Full text of Economic Indicators : November 1977
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Congress, 1st Session
Economic Indicators
November
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—81sT 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
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ii
{TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According fo revised estimates for the third quarter, gross national product rose $45.0 billion or 10.0 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 4.7 percent and
the implicit price deflator rose at a 5.0 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALI)
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1977
COUNCIL OF KONOM1C ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
ExporluS and im|>orts of
goocIs and ser vices
Federal
Net
exports
42.8
45.6
49.9
54.7
62.5
65.6
72. 7
101.6
137. 9
147.3
162.9
37.7
40. 6
47.7
52.9
58.5
64. 0
75.9
94.4
131.9
126. 9
155. 1
158.7
180.2
198.7
207.9
218. 9
233.7
253. 1
269.5
302.7
338. 9
361.4
78. 8
90.9
98. 0
97.5
95. 6
96.2
102. 1
102. 2
111. 1
123.3
130. 1
60. 3
71.5
76. 9
76.3
73. 5
70.2
73.5
73.5
77. 0
83.9
86.8
18. 5
19. 5
21. 2
21. 2
22. 1
26.0
28. 6
28. 7
34. 1
39.4
43.3
79. 8
89.3
100. 7
110.4
123. 2
137.5
151. 0
167.3
191.5
215.6
231.2
738.7
786.2
860. 8
926.2
978.6
1, 057. 1
1, 16L 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
143.7
150.4
160.6
165.6
353.6
358.9
363.0
370.0
127.6
128.5
130. 2
134.2
86.3
86.0
86.4
88.4
41.3
42.5
43.8
45.8
225.9
230.4
232.7
235. 8
1, 636. 7
1, 673, 7
1, 705. 8
1, 756. 3
178.6
187.7
188. 1
374.9
390.6
403. 3
136. 3
143.6
149.3
89.7
93.4
96.0
46.7
50.2
53.3
238.5
247.0
254.0
1, 797. 0
1, 848. 2
1, 891. 7
1976:1
!!_„_
III__
IV...
1, 651. 21, 056.
1, 691. 91, 078.
1, 727. 3 1, 102.
1, 755. 41, 139.
231. 3
244.4
254.3
243.4
10. 2
10.2
7.9
3.0
153.9
160.6
168.4
168.5
1977:1
1, 810. 8 1, 172. 4 271.8
II__ 1, 869. 91, 194. 0 294.9
III__. 1, 914. 91, 216. 9 302. 3
-8,2
-9.7
-7.6
170.4
178. 1
180.4
-3. 3
7. 1
6.0
20.4
7.8
' This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Final
sales
Total
124.5
120.8
131.5
146.2
140.8
160. 0
188.3
220. 0
214. 6
189. 1
243. 3
5. 1
State
and
local
Imports
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, 412. 9 889.6
1, 528. 8 980.4
1, 706. 51, 094. 0
4.9
2.3
1.8
3.9
1.6
National
defense l
Exports
1966
1967
1968
1969
1970_-__:_.
1971
1972
1973
1974
1975
1976
0
5
2
0
Go^yernment purchases of goods and
services
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]
Exj;>orts of gc ods
Gross i>rivate do mestic
a nd service s
iiavestmenlb
Personal
conGross
Change
national sumpNonResi- in busition
product
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
Total
Federal
State
and
local
Final
sales
15.9
22.5
16.0
51.6
54. 2
58. 5
62. 2
67. 1
67.9
72.7
87. 4
93.0
89.9
95.8
47.3
50.7
58. 9
63.5
65. 7
68.5
75. 9
79. 9
77. 1
67.4
79.8
229.3
248. 3
259.2
256. 7
250.2
249.4
253. 1
252. 5
257.7
263.0
264.4
112.5
125.3
128.3
121. 8
110.7
103.9
102. 1
96. 6
95. 8
96.7
96.5
116.8
123. 1
130. 9
134.9
139. 5
145.5
151. 0
155.9
161.8
166.3
167.9
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
12. 1
13.8
-1.8
9.7
16.8
16. 4
17.0
13.8
93. 1
95.2
97.9
96.9
76.3
78.9
80.9
83. 1
263. 9
264.4
264.6
264.6
96.4
96. 1
96.7
97. 1
167. 5
168.4
168.0
167.5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
9.7
10.6
96.9
98. 5
99.9
86.3
89. 1
88.0
263.3
270.0
275.6
97.0
101. 1
104.2
166. 4
168.9
171. 4
1, 301. 2
1, 317. 5
1, 330. 8
16.7
12.0
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274. 7
586. 1
603.2
633.4
655.4
668. 9
691.9
733. 0
767. 7
760.7
775. 1
821.3
106. 1
103. 5
108.0
114. 3
110.0
108.0
116.8
131.0
130. 6
112. 7
116.8
38. 5
37.2
42. 8
43.2
40.4
52.2
62.0
59.7
45.0
38. 8
47.7
1976: I-— 1, 256. 0
II.._ 1, 271. 5
!!!__ 1, 283. 7
IV__ 1, 287. 4
807.2
815.5
822.7
839.8
113.7
115.9
118.5
119.0
44.8
47. 1
47. 1
52.0
1977: I_— 1, 311. 0
!!___ I, 330. 7
III__ 1, 346. 1
850.4
854. 1
858.7
124.3
126.4
127. 1
52.7
57.6
57.5
13.2
15. 4
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
Governinent pure bases of
gooc s and serdees
8.7
10.6
4.3
6.6
9.4
16.5
8.0
-9. 9
8.5
4.3
3.5
-. 4
-1.3
1.4
-.6
-3.3
7.6
9.4
11. 9
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona i eonsumj>tion expenditures
Total
Gross private
dom estic
inves ;ment
Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
fixed
goods
Expor ts and
imports of goods
and s(?rvices
Governnnent purchases <Df goods
and s«?rvices
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. 02
127. 18
133. 88
79. 3
81.3
84.6
88.5
92.5
96.6
100.0
105. 5
116. 9
126.5
133.2
85.7
87.4
90. 7
93. 1
95. 5
99.0
100.0
101. 6
108. 4
117.9
124. 7
80. 1
81.9
85. 3
89.4
93.6
96. 6
100.0
107 9
123. 8
133. 1
137.7
76.5
78.8
82. 0
86. 1
90.5
95. 8
100.0
104. 7
113. 6
123.5
132.3
76.8
79.3
82.6
86.6
91. 3
96.4
100.0
103.8
115.3
132. 3
138.7
74.6
77.0
80.7
87.7
90.6
94. 9
100.0
110. 8
122.3
132.8
142.5
82.8
84. 0
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163. 8
170. 0
79.7
80. 1
80.9
83.3
89. 1
93.5
100. 0
118.2
171.0
188. 2
194.3
70. 1
72.6
76.4
80.0
86.4
92.6
100.0
105. 8
115.9
127. 5
134.8
68.4
72.5
76.9
81.9
88.3
94. 5
100.0
107.3
118.4
129.7
137.7
1976: I
II
III
IV
131. 47
133. 06
134. 56
136. 35
130.8
132.3
134.0
135. 6
122. 2
123.8
125.3
127. 2
136.2
136.9
138.3
139. 3
129. 2
131. 1
133.2
135. 4
136.8
137.8
139. 2
140.9
137. 1
140.7
144. 1
147.5
165.3
168.6
172.0
174.0
188.2
190.7
198.4
199.3
132.4
133.7
134.7
138.2
134.9
136.8
138. 6
140.7
1977: I
II
IIL___
138. 13
140. 52
142. 25
137. 9
139.8
141.7
129. 3
129.5
130. 3
141. 5
143.8
144.9
137. 8
140. 1
143.0
142.5
144.4
146.9
153.7
157.6
160.9
175.9
180. 8
180.6
207.0
210. 6
213.7
140.6
142. 0
143.4
143.4
146. 2
148.2
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross ]national p roduct
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Gross c lomestic ] )roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
9.4
5.8
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.6
5.9
2.7
4.4
2.6
-.3
3. 0
5.7
5.5
-1.4
-1.3
6. 0
3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.3
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9. 9
9.5
5.6
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6. 0
10. 2
9.4
5.6
9.6
5.7
9.1
7.8
5.0
8. 1
10.1
11.5
7.9
8.5
11.4
6. 1
2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5.9
3.3
3.0
4.5
5.1
5.3
5.1
4.1
5.7
9.3
9.7
5.2
3. 1
3.1
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9. 5
5.6
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.4
5.6
1976:1
II
III
IV
13.2
10.2
8. 6
6.7
8.8
5. 1
3. 9
1.2
4. 1
4.9
4.6
5.4
4.9
5.3
4.6
5.9
4.6
5.2
4.8
6.0
12.4
10.5
8.2
6. 9
8.3
5.2
3.7
1.3
3.8
5. 0
4.4
5. 5
4.8
5.4
4.5
6.0
4.6
5. 2
4.6
6. 1
1977:1
II
III
13.2
13.7
10.0
7.5
6.2
4.7
5.3
7.1
5.0
6.9
7.0
4.4
7. 1
7.0
4.9
12.6
13.6
9.9
7.2
6. 1
4.7
5.0
7.1
5.0
6.7
7.0
4.4
7.0
7.0
4.9
1966.
1967
1968
1969.
1970
1971
1972
1973
1974
1975
1976
._
___
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross c omestic
prodiict of
nonfir lancial
corp orate
' busi ness
(billi(3ns of
doll ars)
C urrent-do liar cost atnd profit per unit of outpu t (dollars ) i
Total
cost
and
profit 2
Capital
consumption
ComallowpenNet
ances Indirect sation
inwith
business
of
capital taxes 3 employ- terest
conees
sumption
adjustment
Corpc>rate profi ts with
invent ory valuai }ion and
capil ;al consuniption
iidjustmen ts
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
employees
(1972
ees
dollars) (dollars)
Current
dollars
1972
dollars
430.7
452.9
498.4
541.8
560. 6
602.5
671.0
752. 0
808. 8
875.2
991. 0
532. 9
545.8
581. 6
607.3
600. 6
619.3
671. 0
720. 4
695. 0
678.9
731. 0
0.808
.830
.857
.892
.933
.973
1. 000
1. 044
1. 164
1.289
1. 356
0. 067
.072
. 074
.079
. 088
.094
.093
. 095
. 116
. 143
. 146
0.080
.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
0.513
.535
.553
.589
.628
.645
.661
. 699
.796
.849
.890
0.014
.016
.017
. 022
.028
.029
.028
.032
.043
. 045
.044
0. 134
. 123
. 124
. 109
.086
.095
. 107
. 105
.086
. 115
. 139
0.055
.051
.058
.055
. 045
.048
.050
. 055
. 061
.060
.073
0.078
.072
.066
.055
.041
.046
.057
. 050
. 024
.055
.066
6.777
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.781
7.506
7.766
8.055
3.478
3. 676
3.929
4. 198
4.478
4.757
5.024
5. 441
5.972
6.596
7. 166
958.4
1976:1
I I _ _ _ 983.6
IIL__ 1, 004. 7
IV_._ 1, 017. 2
719. 4
731.3
736. 6
736.5
1.332
1.345
1.364
1.381
. 145
. 144
. 147
. 150
. 134
. 135
. 136
. 139
.870
. 880
.892
. 916
.044
. 044
.044
. 045
. 139
. 142
. 145
. 132
.072
.075
. 074
.072
.067
.066
.071
.060
7.987
8.067
8. 109
8.057
6.952
7.096
7.236
7.378
1977:I_._. 1, 049. 3
!!___ 1, 094. 9
Ill »_ 1, 121. 8
753.3
771.7
779. 1
1.393
1. 419
1.440
. 149
. 148
. 152
. 140
. 139
. 140
. 930
.943
.951
.046
.047
.048
. 128
. 142
. 149
.070
.075
.071
.058
.068
.077
8. 171
8.202
7.599
7.731
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1
Output is measured by gross domestic product of nonfinancial corporate
isiness in 1972 dollars.
2 This is equal to the deflator for gross domestic product cf nonfinancial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
ess subsidies.
Total
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propri etors'
incomeB with
inventor y valuation anc l capital
consul]aption
adjust ments
Compensation of
employees l
Farm
Nonfarm
Corpor ate profits with inv<sntory va uation
and capital co nsumptioii adjustm ents
Rental
Profits with inv<sntory
valual ion adjusibment
and \without ca pital
consum ption adjiistment
of per-
with
capital
consumption
adjustment
Total
Total
Profits
before
Inventory
valuation
adjustment
tax
Capital
consumption
adjustment
Net
interest
622.2
439.3
471.9
655.8
714.4
519.8
571.4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
13.6
12. 1
12.0
13. 9
13.9
14.3
18.0
32.0
25.4
23.2
18.6
46. 7
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
60.9
62.8
69.4
18. 2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21. 6
21.4
22. 3
23.3
82.5
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
83. 6
99.3
128. 1
78.6
75. 6
82. 1
77.9
66.4
76.9
89.6
97. 2
86. 5
111.5
142. 7
80.7
77.3
85.6
83.4
71.5
82.0
96.2
115. 8
126. 9
123.5
156.9
-2. 1
-1.7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12. 0
-14. 1
1. 9
-2. 9
-12. 2
-14.7
1976:1
II
III
IV
1, 321. 0
999.6
1, 353. 9 1, 024. 9
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
20.0
21. 6
16.2
16. 6
66. 9
68.8
70.0
72.0
23.0
22. 9
23.3
24. 1
126.5
129. 2
133.5
123. 1
141. 1
143.7
148.2
137. 9
153.5
159.2
159.9
154.8
-12.4
-15. 5
-11.7
-16.9
- 14. 6
-14.6
-14.7
-14.8
85.0
86.5
90. 1
92.0
1977: I
II
1, 450. 2 1, 109. 9
1, 505. 7 1, 144. 7
1, 538. 8 1, 166. 9
20.7
19.7
15. 5
74.3
77.3
80.0
24. 5
24.9
25.5
125.4
140.2
147.8
141. 0
156.2
165.7
161. 7
174.0
171.6
-20. 6
-17.8
-5.9
-15.6
-15. 9
-17.9
95.3
98.9
103. 1
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
_ __
III 9
1
3.9
3.7
3.7
3.5
1.5
.3
2.5
'
21.9
24.3
26.8
30.8
37. 5
42.8
47.0
52.3
69.0
79. 1
88.4
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Retail sales of
new pa ssenger
cars (Enillions
of u aits)
Nondura ble goods
D urable goo ds
TVvfol
xUudil
Period
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable1
goods
Food
Services
Clothing
and
shoes
Gasoline
and oil
Domestics
Imports
1966_
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
464.8
490.4
535.9
579.7
618.8
668.2
733.0
809.9
889.6
980. 4
1, 094. 0
67.7
69. 6
80.0
85.5
84.9
97. 1
111.2
123.7
122.0
132. 9
158. 9
30. 1
29. 7
35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.9
71.9
27. 7
29. 5
32.6
35. 0
36.7
39.4
44.8
50.7
54.9
58.0
63.9
204. 7
212.6
230. 4
247.0
264.7
277.7
299. 3
333. 8
376.3
409. 3
442.7
106.6
109.6
118.3
126. 1
136.3
140. 6
150.4
168. 1
189. 8
209.5
225.5
36.6
38.2
41.8
45. 1
46. 6
50.5
55. 1
61.3
65.3
70.2
76.3
16.0
17.0
18.4
20.4
22.0
23.4
24.9
27.8
36.4
39. 1
41.4
192.4
208. 1
225. 6
247.2
269. 1
293.4
322.4
352.3
391.3
438. 2
492. 3
8.7
9.3
9.7
7.5
7.1
8.6
1976: I
II
III____
IV.___
1, 056. 0
1, 078. 5
1, 102. 2
1, 139. 0
153.3
156.7
159. 3
166.3
68.8
71. 0
72. 1
75.7
61.9
63.0
63. 9
66.5
430.4
437. 1
444. 7
458.8
219. 3
223.8
227.0
232. 0
74.2
74. 3
76.9
79.9
40.6
40. 3
41.2
43.5
472.4
484.6
498. 2
513.9
8.8
8.7
8.4
8.5
1.3
1.4
1.5
1.7
1, 172. 4
1977: I
II
1, 194. 0
IIL_- 1, 216. 9
177.0
178.6
178.0
85.3
84. 5
81.6
67.4
69.3
70.9
466. 6
474.4
478.6
237.9
244.8
245.8
79. 3
80.4
83.3
44. 1
44.3
44.2
528.8
541. 1
560.3
9.4
9.3
8.9
1.8
2.4
2.0
1
Total includes other items not shown separately.
8.4
7.6
8. 6
8.5
7. 1
Source: Department of Commerce, Bureau of Economic Analysis.
0. 7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1. 5
pOURCES OF PERSONAL INCOME
Personal income rose $20.2 billion (annual rate) in October, following a $12.4 billion (revised) increase in September. Wages and salaries were up $14.3 billion in October, of which about $2.8 billion was due to pay raises
for Federal civilian and military personnel.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
WAGE AND SALARY DISBURSEMENTS
40
1969
'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976: Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July___.
Aug
Septp
Oct _ —
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Less: PerRental
NonTotal
Other Proprietc>rs' income income
and
Persona] Transfer sonal conDivifarm
personal salary
labor 12
interest
tributions
pay' of 4 dends
5
personal6
income disburseincome
income
ments
for
social
Nonfarm
Farm
persons
ments 1
insurance income
514. 6
745. 8
546.5
801.3
579.4
859. 1
633.8
942.5
1, 052. 4 701.3
1, 154. 9 764.6
1, 253. 4 805. 7
891.8
1, 382. 7
1, 414. 2 914. 0
1, 432. 1 923.9
1, 450. 2
931. 7
1, 454. 3
937.3
1, 477. 0
951. 7
1, 499. 1
964.9
1, 510. 1 974. 1
1, 517. 3
982.0
1, 524. 3 986.5
1, 539. 2 992.9
1, 548. 2 997. 1
1, 560. 6 1, 005. 3
1, 580. 9 1, 019. 5
28.2
32.0
36.2
42.0
48.7
55. 6
64.9
75. 9
79. 1
80.0
81.0
82. 1
83.2
84.4
85.5
86.7
87. 9
89.1
90.3
91.5
92.8
13.9
13. 9
14.3
18.0
32. 0
25. 4
23. 2
18. 6
15.3
16. 4
18. 1
19.6
21. 0
21. 7
20. 9
19. 8
18.4
16.5
15. 1
14. 9
15.8
52.3
51.2
53.4
58. 1
60.4
60.9
62. 8
69. 4
70.8
72. 1
73.2
72.5
74. 4
76.0
76. 9
77.2
77.6
79.2
80.2
80.8
81.3
I1 The total of wage and salary disbursements and other labor income differs
"om compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds; workmen's compensation; directors' fees; and a few other minor items.
»With inventory valuation and capital consumption adjustments.
<With capital consumption adjustment.
18. 1
18.6
20. 1
21. 5
21.6
21. 4
22.3
23.3
23. 9
24. 1
24. 4
24.4
24.6
24. 6
24.3
24.8
25. 6
24. 7
25.7
26.0
26. 3
22. 6
22.9
23.0
24. 6
27. 8
31.0
32.4
35. 8
36.7
37.2
41. 2
37.9
38.5
39.0
39. 3
39.6
41. 9
42.0
42. 4
42. 6
42.7
55.9
64.3
69.3
74.6
84. 1
103.0
115. 6
130.3
135.2
136.4
137.6
139.0
140.3
141. 8
143. 5
145.2
147. 4
149. 1
150.4
151.3
152. 7
66.5
79. 9
94. 1
104. 1
118. 9
140.8
176. 8
192.8
195.5
198. 4
200.0
200. 5
203.0
206. 9
206.0
202.9
200. 0
207.2
208. 6
210.2
212. 3
26.3
28.0
30.8
34.2
42.2
47.7
50. 4
55. 2
56. 1
56. 7
57.0
59. 0
59.6
60. 2
60.6
60. 9
61. 0
61.5
61. 6
62.0
62. 7
725.8
780.7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 385. 5
1, 402. 1
1, 418. 5
1, 421. 1
1, 442. 4
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
1, 508. 3
1, 518. 7
1, 531. 1
1, 550. 3
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce. Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
400
DOLLARS* (RATIO SCALE)
400
DOLLARS* (RATIO SCALE)
6,000 —PER CAPITA DISPOSABLE PERSONAL INCOME
6,000
5,000
5,000
4,000
3,000
2,000
2,000
1969
1976
1970
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Less:
p«_
sonal
Pertax
sonal
and
income nontax
payments
Period
Equals:
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays *
Per c apita
dispc>sable
persona income
Equals :
Personal
saving Current
dollars
685.2
745. 8
801. 3
859. 1
942.5
_ 1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1972
dollars
Per cap ita personal ccmsumption exp<3nditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of
disposable
personal
income
Population
(thou-2
sands)
Dol Lars
Bil lions of d sllars
1968
1969
1970
1971
1972
1973__
1974
1975
1976
1977
550. 1
588. 1
97. 1
630.4
595.3
115. 4
685. 9
635. 4
115.3
685.5
742.8
116. 3
141.2
801.3
751.9
901.7
831. 3
150.8
984.6
913.0
170. 3
169.0 1, 084. 4 1, 004. 2
196.9 1, 185. 8 1, 119. 9
38. 1
35. 1
50. 6
57.3
49. 4
70.3
71.7
80.2
65. 9
2,930
3, 111
3,348
3,588
3,837
4,285
4, 646
5,077
5,511
3,464
3,515
3, 619
3,714
3,837
4, 062
3,973
4, 014
4, 137
2,670
2,860
3,020
3,227
3, 510
3,849
4, 197
4,591
5, 084
3, 156
3,234
3,265
3,342
3, 510
3, 648
3,589
3, 629
3,817
4,921
5,017
5, 117
5,277
5,423
5, 512
5,606
3,761
3, 794
3,820
3,891
3, 933
3,943
3,956
2.8
1. 5
3.0
2.6
3.3
5.9
-2. 2
1. 0
3. 1
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.4
5.6
200,
202,
204,
207,
208,
210,
211,
213,
215,
706
677
878
053
846
410
945
566
191
6.3
6.0
5.4
4.6
214,
214,
215,
215,
216,
216,
217,
608
948
380
827
206
602
073
Seas onally ad usted ann ual rates
1976: ! _ _ _
II—
IIL_
IV__
1977: !____
!!___
III__
1, 338. 1
1, 366. 7
1, 393. 9
1, 432. 2
1, 476. 8
1, 517. 2
1, 549. 3
184.8
192.6
200. 6
209.5
224. 4
224.8
227.6
1, 153. 3
1, 174. 1
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 321. 7
080.9
103.8
128.5
166. 3
201.0
223.9
248.2
72.4
70.3
64.8
56. 3
51.4
68.5
73.5
5,374
5,462
5,540
5, 665
5,793
5,967
6,089
1
Includes personal consumption expenditures, interest paid by consumers
to 2 business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
4, 107
4, 130
4, 135
4, 177
4,202
4, 268
4,297
4.5
2. 3
.5
4. 1
2. 4
6.4
2.7
4. 1
5.3
5.6
Source: Department of Commerce (Bureau ol Economic Analysis and Bures
of the Census).
FARM INCOME
In the third quarter, farm income excluding inventory change fell $5.5 billion (annual rate) while income including
inventory change fell $4.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120
120
100
100
REALIZED GROSS
FARM INCOME
80
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
\
*%
20
20
\
1
10
1969
1970
1972
1971
1973
•1975
1974
1976
_J
I
10
1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISWS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by total farm po Dulation
] 'ncome
re ceived from farmingI
NW tr .
Realize?d gross
Period
From
From From
all
farm nonfarm Total1
sources sources sources
1969
1970
1971
1972
1973
1974___. __
1975
1976
1976:1
II
IIL—
IV__
1977:1
II
III *
26.9
27.4
28.7
34. 4
48.6
44.7
44. 3
42. 0
12. 9
13. 0
13.4
16. 8
29. 0
23. 1
21.5
17. 8
13. 9
14. 4
15. 3
17. 6
19. 5
21. 6
22. 8
24. 2
56.3
58. 6
60.6
70. 1
95.5
100.0
96.7
103. 6
102. 1
109. 6
100. 9
101. 9
105. 6
108.8
98.7
Cashi receipts from
rnarketing s
Livestock
Total
Crops
and
products
Billioris of dolla rs
48. 2
50.5
52.9
61.2
87. 1
92. 4
88. 1
94.3
93. 0
100.4
91. 5
92.4
95.9
99.0
88. 5
1
Cash receipts from mar]jetings, Government iDayments, aiid nonmone]f income
furnished fc y farms.
2
Inventory of crops and 1ivestock va lued at the average pnc e for the year
s Based on Ce nsus of Agr iculture def inition of a farm. The n umber cifanus is
ia constant witnm a year.
< Income in current dollars divided by the index of prices paid by fanners for
99-182 O - 77 - 2
28.6
29.6
30. 6
35.7
45. 9
41. 4
43.0
46. 4
46.3
48.3
45.5
45.4
45. 3
48.0
47.0
19.6
21. 0
22.3
25.5
41. 1
51. 1
45. 1
47. 9
46.7
52. 1
46.0
47. 0
50.6
51.0
41.5
oper ators
Net inc ome per
farm incl uding net3
inventor y change
Produc- Exclud- Includtion ex- ing net ing net
penses
1967 4
inven- Current
inventory 2 dollars dollars
tory
change change
Dol lars
42. 1
44.4
47.4
52.3
65. 6
72. 2
75.9
81.7
79. 1
84. 2
82.3
81. 2
83. 1
87. 1
82.5
14.2
14. 1
13. 2
17.8
29. 9
27.7
20. 8
21.9
23. 0
25.4
18.6
20.7
22.5
21.7
16. 2
14.3
14.2
14. 6
18.7
33. 3
26. 1
24.3
20.0
21. 5
23.2
17.6
18. 0
22.0
21. 0
16.7
4,766
4,790
5,030
6, 504
11, 727
9,232
8,637
7,203
7,740
8,350
6,330
6,480
7,990
7,630
6,070
4,372
4,202
4,263
5,288
8,817
6, 114
5,203
4,093
4,500
4,800
3,580
3,600
4,370
4,080
3,210
fam ly living iteins on a 1967 base. As of J anuary 1977 unovement is based on the
ovei all change in the consum er price indej
Sc>urce: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates for the third quarter, profits before tax fell $2.4 billion (annual rate) while profit,
with inventory valuation adjustment rose $9.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
1969
1977
1970
SOURCEs DEPARTMENT OF COMMERCE
Period
1966_.
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: I
II
III
IV
1977: I
II
III*
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual
>ry valueition
Profit ,s (before tax) wit!h invent(
adjustn lent l
Domesstic indu stries
Tax
Profits
N Dnfinanci al
liabefore
2
bility
Whole- tax
Total
Manusale
Total Financial Total 3 faeand
turretail
mg
trade
67.4
8.5
33.7
41.6
80.7
8.0
78.6
75.9
32. 5
37.9
9.0
63.6
77.3
75.6
8.9
72.6
41.2
82. 1
68.5
39.4
78.9
10. 4
85. 6
10.1
74.2
62.9
83.4
39.7
77.9
11.3
36.8
10. 1
66.4
12. 6
50. 1
34.5
27. 1
71.5
9.4
62.6
58.2
72.4
14. 1
32.4
37.7
76.9
82.0
11.7
96.2
41.5
15. 4
69. 3
40. 6
89.6
84.7
13.3
_._
97.2
16.2
74. 1
44. 1
90.4
48.7
14. 7
115. 8
14.4
62. 5
52. 4
86.5
36.6
76.9
12.9
126.9
50.2
90.3
111.5
105.4
15.0
22. 1
47. 9
123. 5
18.2 116.4
66.3
64.7
142.7
134.6
27. 1
156.9
141. 1
132.4
17. 8 114. 6
65. 3
63. 1
26.5
153.5
68.7
143.7
18. 1 118.0
25. 5
66. 1
136. 1
159. 2
__ 148.2
68.4
18.4 121. 3
65.9
139.8
159.9
29. 1
18.4 111.8
130.2
63. 9
62.9
154. 8
27.4
137.9
19.2 111.8
65.2
64.4
141. 0
131.0
24. 0
161. 7
__ 156.2
19.9 125.5
69.7
145.5
174.0
76. 4
25.4
154. 3
20.9 133.4
67.9
171. 6
165.7
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
23 Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
rates]
Pro its after tax
Total
Dividends
47. 1
44. 9
46.2
43.8
37.0
44. 3
54. 6
67. 1
74.5
73.4
92. 1
90.4
93. 1
94.0
90.9
97.2
104.3
103. 7
19.4
20. 1
21.9
22. 6
22.9
23.0
24. 6
27.8
31. 0
32.4
35.8
33.6
35.0
36.0
38.4
38.5
40.3
42. 3
Undistributed
profits
27.6
24.7
24.2
21.2
14. 1
21.3
30.0
39.3
43.6
41. 0
56.4
56.8
58. 1
58.0
52.5
58.8
64.1
61. 4
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-2. 1
-1.7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18. 6
-40.4
-12. 0
-14. 1
-12.4
-15.5
-11.7
-16.9
-20.6
-17.8
-5. 9
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $4.3 billion (annual rate) in the third quarter as purchases of producers* durable equipment increased $2.9 billion and investment in structures rose $1.4 billion. Residential investment increased $1.7
billion. Inventory investment amounted to $23.1 billion, up $1.4 billion from the second quarter level.
BULKDNS OF DOLlARS* (RATIO I>CAlQ
120
_ NONRESIDEf ^ITIAL FIXED INIVESTMENT
BILLIONS OF DOLLARS*' (RATIO SCALE)
S*^
^^*
^s
^
1AA
-
^- .PRODUCERS'.
80
ou SABLE EQUIPM :NT
-
^'~-<-.r1
-***
STRUaURES
/
40
*+*
1
1
1 1 -1
1
I
1
1
I
I
\
1 1
BILLIONS OF DOLLARS (RATIO SCALE)
50 -
-40
1973
1973
1977
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 investme nt
Gross
private
domestic
investment
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975___
1976
1976: I
II
III
IV
1977: I
II
III
r
_
124.5
120.8
131. 5
146.2
140.8
160.0
188.3
220. 0
214.6
189. 1
243.3
231.3
244.4
254.3
243.4
271.8
294.9
302.3
Struc tures
Total
81.4
82. 1
89.3
98.9
100.5
104. 1
116. 8
136.0
150. 6
149.1
161.9
155.4
159.8
164.9
167.6
177.0
182.4
186.7
Total
Nonfarm
Total
Nonfarm
29.2
29. 5
31.6
35. 7
37.7
39.3
42.5
49.0
54.5
52. 9
55.8
54.7
55.8
56.0
57.0
57.9
61.0
62. 4
28. 1
28.2
30.4
34.3
36. 1
37. 8
41. 1
46.9
51.8
50.4
53.4
52. 1
53.4
53.6
54.4
55. 1
58.2
59. 9
52.2
52. 6
57.7
63.3
62.8
64.7
74.3
87.0
96.2
96.3
106. 1
100.8
104.0
109.0
110.6
119.2
121.4
124.3
47.9
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87. 1
95.9
90.5
93. 8
98.4
100.7
107.8
110.0
113.4
Source: Department of Commerce, Bureau of Economic Analysis.
Prodiicers'
durjible
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
51.5
68.0
61.4
66.3
67. 8
76.7
81. 0
90.8
92.5
Nonfarm
structures
27.4
27. 2
33. 1
36. 3
35.1
47.9
60.3
64.3
52.7
49. 5
65.7
58.9
64. 1
65.7
74.3
78.5
88.2
89.9
Farm ducers'
struc- durable
equipment
0 7
7
6
7
6
7
7
6
12
9
10
12
10
9
11
11
12
11
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1.2
1.2
1.2
1.3
1.4
1.4
1.5
Change in business mv entories
Total
14.3
10. 1
7.7
9.4
3.8
6.4
9.4
17.9
Nonfarm
14.5
9.4
7.6
9.2
3.7
5. 1
8.8
-11.5
13.3
14.5
18.3
21.5
14.7
10.8
-15. 1
14.9
15.9
20.4
22.0
13.8
21.7
23. 1
14. 1
22.4
22.6
8.9
-.9
1.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 13.3 percent in 1977, according to the Commerce July-August survey,
somewhat more than the expected increase reported in June.
BILLIONS OF DOLLARS (RATIO SCALE)
180
BILLIONS OF DOLLARS (RATIO SCALE)
180
SEASONALLY ADJUSTED ANNUAL RATES
160
160
140
140
•120
120
TOTAL NIW PLANT AND EQUIPMENT
100
100
80
80
60
60
MANUFA<
kCTURING
>40
40
''
20
1
I
I
1969
I
20
1970
1973
1972
1971
1974
1975
1976
1977
J/'|EE FOOTNOTE 4 BELOW.
SOURCEt DEPARTMENT OF COMMERCE
[Billio ns of doll ars; quart erly data at season ally adjtisted amlual rates]
Starts of plant
and equ ipment
proje cts 3
EJcpenditure;s for plan t and equ ipment
N<snmanuf acturing
Mi inufacturi ng
Period
Nondurable
goods
Total
Durable
goods
15.80
14. 15
15.64
19.25
22. 62
21.84
23.68
27.92
21.63
22. 54
24. 59
25.50
26.30
27.26
32. 68
114. 72
118. 12
122. 55
125. 22
130. 16
134. 24
31. 95
29.99
31.35
38.01
46.01
47.95
52.48
60.60
49.21
50.64
54.78
54.44
56.43
59.46
27.58
28.09
30.20
28.93
30.13
32. 19
47. 76
51.22
57.09
61.73
66.39
64.82
68.01
76.88
65. 51
67.48
67.76
70.78
73.74
74.78
III *.._ 138. 43
IV 4 . _ 142. 02
64.32
61.37
27.96
29.74
33.40
34.58
77. 70
Total *
1970
1971
1972
1973
1974
1975
1976
1977 «
1976: I
II_
III
IV
1977: I
II
1
79.71
81.21
88.44
99. 74
112. 40
112. 78
120. 49
136. 49
16. 15
15.84
15.72
18. 76
23.39
26. 11
28.81
Total
77.06
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
Trans- Public Comporta- utili- munication
ties
tion
Commercial
and 2
other
Manufacturing
13. 14
15.30
17.00
18.71
20.55
20. 14
22. 28
16. 59
18.05
20.07
21.40
22.05
20.60
20.99
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
15.26
15. 15
3.43
8.56
7.54
10.22
9.76
3.79
6. 04
4.93
5.72
6. 03
6.66
7.57
7.45
10. 10
10.77
11. 89
12.85
13.96
12.74
13.30
4.45
6. 94
26. 29
16. 19
23. 02
3.83
3.83
4.21
4. 13
4.24
4.49
6.55
8. 24
7.25
7.53
7.29
6.96
21.91
21.85
21. 67
23.46
25.35
25.29
12.54
12.62
13.64
14.30
14.19
20. 68
20.94
20.99
21. 36
22.67
4.62
4.54
6. 76
6.96
26. 70
27.50
16.32
22. 73
Public
utilities
39 .08
38 . 70
* Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in late July and August 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 labor force and employment continued to grow in October. The civilian labor force rose by
234,000 and civilian employment increased by 135,000. Unemployment increased by 99,000 after a decrease in
September.
MILLIONS OF PERSONS*
100
MILLIONS OF PERSONS
100
i 11 i i 1 1 t t i i i i I 11 1 1 i i i i i i I t t i r.i I 0
1975
' 1 m
' 1 9 7 7
*16 YEARS OP AGE AND OVER.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1Phousands of person s 16 years3 of age sind over]
Period
1972
1973
1974
1975
1976
Noninstitutional
population
145,
148,
150,
153,
156,
4,840
4, 304
5,076
7,830
7,288
81, 702
84, 409
85, 935
84, 783
87, 485
Civilian Unememploy- ployment
ment
775 81, 702
263 84, 409
827 85, 935
449 84, 783
048 87, 485
Uinadjusted
Unempl oyment
CCivilian e mploymerit
Total
labor
Civilian
force
(includ- labor
ing
force
Armed
Forces)
88, 991 86, 542
91, 040 88, 714
93, 240 91,011
94, 793 92, 613
96, 917 94, 773
Total
Nonagri cultural
Part-time
Agrifor ecoculTotal
nomic
tural
reasons *
2,408
3,472 78, 230
2,311
3,452 80, 957
2, 709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
Seas<anally adjusted
Total
4,840
4,304
5,076
7,830
7,288
7,564
88, 697
88, 542
88, 494
6,833
7,095
7,022
97, 449
98, 020
98, 106
95, 302
95, 871
95, 960
87, 738
88, 220
88, 441
3,310
3,248
3,257
84, 428
84, 972
85, 184
3,448
3, 545
7, 651
7,519
157, 381
157, 584
157, 782
157, 986
158, 228
158, 456
158,682
158, 899
159, 114
159, 334
86, 856
87, 231
88, 215
89, 258
90, 042
91, 682
92, 372
92, 315
91, 247
92, 230
7,848 97, 649
8, 109 98, 282
7, 556 98, 677
6, 568 98, 892
6, 151 99, 286
7,453 99, 770
6,941 99, 440
6,757 99, 834
6,437 99, 999
6,221 100, 236
95, 516
96, 145
96, 539
96, 760
97, 158
97, 641
97, 305
97, 697
97, 868
98, 102
88, 558
88, 962
89, 475
90, 023
90, 408
90, 679
90, 561
90, 771
91, 095
91, 230
3,090
3,090
3, 116
3,260
3,386
3,338
3,213
3,252
3,215
3,272
85, 468
85, 872
86, 359
86, 763
87, 022
87, 341
87, 348
87, 519
87, 880
87, 958
3,320
3,438
3,276
6,958
1977: Jan..
Feb._
Mar_
Apr__
May.
June.
JulyAug_
Sept.
Oct_
1
Persons at work in nonagricultural industries.
2 Total labor force as percent ol noninstitutional population 16 years of age and
over.
3, 174
3,290
3, 368
3,371
3, 199
3,315
3,298
and
over
1976: Oct.. 156, 788
Nov. 157, 006
Dec. 157, 176
3,454
15
weeks
7, 183
7,064
6,737
6,750
6,962
6,744
6,926
6,773
6,872
Labor
force
participation
rate
(per-
cent)2
1,158
61.0
61.4
61.8
61.8
62. 1
2,360
62.2
62.4
62.4
2,283
62.0
62.4
62.5
62.6
62.7
63.0
62.7
62.8
62.8
62.9
812
937
2,483
2,339
2,517
2,514
2, 182
1,923
1,816
1,836
1,737
1,834
1,808
1,866
1,862
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October the seasonally adjusted unemployment rate increased by 0.1 percentage point to 7.0 percent, the rate
it has fluctuated around since April. For the fourth consecutive month, the unemployment rate of white workers stood
at 6.1 percent. The black unemployment rate increased to 13.9 percent after a decrease in September.
•PERCENT* (SEASONALLY ADJUSTED}
PERCENT* (SEASONALLY ADJUSTED)
20
15
BLACK
.„
AND OTHER /
\
f
t
10
I M
1973
1974
1975
1976
M
IIIII 1
1976
1973
1977
*UNEMPIOYMENT AS PERCENT OF CIVIUAN LABOR FORCf IN GROUP SPECIFIED.
SOURCE.- DEPARTMENT OF IASOR
1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1972.
1973
1974
1975
.
1976
1976: Oct
Nov
Dec
1977: Jan
.
Feb _ - _
Mar
Apr
May
_
June
_
July _ _
_ ___
Aug.
_
Sept
_
_ _ _
Oct
Total
(all
civilian
workers)
5.6
4.9
5.6
8.5
7.7
7.9
8.0
7.8
7.3
7.5
7.3
7.0
6.9
7. 1
6.9
7. 1
6.9
7.0
Uneniploymeiit rate (]Dercent c f civiliari labor fc>rce in gi oup)
]3y select ed group s
By color
By s ex and a ge
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
White
Black
and
other
16.2
14. 5
16.0
19.9
19. 0
19.0
19.2
19.0
18.7
18.5
18.8
17.8
17.9
18.6
17.4
17.5
18. 1
17.3
5.0
4.3
5.0
7.8
7.0
7.2
7.3
7. 1
6.7
6.7
6.6
6.3
6.2
6.3
6. 1
6. 1
6. 1
6. 1
10.0
8. 9
9.9
13. 9
13. 1
13.4
13.5
13.4
12.5
13. 1
12. 7
12.3
12.9
13. 2
13.2
14.5
13. 1
13.9
4.0
3.2
3.8
6.7
5.9
6.2
6.3
6.2
5.6
5.8
5.4
5. 0
5.3
5.0
5. 1
5.2
4.9
5.3
5.4
4.8
5. 5
8.0
7.4
7.6
7.6
7.4
6. 9
7.2
7.2
7.0
6.6
7.2
6.9
7. 1
7.0
6. 8
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
Experienced House- Fullwage
time
hold
workand
heads
salary
ers
workers
3.3
5. 1
5.3
2.9
4.3
4.5
3. 3
5. 1
5.3
5.8
8. 1
8.2
5. 1
7.3
7.3
5.4
7.5
7.6
7.6
5.3
7.6
7.5
5. 1
7.4
6.7
4.8
7.0
4.9
6.9
7. 1
6.7
4.6
6.9
6.5
4.4
6.5
6.5
4.5
6.7
6.5
4.3
6.5
6.5
4.3
6.4
6.8
4.6
6.6
6.5
4.5
6.4
6.6
4.6
6.6
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8. 6
7.9
8.6
10.3
10. 1
10.3
10.5
9.8
10. 2
10.7
11. 1
9.9
9.9
10.7
9.2
8.9
9.5
9.7
Labor
force
time
lost
(per- l
cent)
6.0
5.2
6. 1
9. 1
8.3
8.6
8.6
8.4
8.0
7.9
7.8
7.4
7.5
7.5
7.4
7.7
7.4
7.5,
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The increase in seasonally adjusted unemployment of 99,000 in October was accompanied by a decrease in the
proportion of new entrants, and increases in job leavers and reentrants.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
JOB LOSERS
^XV*—|
rv^
40
40
von
REENTRANTS
20
20
15-24
JOB LEAVERS
WEEKS
27 WEEKS
AND OVER
NEW. ENTRANTS
i Iii
1974
,
1975
1976
1977
1974
i_Li
1975
1976
1977
'SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF LABOR
COUNCIl OF ECONOMIC ADVISED!
[Monthly data seasonally adjusted, except as noted]
Percei]it distribution of unemPercei]it distribution of uneml
State p rograms Insured
unem- Special
ployment b y duraticm 1
Pi oyment 13y reasoii
ployunemUnemment,
ployployall
ment
27 Insured
Period
ment
New
Less5-14
15-26 weeks unem- Initial regular benefit3
Job
ReenJob
(thouenthan
5
proclaims
ploy- claims
sands) losers leavers trants trants weeks weeks weeks and
grams 2 (unadover
ment
(unad- justed)
justed)
Weejkly aver age, thou sands
1972
43.2
11.6
13. 1
12.3
2, 192
1,848
261
4,840
13.9
45.9
29.8
30. 1
7.8 1,632
1973
4,304
38.7
246
1,793
15.7
11.0
30.7
14.9
51.0
30. 1
7.3 2,262
1974
43.4
363
28.4
5,076
14.9
11. 1
2,558
13.3
50.6
31.0
15.2 3,992
1975
55.4
10.4
16.5
478
4,943
10.4
1, 173
7,830
23.8
37.0
31.3
18. 3 2,968
382
3,822
1,152
1976
12.2
12. 1 38.3 29.6
7,288
49.8
13.8
26.0
16.5 3,263
421
1976: Oct_._ 7,564
50.0
38.4
853
12.5
11.9
14.2
3,217
25.6
30. 8
17. 1 3,160
Nov.. 7,651
862
11. 2
388
15. 3
3,453
49. 8
12.0
35.5 32. 1
27.0
18. 2 2,969
Dec.: 7,519
14. 9
36.4
903
361
3,884
50.0
26. 2
12.6
30.5
11. 1
17.5 2,781
409
1977: Jan.._ 6,958
4,442
45.6
13.2
14.6
823
28.3
12.9
38.7
29. 2
17.4 2,774
419
13.4
Feb_. 7,183
47.5
11.9
13. 1 39.5
4,448
911
27.5
29.7
16. 3 2,564
Mar__ 7,064
44.4
335
3,972
14.2
13.0
28.4
11. 1
42.8
901
29.9
16.3 2,489
Apr... 6,737
363
12. 5
14.4
43.6
45.8
784
29.5
27.4
10.6
3,506
15. 4 2,515
44.2
May__ 6,750
381
41. 5
13.7
13.0
3, 105
29. 0
11.9
538
31. 2
13.8 2,541
June.. 6,962
373
42. 7
13.9
15.7
27.6
11.7
44.9
484
29.7
2,939
July.. 6,744
13.8 2,649
45.8
12.5
14. 5
389
13.8
27. 1
42.7
540
29.7
3,065
12. 0 2,801
14.2
Aug.. 6,926
46.6
397
12.9
26.3
13.8
40.9
33.3
2,751
535
46.2
13.4 2,780
Sept". 6,773
12.8
381
13.7
32.4
40. 5
412
27.3
13.6
2,643
12.4
13.2
13.6 2,744
372
Oct*- 6,872
46.3
13. 1
28.2
41. 5
364
31.7
2,648
_•!
1
Detail may not add to 100 percent because of rounding.
* Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
' FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment increased by 119,000 in October. Employment in durable goods manufacturing
decreased by 16,000. The largest gains were in services (46,000) and contract construction (44,000).
MILLIONS OF PERSONS*
901
MILLIONS OF PERSONS* (ENLARGED SCALE)
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
WHOLESALE AND RETAIL TRADE
16
GOVERNMENT
70
14
SERVICES
12
"SERVICE-PRODUCING"
INDUSTRIES
mmmm
mm*
*
<m
mill
ill
mm
22
MANUFACTURING
50
20
40
18
11 > M m
30
-GOODS-PRODUCING •
INDUSTRIES
,mmm,.' H"*1'1"
CONTRACT CONSTRUCTION
20
JLL11
1973
1974
1975
1976
1977
1973
1974
1975
JjU^I
1977
1976
•SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISBS
1
[Thousands of wage and salary workers; seasonally adjusted]
Service-pr oducing Industrie;s
Croods-prc)ducing i ndustries3
Period
1972_
1973
1974
1975___
1976___
1976: Oct__
Nov__
Dec__
1977: Jan__
Feb__
Mar__
Apr__
May_.
JuneJuly..
Aug__
Sept*.
Oct*_
Total
nonagricultural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
79, 819
80, 106
80, 344
80, 561
80, 824
81, 395
81, 686
81, 921
82, 121
82, 366
82, 480
82, 807
82, 926
23, 546
24, 727
24, 697
22, 603
23, 332
23, 323
23, 489
23, 508
23, 589
23, 701
24, 005
24, 217
24, 306
24, 353
24, 399
24, 316
24, 400
24, 432
Contract
construction
3,831
4, 015
3,957
3,512
3,594
3,582
3,619
3,605
3,561
3,645
3,759
3,842
3,861
3,876
3,917
3,889
3,896
3,940
Trans- Whole- Finance,
Gover nment
insurportasale
ance,
tion
and
Non- Total
State
and
and Services
retail
Federal and
durable
Total Durable
real
public
goods goods
trade
local
estate
utilities
Ma nufactui •ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 941
19, 065
19, 095
19, 211
19, 233
19, 404
19, 528
19, 600
19, 622
19, 648
19, 609
19, 653
19, 638
11, 006
11, 839
11,895
10, 679
11, 026
11,018
11, 128
11, 158
11,236
11, 230
11, 370
11,423
11, 469
11,491
11, 530
11,536
11, 577
11, 561
8,084
8,229
8, 151
7, 668
7,930
7,923
7,937
7,937
7,975
8,003
8,034
8, 105
8,131
8, 131
8, 118
8,073
8,076
8,077
1
Includes all full- and part-time wage and salary workersi n nonagricultural
establishments who worked during or received pay for any part ol the pay period
which includes the 12th ol the month. Excludes proprietors, self-employed persons, domestic servants, and personnel oi the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment oi the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
50, 167
52, 169
53, 715
54, 448
56, 111
56, 496
56, 617
56, 836
56, 972
57, 123
57, 390
57, 469
57, 615
57, 768
57, 967
58, 164
58, 407
58, 494
4,517
4,644
4,696
4,498
4,509
4,506
4,519
4, 553
4,549
4,553
4,568
4,575
4,586
4,579
4,572
4,577
4,613
4,610
15, 975
16, 674
17, 017
17, 000
17, 694
17, 824
17, 808
17, 898
17, 981
18, 067
18, 189
18, 203
18, 235
18, 247
18, 294
18, 363
18, 425
18, 429
3,943
4,091
4,208
4,223
4,316
4,359
4, 381
4,403
4,423
4,431
4,453
4,463
4,480
4,489
4,506
4,519
4,541
4,564
12, 392
13, 021
13, 617
14, 006
14, 644
14, 819
14, 873
14, 936
15, 010
15, 068
15, 149
15, 182
15, 197
15, 245
15, 372
15, 463
15, 477
15, 523
2,684
2,663
2, 724
2,748
2,733
2,730
2,734
2,720
2,721
2,721
2,725
2,719
2,723
2,735
2, 721
2,735
2,728
2,728
10, 656
11,075
11, 453
11, 973
12, 215
12, 258
12, 302
12, 326
12, 288
12, 283
12, 306
12, 327
12, 394
12, 473
12, 502
12, 507
12, 623
12, 640
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
* Includes mining, not shown separately.
Source: Department cf Labor, Bureau of Labor Statistics.
AND HOURLY
PRIVATE NONAGRICULTURJIL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly *earnings
Aver age weekly '.hours
Total
private
nonagricultural *
Period
Manufstcturing
Total
Adjusted h ourly earnin gs index2 —1<)tal private
nonagric ultural
Overtime
Total
private
nonagricultural 1
Manufacturing
Percent crlange from
4
a year
Index, 1<)67=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
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
106.5
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: Oct
Nov
Dec
36. 1
36.2
36.2
39.9
40. 1
40.0
2.9
3. 1
3,2
4.95
5.00
5.02
5. 29
5.34
5.38
188.4
189.7
190.6
108.9
109. 3
109. 4
6.8
6.7
6.9
1.5
1.6
1.9
1977: Jan
Feb
Mar
Apr
_
May
June
July
Aug
Sept*_.___
Oct »
35.8
36.3
36.3
36. 2
36.3
36. 2
36. 1
36.0
36.0
36. 1
39.5
40.3
40.4
40.3
40. 4
40.5
40.3
40. 3
40.2
40.3
3.2
3. 3
3.3
3. 4
3.4
3.4
3.4
3.3
3.3
3.6
5.07
5.09
5.12
5. 17
5.20
5.22
5.27
5.28
5. 31
5.38
5.43
5.43
5.49
5. 53
5.57
5. 61
5.66
5.69
5. 72
5.79
192.7
193.2
194. 1
195.3
196.5
197.5
199.5
200.0
201. 0
203. 1
109.7
109.0
7.3
7.0
7.0
7.1
7.0
7.2
7.5
7. 1
7.2
7.8
2. 1
1.0
.6
.3
.2
.3
.7
.4
.6
1.2
1968
1969
1970
1971
1972
1973
1974
1975
1976
.
ioa 8
108.6
108. 6
108.6
109.3
109. 2
109.4
110. 2
AVERAGE WEEKLY EARNINGS—
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricul tural i
Peripd
Current
dollars
1968
1969
1970
1971
1972___
1973
1974
1975
1976
.
Oct
Nov
Dec
___ ___
1977: Jan
Feb
Mar
Apr
__
May
June ..
July
Aug
Sept*
Oct »
__
Manufacturing
1967
dollars a
Percent ch£
from a
etarlier,
/ate nonagricu Itural 5
Current
dollars
iCurrent dollar 3
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
$86. 40
90. 78
95.66
100. 39
105. 65
111. 04
118. 33
126. 75
133. 39
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
178. 70
181. 00
181. 72
103. 29
104. 32
104. 32
211. 07
214. 13
215. 20
289. 45
292. 09
291. 69
135. 68
136. 27
138. 10
6,9
6.5
6.7
1. 5
1.5
1.8
181. 51
184. 77
185. 86
187. 15
188. 76
188. 96
190. 25
190. 08
191. 16
194. 22
103. 37
104. 21
104. 18
104. 09
104. 34
103. 88
104. 19
103. 76
104. 00
105. 38
214. 49
218. 83
221. 80
222. 86
225. 03
227. 21
228. 10
229. 31
229. 94
233. 34
281. 08
297. 86
293. 09
296. 54
297. 70
296. 61
297. 71
293. 67
292. 86
297. 56
137. 78
139. 61
140. 37
141. 71
141. 62
141. 86
143. 19
143. 09
143. 76
145. 42
5.6
7.'1
7.7
8.3
7.5
7.6
7.7
7.3
8.1
8.3
.4
1.0
1.2
1.5
.7
.7
1.0
.6
1. 4
1. 7
1 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.
2
Contract
construction
Wholesale
retail
trade
4
Monthly changes based on indexes to two decimal places.
• Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
IS
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pensons2
Outiput 1
Period
Output :>er hour
of all i>ersons
Compe nsation
per 1lour 3
Unit labor
CO sts
Implic it price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonnonnonpriprinonnonprinonprivate
private
private
vate
farm
vate
farm
farm business farm
vate
farm
farm
business
business business
business business business business business business business
business
1967 == 100; qua rterly dat a seasonsilly adjus bed
1966
1967
1968
1969
98.0
100.0
105. 1
108.3
98. 1
100.0
105.4
108.6
100.3
100.0
10L7
104.5
100.0
100.0
102. 1
105.3
97.8
100. 0
103.3
103.7
98. I
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
1970
1971
_.-1972
1973
1974
1975
1976
1975: !-„»- —
II
III
IV
1976:1
107.4
110.3
117.6
124.5
121.5
107.4
110.3
117.9
125.0
121.9
102.8
102.3
106.0
110. 1
110. 6
104.0
103.7
107.6
112. 2
112.7
104.5
107.8
111.0
113. 1
109.9
103.3
106.3
109.5
111.4
108. 1
123. 3
131.5
138.9
150. 3
164. 3
121.9
129.9
137.4
148. 1
162.0
118. 1
121.9
125.2
132. 9
149.5
118. 1
122.2
125.5
133.0
149.8
113.9
118.9
123.2
130.3
143. 1
118.7
126.9
118.7
127.4
106. 1
108.9
108. 1
111.4
111. 8
116.5
109.9
114. 3
180.2
196.5
177.6
193. 1
161. 1
168.7
161.7
168. 9
115. 1
117.2
120.6
121.8
115.3
117. 1
120.6
121.8
105. 7
104.9
105.9
107.5
107.9
106.9
107.7
109.7
108.9
111.7
113.8
113.3
106.9
109.5
112.0
111.1
176.2
179.0
181. 1
184.7
173.2
176.2
179.2
182.0
161.7
160.4
159. 1
163.0
162.0
160.9
160.0
163. 9
158.0
165.6
154. 2
156.5
159.4
161.6
124.9
126.7
127,7
128.4
125.2
127. 2
128.3
128.7
108.3
108. 9
109. 0
109.5
111.0
111.3
111.4
112.2
115.4
116.3
117.2
117.2
112.9
114.4
115.2
114. 7
190.5
194.3
198.6
202. 7
186.9
191. 1
195.2
198.7
165. 1
167.0
169.4
173.0
165.6
167. 1
169.5
173.3
162.^9
164.8
166.5
168.3
131.3
134.0
135.4
131.6
134.5
135.7
110. 5
113.1
112.8
113.5
115.7
115,8
118.9
118.5
120.0
116.0
116. 2
117.2
208. 3
211.5
215.8
204.2
207.9
211.7
175.2
178.4
179.9
176.0
178.9
180.6
170. 1
173. 1
175.4
114.0
119.2
122.9
128.0
141. 5
156.9
165.0
153.4
155.6
158. 1
160.3
162. 1
163.6
166.0
168. 1
169.6
172.7
175.6
II
III
IV
1977:1
II
m>___
1040
108.7
Perce tit change ; quarter!;y data at seasonal y adjuste d annual rates
5.5
2.0
5. 1
3.0
6. 0
1.9
5.4
3.0
2.3
g
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
4. 1
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
-.9
2.8
6.6
5.9
-2.4
-1. 1
2.7
6.9
6.0
-2.5
-1.6
—.4
3.6
3.9
.4
-1.2
-.3
3.7
4.3
.4
.7
3.2
2.9
1.9
-2. 8
.2
2.9
3.0
1.7
-2.9
7.2
6. 6
5.7
8.2
9.4
6.7
6.6
5.8
7.8
9.4
6.4
3.2
2.7
6.2
12.5
6. 5
3.5
2.7
6. 0
12. 7
4.7
4.4
3.6
5. 8
9.8
4.9
4.5
3.1
-2.4
7.0
-2.6
7.3
-4. 1
2.7
-4. 1
3. 1
1.8
4.2
1.6
4. 1
9.6
9. 1
9.6
8.7
7.7
4.7
7.9
4.5
10.4
4.8
-11.6
7.5
12.2
3.9
-11.6
6.5
12.5
4. 1
-12.5
-2.7
3.9
5.9
-12.3
-3.5
2.9
7.6
1.0
10.4
8.0
-1.9
.8
10. 3
9.3
-3.2
12.9
6.7
4.8
8. 1
11.8
7. 2
6.9
6.4
11.7
-3.4
-3.0
10. 2
10.9
-2.8
-2.2
10.0
12.9
6.2
7.5
5.9
10.8
5.9
3. 1
2. 1
11.7
6.6
3.2
1.3
3.0
2.6
.1
2. 1
4.9
1.0
.4
3.2
7.6
3. 3
3.0
-.0
6.5
5.5
2.9
-1. 8
13. 1
8.3
9.0
8.6
11. 1
9.4
8.8
7.4
5. 1
4.9
5.8
8.6
4.3
3. 7
5.8
9.4
3. 1
4.8
4. 1
4.6
9.6
8.5
4.0
9.5
8.8
3.8
3.5
9.7
-.8
4. 5
8. 1
.2
5.8
^ i
4.9
4.8
.7
3.5
11.5
6.3
8.4
11.4
7.5
7.4
5.3
7.5
3.3
6. 3
6.8
3.7
4.4
7.2
5.3
1966
1967
1968
1969 1970
1971
1972
1973
1974
1975
1976
1975: !-_.„Ill
III
IV
1976:1
II
III__.__
IV_ _
1977:1
II
!II»___
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. 1
10.5
10.9
5. 1
14.2
5.7
6.6
5.8
4.4
3. 8
6. 0
5.3
3. 5
7.5
6.9
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 0.3 percent in October, following a 0.4 percent increase in September. Gains were widespread among products and most materials.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
ummis
120
MINING
i i i i 11 in 1 1
100
1973
MANUFACTURING PRODUCTION
1974
1975
1976
1977
PERCENT (RATIQ SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
1973
* SEASONALLY
1974
1975
1976
1973
1977
1974
1975
SOURCE! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1971
1972
1973
1974_ _ _ _ _
1975
1976 —
1976: Oct
Nov
Dec
1977: Ja*n
Feb
Mar
Apr
May
June
July___
Aug v
Septv
Oct
1
1977
Total iridus trial
produ ction
Percent
Index, change
1967=
from
100
year
earlier
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indust ry produ ction ind<3xes, 1967'=100
M,inufacturi ng
Total
Durable
Nondurable
Mining
Utilities
iitilization
Manuf acturing (capacity
rate, p*3rcent !
Federal Reserve
sen es
WharComTotal
ton
merce2
Mate- series
manuseries 3
rials
facturing
87. 95
51. 98
5. 69
1.7
9. 2
8.4
__. 4
-8.9
10. 2
108.2
118. 9
129. 8
129. 4
116. 3
129. 5
102.4
113. 7
127. 1
125. 7
109. 3
121. 7
85.97
116. 6
126.5
133. 8
134.6
126. 4
140.9
6. 36
109. 6
119. 7
129. 8
129. 3
117. 8
129.8
109.8
113. 1
114.7
115.3
112. 8
114. 2
130.5
139. 4
145. 4
143.7
146.0
151.0
78.0
83. 1
87.5
84.2
73.6
80.2
83. 1
88.0
92. 4
87. 7
73. 6
80.4
130.2
131. 5
133.0
132. 3
133. 2
135. 3
136. 1
137. 0
137. 8
138.7
138.2
138. 7
139. 1
6. 6
6. 5
6.9
5. 1
4.4
5. 5
5. 7
5. 6
6.2
6. 1
5.3
6.2
6.8
129.8
131. 4
132. 5
131.6
132.6
135. 1
135.8
137. 1
137.8
138.5
138.6
138. 9
139.3
121.4
123.4
125. 0
123.4
124. 0
126.8
128. 0
129.3
130.5
131.6
131. 3
131.8
131. 9
141. 9
143. 0
143.3
143.4
145.3
147. 0
147.0
148. 5
148.4
148.6
149.2
149. 3
149. 9
116. 1
115. 3
115. 4
112. 8
116.3
120.6
119.2
119. 5
122.8
119.8
116. 7
119.0
120. 5
150. 8
154.6
157. 9
163.8
160. 3
154.8
154. 0
156.7
156. 8
161.4
156. 2
154. 5
154.9
79.9
80.8
81.2
80.4
80. 9
82. 1
82. 3
82.8
83.0
83. 1
83.0
82.9
82.8
80.4
80. 3
80.2
79. 4
80. 2
81.6
82. 1
82.7
83.0
82.9
82.2
82. 3
82.3
100. 00
Output as percent of capacity.
* Annual data are averages of four monthly indexes.
s Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
1976
ADJUSTED
80
83
86
83
77
81
86.4
91. 8
07. 1
93.0
80. 4
87. 5
81
87. 7
83
88. 4
84
90.4
90.9
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]
Proclucts
Final products
Corisumer goods
Period
Total
NonDurable durable
goods
goods
Total
1967 proportion
.
1970
1971
1972
1973
1974
1975
1976
1976: Oct
Nov
.
Dec
1977: Jan
Feb
Mar
Apr___
May
June
July_ __
Aug __
Sept *
Oct » „ __
...
.
—
--
_ _
„_
47.82
109.6
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
126.7
129.3
131.5
130.8
131.6
133.3
134.1
134.7
135.4
136. 8
136.2
136.7
137.0
27.68
109.8
109.0
114.7
124.4
131.5
128.9
124. 0
136.2
135.9
138.4
141.3
139.9
140.5
142.9
142.9
143. 1
143.8
145. 4
144.6
145.2
146. 0
7.89
115.0
106. 1
118.8
133.8
146.2
135.3
121. 4
141.4
138.9
143.7
150.5
145.4
146.1
152.4
151.5
152.2
155.8
158.0
154.5
156.4
158. 2
19.79
107.7
110. 1
113. 1
120. 6
125.6
126. 3
125. 1
134. 1
134.7
136.2
137.6
137.7
138.3
139. 1
139.4
139.5
139. 1
140.3
140.6
140.8
141. 1
Internlediate
prod ucts
Equip>ment
Total
Business
Total
80.14
109. 3
100.1
94.7
103.8
114. 5
120.0
110. 2
114.6
114. 2
116.8
118.0
118.4
119.2
120.0
122.1
123.2
124. 1
124.8
124.8
125.0
124.5
12.63
112.5
107.0
104. 1
118. 0
134. 2
142.4
128.2
136.3
135.7
140. 1
142. 3
142.3
143.5
144. 8
147. 1
148.9
150. 1
151.2
151.0
151.4
151.8
12. 89
112.9
112. 9
116.7
126.5
137. 2
135.3
123. 1
137.2
138.8
139,0
140.5
142.2
141. 6
141.8
142.3
143. 5
144.7
146.3
146.4
146.9
148. 5
Construction
supplies
6. 42
112.3
111.0
116.8
128. 4
139.8
134.5
116.3
132.6
134.8
135. 8
135.5
136.2
135.6
136.4
137.2
138.7
139.9
141.2
141.7
143.5
145.5
Supplementary
group:
Energy
total
•r\ln
Materials
39. 29
112. 5
109.2
111. 3
122. 3
133.9
132.4
115.5
130.6
131.8
131.9
132.0
131. 1
132.7
135.5
136.5
137.8
138. 7
138.9
138.0
138.4
138.8
12.23
111. 1
117.0
119.5
125.2
128.3
125.5
125. 5
128.8
128.8
130.6
133.3
134. 1
132.9
132.3
132. 1
132.5
133.5
135. 6
132.8
133.3
133.7
[1967=100, seasonally adjusted]
Diirable mimufactu res
Transp<3rtation
Primarjr metals
equip ment
i
ElecFabri- Nonelectrical
cated trical
Motor
mametal
vemaIron
chinprodTotal hicles
chinTotal
and
ery
ucts
and
ery
steel
parts
Period
Non durable manufac bures
Lumber
and
products
A
Apparel
products
Print- Chemicals
ing
and
and
Foods
pubprodlishing ucts
1967 proportion ..
1969
_1970
1971
__„_„___
1972
1973
1974
1975
.
1976
6.57
113.8
106.6
100.2
112. 1
126. 7
123. 1
96. 4
108.9
4. 21
112. 6
104. 7
96. 1
107. 1
122.3
119.8
95.8
104.9
5.93
107.9
102.4
103.5
112. 1
124.7
124. 2
109. 9
123.3
9. IS
109. 3
104.4
100 2
116.0
133.7
140. 1
125. 1
135.0
8.05
111.9
108. 1
107.7
122.2
143. 1
143.8
116.5
131. 6
9. 27
108.4
89. 5
97.9
108.2
118.3
108.7
97.4
110.6
4.50
116.5
92. 3
118.6
135.8
148. 8
128. 2
111. 1
140.7
1.64
107.9
105.6
113.8
120.8
126. 0
116. 2
107. 6
125. 1
3. SI
106.7
101.4
104. 7
109.4
117.3
114. 3
107.6
122. 2
4. 72
107. 4
107.0
107. 1
112.7
118. 2
118. 2
113.3
120.6
7. 74
118.4
120.4
125.9
143.6
154.5
159. 4
147.3
169.3
8. 75
106. 1
108. 9
112. 8
116.8
120.9
124.0
123.4
132. 3
1976: Oct
Nov___
Dec
109. 9
104.6
101. 5
105. 1
100.3
93.4
123.5
126.7
128. 1
134.3
137.5
141.5
135.0
135.7
135. 1
104.3
112.7
117.4
128.4
145.5
155.0
129. 6
129.5
128. 1
122.9
122. 7
124.9
119.3
119.7
123. 0
170.7
173.7
173. 1
134.8
134.3
132.9
1977: Jan
Feb.
Mar
Apr
May
June__
July
Aug
Septv »
Oct
100.8
100.2
108.3
112.2
117. 1
114.7
114.4
113.0
111.4
110. 8
89.7
91. 3
97.9
103.9
111.0
109.2
110. 9
110.6
104.5
125.7
125.8
127.5
127.6
128.2
130.8
132.0
134.0
135. 0
135. 8
139.9
139.8
139.8
142.9
142.6
144. 0
145.7
145.2
146.5
147. 8
134.0
137.6
137.6
139. 6
141.8
142. 6
143.6
143.9
145. 8
146. 4
113.5
113.4
120.5
119.8
120.3
123.7
125.6
123.6
124. 1
122. 6
145.5
145.4
161.2
158. 1
157.7
163.2
166.2
164. 1
164. 5
168.0
132.7
132.2
132. 1
130.6
133.0
132.4
132.9
131.8
135. 1
123. 0
124.4
122. 2
121.4
123.5
122. 1
121. 1
121.7
124. 7
122.4
124.8
123.4
124.4
124. 1
124.9
125.0
124. 9
125. 4
172. 2
174. 9
180.0
180.6
182.8
183.5
182.6
183.2
183. 1
134.2
136.4
138.7
138.0
138. 3
136.9
138.3
138.9
138.2
__ _
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
Constructioni contracts 2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total
Commercial and
industrial
New
housing
units
l
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1970
1971
1972
1973
1974
1975
1976
94.9
110.0
124.1
137.9
138. 5
134.3
147.5
_
66.8
80. 1
93.9
105.4
100.2
93.6
109.5
24. 3
35. 1
31.9
43.3
54.3
59.7
50.4
46.5
60.5
16.3
17. 0
18.1
21.7
23.8
20.8
19.9
449
50. 1
40.6
34.4
47.3
18.6
19.8
21.5
24. 0
25.9
26.3
29.0
28. 1
29.9
30.2
32. 5
38.3
40. 7
38.0
Seasonally
adjusted
Seasonalh/ adjusted arinual rates
1976: Sept
Oct_
Nov
„
Dec
1977: Jan
Feb
Mar__ _ _
Apr
May _ _ _
June_
July
Aug*
Sept ».
145.2
150. 1
153.8
155.4
148. 1
156.9
163.8
167.6
172.2
174.4
172. 3
171.0
173. 7
107.4
114.8
119.0
121.2
116.2
122.4
128.4
131. 4
133.8
135.0
133.0
132.8
134.5
20.0
19.6
19.3
19.4
18.7
18.8
20.8
21. 1
20.9
22. 3
22.7
22.9
23. 0
48.7
50.9
52.7
54.8
52. 1
58. 3
62.2
63.5
65.8
66.0
65. 1
65.2
66.0
57.7
65. 5
69.6
71. 1
66.5
72. 1
76.7
79.6
82.5
82.2
79.6
79.1
80.5
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Belates to 50 States beginning 1969 for value index and
beginning 1971 for flo.or space.
123. 1
145. 4
165.3
179.5
169.7
167.9
194. 1
29.7
29. 7
30. 1
30.7
30.9
31.5
30.9
30.7
30.3
30.5
30.6
30.7
31. 1
37.9
35.3
34.9
34.3
32. 0
34.5
35.4
36.2
38.4
39.4
39.2
38.2
39.2
203
240
210
183
203
212
207
250
317
307
218
267
279
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
582
618
631
658
643
615
309
671
758
733
702
853
813
NOTE.—New construction expenditures data prior to 1973 not com parable 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]
New priv ate homes
>Jew private housing unilts
Units started, by type of striicture
Period
1969
1970
1971
1972
1973.
1974
1975__
1976
.
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
848
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
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. 0
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
1,339
1,399
1,444
1,416
1,637
1,707
1,540
1,536
1,647
1,671
1,691
1,879
728
694
808
827
893
867
775
774
805
696
832
891
420
429
431
431
434
435
441
441
444
451
465
464
Homes
sold
5.5
5.3
5.4
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted arinual rates
1976: Oct
Nov
Dec
1977: Jan
Feb_
Mar
Apr
_—
May
June
July v
Aug _ .
Sept »
Oet*.___
1
1,715
1,706
1,889
1,384
1,802
2,089
1,880
1,937
1,897
2,083
2,029
2,063
2, 179
1, 269
1,236
1,324
1,006
1,424
1,503
1,413
1,455
1,389
1,437
1,453
1,518
1,555
Seasonally adjusted.
'* Quarterly data entered in last month of quarter.
98
98
120
103
120
113
116
120
105
127
113
129
126
348
372
445
275
258
473
351
362
403
519
463
416
498
1,481
1,583
1,532
1, 333
1,526
1,687
1, 605
1,615
1,678
1,639
1,772
1,695
1,852
5.3
5. 1
5.3
5.4
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories rose $1.9 billion in September and business sales were virtually unchanged. According to the'
advance survey/ retail sales rose 1% percent in October, following almost no change overall in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
RETAIL INVENTORIES
350
TOTAL BUSINESS
INVENTORIES
\
300
\
80
70
60
250
RETAIL SALES
50
200
'..-..-'•
»*
TOTAL BUS NESS
SALES
40
150
RATIO*
1.80
INVENTORY-SALES RATIO
100
I ll I I I
1974
1975
1976
1.20
1978
1977
1974
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biusiness J
Who esale
Re tail
Sales 2
Period
1971___
1972
1973
1974_._
1975__
1976___
1976: Sept___ _
Oct__ _
Nov
Dec__ _
1977: Jan
Feb
Mar
Apr
May
_
June
July
'____
Aug__
Sept »
Oct »
bales l2
Inventories 3
116, 351
130, 049
151, 647
174, 991
180, 229
200, 118
201, 093
199, 569
203, 731
212, 095
209, 950
215, 281
221, 903
221, 167
221, 327
222, 240
221, 255
223, 604
223, 851
188, 180
202, 291
233, 340
285, 275
281, 837
306, 325
303, 468
305, 234
306, 151
306, 325
309, 063
311, 232
314, 875
317, 873
320, 492
322, 899
324, 107
326, 849
328, 755
o„I _
CS 1 «.
Sales
29
Inventories s
Tnt nl
DurNonable durable
goods goods
stores stores
Millions of doll ars, seassonally iidjusted
35, 823 34, 169 10, 827 23, 342
39, 786 37, 422 12, 369 25, 054
46, 254 41, 871 14, 091 27, 781
56, 537 44, 543 13, 820 30, 723
55,113 48, 370 14, 907 33, 463
61, 307 53, 542 17, 544 35, 998
60, 440 53, 370 17, 303 36, 067
60, 553 54, 171 17, 656 36, 515
61, 049 54, 822 18, 098 36, 724
61, 307 56, 685 19, 038 37, 647
62, 123 55, 703 18, 860 36, 843
63, 062 57, 291 19, 382 37, 909
64, 300 57, 990 19, 863 38, 127
65, 301 58, 142 19, 833 38, 309
64, 838 58, 003 19, 516 38, 487
64, 947 57, 825 19, 436 38, 389
64, 210 58, 552 19, 505 39, 047
65, 095 59, 020 19, 984 39, 036
65, 383 58, 993 19, 751 39, 242
60, 047 20, 584 39, 463
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
49, 336
48, 355
48, 990
50, 935
50, 678
51, 857
5.2, 672
53, 385
53, 866
53, 735
53, 495
53, 208
52, 937
1
The term "business" also includes manufacturing (see page 21).
*1Monthly average for year and total for month.
Book value, end ol 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
1978
In ventorie s 3
TYktnl
49, 867
54, 433
62, 691
70, 767
71, 031
78, 431
78, 062
78, 007
77, 988
78, 431
79, 458
79, 721
81, 196
81, 825
83, 025
84, 134
85, 326
86, 650
87, 208
DurNonable durable
goods goods
stores stores
21, 706
23, 929
27, 725
32, 007
31, 632
35, 067
34, 632
34, 450
34, 875
35, 067
35, 588
35, 516
36, 150
36, 094
36, 818
37, 104
38, 130
38, 577
38, 520
28, 161
30, 504
34, 966
38, 760
39, 399
43, 364
43, 430
43, 557
43, 113
43, 364
43, 870
44, 205
45, 046
45, 731
46, 207
47, 030
47, 196
48, 073
48, 688
Inventc>ry-sales
rat io 4
Total
business 1
1.58
1. 49
1.43
1.48
1. 57
1.47
1. 51
1. 53
1.50
1. 44
1. 47
1. 45
1.42
1. 44
1.45
1. 45
1. 46
1.46
1.47
Retail
1.39
1.38
1. 40
1.49
1.45
1.41
1.46
1. 44
1.42
1. 38
1.43
1. 39
1. 40
1. 41
1.43
1.45
1. 46
1. 47
1. 48
Note.—Data (except manufacturing) revised beginning January 1907.
Source: Department of Commerce (Bureau of Economic Analysis and Bureat
of the Census)
^MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
n September, manufacturers1 new orders, shipments, and inventories rose. Preliminary estimates indicate new orders
and shipments of durable goods manufacturers rose further in October.
______^
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
160
120
100
80
DURABLE GOODS
HlliU"*'"*""1**
60
""?"•"„,,••*««"
NONDURABL
GOODS
40
RATIO*
2,20
INVENTORY-SHIPMENTS
RATIO
40
1.20
1973
1975
1974
1976
1974
1973
1977
1975
*SEASONAILY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1976
1977
COUNCIL OF ECONOMIC ADVISERS
2
Manufac turers' shipments 1 Manufad hirers' inv entories
Manu racturers' new oreiers 1
Durabl e goods
Period
Total
1971
55, 925
1972 __
63, 042
1973
72, 954
1974
84, 612
1975_ _ _
87, 226
1976
- 98, 168
1976: Sept__ 98, 387
Oct___ 97, 043
Nov__ 99, 919
Dec___ 104, 475
1977: Jan__. 103, 569
Feb___ 106, 133
Mar__ 111,241
Apr___ 109, 640
May__ 109, 458
June__ 110, 680
July_. 109, 208
Aug__ 111,376
Sept__ 111, 921
Oct *>__
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 376
50, 060
49, 029
51, 238
55, 295
53, 341
54, 703
58, 849
56, 764
56, 717
57, 570
56, 820
58, 087
58, 608
58, 959
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
48, 328
48, 014
48, 681
49, 180
50, 228
51, 430
52, 392
52, 876
52, 741
53, 110
52, 388
53, 289
53, 313
Total
NonDurable durable
goods
goods
Total
Millie ns of doll.axs, seasorlally adjussted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81,218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 659 42, 164
166, 587 105, 729 60, 858 98, 497 50, 681
164, 966 104, 117 60, 850 98, 476 50, 068
166, 674 105, 589 61, 085 99, 006 50, 754
167, 114 106, 128 60, 986 100, 784 52, 235
166, 587 105, 729 60, 858 106, 600 57, 040
167, 482 106, 562 60, 920 105, 288 55, 037
168, 449 107, 222 61, 227 106, 575 55, 133
169, 379 107, 685 61, 694 111,788 59, 160
170, 747 108, 190 62, 557 111,547 58, 652
172, 629 109, 154 63, 475 111,693 59, 176
173, 818 110,421 63, 397 111, 524 58, 378
174, 571 110, 978 63, 593 108, 598 56, 031
175, 104 111,452 63, 652 111,494 58, 270
176, 164 111, 787 64, 377 112, 441 59, 048
62, 255
i Monthly average for year and total for month. Shipments are the same as sales.
*3 Book value, end of period.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 820
13, 468
14, 124
12, 734
13, 835
14, 621
14, 249
14, 561
14, 679
15, 000
15, 535
14, 409
14, 678
16, 189
16, 359
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
48, 409
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
53, 146
52, 567
53, 224
53, 393
107,
122,
161,
190,
171,
175,
170,
172,
173,
175,
177,
177,
178,
180,
182,
183,
182,
182,
183,
656
362
766
271
438
453
503
468
333
453
179
623
167
065
301
150
541
646
166
Manufacturers'
inventory—
shipments4
ratio
1. 83
1.67
1.58
1.66
1.80
1.64
1. 68
1.72
1.67
1. 59
1.62
1. 59
1.52
1. 56
1.58
1.57
1.60
1.57
1.57
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In October, the wholesale price index rose 0.5 percent (0.8 percent seasonally adjusted). Prices of farm products
and processed foods and feeds rose 0.2 percent (1.3 percent seasonally adjusted). Industrial commodities prices
were up 0.7 percent (0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220 I
'
UNADJUSTED
l?00
200
/s
180
180
FARM PRODUCTS AND
!\
PROCESSED FOODS AND FEEDS I \
j
160
160
ALL COMMODITIES
f
140
140
INDUSTRIAL
COMMODITIES
120
120
100
100
I I t M I II t t 1
1969
1974
1973
1972
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
All
commodities
1969
1970
1971
1972
1973
1974
1975
1976
106. 5
110.4
114. 0
119. 1
134.7
160. 1
174.9
183. 0
1976: Oct
Nov
Dec
1977: Jan__.. __
Feb
Mar
185. 3
185. 6
187. 1
188. 1
190.2
192. 0
194. 3
195. 2
194. 4
194.9
194. 6
195.3
196.3
Apr
May
_ _
June_
July
Aug
Sept
Oct
1
Farm
products Indusand
trial
processed commodfoods
ities
and feeds
108. 0
106.0
111.7
110. 0
113.9
114. 1
122.4
117. 9
159. 1
125.9
177. 4
153.8
184.2
171. 5
182.4
183. 1
Unadjusted
179. 5
186. 3
178.3
187. 1
183. 9
187. 4
184. 8
188.4
188. 4
190. 1
190.9
191.7
195.9
193.3
196.8
194. 2
194. 6
191. 5
189.3
195. 8
184. 2
196.9
183.9
197.8
184.2
199. 1
p*.^
Jr
ro-
Farm
products
cessed
foods
and
feeds
109. 1
111. 0
112.9
125.0
176. 3
187.7
186.7
191. 0
107. 3
112. 1
114. 5
120.8
148. 1
170.9
182.6
178. 0
188. 2
187. 1
191.9
194.0
198.3
203.5
210. 4
205. 3
191.3
187. 9
179.9
179. 6
184.0
174. 9
175. 6
178.8
178. 5
181.9
185.3
190. 1
193. 5
190. 2
185.6
184. 2
183. 1
184.5
Excludes crude foodstuffs and fe edstuffs, plant a nd animal fit>ers, oilseeds, and
leaf
tobacco.
2
Includes supplies and compon ents; excludes i ntermediate inaterials for food
iranufacturing and m anufactured animal feeds.
22
Special ggroupings
Inter- Produc- Consunler finished goods
Crude mediate
exceluding foe?ds
er finmatemate-2
ished
Nonrials *
Total Durable durable
rials
goods
110.6
106. 1
104. 6
106.9
104. 0
105.0
109. 9
118. 9
112. 0
106.9
107. 7
108.3
122.7
114. 3
116. 6
110.8
111. 2
111.7
131. 1
119.5
113.2
118.9
113.5
113.6
155. 2
128. 1
123. 5
118. 6
115. 8
120.5
219. 1
159.5
141.0
138.6
126. 3
146.8
162. 5
178. 6
138.2
225. 1
153. 1
163. 0
249.9
173.2
189.5
144. 4
161. 8
173. 3
Seasonally adjusted
262. 4
146.5
193.3
176.3
164.6
176. 7
271.6
194.3
177.0
165. 5
146.8
178.0
195. 5
265.9
178.4
165.8
146.9
178.4
262. 6
167. 5
148. 1
196.4
179. 0
180.5
273.0
180. 1
168. 1
197.6
148. 9
181. 0
279. 3
180.8
149. 4
199.3
182.7
169.3
280. 1
200. 5
181. 8
170.5
183.8
150.6
282. 4
171.2
200. 9
182.8
151. 1
184.6
277. 9
201. 4
183. 6
185.6
171.9
151. 6
277.8
202. 7
184.4
152. 0
185. 9
172. 3
185.2
283. 0
153.5
203.7
185. 9
172.9
283.9
205. 2
186. 1
174. 1
153. 6
187. 8
283.2
188. 9
188.4
155. 3
175. 1
206.3
No te.— Data foi- March and April 1977 re vised.
So uree: Depart ment of Lab or, Bureau oi Labor Stati sties.
CONSUMER PRICES
In October, the consumer price index rose 0.3 percent (also 0.3 percent seasonally adjusted). Food prices fell 0.1
percent (rose 0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.3 percent seasonally
adjusted) and services prices were up 0.4 percent (also 0.4 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
120
120
100
100
1969
1970
1971
1972
1973
1974
1975
1976
SOURCE: DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
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
Period
1969
1970
1971
1972
1973-1974
1975
1976
Comnaodities less food
Food
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
All
Food
at
home
Food
away
from
home
108.9
114. 9
118.4
123. 5
141.4
161. 7
175.4
180.8
108.2
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
Services
All
Durable
Nondurable
108. 1
112.5
116.8
119. 4
123.5
136. 6
149. 1
156.6
107.0
111.8
116. 5
118.9
121.9
130. 6
145.5
154. 3
108.8
113. 1
117. 0
119.8
124.8
140.9
151.7
158. 3
112.5
121.6
128.4
133.3
139. 1
152. i
166.6
180. 4
Seasonal ly adjusted
Unac [justed
173.3
1976: Oct
Nov._. 173.8
Dec
174.3
181.6
181. 1
181.7
159.6
160.3
160.6
184. 1
185.1
185.8
167. 1
167.4
168.0
182.2
181.7
181.9
180.3
179.6
179.7
189.0
189.5
190.4
159. 0
159.6
160.5
156.6
157.3
158. 4
160. 6
161.3
162. 0
184.0
184.8
185.5
1977: Jan
Feb____
Mar
Apr
May___
June
July_._.
Aug
Sept___
Oct
183.4
187.7
188.6
190.9
191.7
193.6
194.6
195.2
194.5
194.4
160.6
161. 6
162.6
163.6
164.7
165.4
165.6
166.0
166.7
167.4
187.4
188.7
190.0
191.2
192.2
193.7
195.3
196.3
197.7
198.5
169.4
171.4
172.2
173.6
174.5
175.3
175. 5
176.0
176. 3
176.7
183. 5
187. 1
188.2
191.0
192.4
193.9
194.0
194. 5
194. 7
194.9
181.3
185.4
186.4
189.3
190. 7
192. 1
191. 9
192. 3
192.4
192.5
192.0
194.0
195.4
197. 5
199. 5
201.2
202. 1
203.2
203. 7
204. 2
161.6
162.7
163. 4
164. 0
164.7
165. 1
165. 3
165.8
166. 2
166. 7
159.9
161.4
162.4
163.2
163.5
163. 4
163. 4
163. 5
163.8
163. 8
162. 8
163.7
164.2
164. 7
165. 6
166.3
166.8
167.5
168. 0
168.8
187.0
188.4
189.9
191. 4
192.6
194. 2
195. 7
196.7
197.7
198.4
175.3
177. 1
178.2
179.6
180.6
181. 8
182.6
183.3
184.0
184. 5
NOTE.—Index for services revised for January, April, and May 1977.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c isnge f re>m 3 mont hs earlier; Percent cchange fro m 6 mont hs earlier ;
season; ally adju sted annui&1 rates
season ally adjus ted annuaiJ rates
Pereeiiit changej from pre ceding
period; seasorlally adju sted 1
All
commodities
Period
1968
1969
1970
1971.
1972
1973
1974
1975
1976
1976: Oct..
Nov_
Dec..
1977: Jan..
Feb..
Mar_
Apr..
May.
JuneJuly.
Aug..
Sept.
Oct..
2.8
4.8
2. 2
4.1
6.3
15.4
20.9
4.2
4.7
.5
.6
.6
.5
1.0
1. 1
1. 1
.4
-.7
-. 1
.1
.5
.8
Farm
products
Processed
foods
and
feeds
4.4
8.4
-4.7
8.1
18.7
36. 1
-1.9
5.5
-1. 1
—. 5
-.6
2.6
1. 1
2.2
2.6
3.4
-2.4
-6.8
-1.8
-4.3
-.2
2.4
3.0
6.8
.8
4.7
11.6
20.3
20.9
-3.8
-1. 1
-.6
.4
1.8
-.2
1.9
1.9
2.6
1.8
-1.7
-2.4
-.8
-.6
.8
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
2.7
3.9
3.6
3.4
3.4
10.7
25.6
6.0
6.4
.9
.6
.3
.5
.7
.7
. •6
.4
.3
.5
.5
.8
.6
4.0
7.2
7.1
7. 1
8.9
10. 6
13.4
10.5
3.2
-1.4
-2.6
1.9
5.5
-11.8
-1.3
5.8
12. 9
26.2
26. 5
38.3
14. 9
-21.9
— 36. 4
-41.0
-22. 3
-8.0
-11.8
-.7
6.5
8.5
15. 1
15. 4
28.6
28. 1
11.0
-9. 1
-17.9
-14. 1
-2.3
1
Annual changes are from December to December (unadjusted).
NOTE.—Data for March and April 1977 revised.
Industrial
commodities
9.3
9.5
7.6
6.1
6.3
8.1
8.5
7.1
5.1
4.6
5.3
7.6
7.8
All
commodities
4.2
5. 0
5.3
5.5
8.0
8.9
10.2
9.7
6.8
5.7
3.7
2.5
2.0
Farm
products
Processed
foods
and
feeds
-6. 9
-7.3
-3.5
-.2
11.6
15.7
25.0
20.4
-.6
-6.2
-17.7
-22.1
-23.5
-5. 1
-6.0
-3.1
-2.2
6.9
10.8
18. 1
21.4
13. 2
8.1
2.5
-2.4
-5.8
Industrial
commodities
7.4
8.4
7.8
7.7
7.9
7.8
7.3
6.7
6.6
6.6
6.2
6.4
6.2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percerjit changej from pre ceding
period; seasoilally adju sted 1
Period
All
items
Food
Commodities
less
food
Services
Percent c tiange frc>m 3 mont hs earlier; Percent c tiange frc>m 6 months earlier;
season*illy adju sted annu al rates
season*illy adju.sted annu aJ rates
All
items
Commodities
less
food
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: Oct...
Nov___
Dec...
.3
.3
.4
.2
-.3
.1
.4
.4
.6
.4
.4
.4
4.8
4.0
4.2
1.8
-.2
.0
5.5
4.6
5.7
6.6
5.8
5. 1
5.5
4.8
4.8
3.1
1.0
.8
5.8
5.2
5.6
7.0
6.7
6.3
1977: Jan...
Feb_._.
Mar.. _
Apr...
May_.
June _ _
July...
Aug. —
Sept...
Oct...
,8
1.0
.6
.8
.6
.6
.4
.3
.3
.3
.9
2.0
.6
1. 5
.7
.8
.1
.3
.1
.1
.7
.7
.4
.4
.4
.2
.1
.3
.2
.3
.8
.7
.8
.8
.6
.8
.8
.5
.5
.4
6. 1
9. 1
10.0
9.9
8.4
8. 1
6.4
5.2
4.2
3.8
2.9
12.4
14.6
17.4
11.8
12.7
6.4
4.4
1.7
1.9
6.7
8.0
7.4
6. 1
5.0
4. 2
3.2
2.7
2.7
3.4
6.7
8.0
9.8
9.7
9.2
9. 4
9.3
8.8
7.4
5.6
5.5
6.5
7. 1
8.0
8.7
9.0
8.1
6.8
6.1
5. 1
2.3
5.9
7.0
9.9
12. 1
13.6
11.8
8. 1
7.0
4.1
6. 1
6.3
6.5
6. 4
6. 5
5.8
4.6
3.8
3.5
3.3
6. 6
6. 9
7.^
8.2
8.6
9.6
9.5
9.0
8.4
7.4
1968
1969
1970
1971
1972.
1973-_.
1974_
1975
1976
..
1
Annual changes are from December to December (unadjusted).
NOTE.—Data for services revised for January, April, and May 1977.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
^rices received by farmers rose 1 percent in the month ended October 15. Contributing most to the increase were
hisher prices for oranges, cattle, lettuce, wheat, and dry edible beans. Partially offsetting were lower prices for soybeans, eggs, and cotton. Prices paid by farmers were unchanged from their September 15 level.
INDEX, 1967=100' (RATIO SCALE)
220
220
200
200
180
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
160
140
140
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
RATIO-*/
1969
i
1970
1971
1972
1973
1974
1975
1976
1977
J7 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCIs DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
r
Prices i•eeeived by armers
Period
All farm
products
Crops
Prices paid by far mers
All
items,
ProducFamily
Livestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, M)67=100
Parity ratio l
Actual
Adjusted2
1969
1970
1971
1972
1973
1974
1975
1976
107
110
113
125
179
192
185
186
97
100
108
114
175
224
201
197
117
118
118
136
183
165
172
177
108
112
118
125
144
164
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
71
74
91
86
76
71
79
77
75
79
94
87
76
72
1976: Oct 15.
Nov 15
Dec 15
178
173
178
195
186
190
165
162
169
192
192
193
179
180
181
192
191
193
68
66
68
69
67
68
1977: Jan 15
Feb 15
Mar 15
Apr 15
May 15
183
187
190
191
194
184
180
175
174
176
198
203
211
214
214
198
182
173
171
175
170
174
171
172
176
173
179
177
177
177
198
200
201
204
204
204
203
202
201
201
182
(33)
()
(33)
()
(33)
(3)
(3)
()
(3)
196
199
201
204
205
203
201
199
197
198
68
69
69
69
70
67
65
64
64
64
69
70
70
70
70
67
66
64
64
65
June 15
July 15
- -—
Aug15
_ _ _ _ _
Sept 15__
_
Oct 15
1
Percentage ratio of index of prices received by farmers to index of prices paid,
inte rest taxes, and wage rates on 1910-14=100 base.
»The adjusted parity ratio reflects Government payments made directly to
farmers.
s Index discontinued. Consumer price index (Department^ Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
In October, Mi and M2 increased about 1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS*
(RATIO SCALE)
300 ~
300
200
200
1969
* SEASONALLY ADJUSTED
SOURCEs 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 CGImmercia banks
Period
M,
M2
M3
Currency
255.3
270.5
283. 1
294.8
312.4
310.4
310.4
312.4
313.8
314.0
315. 4
320.5
320.7
321.9
326. 8
328.4
330.4
333.7
1
525.3
571.4
612. 4
664.3
740.3
725.9
732.3
740. 3
746.3
750.7
756. 1
764. 6
767.6
772.8
783. 5
787.7
792.9
799. 6
844.5
919.6
981.5
1, 092. 6
1, 237. 1
1, 210. 7
1, 223. 4
1, 237. 1
1, 248. 9
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 5
1, 316. 9
1, 329. 5
1, 343. 1
1, 357. 0
56.9
61.5
67.8
73.7
80.5
79.8
80.2
80.5
81. 1
81.8
82. 2
83. 1
83.6
84.0
85. 1
85.5
86.4
87. 1
Other
nonbank
thrift
institutions
270.0
300.9
329.3
369.6
427.9
415.5
422.0
427.9
432. 5
436. 7
440.6
444. 1
446. 9
450.9
456. 7
459. 3
462.6
465. 9
319.3
348. 1
369. 1
428.3
496.8
484. 8
491.0
496.8
502. 6
507.5
512. 1
516.6
521.4
526.7
533.5
541.7
550. 1
557.5
Tim e and savings
Demand
198.4
209.0
215.3
221.0
231.9
230.6
230. 2
231.9
232. 7
232. 1
233.2
237.4
237. 1
238.0
241.7
242.9
244.0
246.6
Large
CDs
43.5
63. 0
89.0
82. 1
63. 3
62.3
62.2
63. 3
63. 1
63.3
62. 2
61.6
62.3
63.9
62.8
63.2
63.2
66.4
313.5
363. 9
418. 3
451.7
491. 1
477.8
484.2
491. 1
495.6
500. 0
502.8
505.7
509. 2
514.8
519.5
522. 5
525. 8
532. 2
MI is currency plus demand deposits; M2 is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is M2 plus
deposits at nonbank thrift institutions.
26
Deposits
at
Total
1972: Dec__.
1973:Dec__.
1974: Dec__.
1975: Dec...
1976: Dec—
1976: Oct__.
Nov_.
Dec-_
1977: Jan. __
Feb._.
Mar_>
Apr__May—
June__
July__
Aug__
Sept __
Oct *_
Pensent
chaiige 2
Comportents anc[ related iiterns
2
U.S. Government
demand
deposits
(unadjust-
M,
M2
ed)
7.4
6.3
4.9
9.2
6.0
4.7
11.4
8. 8
4.7
4.0
4.2
4.7
6.0
11.4
10.5
10.8
12.4
12.0
11.7
11.4
10.9
4. 1
4. 2
4.4
4.5
5. 6
3.8
5.2
3.9
3.7
5. 4
4. 0
4. 1
5. 8
4.6
6.2
5.9
5.0
5.6
6.6
6.7
6.2
8.5
9.4
9.7
8.4
7.2
8.5
9.9
9.0
10. 2
10. 1
10.0
9.4
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 Eeserve system.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
U.S. T reasury
secui"ities
Time dleposits
Negotiable
certificates of
deposit
Other
private
money
market
instruments
Total
liquid
assets
Total
769.5
851.8
967.4
1, 079. 2
1, 166. 9
1, 290. 4
1, 423. 7
632.4
718.9
817.0
887.5
945.2
1, 054. 4
1, 194. 2
49. 1
52.6
56.9
61.5
67.8
73.7
80.5
151.8
161.6
176.4
183.3
187.2
191. 7
198.8
198.9
233.6
264.5
294. 5
321.2
360.6
418. 1
232.7
271. 1
319.3
348. 1
369. 1
428. 3
496.8
52.0
54.3
57.6
60.4
63. 3
67.2
71.9
41.9
31. 3
34.4
43.3
47.5
66.5
66. 1
21.8
27.7
36.3
53.8
70.4
59.4
44.2
21.4
19. 6
22.2
34.3
40.5
43.0
47.4
1976: Oct.
Nov
Dec
1, 402. 8
1, 413. 0
1, 423. 7
1, 171. 0
1, 182. 3
1, 194. 2
79.8
80.2
80.5
199.8
198.3
198. 8
406.5
412.7
418. 1
484.8
491.0
496.8
71. 1
71.5
71.9
68.9
68.5
66. 1
44.0
43.4
44.2
47. 8
47.5
47.4
1977: Jan
Feb
Mar
1, 438. 5
1, 453. 6
1, 464. 3
1, 478. 6
1, 486. 8
1, 498. 5
1, 516. 9
1, 531. 8
1, 546. 8
1, 563. 4
1, 207. 6
1, 216. 7
1, 226. 0
1, 239. 4
1, 246. 3
1, 255. 4
1, 272. 3
1, 284. 6
1, 299. 1
1, 313. 3
81. 1
81.8
82. 2
83. 1
83.6
84.0
85. 1
85.5
86.4
87. 1
200. 9
200. 1
200.9
205. 5
204.5
204.4
207.6
208. 2
209. 7
212. 5
423. 0
427.2
430.8
434.2
436.8
440.4
446.3
449. 2
452.8
456.2
502.6
507.5
512. 1
516.6
521.4
526.6
533.3
541. 7
550.2
557. 5
72.3
72.6
73.0
73.4
73.8
74.2
74.7
75. 1
75.3
75. 8
66.9
70. 3
70.3
70.0
69.2
68.3
69. 7
71.8
72.5
71.7
43.6
44.2
43. 3
42.5
42.8
44.5
43.7
44. 2
44.0
46.9
48. 1
49. 7
51.7
53. 3
54.7
56. 1
56.6
56. 2
55. 8
55.7
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug _ _
Sept_
Oct *
_ _
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institu- bonds able setions
curities
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e stended
Period
Total *
Automobile
Instalm<snt credit liejuidated
Bank
credit
cards
Total *
Automobile
Bank
credit
cards
Net change in amount outstanding
Total *
109, 146
112, 296
123, 826
137, 117
157, 863
157, 200
164, 169
193, 328
32, 553
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
99, 786
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
29, 974
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
9,360
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
1976: Sept
Oct
Nov
Dec
16, 420
15, 844
16, 712
17, 677
5,298
4,834
5,312
5,869
2,211
2,266
2,260
2,297
14, 589
14, 753
15, 077
15, 236
4,532
4,500
4,630
4,667
2,007
2,095
2,148
2,228
1,831
1,091
1,634
2,442
1977: Jan
Feb
Mar__
17, 241
17, 595
18, 496
18, 784
18, 503
18, 810
18, 631
19, 204
19, 164
5,511
5,819
6,199
6, 106
6,048
6,063
5,966
6, 158
6, 109
2,182
2,408
2,406
2,576
2,621
2,640
2,566
2,711
2,847
15, 084
15, 610
15, 525
15, 886
15, 849
16, 388
16, 167
16, 553
16, 814
4,712
4,801
4,816
4,901
4,801
5,100
4,897
5,104
5,005
2,176
2,201
2, 142
2,298
2,430
2,403
2,382
2,396
2,567
2,156
1,984
2,971
2,898
2,655
2,422
2,464
2,651
2,351
1969
1970
1971
1972
1973
1974_ .
1975
1976
__
Apr
May
June
July
Aug___
Sept
_
»Includes some items not shown separately.
NOTE.—Data revised beginning January 1977.
Automobile
2,579
-347
4,207
5,512
5,758
Bank
credit
cards
1.332
i;i53
699
918
500
1,430
1,443
1,220
1,850
766
334
682
203
171
112
69
799
6
207
263
278
192
238
184
315
279
3,007
10, 238
1,201
1,019
1,383
1,205
1,247
963
1,069
1,054
1, 105
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans of commercial banks rose sharply in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
TOTAL
LOANS AND INVESTMENTS
INVESTMENT IN OTHER SECURITIES
INVESTMENT IN
US. GOVERNMENT SECURITIES
t u n ! 11 m 40
40
1969
•"SEASONAUY ADJUST!D,END OP MONTH
SOURCE. BOAXD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
.
1969
1970..
1971
1972.
1973
1974....
1975
1976
1976: Oct
Nov
Dec
1977: Jan"
Feb*
Mar"
Apr*
May *
June*
July*
Aug*
Sept *
Oct*
Total
loans
and
investments
4
401.7
435.5
485.7
558.0
633.4
690. 4
721.1
784.4
771.6
778. 8
7844
786.6
796.4
803.0
812.4
819.4
825.5
831.8
840.4
843. 1
852.6
[Billions of dollars, seasonally adjusted, except as noted]
Allcommercial b anks l
All me mber ban ks
Borrowi ngs (milL<3ans
Ileserves 2 3
Investnaents
lions of dollars,
unadjt isted) *
Total ex- Commer- U.S. Gov- Other
cluding cial and
NonReSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
279.4
105.7
27.94
26. 82
71.1
27.66
1,086
292.0
110.0
57.8
29. 12
28.79
321
85.7
28.87
116. 1
104.2
320.9
60.6
31.22
31. 10
31.04
107
130.2
62. 6
378.9
31. 41
116.5
30. 36
31. 12
1,049
156.4
34.94
449.0
54.5
33.64
34.64
129.9
1,298
41
500.2
183.3
50.4
36.60
139.8
35.87
703
36.34
32
176.0
79.4
34. 60
496.9
144. 8
34. 73
127
34.46
13
5
179. 5
538.9
97.3
148.2
62
34. 95
34.90
34.68
12
176.8
94.4
529.6
34.41
34.51
66
32
147.6
34.29
179.0
95.4
533. 1
34.78
84
34. 85
34.59
21
150.3
538. 9
179.5
62
97.3
148.2
34. 95
34.90
12
34.68
96.9
540.9
179.8
148.8
34.71
8
34.78
34.51
61
545.4
181.2
101.5
12
149.5
34.33
34.40
79
34.20
182.9
551.0
103.6
148.4
34. 20
110
34.31
13
34.09
102.8
557.7
184.9
151.9
34.61
73
14
34. 68
34.49
562. 1
185.9
104.6
152. 7
34.52
200
34.72
31
34.51
567.0
188.3
105. 3
153.2
34.60
262
34. 86
34. 71
55
574.5
189.6
102.9
154.4
336
35.35
60
35.03
35.08
582.4
102. 6
191.6
155. 4
35.64
34.58
35.44
1,071
101
587.6
191.9
99.5
634
156.0
35.00
35.42
112
35.63
597.8
97.2
195. 7
35.60
114
157.6
1,319
35.90
35,69
1
Data are for end ol 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 Regulations D and M.
4
During 1974, total loans and investments were increased $0.6 billion due to
3
28
COUNCIL OF ECONOMIC ADVISERS
a bank merger and were reduced $1.5 billion due to liquidation of a large bank.
* Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
1970
1971
1972
1973
1974___
1975
1976- _
Total
x
1976: I
II
III
__
IV
1977: I
II
9
Internal1
Credit market funds
Total
Tntal
Longterm 2
Short-3
term
8.7
104.2
127.2
153. 0
180.7
180.7
148.4
213.5
58. 9
68.6
80.8
83.8
75.7
107.8
125.8
45.3
58.6
72.2
96.9
105. 0
40.6
87.7
40.5
44.6
57.7
72.7
81.8
36.6
58.3
31.9
40.5
40. 6
37.2
39. 1
49.3
48.6
219.8
220.5
204. 3
209.5
125. 4
125.0
130.5
122.3
94. 4
95.5
73.8
87.2
52. 1
60.2
51.7
69.4
50.0
46.7
51.0
46.7
22.7
274. 1
222.0
125.7
131.5
148.4
90. 5
77.8
87.5
36.0
49.5
1 Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
s Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
Total
Other
Purchase
of
physical
assets 4
crease
in
financial
assets
In-
Discrepancy
(sources
less
uses)
4. 1
17.0
35.6
42.6
-12.7
14.0
14.5
24. 2
23.2
4. 1
29.4
4.7
95.6
114.6
136.5
162.7
163.6
133. 8
197.2
80.0
86. 0
100.3
123.4
134.7
98.6
140.3
15.6
28.6
36.2
39.3
28. 9
35.2
56.9
12.7
16.5
18. 1
17. 1
14.7
16.3
2. 1
13.4
.6
42. 2
35.3
22. 1
17.8
203.2
202. 5
192.5
190.5
134. 3
143. 1
150. 4
133.4
68.9
59.4
42. 1
57. 1
16.6
17.9
11.7
19.0
42.0
37.9
70.6
257.3
204.9
153.3
170.5
104. 0
34.4
16.8
17.2
9.7
3.0
8.6
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liab ilities
Ciirrent ass<3tS
Ad-
End of
period
Cash
on
Total hand
and
in
banks 1
492. 3
1970
529.6
1971
1972
573.5
1973
643.3
712.2
1974
731. 6
1975
1976
816.8
1975: III_. 716.5
IV... 731.6
1976: !___. 753.5
II— 775.4
III__ 791.8
IV... 816.8
1977: !____ 845.3
II— 874.7
50.2
53.3
57.5
61.6
62.7
68. 1
77.0
65.6
68. 1
68.4
70.8
71. 1
77.0
75.0
77.9
Notes
U.S. ReceivOther
ables
Govand
from
IncurernacvenU.S.
rent
ment
counts
Govas- 4
receiv- tories sets
securiernable
ties 2 ment
*
7.7
11.0
9.3
11.0
11.7
19. 4
26.4
14.3
19.4
21.7
23. 3
23.9
26.4
27. 3
24. 1
4.2
3.5
3.4
3.5
3.5
3. 6
4.3
3.3
3.6
3.6
3.7
4.3
4.3
4.6
4.8
201.9
217.6
240. 0
266. 1
289.7
294. 6
323.9
294.7
294. 6
307. 3
318. 1
324.2
323.9
342.0
356.6
193.3
200.4
215.2
246.7
288.0
285. 8
315.4
279.6
285.8
288. 8
295.6
302. 1
315.4
322. 1
332.5
i Includes time certificates of deposit.
Includes Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
3
8
35.0
43.8
48. 1
54.4
56.6
60. 0
69.8
59.0
60.0
63.6
63.9
66.3
69.8
74.3
78.8
vances
and
Notes
preand
acpayTotal ments,
counts
U.S.
payGovable
ern- s
ment
304.9
326.0
352.2
401.0
450.6
457.5
499.9
444.7
457.5
465.9
475.9
484. 1
499.9
516.6
532.0
6.6
4.9
4.0
4.3
5.2
6.4
7.0
6.2
6.4
6.4
6. 8
7.0
7.0
6.8
5.7
204.7
215.6
230.4
261.6
287. 5
281.6
295.9
273.4
281.6
280.5
287.0
284.7
295. 9
302.2
313.2
Federal
income
tax
liabilities
Other
current
liabili-5
ties
10.0
13. 1
15. 1
18. 1
23.2
20.7
26. 8
19.4
20.7
23.9
22.0
24. 9
26.8
28.6
24. 5
83.6
92.4
102.6
117. 0
134.8
148.8
170.2
145.6
148.8
155.0
160. 1
167.5
170.2
179.0
188.6
Net
working
capital
187.4
203.6
221.3
242.3
261.5
274. 1
316.9
271.8
274. 1
287.6
299.4
307.7
316.9
328.7
342.7
4
Includes marketable investments (other than Government securities and
time
certificates of deposit) as well as sundry current assets.
6
Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates increased at the beginnins of November but abated later in the month.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
J
\
A
/
AT1
DISCOUNT
RATE
\
TREASURY BILLS
FEDERAL
RESERVE
BANK OF
NEW YORK
*-**
V
i r iM 1 1 f M i i i t i i i i i t r i
1970
i n 111111
1971
1974
1973
1972
1975
1977
1976
SOURCE.- SEE TABLE BEIOW
^2
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1971
1972
1973
1974
1975
1976
1976:
Nov_ _ _
Dec
1977: Jan__. __
Feb
Mar
Apr
May
June _
July
Aug
Sept
Oct
Nov.
Week ended:
1977: Oct 28
Nov 4
11
18
25__
1
2
U.S. Gov€Tnment sectirity yields High-grade Corporate Prime com- Discount
rate
mercial
municipal
(N.Y.
paper,
3-month
bonds
Taxable (Standard
3-5 year
bonds
F.R.
Treasury
4-6
bonds * & Poor's)4 (Moody's) months
issues 2
Bank)5
bills l
4.348
4. 071
7.041
7.886
5.838
4.989
4.810
4.355
4.597
4.662
4.613
4.540
4.942
5. 004
5. 146
5.500
5.770
6. 188
6. 160
5.77
5. 85
6.92
7.81
7.55
6.94
6.35
5.96
6.49
6.69
6.73
6.58
6.76
6.58
6.67
6.90
6.92
7. 23
5.74
5. 63
6.30
6.99
6.98
6.78
6.62
6.39
6.68
7. 15
7.20
7. 14
7. 17
6.99
6.97
7.00
6.94
7.08
5.70
5.27
5. 18
6.09
6.89
6. 49
6.05
5.69
5.70
5.75
5.76
5.61
5. 64
5.53
5.50
5.46
5.37
5.53
7.39
7.21
7.44
8.57
8.83
8.43
8.25
7.98
7.96
8. 04
8. 10
8.04
8.05
7.95
7. 94
7.98
7.92
8. 04
5. 11
4. 69
8. 15
9. 87
6.33
5.35
5.05
4.70
4.74
4.82
4.87
4.87
5. 35
5.49
5. 41
5.84
6. 17
6.55
5K~5*4
5%—5J4
5^4—5%
514—514
5%— 5M
5*4-5*4
5?4~5%
5%— 5%
5%— 6
6.207
6.278
6. 187
6. 092
6.084
7.32
7.36
7. 30
7.24
7.12
7. 16
7. 15
7. 14
5.47
5.44
5.40
5.35
8.06
8.08
8. 10
8.07
6.61
6.61
6. 61
6. 59
5%— 6
6-6
6-6
6-6
Rate on new issues iwithin period,
Selected note and be nd issues.
* April 1953 to date, b onds due or callable 10 years an d after.
4
Weekly data are WeeInesday figures.
8
Average effective ra e for year; opening and closing rate for month £md week.
30
4.88
4.50
6.45
7.83
6.25
5.50
5Mr-5^4
5^-5%
5*4-5%
Prime
rate
charged
by
banks 5
5.72
5.25
8.03
10.81
7.86
6.84
6H-6H
6H-6^
6^-6M
6££— 6K
6*4— 6/4
6*4—6*4
6*4-6%
6%- 6%
6%-7
7 -7*/4
7/4~7%
Newhome
mortgage
yields
(FHLBB)8
7.74
7. 60
7.95
8.92
9. 01
8.99
9.05
9. 10
9. 05
8.99
8.95
8.94
8. 96
8.98
9. 00
9.02
9.04
9.07
71A~-7%
7%~7%
7J4-7J4
7^_7^
c Effective rate (in the primary market) on con venticnal morti ages, reflecting
fee s and charges asswell ascontrac t rate and assunled.ontheavenige.repaymeni
at end of 10 years . Rates beginning January 197!J not strictly comparable with
pri or rates.
3on rr.es • Board of Governors olrthp, Federal T? PSPTVP Svstp.m, Federal Hnme
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices moved irregularly, but mildly upward, in November.
INDEX, DEC 311965=50
80
70
70
COMPOSITE STOCK PRICE INDEX
(NYSE)
60
60
50
50
40
40
30
30
1969
1970
1971
1972
1973
1974
1975
1976
1977
PERCENT
20
PERCENT
20
15
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
10
1969
1970
1971
1972
1977
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stook5 yields
(perc ent)
Comrnon stock pirices l
Period
2
New York Stock Exch ange indexe 3 (Dec. 31, 1L965 = 50)
Composite Industrial Transportation
1971
1972
1973
1974
1975
1976
___
1976: Oct
Nov
Dec. __ _
1977: Jan
Feb
Mar
Apr
May
Jxme_
July
Aug_ _ _
Sept___
Oct___
Week ended:
1977: Oct 21
28
Nov 4
11.™
18
54.22
60.29
57. 42
43.84
45.73
54.46
54.43
54. 17
56.34
56.28
54.93
54.67
53.92
53. 96
54.30
54.94
53. 51
52.66
51.37
57.92
65. 73
63. 08
48.08
50. 52
60.44
60. 07
59.45
61.54
61.26
59. 65
59.56
58.47
58. 13
58.44
58.90
57.30
56.41
54.99
44.35
50. 17
37. 74
31.89
31. 10
39.57
38.37
39.28
41.77
41.93
40.59
40. 52
41.51
43. 25
43. 29
43. 52
41. 04
39.99
38.33
39.53
38.48
37.69
29.79
31. 50
36.97
38.33
38.85
40.61
41. 13
40.86
40. 18
40.24
41. 14
41.59
42.44
41. 50
40.93
40.38
70. 38
78. 35
70. 12
49. 67
47. 14
52.94
52.74
53. 25
57.45
57.86
55. 65
54.84
54.30
54.80
55.29
57.29
56.52
55.33
53. 24
50.88
50.37
50. 13
51.44
52.51
54.48
54.03
53. 70
53. 15
56.29
37.63
37.27
37.42
38.84
40. 10
40.04
39.48
39.34
40.08
40.82
52.68
51.63
51.76
53.35
54.67
i Averages of daily closing prices.
»Includes all the stocks (more than 1,500) listed on the N YSE.
* IncludesSOstocks.
* Includes500stocks.
«Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on price? at end of quarter.
Finance
Utility
Standard
& Poor's
Dowcomposite Dividend- EarningsJones
industrial
index
ratio
ratio
average * (1941-43=
10) 4
5.41
3. 14
884. 76
98.29
5.50
2. 84
109. 20
950. 71
7. 12
3.06
107. 43
923. 88
11.59
4. 47
82.85
759. 37
9. 15
4.31
802. 49
86. 16
8.90
3.77
974. 92
102. 01
3.85
101. 89
951. 95
944. 58
4. 04
101. 19
9.22
104. 66
976. 86
3.93
103. 81
970. 62
3.99
4.21
100. 96
941. 77
10.23
100. 57
4.37
946. 11
929. 10
99.05
4.47
98.76
926. 31
4.57
4.60
99.29
916. 56
100. 18
908. 20
4.59
872. 26
97.75
4.72
10.37
853. 30
96. 23
4. 82
93. 74
823. 96
4.97
815. 23
811.71
807. 74
825. 92
837. 16
92.86
91.94
91.35
93.68
95.44
5. 04
5.05
5. 14
5.07
4.95
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones A Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1978, there was a budget deficit of $14.7 billion. A year earlier, the deficit was $1 3.0
billion.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTLAYS
400
400
300
300
RECEIPTS
200
200
-50
1969
1970
1971
1973
1972
1974
1975
1978
1977
1976
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969
1970
1971
1972_.
1973
1974
1975
1976
_ _
Transition quarter
„_
October 1975-September 1976
1977
1978 (estimates):
Estimates, November 1977 2_
Second Concurrent Resolution 3
First month:
Fiscal year 1977
Fiscal year 1978 _
_
_
_
Surplus or
deficit ( — )
Federal debt (end of period)
Tnta.1 l
Held by
the public
187. 8
193.7
188.4
208. 6
232.2
264. 9
281. 0
299.2
81. 7
184.5
196. 6
211.4
232.0
247.1
269. 6
326. 1
365.7
94. 6
-2.8
-23. 0
-23.4
-14.8
-4.7
-45. 1
-66.5
-13.0
3.2
367. 1
382.6
409.5
437.3
468.4
486. 2
544. 1
631. 9
646.4
279.5
284. 9
304.3
323.8
343.0
346. 1
396.9
480.3
498.3
_
308.6
356.9
369.2
401.9
-60.6
-45.0
645.7
709. 1
497.7
551.8
401. 4
397.0
459.8
458. 3
-58.5
-61.3
802.4
637. 1
_ _
21.0
24. 1
34.0
38.8
-13.0
-14.7
649.3
707.7
502.7
553.7
__
_
1 Excludes non-interest-bearing public debt securities held by IMF.
2 Estimates from Revised 1978 Budget Outlay Estimates, Office of Management
and Budget, November 11, 1977.
32
Outlays
3 Second Concurrent Resolution on the Budget—Fiscal Year 1978, September 15,1977.
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal year 1978 budget receipts were $3.1 billion higher than a year earlier and budget outlays,
$4.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
.400
400
OUTLAYS
300
300
200
200
NONDEFENSE
NATIONAL DEFENSE
100
100
I
v
1969
1970
I
1971
_L
1972
1973
1974
1975
1976
1977
1978
M
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
iBillions of dollars]
Reccdpts
<Dutlays
Nationa I defense
Period
Fiscal year or period:
1969_
1970- — — _ _ _
1971
1972
1973__
1974
1975
1976
Transition quarter
October 1975-September
1976
1977
1978 i
-
First month:
Fiscal year 1977 _ _
Fiscal year 1978_
1
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
188.4
208. 6
232.2
264.9
281.0
299. 2
81. 7
87.2
90.4
86.2
94. 7
103. 2
119.0
122. 4
130.8
38. 7
36.7
32. 8
26.8
32. 2
36. 2
38.6
40.6
41. 4
184.5
196.6
211.4
232. 0
247. 1
269. 6
326. 1
365. 7
94. 6
80.2
79. 3
76.8
77.4
75. 1
78.6
86.6
90. 0
22.5
77.9
77.2
74.5
75. 2
73.3
77.6
85.0
88. 0
21.9
3. 5
8.5
63.9
70. 5
75.4
81. 7
92.8
107.4
118.0
127.0
34.5
308. 6
136.8
41.0
130.9
369. 2
90.6
356.9
401. 4
156.7
178. 2
54.9
59. 7
145.2
163. 5
401.9
459.8
21. 0
24. 1
11. 1
13.3
1.0
1.4
8.9
9.4
34.0
38.8
187.8
__ 193. 7
Estimates from Revised 1978 Budget Outlay Estimates, November 11, 1977.
NOTE.—Figures beginning 1976 reflect recent definitional change: Earned
income credit payments in excess of an individual's tax liability, formerly treated
as outlays, now classified as income tax refunds. Deficit figures are not affected.
Total
Interna- Health
In- Other
and
Depart- tional income
terest
ment of affairs security
Defense,
military
5. 1
2. 0
49.0
56. 1
70. 1
81.4
91. 8
106.5
136.3
160. 0
41. 4
15.8
18. 3
19. 6
20.6
22. 8
28. 1
31.0
34. 6
7.2
35.7
39. 3
41.8
48.8
53. 9
51.7
66.4
76. 0
21.5
88.5
5.8
163.8
35.5
73.5
96.7
107.5
95.8
105.3
5.5
6.5
175.8
190. 4
38.0
43.8
85.9
111. 6
7. 6
8. 1
7.2
8.0
.5
.4
14.3
14.8
2.9
2. 6
8. 9
12.5
3.8
3.6
3. 1
3.9
4.8
5.9
Source: Department of the Treasury and Office of Management and Budget
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates, Federal receipts rose $2.1 billion (annual rate) in the third quarter and expenditures, $21.3 billion, yielding a deficit of $59.4 billion, $19.1 billion more than the deficit in the second quarter.
BILLIONS OF DOLLARS
440
BILLIONS OF DOLLARS
440
SEASONALLY ADJUSTED ANNUAL RATES
400
400
,r~-/
360
360
320
320
-EXPENDITURES-
280
280
240
240
*
200
200
160 U I
I
I
I
I
i
I
I
i
i
I
I
I
I
I
I
I
I
I
I
I
I
I
i
I
I
I
I
I
I
I
I
I
40 SURPLUS
40
M • m* «»
• i"!
~"i
MI i
iii
-40
DEFICIT
\ 1 1 Iiill^
W
1i i
I
II
i
1
i
n
— fift
-170
1969
1970
1972
1971
1973
1974
-40
-80
-120
1?75
1977
1976
CALENDAR YEARS
SOURCE, DEPARTMENT OF COMMERCi
COUNCIL CV ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Ifederal ( •rovernm ent expe nditures
Surplus
or
Subsidies Less: deficit
GrantsWage
less
Purin-aid
Contri(-),
current accruals national
chases Trans- to State Net
butions
income
Total of goods fer pay- and interest surplus of less
for
ments local
paid Govern- disand
and
social ingovernment en- burse- product
services
surance
terprises ments accounts
ments
Federal Cjrovernm<2nt receip ts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
nontax
tax
receipts accruals
accruals
Fiscal year:
1974
271.8
1975
283. 6
1976
314. 1
Calendar
year:
1972
227. 5
1973
258.3
1974
288.6
1975
286.9
1976
332.3
318.4
1976:1
!!___ 329. 1
III__ 337. 1
IV___ 344.5
1977: !____ 364.9
IL___ 371.2
III»_ 373.3
122.6
127.3
137.2
43.7
42. 1
52. 2
21.4
22. 1
24. 2
84.2 278.8
92. 1 328.7
100. 5 372.3
104.6
117.9
126.5
104.7
134.2
156.8
41. 6
48. 4
57.5
19.8
21. 9
25.4
8.0
5.7
6. 1
-0.2
-.4
.0
-7.0
-45. 0
-58.2
108.2
114.6
131. 1
125.6
147.3
138. 0
143.9
150.3
157. 1
170.0
168.6
170.0
36.6
43.0
45.9
43. 1
55.9
54.4
57.0
56.9
55. 1
55.4
59.9
58.3
20.0
21.2
21.7
24. 0
23.4
22. 7
23. 2
23.7
23.8
24.2
24.6
25.3
62.8
79.4
89.9
94.2
105.7
103.2
105. 0
106.2
108.4
115.4
118.1
119.7
244. 7
265.0
299.3
357. 1
386.3
378.7
375.3
390.6
400.4
403.7
411.5
432.8
102. 1
102. 2
111. 1
123.3
130. 1
127. 6
128.5
130.2
134.2
136.3
143.6
149.3
83.2
95. 8
117.6
149. 1
162. 0
160. 2
157.8
163.9
166.3
170.7
169. 3
174.8
37.5
40.6
43.9
54.6
61.0
58.5
56.8
63. 1
65.5
62. 0
63.6
72.0
14.6
18.2
20.9
23. 3
27.2
26.2
26. 7
27.3
28.5
28.6
29.1
29.4
7.8
8.2
5.3
6.7
5.9
6.2
5.5
6. 1
6.0
6. 1
5.9
7.2
.5
.0
-.5
.0
.0
.0
.0
.0
.0
.0
.0
.0
-17.3
-6.7
-10.7
-70.2
-54.0
-60.3
-46.2
-53.5
-55.9
-38.8
-40.3
-59.4
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=1001
In dustria 1 prodin3tion (setisonally adjuste d)
Period
United
States
Canada
1970
1971
1972
1973—
1974
19751976
1977: Feb___
Mar__
Apr
May__
June _ _
July_._
Aug.__
Sept*__,
Oct»___
107.8
109.6
119.7
129.8
129. 3
117.8
129. 8
133. 2
135. 3
136. 1
137.0
137.8
138.7
138.2
138.7
139. 1
115. 3
121.5
130. 0
141.7
145.8
139.0
145. 4
150.3
150.7
150. 3
151.2
152.2
150.5
151.2
150.8
Japan
United
Italy Kingdom
GerFrance many
120
151.7
128
155.8
135
167.2
145
193.3
148
187. 4
137
167.5
149
190.3
156
194.8
157
199. 1
154
200.8
150
196.7
156
199. 4
195.4 1 151
197.7
154
197.6
131. 1
133. 6
138.7
147.7
145. 1
137. 1
149. 1
152
155
152
151
152
152
153
152
117.6
117.5
122.7
134.6
140.6
127.6
143. 5
153.8
150.7
144. 1
144. 0
135.5
135.9
132.8
110.9
110. 8
113.2
122. 5
120. 3
114. 5
116. 0
119.0
119. 1
117.5
119.2
114. 6
117.0
117. 3
116.5
Con sumer p>riees (urladjustec I)
United
States
116.3
121.3
125.3
133. 1
147.7
161. 2
170.5
177. 1
178.2
179.6
180.6
181. 8
182.6
183.3
184.0
184.5
Can- Japan France Gerada
many
Italy
112.4
115.6
121.2
130. 3
144.5
160. 1
172. 1
179.7
181.5
182.5
184.0
185. 3
187. 1
187. 9
188.9
190.8
109.2
114.4
121. 0
134. 1
159.7
186. 8
218. 1
243.4
246. 5
249.5
252. 6
254.3
259.3
261. 1
263.9
266.7
119.3
126. 5
132.3
147. 9
184.0
205.8
224.9
237.2
238. 7
242. 6
244.9
243.6
243.0
243. 0
247.3
117. 1
123.5
131. 1
140. 7
160.0
178.9
196. 1
205.5
207.3
210.0
212.0
213. 6
215.5
216. 7
218.6
107. 1
112. 7
119.0
127. 2
136. 1
144. 2
150.7
154.9
155.5
156. 2
156.9
157.6
157.4
157.3
157. 1
157.3
United
Kingdom
117.4
128. 5
137.6
150.3
174. 4
216.5
252. 4
279.7
282.4
289. 6
291.9
294.9
295. 3
296.7
298.3
299.6
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Kesearch, International Trade Analysis
Staff, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercl landise i mports
Merch andise e:xports
3
Period
General im Dorts
]Domestic3 exports
Total
Food, Crude
Food, Crude
domesbever- mate- Manubever- mate- Manutic and
2
2
facrials
facrials
Total
ages,
foreign Total * ages,
tured
tured
and to- and
and to- and
exgoods
bacco fuels
bacco fuels
goods
ports
F. a.s. valu e 5
Monthly
average :
1973
1974
Custom s value
3,750
4,684
8,354
8,010
10, 057
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
998 3,747
986 3,788
1,030 3,905
1, 142 3,808
11, 269
11, 674
12, 459
12, 593
11, 616
12, 932
12, 476
12, 232
12, 631
1, 150
1,261
1,291
1,468
1,354
1, 170
1, 107
1,071
1,106
3,946
4, 111
4,964
4,572
3,974
4,829
4,459
4,231
4,674
5,902
8, 159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
1974
1975
1976
1976: Sept.__
Oct
Nov._.
Dec
8,159
8,928
9,567
9,796
9,698
9,594
10, 397
8,045
8,803
9,427
1,269
1,399
1,436
1,442
1,639
1,398
1,379
1,317
1,266
1,341
1,490
1,470
1,482
1,475
5,294
5,913
6,437
6,448
6,284
6,462
7,324
1977: Jan
Feb»__
Mar
Apr
May
June
July___
Aug
Sept___
9,599
9,808
10, 072
9,970
10, 395
10, 112
10, 150
9, 563
10, 916
1,250
1,265
1,451
1,350
1, 376
1,315
1,366
1, 305
1,430
1,409
1,574
1,482
1, 684
1,789
1,575
1,607
1,247
1,477
6,459
6,483
6,745
6,479
6,794
6,700
6, 695
6,531
7,473
1 Total excludes Department of Defense shipments of grant-aid military sup>lies and equipment under the Military Assistance Program.
23 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
* 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
Meirchandisc3 trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
imimports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
6,131
9,000
112
-257
-195
-229
— 841
4,602
4,257
5,398
5,665
5, 509
5,724
5,832
9,000
-257 -195
852
8,616
918
10, 797
-583 -490
11, 449
-965 -855
11, 308
-925 -857
11,381 -1, 124 -1,029
-720 -623
11, 789
-841
312
-1,230
-1,653
-1,611
-1,787
-1,392
5,861
5,920
6,069
6, 244
6,313
6,629
6,631
6,724
6,807
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
13, 330
13, 051
13, 484
-2,460
-2,655
-3,212
-3,449
-2,009
-3,698
-3, 180
-3,488
-2, 569
-1,758 -1,670
-1,956 -1,866
-2, 484-2,387
-2, 707-2, 623
-1,326 -1,221
-2, 934 -2, 820
-2, 408-2, 326
-2, 721 -2, 670
-1,778 -1,715
« 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
In the third quarter, the U.S. merchandise trade balance was in deficit by $7.6 billion, slightly less than in the second
quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
BALANCE ON GOODS
AND SERVICES
BALANCE ON CURRENT ACCOUNT
1972
1970.
1969
1976
1973
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Me rchandise
Period
Exports
Imports
12
Net
balance
Milita ry trans actions
Direct
expenditures
1970
42, 469 -39,866 2,603 -4,855
1971
43, 319 -45, 579-2, 260-4,819
1972
49, 381 -55,797 -6,416 -4, 784
1973
71, 410 -70,499
911 -4,629
1974
98, 306 -103,673 -5,367 -5, 035
1975
107, 088 -98,043 9,045 -4, 795
114, 694 -124,014 -9,320 -4, 847
1976
1975: III___ 26, 562 -24,483 2,079 -1,096
IV.— 27, 657 -25,431 2,226 -1, 198
1976: I
27, 000 -28,343 -1,343 -1, 160
!!„.„„ 28, 380 -29,955 - 1, 575- 1, 228
IIL... 29, 603 -32,411 -2, 808-1,237
I V _ _ _ 29, 711 -33,305 -3, 594 - 1, 222
1977: T
29, 458 -36,561 -7, 103 -1,329
II *_„ 30, 488 -38,347 -7, 859 — 1, 403
III ».. 30, 737 -38,300 -7, 563
1
2
3
Sales
1,501
1,926
1, 163
2,342
2,952
3,919
5,213
957
1, 164
1,095
1, 189
1,472
1. 457
1,845
1,867
Net
balance
Private 3
U.S.
Government
-3,355 3,605 -112
-2, 893 5,575 -956
-3,621 6,074 -1,888
-2,287 7,806 -3,010
-2,083 11, 978 -3, 234
-876 9,377 -3,423
366 13, 041 -3, 233
-139 2,435 -816
-34 2,404 -807
-65 3,210 -773
-39 3,025 -745
235 3,455 -788
235 3, 351 -927
516 4, 121 -869
464 4,295 -894
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Netiiavestment i ncome
NetBaltravel Other ance
and
on
trans- servgoods
ices,
porta- net 3
and
tion
serv-1
receipts
ices
Remittances,
pensions,
and
other
unilateral
transfers 1
-2, 023 2, 190 2,912
-2, 315 2, 509 -340
-3,028 2,789 -6,088
-3,086 3, 185 3, 520
-3, 105 3,970 2, 160
-2, 552 4, 594 16, 164
-2, 145 4,888 3,596
-604 1, 180 4,135
-684 1, 184 4,289
-669 1, 192 1, 552
_337 1, 176 1,505
-458 1,239
875
-681 1,279 -337
-953 1,293 -2, 995
-737 1,366 -3, 365
-3,294 -382
-3,701 -4, 041
-3,854 -9,942
-3,887 -367
-7, 188 -5,028
-4, 612 11, 552
-5, 023-1,427
-1,070 3,065
- 1, 238 3,051
— 1,029
523
-1,015
490
-1,936 -1,061
- 1, 045-1,382
-1, 163 -4, 158
— 1, 240 -4, 605
Source: Department of Commerce, Bureau of Economic Analysis.
Balance
on
current
account
TJ.S. INTERNATIONAL TRANSACTIONS—Continued
The growth of foreign assets in the United States and U.S. assels abroad resumed more normal rates in the second
quarter, following a slight decline in U.S. assets abroad and only a very small increase in foreign assets in the U.S.
during the first quarter.
EiLUONS OF DOLLARS
301
BHUONS OF OOLIAES
130
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S.f NET
10
10
-10
-10
-20
-20
-30
-30
1969
1977
DEFAKTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, iact
[increase/capita 1 outflow (-)]
Period
Total
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
assets
ment
assets 1 2 assets
Forei gn assets in the U.S., net
[men *ase/capitiil inflow (+)]«
Foreign official
ass ets
Total
Total
Other
Assets of foreign
foreign
assets
official
reserve
agencies
7,362
-984
6,907
2,477 — 1, 589 -7,052 5,923
-6, 164
2,348 -1,884 -9,763 22, 445 26, 895 27, 405 -4, 450
-9,299
32 - 1, 568 -8,392 21, 127 10, 705 10, 322 10, 422
-9,929
5, 145 11,454
6,299
209 -2,645 - 12, 230 17, 753
- 14, 666
365 -25,960 33, 612 10, 981 10, 257 22, 631
-27,029 -1,434
7,376
5,259
6, 960
-607 -3,463 -27, 478 14, 336
— 31, 548
-42, 959 -2, 530 -4, 213 -36, 216 34, 520 17, 945 13, 007 16, 575
4,019
-342
-745 - 1, 994 2,416 -1,603 -1,977
-3,081
2,982
2,832
2,328
89
-977 -10,948 5,814
11, 836
2,
323
3,009
-723 -9,254 6,856
3,847
-773
-10,751
3,333
3,308
4, 051
-944 -7, 257 7,385
-9, 779 -1,578
131
m___ -8, 409 -407 - 1, 405 -6,597 8,201 3,070 1,251 5,5,102
6, 125
6,977
228 -1,142 -13, 108 12, 079
IV— _ -14,022
5,007 -3, 209
5, 719
-909
1,627 2, 510
388
331
1977: I
6, 628
6, 056
6,935
6
-827 10, 952 12, 991
!!*__ -11,774
7,781
153
Ill »_
1970
1971
1972
1973
1974
1975
1976
1975: I I I _ _ _
IV—1976:1
II
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. reserve position in the IMF.
* Quarterly data are not seasonally adjusted.
Statistical
discre pancy
Allocations
of
TV»4-al
special (sum of
drawing
the
rights
items
(SDR) with
sign
reversed)
Of
which :
Seasonal
adjustment
discrep-
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
14, 487
867
-244
12, 167
717 -9,822
710 -1,966
13, 151
14, 378
-2, 720
15, 883
-1,555
16, 226
5, 660
18, 747
9,866
-2,400 -2,475 16, 291
2,971
1,316 16, 226
3,372
717 16, 941
129 18, 477
1,905
1,268 -2, 622 18, 945
1,780 18, 747
3,325
524 19, 120
1,317
-205 19, 156
3,388
18, 988
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Wholesale Prices
Consumer Prices
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
!
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
>
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
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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