Full text of Economic Indicators : June 1978
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
95th Congress, 2d Session
* v •,
J U L 17 1973
MBMB
OR
VHG
^
mam
mm
Economic Indicators
June 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fSJ. 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:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
li
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, gross national product rose $33.5 billion or 7.0 percent, both at
annual rates. Real output (GNP adjusted for price changes) was unchanged from the fourth quarter level and the
Implicit price deflator rose at a 7.0 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALq
BILLIONS OF DOLLARS (RATIO SCALE*
2,200
SEASONALLY AWUSTSD ANNUAL RATE*.
2,000
1,800
1/00
1/100
1,400
1,200
1,200
1,000
1.000
1970
1971
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DiPARTMf NT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imports of
good s and sendees
Go\rernment purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense l
Nondefense
State
and
local
Final
sales
796.3 490.4
868.5 535. 9
935.5 579.7
982.4 618.8
1,
. 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809. 9
1, 412. 9 889.6
1, 528. 8 980.4
1, 706. 5 1, 094. 0
1, 889. 6 1, 211. 2
120.8
131. 5
146. 2
140.8
160. 0
188. 3
220.0
214 6
189. 1
243.3
294.2
49
2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
7.8
-10.9
45.6
49.9
547
62.5
65.6
72.7
101. 6
137.9
147.3
162.9
1747
40.6
47.7
52.9
58.5
640
75.9
94 4
131.9
126.9
155. 1
185.6
180.2
198.7
207. 9
218.9
233.7
253. 1
269.5
302.7
338.9
361.4
395.0
90.9
98,0
97.5
95. 6
96.2
102. 1
102.2
111.1
123.3
130. 1
145.4
71.5
76. 9
76.3
73.5
70.2
73.5
73.5
77.0
83.9
86.8
943
19.5
21.2
21.2
22. 1
26.0
28.6
28.7
341
39.4
43.3
51.1
89.3
100.7
110.4
123.2
137.5
151. 0
167. 3
191.5
215.6
231. 2
249.6
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404 0
1, 540. 3
1, 693. 1
1, 871. 4
1976: III.. 1, 727. 3 1, 102. 2
IV — 1, 755. 4 1, 139. 0
254.3
243.4
7.9
3.0
168.4
168.5
160. 6
165.6
363.0
370. 0
130.2
1342
86.4
88.4
43.8
45.8
232.7
235.8
1, 705. 8
1, 756. 3
1977: I
1, 810. 8 1, 172. 4
II... 1, 869. 9 1, 194 0
III.. 1, 915. 9 1, 218. 9
IV... 1, 961. 8 1, 259. 5
271.8
294.9
303. 6
306.7
-8.2
-9.7
-7.5
-18.2
170.4
178.1
179.9
170.6
178.6
187,7
187.4
188.8
374.9
390.6
400.9
413.8
136.3
143.6
148.1
153.8
89.7
93.4
95.6
98.5
46.7
50.2
52.5
55.2
238. 5
247. 0
252.9
260.0
1, 797. 0
1, 848. 2
1, 892. 2
1, 94a 2
1, 995. 3 1, 282. 4
320.0
-23.7
180.5
2042
416.6
152.7
99.5
53.2
263.8
1, 974 3
1967
1968
1969..
1970
1971
1972
1973
1974
1975
1976
1977
i978: I.
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]
Exj>orts of ge ods
a]ttdsterviees;
Gross i>rivate domestic
iiivestment
Governinent pure lases of
goodfs and sen/ices
Personal
Gross
eonnational sump*
tion
product
expenditures
lNon~
residential
fixed
Residential
fixed
603.2
633.4
655.4
668.9
691.9
733.0
767.7
760.7
775.1
821.3
861.2
103.5
108.0
114.3
110.0
108. 0
116.8
131. 0
130.6
112.7
116. 8
126.8
37.2
42.8
43.2
40.4
52.2
62.0
5§. 7
45. d
38.8
47.7
56.9
a7
as
10.6
43
6.6
9.4
10.5
8.0
-§.9
8.5
11. S
• — . 4'
— 1.3
1.4
-.6
-3.3
7.6
15.9
22. 5
16.0
9.5
542
58.5
62.2
67.1
67.9
72.7
814
93.0
89.9
95.8
97.5
50.7
58.9
63. 5
65.7
68.5
75.9
79.9
77.1
67.4
79.8
88.0
24a3
259. 2
256.7
250.2
249.4
253. 1
252.5
257.7
263.0
2644
271. 1
125.3
128. 3
121.8
110.7
103. 9
102. 1
96.6
95.8
96.7
96. 5
101.4
123. 1
130.9
1349
139.5
145.5
151.0
155. 9
161. 8
166.3
167.9
169.7
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
1, 325. 5
III- 1, 283. 7
rV__ 1, 287. 4
822.7
839*8
nas
119.0
47.1
52.0
13.8
-1.8
17. 0
13.8
97.9
96. 9
80.9
83. 1
2646
2646
96.7
97. 1
168.0
167. 5
1, 269. 8
1, 289. 2
1977: I... 1, 311. 0
II... 1, 330. 7
HI.. 1, 347. 4
IV.. 1, 360. 2
850.4
854.1
860, 4
879.8
1243
12&4
127. 6
128.9
52.7
57.6
57.5
59.9
9.7
13.2
15.7
8.7
10.6
9.4
12.2
5.9
96.9
98.5
99.8
948
86. 3
89.1
87.6
88.9
263.3
2740
277.0
97.0
101. 1
103.3
1042
166.4
168.9
170.7
172.8
1, 301.
1, 317.
1, 331.
1, 351.
877.9
130.2
59.3
147
40
98.2
943
2743
101.7
172.6
1, 345. 6
Period
1967
1968....—
1969
1970
1971
1972
1973
1974
1975_
1976
1977.
1976:
1, 007. 7
It 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274 7
1, 337. 3
1, 360. 3
10782 I
Itf
Change
in busiNet
Exports Imports
ness in- exports
ventories"
12.0
final
sales
T?!-n«il
Total
27ao
Federal
State
and
local
2
5
8
5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Personal consumption expejaditures
Total
Gross ]srivate
dom estie
invesl ment
Expor ;s and
imports of goods
and se rvices
Governnlent purchases c>f goods
and se rvices
NonIf onf ev- ResiDurable durable Services idential dential Exports Imports Federal
goods
goods
fixed
fixed
State
and
local
7E02
82.57
86. 72
91. 36
96.02
100. 00
105. 80
116. 02
127. 18
133. 88
141. 29
81.3
846
88.5
92.5
96. 6
100. 0
105. 5
116.9
126. 5
133.2
140.6
87; 4
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.9
124 7
130. 1
81.9
85.3
89.4
93. 6
96.6
100. 0
107.9
123.8
133. 1
137.7
1440
78.8
82.0
86. 1
90. 5
95. 8
100. 0
1047
113. 6
123. 5
132. 3
141.5
79. 3
82.6
86. 6
91. 3
96.4
100. 0
103. 8
115.3
132. 3
138. 7
146. 0
77.0
80.7
87.7
90. 6
949
100.0
110. 8
122. 3
132. 8
142. 5
159. 9
840
85.3
87.9
93. 1
96.6
100.0
116.2
148. 3
163. 8
170.0
179.2
80. 1
80. 9
83.3
89. 1
93.5
100. 0
118.2
171. 0
188.2
1943
211. 0
72.6
76. 4
80.0
86. 4
92. 6
100. 0
105. 8
115.9
127.5
134 8
143.4
72.5
76.9
81.9
88.3
945
100.0
107.3
118.4
129. 7
137.7
147. 1
1976: III
IV
13456
136. 35
1340
135. 6
125.3
127.2
138. 3
139.3
133.2
135.4
139. 2
140.9
144 1
147. 5
172.0
1740
198. 4
199.3
1347
138. 2
138.6
140.7
1977: I
II
III
IV
138. 13
140. 52
142. 19
144 23
137.9
139.8
141. 7
143.2
129. 3
129.5
130.0
131.3
141.5
143.8
1449
145.9
137. 8
140.1
142.9
145.0
142.5
1444
146.9
150. 1
153.7
157.6
160.9
166.5
175.9
180.8
180.2
180. 0
207. 0
210.6
213.9
212.5
140.6
142.0
143. 3
147. 6
143.4
146.2
148.1
150.5
1978: I
146. 68
146. 1
133.6
149.2
147.7
U2.8
168.9
183.7
216.6
150.2
152.9
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977..
.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national p>roduct
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1976: III
IV
1977:1
II
III
IV
,.
Constant
(1972)
dollars
Current
dollars
Period
-
1978: I
Implicit
price
deflator
Gross (lomestic isroduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
2.9
4.5
5.0
5.4
5. 1
4.1
5.8
9.7
9.6
5.3
5.5
4.6
5.4
5.3
7.1
4.8
5.9
ao
5.0
8.2
10.1
11.6
8. 1
8.2
11.6
10.7
8. 6
6.7
13. 2
13. 7
10.2
9.9
44
2.6
-.3
3. 0
5.7
5.5
-1.4
-1.3
6. 0
4.9
3.9
1.2
7.5
6.2
5.1
8.8
7.0
.0
7.0
6.4
5.8
9.1
7.7
2.7
N»OTE.—Annual .changes ftpm previous »year and {Quarterly <sfaapges fconj
previous quarter.
44
5.0
5.3
5.0
4.1
6.0
9.9
9.5
5. 6
6.0
4.6
5.9
6.9
7.0
4.3
6.1
1.0
43
5.0
5.2
49
4.0
6.0
ia2
9.4
5.6
6. 1
48
6.0
7.1
7.0
48
6.2
Current
dollars
i.7
9.1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
11.4
10.7
8.2
6.9
12. 6
13. 6
10.5
10. 7
Constant
(1972)
dollars
Implicit
price
deflator
2.7
44
2.6
-.3
2.8
5.8
5.4
-1.3
— 1. 1
5.9
49
3.7
1.3
7.2
«.!
5.3
43
3.0
45
5.1
5.3
5.1
41
6.7
9.3
9.7
5.2
5. 5
44
5.i5
5.0
7.1
49
4i
Chain
price
index
3,1
44
5.0
as
5.0
41
5.9
•a $
9.5
5.6
5.9
45
6.0
6.7
7.0
43
6.2
6.4
—.2
6.6
6.4
6.8
Source: Department of CommejKie, Bureau,crfffkx)JaoKyio Aiia^ste.
Fixedweighted
price
index
(1972
weights)
3.0
44
5.0
5.2
49
40
5.9
9.9
9.4
5.6
6.1
46
6.1
7.0
7.0
48
6.3
6.4
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross d omestic
produLCt ©f
nonfin aneial
corpc>rate
busi ness
(bulk ns of
doll axs)
Period
[Quarterly data at seasonally adjusted annual rates]
Ciarrent-do]lar cost and profit per unit of outpu t (dollars;>
Capital
conComsumption
penallowTotal
sation
ances
Indirect
Net
cost
inof
with business
and 2
3
employ- terest
capital taxes
profit
conees
sumption
adjustment
Current
dollars
1972
dollars
452. 9
498.4
541.8
560. 6
602. 5
671. 0
752.0
_
808. 8
875. 2
991.0
_ 1, 105. 2
545.8
581. 6
607. 3
600.6
619. 3
671. 0
720. 4
695. 0
678.9
731.0
774. 4
0. 830
.857
. 892
. 933
.973
1. 000
1. 044
1. 164
1.289
1. 356
1.427
0.072
. 074
.079
. 088
. 094
.093
.095
. 116
. 143
. 146
. 151
0. 084
.089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
1976:111 _ 1 004. 7
IV— |l 017. 2
736.6
736.5
1. 364
1.381
. 147
. 150
. 136
. 139
. 892
. 916
. 044
. 045
049. 3
094. 9
124. 8
151. 7
753. 3
771.7
781. 2
791. 5
1. 393
1.419
1. 440
1.455
. 149
. 148
. 151
. 153
. 140
. 139
. 140
. 142
.930
.943
. 949
.964
1978: I *__ 1, 165. 8
790.0
1. 476
. 157
. 145
1967
1968
1969
1970
1971
1972
1973__
1974
1975
1976
1977. _
1977: I
!!___
III__
IV___
1
1
1
1
1
Output is measured by gross domestic product of nonfinaneial corporate
Ifisiness in 1972 dollars.
M This is equal to the deflator for gross domestic product of nonfinancial eor^orate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpc rate profits with
invent*Dry valual ion and
capit,al consuniption
iidjustmeo ts
Total
0.535 0. 016 0. 123
. 124
. 553 .017
. 022 . 109
.589
.628
. 028
. 086
. 645
. 029 . 095
. 107
.661
.028
. 032 . 105
.699
. 796 . 043 .086
. 849 . 045 . 115
. 044 . 139
. 890
. 142
. 947
.047
1.002
l
Profits
tax
liability
Profits
after
tax*
ComOutput
penper
sation
hour
per
of aH
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.051
.058
. 055
.045
. 048
.050
.055
.061
. 060
. 073
.074
0. 072
. 066
.055
. 041
. 046
.057
. 050
. 024
.055
.066
. 069
6. 873
7. 105
7. 139
7. 132
7.374
7. 595
7.781
7.506
7.766
8. 055
8.244
3.676
3.929
4 198
4 478
4. 757
5.024
5. 441
5. 972
6.596
7. 166
7.805
. 145
. 132
. 074
. 072
. 071
.060
8. 112
8. 052
7. 238
7.373
.046
. 047
. 048
. 049
. 128
. 142
. 152
. 147
.070
.075
. 073
. 076
. 058
.068
.079
.070
8. 170
8.209
8. 298
8. 322
7. 599
7. 737
7.873
8.026
.050
. 121
.071
.050
8. 279
8. 300
* 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]
Period
National
income
Compensation of
employees *
Propri etors*
incomes with
inventor y valuation anc capital
consunaption
adjust ments
Farm
Nonfarm
Rental
income
of perwith
capital
consumption
adjustment
Corpor ate profits5 with inventory valuation
and capital consumptioin adjustmtents
Profits with inv entory
valuation adjus tment
and ^vithout caipital
consum ption adjiistment
Profits
before
Invenj. _.___
tory
valuation
adjustment
Total
Total
tax
Capital
Net
coninterest
sumption
adjustment
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
471. 9
655.8
519. 8
714.4
571.4
767.9
798.4
609. 2
650. 3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
1, 520. 5 1, 156. 3
12. 1
12. 0
13. 9
13. 9
14.3
18.0
32. 0
25. 4
23.2
18. 6
19.7
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
60. 9
62.8
69.4
78. 5
19.4
18.6
18. 1
18. 6
20. 1
21. 5
21.6
21. 4
22. 3
23.3
25.3
79.3
85. 8
81.4
67. 9
77. 2
92. 1
99. 1
83. 6
99. 3
128. 1
139.9
75.6
82. 1
77.9
66. 4
76. 9
89.6
97.2
86.5
111. 5
142. 7
157. 1
77.3
85. 6
83.4
71.5
82. 0
96. 2
115.8
126.9
123. 5
156.9
171.7
-1.7
-3.4
-5.5
-5. 1
-5.0
-6. 6
-18.6
-40. 4
-12. 0
-14. 1
14.6
3.7
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12. 2
-14.7
-17.2
24.3
26.8
30.8
37.5
42.8
47.0
52.3
69.0
79.1
88.4
100.9
1976: III
IV.
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
16.2
16.6
70.0
72.0
23.3
24. 1
133.5
123. 1
148.2
137.9
159.9
154.8
-11.7
-16.9
-14.7
-14. 8
90.1
92.0
1977: I
II
III
IV
1, 450. 2
1, 505. 7
1, 540. 5
1, 585. 7
1, 109. 9
1, 144. 7
1, 167. 4
1, 203. 3
20.7
19.7
15.5
22.7
74.3
77.3
80.0
82.4
24.5
24.9
25.5
26.4
125.4
140.2
149. 0
144.8
141. 0
156.2
166.9
164.2
161.7
174.0
172.8
178.3
-20. 6
-17.8
—5.9
-14 1
-15.6
-15.9
-17.9
-19.4
95.3
98.9
103.1
106. 1
1978: I
1, 609. 9 1, 243. 8
20.2
83.1
26.9
126.5
147.1
171.9
-24.8
-20.6
109.4
* Includes employer contributions for social Insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis*
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura Die goods
D arable goocIs
Period
Total
personal
consumption Total
expendi- durable
tures
goods 1
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurablel
goods
Food
Retail sales of
new pa ssenger
cars (nlillions
of uilits)
Clothing Gasoline Services
and
and oil
shoes
Domestics
Imports
490.4
535. 9
579.7
618.8
668.2
733. 0
809. 9
889.6
980.4
1, 094. 0
1, 211.2
69. 6
80. 0
85.5
84.9
97. 1
111. 2
123. 7
122. 0
132. 9
158.9
179.8
29. 7
35.8
37.7
34 9
43. 8
50.6
55.2
48. 0
53. 9
71.9
83.8
29. 5
32.6
35. 0
36. 7
39.4
44. 8
50. 7
54. 9
58.0
63.9
70.5
212. 6
230.4
247.0
264.7
277. 7
299. 3
333.8
376. 3
409. 3
442. 7
480.7
109.6
118. 3
126. 1
136.3
140. 6
150. 4
168. 1
189.8
209.5
225. 5
246. 2
38.2
41. 8
45. 1
46. 6
50. 5
55. 1
61. 3
65.3
70.2
76. 3
83.0
17. 0
18.4
20. 4
22. 0
23. 4
24. 9
27. 8
36.4
39. 1
41. 4
44. 7
208. 1
225. 6
247. 2
269. 1
293. 4
322. 4
352.3
391.3
438.2
492. 3
550.7
1976: III.... 1, 102. 2
IV
1, 139. 0
159. 3
166. 3
72. 1
75.7
63.9
66.5
444. 7
458.8
227.0
232. 0
76. 9
79. 9
41.2
43. 5
498. 2
513.9
8.4
1.5
1.7
1977:1
II
III_.__
IV
1, 172. 4
1, 194. 0
1, 218. 9
1, 259. 5
177.0
178.6
177.6
186.0
85.3
84.5
81. 2
84.2
67. 4
69. 3
70.9
74.3
466.6
474.4
481. 8
499.9
237.9
244.8
248. 3
254.0
79.3
80.4
83. 3
89.0
44. 1
44.3
44.2
46. 3
528.8
541. 1
559. 5
573.7
9.4
9.3
8.9
8.9
1.8
2.4
2.0
1978: I
1, 282. 4
183.5
85.0
71.6
504.3
259.4
85.5
47.2
594.6
8.8
2.0
1967
1968
1969
1970
1971
1972
1973_
1974
1975
1976
1977
* Total Includes other Items not shown separately.
7.6
8. 6
8. 5
7. 1
8. 7
9. 3
9.7
7.5
7. 1
8. 6
9. 1
8. 5
0.8
1.0
1. 1
1.3
1.6
1. 6
1.8
1.4
1. 6
1.5
2. 1
2. 0
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Persona! income rose $1 5.4 billion (annual rate) in May, following a $21.3 billion (revised) increase in April. Wages
and salaries increased $6.5 billion in May, compared with $17.5 billion in April. All other major types of income
also rose in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,800
1,600
1,400
1,400
1,200
t,200
1,000
1,000
800
800
600
WAGE AND SALARY DISBURSEMENTS
600
«•«!»»»**»
400
400
OTHER INCOME
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
• M i l l
1970
1972
1971
i u ij j i
|J ! | I I t t I LI
1973
1974
1976
1975
1977
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE* DEPARTMENT OF COMMERCE
f I M I I ! t I I.It
1978
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Period
1970
1971
1972
1973
1974
1975
Other
and
Total
labor
personal salary
income disburse- income1 2
ments l
546.5
801. 3
579.4
859. 1
633. 8
942. 5
1, 052. 4 701. 3
764. 6
1, 154. 9
805. 7
1, 253. 4
891.8
1, 382. 7
1976._.
1977
1, 536. 7 990. 0
982.0
1977: May... 1, 517. 3
986.5
1, 524 3
June
992. 9
1, 539. 2
July
997. 9
Aug
1, 549. 0
1, 561. 3 1, 006. 0
Sept
Oct
1, 584. 0 1, 022. 1
1, 602. 3 1, 029. 9
Nov
1, 622. 7 1, 035. 3
Dec
1, 625. 2 1, 046. 3
1978: Jan
1, 634. 5 1, 055. 6
Feb
Mar
1, 656. 6 1, 074 0
Apr
1, 677. 9 1, 091. 5
May *__ 1, 693. 3 1, 098. 0
32. 0
36.2
42.0
48. 7
55. 6
64 9
75.9
88. 6
86.7
87.9
89. 1
90.3
91.5
92.8
94 0
95. 3
96.5
97.7
99.0
100.2
101.4
Proprietc)rs* income s Rental
income
Farm
13. 9
143
18. 0
32. 0
25.4
23.2
18. 6
19.7
19. 8
18. 4
16. 5
15. 1
149
17. 4
21. 1
29. 4
23. 0
19.0
18. 5
19. 1
21. 7
persons *
51. 2
53.4
58. 1
60. 4
60. 9
62.8
69.4
78.5
77.2
77. 6
79. 2
80.2
80.8
81. 5
82. 3
83.2
81. 9
83.0
843
85. 1
85. 5
* The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
a Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
8
With inventory valuation and capital consumption adjustments.
*With capital consumption adjustment.
of
Nonfarm
Dividends
18.6
20. 1
21. 5
21. 6
21.4
22.3
23.3
25.3
24 8
25. 6
24 7
25. 7
26.0
26. 2
26. 4
26.6
26.8
26.9
27.0
26. 9
27.0
22.9
23. 0
24 6
27.8
31. 0
32. 4
35.8
41.2
39. 6
41. 9
42.0
42.4
42.6
42. 7
42. 9
45. 2
43. 7
43.8
44 0
444
45. 1
Less: PerNonPersonal Transfer sonal confarm
payinterest
tributions personal
income ments 8 for social
income 8
insurance
643
69.3
746
84 1
103. 0
115. 6
130. 3
147. 8
145. 2
147.4
149. 1
150.4
151.3
153. 1
155.4
157.0
158.5
160.2
161.2
163.5
165. 5
79.9
94 1
104 1
118.9
140.8
176. 8
192. 8
206. 9
202. 9
200. 0
207.2
208.6
210.2
210. 9
213. 1
213. 9
215. 4
215.5
216. 7
216. 4
2ia 3
28.0
30.8
342
42.2
47.7
50. 4
55.2
61. 3
60.9
61. 0
61. 5
61. 6
62. 0
62. 6
62. 9
63. 2
67. 0
67.4
68.2
69, 1
69.3
780.7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 502. 8
1, 483. 5
1, 491. 6
1, 508. 3
1, 519. 5
1, 531. 8
1, 551. 9
1, 566. 3
1, 57a 2
1, 586. 8
1, 600. 0
1, 622. 5
1, 643. 1
1, 655. 8
«Consists mainly of social insurance benefits, direct relief, and veterans payments.
« Personal income exclusive of farm proprietors' income, farm wages, farm other
labor Income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose only slightly in the first quarter.
BILLIONS OF DOLLARS* {RATIO SCA1Q
1,600
BILLIONS OF DOLLARS* ffcATJO 5<3MD
t
i
l
1
1
1
t
i
t
l
!
t
t
!
1
I
I
I
f
t
1
!
!
t
DOLLARS* (RATIO SCALE)
l
i
t
DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOMt
CURRENT DOLLARS
1970
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
2,000
1978
1971
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Equals :
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Per c apita
dispo sable
persona income
Equals :
Personal
saving Current
dollars
Bil lions of d Dllars
1972
dollars
Per capita personal cc nsumption exp<snditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
(thousands) *
Dollars
It69
1970
1971
1172
1973
1974
1975
1976
1977
745.8
801.3
859.1
942. 5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1, 536. 7
630.4
595. 3
115.4
635.4
115.3
685.9
685.5
116. 3
742.8
141.2
801.3
751.9
901. 7
831.3
150.8
170. 3
984 6
913. 0
169. 0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
227. 5 1, 309. 2 1, 241. 9
200.6
209. 5
224. 4
224. 8
226. 1
234.7
35. 1
50. 6
57. 3
49.4
70. 3
71.7
80.2
65.9
67.3
3, 111
3,348
3,588
3,837
4,285
4, 646
5,077
5,511
6,037
3,515
3,619
3, 714
3,837
4,062
3,973
4,014
4, 137
4,293
2, 860
3, 020
3,227
3,510
3, 849
4,197
4,591
5, 084
5,585
3,234
3,265
3, 342
3, 510
3,648
3,589
3,629
3, 817
3,971
1.5
3. 0
2. 6
3. 3
5.9
-2.2
1.0
3.1
3.8
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5.6
5. 1
202,
204,
207,
208,
210,
211,
213,
215,
216,
677
878
053
846
410
945
566
191
856
380
827
206
603
073
541
Seas onally ad. usted ancLual rates
1976:111IY._
1977: I.—
II__.
Ill—
1, 393. 9
1, 432. 2
1, 476. 8
1, 517. 2
1, 549. 8
1, 603. 0
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 9
1, 250. 5
1, 292. 2
1978:I_
1, 638. 8 236.6 1, 402. 1 1, 316. 5
IV —
1
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 323. 8
1, 368. 3
73.3
76. 1
5,540
5, 665
5,793
5,967
6,098
6,290
4, 135
4, 177
4,202
4,268
4,305
4,394
5, 117
5,278
5,422
5, 513
5, 615
5,790
3, 820
3, 891
3,933
3,943
3,964
4,044
0.5
4. 1
2.4
6.4
3. 5
8.5
5.4
4.6
4. 1
5.3
5.5
5.6
215,
215,
216,
216,
217,
217,
85.7
6,435
4,405
5, 885
4,029
1.0
6. 1
217, 897
64.8
56. 3
51.4
ea 5
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
3
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the first quarter, net farm income excluding inventory change rose $0.3 billion (annual rate) while income including
inventory change fell $2.7 billion.
BILUONS OF DOLLARS* (RATIO SCALQ
BIIUONS OF DOtLARS* (RATIO SCALE)
120
120
100
100
80
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
40
20
40
^~*y
20
V
10
10
1971
1970
1972
1973
1975.
1974
1976
1977
1978
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
I Personal income received
| by total farm population
Income received from farming
Realizeid gross
Period
1970
1971
1972___ ..
1973
1974
1975.
1976
1977
1976:111...
IV... _
1977: I
II
III...
IV_._
58.6
60. 6
70. 1
95.5
100. 0
96. 7
103. 6
106. 1
100. 9
101. 9
106.5
107. 2
100.8
110.0
Net inc ome per
Net tc> farm
farm inchiding net
oper.ators
Casl i receipts from
inventory change *
rnarketing s
Produc- Exclud- Includtion ex- ing net ing net
Livepenses inven- inven- Current
1967 4
stock
Total
Crops
and
tory
tory 2 dollars dollars
products
change change
Dollars
Billioiis of dolla rs
142
50.5
21. 0
4,202
29.6
14. 1
44.4
4,790
52. 9
22. 3
13.2
14. 6
30.6
47.4
4,263
5, 030
35.
7
61. 2
25. 5
18. 7
17.8
6, 504
52.3
5,288
41. 1
87. 1
45. 9
33. 3 11, 727
65.6
29.9
8,817
92. 4
41. 4
51. 1
72.2
26. 1
9, 232
6, 114
27.7
88. 1
43.0
45. 1
5,203
24.3
20.8
75. 9
8, 637
94.3
20.0
46. 4
7,203
4, 093
47. 9
81. 7
21.9
95.0
47. 4
20.4
47. 6
21.3
7, 870
85. 7
4, 186
91.5
82. 3
45.5
46. 0
18. 6
17. 6
6,330
3, 580
92. 4
45.4
47. 0
18. 0
6,480
20.7
3,600
81. 2
21. 5
96. 7
22.0
46. 2
50. 5
84. 5
7,940
4, 330
21. 2
97. 1
46. 8
50. 3
20.7
7,830
4,180
86.5
42. 6
90. 4
17.5
6,470
3,410
47.8
83.3
17.5
95.9
47. 0
88.5
21.5
25. 0
9,240
4,800
48.9
113. 3
100. 9
From From From
farm nonfarm Total ]
all
sources sources sources
27.4
28.7
34. 4
48. 6
44. 7
44. 3
42.0
44.5
1978: I
1
13. 0
13. 4
16.8
29. 0
23. 1
21. 5
17. 8
18. 6
14. 4
15. 3
17. 6
19. 5
21. 6
22. 8
24.2
25. 9
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
38 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
28-745°—78
52.7
48.2
91.5
21.8
4
22. 3
8,320
4,220
Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the first quarter, profits before tax fell $6.4 billion while after-tax profits fell $2.6
billion. About half of the decline was caused by severe weather, the coal strike, and coal and electricity shortages.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
^j
1970
1971
SOURCE, DEPARTMENT OF COMMERCE
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1976: III
IV
1977: I
II
III
IV
1978: I
1978
COUNCIL OF ECONOMIC ADVISE*
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after
3ry valu*ition
Profit s (before tax) wit' a invent<
adjustrr lent l
i
Domes=tie indu stries
i
Tax
Profits
K'onfinanc lial
liabefore
Divi2
«
Wholebility Total dends
tax
Total
ManuFinansale
Total
cial
Total3 faeand
tur- retail
mg
trade
63. 6
44. 9
75.6
72.6
32. 5
9. 0
37.9
8. 9
20. 1
77.3
7&9
82.1
10.4
41. 2
68.5
39.4
46. 2
10. 1
21.9
85.6
74.2
43. 8
11.3
62.9
22. 6
77.9
36. 8
10. 1
39.7
83.4
62. 6
66.4
12.6
50. 1 27. 1
37. 0
22. 9
9.4
34. 5
71.5
72.4
58.2
14. 1
44.3
76.9
32.4
11.7
37.7
23.0
82.0
84.7
15.4
54. 6
89.6
69.3
13. 3
41. 5
24. 6
40.6
96. 2
97.2
90.4
16.2
44. 1
74. 1
67. 1 27. 8
14. 7
48. 7
115. 8
86.5
76.9
14.4
12. 9
74. 5
62.5
36. 6
52.4
31. 0
126. 9
105.4
50.2
73. 4
32. 4
111.5
15. 6 90. 3
47. 9
22. 1
123. 5
142. 7
18.2 116. 4
92. 1
134. 6
66. 3
27. 1
64.7
35.8
156. 9
157. 1
147.8
75.4
69.2 102.5
41.2
20.7 127.2
26.5
171.7
148.2
139.8
18.4 121.3
68.4
94. 0
36. 0
29. 1
65. 9
159.9
130.2
137.9
18.4 111. 8
90. 9
38.4
62.9
27.4
63.9
154.8
141. 0
131. 0
64.4
97. 2
19. 2 111. 8
65. 2
38. 5
161. 7
24,0
156. 2
145. 5
19.9 125.5
40.3
76. 4
69.7 104.3
174. 0
25. 4
21. 2 136. 1
166. 9
157. 4
42.3
172. 8
69. 3 103. 6
77.6
31. 2
164.2
22. 3 135.2
157.5
82.2
73.3 105.0
25.4
43.6
178. 3
138.9
23.1 115.8
43.8
70.2
69.5 102.4
147. 1
19.2
171.9
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
28 Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
1977
tax
Undistributed
profits
24.7
24. 2
21. 2
14. 1
21.3
30. 0
39. 3
43.6
41.0
56. 4
61.4
58. 0
52.5
5&8
64. 1
61. 2
61.4
58.5
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-1.7
-3.4
-5.5
-5. 1
-5. 0
-6. 6
-18.6
-40.4
-12.0
-14. 1
-14. 6
-11. 7
-16.9
-20. 6
-17.8
—5. 9
-14.1
-24. 8
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates, business fixed investment rose $5.3 billion (annual rate) in the first quarter as producers'
durable equipment purchases increased $3.6 billion and nonresidential construction outlays rose $1.7 billion. Residential investment outlays increased $0.4 billion. Inventory investment amounted to $21.1 billion, up $7.6 billion
from the fourth quarter level.
BILLIONS OF DOLLARS*(RATIOSCALg
BILLIONS OF DOLLARS* (RATIO SCALE)
^
340 -GROSS PRIVATE DOMESTIC INVESTMENT
140 -NONRESIDENTIAL FIXED 1NVESTMENT-
PRODUCERS'
DURABLE EQUIPMENT
260
100
80
180
I
I
I
\
\ \
t
I
I
STRUQURES
BILLIONS OF DOLLARS
120
RESIDENTIAL FIXED INVESTMENT
110
50
100
t
90
I 1
1
1
1
I
1
1
BILLIONS OF DOLLARS
80
/O
60
A
50
1974
1975
1976
1977
1978
1975
1974
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1978
1977
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Norpresident ial fixed investnii3nt
Gross
private
domestic
investment
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1976: III
IV
1977: I
II
III
IV
1978:1
__.
Struc tures
Total
Total
Nonfarm
Total
Nonfarm
Total
Nonfarm
tures
Farm
struci
Pf/%
ducers1
dur_i_-i_
able
equipment
Change in business inventories
Total
Nonfarm
120.8
131. 5
146.2
140. 8
160.0
188. 3
220.0
214. 6
189. 1
243.3
294.2
254.3
243.4
271. 8
294.9
303. 6
306.7
82.1
89. 3
98.9
100. 5
104. 1
116.8
136.0
150. 6
149. 1
161.9
185.1
164. 9
167. 6
177. 0
182. 4
187. 5
193.5
29. 5
31. 6
35.7
37.7
39. 3
42. 5
49.0
54. 5
52. 9
55.8
61.5
56. 0
57.0
57.9
61. 0
62. 6
64.5
28.2
30.4
34. 3
36. 1
37.8
41. 1
46.9
51.8
50.4
53.4
58.8
53. 6
54.4
55. 1
58.2
60. 1
61.8
52.6
57.7
63.3
62. 8
64. 7
74. 3
87.0
96. 2
96.3
106. 1
123.6
109.0
110.6
119.2
121. 4
124. 9
129.0
48. 0
53. 4
58.9
58. 1
59. 9
69. 1
80. 1
88.2
87. 1
95.9
112.4
98.4
100.7
107.8
110. 0
114. 0
117.8
28.6
34.5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68. 0
91. 0
67.8
76.7
81. 0
90.8
92.5
99.7
27. 2
33. 1
36. 3
35. 1
47. 9
60. 3
64. 3
52.7
49.5
65.7
88.4
65.7
74.3
78. 5
88.2
89.9
97. 1
0.7
.6
.7
.6
.7
.7
.6
1. 2
.9
1.0
1. 1
.9
1. 1
1. 1
1. 2
1. 1
1. 0
0.7
.8
.9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1.4
1.2
1. 3
1.4
1.4
1.5
1.6
10.1
7.7
9.4
3.8
6.4
9.4
17.9
8.9
— 11. 5
13.3
18. 2
21.5
— .9
13.8
21.7
23.6
13.5
9.4
7.6
9.2
3. 7
5. 1
8.8
14.7
10. 8
-15. 1
14.9
17.1
22. 0
1. 4
14. 1
22.4
23. 1
9.0
320.0
198.8
66.2
63. 1
132. 6
121. 7
100.1
97.3
1. 1
1.7
21. 1
20.3
Source: Department of Commerce, ISureau of Ec<momie Ansilysis.
Prodiiicers'
dur able
equip>ment
Resid ential fix ed inves iment
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.2 percent in 1978, according to the Commerce Department survey
conducted in late April and May. Spending in 1977 was 12.7 percent above the 1976 level.
BILUONS OF DOLLARS (RATK) SCAL|
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
1970
1971
J/ SEE FOOTNOTE 4 BELOW.
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts <yf plant
and eqilipment
3
pro;nsets
E?cpenditure;s for plan t and equipment
N<mmanuf acturing
Mi mufaeturi ng
Period
Total1
Commercial
Manufactur-
10. 77
11.89
12.85
13. 96
12. 74
13. 30
15.45
17. 46
other
18. 05
20.07
21.40
22. 05
20. 60
20. 99
22.97
24. 67
28. 00
35. 21
47. 57
52.49
48. 24
51. 05
66. 73
22. 22
28. 60
38. 13
45.74
34. 50
29. 66
32. 54
25.35
25. 29
26. 22
26. 23
14. 19
15.32
16. 40
15.82
22.67
22. 73
23. 14
23. 27
15. 26
15. 15
19. 81
16. 54
9. 76
3. 79
10. 23
7.99
27. 92
28. 27
29. 26
30. 30
17.07
24. 76
17. 41
5. 13
Total
Durable
goods
Nondurable
goods
Total
81. 21
88. 44
99. 74
112. 40
112. 78
120. 49
135. 80
151. 05
29. 99
31. 35
38. 01
46.01
47. 95
52. 48
60. 16
67.28
14. 15
15. 64
19.25
22. 62
21. 84
23. 68
27. 77
30. 95
15.84
15. 72
18.76
23.39
26. 11
28. 81
32. 39
36.34
51.22
57. 09
61.73
66.39
64. 82
68.01
75. 64
83. 76
2. 16
2.42
2.74
3. 18
3. 79
4.00
4. 50
£ 76
4.93
5. 72
6.03
6. 66
7. 57
7.45
6. 93
7. 94
15. 30
17.00
18.71
20. 55
20. 14
22. 28
25. 80
28. 94
130. 16
134. 24
140. 38
138. 11
56. 43
59. 46
63. 02
61.41
26. 30
27. 26
29. 23
28. 19
30. 13
32. 19
33.79
33. 22
73.74
74 78
77.36
76.70
4 24
4.49
4. 74
4.50
7. 29
6.96
6. 85
6.88
1978: I 4
144. 25
II
148. 88
III4___ 153. 88
IV 4
156. 84
61. 57
65; 67
28. 72
30.42
31.99
32. 45
32. 86
35. 25
37. 45
39. 36
82. 68
83. 21
84.39
85. 03
4.45
4. 95
8.46
8. 13
7. 65
7.61
1971
1972
1973
1974
1975. _
1976
1977 4
1978
___
1977:1
II
III
IV
69. 44
71. 81
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
Trans- Public ComMining porta- utili- munition
cation
ties
4.84
4.90
3
3
and 2
4L 86
42. 63
42. 21
ing
Public
utilities
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late April and
May 1977. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
OF
LABOR
Seasonally adjusted employment increased in May by 31 1 ,000 as the civilian labor force rose above *he 100 million
mark. Unemployment showed little movement, increasing by 166,000.
MILLIONS OF PIRSONS*
MILLIONS OF PERSONS*
5 -
1970
1971
1972
*16 YEARS OF AGE AND OVER.
SOURCE.' DEPARTMENT OF LABOR
Noninstitu- Civilian
tional employment
population
period
1973
1974
1975
1976
1977
COUNCIL OF ECONOM1CADVJSOS
148, 263 84, 409
150, 827 85, 935
153, 449 84, 783
156, 048 87, 485
_ 158,559 90, 546
Uiaadjusted
[Thousands of persons 16 years of age and aver]
Unempl(Dyment
eivilian eirnploymerit
Total
labor
Nonagri cultural
15
Unem- force Civilian
Part-time Total W,^eks
Agrilabor
(includployTotal
ecoculand
force
ing
ment
Total for
nomic 1
tural
over
Armed
-reasons
Forces)
2, 311
3,452
80,
957
812
4,304
4,304 91, 040 88, 714 84, 409
2, 709
5, t>76
937
5,076 93, 240 91, Oil 85, 935 3,492 82, 443
3,490
7,830 2,483
7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7,288 2,339
7,288 96, 917 94, 773 87, 485 3,297 84, 188
6,855 1,911
3, 297
6,855 99, 534 97, 401 90, 546 3,244 87, 302
Seascmally adj usted
Labor
force
participation
rate
vjper-
(T\t>>T<~
cent) *
_
JA
0
61.4
61.8
61.8
•02. -1
$2.8
1977: May.
June.
July..
. j
Aug..
Sept..
Oct..
Nov..
Dec..
158, 228
158,456
158, 682
158, 899
159, 114
159, 334
159, 522
159, 736
90, 042
91, 682
92, 372
92, 315
91, 247
92, 230
92, 473
.92, 623
6,151 99, 289 97, 161
7,453 99,681 97, 552
6,941 99, 442 97, 307
6, 757 99,751 97, 614
6,437 99, 887 ,97, 756
6,221 100, 205 98, 071
6,346 101, 009 98, 877
5,880 101,048 98, 919
90, 267
90, 648
90, 588
90, 793
91, 088
91, 383
92, 214
92, 609
3,335
3,330
3,206
3,224
3, 199
3,243
3,357
3,323
86, 932
87, 318
87, 382
87, 569
87, 889
88, 140
88,857
89, 286
3,268
3,390
3,464
3, 253
3,; 306
3, 263
3,285
3,220
6,^894
6,904
6, 719
6, £21
6,668
6,688
6,663
6,310
1,869
1,788
1,824
1,800
1, 834
1,848
1,829
1,797
62.8
62.9
62.7
62.8
62.8
62.9
6&3
63.3
1978: Jan*..
Feb..
Mar..
Apr..
may.
159, 937
160,128
160,313
160, 504
160, 713
91, 053
91, 155
91, 064
93, 180
93, 851
6, 897
6,739
6, 479
5,685
5,457
101,228 99, 107
101,,217 99,093
101,536 ,99, 414
101,902 99, 784
102, 374 100, 261
92, 881
03, 003
93, 266
93, 801
94, 112
3, 354
3, 242
3, 310
3, 275
3,235
£9, 527
89, 761
89, 956
90, 526
90,^877
2,986
3,193
3,164
3,327
3,243
6,226
6,090
6,148
5,983
6, 149
1,688
1, 568
1, 463
1,384
1,3S&
63.3
63.2
63.3
63.5
1
Persons at work. Economic reasons include slack work, material shortages,
inability
to find full-time work, etc.
2
Total labor force as percent of noninstitutional population 16 years of age and
over.
«a-7
* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics;
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate increased slightly to 6.1 percent in May, the rate around which it has
hovered since February.
•PERCENT* {SEASONALLY ADJUSTED)
.
>*V A
*
% ' ^%
PERCENT* (SEASONALLY ADJUSTED)
BLACK
AND OTHER
10
10
5 «•
0 1 1 1 1 > ilt 11
1974
1974
1977
*UNEMPIOYMEN* AS PERCENT OF CIYWANIABOR fORCE IN GROUP SPECIFIED.
SOURCEi DEPARTMENT OF IABOR
J
1978
COUNC'L OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1973
1974
1975
1976
1977
1977: May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar_
Apr
May
1
_
»-
.
Unemployment rate (percent of civilian labor force in group)
]3y seled ed grouf:)S
B y gsex and 8"•ge
By race
Total
(all
civilian
workers)
Men
20
years
and
4.9
5.6
8.5
7.7
7.0
7.1
7.1
6.9
7.0
6.8
6.8
6.7
6.4
6.3
6.1
6.2
6.0
6. 1
3.2
3.8
6.7
5.9
5.2
5.3
5. 1
5. 1
5. 1
4.7
5.0
4.7
4.6
4.7
4.5
4.5
4.2
4.2
Women
20
years
and
4.8
5. 5
8.0
7.4
7.0
6.9
7.2
6.9
7. 1
6. 9
6.8
6.9
6. 6
6. 1
5.7
5.8
5.8
6.3
Both
sexes
16-19
White
14.5
16.0
19.9
19.0
17.7
18. 1
18. 0
17. 3
17.3
18. 3
17.3
17.2
15.6
16. 0
17.4
17. 3
16.9
16.5
4.3
5.0
7.8
7.0
6.2
6.3
6.3
years
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
6. 1
6. 1
6.0
6.0
5.9
5.5
5.5
5.3
5.3
5.2
5.2
ExpeFullBlack rienced
wage Housetime
hold
and
and
other salary
heads workers
workers
4.3
8.9
4.5
2.9
5.3
3.3
5. 1
9.9
8.2
5.8
8. 1
13.9
13.1
5. 1
7.3
7.3
13. 1
6.5
6.6
4.5
4.5
6.6
12.9
6.7
13.2
4.3
6. 5
6. 5
13. 3
6.4
4.4
6. 5
14.3
6.5
4.5
6.6
13. 1
4.4
6.4
6.3
4.4
13.7
6. 5
6. 4
6.2
4.2
13.7
6. 3
12. 7
5. 9
6. 0
3.9
5.8
12. 7
5. 9
3.8
5.7
5.7
11.8
3.6
5.7
3.7
5.6
12.4
5.4
5.5
11.8
3.6
12. 3
5.6
3.7
5.6
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
work-
ers
7.9
8.6
10.3
10. 1
9. 8
9.9
10. 5
9.3
9. 0
9.7
9.6
9.6
8.9
8.9
8.6
9.6
9.6
9.2
Labor
force
time
lost
(per-
cent) *
5.2
6.1
9. 1
8.3
7.6
7.6
7.6
7. 5
7.6
7.4
7.4
7.3
7.0
6.8
6.6
6.6
6.3
6.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The increase in unemployment in May was again accompanied by a decline in the proportion of long-term unemployed.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
40
REENTRANTS
^
27 WEEKS
_Z%AND OVER
20
20
%
v>,
JOB LEAVERS
X
NEW ENTRANTS
0 t t t lit I i
f f f l_t I 1 f Ll_
1975
1976
1977
15-26
WEEKS
t 1 1 i it it t
f ,} 1 1,1 t
1978
1975
1976
1977
*SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF LABOR
Period
Unemi
ployment
(thousands)
1978
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percenit distribution of unemPercen t distrib ution of unemState p rograms Insured
ployment b y duratic> n i
unempl oyment Dy reasoii i
ployment.
all
27
Insured
New
Less
regular
5-14
Reen15-26
unemJob
weeks
Initial
Job
enthan 5 weeks weeks
proand
losers leavers trants trants
ploy- claims
weeks
grams 2
over
ment
(unadjusted)
Special
unemployment
benefit3
claims
(unadjusted)
Weeikly aver age, thou sands
1973
1974
1975
1976
1977
1977: May..
June..
July..
Aug..
Sept..
Oct...
Nov__
Dec...
1978: Jan...
Feb
Mar..
Apr *—
May*.
4,304
5,076
7,830
7,288
6,855
6,894
6,904
6,719
6,821
6, 668
6,688
6,663
6,310
6,226
6,090
6, 148
5, 983
6, 149
38.7
43. 4
55. 4
49. 8
45.3
45.0
43. 0
45. 3
46.3
45. 3
45. 5
44. 7
43.4
42.9
41. 6
40.3
41.2
42. 5
15. 7
14.9
10.4
12.2
13. 0
13. 3
13.6
12. 5
12. 9
12.9
13. 1
13. 3
13. 9
13. 6
14.7
13.9
14. 5
13. 5
30.7
28.4
23.8
26. 0
28. 1
28. 7
27.7
27.7
27. 1
27.9
28.6
28. 5
29. 8
29. 0
29.4
30. 9
28. 9
29.2
14.9
13. 3
10. 4
12. 1
13. 7
13. 0
15.7
14. 5
13.7
13. 9
12. 8
13.6
13. 0
14. 5
14.2
14. 9
15. 4
14.8
51.0
50. 6
37.0
38.3
41.7
41. 1
44.5
42. 1
41. 5
41. 1
41. 4
42. 4
41.3
43.2
43. 3
45. 8
46.8
48. 1
1
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicemen (UCX), Federal (UCFE), and railroad (KK) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
30. 1
31. 0
31.3
29.6
30. 5
31.4
29. 6
30.6
32. 4
31. 8
31. 3
30.3
30. 4
29. 8
. 30, 5
30. 5
29. 9
29. 6
11. 0
11. 1
16. 5
13. 8
13. 1
12. 0
11.9
13.2
13. 5
13. 4
13. 6
13. 9
14. 8
13. 8
15.0
12. 4
12. 0
11. 2
7.8
7.3
15.2
18.3
14.8
15. 6
13. 9
14. 1
12.6
13. 7
13. 7
13. 3
13.5
13. 2
11.2
-11.3
11.2
11. 1
1,632
2,262
3,992
2,968
2,473
2,565
2,568
2,626
2,733
2, 664
2, 624
2,602
2,516
2,461
2, 524
2,406
2, 210
2, 167
246
363
478
382
375
383
372
385
385
368
361
354
346
344
369
326
330
331
1,793
2, 558
4,943
3, 822
3, 112
3, 105
2,939
3, 065
2, 751
2,643
2,649
2,853
3,226
3,779
3,638
3,212
2,661
2,369
1, 173
1,152
572
538
484
540
535
412
364
315
259
192
143
102
60
36
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAIi
Total nonagricultura! payroll employment increased by 175,000 in May. Nonfarm employment has risen by3.5
million since May 1977.
MilJJONS OF PER SONS* (ENLAR<3ED SCALE)
Mil1IONS OF PERSONS*
90
;^*t
18
^t«
*
'
-* '
ALL NONAGRICU LTURAL
ESTABLISHMEIms
\
'V
«r^1
r ^
16
!
—
Jjgrf-i
GOVERN^ =NT
^
70
«***-
WHOIJS>ME AND RET/ UL TRADE
\ ^^^^ ^^^
**tt^*l*~*
*****
14 ^^--.-**"""" '^""^JH
1
"""T
lllU%|llitl
%»tMM»«*
SERVICES
.12
< -^SiRVICim ;QDUC!NG—
1NDU JTJUI5
.^•w-*11"*
€0
.
ill 1 1 t M 1 1 f Jr I |n f 1 1 1 1 1 ! i
\\\-\\\\\]\\
j f i H I' n i ' i1 4, 1 1J 1 1 M I ^
22
^50
'
20
«
MVSfWUFACTU RING
N,
»»^
\
40
18
\
1
fl'f M i Ii 1 1 1 I i
S£OC>D&3*KdDUG NO'INDUSTRIES
30
J"— — x,
1
'
" 1
ii11 1 i11 11 !
1 1 11 I11 1 1!
4
siiafM.,w««,,.».
1 1 1 11 11 11 11
I I I ! ) !j 1 1 I U<
^*~**~-* m^
,„»,««•
«*iui>ttm»»
**
»»
CO NTRACT CON STRUCTION
2
f 1 I t f t 1 1 t i l ! 1 I f 1 1 1 1 1 1 f 1 JJ LJ 1J f LLLL
r
1974
197S
1976
•SEASONALLY ADJUSTED
SOURCE* DEPARTMENT OF lAIOR
1 1 1 1 1 !i f 1 1 j
1977
I
f M i r 1 1 1 M i i i 1 1 1 1, 1 i 1 1 1 1
1 1 1 II 1 1 1 1 I>1V
1978
H
M ! 1 t 1 1 1 1 1 1 1 i ! 1. L 1 1 !• M L
1975
1976
1977
, f 1 1 II.. J-Lll^lV
1978
H
[Thousands of wage and salary workers;l seasonally adjusted]
Service-pr oducing industrk5S
G oods-pro ducing iiadustries
''•l>jk«-i
j
Period
Total
aonagricultural
employ- Total2
ment
76, 896
1973
1974
_ 78, 413
1975
77, 051
1976.
_ 79, 443
82, 142
1977
1977: May.. 81, 837
June- 82, 157
July.. 82, 407
Aug.. 82, 474
Sept.. 82,763
Oct._. 82,902
Nov.. 83, 245
Dec
83, 429
1978: Jan.. . 83, 719
Feb.— 84,046
Mar.. 84, 555
Apr ».. 85, 170
May*. 85, 345
24, 727
24, 697
22, 603
23, 332
24, 229
24, 264
24, 355
24, 412
24, 305
24,360
24, 436
24, 528
24,526
24, 593
24, 733
24,945
25, 331
25, 382
Contract
construction
4,015
3,957
3,512
3,594
3,844
3, 853
3,888
3,913
3, 893
3, 892
3, 911
3,950
3,947
3,916
3,947
4, 053
4, 226
4,245
Trans- Wholeporta- sale
tion
and
Total
NonT<i
_i_i
anol
Total Durable
durable
public retail
goods goods
utilities trade
Ma nufactui ing
20, 068
20, 046
18, 347
18, 956
19,554
19, 566
19,611
19, 666
19, 594
19, 612
19, 666
19, 715
19, 868
19, 972
20, 075
20, 164
20,209
20, 235
11, 839
11, 895
10, 679
11, 026
11, 480
11, 451
11,484
11, 548
11, 527
11, 545
11, 604
11, 625
11,748
11, 828
11, 909
11, 965
11, 986
12, 026
8,229
8, 151
7,668
7,930
8,074
8, 115
8, 127
8, 118
8,067
8,067
8,062
8,090
8,120
8, 144
8,166
8,199
8,223
8, 209
1
Includes all ttill- and pai44ime wag& and salary workers in nonagrici^tural
establishments who worked dtiring or received pay for any part of the pay period
which incltides the i2th*of the month. Excludes proprietors, self-employed persons, domestic servants, >arid personnel of the Armed Forces. Total derived from
this table not emnparable with estimates *>f nonagricultural employment M the
civilian-labor <;force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
Finance,
Gover nment
insurance, Services
State
and
Federal and
real
local
estate
52, 169 4,644 16, 674 4,091
53, 715 4, 696 17, 017 4,208
54, 448 4,498 17, 000 4, 223
56, 111 4, 509 17, 694 4, 316
57, 912 4,589 18, 292 4,508
57, 573 4,586 18, 202 4,481
57, 802 4, 588 18,264 4,494
57, 995 4, 572 18, 322 4,506
58, 169 4, 581 18, 377 4, 524
58, 403 4,616 18, 431 4, 545
58, 466 4,610 18, 414 4,572
58, 717 4,634 18, 512 4, 597
58, 903 4,652 18, 610 4, 611
59, 126 4, 628 18, 744 4,630
59,313 4, 651 18, 744 4,647
59, 610 4, 672 18, 849 4,670
59, 839 4,708 18, 876 4,687
59, 963 4,706 18, 933 4,711
13, 021 2,663
13, 617 2, 724
14, 006 2, 748
14, 644 2,733
15, 333 -2, 727
15, 197 2,725
15, 260 2,735
15, 372 2,721
15, 448 2, 732
15, 482 2, 728
15, 533 2,730
15, 608 2,727
15, 663 2,718
15, 693 2,736
15, 791 2,736
15, 875 2, 736
15, 954 2,744
15, 991 2,744
11, 075
11,453
11, 973
12, 215
12, 463
12, 382
12,461
12, 502
12, 507
12,601
12, 607
12, 639
12, 649
12, 695
12, 744
12, 808
12, 870
12,878
are not afrwork because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
^ Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural 1
Period
Manufa icturing
Total
Adjusted h ourly earnin gs index2 —1<>tal private
nonagric ultural
Averag e gross
hourly <earnings
Aver age weekly '.aours
Overtime
Total
private
nonagricultural *
Manufacturing
Percent ch ange from
a year (earlier 4
Index, 1<)67=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
37.7
37. 1
37.0
37. 1
37. 1
36. 6
36. 1
36.2
36. 1
40. 6
39. 8
39. 9
40. 6
40.7
40. 0
39. 4
40. 0
40. 3
3.6
3.0
2.9
3. 5
3. 8
3. 2
2.6
3. 1
3.4
$3. 04
3. 22
3. 44
3.67
3.92
4.22
4.54
4. 87
5.25
$3. 19
3. 36
3. 57
3.81
4.08
4. 41
4.81
5. 19
5. 63
113.2
120.7
129. 2
137. 7
146. 5
158.5
172.5
185.0
198.5
103. 1
103. 8
106. 5
109.9
110.0
107.3
107.0
108.5
109.4
6. 6
6. 6
7. 0
6. 6
6.4
8.2
8.8
7.2
7.3
1.7
.6
2.2
3. 1
.5
-2.3
—.2
1.4
.8
1977: May
June
July
Aug
Sept
Oct
Nov
Dec
36. 3
36. 2
36. 1
36.0
36.0
36.2
36. 2
36.2
40.4
40.5
40. 2
40. 3
40. 3
40.4
40.5
40. 5
3.4
3. 4
3.4
3.3
3.3
3. 5
3. 5
3.5
5.20
5.22
5.27
5. 28
5. 32
5.38
5.41
5. 42
5.57
5.61
5.66
5. 68
5. 73
5. 79
5.81
5.83
196.4
197.4
199.4
199. 9
201. 2
203. 3
204. 1
205. 2
108. 6
108.6
109. 3
109.2
109. 5
110. 2
110. 2
110.3
7.0
7. 1
7.5
7. 1
7.3
7.9
7.6
7.6
.2
.3
1978:
35.6
35.8
36.2
36.3
36. 0
39.6
39.9
40. 6
40. 7
40. 3
3.5
3.8
3.7
3.6
3.5
5.49
5.52
5.56
5.62
5.64
5.90
5. 95
5. 97
6.00
6.04
208. 1
208.8
210.2
212. 0
212.6
111.0
110.6
110.5
110.5
8. 1
8. 1
8.2
8.4
8.2
1969
1970
1971
1972
1973
1974
1975
1976_
1977
..
...
Jan
Feb
Mar
Apr v
May »
.7
.4
.7
1.3
.8
.8
1.2
1.5
1.5
1.7
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
i
Period
Average gross weekly earnings
Total prrv&te nonagricu Itural1
Current
dollars
Manufacturing
1967
dollars 3
$104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
104. 42
1977: May
June
July
Aug
Sept_.
Oct
Nov
Dec.
188. 76
188. 96
190. 25
190. 08
191. 52
194. 76
195. 84
196. 20
104. 34
103. 94
104. 30
103. 81
104. 20
105. 62
105. 75
105. 48
225.
227.
227.
228.
230.
233.
235.
236.
1978:
195. 44
197. 62
201. 27
204. 01
203. 04
104.
104.
105.
106.
233.
237.
242.
244.
243.
_
Jan
Feb
Mar
Apr *
May *
23
73
82
37
$129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
226. 89
Iso includes other private industry groups shown on p. 14.
djusted for interindustry employment shifts and for overtime in manu2 Adjusted
facturing.
turing.
dollar index (or earnings) divided by the consumer price index,
3 Current
C
vised index for urban wage earners and clerical workers used beginning 1978.
Kevi
28-745°—78
Percent chsinge from a
year e arlier,
total prhrate nonagricu tural 5
Current
dollars
(Current dollars5
$114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
189. 53
1969
1970
1971
1972
1973_
1974_
1975_
1976.
1977
Contract
construction
Wholesale
and retail
trade
1967
dollars
$181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
296. 68
$90. 78
95.66
100. 39
105. 65
111. 04
118. 33
126. 75
133.39
142. 52
6.4
4. 2
6.5
7.0
6.8
6.2
6. 1
7.6
7.5
1. 0
-1.6
2.2
3. 6
.5
-4.3
-2.8
1.7
1.0
03
21
53
90
92
92
31
12
298. 08
295. 87
297. 41
294. 92
294. 48
300. 66
301. 84
302. 13
142. 04
141. 86
143. 19
143. 09
143. 76
146. 40
145. 75
147. 52
7.5
7.6
7.7
7. 3
8. 1
8.4
8. 2
7.7
:7
= 7
1. 0
.6
1.4
1.8
1.4
.8
64
41
38
20
41
287.
297.
309.
314.
309.
147. 93
148. 26
151. 27
152. 59
152. 59
7.7
7.0
8. 1
8.9
7.6
.9
.6
1.6
2.2
87
02
12
16
89
*5 Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of rall
pers(>ns
OutiKit 1
Period
Output ] jer hour
of all p ersons
Compe nsation
per ] lour 3
Unit labor
COsts
Implici fc price
defla tor 4
NonPriPriNonPriNonNonPrivate NonPrivate
Private Nonfarm
vate
vate
farm
vate
farm
farm business
farm business
farm
business business
business sector business business business business business business business
sector
sector
sector sector sector sector sector sector sector
sector
sector
1967= = 100; qua rterly dat a seasonsilly adjusl^ed
1966
1967
1968
1969
98.0
100. 0
105. 1
108.3
1970
1971
1972
1973
1974
1975
1976
1977
1975: III
IV
107.4
110.3
117.6
124.5
121.5
1976: I
II
III
IV
124.9
126.7
127.7
128.4
1977: I
II
III
IV
131.3
134.0
135. 7
137.7
1978: I
137.3
118.7
126.9
134. 7
120.6
121.8
9ai
100.0
105.4
108.6
100.3
100.0
101. 7
104.5
100.0
100. 0
102. 1
105. 3
97.8
100. 0
103.3
103.7
98.1
100.0
103.2
103. 1
94.7
100.0
107. 6
115. 1
94.5
100.0
107.3
114.3
96.8
100. 0
104. 1
111.0
96.4
100.0
103. 9
110.9
97.2
100.0
103. 9
108.8
107.4
110.3
117. 9
125. 0
121. 9
118.7
127.4
135.0
120. 6
121.8
125.2
127.2
128.3
128.7
131.6
134.5
136.0
137.9
137. 9
102. 8
102.3
106.0
110. 1
110. 6
106. 1
108.9
112.7
106.0
107.5
108.2
108.9
109.0
109.5
110. 5
113.0
113.0
113.9
114.5
104. 0
103. 7
107.6
112.2
112.7
108. 1
111.4
115.5
107.7
109.7
111. 0
111.2
111.4
112.2
113.4
115.6
115. 9
116.9
117.6
104.5
107.8
111.0
113.1
109.9
111.8
116.5
119.5
113.8
113.3
115.4
116.4
117.2
117.3
118.9
118.6
120.2
120.8
119.9
103.3
106.3
109. 5
111.4
108. 1
109.9
114.3
116. 9
112.0
111. 0
112.9
114.4
115.2
114.7
116.0
116. 3
117.4
118.0
117.2
123.3
131.5
138.9
150.3
164. 3
180. 2
196.5
214.0
181. 1
184.6
190.5
194.4
198. 6
202.8
208.3
211.6
216. 0
220.0
227.5
121.9
129.9
137.4
148. 1
162. 0
177.6
193. 1
210.0
179. 1
181.9
186.9
191. 3
195.2
198.9
204.2
208.0
211. 8
216.0
223.0
118.1
121.9
125.2
132.9
149.5
161. 1
168. 7
179. 0
159. 1
163.0
165. 1
167. 1
169.4
173.0
175.2
178.4
179.7
182. 1
189.7
118. 1
122.2
125.5
133. 0
149.8
161.7
168.9
179. 7
160. 0
163.9
165.6
167. 1
169. 5
173.3
176.0
178. 9
180. 5
183.0
190.2
113. 9
118.9
123.2
130. 3
143. 1
158.0
165.6
174. 1
159.4
161.6
162.9
164.8
166.5
168.3
170. 1
173. 1
175.4
177.6
180.5
119.2
122.9
128.0
141. 5
156.9
165.0
173.9
158.1
160.3
162.1
163.6
166.0
168. 1
169.6
172.7
175.6
177.5
180.2
96.8
100.0
1040
108.7
1140
Perceiit change ; quarter!;r data at seasonal!y adjusteri annual rates
5.5
2.0
5.1
6.0
1.9
5.4
3.0
2.3
—.3
1.7
2.7
3.3
-.0
—.9
2.8
6.6
5.9
-2.4
-2.4
7.0
6.1
12.2
3.9
-1.1
-1.6
-1.2
1976: I
II
III
IV
10.8
5.9
3.1
11.7
1977: I
II
III
IV
9.6
8.5
5.2
5.9
6.6
3.2
1.3
9.5
8.8
4.8
5.7
-1. 0
-.3
1966
1967
1968
1969
_.._
1970
1971
1972
1973
1974
1975
1976
1977
1975: III
IV
1978: I
ao
2. i
2.7
6.9
6.0
-2.5
-2.6
7.3
6.0
12.5
4.1
—.4
3.6
3.9
.4
-4. 1
2.7
3.4
4.2
5.9
2. 1
3.2
-.3
3.7
4.3
.4
-4.1
3.1
3.7
-.2
a2
7.0
5.6
7.6
7.0
.7
3.2
2.9
1.9
.2
2.9
3.0
1.7
7.2
6.6
5.7
a2
-2.8
—2.9
1.8
4.2
2.6
7.7
1.6
4.1
2.2
9.6
8.9
4.4
9.4
9. 1
8.9
5.8
7.3
6.5
6. 1
3.7
3.3
4.1
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
47
2.9
3.3
40
45
6.7
6.6
5.8
7.8
9.4
6.4
3.2
2.7
6.2
12.7
4.7
4.4
3.6
5.8
9.8
49
45
12.5
6.5
3.5
2.7
6.0
7.7
4.7
7.9
4.5
6.4
10.4
4.8
41
10.5
10.9
5. 1
-2.2
10.0
7.5
5.9
6.6
5.8
4.9
5.8
8.7
4.3
3.7
5.7
9.4
3.1
4.8
5.3
7.5
2.9
6.3
6.8
3.5
5.8
4.6
44
7.2
5.2
5.2
44
3.8
6.0
5.3
3.5
7.5
7.0
4.3
16.8
6.6
6.1
9.6
8.7
8.8
6.5
6.4
3.3
7.6
— 1.9
-3.3
2.7
2.4
.3
1.8
4.6
.9
.6
2.9
7.9
3.4
2.8
.2
6.8
5.6
2.6
-1.6
3.7
9.6
4.6
5.7
11.3
11.3
14.4
13.6
2
8. 0
as
.9
3.3
-1.0
5.3
2.3
4.7
.8
3.8
2.3
2.0
2.5
-2.9
-2.7
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
2.5
1.9
3.2
2.3
3.3
.3
8. 1
13.4
8.5
8.7
8.9
6.5
8.4
7.7
11.4
9.6
8.5
7.7
7.6
7.5
8.2
6. 1
-3.0
10.2
5. 1
5. 3
17.8
5. 1
4. 1
ai
5.4
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.-—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.6 percent in May following revised increases of 1.4 percent in April and 1.2 percent in
March. The large increases in April and March included rebound effects from the weather- and strike-reduced production in the early months of the year.
INDEX, '1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODIJCT1ON
TOTAL INDUSTRIAL PRODUCTION
VoF
160
140
sf*~\
r^Tr'
i
*""
UTILIT IES
f
A
120
MINING
100 t it 1 1 1 1 n i t n F 1 1 ! 1 1 1 M 1 1 1 1 1 ! i n 1 1
1 M M ! f T f M
> 1 1 1 i! H i ; i
MANUFACTURING PRODUCTION
PERCENT {RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
80
120
70
100 f
1974
1978
1975
1974
1975
1976
1978
1977
*5EASONAUY ADJUSTED
50URCL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total in dustrial
produ ction
Percent
Index,
1967= change
from
100
year
earlier
COUNCH OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry prodiiction ind<3xes, 1967= 100
Mimufaeturi ng
Total
able
Nondur-
Dur-
Mining
Utilities
able
Manufg icturing aipacityl ut ilization
rate, p ercent
Federal Reserve
seiles
Com-
Materials
merce
series 2
83
86
83
77
81
83
91.8
97. 1
93.0
80.4
87. 5
90. 2
84
90.4
82
90.9
82
91. 1
84
90. 2
87.95
61. 98
85. 97
6. 86
5.69
119.7
129.8
129. 3
117. 8
129.8
137. 1
9.2
8.4
—.4
-8. 9
10.2
5.6
118. 9
129. 8
129.4
116.3
129. 5
137. 1
113. 7
127. 1
125.7
109. 3
121.7
129.5
126. 5
133. 8
134. 6
126.4
140. 9
148. 1
113. 1
114. 7
115. 3
112. 8
114.2
117. 8
139.4
145.4
143.7
146. 0
151. 0
156.5
83. 1
87. 5
84. 2
73. 6
80.2
82. 4
88. 0
92. 4
87.7
73.6
80. 4
81. 9
137. 0
137. 8
138. 7
Aug
138. 1
Sept
138. 5
Oct __ . _ 138. 9
Nov
139.3
Dec
139.7
5. 6
6. 2
6. 1
5. 2
6. 0
6.7
5.9
5.0
137. 1
137. 8
138.5
138. 6
139. 0
139. 4
139.9
140.5
129. 3
130. 5
131. 6
131. 3
131.7
132.4
132. 7
133. 4
148.5
148.4
148. 6
149. 4
149.5
149. 6
150. 1
150.9
119. 5
122. 8
119. 8
115. 4
118. 0
119. 6
118. 8
113. 4
156.7
156. 8
161. 4
155.7
154. 1
154. 0
154. 2
156.7
82.8
83. 0
83. 1
82. 9
82.9
82.9
82. 9
83.0
82.7
83. 0
82. 9
82.0
82. 0
82.4
82. 3
81.9
4.9
4.5
4.1
5. 0
4.9
138. 7
139.4
141.4
143. 0
143. 8
131. 1
131. 5
134.4
136.4
137.2
149.8
150.6
151.5
152. 6
153.2
115.0
114.4
120. 2
126. 8
127. 1
162.3
163. 5
159.6
159.2
159.9
81.7
81. 9
82. 7
83.4
83. 6
81.9
81. 3
82.0
83.6
84.2
1967 proportion
1972_
1973
1974
1975
1976
1977
100. 00
1977: May
June
July
1978: Jan__
Feb
Mar
Apr »
May *
138. 8
139.2
140. 9
142.9
143. 7
1
Output as percent of capacity.
*8 Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Whar-
Total
manufacturing
ton
series 3
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod uots
Final I'roducts
Total
NonDurable durable
goods
Total
1967 proportion.1970
1971
__
1972
1973
1974
1975
_ ...
1976
...
1977 . _
1977: May
June
July
'
Equip ment
Coileumer go ods
Period
_ .
•
.
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb —
Mar
Apr »
May" —
47. 88
105.3
106. 3
115.7
124. 4
125. 1
Iia2
127.2
134.9
£7. 68
134. 7
135.4
136.8
136.3
136. 8
136. 5
137.0
137. 6
143. 1
134.9
136.4
138.7
140.0
141.8
143. 8
146. 0
147. 3
147. 3
140. 2
109. 0
114. 7
124. 4
131.5
128.9
124. 0
136.2
143. 4
143. 8
145. 4
144.7
144. 9
144.9
145. 2
145.8
Interrrlediate
prod ucts
Total
Busi-
Total
7.89
106. 1
118.8
133. 8
146.2
135. 3
121. 4
141. 4
153. 1
19. 79
so. 14
18. 63
18. 89
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
134.1
100. 1
94.7
103. 8
114. 5
107. 0
104. 1
118. 0
134. 2
142.4
128. 2
112.9
152. 2
155. S
158. 0
154. 7
139. 5
139. 1
110.2
114. 6
123. 2
139. 6
123.2
124. 1
124.8
124.9
125. 6
125.0
140. 3
156. 8
155.2
155. 8
140.6
140. 7
140.1
141.2
141. 8
146. 5
151. 2
157.6
161.8
160. 3
139.9
140.8
141.4
141.6
142. 3
155. 6
120.0
8. 4&
111.0
116.8
116.7
126. 5
136. 3
149. 2
148.9
143. 5
144. 7
146. 3
128.4
139. 8
134. 5
116.3
132. 6
140. 8
138.7
147.8
148.4
126. 2
152. 6
153.5
154.0
150.4
139. 9
141. 2
141. 7
143. 2
144.9
146. 5
148. 3
125.4
152.6
151. 6
151. 4
151. 9
152.6
153. 5
149.2
148.6
148.4
148.8
149. 5
125.8
126.2
129.0
130.1
130. 6
1
2
1
1
154. 2
157.4
159. 0
159. 9
Materials
Construction
supplies
137. 2
135.3
123. 1
137. 2
145. 1
150.
151.
151.
152.
Supple-
146. 1
146. 5
mentary
oup:
£total
lergy
S9. %9
109. 2
111. 3
122. 3
133.9
132.4
115. 5
130. 6
136.9
12. S3
137. 8
138. 7
132. 5
138.9
137.6
117.0
119. 5
125. 2
128. 3
125.5
125. 5
128. 8
132.5
133. 5
135.6
131.4
137.9
138.9
139.0
138.8
132. 3
139.2
132. 5
130.0
138. 6
140.0
143. 1
144. 6
132.5
133.0
129.7
130.5
134.0
135. 6
1
[1967 = 100, seasonally adjusted"
D arable m anufactu res
Primarjr metals
Period
Total
Iron
steel
1967 proportion
1970
1971—
1972
1973
1974
1975..
1976
1977
1977: May
June
July
Aug_._
Sept _
Oct Nov....
Dec
1978: Jan...
Feb
Mar
Apr »
May *
6. 67
4. si
106. 6
104.7
96. 1
107. 1
122. 3
119.8
100.2
112. 1
126. 7
123. 1
96.4
95. 8
108. 9
110.2
104.9
103.4
___ 117.1
114. 7
111. 0
109.2
112.5
109. 0
113. 5
111. 2
111. 0
110.6
104. 6
107.7
104. 3
107. 4
99.5
113. 0
96.7
106. 9
114. 4
106. 2
106. 5
116. 4
110. 9
103. 8
96. 3
Fabricated
metal
products
6.93
102.4
103. 5
112. 1
124.7
124,2
109. 9
123.3
130. 9
trical
maery
9. 16
104.4
100. 2
116. 0
133.7
140. 1
125. 1
135. 0
144.8
128. 2
130. 8
132. 0
134. 0
142.6
135. 8
149.7
151. 7
133. 6
133.8
136.4
136. 9
136.9
138.1
139. 3
140. 1
Source: Board of Governors of the Federal Reserve System.
18
Non-
144. 0
145.7
145.2
147. 4
148.9
150. 1
150. 1
151.5
152.3
153.2
Electrical
machinery
8.06
108. 1
107. 7
122.2
143. 1
143.8
116.5
131.6
141. 9
141. 8
142. 6
143.6
143.9
144. 6
144. 2
146. «
147. 3
144.0
146. 4
149. 5
151.6
152. 8
Non durable inanufact ures
Transp Dictation
equip ment
Total
9.S7
89.5
97.9
108.2
118. 3
108.7
97.4
110. 6
121. 1
120.3
123.7
125.6
124.3
125.5
124. 3
«S.«
122. 2
116. 2
118. 4
126. 5
130. 1
128.8
Motor
vehicles
and
parts
4.60
92.3
118. 6
135. 8
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
1. 64
105. 6
113. 8
S. 31
101.4
104.7
107. 0
120. 8
126. 0
116. 2
109. 4
4. 72
107. 1
112. 7
118.2
148. 8
128.2
111. 1
140.7
159.7
107.6
125. 1
133.4
107. 6
122. 2
124.2
118.2
113. 3
120. 6
124.7
157. 7
163.2
133.0
132.4
123. 5
122. 1
124.4
124. 1
166.2
164. 4
165. 6
168. 4
163. «
161. 8
146.6
153. 1
165. 1
171.6
167. 7
132. 9
131.8
137. 1
135.7
137.5
138. 1
138.5
135. 5
136.5
136.4
117. 3
114. 3
121. 1
124. 1
127. 7
129. 0
1"25.1
125. 8
118.6
121. 1
122.8
124. 9
125.0
124.2
125.7
136.2
127.5
129.9
128. 3
129. 1
128.5
129. 0
7.74
120.4
125.9
143. 6
154.5
159.4
8.75
108. 9
112.8
116.8
169.3
180.7
120. 9
124.0
123.4
132. 3
137.9
182.8
183. 5
182. 6
182.6
181.3
182.3
1«3. 1
138. 3
136.9
138.3
139. 3
138.3
137. 3
139. 4
184.4
183. 7
139.3
147.2
183.0
184.9
186.0
140. 4
140. 8
141. 2
142.2
NEW CONSTRUCTION
Constructio a contracts3
Private
Total new
construction
expenditures
Period
Eesid ential
Total
Total1
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967=
floor space
100)
(millions of
square feet)
Bil ions of doll ITS
1971
1972
1973
1974...
1975
110.0
124. 1
137. 9
138. 5
134. 3
147. 5
169.7
__
1976
1977
35.1
449
50. 1
40. 6
43. 3
54. 3
59.7
50.4
46. 5
60.5
80. 4
80. 1
93. 9
105.4
100. 2
93. 6
109. 5
132.7
17.0
18. 1
21.7
23. 8
20. 8
19. 9
21. 8
34.4
47. 3
65.1
19. 8
21. 5
24 0
25.9
26. 3
29. 0
30.6
29.9
30.2
32. 5
38.3
40. 7
38. 0
37. 0
Seasonall / adjusted aiinual rates
1977: Apr
May
June. _
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
—
_
Mar
Apr »
167. 5
172. 1
174. 6
173. 5
172.4
175. 1
174.4
173. 1
176.7
171. 3
178.1
185. 8
192.1
79. 5
82.4
131. 3
133. 7
135.2
134.2
134.2
135.8
136. 7
137.5
140.5
137. 3
143.6
149. 5
151.7
21. 1
20.9
22. 3
22.7
22.9
23.5
23.4
23. 1
21.8
63. 5
65. 8
66. 0
65. 1
82.5
81.2
81.0
81.7
83.0
84.0
87.2
81. 1
86.9
90.0
90.8
65. 1
66.4
68.8
70. 4
73.0
65.4
70. 6
73.5
74. 4
Uncludes nonhousekeeplng residential construction and additions and alterations,
3 1 not shown separately.
S . W. Dodge series. Relates to 50 States beginning 1S69 lor -ralue index and
beginning 1971 for floor space.
22.5
22. 6
25. 5
27.2
30. 7
30. 4
30.4
30. 3
30. 2
30.6
30. 3
30.3
31. 5
33. 7
341
340
33. 8
145.4
165. 3
179. 5
169.7
167.9
199. 4
252. 2
727
854
1, 010
840
555
592
738
Seasonally
Seasonally adjusted
adjusted
annual
rates
250
36.2
38. 4
39. 4
39. 2
38. 2
39. 3
37. 7
35. 6
36.3
33.9
34.5
36.3
40.4
317
307
209
267
279
244
258
299
270
266
254
279
671
758
733
702
853
813
757
847
864
996
814
863
921
NOTE.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division,
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
Is ew
Units started, by type of stru cture
Period
1970
1971
1972
1973 ...
1974
1975
1976_- ..
private lousing uni1 *
_
1977. . _
Total
1 unit
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
812.9
1, 151. 0
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
2-4
units
84.8
120.3
141. 3
118. 3
68. 1
64 0
85.9
121.7
5 or more
units
535. 9
780. 9
906.2
795. 0
381. 6
204 3
289.2
414.4
New priv ate homes
Units
authorized
1, 351. 5
1, 924 6
2, 2ia 9
1, 819. 5
1, 074 4
939. 2
1, 296. 2
1, 690. 0
Units
completed
1, 418. 4
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
Homes
sold
485
656
718
634
519
549
646
819
Homes for
sale at
end of
period l
220
287
409
418
346
313
354
403
Vacancy
rate for
rental
housing
units
(percent)2
5.3
5.4
5.6
5.8
6.2
6. 0
5.6
5.2
Seasonally adjusted artnual rates
1977: May
June..
July
Aug
Sept
Oct
Nov
Dee
1978: Jan
Feb_ ...
Mar»-_ __
Apr".
__
D
May
1
1, 982
1,931
2,072
2,038
2,012
2, 139
2,096
2,203
1,548
1, 569
2,047
2,181
2,075
1,469
1,406
1,453
1,454
1,508
1,532
1, 544
1,574
1,156
1, 103
1,429
1,500
1,488
Seasonally adjusted.
'Quarterly data entered in last month of quarter.
120
113
393
412
119
465
380
480
418
476
291
124
124
127
134
153
101
79
126
145
100
495
387
492
536
487
1,656
1,739
1,678
1,770
1,695
1,781
1,822
1, 778
1,526
1,534
1,647
1,740
1,587
1,557
1,655
1,671
1,677
1,875
1,665
1, 769
1, 641
1,759
1,696
1, 794
1, 944
810
806
722
818
845
870
819
857
813
772
804
816
364
367
375
389
389
398
401
403
405
407
406
412
5.3
5.4
5. 1
5.0
Source: Department of Commerce, Bureau o; the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 3*^4 percent in April while inventories rose $4 billion. According to the advance survey, retail
sales fell slightly in May following a 2 percent increase in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BilllONS Of DOLLARS* (RATIO SCALff
400
350
TOTAL BUSINESS
INVENTORIES
•
2SO
TOTAL
TAL BUS NESS
SALES
150
100
I nn
1974
1977
1976
1975
1978
1974
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMINT OF COMMERCE
Total biusiness1
Retail
Who] esale
2
In ventorie S '
Sales
Period
O 1^ 29
bales
Inventories3
Inven-3
CT i _ 2
feaies
^ tories
Tnt al
Dur- Nonable durable Tntal
goods goods
stores stores
1971
1972
1973
1974
1975
1976
1977
116, 351
130, 049
151, 647
175, 200
179, 621
200, 760
223, 793
188,
203,
233,
285,
283,
309,
334,
508
088
749
064
614
238
785
Mill]ons of d ollars, seasonally
26, 257 35, 823 34, 169 10, 827
29, 584 39, 786 37, 422 12, 369
36, 822 46, 254 41, 871 14, 091
45, 836 56, 537 44, 543 13, 820
44, 633 55, 113 48, 370 14, 907
48, 408 61, 307 53, 542 17, 544
53, 509 67, 998 59, 029 19, 901
1977: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
221,
221,
222,
221,
224,
224,
228,
231,
237,
320,
322,
324,
324,
327,
330,
330,
333,
334,
273
250
051
990
639
345
832
186
785
53, 385
53, 866
53, 735
53, 495
53, 208
53, 307
53, 639
55, 558
57, 266
65, 301
64, 838
64, 947
64, 210
65, 095
66, 119
66, 209
67, 047
67, 998
58, 142
58, 003
57, 825
58, 552
59, 020
59, 014
60, 778
61, 58862, 054
1978: Jan
Feb
Mar
Apr v v
May
230, 182
238, 427
242, 840
250, 731
337, 676
340, 396
345, 839
349, 984
55, 985
57, 635
58, 877
62, 102
68, 991
70, 361
72, 882
74, 306
59, 875
61, 661
62, 690
63, 878
63, 775
048
510
563
874
247
907
508
488
258
3
The term "business" also includes manufacturing (see page 21).
*8 Monthly average lor year and total for month.
4 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
1978
COUNCH. OF ECONOMIC ADVISERS
Dur- Nonable durable
goods goods
stores stores
Invento ry-4 sales
ratio
Total
business J
Retail
adjustec
23, 342 50, 063
25, 054 55, 079
27, 781 62, 950
30, 723 70, 716
33, 463 70, 623
35, 998 78, 045
39, 127 87, 073
21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40, 534
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
1. 58
1.50
1.44
1.47
1. 58
1. 48
1.44
1.39
1.40
1.41
1.48
1.43
1. 39
1. 40
19, 833
19, 516
19, 436
19, 505
19, 984
19, 763
20, 895
20, 733
20, 915
38, 309
38, 487
38, 389
39, 047
39, 036
39, 251
39, 883
40, 855
41, 139
80, 957
81, 696
82, 636
83, 483
84, 462
85, 215
85, 322
86, 299
87, 073
37, 615
37, 925
38, 282
39, 005
39, 303
39, 559
39, 589
40, 087
40, 534
43, 342
43, 771
44, 354
44, 478
45, 159
45, 656
45, 733
46, 212
46, 539
1.45
1.45
1. 46
1.46
1.46
1.47
1.45
1.44
1.41
1.39
1.41
1. 43
1.43
1.43
1.44
1.40
1. 40
1. 40
19, 802
20, 558
20, 938
21, 903
21, 686
40, 073
41, 103
41, 752
41, 975
42, 089
87, 708
87, 642
89, 097
89, 963
41, 060
41, 369
41, 521
41, 881
46, 648
46, 273
47, 576
48, 082
1.47
1.43
1.42
1.40
1.46
1.42
1.42
1.41
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* new orders, shipments, and inventories increased again in April. According to advance data, durable goods shipments and orders declined in May.
OF .DOLLARS* (RATIO SCALty
B8UONS OF DOLLARS* (RATIO SCAL$
T40
INVENTORIES
120
240
WO
200
TOTAL
160
120
100
40
T
DURABLE GOODS
00
60
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
140 'NEW ORDERS
40
120
100
111 f 111 ? t
80
RATIO*
2.20
to
DURABLE GOODS
ZOO
V M?
I t t 111 t f I t t
11 f 1 1 1 f t r
111111 n 11
INVENTORY-SHIPMENTS RATIO
I./- A
40
-NONDURABLE
I ! 1 1 I II 1 I M
1974
i f f it 1 1 1 1 11
1975
f f 1 1 1 1 1 11 1 1
1977
1976
1974
1978
T977
^SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
Manufac turers' shi pments l Manufaet urers' inv<sntories 2
Manufacturers ' new orders1
55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111, 256
29, 973
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
Durabl e goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millioiis of dolla rs, season ally adjus ted
7,535
102, 622 66, 271 36, 351 56, 016 30, 030
8,832
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115, 424 64, 290 112, 842 59, 795 15, 201
1977: May-. 109, 641
June-. 111, 003
July.. 109, 827
Aug..... 112, 019
Sept.. 112, 586
Oet___ 114, 091
Nov-_ 114, 342
Dec— 117,938
57, 273
58, 049
57, 463
58, 649
59, 285
60, 316
60, 228
62, 130
52, 368
52, 954
52, 364
53, 370
53, 301
53, 775
54, 114
55, 808
175,
176,
177,
178,
179,
179,
179,
179,
716
468
297
082
Oil
301
840
714
112, 071
112, 536
113, 160
113, 917
114, 467
114, 448
115, 212
115, 424
63,
63,
64,
64,
64,
64,
64,
64,
645
932
137
165
544
853
628
290
111,
112,
108,
112,
113,
117,
117,
122,
102
141
868
615
680
331
024
128
58, 835
59, 111
56, 367
59, 269
60, 364
63, 556
62, 821
66, 165
114, 322
119, 131
121, 273
124, 751
59, 973
63, 077
64, 457
66, 493
65, 572
54, 349
56, 054
56, 816
58, 258
180,
182,
183,
185,
977
393
860
715
116,
117,
118,
119,
64, 699
64, 882
65, 135
65, 867
117,
122,
125,
128,
899
693
973
389
63, 335
66, 681
69, 016
70, 033
69, 473
Period
1971
1972
1973
1974
1975
1976
1977
1978: Jan-__
Feb.Mar-Apr
May »_
Total
NonDurable durable
goods
goods
278
511
725
848
i Monthly average for year and total for month. Shipments are the same as sales.
of period.
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
3
3 Book value, end
4 End of period.
1978
COUKCU. Of ECONOMIC ADVISERS
ManufacNon- turers'
durable unfilled3
goods orders
Manufacturers*
inventory—
shipments4
ratio
25, 986
29, 104
33, 329
40, 417
43, 125
48, 137
53, 047
107,
121,
161,
189,
170,
174,
193,
657
709
194
678
686
553
659
1.83
1.67
1.58
1.65
1.83
1.66
1.58
14, 893
15, 490
13, 936
14, 527
16, 124
16, 097
16, 090
16, 988
52, 267
53, 030
52, 501
53, 346
53, 316
53, 775
54, 203
55, 963
181,
182,
181,
182,
183,
186,
189,
193,
678
816
857
453
547
787
469
659
1. 60
1.59
1.61
1.59
1.59
1.57
1.57
1. 52
16, 511
17, 882
17, 507
17, 409
17, 797
54, 564
56, 012
56, 957
58, 356
197,
200,
205,
209,
235
798
500
133
1.58
1.53
1.52
1.49
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In May, the producer price index for all commodities rose 0.7 percent (also 0.7 percent seasonally adjusted). The
index for finished goods rose 0.8 percent (0.7 percent seasonally adjusted).
_^
INDEX, 1967= 100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
FARM PRODUCTS AND
I
PROCESSED FOODS AND FEEDS |
120
120
100
TOO
1977
1970
SOURCE, DEPARTMENT OF IA1OR
COUNCIL OF ECONOMIC ADVISERS
Firdshed go ods
Period
Farm
All
products Induscom- and proc- trial
modiessed
comties
modfoods
and feeds ities
1970
1971
1972
1973
1974
1975
1976
1977_
110.4
114.0
119. 1
134.7
160. 1
174.9
183. 0
194. 2
1977: May__
June_
July..
Aug__
Sept..
Oct...
Nov..
Dec_.
1978: Jan___
Feb..
Mar..
Apr..
May..
195.2
194.5
194.8
194. 6
195.3
196.3
197. 1
198.2
200. 1
202.0
203.8
206.4
207. 9
1
Formerly
2
111.7
113. 9
122.4
159. 1
177.4
184.2
183. 1
188. 8
1Jnadjustec
196.8
191. 5
188.7
184.3
184.0
184.0
187.0
189.4
192.2
196. 6
200. 3
205. 5
207. 7
Exclu ding con sumer
foods
Total
Consumer
foods
Total
110.0
114. 1
117. 9
125.9
153.8
171.5
182.4
195. 1
110.3
113. 7
117. 2
127. 9
147.5
163.4
170. 3
180. 6
113.5
115. 3
121. 7
146. 4
166.9
181.0
180.2
189. 1
109. 1
113. 1
115. 4
120. 2
139.4
156.2
165. 5
176. 2
194.2
194.7
195.9
196. 9
197.8
199. 1
199. 3
200.0
201. 6
202. 8
204. 1
206. 0
207.3
180. 6
180. 8
181. 1
181.5
182. 1
183. 2
184.5
185.3
186. 6
188.4
189.5
191.9
193. 3
192. 2
190. 3
189.9
189. 3
189. 2
189. 5
191.9
192.6
194. 8
200.4
202.0
205.8
206. 8
175. 2
176.0
176.5
177.2
178. 2
179. 5
180.3
181. 2
182. 2
182. 9
183.8
185.7
187. 2
called producer finished goods.
Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
22
1978
Consumer
goods
107.7
111. 4
113. 4
118. 5
138. 6
153. 1
161. 8
172. 1
Internlediate
mate rials,
supplie s, and
comp(>nents
Capital
equipment 1
112.0
116. 6
119. 5
123. 5
141. 0
162. 5
173. 2
184.5
Seasonalljr
171. 5 182.8
172.4 183.7
172. 6 184. 5
173.2 185.4
174. 1 186.4
174. 8 188. 9
175.4 189. 9
176. 1 191.3
177. 1 192. 3
177. 5 193.3
178.3 194.5
180.7 195. 6
182. 1 197. 3
Total
Crude materigils for
furtt ier processing
Ex-
Foodstuffs
and 2
feedstuffs
cluding
foods Total
feeds
109.9
114. 1
na7
109.9
114.3
118.9
128. 1
159. 5
178.6
189.5
202.4
131. 6
162.9
180.0
189. 3
201.7
ad justed
202. 0 201. 2
201. 6 201. 8
202. 2 203. 2
202.6 204.2
203. 5 205. 3
204. 3 206. 1
205. 2 206.4
206. 0 207.4
207. 9 209. 2
209.7 210. 8
211. 3 211. 9
212.3 213. 0
213. 6 214. 1
and
Other
112. 3
115. 1
127.6
174. 0
196. 1
196.9
205. 1
214.3
112. 3
115. 1
127.6
174. 0
196. 1
196.9
205. 1
214.3
112.7
117. 0
128. 0
162.5
208. 9
206.9
233.6
258. 4
222.3
213.4
209. 8
206.3
205. 7
207.4
214. 4
217. 2
221. 6
228.7
232.4
238. 3
238. 9
200. 0
189. 9
185. 8
180.2
179.8
182. 2
189.9
191. 1
196. 4
205.6
209.2
217. 0
217. 1
264. 1
257.9
255. 4
255. 6
254.4
254. 9
260. 9
266. 3
269.4
272. 2
276.2
278.7
279.7
NOTE.—Data revised for January 1978.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In April, the consumer price index for all urban consumers rose 0.9 percent (also 0.9 percent seasonally adjusted).
Food prices increased 1.6 percent (1.9 percent seasonally adjusted). Nonfood commodity,prices rose 0»8 percent (0.5
percent seasonally adjusted) and services prices were up 0.8 percent (0.9 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE).
220
INDEX, 1967= 100 JRATIO SCALE)
220
200
120
120
100
100
1970
1971
1972
1975
1974
1973
1977
1976
1978
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF LABOR
[1967=100]
All
items
Food
Commodities
less
food
1970
. 116. 3
121.3
1971. _«
1972
+ 125. 3
133. 1
1973__
1974. _ _
147.7
1975__ _ _. 161.2
1976 _
170.5
181. 5
1977
114.9
118. 4
123.5
141.4
161.7
175. 4
180.8
192. 2
112.5
116.8
119. 4
123. 5
136. 6
149. 1
156. 6
165. 1
Period
Services
j®ommodities
AU
121.6
128. 4
133. 3
139. 1
152. 1
166. 6
180. 4
194. 3
113. 5
117.4
120. 9
129. 9
145. 5
158.4
165.2
174.7
114. 9
118.4
123. 5
141. 4
161. 7
175.4
180.8
192.2
iFood
at
home
113.7
116.4
121. 6
141. 4
162. 4
175. 8
179.5
190.2
179.6
180. 6
181.8
182.6
183. 3
184. 0
184. 5
185.4
186. 1
1978: Jan
Feb
Mar
Apr
187.2 199.2
188.4 -202.0
189.8 204.2
191. 5 207.5
190. 9
191.7
193. 6
194. 6
195. 2
194.5
194.4
195.6
19&3!
119.9 ,112. 5
126.1 116. 8
131. 1 119. 4
141. 4 123. 5
159.4 136. 6
174. 3 149. 1
186. 1 156. 6
200. 3 165. 1
Services
Durable
Nondurable
111. 8
116. 5
118. 9
121. 9
»130. 6
145. 5
.154. 3
163. 2
113. 1
117. 0
119. 8
1248
140.9
151.7
158.3
166. 5
121. 6
128. 4
133. 3
139. 1
152.1
166.6
180.4
194 3
All
163. 6
164.7
165.4
165. 6
166. 0
166. 7
167.4
168. 1
168.4
191.2
192.2
193.7
195.3
196. 3
197. 7
198. 5
199.5
200.5
173.7
174.4
175. 1
175.2
175.7
176.2
176.7
177. 5
178.3
191. 5
192. 6
193. 8
193.5
194.3
194. 7
195.0
196. 0
196. 7
189.8
190. 9
191.9
191. 3
192. 0
192. 3
192.5
193.5
194.2
197.5
199. 3
200. 9
201. 8
203. 0
203. 8
204.5
205. 1
206. 1
164. 1
164. 6
165. 1
165.4
165. 7
166.2
166.8
167.6
168.4
162.6
163. 3
163. 3
163. 4
163. 6
163. 9
1644
165. 1
166. 0
165. 0
165. 8
166. 4
166. 9
167.2
167. 8
168.6
169.4
169.9
191. 4
192. 9
194 3
195. 7
196. 8
197. 9
198.7
199.5
200. 3
168.6
168.8
170. 0
171.3
202. 0
203. 5
204,9
206.5
179. 9
180. 8
182. 3
184.0
199. 2
201.6
204.3
208.1
197.0
199.5
202.5
207. 3
208.4
210.5
212. 5
2140
169.5
169.9
170. 9
171.8
167.6
168.7
169.5
170.4
170. 6
170.1
171.2
172.1
201. 5
203.0
204 7
206.6
Note.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Food
away
from
home
Seasonal y adjust ed
Unac Justed
1977: Apr____
May___
June
July...
Aug
Sept.-.
Oct
Nov
Dec
Gomnlodities less food
Food
All
AM
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES
Period
Farm
products Industrial
and
comprocessed modifoods and ties
feeds
All
commodities
7.5
-1. 4
6.0
14.4
26. 7
11.0
—.3
-1. 1
3.0
0
-3.0
48
1969
2. 2
1970
41
1971
6. 3
1972
1973
_. 15.4
20. 9
1974
42
1975
4. 7
1976
5. 9
1977
.4
1977: May.
June. — . 5
1
July..
Aug..
.1
.4
Sept..
.5
Oct..
Nov..
.7
.4
Dec..
.9
1978: Jan..
.9
Feb..
1.0
Mar.
1.0
Apr..
.7
May.
-2.3
—1 2
-5
8
2 4
3
12
2 3
2 9
2. 1
.5
3.9
3. 6
3.4
3.4
10.7
25. 6
6.0
a4
6.7
5
3
6
5
5
5
3
5
8
6
5
7
7
Perce nt change fipom 6 m<3nths
earl ier; seasona lly adjus ted
annual irates
Percent change ft•om 3 me>nths
ear' ier; seasona Uy adjus fced
annual i•ates
Pereeiat change fr om prec eding
1
peri<>d; seasonal y adjusl ed
Finished
goods
All
commodities
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
All
commodities
9.4
6.4
43
2.0
2.9
47
6.8
7.2
7.6
8.7
9.4
11.9
10. 8
9. 9
7. 5
6.6
45
3.0
2.0
2.6
44
6. 2
8. 0
9.3
10.5
10.4
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
4.8
2.2
3.2
3. 8
11. 8
18.3
6.6
3.3
6. 6
8
1
2
2
3
6
7
4
7
10.5
4.0
0
-1.2
2. 1
4. 0
6.5
6.7
8.4
9.4
10
12.0
12.5
11.3
6
13
7
1
Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for January 1978.
19. 3
— 3. 1
— 19. 2
-22.9
-148
-3.6
11. 1
14 5
16. 5
16. 4
2S. 8
33. 3
24 1
8. 0
6.4
5. 9
5.9
6.7
6. 1
5.2
5.2
6. 6
7. 8
7.8
7.5
7.9
18.6
7.5
2.3
—4 1
-9. 1
-11.7
-7.5
— 1. 3
6.0
13.7
21.4
24 6
20.2
7.5
7.6
7.7
6.9
6. 6
6.0
5.5
5. 9
6.3
6.5
6.5
7.1
7.9
10.0
8.2
7.3
5. 6
47
45
44
5.0
6.2
7.7
8.3
9.7
9.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasontally adju sted 1
Period
1969
1970
1971
1972
1973
1974
1975
1976..
1977
1977: Apr. __
May..
June..
July...
Aug...
Sept
Oct...
Nov...
Dec.__
1978: Jan.. .
Feb...
Mar__
Apr
All
items
Food
6. 1
5. 5
3.4
3.4
8. 8
12.2
7.0
48
6.8
8
6
5
3
4
4
3
4
4
7.2
2.2
43
47
20. 1
12.2
6.5
.6
8.0
1.5
.6
.6n
8
6
8
9
1.3
1.2
1.3
1.9
M
.4
.2
.2
.5
.4
Commodities
less
food
Services
45
4.8
7.4
8.2
2.5
3.6
6.2
2. 3
5. 0
13.2
6.2
5. 1
49
.4
.3
.3
.2
.2
.3
.4
.5
.5
.7
.2
.6
.5
Percent c aange frc»m 3 mont hs earlier ; Percent c lange frc>m 6 mont hs earlier ;
seasonsilly ad jussted annu al rates
seasonsilly adju£sted annu al rates
All
items
Services
All
items
Food
Commodities
less
food
Services
41
11. 3
8. 1
7.3
7.9
.7
.8
.7
.7
.6
.6
.4
.4
10.2
8.4
7. 8
5. 7
5. 0
45
45
.4
47
49
.6
.7
.8
.9
6.7
7.5
9.3
10.0
1
Annual changes are from December to December (unadjusted).
Note.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.
24
Food
Commodities
less
food
18. 6
11. 6
11. 5
42
3.6
1. 9
3. 1
3.5
42
8.9
11.9
16.4
19.1
6. 1
48
42
3.2
2.7
2. 7
3. 4
47
9.0
9. 9
9.4
9. 3
8. 3
7. 6
6. 3
5. 6
5.4
49
6.6
5.6
6.1
5.5
5.8
7.2
9.1
10.5
8.0
8.7
8.9
7.9
6. 6
6. 1
5. 1
48
47
5.6
ai
7.1
8.3
10. 6
12. 6
13. 4
11.2
7. 5
6. 5
8.0
9.2
6.6
3.7
3.6
3.0
46
3. 7
3. 5
3. 3
3. 7
40
6.0
7.7
5. 1
10.1
13.9
Source: Department of Labor, Bureau of Labor Statistics.
6.2
5.8
5.0
5.7
6. 1
&7
9. 6
9. 1
8.5
7. 8
7.0
6.3
6.0
6.4
7.0
8.1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose about 31/s percent in May. Contributing to the increase were higher prices for cattle,
apples, hogs, and soybeans. Partially offsetting were lower prices for eggs, tomatoes, and onions. Prices paid by
farmers were up about 11/g percent in the month ended May 15.
INDEX, 1967=100 (RATIO SCALE)
220
220
200
200
180
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
160
140
.140
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
I I I I I I I II I I I I I I I I I ! I I I I I 1 II I I I I I 1 M I I I I ! I I M l I I I M r ! I I ' t T M I I f M t I t M t I' I I I t t 1 I t 1 I I I I I I M I ! 1 M I I I I I ! I ! I I M I I
RATIO-I/
110
PARITY RATIO (ACTUAL)
100
110
100
90
90
80
80
70
'60
70
60
! Ll
1
1970
1971
1972
ill
I_LJ
1973
1974
1976
1975
1978
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14*100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices ireceived by !armers
Period
1970
1971
1972
1973
1974__
1975
1976
1977
All farm
products
_
1977: Apr
_
May
June
July
Aug ___
Sept
Oct
Nov
Dec .
_
_ _
1978: Jan ___ .
Feb
Mar
Apr
May __
_
_ _ _ _ _ _
Crops
Prices paid by fanoners
All
items,
Livestock interest,
Family
Producand
living
tion
taxes, and
products wage
items
items
rates
Index, 1 367=100
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
193
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
(3)
191
193
184
180
175
174
178
179
181
214
214
198
182
173
171
178
185
183
172
176
173
179
177
177
174
180
204
204
204
203
201
201
201
202
203
186
193
200
208
215
188
190
198
208
214
185
196
204
209
217
209
211
214
216
219
-
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.
177
114
118
123
133
151
166
176
Parity ratio 1
Actual
Adjusted 2
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
67
77
75
79
94
87
76
72
68
(3)
(33)
( 3)
()
(33)
(3)
()
(33)
()
204
205
203
201
198
197
198
199
199
69
70
66
65
64
63
65
65
66
70
71
68
66
65
65
66
66
67
(33)
( 3)
(3)
()
(3)
203
206
211
214
217
65
67
69
71
72
67
69
71
73
74
z
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
-__
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in Mi slowed somewhat in May from the rapid April pace.
BILLIONS OF DOLLARS * (RATIO SCALE)
900
BILLIONS OF DOLLARS * (RATIO SCALE)
100
1
'SEASONALLY ADJUSTED
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL Of KONOMIC ADVISERS
[Average». of dail y figures; billons 0 f dollars,.seasona ly adjust*3d, , except as5 noted]
Deposits at coimmercia banks
Period
Mi
M2
M3
Dec___
Dec—
Dec___
Dec.__
Dec___
Dec___
May_.
June. _
July__
Aug___
Sept__
Oct___
Nov..
Dec_._
1978: Jan___
Feb...
Mar__
Apr
May *_
255. 3
270. 5
282. 9
294. 5
312. 6
337. 2
322. 4
324. 3
327. 5
329.2
331. 6
334.7
334.9
337. 2
340. 1
339.9
340.9
346.3
348. 6
525. 3
571. 4
612. 2
©64. 1
789. 6
808. 4
768. 4
774. 2
782. 9
787. 9
793. 8
800. 3
864. 2
808. 4
814. 8
818. 0
821. 8
829. 7
835. 1
H44.4
919.2
981.2
1, 091.1-8
1, 235. 6
1, 375. 0
1, 290. 9
1, 302. 0
1, 317. 2
1, 330. 0
1, 343. 5
1, 356. 8
1, 366. 0
1, 375. 0
1, 385. 4
1, 392. 0
1, 399. 5
1, 410. 9
1, 419. 6
Currency
56. 8
61.5
67. 8
73.7
80. 7
88. 6
83.8
84.2
85. 1
85. 5
86. 3
87. 1
87. 7
88. 6
89. 4
90. 1
90. 7
91. 3
92.2
•CThrte and sa vings
198. 4
209. 0
215. 1
220.8
231. 9
248. 6
238.6
240. 1
242. 3
243. 7
245. 3
247. 6
247.2
248.6
250.7
249. 8
250. 2
255.1
256.4
Total j Large
CDs
313. 5
43.5
363. 9
63.0
418. 3
89.0
450.9
81. 3
489.7
62. 7
545. 2
74. 0
508. 9
62.9
513. 2
63.3
518. 3
62.8
521. 9
63.2
525.9
63.8
531.9
66.4
540.2
70.9
545. 2
74. 0
551. 0
76. 3
79.4
557. 5
562.9
82. 0
566.8
83.4
573.6
87. 1
i is currency plus demand ^deposits; Mz is, Mi, plus, time deposits at commercial banks other than large certificates otd§posit (QDs);,and Ms is Mz plus
deposits at nonfcank thrift institutions.
,26
Deposits
at
Demand
1972:
1973:
1974:
1975:
1976:
1977:
1977:
Pen3ent2
change
Compon ents anc related ii ,ems
Over all measiires *
Other
270. 0
300. 9
329. 3
369. 6
427. 0
471. 2
446. 0
449. 9
455. 5
458. 7
462. 1
465. 6
469. 3
471. 2
474.7
478. 1
480. 9
483.4
486. 5
nonbank
thrift
institutions
319. 2
347.8
369. 1
427.8
496. 0
566. 6
522. 4
527.8
534. 3
542. 1
549. 8
556. 5
561. 7
566. 6
570. 7
574.0
577. 7
581.2
584. 6
U.S. Government
demand
deposits
(unadjust-
M,
M2
ed)
7.4
6. 3
4.9
4. 1
4.4
5.1
3. 6
5.0
3. 6
3.4
5. 0
3. 7
3. 5
5. 1
4. 3
4. 3
4. 7
4. 9
3. 9
9. 1
6.0
4.6
4. 1
6. 1
7.9
7.7
7.6
8.2
8.3
8. 5
8. 0
7.9
8. 1
7. 8
6.6
5.7
7.1
8.3
11.3
8. 8
7. 1
8.5
11.4
9. 3
10.2
9.6
10.0
9.7
9. 6
9.5
9.5
9.0
8. 3
7.8
7.2
7.5
7.8
2
Annual changes are.from December to December -and monthly changes are
from d months earlier at. a.seasonally adjusted, annual rate.
NOTE.—Data revised beginning October 1977.
Source: Board of Governors of the Federal Keserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
Dec
Dec
Dec _ _ _
Dec
Dec
Dec
Dec
Dec
1977: May
June
July
Aug
Sept
Oct _
_
_
Nov
Dec
1978: Jan
Feb _ .
Mar
Apr
May*
TJ;S.-T]reasury
secuiities
Time d eposits
Negotiable
certificates of
deposit
Other
private
money
market
instruments
Total
liquid
assets
Total
769.7
852.5
967. 7
1, 079. 3
1, 166. 9
1, 290. 1
1, 423. 3
1, 595. 2
632.7
719.0
816. 9
887.4
945.0
1, 054. 5
1, 194. 1
1, 327. 8
49. 1
52. 6
56.8
61. 5
67. 8
73. 7
80. 7
88.5
152. 0
161.8
176. 4
183. 3
186. 9
191.5
198. 8
213.2
198.9
233. 6
264. 4
294. 5
321. 2
360. 6
417. 3
459. 5
232. 7
271. 1
319.3
348. 1
369. 1
428. 6
497. 3
566. 6
52. 0
54.3
57.5
60. 4
63. 3
67. 2
71.9
76. 6
41. 9
31. 5
34. 5
43. 3
47.7
66.9
66. 6
76. 4
21. 8
27. 6
36.2
53.8
70. 4
58.5
43. 5
51. 6
21.3
20. 1
22.5
34.5
40.6
43. 0
47.3
62.8
1, 487. 9
1, 498. 4
1, 515. 1
1, 529. 8
1, 546. 0
1, 565. 5
1, 582. 1
_ 1, 595. 2
1, 248. 6
1, 258. 6
1, 273. 5
1, 285. 1
1, 299. 0
1, 312. 5
1, 320. 5
1, 327. 8
83. 8
84. 2
85. 1
85.5
86. 3
87. 1
87. 7
88.5
206. 5
207. 2
209. 1
209. 2
210. 9
213. 7
212.9
213.2
435. 9
439.4
444. 9
448. 3
452. 0
455. 2
458. 2
459.5
522. 4
527. 8
534. 3
542. 1
549. 8
556. 5
561. 7
566. 6
73. 8
74.2
74. 7
75. 1
75.4
75.8
76. 2
76. 6
68. 3
67. 1
68.2
70.7
72.3
74. 1
75. 3
76. 4
43. 4
43.7
43.4
43. 7
44. 1
46. 4
50.7
51. 6
53.8
54.8
55. 3
55.2
55.2
56.8
59. 4
62. 8
1, 612. 3
1, 623. 6
1, 637. 2
1, 654. 9
1, 670. 1
1, 337. 7
1,343.9
1, 351. 0
1, 362. 5
1, 370. 9
89.3
90. 0
90. 6
91.2
92. 1
215. 3
214.2
214.3
219.0
219.2
462.4
465.6
468. 4
471.2
474. 9
570.7
574.0
577.7
581. 1
584. 7
77. 0
77.4
77.8
78.2
78.6
79. 1
80.3
82.7
86.2
88. 6
52.7
54 3
56.0
57. 3
61.1
65. 7
67. 8
69.6
70.7
71.0
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
thrift
Savings marketinstitu- bonds able setions
curities
Source: Board of Governors of the Federal Reserve System.
Note.—Data revised beginning December 1977.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit 63^tended
Period
Total i
Automobile
Bank
credit
cards
Total *
107,
113,
121,
138,
147,
156,
172,
194,
Bank
credit
cards
2,576
2, 621
2, 640
2,566
2,711
2, 847
2,973
2,828
2,973
15, 886
15, 849
16, 388
16, 167
16, 553
16, 814
17, 160
16, 826
17, 402
4, 901
4, 801
5, 100
4,897
5, 104
5, 005
5,234
5,089
5,424
2,298
2, 430
2,403
2, 382
2,396
2,567
2, 687
2, 585
2,723
2, 898
2, 655
2, 422
2,464
2, 651
2, 351
2, 626
2,853
2,736
1,205
1,247
1, 241
1,297
278
192
238
184
315
279
287
243
250
2,948
3, 143
3,231
3,255
17, 162
17, 518
17, 527
18, 398
5,078
5,296
5, 300
5,520
2,788
2,858
2,783
2, 944
2, 424
2, 661
4,068
3, 719
1,185
1, 104
1,522
1,728
160
285
448
311
18, 784
18, 503
18, 810
18, 631
19, 204
19, 164
19, 787
19, 680
20, 138
6, 106
6,048
6,063
5,966
6, 158
6, 109
6,083
6,330
6,721
1978: Jan
Feb
Mar
Apr_.
19, 586
20, 179
21, 595
22, 117
6,263
6,400
6,822
7,248
Automobile
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
31, 090
1977: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
* Includes some items not shown separately.
Total i
5, 615
7, 679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
.
Bank
credit
cards
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
59, 652
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
72, 888
__
Automobile
Net change in amount <Dutstanding
444
784
926
156
920
665
795
555
112, 296
123, 826
137, 117
157, 863
157, 200
164, 169
193, 328
225, 645
1970
1971
1972 _ _ _ _
1973
1974_
1975
1976 _
1977
Instalmcmt credit lie[uidated
-347
4,207
5, 512
5, 758
500
3,007
10, 238
13, 235
963
1, 069
1, 054
1, 105
850
1, 153
699
918
1, 430
1, 443
1,220
1, 850
2, 911
Source: Board of Governors of tlie Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial and industrial loans continued to grow rapidly in May.
BILLIONS OF DOLLARS* (RATIO SCALE}
BILLIONS OF DOLLARS *(RATIO SCALE)
1,000 -ALL COMMERCIAL BANKS-
1,000
TOTAL
LOANS AND INVESTMENTS
800
800
600
600
400
400
200
200
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
60
40
I 1! I 1 I I I H I
1970
I 1I 1I I 1 I I ! I
I
1971
I 1 I 1 1 I II 11 1
I
1972
I MM1I I M 1
I
1973
I I I M ! M 11 I
I1974
I I M I I I M I I
'1975
I I M I I I I 1M
I
1976
I M M I M I 1I
'1977
"•'SEASONALLY ADJUSTED, END OF MONTH
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1970
1971
1972
1973
1974
1975
1976
1977....
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All c ommercial I>anks 1
All member ban ks
Borrowiiigs (milL<3ans
Investnlents
Ileserves 2 3
Total
lions of dollars,
loans
unadJListed) 2
and
Total ex- Commerinvest- cluding cial and U.S. Gov- Other
NonReSeaernment
secuTotal
Total
ments
interborrowed quired
sonal
industrial securities
rities
bank
435. 5
485. 7
558. 0
633.4
691. 1
721. 8
785. 1
870. 6
292. 0
320. 9
378. 9
449. 0
500.2
496. 9
538.9
617. 0
1977: May
June
July
Aug
Sept
Oct
Nov
Dec
823. 1
829. 7
838.5
845. 8
850.8
860. 0
866. 2
870. 6
566. 6
573.0
580. 0
587.9
593.9
602. 7
611. 6
617.0
1978: Jan *>___ _ _
Feb*
Mar »„_
Apr v
__
May »
880. 6
886. 6
892. 2
906.0
917.9
624. 9
628. 2
636. 5
646. 3
657. 9
4
5
6
6
110.0
116. 2
130.4
156.6
183.5
176.2
179. 7
201. 4
57. 8
60. 6
62.6
54.5
51. 1
80. 1
98.0
95.6
85. 7
104. 2
116. 5
129. 9
139.8
144. 8
148. 2
158. 0
29. 11
31. 17
31.34
34.91
36. 57
34.68
34.93
36. 14
28.78
31. 04
30. 29
33. 61
35. 84
34. 55
34. 87
35. 57
28.86
30. 98
31. 06
34. 61
36. 31
34. 42
34. 65
35.95
321
107
1, 049
1,298
703
127
62
558
41
32
13
12
54
188. 3
190.4
192.4
194.4
196. 0
198.7
200. 2
201. 4
103. 2
103.4
104. 1
102.4
100. 7
99.4
96.3
95.6
153. 3
153. 3
154. 4
155.5
156. 2
157. 9
158.3
158.0
34. 80
34.82
35.27
35. 50
35. 52
35. 81
35.96
36. 14
34.
34.
34.
34.
34.
34.
35.
35.
60
56
95
44
89
50
10
57
34. 60
34. 67
35. 00
35. 30
35. 31
35. 60
35. 71
35. 95
200
262
336
1, 071
634
1, 319
840
558
31
55
60
101
112
114
83
54
203.9
206. 1
210.3
213. 3
219.2
96. 3
99. 0
95.6
97.6
97. 1
159.4
159.4
160. 1
162. 1
162. 9
36. 60
36. 93
36. 67
36. 95
37.27
36.
36.
36.
36.
36.
12
53
34
40
06
36. 33
36. 69
36. 47
36. 81
37. 05
481
405
344
539
1,227
32
52
47
43
93
1
Data are for end of period.
*1 Averages of daily figures. Annual data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
« During 1974, total loans and investments were increased $0.6 billion due to
ft bank merger and were reduced $1.5 billion due to liquidation of a large bank.
28
I I M ! 1 11 M ! I 4Q
'1978
6
9
Loan reclassifications reduced these loans by $1.2 billion as of March 31, 1976.
Loan reclassifications reduced these loans by $0.2 billion in December 1977.
Note.—Series revised for loans and investments beginning 1969.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Credit market i unds
Total
Short-3
term
Longterm 2
TVital
Total
Other
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104.3
127. 1
152.9
180.7
180.7
148. 4
213. 5
241. 0
58.9
68.6
80.8
83.8
75.7
107.8
125. 8
135.9
45.5
58.5
72.2
96.9
105.0
40.6
87. 7
105. 1
40.7
44.5
57.7
72. 7
81. 8
36.6
58.3
83. 4
32. 1
40.6
40.7
37.0
39. 1
49. 3
48.6
49. 2
8.6
3. 9
17.0
35.7
42.7
-12. 7
9. 7
34. 2
4.8
14. 1
14. 5
24. 2
23. 2
4. 1
29.4
21. 8
95.9
114.6
136.5
162. 6
163. 5
132. 3
197.2
220. 4
80.3
86. 0
100. 3
123. 3
134.7
98.6
140.3
170.3
15.6
28.6
36.2
39.3
28.9
33.7
56. 9
50. 1
8.4
12.5
16. 5
18. 1
17. 1
16.2
16.3
20. 7
219. 8
220. 4
204. 3
209.5
125.4
125. 0
130. 5
122. 3
94.4
95. 5
73.8
87. 2
52. 1
60.2
51. 7
69. 4
50. 1
46. 8
51. 0
46.6
2. 1
13. 4
.7
22. 8
42. 3
35. 3
22. 1
17.8
203. 2
202. 5
192.6
190. 5
134.3
143. 1
150. 4
133.4
68.9
59.4
42. 1
57. 1
16. 6
17.9
11.7
19.0
1977: I
II
III
IV
254. 6
202. 1
250.8
256.7
125.7
134. 8
145. 1
138.0
128.9
67. 3
105. 7
118. 7
81. 2
73.3
75.5
103. 4
38. 2
38.8
55. 1
65.0
43. 3
34.7
20. 4
38. 4
47. 6
-5.9
30. 1
15.3
235.8
188.9
223. 8
232.8
160. 1
167. 6
181. 4
171. 9
75.7
21. 3
42. 4
60.9
18. 8
13. 2
26. 9
23. 9
1978: I"
243. 2
126. 9
116.3
94.2
33. 1
61. 1
22. 1
225.9
179.6
46. 3
17.4
1970
1971
1972
1973
1974
1975
1976
1977
1976: I
II
III
IV
...
* Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
1
Stocks, bonds, and mortgages.
• Bank loans, comir ercial paper, finance company loans, bankers' acceptances,
and Government loans.
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current assets
End of
period
Cash
on
Total hand
and
in
banks l
Current liabilities
ReceivU.S.
ables
Govfrom
ernU.S.
ment
Govsecuriern- 3
ties 2 ment
Notes
and
accounts
receivable
Other
Incurvenrent
tories
assets4
Total
Advances
and
Notes
preand
payacments, counts
U.S.
payGovable
ern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-5
ties
Net
working
capital
492. 3
529.6
573.5
643. 3
712.2
731. 6
816.8
50.2
53.3
57. 5
61. 6
62.7
68. 1
77.0
7.7
11.0
9. 3
11. 0
11.7
19. 4
26.4
4.2
3.5
3. 4
3.5
3.5
3.6
4. 3
201.9
217.6
240. 0
266. 1
289. 7
294. 6
323. 9
193. 3
200.4
215. 2
246. 7
288. 0
285.8
315.4
35. 0
43. 8
48. 1
54. 4
56.6
60.0
69.8
304. 9
326. 0
352.2
401.0
450. 6
457.5
499.9
6.6
4.9
4.0
4.3
5. 2
6.4
7.0
204.7
215.6
230.4
261. 6
287. 5
281.6
295.9
10.0
13. 1
15. 1
18. 1
23. 2
20.7
26. 8
83.6
92. 4
102. 6
117. 0
134.8
148.8
170. 2
187. 4
203. 6
221. 3
242. 3
261. 5
274. 1
316. 9
753. 5
1976:1
II_._ 775.4
791.8
III-.
IV... 816.8
68.4
70.8
71. 1
77. 0
21.7
23.3
23.9
26.4
3.6
3.7
4.3
4. 3
307.3
318. 1
324. 2
323. 9
288. 8
295. 6
302. 1
315. 4
63. 6
63.9
66.3
69.8
465. 9
475.9
484. 1
499. 9
6. 4
6.8
7.0
7.0
280. 5
287.0
284.7
295.9
23. 9
22. 0
24. 9
26. 8
155. 0
160. 1
167.5
170.2
287.6
299.4
307. 7
316.9
1977: 1
845. 3
II... 874 7
III.. 909.8
75. 0
77.9
79. 1
27.3
24. 1
24. 1
4.6
4. 8
5.3
342.0 322. 1
356. 6 332. 5
373.8 343. 1
74.3
78.8
84.5
516. 6
532.0
556. 3
6.8
5.7
6. 2
302. 2
313. 2
323.6
28.6
24. 5
26. 9
179. 0
188.6
199. 7
328.7
342. 7
353. 5
1970
1971
1972
1973
1974
1975
1976
i3 Includes time certificates of deposit.
Includes Federal agency issues.
* Eeceivables from and payables to the U.S. Government do not Include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
8 Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates continued to move up in June and the banks1 prime rate was raised again.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
CORPORATE j \aa BONDS
:>r$)
(MOO
A
/4
V
•
\ /~N^
\
\
\
»
*\
L
r v\
\_JH
1
\ /
W
.-./
'i r-/
V
I 1 1 1 1 1 f 1 1 11
1971
1970
:
\
V
41 ! ! 1 1 1 f 1 I t 1
r-'
/^ ^\ LL
^
/
>A/
' M
t
*
1973
-""
*^*"
/J
U^
/
\ ,.-... /
v
DISCOUNT
RATE
FEDERAL
RESERVE ""
BANK OF
NEW YORK
1 ! 1 ? t I M t 1 1 I i i i i I i t u iu ! 1 H 1 1 ! 11 M !
1972
•S
/•-./
TREASURY 5ILLS
1
"-«•-•»
—
\f
/\
y
\
•*•
3
/T
"\
V
tf\ V i
: r1
:
:J
*•
/*V"X~
^^ | \
/Jj^
\ : \
V
\A
I 1 11 I ! M 1 I
1974
1975
!
P f 1 1 t ! f I t1
1976
1 1 1 1 1 I ! M 1M t t 1 t 1 1 1 1 1 K
1978
1977
"
COUNCIL OF ECONOMIC ADVISERS
SOURCE* SEE TABU-&aOW
[Percent per annum]
U.S. Tre asury seeurity yields
Period
3-month
bills 1
Constant rnaturities 2
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
bonds
(Standard
F.R.
4r-6
(Moody's)
Bank)*
months
& Poor's)3
Prime
rate
charged
by
banks
4
Newhome
mortgage
yields
(FHLBB)»
5.72
6. 21
1972
. 4. 50
7. 21
5.25
7.60
5. 27
4. 69
4.071
6.95
6.84
1973
7. 44
6.45
8. 03
7.95
7.041
5. 18
7.
82
7.56
1974
8.92
10. 81
8.57
7. 83
7.886
9.87
7.49
7.99
6.25
1975
7.86
9.01
6.89
5. 838
6.33
6.77
7.61
6.84
5.50
8.99
1976 __
6. 49
5.35
4.989
7.42
6.69
6. 83
1977 _
9. 01
5. 265
5. 56
5. 60
5.46
6.39
7.28
6%-6%
1977: June
5. 004
5.53
7. 95
5.49
8.98
5K-5K
3
5M-5K
6.51
7. 33
5.41
6 /H3%
July
5. 50
7. 94
5. 146
9.00
6. 79
7. 40
6%-7
Aug__
5.500
9. 02
5.46
7.98
5. 84
5#-5&
6. 84
Sept
7. 34
7.92
5. 770
5. 37
6. 17
9.04
7 -7K
53/4-5K
7&-7J4
7.52
7.19
Oct
5%-6
6. 188
5. 53
6. 55
9. 07
7%-7%
7. 22
Nov _ _ _
7.58
6. 160
5. 38
6. 59
6-6
9.07
7. 69
6. 063
7.30
7%-7%
Dec
6-6
5. 48
6. 64
9.09
7.61
7. 96
7%-8
1978: Jan
5.60
8.41
6.448
6.79
9. 15
6-6H
7.67
8.03
6.80
8.47
8-8
9.18
Feb
6.457
5. 51
6&-6H
7.70
8. 04
Mar
8-8
6. 319
8.47
6.80
5.49
9.26
6K2-6H
7.85
8. 15
Apr__
8-8
5.71
6.306
8. 56
9.30
6.86
6h-6H
8.07
8.35
5. 97
8. 69
7. 11
9.37
May__ . ..
6.430
6K-7
8-8H
8. 29
June *„
8.46
7.62
8}f6.707
6. 13
8.76
7Week ended :
8.41
6.658
7.31
1978: June 2 _ _
6.08
7-7
8.79
8/2-8/2
8. 16
9___
6. 626
8,38
6. 05
8/2-8%
8.74
7.45
7-7
8.41
16___
8. 19
6.618
6. 04
8. 72
8^-8^
7.66
7-7
8.40
23___
8.49
6.666
7.74
8%-8%
6. 16
8.77
7-7
30 *>__
8.50
8. 58
6. 967 1
8.82
77.80
6.25
8%1
s Effective rate (in the primary market) on conventional mortgages, reflecting
3 Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
fees and charges as well as contract rate and assumed, on the average, repayment
by the Treasury Department.
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
\
4» Weekly data are Wednesday figures.
Average effective rate for year; opening and closing rate for month and week.
Sources: Department of tile Treasury, Board of Governors of the Eederal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
a 09
a is
a 83
a 43
a 02
a 04
a os
a 19
a 19
30
COMMON STOCK PRICES AND YIELDS
Stock prices declined late in June from an early June peak.
INDEX, DEC 31,1965=50
80
^50
80
70
70
J&
~7
60
COMPOSITE STOCK PRICE INDEX
(NYSE)
50
50
40
40
30
30
11 1111 1f
1970
1971
f f f I 1 1 1 f ! I L1H
1972
f 1 1 it \ ii ri
t LLLft f
1973
1975
1974
f 1M l I I 11 1 t
1976
1977
1978
PERCENT
PERCENT
-5
1970
1978
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
(percent)
Common stock prices ]
Period
New York Stock Excb ange indexe s(Dec. 31, 1L965=50) *
TransporComposite Industrial
tation
1972
1973
1974
1975
1976
1977
1977: JuneJuly
Aug — _ _
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June v
Week ended:
1978: June 2
9
16
23
30"__
60.29
57.42
43.84
45.73
54.46
53. 69
54.30
54. 94
53. 51
52. 66
51.37
51.87
51.83
49. 89
49.41
49. 50
51.75
54.49
54.89
65.73
63.08
48. 08
50. 52
60.44
57. 86
58. 44
58. 90
57.30
56. 41
54. 99
55. 62
53. 55
53. 45
52. 80
52.77
55.48
59. 14
59.70
50. 17
37. 74
31.89
31. 10
39.57
41.09
43. 29
43. 52
41. 04
39. 99
38.33
39.30
39. 75
39. 15
38.90
38.95
41. 19
44.21
44.24
38. 48
37.69
29. 79
31. 50
36.97
40. 92
41.59
42. 44
41. 50
40. 93
40. 38
40. 33
40.36
39. 06
39.02
39.26
39. 69
39.47
39.42
78.35
70. 12
49. 67
47. 14
52. 94
55. 25
55. 29
57. 29
56. 52
55. 33
53. 24
54. 04
53. 85
50.91
50. 60
51. 44
55.04
57.95
58.39
950. 71
923. 88
759. 37
802. 49
974 92
894. 63
916. 56
908. 20
872. 26
853. 30
823. 96
828. 51
818. 80
781. 09
763. 57
756. 37
794. 66
838. 56
841. 27
109. 20
107. 43
82. 85
86. 16
102. 01
98.20
99. 29
100. 18
97. 75
96. 23
93.74
94. 28
93. 82
90. 25
88.98
88. 82
92. 71
97.41
97.76
2.84
3.06
4. 47
4.31
3.77
4.62
4.60
4. 59
4.72
4. 82
4.97
5.02
5. 1.1
5. 32
5.49
5. 62
5.42
5.20
5. 19
54. 61
56. 11
55. 56
54. 17
53.46
59. 35
61. 17
60.49
58.86
57.96
44. 11
45. 55
44. 86
43.41
42. 84
39. 45
39.84
39. 59
39. 10
39.01
57. 71
59. 61
59. 47
57. 65
56. 64
840. 76
862. 72
849. 90
828. 86
817.79
97.40
100. 11
98. 87
96.42
95. 14
5.22
5.07
5. 10
5.28
5. 32
i Averages of daily closing prices.
»Includes all the stocks (more than 1,500) listed on the N YSE.
s Includes 30 stocks.
* Includes 500 stocks.
8
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Utility
Standard
& Poor's
DowJones
composite Dividendindex
industrial3
ratio
(1941-43=
average
10) 4
Earningsratio
5. 50
7. 12
11.59
9.15
8.90
10.79
10.37
11.09
11.45
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND
In the first 8 months of fiscal 1978 the budget deficit was $49.7 billion. A year earlier the deficit was $43.0 billion.
BILLIONS OF DOLURS
500
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTIAYS
.400
400
OUTLAYS
V
300
300
RECEIPTS
200
200
50
50
SURPLUS (*) OR DEFICIT (-)
-50
-50
-100
-100
1970
1971
1972
1973
1974
1975
1976
1978
1977
1979
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
•OURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Total l
Held by
the public
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977
_
1978 (estimates) 2
__
1979 (estimates) :
Current Budget Estimates, March 19782
First Concurrent Resolution, May 1978 3
187.8
193.7
188.4
208. 6
232. 2
264 9
281. 0
299. 2
81.7
356. 9
400.5
184. 5
196. 6
211.4
232. 0
247. 1
269. 6
326. 1
365. 6
94. 7
401. 9
453.5
-2.8
-23.0
-23.4
-14,8
-4. 7
-45. 1
-66. 4
-13.0
-45. 0
-53.0
3.2
367. 1
382.6
409. 5
437.3
468.4
486. 2
544. 1
631. 9
646.4
709. 1
785.6
279.5
2849
3043
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
617.8
439. 8
447.9
499.4
498. 8
-59. 6
-50.9
873.7
690.8
Cumulative total first 8 months:
Fiscal year 1977
Fiscal year 1978__, _
222. 5
246.7
265.6
296.4
-43. 0
-49.7
683.0
751.4
531.7
590.5
1
Excludes non-interest-bearing public debt securities held by IMF.
anVBudgt68 fr0m CWrmt BUdQet Esttmate>- M"reh >m' °mce °' "towmant
* First Concurrent Resolution on the Budget—Fiscal Year 1979, May 17, 1978.
32
NOTE.—See Note, p. 33.
Sonrces: Department of the Treasury and offlce of Management and
esce t
n
P ^ oted.
Budget,,
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1978 budget receipts were $24.2 billion higher than a year earlier and expenditures
were $30.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200 _ RECEIPTS-
200
100
100
„„«„,,..«»«»""""—T
•CORPORATION INCOME TAXES
OTHER RECEIPTS
400
400
OUTLAYS
300
300
200
200
1QO
100
Y
j_
J_
1970
1971
j_
1972
I
_L
1974
1973
1975
1976
1979
1978
1977
FISCAL YEARS
SOURCE& DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Rece ipts
Nationa . defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Fiscal year or period:
1969
1970.
1971
1972
1973
1974
1975,
1976
Transition quarter
1977_
1978 (estimates) ll
1979 (estimates)
187.8
193.7
188.4
208.6
232.2
264.9
281. 0
299. 2
81. 7
356.9
400. 5
439.8
87.2
90.4
86.2
94.7
103.2
119. 0
122.4
130. 8
38.7
156.7
178.8
190. 1
Cumulative total first 8
months :
Fiscal year 1977
Fiscal year 1978
222. 5
246. 7
96. 3
109.6
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
54. 9
58.9
62. 5
63.9
70. 5
75. 4
81. 7
92. 8
107. 4
118. 0
127. 0
34. 5
145,2
162. 7
187.2
184.5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
365. 6
94.7
401. 9
453. 5
499.4
79.4
78.6
75. 8
76.6
74.5
77.8
85. 6
89. 4
22.3
97.5
106. 1
117. 8
77.9
77.2
74.5
75.2
73.3
77.6
85.0
88. 0
21. 9
95. 7
103. 8
115. 2
29. 8
32. 6
96.4
104. 5
265. 6
296.4
64. 6
69.3
63. 1
67.6
36. 7
32. 8
26.8
32. 2
36.2
38. 6
40. 6
41. 4
8.5
1
Estimates from Current Budget Estimates, March 1978, Office of Management
and Budget.
NOTE.—Earned income credit payments in excess of an individual's tax liability
are classified as income tax refunds beginning 1976 and as outlays prior to 1976.
Total
5.8
7.2
49. 0
56. 1
70. 1
81. 4
91. 8
106. 5
136. 3
160.0
41.4
175.8
190.3
209.6
15.8
18.3
19.6
20. 6
22. 8
28. 1
31. 0
34. 6
7. 2
38. 1
42. 9
49.0
35.7
39. 3
41.8
48.8
53.9
51.7
66. 5
76.0
21.5
85.7
108.4
115.8
1.6
2.9
117.0
125.2
24. 1
27. 6
58. 2
71.4
4.6
4.3
41
4.7
4.0
5. 6
6.9
5.6
2.2
4. 8
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for the first quarter, Federal receipts rose $9.0 billion (annual rate) and expenditures
rose $4.8 billion, yielding a deficit of $55.8 billion, $4.2 billion less than in the fourth quarter of 1977.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONALLY ADJUSTED ANNUAL RATES
500
500
l
150
i
l
t
.
I
l
l
1
1
1
1
1
1
50
1
1
1
1
1
!
1
!
150
1
50
i1I11IIIilIII
SURPLUS
I
^2 ^ H
DEFICIT
1
-50 -100
.
- -50
-100
§
1970
1971
1973
1972
1<?75
1974
197 7
1976
1978
CALENDAR YEAR!
SQUJCJw DEPARTMENT OF COMMERCE
COUNCIL OP ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (•rovernm ent receipts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
F<ideral G<jvernme]at expen ditures
Surplus
or
GrantsSubsidies Less: deficit
ContriPurin-aid
less
Wage
chases Trans- to State Net
butions
current accruals national
Total of goods fer pay- and interest surplus of less
for
income
and
social inments local
paid Govern- disand
surance
services
government en- burse- product
ments
terprises ments accounts
(-),
Fiscal year:
1974
271. 8
283.6
1975
314. 1
1976
364.0
1977
Calendar
year:
288. 6
1974
1975. . _ 286.9
332.3
1976
373. 9
1977
1976:111.. 337. 1
IV___ 344.5
364 9
1977: I
II. __ 371.2
III.. 373.2
IV... 386. 3
122. 6
127. 3
137.2
165.5
43.7
42. 1
52. 2
57.4
21.4
22. 1
24. 2
24. 6
84.2
92. 1
100. 5
116. 5
278. 8
328.7
372.3
411. 8
104.6
117.9
126. 5
140. 7
1047
1342
156. 8
169. 7
41. 6
48. 4
57. 5
66.0
19.8
21.9
25.4
29.3
8.0
5.7
6. 1
6. 1
-0.2
—.4
.0
.0
-7.0
-45.0
-58.2
-47.8
131. 1
125.6
147.3
170.7
150.3
157. 1
170. 0
168.6
168. 6
175.6
45. 9
43. 1
55.9
59. 4
56.9
55. 1
55.4
59. 9
59.5
63.0
21.7
24. 0
23.4
24.8
23. 7
23.8
24.2
24. 6
25.4
25.2
89. 9
94. 2
105.7
118.9
106. 2
108. 4
115. 4
118. 1
119.7
122.5
299.3
357. 1
386. 3
423.4
390. 6
400.4
403.7
411. 5
432. 1
446.3
111. 1
123. 3
130. 1
145.4
130. 2
134. 2
136. 3
143. 6
148. 1
153. 8
117. 6
149. 1
162.0
173. 1
163. 9
166.3
170.7
169. 3
1748
177.4
43. 9
54 6
61. 0
67. 5
63. 1
65.5
62.0
63. 6
72. 7
71.7
20.9
23. 3
27.2
29.6
27. 3
28. 5
28. 6
29. 1
29.4
31.5
5.3
6.7
5.9
7.8
6. 1
6.0
6. 1
5. 9
7. 2
11. 9
_. 5
.0
.0
.0
.0
.0
.0
.0
.0
.0
-10.7
-70.2
-540
-49.5
-53.5
-55.9
-3R8
-40.3
-58.9
-60.0
395. 3
176.0
59.8
26.0
133. 5 451. 1
152. 7
179.9
74 7
33.7
10.2
.0
-55.8
1978:1
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
IHBUSTRI&L PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1971
1972
1973
1974
1975
1976
1977
1977: Sept
Oet_._
Nov
Dec
1978: J a n _ _ _
Feb »..
Mar *_
Apr ».
May »_
[1967=100]
Con sinner ] trices (uiladjuste 1)
In dustria produ<ition (seiisonally adjuste d)
United
United Can- Ja- France Ger- Italy King- United1 Can- Japan France Ger- Italy United
Kingmany
many
pan
States ada
dom States ada
dom
109. 6
119.7
129.8
129.3
117.8
129.8
137. 0
138. 5
138.9
139.3
139.7
138. 8
139.2
140. 9
142. 9
143.7
121.5
130.0
141.7
145. 8
139.0
145.4
151.4
151.2
151. 5
152. 5
153.1
151. 3
153.9
153.7
153.3
128
135
145
148
139
149
152
154
149
155
150
154
152
157
160
155.8
167.2
190.5
183. 1
163.9
182. 0
189. 5
190. 0
187.7
191.5
193.3
194. 9
195. 4
199. 5
199. 7
133.6
138. 7
147. 7
145. 1
137. 1
149. 1
152.7
153
152
153
156
157
152
149
155
117.5
122. 7
1346
140.6
127.6
14a5
144. 8
145.4
138.5
140.8
136.7
143.4
148. 0
146. 6
142.5
110. 6
113.2
122.5
120. 3
114. 3
115. 6
117.2
117.3
116. 2
116. 1
117. 2
118.9
118. 6
118. 4
120.3
121. 3
125. 3
13a 1
147. 7
161.2
170. 5
181. 5
184. 0
184.5
185.4
186. 1
187.2
188.4
189. 8
191. 5
126. 5
132. 3
147. 9
184.0
205.8
224.9
243. 0
247. 3
248. 6
245. 7
245. 1
246. 1
247.1
249.4
252. 1
115.6
121. 2
130.3
144.5
160. 1
172. 1
185. 9
18&9
190. 8
192. 0
193.3
194.0
195.3
197. 5
197. 9
200.7
123. 5
131. 1
140.7
160.0
178.9
196. 1
213. 9
218. 6
220. 3
221. 1
221.7
222. 9
224.4
226.4
228.9
112.7
119.0
127.2
136. 1
144.2
150. 7
156. 6
157. 1
157. 3
157.5
157. 9
158.9
159.7
160. 3
160. 7
161. 1
114.4
121.0
134. 1
159. 7
186.8
218. 1
257. 6
263. 9
266. 7
270. 7
272. 0
274 6
277.4
280. 3
283. 3
286. 4
12&5
137.6
150.3
1744
216. 5
252.4
292. 4
298. 3
299. 6
301. 0
302. 6
3044
306.2
308. 1
312. 6
314 4
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise imports
Mercl landise exports
Ge neral ini]ports
Domesti 3 exports>
Period
Total
domestie and
foreign Total ' 2
exports
Food, Crude
Food, Crude
bever- mate- Manubever- mate2
facrials
rials tured Total
ages,
ages,
and to- and
and
and
togoods
bacco
bacco fuels
fuels
F.a.s. valu e 5
Monthly
average:
1973
1974
Manu- Total
fac(c.i.f. 4
tured value)
goods
Mer ehandise
balance
ExExports
(f.a.s.) ports
less
(f.a.s.)
imless
ports
im(cusports
toms (f.a.s.)
value)
trade
Exports
(f.a.s.)
less
imports
(c.i.f.)
Custom s value
5,902
8, 159
5,811
8,045
1,078
1,269
895
1,317
3, 728
5,294
5,790
8,416
8, 159
1974
8, 966
1975
9, 596
1976
10, 098
19771977: May___ 10, 522
10, 092
June
July... 10, 385
9, 674
Aug
Sept.__ 11, 037
Oct.. _ 9,375
9,475
Nov
Dec
11, 007
1978: Jan
10, 014
Feb.... 9, 922
Mar
10, 912
Apr
11, 635
May 11,754
8,045
8,842
9,456
9,915
1,269
1,399
1,436
1,332
1,459
1,376
1,420
1,346
1,466
1,023
1, 135
1,472
1,281
1,531
1, 604
1,693
1,897
1,317
1,266
1,341
1,548
1,753
1,612
1,653
1,296
1,531
1,466
1,500
1,493
1,402
1,282
1,483
1,699
1,781
5,294
5,913
6,437
6,681
6,708
6,620
6,640
6,469
7,516
6,294
6,380
7,471
6,739
6,674
7,145
7,562
7,548
8,354
8,048
10, 084
12, 306
11, 170
13, 334
12, 483
12, 101
12, 939
12, 583
12, 398
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
*1Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770 1, 120
892 2,653
F.a.s. value 5
892 2, 672
827 2,718
991 3,457
1, 186 4,463
1,261 3, 839
1, 181 5, 172
1, 107 4,595
1,088 4, 352
1,115 4,571
998 4,680
962 4,771
1,442 3,900
1,276 3,912
1,363 4,362
1,370 3, 928
1,370 4, 139
1,313 4,461
3,750
4,684
6, 131
9,000
4, 602
4,257
5,398
6,379
6, 112
6,655
6, 446
6,393
6,844
6,767
6,140
7,556
7,264
8,464
8,043
8,636
8,247
9,000
8,654
10, 825
13, 129
11, 925
14, 233
13, 339
12, 897
13, 810
13, 428
13, 194
14, 369
13, 157
15, 381
14, 570
15, 436
14, 894
112
-257
— 195
—257 —195
853
918
—581 —488
—2, 294 —2, 208
-756 -648
-3,355 -3,243
-2, 132 -2, 098
-2,475 -2, 427
-1,967 - 1, 903
-3,293 -3,209
-3,005 -2, 923
-2, 973-2,467
-2,455 -2, 367
-4, 649-4, 518
-2, 915 -2, 787
-2, 983-2, 861
-2, 358 -2, 238
-229
-841
—841
312
—1, 229
—3, 031
— 1, 403
— 4, 141
-2, 954
-3,223
-2, 774
— 4, 053
-3, 719
-3,362
— 3, 143
-5,459
-3, 658
-3, 801
-3, 141
8 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Note.- Data beginning 1975 not strictly comparable with earlier data.
Seasonally adjusted data revised beginning 1977 for imports detail.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account definition has been changed to include reinvested earnings on foreign investment and historical
data have been revised accordingly. Using the new definition, the U.S. current account deficit in the first quarter was
$7 billion, about the same as in the fourth quarter of last year.
BltUONS Of P.OUARS,
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
MERCHANDISE TRADE BALANCE
1970.
1
V
1977
1971
SOURCE, DEPARTMENT Of COMMERCE
I
1978
COUNOJ, OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M erehandise
Period
Imports
ExDorts
Invejstment irtcome 3
12
Net
hfllUtU.—
ance
Receipts
Payments
"NT<at
J-N O v
Net
military
transactions
Nettravel
and
transportation
receipts
Other
services,
net 3
Balance
on
goods
and
services l
Remittances,
pensions,
and
other
uni—
lateral
transfers 1
Balance
on
current
account
43, 319 -45,579 — 2, 260
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
107, 088 -98,041
9,047
114, 694 -124,047 -9,353
120, 585 -151,644 -31,059
12, 688 -5,436
14, 694 -6, 544
21, 697 — 9, 655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13,311
32, 100 -14,593
1976:111IV. _
29, 602 -32,418 -2, 816
29, 711 -33,314 -3,603
7,428 -3,293
7,420 -3,281
4, 135
4,139
237
169
-515
-704
1,186
1,222
1977:1-..
II__.
III—
IV..
29, 477
30, 638
31, 013
29, 457
7,796
8,088
8,220
7,997
4,599
4,487
4,610
3,812
568
295
467
5
-907
-759
— 677
-701
1,136
1,171
1,260
1,183
1978: !»__.
30, 664 -41, 865 -11,201
4,767
307
-824
1,252 -5,700 -1,254 -6,954
1971
1972
1973
1974
1975
1976
1977
-36,495 -7,018
-37,259 -6,621
-38,263 -7, 250
-39,627 -10, 170
1
Excludes military grants.
2
Adjusted from Census data
3
-3, 197
-3,601
-3,610
-4, 185
9,432 -4, 665
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
7,252 -2,893 -2, 315
8,150
3,621 -3,028
12, 042 —2, 287 -3,086
15, 457 -2,080 -3, 105
12, 795
-876 -2, 522
312 -2, 245
15, 933
17,507
1,334 -3,044
2,509
2,294 -3,701 -1,407
2,789 -2, 125 -3,854 -5,979
3, 185 10, 766 -3,881
6,885
3,975
8,905 -7,186
1,719
4,617 23, 060 -4, 615 18, 445
4,714
9,361 -5,022
4,339
4,749 - 10, 514 -4, 708-15,221
2,227 -1,908
1,223 -1,047
-1,623
- 1, 427
-1,591
-5,870
-1,126
-1,243
-1,277
-1,064
319
176
-2, 749
-2,670
-2,868
-6,934
NOTE.—Series revised beginning 1960 to include reinvested earnings on foreign
investment.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. rose by $15.7 billion in the first quarter of 1978 largely reflecting exchange market
intervention by foreign central banks to slow appreciation of their currencies against the dollar.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
30
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A
\
-30
1978
1970
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
pnerease/capita 1 outflow (-)]
Foreigni official
ass ets
Period
Total
1971
1972
1973
1974
1975
1976
1977
Fore ign assets in the U.S., net
[inei*ease/capit,al inflow (-BP
U.S.
Other
U.S.
official
U.S.
private2
reserve Govern- assets
assets i 2 ment
assets
Total
-12,475
2,348 - 1, 884- 12, 939 22, 987
32 - 1, 568- 12, 925 21, 696
-14,461
_ -22,823
209 -2, 644-20,388 18, 663
-34,712 - 1, 434
366 -33,643 34, 677
-39,444
-607 -3,470 -35,368 15, 550
_ -50,608 -2,530 -4,213 -43,865 36, 969
_ -34,650
-231 -3,679 -30,740 50, 869
1976: III.._ -10,269
IV.._ -16,235
-407 -1,340 -8,522 8,932
228 - 1, 180-15,283 12, 534
Total
26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124
3,070
7, 166
Assets of Other
foreign foreign
official
assets
reserve
agencies
27, 405 -3,907
10, 322 10,991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746
1,320
6,086
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
1,593
130 19, 120
609
— 177 19, 156
-4,769 -2,230 18, 988
1,569
2,276 19, 312
-949
3 2,490
6
-795 -11,214 14, 064
151 - 1, 098 -5,668 14, 251
-838 -13,862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2,962
7,467
6,180
7,914
6,005
15, 153
4,522
1978: ! » _ _ _ - 14, 286
246
15, 691
14, 906
717 -9,822
710 — 1,966
-2, 725
-1,684
5,449
9,300
-998
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
1,018 -2,636 18, 945
3,525
1,734 18, 747
qoo
ooo
^ Consists of gold, special drawing rights (SDK), convertible currencies, and
e U.S. reserve position in the IMF.
a Quarterly data are not seasonally adjusted.
Allocations
Of
of
Total
which :
special (sum of Seasonal
drawing
the
adjustrights
items
ment
(SDR) with sign discrepreversed) ancy
5,862
5,367
1977: I
-1,334
II
-12^003
III... -6,615
IV
- 14, 700
-900 -13,632 17, 816
Statistical
disereipancy
2, 125
3,423
176 19, 192
Note.—See Note, p. 36.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
379
DIVISION OF P U B L I C DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mall
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
»„....
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagrieultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures.
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
,
Manufacturers* Shipments, Inventories, and New Orders.
*.....
»...
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
,
22
23
24
24
25
_
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—-Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
-..-..
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Exports and Imports
,..,
U.S. International Transactions
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 85 cents (single copy). Subscription price: $10.10 per year; $2.55 additional
for foreign mailing.
38
35
35
36
@FedFRASER