Full text of Economic Indicators : July 1979
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96th Congress, 1st Session
Economic Indicators
July 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATB
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
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)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLffi (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fSJ. Res. S3]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter, gross national product rose $35.1 billion or 6.3 percent,
both at annual rates. Real output (GNP adjusted for price changes) fell 3.3 percent from the first quarter level and
the implicit price deflator rose at a 9.9 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
2,400
2,400
,200
2,200
XX)
2,000
GNP
IN CURRENT DOLLARS
MX)
V
1,800
500
1,600
400
1,400
—^
1,200
1,200
GNP
IN 1972 DOLLARS
1,000 I
1,000
L
1972
1973
1975
1974
1976
1978
1977
1980
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
1968______ 868.5 535.9
1969
935.5 579.7
982.4 618. 8
1970
1971
1, 063. 4 668.2
1972
1, 171. 1 733. 0
1973
1, 306. 6 809.9
1974
1, 412. 9 889.6
1975
1, 528. 8 979. 1
1976__
13 702. 2 1,089.9
1977_. _ 1} 899. 5 1, 210. 0
1978__
2, 127. 6 1, 350. 8
1977: IDL_ 1, 930. 5 1, 220. 6
IV___ 1, 971. 3 1, 259. 7
1978:1
2, Oil. 3 1, 287. 2
!!___ 2, 104. 2 1, 331. 2
III__ 2, 159. 6 13 369. 3
IV___ 2, 235. 2 1, 415. 4
^1979: 1
2, 292. 1 1, 454. 2
II" __ 2,327.2 1, 474. 2
Net
exports
Exports
Imports
Total
131. 5
146.2
140. 8
160. 0
188.3
220.0
214.6
190.9
243.0
303.3
351. 5
315.7
316. 9
327.0
352. 3
356.2
370.5
373.8
391.3
2.3
1.8
3.9
1.6
-3.3
7. 1
6. 0
20.4
8.0
-9.9
-10.3
-6.3
-18.1
-22.2
-7.6
-6.8
- -4.5
4.0
-7.0
49. 9
547
62.5
65.6
72.7
101.6
137.9
147.3
163.3
175.9
207.2
180. 1
174.2
184.4
205. 7
213.8
224.9
238.5
242.5
47.7
52.9
58.5
64.0
75.9
94.4
131.9
126.9
155.4
185.8
217.5
186.4
192.3
206.6
213.3
220.6
229.4
234.4
249.5
198.7
207.9
218.9
233.7
253. 1
269.5
302.7
338.4
361.3
396.2
435. 6
400.5
412.8
419.4
428.3
440. 9
453.8
460. 1
468.7
Federal
» This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Go vernment purchases of goods and
services
Exporlbs and imisorts of
goocIs and ser vices
Gross
private
domestic
investment
total
National
defense l
98.0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129.7
144.4
152.6
145.6
151.2
150.9
148.2
152. 3
159.0
163.6
162.9
76. 9
76.3
73.5
70 2
73.5
73.5
77.0
83.7
86.4
93.7
99.0
93.9
96.4
97.6
98.2
99.0
101.2
103.4
106.0
Nondefense
21.2
21.2
22. 1
26.0
28.6
28.7
34.1
39.4
43.3
50.6
53.6
51.7
54. 8
53.3
50.0
53.3
57.8
60.2
56.9
State
and
local
100.7
110. 4
123.2
137.5
151. 0
167.3
191.5
215.4
231.6
251.8
283.0
254.9
261. 6
268.5
280. 1
288.6
294.8
296.5
305.8
NOTE.—Data revised beginning 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
860. 8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
lf 404. 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
1, 902. 9
1, 952. 9
1, 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
25 272. 9
2, 295. 8
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted annual rate*)
Period
Gross srivate dc>mestie
iiivestment
Persona]
Gross
connational sumpproduct tion
expenditures
Nonresidential
fixed
Residential
fixed
Exisorts of gtjods
and serviceJS
Governinent purebases of
good s and ser vices
Change
in busiNet
Exports Imports
ness in- exports
ventories
Total
Federal
State
and
local
Final
sales
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
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, 273. 0
1} 340. 5
1, 399. 2
633.4
655. 4
668.9
691.9
733.0
767.7
760. 7
774.6
820.6
861.7
900.8
108.0
1143
110.0
108.0
116.8
131.0
130.6
113. 6
119.0
129.3
140. 1
42.8
43.2
40.4
52.2
62.0
59. 7
45. 0
38.8
47.8
57.7
60. 1
8.7
10.6
4.3
6.6
9.4
16.5
8. 0
-9.8
6.6
13.1
14. 1
-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.8
10.3
11.0
58.5
62.2
67.1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9
58.9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9
259.2
256.7
250.2
249.4
253. 1
252.5
257.7
262.6
263.3
268.5
273.2
128.3
121.8
110.7
103.9
102. 1
96.6
95.8
96. 5
96.4
100.6
98.6
130.9
134.9
139.5
145.5
151.0
155.9
161.8
166. 1
166.9
167.9
174.6
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1, 385. 1
1977:
III- 1, 353. 9
IV_. 1, 361. 3
863.7
880. 9
130.8
131.7
59.3
60. 1
16.6
11.3
13.2
5.8
100.5
97.3
87.3
91.4
270.3
271.5
101.8
101.8
168.5
169.8
13 337. 3
1, 350. 0
1978: !__._ 1, 367. 8
!!___ 1, 395. 2
III.. 1, 407. 3
IV.. 1, 426. 6
882.7
894.8
905.3
920.3
133. 1
140.3
141. 6
145.5
59.4
60.9
60.2
60.0
16.5
15.6
12.2
12.0
5.3
12.3
13.3
12.9
100.7
109.2
111. 9
113.8
95.4
96.9
98.5
101.0
270.7
271.3
274.7
276.0
99.9
96.6
98.5
99.3
170.9
174.7
176.2
176.6
1, 351. 3
1, 379. 6
1, 395. 1
1, 414. 6
1979: I— .. 1, 430. 6
II *_ 1, 418. 8
921.8
913. 5
147.2
145.4 '
57.7
56.9
12.3
16.8
17.0
12.9
117.0
115.7
100.0
102.8
274.7
273.4
101. 1
98. 5
173. 6
174. 9
1, 418. 4
1, 402. 0
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Gross
national
product
Period
Personai consumj:>tion expenditures
Total
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977_
1978
_
1977:111
IV
1978:1
II__
III.
IV
_
1979: I
II"
Nonres- ResiNonDurable durable
Services idential dential
fixed
fixed
goods
Expor ts and
imports of goods
and sijrvices
Governnlent purchases c)f goods
and sejrvices
Exports Imports Federal
State
and
local
82.57
86.72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
84.6
88.5
92.5
96. 6
100.0
105. 5
116.9
126.4
132.8
140.4
150.0
90.7
93. 1
95.5
99.0
100. 0
101.6
108.4
117.7
124.3
129.4
136.5
85.3
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138. 1
144.7
154.6
82.0
86. 1
90.5
95.8
100.0
1047
113.6
123.2
131.2
140.7
150.9
82.6
86.6
91.3
96.4
100.0
103.8
115.3
132.2
138.5
146.6
157.8
80.7
87.7
90.6
94*9
100.0
110.8
122.3
132.8
142.5
159.3
179.7
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
169.9
178. 7
190.3
80. 9
83.3
89. 1
93.5
100. 0
118.2
171. 0
188.0
193.3
210. 7
222. 1
76.4
80.0
86. 4
92. 6
100.0
105.8
115.9
127. 5
134.6
143. 6
154.8
76.9
81.9
88.3
94 5
100. 0
107.3
118.4
129.7
138.8
150. 0
162. 1
142. 59
144. 82
141.3
143.0
129.5
130.9
145.4
146.8
142.0
144. 1
147.7
150. 8
160. 1
166.2
179. 1
179. 1
213.4
210.3
143.0
148. 6
151.3
154 1
147. 05
150. 82
153. 45
156. 68
145.8
148.8
151.3
153. 8
133.0
135. 6
137.9
139.4
150.0
153.7
155.7
158.6
146.8
149.4
152.3
155.0
153.0
156. 0
159.6
162.3
169.3
176.7
183. 1
189. 5
183. 1
188.4
191. 1
197. 6
216. 6
220.2
223. 9
227. 2
151. 1
153.4
154 6
160. 1
157. 1
160.3
163.8
166.9
160. 22
164. 03
157.8
161.4
142.4
144. 2
164. 1
168.9
158.0
161.2
165.4
170. 0
192.6
198.4
203.9
209.7
234 5
242. 8
161. 9
165.3
170.8
174 &
NOTE.—Data revised beginning 1976.
Gross private
domestic
mves jment
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 Jnational p roduet
Constant
(1972)
dollars
Current
dollars
Period
9.1
7.7
5.0
8.2
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1977: III
11.3
11.6
12.0
12. 1
1978:1
II
III
IV
1979:1
19.8
10.9
14.8
10.6
10. 1
11.6
8.1
8.2
8.7
8.4
IV
6.3
II v
Implicit
price
deflator
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4.4
7.0
2.2
1.9
8.3
3.5
5.6
1. 1
-3.3
Gross ciomestic piroduet
Fixedweighted
price
index
(1972
weights)
Chain
price
index
4.5
5.0
5.4
5.1
4.1
5.8
9.7
9.6
5.2
6.0
7.3
4.8
6.4
6.3
10.6
7.2
8.7
9.3
9.9
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Data revised beginning 1976.
4.3
5.0
5.2
4.9
4.0
6.0
4.4
5.0
5.3
5.0
4.1
6.0
9.9
9.4
5.6
6.3
7.4
5.0
6.8
6.8
9.4
8.2
8.6
9.7
10.2
9.3
5.6
6.4
7.5
5. 1
7.2
6.8
9.6
8.3
8.9
9.9
9.8
9. 1
Current
dollars
9.1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
11.2
11.5
12.0
12.0
9.1
8.1
19. 6
11. 1
14.8
1U 1
6.3
Constant
(1972)
dollars
Implicit
price
deflator
44
2.6
-.3
2.8
5.8
5.4
4.5
5.1
5.3
5.1
4.1
5.7
9.3
9.7
-1.3
-1. 1
5. 1
5.7
5.3
4.4
6.9
2.4
1.8
5.9
7.3
4.7
6.6
6.2
8. 1
10.6
7.2
8.7
9.1
9.8
3.6
5.6
.9
-3.2
Chain
price
index
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
4.9
7.0
6.7
9.4
8.2
8.7
9.6
9.0
Fixedweighted
price
index
(1972
weights)
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
5.0
7.3
6.8
9.7
8.3
8.9
9.9
9.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross d omestic
prodi LCt of
nonfin ancial
corpc>rate
busi ness
(billic>ns of
doll ars)
[Quarterly data at seasonally adjusted annual rates]
Current-dol lar cost a nd profit per unit of outpu t (dollars) i
Capital
consumption
CompenTotal
allowNet
cost
ances Indirect sation
of
inand 2
with business
3
employ- terest
capital taxes
profit
conees
sumption
adjustment
Current
dollars
1972
dollars
452.9
498.4
541.8
560. 6
602.5
671.0
752.0
808.8
874. 1
988.0
1, 106. 3
1, 246. 9
545.8
581.6
607.3
600.6
619.3
671.0
720.4
695.0
680.0
730.4
770. 7
818.7
0.830
.857
.892
.933
.973
1.000
1.044
1. 164
1.285
1.353
1.436
1.523
0.072
.074
.079
.088
. 094
.093
.095
. 116
. 142
. 146
. 151
. 155
1977: III_ _ 1, 128. 9
IV— 1, 148. 6
778.5
782.9
1.450
1.467
.151
.154
1978: I
1, 169. 1
II
1, 236. 5
III__ 1, 267. 9
IV_ __ 1, 314. 1
789. 8
817. 1
826.3
841.4
1.480
1.513
1. 534
1.562
1, 346. 4
846.6
1. 590
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
Total
Profits
tax
liability
Profits
after4
tax
Compenper
sation
hour
per
of all
hour
employ- of aU
ees
employ(1972
ees
dollars) (dollars)
Output
0.535
0.084
.553
.089
.094
.589
. 103 .628
. 110 .645
.661
.110
. 112
.699
. 123 .796
. 136
.848
.890
. 137
.951
. 140
. 143 1. 020
0.016
.017
.022
.028
.029
.028
.032
.043
.045
. 042
.043
.048
0.123
. 124
. 109
.086
.095
. 107
.105
.086
.113
. 138
.151
. 157
0.051
.058
.055
.045
.048
.050
.055
.061
.060
.072
.077
.084
0.072
.066
.055
.041
. 046
.057
.050
.024
.053
.066
.074
.073
6.906
7. 133
7. 154
7. 147
7.389
7.631
7.789
7.490
7.721
7.967
8.071
8.225
3.694
3.944
4.207
4.487
4.766
5.048
5.446
5.959
6.550
7.092
7.672
8. 387
. 140
. 142
.954
.975
.044
.046
.161
. 150
.077
.078
.084
.073
8. 123
8.087
7.750
7.886
.156
. 154
.155
.155
. 143
. 144
. 142
. 143
1.002
1.009
1.024
1.042
.047
.047
.049
.050
. 132
.071
.085
. 159
. 163 - .086
.093
.171
.061
.074
.077
.078
8. 124
8.216
8.263
8.300
8.139
8.291
8.465
8.646
.158
. 145
1.075
.052
. 161
.088
.072
8.262
8.881
» Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpo rate profi ts with
inventc3ry valuat ion and
capit al consuniption
£idjustmen ts
4
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
income
Period
Propr ietors'
incom e with
inventor y valuation anc [ capital
consuroption
adjust ments
*
Compensation of
employees x
Farm
Nonfarm
Rental
income
of persons
with
capital
consumption
adjustment
Corpor ate profit.5 with inv entory valuation
and capital co nsumptio n adjustm ents
Profits > with inv entory
valualbion adjustment
and iwithout ciipital
consum ption adjiistment
Invenx____
tory
valua-
Total
Total
Profits
before
tax
til ATI
Capital
consumption
adjustment
Net
interest
adjustment
1968. — .
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
519. 8
7144
571.4
767.9
609.2
798.4
650.3
858.1
715. 1
951.9
799.2
1, 064 6
875.8
1, 136. 0
931.1
1, 215. 0
1, 359. 8 1, 037. 8
1, 525. 8 1, 156. 9
1, 724. 3 1, 304. 5
12.0
13.9
13. 9
143
18.0
32.0
25.4
23.5
18.3
19.6
27.7
51.4
52.3
51.2
53.4
58. 1
60.4
60. 9
63.5
71.0
80.5
89. 1
18.6
18.1
18.6
20. 1
21.5
21.6
21.4
22.4
22. 1
24.7
25.9
85.8
81.4
67.9
77.2
92.1
99.1
83.6
95.9
126.8
150.0
167.7
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162.0
180.8
85.6
83.4
71.5
82.0
96.2
115. 8
126.9
120.4
156.0
177.1
206.0
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.6
-15.2
-25.2
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12.0
-14.5
-12.0
-13. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94.0
109. 5
1977:111
IV
1, 551. 1 1, 170. 7
1, 589. 8 1, 205. 5
16.8
24.7
81.7
82.9
25.2
25.5
160.8
153.0
172.0
166.0
180.9
183.0
-8.9
-17.0
-11.2
-13.0
95.8
98.2
1978:1
II
III
IV
1, 621. 0
1, 703. 9
1, 752. 5
1, 820. 0
1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8
25.7
27.7
26. 1
31.3
83.4
87.3
91.3
94.4
25.2
24.4
26.8
27. 1
141.2
169.4
175.2
184.8
153.6
182.0
189.0
198.6
177. 5
207.2
212.0
227.4
-23.9
— 25. 1
-23.0
-28.8
-12.4
-12. 6
-13.8
-13.8
101.5
106.8
111.9
117.6
1979:1
D>
1, 869. 0 1, 411. 2
1, 439. 0
34.2
33.7
94.8
95.5
27.3
26.8
178.9
193.3
233. 3
-39.9
-36.4
-14.5
-147
122.6
126. 1
i Includes employer contributions for social insurance. (See also p. 5.)
NOTE.—Data revised beginning 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
1968
._
535.9
1969
579.7
1970
618. 8
1971
668.2
1972
733.0
1973_._
809. 9
1974
889.6
1975
979. 1
1976
1, 089. 9
1977
1, 210. 0
1978
1, 350. 8
1977: III
1? 220. 6
IV
1, 259. 7
1978:1
1, 287. 2
II
1, 331. 2
III
1, 369. 3
IV
1, 415. 4
1979:1
1, 454 2
11 P
— 1, 474. 2
1
Total
durablel
goods
Motor
vehicles
and
parts
80.0
85.5
849
97. 1
111.2
123.7
122.0
132.6
157.4
178.8
200. 3
178.9
186.4
35.8
37.7
349
43.8
50.6
55.2
48.0
53.4
70.0
81.6
91.2
80.5
83.7
84. 1
93.5
92.4
94.9
97.7
88.6
185.3
200.3
203.5
212. 1
213. 8
207.3
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars(nlillions
of waits)
Nondurable goods
Durable goo ds
Furniture
and
household
equipment
32.6
35.0
36.7
39.4
448
50.7
549
58.0
64.0
70.9
77.6
71.6
74.0
72.4
76.5
78.9
82.7
82. 1
83.3
Total
nondurablel
goods
230.4
247.0
2647
277.7
299.3
333.8
376.3
408.9
443.9
481.3
530.6
483.0
499.2
505.9
521.8
536.7
558. 1
571. 1
578.7
Food
118.3
126. 1
136.3
140.6
150.4
168. 1
189.8
209.6
227. 1
246.7
271.7
248.0
254.4
260.6
267.7
274.5
283.9
292.9
293.5
Clothing
and
shoes
Gasoline
and oil
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91. 2
82.8
87.9
85.4
89.9
92.7
96.8
95.5
97.3
18. 4
20.4
22.0
23.4
249
27.8
36.4
39.5
42.9
46.7
50.9
46.4
47.3
48. 1
49.0
51.5
55.0
58.4
60.5
Services
Domestics
225.6
247.2
269. 1
293.4
322.4
352.3
391.3
437.5
488.5
549.8
619.8
558.7
574. 1
596.0
609. 1
629. 1
645. 1
669.3
688.2
8.6
8.5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
9. 1
9.3
8.9
9.0
8.7
9.9
9.4
9.3
9.3
8. 1
NOTE.—Data revised beginning 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
1.0
1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.0
2.0
2. 1
2. 1
2.0
1.9
2.3
2.5
SOURCES OF PERSONAL INCOME
Personal income rose $9.4 billion (annual rate) in June, following revised increases of $12.3 billion in May and
'$9.1 billion in April. Wages and salaries increased $5.9 billion in June compared with $5.8 billion in May.
IILLIONS OF DOLLARS*(RATIO SCALE)
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
2,000
1,800
1,600
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
„...*••""
TRANSFER
- PAYMENTS -
200
200
\
160
160
120
120
100
100
80
60
I I I 1 t I I I I IJ I I I I I 1 1 t LI 1 I
1972
1973
1974
1975
i I I II I I | t II
1976
1 1 1 1 ( 1 1 II I I
I I I I II
1977
I I.I...I I
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1971
1972
1973
1974
1975
1976
1977
1978
1, 704. 2 1, 099. 4
1, 730. 0 1, 109. 7
1, 741. 3 1, 115. 0
1, 756. 1 1, 125. 9
1? 781. 0 1, 141. 7
1, 801. 4 1, 154. 4
1, 826. 8 1, 166. 8
1979: Jan
1, 834. 3
Feb
1, 851. 4
Mar
1, 872. 1
Apr * _ _ 1, 881. 2
May »__ 1, 893. 6
June »._. 1, 903. 0
1, 177. 1
1, 188. 5
1, 202. 3
1, 205. 9
1, 211. 7
1, 217. 5
I I I I i I I I 60
I I 1 I
1980
COUNCIL OF ECONOMIC ADVISERS
36.2
42.0
48.7
55.6
65. 1
77.4
91.8
106.5
Less: PerNonsonal confarm
tributions personal
for social income *
insurance
14.3
18.0
32.0
25.4
23.5
18.3
19.6
27.7
53.4
58. 1
60.4
60.9
63.5
71.0
80.5
89. 1
20. 1
21.5
21. 6
21.4
22.4
22. 1
24.7
25.9
23.0
24.6
27.8
31.0
31. 9
37.5
42. 1
47.2
69.3
74.6
84 1
103.0
115. 5
127.0
141.7
163.**
94.1
104. 1
118.9
140.8
178.2
193.8
208.4
224. 1
30.8
342
42.2
47.7
50.5
55. 6
61. 3
69. 6
838.0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
105.9 • 28.4
107. 1
27.5
108.2
25.7
25. 1
109. 3
110.6
27.5
111.9
30.0
113, 2
36.5
87.8
90. 1
91.7
92.0
93.8
94.3
95.0
24.4
26.7
26.9
26.9
27. 1
27. 1
27. 1
46.5
47.0
48.0
48.5
49. 1
49.6
50.4
161.7
164.4
167. 1
170.0
172.3
174.3
176.4
219.5
227.2
228.9
228.9
230. 1
231.5
233.7
69. 3
69. 9
70. 1
70.6
71.2
71.8
72.3
1, 660. 6
1, 687. 0
1, 699. 9
1, 715. 0
1, 737. 3
1,7549
1, 773. 6
114.5
116.0
117.4
118. 9
120.3
121.8
94.8
94.8
94.9
95.2
95.5
95.6
27.2
27.3
27.4
26.0
27. 1
27.2
51.1
51.7
51.7
51. 9
52.5
52.6
178.7
181.0
183.3
185.8
188.3
190.9
236.0
236.7
239.2
242.3
244.0
244. 9
78. 1
78.7
79.4
79.5
79.7
80. 0
1, 784. 3
1, 800. 1
1, 819. 5
1, 828. 8
1, 841. 8
1, 852. 3
33.0
34.2
35.3
34.8
33.9
32.5
* The total of wage and salary disbursements and other labor income differs
>m compensation of employees (see p. 4) in that it excludes employer eontribuIns for social insurance and the excess of wage accruals over wage disbursements.
^ Consists of employer contributions to private pension, health, and welfare
nds; workmen's compensation; directors' fees; and a few other minor items.
1
1 With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
1979
[Billions of dollars; monthly data at seasonally adjusted annual rates]
j
Wage
Rental
Other Proprietc>rs income 3 income
Total
and
Transfer
Divi- Personal
labor 12
interest pay- 5
personal salary
dends
of
income disburseincome ments
income
Farm
Nonfarm persons *
ments 1
859. 1 579.4
942.5
633.8
.... 1, 052. 4 701.3
1, 154. 9
764.6
1, 255. 5
805.9
I, 381. 6 890.0
1, 531. 6 984.0
_ .I, 717. 4 1, 103. 3
1978: June___
July...
Aug
Sept___
Oct____
Nov
Dec
I I I I I I I I I I I
s 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 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
5
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined in the second quarter, according to preliminary estimates.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
n 2,000
SCALE)
10,000
9,000
4,000
4,000
3,000
3,000
1980
1972
* SEASONALLY .ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Leas:
P*»r-
Period
Personal
income
sonal
tax
and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Per c,apita
dispc•sable
persona . income
Equals :
Personal
saving Current
dollars
Bi]lions of d ollars
1970
1971
1972
__
1973
1974
1975
1976__ _ _
1977_ _ _ _
1978
801.3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 255. 5
1, 381. 6
1, 531. 6
1, 717. 4
115.3
116.3
141.2
150.8
170.3
168.8
197. 1
226.4
259.0
685.9
742. 8
801.3
901.7
984.6
1, 086. 7
1, 184. 5
1, 305. 1
1, 458. 4
1972
dollars
Per cap ita personal cc>nsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
(thou-2
sands)
Do!lars
635.4
685.5
751.9
831.3
913.0
1, 003. 0
I, 115. 9
1, 240. 2
1, 386. 4
50.6
57.3
49.4
70.3
71.7
83.6
68. 6
65.0
72.0
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,017
6,672
3,619
3,714
3,837
4,062
3,973
4,025
4, 144
4,285
4,449
3, 020
3,227
3,510
3,849
4, 197
4, 584
5,064
5, 579
6, 179
3,265
3,342
3,510
3,648
3,589
3,627
3,813
3, 973
4, 121
3.0
2.6
3.3
5.9
-2.2
1.3
3, 0
3.4
3.8
7.4
7.7
6.2
7.8
7.3
7.7
5.8
5.0
4.9
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 203
216, 898
218, 594
Sea sonally ad justed ammal rates
1977: III.. 1, 548. 5 225.3 1, 323. 2 1, 251. 3
IV__ 1, 596. 4 235.2 1, 361. 2 1, 291. 7
71.9
69.5
6,096
6,257
4,313
4,375
5,622
5,789
3,978
4, 049
5.6
5.9
5.4
5. 1
217, 119
217, 586
1978: I.... 1, 634. 8
II
1, 689. 3
III_. 1, 742. 5
IV__ 1, 803. 1
74.6
71.2
70.9
71.5
6,402
6,584
6,749
6,955
4,390
4,426
4,462
4,522
5,906
6,097
6,258
6,455
4,050
4,098
4, 137
4, 197
1. 4
3.3
3.3
5.5
5.3
5.0
4.8
4.7
217, 942
218, 335
218, 814
219, 286
79.2
87. 2
7, 157
7,275
4,536
4, 508
6,619
6, 696
4, 196
4, 149
1.2
-2.4
5.0
5.4
219, 690
220, 16|
239.8
252. 1
266.0
278.2
1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4
1979: !____ 1, 852. 6 280. 4 1, 572. 2 1, 493. 0
II *_ 1, 892. 6 290. 9 1, 601. 7 1,514.5
* Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
3
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.
NOTE.—Data revised beginning 1976.
^
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
According to preliminary estimates for the second quarter, net farm income before inventory adjustment fell $0.2
billion (annual rate), while income after inventory adjustment fell $0.4 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
1200
too
100
GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
20
20
1972
1973
1974
1977
1976
1975
1979
1978
*.SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1980
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personail income received
by tota farm po pulation
Period
1971
1972
1973
1974
1975
1976
1977
1978
Income niceived frc>m farmin g
•»
Gross income be: 'ore inven tory adNet t(3 farm
justnlent
oper ators
Gas i receipts from
From From From
Producinarketings
all
farm nonfarm
After
tion ex- Before
l
sources sources sources Total
penses inven- invenLivetory
stock
tory
Total
Crops
and
adjust- adjust-2
ment
ment
products
Billioiis of dolla rs
15.3
14.6
28.8
60.6
13.5
13.2
30.6
52.9
22.3
47.4
70. 1
16.9
34.6
17.8
61.2
18.7
35.7
17.8
25.5
52.3
19.7
33. 3
29. 2
48.9
95.5
41. 1
87. 1
45.9
29. 9
65.6
100. 0
26. 1
23.4
21.8
41.4
92.4
45. 2
72.2
27.7
51. 1
21.9
22.7
96.9
88.2
43.0
24.5
44.5
45. 1
21.1
75.9
23.5
104.2
18.7
16.8
46. 1
21.0
40.3
94.8
48.7
83. 1
18.0
107. 5
24.9
19.8
18.7
95.7
47. 4
42.9
48. 2
88.8
28.8
124.2
27.9
54.0
25. 2
111.0
59.0
26.3
52. 1
98. 1
Net incc>me per
farm a fter inventory adjustmeiat*
Current
1967
dollars dollars 4
Dol lars
5,042
6, 526
11, 813
9,349
8,846
6,823
7,301
10, 434
4,157
5,208
8,875
6,330
5,488
4,002
4,023
5,340
1977:III_._
IV.___
103.4
115.0
92. 1
99.9
47. 1
50.6
44.9
49.4
88.5
92.4
14. 9
22. 6
16.9
24. 8
6,240
9, 160
3,410
4,940
1978:1
II
III...
IV___.
119.8
124.3
122. 2
133.4
106.2
111.0
109.0
118.0
53. 9
58. 3
60.4
63.4
52. 4
52.7
48.6
54.6
95.0
97. 0
97.4
103.0
24. 8
27. 3
24.8
30.4
25.8
27. 8
26.3
31.6
9,660
10, 400
9,840
11, 830
5, 110
5,370
4,980
5,860
1979:1 __
II *___
140. 5
144. 1
127.5
130. 5
70.0
67. 5
57. 6
63. 0
107.5
111. 3
33.0
32.8
34.0
33.6
12, 940
12, 790
6,240
5,970
* Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
a Inventory of crops and livestock valued at the average price for the year.
8
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.
* Income in current dollars divided by the consumer price index.
NOTE.—Data revised beginning 1976.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates, corporate profits before tax rose $5.9 billion (annual rate) in the first quarter while
after-tax profits rose $9.7 billion.
BILLIONS OF DOLLARS
280
BILLIONS OF DOLLARS
280
120
120
80
80
40
40
1979
1972
SOURCE: DEPARTMENT OF COMMERCE
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
ory valujation
Profii }s (before tax) wit ti invent
adjustE oent 1
Dome Ftic indu stries
INJonfinan cial
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977__
1978
1977:III__
IV_ __
1978: I
II_
III
IV___
1979: I
II" _
Total 2
82. 1
77.9
..
66.4
76.9
89.6
97.2
86.5
107.9
141. 3
__ 162. 0
180. 8
_ _ 172.0
166.0
153. 6
182.0
189.0
198. 6
_ 193.3
1
Total
Financial
Total8
Manufacturmg
78.9
74.2
62. 6
72.4
84.7
90. 4
76.9
101.8
133. 1
152. 1
170.6
161.2
156.9
143.5
171.0
178.8
189.0
181. 4
10.4
68.5
11.3
62.9
12.6
50. 1
58.2
14. 1
15.4
69.3
74. 1
16. 2
14.4
62.5
13.0
88.9
17.8 115. 3
23.8 128.3
29. 7 140. 9
24. 8 136.4
26.4 130.5
27.2 116.3
28.9 142. 1
30. 6 148.3
32. 1 156.9
31.9 149.6
41.2
36.8
27. 1
32.4
40. 6
44. 1
36.6
48. 3
65.7
73. 5
81.7
72.5
78. 1
67. 6
83.4
85. 1
90. 6
94. 1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
Wholesale
and
retail
trade
10. 1
10. 1
9.4
11.7
13. 3
14.7
12. 9
20.7
23.3
24. 1
23.0
31.0
20.5
17.9
22.7
25.5
25.8
18. 6
3
Includes
1
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
85.6
83.4
71.5
82.0
96.2
115.8
126. 9 ,
120.4
156.0
177. 1
206. 0
180.9
183.0
177.5
207. 2
212.0
227.4
233.3
39.4
39.7
34. 5
37.7
41.5
48. 7
52.4
49.8
63. 8
72. 6
84. 5
73.7
75. 1
70.8
84. 7
87.5
95. 1
91.3
46.2
43.8
37.0
44.3
54.6
67. 1
74.5
70.6
92.2
104. 5
121. 5
107.2
107.9
106.7
122. 4
124. 6
132.3
142. 0
21.9
22. 6
22. 9
23.0
24.6
27.8
31.0
31.9
37.5
42. 1
47.2
42.7
43.4
45. 1
46.0
47.8
49. 7
51.5
52. 3
242
21. 2
14. 1
21. 3
30. 0
39.3
43.6
38. 7
54.7
62.4
74.3
64.6
64. 5
61.6
76.4
76.8
82. 6
90. 5
rest of the world, not shown separately.
Includes industries not shown separately.
NOTE.—Data revised beginning 1976.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.6
-15.2
-25.2
-8.9
-17.0
-23.9
-25. 1
-23.0
-28.8
-39.9
— 36. 4
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, business fixed investment rose $3.7 billion (annual rate)
as nonresidential construction outlays rose $5.3 billion and producers1 durable equipment purchases (ell $1.6 billion.
Residential investment outlays increased $1.7 billion. Inventory investment amounted to $31.4 billion, up $12.3
billion from the first quarter level.
IILUONS OF DOLLARS
450
BILLIONS OF DOLLARS
400
1980
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
NOEresident lal fixed investme nt
Gross
private
domestic
investment
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
_
1977___
1978___ _
1977: III
IV
1978: I
II
III_
IV
1979: I
HP
_
_
_ _
131.5
146.2
140.8
160.0
188.3
220.0
214.6
190.9
243. 0
303. 3
351.5
315.7
316.9
327.0
352.3
356.2
370.5
373.8
391. 3
NOTE.—Data revised beginning 1976,
Struetures
Total
89.3
98.9
100.5
104. 1
116.8
136.0
150.6
150.2
164.9
189.4
221. 1
193.2
198.6
203.7
218.8
225. 9
236.1
243.4
247. 1
Prodileers'
dunible
equipment
Total
Nonfarm
Total
Nonfarm
31.6
35.7
37.7
39.3
42.5
49.0
54.5
53.8
57.3
62.6
76.5
642
66.2
66.9
75.2
79.7
844
84.9
90.2
30.4
343
36. 1
37.8
41. 1
46.9
51.8
51.3
547
59.8
73.3
61.2
63.3
63.8
72.0
76.4
81. 1
81.2
86.5
57.7
63.3
62.8
647
743
87.0
96.2
96.4
107.6
126. 8
144 6
129. 0
132.4
136. 8
143.6
146.3
151.8
158.5
156.9
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.4
116. 3
132.6
118. 8
121.8
126.4
131.9
133.5
138.9
146. 1
142. 9
Resid<•mtial fixed inveslanent
Total
345
37.9
36.6
49.6
62.0
66.1
55. 1
51.5
68. 1
91.9
108.0
95.0
99.9
100.5
107.7
110. 2
113.7
111. 2
112.9
Nonfarm
struc—
tures
33. 1
36.3
35. 1
47.9
60.3
643
52.7
49.5
65.7
88.8
1044
91.7
97.0
96.8
1043
106.4
110.0
107.8
109.2
Pro1
Farm ducers
durstrucable
tures equipment
0.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.8
1.6
1.2
1.9
1.4
1.9
1.9
1.5
1.8
0.8
.9
.9
1.0
1. 1
1.2
1.2
1.1
1.3
1.6
1.9
1.6
1.7
1.9
2.0.
1.9
1.9
1.9
2.0
Change in business inv entories
Total
Nonfarm
7.7
9.4
3.8
6.4
9.4
17.9
8.9
-10.7
10.0
21.9
22.3
27.5
18.5
22.8
25.8
20.0
20.6
19. 1
31.4
7.6
9.2
3.7
5. 1
8.8
147
10.8
-143
12. 1
20.7
21.3
25.6
15.7
22.0
25.3
18.5
19.3
18.8
31.5
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 1 2.7 percent in 1979, according to the Commerce Department survey con
ducted in late April and May. The planned increase is 1.4 percentage points higher than the planned increase reported in March.
BILLIONS OF DOLLARS (RATIO SCALE)
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
—-*•*•'""
\
NONMANUFACTURING
.«.""*" ,,m..« ** """"I,,,,,.,......"*-""„.,..»'«""
lt1
60
60
MANUFACTURING
40
40
y
I
20
I
J
I
1971
L
J
1973
1972
L
J
1974
L
J
1975
1976
L
J
I
L
1977
I
I
1978
i
i
20
1979
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and equlipment
projcJCtS1
Eicpenditunjs for plan t and equipment
M<anufacturi ng
Period
Total J
N onmanuf aeturing
Manufacturing
19.48
Commercial
and 2
other
20.07
21. 40
22. 05
20.60
20.99
22.97
25.71
28.54
35.21
47.57
52.49
48.24
51.05
66.73
72.44
28.60
38. 13
45.74
3450
29.66
32.54
3493
27.92
28.46
29. 62
31.73
17.07
18. 18
18.90
18.46
24.76
24.71
26.09
27. 12
17.41
18. 10
16.96
19.97
7.98
7.78
440
1400
32.35
32. 42
32. 79
33.46
18.75
27.73
21.98
3.27
Total
Durable
goods
Nondurable
goods
Total
88.44
99.74
112. 40
112. 78
120. 49
135. 80
__ 153. 82
173.33
31.35
38. 01
46.01
47.95
52. 48
60. 16
67.62
77.61
15. 64
19. 25
22.62
21.84
23. 68
27.77
31.66
37.02
15.72
18.76
23.39
26. 11
28.81
32.39
35.96
40.69
57.09
61. 73
66.39
64.82
68.01
75.64
86. 19
95.72
5.28
9.66
32. 76
1978:1
II
III
IV
144. 25
150. 76
155. 41
163. 96
61.57
67.20
67.75
73.24
28.72
31.40
32.25
33.99
32.86
35. 80
35.50
39.26
82.68
83.56
87.66
90.71
4.45
4.81
4.99
4.98
8.46
7.40
8.05
8.43
1979:1 4
II _ _
III*___
IV*____
165. 94
170. 30
71.56
76.35
79.89
34.00
36.60
38.09
89. 10
37.56
39. 75
41.80
42.88
94.38
93. 95
94.85
99. 01
5.46
10.08
1972
1973..
1974
1975
1976
1977
1978
1979 4
174. U
180. 98
81.98
iExcludes 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 fanners,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
Trans- Public ComMining porta- utili- munication
tion
ties
2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5.40
5.11
5.26
5.72
6.03
6. 66
7.57
7.45
6.93
8.05
8. 61
9. 50
10.58
17.00
18.71
20.55
20. 14
22. 28
25.80
29. 48
11.89
12.85
13. 96
12.74
13.30
15.45
18. 16
47. 51
47. 45
49. 71
Public
utilities
2 Includes trade, service, construction, finance, and insurance.
8
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late April and May
1979. 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 rose 436,000 in June while unemployment fell 155,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
Ni
,.....«»•*
EMPLOYMENT
»«•*•****
80
80
10
10
UNEMPLOYMENT
I
1971
I
I I
I I
I
I I
1972
I I | | | I I I
1973
I I 1
1974
i iIii
1975
i i i i i Ii i i ii
1976
1977
i i iiiIiiiii
1978
*16 YEARS OF AGE AND OVER.
SOURCE,- DEPARTMENT OF LABOR
Noninstitutional
population
Period
1974
1975
1976
1977
1978*
iiIi i i i i
1979
COUNCIL OF ECONOMIC ADVISERS
Civilian
employment
85, 935
84, 783
87, 485
90, 546
94, 373
Uinadjusted
150, 827
153, 449
156, 048
_ 158, 559
161, 058
[Thousands of persons 16 years of age and over]
Unempl<syment
C ivilian eitnploymerit
Total
labor
N onagri cultural
15
Unem- force Civilian
Part-time Total weeks
Agriploy- (includ- labor
Total
for
ecoand
culforce
ment
ing
Total
nomic l
over
tural
Armed
reasons
Forces)
2,709
5,076
937
5,076 93, 240 91,011 85, 935 3,492 82, 443
3,490
7,830 2,483
7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7,288 2,339
7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
6,855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
6,047 102, 537 100, 420 94, 373 3,342 91, 031
Seas anally adjusted
Labor
participation
rate
(per-2
cent)
61.8
61.8
62. 1
62.8
63.7
1978: June*
July..
Aug.SeptOct__.
Nov__
Dec._
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
162, 250
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
95, 906
6,326
6,438
5,931
5,797
5,460
5, 629
5,725
102, 602
102, 738
102, 785
103, 097
103, 199
103, 745
103, 975
100, 504
100, 622
100, 663
100, 974
101, 077
101, 628
101, 867
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,424
3,377
3,351
3,406
3,374
3,275
3,387
91, 216
91, 069
91, 372
91, 604
91, 867
92, 476
92, 468
3,433
3,316
3,298
3,203
3,164
3,131
3,058
5,864
6, 176
5,940
5,964
5,836
5,877
6,012
1,266
1,314
1,234
1,268
1,317
1,196
1,208
63.8
63.8
63.7
63.8
63.8
64.0
64. 1
1979: Jan___
Feb__
Mar__
•Apr _
May__
June__
162, 448
162, 633
162, 909
163, 008
163, 260
163, 469
94, 436
94, 765
95, 501
95, 675
96, 220
97, 917
6,431
6,484
6,165
5,561
5,253
6,235
104, 277
104, 621
104, 804
104, 193
104, 325
104, 604
102, 183
102, 527
102, 714
102, 111
102, 247
102, 528
96, 300
96, 647
96, 842
96, 174
96, 318
96, 754
3,232
3,311
3,343
3, 186
3, 184
3,260
93, 068
93, 335
93, 499
92, 987
93, 134
93, 494
3,159
3,147
3,179
3,312
3,307
3,416
5,883
5,881
5,871
5,937
5, 929
5,774
1,251
1,260
1,305
1,235
1,213
1,086
64.2
64.3
64.3
63.9
63.9
64.0
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.
*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.
11
SELECTED UNEMPLOYMENT RATES
In June the seasonally adjusted unemployment rate fell slightly to 5,6 percent.
PERCENT* (SEASONALLY
PERCENT* (SEASONALLY ADJUSTED)
ADJUSTED)
20
BLACK
AND OTHER
A
^mf\ / \
10
10
oLu
1975
1976
1977
1975
1979
1978
1978
*UNEMPlOYMiNT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1979
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
linenD ploy me nt rate ( percent <>f civiliaii labor f<arce in g roup)
B y g>ex and atge
]By selected group s
By race
Total
(all
civilian
workers)
Men
20
years
and
over
5.6
8.5
7.7
7.0
6.0
3.8
6.7
5.9
5.2
4.2
1978: JuneJuly
Aug
Sept
Oct
Nov
Dec
5.8
6.1
5.9
5.9
5.8
5.8
5.9
1979: Jan
Feb
Mar.
Apr
May
June
5.8
5.7
5.7
5.8
5.8
5.6
Period
1974
1975
1976
1977..-.
1978
.
__„
_.
Women
20
years
and
over
White
5.5
8.0
7.4
7.0
6.0
16.0
19.9
19.0
17.7
16.3
5.0
7.8
7.0
6.2
5.2
4.0
4.1
4. 1
4. 1
4.0
3.9
4. 1
6. 1
6.4
5.9
5.9
5.6
5.8
5.8
15. 1
16.3
15.7
16.3
16.2
16.2
16.5
5.0
5.2
5.2
5.2
5.1
5.0
5.2
12.0
12.3
11.5
11.3
11.3
11.7
11.5
5.4
5.7
5.5
5.6
5.4
5.4
5.6
3.7
3.8
3.7
3.6
3.5
3.4
3.5
4.0
4.0
4.0
4.0
3.9
3.9
5.7
5.7
5.7
5.7
5.8
5.8
15.7
16. 1
15.5
16.5
16.8
15.3
5.1
4.9
5.0
4.9
5.0
4.9
11.2
11.9
11.2
11.8
11.6
11.3
5.4
5.3
5.3
5.4
5.3
5.3
3.4
3.5
3.4
3.6
3.4
3.5
* Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
ExpeFullBlack rienced
time
wage .Houseand
hold
and
other salary
heads workers
workers
9.9
3.3
5.1
5.3
13.9
8.2
5.8
8. 1
7.3
13. 1
7.3
5. 1
13. 1
6.5
6.6
4.5
5.5
5.6
11.9
3.7
Both
sexes
16-19
years
Parttime
workers
Labor
force
time
lost
(percent) »
8.6
10.3
10. 1
9.8
9.0
6.1
9. 1
8.3
7.6
6.5
5.3
5.7
5.4
5.4
5.2
5.2
5.3
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.5
6.8
6.5
6.4
6.2
6.2
6.2
5.2
5.2
5.1
5.3
5.2
5.1
9.1
8.6
9.2
8.8
9.6
8.6
6.2
6.2
6.1
6.5
6.3
6.3
Source: Department of Labor, Bureau of Labor Statistics,
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In June the percentage of unemployed persons who were job losers and reentrants rose and the percentage who were
job leavers and new entrants fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
40
20
20
15-26
WEEKS
27 WEEKS
AND OVER
111 111111 I
1976
1977
1980
1976
1977
1978
1979
1980
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPercenit distribution of unem- State pirograms Insured
1
unem- Special
ployment b y duratic>n*
Pioyment by reasoii
unemployUnemployment,
i
ployall
ment
Insured
Period
27
ment
New
Less
benefit3
5-14
15-26 weeks unem- Initial regular
Job
ReenJob
(thouenthan
5
pro- 2 claims
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unadment
over
(unad- justed)
justed)
We<*kly aver age, thou sands
1974
43.4
149
28.4
11. 1
7.3 2,262
5,076
363
31.0
13.3
50. 6
2,558
1975
55.4
10.4
15.2 3,986
478
23.8
31.3
16. 5
10.4
7,830
37.0
4,943
1,173
12.2
382
1976
- 7,288
18.3 2,991
49.8
13.8
26.0
38. 3
29. 6
12. 1
3,822
1,152
1977
14 8 2, 655
6,855
45.3
13.0
375
30.5
13. 1
13.7
41.7
28. 1
572
3, 111
1978
342
31.0
10.5 2,356
6,047
30.0
46.2
12.3
41.6
143
141
2,640
1978: June. 5,864
32. 1
10.0 2,247
40.8
146
30.6
347
11.3
140
46.6
21
2,297
July.. 6,176
41.4
30.4
10. 5 2,374
364
142
48.2
13.9
30.5
10.9
2,581
Aug.. 5,940
142
47.2
32.0
10.3 2,448
345
29.5
10.6
41.6
148
2,394
Sept.. 5,964
11.2
10.2 2,292
143
31.5
39.7
32.4
13.7
326
47. 1
2,064
Oct.. 5,836
42.2
140
10.0 2,234
142
30.7
29.6
12.6
325
46.7
1,999
Nov.. 5,877
142
30.6
30. 1
11.8
8.8 2,230
338
40.7
15.0
48.8
2, 148
40.2
Dec._ 6,012
12.0
7.9 2,252
143
47.4
32.6
31.9
339
13.6
2,567
1979: Jan. __ 5,883
32. 1
12.5
9.0 2,367
41.6
15.7
28.7
350
46. 4
140
3,198
12. 1
31.8
9.3 2,349
140
29.6
Feb... 5,881
41.8
147
341
46. 7
3,209
Mar.. 5,871
30.2
31.4
12.3
41.3
9.7 2,323
146
13.9
46.5
349
2,921
Apr__. 5,937
11.4
42.2
142
31.0
30.0
9. 0 2,367
13.6
48.6
433
2,610
May.. 5,929
14.2
32.6
8.6 2,253
11.9
16. 1 29.8
47.0
356
39.9
2,230
June__ 5,774
41. 0
30.2
30.8
10. 6
8. 1 2,255
15. 1
50.5
386
13.7
2,086
1
8
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UGFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
s 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).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 97,000 in June.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
20
40
tyjJLU
30
-GOODS-PRODUCING.
INDUSTRIES
CONSTRUCTION
20
1977
1975
1976
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1978
1975
1979
1977
1976
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
C*oods-prc>ducing industries»
^_
•_ J
Fenod
1974
1975
1976
1977
1978
1978: June__
July-Aug__
Sept__
Oct— .
Nov__.
Bec__
1979: Jan___
Feb___
Mar__
Apr___
May *>_
June *_
Total
nonagricultural
employ- Total *
ment
Construction
24, 794
22, 600
23, 352
24, 288
25, 381
25, 473
25, 501
25, 463
25, 471
25, 670
25, 872
26, 030
26, 111
26, 199
26, 412
26, 351
26, 409
26, 404
4,020
3,525
3,576
3,833
4,212
4,278
4,317
4,298
4,298
4,341
4,368
4,397
4,381
4,385
4,526
4,507
4,584
4,612
78, 265
76, 945
79, 382
82, 256
85, 763
85, 996
86, 033
86, 149
86, 163
86, 573
87, 036
87, 281
87, 524
87, 818
88, 263
88, 248
88, 516
88, 613
Service-pr oducing industrie s
Trans- Whole- Finance,
Gover nrnent
Ma nufactui ing
insurportasale
ance, Services
tion
Total
and
NonState
jinrl
cllJ.il
and
retail
Federal and
durable
Total Durable
real
public trade
goods goods
local
estate
utilities
20, 077
18, 323
18, 997
19, 647
20, 332
20, 316
20, 302
20, 278
20, 286
20, 436
20, 601
20, 729
20, 825
20, 895
20, 964
20, 922
20, 902
20, 857
11,925
10, 688
11, 077
11, 573
12, 160
12, 109
12, 138
12, 146
12, 166
12, 305
12,410
12, 491
12, 562
12, 647
12, 699
12, 665
12, 647
12, 621
8, 152
7,635
7,920
8,074
8,172
8,207
8, 164
8, 132
8,120
8, 131
8,191
8,238
8,263
8,248
8,265
8,257
8,255
8,236
1
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
53, 471
54, 345
56, 030
57, 968
60, 382
60, 523
60, 532
60, 686
60, 692
60, 903
61, 164
61, 251
61, 413
61, 619
61, 851
61, 897
62, 107
62, 209
4,725
4,542
4,582
4,696
4,859
4,881
4,827
4,846
4,855
4,922
4,947
4,967
4,974
5,001
5,025
4,935
5,031
5, 074
16, 987
17, 060
17, 755
18, 492
19, 394
19, 412
19, 469
19, 523
19, 546
19, 632
19, 701
19, 697
19, 817
19, 883
19, 945
19, 959
19, 978
19, 968
4, 148
4, 165
4,271
4,452
4,676
4,670
4,690
4,707
4,719
4,737
4,774
4,789
4,809
4,829
4,839
4,853
4,868
4,876
13, 441
13, 892
14, 551
15, 249
15, 979
15, 963
15, 989
16, 074
16, 127
16, 169
16, 270
16, 327
16, 352
16, 438
16, .535
16, 575
16, 617
16, 670
2,724
2,748
2,733
2,727
2,753
2,772
2,765
2, 765
2,752
2,760
2,757
2,734
2,755
2,755
2, 754
2,756
2,770
2,776
11, 446
11, 937
12, 138
12, 352
12, 723
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 737
12, 706
12, 713
12, 753
12, 819
12, 843
12, 845
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NON&GRICULTUR&L INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averagfe gross
hourly <earnings
Aver age weekly hours
Total
private
nonagricultural l
Period
Overtime
Total
private
nonagricultural l
Manufacturing
Manufi icturing
Total
Adjusted h ourly earnirigs index2 —t otal private
nonagri(mltural
Percent ch ange from
a year <earlier 4
Index, 1<^67=100
Current
dollars
1967
dollars 8
Current
dollars
1967
dollars
1970
1971
1972
1973
1974
1975
1976
1977
1978
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8
39.8
39.9
40.5
40.7
40.0
39.5
40. I
40.3
40.4
3.0
2.9
3.5
3.8
3.3
2.6
3.1
3.4
3.6
$3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.25
5.69
$3.35
3.57
3.82
4.09
4.42
4.83
5.22
5.68
6.17
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108. 4
108.9
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
8.1
1978: June
July
Aug__
Sept
Oct
Nov
Dec
35. 9
35.9
35.8
35.8
35.9
35.8
35.9
40.5
40.5
40.3
40.4
40.5
40.7
40.7
3.6
3.6
3.4
3.6
3.6
3.7
3.8
5.66
5.71
5.73
5.77
5.82
5.87
5.91
6. 12
6. 18
6.20
6.25
6. 32
6.38
6.43
212.3
214. 1
214.6
216.2
218.0
219.0
220.7
108.8
109. 1
108.7
108.7
108.7
108.5
108.6
8. 1
8.2
8.2
8.3
8.2
8.2
8.5
.7
.5
.4
.0
-.7
-.6
-.6
1979: Jan ... _
Feb
Mar
Apr.
May »___ _
June *_
35.7
35.7
35.9
35.4
35.7
35.6
40. 7
40.7
40.8
39.2
40.2
40. 1
3.8
3.8
3.8
2.8
3.4
3.4
5.97
5.99
6.04
6.04
6. 09
6. 12
6.45
6.52
6.56
6.56
6.63
6.66
222.8
223.9
225.3
227. 0
227.5
228.4
108.6
107.8
107.3
107.0
106. 1
105.5
8.1
8.4
8.2
7.9
7.8
7.6
-1.1
-1.5
-2.0
-2.4
-2.8
-3. 1
0.7
2.6
3.0
0
-2.8
-.7
1.3
1.0
.5
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly *sarnings
Total prrpate nonagricu Itural J
Period
Current
dollars
1970
1971 _
1972
.
1973__ _ _ _ _ _
1974
1975
1976_
1977.
_
1978
1978: June
July
Aug.. _ _
Sept.
__
Oct
Nov
Dec
1979: Jan
T_
Feb
Mar _
Apr
May » _
June »
1
2
___
„_
_.. _
_
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
203. 19
204. 99
205. 13
206. 57
208. 94
210. 15
212. 17
213. 13
213. 84
216. 84
213. 82
217. 41
217. 87
Manufacturing
1967
dollars s
$103. 04
104. 95
109.26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
104. 20
104. 48
103. 97
103. 86
104. 16
104. 14
104. 41
103. 86
102. 96
103. 31
100. 76
101. 40
100. 59
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
247. 86
250. 29
249. 86
252. 50
255. 96
259. 67
261. 70
262. 52
265. 36
267. 65
257. 15
266. 53
267. 07
$195. 45
211.67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
319. 19
322. 65
323. 02
323. 51
323. 75
323. 61
324. 58
329. 59
320. 23
329. 42
339. 53
326. 14
340. 58
343. 16
Percent chiinge from a
year € arlier,
total pri^/ate nonagricu Itural 5
Current
dollars
Current dollars5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 31
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
159. 24
159. 73
160. 23
162. 52
164. 00
163.50
163. 65
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.9
8. 1
8.5
8.5
8. 1
8.6
9. 1
9.4
9.6
8.7
5.6
7.9
7.2
1967
dollars
-1.3
1.9
4.1
-. 0
-4. 1
-3.2
1.4
1.0
.4
.5
.3
.6
.2
-.6
-.2
.1
.0
Q
-1.4
-4.6
-2.7
-3.4
4
Monthly
5
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
pers<ms
Out]DUt 1
Output 3er hour
of all j:>ersons
Compensation
per 1"lour 3
Unit labor
CO sts
Impliciit price
deflat ;or «
PriNonNonPriNonNonPriNonPrivate
Private
Private Nonvate
farm
farm
vate
farm
farm
farm
vate
farm
business
business business business business
business
business
business
business business business business
sector
sector
sector
sector
sector
sector
sector
sector sector
sector
sector sector
Period
1967 == 100; qua rterly dat a seasonsilly ad jus ;ed
1966
1967
1968 _
1969
98.0
100. 0
105. 1
108. 3
98. 1
100.0
105.4
108.6
100.0
100. 0
101.8
104.6
99.8
100.0
102. 1
105.5
98.0
100.0
103.3
103.5
98.4
100.0
103.2
102. 9
94.9
100.0
107.6
114.9
94.8
100.0
107. 3
114. 1
96.8
100. 0
104. 1
111.0
96.4
100. 0
104.0
110.9
97.2
100.0
103.9
108.8
96. 8
100. 0
104. 0
108. 6
1970_ _
1971—
1972
1973 _ _ .
1974
_
107. 3
110.3
117. 6
124. 5
121.5
107.4
110. 2
117.8
125.0
121. 9
103.0
102.4
105.5
109.6
110. 3
104.2
103. 8
107.0
111.5
112.3
104.2
107.7
111.5
113.6
110.2
103. 1
106.2
110. 1
112.0
108.5
123. 1
131.4
139.7
151.2
164.9
121. 7
129. 9
138.4
149.2
162.8
118. 1
122. 0
125.3
133. 1
149.7
118. 1
122.3
125.6
133. 2
150.0
113. 9
118. 9
123. 1
130.2
143. 0
114. 0
119. 1
122. 8
127. ^
141. 3
1975
1976
1977
1978
118. 8
126.4
133.8
140.7
118.8
126.9
134.3
141.5
105. 6
108.6
112.6
117.2
107.4
111.0
115.3
120.2
112. 5
116.4
118.8
120. 1
110. 6
114.4
116.5
117.7
181. 3
197.2
213.5
233. 1
178.9
193.8
209.8
229.3
161.2
169.4
179.7
194.2
161.8
169.4
180. 1
194.7
157.4
165.5
174.8
187. 2
156. 3
164.8
174.5
186. 1
1977: III
IV
135.2
136. 1
135.6
136.4
112.9
114.0
115.9
116.8
119. 7
119.3
117.0
116.8
215.9
219.5
211.8
215.8
180.3
183.9
181. 0
184. 8
176.0
178.6
176.2
178.3
1978: I- _
II
III
IV
136.9
140.3
141.8
144. 0
137. 3
141. 1
142.7
145.0
114.9
117. 1
117.5
119.2
117.6
120.2
120.6
122. 2
119. 1
119.8
120.6
120.8
116.7
117. 4
118.3
118.6
225. 7
230. 3
235.6
240.7
222. 2
226. 5
231.5
236.7
189.5
192. 2
195. 3
199. 2
190.3
192.9
195.7
199.5
180.9
185. 8
188.9
192.9
180.2
184.7
187. 8
191. 4
1979:1
II *
144.4
142. 7
145. 5
143. 5
120.4
120. 1
123.5
123.7
120.0
118.8
117.7
116.0
247.3
252.9
242. 8
247.4
206. 1
212.8
206. 2
213.2
197. 2
202.4
195. 1
200. 7
Percent change ; quarterly data at seasonal y adjuste d annual rates
6.0
1.9
5. 4
3.0
2.3
-.0
1.8
2.8
3. 3
.2
2. 1
3.4
3.2
2.0
3.3
.2
2.6
1.7
3.2
-.3
7.0
5.3
7.6
6.8
6. 1
5.5
7.3
6.3
3.7
3.3
4. 1
6. 6
3.5
3.7
4.0
6.6
3.2
2.9
3. 9
4.7
2.9
3.3
4. 0
4.5
-. 9
2.8
6.6
5.9
-2.4
-1. 1
2.6
6.9
6.0
-2.5
-1.6
—.6
3.0
3.9
.7
— 1. 2
-.4
3.1
4. 2
.7
.7
3.4
3.5
1.9
-3.0
.2
3.1
3.7
1.7
-3. 1
7. 1
6.7
6.3
8.2
9. 1
6.7
6.7
6.5
7.8
9. 1
6.4
3.2
2.8
6.2
12.5
6.5
3.5
2.8
6.0
12.6
4. 7
4.4
3.6
5. 8
9.8
4.9
4.5
3. 1
4. 1
10. 5
-2.3
6.5
5.8
5.2
-2.5
6.9
5.8
5.4
-4.3
2.9
3.7
4. 1
-4.3
3.3
3.9
4.2
2. 1
3.5
2.1
1. 1
1.9
3.5
1.8
1.1
9.9
8.8
8.3
9.2
9.9
8.3
8.2
9.3
7.7
5.0
6.0
8. 1
7.8
4. 7
6.3
8.1
10. 1
5.0
5.6
7.1
10. 6
5.4
5.9
6.6
7.6
2.5
6.6
2.4
1.5
3.8
2.7
3.2
6. 1
-1.3
3.8
.0
o
9.4
6.9
8.5
7.9
3.2
8.4
4.5
8.7
4.7
6. 1
6. 2
4. 8
2.4
10.5
4. 2
6.4
2.7
11.5
4.5
6.8
3.2
7.9
1.5
5.6
2.9
8.9
1. 6
5.4
-.8
2.5
2.6
.8
-.2
2.4
2.9
1.3
11.8
8.4
9. 4
9.0
12. 3
8.0
9. 1
9.4
12. 7
5.8
6.6
8.2
12.5
5.5
6.0
8.0
5.3
11. 2
6.9
8.7
4.4
10. 2
7.0
7.8
1. 2
-4.7
1. 2
-5.4
4. 1
-.9
4.3
.4
-2.8
-3.8
-3.0
-5.7
11. 4
9.3
10. 7
7. 8
14. 6
13. 6
14. 1
14.3
9.3
10.9
8. 1
11.8
1966—
1967
1968—
1969
5.5
2. 0
5. 1
3.0
1970
1971
1972
1973
1974—
1975
1976
1977
1978
_
—
1977:111
IV
1978:1
__
II
III
IV_ _
1979:1
D>
* Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 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.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
fi.—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 1976.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0,3 percent in June. Output had risen 1.2 percent (revised) in May following a largely
strike-related decline of 1.5 percent (revised) in April.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
UTILITIES
140
120
—
V
MINING
100
MANUFACTURING PRODUCTION
1975
ill i I 1 1 1 i r
1976
1977
1978
1979
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
100
1975
1976
1977
1978
1979
1975
1976
1977
1978
1979
^SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
producjtion
Period
1967 proportion
1972
1973
1974
1975
1976
1977
1978
.__
1978: June
July,
Aug
Sept
Oct
Nov.
Dec
1979: Jan
Feb
Mar
Apr
May v
June*.
Index,
1967=
100
Percent
change
from
year
earlier
100. 00
_
119.7
129.8
129.3
117.8
129.8
137. 1
145.2
144.9
146. 1
147. 1
147.8
148.7
149.6
150.9
150.9
151.2
152.3
150.0
151. 8
151.4
9.2
8.4
-.4
-a 9
10.2
5.6
5.8
5.2
5.3
6.5
6.7
7. 1
7.4
8.0
8.7
8.6
8.1
4.7
5.5
4.5
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus»try produ ction inde xes, 1967 = 100
Us mufaeturi ng
Total
Durable
Nondurable
87.95
118.9
129.8
129. 4
116.3
129.5
137. 1
145.7
145.5
146.7
147.6
148.7
149.5
150.4
151.8
151.9
152.2
153.4
150.8
153.0
152.5
51.98
113.7
127. 1
125.7
109.3
121.7
129. 5
139.3
139.0
141.1
142.2
142.8
144.0
144.8
146.4
146.0
146,2
147.5
143.9
147.0
146.3
S6. 97
126.5
133.8
134.6
126.4
140.9
148. 1
154.8
154.9
155.0
155. 6
157.1
157.4
158.5
159.6
160.4
160.7
161.7
160.8
161.9
161.5
i Output as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
3
Annual
1
Mining
6.86
113. 1
114.7
115.3
112.8
114.2
117.8
124.2
128. 0
127. 1
126.0
124. 1
127.6
128. 1
127.6
124.0
121.8
123.4
123. 6
124. 0
124. 8
Utilities
Manufa eturing ca pacityl uti lization
rate, pe rcent
Federal Reserve
series
WharComTotal
ton
merce3
manu- Mate- series
series 8
facturrials
ing
5. 69
139.4
145.4
143.7
146.0
151.0
156.5
161.0
158.6
159.9
160.8
162.3
162.4
162. 9
164.3
166.8
169.0
166.9
166.0
166.6
166.9
83. 1
87.5
84.2
73.6
80.2
82.4
84.2
84.3
84.7
85.0
85.3
85.5
85.8
86.3
86.0
85.9
86.3
84. 6
85.5
85.0
88.0
92.4
87.7
73.6
80.4
81.9
84. 9
85. 1
85.7
85.9
86.3
87.1
87.6
88. 1
87.4
87. 1
87.6
86.4
86.8
86.6
83
86
83
77
81
83
84
84
87.8
93. 1
90,5
80.0
86.1
88.5
91.8
91.5
83
93.0
84
94.0
84
94. 1
Sources: Board of Governors of the Federal Eeserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc lucts
Final ]Products
Coiasumer go ods
Period
Total
1967 proportion _
1970 _
1971
1972
_
1973
1974
1975___ _
1976
1977 1978
1978: June
July
Aug. _
Sept—
Oct __
Nov
Dec
1979: Jan ___
Feb
Mar
Apr
May » _ _
June v _ _ ,
_ _
-
_
-
A
Equif >ment
NonDurable durable
goods
goods
Total
47. 82
27. 68
105. 3
106. 3
115.7
124.4
125. 1
118.2
127. 2
134.9
141.4
141. 1
142.2
143.3
143.7
144. 1
144.5
145. 6
145. 9
146.5
147.9
145. 0
147.6
146.9
109.0
114. 7
124.4
131. 5
128.9
124.0
136.2
143. 4
147.4
147.0
147.7
148.4
149.0
149.2
149.7
150.6
150.6
151.0
152. 1
148.2
151.5
150.0
7. 89
106. 1
118.8
133.8
146. 2
135.3
121. 4
141. 4
153. 1
158.9
160.6
160.9
161. 5
160.3
161.6
161.8
161.9
160.9
161.3
163.2
151.3
161.0
156. 1
Internelediate
proc ucts
Materials
Construction
supplies
f
Supplementary
roup:
nergy
total
Total
Business
Total
19. 79
20. 14
12. 63
12.89
6.42
39. 29
12. 23
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
134. 1
139.6
142.8
141.6
142.4
143. 1
144.4
144.3
144.8
146. 2
146.5
146. 8
147.8
146.9
147.8
147.5
100. 1
94.7
103. 8
114.5
120. 0
110. 2
114. 6
123.2
133. 1
133.0
134.7
136. 3
136.4
137.0
137.3
138.7
139.5
140.2
141.8
140.5
142. 6
142.8
107. 0
104. 1
118.0
134.2
142. 4
128. 2
136.3
149. 2
162.0
161.8
163.8
165. 4
165. 8
166.9
167.2
168.7
169.7
170.6
172.2
170.2
173. 2
173.6
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
155.3
154. 7
155. 6
156. 4
157. 0
158.0
159. 3
161.8
162.6
163.7
162.6
161. 2
162.2
162. 1
111. 0
116. 8
128. 4
139.8
134. 5
116. 3
132. 6
140.8
153.3
152. 1
153.5
154. 7
155. 6
157.0
159.0
160. 8
161. 2
161.3
159.9
158.0
159.3
158. 6
109.2
111. 3
122. 3
133.9
132. 4
115. 5
130. 6
136. 9
146.5
146.4
147.9
148.6
149. 7
151.4
152.7
153.8
153. 1
152.9
154.2
152.4
153.6
153. 5
117. 0
119. 5
125. 2
128. 3
125.5
125. 5
128. 8
132. 5
135. 1
135.9
136.4
136. 1
135.9
137.6
138.2
139.3
138.7
138.8
138.8
138.0
137.9
138.0
[1967 = 100, seasonally adjusted]
Durable m anufactu res
Primar]T metals
Period
Total
1967 proportion
6. 57
106. 6
1970
1971—
_ _ 100. 2
112. 1
1972
126. 7
1973
123. 1
1974_ _ _
96.4
1975
108. 9
1976110. 2
1977
119.0
1978
1978: June
_ _
117.5
July
123.0
Ausr _ _ _
126.0
Sept_
127.9
Oct.
128.6
Nov_
129.0
130.4
Dec___
1979: Jan
122.0
Feb
121.3
Mar
121.8
Apr_
119.4
May v»
120.0
June ~- _ _
121.2
Iron
and
steel
Fabricated
metal
products
trical
machin—
ery
Electrical
machinery
Transp<Drtation
equip ment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
4.21
5.93
9. 15
8.05
9. 27
4.50
1.64
3.31
4. 72
7. 74
8.75
104.7
96. 1
107. 1
122.3
119.8
95.8
104.9
103.4
113. 2
114.5
119.0
120.9
123. 2
123.8
124. 1
124.5
112.7
112.8
114.5
113. 2
112.2
_
102.4
103. 5
112. 1
124.7
124.2
109. 9
123.3
130. 9
142. 6
142.3
144.0
145.8
146.3
146.0
146.9
149.Q
151.0
152.2
151. 4
150.2
150.8
150. 0
104. 4
100. 2
116. 0
133.7
140. 1
125. 1
135.0
144. 8
155. 6
154. 6
156. 1
157. 3
158. 7
160. 3
160.3
161.8
163.6
164. 6
166. 2
165.0
165.7
166.0
108. 1
107. 7
122. 2
143. 1
143.8
116.5
131.6
141. 9
154.3
154. 1
157.9
156.9
158.3
157.9
159.0
161.9
163.9
165.3
165.9
163. 5
166.6
165.9
89.5
97. 9
108.2
118.3
108. 7
97.4
110.6
121. 1
130. 5
130.4
132. 1
133.4
132.8
137.0
139. 3
139.5
137.7
136.3
140.4
128.7
140.4
137. 1
92.3
118. 6
135.8
148.8
128. 2
111. 1
140.7
159.7
168.3
167.7
169.7
171.0
168.9
176.8
180.8
179.7
174.5
171.4
178.6
155. 4
175.4
168.0
105.6
113. 8
120.8
126. 0
116. 2
107.6
125. 1
133.4
138.9
138.7
138. 1
136.9
139.2
141. 2
142,5
146.0
142.0
140.6
140.7
139.3
141.7
101.4
104. 7
109. 4
117.3
114. 3
107. 6
122. 2
124. 2
126.3
126.8
124. 5
127. 2
130.9
130.6
129.9
131. 4
132.3
107.0
107. 1
112.7
118.2
118. 2
113. 3
120.6
124. 7
129.9
128.7
130. 3
129.5
131.0
130.5
132. 1
133. 0
135. 8
137. 6
137. 0
135. 5
136. 0
136. 5
120.4
125.9
143.6
154.5
159.4
147. 2
169. 3
180.7
190.7
191. 1
192. 3
192. 2
194.2
195.9
197.6
197. 9
200.8
201.4
201.5
201. 7
203. 6
108.9
112. 8
116.8
120.9
124.0
123.4
132.3
137.9
142.9
141.8
142.9
144.0
144.4
143.2
144.2
145.7
145.5
146.5
148.0
147.3
149.4
Source: Board of Governors of the Federal Reserve System.
18
Non-
Nonelurable rnanufact ares
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Resic iential
Total
Commercial and
industrial
New
housing
units
Total l
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1972
1973
1974
1975_
1976
1977____
1978
124. 1
137. 9
138.5
134. 5
151. 1
174.0
206.2
93.9
105. 4
100. 2
93.7
111.9
135.8
160. 4
44. 9
50. 1
40. 6
34.4
47. 3
65.7
75.8
54. 3
59.7
50.4
46.5
60.5
81.0
93.4
18. 1
21.7
23.8
20.8
19.9
22. 5
29. 6
21. 5
24. 0
25.9
26.4
31.5
32.4
37.4
30. 2
32. 5
38.3
40.9
39. 1
38.2
45. 8
36.9
36. 5
38.2
38. 1
38.7
39.7
39.9
40. 1
39. 6
39. 2
40. 0
40. 5
41.2
40. 8
45.9
44. 7
48. 2
48.6
48.8
49.3
49.3
49.4
46.4
41. 6
44. 0
44.8
48.4
44. 4
Seasonally / adjusted aiinual rates
204. 4
206. 2
212. 8
213.7
215.3
217. 8
220.0
223.2
212. 2
210.8
216. 8
216.8
223. 2
221.5
1978: May
June__
July
Aug_ _
Sept.
Oct. _
Nov _
Dec__ _
1979: Jan_
Feb
Mar
Apr pv
May
June v
158. 6
161. 5
164. 6
165. 1
166.5
168. 5
170.7
173.8
165.8
169.3
172. 8
172.0
174.8
177.0
75.3
76. 7
77.6
77.7
77. 7
77.6
78.9
80.7
73.6
77. 2
75.9
76.0
75.6
76.8
93. 7
94. 9
95. 6
95. 8
96. 0
95.9
97. 5
99. 7
93.7
97. 7
96. 6
96. 0
95. 5
97.0
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
28. 0
30. 1
30.8
31. 2
31.8
32.9
33. 3
33.9
32. 5
32.4
36.2
35.5
38. 1
39.2
100.0
109.2
103.0
101.9
121.0
153.6
173. 1
854
1, 010
840
555
592
739
964
Seasonally
Seasonally adjusted
adjusted
annual
rates
202
1/061
153
999
173
898
177
951
182
1,037
193
1,015
173
1,093
184
978
181
1,062
231
1,266
186
1, 233
202
1, 123
178
1, 045
181
1,009
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data. Series revised beginning 1976.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hil
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
>few private housing uniibs
Units started, by type of strticture
Period
1971
1972
1973
1974
1975
1976
1977
1978
_
_ _
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 151.
1, 309.
1, 132.
888.
892.
1, 162.
1, 450.
1, 433.
2-4
units
0
2
0
1
2
4
9
3
120. 3
141. 3
118.3
68. 1
64.0
85.9
121. 7
125. 0
5 or more
units
780.9
906.2
795.0
381.6
204. 3
289. 2
414. 4
462.0
New priv ate homes
Units
authorized
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
Units
completed
Homes
sold
Homes for
sale at
end of 1
period
Vacancy
rate for
rental
housing
units
(percent)2
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
656
718
634
519
549
646
819
816
287
409
418
346
313
353
401
413
5.4
5.6
5.8
6.2
6.0
5.6
5.2
5.0
1,876
1,928
1, 948
1, 900
1,883
1,885
1,888
1, 815
1,894
1, 957
2,015
2,015
830
829
778
796
900
803
802
774
697
784
725
726
419
417
418
417
407
412
413
412
410
3
424
425
430
5. 1
Seasonally adjusted arinual rates
1978: June__
July
Aug
Sept
Oct__ _
Nov _
Dec__
1979: Jan _
Feb
Mar _ _
Apr *>_
May *
June p
1
2
3
2,093
2, 104
2,004
2,024
2,054
2, 107
2, 074
1,679
1,381
1,786
1, 745
1, 830
1,935
1,439
1,455
1,431
1,432
1,436
1,502
1,539
1, 139
953
1,266
1, 278
1,226
1,281
Seasonally adjusted.
Quarterly data entered in last month of quarter.
New series beginning March 1979.
143
134
137
112
135
150
119
124
76
116
115
122
126
511
515
436
480
483
455
416
416
352
404
352
482
528
1,983
1,765
1,716
1,838
1,835
1,789
1,827
1,442
1,425
1,621
1,517
1,618
1, 647
5.0
5.0
4.8
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places. Data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 31/3 percent in May while inventories rose $4.7 billion. According to the advance survey, retail
sales fell 1 percent in June, followins little change in May and a 1 percent decline in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
RETAIL INVENTORIES
90
350
80
300
70RjETAIL SALES
250
60
SO''
, TOTAL BUSINESS
SALES
200
150
100
i i i 11 I i i i l l 11 i 11 I 11
1975
1976
1977
1978
1979
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCED
COUNCIL OF ECONOMIC ADVISERS
Total business l
Wholesale
Rejtail
Sales2
Period
Q 1
bales
*0
Inventories3
20 InvenQ 1
bales
tories 3
TVvf a!
Iriventories
DurNonable durable
goods goods
• stores stores
TVvf ol
Inventor y- sales
rat 10 4
NonDurTotal
able durable busigoods goods ness]
stores stores
Retail
Mill ions of d ollars, seasonally adjusted
1972
1973
1974
1975__
1976__
1977
1978
1978: June_
July
Aug
Sept
Oct
Nov
Dec
130, 049
151, 720
175, 350
179, 982
201, 814
225, 100
254, 727
203, 088
234, 036
285, 415
284, 735
310, 466
337, 832
379, 391
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
37, 422
41, 944
44, 692
48, 731
54, 597
60, 335
66, 568
12, 369
14, 132
13, 921
15, 106
18, 073
20, 653
23, 160
25, 054 55, 079 24, 238
27, 812 63, 237 28, 418
30, 771 71, 067 32, 861
33, 626 71, 744 33, 356
36, 524 79, 273 37, 841
39, 682 90, 120 43, 414
43, 409 100, 818 48, 161
30, 841
34, 819
38, 206
38, 388
41, 432
46, 706
52, 657
1.50
1.44
1.47
1. 58
1.48
1. 44
1.41
1.40
1.41
1. 49
1.45
1.39
1. 40
1. 44
___ _ 253, 459
252, 755
260, 068
___ _ 260, 535
266, 946
270, 134
273, 776
360, 355
363, 432
367, 044
369, 526
372, 639
376, 596
379, 391
62, 656
63, 425
64, 894
64, 531
67, 338
67, 552
67, 823
75, 191
75, 744
76, 338
77, 113
78, 625
79, 526
80, 771
65, 964
66, 224
67, 303
68, 085
68, 971
70, 158
70, 918
22, 947
23, 049
23, 617
23, 872
24, 422
24, 954
25, 163
43, 017 95, 607 45, 502
43, 175 96, 521 45, 704
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47, 006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
50, 105
50, 817
51, 708
51, 906
52, 273
52, 928
52, 657
1.42
1. 44
1.41
1.42
1. 40
1.39
1.39
1.45
1.46
1.45
1.44
1.44
1.43
1.42
273, 294
275, 290
286, 658
277, 545
286, 902
383, 886
387,411
391, 697
397, 316
402, 012
67, 148
67, 495
70, 824
70, 444
72, 482
81, 543
83, 005
84, 078
84, 973
85, 591
70, 855
71, 122
72, 045
71, 366
71, 325
70, 560
25, 250
25, 035
25, 450
24, 614
24, 569
23, 658
45, 605
46, 087
46, 595
46, 752
46, 756
46, 902
101, 739 49, 302
101, 175 49, 367
102, 226 49, 583
103, 379 50, 526
105, 135 51, 766
52, 437
51, 808
52, 643
52, 853
53, 369
1.40
1.41
1.37
1. 43
1.40
1.44
1.42
1.42
1. 45
1.47
1979: Jan
Feb
Mar
Apr
May v
June p _
1
2
3
4
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' orders, shipments, and inventories rose in May. In June, according to advance data, durable goods
orders and shipments fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
140
INVENTORIES
240
200
160
120
100
80
40
60
NONDURABLE GOODS
BILLIONS OF DOLLARS* (RATIO SCALE)
160
140
40
120
RATIO*
2.20
INVENTORY-SHIPMENTS RATIO
2.00
1.80 1.60
40
1.40 1.20
1975
1979
1976
1979
1975
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac turers' shi pments l Manufact urers' inv entories 2
Manu racturers ' new ordc>rs l
1972
1973
1974
1975
1976
1977
1978—
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
125, 317
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
66, 924
28,999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 394
Durabl e goods
Capital
NonNongoods
Total Durable
durable
Total
indus- ( lurable
goods
Total
goods
goods
tries,
nondefense
Millio ns of dollsITS, season ally adjusted
108, 223 70, 244 37, 979 64, 201 35, 098
8,832 29, 104
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114 33, 329
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691 40, 417
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781 43, 125
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501 48, 137
179, 714 115,424 64, 290 112,842 59, 795 15, 201 53, 047
197, 802 129, 141 68, 661 129, 263 70, 744 18, 814 58, 519
1978: June__
July___
Aug—
Sept—
Oct____
Nov___
Dec___
124,
123,
127,
127,
130,
132,
135,
839
106
871
919
637
424
035
66, 293
65, 222
68, 684
68,916
70; 292
71, 635
73, 429
58, 546
57, 884
59, 187
59, 003
60, 345
60, 789
61, 606
189,
191,
192,
194,
194,
196,
197,
557
167
882
063
735
587
802
122,
123,
125,
126,
126,
128,
129,
688
830
206
176
784
357
141
66, 869
67, 337
67, 676
67, 887
67, 951
68, 230
68, 661
127,
123,
130,
131,
137,
137,
140,
580
279
952
840
185
662
356
68, 840
65, 187
71, 582
72, 645
76, 984
76, 654
78, 623
18,
17,
19,
20,
22,
20,
20,
1979: Jan___ 135,
Feb___ 136,
Mar _ _ 143,
135,
Apr
143,
Mayv
June
291
673
789
735
095
73,
74,
77,
72,
76,
73,
62,
62,
66,
63,
66,
200,
203,
205,
208,
211,
604
231
393
964
286
131,
133,
135,
137,
139,
542
783
287
768
483
69, 042
69, 448
70, 106
71, 196
71, 803
142,
145,
150,
140,
145,
529
272
033
956
570
80, 582
82, 385
84, 162
77, 223
78, 824
77, 977
21, 908
23, 593
24, 430
21, 294
21, 788
23, 972
Period
1
Total
NonDurable durable
goods
goods
103
167
735
088
329
415
188
506
054
647
766
Monthly average for year and total for month. Shipments are the same as sales.
23 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.
155
074
344
149
219
575
790
Manufacturers'
unfilled3
orders
Manufacturers'
inventory —
shipments4
ratio
121, 709
161, 194
189, 678
170, 686
174, 553
193, 659
241, 025
1. 67
1. 58
1. 65
1. 83
1. 66
1. 58
1.51
58, 740
58, 092
59, 370
59, 195
60, 201
61, 008
61, 733
216, 754
216, 922
219, 999
223, 921
230, 464
235, 704
241, 025
1. 52
1. 55
1.51
1. 52
1. 49
1.48
1.46
61,
62,
65,
63,
66,
248,
256,
263,
268,
270,
1.48
1.49
1.43
1. 54
1.48
947
887
871
733
746
266
863
106
332
801
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In June, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished consumer foods fell 1.2 percent and prices of other finished consumer goods rose 1.4 percent. Prices of capital equipment
increased 0.5 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
240
140
120
100
i i i iIiiiii Mii iIiiii i iii i i Ii
1 9 7 2 I 1 9 7 3
1974
Ii i i i i i i iiiIii i i i i i i i i i Ii i i i
1975
1976
1977
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1961 r = 100; monthl y data seasonal ly adjmsted]
?inishe(I goods
Period
Crud e materials
Conssumer g oods
Foodstuffs
and
feedstuffs
114.2
127.5
180.0
189.4
191.8
190. 1
190.9
215.4
218.0
215.7
215. 6
219.5
227.6
229.6
230. 3
236.8
245. 7
246.2
245.5
244. 8
241. 9
Total
finConished sumer
goods foods Total
1971
_ _ 113. 7
1972
117.2
1973
127.9
1974
147.5
1975 _
163.4
1976
_ _ __ 170.3
1977
180. 6
1978
194.6
1978: June__
194.2
July
195. 6
Aug
196. 1
Sept___
_ _ 197.7
Oct __ __
199.2
Nov _ _
200. 6
Dec
202. 7
1979: Jan___
205.3
Feb
207.6
Mar
_ _ 209. 3
Apr __
211. 2
May
212. 0
June
213. 1
115.3
121. 7
146.4
166. 9
181.0
180. 2
189. 1
206.8
207. 2
207.4
206.6
209.7
213. 1
214. 7
217. 3
221.3
225.3
227.5
226. 9
224. 0
221. 3
113. 1
115.4
120. 1
139. 3
156.2
165. 5
176.2
188. 9
188.3
190. 0
190. 9
192.0
192.9
194. 2
196. 1
198.3
200. 0
201.6
204. 2
206. 2
208.4
Total
111.4
113.4
118. 5
138. 6
153. 1
161.8
172. 1
183. 7
183.0
184.9
185.9
186.9
187.6
188.7
190. 9
193. 1
194. 8
196.8
199.5
202. 0
204. 8
"Thir
n V|]f»
110.8
113.2
115. 8
126.3
138.2
144. 4
152.2
165. 9
165.6
168.5
169.8
171. 0
169.7
169.9
172.3
174. 2
175.7
176.4
177.9
179. 2
180.0
Nondurable
111. 7
113.6
120.5
146. 8
163. 0
173.3
185.4
195.4
194.4
195. 5
196. 3
197. 2
199. 3
201. 1
203. 1
205.6
207.4
210. 2
213.7
217. 1
221. 4
1 Formerly called producer finished goods.
2
Intermediate materials for food manufacturing animal feeds. Beginning this
issue, data are seasonally adjusted.
22
In }ermedi ate
rnaterial s
Total
consumer
Capi- finFoods
ished Total and 2 Other
tal
feeds
equip- goods
ment 1
116. 6 112.9 114. 1 111.7 114. 3
119. 5 116.6 118.7 118.5 118.9
123.5 129.2 131.6 168.4 128. 1
141. 0 149.3 162.9 200. 2 159.5
162. 5 163. 6 180. 0 195.3 178.6
173. 2 169. 0 189.3 186.6 189.5
184.5 178.9 201.7 191.0 202.4
199.0 192.6 215.5 201. 0 216. 4
198.7 192.3 214.4 197.4 215. 5
200. 1 193.7 215. 4 202. 9 216. 2
201. 0 194.0 216. 8 201.7 217. 7
202. 1 195.8 218.2 204.9 219. 1
203.4 197.4 220.8 210.7 221. 5
205. 1 198.6 222. 6 208. 7 223. 5
206.4 201.0 224. 2 214. 6 225.0
208.5 203.8 226.7 212. 6 227. 6
210.3 206.3 229. 2 219.0 229.9
211. 3 208.4 231.3 218.9 232. 1
213.7 210.0 234.7 217. 7 235. 7
215. 1 210. 7 237. 0 219.2 238. 1
216. 2 211. 7 239. 1 217.9 240. 4
Finished goods e xcludin g
cons timer f c>ods
Total
115. 1
127.6
174.0
196. 1
196.9
205. 1
214.3
240.2
240.9
241.5
241.5
245. 7
252.7
255.6
257.5
263.4
272. 2
275.0
273.9
276. 0
277.9
NOTE.—Data revised for February 1979.
Source: Department of Labor, Bureau of Labor Statistics.
Other
117.0
128.0
162.5
208.9
206.9
233.6
258.4
287. 0
283.7
289.9
290.3
295. 0
299.9
304.9
308.6
313.5
322.0
329.2
327.4
334.9
345.8
CONSUMER PRICES
In June, the consumer price index for all urban consumers rose 1.2 percent (1.0 percent seasonally adjusted). Food
prices increased 0.5 percent (0.2 percent seasonally adjusted). Nonfood commodity prices rose 1.6 percent (1.3
percent seasonally adjusted) and services prices were up 1.1 percent (1.0 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
240
INDEX, 1967=100 (RATIO SCALE)
240
220
140
140
120
120
100
100
1971
1972
1974
1973
1975
1976
1977
1979
1978
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
All
items
Food
__ 121.3
125.3
133. 1
147. 7
161.2
170.5
181.5
._ 195.4
118. 4
123.5
141.4
161. 7
175. 4
180.8
192. 2
211.4
Period
1971. _ _
1972___
1973
1974_
1975
1976__
1977
1978___
Commodities
less
food
Services
116. 8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
All
All
commodities
117.4
120.9
129.9
145.5
158.4
165. 2
174.7
187. 1
Comi]aodities less food
Food
All
Food
at
home
Food
away
from
home
All
118.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
116.4
121. 6
141. 4
162.4
175.8
179. 5
190.2
210. 2
126. 1
131. 1
141.4
159.4
174.3
186. 1
200. 3
218.4
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174. 7
Unac justed
Services
Durable
Nondurable
116.5
118.9
121. 9
130.6
145.5
154. 3
163.2
173.9
117.0
119.8
124.8
140.9
151. 7
158.3
166. 5
174.3
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210. 9
Seasonal ly adjust ed
1978: June___
July___
Aug
Sept___
Oct
Nov
Dec
195. 3
196.7
197.8
199. 3
200.9
202.0
202. 9
213. 8
215.0
215.4
215. 6
216.8
217. 8
219.4
174. 4
175.4
176.3
177.8
179. 1
180.3
181.3
209. 9
211. 7
213.4
215.6
217.6
218.6
219.2
186.9
187. 7
188. 7
190.2
191.7
193.0
194.6
213.5
213. 7
214.6
216.0
217.9
219. 2
221.3
213. 1
212. 7
213.2
214.5
216.5
217. 8
220. 1
218.0
219. 5
221.4
223. 1
224.7
226. 0
227.8
173.7
174.7
175.7
177. 2
178.5
179.8
181. 3
173.0
174.2
175.3
176.8
178.3
180. 1
181.6
173.6
174.5
175.4
176.5
177.4
178.3
179. 4
210.5
212. 2
213.8
215.7
217.6
218.7
219.5
1979: Jan
Feb_-_
Mar
Apr
May
June
204. 7
207. 1
209. 1
211. 5
214. 1
216. 6
223.9
228.2
230. 4
232. 3
234. 3
235.4
181.9
183.7
185.9
188.9
191. 6
194.7
, 221. 1
223. 3
225. 1
227.0
229. 5
232. 1
196. 7
199. 1
201.3
203.8
205.7
207. 7
224. 5
228. 1
230. 5
232. 7
234. 3
234.7
223. 7
227. 7
230.0
232.4
233.5
233. 2
230.7
233. 6
236.2
238.2
240.9
242.9
182. 9
184. 8
186.9
189.4
191.4
193. 9
183. 3
185. 1
186.0
187.6
188. 6
190. 1
181.4
182. 9
186.4
190.0
193.4
197.4
220. 7
223. 1
225. 1
227.2
230. 1
232. 5
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percen b change from pr<seeding
perioc1; season ally adjuisted i
Percen t change from 3 inonths
eaiiie;r; seasormlly adjilisted
annua : rates
Percen t change from 6 rnonths
earlie r; seasortally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
1970
1971
1972
19731974
1975
1976
1977
1978
—
1978: June
July__ ._
Aug__
Sept
Oct___
Nov
Dec
1979: Jan__
Feb
Mar
Apr __
May
June_
_
2.2
3.2
3.8
11.8
18.3
6. 6
3.3
6.6
9. 1
-2.5
5.9
8.0
22. 5
13. 0
5.5
-2.5
6.6
11.9
3.9
2.0
2. 0
7.4
20.5
6.7
4.9
6. 1
8.3
4.9
2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
_
.7
.7
.3
.8
.8
.7
1.0
1. 4
.1
—. 4
1.5
1.6
.8
1.2
.4
1.0
.5
.5
.4
.6
1.2
.8
.7
.4
.5
.6
.8
.6
1.3
1. 1
.8
.9
.4
.5
1.8
1.8
1.0
—.3
-1.3
-1.2
1.2
.9
1.0
1. 4
1. 3
1.4
1.0
.9
.5
1. 1
.7
.5
—
_
_
Capital Total
finequipished
Exclud- ment
goods
Foods
ing
foods
_
__
Capital Total
equipfinExclud- ment
ished
Foods
ing
goods
foods
10.3
8.8
7.0
7.4
7.6
9.5
10.5
Capital
equipExclud- ment
Foods
ing
foods
11.4
7.3
4. 4
4.9
11.5
16.6
15.3
10. 5
9.4
8.4
8.8
6.0
6.2
8.8
9. 1
9.3
7.9
7.0
6.8
8.4
8.8
9.5
9.5
8.3
8.8
8.2
8.3
8.9
14.1
12.0
6. 9
8. 1
9.3
10.3
10.0
7.9
9.0
9.4
9.6
7.7
7.3
8.8
8. 1
8.3
8.0
8. 1
8.0
8.2
7.9
16.3
12.8
21.3
14.7
20. 1
13.7
10.5
12.0
8.8 — 2.3
7.5 -10. 5
12.3
13.6
12.9
13.9
15.6
17. 3
10.4
10.5
9.8
10.4
9.4
9.6
10.2
12. 1
12.1
12.4
11.7
10.5
13.9
18.9
17.7
13.4
8.9
3.7
9.1
9.8
10.9
13. 1
14. 6
15. 1
8.6
9.5
9.3
10.4
10.0
9.7
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for February 1979.
CHANGES IN CONSUMER PRICES
Perceiit chang<3 from prۥceding
penc d ; seasoilally adju sted 1
Period
All
items
Food
Commodities
less
food
Services
Percent change f r<>m 3 mont hs earlier ; Percent c hange fn>m 6 mont hs earlier ;
season*illy adju sted annu al rates
seasonsilly adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
5.5
3.4
3.4
8. 8
12.2
7.0
4.8
6.8
9.0
2.2
4.3
4.7
20. 1
12.2
6.5
.6
8.0
11.8
4.8
2.3
2.5
5.0
13. 2
6.2
5. 1
4. 9
7.7
8.2
4. 1
3. 6
6.2
11.3
8. 1
7.3
7.9
9.3
1978: June-.
July.__
Aug.__
Sept__
Oct___
Nov— _
Dec___
.9
.6
.6
.9
.8
.6
.6
1. 4
.1
.4
.7
.9
.6
1.0
.6
.6
.6
.9
.7
.7
.8
.9
.8
.8
.9
.9
.5
.4
10. 7
9.5
8.5
8.5
9.5
9.4
8.5
18.3
11.2
8.0
4.8
8.1
8.9
10. 2
7.2
7.4
7.4
8.3
9.0
9.7
9. 6
11.0
10. 6
10. 1
10. 3
10. 6
9. 5
7.2
9.8
9.5
9.4
9.6
9.5
9.0
8.5
16.6
14.2
12.6
11.3
9.6
8.4
7.4
6.5
6.4
7.2
7.8
8.2
8.5
8.9
10.0
10. 5
10.4
10.6
10.6
9.8
8.7
1979: Jan. _ _
Feb___
Mar
Apr
May__
June__
.9
1. 2
1.0
1. 1
1. 1
1.0
1. 4
1.6
1. 1
1.0
.7
.2
.9
1. 0
1.1
1.3
1. 1
1.3
.5
1. 1
.9
.9
1.3
1. 0
8.8
11.3
13.0
13.9
13.6
13.4
12. 7
17.3
17.7
15.4
11.3
7.5
10. 2
11.6
12.9
15. 0
15. 1
15. 8
5.8
8.3
10. 6
12.3
13.2
13. 8
9.2
10.4
10. 7
11.4
12.4
13. 2
10.4
13.0
13.9
14.0
14.3
12.5
9.6
10.6
11.2
12.6
13.3
14.4
8.2
8.9
8.9
9.0
10.7
12.2
1970
1971
1972
1973
1974
1975
1976
1977
1978
1
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
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose % percent in July and prices paid by farmers rose % percent in the month ended
July 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
120
110
100
- 90
80
- 70
60
60
1971
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by far]mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
items
items
products wage rates
Index, 1 967=100
Prices received by farmers
Period
1971
1972
_
1973 _
1974
1975
1976
1977 _
1978
1978: July
Aug__ _
Sept.
All farm
products
___
_
_
Oct
Nov___
Dec
1979: Jan
Feb_
____
Mar__
Apr
May
June..
July
_
__•___
_ _
__
Crops
113
125
179
192
185
186
183
210
216
211
217
218
216
222
108
114
175
224
201
197
192
204
213
204
205
202
202
205
118
136
183
165
172
177
175
217
218
218
227
232
230
239
118
125
144
164
180
192
202
219
220
221
223
224
225
226
(33)
()
(33)
( 3)
(3)
()
(33)
()
232
241
246
244
246
244
246
209
216
214
212
220
233
243
252
264
274
272
269
255
250
234
238
243
246
248
249
251
(3)
(33)
(3)
()
( 33)
()
(3)
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.
3
The adjusted parity ratio reflects Government payments made directly to
farmers.
118
123
133
151
166
176
Parity ratio l
Actual
Adjusted *
113
121
146
166
182
193
200
216
218
217
220
222
222
225
71
74
91
86
76
71
66
71
72
70
72
71
71
72
75
79
94
87
76
72
68
72
74
72
73
73
73
74
230
235
243
246
247
248
251
73
75
74
73
73
72
72
74
76
76
74
74
74
73
3 Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
NOTE.—Data revised beginning 1967.
Source: Department of Agriculture.
28
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
All monetary aggregates rose sharply in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
BILLIONS OF DOLLARS*(RATIOSCALE)
1,000
AVERAGES OF DAILY FIGURES
900
900
800
800
M2
700
700
600
600
500
500
400
400
300
300
200
200
i iIi i IIii I
1971
i IIi i ii
1972
I
1973
Ii ii i i I i i i i
Ii iii
1975
1974
Ii iii
1976
I IiiI iii ii
1977
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I I I II II I III IIII III I III
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
(Componeknts ancI related items
(Dverall measur es *
Deposilbs at comimercia banks
Period
Ml
M1 +
M2
M3
Currency
Large
CDs
Savings
Deposits
at
nonbank
thrift
institutions
363.7 63.0
418. 1 89.0
450.3 81.0
489.2 62.4
544.4 73.7
611.2 96.6
576.8 86.7
582. 1 88.0
587.4 87.6
593.5 88.5
597.7 88.6
608. 5 95.4
611.2 96.6
615.8 100.5
620.2 102. 1
619.5 99.0
620. 6 95.0
619.9 90.6
620.3 84.9
127. 1
135.9
160.7
202. 1
219.7
223. 0
223.5
222.9
224. 1
226.0
225.9
224.3
223.0
220. 8
218.6
217.7
217.7
216.4
217.8
347.7
368.7
427.7
495.0
564.9
624. 4
590. 5
595.9
601.5
608.5
614.6
619.5
624.4
628. 7
633.0
638.0
641.0
643.2
647.8
Time and sa vings
Demand
Tntnl
JL. \J lii*l 3
1973: Dec.. 270.5
1974: Dec.. 283.2
1975: Dec.. 295.4
1976: Dec.. 313.8
1977: Dec.. 338.7
1978: Dec.. 361.2
1978: June_ 352.5
July. 354.4
Aug. 356.7
Sept. 360.7
Oct.. 361.2
Nov_ 360.6
Dec. 361.2
1979: Jan.. 359.7
Feb. 358.6
Mar_ 359.0
Apr.. 364.3
May. 364.5
June" 368.9
397.9
419.5
456.8
517.2
560.6
587. 2
578.6
580. 1
583.6
589.5
589.9
587.8
587.2
583.4
580. 1
579.6
585. I
584.0
589.8
571.3
612.2
664.8
740.6
809.4
875.8
842.6
848.6
856.5
865.6
870.2
873.7
875.8
875.0
876.7
879.5
889.8
893.8
904.3
919.0 61.6
981.0 67.8
1, 092. 4 73.8
1, 235. 6 80.8
1, 374. 3 88.6
1, 500. 1 97.5
1, 433. 1 92.5
1, 444. 5 93.2
1, 458. 0 93.9
1, 474. 1 95. 2 <
1, 484. 8 95.8
1, 493. 1 96.6
1, 500. 1 97.5
1, 503. 7 98.2
1, 509. 7 98.9
1,517.5 99.4
1, 530. 8 100.2
1, 537. 0 100.7
1, 552. 0 101.4
209.0
215.3
221.7
333.0
250. 1
263.7
260. 0
261. 2
262. 8
265.5
265.3
264.0
263. 7
261.5
259.7
259.5
264. 1
263.8
267.5
i Ml is currency plus demand deposits; M14- is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
Perc<3nt chaiage8
U.S.
Government
demand
deposits
(unadjusted)
Ml
6.3
4.9
4. 1
4.4
5. 1
10.2
6.2
4.4
3.5
6.2
4.2
8.0
10.2
11.9
8.3
6.5
5.3
8.4
10. 8
6.0
4.7
4.3
6.2
7.9
6.6
8.3
7.4
8.5
10.5
7.8
5.7
5.0
3.0
1. 1
-.9
1.7
2.2
4.3
Ml-j-
5.0
5.4
8.9
13.2
8.4
4.7
6.5
5.6
6.6
8.3
6.3
4. 1
3.0
1. 1
-1.2
-3.3
-1.6
-1.3
.9
M2
8.8
7.2
8.6
11.4
9.3
8.2
8.4
8.1
9.3
10.7
19.8
9.0
8.0
6.3
4.8
3.2
4.6
4.7
6.6
* Includes time deposits other than large CDs, not shown separately.
* Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and c eposits
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
Dec _
Dec _ __
Dec _ _.
Dec
Dec
Dec
_
Dec
Dec
_ _
1978: May___
June
July
Aug
Sept.Oct
Nov
Dec _ __
1979: Jan__
Feb
Mar_
Apr__
May
June i>
U.S. Ti^easury
secuiities
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
Time d eposits
Other
private
money
market
instruments
Negotiable
certificates of
deposit
Total
liquid
assets
Total
854.2
967. 1
1, 084. 8
1, 169. 8
1, 289. 2
1, 421. 8
1, 588. 6
1, 769. 9
721. 1
816. 6
887. 3
944. 8
1, 054. 5
1, 193. 0
1, 326. 5
1, 452. 0
52.5
56. 9
61.6
67.8
73.8
80.8
88. 6
97.5
161. 8
176. 1
183. 7
187. 3
192. 6
200. 2
214. 1
226. 1
233. 5
264. 4
294. 3
321.0
360.4
417. 1
459. 0
504.0
273. 3
319. 1
347. 7
368. 7
427.7
495.0
564. 9
624.4
54.3
57. 6
60. 4
63. 3
67. 3
71.9
76. 6
80.6
31. 3
34. 3
43.3
47. 0
66. 1
66.2
77.2
85.3
27. 6
36.2
53. 8
70.4
58. 1
43.0
52.0
66.7
19. 8
22.5
40. 0
44.4
43. 2
47. 7
56.3
85.3
1, 664. 4
1, 677. 8
1, 691. 5
1, 704. 9
1, 724. 2
1, 736. 2
1, 754. 1
1, 769. 9
1, 373. 6
1, 384. 7
1, 397. 0
1, 410. 6
1, 426. 2
1, 437. 4
1, 445. 7
1, 452. 0
92.0
92. 5
93. 2
93.9
95.2
95. 8
96.6
97.5
222.4
223. 0
224. 7
226.3
228.5
228. 0
226. 5
226. 1
473.9
478.6
483.2
488.9
494. 1
499. 0
503. 1
504.0
585.3
590. 5
595.9
601.5
608.5
614. 6
619. 5
624.4
78.6
78. 9
79.3
79.5
79. 8
80. 1
80.3
80.6
81.9
82. 1
80.9
81.3
84.0
83.2
82. 2
85.3
61.8
61.9
62. 7
61.4
61.4
60. 5
66. 1
66. 7
68.5
70.3
71.6
72.0
72.7
75. 2
79.9
85.3
1, 783. 2
1, 795. 3
1, 806. 7
1, 825. 8
1, 834. 8
1, 851. 3
1, 456. 2
1, 462. 9
1, 470. 6
1, 485. 3
1, 490. 8
1, 505. 0
98.2
98.9
99. 4
100.2
100. 7
101.4
224. 2
222. 6
222.2
227.6
226. 2
229.0
505. 1
508. 4
511. 1
516. 5
520.7
526. 8
628.7
633. 0
638.0
641.0
643. 2
647.8
80.7
80.6
80.6
80.6
80.6
80. 5
87. 3
88.7
92.8
97. 3
100.5
103. 5
69. 3
69. 4
64.9
60.7
56. 5
51.2
89.7
93. 7
97.7
101. 9
106.4
111. 2
Currency
Demand
deposits
Commercial
banks
Source: Board of Governors of the Federal Reserve System.
NOTE.—Data revised beginning February 1979.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installirlent credit extended
Tj
•
Installm ent credit li quidated
Net change in amount outstanding
i
Fenod
Total i
1971
1972
1973
1974
1975
1976 _._
1977__
1978
1978: May
June__ _
July
Aug
Sept
Oct
Nov__
Dec_
1979: Jan
Feb___
Mar
Apr
May
Automobile
Revolving
Automobile
Revolving
Total *
Automobile
Revolving
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 574
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 986
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127,
136,
152,
163,
172,
189,
218,
253,
789
787
817
276
676
381
793
508
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 429
20, 818
23, 485
26, 699
31, 243
35,616
41, 764
80, 508
96, 811
10, 257
14, 962
20,218
9,489
7,765
21, 647
35, 278
45, 066
2,976
10, 465
15, 204
19, 557
495
1, 044
1, 174
2,003
1,970
1, 340
2, 170
6, 248
7, 776
25, 104
25, 565
25, 022
25, 669
25, 537
25, 758
26, 214
26, 500
7,592
7,595
7,652
7,744
7,542
7,501
7, 787
7,833
8,563
9, 062
8,700
9,028
9,006
8,846
9,176
9,424
20,
21,
21,
22,
21,
22,
22,
22,
824
358
556
037
857
384
115
100
5,715
5,953
5,941
6, 140
6, 010
6, 126
6, 032
6,053
7,919
8, 107
8, 100
8, 291
8, 384
8,500
8, 511
8,555
4,280
4,207
3,466
3,632
3,680
3,374
4, 099
4,400
1,877
1, 642
1,711
1,604
1, 532
1,375
1,755
1,780
644
955
600
737
622
346
665
869
25,
26,
26,
26,
28,
7,545
7,756
7,797
7,845
8, 227
9,417
9,357
9,714
9, 722
10, 170
22,
22,
22,
22,
24,
483
894
967
851
295
5, 865
6, 191
6,311
6, 526
7,002
8,984
9,040
8, 972
8,804
9,424
3, 061
3,308
3,731
4,038
3,732
1, 680
1,565
1, 486
1,319
1,225
433
317
742
918
746
544
202
698
889
027
Includes "mobile home" and "other," not shown separately.
Total i
4, 194
5, 621
5, 910
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial and industrial loans grew at an annual rate of 22 percent during the first half of 1979.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
TOTAL
LOANS AND INVESTMENTS
60
40
40
1971
1972
1973
1974
1975
1976
1977
•""SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
"Pm*!r»rl
1971
1972
1973
1974
_ _
1975
1976
1977
1978*
1978: June
July 9 _
Aug * _
Sept*
Oct 9. _ _
Nov *>_
Dec "__
1979: Jan *
Feb 9
Mar 9
Apr 9
May 9
June 9,, _
1
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All member ban ks
Allc ommercial I>anks l
Borrowiiigs (milL<Dans
Investn lents
ILeserves 2 8
lions of dollars,
Total
~unadji isted) *
loans
and Total ex- Commer- U.S. Gov- Other
invest- cluding cial and
SeaNonResecuernment
Total
Total
inter- industrial securities
ments
borrowed quired
sonal
rities
bank
60. 6
62. 6
54.5
51. 1
80. 1
98.0
95.6
88.8
100.2
100.8
98.3
97.8
96.0
91.4
88.8
104.2
116.5
129.9
139.8
144. 8
148.2
158.0
173.5
164.2
165.2
167.0
168.7
170.4
171.1
173.5
31. 16
31.34
34.90
36.55
34.67
34. 89
36. 10
41.27
37.63
38. 11
37.93
38.21
38.38
39.75
41.27
31.03
30.29
33.60
35.83
34.54
34.83
35.53
40.40
36.53
36.80
36.79
37. 15
37. 10
39. 05
40.40
30.98
31.05
34.60
36. 30
34.40
34.61
35.91
41.04
37.45
37.92
37.77
38.02
38.22
39.53
41.04
107
1,049
1,298
703
127
62
558
874
667.8
674.0
680.6
691.6
700.9
715. 1
715.4
116.2
130.4
156. 6
183.5
176. 2
179.7
201.4
230.9
219.0
220.8
223. 1
225.2
227.6
230.7
230.9
1, 111
1,286
1, 147
1,068
1,261
722
874
41
32
13
12
54
134
120
143
188
191
221
185
134
732. 4
738. 3
743.4
753.0
760.2
769.5
237.8
240.6
243.5
247.3
252.2
255.4
89.4
92. 1
90.5
91.9
94.6
95. 7
176.8
177.3
178.7
179.4
180.4
181.3
41.48
40.75
40.81
40.65
40.48
40.41
40.48
39.78
39.82
39.73
38.72
39.00
41.26
40.54
40.66
40.47
40. 34
40. 20
994
973
999
897
1,777
1, 395
112
114
121
134
173
190
485.7
558. 0
633. 4
691. 1
721.8
785. 1
870.6
977.7
320.9
378.9
449. 0
500.2
496.9
538.9
617,0
71514
932.2
940.0
945.9
958. 1
967.3
977.6
977.7
998.6
1, 007. 7
1, 012. 6
1, 024. 3
1, 035. 2
1, 046. 5
Data are for 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
Source: 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
Credi ; market runds
Total
Total
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets *
Increase
in
financial
assets
Discrepancy
( sources
less
uses)
104.3
127. 1
161. 7
199.8
190.8
143.8
205.0
239.0
288. 1
58.9
68.6
80.8
83.8
75.7
106.8
124. 7
135. 3
141.5
45.5
58.5
80.9
115.9
115. 1
37. 0
80. 3
103.6
146.6
40.7
44. 5
58.3
72.7
81.8
37.0
58.2
78.7
91.2
32. 1
40. 6
40.6
37.0
39. 1
49. 3
48.8
46. 2
49. 3
8.6
3. 9
17.6
35.7
42. 6
-12.3
9.5
32. 6
41.8
4.8
14. 1
22. 7
43.3
33.4
.0
22. 0
24.9
55.3
95.9
119.6
145. 8
185. 6
179.0
131. 9
184.9
212. 3
274.2
80.3
86.0
100. 3
123.3
134.7
99. 9
141. 2
164. 6
195.8
15.6
33.6
45.6
62.3
44. 4
32.0
43. 7
47.8
78.4
8.4
7. 5
15.9
14.2
11.8
11.9
20. 1
26.7
13.9
1977: I
II_.
III
IV _ _
244. 3
198. 6
266.0
247. 1
123.8
134.9
145.5
137.3
120.5
63.7
120.6
109.9
75.9
63. 7
80. 1
95.2
34. 4
35. 3
53.5
61.5
41.6
28. 5
26.6
33.7
44.6
-.0
40. 5
14.7
214. 6
177.3
234.6
222. 7
152. 5
162.4
175.2
168.0
62. 1
14.9
59. 4
54.7
29.6
21. 3
31.4
24.4
1978: III
III
IV
278.2
273.6
290. 8
309.3
127.2
144. 1
146. 1
148. 8
151.0
129.5
144. 7
160. 5
95. 8
84.4
86.0
98.4
35.4
54.2
58. 8
48.9
60.5
30.3
27.2
49. 5
55. 2
45. 1
58.7
62.2
258.9
264.4
280.7
292.4
180.2
199.9
200.6
202.4
78.7
64. 5
80. 1
90.0
19.2
9.2
10.2
17.0
303. 6
138.3
165.3
104.2
39.8
64. 5
61. 1
291.9
215.4
76.5
11. 7
1970
1971
1972
1973
1974
1975
1976--.1977
1978-_ _
_
_ _
1979: I *
__
_
i Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
s Stocks, bonds, and mortgages.
3 Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
4
Plant and equipment, residential structures, inventory investment, and mineral rights from. U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabil ities
Curre nt assets
End of period
Total
SEC series:2
1970
_ _ 492.3
1971
529.6
1972
599. 3
1973
697.8
1974
790.7
FTC-FRB series:3
1974
__
734.6
1975
756.3
1976___
823. 1
1977___
898.3
1978
_ _ _ 1, 026. 1
1977: I
II
III
IV
1978: I
II
III
IV _
Cash
Notes
U.S.
governand
Invenment
actories
securicounts
ties receivable
Other
current
assets
Other
current
liabili4-inc,
ties
Net
working
capital
Current
ratio *
50.2
53.3
59. 0
66.3
71. 1
7.7
11.0
10. 6
12.8
12. 3
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263.9
313. 6
35.0
43. 8
55.8
66.4
71.7
304. 9
326. 0
375.6
450. 9
530.4
211. 3
220. 5
282. 9
340. 3
402.3
93.6
105. 5
92.7
110. 7
128. 1
187.4
203. 6
223.7
246.9
260. 3
1.615
1.625
1. 595
1.548
1.491
73.0
80. 3
87.5
94.6
103. 8
11.3
19. 0
25.5
20. 8
21. 0
265.5
271. 7
291.5
323.5
381. 2
318.9
315.2
341. 5
374.3
426.6
65. 9
70.0
77. 1
85.2
93.5
451. 8
448.2
488. 8
543.9
660.4
272. 3
258.3
269. 9
301.0
359.9
179. 5
189.9
218.9
242. 9
300.4
282. 8
308. 1
334.3
354. 5
365.8
1.626
1.688
1.684
1. 652
1.554
841.6
855.7
879. 1
898.3
81.6
83.5
83. 7
94.6
26.3
21. 8
21.3
20. 8
302.6
311.4
325.3
323.5
352. 0
358. 6
367.0
374. 3
79. 2
80.4
81. 7
85.2
503.9
510. 7
530. 0
543. 9
277.2
283.3
293. 7
301.0
226.8
227. 4
236. 3
242. 9
337. 7
345.0
349. 1
354. 5
1.670
1.675
1.659
1.652
922.7
952.2
991. 2
1, 026. 1
89. 3
91.8
92. 4
103. 8
21. 0
19.8
18. 8
21. 0
335.7
354. 6
375.4
381.2
388.8
397.9
414.2
426. 6
87.9
88. 1
90.4
93.5
571. 1
591.2
624. 6
660.4
311. 7
324.3
342. 1
359. 9
259. 3
266.9
282. 5
300.4
351. 6
361.0
366.6
365. 8
1.616
1.611
1. 587
1.554
12 Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
3
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Total
Notes
and
accounts
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Data revised beginning 1975.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose steadily in July, following the June decline.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
1971
1979
SOURCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1973_
__
1974
1975
1976
1977
___
1978
-__
1978: July
...
Aug. _
Sept „ .
Oct
Nov
_
Dec
1979: Jan
Feb.
MarApr
_ _
May
June__
July »_ _
Week ended:
1979: July 7 _ _ _ _
14
21
28
Aug 4
U.S. Tre asury secun ty yields
Constant imaturities 2
3-month
bills *
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
4-6
Bank)4
& Poor's)3 (Moody's) months
7. 041
7.886
5.838
4. 989
5.265
7.221
7.074
7. 036
7.836
8. 132
8.787
9. 122
9.351
9. 265
9.457
9.493
9. 579
9. 045
9. 262
6.95
7.82
7.49
6.77
6.69
8.29
8. 54
8.33
8.41
8.62
9,04
9.33
9.50
9.29
9.38
9.43
9. 42
8.95
8.94
6.84
7.56
7.99
7.61
7.42
8.41
8. 64
8.41
8.42
8.64
8.81
9. 01
9. 10
9. 10
9. 12
9. 18
9. 25
8.91
8.95
5. 18
6.09
6.89
6. 49
5.56
5.90
6. 18
5.98
5.93
5.95
6.03
6. 33
6.25
6. 19
6. 16
6. 14
6. 10
5. 99
6.05
7. 44
8.57
8.83
8.43
8.02
8.73
8.88
8. 69
8.69
8.89
9.03
9. 16
9.25
9. 26
9.37
9.38
9.50
9. 29
9.20
8. 15
9.87
6. 33
5. 35
5. 60
7.99
7. 91
7.90
8.44
9.03
10.23
10.43
10.32
10.01
9.96
9.87
9.98
9. 71
9.82
8.968
9. 265
9. 336
9.479
9. 154
8. 78
8.88
8.96
9. 05
8. 79
8.93
9.01
9.01
5.99
6.02
6. 08
6. 12
9. 16
9. 17
9. 19
9.23
9.62
9. 75
9. 83
9.98
J Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
34 Weekly data are Wednesday figures.
Average effective rate for year; opening and closing rate for month and week.
2
30
6. 45
7. 83
6.25
5. 50
5.46
7.46
7-7tf
7^-7%
7%-8
8-8H
Prime
rate
charged
by
banks 4
9H-9J4
9H-9H
8. 03
10.81
7.86
6. 84
6.83
9.06
9-9
9-9M
9K-9&
9#-10tf
lO^-lli/s
11X2-11%
11%-11%
11#-11«
9^-10
llji-HK
llji-HH
ll}i-llji
9H-9X2
9/2-9M
9H-9H
9H-9H
9H-9H
9X2-9X2
9H-9J*
9K-9/2
9H-10
10-10
10-
wi-im
i«i-iiji
Newhome
mortgage
yields
(FHLBB)*
7.95
8.92
9.01
8.99
9. 01
9. 54
9.57
9.70
9.73
9.83
9.87
10. 02
10. 18
10.20
10.30
10.36
10.47
10.66
11X2-11X2
11X2-11X3
11X2-11X2
11X2-11%
ll%-
5 Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: 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 continued to climb through mid-July, then lost ground.
INDEX, DEC 31,1965=5
INDEX, DEC 31,1965=50
80
50
- 50
40
40
30 s-
- 30
1971
1979
1976
1972
PERCENT
20
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS _
15
10
10
I
1971
1972
1973
1974
1975
I
1976
I
1977
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1978
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
(percent)
Comjmon stock prices J
Period
Utility
57. 42
43.84
45. 73
54. 46
53. 69
53. 70
54.83
54.61
58.53
58. 58
56.40
52.74
53.69
55.77
55.08
56. 19
57. 50
56. 21
57. 61
58.38
63.08
48.08
50. 52
60.44
57.86
58.23
59.63
59. 35
64.07
64.23
61.60
57. 50
58.72
61.31
60.37
61.89
63. 63
62. 21
63.57
64.24
37.74
31.89
31. 10
39.57
41. 09
43.50
44. 19
44. 74
49.45
50. 19
46.70
41.80
42. 49
43.69
42.27
43. 22
45.92
45.60
47. 54
48.85
37.69
29. 79
31.50
36.97
40. 92
39. 22
39. 41
39.28
40.20
39. 82
39.44
37.88
38. 09
38.83
39. 21
38. 94
38.63
37.48
38. 44
38.88
58. 06
58. 20
58.78
57.94
58.35
64. 02
64. 08
64.70
63.65
64. 22
47.75
47.98
48.92
48. 64
49. 17
38.56
38.73
39. 11
38. 86
38. 79
1
Average of daily closing prices.
3
Includes all the stocks (more than 1,500) listed
8
Includes 30 stocks.
< Includes 500 stocks.
5
on the NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Standard
& Poor's
DowJones
composite Dividend- Earningsindex
ratio
ratio
Finance industrial
=
average 3 (1941-43
10) 4
7. 12
70. 12
3.06
923. 88
107. 43
82. 85
11. 59
4.47
49. 67
759. 37
9. 15
4.31
47. 14
802. 49
86. 16
8.90
52. 94
102. 01
3. 77
974. 92
10.79
4. 62
55. 25
894. 63
98. 20
12. 05
96. 02
56.65
820. 23
5.28
11. 76
58. 31
5. 19
840. 26
97. 66
5. 25
57.97
97. 19
831. 72
4. 93
103. 92
63.28
887. 93
11.30
4.97
63. 22
878. 64
103. 86
5. 11
60.42
857. 69
100. 58
5.45
94.71
54.95
804. 29
12.84
5. 39
55. 68
807. 94
96. 11
5.28
57.59
837. 39
99.71
5.43
98. 23
56. 09
825. 18
5. 36
100. 11
57.65
847. 84
5.35
102. 07
59.50
864. 95
5.58
58.80
837. 41
99. 73
5. 53
101. 73
61. 87
838. 65
5.50
102. 71
836. 95
64.43
New York Stock Excli ange indexe s(Dec. 31, 1965=50) *
Composite Industrial Transportation
1973. _ _
1974
1975 _ __ __
1976
__
1977
1978
1978: June _
July_ _ _.
Aug__
Sept
Oct
Nov_
Dec_
1979: Jan
Feb
_
Mar
Apr__
May__
June
Julyp
Week ended:
1979: June 30- _ _
July 7 _ _ _
14___
21___
28 __
1979
63.54
64.23
64. 84
63. 92
64. 28
841. 49
837. 88
843. 52
829. 47
834. 86
102. 35
102. 53
103. 46
101. 94
102. 57
5. 52
5. 53
5. 44
5.56
5.48
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.
ol
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 9 months of fiscal 1979, the budget deficit was $22.8 billion. A year earlier the deficit was $40.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
^++
300
300
RECEIPTS
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
-50
-50
-100
-100
1971
1972
1973
1974
1975
1977
1976
1978
1979
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period :
1969
_
_ _ _„
1970
1971__
_
1972
1973
1974
_ _ _ _
1975
1976__
_
___ _ ___ _ _ _
_
Transition quarter
_ _
1977
_
_
1978
_
_
.
_
1979 (estimates):
2
Mid-Session Review, July 1979 _
Third Concurrent Resolution, May 1979 3
1980 (estimates) :
Mid-Session Review, July 1979 2 _
First Concurrent Resolution, May 1979 4
Cumulative total first 9 months:
Fiscal year 1978
Fiscal year 1979_ __
* Excludes non-interest-bearing public debt securities held by IMF.
2
Estimates from Mid-Session Review of the 1980 Budget, Office of Management
and
Budget, July 12,1979.
3
Third Concurrent Resolution on the Budget—Fiscal Year 1979, May 24,1979.
32
Outlays
Surplus or
deficit ( — )
3.2
187.8
193.7
188.4
208.6
232. 2
264.9
281.0
300.0
81.8
357.8
402.0
184.5
196.6
211. 4
232. 0
247. 1
269.6
326. 2
366.4
94.7
402.7
450.8
-2.8
-23.0
-23.4
-14.8
-4.7
-45. 2
-66.4
-13.0
-45. 0
-48.8
466. 5
461. 0
496. 2
494. 5
-29. 7
-33.5
513.8
509.0
542. 4
532.0
-28. 7
23.0
295.2
346.0
335.9
368. 8
-40. 7
-22. 8
Federal debt ( end of period)
Tntnl 1
Held by
the public
367. 1
382.6
409. 5
437.3
468.4
486.2
544. 1
631. 9
646.4
709. 1
780. 4
279.5
284.9
304.3
323.8
343.0
346. 1
396.9
480.3
498. 3
551.8
610.9
758.8
812. 2
595.9
632. 2
4 First Concurrent Resolution on the Budget—Fiscal Year 1980, May 24,1979.
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 1979, budget receipts were $50.8 billion higher than a year earlier and outlays were
$32.9 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
OUTLAYS
400
400
300
NONDEFENSE
300
^^*"*
200
200
NATIONAL DEFENSE
100
100
1971
1972
1973
1974
1975
1976
FISCAL YEARS
1977
1979
1978
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Receipts
Nationa I defense
Period
Fiscal year or period:
1969
1970
.
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979 (estimates) 1
1980 (estimates) *
Total
Total
1845
196.6
211.4
232.0
247. 1
269.6
326.2
366.4
947
402.7
450.8
496.2
542.4
79.4
78.6
75.8
76.6
745
77.8
85.6
89.4
22.3
97.5
105.2
115. 5
126.7
77.9
77.1
745
75.1
73.2
77.6
849
87.9
21.9
95.6
103.0
112. 8
123.5
46
43
41
47
41
5.7
6.9
5.6
2.2
48
5.9
7.3
8.8
49.0
56. 1
70.1
81.4
91.8
106.5
136.3
160.9
41.5
176.7
189.9
210.7
239. 6
15.8
18.3
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
53.0
57.8
35,7
39.3
41.8
48.8
53.9
51.6
66.5
76.1
21.5
85.7
105.9
109.7
109.5
335.9
368.8
77.9
85.5
76.4
849
45
4.2
142.3
155.4
34.2
41. 1
77.0
82.7
187.8
193.7
188.4
208.6
232.2
2649
281.0
300.0
81.8
357.8
402.0
466.5
__ 513.8
87.2
90.4
86.2
94.7
103.2
119.0
122.4
131. 6
38.8
157.6
181.0
216.6
234.2
36.7
32.8
26.8
32.2
36.2
38.6
40.6
41.4
549
60.0
67.8
71.5
63.9
70.5
75.4
81.7
92.8
107. 4
118.0
127.0
345
145.2
161. 1
182. 1
208. 1
Cumulative total first 9
months:
Fiscal year 1978___ _„ 295.2
Fiscal year 1979-_ _ .. 346.0
130.7
160.2
47.3
52.7
117.2
133.2
as
i Estimates from Mid-Session Review of the 1980 Budget, Office of Management
and Budget, July 12,1979.
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
Incji- Corpovidual ration Other
income income
taxes
taxes
Total
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1979, according to revised estimates, Federal receipts rose $11.5 billion (annual rate) and expenditures rose $7.1 billion, yielding a deficit of $11.7 billion, $4.6 billion lower than the fourth quarter deficit. In
the second quarter, expenditures rose $7.6 billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
550 503
150
50
50
SURPLUS
<"-£" Y/SA YS/1 \ff(
&£ Kg K0 |gj
DEFICIT
-50
I
-WO
1972
1974
1973
\\ Im
19 75
11
nn '"""
YZA
-
-50
-WO
1977
1976
1979
1978
1980
CALENDAF YEARS
COUNCIL C)F ECONOMIC ADVISERS
SOURCE: DEPARTMENT OI COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jlovernm ent receip ts
Period
Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
F(sderal G<3vernmeiit expen(iitures
Subsidies Less:
GrantsPurWage
in-aid
less
chases Trans- to State Net current accruals national
for
Total of goods fer pay- and interest surplus of less
income
social inand
ments local
paid Govern- disand
services
surance
government en- burse- product
terprises ments accounts
ments
(-), .
Contributions
Fiscal year:
283.5
1975
313.9
1976
366.0
1977
1978
414.7
127. 1
137.0
166.0
186.3
42. 1
51.7
59. 1
67.7
22.2
24.3
24.5
27.2
92. 1
100.9
116.4
133.5
328. 7
371. 1
411.4
450. 1
118.0
125.7
140.3
150.7
134.3
156. 5
169.6
182.0
48.4
57.6
66.3
74.7
21.9
25.2
28.4
33.1
5.7
6.2
6.9
9.6
-.4
.0
.0
.0
-45.3
-57.3
-45.5
-35.4
Calendar
year:
1975
1976______
1977
1978
_
286.2
331.4
375.4
432. 1
125.4
147.2
169. 6
194. 9
42.8
54.6
61.8
72.0
23.9
23.4
25. 1
28. 1
94. 2
106.3
118. 9
137.0
356.8
385.0
421.7
459.8
123. 1
129. 7
144. 4
152. 6
149. 1
161. 7
172. 7
185.4
54.6
61. 1
67.5
77.3
23.2
26. 8
29. 0
6.8
5. 8
8. 1
.0
.0
.0
.0
-70.6
-53.6
-46.3
-27.7
1977: I H _ _ 375.8
IV___ 388.2
167.8
176.2
62.6
63.8
25.6
25.7
119. 7 429. 4
122. 6 441.8
145. 6
151.2
175. 6
178. 0
71.4
70.4
29. 0
30.4
11.8
7.9
.0
.0
-53.
-53. i
1978:1
!!___ 424.8
III__ 442. 1
178.9
188.8
200.9
211.0
60.2
72. 2
74. 6
81.2
26.6
28.0
28. 4
29.3
132.2
135.8
138. 2
142.0
447. 3
449. 4
462.6
479.7
150.9
148. 2
152.3
159.0
179.8
180. 7
188.8
192. 1
74.4
76.7
77. 6
80.7
32.5
34. 0
35.6
37. 1
9.7
9.8
8.4
10.9
.0
.0
.2
.0
-49.4
-246
-20.4
-16.3
475.0
213. 0
223.5
77.2
29.4
30.0
155.5 486. 8
157.5 494. 4
163.6
162. 9
196.8
202.2
77.8
78. 3
40.0
42.3
8.3
8.8
-.2
.0
-11.7
397. 8
IV___ 463.5
1979:1
UP
NOTE.—Data revised beginning 1976.
34
348
9.7
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury* and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria produ ction (se<Etsonally ad juste d)
Period
1972
1973
_ -1974__ _
1975__
1976
1977 ...
1978
1978: Aug.—
SeptOct
Nov
Dec
1979: Jan
Feb
Mar *
Apr »
May* _
June
United CanStates ada
119. 7
129.8
129. 3
117.8
129. 8
137.1
145. 2
147. 1
147.8
148.7
149. 6
150. 9
150.9
151.2
152.3
150.0
151.8
151. 4
130. 6
143. 5
148. 5
139. 6
147.4
152. 1
160.9
159.9
166. 2
165.2
166.2
167. 1
167.8
167. 6
168. 9
167. 1
Japan
France
135
145
148
139
148
152
154
155
157
157
160
160
159
159
160
157
160
167.0
190. 5
183. 1
163. 9
182. 0
189.7
201. 1
202.5
204.3
205. 2
205.9
208.4
208.5
211.3
210.8
212.5
215.7
Germany
Italy
138.7
147. 7
145. 1
137. 1
149. 1
152.7
155.8
122. 7
134. 6
140.6
127. 6
143. 5
145. 1
147.6
144.5
147. 1
154.4
154.8
152.6
152.4
159.8
156.0
157.2
152.0
156
159
159
159
159
159
157
161
163
161
Con sumer ] mces (uiaadjuste( i)
United United CanKing- States1 ada Japan France Germany
dom
113.2
123. 0
120.0
114.3
117.4
122.8
126.6
129.3
127.4
125. 0
126.4
128.5
120.0
130.9
132. 1
131.4
132.4
125. 3
133. 1
147. 7
161.2
170.5
181. 5
195.4
197.8
199.3
200.9
202.0
202. 9
204.7
207. 1
209. 1
211. 5
214. 1
216.6
132. 3
147.9
184. 0
205.8
224.9
243.0
252.3
253. 3
256.4
256.8
254. 1
253.7
253.9
253. 1
255. 1
258. 6
261.3
121.2
130. 3
144. 5
160. 1
172. 1
185. 9
202.5
205.5
205. 2
207.3
209. 0
209.6
211.2
213. 2
215. 7
217. 2
219. 3
220. 3
131. 1
140. 7
160. 0
178. 9
196. 1
214. 5
233.9
237. 1
238.6
240.8
242. 1
243.2
245.5
247. 1
249. 4
251. 8
254. 5
119. 0
127.2
136. 1
144. 2
150.7
156.6
160. 7
161.0
160.6
160.6
161. 1
161. 8
163.5
164.5
165.5
166. 4
167.0
167.8
Italy
121. 0
134.0
159. 7
186. 8
218. 1
255. 2
286. 2
288.3
292.9
295.5
298. 6
300. 1
305. 1
309.7
313.4
318.4
322. 5
325. 7
United
Kingdom
137. 7
150. 2
174. 3
216. 5
252. 4
292. 4
316.6
320. 3
321.6
323. 1
325. 3
328. 0
332. 9
335. 6
338.3
344. 1
346.8
352.8
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercklandise e xports J
Merc landise i mports
Domesti(3 exports
Period
Total
domestic and
foreign Total
exports
2
Ge neral im 3orts
Food, Crude
Food, Crude
bever- mate- Manubever- mate2
facrials
ages,
rials
ages,
tured Total and
toand
and to- and
goods
bacco
fuels
bacco
fuels
F.a.s. valu e 5
Monthly
average :
1973
1974
1974
1975
1976
1977
1978 -_
1978: June__July___
Aug
Sep___Oct
Nov
Dec____
1979: Jan____
Feb
Mar
Apr _
May
June
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4,684
6, 131
9,000
Mer ^handise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imports
imports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
Custorris value
5,902
8, 159
5,811
8,045
1,078
1, 269
895
1,317
3, 728
5,294
5,790
8,416
8, 159
8,966
9,596
10, 096
11, 965
12, 268
11, 662
12, 294
13, 274
12, 901
13, 451
13, 283
13, 132
13, 507
14, 452
13, 883
13, 862
15, 038
8, 045
8,842
9,456
9,912
11, 756
12, 053
11, 497
12, 101
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
13, 636
13, 578
14, 774
1,269
1,399
1,436
1, 330
1,719
1,964
1,799
1, 960
1,877
1,786
1,634
1,692
1,437
1, 557
1, 765
1, 758
1,807
2, 182
1,317
1,266
1, 341
1, 548
1,746
1, 905
1,620
1,718
1,901
1,934
2,040
2,047
2, 143
2, 009
2, 313
2, 134
1,939
2, 286
5,294
5, 913
6,437
6, 679
7,874
7,791
7,728
8, 094
8,586
8,626
8,913
8,907
8,759
9, 078
9,403
9,056
9,068
9,639
8,354
8,048
10, 084
12, 307
14, 336
13, 970
14, 545
14, 133
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
15, 273
16, 036
16, 342
16, 937
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
, Jotal includes commodities and transactions not classified according to kind.
•4 Total arrivals of imported goods other than intransit shipments.
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
united States. Data for 1973 are estimates.
$
770 1, 120
892 2,653
F.a.s. value 3
892 2, 672
827 2,718
991 3,457
1, 186 4, 463
1, 312 4,329
1,240 4,237
1,313 4, 176
1,123 4,519
1, 235 4,513
1,358 4,355
1,369 4,443
1,452 4,578
1,486 5, 145
1,261 4,438
1,437 4,890
1, 540 5, 186
1,456 5,206
1,552 5,504
4,602
4,257
5, 398
6, 379
8, 363
8, 158
8,729
8, 167
8, 767
8,755
8,691
8,617
9,291
8, 824 .
8, 596
9, 023
9,232
9,475
112
-257
-195
-229
-841
9,000
—841
—257 —195
8, 654
312
918
853
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 -3,297
-1,702 -2, 601
14, 869
15, 495
-2, 883 -3,834
15, 074
-1, 839 -2, 780
15,821
-1,546 -2, 547
-1,951 -2, 863
15, 764
17, 770
-1, 374 -2, 319
-1,749 -2, 724
16, 006
-3, 099 -4, 150
17, 282
-1,300 -2, 213
15, 720
-821 -1,776
16, 228
-2, 153 -3, 171
17, 053
-2,480 -3, 488
17, 350
-1,900 -2, 940
17, 977
5
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 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1979, the current account was in surplus. Over the past two quarters, net investment income has
increased sharply, offsetting the continued deficit on merchandise trade.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Inve stment in come3
M erehandise 1 2
Period
1972.... _.
1973
1974
1975
1976
1977
1978
Exports
Imports
Net
balance
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,648 -5,343
107, 088 -98,041
9, 047
114, 745 -124,051 -9,306
120, 816 -151,689 -30,873
141, 884 -176,071 -34, 187
Receipts
Payments
14, 764 -6, 544
21, 808 -9, 655
27, 587 -12,084
25, 351 -12,564
29, 286 -13,311
32, 587 -14,598
43, 465 -21, 820
1977: III..
IV__
30, 558 -37,996 -7,438 8,420 -3,686
29, 665 -38, 869 -9, 204 8,312 -4, 201
1978: I
II—
III.
IY..
30, 811
35, 267
36, 491
39, 315
1979: ! » . _
41, 350 -47, 448 -6, 098 13, 877 -7, 101
1
Excludes
1
-42, 710 -11,899
-43, 174 -7, 907
-44, 503 -8, 012
-45, 684 -6, 369
9,776
10, 256
10, 526
12, 907
-4, 537
-5,402
-5, 574
-6, 308
military grants.
Adjusted from Census data tor 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
Net
NetNet
travel
miliand
transtary
trans- portation
actions
receipts
8,220
3,420 -3, 063
12, 153 -2, 070 -3, 158
15, 503 -1,653 -3, 184
12, 787
-746 -2, 725
15, 975
674 -2,465
17, 989
1,679 -3, 200
21, 645
492 -2,985
Other
services,
net 8
Balance
on
goods
and
serv-1
ices
2,789
1,889
3,185 11, 022
3,975
9,298
4,590 22, 952
4,725
9,603
4,983 -9, 423
6,226 -8, 809
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
-3, 854 -5, 744
-3, 881
7,141
-7, 186
2,113
-4, 613 18, 339
-4, 998 4,605
-4, 670-14,092
-5, 086-13,895
4,734
4,111
407
357
-693
-787
1,331 -1,659 -1,249 -2, 908
1,251 -4, 272 -1,023 -5, 295
5, 239
4,854
4,952
6,599
244
237
247
-239
-731
-798
-784
-672
1,439 -5, 707
1,501 -2, 113
1,603 -1,994
1,682
1,001
6,776
-125
-568
1,501
-1,228 -6, 935
-1,313 -3,426
-1,233 -3,227
-1,314
-313
1,486 -1,329
Source: Department of Commerce, Bureau of Economic Analysis.
157
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the first quarter of 1979. the gross outflow of private capital—which was almost $30 billion in the fourth quarter
of 1978—fell to less than $1.5 billion. Private capital inflows rose slightly from $10.5 to $12.8 billion. The counterpart to this net capital inflow was a decumulation of foreign official assets in the United States of $8.5 billion and a
rise in the gross income position of the U.S. Government of over $3.5 billion.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
-10
-10
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-30
-30
-40
-40
1971
1979
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U. S. assets abroad, net
[inere ase/capita 1 outflow (-)]
Period
Total
U.S.
official
reserve
assets * 2
1972
-14,497
-4
1973. _ ..„_ -22, 874
158
1974
-34,745 -1,467
1975
-39, 703 -849
1976
-51,269 -2, 558
1977... -. -35, 793 -375
1978
-60,957
732
1977 : III. _ _ -6, 625
IV_... -15,213
1978: I
II
III...
IV....
1979:1'
1
-15,188
-5,466
-10,049
-30,254
Other
U.S.
U.S.
Govern- private2
ment
assets
assets
-1,568
-2, 644
366
-3,474
-4, 214
-3, 693
-4, 656
Foreignt official
assets
Total
-12,925 21, 461
-20, 388 18, 388
-33,643 34, 241
-35, 380 15, 420
-44, 498 36, 399
-31, 725 50, 823
-57,033 63, 713
Total
10,293
5,090
10, 244
5,259
13, 066
35, 416
31, 004
10, 986
12, 362
23, 696
8,643
18, 826
14, 167
29, 956
8,266
112 -1,001 -5, 736 14, 236
-746 — 14,424 19, 991 15, 179
-43
7,890
15, 101
5,970
4,812
187 -1,009 -14,366 18, 175 15, 618 14, 895
941 -5, 265 -5, 129
248 -1,263 -4, 451
4,519
115 -1,390 -8, 774 15, 358 4,641
182
-994 -29, 442 29, 239 18, 764 16, 719
2,557
6,206
10, 717
10, 475
-1,473 4,343 -8, 490 -8, 508 12, 832
Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Assets of Other
foreign foreign
assets
official
reserve
agencies
10, 475
6,026
10, 546
6,777
17, 573
36, 656
33, 758
-6, 158 -3,589 -1,096
Stati stical
discrepancy
Fore ign assets in the U.S., net
[inci*ease/capi1,al inflow (+)]'
Allocations
Of
Total
of
(sum
of
special
the Seasonal
drawing
adjustitems
rights
ment
with
sign
(SDR)
reversed) discrepancy
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
710 -1,930
-2, 655
-1,609
5,944
10, 265
-937
11, 139
-4, 703 -2, 275 18, 988
1,321 19, 312
517
1, 139
901
3, 947
517
7,950
-2, 082 -2, 716
1,301
1,328
19, 192
18, 864
18, 850
18, 650
999
21, 658
519
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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
Page
•••
1
2
2
3
3
4
4
5
6
7
8
9
10
•
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries.
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization.
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates*
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders.
17
18
19
19
20
21
PRICES
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 Installment 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 Budge". 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
,
35
35
36
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