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96th Congress, 1st Session
Economic Indicators
March 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art "Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME,
NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1978,
national product rose $78.7 billion or 15.6 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased 6.9 percent from the third quarter level
and the implicit price deflator rose at an 8.2 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
BILLIONS Of DOLLARS (RATIO SCALE)
2,200
2,000
1,800
1,60)
1,400
1,200
1,200
1,000
1,000
1971
SOURCE; DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
na-
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976-__
1977
1978
tional
product
Personal
Gross
conprivate
sump- domestion
tic
exinvestpendment
itures
868. 5 535.9
935. 5 579.7
982.4 618. 8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809.9
1, 412. 9 889. 6
1, 528. 8 979. 1
_ 1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
2, 107. 6 1, 340. 1
131.5
146.2
140. 8
160.0
188. 3
220. 0
214. 6
190.9
243. 0
297. 8
345. 6
1, 806. 8 1, 167. 7
1, 867. 0 1, 188. 6
1, 916. 8 1, 214. 5
1, 958. 1 1, 255. 2
1978:I_.__ 1, 992. 0 1, 276. 7
II... 2, 087. 5 1, 322. 9
Ill
2, 136. 1 1, 356. 9
IV— 2, 214. 8 1, 403. 9
1977:1
II
III_ _
IV__.
Net
exports
Exports
Imports
Total
services
Federal
National
Total
Ho
fense !
2. 3
Nondefense
State
and
local
Final
sales
-3. 3
7. 1
6. 0
20.4
7.4
-11. 1
-12. 0
49.9
54.7
62. 5
65.6
72. 7
101.6
137.9
147.3
163.2
175.5
204.8
47.7
52. 9
58.5
64. 0
75.9
94. 4
131.9
126.9
155.7
186.6
216.8
198. 7
207. 9
218.9
233. 7
253. 1
269. 5
302.7
338.4
359. 5
394.0
433.9
98. 0
97. 5
95. 6
96. 2
102. 1
102. 2
111. 1
123. 1
129.9
145. 1
153.8
76. 9
76. 3
73. 5
70. 2
73. 5
73. 5
77. 0
83. 7
86.8
94.3
99.5
21.2
21.2
22. 1
26.0
28. 6
28. 7
34. 1
39. 4
43. 1
50. 8
54.3
100.7
110.4
123.2
137.5
151. 0
167.3
191. 5
215.4
229.6
248.9
280. 2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
2, 091. 6
272.5
295.6
309. 7
313.5
-8.5
-5.9
-7.0
-23.2
170.9
178. 1
180.8
172. 1
179. 4
184.0
187. 8
195.2
375.0
388. 8
399.5
412.5
138. 3
142. 9
146. 8
152.2
91. 9
93.7
94.4
97.1
46. 4
49. 3
52.4
55. 1
236.7
245.9
252.7
260.3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
322.7
345.4
350. 1
364.0
-24. 1
-5.5
-10.7
-7.6
181.7
205.4
210. 1
221.9
205.8
210.9
220. 8
229. 5
416.7
424.7
439.8
454.5
151.5
147.2
154.0
162. 5
97.9
98.6
99. 6
102. 1
53.6
48. 6
54.5
60.4
265.2
277.6
285.8
292.0
1, 975. 3
2, 067. 4
2, 122. 5
2, 201. 3
1.8
3.9
1.6
1
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Go\rernment purchases of goods iand
Export s and imp orts of
good s and sennces
i
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions, of 1972 dollars; quarterly data at seasonally adjusted annual rates)
cr
Exf >orts of gc>ods
Gross private dc mestic
and service5S
iiivestment
Personal
conGross
Change
national sump- NonResi- in busition
product
"NW
xNev
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1,217.8
1, 202. 3
1, 271. 0
1, 332. 7
1, 385. 7
633.4
655. 4
668.9
691.9
733.0
767.7
760.7
774.6
819.4
857.7
891.7
108.0
114. 3
110.0
108.0
116.8
131.0
130.6
113.6
118.9
129.8
140. 2
42.8
43.2
40.4
52.2
62.0
59.7
45. 0
38.8
47.8
57.7
59.8
1977: !___. 1, 306. 7
II— 1, 325. 5
III— 1, 343. 9
IV— 1, 354. 5
846. 6
849.5
858.0
876.6
126.8
129.1
130.8
132.5
53.5
58.0
58.8
60. 3
1, 354. 2
873.5
886. 3
895.1
911.8
133. 8
140. 5
141.7
144.9
59.5
59.9
59.7
60.3
1968
1969.
1970__.__1971
1972
1973
1974
1975
1976_._ __
1977
1978
1978: I
II— 1, 382. 6
III.__ 1, 391. 4
IV— 1, 414. 7
Governrnent purebases of
gooc s and sendees
Total
58.9
63. 5
65.7
68.5
75.9
79.9
77. 1
67.5
80.5
88.7
98.6
259.2
9.5
8.4
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
107.0
97.1
98.9
100.8
96.0
85.9
87.9
88.2
92.9
262. 8
7.5
11.2
11.0
12.5
3. 1
12.3
12.7
11.3
2.9
99.1
108.4
109.0
111.7
96.2
97. 1
99.7
101.5
272. 1
271.9
8.7
10.6
4.3
6.6
9.4
16. 5
8.0
~~~^ Q
»/. K.
o
6.7
8. 9
10.6
5.8
10. 0
12.2
9.0
8.2
-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22. 6
15.4
9.2
10.2
256. 7
250.2
249.4
253. 1
252. 5
257.7
262.6
262. 8
269.2
275.0
267.9
271. 7
274.5
276.7
279.4
Federal
State
Final
sales
and
local
128. 3
121.8
110.7
103. 9
102. 1
96.6
95.8
96.5
96.6
101.6
100. 3
130. 9
134. 9
139.5
145.5
151.0
155.9
161.8
166. 1
166.2
167.6
174.7
1, 043.
1, 068.
1, 071.
1, 100.
1, 161.
1, 218.
1, 209.
1, 212.
1, 264.
1, 323.
1
2
0
9
7
5
9
1
4
8
98.7
101. 3
102.9
103. 6
164. 1
166.6
168.8
170.9
1, 300.
1, 315.
1, 331.
1, 347.
9
5
7
1
101. 2
97. 1
100.4
102.5
170.8
174.8
176.3
176. 9
1, 341.
1, 369.
1, 382.
1, 406.
8
9
4
5
1,375.2
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona I eonsumprtion expenditures
Total
1968___
1969_-_
1970 __
1971..
1972
1973__
1974
1975
1976..
1977
1978.
1977:1
II
III.
IV
__ _
___
_
_
___
Nonres- ResiNonDurable durable
Services idential dential
fixed
fixed
goods
88.5
92.5
96.6
100.0
105.5
116. 9
126.4
133. 1
140.7
150.3
90.7
93. 1
95.5
99.0
100.0
101. 6
108.4
117.7
124. 4
129.5
136.5
85.3
89.4
93.6
96.6
100.0
107. 9
123.8
133.4
138.2
145.0
155.0
82.0
86. 1
90.5
95.8
100.0
104. 7
113. 6
123.2
131.6
141.0
151.2
82. 6
86. 6
91.3
96.4
100,0
103,8
115.3
132.2
138.4
146.7
158.7
27
86
63
56
137.9
139.9
141. 6
143.2
128.4
128.9
129.5
130.9
142.4
144.7
145.7
147.0
137.4
139.7
142. 3
1444
147. 10
150. 98
153. 52
156. 56
146. 2
149.3
151.6
154.0
133. 1
135.7
137.8
139.3
150.4
154.4
156. 2
158.8
147.1
149.9
152. 6
155.2
82.57
86. 72
91. 36
96.02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61
152. 09
138.
__ 140.
142.
144.
1978: I__
II__
III
IV
846
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
dom estic
invesltoient
80.7
87.7
90. 6
Expor ts and
imports of goods
and se rvices
Governnlent purchases c>f goods
and s€Tvices
Exports Imports Federal
State
and
local
100.0
110. 8
122.3
132.8
142.5
159.4
178. 8
85.3
87.9
93. 1
96. 6
100.0
116. 2
148.3
163.6
170. 1
178.7
191.3
80.9
83.3
89. 1
93.5
100.0
118. 2
171.0
188.0
193. 5
210.3
219.7
76.4
80. 0
86. 4
92.6
100.0
105.8
115. 9
127. 5
1344
142.7
153.3
76.9
81.9
88.3
94.5
100.0
107.3
118.4
129.7
138. 1
148.5
160,4
142.5
145.0
147.9
151. 2
152.3
157.6
160. 6
166. 1
176. 1
180.0
179.4
179.2
208.9
209. 3
212. 9
210. 2
140. 1
141. 1
142. 7
146.9
1443
147.6
149.7
152.3
153.6
156.7
160.6
163.6
168.6
175.7
182.6
188.2
183.3
189.4
192.8
198.7
213.8
217. 2
221.5
226. 1
149.6
151. 5
153.4
158. 5
155.2
158.8
162. 1
165. 1
949
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross ciomestic i>roduct
Gross national p roduct
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
1968
_„_
1969
1970- _ _ _ „
1971. _ _ _ _
1972
1973.
1974_
_ _
1975
1976
1977
1978
__
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11. 2
11.0
11.7
4.4
2. 6
-.3
3.0
5. 7
5. 5
-1.4
-1.3
5.7
4.9
4. 0
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9. 6
5.2
5.9
7.4
4.4
5. 0
5.3
5.0
4. 1
6.0
9.9
9.4
5. 6
6.2
7.5
4.3
5. 0
5.2
4.9
4. 0
6.0
10.2
9.3
5.6
6.3
7.6
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
11.7
4.4
2.6
g
2.8
5.8
5.4
-1.3
-1. 1
5.6
4.8
4.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
7.4
4.4
5.0
5. 3
5.0
4. 1
5.9
9.6
9.4
5.7
6. 1
7.5
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6. 3
7.7
1977: I
II
III
IV
13.7
14. 0
11. 1
8.9
7. 3
5.9
5.7
3.2
6.0
7.7
5. 1
5.5
6.6
7. 3
4. 6
6.5
7.0
7.4
4.7
6.8
13.3
13.9
11.2
9.5
7. 1
5.8
5.8
3.5
5.7
7.7
5. 1
5.8
6.4
7.4
4.5
6.7
6.8
7.5
4. 6
7.0
1978: III
III
IV
7. 1
20. 6
9.6
15.6
-.1
8.7
2.6
6.9
7.2
11.0
6.9
8.2
7. 1
10.8
7.6
8. 1
7.0
11.0
7.6
8.4
6.7
20. 1
10. 2
15. 5
-.4
8.3
3.0
6.9
7. 1
10.9
7.0
8. 1
7. 1
10.9
7.5
8. 1
7.0
11.0
7.6
8.4
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross c omestic
prodiict of
nonfin ancial
corp(3rate
busi ness
(billic>ns of
doll ars)
Period
Current-do lar cost and profit 3er unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
conComsumption
penallowances Indirect sation
business
of
with
capital taxes 3 employees
consumption
adjustment
Net
interest
Corpo rate profi bs with
inventc3ry valuat ion and
capit al consuniption
gidjustmen ts
Profits
tax
liability
Profits
after
tax 4
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
Current
dollars
1972
dollars
452. 9
1967
1968
498.4
541. 8
1969
1970
560. 6
602. 5
1971
1972
671. 0
1973
752. 0
1974_ _ _ 808.8
1975. _ _ _ 874. 1
988. 5
1976
1977
1, 103. 2
1978*
1, 240. 7
545.8
581. 6
607. 3
600.6
619. 3
671. 0
720.4
695.0
680.0
730.0
769. 3
810.4
0. 830
. 857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1.354
1.434
1. 531
0. 072
.074
.079
. 088
.094
.093
. 095
. 116
. 142
. 146
. 150
. 156
0. 084
.089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
. 146
0. 535
. 553
. 589
. 628
. 645
. 661
. 699
.796
. 848
.891
. 952
1. 029
0.016
.017
.022
. 028
. 029
.028
.032
. 043
.045
.042
. 044
. 046
0. 123
. 124
. 109
. 086
.095
. 107
. 105
. 086
. 113
. 139
. 148
. 154
0.051
.058
.055
. 045
. 048
. 050
. 055
. 061
.060
. 073
.077
.085
0.072
.066
.055
. 041
. 046
.057
.050
.024
.053
.066
.071
.070
6.909
7. 134
7. 157
7. 148
7. 393
7.630
7. 788
7.489
7. 721
7.962
8.057
8. 148
3. 695
3.945
4.209
4.488
4. 769
5. 047
5. 446
5.958
6.550
7.093
7. 667
8.382
1977: I
II___
III __
IV.__
1, 048. 5
1, 093. 3
1, 124. 6
1, 146. 3
750.2
766.9
776.7
783.6
1.398
1.426
1.448
1.463
. 149
. 149
. 151
. 152
. 140
. 139
. 140
. 142
. 932
.946
.955
.973
.043
. 043
. 044
.045
. 134
. 148
. 158
. 151
. 075
.078
. 076
. 077
. 059
.070
.082
.074
7. 991
8.025
8. 113
8. 103
7.451
7.590
7.746
7.881
1978: !___._ 1, 161. 6
!!.__. 1, 233. 0
III... 1, 260. 6
IV *_ 1, 307. 4
783.6
811.9
814.9
831.3
1.482
1. 519
1.547
1.573
. 155
. 153
. 158
. 158
. 145
. 145
. 145
. 146
1.008
1. 017
1. 038
1.053
.046
.045
. 046
.046
. 129
. 157
. 160
. 169
.071
.086
.086
.094
.057
.071
.074
.076
8.053
8. 139
8. 165
8. 117
8.281
8.471
1
Output is measured by gross (iomestic product of nonfmaneial corporate
business
in 1972 dollars.
3
This is equal to the deflator for gross domestic product of nonflnancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
4
Total
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr ietors1
mcom e with
inventor y valuation anc l capital
consulnption
adjust ments
Compensation of
employees l
Farm
Nonfarm
Rental
income
of persons
with
capital
consumption
adjustment
Corpor ate profit*3 with inventory va luation
and capital co nsumptio n adjustmLents
Profits 5 with inv entory
valualbion adjustment
and iwithout csipital
consum ption adjiistment
Inven-
Total
•f rvr--"
Total
Profits
before
tax
valuation
adjustment
Capital
consumption
adjustment
Net
interest
1968
1969
1970
1971 1972__
1973
1974
1975
1976
1977
1978*
519.8
714.4
571.4
767.9
609.2
798.4
650. 3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
1, 703. 8 1, 301. 4
12.0
13.9
13.9
14. 3
18.0
32.0
25.4
23.5
18.4
20.2
25.3
51.4
52.3
51.2
53.4
58. 1
60.4
60. 9
63.5
70.2
79.5
87.8
18.6
18. 1
18.6
20. 1
21. 5
21.6
21.4
22.4
22. 5
22.5
23.4
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
127.0
144.2
159.6
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.4
159. 1
177.7
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
202. 1
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-148
-24.4
3.7
3.5
1.5
.3
2.5
1.9
-2.9
— 12. 0
— 144
-149
-18. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
843
95.4
106.3
1977:1.
II
III _„
IV
1, 447. 5
1, 499. 3
1, 537. 6
1, 576. 9
1, 107. 9
1, 140. 5
1, 165. 8
1, 199. 7
19.4
20.0
16.5
25. 1
76. 1
78.9
80.8
82.3
22.5
22.4
22.4
22. 7
129.9
143.7
154.8
148.2
144.5
158.5
169.9
163.5
164.8
175. 1
177.5
178.3
-20.3
-16.6
-7.7
-148
-146
-148
-15.0
— 15. 3
91.7
93.7
97.3
99.0
1978: I .
II
III
IV »
1, 603. 1
I, 688. 1
1, 728. 4
1, 795. 6
1, 241. 0
1, 287. 8
1, 317. 1
1, 359. 8
21.9
24.0
25.0
30.4
83. 1
86. 1
89. 6
92.6
22.8
22.2
24.3
24.4
132.6
163.4
165.2
177.0
148.7
180. 6
184.5
196.8
172. 1
205. 5
205.4
225-3
—23. 5
-249
-20.9
-28.4
— 16. 1
-17.2
— 19. 3
101.7
1046
107.4
111.4
1Q
JLi/. Q
tf
Source: Department of Commerce, Bureau of Economic Analysis.
»Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
Retail sales of
new passenger
cars(nlillions
of uiaits)
Nondura ale goods
D urable goo ds
Furniture
and
household
Total
nondurable
goods *
Food
Services
Clothing
and
shoes
Gasoline
and oil
Domestics
Imports
ment
535.9
579.7
618.8
668.2
733.0
809. 9
889.6
979. 1
1, 090. 2
1, 206. 5
1, 340. 1
80.0
85. 5
849
97. 1
111. 2
123.7
122.0
132.6
156. 6
178.4
197. 5
35.8
37.7
34.9
43. 8
50.6
55.2
48. 0
53. 4
69. 7
81.5
89.7
32.6
35.0
36.7
39.4
44.8
50.7
549
58.0
63.9
71.3
77.7
230.4
247.0
264.7
277. 7
299. 3
333.8
376.3
408.9
442. 6
479.0
526.5
118.3
126. 1
136.3
140.6
150.4
168. 1
189.8
209. 6
225.8
245.2
269.4
41.8
45. 1
46. 6
50.5
55. 1
61. 3
65.3
70. 1
75.7
81.5
89.0
18.4
20.4
22.0
23.4
24 9
27.8
36.4
39.5
42.8
46.5
51.2
225.6
247.2
269. 1
293.4
322.4
352.3
391.3
437.5
491.0
549.2
616.2
8.6
8.5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
9. 1
9.3
1.0
1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
1977:1
II
III____
IV
1, 167. 7
1, 188. 6
1, 214 5
1, 255. 2
173.2
175.6
177.4
187.2
81.3
81.2
79.5
840
68.0
69.9
72.0
75.3
465.9
473.6
479.7
496.9
237.5
244 5
246.4
252.6
78.5
79.3
81.4
86.7
46. 1
46.2
46.0
47.5
528. 6
539.4
557.5
571. 1
9.4
9.2
8.9
9.0
1.9
2.3
2.0
2.0
1978:1
II
III____
IV
1, 276. 7
1, 322. 9
1, 356. 9
1, 403. 9
183.5
197.8
199.5
209. 1
84 1
92.5
89.8
92.0
72. 1
76.5
78.9
83.2
501.4
519.3
531. 7
553.4
257.7
267.8
272.0
279. 9
82.9
87.5
90.5
95.3
48.3
49. 1
51.5
55.8
591.8
605. 8
625.8
641.4
8.7
10.0
9.3
9.2
2. 1
2. 1
2.0
1.9
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978..
1
. .
Total includes other items not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $11.2 billion (annual rate) in February, following revised increases of $6.2 billion in January
and $25.0 billion in December. Both the January and December increases were affected by special factors. Wage and
salary disbursements rose $7.7 billion irt February compared with $11.2 billion in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
60
60
1979
1971
*S£ASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietc>rs' income * income
Transfer
Divi- Personal
personal salary
labor 1 2
payinterest
dends
of
income disburseincome
income ments 5
Farm
Nonfarm persons 4
l
ments
Period
1971
1972__.
1973
1974
1975
1976
1977
1978"
COUNCIL OF ECONOMIC ADVISERS
_
859. 1
579.4
942.5
633. 8
1, 052. 4
701.3
1, 154. 9
764.6
_ _ _ 1, 255. 5
805. 9
1, 380. 9
890. 1
983. 6
1, 529. 0
1, 708. 0 1, 100. 9
Less: PerNonsonal confarm
tributions personal
for social income 8
insurance
36.2
42. 0
48. 7
55.6
65. 1
77. 0
90. 4
105.9
14.3
18.0
32. 0
25.4
23. 5
18. 4
20. 2
25.3
53.4
58. 1
60.4
60.9
63.5
70. 2
79. 5
87.8
20. 1
21.5
21. 6
21. 4
22. 4
22. 5
22. 5
23.4
23.0
24.6
27.8
31. 0
31.9
37. 9
43.7
49. 3
69. 3
74. 6
84. 1
103.0
115.5
126.3
141. 2
159.0
94.1
104. 1
118.9
140.8
178.2
193.9
208.8
226. 0
30.8
34.2
42.2
47.7
50.5
55. 5
61. 0
69.7
838.0
917.3
1, Oil. 9
1, 119. 3
15 220. 8
1, 349. 5
1, 494. 4
1, 666. 9
1, 047. 4
1, 066. 6
1, 083. 9
1, 088. 4
1, 098. 4
1, 108. 2
1, 111. 3
1, 120. 1
1, 137. 5
1, 149. 3
1, 161. 4
100. 0
101.3
102.7
104.0
105. 4
106.7
107.9
109. 1
110. 4
111. 8
113. 1
21. 5
18. 6
22.0
24.8
25. 3
24. 0
24.9
26.0
27. 4
29. 0
34. 9
83. 0
84. 4
85.5
86. 1
86.7
88. 4
90. 1
90.2
92.0
92.6
93.3
22. 8
22. 6
22. 3
22. 1
22. 1
24. 3
24.3
24.2
24.3
24.4
24. 4
47. 0
47. 2
47.4
48. 0
49.0
49. 2
50.3
50. 7
51. 3
51.8
52. 6
151.4
153.3
154.8
156. 5
157.6
159. 6
161. 9
163. 6
165. 1
166. 1
168. 5
219.0
220. 3
219. 7
221.3
220. 8
229.0
230. 8
231.5
232.2
233.6
235.9
67. 0
68. 0
68.9
69.0
69. 6
70.3
70.4
70.8
71. 6
72. 0
72.6
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654. 7
1, 679. 4
1, 690. 3
1, 702. 6
1, 725. 1
1, 741. 3
1, 760. 3
1979: Jan*___ 1, 817. 9 1, 172. 6
Feb » _ _ _ 1, 829. 0 1, 180. 3
114. 5
115. 9
29.7
29.0
93.0
93.4
24. 5
24.7
53.6
54. 2
170.4
172. 7
237.7
237. 3
78. 1
78.6
1, 771. 3
1, 782. 8
1978: Feb_.__ 1, 625. 0
Mar
1, 646. 3
1, 669. 4
Apr
May
1, 682. 1
June
1, 695. 7
July.... 1, 719. 2
Aug
1, 731. 1
Sept___ 1, 744. 7
Oct
1, 768. 7
Nov
1, 786. 6
Dec *_•__ 1,811.6
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to pi-irate pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
4 With inventory valuation and capital consumption adjustments,
With capital consumption adjustment.
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 Economis Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
3,000
1979
1971
* SEASONALLY ADJUSTED ANNUAfc RATES
COUNCIL OF ECONOMIC ADVJS6RS
SOURCE. DEPARTMENT OF COMMERCE
Less:
P*»r
Period
sonal
tax
Persona]
and
income nontax
payments
Equals :
Disposable
persona)
income
Less:
Personal
outlays *
Per c apita
dispc sable
persona income
Equals :
Personal
saving Current
dollars
BiJ lions of d ollars
1970__. __
1971
1972
1973
1974
1975__ _
1976
1977 __
1978
801.3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0
1, 708. 0
115.3
116.3
141.2
150. 8
170.3
168.8
196.5
226.0
256. 2
685.9
742.8
801.3
901.7
984.6
1, 086. 7
1, 184. 4
1, 303. 0
1, 451. 8
1972
dollars
Per cap ita personal ccmsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
=per~,
sonal
income
Saving
as percent of Population
dispos(thou-3
able
sands)
personal
income
Do!lars
635. 4
685.5
751. 9
831.3
913.0
1, 003. 0
l f 116. 3
1, 236. 1
1, 374. 9
50.6
57.3
49. 4
70. 3
71. 7
83. 6
68.0
66.9
76.9
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,009
6,643
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4,271
4,421
3,020
3,227
3,510
3,849
4, 197
4,584
5,066
5,564
6,132
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3,955
4,080
3.0
2.6
3.3
5.9
-2.2
1. 3
2.8
3. 3
3.5
7.4
7. 7
6.2
7.8
7.3
7.7
5.7
5. 1
5.3
204, 878
207, 053
208, 846
210, 410
211,945
213, 566
215, 191
216, 856
218, 547
Seas onally ad; usted ann ual rates
7
6
7
0
222.7
223. 3
224.6
233. 3
1, 248. 0
1, 285. 3
1, 319. 1
1, 359. 6
1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9
52.2
67.5
74.3
73.7
5,772
5,934
6,077
6,250
4, 185
4,241
4,293
4,365
5,401
5,487
5,595
5,770
3,916
3,922
3,953
4,030
1. 1
5.5
5. 0
6.9
4.2
5.3
5.6
5.4
216,
216,
217,
217,
1978:1.... 1, 628. 9
II. . I, 682. 4
III.. 1, 731. 7
IV_._ 1, 789. 0
237.3
249. 1
263.2
275. 1
1, 391. 6
1, 433. 3
1, 468. 4
1, 513. 9
1, 309. 2
1, 357. 0
1, 392. 5
1, 440. 9
82.4
76.3
76.0
73.0
6,387
6,566
6,712
6,906
4,370
4,399
4,428
4,485
5,859
6,060
6,203
6,404
4,009
4,060
4,092
4, 159
.5
2.7
2.7
5.2
5.9
5.3
5.2
4. 8
217, 897
218, 290
218, 768
219, 233
1977: I__ 1, 470.
II... 1, 508.
III.. 1, 543.
IV. _ 1, 593.
* Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
3 Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
According to current estimates for the fourth quarter of 1978, net farm income before inventory adjustment rose $4.6
billion (annual rate), while income after inventory adjustment rose $5.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
160
140
140
120
120
100
100
GROSS FARM INCOME
BEFORE INVENTORY ~
ADJUSTMENT
80
80
60
60
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
/
20
20
V /
10
1971
1972"
1974
1973
1975
1976
1977
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
Period
1971__. __
1972__.
1973___ __
1974
1975
1976
1977
1978____ _ _
1977:1
II
III_ _
IV
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personail income received
Income rejceived frc>m farmin g
by tota farm po pulation
r
Gross i ncome be ore inven tory adjustnlent
Net t<> farm
oper ators
Cas ti receipts from
From From From
Productnarketing s
all
farm nonfarm rr\ i i li
After
tion ex- Before
sources sources sources Total
Livepenses inven- inventory
stock
tory
Total
Crops
and
adjust- adjust-2
products
ment
ment
Billioiis of dollars
28. 8
15.3
13.5
60.6
13.2
14.6
52.9
30.6
22.3
47.4
34.6
16.9
17. 8
70. 1
61.2
18.7
35.7
25.5
17.8
52.3
48.9
29. 2
19.7
95.5
33.3
87. 1
41. 1
45. 9
29.9
65.6
45.2
23.4
21.8
100.0
92.4
41.4
26. 1
51. 1
27.7
72. 2
21.9
44.5
22.7
96.9
88. 2
43.0
21. 1
45. 1
24.5
75.9
41.2
16.9
24.4
104. 1
94. 5
46.2
18.8
21. 1
48.3
83.0
43. 0
18.3
24.7
96. 1
108. 1
20.6
47.6
20. 1
48.5
88.0
53.2
27.8
25.3
110.2
124.3
52.2
28.8
58.0
28. 2
96. 1
108. 1
97.6
19.6
46.3
51. 3
20.6
87.5
106.7
20.2
95. 7
19.7
46. 6
49. 1
87.0
102.7
16.8
47.8
91.3
43.5
16. 7
86.0
114.8
25. 5
23.4
99.6
49.5
50. 1
91.4
1978:1
II
III___
IV
118.3
123.0
122.6
133.2
104.6
109.3
109. 0
117.7
1
Cash receipts from marketings, Government payments, and nonmoney
income
furnished by farms.
2
Inventory
of crops and livestock valued at the average price for the year.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1979
52.7
57.4
57.7
64. 0
51. 9
51.9
51.3
53.7
92.5
95.0
95.5
101. 5
25.8
28.0
27. 1
31.7
26.3
28.0
27.6
33.2
Net inco me per
farm a fter inventory adjustmeiit*
Current
1967
dollars dollars 4
Dol lars
5,042
6, 526
11,813
9,349
8, 845
6,848
7,592
10, 780
7,240
7,460
6,210
9,420
4, 157
5,208
8,875
6,330
5,487
4,016
4, 183
5,520
4,090
4, 130
3,390
5,080
9,840
10, 480
10, 330
12, 430
5,220
5,420
5, 220
6, 160
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates for the fourth quarter of 1978, corporate profits before tax rose $19.9 billion
(annual rate) while after-tax profits rose $11.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
240
240
200
80
40
40 -
1971
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
ProiIts after tax
Profit s (before tax) wit i inventc
>ry valusition
adjustn lent!
Dome =tie indu stries
N onfinan( jial
Period
Total *
1968.__
1969. _ _
1970____
1971___
1972
1973___
_.
1974___
1975
1976___
1977___
1978 * _ _ _
1977: I
II_
III
IV_____
1978: I_ _
II
III
IV*___
_
_
82. 1
77.9
66.4
76.9
89. 6
97.2
86.5
107.9
141.4
159. 1
177.7
144. 5
158. 5
169.9
163. 5
148.7
180. 6
184.5
196.8
Total
78.9
74. 2
62.6
72.4
84.7
90.4
76.9
101. 8
133.2
149.5
167.8
134. 8
148. 1
159.5
155.6
139.2
168.9
175.4
187.8
Financial
10.4
11.3
12. 6
14. 1
15.4
16. 2
14. 4
13.0
17.5
20.9
25. 1
19.7
19.9
21.9
21.9
22.7
24.3
26.0
27. 6
ManuTotal* facturmg
68.5
62.9
50. 1
58. 2
69.3
74. 1
62. 5
88.9
115.6
128.6
142.7
115. 1
128. 1
137.6
133.7
116.6
144. 6
149.4
160.2
41.2
36.8
27. 1
32.4
40. 6
44. 1
36.6
48. 3
65.6
74.7
85.4
66.4
77.4
74.7
80.2
69.8
87.8
87.1
* See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
Wholesale
and
retail
trade
10. 1
10. 1
9.4
11.7
13.3
14.7
12.9
20. 7
24.0
24.0
20. 6
22.8
30.6
22. 1
16. 7
22.0
25.8
Profits
before
tax
Tax
liability
Total
Dividends
85.6
83. 4
71.5
82.0
96. 2
115.8
126.9
120.4
155.9
173.9
202. 1
164.8
175. 1
177.5
178.3
172. 1
205. 5
205.4
225. 3
39.4
39.7
34. 5
37.7
41.5
48.7
52.4
49.8
64.3
71. 8
83.9
68. 3
72.3
72.8
73.9
70.0
85.0
86.2
94. 5
46.2
43.8
37.0
44. 3
54. 6
67. 1
74.5
70. 6
91.7
102. 1
118.2
96.5
102. 8
104.8
104.4
102. 1
120.5
119.2
130.7
21.9
22. 6
22. 9
23.0
24. 6
27.8
31. 0
31.9
37.9
43. 7
49.3
41.5
42.7
44. 1
46. 3
47.0
48. 1
50. 1
51.9
Undistributed
profits
24. 2
21. 2
14. 1
21.3
30.0
39. 3
43.6
38. 7
53.8
58.4
68.9
55.0
60. 1
60.6
58. 1
55. 1
72.4
69.2
78.8
23 Includes rest of the world, not shown separately.
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14.5
-14.8
-24.4
-20.3
-16.6
-7.7
-14.8
-23.5
— 24.9
-20.9
-28.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1978, business fixed investment rose $9.6 billion (annual
rate) as nonresidential construction outlays rose $4.2 billion and producers* durable equipment purchases increased
$5.4 billion. Residential investment outlays increased $4.4 billion. Inventory investment amounted to $13.5 billion,
unchanged from the third quarter level..
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
180
- NONRESIDENTIAL FIXED INVESTMENT
380 -GROSS PRIVATE DOMESTIC INVESTMENT-
160
340
140
300
PRODUCERS'
DURABLE EQUIPMENT
120
260
100
220
200
180
80
STRUCTURES
BILLIONS OF DOLLARS* (RATIO SCALE)
130
RESIDENTIAL FIXED INVESTMENT
120
60
110
100
90
BILLIONS OF DOLLARS*
80
40 -CHANGE IN BUSINESS IN\WTORIES —
70
20 _
x-N
-
"^V_
/*S
60
_
-20
50
ACI
1
1975
1977
1976
1979
1978
i
i
1975
I
I 1
1976
I
i I
1977
I
i I
1978
I
I l
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE = DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investmcjnt
Period
1968
1969
1970
1971_. ____.,
1972
1973
1974
1975
1976
1977
1978
1977:1
II
in.;.
IY
1978:1
II
III
IV
Gross
private
domestic
investment
131.5
146.2
140.8
160. 0
188.3
220.0
214.6
190.9
243.0
297.8
345.6
272.5
295.6
309.7
313.5
322.7
345.4
350. 1
364.0
Strucstures
Total
89.3
98.9
100.5
104. 1
116.8
136.0
150. 6
150.2
164.6
190.4
222. 6
180.6
187.2
193.5
200.3
205.6
220. 1
227.5
237. 1
Prodileers'
dur,able
equip ment
Total
Nonfarm
Total
Nonfarm
31.6
35.7
37.7
39.3
42.5
49.0
54.5
53.8
57.3
63.9
77.8
59.3
63.4
65.4
67.4
68.5
76.6
80.9
85. 1
30.4
34.3
36.1
37.8
41. 1
46.9
51.8
51.3
54.7
61.0
74.5
56.4
60.4
62.7
64.5
65.2
73.4
78.0
81.8
57.7
63.3
62.8
64.7
74.3
87.0
96.2
96.4
107.3
126.5
144.8
121.4
123.8
128.1
132.8
137.1
143.5
146.6
152.0
53.4
58.9
58. 1
59.9
69. 1
80.1
88.2
87.4
97.5
116.7
133.8
111.0
113.8
118.6
123.4
127.2
132.9
135.5
140.9
Resid ential fix ed inves iment
Total
34.5
37.9
36.6
49.6
62.0
66. 1
55. 1
51.5
68.2
91.9
107.0
81.6
91.4
94.3
100.2
100.3
105.3
109.0
113.4
Nonfarm
structures
33. 1
36.3
35.1
47.9
60.3
64.3
52.7
49.5
65.8
88.9
103.8
78.6
88.4
91.2
97.5
97.3
102. 1
105.7
110.2
"P—-C
JtTO-
Farm dueers*
•i i
struc- durable
tures equipment
0.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.4
1.6
1.6
1.6
1.2
1.3
1.4
1.5
1.5
0.8
.9
.9
1.0
1.1
1.2
1.2
1. 1
1.3
1.5
1.7
1.4
1.4
1.5
1.6
1.7
1.8
1.7
1.7
Change in business inventories
Total
7.7
9.4
3.8
6.4
9.4
17.9
8.9
-10.7
10.2
15.6
16.0
10.3
17.0
21.9
13. 1
16.7
20. 1
13.6
13.5
Nonfarm
7.6
9.2
3.7
5. 1
8.8
14.7
10.8
14.3
12.2
15.0
16.7
11.1
16.5
22.0
10.4
16.9
22. 1
14.6
13.4
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.3 percent in 1979, according to the Commerce Department survey
conducted in late January and February. Spending in 1978 was 13.3 percent above 1977.
BILLIONS OF DOLLARS (RATIO SCALE)
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUAL RATES
160
140
140
120
100
100
80
80
NONMANUFACTURING
„.«*""
^*-„..,-•
60
60
„,„„,„
""******.^'"\
MANUFACTURING
40
40
20
20
1971
J/
1972
1973
1975
1974
1976
1977
1979
1978
SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
EJ[penditure s for plant and equipment
and equlipment
proje!CtS3
Ncmmanuf aeturing
Mi anufacturi ng
Period
Total
1
Total
Dur-
Non-
able
goods
durable
goods
Total
Mining
Transportation
Public
utilities
Com-
Commer-
munication
and
1979
4
1978:1
II
III
IV
1979:
I 44
88. 44
99. 74
112. 40
31. 35
38. 01
46. 01
112.78
47.95
120.
135.
153.
171.
49
80
82
14
144.
150.
155.
163.
25
76
41
96
52. 48
60. 16
67. 62
77. £4
15. 64
19.25
22. 62
21. 84
23.68
27. 77
31.66
37. 84
15.72
18.76
23.39
26, 11
28. 81
32.39
35.96
39. 70
2. 42
2.74
3. 18
3.79
4. 00
4.50
4.78
5. 72
6. 03
6.66
7.57
7.45
6.93
8. 05
5.08
9.38
4.45
4.81
4.99
4.98
8.46
7.40
8.05
8. 43
5. 35
4.89
10. 06
8. 36
32. 30
31. 91
44. 54
46. 46
5. 12
9. 72
32. 77
47. 55
67. 75
73. 24
32.25
33.99
35. 50
39. 26
82. 68
83. 56
87. 66
90.71
61.57
67.20
28.72
31.40
32. 86
61.73
66. 39
64. 82
68.01
75. 64
86. 19
93. 60
57.09
35.80
Q/n
(n&
II
164. 23
167. 52
71. 97
34. 18
75.90
37.09
37. 78
38. 81
91. 62
half 4 _ _ _
176. 09
80.93
39.88
41.05
95.16
2nd
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.
2
3
17.00
18. 71
20. 55
20. 14
22. 28
25. 80
29. 48
32. 40
11.89
12.85
13.96
12. 74
13.30
15. 45
18. 16
19. 28
27. 92
28. 46
17.07
18. 18
13.90
18. 46
29.62
31.73
ing
cial
other
1972
1973
1974
1975
1976
1977
1978
Manufactur-
Public
utilities
2
20.07
21. 40
22. 05
20. 60
20.99
22. 97
25. 71
27. 45
24.76
24. 71
26.09
27. 12
35.21
47.57
52.49
48.24
51. 05
66. 73
72. 44
17. 41
18. 10
16.96
19.97
28.60
38. 13
45. 74
34. 50
29.66
32. 54
34. 93
7.98
7. 78
4.40
14.00
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late January and
February 1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment increased by 347,000 in February while unemployment was virtually unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
EMPLOYMENT
80
80
10
UNEMPLOYMENT
1972
i i i i i Ii i ii
i i iiIi
i IIii
1971
1973
1974
1976
1975
I ! 1 i I I I I I t I
i i i i i Iii ii
1977
1978
*16 YEARS OP AGE AND O'VER.
SOURCE: DEPARTMENT OF LABO.R
Period
Noninstitutional
population
i ii i iI i i i ii
1979
COUNCIL OF ECONOMIC ADVISERS
Civilian
employment
1974.
1975
1976___
1977
1978*
150, 827 85, 935
153, 449 84, 783
156, 048 87, 485
158, 559 90, 546
161, 058 94, 373
Uinadjusted
1978: Feb*_
Mar__
Apr—
May__
JuneJuly-.
Aug__
Sept..
Oct___
Nov__
Dec__
160,
160,
160,
160,
160,
161,
161,
161,
161,
162,
162,
[Tllousands <:>f persons 16 years of age aiid over]
Unemplc>yment
Civilian ernploymen t
Total
labor
N onagri cultural
15
force
Civilian
UnemPart-time
weeks
Agriploy- (includ- labor
Total
Total
ecoand
culforce
ment
ing
Total for
nomic 1
over
tural
Armed
reasons
Forces)
|
2,709
5,076
937
5,076 93, 240 91, Oil 85, 935 3,492 82, 443
3,490
7,830 2,483
7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7, 288 2,339
7,288 96, 917 94, 773 87, 485 3, 297 84, 188
3,297
6, 855 1,911
6,855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
6.047 102, 537 100, 420 94, 373 3,342 91, 031
Seas(mally adj usted
Labor
force
participation
rate
(per-2
,\ 2
cent)
61.8
61.8
62. 1
62.8
63.7
128
313
504
713
928
148
348
570
829
033
250
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
95, 906
6,739
6,479
5, 685
5,457
6,326
6, 438
5, 931
5,797
5,460
5,629
5,725
99, 139
99, 435
99, 767
100, 109
100, 504
100, 622
100, 663
100, 974
101, 077
101, 628
101, 867
93, 047
93, 282
93, 704
93, 953
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,280
3,334
3,274
3, 243
3,424
3,377
3,351
3,406
3,374
3,275
3,387
89, 767
89, 948
90, 430
90, 710
91, 216
91, 069
91, 372
91, 604
91, 867
92, 476
92, 468
3,203
3,184
3,310
3,247
3,433
3,316
3,298
3,203
3, 164
3, 131
3,058
6,092
6, 153
6, 063
6, 156
5,864
6,176
5,940
5,964
5,836
5,877
6,012
1,559
1,488
1,486
1,404
1,266
1,314
1,234
1,268
1,317
1, 196
1,208
63.2
63. 3
63. 5
63.6
63.8
63.8
63.7
63.8
63.8
64.0
64. 1
1979: Jan__. 162, 448
Feb__ 162, 633
94, 436
94, 765
6,431 104, 277 102, 183
6,484 104, 621 102, 527
96, 300
96, 647
3,232
3,311
93, 068
93, 335
3, 159
3, 147
5, 883
5,881
1, 251
1, 260
64.2
64. 3
101, 263
101, 557
101, 885
102, 222
102, 602
102, 738
102, 785
103, 097
103, 199
103, 745
103, 975
1 Persons at work. Economic reasons include slack work, material shortages, inability to find full-time wTork, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.
*Beginnmg 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February the seasonally adjusted unemployment rate decreased slightly to 5.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
^
\A
\"\
TEENAGERS
1
(16-19)
]
15
10
10
i
1975
1976
1977
1976
1975
1979
1978
WOMEN 20 YEARS
AND OVER
1977
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1974
1975..
1976
1977..1978 _
_ _
___
5.6
8.5
7.7
7.0
6.0
-
6. 1
1978: Feb
Mar.
6.2
6. 1
6. 1
Apr
May _ _ . . _ ' _
June. _
_
July
5.8
6. 1
5.9
5.9
Aug
Sept_
Oct _ _ _
Nov
Dec__
1979: Jan__
Feb
_ _
_" _
5. 8
5.8
5.9
5.8
5.7
Uneiuployment rate (percent of civilia Q labor f orce in g roup)
By select ed grou|:)S
By race
By sex and iige
Men
20
years
and
over
3.8
6.7
5.9
5. 2
4.2
4.5
4.5
4.3
4.2
4.0
4. 1
4. 1
4. 1
Women
20
years
and
over
16.0
19. 9
19. 0
17.7
16.3
5.8
5.9
6.0
6.2
17.2
17. 0
16.7
16. 5
15. 1
16.3
15.7
16.3
16.2
16.2
16.5
5.0
5.2
15. 7
16. 1
4.9
6. 1
4. 1
4.0
4.0
5.7
5. 7
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
White
5.5
8.0
7.4
7.0
6.0
6.4
5.9
5.9
5.6
5.8
5.8
4.0
3.9
Both
sexes
16-19
years
5.0
7. 8
7.0
6.2
5.2
5.4
5.3
5. 2
5.3
5.0
5.2
5.2
5.2
5. 1
5. 1
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
5. 3
3.3
9.9
5. 1
8.2
13.9
5.8
8. 1
7.3
13. 1
7.3
5. 1
13. 1
6.6
4.5
6.5
5.6
5.5
11.9
3.7
11.9
12.5
12.0
12. 3
12. 0
12. 3
11.5
11.3
11.3
11.7
11.5
5.5
5.6
5.4
5.4
5.6
3.7
3.8
3.7
3.8
3.7
3.8
3.7
3.6
3.5
3.4
3.5
11. 2
11.9
5.4
5.2
3.5
5.7
5.7
5.6
5. 7
5.4
5. 7
3. 4
Parttime
workers
8.6
10. 3
10. 1
9.8
9.0
Labor
force
time
lost
(per-!
cent)
6. 1
9. 1
8.3
7.6
6.5
8. 6
5.2
5.3
9.4
9.4
9.2
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.6
6.7
6.5
6.6
6.5
6.8
6.5
6.4
6.2
6.2
6.2
5.2
5.2
8.6
9. 1
6.2
6.2
5.7
5.6
5.5
5.6
5. 3
5.7
5.4
5.4
5. 2
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYI1ENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In February the percentage of unemployed persons who were job leavers declined and the percentage who were new
entrants or reentrants rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
REENTRANTS
20
20
NEW ENTRANTS
15-26
WEEKS
...... \
JOB LEAVERS
27 WEEKS
AND OVER
I III
LI1976
i i i i i Ii
1977
M
I I I I I I I I
1978
1979
1977
1976
1980
1978
1979
1 1
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
_ SOURCE; DEPARTMENT OF LABOR
Period
ployment
(thousands)
[Monthly data seasonally adjusted, except as noted]
Percen t distrib ution of unemPercen t distrib ution of unem1
State pi"ograms Insured
unemployment b y duratic m 1
pl oyment i jy reasori
ployment,
all
Insured
27
New
Less
regular
Job
Job
ReenInitial
unem5-14
15-26
weeks
enthan 5
pro- 2
losers leavers trants
and
ploy- claims grams
trants weeks weeks weeks
ment
over
(unadjusted)
Special
unemployment
benefit3
claims
(unadjusted)
Wee>kly aver age, thou*sands
1974
1975
1976
1977_.._ ._
1978
1978: Feb__
Mar__
Apr__
May_
JuneJuly __
Aug__
Sept__
Oct__
Nov_.
Dec__
1979: Jan_
Feb___
5,076
7,830
7,288
6,855
6,047
6,092
6, 153
6, 063
6, 156
5,864
6, 176
5, 940
5,964
5,836
5,877
6, 012
5,883
5, 881
1
2
43. 4
55. 4
49.8
45.3
41.6
42.0
41.3
42. 0
42. 7
40.8
41.4
41.6
39.7
42.2
40.7
40.2
41.6
41.8
14.9
10.4
12. 2
13. 0
14. 1
14.5
13.8
14. 4
13.5
14. 6
13.9
14.2
14.3
14.0
14. 2
14.3
15.7
14. 0
28. 4
23. 8
26. 0
28. 1
30.0
29. 2
30.2
28.7
29.3
30.6
30.5
29.5
32.4
29. 6
30. 1
31.9
28.7
29.6
13. 3
10.4
12. 1
13. 7
14.3
14.3
14.7
14. 9
14. 6
14. 0
14.2
14. 8
13.7
14.2
15. 0
13. 6
14.0
14.7
50.6
37. 0
38.3
41.7
46.2
43.5
45. 1
45. 1
46.9
46. 6
48.2
47. 2
47. 1
46. 7
48.8
47.4
46. 4
46. 7
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (TJCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
31.0
31. 3
29. 6
30.5
31.0
30.9
30.9
30.5
30. 2
32. 1
30.4
32.0
31. 5
30.7
30.6
32.6
32. 1
31. 8
11. 1
16. 5
13. 8
13. 1
12.3
14.7
12.7
13. 3
11.8
11.3
10.9
10. 6
11.2
12.6
11.8
12. 0
12.5
12. 1
7. 3
15.2
18. 3
14. 8
10.5
10.9
11.3
11. 1
11. 1
10.0
10. 5
10. 3
10.2
10.0
8.8
7.9
9.0
9.3
2,262
3,986
2, 991
2,655
2,356
2,518
2, 452
2,307
2,223
2, 247
2, 374
2, 448
2,292
2,234
2, 230
2,252
2,367
2,349
363
478
382
375
342
368
339
338
331
347
364
345
326
325
338
339
350
341
2,558
4,943
3,822
3, 111
2,640
3,638
3,212
2, 659
2,369
2,297
2,581
2,394
2,064
1,999
2, 148
2,567
3, 198
3,209
1, 173
1, 152
572
143
102
60
36
21
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural employment as measured by the payroll survey rose by 301,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
SERVICE PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
\
20
40
i i i I i I11 i i i 1 1 i i i I i i i i i i i i i i I I I i i i
-GOODS-PRODUCING.
INDUSTRIES
30
CONSTRUCTION
\
***•»•„••.,.»,•••«•""'
20
1975
1977
1976
1975
1979
1978
1976
1977
'SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Cioods-pr(>ducing industries
.
Period
1974
1975
1976
1977
_
1978
1978:Feb-_
Mar__
Apr
May__
June__
July__
Aug__
Sept__
Oct___
Nov___
Dec__
1979: Jan *>_
Feb *_
Total
nonagricuitural
employ- Total *
ment
Construction
24, 794
22, 600
23, 352
24, 288
25, 381
24, 724
24, 927
25, 313
25, 341
25, 473
25, 501
25, 463
25, 471
25, 670
25, 872
26, 030
26, 099
26, 149
4,020
3, 525
3,576
3,833
4,212
3,901
3,999
4, 164
4, 175
4,278
4,317
4,298
4,298
4, 341
4,368
4, 397
4,379
4, 348
78, 265
76, 945
79, 382
82, 256
85, 763
84, 188
84, 726
85, 418
85, 618
85, 996
86, 033
86, 149
86, 163
86, 573
87, 036
87, 281
. 87, 465
87, 766
Service-pr oducing industrie s
Trans- Whole- Finance,
Government
insurportasale
ance,
tion
Total
and
NonState
and Services
and
Total Durable
Federal and
real
public retail
goods durable
trade
goods
local
estate
utilities
Ma nufactui ing
20, 077
18, 323
18, 997
19, 647
20, 332
20, 139
20, 230
20, 282
20, 297
20, 316
20, 302
20, 278
20, 286
20, 436
20, 601
20, 729
20, 812
20, 885
11, 925
10, 688
11, 077
11, 573
12, 160
11, 986
12, 041
12, 076
12, 093
12, 109
12, 138
12, 146
12, 166
12, 305
12,410
12, 491
12, 553
12, 635
8,152
7,635
7,920
8,074
8,172
8, 153
8, 189
8,206
8,204
8,207
8, 164
8, 132
8, 120
8, 131
8, 191
8,238
8,259
8,250
1
Includes all full- and part-time wage and salary workers in nonagrieultural
establishments who worked duiing or reee^ ed fay for any part of the pay period
which includes the 12th of ihe 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 lator force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
53, 471
54, 345
56, 030
57, 968
60, 382
59, 464
59, 799
60, 105
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 164
61, 251
61, 366
61, 617
4,725
4,542
4,582
4,696
4,859
4,782
4,817
4,847
4,847
4,881
4,827
4,846
4,855
4,922
4,947
4,967
4,962
4,998
16, 987
17, 060
17, 755
18, 492
19, 394
19, 071
19, 169
19, 252
19, 335
19, 412
19, 469
19, 523
19, 546
19, 632
19, 701
19, 697
19, 797
19, 927
4,148
4, 165
4,271
4,452
4,676
4,591
4,605
4,623
4,637
4,670
4,690
4,707
4,719
4,737
4,774
4,789
4,811
4, 828
13, 441
13, 892
14, 551
15, 249
15, 979
15, 670
15, 773
15, 866
15, 896
15, 963
15, 989
16, 074
16, 127
16, 169
16, 270
16, 327
16, 315
16, 378
2,724
2,748
2,733
2,727
2,753
2,736
2,739
2,745
2,753
2,772
2,765
2,765
2,752
2,760
2,757
2,734
2,743
2, 742
11,446
11,937
12, 138
12, 352
12, 723
12, 614
12, 696
12, 772
12, 809
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 737
12, 738
12, 744
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,
2
- -Includes
- - mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY
PRIVATE NON&GRICULTUR&L INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly <earnings
Aver age weekly lours
Total
private
nonagncultural 1
Period
Manufsicturing
Total
Overtime
Manufacturing
$3.23
3.45
3.70
3.94
4.24
4. 53
4.86
5.24
5.69
$3. 35
3.57
3.82
4.09
4.43
4.83
5.22
5.67
6. 17
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
108.9
6.6
7.0
6.4
5. 98
6.01
6.05
6.08
6. 12
6. 18
6.20
6.25
6.33
6. 38
6.43
206. 6
208.3
210.3
211.0
212. 3
214. 1
214.6
216.2
218.0
219.0
220. 7
109.4
109. 5
109.6
109. 1
108.8
109. 1
108.7
108.7
108.7
108.5
108.6
7.6
7.9
8.2
8.0
8.2
8.2
8.3
8.2
8.2
8.5
-.6
-.6
6.44
6.50
222. 3
223. 1
108.3
107.4
7.9
8.0
-1.3
-1.8
37. 1
36. 9
37.0
36.9
36.5
36. 1
36. 1
36. 0
35.8
39. 8
39.9
40.5
40.7
40. 0
39.5
40. 1
40.3
40.4
3. 0
1978: Feb_ _ _
Mar
Apr
.
May
June
July
Aug
Sept
Oct
Nov
Dec- __ __
35.7
36.0
36. 1
35. 9
35.9
35.9
35.8
35.8
35.9
35.8
35.9
40. 1
40. 6
40.8
40. 4
40. 5
40. 5
40.3
40.4
40.5
40.7
40.7
3.7
3.7
3.8
3.5
3.6
3.6
3.4
3.6
3.6
3.8
5.49
5.54
5.61
5.62
5.66
5.71
5.73
5.77
5. 82
5.87
5.91
1979: Jan »_ _
Feb v
35.7
35.7
40.7
40.6
3.8
3.8
5.94
5.97
2. 6
3. 1
3.4
3.6
3. 7
Percent ch ange from
a year (sarlier *
Index, 1<)67=100
Total
private
nonagricultural l
1970
1971
1972
1973
1974_ _
1975
1976 _ _
1977
1978
2.9
3.5
3.8
3.3
Adjusted h ourly earnin gs index2 —tc>tal private
nonagric ultural
Current
dollars
1967
dollars s
Current
dollars
6. 2
7. 9
8.4
7.2
7.5
1967
dollars
0.7
2.6
3.0
0
-2. 8
-.. 7
. 1.3
1.0
.5
8. 1
1. 1
1.2
1.4
.8
.7
.5
.4
.0
8. 1
rr
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly iearnings
Total prrvate nonagricu Itural *
Period
Current
dollars
1970__
1971
1972_ _
1973_ _
1974
1975
1976
1977__ _
1978*
1978: Feb___
Mar
Apr_ _
May
June
July__ _
Aug
Sept_._
Oct
Nov__
Dec.
1979: Jan » _
Feb p _ _ _
1
2
_
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
188. 64
203. 70
195. 99
199. 44
202. 52
201. 76
203. 19
204. 99
205. 13
206. 57
208. 94
210. 15
212. 17
212. 06
213. 13
Manufacturing
1967
dollars 3
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
103. 93
104. 30
103. 81
104. 86
105. 59
104. 32
104. 20
104. 48
103. 97
103. 86
104. 16
104. 14
104. 41
103. 34
102. 61
$133.
142.
154.
166.
177.
190.
209.
228.
249.
239.
244.
246.
245.
247.
250.
249.
252.
256.
259.
261.
262.
263.
33
44
71
46
20
79
32
50
27
80
01
84
63
86
29
86
50
37
67
70
11
90
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 36
295. 29
319. 19
297. 26
312. 54
315. 93
314. 39
322. 65
323. 02
323. 51
323. 75
323. 61
324. 58
329. 59
321. 12
327. 96
Percent chainge from a
year earlier,
total prh^ate nonagricu' tural 5
Current
dollars
(Current dollar*?
Also includes other private industry groups shown on p, 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 19
153. 31
147. 15
150. 15
151. 80
151. 34
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
159. 24
159. 41
160. 39
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.5
8.0
6. 1
7.8
8.3
7.5
7.9
8. 1
8.5
8.0
1967
dollars
-1.3
1.9
4. 1
-. 0
-41
-3.2
1.4
1.0
.4
2
1.3
1.7
.4
.5
.3
.6
8. 1
.2
-. 6
9. 1
9. 1
9. 1
-.3
-.8
8.6
-.2
.1
4
Monthly changes based on indexes to two decimal places.
s Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Output p er hour
of all p ersons
Hours ot 2all
perseins
Outj:mt 1
Compelasation
per h our 3
Unit abor
cos ts
Implicit price
deflat o r 4
PriNonPriNonPriNon- Private NonPrivate
Private Nonfarm
vate
vate
farm
farm business farm
vate
farm business
business business
business business ' Dusiness business Dusiness
sector business
sector business
sector
sector sector sector sector sector sector
sector
sector
Period
Nonfarm
3usiness
sector
1967== 100; quai•terly datii seasonailly adjusted
1966
1967_._
1968
1969
98. 0
100.0
105. 1
108.3
98. 1
100.0
105.4
108.6
100.0
100.0
101.8
104.6
99.8
100. 0
102. 1
105.5
98.0
100. 0
103. 3
103.5
98.4
100.0
103.2
102. 9
94.9
100.0
107.6
114.9
94.8
100.0
107.3
114. 1
96. 8
100. 0
104. 1
111. 0
96. 4
100. 0
104.0
110. 9
97. 2
100.0
103.9
108.8
96.8
100. 0
104. 0
108.6
1970
1971
1972
1973
1974
107.3
110. 3
117.6
124. 5
121.5
107.4
110.2
117.8
125.0
121. 9
103.0
102.4
105.5
109.6
110.3
104. 2
103.8
107.0
111.6
112.4
104.2
107.8
111.4
113. 6
110. 1
103.1
106. 3
110.1
112.Q
108.5
123. 1
131.4
139.7
151. 1
164.8
121.7
129.9
138. 3
149. 1
162.7
118. 1
122.0
125.3
133. 1
149.7
118. 1
122.3
125.6
133. 1
150.0
113.9
118.9
123. 1
130.2
143. 0
114.0
119. 1
122. 8
127.9
141.3
1975
1976
1977
1978*-
118.8
126. 5
133.2
139.0
118.8
127.0
133. 6
139. 9
105.6
108.7
112.6
117.2
107.5
111.0
115.4
120.2
112.4
116.4
118.2
118.6
110.5
114.4
115.8
116.4
181.2
197.0
213.0
232.7
178. 8
193. 7
209.3
228.7
161.2
169.3
180.2
196. 3
161.8
169.4
180.8
196.5
157.4
165.4
174. 9
187.9
156. 3
164.8
174. 6
186.8
1977: I
II
III
IV
130.5
132.5
134.2
135.5
131.0
133. 0
134.6
135.8
110.7
112.9
112.9
113.9
113.3
115.5
115.8
116.7
117.9
117.4
118.9
119. 0
115.6
115.2
116.2
116. 4
207.5
210. 5
215. 3
218. 8
203.9
207. 1
211. 2
215. 1
176.0
179.3
181. 1
183. 9
176.4
179.8
181.7
184.8
170.6
174. 0
176.3
178.4
170.0
173.6
176.4
178. 1
1978: I _ _
135.3
138.7
139.7
142.3
136. 1
139.8
140.6
143.2
115.0
117.6
117.4
118.9
117.8
120.6
120. 5
122.0
117.6
118. 0
119.0
119.6
115.5
116.0
116. 6
117.3
225. 2
229. 6
235.4
240. 3
221.4
225.8
231.0
236. 1
191.4
194. 6
197. 8
200. 8
191. 7
194.7
198. 1
201.2
181. 3
186. 6
189.9
193. 5
180.6
185.3
188.9
192. 1
3.5
3.7
4.0
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
4.9
4.5
II
III
IV*
Perceiat change ; quarterlyy data at seasonal] y adjusteri annual rates
1966
1967i_____
1968
1969
1970
1971
1972
1973
1974
_
_
1975
1976
1977
1978"
1977:1
II
III
IV
1978: I
II
III
IV*
5.5
6.0
3.0
5.4
3.0
2. 0
5. 1
1. 9
2.2
-.0
1.8
2.8
—.9
2.8
6.6
5.9
-2.4
— 1. 1
-2.5
3.9
.7
-2.3
6. 5
-2.5
-4.3
2.6
6.9
6.0
6.9
5. 2
-1.5
-. 6
3. 1
2.9
3.7
5.3
4.4
4.7
4. 1
9.3
6.5
5.0
9.4
6.2
5.0
3.5
6.6
8.3
.7
4.0
9.2
4. 0
-.6
10.5
3.0
7.5
11.6
2. 1
7.5
1
3.7
-. 4
5.3
3.3
.2
2. 1
3.3
-1.2
-.4
3.2
4. 2
3.2
2.0
3.3
.2
.7
3.4
3.4
1.9
6.8
7. 6
6. 3
6.6
6. 6
.1
7. 1
6.6
6.4
4.7
6.5
7.8
2.8
9. 1
6. 2
12. 5
6.5
3.5
2.7
6.0
12. 6
3.6
5.8
9.8
3. 1
4. 1
10. 5
9.9
8.4
8.1
9.3
7.7
5.0
6.4
8.9
7.8
4.7
6.7
8.7
10. 1
5. 1
5. 7
10.6
7.5
7.0
5. 8
5.2
8.2
5.2
4.9
4. 4
3.1
3.6
1.7
.7
-3.0
-3.1
-4.3
2. 1
3.3
3.9
4.2
3.5
1.6
1.9
3.5
1.3
6.8
7.7
1.3
3.0
-1.7
5. 1
.4
3.7
.5
3.9
9.8
-.2
-4.5
1. 2
-3. 1
5. 1
.3
2.5
3.5
2. 1
* Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross' domestic product.
16
-. 3
6.1
5.5
7.3
2.6
1.7
3.2
7.1
5.4
6.7
6.3
8.2
9. 1
9.9
8.7
8. 1
6. 7
3.8
3.3
4. 1
3. 3
.5
9.2
2.4
7.9
5.8
9.5
6.7
8.3
5. 3
8.1
7.6
4. 2
6.3
7. 1
12. 1
8. 1
10.4
12.2
17.4
15.7
-1.4
1.7
2. 3
2.3
8.6
6. 5
8.2
9.6
9.0
7.6
6.8
6.7
6.4
8.0
4.2
6.4
7.1
6.5
4. 4
6.7
12. 1
7.3
7.8
5.4
5. 9
8.7
6.5
4.0
5.8
10.8
8. 1
6.9
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 0.3 percent in February/ following no change in January and an increase of 0.8 percent
in December. The index for February was 8.6 percent above a year earlier.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE),
L
160
'
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODICTION
^yV^
A
, f\ w^**"*
\X^
A
UTILITIES
^AVl
1 An
120
1
120
<
*%%v* *>*** «,«V*~'*
100
1975
1976
1978
1977
1979
I 1 M i 1 i 1 1 1 11
1975
\
NONDURABLE
140
%
/
'
*
k
f
?f
1 1 1 1 1 1 1 1 1 1 i n i-ii i u i i 1 1 1 1 1 1 1 1 i 1 1 MI n I i in i t
1979
1977
1978
1976
PERC ENT (RATIO SC ALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
-'
120
\ ^**%
"MINING
MANUFACTURING PRODUCTION
160
1
DURABLE
\s
80
70
100
1975'
:
1976
1977
1978
1979
1979
1975
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
Percent
Period
Index,
1967= change
from
100
year
earlier
1967 proportion
100. 00
1972
_ _ 119. 7
9. 2
1973
8.4
129. 8
1974
-. 4
129. 3
1975
-8. 9
117. 8
1976-__
10. 2
129. 8
1977
5. 6
137. 1
1978
5. 8
145. 2
1978: Jan
4. 9
138.8
Feb.
4. 5
139.2
Mar
4. 1
140.9
5.2
Apr— _ _ _
143.2
May__
5. 0
143. 9
June5. 2
144. 9
July
5. 3
146. 1
Aug_
147. 1
6.5
Sept
.: 147.8
6.7
Oct__
7. 1
148. 7
Nov
_
7.4
149. 6
Dec
7. 9
150.8
1979: Jan*
8. 6
150.8
Feb *.
8. 6
151. 2
1
Output
2
Annual
1
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu strv prodiiction indt>xes, 1967 = 100
M anufaeturi ng
Total
Durable
Nondurable
87. 95
118. 9
129.8
129. 4
116.3
129. 5
137. 1
145. 6
138. 7
139.4
141.4
143.5
144. 3
145.5
146. 7
147. 6
148.7
149.5
150.4
151. 8
151.9
152. 4
51. 98
113.7
127. 1
125. 7
109. 3
121. 7
129.5
139.3
131. 1
131.5
134.4
136.9
137.6
139.0
141. 1
142. 2
142.8
144.0
144.8
146.5
146.0
146.7
35.97
126. 5
133. 8
134. 6
126.4
140. 9
148. 1
154. 8
149. 8
150. 6
151.4
153. 2
154.0
154. 9
155. 0
155. 6
157. 1
157.4
158. 5
159.4
160.3
160. 8
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. Series revised.
Mining
Utilities
6. 36
113. 1
114. 7
115. 3
112. 8
114.2
117.8
124. 2
115.0
114.4
119.3
127.2
126.7
128.0
127. 1
126. 0
124. 1
127.6
128. 1
127.5
124.0
122. 1
5. 69
139. 4
145. 4
143. 7
146. 0
151. 0
156. 5
160. 9
162.3
163. 5
159. 5
156.0
157. 0
158. 6
159.9
160.8
162. 3
162.4
162. 9
163.9
165. 2
166. 4
Manufa cturing ca pacityl uti lization
rate, p€^rcent
Federal Reserve
ser les
WharComTotal
ton
merce2
Matemanuseries s
series
rials
facturing
83. 1
87. 5
84.2
73. 6
80.2
82. 4
84. 2
81.7
81.9
82.7
83.7
83.9
84.3
84.7
85. 0
85.3
85.5
85. 8
86.3
86.0
86.0
88. 0
92.4
87. 7
73. 6
80. 4
81. 9
84. 9
81.9
81. 3
81.9
84. 0
84. 5
85. 1
85.7
85.9
86. 3
87. 1
87.6
88.0
87.5
87.6
83
86
83
77
81
83
84
88. 1
93.4
90.9
80. 3
86.6
89. 1
92.5
84
89.3
84
92. 2
83
93.8
84
94. 7
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Prod ucts
Final I'roducts
Coiisumer go ods
Period
Total
Total
1967 proportion..
1970
-_ 1971
1972
_ _ 1973
1974
-- - 1975
_—_ - 1976
-1977
._
— 1978"
-1978: Feb
Mar
Apr
__ _
May., _ —
June__ _
_ -_
July
. _Aug
_- __ - Sept.. - Oct
Nov
Dec
- .1979: Jan » . . _ __
Feb »
47.82
105. 3
106. 3
115.7
124. 4
125. 1
118.2
127.2
134.9
141. 4
136. 4
138.9
140. 5
140. 5
141. 1
142. 2
143.3
143. 7
144. 1 .
144. 5
145. 5
145. 6
146.0
27. 68
109. 0
114. 7
124. 4
131.5
128. 9
124. 0
136. 2
143. 4
147. 4
143.8
145.9
147. 5
147.0
147.0
147. 7
148.4
149. 0
149.2
149.7
150.7
150.5
150. 5
Sup-
Intertn ediate
prod ucts
Equip ment
NonDurable durable
goods
goods
19. 79
7. 89
110. 1
106. 1
113. 1
118.8
120. 6
133.8
125. 6
146. 2
126. 3
135.3
125. 1
121.4
141. 4
134. 1
153. 1
139. 6
142.8
158. 9
151.2
140. 8
141. 3
157.5
141.8
161.8
141.7
160. 2
141. 6
160. 6
142.4
160. 9
143. 1
161. 5
144. 4
160. 3
144. 3
161. 6
161.8
144.8
146.2
161.9
160. 7
146.3
146. 6
160. 4
Total
Business
Total
SO. 14
100. 1
94. 7
103. 8
114. 5
120. 0
110.2
12. 63
107. 0
104. 1
118.0
134. 2
IS. 89
112. 9
116. 7
126. 5
137. 2
135. 3
123. 1
137. 2
145. 1
155. 3
151.4
151.4
152. 1
152.6
154. 7
155. 6
156. 4
157.0
158.0
159.3
161. 6
162. 6
162.9
114. 6
123. 2
133. 1
126.2
129. 1
130.8
131.6
133.0
134.7
136.3
136.4
137.0
137.3
138.5
138.9
139.8
142. 4
128. 2
136. 3
149. 2
162. 0
154. 2
157.4
159.3
160.2
161. 8
163. 8
165. 4
165. 8
166.9
167.2
168. 6
168.9
169.7
Construction
supplies
6. 42
111. 0
116.8
128.4
139. 8
134. 5
116.3
132. 6
140.8
153.3
148. 6
147.9
148. 5
150. 4
152. 1
153. 5
154. 7
155. 6
157.0
159. 0
161. 6
161.9
162. 1
ple-
Materials
mentary
group :
Energy
total
39. 29
18. S3
109. 2
111. 3
117. 0
122.3
133. 9
132.4
115.5
130. 6
136.9
146. 5
138.6
139.9
143. 7
145.1
146.4
147. 9
148.6
149. 7
151.4
152. 7
153. 6
153.4
153.8
119. 5
125.2
128. 3
125. 5
125. 5
128.8
132.5
135. 0
130.0
129.8
133. 1
134.2
135.9
136.4
136. 1
135.9
137. 6
138.2
138. 7
138. 1
137. 5
[1967=100, seasonally adjusted]
Durable m anufactu res
Primanf metals
Period
Total
Iron
steel
1967 proportion
_
1970
1971
1972--_
.
1973
_ _
1974
1975...
_
1976
1977
1978"
-_1978: Feb
Mar _
Apr
May
June
July
Auir
__ _ _ _
Sept
Oct-_ _
Nov
Dec- ._ . .
1979: Jan » _
Feb "
Fabricated
metal
products
trical
maery
Electrical
machinery
Transp Drtation
equip ment
Total
6.67
4. si
6.93
9. IB
8. 05
9. 87
106. 6
100.2
112. 1
126. 7
123. 1
96. 4
108. 9
110.2
119. 1
106.2
106. 1
114.3
115. 5
117.5
123.0
126. 0
127. 9
128.6
104. 7
96. 1
107. 1
102.4
103. 5
112. 1
124. 7
124. 2
104.4
108. 1
89. 5
129. 0
131.0
124. 0
124. 3
122. 3
119. 8
95. 8
104. 9
103. 4
113.2
96.3
96. 4
109.0
110. 5
114.5
119.0
120. 9
123. 2
123. 8
124. 1
125. 9
115.2
109. 9
123. 3
130. 9
142. 6
136. 9
138. 1
139.5
140. 4
142.3
144.0
145. 8
146. 3
146.0
146. 9
149.0
150.8
151. 5
Source: Board of Governors of the Federal Reserve System.
18
Non-
100.2
116. 0
133. 7
140. 1
125. 1
135.0
144.8
155. 6
150. 1
151. 5
152.2
152. 9
154. 6
156.1
157. 3
158.7
160.3
160. 3
161. 8
162. 5
163. 8
107.7
122.2
143. 1
143. 8
116. 5
131. 6
141. 9
154. 3
146.4
149. 5
152. 3
152.9
154. 1
157.9
156. 9
158. 3
157.9
159.0
161. 9
163. 7
165. 2
None [urable nlanufact ures
97.9
108.2
118.3
108. 7
97.4
110.6
121. 1
130.5
118.4
126.5
130.5
130. 1
130.4
132.1
133.4
132. 8
137.0
139. 3
139.4
138.0
137. 9
Motor
vehicles
and
parts
4.60
92. 3
118.6
135.8
148. 8
128.2
111. 1
140.7
159.7
168.3
153. 1
165. 1
171.7
168. 3
167.7
169.7
171.0
168.9
176.8
180.8
179.5
174.4
172. 2
Lumber
and
products
Apparel
products
/. 64
3. 31
101. 4
104.7
109. 4
117. 3
114. 3
107. 6
122. 2
124.2
105. 6
113.8
120. 8
126. 0
116.2
107. 6
125. 1
133.4
138.9
135. 5
136. 5
136. 9
136.5
138. 7
138. 1
136.9
139. 2
141.2
142. 5
146. 3
146.5
121. 1
122. 8
126. 1
125.8
126. 8
124.5
127. 2
130. 9
130. 6
Print- Cheming
icals
Foods
and
and
prodpublishing ucts
4. 72
107. 0
107. 1
112. 7
118.2
118.2
113. 3
120. 6
124.7
129. 9
128.3
129. 1
128.6
128. 2
128.7
130.3
129.5
131.0
130.5
132. 1
133.0
134.9
136.0
7. 74
120. 4
125.9
143. 6
154. 5
159. 4
147. 2
169. 3
180. 7
190.7
183.7
185. 2
185.5
188. 1
191. 1
192. 3
192. 2
194. 2
195. 9
197. 6
197. 9
201. 1
8. 76
108. 9
112.8
116. 8
120. 9
124. 0
123.4
132. 3
137.9
142. 9
140.8
141.1
143.1
142. 8
141.8
142.9
144.0
144.4
143.2
144. 2
145.5
145.9
NEW CONSTRUCTION
Constructioia contracts2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total '
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
BO lions of doll ars
1972
1973
1974
,
1975-....™—
1976
1977
1978 »_.
124. 1
137.9
138.5
134.5
148, 8
172. 6
201. 6
54.3
59.7
50.4
46.5
60.5
81.0
92.7
93.9
105.4
100.2
93. 7
110. 5
134. 7
156.8
18. 1
21.7
23.8
20.8
19.9
22.5
29.0
44.9
50. 1
40.6
34.4
47.3
65. 7
75.5
21.5
24.0
25.9
26.4
30. 0
31. 3
35. 1
30.2
32.5
38.3
40.9
38.3
37.8
44.8
33. 2
33.8
34.1
34.9
34.6
35. 1
35.3
34.7
35.4
36.3
36.7
37.9
37.0
36.4
35.7
37.7
41.5
45.1
45.2
48.4
48.2
48.0
47. 9
47.9
47.6
45.9
Seasonally / adjusted atinual rates
1978: Jan
Feb
Mar
Apr,_
May
June
July
Aug
Sept- _„
Oct
Nov. _ „ _ „ _ „
Dec f
1979: Jan » „
171.4
177.6
185.4
195.0
201. 3
206. 3
210. 2
208.7
209.2
209. 8
212. 8
215. 7
208. 1
79.4
85.3
88. 1
92. 2
94. 3
95.4
95.9
95.0
94.2
93.6
95.4
96.9
92.6
134.9
141.9
147.7
153. 5
156.2
161. 1
161.8
160.6
161.3
161.9
164.9
168.2
162.2
65.0
70.9
72.5
74.4
75. 1
76.6
77.7
77.1
76.8
76.8
78.9
80.4
75.4
1
Includes nonhousekeeping residential construction and additions and alterions, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
at
22.4
22.8
25.4
26.4
27.3
30.6
30.6
30.9
31.6
32.0
32.8
33.3
32.6
100. 0
109.2
103.0
101. 9
121.0
153.6
173. 1
854
1,010
840
555
592
739
964
Seasonally
Seasonally adjusted
adjusted
annual
rates
172
996
162
814
153
863
169
921
202
1,061
153
999
173
898
177
951
182
1,037
193
1,015
174
1,093
184
978
1,062
181
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
IS 'ew
Units started, by type of striicture
Period
1971
1972
1973
1974
1975
1976
1977..
1978*
„_„
.
„_
— -
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020, 3
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
New priviite homes
private housing unit,s
2-4
units
120. 3
141. 3
118.3
68. 1
64.0
85. 9
121.7
125. 0
5 or more
units
780. 9
906.2
795.0
381,6
204. 3
289. 2
414.4
462.0
Units
authorized
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1. 690. 0
1, 679. 5
Units
completed
Homes
sold
Homes for
sale at
end of
period *
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 866. 3
656
718
634
519
549
646
819
818
287
409
418
346
313
353
401
415
1,742
1,790
1, 958
1,869
1,876
1,928
1,948
1,900
1,883
1, 885
1,872
1,814
773
809
827
843
830
829
778
796
900
811
814
776
405
406
411
414
419
417
418
417
407
412
415
414
Vacancy
rate for
rental
housing
units
(percent)3
5.4
5.6
5. 8
6.2
6.0
5.6
5.2
Seasonally adjusted arinual rates
1978: Feb
Mar _
Apr___
May _ _
June___
July
Aug _
Sept
Oct.
Nov__
Dee * __
1979: Jan* _._
Febp
1,659
2,011
2, 176
2,037
2,093
2, 104
2, 004
2,024
2,054
2, 107
2,074
1, 669
1, 411
1, 171
1, 413
1,482
1,463
1,439
1,455
1, 431
1,432
1,436
1,502
1,539
1, 148
964
'2 Seasonally adjusted.
Quarterly data entered in last month of quarter.
88
126
138
92
143
134
137
112
135
150
119
124
83
400
472
556
482
511
515
436
480
483
455
416
397
364
1, 534
1,647
1,740
1,597
1,821
1,632
1,563
1,731
1,727
1,724
1,664
1,324
1,360
5.0
5. 1
5.0
5.0
NOTE.—Seasonally adjusted data for units completed and homes sold and for
sale revised beginning 1976.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales declined 0.2 percent in Jarruary while inventories rose $5 billion. According to the advance survey,
retail sales rose 0.6 percent in February following an increase of 0.2 percent in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
JAA
™
TOTAL BUSINESS
1NVENTORIES
350
*
^*-X<
RETAIL INVENTORIES
90
^^
80
70
•
RETAIL SALES
250
/^
700
50
TOTAL Bl SINESS
SALES
+*"
***
150
RATIO*
1.80
1.70 —
1.60
1fW*S
-
-
I I ! I I i I II !|
1975
iiiiiliiii)
1976
1 11 11 ! I i 1 ! 1
1977
MMiliMii Illllllllll
1979
1978
1.20
1978
1975
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total b usiness l
Who esale
Re tail
Sales2
Period
Q«1«c. *
2
bales
1979
COUNCIL OF ECONOMIC ADVISERS
Inventories3
Inven-3
bales * tories
O
1
0
T'rktal
Iriventories
DurNonable durable
goods goods
stores stores
nPnfal
DurNonable durable
goods goods
stores stores
Inventoiry-4sales
ratio
Total
business]
Retail
Mill ons of d ollars, se asonally adjusted
1972
1973
1974___
1975
1976___
1977
1978 v
130, 049
151, 647
175, 200
179, 621
200, 760
223, 793
254, 727
203, 088
233, 749
285, 064
283, 614
309, 238
334, 785
379, 391
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
37, 422
41,871
44, 543
48, 370
53, 542
59, 029
66, 568
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
23, 160
25, 054 55, 079 24, 238
27, 781 62, 950 28, 072
30, 723 70, 716 32, 394
33, 463 70, 623 32, 119
35, 998 78, 045 36, 417
39, 127 87, 073 40, 534
43, 409 100, 818 48, 161
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
52, 657
1.50
1. 44
1. 47
1.58
1.48
1. 44
1. 41
1.40
1.41
1.48
1.43
1. 39
1.40
1. 44
1978: Feb
239, 609
Mai243, 979
Apr
251, 323
May
252, 259
June
253, 459
July
252, 755
Aug _ _
260, 068
Sept
260, 535
Oct
_ _ _ 266, 946
Nov
_ _ _ 270, 134
Dec
273, 776
343, 932
349, 201
354, 332
357, 401
360, 355
363, 432
367, 044
369, 526
372, 639
376, 596
379, 391
57, 729
58, 803
61, 640
63, 171
62, 656
63, 425
64, 894
64, 531
67, 338
67, 552
67, 823
70, 325
72, 629
74, 327
74, 779
75, 191
75, 744
76, 338
77, 113
78, 625
79, 526
80, 771
62, 898
64, 075
65, 146
65, 522
65, 964
66, 224
67, 303
68, 085
68, 971
70, 158
70, 918
21, 244
21, 813
22, 617
22, 730
22, 947
23, 049
23, 617
23, 872
24, 422
24, 954
25, 163
41, 654 91, 214 44, 436
42, 262 92, 712 44, 624
42, 529 94, 290 45, 619
42, 792 94, 933 45, 525
43, 017 95, 607 45, 502
43, 175 96, 521 45, 704
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47, 006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
46, 778
48, 088
48, 671
49, 408
50, 105
50, 817
51, 708
51, 906
52, 273
52, 928
52, 657
1.44
1. 43
1. 41
1.42
1.42
1. 44
1. 41
1.42
1.40
1.39
1. 39
1. 45
1.45
1.45
1. 45
1.45
1.46
1.45
1. 44
1. 44
1.43
1. 42
273, 247 384, 351 67, 069 81, 898 71, 031 25, 271 45, 760 101, 679 49, 302 52, 377
71, 472 25, 266 46, 206
1.41
1.43
1979: Jan *
Feb •*>
1
2 The term "business" also includes manufacturing
Monthly average for year and total for month.
1
Book value, end of period, seasonally adjusted.
4
(see page 21).
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
NOTE.—Data revised beginning 1978. Kevised data not yet available for
earlier periods.
S
e a
Source:
Department
of Commerce (Bureau of Economic Analysis and Bureau
£ur£e: -°
^
of the
Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' inventories and orders rose in January, while shipments were about unchanged. In February, according
to advance data, durable goods orders and shipments rose slightly.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
140 -SHIPMENT
s
—^^ niiiir*Xjf^
100
INVENTORIES
__^n
_
TOL
-
120
£
•f
200
TOTAL
-
-_r^x-**'
on
240
160
_
DURABLE GOODS
^**
— ^-
60
K.I^r'r^^'H
120
^.^•M^^*'
4»'**
*#£%£>
An
,«!»*
-
V
NONDU t^BLE GOODS
Ja*!^
80
-
! 1 i 111 1 11! 1
100
60
I I I I I I I I I 1 I M i l ! I 11i 1 1 i i i i i 1 1 i i i i
NONDURABLE GOODS
BILLi ONS OF DOLLARS* (RATIO SC:ALE)
160
140 hNEW ORE)ERS
TOT AL
!2U
\
40
^^^*
^*~*S^
^
iiiar'^iimir1'^^
100
DURABLE (SOODS
/
RATIO*
J"
-
. >
2.20
INVENTORY-SHIPMENTS RATIO
h'~"
,,ti"*
»lVii««!**™
1 1 11 1 1 i i 1 1 1
LLLLii
-
" -«S*^~
NONDU ^ABLE GOODS
1 1 1 I 1 1 1 1 1 11
1975
1976
i 1 1 1 1 1i 1 1 ii 1 1 i i i i i * i ii
1977
1978
1 I I1 i Ii ! || |
1979
1979
1976
1975
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' shi pments
Period
Total
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
125, 317
1
NonDurable durable
goods
goods
Manufact urers' inv entories 2
Durabl<B goods
Capital
NonNongoods
Durable
Total
Total
Indus- ( iurable
goods durable
Total
goods
goods
tries,
non1'
defense
1
Millioins of dolla rs, seasonally adjusted
8,832 29, 104
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114 33, 329
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691 40, 417
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781 43, 125
169, 886 108,968 60, 918 99, 134 50, 997 12, 501 48, 137
179, 714 115,424 64, 290 112,842 59, 795 15, 201 53, 047
197, 802 129, 141 68, 661 129,263 70, 744 18, 814 58, 519
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
66, 924
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 394
982
101
537
566
839
106
871
919
637
424
035
63, 077
64, 457
66, 493
65, 417
66, 293
65, 222
68, 684
68, 916
70, 292
71, 635
73, 429
55, 905
56, 644
58, 044
58, 149
58, 546
57, 884
59, 187
59, 003
60, 345
60, 789
61, 606
1979: J a n _ _ _ 135, 147
Feb»__
73, 112
73, 291
62, 035 200, 774 131, 542
1972
1973
1974
1975
1976..
1977.
1978—
1978: Feb.__ 118,
Mar— 121,
124,
Apr
May._ 123,
June__ 124,
July___ 123,
Aug_._ 127,
Sept.__ 127,
Oct.___ 130,
Nov___ 132,
Dec___* 135,
182, 393
183, 860
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
194, 735
196, 587
197, 802
117,511
118, 725
119,848
121, 471
122, 688
123, 830
125, 206
126, 176
126, 784
128, 357
129, 141
' Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
»End of period.
2
Manu 'aeturers new ordc>rs'
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
67, 951
68, 230
68, 661
122, 544
125, 801
128, 175
128, 450
127, 580
123, 279
130, 952
131, 840
137, 185
137, 662
140, 356
66,681
69, 016
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
76, 984
76, 654
78, 623
69, 232 142, 458 80, 664
80, 912
ManufacManu- turers'
fac- i inventurers'
—
unfilled3 tory
shiporders
ments
ratio *
121,
161,
189,
170,
174,
193,
241,
709
194
678
686
553
659
025
1. 67
1.58
1.65
L83
1.66
1. 58
1.51
200,
205,
209,
214,
216,
216,
219,
223,
230,
235,
241,
798
500
133
010
754
922
999
921
464
704[
025
1. 53
1.52
1.49
1.52
1. 52
1. 55
1. 51
1.52
1.49
1.48
1. 46
22, 124 61, 794 248, 340
23, 100
1I
1. 49
17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
1.9, 344
20, 149.
22? 219
20, 575
20, 790
55, 863
56, 785
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
60, 201
61, 008
61, 733
4
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.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In February, the producer price index for all finished goods rose 1.0 percent, seasonally adjusted. Prices of finished
consumer foods increased 1.6 percent and prices of other finished consumer goods rose 0.9 percent. Prices of capital
equipment increased 0.8 percent.
INDEX, 196/=100 (RAItO bCALfc)
INDEX, 1967=100 (RATIO SCALE)
120
120
100
100
SOURCE: rsSPARTMENT OF LABOR
COUNCII. Of fCONOMIC ADVISERS
[1961r=100; month!y data \seasonally ad jusited]
]TinishecI goods
In1iermedi ate
Crud e materials
Eaaterials
Total
consumer
FoodConsjiimer goods
Capistuffs
finFoods
ished Total and 2 Other Total and Other
tal
NonTV...,
Total oVllfat
dur- equip-l goods
feedfeeds
able ment
stuffs
111.4 110.8 111. 7 116.6 112.9 114 1 111.7 1143 115. 1 1142 117.0
113. 4 113.2 113.6 119.5 116.6 118.7 118.5 118.9 127.6 127.5 128. 0
118.5 115.8 120.5 123.5 129.2 131.6 168.4 128. 1 1740 180.0 162.5
138.6 126.3 146.8 141.0 149.3 162.9 200.2 159.5 196. 1 189.4 208.9
153.1 138. 2 163.0 162.5 163.6 180.0 195.3 178.6 196.9 191.8 206.9
161.8 144.4 173.3 173.2 169.0 189.3 186.6 189.5 205. 1 190. 1 233.6
172. 1 152.2 185.4 1845 178.9 201.7 191.0 202.4 2143 190.0 258.4
183.7 165.9 195.4 199.0 192.6 215.5 201. 0 216.4 240.2 215.4 287.0
177.7 157.8 190.9 193.4 186.2 209.6 189.9 210.8 226.5 202.9 270.7
178.5 158.8 191.7 1944 187, 5 210. 9 197.9 211.8 229.2 205.5 274 0
180.8 163.0 192.4 195. 7 189.7 212.0 200.6 212.8 233.8 211.0 276.7
182.2 165.3 193.3 197.2 190.8 213.3 200.8 214 1 235.9 212.9 279.0
183.0 165.6 1944 198.7 192. 3 2144 201.9 215.5 240.9 218.0 283. 7
184.9 168.5 195.5 200. 1 193.7 215.4 201.5 216.2 241.5 215.7 289.9
185.9 169. 8 196.3 201.0 1940 216.8 198.8 217.7 241.5 215.6 290.3
186.9 171.0 197.2 202. 1 195.8 218.2 203.4 219. 1 245.7 219.5 295.0
187.6 169.7 199.3 203.4 197.4 220. 8 207. 6 221.5 252. 7 227.6 299.9
189.2 171. 2 200.9 204.9 199. 1 222.4 207. 4 223.3 256.0 230.0 3048
190.7 172. 1 203.0 206.4 200.9 2240 212.3 224 8 257.3 230. 2 308.5
193.0 174 1 205. 5 208.4 203.7 226.6 2144 227.5 263.4 236.7 313.6
194.7 175.4 207.4 210. 1 206. 1 229. 0 218.3 229.6 272.2 245.6 322.3
F inished goods excludin g
constimer f c>ods
Period
1971
1972
1973
1974
_._ ..
1975
..
Id76
_.
1977
1978
1978: Feb
Mar
Apr
May,
June
__
July__.
Aug
Sept
Oct
Nov.. _ _ _ _ _ _ „
Dec
1979: Jan
Feb
1
2
Total
finConished sumer
goods foods Total
113.7
117.2
127.9
147.5
163.4
170.3
180. 6
1946
188.4
189.5
191.5
192.8
194.2
195.6
196. 1
197,7
199.2
200.9
202.5
205.2
207.3
115.3
121.7
146.4
166.9
181.0
180.2
189.1
206.8
199.8
201.7
203.8
204.4
207.2
207.4
206.6
209.7
213. 1
215. 1
217.3
221.2
224.7
113. 1
115.4
120.1
139.3
156.2
165 5
176.2
188.9
183.0
183.9
185.8
187.3
188.3
190.0
190. 9
192.0
192.9
194.5
196.0
198.2
199.9
Formerly called producer finished goods,
Intermediate materials for food Manufacturing and manufactured animal
feeds. Data are not seasonally adjusted.
22
rp_i. _ t
NOTE.—Data revised for October 1978.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In February, the consumer price index for all urban consumers rose 1.2 percent (also 1.2 percent seasonally adjusted).
Food prices increased 1.9 percent (1.6 percent seasonally adjusted). Nonfood commodity prices rose 1.0 percent
(also 1.0 percent seasonally adjusted) and services prices were up 1.0 percent (1.1 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
240
INDEX, 1967= 100 (RATIO SCALE)
240
220
220
200
120
100 •
100
r
1971
1972
1974
1973
1975
1976
1977
1979
1978
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1971 _ _
1972
1973
1974
1975
1976
1977
1978
All
items
Food
121.3
125.3
133. 1
147.7
161.2
170.5
181.5
195.4
118.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
Comelodities le ss food
Food
Commodities
less
food
Services
commodities
All
Food
at
home
Food
away
from
home
All
Durable
Nondurable
116.8
119.4
123. 5
136.6
149. 1
156.6
165. 1
174.7
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
117.4
120.9
129. 9
145.5
158.4
165.2
174.7
187. 1
118.4
123.5
141.4
161.7
175. 4
180.8
192.2
211.4
116.4
121.6
141.4
162.4
175.8
179.5
190.2
210.2
126.1
131.1
141.4
159.4
174.3
186. 1
200.3
218.4
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
116.5
118.9
121.9
130.6
145.5
154.3
163.2
173.9
117.0
119. 8
124.8
140.9
151.7
158. 3
166.5
174.3
128.4
133. 3
139. 1
152. 1
166.6
180.4
194.3
210. 9
Unadljusted
Services
Seasonal y adjust ed
1978: Feb____
Mar____
Apr
May.__
June
July...
Aug
Sept>._
Oct
Nov___
Dec
188.4
189. 8
191.5
193.3
195. 3
196.7
197.8
199.3
200.9
202.0
202.9
202.0
204.2
207.5
210.3
213.8
215. 0
215. 4
215.6
216.8
217.8
219.4
168.8
170. 0
171. 3
173.0
174.4
175.4
176.3
177.8
179.1
180.3
181.3
203.5
204.9
206.5
208.0
209. 9
211.7
213.4
215.6
217.6
218. 6
219.2
180.9
182.3
183.9
185.3
186. 9
187.7
188.7
190.2
191.7
193.0
194.6
202.2
204.7
208. 1
210.5
213.5
213.7
214.6
216.0
217. 9
219.2
221.3
200.0
202.8
207. 1
209. 9
213. 1
212. 7
213.2
214. 5
216.5
217.8
220. 1
210. 8
212. 5
213.8
215. 5
218.0
219.5
221. 4
223. 1
224.7
226.0
227.8
169.7
170.7
171.6
172.6
173.7
174.7
175. 7
177.2
178.5
179. 8
181. 3
168.6
169.3
170.2
171. 5
173.0
174.2
175.3
176.8
178.3
180. 1
181.6
170.2
171.3
172. 1
172. 9
173.6
174.5
175.4
176. 5
177.4
178.3
179.4
203. 5
205. 1
206.9
208.7
210.5
212. 2
213.8
215.7
217. 6
218.7
219.5
1979: Jan
Feb
204.7
207. 1
223. 9
228. 2
181.9
183. 7
221. 1
223. 3
196.7
199. 1
224.5
228. 1
223.7
227. 7
230.7
233.6
182.9
184.8
183.3
185. 1
181.4
182.9
220.7
223. 1
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percen t change from pr<seeding
1
perioci; season ally adju sted
Percen t change from 3 inonths
earlie r; seasorlally adjiusted
annua 1 rates
Percen t change from 6 rnonths
earlie r; season ally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
19701971
1972__ _
__
1973
1974
1975
1976— _ _
19771978
1978: Feb
Mar
Apr
_
May__
June__
July___
Aug__
Sept
Oct__
Nov
Dec
_-
. _
1979: Jan _ _
Feb
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
^
1.5
1. 6
.9
1. 0
3.9
2. 0
2.0
7.4
20. 5
6.7
4.9
6. 1
8.3
.3
.5
1.3
.8
.4
1.0
.5
.5
.4
.9
.8
4.9
2.4
2.0
5.3
22. 6
8.2
6.4
7.2
8.0
.6
.5
.7
.8
.8
.7
.4
.5
.6
.7
.7
8.0
8.7
10.2
9,7
10.3
8.8
7.0
7.4
7.6
10.2
10. 1
14.4
16. 8
16. 9
9.5
11. 4
7.3
4.4
4.9
11. 5
17.5
15.3
5. 1
5.3
8. 6
10. 5
10.5
9.4
8.4
8.8
6.0
7.3
8.4
7.6
7. 1
7.3
8. 1
9. 1
9.3
7.9
7.0
6.8
8.0
8.8
7.5
8. 1
8.9
8.8
9.5
9.5
8.3
8.8
8.2
8.6
8.7
10.3
12.6
14.2
11.9
14. 1
12. 0
6.9
8. 1
9.3
10.7
10. 0
5. 4
5. 1
7.0
7.8
7.9
9.0
9.4
9.6
7.7
7.8
8.6
8.5
8.8
7.3
7.8
8. 1
8.3
8.0
8. 1
8.0
8.0
7.9
1.8
1.6
1.2
.9
1. 0
.8
12.6
13. 4
16. 1
19. 1
12. 0
12. 1
10. 2
10.5
10. 1
11.7
13.8
18.3
9.0
9.7
8.5
9.3
2.2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
9. 1
.8
.6
1. 1
.7
.7
.7
.3
.8
.8
.9
.8
-2.5
5.9
8. 0
22.5
13.0
5.5
-2.5
6.6
11.9
1.9
1.0
1.0
.3
1.4
.1
1.3
1. 0
Source: Department of Labor, Bureau of Labor Statistics.
* Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for October 1978.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasonially adjussted 1
Period
All
items
Food
Commodities
less
food
Services
Percent c lange f re>m 3 mont tis earlier; Percent c lange fro m 6 mont]is earlier ;
seasonsilly adjussted annujil rates
seasons lly ad jus ted annusil rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
1970
1971
1972
1973
1974
1975
1976
1977
1978_,__x _
1978:Feb___
Mar
Apr_
May__
June_.
July.__
Aug__.
Sept__
Oet___
Nov__ _
Dec___
5.5
3.4
3.4
8.8
12.2
7.0
4. 8
6.8
9.0
.6
.8
.8
.8
.9
.6
.6
.9
.8
.6
.6
2.2
4. 3
4. 7
20. 1
12.2
6.5
.6
8.0
11.8
1. 1
1.2
1.7
1.2
1. 4
.1
.4
.7
.9
.6
1. 0
4.8
2.3
2.5
5.0
13.2
6.2
5. 1
4.9
7.7
.2
.6
.5
.6
.6
.6
.6
.9
.7
.7
.8
8.2
4. 1
3.6
6.2
11. 3
8. 1
7.3
7.9
9.3
.8
.8
.9
.9
.9
.8
.8
.9
.9
.5
.4
7.5
8.9
9.5
10.3
10.7
9.5
8.5
8.5
9.5
9.4
8.5
11.9
14. 9
17.2
17.5
18.3
11.2
8.0
4.8
8. 1
8.9
10.2
5. 1
5.8
5.3
7.0
7.2
7.4
7.4
8. 3
9.0
9.7
9.6
8.3
9. 1
10. 3
10. 6
11.0
10. 6
10. 1
10.3
10.6
9.5
7.2
6.4
7.3
8.3
8. 9
9.8
9.5
9.4
9.6
9.5
9.0
8.5
8.5
10.5
13.8
14. 6
16. 6
14.2
12. 6
11. 3
9.6
8. 4
7.4
4.9
5.5
5.8
6. 1
6.5
6.4
7.2
7.8
8.2
8.5
8.9
7.3
7.6
8.6
9.4
10. 0
10.5
10. 4
10.6
10.6
9.8
8.7
1979: J a n _ . _
Feb_.._
.9
1. 2
1. 4
1.6
.9
1.0
.5
1. 1
8.8
11.3
12.7
17.3
10. 2
11.6
5.8
8.3
9. 2
10.4
10.4
13. 0
9.6
10. 6
8.2
8.9
i Annual changes are from December to December (unadjusted).
NOTE.-—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 3% percent in February, Prices paid by farmers rose 1% percent in the month
ended February 15.
INDEX, 1967=100
(RATIO SCALE)
240
240
220
220
PRICES RECEIVED
{ALL FARM PRODUCTS)
200
200
180
180
160
160
a
140
A—1
(ALL HEMS, INTBIEST,
f AXES, AND WAGE RATES)
140
^_^
120
120
100
100
RATIO -I/
- 70
60
1971
1978
1977
1972
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES. AMD WAGE RATES. ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
1971-.
1972
1973__ _ _
1974__ __
1975
1976_
1977
1978_ _ _ „
1978: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov_.
Dec
•
979: Jan
Feb.__
All farm
products
_
___
___
_
_ _ _
__
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1967=100
113
125
179
192
185
186
183
210
193
200
208
215
218
215
211
216
218
216
222
108
114
175
224
201
197
192
203
190
197
208
212
216
213
204
204
202
202
205
118
136
183
165
172
177
175
216
196
204
209
217
219
217
217
226
232
228
237
118
125
144
164
180
191
202
219
211
214
216
219
220
220
221
223
224
225
226
(33)
()
(*)
(a)
(')
('3
(3)
(3)
( 3)
()
(33)
()
(3)
232
240
209
214
252
264
234
238
(3)
(3)
» Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
a The adjusted parity ration reflects Government payments made directly to
farmers.
118
123
133
151
166
176
Parity ratio l
Actual
Adjusted *
113
121
146
166
182
193
200
216
206
211
214
217
218
218
217
220
222
222
225
71
74
91
86
76
71
66
70
67
69
71
72
73
72
70
71
72
71
72
75
79
94
87
76
72
68
72
69
71
73
74
75
73
72
73
73
72
74
230
235
73
74
75
76
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The narrower monetary aggregates continued to decline in February/ while M2 and M3 rose.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
BILLIONS OF DOLLARS*(RATIOSCALE)
1,000
200
1971
1972
1973
1974
1975
1977
1976
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1979
1978
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
(Overall measur es 1
Deposi ;s at corrimercla banks
Period
Ml
L973: Dec._ 270. 5
.974: Dec.. 283.2
975: Dec.. 295.4
976: Dec__ 313.8
977: Dec__ 338. 7
978: Dec.. 361. 5
978: Feb.. 342.4
Mar_ 343.2
Apr__ 347,9
May. 350.7
June- 352.5
July. 354.5
Aug.. 357.0
Sept. 361. 1
Oct.. 361.6
Nov. 361.0
Dec.. 361. 5
979: Jan__ 359.9
Feb*_ 358.8
M1 +
397. 9
419.5
456.8
517. 2
560. 6
586.4
565.3
566.4
572. 1
576. 1
578. 6
580.0
583.4
589. 4
589.7
587. 2
586.4
582.4
579.0
M2
571.3
612. 2
664.8
740. 6
809.4
876. 3
819.4
822. 6
830.3
836.7
842.6
848.7
856. 9
866.2
870. 9
874.3
876.3
875.4
877.0
M3
919.0
981.0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 6
1, 392. 9
1, 400. 3
1,411.9
1, 422. 0
1, 433. 1
1, 444. 6
1, 458. 4
1, 474. 7
1, 485. 5
1, 493. 8
1, 500. 6
1, 504. 1
1, 510. 0
Currency
61.6
67.8
73. 8
80. 8
88. 6
97. 5
90. 2
90.7
91. 3
92. 0
92. 5
93. 2
93. 9
95. 2
95.8
96. 6
97. 5
98.2
98. 9
Time and savings
209.0
215. 3
221. 7
233. 0
250. 1
264. 1
252. 3
252. 5
256.6
258.8
260. 0
261. 3
263.0
265.9
265. 8
264. 4
264. 1
261. 7
259- 9
at
Large
Totnl
JL U Ldl 2
CDs
Savings
363. 7 63.0
418. 1 89.0
450. 3 81.0
489. 2 62.4
544.4 73.7
611.4 96. 6
555.9 78. 9
560.8 81.5
565.9 83.4
572. 2 86.2
576. 8 86. 7
582.2 88. 0
587. 5 87. 6
593.7 88. 5
597. 9 88. 6
608. 8 95.4
611.4 96. 6
616.0 100. 5
620. 4 102. 1
127. 1
135. 9
160. 7
202. 1
219.7
222. 0
220. 6
220. 9
221. 7
222. 8
223. 5
222. 8
223.7
225. 5
225. 2
223.4
222. 0
219. 6
217.4
347.7
368. 7
427. 7
495. 0
564. 9
624. 3
573. 5
577.7
581.5
585. 3
590. 5
595.9
601. 5
608.5
614. 6
619. 5
624. 3
628.7
632. 9
De-
mand
De-
posits
nonbank
thrift
institutions
1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
Perecmt chaiige3
(3ompone nts anc . related items
2
3
U.S.
Government
demand
deposits
(unadjusted)
Ml
M1 +
M2
6.3
4.9
6.0
4.7
5. 0
5. 4
8. 9
13.2
8.8
7.2
8. 6
11.4
4. 7
5. 6
6. 6
6. 5
5. 5
6. 5
7.7
6.9
7.4
8.0
8.4
8.2
9.4
4. 1
4. 4
5. 1
10.2
4. 3
4. 8
5.0
4.0
6.2
4. 5
3.6
6. 2
4. 3
8. 0
10. 2
12. 0
8.3
4. 3
6. 2
7.9
6.7
7. 3
6.2
7. 6
8. 6
8. 3
7. 5
8. 7
10.7
8.0
6.0
5.2
3. 1
8.4
4.7
5.9
8.3
6. 2
3. 9
2. 7
1.8
1.0 -1. 5
9.3
8. 3
10.9
10.0
9.2
8.2
6.4
4.8
Includes time deposits other than large CDs, not shown separately.
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Total
liquid
assets
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
Curre ncy and c eposits
——
Time d eposits
Currency
Total
Demand
deposits
Commercial
banks
U.S. Tr easury
secur ities
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Other
private
money
market
instruments
TVT
tiable
certificates of
deposit
854. 2
Dec
967. 1
Dec
_ _
1, 084. 8
Dec
1, 169. 8
Dec_ _ _ _
1, 289. 2
Dec ___ __
1, 421. 8
Dec_
Dec_ ___ _ . 1, 588. 6
1, 770. 9
Dec _ _ _
721. 1
816.6
887.3
944. 8
1, 054. 5
1, 193. 0
1, 326. 5
1, 452. 2
52. 5
56. 9
61.6
67.8
73.8
80.8
88.6
97.5
161.8
176. 1
183.7
187. 3
192.6
200.2
214. 1
225.0
233.5
264.4
294.3
321.0
360.4
417. 1
459.0
505.4
273.3
319. 1
347.7
368. 7
427. 7
495.0
564.9
624. 3
54.3
57. 6
60.4
63. 3
67.3
71.9
76.6
80.6
31.3
34.3
43.3
47. 0
66. 1
66.2
77.2
88.7
27.6
36. 2
53.8
70.4
58. 1
43.0
52.0
65. 1
19.8
22.5
40.0
44.4
43.2
47. 7
56. 3
84. 3
_ 1, 620. 0
1, 631. 3
1, 648. 4
1, 664. 5
1, 677. 8
1, 690. 6
1, 703. 2
1, 722. 6
1, 735. 3
1, 753. 6
1, 770. 9
1, 345. 4
1, 352. 4
1, 363. 5
1, 373. 4
1, 384. 2
1, 396. 5
1, 409. 8
1, 425. 5
1, 437. 0
1, 445. 7
1,, 452. 2
90.2
90. 7
91.3
92. 0
92. 5
93.2
93.9
95.2
95.8
96.6
97.5
216.5
216.4
220. 6
222. 2
222. 6
224.2
225.6
227.6
227. 1
225. 6
225. 0
465. 1
467.6
470. 1
473.9
478.6
483.2
488.8
494.2
499. 5
504. 0
505. 4
573.5
577. 7
581.5
585. 3
590. 5
595. 9
601.5
608.5
614.6
619.5
624.3
77.4
77.8
78. 2
78. 5
78.9
79.3
79.5
79.8
80. 1
80.4
80. 6
80.4
80.4
81.5
82.8
83.2
81.7
82.0
84.9
83.9
82.7
88.7
54.2
55.7
58.0
60.6
60.6
61.4
60. 1
60. 2
59. 0
64.5
65. 1
62.6
65.0
67.2
69. 3
70.9
71.7
71. 7
72.2
75. 3
80. 3
84. 3
1, 783. 3
1, 790. 0
1, 455. 4
1, 460. 9
98.2
98.9
221.9
219. 2
506.0
508. 6
629. 3
634. 3
80.7
80.6
91.9
91.3
68.4
69.2
86.9
87.9
1978: Feb
Mar
Apr
May
June
July
Aug
_
Sept.
Oct
Nov
Dec
_
1979: Jan _ __ _
Feb »
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalmtent credit extended
Instalm<ent credit lieluidated
Net change in amount <Dutstanding
T>_
•_ J
Fenod
Total *
1971 _
1972
1973
1974
_
1975
_
1976 _
1977
1978
_ _
1978: Feb
MaiApr
May
June
July
Aug
Sept _
Oct
Nov__ _
Dec1979: Jan
1
_
Automobile
Revolving
Automobile
Revolving
Total *
Automobile
4, 194
5,621
5, 910
Revolving
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 574
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 986
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 508
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 429
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9, 489
7, 765
21, 647
35, 278
45, 066
495
2,976
10, 465
15, 204
19, 557
1,044
1, 174
2,003
1,970
1,340
2, 170
6,248
7,776
22, 758
23, 925
24, 682
25, 104
25, 565
25, 022
25, 669
25, 537
25, 758
26, 214
26, 500
6,730
7,043
7,434
7,592
7, 595
7,652
7,744
7,542
7,501
7,787
7,833
8, 147
8,398
8,523
8,563
9,062
8,700
9, 028
9, 006
8,846
9, 176
9,424
19, 896
19, 849
20, 576
20, 824
21, 358
21, 556
22, 037
21, 857
22,384
22, 115
22, 100
5,397
5,409
5,622
5,715
5,953
5,941
6, 140
6, 010
6, 126
6, 032
6,053
7,698
7,566
7,840
7, 919
8, 107
8, 100
8,291
8,384
8,500
8,511
8,555
2,862
4,076
4, 106
4,280
4,207
3,466
3,632
3,680
3,374
4,099
4,400
1,333
1,634
1, 812
1,877
1,642
1,711
1, 604
1,532
1,375
1, 755
1,780
449
832
683
644
955
600
737
622
346
665
869
25, 544
7,545
9,417
22, 483
5,865
8,984
3,061
1,680
433
Includes "mobile home" and "other," not shown separately.
Total »
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in loans and investments slowed further in December.
BILLIONS OF DOLLARS* (RATIO SCAUE)
OF DOLLARS*(RATIO SCALE)
1,000
-ALL COMMERCIAL BANKS
1,000
TOTAL
800
800
:LOANS AND INVESTMENTS.
\
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
MI1
t«iimiiwn««
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
60
40
40
1970
1971
1972
1974
1973
1975
1976
1977
•SEASONALLY ADJUSTED, END OF MONTH
SOUtCi: K3ARO OF GOVERNORS OF THE FEDERAL RESIRVi SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Allc ommercial I >anks 1
All me mber ban ks
Borrowiiigs (milL oans
Investn lents
Iteserves 2 3
lions of dollars,
Total
unadju isted) 2
loans
and Total exinvest- cluding Commer- U.S. Gov- Other
NonSeaRecial and
ernment
secuTotal
Total
ments
interborrowed quired
sonal
industrial securities
rities
bank
Period
1971
1972
1973__ _
1974
1975
1976
1977
1978 *__
1978
4
_
_ _
1978: Feb
Mar__ __
Apr
May
June
July » _
Aug*
Sept 9
Oet ».
Nov »
Dec *_ _
_
485,7
558.0
633. 4
691. 1
721.8
785. 1
870. 6
967.3
320. 9
378. 9
449. 0
500. 2
496.9
538.9
617.0
709.0
116. 2
130.4
156.6
183.5
176. 2
5
179. 7
6
201. 4
228.9
60.6
62.6
54. 5
51. 1
80. 1
98.0
95.6
88.4
104. 2
116.5
129.9
139.8
144. 8
148.2
158.0
169.9
31. 16
31.34
34.90
36.55
34.67
34. 89
36. 10
41.27
31. 03
30. 29
33.60
35.83
34. 54
34. 83
35.53
40.40
30.98
31. 05
34.60
36. 30
34.40
34. 61
35.91
41.04
107
1,049
1,298
703
127
62
558
874
41
32
13
12
54
134
887.7
894. 1
909.0
921.7
932.2
940.7
944.6
952. 4
960.9
966.5
967.3
628.4
637.2
647, 6
659.7
667.8
675. 1
680.2
687.3
696.8
706.8
709.0
205.8
209.8
212.4
217.9
219.0
220.8
222. 8
224.6
227. 0
228.9
228. 9
99.4
96. 1
98.3
97.9
100.2
100. 6
97.9
97.2
95.2
90.3
88.4
159.9
160.8
163. 1
164. 1
164.2
165.0
166.5
167.9
168.9
169. 4
169. 9
36.88
36.67
36. 93
37.27
37.63
38. 11
37. 93
38.21
38.38
39.75
41.27
36.48
36.34
36.38
36. 06
36.53
36.80
36. 79
37. 15
37. 10
39.05
40. 40
36.64
36.47
36.79
37. 05
37.45
37.92
37. 77
38.02
38.22
39.53
41.04
405
344
539
1,227
1, 111
1,286
1, 147
1,068
1,261
722
874
52
47
43
93
120
143
188
191
221
185
134
41.48
40. 75
40.48
39.78
41.26
40.54
994
973
112
114!
1979: Jan »
Feb »
1
2
Data are for end of period.
^vera&es °f daily figures. Annual data are for December.
'Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
28
4
During 1974, total loans and investments were increased $0.6 billion due to
a bank merger and were reduced $1.5 billion due to liquidation of a large bank.
*6 Loan ^classifications reduced these loans by $1.2 billion as of March 31, 1976.
Loan reclassifications reduced these loans by $0.2 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
Credilb market i unds
Total
Total
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104.3
127.1
161.7
199.8
190.8
143.8
205.0
^39.0
283.4
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
141.9
45. 5
58.5
80.9
115.9
115. 1
37.0
80.3
103.6
141. 5
40. 7
44.5
58.3
72.7
81.8
37.0
58.2
78.7
89.5
32. 1
40.6
40.6
37.0
39. 1
49.3
48.8
46.2
49. 1
8.6
3.9
17.6
35. 7
42.6
-12. 3
9.5
32.6
40.4
4.8
14. 1
22.7
43.3
33.4
.0
22.0
24.9
52. 0
95.9
119.6
145. 8
185.6
179.0
131.9
184.9
212. 3
268. 9
80. 3
86.0
100.3
123.3
134.7
99. 9
141.2
164.6
194.9
15.6
33. 6
45. 6
62.3
44. 4
32.0
43.7
47.8
74.0
8. 4
7.5
15.9
14.2
11.8
11. 9
20. 1
26. 7
14.5
1977: I
II .
III-_.
!¥____
244.3
198.6
266.0
247. 1
123.8
134.9
145. 5
137.3
120.5
63.7
120. 6
109.9
75.9
63.7
80. 1
95.2
34.4
35.3
53.5
61.5
41.6
28.5
26.6
33.7
44. 6
-.0
40.5
14.7
214. 6
177.3
234.6
222. 7
152. 5
162.4
175.2
168.0
62. 1
14.9
59.4
54. 7
29.6
21. 3
31.4
24. 4
1978:1
II
III
IV"
277. 0
276. 8
292. 5
286.8
127. 2
144. 1
146. 1
150.2
149. 8
132.7
146. 4
136.6
94.5
86.8
88. 1
88.2
35. 1
54. 5
60. 8
45.9
59.4
32.4
27.3
42.3
55.4
45.9
58. 2
48.4
260. 1
264.3
277.6
272.9
179.8
199.8
198. 8
201. 3
80.3
64. 5
78.8
71.6
16.9
12. 4
14.8
13.9
1970
1971 __
1972__
1973__._
1974
1975___.
1976_.__
1977_
1978 »
_
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Stocks, bonds, and mortgages.
* Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Note.—Data revised for 1978.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabilities
Curreiit assets
End of period
Total
SEC series:2
1970
1971
__._>
1972
._
1973_
1974
FTC-FRB series:3
1974
1975
1976
1977
1977: I_.
!!____
Ill
IV__._
1978: I
II- _
III
_
Cash
Notes
U.S.
governand
Invenment
acsecuri- counts tories
ties receivable
Other
current
assets
Total
Net
working
capital
Current
ratio *
4-{na
492. 3
529.6
599.3
697. 8
790.7
50.2
53.3
59.0
66.3
71. 1
11.0
10.6
12. 8
12.3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263. 9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375. 6
450.9
530.4
211.3
220. 5
282.9
340.3
402.3
93.6
105. 5
92.7
110.7
128. 1
187.4
203. 6
223.7
246.9
260. 3
1.615
1. 625
1.595
1.548
1.491
734.6
756.3
823. 1
900. 1
73.0
80.0
86.8
94.2
11.3
19.6
26.0
20.9
265.5
272. 1
292.4
325.7
318.9
314.7
341.4
375. 0
65. 9
69.9
76.4
84.3
451.8
446.9
487. 5
543.2
272. 3
261.2
273.2
306.8
179. 5
185.7
214.2
236. 3
282. 8
309. 5
335.6
357.0
1.626
1.693
1.688
1. 657
842.0
856.4
880.3
900. 1
80.8
83. 1
83.4
94.2
26.8
22. 1
21.5
20.9
304. 1
312.8
326.9
325.7
352. 1
358.8
367.5
375.0
78.3
79.6
81. 0
84.3
502.6
509. 5
528.9
543.2
280.2
286.8
297.8
306.8
222.4
222.7
231. 1
236.3
339.5
346.9
351.4
357.0
1. 675
1.681
1.664
1.657
924.2
953.5
992.4
88.5
90.9
91.4
20.9
19.7
18.6
338.3
356.8
377.8
389.7
399. 1
415.5
86.8
87.0
89.0
570.4
590.8
624.5
317.2
331.3
349.9
253.2
259.4
274.6
353.8
362.7
367. 9
1.620
1.614
1.589
*2 Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury,
3
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Notes
Other
and
current
accounts liabilipayable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Eeser^e System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Some interest rates rose slightly fa March, while others stabilized.
PERCENT PER ANNUM
PERONT PER ANNUM.
10
10
CORPORATE Aaa BONDS
(MOODY'S)
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OP
NEW YORK
\m
1979
SOURCE, SEE TABLE BELOW
COUNCIL OP ECONOMIC ADVISERS
[Percent per annum]
Period
1973
1974
1975_ _
1976__
1977
1978
1978: Feb
Mar
Apr_
May.
June
July
Aug
Sept_
Oct
Nov_
Dec_
1979:?Jan
"Feb
Mar. _
Week ended:
1979: Mar 3
10
17
24
31. _
1
3
U.S. Tre asury securi ty yields
Constant inaturities 2
3-month
bills !
3-year
10-year
7.041
7.886
5.838
4. 989
5.265
7.221
6.457
6.319
6.306
6.430
6.707
7.074
7.036
7.836
8. 132
8.787
9. 122
9.351
9.265
9.457
6.95
7.82
7.49
6.77
6.69
8.29
7.67
7.70
7.85
8.07
8.30
8. 54
8.33
8.41
8.62
9.04
9.33
9. 50
9.29
9. 451
9.364
9.475
9.498
9.498
9.45
9.39
9.39
9. 38
6.84
7.56
7.99
7.61
7.42
8.41
8.03
8.04
8. 15
8.35
8.46
8. 64
8.41
8.42
8.64
8.81
9.01
9. 10
9. 10
9.
9.
9.
9.
18
11
12
12
High-grade Corporate Prime com- Discount
rate
municipal
mercial
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
4-6
Bank)*
& Poor's)3 (Moody's) months
5. 18
6. 09
6. 89
6.49
5.56
5.90
5.51
5.49
5.71
5.97
6. 13
6. 18
5.98
5. 93
5.95
6.03
6.33
6.25
6. 19
7. 44
8. 57
8.83
8. 43
8. 02
8.73
8.47
8.47
8. 56
8.69
8.76
8.88
8.69
8.69
8.89
9.03
9. 16
9. 25
9.26
8. 15
9.87
6.33
5.35
5.60
7.99
6.80
6.80
6.86
7.11
7.63
7.91
7.90
8.44
9.03
10.23
10.43
10.32
10.01
6.25
6.20
6. 15
6. 14
9.36
9.35
9.38
9.38
10.03
10. 01
10. 03
9.95
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
30
6.45
7.83
6.25
5. 50
5.46
7.46
6K-6H
en-en
6H-7
7-7
7— 7%
7^4—7%
7%— 8
8-8H
9*4—9^
9J4-9K
9/4-9/£
gi^_9^
9}i-
Prime
rate
charged
by
banks 4
8.03
10. 81
7.86
6.84
6.83
9.06
8-8
8-8
8-8
8-8K
8H-9
9-9
9-9M
9%— 10 K
10&-11H
11%-11%
11%— 11%
11%— 11%
11%—
Newhome
mortgage
yields
(FHLBB)s
7.95
8.92
9.01
8.99
9.01
9.54
9. 18
9.26
9.30
9.37
9.46
9.57
9.70
9.73
9.83
9.87
10.02
10. 18
10.18
ii%-ii%
n%-ii%
11% 11%
9/4-9 y% 11%— 11%
11%—
9K~
9J4-9H
gi^_9j£
9^—9/4
s 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 with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices recovered in March following the February decline.
INDEX, DEC. 31,1965=50
80
JNDEX, DEC. 31,1965=50
80
COMPOSITE STOCK PRICE
RATIO ON
1971
1978
COUNOL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common s tock 5 yields
(perc ent).
Comilion stock p rices 1
Period
New York Stock Exellange indexes(Dee. 31, 11965=50) *
Composite Industrial Transportation
1973_
1974
1975 _ _ _
1976
1977- _ _
___
1978
_ _
1978: Feb
Mar_
Apr
May
June_ _
July
Aug__
Sept
Oct
Nov
Dec
1979: J a n _ _ _
Feb_ _
Week ended:
1979: Feb 24
Mar 3
10__
17
24
Utility
Finance
Standard
& Poor's
Dow- .
Jones
composite Dividendindex
industrial3
ratio
average (1941-43=
10) *
57.42
43.84
45.73
54.46
53. 69
53.70
49.41
49.50
51.75
54.49
54.83
54. 61
58.53
58.58
56.40
52.74
53. 69
55.77
55. 08
63.08
48.08
50.52
60. 44
57.86
58.23
52.80
52.77
55.48
59. 14
59.63
59.35
64.07
64.23
61.60
57.50
58.72
61.31
60.37
37.74
31.89
31. 10
39. 57
41. 09
43.50
38,90
38. 95
41. 19
44.21
44. 19
44. 74
49.45
50. 19
46.70
41.80
42.49
43.69
42.27
37.69
29.79
31. 50
36.97
40.92
39.22
39.02
39.26
39. 69
39.47
39.41
39. 28
40.20
39.82
39.44
37.88
38.09
38.83
39.21
70. 12
49.67
47. 14
52. 94
55. 25
56.65
50.60
51.44
55.04
57.96
58.31
57. 97
63.28
63. 22
60.42
54.95
55.68
57.59
56. 09
923. 88
759. 37
802. 49
974 92
894. 63
820. 23
763. 57
756. 37
794. 66
838. 56
840. 26
831. 72
887. 93
878. 64
857. 69
804. 29
807. 94
837. 39
825. 18
107. 43
82. -85
86. 16
102. 01
98.20
96.02
88.98
88,82
92.71
97.41
97.66
97. 19
103. 92
103. 86
100. 58
94.71
96. 11
99.71
98. 23
3. 06
4. 47
4.31
3.77
4. 62
5.28
5.49
5. 62
5.42
5. 20
5. 19
5.25
4.93
4. 97
5. 11
5.45
5.39
5. 29
5. 43
55. 35
54.25
55.34
56. 09
56. 84
60.73
59.46
60. 77
61. 77
62. 72
42.61
41. 41
42.30
43.27
43.63
39. 27
38. 66
38.87
38.87
39. 10
56.05
55. 18
56. 92
57. 64
58.25
830. 24
813. 71
835. 19
847. 36
857. 34
98. 65
96. 79
98.70
99.95
101. 22
5. 35
5. 55
5. 44
5.38
5. 32
1
Average of daily closing prices.
* Includes all the stocks (more than 1,500) listed on the NYSE
3 Includes 30 stocks.
* Includes 500 stocks.
* btandard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1979
Earningsratio
7. 12
11.59
9. 15
8. 90
10.79
12.05
12. 25
11.76
11. 32
12. 85
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,
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 5 months of fiscal 1979, the budget deficit was $31.6 billion. A year earlier the deficit was $39.5 billion.
B.TJJONS OF DOLLARS
OP
500
500
400
400
OUTLAYS
300
300
RECEIPTS
200
200
J
i
50
50
SURPLUS W OR DEFICIT (-)
0
0
-50'
-50
-100
\
1971
1972
1974'
1973
1975
1976
1977
1978
1979
-iod
1980
FISCAL YEARS
DErARTMENT OF THE T5£,\3Uf<yAfyD OFFICE OF MANAGEA^iNT AND BUDGH-
COUNCIL OP ECONOMIC ADVJSBIS
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977 _ _ _
1978
1979 (estimates) 2
1980 (estimates) 2
_
Receipts
_
__
Cumulative total first 5 months:
Fiscal year 1978
Fiscal year 1979- _ „ _ _
1
Excludes non-interest-bearing public debt securities held by IMF.
2
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
32
Outlays
Surplus or
deficit ( — )
Federal debt ( end of period)
TVvfral 1
Held by
the public
187.8
193. 7
188.4
208.6
232. 2
2649
281.0
300.0
81.8
357.8
402.0
461.8
503.9
184.5
196.6
211.4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450.8
495.0
532.3
3.2
-2.8
-23.0
-23.4
-148
-4.7
-45.2
-66.4
-13. 0
-45.0
-48.8
-33.2
— 28. 4
367. 1
382. 6
409. 5
437.3
468. 4
486. 2
544 1
631.9
646.4
709. 1
780.4
279.5
2849
3043
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
144.6
170. 5
184. 1
202. 1
-39. 5
-31.6
739.7
800.5
583.7
628. 8
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1979, budget receipts were $25.9 billion higher than a year earlier and outlays were
$18.0 billion higher.
BILLIONS OF DOLLARS
BILJJONS OF DOtLARS
RECEIPTS
200
200
100
100
CORPORATION INCOME TAXES
...
,_„!
„..
OUTLAYS
400
400
300
300
NONDEFENSE
200
200
too
100
J_
_L
v
1971
1972
1973
i
i
1974
1975
1976
1977
1978
1979
1980
N
FISCAL YEARS
SOURCES, "DEPARTMENT OF THE TREASURY AND OFFICi OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
<3utlays
Recesipts
Nationa [ defense
Period
Total
Indi- Corpovidual ration
income income
taxes
taxes
Other
Total
Department of
Defense,
military
Total
Interna- Health
Inand
tional
income terest Other
affairs security
Fiscal year or period:
1969
_„
1970_
.
1971
„
1972
1973. „
1974.
____ _ _ .
1975 .._
...
1976
Transition quarter
_ __
1977 „
1978
1979 (estimates)1 „ _ „
1980 (estimates)1 _. .. ,
187.8
193.7
188.4
208.6
232.2
264.9
281. 0
300.0
81. 8
357.8
402.0
461.8
503.9
87.2
90.4
86.2
94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
208.8
228.6
36.7
32.8
26.8
32.2
36.2
38.6
40.6
41.4
8.5
54. 9
60.0
70.4
71. 1
63.9
70.5
75.4
81.7
92.8
107.4
118,0
127.0
34.5
145.2
161. 1
182.6
204.2
184.5
196. 6
211.4
232. 0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
495.0
532.3
79.4
78.6
75.8
76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
115.0
126.0
77.9
77. 1
74.5
75. 1
73.2
77.6
84.9
87.9
21. 9
95. 6
103.0
112.4
122. 9
4.6
4.3
4. 1
4.7
4. 1
5.7
6.9
5.6
2.2
4.8
5.9
7.5
8.2
49.0
56. 1
70.1
81.4
91.8
106.5
136. 3
160.9
41.5
176.7
189.9
208. 6
232.7
15.8
18.3
19.6
20.6
22.8
28.0
30.9
34.5
7.2
38.0
44.0
52.5
56.9
35.7
39.3
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105.9
111.4
108.5
Cumulative total first 4
months :
Fiscal year 1978 _
Fiscal year 1979 _ , _ _
144.6
170.5
71.4
86.8
14.6
16. 5
58.7
67. 1
184. 1
202. 1
42. 1
46.0
41.2
45.9
1.3
1.6
77.2
83.7
17.9
21.2
45.7
49.6
1
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1978, according to preliminary data, Federal receipts rose $21.5 billion (annual rate) and
expenditures rose $19.3 billion, yielding a deficit of $20.6 billion, $2.2 billion less than the third quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
50
50
SURPLUS
*^ z^ ud va
K2
\2& ^ V& |%|
-50
. DEFICIT
\i
I I
'i
-100
1971
1973
1972
|«HM
i
l
|
in1 I
-100
1975
1974
* -50
1976
1977
1979
1978
CALEIMDAR > EAR 5
SOURCE- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal <Sovernm ent receip ts
Period
Persona] Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
F«jderal G Dvernmeiat expen<litures
GrantsSubsidies Less:
PurContriin-aid
Wage
less
chases Trans- to State Net
butions
current accruals national
Total
of goods fer pay- and interest surplus of less
for
income
and
ments local
social inpaid Govern- disand
services
surance
government en- burse- product
ments
terprises ments accounts
(->,
Fiscal year:
283.5
1975
313. 9
1976
365.3
1977
413.8
1978*
127. 1
136.9
165.9
186.3
42. 1
51.9
58.8
67.2
22.2
24.2
24.5
27. 2
92. 1
100.9
116. 1
133. 1
328. 7
371.5
412.0
450.6
118.0
126.2
140.7
151. 1
134.3
156.5
169.6
181.8
48.4
57.5
66.2
74.6
21.9
25.2
28.4
33.7
5.7
6.2
7.0
9.4
-.4
.0
.0
.0
-45.3
-57.6
-46. 7
-36.8
Calendar
year:
1975_
1976
1977
1978*
286.2
331.4
374.5
431.5
125.4
146. 8
169.4
193.2
42.8
54.8
61.3
71.6
23.9
23.4
25.0
27.9
94.2
106.4
118. 7
138.7
356.8
385.2
422.6
461.4
123. 1
129.9
145. 1
153.8
149. 1
161.6
172.7
185.4
54.6
61. 1
67.4
76.9
23.2
26.8
29. 1
35.5
6.8
5.8
8.3
9.7
.0
.0
.0
.0
-70.6
-53.8
-48. 1
-29,9
1977: I
!!-__
III._
IV__.
366.6
371.4
374.3
385.5
168.3
167.0
167.6
174.8
58.4
61.8
62.0
62.9
24.4
24.8
25.4
25.6
115.5
117.7
119.3
122.2
403.9
411.7
430.7
444. 1
138.3
142. 9
146.8
152.2
168.6
168.2
175.7
178.3
62. 1
65.4
70.9
71.1
28. 1
28.8
28.9
30.7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
-40. 3
-56.4
1978: I
396.2
IL._. 424.7
IIL._ 441.7
IV*-. 463.2
176.8
186.7
199.7
209.7
59.6
72.6
73.6
80. 7
26.5
27.9
28.2
28.8
133.3
137.6
140. 1
144.0
448.8
448.3
464.5
483.8
151.5
147.2
154.0
162.5
180.2
180.7
188.8
191.9
73.9
75.9
77.5
80.3
33.2
34.6
36.3
38. 1
10.0
10.0
8.0
11.0
.0
.0
.2
.0
-52.6
-23.6
-22.8
-20. 6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury t and Office of Management and Budget.
34
-sae
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria^ producjtion (seiisonally adjuste d)
Period
United
States
119. 7 130. 7
1972 __
1973__ _ - 129.8 143. 0
129. 3 147. 5
1974_
1975
- 117.8 139. 6
1976_ — - - 129. 8 146.7
1977
- 137. 1 152.6
145. 2 160. 8
1978*
1978: Apr-_- 143.2 158. 9
May _ 143. 9 157. 6
June___ 144. 9 159.7
July— 146. 1 160.4
Aug .__ 147. 1 159. 4
147.8 165. 1
Sept
148.7 164.5
Oct
Nov "__ 149.6 165. 0
Dec *_ 150. 8 168. 3
1979: Jan*-- 150. 8
Feb P— 151. 2
United United
King- Statesl
dom
France
Germany
Italy
167.2
190. 5
183. 1
163. 9
182. 0
189. 5
201.3
135
145
148
139
149
152
156
138.7
147.7
145. 1
137. 1
149. 1
152.7
155.6
122. 7
134 6
140.6
127.6
143. 5
145. 1
147.5
113.2
123. 0
120.0
114. 3
117.4
122.8
126. 5
199.7
200.3
200.5
199. 7
201.8
203.4
203.1
205.4
208.4
208.7
160
156
154
1 %^
152
151
155
157
156
159
159
159
159
159
144. 2
144.5
146.0
145.0
144.2
146. 8
154. 1
154.7
152. 4
151. 2
127.9
126. 4
128.0
128.6
129.2
127. 2
124.9
126.2
128. 4
12L5
Japan
Canada
{
157
156
159
160
161
Con sumer ] >riees (uiiadjuste( i)
United
Kingdom
Can- Japan France Gerada
many
Italy
125.3
133. 1
147. 7
161.2
170. 5
181. 5
195.4
121.2
130.3
144.5
160. 1
172. 1
185.9
202.5
132.3
147. 9
184 0
205.8
224 9
243. 0
252.3
131. 1
140.7
160. 0
178.9
196. 1
214 5
233.7
119.0
127. 2
136. 1
1442
150.7
156.6
160.7
121.0
1340
159. 7
186.8
218. 1
255. 2
286.0
137. 7
150.2
1743
216.5
252. 4
292. 4
316.6
191.5
193.3
195. 3
196.7
197.8
199.3
200.9
202. 0
202. 9
204. 7
207. 1
197.9
200.7
202.4
205. 4
205.5
205.2
207. 3
209.0
209.6
211.2
213. 2
252. 1
253. 5
252. 1
253. 1
253.3
256.4
256. 8
254. 1
253.7
253.9
228.9
231. 1
232. 8
235.7
237. 1
238.6
240.8
242.1
243. 2
245. 5
160.7
161. 1
161. 5
161. 5
161. 0
160.6
160. 6
161. 1
161.8
163.5
164 5
280.0
282.7
285.1
286.8
288.3
292.9
295. 5
298. 1
300. 3
306. 1
312.6
3144
316.8
318.2
320.3
321.6
323. 1
325.3
328. 0
332. 9
335. 6
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Besearch, Office of International Economic
Beseareh, in International Economic Indicators.
* Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercl landise e xports 1
Merc bandise i mports
Gcjneral im ports
Domesti c exportsj
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever-. mate- Manu9
facrials
ages,
rials
ages,
tured Total - and
to- and
and to- and
goods
fuels
bacco
bacco
fuels
F.a.s. valu e 5
Monthly
average :
1973___
1974
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4,684
6, 131
9,000
Mer ehandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
imports
imports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
Custonis value
5,902
8, 159
5,811
8, 045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
1974
8, 159
1975
__ 8,966
1976
9, 596
1977
10, 096
1978..,..- - 11, 965
1978: F e b _ _ _ 9,945
Mar
11, 147
Apr
11, 630
May__. 11, 786
June___ 12, 268
July___ 11, 662
A u g _ _ _ 12, 294
Sept___ 13, 274
Oct
12, 901
Nov. _ 13, 451
Dec_
13, 283
1079: Jan_..__ 13, 132
•
Feb.... 13, 507
8,045
8,842
9,456
9,912
11, 756
9,768
10, 903
11,420
11, 541
12, 053
11, 497
12, 101
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
1,269
1,399
1,436
1,330
1,719
1,510
1,643
1,641
1,864
1,964
1,799
1,960
1,877
1,786
1,634
1,692
1,437
1,557
1,317
1,266
1,341
1,548
1,746
1,302
1,531
1,677
1,754
1,905
1,620
1,718
1,901
1,934
2,040
2,047
2, 143
2,009
5,294
5,913
6,437
6,679
7,874
6,721
7, 339
7,594
7,614
7,791
7,728
8,094
8,586
8,626
8,913
8,907
8,759
9,078
8,354
8, 048
10, 084
12, 307
14, 336
14, 260
14, 004
14, 492
14, 009
13, 970
14, 545
14, 133
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and for monthly detail beginning January 1978.
2
Total includes commodities and transactions not classified according to kind.
s
Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770
892
F.a.s.
892
827
991
1, 186
1,312
1, 276
1,408
1,374
1,326
1,240
1,313
1, 123
1,235
1,358
1,369
1, 452
1,486
1,261
1,120
2,653
value 5
2,672
2,718
3,457
4,463
4,329
4,336
4,255
4, 312
4, 109
4,237
4, 176
4,519
4,513
4,355
4,443
4,578
5, 145
4,438
4,602
4,257
5,398
6,379
8, 363
8,394
7,972
8,471
8,257
8, 158
8,729
8, 167
8,767
8, 755
8,691
8,617
9,291
8,824
112
-257
-195
— 229
-841
—257 —195
—841
9,000
8,654
853
918
312
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 — 3,297
15, 193
-4, 315 -5,248
14, 893
-2, 858 -3,747
-2, 861 -3,804
15, 434
-2,223 -3, 127
14, 913
- 1, 702 -2, 601
14, 869
-2, 883 -3, 834
15, 495
15, 074
-1,839 -2, 780
15, 821
-1,546 -2, 547
-1,951 -2, 863
15, 764
-1,374 -2, 319
17, 770
-1,749 -2, 724
16, 006
-3,099 -4, 150
17, 282
- 1, 300 -2, 213
15, 720
s F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1978, the current account deficit fell to $1.3 billion from $3.7 billion in the third quarter.
For the year 1978 the current account deficit was $16.0 billion, compared with $15.3 billion in 1977.
BILLIONS OF DOLLARS
1970
OE.00UARS
1972
1971
1974
1973
1975
1976
1977
SOURCE "DEPARTMENT OF COMMERCE
1978
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
1972
1973
1974
1975
1976_—
1977
1978*
1977-1
"rill.
ui__
IV___
1978: I...
II
III..
IV ».
Imports
Exports
Invcjstment inicome3
12
M
hnlUc*l~
ance
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
9,047
107, 088 -98,041
114,694 -124,047 -9,353
120, 576 -151,706 -31, 130
141, 844 — 175, 988 -34, 144
Receipts
14, 694 -6,544
21, 697 — 9, 655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13, 311
32, 100 -14,593
41, 514 -21,599
29, 501
30, 860
30, 578
29, 637
-37, 120 -7,619
-37, 635 -6,775
- 37, 942 -7,364
- 39, 009 -9,372
30, 787
35, 256
36, 486
39, 315
-42,707 -11,920 9,392
-43, 125 -7,869 10, 013
-44,478 - 7, 992 10, 332
-45,678 - 6, 363 11, 787
1
Excludes military grants.
2
Adjusted from Census data
s
Payments
7,796
8,088
8, 220
7,997
8,150 -3,621 -3,028
12, 042 -2,287 -3,086
15, 457 -2,080 -3,105
12, 795
-876 -2,522
15, 933
312 -2,245
17, 507
1,334 -3,044
19, 915
531 -3, 135
Other
services,
net 8
Balance
on
goods
and
serv-1
ices
Remittances,
pensions,
and
otner
uni—
lateral
transfers l
Balance
on
current
account
2,789 -2, 125 -3,854 -5,979
6,885
3, 185 10, 766 -3,881
8,905 -7, 186
1,719
3,975
4,617 23, 060 -4,615 18, 445
4,714
4,339
9,361 -5,022
4,749 -10,585 -4,708 -15,292
5,949 - 10, 885 -5,076 -15,961
-2,224 - 1, 126 -3,350
- 1, 581 - 1, 243 -2,824
- 1, 705 - 1, 277 -2,982
-5,072 - 1, 064 -6,136
-3, 197
-3, 601
-3, 610
-4, 185
4,599
4,487
4, 610
3,812
568
295
467
5
-907
-759
-677
-701
1, 136
1, 171
1,260
1, 183
-4,515
- 5, 432
- 5, 444
-6,207
4,877
4,581
4,878
5,580
210
444
12
-136
-834
-637
-930
-734
1, 366 - 6, 302 - 1, 282
1,472 -2,009 -1, 317
1,596 -2,436 - 1, 275
1,515
-138 - 1, 204
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
Npf
1.1 CU
Net
military
transactions
Nettravel
and
transportation
receipts
Note.—Seasonally adjusted data revised beginning 1977.
Source: Department of Commerce, Bureau of Economic Analysis.
-7,584
- 3, 326
-3,711
- 1, 342
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the fourth quarter of 1978, both capital outflows and inflows accelerated sharply. The increased outflow was primarily concentrated in private accumulation of foreign assets. The increased inflow reflected the acceleration of
foreign official accumulation of U.S. assets, which rose from $4.9 billion in the third quarter to $19.0 billion in the
fourth quarter.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A
\
-30
-30
1970
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, ilet
[increase/capita 1 outflow (-)]
Total
1978*
:+)]«
Foreigii official
ass ets
Other
Period
1972
1973
1974
1975
1976
1977
Fore ign assets in the U.S., net
[inci•ease/eapit,al inflow (
U.S.
U.S.
U.S.
official Governprivate2
reserve
ment
assets
assets 1 2 assets
III.__ -6,615
IV_... -14,700
1978: I . _ -15,067
II
-6, 167
III___ -10,216
I V * _ _ -27, 298
1
10, 705
6,299
10, 981
6,907
18, 073
37, 124
33, 967
10, 322
5,145
10, 257
5,259
13, 080
35, 480
31, 157
3 2,490
-949
-795 -11,214 14, 064
6
151 -1,098 -5,668 14, 251
-838 — 13, 862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2, 962
6,180
7,467
7,914
6,005
4,522
15, 153
-388
896 -14,417 18, 095 15, 760 14, 956
246
406 -5, 685 -5,373
329 -1, 176 -5, 320
4,852
4,502
115 - 1, 498 -8, 833 15, 489
182 - 1, 086-26, 394 29, 270 19, 040 17, 072
Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
— 1, 568 - 12, 925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 — 35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
-4, 657-54,963 63, 260
-14,461
32
-22,823
209
-34,712 - 1, 434
-39,444
-607
-50,608 -2,530
-34,650
-231
-58,748
872
- 1, 334
1977: I
II— _ - 12, 003
Total
10, 991
12, 364
23, 696
8,643
18, 897
13, 746
29, 293
2,336
6,090
10, 637
10, 230
Stati stical
discrepancy
Allocations
Of
Total
of
(sum
of
special
the Seasonal
drawing
adjustitems
rights
ment
with
sign
(SDR)
reversed) discrepancy
710 — 1, 966
-2, 725
-1,684
5,449
9,300
-927
11,449
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
725
2,194
-38
763
-4, 655 -2, 133
1,455
771
19, 120
19, 156
18, 988
19, 312
917
4,555
108
9,087
-1,562 -2, 455
1,431
-630
19,
18,
18,
18,
192
864
850
650
NOTE.—Seasonally adjusted data revised beginning 1977.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
-
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries.
Average Weekly Earnings—Private Nonagricultural Industries.
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction.
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices.
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves.
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budge: Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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