Full text of Economic Indicators : June 1976
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94th Congress, 2d Session
LIBRARY
"tis-.c, : \i_ pic,--AMP OF Of
Economic Indicators
June 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MAcAVOY
BURTON G. MALKIEL
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, gross national product rose $47.5 billion or at an annual rate
of 1 2.6 percent. Real output (GNP adjusted for price changes) increased at a rate of 8.7 percent compared with
5.0 percent in the fourth quarter. The inflation rate declined from a 6.8 percent to a 3.6 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
BILLIONS OF DOLLARS (RATiQ SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,600
1,400
1,400
GNP
IN CURRENT DOLLARS
1,200
1,200
IN 1972 DOLLARS
1,000
1,000
800
800
1
I 1
t
1969
1968
1970
! 1
1971
T
1
1
f
t
T
t
1973
1972
t
\
1975
1974
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Go^ fernment purchases of goods and
Export s and imf >orts of
goocIs and services
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense *
Nondefense
State
and
local
Final
sales
430.2
464. 8
490.4
535.9
579.7
618.8
668.2
733.0
808. 5
885. 9
963.8
907. 7
908.4
926.4
950. 3
977.4
001. 0
112. 0
124. 5
120.8
131. 5
146.2
140.8
160.0
188,3
220. 5
212.2
182.6
207.6
210. 3
168. 7
161. 4
194.9
205.4
7.6
5. 1
4. 9
2. 3
1.8
3.9
1. 6
-3. 3
7.4
7.7
21.3
3.2
8.2
17.3
24.2
22. 1
21.7
39.5
42. 8
45.6
49.9
54.7
62. 5
65. 6
72.7
101. 5
144.2
147.8
148.6
153. 6
148.2
140.7
148. 5
153.8
32. 0
37.7
40,6
47.7
52.9
58. 5
64. 0
75. 9
94.2
136. 5
126. 5
145. 5
145. 3
130.9
116. 4
126.4
132. 1
138.4
158.7
180.2
198.7
207. 9
218.9
233.7
253. 1
269. 9
301. 1
331.2
305.9
314.4
321.2
324. 7
334.1
344.8
67.3
78. 8
90.9
98.0
97. 5
95. 6
96. 2
102. 1
102.0
111. 7
123. 2
113. 6
118.2
119.4
119.2
124.2
129.9
49.4
60. 3
71.5
76. 9
76. 3
73. 5
70. 2
73. 5
73.4
77.4
84.0
78.4
80.5
81.4
82. 1
84.9
87.4
17. 8
18. 5
19, 5
21.2
21. 2
22. 1
26. 0
28. 6
28.6
34.3
39.2
35. 1
37.7
38.0
37. 1
39.3
42.5
71. 1
79. 8
89. 3
100.7
110.4
123.2
137. 5
151.0
168.0
189.4
208.0
192.3
196.3
201.9
205. 5
209. 9
214.8
678.6
738. 7
786. 2
860. 8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 8
1, 397. 2
1,513. -5
1, 420. 0
1, 430. 9
1, 458. 4
1, 490. 2
1; 530. 6
1, 574. 9
1, 620. 4 1, 029. 6
232.2
9.3
154.2
144, 9
349.2
131. 1
87. 0
44 1
218. 1
1, 604. 9
1965
688. 1
753.0
1966
1967
796.3
868. 5
1968
935.5
1969
982.4
1970
1, 063. 4
1971
1972
1, 171. 1
1973
1, 306. 3
1974__
1, 406. 9
1975
. 1, 498. 9
1974: III.. 1, 424. 4
IY_. 1, 441. 3
1975: !_„ 1, 433. 6
II-. 1, 460. 6
III.. 1, 528. 5
IV... 1, 572. 9 1,
1976: I
Gross
private
domestic
investment
i This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exp orts of go ods
Govern] nernt purebases of
Gross iprivate do mestie
aiad service*
goods and semdees
iiavestmenib
Personal
conGross
Change
national sumpXTrm
IN onResi- in busition
product
State
Net
resiExports Imports Total Federal
expend- dential dential ness in- exports
and
ventofixed
itures
local
fixed
ries
Period
925. 9
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. .3
1, 107. 5
1, 171. 1
1, 233. 4
1, 210. 7
_ 1, 186. 1
558. 1
586. 1
603.2
633.4
655.4
668.9
691.9
733. 0
766.3
759.8
766.9
95.6
106. 1
103.5
108.0
114.3
110.0
108. 0
116.8
131.3
127.5
112.2
43.2
38.5
37.2
42.8
43.2
40.4
52.2
62.0
60. 1
44.7
36.6
11.3
16. 7
12.0
8.7
10. 6
4. 3
6.6
9.4
16.0
7.7
-10.5
8.2
4.3
3.5
-.4
-1.3
1.4
—.6
— 3.3
7.2
16.6
23.4
54.2
58.5
62.2
67. 1
67.9
72.7
87.6
97.6
90.6
1974: III.. 1, 210. 2
IV.. 1, 186. 8
767.2
748.9
125.0
120. 8
44.1
38. 5
4.2
7.6
15.1
17.4
1975: !„.._ 1, 158. 6
II.. _ 1, 168. 1
III.. 1, 201. 5
IV... 1, 216. 2
752.3
764. 1
771.6
779.4
115.2
110.8
110.6
112.3
33.6
34. 0
38. 0
40. 7
-19.0
-20.7
_.g
— 1.6
1, 241. 8
794.5
115.5
42. 0
10.7
1965
1966
1967
1968
1969
1970.
1971
1972
1973
1974
1975
1976:1
1Jis_ _t
Jinal
sales
41.0
47.3
50.7
58.9
63.5
65.7
68.5
75.9
80.4
81.0
67.2
209.6
229.3
248.3
259.2
256.7
250. 2
249.4
253.1
252.5
254.3
257.6
100.5
112.5
125.3
128.3
121.8
110.7
103.9
102.1
96.1
95.0
94.3
109. I
116.8
123.1
130.9
134.9
139.5
145. 5
151.0
156.3
159. 3
163.3
914. 6
964. 3
995.7
1, 043. 1
1, 068. 2
1,071.0
1, 100. 9
1, 161. 7
1,206.7
1,203.3
1, 196. 6
96.9
95.7
81.9
78.3
254.7
253.6
95.7
94.7
159.0
158.9
1, 206. 0
1, 179. 3
21.5
24.9
23.5
23.8
90.7
86.8
90.8
94.0
69.2
62.0
67.3
70.2
255.1
254.9
258.7
261.6
93.7
92.4
94.9
96. 1
161.4
162. 5
163. 8
165.5
1, 177. 6
1, 188. 7
1, 202. 4
1, 217. 8
17.4
93.8
76.4
261. 7
95.8
165.9
1, 231. 1
49. 1
51.6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona . consumi>tion expcmditures
Total
Gross private
dom estic
inves iment
Expoi ts and
Governnaent purimports of goods chases of goods
and s<?rvices
and s(srvices
Nonres- ResiNonDurable durable
State
Services idential dential Exports Imports Federal and
goods
local
fixed
fixed
goods
74. 32
76. 76
79. 02
82. 57
86. 72
91.36
96.02
100. 00
105. 92
116. 20
126. 37
77. 1
79. 3
81. 3
84.6
88.5
92.5
96.6
100.0
105. 5
116.6
125.7
85.6
85. 7
87. 4
90.7
93. 1
95.5
99.0
100.0
101.7
108.4
116.9
77.3
80. 1
81.9
85.3
89.4
93.6
96.6
100.0
108.0
124.0
133. 6
74.3
76.5
78.8
82.0
86. 1
90.5
95.8
100.0
104. 6
112.7
121.5
74. 5
76. 8
79.3
82.6
86.6
91.3
96.4
100. 0
104. 0
116. 0
132.3
72.3
74. 6
77.0
80.7
87.7
90.6
94.9
100.0
110. 6
122. 1
133. 3
80. 5
82.8
840
85.3
87.9
93. 1
96. 6
100.0
116. 0
147. 8
163.2
78.0
79.7
80.1
80.9
83.3
89. 1
93. 5
100. 0
117. 1
168. 6
188.3
67.0
70. 1
72.6
76.4
80. 0
86.4
92.6
100.0
106. 1
117.6
130.6
65. 1
68.4
72,5
76.9
81.9
88.3
94.5
100.0
107.5
118.9
127.4
, 117. 70
. 121. 45
118. 3
121.3
110.4
114.0
126.0
129.5
114.2
116.4
118.5
125.0
124.9
126.7
153.4
160.4
177.7
185. 6
118.6
124.8
121.0
123.6
1975:1
II..........
Ill
IV.
123. 74
125. 04
127. 21
129. 33
123.1
124.4
126.7
128.4
114.3
116.3
117.4
119.4
131.0
131.9
135.2
136.4
119. 0
120.2
122.2
124.4
129. 6
131.8
132.6
135.3
131.6
132.3
132. 5
136.1
163.5
162.0
163.6
163.5
189. 1
187.8
187.8
188.2
127.3
128.9
130.9
135.3
125. 1
126. 4
128.2
129.8
1976:1...
130. 49
129.6
120.8
136.5
126.5
136.9
139.7
164.4
189.8
isao
131.5
1965
1966..
1967...
1968
1969._
1970
1971
1972
1973
1974
1975
.
.....
_.
.
..
_
.....
1974:111
IV
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
fPercent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
1965
1966
1967
1968
1969
1970
1971
1972.
_
1973
1974
1975-1974: III
IV
1975: I
II
Ill
IV...
Constant
(1972)
dollars
Current
dollars
„
,
__
_
1976: I..
Implicit
price
deflator
Gross domestic product
Chain
price
index
Fixedweighted
price
index
(1972
weights)
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
8.2
9.4
5.8
9.1
7.7
5.0
8.2
10.1
11.5
7.7
6.5
9.9
4.8
— 2. 1
7.7
19.9
12.1
5.9
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5.3
-1.8
-2.0
-2.3
-7.5
-9.2
3.3
12.0
5.0
2.2
3.3
2.9
4. 5
5.0
5.4
5.1
4. 1
5.9
9.7
8.8
12.5
13.4
7.8
4.3
7. 1
6.8
1.9
3, 1
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.7
8.8
13.3
12.5
8.2
4.3
7.3
6.9
1.8
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
9.7
8.8
13.0
12.5
7.8
4.4
7.3
7.2
8.2
9.6
5.7
9.1
7.8
5.0
8.1
10.1
11.4
7.3
6.9
9. 5
4.6
_. 7
7.7
19.6
12.5
5.9
6.1
2.7
4.4
2.6
-.3
2.8
5.8
5.3
— 1.8
— 1.9
-2.4
-7.8
-8.5
3.2
11.7
5.2
2.2
3.3
3.0
4,5
5. 1
5.3
5.1
4.1
5.8
9.3
8,9
12.2
13.5
8.5
4. 3
7. 1
7.0
1.9
3.1
3. 1
4.4
5.0
5.3
5.0
4.1
5.9
9.3
8.8
13.0
12.5
8.3
4.3
7.4
6.9
1. 8
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.4
8.8
12. 7
12.5
7.9
4.5
7.4
7.2
12.6
8.7
3.6
3.9
3.9
12. 2
8.4
3.5
3.9
3.8
NOTE.—-Annual changes from previous year and quarterly changes from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross d omestic
prodinet of
nonfir lancial
corp orate
busi ness
(biUi<3ns of
doll ars)
C urrent doliar cost a nd profit per unit of outpu t (dollars]) i
Total
cost
and
profit 2
Capital
consumption
CompenallowNet
ances Indirect sation
with business
of
in3
employ- terest
capital taxes
conees
sumption
adjustment
Current
dollars
1972
dollars
1965.
1966.
19671968.
1969
1970
1971
1972
1973_
1974
1975
1974:111..
rV-_
1975:1
II-..
III__
IV—
392. 1
430.7
452.9
498.4
541. 8
560.6
602.5
671.0
751.9
808. 7
864. 1
820.3
821.8
816.4
845. 1
886.2
908. 5
494.6
532.9
545.8
581.6
607. 3
600. 6
619.3
671. 0
717.7
697.6
680. 4
696. 1
676.3
654.0
671.8
695. 0
700. 8
0.793
.808
.830
.857
.892
.933
.973
1.000
1.048
1. 159
1.270
1. 178
1.215
1.248
1.258
1. 275
1.296
0.066
.067
.072
.074
.079
.088
.094
.093
.096
.112
.131
. 114
. 123
. 130
.130
. 131
. 133
0.083
.080
.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 137
. 126
. 129
. 135
.136
. 137
. 139
1976: I »._
938, 7
716. 1
1. 311
. 133
. 134
Output is measured by gross domestic product of nonfinancial corporate
Biness in 1972 dollars.
This is equal to the deflator for gross domestic product of nonfinaneial corwate business with the decimal point shifted 2 places to the left.
* Also includes transfer payments less subsidies.
0.497
.513
.535
.553
.589
.628
.645
.661
.700
.788
.836
.803
.831
,848
.829
.824
.843
. 852
Corpc>rate profi ts with
invent ory valualbion and
capii ,al consuniption
£idjustmen ts
CompenOutput
per
sation
hour
per
of aU
hour
employ- of all
employees
(1972
ees
(doldollars)
lars)
Profits
tax
liability
Profits
after
tax*
0. 134
.134
. 123
.051
. 124
. 109
. 086
.095
. 107
.106
.091
. 116
.088
.081
. 085
. 113
. 133
. 131
0.055
.055
.051
.058
.055
.045
.048
.050
.055
.061
.053
.070
.058
.041
.048
. 060
.061
0 079
078
072
066
055
041
046
057
051
029
063
018
023
043
065
073
070
6. 6252
6. 7773
6. 8731
7. 1406
7. 2109
7. 2423
7. 5311
7. 7981
7. 9549
7. 7303
8. 0104
7. 6841
7. 6241
7. 6883
8. 0026
8. 1943
8. 1514
3. 2957
3. 4781
3. 6761
3. 9483
4. 2401
4. 5468
4. 8579
5. 1579
5. 5663
6. 0895
6. 6962
6. 1709
6. 3392
6. 5184
6. 6342
6. 7527
6. 8732
.052
. 140
.065
. 075
8. 2129
6. 9964
0 012
014
016
017
022
028
029
028
034
045
050
047
050
051
050
050
Total
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propri etors'
incom*3 with
inventor y valuation anc capital
eonsunaption
adjust ments
Compensation of
employees *
0.^0, 1
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
„•
1975
1974: III...
IV
1975: I.
II.
Ill
IV...
1976: I
566. 0
622.2
655. 8
714.4
767.9
798.4
_ 858. 1
_ 951.9
_- 1, 067. 3
1, 141. 1
1, 207. 8
1, 151. 3
-.- 1, 161. 3
1, 155. 2
... 1, 180. 8
... 1, 232. 5
1, 262. 6
- 1, 303. 3
—
Farm
396. 5
439. 3
471. 9
519. 8
571. 4
609.2
650.3
715.1
797.7
873.0
921.4
886.3
898. 1
897. 1
905. 4
928. 2
955.1
982.6
12.6
13.6
12. 1
12. 0
13.9
13.9
14.3
18.0
32.4
25.6
24.6
21.9
24.6
21. 0
20. 1
29.3
28. 2
25.3
Nonfarm
44.1
46.7
48. 9
51.4
52. 3
51. 2
53.4
58. 1
59.3
59.5
58.7
60.2
59.0
58.6
58.5
58. 7
58.9
59.7
Rental
income
of persons
with
capital
con-
Corpor ate profitsi with inv entory va uation
and capital consumptioii adjustm ents
Profits with inv<2ntory
valuai ,ion adjus tment
and ^without ca pital
consum ption adjiistment
Total
tion
adjustment
17.1
18.2
19. 4
18.6
18. 1
18. 6
20. 1
21.5
21. 3
21. 0
21, 1
20.9
20.9
20.8
20.5
20.9
22. 0
22.7
i Includes employer contributions for social insurance. (See also p. 6.)
Total
77.1
82. 5
79.3
85.8
81.4
67.9
77.2
92.1
100.2
91.3
100.3
89.2
82.0
78.9
96.6
113. 1
112.7
123.9
73.3
78. 6
75. 6
82. 1
77. 9
66.4
76.9
89.6
98.6
93.6
106.0
92.0
86. 1
83.4
101. 6
119. 6
119.3
131. 4
Profits
before
tax
75.2
80.7
77.3
85.6
83.4
71.5
82.0
96.2
117. 0
132. 1
116.8
146.7
123.9
97.1
108.2
129.5
132.4
142,8
Capital
consump-
Net
interest
Inven•Hrm
tory
adjustvalua- . ment
tion
adjustment
-1.9
-2.1
-1.7
—3.4
— 5.5
— 5. 1
— 5.0
-6. 6
-18.4
-38.5
-10.8
-54.7
-37.7
-13.7
— 6.6
-9.9
-13. 1
-11.4
3.8
3.9
3. 7
3.7
3.5
1.5
.3
2.5
1.6
-2.3
-5.7
-2,7
-4.2
-4.5
-5.0
-6.5
-6.6
-7.6
18.5
21.9
24,3
26.8
30.8
37.5
42.8
47.0
56.3
70.7
81.6
72.7
76. 7
78.7
79.7
82.2
85.7
89.2
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
430.2
1965.
1966.
464.8
490.4
1967
1968_
535.9
1969
579.7
1970
618.8
1971668.2
1972
733.0
1973
808. 5
1974___
885. 9
1975
963. 8
1974: III.....
907.7
908.4
IV....
1975:1
926.4
II
950.3
III_._.
977.4
IV
1, 001. 0
1976: I.
1, 029. 6
1
FurniTotal
durablel
goods
Motor
vehicles
and
parts
62.8
67.7
69. 6
80. 0
85. 5
84.9
97. 1
111. 2
122. 9
121.9
128. 1
128.9
117. 3
118. 9
123.8
131. 8
137.6
145.9
29.8
30. 1
29. 7
35.8
37.7
34.9
43. 8
50.6
54.4
48.0
49.5
53.5
43.6
44.6
46.1
52. 1
55. 1
62. 1
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Nondurable goods
D urable goo ds
and
household
equipment
24.7
27.7
29. 5
32, 6
35. 0
36. 7
39.4
44.8
50.7
54.7
57.4
55.9
54. 3
54. 1
57.0
58.3
60.4
61.3
Services
Total
nondurable
goods 1
188.6
204. 7
212.6
230.4
247. 0
264. 7
277.7
299.3
334.4
375.7
409.8
383.9
387.1
394. 1
404.8
416.4
423.7
430.8
Food
98.9
106.6
109.6
118. 3
126. 1
136. 3
140. 6
150.4
168.0
189. 4
209. 1
193. 2
197.4
202.8
206.6
211.4
215.6
219. 3
Clothing
and
shoes
Gasoline
and oil
33. 5
36. 6
38. 2
41.8
45. 1
46.6
50.5
55. 1
61.4
65.2
69.9
66.5
64.8
66.7
69.0
71.3
72.5
73.5
14.7
16. 0
17.0
18.4
20.4
22. 0
23.4
24.9
28.3
36.4
40.3
38.2
38.8
38. 1
39.6
41.2
42. 1
42.2
Domestics
178.7
192.4
208.1
225. 6
247.2
269. 1
293.4
322.4
351. 3
388.3
426. 0
394.9
404.0
413.4
421.6
429.2
439.7
452.9
8.8
8.4
7.6
8.6
8.5
7.1
8.7
9.3
9. 7
7.5
7. 1
8.3
5.8
6.7
6. 3
7. 5
7.7
8.9
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
0.7
.8
1.0
1. 1
1. 3
1.6
1.8
1.6
1.4
1.6
1. 5
1. 3
1.7
1.6
1.7
1.4
1. 3
SOURCES OF PERSONAL INCOME
Personal income rose $11.1 billion (annual rate) in May, following a revised increase of $10.1 billion in April.;
Wage and salary disbursements rose $7.4 billion and farm proprietors-income $2.5 billion. All other major types of
income also rose, except for transfer payments, which fell slightly.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALi
WAGE AND SALARY DISBURSEMENTS
40
1976
1968
*SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet<3rs' incomes income
Total
Transfer
and
Divi- Personal
personal salary
labor 12
payinterest
dends
of
income disburseincome
income ments5
Nonfarm persons 4
Farm
1
ments
685.2
1968
745,8
1969
801.3
1970
1971
859.1
1972
942.5
1, 054. 3
1973
1, 154. 7
1974
1, 245. 9
1975
1975: May... 1, 217. 2
1, 245. 2
June
July.... 1, 244. 0
1, 262. 4
Aug
1, 278. 7
Sept
1, 287. 4
Oct
Nov
1, 295. 9
Dec
1, 300. 2
1, 313. 6
1976: Jan
1, 325. 9
Feb
1, 336. 0
Mar
1, 346. 2
Apr
May *__ 1, 357. 2
469.5
514.6
546.5
579.4
633. 8
701. 0
763.6
801.6
787.4
792. 7
797.4
808. 8
815.6
824.1
831.2
836.8
846.0
851.6
856.8
864. 1
871.5
25. 1
28.2
32.0
36.2
42. 0
47.5
54.5
61.3
60.3
60.8
61. 4
62. 0
62. 6
63.2
63.8
64.4
65.2
66. 1
67.0
67. 8
68. 6
12.0
13.9
13.9
14.3
18.0
32.4
25.6
246
20.1
21. 7
25.8
29.3
32.7
30.5
28. 3
25.8
25.6
25.3
25. 0
26. 9
29.4
51.4
52.3
51.2
53.4
sa i
59.3
59.5
58.7
58.6
58.6
58.7
58.7
58.8
sa9
58.8
58.9
59. 1
59. 7
60.3
60. 3
60.4
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contribujions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists of employer contributions to private pension, health, and welfare
funds; workmen's compensation; directors' fees; and a few other minor items.
»With inventory valuation and capital consumption adjustments.
18.6
18. 1
18. 6
20. 1
21. 5
21. 3
21. 0
21. 1
20.5
20.2
20.5
21. 0
21. 3
21.8
22.0
22.2
22.5
22. 7
22.9
23. 1
23. 2
21.9
22.6
22.9
23.0
24.6
27.8
31.1
32.8
32.6
32.9
33.2
33.5
33.9
33.8
33.8
31. 7
33.4
33. 3
33.2
33. 8
33. 9
49.6
55.9
64.3
69.3
74.6
88.4
106.5
120.5
117.5
118. 6
119. 7
121.2
122.9
125. 1
127. 9
129. 0
130.4
131.8
133.6
134.8
135.8
59.9
66.5
79.9
94. 1
104.1
118.6
140.4
175.0
169.3
189.0
176.8
178. 1
181.3
180. 6
181.4
182. 9
184.7
18&9
190.8
189. 2
188.6
Less: PerNonsonal confarm
tributions personal
8
for social
insurance income
22.8
26. 3
28.0
30.8
34.2
42. 2
47.4
49.8
49. 1
49.3
49.5
50.0
50.4
50. 7
51.2
51.6
53.3
53.4
53.6
54.0
54.3
667.5
725.8
780.7
838.0
917.3
1, 013. 5
1, 119. 1
1, 210. 2
1, 186. 2
1, 212. 5
1, 207. 2
1, 222. 1
1, 234. 8
1, 245. 6
1, 256. 3
1, 262. 9
1, 276. 3
1, 288. 9
1, 299. 2
1, 307. 4
1, 315. 8
«With
capital consumption adjustment.
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of net Income of unincorporated farm enterprises,
farm wages, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose at an annual rate of 5.3 percent in the first quarter of 1976 bringing the increase over the past 4 quarters to 5.$ percent.
BBilOHS OF DOLLARS* [RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
-PER CAPITA DISPOSABLE PBiSQNAL INCOME
2,000
2,000
1968
1976
1969
• SEASONALLY ADJUSTED ANNUAL RATES
COUNOL OF ECONOMIC ADVISERS
SOVRC£i DEPARTMENT Of
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
,
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Per.
eonal
saving
Per capita
disp aaable
persona1 income
Current
dollars
626.6
685.2
745.8
801.3
859. 1
942. 5
, 054. 3
., 154. 7
1, 245. 9
Current
dollars
1972
dollars
Percent
change Saving
in real as perper
cent of Populacapita dispostion
able
dispos(thouperable
sands) *
sonal
perincome
Bil lions of. d ollars
1967.
1968
1969
1970
1971
1972
1973
1974
1975
1972
dollars
Per caijita, personal c onsumption expenditures
544.5
82.1
97. 1
588. 1
115. 4
630.4
115. 3
685. 9
742.8
116. 3
141.2
801.3
151.2
903. 1
171.2
983.6
169.2 1, 076. 7
D.ollars
503.7
550. 1
595.3
635.4
685. 5
751. 9
830. 4
909. 5
987.8
40.9
38. 1
35.1
50.6
57.3
49.4
72. 7
74.0
88.9
2,740
2,930
3, 111
3,348
3,588
3,837
4,292
4, 642
5,040
3,371
3,464
3, 515
3,619
3,714
3,837
4,068
3,981
4,010
2,468
2,670
2,860
3,020
3,227
3, 510
3,843
4, 181
4, 512
3,035
3, 156
3, 234
3, 265
3,342
3, 510
3,642
3,586
3,590
3.0
2.8
1.5
3.0
2.6
3.3
6.0
— 2. 1
.7
7.5 198, 712
6. 5 200, 706
5.6 202, 677
7.4 204, 878
7. 7 207, 053
6.2 208, 846
8.0 210, 410
7. 5 211, 894
8.3 213, 631
—0.7
-2.9
— 3.5
18.8
-6.2
3.5
6.5
8.2
7.2
9.9
7. 9
7.9
212,
212,
212,
213,
213,
214,
5.3
7.6
214, 692
Seas onaHy ad; usted ann ual rates
1974: III.. 1
IV.. 1
1975: I
1
II._.
III..
IV— 1
1976:1
171. 6
194. 8
203.6
223. 8
261. 7
294.5
175.3
178.9
179.6
142. 1
174. 6
180.5
996.3
931. 7
932. 4
1, 015. 9
1, 024. 0
950.4
1, 081. 7
974.2
1, 087. 1 1, 001. 3
1, 114. 0 1, 025. 4
64. 6
83.6
73.6
107.5
85.9
88.6
4,697
4,779
4,808
5,070
5, 083
5, 197
3,969
3,940
3,905
4,077
4, 012
4,047
4,279
4,273
4,350
4, 454
4, 569
4,670
3, 617 1
3, 523
3, 533
3, 581
3, 607
3, 636
, 325. 2 184.4 1, 140. 7 1, 054 5
86. 2
5, 313
4,100
4, 796
3,701
1
Includes personal consumption expend!lures, interest paid, by consumers
to3business, and personal transfer payments.to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 3; quarterly data
are (or middle of period, interpolated from monthly data*
123
585
962
362
897
339
Source: Department oi Commerce (Bureau of Economic Analysis and Bureai
of the Census).
FARM INCOME
Farm income including inventory change declined $3.0 billion (annual rate) in the first quarter; excluding inventory
change the decline was $1.5 billion.
B1LUONS OF DOLLARS* (RATIO SCALq
BILLIONS OF DOLLARS* (RATIO SCALQ
120
120
100
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
\
t
"NET TARM INCOME
INCLUDING NET INVENTORY
CHANGE
j
\
J
20
t
20
••» ++*
10
1969
1970
1972
1971
1974
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF AGRICULTURE
Period
1968
J
1969
J
1970
1971
1972
1973..... _.
1974
.
1975
1975
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates']
Personail incomereceived
Income r«seeived f r<>m f armii*g
by total farm population
Realiz ed gross
Net income per
Nett o farm
farm incl uding net3
•ators
opei
Casla receipts from
inventor y change
marketing58
From
Rrom From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967
stock
Total
Crops
tory
tory 2 dollars dollars *
and
change change
products
Do] lars
Billioias of dollsirs
12. 7
23.9
11.3
12.2
51.7
44.2
3,858
4,013
25.5
12.3
18.7
39.5
12.9
26.6
13. 7
4,372
56.3
48.2
14.2
4,766
42.1
28.6
14.3
19. 6
14.2
27. 1 13.0
4,202
58.6
14.2
14.2
4,790
50.5
29.5
21.0
44.4
13.4
15.0
28.5
60. 6
13.2
4,263
5,030
52.9
30.6
22.3
47.4
14.6
34.1 16.7
17. 4
6,504
61.2
70. 1
5,288
35.7
17.8
18.7
25.5
52.3
48.4
19. 2
29. 1
95. 3
8, 891
41. 1
30.0
33. 6 11, 825
86. 9
45.8
65.3
44.8 23.6 21.2
101. 1
52. 1
28.2
41.4
6,231
26. 6
9,409
93.5
72.9
99.2
45.5 23.3 22. 2
5, 578
9, 260
26. 0
90.6
23.7
43.3
47.3
75.5
1974: -III...
IV...
99.2
101. 9
91.5
94. 1
39.3
39.5
52.2
54.6
73.3
73.5
25.9
28.4
22. 8
25.5
8, 060
9,010
5,230
5, 700
1975: I
II....
III...
IV ..
91. 1
101. 1
104. 1
100. 4
82.7
92.6
95.4
91.6
38.4
42. 5
44. 5
47.8
44.3
50. 1
50. 9
43. 8
73.5
74. 9
76.5
76.9
17.6
26.2
27.6
23.5
17.1
27.2
30.6
29.0
6, 090
9, 680
10, 900
10, 330
3, 760
5, 900
6, 450
6, 040
1976: I
100. 0
90.9
46.6
44. 3
78.0
22. 0
26.0
9,330
5,420
1
Cash receipts from marketings, Government payments, and nonmohey income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
s Based on Census of Agriculture definition oi a farm. The number of farms is
held constant within a year.
73—380«
4
Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture;
CORPORATE PROFITS
Profits before tax rose $10.4 billion (annual rate) in the first quarter, according to revised estimates, while protits
with inventory valuation adjustment rose $12.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
t968
1976
SOURCE, DEPARTMENT OF COMMERCE
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1974: III
IY_
1975: I
II
III
IV
1976: L
[Billions of dollars; quarterly data at seasonally
Profit ,s (before tax) wit!i invent<
:>ry valuiition
adjustn lent l
Dome*stie industries
N onfinanc tal
2
Total
WholeManu- sale
Total Finanfaecial Total 3
and
turretail
ing
trade
73.3
70. 1
62.5
7.5
38.3
7.9
75.9
8.5
67.4
41.6
78.6
8.0
75.6
72.6
9.0
63.6
37.9
8.9
82. 1
41.2
10.4
68.5
78.9
10.1
74.2
77.9
62. 9
11. 3
36.8
10.1
66.4
62.6
50. 1
27. 1
12.6
9.4
58.2
72.4
14. 1
76.9
32.4
11.7
84.7
15.4
89.6
69. 3
40.6
13.3
91. 7
74. 3
98. 6
17. 4
43.8
14.4
82. 5
93.6
17.3
65.3
37.4
13.4
16.2
106.0
100.1
83.9
45. 2
21.9
92.0
82.0
18.3
63.7
37.0
11.7
75. 1
86. 1
16. 5
58.6
31.9
11.9
83.4
77.6
18.3
59.3
30.0
16.3
95.7
80.2
101.6
15. 5
43. 5
21.0
113.4
119. 6
14.9
98. 6
54. 6
25. 1
119. 3
113.6
97.4
16. 1
52. 8
25.4
131.4
124.4
17.4 107. 1
59. 5
30.4
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
s Includes rest of the world, not shown separately.
1
s
Includes industries not shown separately.
8
COUNCIL OF ECONOMIC ADVISERS
adjusted annual rates]
Pro fits after tax
TT
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
75.2
80.7
77.3
85. 6
83.4
71.5
82.0
96.2
117.0
132. 1
116. 8
146. 7
123.9
97. 1
108.2
129.5
132.4
142.8
30.9
33.7
32. 5
39.4
39.7
34.5
37.7
41.5
48.2
52.6
45.6
59. 3
49.2
37.5
41.6
50.7
52. 5
57. 1
44.3
47.1
44. 9
46.2
43.8
37.0
44. 3
54. 6
68. 8
79. 5
71.2
87.4
74.7
59.6
66. 6
78.8
79.9
85.7
19.1
19.4
20.1
21.9
22. 6
22.9
23.0
24.6
27.8
31. 1
32.8
31.7
31.7
32. 1
32. 6
33.5
33. 1
33.3
25.2
27.6
24. 7
24.2
21.2
14. 1
21. 3
30. 0
40. 9
48.4
38.4
55.7
43. 0
27.5
34. 0
45. 3
46. 8
52. 4
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
— 1.9
— 2. 1
-1.7
-3.4
-5.5
-5. 1
— 5. 0
-6.6
-18.4
-38.5
-10.8
-54.7
-37. 7
-13.7
-6.6
-9.9
-13. 1
-11.4
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $6.2 billion in the first quarter. Inventory investment rose sharply,
by $17.5 billion, from —$2.0 billion in the fourth quarter to $15.5 billion in the first quarter. Residential outlays
also increased but by less than in the preceding quarter.
BILLIONS OF DOLLARS' (RATIO SCALE)
BltUONS OF DOLLARS' (RATIO SCALE)
300 -GROSS PRIVATE DOMESTIC INVESTMENT-
,NONRESIDENT1AL FIXED INVESTMENT
240
220
180
140
. I .1, 1.,
JL_L
40
BILLIONS OF DOLLARS' (RATIO SCALE)
80
BILLIONS OF DOLLARS"
40 -CHANGE IN BUSINESS INVENTORIES
-20 -40
1976
•SEASONAUT ADJUSTED ANNUAL RATES
SOURCEi DEMStMENI OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
I iillions of dollars; quarter!y data at seasonsilly adju sted ann ual ratesJ
Nwiresidenl ial fixed investm snt
Gross
private
domes-
Period
tic
invest-
1965
1966
1967—
1968
1969
1970
1971—
-
1972
1973
1974
1975
1974: III.
—
--
1975: I-
—
rv
II
III
IV
1Q76: I
112.0
124. 5
120. 8
131. 5
146. 2
140. 8
160.0
188. 3
220. 5
212.2
182.6
207.6
Stru(•tures
Total
71.3
81.4
82. 1
89. 3
98. 9
100. 5
104. 1
116. 8
136.5
147.9
148. 5
148. 1
Nonfarm
26.1
29.2
25.1
28. 1
45.1
52. 2
41.2
47.9
31.2
28.7
31.6
35.7
37.7
39.3
30. 4
34.3
36. 1
37. 8
57.7
63. 3
59. 9
69. 1
54.4
52.1
34. 5
37.9
36.6
49.6
62.0
66.5
54.6
48. 7
29. 5
42. 5
49.0
52. 7
54.0
56. 1
28.2
41. 1
46. 8
50. 5
51. 7
54.9
51. 1
205.4
232.2
151.9
158.1
53.6
55.5
51. 5
53.2
51.2
49. 0
Source; Department of Commerce, Bureau of Economic Analyst*.
52. 6
62. 8
64. 7
74.3
87. 5
93.5
95.8
94. 1
95.0
94.4
95.0
95.6
98.3
102.6
48.0
53.4
58. 9
58. 1
80. 7
86.0
88. 2
86. 6
86. 7
86. 7
87. 2
88.6
90.4
94.7
farm
Farm
struc-
tures
Total
168.7
161.4
146. 7
NonTotal
Nonfarm
53. 7
52. 6
48.8
194. 9
PTA-
Total
151. 1
149.3
146. 1
210.3
Prod ucers'
dur able
equijanent
Resic ential fis ed investment
28.6
55.0
29.9
27.4
27.2
33. 1
36.3
35. 1
47.9
60.3
64.7
52.2
46.8
52. 7
.6
.9
1.2
48.2
.4
.5
.8
.7
48.7
44.2
45.0
46.3
42. 6
43.1
55.4
58.6
53.3
56.5
50.4
ducers'
durequipment
0.6
.7
.7
.6
.7
.6
.7
.7
.6
1.0
.7
Change in business m\ entories
0.7
.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.3
1.3
1.4
1.3
1.2
1.3
1.4
1.4
L5
Total
9.5
14.3
10.1
7.7
9.4
3. 8
6.4
9.4
17.5
9.7
— 14.6
4.4
10.4
— 24. 8
— 29.6
— 2. 1
-2.0
15.5
Nonfarm
8.5
14.5
9.4
7.6
9.2
3.7
5.1
8. 8
14. 1
11.6
-16.5
7. 6
13.7
-23.3
-29. 6
— 5.7
-7.5
11.3
EXPENDITURES FOR NEW PLANT AND
Business plans to increase capital spending nearly 71/3 percent in 1976, according to the survey conducted in late
April and May, or slightly more than the expected increase reported in March,
BILLIONS OF DOLLARS (RATIO SCALE}
BILLIONS OF DOLURS {RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUM HATS
160
160
140
140
120
TOTAL NEW PLANT AND EQUIPMB^T
100
100
80
80
,„,.,,,«»•«"-
NONMANUFACTURtNG
60
60
40
40
MANUFACTURING
\
20
\
1968
t
\
1970
1969
1
f .!
•1973
1972
1971
I
1974
1
1975
J/ J/
i
20
1976
l
J/ SEE FOOTNOTE 4 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c)f plant
E spenditunss for plaiit and eqilipment
and equ ipment
3
projcjets
M anufactur fog
Period
Total *
Total
1969.
1970
1971_
.
1972__
1973..
1974__
1975
1976 *
75.56
79.71
81. 21
88.44
99. 74
112. 40
112. 78
31.68
31. 95
29.99
31. 35
38. 01
46.01
121. 03
47.95
52.52
_ 114. 57
112. 46
III.... 112. 16
IV
111.80
Dur-
Non-
able
goods
durable
goods
15.96
15.80
14 15
15.64
19. 25
15. 72
16. 15
15.84
15. 72
18. 76
21.84
26.11
22.62
23.39
Nonmanul acturing
Total
Mining
47. 76
51. 22
57. 09
61. 73
66. 39
64. 82
1.86
1.89
2, 16
2.42
2. 74
3. 18
3.79
43.88
Com-
Transportation
Public
utilities
munication
6.05
6.04
11.61
13. 14
15. 30
17. 00
18. 71
20. 55
20.14
8.30
10. 10
10.77
11.89
12.85
13.96
12.74
493
5. 72
6.03
6.66
7.57
Commercial
and
Manufactur-
ing
other 2
16. 05
16. 59
iaos
20. 07
21. 40
22. 05
20. 60
3407
29, 18
28. 00
35. 21
47. 57
52. 49
48. 24
15. 16
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
5 34
9 19
14 82
5,84
1.30
22. 74
29. 78
68.50
3.81
6.51
23.07
13.83
48.78
47.39
46.82
22. 86
22. 59
21. 01
21.07
26. 20
26. 19
26.38
25.75
65. 52
63. 68
64. 76
64.98
3. 76
3. 78
3.82
3.82
7.30
7.05
7.86
7.60
20. 28
19. 52
19. 79
20.91
13. 36
12. 50
12. 95
12.22
20.44
12. 12
12. 80
11. 29
12. 16
49. 21
21.63
27. 58
65.51
3.83
6. 55
21. 91
12. 54
20. 68
11.64
52.28
29.60
22.68
68.86
54. 06
23.42
30.64
68. 93
5^.06
28.12
30.95
70.34
1
Excludes agrieiiltural business; real estatte operators medical, le l&l, educational, and cultureil service; an d nonprofit organization 5. These flgures do not
agree precisely wit ti the nonresldentialfixe< i investmen i data in gro ss national
product estimates, mainly bee wise those d ata include i nvestment b y farmers,
professionals, instit•utions, and real estate ftrms, and certain outlays charged to
current
account.
3
Includes trade, service, consi ruction, finance,andinsuranee,
* Starts are estinaated by addling changes in carryover to expenditiires during
3.68
3.85
6.95
6. 78
•22. 81
22.90
1975: I
II
1976: I
114.72
II 4 __ 121. 14
III *._ •123. 00
IV 4 __ 124. 40
10
49. 05
Public
utilities
21.28
20.82
20.83
20. 34
35. 42
35. 41
given period.
< Expenc itures estiiiaates based on expectec1 capital exi>enditures as reported by
business in late April and May 1976.
NO*E.— Annual tot al is the suni of unadjusted quarter ly totals,
Esttmati3S (as noted1 in footnot B 4) include adjustmen ts when necessaryforsj
tematic bisises in expectations da ta.
Source: Departmen t of Commerce, Bures u of Econo mic Analysis
EMPLOYMENT, UNEMPLOYMENT,AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment increased by nearly 300,000 in May to 87.7 million. This is 3.2 million
greater than employment in May a year ago* Nonfarm employment increased by 386,000 in May.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
TOO
100
1975
1968
*J6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADMSERS
n thousands of personis 16 years5 of
Period
1971
1972*
1973*
1974
1975
1975:
May
June
July— Aug
Sept
Oct
Nov
Dec
1976:
Jan
Feb
Mar
Apr
May
Noninstitutional
population
1976
Civilian Unememploy- ployment
ment
142, 596 79, 120
145, 775 81, 702
148, 263 84, 409
150,827 85, 936
153, 449 84, 783
U nad justed
Total
labor
Civilian
force
(includ- labor
ing
force
Armed
Forces)
age £md over]
ivilian e mploymerit
Unempl oyment
Nonagri cultural
TV»f
aT
JL (Jttll
Agricultural
Part-time
TA otai
t 1 for economic
reasons 1
Tnf
al
J. Olcti
15
weeks
and
over
Labor
force
participation
rate
(per-2
cent)
4, 993
4, 840
4,304
5, 076
7, 830
86y 929
88, 991
91, 040
93, 240
94, 793
84, 113
86, 542
88, 714
91, Oil
92, 613
79, 120
81, 702
84, 409
85, 936
84, 783
3, 387 75, 732
2, 440
3,472 78, 230
2,408
3,452 80, 957
2, 311
3,492 82, 443
2, 709
3, 380 81, 403
3, 490
Seas<mally adj usted
4, 993
4,840
4,304
5, 076
7,830
1, 182
1, 158
812
937
2, 483
61.0
61. 0
61. 4
61. 8
61. 8
153, 051
153, 278
153, 585
153, 824
154, 052,
154, 256
154, 476
154, 700
84, 146
85, 444
86, 650
86, 612
85, 274
86, 023
85, 556
85, 536
7,623
8,569
8,209
7,696
7,522
7, 244
7, 231
7, 195
94, 950
94, 747
95, 249
95, 397
95, 298
95, 377
95, 272
95, 286
92, 769
92, 569
93, 063
93, 212
93, 128
93, 213
93, 117
93, 129
84, 519
84, 498
84, 967
85, 288
85, 158
85, 151
85, 178
85, 394
3r528
3,350
3,439
3, 464
3, 512
3,408
3,301
3, 236
80, 991
81, 148
81, 528
81, 824
81, 646
81, 743
81, 877
82, 158
3,750
3,422
3, 277
3,234
3,291
3, 361
3, 353
3,243
8,250
8,071
8,096
7, 924
7, 970
8,062
7,939
7, 735
2,529
2, 751
2, 954
2, 878
2, 934
2,719
3, 004
3, 080
62.0
61.8
62. 0
62. 0
61. 9
61. 8
61.7
61. 6
154, 915
155, 106
155, 325
155, 516
155, 711
84, 491
84, 764
85, 588
86, 584
87, 278
8, 174
8,033
7, 525
6,890
6,304
95, 624
95, 601
95, 866
96, 583
96, 699
93, 484
93, 455
93, 719
94, 439
94, 557
86, 194
86, 319
86, 692
87, 399
87,697
3,343
3r 170
3, 179
3,417
3,329
82, 851
83, 149
83, 513
83, 982
84, 368
3,482
3, 262
3,266
3,248
3, 382
7,290
7, 136
7, 027
7,040
6,860
2, 785
2, 515
2,294
2,035
1, 998
61. 7
61. 6
61. 7
62. 1
62. 1
'Data beginn ing January 1 J72 not strict y eomparal:>le with prJoi• date because
adjustment" Ed 1970 Censu s data, wnic i added about 800,000 t o the civilia n
*M>ninstItiition£ 1 .population. 33J,OQQ to 11le civilian abor force, 2ind 301,000 to
^civilian employ ment. A tellaer adjustme nt in Marc h 1973 added 60,000 to th6
"labor force and to employme nt.
i Persons at wor k in nonagric ultural indu stries.
2 Toted labor foree as percent of noninstitutional popula tion 16 yeai s
over.
Source: Departatent of Labor , Bureau of Ivabor Statist!cs.
of age and
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate declined by 0.2 percentage point in May to 7.3 percent. The unemployment rate declined for most demographic groups but increased for men age 20 qnd over.
PERCENT* (SEASONALLY ADJUSTED)
•PERCENT* (SEASONAU.Y ADJUSTED)
10
ou.
1972
1975
*UNEMPtOYMENT AS PERCENT OF CIVILIAN LABOR POKE IN GROUP SPECIFIED,
SOURCE; DEPARTMENT OF UBOR
1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unernployme nt rate ( percent t)f civiliaii labor f 3rce in g roup)
Total
(all
civilian
workers)
Period
1971-.1972
1973
.
-_
1974..
1975
1975:
May
June
July_
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb ...
Mar
Apr
May
1
.-
5.9
5.6
4.9
5.6
8.5
8. 9
8. 7
8. 7
8. 5
._
8.6
8.6
...
...
...
8. 5
8.3
.7.8
7.6
7.5
7.5
7. 3
By s ex and iige
Men Women Both
20
20
sexes
years years 16-19
and
and
years
4.4
4.0
3.2
3.8
6.7
7.2
7.0
7. 1
6.8
7.2
7. 2
7. 1
6.6
5.8
5.7
5.6
5.4
5.6
5.7
5.4
4.8
5.5
8.0
8.4
8.2
. 8.0
7.9
7.8
7.9
7.9
8.0
7.5
7.5
7.3
7.3
6.8
16.9
16.2
14.5
16.0
19.9
20.3
20.7
20.5
20.7
19. 4
19. 8
19.0
19.6
19.9
19.2
19. 1
19. 2
18.5
Aggregate hours lost by the unemplojea and pe sons on pa rt-tlme for economic reasons as percent of potentially ay liable labo force hour a.
12
3By select ed grouj>S
By color
White
5.4
5.0
4.3
5.0
7.8
8.3
8.0
8.1
7.8
7.8
8.0
7.8
7.6
7.1
6.8
6. 8
6,7
6.6
ExpeFullBlack rienced
time
wage Houseand
hold
and heads workother salary
ers
workers
9.9
10.0
8.9
9.9
13.9
14.2
14.0
13.4
14.3
14.4
14.3
13.9
13. 8
13.2
13.7
12.5
13.0
12.2
£ ource: Pep artmentof
5.7
5.3
4.5
5.3
8.2
8.9
8. 6
8.4
8.3
8.3
8.4
8.3
3.6
3.3
2.9
3.3
5.8
6. 1
6. 1
6.1
5.7
6.0
6.0
5.8
8. 1
5. 7
7.4
7.4
5.1
7. 1
7.2
7.2
4.9
5.0
4.8
4.8
5. 5
5. 1
4.3
5. 1
8.1
as
8.4
8.5
8.1
8.4
8.5
8.3
7.9
7.3
7. 1
7.0
7.0
as
Labor, Bui eau of Lab IT Statisticst.
Parttime
workers
a?
8.6
7.9
8.6
10.3
10.7
10. 1
9.9
10.3
9.9
10.4
10.2
10. 5
10.5
10. 4
10. 3
10.7
10.2
force
time
lost
(percent) '
6.4
6.0
5.2
6. 1
9.1
9.7
8.9
8.9
9. 1
9.4
9.3
8.4
ai
8.2
ai
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
Long-duration unemployment has continued to decline in absolute and relative terms. Those unemployed 15 weeks
or longer as a percent or the labor force declined from 3.3 percent in December to 2.1 percent in May.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
JOB LEAVERS
NEW ENTRANTS
0 I m H 1 1 1 m m M t i t ii i,, n n 1 1 1 ! i M .? n t 1 T 1 1 1 1 \
—
-^
|
|
1975 1
197$
1973
1974
1976
*5EASONALtY ADJUSTED
COUNCK. OF ECONOMIC ADVISiRS
SOURCE. DEPARTMENT Of IABOR
TTnom—
\J U,tJlH~
ploy-
Period
ment
(thousands)
1971
1972
1973__
1974
1975.......
1975: Apr..
May.
June,,
July..
Aug.,
Sept.
Oct__
Nov..
Dec..
1976: Jan...
Feb_
Mar 9
Apr *»
May *
4,993
4,840
4,304
5,076
7, 830
7,941
8,250
8, 071
8, 096
7, 924
7,970
8, 062
7,939
7,735
7, 290
7, 136
7,027
7, 040
6,860
[Monthly data seasonally adjusted, except as noted]
Perceiit distrifc ution of unemPerceiit distrib ution of unemState programs Insured
pi oyment by reasoia 1
pic yment by durati on 1
unem- Special
ployunemployment,
all
ment
27
Insured
New
Less
Reen5-14
Job
Job
15-26 weeks unem- Initial regular benefit3
enthan 5 weeks
proclaims
losers leavers trants trants
weeks
and
ploy- claims
weeks
grams 2 (unadover
ment
(unad- justed)
justed)
46.3
43.2
38.7
43.4
55. 4
56. 1
56.4
58. 5
57.7
56.2
58.2
56.0
55.6
51.7
48.3
49. 1
50. 2
49. 6
49. 6
11.8
13. 1
15. 7
14. 9
10. 4
10.2
10. 3
9.7
10.0
9. 7
10.0
10. 2
10. 9
11.3
11.8
12. 1
10. 9
11.8
12. 6 |
29.4
29.8
30.7
28.4
23.8
24. 1
23. 5
23. 0
22. 1
22. 9
21.9
23.4
23. 1
25.8
27.6
26. 6
26.6
26. 0
25. 5
12.6
13.9
14. 9
13.3
10. 4
9. 6
9.8
8. 9
10.2
11. 1
9.9
10.4
10.5
11.3
12.3
12. 1
12. 2
12.7
12. 3
44,7
45.9
51. 0
50. 6
37. 0
37. 6
37. 6
34.2
36. 0
34. 1
34.4
36.9
32.5
33.2
35.7
38. 1
38. 3
43.2
42. 0
2
Includes State (50 States, District of Columbia, and Puerto Kico), ex-servicemen (UCX), Federal (.UCFB), and railroad (BE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
Supplemental Benefits) and SUA (Special Unemployment Assistance).
31.6
30. 1
30. 1
31. 0
31.3
33.2
31. 6
31.4
26. 9
30. 3
29. 8
29.9
30,4
28. 1
27. 6
26. 3
28. 0
27. 3
28. 6
13. 3
12. 3
11.0
11. 1
16.5
17.2
18. 0
18. 5
20. 1
17.7
16. 5
15. 1
15. 8
17.7
15. 2
13. 6
13. 3
9. 7
12. 2
10.4
11.6
7.8
7.3
15.2
12.0
12.8
15.9
17.0
17.9
19.3
18. 1
21.2
20.9
21.5
22. 1
20. 4
19.8
17.2
We<skly avei•age, thou sands
2, 150
295
2,608
261
2, 192
1, 848
1, 632
246
1, 793
2,262
363
2,558
3,973
472
4,942
4,298
5, 647
506
743
4,464
497
5, 202
868
4, 343
501
4,892
1,177
4, 187
446
4,979
1,489
4, 108
460
4, 576
1,502
4,087
454
4,238
1,312
3,918
460
4,039
1,284
3, 587
4, 120
410
1, 340
3, 199
1,411
390
4,- 461
2,938
4,962
346
1,482
2,807
322
4, 721
1,428
2,742
349
4, 366
1,339
2,721
358
3,917
1, 125
2,841
395
3,563
993
FSB and SUA. These programs started January 1975 and regular repofting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment (seasonally adjusted) increased by 57,000 in May, the smallest monthly increase
since November. Most of the decline in employment in nondurable manufacturing may be attributed to the strike
of 6Q,QQQ rubber workers.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS' '(ENLARGED SCALE)
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
70
14
SERVICE-PRODUCING
INDUSTRIES
12
LI I I III I 1 I
I IMI I MMI
II MI !IMI !
1 1 1 ! \\ I I I I t
M MI I I MI
22
*
50
jMANUFACTU RING
"
20
i
;>.-""'
40
Ill ! M 1 t M 1 1
^
\
i.ij.ij 1 1 1 1 1 1
1 M Ll 1 M I i 1
~
s»+
1 1 j 1 1 1 1 u 1 1 I 1 1 M 1 I M I [V
*
GOODS-PRODUCING
INDUSTRIES-
\
30
i ^
'""
1
CON TRACT CONS1'RUCTION
N
,««••••
20
/MM 1 ! 1 1 M 1
1972
1973
1974
1975
*
1976
1 I 1 t .1 I 1 1 M I
M M , ! , MM
IIMI-llNII
19/3
1974
)975
1972
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
M M 1 1 1 I M ,J
1976
A
COUNOtOF t COHOMJC ADVISERS
l
[Thousands of wage and salary workers; seasonally adjusted]
G oods-prc)ducing industries5
Period
Total
nonagrieultural
employ- Total 2
ment
71, 222
73, 714
76, 896
78, 413
76, 985
76, 462
76,510
76, 343
76, 679
77, 023
77, 310
77, 555
77, 574
77, 796
78, 179
78, 368
78, 630
78, 942
May. 78, 999
1971
1972
1973
1974
19751975: Apr...
May..
JuneJuly..
Aug.—
Sept..
Oct...
Nov..
Dec...
1976: Jan...
Feb...
Mar..
Apr*_
22, 820
23, 546
24, 727
24, 697
22, 549
22, 328
22, 339
22, 233
22, 222
22, 418
22, 601
22, 669
22, 657
22, 743
22, 914
22, 901
23, 013
23, 134
23, 101
Contract
construction
3, 639
3,831
4,015
3,957
3,457
3, 441
3,439
3,392
3,395
3,415
3,432
3,402
3,409
3,406
3, 428
3,375
3,366
3,392
3,402
Ser%dce-pr oducing IndustrieJS
Gover nment
Trans- Whole- Finance,
insurporta- sale
tion
ance, Services
Total
and
NonState
and
and
Durable
retail
Total goods durable
Federal and
real
public trade
local
goods
estate
utilities
Ma nufactm ing
18, 572
19, 090
20, 068
20, 046
18, 347
18> 155
18, 162
18, 100
18, 084
18, 254
18, 417
18, 493
18, 482
18, 568
18, 722
18, 763
18, 877
18, 969
18, 928
10, 597
11, 006
11, 839
11, 895
10, 679
10, 637
10, 595
10, 527
10, 465
10, 563
10, 650
10, 661
10, 653
10, 717
10, 820
10, 846
10, 937
10, 996
11, 028
7,975
8,084
8,229
8,151
7,668
7,518
7, 567
7,573
7,619
7,691
7,767
7,832
7,829
7,851
7,902
7,917
7,940
7,973
7,900
* 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.rT^Qtel dejrlyM/Eem . •
,thi§,,table not comparable with-estimates ol iioja|i|^ieiiliujal ^
layman labor force, shown on p. if, which include pseprieiors, self?Kcaployed
persons, and domestic servants; which count persons as employed when they
14
48, 401
50, 167
52, 169
53, 715
54, 436
54, 134
54, 171
54, 110
54, 457
54, 605
54, 709
54, 886
54> 917
55, 053
55, 265
55, 467
55, 617
55, 808
55, 898
4,457
4,517
4,644
4,696
4,498
4,508
4, 491
4,469
4,464
4,466
4,467
4,476
4,496
4,477
4,494
4,517
4,498
4,512
4,497
15, 352
15, 975
16, 674
17, 017
16, 947
16, 847
16, 857
16, 877
16, 984
17, 016
17, 045
17, 043
17, 010
17, 080
17, 233
17, 326
17, 386
17, 444
17, 457
3,802
3,943
4, 091
4,208
4, 223
4, 209
4,208
4,202
4,203
4,218
4,239
4,246
4,248
4,264
4, 266
4,266
4,276
4,290
4,285
11, 903
12, 392
13, 021
13, 617
13, 995
13, 878.
13, 889
13, 871
13, 990
14, 050
14, 113
14, 157
14, 188
14, 229
14, 307
14, 360
14, 422
14, 488
14, 559
2,696
2,684
2,663
2,724
2,748
2,731
2,732
2,738
2,745
2,756
2,765
2,767
2,761
2, 755
2,746
2,740
2,732
2,730
2,729
10, 192
10, 656
11, 075
11, 453
12, 025
11, 961
11, 994
11,953
12, 071
12, 099
12, 080
12, 197
12, 214
12, 248
12, 219
12, 258
12, 303
12, 344
12, 371
are not at work because of industrial disputes; and.wliicli are based on a sample
ofjbe working-age popujatjon, whereas the eitiin^jt^in this, table are based OB
reports from employing establishments.
"*"Includes mining, riot shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURMi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly eearnings
Aver age weekly \ lours
Manufsicturing
Total
private
nonagricultural l
Period
Total
Overtime
Total
private
nonagncultural l
Manufacturing
38.0
37. 8
37. 7
37. 1
37. 0
37. 1
37. 1
36. 6
36. 1
40. 6
40.7
40. 6
39. 8
39. 9
40. 6
40. 7
40. 0
39. 4
3.4
3.6
3. 6
3.0
2.9
3. 5
3. 8
3. 2
2. 6
$2. 68
2. 85
3.04
3.22
3. 44
3. 67
3. 92
4. 22
4. 54-
1975: Mar
Apr
May.June
35.9
35.9
35.9
36. 0
36. 0
36. 2
36. 1
36. 2
36. 3
36. 4
38. 9
39. 1
39. 0
39. 3
39. 4
39. 7
39. 8
39. 8
39. 9
40. 3
2. 3
2. 3
'2. 4
2 4
2.6
2. 8
2. 8
2. 8
2. 8
3. 0
4. 46
4.47
4. 49
4. 51
4. 54
4. 57
4. 60
4. 63
4. 68
4. 68
4.
4.
4.
4.
4.
4.
4.
4.
4.
4.
36.5
36.4
36. 2
36. 0
36. 3
40.5
40. 3
40. 2
39. 4
40. 3
3. 0
3. 1
3. 2
2.5
3. 3
4.
4.
4.
4.
4.
5.
5.
5.
5.
5.
Aug
Sept __ _ _
Oct
Nov
Dec___
1976: Jan
Feb
Mar
Apr *
May v
AVERAGE
73
75
77
78
84
Percent cttange from
a year sarlier 4
Index, 1 367=100
Current
dollars
$2. 83
3. 01
3. 19
3.36
3. 57
3. 81
4. 08
4. 41
4. 81
1967
1968
1969
1970
1971
1972
1973
1974
1975
July
Adjusted h ourly earnin gs index2 —tc)tal private
nonagricultural
1967
dollars 3
Current
dollars
1967
dollars
100. 0
106. 3
113.3
120. 8
129. 4
137. 8
146. 6
158. 6
172.7
100. 0
102. 0
103. 2
103.9
106.7
110. 0
110. 1
107.4
107. 1
4.8
6.3
6.6
6. 6
7. 1
6. 5
6. 4
8. 2
8.9
72
73
75
78
82
86
88
90
93
96
169. 1
169. 4
170. 6
172. 2
173. 1
174. 6
175. 2
176. 7
178. 2
178. 6
107. 1
106. 8
107. 0
107. 2
106. 7
107.3
107. 2
107. 4
107. 6
107. 3
9.9
9. 5
9.0
8. 7
8. 8
8. 8
8. 1
8. 2
8.5
7.9
-. 6
—.8
.1
00
04
08
06
14
179. 6
180. 8
181. 4
182. 3
183. 6
107. 5
108. 1
108. 2
108. 3
108. 5
8.0
7.8
7. 3
7.6
7. 7
1.2
1.3
1. 1
1. 5
L4
1. 9
2. 0
1. 2
.7
2,7
3. 1
.1
-2. 5
—.3
-.4
-. 6
o
.5
1. 1
.8
—
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross weekly earnings
Total pri vate nonagncu Itural 1
Period
Current
dollars
1967__
1968_
1969
1970
1971
1972__
1973
1974__
1975__
1975: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb___
Mar
Apr v
May v
•
_
.
-
$101. 84
107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
• 154. 45
163. 89
Manufacturing
1967
dollars 3
•
101.
101.
101.
100.
101.
101.
101.
102.
102.
12
06
10
76
62
57
89
65
37
172. 65
172. 90
172. 67
172. 08
175. 69
103.
103.
103.
102.
103.
32
35
03
25
77
Current
dollars
.
1987
dollars'
$114. 90
122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
$154.
164.
181.
195.
211.
222.
235.
249.
265.
95
49
54
45
67
51
69
08
35
$70. 95
74. 95
78. 66
82. 47
86. 61
90. 99
95. 57
101. 04
108. 22
3. 1
5. 8
6. 4
4. 2
6. 5
7.0
6. 8
6. 2
6. 1
184. 94
185. 25
187. 85
189. 91
192. 94
194. 22
195. 02
196. 71
199. 89
264.
264.
259.
265.
267.
268.
267.
272.
278.
22
20
54
35
91
64
91
69
26
106.
107.
107.
107.
108.
108.
110.
110.
110.
27
58
57
55
85
84
14
83
81
7. 0
5. 3
5. 4
5.0
5.9
5. 6
5. 8
7. 9
7. 1
— 3. 7
— 4. 2
— 2. 6
-2. 2
— 1. 7
.5
.1
202.
203.
204.
199.
207.
281.
282.
272.
284.
285.
24
73
48
25
74
112.45
112. 08
112. 06
113. 43
113. 40
8. 1
8. 1
7. 8
7.2
9.0
1. 3
1. 7
1. 6
1. 1
2. 7
1
2 Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
Retail
trade 5
Current dollars3
$101. 84
103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
160. 47
161. 19
162. 36
163. 44
165. 43
166. 06
167. 61
169. 88
170. 35
Contract
construction
Percent chimge from a
vear e arlier,
total pri1/ate n onagnciilturai
50
11
22
36
14
0. 2
1. 5
1. 0
-1. 6
9 9J
3. 6
.5
— 4. 3
2.8
-2. 9
__a 9
4 Monthly changes based on indexes to 2 decimal places.
* Includes eating and drinking places.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY RND RELATED DATA, PRIVATE ECONOMY
Period
Output ] uer hour
of all p ersons
Hours of all
pers ons 2
Outinit1
Total Private
nonprivate
farm
Total
private
Private
nonfarm
Total
private
Private
nonfarm
Compe nsation
per ] lour 3
Total
private
Private
nonfarm
Unit labor
CO sts
Total
private
Implici t price
defla tor *
Private
nonfarm
Total
private
Private
nonfarm
1967 = 100; quai-terly dat<a seasonsilly adjust,ed
1965
1966
1967
1968
1969
92. 3
97.8
100. 0
104.5
107.2
92. 0
97.8
100. 0
104.7
107.5
97.5
99. 8
100. 0
101. 7
104. 4
96. 4
99.5
100.0
102. 0
105. 2
94. 6
98.0
100.0
102. 7
102. 7
95. 4
98. 3
100. 0
102. 6
102.2
88. 5
94.7
100. 0
107. 7
115.3
89. 1
94. 6
100. 0
107. 4
114.6
93. 5
96.7
100. 0
104.8
112.2
93.4
96.3
100.0
104.7
112. 1
94.4
97.3
100. 0
104. 1
109. 2
94 3
97. 0
100. 0
104 1
109. 1
1970_
1971
1972
1973
1974
106.
110.
117.
124.
121.
8
2
4
3
5
106.9
110. 2
117.7
124.7
122. 0
102. 8
102.4
105. 6
109. 3
109. 6
104. 0
103. 6
107. 0
111. 1
111. 5
103. 9
107. 7
111. 1
113. 7
110.8
102. 8
106.4
110. 0
112. 2
109. 5
123. 6
132. 1
140. 0
151. 4
165.7
122.4
130.7
138. 8
149. 6
163. 9
119.0
122. 6
126. 0
133. 2
149.6
119. 0
122. 9
126. 2
133.4
149.7
114 3
119.6
123.8
130.8
143.4
1144
119.8
123.5
128.6
141.6
1975
118.5
118. 5
105. 6
107.3
112. 2
110. 4
180. 8
178.6
161. 1
161.7
156.7
155. 7
113. 3
113.2
112.0
111. 6
152.0
155.5
150. 4
153.8
134. 2
137. 4
134. 2
137.8
131.8
134. 6
129. 1
132. 0
1973: III
IV
124.6
125. 0
125. 3
125.3
110. 1
110.5
111.8
112. 4
1974: I
II
123.
122.
121.
118.
3
5
6
7
123.9
123.0
122.2
119. 1
110.4
110.3
110. 0
108. 4
111. 9
112. 2
112. 1
110.3
111. 7
111. 0
110. 5
109. 5
110. 7
109. 7
109. 0
108.0
158.4
163. 3
168. 3
172. 2
157. 0
161. 5
165. 9
170.2
141. 8
147. 1
152. 3
157. 3
141. 9
147. 2
152. 2
157.6
137. 5
141.0
145.4
150. 1
1347
139. 6
144 0
148.6
1975: I
II
III
IV
115. 6
116.5
120. 1
121.8
115. 5
116. 7
120. 0
121.7
105. 3
104. 6
105. 3
106.6
107.
106.
106.
108.
109.8
111. 4
114. 0
114. 2
107, 7
109. 8
112. 3
112. 1
176. 6
179. 3
182. 2
185,7
173.9
176. 8
180. 5
183.4
160.9
161. 0
159.8
162. 6
161. 5 i 153. 5
161.0 155. 1
160. 8 157.8
163. 6 160.4
152.8
154 1
156.4
159.2
1976: I 9
124.5
124.4
107.5
109.6
115. 9
113.4
189.6
186.9
163.6
164.8
161.7
161.0
2.0
1.7
2.8
3. 1
41
47
Ill
IV
2.
3T
8
5
Perceiit change ; quarterlyr data at seasonal]j adjuste d annual rates
1965
1966
1967
1968
1969
6. 3
6.4
2.2
4.7
2.7
3.1
2.3
.2
1.7
2.6
3. 6
-. 4
3.2
6. 5
5.9
-2. 2
-.5
3.1
6.8
5.9
-2. 1
-1.5
—.5
3.2
3.5
.3
-1.1
.3
-2. 5
-2. 9
-3. 8
-3.8
1973: III
IV
3.0
1.3
3.7
.1
2.8
1.6
1974: I
II
III
IV
-5.6
-2.5
—2.9
-9. 1
-4.7
-2.6
-2.7
-9.7
-.5
—.1
-1.0
-5.7
-6. 1
1975: I_
II
III
IV
-10.2
3.2
13. 1
5.6
-11.7
44
11.7
5.7
-11.2
-2.6
2. 9
1976: I 9
9.4
9.3
1970__
1971
1972
1973
1974
6.2
5. 9
2.3
4.5
2.6
-
1975
1
Output
8
3.3
2.6
2.7
.0
1.8
2.6
—.4
2. 1
.5
2. 0
3. 1
-.3
3.3
3.8
3.0
3.5
1. 1
3.7
3.2
2.3
.6
3.4
3.4
2.0
4.0
7. 1
5. 6
7. 7
3.6
6.2
5. 7
7.1
7.4
6.7
7.2
6.8
6.0
6.8
6.8
6.2
7.8
7.1
49
6. 1
47
4.6
3.3
4. 1
49
47
3. 1
42
10. 1
7.7
8. 1
9.3
9. 9
7.3
9.3
6. 5
6.2
9.8
11.2
7.6
5. 1
9.3
8.8
13.6
15.7
14.8
8.9
ia9
12. 3
15.9
14. 3
15. 0
10.6
13. 1
13.8
8.5
15.2
13.2
13.4
9.3
;4
10.0
-1. 1
42
7.4
9. 1
6. 6
11.9
3. 5
6. 2
7.3
3.2
45
9. 1
2.6
1.8
—.3
o
, 1.1
-1. 7
6.8
9.4
-1.6
-5. 1
-2.4
-1.9
-3.6
-3. 1
-3.6
-2. 4
-3.8
12. 9
12.7
9.8
11.8
11.6
10.7
-10.9
-3.3
2. 1
1.1
5.9
—.8
10.5
9. 1
4,9
6.4
;6
9.4
-.6
6.4
6.7
7.8
3.2
4.3
6.1
4.8
8.7
9. 9
2.8
12. 3
.9
8. 0
3. 1
3.9
4. 7
9.0
1.3
7.8
6.0
3. 1
9. 5
-2. 5
1.0
-.3
7. 1
1. 0
3. 1
2. 7
5. 7
12. 2
8. 1
9. 5
,_.
1.0
3.4
3.4
4.8
2.7
5.7
-2.4
refers to gross domestic product originatingin the
in 1972 do
Hours of all persons in private industry engageiOOTplMuction, includjhg
hours of proprietors and unpaid family workers. Estimates based primaifly
on8 establishment data.
Wages and salaries of employees plus employers' contributions for
insurance and private benefit plans. Also includes an estimate of wages, £
and supplemental payments for the self-employed.
16
3. 0
6.8
8.7
6.5
-2.9
7.1
-.7
7.2
7.9
2.5
3.0
3. 5
5.6
9.7
8. 6
* Current dollar gross domestic
divided by constant dollar gross domes" ' product
""".
NOTE.—jfercent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.7 percent in May, following a downward-revised increase of 0.5 percent in April*
The May increase again reflected widespread1 gains among the product groupings.
INDEX, 1967=100* (RATIO SCALE)
180
UTILITIES AND MINING PRODU CTION
INDEX, 1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
140
160
120
140
100
*s\-^rf^
i -•- - "-'
^*
UT LITIES
120
MIN NG
1972
1973
1975
1974
^^^ .**..«»*"*
1976
100 n 1 1 ill n 1 1
1972
^v\
*-• i 1 1 1 1 1 1 1 1 1 1
I t 1 1 1 ! 1 I! M 1 1 1 1 1 1 t I!
1973
11
1974
I
1975
1 1 1 n 11 1 1 11
1976
L MANUFACTURING CAPACITY
100
1972
1976
* SEASONALLY ADJUSTED
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1969.
1970
1971
1972
1973
1974
1975
1975: May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr v
May v
Total iridustrial
prodiiction
Percent
Index, change
1967=
from
100
year
earlier
100. 00
110. 7
106.6
106.8
115.2
125.6
124. 8
1.13. 8
110. 1
111. 1
112.2
114. 2
116. 2
116. 7
117.6
118.4
119.5
120.8
121. 7
122. 3
123.2
4.7
-3.7
.2
7.9
9. 0
—.6
-8.8
-12. 4
-11.7
-10.6
-8.8
-7. 5
-6.5
-3.4
.9
5. 1
8.6
10.6
11.3
11.9
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusl,ry produ ction ind exes, 196"r=ioo
M anufactun ng
Total
Durable
Nondurable
88.55
110. 5
105.2
105. 2
114. 0
125. 1
124. 4
112.2
108.2
109.5
110. 6
112.8
114. 7
115. 8
116. 3
117.0
118. 1
119.9
120. 3
121. 1
122. 0
62. 55
110. 0
101.4
99.4
108.4
122. 0
120. 7
105. 8
102. 5
103. 2
103. 4
105.4
107.0
107. 6
107.8
108. 1
109.0
111.3
111.4
112. 9
114. 3
36. 28
111. 1
110.6
113.5
122. 1
129. 7
129. 7
121.4
116. 2
118. 6
120. 8
123. 4
125. 7
127. 2
128. 7
130. 0
131.4
132.3
133. 2
132. 9
133.2
* Output as percent of capacity.
s Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Mining
Utilities
6.88
5.07
107. 2
109. 7
107. 0
108.8
110. 3
109.3
106. 6
105. 9
106. 3
106. 4
105. 0
105. 3
106. 4
106. 9
105. 4
105. 5
104.8
108. 7
106. 8
107.9
119. 5
128. 3
133. 9
143.4
152.6
149.9
153.7
152. 3
152.6
153. 9
154. 6
156. 1
152. 9
153. 9
155. 7
159.2
159.9
160. 9
162. 1
162. 7
iitilization
Manuf acturing (capacity
rate, p<srcent 1
Federal Reserve
serici S 2
ComWharTotal
merce3
ton 2
Major
manuseries
series
matefacturrials
ing
86.5
78.3
75.0
78. 6
83.0
78. 9
68. 7
90. 0
86.2
85.3
89.6
93.0
87. 0
74.9
85
81
80
83
86
83
77
95.6
87. 9
85. 3
89.6
95.8
91.3
79.3
67. 0
70. 9
75
77.2
69.0
78. 1
79
79.8
70. 7
80.4
79
81.9
71. 8
81.1
82
83.7
2 Quarterly data are for last month in quarter. Annual data are averages of four
monthly indexes.
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]
Prod ucts
Final p roducts
Coiisumer go ods
Period
Total
NonDurable durable
goods
goods
20. 66
7. 86
105. 0
110. 9
110. 1
113. 7
112. 4
104. 8
115. 9
115. 1
122. 8
125. 7
129. 0
138. 9
129.2
127. 9
128.4
112.5
125. 3
110.5
127.2
113.2
129. 0
115.9
129. 4
116. 1
130. 1
118.3
130. 5
118.2
132.7
118.8
134. 4
119. 5
134.6
120. 9
135.4
123. 1
134. 4
124. 9
135. 1
126. 5
136. 3
127. 7
Total
1967 proportion
1968
1969
1970
1971
1972
1973
1974
1975
1975: May
June
July
Aug
Sept:
Oct
Nov
Dec
1976: Jan
Feb
Mar_
Apr *p
May
48. 94
105.8
109. 0
104. 5
104. 7
111. 9
121. 3
121, 7
115. 5
113.7
114.5
115.7
115. 9
— 116. 9
117. 0
117. 9
119. 0
119. 6
120. 7
_ _ _ 120. 7
121.4
122. 6
28. 53
106. 6
111. 1
110. 3
115.7
123. 6
131. 7
128.8
124. 0
121. 2
123. 3
125. 5
125. 7
126. 8
127. 0
128.9
130. 2
130. 9
132.0
131.8
132.8
133. 9
Equi|>ment
Internlediate
proc ucts
Total
Business
Total
20. 42
104.7
106. 1
96.3
89.4
95.5
106.7
111.7
103. 6
102.9
102. 2
102. 2
102. 3
102. 8
102. 6
102. 5
103. 5
103.8
104.8
105. 0
105. 4
106. 9
12. 74
103.4
107. 9
101.4
96.8
106. 1
122. 6
129. 4
116.7
115. 0
113. 9
113. 9
114. 9
115. 6
115. 7
116. 5
118. 2
118.4
120.4
120. 9
121. 8
123. 8
13. 27
105.7
112.0
111.7
112. 5
121. 1
131. 0
128. 3
116. 3
112.4
112.8
114. 3
115. 4
116. 6
117. 0
118. 5
120.3
122.4
123. 5
124. 0
124. 1
123.5
Construction
5.93
106. 2
113. 0
110. 0
112. 6
120.8
133. 8
129. 6
112.4
107. 6
106.8
108.0
109. 3
112. 0
112. 5
112. 5
114.2
116. 9
117. 6
118.4
118. 7
118.2
.
Materials
37. 79
105.7
112. 4
107. 7
107.4
117.4
129. 3
127.4
110.6
104.9
106. 0
106. 8
111.5
115. 1
116.5
116.8
116. 8
118.3
120.0
122. 2
122. 7
123. 8
Supplementary
group:
Energy
total
11. 21
--
130. 7
127. 3
127.9
126. 6
128.2
129.0
128. 2
129. 1
127. 9
127.8
127.8
128.7
129.7
131. 8
131. 9
133. 1
[1967= 100, seasonally adjusted]
Primary metals
Period
Total
1967 proportion
1968
1969
1970
1971
1972
1973
1974
1975
1975: May
June
July
Aug.
Sept
Oct__
Nov
Dec
1976: Jan
Feb
Mar
Apr *
May *
6. 61
103. 2
114. 1
106. 9
100. 9
113. 1
127. 0
124. 1
97.2
89. 9
91.8
92.8
_ _ 96. 5
97.2
97. 0
98. 1
95. 1
100.0
104.7
102. 8
106. 3
110. 8
Iron
and
steel
4.23
103.6
113.0
105.3
96.6
107. 1
121. 7
119. 9
96.1
90. 1
88. 7
87. 0
90. 4
91. 3
93.2
96.0
92. 2
96.2
101.4
98.4
102.5
106.5
Durab le manufabctures
Transp Drtation
equip>ment
FabriMacated
Motor
chinmetal
Total vehicles
ery
products
and
parts
5.93
9.29
4.66
17.40
117.7
106. 3
101. 9
109.7
115.4
113. 6
106.8
107. 6
109. 4
96.9
100. 3
90.4
107.4
114. 1
96. 2
92. 9
114. 8
123. 1
107. 5
99. 0
130. 5
125. 8
138. 1
109. 1
113.2
131.4
128. 1
96. 9
112. 8
98.1
114.8
88.4
110. 9
109. 0
95. 0
87. 6
108.2
110.9
100. 0
90. 5
108.4
109. 7
103. 2
91. 0
112. 7
92. 9
110. 0
107. 2
94. 3
116. 1
110. 1
111. 7
112. 9
115.9
111. 0
94. 7
114.2
109.4
117. 3
94. 1
115. 1
110.4
117.3
95.5
94.4
115.3
117. 8
110.0
96.3
114. 3
117.3
120.0
120. 0
118.3
97.4
118. 1
121. 5
122. 2
119. 7
98.8
121. 1
120. 8
101. 1
123.5
Source: Board of Governors of the Federal Keserve System.
18
Nondurable naanufacti ires
TexLumber tiles,
and
apparel,
products
and
leather
1.65
104.8
108. 6
106. 3
113. 9
122. 4
127. 9
120. 1
109.7
108.0
110. 3
112. 0
114. 5
115. 5
116.8
115.0
116. 1
121.8
121.5
119.2
120.8
6. 90
104.9
105.9
100. 2
100. 7
108. 1
115. 0
108. 9
98.0
93.2
94. 9
97.4
100.2
104. 0
106. 0
108.4
109.7
111.3
109.4
110. 0
111. 1
112.4
Paper
and
printing
7. 92
104. 2
109. 1
107. 8
107.8
116. 1
122. 2
121. 0
109.6
103.9
107.3
107.4
110.8
113.9
114.8
114.7
116. 8
119.6
120. 0
121. 2
121. 0
121.4
Chemiicals,
Foods
petroand
leum, tobacco
and
rubber
11.92
9. 48
109. 6
103. 6
118. 4
107. 5
118. 2
110.8
124. 7
113. 7
137.8
117. 6
149. 3
121. 9
151. 7
124. 8
140.3
124. 5
132.4
122.4
136. 2
123. 5
140. 1
124. 8
143. 6
125. 2
146. 2
126. 0
148.5
126. 3
150.2
128.0
151. 1
129.4
151. 6
130.4
155.6
129.6
158. 3
128. 6
155.6
130. 0
154. 5
131. 5
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Resic .ential
Total
Total *
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bi] lions of doll ars
1969
1970
1971
1972__
1973
1974
1975
_
93.9
94 9
110.0
124. 1
136. 0
135.5
130. 8
66.0
66.8
80. 1
93.9
103.4
97. 1
90. 0
33.2
31. 9
43. 3
54. 3
57. 6
47.0
43. 0
16.2
16. 3
17.0
18. 1
21. 7
23.8
20.7
25. 9
24. 3
35. 1
44. 9
47. 9
37.3
31. 3
16.6
18. 6
19.8
21.5
24. 1
26.2
26. 3
'
28.0
28. 1
29.9
30.2
32. 5
38.4
40. 7
Seasonally
adjusted
Seasonally / adjusted atinual rates
1975: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar p_
Apr »
121. 0
121. 7
126.9
129. 0
132. 1
137. 6
135. 8
138.0
138. 0
134. 3
134. 1
139. 5
138. 3
84.7
84. 3
85.0
88.3
90. 6
93. 0
93.4
96. 0
96. 5
97. 0
99. 3
101. 8
99. 8
37.6
38.5
40.4
43. 3
45. 3
46. 1
47. 1
48. 3
49. 1
49. 0
49. 5
51. 8
52.4
20.3
20. 3
19. 4
19.7
20. 2
20. 3
20.0
20.4
19,9
19. 3
21. 3
20. 8
18. 9
26. 8
27. 6
28.9
30.6
32. 1
33.2
34.9
36.7
37.6
37. 5
38. 2
40. 4
41. 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.
123. 7
123. 1
145. 4
165. 3
179. 5
169.7
166. 0
26.9
25. 4
25. 1
25.4
25.2
26.5
26.4
27.3
27.4
28. 8
28. 5
29. 1
28. 6
36. 3
37. 4
41. 9
40. 6
41. 5
44.6
42.4
42. 0
41. 5
37. 3
34. 8
37. 7
38.4
186
202
201
165
208
157
166
148
137
183
170
185
189
.
883
743
727
854
1,010
840
569
Seasonally
adjusted
annual
rates
683
537
606
631
519
601
649
504
609
462
496
653
648
Note.—New construction expenditures series beginning 1076 not strictly
comparable with earlier data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
Isfew private housing uni ts
Period
1969
1970
1971
1972
1973
1974
1975
Units started, by type of striicture
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
810. 6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
2-4
units
85.0
84.8
120. 3
141.3
118.3
68. 1
64.0
Units
5 or more
units
571. 2
535. 9
780.9
906. 2
795. 0
381. 6
204. 3
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period 1 (percent) 2
ized
Units
completed
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
924. 4
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
448
485
656
718
620
501
544
222
220
287
409
450
402
378
1,269
1,202
1, 261
1,267
1, 315
1, 115
1,386
1,329
1,213
1,299
1, 393
1,262
554
551
548
573
571
610
660
641
573
677
583
613
383
379
381
378
384
389
381
378
379
385
389
393
5. 5
5.3
5.4
5.6
5.8
6.2
6.0
Seasonally adjusted armual rates
1975: May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar *
Apr »
May p
1
2 Seasonally
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,283
1,236
1,547
1,417
1,381
1,415
853
874
916
979
966
1,093
1,048
962
957
1,295
1,110
1,063
1,057
adjusted.
Quarterly data entered in last month of quarter.
53
56
76
67
76
103
79
77
70
62
80
79
89
179
150
215
218
262
235
254
244
209
190
227
239
269
912
949
1,042
995
1,095
1,079
1,085
1,028
1, 120
1, 134
1, 134
1,095
1, 158
Source: Department of Commerce, Bureau of the Census.
6.3
6.2
5.4
5. 5
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $0.8 billion in April, with retail and wholesale stocks accounting for all of the increase.
Business sales rose 0.6 percent. According to preliminary estimates, retail sales fell in May following a slight decline,)
overall, in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
80
RETAIL INVENTORIES
70
60
RETAIL SALES
50
40
.X*s*
30
RATIO*
I II IIM
15>72
1974
1973
II I I I 1 I I 1
1975
1976
1975
1976
M
1.80 -INVENTORY-SALES RATIO
1.70
100
1.40
1972
1972
1976
1973
1974
SEASONALLY ADJUSTED
SOURCE. DfPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b\isiness
l
Iletail
Wholesale
2
Sales
Period
1970
1971_
1972__
1973
1974
1975
1975: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb....
Mar
Apr »»
May v
Q_ 1 _ 22
Sales
104, 736
112, 315
124, 289
143, 823
163, 991
168, 009
162, 744
163, 349
165, 803
169, 251
172, 301
173, 353
175, 017
173, 826
176, 966
179, 027
182, 329
185, 488
186, 576
Inventories8
175, 561
184, 711
197, 692
224, 401
271, 050
264, 770
266, 970
264, 335
263, 749
263, 345
264, 662
265, 087
266, 867
266, 064
264, 770
266, 285
267, 979
269, 637
270, 433
QJ 1
Inven-3
bales
*g tories
TVvfol
Millions of dollars, seassonally iidjus ted
20, 583 27, 290 31, 294 9,524 21, 770
22, 327 29, 695 34, 071 10, 985 23, 086
24, 862 32, 817 37, 365 12, 472 24, 893
30, 400 38, 302 41, 943 14, 190 27, 754
37, 344 46, 564 44, 815 13, 943 30, 872
36, 583 45, 115 48, 702 15, 060 33, 642
35, 228 45, 303 46, 813 14, 165 32, 648
35, 442 44, 558 48, 173 14, 703 33, 470
36, 186 44, 850 48, 578 14, 965 33, 613
36, 567 44, 653 49, 655 15, 432 34, 223
37, 166 45, 501 49, 925 15, 506 34, 419
37, 604 45, 625 49, 549 15, 440 34, 109
37, 449 45, 715 50, 165 15, 775 34, 390
37, 018 45, 554 50, 293 15, 763 34, 530
37, 360 45, 115 51, 990 16, 877 35, 113
38, 159 45, 645 51, 592 16, 730 34, 862
38, 816 46, 307 52, 601 17, 397 35, 204
39, 094 46, 398 53, 344 17, 403 35, 941
39, 428 46, 660 53, 300 17, 874 35, 426
52, 644 17, 344 35, 300
1
The term "business" also includes manufacturing (see page 21).
*BMonthly average lor 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
NonDurable durable
goods goods
stores stores
Inventories3 3
TVital
46, 626
52, 571
57, 156
65, 229
74, 082
73, 081
71, 483
70, 826
70, 840
71, 503
72, 578
73, 049
74, 642
73, 839
73, 081
73, 610
74, 344
75, 089
75, 652
Inventc>ry-sales
ratio4
DurNonTotal
able durable busigoods goods ness1
stores stores
20, 345
23, 864
26, 056
29, 593
34, 649
33, 592
32, 375
32, 086
31, 909
32, 270
33, 324
33, 471
33, 813
33, 712
33, 592
33, 510
33, 490
33, 920
33, 994
26, 281
28, 707
31, 100
35, 636
39, 433
39, 489
39, 108
38, 740
38, 931
39, 233
39, 254
39, 578
40, 829
40, 127
39, 489
40, 100
40, 854
41, 169
41, 658
1.64
1.61
1. 53
1.46
1.50
1.59
1. 64
1. 62
1. 59
1. 56
1. 54
1. 53
1. 52
1.53
1. 50
1.49
1.47
1.45
1.45
Retail
1.47
1.47
1.46
1.46
1.54
1.49
1.53
1.47
1.46
1.44
1.45
1.47
1.49
1.47
1.41
1.43
1.41
1.41
1.42
Source: Department of Commerce (Bureau of Economic Analysis and Burea
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* new orders increased 0.8 percent in April following a 3.5 percent increase in March. Shipments rose
0.9 percent and inventories were virtually unchanged from their March level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORY-SHIPMENTS RATIO
20
1976
1972
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
l
r
Total
1970_ 52, 859
1971
55, 917
1972
62, 062
1973
_. 71, 480
1974
_ 81, 832
1975
82, 724
1975: Apr- 80, 703
May.- 79, 734
June__ 81, 039
July-. 83, 029
Aug_._ 85, 210
Sept-_ 86, 200
Oct-- 87, 403
Nov__ 86, 515
Dec-. 87, 616
1976: Jan___ 89, 276
Feb -. 90, 912
Mar>. 93, 050
pr
93, 848
^
May **_
NonDurable durable
goods
goods
28, 229
29, 948
33, 489
38, 806
42, 744
41, 527
41, 221
40, 494
40, 757
41, 354
42, 444
43, 192
43, 607
42, 352
43, 681
44, 570
45, 700
47, 546
47, 741
48, 412
24, 629
25, 969
28, 573
32, 674
39, 089
41, 197
39, 482
39, 240
40, 282
41, 675
42, 766
43, 008
43, 796
44, 163
43, 935
44, 706
45, 212
45,504
46, 107
1 Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
* End of period.
«For annual periods, ratio of weighted average inventories to average monthly
l
Mailufacturc >rs* new 01rders
Durab le goods
Capital
NonNongoods durable
Total
Total Durable
goods durable
Total indusgoods
goods
tries,
nondefense
Millie>ns of dollars, seaso dally adj usted
101, 645 66, 768 34, 877 52, 146 27, 514
7,055 24, 632
102, 445 66, 050 36, 395 55, 754 29, 773
7,324 25, 981
107, 719 70, 218 37, 501 63, 015 34, 368
8,487 28, 648
120, 870 79, 441 41, 429 73, 992 41, 253 10, 310 32, 738
150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009
146, 574 95, 754 50, 820 81, 351 40, 048 10, 261 41, 302
150, 184 99, 803 50, 381 78, 008 38, 391 10, 309 39, 617
148, 951 99, 378 49, 573 78, 900 39, 575 10, 302 39, 325
148, 059 98, 796 49, 263 79, 789 39, 282 10, 138 40, 507
147, 189 98, 189 49, 000 83, 304 41, 435 10, 728 41, 869
146, 583 97, 199 49, 384 85, 137 42, 176 10, 392 42, 961
146, 413 96, 640 49, 773 85, 482 42, 256 10, 214 43, 226
146, 510 96, 215 50, 295 86, 336 42, 307 10, 689 44, 029
146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44, 363
146, 574 95, 754 50, 820 86, 754 42, 837 10, 156 43, 917
147, 030 95, 664 51, 366 88, 083 43, 177 10, 351 44, 906
147, 328 95, 696 51, 632 90, 201 44, 975 10, 710 45, 226
148, 150 96, 193 51, 957 93, 389 47, 895 10, 984 45, 494
148, 121 96, 133 51, 988 94, 141 47, 841 11, 530 46, 300
49, 815 11, 802
Manufa eturers* shilpments Manufacl burers' in\ entories
Period
2
Manufacturers'
unfilled3
orders
Manu- '
f ac—
turers'
inventory—*
shipments
ratio 4
77, 093
75, 081
86, 608
117, 034
137, 328
120, 659
125, 347
124, 513
123, 271
123, 545
123, 477
122, 761
121, 697
121, 530
120, 659
119, 468
118, 757
119, 093
119, 390
1.89
1.82
1.69
1.58
1.64
1.80
1.86
1.87
1.83
1.77
1.72
1.70
1.68
1.70
1.67
1.65
1.62
1.59
1.58
shipments; for monthly data, ratio of inventories at end of month to shipments for
month.
Source: Department of Commerce, Bureau of the Census.
21
WHOLESALE PRICES
PRICES
In May, the wholesale price index rose 0.3 percent (also 0.3 percent after seasonal adjustment). Prices of farm products
and processed foods and feeds increased 0.7 percent (1.0 percent seasonally adjusted). Industrial commodity prices
were up 0.2 percent (0.1 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
220
220
200
200
180
180
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS i
160
140
120
120
100
100
1968
1976
1969
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
All
commodities
1968
1969
1970
1971
1972
1973
1974
1975
102. 5
106. 5
110.4
113.9
119. 1
134. 7
160. 1
174. 9
1975: May
June
July _ . . _ _ _
Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr__ -„
May-. _
173.2
173. 7
175. 7
176. 7
177. 7
178.9
178. 2
178. 7
179.3
179. 3
179. 6
181.3
181. 8
Farm
products
Indusand
trial
processed commodfoods
ities
and
feeds
102.4
102. 5
108. 0
106. 0
111. 7
110. 0
114. 0
113. 8
122. 4
117. 9
159. 1
125.9
177. 4
153. 8
184. 2
171. 5
Unadjusted
181. 2
170. 3
182.3
170. 7
188.2
171. 2
172. 2
189.0
190.4
173. 1
190.5
174 7
175.4
186. 1
186.0
176. 1
184. 6
177.3
182. 0
178.0
180.3
178.9
183.7
180. 0
180.4
184.9
Special §groupings
Farm
products
Processed
foods
and
feeds
102. 5
109. 1
111. 0
112. 9
125. 0
176. 3
187. 7
186. 7
102. 2
107. 3
112. 1
114. 3
120.8
148. 1
170. 9
182. 6
186. 0
184. 5
189. 9
192. 7
196. 9
199. 9
196. 1
197. 2
192. 6
187. 7
185. 9
193.8
194.9
181. 0
180.4
182. 5
184. 8
185. 3
186. 6
184. 3
181. 8
178. 3
175. 5
175. 9
179.3
181. 6
1
Excludes crude foodstuffs and feedstufls, plant and animal fibers, oilseeds, and
leaf tobacco.
22
Crude
materials 1
Inter- Producmediate er finmate-2
ished
rials
goods
102. 0
102. 6
103. 5
106. 1
110. 6
106. 9
110. 0
111. 9
118. 8
122. 7
114. 3
116. 6
131. 1
118. 9
119. 5
155. 2
128. 1
123. 5
219. 1
141. 0
159. 5
178. 6
162. 5
225. 1
Seas onally ad. listed
222. 5
176. 5
161. 3
224. 1
176. 9
161.8
224. 5
177. 1
162. 6
178. 2
226. 5
163. 1
232. 9
179.4
164.3
231. 4
181. 6
166.3
183. 3
227. 4
167. 1
184. 6
235. 4
167.9
236. 0
185. 2
169. 1
230. 0
185. 7
170.0
236. 5
186. 3
170. 7
242. 6
186. 7
171. 3
242. 6
186. 5
171.4
Consun ler finishe d goods
ex<3luding fo ads
Total
102. 1
104. 6
107. 7
111. 2
113. 5
118. 6
138. 6
153. 1
150. 8
151. 5
152. 6
153. 9
155. 4
157. 0
158. 2
158. 9
159. 1
159.4
159. 1
159. 0
159. 0
NonDurable durable
102, 2
102. 2
104. 0
105. 0
107. 0
108. 3
110.9
111. 3
113. 2
113.6
115. 8
120. 5
126, 3
146.8
138. 2
163.0
137. 0
137. 3
137.4
137. 8
138. 8
140. 7
141. 8
141. 9
142. 5
142. 8
143. 1
142,9
142. 9
159. 9
160. 8
162. 4
164. 4
166. 3
167. 9
169. 0
170. 1
170.2
170. 4
169. 7
169. 9
169. G
2 Includes supplies and components; excludes intermediate materials for foot
manufacturing and manufactured animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In May, the consumer price index rose 0.6 percent (also 0.6 percent seasonally adjusted). Food pricey increased 0.4
percent (1.0 percent seasonally adjusted). Nonfood commodity prices rose 0.8 percent; (0.6 percent seasonally
adjusted) and services prices were up 0.4 percent (also 0.4 percent seasonally adjusted).
1NPEX, 1?67« 100 (RATIO SCALE)
1967*? 100 (RATOSGMQ
120
100
1968
1976
COUNCIL, OF ECONOMIC ADVISERS
SOURCE! DEPARTA^NT OF LABOR
[1967=100]
All
items
Food
104. 2
_ 109.8
116. 3
121. 3
125, 3
133. 1
_ 147. 7
161. 2
103.6
108. 9
114.9
Period
1968
1969
1970
1971
1972
1973
1974
1975
118, 4
123.5
141. 4
161. 7
175.4
Commodities
less
food
103.7
108, i
112. 5
116.8
119* 4
123* 5
136. 6
149. 1
Comnaodities le ss food
Food
Services
commodities
All
Food
at
home
Food
away
from
home
105. 2
112.5
121. 6
128.4
133. 3
139. 1
152. 1
166. 6
103. 7
108.4
113. 5
117. 4
120. 9
129. 9
145.5
158.4
103.6
108. 9
114 9
118. 4
123. 5
141. 4
161. 7
175.4
103. 2
108. 2
113. 7
116. 4
121. 6
141. 4
162. 4
175. 8
105. 2
111. 6
119. 9
126. 1
131. 1
141. 4
159. 4
1743
All
103. 7
108. 1
112. 5
116. 8
119. 4
123. 5
136. 6
149. 1
Services
Durable
Nondurable
103. 1
107. 0
111.8
116.5
118.9
121.9
130.6
145.5
104 1
108.8
113. 1
117.0
119.8
1248
140.9
151. 7
105.2112. 5
121. 6
128. 4
133. 3
139. 1
152. 1
166. 6
Seasonal y adjust ed
Unac justed
1975: May__
June^
July___
Aug
Sept...
Oct
Nov_._
Dec
159. 3
160. 6
162. 3
162.8
163. 6
1646
165.6
166.3
171.8
174. 4
178.6
178. 1
177.8
17f. 0
179. 8
180. 7
148. 1
148. 9
149,9
150. 7
151.4
152.2
152.6
152.8
1645
165.7
166, 6
167, 4
169. 1
170. 1
172. 0
173. 1
156. 5
157.6
159. 6
160. 1
160. 6
161. 5
162.2
162.9
172. 5
1746
177.8
177. 5
178. 0
179.6
180.6
181. 6
172.3
1749
178.6
178. 1
178.4
180. 2
181. 2
182. 1
173. 1
173.4
174 5
175.3
176.4
177. 5
178. 6
179. 5
147. 9
148. 5
149.8
150.7
151.2
151.7
152.2
152.8
1448
145.4
146.2
147.0
147.6
148. 1
148.5
149.2
150. 0
150. 7
152.4
153.4
153. 7
1544
154.8
155.3
164 9
166. 0
166.9
167. 6
169. 0
170. 0
171.7
172. 8
1976: Jan
Feb___
Mar
Apr
May
166.7
167. 1
167.5
168. 2
169.%
180.8
180. 0
178. 7
179, 2-,
179. 9
152. 3
152. 7
153. 3
154.2
155.5
174,9
176. 1
177.2
163. 1
162.7
162.4
163.1
164 3
181.2
179. 4
177. 9
178. 9
180.6
181. 4
178. 6
176. 5
177.7
179.5
180. 9
182.4
183.4
184.0
185.0
153. 1
153.5
153. 9
1544
155. 3
149. 7
150.6
151.7
152.7
153. 6
155.6
155.7
155.6
155.7
156. 6
1747
176. 0
177.2
178. 0
178. 8
177; 7
i7a4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN WHOLESALE PRICES
Pereen t change from preceding
perio d; seasontally adjussted l
Period
1967...
1968
1969.
1970...
1971
1972..
1973.
1974...
1975
Percent c lange from 3 mont]as earlier; Percent c hange from 6 mont is earlier;
season ally adjusted annua1 rates .
season?illy adjussted annujil rates
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
1.0
2.8
4.8
2,2
4.0
6.5
15.4
.20. 9
42
-2.7
4.4
8.4
-4.7
8.1
18.7
36.1
-1.9
5.5
— 12
3.0
6.8
.8
4.7
11.6
20.3
20.9
.6
.0
.8
.9
.9
1. 1
i1
.3
4.4
-.8
2.9
1. 5
2.2
1. 5
-1.9
;6
;2
— ^?
1.2
1.3
.3
, ;7
-1.2
-1.4
1976: Jan, ,_
Feb...
Mar..
Apr —
• May..
—'.2
-.4
2
.8
,3
-2.3
-2.5
-1.0
4.2
.6
-1.9
-1.6
.2
1.9
1.3
Farm
products
Processed
foods
and
feeds
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
1.9
2.7
3.9
3.6
3.2
3.6
10.7
25. 6
-as
1975: May_
JuneJuly..
Aug..
Sept-.
Oct_.
No v.Dec..
All
commodities
6.0
'
''•';.2
37.7
39.7
29.3
15.2
29.7
22. 8
7.2
.6
-1. 3
6.7
4.0
8.7
11.3
9.3
-1. 1
-7.3
1.7
2.1
2.9
5.1
8.0
11.8
11.9
10.8
-0.1
;5
2.5
5.7
8.6
9.0
7.9
8.6
-5.9
-1.7
12.8
26.0
346
26.0
11.2
142
.9 -13.8
-1. 1 -16.1
-1,8 -21.0
2.5
2.5
ia2
5.5
-16.6
-17.8
-12.4
2.3
146
7.3
44
3. 2
2.9
2.9
6.4
3.8
2. 3
1.7
2. 1
2.9
-5.1
-10.9
-6.0
-1.2
4.5
6.5
5.9
6.9
10.8
12.2
8.9
6.5
;2
;4
:7
;9
1.2
;7
;6
:4
.1
.3
.3
.1
-9.6
-ao
ae
9.0
6.6
3.7
1.6
3. 4
3.0
2. 1
3.3
5.0
7.2
8.4
9.4
-45
-9.8
-9.9
-7.7
-2.9
9.5
8.1
6.9
5. 1
3.7
-2.8
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Pereen t change from preceding
perio d; seasortally adju.3tedl
Period
All
items
1967
1968
1969.__
1970
1971
1972___
1973___
1974
1975.
Food
Commodities
less
food
Percent c lange fro m 3 mont hs earlier; Percent c hange f re>m 6 mont hs earlier;
season*illy adju sted annu al rates
seasonsilly adjujsted annu aJ rates
Services
All
items
Food
. Commodities
less
food
3.0
47
6.1
5.5
3.4
3.4
8.8
12.2
7.0
1.2
43
7.2
2.2
43
47
20. 1
12.2
6. 5
3. 1
3.7
45
48
2.3
2.5
5.0
13.2
a2
40
6. 1
7.4
8.2
41
3.6
6.2
11.3
8. 1
1975 :May..
June..
July...
Aug...
Sept...
Oct...
Nov...
Dec...
5
7
10
4
4
6
6
5
.9
1,2
18
-2
3
9
6
6
.3
.4
.9
.6
.3
.3
.3
.4
.4
.7
.5
.4
.8
.6
1. 0
.6
5.7
7.0
9. 1
8. 5
7.4
5.8
6.8
7.3
3.3
9.7
16.9
12. 1
8.0
41
7.2
8.3
6.2
5.3
6.7
7.8
7. 5
5.2
40
43
1976: Jan,..
Feb...
Mar
Apr
May
4
1
2
4
6
-2
-1 0
— 8
6
1.0
.2
.3
1.1
.7
:7
.5
.4
6.5
44
2.9
2.9
49
3. 6
-2.6
-7.9
-5.0
2.7
3.7
3.5
2.9
3.4
48
1
;3
.3
.6
Annual changes are from December to December (unadjusted).
24
~
~
Services
6.3
as
6.5
6.7
7.4
7.6
10.2
9.3
11.5
10.4
10.6
7.8
as
All
items
Food
7.0
6.8
7.4
7. 1
7.2
7.4
7.7
7.4
46
5.0
7.7
7.6
8.9
10,3
9.6
8.2
ai
3.9
2. 2
-. 1
-.8
.0
5.6
5.1
47
46
Commodities
less
food
Source: Department of Labor, Bureau of Labor Statistics.
Services
7.2
7.0
6.4
5.9
5.9
5.9
8.4
8.0
7.3
6.5
7. 1
7.1
8.4
8.4
45
3.8
3.6
3.6
41
9.6
10.3
9.9
9.6
&4
7.1
a6
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 12^ percent in the month ended May 1 5. Contributing most to the increase were higher
prices for corn, cotton, and soybeans. Partially offsetting were lower prices for cattle and milk. Prices paid were unchanged. Both the actual and the adjusted parity ratios were up 1 point.
INDIX, 1967-
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS/INTEREST,
TAXES, AND WAGE RATES)
1968
19$9
'
1970
1
1971
1972
J
'1973
1974
1975
'
1976
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,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
products wage rates
items
Index, 1 967=100
Prices jreceived by ifarmers
Period
AD farm
products
Crops
!
1968
1969
1970
1971
1972
1973
1974
1975
_
„
•
„
..
1975: Apr 15
May 15 .
.
Jume 15
;..
July 15
Aug 15
Sept 15..
Oct 15
Novl5
Dec 15
1976: Jan 15
Feb 15.
Mar 15..-..Apr 15
May 15
Actual
Adjusted 2
102
107
110
113
125
179
192
185
100
97
100
108
114
175
224
201
104
117
118
118
136
183
165
172
103
108
112
120
125
144
164
180
104
109
114
118
123
133
151
166
100
104
108
113
121
146
166
182
73
73
72
69
74
91
86
76
79
79
77
73
79
94
87
76
178
183
186
191
194
198
195
184
186
201
198
198
203
212
210
203
189
188
158
171
176
181
180
189
189
181
184
178
180
182
182
183
185
183
183
184
163
164
166
168
169
169
170
171
171
181
183
186
184
186
189
186
184
186
73
75
75
77
78
79
78
74
74
74
75
76
78
79
79
79
75
75
186
187
185
189
192
190
192
194
193
200
183
183
178
186
185
190
191
192
193
193
172
172
173
174
174
191
193
194
197
196
72
72
71
72
73
72
72
71
72
73
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.
8
The adjusted parity ratio reflects Government payments made directly to
farmers.
Parity ratio l
NOTE.—Series revised beginning 1965.
Source: Department of .Agriculture.
25
MONEY, CREDIT, AND SECURITY
MONEY STOCK
Over the last 3 months (February to May)-Mi grew at a 9.5 percent annual rate, up sharply from the 2.3 percent
annual rate of the previous 6 months.
BHJJONS OF DOLLARS* (RATIO SCALE)
BILLIONS OP DOLLARS*
(RATIO SCALE)
200
200
1 I M I I !
» M » > I I• M I I
I I I II I I f 1 I »
'II t I I t I M i l
1968
If I I I I I I 1 1 1
T976
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL Of ECONOMIC AQVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Ovei•all meas tires l
Deposits at coicnmercia banks
Period
M,
1971: Dec..
1972: Dec_.
1973: Dec__
1974: Dec_>
1975: Dee__
1975: May _
June _
July__
Aug__
Sept__
Oct__
Nov__
Dec._
1976:Jan___
Feb.Mar__
Apr _
May»_
233. 8
255. 3
270. 5
283. 1
294.8
287.6
291.0
291. 9
293. 2
293. 6
293.4
295. 6
294. 8
295. 1
296. 5
298.0
301. 7
303. 3
1
M3
471. 7
525.3
571.4
612.4
664 3
633.7
642. 4
647. 5
650. 6
652. 9
655.8
662. 1
664.3
670.2
678. 5
683. 4
691. 9
697. 2
M3
745.1
844.9
919.5
981.6
1,092.9
1,025.3
1,040.2
1,051.6
1,060.6
1,068.1
1,075.8
1,086.5
1,092.9
1,103.7
1,117.2
1,127.3
1,141.1
1,151.1
Currency
52.6
56.9
61.5
67.8
73.7
70.2
71. 0
71.3
71. 9
72.0
72.6
73.4
73.7
74. 2
75. 1
75.7
76.7
77.4
Total
Large
CD's
Other
Deposits
at
nonbank
thrift
institutions
271.2
313.6
364.4
419. 1
452.4
431, 2
435. 5
437.6
436.2
438. 3
443. 3
448. 3
452.4
454.4
457. 3
458. 5
461.6
462. 0
33,3
43.6
63. 5
237. 8
270. 0
300. 9
329. 3
369.6
346. 1
351.4
355.5
357. 4
359. 2
362. 4
366. 5
369. 6
375.2
381. 9
385.4
390.2
393.9
273.4
319.6
348.0
369.2
42R6
391.6
397. 8
404. 1
410.0
415.2
420.0
424.4
428.6
433. 5
438.8
444. 0
449.2
453.9
Tim e and sa vings
Demand
181. 3
198. 4
209. 0
215.3
221.0
217. 4
220. 0
220. 6
221. 3
221.6
220.8
222.1
221.0
220.8
221. 5
222. 3
225.0
226.0
Mi is currency plus demand deposits; Ms is MI plus tfme deposits afc commercial banks other than large certificates of deposit (CD's); and Ms is M2 plus
deposits at nonbank thrift institutions.
26
Per cent
chaiige 2
Compoitents ancI related iterns
89. a
82.9
85. 1
84. 1
82. 1
78.8
79. 1
80. 9
81. 8
82.9
79.2
75.4
73. 2
71.4
68.2
2
U.S. Government
demand
deposits
(unadjust-
6.9
7.4
6.3
4.9
M,
M2
ed)
4. 1
4. 1
4.2
3.4
2.7
3.9
3.4
3.5
4. 1
3.8
4. 5
3.9
3.8
3.7
6.5
9.2
6. 0
4. 7
4.1
3.6
5.7
7.2
8.2
6. 8
6. 1
5.6
2.6
2.2
2. 3
3. 0
5. 7
5.3
11. 4
11.4
8. 8
7.2
8.5
7.7
10. 0
11.0
10.8
9.8
9. 5
9.2
6.9
7. 1
8.8
9. 6
11.3
10.9
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Eeserve System.
PRIVATE LIQUID ASSET HOIiDINGS— HONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cumjney and <deposits
Total
liquid
assets
Period
1969:
1970:
1971:
1972:
1973:
1974:
1975:
Dec..
Dec
Dec
Dec..
Dee...
Dec
Dec
.'"
._.
19?5: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec..
1976:
Jan
Feb
Mar
Apr.May*
.
U.S. G overnment se curities
Time dleposits
Total
583. 1
737.0
632.5
784.8
866.3
719. 9
979.2
816. 1
885.4
1, 092. 3
940.9
1, 183. 4
1, 301. 6 1, 052. 6
Currency
Demand
deposits
Short/Nonbank
Comterm
Savings marketthrift
mercial
bonds able seinstitubanks
tions
curities
52.6
56.9
61. 5
67.8
73.7
144.8
151. 4
160. 3
174.9
180.9
182.1
189. 0
177. B
199.3
233.7
264.7
294. 9
321.9
361.3
214.9
232.7
273.4
319. 6
34$. 0
369.2
428. 6
51.7
52.0
54.3
57.6
6a4
63. 3
e7,2
64.0
52. 6
37. 8
38.3
50.3
57.8
67.3
46.1
4:9.1
Negotiable
certificates of
deposit
9.0
23.0
m2
39.7
57.9
79.6
72. 9
1, 216. 2
1, 225. 1
1, 239. 4
1, 251. 4
'*• 1, 258. 6
1, 264. 4
1, 275. 4
1, 291. 6
1, 301. 6
971. 4
983.9
999.2
1, Oil. 1
1,020. 3
1, 027. 4
1, 035. 6
1, 046. 7
1, 052. 6
69.5
70.2
71.0
71. 3
71.9
72.0
72.6
73.4
73.7
183. 3
185.2
187.8
188.7
189. 6
189.7
189. 0
190. 7
189.0
3S2.4
336.9
342.6
347. 0
348. 8
350.5
354.0
358. 2
361.3
386. 0
391. 6
397. 8
404. 1
410. 0
415. 2
4m 0
424.4
428.6
64.5
64.8
65.1
65.6
65.9
66.2
66.6
66. 9
67.2
57. 2
57.1
58.2
60.8
62.2
61.0
62. 1
65. 4
67.3
78. 7
75.3
73.7
71.9
69.1
69.3
1, 310. 5
1, 320. 7
1, 329. 5
1, 343. 7
1, 352, 7
1,063. 9
1, 078. 1
1, 088. 1
1, 102. 2
1, 112. 1
74.2
75.1
75. 7
76. 7
77.3
189. 1
190.0
190. 2
192. 5
193.1
367. 1
374. 3
378.2
383. 8
387.6
433. 5
438. 8
444.0
449. 2
454.0
67. 6
68.0
68.3
68.6
69.0
67. 5
66.4
66. 7
67. 9
68.8
69. 6
66. 1
64.0
62-0
58.9
Note.—Data revised beginning October 1975.
7ae
71.5
72.9
Commercial
paper
29. 1
24.7
24.0
27.5
38.3
41.8
41.6
•11.4
43.9
43.0
42.1
41. 1
40.4
40.5
41. 1
41.6
41. 9
42. 1
KJ3. 0
4lT 6
Source: Board of Governors of the Federal E«serve System;
CONSUMER INSTALMENT CREDIT
{[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e?ctended
\
Period
Total i
1969
1970
1971
1972
1973
1974
1975
.- ...
....
........
.
1975: Apr
May.
June
JulyAug
Sept
Oct
Nov
Dec
1976:
Jan
Feb..
Mar
Apr
.
_
_
_
Automobile
Total *
Automobile
Bank
credit
cards
Net change in amount outstanding
Total1
Automobile
Bank
credit
cards
786
199
087
078
701
346
113
29, 974
30, 137
31, 418
34, 955
39, 506
42, 496
45, 110
3, 066
5,615
7,679
9,471
12, 434
15, 656
18, 769
9, 360
4,959
9, 599
15, 784
20, 826
9,824
3, 719
2,579
-343
3, 618
5,492
6,980
935
1,420
1,332
1, 153
697
919
1, 428
1, 442
798
1, 554
1,517
1,606
1,618
1,689
1,737
1, 698
1,752
1,719
13, 409
13, 359
13, 412
13, 436
13, 790
13, 795
14, 002
14, 072
14, 401
3,746
3,718
3,751
3, 741
3,818
3,849
3,800
3,814
3,865
1,512
1,508
1,504
1,548
1,576
1,631
1, 619
1, 723
1,768
— 242
-366
208
886
637
759
830
805
894
-270
-164
2
383
213
385
389
404
540
43
9
102
69
113
106
78
29
-49
1, 840
1,931
2, 046
1,907
14, 910
14, 656
14,805
14, 339
4,023
3,746
3, 883
3,728
1,733
1,798
1, 822
1,773
1,295
1, 169
1, 513
1,436
488
632
654
710
107
133
224
134
109, 146
112, 158
124, 686
142, 862
164, 527
166, 170
166,833
32, 553
29, 794
35, 036
40, 447
46, 486
43, 431
46, 530
4, 398
6, 768
8, 376
10, 390
13, 862
17, 098
19, 567
13, 168
12, 993
13, 620
14, 322
14, 427
14, 555
14, 832
14, 877
15, 295
3, 477
3,554
3,753
4, 124
4,032
4, 235
4, 189
4, 218
4,405
16, 205
15, 824
16, 318
15, 775
4, 511
4,378
4,537
4,438
* Includes some items not shown separately.
Bank
credit
cards
Instalme nt credit lieluidated
99,
107,
115,
127,
143,
156,
163,
Source: Board of Governors of the Federal Beserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Bank holdings of U.S. Government securities continued to increase rapidly in Mayf while commercial and industrial
loans were roughly unchanged from April.
BILLIONS OF DOLLARS* (RATIO SCAU}
BILLIONS OF DOLLARS* (RATIO SCALQ
1,000
1,000
"ALL COMMERCIAL BANKS"
800
800
600
600
TOTAL
LOANS AND INVESTMENTS
400
400
200
200
„,„„.*«««''•*«*"
WVKTMENT IN OTHER SECURITIES
,„,»*«*"
100
100
80
80
INVESTMENT IN
US, GOVERNMENT SECURITIES
60
60
40
40
1968
1969
1970
1971
1972
•"SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
T>__* _ J
jreriod
Total
loans
and
investments
1969
1970......
1971
1972
1973
1974
1975
1975: May
June
July
Aug
Sept
Oct
Nov
Dec
1976: Jan »p
Feb
Mar ^
Apr »
May *
401. 7
435. 5
485. 7
558. 0
633.4
5
690. 4
721. 1
700.6
705. 0
705. 8
709. 3
712. 7
716. 3
722. 2
721. 1
723. 3
726. 7
731. 2
734. 5
737.6
21 Data are for end of period.
Averages of dally figures. Annual
8
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Allcommercial fc
All me mber ban ks
>anks *
Borrowi]ags (milL<:>ans
Ileserves 2 3
Investnlents
lions of dollars,
unadju isted) 2
Total ex- Commer- U.S. Gov- Other
cluding
Avail-4
SeaNoncial and
Total
Total
secuernment
inter- industrial
borrowed
able
sonal
securities
rities
bank
279.4
105.7
51.2
27.93
26.81
25.46
71. 1
1, 086
292. 0
321
110.0
28.77
26.81
85. 7
29. 11
57.8
31.24
31. 12
104. 2
320.9
116. 1
60. 6
28.78
107
31.44
62. 6
30.39
378.9
130. 2
29.00
1,049
116. 5
34. 98
156.4
33.69
54. 5
41
449. 0
32.78
1,298
129.9
36.63
34.42
500. 2
35.90
32
183.3
50. 4
703
139.8
34.62
34.75
32.44
79.4
496.9
175.6
13
144.8
127
492. 2
34.74
34.67
178. 7
141. 0
32.77
60
9
67.4
34. 85
32. 90
142. 7
35. 07
176.7
271
11
490. 8
71.5
34. 68
32. 89
34. 98
176.7
489. 9
261
17
72.3
143.6
34. 67
32. 77
211
34. 88
490. 2
144. 1
176. 5
75. 0
38
34. 99
34. 59
32. 77
175. 3
491. 5
396
61
76.7
144.5
32. 61
34. 79
34. 60
495. 0
191
145. 3
65
176. 1
76.0
34.
73
32.43
61
498. 5
34.67
28
176. 8
76.8
146.9
34. 75
34. 62
32. 44
175. 6
13
79.4
144. 8
127
496. 9
34. 32
34. 24
32. 17
176.2
9
79
497. 3
81.0
145.0
34. 05
33. 97
174. 7
11
497. 8
84. 4
144. 5
31. 85
76
6
33. 95
8
499.7
34.00
31. 75
58
171. 0
88.2
143.3
34. 02
33. 98
31.87
44
11
144. 0
500. 5
170.1
90. 0
121
34.
13
170.3
144.
0
31.94
11
500.6
34.01
93.0
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.
* Reserves available to support private nonbank deposits are defined as (1)
required reserves for (a) private demand deposits, (b) total time and savings
deposits, and (c) nondeposit sources subject to reserve requirements and (2)
28
1973
excess reserves. This series excludes required reserves for new interbank and
U.S.
Government demand deposits.
6
During 1974, total loans and investments were increased $0.6 billion due t®
a bank merger and were reduced $1.5 billion due to liquidation of a large ban&
• Loan reclassifications reduced these loans by $1.2 billion as of March 31,1976.
Note.—Commercial bank series revised beginning 1959.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONJETURM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
1966
1967 —
1968
1969
1970
1971
1972
1973
1974
1975
1975: I
II
III
IV
__
1976: I» ....... _ _
Internal i
Credit market funds
Total
96. 7
93.9
114.3
119.2
102.9
120. 5
149. 5
175.4
179. 5
143. 9
86.5
133.6
163.4
192.0
60.6
61.4
62.4
61. 8
58.7
68.0
80.2
83.8
77.7
103.8
85.9
103,0
113.7
112.8
36. 1
32. 5
51. 9
57.4
44.2
52.5
69.3
91. 6
101. 8
40. 1
189. 0
120.0
TVvfnl
Longterm 2
Short-3
term
Other
Total
30.6
49.7
79.2
25.3
29.6
31. 5
38.9
39.5
46.8
55.3
67.2
77.1
35. 8
30. 9
36.4
31.5
44,7
15.7
21. 6
18.4
20.0
30.7
41.8
39. 3
34. 5
36. 3
49.8
56. 1
55.8
35.0
52.4
9. 6
8.0
13.2
18. 9
8.8
5.0
16. 0
32. 7
40. 8
-14. 0
-25. 3
-19.6
-3.3
-7.9
10. 9
3. 0
20.4
18.5
4.8
5.7
14. 0
24. 5
24. 7
4. 3
— 30. 2
-5.8
18. 1
34.5
69.0
32.3
3a9
-6. 5
36.7
.6
(after
*TR8&5§n9onos,
and mortgages.
8
Bank loans, commercial paper, finance company loans, bankers' acceptance^
and Government loans.
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
88.6
90.2
105.7
113. 7
95.0
111.0
134. 8
164. 1
167. 8 ,
135. 2
72.8
125. 4
155.7
186.8
76.0
73.4
76.7
85.3
82. 1
87. 9
104. 0
123. 2
124.0
96.7
90.7
81.2
106.0
108. 9
12. 6
16.8
29. 0
28.4
12. 9
23. 1
30.8
40.9
43.8
38. 5
-17.9
44.2
49. 7
77.9
8. 1
3.7
8.6
5.4
8.0
9.5
14.7
11.2
11.8
8.7
13.8
8.2
7.7<
5,2
181. 3
129. 0
52.3
7.8
* Plant and equipment, residential structures, and inventory Investment.
Source: Board of Governors of the Federal Eeserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cunrent liabiilities
dirrent assc3tS
Total
Cash
on
aand
and
in
banks 1
1966.
364.0
386.2
1967
426.5
1968
1969
473.6
492. 3
1970
1971
529. 6
1972
573.5
1973
643.3
712.2
1974
1975
731. 6
1974: III.. 708. 6
IV.. 712. 2
1975: !___. 698.4
II___ 703.2
III_. 716. 5
41.9
45.5
4R2
47.9
50. 2
53. 3
57.5
61.6
62.7
68. 1
60.3
62.7
60.6
63.7
65.6
68.1
End of
period
IV___ 731. 6
;
**
1
1
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriernties 2
ment 3
13.0
10.3
11.5
10.6
7.7
11.0
9.3
11.0
11.7
19.4
11.0
11.7
12. 1
12.7
14.3
19.4
4.5
5. 1
5.1
4.8
4.2
3.5
3.4
3.5
3.5
3.6
3.5
as
3.2
3.3
3.3
3.6
Notes
and
accounts
receivable
142. 1
150. 2
168.8
192.2
201.9
217.6
240.0
266. 1
289.7
294.6
295. 5
289.7
281.9
284.8
294.7
294.6
Other
Incurvenrent
tories
assets 4
142.8
153. 1
166.0
186.4
193.3
200.4
215. 2
246. 7
288. 0
285. 8
282. 1
288.0
285.2
281. 4
279.6
285.8
Receivables from and payables to the U.S. Government do not nelude
amounts offset against each other on corporations' books or amounts arising from
Tibeontracting which are not directly due from or to the U.S; Government;
19.7
22.0
26. 9
31. 6
35. 0
43. 8
48. 1
54.4
56.6
60. 0
56. 1
56.6
55.4
57.3
59.0
60.0
Total
199.4
211.3
244. 1
287.8
304.9
326.0
352.2
401.0
450.6
457.5
449.1
450. 6
438. 0
434.2
444. 7
457. 5
Advances
and
Notes
and
preacpayments, counts
U.S.
payGovable
ernment 3
4.4
5.8
6.4
7.3
6.6
4.9
4.0
isai
141.3
162.4
191.9
204.7
215. 6
230.4
4, 3 261.6
5.2 287.5
6.4 281.6
5.1 287.0
5.2 287.5
5.3 271.2
5.8 270. 1
6.2 273. 4
6.4 281. 6
Federal
income
tax
liabilities
Other
current
liabilities
17.4
13.2
14.3
12.6
10. 0
13. 1
15.1
18. 1
23.2
20.7
22.7
23.2
21.8
17. 7
19.4
20.7
44.5
51.0
61. 0
76.0
83.6
92.4
102.6
117.0
134.8
148.8
134.3
134. 8
139.8
140.6
145. 6
148.8
Net
working
capital
164.6
174. 9
182.4
185.' 7
187. 4
203. 6
221. 3
242.3
261. 5
274. 1
259. 5
261. 5
260.4
269.0
271; 8
274. 1
Wherever possible, adjustments have been made to Include U.S; Government
advances offset against inventories on corporations' books.
* Includes marketable investments (other than Government securities and
tone certificates of deposit) as well as sundry current assets;
Source: Securities and Exchange Commission,
29
INTEREST RATES AND BOND YIELDS
Interest rates rose throughout May but since mid-June have remained essentially unchanged or have declined slightly.
PERCB4T PER ANNUM
PR ANNUM
CORPORATE Aaa BONDS
(MCCOY'S)
*>
*•%.
A XA
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
TREASURY BILLS
J
V
11 11 f 1 1 1 t i t ( l i l t f t f 1 1 1 \ f 11 11111 f i i i f 11 It t i \ i j_i
i ii i i1ii
1968
1969
1971
1970
1973
1972
1974
1975
SOURCE: Sf E TABLE BELOW
1976
COUNCIL OP ECONOMIC ADVISERS
[Percent per annum]
U.S. Government seen rity yields
Period
1970
1971
1972
-.:
1973___.
1974
1975
1975: June
July
Aug
Sept
Oct
Nov_
Dec.......
1976: Jan....
Feb
Mar..
Apr.
May
June
Week ended:
1976: June 4
11
18
25*
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
3-month
Treasury
bills *
3-5 year
issues 2
6. 458
4.348
4. 071
7.041
7.886
5.838
5. 193
6. 164
6.463
6. 383
6. 081
5. 468
5.504
4. 961
4. 852
5. 047
4.878
5. 185
5. 443
7. 37
5.77
5.85
6.92
7.81
7.55
7.26
7. 72
8. 12
8. 22
7.80
7. 51
7. 50
7. 18
7. 18
7.25
6.99
7. 35
6.59
5.74
5.63
6.30
6.99
6. 98
6. 86
6. 89
7.06
7.29
7. 29
7. 21
7. 17
6.94
6. 92
6.87
6.73
6. 99
6.51
5.70
5. 27
5. 18
6.09
6. 89
6. 7i
6. 94
7. 02
7. 23
7. 22
7.21
7.06
6. 80 :
6. 91
6. 86
6.62
6.87
5. 578
5.459
5. 380
5.356
7. 52
7.42
7.38
7.33
6.98
6. 92
6. 91
6.91
6. 87
6. 87
6. 84
6.84
Taxable
bonds 5
1
2
Rate on new issues within period.
Selected note and bond issues.
* April 1953 to date, twangs due or cjrlilftfele 10 years and after.
* Average effective rate for year; opening and closing rate for month and week.
66 Beginning
BpffirminEf November
Novfimbfir 1971,
1071 several
SAirpral banks
hanks adopted
arlnntAd a
A floating
flnfttincf prime
nritriA rate
rate keyed
trAVArl
30
8.04
7.39
7.21
7.44
8.57
8. 83
8.77
8.84
8.95
8.95
8.86
8.78
8.79
8.60
Prime
commercial
paper,
4-6
months
Discount
rate
(N.Y.
F.R.
Bank)5
8.52
8.40
8.58
7. 72
5. 11
4.69
8. 15
9.87
6. 33
5. 79
6.44
6.70
6.86
6.48
5.91
5.97
5.27
5.23
5.37
5.23
5.54
5.95
4.88
4.50
6. 44
7.83
6.25
6 -6
6 -6
6 -6
6 -6
6 -6
6 -6
6 -6
6 -5^
5W-5H
8. 63
8.63
8. 62
8.60
6.00
6. 00
6. 00
5.94
5/2-5X2
5K-5K
SVo-S1^
8.55
Stt-VA
5y2-sy2
5/2-5^
5/2-5/2
Prime
rate
charged
by
banks 5 6
7.91
5.70
5.25
8.02
10.80
7. 86
m-7 *
7 -7%
7^-7%
7%-8
8 -7%
7%-7H7%-7^[
7K-6%
63/i-6M
6%-6%
%%-m
$%-m
Newhome
mortgage
yields
(FHLBB)7
8.45
7.74
7.60
7.95
8.92
9. 01
8.96
8.89
8.89
8.94
9.01
9.01
9.01
8.99
8. 93
8.93
8.92
8.98
6%-7
7-7K
7K-7K
7^-7K
to money market variables. Beginning April 16,1973, with the adoption of the
"dual prime rate", this table shows only the rate charged for large business loans.
^ Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract
rate and assumed, on the average, repayment
aYend~bf IFyears. Rates D^rnMng"January"l973'not'strictly comparable'wiff
prior rates.
'
Sources: Board of Governors of the Federal Reserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices retreated somewhat in late May and the first 2 weeks of June but bounded back in the third week of June.
INDEX,DEC 31,1965-50
80
40
30 -
- 30
1968
1970
1976
PER CENT
20
15
PERC ENT
20
y^x.
/f ^SV
ARNINGS-PRICE RATIO ON COMWON STOCKS
!
(S&P)
\
_
lO
i
r- i
1968
1.
1
J
1969
r^
! 1 I
1970
\^-
\ •—"1^
5
n
.. 15
.,
1
1
1971
1
I
! 1
1
1972
1
f
I
5
I
1974
1973
!
I
I I
1975
SOURCI& NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1970
1971...
1972
1973
1974
1975
1975: Apr
May
June
July
Aug
Sept
Oct_
Nov
Dec
1976: Jan
Feb.
Mar
Apr
May
Week ended:
1976: June 4
11
18.,..
25....
I
1
1976
Common s bock5yields
(perc<ant)
Standard
New York Stock Exchange indexe s (Dec. 31, 1 965=50) 2
Dow& Poor's
composite Dividend- EarningsJones
•
index
ratio
Finance industrial
ratio
Composite Industrial TransporUtility
tation
average 3 (1941-43=
10) *
45.72
48.03
32. 14
37. 24
83,22
60. 00
753. 20
6.46
3.83
54. 22
57.92
5.41
884. 76
44. 35
3.14
39.53
70.38
98.29
60. 29
65.73
2.84
5.50
50.17
38.48
78.35
950. 71
109. 20
57.42
63.08
7.12
37.74
37.69
70. 12
923. 88
3.06
107. 43
43.84
48.08
31.89
11.60
29.79
49.67
759. 37
82.85
4.47
50.52
45.73
802. 49
31. 10
47. 14
31. 50
4.31
9.03
86. 16
49.74
44.91
31.70
47. 35
790. 93
84. 72
4.34
30.01
53. 22
47.76
32.28
31. 02
836. 56
90. 10
4.08
50.06
49.22
54.61
845. 70
4.02
32.38
32.79
52.20
92.40
8.29
49.54
54.96
4.02
856. 28
32.90
32.98
52.51
92.49
50. 71
45.71
31.02
815. 51
30.08
46.55
85.71
4.36
44.97
50.05
818. 28
4.39
29.46
43.38
84. 67
30. 65
9. 12
46.87
52.26
4.22
30.79
31.87
44.36
831. 26
88.57
47.64
52.91
32. 09
45. 10
845. 51
90. 07
32.99
4. 07
51.89
46.78
31. 61
32.75
840. 80
4. 14
43.86
88.70
8.61
51.31
57.00
35. 78
48.83
929. 34
96.86
35.23
3.80
53. 73
59.79
36. 12
38,53
52.06
971. 70
100. 64
3.67
60.30
54.01
52. 61
988. 55
39. 17
35.43
3.65
101. 08
60.62
992. 51
54.28
52. 71
38. 66
101. 93
3. 66
35. 69
60.22
53.87
39. 71
50. 99
988. 82
35. 40
3.76
101. 16
53. 14
52.91
54 62
55. 28
59. 45
59. 13
61. 20
61. 94
39. 64
39.48
40. 47
41. 15
34. 75
34. 69
35. 22
33. 53
* Averages of daily closing prices.
2 Includes all the stocks (more than 1,475) listed on the N YSE.
* Includes 30 stocks.
« Includes 500 stocks.
' Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
I
COUNCIL OF ECONOMIC-ADVISERS
Comrnon stock piices 1
Period
10
50. 03
50.28
52.36
53. 20
971.
963.
994.
1, 001.
69
87
17
05
99.84
99.33
102. 56
103. 70
3. 79
3.86
3. 74
3.70
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NY8E).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
Q|
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
The budget deficits for fiscal 1976 and 1977 are currently estimated at $72.6 billion and $45.7 billion/ respectively.
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
RECEIPTS AND OUTLAYS
400
400
350
350
300
300
OUTLAYS
250
250
200
200
150
150
50
50
SURPLUS M OR DEFICIT (-)
0
-50
-50
-100
1969
1968
1970
1972
1973
FISCAL YEARS
1971
1975
1974
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1967
1968
1969
Receipts
Outlays
Surplus or
deficit (-)
Total i
Held by
the public
149.6
153.7
187.8
15&3
178.8
184.5
-8.7
-25.2
3.2
341. 3
369.8
367.1
267. 5
290.6
279.5
193. 7
188.4
208.6
232.2
264 9
196.6
211.4
231.9
246. 5
268. 4
-2.8
-23.0
-23.2
-14.3
-a 5
382.6
409. 5
437.3
468.4
486. 2
284.9
304. 3
323.8
343.0
346. 1
1975 2
1976
Transition2 quarter 2
1977
281. 0
299.6
81.9
351.5
324.6
372.2
99.5
397.2
-43.6
— 72. 6
— 17. 6
-45. 7
544. 1
633.9
652. 8
719.5
396. 9
484. 4
504.4
558.2
Cumulative totals for first 11 months:
Fiscgl year 1975
Fiscal year 1976
_
249.0
262.4
294. 1
335.0
—45. 1
-72.7
539.2
621.5
396.3
475.9
___
1970
1971
1972.
1973
1974
21 Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Office of Management gnd Budget statement of June 24,1976.
Federal debt figures are as transmitted in January 1976; they will be revised later.
32
Sources: Department of the Treasury and Office of Management and Budget
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1976 budget receipts are currently estimated at $299.6 billion and budget outlays at $372*2 billion The
corresponding figures for fiscal 1977 are $351.5 billion and $397.2 billion, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
300
OUTLAYS
300
250
250
200
200
NONDEFENSE
150
150
NATIONAL DEFENSE
100
100
JL
JL
50
1968
1969
1970
1971
50
1973
1972
1974
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCES* DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
cOutlays
Receij3ts
Period
Total
Fiscal years
19671968_
1969
1970
1971
1972
1973
1974_
1975 1
1976
Transition1 quarter
1977
_
1
Cumulative totals for
first 11 months:
Fiscal year 1975
Fiscal year 1976—
Individual Corporation
income
income
taxes
taxes
Other
Total
149. 6
153. 7
187.8
61.5
68.7
87.2
34.0
28.7
36.7
54.1
56.3
63.9
158. 3
178. 8
184. 5
69. 1
79.4
80.2
67.5
77.4
77.9
4.7
4. 6
3.8
37.6
43.4
49. 0
12.5
13. 8
15. 8
34.3
37.7
35.7
193.7
188.4
208. 6
232.2
264.9
90.4
86.2
94.7
103. 2
119. 0
32.8
26.8
32.2
36. 2
38.6
70.5
75.4
81.7
92.8
107.4
196. 6
211.4
231.9
246. 5
268.4
79.3
76.8
77.4
75. 1
78.6
77.2
74.5
75.2
73.3
77.6
3.6
3. 1
3.7
3.0
3.6
56. 1
70. 1
81. 4
91. 8
106.5
18. 3
19. 6
20. 6
22. 8
28. 1
39. 3
41. 8
48. 8
53. 9
51.7
281.0
297. 5
81.9
351.3
122.4
130.8
40.0
153.7
40.6
40. 1
8.4
49.4
118.0
126. 7
33.5
148.2
324.6
374. 4
98.5
395.8
86.6
92. 8
25.0
101. 1
85.0
89.7
245
99.6
4.4
5. 7
1.4
6.9
136. 3
161.7
41.5
172.6
31.0
34.5
9.8
41. 3
66.4
79.7
20.9
73.8
249.0
262.4
109.3
115. 6
31.0
31.4
108.7
115,4
294. 1
335.0
80.3
82.1
77.8
80.4
3.6
3.4
122. 5
147.0
28.5
32.8
59. 2
69.7
* Estimates shown here are from the Spriing Update— 1977 Budget tran,smitted
to the Congress March 25, 1976. Estimates iii subtitle above are from sta tement
of June 24, 1976 (see also p. 32) aiid are not sh own here inasmuch as detail ed corni ponents are not yet available.
National defense
Health
Depart- Internaand
Intional
ment of
income terest Other
Total Defense,
affairs security
military
Sources Department of the Treasury and Off Ice of Manag ement an<1 Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates, Federal receipts rose $10.6 billion (annual rate) in the first quarter and expenditures
$7.1 billion, yielding a deficit of $68.6 billion, $3.5 billion less than in the fourth quarter.
BILLIONS Of DOLLARS
440
BILLIONS OF DOLLARS
440
SEASONALLY ADJUSTS) ANNUAL RATES
400
360
320
-EXPENDITURES
280
280
240
240
RECEIPTS
200
200
1
1
1
SURPLUS
!
•
mm
I
I
I
I
i
I
I
f
!
!
t
f
t
f
\
\
f
HI m _
• •i•
Hit»I»-i
"""""1
-40
DEFICIT
1968
1969
1970
197!
1972
1973
T
f
f
1
1
ii
n
I \I I
I II
m
-80
-120
\
-80'
-120
19? 5
1974
-40
1976
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
CQVNCIl Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal C•rovernm<mt receip fcs
Period
I"ederal C•rovernm ent expe aditures
GrantsIndirect Contriin-aid
PurPersonal Corporate
business
butions
chases
to
State Net
Transand profits tax and
Total tax
for
Total
of
goods
fer
payand interest
nontax
tax
nontax social inand
ments local
paid
receipts accruals
governaccruals surance
services
ments
Surplus
or
deficit
Subsidies Less:
Wage
less
current accruals national
surplus of less
income
Govern- disand
ment en- burse- product
terprises ments accounts
(-),
Fiscal year:
1973
240.0
1974
271,6
1975
281. 5
1976 *
307. 4
1977 i
364.7
Calendar
year:
1972
227. 5
1973
257.9
1974
288. 4
1975
282. 3
107. 3
122. 9
126. 4
136.4
160.4
40.5
43.6
40.6
47.5
58.2
20.7
21.4
22.4
24.0
24.3
71.5
83.7
92.0
99.5
121.8
256.1
278. 7
328.7
378.7
404.5
101.5
104. 5
117. 6
130. 0
139.4
89.7
104. 7
134. 8
158. 7
168.2
40.4
41. 6
48.3
57.8
59.3
15.9
19.8
22.0
26.0
32.0
9.1
7.9
5.7
6.2
5.6
0. 5
-. 1
-.4
.0
.0
-16. 1
-7. 1
-47.2
-71.3
-39.8
108. 2
114.7
131. 4
125.6
36.6
42.5
45.9
39.0
20.0
21.2
21.7
24.2
62.8
79.4
89.4
93.5
244.7
264.8
300. 1
356.9
102. 1
102. 0
111. 7
123.2
83.2
95.8
117.7
149.2
37.5
40.6
43.9
54.3
14.6
18. 2
21. 0
23.4
7.8
8.2
5.2
6.8
.5
.0
—.5
.0
-17.3
-6.9
-11. 7
-74.6
1974: III_. 299. 2
IV... 293. 1
134.6
137.4
51.8
42. 9
22. 1
21.7
90.8 307. 2
91.1 318. 6
113. 6
118. 2
121. 2
127. 8
44.0
45.4
21.4
22,0
5. 5
5. 1
-1.5
.0
-8. 0
-25. 5
1975: !___. 283. 6
II__. 250. 1
m__ 293.3
IV... 302. 1
137.6
99. 3
130. 5
135.2
32. 1
35. 5
43.4
45. 0
22. 3
23. 5
25. 5
25.4
91.7
91.9
93.9
96.4
337.4
352.3
363.8
374. 2
119.4
119.2
124.2
129. 9
139.2
150. 5
152. 5
154. 5
50. 1
52.8
56. 8
57. 4
22.4
22. 6
23. 4
25. 3
6. 3
7. 1
6. 9
7.0
.0
.0
.0
.0
-53. 7
— 102. 2
— 70. 5
-72. 1
1976: !.._ 312.7
137.8
49. 1
23.0
102.8 381. 3
131. 1
160.2
58.7
26. 1
5.1
.0
-68.6
1
Estimates from The Budget of the United States Government, Fiscal Year 1977,
transmitted to the Congress January 1976.
34
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
11967=100]
Coiisumer prices (unadjusted)
Iiidustrial produetion (seatonally iidjustec0
Period
United
States
1969
1970
1971
1972
1973
1974
1975
1975: I_—
II
III
IV__
1976: I—Jan.
Feb.
Mar
Apr_
May
Canada
111
107
107
115
126
125
114
112
110
114
118
121
120
121
122
111
114
123
131
143
146
139
139
139
138
140
144
143
144
145
122
123
146
Japan
GerFrance many
Italy
127
135
137
142
153
150
142
143
139
138
146
150
148
153
148
111
118
115
119
134
141
128
130
133
152
156
167
197
189
168
162
167
170
172
181
177
181
186
118
124
132
142
150
154
140
141
137
137
143
149
149
148
151
United United
King- States
dom
126
125
131
130
138
109
111
111
113
122
120
114
118
112
112
112
114
113
114
114
Canada
GerJapan France many
Italy
United
Kingdom
• •-.
105
109
115
121
130
139
147
144
147
148
150
152
151
152
153
104
109
114
121
134
160
187
180
185
188
194
202
198
202
206
110
118
128
138
150
174
217
196
214
224
232
241
240
240
242
154
212
246
110
116
121
125
133
148
161
157
160
163
166
167
167
167
168
109
112
116
121
130
145
160
154
157
163
166
168
168
168
169
111
120
127
133
149
183
205
197
204
207
211
217
215
217
218
168
169
170
224
111
117
124
131
141
160
179
173
177
181
185
188
1§!)
Sources: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mereh andise e xports
Mere!landise i mports
Domestic3 exports
Gen eral imp orts 3
Period
Total
domestic and
foreign Total 1 2
exports
Monthly
average:
1973
---- 5, 902
1974
... 8, 159
8, 159
1974
1975..--. ... 8,933
1975: May... 8,222
June... 8,716
July... 8,894
Aug_._ 8,979
Sept... 9, 146
Oct.... 9,225
Nov... 9,409
Dec... 9,250
9, 103
1976: Jan
Feb.... 8,800
Mar. . _ 8, 956
9,394
Apr
Food, Crude
bever- mate- Manufac- Total 2
ages,
rials
tured
and to- and
bacco fuels goods
F. a.s. valu e 5
Custom s value
895
5,811
8,045
1,078
1,269
1,317
3,728
5,294
8,045
8,808
1,269
1,400
1, 174
1,215
1,295
1,380
1,367
1,501
1,493
1,404
1,510
1, 337
1,305
1,521
1,317
1,^66
1,217
1,145
1,248
1,299
1,242
1,199
1,342
1, 186
1,223
1,138
1,165
1,284
5,294 8,354
5,917 8,012
5,591 7,266
5,991 7,104
6,063 7,832
5,983 7,877
6,063 8,205
6,267 8,170
6, 168 8,204
6, 296 8,526
5,971 9,176
6,035 8, 941
6,088 9,607
6,191 9,596
5,790
8,416
1 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2 Total includes commodities and transactions not classified according to kind.
*Total arrivals of imported goods other than intransit shipments.
Food, Crude
bever- mate- Manu- Total
facrials
ages,
tured value) 4
and to- and
bacco fuels goods
Menjhandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
ports
im- imports
(cus- ports
toms (f.a.s.)
value)
770 1,120 3,750
892 2,653 4,684
F.a.s. i/alue 5
892 2,672 4,602
827 2,716 4,257
742 2,489 3,894
858 1,976 3,990
819 2,706 4,129
777 2,715 4,178
1,020 3,005 4,060
855 2,912 4,289
867 2,896 4,365
825 2, 852 4,582
872 3,233 4,714
889 2, 913 4,782
1,053
896
2, BS5
3,492
5,183
5,307
6,131
9, 000
9,000
8,618
7,817
7,652
8,413
8,479
8,830
8, 795
8,830
9, 166
9,880
9, 593
10, 301
10, 302
-25?
-195
-229
-841
-257
-195
-841
1,524
1,001
1, 053
1,613
1,062
1,102
1,064
1,132
1,054
1,206
— 132
— 213
-734
-302
-141
-651
—202
112
854
869
874
978
667
921
955
941
724
-73
315
405
481
500
316
429
580
84
-776
-793
-1,345
-008
* CJ.f. (cost, insurance, and freight) import value at first port of entry in the
United
States. Data for 1973 are estimates.
6
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter, the balance on current account was in small deficit, compared with a $3.1 billion surplus in the fourth
quarter of 1975, mainly because of a swing into deficit on trade account.
BILLIONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
1976
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise
Milit*iry transactions
12
Period
Exports
1969
1970
1971
1972
1973
1974
1975
1975: I
II
III...
IV___
Imports
Net
balance
Direct
expenditures
36, 414 -35,807
607 -4, 856
42, 469 -39,866 2,603 -4, 855
43, 319 -45, 579 -2, 260 -4, 819
49, 381 -55, 797-6,416 -4, 784
71, 410 -70,499
911 -4, 629
98, 310 -103,679 -5,369 -5, 035
107, 133 -98, 150 8,983 -4, 780
27,
25,
26,
27,
020
848
610
655
-25, 585
-22, 598
-24, 511
-25, 456
Sales
1,528
1,501
1, 926
1,163
2,342
2,952
3,897
Net
balance
915
807
978
1,197
-402
-378
-115
12
1976: !»___ 26, 939 -28, 447-1,508 -1,162
1,158
—4
Adjusted from Census data for differences in timing and coverage.
* Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Private 3
U.S.
Government
Net
travel
Other
and
trans- servporta- ices,3
tion
net
expenditures
Balance
on
goods
and
serv-1
ices
-3, 328 3,471
156 -1,763 1,833
977
-3, 354 3,631 -112 -2, 023 2, 190 2,938
-2, 893 5,659 -956 -2, 315 2,509 -256
-3, 621 6,208 - 1, 888 -3, 028 2, 789 -5,954
-2, 287 8,188 -3, 010 -3, 086 3, 188 3,905
-2, 083 13, 461 -3,234 -3, 107 3,919 3,586
-883 9,430 -3, 423 -2, 503 4,666 16, 269
1,435 -1,317
3,250 -1, 185
2,099 - 1, 093
2, 199 -1,185
1
Excludes military grants.
2
Netiinvestment i ncome
2, 109
2,349
2,487
2,485
-985
-818
-805
— 815
-687
-498
-568
-750
2,916
— 787
-772 1,213
1, 125
1, 146
1, 187
1,205
2, 595
5, 051
4,285
4,336
RemitBaltances,
penance
sions,
on
curand
other
rent
uniaclateral count
transfers *
-2, 994-2, 017
-3, 294 -356
-3, 701 -3,957
-3,848 -9,802
-3, 883
22
-7, 184 -3, 598
-4, 620 11, 650
-1, 179
- 1, 146
— 1,044
-1,251
1,058 -1,138
Note.—Series revised beginning 1960.
Source: Department of Commerce, Bureau of Economic Analysis.
1,416
3, 905
3,241
3, 085
-80
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the first quarter, total financing flows were little changed from the fourth quarter, with both recorded outflows and
inflows of capital at lower levels. Inflows on unrecorded transactions, however, rose.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
10
CHANGE IN
U.S. ASSETS'
ABROAD, NET
-15
1968
1975
1969
SOURCE: DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
TJ.£5. assets abroad, n et
[increaise/capital outflow (-)]
Period
Total
U.S.
official
reserve1
assets
(+)i
Other
U.S.
U.S.
govern- private Total
ment
assets
assets
1969
1970
1971
1972
1973
1974
1975
-8,823 -1, 187 -2, 200-5,436
-6, 032 2,477 -1,589 -6,920
-9, 596 2,348 - 1, 884-10, 060
32 -1, 568 -8,708
-10,245
-16,434
209 -2, 645-13, 998
365 -32, 323
-33, 392 - 1, 434
-31, 131
-607 -3,463 27, 061
1975:1
II
III__
IV____
-8,001
-7,943
-4,223
— 10, 964
-325
-29
-342
89
-899
-840
-772
-952
-9, 512
-773
-674 -8,065
1976:1"
Forei|gn assets in the U. 3., net
[incr<?ase/capitjil inflow
-6,777
-7,074
-3, 109
-10, 101
AllocaForeign official
tions
of
assets
nrVvfai
special (sum of
Foreign drawing
the
Assets of private rights
items
(SDR) with
foreign
assets
sign
Total
official
changed)
reserve
agencies
12, 270 -1,301 -1, 552 13, 571
7, 362
— 984
5,923
6,907
22, 445 26, 895 27, 405 -4, 450
21, 127 10, 705 10, 322 10, 422
5, 145 12, 220
18, 519
6,299
32, 433 10, 981 10, 257 21, 452
8, 544
4,603
14, 879
6,336
3,402
2, 958
2,837
1, 913
3,907
2,331
2,400 -1,985 -2, 356
2,088
5, 736
2,587
— 565
1,576
4,384
3, 148
3,325
1,693
5,018
i Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. gold tranche position in the IMF.
Note.—Series revised beginning 1960.
Stati stieal
discrepancy
1, 856
-1,430
—402
867
717 — 9, 609
710 -1,790
-2, 107
4,557
4,602
U.S.
official
reserve
Of
assets,
which:
net 1
Seasonal (unadadjust- justed,
ment
end of
discrep- period)
ancy
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
3,748
1,330 16, 256
131
-37 16, 242
-1,417 -2,565 16, 291
2,143
1,275 16, 226
4,574
1,357 16, 941
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND PEES PAID
[U.S. GOVERNMENT PRINTING OFFICE
37S
DIVISION OF PUBLIC DOCUMENTS
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars......
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
_.-..Nonfinancial Corporate Business—Output, Costs, and Profits..
National Income
Personal Consumption Expenditures
.. ^ ._. -. ^......
Sources of Personal Income
Disposition of Personal Income
Farm Income
.....
Corporate Profits
Gross Private Domestic Investment. . .. M .
_•.-..
Expenditures for New Plant and Equipment
_ _.
_
1
2
2
3
3
4
4
5
6
7
8
9
10
.-..
.
.._.......
.......
,...
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
I
Status of the Labor Force... •. _
Selected Unemployment Rates..—
.
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
.-.
Ayerage Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
productivity and Related Data, Private Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
.-. _........
Industrial Production—Major Market Groups and Selected Manufactures.
New Construction. _
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders.
17
18
19
19
20
21
PRICES
Wholesale Prices.
Consumer Prices
Changes in Wholesale Prices
Changes in Consumer Prices
. „, ~ _
Prices Received and Paid oy Farmers.._
.
.
.... „
.—
.
22
23
24
24
25
-
,_ _
MONEY, CREDIT?, AND SECURITY MARKETS
Money Stock
....
.
.
_. _
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit.
_ . , __..-._ . .
Bank Loans, Investments, and Reserves....... _ ... _. _* ~ ._, . . _ _ .
Sources and Uses of Funds, Nonfann Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields.
_
, „ ...,
Common Stock Prices and Yields.
,
_ .,
,
....
-.-..-..... _ _.
_.,
.
-. ^....... *
.
.
_
.
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt....... « _..-.,
,
_M
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....
_. ^ _. ^ _._ ^ .......
.
.. , .„. ^..
_.,
_ ... M
U;iS: International Transactions
._. ^.._ .-. _ .-. M M M ^. ^. M .-..................... _....... -. ^.. ^. ^.. _ ^. ^..... M M M M »^
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