Full text of Economic Indicators : March 1978
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Congress, 2d Session
LIBRARY
APR 1 3 1978
OKI
Economic Indicators
March 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S, REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J, MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATB
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVTTS (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—SlsT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved 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 ty Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter, gross national product rose $45.9 billion or 9.9 percent, both
at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 3.8 percent and the
implicit price deflator rose at a 5.9 percent annual rate.
BILLIONS OF DOLLARS. (RATIO SCALE)
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1969
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
Gross
con- private
sump- domestion
tic
exinvestpend- ment
itures
796. 3 490. 4
868. 5 535. 9
935.5 579. 7
982.4 618. 8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809. 9
1, 412. 9 889. 6
1, 528. 8 980. 4
1, 706. 5 1, 094. 0
1, 889. 61, 211. 2
1967
1968
1969_
1970
1971
1972
1973
1974
1975
1976
1977
120. 8
131. 5
146. 2
140. 8
160. 0
188. 3
220. 0
214. 6
189. 1
243.3
294.2
jl, 651. 2 1, 056. 0 231. 3
244.4
III>_ 1, 727. 3 1, 102. 2 254.3
IV_._ 1, 755. 41, 139. 0 243.4
1976: I
II— jl, 691. 91, 078. 5
1977: I—._ 1, 810. 81, 172, 4
!!_._ 1, 869. 9 1, 194. 0
III.. 1, 915. 91, 218. 9
IV... 1, 961. 81, 259. 5
271.8
294.9
303. 6
306.7
Net
exports
services
Federal
National
defense l
State
and
local
Final
sales, ,
Exports
Imports
Total
45.6
49. 9
54. 7
62. 5
65. 6
72. 7
101. 6
137.9
147.3
162. 9
174.7
40. 6
47. 7
52. 9
58. 5
64. 0
75. 9
94.4
131. 9
126. 9
155. 1
185.6
180. 2
198.7
207. 9
218. 9
233. 7
253. 1
269. 5
302. 7
338.9
361. 4
395.0
90.9
98. 0
97. 5
95. 6
96. 2
102. 1
102. 2
111. 1
123. 3
130. 1
145.4
71. 5
76. 9
76. 3
73. 5
70.2
73.5
73.5
77.0
83. 9
86. 8
94.3
19.5
21.2
21. 2
22. 1
26. 0
28.6
28.7
34. 1
39.4
43. 3
51.1
89. 3
100. 7
110.4
123.2
137.5
151. 0
167. 3
191. 5
215.6
231.2
249. 6
786.2
860. 8
926. 2
978. 6
1, 057. 1
1, 161 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
1, 871. 4
3. 0
153.9
160.6
168.4
168. 5
143.7
150.4
160.6
165. 6
353. 6
358.9
363.0
370.0
127. 6
128. 5
130.2
134.2
86. 3
86. 0
86. 4
88. 4
41.3
42. 5
43. 8
45.8
225. 9
230.4
232.7
235. 8
1, 636. 7
1, 673. 7
1, 705. 8
1, 756. 3
-8.2
-9.7
-7.5
-18.2
170.4
178. 1
179.9
170.6
178. 6
187. 7
187.4
188.8
374. 9
390. 6
400.9
413.8
136.3
143. 6
148. 1
89.7
93.4
95. 6
98.5
46.7
50.2
52.5
55.2
238. 5
247. 0
252.9
260.0
1, 797. 0
1, 848. 2
1, 892. 2
1, 948. 2
4. 9
2.3
1. 8
3.9
1.6
-3.3
7. 1
6.0
20. 4
7. 8
-10.9
10.2
10.2
7.9
i This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Go\rernment purchases of goods and
Export s and imp orts of
goodB and sen/ices
Total
isas
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
.- 1
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Exi>orts of gc>ods
Gross private do mestic
a ad service58
iiivestment
Personal
conGross
Change
national sumpNonResi- in busition
product
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
12.0
114.3
110. 0
108. 0
116. 8
131.0
130.6
112.7
116. 8
126. 8
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45. 0
38.8
47.7
56.9
10.6
4.3
6.6
9.4
16.5
8.0
-9.9
8. 5
11.8
807.2
815.5
822. 7
839.8
113.7
115.9
118.5
119. 0
44.8
47.1
47.1
52.0
850.4
854,1
860.4
879.8
124.3
126.4
127.6
12a9
52.7
57.6
57.5
59.9
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1. 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274 7
1, 337. 3
603.2
633.4
655.4
668.9
691.9
733. 0
767.7
760.7
775. 1
821. 3
861.2
103.5
1976: ! _ _ _ 1, 256. 0
II__. 1, 271. 5
III.. 1, 283. 7
IV__ 1} 287. 4
1977: I - _ - 1, 311. 0
II— 1, 330. 7
III.. 1, 347. 4
IV.. 1, 360. 2
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
ioao
a7
3.5
—.4
-L3
1.4
-.6
-3.3
7.6
15.9
22.5
542
sa5
62.2
67.1
67.9
72.7
87.4
9ao
Governrnent pure lases of
good is and seridees
Total
Federal
125.3
sao
24a3
259.2
256.7
250.2
249.4
253. 1
252.5
257.7
263.0
2644
271.1
50.7
5a9
63.5
65.7
eas
75.9
79.9
77. 1
67.4
79.8
State
and
local
Final
sales
121.8
110.7
103. 9
102. 1
96.6
95.8
9&7
9d5
101.4
123.1
130.9
1349
139, 5
145. 5
151.0
155.9
161.8
166.3
167.9
169. 7
995.7
1, 043. 1
1, 06a 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
1, 325. 5
i2aa
ia o
9.5
89.9
95.8
97.5
9.7
12. 1
13.8
-1.8
16.8
16.4
17.0
13.8
93.1
95.2
97.9
96. 9
76.3
78.9
80.9
SB. 1
263.9
2644
2646
264 6
96.4
96.1
96.7
97. 1
167. 5
168.4
168.0
167. 5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
9.7
13.2
15.7
10.6
9.4
12.2
5.9
9&9
9a5
99.8
948
86.3
89.1
87.6
26a3
97.0
101. 1
103.3
1042
166. 4
16a9
17a7
172.8
1, 301.
1, 317.
1, 331.
1, 351.
a7
8a9
27ao
2740
277.0
2
5
8
5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona I consump tion expenditures
Total
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
79. 02
82. 57
86.72
91.36
96. 02
100. 00
105. 80
116. 02
127. 18
133. 88
141. 29
1976: I
II
III
IV
1977: I.......
II
III
IV
81.3
846
Nonres- ResiNonDurable durable Services idential dential
goods
goods
fixed
fixed
7as
Exports and
imports of goods
and sejrvices
Governnrent purchases c>f goods
and se rvices
Exports Imports Federal
State
and
local
92.5
96. 6
100.0
105. 5
116.9
126. 5
133. 2
140.6
87.4
90.7
93. 1
95. 5
99.0
100.0
101. 6
10&4
117.9
1247
130. 1
81.9
85.3
89.4
93. 6
96.6
100.0
107.9
123.8
133. 1
137.7
144 0
82.0
86. 1
90.5
95.8
100.0
1047
113. 6
123.5
132. 3
141.5
79.3
82.6
86. 6
91. 3
96.4
100. 0
103. 8
115.3
132. 3
138.7
146. 0
77.0
80.7
87.7
90.6
94 9
100. 0
110.8
122. 3
132. 8
142.5
159.9
84 0
85. 3
87.9
93. 1
96. 6
100. 0
116.2
148.3
163. 8
170.0
179.2
80. 1
8a9
83.3
89. 1
93.5
100.0
118.2
171.0
188.2
1943
211.0
105.8
115.9
127. 5
1348
143.4
107.3
118.4
129.7
137.7
147.1
131. 47
13a 06
13456
13a35
130. 8
132. 3
1340
135.6
122. 2
123.8
125.3
127.2
13a2
13a 9
138. 3
139.3
129.2
131. 1
133.2
135.4
136.8
137.8
139.2
140.9
137. 1
140. 7
144 1
147. 5
165. 3
168.6
172.0
174 0
188.2
190.7
198.4
199.3
132.4
133. 7
134 7
138.2
1349
136.8
13a6
14a7
138. 13
140. 52
142. 19
14423
137. 9
139.8
141.7
143.2
129.3
129.5
130.0
13L3
141. 5
137.8
140. 1
142. 9
145.0
142.5
1444
146.9
150.1
153.7
157.6
160.9
166.5
175.9
180. 8
18a2
180.0
207.0
210. 6
2ia 9
212.5
140. 6
142.0
143.4
14a2
sas
was
144 9
145.9
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
dom estic
invesl ;ment
72.6
7a4
sao
sa 4
92.6
ioao
was
147.6
72.5
76.9
81.9
88. 3
945
ioao
uai
150.5
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross iaational product
Period
1967.
1968
1969
1970
1971..
1972
1973
1974
1975
1976
1977
1976: 1
II
III..
IV. _
1977:1
II
III
IV .
Constant
(1972)
dollars
Current
dol-
5.8
9.1
7.7
5.0
a2
...
.....
„
..
. „_
10. 1
11.6
8.1
8.2
11.6
10.7
13.2
10.2
8.6
6.7
13.2
13. 7
10.2
9.9
Implicit
price
deflator
2.7
4.4
2.6
-.3
3. 0
5.7
5. 5
-1.4
-1.3
6.0
4.9
8.8
5.1
3.9
1.2
7.5
6.2
5. 1
3.8
Gross (lomestlc i>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
2.9
4. 5
5.0
5.4
5. 1
4.1
5.8
9.7
9. 6
5.3
5.5
4.1
4.9
4.6
5.4
5.3
7. 1
4.8
5.9
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
3.0
4.4
5. 0
5. 3
5.0
4. 1
6.0
9.9
9.5
5.6
6.0
4.9
5.3
4.6
5.9
6. 9
7.0
4.3
6.1
3.0
4.3
5. 0
5.2
4.9
4.0
6.0
10.2
9.4
5.6
6. 1
4.6
5.2
4. 8
6. 0
7. 1
7.0
4.8
6.2
Current
dol-
i
!
1
i
1
1
5. 7
9. 1
7.8
5.0
8.1
10.1
11.5
7.9
8. 5
11.4
10.7
12.4
10. 5
8.2
6.9
12.6
13. 6
10.5
10.7
Constant
(1972)
dollars
Implicit
price
deflator
2.7
4.4
2.6
g
2.8
5.8
5.4
— 1.3
-1. 1
5.9
4.9
8.3
5.2
3.7
1.3
7.2
6. 1
5.3
4.3
3.0
4.5
5. 1
5. 3
5. 1
4.1
5.7
9.3
9.7
5.2
5. 5
3.8
5.0
4.4
5. 5
5.0
7. 1
4. 9
ai
Chain
price
index
Fixedweighted
price
index
(1972
weights)
3.1
4.4
5.0
5.3
5. 0
4. 1
5.9
9.6
9.5
5.6
6.0
4.8
5.4
4.5
6.0
6.7
7.0
4.3
6.2
3.0
4.4
5.0
5.2
4. 9
4.0
5. 9
9.9
9.4
5.6
6. 1
4. 6
5.2
4.6
6. 1
7.0
7.0
4.8
as
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross d omestic
prodi LCt Of
nonfin ancial
corpc)rate
busi ness
(biUic>ns of
doU ars)
[Quarterly data at seasonally adjusted annual rates]
C urrent-do] lar cost and profit per unit of outpu t (dollars ) i
Capital
consumption
CompenTotal
allowcost
ances Indirect sation
Net
inand 2
with
of
business
3
employ- terest
capital taxes
profit
conees
sumption
adjustment
Current
dollars
1972
dollars
1967
__ 452.9
498.4
1968
541.8
1969
560. 6
1970
602. 5
1971.
671.0
1972
752. 0
1973
808, 8
1974... _
875. 2
1975
1976__ _
991. 0
1, 105. 2
1977 »
545. 8
581. 6
607.3
600. 6
619. 3
671.0
720.4
695. 0
678. 9
731. 0
774.4
0.830
;-857
;892
.933
.973
1.000
1. 044
1. 164
1.289
1. 356
1.427
958.4
1976: I
II
983. 6
III 1, 004. 7
IV." 1, 017. 2
719. 4
731. 3
736.6
736. 5
1.332
1. 345
1. 364
1.381
.
.
.
.
145
144
147
150
. 134
. 135
. 136
. 139
. 870
. 880
. 892
.916
.
.
.
.
044
044
044
045
1, 049. 3
1, 094. 9
III 1, 124. 8
IV il 1, 151. 8
753. 3
771. 7
781. 2
791. 6
1. 393
1. 419
1. 440
1.455
.
.
.
.
149
148
151
153
.
.
.
.
.930
. 943
. 949
. 964
. 046
. 047
.048
.049
1977: I
0. 072
. 074
.079
.088
. 094
. 093
.095
. 116
. 143
. 146
. 151
Total
Profits
tax
liability
Profits
after
tax*
0.051
0.535 0. 016 0. 123
.553
. 058
. 017 .124
: 055
.094
. 589 . 022 . 109
. 045
.086
.028
: 103 .628
.048
. 645 . 029 .095
. 110
.050
. 661 . 028 ; 107
. 110
. 032 : 105 .055
. 112
.699
. 061
. 123
. 796 . 043 . 086
: 115 .060
. 136
. 849 .045
. 073
. 890 . 044 .- 139
. 136
s 142
. 074
. 140 . 947 .047
0.072
.066
.055
= 041
: 046
. 057
.050
.139
: 142
.145
. 132
.128
:142
: 152
.147
; 075
0. 084
140
139
140
142
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
. 055
. 066
;069
6. 873
7. 105
7. 139
7. 132
7. 374
7.595
7.781
7.506
7. 766
8. 055
8.236
3.676
3. 929
4, 198
4.478
4.757
5.024
5.441
5. 972
6. 596
7. 166
7. 803
. 072
;075
. 074
: 072
.067
. 066
. 071
.060
7. 988
8. 073
8. 112
8.052
6. 953
7. 101
7.238
7.373
.070
: 058
.068
.079
.071
8. 170
8.209
8.298
7.599
7.737
7.873
;089
i Output is measured by gross domestic product of nonfinancial corporate
iisiness in 1972 dollars.
,2 This is equal to the deflator for gross domestic product of nonfinaneial eororate business with the decimal point shifted two places to the left.
a Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpc rate profits with
invent Dry valualbion and
capit al consuniption
tidjustmen ts
; 073
.076
;024
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees l
Propri etors'
mcom<3 with
inventor y valuation and capital
eonsunaption
adjust ments
Farm
Nonfarm
Hental
income
of persons
with
capital
eonsumption
adjustment
Corpor ate profits» with inv entory va luation
and capital co nsumptio]i adjustments
Profits with inv antory
valuat/ion ad jus tment
and ^without cabpital
consum Dtion adjiistment
Total
Total
Profits
before
tax
Inven4.tory
_.„__
valua-
Capital
Net
coninterest
sumption
adjustment
adjustment
1967
1968_
1969
197(L__
1971
1972
1973
1974
1975
1976
1977*
471.9
655.8
519.8
714.4
571.4
767.9
798.4
609. 2
650. 3
858. 1
715. 1
951.9
799.2
1, 064. 6
875. 8
1, 136. 0
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
1, 520. 5 1, 156. 3
12. 1
12.0
13. 9
13.9
14.3
18.0
32. 0
25.4
23. 2
18.6
19.7
48.9
51.4
52.3
51. 2
53.4
58. 1
60. 4
60. 9
62.8
69. 4
78. 5
19.4
18.6
18.1
18.6
20. 1
21. 5
21.6
21.4
22. 3
23.3
25.3
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
99.3
128. 1
139.8
75.6
82.1
77.9
66.4
76. 9
89. 6
97.2
86. 5
111.5
142. 7
157. 0
77.3
85. 6
83.4
71.5
82. 0
96.2
115.8
126.9
123.5
156.9
171.6
-1.7
-3.4
-5.5
~5. 1
-5.0
-6. 6
-18.6
-40.4
-12. 0
-14. 1
-14.6
3.7
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12.2
— 14. 7
-17.2
47.0
52. 3
69.0
79. 1
88. 4
100.9
1976: I
II
III
IV
999.6
1. 321. 0
1, 353. 9 1, 024. 9
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
20. 0
21. 6
16. 2
16,6
66.9
68. 8
70.0
72. 0
23. 0
22.9
23.3
24. 1
126. 5
129.2
133.5
123. 1
141. 1
143.7
148.2
137. 9
153.5
159.2
159.9
154.8
— 15. 5
— 11. 7
-16.9
-12.4
-14.6
-14.6
-147
-14.8
85.0
86. 5
90. 1
92.0
1977: I
11
III
IV"
1. 450. 2
1, 505. 7
1, 540. 5
1, 585. 4
1, 109. 9
1, 144. 7
1, 167. 4
1, 203. 3
20.7
19. 7
15. 5
22. 7
74,3
77.3
80.0
82. 4
24.5
24. 9
25.5
26.4
125.4
140.2
149. 0
144.5
141.0
156. 2
166.9
163.9
161.7
174.0
172.8
178.0
-20.6
-17.8
-5.9
-14. 1
-15.6
-15.9
-17.9
-19.4
95. 3
98.9
103. 1
106. 1
* Includes employer contributions for social insurance. (See also p. 5.)
24.3
26. 8
30. 8
37. 5
42.8
Source : Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura sle goods
Durable goocIs
Period
Total
personal
consumption Total
expendi- durable1
goods
tures
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods 1
Food
Retail sales of
new passenger
cars (nlillions
of ujaits)
Clothing
and
shoes
Gasoline
and oil
Services
Domestics
7.6
8.6
8.5
0.8
1.0
8.7
9.3
9.7
7.5
1.6
1.6
1.8
1.4
9. 1
2. 1
8.8
1. 3
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
490.4
535. 9
579. 7
618.8
668.2
733.0
809.9
889.6
980. 4
1, 094. 0
1, 211. 2
69.6
80. 0
85. 5
84.9
97.1
111.2
123.7
122. 0
132.9
158.9
179.8
29. 7
35. 8
37.7
34. 9
43. 8
50. 6
55. 2
48. 0
53.9
71.9
83.8
29. 5
32.6
35.0
36. 7
39. 4
44 8
50.7
54. 9
58. 0
63.9
70.5
212. 6
230. 4
247.0
264. 7
277. 7
299. 3
333.8
376. 3
409. 3
442. 7
480.7
109. 6
118. 3
126. 1
136.3
140. 6
150. 4
168. 1
189.8
209.5
225. 5
246. 2
38. 2
41. 8
45. 1
46.6
50. 5
55. 1
61.3
65.3
70.2
76.3
83.0
17. 0
18.4
20. 4
22. 0
23.4
447
208. 1
225. 6
247. 2
269. 1
293. 4
322.4
352. 3
391. 3
438.2
492. 3
550. 7
1976:1
II
III....
!¥__„_
1, 056. 0
1, 078. 5
1, 102. 2
1, 139. 0
153. 3
156. 7
159.3
166. 3
68.8
71.0
72. 1
75. 7
61. 9
63. 0
63.9
66. 5
430. 4
437. 1
444. 7
458.8
219.
223.
227.
232.
3
8
0
0
742
743
76.9
79.9
40. 6
40. 3
41.2
43.5
472. 4
484 6
498.2
513. 9
1977:1
II.....
III....
IV
1, 172. 4
1, 194. 0
1, 218. 9
1, 259. 5
177. 0
178, 6
177.6
186.0
85.3
67.4
69. 3
70.9
74.3
466. 6
474 4
481.8
499.9
237. 9
244. 8
248. 3
2540
79. 3
80.4
83.3
89.0
44 1
528.8
541. 1
559.5
573.7
845
81.2
84,2
* Total includes other items not shown separately.
249
27. 8
36.4
39. 1
41. 4
443
442
46. 3
7. 1
7. 1
8.6
8. 7
Imports
1. 1
1. 3
1. 6
1.5
8.4
8.5
1.4
1.5
1.7
9.4
1.8
2.4
9. 3
8.9
8.9
2. 0
2.0
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $8.2 billion (annual rate) in February, following a $3.2 billion (revised) increase In January.
Wages and salaries increased $7.6 billion in February, compared with $11.1 billion in January/ the February rise
was reduced by about $1% billion due to effects of the coal strike.
BILLIONS OF DOLLARS* [RATIO. SCAiq
BILLIONS OF DOLLARS* (RATIO SCALE}
2,000
1,800
1,600
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
BOO
800
600
WAGE AND SALARY DISBURSEMENTS
400
600
400
OTHER INCOME
,,»»«*»«"*
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
m i 11
Ml! I I t i l l
1970
1971
I I I 11 I in
1972
IJItf
I I 1 IM 1 M
1973
1974
1976
1975
1977
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURC& DEPARTMENT OF COMMERCE
COUNCR, OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Period
1970
1971
1972
1973
1974
1975 _
1976
1977
1977: Feb
Total
and
Other
personal salary
labor
income disburse- income1 2
l
ments
801. 3
859. 1
546.5
579.4
942.5
633. 8
701. 3
1, 052. 4
1, 154. 9 764.6
1, 253. 4
805.7
1, 382. 7
891. 8
1, 536. 7
990.0
951.7
1, 477. 0
9649
M a r _ _ _ _ 1, 499. 1
974. 1
1, 510. 1
Apr
May
1, 517. 3 982. 0
1, 524. 3
986. 5
June
992. 9
July
1, 539. 2
997.9
Aug
1, 549. 0
1,
006.
0
1, 561. 3
Sept
1, 584. 0 1, 022. 1
Oct
Nov
1, 602. 3 1, 029. 9
1, 622. 7 1, 035. 3
Dec
1978: Jan
1, 625. 9 1, 046. 4
Feb *___ 1, 634. 1 1, 054. 0
32.0
36. 2
42. 0
48.7
55.6
64 9
75.9
88.6
83.2
84 4
85.5
86. 7
87. 9
89. 1
90.3
91.5
92. 8
94. 0
95. 3
96. 5
97.7
Propriet<3rs' income 8 Rental
income
Farm
13. 9
143
iao
32.0
25.4
23. 2
18.6
19.7
21. 0
21. 7
20.9
19. 8
18.4
16. 5
15. 1
14 9
17.4
21. 1
29. 4
23.0
19.5
persons 4
51.2
53.4
58. 1
60.4
60. 9
62. 8
69.4
78.5
744
76.0
76.9
77.2
77. 6
79. 2
80. 2
80. 8
81. 5
82. 3
83.2
81.9
82.2
1
The total of wage and salary disbursements and other labor income differs
rom compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
3 Consists of employer contributions to private pension, health, and welfare
junds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
of
Nonfarm
18. 6
20. 1
21. 5
21. 6
21.4
22. 3
23. 3
25. 3
24 6
24.6
24. 3
24 8
25. 6
24 7
25.7
26. 0
26. 2
26. 4
26. 6
26.8
27. 0
Dividends
22. 9
23. 0
246
27.8
31. 0
32. 4
35.8
41.2
38. 5
39.0
39.3
39. 6
41. 9
42. 0
42. 4
42. 6
42. 7
42. 9
45. 2
43. 7
43.8
Less: Per- NonPersonal Transfer sonal confarm
payinterest
tributions
personal
income ments 5 for social
income 6
insurance
643
69. 3
746
84 1
103.0
115.6
130.3
147. 8
140. 3
141. 8
143. 5
145.2
147.4
149. 1
150.4
151. 3
153. 1
155.4
157. 0
159.2
161.2
79.9
94 1
104 1
118. 9
140. 8
176.8
192. 8
206. 9
203.0
206. 9
206. 0
202. 9
200.0
207. 2
208. 6
210.2
210. 9
213. 1
213. 9
215.4
215. 9
28.0
30.8
342
42.2
47.7
50.4
55.2
61.3
59.6
60.2
60.6
60. 9
61. 0
61. 5
61.6
62. 0
62. 6
62. 9
63.2
67.0
67.3
780.7
ssao
917.3
1, OIL 9
1, 119, 3
1, 2ia 8
1, 351. 3
1, 502. 8
1, 442. 4
1, 463. 7
1, 47a 3
1, 48a 5
1, 491. 6
1, 508. 3
1, 519. 5
1, 531. 8
1, 551. 9
1, 56a 3
1, 578. 2
1, 587. 6
1, 599. 1
5 Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCAL^
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
400
400
DOLLARS* (RATIO SCALE}
6,000
._ DOLLARS*JRATIOJCAL3
6,000
—PER CAPITA DISPOSABLE PERSONAL INCOME
5,000
5,000
2,000
2,000
1969
1977
1970
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE! DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
-f
i! Less
:
Pur
Personal
income
Period
1
sonal
tax
and
nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays 1
Per c;apita
dispc>sable
persona [ income
Equals :
Personal
saving Current
dollars
Bil lions of d :>llars
1969 _ _ _ 745. 8
1970_
801. 3
1971
__
859. 1
1972_
942. 5
1, 052. 4
1973__
1974__ _ 1, 154. 9
1975
1, 253. 4
1976
1, 382. 7
1977. _
1, 536. 7
1972
dollars
Per cap ita personal ccmsumption exp enditures
Current
dollars
1972
dollars
Percent 1
change Saving
in real as percent of
per
disposcapita
able
disposperable
sonal
perincome
sonal
income
Population
(thou-2
sands)
Dollars
630. 4
115.4
595. 3
685. 9
635.4
115. 3
742.8
116. 3
685.5
141.2
801.3
751. 9
901. 7
831. 3
150. 8
984. 6
170.3
913. 0
169. 0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
227. 5 1, 309. 2 1, 241. 9
35. 1
50. 6
57. 3
49. 4
70.3
71. 7
80. 2
65. 9
67. 3
3, 111
3, 348
3, 588
3,837
4,285
4,646
5, 077
5, 511
6, 037
3, 515
3, 619
3, 714
3,837
4,062
3,973
4, 014
4, 137
4,293
2, 860
3, 020
3,227
3,510
3,849
4, 197
4,591
5,084
5,585
3,234
3,265
3,342
3,510
3,648
3,589
3,629
3,817
3,971
1.5
3.0
2.6
3. 3
5. 9
— 2.2
1.0
3. 1
3. 8
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5. 6
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211. 945
213, 566
215, 191
216, 856
4, 921
5,018
5, 117
5,278
5,422
5, 513
5,615
5,790
3,761
3,794
3,820
3,891
3,933
3,943
3,964
4,044
4.5
2.3
.5
4. 1
2. 4
6.4
3.5
8.5
6. 3
6. 0
5.4
4.6
4. 1
5. 3
5. 5
5. 6
214,
214,
215,
215,
216,
216,
217,
217,
Seas onally adj usted ann ual rates
1976: I _ _ _ 1, 338. 1 184. 8
II__. 1, 366. 7 192. 6
III__ 1, 393. 9 200. 6
IV. _ 1, 432. 2 209.5
1977: !____ 1, 476. 8 224. 4
II.__ 1, 517. 2 224. 8
III__ 1, 549. 8 226. 1
IV _. 1, 603. 0 234.7
1, 153. 3
1, 174. 1
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 323. 8
1, 368. 3
1, 080. 9
1, 103. 8
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 9
1, 25ft 5
1, 292. 2
72.4
70.3
64. 8
56. 3
51. 4
68. 5
73.3
76. 1
5,374
5,462
5, 540
5, 665
5, 793
5,967
6,098
6,290
1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
4, 107
4, 130
4, 135
4, 177
4,202
4,268
4,305
4,394
608
948
380
827
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and Bureat
of the Census).
f ARM INCOME
In the fourth quarter of 1977, farm income excluding inventory change rose $4.0 billion (annual rate) while income
including inventory change rose $7.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAt$
120
120
100
100
REALIZED GROSS
FARM INCOME
80
80
60
NET FARM INCOME
NET INVENTORY
CHANGE
-
40
40
\
/-•%
-V
20
/
V
20
10
10
1970
1969
1972
1971
1973
1974
1976
1975
1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOUSC& DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by total farm po pulation
Income njceived frc>m farming
Realize?d gross
Period
From From From
farm nonfarm Total *
all
sources sources sources
1970_. _..
1971__. __
1972
1973
1974
1975
1976
1977
1976: I
II
III__.
!¥____
1977: I
II_— _
III...
IV
27.4
28. 7
34.4
48.6
44. 7
44.3
42. 0
44.5
13.0
13. 4
16. 8
29. 0
23. 1
21. 5
17.8
18.6
144
15.3
17.6
19. 5
21. 6
22.8
24 2
25.9
58.6
60. 6
70. 1
95.5
100.0
96.7
103.6
106. 1
102. 1
109.6
100.9
101.9
106. 5
107. 2
100. 8
110. 0
2
Net inc ome per
farm inchiding
net
inventoryp change *
Gas b. receipts from
inarketing8
Produc- Exclud- Includtion ex- ing net ing net
Livepenses inven- inven- Current
1967
stock
Total
Crops
tory
tory 2 dollars dollars *
and
products
change change
Dollars
Billioiis of dolla rs
142
4,202
29.6
50.5
21.0
141
444
4,790
13.2
30.6
146
4,263
5,030
52.9
22.3
47.4
61.2
18.7
6, 504
35.7
17.8
5,288
25.5
52.3
41. 1
33. 3 11, 727
87. 1
45.9
8,817
29.9
65.6
92. 4
41.4
9,232
6,114
51. 1
72.2
26. 1
27.7
43. 0
243
88. 1
45. 1
20.8
5,203
8,637
75. 9
20.0
943
46.4
7,203
4,093
21.9
47.9
81.7
47.4
20. 4
95.0
7,870
47. 6
21.3
4, 186
85.7
93.0
7,740
46. 3
23. 0
21.5
4,500
4d7
79. 1
52. 1
23.2
100.4
48. 3
25.4
842
8,350
4,800
45. 5
91.5
46.0
82.3
18.6
6,330
3,580
17.6
92.4
45. 4
81.2
18.0
6,480
47.0
3,600
20.7
46. 2
50.5
22.0
21.5
7,940
96.7
84 5
4,330
21. 2
97. 1
46. 8
4, 180
50.3
20. 7
7, 830
86. 5
90.4
47.8
42. 6
17. 5
6,470
3,410
17.5
83.3
47. 0
95.9
88.5
21. 5
25. 0
9,240
4,800
48. 9
1
Cash receipts from marketings, Government payments, and nonmoney inome furnished by farms,
23 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
< Income in current dollars divided by the Index of prices paid by farmers for
25-088 •—78
Nettc> farm
opersa,tors
family living items on a 1967 base. As of January 1977 movement is based on tat
overall change in the consumer price indexSource: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates for the fourth quarter of 1977, profits before tax rose $5.2 billion while before-tax
profits with inventory valuation adujstment fell $3.0 billion. Profits after tax rose $1.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
1969
1
1976
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977"
1976: I
II
III
IV
1977: I
II
III...
IV »
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit JB (before tax) wit i invent<3ry valuiition
Pro fits after
adjustn lent *
Dome stic indu stries
Tax
Profits
liabefore
IS onfinan( rial
bility Total Divitax
2
WholeTotal
dends
sale
Total Finan- Total3 Manufaccial
and
turretail
mg
trade
75.6
82.1
77.9
66.4
76.9
89.6
97.2
86.5
111.5
142. 7
157.0
141. 1
143. 7
148. 2
137.9
141.0
156.2
166. 9
163.9
72.6
78.9
74.2
62.6
72.4
84.7
90.4
76. 9
105.4
134. 6
147. 8
132.4
136. 1
139. 8
130.2
131.0
145. 5
157. 4
157.2
9. 0
10.4
11.3
12.6
14. 1
15.4
16. 2
14.4
15. 0
18. 2
20.6
17. 8
18. 1
18.4
18.4
19. 2
19.9
21.2
21.9
63. 6
68.5
62.9
50. 1
58.2
69.3
74. 1
62. 5
90. 3
116. 4
127. 2
114.6
118. 0
121. 3
111. 8
111. 8
125. 5
136. 1
135.3
37.9
41. 2
36. 8
27. 1
32. 4
40. 6
44. 1
36. 6
47. 9
66. 3
75.3
65. 3
68. 7
68.4
62.9
65.2
76.4
77.6
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2
Includes rest of the world, not shown separately.
8
Includes industries not shown separately.
1977
8.9
10. 1
10.1
9.4
11.7
13.3
14.7
12.9
22. 1
27. 1
26.5
25.5
29. 1
27. 4
24.0
25.4
31. 2
77. 3
85.6
83.4
71.5
82.0
96. 2
115.8
126. 9
123. 5
156. 9
171.6
153. 5
159. 2
159. 9
154.8
161.7
174. 0
172. 8
178.0
32.5
39.4
39.7
34. 5
37.7
41. 5
48.7
52. 4
50. 2
64. 7
69. 1
63. 1
66. 1
65. 9
63. 9
64. 4
69. 7
69.3
73.2
44. 9
46.2
43. 8
37.0
44. 3
54. 6
67. 1
74.5
73.4
92. 1
102. 5
90.4
93. 1
94. 0
90. 9
97. 2
104.3
103. 6
104.9
20. 1
21.9
22. 6
22. 9
23.0
24.6
27.8
31. 0
32. 4
35. 8
41.2
33. 6
35. 0
36. 0
38.4
38.5
40. 3
42. 3
43. 6
tax
TT
undistributed
profits
247
24. 2
21. 2
14. 1
21. 3
30. 0
39.3
43. 6
41. 0
56.4
61. 3
56. 8
58. 1
58.0
52. 5
58. 8
64. 1
61. 2
61. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-L7
-3.4
-5.5
-5. 1
-5.0
-6. 6
— 18.6
-40.4
—12. 0
-14. 1
— 14.6
— 12.4
-15.5
-11.7
— 16.9
—20.6
-17.8
-5.9
-14.1
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $6.0 billion (annual rate) in the fourth quarter as purchases of producers* durable
equipment increased $4.1 billion and investment in structures rose $1.9 billion. Residential investment increased
$7.2 billion. Inventory investment amounted to $13.5 billion, down $10.1 billion from the third quarter level.
BILLIONS OF DOLLARS*- (RATIO SCALE)
00 -GROSS PRIV/01 DOMESTIC INVESTMENT60
.
9fJ
r*
vy
X
v
A/%
7^~~
/~ -
BILLIONS OF DOLLARS* (RATIO SCALE)
120
__NONRESIDENTiAL FIXED INVESTMENT.
100
.PRODUCERS'.
DURABLE EQUIPMENT
80
~
-
^
tf\
STRUCTURES
t
I
1
I
!
I 1
f
1 I
I !
f
! I
40
I
I I
I I
i
I
! I
I
I I
I
1 I
1976
1
1
1
BILLIONS OF DOLLARS (RATIO SCALE)_
90
RESIDENTIAL FIXED INVESTMENT
80
BILL IONS OF DOl.LARS
70
60:
50.
-40
I
1977
1973
1 I
1973
I
I I
1974
I
I I
1975
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE* DEPARTMENT OF COMMERCE
I I I
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm<3nt
Period
1967
1968
1969
1970
1971
_ _
1972
_ _
1973
1974...
1975
1976__
1977
1976: I
II
III
IV
1977:1
II
III
IV...
Gross
private
domestic
investment
120.8
131. 5
146.2
140. 8
160. 0
188. 3
220. 0
214.6
189. 1
243. 3
294, 2
231. 3
244. 4
254.3
243.4
271. 8
294.9
303.6
306.7
I
1
|
I
Strucitures
Total 1
82. 1
89.3
98. 9
100. 5
104. 1
116.8
136. 0
150. 6
149. 1
161. 9
185. 1
155.4
159. 8
164. 9
167. 6
177.0
182.4
187.5
193.5
Prod ucers'
dur able
equif >ment
Total
Nonfarm
Total
Nonfarm
29. 5
31. 6
35.7
37.7
39. 3
42. 5
49. 0
54.5
52.9
55. 8
61.5
54. 7
55. 8
56.0
57. 0
57.9
61. 0
62.6
64.5
28.2
30. 4
34. 3
36. 1
37. 8
41. 1
46. 9
51. 8
50. 4
53. 4
58. 8
52. 1
53. 4
53. 6
54. 4
55. 1
58.2
60. 1
61.8
52.6
57.7
63.3
62.8
64. 7
74. 3
87. 0
96. 2
96.3
106. 1
123. 6
100. 8
104. 0
109.0
110. 6
119.2
121.4
124. 9
129. 0
48. 0
53.4
58. 9
58, 1
59. 9
69. 1
80. 1
88.2
87. 1
95. 9
112.4
90.5
93.8
98. 4
100. 7
107. 8
110. 0
114.0
117.8
Source: Department of Commerce, Bureau of Economic Analysis.
Resic ential fh:ed investment
Total
28.6
34.5
37.9
36. 6
49. 6
62.0
66, 1
55. 1
51. 5
68. 0
91.0
61. 4
66.3
67. 8
76. 7
81.0
90.8
92.5
99.7
Nonfarm
structures
27.2
33. 1
36. 3
35. 1
47.9
60. 3
64. 3
52. 7
49. 5
65.7
88.4
58. 9
64. 1
65. 7
74.3
78.5
88.2
sa 9
97. 1
T>
Jrrodueers'
Farm
durstrucable
tures equipment
0.7
.6
.7
.6
.7
.7
.6
1. 2
.9
1.0
1. 1
1. 2
1.0
.9
1. 1
1. 1
1.2
1. 1
1.0
0.7
.8
.9
.9
1. 0
1. 1
1. 2
1. 2
1. 1
1. 3
1. 4
1.2
1.2
1. 2
1. 3
1.4
1.4
L5
1.6
Change in business in"vrentories
Total
10. 1
7. 7
9. 4
3.8
6. 4
9. 4
17. 9
8. 9
— 11. 5
13. 3
18.2
14. 5
18. 3
21. 5
9
13. 8
21. 7
23. 6
13.5
Nonfarm
9.4
7. 6
9. 2
3. 7
5. 1
8. 8
14. 7
10. 8
— 15. 1
14. 9
17. 1
15. 9
20. 4
22. 0
1.4
14. 1
22. 4
23. 1
9.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 10.9 percent in 1978, according to the Commerce Department survey
conducted in late January and February. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS (RATIO SCAl$
BILLIONS OF DOLLARS (RAJJO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1970
1971
V SEE FOOTNOTE 4 BELOW.
SOURCE} DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
E3qpenditurejs
Total1
Total
Durable
goods
81.21
88.44
99. 74
112. 40
112. 78
120. 49
135. 80
150. 68
29.99
31.35
38.01
46.01
47. 95
52.48
60. 16
67.20
14.15
15.64
19.25
22. 62
21. 84
23.68
27.77
31.09
130. 16
134.24
140. 38
138. 11
56.43
59.46
63.02
61.41
1978: 1 4 . 146. 85
I/*.... 149. 16
1971
1972
1973
1974
1975
1976
1977
1978*
Ncmmanuf aeturing
Mi mufacturi ng
Period
,-
1977:1
II
III
IV
2nd
half*. US. 24
Nondurable
goods
Total
Trans- Public ComMining porta- utili- munication
tion
ties
Commercial
and 2
other
Manufacturing
Public
utilities
2.16
2.42
2.74
3. 18
3.79
4.00
4,50
6.13
4.93
5.72
6. 03
6.66
7.57
7.45
6.93
7.28
15.30
17.00
18.71
20.55
20. 14
22.28
25.80
29.48
10. 77
11.89
12.85
13.96
12. 74
13. 30
15.45
16.97
18. 05
20. 07
21. 40
22. 05
20.60
20.99
22. 97
24.60
28. 00
35. 21
47. 57
52.49
48.24
51. 05
66.73
22. 22
28.60
38. 13
45. 74
34. 50
29. 66
32. 54
S6.ll
51.22
57.09
61.73
66. 39
64. 82
68.01
75.64
83.48
2&30
27.26
29.23
28. 19
30. 13
32.19
33.79
33.22
73.74
74.78
77.36
76.70
4.24
4.49
4, 74
4. 50
7.29
6.96
6.85
6.88
25.35
25.29
26.22
26.23
14. 19
16.32
16.40
15.82
22. 67
22. 73
23. 14
23.27
15. 26
15. 15
19.81
16.54
9. 76
3.79
10. 23
7.99
6S.OO
65.82
$9.81
SI. 01
SS. 18
$4,8!
8$. 88
83. §4
6.84
6. IS
8.12
7. 63
28.69
28.62
4t 21
4L 94
69.60
81.62
37.98
83.6$
6.08
6.77
30.27
41. 54
15.84
15.72
ia76
23.39
26. 11
28.81
32.39
i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account
a Includes trade, service, construction, finance, and insurance.
10
Starts c>f plant
and eqidpment
pro;}*?cts 3
for plant and equipment
* Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported bj
business in late January and February
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for
systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment increased by 122,000 in February. This increase, combined with a decrease in the
civilian labor force of 14,000, resulted in a decrease in unemployment of 136,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
OVIUAN LABOR FORCE
EMPLOYMENT
80
80
10'
UNEMPLOYMENT
\
M I M M I I I ! I M I M 1 II
1970
1971
f t f IIIM ! t
1972
M t T I t t ! t I1
I t t i l l 1Ml.!
1975,
1974
1973
1976
1977
*Id YEARS OF AGE AND OVER.
SOURCE! DEPARTMENT OF LABOR
Period
Noninstitutional
population
1973
1974
1975
1976
1977...
148,
150,
153,
156,
158,
1977: Feb__
Mar__
Apr
May.
June.
July._
Aug_.
SeptOct._
Nov..
Dee_.
157, 584
157, 782
157, 986
158, 228
158, 456
158, 682
158, 899
159, 114
159, 334
159, 522
159, 736
1978: Jan*.. 159, 937
Feb.. 160, 128
COUNCIL OF ECONOMIC ADVISERS
[T lousands of persons 16 years of age a nd over]
Unempl oyment
Civilian &oaploymeiit
Total
labor
Nonagri cultural
15
Civilian Unem- force Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoculand
ment
ment
force
ing
Total for
nomic *
tural
over
Armed
reasons
Forces)
Labor
force
participation
rate
/_
_„
(per-
, \ ra
cent) 2
91, 040
93, 240
94, 793
96, 917
99, 534
88, 714
91, Oil
92, 613
94, 773
97, 401
84, 409
85, 935
84, 783
87, 485
90, 546
2,311
3,452 80, 957
2,709
3,492 82, 443
3,490
3, 380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
Seascmally adjusted
4,304
5,076
7,830
7,288
6,855
812
937
2,483
2,339
1,911
61. 4
61. 8
61.8
62. 1
62. 8
87, 231
88, 215
89, 258
90, 042
91, 682
92, 372
92, 315
91, 247
92, 230
92, 473
92, 623
8, 109 98, 457
7,556 98, 761
6,568 98, 878
6,151 99, 289
7,453 99, 681
6,941 99, 442
6,757 99, 751
6,437 99, 887
6,221 100, 205
6,346 101, 009
5, 880 101, 048
96, 320
96, 623
96, 746
97, 161
97, 552
97, 307
97, 614
97, 756
98, 071
98, 877
98, 919
89, 047
89, 478
89, 877
90, 267
90, 648
90, 588
90, 793
91, 088
91, 383
92, 214
92, 609
3,164
3,179
3,256
3,335
3,330
3,206
3,224
3, 199
3,243
3,357
3,323
85, 883
86, 299
86, 621
86, 932
87, 318
87, 382
87, 569
87, 889
88, 140
88, 857
89, 286
3,441
3,271
3, 192
3,268
3,390
3,464
3,253
3,306
3,263
3,285
3,220
7,273
7,145
6,869
6,894
6,904
6,719
6,821
6,668
6,688
6,663
6,310
2, 168
2,008
1,828
1,869
1,788
1,824
1,800
1,834 |
1,848
1, 829
1,797
62.5
62.6
62. 6
62.8
62.9
62. 7
62. 8
62.8
62.9
63.3
63. 3
91, 053
91, 185
6,897 101, 228
6,739 101, 217
99, 107
99, 093
92, 881
93, 003
3, 354
3,242
89, 527
89, 761
2,986
3, 193
6,226
6,090
1, 688
1,568
63.3
63.2
263
827
449
048
559
84, 409
85, 935
84, 783
87, 485
90, 546
Uiaadjusted
4,304
5,076
7,830
7,288
6,855
12 Persons at work In nonagrieultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
Over.
1978
* Beginning 1978, data not strictly comparable with earlier data beeaust of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics,
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate declined in February by 0.2 percentage point to 6.1 percent. Only the
unemployment rate for teenagers increased.
•PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1974
1977
**UNEMROYMENT AS PERCENT OF CIVILIAN LABOR FQRCf IN GROUP SPECIFIED.
SOURCEj DEPARTMENT Of LABOR
I
1978
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1973
1974..
1975
1976
1977. _
1977: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Men
20
years
and
over
4.9
5.6
8.5
7. 7
7.0
7.6
7. 4
7. 1
7. 1
7. 1
6.9
7.0
6.8
6.8
6.7
6. 4
6. 3
6.1
3.2
3.8
6.7
5.9
5.2
5.9
5. 6
5. 2
5. 3
5. 1
5. 1
5. 1
4.7
5.0
4.7
4. 6
4.7
4.5
Women Both
20
sexes
years 16-19
and
years
over
4.8
5.5
8. 0
7.4
7.0
7.2
7.2
7.0
6. 9
7.2
6.9
7. 1
6. 9
6. 8
6.9
6.6
6. 1
5.7
14. 5
16.0
19. 9
19.0
17, 7
18.6
18.7
18. 2
ia i
18. 0
17. 3
17.3
18.3
17. 3
17. 2
15. 6
16. 0
17.4
i Aggregate hours lost by the unemployed and persons on part-time tor econenaic reasons as percent of potentially available labor force hours.
12
13y select ed group)S
By race
By ssex and itge
Total
(all
civilian
workers)
White
4.3
5.0
7.8
7.0
6.2
6. 8
6.6
6.4
6.3
6. 3
6. 1
6. 1
6. 0
6. 0
5. 9
5.5
5. 5
5.3
ExpeFullBlack rienced
wage Housetime
hold
and
and
other salary
heads workers
workers
8. 9
9,9
13. 9
13. 1
13. 1
13. 1
12.9
12. 3
12. 9
13.2
13. 3
14 3
13. 1
13.7
13. 7
12. 7
12. 7
11.8
4. 5
5.3
8.2
7.3
6. 6
7. 1
6.9
6.6
6. 7
6. 5
6.4
6.5
6.3
6. 5
6.3
6.0
5.9
5.7
2.9
3. 3
5.8
5. 1
4. 5
4. 9
4.7
4.5
4.5
4.3
4.4
4. 5
4.4
4.4
4.2
3.9
3.8
3.6
4. 3
5. 1
8. 1
7.3
6. 5
6.9
6.8
6.6
6. 6
6. 5
6.5
6.6
6. 4
6. 4
a2
5. 9
i. 8
5.7
Source; Department of Labor, Bureau of Labor Statistics.
Parttime
workers
7.9
8.6
10.3
10. 1
9.8
10.6
10.9
9.9
9.9
10. 5
9.3
9.0
9.7
9.6
9. 6
8. §
8. t
8. i
Labor
force
time
lost
(per- 1
cent)
5.2
6. 1
9. 1
8.3
7.6
8. 0
7.8
7.4
7.6
7.6
7.6
7.6
7.4
7.4
7.3
7.0
6.8
6.6
SELECTED
ANCE
OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-
The February decrease in unemployment was accompanied by a decrease in the proportion of job losers and an
increase in the proportion of job leavers.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
40
REENTRANTS
V^«*
.
27 WEEKS
P~ AND OVER
20
20
JOB LEAVERS
A
NEW ENTRANTS
1 1 f ,! f ,f 1
1975
1976
1977
1 f f I!
111 !f
1978
1975
1976
1977
1978
* SEASONALLY ADJUSTED
SOURCii DEPARTMENT OF LABOR
TT
oiovF J
AW
Period
ment
(thousands)
1973 _ .
1974
1975
1976
1977
1977: Feb...
Mar__
Apr
May__
June..
July..
Aug..
Sept..
Oct_._
Nov..
Dee___
It78: Jan*__
Feb*_.
4,304
5, 076
7,830
7, 288
6,855
7,273
7, 145
6,869
6,894
6, 904
6, 719
6,821
6, 668
6, 688
6,663
6, 310
6, 226
6,090
PMonthly data seasonally a djusted, except as noted]
Percen t distribution of unemPereeB t distribution of unemState p rograms Insured
pi oyment by reasoii x
ployment b y duraticm 1
unem- Special
ployunemment,
pioyall
27
Insured
New
Less
Job
Job
Reen5-14 15-26 weeks unem- Initial regular benefit3
enthan 5 weeks
proclaims
losers leavers trants trants
and
weeks
ploy- claims
weeks
grams 2 (unadover
ment
(unad- justed)
justed)
We«3kly avei age, thou sands
3a 7 15.7 30. 7 14. 9 51. 0 30. 1 11.0
7.8 1, 632
246
1, 793
43.4
14. 9
13. 3
28. 4
50.6
11. 1
7.3 2,262
31. 0
363
2,558
55.4
10.4
10.4
23. 8
15.2 3, 992
37.0
31. 3
478
16. 5
4,943
1, 173
12. 2
49. 8
12. 1
26. 0
38. 3
382
29. 6
ia 8 ia s 2,968
3,822
1, 152
45. 3
ia o 28. 1 13. 7 41. 7 30. 5 13. 1 14 8 2,473
375
3, 112
572
47.4
12. 2
27. 3
13. 0
39. 9
13.4
16. 9 2,822
29.9
430
4,448
911
45. 1
12. 9
28. 1
14. 0
41. 5
30.2
12. 1
16.2 2, 636
344
3,972
901
44 2
12. 6
28. 9
14 3
44 9
28. 1
m 4 2, 565
10. 6
374
3,506
784
45. 0
13.3
28. 7
13. 0
41. 1
31.4
12. 0
15. 6 2,565
383
3,105
538
43. 0
13. 6
27. 7
15.7
44 5
29. 6
13. 9 2,568
372
11.9
2,939
484
12. 5
45. 3
27. 7
42. 1
145
30. 6
14 1 2,626
13. 2
385
3,065
540
12. 9
46. 3
27. 1
41. 5
13.7
32.4
12. 6 2, 733
13. 5
385
2,751
535
45. 3
12. 9
27.9
13. 9
41. 1
31.8
13. 4
13. 7 2, 664
368
2,643
412
45. 5
13. 1
28. 6
12. 8
41. 4
31.3
13. 7 2, 624
13. 6
361
2,649
364
44. 7
13. 3
28. 5
13. 6
42. 4
30. 3
13. 9
13. 3 2, 602
354
2, 853
315
43. 4
13.9
29. 8
13.0
41.3
30. 4
148
13. 5 2,516
346
3,226
25t
42. 9
13. 6
29. 0
14 5
43.2
29. 8
13. 8
13. 2 2,461
344
3,779
192
41. 6
14. 7
29.4
142
43.3
30. 5
11. 2 2, 524
15. 0
369
3,638
143
1
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Eico), ex-serTicemm, (UCX), Federal (TJCFE), and railroad (EE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplement*! benefits) and SUA (special unemployment assistance).
COUNCIL OF ECONOMIC ADVISERS
* FSB and SUA. These programs started January 1975 and regulw repertime
began March 1975.
Source: Department ©f Labor (Buresm of Labor Stattstisg and E»pl0y*.«nt
and Training Adroinistratioa),
„^
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment increased sharply by 349,000 in February. The largest increases were in durable
goods manufacturing and services.
MILLIONS OF PER SONS' (ENLAR GED SCALE}
Mi LLIONS OF PERSONS*
90
-^
^^
***~^
ALL NONAGRICUILTURAL
ESTABLISHAAE NTS
80
Blffili
11 ' ,
WHOLES^ME AND RET/ ML TRADE
\
18
r*
^——
~
^— -
\^ p=5— -
*
GOVERNM ENT
^^^^
_.. —*"-"' '*"" l.-,*.««, ^
SERVICES
14
70
U^*'
IM
:
1-M»*a«-
Ot*!**1**11***1*****1
,.,
-
SERVICE PIEDUCING
1NDU 5TRIES
60
-
12
"
i in 1 1 1 ii ii
f 1 1 t 1 f 1 11 1 1 1
*********
22
I f H 1 1 II t f t
II 1 I f f 1 f 1 II ! M M I tl t II*
-
•
70
40
V\
MANUFACTU RING
.
\
- V~, .--I
-—=!=s
1ft
iff'! 1 I 1 1 1 1 ! I 11 1 1 1 1 1 in
GOC>DS-PRODUC NGi
INDUSTRIES
30
——„.,„
_^^«**^**"
i tl 1 1 1 1 1 1 1 1 1 n 1 1 M t i 1 1 1 1 1 i f i i i It i M rt
-
4
•"""
x_^-
^aa
^*5=
at
_
1
I
I
I
H
I
I
I
I
I
C
I
I
I
I
I
U
I
I
I
I
I
*
CO NTRACT CON STRUCTION
20
2
$ 1 f 1 1 1 1 i M i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 It H 1 1 1 1 1 1 1 1 1 1 1
1977
'• 1974
1976
1975
f 11I 1f f 11! |
f I ! f f I t I f 1 \\
1978
H
r
1974
1 II II I II! 1 1 I ! 1 1 1 I 1 1 f 1 1
1975
1976
f 1 1 n ! 1 1 1 1 1 1 1 1 1 1 h M i ?>
1977
1978
•SEASONALLY .ADJUSTED
SOURCE DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
Groods-prc»ducing industriesj
"D
• J
Period
1973
1974____ _
1975
1976
1977
1977: Feb...
Mar__
Apr_
May__
June__
July..
Aug__
Sept__
Oct.,..
Nov__
Dec
1978: Jan »..
Feb
*-
Total
nonagricultural
employ- Total 2
ment
76, 896
78, 413
77, 051
79, 443
82, 142
80, 870
81, 331
81, 620
81, 837
82, 157
82, 407
82, 474
82, 763
82, 902
83, 245
83, 429
83, 725
84, 074
24, 727
24, 697
22, 603
23, 332
24, 229
23, 763
24, 017
24, 176
24, 264
24, 355
24, 412
24, 305
24, 360
24, 436
24, 528
24, 526
24, 598
24,753
Contract
construction
4,015
3,957
3,512
3,594
3,844
3,661
3,759
3,830
3, 853
3, 888
3,913
3,893
3,892
3,911
3,950
3,947
3,913
3,947
Service-pi•oducing IndustrieJS
Trans- Whole- Finance,
Gover nment
insurportasale
tion
ance, Services
and
Non- Total
State
and
and
retail
Total Durable
durable
Federal and
real
public trade
goods goods
local
utilities
estate
Matnufactui •ing
20, 068
20, 046
18, 347
18, 956
19, 554
19, 278
19, 417
19, 499
19, 566
19, 611
19, 666
19, 594
19, 612
19, 666
19, 715
19, 868
19, 975
20, 093
11, 839
11, 895
10, 679
11, 026
11, 480
11, 261
11, 373
11, 404
11, 451
11, 484
11, 548
11, 527
11, 545
11, 604
11, 625
11, 748
11, 831
11, 925
8 229
8 151
7 668
7 930
8 074
8 017
8 044
8 095
8 115
8 127
8 118
8 067
8 067
8 062
8 090
8 120
8 144
8 168
i Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
52, 169
53, 715
54, 448
56, 111
57, 912
57, 107
57, 314
57, 444
57, 573
57, 802
57, 995
58, 169
58, 403
58, 466
58, 717
58, 903
59, 127
59, 321
4,644
4, 696
4,498
4,509
4,589
4,553
4,563
4,575
4, 586
4, 588
4,572
4,581
4, 616
4, 610
4, 634
4, 652
4,642
4,665
16, 674
17, 017
17, 000
17, 694
18, 292
18, 039
18, 118
18, 175
18, 202
18, 264
18, 322
18, 377
18, 431
18, 414
18, 512
18, 610
18, 778
18, 831
4,091
4,208
4,223
4,316
4,508
4,431
4,453
4,463
4,481
4,494
4,506
4, 524
4, 545
4,572
4,597
4, 611
4,624
4,644
13, 021
13, 617
14, 006
14, 644
15, 333
15, 068
15, 149
15, 182
15, 197
15, 260
15, 372
15, 448
15, 482
15, 533
15, 608
15, 663
15, 670
15, 738
2,663
2,724
2, 748
2, 733
2,727
2, 721
2, 725
2, 721
2,725
2, 735
2, 721
2,732
2,728
2, 730
2,727
2, 718
2,736
2,735
11, 075
11, 453
11, 973
12, 215
12, 463
12, 295
12, 306
12, 328
12, 382
12, 461
12, 502
12, 507
12, 601
12, 607
12, 639
12, 649
12, 677
12, 708
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments,
s Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NON&GRICULTUR&Ii INDUSTRIES
[For production of nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural 1
Period
1969 _
1970.
1971
1972
1973
1974
1975
1976
1977
_
.
1977: Feb
Mar_
Apr
May
June__
July.
Aug_
Sept___
Oct -_Nov
Dec
__
-_
1978: Jan*
Feb »
Manufa tcturing
Total
Adjusted h ourly earnin gs index2 —tc>tal private
nonagric ultural
Averag e gross
hourly eearnings
Aver age weekly 1 lours
Percent eh ange from
a year <sarlier *
Index, 1()67=100
Manufacturing
Overtime
Total
private
nonagricultural *
Current
dollars
Current
dollars
1967
dollars 3
1967
dollars
2
7
2
7
5
5
5
0
5
103. 1
103. 8
106. 5
109. 9
110. 0
107. 3
107. 0
108. 5
109.4
6. 6
6.6
7.0
6.6
6.4
8.2
8. 8
7. 2
7.3
1. 2
.7
2. 6
3. 2
.1
— 2. 5
—. 3
1. 4
.8
5. 45
5. 49
5. 53
5.57
5. 61
5. 66
5. 68
5. 73
5. 79
5. 81
5.83
193. 2
194. 2
195. 6
196. 4
197. 4
199. 4
199. 9
201. 2
203. 3
204. 1
205. 2
109. 0
108.8
108. 7
108. 6
108. 6
109.3
109.2
109.5
110.2
110. 2
110. 3
7.0
7.0
7.2
7.0
7. 1
7.5
7. 1
7.3
7.9
7.6
7.6
1.0
.6
.4
.2
.3
.7
.4
.7
1.3
.8
.8
5.89
5.93
207.8
207.8
110.8
110. 1
7. 9
7.6
1. 1
1. 1
37.7
37. 1
37. 0
37. 1
37. 1
36. 6
36. 1
36. 2
36. 1
40. 6
39. 8
39. 9
40. 6
40. 7
40. 0
39. 4
40.0
40.3
3.6
3.0
2.9
3.5
3.8
3. 2
2. 6
3. 1
3. 4
$3. 04
3. 22
3. 44
3. 67
3. 92
4. 22
4.54
4.87
5. 25
$3. 19
3. 36
3. 57
3. 81
4. 08
4. 41
4.81
5. 19
5. 63
36. 2
36.2
36.2
36.3
36.2
36. 1
36. 0
36. 0
36.2
36.2
36.2
40. 3
40.4
40. 3
40.4
40. 5
40.2
40.3
40. 3
40. 4
40.5
40.5
3.3
3.3
3.4
3. 4
3. 4
3. 4
3. 3
3. 3
3.5
3.5
3. 5
5. 10
5. 13
5. 17
5.20
5. 22
5.27
5.28
5. 32
5. 38
5.41
5.42
35.6
35.7
39. 6
39.9
3. 5
3. 8
5.48
5.49
113.
120.
129.
137.
146.
158.
172.
185.
198.
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <earnings
Total prrva,te nonagricu Ltural i
Period
Current
dollars
1969
1970
1971
1972
1973
1974
1975
1976___
1977
_
1977: Feb
Mar__
Apr__
May
June
July
Aug
Sept
Oct
Nov
Dec
__.
_._
1978: Jan*
Feb"
1
2
Manufacturing
1967
dollars 3
3
Percent chiinge from a
year e arlier,
total pirn/ate nonagricu Itural 5
Current
dollars
<Current dollars5
$114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
189. 53
$104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
104.42
$129.
133.
142.
154.
166.
176.
189.
207.
226.
51
73
44
69
06
40
51
60
89
$181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
296. 68
$90. 78
95. 66
100. 39
105. 65
111. 04
118. 33
126. 75
133. 39
142. 52
184. 62
185. 71
187. 15
188. 76
188. 96
190. 25
190. 08
191. 52
194. 76
195. 84
196. 20
104. 13
104. 10
104. 03
104. 34
103. 94
104. 30
103. 81
104. 20
105. 62
105. 75
105. 48
219.
221.
222.
225.
227.
227.
228.
230.
233.
235.
236.
64
80
86
03
21
53
90
92
92
31
12
296. 25
294. 25
296. 54
298. 08
295. 87
297. 41
294. 92
294. 48
300. 66
301. 84
302. 13
139. 28
140. 28
141. 28
142. 04
141. 86
143. 19
143. 09
143. 76
146. 40
145. 75
147. 52
195. 09
195. 99
104. 05
103. 86
233. 24
236. 61
285. 18
291. 81
147. 60
147. 93
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
a Current dollar index (or earnings) divided by the consumer price index.
Eevised index for urban wage earners and clerical workers used beginning 1978.
25-088*—78
Contract
construction
Wholesale
and retail
trade
6.4
4.2
6.5
7.0
6. 8
6.2
6. 1
1967
dollars
1. 0
-1. 6
2. 2
3. 6
.5
-4.3
-2.8
7.6
7.5
1.7
1.0
7. 1
7. 7
1.0
1.2
1.5
8.3
7.5
7. 6
;7
;7
7.7
1.0
;6
1.4
1.8
1.4
.8
7.5
6.2
.7
-.2
7.7
7.3
8.1
8.4
8. 2
4
Monthly changes based on indexes to two decimal places.
• Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
2
perse>ns
Outjmt 1
Output i>er hour
of all persons
Non-
Compensation
per 1lour 3
Pri-
Non-
Unit labor
CO 3tS
Pri-
Non-
Implici fc price
deflai bor 4
Pri-
NonNonNonPrivate
Private
Private
farm
vate
farm
vate
farm
vate
farm,
farm
farm
business business business business business business business business business business business business
sector
sector
sector
sector
sector
sector
sector
sector
sector
sector
sector
sector
Period
1967== 100; quai-terly dat<a, seasonsilly adjusl;ed
1966
1967
1968.
1969
1970
1971
1972
1973
_ _
_.
1974___
1975___
_ _
1976
1977*
98.0
100.0
105. 1
108. 3
98.1
100.0
105.4
108. 6
100. 3
100. 0
101.7
104. 5
100. 0
100.0
102. 1
105. 3
97.8
100.0
103.3
103. 7
98. 1
100.0
103.2
103. 1
94.7
100.0
107.6
115. 1
94. 5
100.0
107.3
114. 3
96. 8
100.0
104. 1
111.0
96.4
100.0
103.9
110.9
97.2
100. 0
103.9
108.8
96.8
100. 0
104. 0
108. 7
107.4
110. 3
117. 6
124. 5
121. 5
107.4
110. 3
117. 9
125. 0
121. 9
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. 9
103.3
106.3
109.5
111.4
108. 1
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
149. 5
118. 1
122.2
125.5
133. 0
149.8
113.9
118.9
123.2
130.3
143. 1
114.0
119. 2
122. 9
177. 6
193. 1
210.0
161. 1
168. 7
179. 1
161. 7
168.9
179.8
158.0
165.6
174.2
156.9
165. 0
174.0
118.7
126.9
134. 6
118. 7
127.4
134.9
106.1
108. 9
112.7
108. 1
111.4
115. 5
111.8
116.5
119. 4
109. 9
114. 3
116.8
180.2
196.5
213. 9
mo
141. 5
1975: I
II
III
IV
_
115. 1
117.2
120. 6
121.8
115.
117.
120.
121.
3
1
6
8
105.7
104. 9
106. 0
107.5
107. 8
106. 8
107.7
109.7
108. 9
111.7
113.8
113. 3
106.9
109. 6
112. 0
111. 0
176.2
179. 2
181. 1
184. 6
173.2
176. 3
179. 1
181. 9
161.7
160.4
159. 1
163. 0
162.0
160. 9
160. 0
163.9
154. 2
156. 4
159. 4
161.6
153.4
155.6
158. 1
160. 3
1976: I.
II
III
IV
-
124. 9
126. 7
127.7
128.4
125.2
127. 2
128. 3
128.7
108.2
108. 9
109. 0
109.6
111. 0
111.2
111.4
112.3
115.4
116.4
117.2
117.2
112. 9
114. 5
115.2
114. 6
190. 5
194.5
198.6
202. 7
186.9
191.3
195. 2
198.7
165. 1
167. 1
169.4
173. 0
165.6
167. 1
169.5
173.3
162.9
164. 8
166. 5
168. 3
162. 1
163.6
166.0
168. 1
131.3
134. 0
135.7
137.3
131. 6
134.5
136. 0
137.5
110.4
113. 0
112.9
114 1
113.4
115. 6
115. 9
117.0
118. 9
118. 6
120.2
120.3
116. 1
116. 3
117.4
117.5
208.4
211. 7
216.0
219. 7
204.
208.
211.
215.
3
1
9
6
175.2
178.5
179.7
182.5
176.0
178.9
180.5
183. 5
170. 1
173.1
175.4
177.7
169. 6
172. 7
175. 6
177.6
5.5
2. 0
5. 1
3.0
6.0
1.9
5.4
3.0
2. 3
3.3
_. o
2. 1
3.2
3.2
2.3
3.3
.3
2.5
1. 9
3.2
—.2
7.0
5.6
7.6
7.0
6. 1
5.8
7.3
6.5
3.7
3.3
4. 1
6. 6
3.4
3.8
3.9
6. 6
3.2
2.9
3.9
4.7
2.9
3. 3
4.0
4.5
_. 9
2.8
6.6
5.9
— 2.4
-2.4
7.0
6. 0
-1.1
2.7
6.9
6. 0
-2. 5
-2. 6
7.3
5. 9
.2
2.9
3.0
1. 7
— 2.9
1. 6
4. 1
2. 1
7.2
6. 6
5.7
8.2
9.4
6. 7
6. 6
5.8
7. 8
9.4
6.5
3. 5
2.7
6.0
12. 7
4.7
4.4
3.6
5.8
9. 8
10.4
4.8
5. 1
4.9
4.5
3. 1
4. 1
10. 5
1977: I
!!___
Ill
IV»___
1966—
1967___
1968
1969
1970
1971
1972
1973___ _ _
1974...,..—
1975
1976
1977*
1975: I
II
III
IV
-11.6
7.5
12.2
3.9
-11.6
6.5
12.5
4. 1
1976: I
II
III
IV
10.8
5.9
3. 1
2. 1
1977: I
II
III
9.6
8.5
5.2
4.6
11.7
6. 6
3.2
1. 3
9.5
8.8
4.8
4.4
IV'--1
2 Output
r
o
1.7
2.7
-1.2
.7
3.2
—. 3
2. 9
3. 7
4. 3
1. 9
. 4 -2. 8
-4. 1
1. 8
4.2
3. 1
3.7
2.5
1.3
-12.7 -12. 5
10. 6
-2.8
-3.6
4.2
3.3
7.7
5. 9
7. 6 — 1.9
2. 8
4. 6
7.8
2. 3
.8
3.5
.3
.6
2.8
2.2
— 1
3.3
4.2
3.3
6. 1
9.5
7.9
-1.0
-.2
.9
5.4
4. 1
3.9
.5
-1. 6
—. 4
3. 6
3. 9
.4
-4. 1
2.7
3.5
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.
s 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
1.0
10.5
8.9
-3.3
6.8
5.7
2.6
-1.9
5. 1
.8
3.8
.5
9. 6
9. 1
8.8
13. 1
6.9
4.4
8. 1
13.3
8.6
8.7
8.5
11.8
6.5
8. 5
6.9
6.4
3.2
2. 7
6.2
12.5
9.6
7.7
8.7
4.7
8.7
6.2
12. 1 11. 7
7.4 — 3.3
6. 5 -3. 0
a4 10. 2
11.4
5. 1
9.7
4.9
8.5
5.8
7.3
8. 6
11. 7
5.4
7.7
7.6
7.5
2.9
6.4
7.3
7. 9
4.5
6.4
10. 9
-2.8
-2. 2
10.0
4. 3
3. 8
5. 7
9.4
6.3
6.8
3. 5
6.8
12.9
6.2
7. 5
5.9
3. 1
4.8
4. 1
4. 6
4.4
7.2
5.2
5.4
10.9
5. 1
5.5
14.2
5.7
6.6
5.8
4.4
3.8
6.0
5.3
3.5
7. 5
7.0
4.6
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in February following an 0.8 percent decline in January.
INDEX, 1967=100* (RATIO SCALE)
180 f
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
120
V %
MINING
100 M
1975
1974
MANUFACTURING PRODUCTION
160
I
1976
1977
I
1978
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
120
70
100
1978
1974
1974
1978
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1972
„_ __
1973. _ „
1974.
1975. _
1976__
1977
Total in dustrial
produ 3tion
Percent
Index, change
1967=
from
100
vear
earlier
100. 00
9.2
119.7
8.4
129. 8
—. 4
129. 3
-8. 9
117. 8
10. 2
129. 8
5. 5
137.0
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction indcixes, 1967 = 100
Mimufacturi ng
Total
Durable
Nondurable
87. 95
118. 9
129. 8
129.4
116.3
129. 5
137. 1
61. 98
113. 7
127. 1
125. 7
109.3
121.7
129. 5
85.97
126. 5
133. 8
134 6
126. 4
140.9
148. 1
113. 1
114. 7
115. 3
112. 8
114. 2
117. 8
5. 69
139.4
145. 4
143. 7
146. 0
151. 0
156. 4
83. 1
87. 5
84. 2
73. 6
80. 2
82. 4
88.0
92.4
87.7
124. 0
126. 8
128. 0
129.3
130. 5
131.6
131. 3
131. 7
132. 4
132. 7
133.6
145. 3
147. 0
147. 0
148. 5
148. 4
148. 6
149. 4
149. 5
149. 6
150. 1
150.5
116. 3
120. 6
119.2
119. 5
122. 8
119. 8
115. 4
118. 0
119. 6
118.8
113. 3
160.3
154. 8
154. 0
156. 7
156. 8
161.4
155. 7
154. 1
154. 0
154. 2
155.7
80.9
82. 1
82. 3
82. 8
83. 0
83. 1
82. 9
82. 9
82.9
82.9
83. 0
80. 2
81. 6
82. 1
82. 7
83.0
82. 9
82. 0
82. 0
82. 4
82.3
81. 8
131.5
132.4
149.7
150. 1
113.3
114. 1
157.1
157.3
81.8
82.0
81.0
80.9
1977: Feb
Mar_ _
Apr
May
_
June
July__ . .
Aug
Sept
Oct
Nov
Dee
133.2
135. 3
136. 1
137. 0
137. 8
138. 7
138. 1
138.5
13R9
139. 3
139. 6
4. 4
5.5
5. 7
5. 6
6. 1
5.2
6. 0
6. 7
5. 9
5. 0
132. 6
135. 1
135. 8
137. 1
137. 8
138. 5
138. 6
139.0
139. 4
139. 9
140. 5
1978: Jan»—
Feb*_
138.5
139.2
4.7
4.5
138. 9
139.7
1
Output
3
Annual
8
a2
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Utilities
Manufa eturing czipaeity ut ilization
rate, p(?reent *
Federal Reserve
serles
WharComTotal
ton
merce2
manu- Mateseries 3
series
facturrials
mg
Mining
6. 36
7a 6
80.4
81. 9
83
86
83
77
81
83
91.8
97. 1
93. 0
80.4
87.5
90.2
83
8& 4
84
90.4
82
90. 9
82
91.1
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final Ideducts
Corisumer go ods
Period
Total
Total
NonDurable durable
goods
goods
19. 79
7.89
110. 1
106. 1
113. 1
118. 8
120. 6
133.8
146.2
125. 6
126. 3
135.3
121. 4
125. 1
134. 1
141.4
153. 2
139.6
Interm ediate
prod ucts
Equipunent
Total
Business
Total
20.14
100. 1
94.7
103.8
114.5
120.0
110.2
114.6
123.2
12. 63
107.0
104. 1
118.0
1342
142.4
128. 2
136.3
149.2
12.89
112.9
116.7
126.5
137.2
135. 3
123. 1
137.2
145. 1
47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
134.9
27.68
109. 0
114.7
124. 4
131.5
128.9
124.0
136. 2
143.4
1977: Feb__Mar
_
Apr
__ _
May.. _ _ _
June._ _ _
July..
Aug
_ _
Sept
Oct
Nov.._ _ _ _
Dec
_ _ .!
131. 6
133.3
134. 1
134. 7
135.4
136.8
136. 3
136. 8
136.5
137.0
137. 7
140. 5
142.9
142.9
143. 1
143. 8
145. 4
144. 7
144. 9
144.9
145. 2
145.8
146. 1
152.4
151. 5
152. 2
155.8
158. 0
154. 7
155. 6
156. 8
155. 2
156.4
138.3
139. 1
139.4
139.5
139. 1
140.3
140. 6
140. 7
140. 1
141.2
141. 6
119.2
120.0
122. 1
123. 2
124. 1
124. 8
124.9
125.6
125.0
125.8
126.6
143.5
144.8
147. 1
148. 9
150. 1
151.2
151. 1
152.1
152. 6
153.5
154. 1
141.6
141.8
142.3
143. 5
144. 7
146.3
146. 1
146.5
147.8
148.4
150.0
1978: Jan"
Feb»
135.8
136.9
142.5
144. 0
147.0
150.9
140. 6
141.3
126. 5
127. 1
153. 4
154.8
150.9
151.7
1967 proportion
1970 _
„1971
1972
1973
1974— _
1975
_
1976
1977
__
_
_
A
Construction
supplies
6.42
111. 0
116. 8
128.4
139. 8
134. 5
116. 3
132.6
140.7
Materials
Supplementary
oup:
lergy
total
f
S9.29
109.2
111. 3
122.3
133.9
132.4
115.5
130. 6
136.9
12.28
117. 0
119.5
125.2
128. 3
125.5
125.5
128. 8
132.4
135.6
136.4
137.2
138. 7
139.9
141. 2
141.7
143.2
144.9
146. 5
148.3
132.7
135.5
136.5
137.8
138. 7
138. 9
137. 6
137. 9
138.9
139.0
138.6
132.9
132.3
132,1
132. 5
133. 5
135. 6
131.4
132. 5
133.0
132.3
129. 1
149.0
150. 1
137.7
137.8
129.0
127.5
[1967=100, seasonally adjusted]
Period
Diirrable m anufactu res
Transp<Drtation
Primaryr metals
equip ment
NonFabriElectrical
cated
Motor
mametal trical
maveIron
chinprodchinTotal
hicles
and
Total
ery
ucts
ery
steel
and
parts
Non<lurable nnanufaet ures
Lumber
and
products
A™
Apparel
products
Print- Chemicals
ing
and
and
Foods
pubprodlishing ucts
1967 proportion
1970
1971
1972
1973
1974.._
1975
1976
1977
6.57
106.6
_._ 100.2
112. 1
126.7
123.1
96.4
108.9
110.2
4.21
1047
96. 1
107. 1
122. 3
119.8
95.8
104 9
103.4
6.93
102.4
103. 5
112. 1
124 7
1242
109. 9
123. 3
130. 9
9.15
1044
100.2
116. 0
133. 7
140. 1
125. 1
135.0
1448
8.05
108.1
107. 7
122. 2
143. 1
143.8
116. 5
131.6
141.9
9.27
89.5
97. 9
108.2
118.3
108.7
97.4
110.6
121. 1
4.50
92. 3
118.6
135.8
148.8
128.2
111. 1
140.7
159.6
1.64
105.6
113. 8
120. 8
126. 0
116. 2
107.6
125.1
133.4
3.31
101.4
104 7
109.4
117. 3
1143
107.6
122.2
1242
4.72
107. 0
107. 1
112. 7
118.2
118. 2
113. 3
120. 6
124.7
7. 74
120.4
125.9
143. 6
154 5
159.4
147.2
169.3
180. 6
8. 75
108.9
112.8
116.8
120. 9
124 0
123.4
132. 3
137.9
1977: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov _ _
Dec
100.2
108.3
112.2
117.1
1147
1144
112.5
109, 0
113.5
111.2
111.0
91. 3
97.9
103.9
111. 0
109. 2
110. 9
110. 6
104. 6
107. 7
104. 3
103. 8
125.8
127. 5
127.6
128.2
130. 8
132. 0
134.0
133.6
133.8
135.8
136.4
139. 8
139.8
142.9
142.6
144 0
145. 7
145.2
147.4
148.9
149.7
151.7
137.6
137.6
139. 6
141.8
142. 6
143.6
143.9
144 6
1442
146.0
147.3
113.4
120.5
119.8
120.3
123. 7
125. 6
124 3
125.5
1243
122.0
122.2
145.4
161.2
158. 1
157. 7
163.2
166.2
1644
165. 6
168.4
163.0
161.7
132.2
132. 1
130.6
133. 0
132.4
132. 9
131. 8
137. 1
135. 7
137.5
138. 1
1244
122.2
121.4
123.5
122. 1
121. 1
124 1
127.7
129.0
125. 1
125.7
122.4
124.8
123.4
124.4
124 1
124 9
125. 0
124.2
125.7
126. 2
127.5
174 9
180. 0
180. 6
182.8
183.5
182.6
182. 6
181. 3
182.3
183. 1
181.9
136.4
138.7
138.0
138.3
136. 9
138.3
139. 3
138.3
137.3
139.4
140.0
1978: Jan"..
Feb*
107.4
107.0
100.3
136.8
137.4
150.7
151. 5
145.8
147.7
116.8
119.0
147.2
153.8
137. 1
129. 0
129.5
182.9
Source: Board of Governors of the Federal Reserve System.
18
139.3
NEW CONSTRUCTION
Construetion contracts1
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total1
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bil Lions of dolljITS
1971..__
1972
1973
1974
1975
1976
1977"
_ _
110.0
124.1
137. 9
138.5
134.3
147. 5
170.7
43.3
54.3
59.7
50.4
46.5
60.5
81.1
80. 1
93. 9
105.4
100.2
93.6
109. 5
133.7
35.1
44.9
50. 1
40.6
344
47.3
65. 1
17.0
18.1
21.7
23.8
20.8
19.9
21. 8
19.8
21.5
24.0
25.9
26.3
29.0
30.8
June. .
July
Aug...
Sept.. _ _
Oct
Nov
Dec
1978: Jan »
148. 1
156.9
163.8
167.5
172. 1
174.6
173.0
172. 0
175.9
177.8
177.8
180.2
173.2
116.2
122.4
128.4
131.3
133. 7
135.2
133. 8
133. 8
136.7
140.1
142. 1
143.9
139.5
52. 1
58.3
62.2
63.5
65.8
66. 0
65. 1
65. 1
66.4
68.8
70. 4
73.0
67.7
66.5
72.1
76.7
79.5
82.4
82.5
80.8
80. 7
82.4
85.7
87.7
90.0
84.3
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Belates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
18.7
18.8
20.8
21.1
20.9
22.3
22.7
22.9
23.5
23.4
23. 1
21.8
21.7
252.2
Seasonally
adjusted
Seasonally f adjusted an nual rates
1977: Jan
Feb
Mar
Apr
May__
145.4
165.3
179.5
169.7
167.9
199.4
29.9
30.2
32. 5
38.3
40.7
38.0
37.0
30.9
31.5
30.9
30.7
30.4
30.4
30.2
30.2
30.8
31.0
31.4
32. 1
33.4
32.0
34.5
35.4
36.2
38.4
39.4
39.2
38.2
39. 3
37.7
35.6
36.3
33.7
203
212
207
250
317
307
218
267
279
244
258
299
270
727
854
1,010
840
555
592
738
Seasonally
adjusted
annual
rates
643
615
309
671
758
733
702
853
813
757
847
864
996
NOTE.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and MeGraw-Hin
Information Systems
Company, f.
F. W.
Dodge Division.
J.LIIUIIIIUUUH
oyateius u/uxu.|jaiiy,
v». j-»uuge
JLH\
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv,ate homes
IS ew private lousing unii /s
Period
1970
1971
1972
1973
1974
1975
1976
1977*
Units started, by type of str\]Lcture
Total
1 unit
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
2-4
units
84.8
120.3
141. 3
118. 3
68. 1
64.0
85.9
121.7
5 or more
units
535. 9
780.9
906.2
795. 0
381. 6
204.3
289. 2
414.4
Units
authorized
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 676. 6
Units
completed
Homes
sold
Homes for
sale at
end of
period *
1, 418. 4
1, 706. 1
2, 003. 5
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 654. 5
485
656
718
634
519
549
646
819
220
287
409
418
346
313
354
405
1,610
1,670
1,566
1,557
1,655
1,671
1,677
1,875
1,665
1,769
1,630
1,721
826
885
784
810
806
722
818
845
870
818
847
762
355
358
362
364
367
375
389
389
398
402
405
407
Vacancy
rate for
rental
housing
unite
(percent)2
5.3
5.4
5.6
5.8
6.2
6.0
5.6
5.2
Seasonally adjusted aninual rates
1977: Feb
Mar. . _
Apr
May__
June. >
July
Aug.__
Sept
Oct
Nov
Dec"
1978: Jan"
Feb »__1
1,751
2,090
1,899
1,982
1,931
2,072
2,038
2, 012
2, 139
2,096
2,203
1,547
1, 580
1,362
1,489
1,433
1,469
1,406
1, 453
1,454
1,508
1,532
1,544
1,574
1,155
1, 091
Seasonally adjusted.
* Quarterly data entered in last month of quarter.
116
114
118
120
113
124
119
124
127
134
153
100
86
273
487
348
393
412
495
465
380
480
418
476
292
403
1,526
1,687
1,605
1, 615
1,678
1,639
1,772
1,695
1,850
1,893
1,811
1,496
1, 622
5.1
5.3
44
5.1
NOTE.—Data for units completed revised beginning 1972 and homes sold and
for sale beginning 1973.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales fell 31/4 percent in January while inventories rose $2% billion. According to the advance survey, retail
sales rose about % percent in February, following a decrease of 3% percent in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
350
TOTAL BUSINESS
INVENTORIES
\
300
RETAIL INVENTORIES
\
80
70
250
RETAIL SALES
50
•\
200
TOTAL BUSINESS
SALES
40
150
RATIO*
100
1974
1975
1977
1976
1978
1974
1977
* SEASONALLY ADJUSTED •
SOURCE; DEPARTMENT OF COMMERCE
Total b usiness 1
Who1 esale
He tail
Sales2
Period
CJi _ 2
bales ^
Inventories3
rji
Invenbales
*o tories
3
TVvffll
116, 351
130, 049
151, 647
174, 991
180, 229
200, 118
223, 149
188,
202,
233,
285,
281,
306,
332,
180
291
340
275
837
325
635
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
1977: Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
209, 950
215, 281
221, 903
221, 167
221, 327
222, 240
221, 255
223, 604
224, 242
227, 536
230, 386
236, 249
309, 063
311, 232
314, 875
317, 873
320, 492
322, 899
324, 107
326, 849
329, 510
330, 460
332, 674
332, 635
50, 678
51, 857
52, 672
53, 385
53, 866
53, 735
53, 495
53, 208
53, 307
53, 639
55, 558
57, 266
1978: Jan"
Feb*»___
Trvfnl
DurNonable durable
goods goods
stores stores
Inventory-4 sales
ra1 io
Total
business l
Retail
adjustec
23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127
49, 867
54, 433
62, 691
70, 767
71, 031
78, 431
87, 917
21, 706
23, 929
27, 725
32, 007
31, 632
35, 067
39, 097
28, 161
30, 504
34, 966
38, 760
39, 399
43, 364
48, 820
1.58
1.49
1.43
1.48
1.57
1.47
1.44
1.39
1.38
1.40
1. 49
1.45
1.41
1.42
36, 843
37, 909
38, 127
38, 309
38, 487
38, 389
39, 047
39, 036
39, 251
39, 883
40, 855
41, 139
79, 458
79, 721
81, 196
81, 825
83, 025
84, 134
85, 326
86, 650
87, 227
87, 462
88, 465
87, 917
35, 588
35, 516
36, 150
36, 094
36, 818
37, 104
38, 130
38, 577
38, 515
38, 752
39, 134
39, 097
43, 870
44, 205
45, 046
45, 731
46, 207
47, 030
47, 196
48, 073
48, 712
48, 710
49, 331
48, 820
1.47
1.45
1.42
1. 44
1. 45
1.45
1.46
1.46
1.47
1.45
1.44
1. 41
1.43
1.39
1.40
1.41
1.43
1.45
1.46
1.47
1.48
1.44
1.44
1.42
228, 593 335, 268 56, 149 68, 674 59, 695 19, 621 40, 074 88, 660 39, 808 48, 852
60, 080 19, 079 41, 001
1.47
1.49
1
8 The term "business" also includes manufacturing
Monthly average for year and total for month.
8
62, 123
63, 062
64, 300
65, 301
64, 838
64, 947
64, 210
65, 095
66, 119
66, 209
67, 047
67, 998
55, 703
57, 291
57, 990
58, 142
58, 003
57, 825
58, 552
59, 020
59, 014
60, 778
61, 588
62, 054
(see page 21).
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
•ales; for monthly data, ratio of inventories at end of month to sales for month.
Iniventories 3
Dur- Nonable durable
goods goods
stores stores
Milli ons of d ollars, se asonally
35, 823 34, 169 10, 827
39, 786 37, 422 12, 369
46, 254 41, 871 14, 091
56, 537 44, 543 13, 820
55, 113 48, 370 14, 907
61, 307 53, 542 17, 544
67, 998 59, 029 19, 901
1971
1972
1973
1974
1975
1976
1977
20
1978
COUNCIL OF ECONOMIC ADVISERS
18, 860
19, 382
19, 863
19, 833
19, 516
19, 436
19, 505
19, 984
19, 763
20, 895
20, 733
20, 915
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 new orders fell 4% percent in January and shipments fell 3% percent, inventories rose $1 billion. In
February, according to advance data, durable goods orders and shipments rose.
BILLIONS OF.DOLLARS* (RATIO SCALS)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
TOTAL
160
120
100
\
DURABLE GOODS-
80
60
.„„„.*"""
BILLIONS OF DOLLARS* (RATIO SCALE)
120
-
*
^—ss^"
_
.r^
TOTAL
100
OA
NONDURABLE GOODS
40
NEW ORE)ERS
-
-x-^S,r>-
An
"*"
j,
DURAi LE GOODS
INVENTORY-SHIPMENTS RATIO
%
J%,/**' »**^w%1 ^
jfc^Stft
%,«n*«tr^
40
%
11111! 11111
RATIO*.
—•
-NONDURABL : GOODS
1.40 If 1 11 I H I t 1 I ! 1 1 1 1 1 1 I t 1
1 1 1 1 1 1 1 11 1 1 t f 1 1 1 I I 1 ! M
1975
1974
1976
1 M 1 1 I •! f i l l
1977
11.20
1978
1975
1974
1977
*SEASONALIY ADJUSTED
SOURCE. DEPARTMENT Of COMMERCE
Manufac turers' shi pments l Manufact urers' inv entories 2
Period
Total
1971— _ _ 55, 925
63, 042
1972
72, 954
1973
1974___ .__ 84, 612
1975
87, 226
98, 168
1976
110, 612
1977
1977: Feb.— 106, 133
Mar_._ 111,241
109, 640
Apr
May__ 109, 458
June... 110, 680
July— 109, 208
Aug.__ 111, 376
Sept___ 111, 921
Oct... 113, 119
Nov_._ 113, 240
Dee-__ 116,929
1978: Jan___ 112, 749
Feb»__
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 376
57, 691
54, 703
58, 849
56, 764
56, 717
57, 570
56, 820
58, 087
58, 608
59, 262
59, 154
61, 675
58, 883
61, 220
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
52, 921
51, 430
52, 392
52, 876
52, 741
53, 110
52, 388
53, 289
53, 313
53, 857
54, 086
55, 254
53, 866
Manu facturers 7 new ord ers *
Durab ie goods
ManufacCapital
NonNonturers'
goods
Total Durable
durable
Total
durable
unfilled
indusgoods
Total
goods
goods orders 3
tries,
nondefense
Millio ns of dolkirs, seasontally ad jussted
102, 490
108, 072
124, 395
157, 971
155, 693
166, 587
176, 720
168, 449
169, 379
170, 747
172, 629
173, 818
174, 571
175, 104
176, 164
176, 789
177, 162
176, 720
177, 934
66, 149
70, 098
81, 218
101, 780
100, 310
105, 729
112, 558
107, 222
107, 685
108, 190
109, 154
110, 421
110, 978
111, 452
111, 787
111, 904
112, 548
112, 558
113,209
i Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
< For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
8
8
1978
COUNCIl OF ECONOMIC ADVISERS
36, 341
37, 974
43, 177
56, 191
55, 382
60, 858
64, 162
61, 227
61, 694
62, 557
63, 475
63, 397
63, 593
63, 652
64, 377
64, 885
64, 614
64, 162
64, 725
55,937
64, 246
76, 217
86, 988
85, 659
98, 497
112, 169
106, 575
111, 788
111, 547
111, 693
111, 524
108,598
111,494
112, 441
116, 543
116, 068
121, 566
116, 272
29, 951
35, 142
42, 888
46, 570
42, 164
50, 681
59, 192
55, 133
59, 160
58, 652
59, 176
58, 378
56, 031
58, 270
59, 048
62, 503
61, 984
66, 162
62, 256
63, 786
7, 575
8,947
11, 169
12, 656
10, 899
12, 820
15, 271
14, 249
14, 561
14, 679
15, 000
15, 535
14, 409
14, 678
16, 189
16, 502
15, 883
17, 366
16, 428
16, 809
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
52, 977
51, 442
52, 628
52, 895
52, 517
53, 146
52,567
53, 224
53, 393
54, 040
54, 084
55, 404
54, 016
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
194, 056
177, 623
178, 167
180, 065
182, 301
183, 150
182, 541
182, 646
183, 166
186, 590
189, 416
194, 056
197, 568
Manufacturers'
inventory—
shipments
ratio *
1.83
1.67
1.58
1.66
1.80
1.64
1.56
1.59
1.52
1.56
1.58
1.57
1.60
1.57
1.57
1.56
1.56
1.51
L58
-------
Source: Department of Commerce, Bureau of the Census,
21
WHOLESALE PRICES
PRICES
In February, the wholesale price index rose 1.1 percent (1.0 percent seasonally adjusted). The index for finished
goods rose 0.8 percent (1.1 percent seasonally adjusted).
INDEX, 1967=100 (RATJO SCALE)
220
INDEX, 1967= 100 (RATIO SCAL^
220
200
FARM PRODUCTS AND
l\
f \
j
PROCESSED FOODS AND FEEDS j \ j
\ I
120
100
100
1978
1970
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Farm
» 11
products Industrial
eom- and proc- comzziodi""
modand feeds ities
All
Period
1970
1971
1972
1973
1974
1975__
1976
1977
110.4
1140
119. 1
1347
__ 160. 1
1749
19775 Feb
Mar
Apr
May
June__
July
Aug
Sept
Oct.
Nov
Dec__ _ _ _ _
1978: Jan
Feb
isa o
194 2
190.2
192. 0
1943
195.2
1945
1948
1946
195.3
19a3
197.0
19a2
199.9
202.0
111. 7
110. 0
114 1
122.4 117.9
159. 1 125.9
177.4 153.8
184 2 171. 5
isa i 182. 4
188.8 195. 1
Unadj listed
18a4 190.0
190.9 191.7
195. 9 193. 3
i9as 194 2
191. 5 194 7
188. 7 195. 9
1843 196.9
183.9 197.8
1842 199.1
199.2
189.5 200.0
192.1 201.5
196.6 202.8
na 9
isas
Finished
goods
Farm
products
Processed
foods
and
feeds
110. 3
113. 7
117. 2
127. 9
147. 5
163.4
170.3
180.6
111. 0
112. 9
125. 0
176.3
187.7
186. 7
191. 0
192. 5
112. 1
114 5
120. 8
148. 1
170.9
182.6
178.0
186. 1
176. 6
177. 5
178.8
180. 3
180. 5
181.3
181.3
181.8
183.9
1845
185.5
186.8
188. 3
197. 4
203. 5
208. 8
203. 4
192. 3
188.0
182.4
181. 1
183.5
189.2
188.7
192.0
197.4
182. 3
185. 5
189. 1
192. 2
189. 2
184. 7
184 6
183.6
184 8
188. 1
189. 3
190.8
195.2
» Excludes crude foodstuffs and feedstuffs. plant and animal fibers, oilseeds, and
fcaftobaeeo.
22
Stage of fabric<ation gro upings
Intermediate
mate-2
rials
Consumer fin ished
Producer goods excluding% foods
finNonished Total
Durable durable
goods
108. 3
118. 9 109. 9 112. 0 107. 7 ioa 9
111. 7
123. 1 114 3 116.6 111. 4 110. 8
113. 6
131. 1 118. 9 119. 5 113. 4 113. 2
155. 2 128. 1 123. 5 118. 5 115.8
120. 5
219. 1 159.5 141. 0 138. 6 126.3
146. 8
225. 1 178. 6 162.5 153. 1 138.2
163. 0
173.3
249. 9 189. 5 173.2 161.8 1444
185.4
280.4 202. 4 184. 5 172. 1 152. 1
Seasonall]7 ad justed
181. 2
275. 1 197. 5 179. 9 168. 1 148. 7
182. 7
279. 0 199. 1 180. 7 169. 2 149.4
184 2
279. 7 200. 5 181. 7 170. 7 150. 6
281.4 201. 2 182. 8 171. 5 151. 3
185. 2
279. 0 201. 8 183. 7 172.4 151.9
186. 1
186.2
278. 8 203. 2 184.5 172. 6 152.4
281. 8 204 2 185.4 17a2 153.7
186.3
282. 6 205. 4 186.4 174 2 153.9
187.6
174.
8
188.0
283. 1 206. 0 188.9
1549
288. 1 206.4 189.9 175. 4 155.4
188.7
293.9 207.3 191. 1 176.0 156.0
189.5
190.2
299.5 209. 1 192. 0 176.9 157.1
300.3 210.8 193. 3 177.5 157.6
190. 8
Crude
mate-l
rials
* Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
NOTE.—Data revised for August 1977.
Source; Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In February, the consumer price index for all urban consumers rose 0.6 percent (also 0.6 percent seasonally adjusted).
Food prices increased 1.4 percent (1.2 percent seasonally adjusted). Nonfood commodity prices rose 0.1 percent
(0.2 percent seasonally adjusted) and services prices were up 0.7 percent (also 0.7 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
100
100
1970
1971
1972
1974
1973
1978
1976
1975
SEE NOTE ON TABLE
SOURCE! DEPARTMENT Of IABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
items
Food
Commodities
less
food
116. 3
121.3
125.3
133. 1
_ 147. 7
__ 161.2
17a5
181. 5
114.9
118.4
123.5
141. 4
161. 7
175.4
180.8
192.2
112.5
116.8
119.4
123. 5
136.6
149. 1
156. 6
165. 1
Period
1970
1971
1972
1973__
1974. _ _
1975___
1976. .
1977
Food
All
Services
commodities
121. 6
128.4
133.3
139. 1
152. 1
166. 6
18a4
194. 3
113.5
117.4
120.9
129.9
145.5
158.4
165.2
174.7
All
114.9
na4
123.5
141.4
16L7
175.4
180.8
192.2
Food
at
home
Food
away
from
home
113.7
116.4
121.6
141.4
162.4
175.8
179. 5
190.2
119.9
126. 1
131. 1
141. 4
159.4
174.3
177.1
178.2
179.6
180. 6
181. 8
182.6
183. 3
184. 0
184.5
185.4
isa i
187. 7
188.6
190. 9
191. 7
193.6
194. 6
195.2
194.5
194.4
195.6
196. 3
16L6
162.6
163. 6
164.7
165. 4
165.6
166.0
16a7
167.4
168. 1
168.4
1978: Jan
Feb
187.2
18a4
199.2
202. 0
168.6
168.8
188.7
191.2
192.2
193.7
195.3
196. 3 !
197.7
198.5
199. 5
200. 5
17L3
172.3
173.7
174.4
175. 1
175.2
175. 7
176.2
176.7
177.5
178. 3
187.4
188.6
191.5
192. 6
193. 8
193.5
194. 3
194.7
195.0
196.0
196.7
202.0
203.5
isas
179.9
199.2
20L 6
i9ao
Note.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
isa i
200. 3
All
112.5
nas
119.4
i2a 5
i3a6
149. 1
156. 6
165. 1
Services
Durable
Nondurable
111.8
116.5
118.9
121.9
13a6
145.5
154. 3
163.2
113. 1
117. 0
119.8
124.8
140. 9
151.7
158. 3
121.6
128. 4
133. 3
139. 1
152. 1
166. 6
180.4
194.3
163.7
164. 5
165.0
165.8
188.4
190.0
191.4
192.9
194.3
195.7
leas
Seasonal]y adjust ed
Unac justed
1977:Feb___.
Mar
Apr
May
June
July.-.
Aug
Sept___
Oct
Nov
Dec
Comnlodities less food
185.7
189.8
190. 9
191.9
191.3
192.0
192. 3
192.5
193.5
194. 2
193. 7
195.4
197.5
199.3
200.9
201.8
203.0
203. 8
204. 5
205. 1
206. 1
162.7
163.4
164. 1
164. 6
165. 1
165.4
165. 7
166.2
166.8
167.6
168.4
161. 1
161.9
162.6
163.3
163.3
163.4
163. 6
163. 9
164.4
165. 1
166.0
166.9
167.2
167.8
168.6
169.4
169.9
197.0
199.5
208.4
210.5
169.5
169.9
167.6
168.7
i7ai
isas
Source: Department of Labor, Bureau of Labor Statistics.
iea 4
170.6
i9as
197.9
198.7
199.5
200.3
201.5
203. 0
23
CHANGES IN WHOLESALE PRICES
Perce nt change f rom 3 m<>nths
earl ler; seasona lly adjusted
annual rates
Percent change fr om prec eding
pern3d; seasonal y adjus bed*
Period
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
AU
commodities
4.8
1969
2.2
1970
41
1971
6.3
1972
_
1973
. 15.4
20. 9
1974
4.2
1975
_
4. 7
1976
5.9
1977
1. 1
1977: Feb._
1. 1
Mar__
1.0
Apr__
.4
May.
June. — . 5
July..
.1
.1
Aug__
.3
SeDt__ !
.6
Oct__ !
.7
Nov.. i
.4
Dec__
.9
1978: Jan.1.0
Feb__
7.5
— 1.4
6.0
14.4
26. 7
11. 0
-.3
-1. 1
3.0
2. 1
2. 2
2.2
0
-3.0
— 2. 3
-1. 2
-.5
.9
2. 3
.3
1. 1
2.5
3.9
ae
3.4
3.4
10.7
25. 6
6.0
6.4
6.7
8
7
7
5
3
6
5
6
5
3
5
7
7
Finished
goods
AU
commodities
Farm
products
and
processed
foods and
feeds
Industrial
commodities
17.9
19. 3
29. 5
19. 3
-3. 1
-19. 2
-22. 9
-15. 0
-3. 4
10. 8
14.7
15.8
16. 6
7.0
8.8
Perecmt change f rom 6 m onths
ear Her; seasonally adjug>ted
annual rates
Finished
goods
All
commodities
10. 6
10. 0
10. 5
9. 4
8. 5
10. 1
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
4.8
2.2
3.2
3.8
11. 8
18. 3
6.6
3.3
6.6
1.0
8
7
8
1
2
2
3
6
6
5
9. 3
11. 1
13. 6
10. 5
4,0
0
-1.2
1.9
42
6. 5
6.9
ao
.6
1. 1
9.4
1
Annual changes are from December to December (unadjusted).
NOTE.—Data revised for August 1977.
9. 4
8. 0
6.4
5.9
5.9
7.0
6. 3
5.2
47
6.0
7.8
7.4
9.9
7.5
6.4
4.3
6. 6
2. 0
2. 9
4. 7
6. 3
4.5
2.9
2. 1
2.6
4. 4
6. 1
8. 0
7.0
7.2
9.2
7. 4
7.4
11. 8
19. 0
18. 6
7. 5
2. 3
-4. 1
-9. 2
-11. 6
-7.6
-1. 3
7.6
7.7
7.5
7.6
7.7
6. 1
5. 8
6. 1
49
5.9
6.7
5.5
13.7
10.0
8.2
7.3
5.6
4.7
4.5
6. 9
5.8
7.9
8.4
9.2
6.5
4. 1
7.7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio<i; seasontally adjujsted 1
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
_
1977: Feb___
Mar
Apr
May._
June..
July—
Aug___
Sept—
Oct...
Nov___
Dee___
1978: J a n _ _ _
Feb___
All
items
6. 1
5. 5
3.4
3. 4
8. 8
12.2
7.0
4.8
Food
7.2
2.2
4. 3
47
20. 1
12.2
6. 5
;6
6. 8
ao
1.0
2.1
.6
.8
.6
.5
.3
.4
.4
.6
1.5
6
6
— 2
Commodities
less
food
4.5
4.8
2. 3
2.5
5.0
13. 2
6.2
5. 1
4.9
.6
.4
.4
.3
.3
.3
.4
.4
4
2
2
5
4
.2
.2
.3
.4
.5
.5
.8
.6
13
12
.7
.2
Services
Percent c lange frc m 3 mont tis earlier ; Percent c lange frc m 6 mont tis earlier ;
seasonsilly adjus?ted annu.a,l rates
seasonailly adjussted annu al rates
All
items
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
7.4
8.2
41
3. 6
6.2
11.3
8. 1
7.3
7.9
.6
.8
.7
.8
.7
.7
.6
.6
.4
.4
9. 1
10. 0
10. 2
8.4
7.8
5.7
5. 0
4.5
45
4.7
13.7
15. 3
18. 6
11.6
11. 5
42
3. 6
1. 9
3. 1
3.5
.4
4. 9
42
.6
.7
6.7
7.5
11.9
i Annual changes are from D«eemb«r t© December (unadjosttdl.
N«tt.—Beginning January 1978 data, relate to all urban eonsomir*. Strier data
relate to urban wage earners and clerical workers.
24
Food
8.9
7.7
7.4
6. 1
48
42
3.2
2.7
2.7
3.4
47
5.4
(10
5. §
7.6
9.8
9.0
9.9
9.4
9.3
6.6
7. 1
as
7.7
ao
a7
a9
10.6
12.6
6. 1
5. 1
7.5
6.6
3.7
ia4
6.6
6.5
6.5
6.2
5. 8
7.9
6.6
11.2
3. §
49
48
47
ao
46
3.7
3.5
3.3
3.7
40
5.8
7.2
5.6
6.1
6.0
7.7
5.0
5.1
as
7.6
a3
5. 6
Source: Departnawt ©f Labor, Bureau of Labor Statistics.
as
7.4
ac?
8.7
9.6
9.2
9. 1
as
7.8
7.0
6.3
ao
i.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 3 percent in February. Contributing most to the increase were higher prices for cattle
hogs, eggs, oranges, broilers, and calves. Partially offsetting were lower prices for soybeans, tomatoes, and strawberries. Prices paid by farmers were up 1 percent in the month ended February 1 5.
INDEX 1967*100
0?ATIO SCALQ
220
220
200
200
180
1SO
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
160
140
140
PRICES PAID
fALL ITEMS/INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
RATIO-!/
no
110
100
PARITY RATIO (ACTUAL)
100
90
90
80
80
70
60
I t i t Ij I 1
1970
1971
1972
1973
1974
' 1975
1977
1976
*
1978
J/jUltq OF INDEX OF PRICES RECEIVED TO INDEX^OF PRICES F?AK>, INTEREST, TAXES*, AND WAGE RATES, ON 1910-14400 BASE.
COUNCIL Of ECONOMIC ADVISERS
SOUHC& DEPARTMENT OF AGRICUlTURi
Prices paid by fanmers
All
items,
ProducFamily
Livestock
interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, 1<)67=100
Prices received by farmers
Period
1970
1971
1972
1973
1974
1975..
1976__
1977
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
All farm
products
.
—
-
Crops
Actual
Adjusted2
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
193
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
114
118
123
133
151
166
176
3
()
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
67
77
75
79
94
87
76
72
68
183
186
190
191
193
184
180
175
174
178
179
181
198
202
211
214
214
198
182
173
171
178
185
183
170
174
171
172
176
173
179
177
177
177
174
180
198
200
202
204
204
204
203
201
201
201
202
203
182
(s)
(•)
196
199
201
204
205
203
201
198
197
198
199
199
68
69
69
69
70
66
65
64
63
65
65
66
69
70
70
70
71
68
66
65
65
66
66
67
203
206
65
67
67
69
186
192
188
188
Percentage ratio of index of prices received by fanners to index of prices paid,
iaterest taxes, and wage rates on 1910-14»=100 base.
2 The adjusted parity ratio reflects Government payments mad® dirtetiF t@
fanners.
Parity ratiol
185
196
209
211
(3)
«
(3)
(8)
(3)
(3)
(3)
(3)
rt
(3)
(3)
I
Ind«x discontinued. Consumer price index (Department of Labor) smtesMtuted
ia calculating total prices paid beginning January 1977.
Source: Department
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Mi declined by 1 percent (annual rate) in February/ growth in the broader aggregates slowed but remained positive.
BILLIONS OF DOLURS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALQ
'900
200
200
1978
*SEASONALLY ADJUSTED
SOURCE, SOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCH Of ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures1
Deposi ts at coitnmercia banks
Period
Mi
1972: Dec
1973: Dec—
1974: Dec
1975: Dec...
1976: Dec.._
1977: Dec...
1977: Feb...
Mar_.
Apr___
May..
June__
July...
Aug —
Sept..
Oct___
Nov..
Dec
1978: Jan...
Feb...
255.3
270.5
283. 1
2945
312.6
336,7
316. 3
318.3
322. 0
322.4
324.3
327. 5
329.2
331. 6
334. 6
334. 7
336.7
339.4
339. 1
M3
525. 3
571.4
612.4
664. 1
739. 6
807. 6
752. 1
758.1
764.9
768.4
774. 2
782.9
787.9
793.8
800.2
803.8
807.6
813.6
816. 6
M3
844.5
919.6
981.5
1, 091. 8
1, 235. 6
1, 374. 1
1, 259. 7
1, 270. 6
1, 282. 2
1, 290. 9
1, 302. 0
1, 317. 2
1, 330. 0
1, 343. 5
1, 356. 7
1, 365. 5
1, 374. 1
1, 384. 1
1, 390. 5
Currency
56.9
61.5
67.8
73.7
80.7
88.5
81.9
82.4
83,1
83.8
84.2
85.1
85.5
86. 3
87. 1
87.7
SB. 5
89.3
90.0
TIJDCte and sa vings
Demand
Total
Large
CDs
Other
19a4 3ias
209. 0 36a9
215.3 418.3
220.8 450.9
231.9 489.7
248.2 544.9
234.4 499.0
235,9 502.0
238,9 5045
238. 6 508.9
240. 1 513.2
242.3 5ia3
243.7 521.9
245. 3 525.9
247. 5 531.9
247.0 540.0
248.2 5449
250. 1 550. 5
249.1 557.0
4as
270.0
300.9
329.3
369. 6
427.0
470.9
435.8
439.8
442.9
446.0
449.9
455.5
458. 7
462.1
465.5
469. 1
470.9
4742
477.6
1
Mi is currency plus demand deposits; Mz is Mi plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is Mz plus
deposits at nonbank thrift institutions.
26
Percjent
cha nge*
CompOD ents anc related ii .ems
63.0
89.0
81.3
62.7
740
63. 3
62.2
6L6
62.9
63.3
62.8
63.2
63.8
66,4
70.9
74 0
76. 3
79.4
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjust-
319.3
34ai
369.1
427.8
496. 0
566.5
507. 6.
512.5
517.3
522.4
527.8
5343
542. 1
549.8
556.5
561.7
566.5
570.5
573.8
7.4
6.3
49
Mi
M2
ed)
41
44
5. 1
42
43
5.4
3. 6
5,0
3.6
3.4
5.0
3.7
3.5
5.1
42
42
9.2
6.0
47
41
6. 1
7.7
7.0
7,6
7.8
7.7
7.6
a2
as
as
8.0
7.8
7.8
7.4
6.1
11.4
as
7.2
8.5
11.4
9.2
12.3
12.0
11.2
10.2
9. 6
10.0
9.7
9.6
9.4
9.4
as
8.0
7.4
2 Annual changes are from December to December and monthly changes an
from 6 months earlier at a seasonally adjusted annual rate,
Note.—-Series revised.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of dally figures; billions of dollars, seasonally adjusted]
Currency and c eposits
Total
liquid
assets
Total
769.5
851. 8
967.4
1, 079. 2
1, 166. 9
1, 290. 4
1, 423. 7
1, 598. 6
632.4
7ia9
817.0
887.5
945.2
1, 054. 4
1, 194 2
1, 329. 3
49.1
52.6
56. 9
61. 5
67.8
73.7
80.5
88.4
1977: Feb ,~ —
Mar
Apr
May
June__
July
Aug
Sept
Oct
Nov
Dec..
1, 453. 6
1, 464. 3
1, 478. 6
1, 486. 8
1? 499. 6
1, 519. 4
1, 534. 1
1, 549. 7
1, 570. 2
1, 585. 2
1, 598. 6
1, 216. 7
1, 22a 0
1, 239. 4
1, 246. 3
1, 256. 0
1, 273. 4
1, 284. 7
1, 299. 0
1, 313. 5
1, 321. 4
1, 329. 3
81.8
82.2
1978 : Jan —
Feb '
1, 609. 5
1, 616. 6
1, 338. 5
1, 343. 1
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
U.S. Ti•easury
secuiities
Time d eposits
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institu- bonds able setions
curities
41.9
31.3
344
567.6
52.0
543
57. 6
60.4
63.3
67.2
71.9
76.6
507.5
72.6
70.3
70.3
70.0
69. 2
232.7
271. 1
319. 3
213.0
19a9
23a 6
264 5
294 5
321. 2
360.6
4ia 1
460.3
85. 1
85.5
86.4
87. 1
87.8
88.4
200. 1
200.9
205.5
204 5
205. 0
20a7
208.6
209.9
2ia 3
212.0
213.0
427. 2
430.8
4342
436.8
440.4
446. 1
448. 9
452. 5
455. 7
458.6
460.3
89.2
90.1
2145
212.5
463.7
467.0
sa i
sae
84.0
151.8
161.6
176.4
183. 3
187.2
191.7
i9as
34a i
369. 1
428.3
496. 8
512. 1
516. 6
521.4
526.7
53a 5
541.7
550.2
557,5
563.0
567.6
571. 0
573.5
4a 3
47.5
66.5
66, 1
76.2
7ao
7a 4
7a 8
oa 4
742
747
75. 1
75.4
75. 8
76.2
76. 6
69.8
71.8
72. 5
744
75.8
76.2
77.0
77.4
75.8
75.6
Negotiable
certificates of
deposit
Other
private
money
market
instruments
2L8
27.7
36* 3
5a 8
70.4
59.4
442
53.9
21.4
19.6
22.2
34 3
40. 5
442
49. 7
51.7
53.3
4a 3
42. 5
42.8
4ao
47.4
62.5
547
43. 8
43.5
46. 8
50.8
53.9
56. 6
58. 1
58.7
59. 3
59. 9
61. 0
62. 5
55.0
57.4
63.2
63. 1
443
4a 4
Source: Board of Governors of the Federal Keserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total l
1970
1971
1972
1973
1974
1975
1976.
1977
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
1
Total1
Automobile
Bank
credit
cards
Total i
Automobile
Bank
credit
cards
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
72, 888
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
107, 444
113, 784
926
156
920
665
795
555
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
59, 652
5, 615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
31, 090
_347
4,207
5,512
5,758
500
3,007
10, 238
13, 235
1, 153
699
918
1,430
1,443
1,220
1,850
2,911
17, 241
17, 595
18, 496
18, 784
18, 503
18, 810
18, 631
19, 204
19, 164
19, 787
19, 680
20, 138
5,511
5,819
6, 199
6, 106
6, 048
6, 063
5, 966
6, 158
6, 109
6,083
6, 330
6,721
2, 182
2,408
2,406
2,576
2, 621
2, 640
2, 566
2, 711
2,847
2,973
2,828
2,973
15, 084
15, 610
15, 525
15, 886
15, 849
16, 388
16, 167
16, 553
16, 814
17, 160
16, 826
17, 402
4,712
4, 801
4,816
4, 901
4, 801
5, 100
4,897
5, 104
5,005
5,234
5,089
5,424
2,176
2,201
2, 142
2,298
2,430
2,403
2,382
2, 396
2,567
2,687
2,585
2, 723
2, 156
1,984
2,971
2, 898
2, 655
2,422
2,464
2,651
2, 351
2, 626
2,853
2,736
799
1,019
1, 383
1,205
1,247
963
1,069
1,054
1, 105
850
1,241
1,297
6
207
263
278
192
238
184
315
279
287
243
250
19, 586
6,263
2,948
17, 162
5,078
2,788
2,424
1,185
160
Includes some items not shown separately.
Bank
credit
cards
Net changej in amount outstanding
296
826
117
863
200
169
328
645
112,
123,
137,
157,
157,
164,
193,
225,
_
Automobile
Instalm<3nt credit liejuidated
121,
138,
147,
156,
172,
194,
Source: Board of Governors of the Federal Eeserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial and industrial loans grew rapidly in February as did commercial banks holdings of U.S. Government
securities,
_
.
BILLIONS OF DOLLARS *(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
r-ALL COMMERCIAL BANKS-
1,000
•1,000
TOTAL
800
800
-LOANS AND INVESTMENTS\
600
600
400
400
200
200
100
100
80
80
INVESTMENT IN
US, GOVERNMENT SECURITIES
60
60
40 .1 m i I m n i M n 1 1 i n i I i i M 1 1 1 1 m
1970
1971
1972
t n n I n i 1 i [ n n. 1 1 i n n [ i n M t \_n \t 1 1 m I 1 1 11 i m n 1 1 1 in i 11 n I n 11 j | 40
1973
1
1974
1975
1976
1
1 9 7 7 »
1978
^SEASONALLY ADJUSTED, END OF MONTH
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1970
1971
1972
1973
1974
1975
1976
1977*
1977: Feb
Mar
Apr
May
June33
July
Aug*
Sept*___
Oct^
Nov13
Dec p
1978: J a n ^ _ _ _
Feb"
1
2
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
l
Allimjmber ban ks
Allc ommercial 1)anks
Borrowiiigs (millions of dollars,
Investsaents
L oans
Ileserves 2 3
Total
unadjij isted) 2
loans
and
Total exU.S. Gov- Other
SeaReNoninvest- cluding Commerernment
Total
secucial and
Total
sonal
borrowed
quired
ments
inter- industrial
securities
rities
bank
4
_
435.5
485. 7
558. 0
633. 4
690. 4
721. 1
784.4
865.4
292. 0
320,9
37a 9
449.0
500.2
496. 9
538.9
612. 9
797.9
805. 1
815.7
823. 9
830. 5
837.0
845.6
848. 4
857. 9
866. 1
865.4
546. 6
552.9
560.7
566. 1
572. 4
579. 0
587.0
592. 2
602. 5
611. 2
612.9
874. 3
881.9
622. 4
625.4
5
6
6
110.0
116. 1
130.2
156.4
183. 3
176. 0
179. 5
202. 2
57.8
60. 6
62.6
54.5
50.4
79.4
97. 3
93.5
85. 7
104.2
116.5
129. 9
139. 8
144 8
148. 2
159. 0
29. 12
31.22
31.41
34. 94
36. 60
34. 73
34.95
36.21
28.79
31. 10
30. 36
33. 64
35. 87
34.60
34.90
35. 64
28.87
31.04
31. 12
34. 64
36. 34
34.46
34. 68
36. 02
321
107
1,049
1,298
703
127
62
558
41
32
13
12
54
182. 2
184.4
186.7
188.2
190. 2
192.4
194.6
195. 1
199. 3
201. 6
202. 2
101.7
103. 8
103. 2
105. 1
105.2
103. 6
103. 1
100. 1
97.8
95. 0
93. 5
149. 6
148.4
151. 8
152. 7
152. 9
154.4
155. 5
156. 1
157.6
159. 9
159. 0
34.40
34. 31
34. 68
34.72
34. 86
35. 35
35. 64
35. 63
35. 90
36. 01
36.21
34.33
34.20
34, 61
34. 52
34. 60
35.03
34. 58
35. 00
34. 59
35. 15
35. 64
34. 20
34.09
34.49
34.51
34. 71
35. 08
35. 44
35. 42
35. 69
35.76
36.02
79
110
73
200
262
336
1, 071
634
1,319
840
558
12
13
14
31
55
60
101
112
114
83
54
204. 6
207. 1
92.5
97.5
159. 4
159.0
36. 89
36. 94
36. 40
36. 54
36. 62
36. 69
481
387
32
52
Data are for end of period.
Averages of daily figures. Annual date are for December.
* Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
* During 1974, total loans and investments were increased $0.6 billion due to
28
a bank merger and were reduced $1.5 billion due to liquidation of a large bank;
•6 Loan reclassifications reduced these loans by $1.2 billion as of March 31,1976. |
Loan reclassifications reduced these loans by $0.3 billion in December 1977.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Credilt market f unds
Total
Tnt^l
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104.3
127. 1
152. 9
180.7
180. 7
148. 4
213. 5
257. 5
58.9
68.6
80.8
83.8
75. 7
107. 8
125. 8
136.4
45. 5
58. 5
72. 2
96. 9
105. 0
40. 6
87.7
121. 1
40. 7
44. 5
57. 7
72. 7
81. 8
36.6
58.3
85.3
32. 1
40. 6
40. 7
37. 0
39. 1
49. 3
48.6
51.4
8.6
3.9
17.0
35. 7
42. 7
-12.7
9.7
33. 8
4. 8
14. 1
14, 5
24. 2
23. 2
4. 1
29. 4
35.9
95. 9
114. 6
136. 5
162. 6
163. 5
132.3
197. 2
247. 9
80. 3
86. 0
100. 3
123.3
134. 7
98.6
140.3
168.4
15. 6
28.6
36.2
39.3
28. 9
33. 7
56. 9
79.5
8.4
12.5
16. 5
18. 1
17. 1
16. 2
16. 3
9.6
1976: I
II
III
IV
219. 8
220.4
204.3
209.5
125. 4
125.0
130. 5
122.3
94, 4
95. 5
73.8
87.2
52. 1
60.2
51. 7
69.4
50. 1
46.8
51. 0
46.6
2. 1
13. 4
.7
22.8
42. 3
35.3
22. 1
17.8
203. 2
202. 5
192. 6
190. 5
1343
143. 1
150.4
133.4
68.9
59.4
42. 1
57.1
16.6
17.9
11. 7
19. 0
1977: I
II
III
IV*
266.6
230. 5
261.2
271.7
125.7
134,8
145. 1
139.9
140.9
95.7
116. 1
131.8
82.8
81.3
78.2
98.7
39.6
47.7
60.6
57.5
43.3
33.6
17.6
41. 1
58. 1
14.4
37.9
33. 1
258.8
221. 6
250.2
261.3
154. 1
169. 3
176.0
174. 3
104.7
52. 3
74.2
87.0
7.8
8.9
11.0
10.4
1970
1971__
1972__
1973___
1974
1975__
1976
1977*
.
1 Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Stocks, bonds, and mortgages.
3
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
< Plant and equipment, residential structures, inventory investment, and mineral rights.
Note.—Data revised for 1977.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current liab ilities
Ciirrent ass<3tS
End of
period
Cash
on
Total hand
and
in
banks 1
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriern- 3
ties2 ment
Notes
and
accounts
receivable
7.7
4.2
9.3
3.4
201.9
217. 6
240. 0
266. 1
289. 7
294 6
323. 9
193.3
200.4
215. 2
246. 7
288. 0
285. 8
315.4
35.0
43. 8
48. 1
54 4
60. 0
69.8
3049
326.0
352. 2
401. 0
450.6
457. 5
499. 9
Other
Incurrent
ventories
assets 4
Total
Advances
and
Notes
and
preacpayments, counts
U.S.
payGovable
ern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-8
ties
2047
215. 6
230.4
261. 6
287.5
281.6
295. 9
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
26.8
83.6
92.4
102. 6
117. 0
134 8
148.8
170.2
187.4
203.6
221. 3
242. 3
261. 5
274. 1
316.9
6.6
Net
working
capital
492. 3
529.6
573. 5
643.3
712. 2
731. 6
816.8
50. 2
53.3
57.5
61. 6
62. 7
68. 1
77.0
11.0
11.7
19.4
26.4
753. 5
1976: I
!!„__ 775. 4
III.. 791.8
IV___ 816. 8
68. 4
70.8
71. 1
77. 0
21. 7
23. 3
23.9
26.4
3. 6
3. 7
43
288. 8
295. 6
302. 1
315.4
63. 6
63. 9
66.3
69.8
465.9
475. 9
484 1
499. 9
6.4
6.8
7.0
43
307.
318.
324
323.
280. 5
287.0
2847
295. 9
23. 9
22. 0
24 9
26.8
155. 0
160. 1
167.5
170.2
287. 6
299.4
307. 7
316.9
845.3
II— 8747
75.0
77.9
79. 1
27. 3
24. 1
24 1
46
48
5. 3
342.0 322. 1
356. 6 332. 5
373. 8 343. 1
74 3
78. 8
84 5
516. 6
532. 0
556. 3
6.8
302. 2
313. 2
323. 6
28. 6
24 5
26. 9
179. 0
188. 6
199.7
328. 7
342. 7
353. 5
1970
1971. _
1972. _
1973
1974
1975___
1976
1977: I _
III.. 909. 8
11. 0
3. 5
3. 5
3. 5
3. 6
43
3
1
2
9
1 Includes time certificates of deposit.
23 Includes Federal agency issues.
Receivables from and payables to the U.S. Government do not include
piounts offset against each other on corporations' books or amounts arising from
fobcontracting which are not directly due from or to the U.S. Government.
Vherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
sa 6
49
40
43
5.2
6. 4
7.0
7. 0
5. 7
6.2
* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
s 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
Most interest rates drifted slightly lower during March.
PERCENT PER AhWUM
PERCENT PER ANNUM
-* to
10
CORPORATE j\aa BONDS
(MOOI:>rs)
A
''X\
px./
V\*l
Vs
v^-
<****M"**M»*-.^
\L
\ '
/_^—.
i
\
j
f**
\ *•
\
V
4j f M *t ! 1 1 t t 1
ff
l/\
f i
\
fc|
'V
1
1971
1972
\
I
/^\ 1
\
i-.
( f I f ! 1 .1 f f f f f |_1J f'l 1 1 p i
1975
1974
*
nr»
f-i
/\
DISCOUNT
RATE
FEDERAL
RESERVE *
BANK OF •
NEW YORK
1973-
J'-
L
TREASURY iJfLLS
\ ? f 1 1 f i f 1 1 1 -f f f i T | f | { yj 1 1 r f 1 1 t f t i
1970
::
\s
*
-v'~V^
/
/ -J \
r* \ H
\
AA
?7 M.1
/J
k
/^v-^-
L
ji p f 1 1 ft FI
1'976
f
/
\ ^J
1
f r f p | pjj[i I ( r t i I i M I i K
1978
*
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
Period
1972
1973
1974
1975
1976
1977
1977: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar 7
Week ended:
1978: Feb 24
Mar 3
10....
17
24
31
1
U.S. Goverament seenjity yields High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
3-month
(N.Y.
bonds
paper,
year
Taxable3
bonds
2
Treasury 3-5
(Standard
F.R.
4r-6
issues
bonds
bills i
Bank)5
& Poor's)4 (Moody's) months
4. 071
7.041
7.886
5. 838
4 989
5. 265
4.613
4. 540
4. 942
5. 004
5. 146
5.500
5.770
6. 188
a leo
6. 063
6. 448
6.457
6.319
6.460
6.429
6. 349
6. 302
6.207
6. 310
5.85
6.92
7.81
7.55
6. 94
6. 85
6.73
6.58
6.76
6.58
6. 67
a 90
a 92
5. 63
6. 30
6.99
a 98
a 78
7. 06
7.20
7. 14
7. 17
a 99
6.97
7. 00
a 94
7. 23
7.28
7.40
7.71
7.76
7. 08
7. 14
7.23
7.50
7.60
7.83
7.78
7.77
7.72
7.70
7.66
7.64
7.62
7. 60
7.59
5.27
5. 18
6.09
6. 89
6. 49
5.56
5.76
5. 61
5.64
5. 53
5. 50
5.46
5.37
5.53
5.38
5.48
5. 60
5.51
5.52
5.50
5.44
5.46
Rate on new issues within period.
23 Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
6 Average effective rate for year; opening and closing rate for month and week
30
7. 21
7.44
a 57
a 83
a 43
a 02
a 10
8.04
a 05
7.95
7.94
7. 98
7. 92
a 04
a os
a 19
8.41
a 47
8.49
a 49
8.48
8. 45
a 45
4.69
8. 15
9. 87
6. 33
5. 35
5. 60
487
4 87
5.35
5, 49
5.41
5.84
a 17
6.55
6.59
6. 64
450
6.45
7. 83
6. 25
5. 50
5.46
5K-5K
5K-5K
5K-5K
5&-5K
5K-5K
5&-5%
5%-5%
5%-6
6-6
6-6
6.80
a 79
6-6K
6/2-6/2
6.82
6.80
6. 79
6. 79
6^-6/2
6/2-6/2
6J4-6H
6H-6/2
Prime
rate
charged
by
banks 5
5.25
a 03
10. 81
7. 86
6.84
6.83
6K-6K
6/4-6^
6K-6K
6J4-6»
6&-6X
6%-7
7 -7K
7^-7%
7J4-7J4
7%-7%
7%-8
8-8
Newhome
mortgage
yields
(FHLBB)9
7.60
7.95
8. 92
9. 01
8.99
9.01
a 95
8.94
8.96
8. 98
9. 00
9.02
9.04
9. 07
9. 07
9.09
9. 15
9. 18
8-8
8-8
8-8
8-8
• Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates
beginning January 1973 not strictly comparable witfl
?
prior rates.
Not charted.
^
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 turned up somewhat in mid-March.
INDEX; DEC 3^1965=50
INDEX, DEC 31,1965=50
80
COMPOSITE STOCK PRICE INDEX
(NYSE)
1978
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common s tock 5 yields
(perc ent)
Cominon stock p rices l
Period
New York Stock Exct ange indexes(Dec. 31, 11965 = 50) 2
Composite Industrial Transportation
1972
1973
1974
1975 __
1976
1977
1977 :Feb
Mar
Apr
May
June
July
Aug.
Sept _. _
Oct
Nov
Dec
1978: Jan
Feb. _ _
Week ended:
1978: Feb24
Mar 3
10
17
24
60. 29
57.42
43. 84
45.73
54.46
53.69
54. 93
54, 67
53. 92
53. 96
54.30
54. 94
53. 51
52. 66
51. 37
51.87
51.83
49.89
49.41
48.08
50. 52
60.44
57. 86
59.65
59. 56
58.47
58. 13
58.44
5a 90
57.30
56.41
54. 99
55. 62
53. 55
53. 45
52. 80
48. 83
48.60
48. 86
49.81
50. 09
52. 10
51.80
52. 06
52. 17
53.44
65.73
eaos
sai7
Utility
31. 10
39.57
41.09
40. 59
40. 52
41. 51
43.25
43.29
43. 52
41. 04
39. 99
3a 33
39. 30
39.75
39. 15
38. 90
38.48
37.69
29. 79
31. 50
36. 97
40. 92
40.86
40.18
40.24
41. 14
41. 59
42.44
41. 50
40.93
40.38
40.33
40. 36
39. 06
39.02
78.35
70. 12
49.67
47. 14
52. 94
55.25
55. 65
54.84
54.30
54. 80
55.29
57. 29
56. 52
55.33
53.24
54.04
53. 85
50. 91
50.60
38.44
38. 21
38. 08
39. 05
39.58
38.78
38.71
38.94
39.43
39.57
50. 11
50. 16
50. 53
51.50
52.25
37.74
31; 89
* Averages of daily closing prices.
*8 Includes all the stocks (more than 1,500) listed on the NYSE;
Includes 80 stocks.
< Includes 500 stocks.
s Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial3
ratio
ratio
average (1941-43=
10) 4
2.84
950. 71
109. 20
5. 50
7.12
923. 88
107. 43
3.06
82. 85
759. 37
4.47
11. 59
802. 49
86. 16
9. 15
4. 31
102. 01
97492
3.77
8.90
4.62
98. 20
894.63
4.21
941. 77
100. 96
100. 57
946. 11
4. 37
10. 24
99. 05
4. 47
929. 10
98. 76
926. 31
4.57
99. 29
4. 60
916. 56
10. 37
100. 18
908. 20
4. 59
872. 26
97.75
4. 72
96. 23
4. 82
853. 30
11. 09
93. 74
823. 96
4. 97
828. 51
94.28
5. 02
93.82
818. 80
5. 11
5. 32
90.25
781. 09
88.97
5.49
763. 57
751. 39
745. 51
749. 79
762. 53
762. 67
87. 82
87. 32
87.77
89.43
89.86
5. 66
5.75
5.72
5. 65
5. 64
NOTE.—All data relate to stocks listed on the New York Stock Exchange
NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
ni
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 5 months of fiscal 1978 the budget deficit was $39.5 billion. A year earlier the deficit was $32.0 billion.
BJLUONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
R£CHPTS AND OUTIAYS
.400
400
OUTLAYS
300
300
200
200
50-
50
SURPLUS (+) OR DEFICIT {-)
-50
-50
-100
-100
1970
1971
1972
1973
1974
1978
1975
1979
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978 (estimates)22
1979 (estimates)
Cumulative total first 5 months :
Fiscal year 1977_
Fiscal year 1978_
Receipts
1 Excludes non-interest-bearing public debt securities held by IMP.
2
Estimates from Current Budget Estimates, March 1978, Office of Management
and Budget.
32
187.8
193.7
Outlays
208. 6
232. 2
264. 9
281. 0
299.2
81.7
356. 9
400. 5
439.8
184. 5
196.6
211. 4
232. 0
247. 1
269. 6
326. 1
365. 6
94 7
401. 9
453. 5
499.4
130.3
144.5
162.3
184.0
isa4
Surplus or
deficit ( — )
Federal debt ( end of period)
Total1
Held by
the public
-148
-4 7
-45. 1
-66. 4
-13. 0
-45. 0
-53.0
-59.6
367. 1
382.6
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
785.6
873.7
279.5
2849
304 3
323. 8
343.0
346.1
396.9
480.3
498.3
551. 8
617.8
69(h 8
-32.0
-39.5
6743
739.7
528.0
583.7
3.2
-2.8
-23.0
-23.4
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget.'
FEDERAL BUDGET
OUTLAYS BY FUNCTION
BY SOURCE AND
In the first 5 months of fiscal 1978 budget receipts were $14.2 billion higher than a year earlier and expenditures
were $21.7 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200 -RECEIPTS-
200
100
100
„„„,..»»«"«"?
CORPORATION INCOME TAXES
X
OTHER RECEIPTS
400
400
OUTLAYS
300
300
NONDEFENSE
200
200
100
100
v
I
_L
_L
1970
1971
1972
I
I
1973
1974
1975
1976
1978
1977
FISCAL YEARS
SOURCfS. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Rece ipts
(3utlays
Nationa [ defense
Period
Fiscal year or period:
1969
197(L_
1971. _
1972.
1973_
1974
1975_ _ _ _
1976
Transition quarter __
1977. _ _
1978 (estimates) lJ
1979 (estimates)
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
187.8
193. 7
188.4
208. 6
232. 2
264. 9
281. 0
299. 2
81.7
356.9
400.5
439.8
87. 2
90.4
86.2
94.7
103. 2
119. 0
122. 4
130.8
38.7
156.7
178. 8
190. 1
36. 7
32.8
26.8
32.2
36. 2
38. 6
40. 6
41. 4
8. 5
54. 9
58.9
62. 5
63. 9
70.5
75.4
81. 7
92. 8
107. 4
118.0
127.0
34. 5
145. 2
162.7
187.2
184.5
196. 6
211.4
232. 0
247. 1
269. 6
326. 1
365. 6
94. 7
401. 9
453. 5
499. 4
79.4
78.6
75.8
76.6
74.5
77. 8
85. 6
89.4
22.3
97.5
106. 1
117.8
77. 9
77. 2
74.5
75.2
73.3
77. 6
85. 0
88.0
21. 9
95.7
103.8
115. 2
4. 6
Cumulative total first 5
months :
Fiscal year 1977
__ 130. 3
Fiscal year 1978
144. 5
62. 7
71.2
12.0
14. 6
55.6
58.7
162.3
184.0
41.3
44.8
39.2
41.3
1
Estimates from Current Budget Estimates, March 1978, Office of Management
ad Budget.
NOTE.—Earned income credit payments in excess of an individual's tax liability
are classified as income tax refunds beginning 1976 and as outlays prior to 1976.
5.6
2.2
4.8
5.8
7.2
6. 9
49. 0
56. 1
70. 1
81.4
91. 8
106.5
136. 3
160. 0
41.4
175. 8
190. 3
209. 6
15. 8
18. 3
19. 6
20. 6
22.8
28. 1
31. 0
34. 6
7. 2
38. 1
42. 9
49.0
35.7
39.3
41. 8
48.8
53.9
51.7
66. 5
76. 0
21. 5
85.7
108.4
115.8
-1. 5
— 1.4
72.2
77. 1
16. 2
17.9
34. 1
45.6
4.3
4. 1
4.7
4.0
5.6
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS
According to revised estimates for calendar 1977, Federal receipts rose $41.6 billion and expenditures $37.1 billion,
yielding a deficit of $49.5 billion, $4.5 billion less than in 1976.
BftilONS OF DOLLARS
160
40
40
SURPLUS
11 Hi tm t*™
Y//J(
«Iliii^M-
ty/A
&&A
&A
m
-40
VIA |222 V/A WA
M
DEFICIT
II 1 I I 11I
- 1$ i1 m m
W
m
-
-80
nil
n
-40
-80
-120
-120
19$9
1970
1972
1971
1973
1974- "
197 5
•1976
1977
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent receip ts
Period
F<3deral G overnme at expen ditures
GrantsSubsidies Less:
Indirect ContriPurin-aid
less
Wage
Personal Corporate
business
butions
chases
Transto
State
. Net
current accruals
and profits tax and
Total tax
for
Total
fer
payof
goods
and
surplus
of
interest
less
nontax
tax
nontax social inand
ments local
paid Govern- disreceipts accruals
accruals surance
services
government en- bursements
terprises ments
Fiscal year:
1974
271. 8
1975
283. 6
314. 1
1976
364.0
1977
Calendar
year:
1974
288. 6
1975
286. 9
1976
332.3
1977 »
373.9
1976: I
318.4
II. __ 329. 1
III.. 337. 1
IV___ 344. 5
1977: I
364.9
n___ 371.2
III... 373. 2
IV *>. 386.2
122. 6
127. 3
137. 2
165.5
43.7
42. 1
52.2
57.4
21. 4
22. 1
24. 2
24.6
84. 2
92. 1
100. 5
116.5
278.8
32R7
372.3
411.8
104.6
117.9
126. 5
140. 7
104 7
1342
156. 8
169.7
41. 6
48.4
57. 5
66.0
19. 8
21. 9
25.4
29. 3
8. 0
5. 7
6. 1
6. 1
131. 1
125. 6
147.3
170.7
138. 0
143. 9
150. 3
157. 1
170. 0
168.6
168.6
175.6
45.9
43. 1
55. 9
59. 4
54 4
57.0
56.9
55. 1
55.4
59. 9
59. 5
62.9
21.7
24. 0
23.4
24.8
22.7
23. 2
23. 7
23. 8
24. 2
24. 6
25.4
25,2
89. 9
94.2
105.7
118.9
103.2
105. 0
106. 2
108.4
115.4
118. 1
119. 7
122. 5
299. 3
357. 1
386.3
423.4
378. 7
375. 3
390.6
400.4
403. 7
411. 5
432. 1
446.3
111. 1
123. 3
130. 1
145.4
127.6
128.5
130.2
117.6
149. 1
162.0
17a 1
160.2
157.8
163.9
43. 9
54.6
61.0
67.5
58. 5
56. 8
63. 1
65.5
62.0
63. 6
72.7
71.7
20. 9
23.3
27. 2
29. 6
26.2
26.7
27.3
28. 5
28. 6
29.1
29.4
31.5
5. 3
6. 7
5. 9
7.8
6.2
5. 5
6. 1
6.0
6. 1
5. 9
7.2
11. 9
1342
136.3
143.6
148. 1
153. 8
16&3
170.7
169. 3
174 8
177.4
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
— 0. 2
— .4
.0
.0
—.5
'. 0
.0
.0
.0
.0
.0
.0
.0
.0
.0 I
.0
Surplus
or
deficit
(-),
national
income
and
product
accounts
— 7. 0
—45. 0
— 58. 2
-47. 8
— 10. 7
— 70! 2
— 54. 0
-49! 5
— 60. 3
— 46. 2
— 53. 5
-55.' 9
— 38. 8
— 40. 3
— 58. 9
—60. 1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria produc3tion (seiisonally adjuste d)
Period
1971
1972
____
1973
1974
1975
1976
1977*
1977: JuneJuly...
Aug.—
Sept
Oet_
Nov »._
Dec »__
1978: Jan»__
Feb *..
United CanStates ada
109. 6
119. 7
129. 8
129. 3
117.8
129.8
137.0
137. 8
138.7
13a 1
138.5
13R9
139. 3
139.6
138. 5
139.2
Japan
GerFrance many
Italy
isae
117.5
122.7
134.6
140.6
127.6
128
135
145
148
137
149
155. 8
167.2
194. 6
187. 1
167. 5
185.9
193.6
194.3
189. 6
195. 0
194.1
191.8
195.6
197.5
199.2
121. 5
130.0
141.7
145. 8
139.0
145. 4
151.3
152.2
150.7
151.4
151.2
151.6
152.5
152.6
156
151
151
154
149
155
150
155
138.7
147.7
145. 1
137. 1
149. 1
152.7
152
151
152
153
152
153
156
159
was
144.7
isa i
135.9
132. 8
140.9
136. 0
1 38. 0
1340
Con sumer Drices (u aadjuste d)
United United CanKing- States1 ada
dom
110.6
113.2
122.5
120. 3
114.3
115.6
117.2
114. 4
117.5
117.4
117.2
115.3
115. 4
116.6
117.3
121.3
125. 3
13a 1
147.7
161.2
170.5
181.5
181. 8
182. 6
183.3
184. 0
184. 5
185.4
186. 1
187.2
188.4
GerJapan France many
115. 6
121. 2
130.3
144. 5
160. 1
172. 1
185.9
185. 3
187. 1
187.9
188.9
190.8
192. 0
193.3
1940
195.3
12a5
132.3
147.9
184 0
205. 8
224 9
243.0
24a 6
m.5
112.7
119. 0
127. 2
136. 1
144.2
150.7
156. 6
157. 6
157.4
157. 3
157. 1
157. 3
157.5
157.9
158.9
159.6
131. 1
140. 7
160. 0
17a9
196. 1
213.9
2ia 6
24ao 215. 5
243.0 216. 7
247.3 2iae
248.6 220.3
245.7 221. 1
245. 1 221.7
246. 1 222.8
United
Kingdom
Italy
1144
121. 0
134 1
159.7
186. 8
2ia 1
257. 6
2543
255.8
25a2
263. 9
266.7
270.7
272.0
2746
277.4
12a 5
137.6
150.3
1744
216. 5
252.4
292.4
2949
295.3
296. 7
298.3
299.6
301.0
302. 6
3044
306.2
Source: National sources as reported by Department of Commerce, Bureau
©f International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicator*.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercllandise exports
Merc landise imports
Ge neral im]>orts
Domestic3 exports
Period
Total
domestic and
foreign Total * 2
exports
Food, Crude
Food, Crude
Total
bever- mate- Manubever- mate- Manufac2
facrials
(c.i.f.
rials tured Total
ages,
ages,
tured
and to- and
and to- and
value) 4
goods
goods
bacco fuels
bacco
fuels
F.a.s. valu e «
Monthly
average:
1973
1974
Mer ehandise
balance
Exports
Ex(f.a.8.) ports
less
(f.a.s.)
imless
ports
im(cusports
toms (f.a.s.)
value)
trade
Exports
(f.a.8.)
less
imports
(e,i.f.)
Custom s value
5,902
8,159
5,811
8,045
1,078
1,269
895
1,317
1974
8, 159
1975
8,966
1976
9,596
1977
10, 095
1977: Jan
9,664
Feb____ 9,897
Mar.__ 10, 164
Apr
9, 953
May
10, 489
June
10, 090
July_ 10, 385
Aug
9, 674
Sept... 11, 037
Oct
9, 375
Nov... 9,475
Dec
11, 007
1978: Jan___ 10, 014
8,045
8,842
9,456
9,912
1,269
1,399
1,436
1,332
1,241
1,330
1,419
1,344
1,459
1,376
1,420
1,346
1,466
1,023
1, 135
1,472
1,281
1,317 5,294 8,354
1,266 5,913 8,048
1,341 6,437 10, 084
1,548 6,681 12, 308
1,408 6, 521 10, 971
1,575 6,539 12, 882
1, 528 6, 612 12, 083
1,674 6,472 12, 087
1,753 6,708 10, 983
1,612 6, 620 13, 396
1,653 6,640 13, 077
1,296 6,469 11, 651
1,531 7,516 12, 605
1,466 6,294 12, 996
1,500 6,380 11, 833
1,493 7,471 13, 123
1,402 6,739 12, 393
3,728
5,294
5,790
8,416
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
* Total includes commodities and transactions not classified according to kind,
» Total arrivals of imported goods other than intransit shipments.
« Ca.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770 1, 120
892 2,653
F.a.s. yalue 5
892 2, 672
827 2,716
991 3,456
1,186 4,463
1, 105 3, 963
1,326 4,817
1,228 5,089
1,459 4,069
1,295 3,563
1, 179 5, 188
1, 150 4,900
1,022 4, 164
1,079 4,617
1,008 4,838
995 4, 665
1,438 3,909
1,251 3,921
3,750
4,684
6,131
9,000
4, 602
9,000
4,257
8,654
5, 398 10, 825
6,380 13, 131
5,549 11, 734
6,295 13, 749
5, 608 12, 879
6,253 12, 886
6,095 11, 726
6, 629 14, 298
6,731 13, 973
6,251 12, 416
6,780 13, 454
6,924 13, 868
6,078 12, 953
7, 648 ' 13, 994
7,391 13, 170
112
-257
— 195
—229
-841
—257 —195
853
918
—581 —488
—2, 299 —2, 213
—1, 392 —1, 307
—3, 082 —2, 985
—2, 007 — 1, 918
—2, 219 —2, 134
—601 —494
—3, 419 —3, 306
—2, 774 —2, 692
—2, 023 —1, 877
1,632 —1, 569
3,708 —3, 621
—2, 436 —2, 358
—2, 218 —2, 116
—2, 467 —2, 379
—841
312
—1, 229
—3, 036
—2, 070
—3, 853
—2, 714
—2, 932
—1, 237
—4,207
—3, 588
—2, 742
—2, 417
—4, 493
—3, 118
—2, 987
—3, 156
* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Note.—Series revised beginning 1975 (except detail beginning 1977 only); not
strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census,
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. current account was in deficit by $20.2 billion in 1977 compared with a deficit of $1.4 billion in 1976.
BILLIONS OF DOLLARS
10
BIUJONS OF DOLLARS
10
BALANCE ON CURRENT ACCOUNT
1977
1969
SOURCEt'DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise 1 2
Period
1971
1972
1973
1974
1975
1976
1977 >
Exports
Imports
Inv«sstment iiicome
Net
Kol
ance
43, 319 -45, 579 -2, 260
49, 381 -55, 797 -6,416
71, 410 -70,499
911
98, 306 -103, 673 -5, 367
107, 088 -98, 043
9,045
114, 694 - 124, 014 -9,320
120, 472 — 151, 713 -31,241
Receipts
Payments
"NT A*
9,512 -4, 893
4,619
10, 161 -5, 975
4, 186
13, 540 -8, 744 4, 796
8,744
19, 763 -11, 019
17, 330 -11, 376 5,954
21, 369 -11,561
9,808
24, 940 - 13, 005 11, 935
Net
military
transactions
Nettravel
and
transportation
receipts
-2, 893
-3, 621
-2, 287
-2, 083
-876
366
1,432
-2, 315
-3, 028
-3, 086
-3, 105
— 2, 552
-2, 145
-3, 095
Other
services,
net 3
27,
28,
29,
29,
000
380
603
711
-28, 343
— 29, 955
-32,411
— 33, 305
- 1, 343
- 1, 575
-2, 808
-3,594
5,298
5, 167
5,483
5, 421
-2, 861
-2, 887
-2, 816
-2, 997
2,437
2,280
2,667
2, 424
-65
-39
235
235
-669
-337
-458
-681
1, 192
1, 176
1,239
1, 279
1977: !___
II__
III_
IV *_
29,
30,
30,
29,
457
655
870
490
-36,606
-38,309
— 38, 429
— 38, 369
-7, 149
-7, 654
— 7, 559
-8,879
6, 074
6,599
6,391
5,876
-2, 887
-3, 160
-3, 225
-3,733
3, 187
3,439
3, 166
2,143
514
309
559
50
-948
-778
-673
— 696
1,278
1,324
1, 518
1,436
military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
Remittances,
pensions,
and
other
lateral
transfers l
Balance
on
current
account
2, 509
-340 -3, 701 -4, 041
2,789 -6, 088 -3,854 -9,942
3, 185
3,520 -3,887
-367
3,970
2,160 -7, 188 -5, 028
4, 594 16, 164 -4, 612 11, 552
4, 888
3,596 -5, 023 -1,427
5,555 -15,414 -4, 795-20, 209
1976: I _ _ _
II..
III.
IV._
1
Excludes
2
Adjusted
3
Balance
on
goods
and
services 1
1,552
1, 505
875
-337
-3, 118
-3,360
—2, 989
-5, 946
- 1, 029
523
-1, 015
490
-1,936 -1,061
-1,045 -1,382
— 1, 163
-1,215
-1,334
-1,084
- OTE.—Data revised for 1977.
Source: Department of Commerce, Bureau of Economic Analysis.
-4,281
-4, 575
-4, 323
-7, 030
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreisn official assets in the U.S. rose by $15.5 billion in the fourth quarter of 1977 largely reflecting exchange
market intervention by foreign central banks to slow appreciation of their currencies against the dollar.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30 I
SEASONALLY ADJUSTED
2Q
20
CHANGE M
FOREIGN ASSETS
IN THE U.S., NET
A
\
10
-10
-10
-20
-20
-30
-30
197?
1969
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, inet
[inere ase/capita 1 outflow (-)]
Fore ign assets in the U. S., net
[incr ease/capri,al inflow (+)]«
Foreigni official
assets
Period
Total
1971
1972
1973
1974
1975
1976
1977 »
Other
U.S.
U.S.
official
U.S.
private2
reserve Govern- assets
assets 1 2 ment
assets
Total
Total
-9, 299 2,348 -1,884 -9, 763 22, 445
32 -1,568 -8, 392 21, 127
-9, 929
-14,666
209 -2, 645 -12,230 17, 753
-27, 029 -1,434
365 25, 960 33, 612
3,463 -27, 478 14, 336
— 31, 548
— 607
-42, 959 -2, 530 -4, 213 -36, 216 34, 520
-26, 059
-231 -3, 666 -22, 162 49, 261
1976:1
-10,751
-773
-723 -9,
II
-944 — 7,
-9, 779 -1,578
III... -8, 409 -407 -1,405 —6,
228 -1, 142-13,
IV.... -14,022
331
1977: 1
II
-10,283
III... —4, 423
IV».. -11,684
254
257
597
108
6, 856
7, 385
8,201
12, 079
3,847
4,051
3,070
6, 977
— 388
-909
1, 627
6
-825 -9, 464
151 — 1, 169 -3, 405
-763 -10,921
2,510
13, 781
13, 920
19, 050
5,719
7,908
8, 249
15, 542
Consists of gold, special drawing rights (SDE), convertible currencies, and
3 U.S. reserve position in the IMF.
2 Quarterly data are not seasonally adjusted.
26, 895
10, 705
6,299
10, 981
6,960
17, 945
37, 419
Assets of Other
foreign foreign
official
assets
reserve
agencies
27, 405 —4, 450
10, 322 10, 422
5, 145 11, 454
10, 257 22, 631
5,259
7, 376
13, 007 16, 575
35, 545 11, 842
Statistical
discre pancy
Allocations
Of
of
Total
which:
special (sum of Seasonal
drawing
the
adjustrights
items
ment
(SDR) with sign discrepreversed) ancy
U.S.
official
reserve
assets,
net l
(unadjusted,
end of
period)
717 -9, 822
710 -1, 966
-2, 720
-1,555
5,660
9, 866
-2, 993
3,009
3,333
5, 131
5, 102
3,372
717
1,905
129
1,268 -2, 622
3,325
1,780
5,007 — 3, 209
7,452
5,873
7,928
5,671
15, 158
3,508
1,440
652
1,077
-90
-5, 173 -2, 388
-337
1,826
2,323
3,308
1,251
6, 125
12,
13,
14,
15,
16,
18,
19,
167
151
378
883
226
747
317
16, 941
18, 477
18, 945
18, 747
19,
19,
18,
19,
120
156
988
317
NOTE.—Data revised for 1977.
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
873
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON. D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mall
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product..,
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
...................
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
;
Average Weekly Hours and Hourly Earnings—Private 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
UJS. International Transactions
....._._....
* » „ , » *..
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