Full text of Economic Indicators : May 1977
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95th Congress, 1st Session
Economic Indicators
May 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM' V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S J. 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
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, gross national product rose $51.0 billion or at an annual rate of
12.2 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 6.4 percent. The implicit
deflator rose at a 5.5 percent annual rate.
BILLIONS OF DOLLARS. (RATIO SCALE)
BILLIONS OF DOLLARS (RATIOSCALE)
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
I
1969
1976
1970
SOURCE: DEPARTMFNT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates!
Period
Gross
national
product
Personal
consumption
expenditures
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. 6 809.9
1, 413. 2 887.5
1, 516. 3 973. 2
1, 691. 6 1, 079. 7
1, 548. 7 987.3
1, 588. 21, 012. 0
1, 636. 2 1, 043. 6
1, 675. 2 1, 064. 7
II
lid 1, 709. 8 1, 088. 5
IV._. 1, 745. 1 1, 122. 0
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975: III__
IV___
1976: I
Gross
private
domestic
investment
124. 5
120.8
131.5
146.2
140.8
160. 0
188.3
220.0
215.0
183. 7
239.6
196.7
201.4
229.6
239. 2
247.0
242. 8
77:I_.._ 1, 796. 1 1, 159. 1 267.9
Export s and imp)orts of
gooc :s and services
Net
exports
services
Federal
National
defense l
State
and
local
Final
sales
Exports
Imports
Total
9.3
4.7
42
42. 8
45.6
49. 9
54.7
62.5
65. 6
72. 7
101.6
144. 4
148. 1
162.7
148.2
153. 7
154. 1
160. 3
167.7
168.5
37.7
40.6
47. 7
52.9
58.5
64. 0
75.9
94.4
136.9
127. 6
156. 0
126.8
132. 7
145. 7
151.0
163.0
164.3
158.7
180.2
198.7
207.9
218.9
233.7
253. 1
269.5
303.3
339. 0
365. 6
343. 2
353.8
354. 7
362. 0
369.6
376.2
78.8
90.9
98. 0
97.5
95.6
96. 2
102. 1
102.2
111. 6
124. 4
133.4
124.6
130. 4
129. 2
131.2
134.5
138.9
60. 3
71.5
76. 9
76.3
73.5
70.2
73.5
73.5
77.3
84. 3
88.2
84 6
87 1
86 2
86 9
88 5
91 3
18. 5
19. 5
21. 2
21. 2
22. 1
26. 0
28.6
28.7
34.3
40. 1
45. 2
40.0
43.2
42. 9
44.2
46.0
47.6
79.8
89.3
100.7
110. 4
123.2
137. 5
151. 0
167. 3
191.6
214. 5
232. 2
218.6
223.4
225. 5
230.9
235.0
237.4
738.7
786. 2
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1, 679. 7
1, 550. 6
1, 592. 5
1, 621. 4
1, 659. 2
1, 694. 7
1, 743. 4
-9.3
170.5
179.8
378.5
138.2
91.5
46.7
240. 3
1, 782. 4
5. 1
4.9
2.3
1.8
3.9
1. 6
-3.3
7. 1
7.5
20. 5
6.6
21.4
21. 0
8. 4
i This category corresponds clcsely with budget outlays for national defense,
shown on p. 33.
Goi/ernment purchases of goods and
Total
Nondefense
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]
Exp orts of go ods
Gross ] mvate domesti c
a]ad services
iiavestmen t
Personal
conGross
Change
national sumpNonResi- in busition
product
M£»+
INCt
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
Governrnent pure bases of
goods and senrices
Total
Federal
State
and
local
Final
sales
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214. 0
1, 191. 7
1, 264. 7
586. 1
603.2
633.4
655. 4
668.9
691.9
733.0
767.7
759. 1
770. 3
813.7
106. 1
103.5
108. 0
114.3
110.0
108.0
116.8
131.0
128.5
111.4
115.7
38.5
37.2
42.8
43.2
40.4
52.2
62. 0
59.7
45.0
38. 4
47.1
16.7
12.0
8.7
10.6
4.3
6.6
9.4
16. 5
8.5
— 12. 0
8.1
4.3
3.5
-.4
-1.3
1.4
-.6
-3.3
7.6
16.5
22 6
16.0
51.6
54.2
58.5
62.2
67. 1
67.9
72.7
87. 4
97.2
90. 6
96. 1
47. 3
50.7
58.9
63.5
65.7
68.5
75.9
79.9
80.7
68. 1
80. 1
229. 3
248.3
259.2
256.7
250.2
249.4
253. 1
252. 5
256.4
261.0
264. 1
112.5
125.3
128.3
121.8
110.7
103.9
102. 1
96.6
95. 3
95.7
96.7
116.8
123. 1
130.9
134.9
139.5
145.5
151.0
155.9
161. 1
165.2
167.4
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 256. 6
1975 : III. _ 1, 209. 3
IV— 1, 219. 2
775. 3
783.9
110. 1
110.5
39.6
41. 9
-1.0
-5.5
22.8
23. 1
90. 7
93.9
67.9
70.8
262.4
265.2
95.6
97. 2
166.9
168.0
1, 210. 2
1, 224. 7
1976:1 — 1, 246. 3
II-, 1, 260. 0
I I I __ 1, 272. 2
IV— 1, 280. 4
800.7
808.6
815.7
829.7
112.6
114.9
117.5
117.9
44. 1
45.7
47.4
51. 1
10.4
11.1
10.2
.9
16.6
16.0
15.7
15.5
93. 6
95.4
98.0
97.4
77.0
79.4
82.3
81.8
261. 9
263.6
265.5
265.3
95.4
96.0
97.3
98. 1
166.6
167.7
168.2
167.3
1, 235. 9
1, 248. 8
1, 262. 0
1, 279. 5
1, 300. 3
843.8
122.3
51.6
9.2
10.9
97.8
86.9
262.4
96.4
166.0
1, 291. 1
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977:1
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Personal consump tion expeiiditures
Period
Gross
national
product
.
Total
goods
Gross imvate
dom<3StiC
invest ment
NonresNondurable Services idential
goods
fixed
Residential
fixed
Expor ts and
imports of goods
and services
Governrrtent purehases c>f goods
and services
Exports Imports Federal
State
and
local
1966
1967
1968.
1969
1970
1971
1972
1973
1974
1975
1976
76.76
79.02
82.57
86.72
91.36
96.02
100. 00
105. 80
116. 41
127. 25
133. 75
79.3
81.3
84.6
88.5
92.5
96.6
100.0
105.5
116.9
126.3
132.7
85.7
87.4
90.7
93. 1
95.5
99.0
100.0
101. 6
108.3
117.7
124.4
80. 1
81.9
85.3
89.4
93.6
96.6
100.0
107 9
124.0
133.7
138.0
76.5
78.8
82. 0
86. 1
90.5
95.8
100.0
104.7
113.5
122. 7
131.0
76.8
79.3
82.6
86.6
91.3
96.4
100.0
103.8
116. 1
132. 1
138.2
74.6
77.0
80.7
87.7
90.6
94.9
100.0
110.8
122.3
133.2
143.9
82.8
84.0
85.3
87.9
93. 1
96.6
100.0
116.2
148.6
163.4
169.3
79.7
80. 1
80.9
83.3
89. 1
93.5
100.0
118.2
169.6
187.4
194.7
70.1
72.6
76.4
80.0
86.4
92.6
100.0
105.8
117.1
130.0
138.0
68.4
72.5
76.9
81.9
88.3
94.5
100. 0
107.3
119.0
129.8
138.7
1975:111
IV
128. 07
130. 27
127.3
129. 1
118.2
120.2
135. 1
136.2
123.6
125.9
132.7
134.5
132.8
135. 9
163.4
163.7
186.6
187.3
130.4
134.2
131.0
132.9
1976: I
II
III
IV
131. 29
132. 96
134. 40
136. 30
130. 3
131.7
133.4
135.2
121.8
123.8
124.9
127.0
136.4
136.9
138.5
139.9
128.0
129.8
132.0
1340
136.2
137.5
138.7
140.5
139.0
142.9
145.3
147.7
164.6
168. 1
171.1
173.0
189.2
190.4
198. 1
200.8
135.4
136.7
138.3
141.6
135.4
137.7
139.7
141.9
1977:1
138. 14
137.4
128.9
142.2
136.2
142.2
155.3
174.3
206.8
143.3
144. 8
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 clomestic {>roduct
Gross i[national p roduct
Constant
(1972)
dollars
Current
dollars
Period
9.4
5.8
9.1
7.7
5.0
8.2
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5.5
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
8.2
7.3
11.6
-1.7
-1.8
6. 1
1975: III
IV
19: 1
10.6
1976: I
II
III
12. 6
1977: I
Fixedweighted
price
index
(1972
weights)
Chain
price
index
3.3
2.9
4.5
5.0
5.4
3. 1
6. 1
9.6
5.7
2.9
3.0
4.3
9. 1
5.2
4.9
4.0
6.0
8. 1
10. 1
11.5
Implicit
price
deflator
3. 3
Chain
price
index
3. 1
3. 1
Fixedweighted
price
index
(1972
weights)
9.6
5.4
7.8
7.7
11.4
5. 8
5. 4
-1.7
-1.7
6. 1
5.9
9.7
9.3
5.4
6.4
7 3
7.3
6.6
19. 1
10.8
11.3
7.0
7. 1
7.4
6.4
7.4
6.7
3.2
5.2
4.4
5.8
4.3
5.4
4.6
5.7
4.2
5.2
4.6
5.8
12. 2
10. 1
8. 2
8. 4
9.0
3.8
2.4
3.0
5.3
4.2
5.8
4.3
5.4
4.4
5.7
4.2
5.3
4.4
5.8
5.5
6.5
6.8
12. 3
6.6
5. 4
6.4
6.7
4. 4
11.4
3.3
7. 0
7. 1
8. 5
8.5
9.2
4.5
3.9
2.6
12. 2
6.4
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
5. 0
5.0
5.3
5.0
10. 0
9.9
Constant
(1972)
dollars
Current
dollars
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.7
9.2
5.5
3.0
5. 1
4. 1
5. 8
10.0
9. 3
5. 1
10. 1
11.6
IV
Implicit
price
deflator
4. 1
6.0
10.0
9. 2
9.2
5.4
2.7
4.4
3.0
4.5
-.3
2.8
5.3
2. 6
7.8
5.0
5. 1
5. 1
4. 1
5. 7
9. 5
5. 1
3.4
4. 6
4.4
5.0
5.3
5.0
4. 1
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975: III__
IV—
1976: I
IL_._
III__
IV._.
1977 :!*>__
Gross d omestic
prodiict of
nonfin ancial
Gorp<srate
business
(billic>ns of
doll ars)
Current
dollars
1972
dollars
430.7
452. 9
498.4
541.8
560.6
602.5
671. 0
752. 0
810.0
870. 4
981.5
892.0
916. 1
949. 0
972. 8
993.8
1, 010. 3
1, 038. 5
532.9
545. 8
581.6
607.3
600.6
619.3
671.0
720. 4
698.7
676. 8
726.2
688.9
696. 1
713.9
725. 7
731.5
733.9
744. 1
Current-do liar cost a nd profit per unit of outpu t (dollars]) i -
Total
cost
and
profit 2
0. 808
.830
. 857
.892
. 933
.973
1.000
1.044
1. 159
1.286
1.352
1.295
1. 316
1.329
1.341
1. 359
1. 377
1. 396
Capital
conComsumption
penallowNet
ances Indirect sation
of
inwith
business
3
employ- terest
capital taxes
conees
sumption
adjustment
0.067
.072
. 074
.079
.088
.094
.093
. 095
. 116
. 143
. 149
. 143
. 146
. 146
. 147
. 149
. 152
. 153
0. 080
.084
. 089
.094
. 103
. 110
. 110
. 112
. 123
. 138
. 138
. 139
. 140
. 136
. 137
. 138
.142
. 142
tttput is measured by gross domestic product of nonfmancial corporate
fess in 1972 dollars.
ais is equal to the deflator for gross domestic product cf nonfinancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0.513
. 535
.553
. 589
.628
.645
. 661
. 699
. 794
. 853
.883
842
.860
. 869
.876
.884
.904
.923
4
0. 014
. 016
.017
. 022
.028
.029
. 028
. 032
.041
. 045
.049
. 045
. 046
. 047
.049
.050
.051
.052
Corpc>rate profi ts with
invent Dry valualbion and
capit al consuniption
tidjustmen ts
Total
0. 134
. 123
. 124
. 109
.086
.095
. 107
. 105
.085
107
. 132
. 126
. 124
. 131
. 132
. 137
. 128
. 125
Profits
tax
liability
0.055
.051
.058
.055
. 045
.048
.050
.055
. 061
.059
.074
. 066
.068
072
.074
. 075
. 077
.077
Profits
after4
tax
0. 078
.072
.066
.055
.041
.046
.057
.050
. 024
.048
.058
.059
. 055
.059
.058
.062
.051
. 048
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars)
(dollars)
6. 777
6. 873
7. 105
7. 139
7. 132
7.374
7. 595
7.781
7. 545
7.756
8.060
7.908
7.891
7.971
8.057
8. 108
8. 105
3.478
3.676
3.929
4. 198
4.478
4. 757
5. 024
5. 441
5.990
6.613
7. 120
6. 661
6. 785
6.926
7.055
7. 170
7. 326
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975: III
IV1976: III
III
IV
1977: I *
622.2
655. 8
714. 4
.
767. 9
798.4
858. 1
951.9
.. 1, 064. 6
1, 135. 7
1, 207. 6
1, 348. 4
1, 233. 4
1, 264. 6
1, 304. 7
1, 337. 4
1, 362. 5
_ 1, 389. 3
1, 431. 4
Propri etors'
mcom<3 with
inventor y valuation anc capital
consunaption
adjust ments
Compensation of
empi oyees 1
Farm
13. 6
12. 1
12. 0
13.9
13.9
14. 3
18.0
32.0
25. 8
24. 9
22.8
29. 2
28.3
21.9
27. 5
21. 7
20.3
24.0
439.3
471. 9
519.8
571.4
609. 2
650.3
715. 1
799.2
875. 8
928.8
1, 028. 4
935. 2
963. 1
994. 4
1, 017. 2
1, 037. 5
1, 064. 5
1, 097. 7
Nonfarm
46.7
48.9
51. 4
52.3
51.2
53.4
58. 1
60.4
61. 1
65.3
73.8
66. 3
69.0
71.4
72. 8
74.4
76.8
79.6
Rental
Corpor ate profits with inv(mtory val uation
and capital co nsumptioii adjustm ents
Profits with invcmtory
valuat ion adjusitment
and ^without ca pital
consum ption adjiistment
of per-
with
capital
consumption
adjustment
18.2
19.4
18. 6
18. 1
18. 6
20. 1
21. 5
21. 6
21. 0
22. 4
23.5
22. 4
22.9
23.3
23. 1
23. 4
24.3
25. 1
Total
Total
82.5
79. 3
85.8
81.4
67.9
77. 2
92. 1
99. 1
84.8
91. 6
117.8
105. 3
105.6
115. 1
116.4
122.0
117.8
116.2
78,6
75. 6
82. 1
77. 9
66.4
76.9
89. 6
97. 2
87.8
103. 1
133.3
117.9
119. 1
129.6
131.8
137.6
134.2
133.1
Profits
before
tax
Inventory
valuation
adjustment
80.7
77. 3
85. 6
83.4
71.5
82.0
96. 2
115. 8
127.6
114. 5
147. 9
126. 9
131.3
141. 1
146.2
150. 2
154. 2
156.3
2. 1
-1. 7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-39. 8
-11. 4
-14.6
-9. 0
-12.3
-11.5
-14.4
-12. 6
-20.0
-23. 1
Capital
consumption
adjustment
3.9
3.7
3.7
3. 5
1.5
.3
2.5
1. 9
-3.0
-11. 5
-15. 5
-12. 6
-13. 5
-14.5
-15.4
-15.7
-16. 4
-17.0
Net
interest
21. 9
24.3
26. 8
30.8
37. 5
42.8
47. 0
52.3
67. 1
74.6
82.0
74. 9
75.8
78.6
80.3
83.5
85.6
88.9
Source: Department of Commerce, Bureau of Economic Analysis.
i Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Retail sales of
new pa ssenger
cars (nlillions
of U]aits)
Nondura ble goods
D urable goo ds
Tn+«*1
JLOtcU.
Period
1966
1967
1968
1969
1970_
1971__
1972
1973 _
1974
1975
1976
1975: I I I _ _ _
IV__.
1976: I
II
III___
IV____
1977: I
1
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
464. 8
490. 4
535. 9
579. 7
618.8
668. 2
733. 0
809.9
887. 5
973. 2
1, 079. 7
987.3
1, 012. 0
1, 043. 6
I , 064. 7
1, 088. 5
1, 122. 0
1, 159. 1
67.7
69.6
80.0
85.5
84.9
97.1
111.2
123.7
121. 6
131.7
156. 5
136.0
141. 8
151.4
155. 0
157.6
162. 0
174.0
30. 1
29.7
35.8
37. 7
34. 9
43.8
50.6
55.2
47. 9
53.2
70.7
56. 3
59.2
68.0
70.4
71.7
72.7
83. 6
Total includes other items not shown separately.
Furniture
and
household
equipment
27. 7
29. 5
32.6
35. 0
36.7
39.4
44,8
50.7
54.7
57.6
63.0
58. 2
60.6
61. 2
62. 3
62.9
65.6
66.6
Total
nondurable
goods *
Food
204.7
212. 6
230. 4
247.0
264. 7
277.7
299. 3
333. 8
376. 2
409. 1
440. 4
414. 6
421.6
429. 1
434.8
441.8
456.0
464.7
106. 6
109. 6
118.3
126. 1
136.3
140. 6
150.4
168. 1
189.9
209. 5
224. 4
211.8
215.2
219. 2
223. 1
225.2
230. 2
236.4
Services
Clothing
and
shoes
Gasoline
and oil
36. 6
38.2
41.8
45. 1
46. 6
50.5
55. 1
61.3
65. 1
70.0
75. 4
71. 3
73.0
73.5
73. 2
75.9
79.0
78.9
16. 0
17.0
18. 4
20.4
22. 0
23.4
24. 9
27. 8
36.3
38.9
41.5
39.2
39.9
40. 1
40.3
41. 6
44. 1
44.2
Domestics
192. 4
208. 1
225.6
247. 2
269. 1
293.4
322.4
352.3
389. 6
432. 4
482.8
436. 7
448. 6
463.2
474. 9
489. 1
504.0
520. 4
8.4
7.6
8.6
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8. 6
7. 6
7.7
8.9
8. 7
8. 6
8.3
9.5
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
0. 7
.8
1. 0
1. 1
1. 3
1.6
1.6
1.8
1.4
1.6
1.5
1.6
1. 4
1. 3
1. 4
1.5
1. 7
1.8
|OURCES OF PERSONAL INCOME
.^rsonal income rose $11.1 billion (annual rate) in April following an increase of $22.4 billion (revised) in March,
Wage and salary disbursements were up $9.9 billion in April, compared with an increase of $14.0 billion (revised)
in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
60
40
40
1969
1977
^SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
(Billions 01 dollars; monthly data at seasonally adjusted annual ratesj
3
Wage
Rental
Total
Other Proprietc rs' income income
and
Transfer
Divi- Personal
personal salary
labor 12
interest
payof
dends
income disburseincome
income ments 5
Nonfarm persons 4
Farm
1
ments
Less: PerNonsonal confarm
tributions personal
6
for social
insurance income
1969
197(L
1971
1972
1973___
1974
1975
1976
745.8
801.3
859. 1
942.5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3
514. 6
546.5
579. 4
633.8
701. 3
765. 0
806. 7
890. 4
28.2
32. 0
36.2
42.0
48.7
55.5
62. 5
70. 1
13.9
13. 9
14.3
18.0
32.0
25. 8
24.9
22.8
52.3
51. 2
53. 4
58. 1
60.4
61. 1
65.3
73.8
18. 1
18.6
20. 1
21. 5
21. 6
21.0
22. 4
23.5
22. 6
22. 9
23.0
24. 6
27. 8
30.8
32. 1
35. 1
55.9
64. 3
69.3
74.6
84. 1
101.4
110.7
123.0
66.5
79. 9
94. 1
104. 1
118. 9
140. 3
175.2
191.3
26.3
28. 0
30.8
34. 2
42. 2
47. 6
50.0
54.9
725.8
780.7
838.0
917.3
1,011. 9
1, 117. 3
1, 213. 4
1, 340. 0
1976: Apr____
May
June___
July___
Aug
Sept____
Oct
Nov.___
Dec
1, 352. 5
1, 362. 9
1, 370. 4
I, 380. 8
1, 385. 5
1, 391. 7
1, 404. 2
1,421.4
1, 439. 5
68.4
69. 0
69.7
70.4
71. 1
71. 7
72. 4
73.2
74. 1
23. 3
27.5
31. 6
26.0
21.0
18. 1
18.6
19.6
22.7
72.7
72. 5
73.4
73.8
74.4
74.9
75.4
76.8
78. 2
23. 3
23.4
22. 7
23.4
23. 2
23.6
24.0
24. 3
24. 5
33.4
33. 9
35. 9
35. 2
35.4
35. 6
36. 1
36. 5
40. 5
120.0
120. 7
121.5
123. 0
125. 2
126.9
127. 8
128.7
128.7
188.7
187. 1
186.8
191.3
192.9
192.9
194. 4
197.3
198.0
54. 1
54. 4
54.3
54.9
55. 2
55.5
55.9
56.7
57.3
1, 317. 3
1, 323. 3
1, 326. 6
1, 342. 5
1, 351. 8
1, 360. 8
1, 372. 7
1, 388. 6
1, 403. 4
1977: Jan
Feb____
Mar
Apr *_ _
1, 441. 3
I , 464. 2
1, 486. 5
1, 497. 6
876.9
883.3
883. 1
892. 7
897.4
903.5
911. 3
921.5
930. 1
933.4
946. 9
961. 0
970.8
74.9
75. 8
76. 8
77.8
23. 1
24. 1
24.7
24. 2
77.6
79.7
81.4
82. 3
25. 0
25, 2
25. 2
24. 6
37.0
37. 6
38. 1
38. 4
129.8
131. 7
133. 3
133.9
199.4
202.8
206. 3
206. 3
59.0
59.6
60. 4
60. 9
1, 404. 5
1, 426. 2
1, 447. 8
1, 459. 1
5
The total of wage and salary disbursements and other labor income differs
Consists mainly of social insurance benefits, direci relief, and veterans payi compensation of employees (see p. 4) in that it excludes employer contribuments.
6
OTWWS
for
social
insurance
and
the
excess
of
wage
accruals
over
wage
disbursements.
Personal
income exclusive of farm proprietors' income, farm wages, farm other
2
Consists oi employer contributions to private pension, health, and welfare
labor income, and agricultural net interest.
funds;
workmen's
compensation;
directors'
fees:
and
a
few
other
minor
items.
8
Source: Department of Commerce. Bureau of Economic Analysis.
With inventory valuation and capital consumption adjustments.
< With capital consumption adjustment.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income increased slightly again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
3,000
3,000
2,000
2,000
1969
1977
1970
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Per (japita
dispc>sable
persona i income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
685. 2
745. 8
801.3
859. 1
942.5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3
97. 1
115.4
115.3
116.3
141.2
150.8
170.4
168. 8
193.6
1 265. 5 174. 0
1 299. 7 179.8
1 331. 3 183.8
1 362. 0 189.5
1 386.0 195.8
IV___ 1 421. 7 205.3
1977: L _ _ _ 1, 464. 0 218.2
1975: III__
IV. _
1976: I. ___
IL_.
III__
550. 1
588. 1
630.4
595.3
685. 9
635.4
742.8
685. 5
801.3
751.9
901.7
831.3
982.9
910. 7
1, 080. 9
996.9
1, 181. 7 1, 105. 2
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
3,464
3,515
3,619
3, 714
3,837
4,062
3, 968
4, 007
4, 140
2, 670
2,860
3,020
3,227
3, 510
3, 849
4, 188
4,558
5,019
3, 156
3,234
3,265
3,342
3,510
3, 648
3,582
3,608
3,783
Seas onally adj usted anil ual rates
1, 091. 5 1, Oil. 1
4, 009
80.5
5, 105
4, 049
1, 119. 9 1, 036. 2
83.7
5,227
4, 103
1, 147. 6 1, 068. 0
79.5
5, 347
1, 172. 5 1, 089. 6
4, 143
5,455
82.9
4, 142
1, 190. 2 1, 114. 3
75.8
5,526
4, 168
1, 216. 5 1, 148. 6
67.8
5,637
1, 245. 8 1, 186. 1
4, 195
59.7
5,763
4,618
4,724
4,863
4,954
5,054
5, 199
5, 362
3, 626
3,659
3,731
3, 762
3,788
3,845
3,903
38. 1
35. 1
50.6
57. 3
49.4
70.3
72. 2
84.0
76.5
2,930
3, 111
3,348
3,588
3,837
4,285
4, 639
5, 062
5,493
1
Includes personal consumption expenditures, interest paid by consumers
to2business, and personal transfer payn ents to lomgnerF (net).
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are for middle oi period, interpolated from monthly data.
6
1972
dollars
Per cap ita personal ccmsumption exp<snditures
6. 5
3. 3
5.6
7.4
7.7
6.2
7.8
7.3
7.8
6.5
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
215, 118
-6.6
4. 1
5. 4
7.4
7.5
6.9
-. 1
6.4
5.6
4.8
213, 805
214, 245
214, 599
214, 926
215, 355
215, 805
216, 180
2.8
1.5
3.0
2.6
3.3
5.9
-2. 3
1.0
4.0
2.5
2.6
7. 1
Source: Department ol Commerce (Bureau of Economic Analysis and Bu
of the Census).
FARM INCOME
In the first quarter, farm income excluding inventory change rose $2.2 billion (annual rate). Including inventory change
the rise was $3.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120
120
100
100
80
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
/\
\
V\
\/
20
20
10
10
1969
1970
1971
1972
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1974
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
[ncome received from f armin g
by tota] farm po pulation
Realize?d gross
Net inc ome per
Net t(> farm
farm incl uding net3
oper
ators
Casti receipts from
inventor y change
Period
inarketings
From From From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Crops
Total
tory
tory 2 dollars dollars
and
change change
products
Dol lars
Billioiis of doll ars
13.9
26.9
4,766
4,372
1969
14.2
12.9
56.3
42. 1
14.3
48.2
28.6
19.6
27.4
14. 4
4,790
4,202
1970.
14.2
21. 0
13.0
14. 1
58.6
44.4
50.5
29.6
5,030
1971
13.4
4,263
28.7
13.2
15. 3
60.6
14.6
47.4
52.9
30.6
22.3
6,504
1972
34.4
17.6
70. 1
5,288
17.8
18. 7
16. 8
61.2
35.7
25.5
52.3
19.5
48.6
1973
41. 1
33.3 11, 727
8,817
29.0
95.5
45. 9
29. 9
87. 1
65. 6
21.5
1974
9,371
45. 1
100.2
6,206
51.3
23. 5
41.4
26.5
72.4
27.8
92.6
5,482
22.7
9, 100
45.5
22. 8
1975
22. 7
98.2
42. 9
46. 7
25. 6
89.6
75.5
44. 0
24. 0
7,920
4, 500
20.0
104.2
94.8
22.0
1976
80.9
47.8
23.3
47.0
105.2
28.4
6,320
30.0 10, 680
L975: III....
51.5
96.5
45.0
76. 8
IV, _
46.4
44. 4
6,060
23.9
99.6
90.8
29. 1 10, 360
75.7
8, 100
4, 710
22.5
22.5
45.8
101.5
92. 4
46. 6
79.0
1976:1
9,210
5,300
II
52.2
111. 1
25.6
28.6
101.8
49.6
82.5
7,490
21. 8
4,230
47.2
20. 8
III____
46.6
103.3
81.5
93.8
6,950
3,860
IV
46.8
44.5
20. 3
19. 3
91.3
80.6
100.9
8,360
4,570
95.9
22. 5
23.0
83. 1
50.6
105.6
1977:1
45.3
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of cropc and livestock valued at the average price for the year.
3 Based on Census oi Agriculture definition of a farm. The number ol farms is
held constant within a year.
90-545 O—77-
' Jrccirein current dollar* divided by the index ol price? paid by farmers for
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates, profits before tax rose $2.1 billion (annual rate) in the first quarter, whil
profits with inventory valuation adjustment fell $1.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally
Profil }s (before tax) wit i invent<Dry valu*ition
adjustn lent '
Domesstie indu stries
N onfinanc ial
Period
2
WholeTotal
Manu- sale
Total Finan3
facTotal
cial
and
turretail
mg
trade
67.4
8.5
75.9
41.6
8.0
1966
78. 6
37.9
72.6
9.0
63.6
1967
8.9
75.6
41.2
78.9
10.4
82, 1
68. 5
10. 1
1968
74.2
62.9
36.8
10. 1
77.9
1969
11.3
27. 1
62. 6
50. 1
9.4
1970
66.4
12.6
32.4
58.2
72.4
14. 1
1971
11.7
76.9
1972
„__
84.7
15.4
69.3
40.6
13.3
89. 6
44. 1
90.4
74. 1
16.2
97.2
14.7
1973- _
_
___
12. 4
1974
76.7
14. 1
62. 6
36. 9
87. 8
84. 1
46.4
97.0
1975_ .
12.9
20.9
103. 1
125. 8
64. 3
14. 4 111. 4
1976
_ _ 133.3
28. 1
1975: III___
24. 4
111. 4
12. 1
99.3
57. 0
117.9
I¥
112.7
55. 3
12. 9
99. 8
119. 1
25.0
121. 9
29. 0
14. 0 107.9
129. 6
61. 2
1976: I
125.0
66.4
II
13.8 111.2
131.8
26.6
130. 5
III
67.2
14.4 116.0
28.8
137.6
IV
134. 2
125.6
15.4 110. 3
62.3
27.9
125. 6
15. 8 109. 8
133. 1
1977: I *
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
* Includes rest of the world, not shown separately.
8
3
adjusted annual rates]
Pro fits after tax
undistributed
profits
TT_
Profits
before
tax
Tax
liability
80.7
77.3
85. 6
83.4
71.5
82.0
96.2
115.8
127. 6
114. 5
147.9
126.9
131. 3
141. 1
146.2
150.2
154.2
156. 3
33.7
32.5
39.4
39. 7
345
37.7
41.5
48. 7
52. 4
49.2
64.4
54.8
57. 2
61. 4
63.5
65. 1
67. 4
68. 6
Total
Dividends
47. 1
44.9
46. 2
43.8
37.0
44. 3
54.6
67. 1
75.2
65. 3
83.6
72. 1
74. 1
79.7
82. 7
85. 1
86.8
87.6
19.4
20. 1
21.9
22. 6
22. 9
23.0
24.6
27.8
30. 8
32. 1
35. 1
32. 6
32. 2
33. 1
34.4
35.4
37.7
37.6
27.6
24.7
24.2
21.2
14. 1
21. 3
30.0
39.3
44. 4
33.2
48.4
39.5
41.9
46.6
48. 3
49.7
49. 1
50.0
Includes industries not shown separately.
Source: Department ol Commerce, Bureau ol Economic Analysis.
Inventory
valuation
adjustment
-2. 1
-1.7
-3,4
-5.5
-5. 1
-5.0
-6.6
-18.6
-39.8
-11.4
-14.6
-9.0
-12. 3
-11.5
-14. 4
-12.6
-20. 0
-23. 1
GROSS PRIVATE DOMESTIC INVESTMENT
business fixed investment rose $8.3 billion (annual rate) in the first quarter as investment in producers1 durable equipment rose $8.8 billion and investment in structures fell slightly. Residential outlays increased $4.7 billion. Inventory
investment, at $13.8 billion, was $12.1 billion above the fourth quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
120
_ NONRESIDENTIAL FIXED INVESTMENT
BILLIONS OF DOLLARS* (RATIO SCALE)
100
DURABLE EQUIPMENT
180
60
V~
140
STRUCTURES
I
40
I
I
I
I
I
J_J
L
BILLIONS OF DOLLARS* (RATIO SCALE)
BILL IONS OF DO .LARS*
40 -CHANGE IN BUSINESS INN^ENTORIES
xN
20
_
Ar
"^^\
-20
40
_
i i i
I
I
I
1974
1973
K
I
I i
1975
\/
_
50 -
i
i i
I
1976
i . I
1977
1973
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident ial fixed investmc;nt
Gross
private
domestic
investment
Period
19661967
1968
1969
1970
1971
1972
1973
1974_.__
__
1975___
1976
1975: III
IV
1976:1
II__ _
III
IV _ _ _ _
.977:1
__
_
124. 5
120. 8
131. 5
146.2
140.8
160.0
188.3
220. 0
215. 0
183.7
239.6
196.7
201. 4
229. 6
239.2
247.0
242.8
267.9
Struc tures
Total
81.4
82. 1
89.3
98.9
100.5
104. 1
116.8
136.0
149. 2
147. 1
160. 0
146. 1
148. 7
153.4
157.9
163.0
165.6
173.9
Total
Nonfarm
Total
Nonfarm
29.2
29.5
31.6
35.7
37.7
39.3
42.5
49.0
54. 1
52. 0
55. 3
51.8
52. 1
53.2
54.9
56. 0
57.0
56.6
28. 1
28.2
30.4
34.3
36. 1
37. 8
41. 1
46.9
51. 8
49.8
53.0
49.6
49. 9
51. 0
52.5
53. 7
54.8
54.4
52. 2
52. 6
57.7
63. 3
62.8
64. 7
74.3
87.0
95. 1
95. 1
104.7
94.3
96.6
100. 2
103.0
107. 0
108. 6
117.4
47.9
48.0
53.4
58.9
58. 1
59. 9
69. 1
80. 1
87. 2
86.9
95.9
86.7
88.0
91. 3
94. 1
98. 0
100. 2
107.8
Source: Department of Commerce, Bureau of Economic Analysis.
Prodijeers'
dur able
equip ment
Resid ential fix ed inves tment
Prn
Total
28. 7
28.6
34. 5
37. 9
36.6
49. 6
62.0
66. 1
55. 1
51.2
67. 7
52.6
57. 0
61.3
65.3
68.9
75.5
80.2
Nonfarm
struc—
tures
27. 4
27.2
33. 1
36.3
35.1
47. 9
60.3
64. 3
52.7
49.0
65. 1
50.2
54. 2
58.6
62. 9
66.3
72. 7
77.4
Farm ducers
struc- duro Hip
tures equipment
0.7
.7
.6
.7
.6
.7
.7
.6
1. 0
.8
1. 1
1.0
1. 4
1.2
.9
1.0
1. 2
1. 1
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.3
1.3
1.6
1.4
1. 4
1. 5
1.5
1. 6
1.6
1.7
Change in business inv entories
Total
14.3
10. 1
7.7
9.4
3.8
6.4
9. 4
17.9
10.7
-14. 6
11.9
-2.0
-4.3
14.8
16.0
15. 1
1. 7
13.8
Non-
farm
14.5
9.4
7.6
9.2
3.7
5. 1
8.8
14.7
12.2
-17.6
11.9
-4.2
-9.5
12.7
17.3
15.6
2. 2
13.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.7 percent in 1977, according to a survey conducted in January ai.
February. Spending rose 6.8 percent in 1976.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
20
1969
1977
1970
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c f plant
and equ ipment
proje cts 3
E?cpenditur€js for plan t and equ ipment
Mi mufacturi ng
Period
Total *
1970
1971
1972
1973
1974
1975
1976
1977 4
1976: I
II
III
IV
1977: I 4 4
II ___..
79.71
81.21
88. 44
99.74
112.40
112. 78
120. 49
134. 58
114.72
118. 12
122. 55
125. 22
129. 19
132. 71
2nd 4
half _ 137. 90
1
Total
31. 95
29.99
31. 35
38.01
46.01
47. 95
52. 48
59. 16
Durable
goods
N onmanuf aeturing
Nondurable
goods
Total
56. 17
57.90
15. 80
14. 15
15.64
19.25
22.62
21.84
23. 68
26.88
21.63
22.54
24.59
25. 50
25.33
26. 77
16. 15
15.84
15.72
18.76
23. 39
26. 11
28.81
32. 29
27.58
28.09
30. 20
28.93
30.84
31. 13
47.76
51. 22
57. 09
61.73
66. 39
64.82
68.01
75. 42
65. 51
67.48
67. 76
70.78
73.02
74.81
61.06
27. 60
33.46
76.84
49. 21
50. 64
54. 78
54. 44
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
' Includes trade, service, construction,finance,and insurance.
10
Mining
1. 89
2. 16
2. 42
2.74
3. 18
3. 79
4.00
4. 29
Trans- Public Comporta- utili- munication
tion
ties
4. 16
6. 04
4.93
5. 72
6.03
6.66
7.57
7.45
6.50
6.55
8. 24
7. 25
7.53
7.00
6.58
13. 14
15. 30
17.00
18. 71
20.55
20. 14
22. 28
26. 26
21.91
21.85
21. 67
23.46
24. 52
26. 20
4.37
6. 30
27. 02
3.83
3.83
4.21
4. 13
4. 26
10. 10
10. 77
11.89
12.85
13.96
12.74
13. 30
15.06
12.54
12.62
13.64
14.30
Commercial
and
other 2
16.59
18. 05
20.07
21. 40
22. 05
20.60
20.99
23.31
20.68
20. 94
20. 99
21.36
Manufacturing
Public
utilities
29. 18
28.00
35. 21
47.57
52. 49
48. 24
51.05
17.20
22. 22
28.60
38. 13
45. 74
34.50
29.66
11. 64
12. 77
13. 22
12.88
3. 43
8. 56
7. 54
10. 22
37. 25
37. 87
39. 15
s Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Expenditures estimates based on expected capital expenditures as reported b
business in late January and February 1977.
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 unemployment decreased by 327,000 in April while civilian employment increased by 548,000,
reachins 90 million persons. This is the second consecutive month in which employment increased by more than half
a million persons.
MILLIONS OF PERSONS*
100
MILLIONS OF PERSONS
100
5 -
1971
1970
1969
1974
1973
1972
1975
1976
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
Total
labor
Civilian
Civilian Unem- force
employ- ploy- (includ- labor
Period
force
ing
ment
ment
Armed
Forces)
1972
145, 775 81, 702 4,840 88, 991 86, 542
1973
148, 263 84, 409 4, 304 91, 040 88, 714
1974
150, 827 85, 935 5,076 93, 240 91,011
1975
153, 449 84, 783 7,830 94, 793 92, 613
1976-_ . 156, 048 87, 485 7,288 96, 917 94, 773
U nad justed
Noninstitutional
population
C ivilian e mploymerit
Unempl oyment
Nonagr; cultural
Total
Agricultural
Part-time
ecoTotal for
nomic
reasons *
Total
15
weeks
and
over
Labor
force
participation
rate
(per-2
cent)
81, 702
84, 409
85, 935
84, 783
87, 485
3,472 78, 230
2,408
3,452 80, 957
2, 311
3,492 82, 443
2,709
3,380 81, 403
3,490
3,272
3,297 84, 188
Seascmally adj usted
4,840
4,304
5,076
7,830
7,288
1, 158
812
937
2,483
2,339
61.0
61.4
61.8
61.8
62. 1
1976: Apr_
May.
June.
July.
Aug_
Sept_
Oct..
Nov.
Dec_
155,
155,
155,
156,
156,
156,
156,
157,
157,
516
711
925
142
367
595
788
006
176
86, 584
87, 278
88, 460
89, 608
89, 367
87, 949
88, 697
88, 542
88, 494
6,890
6,304
7,655
7,577
7,323
7,026
6,833
7, 095
7,022
96, 520
96, 693
96, 841
97, 329
97, 498
97, 387
97, 449
98, 020
98, 106
94,
94,
94,
95,
95,
95,
95,
95,
95,
376
551
704
189
351
242
302
871
960
87, 329
87, 640
87, 533
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441
3,398
3,332
3, 313
3,333
3,372
3,278
3,310
3,248
3,257
83, 931
84, 308
84, 220
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184
3, 194
3,287
3, 150
3, 136
3, 178
3,376
3,448
3,545
3,454
7,047
6,911
7, 171
7,406
7,517
7,448
7,564
7,651
7,519
2, 103
2,042
2, 173
2,247
2,341
2,311
2,360
2, 517
2,514
62. 1
62. 1
62. 1
62.3
62.4
62.2
62.2
62.4
62.4
i077: j an __
Feb..
Mar.
Apr__
157,
157,
157,
157,
381
584
782
986
86,
87,
88,
89,
7,' 848
8, 109
7, 556
6,568
97, 649
98, 282
98, 677
98, 892
95,
96,
96,
96,
516
145
539
760
88,
88,
89,
90,
3,090
3,090
3, 116
3, 260
85, 468
85, 872
86, 359
86, 763
3,320
3,438
3,276
3, 174
6,958
7, 183
7,064
6, 737
2,283
2, 182
1,923
1, 816
62.0
62.4
62. 5
62. 6
856
231
215
258
1
Persons at work in nonagrieulturaJ industries.
2
Total labor force as percent oi noninstitutional population 16 years of age and
over.
558
962
475
023
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The unemployment rates for nearly all demographic groups declined in April as the seasonally adjusted unemployment rate fell to its lowest level in 29 months, 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1976
1973
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Uneiriploymeiit rate (p>ercent of civilian labor force in gr oup)
Total
(all
civilian
workers)
Period
1972. _._
1973
1974
1975
1976
1976: Apr
May.,
June
July
Aug_
Sept
Oct___
Nov
Dec.
1977: Jan
Feb
Mar
Apr___
.
_
.
_
__
5.6
4.9
5.6
8.5
7.7
7.5
7.3
7.6
7. 8
7.9
7.8
7.9
8.0
7.8
7.3
7.5
7.3
7.0
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
5.4
4. 8
5.5
8.0
7.4
7.3
6.8
7.2
7.6
7.8
7.6
7.6
7.6
7.4
6. 9
7.2
7.2
7. 0
4.0
3.2
3.8
6.7
5.9
5.5
5.6
5.9
6. 1
5.9
6. 1
6.2
6.3
6.2
5.6
5.8
5.4
5. 0
I3y select ed group s
By <3olor
By s ex and a ge
16. 2
14. 5
16.0
19. 9
19. 0
19.3
18.5
18.4
18.2
19.6
18.8
19.0
19. 2
19. 0
18.7
18.5
18.8
17.8
White
Black
and
other
5.0
4. 3
5.0
7.8
7.0
6.8
6.7
6.8
7. 1
7. 1
7.2
7.2
7.3
7. 1
6.7
6.7
6.6
6.3
10.0
8.9
9.9
13.9
13. 1
13. 0
12.3
13.4
12. 9
13.6
12. 8
13.4
13.5
13.4
12.5
13. 1
12. 7
12. 3
Experienced Housewage
hold
and
salary heads
workers
Fulltime
workers
Parttime
workers
3.3
2.9
3.3
5.8
5. 1
4.8
4.9
5. 1
5. 3
5.2
5.4
5.4
5.3
5. 1
4.8
4.9
4.6
4.4
5. 1
4.3
5. 1
8. 1
7.3
7.0
6.9
7.2
7.3
7.5
7.5
7.6
7.6
7.5
6.7
6.9
6.7
6.5
8.6
7.9
8.6
10.3
10. 1
10.6
10. 1
9.2
10.6
10.0
9.6
10.3
10.5
9.8
10.2
10.7
11. 1
9. 9
5.3
4.5
5.3
8.2
7.3
7.1
7. 1
7.2
7.4
7.5
7.4
7.5
7.6
7.4
7.0
7. 1
6.9
6. 5
i
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time
lost
(per-1
cent)
6.0
5.2
6. 1
9. 1
8.3
8. 1
8. 1
7.9
8. 1
8.4
8.4
8.6
8.6
8.4
8.0
7.9
7.8
7.4
BELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The seasonally adjusted decline in unemployment of 327,000 in April was accompanied by decreases in the proport! Dn of job losers and job leavers.
PER CENT D1STRIBUT ION*
PEF?CENT DISTRIBUT ION*
DURATION OF UNEMPL OYAAENT
REASON FCDR UNEMPLC>YMENT
60
60
r^\
40
JOB LOSERS
/
/ n
l
^X
^
y^v
-^
5-14
WEEKS
V
'v
*-w\/^r
^
**'*
20
..»..,..,
\
«**?**
15-26
WEEKS
P&».
tltf
\,«««
.»'»«"1§"""^
. .
NEW ENTRANTS
0
I I I 1 I 1 I | i LI
| |! 1 I 1 1 1 I 1 1
i i i i i 1i i i i i
1974
1975
1976
i ii i i I i ii ii
1977
0
^AJ
f
- ^/
A
v\
A/-,
^v
%'V
'^
20
JOB LEAVERS
/
-A^~/
U— /
40
REENTRANTS
K
LESS THAN
5 WEEKS
i i i i i !i i i ii
1974
s..<\*/
/ s\s \
<* s
-•A
/
^^ •%.
V
V
27 WEEKS
AND OVER
i , i| ,i i i .ti
1975
. . . . . I i i ij_LJ
1976
1977
'SEASONALLY ADJUST ED
SOURCE: DEPARTMENT O LABOR
Period
1972
1973
1974
1975
1976
1976: Apr_ _
May_
June_
JulyAug__
Sept__
Oct___
Nov__
Dec__
1977: Jan___
Feb__
Mar*>_
Apr*>__
Unemployment
(thousands)
4,840
4, 304
5,076
7,830
7,288
7,047
6,911
7, 171
7,406
7,517
7,448
7, 564
7, 651
7,519
6,958
7, 183
7, 064
6, 737
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percer it distrib ution of unemPercer it distrib ution of unern1
State p ro grams Insured
unem- Special
plo yment by durati(m 1
pl oyment Dy reasoii
unemployment,
ployall
ment
27 Insured
Less
New
regular
benefit
5-14
15-26 weeks unem- Initial
Job
ReenJob
than 5 weeks
enpro- 3 claims 3
ploy- claims
weeks
and
losers leavers trants trants
weeks
(unadgrams
over
ment
(unad- justed)
justed)
Weeskly aver age, thornsands
11. 6 1, 848
43.2
12. 3
45.9
2, 192
29.8
13.9
261
13.1
30. 1
7.8 1,632
51.0
15. 7
38.7
246
1,793
30.7
30. 1
14.9
11.0
7.3 2,262
43.4
28.4
11. 1
363
14.9
50. 6
13. 3
2,558
31. 0
15.2 3,992
55.4
478
10. 4
31.3
16.5
4,943
37.0
23.8
10. 4
1, 173
18.3 2,968
12.2
382
12. 1
38. 3
3, 822
49. 8
29.6
13. 8
1, 152
26. 0
19.8 2,727
49.2
42. 7
12.0
12. 6
3,917
1, 125
26. 2
364
27. 2
10. 2
17.5 2, 825
49.9
25.2
12.2
12.7
12.5
392
3,564
41.0
993
29. 0
17.9 2, 916
12. 6
12.7
38.4
25.5
11.7
1, 145
50. 3
402
3,457
31. 1
13.0
16. 4 3,045
50.9
411
28.8
3, 642
1,379
25. 4
10.7
14. 6
40. 3
14.7
15. 9 3, 183
12.9
12. 4
1,327
37. 5
49. 3
416
31. 8
3, 446
25. 3
12. 5
15. 7 3, 260
12. 3
421
25.5
32. 0
14. 7
986
37. 6
49. 7
3, 235
16.5 3,263
12. 5
11. 9
421
30.8
14.2
853
50.0
3,217
38. 4
25.6
11.2
862
15. 3
17. 1 3, 160
32. 1
388
35. 5
12. 0
3,453
49. 8
27.0
18. 2 2, 969
11. 1
903
26.2
14. 9
361
50. 0
12. 6
30. 5
3, 884
36. 4
17.5 2,781
13.2
409
38. 7
14. 6
45. 6
12. 9
4, 442
823
28. 3
29. 2
17.4 2,774
13.4
419
39. 5
29.7
911
47.5
13. 1
4, 447
11.9
27.5
11. 1
335
42. 8
44. 4
16. 3 2, 564
3,969
14. 2
13.0
28.4
29.9
901
784
12. 5
16. 3 2, 489
363
45. 8
43. 6
14. 4
27. 4
10. 6
3,506
29. 5
3
1 Detail may not add to 100 percent because of rounding.
FSB and SUA. These programs started January 1975 and regular reporting
2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicebegan March 1975.
men (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Source: Department of Labor (Bureau of Labor Statistics and Employment
Federal and State extended benefit programs. Does not include FSB (Federal
and Training Administration).
-i Q
supplemental benefits) and SUA (special unemployment assistance).
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment increased by 272,000 in April. There were large increases in employment
in contract construction, nondurable goods manufacturing, and services.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90'|
18
WHOLESALE AND RETAIL TRADE
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
16
X4—::::
. ™r ---"-r
GOVERNMENT
70
14
„„„..""""
SERVICES
,,,.•"<*"
12
60
"SERVICE-PRODUCING"
INDUSTRIES
22
AAANUFAC TURING
50
-
.«,•.»**"
20
\
-
^^
*
40
*«
.-"
.-'1
18
in i i i 1 1 i i i i i i 1 1 1 1 i i M 1 i i i 1 1 I 1 1 i i i 1 1 I i i 1 1 1 1 1 1 i i i i i 1 i i M ib
30
-GOODS-PRODUCING INDUSTRIES
* -
"' • •
~
"7=1
•X*
"
CONTRACT ( ONSTRUCTIO N
20
41 i i 1 1 I ! 1 ! 1 I
1973
1975
1974
1977
1976
1974
1973
I I i i I I i i i i i 1 1 i i i I i i i 1 1 M i l l I I I I I IV
1977
1975
1976
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF E CONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
C;roods-pr(educing i ndustrie 3
Period
1972
1973
1974
1975
1976
1976: Apr__
May.
June_
July__
Aug_._
Sept..
Oct__
Nov__
Dec__
1977: Jan__
Feb__
Mar p _
Apr*>_
Total
nonagricultural
employ- Total 2
ment
73,714
76, 896
78, 413
77, 051
79, 443
79, 312
79, 319
79, 368
79, 513
79, 618
79, 918
79, 819
80, 106
80, 344
80, 561
80, 824
81, 372
81, 644
23, 546
24, 727
24, 697
22, 603
23, 332
23, 403
23, 381
23, 357
23, 344
23, 310
23, 463
23, 323
23, 489
23, 508
23, 589
23, 701
23, 985
24, 151
Contract
construction
3,831
4,015
3,957
3,512
3,594
3,620
3,605
3,592
3,608
3,579
3, 565
3,582
3,619
3,605
3,561
3, 645
3,746
3,822
Service-pi oducing IndustrieS3
Trans- Whole- Finance,
Gover nment
porta- sale
insurtion
ance,
and
Non- Total
State
and
and Services
retail
Total Durable
durable
Federal and
public
real
goods goods
trade
local
utilities
estate
Mamufactui ing
19, 090
20, 068
20, 046
18, 347
18, 956
19, 008
19, 000
18, 984
18, 945
18, 979
19, 100
18, 941
19, 065
19, 095
19,211
19, 233
19, 399
19, 481
11, 006
11,839
11,895
10, 679
11, 026
11,016
11, 062
11, 059
11, 034
11, 083
11, 146
11, 018
11, 128
11, 158
11,236
11, 230
11, 369
11, 392
8,084
8,229
8, 151
7,668
7,930
7,992
7,938
7,925
7,911
7,896
7,954
7,923
7,937
7,937
7,975
8,003
8, 030
8,089
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay lor any part ol the pay period
which includes the 12th oJ the month. Excludes proprietors, self-employed persons, domestic servants, and personnel oi the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment ol the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
50, 167
52, 169
53, 715
54, 448
56, 111
55, 909
55, 938
56,011
56, 169
56, 308
56, 455
56, 496
56, 617
56, 836
56, 972
57, 123
57, 387
57, 493
4,517
4,644
4,696
4,498
4,509
4,510
4, 503
4,482
4,508
4, 501
4,528
4,506
4,519
4,553
4,549
4,553
4,567
4, 575
15, 975
16, 674
17, 017
17, 000
17, 694
17, 662
17, 663
17, 664
17, 737
17, 764
17, 839
17, 824
17, 808
17, 898
17, 981
18, 067
18, 172
18, 196
3,943
4,091
4,208
4,223
4,316
4,289
4,282
4,301
4,312
4,312
4,338
4,359
4,381
4,403
4,423
4,431
4,450
4,467
12, 392
13, 021
13, 617
14, 006
14, 644
14, 536
14, 567
14, 610
14, 664
14, 751
14, 798
14, 819
14, 873
14, 936
15, 010
15, 068
15, 153
15, 200
2,684
2,663
2,724
2, 748
2, 733
2, 733
2, 730
2,728
2, 723
2,732
2,728
2,730
2,734
2,720
2,721
2,721
2,725
2,724
10, 655
11,073
11,459
11, 973
12, 215
12, 179
12, 193
12, 226
12, 225
12, 248
12, 224
12, 258
12, 302
12, 326
12, 288
12, 283
12, 320
12, 331
are not at work because oi industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based rreports
from employing establishments.
1
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural l
Period
Manufacturing
Overtime
Total
private
nonagricultural l
Manufa LCturing
Total
Adjusted h ourly earnin gs index2 — tc>tal private
nonagricultural
Averag e gross
hourly €earnings
Aver age weekly '.lours
Percent ch ange from
a year (earlier 4
Index, 1<)67=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
1968
1969
1970
1971
1972 .
1973
1974
1975
1976
37. 8
37. 7
37. 1
37. 0
37. 1
37. 1
36. 6
36. 1
36.2
40. 7
40.6
39.8
39.9
40. 6
40. 7
40.0
39. 4
40. 0
3.6
3.6
3.0
2.9
3. 5
3.8
3.2
2.6
3. 1
$2.85
3. 04
3.22
3. 44
3. 67
3.92
4. 22
4. 54
4.87
$3.01
3. 19
3.36
3. 57
3. 81
4.08
4. 41
4.81
5. 19
106.2
113.2
120.7
129. 2
137.7
146.5
158.5
172.5
185.0
101.9
103. 1
103.8
106.6
109. 9
110.0
107.3
107.0
108.5
6. 2
6. 6
6. 6
7. 1
6. 5
6. 4
8. 2
8. 8
7.3
1.9
1.2
.7
2.7
3. 1
.2
-2.5
-.3
1. 4
1976: Apr
May __ _
June
July
Aug
Sept
Oct
Nov.
Dec
36. 1
36. 3
36. 1
36. 1
36. 1
36. 0
36. 1
36.2
36.2
39. 4
40. 3
40. 2
40. 1
40. 0
39.7
39. 9
40. 1
40.0
2.6
3. 3
3.2
3. 1
3.0
3.0
2. 9
3. 1
3.2
4. 79
4. 84
4.85
4.88
4.91
4.92
4. 95
5.00
5. 02
5.08
5. 13
5. 16
5.21
5.25
5. 29
5.29
5.34
5. 38
182.4
183.6
184.3
185.6
186.8
187.5
188. 4
189.7
190. 6
108. 3
108.3
108.3
108.5
108.7
108. 7
108.9
109.3
109.4
7.6
7. 7
7.2
7.3
7. 1
7. 1
6.8
6.7
6.9
1.5
1. 4
1.2
1.8
1. 4
1.5
1.5
1. 6
1.9
1977: Jan
Feb
Mar J> _
Apr»_
35. 8
36.3
36.2
36.2
39.5
40.3
40. 4
40. 2
3.2
3. 3
3.3
3. 4
5.
5.
5.
5.
5.43
5.43
5.50
5. 53
192.7
193.2
194. 1
195.2
109.7
109.0
108. 8
108. 6
7.3
7.0
7.0
7.0
2. 1
L0
.6
.2
07
09
12
16
AVERAGE WEEKLY EARNINGS—PRIVATE KONAGRICULTUFAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagncu tural l
Period
Current
dollars
1968
1969
1970
1971
1972_
1973
1974
1975__
1976
„
_
1976: Apr
May
June
July
Aug,. _ __ _ _
Sept
Oct
Nov__
Dec
_
1977: Jan
Feb
Mar P
Apr v
_ _
_
Manufacturing
1967
dollars 3
Retail
trade 5
Current
dollars
<Current dollars
1967
dollars
$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
$164. 49
181. 54
195. 45
211.67
222. 51
235. 69
249. 08
265. 35
284.93
$74. 95
78.66
82. 47
86.61
90.99
95. 57
101. 04
108. 22
113. 96
5.8
6. 4
4.2
6. 5
7. 0
6.8
6.2
6. 1
7.6
1.5
1.0
1.6
2. 2
3.6
.5
-4. 3
-2.8
1.7
172. 92
175. 69
175. 09
176. 17
177. 25
177. 12
178. 70
181. 00
181. 72
102. 68
103. 65
102. 87
103. 02
103. 17
102. 74
103. 29
104. 32
104. 32
200. 15
206. 74
207. 43
208. 92
210. 00
210. 01
211. 07
214. 13
215. 20
283. 12
284. 19
286. 46
286. 71
284. 83
276. 79
289. 45
292. 09
291. 69
113. 43
113. 02
112. 29
113. 60
114. 24
115. 56
115. 84
116. 75
118. 50
7.5
8.7
7.8
7.9
7.0
6.6
6.9
6. 5
6.7
1.3
2.4
1.8
2.3
1.3
1.0
1.5
1.5
1. 8
181.
184.
185.
186.
103.
104.
103.
103.
214.
218.
222.
222.
281.
297.
290.
293.
117. 55
119. 25
119. 94
119.94
5.6
7. 1
7.4
7.8
.4
1.0
.9
1. 0
51
77
34
79
37
21
89
89
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
4
Monthly changes based on indexes to two decimal places.
90-545 O—77
3
Contract
construction
Percent chzinge from a
year e arlier,
total prh/ate nonagncu Itural 6
49
83
20
31
08
86
77
46
5
6
Includes eating and drinking places.
Based on unadjusted data.
NOTE.—Data for adjusted hourly earnings index revised beginning 1964.
Source: Department of Labor, Bureau of Labor Statist! cs.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons 2
OutiHit1
Output ] 3er hour
of all p ersons
Unit labor
CO sts
Compensation
per 1"lour 3
Implici t price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
prinonnonpriprinonnonnonnonprivate
private
private
vate
vate
farm
vate
farm
farm
farm
farm business farm
business
business business
business business business business business business business
business
Period
1967 == 100; quairterly dat«a, seasonsilly adjusl,ed
1966
1967
1968...
1969
98.0
100.0
105. 1
108. 3
98. 1
100.0
105.4
108.6
100.3
100.0
101.7
104. 5
100.0
100.0
102. 1
105.3
97.8
100.0
103.3
103.7
98. 1
100.0
103.2
103. 1
94.7
100. 0
107.6
115. 1
94.5
100. 0
107.3
114.3
96.8
100. 0
104 1
111.0
96.4
100. 0
103.9
110.9
97.2
100. 0
103.9
108.8
96.8
100.0
104 0
108.7
1970
1971
1972
1973
1974
„_
107.4
110. 3
117.6
124. 5
120.8
107.4
110.3
117. 9
125.0
121. 1
102.8
102.3
106. 0
110. 1
110.6
104. 0
103.7
107. 6
112.2
112.7
104.5
107.8
111.0
113. 1
109.2
103.2
106.3
109. 5
111.4
107.5
123.3
131.5
138.9
150.3
164 3
121.9
129.9
137.4
148. 1
162.0
118. 1
121.9
125,2
132. 9
150. 4
118. 1
122.2
125. 5
133.0
150.8
113.9
118.9
123. 2
130.3
143.8
1140
119.2
122. 9
128.0
142.0
1975
1976
-.
118. 1
126. 1
118.0
126.2
106. 1
108.9
108.0
111.4
111.3
115.7
109.2
113. 2
179.9
193.7
177.4
190.5
161. 6
167.4
162.4
168.2
157.5
1646
156.4
163.9
1975: I
II
III
IV
114.2
116.7
120. 1
121.2
114.4
116.6
119.9
121.3
105.7
104. 9
105.9
107.5
107.8
106.9
107.7
109.7
108.1
111.2
113.4
112.8
106.0
109.0
111.4
110.6
176. 1
178.7
180.8
1842
173. 1
176. 1
178.9
181. 4
162.9
160.7
159.5
163.3
163.3
161.5
160.6
164 1
154.5
155. 9
158.4
160.9
1540
155. 0
157.0
159.3
1976: I
II
III
IV
124.2
125. 8
126. 8
127.5
124.3
126.0
126.9
127.5
108.2
108.9
108. 9
109.5
111.0
111.2
111. 3
112.2
114.7
115.5
116.3
116.4
112.0
113.2
114.0
113.6
188.8
191.8
195.3
199.2
185.4
188.9
192. 1
195.4
1646
166.0
167. 8
171. 1
165. 4
166.8
168.5
171.9
161.7
163. 8
165.4
167.4
161.0
162.5
1648
167.2
130.0
130. 1
110. 4
113. 3
117.8
114.8
204.4
200. 2
173.6
1744
169.4
168.6
_
1977: I
Perceiat change ; quarterlyy data at seasonal y adjuste d annual rates
1966
1967
1968
1969
5.5
2.0
5. 1
3.0
6. 0
1.9
5.4
3.0
2.3
-.3
1.7
2.7
3.3
.0
2. 1
3. 2
3.2
2.3
3.3
.3
2.5
1.9
3.2
-.2
7.0
5.6
7.6
7.0
6.1
5.8
7.3
6.5
3.7
3.3
41
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
47
2.9
3.3
40
45
1970.
1971
1972
1973
1974_
—.9
2.8
6.6
5.9
-3.0
-1. 1
2.7
6.9
6.0
-3. 1
-1.6
-.4
3.6
3.9
.4
-1. 2
-.3
3.7
4.3
.4
.7
3.2
2.9
1.9
3.4
.2
2.9
3.0
1.7
-3.5
7.2
6.6
5.7
8.2
9.3
6,7
6.6
5.8
7.8
9.4
6.4
3.2
2.7
6.2
13.2
6.5
3.5
2.7
6.0
13.4
47
4.4
3.6
5.8
10.3
49
45
3. 1
41
11.0
1975__.
1976
-2.3
6.8
-2.6
6.9
-4.1
2.7
-4.1
3.1
1.9
40
1.6
3.7
9.5
7.7
9.5
7.4
7.5
3.6
7.7
3.6
9.5
45
10.1
48
1975: I
II
III
IV
-11.2
8.9
12. 3
3.6
-11.3
7.9
12. 1
4.5
-12.5
-2.7
3.9
5.9
-12,3
-3.5
2.9
7.6
1.4
12.0
8.1
-2. 1
1. 1
11.8
8.9
-2.8
12.9
6.1
4.8
7.6
11.6
7.1
6.4
5.8
11.3
-5.2
-3.1
10.0
10.4
-42
-2.3
8.9
11.3
3.5
6. 6
6.6
13.5
2.6
5.3
6.2
1976: I
II
III
IV
10.2
5.5
2.9
2.3
10.5
5.4
3.0
1.9
2.9
2.6
.1
2.1
4.8
1.0
.4
3.2
7.0
2.9
2.9
.3
5.4
4.4
2.6
-1.2
10. 4
6.5
7.5
8.2
9.0
7.7
7.1
7.0
3.1
3.5
45
8.0
3.4
3.2
43
8.3
2. 1
5.2
3.9
5.0
43
3.6
5.8
5.9
8.0
8.3
3.2
41
47
41
10.9
10.3
5.9
6.0
48
3.5
1977: I
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
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 0.8 percent in April following a 1.4 percent increase in March. Relatively large gains
were widespread, except for automobile production, which declined following a sharp rise in March.
INDEX, 1967=100* (RATIO SCALE)
180
UTILITIES AND MINING PRODUCTION
INDEX, 1967=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
120
*0*
MINING
100
di
ill
1973
MANUFACTURING PRODUCTION
1974
1975
i n I ii
1976
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
1974
1973
1975
1977
1976
1973
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total iiidustrial
prodiiction
Percent
Index, change
1967=
from
100
year
earlier
Period
1967 proportion
1971
1972
100. 00
..
1973___
1974
1975
1976
1976: Apr
May
___
June
July
Aug
Sept
Oct.
Nov
Dec
1977: Jan_._
Feb.-v
Mar
Apr *
109.6
119.7
129.8
129.3
117.8
129.8
128,4
129.6
130. 1
130.7
131.3
130. 8
130.4
131.8
133. 1
132. 1
133.2
135.0
136. 1
1.7
9.2
8.4
-. 4
-8.9
10.2
14.0
14. 0
11.8
10.4
8.5
7. 1
6.7
6.7
7.0
5. 1
4.6
5.4
6.0
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try produ ction ind exes, 196 7=100
M,anufacturi ng
Total
Durable
Nondurable
87.95
108.2
118.9
129.8
129.4
116. 3
129.4
128.5
129.6
130.2
131.0
131.6
130.7
129.9
131. 9
132.8
131.5
132.9
134.8
135. 9
51.98
102.4
113.7
127. 1
125.7
109.3
121.4
120. 1
121.7
122. 3
124. 2
125. 1
122.4
121.5
123. 8
125.2
123. 0
123.9
126.4
127. 5
35.97
116. 6
126. 5
133.8
134. 6
126.4
141.0
140.7
140.9
141.3
141. 1
140.9
142.6
142. 2
143.5
143.7
143. 7
145. 7
146.8
147.9
Utilities
6. 36
109. 8
113. 1
114. 7
115.3
112.8
114 1
113.5
113.0
114.4
112.5
114.4
115.7
116.7
116. 2
116. 2
113.2
114.3
118. 8
118.5
5. 69
130.5
139.4
145.4
143.7
146.0
151.7
150.8
153.0
151.2
150.8
151. 3
150. 1
151. 2
154.0
155.5
161. 5
159. 3
156.2
157.0
ing
(Output as percent of capacity.
'Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are
quarterly data.
3
Mining
iitilization
Manuf acturing cjapaeity
rate, p<^rcent l
Federal Reserve
sen es
ComWharTotal
merce2
ton
manu- Mate- series
series 8
rials
factur-
78.0
83. 1
87.5
84.2
73.6
80. 1
79.8
80.3
80.5
80.9
81. 1
80. 4
79.7
80.8
81.2
80.2
80.8
81.8
82.2
83 1
88.0
92.4
87.7
73.6
80.3
80. 1
80.8
80.8
81. 2
81.6
81.0
80.3
80.3
80.1
79. 1
80. 1
81. 2
82.0
80
83
86
83
77
81
86.4
91.8
97. 1
93.0
80.4
87.6
82
87.8
80
88.2
81
87.9
88. 4
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]
Prociucts
Final products
Coiisumer go ods
Period
Total
1967 proportion
1969
.1970
1971.
1972
1973___
1974
1975—
1976
_1976: Apr
.
May
June
July
Aug^ _-.
Sept
- -- Oct ..
Nov
_
„_ _
Dec._
1977: Jan...
Feb p
Mar
Apr *»__
47.82
109.6
105.3
106. 3
115.7
124.4
125. 1
118. 2
127. 3
126.3
127.3
127. 6
127.6
128.3
127.4
127,4
129.8
132, 1
130.8
131.7
133.4
134. 1
Equij>ment
NonDurable durable
goods
goods
Total
Intermlediate
prod ucts
Total
Business
Total
12.63
112. 5
107.0
104. 1
118. 0
134.2
142.4
128. 2
136. 1
134. 1
134.6
135. 0
136. 9
137.7
137.5
135. 9
140.2
143. 2
142. 0
143.0
144.6
145. 7
12.89
112. 9
112.9
116.7
126. 5
137. 2
135. 3
123. 1
136.8
134.7
135.0
135.9
137. 6
137.8
138.7
138.3
138.8
139.8
141.8
141. 7
141.4
142. 1
27. 68
7. 89
19. 79
20. 14
109. 8
109.0
114. 7
124.4
131.5
128.9
124.0
136.8
136. 1
137.4
137.8
136. 8
137. 5
136.2
136. 9
139. 1
142. 0
140.2
141. 1
143.3
143. 8
115. 0
106. 1
118.8
133.8
146. 2
135. 3
121. 4
141. 5
141. 1
143.2
144.2
141. 8
143.7
138.4
139.4
143.7
151.2
145. 1
146. 1
153.8
153. 4
107.7
110. 1
113. 1
120. 6
125.6
126. 3
125. 1
134.9
134.0
135. 1
135. 1
134.8
134.9
135. 3
135.8
137. 1
138. 4
138.3
139.0
139. 1
140.0
109.3
100. 1
94.7
103.8
114.5
120.0
110.2
114. 3
112.9
113. 5
113. 8
114. 9
115.7
115.2
114. 4
116.9
118. 6
117.8
118.6
119.5
120. 8
Materials
Construction
su pplies
Supplementary
ou :
P
lergy
total
f
6.4$
89. 29
12. 2$
112. 3
111. 0
116.8
128. 4
139.8
134. 5
116. 3
132.0
128.0
130.9
131.8
133. 1
134. 1
134.3
134.0
135.7
135. 5
136. 1
135.7
136.0
136.9
112.5
109.2
111. 3
122.3
133.9
132.4
115.5
130.5
129. 2
130.6
131. 1
132.2
133.0
132.5
131.6
131.9
131.9
130.7
132.6
134.7
136.3
111. 1
117.0
119. 5
125. 2
128. 3
125.5
125. 5
129.0
128,2
129.3
129. 7
128.4
129.0
128.6
128.6
130.7
132. 2
133.0
131.7
132.6
132. 1
[1967=100, seasonally adjusted]
Diirable m anufactu res
Primaryr metals
Period
Total
Transportation
equip ment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Foods
4.81
5.9S
9. u
8.05
9.27
4.50
1. 64
112.6
104.7
96. 1
107. 1
122.3
119. 8
95.8
104.4
107.9
102.4
103.5
112. 1
124.7
124. 2
109. 9
123.3
109.3
104.4
100. 2
116.0
133.7
140. 1
125. 1
134.7
111.9
108. 1
107.7
122.2
143. 1
143.8
116.5
131.7
108.4
89.5
97.9
108. 2
118. 3
108.7
97.4
110. 6
116.5
92. 3
118.6
135.8
148.8
128.2
111. 1
140.7
107. 9
105.6
113. 8
120.8
126.0
116. 2
107.6
125. 1
S.31
106. 7
101.4
104.7
109. 4
117.3
114.3
107.6
126. 1
4. 72
107.4
107. 0
107. 1
112.7
118.2
118.2
113.3
120. 7
7.74
118.4
120.4
125. 9
143.6
154.5
159.4
147.3
169.4
8. 75
106. 1
108. 9
112.8
116.8
120.9
124.0
123.4
132. 0
105. 4
113. 2
111.5
.. 116.9
118. 6
114. 1
109.9
107.3
102.7
103.5
110.7
110.0
115. 3
116.2
110.3
105. 1
103. 1
95.6
121.5
121.4
124. 0
124. 6
125.8
126.6
123.5
126.7
128.2
133.5
134.0
133. 5
135. 0
136.4
136. 8
134. 1
137.5
141. 2
130.0
131.8
132. 0
131.0
135. 3
133. 7
135.0
135. 8
135.6
110.6
112. 9
112.6
113.3
115. 0
104. 4
104.7
112. 7
118.2
141.3
144. 3
146. 5
148. 5
150.6
130.2
129.3
145.8
156.4
122.8
123.0
120. 3
124. 6
128. 1
128.7
130.7
129.0
127.5
126. 1
130.3
126.8
125.6
123.7
122.5
126.4
125. 9
128.0
122. 0
120.5
119.7
122. 0
120. 6
120.6
119.2
119. 3
123. 1
168.7
166.6
170.0
167.6
170.4
170.5
170.6
174.2
173.5
129. 2
131.2
130.5
131.8
133.4
135.7
134.7
134.7
134.3
89.8
91.8
98.0
102. 1
125.7
125. 9
127. 6
129. 6
139.5
139.8
140.3
141. 7
134.0
137.6
138.5
140. 3
113. 5
113. 4
120.2
118. 1
145.5 132.7
145.4 132. 2
160.8 132.0
156. 9 1
123. 6
125.3
124. 3
123.0
123.0
123.2
172.0
175.0
176. .8
135.5
137.6
138. 8
100.0
100.6
106.2
109.8 !
Source: Board of Governors of the Federal Reserve System.
Electrical
machinery
6.57
1977: Jan
Feb
Mar »_ . '
Apr *
„ _
18
Nonelectrical
machinery
113.8
106.6
100.2
112. 1
126. 7
123. 1
96. 4
108. 0
1967 proportion
1969
1970
1971
1972
1973
1974
1975
1976
1976: Apr
May
June
July
Aug..
Sept-. .
Oct
Nov
Dec
Iron
and
steel
Fabricated
metal
products
Non durable manufac iures
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Residlential
Total
Total *
Commercial and
industrial
New
housing
unites
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bi] lions of doll ars
1970___
1971
1972
1973
1974
1975
1976
94.9
110. 0
124. 1
137. 9
138.5
132. 0
144.8
66.8
80. 1
93.9
105.4
100.2
93. 0
108.4
31.9
43. 3
54.3
59. 7
50. 4
46.5
59.9
16. 3
17.0
18. 1
21. 7
23.8
20.8
19. 5
24. 3
35. 1
44.9
50. 1
40. 6
34.4
46.7
18. 6
19.8
21.5
24. 0
26. 0
25. 7
29.0
28. 1
29.9
30.2
32. 5
38.3
39.0
36.4
Seasonally
adjusted
Seasonally / adjusted armual rates
1976: Mar
Apr
May
June___
July
Aug
Sept
Oct___.
Nov
Dec
1977: Jan
Feb*p
Mar
__
145. 1
144. 5
143. 4
145.4
140. 9
141.9
146.6
148. 5
152.8
152.2
137. 1
149. 0
157.3
107. 1
106.6
107. 2
106.5
104. 1
104.5
109.0
114. 5
118.8
118.9
107.2
116.5
124.3
58. 1
58.9
58. 8
58.7
57.0
55. 2
59. 1
65. 4
69. 2
70.0
63.4
69. 1
74. 3
21.0
19.8
19. 3
18.7
18.7
19.9
19.7
19.0
19. 0
19.3
18.3
18.8
20.5
43.8
44. 2
43.9
45.4
46.9
46. 5
48.8
51. 1
52.7
54.3
50.0
56.6
61.4
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123. 1
145. 4
165.3
179. 5
169.7
167.9
194. 1
28. 0
27. 9
29. 1
29. 1
28. 5
29. 4
30. 2
30. 1
30.6
29.7
25. 5
28.5
29. 5
38.0
37.9
36.2
38.9
36.8
37.3
37. 6
34.0
34. 1
33.3
29.9
32.5
33.0
192
208
205
187
215
186
203
237
186
183
203
207
207
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
628
634
632
646
627
609
582
618
631
658
643
615
809
Note.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
IsJew private housing unilbs
Period
1969
1970
1971
1972
1973
1974
1975
1976
Units started, by type of striicture
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
85. 0
84.8
120. 3
141.3
118. 3
68. 1
64.0
85.9
5 or more
units
571.2
535.9
780. 9
906.2
795. 0
381.6
204.3
289.2
New priv ate homes
Vacancy
rate for
Homes for
rental
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
939.2
1, 280. 5
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
431
1,294
1,399
1,373
1, 317
1, 380
1,402
1, 339
1,399
1,444
1, 416
1,642
1,659
604
551
595
606
656
714
728
694
808
815
864
807
392
402
406
410
410
415
420
429
431
432
435
438
Homes
sold
5.5
5.3
5.5
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted armual rates
1976: Apr
May
June
July
Aug.— . _ _
Sept
Oet
Nov
Dec
1977: Jan
Feb 9
i
Mar *__
Apr *_
1
2
1,385
1, 435
1,494
1,413
1, 530
1,768
1, 715
1,706
1, 889
1, 384
1,802
2,114
1,875
1, 071
1,091
1, 122
1, 129
1, 172
1,254
1, 269
1,236
1,324
1,006
1,424
1,520
1,444
Seasonally adjusted.
Quarterly data entered in last month of quarter.
77
88
75
72
83
106
98
98
120
103
120
116
107
237
256
297
212
275
408
348
372
445
275
258
478
324
1,082
1, 158
1, 150
1,215
1,296
1,504
1,492
1,590
1, 514
1,307
1, 529
1,712
1,534
5.8
5.7
5.3
5. 1
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 3.4 percent in March and business inventories increased $3.0 billion. According to the advance
survey, retail sales were virtually unchanged in April, following a rise of 2.1 percent in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
INVENTORY-SALES RATIO
100 -
1977
1973
SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biusiness l
Who] esale
Retail
Sales 2
Period
Q_1__
oales
2
Inventories 3
InvenOn1s%_, aJ
bales
tories 3
Tntfi 1
In ventorie^5
DurNonable durable TPntfil
goods goods
stores stores
'*
DurNonable durable
goods goods
stores stores
Inventc )ry-sales
ratio 4
Total
business 1
Retail
Millions oi doll ars, seat onally adjusted
1971
1972
1973
1974
1975
1976
„
1976: Mar
Apr
May
June_
July
Aug
Sept
Oct.
Nov
Dec
1977: Jan___
Feb
Mar P
Apr *»_ _
112, 323
125, 269
145, 297
166, 771
172, 511
192, 720
189, 940
191, 404
190, 445
193, 360
193, 302
194, 302
_ . 193, 868
192, 591
196, 477
204, 365
, 201, 988
207, 500
_ _ 214, 630
_ _
184, 756
198,045
227, 926
278, 386
275, 484
299, 123
281, 256
283, 062
285, 693
289, 138
290, 866
293, 308
296, 537
298, 179
298, 941
299, 123
301, 970
303, 985
306, 991
22, 327
24, 862
30, 400
37, 344
36, 583
40, 212
39, 094
39, 530
39, 386
40, 780
40, 616
40, 581
41, 381
40, 676
40, 796
41, 767
41, 931
43, 233
43, 873
29, 695
32, 817
38, 302
46, 564
45, 115
50, 131
46, 398
46, 826
47, 799
48, 645
48, 805
49, 006
49, 723
49, 847
50, 167
50, 131
50, 872
51, 658
52, 215
34, 071
37, 365
41, 943
44, 815
48, 702
54, 324
53, 344
53, 696
52, 868
53, 983
53, 754
54, 643
54, 100
54, 634
55, 573
57, 898
56, 660
58, 175
59, 400
59, 397
1
The term "business" also includes manufacturing (see page 21).
* Monthly average for year and total for month.
•Book value, end oi period, seasonally adjusted.
* For annual period?, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
10, 985
12, 472
14, 190
13, 943
15, 060
17, 847
17, 403
18, 046
17, 419
17, 803
17, 699
18, 208
17, 481
17, 559
18, 157
19, 730
19, 024
19, 764
20, 618
20, 147
23, 086
24, 893
27, 754
30, 872
33, 642
36, 476
35, 941
35, 650
35, 449
36, 180
36, 055
36, 435
36, 619
37, 075
37, 416
38, 168
37, 636
38,411
38, 782
39, 250
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
77, 298
78, 102
78, 406
79, 375
79, 917
81, 118
81, 848
81, 658
81, 660
82, 405
83, 616
83, 878
85, 397
23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
35, 231
35, 462
35, 547
35, 863
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
38, 912
39, 613
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
42, 067
42, 640
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
45, 784
1.61
1. 52
1.46
1.51
1.60
1.50
1.48
1.48
1.50
1.50
1.50
1.51
1.53
1.55
1. 52
1.46
1.49
1.46
1.43
1.47
1.46
1.46
1.53
1.51
1.46
1.45
1.45
1.48
1.47
1.49
1.48
1.51
1.49
1.47
1.42
1.48
1.44
1.44
NOTE.-—Total (and manufacturing) sales revised beginning December 1975.
Source: Department of Commerce (Bureau of Economic Analysis and Burea
of the Census)
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, new orders, and inventories rose in March. Preliminary estimates indicate durable goods
manufacturers' shipments and orders fell in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120 -
r
INVENTO RIES
)Af\
100
*5AA
-
-
-
MM*
160
TC TAL
^ r^*—|
****
-
120
100 ^~~-\
QA
---T'
DURAB .E GOODS
-
60
^,.,,.-
x%
_
4**^*
BILLIONS OF DOLLARS* (RATIO SCALE)
Af\
•••"""
.j,.**11^t*—
"
t i ii i Iii |ii
•N*
RATIO*
2.20
NONDURABL GOODS
M l l l l l M H
\\iul
INVENTORY-SHIPMENTS
1 I1I 1 1I1 ! 11
1 1 1 1 1 1I ! 1 11
RATIO
2.00
40
1.20
1975
1974
1973
1976
1973
1977
1974
1975
1976
*SEASONAUY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' shipments * Manufad )urers' in-v entories2
Manu "acturers' new orelers i
Durab e goods
Period
1971 _
1972 _
1973
1974 _ _
1975
1976
1976: Mar__
Apr___
May__
June-July __
Aug__
Sept__
Oct___
Nov__
Dec—
1977: Jan___
Feb___
Mar__
Apr p _
Total
NonDurable durable
goods
goods
55, 925 29, 973
63, 042 34, 042
72, 954 39, 704
84, 612 44, 043
87, 226 43, 912
98, 184 50, 392
97, 502 50, 382
98, 178 50, 146
98, 191 50, 558
98, 597 50, 606
98, 932 51, 090
99, 078 51, 648
98, 387 50, 060
97, 281 49, 267
100, 108 51, 427
104, 700 55, 520
103, 397 53, 247
106, 092 54, 729
111,357 59, 029
57, 167
1
2 Monthly average for year and
Book value, end of period.
3
End of period.
4
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
47, 120
48, 033
47, 634
47, 990
47, 842
47, 430
48, 328
48, 014
48, 681
49, 180
50, 150
51, 363
52, 328
Total
NonDurable durable
goods
goods
Total
Milliems of doll ars, seasorlally ad jussted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 659 42, 164
166; 587 105, 729 60, 858 98, 513 50, 697
157, 560 100, 740 56, 820 98, 267 51, 111
158, 134 101, 033 57, 101 98, 415 50, 245
159, 488 101, 502 57, 986 99, 025 51, 354
161, 118 102, 429 58, 689 99, 135 51, 249
162, 144 102, 856 59, 288 98, 811 51, 180
163, 184 103, 282 59, 902 97, 554 50, 380
164, 966 104, 117 60, 850 98, 476 50, 068
166, 674 105, 589 61, 085 99, 244 50, 993
167, 114 106, 128 60, 986 100, 973 52, 424
166, 587 105, 729 60, 858 106, 825 57, 265
167, 482 106, 562 60, 920 105, 116 54, 943
168, 449 107, 222 61, 227 106, 534 55, 159
169, 379 107, 685 61, 694 111, 950 59, 386
59, 161
total for month. Shipments are the same as sales.
For annual periods, ratio cf weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
formohth.
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 837
12, 173
12, 476
12, 666
12, 607
13, 778
12, 690
13, 468
14, 302
12, 878
14, 112
14, 778
14, 335
14, 794
15, 072
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
47, 155
48, 170
47, 670
47, 886
47, 631
47, 174
48, 409
48, 252
48, 549
49, 560
50, 173
51, 375
52, 564
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
170, 450
170, 687
171, 520
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
177, 623
178, 214
Manufacturers'
inventory—
shipments
ratio4
1. 83
1. 67
1. 58
1. 66
1. 80
1. 64
1.62
1. 61
1.62
1.63
1. 64
1. 65
1.68
1. 71
1. 67
1. 59
1.62
1. 59
1.52
NOTE.—Total and nondurable shipments and new orders revised beginning
December 1975.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In April, the wholesale price index rose 1.3 percent (1.1 percent seasonally adjusted). Prices of farm products and
processed foods and feeds increased 2.6 percent (2.9 percent seasonally adjusted). Industrial commodities prices
were up 0.8 percent (0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967= 100 (RATIO SCALE)
220
200
i
180
FARM PRODUQS AND
I\
PROCESSED FOODS AND FEEDS I \
;
\/
V1
Ai
160
ALL COMMODITIES /"'
140
f
•-•'
120
120
100
100
1970
1969
1972
1971
1977
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1969
1970
1971
1972
1973
1974
1975
1976
All
commodities
106.5
110.4
114.0
119. 1
134. 7
160. 1
174. 9
182. 9
1976: Apr
181. 3
May_ __ " 181. 9
June. _ . 183.2
July
184.4
Aug_ _ _ 183.8
Sept
184. 8
Oct
185.3
Nov
185.6
Dec__
187. 1
1977: Jan
188. 0
Feb
190.0
Mar___ _
191. 9
Apr
194. 3
Farm
Indusproducts
and
trial
processed commodfoods
ities
and feeds
108. 0
111. 7
113. 9
122. 4
159. 1
177.4
184.2
183. 1
Unadjusted
183. 7
184.8
187.4
188. 1
181.7
182.9
179. 5
178.4
183.9
184.8
188. 4
190.9
195. 9
Farm
products
T5
Processed
foods
and
feeds
106. 0
110.0
114. 1
117.9
125.9
153. 8
171.5
182. 3
109. 1
111.0
112. 9
125. 0
176.3
187.7
186.7
191. 1
107. 3
112. 1
114.5
120. 8
148. 1
170. 9
182.6
178.0
180. 1
180. 5
181. 5
182. 7
183. 8
184.8
186.3
187. 0
187.4
188.4
189. 9
191.6
193. 2
195.0
194.3
195. 3
194. 2
187. 7
189. 2
188. 2
187. 1
191.9
194. 0
198. 3
203.3
210. 2
179. 5
181. 1
181. 6
180. 5
175. 9
176. 0
174.9
175.7
178.8
178.6
181.9
185. 4
190. 1
1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
1 eaf
tobacco.
2
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Crude
materials l
Intermediate
mate-2
rials
106. 1
110. 6
109.9
118.9
122. 7
114.3
131. 1
118. 9
155. 2
128. 1
219. 1
159. 5
178,6
225. 1
189.4
250.0
Seas onally ad
187.2
242.9
244. 1
187.4
188. 2
246. 8
252. 7
189. 1
254. 4
190.3
192.0
253. 1
262. 4
193.3
271.8
194.3
195. 3
265.8
262. 6
196.3
273.0
197. 4
199. 1
279. 3
280. 1
200. 3
Special ggroupings
Produc- Consun ler finishe d goods
exc;luding fo<)ds
er finished
NonTotal Durable durable
goods
106.9
104. 6
104.0
105. 0
106.9
112.0
107. 7
108.3
111. 2
116.6
110.8
111.7
119. 5
113. 5
113. 2
113.6
123.5
115.8
118.6
120.5
141. 0
138. 6
126.3
146.8
162.5
153. 1
138. 2
163.0
173.2
161.7
144.3
173.2
usted
171.5
159.4
143. 0
170. 3
171.8
159.5
143.3
170. 3
172. 5
160. 7
143.9
171.8
173. 1
161. 5
144.2
173. 1
162. 5
144. 9
174.2
173.6
174. 5
145. 7
163.7
175.6
164. 6
176. 3
146. 5
176.7
165. 3
177.2
146.7
177.9
178.5
165.8
146. 9
178.4
179.2
167.4
148. 0
180.3
180. 1
167.9
148.8
180.7
180. 8
169. 2
149. 4
182.5
181. 8
150. 5
170. 4
183.7
NOTE.—Data revised for January—October 1976.
Source: Department of Labor, Bureau of Labor Statistics.
JONSUMER PRICES
in April, the consumer price index rose 0.8 percent (also 0.8 percent seasonally adjusted). Food prices increased
1.2 percent (1.5 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (0.4 percent seasonally
adjusted) and services prices were up 0.7 percent (0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
100
100
1969
1970
1971
1972
1973
1975
1974
1976
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1969
1970
1971
1972
1973
1974
1975
1976
All
items
Food
Commodities
less
food
109.8
116.3
121.3
125.3
133. 1
147.7
161.2
170.5
108.9
114.9
118.4
123.5
141.4
161.7
175.4
180.8
108. 1
112.5
116.8
119.4
123.5
136.6
149. 1
156.6
Services
commodities
112. 5
121.6
128.4
133. 3
139. 1
152. 1
166. 6
180.4
108. 4
113.5
117. 4
120.9
129.9
145.5
158.4
165.2
ComiiQodities less food
Food
All
All
108.9
114.9
118.4
123. 5
141.4
161.7
175.4
180.8
Food
at
home
Food
away
from
home
108.2
113.7
116.4
121.6
141.4
162. 4
175.8
179.5
111.6
119.9
126. 1
131. 1
141.4
159.4
174.3
186. 1
All
108. 1
112.5
116.8
119.4
123.5
136. 6
149. 1
156.6
Services
Durable
Nondurable
107.0
111.8
116. 5
118.9
121. 9
130.6
145.5
154.3
108.8
113. 1
117.0
119.8
124.8
140.9
151.7
158.3
112.5
121.6
128.4
133.3
139. 1
152. 1
166.6
180.4
Seasonal y adjust ed
Unacljusted
168.2
169.2
170. 1
171. 1
171.9
172.6
173.3
173.8
174.3
179.2
180.0
180.9
182. 1
182.4
181.6
181.6
181. 1
181.7
154.2
155.5
156. 5
157. 1
158.0
158.9
159.6
160.3
160.6
177.7
178.4
179. 5
180.7
181.8
183.2
184. 1
185. 1
185.8
163.3
164.4
165.0
165.5
166.2
166.6
167. 1
167.4
168.0
179.4
180.8
181.2
181.4
181.8
181.9
182.2
181.7
181.9
178.3
179.6
179.9
179.9
180.2
180. 1
180.3
179.6
179.7
183.9
185.0
186. 1
187.2
188.0
188.7
189.0
189. 5
190. 4
154.6
155.6
156.2
156.9
157.8
158.3
159. 0
159.6
160. 5
152.7
153.7
154.2
155.0
155.6
156. 1
156.6
157.3
158. 4
156. 0
156.9
157.6
158. 4
159. 3
159. 9
160.6
161.3
162. 0
177.9
178.9
179.9
181. 1
182.2
183.2
184.0
184.8
185.5
175.3
'77: Jan
Feb____ 177. 1
Mar
178.2
Apr
179.6
183.4
187.7
188.6
190. 9
160.6
161.6
162.6
163.6
187.5
188.7
190.0
191.3
169.4
171. 4
172. 2
173.6
183.5
187. 1
188.2
191.0
181.3
185.4
186.4
189.3
192.0
194.0
195. 4
197. 5
161. 6
162.7
163.4
164. 0
159.9
161.4
162.4
163.2
162.8
163.7
164.2
164. 7
187.2
188.4
189.9
191. 4
1976: Apr.._.
May— .
June
July_._
Aug —
Sept.__
Oct
Nov
Dec
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c lange f re>m 3 mont is earlier; Percent <jhange fro m 6 mont tis earlier;
season ally ad justed annua j rates
season.ally adju sted annu-aJ rates
Percerit change» from pre ceding
perio d; seasorlally adju sted 1
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: Apr__
May_
June.
July.
Aug..
Sept.
Oct__
Nov_
Dec..
1977: Jan__
Feb__
Mar_
Apr__
All
commodities
2.8
4.8
2. 2
4. 1
6.3
15.4
20.9
4. 2
4.7
.9
.2
.5
.4
2
.7
.5
.6
.6
.5
.9
1. 1
1. 1
Farm
products
Processed
foods
and
feeds
4. 4
8.4
-4. 7
8. 1
18. 7
36. 1
-1.9
5. 5
-1. 1
4. 1
_^ 4
.5
-. 6
-3.3
.8
-.5
-. 6
2.6
1. 1
2. 2
2. 5
3.4
3. 0
6. 8
.8
4. 7
11.6
20.3
20. 9
-3.8
-1. 1
1.3
.9
.3
—.6
-2. 5
.1
-. 6
.5
1.8
—.1
1. 8
1.9
2.5
Industrial
commodities
2. 7
3. 9
3.6
3.4
3.4
10. 7
25. 6
6. 0
6.4
.4
.2
.6
A
.6
.8
.9
.6
.3
.5
.6
.8
.6
All
commodities
Farm
products
3. 6
3. 8
5. 5
9.8
18. 2
6.6
4. 5 -1. 6
2. 9 -12. 9
3. 5 -11.9
4. 0 -11.8
7.2 -1.3
5. 8
7. 1
12. 9
7. 1
26.2
8.4
10. 2
26. 0
37.8
13. 1
1
Annual changes are from December to December (unadjusted).
NOTE.—-Data revised beginning January 1976.
Processed
foods
and
feeds
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
1. 8
10.8
4. 1
3.9
4. 8
5. 4
7. 3
8. 0
9.3
9. 5
7. 6
5. 9
5. 9
7.9
8. 5
2.6
3.0
3.9
4.2
4. 2
5. 1
4. 2
5. 0
5.3
5. 5
7.8
8.6
10. 1
-4. 2
-1. 1
1. 1
.9
-2.2
2.0
-6. 9
-7.3
-3.5
-. 2
11. 6
15. 5
24. 7
-7.3
-2.9
.8
2. 0
__. 7
-1. 3
-5. 1
-5. 9
-3. 1
-2. 1
6. 9
11. 0
18. I
10.3
2. 2
-11.0
-11. 8
-11.8
—.5
6. 5
8. 7
14. 9
15. 6
28. 4
Industrial
commodities
5.9
5.0
5. 0
4.8
5. 6
6.4
7. 4
8.4
7.8
7. 6
7. 7
7.7
7. 2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percer it changei from pre ceding
period; seasorlally adju sted *
Period
All
items
Food
Commodities
less
food
Services
Percent c lange f re>m 3 mont tis earlier ; Percent c lange f re>m 6 mont as earlier;
seasonsilly adju sted annu al rates
seasonsilly adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
4.7
6. 1
5.5
3.4
3.4
8.8
12. 2
7. 0
4.8
4.3
7.2
2. 2
4. 3
4. 7
20. 1
12.2
6.5
.6
3.7
4.5
4.8
2.3
2.5
5.0
13.2
6.2
5. 1
6. 1
7.4
8.2
4. 1
3.6
6.2
11.3
8. 1
7.3
1976: Apr___
May__
June » _
July__.
Aug___
Sept___
Oct___
Nov___
Dec___
.4
.7
.4
.5
.5
.3
.3
.3
.4
.5
.8
.2
.1
.2
.1
.2
g
.1
.3
.6
.4
.4
.6
.3
.4
.4
.6
.5
.6
.6
.7
.6
.5
.4
.4
.4
3. 1
5.4
6. 1
6.3
5.5
5. 3
4.8
4.0
4. 2
-3.7
2.9
6.2
4. 5
2.2
1.6
1.8
-.2
.0
3.7
5.0
5.6
6. 1
5.8
5. 5
5.5
4.6
5.7
7.8
7.2
6.5
7.4
7.6
7.5
6.6
5.8
5. 1
4.9
5. 1
5.0
4.7
5. 5
5. 7
5.5
4.8
4.8
-0. 1
.6
.2
.3
2,6
3.8
3. 1
1.0
.8
4.0
4.8
4. 8
4.9
5.4
5.5
5.8
5.2
5. 6
9.5
8.7
8.5
7.6
7.4
7.0
7.0
6.7
6.3
1977: Jan. _ _
Feb._..Mar._ .
Apr
.8
1.0
.6
.8
.9
2. 0
.6
1. 5
.7
.7
.4
.4
.9
.6
.8
.8
6. 1
9. 1
10.0
9.9
2.9
12. 4
14.6
17.4
6. 7
8. 0
7.4
6. 1
7. 1
8.0
9.8
9.3
5. 5
6.5
7. 1
8.0
2. 3
5.9
7.0
9. 9
6. 1
6.3
6.5
6. 4
6.9
6.9
7.4
8.2
1968
1969
1970
1971
1972
1973
1974
1975.
1976
1
Annual changes are from December to December (unadjusted).
24
Source: Department of Labor, Bureau of Labor Statistics.
'RICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 11/2 percent in the month ended April 15. Contributing most to the increase were
higher prices for soybeans, cattle, oranges, and potatoes. Partially offsetting were lower prices for vegetables, hogs,
eggs, cotton, and corn. Prices paid by farmers also rose 11A percent.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
80
70 P
60
1969
1970
1971
1972
1973
1976
1975
1974
'
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
All farm
products
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producliving
and
tion
taxes,
and
products wage rates
items
items
Index, 1<567=100
Parity ratio 1
Actual
Adjusted 2
1969
1970
1971_.__
1972
1973
1974
1975
1976
107
110
113
125
179
192
186
186
97
100
108
114
175
224
201
198
117
118
118
136
183
165
172
177
108
112
120
125
144
166
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
69
74
91
85
76
71
79
77
73
79
94
86
76
72
1976: Apr 15
May 15
June 15
July 15
Aug 15______
Sept 15
Oct 15. —
Nov 15
Dec 15
189
191
193
198
186
185
191
191
174
174
193
193
73
73
73
74
1977: Jan
Feb
Mar
Apr
15
15
15_-_ ___
15
_
_
196
195
187
187
178
173
179
211
215
201
204
195
187
192
184
179
175
172
165
162
168
193
194
193
193
192
192
193
183
187
190
193
198
203
211
217
170
174
171
172
198
200
201
204
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
» The adjusted parity ratio reflects Government payments made directly to
fanners.
(33)
()
(3)
175
177
177
178
179
180
181
196
196
194
194
192
191
193
75
74
71
71
68
66
68
75
75
72
72
69
67
69
182
196
199
201
204
68
69
69
70
68
70
70
70
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Mi grew at an annual rate of 21.6 percent in April while M2 grew at a rate of 13.9 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*
(RATIO SCALE)
300
— 300
200
200
1977
1969
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiires l
Deposi ts at coinmercia banks
Period
M,
M2
M3
Currency
Tim e and savings
Demand
Total
1972: Dec...
1973: Dec...
1974: Dec...
1975: Dec...
1976:Dec___
1976: Apr___
May__
June__
July..
Aug___
Sept..
Oct
Nov ._
Dec __
1977: Jan___
Feb__
Mar__
Apr »_
255. 3
270.5
283. 1
294.8
312.8
301.8
303. 5
303.2
305.0
306. 5
306.9
310.5
310.6
312.8
314.3
314.5
316. 1
321. 3
525.3
571.4
612.4
664.3
739. 3
690. 6
695.7
698.2
705.2
710.4
716.3
725.7
731.7
739.3
745. 0
749. 1
754.2
762.4
844.5
919.6
981.5
1, 092. 6
1, 236. 1
1, 139. 7
1, 149. 7
1, 156. 5
1, 168. 8
1, 180. 8
1, 193. 9
1, 210. 5
1, 222. 8
1, 236. 1
1, 247. 6
1, 256. 6
1, 266. 2
1, 279. 2
Per cent
chaiage 2
Compontents anc related ilterns
56.9
61.5
67.8
73.7
80. 6
76.6
77.3
77.5
78. 1
78.6
79.2
79. 8
80. 3
80.6
81.3
82.0
82.4
83. 3
198.4
209.0
215.3
221. 0
232. 1
225.2
226. 2
225. 6
226.9
227.9
227.7
230.7
230.3
232. 1
233.0
232.5
233.7
238. 1
313.5
363.9
418.3
451.7
489.8
460.0
460. 7
465.3
469.0
468.9
472.5
477.5
483.4
489. 8
493.8
497. 8
500.2
502. 7
! is currency plus demand deposits; M 2 is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and M 3 is M 2 plus
deposits at nonbank thrift institutions.
Large
CDs
43.5
63. 0
89.0
82. 1
63.3
71.2
68.6
70.2
68.9
65.0
63. 1
62.3
62. 2
63.3
63. 1
63.3
62.2
61. 6
Other
270.0
300.9
329.3
369.6
426. 5
388. 9
392. 1
395. 1
400. 1
403.9
409.4
415. 2
421.2
426.5
430. 7
434.5
438.0
441. 1
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjusted)
319.3
348. 1
369. 1
428.3
496.8
449. 1
454.0
458. 2
463.6
470.5
477.6
484.8
491.0
496.8
502.6
507.5
512.0
516.8
7.4
6.3
4.9
4. 1
4.5
3.9
3.8
4.8
3.5
3.7
5.0
4.0
4. 1
4. 5
3.9
4. 1
4. 3
5.3
9.2
6.0
4.7
4. 1
6. 1
5.8
5.4
5.8
6.7
6.6
6.0
5.8
4.7
6.4
6.2
5.3
6. 1
7. 1
M2
11.4
8.8
7.2
8.5
11.3
10.9
10.4
10.5
10.7
9.7
10. 1
10. 4
10.6
12. 1
11.6
11.2
10.9
10.4
J
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Keserve system.
26
M,
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAI, INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr<mcy and deposits
Total
liquid
assets
Period
U.S. TJreasury
secui•ities
Time d eposits
Total
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Negotiable
certificates of
deposit
Other
private
money
market
instruments
632.4
769.5
852. 5
718.7
967.9
817.0
1, 079. 5 887.4
944.5
1, 166. 2
1, 289. 7 1, 053. 3
1, 424. 1 1, 191. 1
49. 1
52.6
56.9
61.5
67.8
73.7
80.6
151.8
161.5
176.5
183.3
186. 5
190. 7
197.0
198.9
233. 6
264.4
294.4
321. 1
360.6
416. 6
232.7
271. 1
319.3
348. 1
369. 1
428.3
496.8
52.0
54.3
57.5
60.4
63.3
67.3
71.9
41.9
31.7
34.5
43.2
47.4
66. 3
66.6
21. 8
27.6
36.2
54.0
70.7
60.0
45.0
21.4
20.2
22.7
34.5
40.4
42.8
49.5
1976: Apr__ _ _ _ _ _ _ _ _ _ _ _
May
_ _ __ _
June
July.
Aug
_ __
Sept.
Oct
Nov
Dec
1, 334. 5
1, 344. 9
1, 354. 9
1, 368. 8
1, 378. 5
1, 388. 2
1, 403. 6
1, 413. 8
1, 424. 1
1,
1,
1,
1,
1,
1,
1,
1,
1,
100. 9
111. 1
117. 1
129. 1
141. 3
153. 2
168. 6
179. 3
191. 1
76.6
77. 3
77.5
78. 1
78. 6
79.2
79.8
80. 3
80.6
194.6
195.9
194. 7
195.6
196.3
195. 5
197.8
196. 3
197. 0
380. 6
383. 9
386.7
391.8
395. 9
401.0
406.2
411. 8
416.6
449. 1
454. 0
458.2
463.6
470.5
477.6
484.8
491. 0
496. 8
68.7
69. 0
69.4
69.7
70.2
70.8
71. 1
71.5
71.9
68.9
69. 1
69.7
71. 4
71.4
69.7
69.6
69.3
66. 6
51.3
49.6
51.2
50.3
46. 7
45. 3
44.8
44. 4
45. 0
44.8
46. 1
47.4
48.2
48. 8
49.2
49.4
49.4
49.5
1977:
1, 438. 4
1, 451. 9
1, 461. 0
1, 475. 2
1, 204. 1
1, 212. 5
1, 221. 8
1, 235. 2
81.3
82.0
82.4
83.3
199. 2
198.3
199. 3
203.9
421. 0
424.8
428. 1
431. 1
502.6
507. 5
512.0
516.9
72. 3
72.7
73.0
73.4
67.6
71.0
70. 6
71.0
44.3
44. 7
43. 3
42.6
50. 1
51. 1
52.3
53.1
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan_
Feb
Mar__ _
Apr v _ _
NOTE.—Data revised beginning 1975.
Source: Board of Governors oi the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:stended
Period
Total *
1969
1970
1971
1972
1973
1974
1975
1976
109,
112,
123,
140,
160,
160,
163,
186,
146
175
086
072
228
008
483
221
Bank
credit
cards
Total l
553
965
778
266
105
209
103
807
4,398
6,768
8,377
10, 390
13, 863
17, 098
20,428
25, 481
99,
107,
113,
124,
140,
151,
156,
169,
Automobile
32,
29,
34,
40,
46,
43,
48,
55,
Instalm*3nt credit liejuidated
Automobile
Bank
credit
cards
Net change in amount outstanding
Total l
Automobile
Bank
credit
cards
786
385
788
513
552
056
640
682
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 337
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
23, 905
9,360
4,790
9,299
15, 559
19, 676
8,952
6,843
16, 539
2,579
-468
3,476
5,561
5,968
327
2,631
7,470
1,332
1, 153
699
918
1,430
1,443
1,220
1,576
1976: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
15, 521
15, 003
15, 041
15, 592
15, 240
15, 685
15, 775
16, 055
15, 763
16, 702
4, 689
4,583
4,471
4,600
4,477
4, 712
4,769
4,587
4,632
5,263
2, 118
1,985
2, 103
2,088
2, 152
2, 183
2,165
2, 198
2,181
2,217
14, 048
13, 576
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 879
4,026
3,851
3,819
4,074
3,922
4, 090
4,165
4,059
4, 155
4,250
1,926
1,846
1,911
1,990
1,981
2,097
2,000
2,074
2,110
2,250
1,473
1,427
1,474
1,330
1,303
1,403
1,481
1,564
1,243
1,823
663
732
652
526
556
621
605
528
477
1,013
192
139
193
98
171
86
166
123
71
-33
1977: Jan
Feb
Mar
16, 870
17, 186
18, 253
4,940
5,205
5,654
2, 117
2,332
2,434
14, 952
15, 164
15, 536
4, 183
4,320
4,453
2,089
2,161
2, 141
1,918
2,022
2,717
758
884
1,201
28
170
293
- •• includes some items not shown separately.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks increased at an annual rate of 12.5 percent in April while bank holdings <
U.S. Government securities fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
1,000
"ALL COMMERCIAL BANKS"
800
800
600
600
400
400
200
200
m
||M««|||ltl** *
MtMIMMMM"***" '••«"***'
INVESTMENT IN OTHER SECURITIES
„„.*•»•"«"
,„,„„„»«««"'
10)
100
80
80
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
„..,.'«'""*"*
60
40
60
Mhl
I I I II
I ! I II I
1970
1969
1971
40
I ! i I II MI
I I I I I I I II 1 I
1972
1974
1973
1975
* SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allc ommercial b anks l
L<:>ans
Total
Investn lents
loans
and Total exinvest- cluding Commer- U.S. Gov- Other
cial and
secuernment
ments
inter- industrial
securities
rities
bank
51.2
279.4
105.7
401.7
71. 1
435.5
110.0
57.8
85.7
292.0
104.2
485. 7
320.9
116. 1
60.6
130.2
116.5
558.0
62.6
378.9
156.4
54.5
633.4
129.9
449.0
4
500.2
50.4
139.8
183.3
690. 4
721. 1
176.0
79.4
144.8
496. 9
5 178. 8
149.9
774.9
528. 1
96.9
90.2
144.3
171.8
740.3
505.8
172.2
93. 1
144.4
744.0
506.5
172. 1
509. 3
94.7
144.8
748.8
750.2
511. 1
93. 0
173.0
146. 1
514.0
95.5
173.3
146.5
756.0
174.4
517. 9
94.4
147.5
759. 8
177.2
525.8
93.8
148.0
767.6
179.3
528.4
94.7
150.7
773.8
149.9
178.8
528. 1
96.9
774.9
Period
1969
1970 ..
1971.
1972
1973__.
1974
1975__
1976*
1976: Apr
May
June
July *
Aug»
Sept 9
Oct*
Nov p_
Dec 9
1977: Jan »
Feb 9
Mar p
Apr 9
_
780.5
790. 1
797. 1
806.4
535. 0
539. 3
545. 3
551.9
179.9
181.4
183.0
184.8
96. 1
100.7
102.7
101. 9
1
Data are tor end of period.
2 Averages of daily figures. Annual data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Kegulations D and M.
3
28
149.4
150. 1
149. 1
152. 6
Borrowiiags (millions of dollars,
unadju isted) *
Ileserves 2 3
Seasonal
Nonborrowed
Required
27.94
29. 12
31.22
31.41
34.94
36.60
34.73
3495
34.05
34. 17
34.29
34.34
34.51
34.34
34.51
34. 85
34. 95
26.82
28.79
31. 10
30.36
33.64
35.87
34.60
34.90
34.00
34.05
34. 16
34.21
34.41
3427
34 41
34.78
3490
27.66
28.87
31.04
31. 12
34.64
36.34
3446
3468
33.89
33.96
3407
34 11
1,086
3431
34 14
3429
34 59
3468
703
127
62
44
121
120
123
104
75
66
84
62
41
32
13
12
11
11
20
24
28
31
32
21
12
34.78
34.40
34.31
34.68
34.71
3433
3420
3461
3451
3420
34 09
3449
61
79
110
73
8
12
13
15
Total
Total
321
107
1,049
1,298
4
During 1974. total loans and investments were increased $0.6 billion dn
a bank
merger and were reduced $1.5 billion due to liquidation of a large ban*.
5
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.
Source: Board of Governors of the Federal Keserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
T> • A
Total
Internal1
Credit market funds
Total
Tnf al
1969
1970
1971
1972
1973
1974
1975
1976 *>— _
1975: I
II
III
IV
1976: I
II
III
IV »
_
118.6
105. 1
129.0
154.0
181.7
183.0
145.5
204.6
83.5
130.7
171.0
196.7
202.3
201.4
200.8
213.7
61.7
58.9
68.6
80.8
83. 8
77.6
103.4
122.4
83.5
101.5
113.6
114. 9
120.6
121.3
126.0
121.7
Short-3
term
Other
20.8
32.6
41. 6
41.4
37.4
39.6
49.8
48.0
52.9
54.4
37.9
54. 0
50.0
42.9
48.3
50.8
17.7
8.9
4.7
17.3
35.5
43.5
— 12.8
5.0
— 18. 0
-22.2
-6.8
-4.0
-3. 1
4.8
.6
17.6
18.5
4.8
14.0
14.4
25.0
22.2
5.0
29. 1
-35.0
-2.9
26. 3
31.7
34.8
32. 4
25. 9
23.4
38.4
41.5
46. 4
58.8
72.9
83. 1
37. 1
53. 1
35.0
32. 1
31. 1
50.0
46.9
47.8
48.9
68.6
56.9
46.2
60. 4
73.2
97.8
105. 4
42. 1
82.2
.0
29. 2
57.4
81.8
81. 7
80. 1
74.8
92. 0
Total
Longterm 2
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Stocks,
bonds, and mortgages.
3
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
113.4
96. 1
115. 1
137.5
165.5
169.9
130.9
195.9
68.6
115.3
157. 9
182.2
192.0
197.8
190. 6
203.2
Purchase
of
physical
assets 4
Increase
in
financial
assets
85.0
80.6
86.2
101.0
124. 4
134. 6
95.7
138.4
89. 8
80.9
106.8
105. 5
129.6
138.8
145.2
139.9
28.4
15.4
28.8
36. 5
41. 1
35. 3
35.2
57.5
-21. 2
34. 4
51. 1
76.7
62.4
59.0
45.4
63.3
Discrepancy
(sources
less
uses)
5. 2
9.0
13.9
16.4
16. 1
13. 1
14. 5
8.7
14.9
15.4
13.2
14.6
10.4
3. 6
10.3
10. 5
4
Plant and equipment, residential structures, inventory investment, and mineral rights.
Source; Board of Governors of the Fedsral Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars]
Gunrent liabi lities
Ciirrent ass<JtS
End of
period
Cash
on
Total hand
and
in
banks l
473.6
1969
492. 3
1970
529.6
1971
1972
573.5
1973
643.3
712.2
1974
731. 6
1975
816.8
1976
1975: !_._. 698.4
II._. 703.2
III_. 716.5
IV.._ 731.6
1976: !___. 753.5
II... 775.4
III__ 791.8
IV___ 816.8
47.9
50.2
53.3
57.5
61.6
62.7
68. 1
77.0
60.6
63.7
65.6
68. 1
68. 4
70.8
71. 1
77.0
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriern- 1
ties 2 ment
10.6
7.7
11.0
9.3
11.0
11.7
19. 4
26.4
12. 1
12.7
14.3
19.4
21.7
23.3
23.9
26.4
4.8
4.2
3.5
3.4
3.5
3.5
3. 6
4.3
3.2
3.3
3.3
3.6
3.6
3.7
4.3
4.3
Notes
and
accounts
receivable
192.2
201.9
217.6
240.0
266. 1
289.7
294. 6
323.9
281.9
284.8
294.7
294.6
307.3
318. 1
324.2
323.9
Other
Incurrent
venastories
sets 4
Total
186.4
193.3
200.4
215.2
246.7
288.0
285. 8
315.4
285.2
281.4
279.6
285.8
288.8
295.6
302.1
315. 4
287.8
304.9
326.0
352.2
401.0
450.6
457. 5
499.9
438.0
434.2
444.7
457.5
465.9
475.9
484. 1
499.9
L Includes time certificates of deposit,
es Federal agency issues.
ables from and payables to the U.S. Government do not include
nts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
31.6
35.0
43.8
48. 1
54.4
56.6
60. 0
69.8
55.4
57.3
59.0
60.0
63.6
63.9
66.3
69.8
Advances
and
Notes
preand
acpayments, counts
U.S.
payable
Govern- s
ment
Federal
income
tax
liabilities
Other
current
liabili-5
ties
191.9
204.7
215.6
230.4
261.6
287.5
281. 6
295.9
271.2
270. 1
273.4
281.6
280.5
287*0
284.7
295.9
12.6
10.0
13. 1
15. 1
18. 1
23.2
20.7
26.8
21.8
17.7
19.4
20.7
23.9
22.0
24.9
26.8
76.0
83.6
92.4
102.6
117.0
134.8
148.8
170.2
139.8
140.6
145.6
148.8
155.0
160. 1
167.5
170.2
7.3
6.6
4.9
4.0
4.3
5.2
6.4
7.0
5.3
5.8
6.2
6.4
6.4
6.8
7.0
7.0
Net
working
capital
185.7
187.4
203.6
221.3
242. 3
261.5
274. 1
316.9
260.4
269.0
271.8
274. 1
287.6
299.4
307.7
316.9
4
Includes marketable investments (other than Coverrnent securities and
time certificates of deposit) as v ell as sundry current resets.
*Includes coirirereial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
INTEREST RATES AND BOND YIELDS
Short-term interest rates rose in early May and the prime rate charged by banks was raised from 6% to 6% percef^
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE taa
(MOO
BONDS
DY'S)
x/ s V
\ A
/•
„
r"^ —'
/
\
\ ,
Jv
CI
—1
A
>»_
• :
/ !
1
\
\
„--"-
V
RATE
FE DERAL
RE SERVE
\>\ I
\
*J
•
/
1
\
\
k~(
4
\'
\
"'•
/
':
II
1 ! 1! I 1 I I 1
V
1970
/
*•""
'••• !
1971
^**
^"
U
V
'\
/
_J
^**>. X
\
V \ L
f 1
A
\
6A NK OF
NE\V YORK
1969
Jt
\
DIS COUNT
*JH\P
?
^
/C * :
<'l\
/ H
7/*»
<»**
L
\X/V
u/ h
/ \/
'ss
TREASURY i JILLS
'.
A
/ V
W
1
I
U
\
\
.-
V
*
'
.*.. /
J
»•••..»*
i i i i i I i i i i i 1 1 I I 1 I 1 1 1 I 1 I i i i i I i i i i i 1 1 1 1 1 1 1 r i• i i
1974
1973
1975
1972
M II I I I I I I I
1976
1 i i i i 1 i i i riK
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Gove rnment seen rity yields
Period
1971. _ _
1972
1973
1974
1975
1976
1976: May
June
July
Aug
Sept
Oct_
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
Week ended:
1977: Apr. 29
May 6
13
20
27
1
2
3
_
Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
Discount
rate
(N.Y.
F.R.
Bank)8
Prime
rate
charged
by
banks 8
3-month
Treasury
bills l
3-5 year
issues 2
4.348
4.071
7. 041
7.886
5.838
4.989
5. 185
5.443
5.278
5. 153
5.075
4.930
4.810
4.354
4.597
4.662
4.613
4.540
4.942
5.77
5.85
6.92
7.81
7.55
6.94
7.35
7.40
7.24
7.04
6.84
6.50
6.35
5.96
6.49
6.69
6.73
6.58
5.74
5.63
6.30
6.99
6.98
6.78
6.99
6.92
6.85
6.79
6.70
6.65
6.62
6.39
6.68
7. 15
7.20
7. 14
5.70
5. 27
5. 18
6.09
6.89
6.49
6.87
6.85
6.64
6.28
6.20
6.06
6.05
5.69
5.70
5.75
5.76
5.61
7.39
7.21
7.44
8.57
8.83
8.43
8.58
8.62
8.56
8.45
8.38
8.32
8. 25
7.98
7.96
8.04
8. 10
8.04
5. 11
4. 69
8. 15
9.87
6.33
5.35
5.54
5. 94
5.67
5.47
5. 45
5.22
5.05
4.70
4.74
4.82
4.87
4.87
4.88
4.50
6.45
7.83
6.25
5.50
5^-S1/
5H-5H
5V2-51/2
5H-5H
5H-5H
5H-5H
5^-5^
5H-5K
5H~514
5J4-5M
4.518
4.807
4.822
4.996
5. 143
6. 61
6. 72
6.78
6.79
7. 15
7.20
7. 20
7. 17
5.54
5.63
5.69
5.62
8.01
8.04
8.07
8.06
4.86
4.98
5.25
5.53
5M~5M
5K-5K
5%—5l/i
6J4~6K
6%-6}4
5%— 5%
6^—6}^
Taxable
bonds '
Eate 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.
s Average effective rate for year; opening and closing rate for month and week.
30
Prime
commercial
paper,
4-6
months
5.72
5.25
8.03
10.81
7.86
6.84
6%-6%
7 -7y4
7K-7K
7 -7
7 -6%
6%-6%
51,^5^
6K~6^
gi,^_gi^
gi^_gi£
Newhome
mortgage
yields
(FHLBB)6
7.74
7.60
7.95
8.92
9. Ql
8.99
8.97
8.89
8.97
9.02
9.08
9.07
9.05
9.10
9.05
8.99
8.95
8.94
6K-6H
6 Effective rate (in the primary market) on conventicnal mortgages, reflei
fees and charges as well as contract rate and assumed, on the average, repayi
at end of 10 years. Kates beginning January 1973 not strictly comparable
prior rates.
Sources: Board of Governors of the Federal Keserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices remained relatively stable in late April and early May.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
80
80
50 -
50
40
40
- 30
30 1969
PERCENT
20
PERCENT.
•
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
10
I
1969
1970
I
I
1971
1972
1974
1973
1975
I
1976
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common g tock5 yields
(percent)
Comilion stock prices 1
Period
New York Stock Exel:tange indexes (Dec. 31, 1965 = 50) 2
Composite Industrial Transportation
1971
1972
1973
1974
1975
1976
1976: Apr
May
June
July
Aug_
Sept
O c t _ _ _ ..
Nov__
Dec___.
1977: Jan
Feb
Mar. _ _ _ _
Apr
Week ended:
1977: Apr 22
29
May 6___
13
20___
Utility
57.92
65.73
63. 08
48.08
50. 52
60. 44
60.62
60. 22
60.70
62. 11
61. 14
62.35
60. 07
59. 45
61.54
61.26
59. 65
59. 56
58.47
44. 35
50. 17
37.74
31. 89
31. 10
39.57
38. 66
39. 71
40. 41
42. 12
40. 63
40. 36
38. 37
39.28
41. 77
41. 93
40. 59
40.52
41.51
39. 53
38.48
37.69
29. 79
31.50
36.97
35.69
35. 40
35. 16
36.49
37. 56
38.77
38. 33
38.85
40.61
41. 13
40.86
40. 18
40.24
70. 38
78.35
70. 12
49. 67
47. 14
52.94
52. 71
50. 99
51.82
54. 06
54. 22
54.52
52. 74
53. 25
57.45
57.86
55.65
54. 84
54.30
54.39
53.32
54. 31
54. 10
54.52
58.96
57.63
58. 70
58.31
58. 73
42. 56
41.68
42.80
43. 10
44. 09
40. 52
40.20
40.97
41. 23
41.51
54.85
54. 10
54. 92
54. 97
55.49
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
54. 22
60. 29
57.42
43.84
45. 73
54. 46
54.28
53. 87
54.23
55. 68
55. 18
56.29
54.43
54. 17
56.34
56. 28
54. 93
54. 67
53.92
1
Averages of daily closing prices.
1
Includes all the stocks (more than 1,500) listed on the N YSE.
1
Includes
30stocks.
* Includes500stocks.
5
1977
Standard
Dow& Poor's
composite Dividend- EarningsJones
industrial
index
ratio
ratio
average s (1941-43 =
10) *
5.41
884. 76
98. 29
3. 14
2.84
5.50
109. 20
950. 71
7. 12
107. 43
3.06
923. 88
11.59
82. 85
4.47
759. 37
9. 15
802. 49
4.31
86. 16
974. 92
102. 01
"8. 89
3.77
992. 51
101. 93
3.66
988. 82
101. 16
3. 76
8.87
985. 59
3.75
101. 77
104. 20
3.64
993. 20
3.74
981. 63
103. 29
9.07
994. 37
105. 45
3.71
101. 89
3. 85
951. 95
4. 04
944. 58
101. 19
"9. 20
104. 66
3.93
976. 86
103. 81
970. 62
3.99
4.21
941. 77
100. 96
100. 57
4.37
946. 11
99.05
4.47
929. 10
937. 40
921. 64
937. 26
930. 00
935. 57
99. 84
97.77
99. 58
99. 04
99.77
4.42
4.55
4. 51
4.58
4.51
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.
<j ••
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 7 months of fiscal 1977 (October 1976-April 1977), there was a budget deficit of $37.0 billion. A year
earlier there was a deficit of $48.9 billion.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
200
- 200
50
50
SURPLUS (+) OR DEFICIT (-)
0
0
-50
-50
-100
-100
1969
1971
1970
1972
1973
1974
1975
1976
1977
1978
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCESi DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND iUDGET
[Billions of dollars]
Federal debt (end of period)
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
„
Transition quarter
1977 (estimates) :
Current estimates, April 197732
Third Concurrent Resolution _
1978 (estimates):
Current estimates, April 19774 2
First Concurrent Resolution __
October 1975- April 1976 5
October 1976- April 1977 __ _ _
1
2
Receipts
....
_
__ _
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Current Budget Estimates, April 1977, Office of Management
and Budget.
s Third Concurrent Resolution on the Budget—Fiscal year 1977, revised May
17,1977.
32
Outlays
Surplus or
deficit (-)
Tnt ill 1
Held by
the public
187.8
193. 7
188. 4
208. 6
232.2
264. 9
281. 0
300.0
81.8
184.5
196. 6
21L 4
232.0
247.1
269. 6
326. 1
366.5
94. 7
3. 2
-2.8
-23.0
-23.4
-14.8
-4.7
—45. 1
-66.5
-13. 0
367. 1
382.6
409. 5
437.3
468.4
486. 2
544. 1
631.9
646.4
279.5
284.9
304.3
323. 8
343.0
346. 1
396. 9
480. 3
498.3
359. 5
356.6
408.2
409.2
-48.7
-52.6
727.0
571. 3
404.7
396.3
167.4
195.7
462.6
461.0
216.3
232. 7
57.9
-64.7
48.9
-37.0
802.4
637. 1
612.8
681.9
471.8
534.6
*5 First Concurrent Resolution on the Budget—Fiscal year 1978, May 17,1977.
First 7 months of fiscal year 1977.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
CEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1977 (October 1976-ApriI 1977), budget receipts were $28.3 billion higher than a
year earlier and budget outlays, $16.4 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
-RECEIPTS-
200
100
100
CORPORATION\ INCOME TAXES
/
— ......
OTHER RECEIPTS
„„„„„„„„—— J—«™«-*-—'
400
400
OUTLAYS
300
300
200
200
NONDEFENSE
100
100
1969
1970
1971
1973
1972
1974
1975
1977
1976
1978
FISCAL YEARS
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Rece ipts
Nationa 1 defense
Total
Fiscal year or period:
1969
1970
_ _
_ __
1971
1972_ _
_ _ _ „
1973_
1974 __
1975
_ _
1976
__
Transition
quarter.
197711
1978
1
2
Indi- Corpovidual ration
income income
taxes
taxes
Other
Total
Department of
Defense,
military
Total
Interna- Health
Inand
tional income
terest Other
affairs security
187.8
193. 7
188. 4
208.6
232. 2
264. 9
281.0
300.0
81.8
359. 5
404.7
87.2
90.4
86.2
94.7
103.2
119. 0
122.4
131. 6
38. 8
160. 1
183.0
36.7
32. 8
26. 8
32. 2
36.2
38. 6
40.6
41. 4
8.5
55.0
61.3
63.9
70.5
75.4
81. 7
92. 8
107.4
118.0
127. 0
34.5
144. 4
160.4
184. 5
196.6
211. 4
232.0
247. 1
269.6
326. 1
366.5
94.7
408.2
462.6
80.2
79. 3
76.8
77.4
75. 1
78.6
86. 6
90. 0
22. 5
97. 1
112. 8
77. 9
77.2
74.5
75.2
73.3
77.6
85.0
88.0
21. 9
96.2
109. 1
3.8
3.6
3. 1
3.9
3. 5
4.8
5. 9
5. 1
2.0
6.6
7. 2
49.0
56. 1
70. 1
81.4
91, 8
106.5
136.3
160.9
41.5
177.7
193.3
37.8
40.9
35.7
39.3
41.8
48.8
53.9
51.7
66.4
76.0
21. 5
89.0
108. 4
October 1975-April 1976__ 167. 4
October 1976- April 1977 2 195.7
75. 8
87.7
22. 4
28. 7
69.3
79.3
216.3
232. 7
52.8
54. 4
52.0
55. 2
2. 7
3. 1
96. 0
102.9
20. 2
21.4
44. 6
50.8
Estimates from Current Budget Estimates, April 1977.
First 7 months of fiscal year 1977.
15.8
18.3
19. 6
20.6
22.8
28, 1
31.0
34.6
7.2
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the first quarter, Federal receipts rose $20.0 billion (annual rate) and expenditures $2.0 billion, yielding a deficit of $41.3 billion, $18.0 billion less than the deficit in the fourth quarter of 1976.
BILLIONS OF DOLLARS
440
BILLIONS OF DOLLARS
440
400
160
40 SURPLUS
-40
40
m
^
m
n
"Iiiii
DEFICIT
Y/A fcZd w*Q
*&3 "" &22 WA Kgl
I I I I \ I WI n1
I 11%
m
-80
1
\
-40
-80
I
-120
-120
1969
1970
1972
1971
1974
1973
197 5
19 76
1977
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent reeeipts
Period
I^ederal ( •rovernm ent expe nditures
GrantsPurin-aid
Indirect ContriPersonal Corporate business butions
chases Trans- to State Net
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest
tax
nontax social inpaid
and
ments local
receipts accruals
governservices
accruals surance
ments
Fiscal year:
1974
271.9
283. 2
1975
1976
313.6
Calendar
year:
1972
227.5
258.3
1973
288.2
1974
1975
286. 5
1976
330.3
122. 6
127.3
137.2
43.8
41. 6
51.0
21.4
22. 1
24. 5
84. 1 278.9
92. 2 329. 5
100.9 373.0
104.8
119. 0
127. 2
104.7
134. 1
156.7
41.6
48. 3
57.5
19.8
21. 9
25. 8
108. 2
114. 6
131.2
125.7
145. 3
36.6
43. 0
45.6
42. 6
55.6
20. 0
21. 2
21.7
23.9
23.5
62. 8
79.4
89,8
94.3
105.8
244.7
265. 0
299.7
357.8
388.9
102. 1
102. 2
111.6
124.4
133.4
83.2
95. 8
117.6
148.9
162.2
37.5
40. 6
43.9
54. 4
60.2
14.6
18.2
20.9
23.5
27.5
1975: III.. 297. 7
IV___ 306.7
130.5
135. 1
47.4
49.4
25. 2
25.5
94.7 363. 7
96. 6 376.0
124. 6
130. 4
152. 1
154. 9
56.8
58.0
23. 6
25.6
316.5
1976: I
IL_- 324. 6
III.. 333.8
IV __ 346.3
137.7
141.9
147.2
154.5
53. 1
54.8
56.2
58.4
22.8
23. 3
23.8
24. 1
102. 9
104. 6
106.6
109.3
380.3
378.7
391. 1
405.6
129. 2
131. 2
134. 5
138.9
160. 3
158. 7
163. 1
166.5
58. 8
56. 3
60. 1
65.5
1977: !*___ 366. 3
165. 9
59. 4
24. 5
116. 5 407.6
138.2
171.9
61. 3
Subsidies Less:
less
Wage
current accruals
surplus of less
Govern- disment en- burseterprises ments
(-),
national
income
and
product
accounts
-0.2
5.8
-.4
.0
-7. 1
-46.3
-59.4
7.8
.5
.0
.o
.0
.0
-17.3
-6.7
-11.5
-71.2
-58. 6
6.7
7. 1
.0
.0
-66.0
-69.4
26.6
27.4
27.7
28.4
5.4
5.2
5.6
6.3
.0
.0
.0
.0
-63.8
-54. 1
-57.4
-59. 3
28. 6
7.6
.0
-41.3
7.9
5. 7
8. 2
5.2
6.5
5.6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Surplus
or
deficit
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria]I produc3tion (seiisonally adjusted)
Period
1970
1971___ _ _
1972
1973
1974___ _ _ _
1975
1976
1976: Sept.—
Oct___
Nov
Dec___
1977: Jan___
Feb—
Mar__
Apr
GerFrance many
United CanStates ada
Japan
114. 1
122. 0
130.6
142.4
146.6
139. 7
146.3
146.8
145.5
147. 0
148.4
149. 9
149.6
149. 5
151. 6
155.8
167.0
193. 1
187.6
167.4
189.9
191. 2
191. 5
196.4
196.4
196. 5
107.8
109.6
119.7
129.8
129.3
117.8
129.8
130.8
130.4
131.8
133. 1
132. 1
133.2
135. 0
136. 1
123
127
137
147
151
138
152
159
151
156
153
160
156
131.3
133.3
139.0
149. 1
146.9
137.9
147.8
151. 1
154. 1
149. 1
147. 3
157.7
151. 4
Con sumer i>riees (uiiadjuste< D
United
Italy King- United
States
dom
116.9
116.8
121. 8
133.7
139.7
126.8
142. 5
147.8
143.6
149.9
154. 0
152. 2
152.7
111
111
114
122
120
113
116
117
118
119
118
119
119
Canada
GerJapan France many
Italy
112.4
115. 6
121. 1
130.3
144. 5
160. 0
172.0
174.0
175. 2
175.7
176.3
177.9
179.4
181. 3
182. 1
119.6
127. 1
133.2
148. 9
182.6
204.7
224.4
228.3
230.4
231.2
233.7
236.6
237.8
238. 9
242.7
117. 1
123.3
130,8
140.4
159. 6
178.2
195.4
199.3
201. 2
202.8
203.5
204. 1
205.5
207. 4
109.1
114.4
121. 0
134. 1
159.6
186.8
218. 1
224. 0
230.5
235.5
238.6
241. 3
246. 7
116.3
121. 3
125.3
133. 1
147.7
161. 2
170.5
172. 6
173.3
173.8
174.3
175.3
177. 1
178.2
179.6
107. 1
112. 7
118. 9
127.2
136. 1
144. 2
150.8
151.4
151.5
151.8
152.6
154.0
154.9
155.5
156. 2
United
Kingdom
117.5
128.6
137.7
150.4
174.4
216.7
252.9
258.2
262. 9
266.5
270.0
277. 1
279.9
282.6
Source: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc!landise imports
Merch andise e xports
3
Period
General im ports
]Domestic3 exports
Total
Food, Crude
Food, Crude
domesbever- mate- Manubever- mate- Manutic and
2
2
facTotal
facrials
ages,
rials
foreign Total i ages,
tured
tured
and to- and
and to- and
exgoods
bacco fuels
goods
bacco fuels
ports
F. a.s. valu e 5
Monthly
average :
1973
1974
1974
1975
1976
1976: A p r _ _ _ _
May
June
July___
Aug
Sept.-.
Oct
Nov
Dec
Custom s value
5,902
8, 159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
8, 159
8,928
9, 567
9,369
9, 563
9,722
9,956
9,737
9,788
9,699
9, 589
10,410
8,045
8,803
9,428
1,269
1,399
1,436
1,483
1,354
1,387
1,459
1,476
1,442
1,639
1, 398
1,379
1,317
1,266
1,341
1, 275
1,353
1,350
1,363
1,283
1,490
1,469
1,482
1,475
5,294
5, 913
6,437
6,244
6,448
6,552
6, 629
6, 549
6,440
6,285
6,457
7,337
1,250
1,265
1,451
1,350
1,409
1,574
1,482
1,684
6,459
6,483
6, 745
6,479
1977: Jan
9,599
9,808
Feb
Mar
10, 072
Apr_ _ 9,970
112
-257
-229
-841
3,750
4,684
8,354
8,010
10, 057
9,643
9,182
10, 153
10, 717
10, 477
10, 651
10, 555
10, 623
11, 020
770 1, 120
892 2,653
F.a.s. <value 5
892 2,672
827 2,716
991 3,456
904 3,282
938 2,793
1,041 3,432
1,036 3,817
972 3, 761
998 3,747
986 3,788
1, 030 3,905
1, 142 3,808
4,602
4,257
5,398
5,283
5,252
5, 355
5,617
5,546
5,665
5,509
5,724
5,832
9,000 -257 -195
852
8,616
918
10, 797 -582 -489
10, 353 -374 -274
9,873
267
380
10, 953 -570 -431
11, 508 -850 -761
11, 253 -830 -740
11, 449 -972 -863
11, 308 -924 -857
11, 381 -1,128 -1,034
11, 789 -707 -610
-841
312
-1,230
-983
— 310
-1,231
-1,552
-1, 516
-1,660
-1,610
-1,791
-1,379
11,269
11, 674
12, 459
12, 593
1, 150
1,261
1,291
1,468
3,946
4, 111
4,964
4,572
5,861
5,920
6,069
6,244
12,
12,
13,
13,
-1,670
-1,866
-2,387
-2,623
-2, 460
-2, 655
-3,212
-3,449
Total excludes Department of Defense shipments of grant-aid military sups and equipment under the Military Assistance Program.
*Total
includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Total
(c.i.f.
value) 4
Mei-ehandise3 trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
imports
im(cus(c.i.f.)
ports
toms (f.a.s.)
value)
6, 131
9,000
059
463
283
419
-1,758
-1,956
-2,484
-2,707
-195
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. merchandise trade balance registered a deficit of $6.9 billion in the first quarter of this year. The value oF
imports rose 10 percent from the fourth quarter reflecting a sharp rise in petroleum shipments, while the value of exports
was essentially flat due to continued sluggish economic activity abroad.
BILLIONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
1976
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Me;rchandise
Period
Exports
Imports
12
Net
balance
Direct
expenditures
42, 469 -39,866 2,603 -4, 855
1970
43, 319 -45, 579-2,260 -4, 819
1971
1972
49, 381 -55, 797 -6,416 -4, 784
1973
71, 410 -70,499
911 -4, 629
1974
98, 310 -103,679 -5,369 -5,035
1975
107, 088 -98,058 9,030 -4, 780
114, 692 -123,916 -9,224 -4,813
1976
1975:111— 26, 562 -24,483 2,079 -1,093
IV. - 27, 657 -25,437 2,220 -1, 185
26, 997 -28, 324 -1,327 -1, 150
1976: I
II.__- 28, 378 -29, 914 -1,536 -1,219
III.__ 29, 600 -32,387 -2,787 -], 235
I V _ _ _ 29, 717 -33, 291 -3, 574 -1,208
1977: I 4 _ _ _ 29, 668 -36, 581 -6,913
1
Excludes military grants.
2
Adjusted from Census data
3
Sales
1,501
1,926
1, 163
2,342
2,952
3,897
5,204
978
1, 197
1, 135
1,064
1, 574
1,431
Net
balance
Private 3
U.S.
Government
-3, 355 3, 631 -112
-2, 893 5,659 -956
-3, 621 6,208 -1,888
-2, 287 8, 188 -3,010
-2, 083 13, 461 -3,234
-883 9,430 -3,423
391 13, 776 -3,238
-115 2,487 -805
12 2,485 -815
-15 3,075 -789
-155 3,205 -737
339 3,555 -771
223 3,941 -941
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Netiinvestment ; ncome
Militstry transactions
4
Nettravel Other
and
trans- servporta- ices,
net 3
tion
receipts
Balance
on
goods
and
services *
-2, 023 2, 190 2,938
-2,315 2,509 -256
-3,028 2,789 -5, 954
-3,086 3,188 3,905
-3, 107 3,919 3,586
-2,503 4, 666 16, 316
-2, 205 4,901 4,401
-568 1, 187 4,265
-750 1,205 4,357
-726 1,201 1,419
-369 1, 150 1,558
-403 1,263 1, 196
-707 1,285
227
Remittance?,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
-3, 294 -356
-3, 701 -3, 957
-3, 848-9,802
22
-3,883
-7, 184 -3,598
-4, 620 11, 697
-5,005 -604
-1,044 3,221
-1,251 3,106
-1, 118
301
-920
638
-1,925 -729
-1,044 -817
Preliminary; not charted.
Source: Department of Commerce, Bureau of Economic Analysis.
J.S. INTERNATIONAL TRANSACTIONS—Continued
I.S. assets abroad increased $43.0 billion in 1976 compared with a rise of $31.6 billion in 1975. The increase in
large part was accounted for by bank lending to foreigners. Foreign assets in the United States rose sharply last year,
by $33.1 billion, with foreign official assets responsible for most of the increase.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
CHANGE IN
U.S. ASSETS
ABROAD. NET
-10
-15
1968
1970
1969
1972
1971
1974
1973
1975
SOURCE: DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.J3. assets abroad, niet
[mere*ise/eapital outflow (-)]
Period
Total
1970
1971
1972
1973
1974
1975.
1976
U.S.
official
reserve
assets 1 2
Other
U.S.
U.S.
Govern- private2
ment assets
assets
-6,032
2,477 -1,589 -6,920
2,348 -1,884 -10, 060
-9,596
32 -1,568 -8, 708
„ _ . - 10, 245
-16,434
209 -2,645 -13, 998
-33, 392 -1,434
365 -32, 323
-607 -3,463 -27, 523
___ -31, 593
-43, 021 -2,530 -4, 295-36, 195
1975:III_.__ -4,411
IV ._ -11,238
-342
89
-772 -3, 297
952 10, 375
-684 8,550
-773
1976:1
-10,007
II__
-9, 875 -1, 578 -1,009 -7,288
I I I _ _ . -8, 681
-407 -1,450 -6, 824
IV.__. -14,459
228 -1, 153 -13, 534
77: I"
1
Forei gn assets in the U. S., net
[incr<3ase/capit<al inflow (+)P
Foreign official
ass ets
Total
Total
5,923
22, 445
21, 127
18, 519
32, 433
15,326
33, 129
7,362
-984
27, 405 -4,450
10, 322 10, 422
5, 145 12, 220
10, 257 21, 452
8,427
5, 166
13, 094 15, 022
2,708 -1,606 -1,977
2, 272
5,874
2,771
4,313
3, 103
3,942
4, 105
2, 999
7,061
1,454
3,225
5,248
5,095
5,396
7,330
8,247
12, 156
-388
* Consists of gold, special drawing rights (SDR), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
6,907
26, 895
10, 705
6,299
10, 981
6,899
18, 107
Other
Assets of foreign
foreign
assets
official
reserve
agencies
2,460
3,308
1, 253
6,073
4, 751
Stati stical
discre pancy
U.S.
Allocaofficial
tions
reserve
of
Of
assets,
TYktal
special (sum ox which :
net 1
drawing
Seasonal
(unadthe
rights
adjust- justed,
items
(SDR) with
end of
ment
sign diserepperiod)
reversed)
-402
867
717 -9,609
71C -1,790
-2, 107
4,557
4,570
10, 495
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
— 1, 517 -2,561 16, 291
1,275 16, 226
2,258
4, 310
958
1,907
73
1, 163 -2, 800
3, 120
1,773
16, 941
18, 477
18, 945
18, 747
19, 120
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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GOVERNMENT PRINTING OFFICE
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375
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON. D.C. 2O4O2
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First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
-.
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
10
11
29
29
PRICES
Wholesale Prices
Consumer Prices
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
,.
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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