Full text of Economic Indicators : November 1978
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Congress, 2d Session
Economic Indicators
November 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN I. MITCHELL (Maryland)
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)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
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 fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23: 1949.
Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT,
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, gross national product rose $53,9 billion or 10.7 percent, both at
annual rates. Real output (GNP adjusted for price changes) increased 3.4 percent from the second quarter level and
the implicit price deflator rose at a 7.1 percent annual rate.
BILLIONS OF DOLLARS (RATIO SGALE)
2,400
BILLIONS OF DOLLARS (RATIO SCALE)
2,200
—
2,000
1,800
1,600
1,400
1,200
1,200
1,000
1,000
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Go vernment purchases of goods and
services
Export s and imp>orts of
goocIs and ser vices
Gross
private
domestic
investment
Net
exports
Exports
imports
Total
1967
. 796.3 490. 4
1968.— 868.5 535.9
1969
935.5 579.7
1970.. .... 982.4 618.8
1971
1, 063. 4 668. 2
1972
1, 171. 1 733.0
1973
1? 306. 6 809.9
1974
1, 412. 9 889.6
1975
1, 528. 8 979. 1
1976
1, 700. 11, 090. 2
1977.-— _ 1, 887. 21, 206. 5
120.8
131.5
146. 2
140.8
160. 0
188.3
220. 0
214. 6
190.9
243. 0
297.8
4.9
2. 3
1.8
3.9
1. 6
-3.3
7. 1
6. 0
20.4
7.4
-11. 1
45.6
49.9
547
62. 5
65.6
72. 7
101.6
137.9
147.3
163.2
175.5
40.6
47. 7
52.9
58. 5
64. 0
75.9
94. 4
131.9
126, 9
155. 7
186.6
180.2
198.7
207.9
218.9
233.7
253. 1
269. 5
302.7
338.4
359.5
394.0
90.9
98.0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129.9
145. 1
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77. 0
83.7
86.8
94.3
1977:1
II —
III —
IV. __
272. 5
295.6
309.7
313.5
-8.5
-5. 9
-7.0
-23. 2
170.9
178. 1
180.8
172. 1
179. 4
184. 0
187.8
195.2
375. 0
388. 8
399. 5
412.5
138.3
142. 9
146. 8
152. 2
1978:1.— 1, 992. 0 1, 276. 7 322.7
II — 2, 087. 51, 322. 9 345.4
III *>_ 2, 141. 41, 357. 7 350. 6
-24. 1
-5.5
-6.6
181.7
205.4
213.8
205.8
210.9
220.3
416. 7
424. 7
439.6
151.5
147. 2
154.0
Period
Gross
national
product
1, 806.
1, 867.
I , 916.
1, 958.
81, 167. 7
01, 188. 6
81, 214. 5
11, 255. 2
1
This categor y correspon ds closely with budget outlays for ]national defense,
shown on p. 33.
.
-
Total
Federal
National
defense l
Nondefense
State
and
local
Final
sales
28. 6
28.7
34, 1
39.4
43. 1
50.8
89.3
100.7
110.4
123. 2
137.5
151. 0
167.3
191.5
215.4
229. 6
248.9
786.2
860. S
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
91.9
93.7
94.4
97.1
46. 4
49.3
52.4
55. 1
236.7
245.9
252. 7
260. 3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
97.9
98.6
99.8
53.6
48.6
54. 3
265. 2
277.6
285. 6
1, 975. 3
2, 067. 4
2, 127. 6
19.5
21.2
21. 2
22. 1
mo
So uree: Depart ment of Con mierce, Bure au of Econoinic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
1967
1968__ _
1969
1970
1971
1972
1973__
1974
1975
1976
1977
1977:l
II___
III
IV—
1978: i
II
ni*.
Ex]sorts of g(>ods
and service5S
Gross jrivate dc>mestic
iii vest mem
Govern!Bent pure bases of
gooc s and ser vices
Personal
conGross
national sumption
product
expenditures
Nonresidential
fixed
Residential
fixed
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. 3
1, 271. 0
1, 332. 7
603.2
633.4
655.4
668.9
691. 9
733.0
767.7
760.7
774.6
819.4
857.7
103. 5
108. 0
114.3
110.0
108. 0
116.8
131. 0
130.6
113. 6
118.9
129.8
37. 2
42. 8
43.2
40. 4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
12.0
8. 7
10.6
4. 3
6.6
9.4
16.5
8.0
— 9. 8
6.7
8.9
3.5
-. 4
— 1. 3
1. 4
-.6
-3.3
7.6
15. 9
22. 6
15.4
9.5
54. 2
58.5
62. 2
67. 1
67.9
72.7
87.4
93. 0
90.0
95.9
98.2
50. 7
58.9
63.5
65.7
68.5
75. 9
79.9
77. 1
67.5
80.5
88.7
248.3
259. 2
256.7
250. 2
249.4
253. 1
252. 5
257.7
262.6
262.8
269. 2
125.3
128. 3
121.8
110. 7
103.9
102. 1
96. 6
95.8
96. 5
96.6
101.6
123. 1
130. 9
134.9
139. 5
145. 5
151.0
155. 9
161.8
166. 1
166.2
167. 6
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. 1
1, 264. 4
1, 323. 8
1, 306. 7
1, 325. 5
1, 343. 9
1, 354. 5
846.6
849.5
858. 0
876. 6
126.8
129. 1
130. 8
132.5
53.5
58.0
58. 8
60.3
5.8
10. 0
12.2
7. 5
11.2
11.0
12.5
3. 1
97. 1
98. 9
100.8
96.0
85.9
87.9
88.2
92.9
262. 8
267. 9
271.7
274.5
98.7
101.3
102. 9
103.6
164. 1
166. 6
168.8
170.9
1, 300. 9
1, 315. 5
1, 331. 7
1, 347. 1
1, 354. 2
1, 382. 6
1, 394. 2
873. 5
886. 3
895.5
133.8
140.5
141. 9
59.5
59.9
59. 7
12.3
12.7
9.2
2.9
11.3
11.3
99. 1
108.4
110.8
96.2
97. 1
99.5
272. 1
271.9
276.6
101.2
97. 1
100. 4
170.8
174.8
176. 2
1, 341. 8
1, 369. 9
1, 385. 0
Change
in business in- exports
ventories
Exports Imports
Total
Federal
State
and
local
TP*_
_i
rmal
sales
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona eonsump tion expe nditures
Total
1967
1968_
1969
1970_ _
1971
1972
1973_
1974
1975
1976
1977
1977:1
II
III
IV____
NonresNonDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Governnlent purgoods
chases ()f
and s€jrvices
Exports Imports Federal
State
and
local
87.4
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
124.4
129.5
81.9
85.3
89.4
93. 6
96. 6
100.0
107.9
123.8
133.4
138. 2
145.0
78. 8
82.0
86. 1
90.5
95.8
100.0
104. 7
113. 6
123.2
131. 6
141.0
79.3
82.6
86.6
91.3
96. 4
100.0
103. 8
115.3
132.2
138. 4
146.7
77.0
80.7
87.7
90. 6
94. 9
100.0
110. 8
122.3
132.8
142.5
159.4
84.0
85.3
87.9
93. 1
96. 6
100.0
116.2
148.3
163.6
170. 1
178. 7
80. 1
80. 9
83.3
89. 1
93.5
100.0
118. 2
171.0
188.0
193.5
210.3
72.6
76.4
80.0
86.4
92. 6
100.0
105.8
115. 9
127. 5
134. 4
142. 7
72. 5
76. 9
81.9
88.3
94.5
100. 0
107.3
118. 4
129.7
138. 1
148. 5
27
86
63
56
137. 9
139.9
141. 6
143.2
128.4
128.9
129. 5
130.9
142. 4
144. 7
145.7
147.0
137.4
139.7
142. 3
144.4
142.5
145.0
147.9
151.2
152.3
157. 6
160. 6
166. 1
176. 1
180.0
179. 4
179. 2
208. 9
209. 3
212. 9
210. 2
140. 1
141. 1
142. 7
146.9
144. 3
147. 6
149. 7
152. 3
147. 10
150. 98
153. 59
146. 2
149.3
151. 6
133. 1
135.7
137. 8
150.4
154. 4
156.2
147. 1
149.9
152.7
153. 6
156.7
160.6
168. 6
175.7
182.5
183. 3
189.4
192.9
213.8
217. 2
221. 5
149. 6
151. 5
153.4
155.2
158. 8
162. 1
138.
140.
142.
_ _ 144.
Source: Department of Commerce, Bureau of Economic Analysis.
Expor ts and
imports of goods
and se rvices
81. 3
84. 6
88.5
92. 5
96. 6
100.0
105.5
116.9
126.4
133. 1
140.7
79. 02
82. 57
86.72
91. 36
96. 02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61
1978:1
II III*
Gross }rivate
dom estic
inveslbment
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross (domestic ] product
Gross national p>roduct
Constant
(1972)
dollars
Current
dollars
Period
19671968
1969- —
19701971_
1972 _
1973
1974
1975
1976
1977
_
1977: I
II
III
IV
1978: I_ .
II
m>___
Implicit
price
deflator
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Current
dollars
2.7
4.4
2.6
—.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
5.9
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5. 6
6. 2
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.3
5.7
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
13.7
14.0
11. 1
8. 9
7.3
5.9
5.7
3.2
6.0
7.7
5.1
5.5
6.6
7.3
4. 6
6.5
7.0
7.4
4.7
6.8
13.3
13.9
11.2
7. 1
20.6
10.7
-. 1
8.7
3.4
7.2
11.0
7. 1
7,1
10.8
7.6
7.0
11.0
7.6
20. 1
10.9
5.8
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
5.8
5. 1
6.4
7.4
4.5
6.7
6.8
7.5
4.6
7.0
7. 1
10.9
7. 1
10.9
11.0
2.7
4. 4
3.0
4.5
-1.3
— 1. 1
5. 6
5.7
9.3
9.7
5.2
5.8
7. 1
5.7
7.7
5. 1
5. 3
5. 1
4. 1
4.8
5.8
5.8
3.5
-.4
8.3
3.5
6.7
3.1
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9.4
5.7
6.1
Implicit
price
deflator
2.6
-.3
2.8
5.8
5.4
9.5
Chain
price
index
Fixedweighted
price
index
(1972
weights)
Constant
(1972)
dollars
7.2
7.6
7.0
7.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-do liar cost and profit per unit of outpu t (dollars) i
Gross c omestic
prodiict of
nonfin ancial
eorrx
, F 3rate
business
(Milk>ns of
doll ars)
Period
Total
cost
and
profit 2
Capital
consumption
Compenallowances Indirect sation
Net
business
with
of
incapital taxes * employ- terest
conees
sumption
adjustment
Current
dollars
1972
dollars
1967
452. 9
1968___ _ 498.4
541. 8
1969
1970
560.6
602.5
1971
1972
671. 0
1973
752.0
1974_ _ „ . _ _ _ 808. 8
1975
874. 1
1976. . __ 988.5
1977
1, 103. 2
545.8
581. 6
607.3
600.6
619. 3
671.0
720.4
695. 0
680. 0
730.0
769.3
0.830
. 857
.892
.933
.973
1. 000
1.044
1. 164
1. 285
1.354
1.434
0. 072
.074
. 079
.088
. 094
. 093
.095
. 116
. 142
. 146
. 150
0.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
0. 535
. 553
. 589
. 628
. 645
. 661
. 699
. 796
.848
.891
.952
1977:1
1, 048. 5
!!___ 1, 093. 3
III__ 1, 124. 6
IV... 1, 146. 3
750.2
766.9
776.7
783.6
1.398
1. 426
1.448
1.463
. 149
. 149
. 151
. 152
. 140
. 139
. 140
. 142
. 932
.946
.955
.973
.043
. 043
.044
. 045
1978: !_____ 1, 161. 6
II.__. 1, 233. 0
III*__ 1, 261. 4
783.6
811.9
814.9
1.482
1. 519
1. 548
. 155
. 153
. 158
. 145
. 145
. 145
1.008
1.017
1.037
.046
. 045
. 046
1
Output is measured by gross domestic product of nonfinancial corporate
msiness
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments
less subsidies.
4
Corpo rate profi ts with
invent<Dry valuation and
capii al consuniption
£idjustmen ts
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.051
. 058
.055
.045
. 048
.050
. 055
. 061
.060
.073
.077
0.072
.066
. 055
.041
.046
.057
.050
.024
.053
.066
.071
6.873
7.105
7. 139
7. 132
7.374
7.595
7.788
7.489
7.721
7.962
8.057
3.676
3.929
4. 198
4.478
4.757
5.024
5.446
5.958
6.550
7.093
7.667
. 134
. 148
. 158
. 151
. 075
.078
.076
.077
. 059
.070
.082
.074
7.991
8.025
8. 113
8. 103
7.451
7.590
7.746
7.881
. 129
. 157
. 161
.071
.086
.087
.057
.071
.075
8. 053
8. 139
8.166
8. 117
8.281
8.471
0. 016 0. 123
. 124
.017
.022
. 109
.086
. 028
.095
.029
. 107
. 028
. 105
.032
.086
.043
. 113
. 045
. 139
.042
. 044 . 148
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]
Propr ietors'
mcom e with
inventor y valuation anc i capital
consurnption
adjust ments
ComNational
income
Period
tion of
employees 1
Farm
655. 8
471.9
714.4
519.8
571.4
767.9
798.4
609. 2
650.3
858. 1
715.
1
951.9
1, 064. 6
799. 2
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
1967
1968
1969___
1970
1971
1972
1973
1974
1975. _
1976
1977
1977:1
II
III
IV
1, 447. 5
1, 499. 3
__ _ 1,537. 6
1, 576. 9
1, 107. 9
1, 140. 5
1, 165. 8
1, 199. 7
1, 603. 1 1, 241. 0
1, 688. 1 1, 287. 8
1, 731. 0 1, 316. 9
1978: I__
II
III*
Nonfarm
T^pntAl
Corpor ate profit s with inventory va luation
and capital co nsumptio n adjustm ents
income
of perwith
capital
consumption
adjustment
Profits 5 with inv entory
valua tion adjustment
and ^without c£ipital
consum ption adjiistment
Inven-
Total
Total
Profits
before
tax
valuation
adjustment
Capital • Net
coninterest
sumption
adjustment
12. 1
12.0
13. 9
13. 9
14.3
18.0
32.0
25.4
23.5
18. 4
20.2
48.9
51.4
52. 3
51.2
53.4
58. 1
60.4
60. 9
63.5
70.2
79. 5
19.4
18. 6
18. 1
18. 6
20. 1
21. 5
21. 6
21.4
22.4
22. 5
22.5
79.3
85.8
81. 4
67.9
77.2
92. 1
99. 1
83.6
95.9
127. 0
144.2
75.6
82. 1
77.9
66.4
76.9
89. 6
97.2
86.5
107.9
141.4
159. 1
77.3
85.6
83.4
71.5
82.0
96. 2
115.8
126.9
120. 4
155. 9
173.9
-1.7
-3.4
-5.5
— 5. 1
-5.0
-6. 6
-18.6
-40.4
— 12. 4
-14.5
-14.8
3.7
3.7
3.5
1.5
.3
2. 5
1.9
-2.9
-12.0
-14. 4
-14.9
24.3
26.8
30. 8
37.5
42. 8
47.0
52.3
69.0
78.6
84.3
95.4
19. 4
20.0
16.5
25. 1
76. 1
78.9
80.8
82.3
22.5
22.4
22. 4
22.7
129.9
143.7
154.8
148.2
144.5
158. 5
169.9
163.5
164.8
175. 1
177.5
178.3
-20.3
-16.6
-7.7
-14.8
-14.6
-14.8
-15.0
-15.3
91.7
93.7
97. 3
99.0
21.9
24.0
25.0
83. 1
86. 1
89.5
22.8
22.2
24. 3
132. 6
163.4
168.4
148.7
180.6
187.7
172. 1
205.5
208. 6
-23.5
-24.9
-20.9
-16. 1
-17.2
-19.3
101.7
104.6
107. 1
Source: Department of Commerce, Bureau of Economic Analysis.
i Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura Die goods
Durable goo<Is
Total
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
1967____ _
490.4
1968___ _ _
535.9
1969
579.7
1970
618. 8
1971
668.2
1972
733.0
1973
809. 9
1974
889.6
1975 _
979. 1
1976
1, 090. 2
1977____
1, 206. 5
69. 6
80.0
85.5
84. 9
97. 1
111. 2
123. 7
122.0
132. 6
156. 6
178.4
29. 7
35.8
37. 7
34. 9
43.8
50. 6
55.2
48.0
53.4
69. 7
81.5
29. 5
32. 6
35.0
36.7
39. 4
44. 8
50. 7
54.9
58.0
63.9
71.3
212.6
230.4
247. 0
264. 7
277. 7
299. 3
333.8
376.3
408.9
442.6
479. 0
1977:1
1, 167. 7
II
1, 188. 6
!!!____ 1, 214. 5
IV
1, 255. 2
173.2
175. 6
177.4
187. 2
81. 3
81. 2
79.5
84. 0
68.0
69.9
72.0
75.3
1978:1
183. 5
197.8
199.4
84. 1
92.5
89.7
72. 1
76.5
79.0
Period
1, 276. 7
1, 322. 9
III *>___ 1, 357. 7
II
1
Total includes other items not shown separately.
4
Furniture
and
household
equipment
Total
nondurablel
goods
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Services
Clothing
and
shoes
Gasoline
and oil
109.6
118. 3
126. 1
136.3
140. 6
150.4
168. 1
189.8
209. 6
225. 8
245. 2
38.2
41.8
45. 1
46. 6
50. 5
55. 1
61.3
65.3
70. 1
75.7
81. 5
17.0
18.4
20.4
22.0
23. 4
24.9
27.8
36. 4
39. 5
42.8
46.5
208. 1
225.6
247.2
269. 1
293. 4
322. 4
352. 3
391.3
437. 5
491.0
549.2
7. 6
8.6
8.5
7. 1
8.7
9.3
9.7
7.5
7. 1
8. 6
9. 1
0.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1. 6
1.5
2. 1
465.9
473. 6
479. 7
496.9
237.5
244. 5
246.4
252. 6
78.5
79.3
81. 4
86.7
46. 1
46. 2
46. 0
47. 5
528.
539.
557.
571.
6
4
5
1
9.4
9. 2
8.9
9.0
1.9
2.3
2.0
2.0
501.4
519.3
532.0
257.7
267. 8
272. 3
82.9
87.5
90.5
48.3
49. 1
51.6
591.8
605. 8
626.3
8.7
10.0
9. 3
2. 1
2. 1
2.0
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $21.3 billion (annual rate) in October following revised increases of $12.9 billion in September
and $11.3 billion in August. Wages and salaries rose $15.6 billion in October, compared with $8.2 billion in September. All other major types of income also rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
60
60
1970
» 1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at
s
Wage
Other Propriety)rs' income
Total
and
personal salary
labor
income disburseincome1 2 Farm
Nonfarm
l
ments
Period
1970
1971
1972
1973
1974
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
801. 3
859. 1
942. 5
1, 052. 4
1, 154. 9
. 1, 255. 5
1, 380. 9
1, 529. 0
546. 5
579.4
633.8
701.3
7646
805. 9
890. 1
983. 6
1977: Oct
1, 577. 0 1, 014. 1
Nov
1, 592. 7 1, 022. 3
Dec— 1, 609. 2 1, 027. 3
1978: Jan
Feb
Mar
Apr
May
June
July._._
Aug
Sept»__
Oct»___
1, 615. 5 1, 038. 3
1, 625. 0 1, 047. 4
1, 646. 3 1, 066. 6
1, 669. 4 1, 083. 9
1, 682. 1 1, 088. 4
1, 695. 7 1, 098. 4
I, 718. 8 1, 108. 2
1, 730. 1 1, 111.3
1, 743. 0 1, 119. 5
1, 764. 2 1, 135. 1
Rental
income
of
persons 4
Dividends
Less: PerNonPersonal Transfer sonal confarm
pay- 5 tributions personal
interest
income ments
for social income 6
insurance
32. 0
36.2
42. 0
48. 7
55.6
65. 1
77.0
90. 4
13. 9
14.3
18. 0
32.0
25.4
23.5
18.4
20.2
51. 2
53.4
58. 1
60.4
60. 9
63. 5
70.2
79. 5
18. 6
20. 1
21. 5
21. 6
21.4
22. 4
22. 5
22. 5
22.9
23.0
24.6
27.8
31,0
31. 9
37. 9
43.7
64.3
69.3
74. 6
84 1
103.0
115. 5
126. 3
141.2
79.9
94 1
104 1
118.9
140.8
178.2
193. 9
208.8
28.0
•30.8
342
42.2
47. 7
50. 5
55.5
61.0
780.7
838. 0
917.3
1, OIL 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494 4
94. 8
96. 1
97. 3
22. 1
24. 6
28. 5
'81.4
82.2
83.2
22. 4
22. 6
22. 9
45. 1
45.5
48. 3
145. 3
145. 5
147. 3
214 2
216. 5
217. 2
62. 4
62. 6
62.8
1, 540. 1
1, 553. 1
1, 565. 5
98.7
100. 0
101. 3
102.7
104.0
105. 4
106.7
107.9
109. 1
110.4
25. 6
21.5
18. 6
22.0
24. 8
25.3
24. 0
24. 9
26. 0
27.3
82. 0
83. 0
84. 4
85. 5
86. 1
86.7
88.4
90. 1
90.0
90.7
23. 0
22.8
22. 6
22. 3
22. 1
22. 1
24. 3
-24. 3
24. 2
24. 3
46. 8
47.0
47. 2
47. 4
48.0
49. 0
49. 2
50. 3
50. 7
51. 1
149. 6
151.4
153. 3
154.8
156. 5
157. 6
159. 2
160. 8
162. 3
163. 5
218. 1
219. 0
220. 3
219. 7
221. 3
220. 8
229.0
230. 8
231. 9
233. 4
66.5
67. 0
68. 0
68. 9
69. 0
69. 6
70. 3
70.4
70.8
71.6
1, 574 7
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654 7
1, 679. 0
1, 689. 2
1, 700. 9
1, 720. 7
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
seasonally adjusted annual rates]
a
5
Consists mainly of social insurance benefits, direct relief, and veteran
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)
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
3,000
3,000
2,000
2,000
1970
1971
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I
Less:
1
PAT
Period
Per-*
sonal
income
:
soiial Equals
Dispos- Less:
tax
Perable
and
sonal
pernonoutsonal
tax
lays l
income
payments 1
Bil lions of d ollars
1969
745. 8
1970
801.3
1971
859. 1
1972
942. 5
1973 _
1, 052. 4
1974__ __ 1, 154. 9
1975__
1, 255. 5
1976___ _ 1, 380. 9
1977__
1, 529. 0
630.4
115.4
595.3
115. 3
685. 9
635.4
742.8
685.5
116.3
141.2
801. 3
751.9
901. 7
150.8
831; 3
9846
170.3
913.0
168. 8 1, 086. 7 1, 003. 0
196. 5 1, 184. 4 1, 116. 3
226. 0 1, 303. 0 1, 236. 1
1977: !____
!!___
III_.
IV. _
222.7
223. 3
224.6
233.3
Perccapita
! Per oaf:»ita perdispc>sable
sonal c<>nsumppersona L income tion expenditures
Equals :
Personal
saving Current
dollars
1972
dollars
Current
dollars
1972
dollars
Percent i
change Saving
in real as percent of Populaper
tion
capita dispos(thou-2
able
dispospersands)
able
sonal
perincome
sonal
income
Dol lars
35. 1
50.6
57.3
49. 4
70.3
71.7
83. 6
68.0
66.9 1
3,111
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,009
3,515
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4,271
2,860
3,020
3,227
3,510
3,849
4, 197
4,584
5,066
5,564
3,234
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3,955
1. 5
3.0
2.6
3. 3
5.9
— 2. 2
1. 3
2.8
3. 3
5.6
7.4
7.7
6.2
7.8
7.3
7.7
5.7
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
216, 856
Seas onally ad; usted anniual rates
1, 470. 7
1, 508. 6
1, 543. 7
1, 593. 0
1, 248. 0
1, 285. 3
I, 319. 1
1, 359. 6
1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9
1978:I____ 1, 628. 9 237.3 1, 391. 6 1, 309. 2
!!___ 1, 682. 4 249. 1 1, 433. 3 1, 357. 0
III*_ 1, 730. 6 263. 1 1, 467. 5 1, 393. 4
52.2
67.5 i
74. 3
73.7
5,772
5,934
6,077
6,250
4,185
4,241
4,293
4,365
5,401
5,487
5,595
5,770
3,916
3,922
3,953
4,030
1. 1
5. 5
5.0
6.9
4.2
5.3
5. 6
5.4
216,
216,
217,
217,
82.4
76.3
74. 1
6,387
6,566
6,708
4,370
4,399
43425
-6,859
6,060
6,206
4,009
4,060
4,093
.5
2.7
2. 4
5.9
5.3
5. 1
217, 897
218,290
218, 769
1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
6
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the third quarter, according to revised estimates, net farm income before inventory adjustment was unchanged
while income after inventory adjustment rose $1 billion (annual rate).
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
120
120
100
100
GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
80
60
60
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
40
40
I
I
I
20
20
-'• V
10
10
1971
1970
1972
1973
1974
1975
1976
1977
1978
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Quarterly data at seasonally adjusted annual rates]
I Personal income received
| by total farm population
-
Period
1970_ _ _ _
1971
1972
1973
1974
1975
1976
1977
1977:1 _ _
II _ _
III___
IV
Income received from farming
Gross i ncome be:"ore inven :ory adjustnlent
58. 6
60.6
70. 1
95. 5
100.0
96. 9
104. 1
108. 1
108. 1
106. 7
102.7
114. 8
Cas]h receipts from
inarketing 3
Livestock
Total
Crops
and
products
Billioiis of dolla rs
21. 0
50. 5
29.6
52. 9
30.6
22. 3
61.2
35.7
25.5
41. 1
87. 1
45. 9
92. 4
41.4
51. 1
88. 2
43. 0
45. 1
94. 5
46. 2
48. 3
96. 1
48.5
47. 6
97. 6
51.3
46.3
95.7
46. 6
49. 1
47.8
43.5
91.3
99. 6
49. 5
50. 1
115. 8
122.5
122. 5
102. 2
109. 0
109.5
From From From
all
farm nonfarm
l
sources sources sources Total
27.5
28.8
34.6
48.9
45.2
44. 5
41.2
43.0
1978: I
II
III
13. 0
13.5
16.9
29. 2
23.4
21.9
16.9
18.3
14.5
15. 3
17.8
19.7
21.8
22. 7
24. 4
24.7
1
Cash receipts from marketings, Government payments, and nonmoney
icome
furnished by farms.
2
Inventory
of crops and livestock valued at the average price for the year.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
52. 7
57.5
58.9
4
49.5
51.5
51.0
Net t<;> farm
oper ators
Production expenses
Net incc>me per
farm a fter inventory adjustmeiit 3
Before
inventory
adjustment,
After
inventory
adjust-2
ment
44. 4
47.4
52.3
65.6
72.2
75.9
83.0
88.0
87.5
87. 0
86.0
91.4
14. 1
13.2
17. 8
29. 9
27. 7
21. 1
21. 1
20. 1
20. 6
19.7
16.7
23.4
14.2
14. 6
18. 7
33. 3
26. 1
24.5
18.8
20. 6
19.6
20.2
16.8
25.5
4,800
5,040
6,530
11,810
9,350
8, 850
6,850
7,590
7,240
7,460
6, 210
9,420
4, 130
4, 160
5,210
8,870
6,330
5,490
4,020
4, 180
4, 090
4, 130
3, 390
5,080
93.5
96. 0
96.0
22.3
26. 5
26. 5
22. 3
24.5
25. 5
8,320
9,140
9,510
4,410
4,730
4,810
Current
1967
dollars dollars 4
Dol lars
Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
In the third quarter, according to preliminary data, profits before tax rose $3.1 billion while after tax-profits rose $1.5
billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
200
200
40
40 -
1971
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit ,B (before tax) wit i invent [>ry valujition
adjustn lent *
Dome stie indu stries
IS onfinan< 3ial
Period
Total *
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: I
II- _ _
III
IV
1978: I
II
III*'
_
_
75.6
82. 1
77.9
66.4
76.9
89.6
97. 2
86.5
107.9
141.4
159. 1
144.5
158.5
169.9
163.5
148.7
180. 6
187.7
Total
72.6
78.9
74.2
62.6
72.4
84.7
90. 4
76.9
101.8
133.2
149.5
134.8
148. 1
159.5
155.6
139.2
168.9
176.3
ManuFinancial
Total3 faeturmg
9.0
10.4
11.3
12.6
14. 1
15. 4
16.2
14. 4
13.0
17.5
20. 9
19.7
19.9
21.9
21. 9
22.7
24. 3
26.0
63. 6
68.5
62. 9
50. 1
58. 2
69.3
74. 1
62. 5
88.9
115. 6
128. 6
115. 1
128. 1
137. 6
133.7
116.6
144. 6
150.2
37.9
41. 2
36.8
27. 1
32.4
40. 6
44. 1
36. 6
48.3
65.6
74.7
66.4
77.4
74. 7
80.2
69.8
87.8
i See p. 4 for profits with invent ory valuatic>n and ca pital eonsu mption
adjustments.
8
Wholesale
and
retail
trade
8.9
10. 1
10. 1
9.4
11. 7
13.3
14. 7
12. 9
20.7
24. 0
24.0
20.6
22. 8
30.6
22. 1
16.7
22. 0
2
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
77.3
85. 6
83.4
71.5
82.0
96.2
115. 8
126.9
120. 4
155.9
173.9
164.8
175. 1
177.5
178.3
172. 1
205.5
208. 6
32.5
39.4
39. 7
34.5
37. 7
41.5
48.7
52. 4
49.8
64.3
71. 8
68. 3
72.3
72. 8
73.9
70.0
85.0
86.6
44.9
46. 2
43.8
37.0
44. 3
54.6
67. 1
74. 5
70.6
91.7
102. 1
96.5
102. 8
104.8
104.4
102. 1
120.5
122.0
20. 1
21. 9
22.6
22.9
23.0
24.6
27.8
31.0
31.9
37.9
43.7
41.5
42. 7
44. 1
46.3
47.0
48. 1
50. 1
24.7
24. 2
21.2
14. 1
21. 3
30.0
39. 3
43. 6
38.7
53. 8
58.4
55.0
60. 1
60. 6
58. 1
55. 1
72.4
71. 9
Includes rest of the \vwld, not s tiown sepa rately.
3 Includes industries rtot shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-1.7
-3. 4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14.5
-14.8
-20.3
-16.6
-7.7
-14.8
-23.5
-24.9
-20.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $7.8 billion (annual rate) as nonresidential construction outlays rose $4.7 billion and producers1 durable equipment purchases increased $3.1 billion.
Residential investment outlays increased $3.6 billion. Inventory investment amounted to $13.8 billion, down $6.3
billion from the second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
180
-NONRESIDENTIAL FIXED INVESTMENT
160
BILLIONS OF DOLLARS*(RATIO SCALE)
140
PRODUCERS'
DURABLE EQUIPMENT
10)
80
STRUCTURES
BILLIONS OF DOLLARS* (RATIO SCALE)
130
RESIDENTIAL FIXED JNVESTAAENT
110 100
/^
90 -
•T-r-r-r
^
-
BILLIONS OF DOLLARS*
40 -CHANGE IN BUSINESS INN'ENTORIES
Ort
^/
70 -
20 -
-
/
-20
en
I
1975
i
i
\
\
1977
1976
I
I• I
1978
—
s~*-\
f-\
-
«<*^
-f
I
i i
1979
i I
1975
-
I
I
I
1976
\
I I
1977
\
\ I
1978
I
I I
1979
*S£ASONALIY ADJUSTED ANNUAL HATES
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investmcsnt
Period
Gross
private
domestic
investment
Struc tures
Total
Prodileers'
dur<able
equip ment
Total
Nonfarm
Total
Nonfarm
Resic ential fiiled inves tment
Total
Nonfarm
structures
•p__
Jrro- ?
Farm ducers
durstrucable
tures equipment
Change in business im^entories
Total
Nonfarm
10. 1
7.7
9. 4
3.8
6.4
9. 4
17.9
8.9
— 10. 7
10. 2
15.6
9.4
7. 6
9. 2
3. 7
5. 1
8. 8
14. 7
10.8
— 14. 3
12.2
15.0
1967
„_„
1968
1969. _ _ _ _ _ _ _ _
1970
1971
1972_
1973
1974
1975.
„___
1976
1977.
120. 8
131.5
146.2
140.8
160. 0
188.3
220.0
214.6
190.9
243.0
297.8
82. 1
89.3
98. 9
100. 5
104, 1
116.8
136.0
150. 6
150. 2
164.6
190.4
29.5
31.6
35. 7
37.7
39.3
42. 5
49.0
54.5
53.8
57.3
63.9
28.2
30. 4
34.3
36. 1
37.8
41. 1
46.9
51.8
51.3
54. 7
61.0
52.6
57.7
63,3
62.8
64. 7
74.3
87.0
96.2
96.4
107. 3
126. 5
48. 0
53. 4
58. 9
58. 1
59. 9
69. 1
80. 1
88.2
87.4
97.5
116.7
28.6
34. 5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51.5
68.2
91. 9
27.2
33. 1
36. 3
35. 1
47. 9
60. 3
64.3
52.7
49.5
65.8
88.9
.6
.7
.7
.6
1. 2
.9
1. 1
1.5
0. 7
.8
.9
.9
1. 0
1. 1
1.2
1.2
1. 1
1. 3
1.5
1977:1
!!_„__
III
IV. _„
272.5
295.6
309.7
313. 5
180.6
187.2
193.5
200.3
59.3
63. 4
65.4
67.4
56.4
60.4
62.7
64. 5
121.4
123.8
128. 1
132.8
111. 0
113.8
118.6
123.4
81.6
91.4
94.3
100.2
78. 6
88.4
91.2
97.5
1. 6
1. 6
1.6
1.2
1.4
1.4
1. 5
1. 6
10.3
17.0
21. 9
13. 1
11. 1
16.5
22.0
10.4
1978:1...
II
III"...-
322. 7
345.4
350. 6
205. 6
220. 1
227. 9
68.5
76. 6
81. 3
65.2
73.4
78.4
137. 1
143.5
146. 6
127.2
132. 9
135.2
100.3
105.3
108. 9
97.3
102. 1
105. 7
1.3
1.4
1.5
1.7
1.8
1.7
16.7
20. 1
13. 8
16. 9
22. 1
14. 8
Source: Department of Commerce, Bureau of Economic Analysis.
0.7
.6
.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.3 percent in 1978, according to the Commerce Department survey
conducted in late July and August. Spending in 1977 was 12.7 percent above the 1976 level.
WLLfONS OF DOLLARS (RATIO SCALE}
WLLIONS OF DOUARS (RATIO SCAll)
TOTAL NfW PIANT AW K3UPMWT
20
20
1970
1978
1971
J/ $EE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
E3spenditurcjs
Miinufacturi ng
Period
Starts (yf plant
and eqilipment
proj<3CtS3
for plan t and equipment
N<unmanuf aeturing
Commercial
Durable
goods
Nondurable
goods
Total
29. 99
31. 35
38.01
46. 01
47.95
52.48
60. 16
68.01
14. 15
15. 64
19. 25
22. 62
21. 84
23.68
27. 77
SI. 66
15.84
15. 72
18.76
23.39
26. 11
28.81
32. 39
36.35
51.22
57.09
61.73
66.39
64. 82
68.01
75. 64
84.49
2. 16
2.42
2. 74
3. 18
3.79
4. 00
4.50
4. 76
4. 93
5.72
6.03
6. 66
7.57
7. 45
6.93
8. 00
15.30
17.00
18.71
20. 55
20. 14
22. 28
25.80
28.95
10.77
11. 89
12.85
13.96
12. 74
13. 30
15.45
17. 71
and
other 2
18. 05
20.07
21. 40
22. 05
20.60
20. 99
22.97
25. 07
16
24
38
11
56.43
59.46
63. 02
61.41
26. 30
27.26
29. 23
28. 19
30. 13
32. 19
33. 79
33.22
73.74
74.78
77.36
76.70
4. 24
4.49
4.74
4.50
7.29
6.96
6. 85
6.88
25. 35
25.29
26. 22
26.23
14. 19
15.32
16.40
15.82
144. 25
II_
150. 76
I I I * _ _ _ 156. 13
I V * _ _ _ _ 158. 98
61.57
67.20
68. 66
73. 62
28.72
31.40
32. 11
33. 89
32.86
35.80
36. 54
39. 72
82.68
83.56
86. 47
85.36
4.45
4.81
8.46
7.40
8.98
7. 18
27.92
28.46
29. 26
30. 22
17.07
18. 18
Total i
1971
1972
1973
1974
1975
1976
1977 4
1978 .
81. 21
88. 44
99.74
112. 40
__ 112. 78
120. 49
135. 80
152. 50
1977:1
II
III...
IV
130.
134.
140.
138.
1978: I
Total
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
Trans- Public ComMining porta- utili- munition
cation
ties
4. 80
5.07
2
3
Manufacturing
Public
utilities
28. 00
35.21
47.57
52. 49
48. 24
51. 05
66.73
22. 22
28. 60
38. 13
45. 74
34 50
29. 66
32. 54
22.67
22.73
23. 14
23.27
15.26
15. 15
19.81
16. 54
9.76
3. 79
10. 23
7.99
24.76
24.71
17.41
18. 10
7.98
7. 78
43. 44
42. 90
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late July and August
1978. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
OF
Seasonally adjusted employment increased by 324,000 in October while unemployment decreased by 132,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
10
1971
1970
1972
1974
1973
1975
1976
1977
*16 YEARS OF AGE AND OVER.
SOUiCi: DEPARTMENT OF LABOR
1978
COUNCIL OF ECONOMIC ADVISfRS
[Tlbousands of persons 16 years of age aind over]
Period
1973
1974
1975
1976__
1977___
_
Total
Noninlabor
stitu- Civilian Unem- force
tional employ- ploy- (includpopulament
ment
ing
tion
Armed
Forces)
148, 263 84, 409 4,304 91,040
150, 827 85, 935 5,076 93, 240
153, 449 84, 783 7,830 94, 793
156, 048 87, 485 7,288 96, 917
158, 559 90, 546 6,855 99, 534
Uinad justed
1977: Oct.. 159, 334
Nov__ 159, 522
Dec.. 159, 736
92, 230
92, 473
92, 623
6,221 100, 205
6,346 101, 009
5,880 101, 048
1978: Jan*_.
Feb.Mar__
Apr-_
May.
June__
JulyAug__
Sept..
Oct__
91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
6,897
6,739
6,479
5, 685
5, 457
6,326
6,438
5,931
5,797
5,460
159, 937
160, 128
160, 313
160, 504
160, 713
160, 928
161, 148
161, 348
161, 570
161, 829
101, 228
101, 217
101, 536
101, 902
102, 374
102, 671
102, 734
102, 671
102, 993
103, 184
Nonagricultural
Part-time Total
AgriecoculTotal for
nomic 1
tural
reasons
2,311
4,304
3,452 80, 957
2,709
5,076
3,492 82, 443
3,490
7,830
3, 380 81, 403
3,272
7,288
3,297 84, 188
3,297
6,855
3,244 87, 302
Seas(mally adj usted
Civilian
labor
force
Total
88, 714
91,011
92,613
94, 773
97, 401
84, 409
85, 935
84, 783
87, 485
90, 546
98, 071
98, 877
98, 919
91, 383 . 3, 243
92, 214 3,357
92, 609 3,323
88, 140
88, 857
89, 286
3,263
3,285
3,220
3,354
3,242
3,310
3,275
3,235
3,473
3, 387
3, 360
3,411
3,380
89, 527
89, 761
89, 956
90, 526
90, 877
91, 346
91, 038
91, 221
91, 457
91, 812
2,986
3,193
3, 164
3,327
3,243
3,458
3, 330
3, 294
3,231
3,207
99, 107
99, 093
99, 414
99, 784
100, 261
100, 573
100, 618
100, 549
100, 870
101, 062
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.
Unempl 3yment
Civilian eiuploymeuit
92, 881
93, 003
93, 266
93, 801
94, 112
94, 819
94, 425
94, 581
94, 868
95, 192
15
weeks
and
over
Labor
force
participation
rate
(per___x\ 2
cent) *
812
937
2,483
2,339
1,911
61.4
61.8
61.8
62. 1
62.8
6,688
6,663
6,310
1,848
1,829
1,797
62.9
63. 3
63.3
6,226
6,090
6, 148
5,983
6, 149
5,754
6, 193
5, 968
6,002
5,870
1,688
1,568
1, 463
1,384
1,358
1,231
1, 292
1, 215
1,293
1,370
63. 3
63.2
63.3
63.5
63. 7
63.8
63. 8
63.6
63.7
63, 8
*Beginning 1978,
not strictly comparable with earlier data because o*
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October th« seasonally adjusted unemployment rate declined slightly to 5.8 percent. Unemployment among whites
fell to 5.1 percent while black unemployment increased to 11.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
20
<•-.
;
\
BlACK
AND OTHER
?
'
'-A/'
i
*\
/ •//•
u
TEENAGERS
(16-19)
/•/
i
i
,-y '
4
1
t
1
f
*>V &'-\* *'V\
•V ' V v
Y,
r
WA
WOMEN 1 0 YEARS
^ AND OVER
^_,
/
MEN 20
5 «•
YEARS
AND C VER
^*"Vv
I1J
i i iii1 i iiii
1974
1978
1974
1975
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1976
"^^
1977
1978
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1973__ _ _ _
____
1974
1975
1976
1977
1977: O c t _ _ _
_ _ _ _ _ _
.Nov
Dec
1978: Jan
Feb
Mar _ __
Apr _
_
May __
June
July
Aug_
Sept
Oct
Unemployment rate (percent of civilian labor force in group)
By ssex and 2Lge
13y select ed group s
By race
Total
(all
civilian
workers)
Men
20
years
and
over
4.9
5.6
8. 5
7.7
7. 0
6. 8
6.7
6.4
6.3
6. 1
6. 2
6.0
6. 1
5.7
6.2
5. 9
6.0
5.8
3.2
3.8
6.7
5.9
5.2
5.0
4.7
4. 6
4.7
4.5
4. 5
4.2
4.2
3.9
4. 1
4. 1
4.0
4.0
Women
20
years
and
over
4.8
5. 5
8.0
7. 4
7.0
6.8
6.9
6.6
6. 1
5.7
5.8
5.8
6.3
6. 1
6.5
6. 1
6.0
5. 6
Both
sexes
16-19
years
White
14. 5
16. 0
19.9
19.0
17.7
17.3
17. 2
15. 6
16. 0
17.4
17.3
16.9
16.5
14.2
16.3
15. 6
16.6
16.3
4.3
5.0
7.8
7.0
6.2
6.0
5.9
5.5
5.5
5.3
5.3
5. 2
5. 2
4.9
5. 3
5.2
5.3
5. 1
* Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
ExpeFullBlack rienced
time
wage Household
and
and
other salary
heads workers
workers
4.3
2.9
8. ,9
4.5
3.3
5. 1
5.3
9.9
8. 1
13. 9
8.2
5.8
7.3
13. 1
7.3
5. 1
13. 1
6.5
4.5
6.6
6. 4
13. 7
4.4
6.5
6.2
4.2
13.7
6. 3
5.9
12.7
3.9
6. 0
5.8
3.8
12.7
5.9
5.7
11. 8
5.7
3. 6
12.4
5.7
3.7
5.6
5.4
11.8
3.6
5.5
5.6
3.7
12.3
5. 6
5. 2
5.4
11.9
3.6
5.7
5.7
3.9
12.5
3.7
5.5
5. 5
11.7
3. 7
5. 5
11.2
5.6
5.3
3.5
11. 4
5. 5
Parttime
workers
Source: Department of Labor, Bureau of Labor Statistics.
7.9
8. 6
10.3
10. 1
9.8
9. 6
9.6
8.9
8.9
8.6
9.6
9.6
9.2
8.8
8.8
8.6
8.8
9. 1
Labor
force
time
lost
(per-l
cent)
5.2
6. 1
9. 1
8.3
7.6
7.4
7.3
7.0
6.8
6.6
6. 6
6.3
6.6
6.4
6.8
6. 6
6.5
6. 3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The percentage of unemployed persons who were job losers increased in October, while the percentage who were
job leavers or reentrants to the labor force declined.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
LESS THAN
5 WEEKS
40
40
X
5-14
WEEKS
REENTRANTS
27 WEEKS
20
20
JOB LEAVERS
<
.^•<><
"•«*£.
NEW ENTRANTS
15-26
WEEKS
0 La
1975
1977
1976
* SEASONALLY
1975
1978
1977
1976
1978
ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
Unemi
ployment
(thousands)
1973
1974
1975
1976
1977_-_ _
1977: Oct...
Nov..
Dee___
1978: Jan. _ _
Feb___
Mar_.
Apr
May«_
June
July—
Aug___
Sept*_
Oct*>__
4,304
5,076
7,830
7,288
6,855
6, 688
6,663
6,310
6,226
6,090
6,148
5,983
6, 149
5, 754
6, 193
5, 968
6,002
5,870
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPercerit distrib ution of unemState p rograms Insured
unempioyment by reasoii i
plo yment b y duratkm 1
ployment,
all
Insured
27
New
Less
Job
5-14
15-26 weeks unem- Initial regular
Job
Reenenthan
5
prolosers leavers trants
and
claims
pioytrants weeks weeks weeks
grams 2
ment
over
(unadjusted)
Special
unemployment
benefit
claims *
(unadjusted)
We<skly aver age, thou sands
1
2
38.7
43.4
55.4
49. 8
45. 3
45. 5
44.7
43.4
42. 9
41.6
40.3
41. 2
42.5
40. 6
41.3
42.4
40. 1
43. 5
15.7
14. 9
10. 4
12. 2
13. 0
13. 1
13.3
13. 9
13.6
14.7
13.9
14.5
13.5
14.7
14. 1
14.0
14.2
13.7
30. 7
28.4
23.8
26.0
28. 1
28. 6
28.5
29.8
29. 0
29.4
30.9
28. 9
29. 2
30. 6
30.4
28. 8
32.2
29. 3
14. 9
13. 3
10.4
12. 1
13. 7
12.8
13. 6
13. 0
14.5
14.2
14. 9
15.4
14.8
14. 1
14.2
14.8
13.5
13. 6
51.0
50. 6
37. 0
38. 3
41. 7
41.4
42. 4
41.3
43.2
43.3
45.8
46.8
48. 1
46. 4
49.0
46.8
46.4
45.9
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (TJCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
30. 1
31. 0
31. 3
29. 6
30.5
31. 3
30. 3
30.4
29.8
30. 5
30.5
29. 9
29. 6
32.6
30. 0
33.0
32. 1
30. 9
11. 0
11. 1
16.5
13. 8
13. 1
13. 6
13.9
14.8
13.8
15.0
12.4
12.0
11. 2
11. 1
10.8
10. 5
11.4
12. 9
7.8
7. 3
15.2
18. 3
14.8
13. 7
13.3
13. 5
13.2
11.2
11.3
11.2
11. 1
9.9
10. 2
9.7
10. 1
10. 3
1,632
2,262
3,992
2,968
2,473
2, 624
2,602
2,516
2,461
2,524
2,406
2,210
2,167
2, 194
2,392
2,550
2, 361
2,290
246
363
478
382
375
361
354
346
344
369
326
330
331
348
377
361
330
326
1,793
2,558
4,943
3, 822
3, 112
2,649
2,853
3,226
3,781
3,638
3,212
2, 659
2,369
2,297
2,581
2,394
2, 064
1,999
1, 173
1, 152
572
364
315
259
192
143
102
60
36
21
3 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).
Is}
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 430,000 in October.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE^
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
20
40
18
\
i i i 11 I 11 i 11
.GOODS-PRODUCING.
INDUSTRIES
30
CONSTRUCTION
«..„...•.»•.**"
20
ill
1975
1977
1976
1978
1979
1975
1976
1977
1979
1978
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
CJoods-pr<>ducing industries5
Po-rinrl
JT
eriou.
1973
1974
1975
1976
1977___
1977: Oct___
Nov__
Dec___
1978: Jan___
Feb.Mar__
Apr
May__
June__
July- _
Aug__
Sept v _
Octp__
Total
nonagricultural
employ- Total 2
ment
Construction
76, 790 24, 893
78, 265 24, 794
76, 945 22, 600
79, 382 23, 352
82, 256 24, 288
83, 199 24, 507
83, 549 24, 617
83, 719 24, 626
83, 871 24, 648
84, 188 24, 724
84, 726 24, 927
85, 418 25, 313
85, 618 25, 341
85, 996 25, 473
86, 033 25, 501
86, 149 25, 463
86, 167 25, 455
86, 597 25, 660
4,097
4, 020
3, 525
3,576
3, 833
3, 905
3,928
3,955
3,905
3,901
3, 999
4, 164
4, 175
4,278
4,317
4,298
4,285
4,344
Serviee-pr oducing IndustrieMS
Trans- Whole- Finance
Gover nment
portainsursale
tion
ance, Services
and
Non- Total
State
and
and
retail
durable
Total Durable
Federal and
real
public trade
goods goods
local
utilities
estate
Mainufactui ing
20, 154
20, 077
18, 323
18, 997
19, 647
19, 769
19, 849
19, 984
20, 065
20, 139
20, 230
20, 282
20, 297
20, 316
20, 302
20, 278
20, 279
20, 419
11, 891
11, 925
10, 688
11, 077
11, 573
11, 693
11,746
11, 851
11,917
11, 986
12, 041
12, 076
12, 093
12, 109
12, 138
12, 146
12, 161
12, 297
8,262
8, 152
7,635
7,920
8,074
8,076
8, 103
8, 133
8, 148
8, 153
8, 189
8,206
8,204
8,207
8, 164
8, 132
8, 118
8, 122
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
51, 897 4,656
53. 471 4,725
54, 345 4, 542
56, 030 4,582
57, 968 4, 696
58, 692 4,721
58, 932 4, 736
59, 093 4,749
59, 223 4,758
59, 464 4, 782
59, 799 4,817
60, 105 4,847
60, 277 4,847
60, 523 4,881
60, 532 4,827
60, 686 4, 846
60, 712 4, 855
60, 937 4,907
16, 607 4,046
16, 987 4, 148
17, 060 4, 165
17, 755 4,271
18, 492 4,452
18, 733 4,508
18, 830 4, 535
18, 911 4,547
18, 991 4,563
19, 071 4,591
19, 169 4, 605
19, 252 4,623
19, 335 4,637
19, 412 4,670
19, 469 4, 690
19, 523 4,707
19, 539 4,721
19, 638 4,737
12, 857
13, 441
13, 892
14, 551
15, 249
15, 510
15, 568
15, 618
15, 597
15, 670
15, 773
15, 866
15, 896
15, 963
15, 989
16,074
16, 143
16, 197
2,663
2,724
2,748
2,733
2,727
2,728
2,727
2, 723
2, 736
2,736
2,739
2,745
2,753
2,772
2, 765
2,765
2,752
2,746
11, 068
11,446
11, 937
12, 138
12, 352
12, 492
12, 536
12, 545
12, 578
12, 614
12, 696
12, 772
12, 809
12, 825
12, 792
12, 771
12, 702
12, 712
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY
AND HOURLY
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural l
Period
Manufi icturing
Total
Adjusted hourly
gs index—1<3tal private
nonagric ultural 2
Averag^e gross
hourly earnings
Aver age weekly bours
Overtime
Total
private
nonagricultural l
Manufacturing
Percent ch ange from
a year earlier 4
Index, l( )67=1Q0
Current
dollars
1967
dollars 8
Current
dollars
1967
dollars
37. 7
37. 1
36. 9
37.0
36.9
36.5
36. 1
36. 1
36.0
40. 6
39.8
39.9
40. 5
40.7
40.0
39.5
40. 1
40.3
3.6
3.0
2.9
3.5
3.8
3.3
2. 6
3. 1
3.4
$3.04
3.23
3. 45
3.70
3.94
4. 24
4. 53
4.86
5.24
$3. 19
3.35
3.57
3.82
4.09
4.43
4.83
5.22
5.67
113. 2
120.7
129.2
137.5
146. 0
157.5
170. 7
183. 0
196.8
103. 1
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
6.6
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
1. 2
.7
2.6
3. 0
0
-2.8
—. 7
1.3
1.0
1977: Oct
Nov_ _ __
Dec.
36. 1
36.0
35.9
40. 5
40. 5
40.5
3.5
3.6
3.6
5.36
5.39
5. 41
5.82
5.85
5. 88
201.5
202.4
203.5
109.2
109.3
109.4
7.6
7.4
7.4
1. 0
.6
.6
1978: Jan__ _ _ _
Feb.
_ _
Mar
Apr
May _
June__
July
Aug
Sept*____
Get*
35.5
35.7
36. 0
36. 1
35.9
35.9
35. 9
35.8
35.8
35.8
39.8
40. 1
40.6
40. 8
40.4
40.5
40. 5
40.3
40.4
40. 5
3.5
3.7
3.7
3.8
3. 5
3.6
3.6
3.4
3. 6
5.46
5.49
5. 54
5. 61
5. 62
5. 66
5.71
5. 73
5.77
5. 82
5.93
5. 98
6.01
6.05
6. 08
6. 12
6. 18
6.20
6. 25
6. 33
206.0
206.6
208. 3
210. 3
211.0
212. 3
214. 1
214.6
216.0
217. 7
109.9
109.5
109.5
109. 6
109. 0
108.7
109. 0
108. 7
108. 7
108. 6
7.8
7.6
7.9
8.2
8.0
8.1
8.2
8.2
8.2
8. 1
1. 0
1. 1
1.2
1.4
.9
.6
.6
.4
.1
-. 6
1969
1970
1971
1972 _ _
1973
1974
1975
1976_
__
1977 _ _ .
__„
___
a6
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICUI/TOR&L INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu Itural i
Period
Current
dollars
1969
1970
1971_
1972
1973
1974___
1975
1976
1977
1
2
_
$181. 54
195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 36
295. 29
$91. 39
96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 19
6.4
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.5
_ _ _
_ _ _ __.
193. 50
194. 04
194. 22
104. 93
104. 77
104. 42
235. 71
236. 93
238. 14
297. 30
298. 48
298. 29
145. 62
145. 31
146. 30
8.3
7.6
7.4
1.7
.8
.5
193. 83
195. 99
199. 44
202. 52
201. 76
203. 19
204. 99
205. 13
206. 57
208. 36
103. 38
103. 86
104. 86
105. 59
104. 21
104. 04
104. 43
103. 92
103. 91
103. 97
236. 01
239. 80
244. 01
246. 84
245. 63
247. 86
250. 29
249. 86
252. 50
256. 37
284. 69
297. 26
312. 54
315. 93
314. 39
322. 65
323. 02
323. 51
323. 75
323. 98
147.
147.
150.
151.
151.
151.
153.
154.
155.
156.
7.3
6.1
7,8
8.3
7.5
7.9
8. 1
8.5
8.0
8. 1
.5
2
1.3
1.7
.4
.5
.3
.6
-. 2
-. 6
_ _
_
_
_ __
_ „
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.
Kevised index for urban wage earners and clerical workers used beginning 1978.
1967
dollars
$129. 51
133. 33
142. 44
154. 71
166. 46
177. 20
190.79
209. 32
228. 50
_
1978: Jan
Feb_
Mar
Apr_
MayJune
July
Aug
Sept*__
Oct ^
Current
dollars
Current dollars5
$104. 38
103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
103. 93
_
_
1967
dollars 3
Construction
Percent chimge from a
year e arlier,
total pri''/ate nonagricuItural 5
$114. 61
119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
188. 64
__„
1977: Oct
Nov
Dec.
Manufacturing
Wholesale
and retail
trade
48
15
15
80
34
86
64
16
14
13
1.0
-1.3
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.0
* Monthly changes based on indexes to two
places.
s Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
HOUKj of 2all
persons
Out put'
Output per hour
of all i>ersons
Unit labor
COsts
Compc?nsation
per lour 3
Implicit price
defla tor 4
PriNonPriNonPriNonNonNonPrivate
Private
Private Nonfarm
vate
vate
farm
vate
farm
farm
farm
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector sector sector
sector
sector sector
sector
sector
Period
1967== 100; quairterly dat a season ally adjus ted
98.0
100.0
105. 1
108.3
98. 1
100.0
105.4
108. 6
100.3
100.0
101.7
104.5
100. 0
100.0
102. 1
105.3
97. 8
100.0
103.3
103.7
98. 1
100.0
103. 2
103. 1
94. 7
100. 0
107. 6
115. 1
94.5
100.0
107. 3
114.3
96.8
100. 0
104. 1
111. 0
96.4
100. 0
1040
110.9
97. 2
100.0
103. 9
108. 8
96.8
100.0
1040
108.6
107. 3
110.3
117.6
124.5
121.5
107. 4
110.2
117.8
125.0
121. 9
102. 8
102.3
106.0
110. 3
110.4
104.0
103.7
107.6
112.4
112.4
104. 4
107.8
110. 9
112.8
110. 1
103.2
106.3
109. 5
111.1
108.4
123.3
131. 5
138. 9
150.0
164. 8
121.9
129. 9
137.4
147.8
162.6
118. 1
121. 9
125.2
132.9
149.7
118. 1
122.2
125.5
133.0
150. 0
113.9
118.9
123. 1
130.2
143. 0
1140
119. 1
122.8
127.9
141.3
1975
1976
1977
118.8
126.5
133.2
118.8
127.0
133.6
105.7
108.7
112.6
107.5
111.0
115.4
112.4
116.4
118.2
110.5
114.4
115.8
181. 2
197.0
213.0
178. 7
193.7
209.3
161. 2
169.3
180.2
161. 7
169.4
180.8
157.4
165.4
1749
156.3
164.8
1746
1976: III
IV_____
127. 1
127.6
127. 7
128. 1
108.5
108.9
110.9
111.5
117. 1
117.2
115.1
114.9
199.3
203.6
195.8
199.8
170.1
173.8
170.1
173.9
166.3
168.5
165.7
168.2
1977: I
II
III
IV
130. 5
132.5
134.2
135.5
131. 0
133.0
134.6
135.8
110.7
112. 9
112. 9
113.9
113.3
115. 5
115.8
116. 7
117. 9
117.4
118.9
119. 0
115.6
115.2
116.2
116.4
207. 5
210.5
215.3
218.8
203.9
207. 1
211.2
215. 1
176.0
179.3
181. 1
183.9
176.4
179.8
181. 7
1848
170.6
1740
176.3
178.4
170.0
173. 6
176.4
178. 1
1978: I _
II
III».__
135.3
138. 7
139.7
136. 1
139. 8
140. 5
115. 0
117.6
117.4
117.8
120.6
120. 5
117.6
118. 0
119.0
115.5
116.0
116. 6
225. 2
229. 6
235.3
221.4
225. 8
231.0
191.4
194. 6
197.8
191.7
194.7
198. 1
181. 3
186. 6
190.0
180.6
185. 3
189. 1
1966___
1967___
1968 __
1969
1970___
1971___
1972___
1973___
1974___
_
_
_ _
_ _
_
Perce at change ; quarterlyy data at seasonal] y adjusteri annual rates
3.2
2.3
3.3
.3
2.5
1. 9
3.2
-.2
7.0
5.6
7.6
7.0
6.0
5.8
7.3
6.5
3.7
3.3
41
6.6
3.4
3.8
40
6.7
3,2
2.9
3.9
47
2.9
3.3
40
45
-.3
3.7
4.5
.7
.7
3.2
2.9
1.7
-3.0
.2
2.9
3. 1
1.5
-3.1
7.2
6.6
5.7
8.0
9.1
6.7
6.6
5.8
7.5
9.1
6.4
3.2
2.7
6. 1
12.5
6.5
3.5
2.7
6.0
12. 6
47
44
3. 6
5.8
9.8
49
45
3. 1
41
10. 5
-4.3
2.9
3.7
-4.3
3.3
3.9
2.1
3.5
1.6
1.9
3.5
1.3
9.9
8.7
8.1
9.9
8.4
8.1
7.7
5.0
6.4
7.8
47
6.7
10. 1
5. 1
5.7
10.6
5.4
5.9
2.5
1.2
-.8
1.6
-. 2
2. 1
3.6
.1
2.7
o
9.6
8.9
9.0
8.5
5.8
8.8
6.2
9.5
44
5.4
5.8
6. 1
9.3
6.5
5.0
4.0
9.4
6.2
5.0
3.5
6.6
8.3
-. 1
3.7
6.8
7.7
1.3
3.0
2.5
-1.7
5. 1
.4
2.4
-1.4
3.7
.5
7.9
5.8
9.5
6.7
8. 3
6. 5
8. 1
7.6
5. 3
7.6
4. 2
6.3
5.8
8. 0
42
7. 1
5.2
8. 2
5.2
49
44
8. 7
6.5
40
-.6
10.5
2.9
.7
11.6
2.0
4.0
9.2
.o
3.9
9.8
-.3
4.5
1.2
3.4
-3. 1
1.7
2.3
12. 1
8. 1
10.4
12.2
8.2
9.5
17.4
6.8
6.7
15.7
6.4
7. 1
6. 7
12. 1
7.7
5.8
10.8
8.5
1
5. 5
2.0
5. 1
3.0
6.0
1. 9
5.4
3.0
2.3
-.3
1.7
2.7
-.9
2.8
6.6
5. 9
-2.4
-1. 1
2.6
6.9
6. 0
-2.5
-1.6
—.4
3.6
4. 1
.7
— 1.2
-2.3
6.5
5.3
-2.5
6.9
5.2
1976: III
IV
2.8
1.6
1977:1
II
III
IV
1966—
1967___
1968
1969___
_ _
_
1970—
1971—
1972—
1973_
1974
1975
1976
1977
_
_ _
_
_
1978:1
II_ ___
III*___
1
2
3.3
— .0
2. 1
3.2
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Percent changes are from preceding period and are based on origina
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data revised for 1974-1976; revised data for earlier periods not yet available.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in October, the same as in September. The index for October was 6.8 percent
above a year earlier.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
120
MINING
i i i i l i in
100
MANUFACTURING
1974
PRODUCTION
1975
1976
I
1977
1978
PERCENT (RATIO SCALE)
100
MANUFACTURING
CAPACITY UTILIZATION RATE
90
80
120
70
100
1974
1975
1977
1976
1978
1974
1975
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ stion
Percent
Period
Index,
1967= change
from
100
year
earlier
1967 proportion. __ 100. 00
9.2
1972_
119.7
8.4
1973.
129.8
1974_
-. 4
129.3
1975
-8. 9
117.8
10.2
1976
129.8
5. 6
1977137. 1
1977: Oct
Nov
Dec
1978: Jan __ _.
Feb
Mar — _ _
Apr—
May.
June_
July
Aug_v
Sept - Oct 9
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind<sxes, 1967 = 100
M anufacturi ng
Total
Durable
Nondurable
Mining
Utilities
87.95
118. 9
129.8
129.4
116.3
129. 5
137. 1
51. 98
113. 7
127. 1
125. 7
109. 3
121. 7
129.5
35.97
126. 5
133.8
134. 6
126.4
140.9
148. 1
6.36
113. 1
114. 7
112. 8
114. 2
117. 8
5.69
139.4
145.4
143. 7
146.0
151. 0
156.5
83. 1
87. 5
84.2
73.6
80.2
82.4
88.0
92.4
87.7
73.6
80.4
81. 9
83
86
83
77
81
83
91.8
97. 1
92. 9
80.4
87. 5
90. 1
82
91.0
84
90. 1
84
92.5
115r3
138. 9
139.3
139.7
6.7
5.9
5.0
139.4
139.9
140.5
132.4
132.7
133. 4
149.6
150. 1
150.9
119.6
118.8
113. 4
154.0
154.2
156.7
82.9
82.9
83. 0
82.4
82.3
81.9
138. 8
139. 2
140. 9
143.2
143. 9
144. 9
146. 1
147. 0
147.7
148.4
4.9
4.5
138. 7
139.4
141. 4
143.5
144. 3
145.5
146.7
147. 6
148.3
149. 1
131. 1
131. 5
134.4
136.9
137.6
139.0
141. 1
142. 1
142. 7
143.9
149.8
150. 6
151. 4
153. 2
154. 0
154.9
155. 0
155. 6
156. 4
156. 6
115.0
114.4
119. 3
127. 2
126. 7
128. 0
127. 1
126. 2
124. 6
127. 9
162.3
163. 5
159.5
156.0
157.0
158. 6
159.9
160.6
161.4
161.7
81.7
81.9
82.7
83.7
83. 9
84.3
84.7
85.0
85. 1
85.3
81.9
81.3
81.9
84.0
84. 5
85. 1
85.7
86.0
86.3
86.4
4. 1
5.2
5. 0
5.2
5. 3
6.4
6.6
6,8
1
Output as percent of capacity.
• Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
3
Manufa cturing aipacityl ut ilization
rate, pisrcent
Federal Reserve
seiles
WharComTotal
merce2
ton
Mate- series
manuseries 3
facturrials
ing
93. 7
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final Ideducts
Equipunent
Coiisumer go ods
Period
Total
NonDurable durable
goods
goods
Total
Intermtediate
prod ucts
Total
Business
Total
Construction
supplies
Materials
Supplementary
group:
Energy
total
47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
134.9
27. 68
109. 0
114.7
124.4
131. 5
128.9
124. 0
136.2
143.4
7.89
106. 1
118.8
133. 8
146.2
135.3
121.4
141.4
153. 1
19. 79
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
134. 1
139.6
20.14
100. 1
94. 7
103.8
114.5
120.0
110.2
114.6
123. 2
12. 63
107.0
104. 1
118.0
134. 2
142.4
128.2
136.3
149.2
12.89
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145.1
6.42
111.0
116.8
128.4
139.8
134. 5
116. 3
132.6
140.8
89. 29
109.2
111. 3
122.3
133.9
132.4
115.5
130. 6
136.9
12.23
117.0
119.5
125. 2
128.3
125.5
125.5
128.8
132.5
1977: Oct
Nov
Dec._
136.5
137.0
137.6
144.9
145. 2
145.8
156.8
155.2
155.8
140. 1
141.2
141.8
125.0
125.8
126.2
152.6
153.5
154.0
147.8
148.4
150.4
144.9
146. 5
148.3
138.9
139.0
138. 8
133.0
132.3
129.7
1978: Jan
Feb
Mar
Apr _ _
May_,
June
July
Aug__
Sept *
Oct v _
134.9
136.4
138.9
140.5
140.5
141.1
142.2
143. 2
143.7
144. 8
141.8
143.8
145.9
147.5
147.0
147.0
147.7
148.4
148. 8
150.2
146.5
151.2
157.5
161. 8
160.2
160.6
160.9
161. 1
160.3
163.7
139. 9
140.8
141.3
141.8
141. 7
141. 6
142.4
143.2
144.3
144. 7
125.4
126. 2
129. 1
130.8
131. 6
133. 0
134.7
136. 0
136.7
137.5
152.6
154.2
157.4
159.3
160.2
161.8
163.8
165.4
166. 1
166.8
151.6
151.4
151.4
152. 1
152.6
154.7
155.6
155.9
156.5
156.8
149.2
148.6
147.9
148. 5
150.4
152.1
153.5
154.2
155.3
155.4
139.2
138.6
139.9
143.7
145.1
146.4
147.9
148.7
149.6
150.2
132.5
130.0
129.8
133. 1
134.2
135.9
136.4
136.5
136.4
137.9
1967 proportion .
1970____
1971
1972____
_ _ _
1973
1974_ _ _ _ _ _
1975 _ _
1976 .
1977
_
_
_
_ _
_
_
[1967 = 100, seasonally adjusted]
D urable m anufactu res
Primarif metals
Total
Non-
steel
Fabricated
metal
products
trical
machin—
ery
Electrical
machinery
Period
Iron
Nonelurable nnanufaet ures
Transp ortation
equipunent
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Foods
1967 proportion _ _
1970___
1971
1972
1973
_
1974
____
1975
1976
1977
6.57
106.6
100. 2
112. 1
126.7
123. 1
96.4
108. 9
110.2
4.21
104. 7
96. 1
107. 1
122. 3
119.8
95. 8
104.9
103.4
5.93
102.4
103.5
112. 1
124.7
124. 2
109.9
123.3
130.9
9. 15
104. 4
100. 2
116. 0
133. 7
140. 1
125. 1
135.0
144.8
8.05
108. 1
107. 7
122.2
143. 1
143.8
116.5
131. 6
141. 9
9.27
89.5
97. 9
108.2
118.3
108. 7
97.4
110. 6
121. 1
4.50
92.3
118.6
135.8
148.8
128.2
111. 1
140. 7
159.7
1.64
105.6
113.8
120.8
126. 0
116.2
107.6
125. 1
133.4
3.31
101.4
104.7
109.4
117.3
114. 3
107.6
122. 2
1242
4- 72
107.0
107. 1
112. 7
118.2
118.2
113.3
120. 6
124.7
7.74
120.4
125.9
143.6
154.5
159.4
147. 2
169.3
180.7
8.75
108. 9
112.8
116.8
120. 9
124.0
123.4
132.3
137.9
1977: Get— _
Nov
Dec —
113.5
111.2
111.0
107. 7
104.3
103.8
133.8
135.8
136. 4
148. 9
149.7
151.7
144.2
146.0
147.3
124.3
122. 0
122.2
168.4
163.0
161. 8
135.7
137.5
138. 1
129.0
125. 1
125.8
125.7
126.2
127.5
182.3
183. 1
183.0
137.3
139.4
140.4
107.4
106.2
106.1
114.3
115.5
117.5
123.0
124. 9
125.9
126.5
99.5
96.3
96.4
109.0
110.5
114.5
119.0
120.2
121.8
136.9
136.9
138. 1
139.5
140.4
142.3
144.0
145.5
145.8
146. 1
150. 1
150. 1
151. 5
152.2
152. 9
154.6
156. 1
157. 3
158. 2
159.2
144.0
146.4
149. 5
152. 3
152.9
154.1
157.9
156.8
157. 7
157.9
116. 2
118.4
126. 5
130.5
130. 1
130.4
132.1
133.4
133.6
137.6
146.6
153. 1
165. 1
171.7
168.3
167. 7
169.7
171.0
168.7
176. 1
138. 5
135.5
136. 5
136.9
136. 5
138.7
138.1
136.9
138.7
118.6
121. 1
122. 8
126. 1
125. 8
126.8
124.5
127. 6
129.9
128.3
129. 1
128.6
128. 2
128.7
130.3
129. 8
130.3
130.3
184.4
183.7
185.2
185. 5
188. 1
191. 1
192. 3
192. 1
192.4
139.3
140.8
141. 1
143. 1
142. 8
141. 8
142. 9
143.8
144.0
__
1978: Jan_ _
Feb__
Mar __ _ _
Apr
May
June
July
Aug__
Sept *_
Oct "
_
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
Construction contracts2
Private
Total new
construction
expenditures
Period
Resic ^eritial
Total
Total !
Commercial and
industrial
New
housing
Federal,
State,
Other
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
and
local
Bil lions of doll ars
1971____
1972____
1973
1974
1975
1976
1977
110.0
124. 1
137.9
138.5
134.5
148.8
172.6
_
_ _
80. 1
93.9
105.4
100.2
93.7
110.5
134.7
43.3
54.3
59. 7
50.4
46.5
60. 5
81.0
17.0
18. 1
21.7
23.8
20.8
19. 9
22.5
35. 1
44.9
50. 1
40.6
34.4
47.3
65.7
„ 19.8
21.5
24.0
25.9
26.4
30. 0
31.3
29.9
30.2
32.5
38.3
40.9
38. 3
37.8
145.4
165.3
179.5
169.7
167.9
199.4
252. 2
Seasonally
adjusted
Seasonal!' y adjusted at inual rates
1977: Sept
Oct
Nov_
Dec.__ ..
1978: Jan
.-._
Feb
Mar
Apr
May
June _ _
July
Aug v __
Sept *>___
Oct* _ __
177.8
176.7
178. 1
179. 0
171.4
177.6
185.4
195.3
201.6
205.8
208.3
206.5
207.0
138. 3
139.2
140.6
142. 3
134.9
141.9
147.7
153.7
156.5
160.6
159.9
158.1
159.3
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
31.2
30.9
31. 1
32. 1
33.2
33.8
34. 1
34.9
34. 6
35. 1
35.3
34. 7
34.9
24. 2
24. 1
24.3
22.8
22.4
22.8
25.4
26.4
27.3
30.6
30.6
30.9
31. 9
67.6
69.3
70.7
72.8
65.0
70.9
72.5
74. 4
75. 1
76. 6
77.7
77.2
76.7
83.0
84. 2
85.2
87.4
79.4
85.3
88. 1
92.4
94.5
94.9
94. 0
92.6
92.4
39.4
37.4
37.4
36.8
36.4
35.7
37.7
41.5
45. 1
45. 2
48.4
48.4
47.8
279
244
258
299
283
266
254
279
332
249
286
289
300
319
I
727
854
1,010
840
555
592
738
Seasonally
adjusted
annual
rates
813
757
847
864
996
814
863
921
1,061
999
898
951
1,037
1,015
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data. Data revised beginning January 1978.
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
IS i ew private housing unilbs.
Units started, by type of striicture
Period
Total
1970
1971____ _
1972 _ _ _
1973
1974
1975
1976_____
1977_ _. __
_
__
__
1 unit
1, 433. 6
812.9
2, 052. 2
1, 151. 0
2, 356. 6
1, 309. 2
2, 045. 3
1, 132. 0
1, 337. 7
888. 1
1, 160. 4 * 892. 2
1, 162. 4
1,537.5
1, 987. 1
1, 450. 9
2-4
units
84.8
120. 3
141.3
118.3
68. 1
64. 0
85.9
121.7
5 or more
units
535.9
780. 9
906.2
795. 0
381. 6
204.3
289. 2
414.4
Units
authorized
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
Units
completed
1
1
2
2
1
1
1
1
Homes
sold
Homes for
sale at
end of1
period
418. 4
706. 1
003. 9
100. 5
728.5
317. 2
377.2
657. 1
485
656
718
634
519
549
646
819
220
287
409
418
346
313
354
403
1,665
1,769
1,641
1, 759
1,696
1,821
1,943
1, 854
1,890
1,943
1, 970
1,929
870
819
857
813
774
793
827
846
831
794
779
775
398
401
403
405
404
404
410
412
418
418
420
422
Vacancy
rate for
rental
housing
units
(percent)2
5.3
5.4
5.6
5.8
6.2
6.0
5.6
5.2
Seasonally adjusted arinual rates
1977: Oct
Nov
Dec
1978: Jan... ...
Feb
Mar
Apr.
May
June.
July *___ _
Aug*
Sept » . _ _ .
Oct 9
2, 139
2,096
2,203
1,548
1,569
2,047
2,165
2,054
2, 124
2, 119
2, 025
2,081
2,080
1,532
1, 544
1,574
1, 156
1,103
1,429
1,492
1,478
1,441
1,453
1,440
1,462
1,447
1
Seasonally adjusted.
~ Quarterly data entered in last month of quarter.
127
134
153
101
79
126
142
89
148
135
139
112
145
480
418
476
291
387
492
531
487
535
531
446
507
488
1,781
1, 822
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,632
1, 563
1, 731
1,681
5. 1
5.0
5. 1
5.0
Source: Department of Commerce, Bureau of the Census.
19
AND INVENTORIES—TOTAL AMD TRADE
Business sales were about unchanged in September while inventories rose $2 billion. According to the advance
survey, retail sales fell 1A percent in October after increasing 1/s percent in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
RETAIL INVENTORIES
350
TOTAL BUSINESS
INVENTORIES
\
80
300
70
60
250
RETAIL SALES
50
200
TOTAL BUSINESS
SALES
40
150
RATIO*
1.80
INVENTORY-SALES RATIO
1.70 -
100
1.20
1975
1974
1977
1976
1978
1974
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Re tail
Who esale
Sales
Sales 2
1978
COUNCIL OF ECONOMIC ADVISERS
Total b usiness l
Period
I
Inventories 3
Inven-3
Sales 2 tories
TYifpil
2
In ventorie 3
NonDurable durable
goods goods
stores stores
Tntil
DurNonable durable
goods goods
stores stores
Invento ry-4sales
rat io
Total
business 2
Retail
Milb ons of d Dllars, se asonally adjusted
1971.....
1972___ „
1973
1974
1975
1976
1977
_
1977: Oct
Nov
Dec
116, 351
130, 049
151, 647
175, 200
179, 621
200, 760
223, 793
•_
1978: Jan
Feb~_
Mar .
Apr__
May
June _
July.
Aug p
Sept
Oct*
J
.._
188,
203,
233,
285,
283,
309,
334,
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
35, 823
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
34, 169
37, 422
41,871
44, 543
48, 370
53, 542
59, 029
20
23,
25,
27,
30,
33,
35,
39,
342
054
781
723
463
998
127
1. 58
1. 50
1.44
1.47
1.58
1.48
1.44
1. 39
1.40
1.41
1.48
1.43
1. 39
1.40
228, 450 330, 832 53, 639 66, 209 60, 720 20, 837 39, 883 85, 322 39, 589 45, 733
231, 550 333, 186 55, 558 67, 047 61, 650 20, 795 40, 855 86, 299 40, 087 46, 212
_ 237, 017 334, 785 57, 266 67, 998 61, 813 20, 674 41, 139 87, 073 40, 534 46, 539
1.45
1.44
1. 41
1.41
1. 40
1.41
1.47
1. 43
1.43
1.40
1. 41
1,41
1.43
1.40
1. 41
1. 46
1.42
1.42
1.41
1.42
1.42
1.44
1. 42
1. 41
230, 294
238, 165
242, 627
_ _ 250, 606
251, 869
1 252, 639
250, 853
258, 306
258, 414
337, 676
340, 396
345, 839
350, 545
354, 226
356, 920
359, 301
362, 815
365, 014
55, 985
57, 635
58, 877
62, 152
64, Oil
63, 235
63, 404
64, 573
64, 257
68, 991
70, 361
72, 882
74, 867
75, 474
75, 820
75, 664
76, 253
77, 354
59, 987
61, 548
62, 649
63, 917
64, 292
64, 565
64, 343
65, 862
66, 238
65,910
The term "business" also includes manufacturing (see page 21).
- Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to
for month.
3
10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
508
088
749
064
614
238
785
19, 914
20, 445
20, 897
21, 807
21, 821
22, 092
21, 844
22, 908
22, 684
22, 668
40, 073
41, 103
41, 752
42, 110
42, 471
42, 473
42, 499
42, 954
43, 554
43, 242
50, 063
55, 079
62, 950
70, 716
70, 623
78, 045
87, 073
87, 708
87, 642
89, 097
89, 963
91, 063
91, 543
92, 470
93, 680
93, 597
21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40^34
41, 060
41, 369
41, 521
41, 881
42, 300
42, 036
42, 359
42, 640
42, 565
46, 648
46, 273
47, 576
48, 082
48, 763
49, 507
50, 111
51, 040
51, 032
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' orders and inventories rose in September while shipments were unchansed. According to advance
data, durable goods new orders and shipments rose in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
240
200
TOTAL
160
120
100
40
-DURABLE GOODS
80
60
"•««
BILLIONS OF DOLLARS* (RATIO SCALE)
140
NONDURABLE GOODS
40
NEW ORDERS
120
100
80
RATIO*
2.20
60
DURABLEGOODS
INVENTO RY-SHIPMEhJTS RATIO
o f)r\
>**"- -
u« *« "
•~v
1.80
40
NONDURABLE GOODS
^^%M1
1.60
^P—
1.40
I-
170
1975
1974
1976
1977
_^___^_
*v—^
I IIII IIIIii
1978
TOTAL
w 1\ _ ^ ^""" ™^
^
1974
II i
I 1 1 II M i l l INN i I I 1 1 1 1 1 1 1
1975
Total
i
NonDurable durable
goods
goods
29, 973
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
1977: Oct____ 114, 091
N o v _ _ 114, 342
Dec___ 117, 938
60, 316
60, 228
62, 130
53, 775 179, 301 114,448
54, 114 179, 840 115,212
55, 808 179, 714 115,424
1978: Jan___ 114,322 59, 973 54, 349
Feb___ 118, 982 63, 077 55, 905
Mar___ 1213 101 64, 457 56, 644
124, 537 66, 493 58, 044
Apr
May__ 123, 566 65, 417 58, 149
June__ 124, 839 66, 293 58, 546
July___ 123, 106 65, 222 57, 884
A u g _ _ _ 127, 871 68, 684 59, 187
Sept *_ 127, 919 68, 916 59, 003
Oct "__
70, 475
1
2
3
180, 977
182, 393
183, 860
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
116,278
117, 511
118,725
119,848
121, 471
122, 688
123, 830
125, 206
126, 176
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
ManLifacturen ^ new ore ers
Durab le goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millio ns of doll ars, seasorrally adju sted
7,535
102, 622 66, 271 36, 351 56, 016 30, 030
8,832
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115,424 64, 290 112,842 59, 795 15, 201
55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
1971
1972
1973
1974
1975
1976
1977
11 11 11
1978
COUNCIL OF E CONOMIC ADVISERS
Manufac Jturers' sh ipments l Manufacl hirers' inv entories 2
Period
II I 1
1977
1976
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
.
l
ManufacNonturers'
durable unfilled3
goods orders
Manufacturers'
inventory —
shipments
ratio *
657
709
194
678
686
553
659
1.83
1.67
1. 58
1.65
1. 83
1. 66
1.58
64, 853 117,331 63, 556
64, 628 117, 024 62, 821
64, 290 122, 128 66, 165
16, 097 53, 775 186, 787
16, 090 54, 203 189, 469
16, 988 55, 963 193, 659
1. 57
1. 57
1.52
64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
16, 511
17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
19, 344
20, 149
22, 178
1. 58
1. 53
1. 52
1.49
1.52
1.52
1. 55
1.51
1. 52
117,899
122, 544
125, 801
128, 175
128, 450
127, 580
123, 279
130, 952
131, 840
63, 335
66, 681
69, 016
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
77, 238
25, 986
29, 104
33, 329
40, 417
43, 125
48, 137
53, 047
54, 564
55, 863
56, 785
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
107,
121,
161,
189,
170,
174,
193,
197, 235
200, 798
205, 500
209, 133
214, 010
216, 754
216, 922
219, 999
223, 921
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In October, the producer price index for all finished goods rose 0.9 percent, seasonally adjusted. Prices of finished
consumer foods increased 1.7 percent and prices of other finished consumer goods rose 0.6 percent. Prices of capital
equipment increased 0.6 percent.
^
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
140
140
120
120
100
100
1971
1979
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 == 100;m onthly data se<asonally adjustc jdl
Finisheci goods
In termed] ate
Crud e mateiials
inaterialIs
Total
Total Conconfin- sumer
Foodsumer
|
Cons5umer g oods
ished foods
stuffs
Capi- finFoods
goods
Total
Nonished Total and 2 Other Total and Other
tal
T^ltit*
LJMTfeedTotal aVjlp dur- equip- goods
feeds
stuffs
able ment '
Finished goods G xcludin g
consumer f c>ods
Period
1970
110. 3 113.5 109. 1 107.7 106.9
1971
113.7 115.3 113. 1 111.4 110.8
1972___
_ _ 117.2 121.7 115.4 113.4 113.2
1973
127. 9 146.4 120. 2 118.5 115. 4
1974
147.5 166.9 139.4 138.6 125.9
1975
163.4 181.0 156.2 153. 1 138.2
1976
170.3 180. 2 165 5 161.8 144. 4
1977
_
180.6 189. 1 176. 2 172. 1 152.2
1977: Oct
183.2 189. 5 179. 5 174.8 154.9
Nov
184.5 191.9 180.3 175.4 155. 5
Dec
185.3 192.6 181.2 176. 1 156. 1
1978: Jan
186.6 194.8 182.2 177. 1 157, 4
Feb
188.6 200. 7. 183. 0 177.6 157.7
Mar
189.6 202. 1 183.9 178.4 158.7
Apr
192. 0 205.8 185.8 180.8 163. 2
May.
193.4 206.7 187.3 182. 3 165. 5
June. _
194.8 209. 1 188.4 183.2 165.8
July.
195.7 208.4 189.8 184.8 168 4
Aug
195. 5 205.2 190.6 185.6 169. 6
Sept_.._ _
197.2 208.6 191.7 186.6 170.3
Oct
198. 9 212. 1 192.9 187. 8 170.3
1
Formerly called producer finished goods.
fin
108. 3
111.7
113.6
120. 5
146.8
163.0
173. 3
185.4
188. 1
188.8
189.5
190. 3
190.9
191.5
192.4
193. 3
194.6
195.4
195. 9
197. 1
199. 2
112. 0
116.6
119.5
123.5
141. 0
162.5
173.2
184.5
188.9
189. 9
191.3
192.3
193. 5
194.6
195. 7
197. 3
198.7
199.9
200.6
201.8
203.0
109.9
112. 9
116.6
129.2
149.3
163. 6
169.0
178.9
180.8
182. 1
182.7
184. 2
186. 4
187. 5
190.4
191. 6
193. 1
193. 9
193.4
195. 1
197. 1
109.9
114. 1
118.7
131.6
162.9
180. 0
189.3
201. 7
204.3
205. 2
206.0
207. 9
209.7
211. 3
212. 4
213.7
214.6
215.4
216.4
217. 9
220. 6
109. 1
111.7
118.5
168.4
200.2
195. 3
186.6
191.0
172. 8
185.4
183.3
187.2
191.0
201. 1
201.2
206. 4
200. 8
204. 1
197. 1
201. 5
207. 1
109.9
114.3
118. 9
128. 1
159.5
178. 6
189.5
202. 4
206. 1
206. 4
207.4
209.2
210.9
212.0
213. 1
214. 2
215. 4
216.0
217. 5
218.9
221.4
112. 3
115. 1
127.6
174.0
196. 1
196.9
205. 1
214.3
207.4
214.4
217.2
221.6
228.7
231.7
238.5
238.9
243. 1
241. 7
238.6
242.3
249. 6
112.0
114.2
127.5
180. 0
189.4
191.8
190. 1
190.9
182.2
189.9
191. 1
196.4
205.6
208.0
217.0
217. 1
221. 3
215.7
211.9
215.9
223. 7
112.7
117.0
128.0
162.5
208.9
206.9
233.6
258.4
254.9
260.9
266. 3
269.4
272. 1
276. 5
278.8
279.8
284. 2
291.0
289. 6
292. 5
298. 6
2 Intermedi ate materials for f ood maniifacturing and maidufacturec 1 animal
fee<Is.
NOTE.—Data revised for June 1978.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In October, the consumer price index for all urban consumers rose 0.8 percent (also 0.8 percent seasonally adjusted).
Food prices increased 0.6 percent (0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.7 percent
(also 0.7 percent seasonally adjusted) qnd services prices were up 0.9 percent (0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
220
200
100
SEE NOTE ON TABLE
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
!
Period
1970_
1971_
1972
1973
1974
1975
1976
1977
All
items
Food
Commodities
less
food
116.3
121. 3
125.3
133. 1
147. 7
161.2
170.5
181.5
114.9
118.4
123.5
141.4
161.7
175.4
180.8
192.2
112.5
116.8
119.4
123.5
136. 6
149. 1
156.6
165. 1
Services
121. 6
128.4
133.3
139. 1
152. 1
166. 6
180.4
194.3
All
commodi! ties
113.5
117.4
120.9
129.9
145.5
158.4
165.2
174.7
Comnlodities less food
Food
Services
All
Food
at
home
Food
away
irom
home
All
Dura Die
Nondurable
114.9
118.4
123.5
141. 4
161.7
175.4
180.8
192.2
113.7
116.4
121. 6
141.4
162.4
175.8
179.5
190.2
119.9
126.1
131. 1
141.4
159.4
174.3
186. 1
200.3
112.5
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
111.8
116. 5
118. 9
121.9
130. 6
145.5
154.3
163.2
113. 1
117.0
119. 8
124.8
140.9
151. 7
158.3
166.5
121. 6
128. 4
133.3
139. 1
152. 1
166.6
180.4
194. 3
Seasonal y adjust ed
Unad justed
184.5
1977: Oct
N o v _ _ _ 185.4
186. 1
Dec
194.4
195.6
196.3
167.4
168. 1
168.4
198.5
199.5
200. 5
176.7
177.5
178.3
195.0
196.0
196.7
192.5
193.5
194.2
204.5
205. 1
206. 1
166.8
167.6
168.4
164.4
165. 1
166.0
168.6
169.4
169.9
198.7
199.5
200.3
187.2
188.4
189.8
191.5
193.3
195. 3
196i7
197.8
199. 3
200.9
199.2
202.0
204.2
207.5
210.3
213. 8
215.0
215.4
215.6
216. 8
168. 6
168.8
170.0
171. 3
173.0
174.4
175.4
176.3
177.8
179. 1
202. 0
203.5
204 9
206.5
208. 0
209.9
211. 7
213.4
215.6
217.6
179.9
180.8
182.3
184. 0
185. 6
187.2
187.9
188.7
190. 1
191.5
199.2
201.6
204.3
208. 1
211.2
214. 0
213.9
214.5
215.6
217.3
197.0
199.5
202. 5
207. 3
211. 1
214. 0
213.2
213.3
214. 1
216.0
208.4
210. 5
212.5
214.0
215. 8
218.2
219.9
221.7
223.2
224.6
169.5
169.9
170.9
171.8
172. 8
173.9
174.9
175.7
177.2
178.5
167.6
168.7
169.5
170.4
171.8
173. 2
174.4
175.2
176. 7
178. 1
170.6
170. 1
171.2
172. 1
172.8
173. 5
174.4
175.2
176. 6
177.4
201.5
203.0
204. 7
206.6
208.7
210. 5
212.2
214. 0
215.7
217.5
1978: Jan
Feb____
Mar
Apr
May___
June
July___
Aug
Sept___
Oct
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Percen } change from prcneeding
perioc I; season ally adju sted1
Percen ; change from 3 inonths
earlie r; seasortally adjtisted
annua . rates
Percen fc changefrom 6.1nonths
earlie r; seasontally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Period
Total
finished
goods
1969
197CL
1971
1972_._
1973
1974
1975
1976
. _
1977
1977: Oct.
Nov
Dec._
__-_
1978: J a n _ _ _ _
Feb
Mar
Apr
„__ _
May_
June
July_.__
Aug.--,. __ _
Sept___ .
Oct
4.8
2.2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
.6
.7
.4
.7
1. 1
.5
1.3
.7
.7
.5
-. 1
.9
.9
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
8.2
»2.5
5.9
8.0
22. 5
13.0
5.5
-2.5
6.6
.2
1. 3
.4
1. 1
3.0
.7
1.8
.4
1. 2
0
-1.5
1.7
1. 7
2.9
3.9
2.0
2.0
7.4
20.5
6.7
4.9
6. 1
.4
.3
.4
.6
.3
.5
1.3
.8
.5
.9
4
.5
.6
4.6
4. 9
2.4
2. 0
5.3
22.6
8.2
6.4
7.2
1.3
.5
.7
.5
.6
.6
.6
.8
.7
.6
.4
.6
.6
4.7
6.8
7.2
7.6
9.2
9.6
12. 1
10. 6
11.4
7.9
4.4
5.0
6.7
Capital Total
finequipExclud- ment
ished
Foods
goods
ing
foods
— 0. 8
5.6
7.4
11.7
19. 6
21.2
24.6
12.5
14.6
5.2
-2.9
1.0
7.3
5.2
5.2
4.7
5.4
5. 1
5.3
8. 6
11.0
1. 2
9.1
7.4
7.6
6.7
4.5
4.4
5.0
6.2
8.0
8.4
9.8
9.9
10.5
10.0
7.5
8.2
7.3
9.9
10.1
10.9
7.4
7.8
7.1
7.3
8. 1
8.7
8.9
6.9
6.4
6.3
Capita]
equipExclud- ment
Foods
ing
foods
-0. 1
-.3
2.4
5.2
12.4
14. 1
17.9
16. 0
17.9
14.5
4. 5
6.5
6.2
4.9
4.6
4.3
5.3
5.1
5.0
7.0
8.0
8.2
8.9
9. 2
9.4
7.9
8. 1
7.9
8.4
8.6
8.9
9.0
7.3
7.9
7.9
8. 1
7.5
7.5
7.6
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for June 1978.
CHANGES IN CONSUMER PRICES
Percen t changek from pre ceding
perio d; seasortally adju sted 1
Period
All
items
Food
Commodities
less
food
Services
Percent c lange frc>m 3 months earlier ; Percent c lange frc>m 6 mont hs earlier ;
seasonsilly adjussted annu al rates
seasonsilly adjussted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
1969
1970
1971
1972
1973
1974____
1975
1976— . _
1977
1977: O c t _ _ .
Nov___
Dec___
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
.3
.4
.4
7.2
2.2
4.3
4.7
20. 1
12. 2
6. 5
.6
8.0
.2
.5
.4
4.5
4.8
2.3
2.5
5. 0
13.2
6.2
5. 1
4.9
.4
.5
.5
7.4
8.2
4. 1
3. 6
6.2
11. 3
8. 1
7.3
7.9
.4
.4
.4
4.5
4.7
4.9
3. 1
3.5
4.2
3.4
4.7
5.4
6. 3
5.6
4.9
5. 1
4.8
4.7
3.7
3.6
3.0
3. 3
3.7
4.0
7.8
7.0
6. 3
1978: Jan...
Feb_._
Mar___
Apr
May__
June _ _
July...
Aug_._
Sept-..
Oct___
.8
.6
.8
.9
.9
.9
.5
.6
.8
.8
1. 3
1.2
1.3
1.9
1.5
1. 3
—. 0
.3
.5
.8
.7
.2
.6
.5
.6
.6
.6
.5
.9
.7
.6
.7
.8
.9
1.0
.9
.8
.8
.8
.8
6.7
7.5
9. 3
10.0
11. 3
11.4
9.7
8.3
7.8
8.8
8.9
11. 9
16.4
19.1
20. 5
20. 4
11.6
6.4
3.0
6.5
6.6
5.6
6. 1
5. 5
7. 0
7.2
7. 4
6.9
7.8
8.5
5.8
7.2
9. 1
10. 5
11. 7
11.8
11.3
10.6
10.3
10.4
5.6
6.1
7. 1
8.3
9.4
10. 4
9.8
9.8
9.6
9.3
6.0
7.7
10. 1
13.9
16. 1
18.4
15. 3
13.2
11.4
9.0
5.0
5. 1
5.7
6.1
6.3
6. 6
6.5
6.9
7.5
8.0
6.0
6.4
7.0
8.1
9.4
10.4
10.9
11.1
11.0
10.8
1
Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers decreased 1%- percent in November. Contributing most to the decline were lower prices for
hogs, cattle, and citrus fruits. Partially offsetting were higher prices for eggs, lettuce, milk, corn, and wheat. Prices paid
by farmers were unchanged in the month ended November 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
60
1970
1971
1972
1973
'
1974
1976
1975
1978
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices paid by far mers
All
items,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, I1367=100
Prices received by farmers
Period
1970
1971 ___
1972
1973
1974 _
1975
1976
1977 ___
1977: Oct
Nov
Dec _
1978: Jan
Feb
Mar-
All farm
products
_ _
_
Apr
..
May
June __
July
Aug. _ _
Sept- . .. _
Oct _.
Nov ^
_ _
110
113
125
179
192
185
186
183
177
178
181
186
193
200
208
215
217
215
210
215
217
214
Crops
100
108
114
175
224
201
197
192
178
184
183
188
190
198
208
212
216
212
202
203
201
200
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ration reflects Government payments made directly to
armers.
118
118
136
183
165
172
177
175
176
174
180
185
196
204
209
217
219
217
217
226
232
228
112
118
125
144
164
180
191
202
201
202
203
209
211
214
216
219
220
220
220
223
224
224
(3)
(33)
( 3)
()
(3)
(')
C)
(3)
(33)
C3)
(3)
( 3)
()
(33)
()
114
118
123
133
151
166
176
108
113
121
146
166
182
193
200
198
199
199
203
206
211
214
217
218
218
217
220
222
223
Parity ratio l
Actual
72
71
74
91
86
76
71
66
65
65
66
65
67
69
71
72
73
72
70
71
71
70
Adjusted 2
77
75
79
94
87
76
72
68
66
66
67
67
69
71
73
74
75
74
72
73
73
72
3
Index discontinued. Consumer price index (Department of Labor) substitute
in calculating total prices paid beginning January 1977.
< Not charted.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in all of the monetary aggregates abated somewhat in October,
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
300
300
200
200
1978
* SEASONALLY ADJUSTED
SOURCf: BOAID OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
()verall mestsur*3S l
Deposit s at com mercial banks
Period
M,
1973:
1974:
L975:
L976;
L977:
Dec__
Dec__
Dec__
Dec__
Dec__
M1+
M2
Perce nt charige 3
C/omponeiats and i elated iterns
M3
Currency
Demand
Savings
Deposits
at
nonbank
thrift
institutions
U.S.
Government
demand
deposits
(unadjusted)
Time aiad saviiigs
Total 2 Large
CDs
M!
M1+
M2
270. 5
282. 9
295. 2
313. 5
338.5
397.7
419.0
456. 4
516. 8
560.2
919.2
571. 4
612. 2
981. 2
664.7 15 092. 5
740. 5 1,- 236. 5
809. 5 1} 376. 1
61. 5
67. 8
73. 7
80. 7
88. 6
209.0
215. 1
221.5
232. 8
249. 9
363.9
418.3
450. 9
489.7
545. 0
63.0
89.0
81.3
62.7
74. 0
127.0
135. 8
160. 5
201. 9
219. 6
347.8
369. 1
427.8
496.0
566. 6
6,3
4.9
4. 1
4. 4
5. 1
6.0
4. 6
4. 3
6. 2
8.0
5. 0
5. 4
8. 9
13. 2
8.4
8.8
7. 1
8.6
11. 4
9. 3
L977: Oct__ 335. 9
Nov_ 336.2
Dec._ 338. 5
L978: Jan__ 341.7
Feb__ 341. 8
Mar _ 342. 9
Apr__ 348. 5
May_ 350. 6
June. 352.8
July_ 354. 2
Aug__ 356. 7
Sept. 360. 9
Oct*_ 362. 0
557. 5
557. 7
560. 2
564. 6
565. 0
566. 2
572. 6
575. 2
577. 1
577.8
582. 0
587. 9
588.8
801.4
805. 4
809.5
815. 9
819. 1
822. 6
830. 3
835.2
840. 6
846. 2
853. 5
862. 4
867.4
87. 1
87. 7
88. 6
89.4
90. 1
90.7
91. 2
92. 1
92. 8
93. 3
94. 0
95. 2
96. 0 |
248. 7
248. 5
249. 9
252. 2
251.7
252.3
257. 3
258. 5
259. 9
260. 9
262. 8
265. 7
266. 1
531. 9
540. 1
545. 0
550. 6
556. 7
561. 7
565. 2
571. 6
574. 5
579.4
583. 0
589. 7
593. 6
66. 4
70. 9
74. 0
76.3
79. 4
82.0
83.4
87. 1
86. 7
87.4
86. 3
88. 1
88. 2
219.6
219. 4
219. 6
220. 7
220.9
221. 0
221. 6
222.0
221. 7
220. 9
222.4
224. 2
223. 9
556. 5
561. 7
566. 6
570.7
574. 0
577.7
581. 2
584. 7
589.2
594.7
601. 6
609. 6
616.8
3.7
3. 5
5. 1
4.3
4.3
4. 8
5. 0
4. 0
6.2
4. 5
3. 6
6. 2
4. 3
8. 0
7.9
8. 1
8. 1
7. 0
6. 0
7. 6
8.7
8. 6
7. 5
8. 9
10. 8
7. 9
7. 9
7. 3
7. 5
7. 5
5.8
4. 6
5. 5
6.4
6. 1
4.7
6. 1
7.8
5. 7
9. 4
9. 5
9. 0
8.2
7.7
7.0
7.3
7. 5
7. 8
7. 6
8. 6
9.9
9. 1
1, 357. 9
1, 367. 1
1, 376. 1
1, 386. 6
1, 393. 1
1? 400. 3
1 ? 411.4
1, 419. 9
1, 429. 8
1, 441. 0
1, 455. 1
1, 472. 1
1', 484. 2
i MI is currency plus demand deposits; MI+ is Mi plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
MI plus time and savings deposits at commercial banks other than large certifi1
catesof deposit (CDs); and Ms is M2 plus
deposits
at nonbank thrift institutions.
^
26
2
Includes
3
time deposits other than large CDs, not shown separately,
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
_Source: _Board, of.-,
^ i T>Reserve oSystem.
*
Governors of**u
the -r.
Federal
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
U.S. Ti"easury
secuiities
ShortNonbank
term
Savings marketthrift
institu- bonds able setions
curities
Time d eposits
Negotiable
certificates of
deposit
Total
liquid
assets
Total
769. 7
852. 5
967. 2
1, 085. 3
1, 170. 2
1, 290. 6
1, 424. 6
1, 591. 0
632.7
719. 0
816.6
887.7
945. 0
1, 055. 3
1, 195. 2
1, 328. 3
49. 1
52.6
56.8
61.5
67.8
73. 7
80.7
88.6
152.0
161. 8
176. 1
183.7
187. 1
192.4
200. 0
213.9
198.9
233.6
264.3
294.4
321. 1
360.6
417. 3
459.2
232. 7
271. 1
319. 3
348. 1
369. 1
428. 6
497. 3
566. 6
52.0
54.3
57. 6
60. 4
63. 3
67.2
71. 9
76. 6
41.9
31. 5
43.4
47. 1
66. 3
66.5
77.6
21. 8
27.6
36. 2
53. 8
70.4
58.4
43.2
52.3
1977: Oct
Nov
Dec
1, 561. 2
1, 576. 5
1, 591. 0
1, 311. 2
1, 319. 2
1, 328. 3
87.1
87.7
88.6
213.0
212.1
213.9
454 6
457.6
459.2
556.5
561.7
566. 6
75.8
76.2
76. 6
75.5
77. 1
77. 6
46. 1
50.0
52.3
1978: Jan
Feb_
1, 607. 7
1, 619. 2
1, 631. 0
1, 647. 4
1, 662. 3
1, 674. 2
1, 686. 3
1, 699. 2
1, 719. 2
1, 731. 3
1, 339. 1
1, 345. 6
1, 352. 8
1, 363. 5
1, 371. 5
1, 381. 6
1, 393. 8
1, 407. 8
1, 424. 3
1, 437. 0
89.4
90. 1
90.7
91.2
92. 1
92.8
93.3
94.0
95.2
95.9
216.6
216.0
216.3
221.5
222. 1
223. 1
2245
226.2
228.4
228,7
462.4
465.5
468. 1
469.6
472. 5
476.5
481.3
486. 1
491.0
495.4
570.7
574.0
577.7
581.2
584. 7
589.2
594. 7
601.6
609. 6
617.0
77.0
77.4
77.8
78. 2
78.6
78.9
79.3
79.5
79.8
80. 1
79. 5
80. 1
79.8
80.7
81.6
81. 7
80. 1
80.6
82.4
81. 2
Period
1970: Dec
1971: Dec
1972: Dec—
1973: Dec.
1974: Dec
1975: Dec__
1976: Dec1977: Dec
__
. _ _
Mar
AprMay
June.
Julv
Aug _
Sept
Oct »
Currency
Demand
deposits
Commercial
banks
343
53.4
548
56. 5
58.6
62. 3
61.7
61.7
59.6
60.7
60.7
Other
private
money
market
instruments
21.3
20. 1
22.5
40.0
444
43.3
47.8
56.3
52.6
540
56. 3
58.7
61.4
64 1
66.4
68.3
70.4
71.4
71.6
72.0
72.4
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e]^tended
Period
Total *
Automobile
Instalmc*nt credit lie uidated
Bank
credit
cards
Total i
Automobile
Bank
credit
cards
Net change in amount <outstanding
Total i
Automobile
Bank
credit
cards
296
826
117
863
200
169
328
645
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
72, 888
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172,795
194, 555
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
59, 652
5,615
7, 679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
4, 852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
31, 090
1977: Sept
Oct— _ _ _ _ _
Nov__
Dec _ _
19, 164
19, 787
19, 680
20, 138
6, 109
6,083
6, 330
6,721
2,847
2,973
2,828
2,973
16, 814
17, 160
16, 826
17, 402
5,005
5,234
5,089
5,424
2,567
2,687
2, 585
2, 723
2,351
2, 626
2,853
2,736
], 105
850
1,241
1, 297
279
287
243
250
1978: J a n _ _ _ - _
Feb.
Mar
Apr_
May
June _ _
July.
19, 586
20, 179
21, 595
22, 117
22, 336
22, 680
22, 332
22, 632
22, 514
6,263
6,400
6,822
7,248
7,387
7,241
7, 156
7, 399
7, 129
2,948
3, 143
3,231
3, 255
3,245
3,482
3,466
3,499
3,603
17, 162
17, 518
17, 527
18, 398
18, 479
18, 888
19, 031
19, 646
19, 236
5, 078
5,296
5,300
5, 520
5,598
5,698
5,636
5,953
5,690
2,788
2,858
2,783
2,944
2,982
3, 120
3, 068
3,219
3,254
2,424
2,661
4,068
3,719
3,857
3, 792
3,301
2,986
3,278
1,185
1, 104
1,522
1, 728
1, 789
1,543
1,520
1,446
1,439
160
285
448
311
263
362
398
280
349
1970
1971 _1972
1973
1974
_ _
1975
1976
1977
_
Aug
Sept
112,
123,
137,
157,
157,
164,
193,
225,
J Includes some items not shown separately.
-347
4,207
5,512
5,758
500
3,007
10, 238
13, 235
1, 153
699
918
1,430
1,443
1,220
1,850
2, 911
Source: Board of Governors of the Federal Reserve System.
27
LOANS, INVESTMENTS,
Commercial bank loans continued to grow rapidly in October.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
-ALL
BILLIONS OF DOLLARS* (RATIO SCALE)
COMMERCIAL BANKS-
1,000
TOTAL
-LOANS AND INVESTMENTS-
800
800
V
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
..„.,.«•«»"""
100
100
„,•"•••"'"'
80
80
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
60
60
40 II i I 1 II I I I I
i i ii iIi i ii
J [111 Li I 1I
1971
1970
1972
40
1973
1974
1975
1976
* SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1978
COUNCIL OP ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Allclommercial tmnks l
All member ban ks
Borrowi)igs (milL oans
Investnaents
I teserves 2 3
lions of dollars,
Total
unadji isted) 2
loans
and Total exU.S. Gov- Other
invest- cluding CommerReSeaNoncial and
ernment
secuTotal
Total
ments
inter- industrial
borrowed quired
sonal
securities
rities
bank
PprinH
1970
1971
1972
1973
1974
1975
1976
1977
1977
435.5
485.7
558.0
633.4
691. 1
721.8
785. 1
870.6
292.0
320.9
378. 9
449.0
500. 2
496, 9
538.9
617.0
1977: Oct
Nov
860.0
866.2
870.6
602.7
611.6
617.0
1978: Jan"
Feb»
Mar"
Am- * _ _ _ _ _ _ _
May * . _
June *„July v
Aug*
Sept *_ _ - _
Oet»
880.6
886.6
892. 2
906.0
917.9
922.4
935.2
939.2
947. 1
955.4
624.9
628. 2
636.5
646. 3
657. 9
661.2
672. 0
677.2
684.4
693.7
„ ._
Dec
4
5
6
6
110.0
116. 2
130.4
156. 6
183.5
176. 2
179. 7
201. 4
57.8
60. 6
62.6
54. 5
51. 1
80. 1
98. 0
95.6
85.7
104.2
116. 5
129.9
139.8
144. 8
148.2
158.0
29. 11
31. 17
31. 34
34.91
36.57
34.68
34.93
36. 14
28.78
31.04
30.29
33.61
35.84
34. 55
34.88
35.57
28.86
30.98
31. 06
34.61
36.31
34.42
34.65
35. 95
321
107
1,049
1,298
703
127
62
558
41
32
13
12
54
198.7
200. 2
201. 4
99.4
96.3
95.6
157.9
158. 3
158.0
35. 81
35. 96
36. 14
34.50
35. 10
35.57
35. 60
35.71
35. 95
1,319
840
558
114
83
54
203.9
206. 1
210.3
213.3
219.2
220. 4
222. 3
224. 4
226.3
228. 8
96.3
99.0
95.6
97.6
97. 1
98.4
99.7
97.0
96.3
94. 3
159.4
159.4
160. 1
162. 1
162.9
162. 8
163.5
165.0
166.4
167.4 ,
36. 61
36.93
36.67
36.95
37.26
37.73
38. 19
37.91
38. 17
38.44
36. 12
36. 52
36. 34
36. 39
36. 05
36.63
36. 88
36. 77
37. 11
37. 16
36.34
36. 69
36.47
36. 80
37.04
37.55
38.00
37.74
37.97
38. 26
481
405
344
539
227
111
286
147
068
261
32
52
47
43
93
120
143
188
191
221
* Data are for end of period.
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.
2
Averages of daily
3
28
1
1
1
1
1
1
4
During 1974, total loans and investments were increased $0.6 billion due tc
a bank merger and were reduced $1.5 billion due to liquidation of a large bank
«6 Loan reelassifieations reduced these loans by $1.2 billion as of March 31,1976.
Loan reclassifications reduced these loans by $0.2 billion in December 1977.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adiusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Crediib market i unds
Total
TVital
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
1970
1971
1972
1973
1974
1975
1976
1977
104.3
127. 1
161. 7
199.7
190.8
143.8
205.0
238.9
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
45.5
58.5
80.9
115.9
115.1
37.0
80. 3
103.6
40.7
44.5
58.3
72.7
81.8
37.0
58.2
78.7
32. 1
40.6
40. 6
37. 1
39. 1
49.2
48.7
46.2
8.6
3.9
17.6
35.6
42. 6
12.2
9.4
32.5
4.8
14. 1
22.7
43.3
33.4
.0
22. 1
25.0
95. 9
119.6
145. 9
185. 6
179. 1
131.9
184.9
212.4
80. 3
86.0
100.3
123.3
134.7
99.9
141.2
164. 6
15.6
33.6
45.6
62.3
44.4
32.0
43.7
47.8
8.4
7.5
15.9
14.2
11.8
11.9
20. 1
26.7
1977: I
II
III
IV
244.3
198.6
266. 1
247.2
123.8
134.9
145. 5
137.3
120.5
63.7
120. 6
109.9
75.9
63. 7
80. 1
95.2
345
35.2
53.4
61.6
41. 4
28.5
26.7
33. 6
44.5
.0
40.5
14.7
214.6
177.3
234.6
222. 7
152.5
162.4
175.2
168. 0
62. 1
14.9
59.4
54. 7
29. 6
21. 3
31.4
24.4
1978: I
II 5
III*
283.9
274. 1
289.4
127.2
144. 1
151.6
156.7
130.0
137. 8
102.2
82.8
80.2
40.3
53.7
54. 5
61.9
29. 1
25.7
54.5
47.2
57.6
263.3
260.8
272.6
179.8
199.9
194.8
83.5
61.0
77. '8
20.6
13.2
16.8
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
23 Stocks, bonds, and mortgages.
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabilities
Curreiat assets
End of period
Total
SEC series : 2
1970
1971__
1972_ ___
1973_ ___
_
1974
FTC-FRB series:3
1974
1975
1976
_
1977
Cash
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
Other
and
current
accounts liabilipayable
Net
working
capital
Current
ratio *
492.3
529. 6
599. 3
697. 8
790.7
50.2
53.3
59.0
66. 3
71. 1
7. 7
11.0
10.6
12. 8
12.3
206. 1
221. 1
248.2
288. 5
322. 1
193.3
200.4
225. 7
263.9
313.6
35.0
43.8
55. 8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282. 9
340.3
402.3
93. 6
105.5
92.7
110.7
128. 1
187.4
203.6
223.7
246.9
260. 3
1.615
1. 625
1.595
1. 548
1.491
734.6
756.3
823. 1
900. 1
73.0
80.0
86. 8
94.2
11.3
19.6
26. 0
20.9
265. 5
272. 1
292.4
325.7
318.9
314.7
341.4
375.0
65.9
69.9
76.4
84. 3
451.8
446.9
487. 5
543.2
272.3
261.2
273.2
306.8
179.5
185.7
214.2
236. 3
282. 8
309. 5
335.6
357. 0
1.626
1.693
1. 688
1.657
1977: I
II
III
IV
842. 0
856.4
880.3
900. 1
80. 8
83. 1
83.4
94. 2
26. 8
22. 1
21.5
20. 9
304. 1
312.8
326.9
325. 7
352. 1
358.8
367.5
375. 0
78.3
79. 6
81.0
84. 3
502.6
509. 5
528.9
543.2
280.2
286.8
297.8
306.8
222.4
222. 7
231. 1
236.3
339. 5
346. 9
351.4
357.0
1. 675
1.681
1.664
1.657
1978: I
921.8
88.3
20.8
336.8
389.5
86.4
564.6
316.3
248. 3
357.2
1.633
1
2
3
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates moved sharply to higher levels in November in response to moves to support the dollar.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
CORPORATE Aaa BONDS
(MOODY'S)
,/
W
/ :•.
n
/A\; \
V \ L
xf
HI%: U
TREASURY BILLS
M M 1 1 M
1970
1971
1972
M
| M | I I MM
1974
1973
A,
1975
I M M I | M I I
1976
1 1 1 1 1 1 M
SOURCE: SEE TABLE BELOW
I
1978
1977
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Tre asury securi ty yields
Period
1972
„
1973
1974
1975
1976
1977
1977: Nov_
Dec
_
1978: Jan
Feb
Mar
Apr_
MayJune
July
Aug_
Sept
Oct
Nov
Week ended :
1978: Nov 4
11
18____
25
Dec 2
3-month
bills i
Constant inaturities 2
3-year
10-year
High-grade Corporate Prime com- Discount
rate
mercial
municipal
Aaa
(N.Y.
paper,
bonds
bonds
F.R.
(Standard
4-6
Bank)4
& Poor's)3 (Moody's) months
4. 071
7. 041
7. 886
5. 838
4.989
5. 265
6. 160
6. 063
6. 448
6.457
6. 319
6. 306
6.430
6. 707
7.074
7.036
7.836
8. 132
8.787
5.72
6.95
7.82
7.49
6. 77
6. 69
7. 22
7.30
7. 61
7. 67
7.70
7.85
8.07
8.30
8. 54
8. 33
8.41
8. 62
9,04
6. 21
6.84
7. 56
7.99
7.61
7. 42
7. 58
7. 69
7. 96
8. 03
8.04
8. 15
8. 35
8.46
8. 64
8. 41
8. 42
8.64
8. 80
5. 27
5. 18
6. 09
6. 89
6.49
5. 56
5. 38
5. 48
5. 60
5.51
5.49
5.71
5. 97
6. 13
6. 18
5.98
5.93
5. 95
6. 03
7. 21
7. 44
8. 57
8.83
8.43
8. 02
8. 08
8. 19
8. 41
8. 47
8.47
8. 56
8.69
8. 76
8.88
8. 69
8. 69
8.89
9.03
4. 69
8. 15
9. 87
6. 33
5. 35
5. 60
6. 59
6. 64
6. 79
6.80
6.80
6.86
7. 11
7.63
7.91
7. 90
8. 44
9. 03
10, 22
4. 50
6.45
7. 83
6. 25
5. 50
5. 46
6-6
6-6
6-6}/2
6H-6H
6H-6H
6H-6H
6H-7
7-7
7-7
7K-7J4
7>i-8
8-8K
9K-9/2
8.454
9.028
8. 593
8. 696
9. 166
9. 12
9. 10
8. 95
8.96
8. 82
8.86
8. 77
8.78
6.08
6. 03
5.95
5. 99
6. 11
9.04
9. 06
9.02
9.00
9. 68
10. 27
10.38
10. 22
8/2-9K
9^-9H
9}/2-9l/2
9K-9/2
9K2-
12 Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly
data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Prime
rate
charged
by
banks 4
5. 25
8. 03
10. 81
7. 86
6. 84
6.83
7J4-7H
7%-7%
73/4~8
8-8
8-8
8-8
8-8/2
8/2-9
9-9
9-9M
9K-9J4
9^-10Ji
New-
home
mortgage
yields
(FHLBB)5
7. 60
7. 95
8. 92
9. 01
8. 99
9.01
9. 07
9. 09
9. 15
9. 18
9.26
9.30
9.37
9.46
9.57
9.70
9. 73
9.84
lOH-H/2
ioK-io/2
10/2-10%
lOJi-ll
11-11/2
11/2-
s Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
POMMON STOCK PRICES AND YIELDS
Stock prices fluctuated indecisively in November.
INDEX, DEC 31,1965=50
80
INDEX, DEC 31,1965=50
80
70
70
60
A
/
60
COMPOSITE STOCK PRICE INDEX
(NYSE)
50
50
40
40
30
30
1978
1970
PERCENT
20
PERCENT
1 20
EARNINGS-PRICE! RATIO ON COMMON STOCKS
(S&P)
- 15
10
10
j I
-1971
1970
1972
I
1973
1974
1975
1976
I
1977
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s :ock 5 yields
(perc snt) *
Com Qion stock p rices '
Period
j New York Stock Exctlange indexe s(Dec. 31, 1965 = 50) 2
Composite Industrial i'. Transportation
1972 _
_ _
1973
:
1974
1975
1976
1977
1977: Oct
Nov.
Dec _ . _ _
1978: Jan.
Feb _
MarApr
May
June
July
Aug
Sept _
Oct _
Nov
Week ended:
1978: Nov 4 __
11
18____
25__._;
1
60. 29
57. 42
, Finance
Utility
43. 84
45,73
54. 46
53. 69
51.37
51.87
51. 83
49.89
49 41
49.50
51. 75
54.49
54. 83
54. 61
58.53
58. 58
56.40
52. 74
65. 73
63. 08 i
48.08
50. 52
60. 44 !
57.86
54.99
55. 62
53. 55
53. 45
52. 80
52. 77
55.48
59. 14
59.63
59. 35
64. 07
64. 23
61.60
57.50
50. 17
37. 74
31. 89
31. 10
39. 57
41. 09
38.33 i
39. 30
39.75
39. 15
38. 90
38. 95
41. 19
44.21
44. 19
44. 74
49. 45
50. 19
46.70
41.80
38. 48
37. 69
29. 79
31. 50
36. 97
40. 92
40. 38
40. 33
40. 36
39.06
39.02
39. 26
39.69
39. 47
39.41
39. 28
40.20
39. 82
39. 44
37. 88
78. 35
70. 12
49. 67
47. 14
52. 94
55. 25
53.24
54. 04
53.85
50. 91
50. 60
51.44
55.04
57. 95
58.31
57. 97
63.28
63. 22
60. 42
54.95
52.96
52. 60
51.87
53. 17 i
57.78
57. 38
56.48
57. 96
42. 20
41.95
40.71
41. 94
37.84
37.61
37. 52
38. 31
55. 44
54.93
54.06
55. 31
Average of daily closing prices.
2 Includes all the stocks (more than 1,500) listed on the NYSE.
3 Includes 30 stocks.
* Includes 500 stocks.
1978
Standard i
& Poor's
DowJones
composite Dividendprice
industrial
index
ratio
1 average 3 (1941-43 =
10) *
2. 84
950. 71
109. 20
3. 06
923. 88
107. 43
4.47
82. 85
759. 37
4.31
802. 49
86. 16
102. 01
3.77
974. 92
4. 62
894. 63
98.20
4. 97
823. 96
93. 74
5.02
94. 28
828. 51
5. 11
93.82
818. 80
5.32
90. 25
781. 09
5.49
763. 57
88.98
5.62
756. 37
88. 82
5.42
794. 66
92.71
838. 56
5. 20
97. 41
5. 19
840. 26
97. 66
5.25
831. 72
97. 19
4.93
887. 93
103. 92
4.97
878. 64
103. 86
5. 11
857. 69
100. 61
5.45
804. 29
94. 71
814. 43
806. 72
790. 96
806. 70
95. 37
94.54
93. 29
95.38
Earningsratio
5. 50
7. 12
11. 59
9. 15
8.90
10.79
11. 45
12. 25
11.81
5.38
5.44
5.54
5. 38
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Snnrnps: N>w York Stock Exchange. Dow-Jones & Company, Inc., and Stand-
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1979 there was a budget deficit of $13,9 billion, compared with a deficit of $14.7
billion a year earlier.
BILLIONS OF DOLLARS
500
AND OUTLAYS
BILLIONS OF DOtMiS
SCO
400
400
OUTUYS
v
300
300
RECEIPTS
200
200
50
50
SURPLUS W OR DEFICIT (•)
0
0
-50
-50
J_
-100
1970
1971
-100
1972
1973
1974
1975
1976
1977
1978
1979
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 quarter1977
1978 2
1979 (estimates):
Statement October 1978 2 __
_,
Second Concurrent Resolution, Sept. 1978 3
First month:
Fiscal year 1978__ _.
Fiscal year 1979
_ _
1
2
Excludes non-interest-bearing public debt securities held by IMF.
Data from Joint Statement of Secretary of the Treasury and Director, Office
of Management and Budget, October 27, 1978.
3 Second Concurrent Resolution on the Budget—Fiscal Year 1979, September 21, 1978.
32
Outlays
Surplus or
deficit (-)'
187.8
193. 7
188.4
208. 6
232.2
2649
281. 0
300.0
81.8
357.8
402. 0
1845
196. 6
21L4
232. 0
247. 1
269.6
326. 1
366.4
94 7
402. 8
450.7
3.2
-2.8
-23.0
-23. 4
-148
-4 7
-45. 1
-66.4
-13. 0
-45.0
-48. 7
452. 7
448.7
491.6
487. 5
-38.9
-38.8
24. 1
28.7
38.8
42.7
-147
-13.9
Federal debt ( end of period)
Tntal 1
Held by
the public
367. 1
382.6
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
780.4
279.5
2849
304 3
323.8
343.0
346. 1
396.9
480.3
498. 3
551.8
610. 9
707.7
785. 3
553.7
617.4
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 1979 budget receipts were $4.6 billion higher than a year earlier and outlays were
$3.9 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
400
400
OUTLAYS
*****
300
^«»'*
NONDEFENS6
^"•""*
300
+++**
200
200
**~"~~~
^m~ *•«"***
_____ ,—*«——«•" •""
"~
NATIONAL DEFENSE
_,fn^^f
—
in »•«'• *|1""
100
A
v
1
1970
!
1971
1
1972
|
1
1973
1974
I
1975
1
1976
1
1977
1978
100
1
1979
Is
^
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
ijutiays
±teee ipts
Nationa I defense
Period
Total
Fiscal year or period :
1969_ _
1970. _ _
1971..
1972.
1973.
1974_
_ _
1975.
1976.
_ _
_
Transition quarter.
1977.
1978 *
1979 (estimates) 1
First month:
Fiscal year 1978__ _
Fiscal year 1979_
CorpoIndividual ration
income income
taxes
taxes
Other
Total
187. 8
193.7
188.4
208. 6
232. 2
264. 9
281. 0
300. 0
81.8
357.8
402. 0
452.7
87. 2
90. 4
86.2
94. 7
103.2
119.0
122. 4
131. 6
38.8
157. 6
181.0
202. 7
36.7
32.8
26.8
32. 2
36.2
38.6
40. 6
41.4
8.5
54, 9
60.0
68.0
63. 9
70.5
75.4
81.7
92.8
107. 4
118.0
127.0
34.5
145. 2
161. 1
182.0
184.5
196. 6
211.4
232. 0
247. 1
269.6
326. 1
366.4
94. 7
402.8
450.7
491.6
79. 4
78. 6
75. 8
76. 6
74.5
77.8
85.6
89.4
22. 3
97. 5
105.2
114.5
77.9
77.2
74.5
75.2
73.3
77. 6
85.0
88.0
21. 9
95.7
103. 1
112. 0
4.6
4.3
4. 1
4.7
4.0
5.6
6.9
5.5
2.2
4.8
5.9
6.3
49.0
56. 1
70. 1
81.4
91. 8
106.5
136.3
160.9
41. 5
176. 7
189. 9
209. 1
15. 8
18.3
19. 6
20.6
22. 8
28. 1
31.0
34. 6
7. 2
38. 1
43.9
52. 1
35.7
39.3
41. 8
48.8
53. 9
51.7
66.5
76.0
21.5
85.7
105.8
109.6
24. 1
28.7
13.3
15.9
1.4
1.7
9.4
11. 1
38. 8
42.7
8.2
9.2
8.0
9.2
.4
.3
14.8
15. 9
2.9
3.0
12. 5
14. 3
1
Data from Joint Statement of Secretary of the Treasury and Director, Office
of Management and Budget, October 27,1978.
NOTE.—Earned income credit payments in excess of an individual's tax liability
are classified as outlays for all periods.
Total
Interna- Health
and
InDepart- tional
income terest Other
ment of affairs security
Defense,
military
Source: Depaitment of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to preliminary estimates, Federal receipts rose $1 7.1 billion (annual rate) and expend!
tures rose $16.2 billion, yielding a deficit of $22.6 billion, $1.0 billion less than the second quarter deficit.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
150
50
50
SURPLUS
t^J t/yj lyxj jx^
DEFICIT
-50
inn
t
1970
1971
1972
1973
i11iPI11i.1I
1<?75
1974
CALENDAR YEAR*
197 7
1976
-50
inn
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent receipts
Period
Surplus
or
deficit
F<sderal G<svernmeiat expen ditures
GrantsSubsidies Less:
Indirect ContriPurin-aid
less
Wage
Personal Corporate business butions
chases Trans- to State Net
current accruals national
tax
and
Total nontax profits tax and
Total of goods fer pay- and interest surplus of less
for
income
tax
and
paid Govern- disnontax social inments local
and
receipts accruals
services
ment en- burse- product
accruals surance
governments
terprises ments accounts
Fiscal year:
1974
.. 271. 8
283.5
1975
1976..»_._ 313.9
365.3
1977
Calendar
year:
1974
288. 6
286.2
1975
331.4
1976
374.5
1977
(-),
122.6
127. 1
136.9
165.9
43.7
42. 1
51. 9
58.8
21.4
22.2
24.2
24.5
84.2
92. 1
100.9
116. 1
278.8
328.7
371.5
412. 0
104.6
118.0
126.2
140.7
104.7
134.3
156.5
169.6
41.6
48.4
57.5
66.2
19.8
21.9
25.2
28.4
8.0
5.7
6.2
7.0
-0.2
-.4
.0
.0
-7.0
-45.3
-57.6
-46.7
131. 1
125.4
146.8
169.4
45.9
42. 8
54.8
61.3
21.7
23.9
23.4
25.0
89.9
94.2
106.4
118.7
299.3
356.8
385.2
422.6
111. 1
123. 1
129.9
145. 1
117.6
149. 1
161.6
172.7
43.9
54.6
61. 1
67.4
20.9
23.2
26.8
29. 1
5.3
6.8
5.8
8.3
-.5
.0
.0
.0
-10.7
-70.6
-53.8
-48. 1
1977: I
366.6
!!___ 371.4
III_. 374.3
IV___ 385.5
168.3
167.0
167. 6
174.8
58.4
61.8
62.0
62.9
24.4
24.8
25. 4
25.6
115.5
117.7
119. 3
122.2
403. 9
411.7
430.7
444. 1
138. 3
142. 9
146.8
152.2
168.6
168.2
175.7
178.3
62.1
65.4
70.9
71. 1
28.1
28.8
28.9
30.7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
-40.3
-56.4
-58.6
1978: !____ 396.2
II_-__ 424.8
Ill* 441.9
176.8
186.7
199. 6
26. 5
27.9
28. 2
133.3 448. 8
137.6 448.3
140. 1 464.5
151.5
147.2
154. 0
180.2
180.7
188.8
73.9
75.9
77.5
33.2
34.6
36.2
10.0
10.0
8. 1
.0
.0
.2
-52.6
-23.6
-22.6
59.6
72.6
74. 0
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=100]
Irtdustria L produ ction (se asonally ad juste d)
United
States
Canada
Japan
France
Germany
Italy
United
Kingdom
1971
1972
1973__
1974
1975
1976__
1977
109.6
119. 7
129. 8
129. 3
117. 8
129. 8
137.0
121.5
130. 7
143. 0
147.5
139. 6
146. 7
152. 6
155.8
167.2
190. 5
183. 1
163. 9
182. 0
189. 5
128
135
145
148
139
149
152
133.6
138. 7
147. 7
145. 1
137. 1
149. 1
152.7
117. 5
122. 7
134. 6
140. 6
127. 6
143. 5
144. 8
110.6
113. 2
123.0
120.0
114. 3
117.4
123. 1
1978: Jan____
Feb___
Mar~_Apr
May __
June _ _
Julyp *_
Aug __
Sept p _
Oct»._
138. 8
139.2
140. 9
143.2
143.9
144. 9
146. 1
147. 0
147. 7
148.4
153.3
156. 7
157.5
158.2
156. 9
158.4
159. 5
158.4
162. 8
195. 2
195. 4
199.5
199. 7
200.3
200.5
199. 7
201. 8
203.9
154
152
156
160
155
154
157
152
151
152
151
155
157
155
157
143. 4
148.0
146. 6
143. 1
145. 1
143. 8
144.9
142.4
146.9
123.8
124.5
124.0
128.4
126.6
128.9
128. 6
128.4
126.8
Period
1
{
1 KK
156
Con sumer ] :>rices (uinadjuste< i)
United CanGerStates1 ada Japan France many
121. 3
125.3
133. 1
147. 7
161.2
170. 5
181. 5
187.2
188.4
189. 8
191.5
193. 3
195. 3
196.7
197. 8
199. 3
200.9
Italy
United
Kingdom
115.6
121.2
130.3
144. 5
160. 1
172. 1
185.9
126.5
132.3
147.9
184.0
205. 8
224. 9
243.0
123.5
131. 1
140.7
160.0
178.9
196. 1
213.9
112.7
119,0
127.2
136. 1
144.2
150.7
156. 6
114.4
121.0
134. 1
159.7
186.8
218. 1
257. 6
128.5
137. -6
150.3
174.4
216.5
252.4
292.4
194.0
195.3
197.5
197.9
200. 7
202.4
205.4
205.5
205.2
207.3
246. 1
247. 1
249.4
252. 1
253. 5
252. 1
253. 1
253. 3
256.4
222. 8
224.4
226.4
228.9
231. 1
232.8
235.7
237.1
238.6
158.9
159.7
160.3
160.7
161. 1
161. 5
161. 5
161.0
160.6
160. 6
274.6
277.4
280.3
283.3
286.4
288. 8
291.0
292. 3
296.2
299.4
304.4
306.2
308.1
312.6
314.4
316.8
318.2
320.3
321.6
323. 1
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise imports
Mercllandise e xports
Ge neral im ports
Domesti e exports
Period
Total
domestic and
foreign Total
exports
12
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
rials
ages,
ages,
tured Total and
and
and to- and
togoods
bacco
fuels
bacco
fuels
F. a.s. valu e 5
Monthly
average :
1973__ _
1974
1974
1975
1976.
1977
1977: Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr —
May___
June___
July___
Aug___
Sept___
Oct
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4,684
6, 131
9,000
4,602
4,257
5,398
6,379
6,767
6, 140
7,556
7,264
8,464
8,043
8,636
8, 247
8, 020
8,864
8, 195
8,748
8,826
9,000
8, 654
10, 825
13, 130
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
15, 748
15, 030
16, 144
16, 068
Mer<^handise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
imports
imports
(cusports
(c.i.f.)
toms ft(f.a.s.)\
value)
Custon is value
5,902
8, 159
5,811
8,045
1, 078
1, 269
895
1,317
3, 728
5, 294
5, 790
8,416
8, 159
8, 966
9,596
10, 096
9, 357
9,478
10, 999
10, 014
9, 922
10, 912
11, 635
11,754
12, 126
11, 793
12, 469
13, 429
13,011
8,045
8,842
9,456
9,915
1,269
1,399
1,436
1, 332
1,023
1, 135
1,472
1,281
1,531
1, 604
1,693
1, 897
1, 963
1,844
2,008
1, 851
1, 798
1,317
1,266
1, 341
1,548
1,466
1, 500
1,493
1,402
1, 282
1,483
1,699
1, 781
1, 930
1, 636
1,758
1,881
1,971
5, 294
5,913
6,437
6, 681
6,277
6, 382
7,463
6,739
6, 674
7, 145
7,562
7,548
7, 751
7, 859
8,232
8,720
8,735
8,354
8, 048
10, 084
12, 307
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
14, 779
14, 090
15, 120
15, 138
I1 Total excludes Department of Defense shipments of grant-aid military suples
and equip merit under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
3
Total
arrivals of imported goods other than intransit shipments.
1
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770
892
F.a.s.
892
827
991
1, 186
998
962
1,442
1,276
1, 363
1, 370
1,370
1, 313
1, 135
1,323
1, 141
1, 298
1, 423
1, 120
2,653
value 5
2, 672
2, 718
3,457
4,463
4,680
4, 771
3,900
3,912
4,362
3,928
4, 139
4,461
4,221
4, 147
4,414
4, 666
4,597
112
-257
-195
—257 —195
853
918
—581 —488
—2, 297 —2,211
-3, 314 -3,230
-3,011 -2, 929
-2, 581 -2, 475
-2,455 -2, 367
-4, 649-4, 518
-2, 915 — 2, 787
-2, 983-2, 861
— 2,358 -2,238
- 1, 702-1,597
-3, 082-2, 987
-1,706 -1,621
-1,824 -1,691
-2, 196 -2, 128
-229
841
—841
312
—1, 229
—3, 034
— 4, 074
-3, 725
-3, 371
-3, 143
-5,459
— 3, 658
-3, 801
— 3, 141
—2, 482
-3,956
—2, 561
-2,715
-3,058
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL
TRANSACTIONS
In the second quarter, the current account deficit fell to $3.3 billion, down from $6.9 billion in the first quarter, as the
merchandise trade deficit fell $3.4 billion to $7.8 billion. In the third quarter, the merchandise trade deficit remained
at $7.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
-10
1970
I
1977
1971
1978
COUNCIL OF, ECONOMIC 'ADVISERS
SOURCE: Df PARTMiNT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erehandise
Period
1971
1972
1973
1974
1975
1976
1977
Exports
Imports
Inv(jstment inicome 3
12
Net
balance
43, 319 -45,579 -2,260
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
107, 088 -98,041
9,047
114, 694 -124,047 -9,353
120, 555 -151,658 -31,103
Receipts
12,
14,
21,
27,
25,
29,
32,
Payments
688 -5,436
694 -6,544
697 -9,655
541 -12,084
359 - 12, 564
244 -13,311
100 -14,593
-3, 197
-3,601
-3,610
-4, 185
1977:1--II—
!!!_„
IV__
29, 479
30, 630
31,012
29, 434
1978: ! _ _ _
II ».
III»-
30, 664 -41, 865 -11,201 9,381 -4, 503
35, 067 -42, 869 -7, 802 9,917 -5;297
37, 182 -44, 971 -7,789
1
Excludes
2
3 Adjusted
-36,496
-37,258
-38,265
-39,639
-7,017
-6,628
-7,253
-10,205
7,796
8,088
8,220
7,997
military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
Nettravel
and
transportation
receipts
Balance
on
goods
and
serv-]
ices
RemittanceSj
pensions,
nitA
and
other
unilateral
transfers l
Balance
on
current
account
Net
Net
military
transactions
7,252
8, 150
12, 042
15, 457
12, 795
15, 933
17, 507
-2,893
-3,621
-2,287
-2,080
-876
312
1,334
-2,315
-3,028
-3,086
-3, 105
-2,522
-2,245
-3,044
4,599
4,487
4, 610
3,812
568
295
467
5
-907
-759
-677
-701
1,136
1,171
1,260
1, 183
4,878
4 ; 620
210
575
-823
-630
1,361 -5, 576 -1,282 -6, 858
1, 329 -1,908 - 1, 353 -3,261
Other
services,
net 3
2,294 -3,701 -1,407
2,509
2 ? 789 -2,125 -3,854 -5,979
3,185 10, 766 -3,881
6,885
8,905 -7, 186
3,975
1,719
4,617 23, 060 -4,615 18, 445
4,714
9, 361 -5,022
4,339
4,749 - 10, 558 -4, 708-15,265
-1,622
-1,434
- 1, 594
-5,905
-1, 126
-1,243
-1,277
-1,064
Source: Department of Commerce, Bureau of Economic Analysis.
-2, 748
-2, 677
-2, 871
-6,969
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. fell by $4.9 billion in the second quarter of 1978, almost offsetting the accumulation of other foreign assets in the U.S./ accumulation of U.S. assets abroad was $5.0 billion, led by only a $4.1 accumulation of U.S. private assets abroad in the wake of the declining value of the dollar.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
30
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN
U.S. ASSETS
ABROAD, NET
-30
-30
1978
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF'COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
u.S. assets abroad, net
[increase/capita 1 outflow (-)]
Fore ign assets in the U. S., net
[inci-ease/eapi ^al inflow (-HP
Foreigri official
ass ets
Period
Total
Other
U.S.
U.S.
official
U.S.
private2
reserve Govern- assets
assets l 2 ment
assets
1971
1972
1973
1974
1975
1976
1977
-12,475
2,348
- 14, 461
32
- 22, 823
209
-34, 712 - 1, 434
- 39, 444 -607
-50,608 -2,530
- 34, 650 -231
1977: I.
!!____
III___
IV
- 1, 334
- 12, 003
-6,615
- 14, 700
1978: !____ -15,036
II »_ -4, 966
Total
- 1, 884
-12,939 22, 987
- 1, 568- 12, 925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 -35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
26, 895
10, 705
6,299
10, 981
6,907
18,073
37, 124
27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746
388
3 2,490
-949
6
-795 -11,214 14, 064
151 -1,098 -5,668 14, 251
-838 - 13, 862 20, 065
5,451
7,884
8,246
15, 543
4,946 — 2,962
6,180
7,467
7,914
6,005
4,522
15, 153
246
-896 -14,386 18, 095 15, 760 14, 956
329 -1, 151 — 4, 144
229 — 4, 924 — 4, 614
i Consists of goId, special d rawing right s (SDR), convertible cuiTencies, an d
the2 U.S. reserve p>osition in th elMF.
Quarterly datai are not seasonally adjus ted.
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
2,336
5, 152
Stati stical
discre pancy
Allocations
Of
of
Total
which *
special (sum of Seasonal
drawing
the
adjustrights
items
ment
(SDR) with sign discrepreversed) ancy
717 -9,822
710 -1,966
— 2,725
- 1, 684
5,449
9,300
-954
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
12,
13,
14,
15,
16,
18,
19,
167
151
378
883
226
747
312
1,592
131 19, 120
616
-178 19, 156
-4,766 -2,230 18, 988
1,604
2,276 19, 312
3,798
7,998
160 19, 192
12 18, 864
Sour DCS: Departnlent of Commerce (Bure au of Economic Analysis0 and Departmc nt of the Tr sasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
375
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON. D.C. 2O4O2
OFFICIAL
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
..
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
'. . .•
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
page
•
1
2
2
3
3
4
4
5
6
7
8
9
10
.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
,.
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—-Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
,
Changes in Producer Prices
Changes in Consumer Prices.
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
. .. . .
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
.
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal 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
.
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U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1978
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35
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