Full text of Economic Indicators : June 1979
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96th Congress, 1st Session
Economic Indicators
June 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY
[PUBLIC LAW 120—S!ST 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 draun by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, gross national product rose $52.5 billion or 9.8 percent, both at
annual rates. Real output (GNP adjusted for price changes) increased 0.8 percent from the fourth quarter level and the
implicit price deflator rose at an 8.9 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1971
1,000
1979
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
IBillions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Personal
consumption
expenditures
Gross
private
domestic
in vestment
Export,s and imj:>orts of
goocIs and ser vices
Go vernment purchases of goods and
services
Federal
Net
exports
Ex-
ports
Im-
Total
ports
49. 9
54.7
62. 5
65. 6
72.7
101. 6
137.9
147.3
163.2
175.5
131.5
146.2
140. 8
160.0
188.3
220. 0
214.6
190.9
243.0
297. 8
345.6
-11. 1
-12. 0
204.8
47.7
52.9
58.5
64. 0
75.9
94.4
131. 9
126. 9
155.7
186.6
216. 8
1977:111.. 1, 916. 8 1, 214. 5
IV.__ 1, 958. 1 1, 255. 2
309.7
313.5
-7.0
-23.2
180.8
172. 1
187.8
195.2
1978:1
1, 992. 0 1, 276. 7
II... 2, 087. 5 1, 322. 9
III... 2, 136. 1 1, 356. 9
IV.... 2, 214. 8 1, 403. 9
322. 7
345.4
350. 1
364.0
-24. 1
-5.5
-10.7
-7.6
205.4
205.8
210. 1
221.9
229.5
1979: I
370.4
-3.7
235.0
238.7
2? 267. 3 I, 442. 2
1
2.3
1. 8
3.9
1. 6
0 0
~~ o.
o
7. 1
6.0
20.4
7.4
181.7
210.9
220. 8
This category corresponds closely with budget outlays for national defense,
shown on j>. 33.
Total
tional
de-
fense '
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. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
2, 107. 6 1, 340. 1
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
Na-
198. 7
207. 9
218.9
233. 7
253. 1
269. 5
Nondefense
State
Final
sales
and
local
98.0
97.5
95.6
96.2
102. 1
102. 2
111. 1
123. 1
129.9
145. 1
153.8
76.9
76.3
73.5
70. 2
73.5
73. 5
77.0
83.7
86.8
94. 3
99.5
21.2
22. 1
26.0
28.6
28.7
34. 1
39.4
43.1
50.8
54.3
229.6
248.9
280.2
2,091.6
399.5
146.8
152.2
94.4
97.1
52.4
55. 1
252.7
260.3
1, 894. 9
1, 945. 0
416.7
424. 7
439.8
454.5
151.5
147. 2
154.0
162.5
97.9
98.6
99.6
102. 1
53.6
48.6
54. 5
60.4
265. 2
277. 6
285.8
292.0
1, 975. 3
2, 067. 4
2, 122. 5
2, 201. 3
458.4
164.5
103.9
60.6
293.9
2, 252. 0
302.7
338.4
359.5
394.0
433.9
412. 5
2L2
100.7
110.4
123. 2
137. 5
151.0
167.3
191.5
215.4
Source: Department of Commerce, Bureau of Economic Analysis.
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Governrnent purebases of
Exj>orts of gc>ods
Gross isrivate do mestic
good s and services
a nd service s
itivestment
Personal
Gross
conChange
national sump- NonResi- in busiproduct
tion
Net Exports Imports Total Federal State
resiand
expend- dential dential ness in- exports
local
fixed ventoitures
fixed
ries
Period
58.9
63.5
65.7
68.5
75.9
79.9
77.1
67.5
80.5
88.7
98.6
259.2
256.7
250. 2
249. 4
253. 1
252.5
257.7
262.6
262.8
269.2
275.0
128.3
121.8
9.5
8.4
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
107.0
110.7
103.9
102. 1
96.6
95.8
96.5
96.6
101.6
100.3
130.9
134.9
139.5
145.5
151.0
155.9
161.8
166. 1
166.2
167.6
174.7
1, 043.
1, 068.
1, 071.
1, 100.
1, 161.
1, 218.
1, 209.
1, 212.
1, 264
1, 323.
1, 375.
12.2
7.5
12.5
3. 1
100.8
96.0
88.2
92.9
271.7
274.5
102.9
103.6
168.8
170.9
1, 331. 7
1, 347. 1
59.5
59.9
59.7
60.3
12.3
12.7
11.3
2.9
10.2
9.2
99.1
108.4
109.0
111.7
96.2
97. 1
99.7
101.5
272. 1
271.9
276.7
279.4
101.2
97.1
100.4
102.5
170.8
174.8
176.3
176.9
1, 341.
1, 369.
1, 382.
1, 406.
58.0
10.6
12.5
115.2
102.8
276.4
102.0
1744
1, 407. 0
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 271. 0
1, 332. 7
1, 385. 7
633.4
655.4
668.9
691.9
733.0
767.7
760.7
774.6
819.4
857.7
891.7
108.0
114.3
110.0
108.0
116.8
131.0
130.6
113.6
118.9
129.8
140.2
42.8
43.2
40. 4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
59.8
1977:111- 1, 343. 9
IV.._ 1, 354 5
858.0
876.6
130.8
132.5
58.8
60.3
1978: !_._. 1,354.2
II__. 1, 382. 6
Ill— 1, 391. 4
IV— 1, 414. 7
873.5
886.3
895.1
911.8
133. 8
140.5
141.7
144.9
1, 417. 6
913.5
146.7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979: 1
T7i««l
rinai
sales
8.7
10.6
4.3
6.6
9.4
16.5
8.0
-9.8
6.7
8. 9
10.6
9.0
8.2
-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.4
1
2
0
9
7
5
9
1
4
8
2
8
9
4
5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona 1 consumption expe nditures
Total
Gross private
dom estic
mves ^rnent
Nonres- ResiNonDurable durable
Services idential dential Exports Imports Federal
goods
fixed
fixed
goods
100.0
110.8
122.3
132.8
142.5
159.4
178.8
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127.5
1344
142.7
153.3
100.0
107.3
118.4
129.7
138.1
148.5
160.4
147.9
151.2
160. 6
166. 1
179.4
179.2
212.9
210.2
142.7
146.9
149.7
152.3
147.1
149.9
152.6
155.2
153.6
156.7
160.6
163.6
168.6
175.7
182.6
188.2
183.3
189.4
192.8
198.7
213.8
217.2
221.5
226.1
149.6
151.5
153.4
158.5
155.2
158.8
162. 1
165.1
158.1
166.4
191.4
2040
232.3
161.3
168.5
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
124.4
129.5
136.5
85.3
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138.2
145.0
155.0
82.0
86. 1
90.5
95.8
100.0
1047
113.6
123.2
131.6
141.0
151.2
82.6
86.6
91. 3
96.4
100.0
103.8
115.3
132.2
138.4
146.7
158.7
1977:111
IV
142. 63
144 56
141.6
143.2
129.5
130.9
145.7
147.0
142.3
1444
1978: 1
II
III
IV.
147. 10
150. 98
153. 52
156. 56
146.2
149.3
151.6
154.0
133. 1
135.7
137.8
139.3
150.4
1544
156.2
158.8
1979:1
159. 94
157.9
142.2
1644
_•
Source: Department of Commerce, Bureau of Economic Analysis.
and
local
80.9
83.3
89. 1
93.5
100.0
118.2
171.0
188.0
193.5
210.3
219.7
88.5
92.5
96.6
100.0
105.5
116.9
126.4
133. 1
140.7
150.3
846
State
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
170. 1
178.7
191.3
82.57
86.72
91.36
96. 02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61
152. 09
1968
1969
1970
1971
1972..
1973
1974
1975
1976
1977
1978
Expor ts and
Governnlent purimports of goods chases c>f goods
and scjrvices
and s€Tviees
80.7
87.7
90.6
949
76.9
81.9
88.3
945
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates)
Gross ]national product
Period
1968
1969
1970
1971
1972
1973
1974__
1975
1976
1977
1978
Constant
(1972)
dollars
Current
dol-
9. 1
7.7
5.0
8.2
10. 1
11.6
8, 1
8.2
11.2
11.0
11.7
_
Implicit
price
deflator
Gross c omestie p»roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dol-
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
4. 4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
4. 0
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
5.9
7.4
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.2
7.5
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.3
7.6
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
11.7
4. 4
2.6
—. 3
2.8
5.8
5.4
-1.3
— 1. 1
5. 6
4.8
4. 0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
7.4
4.4
5.0
5.3
5.0
4. 1
^.9
9.6
9.4
5.7
6. 1
7.5
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
7.7
1977: III
IV
11. 1
8.9
5.7
3.2
5. 1
5. 5
4.6
6.5
4.7
6.8
11.2
9.5
5.8
3. 5
5. 1
5.8
4.5
6.7
4.6
7.0
1978: I__
II
III
IV
7.1
20. 6
9.6
15.6
-. 1
8.7
2.6
6.9
7.2
11.0
6.9
8.2
7. 1
10. 8
7.6
8.1
7.0
11.0
7.6
8.4
6.7
20. 1
10.2
15.5
—. 4
8.3
3.0
6.9
7. 1
10.9
7.0
8. 1
7. 1
10.9
7.5
8.1
7.0
11.0
7.6
8.4
9.8
.8
8.9
9.4
9.7
9.3
.6
8.7
9.3
9.6
1979: I
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
prodt, ,ct of
nonfin ancial
corpc>rate
busi ness
(billic ns of
doll ars)
Period
Current-do' lar cost a nd profit 3er unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
conComsumption
penallowances Indirect sation
business
of
with
taxes 3 employcapital
ees
consumption
adjustment
Current
dollars
1972
dollars
452.9
498.4
541.8
560. 6
602.5
671.0
752.0
808.8
874. 1
988.5
1, 103. 2
1, 240. 6
545. 8
581.6
607.3
600.6
619.3
671.0
720.4
695.0
680. 0
730.0
769. 3
810.4
0.830
.857
.892
.933
.973
1.000
1.044
1. 164
1.285
1.354
1. 434
1.531
0.072
.074
.079
.088
.094
. 093
.095
. 116
. 142
. 146
. 150
. 156
0.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
. 146
1977: III__ 1, 124. 6
IV.__ 1, 146. 3
776.7
783.6
1.448
1. 463
. 151
. 152
. 140
. 142
1, 161. 6
1, 233. 0
1, 260. 6
1, 307. 0
783.6
811.9
814.9
831.0
1.482
1. 519
1.547
1.573
. 155
. 153
. 158
. 158
1979 : ! * _ _ _ 1, 338. 9
836.6
1.600
. 160
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: I
II. ..
Ill—
IV- _
1
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.535 0.016 0. 123
.553
. 017 . 124
. 022 . 109
.589
.086
.628
.028
.645
. 029 .095
. 107
.661
.028
. 105
. 032
.699
. 796 . 043 .086
. 113
.848
. 045
. 139
. 042
.891
. 952 . 044 . 148
. 154
.046
1. 029
0.051
.058
. 055
.045
.048
.050
.055
.061
.060
. 073
.077
.085
0.072
.066
. 055
.041
.046
.057
.050
.024
.053
.066
.071
.070
6.906
7. 133
7. 154
7. 147
7. 389
7.631
7.789
7. 490
7.721
7.962
8.057
8. 142
3. 694
3. 944
4.207
4. 487
4.766
5. 048
5.446
5.959
6.550
7.093
7. 667
8.381
.955
.973
. 044
.045
. 158
. 151
.076
.077
.082
.074
8. 113
8. 103
7. 746
7.881
. 145
. 145
. 145
.147
1.008
1.017
1. 038
1. 053
. 046
.045
.046
.046
. 129
.157
. 160
. 169
.071
. 086
.086
.094
.057
.071
.074
.075
8.053
8. 139
8. 165
8. 209
8. 117
8.281
8.471
8.645
. 149
1.087
. 048
. 156
.089
.068
8. 140
8.868
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Net
interest
Corpo rate profi bs with
invent(Dry valuat ion and
capit al consurription
2idjustmen ts
4
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]
Corpor ate profits» with inv entory va Luation
Propr etors1
and capital consumptioii adjustments
mcom e with
Rental
inventorv valua- income
Profits with inv<sntory
tion anc capital of perComvaluat /ion adjus fcment
consurnption
sons
pensaand ^vithout ca pital
adjust ments
with
tion of
NaNet
consum 3tion adjiistment Capital
capital
emcontional
interest
conincome ploy-l
Total
Inven- sumpsumpees
tion
tory
tion
Profits valuaNonadjustFarm
adjustbefore
Total
farm
ment
tion
tax
ment
adjustment
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
519.8
714.4
571.4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
1, 703. 7 1, 301. 4
12.0
13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.4
20.2
25.3
51.4
52.3
51.2
53.4
58. 1
60.4
60.9
63.5
70.2
79.5
87.8
18.6
18. 1
18.6
20. 1
21. 5
21. 6
21. 4
22. 4
22.5
22.5
23.4
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
127.0
144.2
159.5
82. 1
77.9
66.4
76. 9
89.6
97.2
86.5
107.9
141.4
159. 1
177.6
85.6
83.4
71.5
82.0
96.2
115.8
126. 9
120.4
155.9
173.9
202.0
-5. 1
-5.0
-6.6
-18.6
40.4
-12.4
1977:111
IV
1, 537. 6 1, 165. 8
1, 576. 9 1, 199. 7
16.5
25. 1
80.8
82.3
22.4
22.7
154.8
148.2
169.9
163.5
1978:1
II
III
IV
1, 603. 1
1, 688. 1
1, 728. 4
1, 795. 2
1, 241. 0
1, 287. 8
1, 317. 1
1, 359. 8
21. 9
24.0
25.0
30.4
83. 1
86. 1
89.6
92.6
22.8
22.2
24.3
24.4
132.6
163.4
165.2
176.6
1979:1
I, 838. 7 1, 406. 6
30.6
92.9
24.7
168.7
-3.4
— 14. 5
-14.8
-24. 4
3.7
3.5
1.5
.3
2. 5
1.9
-2.9
-12.0
-14.4
-14.9
- 18. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78. 6
84.3
95.4
106.3
177. 5
178.3
-7.7
-14.8
-15.0
-15.3
97.3
99.0
148.7
180.6
184.5
196.4
172.1
205. 5
205.4
224.9
-23.5
-24.9
-20.9
-28.4
— 16. 1
-17.2
-19.3
-19.9
101.7
104.6
107.4
111.4
189. 4
229.8
-40. 4
-20.7
115.2
5.5
Source: Department of Commerce, Bureau of Economic Analysis.
i Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ble goods
Durable goo<Is
Total
personal
consumption Total
expendi- durablel
goods
tures
Motor
vehicles
and
parts
535. 9
1968
1969___ ._
579.7
1970___ ._
618.8
668.2
1971
1972
733.0
1973
_
809. 9
1974
889.6
1975
979. 1
1, 090. 2
1976
1, 206. 5
1977
1978. _
1, 340. 1
80.0
85.5
84.9
97. 1
111.2
123. 7
122. 0
132. 6
156. 6
178.4
197.5
35.8
37.7
34.9
43.8
50. 6
55.2
48.0
53.4
69.7
81.5
89.7
32.6
35.0
36. 7
39.4
44.8
50. 7
54.9
58.0
63. 9
71.3
77.7
230.4
247. 0
264.7
277.7
299.3
333.8
376. 3
408.9
442.6
479.0
526.5
1977: III___. 1, 214. 5
IV
1, 255. 2
177.4
187.2
79.5
84.0
72.0
75.3
1978: I
II
III
IV
1, 276. 7
1, 322. 9
1, 356. 9
1, 403. 9
183.5
197.8
199.5
209. 1
84. 1
92. 5
89.8
92. 6
1979: L_
__ 1, 442. 2
211. 5
95.9
Period
1
Total includes other items not shown separately.
Furniture
and
household
equipment
Total
nondurablel
goods
Retail gales of
new pa ssenger
cars ( rrdlllons
of uilits)
Services
Clothing
and
shoes
Gasoline
and oil
118. 3
126. 1
136.3
140.6
150. 4
168. I
189.8
209. 6
225.8
245. 2
269.4
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.7
81.5
89.0
18.4
20.4
22.0
23.4
24.9
27.8
36.4
39. 5
42.8
46. 5
51. 2
225.6
247.2
269. 1
293.4
322. 4
352.3
391.3
437. 5
491.0
549.2
616.2
8.6
8.5
9.3
2.0
479.7
496.9
246.4
252. 6
81.4
86.7
46. 0
47. 5
557. 5
571. 1
8.9
9. 0
2.0
2.0
72. 1
76.5
78.9
83. 2
501.4
519.3
531.7
553.4
257.7
267.8
272.0
279. 9
82.9
87.5
90.5
95.3
48.3
49. 1
51.5
55.8
591.8
605. 8
625.8
641. 4
10.0
8.7
2. 1
2. 1
82.7
567.7
289.2
94. 1
59.4
663. 1
9.3
Food
Domestics
7. 1
8.7
9.3
9. 7
7.5
7. 1
8. 6
9. 1
9.3
9.2
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2. Qi
1.9*
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $13.2 billion (annual rate) in May, following a revised increase of $7.5 billion in April. The
faster growth in May was partly due to the ending of the work stoppage in trucking/ April income had also been held
down by widespread flooding and tornadoes.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
2;000
1300
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
WAGE AND SALARY DISBURSEMENTS-
600
400
400
OTHER INCOME
,„«,>»«""""
lt»»»* MIIHIMt*11"
200
200
\tf
TRANSFER
PAYMENTS
100
100
80
80
60
60
1972
1971
1973
1974
1977
1976
1975
1978
1979
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
j
3
Rental
Total
and
Other Proprietc>rs income income
Transfer
Divi- Personal
personal salary
labor 12
payinterest
of
dends
income disburse- income
income ments 5
Nonfarm persons 4
Farm
ment^ *
Period
1971
1972
1973
1974
1975
1976
1977
1978
COUNCIL OF ECONOMIC ADVISERS
859.1
579. 4
942.5
633.8
1, 052. 4
701.3
_ 1, 154. 9
764.6
1, 255. 5
805.9
1, 380. 9
890. 1
983.6
1, 529. 0
1, 708. 0 1, 100. 9
1978: May___
June —
July__._
Aug
Sept___
Oct
Nov
Dec
Less: PerNonsonal confarm
tributions personal
for social income6
insurance
36.2
42. 0
48.7
55.6
65. 1
77.0
90.4
105.9
14.3
18.0
32. 0
25.4
23.5
18.4
20. 2
25.3
53.4
58. 1
60.4
60.9
63. 5
70.2
79. 5
87.8
20. 1
21.5
21. 6
21.4
22.4
22.5
22. 5
23.4
23.0
24.6
27.8
31.0
31. 9
37. 9
43.7
49.3
69.3
74.6
84. 1
103. 0
115.5
126.3
141.2
159.0
94. 1
104. 1
118. 9
140.8
178.2
193.9
208. 8
226.0
30.8
34.2
42. 2
47.7
50.5
55.5
61. 0
69.7
838.0
9i7. 3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494. 4
1, 666. 9
1, 682. 1
1, 695. 7
1? 719. 2
1} 731. 1
1, 744. 7
1, 768. 7
1, 786. 6
1,811.6
1, 088. 4
1, 098. 4
1, 108. 2
1, 111. 3
1, 120. 1
1, 137. 5
1, 149. 3
1, 161. 4
104. 0
105.4
106.7
107.9
109. 1
110.4
111,8
113.1
24.8
25. 3
24. 0
24.9
26.0
27.4
29.0
34.9
86. 1
86.7
88.4
90. 1
90.2
92.0
92. 6
93.3
22. 1
22. 1
24. 3
24. 3
24.2
24.3
24.4
24.4
48.0
49. 0
49. 2
50.3
50. 7
51.3
51.8
52.6
156. 5
157.6
159. 6
161.9
163. 6
165. 1
166. 1
168.5
221. 3
220. 8
229.0
230. 8
231.5
232.2
233.6
235.9
69. 0
69. 6
70.3
70. 4
70.8
71.6
72.0
72. 6
1, 641. 8
1, 654. 7
1, 679. 4
1, 690. 3
1, 702. 6
1, 725. 1
1, 741. 3
1, 760. 3
1979: Jan
1, 819. 0
Feb
1, 833. 3
Mar »___ 1, 855. 8
Apr p___ 1, 863. 3
May v___ 1, 876. 5
1, 173. 0
1, 183. 7
1, 199. 2
1, 201. 1
1, 208. 2
114.5
115. 9
117. 3
118.6
120.0
31.0
30. 5
30.3
30.4
30. 6
92.6
92.7
93.2
93.6
93.7
24.5
24. 7
24.8
23.8
24. 8
53. 6
54.2
54. 2
54.4
55. 1
170. 1
172. 5
175.2
177.4
178.7
237.8
238.0
241. 1
243.5
245.3
78.2
78.7
79.6
79. 6
80.0
1, 771. 2
1, 785. 7
1, 808. 2
1, 815. 4
1, 828. 2
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
s Consists mainly of social insurance benefits, direct relief, and veterans
payments.
e 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 again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,000
3,000
1979
1971
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Less:
P<S7-
Period
sonal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
Less :
Personal
outlays l
Equals:
Personal
saving
Per c apita
dispo sable
persona income
Current
dollars
801. 3
859. 1
942.5
1, 052. 4
1, 154. 9
1,255.5
1..380. 9
1, 529. 0
1, 708. 0
115.3
116.3
141. 2
150.8
170.3
168.8
196. 5
226.0
256.2
685.9
742.8
801.3
901.7
984.6
1, 086. 7
1, 184. 4
1, 303. 0
1, 451. 8
Current
dollars
1972
dollars
Percent
change
in rial
per
capita
dispbsable
personal
income
Saving
as percent of Popula•titm
dispos(thou-2
able
sands)
personal
income
Dollars
BOlions of d ollars
1970
1971
1972
1973
1974
1975
1976
1977
1978
1972
dollars
Per capita personal cc nsumption exp<gnditures
635.4
685.5
751.9
831.3
913.0
1, 003. 0
1, 116. 3
1, 236. 1
1, 374. 9
50.6
57.3
49.4
70.3
71. 7
83.6
68.0
66.9
76.9
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,009
6,643
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4, 271
4,421
3,020
3,227
3,510
3,849
4, 197
4,584
5, 066
5, 564
6,132
3,265
3,342
3, 510
3,648
3,589
3,627
3,808
3,955
4,080
-2.2
3.0
2.6
3.3
5.9
1.3
2.8
3.3
3.5
5.3
204, 878
207, 053
208, 846
210, 410
211,945
213, 566
215, 191
216, 856
218, 547
7.4
7.7
6.2
7.8
7.3
7.7
5.7
5. 1
Seas onally ad; usted amimal rates
1977:111.. 1, 543. 7 224. 6 1, 319. 1 1, 244. 8
IV. _ 1, 593. 0 233.3 1, 359. 6 1, 285. 9
74.3
73.7
6,077
6,250
4,293
4,365
5,595
5,770
3, 953
4,030
5.0
6.9
5.6
5.4
217, 073
217, 541
1978: !.__. 1, 628. 9
II. .. 1, 682. 4
III__ 1, 731. 7
IV__. 1, 789. 0
1, 309. 2
1, 357. 0
1, 392. 5
1, 440. 9
82.4
76.3
76.0
73.0
6,387
6,566
6,712
6, 906
4,370
4,399
4,428
4, 485
5, 859
6,060
6,203
6, 404
4,009
4,060
4,092
4,159
.5
2.7
2.7
5.2
5.9
5.3
5.2
4.8
217, 897
218, 290
218, 768
219, 233
1, 836. 0 272.8 1, 563. 3 1, 480. 2
83. 1
7,117
4, 508
6,566
4, 159
2. 1
5.3
219, 635
1979: I_
237.3
249. 1
263. 2
275. 1
1, 391. 6
1, 433. 3
1, 468. 4
1, 513. 9
i 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
According to current estimates for the first quarter, net farm income before inventory adjustment rose $1.8 billion
(annual rate), while income after inventory adjustment rose $0.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
160
140
140
120
120
100
100
80
"
GROSS FARM INCOME
BEFORE INVENTORY ~
ADJUSTMENT
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
§
20
20
10
10
1972
1971
1974
1973
1975
1976
1977
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1979
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by tota] farm po pulation
Income rejceived frc>m farmin g
Gross income bei ore inven tory adjustrrlent
Net tc> farm
oper ators
60.6
70.1
95.5
100.0
96.9
104. 1
108. 1
124.3
102.7
114.8
Cas]ti receipts from
Producrnarketing s
tion ex- Before
penses invenLivestock
tory
Total
Crops
and
adjustment
products
Billioris of dollars
13.2
30.6
52.9
47.4
22.3
61.2
17.8
35.7
25.5
52.3
41. 1
87. 1
29. 9
45.9
65.6
41.4
92.4
72.2
27.7
51. 1
88.2
21.1
43.0
45. 1
75.9
46.2
21. 1
83.0
94.5
48.3
96. 1
47.6
20. 1
88.0
48.5
28.2
58.0
52.2
110. 2
96. 1
47.8
43.5
16. 7
91.3
86.0
49.5
23.4
99.6
50. 1
91.4
1978:1
II
HI...
IV
118.3
123.0
122.6
133.2
104.6
109.3
109.0
117.7
52.7
57.4
57.7
64.0
51. 9
51.9
51.3
53.7
92.5
95.0
95.5
101.5
1979: 1
139.0
125. 4
68.5
56. 9
105. 5
Period
1971
1972
_„
1973
1974
1975
1976_
1977
1978— __ _
1977 :!!!___
IV____
From From From
all
farm nonfarm
sources sources sources Total *
28.8
34.6
48.9
45.2
44.5
41.2
43.0
53.2
13.5
16.9
29. 2
23.4
21.9
16.9
18.3
25.3
15.3
17.8
19.7
21.8
22.7
24.4
24. 7
27.8
1 Gash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
s Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year. Data for 1979 estimated.
After
inventory
adjust-2
ment
Net incc me per
farm a fter inventory adjustmejat*
Current
1967
dollars dollars 4
Dol lars
14. 6
18.7
33.3
26. 1
24.5
18.8
20. 6
28.8
16.8
25.5
5,042
6, 526
11, 813
9,349
8,845
6, 848
7,592
10, 780
6,210
9,420
4,157
5, 208
8, 875
6,330
5, 487
4, 016
4, 183
5,520
3,390
5,080
25.8
28.0
27. 1
31.7
26.3
28.0
27.6
33.2
9,840
10, 480
10, 330
12, 430
5,220
5, 420
5,220
6, 160
33.5
33.5
12, 750
6, 160
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the first quarter/ corporate profits before tax rose $4.9 billion (annual rate)
while after-tax profits rose $9.2 billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
200
200
40
40 -
1971
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pro fits after tax
Profit s (before tax) wit hi inventc5ry valuiition
adjustn lent >
Dome 8tie industries
IS onfinam ;ial
Period
Total *
1968.. . . _ _ — _ _ _ —
1969
1970
1971
___1972...
1973
1974
1975
1976
_ - _ _ __
1977
1978
1977: III
IV
1978: I
II
III
IV
1979: I
82.1
77.9
66.4
76.9
89. 6
97.2
86.5
107.9
141.4
159. 1
177.6
169.9
163.5
148.7
180.6
184.5
196. 4
189.4
Total
78.9
74. 2
62.6
72.4
84.7
90.4
76.9
101.8
133.2
149.5
167.7
159.5
155.6
139.2
168.9
175.4
187. 4
178.0
Financial
Total8
10.4
11. 3
12.6
14. 1
15.4
16.2
14. 4
13.0
17.5
20.9
25. 1
21.9
21.9
22. 7
24. 3
26.0
27.6
27.0
68.5
62. 9
50. 1
58.2
69. 3
74. 1
62. 5
88.9
115.6
128.6
142.6
137.6
133.7
116.6
144. 6
149.4
159.8
151.0
Manufacturmg
Wholesale
and
retail
trade
41. 2
36.8
27. 1
32.4
40.6
44. 1
36.6
48.3
65.6
74.7
85.0
74.7
80.2
69.8
87.8
87.1
95.2
97. 1
10. 1
10. 1
9.4
11. 7
13.3
14.7
12. 9
20.7
24.0
24. 0
22.7
30.6
22. 1
16. 7
22.0
25.8
26.3
17.2
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
2
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
85.6
83.4
71.5
82.0
96.2
115. 8
126.9
120.4
155.9
173.9
202.0
177.5
178.3
172. 1
205. 5
205.4
224.9
229. 8
39.4
39.7
34.5
37.7
41.5
48.7
52.4
49.8
64.3
71.8
83.9
72.8
73.9
70.0
85.0
86.2
94.4
90.2
46.2
43.8
37.0
44. 3
54.6
67. 1
74.5
70.6
91.7
102. 1
118. 1
104.8
104. 4
102. 1
120.5
119.2
130.5
139.7
21. 9
22.6
22. 9
23.0
24.6
27.8
31.0
31.9
37.9
43.7
49.3
44. 1
46.3
47.0
48. 1
50. 1
51.9
54.0
24. 2
21.2
14. 1
21.3
30.0
39. 3
43.6
38.7
53.8
58.4
68.8
60. 6
58. 1
55.1
72.4
69.2
78.6
85.7
Includes rest of the world, not shown separately.
s Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjust^ment
-3.4
-5.5
-5.1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-14.8
-24.4
-7.7
-14.8
-23.5
-24.9
-20. 9
-28.4
_40. 4
GROSS PRIVATE DOMESTIC
According to revised estimates for the first quarter, business fixed investment rose $6.9 billion (annual rate) as non*
/esidential construction outlays rose slightly and producers' durable equipment purchases increased $6.3 billion.
Residential investment outlays declined $2.3 billion. Inventory investment amounted to $1 5.3 billion; up $1.8 billion
from the fourth quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
40 -CHANGE IN BUSINESS IN\'ENTORIES
^^^^
20 -
70
0
60
-20
50
—
X^\1
s
/\.Ji f
«a»
\/|
J*
-
A(\
Ml
1975
1979
1978
1977
1976
I
1975
I
I
I
1976
\
1
1977
i
. I I
1978
I
I
I
I
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investmcmt
Gross
private
domestic
investment
Period
1968
1969.
1970
1971...
1972
1973
1974
1975
1976
1977
1978
1977: III
IV
1978:1
II
III
IV
....
1979:1... __ ___
Struc tures
Total
Prodincers1
dur able
equip ment
Total
Nonfarm
Total
Nonfarm
Resid ential fix ed inves tment
T)f/%
Total
Nonfarm
structures
Farm dueers*
durstrucable
tures equipment
131.5
146,2
140. 8
160.0
188.3
220. 0
214.6
190.9
243.0
297.8
345.6
309. 7
313.5
322.7
345.4
35.0. 1
364.0
89.3
98.9
100.5
104. 1
116.8
136. 0
150.6
150.2
164.6
190.4
222. 6
193.5
200.3
205.6
220. 1
227.5
237. 1
31.6
35.7
37.7
39.3
42.5
49.0
54.5
53. 8
57.3
63.9
77.8
65.4
67.4
68.5
76.6
80.9
85. 1
30. 4
34.3
36. 1
37.8
41. 1
46. 9
51.8
51.3
54.7
61.0
74.5
62. 7
64.5
65.2
73.4
78.0
81.8
57.7
63.3
62. 8
64.7
74.3
87. 0
96.2
96.4
107.3
126.5
144.8
128. 1
132.8
137. 1
143.5
146. 6
152.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.5
116.7
133.8
118.6
123.4
127.2
132.9
135. 5
140.9
34.5
37.9
36. 6
49.6
62.0
66. 1
55. 1
51.5
68.2
91.9
107.0
94.3
100.2
100.3
105.3
109. 0
113. 4
33. 1
36.3
35. 1
47.9
60.3
64. 3
52.7
49.5
65.8
88.9
103.8
91. 2
97.5
97.3
102. 1
105.7
110.2
0.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.4
1.6
1.2
1.3
1.4
1, 5
1.5
370.4
244.0
85.8
82. 1
158. 3
147.0
111. 1
108.0
1.3
Change in business inv entories
Total
Nonfarm
0.8
7.7
9.4
.9
.9
3.8
6. 4
1. 0
9.4
1. 1
1.2
17. 9
1.2
8.9
1. 1 -10.7
1.3
10. 2
15.6
1.5
:
16.0
•••l. 7:
21. 9
1. 5
1. 6
13. 1
1.7
16.7
20. 1
1.8
13.6
1.7
13.5
1.7
14.7
10. 8
-14.3
12.2
15,0
16.7
22. 0
10. 4
16.9
22. 1
14.6
13.4
15.3
16. 5
1.8
7.6
9.2
3,7
5. 1
as
Source: Department of Commerce, ]Bureau of EConomic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.7 percent in 1979, according to the Commerce Department survey conducted in late April and May. The planned increase is 1.4 percentage points higher than the planned increase reported 3 months ago.
BILLIONS OF DOLLARS (RATIO SCALE)
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
160
160
140
140
TOTAL NEW PLANT AND EQUIPMENT
120
120
100
100
iIIII|HH«»»***0
80
80
NONMANUFACTURING
A.
,
„
.
.
'
"
"
"
"
60
60
*''
MANUFACTURING
40
40
20
I
1971
I
I
1972
I
I I
1973
1974
I
I I
1975
I
I
1976
20
1977
1978
1979
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and equ ipment
projeJCtS1
EJcpenditure s for plant and equ ipment
Mi mufacturi ng
Period
Total *
N(mmanuf.acturing
Total
Durable
goods
Nondurable
goods
Total
Trans- Public ComMining porta- utili- munition
ties cation
Commercial
1972
1973
1974
...
1975
1976...
1977
1978 4
1979 ._
88.44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
178. 88
31.35
38.01
46.01
47.95
52.48
60. 16
67.62
77.61
15.64
19.25
22. 62
21.84
23.68
27.77
31.66
37.02
15.72
18.76
23.39
26. 11
28.81
32.39
35.96
40.59
57.09
61.73
66.39
64.82
68.01
75.64
86. 19
95.72
2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5.28
5.72
6.03
6.66
7.57
7.45
6.93
8.05
9.66
17.00
18.71
20.55
20. 14
22.28
25.80
29.48
32.76
11.89
12.85
13.96
12.74
13.30
15.45
18. 16
19.48
and
other 2
20.07
21.40
22.05
20.60
20. 99
22.97
25.71
28.54
1978:1
II
III
IV
14425
150, 76
155. 41
163. 96
61.57
67.20
67.75
73.24
28.72
31.40
32.25
33.99
32.86
35.80
35.50
39.26
82.68
83.56
87.66
90.71
4.45
4.81
4.99
4.98
8.46
7.40
8.05
8.43
27.92
28.46
29. 62
31.73
17.07
18. 18
18.90
18.46
1979: I.
II *
III44...
IV ....
165. 94
170. 80
174. 74
71.56
76.35
79.89
81.98
34.00
36.60
38. 09
39. 10
37.56
89. 75
41.80
42.88
94.38
98. 95
94.85
99.01
5.46
6.40
5.11
5. 26
10.08
8.61
9.50
10. 58
32.35
32. 42
32.79
33.46
18.75
180. 98
i 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
2
8
Manufacturing
Public
utilities
35.21
47.57
52.49
48.24
51. 05
66.73
72.44
28.60
38. 13
45. 74
34. 50
29.66
32.54
34.93
24.76
24.71
26.09
27.12
17.41
18. 10
16.96
19.97
7.98
7.78
4.40
14. 00
27.73
47. 51
47. 45
49. 71
21.98
3.27
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late April and May
1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT3 AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 144,000 in May while unemployment was unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
EMPLOYMENT
s,«,n."«"
80
80
10
10
UNEMPLOYMENT
1971
1974
1973
1972
1975
1976
1977
1978
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF .LABOR
Period
Noninstitutional
population
COUNCIL OF ECONOMIC ADVISERS
[T aousands of persons> 16 years of age a nd over]
Civilian eicnploymen t
Unemplc)yment
Total
labor
N onagri cultural
15
Civilian Unemforce Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ment
ing
force
Total for
nomic 1
over
tural
Armed
reasons
Forces)
150, 827 85, 935
153, 449 84, 783
156, 048 87, 485
158, 559 90, 546
161, 058 94, 373
Ujnad justed
5,076 93, 240 91,011
7,830 94, 793 92, 613
7,288 96, 917 94, 773
6, 855 99, 534 97, 401
6,047 102, 537 100, 420
85,
84,
87,
90,
94,
1978: May*_
June._
July__
Aug...
Sept..
Oct...
Nov__
Dec__
160, 713
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
162, 250
93,
95,
96,
96,
95,
96,
96,
95,
851
852
202
116
041
095
029
906
5,457
6,326
6,438
5,931
5,797
5,460
5,629
5,725
102,
102,
102,
102,
103,
103,
103,
103,
222
602
738
785
097
199
745
975
100,
100,
100,
100,
100,
101,
101,
101,
109
504
622
663
974
077
628
867
93, 953
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,243
3,424
3,377
3,351
3,406
3,374
3,275
3,387
90, 710
91,216
91, 069
91, 372
91, 604
91, 867
92, 476
92, 468
1979: Jan...
Feb__
Mar__
Apr
May_
162,
162,
162,
163,
163,
94,436
94, 765
95, 501
95, 675
96, 220
6,431
6,484
6,165
5,561
5, 253
104,
104,
104,
104,
104,
277
621
804
193
325
102,
102,
102,
102,
102,
183
527
714
111
247
96,
96,
96,
96,
96,
3,232
3,311
3,343
3, 186
3, 184
93, 068
93, 335
93, 499
92, 987
93, 134
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.
935
783
485
546
373
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
3,216
3,342 91, 031
Seas<mally adj usted
1974
1975
1376
1977
1978*
448
633
909
008
260
1979
300
647
842
174
318
Labor
force
participation
rate
(peri\ 9
cent)
*
5,076
7,830
7,288
6, 855
6, 047
937
2,483
2,339
1,911
1, 379
61.8
61. 8
62. 1
62.8
63.7
3,247
3,433
3,316
3, 298
3,203
3, 164
3, 131
3,058
6, 156
5,864
6, 176
5,940
5,964
5,836
5,877
6, 012
1,404
1,266
1,314
1,234
1,268
1,317
1, 196
1,208
63.6
63.8
63.8
63.7
63.8
63.8
64.0
64. 1
3, 159
3, 147
3, 179
3,312
3,307
5,883
5, 881
5,871
5,937
5,929
1, 251
1, 260
1, 305
1,235
1,213
64.2
64.3
64. 3
63.9
63. 9
*Beginning 1978, data not strictly comparable with earlier
revisions in the household survey, which added about 250,0^
to employment.
Source: Department of Labor, Bureau of Labor S*
SELECTED UNEMPLOYMENT RATES
In May the seasonally adjusted unemployment rate remained at 5.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1975
1979
1975
1979
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1974. __
1975__
1976
1977
.
1978_-_
__ .
1978: May
June
July
Aug .
Sept
Oct
Nov
Dec
1979:Jan__
Feb
Mar
Apr
_ _
May _
__
_
Uner nployme at rate ( Dercent c)f civiliaii labor f<3rce in g *oup)
]3y select ed group>s
By race
By £ ex and abge
Total
(all
civilian
workers)
Men
20
years
and
over
5,6
8.5
7.7
7.0
6.0
3.8
6. 7
5.9
5.2
4.2
6. 1
5.8
6. 1
5.9
5.9
5.8
5.8
5.9
5.8
5.7
5.7
5.8
5. 8
Women
20
years
and
over
Experienced House- Fulltime
wage
hold
workand
heads
ers
salary
workers
Parttime
workers
3. 3
5. 8
5. 1
4.5
3.7
5. 1
8. 1
7.3
6.5
5.5
8.6
10. 3
10. 1
9.8
9.0
6. 1
9. 1
8.3
7.6
6.5
5,7
5. 4
5.7
5.5
5.6
5. 4
5.4
5.6
3.8
3.7
3.8
3.7
3.6
3.5
3.4
3.5
5. 6
5.3
5.7
5.4
5.4
5.2
5.2
5.3
9.2
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.6
6.5
6.8
6.5
6.4
6.2
6.2
6.2
5.4
5.3
5.3
5.4
5. 3
3.4
3.5
3.4
3.6
3.4
5. 2
5.2
5. 1
5. 3
5.2
9. 1
8.6
9.2
8.8
9.6
6.2
6.2
6. 1
6.5
6.3
Both
sexes
16-19
years
White
Black
and
other
5.5
8. 0
7.4
7.0
6.0
16. 0
19.9
19.0
.17.7
16.3
5.0
7.8
7. 0
6.2
5.2
9.9
13. 9
13. 1
13. 1
11.9
5.3
8.2
7. 3
6.6
5.6
4.2
4.0
4. 1
4. 1
4. 1
4.0
3. 9
4. 1
6.2
6. 1
6.4
5.9
5.9
5.6
5.8
5.8
16.5
15. 1
16.3
15.7
16.3
16. 2
16.2
16.5
5.3
5.0
5.2
5.2
5.2
5. 1
5.0
5.2
12.3
12. 0
12.3
11.5
11.3
11. 3
11. 7
11.5
4. 0
4.0
4.0
4.0
3.9
5.7
5.7
5.7
5.7
5.8
15.7
16. 1
15.5
16. 5
16. 8
5. 1
4.9
5.0
4. 9
5. 0
11.2
11.9
11.2
11.8
11. 6
i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
Labor
force
time
lost
(per- l
cent)
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYIIENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In May the percentage of unemployed persons who were job losers and new entrants rose and the percentage who were
job leavers and reentrants fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
60
40
20
20
15-26
WEEKS
V*5*
27 WEEKS
AND OVER
1976
1977
1980
1976
1977
1978
1979
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Period
Unemployment
(thousands)
1974
1975___ __
1976
1977 _
1978
1978: May.
June.
JulyAug__
Sept__
Oct__
Nov..
Dec..
1979: Jan. __
Feb___
Mar._
Apr___
May._
5,076
7,830
7,288
6,855
6,047
6, 156
5,864
6, 176
5,940
5,964
5,836
5,877
6,012
5,883
5,881
5,871
5,937
5, 929
[Monthly data seasonally adjusted, except as noted]
Pereer it distribution of unemPereer it distribution of unemState pirograms Insured
unem- Special
ployment b y duraticm 1
ployment :>y reasoii *
ployunemment,
ployall
ment
Insured
27
Less
regular benefit3
Initial
Job
unemReen- New
Job
5-14
15-26
weeks
enthan 5 weeks weeks
proclaims
losers leavers trants trants
ploy- claims
and
weeks
grams 2 (unad(unad- justed)
justed)
We«»kly avei age, thou sands
43. 4
14. 9
28.4
13. 3
50.6
7.3 2,262
31.0
11. 1
363
2,558
55.4
10.4
23.8
10.4
15.2 3,986
37. 0
31. 3
16. 5
478
4,943
1, 173
12. 2
12. 1
49. 8
382
26.0
13.8
38.3
18. 3 2,991
29. 6
1, 152
3,822
45.3
13. 0
28. 1
13.7
14. 8 2,655
41.7
30.5
13. 1
375
572
3, 111
41. 6
14. 1
30.0
46.2
342
14.3
31.0
10.5 2,356
12.3
2,640
42.7
30.2
13.5
29.3
11. 1 2,223
14.6
46.9
11.8
331
2,369
36
14.0
32. 1
40.8
30.6
14.6
10. 0 2,247
46. 6
11.3
347
21
2,297
41. 4
13.9
30.5
14.2
48.2
30.4
10.5 2,374
364
10.9
2,581
14.2
41. 6
29.5
47.2
14.8
32.0
10.6
10.3 2,448
345
2,394
39.7
32.4
14.3
13.7
11. 2
10. 2 2,292
47. 1
31. 5
326
2, 064
42. 2
14. 0
14.2
12. 6
10. 0 2,234
29. 6
46.7
30.7
325
1,999
14.2
40.7
30. 1
15. 0
30.6
48.8
8.8 2,230
11.8
338
2,148
40.2
14.3
31.9
13.6
47.4
32.6
12.0
7.9 2,252
339
2,567
32. 1
15.7
28.7
41.6
46.4
14.0
12.5
9. 0 2,367
350
3, 198
14. 0
12. 1
41.8
14.7
29. 6
46.7
31.8
9.3 2, 349
341
3,209
30.2
14. 6
41.3
31.4
13.9
46. 5
12.3
9.7 2,323
2,921
349
42. 2
14. 2
11.4
30. 0
13. 6
31.0
48.6
9.0 2, 367
433
2,610
16. 1
29.8
14. 2
32. 6
39. 9
47. 0
8.6 2 ? 253
356
2, 231
11.9
1 Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (TJCX), Federal (UCFE), and railroad (BE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
3 FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagriculfural employment as measured by the payroll survey rose by 171,000 in May.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
80
70
SERVICE PRODUCING
INDUSTRIES
60
JU
50
40
..GOODS-PRODUCINGINDUSTRIES
30
""«..,,,„.„„
20
1975
1977
1976
1978
1979
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
«
• j
•Period
1974
1975
1976
1977
1978
1978: May._
June..
July..
Aug..
Sept..
Oct...
Nov...
Dec..
1979: Jan...
Feb___
Mar__
Apr *»_
May *»_
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Croods-prc)ducing i adustries
Service-pr oducing Industries
Total
Trans- Whole- Finance,
Ma nufactui ing
Gover nment
nonagriporta- sale
insurConeultural
tion
ance, Services
employ- Total * strucand
Non- Total
State
and
and
Durable
ment
tion
retail
Total goods durable
Federal and
public trade
real
goods
local
utilities
estate
78, 265
76, 945
79, 382
82, 256
85, 763
85, 618
85, 996
86, 033
86, 149
86,163
86, 573
87, 036
87, 281
87, 524
87, 818
88, 263
88, 267
88, 438
24, 794
22, 600
23, 352
24, 288
25, 381
25, 341
25, 473
25, 501
25, 463
25, 471
25, 670
25, 872
26, 030
26, 111
26, 199
26, 412
26, 369
26, 401
4,020
3,525
3,576
3,833
4,212
4,175
4,278
4,317
4,298
4,298
4,341
4,368
4,397
4,381
4,385
4,526
4,517
4,584
20, 077
18, 323
18, 997
19, 647
20, 332
20, 297
20, 316
20, 302
20, 278
20, 286
20, 436
20, 601
20, 729
20, 825
20, 895
20, 964
20, 928
20, 897
11, 925
10, 688
11, 077
11, 573
12, 160
12, 093
12, 109
12, 138
12, 146
12, 166
12, 305
12,410
12, 491
12, 562
12, 647
12, 699
12, 671
12, 649
8, 152
7,635
7,920
8,074
8,172
8,204
8,207
8, 164
8, 132
8, 120
8, 131
8,191
8,238
8,263
8,248
8,265
8,257
8,248
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagrieultural employment of the
civilian labor force, shown on p. 11. which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
53, 471
54, 345
56, 030
57, 968
60, 382
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 164
61, 251
61, 413
61, 619
61, 851
61, 898
62, 037
4,725
4,542
4, 582
4,696
4,859
4,847
4,881
4,827
4,846
4,855
4,922
4,947
4,967
4,974
5,001
5,025
4,942
4,995
16, 987
17, 060
17, 755
18, 492
19, 394
19, 335
19, 412
19, 469
19, 523
19, 546
19, 632
19, 701
19, 697
19, 817
19, 883
19, 945
19, 966
20, 010
4, 148
4,165
4,271
4,452
4,676
4,637
4,670
4,690
4,707
4,719
4,737
4,774
4,789
4,809
4,829
4,839
4,854
4,863
13, 441
13, 892
14, 551
15, 249
15, 979
15, 896
15, 963
15, 989
16, 074
16, 127
16, 169
16, 270
16, 327
16, 352
16, 438
16, 535
16, 578
16, 608
2,724
2,748
2,733
2, 727
2,753
2,753
2,772
2,765
2,765
2,752
2,760
2,757
2,734
2,755
2,755
2,754
2,756
2,758
11,446
11, 937
12, 138
12, 352
12, 723
12, 809
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 737
12, 706
12, 713
12, 753
12, 802
12, 803
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments,
a Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURMi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonaly adjusted]
Average gross
hourly €sarnings
Averiige weekly 1 lours
Manufa cturing
Total
private
nonagricultural l
Period
Total
Overtime
Adjusted h ourly earnin gs index2 —tc tal private
nonagric ultural
Percent eh ange from
a year €earlier 4
Index, IS167=100
Total
private
nonagricultural l
Manufacturing
$3.35
3.57
3.82
4.09
4.42
4.83
5.22
5.68
6.17
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
108.9
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
8.1
1967
dollars 8
Current
dollars
Current
dollars
1967
dollars
1970
1971
1972
1973__
1974
1975
1976
1977
1978
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8
39.8
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
3.0
2.9
3.5
3.8
3.3
2.6
3.4
3.6
$3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.25
5.69
1978: May
June
July
Aug
Sept
Oct
Nov
Dec-
35.9
35.9
35.9
35.8
35.8
35.9
35.8
35.9
40.4
40.5
40.5
40.3
40.4
40.5
40.7
40.7
3.5
3.6
3.6
3.4
3.6
3.6
3.7
3.8
5.62
5.66
5.71
5.73
5.77
5.82
5.87
5.91
6.08
6. 12
6. 18
6.20
6.25
6.32
6.38
6.43
211.0
212. 3
214.1
214.6
216.2
218.0
219.0
220.7
109.1
108.8
109. 1
108.7
108.7
108.7
108.5
108.6
8.0
8.1
8.2
8.2
8.3
8.2
8.2
8.5
-.6
-.6
1979: Jan
Feb
Mar
Apr*
May *„__ __
35.7
35.7
35.9
35.4
35.6
40.7
40.7
40.8
39.2
40.2
3.8
3.8
3.8
2.8
3.4
5.97
5.99
6.04
6.04
6.08
6.45
6.52
6.56
6.56
6.63
222.8
223.9
225.3
226.8
227. 1
108.6
107.8
107.3
106.9
105.9
8.1
8.4
8.2
7.9
7.6
-1.1
-1.5
-2.0
-2.5
-2.9
3. 1
0.7
2.6
3.0
0
-2.8
-.7
1.3
1.0
.5
.8
.7
.5
.4
.0n
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <sarnings
Total pri^/ate nonagricul tural »
Period
Current
dollars
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: May
June
July
Aug
Sept
Oct
NOV
Dec
1979: Jan
FebMar
Apr 9
May 9
1
8
:
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
201. 76
203. 19
204. 99
205. 13
206. 57
208. 94
210. 15
212. 17
213. 13
213. 84
216. 84
213. 82
216. 45
Manufacturing
1967
dollars s
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
104. 32
104. 20
104. 48
103. 97
103. 86
104. 16
104. 14
104. 41
103. 86
102. 96
103. 31
100. 76
100. 96
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
245. 63
247. 86
250. 29
249. 86
252. 50
255. 96
259. 67
261. 70
262. 52
265. 36
267. 65
257. 15
266. 53
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
319. 19
314. 39
322. 65
323. 02
323. 51
323. 75
323. 61
324. 58
329. 59
320. 23
329. 42
339. 53
325. 42
335. 44
Percent cha^nge from a
year e arlier,
total prhrate nonagricu] tural 5
Current
dollars
(Current dollars\
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Eevised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 31
151. 34
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
159. 24
159. 73
160. 23
162.52
163. 67
163. 00
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.5
7.9
8.1
8.5
8.5
8.1
8.6
9. 1
9.4
9.6
8.7
5.6
7.4
1967
dollars
-1.3
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.0
.4
.4
.5
.3
.6
.2
-.6
-.2
.1
.0
-.3
-1.4
-4.6
-3.1
*8 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 oi 2all
pers ons
Out put*
Output i jer hour
of all p>ersons
Compe nsation
per ] lour 3
Unit labor
CO sts
Impliciib price
deflal Dor 4
NonPriPriNon- Private NonNonPriNonPrivate
Private Nonvate
farm
vate
farm business farm
farm
farm business
vate
farm
business business
business sector business business business business business business business
sector
sector
sector sector sector sector sector sector sector
sector
sector
Period
1967== 100; qua rterly dat a season ally ad jus ted
1966
1967
1968
1969
98.0
100.0
105. 1
108.3
98.1
100.0
105.4
108. 6
100.0
100. 0
101.8
104.6
99.8
100.0
102. 1
105.5
98.0
100.0
103.3
103. 5
98.4
100.0
103.2
102.9
94.9
100. 0
107.6
114.9
94. 8
100.0
107.3
114. 1
96.8
100.0
104. 1
111. 0
96.4
100. 0
104.0
110. 9
97. 2
100.0
103.9
108.8
96.8
100. 0
104. 0
108.6
1970
1971
1972
1973
1974
107.3
110.3
117.6
124.5
121.5
107.4
110.2
117.8
125.0
121. 9
103.0
102.4
105.5
109.6
110. 3
104. 2
103.8
107.0
111.5
112. 3
104. 2
107.7
111. 5
113. 6
110.2
103.1
106.2
110. 1
112.0
108.5
123. 1
131.4
139.7
151.2
164.9
121. 7
129.9
138.4
149.2
162.8
118. 1
122.0
125. 3
133. 1
149.7
118. 1
122. 3
125.6
133.2
150.0
113. 9
118.9
123. 1
130.2
143.0
114.0
119. 1
122.8
127.9
141. 3
1975
1976
1977
1978
118.8
126.5
133.2
139.0
118.8
127.0
133.6
139.9
105.6
108.6
112.6
117. 2
107.4
111.0
115.3
120.2
112.5
116.4
118. 3
118.6
110.6
114.4
115.9
116.4
181.3
197. 1
213. 1
232. 8
178.9
193.8
209.4
228.9
161.2
169.3
180.2
196.3
161.8
169.4
180.8
196.6
157.4
165.4
174.9
187.9
156.3
164.8
174.6
186. 8
1977: III
IV
134.2
135.5
134.6
135.8
112.8
113.8
115.8
116.6
118. 9
119.0
116.3
116.4
215.4
218.9
211. 3
215.2
181. 1
183. 9
181.7
184.8
176.3
178.4
176.4
178. 1
1978: I
II
III
IV
135.3
138.7
139.7
142.2
136. 1
139.8
140.6
143.0
115.0
117.5
117. 4
118.9
117.8
120.5
120.5
122.0
117.7
118.0
119. 1
119.6
115.5
116.0
116.7
117.2
225.3
229. 7
235.5
240.4
221.5
225. 9
231. 1
236.2
191.4
194. 6
197. 8
201. 1
191.7
194.7
198. 1
201.5
181.3
186.6
189.9
193.5
180.6
185.3
188.9
192.2
1979: I*
142.3
143.4
120.5
123.7
118.2
116.0
246.8
242.0
208.8
208.7
197.7
195.8
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
4.9
4.5
Perce nt change ; quarterl y data at seasonal y adjuste d annual rates
1966
1967
1968
1969
6.0
1.9
5.4
3.0
2.3
-.0
1.8
2.8
.2
2. 1
—.9
2.8
6.6
5.9
-1. 1
-1.6
-1.2
-2.4
-2.3
5.5
2.0
„
1970
1971
1972
1973
1974
1975
1976
1977
1978
5. 1
3.0
-.4
-2.5
9 O
f%
£t*
-4.3
-4.3
2.6
1.7
3.2
-.3
7.0
5.3
7.6
6.8
6.1
5.5
7.3
6.3
4. 1
3.5
3.7
4.0
.7
3.4
3.5
1.9
3. 1
.2
7. 1
6.7
6.7
6.5
7.8
6.4
3.2
2.8
6.2
6.5
3.5
2.8
6.0
4.7
4.4
3.6
5.8
9.8
-3.0
-3.1
6. 6
9. 1
12.5
12. 6
3. 1
4. 1
10.5
1.9
3.5
1.3
9.9
8.7
8.1
9.2
9.9
8.4
8.1
9.3
7.7
5.0
6.4
9.0
7.8
4.7
6.7
8.8
10. 1
5. 1
10.6
5.7
7.5
5.4
5.9
7.0
5.0
3.5
—.1
1.3
3.0
5. 1
.4
3.7
.5
9. 5
8. 1
7.6
4.2
6.3
4.2
3.7
5.2
4.9
6.5
4.0
.7
11. 6
2. 1
3.9
9.8
-.2
-4.5
12. 1
8. 1
10.4
12. 2
17.4
9. 1
6.8
6.7
6.8
15.7
5. 1
1.2
3.5
1.7
-3. 1
7.2
4.0
9.2
-.4
5.3
1.2
5.3
5.7
-4.6
11. 1
10. 2
16.4
_. e
10.5
1979: I *
.5
41
* Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross' domestic product.
6. 3
8.2
9.1
6.6
2.1
3.5
1.6
.3
1978:1
II
III
IV
16
3.7
1.7
6.7
3.7
3.3
3.3
3.9
4.2
5. 0
3.0
7.2
3. 1
4.2
.7
3.2
2.0
3.3
.2
2.9
3.7
6.9
5.2
4.7
4.0
3.4
-.6
3.0
3.9
.7
2.6
6.9
6.0
6.5
5.3
4.4
1977: III
IV
3.3
.5
1.7
2.3
1.9
-4.3
6.7
8.7
8.2
9.6
7. 1
6.7
5.8
6.4
7.1
7.0
12. 1
7.3
7.7
10.8
8. 1
7. 1
15.2
9.1
7.8
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.3 percent in May, following a largely strike-related decline of 1.4 percent in April.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
UTILITIES
140
-
120
100
\
MINING
100
160
MANUFACTURING PRODUCTION
1975
1976
1977
1978
1979
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
80
120
70
100
1975
1976
1977
1978
1979
1975
1976
1977
1978
1979
* SEASONALLY ADJUSTED
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
Period
Index,
1967=
100
1967 proportion
100. 00
1972
119. 7
1973
129. 8
1974
129. 3
1975
117. 8
1976
129. 8
1977
137. 1
1978
145.2
1978: May
143.9
June
__ 144. 9
July_
146. 1
Aug
147. 1
Sept
147.8
Oct
148.7
Nov
149. 6
Dec
150.9
1979: Jan....
150.9
Feb
151.2
Mar
152.3
Apr *>-_
__
150. 2
v
May
152. 1
Percent
change
from
year
earlier
9.2
8.4
-.4
-8.9
10. 2
5.6
5.8
5. 0
5.2
5.3
6.5
6.7
7.1
7.4
8.0
8.7
8.6
8. 1
4.9
5.7
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction inde?xes, 1967= 100
Mimufacturi ng
Total
Durable
Nondurable
Utilities
ing
87.95
118.9
129. 8
129.4
116.3
129. 5
137. 1
145.7
144. 3
145. 5
146.7
147. 6
148. 7
149. 5
150.4
151.8
151.9
152.2
153. 1
150.9
153.0
51.98
113.7
127. 1
125. 7
109. 3
121. 7
129.5
139.3
137.6
139.0
141. 1
142.2
142.8
144.0
144.8
146.4
146.0
146.2
147.3
144. 0
147. 1
85. 97
126. 5
133.8
134. 6
126. 4
140. 9
148. 1
154.8
154.0
154.9
155.0
155. 6
157. 1
157.4
158.5
159. 6
160.4
160.7
161.5
160. 9
161. 6
i Output as percent of capacity.
Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly dala. Series revised.
J
3
Mining
Manufa cturing ca pacityl uti lization
rate, pe rcent
Federal Reserve
serles
WharComTotal
merce2
ton
manu- Mate- series
series 3
facturrials
6. 86
113. 1
114.7
115. 3
112. 8
114.2
117.8
124.2
126.7
128.0
127. 1
126.0
124. 1
127.6
128. 1
127.6
124.0
121.8
124.0
124. 1
124.6
5. 69
139.4
145.4
143.7
146. 0
151.0
156.5
161.0
157.0
158.6
159.9
160.8
162.3
162.4
162.9
164.3
166.8
169.0
168.2
167.5
167.8
83. 1
87.5
84.2
73.6
80.2
82.4
84.2
83. 9
84.3
84.7
85.0
85. 3
85.5
85.8
86. 3
86.0
85.9
86.2
84.7
85. 6
88.0
92.4
87.7
73. 6
80.4
81.9
84.9
84.5
85. 1
85.7
85.9
86.3
87. 1
87.6
88. 1
87.4
87. 1
87.6
86.7
87. 4
83
86
83
77
81
83
84
87. 8
93. 1
90.5
80.0
86. 1
88.5
91.8
84
91. 5
83
93.0
84
94. 0
84
94. 1
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final Ideducts
Total
Total
1967 'proportion
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: May
June
July
Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr *May v
_ _ _
Equip ment
Coiisumer go<ads
Period
_
47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
134.9
141.4
140.5
141. 1
142. 2
143.3
143.7
144. 1
144.5
145. 6
145.9
146.5
147.7
145. 1
147.4
27.68
109.0
114. 7
124.4
131.5
128.9
124.0
136.2
143.4
147.4
147.0
147.0
147.7
148.4
149.0
149.2
149.7
150.6
150.6
151.0
152.4
148.6
151.3
Interm ediate
prod ucts
NonDurable
durable
i
goods
goods
19.79
7.89
110. 1
106. 1
113. 1
118. 8
120.6
133.8
146.2
125. 6
126. 3
135.3
125. 1
121.4
141.4
134. 1
153. 1
139. 6
142.8
158. 9
160.2
141.7
141.6
160.6
142.4
160.9
143. 1
161.5
144.4
160.3
144.3
161.6
144.8
161.8
146.2
161.9
146.5
160.9
146.8
161.3
147.9
163.5
147.4
151.7
161.0
147.5
Total
Business
Total
20.14
100. 1
94.7
103.8
114.5
120.0
110.2
114.6
123.2
133. 1
131.6
133.0
134.7
136. 3
136.4
137.0
137.3
138.7
139.5
140. 2
141.4
140.4
142,0
12.63
107.0
104. 1
118.0
134.2
142.4
128.2
136.3
149.2
162.0
160.2
161.8
163.8
165. 4
165.8
166.9
167.2
168.7
169.7
170.6
172. 1
170.5
172. 7
12.89
112. 9
116.7
126.5
137.2
135.3
123. 1
137. 2
145. 1
155.3
152.6
154.7
155.6
156. 4
157.0
158.0
159.3
161.8
162.6
163.7
162. 8
161.8
162.7
Construction
supplies
6.42
111.0
116.8
128.4
139.8
134.5
116.3
132.6
140.8
153.3
150.4
152. 1
153.5
154.7
155.6
157.0
159.0
160.8
161.2
161.3
160. 2
158.3
159.2
Materials
Supplementary
group:
Energy
total
89. 29
12. S3
109.2
111.3
122. 3
133.9
132.4
115.5
130. 6
136.9
146.5
145.1
146.4
147.9
148.6
149.7
151.4
152.7
153.8
153. 1
152.9
154.2
152.9
154.6
117.0
119.5
125.2
128.3
125.5
125.5
128.8
132.5
135. 1
134.2
135.9
136.4
136. 1
135.9
137.6
138.2
139.3
138.7
138.8
139.8
138.9
138.6
F1967=100, seasonally adjusted]
Diarable m anufactu res
Primaryr metals
Period
Total
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: May
June
July
Auff
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr »
May 9
6.67
106.6
100.2
112. 1
126.7
123. 1
96.4
108. 9
110.2
_._ 119.0
115.5
117.5
.
123.0
:_
126.0
127.9
128.6
129.0
130.4
,
122.0
121.3
121.7
119.2
121.6
Iron
and
steel
Fabricated
metal
products
trical
machin—
ery
4.21
6.93
9. 16
104.7
96. 1
107. 1
122. 3
119.8
95.8
104.9
103.4
113.2
110.5
114.5
119.0
120. 9
123.2
123.8
124. 1
124. 5
112.7
112.8
114.4
113.3
102.4
103.5
112. 1
124.7
124.2
109.9
123.3
130. 9
142.6
140.4
142.3
144.0
145. 8
146.3
146.0
146.9
149.Q
151.0
152.2
151.3
150. 5
151.0
104.4
100.2
116.0
133.7
140. 1
125. 1
135.0
144.8
155.6
152.9
154. 6
156.1
157. 3
158. 7
160.3
160.3
161.8
163.6
164,6
166.7
165.2
166.6
Source: Board of Governors of the Federal Reserve System.
18
Non-
Electrical
machinery
8.06
108. 1
107.7
122.2
143. 1
143.8
116.5
131.6
141.9
154.3
152.9
154.1
157.9
156. 9
158.3
157.9
159.0
161.9
163. 9
165. 3
166. 1
163.5
165. 1
None lurable nmnufaeti ires
Transpcjrtation
equip ment
Total
Motor
vehicles
and
parts
9.27
89.5
97.9
108.2
118.3
108.7
97.4
110. 6
121. 1
130.5
130. 1
130.4
132. 1
133. 4
132.8
137.0
139.3
139.5
137.7
136.3
140.1
128.9
139.9
4.60
92.3
118.6
135.8
148.8
128.2
111. 1
140.7
159.7
168.3
168.3
167.7
169.7
171.0
168.9
176. 8
180.8
179.7
174.5
171.4
178.1
155.5
175.7
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts
1.64
S.31
101.4
104. 7
109.4
117.3
114.3
107.6
122.2
124.2
126.3
125. 8
126.8
124.5
127.2
130.9
130.6
129.9
131.4
132.3
4.72
107.0
107. 1
112.7
118.2
118.2
113. 3
120.6
124.7
129.9
128.2
128.7
130.3
129. 5
131. 0
130.5
132.1
133.0
135.8
137.6
137. 0
136.9
137.0
105.6
113.8
120.8
126. 0
116. 2
107.6
125. 1
133.4
138. 9
136.5
138.7
138. 1
136.9
139.2
141.2
142.5
146.0
142.0
140.6
140.7
138. 1
7.74
120.4
125. 9
143. 6
154.5
159.4
147.2
169. 3
180.7
190.7
188. 1
191. 1
192.3
192.2
194.2
195.9
197.6
197.9
200.8
201.4
200.9
202. 1
8.76
108.9
112.8
116.8
120.9
124.0
123.4
132.3
137.9
142. 9
142.8
141.8
142.9
144.0
144.4
143.2
144. 2
145.7
145.5
146.5
147.7
146.3
NEW CONSTRUCTION
Construction contracts3
Private
Total new
construction
expenditures
Period
Resic .ential
Total
Commercial and
industrial
New
housing
units
Total l
Other
Federal,
State,
and
local
Total value
index
(1972=
100)
Commercial and
industrial
floor space
(millions of
square feet)
BO lions of doll ars
1972
1973
1974
1975
1976
1977
1978
124. 1
137.9
138.5
134. 5
148,8
172. 6
202.2
93.9
105.4
100. 2
93.7
110.5
134. 7
157.5
54.3
59.7
50.4
46.5
60.5
81.0
93. 1
449
50. 1
40.6
34.4
47.3
65.7
75.5
18. 1
21.7
23.8
20.8
19. 9
22.5
29.0
21.5
24.0
25.9
26.4
30.0
31. 3
35.3
30.2
32.5
38.3
40. 9
38.3
37.8
44.8
Seasonally
adjusted
Seasonalli/ adjusted arinual rates
1978: Apr ._
May
t. J
June _ _
July
. J
Aug
Sept
Oct
Nov
Dec
1979: Jan__
Feb
Mar *_.._ __
Apr*
195.0
201.3
206.3
209. 9
208.4
209.8
212.0
215.8
218.5
208.6
205.6
211.9
214.4
153. 5
156.2
161. 1
161.5
160.3
161.9
164. 1
167.9
171.0
162.3
163.9
168.7
170.4
92.2
94. 3
95.4
95.7
94.8
94.7
95.2
97. 6
98.8
92.2
94. 1
94. 8
96.6
74.4
75. 1
76.6
77.7
77.1
76.8
76.8
78.9
80.5
74.6
77.0
76.3
76.9
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
26.4
27.3
30.6
30.6
30.9
31.6
32.0
32.8
33.3
31.8
31.8
35.9
35.5
100.0
109.2
103. 0
101.9
121. 0
153. 6
173. 1
34.9
34.6
35. 1
35.2
34.6
35.6
36.9
37.5
38. 9
38.3
38.0
38. 1
38.2
41.5
45.1
45.2
48.4
48. 2
48.0
47.9
47.9
47. 6
46.3
41.8
43. 2
44. 1
169
202
153
173
177
182
193
174
184
181
231
186
187
854
1,010
840
555
592
739
964
Seasonally
adjusted
annual
rates
921
1,061
999
898
951
1,037
1,015
1,093
978
1,062
1,266
1,233
1,123
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]
New priv ate homes
IS "ew private housing unit,s
Units started, by type of strticture
Period
Total
1971
1972
1973
1974
1975
1976
1977
1978
,.
2,052.2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1 unit
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
2-4
units
120.3
141.3
118.3
68. 1
64. 0
85.9
121. 7
125. 0
5 or more
units
780.9
906.2
795.0
381.6
2043
289.2
414.4
462.0
Units
authorized
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
Units
completed
Homes
sold
Homes for
sale at
end of l
period
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1,867.5
656
718
634
519
549
646
819
816
287
409
418
346
313
353
401
413
1,869
1,876
1,928
1, 948
1,900
1,883
1, 885
1,888
1, 815
1,894
1,957
1,997
843
830
829
778
796
900
803
802
774
697
784
732
414
419
417
418
417
407
412
413
412
410
3
424
426
Vacancy
rate for
rental
housing
units
(percent)1
5.4
5.6
5.8
6.2
6.0
5.6
5.2
5.0
Seasonally adjusted arinual rates
1978: May
June
July_
Aug__ _ _ _
Sept_ _
Oct__ _
Nov
Dec
1979: Jan
Feb
Mar v
Apr v_
May v
2,037
2,093
2, 104
2,004
2,024
2,054
2, 107
2,074
1,679
1,381
1,786
1,735
1, 827
1,463
1,439
1,455
1,431
1,432
1,436
1,502
1,539
1,139
953
1,266
1,273
1, 195
1 Seasonally adjusted.
2 Quarterly data entered in last month of quarte:
3
New series beginning March 1979.
92
143
134
137
112
135
150
119
124
76
116
113
126
482
511
515
436
480
483
455
416
416
352
404
349
506
1,756
1,983
1,765
1, 716
1,838
1,835
1,789
1,827
1,442
1,425
1,621
1,517
1, 591
5. 1
5.0
5.0
4.8
NOTE.—Units authorized revised beginning 1978 to relate to 16,000 permitissuing places. Data for 1972-77 are for 14,000 places and 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales fell 31/3 percent in April while inventories rose $5.7 billion. According to the advance survey, retail
sales fell slightly in May following a 1 percent decline in April,
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
RETAIL INVENTORIES
90
350
80
300
73RETAIL SALES
250
60
'' \
50
TOTAL BUSINESS
SALES
200
40"
150
RATIO*
1.80
INVENTORY-SALES RATIO
1.70 —
1.60
100
1975
1977
1976
1975
1979
1978
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total b usiness l
Who)esale
Retail
Sales2
Period
C J _ i _ _ z2
bales
1979
COUNCIL OF ECONOMIC ADVISERS
Inven-3
Sales2 tories
Inventories3
Inventories3
DurNonable durable
goods goods
stores stores
HPrvf al
TVkf al
Inventory-4sales
ratio
NonDurable durable
goods goods
stores stores
Total
business]
Retail
Mill]ons of d<Dllars, seiasonally adjusted
1972
1973
1974
1975
1976___
1977
1978
130, 049
151, 720
175, 350
179, 982
201, 814
225, 100
254, 727
203, 088
234, 036
285, 415
284, 735
310, 466
337, 832
379, 391
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
37, 422
41, 944
44, 692
48, 731
54, 597
60, 335
66, 568
12, 369
14, 132
13, 921
15, 106
18, 073
20, 653
23, 160
25, 054 55, 079 24, 238
27, 812 63, 237 28, 418
30, 771 71, 067 32, 861
33, 626 71, 744 33, 356
36, 524 79, 273 37, 841
39, 682 90, 120 43, 414
43, 409 100, 818 48, 161
30, 841 1
34, 819
38, 206
38,388
41, 432
46, 706
52, 657
1.50
1.44
1.47
1. 58
1.48
1. 44
1.41
1.40
1.41
1. 49
1.45
1.39
1. 40
1.44
1978: Apr
251, 323
May
252, 259
June
253, 459
July___
252, 755
Aug.
260, 068
Sept
260, 535
Oct . ^ ..266, 946
Nov
„
270, 134
Dec
273, 776
353, 752
357, 401
360, 355
363, 432
367, 044
369, 526
372, 639
376, 596
379, 391
61, 640
63, 171
62, 656
63, 425
64, 894
64, 531
67, 338
67, 552
67, 823
74, 327
74, 779
75, 191
75, 744
76, 338
77, 113
78, 625
79, 526
80, 771
65, 146
65, 522
65, 964
66, 224
67, 303
68, 085
68, 971
70, 158
70, 918
22, 617
22, 730
22, 947
23, 049
23, 617
23, 872
24, 422
24, 954
25, 163
42, 529 93, 710 45, 039
42, 792 94, 933 45, 525
43, 017 95, 607 45, 502
43, 175 96, 521 45, 704
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47,006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
48, 671
49, 408
50, 105
50, 817
51, 708
51, 906
52, 273
52, 928
52, 657
1.41
1.42
1.42
1.44
1.41
1.42
1.40
1.39
1.39
1.44
1.45
1.45
1. 46
1.45
1.44
1. 44
1.43
1.42
1979: Jan
Feb. .
Mar.__ _
Apr *_ _>
May * _ _
383, 886
387,411
391, 697
397, 374
67, 148
67, 495
70, 824
70, 247
81, 543
83, 005
84, 078
85, 081
70, 855
71, 122
72, 045
71,217
71, 108
25, 250
25, 035
25, 450
24, 536
24, 139
45, 605
46, 087
46, 595
46, 681
46, 969
101, 739 49, 302
101, 175 49, 367
102, 226 49, 583
103, 329 50, 486
52, 437
51, 808
52, 643
52, 843
1.40
1.41
1.37
1.43
1.44
1.42
1. 42
1.45
273,294
275, 290
286, 658
_ 277, 199
3* The term "business" also includes manufacturing
Monthly average for year and total for month.
1
Book value, end of period, seasonally adjusted.
4
(see page 21).
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
NOTE.—Total (and manufacturing) sales revised beginning January 1979.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 orders and shipments fell in April while inventories rose. In May, according to advance data, durable
goods orders and shipments rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE
INVENTORY-SHIPMENTS RATIO
1975
1978
1976
1979
* SEASON ALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac turers' shj pments 1 Manufaet urers' inv entories 2
Period
1972
1973
1974
1975
19761977
1978
Total
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
125, 317
Mamifaeturer s1 new ore ers
1
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
66, 924
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 394
Durab le goods
Capital
NonNongoods
Durable
Total
Total
indus- durable
goods durable
Total
goods
goods
tries,
nondefense
Milliens of dollars, seasoilally adju,3ted
108, 223 70, 244 37, 979 64, 201 35, 098
8,832 29, 104
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114 33, 329
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691 40, 417
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781 43, 125
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501 48, 137
179, 714 115, 424 64, 290 112, 842 59, 795 15, 201 53, 047
197, 802 129, 141 68, 661 129, 263 70, 744 18, 814 58, 519
NonDurable durable
goods
goods
Manufacturers'
unfilled
orders 3
121,
161,
189,
170,
174,
193,
241,
Manufacturers'
inventory—
shipments4
ratio
709
194
678
686
553
659
025
1.67
1. 58
1.65
1.83
1.66
1. 58
1.51
1978: May- 123,
June-- 124,
July... 123,
Aug— 127,
Sept 127,
Oct.... 130,
Nov.— 132,
Dec— _ 135,
566
839
106
871
919
637
424
035
65, 417
66, 293
65, 222
68, 684
68, 916
70, 292
71, 635
73, 429
58, 149
58, 546
57, 884
59, 187
59, 003
60, 345
60, 789
61, 606
187,
189,
191,
192,
194,
194,
196,
197,
689
557
167
882
063
735
587
802
121,
122,
123,
125,
126,
126,
128,
129,
471
688
830
206
176
784
357
141
66,
66,
67,
67,
67,
67,
68,
68,
218
869
337
676
887
951
230
661
128,
127,
123,
130,
131,
137,
137,
140,
450
580
279
952
840
185
662
356
70, 045
68, 840
65, 187
71, 582
72, 645
76, 984
76, 654
78, 623
18, 124
18, 155
17, 074
19, 344
20, 149
22, 219
20, 575
20, 790
58, 405
58, 740
58, 092
59, 370
59, 195
60, 201
61, 008
61, 733
214, 010
216, 754
216, 922
219, 999
223, 921
230, 464
235, 704
241, 025
1.52
1.52
1.55
1.51
1.52
1.49
1.48
1.46
135,
136,
143,
135,
291
673
789
735
73,
74,
77,
72,
76,
62,
62,
66,
63,
200,
203,
205,
208,
604
231
393
964
131,
133,
135,
137,
542
783
287
768
69,
69,
70,
71,
062
448
106
196
142,
145,
150,
140,
529
272
033
956
80, 582
82, 385
84, 162
77, 223
78, 979
21, 908
23, 593
24, 430
21, 294
21, 445
61, 947
62, 887
65, 871
63, 733
248,
256,
263,
268,
1.48
1.49
1.43
1.54
1979: Jan. __
Feb___
Mar__
Apr
May *_
103
167
735
088
855
188
506
054
647
i Monthly average for year and total for month. Shipments are the same as sales.
* Book value, end of period.
* End of period.
< For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
266
863
106
332
Note.—Total and durable new and unfilled orders and shipments revised
beginning January 1979.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In May, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished consumer foods fell 1.3 percent and prices of other finished consumer goods rose 1.3 percent. Prices of capital equipment
increased 0.7 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
120
120
100
100
1979
1971
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
]Finishec1 goods
In ^ermedi ate
rnaterial s
Total
consumer
Cons5umer goods
CapifinFoods
„
ished Total and 2 Other
Non- tal
dur- equip-l goods
Total ab
feeds
HI e
able ment
111.4 110.8 111.7 116.6 112.9 114. 1 111.7 114.3
113.4 113.2 113.6 119.5 116.6 118.7 118.5 118.9
118. 5 115.8 120.5 123.5 129.2 131. 6 168.4 128. 1
138.6 126.3 146.8 141.0 149.3 162.9 200.2 159.5
153. 1 138.2 163.0 162.5 163.6 180.0 195.3 178.6
161. 8 144.4 173.3 173. 2 169. 0 189.3 186. 6 189.5
172. 1 152.2 185.4 184.5 178.9 201.7 191.0 202. 4
183.7 165.9 195.4 199.0 192.6 215.5 201.0 216.4
182.2 165.3 193.3 197.2 190.8 213.3 200. 8 214. 1
183.0 165.6 194.4 198.7 192.3 214.4 201.9 215.5
184.9 168.5 195.5 200. 1 193.7 215.4 201. 5 216.2
185.9 169.8 196.3 201.0 194.0 216.8 198.8 217. 7
186.9 171.0 197.2 202. 1 195. 8 218. 2 203. 4 219. 1
187.6 169.7 199. 3 203.4 197.4 220.8 207.6 221. 5
188.7 169.9 201. 1 205. 1 198.6 222.6 207.7 223. 5
190.9 172.3 203. 1 206.4 201.0 224. 2 212. 2 225. 0
193. 1 174.2 205. 6 208.5 203.8 226.7 214.3 227.6
194.7 175.4 207.4 210. 1 206. 1 229.0 218. 3 229. 6
196.8 176.4 210. 2 211. 3 208.4 231.3 218.9 232. 1
199. 5 177.9 213.7 213.7 210.0 234.7 220. 8 235.7
202. 0 179.2 217. 1 215. 1 210. 7 237.0 219.3 238. 1
Finished goods e xcludin g
cons umer f c)ods
Period
1971
1972
1973
1974
1975
1976
1977
1978
1978: May
June_
July
Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr
May-
Total
finConished sumer
goods foods Total
113. 7
117.2
127.9
___ 147. 5
163. 4
170.3
_ 180.6
194. 6
192.8
194.2
195.6
196. 1
197.7
199.2
200. 6
202.7
205.3
207. 3
209.3
211.2
212. 0
115.3
121.7
146.4
166.9
181.0
180.2
189.1
206.8
204.4
207. 2
207.4
206.6
209.7
213. 1
214.7
217.3
221. 3
224. 7
227.5
226.9
224.0
113. 1
115.4
120. 1
139.3
156.2
165 5
176.2
188.9
187.3
188.3
190.0
190.9
192.0
192.9
194.2
196. 1
198.3
199.9
201.6
204.2
206. 2
i Formerly called producer finished goods.
J
Intermediate materials for food manufacturing and manufactured animal
feeds. Data are not seasonally adjusted.
22
Crud e materials
Foodstuffs
Total and Other
feedstuffs
115. 1 114.2 117.0
127.6 127.5 128.0
174.0 180.0 162.5
196. 1 189. 4 208.9
196.9 191.8 206.9
205. 1 190. 1 233.6
214.3 190.9 258.4
240.2 215.4 287.0
235.9 212. 9 279.0
240.9 218.0 283.7
241.5 215.7 289. 9
241.5 215.6 290.3
245.7 219.5 295.0
252. 7 227.6 299.9
255.6 229.6 304.9
257.5 230. 3 308.6
263.4 236. 8 313.5
272.2 245.6 322. 3
275.0 246.2 329.2
273.9 245.5 327. 4
276. 0 244. 8 334.9
NOTE.—Data revised for January 1979.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In May, the consumer price index for all urban consumers rose 1.2 percent (1.1 percent seasonally adjusted). Food
prices increased 0.9 percent (0.7 percent seasonally adjusted). Nonfood commodity prices rose 1.4 percent (1.1
percent seasonally adjusted) and services prices were up 1.1 percent (1.3 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
240
INDEX, 1967=100 (RATIO SCALE)
220
200
140
120
120
100
100
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
All
items
Food
121.3
125.3
133.1
147.7
__ 161.2
170.5
181.5
_- — 195.4
118. 4
123.5
141.4
161. 7
175. 4
180.8
192.2
211.4
Period
1971
1972
1973
1974
1975
1976
1977
1978.-
Comnnodities less food
Food
Commodities
less
food
Services
commodities
All
Food
at
home
Food
away
from
home
116.8
119. 4
123.5
136.6
149. 1
156.6
165. 1
174.7
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
Ii7. 4
120.9
129.9
145.5
158.4
165.2
174.7
187. 1
118.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
116.4
121.6
141.4
162.4
175.8
179.5
190.2
210. 2
126. 1
131. 1
141.4
159.4
174.3
186. 1
200. 3
218.4
All
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
Services
Durable
Nondurable
116.5
118.9
121.9
130.6
145.5
154.3
163.2
173. 9
117.0
119.8
124.8
140.9
151.7
158.3
166.5
174. 3
128.4
133.3
139. 1
152.1
166. 6
ISO. 4
194.3
210.9
Seasonal ly adjust ed
Unacljusted
1978: May___
June
July.__
Aug
Bept___
Oct
Nov
Dec
193.3
195. 3
196.7
197.8
199.3
200.9
202.0
202.9
210.3
213. 8
215.0
215. 4
215.6
216.8
217.8
219.4
173.0
174.4
175.4
176.3
177.8
179. 1
180.3
181.3
208. 0
209.9
211. 7
213.4
215.6
217.6
218.6
219. 2
185. 3
186.9
187.7
188.7
190. 2
191. 7
193.0
194.6
210.5
213.5
213.7
214. 6
216.0
217.9
219.2
221. 3
209.9
213. 1
212. 7
213.2
214. 5
216.5
217.8
220. 1
215.5
218.0
219.5
221.4
223. 1
224. 7
226. 0
227.8
172.6
173.7
174.7
175.7
177.2
178. 5
179.8
181.3
171. 5
173.0
174. 2
175.3
176. &
178.3
180. 1
181.6
172.9
173.6
174.5
175.4
176.5
177. 4
178.3
179.4
208. 7
210. 5
212. 2
213.8
215.7
217. 6
218.7
219.5
1979: Jan
Feb
Mar
Apr
May
204.7
207. 1
209. 1
211. 5
214. 1
223.9
228. 2
230. 4
232.3
234.3
181.9
183.7
185.9
188. 9
191.6
221. 1
223. 3
225. 1
227.0
229.5
196. 7
199. 1
201. 3
203.8
205.7
224.5
228. 1
230.5
232.7
234.3
223. 7
227. 7
230.0
232.4
233.5
230.7
233.6
236.2
238.2
240.9
182. 9
184.8
186.9
189.4
191.4
183,3
185. 1
186.0
187.6
188. 6
181.4
182.9
186.4
190.0
193.4
220.7
223. 1
225. 1
227. 2
230. 1
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Perceni } change from prcseeding
perioc .; season.ally adju sted 1
Perceni} change from 3 naonths
earlie r; season ally adjiisted
annua" rates
Percent, change from 6 nlonths
earlie r; season ally adjuisted
annual rates
Consum<2r goods
Consum<3r goods
ConsunK2r goods
Total
finished
goods
1970
1971
1972
1973
1974
1975
1976
1977
1978
2.2
3.2
3.8
-2.5
6.6
3.3
6.6
5.5
-2.5
9. 1
11.9
.7
.7
.7
1.4
11.8
18.3
1978: May
June
July
Aug
Sept
Oct
Nov
Dec
.3
1979: Jan
Feb
Mar
Apr
May
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
5.9
8.0
22. 5
13.0
6.6
.3
.8
.4
.1
.8
.8
.7
1.0
1.3
1.0
1.0
.9
1.8
1.5
1.2
-.3
-1.3
Capital
equipExclud- ment
Foods
ing
foods
4.9
2.4
2.0
5.3
20.5
6.7
4.9
6.1
8.3
-.4
1.5
1.6
.8
1.2
.4
3.9
2.0
2.0
7.4
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
22.6
8.2
6.4
7.2
8.0
.8
.8
.7
.4
.5
.6
.8
.6
10
.5
.5
.4
.6
1.2
1.0
.8
.6
1.2
.8
1. 1
1. 1
1.4
1.3
9.5
9.7
10.3
.7
11.4
7.3
4.4
4.9
11.5
16.6
15.3
9.4
8.4
8.8
6.0
6.2
8.8
16.3
20.0
20. 1
10.5
-1. 2
12.3
13.3
12.9
13.9
15.9
8.8
7.0
7.4
7.6
9.5
10.5
12.8
14. 0
13.7
12. 0
9.4
10.5
10.5
8. 1
9. 1
8.8
9.5
9.5
8.3
8.8
8.2
8.3
8.9
11.9
14. 1
12.0
10.2
11.7
12. 1
12.4
11. 7
13.9
18.3
17.7
13.4
8. 9
9.3
7.9
7.0
6.8
8.4
8.8
10.4
10.1
9.8
10.4
9.9
7.8
7.9
9.0
9.4
9.6
7.7
7.3
8.8
6.9
8.1
9.3
10.3
10.0
9.1
9.7
10.9
13. 1
14.6
7.8
8. 1
8.3
8.0
8.1
8.0
8.2
7.9
8.6
9.3
9.3
10.4
10.0
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for January 1979.
CHANGES IN CONSUMER PRICES
Percenit change from pre ceding
period ; seasortally adju,sted l
Period
All
items
Food
Commodities
less
food
Services
Percent c lange f re>m 3 mont as earlier; Percent eliiange fro m 6 mont is earlier ;
seasonsilly ad jus5ted annu<aJ rates
seasonsilly ad jussted annul3,1 rates
All
items
Food
Commodities
less
food
Services
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
9.0
2.2
4.3
4.7
20. 1
12.2
6.5
.6
8.0
11.8
4.8
2.3
2. 5
5.0
13.2
6.2
5. 1
4.9
7.7
8.2
4. 1
3.6'
6.2
11.3
8. 1
7.3
7.9
9.3
1978: May__
June..
July_._
Aug._Sept._
Oct- —
Nov.. _
Dec— _
.8
.9
.6
.6
.9
.8
.6
.6
1.2
1.4
.1
.4
.7
.9
.6
1.0
.6
.6
.6
.6
.9
.7
.7
.8
.9
.9
.8
.8
.9
.9
.5
,4
10.3
10.7
9.5
8.5
8.5
9.5
9.4
8.5
17.5
18. 3
11.2
8.0
4.8
8. 1
8.9
10. 2
7.0
7.2
7.4
7.4
8.3
9.0
9.7
9.6
10.6
11.0
10.6
10. 1
1979: Jan.. Feb___
Mar
Apr
May__
.9
1.2
1.0
1. 1
1. 1
1.4
1.6
1. 1
1.0
.7
.9
1.0
1.1
1.3
1. 1
.5
1. 1
.9
.9
1.3
8.8
11.3
13.0
13.9
13.6
12.7
17.3
17.7
15.4
11.3
10. 2
11.6
12.9
15.0
15.1
5.8
8.3
1970
1971
1972
1973
1974
1975
1976
1977
1978
i Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to aU urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
10.3
10.6
9.5
7.2
10. 6
12.3
13.2
All
items
Food
Commodities
less
food
8.9
9.8
9.5
9.4
9.6
9.5
9.0
8.5
14.6
16.6
14.2
12.6
11.3
9.6
8.4
7.4
6.1
6.5
6.4
7.2
7.8
8.2
8.5
8.9
9.2
10.4
13.0
13.9
14.0
14.3
10.6
11.2
12.6
13.3
10.4
10.7
11.4
12.4
Source: Department of Labor, Bureau of Labor Statistics.
9.6
Services
9.4
10. 0
10.5
10.4
10.6
10.6
9.8
8.7
8.2
8.9
8.9
9.0
10.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose % percent in May and prices paid by farmers rose % percent in the month ended
May 15.
INDEX, 1967=100_(RATIO_SCALE)
280""
280
260
260
240
240
220
220
(ALL
200
PRICES RECEIVED
FARM PRODUCTS)
200
180
180
, PRICES PAID
(ALL ITEMS, INTEREST, TAXES, AND WAGE RATES)
160
160
140
140
120
120
100
RATIO
- 70
60
1971
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
Crops
Prices paid by fanTiers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
items
products wage rates
items
Index, 1{)67 = 100
Parity ratio l
Actual
Adjusted J
1971
_ ___ _
1972 _
1973
__
1974
_
1975 _ _ _
1976
_
1977
_ __
__
1978
1978: May__ -_
June _ _ _
__
July
Aug
Sept
Oct
Nov
Dec _ >
113
125
179
192
185
186
183
210
215
218
215
211
216
218
216
222
108
114
175
224
201
197
192
203
212
216
213
204
204
202
202
205
118
136
183
165
172
177
175
216
217
219
217
217
226
232
228
237
118
125
144
164
180
191
202
219
219
220
220
221
223
224
225
226
118
123
133
151
166
176
3
(3)
()
(3)
(33)
(3)
(3)
()
(33)
()
(3)
113
121
146
166
182
193
200
216
217
218
218
217
220
222
222
225
71
74
91
86
76
71
66
70
72
73
72
70
71
72
71
72
75
79
94
87
76
72
68
72
74
75
73
72
73
73
72
74
1979: Jan
Feb __
Mar___
Apr__ _ _
May _
232
241
246
244
246
209
216
214
212
220
252
264
274
272
269
234
238
243
246
247
(3)
(33)
(3)
()
(3)
230
235
243
246
247
73
75
74
73
73
74
76
76
74
75
* 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 GoYernment payments made directly to
farmers.
3
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
M1 levelled off in May, following an April surge.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
200
200
1979
1971
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
()verall measure3S 1
Deposit s at commercial banks
Total 2 Large
CDs
Savings
Deposits
at
nonbank
thrift
institutions
363.7 63.0
418. 1 89.0
450. 3 81. 0
489.2 62.4
544.4 73.7
611.2 96.6
572.2 86.2
576.8 86.7
582. 1 88.0
587.4 87.6
593. 5 88.5
597.7 88.6
608.5 95.4
611.2 96.6
615.8 100.5
620. 2 102. 1
619.5 99.0
620. 6 95. 0
619.9 90.6
127. 1
135.9
160.7
202. 1
219.7
223.0
222. 8
223. 5
222.9
224. 1
226. 0
225.9
224.3
223. 0
220.8
218.6
217. 7
217. 7
216.4
347.7
368.7
427.7
495.0
564. 9
624.4
585.3
590.5
595. 9
601.5
608.5
614.6
619.5
624.4
628.7
633. 0
638.0
641.0
643.0
Period
Ml
1973: Dec__ 270.5
1974: Dec__ 283. 2
1975: Dec__ 295.4
1976: Dec__ 313.8
1977: Dec.. 338.7
1978: Dec_. 361.2
1978: May_ 350.7
June- 352.5
July. 354.4
Aug. 356.7
Sept. 360. 7
Oct.. 361. 2
Nov. 360.6
Dec_ 361. 2
1979: Jan.. 359.7
Feb. 358. 6
Mar- 359. 0
Apr __p 364.3
May 364.5
M1 +
397.9
419. 5
456.8
517.2
560.6
587. 1
576. 1
578.6
580. 1
583.6
589.5
589.9
587.7
587. 1
583.2
580.0
579.5
584.8
583.7
M2
571.3
612.2
664.8
740.6
809. 4
875.8
836.7
842.6
848.6
856.5
865.6
870.2
873.7
875.8
875.0
876.7
879. 5
889.8
893.8
M3
Currency
919.0 61. 6
981.0 67.8
1, 092. 4 73.8
1, 235. 6 80.8
1, 374. 3 88.6
1, 500. 1 97.5
1, 422. 0 92.0
1, 433. 1 92.5
1, 444. 5 93.2
1, 458. 0 93. 9
1, 474. 1 95.2
1, 484. 8 95.8
1, 493. 1 96.6
1, 500. 1 97.5
1, 503. 7 98.2
1, 509. 7 98.9
1, 517. 5 99.4
1, 530. 5 100.2
1, 536. 8 100.7
Time and sa^rings
Demand
209.0
215. 3
221. 7
233.0
250. 1
263.7
258.8
260.0
261. 2
262. 8
265.5
265.3
264.0
263. 7
261.5
259.7
259. 5
264. 1
263.8
1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plu? time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
Percent chan ge 3
C/omponeiits and related i terns
2
3
U.S.
Government
demand
deposits
(unadjusted)
Ml
M1 +
M2
6.3
4.9
4. 1
4.4
5. 1
10.2
40
6.2
4.4
3.5
6.2
4.2
8.0
10.2
11.9
8.3
6.5
5.3
8.4
6.0
4.7
4.3
6.2
7.9
6.6
8.6
8.3
7.4
8.5
10. 5
7.8
5.7
5.0
3.0
1. 1
-.9
1.7
2.2
5.0
5.4
8.9
13.2
8.4
4.7
6.6
6.5
5.6
6.6
8.3
6.3
4. 1
3.0
1. 1
-1.2
-3.4
-1.7
-1.4
8.8
7.2
8.6
11.4
9.3
8.2
8.0
8.4
8. 1
9.3
10.7
19.8
9.0
8.0
6.3
4.8
3.2
4.6
4.7
Includes time deposits other than large CDs, not shown separately.
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Eeserve System.
PRIVATE LIQUID ASSET HOLDINGS— NON?INANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and d eposits
Period
U.S. Tr easury
secur ities
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Time d eposits
Total
liquid
assets
Currency
Total
Demand
deposits
Commercial
banks
Other
private
money
market
instruments
Negotiable
certificates of
deposit
854.2
967. 1
__ 1, 084. 8
1, 169. 8
1, 289. 2
_ _ 1, 421. 8
_ 1, 588. 6
1, 769. 9
721. 1
816.6
887. 3
944. 8
1, 054. 5
1, 193. 0
1, 326. 5
1, 452. 0
52. 5
56. 9
61.6
67.8
73.8
80.8
88.6
97.5
161.8
176. 1
183.7
187.3
192. 6
200.2
214. 1
226. 1
233.5
264. 4
294.3
321.0
360.4
417. 1
459.0
504.0
273.3
319. 1
347.7
368.7
427.7
495. 0
564.9
624.4
54.3
57. 6
60.4
63.3
67. 3
71. 9
76.6
80.6
31.3
34.3
43. 3
47.0
66. 1
66.2
77. 2
85. 3
27.6
36.2
53.8
70.4
58. 1
43.0
52.0
66.7
19. 8
22.5
40.0
44. 4
43.2
47.7
56.3
85.3
1978: May___ __ _ June
July
Aug
___ _
Sept___
Oct
Nov
Dec
1, 664. 4
1, 677. 8
1, 691. 5
1, 704. 9
1, 724. 2
1, 736. 2
1, 754. 1
1, 769. 9
1, 373. 6
1, 384. 7
1, 397. 0
1, 410. 6
1, 426. 2
1, 437. 4
1, 445. 7
1, 452. 0
92.0
92. 5
93.2
93.9
95.2
95.8
96.6
97.5
222. 4
223.0
224. 7
226.3
228.5
228. 0
226. 5
226. 1
473.9
478.6
483.2
488.9
494. 1
499. 0
503. 1
504.0
585.3
590.5
595. 9
601.5
608.5
614. 6
619. 5
624.4
78.6
78.9
79. 3
79.5
79.8
80. 1
80. 3
80.6
81. 9
82. 1
80. 9
81. 3
84. 0
83. 2
82.2
85. 3
61.8
61.9
62. 7
61.4
61.4
60. 5
66. 1
66.7
68.5
70. 3
71.6
72.0
72.7
75.2
79.9
85.3
1979: Jan
Feb
Mar_
1, 783. 2
1, 794. 9
1, 803. 4
1, 819. 1
1, 826. 6
1, 456. 2
1, 462. 9
1, 470. 7
1, 485. 5
1, 490. 9
98. 2
98.9
99. 4
100.2
100.8
224. 2
222.6
222. 2
227. 7
226. 3
505. 1
508.4
511. 1
516.6
520.8
628. 7
633.0
638.0
641. 1
642.9
80. 7
80.6
80.6
80. 6
80.6
87.3
88. 3
89.6
90.5
92. 7
69.3
69.4
64.9
60.6
56.3
89.7
93.6
97.6
101.9
106.2
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
DecDec
Dec
Dec
Dec
Dec
Dec
Dec
__
.
_ _
Apr
May p __
NOTE.—Series revised beginning January 1978.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e xtended
Instalm<ant credit lieluidated
Net change in amount outstanding
-rj
.
i
Period
Total.*."
Automobile
Revolving
Total »
Automobile
Revolving
Total *
Automobile
4, 194
5,621
5,910
Revolving
046
749
035
765
441
028
071
574
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 986
21, 862
24,659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 508
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 429
20, 818
23, 485
26, 699
31, 243
35,616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
45, 066
2,976
10, 465
15, 204
19, 557
495
1,044
1, 174
2,003
1,970
1,340
2, 170
6,248
7, 776
1978: Apr
May
June.
July
Aug_ _
Sept___
Oct
Nov
_
Dee_
24, 682
25, 104
25, 565
25, 022
25, 669
25, 537
25, 758
26, 214
26, 500
7,434
7,592
7,595
7,652
7,744
7,542
7,501
7,787
7,833
8,523
8,563
9, 062
8,700
9,028
9,006
8,846
9, 176
9,424
20, 576
20, 824
21, 358
21, 556
22, 037
21, 857
22, 384
22, 115
22, 100
5,622
5,715
5, 953
5,941
6, 140
6, 010
6, 126
6,032
6,053
7,840
7,919
8, 107
8, 100
8,291
8,384
8,500
8,511
8,555
4, 106
4,280
4,207
3,466
3,632
3, 680
3,374
4,099
4,400
1,812
1,877
1,642
1,711
1,604
1,532
1,375
1,755
1,780
683
644
955
600
737
622
346
665
869
1979: Jan
Feb
Mar
Apr
25, 544
26, 202
26, 698
25, 801
7,545
7,756
7,797
7,724
9,417
9,357
9,714
8,918
22, 483
22, 894
22, 967
21, 733
5,865
6, 191
6,311
6, 337
8,984
9,040
8,972
8, 043
3,061
3,308
3,731
4,068
1,680
1,565
1,486
1,387
433
317
742
875
1971
1972_
„
1973
1974 __
_
1975 _
1976
1977_ _ „ _
1978
1
__
138,
151,
173,
172,
180,
211,
254,
298,
Includes "mobile home" and "other," not shown separately.
Source: Board of Governors of the Federal Reserve System.
27
LOANS, INVESTMENTS, AND
Bank loan growth slowed in May, but remained strong.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
OTHER SECURITIES
, Ju.»«»»»"""
60
40
40
*"SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
All c ommercial b anks 1
Borrowiiigs (milL(>ans
Investrrlents
lions of dollars,
Iteserves 2 3
Total
unadji isted) 2
loans
and
Total ex- Commer- U.S. Gov- Other
invest- cluding
NonSeaReernment
cial and
secuTotal
Total
ments
interborrowed quired
sonal
securities
industrial
rities
bank
-p . ,
1971
1972
1973
1974___
1975
1976
1977_.__
1978*
COUNCIL OF ECONOMIC ADVISERS
__
___
1978:May___ _ _
June _ _ _ _
July* _ _ _
Aug *
Sept*
Oct *
Nov v
Dec*__ _ _
1979: Jan*
Feb *
Mar *
Apr *
May *_ ___
1
485.7
558.0
633.4
691. 1
721.8
785. 1
870. 6
977.7
320.9
378. 9
449. 0
500. 2
496.9
538.9
617.0
715.4
116. 2
130.4
156.6
183. 5
176. 2
179.7
201.4
230. 9
60.6
62.6
54. 5
51. 1
80. 1
98.0
95.6
88.8
104. 2
116. 5
129.9
139.8
144. 8
148. 2
158. 0
173.5
31. 16
31. 34
34.90
36.55
34.67
34. 89
36. 10
41.27
31. 03
30.29
33. 60
35.83
34.54
34.83
35. 53
40.40
30.98
31.05
34. 60
36.30
34.40
34.61
35.91
41. 04
107
1,049
1,298
703
127
62
558
874
41
32
13
12
54
134
921.7
932. 2
940. 0
945.9
958. 1
967.3
977.6
977.7
659.7
667.8
674.0
680.6
691.6
700.9
715. 1
715.4
217.9
219.0
220. 8
223. 1
225.2
227. 6
230.7
230.9
97.9
100.2
100. 8
98.3
97.8
96.0
91.4
88.8
164. 1
164.2
165.2
167.0
168.7
170.4
171. 1
173.5
37.27
37.63
38. 11
37. 93
38.21
38.38
39.75
41.27
36.06
36.53
36.80
36.79
37. 15
37. 10
39.05
40. 40
37.05
37.45
37.92
37.77
38.02
38. 22
39.53
41. 04
1,227
1, 111
1,286
1, 147
1,068
1,261
722
874
93
120
143
188
191
221
185
134
998.6
1, 007. 7
1, 012. 6
1, 023. 4
1, 033. 3
732.4
738.3
743.4
752.0
758.4
237.8
240.6
243.5
247. 3
251.9
89.4
92. 1
90.5
92.0
94.5
176.8
177.3
178.7
179. 4
180.4
41.48
40. 75
40.81
40.65
40. 49
40.48
39.78
39.82
39.73
38.74
41.26
40. 54
40.66
40.47
40.34
994
973
999
897
1,777
112
114
121
134
173
Data are for end of per ^od.
2 Averages of daily figures. Annual d ata are for D ecember.
s Member bank reserves series reflec ts actual rese rve requiremen t percentages
with no adjustment to eliminate the € ffect of chan ges in Regulaticms D andM.
28
Source: Board of Govern ors of the Fedei al 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
Crediib market i unds
Total
Tntfll
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104.3
127. 1
161. 7
199. 8
190.8
143.8
205.0
239.0
288. 1
58. 9
68.6
80.8
83.8
75.7
106. 8
124.7
135.3
141. 5
45.5
58.5
80. 9
115.9
115. 1
37.0
80.3
103. 6
146.6
40.7
44. 5
58. 3
72. 7
81.8
37.0
58.2
78. 7
91. 2
32. 1
40. 6
40.6
37. 0
39. 1
49. 3
48. 8
46.2
49.3
8.6
3.9
17.6
35. 7
42.6
-12. 3
9. 5
32.6
41.8
4. 8
14. 1
22.7
43.3
33. i
.0
22.0
24. 9
55.3
95.9
119.6
145. 8
185.6
179.0
131. 9
184.9
212. 3
274.2
80.3
86. 0
100.3
123. 3
134.7
99.9
141.2
164.6
195.8
15.6
33.6
45.6
62.3
- 44. 4
32.0
43.7
47.8
78.4
8.4
7.5
15.9
14.2
11.8
11.9
20. 1
26.7
13.9
1977: I
II
III
IT
244. 3
198. 6
266.0
247. 1
123.8
134. 9
145. 5
137.3
120.5
63. 7
120.6
109.9
75. 9
63.7
80. 1
95. 2
34.4
35. 3
53. 5
61.5
41.6
28. 5
26. 6
33.7
44.6
-.0
40. 5
14.7
214.6
177.3
234. 6
222.7
152. 5
162. 4
175.2
168.0
62. 1
14. 9
59. 4
54.7
29.6
21. 3
31.4
24. 4
1978:1
II__
III
IV
278.2
273.6
290.8
309.3
127.2
144. 1
146. 1
148.8
151. 0
129.5
144. 7
160.5
95.8
84.4
86.0
98.4
35. 4
54.2
58.8
48. 9
60. 5
30.3
27. 2
49. 5
55. 2
45. 1
58.7
62.2
258. 9
264.4
280. 7
292.4
180.2
199.9
200.6
202.4
78.7
64. 5
80. 1
90. 0
19. 2
9.2
10. 2
17.0
1979: I "
303. 6
138.3
165.3
104. 2
39. 8
64. 5
61. 1
291. 9
215.4
76.5
11. 7
1970
1971
1972
1973—
1974
1975
1976
1977
1978
„ _
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Stocks, bonds, and mortgages.
3 Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
4
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
NOTE.—Series revised for 1978.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabilities
Curreiat assets
End of period
Total
SEC series:2
1970
1971
1972
1973
1974
FTC-FRB series:3
1974
1975
1976
1977
Cash
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio l
492. 3
529. 6
599. 3
697. 8
790.7
50.2
53. 3
59.0
66.3
71. 1
7.7
11. 0
10. 6
12. 8
12.3
206. 1
221. 1
248. 2
288.5
322. 1
193.3
200. 4
225. 7
263. 9
313. 6
35. 0
43.8
55.8
66.4
71.7
304. 9
326.0
375.6
450. 9
530.4
211. 3
220. 5
282. 9
340. 3
402.3
93. 6
105. 5
92. 7
110. 7
128. 1
187. 4
203. 6
223. 7
246.9
260. 3
1. 615
1.625
1. 595
1.548
1. 491
734.6
756.3
823. 1
900. 1
73. 0
80.0
86.8
94. 2
11. 3
19.6
26.0
20.9
265.5
272. 1
292.4
325.7
318. 9
314. 7
341. 4
375. 0
65. 9
69.9
76.4
84.3
451. 8
446.9
487. 5
543.2
272.3
261. 2
273. 2
306.8
179. 5
185. 7
214.2
236.3
282. 8
309. 5
335.6
357.0
1. 626
1. 693
1.688
1. 657
1977: I
II
III
IV
842. 0
856. 4
880.3
900. 1
80.8
83. 1
83.4
94. 2
26. 8
22. 1
21. 5
20.9
304. 1
312.8
326. 9
325. 7
352. 1
358. 8
367. 5
375.0
78. 3
79. 6
81.0
84.3
502. 6
509. 5
528. 9
543.2
280.2
286.8
297.8
306. 8
222.4
222. 7
231. 1
236. 3
339.5
346. 9
351. 4
357.0
1.675
1. 681
1. 664
1.657
1978: I
II
III
924.2
953.5
992. 4
88. 5
90. 9
91.4
20. 9
19.7
18.6
338. 3
356. 8
377.8
389. 7
399. 1
415.5
86.8
87.0
89.0
570.4
590.8
624. 5
317.2
331.3
349. 9
253. 2
259.4
274. 6
353. 8
362.7
367.9
1.620
1. 614
1. 589
1
2
3
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
All rates declined during June. Short-term rates fell sharply.
PERCENT PER ANNUM
PERCENT PER ANNUM
1971
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
Period
1973
1974
1975
1976
1977
1978
1978: June
July
Aug.
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar.
Apr
May
June
Week ended:
1979: June 2
9
16
23
30
1
2
[Percent per annum]
U.S. Tre asury seeuri fcy yields High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
Constant nnaturities 2
3-month
paper,
(N.Y.
bonds
bonds
bills i
(Standard3 (Moody's)
F.R.
4-6
3-year
10-year & Poor's)
Bank)4
months
6.95
6.84
7. 041
7.44
6.45
5. 18
8. 15
7.82
7.56
7. 886
7.83
9.87
6.09
8. 57
7.49
7.99
5.838
6.25
6.89
8.83
6. 33
6.77
7.61
4. 989
5.50
6.49
8.43
5.35
7.42
6.69
5.265
8.02
5.46
5.56
5. 60
8.41
8.29
7.221
5.90
8.73
7.99
7.46
8.30
8.46
6.707
8.76
7.63
7-7
6. 13
8.54
8.64
7.074
7.91
8.88
6. 18
7-7J4
1
8.41
8.33
7.036
7.90
8.69
5.98
7 /4-73/4
8.42
8.41
8.44
7.836
8.69
7%-8
5.93
8.62
8.64
8. 132
8.89
5.95
9.03
8-8X2
8.81
9.04
8.787
9.03
10.23
6.03
9H-9H
9.01
9.33
9. 122
9. 16
6.33
10.43
9^2-9%
9. 10
9.50
10.32
9.351
9.25
6.25
9K-91/2
9.29
9.265
9.10
9&-9K
10.01
6.19
9.26
9.38
9. 12
6. 16
9.457
9.37
9.96
9H-9H
9. 18
9.493
9.43
9.38
6. 14
9.87
9H-9M
9.42
9.25
9.50
9. 579
6. 10
9.98
9H-9H
9.045
9K9.526
9,554
8.956
8. 869
8.802
9. 19
9.06
8.90
8.99
9.04
8.97
8.88
8.95
6.03
5. 95
5.98
6.03
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
30
9.48
9.41
9.25
9.23
9.91
9.88
9.71
9.61
9/2-9X2
9X2-9^
9X2-9^
9X2-9X2
9X2-
Prime
rate
charged
by
banks 4
8.03
10. 81
7.86
6.84
6.83
9.06
8X2-9
9-9
9-9M
9&-9J4
9Ji-10«
10H-11H
11X2-11%
ll%-ll%
11J4-HW
n%-im
11J4-11K
11M-11%
iitf-
Newhome
mortgage
yields
(FHLBB)*
7.95
8.92
9.01
8.99
9.01
9.54
9.46
9.57
9.70
9.73
9.83
9.87
10.02
10. 18
10.20
10.30
10.36
10.48
n%~n%
11%-ny*
n%-n%
11J4-11J*
11X2-
-(
5 Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices recovered in June after their May decline.
INDEX, DEC 3X1965=50
INDEX, DEC 31,1965=50
80
H 30
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
-i 15
10
1971
1978
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
(perc ent)
Comrnon stock piices l
Period
New York Stock Exch ange indexe 5 (Dec. 31, 1965=50) *
Composite Industrial
1973__ _
1974
1975
1976
1977
1978
1978: May
June___
July
„
Aug
Sept
.
Oct
Nov
Dec
1979: Jan
Feb__
Mar
Apr
May_ _
Week ended:
1979: May 26
June 2
9___
16___
23___
1
Transportation
Utility
Finance
57.42
43.84
45.73
54. 46
53.69
53. 70
54.49
54.83
54. 61
58.53
58.58
56.40
52.74
53.69
55.77
55.08
56. 19
57.50
56. 21
63. 08
48.08
50. 52
60. 44
57. 86
58.23
59. 14
59.63
59. 35
64.07
64. 23
61.60
57.50
58.72
61.31
60.37
61.89
63. 63
62.21
37.74
31.89
31. 10
39. 57
41. 09
43.50
44. 21
44. 19
44. 74
49.45
50. 19
46.70
41.80
42.49
43.69
42.27
43.22
45.92
45.60
37.69
29.79
31.50
36.97
40. 92
39.22
39.47
39.41
39. 28
40.20
39.82
39. 44
37.88
38.09
38. 83
39. 21
38. 94
38.63
37.48
70. 12
49.67
47. 14
52. 94
55. 25
56.65
57.96
58.31
57.97
63.28
63. 22
60.42
54.95
55.68
57.59
56. 09
57. 65
59.50
58.80
56.50
56. 12
57.02
57.89
57. 78
62.48
61.94
63.00
63. 92
63. 70
46.64
46. 59
47.25
47. 81
47. 57
37.58
37. 67
38.02
38.70
38. 64
59. 50
59.41
60. 40
61.61
62. 39
Average of daily closing prices.
J Includes all the stocks (more than 1,500) listed on the NYSE.
• Includes 30 stocks.
«Includes 500 stocks
« Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1979
Standard
& Poor's
DowEarningsJones
composite Dividendprice
index
industrial3
ratio
ratio
average (1941-43=
10) 4
7. 12
3.06
923. 88
107. 43
11.59
82. 85
4.47
759. 37
9. 15
4.31
802. 49
86. 16
8.90
974. 92
102. 01
3.77
10.79
4. 62
894. 63
98.20
12.05
96.02
5.28
820. 23
5.20
97.41
838. 56
11.76
5. 19
840. 26
97. 66
5. 25
97. 19
831. 72
4.93
103. 92
887. 93
11. 30
4. 97
878. 64
103. 86
5. 11
857. 69
100. 58
5. 45
804. 29
94. 71
12.84
5.39
96.11
807. 94
5.28
837. 39
99.71
5.43
98.23
825. 18
5.36
100. 11
847. 84
5.35
102. 07
864. 95
5. 58
99.73
837. 41
939. 85
824. 56
832. 17
842. 14
842. 27
100. 14
99. 35
100. 90
102. 27
101. 90
5.59
5. 65
5.54
5.49
5. 55
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.
oJL
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 8 months of fiscal 1979, the budget deficit was $36.0 billion. A year earlier the deficit was $49.7 billion.
iflJJONS OF DOLLARS
OF DOURS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
300
300
200
200
J-^t
SURPLUS W OR DEFICIT (-)
-so
-50
J_
-100
1971
1972
1973
1974
1975
1977
1976
1978
1979
FISCAL YEARS
-100
1980
COUNQL or teoNowe
SOURCE DIPARTMINT Of THi TR1ASURY AND OFHCE Of MANAGEMfNT AND WDOfT
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969_ _
1970__
1971
1972
1973
1974
.
1975___
.
1976
Transition quarter.
1977
1978
„
1979 (estimates):
Current Budget Estimates, March 19792
Third Concurrent Resolution, May 1979 3 _ _
1980 (estimates) :
Current Budget Estimates, March 19792
First Concurrent Resolution, May 1979 3
Cumulative total first 8 months:
Fiscal year 1978
Fiscal year 1979_
1
2
_.
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
s Third Concurrent Resolution on the Budget—Fiscal Year 1979, May 24,1979.
32
Outlays
Surplus or
deficit ( — )
187.8
193.7
188.4
208. 6
232.2
264.9
281. 0
300.0
81.8
357.8
402.0
184.5
196.6
211. 4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
-2.8
-23. 0
-23.4
-14.8
-4.7
-45. 2
-66.4
13.0
-45.0
-48.8
461.8
461.0
495. 0
494. 5
-33.2
-33.5
503.9
509.0
532.3
532,0
-28.4
-23.0
247.5
292. 1
297.2
328. 1
-49.7
-36.0
4
3.2
Federal debt ( end of period)
TVvfal 1
Held by
the public
367. 1
382. 6
409. 5
437.3
468.4
486.2
544 1
631.9
646,4
709. 1
780.4
279. 5
284 9
3043
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
751.4
812.2
590.5
633.7
First Concurrent Resolution on the Budget—Fiscal Year 1980, May 24,1979.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1979, budget receipts were $44.6 billion higher than a year earlier and outlays were
$30.9 billion higher.
BILLIONS Of DOLLARS
SILUONS OF DOLLARS
100
OUTIAYS
400
400
..
300
NONDffENSE
300
0***~""~
.
200
200
—0^***
NATIONAL DEFENSE
100
\,
v
1
l
1971
1973
1972
!
imr^m«1——«-^^
1
1974
1975
I
1976
1
1977
100
|
1978
|
1979
^
1980
^
FISCAL YEARS
courcft OF eeoNOMtc ADVISHS
SOURCES. OEPARTM^!7 OF IHi TREASURY AND OPRCi Of MANAGEMENT AND SUDGiT
[Billions of dollars]
(3utlays
Recedpts
Nationa1 defense
Period
Fiscal year or period:
1969.
1970.
1971_ _ .
1972..
1973. — _ _ _ _ _
1974_ _ _ _
1975_
1976
Transition quarter 1977
1978____ _
1979 (estimates)11 _
1980 (estimates) __
Total
„. 187.8
193.7
188.4
208.6
232.2
264.9
281. 0
300.0
81.8
357.8
402.0
461.8
503.9
Cumulative total first 8
months :
Fiscal year 1978
Fiscal year 1979__ _
247. 5
292. 1
Indi- Corpovidual ration Other
income income
taxes
taxes
87.2
90. 4
86.2
94. 7
103.2
119.0
122.4
131. 6
38.8
157.6
181.0
208. 8
228. 6
110. 4
134. 6
Total
Interna- Health
In- Other
and
Depart- tional income
ment of affairs security terest
Defense,
military
54. 9
60.0
70.4
71. 1
63.9
70. 5
75.4
81.7
92. 8
107.4
118.0
127.0
34.5
145. 2
161. 1
182.6
204.2
184.5
196.6
211.4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450.8
495.0
532.3
79.4
78.6
75.8
76.6
74. 5
77.8
85.6
89.4
22. 3
97. 5
105.2
115.0
126.0
77.9
77. 1
74.5
75. 1
73.2
77.6
84. 9
87.9
21.9
95. 6
103.0
112.4
122. 9
32.6
37.0
104.4
120.4
297. 2
328. 1
69.0
75.6
67. 6
75. 0
36.7
32. 8
26.8
32.2
36.2
38. 6
40.6
41.4
8.5
i Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
Total
7.5
8.2
49. 0
56. 1
70. 1
81.4
91.8
106.5
136.3
160.9
41.5
176. 7
189. 9
208.6
232.7
38.0
44.0
52.5
56.9
35. 7
39.3
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105.9
111.4
108.5
3.2
3.7
125.9
137.5
27.6
33.3
71.5
78. 1
4.6
4.3
4. 1
4.7
4. 1
5.7
6. 9
5.6
2.2
4.8
5. 9
15.8
18.3
19.6
20. 6
22.8
28.0
30.9
34.5
7.2
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1979, according to revised estimates, Federal receipts rose $7.6 billion (annual rate) and expenditures rose $3.9 billion, yielding a deficit of $16.9 billion, $3.9 billion lower than the fourth quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
50
50
SURPLUS
^ H HH ^ ^ ^ n
-50 -
(22J
k^a
^
^ ^ ^ ^ Itl
w
i
yy
1111H B P P JU ^ n
1^i|
11i
1
Piii
DEFICIT
-100
1971
S//
1973
1972
1974
1975
CALE ^DAR Y EARf
1976
1977
m
i
-
* -50
1978
SOURCE: DEPARTMENT OF COMMERCE
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jiovernm ent receip ts
Period
Fcjderal Gc>vernmeiit expenclitures
GrantsSubsidies Less:
Indirect ContriPurin-aid
less
Wage
Personal Corporate
business
butions
chases
Transto State Net
current accruals
and profits tax and
surplus
of
less
Total tax
for
Total
fer
payof goods
and interest
nontax
tax
nontax
social
inand
ments
Governlocal
paid
disreceipts accruals accruals surance
services
government en- bursements
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
233.5
1975
313.9
1976
365.3
1977
413.8
1978"
127. 1
136.9
165.9
186.3
42. 1
51.9
58.8
67.2
22.2
24.2
24.5
27.2
92. 1
100.9
116. 1
133. 1
328.7
371.5
412.0
450.6
118.0
126.2
140.7
151. 1
134.3
156.5
169.6
181.8
48.4
57.5
66.2
74.6
21.9
25.2
28.4
33.7
5.7
6.2
7.0
9.4
-.4
.0
.0
.0
-45.3
-57.6
-46.7
-36.8
Calendar
year:
1975
1976
1977
1978
286.2
331.4
374.5
431.4
125.4
146.8
169.4
193.2
42.8
54.8
61.3
71.6
23.9
23.4
25.0
27.9
94.2
106.4
118.7
138.7
356.8
385.2
422.6
461.4
123.1
129.9
145f 1
153.8
149. 1
161.6
172.7
185.4
54.6
61. 1
67.4
76.9
23.2
26.8
29. 1
35.5
6.8
5.8
8.3
9.7
.0
.0
.0
.0
-70.6
-53.8
-48.1
-29.9
1977:111.. 374.3
IV... 385.5
167.6
174.8
62,0
62.9
25.4
25.6
119.3 430.7
122. 2 444. 1
146.8
152.2
175.7
178.3
70.9
71. 1
28.9
30.7
8.4
11.8
.0
.0
-56.4
-58.6
396.2
1978: I
IL— 424.7
III... 441.7
IV— _ 463. 1
176.8
186.7
199.7
209.7
59.6
72.6
73.6
80.6
26.5
27.9
28.2
28.8
133.3
137.6
140. 1
144.0
448.8
448. 3
464. 5
483.8
151.5
147.2
154.0
162. 5
180.2
180.7
188.8
191.9
73.9
75.9
77.5
80.3
33.2
34.6
36.3
38. 1
10.0
10.0
8.0
11.0
.0
.0
.2
.0
-52.6
-23.6
-22.8
-20.8
1979: I
208.3
76.2
29.2
157. 1 487.7
164.5
196.1
77.0
41.2
8.7
-.2
-16.9
470.7
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustrial produ<3tion (seiisonally adjuste d)
Period
1972
1973
1974
1975
1976
1977
1978
1978: July___
Aug —
Sept
Oct
Nov
Dec
1979: Jan
Feb *—
Mar *>
Apr *
May p
United
States
Canada
Japan
119.7
129.8
129.3
117.8
129.8
137. 1
145.2
146. 1
147.1
147.8
148.7
149. 6
150.9
150.9
151.2
152.3
150.2
152. 1
130.7
143. 0
147.5
139. 6
146. 7
152.6
160.8
160.4
159.4
165. 1
164.5
165. 5
167.6
168.4
169.5
170.0
167.2
190. 5
183. 1
163.9
182. 0
189. 5
201.3
199.7
201.8
203.4
203.1
205.4
208.4
208.9
210.7
210.8
212.5
France
Germany
Italy
135
145
148
139
149
152
156
138.7
147.7
145. 1
137. 1
149. 1
152.7
155.8
157
156
159
159
159
159
159
157
163
163
122.7
/!«
1 Joo
157
156
159
160
161
159
161
1346
140.6
127.6
143.5
145. 1
147.5
145.0
144.2
147. 1
154.9
155.5
152.6
152.2
159.8
156.0
157.6
Con sumer ; srices (uimdjustec i)
United United CanKing- States1 ada Japan France
dom
113.2
123.0
120.0
114.3
117.5
122. 8
126.5
128.7
129.4
127.6
124.9
126.4
128.7
120.0
130.3
132.9
133.0
— *. —
125. 3
133. 1
147.7
161.2
170.5
181.5
195.4
196.7
197.8
199.3
200. 9
121.2
130.3
144.5
160. 1
172. 1
185.9
202.5
205.4
205.5
205.2
207.3
209.0
Ger-
many
119.0
127.2
136. 1
144. 2
150.7
156. 6
160.7
161. 5
161.0
160.6
160.6
161. 1
161.8
163.5
164.5
165.5
166. 4
167.0
131. 1
140.7
160. 0
178.9
224.9 196. 1
243.0 214.5
132.3
147.9
184.0
205. 8
252.3 233.7
253. 1 235.7
253.3 237. 1
256.4 238.6
256.8 240. 8
254. 1 242. 1
202. 9 209. 6 253.7 243. 2
204. 7 211.2 253.9 245.5
207. 1 213.2 253.1 247. 1
209. 1 215.7 255.1 249.4
211.5 217.2 258.6 251.8
214. 1 219.3
202.0
Italy
121. 0
134. 0
159. 7
186.8
218. 1
255.2
286.2
286.8
288.3
292.9
295.5
298.6
300. 1
305. 1
309.7
313.4
318.4
322.5
United
King-
dom
137.7
150.2
174.3
216.5
252. 4
292.4
316.6
318.2
320.3
321.6
323. 1
325.3
328.0
332.9
335.6
338.3
344. 1
346.8
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Kesearch, Office of International Economic
Research, in International Economic Indicators.
» Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchlandise e xports 1
Merc aandise imports
Ge neral im ports *
Domestic2 exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
Total
bever- mate- Manubever- mate- Manufac2
facrials
(c.i.f.
ages,
Total
ages,
rials
tured
tured
value) 4
and to- and
and to- and
goods
goods
bacco fuels
bacco fuels
F.a.s. valu e 5
Monthly
average:
1973
1974
1974
1975
1976
1977
1978
1978: May.__
June._July___
Aug
Sep
Oett___
Nov___
Dec
1979: Jan....
Feb_._.
Mar
Apr
May
L
1
Custonis value
5,902
8,159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
8,159
8,966
9,596
10, 096
11, 965
11, 786
12, 268
11, 662
12, 294
13, 274
12, 901
13, 451
13, 283
13, 132
13, 507
14, 452
13, 883
13, 862
8,045
8,842
9,456
9,912
11, 756
11, 541
12, 053
11, 497
12, 101
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
13, 636
13, 578
1,269
1,399
1,436
1,330
1,719
1,864
1,964
1,799
1,960
1,877
1,786
1,634
1,692
1,437
1,557
1,765
1,758
1,807
1,317
1,266
1,341
1,548
1,746
1,754
1,905
1,620
1,718
1,901
1,934
2,040
2,047
2, 143
2,009
2,313
2, 134
1,939
5,294
5,913
6,437
6,679
7,874
7,614
7,791
7,728
8,094
8,586
8,626
8,913
8,907
8,759
9,078
9,403
9,056
9,068
8,354
8, 048
10, 084
12, 307
14, 336
14, 009
13, 970
14, 545
14, 133
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
15, 273
16, 036
16, 342
Department oi Defense silipments o f grant-aid military si pplies and equipent under the 1Military Assistance Pi ogram are excluded f rom totals for all
rifirinris and
anrl from
fr<vm monthly
t
Periods
detail beginning January 1978,
. ™otai wcludes commodities and transactions not classified according to kind.
• Total
arrivals of imported goods other than intransit shipments.
* P-1/-(cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mer chandise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imports
imports
ports
(e.i.f.)
(customs (f.a.s.)
value)
770
892
F.a.s.
892
827
991
1, 186
1,312
1,326
1,240
1, 313
1,123
1,235
1,358
1,369
1,452
1,486
1,261
1,437
1,540
1,456
1, 120
2,653
value 5
2, 672
2, 718
3,457
4,463
4,329
4, 109
4,237
4,176
4,519
4,513
4,355
4,443
4,578
5,145
4,438
4, 890
5, 186
5,206
3,750
4,684
4,602
4,257
5, 398
6,379
8,363
8, 257
8,158
8,729
8, 167
8,767
8,755
8,691
8,617
9,291
8,824
8,596
9,023
9, 232
6,131
9,000
112
-257
-195
-229
-841
—841
9,000
—257 —195
312
8,654
918
853
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 -3,297
-2,223 -3, 127
14, 913
-1,702 -2, 601
14, 869
-2, 883 -3,834
15, 495
-1,839 -2, 780
15, 074
-1,546 -2, 547
15, 821
-1,951 -2, 863
15, 764
-1,374 -2, 319
17, 770
-1,749 -2, 724
16, 006
-3, 099 -4, 150
17, 282
-1,300 -2, 213
15, 720
-821 -1,776
16, 228
-2, 153 -3, 171
17, 053
-2, 480 -3, 488
17, 350
s F.a.s. ( "ree alongsi le ship) val ue basis: at 1J.S. port of exportatioii for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1979, the current account was in surplus. Over the past two quarters, net investment income has
increased sharply, offsetting the continued deficit on merchandise trade.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
-15
1979
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise
Period
1972
1973
1974
1975
1976
1977
1978
Exports
49,
71,
98,
107,
114,
120,
141,
Imports
Invcjstment iniconic3
12
Net
balance
Receipts
Payments
381 -55, 797 -6,416 14, 764 -6, 544
410 -70,499
911 21, 808 -9, 655
306 -103,648 -5, 343 27, 587 -12,084
088 -98, 041
9,047 25, 351 -12,564
745 -124,051 -9,306 29, 286 -13,311
816 -151,689 -30,873 32, 587 -14,598
884 -176,071 -34, 187 43, 465 -21, 820
1977: JII_, 30, 558 -375996 -7,438
IV. _ 29, 665 -38, 869 -9,204
811
267
491
315
8,420 -3,686
8,312 -4, 201
-42, 710 -11,899 9,776 -4, 537
-43, 174 -7,907 10, 256 -5,402
-44, 503 -8, 012 10, 526 -5,574
-45, 684 -6,369 12, 907 -6, 308
1978: I-__
IL__
III__
IV._
30,
35,
36,
39,
1979: I *>._.
41, 350 -47, 448 -6, 098 13, 877 -7, 101
1
Excludes military grants.
28 Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment Income and
included in other services, net.
36
Net
Net
military
transactions
Nettravel
and
transportation
receipts
8,220 -3,420 -3, 063
12, 153 -2, 070 -3, 158
15, 503 -1,653 -3, 184
12, 787
-746 -2, 725
674 -2,465
15, 975
17, 989
1,679 -3, 200
492 -2, 985
21, 645
Other
services,
net 8
Balance
on
goods
and
serv-1
ices
Remittances,
pensionSj
and
other
unilateral
transfers l
Balance
on
current
account
2,789 -1,889 -3,854 -5,744
3, 185 11, 022 -3,881
7, 141
9,298 -7, 186
3,975
2,113
22,
952
4,590
-4, 613 18, 339
9, 603 -4, 998 4,605
4,725
4,983 -9,423 -4,670 -14,092
6,226 -8,809 -5,086 -13,895
4,734
4, 111
407
357
-693
-787
1,331 -1,659 -1,249 — 2, 908
1,251 -4, 272 -1,023 -5,295
5,239
4,854
4, 952
6,599
244
237
247
-239
-731
-798
-784
-672
1,439 -5, 707
1,501 -2, 113
1, 603 -1,994
1,682
1,001
6,776
-125
-568
1,501
-1,228 -6, 935
-1,313 -3, 426
-1,233 -3, 227
-1,314
-313
1,486 -1,329
Note.—Series revised beginning 1970.
Source: Department of Commerce, Bureau of Economic Analysis.
157
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the first quarter of 1979, the gross outflow of private capital—which was almost $30 billion in the fourth quarter
of 1978—fell to less than $1.5 billion. Private capital inflows rose slightly from $10.5 to $12.8 billion. The counterpart to this net capital inflow was a accumulation of foreign official assets in the United States of $8.5 billion and a
rise in the gross income position of the U.S. Government of over $3.5 billion.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
-10
-20
-20
-30
-30
-40
1971
1979
1972
SOURCE-. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U S. assets abroad, net
[incre ase/capit£il outflow ( — )]
Fore ign assets in the U. S., net
[inci^ease/capi ^al inflow (•f )] 2
Allocations
Foreigri official
Period
Total
1972
1973- _
1974__
1975
1976
1977_ _
1978
U.S.
official
reserve
assets l 2
- 14, 497
-4
-22, 874
158
_ _ _ -34, 745 -1,467
-39,703 -849
-51,269 -2, 558
-35, 793 -375
-60,957
732
1977:III___ -6,625
IV
-15,213
1978:1
II
III
IV
^979: I ^
1
-15, 188
-5,466
-10, 049
-30,254
Other
U.S.
U.S.
Govern- private2
assets
ment
assets
ass ets
Total
Total
10, 293
5, 090
10, 244
5,259
13, 066
35, 416
31, 004
10, 986
12, 362
23, 696
8, 643
18, 826
14, 167
29, 956
112 -1,001 -5, 736 14, 236
-43
-746 - 14, 424 19, 991
8,266
15, 179
7, 890
15, 101
-14,366 18, 175 15, 618 14, 895
-4, 451
941 -5,265 -5, 129
-8,774 15, 358 4,641
4,519
-29,442 29, 239 18, 764 16, 719
Of
wnicn :
Seasonal
adjustment
discrepancy
•rarltinVt «
710 -1,930
U.S.
official
reserve
assets,
net 1
( unadjusted,
end of
period)
-2,655
- 1, 609
5,944
10, 265
-937
11, 139
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
5,970
4,812
-4, 703 -2, 275
1,321
517
18, 988
19, 312
2,557
6,206
10, 717
10, 475
901
3,947
517
7,950
-2, 082 -2, 716
1,301
1,328
19, 192
18, 864
18, 850
18, 650
-1,473 4,343 -8,490 -8, 508 12, 832
Consists of gold, special drawing rights (SDK), convertible currencies, and
thes U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Assets of Other
foreign foreign
official
assets
reserve
agencies
10, 475
6,026
10, 546
6,777
17, 573
36, 656
33, 758
-6, 158 -3,589 -1,096
Total
special (sum of
the
drawing
items
rights
(SDR) with sign
reversed)
of
-1,568 -12,925 21, 461
-2, 644 -20, 388 18, 388
366 -33,643 34, 241
-3,474 -35,380 15, 420
-4, 214 -44, 498 36, 399
-3, 693 31, 725 50, 823
-4, 656 -57,033 63, 713
187 - 1, 009
248 - 1, 263
115 -1,390
182
-994
Statistical
discre pancy
1, 139
519
999
21, 658
Note,—Series revised beginning 1970.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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. f . . »
Farm Income
'.
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment. .
1
2
2
3
3
4
4
5
6
7
8
9
10
.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consurrer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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