Full text of Economic Indicators : May 1976
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Congress, 2d Session Economic Indicators May 1976 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1976 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.) HUBERT H. HUMPHREY, Minnesota, Chairman RICHARD BQLLING, Missouri, Vice Chairman SENATE JOHN SPARKMAN (Alabama) WILLIAM PROXMIRE (Wisconsin) ABRAHAM RIBICOFF (Connecticut) LLOYD M. BENTSEN, JR. (Texas) EDWARD M. KENNEDY (Massachusetts) JACOB K. JAVTTS (New York) CHARLES H. PERCY (Illinois) ROBERT TAFT, JR. (Ohio) PAUL J. FANNIN (Arizona) HOUSE OF REPRESENTATIVES HENRY S. REUSS (Wisconsin) WILLIAM S. MOORHEAD (Pennsylvania) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) OTIS G. PIKE (New York) CLARENCE J, BROWN (Ohio) GARRY BROWN (Michigan) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) JOHN R. STARK, Executive Director LOUGHLIN F. McHuGH, Senior Economist RICHARD F. KAUFMAN, General Counsel COUNCIL OF ECONOMIC ADVISERS ALAN GREENSPAN, Chairman PAUL W. MAcAVOY BURTON G. MALKIEL Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled', That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 85 cents a single copy or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D.C. 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $3.60 additional per year. TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter, gross national product rose $46.3 billion or at an annual rate of 12.3 percent. Real output (GNP adjusted for price changes) increased at a rate of 8.5 percent compared with 5.0 percent in the fourth quarter. The inflation rate dropped from 6.8 percent to 3.5 percent. BILLIONS OF DOLLARS (RATIO SCALE) 1,800 BILLIONS OF DOLLARS (RATIO SCALE) 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 1968 1969 1971 1970 1974 1973 1972 1975 1976 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Peri od Gross national product Personal consumption expenditures Gross private domestic investment 1965 1966 1967.— •„ 1968 1969 1970 1971 1972 1973 1974 1975- _ _ 1974: III_. IV__ 1975: !__._ 688.1 430.2 753.0 464. 8 796. 3 490.4 868. 5 535. 9 935. 5 579.7 982.4 618.8 1, 063. 4 668.2 1, 171. 1 733.0 1, 306. 3 808.5 1, 406. 9 885.9 1, 498. 9 963.8 1, 424. 4 907.7 1, 441. 3 908.4 1, 433. 6 926.4 !!___ 1, 460. 6 950. 3 III.. 1, 528. 5 977.4 IV. „ 1, 572. 9 1, 001. 0 112. 0 124. 5 120.8 131.5 146.2 140.8 160.0 188. 3 220. 5 212. 2 182. 6 207. 6 210. 3 168. 7 161. 4 194.9 205.4 1976: I_— 1, 619. 2 1, 029. 6 232.2 Export s and imp>orts of goodIs and servoices Net exports Go^rernment purchases of goods and services Federal State NaNonTotal and tional Total delocal de- l fense fense Exports Imports 32.0 37.7 40.6 47. 7 52. 9 58. 5 64. 0 75. 9 94. 2 136. 5 126. 5 145. 5 145. 3 17. 3 24.2 22. 1 21.7 39.5 42. 8 45. 6 49. 9 54. 7 62. 5 65. 6 72. 7 101. 5 144. 2 147.8 148. 6 153.6 148. 2 140. 7 148.5 153.8 8.2 153. 1 7.6 5. 1 4.9 2.3 1.8 3.9 1.6 -3. 3 7.4 7.7 21.3 3.2 8.2 130.9 116. 4 126. 4 132.1 138. 4 158.7 180.2 198.7 207. 9 218. 9 233. 7 253. 1 269. 9 301. 1 331.2 305. 9 314.4 321. 2 324. 7 334. 1 344.8 67. 3 78. 8 90.9 98.0 97.5 95. 6 96. 2 102. 1 102. 0 111. 7 123.2 113. 6 118. 2 119. 4 119. 2 124.2 129.9 49. 4 60. 3 71. 5 76. 9 76. 3 73. 5 70. 2 73. 5 73. 4 77. 4 84. 0 78.4 80.5 81. 4 82. 1 84. 9 87.4 17.8 18. 5 19. 5 21. 2 21.2 22. 1 26. 0 28. 6 28. 6 34. 3 39.2 35. 1 37.7 38.0 37.1 39.3 42.5 71. 1 79.8 89. 3 100.7 110.4 123. 2 137. 5 151. 0 168.0 189.4 208.0 192. 3 196.3 201.9 205. 5 209.9 214.8 145.0 349. 2 131. 1 87. 0 44. 1 218. 1 Final sales 678. 6 738.7 786.2 860. 8 926.2 978. 6 1, 057. 1 1, 161. 7 1, 288. 8 1, 397. 2 I, 513. 5 1, 4-20. 0 1, 430. 9 1, 458. 4 1, 490. 2 1, 530. 6 1, 574. 9 1, 603. 8 ! 1 This category corresponds closely with budget outlays for national defense, shown on p. 33. Source: Department of Commerce, Bureau of Economic Analysis, GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Exports of goods Gross ijrivate domestic aiid services iiivestmenl Personal conGross Change national sumpNonproduct Resi- in busition Net resiExports Imports expend- dential dential ness in- exports ventofixed itures fixed ries Period 925.9 981.0 1, 007. 7 1, 051. 8 1, 078. 8 1, 075. 3 1, 107. 5 1, 171. 1 1, 233. 4 1, 210. 7 1, 186. 1 558. 1 586. 1 603. 2 633.4 655.4 668. 9 691.9 733.0 766.3 759.8 766.9 95.6 106. 1 103. 5 108. 0 114. 3 110. 0 108. 0 116. 8 131. 3 127. 5 112.2 43.2 38. 5 37.2 42. 8 43.2 40.4 52. 2 62.0 60. 1 44.7 36.6 11.3 16.7 12.0 8.7 10.6 4.3 6.6 9.4 16.0 7.7 -10.5 8.2 4. 3 3. 5 —.4 -1.3 1.4 1974: III__ 1, 210. 2 IV.. 1, 186. 8 767.2 748.9 125.0 120.8 44.1 38.5 1975: I.... 1, 158. 6 II... 1, 168. 1 III.. 1, 201. 5 IV... 1, 216. 2 752.3 764. 1 771.6 779.4 115. 2 110.8 110.6 112.3 1, 241; 2 794.5 lias 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975. 1976:1 Governinent purebases of goods and sen•dees T?inal j?iiiai Total Federal State and local sales -3*. 3 7.2 16.6 23.4 49. 1 51.6 54.2 58.5 62.2 67. 1 67.9 72. 7 87.6 97.6 90.6 41. 0 47.3 50.7 58.9 63. 5 65. 7 68. 5 75. 9 80.4 81. 0 67.2 209.6 229. 3 248.3 259.2 256.7 250.2 249.4 253. 1 252. 5 254. 3 257.6 100.5 112. 5 125.3 128. 3 121.8 110.7 103.9 102. 1 96. 1 95.0 94.3 109.1 116.8 123. 1 130. 9 134.9 139.5 145. 5 151.0 156. 3 159. 3 163.3 914.6 964.3 995.7 1, 043. 1 1, 068. 2 1, 071. 0 1, 100. 9 1, 161. 7 1, 217. 3 1, 203. 0 1, 196. 6 4.2 7.6 15. 1 17.4 96.9 95.7 81. 9 78.3 254. 7 253.6 95.7 94.7 159.0 158.9 1, 206. 0 1, 179. 3 33.6 34.0 38.0 40.7 -19.0 -20.7 -.8 -1.6 21. 5 24.9 23.5 23.8 90.7 86.8 90.8 94.0 69.2 62.0 67.3 70.2 255.1 254.9 258.7 261.6 93.7 92.4 94.9 96. 1 161.4 163.8 165.5 1, 177. 6 1, 188. 7 1, 202. 4 1, 217. 8 42.0 10.7 16. 8 93. 2 76.4 261.7 95.8 165.9 1, 230. 5 c 162; 5 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972=100] Period Gross national product Persona] eonsumj>tion expejnditures Total Gross private dom estic invesl ;ment NonNonresDurable durable Services idential goods fixed goods Residential fixed Expor ts and imports of goods and s€;rvices Governnlent purchases <>f goods and scsrvices State Exports Imports Federal and local 74.32 76.76 79.02 82. 57 86. 72 91. 36 96. 02 100. 00 105. 92 116. 20 126. 37 77.1 79.3 81.3 84. 6 88. 5 92. 5 96.6 100. 0 105.5 116. 6 125.7 85.6 85.7 87.4 90. 7 93. 1 95.5 99.0 100.0 101.7 108.4 116.9 77.3 80. 1 81.9 85.3 89.4 93.6 96.6 100.0 108. 0 124. 0 133. 6 74.3 76. 5 78.8 82.0 86. 1 90.5 95.8 100.0 104.6 112.7 121.5 74. 5 76. 8 79. 3 82.6 86.6 91.3 96.4 100.0 104. 0 116. 0 132. 3 72.3 74.6 77.0 80. 7 87.7 90.6 94. 9 100. 0 110. 6 122. 1 133.3 80.5 82.8 84.0 85.3 87.9 93. 1 96. 6 100. 0 116. 0 147.8 163.2 78.0 79.7 80. 1 80.9 83.3 89. 1 93. 5 100. 0 117. 1 168. 6 188.3 67.0 70. 1 72.6 76. 4 80.0 86.4 92. 6 100. 0 106. 1 117.6 130. 6 65.1 68.4 72.5 76.9 81.9 88.3 94. 5 100.0 107.5 118.9 127.4 117. 70 ._ 121. 45 118. 3 121. 3 110. 4 114. 0 126. 0 129. 5 114.2 116. 4 118. 5 125. 0 124.9 126.7 153.4 160.4 177.7 185. 6 118. 6 124. 8 121.0 123.6 1975:1 II III IV.._ 123. 125. 127. 129. 74 04 21 33 123. 1 124.4 126. 7 128.4 114. 3 116.3 117.4 119.4 131.0 131.9 135.2 136.4 119. 0 120.2 122. 2 124. 4 129.6 131.8 132. 6 135.3 131. 6 132. 3 132. 5 136. 1 163. 5 162. 0 163. 6 163.5 189. 1 187. 8 187.8 188.2 127. 3 128.9 130.9 135.3 125. 1 126.4 128.2 129.8 1976:1 130. 46 129.6 120.8 136. 5 126. 5 136. 9 139.7 164.3 189.8 136.9 131.5 1965 1966 1967 1968 1969... 1970 1971 1972 1973 1974 1975 1974:111 IV Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national product Constant (1972) dollars Current dollars Period .-_- _ 12.5 13.4 13. 3 12.5 13.0 12.5 3.3 7.8 4.3 8.2 4.3 7.3 6.9 7.8 4.4 5. 3 —1.8 -2.0 -2.3 -7. 5 -9.2 -2. 1 7.7 1976: I 6.0 9.7 8.8 3.0 5.7 7.7 6.5 9.9 4.8 2.2 3.3 2.9 4.5 5.0 5.4 5.9 9.7 8.8 — 3 10. 1 11.5 Chain price index 1.8 2.9 3.0 4.3 5.0 5.2 4.9 4.0 6.0 9.7 8.8 5.9 5.9 2.7 4.4 2.6 8.2 9.4 5.8 9.1 7.7 5.0 8.2 1965.— 1966 1967_ 1968 1969 1970 1971 1972 1973 1974 1975 1974: III IV 1975: I II III IV. Implicit price deflator Gross domestic product Fixedweighted price index (1967) weights 5. 1 4. 1 7. 1 19.9 12. 1 12. 0 5.0 6.8 12.3 8.5 3.5 NOTE.—Animal changes from previous year and quarterly changes from previous quarter. 1.9 3.1 3.0 4.4 5.0 5.3 5.0 4. 1 3.9 8.2 9.6 5.7 9.1 7.8 5.0 8.1 7.3 6.9 9.5 4.6 -.7 7.2 7. 3 3.9 12.2 2.2 3.3 3.0 4.5 5.1 5.3 5.9 6.1 2.7 4.4 2.6 —.3 2.8 5.8 5.3 10. 1 11. 4 7. 7 19.6 12.5 Implicit price deflator Constant (1972) dollars Current dollars Chain price index 1.9 3.1 3.1 4.4 5.0 5.3 5.0 Hxedweighted price index (1967 weights) -1.8 -1.9 -2.4 -7.8 -8.5 4.1 5.8 9.3 8.9 5.9 9.3 as 1.8 3.0 3.0 4.4 5.0 5.2 4.9 4.0 5.9 9.4 8.8 12.2 13.5 13.0 12.5 12.7 12.5 3.2 11. 7 8.5 4.3 5.2 7. 1 7.0 8.3 4.3 7.4 6.9 7.9 4.5 7.4 7.2 3.5 3.9 as 5. 1 8.4 4. 1 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 prodiact of nonfir tancial corp orate busi ness (billi<^ns of doll ars) Period Current do ilar cost a nd profit per unit of output (dollars) i Total cost and profit 2 Capital consumption ComallowpenIndirect sation Net ances inwith business of capital taxes 3 employ- terest conees sumption adjustment Current dollars 1972 dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 _ _ _ _ _ 1975 __ 1974: III__ IV___ 1975:1 !!___ III__ IV___ 392. 1 430.7 452.9 498.4 541. 8 560.6 602. 5 671. 0 751.9 808. 7 864. 1 820.3 821. 8 816.4 845. 1 886. 2 908. 5 494.6 532.9 545.8 581.6 607.3 600.6 619. 3 671.0 717. 7 697. 6 680. 4 696. 1 676. 3 654. 0 671. 8 695. 0 700.8 0.793 .808 .830 . 857 . 892 . 933 .973 1.000 1. 048 1. 159 1.270 1. 178 1.215 1.248 1. 258 1. 275 1.296 0.066 .067 .072 . 074 .079 .088 .094 .093 . 096 . 112 . 131 . 114 . 123 . 130 . 130 . 131 . 133 0.083 .080 .084 . 089 . 094 . 103 . 110 . 110 . 112 . 123 . 137 . 126 . 129 . 135 . 136 . 137 . 139 1976: I *_- 937.2 715.0 1. 311 . 133 . 134 1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted 2 places to the left. 3 Also includes transfer payments less subsidies. Corpc>rate profitswith invent ory valual'Aon and capit,al consuniption iidjustmen ts Total Profits tax liability Profits after tax* 0.497 0. 012 0. 134 .014 . 134 .513 .535 . 016 . 123 . 124 . 553 .017 .022 .589 . 109 . 628 . 028 . 086 .645 . 029 .095 . 028 . 107 . 661 . 034 . 106 .700 . 045 .091 .788 .050 .836 . 116 . 803 .047 .088 . 050 . 081 .831 . 051 . 085 .848 . 829 . 050 . 113 .824 . 050 . 133 . 843 .051 . 131 0.055 .055 .051 .058 . 055 . 045 . 048 . 050 .055 .061 .053 .070 .058 . 041 . 048 .060 .061 0.079 .078 .072 .066 .055 .041 .046 .057 .051 .029 .063 .018 .023 . 043 .065 .073 . 070 . 052 .065 .074 . 853 . 138 ComOutput penper sation hour per of all hour employ- of all employees (1972 ees (doldollars) lars) 6. 6252 6. 7773 6. 8731 7. 1406 7. 2109 7. 2423 7. 5311 7. 7981 7. 9549 7. 7303 8. 0104 7. 6841 7. 6241 7. 6883 8. 0026 8. 1943 8. 1514 3. 2957 3. 4781 3. 6761 3. 9483 4. 2401 4. 5468 4.8579 5. 1579 5. 5663 6. 0895 6. 6962 6. 1709 6. 3392 6. 5184 6. 6342 6. 7527 6. 8732 * With inventory valuation and capital consumption adjustments. Note.—Data revised. Sources: Department of Commerce (Bureau of Economic Analysis) and De partment of I/abor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] ProprjLetors' mcom e with inventor y valuation anc capital consur nption adjust ments Com- Na- tional income Period pensation of em- ployl ees f\r\n 1 566. 0 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1974: III IV 1975: I II III IV 1976: I 9 622.2 655. 8 714.4 767. 9 798. 4 858. 1 951. 9 1, 067. 3 1, 141. 1 1, 207. 8 1, 151. 3 1, 161. 3 1, 155. 2 1, 180. 8 1, 232. 5 1, 262. 6 1, 301. 3 Farm 12.6 13.6 12. 1 12.0 13. 9 13.9 14.3 18. 0 32. 4 25. 6 24.6 21. 9 24. 6 21. 0 20. 1 29.3 28. 2 25.3 396.5 439.3 471. 9 519.8 571. 4 609. 2 650. 3 715. 1 797. 7 873. 0 921.4 886.3 898. 1 897. 1 905.4 928.2 955. 1 982. 6 Nonfarm 44. 1 46. 7 48. 9 51.4 52. 3 51.2 53.4 58. 1 59. 3 59.5 58.7 60.2 59. 0 58.6 58. 5 58.7 58.9 59.7 "Rpntfll with capital consumption adjustment 17. 1 18. 2 19.4 18.6 18. 1 18.6 20. 1 21. 5 21. 3 21.0 21.1 20.9 20. 9 20. 8 20. 5 20. 9 22. 0 22. 7 Corpor ate profits> with inv entory va uation and capital consumptioii adjustm ents Profits with in v<3ntory valualion adjus bment and ^without ca^pital consum ption adjiistment Total Total 77.1 82.5 79.3 85. 8 81.4 67.9 77.2 92. 1 100. 2 91.3 100.3 89.2 82.0 78.9 96. 6 113. 1 112. 7 121. 8 73. 3 78.6 75. 6 82. 1 77.9 66.4 76. 9 89.6 98.6 93.6 106. 0 92.0 86. 1 83.4 101.6 119.6 119.3 129. 4 Profits before tax Invenj. __ tory valua- Capital consumption adjustment Net interest adjustment 75. 2 80. 7 77. 3 85. 6 83.4 71. 5 82.0 96.2 117.0 132. 1 116.8 146.7 123.9 97. 1 108. 2 129.5 132. 4 140. 8 -1. 9 -2. 1 — 1. 7 — 3.4 — 5. 5 -5. 1 -5.0 -6.6 -18.4 -38. 5 -10.8 -54.7 -37.7 -13. 7 -6. 6 — 9.9 -13. 1 -11.4 3. 8 3.9 3. 7 3.7 3. 5 1. 5 .3 2. 5 1. 6 -2.3 -5.7 -2.7 -4.2 -4. 5 -5.0 -6.5 -6.6 -7.6 18. 5 21. 9 24. 3 26.8 30.8 37.5 42. 8 47.0 56. 3 70.7 81. 6 72. 7 76. 7 78. 7 79. 7 82.2 85.7 89.2 Source: Department of Commerce, Bureau of Economic Analysis. i Includes employer contributions for social insurance. (See also p. 6.) PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates] 1 Period Total personal consumption expenditures Retail sales of new passenger cars (naillions of uiaits) Nondura ble goods D urable goo ds - FurniTotal durable1 goods Motor vehicles and parts and household Services Total nondurable1 goods Food Clothing and shoes Gasoline and oil 33.5 36.6 38.2 41.8 45. 1 46. 6 50. 5 55. 1 61.4 65. 2 69.9 66.5 64.8 66. 7 69. 0 71. 3 72. 5 73.5 14.7 16.0 17. 0 18.4 20.4 22.0 23.4 24. 9 28. 3 36.4 40. 3 38.2 38.8 38. 1 39.6 41.2 42. 1 42.2 Domestics Imports ment 430.2 1965 464.8 1966___ 490.4 1967 535.9 1968 1969 579.7 1970 618.8 1971 668.2 1972 733. 0 1973 808. 5 1974 885.9 1975 963. 8 1974: III_ 907.7 IV 908.4 926.4 1975:1 II .... 950.3 III_._. 977.4 IV 1, 001. 0 1976: 1 1, 029. 6 1 62. 8 67.7 69.6 80.0 85. 5 84.9 97. 1 111. 2 122. 9 121.9 128. 1 128. 9 117. 3 118.9 123. 8 131.8 137.6 145.9 29.8 30. 1 29.7 • 35. 8 37.7 34.9 43.8 50.6 54.4 48. 0 49. 5 53. 5 43.6 44.6 46.1 52.1 55.1 62. 1 Total includes other items not shown separately. 24. 7 27.7 29.5 32.6 35.0 36.7 39.4 44. 8 50. 7 54. 7 57.4 55.9 54.3 54. 1 57.0 58.3 60.4 61.3 188. 6 204. 7 212. 6 230.4 247. 0 264. 7 277.7 299. 3 334.4 375.7 409. 8 383. 9 387. 1 394. 1 404.8 416. 4 423.7 430.8 98.9 106. 6 109. 6 118. 3 126. 1 136. 3 140.6 150. 4 168. 0 189.4 209. 1 193. 2 197.4 202. 8 206.6 211. 4 215.6 219. 3 178.7 192.4 208. 1 225. 6 247. 2 269. 1 293.4 322. 4 351.3 388. 3 426.0 394. 9 404. 0 413.4 421. 6 429.2 439.7 452.9 8.8 8.4 7.6 8.6 8. 5 7. 1 8.7 9.3 9.7 7.5 7. 1 8. 3 5.8 6.7 6.3 7.5 7.7 ag Source: Department of Commerce, Bureau of Economic Analysis. 0.7 .8 1.0 1. 1 1.3 1.6 1.6 1.8 1.4 1.6 1.5 1.3 1.7 1.6 1. 7 1.4 1.3 SOURCES OF PERSONAL INCOME Personal Income rose $11.6 billion (annual rate) in April, following a revised increase of $10.1 billion in March. Wage and salary disbursements were up $6.0 billion, about $1 billion more than in March. All other major types of income also rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 WAGE AND SALARY DISBURSEMENTS 400 400 OTHER INCOME 200 200 •WitlMHIW**""*111*11111 TRANSFK PAYMENTS 100 100 80 80 ,^«-~~r 60 6Q 40 t t I ! 1 I t I 1 11 1969 1968 1970 I I I 1 1 I f I» 11 1 I t I t 1L! 1 1971 LI t i l l i l t 1.1 M I M !.t I I I t t. t I t t M 1973 4974 1975 1972 M ! 1 t I \\ ! I I I I I 40 1976 •SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates) Wage Propriet<:>rs' income3 Rental Other Total and income personal salary labor of income disburse- income12 Farm Nonfarm persons 4 ments 1 Period 1968 1969___ 1970 1971 1972 1973 1974 1975_ 1975: Apr May _ 685. 2 745. 8 801. 3 859.1 942.5 1, 054. 3 1, 154. 7 1, 245. 9 1, 209. 0 1, 217. 2 1, 245. 2 June July____ 1, 244. 0 1, 262. 4 Aug 1, 278. 7 Sept 1, 287. 4 Oct Nov.... 1, 295. 9 1, 300. 2 Dec 1, 313. 6 1976: Jan 1, 325. 9 Feb 1, 336. 0 Mar Apr »... 1, 347. 6 1 469. 5 514.6 546.5 579.4 633. 8 701. 0 763.6 801. 6 782.7 787.4 792. 7 797.4 808. 8 815. 6 824. 1 831. 2 836.8 846.0 851. 6 856. 8 862.8 25. 1 28.2 32. 0 36.2 42. 0 47.5 54. 5 61. 3 59.8 60.3 60.8 61.4 62.0 62.6 63.2 63.8 64,4 65. 2 66. 1 67.0 67. 8 12. 0 13.9 13. 9 14.3 18. 0 32.4 25.6 24.6 18.5 20. 1 21.7 25.8 29.3 32.7 30. 5 28.3 25.8 25.6 25.3 25. 0 26. 3 51.4 52. 3 51. 2 53.4 58. 1 59. 3 59.5 58. 7 58. 5 58.6 58.6 58. 7 58. 7 58. 8 58.9 58.8 58.9 59. 1 59. 7 60.3 60. 7 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contribuions for social insurance and the excess of wage accruals over wage disbursements. 2 I Consists of employer contributions to private pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 3 With inventory valuation and capital consumption adjustments. 18. 6 18. 1 18. 6 20. 1 21. 5 21. 3 21. 0 21. 1 20. 7 20. 5 20. 2 20. 5 21. 0 21. 3 21. 8 22.0 22. 2 22. 5 22. 7 22. 9 23. 1 4 With 6 Dividends 21. 9 22.6 22. 9 23. 0 24. 6 27. 8 31.1 32.8 32.4 32. 6 32.9 33. 2 33.5 33.9 33.8 33.8 31.7 33.4 33. 3 33.2 33. 8 Personal Transfer interest payincome ments5 49.6 55.9 64.3 69. 3 74.6 88.4 106. 5 120.5 116.6 117. 5 118.6 119. 7 121. 2 122.9 125. 1 127.9 129.0 130.4 131. 8 133. 6 135. 1 59. 9 66. 5 79, 9 94. 1 104. 1 118. 6 140.4 175.0 168.6 169.3 189. 0 176.8 178. 1 181.3 180.6 181.4 182. 9 184. 7 188.9 190.8 192. 0 Less: Personal contributions for social insurance 22.8 26.3 28.0 30.8 34.2 42.2 47.4 49.8 48.9 49. 1 49.3 49.5 50.0 50.4 50. 7 51.2 51.6 53.3 53.4 53.6 53.9 Nonfarm personal income 8 667.5 725.8 780. 7 838.0 917.3 1, 013. 5 1, 119. 1 1, 210. 2 1, 179. 7 1, 186. 2 1, 212. 5 1, 207. 2 1, 222. 1 1, 234. 8 1, 245. 6 1, 256. 3 1, 262, 9 1, 276. 3 1, 288. 9 1, 299. 2 1, 309. 5 capital consumption adjustment. Consists mainly of social insurance benefits, direct relief, and veterans payments. 6 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose at an annual rate of 5.3 percent in the first quarter of 1976. The increase over the 4 quarters in 1975 was 2.7 percent. _^ BILLIONS OF DOLLARS* (RATIO SCALQ BILLIONS OF DOLLARS* (RATIO SCALQ —PER CAPITA DISPOSABLE PERSONAL INCOME 3,000 2,000 2,000 1968 1 1976 1969 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE, DEPARTMENT OF COMMERCE Period Less: Personal tax Personal and income nontax payments Equals : Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays l Per capita Per caj>ita perdisp<3sable sonal c Dnsumppersona 1 income tion exp enditures Equals : Personal saving Current dollars Bil lions of d ollars 1967 1968 1969 1970 1971 1972 1973 1974 1975 626.6 685.2 745. 8 801. 3 859. 1 942. 5 1, 054. 3 1, 154. 7 _ 1, 245. 9 82. 1 544. 5 97. 1 588. 1 115.4 630.4 115. 3 685. 9 742. 8 116. 3 141. 2 801. 3 151.2 903. 1 171.2 983. 6 169.2 1, 076. 7 1972 dollars Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Populadispostion able (thou-2 persands) sonal income Dollars 503. 7 550. 1 595. 3 635.4 685.5 751.9 830.4 909.5 987.8 40.9 38. 1 35. 1 50.6 57.3 49.4 72.7 74. 0 88.9 2, 740 2,930 3, 111 3,348 3,588 3,837 4,292 4, 642 5, 040 3,371 3,464 3, 515 3,619 3, 714 3, 837 4, 068 3,981 4,010 2,468 2,670 2,860 3,020 3,227 3, 510 3, 843 4, 181 4, 512 3,035 3,156 3,234 3,265 3,342 3, 510 3,642 3, 586 3,590 .7 7.5 6.5 5.6 7.4 7.7 6.2 8.0 7.5 8.3 198, 712 200, 706 202, 677 204, 878 207, 053 208, 846 210, 410 211, 894 213, 631 -0.7 —2. 9 6.5 8.2 — 3. 5 18. 8 -6.2 9.9 3.5 7.9 212, 123 212, 585 212, 962 213, 362 213, 897 214, 339 5.3 7.6 214, 692 3.0 2.8 1. 5 3.0 2.6 3.3 6.0 -2. 1 Seas onally ad; usted ann ual rates 1974: III__ 1 IV.. 1 1975: !__.. 1 II— 1 III__ 1 IV... 1 1976:1 171. 6 175. 3 194.8 178. 9 203. 6 179. 6 223. 8 142. 1 261. 7 174.6 294. 5 180. 5 996.3 931.7 1, 015. 9 932. 4 1,024.0 950. 4 1, 081. 7 974. 2 1, 087. 1 1, 001. 3 1, 114. 0 1, 025. 4 64. 6 83. 6 73. 6 107. 5 85.9 88.6 4, 697 4, 779 4,808 5,070 5,083 5, 197 3, 969 3, 940 3,905 4,077 4, 012 4, 047 4, 279 4,273 4, 350 4,454 4, 569 4, 670 3, 617 3,523 3, 533 3, 581 3, 607 3,636 1, 325. 2 184.4 1, 140. 7 1, 054. 5 86. 2 5,313 4, 100 4,796 3,701 i Includes personal consumption expenditures, interest paid by consumers to8business, and personal transfer payments to foreigners (net). Includes Armed Forces abroad. Annual data are for July 1; quarterly data are for middle of period, interpolated from monthly data. 7. 2 7. 9 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME Farm income including inventory change declined $3.0 billion (annual rate) in the first quarter; excluding inventory change the decline was $1.5 billion. BILLIONS OF DOLLARS* (RATIO SCAL^ BILUONS OF DOLLARS* (RATIO SCAL^ 120 120 100 100 80 80 REALIZED GROSS FARM INCOME 60 60 40 40 1 t NET FARM INCOME JNCLUDING NET INVENTORY CHANGE j A / 20 I t i 20 V f 10 r t 1968 r ! .1 1970 1972 1971 f L. 1975 1974 1973 •SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE J 10 L_ JL 1976 COUNCIL OF ECONOMIC ADVISERS [Quarterly data at seasonally adjusted annual rates] Personsil income received Income r<iceived frc>m f armiB g by tota farm population Realized gross Net income per Netto farm farm incl uding net3 opei•ators Casl i receipts from inventor y change Period marketing5S From From From Produc- Exclud- Includall farm nonfarm Total1 tion ex- ing net ing net Livesources sources sources penses inven- inven- Current 1967 4 stock Total Crops and tory tory 2 dollars dollars change change products> Do!lars Billio]us of dollstrs 1968__ 12. 7 23. 9 11. 3 51.7 44. 2 12.2 4, 013 12. 3 25. 5 18. 7 3,858 39. 5 12.9 1969 26. 6 13. 7 56.3 48. 2 4,372 28. 6 14. 2 4,766 19. 6 42. 1 14.3 1970 14. 2 27. 1 13. 0 58.6 21. 0 14. 2 14. 2 50. 5 4,790 4,202 29. 5 44. 4 1971 28. 5 13. 4 15.0 60. 6 52. 9 22. 3 5,030 30. 6 13. 2 14.6 4,227 47. 4 1972 34. 1 17.4 16. 7 70. 1 6, 504 61. 2 35. 7 25. 5 17.8 18. 7 5,245 52. 3 1973 ... 48. 4 29. 1 19. 2 95. 3 41. 1 86. 9 45. 8 30.0 33. 6 11, 825 8,569 65. 3 1974 44. 8 21. 2 23.6 101. 1 52. 1 41.4 5,844 93. 5 28. 2 9,409 72. 9 26.6 1975 22. 2 45.5 23. 3 99.2 5,232 90.6 9,260 43.3 26.0 47.3 23. 7 75. 5 1974: III... IV 99.2 101.9 91.5 94. 1 39.3 39. 5 52.2 54. 6 73. 3 73.5 25. 9 28. 4 22. 8 25. 5 8,060 9,010 4,910 5,300 1975: I II III_._ IV 91. 1 101. 1 104. 1 100.4 82.7 92. 6 95.4 91.6 38. 4 42. 5 44. 5 47.8 44. 3 50. 1 50.9 43.8 73.5 74.9 76.5 76. 9 17.6 26.2 27.6 23.5 17. 1 27.2 30.6 29.0 6,090 9,680 10, 900 10, 330 3,500 5,530 6,090 5,710 1976: I- 100. 0 90.9 46.6 44.3 78.0 22.0 26.0 9,330 5,100 1 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms. 2 3 Inventory of crops and livestock valued at the average price for the year. Based on Census of Agriculture definition of a farm. The number of farms is held constant within a year. 71-800 °—7 6 * Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base. Source: Department of Agriculture. CORPORATE PROFITS Profits before tax rose $8.4 billion (annual rate) in the first quarter, according to preliminary estimates, while profits with inventory valuation adjustment rose $10.1 billion. BILLIONS OF DOLLARS BILLIONS OF 40 -HI 40 1968 1976 SOURCEs DEPARTMENT OF COMMERCE Period 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1974: III IV 1975: I II III IV 1976: I* [Billions of dollars; quarterly data at seasonally Profil bs (before tax) wit i invent 3ry valmition adjustn lent 1 Dome,stie industries N onfinanc ial Total 2 Manu- WholeTotal Finansale 3 faecial Total and turretail ing trade 70. 1 73.3 7.5 62.5 38.3 7.9 67.4 41. 6 78.6 75.9 8.5 8. 0 75. 6 72.6 9. 0 63. 6 37. 9 8. 9 82. 1 41.2 10.4 78.9 68. 5 10. 1 74.2 62. 9 11. 3 77. 9 36.8 10. 1 62. 6 66.4 12. 6 50. 1 27. 1 9.4 72.4 14. 1 58. 2 76.9 32.4 11.7 84. 7 15.4 89.6 69.3 40.6 13.3 17.4 91. 7 98.6 74.3 14.4 43.8 82.5 93. 6 17.3 65.3 37.4 13. 4 16.2 100. 1 45. 2 106. 0 83.9 21.9 82. 0 92. 0 63. 7 18. 3 37.0 11.7 75. 1 58. 6 86. 1 16. 5 31.9 11.9 83.4 18.3 77.6 59.3 30.0 16.3 95. 7 80.2 15.5 101. 6 43.5 21.0 113.4 119. 6 14.9 54. 6 98.6 25. 1 113.6 97.4 52. 8 119. 3 16. 1 25.4 123.1 129.4 17.5 105.6 1 See p. 3 for profits with inventory valuation and capital consumption adjustments. 23 Includes rest of the world, not shown separately. Includes industries not shown separately. 8 COUNCIL OF ECONOMIC ADVISERS adjusted annual rates] Profits after tax Profits before tax Tax liability Total Dividends Undistributed profits 75.2 80. 7 77. 3 85.6 83.4 71.5 82.0 96. 2 117. 0 132. 1 116.8 146. 7 123.9 97. 1 108.2 129. 5 132.4 140.8 30.9 33.7 32. 5 39.4 39.7 34.5 37.7 41. 5 48.2 52. 6 45.6 59.3 49.2 37. 5 41.6 50. 7 52.5 56. 5 44. 3 47. 1 44. 9 46.2 43.8 37. 0 44. 3 54. 6 68.8 79.5 71.2 87.4 74.7 59.6 66.6 78.8 79. 9 84.3 19. 1 19.4 20. 1 21. 9 22. 6 22. 9 23. 0 24. 6 27. 8 31. 1 32.8 31.7 31.7 32. 1 32.6 33.5 33. 1 33.3 25.2 27. 6 24. 7 24. 2 21.2 14. 1 21. 3 30.0 40. 9 48.4 38. 4 55.7 43.0 27.5 34. 0 45. 3 46. 8 51.0 TT Source: Department of Commerce, Bureau of Economic Analysis. Inventory valuation adjustment -1.9 -2.1 -1.7 -3.4 — 5. 5 -5. 1 -5. 0 -6.6 -18. 4 -38. 5 -10. 8 -54.7 -37.7 -13. 7 -6.6 -9.9 -13. 1 11.4 GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose at an annual rate of $6.2 billion in the first quarter, or $1.0 billion more than in the preceding quarter. Inventory investment rose sharply, by $17.5 billion, from —$2.0 billion in the fourth quarter to $15.5 billion in the first quarter. Residential outlays also increased, $3.2 billion, but considerably less than in the preceding quarter. BILLIONS OF DOLLARS* (RATIO SCALE) 120 BILLIONS OF DOLLARS* (RATIO SCALE) 300 [-GROSS PRIVATE DOMESTIC INVESTMENT 260 220 I I I I I I I I I I I I I I I BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* -CHANGE IN BUSINESS INVENTORIES -20 -40 1975 1972 *SEASONAILY ADJUSTED ANNUAL RATES SOUiCEs Df PARTMENT OF COMMERCE 1976 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Noiiresident ial fixed investmcmt Period 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1974: III IV 1975: I II III IV 1976: I Gross private domestic investment 112.0 124.5 120.8 131. 5 146. 2 140.8 160.0 188. 3 220. 5 212.2 182. 6 207.6 210. 3 168.7 161.4 194.9 205.4 232.2 Struc tures Total 71.3 81.4 82. 1 89.3 98.9 100.5 104. 1 116. 8 136. 5 147.9 148. 5 148. 1 151. 1 149. 3 146. 1 146.7 151.9 158.1 Total Nonfarm Total Nonfarm 26. 1 29.2 29. 5 31. 6 35. 7 37.7 39.3 42. 5 49. 0 54.4 52.7 54.0 56. 1 54.9 51. 1 51.2 53. 6 55.5 25.1 28. 1 28. 2 30.4 34.3 36. 1 37. 8 41. 1 46. 8 52. 1 50.5 51.7 53.7 52. 6 48. 8 49.0 51. 5 53.2 45. 1 52.2 52. 6 57.7 63. 3 62.8 64. 7 74. 3 87.5 93.5 95.8 94. 1 95. 0 94.4 95.0 95. 6 98.3 102.6 41. 2 47.9 48. 0 53.4 58. 9 58. 1 59. 9 69. 1 80. 7 86. 0 88. 2 86.6 86.7 86.7 87.2 88.6 90.4 94. 7 Source: Department of Commerce, Bureau of Economic Analysis. Prodiicers' dur able equip ment Resid ential fix ed inves }ment Prn Total 31.2 28.7 28. 6 34. 5 37. 9 36. 6 49. 6 62. 0 66. 5 54. 6 48.7 55.0 48.7 44.2 45. 0 50.4 55. 4 58. 6 Nonfarm structures 29.9 27.4 27.2 33. 1 36.3 35. 1 47.9 60.3 64. 7 52.2 46. 8 52. 7 46.3 42. 6 43. 1 48.2 53.3 56. 5 Farm ducers' struc- durable tures equipment 0.6 .7 .7 .6 .7 .6 .7 .7 .6 1. 0 .6 .9 1. 2 .4 .o .8 .7 ,.7 0.7 .7 .7 .8 .9 .9 1. 0 1. 1 1. 2 1. 3 1. 3 1.4 1.3 1.2 1.3 1.4 1. 4 1.5 Change in business mv entories Total 9. 5 14.3 10. 1 7. 7 9.4 3.8 6.4 9.4 17. 5 9.7 -14.6 4.4 10.4 — 24. 8 -29. 6 — 2. 1 -2. 0 15.5 Nonfarm 8. 5 14. 5 9. 4 7. 6 9.2 3. 7 5. 1 8.8 14. 1 11.6 -16. 5 7.6 13. 7 -23. 3 -29. 6 -5. 7 -7. 5 11.3 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 6% percent in 1976, according to the survey conducted in late January and February. In early December, the expected increase was 5% percent. BILLIONS OF DOLLARS (RATIO SCALE) 180 BILLIONS OF DOLLARS (RATIO SCALE) 180 SEASONALLY ADJUSTED ANNUAL RATES 160 160 140 140 120 120 100 100 TOTAL NEW PLANT AND EQUIPMENT 80 80 60 60 NONMANUFACTURING 1 40 40 v MANUFACTURING 20 t t ! I 1968 I 20 1971 1970 1969 1972 1973 1974 1975 1976 J/'SE£ FOOTHOTf 4 BELOW. SOURCE, DEPARTMENT Of COMMERCE [BiUio ns of doll ars; quarl &T\J data at season ally adjiisted amaual rates] Starts ()f plant and eqtdpment proj€iCtS 3 E:cpenditun5s for plarit and eqLdpment M anufaetun ng Period Total * N onmanuf acturing Total Durable goods Nondurable goods Total Trans- Public ComMining porta- utili- munication tion ties Commercial Manufactur- and 2 ing Public utilities 1969 1970 1971 1972 1973_ 1974 1975 19764 75.56 79.71 81.21 88. 44 99. 74 112. 40 112. 79 120. 06 31.68 31. 95 29. 99 31. 35 38. 01 46. 01 47.95 51.85 15. 96 15. 80 14. 15 15. 64 19.25 22. 62 21.84 22.93 15. 72 16. 15 15. 84 15. 72 18.76 23.39 26. 11 28.92 43.88 47. 76 51. 22 57. 09 61.73 66.39 64. 82 68.21 1.86 1. 89 2. 16 2.42 2. 74 3. 18 3.79 S.88 6.05 6. 04 4. 93 5.72 6.03 6.66 7.57 6.23 11.61 13. 14 15.30 17. 00 18. 71 20. 55 20. 14 23. 24 8.30 10. 10 10. 77 11. 89 12.85 13.96 12.74 13.56 other 16.05 16. 59 18.05 20.07 21. 40 22. 05 20.60 21. 30 34. 07 29. 18 28. 00 35. 21 47. 57 52. 49 48.24 15. 16 17. 20 22. 22 28.60 38. 13 45.74 34. 50 1975: I II III IV 114. 57 112. 46 112. 16 111.80 49. 05 48. 78 47. 39 46.82 22. 86 22. 59 21. 01 21.07 26. 20 26. 19 26. 38 25.75 65. 52 63.68 64.76 64.98 3. 76 3. 78 3. 82 3.82 7.30 7.05 7. 86 7.60 20. 28 19. 52 19. 79 20.61 13. 36 12. 50 12.95 12.22 20. 82 20.83 20. 34 20.44 12. 12 12. 80 11. 29 12. 16 5. 34 9. 19 14. 82 5. 84 1976: I 4 118. 70 I I < _ _ _ _ 119. 62 50. 24 51.45 22. 32 22. 74 27.92 28. 72 68.47 68. 17 3. 70 3. 78 7. 17 6.41 23. 21 23. 17 34. 39 34. 81 half 4 . 120. 99 62. 71 23.30 29.41 68.28 4.02 5.86 23.27 35. 12 2nd 1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates, mainly because those data include investment by farmers, professionals, institutions, and real estate firms, and certain outlays charged to current account. 2 Includes trade, service, construction,finance>and insurance. 3 Starts are estimated by adding changes in carryover to expenditures during 10 given period. * Expenditures estimates based on expected capital expenditures as reported bybusiness in late January and February 1976. NOTE.—Annual total is the sum of unadjusted quarterly totals. Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment Increased by 707,000 in April to 87.4 million, an increase of over 3 million compared to the previous April. Nonfarm employment increased by nearly one-half million in April. MILLIONS OF PERSONS* 100 MILLIONS OF PERSONS 100 1971 1970 1969 1968 1972 1973 1974 1975 *16 YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period 1971 1972* 1973* 1974 1975 Noninstitutional population 142, 145, 148, 150, _. 153, COUNCIL OF ECONOMIC ADVISERS P liousands of person18 16 yearg! of age £aid over] Unempl oyment Civilian e mploymerit Total labor Nonagri cultural Civilian Civilian Unemforce 15 employ- ploy- (includ- labor Agriweeks Part-time Total Total ing ment force and ment culfor ecoTV\4-a1 Armed over tural nomic 1 Forces) reasons 596 79, 120 775 81, 702 263 84, 409 827 85, 936 449 84, 783 TJ]aadjusted 1975: Apr 152, 840 May 153, 051 June 153, 278 July 153, 585 Aug — _ 153, 824 154, 052 Sept Oct 154, 256 Nov 154, 476 Dec 154, 700 1976: Jan 154, 915 Feb 155, 106 Mar 155, 325 Apr 155, 516 4,993 4,840 4,304 5,076 7,830 86, 88, 91, 93, 94, 929 991 040 240 793 84, 113 86, 542 88, 714 91, Oil 92, 613 79, 120 81,702 84, 409 85, 936 84, 783 3, 387 75,732 2,440 3,472 78, 230 2,408 3,452 80, 957 2,311 3,492 82, 443 2, 709 3,380 81, 403 3,490 Seascanally adjusted 549 146 444 650 612 274 023 556 536 7,820 7,623 8,569 8,209 7,696 7,522 7,244 7, 231 7, 195 94, 94, 94, 95, 95, 95, 95, 95, 95, 449 950 747 249 397 298 377 272 286 92, 92, 92, 93, 93, 93, 93, 93, 93, 254 769 569 063 212 128 213 117 129 84, 313 84, 519 84, 498 84, 967 85, 288 85, 158 85, 151 85, 178 85, 394 3,301 3,528 3, 350 3,439 3,464 3,512 3,408 3,301 3,236 81, 012 80, 991 81, 148 81, 528 81, 824 81, 646 81, 743 81, 877 82, 158 84, 491 84, 764 85, 588 86, 584 8,174 8,033 7,525 6,890 95, 95, 95, 96, 624 601 866 583 93, 484 93, 455 93, 719 94, 439 86, 194 86, 319 86, 692 87, 399 3, 343 3,170 3,179 3,417 82, 851 83, 149 83, 513 83, 982 83, 84, 85, 86, 86, 85, 86, 85, 85, *Data beginning January 1972 not strictly comparable with prior data because of adjustment to 1970 Census data, which added about 800,000 to the civilian noninstitutional population, 333,000 to the civilian labor force, and 301,000 to civilian employment. A further adjustment in March 1973 added 60,000 to the labor force and to employment. 1976 3,803 4, 304 812 937 2,483 61. 0 61.0 61.4 61. 8 61.8 7,941 2,278 2,529 61.8 62.0 61.8 62.0 62.0 61.9 61. 8 61. 7 61. 6 5,076 7,830 8,250 3, 234 3,291 3, 361 3, 353 8,096 7,924 7,970 8,062 7,939 7,735 3,243 3,482 3,262 3,266 3,248 (per- cent)2 1,182 1,158 4,993 4,840 3, 750 3,422 3,277 Labor force participation rate 8,071 2, 751 2,954 2, 878 2,934 2, 719 3, 004 3,080 7,290 2,785 7,027 7,040 2,294 2,035 7,136 2,515 61.7 61.6 61.7 62. 1 1 Persons at work in nonagricultoral industries. 2 Total labor force as percent of noninstitutional population 16 years of age and over. , . . . - . • • . . ., Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate remained at 7,5 percent in April, essentially unchanged since February. The unemployment rate continued to decline for adult men. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 10 1972 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unernployme]at rate ( percent c)f civiliaii labor fc>rce in gi•oup) Period 1971 1972 1973 1974 1975 1975: Apr May June__ July. Aug Sept Oct Nov Dec 1976: Jan Feb Mar Apr Total (all civilian workers) 5. 9 5. 6 4.9 5.6 8.5 8.6 8.9 8.7 8.7 8.5 8.6 8.6 8. 5 8. 3 7.8 7.6 7.5 7.5 By gsex and atge Men Women Both 20 20 sexes years years 16-19 and and over over years 4.4 4.0 3.2 3.8 6.7 6.8 7.2 7. 0 7. 1 6. 8 7. 2 5.7 5.4 4.8 5. 5 8.0 8. 5 8.4 8.2 8. 0 7.2 7.9 7.8 7.9 6.6 8.0 7. 1 5. 8 5. 7 5.6 5.4 7. 9 7. 5 7.5 7.3 7.3 16. 9 16.2 14. 5 16. 0 19. 9 19. 7 20.3 20. 7 20. 5 20. 7 19.4 19. 8 19. 0 19. 6 19. 9 19.2 19. 1 19. 2 1 Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 By color White 5.4 5.0 4. 3 5.0 7.8 7.9 8.3 8.0 8. 1 7.8 7.8 8.0 7.8 7.6 7. 1 6.8 6. 8 6.7 13y select ed grouj)S ExpeFullBlack rienced wage Housetime and hold and other salary heads workers workers 9.9 10.0 8.9 9.9 13.9 14. 1 14.2 14. 0 13.4 14. 3 14.4 14. 3 13. 9 13. 8 13. 2 13. 7 12.5 13.0 5.7 5. 3 4. 5 3.6 3.3 2.9 8. 6 5.8 5.8 6.1 6.1 5.3 8.2 8.6 8.9 8.4 8. 3 8. 3 8.4 8.3 8. 1 7.4 7.4 7.1 7.2 3. 3 6. 1 5.7 6.0 6.0 5.8 5. 7 5. 1 4.9 5.0 4.8 5. 5 5. 1 4. 3 5. 1 8. 1 8.3 8.5 8.4 8.5 8. 1 8.4 8.5 8. 3 7. 9 7.3 7. 1 7.0 7.0 Source: Department of Labor, Bureau of Labor Statistics, Parttime workers 8. 7 8.6 7.9 8.6 10.3 10.5 10.7 10.1 9. 9 10. 3 9. 9 10.4 10.2 10.5 10. 5 10.4 10.3 10.7 Labor force time lost (per-l cent) 6.4 6.0 5.2 6. 1 9. 1 9.4 9.7 8.9 8.9 8. 9 9. 1 9.4 9. 3 8.9 8. 4 8. 1 8.2 8.2 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS Long-duration unemployment has declined sharply in absolute and relative terms. The number of persons unemployed 15 weeks or longer fell from 3.1 million in December to 2.0 million in April. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* REASON FOR UNEMPLOYMENT 60 JOB LOSERS 40 REENTRANTS V/ J — JOB LEAVERS ' 20 20 . -/ NEW ENTRANTS 1 111 1f 1 I 1973 1 1974 1975 1976 1973 1975 i 1976 •SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Perceiit distrifc ution of unemPerceiit distrib ution of unemState p rograms Insured plo yment by duraticm 1 unem- Special Pi oyment by reasoiQ. ployunemTT u nem."~ ment, ployployall ment 27 Insured ment Less regular benefit3 Reen- New 5-14 15-26 weeks Job unemInitial (thou- Job en- than 5 claims proploy- claims sands) losers leavers trants trants weeks weeks weeks and grams 3 (unadover ment (unad- justed) justed) Weejkly aver age, thou.sands 10.4 4,993 46.3 29.4 11.8 12. 6 44.7 13.3 31.6 2,150 295 2,608 11.6 1,848 43.2 4, 840 13.1 29.8 13.9 45.9 12. 3 2,192 30. 1 261 7. 8 1,632 4,304 30. 7 38.7 15. 7 14.9 51.0 30. 1 11.0 246 1,793 7.3 2,262 43.4 28.4 5,076 14.9 13. 3 50. 6 11. 1 31.0 363 2, 558 15. 2 3,973 55.4 10.4 7,830 10.4 23.8 37.0 31.3 16.5 472 4,942 10.3 24.7 41.2 7,770 55.1 9,9 16. 1 33. 1 526 604 5,886 9.6 4,096 24.1 7,941 10.2 56.1 37.6 33.2 17.2 9.6 743 12.0 4,298 506 5,647 56.4 10.3 23. 5 8,250 9.8 37.6 18.0 31.6 497 12.8 4,464 5,202 868 58.5 34.2 9.7 23.0 8.9 31. 4 8,071 18. 5 501 4,892 15.9 4,343 1,177 8,096 10.0 22. 1 10.2 36.0 26. 9 20. 1 57. 7 17.0 4,187 446 1,489 4,979 7,924 22. 9 56.2 9.7 17. 7 11. 1 34. 1 30. 3 1,502 17. 9 4,108 460 4,576 58.2 34.4 7,970 10.0 21.9 9.9 16. 5 29. 8 1,312 19. 3 4,087 454 4,238 23.4 8,062 10.2 56.0 10.4 36.9 29.9 15. 1 1,284 18. 1 3,918 460 4,039 10.9 23. 1 30.4 7,939 55.6 10. 5 32.5 15.8 21.2 3,587 410 4, 120 1, 340 7,735 11.3 25.8 11. 3 33.2 51.7 28.1 17.7 20.9 3, 199 390 4,461 1,411 12. 3 35.7 7,290 11.8 27.6 15.2 48. 3 27.6 1,482 21.5 2,938 346 4,962 12. 1 26. 6 7,136 12. 1 38. 1 26. 3 49. 1 13. 6 22. 1 2,807 322 4,721 1,428 50.2 10.9 12. 2 7,027 26.6 38.3 28. 0 13. 3 20.4 2,742 349 1, 339 4,366 26. 0 11.8 43.2 7,040 49.6 12.7 27. 3 9.7 19.8 2,722 357 3,918 1, 125 1 Period 1971 1972 1973 1974 1975 1975: Mar__ Apr__ MayJune. July.. Aug.. Sept. Oct.. Nov.. Dec.. 1976: Jan_._ Feb.Mar » Apr *_ 1 2 Detail may not add to 100 percent because of rounding. Includes State (50 States, District of Columbia, and Puerto Bico), ex-servicemen (TJCX), Federal (UCFE), and railroad (RB) programs. Also includes Federal and State extended benefit programs. Does not include FSB (Federal Supplemental Benefits) and SUA (Special Unemployment Assistance). 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 end Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment (seasonally adjusted) increased by 343,000 in April to 78.9 million. Employment increased in all of the major private sectors of the economy as well as in State and local sovernment. MILLIONS OF PERSONS' (ENLARGED SCALE) MILLIONS OF PERSONS* 90 18 WHOLESALE AND RETAIL TRADE ALL NONAGRICULTURAL ESTABLISHMENTS 80 16 GOVERNMENT \ 70 ^i-—-""" -—i—£** 14 ...jv SERVICES 12 SERVICE-PRODUCING INDUSTRIES 22 - 50 MANUFACTURING 20 V-^f * " -^S* 40 18 f1 I1 1 1 1 1 1 1 1 1 J GOODS-PRODUCING INDUSTRIES 30 1 1 1 II f !!l f I I 1 M 1 I 1 1 I 1 I I I 1 1 1 I I I i I I I I 1 1 I 1 1 I I 1 1 1 'IK \ 1r—7H CON TRACT CONS" "RUCTION 20 111111i 1972 1973 1974 jj.i.i I i in. i i i i i i 1 1 i 1 1 1 1 1975 1976 1 f 1 ! 1 1 1 1 1 I I 1 I 1 1 1 I 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 I I 1 1 II 1 1 1 1 I 1 1 1972 1974 1973 1975 I M I! 1 ! I 1 1 1} 1976 •SEASONALLY ADJUSTED SOURCEs DEPARTMENT Of LABOR COUNCH. Of ECONOMIC ADVISERS [Thousands of wage and salary workers;1 seasonally adjusted] G oods-prc>ducing industries3 Period 1971 _ 1972 1973 1974 1975 1975: Mar__ Apr May__ June__ July.. Aug___ Sept__ Oct_._ Nov__ Dec___ 1976: Jan___ Feb__. Mar 9. Apr 9_ Total nonagricultural employ- Total2 ment 71, 222 73, 714 76, 896 78, 413 76, 985 76, 468 76, 462 76, 510 76, 343 76, 679 77, 023 77, 310 77, 555 77, 574 77, 796 78, 179 78, 368 78, 545 78, 888 22, 820 23, 546 24, 727 24, 697 22, 549 22, 422 22, 328 22, 339 22, 233 22, 222 22, 418 22, 601 22, 669 22, 657 22, 743 22, 914 22, 901 22, 977 23, 115 Contract construction 3,639 3,831 4,015 3,957 3,457 3, 467 3,441 3,439 3, 392 3,395 3,415 3,432 3,402 3,409 3,406 3,428 3,375 3,355 3,385 Service-pr oducing IndustrieJS Trans- Whole- Finance, Gover nment portainsursale tion ance, Services Total and NonState and and retail Total Durable durable Federal and public trade real goods goods local utilities estate Ma nufactui ing 18, 572 19, 090 20, 068 20, 046 18, 347 18, 226 18, 155 18, 162 18, 100 18, 084 18, 254 18, 417 18, 493 18, 482 18, 568 18, 722 18, 763 18, 852 18, 956 10, 597 11, 006 11, 839 11, 895 10, 679 10, 728 10, 637 10, 595 10, 527 10, 465 10, 563 10, 650 10, 661 10, 653 10, 717 10, 820 10, 846 10, 926 10, 996 7,975 8, 084 8,229 8, 151 7, 668 7, 498 7, 518 7, 567 7,573 7,619 7,691 7,767 7,832 7,829 7,851 7,902 7,917 7,926 7,960 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they 14 48, 401 50, 167 52, 169 53, 715 54, 436 54, 046 54, 134 54, 171 54, 110 54, 457 54, 605 54, 709 54, 886 54, 917 55, 053 55, 265 55, 467 55, 568 55, 773 4,457 4, 517 4,644 4,696 4, 498 4, 506 4,508 4,491 4,469 4,464 4,466 4,467 4,476 4, 496 4,477 4,494 4,517 4,493 4,497 15, 352 15, 975 16, 674 17, 017 16, 947 16, 851 16, 847 16, 857 16, 877 16, 984 17, 016 17, 045 17, 043 17, 010 17, 080 17, 233 17, 326 17, 371 17, 429 3,802 3,943 4,091 4,208 4,223 4, 207 4, 209 4,208 4,202 4,203 4,218 4,239 4,246 4,248 4,264 4,266 4,266 4,276 4,300 11, 903 12, 392 13, 021 13, 617 13, 995 13, 864 13, 878 13, 889 13, 871 13, 990 14, 050 14, 113 14, 157 14, 188 14, 229 14, 307 14, 360 14, 411 14, 466 2,696 2,684 2,663 2,724 2,748 2,733 2, 731 2,732 2,738 2,745 2,756 2,765 2,767 2,761 2, 755 2,746 2, 740 2,732 2,731 10, 192 10, 656 11, 071 11,451 12, 025 11, 885 11, 961 11, 994 11, 953 12, 071 12, 099 12, 080 12, 197 12, 214 12, 248 12, 219 12, 258 12, 285 12, 350 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 AMD HOURLY EARNINGS PRIVATE NONAGRICULTUR&L INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Period Total private nonagricultural l Manufsicturing Total Adjusted h ourly earnin gs index2 —tc>tal private nonagric ultural Averag e gross hourly ciarnings Aversige weekly ' lours Overtime 1967 . 1968 1969 1970 1971 ...— 1972 .„_.> 1973__..,_ 1974 o 1975 38.0 37,8 37.7 37. 1 37.0 37. 1 37. 1 36.6 36. 1 40. 6 40.7 40.6 39.8 39.9 40. 6 40.7 40.0 39.4 3.4 3.6 3.6 3.0 1975: Mar Apr May June July Aug Sept Oct Nov Dec 35.9 35.9 35.9 36.0 36. 0 36.2 36. 1 36. 2 36. 3 36.4 38.9 39. 1 39.0 39.3 39.4 39.7 39.8 39. 8 39. 9 40. 3 2.3 1976: Jan Feb.Mar v Apr » 36.5 36.4 36.2 36.0 40.5 40. 3 40.2 39.3 3.0 2. 9 3.5 3. 8 3.2 2. 6 2. 3 2. 4 2.4 2.6 2. 8 2.8 2. 8 2. 8 3. 0 3. 1 3. 2 2.4 . Total private Manufacturing nonagricultural * Percent crtange from a year sarlier 4 Index, 1<367=100 Current dollars 1967 dollars 3 Current dollars 1967 dollars $2.68 2.85 3. 04 3.22 3.44 3.67 3. 92 4. 22 4. 54 $2. 83 3.01 3. 19 3.36 3. 57 3. 81 4. 08 4. 41 4. 81 100.0 106. 3 113. 3 120. 8 129.4 137.8 146. 6 158. 6 172. 7 100. 0 102. 0 103. 2 103.9 106.7 110.0 110. 1 107. 4 107. 1 4. 8 6.4 8.2 8.9 O <J K *j. __ ^ £ 4. 46 4.47 4.49 4.51 4.54 4. 57 4.60 4.63 4.68 4.68 4. 72 4.73 4.75 4.78 4. 82 4. 86 4. 88 4.90 4. 93 4.96 169. 1 169. 4 170.6 172.2 173. 1 174.6 175. 2 176. 7 178. 2 178. 6 107. 1 106.8 107. 0 107. 2 106.7 107.3 107.2 107.4 107.7 107.3 9.9 9.5 9.0 8.7 8.8 8.8 -.6 -.5 -.6 -,8 .1 7.9 .2 .5 1. 1 .8 4.73 4.75 4.77 4.77 5. 00 5.04 5.07 5. 04 179.6 180.8 181.4 182.0 107. 5 108. 1 108.2 108. 1 8.0 7.8 7.3 7.4 1.2 1.3 1.0 1.3 L9 6.3 6.6 6.6 2.0 1. 2 .7 7. 1 6. 5 8. 1 8. 2 8. 5 2.7 3. 1 .1 _-. 4 AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average gross weekly earnings Total pri vate nonagricu itural * Period Current dollars $101. 84 107. 73 114. 61 119. 46 127. 28 136. 16 145. 43 154.45 163. 89 1967 1968 1969 1970 1971 1972___ 1973 1974 1975 1975: Mar Apr May_ June_ July Aug_ Sept Oct Nov Dec 1976: Jan_ .,, Feb Mar *> Apr » -_ -- Manufacturing 1967 dollars s $101. 103. 104. 102. 104. 108. 109. 104. 101. 84 39 38 72 93 67 26 57 67 $114. 90 122. 51 129. 51 133. 73 142. 44 154. 69 166. 06 176. 40 189. 51 $154. 95 164.49 181. 54 195. 45 211. 67 222. 51 235. 69 249. 08 265. 35 160. 11 160. 47 161. 19 162. 36 163. 44 165. 43 166. 06 167. 61 169. 88 170. 35 101. 40 101. 12 101. 06 101. 10 100. 76 101. 62 101. 57 101. 89 102. 65 102. 37 183. 184. 185. 187. 189. 192. 194. 195. 196. 199. 61 94 25 85 91 94 22 02 71 89 250. 264. 264. 259. 265. 267. 268. 267. 272. 278. 172. 65 172. 90 172. 67 171. 72 103. 103. 103. 102. 202. 203. 203. 198. 50 11 81 07 281. 24 282. 73 273. 20 281. 62 32 35 03 03 Retail trade s Current dollars - Current dollan3 2* Also includes other private industry groups shown on p. 14. Adjusted for interindustry employment shifts and for overtime in manufacturing. » Current dollar index (or earnings) divided by the consumer price index. Contract construction Percent eh*inge from a year e arlier, total pri1^ate nonagriciiltural 58 22 20 54 35 91 64 91 69 26 1967 dollars $70. 95 74. 95 78.66 82.47 86. 61 90. 99 95. 57 101. 04 108. 22 3. 1 5.8 6. 4 4. 2 6. 5 7.0 6. 8 6.2 6. 1 -4.3 -2.8 106. 106. 107. 107. 107. 108. 108. 110. 110. 110. 28 27 58 57 55 85 84 14 83 81 6.1 7.0 5.3 5.4 5. 0 5. 9 5.6 5. 8 7.9 7. 1 — 3. 8 -2. 9 — 3. 9 -3. 7 — 4. 2 -2.6 -2. 2 — 1. 7 .5 .1 112.45 112. 08 112. 06 113. 12 8. 1 8. 1 7.8 7.0 1.7 * Monthly changes based on indexes to 2 decimal places. * Includes eating and drinking places. Source: Department of Labor, Bureau of Labor Statistics. 0. 2 1. 5 1. 0 — 1. 6 2. 2 3.6 .5 1. 3 1. 6 .9 15 PRODUCTIVITY AND RELATED DATA, PRIVATE ECONOMY Hours of al pers ons2 Outj>ut* Period Total private Private nonfarm Total private Private nonfarm Output ]per hour of all p>ersons Total private Comp€jnsation per 1lour 3 Unit labor CO sts Implic it price defla tor 4 Private Total Private Total Private Total non- pri- non- pri- non- pri- farm vate farm vate farm vate Private nonfarm 1967 == 100; qua]rterly dat i seasoniilly adjusibed 92. 3 97.8 100.0 104.5 107.2 92.0 97.8 100. 0 104.7 107.5 97. 5 99.8 100.0 101.7 104.4 96. 4 99. 5 100. 0 102.0 105.2 94.6 98. 0 100. 0 102. 7 102.7 95.4 98.3 100. 0 102.6 102. 2 88.5 94.7 100.0 107.7 115. 3 89. 1 946 100. 0 107.4 114.6 93.5 96. 7 100.0 104.8 112.2 93.4 96.3 100. 0 104 7 112. 1 944 97. 3 100. 0 104 1 109.2 943 97.0 100. 0 104 1 109. 1 1970 1971 1972 1973 1974 106.8 110.2 117.4 124. 3 121. 5 106.9 110. 2 117.7 124.7 122. 0 102.8 102.4 105. 6 109. 3 109.6 104.0 103.6 107. 0 111. 1 111. 5 103.9 107.7 111.1 113.7 110.8 102. 8 106.4 110.0 112.2 109. 5 123. 6 132. 1 140.0 151. 4 165.7 122.4 130.7 138.8 149.6 163. 9 119.0 122.6 126.0 133.2 149. 6 119.0 122. 9 126.2 133.4 149.7 1143 119. 6 123.8 130.8 143. 4 1144 119.8 123. 5 128.6 141. 6 1975 118.5 118. 5 105.6 107.3 112. 2 110.4 180. 8 178. 6 161. 1 161. 7 156.7 155.7 1973: III IV 124.6 125. 0 125. 3 125. 3 110.1 110. 5 111.8 112.4 113. 3 113.2 112. 0 111. 6 152.0 155.5 150.4 153.8 1342 137.4 1342 137.8 131.8 1346 129. 1 132.0 1974: I II III IV 123. 3 122. 5 121. 6 118.7 123.9 123. 0 122.2 119. 1 110.4 110.3 110.0 108.4 111. 9 112.2 112. 1 110.3 111.7 111. 0 110. 5 109. 5 110.7 109.7 109. 0 108. 0 158.4 163.3 168. 3 172. 2 157.0 161. 5 165. 9 170. 2 141.8 147. 1 152. 3 157. 3 141. 9 147.2 152.2 157.6 137.5 141.0 145.4 150. 1 134 7 139. 6 1440 148.6 1975: I II III IV 115.6 116.5 120. 1 121.8 115. 5 116.7 120. 0 121. 7 105.3 104. 6 105. 3 106. 6 107.2 106.3 106. 8 108. 5 109.8 111.4 114. 0 114. 2 107. 109. 112. 112. 7 8 3 1 176. 6 179. 3 182.2 185. 7 173.9 176.8 180. 5 183. 4 160.9 161.0 159.8 162. 6 161. 5 161. 0 160. 8 163. 6 153.5 155. 1 157. 8 160.4 152.8 154 1 156. 4 159.2 1976: I » 124.1 123.9 107.5 109. 6 115.5 113.0 189.5 186. 9 164 1 165. 3 161.7 161.0 1965 1966 1967 1968 1969 - Perceiit change ; quarterlyf data at seasonal] y ad juste d annual rates 6.2 5.9 2. 3 4,5 2.6 6. 3 6.4 2.2 4. 7 2.7 3. 1 2.3 .2 1.7 2.6 3. 6 3. 3 .5 2. 0 3. 1 3.0 3.5 2. 1 2. 7 .0 2.6 3.0 1.8 2. 6 -. 4 4. 0 7. 1 5. 6 7. 7 7. 1 3. 6 6. 2 5. 7 7.4 6.7 1. 0 3.4 3.4 48 7. 1 1. 0 3. 1 3.9 47 7. 1 2. 0 3. 1 2.8 41 49 1. 7 2. 8 3. 1 41 4.7 1970 1971 1972 1973 1974 —.4 3.2 6.5 5.9 -2.2 —.5 3. 1 6.8 5.9 -2. 1 -1.5 3.2 3.5o .O -1. 1 -. 3 3.3 3.8 .3 1. 1 3.7 3.2 2.3 -2.5 .6 3.4 3.4 2.0 -2.4 7.2 6.8 6. 0 8. 1 9. 5 6.8 6. 8 6.2 7.8 9. 5 6. 0 3. 1 2.7 5.7 12.3 6. 1 3.3 2.7 5.7 12. 2 47 46 3. 5 5. 6 9.7 49 47 3. 1 4. 2 10. 1 1975 -2. 5 -2.9 -3.8 -3.8 1.3 .9 9. 1 9.0 7.7 8. 1 9.3 9. 9 -.3 1. 1 -1. 7 6.8 9. 4 7.3 9. 3 6. 5 9. 8 6.2 11. 2 7.6 8. 6 5. 1 9.3 1965_. 1966__- 1967. 1968 1969 —.5 1973: III IV 3.0 1. 3 3. 7 .1 2.8 1. 6 2. 6 1. 8 1974: I II III IV -5. 6 -2. 5 -—2. 9 -9. 1 -4.7 -2. 6 -2. 7 -9.7 -. 5 -. 1 -1. 0 -5. 7 -1. 6 1. 0 —. 3 -6. 1 -5. 1 -2.4 -1. 9 -3.6 -3. 1 — 3. 6 -2. 4 -3. 8 7.8 12. 9 12. 7 9.8 8.8 11. 8 11. 6 10. 7 13. 6 15.7 148 13.9 12. 3 15. 9 143 15.0 8. 9 10.6 13. 1 13.8 8. 5 15. 2 13. 2 13. 4 1975: I II III IV -10. 2 3.2 13. 1 5.6 -11. 7 44 11. 7 5.7 -11. 2 -2.6 2. 9 4.9 -10. 9 -3. 3 2. 1 6.4 1. 1 5.9 9.9 .6 -.8 8.0 9.4 -. 6 10. 5 6. 4 6. 7 7. 8 9. 1 6. 8 8. 7 6.5 9.3 .4 -2. 9 7. 1 10. 0 -i -I -. 7 7. 2 9. 1 42 7.4 6. 6 11. 9 3. 5 6. 2 7.3 1976: I 9 7.9 7.7 3.2 4.3 4.6 3.3 8.5 7.8 3.7 43 3.2 46 0 1 2 Output refers to gross domestic product originating in the sector in 1972 dollars. Hours of all persons in private industry engaged in production, including hours of proprietors and unpaid family workers. Estimates based primarily on8 establishment data. Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 16 4 Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0.7 percent in April, following upward-revised increases of 0.7 and 1.1 percent in March and February, respectively. The April increase reflected widespread gains. ••! INDEX, 1967=100* (RATIO SCALE) 180 UTILITIES AND MINING PRODUCTION 1NDJEX, 1967=100* (RATIO SCALE) TOTAL INDUSTRIAL PRODUCTION 140 160 120 140 100 120 MINING ;L <•>•** 1972 1973 1974 1975 1976 100 I I 1 I IJ M M 1972 1973 ' v* « t iii i l l 1 1 1 1 1974 1975 1976 PERCENT (RATIO SCALE) MANUFACTURING CAPACITY UTILIZATION RATE 120 70 100 60 1972 1976 1973 1972 1973 1976 1974 *SEASONAllY ADJUSTED SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion 1969 1970 1971 1972 1973 1974 1975 1975: Apr May Jime July Aug Sept Oct Nov Dec>_ 1976: Jan__ Feb Mar *__ Apr 9 1 Total iiidustrial prodiiction Percent Index, change 1967= from, 100 year earlier 100. 00 110.7 4.7 106.6 -3.7 .2 106. 8 7.9 115. 2 125. 6 9. 0 124. 8 —.6 113. 8 -8.8 109. 9 -12. 0 110. 1 -12.4 111. 1 -11. 7 112. 2 -10. 6 114. 2 -8. 8 -7. 5 116. 2 -6.5 116. 7 -3.4 117. 6 .9 118.4 119.5 5. 1 120.8 8.6 10.6 121.7 122. 5 11.5 COUNCIL OF ECONOMIC ADVISERS [Seasonally adjusted] Indusi,ry produ ction ind exes, 196'r=ioo M aimfactun ng Durable Nondurable 88.65 62.83 36.22 6.38 6.07 110. 5 105. 2 105. 2 114. 0 125. 1 124.4 112.2 107.9 108.2 109. 5 110.6 112. 8 114. 7 115. 8 116.3 117.0 118. 1 119.8 120.6 121. 5 110.0 101.4 99.4 108.4 122. 0 120.7 105.8 103.3 102.5 103.2 103.4 105. 4 107. 0 107. 6 107.8 108. 1 109. 0 111.0 112.0 113.6 111. 1 110.6 113. 5 122. 1 129. 7 129. 7 121.4 114. 8 116. 2 118. 6 120.8 123. 4 125.7 127.2 128. 7 130. 0 131.4 132. 3 132. 7 132. 9 107. 2 109.7 107. 0 108.8 110.3 109. 3 106. 6 108. 5 105. 9 106. 3 106.4 105. 0 105. 3 106. 4 106.9 105. 4 105. 5 103. 6 106. 9 106. 3 119.5 128.3 133. 9 143.4 152.6 149.9 153.7 153. 1 152.3 152.6 153.9 154.6 156. 1 152.9 153.9 155.7 159.2 159.9 160. 9 162.2 Output as percent of capacity. * Quarterly data entered in last month of quarter, Annual data are averages of quarterly data. Utilities Total Mining Manuf acturing <3apacity iitilization rate, p<3rcent l Federal Reserve sericis 2 ComWharTotal merce3 ton Major manuseries series 2 factur- materials ing 86.5 78.3 75.0 78.6 83. 0 78. 9 68. 7 90. 0 86.2 85. 3 89. 6 93. 0 87. 0 74.9 85 81 80 83 86 83 77 95. 6 87. 9 85.3 89.6 95. 8 91. 3 79. 3 67.0 70.9 75 77. 2 69.0 78. 1 79 79. 8 70.7 80.4 79 81. 9 71.8 80. 7 . 83.7 8 Quarterly data are for last month in quarter. Annual data are averages of four monthly indexes. 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 products Coiisumer go ods Period Total NonDurable durable goods goods Total 1967 proportion . 1968 1969 1970 1971 1972 1973 . 1974, 1975 1975: Apr May June -July Aug_ _ _ Sept Oct -_ Nov Dec.-1976: Jan Feb p • --Mar ~ Apr » A ** 48.94 105.8 109. 0 104. 5 104. 7 111. 9 121. 3 121. 7 115. 5 112. 6 113.7 114. 5 115. 7 115. 9 116. 9 117. 0 117.9 119. 0 119.6 120. 8 121. 1 121. 9 7.86 110. 9 113. 7 104. 8 115. 1 125. 7 138. 9 127. 9 112. 5 107.8 110. 5 113. 2 115. 9 116. 1 118. 3 118.3 118.8 119. 5 120. 9 123.6 125. 6 126. 5 28. 53 106. 6 111. 1 110. 3 115. 7 123. 6 131. 7 128.8 124.0 119. 7 121. 2 123.3 125. 5 125. 7 126. 8 127. 0 128.9 130.2 130.9 132.1 132. 6 133. 5 20. 66 105. 0 110. 1 112.4 115. 9 122. 8 129. 0 129. 2 128.4 124.0 125. 3 127.2 129. 0 129. 4 130. 1 130. 5 132.7 134.4 134.6 135. 2 135. 2 136.0 Equij;>ment Internlediate proc ucts Total Business Total SO. 42 12. 74 103. 4 107. 9 101,4 96.8 106. 1 122. 6 129. 4 116.7 115.4 115. 0 113. 9 113. 9 114. 9 115. 6 115.7 116.5 118. 2 118.4 120. 5 121. 0 122.0 IS. 27 104.7 106. 1 96. 3 89.4 95. 5 106. 7 111. 7 103. 6 103. 0 102. 9 102. 2 102.2 102. 3 102. 8 102. 6 102. 5 103.5 103.8 105. 0 105. 0 105.8 105. 7 112.0 111.7 112. 5 121. 1 131. 0 128. 3 116.3 113.4 112. 4 112. 8 114. 3 115.4 116. 6 117. 0 118.5 120.3 122.4 123.4 123. 5 124. 1 Materials Construction 5.98 106. 2 113. 0 110. 0 112. 6 120. 8 133.8 129. 6 112.4 110. 1 107. 6 106. 8 108. 0 109. 3 112. 0 112. 5 112. 5 114. 2 116. 9 117.6 118.0 118,6 37. 79 105.7 112. 4 107.7 107.4 117. 4 129. 3 127. 4 110.6 105. 2 104. 9 106. 0 106. 8 111. 5 115. 1 116. 5 116.8 116.8 118. 3 120.2 121.9 122. 7 Supplementary group: Energy total 11. 21 130.7 127. 3 127. 9 127. 2 126. 6 128. 2 129.0 128.2 129. 1 127. 9 127.8 127.8 128.7 129. 0 130. 7 131.4 [1967=100, seasonally adjusted] Primaryf metals Period Total Iron and j_ i steel 1967 proportion e. 61 1968 ... 103.2 1969 .. 114. 1 106.9 1970 1971 100. 9 1972 113, 1 127. 0 1973. _ 1974, .. .. 124. 1 97.2 1975 95. 0 1975: Apr May 89. 9 91. 8 June July 92.8 Aug 96. 5 Sept 97. 2 97. 0 Oct. Nov 98. 1 Dec 95. 1 1976: Jan 99.9 104.7 Feb Mar v 105.3 Apr » 107.9 4.23 103.6 113.0 105. 3 96. 6 107. 1 121. 7 119. 9 96. 1 99. 4 90. 1 88. 7 87. 0 90. 4 91. 3 93. 2 96. 0 92. 2 96.2 101.4 101.5 103. 7 | Nondurable manufacti ires Durab le manufiictures Transp ortation ChemiTexequip>ment FabriPaper icals, MaLumber tiles, Foods cated Motor and petrochinand apparel, and metal vehicles printleum, Total ery and tobacco products and products ing and parts rubber 5.93 17. 40 9. 29 106. 3 113. 6 109. 4 107. 4 114. 8 130. 5 131. 4 114.8 112. 4 110. 9 110.9 109. 7 112.7 116. 1 115. 9 117. 3 117.3 117.8 120.3 121.4 124.8 101. 9 106.8 100. 3 96.2 107. 5 125. 8 128. 1 112. 8 110. 8 109. 0 108. 2 108.4 110. 0 111.7 112.9 114.2 115. 1 115.3 116. 7 118.2 119.2 109. 7 107. 6 90. 4 92. 9 99. 0 109. 1 96.9 88.4 84.7 87.6 90. 5 91. 0 92.9 94. 3 94. 7 94. 1 95.5 94.4 96.3 97.3 98.9 Source; Board of Governors oi the Federal Reserve System. 18 4.56 117. 7 115. 4 96. 9 114. 1 123. 1 138, 1 113. 2 98. 1 93. 1 95. 0 100, 0 103, 2 107.2 110, 1 111. 0 109. 4 110. 4 110. 0 114. 3 118. 1 121. 0 jr. 65 104.8 108. 6 106. 3 113. 9 122. 4 127. 9 120. 1 109. 7 104. 1 108. 0 110.3 112. 0 114. 5 115. 5 llfi. 8 115. 0 116. 1 121. 9 119. 6 119.8 6.90 104.9 105. 9 100. 2 100. 7 108. 1 115. 0 108. 9 98.0 90.4 93. 2 94. 9 97.4 100, 2 104. 0 106. 0 1.08. 4 109.7 111. 3 109.5 110.4 111.7 •7. 92 104.2 109. 1 107. 8 107. 8 116. 1 122. 2 121. 0 109. 6 102. 4 103. 9 107. 3 107. 4 110. 8 113. 9 114. 8 114, 7 116. 8 119. 6 120.8 120. 7 121. 1 11. 92 109.6 118.4 118,2 124.7 137. 8 149. 3 151. 7 140.3 131.0 132. 4 136. 2 140. 1 143. 6 146. 2 148. 5 150. 2 151. 1 151. 6 155. 1 156. 3 155. 9 9. 48 103. 6 107. 5 110.8 113. 7 117. 6 121. 9 124. 8 124. 5 122. 5 122.4 123. 5 124. 8 125. 2 126. 0 126. 3 128. 0 129. 4 130. 3 129. 5 129. 1 129. 6 NEW CONSTRUCTION Constructio n 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 (1967= floor space 100) (millions of square feet) Bil lions of doll ars 1969 1970 1971 1972 1973 1974 1975 _.. ___,_. _. 93.9 94.9 110.0 124. 1 136. 0 135.5 130. 8 66.0 66.8 80. 1 93.9 103. 4 97. 1 90. 0 33.2 31. 9 43. 3 54.3 57.6 47.0 43.0 16.2 16. 3 17.0 18.1 fcl.7 23.8 20. 7 25.9 24 3 35. 1 44.9 47.9 37.3 31.3 16.6 18.6 19.8 21.5 241 26.2 26.3 28.0 2a 1 29.9 30.2 32. 5 38.4 40.7 125. 5 121.0 121.7 126. 9 129. 0 132. 1 137.6 135. 8 138. 0 138. 0 134. 3 134 1 139. 5 85.7 847 84 3 85.0 8&3 90.6 93. 0 93.4 96. 0 96. 5 97. 0 99. 3 101.5 sao 20.9 20. 3 20.3 19.4 19.7 20. 2 20. 3 20.0 20.4 19.9 19.3 21.3 20.7 26.9 26.8 27.6 28. 9 30. 6 32. 1 33.2 37.6 38. 5 40.4 43.3 45.3 46. 1 47. 1 48. 3 49. 1 49. 0 49. 6 52.0 349 36.7 37.6 37. 5 38.2 40. 5 1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately, 2 F. W. Dodge series. Kelates to 50 States beginning 1969 for value index and beginning 1971 for floor space. iea o Seasonally adjusted Seasonally j adjusted at inual rates 1975: Mar Apr May _ June July Aug Sept Oct_ Nov Dec 1976: Jan Feb *.___.._ Mar ?..; 123. 7 123. 1 145. 4 165.3 179.5 169. 7 26.8 26.9 25.4 25.1 25.4 25.2 26. 5 26.4 27.3 27.4 28.8 28.5 28.8 39.8 36.3 37.4 41. 9 40.6 41. 5 44.6 42.4 42.0 41.5 37.3 150 186 202 201 165 208 157 166 148 137 183 170 185 348 38.0 883 743 727 854 1, 010 840 569 Seasonally adjusted annual rates 476 683 537 606 631 519 601 649 504 609 462 496 653 Note.—New construction expenditures series beginning 1976 not strictly comparable with earlier 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] T\Tew private housing uni bs Units started, by type of striicture Period 1969 1970 1971 1972 1973 1974 1975 . Total 1 unit 1, 466. 8 1, 433. 6 2, 052. 2 2, 356. 6 2, 045. 3 1} 337. 7 1, 160. 4 810. 6 812. 9 1, 151. 0 1, 309. 2 1, 132. 0 888. 1 892. 2 982 774 853 874 916 979 966 2-4 units 85.0 84.8 120. 3 141. 3 118. 3 68. 1 64.0 5 or more units 571. 2 535. 9 780. 9 906. 2 795. 0 381. 6 204. 3 New private homes Vacancy rate for rental Homes for sale at housing end of units period l (percent) 2 Units authorized Units completed 1, 323. 7 1, 351. 5 1, 924. 6 2, 218. 9 1, 819. 5 1, 074. 4 924. 4 1, 399. 0 1, 418. 4 1, 706. 1 1,971.5 2, 013. 8 1, 691. 7 1, 296. 8 448 485 656 718 620 501 544 222 220 287 409 450 402 378 1,244 1,269 1,202 1,261 1, 267 1,315 1, 115 1,386 1,329 1,213 1, 294 1,348 556 554 551 548 573 571 610 660 641 570 677 555 388 383 379 381 378 384 389 381 378 380 386 391 Homes sold 5.5 5.3 5.4 5.6 5.8 6.2 6.0 Seasonally adjusted aiinual rates 1975: Apr May June _. July Aug__ Sept..Get— ..._ Nov ' Dec__— ... 1976: Jan „ Feb » • Mar *.____ Apr v 1 1, 085 1,080 1,207 1,264 1, 304 1,431 1, 381 1,283 1,236 1,547 1, 433 1,372 1, 093 1, 048 962 957 1,295 1, 119 1,067 Seasonally adjusted. * Quarterly data entered in last month of quarter. 45 53 56 76 67 76 103 79 77 70 62 80 70 163 179 150 215 218 262 235 254 244 209 190 234 235 837 912 949 1,042 995 1, 095 1,079 1,085 1, 028 1, 120 1,134 1, 134 1,102 Source: Department of Commerce, Bureau of the Census. 6.3 6.2 5.4 5. 5 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business inventories increased $1.6 billion in March, with manufacturing and retail stocks each accounting for about half of the increase. Business sales rose 1.8 percent. According to preliminary estimates, retail sales were unchanged in April, following increases in March and February. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 80 RETAIL INVENTORIES 70 300 60 TOTAL BUSINESS INVENTORIES RETAIL SALES 50 40 200 X*^m i l l I I 1 1 1 1 1 11 t i l l t i l l 30 TOTAL BUSINESS SALES RATIO* 1972 1973 1974 It I 11 III 11 I 11 1975 1 11 1 1 1 1976 1.80 -INVENTORY-SALES RATIO- 1.70 TOTAL BUSINESS 1.60 TOO 1.50 1.40 ,p£, — i ir i tl n, i i 1973 1972 1975 1974 RETAIL N</% jfesBL. n i i ,1 , , tM 1972I1973 1976 1975 1974 1976 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total biusiness 1 ]detail Who!esale Sales 2 Period Sales 2 Inventories 3 Inven-3 Sales2 tories In ventories 3 DurNonable durable goods goods stores stores TVvfral TVktal Inventc>ry-sales rat io * DurNonTotal able durable busigoods goods ness 1 stores stores Retail Millions of doll ars, seassonally iadjusted 1970 1971 1972 1973 1974 1975_. 1975: Mar Apr May June July Aug Sept Oct Nov Dec 1976: Jan Feb Mar » Apr 9 104, 736 112, 315 124, 289 143, 823 163, 991 168, 009 159, 176 162, 744 163, 349 _„_ 165, 803 169, 251 172, 301 173, 353 175, 017 173, 826 176, 966 179, 027 182, 329 185, 531 175, 561 184, 711 197, 692 224, 401 271, 050 264, 770 268, 449 266, 970 264, 335 263, 749 263, 345 264, 662 265, 087 266, 867 266, 064 264, 770 266, 285 267, 979 269, 597 20, 583 22, 327 24, 862 30, 400 37, 344 36, 583 35, 590 35, 228 35, 442 36, 186 36, 567 37, 166 37, 604 37, 449 37, 018 37, 360 38, 159 38, 816 39, 209 27, 290 29, 695 32, 817 38, 302 46, 564 45, 115 45, 527 45, 303 44, 558 44, 850 44, 653 45, 501 45, 625 45, 715 45, 554 45, 115 45, 645 46, 307 46, 358 31, 294 34, 071 37, 365 41, 943 44, 815 48, 702 45, 951 46, 813 48, 173 48, 578 49, 655 49, 925 49, 549 50, 165 50, 293 51, 990 51, 592 52, 601 53, 272 53, 288 * The term"business" also includes manufacturing (see page 21). 23 Monthly average for year and total for month. Book value, end of period, seasonally adjusted. 4 For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of inventories at end of month to sales for month. 20 9,524 10, 985 12, 472 14, 190 13, 943 15, 060 13, 378 14, 165 14, 703 14, 965 15, 432 15, 506 15, 440 15, 775 15, 763 16, 877 16, 730 17, 397 17, 293 17, 707 21, 770 23, 086 24, 893 27, 754 30, 872 33, 642 32, 573 32, 648 33, 470 33, 613 34, 223 34, 419 34, 109 34, 390 34, 530 35, 113 34, 862 35, 204 35, 979 35, 581 46, 626 52, 571 57, 156 65, 229 74, 082 73, 081 71, 728 71, 483 70, 826 70, 840 71, 503 72, 578 73, 049 74, 642 73, 839 73, 081 73, 610 74, 344 75, 089 20, 345 23, 864 26, 056 29, 593 34, 649 33, 592 32, 460 32, 375 32, 086 31, 909 32, 270 33, 324 33, 471 33, 813 33, 712 33, 592 33, 510 33, 490 33, 920 26, 281 28, 707 31, 100 35, 636 39, 433 39, 489 39, 268 39, 108 38, 740 38, 931 39, 233 39, 254 39, 578 40, 829 40, 127 39, 489 40, 100 40, 854 41, 169 1.64 1.61 1.53 1.46 1.50 1.59 1.69 1. 64 1.62 1. 59 1. 56 1.54 1. 53 1. 52 1. 53 1. 50 1.49 1.47 1.45 1.47 1.47 1.46 1.46 1.54 1. 49 1. 56 1. 53 1. 47 1.46 1.44 1.45 1.47 1.49 1.47 1.41 1.43 1.41 1.41 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers' new orders increased 3.5 percent in March following a 2.4 percent increase In February. Transportation industries again accounted for most of the increase. Shipments rose 2.4 percent and inventories were up $S22 million. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 INVENTORIES 160 120 80 DURABLE GOODS <50 40 I BILLIONS OF DOLLARS*(RATIO SCALE) NONDURABLE GOODS 20 1972 RATIO* 220 1973 1975 1974 1976 INVENTORY-SHIPMENTS RATIO 1.20 1976 1976 *SIASONAUY ADJUSTED SOURCE; DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS r entories 2 Manufa eturers' sidpments 1 Manufac fcurers* in\ Period Total NonDurable durable goods goods Total NonDurable durable goods goods Mailufaeturc jrs' new 01rders * Durab le goods ManufacCapital Nongoods durable turers' Total unfilled Total indusgoods orders 3 tries, nondefense 1970 52, 859 1971 55, 917 1972 62, 062 1973 71, 480 1974 81, 832 82, 724 1975 1975: Mar.. 77, 635 Apr___ 80, 703 May.. 79, 734 June__ 81, 039 July.. 83, 029 Aug... 85, 210 Sept.. 86, 200 Oet___ 87, 403 Nov.. 86, 515 Dec__ 87, 616 1976: Jan... 89, 276 Feb.. 90, 912 Mar *>_ 93, 050 Apr *__ 28, 229 29, 948 33, 489 38, 806 42, 744 41, 527 39, 250 41, 221 40, 494 40, 757 41, 354 42, 444 43, 192 43, 607 42, 352 43, 681 44, 570 45, 700 47, 546 48, Oil 24, 629 25, 969 28, 573 32, 674 39, 089 41, 197 38, 385 39, 482 39, 240 40, 282 41, 675 42, 766 43, 008 43, 796 44, 163 43, 935 44, 706 45, 212 45, 504 Milli()ns of doll ars, seaso nally adj usted 101, 645 66, 768 34, 877 52, 146 27, 514 102, 445 66, 050 36, 395 55, 754 29, 773 107, 719 70, 218 37, 501 63, 015 34, 368 120, 870 79, 441 41, 429 73, 992 41, 253 150, 404 97, 967 52, 437 83, 511 44, 502 146, 574 95, 754 50, 820 81, 351 40, 048 151, 194 99, 879 51, 315 74, 175 35, 785 150, 184 99, 803 50, 381 78, 008 38, 391 148, 951 99, 378 49, 573 78, 900 39, 575 148, 059 98, 796 49, 263 79, 789 39, 282 147, 189 98, 189 49, 000 83, 304 41, 435 146, 583 97, 199 49, 384 85, 137 42, 176 146, 413 96, 640 49, 773 85, 482 42, 256 146, 510 96, 215 50, 295 86, 336 42, 307 146, 671 95, 953 50, 718 86, 351 41, 988 146, 574 95, 754 50, 820 86, 754 42, 837 147, 030 95, 664 51, 366 88, 083 43, 177 147, 328 95, 696 51, 632 90, 201 44, 975 148, 150 96, 193 51, 957 93, 389 47, 895 48, 156 * Monthly aver age for year and total for month. Shipments are th > same as sales. 2 Book value, e nd of perio d. a End of period . * For annual p<jriods, ratic of weighted average inventories to average monthly 7,055 7,324 8,487 10, 310 11, 494 10, 261 9,522 10, 309 10, 302 10, 138 10, 728 10, 392 10, 214 10, 689 10, 690 10, 156 10, 351 10, 710 10, 984 11, 541 24, 632 25, 981 28,648 32, 738 39, 009 41, 302 38, 390 39, 617 39, 325 40, 507 41, 869 42, 961 43, 226 44, 029 44, 363 43, 917 44, 906 45, 226 45, 494 77, 093 75, 081 86, 608 117, 034 137, 328 120, 659 128, 043 125, 347 124, 513 123, 271 123, 545 123, 477 122, 761 121, 697 121, 530 120, 659 119, 468 118, 757 119, 093 Manufacturers' inventory— shipments4 ratio 1.89 1. 82 1. 69 1. 58 1.64 1.80 1.95 1.86 1. 87 1.83 1. 77 1. 72 1. 70 1.68 1. 70 1.67 1.65 1.62 1.59 shipments; for moiithly data, ratio of in ven tones at end of month to s bipments for month. Sour<2e: Departnaent cf Conamerce, Bur(?au of the Ce nsus. 21 WHOLESALE PRICES PRICES In April, the wholesale price index rose 0.9 percent (0.8 percent after seasonal adjustment). Prices of farm products and processed foods and feeds increased 1.9 percent (2.8 percent seasonally adjusted). Industrial commodity prices were up 0.6 percent (0.3 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 220 INDEX, 1967= 100 (RATIO SCALE) 220 200 PROCESSED FOODS AND FEEDS ! \ 100 1976 1968 COUNCH OF ICONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR [1967=100] All commodities Period 1968 1969 1970 1971 1972 1973 1974 1975 __._ 102.5 106. 5 110.4 113. 9 119. 1 134. 7 160. 1 174.9 1975: Apr May June July Aug Sept Oct Nov Dec 1976: Jan 33_ _ _ Feb 3 Mar 172. 1 173.2 173.7 175.7 176.7 177. 7 178.9 178. 2 178. 7 179.3 179. 3 179.6 181.3 Apr 1 Farm products Indusand trial processed commodfoods ities and feeds 102.4 102. 5 108. 0 106. 0 111.7 110. 0 114. 0 113. 8 122. 4 117.9 159. 1 125.9 177.4 153.8 184.2 171. 5 Unadjusted 169. 7 178.8 181.2 170. 3 182. 3 170. 7 171.2 188.2 172.2 189.0 190.4 173. 1 190.5 174. 7 186. 1 175.4 186. 0 176. 1 184.6 177.3 182.0 178.0 180.3 178. 9 183.7 180.0 Special | groupings Farm products Processed foods and feeds 102.5 109. 1 111. 0 112.9 125.0 176.3 187.7 186.7 102.2 107. 3 112. 1 114.3 120.8 148. 1 170.9 182.6 178. 1 186.0 184.5 189.9 192.7 196. 9 199.9 196. 1 197.2 192. 6 187. 7 185. 9 193.8 180.7 181.0 180.4 182. 5 184. 8 185. 3 186. 6 184.3 181.8 178.3 175.5 175.9 179.3 Excludes crude foodstuffs and feedstuffs, plant and animalfibers,oilseeds.and leaf tobacco. 22 Crude mate-l rials Inter- Producmediate er finmate-2 ished rials goods 102. 0 102. 6 103.5 106. 1 110. 6 106.9 110. 0 118. 8 111. 9 122. 7 114.3 116.6 131. 1 119. 5 118. 9 155. 2 128. 1 123. 5 219. 1 159. 5 141. 0 178. 6 162. 5 225. 1 Seas onally ad; usted 176.8 219. 6 160.9 222. 5 176. 5 161. 3 224. 1 176.9 161. 8 224. 5 177. 1 162.6 178.2 226. 5 163. 1 232. 9 179.4 164.3 231.4 181. 6 166.3 227.4 183.3 167. 1 235.4 184.6 167. 9 236. 0 185.2 169. 1 230.0 185.7 170. 0 236. 5 170.7 186. 3 242.6 171. 3 186.7 Consunler finishe d goods ex(sluding f o ods Total 102. 1 104. 6 107. 7 111. 2 113. 5 118. 6 138.6 153. 1 150. 3 150. 8 151. 5 152.6 153.9 155.4 157.0 158. 2 158. 9 159. 1 159. 4 159. 1 159.0 NonDurable durable 102. 2 102.2 104.0 105. 0 107. 0 108. 3 110.9 111. 3 113. 2 113.6 115. 8 120.5 126. 3 146.8 138. 2 163.0 137. 0 137. 0 137. 3 137.4 137. 8 138. 8 140.7 141.8 141. 9 142. 5 142. 8 143. 1 142.9 159.2 159.9 160.8 162.4 164.4 166.3 167. 9 169. 0 170. 1 170.2 170.4 169. 7 169. 9 2 includes supplies and components; excludes intermediate materials for food manufacturing and manufactured animal feeds. s Indexes for all commodities, industrial commodities, and crude materials revised. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In April, the consumer price index rose 0.4 percent (also 0.4 percent seasonally adjusted). Food prices increased 0.3 percent (0.6 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (0.3 percent seasonally adjusted) and services prices were up 0.3 percent (0.5 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 220 INDEX, 1967=100 (RATIO SCALE) 220 200 200 100 1968 1969 1970 1971 1972 1974 1973 1975 197<S COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT Of LABOR [1967=100] Period All items Food Commodities food 1968 1969 1970 1971 1972 1973 1974___ 1975 104.2 109.8 116.3 121. 3 125.3 133. 1 147. 7 161. 2 103.6 108.9 114.9 118.4 123. 5 141.4 161.7 175.4 103.7 108. 1 112. 5 116.8 119.4 123.5 136. 6 149. 1 Food All Services 105.2 112.5 121.6 128.4 133.3 139. 1 152. 1 166.6 commodities 103.7 108.4 113.5 117.4 120.9 129.9 145.5 158.4 home 103.2 108.2 113.7 116.4 121.6 141.4 162.4 175.8 105.2 111.6 119.9 126. 1 131. 1 141.4 159.4 174.3 Food of 103.6 108.9 114.9 118.4 123. 5 141.4 161. 7 175.4 ComEaodities less food Food away from home Unac [justed All 103.7 108.1 112.5 116.8 119.4 123. 5 136.6 149. 1 Services Durable Non- 103.1 107.0 111.8 116. 5 118.9 121. 9 130.6 145.5 104.1 108.8 113. 1 117. 0 119.8 124.8 140.9 151.7 105. 2 112. 5 121.6 128.4 133.3 139. 1 152. 1 166.6 able Seasonal ly adjust ed 1975: Apr____ May June July.— Aug Sept_-_ Oct Nov Dec 158. 6 159. 3 160.6 162. 3 162.8 163. 6 164. 6 165.6 166.3 171. 2 171. 8 174. 4 178.6 178. 1 177.8 179. 0 179. 8 180. 7 147. 2 148. 1 148.9 149. 9 150. 7 151. 4 152. 2 152. 6 152.8 164. 1 164. 5 165.7 166. 6 167. 4 169. 1 170. 1 172. 0 173. 1 155. 6 156. 5 157.6 159. 6 160. 1 160. 6 161. 5 162. 2 162.9 171. 0 172.5 174. 6 177. 8 177. 5 178. 0 179.6 180. 6 181. 6 170.6 172. 3 174. 9 178. 6 178. 1 178.4 180. 2 181. 2 182. 1 172.4 173. 1 173. 4 174. 5 175. 3 176. 4 177. 5 178. 6 179. 5 147.4 147.9 148. 5 149.8 150.7 151. 2 151. 7 152. 2 152.8 144.4 144.8 145.4 146. 2 147. 0 147.6 148. 1 148.5 149. 2 149. 5 150. 0 150. 7 152.4 153.4 153.7 154,4 154.8 155. 3 164.3 164.9 166. 0 166. 9 167.6 169.0 170. 0 171.7 172.8 1976: Jan Feb___ Mar Apr 166. 7 167. 1 167. 5 168.2 180.8 180. 0 178.7 179.2 152. 3 152. 7 153.3 154.2 174. 9 176. 1 177.2 177.7 163. 1 162. 7 162.4 163. 1 181. 2 179.4 177.9 178. 9 181. 4 178.6 176.5 177. 7 180. 9 182. 4 183.4 184. 0 153. 1 153. 5 153. 9 154.4 149. 7 150. 6 151. 7 152.7 155. 6 155.7 155. 6 155.7 174.7 176. 0 177.2 178. 0 Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN WHOLESALE PRICES Percen t change from pre ceding perio d; seasonial3y ad jussted 1 Industrial commodities Farm products Processed foods and feeds 1. 0 2.8 4.8 2. 2 4.0 6. 5 15. 4 20. 9 4. 2 -2.7 4.4 8. 4 -4.7 8. 1 18.7 36. 1 -1. 9 5. 5 -1.2 3. 0 6. 8 .8 4. 7 11. 6 20.3 20. 9 -3. 8 1.9 2.7 3. 9 3. 6 3. 2 3.6 10.7 25.6 6. 0 1975: Apr._ MayJune— JulyAug_. Sept-_ Oct_,_ Nov__ Dec.. .9 .6 .0 .8 .9 .9 1. 1 .1 .3 4.9 4.4 -.8 2.9 1. 5 2. 2 1. 5 -1. 9 .6 1. 8 .2 -. 3 1. 2 1. 3 .3 .7 -1. 2 -1. 4 .2 .2 .2 .4 .7 .9 1.2 .7 .6 1976: Jan 22_ Feb2 . Mar _ Apr. . 2 —.4 .2 .8 -2.3 -2. 5 -1. 0 4.2 -1. 9 -1. 6 .2 1. 9 .4 .1 Period All commodities 1967 1968 1969 1970 1971 1972 1973 1974 1975 1 Percent c lange fro m 3 mont is earlier; Percent <3hange from 6 mont hs earlier; seasonsilly adju sted anmi,al rates season ally ad justed annuabl rates .o .3 All commodities Farm products -0.9 4. 5 -1.6 37.7 39.7 29. 3 15. 2 29. 7 22. 8 7. 2 6.5 5.9 Processed foods and feeds -9.2 -1.3 6.7 Industrial commodities .6 . 9 -13.8 -1. 1 -16. 1 -1. 8 -21. 0 -16.6 -17.8 -12. 4 7. 3 4. 4 3. 2 6.5 2.5 2.5 2.3 1.4 -12.0 -5.9 -1. 7 12. 8 26.0 34.6 26.0 11.2 14.2 -3.2 -9.6 -8.0 -2.8 3.7 1.6 8.4 9.4 2.9 -4. 5 -9.8 -9.9 -7.7 8. 1 -. 1 .5 2. 1 5. 1 8. 0 11.8 11.9 10.8 6. 9 10. 8 12. 2 8. 9 Industrial commodities Farm products 1.4 1.7 4. 0 8. 7 11. 3 9. 3 -1. 1 -7.3 Processed foods and feeds All commodities 2.5 2.9 5. 7 8.6 9.0 7.9 8.6 6. 4 3.8 2. 3 2.9 1.7 3.6 9.0 6. 6 -5. 1 -10. 9 -6.0 4.9 3.4 3. 0 2. 1 3.3 5.0 7. 2 9.5 6.9 5. 1 2 Data revised for all commodities and industrial commodities. Source: Department of Labor, Bureau of Labor Statistics. Annual changes are from December to December (unadjusted). CHANGES IN CONSUMER PRICES Percerit changei from pre ceding perio d; seasoilally adju sted 1 Period All items Food Commodities less food Services Percent c tiange frc)m 3 months earlier; Percent c hange frc)m 6 mont hs earlier; season!illy adju sted annu al rates season?illy adju sted annu al rates All items Food 3.0 4.7 6. 1 5. 5 3. 4 3.4 8.8 12.2 7. 0 1.2 4. 3 7.2 2. 2 4. 3 4.7 20. 1 12. 2 6.5 3. 1 3.7 4. 5 4.8 2.3 2. 5 5. 0 13. 2 6.2 4.0 6. 1 7.4 8.2 4. 1 3. 6 6.2 11.3 8. 1 1975: Apr— May_June.. July... Aug.-. Sept— Oct__. Nov... Dec... .5 .5 .7 1.0 .4 .4 .6 .6 .5 .2 .9 1. 2 1.8 — .2 .3 .9 .6 .6 5 3 4 9 6 3 3 3 4 .6 .4 .7 .5 .4 .8 .6 1.0 .6 5.7 5.7 7.0 9. 1 8.5 7.4 5.8 6.8 7.3 -0.7 3.3 9.7 16.9 12. 1 8.0 4.1 7.2 8.3 1976: Jan..Feb__. Mar Apr .4 .1 .2 .4 a 2 -1. 0 -.8 .6 2 3 3 3 1. 1 .7 .7 .5 6. 5 4. 4 2. 9 2.9 3.6 -2.6 -7. 9 19671968 1969 1970 1971 1972 1973 1974 1975 1 Annual changes are from December to December (unadjusted). 24 -5.0 Commodities less food 7.7 6. 2 5.3 6.7 7.8 7.5 5.2 4.0 4.3 3.7 3.5 2.9 3.4 Services 8.2 6.3 6.8 6. 5 6. 7 All items 7.9 7.0 6.8 7.4 7. 1 Food Commodities less food 5.1 4.6 5.0 7.7 7.6 8.9 8.2 7. 1 6.6 7.2 7.0 6.4 5.9 5.9 5.9 10.3 9.3 7.2 7.4 7.7 7.4 11.5 10. 4 10. 6 6. 1 5. 6 5. 1 3.9 2.2 4.5 -.8 3.6 3.6 7.4 7.6 10.2 7.8 4.7 9.6 8.2 — .1 Source: Department of Labor, Bureau of Labor Statistics. 3. 8 Services 9.2 8.4 8.0 7.3 6.5 7. 1 7. 1 8.4 8.4 9.6 10. 3 9.9 9.6 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 percent in the month ended April 15. Contributing most to the increase were higher prices for meat animals. Partially offsetting were lower prices for milk, wheat, lettuce, and corn. Prices paid were unchanged. The actua! parity ratio was up 2 points and the adjusted ratio 1 point. INDEX, 1967=100 (RATIO SCALE) 220 PRICES RECEIVED (All FARM PRODUQS] PRICES PAID (ALL ITEMS, INTEREST, TAXES, AND WAGE RATES] 1968 1969 * 1970 ' 1971 1972 1973 1974 1975 1976 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE. SOURCE- DEPARTMINT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISIRS Prices received by farmers Period All farm products 1968_ 1969 1970__ 1971__ 1972 1973 1974_. 1975__ _ 1975: Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15_ Oct 15 Nov 15 Dec 15 1976: Jan 15 Feb 15 Mar 15 Apr 15 __ 103 108 110 112 126 172 184 181 165 170 178 182 187 187 194 193 185 187 186 187 184 188 Crops 101 97 100 107 116 164 214 194 185 188 189 192 199 201 202 199 188 188 188 190 192 191 Prices paid by far mers All items, Family Livestock Producinterest, living tion and taxes, and products items items wage rates Index, 1967=100 104 117 118 116 134 179 164 172 152 157 171 176 180 179 188 190 184 187 185 185 179 187 1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates on 1910-14=100 base. 104 109 114 120 126 145 169 185 179 182 184 185 186 187 189 189 189 189 193 193 194 194 104 109 114 119 124 138 161 177 173 173 175 176 178 179 180 180 182 182 183 183 184 184 102 106 110 115 122 146 172 188 179 185 187 190 190 192 194 192 192 192 193 194 196 195 Parity ratio 1 Actual 73 74 72 70 74 88 81 73 69 69 72 73 75 74 76 76 73 73 72 72 70 72 Adjusted 2 . 79 80 77 74 79 91 81 73 69 70 73 74 75 75 77 77 73 74 72 72 71 72 2 The adjusted parity ratio reflects Government payments made directly to fanners. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK Growth in Mi accelerated sharply in April, raising the growth rate since January to a 9!4 percent annual rate. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* (RATIO SCALE) (RATIO SCALE) 200 - 200 1976 1968 •SEASONALLY ADJUSTED SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVB SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Over all meas ures 1 Deposi ts at co mmercia banks Period M1 1971 : Dec. . 1972: Dec.. 1973: Dec.. 1974: Dec.. 1975: Dec.. 1975: Apr.. May _ June _ July.. Aug.. Sept.. Oct.. Nov.. Dec.. 1976:Jan___ Feb_._ Mar._ Apr *»_ Ma AVJ.S Ma 233.8 47L7 745.1 255. 3 525.3 844.9 270. 5 571. 4 919.5 283. 1 612.4 981.6 294.8 664.3 1,092.9 284. 9 626.7 1,012.7 287.6 633.7 1,025.3 291.0 642. 4 1,040.2 291. 9 647. 5 1,051.6 293. 2 650.6 1,060.6 293. 6 652. 9 1,068.1 293.4 655.8 1,075.8 295. 6 662. 1 1,086.5 294.8 664. 3 1,092.9 295. 1 670.2 1,103.7 296. 5 678. 5 1,117.2 298. 0 683.4 1,127.4 301.9 692.2 1,141.4 Currency 52.6 56. 9 61.5 67. 8 73.7 69.5 70.2 71.0 71. 3 71. 9 72.0 72.6 73.4 73.7 74. 2 75.1 75. 7 76.8 Total Large CD's Other Deposits at nonbank thrift institutions 181.3 271.2 198. 4 313.6 209. 0 364.4 215. 3 419. 1 221.0 452. 4 215. 4 430.1 217.4 431.2 220. 0 435. 5 220. 6 437.6 221. 3 436.2 221.6 438.3 220. 8 443.3 222. 1 448.3 221. 0 452.4 220. 8 454.4 221.5 457. 3 222. 3 458. 5 225. 1 461. 6 33. 3 43. 6 63. 5 89.8 82.9 88.4 85. 1 84. 1 82. 1 78.8 79. 1 80.9 81. 8 82. 9 79.2 75.4 73. 1 71.3 237. 8 270. 0 300.9 329. 3 369. 6 341.8 346. 1 351. 4 355.5 357. 4 359. 2 362.4 366.5 369.6 375.2 381.9 385. 4 390.3 273.4 319.6 348.0 369. 2 428.6 386. 0 391. 6 397.8 404. 1 410.0 415. 2 420.0 424.4 428.6 433.5 438.8 444. 0 449.2 Tim e and sa vings Demand [ Mi is currency plus demand deposits; M2 is MI plus time deposits at commercial banks other than large certificates of deposit (CD's); and M3 is M2 plus deposits at nonbank thrift institutions. 26 Per cent chaiige 2 Compoilents anc1 related iterns U.S. Government demand deposits (unadjusted) 6.9 7.4 6. 3 4. 9 4. 1 4.0 4. 1 4.2 3.4 2.7 3.9 3.4 3.5 41 3.8 4. 5 3.9 3.8 MI M2 M 6. 5 11. 4 11.4 8. 8 7. 2 8.5 6.5 7,7 10. 0 11.0 10. 8 9.8 9. 5 9. 2 6.9 7. 1 8. 8 9. 6 11.4 9.2 6.0 4.7 4. 1 2.7 3.6 5. 7 7.2 8.2 6. 8 6. 1 5.6 2.6 2.2 2. 3 3. 0 5.9 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. Note.—Data revised beginning October 1975. Source: Board of Governors of the Federal Keserve System. PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS [Averages of daily figures; billions of dollars, seasonally adjusted] Curre ncy and <leposits Total liquid assets Period 1969: 1970: 1971: 1972: 1973: 1974: 1975: Dec Dec.._ Dec Dec Dec Dec.. Dec Negotiable certifiShortcates of Nonbank term Savings marketdeposit thrift institu- bonds able setions curities Total Currency Demand deposits Commercial banks Commercial paper 583. 1 737.0 784.8 632.5 866. 3 719.9 979.2 816. 1 885.4 1, 092. 3 1, 183. 4 940.9 1, 299. 8 1, 051. 3 46.1 49. 1 52.6 56.9 61. 5 67. 8 73. 7 144. 8 151.4 160.3 174.9 180. 9 182. 1 188. 9 177.3 199. 3 233. 7 264. 7 294. 9 321. 9 360. 2 214.9 232.7 273. 4 319. 6 348. 0 369. 2 428. 5 51.7 52.0 54. 3 57. 6 60.4 63.3 67.3 64.0 52.6 37. 8 38.3 50. 3 57.8 68. 1 23.0 30.2 39.7 57.9 79.6 72. 8 9.0 29.1 24.7 24.0 27. 5 38.3 41. 8 40.4 1, 207. 7 1, 216. 2 1, 225. 1 1, 239. 4 1, 251. 4 1, 258. 6 1, 264. 4 1, 275. 5 1, 291. 6 1, 299. 8 962.4 971.4 983.9 999.2 1, Oil. 1 1, 020. 3 1, 027. 4 1, 035. 2 1, 046. 0 1, 051. 3 69.4 69.5 70.2 71.0 71. 3 71.9 72.0 72.6 73.4 73.7 182. 0 183.3 185.2 187.8 188. 7 189. 6 189. 7 188.9 190.5 188.9 330.3 332.6 336.9 342.6 347.0 348. 8 350. 5 353. 8 357.6 360. 2 380. 7 386.0 391.6 397.8 404. 1 410. 0 415. 2 420. 0 424. 4 428.5 64.2 64. 5 64. 8 65. 1 65.6 65.9 66.2 66. 6 67. 0 67. 3 57.2 57.2 57. 1 58.2 60.8 62.2 61. 0 62.9 67.0 68. 1 79.9 78. 7 75. 3 73.7 71.9 69. 1 69.3 70. 6 71.4 72.8 44.0 44.4 43.9 43.0 42.1 41. 1 40.4 40.2 40.4 40.4 _ 1, 307. 4 1, 317. 5 1, 325. 9 1, 339. 5 1, 061. 6 1, 075. 1 1, 085. 1 1, 099. 4 74.2 75.0 75.7 76.7 188. 5 189. 2 189.8 192.6 365. 5 372. 1 375. 7 381.0 433. 438. 443. 449. 67.6 68.0 68. 3 68. 6 68.2 67. 7 67.5 67.9 69.5 66.2 64.0 62.0 40.4 40. 6 41.0 41.5 ___ 1975: Mar Apr May June July Aug Sept Oct Nov Dec 1976: Jan Feb Mar Apr * U.S. G overnment se curities Time d eposits 4 8 9 1 Source: Board of Governors of the Federal Reserve System; CONSUMER INSTALMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Instalm ent credit 63ctended Period Total i 1969 1970 1971 1972 1973 1974 1975 1975: Mar Apr May June July Aug Sept Oct Nov Dec 1976: Jan Feb Mar ._ Automobile 109, 112, 124, 142, 164, 166, 166, 146 158 686 862 527 170 833 32, 553 29, 794 35, 036 40, 447 46, 486 43, 431 46, 530 4,398 6,768 8,376 10, 390 13, 862 17, 098 19, 567 12, 13, 12, 13, 14, 14, 14, 14, 14, 15, 735 168 993 620 322 427 555 832 877 295 3,488 3,477 3,554 3,753 4, 124 4,032 4,235 4, 189 4,218 4,405 1,514 1,554 1,517 1,606 1,618 1,689 1,737 1,698 1, 752 1, 719 16, 205 15, 824 16, 318 4, 511 4,378 4,537 1,840 1,931 2,046 i Includes some items not shown separately. Bank credit cards Instalmcmt credit lieluidated Total * Automobile Bank credit cards Net change in amount outstanding Total i Automobile Bank credit cards 974 137 418 955 506 496 110 3, 066 5,615 7,679 9,471 12, 434 15, 656 18, 769 9,360 4,959 9,599 15, 784 20, 826 9,824 3, 719 2,579 — 343 3,618 5,492 6,980 935 1,420 1,332 1, 153 697 919 1,428 1,442 798 13, 217 13, 409 13, 359 13, 412 13, 436 13, 790 13, 795 14, 002 14, 072 14, 401 3,812 3,746 3,718 3,751 3,741 3,818 3,849 3, 800 3,814 3,865 1,517 1,512 1, 508 1,504 1,548 1,576 1,631 1,619 1,723 1,768 -482 -242 — 366 208 886 637 759 830 805 894 -324 -270 -164 2 383 213 385 389 404 540 -3 43 9 102 69 113 106 78 29 -49 14, 910 14, 656 14, 805 4,023 3,746 3,883 1,733 1,798 1,822 1,295 1,169 1,513 488 632 654 107 133 224 99, 107, 115, 127, 143, 156, 163, 786 199 087 078 701 346 113 29, 30, 31, 34, 39, 42, 45, Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS, INVESTMENTS, AND RESERVES From January to April commercial and industrial loans fell $4.5 billion while holdings of U.S. Government securities rose $11.1 billion. BILLIONS OF DOLLARS* (RATIO SCALE} BILLIONS OF DOLLARS*(RATIO SCALE) 1,000 ALL COMMERCIAL BANKS J 800 40 40 1968 1969 1970 1971 1972 1974 1973 * SEASONALLY ADJUSTED, END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1969 1970 1971 1972 1973 1974 v 1975 1975: Apr May_ _ _ _ _ June July v Aug v Sept » Oct vp . Nov Dec "_ _ . _ 1976: Jan * Feb >. _ > _ Mar *_ Apr * _ 1 2 1976 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All commercial banks 1 All member banks Borrowiiags (mil1 IReserves 2 3 Total L<:>ans Investnlents lions of dollars, unadju isted) 2 loans and Total exinvest- cluding Commer- U.S. Gov- Other NonAvailSeacial and Total Total ernment secuments interborrowed able 4 sonal industrial securities rities bank 401. 7 435.5 484.8 556.4 6 630. 3 687. 1 717. 2 699. 1 702.0 279. 1 291.7 320.3 377. 8 447. 3 498.2 494.7 495.0 492.8 705. 0 706. 4 710. 4 711. 6 715.0 721. 3 717. 2 720. 5 489. 9 489. 6 490. 7 725.2 496. 2 498. 9 498. 5 730. 5 733. 5 105.7 490.4 494. 1 498.0 494.7 495.4 6 110.0 115. 9 129. 7 155. 8 182. 6 177.7 180. 5 179. 1 176. 3 177.6 177. 5 176.4 177. 9 178.9 177.7 178. 1 177. 1 174. 6 173. 6 51.5 57. 9 60. 1 61.9 52. 8 48.8 77.9 64. 0 68. 2 72.4 73. 4 75. 6 77. 1 75. 1 76.3 77.9 80. 2 84. 4 88. 3 91. 3 Data are lor end of period. Averages oi daily figures. Annual data are for December. s Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M. * Reserves available to support private nonbank deposits are defined as (1) required reserves for (a) private demand deposits, (b) total time and savings deposits, and (c) nondeposit sources subject to reserve requirements and (2) 28 1975 71. 1 85. 9 104. 4 116. 7 130. 2 140. 1 144. 6 140. 1 141. 0 142. 7 143.4 144. 1 144. 1 145. 8 147. 0 144. 6 144. 9 144. 6 143. 3 143. 7 27.93 29. 11 31.24 31.44 34. 98 36. 63 34. 75 35. 08 34.74 35. 07 34. 98 34.88 34. 99 34.79 34.73 34.75 34.32 34. 05 34. 00 34. 03 26. 81 28. 77 31. 12 30. 39 33. 69 35. 90 34. 62 25.46 26. 81 28. 78 29. 00 32.78 34. 42 32.44 34.97 34.67 33. 00 32. 77 32. 90 32. 89 32. 77 34.60 34.67 32. 61 32. 43 32. 44 32. 17 31. 85 31. 75 31. 87 34. 85 34. 68 34. 67 34. 59 34. 62 34.24 33. 97 33. 95 33. 98 32.77 1,086 321 107 1,049 1,298 703 127 110 60 271 261 211 396 191 61 127 79 76 58 44 41 32 13 7 9 11 17 38 61 65 28 13 9 11 8 10 excess reserves. This series excludes required reserves for new interbank and U.S. Government demand deposits. 6 During 1974, a bank merger increased total loans and investments by $0.6 billion and liquidation of a large bank reduced total loans and investments by $1.5 billion. For effect on other categories, see Federal Reserve Bulletin. 6 Reclassification of loans reduced these loans by about $0.7 billion as oi March 31,1976. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Total Internal 1 Credi t market funds Total Short-3 term Longterm 2 Total 30.6 49. 7 79.2 25.3 29.6 31. 5 38. 9 39. 5 46. 8 55. 3 67.2 77. 1 35. 8 30.9 36. 4 31. 5 44.7 15.7 21. 6 18. 420. 0 30. 7 41. 8 39. 3 34. 5 36. 3 49. 8 56. 1 55.8 35.0 52.4 13. 2 18. 9 8. 8 5. 0 16. 0 32.7 40. 8 -14. 0 -25. 3 -19. 6 -3.3 -7.9 69.0 32. 3 38.9 — 6. 5 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1975: I II III IV 96.7 93.9 114.3 119.2 102.9 120.5 149. 5 175.4 179. 5 143.9 86. 5 133. 6 163.4 192. 0 60.6 61.4 62.4 61.8 58.7 68.0 80. 2 83.8 77. 7 103. 8 85.9 103.0 113.7 112. 8 36. 1 32. 5 51. 9 57.4 44.2 52. 5 69.3 91.6 101.8 40. 1 1976: I* 189. 0 120.0 .6 1 Undistributed profits (after inventory valuation and capital consumption adjustments) and capital consumption allowances. 23 Stocks, bonds, and mortgages. Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans. Total Other 10.9 9.6 8.0 Purchase of physical assets 4 In- crease in financial assets -30. 2 -5.8 18. 1 34 5 88.6 90.2 105. 7 113. 7 95.0 111.0 134.8 164. 1 167. 8 135. 2 72.8 125.4 155. 7 186. 8 76.0 73.4 76.7 85.3 82. 1 87.9 104. 0 123. 2 124. 0 96.7 90.7 81.2 106. 0 108. 9 12. 6 16. 8 29. 0 28. 4 12. 9 23. 1 30.8 40. 9 43.8 38. 5 -17. 9 44. 2 49.7 77. 9 36. 7 181.3 129.0 52. 3 3.0 20. 4 18. 5 4.8 5.7 14. 0 24. 5 24.7 4.3 Discrepancy (sources less uses) 8. 1 3. 7 8.6 5.4 8. 0 9. 5 14. 7 11. 2 11.8 8.7 13.8 8. 2 7. 7 5. 2 7.8 < Plant and equipment, residential structures, and inventory investment. Note.—Data revised for 1966-69 and for 1975. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars] Cur rent liab ilities Ciirrent asscJtS Ad- End of period 1966 1967 1968 1969 1970 1971 1972 1973 1974 1974: !____ !!___ m__ TV. _ 1975: !___. II— III__ Cash on Total hand and in banks 1 364.0 386. 2 426. 5 473.6 492.3 529. 6 573. 5 643. 3 712.2 666. 2 685. 4 708. 6 712. 2 698.4 703.2 716. 5 41.9 45. 5 48. 2 47.9 50.2 53. 3 57. 5 61. 6 62.7 59.4 58. 8 60. 3 62. 7 60. 6 63.7 65.6 U.S. Receivables Govfrom ernU.S. ment Govsecuriernties 2 ment 3 13.0 10. 3 11. 5 10.6 7.7 11.0 9. 3 11. 0 11.7 12. 1 10.7 11. 0 11.7 12. 1 12. 7 14.3 4.5 5. 1 5. 1 4. 8 4. 2 3. 5 3.4 3.5 3. 5 3. 2 3.4 3.5 3.5 3.2 3.3 3. 3 Notes and accounts receivable 142. 1 150.2 168.8 192. 2 201. 9 217. 6 240.0 266. 1 289. 7 276. 2 289. 8 295. 5 289.7 281.9 284.8 294.7 Other Incurven- rent tories assets 4 Total 142. 8 153. 1 166.0 186. 4 193. 3 200. 4 215. 2 246.7 288.0 258. 4 269. 2 282. 1 288.0 285.2 281.4 279. 6 199.4 211. 3 244. 1 287.8 304.9 326. 0 352. 2 401. 0 450. 6 416.0 431. 5 449. 1 450.6 438.0 434. 2 444.7 19. 7 22. 0 26.9 31. 6 35. 0 43. 8 48. 1 54. 4 56. 6 56.9 53. 5 56. 1 56.6 55.4 57.3 59. 0 vances and Notes preand payacments. counts U.S. payGovable ern- 3 ment Federal income tax liabilities Other current liabilities 133. 1 141. 3 162.4 191.9 204.7 215. 6 230.4 261.6 287.5 266.5 278. 5 287. 0 287. 5 271. 2 270. 1 273.4 17. 4 13. 2 14.3 12.6 10. 0 13. 1 15. 1 18. 1 23.2 20.6 19. 0 22. 7 23. 2 21. 8 17.7 19. 4 44. 5 51. 0 61. 0 76. 0 83. 6 92. 4 102.6 117. 0 134. 8 124. 4 129. 1 134. 3 134.8 139. 8 140. 6 145. 6 4.4 5. 8 6.4 7.3 6.6 4. 9 4. 0 4. 3 5.2 4.5 4. 7 5. 1 5. 2 5.3 5.8 6. 2 Net working capital 164. 6 174. 9 182.4 185. 7 187. 4 203.6 221. 3 242. 3 261. 5 250. 2 253. 9 259. 5 261. 5 260. 4 269. 0 271.8 1 Includes 2 Wherever possible, adjustments have been made to include U.S. Government time certificates of deposit. advances offset against inventories on corporations' books. Includes Federal agency issues. * [Receivables from and payables to the U.S. Government do not include * Includes marketable investments (other than Government securities and amounts offset against each other on corporations' books or amounts arising from time certificates of deposit) as well as sundry current assets, .subcontracting which are not directly duefromor to the U.S. Government. ^^ gecurit,.es and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates declined from March to April, but have been rising since the third week of April PERCENT PER ANNUM PERCENT PER ANNUM 10 10 CORPORATE Aaa BONDS (MOO DVS) /** <,"** \/ ^ / A / \ /x r i : . \A •% t * / *"**"" (7 / ' D1SCOUNT 1 RATE FE DERAL Rl SERVE V T 1 \L \ \ BA NK OF NE\¥ YORK V t I i i i Ii i i ii 1968 1969 1 ! 1 1 1 I1 I t 1 1 1970 / T_J^~L • . L. \ / <••*** ui ""*% •: UI fA \ \ / / TREASURY JILLS \ L w / \ V dj i M 1 I I M I i Wfc|0'K ^ V /J / \ P *••«••*••* Vj*^ ***i ** 'V t I I I t 1 II11 11 1971 I M 1! 1 | | 1 1 I 1 1 1 1 I M 1 I! 1972 1973 I I i ! i ' M M I I ! ! 1 1 1 1 I 1 1 | | | | ! I I f 1 1 IK 1976 1974 1975 SOURCE: SiE TABLE SELOW COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. Government seen rity yields 3-month Treasury bills * Period 1970 1971 1972 1973 1974 1975 1975: May 6.458 4.348 4.071 7.041 7.886 5.838 5. 315 5. 193 6. 164 June July Aug 6.463 Sept 6. 6. 5. 5. 4. Oct Nov Dec 1976: Jan Feb Mar Apr. _ May_ 383 081 468 504 961 4.852 _„ 5. 047 4. 878 5. 185 3-5 year issues 2 Taxable bonds 3 Highgrade municipal bonds (Standard & Poor's)4 Prime Corporate com- Aaa mercial paper, bonds (Moody's) 4-6 months 7.37 5.77 5.85 6.92 7.81 7. 55 7.49 7.26 7.72 8. 12 8. 22 7.80 7. 51 7.50 7. 18 7. 18 7. 25 6. 99 6. 59 5. 74 5. 63 6. 30 6.99 6.98 6. 99 6.86 6. 89 7. 06 7.29 7. 29 7. 21 7. 17 6.94 6. 92 6.87 6. 73 6. 51 5.70 5.27 5. 18 6.09 6.89 6.81 6. 76 6.94 7. 02 7. 23 7. 22 7. 21 7. 06 6. 80 6. 91 6.86 6.62 8. 04 7. 39 7. 21 7.44 8. 57 8.83 8.90 8.77 8.84 8.95 8.95 8.86 8. 78 8. 79 8. 60 8.55 8. 52 8. 40 7.72 5. 11 4. 69 8. 15 9.87 6.33 5.82 5. 79 6.44 6.70 6. 86 6. 48 5. 91 5. 97 5. 27 5. 23 5.37 5.23 7. 11 7. 28 7.46 6. 88 6. 98 7. 04 6.75 6.86 6.87 8.48 8. 56 8. 62 5.30 5.43 5. 63 Week ended: 1976: May 7 14 21 28 1 8 4. 5. 5. 5. 921 072 250 495 Rate on new issues within period. Selected note and bond issues. ' April 1953 to date, bonds due or callable 10 years and after. «Weekly data are Wednesday figures. 8 6 Average effective rate for year; opening and closing rate for month and week. Beginning November 1971, several banks adopted a floating prime rate keyed 30 Discount rate - (N.Y. F.R. Bank)5 5.95 4.88 4. 50 6.44 7.83 6.25 6M-6 6 -6 6 -6 6 -6 6 -6 6 -6 6 -6 6 -6 6 -5H 514-5K l l 5 /2~5 /2 5H-5H SK-SK 5M-5V2 5&-5H Prime rate charged by banks 5 6 7.91 5. 70 5. 25 8. 02 10.80 7.86 7V2-7y4 71/4-7 7 -7# 7H-7% 7%-S 8 -7% 7%-7y2 71/2-714 7K-6& 6%-63/4 63/i-6% 6%-6% Newhome mortgage yield* (FHLBB)7 8. 45 7.74 7.60 7.95 8. 92 9. 01 8.90 8. 96 8.89 8.89 8.94 9. 01 9. 01 9. 01 8.99 8. 93 8. 93 8.94 6%-6% 6J4-6J4 m-$% to money market variables. Beginning April 16, 1973, with the adoption of the "dual prime rate", this table shows only the rate charged for large business loans. 7 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 witbJ prior rates. Sources: Board of Governors of the Federal Eeserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS In early May, stock price indexes hovered near their late April highs. INDEX, DEC31,1965=50 INDEX, DEC 311965-50 COMPOSITE STOCK PRICE INDEX 40 40 - 30 30 1976 1968 PERCENT 20 PERCENT 20 15 - I.ARMINGS-PRICE RATIO ON COMMON STOCKS (S&P) 10 \ .—^ **r 1 1 1 1968 ! t 1 1969 \ \ I 1970 I t 1 1971 I 1 1 ! 1972 1 ! 1973 \ .15 A \ 1974 \ 10 ! I I 1975 SOURCES, NEW YORK STOCK EXCHANGE AND STANDARD fc POOR'S CORPORATION Common stock5 yields (perc ent) 45.72 54.22 60.29 57.42 43.84 45.73 44,35 44,91 47.76 49.22 49. 54 45. 71 44.97 46.87 47. 64 46. 78 51. 31 53. 73 54.01 54. 28 48. 03 57.92 65.73 63.08 48.08 50.52 48.63 49.74 53.22 54.61 54.96 50.71 50. 05 52.26 52.91 51.89 57. 00 59.79 60.30 60. 62 32. 14 44. 35 50. 17 37.74 31.89 31.10 31.62 31.70 32.28 32.38 32.90 30.08 29.46 30.79 32. 09 31. 61 35.78 38. 53 39.17 38.66 37.24 39. 53 38.48 37.69 29.79 31.50 31.04 30.01 31.02 32.79 32.98 31.02 30.65 31.87 32.99 32.75 35.23 36. 12 35.43 35. 69 60.00 70.38 78.35 70. 12 49.67 47. 14 47. 83 47. 35 50. 06 52.20 52. 51 46. 55 43. 38 44. 36 45. 10 43.86 48.83 52. 06 52. 61 52.71 Standard Dow& Poor's composite Dividend- EarningsJones industrial3 index ratio ratio average (1941-43= 10) * 83.22 6.46 3.83 753. 20 5.41 3. 14 884.76 98.29 5. 50 2.84 109. 20 950. 71 7. 12 107. 43 3.06 923. 88 11.60 4.47 759. 37 82.85 9.03 802. 49 4. 31 86. 16 4.42 10. 10 765. 06 83.78 84.72 4. 34 790. 93 836. 56 90.10 4.08 4.02 845. 70 92.40 8.29 4.02 856. 28 92.49 815. 51 85.71 4.36 818. 28 4. 39 84.67 9. 12 4.22 831. 26 88.57 845. 51 90.07 4.07 840. 80 4. 14 88.70 8. 61 929. 34 96. 86 3.80 971. 70 100. 64 3.67 988. 55 101. 08 3.65 992. 51 101. 93 3. 66 54. 32 53. 89 54. 58 53. 99 60.65 60. 11 60. 99 60.40 39. 12 39. 06 40. 30 40. 24 35.91 35. 89 35. 95 35. 31 52. 02 51. 35 51. 75 50. 86 999. 59 991. 25 1, 002. 69 990. 80 New York Stock Exch ange indexe 3 (Dec. 31, 1 965 = 50) 2 Composite Industrial Transportation 1970 1971 1972 1973 1974 1975 1975: Mar Apr May June July Aug Sept. Oct Nov__ Dec 1976: Jan Feb Mar Apr Week ended: 1976: Apr 30 May 7 14 21 „ ___3ing prices. *1Includes all the stocks (more than 1,475) listed on the 4 Includes 30 stocks. Finance Utility N YSE. Includes 500 stocks. J Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. ! \ • 1976 COUNCIL OF ECONOMIC ADVISERS Cominon stock pirices l Period I 102. 04 101. 26 102. 46 101. 36 3. 67 3.77 3.69 3.75 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT The estimated budget deficits for fiscal 1976 and 1977 are $76.9 billion and $44.6 billion, respectively. BILLIONS OF DOLLARS -f50 BILLIONS OF DOLLARS 450 400 350 300 250 -50 -50 -100 -100 1969 1968 1971 1970 1972 1973 FISCAL YEARS W5 1974 1976 1977 COUNC& OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Federal debt (end of period) Period Receipts Fiscal year: 1967 1968 1969 1975 1976 z Transitions quarter' 1977 - Cumulative totals for first 9 months : Fiscal year 1975 Fiscal year 1976 . Held by the public -8.7 — 25.2 341.3 369.8 367. 1 267.5 290.6 279.5 193.7 188.4 208.6 232.2 264. 9 196. 6 211.4 231. 9 246.5 268. 4 -2.8 —23.0 — 23.2 — 14.3 -as 382.6 409.5 437.3 468.4 486. 2 284.9 304.3 323.8 343.0 346. 1 281. 0 297.5 81.9 351. 3 324. 6 374,4 98.5 395.8 —43.6 -76.9 — 16.6 — 44.6 544. 1 633.9 652.8 719. 5 396.9 484.4 504.4 558.2 204.6 206.4 236.2 274.2 -31.6 -67.8 520.7 611.4 380.3 470.4 1 Excludes non-interest-bearing public debt securities held by HO1. ' Estimatesfromthe Spring update—1977 Budget, transmitted to the Congress March 26, 1976. Federal debt figures are as transmitted in January 1976; they will bo revised later. 32 Total * 158.3 178.8 184.5 149.6 153.7 187.8 1970 J971 1972 1973 1974. ,_ Outlays Surplus or deficit (-) 3.2 Sources: Department of the Treasury and Office ol Management and Budget. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION Fiscal 1976 budget receipts are estimated at $297.5 billion and budget outlays at $374.4 billion. The corresponding figures for fiscal 1977 are $351.3 billion and $395.8 billion, respectively. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 150 OUTLAYS 300 300 '•• _..———•• ^^ OCA 250 /'" 200 200 *>ftft P-i NONDEFENSE 150 -i^*' * 150 ^ _ -"*""' *— — — ' 100 50 /i I NATIONAL DEFENSE ! 1969 I 1970 1 ! 1971 1972 1 1973 100 ! 1974 1 I 1975 N 50 1977 1976 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET i Billions of dollars] ()utlays Recei]3tS Nationa defense Period Fiscal year: 1967 1968 1969 Total Individual Corporation income income taxes taxes Other Total Total Health Depart- InternaInand ment of tional income terest Other Defense, affairs security militar}?- 149. 6 153.7 187.8 61.5 68.7 87. 2 34.0 28.7 36.7 54. 1 56.3 63.9 158.3 178.8 184. 5 69. 1 79.4 80. 2 67.5 77.4 77.9 4.7 193. 7 188.4 208. 6 232. 2 264. 9 90.4 86.2 94. 7 103. 2 119. 0 32.8 26.8 32. 2 36.2 38.6 70.5 75.4 81.7 92. 8 107.4 196.6 211.4 231. 9 246.5 268.4 79.3 76. 8 77. 4 75. 1 78. 6 77.2 74.5 75.2 73.3 77.6 3. G 3. 1 1975 1 1976 Transition1 quarter 1 1977 -. 281.0 297.5 81. 9 351. 3 122.4 130. 8 40.0 153.7 40.6 40. 1 8.4 324.6 374.4 98.5 395.8 86.6 92. 8 25.0 101. 1 85.0 89.7 24.5 99.6 4.4 49.4 118. 0 126. 7 33.5 148. 2 Cumulative totals for first 9 months : Fiscal year 1975 __„ Fiscal year 1976. — 204. 6 206.4 94. 8 94. 5 24.8 23.9 85.0 87.9 236. 2 274.2 64. 8 67. 0 63.2 65. 3 2.9 1970 1971 1972 1973 1974 i Estimates from the Spring Update—1977 Budget transmitted to the Congress March 25,1976. 4. 6 3.8 3.7 3.0 3. 6 5. 7 1.4 6.9 3. 1 37.6 43.4 49. 0 12. 5 13. 8 15. 8 34. 3 37.7 35. 7 56. 1 70. 1 81.4 91. 8 106.5 18. 3 19. 6 20. 6 22. 8 28. 1 39.3 41.8 48. 8 53. 9 51.7 136.3 161.7 41.5 172.6 31. 0 34.5 41. 3 9.8 66.4 79.7 20.9 73.8 98. 1 119. 9 23. 2 26.3 47. 2 58.0 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter, Federal receipts rose $10.1 billion (annual rate) and expenditures $7.1 billion, yielding a defied of $69.1 billion, $3.0 billion lower than in the fourth quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 440 160 160 I SURPLUS Ka ^ "~ Pi m mi ^ t f «i iiii*I«| ^ i t " a "" "" l i f """""I -40 i t I I I II III I I i1 -40 w -80 -120 t -80 % &t DEFICIT 1968 1969 1971 1970 1972 1973 -120 197 5 1974 1976 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE* DEPARTMENT Of COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Ifederal (jrovernm ent expe nditures Federal (jrovernm snt receip ts Period Indirect Personal Corporate business tax and Total nontax profits tax and tax nontax receipts accruals accruals GrantsContriPurin-aid chases Trans- to State Net butions for Total of goods fer pay- and interest social inand ments local paid surance governservices ments Surplus or Subsidies Less: deficit less Wage current accruals national surplus of less income Govern- disand ment en- burse- product terprises ments accounts (->, Fiscal year: 240.0 1973 271. 6 1974 281.5 1975 1976 »._„_ 307.4 364.7 1977 i Calendar year: 1972 227. 5 257.9 1973 288.4 1974 282.3 1975" 107. 3 122.9 126.4 136.4 160.4 40.5 43. 6 40. 6 47.5 58.2 20.7 21.4 22.4 24.0 24.3 71.5 83.7 92.0 99.5 121.8 256.1 278.7 328.7 378. 7 404.5 101.5 104. 5 117. 6 130.0 139.4 89.7 104.7 134. 8 158.7 168.2 40.4 41. 6 48.3 57.8 59.3 15.9 19. 8 22.0 26.0 32.0 9. 1 7.9 5.7 6.2 5.6 0.5 _.i — .4 .0 .0 -16. 1 -7. 1 -47.2 -71.3 -39.8 108.2 114.7 131.4 125.6 36.6 42. 5 45.9 39. 0 20.0 21.2 21.7 24.2 62. 8 79.4 89.4 93. 5 244.7 264.8 300.1 356.9 102. 1 102.0 111.7 123.2 83.2 95.8 117.7 149.2 37.5 40. 6 43.9 54. 3 14.6 18.2 21.0 23.4 7.8 8.2 5.2 6.8 .5 .0 -.5 .0 -17.3 -6.9 — 11.7 -746 1974: III_. 299.2 IV— 293. 1 134.6 137.4 51. 8 42.9 22. 1 21.7 90. 8 307.2 91. 1 318. 6 113. 6 118.2 121. 2 127. 8 44.0 45.4 21.4 22.0 5.5 5.1 -1.5 .0 -8.0 -25.5 1975: I—. 283. 6 II— 250. 1 III-. 293. 3 IV— 302.1 137. 6 99. 3 130. 5 135.2 32. 1 35. 5 43.4 45.0 22. 3 23. 5 25.5 25.4 91.7 91.9 93.9 96.4 337.4 352. 3 363. 8 374.2 119.4 119.2 124.2 129. 9 139.2 150. 5 152.5 154. 5 50.1 52. 8 56. 8 57. 4 22.4 22. 6 23. 4 25. 3 6.3 7. 1 6.9 7.0 .0 .0 .0 .0 -53.7 -102.2 -70.5 -72.1 1976: I *__ 312.2 137.8 48.6 23.0 102.8 381.3 131. 1 160.2 58.7 26. 1 5.1 ;0 -69. 1 i Estimates from The Budget of the United States Government, Fiscal Year 1977, transmitted to the Congress January 1976. 34 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] Coiisumer prices (u nadjusted) Iiidustrial production (seatsonally \idjustec1) Period United States 1969 1970 1971 1972 1973 1974. 1975 1974: III.. IV.. 1975: I.— II III— IV.. 1976: I Jan.. Feb. Mar. II Apr. 111 107 107 115 126 125 114 125 121 112 110 114 118 121 120 121 122 Japan Canada 111 114 123 131 143 146 139 146 143 139 139 138 140 144 143 144 145 GerFrance many Italy United United King- States dom 133 152 156 167 197 189 168 186 175 161 167 172 172 118 124 132 142 150 154 140 158 140 142 139 137 142 127 135 137 142 153 150 140 150 146 138 137 136 141 111 118 115 119 134 141 127 140 131 130 126 125 129 109 111 111 113 122 120 114 122 119 118 112 112 112 176 179 149 148 142 147 198 202 113 114 Canada 110 116 121 125 133 148 161 150 154 157 160 163 166 167 167 167 168 Japan 109 112 116 121 130 145 160 147 151 154 157 163 166 168 168 168 169 111 120 127 133 149 183 205 186 194 197 204 207 211 217 215 217 218 United Kingdom GerFrance many Italy 105 109 115 121 130 139 147 140 142 144 147 148 150 152 151 152 153 104 109 114 121 134 160 187 164 174 180 185 188 194 110 118 128 138 150 174 217 176 185 196 214 224 232 198 202 240 240 111 117 124 131 141 160 179 163 168 173 177 181 185 188 168 123 Sources: National sources as reported by Department of Commerce, Bureau of Economic Analysis, in Business Conditions Digest. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Mercb andise exports Merc! landise i mports Domesti c exports5 Gerleral imp orts 3 Period Monthly average : 1973 1974 Total domesFood, Crude tic and bever- mate- Manufac- Total 2 foreign Total i 2 ages, rials extured and to- and ports bacco fuels goods F.a.s. valu e 5 Custom s value 5,902 8,159 5,811 8,045 1,078 1,269 1,317 8, 159 8,933 8,648 8,222 8, 716 8,894 8,979 9,146 9,225 Oct 9,409 Nov 9,250 Dec 1976: Jan_.__ 9, 103 Feb.... 8,800 8,956 Mar 8,045 8,808 1,269 1,400 1,362 1, 174 1,215 1,295 1,380 1,367 1,501 1,493 1,404 1,510 1, 337 1,305 1,317 5,294 8,354 1,266 5,917 8,012 1, 197 5,735 7,959 1,217 5,591 7,266 1,145 5,991 7, 104 1,248 6,063 7,832 1,299 5,983 7,877 1,242 6,063 8,205 1, 199 6,267 8,170 1,342 6, 168 8,204 1, 186 6,296 8,526 1,223 5,971 9, 176 1, 138 6,035 8,941 1,165 6,088 9,607 1974 1975 1975: A p r _ _ _ May... June... July___ Aug — Sept... 895 3,728 5,294 5,790 8,416 1 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 28 Total includes commodities and transactions not classified according to kind. Total arrivals of imported goods other than intransit shipments. Food, Crude bever- mate- Manu- Total facages, rials (c.i.f. 4 tured value) and to- and goods bacco fuels Mer chandise trade balancei Exports Ex(f.a.s.) ports Exports less (f.a.s.) (f.a.s.) less imless ports im- imports (c.i.f.) (cus- ports toms (f.a.s.) value) 770 1,120 892 2,653 F.a.s. value 5 892 2,672 827 2,716 785 2,952 742 2,489 858 1,976 819 2,706 777 2,715 1,020 3,005 855 2,912 867 2,896 825 2,852 872 3,233 889 2,913 1,053 2,885 3,750 4,684 6, 131 9,000 4,602 4,257 4,161 3,894 3,990 4,129 4, 178 4,060 4,289 4,365 4,582 4, 714 4,782 5,183 9,000 8,618 8,547 7,817 7,652 8,413 8,479 8,830 8,795 8,830 9, 166 9,880 9,593 10, 301 112 -257 -195 -257 -195 1,524 1,001 1,053 1,613 1,062 1,102 1,132 1,054 1,206 -132 -213 -734 -141 -651 854 615 869 874 978 667 921 689 955 941 724 -73 — 229 -841 -841 315 101 405 1,064 481 500 316 429 580 84 -776 -793 — 1,345 * C.i.f. (cost, insurance, and freight) import value at first port of entry in the United States. Data for 1973 are estimates. 6 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. Source: Department of Commerce, Bureau of the Census. 35 U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS In the firsf quarter, the merchandise trade balance was in deficit by $1.6 billion, compared with a surplus of $2.2 billion in the fourth quarter of 1975. 4,218 BILLIONS OF DOLLARS 4 BALANCE ON GOODS AND SERVICES -3 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted] Meirchandise 12 Period Exports 1969 1970 1971 1972 1973 1974 1975 Imports Net balance Net balance Private 3 U.S. Government -3, 328 -3,355 -2,893 -3, 621 -2, 317 -2, 158 -819 3,471 3,631 5,659 6,208 8, 188 13, 351 9,447 156 -112 -956 -1,888 -3,009 -3,229 -3,417 766 837 -513 -498 3, 161 3,431 -1,303 949 800 -1,209 -1, 120 1,070 -1, 167 1, 162 -354 -409 -50 -5 2,173 2,241 2, 559 2,474 Direct expenditures Sales 36, 414 -35,807 607 -4, 856 1,528 42, 469 -39,866 2, 603 -4,855 1,501 43, 311 -45,579 -2,268 -4, 819 1, 926 49, 388 -55,797 -6,409 -4, 784 1, 163 71, 379 -70,424 955 -4, 658 2, 342 . 98, 309 - 103,586 -5, 277-5, 103 2, 944 107, 184 -98,139 9,045 -4,800 3,981 1974: III__ 25,034 -27,349 -2,315 -1, 279 IV.. 26,593 -27,973 -1,380 -1, 335 1975: I II___ III.. IV... 27, 25, 26, 27, 056 843 596 689 -25, 561 -22, 569 -24,485 -25, 524 1,495 3,274 2, 111 2, 165 1976: I*... 26, 827 -28, 425-1,598 1 3 _ 1 Excludes military grants. Adjusted from Census data for differences in timing and coverage. 3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services, net. 36 Neti]avestment i ncome Milit*iry trans actions i Net travel Other and servtransportaices,3 tion net expenditures RemitBaltances, penance on sions, goods and other and serv-l uniices lateral transfers l 1, 020 -2, 976 2, 966 -3, 248 -237 -3,642 - 5, 930-3, 779 4, 177 -3, 841 3,825 -7, 182 16, 500 — 4, 583 Balance on current account -1,763 -2, 023 — 2, 315 -3, 024 -2, 862 -2, 692 -1,968 1,878 2, 220 2,537 2,803 3, 222 3, 830 4,211 -807 -872 -721 -741 960 1, 049 -235 -1, 265 - 1 , 500 989 -1, 088 -99 -988 -841 -786 -802 — 545 -370 -481 -573 1,092 1,041 1, 120 959 2,873 -1, 175 4, 936 -1, 183 4,473 -1,027 4, 218 -1,201 1 * Preliminary; not charted. Source: Department of Commerce, Bureau of Economic Analysis. — 1, 956 -281 -3,879 -9, 710 335 -3,357 11,916 1, 698 3, 753 3,446 3, 017 ! OT.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS !n the fourth quarter, the current account and long-term capita! transactions were approximately in balance, compared with a surplus of $1.4 billion in the third quarter, in addition, liquid private capital flows switched from a $4.6 billion inflow in the third quarter to a $1.3 billion outflow in the fourth quarter. (Presentation of data on U.S. international transactions will be revised next month in accordance with the new format recently announced.) BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON CURRENT ACCOUNT AND LONG-TERM CAPITAL -10 1975 1966 SOURC& DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC AOV1SERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] Period 1969 1970 1971 1972 1973___ 1974 1975__ 1975: I !!___ III-. IV... 1976: I* Long-ter m capital Balance Nonflows3, net liquid on current shortterm account private U.S. and longcapital GovernPrivate 2 term capital flows, ment 1 net 2 -44 -3, 949 -640 -1,949 -2, 045 - 1, 434 -3, 760 -482 — 2, 376 -4, 383-10, 637 -2, 347 - 1, 334 -69 -11, 113 - 1, 542 -1,490 177 -977 -4, 238 1, 118 -8,463 -10,702 12,936 -1,726 -8, 789 1,401 -2,819 -469 -2,206 -977 1,949 982 -966 -350 -2, 421 -477 -1,573 1, 396 — 1,893 — 4 -1,909 -430 -2, 591 1 2 Allocations of special drawing rights (SDR) Errors and omissions, net - 1, 492 -6,081 867 -476 -3,851 717 -9,698 -21,965 710 -1,884 -13,829 -2,436 -7, 651 4,698 -18,940 4,556 3,138 2,485 3,457 446 462 936 439 690 -1,223 Excludes liabilities to foreign official reserve agencies. Private foreigners exclude the IMF, but include other international and regional organizations. includes liabilities to foreign official agencies reported by U.S. Government nd U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales p, and gold deposits with, the United States. Net liquidity balance Liquid Official private reserve capital transactions flows,2 balance net Changes in liabilities to foreign official agencies, net 3 Changes in U.S. official reserve assets, net 4 U.S. official reserve assets, net (unadjusted, end of period) 8,820 2,739 -1,552 -1, 187 16, 964 2,477 14, 487 5,988 -9, 839 7,362 2, 348 12, 167 -7,788 -29, 753 27, 405 32 13, 151 3,475 -10,354 10, 322 209 14, 378 5,099 2, 343 -5,308 9,831 -1,434 15, 883 10,543 -8,397 -5,601 -2,463 3,070 -607 16, 226 -6,623 -3, 166 -325 16, 256 3,491 -2, 232 - 1, 770 -29 16, 242 1,799 -342 16, 291 5,008 -4, 666 4,569 — 1, 315 -2,538 2,450 89 16, 226 -773 17, 139 4 Consists of gold, special drawing rights (SDK), convertible currencies, and the U.S. gold tranche position in the IMF. Minus sign indicates increase. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U.S. GOVERNMENT PRINTING OFFICE 37S DIVISION OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL. BUSINESS First-Class Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment ^ Page ... „...... _ -............ -....._. _... _. _ _. _. _„. _. _. ^. _. _. _ -._..... _. « _ _ ^.. ^.. _. _ ..........__......_...._ _.. ._*_.__.._, M _ 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 Economy -._.... ... »-. -. _. _. _. _,... _ . ^.......... _ -... ^......_.._ .. 11 12 13 14 15 15 16 . . _ ... ^. _...._..._. -. 17 18 19 19 20 21 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 PRICES Wholesale Prices Consumer Prices Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers ^ . „ 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings—Nonfinancial Investors Consumer Instalment Credit Bank Loans, Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business. .. Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields ~.. .... _. _. ^..-. « , Common Stock Prices and Yields ~. ~ . ^. _ ..*-.*................. -.. ^. ^... ^.... ^.... ~~~~~~ ... ~ 26 27 27 28 29 29 30 31 Federal Budget Receipts and Outlays and Debt , _..-...., Federal Budget Receipts by Source and Outlays by Function.~. -.. -, _ M _..-.. , ^. _...... ^. ^. ^..-. Federal Sector, National Income Accounts Basis .-. -.............. -. -..-..-............................... — _.....~. 32 33 34 , ^ FEDERAL FINANCE INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ..-.«.. .^ U.S. Merchandise Exports and Imports ^. -. _. _ ...... _ ... ^. -.... _. _ _. »-.*-... U.S. Balances on Goods, Services, and Transfers -..-. -. ^. ^ ~ ^. ^. ^. ^. -. U.S. Overall Balances on International Transactions _.-... ^. „. -. _. ^. «, - .. ^..-. ^..-. -. 35 35 36 37 NOTE.—The revision of "Economic Indicators", which began in the January issue, was virtually completed in the March issue. Some minor changes may be made in the next few issues. Wot sale by the Superintendent of Documents, TJ.S. Government Printing Office, Washington, D.C. 20402 Price 85 cents (single copy). Subscription price: $10.10 per year; $2.55 additional for foreign mailing; 38 U.S. SOVERNMEMT PRINTING OFFICE: 1976
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