6. 03
6. 66
7.57
7.45
6.93
7. 94
15.30
17.00
18. 71
20. 55
20. 14
22. 28
25.80
28. 94
10.77
11.89
12. 85
13.96
12,74
13.30
15.45
17. 46
16
24
38
11
56.43
59.46
63.02
61.41
26.30
27.26
29.23
28. 19
30. 13
32. 19
33.79
33. 22
73.74
74.78
77.36
76.70
4.24
4.49
4.74
4.50
7. 29
6.96
6. 85
6.88
25. 35
25.29
26.22
26. 23
1978: I
144.25
II «_— 148. 88
163. 83
166. 84
61.57
66.67
69.44
71.81
2a 72
so. 42
SI. 99
32.46
32.86
36. 25
87. 45
89.36
82.68
83. 21
84.89
86. OS
4.45
4.95
8.46
8.13
7. 65
7.61
27.92
28. 27
29. 26
SO. SO
Total'
1971
1972
1973
1974
1975
1976
1977
1978*.
81.21
88. 44
99.74
112. 40
112. 78
120. 49
__. 135. 80
_ 161. 05
1977:1
II
III
IV
130.
134.
140.
138.
Nondurable
goods
Total
1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
4-84
4.90
Commercial
and 2
other
Manufacturing
Public
utilities
28. 00
35.21
47. 57
52.49
48.24
51. 05
66.73
22. 22
28.60
38. 13
45.74
34.50
29.66
32.54
14. 19
15. 32
16.40
15.82
18.05
20.07
21. 40
22. 05
20.60
20.99
22. 97
24.67
22.67
22.73
23. 14
23.27
15. 26
15. 15
19.81
16. 54
9.76
3. 79
10.23
7.99
17. 07
41.
42.
42.
24. 76
86
63
21
17.41
5.13
* Includes trade, service, construction, finance, and insurance.
* Starts are estimated by adding changes In carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late April and
May 1977. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment in June increased very sharply by 707,000 while unemployment declined by 395,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
4ftA
100
-
M U A N LABOR F ORCE
^
^
90
90
—j-^
^
80
EMPLOYMENT
•«» rt ** W i»«M,.U.,,..
icf
UNEMPLOYMENT
*•
5
• »
- 5
^
0
1 1 1 1 1 1 1 1 1 t t
1971
1970
1 ! 1 ! 1 1 1 1 1i 1i it i I t i t i i.i
1972
1973
1974
1975
1 1 1 M I 1 11 1 i i1 1111 111 I*I
1976
1977
* 1 4 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
I M I l l l l l l l
1978
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over]
Period
Noninstitutional
population
Civilian Unememploy- ployment
ment
Total
labor
force
Civilian
(includ- labor
ing
force
Armed
Forces)
Unemployment
Civilian employment
Nonagricultural
Total
Agricultural
Total
Part-time
for economic
reasons *
1973
1974
1975
1976
1977
148,
150,
153,
156,
158,
263 84, 409
827 85, 935
449 84, 783
048 87, 485
559 90, 546
Unadjusted
4,304
5,076
7,830
7,288
6, 855
91,
93,
94,
96,
99,
040
240
793
917
534
88, 714
91,011
92, 613
94, 773
97, 401
84,
85,
84,
87,
90,
409
935
783
485
546
3, 452 80, 957
2,311
3,492 82, 443
2,709
3,380 81, 403
3,490
3,297 84, 188
3,272
3, 244 87, 302
3,297
Seasonally adjusted
1977: June.
July__
Aug..
Sept__
Oct..
Nov..
Dec.
158,
158,
158,
159,
159,
159,
159,
456
682
899
114
334
522
736
91,682
92, 372
92, 315
91, 247
92, 230
92, 473
92, 623
7,453
6,941
6, 757
6, 437
6,221
6,346
5,880
99,
99,
99,
99,
100,
101,
101,
681
442
751
887
205
009
048
97,
97,
97,
97,
98,
98,
98,
552
307
614
756
071
877
919
90,
90,
90,
91,
91,
92,
92,
648
588
793
088
383
214
609
3,330
3,206
3,224
3, 199
3, 243
3,357
3,323
87,
87,
87,
.87,
88,
88,
89,
318
382
569
889
140
857
286
1978: Jan*__
Feb__
Mar__
Apr__
MayJune.
159,
160,
160,
160,
160,
160,
937
128
313
504
713
928
91,
91,
91,
93,
93,
95,
6, 897
6,739
6,479
5, 685
5,457
6,326
101,228 99, 107
101,217 99, 093
101, 536 99, 414
101, 902 99, 784
102,374 100, 261
102, 671 100, 573
92,
93,
93,
93,
94,
94,
881
003
266
801
112
819
3, 354
3,242
3, 310
3,275
3,235
3,473
89,
89,
89,
90,
90,
91,
527
761
956
526
877
346
053
185
964
180
851
852
1 Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
a Total labor force as percent of noninstitutional population 16 years of age and
over.
Total
4,304
5,076
7,830
7,288
15
weeks
and
over
Labor
force
participation
rate
(percent) 2
61. 4
6, 855
812
937
2, 483
2,339
1, 911
3,390
3,464
3,253
3,306
3,263
3,285
3,220
6,904
6,719
6,821
6,668
6,688
6,663
6,310
1,788
1,824
1,800
1,834
1,848
1,829
1,797
62.9
62.7
62.8
62.8
62.9
63.3
63.3
2, 986
3,193
3, 164
3,327
3, 243
3, 458
6, 226
6, 090
6, 148
5,983
6,149
5,754
1,688
1,568
1,463
1, 384
1,358
1,231
63.3
63.2
63.3
63.5
63.7
63.8
61.8
61. 8
62. 1
62.8
• Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED UNEMPLOYMENT RATES
In June, the seasonally adjusted unemployment rate fell below 6.0 percent (or the First time since 1974, declining to
5.7 percent. The lower rate was reflected in almost all demographic groups.
PERCENT* {SEASONALLY ADJUSTED)
-PERCENT* (SEASONALLY ADJUSTED)
20
15
BLACK
AMD OTHER
/V\
1
f
t
10
10
TOTAL
A
WHITE
IXLJILLLUJ- i i i i t i t i t f i
1974
1976
1975
1978
1977
1974
1977
•UNEMPLOYMENT AS PERCENT OF CMUAN LABOR FORCE IN CROUP SPECKED.
SOURCE. DEPARTMENT OF LABOR
]976
COUNOL OF ECONOMIC ADVISEXS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
4. 9
5. 6
1973
1974
1975
1976
1977
1977: June.
July
Auff _
1978:
Sept
Oct__
Nov
Dec._
Jan .
Feb
as
7.7
„
-
__ _
1
-
_ .
Mar
Apr__
MayJune
„_
_
..
7. 0
7. 1
6. 9
7.0
6.8
6. 8
6. 7
6. 4
6- 3
6. 1
6. 2
6. 0
6. 1
5.7
Unemployment rate (percent <)f civilian labor force in group)
]3y selected groups
Bye sex and age
By race
Men
20
years
and
over
3.2
3.8
6.7
5.9
5.2
5.1
5. 1
5. 1
4.7
5.0
4,7
4.6
4,7
4.5
4.5
4.2
4.2
3.9
Women
20
years
and
over
Both
sexes
16-19
years
4.8
5.5
14. 5
16.0
19.9
19.0
17. 7
ao
7.4
7. 0
7.2
6.9
7. 1
6.9
6. 8
6. 9
6.6
6. 1
5.7
5. 8
5.8
6. 3
6.1
ia o
17. 3
17. 3
18. 3
17.3
17.2
15. 6
16. 0
17.4
17. 3
16.9
16. 5
14.2
Aggregate hours lost by the unemployed and persons on part-time tor economic reasons as percent of potentially available labor force hours.
12
White
4.3
5.0
7.8
7.0
6.2
6. 3
6. 1
6. 1
6. 0
6. 0
5.9
5. 5
5. 5
5.3
5. 3
5.2
5.2
4.9
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary heads workers
workers
8. 9
4. 5
2. 9
4. 3
9.9
5.3
3.3
5. 1
8
.
2
5
.
8
8.1
13.9
7.3
7.3
13. 1
5. 1
13. 1
6. 6
4. 5
6. 5
13.2
6. 5
4.3
6. 5
4.4
13.3
6. 4
6. 5
14.3
6. 5
4. 5
6. 6
13. 1
6. 3
4. 4
6. 4
13.7
6. 5
4. 4
6. 4
13.7
6. 3
4. 2
6. 2
3.9
12.7
6. 0
5. 9
12. 7
3. 8
5. 9
5. 8
5.7
3.6
11.8
5. 7
12.4
5. 7
3. 7
5. 6
11.8
5.^
3.6
5. 4
5.6
12. 3
3. 7
5. 6
11.9
5.4
3.6
5.2
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
7.9
a6
10.3
10. 1
9. 8
10. 5
9. 3
9. 0
9. 7
9. 6
9. 6
8. 9
8. 9
8. 6
9. 6
9. 6
9. 2
8.8
Labor
force
time
lost
(per-l
cent)
5. 2
6. 1
9. 1
8. 3
7. 6
7. 6
7. 5
7. 6
7. 4
7. 4
7.3
7. 0
6. 8
6. 6
6. 6
6. 3
6. 6
6.4
MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The decrease in unemployment in June was accompanied by a decline in the proportion of job losers and long-term
unemployed, and an increase in job leavers.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
20
JOB LEAVERS
NEW ENTRANTS
J 1 ' I'l 1 J IJ J J i i I t 11 t I i i i
1975
1976
i t i i 11 t.i i.i i
i i i i i I i i i i i
1977
1978
1978
1975
• S E A S O N A L L Y ADJUSTED
SOURCE. DEPARTMENT OF LABOR
COUNCIL O f ECONOMIC ADVtSOS
[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemi
Percent distribution of unemployment by reason l
ployment by duration l
Period
Unemployment
(thousands)
ReenJob
Job
losers leavers trants
New
Less
entnan o
trants weeks
5-14
weeks
15-26
weeks
30. 1
31. 0
31. 3
29. 6
30.5
29. 6
30.6
32. 4
31. 8
31. 3
30. 3
30. 4
29.8
30. 5
30.5
29.9
29.6
32.6
11. 0
11. 1
16. 5
13. 8
13. 1
11.9
13. 2
13. 5
13. 4
13. 6
13. 9
14,8
13. 8
15.0
12.4
12.0
11. 2
11. 1
Insured
unem- Special
ployunemment,
ployall
ment
Insured
27
weeks unem- Initial regular benefit
claims *
proand
ploy- claims
grams J (unadment
over
(unad- iusted)
justed)
OWllC p i U g l O.J-LLO
Weekly average, thousands
1973
1974
1975
1976
1977
1977: June._
July_.
Aug._
Sept__
Oct...
Nov__
Dec...
1978: Jan.-Feb_._
Mar__
Apr___
May17.
June* _
4, 304
5,076
7, 830
7,288
6, 855
6,904
6,719
6,821
6,668
6,688
6,663
6,310
6,226
6,090
6, 148
5,983
6,149
5,754
38, 7
15. 7
43. 4
55. 4
49. 8
45. 3
43.0
45.3
46.3
45.3
45.5
44.7
43.4
42.9
41.6
40.3
41.2
42.5
40. 6
14, 9
10. 4
12. 2
13. 0
13.6
12.5
12.9
12.9
13. 1
13.3
13.9
13.6
14.7
13.9
14.5
13.5
14.7
30. 7
28. 4
23. 8
26. 0
28. 1
27. 7
27. 7
27. 1
27. 9
28. 6
28. 5
29. 8
29. 0
29.4
30.9
28. 9
29.2
30.6
14. 9
13. 3
10. 4
12. 1
13. 7
15.7
14.5
13.7
13.9
12.8
13. 6
13. 0
14.5
14.2
14.9
15.4
14.8
14. 1
51. 0
50. 6
37. 0
38. 3
41. 7
44.5
42. 1
41.5
41. 1
41. 4
42.4
41. 3
43.2
43.3
45.8
46.8
48. 1
46.4
' Detail may cot add to 100 percent because of rounding.
> Includes State (50 State?, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (KB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
7.8
7.3
15. 2
18. 3
14.8
13.9
14. 1
12. 6
13.7
13.7
13.3
13.5
13.2
11.2
11.3
11.2
11.1
9.9
1,632
2,262
3,992
2,968
2,473
2,568
2, 626
2,733
2,664
2,624
2,602
2,516
2,461
2,524
2,406
2,210
2,167
2,194
246
363
478
382
375
372
385
385
368
361
354
346
344
369
326
330
331
348
1, 793
2, 558
4,943
3,822
3,112
2,939
3,065
2,751
2,643
2,649
2,853
3,226
3,781
3,638
3,212
2,659
2,369
2,297
1, 173
1, 152
572
484
540
535
412
304
315
259
192
143
102
60
36
21
* 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 n
NONAGRICULTURAL EMPLOYMENT
Total nonasricultural employment as measured by the payroll survey rose by 275,000 in June, an increase considerably
less than that reported in the household survey. Contract construction increased rapidly again, while nondurable
manufacturing declined.
MILLIONS OF PERSONS' (ENLARGED SCALE)
MILLIONS OF PERSONS901
WHOLESALE A N D RETAIL TRADE..
ALLNONAGWCULTURAL
ESTABLISHMENTS
16
GOVERNMENT
70
14
SERVICES
n
-SERVICE-PRODUCINGINDUSTRIES
60
n i M li i i n I
22
^ • • • M ^ " "*
50
\
MANUFACTURING
18
mill
HIM Inn
\ i»? n 1111 n I M 1111 11111111111 i i i i i l n n i
30
GOODS-? RODUC N G
INDUSTRIES
STR
«iiiiim
i ii 11111111 i n i l l t n 11
'
1974
1975
•SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF LABOR
i n ii 111 I 11
ii m li I I 11
1976
1977
11111! 1111»
'
1978
W4 T
1975
1977
1978
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Goods-producing industries
Service-producing industries
Period
1973
1974
1975
1976
1977
1977: JuneJuly._
Aug_Sept__
Oct___
Nov__
Dec_._
1978:Jan___
Feb.Mar _ _
Apr
May *_
June K
Total
nonagricultural
employ- Total 2 !
ment
76, 896
78, 413
77, 051
79, 443
82, 142
82, 157
82, 407
82, 474
82, 763
82, 902
83, 245
83, 429
83, 719
84, 046
84, 555
85, 223
85t 454
85, 729
24, 727
24, 697
22, 603
23, 332
24, 229
24, 355
24, 412
24, 305
24, 360
24, 436
24, 528
24, 526
24, 593
24, 733
24, 945
25, 351
25, 435
25, 527
Contract
construction
4,015
3,957
3, 512
3, 594
3, 844
3,888
3, 913
3, 893
3,892
3, 911
3,950
3,947
3, 916
3,947
4,053
4,237
4, 275
4,362
Trans- Whole- Finance,
Government
insurportasale
ance, Services
and
Total tion
NonState
and
and
Durable durable
retail
Federal and
real
public trade
goods goods
local
estate
utilities
Manufacturing
Total
20, 068
20, 046
18, 347
18, 956
19, 554
19, 611
19, 666
19, 594
19, 612
19, 666
19, 715
19, 868
19, 972
20, 075
20, 164
20,216
20, 257
20, 253
11, 839
11,895
10, 679
11, 026
11, 480
11,484
11, 548
11, 527
11, 545
11, 604
11, 625
11, 748
11, 828
11, 909
11, 965
11,992
12, 028
12, 034
8,229
8, 151
7,668
7,930
8,074
8, 127
8, 118
8,067
8,067
8,062
8,090
8, 120
8, 144
8, 166
8,199
8,224
8,229
8,219
* Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
52, 169
53, 715
54, 448
56, 111
57, 912
57, 802
57, 995
58, 169
58, 403
58, 466
58, 717
58, 903
59, 126
59, 313
59, 610
59, 872
60, 019
60, 202
4,644
4,696
4,498
4,509
4,589
4,588
4, 572
4,581
4,616
4,610
4,634
4, 652
4, 628
4,651
4,672
4,709
4,713
4,716
16, 674
17, 017
17, 000
17, 694
18, 292
18, 264
18, 322
18, 377
18, 431
18, 414
18, 512
18, 610
18, 744
18, 744
18, 849
18, 891
18, 961
19, 002
4,091
4,208
4,223
4,316
4,508
4,494
4,506
4, 524
4,545
4,572
4, 597
4, 611
4,630
4,647
4,670
4,683
4,710
4,730
13, 021
13, 617
14, 006
14, 644
15, 333
15, 260
15, 372
15, 448
15, 482
15, 533
15, 608
15, 663
15, 693
15, 791
15, 875
15, 962
15, 967
16, 020
2,663
2,724
2,748
2, 733
2,727
2,735
2,721
2,732
2,728
2, 730
2,727
2,718
2,736
2, 736
2,736
2,744
2,753
2,758
11, 075
11, 453
11, 973
12, 215
12, 463
12, 461
12, 502
12, 507
12, 601
12, 607
12, 639
12, 649
12, 695
12, 744
12, 808
12, 883
12, 915
12, 976
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.
3
Includes mining, not shown separately:
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly earnings
Average weekly !lours
Manufacturing
Total
private
nonagriculturall
Period
Total
Overtime
a6
37.7
37. 1
37. 0
37.1
37. 1
36.6
36. 1
36. 2
36. 1
4a 6
39.8
40.0
40. 3
3. 1
1977: June
July
__
Aug..-^w
Sept . - „
Oct. . . .
Nov_
Dec_ .,
36.
36.
36.
36.
36.
36.
36.
2
1
0
0
2
2
2
40.5
40.2
40.3
40. 3
40.4
40.5
a4
40.5
as
1978: Jan
Feb
35.6
35. 8
36.2
36.3
36.0
36.0
39.6
39.9
40.6
40.6
40.3
40.4
3.5
3.8
1969
1970
1971
1972
1973
1974
1975_ _
1976
1977
_
_
Mar
Apr -
m
May *„_
June p
39.9
40.6
40.7
40.0
39.4
3.0
2.9
3.5
3.8
3.2
2.6
3.4
3.4
3.3
3.3
3.5
3.5
3.7
3.6
3.5
3.5
Total
private
nonagncultural *
Adjusted hourly earnings index—total
private
nonagricultural2
Manufacturing
1967
dollars»
Current
dollars
113.2
120.7
129.2
$3.19
$3.04
3.22
3.44
3.67
3.92
4.22
4.54
a 36
3.57
3.81
4.08
4.41
4.81
5. 19
137.7
146.5
15a 5
172.5
6. 6
7. 0
6.6
6.4
8.2
8.8
7.2
107.3
107.0
5.63
5.61
5.66
5.68
5.73
5.79
5.81
197.4
199.4
199. 9
201. 2
203. 3
204. 1
205.2
5.49
5.52
5.56
5.62
5,64
5.67
5.95
5.97
6.00
6.03
6.07
5.83
5.90
6.6
110.0
5.22
5.27
5.28
5.32
5.38
5.41
5.42
5.25
Current
dollars
103. 1
103.8
106. 5
109.9
185.0
19a 5
4.87
Percent change from
a year earlier4
Index, 1967=100
ioa5
109.4
7. 3
ioa6
109.3
109.2
109.5
110.2
110.2
110.3
111.0
110.6
110.5
208. 1
208.8
210.2
212.1
212.5
213.5
1967
dollars
1. 7
.6
2. 2
a. I5
-2.3
—.2
1.4
.8
7. 1
.3
.7
.4
. 7
1. 3
7.5
7. 1
7.3
7.9
7.6
7.6
.8
.8
8. 1
8. 1
1.5
1.2
8.2
8.4
8.2
8.2
110.6
109.8
1.5
1.7
1. 1
AVERAGE WEEKLY EARNINGS—PRIVATE
NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total private nonagricultural l
Period
Manufacturing
Contract
construction
1967
dollars *
Current
dollars
Wholesale
and retail
trade
Percent change from a
year earlier,
total private nonagricultural *
Current
dollars
Current dollars
1967
dollars
$114.61
119.46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
189. 53
$104.38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
104. 42
$129. 51
133. 73
142. 44
154.69
166. 06
176. 40
189. 51
207. 60
226. 89
$181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284.93
296. 6$
$90. 78
95.66
100. 39
105. 65
111. 04
118.33
126. 75
133. 39
142. 52
6.4
4.2
6.5
7.0
6.8
6.2
6. 1
7.6
7.5
1977:June.
July..
Aug,.
Sept.
Oct..
Nov.
Dec.
188. 96
190. 25
190. 08
191. 52
194.76
195. 84
196. 20
103. 94
104. 30
103. 81
104 20
105. 62
105. 75
105. 48
227. 21
227. 53
228. 90
230. 92
233. 92
235. 31
236. 12
295. 87
297. 41
294.92
294.48
300. 66
301. 84
302. 13
141. 86
143. 19
143. 09
143. 76
146. 40
145. 75
147. 52
7.6
7.7
7. 3
8. 1
8.4
8.2
7.7
.7
1.Q
.6
1.4
1.8
1.4
.8
1978: Jan.
Feb.
Mar
Apr .
May
June
195.
197.
201.
204.
203.
204.
104.
104.
105.
106.
104.
233. 64
237. 41
242.38
243. 60
243. 01
245. 23
287.
297.
309.
314.
311.
319.
147.
148.
151.
152.
152.
152.
7.7
7.0
8. 1
8.9
7.6
8.1
.9
.6
1.6
2.2
.5
1969.
1970.
1971.
1972.
1973.
1974.
1975.
19761977..
44
62
27
01
04
12
23
73
82
37
88
> Also includes other private industry groups shown on p. 14.
"Adjusted for interindustry employment shifts and for overtime in manufacturing.
* Current dollar index (or earnings) divided by the consumer price index.
Kevised index for urban wage earners and clerical workers used beginning 1978.
81-480°—78
3
87
02
12
16
83
92
93
26
27
92
59
33
1.0
-1.6
2.2
3.6
.5
-4.3
-2.8
1.7
1.0
' Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
• Hours of 2all
persons
Output1
Output per hour
of all persons
Compensation
per hour 3
Unit labor
costs
Implicit price
deflator 4
PriNonPriNonPriNonNonNonPrivate
Private
Private Nonvate
vate
farm
farm
vate
farm
farm
farm business
farm business
business business
business business business business business business business
sector
sector sector sector business
sector sector sector sector sector sector sector
sector
Period
1967== 100; quarterly data seasonally adjusted
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
94.7
100.0
107.6
115.1
94.5
100.0
107.3
114.3
96.8
100.0
104. 1
111.0
96.4
100.0
103.9
110.9
97.2
100.0
103.9
108.8
96.8
100,0
104.0
108.7
1970
1971 __
1972
1973 .__
1974 -
107.4
110. 3
117. 6
124. 5
121. 5
107. 4
110.3
117.9
125.0
121. 9
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
109.9
103. 3
106.3
109.5
111. 4
108. 1
123.3
131.5
138.9
150.3
164.3
121. 9
129.9
137.4
148. 1
162.0
118.1
121. 9
125.2
132.9
149.5
118. 1
122.2
125. 5
133.0
149.8
113.9
118.9
123.2
130. 3
143. 1
114.0
119. 2
122.9
128.0
141.5
1975
1976
1977
118.8
126. 5
133. 2
118. 8
127.0
133.6
106. 1
109.0
112.7.
108. 0
111.4
115.6
112.0
116. 1
118. 1
.110.0
114.0
115.6
180.3
196.3
212.7
177.8
192. 9
208.9
161. 1
169.2
180.1
161.6
169.2
180.7
157.4
165.4
174.9
156.3
164.8
174.6
1976:I- -_ II
125.
126.
127.
127.
0
2
1
0
125. 2
126. 9
127.7
128. 1
108. 6
108.9
108.8
109. 3
111. 1
111.3
111. 3
112.0
115. 1
115.9
116.8
116.8
112.6
114.1
114.7
114.4
190.3
194.2
198. 5
202. 7
186.8
191.0
194. S
198.8
165.3
167.6
170.0
173.6
165.8
167.4
169.9
173.8
162.4
164.5
166.3
168.5
161.8
163.4
165.7
168. 2
130.
132.
134.
135.
5
5
2
5
131. 0
133. 0
134. 6
135. 8
111.0
113. 1
112.9
113.8
113.8
115. 7
115.9
116.7
117.6
117. 2
118.9
119. 1
115.2
114. 9
116. 1
116.4
206.8
210.0
215.2
218.9
203.0
206.5
210. 9
215.0
175.9
179.2
181.0
183.8
176.3
179.7
181.6
184.8
170.6
174.0
176.3
178.4
170.0
173.6
176.4
178. 1
135. 3
138.2
136. 1
139.3
115.0
117.4
117.9
120. 5
117.7
117. 7
115.4
115. 6
225.2
229.5
221. 2
225.5
191.4
195.0
191.7
195. 1
181.3
186.2
180.6
184.8
1966
1967
1968
1969
„
III- _
IV
1977*1
II
II
IV
1978:1
II v
Percent change ; quarterly data at seasonally adjusted annual rates
1966
1967
1968
1969
_.
1970
1971
1972.
1973
1974
1975
^.
1976_
1977 - _
5.5
2.0
5.1
6.0
1.9
5.4
2.3
-.3
1.7
3. 0
3. 0
2. 7
-.9
2.8
1976:I „
II
III—..
IV-
1977:1
II
III
IV
1978:1
II *
2. 1
3. 2
3.2
2.3
3.3
.3
-1.2
.7
3.2
2.9
.4
-.3
3.7
4.3
.4
-2. 5
-4. 2
-4. 3
6.9
2.7
3.2
3.7
-1.1
-1.6
-.4
3.6
5.9
2.7
6.9
6.0
-2.4
-2.5
-2. 3
6. 5
5. 3
5. 2
3. 5
11.2
4. 0
11. 5
5.2
6. 6
3.3
3. 9
.2
2.9
3.0
1.7
7.2
6.6
3.4
3.8
3.9
3.2
2.9
3.9
2.9
3.3
4.0
6. 5
6. 6
4. 7
4. 5
6.4
3.2
2.7
G. 2
12.5
6.5
3.5
2.7
6.0
4.7
4. 4
3. 6
4.9
8.2
9.4
6.7
6.6
5.8
7.8
9.4
9.9
8.9
8.4
9.9
8.5
8.3
7.7
5. 7
12.7
5.8
9.8
4. 5
3. 1
4. 1
10.5
7.9
4.7
10. 1
5. 1
5. 7
10. 6
5. 4
5, 9
3.8
6. 1
9. 4
3. 2
5. 2
4. 4
5. 4
4. 9
4. 1
5. 8
6. 1
8.0
5. 3
7. 7
4. 3
6.3
5. 8
8. 1
4. 3
7. 1
5. 2
8. 2
5. 2
4.9
4. 4
8. 7
6. 5
4.0
12.0
8. 1
17.4
7.8
15.8
7.4
6.7
11.2
5.8
9.8
1.9
3.6
1. 8
1. 5
5. 8
4.8
5.3
10.2
8. 6
9. 1
8. 7
8. 3
6. 4
10. 3
7.0
8.6
7.2
8.8
11.9
7.9
6. 5
5. 0
4. 0
9. 4
6. 2
5. 0
3.5
6. 3
7. 8
—. 7
3.4
6. 6
7. 1
.7
2. 7
2. 8
— 1. 2
.6
2. 7
—. 8
4. 3
.8
-.6
8.8
.7
10.0
4.2
8.6
4. 1
9.3
4. 6
.1
-3.2
.6
9.3
1. 2
7. 0
3.7
3.3
4. 1
6. 6
2.0
3.7
1. 7
1. 6
5.7
2. 5
1. 2
5.8
7.3
-2.9
6. 4
.4
.3
2. 3
2.8
6. 1
7.0
5.6
7.6
1. 9
-2.8
2.8
3.2
—. 1
5.8
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
a-Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
1
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.
• Current dollar gross domestic product divided by constant dollar gross domestic product.
16
2.5
1.9
3.2
-.2
2. 2
— 1. 0
8. 7
9.2
8.4
8.3
5.0
6.5
4.
5.
5.
8.
2
6
8
8
6.7
3. 8
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.
Data revised beginning 1975. Revised data for earlier years not yot available.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.3 percent in June following increases of 0.6 percent in M a y and 1.5 percent in April.
The index for June was 4.7 percent above a year earlier.
INDEX, 1967=* 100* (RATIO SCALE)
160
INDEX, 1967=000* (RATIO SCALE)
180 f
TOTAL INDUSTRIAL PRODUCTION .
UTILITIES AND MINING PRODUCTION
160
<**
140
/
140
120 ^
\
^
\
r
120
Y'
•100
111111 n ) ii I I 111 h I I I ( \ f t I J f ! 1 | f t I t n r \ f i M I 111 \\ t i-i 111
V 1978
1975
1977
1974
1976
MINING
111
1974
100
160
MANUFACTURING PRODUCTION
1975 * r
i i n I n 11
1976
1977
1978
PERCENT (RATIO SCALE}
100
™z^=
^
V
'
120
MANUFACTURING CAPACITY UTILIZATION RATE
ONDURABLE-
>1
Vv
90
'
"*\
80
s~
t
w
DURABLE
70
100
111ii 111]i' r 11 11 1111 f I
1975
1974
1 1 I N 1 t 11 1 \\\\\
1
h i m
1977
1976
I i i n l i i i n 11 > 111 i i 111
1975
1974
111 1 T 1 M 1 1 !
1978
111 r 1 1 1 1 1 t I
1976
1977
1978
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE" SYSTEM
Period
1967 proportion
1972.
1973_
1974_
1975. _ „
19761977
1977: June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb_._
Mar
Apr
May »
June »
1
Total industrial
production
Percent
Index, change
1967=
from
100
year
earlier
100. 00
119.7 " 9.2
129. 8
8.4
-.4
129. 3
117.8
-a 9
129.8
10.2
137. 1
6.6
6.2
137.8
6. 1
138.7
5.2
138. 1
13&5
ao
138.9
6.7
139.3
5.9
139.7
5.0
4.9
138.8
45
139. 2
4.1
140.9
5.1
143.0
5.0
143.8
4.7
144.3
COUNQL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Industry production indexes, 1967=100
Manufacturing
Mining
Utilities
$6. 97
126. 5
133. 8
134.6
126. 4
140.9
148. 1
6. 36
113. 1
114. 7
115.3
112.8
114.2
117.8
6.69
139,4
145.4
143. 7
146.0
151.0
156.5
83. 1
87.5
84. 2
73.6
80.2
82.4
88.0
92.4
87. 7
73.6
80.4
81.9
83
86
83
77
81
83
91. 8
97. 1
93. 0
80.4
87.5
90. 1
130.5
131. 6
131.3
131.7
132. 4
132. 7
133. 4
148. 4
148.6
149. 4
149.5
149.6
150. 1
150. 9
122. 8
119. 8
115. 4
118. 0
119. 6
118,8
113. 4
156.8
161.4
155. 7
154. 1
154. 0
154.2
156.7
83.0
83. 1
82. 9
82. 9
82.9
82.9
83.0
83.0
82.9
82.0
82. 0
82. 4
82.3
81.9
84
90.3
82
90.8
82
91.0
131. 1
131.5
134.4
136.9
137.6
138.1
149.8
150.6
151.4
152.8
153.9
154.3
115.0
114.4
119.3
126. 1
126. 1
126. 8
162. 3
163. 5
159.5
156. 1
157. 7
158.3
81.7
81. 9
82.7
83.7
83.9
83.9
81.9
81. 3
81.9
83.8
84.3
84.4
84
90.1
Total
Durable
Nondurable
87. 96
118.9
129. 8
129.4
116. 3
129.5
137. 1
61.98
113.7
127. 1
125.7
109.3
121.7
129.5
137.8
138.5
138.6
139.0
139.4
139. 9
140.5
138.7
139.4
141.4
143. C
144.3
144.8
Output as percent of capacity.
* Annual data are averages of four monthly indexes.
«Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Manufacturing capacityl utilization
rate, percent
Federal Reserve
series
WharComTotal
ton
merce3
manu- Mate- series
series 3
facturrials
ing
92.4
Sources: Board of Governors of the Federal Reserve 6ystem, Department of
Commerce (Bureau of Economic Analysis), and Wbarton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Products
Final Products
Equipment
Consumer goods
Period
Total
NonDurable durable
goods
goods
Total
Intermediate
products
Total
Business
Total
Materials
Construction
supplies
6.42
Supplementary
group*
Energytotal
1967 vrovortion
1970
1971
_
1972
1973
__
1974
1975
1976
— _1977..
_
-
47. 82
105. 3
106.3
115.7
124.4
125.1
118. 2
127.2
134.9
27. 68
109.0
114.7
124.4
131.5
128.9
124. 0
136.2
143.4
7.89
106.1
118.8
133.8
146.2
135. 3
121.4
141. 4
153.1
19.79
110.1
113, 1
120.6
125.6
126.3
125. 1
134. 1
139.6
SO. 14
100.1
94.7
103.8
114.5
120.0
110.2
114.6
123.2
12.63
107.0
104. 1
118.0
134.2
142.4
128.2
136.3
149.2
12.89
112.9
116.7
126.5
137.2
135. 3
123.1
137.2
145.1
111. 0
116.8
128.4
139.8
134.5
116.3
132.6
140.8
39.$9
109. 2
111.3
122.3
133.9
132.4
115.5
130.6
136.9
18.23
117.0
119.5
125. 2
128.3
125.5
125. 5
128.8
132. 5
1977* June
July.
Aug
Sept
Oct
Nov.
Dec
135. 4
136. 8
136. 3
136.8
136.5
137.0
137.6
143.8
145. 4
144.7
144.9
144.9
145. 2
145.8
155.8
158.0
154.7
155.6
156. 8
155.2
155.8
139.1
140.3
140.6
140.7
140. 1
141.2
141.8
124.1
124.8
124.9
125.6
125.0
125.8
126.2
150.1
151.2
151. 1
152.1
152.6
153.5
154.0
144.7
146.3
146. 1
146.5
147.8
148. 4
150.4
139.9
141.2
141.7
143. 2
144.9
146. 5
148. 3
138.7
138.9
137.6
137.9
138.9
139.0
138.8
133. 5
135.6
131. 4
132. 5
133.0
132.3
129.7
134. 9
136. 4
138. 9
140.6
140. 6
141.1
141. 8
143.8
145.9
147. 6
147. 1
147.5
146.5
151.2
157.5
161.9
159.6
159.9
139.9
140.8
141.3
141.9
142.3
142.7
125.4
126.2
129.1
130.9
131.7
132.3
152.6
154.2
157.4
159.4
160.7
161.4
151.6
151.4
151.4
151.5
153.2
153.6
149.2
148.6
147.9
148.2
150.4
151.0
139.2
138.6
139.9
143.4
144.7
145.3
132.5
130.0
129.8
132.2
134. 1
134.5
_
—.
-
1978: Jan
Feb
Mar
Apr --_
May v
June »
--
[1967=100, seasonally adjusted]
Durable manufactures
Primary metals
1967 proportion
1970 _
1971
1972
1973
1974
_
1975
1976 - .
1977.
1977: June July
AugSept
Oct
Nov..
Dec
1978: Jan
Feb
Mar Apr._
May v
June »__
Electrical
machinery
Total
Iron
and
steel
6.57
106. 6
100. 2
112. 1
126.7
123. 1
96. 4
108. 9
110.2
4.*l
104.7
96. 1
107. 1
122.3
119. 8
95. 8
104, 9
103.4
6.93
102.4
103.5
112. 1
124.7
124. 2
109. 9
123. 3
130.9
9.15
104,4
100.2
116. 0
133.7
140. 1
125. 1
135. 0
144, 8
114. 7
___. 114.4
112.5
109. 0
113.5
111. 2
_ , 111.0
109. 2
110. 9
110.6
104. 6
107. 7
104. 3
103. 8
130. 8
132. 0
134. 0
133. 6
133. 8
135. 8
136. 4
107.4
106. 2
106. 1
114. 6
_ 116.4
__ 117.4
99.5
9a 3
96. 4
109. 1
111.3
136. 9
136. 9
138. 1
139. 4
ua 9
141. 6
Source: Board of Governors of the Federal Reserve System.
18
Nonelectrical
machinery
Fabricated
metal
products
Period
Nondurable manufactures
Transportation
equipment
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts
Total
Motor
vehicles
and
parts
8.05
108.1
107.7
122.2
143. 1
143. 8
116. 5
131. 6
141.9
9.27
89.5
97. 9
108.2
118.3
108,7
97.4
110. 6
121. 1
4. 60
92.3
118.6
135.8
148.8
128. 2
111. 1
140.7
159.7
1.64
105.6
113.8
120.8
126.0
116.2
107. 6
125. 1
133.4
3.81
101.4
104. 7
109.4
117.3
114. 3
107. 6
122.2
124.2
4. 72
107. 0
107. 1
112. 7
118. 2
118, 2
113. 3
120. 6
124.7
7.74
120.4
125. 9
143. 6
154. 5
159 4
147. 2
169. 3
180. 7
8.76
108. 9
112. 8
116 8
120. 9
124. 0
123 4
132 3
137. 9
144. 0
145. 7
145. 2
147.4
148.9
149. 7
151.7
142. 6
143. 6
143. 9
144. 6
144.2
146.0
147. 3
123. 7
125. 6
124.3
125. 5
124. 3
122.0
122.2
163.2
166.2
164. 4
165. 6
168.4
163.0
161. 8
132.4
132. 9
131.8
137. 1
135.7
137.5
138.1
122. 1
121. 1
124. 1
127. 7
129.0
125. 1
125.8
124. 1
124. 9
125. 0
124. 2
125. 7
126.2
127. 5
183 5
182. 6
182. 6
181. 3
182. 3
183. 1
183. 0
136 9
138 3
139 3
138 3
137. 3
139. 4
140. 4
150. 1
150. 1
151. 5
152. 1
153.2
154. 1
144. 0
146. 4
149. 5
152. 3
153.0
153.4
116. 2
118. 4
146. 6
153. 1
165. 1
171.5
167.7
167.8
138. 5
135. 5
136. 5
136.0
137.1
118. 6
121. 1
122. 8
126. 1
129. 9
128. 3
129. 1
128. 6
128.4
128.5
184. 4
183 7
185 2
185. 5
187.4
139. 3
140 8
141 1
142. 7
143.2
12a 5
130.5
130.0
130.5
N E W <CONSTRUCTION
Private
Total new
construction
expenditures
Period
Construction contracts*
Residential
Total
Total i
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967 = floor space
100)
(millions of
square feet)
Billions of dollars
1971
1972
1973
1974 . _„_
1975
1976
1977
110.0
124. 1
137.9
138.5
134.5
14a 8
172.6
80.1
9a 9
105.4
100.2
93. 7
110.5
134.7
43.3
54.3
59. 7
50.4
46. 5
60.5
81.0
35.1
44.9
5a i
40.6
34.4
47.3
65.7
17.0
18. 1
21. 7
23.8
20. 8
19.9
22.5
19.8
21.5
24. 0
25.9
26. 4
30.0
31.3
29.9
30.2
32. 5
38.3
40.9
38.3
37.8
31; 2
31.2
31.0
30.9
31; 2
30.9
31.1
32.1
33.2
33.8
34.1
34.9
34. 4
38.8
39.2
39. 1
3a 8
39.4
37.4
37.4
36.8
36.4
35.7
37.7
41.5
44.8
Seasonally adjusted annual rates
1977: May
June
July
Aug
Sept
Oct..
Nov
Dec
1978: Jan
Feb
Mar
Apr
May »
_
173.4
175.8
176.4
176.4
177.8
176.7
178.1
179.0
171.7
177.9
184.8
193.0
198.6
134,6
136.6
137.3
137.6
138.3
139.2
140.6
142.3
135.3
142.2
147.1
151.4
153.8
81.9
82.6
82.9
82.9
83.0
84.2
85.2
87.4
79.7
85.6
87.6
90. 1
91.5
1
21.6
22.8
23.4
23. 8
24.2
24. 1
24.3
22.8
22.4
22.8
25.4
26.4
27.9
65.9
66.6
67.1
67. 1
67.6
69.3
70.7
72.8
65.0
70.9
72.5
74.5
75.4
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
a F . W. Dodgo series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
145.4
165.3
179 5
169.7
167 9
199.4
252.2
727
854
1 010
840
555
592
738
Seasonally
Seasonally adjusted
adjusted
annual
rates
317
307
209
267
279
244
258
299
270
260
254
279
332
758
733
702
853
813
757
847
864
996
814
863
921
1,061
NOTE.—New construction expenditures data prior to 1973 not comparablewlth
later data. Series revised beginning 1975.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company t F. W, Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Units started, by type of structure
Total
19701971_
1972.
1973_
1974.
1975.
19761977.
1 unit
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
i, iea 4
1, 537. 5
1, 987. 1
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888.1
892.2
1, 162. 4
1, 450. 9
1,931
2,072
2,038
2,012
2,139
2,096
2,203
1,548
1,569
2,047
2,165
2,081
2,099
1,406
1,453
1,454
1,508
1,532
1,544
1,574
1,156
1,103
1,429
1,492
1,493
1,431
5 or more
2-4
units
units
535.9
84.8
78a 9
120.3
906.2
141.3
795.0
11&3
381. 6
68. 1
204.3
64.0
289.2
85.9
414.4
121.7
Units
authorized
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
Units
completed
New private homes
Homes
sold
Homes for
sale at
end of
period x
Vacancy
rate for
rental
housing
units
(percent)2
1, 418. 4
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
485
656
718
634
519
549
646
819
220
287
409
418
346
313
354
403
5.3
5.4
5. 6
5.8
6.2
6.0
5.6
5.2
1,655
1,671
1,677
1,875
1,665
1,769
1,641
1,759
1, 696
1,821
1,947
1,848
806
722
818
845
870
819
857
813
774
799
836
831
367
375
389
389
398
401
403
405
404
404
411
416
5.3
Seasonally adjusted annual rates
1977: June-._
July...
Aug
Sept-__
Oct
Nov____
Dec
1978: J a n . . . .
Feb-._
Mar"..
Apr »..
May *_
June ».
i Seasonally adjusted.
* Quarterly data entered In last month of quarter.
113
124
119
124
127
134
153
101
79
126
142
92
147
412
495
465
380
480
418
476
291
387
492
531
496
521
1,739
1,678
1,770
1,695
1,781
1,822
1,778
1,526
1,534
1,647
1, 740
1,597
1,800
5.4
5.0
5. 1
Source: Department ot Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales were virtually uncharged in M a y while inventories rose $3 billion. According to the advance survey,
retail sales were unchanged in June for the second month in a row.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
350
TOTAL BUSINESS
INVENTORIES
\
^
300
RETAIL INVENTORIES
^ * \
0&"
80
70
>*
250
RETAIL SALES #
/
\ ^++
/ ' "
'
50 200
TOTAL BUS NESS
SALES
40
. . . . . I n n . n mlnm
•
MI nli ii n Mll.hlll.
RATIO*
150
INVENTORY-SALES RATIO
100
-
-
iiinlinii
1 1 1 1 1 \ I 1 1it1 i-11111111
|
1974
1975
I
11 I1111
1976
it i
1977
11 r i 11 r Mit i
1974
1978
1977
1978
• S E A S O N A L L Y ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business x
Wholesale
Retail
Sales2
Period
Sales 2
Inventories 3
Sales :
Inventories 3
Total
Inventories
DurNonable durable Total
goods goods
stores stores
21,
24,
28,
32,
32,
36,
40,
687
238
072
394
119
417
534
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
1.58
1.50
1.44
1.47
1.58
1.48
1.44
1.39
40
1.41
1.48
1.43
1.39
1.40
37, 925
38, 282
39, 005
39, 303
39, 559
39, 589
40, 087
40, 534
43, 771
44, 354
44, 478
45, 159
45, 656
45, 733
46, 212
46, 539
1.45
1.46
1.46
1.46
1.47
1.45
1.44
1.41
1. 41
1.43
1.43
1.43
1.44
1.40
1. 40
1. 40
41,
41,
41,
41,
42,
46, 648
46, 273
47, 576
48, 082
48, 763
1.47
1.43
1.42
1.40
1. 41
1.47
1. 42
1.42
1.40
1.42
1977: MayJune_
July..
Aug..
Sept.
Oct..
Nov..
Dec.
221, 510
222, 563
221, 874
224, 247
224, 907
228, 508
231, 488
237, 258
322, 250
324, 051
324, 990
327, 639
330, 345
330, 832
333, 186
334, 785
53,
53,
53,
53,
53,
53,
55,
57,
866
735
495
208
307
639
558
266
64, 838
64, 947
64, 210
65, 095
66, 119
66, 209
67, 047
67, 998
58,
57,
58,
59,
59,
60,
61,
62,
003
825
552
020
014
778
588
054
19, 516
19, 436
19, 505
19, 984
19, 763
20, 895
20, 733
20, 915
38, 487
38, 389
39, 047
39, 036
39, 251
39, 883
40, 855
41, 139
81,
82,
83,
84,
85,
85,
86,
87,
1978: JanFeb—
Mar_
Apr
May
230, 162
238, 332
242, 745
250, 885
251, 275
337,
340,
345,
350,
353,
t 985
57, 635
58, 877
62, 152
63, 389
68, 991
70, 361
72, 882
74, 867
74, 770
59, 855
61, 661
62, 690
64, 079
63, 927
63, 960
19, 782
20, 558
20, 938
21, 969
21, 614
21, 505
40, 073
41, 103
41, 752
42, 110
42, 313
42, 455
87, 708
87, 642
89, 097
89, 963
91, 063
June
1
508
088
749
064
614
238
785
676
396
839
545
522
The term "business" also includes manufacturing (see page 21).
*1 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
Retail
adjusted
23, 342 50, 063
25, 054 55, 079
27,781 62, 950
30, 723 70, 716
33, 463 70, 623
35, 998 78, 045
39, 127 87, 073
116,
130,
151,
175,
179,
200,
223,
188,
203,
233,
285,
283,
309,
334,
Total
business *
Millions of dollars, seasonally
26, 257 35, 823 34, 169 10, 827
29, 584 39, 786 37, 422 12, 369
36, 822 46, 254 41,871 14, 091
45, 836 56, 537 44, 543 13, 820
44, 633 55, 113 48, 370 14, 907
48, 408 61, 307 53, 542 17, 544
53, 509 67, 998 59, 029 19, 901
1971.
1972.
1973.
1974.
1975.
1976_
1977-
351
049
647
200
621
760
793
DurNonable durable
goods goods
stores stores
Inventory-sales
ratio 4
696
636
483
462
215
322
299
073
060
369
521
881
300
Note.—Total (and manufacturing) sales revised beginning February 1978.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 new orders and inventories increased asain in M a y , while shipments declined slightly. Accordins to
advance data, durable goods orders declined in June, while shipments were unchanged.
BILLIONS OF .DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
TOTAL
, 160
120
T
100
40
DURABLE GOODS-
80
60
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
140
120
100
1 1I I I I I I t I I
RATIO*
2.20
I 1I M I I I I I I
I I I I I I M 1 11 I I I l l h l l l l
1I 1I t 1 I 1 t I I
INVENTORY-SHIPMENTS RATIO
ZOO
1.80 -
-
TOTAL
1.60
*v—^v
.1.40 1.20
1974
1976
1975
1977
111\ 11 \\ \ 11 i m i l m i i
1978
1974
1975
111 111111 it
1976
I I I 11 1 M 1 11
1977
•SEASONALLY ADJUSTED
50UJECE* DEPARTMENT OF COMMERCE
Manufacturers' shipments l Manufacturers' inventories 2
Period
Total
NonDurable durable
goods
goods
29,
34,
39,
44,
43,
50,
58,
973
043
704
253
678
697
266
25,
28,
33,
40,
42,
48,
52,
1977: June..
July. .
Aug___
Sept._
Oct-__
Nov_.
Dec—
111, 003
109, 827
112, 019
112, 586
114, 091
114, 342
117,938
58,
57,
58,
59,
60,
60,
62,
049
463
649
285
316
228
130
52, 954
52, 364
53, 370
53, 301
53, 775
54, 114
5&t 808
176, 468
177, 297
178, 082
179,011
179, 301
179, 840
179, 714
112, 536
113, 160
113, 917
114, 467
114, 448
115,212
115,424
63,
64,
64,
64,
64,
64,
64,
1978: Jan___
Feb_._
MarApr
May__
June p_
114,322
119,036
121, 178
124, 654
123, 959
59,
63,
64,
66,
65,
65,
973
077
457
493
417
412
54,
55,
56,
58,
58,
180, 977
182, 393
183, 860
185,715
187, 689
116, 278
117,511
118, 725
119,848
121, 471
64,699
64, 882
65, 135
65, 867
66, 218
952
999
250
568
939
112
990
349
959
721
161
542
1
Monthly average for year and total for month. Shipments are the same as sales.
*1 Book value, end of period.
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.
Manufacturers' new orders 1
Durable goods
Capital
Nongoods
Total Durable
durable
Total
indusgoods
Total tries,
goods
nondefense
Millions of dollars, seasonally adjusted
7,535
102, 622 66, 271 36, 351 56, 016 30, 030
8,832
108, 223 70, 244 37, 979 64, 201 35,098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115,424 64, 290 112,842 59, 795 15, 201
55, 925
63, 043
_ 72,954
84, 821
. 86, 616
98, 809
111,256
1971__
1972
1973
1974
1975
1976
1977
1978 "
COUNCIL O f ECONOMIC ADVISERS
932
137
165
544
853
628
290
141
868
615
680
331
024
128
59,
56,
59,
60,
63,
62,
66,
111
367
269
364
556
821
165
15,
13,
14,
16,
16,
16,
16,
117,899
122, 598
125, 878
128, 292
128, 843
63,
66,
69,
70,
70,
68,
335
681
016
033
045
035
16,611
17, 882
17, 507
17, 409
18, 124
17, 638
112,
108,
112,
113,
117,
117,
122,
490
936
527
124
097
090
988
ManufacNonturers'
durable unfilled8
goods orders
Manufacturers'
inventory—
shipments
ratio *
25,
29,
33,
40,
43,
48,
53,
986
104
329
417
125
137
047
107, 657
121,709
161, 194
189, 678
170, 686
174, 553
193, 659
1.83
1. 67
1.58
1.65
1.83
1.66
1.58
53,
52,
53,
53,
53,
54,
55,
030
501
346
316
775
203
963
182,
181,
182,
183,
186,
189,
193,
816
857
453
547
787
469
659
1.59
1.61
1.59
1.59
1.57
1.57
1.52
54, 564
55,917
56, 862
58, 259
58, 798
197,
200,
205,
209,
214,
235
798
500
133
010
1.58
1.53
1. 52
1.49
1.51
Note.—Total and nondurable shipments and new orders revised beginning
February 1978.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In June, the producer price index for all commodities rose 0.7 percent (also 0.7 percent seasonally adjusted). The
index for finished goods rose 0.7 percent (also 0.7 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967*= 100 (RATIO SCALE)
220
PROCESSED FOODS AND FEEDS / \
140
120
120
100
100
1970
1971
1977
SOURC& DEPARTMENT QF LABOft
[1967 = 100]
Finished goods
Period
Farm
products IndusAll
com- and proc- trial
essed
commodifoods
modties
and feeds ities
1970
1971
-„
1972._. __
1973
1974 __
1975
1976
1977
110.4
114.0
119. 1
134. 7
160. 1
174. 9
183.0
194.2
1977: JuneJuly. _
Aug-_
Sept..
Oct___
Nov__
Dec_.
1978: Jan_._
Feb__
Mar__
Apr__
May..
June _
194.5
194.8
194.6
195.3
196.3
197. 1
198.2
200. 1
202. 1
203.8
206.4
207.9
209. 4
1
s
111.7
113.9
122.4
159. 1
177.4
184.2
183. 1
188. 8
Unadjusted
191.5
188. 7
184.3
184.0
184.0
187.0
189.4
192.2
196.8
200.3
205.5
207.7
210.4
Excluding consumer
foods
Total
Consumer
foods
Total
Consumer
goods
Capital
equipment *
110.0
114. 1
117.9
125. 9
153. 8
171.5
182.4
195.1
110.3
113.7
117. 2
X27. 9
147.5
163.4
170.3
180.6
113.5
115.3
121.7
146.4
166.9
181.0
180.2
189. 1
109. 1
113. 1
115.4
120.2
139.4
156.2
165.5
176. 2
107.7
111.4
113.4
118.5
138.6
153. 1
161.8
172.1
112.0
116.6
119.5
123.5
141.0
162.5
173. 2
184.5
194. 7
195.9
196.9
197.8
199. 1
199.3
200. 0
201. 6
202.9
204. 1
206.0
207.3
208.5
180.8
181. 1
181.5
182. 1
183.2
184.5
185. 3
186. 6
188.6
189. 5
191.9
193.3
194. 7
190.3
189.9
189.3
189.2
189.5
191. 9
192.6
194. 8
200.7
202.0
205.8
206.8
209. 1
176. 0
176.5
177.2
178.2
179.5
180.3
181. 2
182, 2
183. 0
183.8
185.7
187.2
188. 3
172.4
172.6
173.2
174. 1
174.8
175.4
176. 1
177.1
177.6
178.3
180.7
182. 1
182. 9
Seasonally
183.7
184.5
185.4
186.4
188.9
189.9
191.3
192.3
193.5
194.5
195.6
197.3
198.9
Formerly called producer finished goods.
Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
22
1?78
COUNCIL OF ECONOMIC ADVOEftS
Intermediate
materials,
supplies, and
components
Crude materials for
further processing
Total
Excluding
foods Total
and
feeds 2
Foodstuffs
and
feedstuffs
109.9
114. 1
118.7
131.6
162.9
180.0
189.3
201.7
109.9
114. 3
118. 9
128. 1
159. 5
178.6
189.5
202.4
112.3
115. 1
127.6
174.0
196. 1
196.9
205. 1
214.3
112.3
115. 1
127. 6
174.0
196. 1
196. 9
205. 1
214.3
112.7
117.0
128.0
162.5
208.9
206.9
233.6
258.4
201.8
203.2
204.2
205.3
206.1
206.4
207. 4
209.2
210. 9
211.9
213.0
214. 1
215. 1
213.4
209.8
206.3
205. 7
207.4
214.4
217.2
221. 6
228. 7
232. 4
238.3
23& 9
243. 1
189.9
185.8
180.2
179.8
182.2
189.9
191. 1
196. 4
205.6
209.2
217.0
217. 1
221. 3
257.9
255.4
255.6
254.4
254.9
260.9
266.3
269.4
272. 1
276. 2
278. t
27Qjf
Other
adjusted
201.6
202.2
202.6
203.5
204.3
205.2
206.0
207.9
209.7
211.3
212.3
213.6
214.3
NOTE.—Data revised tor February 1978.
Source: Department of Labor, Bureau of Labor Statistics.
284/%
CONSUMER PRICES
120
120
100
100
1978
1976
1975
1970
SEE NOTE O N TABLE BELOW
COUNCIL OF ECONOMIC ADVlSttS
5OURCE. DEPARTMENT OF UBOR
[1967=100]
Period
197019711972_
1973_
1974.
1975_
19761977_
All
items
Food
116.3
121.3
125.3
133. 1
147. 7
161.2
170.5
181.5
114.9
118.4
123.5
141. 4
161.7
175. 4
180.8
192.2
Commodities
less
food
112.5
116.8
119.4
123. 5
136.6
149. 1
156.6
165. 1
Services
All
commodities
121. 6
128. 4
133.3
139. 1
152. 1
166. 6
180.4
194. 3
113.5
117.4
120.9
129. 9
145.5
158. 4
165.2
174.7
Commodities less food
Food
All
Food
at
home
Food
away
from
home
114.9
118.4
123.5
141. 4
161. 7
175.4
180.8
192.2
113.7
116.4
121.6
141. 4
162. 4
175.8
179.5
190.2
119.9
126. 1
131. 1
141. 4
159. 4
174.3
186. 1
200.3
Unadjusted
Services
All
Durable
Nondurable
112.5
116.8
119.4
123.5
136. 6
149. 1
156.6
165. 1
111.8
116.5
118.9
121.9
130. 6
145. 5
154. 3
163.2
113. 1
117.0
119.8
124.8
140. 9
151.7
158.3
166.5
121.6
128. 4
133.3
139. 1
152. 1
166.6
180.4
194.3
Seasonally adjusted
1977:May__.
June__.
July__.
Aug
Sept__.
Oct
Nov_-.
Dec
180.6
181.8
182.6
183.3
184. 0
184.5
185.4
186. 1
191. 7
193. 6
194. 6
195. 2
194. 5
194. 4
195. 6
196. 3
164. 7
165. 4
165. 6
166. 0
166. 7
167. 4
168. 1
168. 4
192. 2
193. 7
195. 3
196. 3
197. 7
198.5
199.5
200.5
174. 4
175. 1
175.2
175.7
176.2
176.7
177.5
178.3
192.6
193. 8
193.5
194.3
194. 7
195.0
196.0
196.7
190. 9
191. 9
191. 3
192. 0
192. 3
192. 5
193. 5
194. 2
199. 3
200. 9
201. 8
203. 0
203. 8
204. 5
205. 1
206. 1
164. 6
165. 1
165.4
165.7
166.2
166.8
167.6
168.4
163. 3
163. 3
163. 4
163. 6
163. 9
164. 4
165. 1
166. 0
165. 8
166. 4
166. 9
167. 2
167. 8
168. 6
169. 4
169. 9
192.9
194.3
195. 7
196.8
197.9
198.7
199. 5
200.3
1978: Jan
Feb—,
Mar-._.
Apr
May...
187.2
188. 4
189.8
191.5
193.3
199. 2
202. 0
204. 2
207. 5
210. 3
168. 6
168. 8
170. 0
171. 3
173. 0
202. 0
203. 5
204. 9
206. 5
208.0
179. 9
180.8
182. 3
184.0
185.6
199.2
201.6
204.3
208. 1
211.2
197. 0
199. 5
202. 5
207. 3
211. 1
208. 4
210. 5
212. 5
214. 0
215. 8
169.5
169.9
170.9
171.8
172.8
167. 6
168. 7
169. 5
170. 4
171. 8
170. 6
170. 1
171. 2
172. 1
172. 8
201.5
203.0
204.7
206.6
208.7
Note.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES
Percent change from 3 months
earlier; seasonally adjusted
annual rates
Percent change from preceding
period; seasonally adjusted1
Period
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
All
commodities
7.5
-1.4
6.0
14.4
26.7
11.0
-.3
-1. 1
3.0
4.8
1969
2.2
1970
4.1
1971
6.3
1972
15.4
1973
20.9
1974
4.2
1975
4.7
1976
5.9
1977
1977: June. - . 5
.1
July..
.1
Aug..
.4
Sept..
.5
Oct.Nov._
.7
Dec.
.4
.9
1978: Jan..
1.0
Feb__
.9
MarApr __
1.0
May.
.7
June.7
-ao
-2.3
-1.2
-.5
.8
2.4
.3
1.2
2.4
2.7
2. 1
.5
1.0
3.9
3.6
a4
3.4
10.7
25.6
6.0
6.4
6, 7
.3
.6
.5
.5
.5
.3
.5
.8
.6
.5
.7
.7
7
Finished
goods
All
commodities
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Percent change from 6 months
earlier; seasonally adjusted
annual rates
Finished
goods
All
commodities
6.4
4.3
2.0
2.9
4.7
6.8
7.2
7.6
9.2
9.4
11.9
10.3
11.4
7.5
6.6
4.5
Farm
products Industrial
and
processed comfoods and modities
feeds
Finished
goods
4.8
2.2
3.2
3.8
11.8
18.3
6.6
3.3
& fi
4.0
0
-1.2
2. 1
4.0
6.5
6.7
8.4
9.6
12. 0
12.5
11.1
10. 2
1
2
2
3
6
.7
.4
7
1. 1
.5
1. 3
.7
7
-a I
-19.2
-22.9
-14.8
-3.6
11. 1
14.5
16.5
16.8
28.8
33.3
23.6
15.3 •
6.4
5.9
5.9
6.7
6.1
5.2
5.2
6.6
7.8
7.8
7.5
7.9
8.7
ao
2.0
2.6
4.4
6.2
8.1
9.3
10.5
10.4
11.7
7.5
2.3
-4.1
-9.1
-11.7
-7.5
-1.3
6.0
13.9
21.4
24.6
20.2
21.9
7.6
7.7
6.9
6.6
6.0
5.5
5.9
6.3
6.5
6.5
7.1
7.9
8.3
8.2
7.3
5.6
4.7
4.5
4.4
5.0
6.2
8.0
8.3
9.7
9.8
10.4
Source: Department of Labor, Bureau of Labor Statistics.
i AnnuaJ changes are from December to December (unadjusted).
NOTE.—Based on revised data for February 1978.
CHANGES IN CONSUMER PRICES
Percent change from preceding
period; seasonally adjusted l
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: Apr.__
May..
June._
July...
Aug___
Sept.Oct...
Nov._Dec___
1978: J a n . . .
Feb....
Mar_
Apr—
May-_
Commodities
less
food
Services
Percent change from 3 months earlier; Percent change from 6 months earlier;
seasonally adjusted annual rates
seasonally adjusted annual rates
All
items
All
items
Food
6.1
5.5
3.4
3.4
8.8
7.0
4.8
6.8
.8
6
.5
.3
.4
.4
.3
.4
.4
7.2
2.2
4.3
4.7
20. 1
12.2
6.5
.6
8.0
1.5
.6
.6
—. 2
.4
.2
.2
.5
.4
4.5
4.8
2.3
2.5
5.0
13.2
6.2
5. 1
4.9
.4
.3
.3
.2
.2
.3
.4
.5
.5
7.4
8.2
4. 1
3.6
6.2
11. 3
8. 1
7.3
7.9
.7
.8
.7
.7
.6
.6
.4
.4
.4
10.2
8.4
7. 8
5.7
5.0
4. 5
4.5
4.7
4.9
.8
.6
.8
.9
.9
1.3
1.2
1.3
1.9
1.5
.7
.2
.6
.5
.6
.6
.7
.8
.9
1.0
6.7
7.5
9.3
10.0
11.3
12.2
i Annual changes are from December to December (unadjusted).
Note.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.
24
Food
18.6
11.6
11.5
4.2
3.6
1. 9
aI
as
4.2
&9
11. 9
16.4
19.1
20.5
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
6. 1
4.8
4.2
3.2
2.7
2.7
3.4
4.7
5. 4
9.0
9.9
9.4
9.3
8.3
7.6
6.3
5.6
4.9
8.0
8.7
8.9
7.9
6.6
6. 1
5. 1
4.8
4.7
10.6
12.6
13.4
11. 2
7.5
6.6
3.7
3.6
3.0
6.5
6.2
5. 8
4.6
3.7
3.5
3.3
3.7
4.0
8.0
8.7
9.6
9.2
9.1
8.5
7.8
7.0
6.3
6.6
5.6
6. 1
5.5
7.0
5.8
7.2
9. 1
10.5
11.7
5.6
6.1
7. 1
8.3
9.4
6.0
7.7
10.1
13.9
16. 1
5.0
5.1
5.7
6.1
6.3
6.0
6.4
7.0
8.1
9. 4
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received b y farmers rose 11/s percent in June. Contributing to the increase were higher prices for cattle, apples,
broilers, and potatoes. Partially offsetting were lower prices for eggs and soybeans. Prices paid b y farmers were up
Vs percent in the month ended June 1 5 .
INDEX, 1967=100 feATIO SCALfl
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS/INTEREST,
TAXES, AND WAGE RATBJ
120
100
100
RATIO J /
110
110
100
100
90
90
70
70
PARITY RATIO {ACTUAL}
80
il J
1970
60
i 1 i
I
1971
1972
t 1 i t , i
1973
60
1974
1976
1975
'
1977
1978
J / RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISOS
SOURCE. DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
All farm
products
Crops
Livestock
and
products
Prices paid by farmers
All items,
ProducFamily
interest,
living
tion
taxes, and
items
items
wage rates
l
Parity ratio
Actual
Adjusted *
Index, 1967=100
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
192
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
1977: May
June ,
July.
Aug Sept .
Oct . .
Nov .
Dec .
192
184
180
174
174
.177
178
181
211
196
181
172
170
178
184
183
177
173
179
177
177
176
174
180
204
204
203
201
201
201
202
203
1978: Jan _ _
Feb . .
Mar__
Apr__
May_.
June_.
186
193
200
208
215
218
188
190
198
208
212
217
185
196
204
209
217
219
209
211
214
216
219
220
1970.
19711972.
1973.
1974.
1975.
19761977.
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.
114
118
123
133
151
166
176
(3)
8
8
8
(
?
3
()
W
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
66
77
75
79
94
87
76
72
68
205
203
201
198
197
198
199
199
69
66
65
64
63
65
65
66
71
67
66
65
65
66
66
67
203
206
211
214
217
218
65
67
69
71
72
73
67
69
71
73
74
75
1
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
NOTE.—Data revised beginning 1966.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in M i was rapid and erratic during June; the broader aggregates grew more moderately.
BILLIONS O f DOLLARS * (RATIO SCALE)
900
BILLIONS OF DOLLARS * (RATIO
AVERAGES OF DAILY FIGURES
*8S
800
800
2
700
700
I,
--'"'I
500
600
-•
500
400
400
Mi
300
-
^~_
^
—
300
- ~ ^
-
200
200
1 1 1 1 1 1 1 1i i1i Ii 1
i 111 i 11 I t l l r 1 l l I i 1 in
1971
1972
1970
it 1 i ii i i i i i r i 1 I.I t t ct i i i i 1 i i i | i t l i t l t f l I T l
1974
1975"
1976
1973
* S E A S O N A U Y ADJUSTED
SOURCE. BOARD OF GOVERNORS OF THE FEDCUU RESERVE SYSTEM
\ f 11 i ! 11 11 I
1977
\ F 1 I 1 1 1 I I 1
1978
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions oi dollars, seasonally adjusted, except as> noted]
Overall measures l
Deposits at commercial banks
Period
M,
M,
M,
Currency
Time and savings
Demand
Total
1972: Dec—
1973: Dec—
1974: Dec—
1975: Dec—
1976: D e c ,
1977: Dec___
1977: June.July__
Aug.__
Sept__
Oct___
Nov..
Dec...
1978: Jan.__
Feb...
Mar__
Apr
May__
June v.
255.3
270. 5
282. 9
294. 5
312. 6
337. 2
324. 3
327. 5
329. 2
331. 6
334. 7
334.9
337. 2
340. 1
339.9
340.9
340. 3
348. 6
350.3
525. 3
571. 4
612. 2
664. 1
739. 6
808. 4
774. 2
782.9
787. 9
793. 8
800.3
804.2
808.4
814.8
818.0
821. 8
829.7
835. 1
840.5
844.4
919. 2
981. 2
1, 091. 8
1, 235. 6
1, 375. 0
1, 302. 0
1, 317. 2
1, 330. 0
1, 343. 5
1, 356. 8
1, 366. 0
1, 375. 0
I, 385. 4
1, 392. 0
1, 399. 5
1, 410. 9
1,419.8
1, 429. 7
56.8
61. 5
67.8
73.7
80.7
88.6
84.2
85. 1
85.5
86.3
87. 1
87.7
88.6
89.4
90. 1
90.7
91. 3
92. 2
92.9
198.4
209. 0
215. 1
220. 8
231. 9
248. 6
240. 1
242. 3
243. 7
245. 3
247.6
247. 2
248.6
250.7
249.8
250.2
255. 1
256. 4
257.4
313. 5
363. 9
418. 3
450.9
489.7
545. 2
513.2
518. 3
521.9
525.9
531.9
540.2
545. 2
551.0
557.5
562.9
566.8
573^6
576.8
J
Mi is currency plus demand deposits; Mi is Mi plus time deposits at commercial banks other than large certificates of deposit (CDs); and M3 is Mj plus
deposits at nonbank thrift institutions.
26
Percent3
change
Components and related items
Large
CDs
43. 5
63. 0
89, 0
81.3
62.7
74.0
63.3
62.8
63.2
63.8
66.4
70.9
74.0
76.3
79.4
82.0
83.4
87. 1
86.7
Other
270.0
300.9
329. 3
369.6
427.0
471.2
449.9
455.5
458.7
462. 1
465.6
469.3
471.2
474. 7
478. 1
480.9
483.4
486. 5
490. 1
Deposits
at
nonbank
thrift
institutions
319.2
347.8
369. 1
427.8
496.0
566.6
527.8
534.3
542. 1
549.8
556.5
561.7
566.6
570. 7
574.0
577.7
581.2
584.7
589.2
U.S. Goveminent
demand
deposits
(unadjust-
M,
ed)
7. 4
9. 1
11.3
6.3
4.9
6.0
4.6
8.8
4. 1
4. 1
6. 1
11.4
4.4
5. 1
5.0
3.6
3.4
5.0
3.7
3.5
5. 1
4. 3
4.3
4.7
4.9
3.9
6.1
7.9
7.6
8.2
8.3
8.5
8.0
7.9
8. 1
7.8
6.6
5.7
7.1
a3
7.9
7. 1
8.5
9.3
9.6
10.0
9.7
9.6
9.5
9.5
9.0
8.3
7.8
7.2
7.5
7.8
8.1
a
Annual changes are from December to December and monthly changes ore
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS—
NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
liquid
Period
U.S. Treasury
securities
Time deposits
Total
Total
Currency
Demand
Commercial
banks
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
Negotiable
certificates of
deposit
Other
private
money
market
instruments
1970: Dec...
1971: D e c —
1972: Dec...
1973: D e c —
1974: Dec...
1975: Dec...
1976: Dec__.
1977: Dec__.
632.7
769.7
719.0
852.5
816.9
967.7
887.4
1, 079. 3
945.0
1, 166. 9
1, 290. 1 1, 054. 5
1, 423. 3 1, 194. 1
1, 596. 4 1, 328. 1
49.1
52.6
56.8
61.5
67.8
73.7
80.7
88.6
152.0
161. 8
176.4
183.3
186. 9
191.5
198.8
213.5
198.9
233. 6
264.4
294.5
321.2
360.6
417.3
459.4
232. 7
271. 1
319.3
348. 1
369. 1
428.6
497. 3
566.6
52. 0
54.3
57.5
60.4
63.3
67.2
71.9
76.6
41.9
31.5
34.5
43.3
47.7
66.9
66.6
76.7
21.8
27.6
36.2
53.8
70.4
58.5
43. 5
51.6
21.3
20. 1
22. 5
34.5
40.6
43.0
47.3
63.4
1977: June-.
July_.
Aug__.
Sept__
Oct__.
Nov..
Dec__.
i; 498. 0
1, 515. 4
1, 530. 3
1, 546. 3
1, 565. 6
1, 582. 4
1, 596. 4
1, 258. 5
1, 273. 3
1, 284. 8
1, 298. 6
1, 312. 0
1, 320. 0
1, 328. 1
84.2
85.1
85.5
86.3
87.1
87.7
88.6
207.3
209.2
209. 2
210.9
213.7
212.9
213.5
439. 2
444. 8
448.0
451.5
454.7
457.7
459.4
527.8
534.3
542.1
549.8
556.5
561.7
566.6
74.2
74.7
75. 1
75.4
75.8
76.2
76. 6
67.9
69.4
71.6
73.0
74. 9
76.4
76.7
42.5
42.2
42.5
42.8
44.9
49.0
51.6
54.9
55. 8
1978: Jan...
Feb...
Mar__
Apr__.
May..
June ».
1,
1,
1,
1,
1,
1,
1, 338. 9
1, 345. 3
1, 352. 7
1, 364. 6
1, 373. 2
1, 383. 3
89.4
90. 1
90.7
91.3
92.2
93.0
215.9
214.9
215. 1
219.9
220.5
221.3
462.8
466.2
469. 3
472. 2
475.9
480.0
570.7
574.0
577.7
581. 1
584.6
589.0
77.0
77.4
77.8
78.2
78.6
78.9
78.8
79.7
79. 6
79. 1
80.3
82.9
52.7
54.3
56.0
57.3
61.2
61.1
65.7
67.9
69.8
70.9
71.2
71.4
613.
624.
635.
650.
664.
677.
1
5
9
0
4
7
56.3
56.6
58.0
60.8
63.4
Source: Board of Governors of the Federal Reserve System.
Note.—Data revised beginning June 1977.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalment credit extended
Period
Total i
Automobile
Bank
credit
cards
Instalment credit liquidated
Total *
15, 191
19, 707
9,280
7,504
20, 533
31, 090
1,153
699
918
1,430
1,443
1,220
1,850
2,911
849
388
167
553
814
160
826
402
4,801
5,100
4,897
5,104
5,005
5, 234
5,089
5,424
2, 430
2, 403
2, 382
2, 396
2,567
2,687
2,585
2,723
2, 655
2,422
2,464
2, 651
2,351
2,626
2,853
2,736
1,247
963
1,069
1,054
1, 105
850
1,241
1,297
192
238
184
315
279
287
243
250
162
518
527
398
479
5,078
5,296
5,300
5,520
5,598
2,788
2,858
2,783
2,944
2,982
2,424
2,661
4,068
3,719
3,857
1,185
1,104
1,522
1,728
1,789
160
285
443
311
263
107,
113,
121,
138,
147,
156,
172,
194,
444
784
926
156
920
665
795
555
1977: May
June
Julv
Aug
Sept
Oct
Nov
Dec
18,
18,
18,
19,
19,
19,
19,
20,
503
810
631
204
164
787
680
138
6,048
6, 063
5,966
6, 158
6,109
6,083
6,330
6,721
2,621
2,640
2,566
2,711
2,847
2, 973
2,828
2,973
15,
16,
16,
16,
16,
17,
16,
17,
1978: Jan
Feb
Mar
Apr
May
19,
20,
21,
22,
22,
586
179
595
117
336
6,263
6,400
6,822
7,248
7,387
2,948
3,143
3,231
3,255
3,245
17,
17,
17,
18,
18,
Bank
credit
cards
-347
4,207
5, 512
5,758
500
3,007
10, 238
13, 235
6,768
8, 377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
i Includes some items not shown separately.
Automobile
4,852
10, 043
30, 094
35, 820
42, 700
48, 399
45, 429
51,413
62, 988
72, 888
_-
Total *
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
296
826
117
863
200
169
328
645
-
Bank
credit
cards
440
614
188
642
929
406
750
652
112,
123,
137,
157,
157,
164,
193,
225,
1970 .
1971-1972..
1973__
1974 _
1975 _
1976
1977
Automobile
Net change in amount outstanding
30,
31,
37,
42,
44,
48,
52,
59,
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans slackened somewhat in June but there was a slight increase in bank holdings
of U.S. Government securities.
BILUONS OF DOtlARS* (RATIO SCAlf)
BILUONS OF DOLLARS *(RATIO SCALfl
1,000
-ALL COMMERCIAL BANKS-
1,000
TOTAL
-LOANS AND INVESTMENTS
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
100
100
80
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
80
yS^
f
60
60
J_
40
1970
1971
1972
M t I 1I I t t I I
M I I 1I I I I I I
I l l l l h l l l l
l l l l l l l l M l
1973
1974
1975
1976
1977
•'SEASONALLY ADJUSTED, END O F M O N T H
SOURCE. WARD OF GOYERNOR5 OF THE FEDERAt RESERVE SYSTEM
Period
[Billions of dollars, seasonally adjusted, except as noted]
All member banks
All commercial banks 1
Borrowings (milLoans
Investments
Reserves 2 3
Total
lions of dollars,
unadjusted)2
loans
and Total ex- Commer- U.S. Gov- Other
invest- cluding cial and
NonReSeaernment
secuTotal
Total
ments
inter- industrial securities
borrowed quired
sonal
rities
bank
1975..._
1976
1977 _._.
1977: MayJune.
July_
Aug_
Sept_
Oct__
Nov_
Dec.
292. 0
320.9
378.9
449. 0
500. 2
496.9
538.9
617.0
110. 0
116.2
130.4
156.6
183. 5
176.2
8
179. 7
• 201. 4
57.8
60.6
62.6
54. 5
51. 1
80. 1
98.0
95.6
85.7
104. 2
116.5
129. 9
139. 8
144. 8
148.2
158.0
29. 11
31. 17
31.34
34.91
36. 57
34. 68
34.93
36. 14
28.78
31.04
30. 29
33.61
35. 84
34. 55
34.87
35. 57
28.86
30.98
31.06
34.61
36. 31
34.42
34. 65
35.95
566. 6
573. 0
580. 0
587.9
593.9
602.7
611. 6
617.0
188.3
190.4
192. 4
194.4
196. 0
198.7
200. 2
• 201. 4
103.2
103.4
104. 1
102.4
100.7
99.4
96.3
95.6
153.3
153.3
154.4
155.5
156.2
157.9
158.3
158.0
34.80
34.82
35.27
35.50
35. 52
35.81
35.96
36. 14
34.60
34. 56
34. 95
34.44
34.89
34.50
35.10
35.57
1978: Jan "_.
Feb'_.
Mar ".
Apr »..
May p
June v.
880.6
886. 6
892.2
906. 0
917.9
922.4
624.9
628. 2
636.5
646.3
657. 9
661. 2
203. 9
206. 1
210.3
213. 3
219. 2
220.4
96.3
99. 0
95.6
97.6
97. 1
98.4
159.4
159.4
160.1
162. 1
162.9
162.8
36.60
36.93
36.67
36. 95
37. 27
37.75
36. 12
36.53
36.34
36. 40
36. 06
36.66
1974
i Data are lor end of period.
* Averages of daily figures. Annual data are for December.
•Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
28
1978
COUNCIL OF ECONOMIC ADVISERS
435.5
485.7
558.0
633.4
1
691. 1
721. 8
785. 1
870. 6
823.1
829. 7
838. 5
845.8
850.8
860.0
866.2
870.6
1970
1971._„
1972___.
1973..._
lit I IJ 40
t t I 1I TM 1I I
34.60
34.67
35.00
35. 30
35. 31
35.60
35.71
35.95
321
107
1,049
1,298
703
127
62
558
200
262
336
1,071
634
1,319
840
558
41
32
13
12
54
31
55
60
101
112
114
83
54
36.33
36.69
36.47
36.81
37.05
37.55
481
405
344
539
1,227
3, 112
32
52
47
43
93
120
•During 1974, total loans and investments were increased $0.6 billion due to
a bank morger and were reduced $1.6 billion due to liquidation of a large bankj
•6 Loan ^classifications reduced these loans by $1.2 billion as of March 31,197&
Loau reclassifications reduced these loans by S0.2 billion in December 1977Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Credii, market 1unds
Total
Total
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical 4
assets
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
1970
1971
1972
1973
1974.
1975
1976
1977
104.3
127. 1
152.9
180. 7
180.7
148. 4
213.5
241. 0
58.9
68. 6
80.8
83.8
75.7
107.8
125.8
135.9
45.5
58. 5
72.2
96. 9
105.0
40. 6
87.7
105. 1
40.7
44. 5
57.7
72. 7
81.8
36. 6
58.3
83. 4
32. 1
40.6
40.7
37. 0
39.1
49. 3
48.6
49. 2
8.6
3. 9
17.0
35. 7
42.7
-12. 7
9.7
34.2
4.8
14. 1
14. 5
24. 2
23.2
4. 1
29.4
21. 8
95.9
114. 6
136. 5
162. 6
163. 5
132. 3
197.2
220. 4
80.3
86. 0
100. 3
123. 3
134.7
98. 6
140.3
170. 3
15.6
28 6
36. 2
39. 3
28.9
33. 7
56.9
50. 1
8.4
12 5
16 5
18 1
17. 1
16 2
16.3
20 7
1976: I
II
III
IV .
219.8
220. 4
204. 3
209.5
125.4
125. 0
130. 5
122.3
94.4
95. 5
73. 8
87.2
52.1
60.2
51. 7
69.4
50.1
46.8
51. 0
46.6
2.1
13.4
22.8
42.3
35. 3
22. 1
17.8
203.2
202. 5
192. 6
190.5
134.3
143. 1
150. 4
133.4
68.9
59. 4
42. 1
57.1
16.6
17. 9
11 7
19.0
254.6
202. 1
250. 8
256. 7
125. 7
134. 8
145. 1
138. 0
128.9
67. 3
105. 7
118. 7
81.2
73. 3
75. 5
103. 4
38.2
38. 8
55. 1
65.0
43.3
34. 7
20. 4
38. 4
47.6
— 5. 9
30. 1
15. 3
235.8
188.9
223. 8
232. 8
160. 1
167. 6
181. 4
171. 9
75. 7
21. 3
42. 4
60. 9
18. 8
13. 2
26 9
23. 9
243.2
126.9
116.3
94.2
33. 1
61. 1
22. 1
225.9
179.6
46.3
17.4
1977: I
II _ „
III.
IV
.
1978: I*
» Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
* Stocks, bonds, and mortgages.
> Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
.7
«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]
Current liabilities
Current assets
Ad-
End of
period
Total
Cash
on
hand
and
in
banks l
50. i
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriernties 2
ment 3
Notes
and
accounts
receivable
Inventories
Other
current
assets 4
Total
193.3
200.4
215.2
246.7
288.0
285.8
315.4
35.0
43.8
48. 1
54. 4
56.6
60.0
69.8
304.9
326. 0
352.2
401.0
450. 6
457. 5
499. 9
vances
Notes
and
and
preacpayments, counts
payU.S.
able
Govern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-8
ties
6.6
4.9
4.0
4.3
5.2
6.4
7.0
204.7
215.6
230.4
261. 6
287.5
281.6
295.9
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
Net
working
capital
492. 3
529. 6
573. 5
643. 3
_- 712. 2
731. 6
816. 8
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
4. 2
3.5
3. 5
3. 6
4. 3
201. 9
217. 6
240. 0
266. 1
289. 7
294. 6
323. 9
753.5
775. 4
III_. 791. 8
816.8
68.4
70.8
71. 1
77.0
21.7
23.3
23.9
26.4
3.6
3.7
4.3
4.3
307.3
318. 1
324. 2
323. 9
288.8
295. 6
302. 1
315.4
63.6
63.9
66.3
69.8
465. 9
475. 9
484, 1
499. 9
6.4
6.8
7.0
7.0
280.5
287.0
284. 7
295.9
23.9
22.0
24. 9
26.8
155.0
160. 1
167.5
170.2
287; 6
299; 4
307.7
316.9
„ 845. 3
874.7
III.. 909.8
75.0
77.9
79. 1
27. 3
24. 1
24. 1
4. 6
4. 8
342. 0 322. 1
356. 6 332.5
373.8 343. 1
74.3
516.6
532.0
556. 3
6.8
5.7
6.2
302.2
313.2
323.6
28.6
24. 5
26.9
179.0
188.6
199.7
328.7
342.7
353.5
1970
1971
1972
1973
1974 _
1975 1976
1976:1
1977: I
3.5
3. 4
5.3
i Includes time certificates of deposit.
»Includes Federal agency issues.
> Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
7a 8
84.5
* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
o Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
INTEREST RATES AND BOND YIELDS
Interest rates in July moved erratically around the higher levels reached In late June; the discount rate was raised at
the beginning or July.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1970
SOURCE: SEE TABLE BEIOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1972
1973
1974
1975
1976
1977
1977: July..
Aug_.
Sept..
Oct...
Nov..
Dec
1978: Jan._
Feb..
Mar..
Apr_.
MayJune .
July..
Week ended:
1978: June 30
July 7
14
21
28
1
3-month
bills»
2
Constant maturities
3-year
10-year
4.071
7.041
7.886
5.838
4.989
5.265
5. 146
5.500
5. 770
6. 188
6. 160
6.063
6.448
6. 457
6.319
6.306
6.430
6.707
7.074
5.72
6.95
7.82
7.49
6.77
6.69
6. 51
6.79
6. 84
7. 19
7. 22
7. 30
7. 61
7.67
7. 70
7.85
8.07
8. 30
6.21
6.84
7.56
7.99
7.61
7.42
7. 33
7. 40
7.34
7.52
7.58
7. 69
7.96
8.03
8.04
8. 15
8.35
8.46
6.967
7.058
7. 188
7. 113
6.935
8.51
8.51
8.56
8. 55
8.59
8.62
8.68
8.65
High-grade Corporate Prime com- Discount
mercial
rate
municipal
Aaa
(N.Y.
paper,
bonds
bonds
F.R.
4-6
(Standard
Bank)*
months
& Poor's) 8 (Moody's)
5.27
5. 18
6.09
6.89
6.49
5.56
5. 50
5.46
5.37
5.53
5.38
5.48
5.60
5.51
5.49
5.71
5.97
6.13
7.21
7.44
8.57
8.83
8,43
&02
7. 94
7.98
7.92
8.04
8.08
8. 19
8.41
8.47
8.47
8.56
8.69
8.76
4.69
& 15
9.87
6.33
5.35
5. 60
5. 41
5.84
6. 17
6.55
6.59
6.64
6.79
6.80
6.80
6. 86
7.11
7.63
6.25
6.25
6.22
6.13
a 82
7.80
7.88
7.91
7.93
Rate on new Issues within period.
* Yields on the more actively traded issues adjusted to constant maturities
by1 the Treasury Department.
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
30
8.85
8.90
8.89
Prime
rate
charged
*>y
banks *
5.25
8.03
10.81
7.86
6.84
6.83
6X-6J4
6X-7
7 -7JJ
7K-7K
7J4-7J4
7J4-7JS
7X-8
8-8
8-8
8-8
7K7
7K-
Newhome
mortgage
yields
(raLBB
7.60
7.95
8.92
9.01
8.99
9.01
9.00
9. 02
9.04
9.07
9.07
9.09
9. 15
9. 18
9.26
9.30
9.37
9.46
9-9
9-9
9-9
9-
* 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: Department of the Treasury, 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 recovered in mid-July from their earlier dip.
INDEX, D E C 3 1 1 9 6 5 - 5 0
INDEX, DEC 31,1965=50
80
70
--
-
60
VA
6*0
COMPOSITE STOCK PRICE INDEX
(NYSE)
50
-
50
- 30
30 1 1 1 t 1 f 1 1 1 1 1
1970
i i i t 11 i i i i i M M 1 I HI I I
1972
1971
| | | | | | I \ \ I J
-1973
Mil
11 i r t 1 i i i i i i i i i r 1 t i t t t f i f f f f i f l r f t
1976
1975
1974
l l l l II 1 1 1 1 1 1 1 1 1 1 1 1
1978
1977
PERCENT
20
PERCENT
'20
15
70
EARNINGS-PRICE RATIO O N COMMON STOCKS
(S&P)
-
/
- 15
^
10
10
^
—
•—"1
1
*
i
- 5
5
1
1
1
1970
t
t 1
1971
1
1 1
1972
I
1
t
1973
1
1 I
1
'1974
1 t
1
1 1
1976
1975
1
1 1
1977
Common stock 5 yields
(percent)
Common stock prices ]
New York Stock Exchange indexes (Dec. 31, 1965 = 50) 2
Composite Industrial Transportation
1972
1973
1974
1975
1976
1977
1977: June_
July..
Aug..
Sept.
Oct_.
Nov..
Dec_.
1978: Jan
__.
Feb
Mar
Apr
May
June
Week ended:
1978: June 30
July 7
14
21
Utility
Finance
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial3
ratio
ratio
average (1941-43=
10) *
60.29
57.42
43.84
45.73
54.40
53.69
54.30
54.94
53.51
52.66
51.37
51.87
51.83
49.89
49.41
49.50
51.75
54.49
54.83
65.73
63.08
48.08
50.52
60.44
57.86
58.44
58.90
57.30
56.41
54.99
55.62
53.55
53. 45
52.80
52.77
55.48
59. 14
59.63
50. 17
37.74
31.89
31. 10
39. 57
41. 09
43. 29
43.52
41.04
39.99
38.33
39.30
39. 75
39. 15
38.90
38.95
41. 19
44.21
44. 19
38. 48
37.69
29.79
31.50
36. 97
40.92
41.59
42.44
41.50
40.93
40. 38
40.33
40.36
39. 06
39. 02
39. 26
39. 69
39. 47
39. 41
78.35
70.12
49.67
47. 14
52. 94
55. 25
55. 29
57.29
56.52
55.33
53.24
54.04
53.85
50.91
50.60
51.44
55.04
57.95
58.31
950. 71
923. 88
759. 37
802. 49
974. 92
894. 63
916. 56
908. 20
872. 26
853. 30
823. 96
828. 51
818. 80
781. 09
763. 57
756. 37
794. 66
838. 56
840. 26
53.49
53.20
54. 10
54.89
58.01
57.66
58.75
59. 68
42. 91
42.80
43.92
44.99
39.
38.
39.
39.
03
85
13
36
56.67
56.50
57.25
58.43
818.
809.
825.
836.
i Averages *f daily closing prices.
«Includes •& th« stocks (more than 1,500) listed on the NYSE.
> Includes 30 stocks.
' Includes 500 stocks.
• Standard <b Poor's series. Dividend-price ratios based on Wednesday closing
prices. EantincB-price ratios based on prices at end of quarter.
I
1
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD I POOR'S CORPORATION
Period
1
02
60
55
16
109. 20
107. 43
82.85
86.16
102. 01
98. 20
99. 29
100. 18
97.75
96.23
93.74
94.28
93.82
90.25
88.98
8a 82
92.71
97.41
97.66
2.84
3.06
4.47
4.31
3.77
4. 62
4.60
4. 59
4.72
4.82
4.97
5.02
5. 11
5.32
5.49
5.62
5.42
5.20
5. 19
95.22
94.64
96.25
97.71
5.32
5.38
5.28
5.18
5.50
7. 12
11. 59
9. 15
8.90
10. 79
10. 37
11.09
11. 45
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 9 months of fiscal 1978 the budget deficit was $40.7 billion. A year earlier the deficit was $32.9 billion.
BILLIONS OF DOLlARS
500
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTLAYS
.400
400
OUTLAYS
y
300
^
300
.—-*^
_^-iS?>l^P^REaiPTS
^ *ZI^
200
200
4
i
i
t
i
t
»
— i —
h
-100
1970
1971
1972
1973
1974
1976
1975
1977
1978'
1979
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES. DEPARTM£W OF THE TREASURY AND OfflCE O f MANACEMe<T AND BUDGET
[Billions of dollars]
Federal debt (end of period)
Period
Receipts
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
_
1977
„2
_
1978 (estimates)
„
1979 (estimates):
Mid-Session Review, July 1978 2
First Concurrent Resolution, May 1978 s
Cumulative total first 9 months:
Fiscal year 1977_
Fiscal year 1978„
1
3
_
187 8
193.7
188. 4
208. 6
232. 2
264. 9
281. 0
300.0
81. 8
357.8
401. 2
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366.4
94. 7
402. 8
452. 3
44a 2
447.9
496.6
498.8
266. 5
295.2
299.3
335.8
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Mid-Session Review of the 1979 Budget, Office of Management
and Budget, July 6,1978.
» First Concurrent Resolution on the Budget—Fiscal Year 1079, May 17, 1978.
32
Outlays
Surplus or
deficit ( - )
Total«
Held by
the public
367. 1
382. 6
409. 5
437. 3
468. 4
486. 2
544. 1
631.9
646.4
709. 1
776.0
279. 5
284. 9
304.3
323.8
343.0
34a 1
396.9
480.3
498. 3
551.8
606.8
-48.5
-50.9
853.9
668.9
-32.9
-40.7
685.2
758.8
532.2
595.9
32
— 2.8
— 23. 0
— 23. 4
— 14. 8
— 4. 7
-45. 1
-66. 4
— 13.0
— 45.0
-51. 1
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1978 budget receipts were $28.7 billion higher than a year earlier and expenditures
were $36.5 billion higher.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
RECEIPT*1
200
200
INDIVIDUAL I N C O M E TAXES
^
id**""
100
100
MIMttlltUIIIM
CORPORATION INCOME TAXES
\
"
OTHER RECEIPTS
1
0
1
i
1
!
1
1
i
400
400
OUTLAYS
300
300
-
NONDEFENSE
>
200
-
^+**
-
200
-
NATIONAL DEFENSE
100
-
m
_
1
v
1970
1971
I
1972
1
L
1
1973
1974
l
1
1975
1976
!
1977
1
1978
100
N
1979 M
FISCAL YEARS
SOURCES; DEPARTMENT OF THE TREASURY AND OFRCE O f MANAGEMENT AND BUDGET
COUNCIL O f ECONOMIC ADVlSESS
[Billions of dollars]
Receipts
Outlays
National defense
Period
Total
Fiscal year or period:
1969__'___
187. 8
1970
19a 7
1971__ _
188. 4
1972
208.6
1973 _
232.2
1974264. 9
1975.
. _
_ . 281. 0
1976
300.0
Transition quarter. _ _
81.8
1977.
357.8
1978 (estimates)11
401. 2
1979 (estimates)
448. 2
Cumulative total first 9
months:
Fiscal year 1977
__„ 2G6. 5
Fiscal year 1978
_ 295.2
Indi- Corpovidual ration Other
income income
taxes
taxes
87.2
90.4
36.7
32.8
26.8
32.2
36. 2
94.7
103.2
119. 0
122. 4
131. 6
38. 8
157. 6
182.0
200. 1
40. 6
41.4
8.5
54.9
59.0
60.8
63.9
70.5
75.4
81.7
92.8
107.4
118.0
127.0
34. 5
145.2
160.2
187.2
115. 1
130. 7
44. 2
47. 3
107.2
117.2
sa 2
3a 6
i Estimates from Mid-Session Review of the 1979 Budget, Office of Management
and Budget, July 6,1978.
NOTE.—Earned income credit payments In excess of an individual's tax liability
have been reclassified beginning 1976. Such payments are now classified as outlays
for all periods.
Total
Total
Department of
Defense,
military
Interna- Health
and
Intional income
terest Other
affairs security
184.5
19a 6
211.4
232.0
247. 1
269.6
326. 1
366.4
94.7
402.8
452.3
496.6
79.4
78.6
75.8
76.6
74.5
77.8
85.6
89. 4
22. 3
97. 5
104. 2
114. 6
77.9
77.2
74.5
75.2
73.3
77. 6
85.0
88.0
21.9
95. 7
102.0
112. 0
4.6
4.3
4. 1
4.7
4.0
5.6
6.9
5.5
2.2
4.8
6.5
7.4
49.0
56. 1
70. 1
81.4
91.8
106.5
136.3
160. 9
41. 5
176.7
190. 6
209. 4
15.8
18.3
19.6
20.6
22,8
28. 1
31.0
34.6
7.2
38. 1
43.8
49.0
53.9
51.7
66.5
76.0
21.5
85.7
107. 1
116. 3
299.3
335.8
73.4
78.4
71.4
76.5
1.8
4.0
134.3
142.4
30.0
34.2
59.7
76.8
35.7
39.3
41.8
4a 8
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 $10.7 billion (annual rate) and expenditures
rose $4.7 billion, yielding a deficit of $52.6 billion, $6.0 billion less than in the fourth quarter of 1977. In the second
quarter, accordins to preliminary data, expenditures rose $1.5 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
550.
BILLIONS OF DOLLARS
550
SEASONALLY ADJUSTED A N N U A L RATES
500
500
450 -
450
400
fcWfcNWT
400
URES
350
350
300
300
V
250
250
-
RECEIPTS
200
200
15Q A . i
i
i
i
i
i
.
.
I
I
i
i
t
t
f
t.
T
t
t
t
i
i
i
t
i
150
50
50
SURPLUS
0
0
DEFICIT
-50
-50
-100
-100
1970
W\
1973
1972
1974
CALENDAR YEARS
1975
1977
1976
1978
COUNCIL OF ECONOMIC ADVISERS
S 0 W C & DEPARTMENT OF COMMERCE
[Billions o F dollars;quarterly data at seasonally adjusted annual rates]
Period
Surplus
Federal Government expenditures
Federal (jrovernment receipts
Subsidies Less: deficit
Grantsless
Wage
in-aid
PurIndirect Contri(-),
Personal Corpocurrent accruals national
chases Trans- to State Net
rate business butions
tax
and
surplus
of
and
interest
of
goods
less
fer payTotal
for
Total nontax profits tax and
income
paid Govern- disand
ments local
nontax social intax
and
receipts accruals
ment en- burse- product
governservices
accruals surance
terprises ments accounts
ments
Fiscal year:
271. 8
1974
1975 __
283. 5
1976 - „ 313.9
1977 _ _ 365.3
Calendar
year:
288. 6
1974 __
286. 2
1975
331. 4
1976
374. 5
1977
27a 8
-0.2
—;4
122. 6
127. 1
136. 9
165. 9
43.
42.
51.
58.
7
1
9
8
21.
22.
24.
24,
4
2
2
5
84.2
92. 1
100.9
116. 1
328.7
371.5
412.0
104.6
118. 0
126.2
140. 7
104.7
134.3
156.5
169.6
41.6
48.4
57. 5
66.2
19.8
21.9
25.2
28.4
8.0
5. 7
6. 2
7.0
.0
-7.0
-45. 3
— 57. 6
-46. 7
131. 1
125.4
146. 8
169. 4
45.
42.
54.
61.
9
8
8
3
21.
23.
23.
25.
7
9
4
0
89.9
94.2
106. 4
118. 7
299.3
356.8
385.2
422. 6
111. 1
123. 1
129.9
145. 1
117.6
149.1
161.6
172.7
43.9
54.6
61. 1
67.4
20.9
23.2
26.8
29. 1
5.3
6.8
5.8
8.3
-. 5
.0
.0
.0
-10.7
-70.6
-53.8
-48. 1
366.6
371.4
374. 3
IV... 385.5
168.3
167.0
167.6
174.8
58.4
61.8
62.0
62. 9
24.4
24.8
25.4
25.6
115.5
117.7
119.3
122. 2
403.9
411. 7
430.7
444. 1
138. 3
142. 9
146.8
152. 2
168.6
168. 2
175.7
178.3
62. 1
65.4
70.9
71. 1
28.1
28.8
28.9
30.7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
-40.3
-56.4
-58.6
396. 2
176.8
186.4
59. 6
26.5
27.1
133.3 448.8
137.4 450.3
151.5
147.4
180.2
181. 1
73.9
76.4
33.2
35.2
10.0
10. 1
.0
.0
-52.6
1977:1
1978:1
II »
Nott.—Data revised beginning 1975.
34
.0
Sources: Department of Commerce (Bureau of Economic Analysis). Department of the Treasury, and Office of Management and B udget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)
Period
United
States
Canada
Japan
109. 6
119.7
129.8
129.3
117.8
129. 8
137.0
138. 5
138.9
139. 3
139.7
138.8
139.2
140.9
143.0
143.8
144. 3
121.5
130.7
143.0
147.5
139.6
146. 7
152.6
153.2
154.3
154.7
155.4
153.3
156.7
157.2
158.0
156.6
155.8
167.2
190.5
183.1
163.9
182.0
189.5
190.0
187.7
191. 5
193.3
194.9
195.4
199.5
199.7
200.3
1971
1972
1973
1974
1975
1976
1977
1977: Sept—
Oct...
Nov.—
Dec—
1978: Jan___
Feb . „
Mar*_
Apr p May »_
June »_
GerFrance many
Italy
133.6
138.7
147.7
145. 1
137. 1
149. 1
152.7
153
152
153
156
157
152
151
153
151
117.5
122.7
134.6
140.6
127.6
143.5
144. 8
145.4
139.2
142. 1
137.3
143.4
148.0
146. 6
143. 1
144.9
128
135
145
148
139
149
152
154
150
154
149
154
152
156
160
155
Consumer prices (unadjusted)
United United CanKing- States 1 ada Japan France Germany
dom
110. 6
113.2
122.5
120. 3
114.3
115.6
117.2
117.3
116.2
116. 1
117.2
117.8
118.7
118.6
121.5
118.8
121.3
125.3
13a i
147.7
161.2
170.5
181.5
184 0
184.5
185.4
186. 1
187.2
188.4
189.8
191.5
193.3
115.6
121.2
130. 3
144.5
160. 1
172. 1
185.9
188.9
190.8
192.0
193.3
194.0
195.3
197.5
197.9
200.7
202.4
126.5
132.3
147.9
184.0
205. 8
224.9
243.0
247.3
248.6
245.7
245. 1
246. 1
247.1
249.4
252. 1
253.5
123.5
131.1
140.7
160.0
178.9
196. 1
213.9
218.6
220.3
221. 1
221.7
222.8
224.4
226.4
228.9
231.1
Italy
112.7
119.0
127.2
136.1
144.2
150.7
156.6
157. 1
157. 3
157.5
157.9
158.9
159.7
160.3
160.7
161. 1
161.6
114.4
121.0
134. 1
159.7
186.8
218. 1
257.6
263.9
266.7
270.7
272.0
274.6
277.4
280.3
283.3
286.4
288.8
United
Kingdom
128. 5
137. 6
150.3
174.4
216.5
252.4
292.4
298. 3
299. 6
301.0
302.6
304.4
306.2
308. 1
312.6
314.4
316.8
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Offico of International Economic
Research, in International Economic Indicators.
1 Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports
Merchandise imports
General imports*
Domestic exports
Period
Total
domestic and
foreign Total >2
exports
Food, Crude
Food, Crude
bever- mate- Manubever- mate2
facages,
rials
rials
ages,
tured Total
and to- and
and to- and
goods
bacco fuels
fuels
bacco
5, 902
8, 159
8, 159
8,966
9,596
10, 096
10, 091
10, 372
9, 683
11, 039
9, 357
9, 478
10, 999
10, 014
9,922
10, 912
Mar
11,635
Apr
May«__ 11,754
12,
126
June
1974
1975
_
1976
1977
1977: June.__
July__.
Aug
Sept___
Oct
Nov.__
Dec
1978: Jan__
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
8,045
8,842
9,456
9,915
1,269
1,399
1,436
1,332
1,376
1,420
1,346
1,466
1,023
1,135
1,472
1,281
1, 531
1,604
1,693
1,897
1,963
1,317
1,266
1,341
1,548
1,612
1,653
1,296
1,531
1,466
1,500
1,493
1,402
1,282
1,483
1,699
1,781
1,930
5,294
5,913
6,437
6,681
6,620
6,640
6,469
7,516
6,294
6,380
7,471
6,739
6,674
7, 145
7,562
7,548
7,751
8, 354
8,048
10, 084
12, 307
13, 334
12, 483
12, 101
12, 942
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
* Total excludes Department of Defense shipments of grant-aid military supr lies and equipment under the Military Assistance Program.
a Total includes commodities and transactions not classified according to kind.
* Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
t'nited States. Data for 1973 are estimates.
Total
(c.i.f.
value) 4
Customs value
F.a.s. value
Monthly
average:
1973
1974
Manufactured
goods
Merchandise trade
balance
ExExports
ports Exports
(f.a.s.) (f.a.s.)
less
less
imless
imports
imports
ports
(cus(c.i.f.)
toms (f.a.s.)
value)
770 1, 120 3,750
892 2, 653 4, 684
F.a.s. value
892 2, 672 4,602
827 2, 718 4,257
991 3, 457 5,398
1,186 4, 463 6,379
1,181 5, 172 6,655
1,107 4,595 6,446
1,088 4,352 6,393
1, 115 4, 571 6,844
998 4, 680 6,767
962 4, 771 6,140
1,442 3, 900 7,556
1,276 3, 912 7,264
1,363 4, 362 8,464
1,370 3, 928 8,043
1,370 4, 139 8,636
1,313 4,461 8,247
1, 135 4, 221 8,020
6,131
9,000
9,000
8,654
10, 825
13, 130
14, 233
13, 339
12, 897
13, 813
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
112
-257
— 195
-229
-841
—257
853
—581
-2, 297
-3,356
-2, 189
-2,466
-1,967
-3, 314
-3,011
-2,581
-2,455
-4,649
-2,915
-2,983
-2,358
-1,702
—195
918
—488
-2, 211
-3,244
-2, 111
-2,418
-1,903
-3,230
-2, 929
-2,475
-2,367
-4,518
-2,787
-2,861
-2,238
-1,597
—841
312
— 1 , 229
— 3 , 034
- 4 , 142
- 2 , 966
— 3, 214
- 2 , 775
- 4 , 074
- 3 , 725
-3,371
-3,143
-5,459
-3,658
- 3 , 801
-3, 141
-2, 482
* 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 beginning 1976 not strictly comparable with earlier data.
Data revised for 1977, except detail for exports and Imports, not yot available.
£ictrcc:Pepartxnent of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account definition has been changed to include reinvested earnings on foreign investment and historical
data have been revised accordingly. Using the new definition, the U.S. current account deficit in the first quarter was
$7 billion, about the same as in the fourth quarter of last year.
BILLIONS OF DOLLARS
BILLIONS O f P.OLLARS.
BALANCE O N CURRENT ACCOUNT
-10
-10
1970.
1971
1977
SOURCE: DEPARTMENT OF COMMERCE
I
1978
COUNCIL O f ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise
Period
1971
1972
1973
1974
1975
1976
1977
ExDorts
43, 319
49, 381
71,410
98, 306
107, 088
114, 694
120, 585
Imports
Investment income3
12
Net
balance
-45,579 - 2 , 2 6 0
-55,797 - 6 , 4 1 6
-70,499
911
-103, 649 - 5 , 343
-98,041
9, 047
-124, 047 - 9 , 3 5 3
-151,644 - 3 1 , 0 5 9
1976:11I_.
IV_.
29, 602 -32, 418 - 2 , 8 1 6
29, 711 -33,314 - 3 , 6 0 3
1977:1---
29,
30,
31,
29,
HIIV__
1978: I "__
477
638
013
457
-36,495 - 7 , 0 1 8
-37, 259 - C , 621
-38,263 - 7 , 2 5 0
-39,627 - 1 0 , 170
30, 664 -43,865 - 1 1 , 201
L
Excludes
2
Adjusted
3
Other
services,
net 3
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
other
unilateral
trans-l
fers
Balance
on
current
account
Net
Net
military
transactions
688 -5,436
694 - 6 , 544
697 - 9 , 6 5 5
541 -12,084
359 - 1 2 , 564
244 - 1 3 , 3 1 1
100 - 1 4 , 593
7,252
8, 150
12, 042
15, 457
12, 795
15, 933
17, 507
— 2,893
-3,621
-2,287
- 2 , 080
-876
312
1,334
7, 428 - 3 , 2 9 3
7,420 - 3 , 2 8 1
4,135
4, 139
237
169
— 515 1,186
- 7 0 4 1,222
-3,197
-3,601
-3,610
- 4 , 185
4, 599
4,487
4,610
3,812
568
295
467
5
-907
-759
-677
-701
1,136
1,171
1,260
1,183
9,432 - 4 , 6 6 5
4,767
307
-824
1, 252 - 5 , 7 0 0 - 1 , 254 - 6 , 954
Receipts
12,
14,
21,
27,
25,
29,
32,
7,796
8,088
8, 220
7,997
Payments
military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
Nettravel
and
transportation
receipts
-2,315
-3,028
-3,086
-3,105
-2,522
— 2, 245
-3,044
2, 509
2,294
2,789 - 2 , 125
3, 185 10, 766
3, 975
8,905
4,617 23, 060
4, 714
9,361
4,749 - 1 0 , 5 1 4
- 3 , 701 - 1 , 407
-3,854 -5,979
-3,881
6,885
- 7 , 186
1,719
-4,615
18, 445
-5,022
4, 339
-4,708 -15,221
2,227 - 1 , 9 0 8
1,223 - 1 , 0 4 7
-1,623
-1,427
-1,591
-5,870
- 1 , 126
-1,243
-1,277
-1,064
Source: Department of Commerce, Bureau of Economic Analysis.
319
176
-2,749
-2,670
-2,868
-6,934
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. rose by $15.7 billion in the first quarter of 1978 largely reflecting exchange market
intervention by foreign central banks to slow appreciation of their currencies against the dollar.
8ILUONS OF DOLLARS
30
BILLIONS OF DOLLARS
30
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN U.S. ASSETS
ABROAD, NET
-10
-20
-30
-30
1970
1977
1971
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
"U.S. assets abroad, net
[increase/capital outflow ( —)]
Foreign assets in the U.S., net
[increase/capital inflow ( + ) ] 2
Foreign official
assets
Period
Total
Other
U.S.
U.S.
U.S.
private2
official
reserve Govern- assets
assets " 2 ment
assets
Total
Total
1971
1972
1973
1974
1975
1976
1977
-12, 475
-14,461
-22,823
-34,712
-39,444
-50,608
-34,650
2,348
32
209
-1,434
-607
-2,530
-231
1976: I I I .
IV.
-10,269
-16, 235
-407
228
-1,340 - 8 , 5 2 2 8,932
-1, 180 -15, 283 12, 534
1977: I ~ .
II-.
III.
IV-
- 1 , 334
-12,003
-6,615
-14,700
-388
6
151
-949
-795
-1,098
-838
1978: I » -
- 1 4 , 286
246
- 1 , 884
-1,568
-2,644
366
-3,470
-4,213
-3,679
-12, 939
-12, 925
-20,388
-33,643
-35,368
-43,865
-30,740
22, 987
21, 696
18, 663
34, 677
15, 550
36, 969
50, 869
26, 895
10, 705
6, 299
10, 981
6, 907
18, 073
37, 124
Allocations
Of
of
Total
which:
special (sum of Seasonal
drawing
adjustthe
rights
ment
items
with sign discrepreversed) ancy
27, 405 -3,907
10, 322 10,991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746
5,862
1,320
6, 086 5,367
3 2,490
5,451
4,946 -2,962
-11,214 14, 064 7,884
6, 180
7,467
- 5 , 6 6 8 14, 251 8,246
6,005
7,914
-13,862 20, 065 15, 543 15, 153 4, 522
- 9 0 0 - 1 3 , 6 3 2 17, 816
i Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. reserve position in the IMF.
» Quarterly data are not seasonally adjusted-
Assets of Other
foreign foreign
official
assets
reserve
agencies
Statistical
discrepancy
3,070
7,166
15, 691 14, 906
2,125
717
710
-9,822
-1,966
-2,725
-1,684
5,449
9,300
-998
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19,312
1,018 -2,636 18, 945
1,734 18, 747
3,525
130 19, 120
1,593
-177 19, 156
609
-4, 769 -2,230 18, 988
2, 276 19, 312
1,569
3,423
176 19, 192
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of tho Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
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878
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON. D.C. 20402
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First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
P age
Gross National Product
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product.
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
«
., . , . . . . . . . ; : . . . . . . .
:
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
,
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
_, _ „ .—
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S: International Transactions
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