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Economic Indicators
March 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
TLesolved ty the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 8 5 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates For the fourth quarter, gross national product rose $35,3 billion or at an annual rate
of 8.5 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 2.6 percent. The implicit
deflator rose at a 5.8 percent annual rate.
BILLIONS Of DOLLARS (RATIO SCALE)
1,800
BILUONS OF DOLLARS (RATIO SCALE)
1,800
1,600
1600
1,400
1,400
1,200
1,200
1,000
1,000
800
1969
1968
197!
1970
1973
1972
1974
1975
1976
COUNCIl OF KONOMIC ADVISERS
SOURCEt DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
na-
produet
Personal
consumption
expenditures
753.0 464.8
1966
796. 3 490.4
1967
1968
868.5 535.9
935. 5 579.7
1969
982. 4 618.8
1970
1, 063. 4 668.2
1971
1972
1, 171. 1 733.0
1973
1, 306. 6 809. 9
1974
1, 413. 2 887.5
1975
1, 516. 3 973. 2
1, 691. 6 1, 079. 7
1976
1975:1
1, 446. 2 933. 2
11 — 1, 482. 3 960.3
III.. 1, 548. 7 987. 3
IV
1, 588. 2 1, 012. 0
1976:1
1, 636. 2 1, 043. 6
II — 1, 675. 2 1, 064. 7
m_. 1, 709. 8 1, 088. 5
IV— 1, 745. 1 1, 122. 0
Gross
private
domestic
investment
124.5
120.8
131.5
146.2
140.8
160.0
188.3
220. 0
215.0
183.7
239.6
172. 4
164.4
196. 7
201.4
229.6
239.2
247. 0
242.8
Exporia and imjsorts of
goocis and services
Net
exports
5. 1
4.9
2.3
1.8
3.9
1.6
— 3.3
7. 1
7.5
20.5
6.6
15.0
24.4
21.4
21.0
8.4
9.3
47
4.2
Exports
Imports
42.8
45. 6
49.9
54.7
62.5
65.6
72.7
101.6
144.4
148. 1
162.7
147.5
142. 9
148. 2
153.7
154.1
160. 3
167. 7
168. 5
37.7
40.6
47. 7
52. 9
5& 5
64. 0
75. 9
94. 4
136.9
127. 6
156. 0
132. 5
118. 5
126. 8
132. 7
145.7
151. 0
163. 0
164.3
1
This category corresponds closely with tradget outlays for national defense,
shown on p, S3.
Go vernment purchasesi of goods and
services
Federal
State
NaNonTotal
and
tional
Total
delocal
de- 1
fense
fense
158.7
180.2
198.7
207.9
218.9
233.7
253. 1
269. 5
303. 3
339. 0
365. 6
325.6
333.2
343. 2
353.8
354. 7
362. 0
369. 6
376. 2
7&8
90.9
98.0
97.5
95.6
96.2
102.1
102.2
111.6
124.4
133.4
120.3
122.4
124.6
130.4
129. 2
131.2
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73. 5
77. 3
84. 3
88.2
82.0
83.4
84. 6
87. 1
86. 2
86. 9
138.9
91.3
134.5
88.5
18.5
19. 5
21.2
21.2
22. 1
26. 0
28. 6
28. 7
34.3
40. 1
45.2
3&3
39. 0
40. 0
43. 2
42. 9
44.2
46.0
47.6
79.8
89.3
100.7
110. 4
123. 2
137. 5
151.0
167.3
191.6
214.5
232.2
205.3
210.9
2ia 6
223.4
225. 5
230.9
235.0
237.4
Source: Department of Commerce, Bureau of Economic Analysis,
Final
sales
738.7
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1, 679. 7
1, 468. 4
1, 512. 3
1, 550. 6
1, 592. 5
1, 621. 4
1, 659. 2
1, 694. 7
1, 743. 4
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross ]private dc mestic
EXF orts of gc>ods
iinvestmen b
Pera ad service;s
sonal
conGross
Change
national sumpNonResi- in busition
product
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
981.0
1966
1, 007. 7
1967
1, 051. 8
1968
1,078.8
1969.
1, 075. 3
1970
1, 107. 5
1971
1, 171. 1
1972
1, 235. 0
1973
1, 214. 0
1974
1975— 1* 191. 7
1, 264. 7
1976
586.1
603.2
633.4
655.4
668.9
691.9
733. 0
767. 7
759. 1
770. 3
8ia7
106. 1
103.5
108.0
114.3
110.0
108.0
116.8
131. 0
128.5
111.4
115.7
38. 5
37.2
42. 8
43.2
40.4
52.2
62.0
59. 7
45.0
38.4
47. 1
16. 7
12. 0
8. 7
10. 6
4.3
6.6
9.4
16. 5
8. 5
-12.0
8.1
1975:1— 1, 161. 1
1, 177. 1
II
nill 1, 209. 3
IV— 1, 219. 2
754.6
767.5
775.3
783. 9
114.4
110.6
110. 1
110.5
35.4
36.8
39.6
41.9
-20. 5
-21. 2
— 1. 0
-5.5
1976:1—- 1, 246. 3
1, 260. 0
irill 1, 272. 2
IV 1, 280. 4
800. 7
808.6
815.7
829.7
112.6
114.9
117.5
117.9
44. 1
45.7
47.4
51.1
10. 4
11. 1
10. 2
.9
4.3
3. 5
-.4
— 1. 3
1.4
—.6
-3.3
7. 6
16. 5
22. 6
16.0
Govern]nent pure bases of
good s and ser vices
Total
Federal
State
and
local
Final
sales
51. 6
54.2
58. 5
62.2
67. 1
67.9
72.7
87.4
97.2
90.6
96. 1
47. 3
50. 7
58.9
63.5
65.7
68.5
75.9
79.9
80.7
68. 1
80. 1
229. 3
248.3
259.2
256.7
250. 2
249.4
253. 1
252.5
256.4
261.0
264. 1
112.5
125. 3
128. 3
121. 8
110. 7
103. 9
102. 1
96.6
95. 3
95.7
96.7
116.8
123. 1
130. 9
134. 9
139. 5
145. 5
151.0
155.9
161. 1
165.2
167.4
964.3
995. 7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 256. 6
20. 1
24. 3 ,
22. 8
23. 1
90.3
87. 7
90. 7
93. 9
70. 2
63.4
67. 9
70.8
257. 1
259. 1
262.4
265.2
94.8
95. 3
95.6
97.2
162. 2
163. 8
166.9
168. 0
1, 181. 6
1, 198. 2
1, 210. 2
1, 224. 7
16.6
16.0
15.7
15.5
93.6
95. 4
98. 0
97.4
77.0
79.4
82. 3
81.8
261. 9
263.6
265.5
265. 3
95.4
96. 0
97.3
98.1
166.6
167.7
168.2
167.3
1, 235. 9
1, 248. 8
1, 262. 0
1, 279. 5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona I consumf >tion expe nditures
Total
Gross ]private
dom estic
invesi /ment
NonNonres- ResiDurable durable
Services idential dential
goods
fixed
goods
fixed
Expor ts and
imports of goods
and se rvices
Governnlent purchases (:>f goods
and scjrvices
Exports Imports Federal
State
and
local
76. 76
79.02
82.57
86.72
91.36
96. 02
100. 00
105. 80
116. 41
127. 25
133. 75
79.3
81. 3
84.6
88.5
92.5
96. 6
100. 0
105. 5
116. 9
126. 3
132.7
85. 7
87.4
90.7
93. 1
95. 5
99. 0
100. 0
101. 6
108. 3
117.7
124.4
80. 1
81.9
85.3
89.4
93.6
96. 6
100. 0
107.9
124. 0
133. 7
138. 0
76. 5
78.8
82.0
86. 1
90. 5
95. 8
100. 0
104.7
113. 5
122. 7
131.0
76. 8
79. 3
82.6
86. 6
91.3
96.4
100.0
103. 8
116. 1
132. 1
138. 2
74.6
77.0
80.7
87. 7
90.6
94 9
100.0
110. 8
122. 3
133. 2
143.9
82.8
84.0
85. 3
87. 9
93. 1
96.6
100.0
116.2
148.6
163.4
169. 3
79.7
80. 1
80. 9
83.3
89.1
93. 5
100.0
118. 2
169. 6
187.4
194.7
70. 1
72.6
76.4
80.0
86.4
92. 6
100. 0
105.8
117. 1
130. 0
138.0
68.4
72. 5
76.9
81.9
88.3
94. 5
100.0
107.3
119.0
129.8
138.7
1975:1
II
III
IV
124.55
125. 93
128. 07
130. 27
123.7
125. 1
127.3
129. 1
115. 1
117. 1
118. 2
120. 2
131.2
132. 1
135. 1
136. 2
119.7
121. 5
123. 6
125. 9
129.4
131. 8
132. 7
134. 5
131.5
132. 1
132. 8
135. 9
163.4
163. 0
163.4
163.7
188.9
186.9
186.6
187. 3
126.8
128.4
130.4
134. 2
126. 5
128.7
131.0
132. 9
1976:1
II
Ill
IV
131. 29
._„ 132. 96
_ „ _ 134. 40
136. 30
130. 3
131. 7
133. 4
135. 2
121. 8
123.8
124. 9
127. 0
136.4
136.9
138. 5
139.9
128.0
129.8
132. 0
134.0
136.2
137.5
138.7
140.5
139.0
142.9
145. 3
147. 7
164.6
168. 1
171.1
173.0
189.2
190.4
198. 1
200.8
135.4
136. 7
138.3
141.6
135.4
137.7
139.7
141.9
1966
1967
1968. _ _
1969
1970
1971
1972
1973
1974
1975
1976
_
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross ilational p roduct
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
.
_
1975: I
II
III
IV
1976: I
II
III
IV
Constant
(1972)
dollars
Current
dollars
-_-.
Implicit
price
deflator
1
Fixedweighted
price
index
(1972
weights)
Chain
price
index
1
Gross clomestic j)roduet
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
9.4
5.8
9.1
7.7
5.0
8.2
10. 1
11.6
8.2
7.3
11.6
5.9
2.7
4.4
2.6
g
3. 0
5.7
5.5
-1.7
-1.8
6. 1
3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
10.0
9.3
5.1
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
10.0
9.2
5.4
2.9
3.0
4. 3
5.0
5.2
4.9
4.0
6.0
10.0
9. 2
5.4
9. 6
5.7
9.1
7.8
5.0
8. 1
10. 1
11. 5
7.8
7.7
11. 4
6.1
2.7
4. 4
2.6
-. 3
2. 8
5.8
5.4
-1.7
-1. 7
6.1
3.3
3.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.6
9. 5
5. 1
3. 1
3. 1
4.4
5. 0
5. 3
5.0
4. 1
5. 9
9. 7
9. 3
5.4
3.0
3.0
4.4
5.0
5. 2
4.9
4. 0
5.9
9.7
9. 2
5. 5
~~. 8
10.4
19. 1
10. 6
-9. 9
5. 6
11. 4
3.3
10. 1
4. 5
7.0
7. 1
9. 2
5. 4
7. 3
6.4
8.9
5. 4
7.3
6.6
.7
10. 1
19. 1
10. 8
-9. 2
5. 4
11.3
3.4
10.9
4. 5
7.0
7. 1
9.4
5. 5
7. 4
6.4
9. 0
5. 5
7.4
6.7
12. 6
9.9
8.5
8.5
9.2
4.5
3.9
2.6
3.2
5.2
4.4
5.8
4.3
5.4
4.6
5.7
4. 2
5. 2
4.6
5.8
12.2
10. 1
8.2
8.4
9. 0
4.6
3.8
2.4
3.0
5.3
4.2
5.8
4.3
5.4
4.4
5.7
4. 2
5.3
4.4
5.8
NOTE.—Annual changes from previous year and quarterly change? from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross c omestic
prodiict of
nonfin ancial
corp<3rate
business
(billic>ns of
dollars)
Current
dollars
1972
dollars
430. 7
452. 9
498.4
541.8
560. 6
602. 5
671. 0
752. 0
810. 0
870. 4
981.7
822. 3
851. 1
I I I _ _ 892. 0
IV___ 916. 1
949. 0
1976: I
IL— 972. 8
III.. 993.8
1, Oil. 0
532. 9
545. 8
581. 6
607. 3
600.6
619.3
671.0
720. 4
698. 7
676. 8
726. 3
653. 1
668. 1
688. 9
696. 1
713. 9
725. 7
731. 5
734.3
1966
1967
1968
1969
1970_
1971
1972
1973
1974_
1975
1976 v
1975: I
Current-do liar cost a nd profit per unit of outpuit (dollars]) l
Total
cost
and
profit 2
0.808
.830
.857
.892
.933
.973
1. 000
1. 044
1. 159
1. 286
1. 352
1.259
1. 274
1. 295
1. 316
1. 329
1. 341
1. 359
1. 377
Capital
conComsumption
penallowances Indirect sation
of
with
business
capital taxes 3 employconees
sumption
adjustment
0.067
. 072
. 074
. 079
. 088
. 094
. 093
. 095
. 116
. 143
. 149
. 139
. 142
. 143
. 146
. 146
. 147
. 149
. 152
0.080
.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 138
. 138
. 135
. 138
. 139
. 140
. 136
. 137
. 138
.141
1
Output is measured by gross domestic product of nonfmancial corporate
•justness in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonflnancial corporate business with the decimal point shifted two places to the left.
a Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Net
interest
Corpc>rate profi ts with
invent ory valual:ion and
capil:al consuniption
iidjustmen ts
Total
0.513 0.014 0. 134
. 123
.535
.016
. 124
.553
. 017
. 022
. 109
.589
.628
.028
.086
.029
.095
.645
.028
. 107
.661
. 699 . 032 . 105
. 794
. 041 . 085
. 853
. 045 . 107
. 132
.883
.049
. 863 . 046 . 076
. 101
. 045
.847
. 842
. 045
. 126
. 124
. 860 . 046
.869
. 047 . 131
. 132
. 876 .049
. 884
. 137
.050
.
129
.903
.051
Profits
tax
liability
0. 055
.051
.058
. 055
.045
.048
.050
. 055
. 061
. 059
.074
. 046
. 053
.066
.068
. 072
.074
.075
.077
Profits
after4
tax
0.078
.072
.066
. 055
. 041
. 046
. 057
. 050
. 024
. 048
.058
. 030
. 049
.059
. 055
. 059
.058
.062
.051
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
employees
(1972
ees
(doldollars)
lars)
6.777
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.781
7.545
7. 756
8.062
7.479
7. 734
7. 90S
7.891
7.971
8. 057
8. 108
3.478
3. 676
3. 929
4. 198
4. 478
4. 757
5. 024
5. 441
5. 990
6. 613
7. 120
6. 453
6. 554
6.661
6.785
6.926
7. 055
7. 170
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
622.2
655. 8
714.4
767.9
798. 4
858. 1
951.9
1, 064. 6
1, 135. 7
1, 207. 6
1, 348. 5
1, 149. 7
1, 182. 7
1, 233. 4
1, 264. 6
1, 304. 7
1, 337. 4
1, 362. 5
;. 1, 389. 5
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976"
1975: 1
II
III
IV
1976: I
II
III...
IV*
Propri etors'
income3 with
inventor y valuation and capital
consuDaption
adjust ments
Compensation of
employees li
Farm
13.6
12.1
12.0
13.9
13.9
14.3
18.0
32.0
25.8
24.9
22.8
17.9
24. 1
29.2
28.3
21.9
27.5
21.7
20.3
439.3
471.9
519.8
571.4
609.2
650.3
715.1
799.2
875. 8
928. 8
1, 02a 4
904.0
912.9
935.2
963. 1
994.4
1, 017. 2
1, 037. 5
1, 064. 5
Nonfarm
46.7
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
61. 1
65.3
73.8
63.2
62.7
66. 3
69.0
71.4
72.8
744
76.8
Rental
with
capital
consumption
adjustment
18.2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21. 6
21.0
22. 4
23.5
21.9
22. 3
22.4
22.9
23.3
23. 1
23. 4
24.3
Corpor ate profits with inv<3ntory va luation
and capital co nsumptioii adjustments
Profits with inv<sntory
valuat ion adjusibment
and ivithout ca pital
consum ption adjiistment
Total
Total
82.5
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
84. 8
91.6
117.9
69.0
86.6
105. 3
105.6
115. 1
116.4
122.0
118.1
78.6
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
87.8
103. 1
133.4
77.7
97.9
117.9
119. 1
129.6
131.8
137.6
134.4
Profits
before
tax
Inventory
valua-
Capital
consumption
adjustment
Net
interest
adjustment
80. 7
77.3
85.6
83.4
71.5
82.0
96.2
115.8
127.6
114.5
148.0
94. 2
105.8
126.9
131.3
141. 1
146.2
150.2
154.5
-2. 1
— 1. 7
-3.4
-5.5
-5. 1
-5.0
-6. 6
-18.6
-39.8
-11.4
-14.6
-16.5
-7.8
-9.0
-12. 3
— 11. 5
— 14.4
— 12.6
-2ao
3.9
3.7
3.7
3. 5
1. 5
.3
2. 5
1.9
-3. 0
-11. 5
-15.5
-8.6
-11.4
— 12.6
— 13. 5
-14.5
-15.4
— 15. 7
-16.4
21. 9
24. 3
26. 8
30. 8
37.5
42. 8
47. 0
52.3
67. 1
74. 6
82.0
73. 7
74.0
74.9
75. 8
78.6
80. 3
83.5
85. a
Source: Department of Commerce, Bureau of Economic Analysis,
* 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]
Period
Total
personal
consumption
expenditures
1966.
1967
1968_
1969
1970
1971
1972__
1973_
1974_
1975
1976
1975: I
II
III_._
IV___
1976: I
II
III
rv_...
1
464. 8
490.4
535. 9
579. 7
618. 8
668.2
733.0
809. 9
887. 5
973.2
1, 079. 7
933. 2
960. 3
987.3
1, 012. 0
1, 043. 6
1, 064. 7
1, 088. 5
1, 122. 0
Total
durable1
goods
Motor
vehicles
and
parts
67.7
69.6
80. 0
85. 5
84.9
97.1
111.2
123. 7
121.6
131. 7
156.5
122. 1
127.0
136.0
141. 8
151.4
155. 0
157.6
162.0
30.1
29.7
35. 8
37. 7
34.9
43.8
50.6
55.2
47. 9
53. 2
70.7
47.6
49.5
56.3
59. 2
68. 0
70.4
71.7
72.7
Total includes other items not shown separately,
Retail sales of
new pa ssenger
cars (Dlillions
of uiaits)
Nondura 3le goods
Durable goo<is
Furniture
and
household
equipment
27.7
29. 5
32.6
35. 0
36. 7
39.4
44.8
50. 7
54. 7
57. 6
63.0
54.6
57.0
58.2
60. 6
61. 2
62. 3
62.9
65.6
Total
nondurablel
goods
Food
204.7
212.6
230.4
247. 0
264.7
277. 7
299. 3
333.8
376.2
409. 1
440. 4
394.4
405.8
414. 6
421. 6
429. 1
434. 8
441.8
456.0
106.6
109. 6
118. 3
126. 1
136. 3
140. 6
150.4
168. 1
189. 9
209. 5
2244
203. 2
207.8
211. 8
215. 2
219. 2
223. 1
225. 2
230.2
Clothing
and
shoes
Gasoline
and oil
36.6
38.2
41. 8
45. 1
46.6
50. 5
55. 1
61.3
65. 1
70. 0
75.4
66.6
69.3
71.3
73. 0
73. 5
73.2
75.9
79.0
16.0
17.0
18. 4
20.4
22.0
23.4
24.9
27. 8
36. 3
38.9
41.5
37.9
38.6
39. 2
39. 9
40. 1
40. 3
41.6
44. 1
Services
Domestics
192. 4
208. 1
225. 6
247. 2
269. 1
293.4
322.4
352. 3
389. 6
432.4
482. 8
416. 7
427. 4
436. 7
448.6
463. 2
474. 9
489. 1
504.0
8.4
7.6
8.6
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8.6
6. 7
6. 3
7 6
7 7
8 9
8 7
8 6
8.3
Source: Department of Commerce, Bureau of Economic Analysis.
C1«
Imports
0.7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1. 6
1.5
1. 7
1.6
1. 6
1. 4
1. 3
1. 4
1.5
1.7
I
SOURCES OF PERSONAL INCOME
Personal income rose $17.1 billion in February, following an increase of only $1.5 billion (revised) in January due
to severe winter storms. Wage and salary disbursements increased $12.9 billion in February, while farm proprietors*
income fell for the second consecutive month.
BILLIONS OF DOLLARS* {RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
r,40o
1,200
1,200
1,000
1,000
800
800
6QO
—-I—• \"
600
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
„.»•«'
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
i t i M I i i)
40
1969
1971
1970
1972
1973
1974
1975
1976
| I i i \ [ j 40
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976: Feb.—
Mar
Apr
May___
June
July...
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb»___
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Other Proprietc>rs' income income
Total
and
Divi- Persona] Transfer
personal salary
labor 12
pay- 5
of 4 dends interest
income disburseincome
income ments
Farm
Nonfarm persons
ments l
745. 8
801. 3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3
1, 331. 4
1, 341. 9
1, 352. 5
1, 362. 9
1, 370. 4
1, 380. 8
1, 385. 5
1, 391. 7
1, 404. 2
1,421.4
1, 439. 5
1, 440. 9
1, 458. 0
514.6
546.5
579.4
633.8
701. 3
765. 0
806. 7
890.4
861.4
868.8
876.9
883.3
883. 1
892. 7
897.4
903. 5
911. 3
921. 5
930. 1
933.8
946.7
28.2
32.0
36.2
42.0
48.7
55. 5
62. 5
70.1
67. 1
67.7
68.4
69.0
69. 7
70.4
71. 1
71.7
72.4
73. 2
74. 1
74. 9
75.7
13.9
13. 9
14. 3
18.0
32.0
25.8
24.9
22.8
21. 1
20. 0
23. 3
27. 5
31.6
26. 0
21.0
18. 1
18.6
19.6
22.7
22. 0
21. 2
52.3
51.2
53.4
58. 1
60.4
61. 1
65. 3
73.8
71.3
72.2
72.7
72.5
73.4
73.8
74.4
749
75.4
76.8
78.2
77.8
78.2
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
inds; workmen's compensation; directors' fees; and a few other minor items.
i * With inventory valuation and capital consumption adjustments.
'With capital consumption adjustment.
18.1
18.6
20. 1
21. 5
21. 6
21. 0
22.4
23.5
23.4
23.3
23.3
23. 4
22. 7
23.4
23.2
23. 6
24.0
24. 3
24.5
25. 0
25. 1
22.6
22.9
23.0
24.6
27. 8
30. 8
32. 1
35. 1
33.3
33. 0
33.4
33.9
35.9
35. 2
35.4
35.6
36. 1
36. 5
40.5
37.0
37. 6
55.9
64.3
69.3
74.6
84. 1
101.4
110. 7
123.0
117.9
119. 3
120. 0
120. 7
121. 5
123.0
125.2
126.9
127.8
128. 7
128. 7
130. 1
131.2
66. 5
79. 9
94. 1
104. 1
118. 9
140. 3
175. 2
191.3
189.2
191. 3
188. 7
187. 1
186.8
191. 3
192. 9
192.9
194. 4
197.3
198. 0
199.4
202.2
Less: Per- Nonsonal con- farm
tributions personal
6
for social
insurance income
26.3
28.0
30.8
34.2
42.2
47.6
50.0
54.9
53.4
53.7
54. 1
54.4
54. 3
54.9
55.2
55.5
55.9
56.7
57.3
59.0
59.9
725.8
780.7
838.0
917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 340. 0
1, 298. 6
1, 310. 1
1, 317. 3
1, 323. 3
1, 326. 6
1, 342. 5
1, 351. 8
1, 360. 8
1, 372. 7
1, 388. 6
1, 403. 4
1, 405. 3
1, 423. 0
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
8
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 increased slightly in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
3,000
2,000
2,000
I
1968
1976
1971
1969
"".SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Per (;apita
dispc>sable
persona i income
Less:
Per-
Period
Per-
sonal
income
sonal
tax
and
nontax
pay-
Equals:
Disposable
personal
income
Less:
Personal
outlays1
ments
Equals :
Personal
saving Current
dollars
Billions of d ollars
1968
1969
1970_-_.__
1971
..
1972
1973
L
1974
1975
1976
685.2 97.1
588. 1
550. 1
745.8 115.4
630.4
595.3
115. 3
685. 9
635. 4
742. 8
116. 3
685.5
141. 2
801.3
751.9
150.8
901.7
831.3
170.4
982.9
910.7
168. 8 1, 080. 9
996. 9
193. 6 1, 181. 7 1, 105. 2
801.3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3
1975: !____ 1, 203. 1 179. 3
II... 1, 230. 3 142.2
III — 1, 265. 5 174.0
IV. _ 1, 299. 7 179. 8
1, 331. 3 183. 8
1976: I
II... 1, 362. 0 189.5
III.. 1, 386. 0 195. 8
IV___ 1, 421. 7 205.3
1
Current
dollars
1972
Percent
change
in real
per
capita
disposable
per-
Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
dollars
sonal
income
3, 156
2.8
1. 5
3.0
2. 6
3.3
5. 9
6.5
5.6
7.4
7.7
6.2
7.8
7.3
3.3
6.5
-3.4
20.9
-6.6
4. 1
5. 4
6.6
9.6
7.4
7.5
6.9
Dol Lars
38.1
35.1
50.6
57. 3
49.4
70.3
72. 2
84.0
76.5
2,930
3,111
3,348
3, 588
3,837
4,285
4, 639
5, 062
5,493
3,464
3, 515
3,619
3,714
3,837
4,062
3,968
4, 007
4, 140
Seas onally ad; usted anulual rates
1, 023. 8
956. 7
4, 809
67. 2
3,889
1, 088. 2
983. 6
104. 5
5, 102
4, 078
1, 091. 5 1, Oil. 1
80.5
4, 009
5, 105
1, 119. 9 1, 036. 2
83.7
5,227
4, 049
1, 147. 6 1, 068. 0
79.5
5,347
4, 103
1, 172. 5 1, 089. 6
82.9
5,455
4, 143
1, 190. 2 1, 114. 3
75. 8
4, 142
5,526
1, 216. 5 1, 148. 6
4, 168
67.8
5,637
Includes personal consumption expenditure?, interest paid by consumers
to 2business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1972
dollars
Per cap ita personal c(msumption exp enditures
2,670
2,860
3, 020
3,227
3,510
3,849
4, 188
4,558
5,019
4,383
4,503
4, 618
4, 724
4,863
4,954
5, 054
5,199
3,234
3,265
3,342
3, 510
3,648
3,582
3,608
3,783
3, 545
3,599
3,626
3, 659
3,731
3, 762
3,788
3,845
-2.3
1. 0
4.0
— .1
2.5
7. 8
7. 1
6.4
5. 6
200,
202,
204,
207,
208,
210,
211,
213,
215,
706
677
878
053
846
410
901
540
118
212,
213,
213,
214,
214,
214,
215,
215,
897
278
805
245
599
926
355
805
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
Farm income decreased again in the fourth quarter. Both excluding and including inventory change the decline was
$1.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL^
120 h
120
100 \
100
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
LJ?
A
20
V
20
f
10
10
1968
1969
1970
1971
1972
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE-. DEPARTMENT OF AGRICULTURE
1973
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
[ncome re ceived fro m f armin 5
by total farm po 3ulation
Kealiz*?d gross
Net inc ome per
Net tc> farm
farm incl tiding net3
a-tors
oper<
Casti receipts from
inventoryy change
Period
inarketing s
From From From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
and
tory
tory 2 dollars dollars
change change
products
Dollars
Billioris of doll a rs
26. 9
12. 9
13. 9
1969
4,372
56. 3
14. 2
4, 766
48. 2
28. 6
42. 1
19.6
14.3
27.4
14. 4
1970
4, 790
58. 6
14. 1
14. 2
4,202
13. 0
44.4
50. 5
21. 0
29. 6
1971
28. 7
15. 3
13. 4
60. 6
5,030
4,263
47.4
22.
3
30. 6
13. 2
52.9
14.6
34.4
1972
17.6
70. 1
6, 504
16. 8
35. 7
5,288
61. 2
25. 5
52. 3
17. 8
18. 7
45.9
48. 6
19. 5
29. 0
95. 5
1973
41. 1
8,817
87. 1
29. 9
33. 3 11, 727
65. 6
21. 5
45. 1
100.2
1974
92. 6
41. 4
9, 371
23. 5
72. 4
6, 206
51. 3
27. 8
26. 5
22. 7
45. 5
22. 8
42. 9
5, 482
1975
98. 2
22. 7
9, 100
89. 6
75. 5
46. 7
25. 6
24. 0
44.0
20. 0
104.2
7,920
4, 500
1976___ _
94. 8
47.0
22.0
47.8
80. 9
23. 3
73.4
6, 590
88. 4
80.0
36. 3
43. 7
15. 0
18. 5
4,070
1975: I
8, 830
43. 9
47.2
11
99. 6
91. 1
24.8
5, 380
76. 1
23. 5
105. 2
45. 0
96. 5
51. 5
28. 4
30. 0 10, 680
6,320
76. 8
III....
46.4
44. 4
23. 9
99. 6
29. 1 10, 360
6, 060
90. 8
75. 7
IV .
101.5
22. 5
8, 100
92. 4
46.6
79.0
22.5
45. 8
4,710
1976:1
52. 2
9,210
49. 6
82. 5
28. 6
25. 6
5, 300
111. 1
101. 8
II.™
21. 8
20. 8
7,490
103. 3
93. 8
47. 2
46. 6
4,230
81. 5
III....
44. 5
20.3
6,950
100.9
80.6
19.3
3,860
91. 3
46. 8
IV.
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
\ 32 Inventory of crops and livestock valued at the average price for the year.
* Based on Census of Agriculture definition of a farm. The number ol farms is
held constant within a year.
86-359°—77-
4
Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates, profits before tax rose $4.3 billion (annual rate) in the fourth quarter of 1976,
while profits with inventory valuation adjustment fell $3.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
40
1976
1968
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit ^s (before tax) wit i invent<
Dry vahuition
Pro ats after
adjustn lent l
Domesstic indu stries
Tax
Profits
N onfinanc tal
Period
liabefore
Divi2
tax
bility Total dends
Total
WholeManu- sale
Total Financial Total 3 facand
turretail
ing
trade
47. 1
19.4
1966
67.4
78.6
75.9
8.5
41.6
8.0
80.7
33.7
20. 1
1967
449
72. 6
75.6
9. 0
63. 6
37.9
32.5
8.9
77. 3
46.2
21. 9
1968
82. 1
41.2
10.4
78. 9
68.5
39.4
10. 1
85.6
1969
22.6
74.2
43.8
77.9
11.3
62.9
36.8
39.7
10. 1
83. 4
22. 9
1970
37.0
66.4
12. 6
62.6
50. 1
27. 1
9.4
345
71. 5
1971
23.0
58.2
44 3
76.9
72.4
14. 1
32. 4
82. 0
37. 7
11. 7
1972
24 6
54 6
89.6
84.7
15.4
96.2
69. 3
40. 6
41. 5
13.3
1973
67. 1
27. 8
90.4
74. 1
97. 2
16. 2
44. 1
48.7
14. 7
115.8
1974. ___
75.2
30.8
87. 8
14. 1
62. 6
76. 7
12. 4
52.4
36.9
127. 6
32. 1
1975
65. 3
103.1
12. 9
84. 1
46.4
97.0
49. 2
20. 9
114 5
1976*
133.4
14.3 111.5
125.8
i4ao 644 83. 6 35. 1
64 6
1975: I_ _
72. 1
31.7
77.7
40.2
13. 9
58. 2
942
54 0
29. 7
145
II. _ _ __
91. 7
12. 5
31.9
97.9
61. 0
79. 2
43. 5
448
19. 6
105. 8
III
32. 6
117. 9
111. 4
12. 1
72. 1
99.3
57. 0
244
126. 9
54 8
IV
_
32. 2
119. 1
112.7
12. 9
74 1
99. 8
55. 3
131. 3
57. 2
25.0
1976:1
129.6
121.9
33. 1
14. 0 107. 9
79.7
141. 1
61.4
61. 2
29.0
II
131.8
34.4
125. 0
146.2
82.7
13.8 111.2
66.4
63.5
26.6
III
137. 6
35.4
130. 5
14.4 116.0
85.
1
65. 1
150.2
67.2
28.8
IV*
134. 4
125.9
37.7
15.0 110.9
86.9
154.5
67.5
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately;
8
tax
TT
Undistributed
profits
27.6
247
242
21.2
14 1
21. 3
30.0
39.3
44 4
33. 2
48.5
22. 3
29. 1
39. 5
41.9
46.6
48. 3
49. 7
49.2
•Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-2.1
-1.7
— 3.4
-5.5
-5.1
-5.0
— 6. 6
— 18.6
-39.8
-11.4
-146
— 16.5
-7.8
-9.0
-12. 3
-11.5
-144
-12.6
-20.0
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $2.6 billion in the fourth quarter compared to a rise of $5.1 billion
in the third quarter. Residential outlays rose $6.6 billion, a larger increase than in the 3 preceding quarters of 1976.
Inventory investment at $1.7 billion was down $13.4 billion from the third quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
120
^NONRESIDENTIAL FIXED INVESTMENT
BILLIONS OF DOLLARS* {RATIO SCALE)
300 -GROSS PRIVATE DOMESTIC INVESTMENT
100
80
PRODUCERS'
DURABLE EQUIPMENT
-+•*•*++ «
140
•'STRUCTURES
\
40
TT i
i
r i
I I
I f f
BILLIONS OF DOLLARS* (RATIO SCALE)
80
BILLIONS OF DOLLARS*
40 KHANGE IN BUSINESS INYENTORIES-
20
r~\
o
-20
-40
\
1972
\ \
1973
t
! I
1974
I
I t
1975
1976
1975
1972
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCEi DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investmesnt
Gross
private
domestic
investment
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975:1
II
III
IV
1976:1
II
III
IV
_ _
_
124.5
120. 8
131.5
146. 2
140.8
160.0
188. 3
220. 0
215.0
183. 7
239. 6
172.4
164.4
196. 7
201. 4
229. 6
239.2
247.0
242.8
Struc tures
Total
81.4
82. 1
89.3
98.9
100.5
104. 1
116. 8
136. 0
149.2
147. 1
160.0
148. 0
145. 8
146. 1
148.7
153.4
157.9
163.0
165.6
Total
Nonfarm
Total
Nonfarm
29.2
29.5
31.6
35.7
37.7
39.3
42.5
49. 0
54. 1
52. 0
55. 3
53. 1
51.2
51. 8
52. 1
53.2
54.9
56.0
57.0
28. 1
28.2
30.4
34.3
36. 1
37.8
41. 1
46.9
51. 8
49. 8
53.0
50. 9
48.8
49 6
49.9
51.0
52.5
53.7
54.8
52.2
52.6
57.7
63.3
62.8
64.7
74.3
87. 0
95. 1
95. 1
104.7
94.9
94 6
94. 3
96.6
100.2
103.0
107.0
108.6
47.9
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
87.2
86.9
95.9
86.5
86.2
86. 7
88.0
91. 3
94. 1
98.0
100.2
Source: Department of Commerce, Bureau of Economic Analysis.
Prodiicers'
dur able
equip ment
Resid ential fix ed investment
Total
28.7
28.6
34.5
37.9
36. 6
49.6
62.0
66. 1
55. 1
51. 2
67.7
46.6
48. 6
52. 6
57. 0
61. 3
65. 3
68.9
75.5
Nonfarm
structures
27.4
27.2
33.1
36.3
35.1
47.9
60.3
64.3
52.7
49. 0
65. 1
44.9
46.7
50.2
54.2
58. 6
62.9
66.3
72.7
PW*
ducers'
Farm
struc- durable
tures equipment
0.7
7
6
7
6
7
7
6
10
8
11
5
6
10
14
1 2
9
10
1.2
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.3
1.3
1.6
1.2
1. 3
1.4
1.4
1.5
1. 5
1.6
1.6
Change in business inv entories
Total
14.3
10.1
7.7
9.4
3.8
6.4
9.4
17.9
10.7
-146
11.9
—22. 2
-30.0
-2.0
-43
148
16.0
15.1
1*7
Nonfarm
145
9.4
7.6
9.2
3. 7
5. 1
8.8
147
12.2
— 17. 6
11.9
-25.6
-31.2
—42
— 9.5
12.7
17.3
15.6
2. 2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.7 percent in 1977, according to a survey conducted in January and
February. Spending rose 6,8 percent in 1976.
.BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
1969
1970
J/ SEE FOOTNOTE 4 BELOW.
SOURCti DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and eqtdpment
proiciCtS
E]tpenditurt3s for planit and equ ipment
3
Mi mufacturi ng
Period
Total i
1970..
1971
1972
1973
1974
1975
1976
1977 4 _ _ _ ___.
1976: I
II
III
IV
1977: I 4
II*
2nd
half «.
79. 71
81. 21
88.44
99.74
112. 40
112. 78
120. 49
Total
31. 95
29.99
31. 35
38.01
46.01
47. 95
52. 48
184. 58
59. 16
114. 72
118. 12
122. 55
125. 22
49. 21
50. 64
54. 78
54.44
129. 19
13%. 71
137. 90
Durable
goods
15. 80
14. 15
15. 64
19. 25
22. 62
21.84
23. 68
Nondurable
goods
N onmanuf aeturing
Total
Trans- Public ComMining porta- utili- munication
tion
ties
47. 76
51. 22
57. 09
61. 73
66. 39
64.82
68.01
1.89
2. 16
2.42
2.74
3. 18
3.79
75. 42
400
4.89
3. 83
3. 83
4.21
4 13
6. 55
8. 24
7. 25
7.53
13. 14
15. 30
17. 00
18. 71
20. 55
20.14
22. 28
26.26
21. 91
21.85
21. 67
23. 46
4.86
4. 16
7.00
6.58
84. 52
26.20
37. 25
37. 87
4*37
6. 30
27.02
39. 15
30. 20
28. 93
65. 51
67. 48
67. 76
70.78
56. 17
57.90
26. 88
21.63
22. 54
24. 59
25. 50
25.33
26. 77
80. 84
31. 13
73. 02
74. 81
61. 06
27. 60
33. 46
76. 84
32. 29
27.58
28.09
tional, 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.
* Includes trade, service, construction, finance, and insurance.
and
other 2
16. 59
18. 05
20. 07
21.40
22.05
20.60
20. 99
16. 15
15.84
15.72
18.76
23. 39
26. 11
28. 81
1
10
Commercial
6.04
493
5.72
6. 03
6,66
7.57
7. 45
6.50
10. 10
10. 77
11. 89
12. 85
13. 96
12.74
13.30
15.06
12.54
12. 62
13. 64
1430
23.31
20. 68
20. 94
20. 99
21. 36
Manufacturing
Public
utilities
29. 18
28. 00
35. 21
47. 57
52. 49
48. 24
51. 05
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
29. 66
11. 64
12. 77
13. 22
12. 88
3 43
8 56
7. 54
10. 22
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in late January and February 1977.
NOTE.—Annualtotalis the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for sj
tematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT,AND WAGES
STATUS OF THE LABOR FORCE
After declining in January, the seasonally adjusted civilian labor force increased 629,000 in February, raising the
labor force participation rate by 0.4 percentage point and returning it to 62.4 percent. Employment increased 404,000
in February but unemployment rose 225,000.
MILLIONS OF PERSONS*
100
MILLIONS OF PERSONS
100
19,69
1971
1970
1972
1974
1973
1975
1976
#16 YEARS OF AGE AND OVER,
SOURCEi DEPARTMENT Of LABOR
Period
1972
1973
1974
1975
1976-
_-
1976: Feb.
MarApr.
May.
JuneJuly.
Aug.
Sept.
Oct__
Nov.
Dec_
1977:
Noninstitutional
population
1977
COUNCIL OF ECONOMIC ADVISERS
[1thousands of person s 16 yearsj of age a tnd over]
Unempl<Dyment
C ivilian e mploymenit
Total
labor
Nonagri cultural
Civilian
15
Civilian Unemforce
Agriweeks
employ- ploy- (includlabor
Part-time Total
Total
force
culfor ecoand
ment
ing
ment
Total
JL Otai
Armed
tural
over
nomic 1
Forces)
reasons
Labor
force
participation
rate
(percent)2
145,
148,
150,
153,
156,
775 81, 702
263 84, 409
827 85, 935
449 84, 783
048 87, 485
U nad justed
4, 840
4, 304
5, 076
7,830
7,288
88, 991
91, 040
93, 240
94, 793
96, 917
86, 542
88, 714
91, Oil
92, 613
94, 773
81,
84,
85,
84,
87,
702
409
935
783
485
3,472 78, 230
2,408
3,452 80, 957
2, 311
3,492 82, 443
2, 709
3, 380 81, 403
3,490
3,272
3,297 84, 188
Seas<Dnally adj usted
4,840
4, 304
5, 076
7,830
7,288
812
937
2,483
2, 339
61. 0
61. 4
61. 8
61.8
62. 1
155,
155,
155,
155,
155,
156,
156,
156,
156,
157,
157,
106
325
516
711
925
142
367
595
788
006
176
84,
85,
86,
87,
88,
89,
89,
87,
88,
88,
88,
764
588
584
278
460
608
367
949
697
542
494
8, 033
7,525
6,890
6, 304
7, 655
7,577
7,323
7,026
6,833
7, 095
7,022
95, 743
96, 009
96, 520
96, 693
96, 841
97, 329
97, 498
97, 387
97, 449
98, 020
98, 106
93,
93,
94,
94,
94,
95,
95,
95,
95,
95,
95,
86,
86,
87,
87,
87,
87,
87,
87,
87,
88,
88,
471
845
329
640
533
783
834
794
738
220
441
3, 198
3, 215
3,398
3,332
3, 313
3, 333
3, 372
3,278
3,310
3,248
3, 257
83, 273
83, 630
83, 931
84, 308
84, 220
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184
3, 201
3, 173
3, 194
3,287
3, 150
3, 136
3, 178
3, 376
3, 448
3,545
3,454
7, 126
7,017
7,047
6,911
7, 171
7,406
7,517
7, 448
7, 564
7,651
7,519
2,531
2,325
2, 103
2, 042
2, 173
2,247
2, 341
2, 311
2, 360
2,517
2,514
61.7
61.7
61. 8
62. 1
62. 1
62. 1
62. 3
62.4
62.2
62.2
62.4
86, 856
87, 231
7,848
8,109
97, 649
98, 282
95, 516
96, 145
88, 558
88, 962
3, 090
3, 090
85, 468
85, 872
3, 320
3, 438
6, 958
7, 183
2,283
2, 182
62.4
62.4
Jan.. 157, 381
Feb.. 157, 584
1
Persons
2
597
862
376
551
704
189
351
242
302
871
960
at work in nonagricultural industries.
Total labor force as percent of noninstitutionai population 16 years of age and
over.
1, 158
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate increased 0.2 percentage point to 7,5 percent in February after the
very large decrease of 0.5 percentage point in January.
PERCENT* fSBASONALLY ADJUSTED)
PERCBNlT* (SEASONALLY ADJUSTED)
20
15
-°^/v\v/,n.
BLACK
~
,*.
10
1973
1977
1976
1973
^UNEMPLOYMENT AS PERCENT Of CJVtUAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE, DEPARTMENT Of lABOft
1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemiploymerit rate (f >ercent o L civilian labor foroe in gr oup)
Total
(all
civilian
workers)
Period
1972
1973
1974
1975
1976
1976: Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
„
.
5.6
4.9
5.6
8.5
7.7
7.6
7.5
7.5
7.3
7.6
7.8
7. 9
7.8
7.9
8.0
7.8
7. 3
7.5
By sex and a ge
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
White
16.2
14.5
16.0
19.9
19. 0
19. 1
19. 0
19.3
18.5
18.4
18.2
19. 6
18.8
19.0
19. 2
19.0
18.7
18. 5
5.0
4.3
5.0
7.8
7.0
6.8
6.8
6.8
6.7
6.8
7.1
7. 1
7.2
7.2
7.3
7. 1
6.7
6.7
4.0
3.2
3.8
6.7
5.9
5.8
5.6
5.5
5.6
5.9
6. 1
5. 9
6.1
6.2
6.3
6.2
5.6
5. 8
5.4
4.8
5.5
8.0
7.4
7.4
7.2
7.3
6.8
7.2
7.6
7.8
7.6
7.6
7.6
7.4
6. 9
7.2
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
]3y select ed grouf >s
By <solor
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
10.0
8.9
9.9
13.9
13. 1
13.6
12. 6
13.0
12.3
13.4
12.9
13. 6
12.8
13.4
13.5
13.4
12.5
13. 1
5.3
4.5
5.3
8.2
7.3
7.3
7.1
7.1
7.1
7.2
7.4
7.5
7.4
7.5
7.6
7.4
7.0
7. 1
3.3
2.9
3.3
5.8
5.1
5.0
5.0
4.8
4. 9
5. 1
5.3
5.2
5.4
5.4
5.3
5. 1
4. 8
4. 9
5.1
4.3
5. 1
8. 1
7.3
7.1
7.0
7.0
6. 9
7.2
7.3
7.5
7.5
7.6
7.6
7. 5
6.7
6.9
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.6
7.9
8.6
10. 3
10.1
10. 3
10.2
10. 6
10. 1
9.2
10.6
10. 0
9.6
10. 3
10. 5
9. 8
10.2
10.7
Labor
force
time
lost
(percent) *
6.0
5.2
6. 1
9. 1
8.3
8. 1
8. 1
8. 1
8. 1
7.9
8. 1
8.4
8.4
8.6
8.6
8.4
8.0
7.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The seasonally adjusted rise in unemployment of 225,000 in February was accompanied by an increase in the proportion of job losers and new entrants to the labor force. Reentrants and job leavers declined.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPL OYMENT
REASON FC>R UNEMPLC>YMENT
60
60
V\A
J( r
40
JOB LOSERS
^
^M^V—I
/
~^\^
-sA^
k/
;
K:—-Acr
f
^\J
/
V
40
5-14
S,
f
v^\-^v//vs
•^\/V
REENTRANTS
N
v -~^
j^
^,,^\A/
20
20
JOB LEAVERS
15-26
•«»*««>, ^>,M1V
*»* ***^ ''*&
jiti?^**-*
*%*•
NEW ENTRANTS
1 1 1 1 1 1 1 1 1 ] 1 i i i i i I i i i ii ? 1 1 1 ] !i Mn
1975
1976
^
V««^
^.WMrtMM"*^**
**
•^^••••••^•1^
1974
*
WEEKS
\
,
*»4cxyO^*
0
A
•Vvv
\J
WEEKS
x/^
LESS THAN
5 WEEKS
t I ! 1 1 11 p 1 1
1977
0
/
4^*»
#
^
'<.
\
/ \y ^
/
v%
^ «•
v
\
V
L-A
V*
^-^
^Oit^»*<•»•<
^
27 WEEKS
AND OVER
1 1 1 1 1 1 ! I1 11
1 1 11 ! 1 ! 1 1 1 !
1974
1975
'
1 11 ! 1 1 11 I 11
1 1 , 1 1 1 1 ,1 f I
1976
1977
'SEASONALLY ADJUST ED
SOURCE, DEPARTMENT O LABOR
Period
Unem.—
ployment
(thousands)
1972
1973
1974
1975
1976
1976: Feb. _
Mar__
Apr__
May_
JuneJuly..
Aug__
Sept..
Oct...
Nov..
Dec__
1977: Jan*_
Feb*_
4,840
4,304
5, 076
7,830
7, 288
7, 126
7,017
7, 047
6,911
7, 171
7,406
7, 517
7,448
7, 564
7,651
7, 519
6,958
7, 183
TT
OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPercer it distrib ution of unem1
State p rograms Insured
plo yment by durati<Dn 1
unem- Special
ployment jy reasoii
ployunemment,
ployall
ment
27
Insured
Less
regular benefit
Reen- New
5-14
Job
15-26
Job
weeks
unemInitial
enthan 5 weeks weeks
proclaims *
losers leavers trants trants
and
ploy- claims
weeks
grams 2 (unadover
ment
(unad- justed)
justed)
Wetikly aver age, thou sands
43.2
13.1
29.8
13. 9
12. 3
45. 9
11.6 1,848
30.1
2,192
261
7.8 1,632
38.7
15.7
30. 7
14. 9
51. 0
30.1
11.0
246
1,793
43.4
7.3 2,262
14. 9
28. 4
13. 3
11. 1
50.6
363
31.0
2, 558
15.2 3,992
55.4
10.4
23. 8
10.4
37.0
16.5
31. 3
478
4,943
1, 173
12. 2
18.3 2, 968
12. 1
49. 8
26.0
38.3
13.8
382
29. 6
3,822
1, 152
49.5
22. 1 2,829
12. 0
37.4
26. 4
12.0
13.7
26. 8
4,721
340
1, 428
11. 1
12. 3
49. 8
12. 7
21. 2 2, 743
26. 7
38. 3
27. 9
345
4, 366
1, 339
12. 0
49. 2
12. 6
42. 7
27.2
10.2
26. 2
19. 8 2, 727
364
3,917
1, 125
12. 7
12. 2
25. 2
17.5 2, 825
49. 9
41.0
12.5
29. 0
392
3,564
993
50.3
12. 6
17. 9 2,916
25. 5
11. 7
12. 7
38. 4
402
1, 145
31. 1
3,457
50.9
13.0
25. 4
16. 4 3,045
10. 7
14. 6
40. 3
28. 8
411
3, 642
1, 379
12.9
12. 4
49. 3
15. 9 3, 183
25. 3
37. 5
14. 7
31.8
416
3,446
1,327
12. 5
12. 3
49. 7
14. 7
15. 7 3, 260
25. 5
37. 6
32. 0
421
3,235
986
12. 5
50.0
25. 6
11. 9
14. 2
38. 4
16. 5 3,263
30. 8
421
853
3,217
11. 2
12. 0
49. 8
27. 0
32. 1
17. 1 3, 160
35. 5
15. 3
388
862
3,453
12. 6
50. 0
26. 2
36.4
14. 9
18. 2 2, 969
11. 1
30.5
361
903
3,884
45. 6
12. 9
13. 2
28. 3
17.5 2, 781
38.7
14. 6
29. 2
409
4,442
823
47.5
11.9
17.4 2,774
27. 5
13. 1
39. 5
13. 4
29. 7
419
4,451
911
1 Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Bieo), ex-servicemen (UCX), Federal (UCPE), and railroad (BB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
COUNCIL
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).
* •, Q
NONAGRICULTURAL EMPLOYMENT
Nonfarm employment increased by 259,000 in February. Employment declined in government and durable goods
manufacturing but rose substantially in trade (117,000) and contract construction (69,000).
Mil.LIONS OF PER SONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
yu
18
WHOLESALE AND RETAIL TRADE
ALL NONAGf JCULTURAL
ESTABLISh1AAENTS
80
^i-q
^_^^^^>
16
^
GOVERNMENT
70
14
SERVICES
60
12
SERVICE-P ?ODUCiNG "
INDUSTRIES
«•*-——
,A
•*
22
CA
MANUFACTURING
-
20
'
\
-
-
An
18
tri i 1 1 ! 1 1 1 1 i
i i m-t 1 1 LI it
1 1 I ! I 1 \ 1 | III 1 1 I 1 1 1 1 1 |J J 1 1 1 1 i ! \ \ I 1 I 1
— GOODS-P IODUCING INDUSitRIES
30
|tlU,.«M.m..»««""
"•'—'•"^
\
''"imi»«m»M»tillllW
(UMH<»(iinill*li«itti
•M
CONTRACT CONSTRUCTION
f)f\
J! 1 1 I I 1 f 1 ! 1 1
1973
! 1 111! f 11 11
,,•,,;,,;',,,
1974
ini.l.,...
1975
. . . M l M . H
1977
1976
1974 I
1973
1975
1976
1977
'SEASONALLY ADJUSTED
SOURCEs DEPARTMENT OF LABOR
COUNCH. OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
C<oods-pr<educing i ndustries3
Period
1972
1973
1974
1975
1976
1976: Feb-_
Mar__
Apr
May.
June_
July__
Aug»_
Sept.,
Oct..
Nov..
Dec..
1977: Jan *_
Feb*-,
Total
nonagricultural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
78, 635
78, 980
79, 312
79, 319
79, 368
79, 513
79, 618
79, 918
79, 819
80, 106
80, 344
80, 559
80, 818
23, 546
24, 727
24, 697
22, 603
23, 332
23, 112
23, 248
23, 403
23, 381
23, 357
23, 344
23, 310
23, 463
23, 323
23, 489
23, 508
23, 574
23, 658
Contract
construction
3,831
4, 015
3,957
3, 512
3,594
3,571
3,578
3,620
3,605
3,592
3,608
3,579
3,565
3,582
3, 619
3,605
3, 545
3,614
Service-pi oducing IndustrieJS
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance, Services
and
Non- Total
State
and
and
retail
Total Durable
durable
Federal and
real
public trade
goods goods
local
estate
utilities
Ma nufactui ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 774
18, 897
19, 008
19, 000
18, 984
18, 945
18, 979
19, 100
18, 941
19, 065
19, 095
19, 212
19, 212
11, 006
11, 839
11, 895
10, 679
11, 026
10, 857
10, 956
11,016
11, 062
11,059
11, 034
11, 083
11, 146
11, 018
11, 128
11, 158
11,231
11,215
8,084
8,229
8, 151
7,668
7,930
7, 917
7,941
7, 992
7,938
7,925
7,911
7, 896
7,954
7,923
7,937
7,937
7, 9ri
7,997
* 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 oi the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment oi 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
50, 167
52, 169
53, 715
54, 448
56, 111
55, 523
55, 732
55, 909
55, 938
56, Oil
56, 169
56, 308
56, 455
56, 496
56, 617
56, 836
56, 985
57, 160
4, 517
4, 644
4,696
4,498
4,509
4,504
4,507
4, 510
4,503
4,482
4,508
4,501
4,528
4, 506
4, 519
4,553
4, 549
4, 562
15, 975
16, 674
17, 017
17, 000
17, 694
17, 496
17, 592
17, 662
17, 663
17, 664
17, 737
17, 764
17, 839
17, 824
17, 808
17, 898
17, 985
18, 102
3,943
4, 091
4,208
4,223
4,316
4,266
4,276
4,289
4, 282
4, 301
4, 312
4, 312
4,338
4, 359
4,381
4,403
4,425
4,440
12, 392
13, 021
13, 617
14, 006
14, 644
14, 397
14, 460
14, 536
14, 567
14, 610
14, 664
14, 751
14, 798
14, 819
14, 873
14, 936
15, 007
15, 059
2,684
2, 663
2, 724
2, 748
2,733
2,742
2, 735
2,733
2,730
2,728
2,723
2, 732
2, 728
2,730
2,734
2, 720
2, 721
2,719
10, 655
11, 073
11, 459
11, 973
12, 215
12, 118
12, 162
12, 179
12, 193
12, 226
12, 225
12, 248
12, 224
12, 258
12, 302
12, 326
12, 298
12, 278
are not at \\ ork because oi industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports
from employing establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURaL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagri-l
cultural
Period
Manufsicturing
Total
40. 7
40.6
39.8
39.9
40.6
40. 7
40.0
39.4
Adjusted h ourly earnin gs index2 —tc)tal private
nonagricultural
Averag e gross
hourly cjarnings
Aver age weekly '. tours
Manufacturing
$2.85
3.04
3.22
3.44
3.67
3.92
4.22
4. 54
487
$3.01
3. 19
3.36
3. 57
3.81
4. 08
4.41
4.81
5.19
106.3
113.3
120.8
129.4
137.8
146.6
158.6
172.7
185.2
3.2
4.75
4.77
4.79
4.84
4.85
4.88
4.91
4.92
4.95
5.00
5.02
5.04
5.08
5.08
5. 13
5. 16
5.21
5.25
5.29
5. 29
5. 34
5.38
3.2
3.3
5. 05
5.07
5.42
5.42
Overtime
3. 6
1968
1969
1970
1971
1972
1973
1974
1975
1976
37. 8
37. 7
37. 1
37. 0
37. 1
37. 1
36.6
36. 1
36.2
4ao
3.1
1976: Feb
Mar
Apr
May
June
July
Aug
Sept.-- .
Oct
Nov.
Dec
36.4
36.2
36.1
36.3
36. 1
36. 1
36. 1
36. 0
36. 1
36.2
36.2
40.3
40.3
39.4
40.3
40.2
40.1
40.0
39.7
39. 9
40. 1
40.0
3.1
1977: Jan*
Feb"
35.9
36.4
39.6
40.4
3.6
3.0
2.9
3. 5
3. 8
3.2
2. 6
3. 1
2. 6
3. 3
3.2
3. 1
3.0
3.0
2.9
3. 1
Percent eltange from
a year <sarlier 4
Index, 1<)67=100
Total
private
nonagricultural 1
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
102.0
103.2
103.9
106.7
110.0
110. 1
107.4
107. 1
6.3
6.6
6.6
6.5
6.4
8.2
8.9
7^2
3. 1
.1
—2. 5
180.3
181. 1
182. 1
183. 3
184.0
185.2
186.4
187.2
188. 2
189. 4
190. 4
107.8
108.0
1.3
1.0
1.4
108. 3
108.5
108.6
108.8
109.2
109. 3
7.7
7.2
7.6
7.7
7.1
7.3
7.0
7.1
6.8
6.7
&9
1.1
1.7
1.4
1.5
1.5
1.6
2.0
192. 1
192.2
109.4
10&4
7.1
6.6
1.9
.6
2.0
L2
.7
2.7
7. 1
ioae
ioa i
108. 1
ioa i
—.3
1.4
1. 3
AVERAGE WEEKLY EARNINGS—PRIVATE NONJIGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu Itural l
Period
Current
dollars
1968
1969
1970
1971_
1972
1973
1974
1975
1976
1976: FebMar
Apr
May
June _
July..Aug
Sept
Oct
Nov...
Dec
1977: Jan*
Feb"
—
—
—
--
Manufacturing
1967
dollars 3
Retail
trade 6
Current
dollars
<Durrent dollar*3
1967
doEars
$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154.45
163. 89
176. 29
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
$164 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284.93
$74.95
78.66
82. 47
86. 61
90. 99
95. 57
101. 04
108. 22
113.96
172. 90
172. 67
172. 92
175. 69
175. 09
176. 17
177. 25
177. 12
178. 70
181. 00
181. 72
103. 35
102. 96
102. 68
103. 65
102. 87
103. 02
103. 17
102. 74
103. 29
104. 32
104.32
203. 11
204.72
200. 15
206. 74
207. 43
208. 92
210. 00
210. 01
211. 07
214. 13
215. 20
281. 62
272. 88
283. 12
284. 19
286. 46
286. 71
284. 83
276. 79
289. 45
292. 09
291. 69
111. 76
111.71
113. 43
113. 02
112. 29
113. 60
114. 24
115. 56
115. 84
116. 75
118. 50
8.1
8.1
7.5
8.7
7.8
7.9
7.0
6.9
6.5
6.7
6. 6
2.4
1.8
2.3
1.3
1.0
1.5
1.5
1.8
181. 30
184.55
103. 25
104.09
214. 63
218. 97
279. 84
297. 49
118. 35
120. 05
5.5
6.8
.3
s7
» Also includes other private industry groups shown on p. 14.
» Adjusted for interindustry employment shifts and for overtime in manufacturing.
» Current dollar index (or earnings) divided by the consumer price index*
< Monthly changes based on indexes to two decimal places.
86-359°—77
3
Contract
construction
Percent chimge from a
year earlier,
total pri^/ate nonagnci.iltural6
5. 8
6.4
4.2
6.5
7.0
6.8
6.2
6. 1
7.6
1.5
1.0
-1.6
2.2
3.6
.5
—4. 3
—2. 8
1.7
1.7
1.9
1. 3
5
Includes
8
eating and drinking places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics;
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons 2
Outi>ut l
Output ]3er hour
of all p ersons
Compe nsation
per 1lour 3
Unit labor
CO
sts
Implic]it price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonnonpriprinonnonprinonnonprivate
private
private
vate
vate
vate
farm
farm
farm business farm business farm
farm
business business
business
business business business business business business business
Period
1967 = 100; quai-terly dat<a, seasonsilly adjusl;ed
1965
1966_—
1967
1968
1969
92.9
98.0
100. 0
105.1
108.3
92.6
98. 1
100. 0
105.4
108.6
98. 1
100.3
100. 0
101.7
104.5
96.8
100.0
100. 0
102. 1
105. 3
94.7
97.8
100. 0
103.3
103.7
95.7
98. 1
100. 0
103.2
103. 1
88.4
94.7
100. 0
107.6
115. 1
89. 1
94.5
100. 0
107.3
114.3
93.4
96.8
100.0
104. 1
111.0
93.2
96.4
100.0
103.9
110.9
1970
1971—.
1972
1973
1974.. _
107.4
110.3
117.6
124.5
120.8
107.4
110.3
117. 9
125.0
121.1
102.8
102.3
106.0
110. 1
110. 6
104.0
103.7
107.6
112. 2
112. 7
104.5
107.8
111.0
113. 1
109.2
103.2
106.3
109.5
111.4
107. 5
123. 3
131. 5
138. 9
150.3
164.3
121. 9
129. 9
137.4
148. 1
162.0
118. 1
121.9
125. 2
132. 9
150.4
1975 „
1976 »
118.1
126.1
118.0
126.2
ioa9
106.1
108.0
111. 4
111.3
115.7
109.2
113.3
179.9
193.7
177.4
190.5
161. 6
167.4
118.1
122.2
125.5
133.0
150.8
162.4
168. 2
1975: I
II
III
IV
114.2
116.7
120.1
121.2
114.4
116.6
119.9
121.3
105.7
104.9
105.9
107.5
107. 8
106.9
107. 7
109.7
108.1
111.2
113.4
112.8
106.0
109.0
111.4
110.6
176. 1
178.7
180.8
184.2
173. 1
176. 1
178.9
181.4
162. 9
160.7
159.5
163.3
1976: I
124.2
125. 8
126.8
127.5
124.3
126.0
126.9
127.5
108.2
108.9
108.9
109.5
111.0
111.2
111. 3
112.2
114.7
115.5
116.3
116.5
112.0
113.2
114 0
113.7
188. 8
191.8
195.3
199.3
185. 4
188.9
192. 1
195.5
164.6
166.0
167. 8
171.0
II
Ill
IV*—.-
942
97.2
100. 0
103.9
108.8
94. 1
96.8
100.0
1040
108.7
113.9
118.9
123.2
130.3
143.8
114.0
119.2
122.9
128.0
142.0
157.5
1646
156.4
163.9
163.3
161.5
160.6
1641
154 5
155.9
158.4
160.9
154 0
155.0
157.0
159.3
165.4
166.8
168.5
171.9
161.7
163. 8
165.4
167.4
161.0
162.5
1648
167.2
Perceiit change ; quarterl]f data at seasonal] y adjuste d annual rates
1965_
1966
1967>.
1968..
1969
-
7.0
5.5
2.0
5.1
3.0
7.1
6.0
1.9
5.4
3.0
3.1
2.3
—. 3
1.7
2.7
3.7
3.3
.0
2,1
3.2
3.7
3.2
2.3
3.3
.3
3.3
2.5
1.9
3.2
—- 2
3.9
7.0
5.6
7.6
7.0
3.4
6. 1
5.8
7.3
6.5
0.2
3.7
3.3
4.1
6.6
0.1
3.4
3.8
3.9
6.6
1.6
3.2
2.9
3.9
47
1.3
2.9
3.3
40
45
1970
1971
1972
1973
1974
—.9
2.8
6.6
5.9
-3.0
— 1. 1
2.7
6.9
6.0
-3.1
-1.6
—.4
3.6
3.9
:4
-1.2
-.3
3.7
4.3
;4
;7
3.2
2.9
1.9
-3.4
.2
2.9
3.0
1.7
-3.5
7.2
6.6
5.7
8.2
9.3
6.7
6. 6
5.8
7.8
9.4
3.2
2.7
6.2
a4
13.2
6.5
3.5
2.7
6.0
13.4
47
44
3.6
5.8
10.3
4.9
4.5
3.1
41
11.0
1975
1976"
-2.3
6.8
-2.6
a9
-4.1
2.7
-4.1
3.1
1.9
4.0
1.6
3.7
9.5
7.7
9.5
7.4
7.5
3.6
7.7
3.6
9.5
45
10.1
— 11.2
8.9
12.3
-11.3
7.9
12.1
4s5
-12.5
-2.7
3.9
5.9
-12.3
-3.5
2.9
7.6
1.4
12.0
8.1
-2. 1
1.1
11.8
8.9
-2.8
12.9
6.1
4.8
7.6
11.6
7.1
6.4
5.8
11.3
-5.2
-3.1
10.0
-42
10.4
11. 3
13.5
5. 4
4.4
2.6
-1.0
10.4
6.5
7.5
8. 4
9.0
7.7
7. 1
7.2
3.1
3.5
4.5
7.9
3.4
3.2
43
8.2
2.1
5.2
43
3.6
5.8
5.9
-
1975: I
II
Ill
IV
1976: I
II
III. — .
IV* ..
ae
10.2
5.5
2.9
2.4
10.5
5.4
3.0
2.0
2.9
2.6
.1
1.9
4.8
1.0
.4
3.0
7.0
2.9
2.9
.5
i1 Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
'Wages and salaries of employees plus employers' contributions for social
Insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
-2.3
8.9
3.5
6.6
6.6
a9
5.0
48
2.6
5.3
6.2
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data revised for 1975 and 1976.
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 Statistic*;
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.0 percent in February, rebounding from the weather-related decline of 0.8 percent in
January. Output had increased 0.9 percent in December and 1.1 percent in November.
INDEX, 1967-100* (RATIO SCALE)
INDEX, 1967-100* (RATIO SCALE)
160 I
180 f
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
160
140
140
UTILITIES
120
120
100
MINING
1973
1974
1976
1975
1977
100
I ! I I ll 1 I I II
1973
I
1975
1974
1976
1977
160
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
l! M
1973
1974
1975-
1976
1973
1977
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE, BOARD OF GOVERNORS OF THE FEDiRAl RESERVE SYSTEM
Total iiidustrial
prodiiction
Percent
Period
Index, change
1967=
from
100
year
earlier
1967 proportion
100. 00
1.7
1971
109.6
9. 2
1972
119.7
8.4
1973
129.8
_-. 4
1974.
129.3
-8.9
1975_.
117.8
10. 2
1976—
129.8
13.0
1976: Feb
127.3
14.7
Mar
128. 1
Apr
128.4
14.0
14. 0
May
129.6
June
130. 1
11.8
July.
10.4
130.7
Aug
8.5
131.3
Sept
130.8
7. 1
Oct
_ _ _ • 130.4
6.7
Nov
131.8
6.7
Dec
133.0
6.9
1977: Jan »
4.9
131. 9
Feb*
4.6
133. 2
1
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try produ ction ind exes, 196 7=100
M anufacturi ng
Total
Durable
Nondurable
87.95
108.2
118. 9
129. 8
129.4
116.3
129.4
127. 0
127. 9
128.5
129.6
130.2
131.0
131.6
130. 7
129.9
131. 9
132.7
131.3
132.7
61.98
102.4
113.7
127. 1
125. 7
109.3
121.4
117.9
119. 0
120. 1
121. 7
122. 3
124.2
125. 1
122.4
121.5
123. 8
125. 1
122.9
124. 1
35.97
116.6
126.5
133.8
134. 6
126. 4
141.0
140. 2
140. 7
140. 7
140. 9
141. 3
141. 1
140.9
142.6
142. 2
143. 5
143. 8
143. 3
145. 0
Utilities
6.86
6. 69
109.8
113. 1
114. 7
115. 3
112.8
114. 1
112. 7
113. 9
113.5
113. 0
114.4
112.5
114. 4
115. 7
116. 7
116. 2
116. 3
113. 5
115.4
130. 5
139.4
145. 4
143. 7
146. 0
151. 6
152. 5
151.4
150. 8
153. 0
151.2
150.8
151. 3
150. 1
151. 2
154. 0
155. 2
158.3
159.7
Manuf acturing «3apacity iitilization
rate, p ercent *
Federal Reserve
sen es
WliarComTotal
merce2
ton
Mate- series
manuseries 3
rials
facturing
Output as percent of capacity.
^ Annual data are averages of four monthly indexes.
»Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Mining
I
78.0
83.1
87.5
84.2
73.6
80. 1
79. 2
79.6
79. 8
80. 3
80. 5
80.9
81. 1
80. 4
79. 7
80. 8
81. 1
80. 0
80.7
83. 1
88.0
92.4
87.7
73.6
80.3
79.3
79. 7
80. 1
80.8
80.8
81. 2
81.6
81. 0
80. 3
80.3
80.2
78.9
79. 6
80
83
86
83
77
81
86.4
91.8
97.1
93.0
80.4
87.5
82
86.4
82
87.8
80
88.2
81
87.7
Sources: Board of Governors of the Federal Eeserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prodiucts
Final p roducts
Coiisumer go ods
Period
Total
1967 proportion
1969
1970
1971
1972
1973
1974
1975
1976
1976: Feb__.
Mar
Apr
May
June..
July
Atig
Sept
Oct
Nov
Dec
1977: Jan*
Feb 9
47.82
.._
.
_
..
109.6
105.3
106.3
115.7
124.4
125. 1
118.2
127.3
125.3
126.4
126. 3
127. 3
127.6
127.6
128.3
127.4
127.4
129. 8
132. 3
130.9
131.9
Equip ment
NonDurable durable
goods
goods
Total
27.68
109.8
109.0
114.7
124.4
131.5
128. 9
124. 0
136.8
134.9
136. 1
136. 1
137.4
137.8
136.8
137. 5
136. 2
136. 9
139. 1
142. 1
140.2
140.9
Intermtediate
prod ucts
Total
Business
Total
Materials
Construction
supplies
7.89
19. 79
SO. 14
12. 63
12.89
6.42
115.0
106.1
118.8
133.8
146. 2
135. 3
121.4
141.5
137. 9
140. 4
141. 1
143.2
144.2
141. 8
143. 7
138.4
139.4
143.7
151. 4
146. 0
145.4
107. 7
110.1
113.1
120.6
125.6
126. 3
125. 1
134.9
133.9
1344
134. 0
135. 1
135. 1
1348
134.9
135. 3
135.8
137. 1
138.4
137.8
139.0
109.3
100.1
947
103.8
114.5
120. 0
110. 2
1143
112. 1
112. 9
112.9
113. 5
113.8
114 9
115. 7
115.2
1144
116.9
118.8
117.9
119. 5
112.5
107.0
1041
118.0
1342
142.4
128.2
136.1
132.6
1340
134 1
1346
135.0
136. 9
137. 7
137.5
135.9
140.2
143.4
141.8
143.2
112. 9
112.9
116.7
126.5
137.2
135. 3
123. 1
136.8
135.3
134 9
134 7
135. 0
135.9
137.6
137. 8
138.7
138.3
138.8
139.7
140. 6
142.0
112.3
111. 0
116. 8
128.4
139.8
1345
116.3
132.0
129.6
128.7
128.0
130. 9
131. 8
133. 1
134 1
1343
1340
135.7
135. 6
135.0
136.4
39.29
112.5
109.2
111.3
122.3
133.9
132.4
115. 5
130.5
127. 3
128.2
129.2
130.6
131. 1
132. 2
133. 0
132.5
131.6
131.9
132. 1
130. 2
131. 7
Supplementary
group:
Energy
total
12.23
111.1
117.0
119. 5
125.2
128. 3
125. 5
125.5
129.0
127.5
128.6
128.2
129. 3
129.7
128.4
129. 0
128.6
128.6
130.7
131.7
131.9
132.7
[1967=100, seasonally adjusted]
Non durable itnanufaci ;ures
Duirable msmufactu res
Primaryr metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
chinery
Electrical
machinery
Transp<3rtation
equipment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Foods
1967 proportion
1969
1970
1971
1972
1973
1974
1975
1976
6.57
4.21
5.9S
9.15
8.05
9. 27
4.50
1. 64
3. 81
4.72
7. 74
8. 75
113.8
106.6
100.2
112. 1
126.7
123. 1
96.4
108.0
112.6
1047
96. 1
107. 1
122. 3
119. 8
95.8
104 4
107.9
102.4
103. 5
112. 1
124 7
124 2
109.9
123.3
109.3
1044
100. 2
116. 0
133. 7
140. 1
125. 1
1347
111.9
108. 1
107. 7
122.2
143. 1
143. 8
116. 5
131.7
108.4
89.5
97. 9
108.2
118.3
108. 7
97.4
110.6
116.5
92.3
118.6
135.8
148. 8
128.2
111. 1
140.7
107.9
105.6
113. 8
120.8
126. 0
116.2
107.6
125. 1
106.7
101. 4
104 7
109.4
117.3
1143
107.6
126. 1
107.4
107. 0
107. 1
112.7
118.2
118.2
113. 3
120.7
118.4
120.4
125. 9
143.6
154 5
159.4
147.3
169. 5
106. 1
108.9
112.8
116.8
120. 9
124 0
123.4
132. 1
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
103.9
101.4
105.4
113.2
111.5
116. 9
118.6
114 1
109.9
107.3
102. 7
100.9
97.7
103. 5
110. 7
110. 0
115. 3
116. 2
110.3
105. 1
103. 1
95. 6
120. 9
120.2
121, 5
121.4
124 0
124 6
125. 8
126.6
123.5
126.7
128. 2
131. 5
132.9
133.5
1340
133. 5
135. 0
136. 4
136. 8
134 1
137.5
141. 0
126. 5
127. 8
130. 0
131.8
132. 0
131. 0
135. 3
133.7
135.0
135.8
135. 6
109. 0
111. 2
110. 6
112.9
112.6
113. 3
115. 0
1044
1047
112. 7
118.2
135. 2
140.8
141. 3
1443
146. 5
148. 5
150. 6
130.2
129. 3
145.8
156. 3
123. 9
121. 1
122.8
123. 0
120. 3
124 6
128. 1
128.7
130.7
129. 0
127. 5
128.0
126.3
126. 1
130. 3
126.8
125. 6
123.7
122.5
126.4
125. 9
128. 0
121.0
121. 0
122. 0
120.5
119. 7
122. 0
120. 6
120.6
119.2
119. 3
123. 1
167. 6
170.6
168.7
166.6
170.0
167. 6
170. 4
170.5
170.6
1742
174 3
130.8
128. 3
129. 2
131. 2
130. 5
131.8
133. 4
135.7
134.7
134 7
134.9
99.4
101.7
90.2
942
125.4
1246
139.7
140.5
134 8
138. 0
113. 1
113.4
143. 9
142. 2
132.5
1247
125. 3
173. 3
1340
„
1977: Jan *
Feb *
Source: Board of Governors of the Federal Keserve System.
18
NEW CONSTRUCTION
ConstructioD contracts 2
Private
Period
Total new
construction
expenditures
Residlential
Total
Total »
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
HTllf'Q
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll ars
1970
1971
1972
1973
1974
1975
1976 9
94.9
110.0
124. 1
137.9
138. 5
132. 0
144. 4
66.8
80. 1
93.9
105.4
100.2
93.0
ioao
16.3
17.0
18.1
21.7
23.8
20.8
24. 3
35. 1
44.9
50. 1
40.6
34.4
46.8
31. 9
43.3
54.3
59. 7
50.4
46.5
59.4
ms
18.6
19.8
21.5
24.0
26. 0
25.7
29. 1
3R3
39. 0
36.4
Seasonally
adjusted
Seasonally / adjusted atinual rates
1976: Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec 9
1977: Jan »
136.7
139.0
145. 1
144. 5
143. 4
145. 4
141. 1
142. 0
146. 3
146.8
150.4
150.4
135.7
99.3
102.6
107.1
106.6
107.2
106. 5
104. 3
104.7
108.7
112. 8
116.4
117. 1
105.9
19.0
20.6
21. 0
19.8
19.3
18.7
18.7
19. 9
19.7
19.0
19. 0
19.0
18.4
39. 3
41. 1
43.8
44.2
43.9
45.4
46.9
46.5
48. 8
51.1
52.7
54.3
48.4
52. 8
55.2
58. 1
58. 9
58.8
58. 7
57. 2
55. 4
58. 7
63.4
66.4
68.2
62.0
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123. 1
145.4
165. 3
179.5
169.7
167.9
194.1
2a 1
29.9
30.2
32. 5
27.6
26.8
28. 0
27.9
29. 1
29. 1
28.4
29. 4
30. 3
30.4
31.0
29.9
25.6
37.4
36.4
38.0
37.9
36.2
38.9
36.8
37. 3
37.6
34.0
34 1
33.3
29.8
186
181
192
208
205
187
215
186
203
237
186
183
203
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
531
612
628
634
632
646
627
609
582
618
631
658
643
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]
I^ew private housing uni fcs
Period
1969
1970
1971
1972
1973
1974
1975
1976 »
Units started, by type of striicture
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
85.0
84.8
120.3
141.3
118.3
68. 1
64.0
85. 9
5 or more
units
571.2
535. 9
780.9
906.2
795. 0
381.6
204.3
289.2
New private homes
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period * (percent) 2
Units
authorized
Units
completed
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 280. 5
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 361. 3
448
485
656
718
620
501
544
635
222
220
287
409
450
402
378
435
1,301
1,375
1,294
1, 399
1,373
1,317
1,380
1,402
1,339
1,399
1,435
1,373
680
573
604
551
595
606
656
714
728
688
785
765
374
389
392
402
406
410
410
415
420
430
433
436
Homes
sold
5.5
5.3
5.5
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted armual rates
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec »
1977: Jan »
Feb »
1
Seasonally
2
1,476
1,426
1, 385
1,435
1,494
1,413
1,530
1,768
1, 715
1, 706
1, 889
1,386
1,791
1,216
1, 124
1,071
1,091
1, 122
1, 129
1, 172
1, 254
1,269
1,236
1,324
1,010
1,422
adjusted.
Quarterly data entered in last month of quarter.
64
80
77
88
75
72
83
106
98
98
120
104
115
196
222
237
256
297
212
275
408
348
372
445
272
254
1, 165
1,188
1,082
1,158
1, 150
1,215
1,296
1,504
1,492
1, 590
1, 514
1,307
1,514
5.5
5.8
5.7
5.3
NOTE.—Seasonally adjusted units completed and homes sold and for sale
revised beginning 1974.
Source: Department of Commerce, Bureau of the Census.
JQ
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $2.7 billion in January/ while business sales fell 1.4 percent. According to the advance
survey, retail sales rose 1.8 percent in February, following a 2.3 percent decline in January.
BILLIONS OF DOLLARS* (RATIO SCAI4
BILLIONS OF DOLLAR^ (RATIO SCALQ
100
90
RETAB,
80
70
40
y
RETAIL SALES
50
40
ISO -
RATIO*
1974
1973
*"
1975
1976
1977
100
1973
1977
1973
1977
^SEASONALLY ADJUSTED
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biisiness *
Re tail
Wholesale
Sales 2
Period
1971
1972
1973
1974
1975
_
1976
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec_
1977: Jan 9
Feb*
1
Inventories 3
Cj 1
2o
Sales
112, 323
125, 269
145, 297
166, 771
172, 525
193, 081
183, 818
-._ 186, 968
190, 224
191, 745
190, 800
193, 700
193, 704
__ 194, 672
194, 261
192, 992
196, 965
204, 854
201, 926
184, 756
198, 045
227, 926
278, 386
275, 484
299, 123
277, 057
279, 008
281, 256
283, 062
285, 693
289, 138
290, 866
293, 308
296, 537
298, 179
298, 941
299, 123
301, 862
;
Inven-8
bales zB tories
ri -I
TW-ol
20
DurNonable durable TW-ol
goods goods
stores stores
Millions of doll ars, seasonally a djusted
22, 327 29, 695 34, 071 10, 985 23, 086
24, 862 32, 817 37, 365 12, 472 24, 893
30, 400 38, 302 41, 943 14, 190 27, 754
37, 344 46, 564 44, 815 13, 943 30, 872
36, 583 45, 115 48, 702 15, 060 33, 642
40, 212 50, 131 54, 324 17, 847 36, 476
38, 159 45, 645 51, 592 16, 730 34, 862
38, 816 46, 307 52, 601 17, 397 35, 204
39, 094 46, 398 53, 344 17, 403 35, 941
39, 530 46, 826 53, 696 18, 046 35, 650
39, 386 47, 799 52, 868 17, 419 35, 449
40, 780 48, 645 535 983 17, 803 36, 180
40, 616 48, 805 53, 754 17, 699 36, 055
40, 581 49, 006 54, 643 18, 208 36, 435
41, 381 49, 723 54, 100 17, 481 36, 619
40, 676 49, 847 54, 634 17, 559 37, 075
40, 796 50, 167 55, 573 18, 157 37, 416
41, 767 50, 131 57, 898 19, 730 38, 168
41, 719 50, 764 56, 570 18, 950 37, 620
57, 569 19, 547 38, 022
The term "business" also includes manufacturing (see page 21).
* Monthly average for year and total for month.
'Book
value, end of period, seasonally adjusted.
4
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.
In ventories5 s
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
75, 292
76, 243
77, 298
78, 102
78, 406
79, 375
79, 917
81, 118
81, 848
81, 658
81, 660
82, 405
83, 616
DurNonable durable
goods goods
stores stores
23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
34, 479
34, 592
35, 231
35, 462
35, 547
35, 863
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
40, 813
41, 651
42, 067
42, 640
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
Inventc >ry-sales
ratio*
Total
business l
1.61
1.52
1.46
1.51
1.60
1.49
1.51
1.49
1.48
1.48
1.50
1.49
1.50
1.51
1.53
1.55
1.52
1.46
1.49
Retail
1.47
1.46
1.46
1.53
1.51
1.46
1.46
1.45
1.45
1.45
1.48
1.47
1.49
1.48
1.51
1.49
1.47
1.42
1.48
Source: Department of Commerce (Bureau of Economic Analysis-and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments and new orders fell in January and inventories rose. Preliminary estimates indicate durable
goods manufacturers1 shipments rose in February while new orders were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* {RATIO SCALQ
INVENTORIES
160
TOTAL
120
•100
40
80
DURABLE GOODS
60
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
120 _ NEW
OR DERS
TOTAL
-
X .>-
r^
80
^
-
^
DURABLE GO ODS
-
-
-
XN
J
U
11
1 1
I*"" """ ""
200
/ km
j&EZSf£*
^mj^\^.
•
RATIO*
2.20
—
INVENTORY-SHIPMENTS RATIO
TOTAL
1.80
X"-*"^
1.60
\
NONDURAB LE GOODS
—
1 1 ! 1 1 1 M 1 M 1 1 i 1 1 I 1 1 1 i i ! I I I I I I I I ! I I 1 11 1 I ! 1 I I 1 1 f I 1 1 I1 I 1 1 1
1973
1974
1977
1975
1976
1.40
1.20
1973
1974
1975
1976
*SEASONALLY ADJUSTED
SOURC& DEPARTMENT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' shipments 1 Manufad yurers' in\rentories 2
Manu "acturers ' new orelers1
Durab .e goods
Period
Total
1971
55, 925
1972
63, 042
1973
72, 954
1974
84, 612
1975
__ 87, 240
1976
98, 545
1976: Jan— 94, 067
Feb
95, 551
Mar.. 97, 786
Apr
98, 519
May.. 98, 546
June.. 98, 937
July.. 99, 334
Aug.. 99, 448
Sept— 98, 780
Oct... 97, 682
Nov.. 100, 596
Dec 105, 189
1977: Jan... 103, 637
Feb *_
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 392
47, 289
48, 430
50, 382
50, 146
50, 558
50, 606
51, 090
51, 648
50, 060
49, 267
51, 427
55, 520
53, 247
54,415
25, 953
28, 999
33, 250
40, 569
43, 328
48, 153
46, 778
47, 121
47, 404
48, 374
47, 988
48, 331
48, 244
47, 799
48, 720
48, 415
49, 169
49, 669
50, 390
Total
NonDurable durable
goods
goods
Total
Millie ns of doll %rs, seasorlally adjussted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 673 42, 164
166, 587 105, 729 60, 858 98, 875 50, 697
156, 120 99, 980 56, 140 92, 822 45, 904
156, 458 99, 942 56, 516 95, 044 47, 930
157, 560 100, 740 56, 820 98, 550 51, 111
158, 134 101, 033 57, 101 98, 756 50, 245
159, 488 101, 502 57, 986 99, 379 51, 354
161, 118 102, 429 58, 689 99, 476 51, 249
162, 144 102, 856 59, 288 99, 214 51, 180
163, 184 103,282 59, 902 97, 924 50, 380
164, 966 104, 117 60, 850 98, 869 50, 068
166, 674 105, 589 61, 085 99, 646 50, 993
167, 114 106, 128 60, 986 101, 461 52, 424
166, 587 105, 729 60, 858 107, 314 57, 265
167, 482 106, 562 60, 920 105, 356 54, 943
54, 970
1
Monthly average for year and total for month. Shipments are the same as sales.
i* Book value, end of period.
'•End of period.
«For annual periods, ratio of weighted average inventories to average monthly
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 837
11, 663
11, 900
12, 173
12, 476
12, 666
12, 607
13, 778
12, 690
13, 468
14, 302
12, 878
14, 112
14, 778
14, 279
25, 986
29, 104
33, 329
40, 418
43, 509
48, 178
46, 918
47, 114
47, 439
48, 511
48, 025
48, 227
48, 033
47, 544
48, 801
48, 653
49, 037
50, 049
50, 413
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
170, 193
169, 686
170, 450
170, 687
171, 520
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
Manufacturers'
inventory—
shipments4
ratio
1.83
1;67
1.58
1.66
1.80
1.64
Is 66
1.64
1.61
1;61
1;62
1.63
1;63
Ii64
1. 67
1.71
1.66
1.58
1;62
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of toe Census.
21
PRICES
WHOLESALE PRICES
In February, the wholesale price index rose 1.1 percent (0.9 percent seasonally adjusted). Prices of farm products
and processed foods and feeds increased 1.9 percent (2.0 percent seasonally adjusted). Industrial commodities prices
were up 0.8 percent (0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
,
200
200
180
180
160
AIL 'COMMODITIES /
K A
\/
140
140
120
120
100
100
1974
1969
SOURCB DEPARTMENT OF LABOR
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100]
Period
1969
1970
1971
1972
1973.
1974.
1975..
1976
All
com-
modities
106.5
110.4
114.0
119. 1
134. 7
160. 1
174.9
182.9
Farm
products
Industrial
and
processed commodfoods
ities
and feeds
108.0
111.7
na9
122.4
159. 1
177.4
184.2
isai
T>__.
Farm
pro-
ducts
cessed
foods
and
feeds
106.0
110.0
114.1
117.9
125.9
153.8
171. 5
182.3
109.1
111.0
112.9
125.0
176.3
187. 7
186.7
191. 1
107.3
112. 1
114.5
120.8
148. 1
170.9
182.6
178.0
178.0
178.9
180.0
180.4
181.3
182. 6
183. 6
184.7
186. 3
187.0
187.4
188. 4
189.9
190.1
188.0
194.9
194. 3
195.3
194.2
187. 3
189.1
188. 1
187. 1
191.9
194.0
198.3
176.4
177.3
179.5
181. 1
181.7
180.5
176. 0
175. 9
174.9
175.7
178.9
178.6
181.9
Unadjusted
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
179.3
179.6
181. 3
181.8
183. 1
184.3
183.7
184.7
185. 2
185. 6
187. 1
188.0
190.0
182.0
180.3
183.7
184.9
187.5
188. 1
181. 7
182.7
179.4
178.4
183.9
184.8
188.4
1
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf
8 tobacco.
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special gToupings
Inter- Produc- Consunler finished goods
Crude mediate
ex(jluding fo(3ds
er finmatemate-2
ished
Nonrials *
Total
Durable durable
rials
goods
104.0
106.1
106.9
110.6
104.6
105.0
109.9
106.9
118.9
112.0
107.7
108.3
111.2
114.3
110.8
122.7
116.6
111.7
118.9
119.5
nas 113.2 113.6
131. 1
155.2
128.1
123. 5
nae 115.8 120.5
141.0
138.6
219. 1
159. 5
126. 3
146.8
13a2
162.5
153. 1
163.0
178.6
225. 1
173.2
189.4
161. 7
173.2
144.3
250.0
Seas onally ad; usted
159.2
142. 5
170.2
185.6
169.8
231. 1
142. 8
159.3
170.2
237.4
186. 5
170,6
159.5
170.4
187.1
171.3
142.9
243.0
159.4
143.2
187.2
244. 0
171.7
170. 1
160.5
143.8
188. 1
172.5
171.5
246.8
161.5
144.
1
173.2
173. 0
189.0
252.7
162. 3
144. 8
174.0
2544
190.0
173.6
163. 7
191.8
175.6
253. 2
174.6
145.6
164. 6
146.4
262. 5
193. 3
176.5
176. 7
177.2
177. 9
194.3
165. 3
146.7
271.8
165. 8
m.4
195.3
178.5
146.9
265. 8
167.4
179.2
148.0
180.3
196. 3
262.6
148.8
197.4
180.7
273.0
180. 1 167.9
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In February, the consumer price index rose 1.0 percent (also 1.0 percent seasonally adjusted). Food prices increased
2.3 percent (2.0 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (0.7 percent seasonally
adjusted) and services prices were up 0.6 percent (also 0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE}
220
INDEX, 1967=100 {RATIO SCALE)
220
200
120
100
1969
1971
1970
1972
1973
1974
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[1967=100]
Period
1969
1970
1971
1972
1973
1974
1975
1976
All
items
109.8
116. 3
121. 3
125. 3
133. 1
147. 7
161. 2
170. 5
Food
Food
Services
commodities
All
Food
at
home
Food
away
from
home
108.9
114.9
118.4
123. 5
141. 4
161. 7
175.4
180.8
108. 1
112. 5
116. 8
119. 4
123. 5
136. 6
149. 1
156. 6
112. 5
121. 6
128. 4
133. 3
139. 1
152. 1
166.6
180.4
108.4
113.5
117. 4
120. 9
129. 9
145. 5
158.4
165.2
108. 9
114.9
118.4
123. 5
141.4
161. 7
175.4
180.8
108. 2
113. 7
116. 4
121. 6
141. 4
162.4
175.8
179. 5
111. 6
119. 9
126. 1
131. 1
141. 4
159.4
174.3
186. 1
All
/xil
Unac [justed
1976: Feb. _.
Mar___
Apr
May.__
June
July...
Aug
Sept__.
Oct
Nov
Dec
Comrnodities k ss food
Commodities
less
food
Services
All
Durable
Nondurable
108. 1
112. 5
116.8
119.4
123. 5
136. 6
149. 1
156. 6
107.0
111. 8
116. 5
118. 9
121. 9
130.6
145. 5
154. 3
108.8
113. 1
117. 0
119.8
124.8
140.9
151. 7
158.3
112. 5
121. 6
128.4
133. 3
139. 1
152. 1
166.6
180.4
Seasonal y adjust ed
167. 1
167.5
168. 2
169.2
170. 1
171. 1
171. 9
172. 6
173. 3
173.8
174. 3
180. 0
178. 7
179.2
180. 0
180. 9
182. 1
182.4
181.6
181. 6
181. 1
181. 7
152.7
153. 3
154.2
155. 5
156. 5
157. 1
158. 0
158.9
159. 6
160. 3
160.6
176. 1
177.2
177. 7
178.4
179. 5
180. 7
181. 8
183. 2
184. 1
185. 1
185.8
162. 7
162.6
163.3
164.4
165.0
165. 5
166. 2
166. 6
167. 1
167.4
168. 0
179.5
178. 5
179.4
180. 8
181.2
181.4
181.8
181. 9
182. 2
181. 7
181. 9
178.8
177. 3
178.3
179.6
179.9
179.9
180. 2
180. 1
180. 3
179. 6
179. 7
182. 2
183. 0
183.9
185. 0
186. 1
187.2
188.0
188.7
189. 0
189. 5
190.4
153.7
154. 1
154. 6
155.6
156.2
156.9
157. 8
158. 3
159. 0
159.6
160. 5
150. 7
151. 8
152.7
153. 7
154.2
155.0
155. 6
156. 1
156. 6
157. 3
158.4
155.8
155. 7
156.0
156. 9
157.6
158.4
159. 3
159.9
160. 6
161.3
162.0
175.8
177. 1
177. 9
178. 9
179. 9
181. 1
182. 2
183. 2
184. 0
184.8
185. 5
175. 3
1977: Jan
Feb..-. 177. 1
183. 4
187. 7
160. 6
161. 6
187. 5
188.7
169. 4
171.4
183. 5
187. 1
181. 3
185.4
192. 0
194.0
161. 6
162, 7
159. 9
161.4
162.8
163. 7
187. 2
188.4
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c lange fro m 3 mont is earlier ; Percent <jhange from 6 mont hs earlier;
season ally adju sted annu al rates
season ally adjusted annuaJ rates
Percenit change5 from preceding
perio d; seasorlally adju!sted '
Period
1968
1969_
1970
1971
1972
1973
1974
1975
1976
1976: Feb..
Mar__
Apr..
MayJune July..
Aug.Sept..
Oct_>
Nov..
Dec..
1977: Jan. _
Feb.-
AH
commodities
Farm
products
2.8
48
2.2
4.4
8.4
4.1
6. 3
15.4
20.9
4.2
4.7
— 2
3
8
2
6
3
_ 2
7
5
6
6
5
9
-4,7
8.1
18.7
36.1
-1. 9
5.5
— 1. 1
-1.7
-1. 1
3.7
— .5^
-.6
-3.6
1.0
-.5
-.5
2.6
1.1
2.2
Processed
foods
and
feeds
3.0
6.8
.8
47
11.6
20.3
20.9
-3.8
— 1. 1
-1.3
.5
1.2
.9
.3
-.7
-2.5
-. 1
-.6
.5
1.8
—.2
1.8
Industrial
commodities
All
commodities
Processed
foods
and
feeds
Farm
products
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
2.7
3.9
3.6
3.4
3.4
10.7
25.6
6.0
6.4
2
4
4
1
6
6
5
8
9
7
3
5
6
0.7 -10.4
-15.2
-7.7
1.8
11. 1
10. 3
2. 2
-10. 8
-12. 2
-11.8
7
7. 0
8. 7
14. 9
1. 6 -12. 2
3.8
5. 2
6.4
4.3
2.7
3.3
4.2
7.6
7.4
7. 1
8.4
3.4
9. 1
16. 5
-1.4
-13.7
-12. 1
-12.0
—.4
6. 1
13. 1
26.2
5.8
5.1
4.3
3.9
4. 5
5. 2
7. 1
8. 2
9.3
10.0
7.8
6.2
5. 9
4.0
3.3
2.6
2.9
3.9
4. 0
3. 9
4. 8
4.2
5. 1
5.3
5.6
8.0
-2.4
-7.1
-4,3
— 1. 1
1. 1
.9
-2.9
1.2
-6.9
-7.3
-3.5
-.2
12. 1
— 9.4
-8.1
—7.3
-2.9
.9
2.0
—. 5
-1.6
-5. 1
— 5.9
-3.1
-2. 1
6.8
8.0
7.2
5.9
4.8
4.8
4, 8
5. 5
6.4
7.2
8.5
8.0
7.7
7.9
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percerit change; from preceding
perio d; seasorlally adju sted 1
Period
All
items
1968
1969
1970
1971
1972
1973
1974
1975
1976
4.7
6. 1
5. 5
3.4
3.4
8.8
12. 2
7. 0
4.8
Food
1976: Feb_._
Mar_._
Apr
May__
Jime__
July.__
Aug___
Sept...
Oct___
Nov___
Dec_«_
.1
.2
.4
.7
.4
.5
.5
.3
.3
.3
.4
4.3
7.2
2. 2
4. 3
4.7
20. 1
12. 2
6.5
.6
-9
-6
5
8
2
1
2
1
2
- 3
1
1977: Jan. >_
Feb
.8
1.0
.9
2.0
1
Commodities
less
food
Services
All
items
Food
3.7
4.5
4.8
2.3
2. 5
5. 0
13. 2
6.2
5. 1
6. 1
7.4
8.2
4. 1
3. 6
6. 2
11. 3
8. 1
7.3
.3
.3
.3
.6
.4
.4
.6
.3
.4
.4
.6
.7
.7
.5
.6
.6
.7
.6
.5
.4
.4
.4
4.9
3. 9
3. 1
5. 4
6. 1
6. 3
5.5
5.3
4.8
4. 0
4. 2
-1.8
-5. 4
-3.7
2.9
6. 2
4. 5
2.2
1.6
1. 8
.7
.7
.9
*6
6. 1
9.1
Annual changes are from December to December (unadjusted)*
24
Percent c tiange frc>m 3 mont his earlier; Percent c lange frc>m 6 mont hs earlier;
seasonsilly adju sted annu al rates
season*illy adju sted annu al rates
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
.0
4. 5
4. 0
3. 7
5. 0
5. 6
6. 1
5. 8
5. 5
5. 5
4. 6
5.7
10.2
10.6
7.8
7.2
6. 5
7. 4
7.6
7.5
6. 6
5. 8
5. 1
5.7
5.3
4.9
5. 1
5. 0
4.7
5. 5
5. 7
5. 5
4. 8
4.8
2, 3
.7
— .1
.6
.2
.3
2.6
3.8
3. 1
1.0
.8
4.3
4. 1
4. 0
4. 8
4. 8
4.9
5.4
5. 5
5. 8
5. 2
5.6
9.9
9. 8
9. 5
8.7
8.5
7. 6
7.4
7.0
7.0
6.7
6. 3
2.9
12.4
6.7
8.0
ao
7. 1
5.5
6.5
2.3
5.9
6. 1
6. 9
6.9
o
Source: Department of Labor, Bureau of Labor Statistics.
as
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 2 percent in the month ended February 15. Contributing most to the increase
were higher prices for cattle, broilers, hogs, soybeans, vegetables, and cotton. Partially offsetting were lower prices
for corn and milk. Prices paid by farmers rose 1 percent.
INDEX, 1967-100
(RATIO SCAlQ
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
I I I 11I M I I 1
I II 1 I I I I I 11
t 1f 1I I I I 1! 1
t M I I I 1I I I 1
M 1M ! 1 M 11
I I t 1I 1 I 1 I I r
I f f I I I I I I I I
i I f I I 1I I I I I
I t f I I I I I f!
1975
1976
1977
PARITY RATIO (ACTUAL)
1969
1970
1971
1972
1973
1974
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 ireceived by ?armers
Period
1969
1970
1971
1972
1973
1974
1975
1976
All farm
products
_.
1976: Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1977: Jan 15
Feb 15
„
Crops
Prices paid by far mers
All
items,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, li)67 = 100
Actual
Adjusted2
107
110
113
125
179
192
186
186
97
100
108
114
175
224
201
198
117
118
118
136
183
165
172
177
108
112
120
125
144
166
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
69
74
91
85
76
71
79
77
73
79
94
86
76
72
187
186
189
191
196
195
187
187
178
173
179
193
195
193
198
211
215
201
204
195
187
192
183
178
186
185
184
179
175
172
165
162
168
191
191
191
191
193
194
193
193
192
192
193
172
173
174
174
175
177
177
178
179
180
181
192
193
193
193
196
196
194
194
192
191
193
72
71
73
73
75
74
71
71
68
66
68
73
72
73
74
75
75
72
72
69
67
69
183
187
198
202
170
174
198
200
182
(3)
196
199
68
69
68
69
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
a The adjusted parity ratio reflects Government payments made directly to
farmers.
Parity ratio i
s 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
Over the past 3 months (November to February) Mi srew at an annual rate of 4.9 percent and M2 at a rate of
10.0 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
(RATIO SCALE)
AVERAGES OF DAILY FIGURES
800
800
700
700
600
600
500
500
400
400
300
300
200
200
I I I I'l I I I 1 I I
! Ml
I
1969
I 1 I I 1 I I
1970
! I I I I ! 1 I.I I I
I
I 1 1 1 I I 1 1! I I
1971
I I M I I M.I M
1972
I I I.I I I 1 I I ! I
1973
M M I I I M M
1974
1975
M M 1I M M I
I
t I l.M I I 1 t i l .
1976
1977
'SEASONALLY ADJUSTED
COUNCIL Or ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
{Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiares l
Deposi ts at co tnmercia i banks
Period
M,
M,
Ms
Currency
255. 3
270. 5
283. 1
294. 8
312.2
296. 8
298. 1
301. 8
303. 5
303. 2
305.0
306. 3
306. 6
310. 1
310. 1
312. 2
313. 6
313. 8
1
525. 3
571. 4
612.4
664. 3
739. 7
678. 2
682. 6
690. 6
695. 7
698. 2
705. 2
710. 5
716. 5
725. 9
732. 0
739. 7
745.4
749. 6
844. 5
919. 6
981. 5
1, 092. 9
1, 236. 9
1, 117. 5
1, 126. 8
1, 140. 1
1, 150. 1
1, 156. 9
1, 169. 2
1, 181. 4
1, 194. 5
1, 211. 2
1, 223. 6
1, 236. 9
1, 248. 4
1, 257. 2
56.9
61. 5
67. 8
73. 7
80. 7
75. 0
75. 7
76. 6
77.3
77. 5
78. 1
78. 6
79.2
79. 9
80. 3
80.7
81. 3
82.0
Timie and sa vings
Demand
198.4
209. 0
215. 3
221. 0
231.6
221.8
222. 4
225. 2
226. 2
225. 6
226. 8
227.7
227.4
230. 3
229. 8
231. 6
232. 3
231. 8
313. 5
363.9
418. 3
451. 7
490.7
456. 7
457.8
460.0
460. 7
465. 3
469. 1
469. 1
472.9
478. 1
484. 2
490.7
494.8
499. 0
MI is currency plus demand deposits; Ma is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is M« plus
deposits at nonbank thrift institutions.
26
Deposits
at
Total
1972: Dec...
1973: Dec...
1974: Dee...
1975: Dec_
1976:Dee_._
1976: Feb...
Max..
Apr...
May._
June.
July..
Aug_
Sept..
Oct___.
Nov „ _
Dec __
1977: Jan
Feb »-..
Per cent
chaiige *
Comporlents anc 1 related i terns
Large
CDs
43.5
63. 0
89. 0
82. 1
63. 3
75. 4
73.4
71.2
68. 6
70. 2
68.9
65.0
63. 1
62. 3
62. 2
63.3
63. 1
63. 3
Other
270.0
300. 9
329. 3
369. 6
427.4
381. 3
384. 4
388.9
392. 1
395. 1
400. 2
404. 1
409.9
415. 8
421. 9
427. 4
431. 8
435. 8
nonbank
thrift
institutions
319. 3
348. 1
369. 1
428. 6
497.3
439. 4
444. 3
449.5
454. 4
458. 6
464.0
470.9
478.0
485. 3
491.6
497.3
503.0
507.6
U.S. Government
demand
deposits
(unadjust-
M,
M,
ed)
7.4
6. 3
4, 9
4. 1
4. 4
4. 6
3.9 !
3.9
3. 8
4. 8
3. 4
3.7
4. 9
3.9
4.0
4.4
3.8
4. 1
9.2
6. 0
4. 7
4. 1
5.9
2. 7
3.0
5.8
5.4
5. 8
6.7
6. 5
5.8
5.6
4. 4
6.0
5.7
5.0
11.4
8,8
7.2
8.5
11. 4
8. 8
9. 3
10.9
10.4
10. 5
10. 7
9.8
10.2
10. 5
10. 7
12. 2
11.7
11.3
* Annual changes are from December to December and monthly changes are
from. 6 months earlier at a seasonally adjusted annual rate.
Source: Beard of Governors of the Federal Eeserre System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr«jncy and <deposits
Total
liquid
assets
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Total
Currency
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
198.9
233. 6
264.4
294. 4
321. 1
360. 5
418. 5
232.7
271. 1
319.3
348. 1
369. 1
428. 6
497.3
52.0
54. 3
57.5
60.4
63.3
67. 3
71.9
41. 9
31.7
34.5
43.2
47.4
66.4
68.5
21.8
27.6
36.2
54.0
70. 7
60.0
46.5
21.4
20.2
22.7
34.5
40.4
42.6
51.4
1, 079. 1
1, 088. 0
1, 101. 4
1, 111. 8
1, 118. 0
1, 130. 1
1, 142. 5
1, 154. 9
1, 170. 7
1, 181. 9
1, 194. 1
75.0
75.7
76.6
77.3
77. 5
78. 1
78.6
79. 2
79. 9
80.3
80.7
192.0
192. 0
194. 4
195.7
194.5
195. 4
196. 1
195.3
197. 8
196. 5
197.7
372.7
376. 1
380.9
384.4
387. 3
392. 5
396.9
402. 4
407. 8
413.6
418.5
439.4
444. 3
449. 5
454.4
458.6
464. 0
470. 9
478.0
485.3
491. 6
497. 3
68.0
68.3
68. 7
69. 0
69. 4
69.8
70. 3
70.8
71. 1
71.5
71.9
67.6
68.4
69. 1
69. 8
70.6
72.6
71.9
70.3
70.9
70.7
68.5
54.3
52.9
51.4
49.6
51. 2
50. 2
46.6
45.3
45. 1
45.4
46.5
43.4
43.6
44.3
45.5
46.7
47.6
48.2
48. 7
49.4
50.4
51.4
1, 444. 3 1, 206. 9
1, 454. 2 1, 215. 8
81.3
82.0
199.7
198.8
422. 8
427. 1
503. 1
507. 9
72.3
72.7
67.0
67.3
45.9
45.8
52.2
52.7
1, 312. 4
1, 321. 2
1, 334. 9
1, 345. 7
- 1, 355. 9
1, 370. 3
1, 379. 5
1, 389. 9
1, 407. 3
1, 419. 9
1, 432. 3
1977: Jan
Feb 9
Commercial
banks
Other
private
money
market
instruments
151.8
161. 5
176. 5
183.3
186. 5
190.6
197.7
._
1976: Feb
Mar
Apr
"May
June
July
Aug
Sept
. Oct
Nov
Dec
Demand
deposits
Negotiable
certificates of
deposit
49. 1
52.6
56.9
61.5
67. 8
73. 7
80.7
632.4
769. 5
852. 5
718.7
967.9
817.0
887.4
_ ~ _ 1, 079. 5
944. 5
_ 1, 166. 2
... . 1, 289. 8 1, 053. 5
1, 432. 3 1, 194. 1
Dec
Dee
Dec
Dec
Dec
Dec
Dec
U.S. TJreasury
secui ities
Time d eposits
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:stended
Period
Total *
1969_._
1970
1971
1972
1973
1974
1975
1976
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan
__„
_
Automobile
Bank
credit
cards
Total l
Automobile
Bank
credit
cards
Net change in amount outstanding
Total *
146
175
086
072
228
008
483
221
32, 553
29, 965
34, 778
40, 266
46, 105
43, 209
48, 103
55, 807
4,398
6, 768
8,377
10, 390
13, 863
17, 098
20, 428
25, 481
99, 786
107, 385
113,788
124, 513
140, 552
151, 056
156, 640
169, 682
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 337
3,066
5, 615
7,679
9,472
12, 433
15, 655
19, 208
23, 905
9,360
4, 790
9,299
15, 559
19, 676
8,952
6, 843
16, 539
15, 132
15, 045
15, 521
15, 003
15, 041
15, 592
15, 240
15, 685
15, 775
16, 055
15, 763
16, 702
4, 505
4,523
4,689
4,583
4, 471
4,600
4, 477
4, 712
4,769
4,587
4, 632
5,263
1,921
2,012
2, 118
1, 985
2, 103
2,088
2, 152
2, 183
2, 165
2, 198
2, 181
2,217
14, 029
13, 923
14, 048
13, 576
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 879
3, 966
3,909
4,026
3,851
3,819
4, 074
3? 922
4,090
4, 165
4,059
4, 155
4, 250
1,815
1,881
1,926
1,846
1,911
1, 990
1,981
2,097
2,000
2, 074
2,110
2,250
1,103
1, 123
1,473
1,427
1,474
1,330
1,303
1,403
1,481
1,564
1,243
1,823
16, 870
4,940
2,117
14, 952
4,183
2, 089
1,918
109,
112,
123,
140,
160,
160,
163,
186,
»Includes some items not shown separately.
Instalm*3nt credit liejuidated
Automobile
2,579
-468
3,476
5, 561
5,968
Bank
credit
cards
1,332
1, 153
699
918
327
1,430
1,443
1,220
1,576
539
614
663
732
652
526
556
621
605
528
477
1,013
106
132
192
139
193
98
171
86
166
123
71
-33
758
28
2,631
7,470
Source: Board of Governors of the Federal Reserve System,
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks increased by $1.5 billion in February, but the increase in bank holdings of U.S.
Government securities was much sharper—$4.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
1,000
"ALL COMMERCIAL BANKS"
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
60
\-
40
40
1969
1970
1971
1972
1974
1973
1975
1976
'"SEASONALLY ADJUSTED, END OF MONTH
SOURCE- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
T>
' A
1969
1970
1971
1972
1973
1974
1975
1976*
1976: Feb 'v
Mar
Apr *
May *
June v __
July »
Aug »
Sept*___ _ _
Oct 9
Nov v
Dec*
1977: Jan*
Feb '
1
Total
loans
and
investments
401.7
435.5
485.7
558. 0
633. 4
4
690. 4
721. 1
767. 5
726. 7
731. 2
734. 5
737.6
738. 8
743. 1
748. 7
752.5
760. 3
766. 3
767.5
773. 1
782. 8
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Allcommercial b anks l
All me mber ban ks
Borrowi ngs (milL<3ans
]Reserves 2 3
Investnaents
lions of dollars,
unadji isted) 2
Total ex- Commer- U.S. Gov- Other
cluding cial and
ReNonSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
279.4
105. 7
27. 94
26. 82
27. 66
71.1
1, 086
292, 0
110. 0
57. 8
29. 12
28.79
321
85.7
28.87
320.9
116. 1
31.22
31.04
60.6
104. 2
31. 10
107
130.2
62. 6
378.9
31.41
31.
12
30.36
1,049
116. 5
449. 0
156.4
54. 5
34.94
33. 64
3464
129.9
1,298
41
500. 2
183.3
50.4
36.60
35.87
703
139.8
36. 34
32
176.0
34. 60
496.9
79. 4
34. 73
144. 8
34.46
127
13
521. 6
176.2
96.5
149.4
34 95
34 90
62
3468
12
175. 1
497. 8
84. 4
33. 99
144. 5
34.07
76
33.85
11
5
499. 7
171. 4
34. 02
88. 2
33. 97
33. 80
58
143. 3
8
170.5
500. 5
34. 05
34 00
44
90. 0
144. 0
33. 89
11
500. 6
170.7
144. 0
34. 17
34.05
121
93. 0
33. 96
11
500.7
170. 2
94. 0
144. 1
34. 29
120
34 16
34 07
20
504.7
171. 0
92.7
3421
145. 7
34.34
123
34 11
24
507.6
171. 0
95. 0
3441
146. 1
34.51
3431
104
28
511. 4
172. 0
94.0
34.34
147. 1
34 14
75
3427
31
174. 8
519. 3
93.5
147.5
34.51
34.41
66
34 29
32
521. 8
176. 7
94. 3
34. 8i
150. 2
34 78
34 59
84
21
521. 6
176.2
96.5
149. 4
34. 95
62
34 90
3468
12
528. 4
532.9
177. 1
178.6
95. 7
100. 2
Data are for end of period.
28 Averages of daily figures. Annual data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
28
1977
149.0
149. 7
3478
34.40
3471
34 33
3451
34.20
61
79
8
12
4
During 1974, total loans and investments were increased $0.6 billion due to
a bank merger and were reduced $1.5 billion due to liquidation of a large bank;
5 Loan reelassifieations reduced these loans by $1.2 billion as of March 31,1976;
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
1968
1969
1970
1971
1972
1973
1974
1975
1976 »1975: I
II
III
IV...
1976: I
II
III
•IV*
_
_
114, 5
118. 6
105. 1
129. 0
154. 0
181.7
183. 0
145. 5
204. 6
83.5
130.7
171. 0
196. 7
202. 3
201. 4
200. 8
213.7
Internal1
62.3
61. 7
58. 9
68.6
80. 8
83.8
77.6
103.4
122.4
83. 5
101.5
113. 6
114.9
120.6
121. 3
126. 0
121. 7
Credi t market funds
Total
Total
Longterm 2
Short-3
term
Other
18.9
20. 8
32.6
41. 6
41.4
37.4
39.6
49.8
48.0
52.9
544
37. 9
540
50.0
42.9
48.3
50.8
13.0
17.7
8.9
47
17. 3
35. 5
43. 5
-12. 8
5.0
— 18. 0
—22.2
-6.8
-40
-3.1
48
.6
17.6
20.3
18.5
4.8
14 0
144
25. 0
22. 2
5. 0
29. 1
-35.0
-2.9
26. 3
31.7
348
32.4
25.9
23.4
31.9
3&4
41.5
46. 4
58. 8
72. 9
83. 1
37. 1
53. 1
35. 0
32. 1
31. 1
50.0
46.9
47.8
48. 9
68. 6
52.2
56.9
46.2
60.4
73.2
97. 8
105.4
42.1
82.2
.0
29.2
57.4
81.8
81.7
80.1
748
92.0
* Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
a Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
Total
Purchase
of
physical
assets *
Increase
in
financial
assets
106.4
113.4
96. 1
115. 1
137.5
165. 5
169. 9
130. 9
195. 9
68.6
115. 3
157. 9
182. 2
192.0
197. 8
190.6
203.2
77. 6
85.0
80.6
86. 2
101. 0
124 4
134 6
95.7
138.4
89.8
80. 9
106. 8
105. 5
129.6
138. 8
145.2
139.9
28.8
28.4
15.4
2as
36.5
41. 1
35. 3
35. 2
57. 5
-21. 2
344
51. 1
76.7
62.4
59.0
45.4
63.3
Discrepancy
(sources
less
uses)
ai
5.2
9.0
13.9
16.4
16. 1
13. 1
145
8.7
14 9
15.4
13. 2
146
10.4
3.6
10.3
10.5
* Plant and equipment, residential structures, inventory investment, and mineral rights.
NOTE.—-Data revised for 1976.
Source; Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liab ilities
Ciirrent ass<5tS
End of
period
Cash
on
Total hand
and
in
banks l
U.S.
Government
securities 2
Receivables
from
U.S.
Government *
Notes
and
accounts
receivable
Inventories
Other
current
assets *
Total
Advances
and
Notes
preand
acpayments. counts
payU.S.
able
Govern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-5
ties
141. 3
162.4
191.9
2047
215. 6
230. 4
261. 6
287.5
281. 6
271.2
270. 1
273. 4
281. 6
13.2
143
12. 6
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
21.8
17. 7
19.4
20. 7
51.0
61. 0
76. 0
83.6
92.4
102.6
117.0
134. 8
148. 8
1749
182.4
185.7
187.4
203.6
221. 3
242.3
261.5
274. 1
139.8
140.6
145.6
148. 8
260. 4
269.0
271. 8
274. 1
280. 5
287.0
284 7
23. 9
22. 0
24.9
155. 0
160. 1
167.5
287. 6
299. 4
307.7
386. 2
426. 5
473.6
492. 3
529.6
573.5
643. 3
712. 2
731.6
698.4
1975: I
II__. 703.2
III.. 716. 5
IV.__ 731. 6
45. 5
48. 2
47.9
50.2
53. 3
57. 5
61. 6
62. 7
68. 1
60.6
63.7
65. 6
68. 1
10. 3
11. 5
10.6
7.7
11.0
9. 3
11. 0
11. 7
19. 4
12. 1
12.7
14 3
19. 4
5. 1
5. 1
48
42
3.5
3. 4
3.5
3. 5
3.6
3.2
3.3
3.3
3. 6
150. 2
168. 8
192. 2
201. 9
217. 6
240. 0
266. 1
289. 7
294 6
281. 9
284. 8
294.7
294 6
153. 1
166.0
186.4
193. 3
200. 4
215. 2
246.7
288. 0
285. 8
285. 2
281. 4
279. 6
285. 8
22. 0
26.9
31. 6
35. 0
43. 8
48. 1
54 4
56. 6
60. 0
55. 4
57. 3
59.0
60. 0
211. 3
244 1
287.8
304 9
326. 0
352. 2
401.0
450. 6
457. 5
438. 0
434 2
4447
457. 5
5. 8
6.4
7.3
6.6
49
40
43
5.2
6. 4
5.3
5. 8
6. 2
6.4
1976: !___. 753. 5
II__. 775. 4
III_. 791. 8
68.4
70. 8
71. 1
21.7
23. 3
23. 9
3.6
3. 7
43
307. 3 288. 8
318. 1 295. 6
324. 2 302. 1
63.6
63.9
66.3
465. 9
475. 9
484. 1
6. 4
6.8
7.0
1967
1968
1969
1970.
1971
1972
1973
1974
1975
1
Includes
2
3 Includes
time certificates of deposit.
Federal ageocy issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
Net
working
capital
4
Includes marketable investments (other than Government securities and
time
certificates of deposit) as well as sundry current assets.
5
Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates have remained relatively steady since early February after a sharp increase in January.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
.CORPORATE Aaa BONDS
(MOODY'S)
XA
V
I
\ J
V
D"
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
\
1
A
M
TREASURY BILLS
V
JfU H 1 t r
1969
1971
1970
1974
1973
1972
f fififtfff
1975
1977
1976
SOURCE: SEE TASIE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Government secu rity yields
Period
1971"...
1972.
1973
....
1974
1975
1976
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov_
Dec
1977: Jan
Feb
Week ended :
1977: Feb 25
Mar 4
11
18
25 ».._
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
3-month
Treasury
bills i
3-5 year
issues 2
4.348
4.071
7.041
7.886
5.838
4.989
4.852
5.047
4. 878
5. 185
5.443
5. 278
5. 153
5.075
4.930
4. 810
4.354
4. 597
4. 662
5.77
5.85
6.92
7.81
7.55
6.94
7. 18
7.25
6. 99
7. 35
7.40
7.24
7.04
6. 84
6.50
6. 35
5.96
6.49
6.69
5.74
5.63
6.30
6.99
6.98
6. 78
6. 92
6.87
6.73
6. 99
6. 92
6.85
6. 79
6. 70
6. 65
6. 62
6. 39
6.68
7. 15
5.70
5.27
5. 18
6. 09
6.89
6.49
6.91
6.86
6. 62
6. 87
6. 85
6. 64
6. 28
6. 20
6.06
6. 05
5.69
5. 70
5. 75
7.39
7.21
7.44
8. 57
8.83
8.43
8.55
8. 52
8. 40
8. 58
8.62
8. 56
8. 45
8. 38
8. 32
8.25
7.98
7.96
8.04
5.11
4. 69
8. 15
9.87
6. 33
5.35
5.23
5.37
5. 23
5. 54
5. 94
5. 67
5. 47
5. 45
5. 22
5. 05
4.70
4. 74
4.82
4. 668
4. 708
4. 652
4. 545
4. 553
6. 76
6. 76
6. 77
6.71
6.68
7.18
7.21
7.22
7.20
7.18
5.81
5.76
5.81
5.77
5. 75
8.08
8. 10
8.12
8. 09
8. 09
4.84
4.85
4.85
4. 88
4. 88
1
2 Rate on new issues within period.
Selected note and bond issues.
3
4 April 1953 to date, bonds due or callable
Weekly data are Wednesday figures.
5
Taxable
bonds s
10 years and after.
Average effective rate for year; opening and closing rate for month and week.
30
Prime
commercial
paper,
4-6
months
Discount
rate
(N.Y.
F.R.
Bank)*
Prime
rate
charged
by
banks 5
4. 88
4.50
6.45
7.83
6.25
5.50
5.72
5.25
8.03
10.81
7.86
6.84
5H-5H
5M-5H
5H-5H
5H-5H
5H-5H
51/2-5K
5H-5H
5K-5H
5H-5&
5&-5K
%%-%%
5y,-5%
m-&A
5K-5M
5tf-5tf
5&-5tf
5#-5#
5M-5K
5£-5#
6%-63/4
m~$%
6%~6%
7 -Ttf
TK-TT*
7K~7
7 -7
7 -m
6K-6M
6H-6K
6#-6#
6K-6M
Newhome
mortgage
yields
(FHLBB)«
7.74
7.60
7.95
8.92
9.01
8.99
8.93
8.93
8.92
8.97
8.89
8.97
9. 02
9.08
9.07
9.05
9.10
9.05
8.98
6&-6K
6&-6#
l
6 /4-6%
6l/4-Gl/4
6M-6K
fi Effective rate (in the primary market) on conventicnal 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: 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 rose in the early weeks of March but then declined.
INDEX, DEC 31,1965 =50
INDEX, DEC 31,1965=50
80
COMPOSITE STOCK PRICE INDEX
- 50
40
- 30
30 ~
1977
1969
PERCENT
20
PERCENT
20
15 --
(S&P)
10
5 -
I
\ ^-^i
-^^
-II
f
!
"
1969
!
f
t
1970
.15
-
AvX^-^
I:ARNINGS-PR1CE RATIO ON COMMON STOCKS
10
1>--^—
^
1
I
1
1971
i
t
t
1
1972
1 !
1973
\
-5
\
\
' i f ?
1974
1975
f
!
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Exch ange indexe s (Dec. 31, 1L965=50) 2
Composite Industrial Transportation
1971
1972
_
1973
1974.. „ _ _ _
1975
1976
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
O c t _ _ _ ,.
Nov
Dec__
1977: Jan
Feb
Week ended:
1977: Feb 25...
Mar 4
11
18
25
Finance
Utility
1
1
1977
Common stock 3 yields
(percent)
Standard
Dow& Poor's
composite DividendJones
industrial
index
ratio
average l (1941-43=
10) *
54.22
60. 29
57. 42
43. 84
45.73
54.46
53.73
54.01
54.28
53. 87
54.23
55.68
55. 18
56. 29
54.43
54. 17
56. 34
56.28
54. 93
57.92
65.73
63. 08
48.08
50. 52
60.44
59.79
60.30
60. 62
60. 22
60. 70
62. 11
61. 14
62. 35
60. 07
59. 45
61.54
61.26
59. 65
44.35
50. 17
37.74
31.89
31.10
39.57
38. 53
39. 17
38. 66
39.71
40. 41
42. 12
40. 63
40. 36
38.37
39. 28
41.77
41. 93
40. 59
39.53
38.48
37.69
29.79
31. 50
36.97
36. 12
35.43
35. 69
35.40
35. 16
36.49
37. 56
38.77
38.33
38. 85
40. 61
41. 13
40. 86
70. 38
78.35
70. 12
49. 67
47. 14
52.94
52. 06
52. 61
52. 71
50.99
51.82
54.06
54.22
54. 52
52.74
53. 25
57. 45
57. 86
55. 65
884. 76
950. 71
923. 88
759. 37
802. 49
974. 92
971. 70
988. 55
992. 51
988. 82
985. 59
993. 20
981. 63
894. 37
951. 95
944. 58
976. 86
970. 62
941. 77
98. 29
109. 20
107. 43
82. 85
86. 16
102. 01
100. 64
101. 08
101. 93
101. 16
101. 77
104. 20
103. 29
105. 45
101. 89
101. 19
104. 66
103. 81
100. 96
3. 14
2.84
3. 06
4.47
4.31
3.77
3. 67
3.65
3. 66
3.76
3. 75
3.64
3. 74
3. 71
3. 85
4. 04
3. 93
3.99
4.21
54. 35
54. 65
54. 74
55. 36
54. 54
59. 06
59.49
59. 63
60.46
59. 42
40.02
40.22
40.28
40.96
40.75
40.36
40. 36
40. 28
40.26
40. 05
54.99
54.82
55.02
55. 38
5472
936.
945.
948.
963.
942.
99. 94
100. 59
100. 71
101. 90
100. 25
4.
4.
4.
4.
4.
1
Averages of daily closing prices.
* Includes all the stocks (mere than 1,500) listed on the N YSE.
* Includes 30stocks.
* Includes500stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based onpricesatend of quarter.
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
1
1976
05
06
90
45
27
Earningsratio
5.41
5.50
7. 12
11.59
9. 04
8.29
8.76
9.01
35
35
37
29
38
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Bow-Jones & Company, Inc., and Standard & Poor's Corporation.
/j •«
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 5 months of fiscal 1977 (October 1976-February 1977), there was a budget deficit of $32.0 billion
dollars. A year earlier there was a deficit of $40.9 billion.
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTLAYS
BILLIONS OF DOLLARS
500
400
400
OUTLAYS
300
300
RECEIPTS
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
0
0
-50
-50
-100
-100
1969
1970
1971
1973
1972
1975
1974
1976
1977
1978
FISCAL YEARS
COUNCA OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt ( end of period)
Receipts
Period
Outlays
Surplus or
deficit (-)
T/vfol 1
Fiscal year or period:
1969
1970
1971
1972...
___
1973
1974
1975
1976
Transition quarter
1977 (estimates):
2
Budget revisions, February 1977
3
Third
Concurrent
Resolution
1978 2
October 1975-February 1976
October 1976-February 1977 4
_
187.8
193.7
188.4
208.6
232.2
264. 9
281. 0
300.0
81.8
184.5
196. 6
211.4
232.0
247.1
269. 6
326. 1
366. 5
94. 7
-2.8
-23.0
-23.4
-14.8
-4.7
-45. 1
-66. 5
-13. 0
3.2
367. 1
382.6
409. 5
437. 3
468.4
486. 2
544. 1
631.9
646. 4
279.5
284. 9
304.3
323.8
343.0
346. 1
396.9
480. 3
498.3
349.4
347.7
401.6
417.4
417. 5
459.4
-68.0
-69. 8
-57.7
727.0
718.4
802.4
571.3
113.7
130.5
154.6
162.5
-40. 9
— 32.0
604.8
674.3
463.0
528.0
* Excludes non-interest-bearlng public debt securities held by IMF.
2
Estimates from Fiscal Year 1978 Budget Revisions, Office of Management
and Budget, February 1977.
32
Held by
the public
637. 1
s Third Concurrent Resolution on the Budget—Fiscal year 1977, March 3,1977.
* First 5 months of fiscal year 1977.
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 5 months of fiscal 1977 (October 1976-February 1977), budget receipts were $16.8 billion higher than
a year earlier and budget outlays, $7.9 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200 -RECEIPTS-
200
100
100
„•.•••••«""»"•"
CORPORATION INCOME TAXES
/
OTHER RECEIPTS
-— .
.
.
.
*
„„.„„.....---------- J——-——•-*""""
400
400
OUTLAYS
300
300
200
200
NONDEFENSE
100
100
I
1969
1970
I
I
_L
1971 1972
1973
1974
1975
1976
1977
1978 M
FISCAL YEARS
DEPARTMmT OF THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET
COUNCH OF ECONOMIC ADVISERS
[Billions of dollars]
Reec ipts
()utlays
Nationa I defense
Total
Fiscal year or period:
1969__ _ _ _ _ _
1970_ _
1971_ _
_
1972 _
1973
1974.
1975
1976
Transition quarter. _
1977 L_ _
1978 i
Indi- Corpovidual ration
income income
taxes
taxes
Other
Total
Total
Department of
Defense,
military
Interna- Health
and
Intional income
terest Other
affairs security
_ 187.8
193. 7
188.4
208. 6
232. 2
264. 9
281. 0
300.0
81.8
349.4
401. 6
87. 2
90.4
86.2
94.7
103. 2
119. 0
122.4
131.6
38.8
148. 9
179. 2
36.7
32.8
26.8
32. 2
36. 2
38. 6
40. 6
41. 4
8. 5
57. 2
61.6
63. 9
70.5
75.4
81. 7
92. 8
107. 4
118.0
127.0
34. 5
143. 3
160.8
184.5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366. 5
94. 7
417. 4
459.4
80.2
79.3
76.8
77.4
75. 1
78.6
86. 6
90. 0
22. 5
100. 1
111. 9
77.9
77.2
74. 5
75.2
73.3
77. 6
85. 0
88.0
21. 9
98. 1
109. 2
3.8
3. 6
3. 1
3. 9
3. 5
4.8
5. 9
5. 1
2. 0
6.9
7.8
49. 0
56. 1
70. 1
81.4
91.8
106. 5
136. 3
160.9
41.5
181. 1
191.0
15. 8
18. 3
19.6
20. 6
22.8
28. 1
31.0
34. 6
7. 2
38. 2
41. 8
35.7
39.3
41. 8
48. 8
53. 9
51. 7
66.4
76. 0
21. 5
91. 1
106. 8
October 1975-February 1976 113. 7
October 1976-February 19772. 130.5
55. 3
62. 9
10.4
12.0
48.0
55.6
154.6
162.5
37. 1
37.8
36. 5
39.3
1.9
2. 1
67.4
72.4
15.3
16.2
32. 9
34. 1
*8 Estimates from Fiscal Year 1978 Budget Revisions, February 1977.
First 5 months of fiscal year 1977.
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for calendar 1976, Federal receipts rose $43.8 billion and expenditures $31.1 billion,
yielding a deficit of $58.6 billion, or $12.6 billion less than in. 1975.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
440
440
400
400
160
160
SURPLUS
w w
il H ISSl ****
-40
1i
1
i Ii
ii
i
1
I
i
mm
"Iliii^ITl
%1
1
^ri
i
J
•
DEFICIT
-120
1968
1970
1969
1971
1972
1973
1974
-170
19/'6
1?7 5
OA
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
I^ederal Cjovernm snt expeinditures
Federal Crovernni(3nt receip ts
Period
Grantsin-aid
PurIndirect ContriPersonal Corpoto
State Net
Transrate business butions
chases
and profits
Total tax
fer
payfor
Total
and interest
tax
and
of
goods
nontax
paid
nontax social inments local
tax
and
receipts accruals
governservices
accruals surance
ments
Fiscal year:
1974_
271. 9
283. 2
1975
1976_ _ _ _ 313. 6
Calendar
year :
1972
227. 5
1973
258. 3
1974_
288. 2
1975
286. 5
1976 »
330. 3
122, 6
127.3
137.2
43.8
41. 6
51.0
21.4
22. 1
24. 5
84. 1 278.9
92.2 329.5
100.9 373.0
104. 8
119.0
127. 2
104. 7
134. 1
156. 7
41. 6
48. 3
57. 5
19. 8
21.9
25.8
108. 2
114. 6
131. 2
125.7
145.3
36. 6
43. 0
45. 6
42. 6
55.7
20.0
21.2
21. 7
23. 9
23.5
62. 8
79.4
89.8
94. 3
105.8
244.7
265. 0
299.7
357.8
388.9
102. 1
102. 2
111. 6
124.4
133. 4
83.2
95. 8
117. 6
148. 9
162.2
37. 5
40.6
43. 9
54.4
60.2
14.6
18.2
20. 9
23. 5
27. 5
1975: III.. 297. 7
IV___ 306. 7
130. 5
135. 1
47.4
49. 4
25.2
25.5
94. 7 363. 7
96.6 376. 0
124. 6
130. 4
152. 1
154. 9
56. 8
58. 0
23.6
25. 6
1976: ! _ _ _ _ 316. 5
11—. 324.6
137.7
141.9
147.2
154.5
53. 1
54.8
56.2
58.5
22. 8
23. 3
23.8
24. 1
380. 3
378.7
391. 1
405.6
129. 2
131. 2
134.5
138.9
160. 3
158.7
163. 1
166.5
58. 8
56.3
60.1
65. 5
26. 6
27.4
27.7
28.4
III.. 333. 8
IV". 346.4
102.9
104. 6
106.6
109.3
Subsidies Less:
Wage
less
current accruals national
surplus of less
income
Govern- disand
ment en- burse- product
terprises ments accounts
(->,
7.9
-0.2
5.8
—.4
.0
7.8
.5
5. 7
-7. 1
-46.3
-59. 4
—.5
.0
.0
-17.3
-6.7
-11.5
-71.2
-58. 6
6.7
.0
.0
-66.0
-69.4
5. 4
.0
.0
.0
.0
-63.8
-54. 1
-57.4
-59.2
8. 2
5. 2
6. 5
5. 6
7. 1
5.2
5.6
6.3
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Surplus
or
deficit
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
prodiH
stion (setisonalty ad justed)
Industria]
Period
United CanStates ada
1970.
1971
1972
1973
1974
1975
1976.
1976: July...
Aug
Sept
Oct....
Nov
Dec...
1977:Jan__._
Feb...
108
110
120
130
129
118
130
131
131
131
130
132
133
132
133
GerFrance many
Japan
152
156
167
197
189
168
190
195
192
191
192
196
196
114
123
132
143
147
140
146
146
147
147
146
147
148
124
132
142
150
154
140
153
154
154
161
153
158
154
135
137
142
153
150
142
151
145
153
153
157
152
150
Con sumer p>rices (uiladjustecD
GerUnited
Japan France many Italy Kingdom
United United CanItaly King- States ada
dom
118
115
119
134
141
128
143
140
148
144
151
111
111
113
122
120
114
116
115
114
116
116
118
116
116
121
125
133
148
161
171
171
172
173
173
174
174
175
177
112
116
121
130
145
160
172
172
173
174
175
176
176
178
120
127
133
149
183
205
224
225
222
228
230
231
234
236
117
124
131
141
160
178
195
196
197
199
201
203
204
109
115
121
130
136
144
151
152
151
151
152
152
153
154
109
114
121
134
160
187
218
218
220
224
231
236
239
118
128
138
150
174
217
253
251
255
258
263
267
270
Source: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e"sports
Merc]landise imports
]Domestic3 exports
Period
Total
domestic and
foreign Total * 2
exports
General im ports
Food, Crude
Food, Crude
bever- mate- Manubever- mate- Manu- Total
2
rials
ages,
Total
facfacrials
ages,
(c.i.f.
and to- and
tured
tured value) 4
and to- and
b/cco fuels goods
bacco fuels
goods
F. a.s. valu e *
Monthly
average :
1973
1974
5,811
8,045
1,078
1, 269
895
1, 317
3,728
5,294
5,790
8,416
8, 159
1974
8,928
1975
9,567
1976
9,097
1976: Jan
Feb.___ 8, 918
9,020
Mar
9,369
Apr
9,563
May
June _ _ 9,722
9,956
July
9,737
Aug
Sept... 9,788
9,699
Oct
Nov. _ _ 9,589
Dec
10, 410
8,045
8,803
9,428
1,269
1,399
1,436
1,530
1,316
1,368
1, 483
1,354
1,387
1,459
1,476
1,442
1,639
1,398
1,379
1, 317
1,266
1,341
1,209
1, 158
1, 179
1,275
1,353
1,350
1,363
1,283
1,490
1,469
1,482
1,475
5,294
5, 913
6,437
5,977
6,053
6,182
6,244
6,448
6,552
6,629
6, 549
6,440
6,285
6,457
7, 337
8,354
8,010
10, 057
9,001
9,033
9,469
9,643
9, 182
10, 153
10, 717
10, 477
10, 651
10, 555
10, 623
11, 020
1,250
1,409
6,459 11, 269
9,599
* Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
k 3 Total arrivals of imported goods other than intransit shipments.
I * C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mei•chandiscj trade
balance
Exports
Ex(f.a.s.) ports Exports
(f.a.s.) (f.a.s.)
less
imless
less
ports
im- imports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
Custom s value
5,902
8,159
1977: Jan
3
770 1,120
892 2,653
F.a.s. value 5
892 2, 672
827 2, 716
991 3,456
888 3,129
882 2,999
1,009 2, 986
904 3,282
938 2,793
1,041 3,432
1,036 3,817
972 3,761
998 3,747
986 3, 788
1,030 3, 905
1, 142 3, 808
3,750
4,684
3, 946
1,150
-195
-229
-841
4,602
4,257
5,398
4,728
4,780
5, 153
5,283
5,252
5,355
5,617
5, 546
5,665
5, 509
5, 724
5,832
9,000 -257 -195
852
8,616
918
10, 797 -582 — 489
9,691
39
96
9,691 -187 -115
10, 153 -530 -449
10, 353 -374 -274
9,873
267
380
10, 953 -570 -431
11, 508 -850 -761
11, 253 -830 — 740
11, 449 -972 — 863
11, 308 -924 -857
11,331 -1,128 -1,034
11, 789 -707 — 610
-841
312
-1,230
-594
-773
— 1, 133
-983
-310
-1,231
-1, 552
-1,516
-1,660
-1,610
-1,791
-1,379
5,861
12, 059 -1,758 -1,670
-2, 460
6, 131
9,000
112
-257
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. current account registered a deficit of $0.6 billion in 1976 compared with an $11.1 billion surplus in 197b.
This largely resulted from the shift in the merchandise trade position from a $9.0 billion surplus in 1975 to a $9.2
billion deficit last year. The trade deficit was partly offset by rising receipts on services and investment earnings.
BILLIONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
,ff"\
BALANC
1968
MERCHANDISE TRADE BALANCE /
ON CURRENT ACCOUNT
1976
1969
SOURCE. DEPARTMENT OF CQMMERC6
COUNCtt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M srehandise
Period
Exports
Imports
12
Net
balance
Milits iry transactions
Direct
expenditures
1970
42, 469 — 39, 866 2,603 -4, 855
1971
43, 319 -45, 579-2, 260 -4, 819
1972
49, 381 -55,797 -6,416 -4, 784
1973
71, 410 -70,499
911 -4, 629
1974
98, 310 — 103,679 -5,369 — 5, 035
1975
107, 088 — 98, 058 9,030 -4, 780
1976"
114, 692 -123,916 -9,224 -4, 813
1975:1
27, 018 -25, 570 1,448 -1,317
II
25, 851 — 22, 568 3,283 -1,185
HI... 26, 562 -24,483 2,079 -1,093
IV_._ 27, 657 -25, 437 2,220 -1, 185
1976: I
26, 997 —28, 324 -1,327 -1, 150
11
28, 378 -29,914 -1,536 -1,219
III__. 29, 600 -32, 387 -2, 787-],235
IV".. 29, 717 -33,291 -3, 574 — 1,208
1
Excludes military grants.
2
Adjusted from Census data
8
-Vf
Sales
1,501
1,926
1,163
2,342
2,952
3,897
5,204
915
807
978
1, 197
1, 185
1,064
1.574
1,431
i
JNet
balance
Private 3
U.S.
Government
Nettravel
and
transportation
receipts
— 3, 355 3,631 -112 —2, 023
-2, 893 5,659 -956 -2, 315
— 3,621 6, 208 — 1, 888 -3,028
-2, 287 8, 188 -3, 010 — 3, 086
-2, 083 13, 461 -3, 234 -3, 107
-883 9,430 -3,423 — 2, 503
391 13, 776 -3,238 -2,205
-402 2,109 -985
-687
-378 2,349 — 818
-498
-115 2,487 -805
-568
12 2,485 -815
-750
-15 3,075 -789
— 726
— 155 3,205 — 737
— 369
339 3,555 -771
— 403
223 3,941 — 941
-707
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Net i nvestment income
RemitBal- tance?, Balpenance
Other ance
on
sions,
on
serv- goods
and
curices,3
and
other
rent
net
serv-l
uniacices
lateral count
transfers *
2, 190 2, 938 -3,294 — 356
2,509 -256 -3, 701 -3,957
2,789 -5, 954 — 3, 848 -9,802
3, 188 3,905 — 3, 883
22
3,919 3,586 -7, 184 -3, 598
4,666 16, 316 -4, 620 11, 697
4,901 4,401 -5, 005 -604
1, 125 2, 608 ~1, 179 1,429
1, 146 5,084 -1, 146 3, 938
1,187 4,265 - 1, 044 3,221
1,205 4,357 -1,251 3, 106
1,201 1,419 — 1, 118
301
1, 150 1,558
— 920
638
1,263 1,196 -1,925 -729
1, 285
227 -1, 044 —817
NOTE.—Data revised for 1976.
Source; Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
U.S. assets abroad increased $43.0 billion in 1976 compared with a rise of $31.6 billion in 1975. The increase in
large part was accounted for by bank lending to foreisners. Foreign assets in the United States rose sharply last year,
by $33.1 billion, with foreign official assets responsible for most of the increase.
BILLIONS OF DOLLARS
15
BIUIONS OF DOLLARS
15
-15
1968
1976
SOURC& D£?ASTM9*T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
u.£3. assets abroad, u et
lincreiise/capita outflow (-)]
.
Forei gn assets in the U.S., net
{inorf sase/capit*d inflow (+)]»
Foreign official
Period
Total
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
la
ment
assets
assets
assets
2,477 -1,589 -6, 920
—6, 032
2,348 -1,884 -10, 060
— 9, 596
1972
32 - 1, 568— 8, 708
- 10, 245
1973. . ... -16,434
209 —2, 645 13, 998
1974
-33,392 -1,434
365 -32, 323
1975
-31, 593 -607 — 3, 463 -27, 523
-43, 021 -2, 530 -4, 295-36, 195
1976*
1970
1971
1975: I
II
III
IV
-8,001
— 7,943
— 4, 411
-11,238
— 325
-29
— 342
89
-899 -6, 777
— 840 -7,074
— 772 -3,297
-952 -10, 375
Total
Total
5,923
22, 445
6,907
26, 895
18, 519
32, 433
15, 326
33, 129
10, 981
6,899
18, 107
21, 127
228 — 1, 153 -13, 534 12, 156
* Consists of gold, special drawing rights (SDK), convertible currencies, and
the
3 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
7,362
— 984
27, 405 — 4, 450
10, 322 10, 422
5,145 12, 220
10, 257 21, 452
5, 166
8,427
13, 094 15, 022
3,402
2,837
2,958
2,331
3,907
1,913
2,708 -1,606 -1,977
2, 272
5,874
2,771
1976:1
-773
-684 -8, 550 5,396
-10,007
II__ — 9, 875 -1, 578 -1,009 -7, 288 7,330
III-.. -8, 681 -407 -1,450 -6, 824 8,247
TV »„. -14,459
10, 705
6,299
Other
Assets oJ foreign
foreign
assets
official
reserve
agencies
3,942
4, 305
2,999
7, 061
2,460
3,308
1,253
6,073
— 565
1,576
4,313
3, 103
1, 454
3, 225
5,248
5, 095
Statistical
disere paney
Allocations
of
Of
special (sum of which:
drawing
Seasonal
the
rights
adjustitems
(SDR) with
ment
sign discrepreversed)
867
— 402
717 -9,609
710 -1,790
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
-2, 107
4,557
4, 570
10, 495
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
3,735
1, 328
98
-39
-1,517 -2, 561
2,258
1,275
16, 256
16, 242
16, 291
16, 226
4,310
958
1,907
73
1,163 —2, 800
3, 120
1,773
16, 941
18, 477
18, 945
18, 747
NOTE.—Data revised for 1976.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
-
375
•
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON. D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
,
-..-,-.
..........................
_
,
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs.
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
...-........
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders
«
17
18
19
19
20
21
..-..-
,-
.
PRICES
Wholesale Prices
Consumer Prices
Changes in Wholesale 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
_ . . . ^. -....».. -. -.
^. _....
_._....-..-..-..-.
35
35
36
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
For sale by the Superintendent oi Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 86 cents (single copy). Subscription price: $10.10 per year; $2.55 additional
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38
».S. S O V E R N M E N T P R I N T I N G O F F I C E : 1977
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