Full text of Economic Indicators : October 1979
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96th Congress, 1st Session
Economic Indicators
October 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K, JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts 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
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter, gross national product rose $61.7 billion or 11.0 percent,
both at annual rates. Real output (GNP adjusted for price changes) rose 2.4 percent from the second quarter level
and the implicit price deflator rose at an 8.4 percent annual rate.
BILLIONS OF DOLLARS
2,600
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
(RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
1,800
1,800
V
1,600
1,600
1,400
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
1,000
1,000
1975
1972
1977
1976
1979
1978
SOURCE: DEPARTMENT OF COMMERCE
1980
COUNCIL OF ECONOMIC ADVISERS
fBillions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
Period
tional
product
Personal
consumption
expenditures
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, 702. 2 1, 089. 9
1977___
1, 899. 5 1, 210. 0
1978
2, 127. 6 1, 350. 8
1978:1
2, Oil. 3 1, 287. 2
!!___ 2, 104. 2 1, 331. 2
III.. 2, 159. 6 1, 369. 3
IV___ 2} 235. 2 1, 415. 4
b79: I
2, 292. 11, 454. 2
II- _ . 2, 329. 8 1, 475. 9
H!P_ 2, 391. 5 1, 528. 6
Exporlbs and imj)orts of
goocIs and ser vices
Net
exports
Exports
Imports
Total
131.5
146. 2
140. 8
160. 0
188.3
220.0
214. 6
190.9
243. 0
303.3
351. 5
327. 0
352.3
356.2
370. 5
373.8
395.4
392. 1
2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
8. 0
-9.9
-10.3
-22. 2
-7. 6
-6.8
-4.5
4.0
-8. 1
-5.3
49. 9
54.7
62. 5
65. 6
72. 7
101. 6
137.9
147.3
163.3
175. 9
207. 2
184.4
205. 7
213. 8
224.9
238.5
243.7
266.4
47.7
52.9
58.5
64. 0
75. 9
94. 4
131. 9
126. 9
155. 4
185. 8
217.5
206. 6
213. 3
220. 6
229.4
234.4
251.9
271.7
198. 7
207.9
218. 9
233.7
253. 1
269.5
302.7
338. 4
361.3
396. 2
435.6
419. 4
428.3
440. 9
453.8
460. 1
466.6
476. 2
Federal
» This category corresponds closely with budget outlays for national defense
shown on p. 33.
Go vernment purchases of goods and
services
Gross
private
domestic
investment
Total
National
defense !
98.0
97. 5
95.6
96. 2
102. 1
102.2
111. 1
123. 1
129. 7
144.4
152.6
150. 9
148.2
152. 3
159.0
163.6
161.7
162. 5
76. 9
76.3
73. 5
70.2
73. 5
73.5
77.0
83. 7
86.4
93. 7
99.0
97.6
98.2
99.0
101. 2
103.4
106.0
108.5
Nondefense
21.2
21.2
22. 1
26.0
28.6
28.7
34. 1
39.4
43.3
50. 6
53. 6
53. 3
50.0
53. 3
57.8
60.2
55.7
54. 0
State
and
local
100.7
110.4
123.2
137. 5
151.0
167.3
191. 5
215.4
231.6
251. 8
283.0
268.5
280. 1
288. 6
294.8
296. 5
304.9
313. 7
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
860.8
926. 2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
1, 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
2, 272. 9
2, 296. 4
2, 371. 5
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates)
Exj>orts of gc>ods
Gross private dcmiestic
and service5S
Periiavestment
sonal
eonGross
Change
national sumpNonin busiResition
product
"M^-f
JNet
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
Governrnent purebases of
gooc s and ser vices
Total
Federal
State
and
local
Final
sales
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, 273. 0
_ 1, 340. 5
1, 399. 2
633.4
655.4
668.9
691.9
733.0
767.7
760. 7
774.6
820.6
861.7
900.8
108.0
114.3
110.0
108.0
116.8
131.0
130.6
113.6
119.0
129.3
140. 1
42.8
43. 2
40. 4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
60. 1
8.7
10. 6
4.3
6.6
9.4
16.5
8.0
-9.8
6. 6
13. 1
14. 1
-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.8
10.3
11.0
58. 5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108. 9
58.9
63.5
65.7
68. 5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9
259.2
256.7
250.2
249. 4
253. 1
252. 5
257.7
262.6
263. 3
268.5
273.2
128.3
121.8
110.7
103.9
102. 1
96. 6
95.8
96.5
96.4
100. 6
98.6
130. 9
134.9
139.5
145.5
151.0
155. 9
161.8
166. 1
166.9
167.9
174.6
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, 266. 4
1, 327. 4
1, 385. 1
1, 367. 8
1, 395. 2
1, 407. 3
1, 426. 6
882.7
894.8
905. 3
920.3
133. 1
140. 3
141.6
145.5
59.4
60.9
60.2
60. 0
16. 5
15.6
12. 2
12.0
5.3
12.3
13.3
12.9
100.7
109. 2
111.9
113.8
95.4
96.9
98.5
101.0
270. 7
271.3
274.7
276.0
99.9
96. 6
98.5
99.3
170.9
174. 7
174.2
176.6
1, 351. 3
1, 379. 6
1, 395. 1
1, 414. 6
1979: I— .1, 430. 6
1, 422. 3
II
III*. 1, 430. 8
921.8
915.0
924.8
147.2
146.9
148.2
57.7
56.7
56.0
12. 3
18. 1
10.0
17.0
13.2
19.4
117.0
116.0
122. 5
100.0
102.9
103. 1
274.7
272.4
272.6
101. 1
98. 1
97. 6
173.6
174.3
175.0
1, 418. 4
1, 404. 1
1, 420. 8
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977. _
1978
1978: I—_
!!___
III_.
IV__
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross
national
product
Period
Persona I consumj)tion expenditures
Total
1979: I
II
III*
NonresNonDurable durable
Services idential
fixed
goods
Governnlent purchases c>f goods
and se rvices
Exports Imports Federal
State
and
local
84.6
88.5
92.5
96.6
100.0
105.5
116.9
126.4
132.8
140. 4
150.0
90.7
93. 1
95.5
99.0
100. 0
101. 6
108.4
117.7
124. 3
129.4
136.5
85.3
89.4
93. 6
96.6
100.0
107. 9
123. 8
133.4
138. 1
144.7
154. 6
82.0
86. 1
90.5
95.8
100.0
104.7
113.6
123. 2
131.2
140.7
150.9
82.6
86. 6
91.3
96.4
100.0
103.8
115.3
132.2
138.5
146. 6
157.8
80.7
87.7
90.6
94.9
100. 0
110.8
122. 3
132. 8
142.5
159.3
179.7
85.3
87.9
93. 1
96.6
100. 0
116.2
148. 3
163.6
169. 9
178. 7
190.3
80.9
83.3
89. 1
93.5
100. 0
118.2
171.0
188. 0
193.3
210.7
222. 1
76.4
80.0
86.4
92.6
100.0
105. 8
115.9
127.5
134.6
143.6
154.8
76.9
81.9
88.3
94.5
100.0
107.3
118.4
129.7
138.8
150. 0
162. 1
147. 05
150. 82
__ 153. 45
_. 156. 68
145.8
148.8
151.3
153.8
133.0
135.6
137.9
139.4
150.0
153.7
155.7
158.6
146.8
149. 4
152. 3
155.0
153.0
156. 0
159.6
162.3
169.3
176. 7
183. 1
189.5
183. 1
188.4
191. 1
197.6
216. 6
220.2
223. 9
227.2
151. 1
153.4
154. 6
160. 1
157. 1
160.3
163.8
166.9
160. 22
__ 163. 81
167. 14
157.8
161.3
165. 3
142. 4
144. 1
145.4
164. 1
168.9
173.8
158.0
161.0
165. 2
165.4
169.6
173. 6
192. 6
199.2
205.2
203. 9
210. 1
217.5
234.5
244.9
263.5
161. 9
164.8
166.5
170.8
174.9
179. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Residential
fixed
Expor ts and
imports of goods
and sejrvices
82.57
86. 72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
1968
1969
1970
1971
1972
1973
1974
,
1975
1976
1977_ _ _ _ _ _
1978. _
_ _ _
1978:1
II
III
IV
Gross private
dom estic
invesi iment
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates)
Gross (domestic ' Droduct
Gross national r>roduct
Period
1968
1969
1970
1971
.
1972
1973
1974
1975...
19761977
__ ___
1978_
_ _
1978:1
II
III
IV
III
_ _
-_
_ _
_
_
_
1979:1II
Constant
(1972)
dollars
Current
dollars
_ _
9 ___
Implicit
price
deflator
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain
price
index
Fixedweighted
price
index
(1972
weights)
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.3
11.6
12.0
4. 4
2.6
g
3. 0
5.7
5.5
-1.4
-1.3
5.9
5.3
4.4
4. 5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
6.0
7.3
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.3
7.4
4.3
5.0
5.2
4.9
4.0
6. 0
10.2
9.3
5.6
6. 4
7.5
9.1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.2
11.5
12.0
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5. 1
5.9
7.3
4. 4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
4.4
5.0
5.2
4.9
4,0
5.9
9.9
9.3
5.6
6.4
7.5
8.4
19.8
10.9
14.8
1.9
8. 3
3.5
5.6
6.3
10. 6
7.2
8.7
6.8
9.4
8.2
8.6
6.8
9.6
8.3
8.9
8. 1
19.6
11. 1
14.8
1.8
8. 1
3.6
5.6
6.2
10.6
7.2
8.7
6.7
9.4
8.2
8.7
6.8
9.7
8.3
8.9
10.6
6.7
11.0
1. 1
-2.3
2.4
9.3
9.3
8.4
9.7
8.8
8.5
9.9
9.5
9.6
10. 1
6.9
11.0
.9
-2. 1
2.7
9. 1
9.2
8. 1
9.6
8.7
8. 1
9.9
9.4
9.3
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
prodiict of
nonfin ancial
corpc)rate
busi ness
(billic ns of
doll ars)
Period
Current-do lar cost a nd profit per unit of outpu t (dollars^ i
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
business
with
of
capital taxes 3 employconees
sumption
adjustment
Net
interest
Profits
after
tax *
0. 123
. 124
. 109
.086
.095
. 107
. 105
.086
.113
. 138
. 151
..157
0.051
.058
.055
.045
.048
.050
.055
.061
.060
.072
.077
.084
0. 072
.066
.055
.041
.046
.057
.050
.024
.053
.066
.074
.073
6.906
7. 133
7. 154
7. 147
7. 389
7.631
7. 790
7.492
7.726
7.973
8.064
8. 142
3. 694
3.944
4.207
4.487
4.766
5.047
5. 447
5.961
6. 554
7.098
7. 666
8.302
.047
.047
.049
. 050
. 132
. 159
. 163
. 171
.071
.085
.086
. 093
.061
.074
.077
.078
8.056
8. 138
8. 179
8.201
8.071
8.212
8.379
8.544
.052
. 054
. 161
. 159
.088
.085
.072
.074
8. 159
8. 100
8.770
8.941
1972
dollars
452. 9
498. 4
__ 541. 8
560. 6
602.5
__ 671. 0
752. 0
808. 8
874. 1
988.0
1, 106. 3
1, 246. 9
545.8
581.6
607.3
600. 6
619.3
671.0
720.4
695. 0
680.0
730.4
770.7
818.7
0.830
.857
.892
.933
.973
1.000
1. 044
1. 164
1. 285
1. 353
1.436
1.523
0.072
.074
.079
.088
.094
.093
.095
. 116
. 142
. 146
. 151
. 155
0.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 137
. 140
. 143
0.535
.553
.589
.628
. 645
.661
.699
.796
. 848
.890
.951
1.020
0.016
.017
.022
.028
.029
.028
.032
.043
.045
.042
.043
.048
1, 169. 1
1, 236. 5
1, 267. 9
1, 314. 1
789.8
817. 1
826.3
841.4
1. 480
1. 513
1.534
1. 562
. 156
. 154
. 155
. 155
. 143
. 144
. 142
. 143
1.002
1.009
1. 024
1.042
1979:1
1, 346. 4
!!____ 1, 370. 4
846. 6
841.0
1.590
1.629
. 158
. 165
. 145
. 148
1. 075
1. 104
1978:1
!!___
III__
IV___
, * Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
3
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
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
Profits
tax
liability
Current
dollars
1967
1968
1969. _
1970
1971
1972__
1973
1974
1975
1976
1977
1978
Corpc rate profi ts with
invent Dry valual:ion and
capil,al consuniption
iidjustmen ts
Total
With inventory valuation and capital consumption adjustments.
NOTE.—Data for output per hour and compensation per hour revised beginning 1977.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees *
Propr letors1
mcom e with
inventor y valuation anc . capital
consurnption
adjust ments
Farm
1968
1969
1970
1971
1972
1973
1974___ __
1975
1976
__
1977 _ _
1978.
Nonfarm
Rental
of persons
with
capital
consumption
adjustment
Corpor ate profits3 with inv entory va iuation
and capital consumptio n adjustm ents
Profits with inv entory
valual;ion adjustment
and ^without c£ipital
consum ption adjiistment
Total
Total
Profits
before
tax
Inventory
valuatlflTl
Capital
consumption
adjustment
Net
interest
adjustment
714.4
519. 8
571.4
767.9
609. 2
798. 4
650.3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
_ 1, 359. 8 1, 037. 8
1, 525. 8 1, 156. 9
1, 724. 3 1, 304. 5
12. 0
13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.3
19.6
27.7
51.4
52.3
51.2
53. 4
58. 1
60.4
60. 9
63.5
71.0
80.5
89. 1
18. 6
18. 1
18.6
20. 1
21.5
21. 6
21. 4
22.4
22. 1
24.7
25.9
85.8
81.4
67. 9
77.2
92. 1
99. 1
83.6
95.9
126. 8
150. 0
167.7
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162. 0
180. 8
85.6
83.4
71.5
82.0
96.2
115.8
126. 9
120.4
156. 0
177. 1
206. 0
-3.4
-5. 5
-5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14. 6
15.2
-25. 2
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12.0
-14. 5
-12.0
-13. 1
26.8
30.8
37.5
42. 8
47.0
52.3
69.0
78.6
83.8
94.0
109. 5
1978: I
II _
III__
IV
1, 621. 0
1, 703. 9
1, 752. 5
1, 820. 0
1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8
25.7
27. 7
26. 1
31.3
83.4
87. 3
91.3
94.4
25. 2
24.4
26.8
27. 1
141.2
169.4
175. 2
184.8
153. 6
182.0
189.0
198.6
177.5
207.2
212. 0
227. 4
-23.9
-25. 1
-23. 0
-28.8
-12.4
-12.6
-13.8
— 13. 8
101. 5
106.8
111. 9
117.6
1979:I_. _
II
III »
1, 869. 0 1, 411. 2
1, 897. 9 1, 439, 7
1, 471. 8
34.2
33.7
29. 7
94.8
95. 5
98. 9
27.3
26. 8
26.5
178. 9
176. 6
193. 3
191.3
233.3
227.9
-39. 9
-36.6
-40. 8
-14. 5
-14.7
17.6
122. 6
125.6
130.8
1
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
Total
durable
goods l
Motor
vehicles
and
parts
Retail sales of
new pa ssenger
cars ( nlillions
of uilits)
Nondura ble goods
Durable goo ds
Furniture
and
household
Total
nondurable1
goods
Food
Services
Clothing
and
shoes
Gasoline
and oil
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91. 2
85.4
89.9
92.7
96.8
18.4
20.4
22.0
23. 4
24. 9
27.8
36.4
39. 5
42. 9
46.7
50.9
225.6
247. 2
269. 1
293.4
322. 4
352.3
391.3
437.5
488.5
549. 8
619.8
8.6
8.5
7. 1
8.7
9. 3
9.7
7.5
7. 1
8. 6
9. 1
9.3
1. 0
1. 1
1.3
1. 6
1.6
1.8
1.4
1. 6
1.5
2. 1
2. 0
48. 1
49. 0
51.5
55. 0
8.7
9.9
9.4
9.3
2. 1
2. 1
2. 0
1.9
95.5
96.9
99.3
58. 4
60,2
70.3
596.0
609. 1
629. 1
645. 1
669.3
686.0
712.4
9.3
8. 1
8. 6
2.3
2. 5
2. 2
Domestics
ment
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977_
1978
535. 9
579.7
618.8
668.2
733.0
809.9
889. 6
979. 1
1, 089. 9
1, 210. 0
15 350. 8
80.0
85.5
849
97. 1
111.2
123.7
122.0
132.6
157.4
178.8
200.3
35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.4
70.0
81.6
91.2
32.6
35.0
36. 7
39. 4
44.8
50.7
54.9
58.0
64.0
70.9
77.6
230. 4
247. 0
264.7
277. 7
299.3
333. 8
376.3
408.9
443.9
481. 3
530. 6
118.3
126. 1
136.3
140. 6
150.4
168. 1
189. 8
209.6
227. 1
246.7
271.7
1978:1
II— __
III
•
IV
1, 287. 2
1, 331. 2
1, 369. 3
1, 415. 4
185.3
200. 3
203.5
212. 1
84. 1
93.5
92.4
94.9
72.4
76.5
78. 9
82.7
1979: ! _ _ _
1, 454. 2
II
1,475.9
III».,_ 1,528. -6
213.8
208.7
213.7
97.7
89. 1
89.8
82. 1
84.2
88. 2
505.9
521.8
536. 7
558. 1
571. 1
581.2
602. 5
260.6
267. 7
274.5
283.9
292. 9
296. 7
302. 0
1
Total includes other items not shown separately.
4
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $12.1 billion (annual rate) in September, following revised increases of $1.1.1 billion in
August and $26.8 billion in July (about $11.1 billion of the July rise was due to cost-of-living increases in social
security and veterans' benefits). Farm proprietors' income continued to fall in September, while rental income
declined as a result of hurricane damage to residential dwellings.
BILLIONS OF DOLLARS*|RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
2,000
1,800
1,600
1,400
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
600
„„.«««»»""
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
A...
^
160
*
160
120
120
100
100
80
80
60
1973
1972
1974
1975
1976
1978
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1979
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietc>rs' income 3 income
Transfer
Divi- Personal
personal salary
labor 12
interest
paydends
of
4
income disburseincome
income ments 5
Nonfarm persons
Farm
ments 1
Less: PerNonsonal confarm
tributions personal
for social income 8
insurance
579.4
859. 1
942. 5
633.8
1, 052. 4
701. 3
1, 154. 9
7646
1, 255. 5
805.9
890.0
1, 381. 6
984. 0
1, 531. 6
1, 717. 4 1, 103. 3
36.2
42.0
48.7
55.6
65. 1
77.4
91. 8
106.5
14.3
18.0
32. 0
25.4
23. 5
18.3
19.6
27.7
53.4
58. 1
60.4
60.9
63. 5
71.0
80.5
89. 1
20. 1
21.5
21. 6
21.4
22.4
22. 1
24.7
25.9
23.0
24.6
27.8
31. 0
31. 9
37.5
42. 1
47.2
69.3
74.6
84. 1
103.0
115.5
127.0
141. 7
163.3
94. 1
104. 1
118. 9
140.8
178.2
193.8
208.4
224. 1
30.8
34. 2
42.2
47.7
50. 5
55.6
61.3
69.6
838.0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1978: Sept___
Oct____
Nov
Dec
1, 756.
1, 781.
1, 801.
1, 826.
1
0
4
8
1, 125. 9
1, 141. 7
1, 154. 4
1, 166. 8
109. 3
110.6
111.9
113. 2
25. 1
27.5
30.0
36.5
92.0
93.8
94.3
95.0
26.9
27. 1
27. 1
27. 1
48.5
49. 1
49. 6
50.4
170.0
172.3
174.3
176.4
228. 9
230.1
231.5
233.7
70.6
71.2
71.8
72.3
1, 715.
1, 737.
1, 754.
1, 773.
1979: Jan
Feb
Mar
Apr
May
June
July *>__
Aug *>___
Sept *__
1, 834. 3
1, 851. 4
1, 872. 1
1, 880. 7
1, 891. 6
1, 905. 1
1, 931. 9
1, 943. 0
1, 955. 2
1, 177. 1
1, 188. 5
1, 202. 3
1, 205. 9
1, 210. 8
1, 220. 5
I , 229. 8
1, 235. 5
1, 246. 0
114.5
116. 0
117.4
118.9
120.3
121.8
123. 3
124.9
126.4
33.0
34. 2
35.3
34.3
33.5
33.4
31. 8
29.6
27.6
94.8
94.8
94. 9
95.2
95.5
95. 8
97.9
99. 2
99. 6
27.2
27.3
27.4
26. 0
27. 1
27.2
27.2
27. 2
24. 9
51. 1
51.7
51.7
51.9
52.5
52.6
52. 5
52.7
53. 0
178.7
181. 0
183.3
185.8
187. 5
189. 4
191. 6
193. 7
195.6
236.0
236. 7
239.2
242. 3
243.9
244.7
258.4
261. 2
263. 5
78. 1
78.7
79.4
79.5
79.7
80.2
80.8
81. 0
81.6
1, 784. 3
1, 800. 1
1, 819. 5
1, 828. 8
1, 840. 3
1, 853. 7
1, 882. 0
1, 895. 2
1, 909. 3
1971___
1972
1973
1974
1975
1976—
1977
1978
___
* 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.
34 With inventory
. -. valuation and
nd capital consumption adjustments.
adjustme:
With capital consumption adjustment.
0
3
9
6
5
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest,
„
^
.
, ,^
„
Source: Department of Commerce, Bureau
Buree of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
3,000
3,000
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
PAT
Period
sonal
tax
Perand
sonal
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays l
Per c apita
dispc sable
persona . income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1970__
1971
1972______
1973_.__.._
1974
1975
1976
1977
1978
801.3 115. 3
859. 1 116. 3
942. 5 141. 2
1, 052. 4 150.8
1, 154. 9 170. 3
1, 255. 5 168.8
1, 381. 6 197. 1
1, 531. 6 226. 4
1, 717. 4 259. 0
685. 9
742.8
801.3
901. 7
984.6
1, 086. 7
1, 184. 5
1, 305. 1
1, 458. 4
1972
dollars
Per cap ita personal ccmsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
Dol lars
635.4
685.5
751.9
831. 3
913.0
1, 003. 0
1, 115. 9
1, 240. 2
1, 386. 4
50.6
57. 3
49.4
70.3
71. 7
83. 6
68.6
65.0
72. 0
3,348
3, 588
3, 837
4,285
4, 646
5,088
5,504
6,017
6,672
3,619
3,714
3, 837
4,062
3, 973
4, 025
4, 144
4,285
4,449
3,020
3, 227
3, 510
3,849
4, 197
4,584
5,064
5,579
6, 179
3,265
3,342
3,510
3, 648
3, 589
3,627
3,813
3,973
4, 121
3. 0
2. 6
3. 3
5. 9
-2. 2
1. 3
3. 0
3. 4
3.8
7.7
5.8
5.0
4.9
7. 4
7. 7
6.2
7. 8
7. 3
204, 878
207, 053
208, 846
210, 410
211,945
213, 566
215, 203
216, 898
218, 594
Sea sonally ad justed amlual rates
1978: !____ 1, 634. 8
!!___ 1, 689. 3
III.. 1, 742. 5
IV__ 1, 803. 1
239. 8
252. 1
266. 0
278.2
1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4
74.6
71.2
70.9
71.5
6,401
6,583
6, 748
6,954
4, 389
4,425
4,461
4, 522
5,906
6,097
6,258
6,455
4, 050
4,098
4, 137
4, 197
1.4
3.3
3.3
5.6
5.0
4.8
4.7
5. 3
217, 942
218, 335
218, 814
219, 286
1979: !___„ 1, 852. 6 280.4 1, 572. 2 1, 493. 0
IL__ 1, 892. 5 290.7 1, 601. 7 1, 515. 8
III*. 1, 943. 4 306.4 1, 636. 9 1, 570. 0
79.2
85.9
66. 9
7,157
7,275
7,416
4,536
4,510
4, 487
6, 619
6,704
6,926
4, 196
4, 156
4, 190
-2.3
-2.0
1.2
5.0
5.4
219, 690
220, 166
220, 715
1
1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
3
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
4. 1
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the third quarter, according to preliminary data, net farm income before inventory adjustment fell $6.6 billion
(annual rate), while income after inventory adjustment fell $5.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
200
100
100
_ GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
I
t
I
20
20
10
1972
1973
1974
1975
1976
1978
1977
1979
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persons il income received
by tota I farm po pulation
Period
1971
1972
1973
1974
1975
1976
1977___
1978
_
Income r<sceived fix3m farmintg
I Net incc>me per
Gross i ncome be "ore inven tory adNet t 3 farm
farm sifter injusteaent
oper ators
ventory adjustGash receipts from
me E l t 3
From From From
Producinarketing s
all
farm nonfarm
After
tion ex- Before
l
sources sources sources Total
penses inven- invenLiveCurrent
1967 4
tory
stock
tory
Total
Crops
and
adjust- adjust-2 dollars dollars
ment
ment
products
Dol lars
Billioiis of doll ars
5,042
15.3
4, 157
28.8
60.6
14.6
13.2
30.6
13.5
52.9
22.3
47.4
5,208
6,526
34.6
16.9
70. 1
17.8
61.2
18.7
17.8
35.7
25.5
52. 3
48.9
29.2
19.7
8,875
95.5
33.3
11,813
87. 1
45. 9
41. 1
29.9
65.6
9,349
6,330
45.2
100. 0
23.4
21.8
26. 1
92.4
41.4
72. 2
51. 1
27.7
22. 7
5,488
21.9
96.9
44.5
88. 2
43.0
21.1
24.5 1 8, 846
45. 1
75.9
4, 002
104.2
23.5
6, 823
40.3
16. 8
46. 1
21.0
18. 7
94.8
48.7
83. 1
4,023
18.0
107.5
24.9
47.4
42.9
95.7
48.2
18.7
19. 8 i 7, 301
88.8
5,340
10,434
28. 8
124.2
54. 0
25. 2
59.0
27.9
111.0
52. 1
26.3
98. 1
1978:1
II
III.—
IV____
119.8
124. 3
122.2
133.4
106.2
111. 0
109. 0
118.0
53. 9
58.3
60.4
63.4
52. 4
52.7
48. 6
54. 6
95.0
97. 0
97.4
103. 0
24. 8
27.3
24.8
30.4
25.8
27. 8
26.3
31.6
9, 660
10, 400
9,840
11, 830
5,110
5,370
4,980
5, 860
1979:1
II
III*
140.5
144.8
143.4
127.5
131.2
130. 1
70.0
68.2
65. 1
57.6
63.0
65.0
107.5
111.3
116.5
33.0
33.5
26.9
35.0
36.0
30.4
13, 320
13, 700
11, 570
6,420
6,400
5, 240
1
Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
' Inventory of crops and livestock valued at the average price for the year.
a Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
In the second quarter, corporate profits before tax fell $5.4 billion (annual rate) while after-tax profits fell $2.7
billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
280
280 I
SEASONALLY ADJUSTED ANNUAL RATES
240
240
200
200
PROFITS BEFORE TAX
160
160
-.*»*
120
120
PROFITS AFTER TAX
y .A- —
80
80
TAX LIABILITY
^•MIIMBB,••«,»*'
I lk|ni<
UNDISTRIBUTED PROFITS
40
40
1972
1974
1973
1975
1976
1977
1978
1980
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pro its after tax
>ry valu£ition
Profit s (before tax) wit i inventc
adjustn lent l
Dome *tic indu stries
IN onfinam )ial
Period
Total *
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977___
1978
1978:1 _ II
III
IV
1979:1
II
III ^
._
_ _
___
_ _
_
„
82. 1
77.9
66. 4
76.9
89.6
97. 2
86.5
107. 9
141. 3
162. 0
180. 8
153.6
182. 0
189.0
198.6
193. 3
191. 3
Total
78.9
74.2
62. 6
72.4
84.7
90. 4
76.9
101. 8
133. 1
152. 1
170.6
143.5
171. 0
178.8
189.0
181. 4
179. 6
Financial
10.4
11. 3
12. 6
14. 1
15.4
16. 2
14. 4
13. 0
17.8
23. 8
29.7
27. 2
28. 9
30. 6
32. 1
31. 9
32.0
Total3
Manufacturmg
Wholesale
and
retail
trade
68. 5
62.9
50. 1
58. 2
69. 3
74. 1
62.5
88.9
115.3
128.3
140. 9
116.3
142. 1
148. 3
156.9
149.6
147.7
41.2
36. 8
27. 1
32. 4
40. 6
44. 1
36.6
48.3
65.7
73. 5
81.7
67.6
83. 4
85. 1
90. 6
94. 1
90.6
10. 1
10. 1
9. 4
11. 7
13. 3
14. 7
12.9
20.7
23.3
24. 1
23. 0
17.9
22. 7
25. 5
25. 8
18. 6
22. 4
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
a
Includes rest of the world, not shown separately.
8
Profits
before
tax
Tax
liability
Total
Dividends
85.6
83.4
71.5
82.0
96. 2
115. 8
126. 9
120.4
156.0
177. 1
206. 0
177. 5
207. 2
212. 0
227.4
233.3
227.9
39.4
39. 7
34.5
37.7
41. 5
48.7
52.4
49. 8
63.8
72. 6
84.5
70.8
84. 7
87.5
95. 1
91. 3
88. 7
46. 2
43.8
37. 0
44. 3
54. 6
67. 1
74. 5
70.6
92. 2
104. 5
121. 5
106.7
122.4
124. 6
132. 3
142. 0
139. 3
21.9
22. 6
22. 9
23. 0
24. 6
27.8
31. 0
31.9
37. 5
42. 1
47. 2
45. 1
46.0
47.8
49.7
51.5
52.3
52. 8
Undistributed
profits
24. 2
21. 2
14. 1
21. 3
30.0
39. 3
43.6
38.7
54.7
62. 4
74.3
61. 6
76. 4
76. 8
82. 6
90. 5
87. 0
' Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3. 4
-5.5
-5. 1
-5. 0
-6. 6
- 18. 6
-40.4
-12.4
-14. 6
-15.2
-25. 2
-23. 9
-25. 1
-23. 0
-28.8
-39.9
-36.6
-40. 8
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, business fixed investment rose $8.1 billion (annual rate) as
nonresidential construction outlays rose $4.1 billion and producers' durable equipment purchases rose $4.0 billion.
Residential investment outlays increased $2.0 billion. Inventory investment amounted to $20.0 billion/ down $13.4
billion from the second quarter level.
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
150
100
50
50
-50
-50
1980
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noinresidenl ial fixed investnn3nt
Gross
private
domestic
investment
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977___ _
1978.
1978: ! _ _ _
II
III
IV
1979: I
!!.___
Ill v
__
131.5
146.2
140.8
160.0
188.3
220. 0
214. 6
190.9
243. 0
303. 3
351.5
327.0
352. 3
356.2
370.5
373.8
395.4
392. 1
Strucjtures
Total
89.3
98. 9
100.5
104. 1
116.8
136.0
150.6
150.2
164.9
189. 4
221. 1
203.7
218.8
225.9
236. 1
243.4
249. 1
257.2
Prodincers*
dur able
equip ment
Total
Nonfarm
Total
Nonfarm
31.6
35.7
37.7
39. 3
42.5
49.0
54. 5
53.8
57.3
62. 6
76.5
66.9
75.2
79.7
84.4
84.9
90.5
94. 6
30.4
34.3
36. 1
37.8
41. 1
46. 9
51.8
51.3
54.7
59. 8
73.3
63.8
72. 0
76. 4
81. 1
81.2
86.8
91. 0
57.7
63.3
62.8
64. 7
74.3
87. 0
96.2
96.4
107. 6
126.8
144. 6
136. 8
143. 6
146.3
151. 8
158.5
158.6
162. 6
53. 4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.4
116.3
132. 6
126. 4
131. 9
133.5
138.9
146. 1
144.5
147. 5
Resid ential fix ed investment
"Prr»
Total
34.5
37.9
36.6
49.6
62.0
66. 1
55. 1
51.5
68. 1
91.9
108.0
100. 5
107. 7
110.2
113. 7
111.2
112.9
114. 9
Nonfarm
structures
Farm
structures
ducers'
durable
equipment
33. 1
36.3
35. 1
47. 9
60.3
64. 3
52.7
49.5
65. 7
88.8
104.4
96.8
104.3
106.4
110. 0
107.8
109. 1
110.8
0.6
.7
0.8
.7
.9
1.0
.6
1.2
.9
1.2
1.2
.6
.7
1. 1
1.5
1.8
1.9
1.4
1.9
1.9
1.5
1.8
2. 1
.9
1. 1
1. 1
1.3
1. 6
1.9
1.9
2. 0
1.9
1.9
1.9
2.0
2.0
Change in business inv entories
Total
7.7
9.4
3.8
6.4
9.4
17. 9
8.9
-10.7
10.0
21. 9
22. 3
22.8
25.8
20.0
20. 6
19. 1
33.4
20.0
Nonfarm
7.6
9.2
3.7
5. 1
8.8
14.7
10.8
-14.3
12. 1
20.7
21. 3
22.0
25.3
18. 5
19.3
18.8
32.6
19. 2
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 13.2 percent in 1979, according to the Commerce Department survey
conducted in late July and August. The planned increase is 0.5 percentage point higher than the planned increase
reported in June.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
20
1972
1973
1975
1974
1977
1976
1978
1979
1980
J/ SEE FOOTNOTE 4 BELOW.
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c f plant
and equ ipment
pro]€ cts 3
EJcpenditure s for plant and equ ipment
Total i
1972
1973
1974.
1975
1976
1977
1978 4
1979
N()nmanuf< aeturing
Miinufacturi ng
Period
„
88.44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
_ 174. 11
Communication
Commercial
Manufacturing
Public
utilities
Total
Durable
goods
Nondurable
goods
31. 35
38.01
46. 01
47.95
52. 48
60. 16
67.62
77.58
15. 64
19.25
22. 62
21.84
23.68
27.77
31.66
37.53
15.72
18.76
23.39
26. 11
28. 81
32. 39
35.96
40. oo
57. 09
61. 73
66.39
64. 82
68.01
75.64
86. 19
96. 58
2.42
2. 74
3. 18
3.79
4.00
4.50
4.78
5. 41
5. 72
6. 03
6.66
7. 57
7.45
6. 93
8. 05
10.00
17.00
18. 71
20. 55
20. 14
22. 28
25.80
29. 48
32. 89
11. 89
12.85
13.96
12. 74
13.30
15.45
18. 16
19.77
20.07
21.40
22. 05
20.60
20.99
22.97
25.71
28. 50
35.21
47.57
52.49
48.24
51.05
66.73
72.44
28.60
38. 13
45. 74
34. 50
29. 66
32. 54
34.93
Total
Trans- Public
Mining porta- utilities
tion
and
other 2
144.
1978:1
II
150.
III .._„ 155.
163.
IV
25
76
41
96
61. 57
67. 20
67.75
73.24
28.72
31. 40
32.25
33.99
32.86
35. 80
35.50
39. 26
82.68
83. 56
87.66
90.71
4.45
4.81
4.99
4.98
8.46
7. 40
8.05
8.43
27.92
28. 46
29.62
31.73
17.07
18. 18
18.90
18.46
24.76
24. 71
26.09
27. 12
17. 41
18. 10
16.96
19.97
7.98
7. 78
4.40
14. 00
165.
173.
175.
179.
94
48
29
56
71. 56
76. 42
78. 30
81. 95
34.00
36. 86
38. OS
40. 38
37.56
39.56
40. 27
41. 58
94.38
97.06
96. 99
97. 61
5.46
5. 31
5. 30
5. 58
10.08
9.71
10. 29
10. 15
32. 35
33.24
33. 26
32. 79
18.75
20. 29
27.73
28.51
21. 98
19. 56
3. 27
5. 75
1979: I
II
III4___
!¥*___
i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
48 13
49 08
2 Includes trade, service, construction, finance, and insurance.
s 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
1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 613,000 in September while unemployment fell 164,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
10
-5
1971
*16 YEARS OF AGE AND OVER,
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[T uousands5 of persoris 16 year s of age aiad over, except as noted]
C ivilian e mploymeiit
Period
1974
1975
1976
1977
1978*
Total
labor
Noninstitu- Civilian Unem- force
tional employ- ploy- (includpopula- ment
ment
ing
Armed
tion
Forces)
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
161, 058 94, 373 6,047 102, 537
Ui^adjusted
Civilian
labor
force
91,011
92, 613
94, 773
97, 401
100, 420
85, 935
84, 783
87, 485
90, 546
94, 373
95,
95,
95,
95,
1978: Sept*.
Oct___
Nov__
Dec__
161, 570
161, 829
162, 033
162, 250
95, 041
96, 095
96, 029
95, 906
5,797
5,460
5,629
5,725
103,
103,
103,
103,
097
199
745
975
100,
101,
101,
101,
1979: Jan___
Feb__
Mar__
Apr_May__
June__
July__
Aug._.
Sept__
162, 448
162, 633
162, 909
163, 008
163, 260
163, 469
163, 685
163, 891
164, 106
94,436
94, 765
95, 501
95, 675
96, 220
97, 917
98, 891
98, 226
97, 576
6,431
6,484
6,165
5, 561
5,253
6,235
6, 104
6, 137
5,798
104,
104,
104,
104,
104,
104,
105,
105,
105,
277
621
804
193
325
604
141
139
590
102, 183
102, 527
102, 714
102, 111
102, 247
102, 528
103, 059
103, 049
103, 498
974
077
628
867
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.
Total
Unempl oyment
Nonagn cultural
Part-time Total
ecoTotal for
nomic l
reasons
2,709
3,492 82, 443
5,076
3,490
7,830
3,380 81, 403
3,272
7,288
3,297 84, 188
3,297
3,244 87, 302
6,855
3,216
6,047
3,342 91, 031
Seas onally ad; usted
Agricultural
15
weeks
and
over
Labor
participation
rate
i \ 2»
cent)
937
61.8
61. 8
62. 1
62.8
63.7
63.8
63.8
2,483
2,339
1,911
1,379
010
241
751
855
3,406
3,374
3,275
3,387
91, 604
91, 867
92, 476
92, 468
3,203
3,164
3,131
3,058
5,964
5,836
5,877
6,012
1,268
1,317
1,196
1,208
96, 300
96, 647
96, 842
96, 174
96, 318
96, 754
97, 210
96, 900
97, 513
3,232
3,311
3,343
3, 186
3, 184
3,260
3,262
3,322
3,400
93, 068
93, 335
93, 499
92, 987
93, 134
93, 494
93, 949
93, 578
94, 113
3,159
3, 147
3,179
3, 312
3,307
3,416
3,340
3,355
3, 111
5,883
5,881
5,871
5,937
5, 929
5,774
5,848
6, 149
5,985
1,251
1, 260
1,305
1,235
1,213
1,086
1,052
1,191
1, 133
640
64 1
642
643
643
63.9
63.9
640
642
642
643
*Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September the seasonally adjusted unemployment rate fell to 5.8 percent-from 6.0 percent in August.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
TEENAGERS*.
(16-19)
7
* V
**<
/*
>V\
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
i ii1
1975
1979
1975
1976
1977
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED,
SOURCE: DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Men
20
years
and
over
._
5.6
8.5
7.7
7.0
6.0
3.8
6.7
5.9
5.2
4.2
4. 1
_
5.9
5.8
5.8
5.9
5.8
5.7
5.7
4.0
4.0
4.0
4.0
3.9
3.9
Period
1974
1975
1976
1977..
1978
___
_,
1978: Sept___
Oct.. _
• Nov
Dec-1979: Jan—
' • Feb...
Mar
Apr__ _ _ _ _
May___
_ _
June
July
Aug. _ _
Sept....
1
Unernployment rate ( percent <}f civiliaii labor f orce in g •oup)
]By select ed group s
By £sex and itge
By race
_
5. 8
5. 8
5.6
5.7
6.0
5.8
4.0
3.9
4. 1
4. 1
4.2
4. 2
Women
20
years
and
over
Both
sexes
16-19
years
White
5.5
8.0
7.4
7.0
6.0
16.0
19.9
19.0
17.7
16.3
5.0
7.8
7.0
6.2
5.2
5.9
5.6
5.8
5.8
16. 3
16.2
16.2
16.5
5.2
5.7
5.7
5.7
5.7
5.8
5.8
5.5
5.9
15.7
16. 1
15.5
16.5
16. 8
15.3
15.3
16. 5
16. 4
5. 5
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
5. 1
5.0
5.2
5. 1
4.9
5.0
4.9
5. 0
4.9
4.9
5.3
5.1
ExpeFullBlack rienced
time
wage Houseand
hold
and
other salary
heads workers
w orkers
9.9
5.3
3.3
5. 1
8.2
13.9
5.8
8. 1
13. 1
7. 3
7.3
5. 1
13. 1
4.5
6.6
6. 5
5.6
5.5
11.9
3.7
11.3
11.3
11.7
11.5
5.6
5.4
5.4
5.6
3.6
3.5
3.4
3.5
5.4
5.2
5.2
5.3
11. 2
11.9
11. 2
11. 8
11.6
11.3
10. 8
11.0
10. 6
5.4
5.3
5.3
5.4
5.3
5.3
5.4
5.7
3.4
3.5
3.4
3.6
5.2
5.2
5. 5
3. 4
3.5
3.7
3. 8
3.7
Parttime
workers
5. 1
5.3
5.2
5.1
5.3
5. 4
5. 4
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time
lost
(percent) *
8. 6
10.3
10. 1
6. 1
9. 1
9.8
9.0
8.3
7.6
6.5
8.8
9.0
8.9
9.2
6.4
6.2
6.2
6.2
9. 1
6.2
6.2
6.1
6.5
6.3
8.6
9.2
8.8
9.6
8.6
8.2
8. 8
8.3
6. 3
6.4
6.5
6.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In September the percentage of unemployed persons who were new entrants and reentrants rose and the percentage
who were job leavers and job losers fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
REENTRANTS
20
20
15-26
WEEKS
NEW
VV CIN
ENTRANTS
I
J^
^
JOB LEAVERS
27 WEEKS
AND OVER
111
IJJ
1976
1977
1978
1979
1977
1976
1980
1978
1979
it 1
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
TT
Period
Unemployment
(thousands)
[IMonthly data sea sonally aid justed, except as noted]
Percen t distribiution of unemPercen t distrib ution of unemState pi*ograms Insured
unemployment b y duratic>n*
pl oyment I>y reasoni i
ployment.
all
Insured
27
New
Less
regular
Job
Job
ReenInitial
unem15-26
5-14
weeks
enthan 5 weeks weeks
prolosers leavers trants trants
ploy- claims
and
weeks
grams 2
over
ment
(unadjusted)
Special
unemployment
benefit3
claims
(unadjusted)
Weejkly aver age, thou sands
1974
1975__ _.
1976
_
1977
1978
1978: Sept_.
Oct_
Nov...
Dec..
1979: Jan__
Feb.-,
Mar-.
Apr__
May...
June..
July.,
Aug__.
Sept _ -
5,076
7,830
7,288
6, 855
6,047
5,964
5,836
5,877
6,012
5,883
5,881
5,871
5,937
5,929
5,774
5,848
6, 149
5, 985
43.4
55.4
49. 8
45.3
41. 6
39.7
42.2
40.7
40. 2
41. 6
41.8
41.3
42.2
39.9
41. 0
43.7
44.4
43. 4
14. 9
10.4
12. 2
13. 0
14. 1
14.3
14.0
14.2
14.3
15.7
14.0
14.6
14.2
16. 1
15. 1
14.4
14.6
13.6
28.4
23. 8
26. 0
28. 1
30.0
32.4
29.6
30. 1
31.9
28.7
29. 6
30.2
30.0
29. 8
30.2
29.9
29. 3
29.7
13.3
10.4
12. 1
13.7
14.3
13.7
14.2
15.0
13.6
14.0
14.7
13.9
13.6
14.2
13.7
12.0
11.7
13.4
50. 6
37. 0
38. 3
41.7
46.2
47. 1
46.7
48.8
47.4
46. 4
46.7
46.5
48. 6
47.0
50. 5
48. 0
52.4
46.3
* Detail may not add to 100 percent because of rounding.
* Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
31.0
31. 3
29.6
30.5
31.0
31.5
30.7
30.6
32. 6
32. 1
31.8
31.4
31. 0
32.6
30.8
33.9
28.3
34.6
11. 1
16. 5
13.8
13. 1
12.3
11.2
12.6
11.8
12. 0
12.5
12. 1
12.3
11. 4
11.9
10. 6
10. 3
10.7
10. 6
7.3
15.2
18.3
14.8
10.5
10.2
10.0
8.8
7.9
9.0
9.3
9.7
9.0
8.6
8. 1
7. 8
8.6
8. 5
2,262
3, 986
2,991
2,655
2,356
2,292
2,234
2,230
2,252
2,367
2,349
2,323
2,367
2, 253
2,255
2,411
2,547
2,494
363
478
382
375
342
326
325
338
339
350
341
349
433
356
386
395
397
392
2, 558
4, 943
3,822
3, 111
2,640
2,064
1,999
2, 148
2,567
3, 198
3,209
2,921
2, 610
2,230
2, 119
2,429
2,379
2, 165
1,173
1,152
572
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).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 135,000 in September.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
90
80
70
SERVICE PRODUCING
INDUSTRIES
60
^ —^ _
AAANUFAC FURING
*«^***
\
20
~*+*~
50
„
1 mm i ^ »"****
40
11 1 1 M 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 |
GOODS-PRODUCING
INDUSTRIES
CONST RUCTION
\
20
1975
1977
1976
,
*i-^^*——^^
_
fjl 1 1 1 i 1 1 1 I ) 1
'
L 1 1 1 1 1 1 1 1 IJI«
-
\
30
1 11 11111i 11 1 1 111 111111
1978
K
1979
i 1 1 11 1111 ii
i t 11 ill i it i
1976
1977
1975
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1 1 1 1 1 1 I!
1978
1 1 1
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
Service-pjDeducing Industriejs
TransFinance,
Gover nment
Mainufaetui •ing
insurporta- Wholesale
ance,
tion
and
State
Non- Total
and
and Services
retail
Federal and
durable
Total Durable
real
public
goods goods
trade
local
estate
utilities
Cyoods-prc>ducing industries5
Jreriod
'P«kiM/%fi
1974_
1975
1976
1977_..
1978.-
Total
nonagricultural
employ- Total *
ment
Construction
24, 794
22, 600
23, 352
24, 346
25, 597
4, 020
3,525
3,576
3,851
4,271
20, 077
18, 323
18, 997
19, 682
20, 476
11, 925
10, 688
11, 077
11, 597
12, 246
8,152
7,635
7,920
8,086
8,230
53, 471
54, 345
56, 030
58, 077
60, 849
4,725
4,542
4, 582
4,713
4,927
16, 987
17, 060
17, 755
18, 516
19, 499
4,148
4, 165
4,271
4,467
4,727
13, 441
13, 892
14, 551
15, 303
16, 220
2,724
2,748
2,733
2,727
2,753
11, 446
11, 937
12, 138
12, 352
12, 723
78, 265
76, 945
79, 382
„_ 82, 423
86, 446
X* _ _
1978: Sept. .
Oct__
Nov__
Dec__>
87, 032
87, 424
87, 840
88, 133
25, 767
25, 941
26, 120
26, 272
4,352
4,398
4,429
4,469
20,
20,
20,
20,
511
633
772
881
12, 308
12, 419
12, 510
12, 583
8,203
8,214
8,262
8,298
61, 265
61, 483
61, 720
61, 861
4,941
5,014
5, 038
5, 054
19, 653
19, 744
19, 829
19, 858
4,774
4,793
4,827
4,847
16, 423
16, 464
16, 554
16, 630
2,755
2,760
2,757
2,734
12,
12,
12,
12,
1979: Jan. __
Feb.,.
Mar_
Apr__.
May__
June__
July..
Aug *_
Sept *„
88, 433
88, 700
89, 039
89, 036
89, 398
89, 626
89, 713
89, 718
89, 853
26, 382
26, 448
26, 627
26, 565
26, 651
26, 674
26, 723
26, 595
26, 615
4,497
4,486
4,614
4, 559
4, 648
4,662
4,688
4,668
4, 655
20, 958
21, 025
21, 073
21, 066
21, 059
21, 063
21, 079
20, 962
20, 986
12, 640
12, 715
12, 751
12, 752
12, 739
12, 760
12, 786
12, 721
12, 753
8,318
8,310
8,322
8,314
8,320
8,303
8,293
8,241
8,233
62, 051
62, 252
62, 412
62, 471
62, 747
62, 952
62, 990
63, 123
63, 238
5,071
5, 094
5, 116
5,024
5, 130
5, 190
5, 169
5, 190
5, 169
19, 965
20, 016
20, 054
20, 088
20, 129
20, 116
20, 122
20, 112
20, 164
4,868
4,884
4,899
4,915
4,936
4,958
4, 972
5,005
5,018
16, 670
16, 763
16, 833
16, 880
16, 954
17, 051
17, 092
17, 147
17, 245
2,758
2,757
2,757
2, 758
2,770
2,788
2,785
2,782
2,781
12, 719
12, 738
12, 753
12, 806
12, 828
12, 849
12, 850
12, 887
12, 861
sons, 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
are not at work because of industrial disputes; and which are based on a sample
14
719
708
715
738
NOTE.—Annual data revised beginning 1977, seasonally adjusted revised
beginning 1974.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averagje gross
hourly <sarnings
Aver age weekly hours
Total
private
nonagrieultural *
Period
1970
1971
1972
1973
1974
1975
1976
1977.
1978
—
1978: Sept
Oct
Nov_
Dec_ .
_
1979: Jan____ _
Feb___
Mar_
Apr
May
June
July
Aug*-- __
Sept*
Overtime
Total
private
nonagncultural l
Manufacturing
Manuf*icturing
Total
Adjusted h ourly earmn gs index2 —1<3tal private
nonagric;ultural
Percent ch ange from
a year earlier 4
Index, 1<567 = 100
Current
dollars
1967
dollars *
Current
dollars
1967
dollars
37.1
36. 9
37.0
36.9
36. 5
36. 1
36. 1
36.0
35.8
39.8
39.9
40.5
40.7
40. 0
39.5
40.1
40.3
40.4
3.0
2.9
3. 5
3.8
3.3
2.6
3. 1
3.5
3.6
$3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.25
5.69
$3.35
3.57
3.82
4.09
4.42
4.83
5.22
5.68
6. 17
120.7
129.2
137.5
146.0
157.5
170.6
183.0
196.8
212.9
103. 8
106. 5
109.7
109.7
106.7
105. 9
107.3
108.4
109.0
6.6
7.0
6.4
6.2
7.9
8.3
7.3
7.5
8.2
0.7
2.6
3.0
0
-2.7
-.7
1.3
1. 0
.6
35.8
35.8
35.8
35.8
40. 5
40.5
40.6
40.6
3.6
3.6
3.7
3.7
5. 78
5.84
5.87
5. 92
6. 26
6.33
6.38
6.43
216. 5
218. 1
219.2
220. 9
108. 9
108. 7
108.6
108. 7
8.4
8.2
8.3
8. 5
.1
-.5
•—• . o
-.5
35.8
35. 7
35.9
35.3
35.7
35.6
35. 6
35.6
35. 6
40.6
40. 6
40.6
39. 1
40. 2
40. 1
40.2
40. 1
40.0
3. 7
3.7
3.7
2.7
3.5
3.4
3.3
3.2
3.2
5.96
6.00
6.04
6.04
6. 09
6. 13
6. 18
6. 22
6.25
6. 46
6.51
6.56
6.56
6. 65
6.68
6. 72
6. 74
6. 77
222.6
224. 0
225.2
226.8
227. 5
229. 0
230.9
232. 2
233. 7
108. 5
107. 8
107. 3
106.9
106. 1
105.7
105.6
105. 1
104. 6
8. 1
8.4
8.2
8.0
7.8
7.8
7.9
8. 1
7.9
-1.2
-1.5
-2. 0
-2. 4
-2.8
-2.9
-3.2
-3. 5
-3.9
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricuItural *
Period
Current
dollars
1970
1971
1972
1973
1974
1975
1976
1977
1978.
1978: Sept
Oct_
Nov___
Dec
1979: Jan
Feb
Mar__
Apr
May __ _
June
July
Aug*
Sept*>__ _
___
_.__
_ _
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
206. 92
209. 07
210. 15
211. 94
213. 37
214. 20
216. 84
213. 21
217. 41
218. 23
220. 01
221. 43
222. 50
Manufacturing
1967
dollars *•
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
104. 03
104. 22
104. 14
104. 30
103. 98
103. 13
103. 31
100. 48
101. 40
100. 75
100. 60
100. 24
99.60
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
253. 53
256. 37
259. 03
261. 06
262. 28
264. 31
266. 34
256. 50
267. 33
267. 87
270. 14
270. 27
270. 80
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 32
324. 49
323. 98
325. 68
328. 56
331. 67
331. 60
335. 01
323. 41
241. 32
341. 87
341. 14
346. 70
351. 94
Percent chiinge from a
year e arlier,
total pri^/ate nonagricu Itural •
Current
dollars
Current dollar*5
1
Also includes other private industry groups shown on p. 14.
1
Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
* Monthly changes based on indexes to two decimal places.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 64
155. 80
157. 59
157. 77
159. 08
159. 90
160. 23
162. 19
163. 67
163. 00
163. 98
165. 28
165. 43
166. 59
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
8.2
8.3
8.6
8.9
9.2
9.4
8. 6
5.6
7. 8
7.2
7.2
7.8
7.5
1967
dollars
— 1. 3
1.9
4. 1
-.0
-4. 1
-3.2
1.4
1.2
.2
-. 0
—. 4
-. 2
-. 1
—.1
-.5
-1. 6
-4. 6
-2.8
-4.5
-3.9
-3.8
-4.3
< Based on unadjusted data.
NOTE.—Annual data revised beginning 1977, seasonally adjusted beginning
1974; except adjusted hourly earnings index annual data revised beginning 1975,
seasonally adjusted beginning 1972.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of 2all
pers<3ns
Out]3Ut*
Output i>er hour
of all p ersons
Compensation
per tlour 3
Unit labor
cos3tS
Implici' ; price
deflat or 4
PriNonPriNonNonNonPriNonNonPrivate
Private
Private
vate
vate
farm
farm
farm
farm
vate
farm
farm
business business
business business
business business
business business 3usiness business business business
sector
sector
sector
sector sector
sector sector sector
sector
sector
sector sector
Period
1967== 100; qua rterly dat a season?illy adjusl,ed
1966
1967
1968
1969
98. 1
100. 0
105. 1
108.3
98. 1
100.0
105. 3
108.5
100.0
100. 0
101.8
104.6
99.8
100.0
102. 1
105.5
98.0
100. 0
103. 3
103.5
98.4
100. 0
103.2
102. 9
94.9
100. 0
107.6
114.9
94.8
100.0
107.3
114. 1
96.8
100.0
104. 1
111.0
96.4
100. 0
104.0
110.9
97. 2
100.0
103.9
108.8
96.8
100.0
104.0
108.7
1970
1971
1972
1973
1974
107.3
110.3
117.5
124.4
121.4
107. 4
110.2
117.8
124.9
121.8
103.0
102. 4
105.5
109.6
110.3
104. 2
103.8
107.0
111.5
112. 3
104.2
107.7
111.4
113.6
110. 1
103.0
106. 2
110. 1
112.0
108.5
123. 1
131.4
139. 7
151.2
164.9
121.7
129.9
138.4
149.2
162.8
118.2
122. 0
125. 4
133.1
149.8
118. 1
122. 3
125.7
133.2
150.0
113.9
118. 9
123.2
130.3
143. 1
114. 0
119.2
122.9
127.9
141.4
118.7
126.4
133.8
140.7
118. 8
126.9
134.3
141. 5
105.6
108.6
112. 8
118. 1
107.4
111.0
115.6
121. 1
112.4
116.4
118.6
119.2
110.5
114.4
116.2
116.8
181.3
197.2
213. 0
231.2
178. 9
193.8
209.3
227.3
161.3
169.4
179.6
194. 0
161.8
169.4
180. 1
194.5
157.5
165.5
174.8
187.2
156.4
164.8
174. 5
186. 1
1978: I
II
III
IV
136. 9
140.3
141. 8
144.0
137.3
141. 1
142.7
145. 0
115. 6
117.9
118.4
120. 2
118.4
121. 1
121. 6
123.4
118.4
119.0
119.7
119.8
116.0
116.5
117.3
117.6
224.2
228.5
233. 6
238.4
220. 6
224.6
229. 4
234.3
189.4
192. 1
195.2
199.0
190.2
192.7
195. 6
199.3
180.9
185.8
188.9
192. 9
180.2
184.7
187. 8
191.4
1979:
144.4
143. 4
144.3
145.5
144. 2
145.2
121. 5
121.3
122.0
124.8
124.9
125.7
118.9
118.2
118.3
116.6
115.4
115.5
244. 8
250.3
255.4
240. 2
244.8
249.6
205.9
211. 7
216.0
206.0
212. 1
216.2
197. 2
202.0
206.2
195. 1
200.3
204. 8
19751976
1977
1978
-
II
III *>_-
Perce nt change ; quarterly data at seasonal ly adjuste d annual rates
5. 5
2.0
5. 1
3.0
6.0
1.9
5.3
3.0
2.3
-.0
1.8
2.8
3.3
.2
2. 1
3.4
3.2
2.0
3.3
.2
2.5
1.6
3.2
-.3
7.0
5.3
7.6
6.8
6.1
5.5
7.3
6. 3
3.8
3.3
4. 1
6. 6
3.5
3.8
4.0
6.7
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
1970
1971
1972
1973
1974
-.9
2.8
6.6
5.9
-2.4
-1. 1
2.6
6.9
6.0
-2.5
-1.6
-. 6
3.0
3.9
.7
-1.2
-.4
3. 1
4.2
.7
.7
3.3
3.5
1.9
-3.0
.1
3.1
3.7
1.7
-3.1
7. 1
6.7
6.3
8.2
9.1
6.7
6.7
6.5
7.8
9. 1
6.4
3.3
2.8
6.2
12.5
6.5
3.5
2.8
6.0
12.7
4.7
4.4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10.5
1975
1976
1977
1978
-2.3
6.5
5.8
5.2
-2.5
6.9
5.8
5.4
-4.3
2.9
3.9
4.7
-4.3
3.3
4. 1
4.8
2.1
3.5
1.9
.5
1.9
3.5
1.6
.5
9.9
8.8
8. 0
8.5
9.9
8.3
8.0
8.6
7.7
5.0
6.0
8.0
7.9
4.7
6.3
8.0
10. 1
5.0
5.6
7. 1
10. 6
5.4
5.9
6.6
_
2.4
10. 5
4.2
6.4
2. 7
11.5
4. 5
6.8
3. 9
8.4
1.7
6. 1
3.6
9.4
1.8
5.9
-1.5
2.0
2.4
.3
-.9
1.9
2.7
1.8
10.9
7.9
9.2
8.5
11.4
7.5
8.8
8.8
12. 6
5.8
6.6
8. 1
12.4
5.4
6.0
8.0
5.3
11.2
6.9
8.7
4.4
10. 2
7.0
7.8
1979: I
II
III » _ _ _
1.2
-2.9
2.5
1.2
-3.6
2.8
4.4
-.7
2.4
4.6
.5
2.5
-3.0
-2.2
.1
-3.2
-4. 1
.2
11. 1
9.3
8.5
10.4
7.9
8.2
14. 6
11.8
8.3
14. 0
12.5
7.9
9.3
10. 1
8.4
8. 1
11.0
9.3
1966
1967
1968
1969
1978: ! _ _ _
II
III
IV
—
_
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
* Current dollar gross domestic product divided by constant dollar gross' domestic product.
16
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data revised beginning 1977.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.5 percent in September, largely reflecting a rebound in production of motor vehicles.
The index had declined 0.9 percent in August following gains of 0.1 percent in both June and July.
INDEX, 1967=100*
INDEX, 1967=100*
(RATIO SCALE)
(RATIO SCALE)
180
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
160
UTILITIES
140
120
w-/
MINING
100
MANUFACTURING PRODUCTION
1975
1976
1977
1978
1979
PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
100
1975
1976
1977
1978
1975
1979
1976
1977
1978
1979
* 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
100. 00
1967 proportion
9.2
1972
119. 7
8.4
1973
129. 8
A
_"_ . *Jt
129.3
1974.
117. 8
-8.9
1975
130. 5
10.8
1976... ...
138.2
1977
__
5.9
146. 1
1978_
5.7
1978: Sept
148. 6
6.4
Oct
149. 7
6.9
. NOV
-:
7.3
150.6
151. 8
8.0
Dec...
1979: Jan
__ 151.5
8.2
Feb
8.3
152.0
153. 0
Mar
7.7
Apr
150.8
4. 4
May
.
- 152.4
5.2
June _ _ _ _ _
152. 6
4.4
3.9
152.8
July..........
Aug p _ _ _
2. 4
151.5
Sept ?
152.3
2.5
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
130.3
138.4
146.8
149. 6
150. 7
151. 6
152. 9
152. 5
153.3
154. 5
151. 6
153.8
153.9
154.0
152.3
153.2
51.98
113. 7
127. 1
125. 7
109. 3
122. 3
130. 0
139.7
142.9
144. 6
145.5
146. 8
146. 8
147.2
148.6
144. 6
147.6
147.6
147. 2
144. 1
145.5
35.97
126. 5
133. 8
134. 6
126.4
141. 8
150.5
156. 9
159. 3
159.5
160.4
161. 7
160.7
162.0
163.0
161. 7
162. 8
163.0
163.9
164. 1
164.4
6.36
113. 1
114. 7
115.3
112. 8
114. 2
118.2
124.0
124. 4
127.9
128.0
127.4
123. 8
120. 9
122. 3
122.7
122. 8
123. 9
125.0
126. 6
126. 8
5. 69
139.4
145. 4
143. 7
146. 0
151. 7
156.5
161.4
163. 0
163.2
163.7
164. 7
166.2
167.7
167. 1
167. 4
166. 5
164. 2
165. 8
166. 1
166.7
ing
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.
2
3
Manufsicturing aipacity ut ilization
rate, p Brcent *
Federal Reserve
seiles
WharComTotal
merce2
ton
manu- Mate- series
series 3
rials
factur83.5
87. 6
83.8
72.9
79. 5
81. 9
84.4
85. 5
86.0
86.3
86. 8
86. 4
86, 7
87.1
85. 3
86.3
86.2
86. 0
84.8
85. 1
87.0
91.8
87.1
73.4
81. 1
82.7
85. 6
86.8
87.6
88.1
88.8
87.9
87.8
88.3
86.9
87.4
87.5
87.7
86.8
86.7
83
86
83
77
81
83
84
83
87.8
93.0
90.4
79.7
86.0
88.8
91.8
92.5
84
94.2
84
94. 6
83
93.8
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]
Proc .ucts
Final ]Products
Total
NonDurable durable
goods
goods
Total
1967 proportion
1970
_
1971
1972
1973
_
1974
1975
_ _
1976
1977
1978_
1978: Sept_
Oct
Nov.. _ _.
Dec _
1979: J a n _ _
Feb
Mar
__ _
.._
Apr. _
May
..
June
July v
Aug •
Sept ^
Equip>ment
Coiisumer go ods
Period
_ __
_
_
_
_
..
_-.
__
47.82
105. 3
106. 3
115. 7
124. 4
125. 1
118. 2
127. 6
135.9
142. 2
144. 5
145. 1
145. 3
146. 1
146. 1
146. 8
148. 2
145.4
147. 8
147.6
147. 4
145. 7
147. 1
27. 68
109. 0
114.7
124. 4
131.5
128.9
124. 0
137. 1
145. 3
149. 1
150. 8
151.2
151. 3
151. 5
150. 6
151. 5
152.9
149. 1
152. 0
151. 8
151. 1
148.4
149. 9
7. 89
106. 1
118.8
133. 8
146.2
135. 3
121. 4
141. 9
154. 0
159.2
160. 5
162.6
162.9
161. 8
160. 4
161. 1
163.6
151. 6
160. 5
158. 6
157. 0
147. 5
152. 2
Interrrtediate
prod ucts
19. 79
110. 1
113. 1
120. 6
125. 6
126. 3
125. 1
135. 2
141. 9
145. 1
147.0
146.6
146. 7
147.3
146.7
147.7
148. 6
148. 0
148. 7
149. 1
148. 7
148, 8
149. 1
Materials
Construction
supplies
Total
Business
Total
20. 14
12. 63
12. 89
6.42
100. 1
94. 7
103. 8
114. 5
120.0
110.2
114. 6
123.0
132.8
135. 9
136. 6
137. 1
138. 6
139. 9
140.4
141. 7
140. 4
141. 9
141. 9
142. 2
142. 0
143. 1
107.0
104. 1
118.0
134.2
142.4
128. 2
135.4
147. 8
160. 3
163.8
164. 8
165. 0
166. 8
168. 1
169.0
170. 8
168.7
171. 4
171. 5
171. 4
171. 0
172. 4
112.9
116.7
126.5
137.2
135. 3
123. 1
137. 2
145. 1
154. 1
155. 6
156.4
157. 8
159.9
160.8
161.4
160. 4
159.7
159.5
159.5
159.3
159. 4
159. 4
111. 0
116.8
128.4
139. 8
134.5
116. 3
132. 6
140. 6
151, 7
153. 5
154.5
156. 1
158.3
159. 1
159. 3
157. 1
156.0
156.4
156.3
156.4
156. 2
156. 3
39. 29
109. 2
111. 3
122. 3
133. 9
132. 4
115. 5
131. 7
138.6
148. 3
151. 2
153.2
154. 5
156. 2
155. 0
155.2
156. 3
154. 5
155.7
156. 5
157. 2
156.0
156.2
Supplementary
group :
Energy
total
12. 23
117.0
119.5
125.2
128.3
125.5
125. 5
129. 1
132. 9
135. 4
136. 0
138.2
139. 1
139. 1
138. 1
137.5
138.4
138. 7
137.6
137.2
137.4
138. 1
138. 1
[1967 = 100, seasonally adjusted]
Nonelurable nnanufact ures
D urable m anufactu res
Primar}r metals
Period
Total
1967 proportion
1970
1971
1972
__ ___
1973
1974 _
1975
1976
1977
1978
1978: Sept
Oet__
..
Nov
Dec._
1979: Jan
Feb
Mar _
Apr _ _
May_ _
_ _
June
July._ _ .
Aug *>
__
Sept v
Iron
and
steel
Fabricated
metal
products
6.57
4.21
5.93
106. 6
100. 2
112. 1
126. 7
123. 1
96.4
109. 7
111. 1
119.9
127. 4
129. 4
130. 8
132. 1
123.4
120.4
123.7
121.7
121. 0
124.3
126.8
121. 0
119. 7
104.7
96. 1
107. 1
122. 3
119. 8
95.8
104. 8
103.8
113. 2
121. 3
123. 8
124. 4
125.3
113.3
110. 8
116. 2
115.8
114. 3
118. 1
119. 0
111. 5
102.4
103. 5
112. 1
124. 7
124.2
109.9
123. 9
131.0
141. 6
144.2
144. 9
145. 6
147. 1
149. 1
150.8
150. 2
148.8
150. 3
149.3
149. 3
148. 1
148.9
Source: Board of Governors of the Federal Reserve System.
18
Non-
trical
machin—
ery
Electrical
machinery
9. 15
104.4
100. 2
116. 0
133.7
140. 1
125. 1
134. 5
143.6
153.6
156.4
157. 5
157. 8
158. 1
161.2
162.9
164. 0
161. 8
164.3
164.5
165. 5
165. 6
166.2
108. 1
107. 7
122. 2
143. 1
143.8
116. 5
134. 8
145.4
159.4
163.3
164. 2
165. 2
167.7
170.9
173.2
174. 2
170.6
174.7
175. 1
174.4
172. 1
173.7
8.05
Transp<Drtation
equip ment
Total
9. 27
89.5
97. 9
108.2
118. 3
108. 7
97.4
111. 1
122.2
132.5
134.9
139. 7
142. 1
142.9
141.2
139.9
143. 7
131.6
141. 9
139.4
135.5
124.0
130.4
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
4.50
1. 64
3. 31
4.72
92.3
118. 6
135.8
148. 8
128.2
111. 1
142. 0
161. 1
169. 9
171.0
178. 9
181. 9
182. 1
177.9
173. 1
179. 7
156. 0
176.3
169.6
160. 2
136.7
149. 4
105.6
113. 8
120.8
126. 0
116.2
107.6
123. 2
131.2
136.3
136. 2
138. 1
140. 1
144. 0
137.3
137. 2
137. 7
137.2
136. 1
136.8
135.2
136. 2
101.4
104. 7
109. 4
117.3
114. 3
107.6
125. 7
134. 2
134.2
139.6
136.8
135. 8
136. 5
130.3
133.5
136. 5
130.8
128.2
132.0
130.7
107.0
107. 1
112. 7
118. 2
118. 2
113.3
122. 5
127.6
131.5
132.6
132. 6
133.7
134.4
135.6
138.2
137. 3
135.7
136.8
136.9
135.2
137.0
137.4
7. 74
120.4
125. 9
143. 6
154. 5
159. 4
147.2
170. 9
185.7
197.4
201. 3
202. 7
204. 6
207.2
206. 5
208. 6
207. 4
207.7
209.7
207. 8
209. 7
212.0
Foods
8.75
108. 9
112.8
116.8
120. 9
124.0
123.4
133.0
138.8
142.7
143.7
143.2
143. 7
144. 7
143. 9
145.5
147. 6
147.0
149. 2
149. 5
149. 4
148.7
NEW CONSTRUCTION
Constructio n contracts1
Private
Total new
construction
expenditures
Period
Eesidlential
Total
Total »
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
iiTiii"*!
Total value
index
(1972=
100)
Commercial and
industrial
floor space
(millions of
square feet)
Billions of doll ars
1972
1973
1974
1975
1976
1977
1978
124. 1
137.9
138.5
134.5
151. 1
174.0
206.2
93.9
105.4
100.2
93/7
111.9
135.8
160.4
54.3
59.7
50.4
46.5
60.5
81.0
93.4
44.9
50.1
40.6
34.4
47.3
65,7
75.8
21.5
24.0
25.9
26.4
31.5
32.4
37.4
18. 1
21.7
23.8
20.8
19.9
22. 5
29.6
30.2
32.5
38.3
40.9
39. 1
38.2
45.8
Seasonally
adjusted
Seasonally / adjusted aiinual rates
213.7
215.3
217.8
220. 0
223.2
212.3
210.9
216.7
216.2
223.2
224.7
232.6
232.4
235.8
1978: Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr
May
June
July 9
Aug*___
Sept v
165. 1
166.5
168. 5
170.7
173.8
165.9
169.3
172.7
171.7
174.8
178.7
181.7
182.9
183.7
95. 8
96.0
95. 9
97.5
99.7
93.7
97.8
96.5
95.5
95.0
97.3
98.8
100. 1
101.2
31.2
31.8
32.9
33.3
33.9
32. 5
32.4
36.2
35.5
38. 1
39.5
40. 3
39.6
39.7
77.7
77.7
77.6
78. 9
80.7
73.6
77.2
75.9
76.0
75.7
77.7
77.7
78. 3
79.0
i Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
3 F. W. Dodge series. Kelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
100. 0
109.2
103.0
101.9
121. 0
153.6
173. 1
38. 1
38.7
39.7
39.9
40. 1
39.6
39.2
40.0
40.7
41.7
41. 9
42.6
43. 2
42. 8
48. 6
48.8
49.3
49.3
49. 4
46. 4
41.6
44. 0
44.5
48.4
46.0
50. 9
49.5
52. 1
177
182
193
173
184
181
231
186
202
178
177
165
163
185
854
1,010
840
555
592
739
964
Seasonally
adjusted
annual
rates
951
1, 037
1,015
1,093
978
1,062
1,266
1,233
1,123
1,045
1,009
1,062
1,006
1, 106
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
> ew private housing unilbs
Units started, by type of stnicture
Period
1971
1972
1973
1974
1975
1976
1977
1978
.
^__
._._
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 151. 0
1, 309. 2
1, 132. 0
888.1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
2-4
units
120.3
141. 3
118.3
68.1
64.0
85.9
121.7
125.0
Units
5 or more
units
780. 9
906.2
795.0
381.6
204.3
289. 2
414.4
462.0
Homes
sold
Homes for
sale at
end of
period *
Vacancy
rate for
rental
housing
units
(percent)8
ized
Units
completed
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
656
718
634
519
549
646
819
817
287
409
418
346
313
353
401
413
5.4
5.6
5.8
6.2
6.0
5.6
5.2
5.0
1,900
1,883
1,885
1,888
1, 815
1,894
1, 957
2, 015
2,016
1, 866
1,756
1,725
796
900
803
802
774
697
784
722
707
692
804
772
417
407
412
413
412
410
3
424
425
431
418
417
417
5.0
Seasonally adjusted armual rates
1978: Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr
May
June
July »
Aug*
Sept *
_
1
Seasonally adjusted.
2
3 Quarterly data entered
2,024
2,054
2,107
2, 074
1,679
1,381
1,786
1,745
1,835
1,923
1,788
1,806
1,881
1,432
1,436
1,502
1,539
1,139
953
1,266
1,278
1,226
1,288
1,220
1,240
1,249
in last month of quarter.
New series beginning March 1979.
112
135
150
119
124
76
116
115
119
123
138
160
123
480
483
455
416
416
352
404
352
490
512
430
406
509
1,838
1,835
1, 789
1, 827
1,451
1,425
1, 621
1, 517
1, 618
1,639
1, 528
1,654
1,733
_
5.0
4. 8
5.0
5.2
NOTE.—Units authorized beginning 1978 relate to 18,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 1% percent in August while inventories rose $3.2 billion. According to the advance survey, retail
sales increased 214 percent in September, following increases of 3 percent in August and % percent in July.
BILLIONS OF DOLLARS' (RATIO SCALE)
500
BILLIONS OF DOLLARS*
1201
(RATIO SCALE)
450
100
400
RETAIL INVENTORIES
90
V
350
80
70
RETAIL SALES
250
60
50
200
40
1976
1975
1977
1979
1978
150
1975
1976
1977
197B
1979
1979
1975
* SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b usiness '
R stall
Who lesale
Sales 2
Period
bales *
Inventories z
Iiiventories
DurNonable durable
goods goods
stores stores
Inven-3
Sales * tories
Dur- Nonable durable
goods goods
stores stores
Invento ry-sales
ra1 io <
Total
business '
Retail
Mill ions of d ollars, se asonally adjustec
1972
1973
1974
1975
1976
1977
1978
1978: Sept
Oct
Nov
Deo
130, 049
151, 720
175, 350
179, 982
201, 814
224, 686
203, 161
234, 163
285, 519
285, 035
301, 736
338, 099
254, 125 379, 630
_ 260,
266,
269,
272,
1979: Jan...
__ 273,
Feb
274,
Mar
_ _ _ 285,
Apr.
275,
May
287,
June
283,
July
.'_. 288,
Aug"
292,
Sept *—
1
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
62, 842 80, 771
20
1.58
1.48
98, 350 46, 444
99, 279 47,006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
51, 906
52, 273
52, 928
52, 657
1.42
1.40
1. 40
1.39
1. 44
1.44
1.43
101, 739 49, 302
101, 175 49, 367
102, 226 49, 583
103, 379 50, 526
105, 162 51, 805
47, 487 106,382 52, 518
24, 471 47, 899 108, 691 53, 753
25, 830 48, 791 108, 933 53, 508
52, 437
51, 808
52, 643
52, 853
53, 357
53, 864
54, 938
55, 425
1.41
1.41
099 369, 227 64, 531 77, 113
724 372, 404 67, 338 78, 625
792 376, 812 67, 552 79,526
537 379, 630 67, 823 80,771
68,085
68, 971
70, 158
70, 918
23, 872
24, 422
24, 954
25, 163
384, 190
387, 822
391, 893
397. 530
401, 504
405, 966
565 413, 775
612 416, 926
70, 855
71, 122
72, 045
71, 366
71, 914
71, 803
72, 370
74, 621
76, 263
25, 250
25, 035
25, 450
24, 614
24, 731
24, 316
304
579
372
936
139
388
67, 148
67, 495
70, 824
70,444
72, 937
81,543
83, 005
84, 078
84, 973
85, 257
72, 625 85, 245
75, 106 88, 144
75, 626 88, 899
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 sales for month.
1
38, 388
41, 432
46, 706
52, 657
1.40
1.41
1.49
1.45
1.39
1.40
1.44
37, 422 12, 369
41, 944 14, 132
44, 692 13, 921
48, 731 15, 106
54, 597 18, 073
60, 335 20, 653
66, 568 23, 160
25, 054 55, 079 24, 238
27, 812 63, 237 28, 418
30, 771 71, 067 32, 861
33, 626 71, 744 33, 356
36, 524 79, 273 37,841
39, 682 90, 120 43, 414
43, 409 100, 818 48, 161
44, 213
44, 549
45, 605
46, 087
46, 595
46, 752
47, 183
26, 441 49, 822
30, 841
34, 819
38, 206
1.50
1.44
1.47
1.45
1.41
1.37
1.44
1.40
1.43
1.43
1.43
1.42
1.44
1.42
1.42
1.45
1.46
1.48
1. 50
1.46
— _--i
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders, shipments, and inventories rose again in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
180
BILLIONS OF DOLLARS * (RATIO SCALE)
280
240
1979
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
Mamifacturer 3' new ore ers 1
Manufac sturers' sh ipments 1 Manufad burers' in\'entories 2
1972__ _
1973
1974
1975
1976 ...
1977
1978
63, 042
72, 954
84, 821
86, 617
98, 810
110,842
124, 714
34, 043
39, 703
44, 253
43, 678
50, 697
58, 010
66, 505
28, 999
33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
Durab le goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millio ns of dolljirs, seasorially adjmsted
108, 296 70, 308 37, 987 64, 162 35, 059
8,803
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
157, 915 101, 866 56, 048 87, 157 46, 740 12, 737
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 61, 061 99, 184 51, 047 12, 501
179, 981 115,552 64, 430 112,451 59, 562 15, 084
198, 041 129, 226 68, 816 128, 488 70, 145 18, 308
1978: Sept__
Oct...
Nov__
Dec___
127,
130,
132,
133,
68,
70,
71,
72,
59,
60,
60,
61,
007
319
689
159
193,
194,
196,
198,
764
500
803
041
126,
126,
128,
129,
108
715
422
226
67,657
67, 785
68, 381
68, 816
131,
136,
137,
138,
608
714
794
069
72,
76,
76,
76,
399
463
912
831
19,
21,
20,
19,
62, 404
62, 316
65, 648
63, 130
66, 590
66, 331
67, 573
68, 089
69, 204
200,
203,
205,
209,
211,
214,
216,
219,
220,
908
642
589
178
085
339
940
094
800
131, 699
133, 994
135, 278
137, 903
139, 502
141, 700
143, 369
144, 981
145, 672
69, 209
69, 648
70, 311
71, 275
71, 583
72, 639
73, 571
74, 113
75, 128
141,
144,
148,
139,
143,
142,
139,
142,
148,
748
036
586
332
594
269
934
617
234
79,
81,
83,
76,
77,
75,
72,
74,
78,
647
312
088
099
027
820
476
385
415
21,410
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
21, 162
22, 409
Period
Total
483
415
082
796
1979: Jan_»_ 135, 301
Feb... 135, 962
Mar „ . 142, 503
Apr___ 134, 126
May__ 142, 288
June.. 138,960
July_ _ 141, 089
Aug___ 142, 365
Sept v_ 143, 178
NonDurable durable
goods
goods
476
096
392
637
72, 897
73, 646
76, 855
70, 996
75, 698
72, 629
73, 516
74, 276
73, 974
1 Monthly average for year and total for month. Shipments are the same as sales.
21Book 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.
835
032
754
132
ManufacNon- turers'
durable unfilled
goods orders s
Manufacturers'
inventory —
shipments4
ratio
29,
33,
40,
43,
48,
52,
58,
104
330
417
125
137
889
343
120,
159,
187,
169,
173,
193,
238,
395
468
574
126
646
150
652
1.67
1.58
1. 65
1.83
1.66
1.59
1. 52
59,
60,
60,
61,
208
250
882
238
222,
228,
234,
238,
368
667
381
652
1.52
1. 49
1.49
1.48
62, 101
62, 724
65, 498
63, 233
66, 567
66, 449
67, 458
68, 232
69, 819
245,
253,
259,
264,
265,
269,
267,
268,
273,
113
187
267
479
782
086
930
181
233
1.48
1.50
1. 44
1. 56
1.48
1.54
1.54
1. 54
1.54
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In-October, the producer price index for all finished goods rose 1.0 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.1 percent and prices of other finished consumer goods rose 1.6 percent. Prices of capital equipment increased 1.2 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
140
120
120
100
100
1979
1971
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
]?inishec L goods
Period
Total
finConished sumer
goods foods Total
1971
113.7 115.3 113. 1
1972
_ _ _ 117.2 121. 7 115.4
1973
._ 127.9 146.4 120. 1
1974
_
147. 5 166.9 139. 3
1975
163.4 181.0 156.2
1976
170.3 180. 2 165. 5
1977
180. 6 189. 1 176.2
1978
194. 6 206.8 188. 9
1978: Sept___
197.7 209.7 192.0
Oct
199. 2 213. 1 192.9
Nov
200.6 214.7 194. 2
Dec
.. 202. 7 217. 3 196. 1
1979: Jan
__ 205. 3 221.3 198.3
Feb
207. 6 225.3 200.0
Mar
209.6 227. 9 201.8
Apr
211.4 227. 1 204.4
May_
212. 3 223. 8 206. 7
June
213. 4 221.2 208.9
July
215. 4 221. 3 211. 4
Aug
217.9 224.0 213.9
Sept___ .
221. 0 228. 1 216. 6
Oct__ .
223.3 227.9 219. 7
J
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
In1;ermedi ate
Taaterial s
Crud e mateiials
Total
conFoodsumer
Comsumer g oods
Capistuffs
finFoods
Nontal
ished Total and 1 Other Total and Other
Dnr
feedTotal » K l A dur- equip- goods
feeds
able ment
stuffs
111.4 110.8 111.7 116.6 112. 9 114. 1 111.7 114. 3 115. 1 114. 2 117.0
113.4 113. 2 113. 6 119. 5 116. 6 118. 7 118. 5 118.9 127.6 127.5 128.0
118.5 115. 8 120.5 123.5 129.2 131. 6 168.4 128. 1 174. 0 180.0 162.5
138.6 126.3 146.8 141. 0 149.3 162. 9 200.2 159. 5 196. 1 189. 4 208.9
153. 1 138.2 163. 0 162. 5 163.6 180. 0 195.3 178.6 196.9 191. 8 206.9
161.8 144.4 173.3 173.2 169. 0 189.3 186.6 189.5 205. 1 190. 1 233. 6
172. 1 152.2 185.4 184.5 178.9 201.7 191.0 202.4 214. 3 190.9 258.4
183. 7 165.9 195.4 199.0 192.6 215.5 201. 0 216.4 240.2 215.4 287.0
186.9 171.0 197.2 202. 1 195.8 218. 2 204. 9 219. 1 245.7 219.5 295.0
187.6 169.7 199. 3 203.4 197.4 220. 8 210.7 221. 5 252. 7 227.6 299.9
188.7 169. 9 201. 1 205. 1 198.6 222.6 208. 7 223. 5 255.6 229. 6 304.9
190.9 172.3 203. 1 206.4 201.0 224. 2 212. 1 225. 0 257.5 230.3 308.6
193. 1 174. 2 205. 6 208.5 203. 8 226.7 212. 6 227.6 263.4 236.8 313. 5
194. 8 175.7 207.4 210.3 206.3 229.2 219.0 229.9 272. 2 245.7 322. 0
197.0 176.6 210.4 211.5 208.6 231.7 218.8 232. 5 275.0 246.4 329.0
199.6 178.2 213.7 214. 1 210. 1 235. 1 217.7 236.2 273. 9 245.4 327.4
202.5 179. 9 217. 5 215.3 211.0 237.5 219. 2 238.6 276.2 244.8 335.2
205.3 180.8 221.7 216.5 212.0 239.6 218. 0 240. 9 277.9 241. 9 345.9
208. 6 181.8 226.4 217.9 214. 2 243. 6 232. 5 244. 3 282. 8 246. 9 350. 8
212.3 182. 7 232. 3 218. 2 217.7 246.5 226.4 247. 7 283. 1 246.3 352.5
216.3 184.0 238. 2 218. 8 221.7 250. 2 228. 3 251.5 289.0 249. 9 362.8
219.8 186. 1 242. 5 221. 4 223.9 254. 6 229. 5 256.2 293.2 251. 1 373.0
Finished goods e xcludin g
cons umer f c>ods
NOTE.—Data revised for June 1979.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
in September, the consumer price index for ail urban consumers rose 1.0 percent (1.1 percent seasonally adjusted).
Food prices rose 0.3 percent (0.9 percent seasonally adjusted). Nonfood commodity prices rose 1.2 percent (also
1.2 percent seasonally adjusted) and services prices were up 1.3 percent (1.1 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
160
140
140
120
120
100
100
1979
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1971
1972
1973
1974
1975
1976
1977
1978
All
items
Food
Commodities
less
food
121.3
125.3
133. 1
147.7
161.2
170.5
181.5
195.4
118. 4
123.5
141.4
161.7
175. 4
180.8
192.2
211.4
116.8
119.4
123.5
136. 6
149. 1
156.6
165. 1
174.7
Comnaodities less food
Food
Services
commodities
All
Food
at
home
Food
away
from
home
All
128.4
133.3
139. 1
152. 1
166. 6
180.4
194.3
210. 9
117.4
120. 9
129.9
145.5
158.4
165.2
174.7
187. 1
118.4
123.5
141. 4
161.7
175.4
180.8
192.2
211.4
116.4
121.6
141.4
162.4
175.8
179.5
190.2
210.2
126. 1
131. 1
141.4
159.4
174.3
186. 1
200. 3
218.4
116. 8
119. 4
123.5
136.6
149. 1
156.6
165. 1
174.7
Services
Durable
Nondurable
116. 5
118.9
121.9
130.6
145. 5
154. 3
163.2
173.9
117.0
119.8
124.8
140. 9
151.7
158.3
166. 5
174.3
128. 4
133. 3
139. 1
152. 1
166.6
180.4
194. 3
210.9
Seasonal ly adjusi ,ed
Unac justed
1978: Sept. __
Oct
Nov
Dec
199.3
200.9
202.0
202.9
215.6
216.8
217.8
219.4
177. 8
179.1
180.3
181.3
215. 6
217.6
218. 6
219.2
190. 2
191. 7
193.0
194. 6
216.0
217. 9
219.2
221. 3
214.5
216.5
217.8
220. 1
223. 1
224. 7
226. 0
227.8
177. 2
178.5
179. 8
181. 3
176. 8
178.3
180. 1
181.6
176.5
177. 4
178. 3
179. 4
215. 7
217. 6
218.7
219. 5
1979: Jan
Feb....
Mar
Apr
May
June
July___
Aug —
Sept.__
204.7
207. 1
209. 1
211.5
214. 1
216.6
218.9
221. 1
223. 4
223.9
228.2
230. 4
232.3
234.3
235.4
236. 9
236. 3
237. 1
181.9
183.7
185. 9
188.9
191.6
194.7
197. 0
199. 5
201. 8
221. 1
223.3
225. 1
227.0
229.5
232. 1
234.7
237.6
240.7
196.7
199. 1
201. 3
203.8
205.7
207. 7
209.5
211.4
213. 8
224.5
228. 1
230. 5
232.7
234.3
234.7
235.0
235. 0
237. 1
223.7
227.7
230. 0
232.4
233.5
233. 2
233. 0
232. 3
234, 8
230.7
233. 6
236. 2
238.2
240.9
242. 9
244. 4
246. 0
247.4
182. 9
184. 8
186. 9
189.4
191.4
193. 9
196.3
198. 9
201. 3
183. 3
185. 1
186.0
187.6
188.6
190. 1
191. 5
192. 8
194. 1
181. 4
182.9
186. 4
190. 0
193.4
197.4
201. 5
205.4
209. 0
220.7
223. 1
225. 1
227.2
230. 1
232. 5
235. 0
237.8
240. 4
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percen ; change from prejceding
perioc ; season ally adjusted1
Percem ; change from 3 raonths
earlie r; season ally adjiisted
annua rates
Percenl) change from 6 naonths
earlie r; season ally adjiisted
annua] rates
Consumi3r goods
Consum 3r goods
Consum<3r goods
Total
finished
goods
Capita] Total
finequipExclud- ment ished
goods
ing
Foods
foods
2.2
3.2
3.8
It 8
18.3
-2.5
3.3
6.6
-2.5
9. 1
11.9
6.6
6. 1
8. 3
1978: Sept
Oct
Nov
Dec
.8
.8
.7
1.0
1.5
1.6
.8
1.2
.5
.4
.6
1.2
1979: Jan
Feb
Mar
Apr
_
May_ _ _ _ _
June
July
Aug
_ _
Sept _ _
Oct
__„_
1.3
1. 1
1. 0
1.8
1.8
1.2
1.2
.9
.5
^
-1.5
-1.2
1970
1971
1972
1973
1974
1975
1976-,
1977
1978
-
6. 6
-
.9
.4
.9
1.2
1.4
1.0
5.9
8.0
22.5
13.0
5.5
0
1.2
1.8
-. 1
3.9
2.0
2.0
7.4
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods
Foods
Capi tal
equipExclud- ment
ing
foods
4.9
2.4
2.0
5.3
22. 6
20. 5
8.2
6.4
7.2
8.0
6.7
4.9
1.3
1.5
1.4
1.6
1.8
.3
1.2
1.6
7.0
6.8
8.4
8.8
8.8
8.2
8.3
8.9
16.3
21.3
21.0
10.9
9.4 -2.6
7.5 -11.3
7.8 -9.8
.4
11.0
13. 1
15.0
12.5
15. 5
12.3
13.6
13.4
14.2
16.8
17.9
19. 3
20.8
23.2
23.3
10.4
10.5
10.3
11.2
10.2
12. 1
12.4
12.6
12.0
10.8
10. 1
10. 2
11.2
11.6
12.8
14.7
14.3
12.4
.1
1. 9
8.8
6.0
6.2
8.8
4.9
10.5
1.0
.9
.6
1.2
.6
.6
.6
1. 1
11.5
16.6
15.3
7.4
7.6
9.5
.5
.6
.8
.6
9.9
9.8
7.3
5.5
4.3
6.6
8. 1
9.3
10. 3
10.0
13.9
18.9
18.1
13.6
9.6
7.7
7.3
8.8
8. 1
8. 0
8. 2
9.1
9.8
8.6
9.5
9.5
11.1
13. 2
15.2
15. 1
16.7
18.8
20.6
21.3
8.7
3.6
0
-1. 2
.2
.7
7.9
10.8
10.2
10.0
9. 2
7.7
7. 0
6.9
Source: Department of Labor, Bureau of Labor Statistics.
» Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for June 1979.
CHANGES IN CONSUMER PRICES
Percen t change5 from preceding
perio d ; seasorlally adju sted 1
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
All
items
Food
5. 5
2.2
12.2
20. 1
12.2
3.4
3.4
8.8
4. 3
4.7
Commodities
less
food
4.8
2.3
2.5
5.0
13.2
6.2
.___
7.0
4.8
6.8
9.0
1978: Sept-Oct__.
Nov--_
Dec>__
.9
.8
.6
.6
.7
.9
.6
1.0
.9
1.4
1.6
1.1
1.0
.7
.2
1.1
1.3
0
.9
1.2
1.3
1.2
1979: Jan...
Feb__
Mar
Apr ..
May__
June__
July___
Aug___
Sept___
1
1.2
1.0
1. 1
1. 1
1.0
1.0
1. 1
1. 1
6.5
.6
8.0
5. 1
Services
11.8
.9
.7
.7
.8
.9
.9
.5
.4
.1
1. 1
1. 3
.5
1. 1
.9
.9
1.3
1.0
1. 1
1. 2
1. 1
8.5
9.5
9.4
8.5
8.8
11.3
13.0
13.9
13.6
13.4
12.8
12. 7
13.2
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.
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
11.3
8. 1
7.3
7.9
9.3
.9
All
items
8.2
4.1
3.6
6.2
4.9
7.7
1. 0
Percent c lange f re>m 3 mont tis earlier; Percent c lange fro m 6 mont is earlier ;
seasonsilly adjussted annu al rates
seasonsilly adjujsted annu al rates
4.8
8. 1
8.9
10.2
12.7
17.3
17.7
15.4
11.3
7.5
4.0
1.2
4.2
8.3
9.0
9.7
9.6
10.3
10.6
10.2
11.6
12.9
15.0
15.1
15.8
15.4
16.6
16.2
5.8
8.3
9.5
7.2
10. 6
12.3
13.2
13.8
14.5
14.1
14.3
9.6
9.5
9.0
8.5
11. 3
9.2
10. 4
13.0
13.9
14. 0
14.3
12. 5
10.4
10.7
11. 4
12.4
13.2
13.4
13.1
13.3
9.6
8.4
7.4
9.6
6. 1
5.8
Source: Department of Labor, Bureau of Labor Statistics.
7.8
8.2
8.5
10.6
10.6
9.6
8.2
8.9
8.9
9.0
8. 9
10.6
11.2
12.6
13.3
14. 4
15.2
15. 8
16.0
9.8
8.7
10.7
12.2
13.4
13. 6
14. 1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 2 percent in October and prices paid by farmers rose 1 percent in the month ended
October 15.
INDEX, 1967=100
(RATIO SCALE)
260
280
260
240
240
280
220
220
PRICES RECEIVED
(ALL FARM PRODUCTS)
200
200
180
180
PRICES PAID
(ALL ITEMS, INTEREST, TAXES, AND WAGE RATES)
v
160
160
140
140
120
120
100 I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i
RATIO
- 70
60
1971
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by fanners
All
items,
Livestock
Family
Producinterest,
and
tion
living
taxes,
and
items
items
products wage rates
Index, 1 967=100
Prices received by farmers
Period
1971
1972
1973
1974
19751976
1977 - _
1978
1978: Oct
Nov
Dec .
All farm
products
_
__
1979: Jan
Feb.
^
Mar
Apr
May
June
July
Aug
Sept.,
Oct
_ _ _ _ _ _ _
Crops
113
125
179
192
185
186
183
210
218
216
222
108
114
175
224
201
197
192
204
202
202
205
118
136
183
165
172
177
175
217
232
230
239
118
125
144
164
180
192
202
219
224
225
226
(33)
()
(3)
(33)
()
232
241
246
244
246
244
244
237
241
236
209
216
214
212
220
233
240
235
225
222
252
264
274
272
269
255
250
239
255
248
234
238
243
246
248
249
251
251
254
256
(3)
(33)
(3)
()
(33)
()
(33)
()
(33)
()
BF l Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.
118
123
133
151
166
176
Parity ratio l
Actual
Adjusted
2
113
121
146
166
182
193
200
216
222
222
225
71
74
91
86
76
71
66
71
71
71
72
75
79
94
87
76
72
68
72
73
73
74
230
235
243
246
247
248
250
249
253
255
73
75
74
73
73
72
72
69
70
68
74
76
76
74
74
74
73
71
71
69
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
M1 growth accelerated sharply in September.
BILLIONS OF DOLLARS*(RATIOSCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
1,000
300
200
200
1971
* SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Deposit ,s at com mercial banks
Period
Ml
Dec.. 270.5
Dee.. 283.2
Dec.. 295.4
Dec__ 313.8
Dec.. 338.7
Dec.. 361.2
Sept. 360.7
Oct.. 361. 2
Nov. 360.6
Dec. 361.2
1979: Jan.. 359.7
Feb.. 358. 6
Mar_ 359. 0
Apr- 364.3
May. 364. 5
June. 369. 0
July.. 372.2
Aug.. 374.3
Sept" 377.8
1973:
1974:
1975:
1976:
1977:
1978:
1978:
1
M1 +
397.9
419. 5
456.8
517.2
560.6
587. 2
589.5
589.9
587.8
587. 2
583.4
580. 1
579.6
585. I
584. 1
590.1
595. 1
598.3
601. 9
M2
571.3
612.2
664. 8
740.6
809.4
875.8
865.6
870.2
873.7
875.8
875.0
876.7
879.5
889.8
893.8
904.4
914. 1
922. 5
931.9
M3
919.0
981.0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 1
1, 474. 1
1, 484. 8
1, 493. 1
1, 500. 1
1, 503. 7
1, 509. 7
1, 517. 5
1, 530. 8
1, 537. 0
1, 552. 3
1, 567. 0
1, 580. 0
1, 594. 4
Currency
Demand
61. 6 209.0
67.8 215. 3
73. 8 221.7
80. 8 233.0
88.6 250. 1
97.5 263.7
95.2 265. 5
95.8 265.3
96.6 264.0
97.5 263.7
98.2 261.5
98.9 259.7
99. 4 259.5
100.2 264. 1
100.7 263.8
101.5 267.5
102.4 269. 8
103.6 270.7
104.8 273.0
Deposits
at nonbank
U.S.
Total 2 Large
CDs
Savings
institutions
Government
demand
deposits
(unadiusted)
363.7 63.0
418. 1 89.0
450. 3 81.0
489.2 62.4
544.4 73.7
611. 2 96.6
593. 5 88.5
597.7 88.6
608.5 95.4
611.2 96.6
615.8 100.5
620.2 102. 1
619. 5 99.0
620. 6 95. 0
619.9 90.6
620.3 84. 9
626.6 84.7
634.2 85.9
642. 2 88. 1
127. 1
135.9
160. 7
202.1
219.7
223. 0
226. 0
225.9
224.3
223.0
220.8
218.6
217.7
217.7
216.4
217.8
219.5
220. 7
220.7
347.7
368.7
6.3
4.9
Time and sa1v*ings
•frVlTlff
Dill 11 U
Ml is currency plus demand deposits; Ml-f is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
Perce nt chaiige 3
(2ompone]ttts and related items
()verall measur<3Sl
427. 7
495. 0
4. 1
4.4
564.9
624.4
608.5
5. 1
10. 2
624.4
10. 2
11.9
614.6
619.5
628. 7
633.0
638.0
641.0
643. 2
6.2
4.2
8.0
8.3
6.5
5.3
8.4
647.9
652.9
10.8
13.2
662.4
12.4
657. 5
9.8
Ml
6.0
4.7
4.3
6.2
7.9
6.6
10.5
7.8
5.7
5.0
3.0
M1 + M2
5.0
5.4
8.9
13.2
8.4
4.7
8.3
6.3
4. 1
3.0
1. 1
1. 1 -1.2
-.9 -3.3
1.7 -1.6
2.2 -1.3
4.4
7. 1
8.9
10.7
1.0
4. 1
6.4
7.8
8.8
7.2
8.6
11.4
9.3
8.2
10.7
19.8
9.0
8.0
6.3
4.8
3.2
4.6
4.7
6.6
9. 1
10. 7
12.3
a Includes time deposits other than large CDs, not shown separately.
3 Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and c eposits
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
Dec
Dec__
Dec
..
Dec
Dec
Dec_
Dec _ . _
Dec__ _ _
1978: Sept_
Oct
Nov_
_
Dec
1979: Jan
Feb
_
Mar
Apr_
May
June
July
Aug__
Sept * __
U.S. Ti'easury
seem ities
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Time d eposits
Other
private
money
market
instruments
Negotiable
certificates of
deposit
Total
liquid
assets
Total
854. 9
966. 8
1, 086. 1
1, 174. 2
1, 295. 6
1, 428. 4
1, 598. 7
1, 771. 3
721. 1
815.9
886. 5
942. 4
1, 053. 2
1, 191. 8
1, 327. 1
1, 448. 0
52. 5
56. 9
61. 6
67. 8
73. 8
80. 8
88.6
97.5
162. 1
176.3
183. 9
187. 5
193. 6
201. 2
214.6
224. 7
233. 2
263. 6
293. 2
318. 4
358. 2
414. 8
459. 0
501.4
273. 3
319. 1
347.7
368. 7
427. 7
495. 0
564. 9
624. 4
54. 3
57. 5
60. 4
63. 3
67. 2
71. 9
76. 6
80. 6
31. 5
34. 3
43. 3
47. 8
67. 3
66. 8
78. 3
85.4
27. 5
35. 9
53.2
69.4
57. 0
42. 7
50.7
62.2
20. 6
23. 0
42. 8
51. 3
50.9
55. 3
66. 1
95. 2
1, 726. 2
1, 737. 4
1, 754. 4
1, 771. 3
1, 423. 8
1, 433. 6
1, 441. 2
1, 448. 0
95.2
95. 8
96. 6
97.5
227. 9
226. 7
225. 0
224.7
492. 2
496. 5
500. 1
501.4
608.
614.
619.
624.
5
6
5
4
79. 8
80. 1
80. 3
80. 6
83. 6
83.0
81. 7
85. 4
57. 3
56. 1
61. 8
62.2
81. 7
84. 6
89.3
95.2
1, 786. 5
1, 799. 5
1, 811. 5
1, 828. 0
1, 839. 9
1, 859. 9
1, 876. 9
1, 892. 9
1, 913. 5
1, 451. 5
1, 457. 6
1, 465. 3
1, 478. 1
1, 483. 9
1, 498. 5
1, 512. 8
1, 525. 7
1, 539. 2
98. 2
98. 9
99. 4
100. 2
100. 7
101.5
102.4
103. 6
104. 8
222.
220.
220.
224.
223.
226.
228.
229.
231.
502. 4
505. 0
507.2
512. 3
516. 1
522. 2
528. 8
535. 2
540. 6
628. 7
633. 0
638. 0
641. 0
643.2
647. 9
652. 9
657. 6
662. 8
80. 7
80. 6
80. 6
80. 6
80. 6
80. 6
80. 6
80. 6
80. 6
88.8
91. 0
95. 6
100. 9
108.5
115. 7
114. 0
111. 0
111. 7
64. 8
64. 6
60. 0
54. 5
49. 1
42. 8
41. 6
41. 7
42. 8
100. 7
105. 6
110. 0
114. 0
117. 9
122. 3
127.9
133.9
139.2
Currency
Demand
deposits
3
7
7
6
9
9
7
4
0
Commercial
banks
Source: Board of Governors of the Federal Eeserve System.
NOTE.—Series revised beginning 1952.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installrrtent credit e xtended
Installm ent credit li quidated
Net change in amount Dutstanding
"D *.Zn.A
Fenod
Total *
1971 _
1972
1973 _
1974
1975_ _
1976_ _
1977_
1978.
_
__
1978: Aug_
Sept
Oct
Nov__
Dec._
_ _
1979: Jan
Feb
Mar___ _
Apr _ _
May
June
July
Aug. _ _
1
Automobile
Revolving
Total i
Revolving
Total *
Automobile
4, 194
5,621
5, 910
Revolving
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 351
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 541
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
44, 810
2, 976
10, 465
15, 204
19, 557
495
1, 044
1, 174
2, 003
1,970
1,340
2,170
6,248
7,776
25, 669
25, 537
25, 766
25, 956
26, 516
7,744
7,542
7,501
7,788
7,833
9,028
9,006
8,846
9, 176
9,424
22, 037
21, 857
22, 390
22, 124
22, 117
6, 140
6,010
6, 126
6,033
6,053
8,291
8, 384
8, 500
8, 511
8,555
3,632
3,680
3,376
3,832
4,399
1,604
1,532
1,375
1,755
1,780
737
622
346
665
869
25, 548
26, 452
26, 533
27, 009
27, 901
26, 139
26, 848
27, 583
7,549
7,756
7,794
7,999
8, 260
7, 178
7,447
7, 667
9,417
9,357
9, 714
9,722
10, 039
10, 136
9,856
10, 371
22, 481
22, 889
22, 908
22, 904
24, 595
23, 581
24, 405
25, 137
5,868
6,191
6,308
6,612
7,035
6,488
6,831
7, 073
8,984
9,040
8,972
8,804
9,290
9,340
9,427
9, 584
3,067
3,563
3, 625
4,105
3,306
2, 558
2,443
2,446
1,681
1,565
1,486
1, 387
1,225
433
317
742
918
749
796
429
787
Includes "mobile home" and "other," not shown separately.
Automobile
690
616
594
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Bank loans and leases rose sharply in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
ALL COMMERCIAL BANKS
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
180
160
140
200
180
160
140
INVESTMENT IN OTHER SECURITIES
I
120
120
INVESTMENT IN
-U.S. TREASURY SECURITIES
100
100
80
60
60
40
40
1972
1974
1973
1976
1975
1977
1978
1980
1979
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks 3
Allc ommercial \>anks 1
Loans and leases
Total 2
Commercial and
industrial
loans
Treasury
securities
566. 1
647.8
713.6
744.6
804. 3
891. 1
1, 014. 3
386.2
460. 3
519.9
516.9
554.8
632. 1
747.8
136. 3
165. 6
197.3
189. 8
191. 2
211. 2
246. 5
64. 1
58. 7
53.7
82. 1
100.6
99. 5
93.4
115.8
128.8
140. 0
145.7
149. 0
159. 6
173. 1
982.
994.
1, 007.
1, 014.
1
3
4
3
714.3
726.0
739.9
747.8
237. 7
241.5
245. 0
246.5
98.6
98. 1
96.0
93.4
1979: Jan
1, 030. 9
Feb
1, 042. 0
Mar
_ _ _ 1, 048. 8
Apr
1, 060. 8
May
1, 068. 6
June
1, 079. 8
July
1, 091. 8
Aug 4 -_ _
1, 102. 4
Sept ___
1, 121. 1
759.9
770.0
775.6
786.5
793. 1
802.9
813. 1
823.0
838. 6
252. 6
256.9
259. 7
263.3
266. 9
270.6
275.8
280. 4
285. 9
93.0
93. 2
93.9
94.0
94. 1
94.8
95. 3
94. 1
95. 1
Period
1972: Dec
1973:Dec___
1974:Dee__1975: Dec ._
1976: Dec
1977:Dec___
1978: Dec
1978: Sept__
Oct
Nov
Dec___
_
_
__
_
_
U
.s.
Q
Other
securities
Borrowiiigs (millions of dollars,
unadji isted)
Reserves
Investntients
Total
loans
and
investments
Seasonal
Nonborrowed
Required
31.34
34.90
36.55
34.67
34.89
36.10
41.27
30.29
33. 60
35.83
34. 54
34. 83
35.53
40.40
31.05
34.60
36.30
34.40
34.61
35.91
41.04
1,049
1,298
703
127
62
558
874
41
32
13
12
54
134
169. 2
170.3
171. 5
173. 1
37. 93
38.21
38. 38
39.75
36.79
37. 15
37. 10
39.05
37.77
38.02
38.22
39.53
1, 147
1,068
1,261
188
191
221
185
178.0
178.8
179. 3
180.4
181.4
182. 1
183.4
185.3
187.4
41.48
40.75
40.81
40.65
40. 48
40. 42
40.82
41.07
41.46
40.48
39. 78
39.82
39.73
38.72
39.00
39. 65
39.99
40. 12
41.26
40.54
40. 66
40.47
40.34
40.20
40.61
40.85
41.27
994
973
999
897
112
114
121
134
173
188
168
177
178
Total
Total
722
1,777
1,396
1, 179
1,097
1,345
—1
1
Data are averages of Wednesday figures.
23 Excludes loans to commercial banks in the United States.
Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.
28
«Estimate.
NOTE.—Revised series for all commercial banks. See Federal Reserve Bulletin,
September 1979,
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANGIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
Total
Purchase
of
physical
assets *
crease
in
financial
assets
External
"PATIAH
Total
Internal 1
Crediib market i unds
Total
Tntal
19701971.
1972
1973.
1974
1975
1976
1977
1978.
_ _
1978: I
II
III
IV
1979: I
II
__
Longterm 2
Short-3
term
Other
In-
Discrepancy
(sources
less
uses)
104. 3
127. 9
161.6
199.9
191. 0
150. 0
209.0
242. 6
295. 4
58.9
68.6
80. 8
83.8
75.7
106.8
125.3
139.9
148.8
45. 4
59.3
80. 8
116. 1
115.3
43. 2
83.7
102.7
146.6
40.6
45. 2
58. 1
73. 0
81.7
38. 1
59. 8
80. 3
94.5
32. 2
41. 1
40. 5
37. 1
39. 1
49. 2
48. 7
46. 1
49.2
4. 1
17.5
35. 9
42.5
-11. 1
10. 9
34. 1
45.3
14. 0
22. 6
43.2
33.6
5. 1
24. 0
22. 5
52. 2
95. 9
119. 5
145.8
185.6
179. 0
133. 1
183.3
216. 8
274.2
80. 3
86.0
100.3
123. 3
134.7
99.9
139. 0
169. 9
195. 9
15. 6
33.5
45.6
62. 3
44. 4
33.2
44. 3
46. 9
78.3
15.7
14. 4
11.9
17.0
25. 7
25.9
21.2
261.8
296. 6
301. 6
321.6
135.0
150.5
153. 8
155. 9
126.8
146. 1
147. 8
165.7
92. 1
92.6
92. 0
101. 2
31.6
54.9
55. 4
55.0
60.6
37.7
36. 6
46. 2
34.8
53. 5
55. 9
64. 5
234. 9
280.8
282. 6
298. 7
177. 0
203.2
199.9
203. 6
57.9
77.6
82.7
95. 1
27.0
15.8
19. 0
22.9
338. 0
352.0
154. 1
157. 5
183. 9
194. 5
113. 3
131. 5
47.2
54.7
66. 1
76.9
70. 6
62.9
325.0
327.7
213.6
228. 7
111.4
99.0
13. 1
24. 3
1
Undistributed profits (after inventory valualion and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
s Stocks, bonds, and mortgages.
* Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
8.4
4.8
8.4
8.2
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
NOTE.—Series revised.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabl ities
Curre nt assets
End of period
Total
SEC series: 2
1970
.
492.3
1971
529. 6
1972
599. 3
1973
697.8
1974
790. 7
FTC-FRB series:3
1974___
735.4
1975
759. 0
1976
826. 3
1977
900.9
1978
1, 028. 1
Cash
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Net
Notes
and
accounts
payable
Other
current
liabili-
working
capital
Current
ratio l
4-Znn
50.2
53.3
59. 0
66.3
71. 1
11.0
10. 6
12.8
12. 3
7.7
206. 1
221. 1
248. 2
288. 5
322. 1
193.3
200.4
225. 7
263.9
313.6
35. 0
43.8
55.8
66.4
71.7
304.9
326.0
375. 6
450.9
530. 4
211. 3
220. 5
282. 9
340. 3
402.3
93.6
105. 5
92.7
110.7
128. 1
187.4
203.6
223.7
246.9
260.3
1.615
1. 625
1.595
1.548
1. 491
73.2
82. 1
87.3
94.3
103.5
11. 1
19. 0
23. 6
18. 7
17.8
265.8
272. 1
293. 3
325. 0
381. 9
319.5
315.9
342. 9
375. 6
428. 3
65.9
69.9
79. 2
87.3
96.5
453.4
451. 6
492. 7
546.8
662. 2
269.8
264. 2
282. 0
313. 7
375. 1
183.6
187.4
210.6
233. 1
287. 1
282. 0
307.4
333.6
354. 1
365.9
1. 622
1.681
1.677
1. 648
1.552
1977: I
II
III
IV__
844. 7
858. 5
881.8
900. 9
81.4
83.3
83. 5
94.3
24.2
19.9
19. 3
18. 7
304. 4
313.0
326. 9
325. 0
353.4
359.9
368.3
375.6
81. 3
82. 5
83. 8
87.3
507. 6
514. 1
533.2
546.8
290. 1
295.9
306. 1
313. 7
217.5
218. 1
227. 1
233. 1
337. 1
344. 5
348. 6
354. 1
1. 664
1.670
1.654
1. 648
1978: I _
II
III
IV__
925.0
954. 2
992.6
1, 028. 1
88.8
91.3
91. 6
103. 5
18. 6
17. 3
16. 1
17. 8
337. 4
356. 0
376.4
381. 9
390.5
399.3
415. 5
428.3
89. 6
90. 3
92.9
96. 5
574.2
593. 5
626. 3
662. 2
325. 2
337. 9
356.2
375. 1
249. 0
255. 6
270. 0
287, 1
350. 7
360. 7
366. 3
365.9
1. 611
1.608
1. 585
1.552
1979: I
1, 078. 2
102.2
19. 1
405. 0
452. 6
99. 3
701.8
392. 6
309. 2
376. 4
1.536
1
2
3
Total current assets di\ ided 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 jumped to record levels in October.
PERCENT PER ANNUM
12
PERCENT PER ANNUM
12
..
_
10
.
.
—— - '-
;
- - •—T1
1
/ \
v...
/
/ A.
!\
/
^
;r
v
"
" ^L
'? \
/T
/
*
{ ' \ t—
\
!
\
\
\
...-*'
•T
i
\
"...•A
;
\
,w A,
TREASURY B LLS
J
/?
V5"
i
1 1 1 i i 1 1 1 1 UK
V
^£/
/
r-f
_J/-
/
/•-/
Jj
/
L
;
,-,/
V
"^../
*.-<**
-J
/
''i
i / """'
!
./
\l
V
M 1 | | 1 1 1 1 I 11
V
/
/
1
r\
i
10
''
f
,
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
/NEW YORK
\
,s\s *
x
/
\
H
.4
— /* **" ^
v: 5
IA& El
v' ' V
'^.-- -f
;
V
/NX"^-
A/\
y
\ J
V
N
CORPORATE Aaa BONDS
(MOC )DY'S)
J
ill
•'' i
i I 11 1 II I | M
1971
1972
M
1 1 1 I 1 t 1 11
1973
i IiIiIi Iiii
Mill 1 l i 1 ! I
1974
1975
! 11 i i I 1f 1 1 !
1976
l i i | l 1 I 1 l MI i i i i 1 M i
1977
1978
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum)
Period
1973
1974
1975
1976
1977
1978
1978: Oct
Nov
Dec
1979: Jan
.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct »
Week ended:
1979: Oct 6 _ _
13
20
27
Nov 3 _
U.S. Tre asury securi ty yields
Constant inaturities 2
3-month
bills J
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
bonds
F.R. 4
(Standard3 (Moody's)
4-6
Bank)
& Poor's)
months
7. 041
7.886
5.838
4.989
5.265
7.221
8. 132
8.787
9. 122
9.351
9.265
9.457
9.493
9.579
9.045
9.262
9.450
10. 182
11. 472
6.95
7.82
7.49
6.77
6.69
8.29
8.62
9.04
9.33
9.50
9.29
9.38
9.43
9.42
8.95
8.94
9. 14
9.69
10.95
6.84
7.56
7.99
7.61
7.42
8.41
8.64
8.81
9.01
9.10
9.10
9. 12
9. 18
9.25
8.91
8.95
9.03
9.33
10.30
5. 18
6. 09
6.89
6.49
5.56
5.90
5.95
6.03
6.33
6.25
6. 19
6. 16
6. 14
6. 10
5.99
6.05
6. 10
6.40
6.98
7.44
8.57
8.83
8. 43
8.02
8.73
8.89
9.03
9. 16
9.25
9.26
9.37
9.38
9.50
9.29
9.20
9.23
9.44
10.13
8. 15
9. 87
6.33
5.35
5.60
7.99
9.03
10.23
10.43
10.32
10. 01
9.96
9.87
9.98
9.71
9.82
10.39
11.60
13.23
10. 313
10. 808
11. 836
12. 932
12. 256
9.85
10. 65
11.01
11.83
9.53
10.09
10. 37
10.89
6.50
7.00
7.03
7.23
7. 13
9.66
9. 91
10.09
10.50
11.76
13. 18
13.32
14. 10
> Bate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
• Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
2
30
6.4.5
7. 83
6.25
5.50
5.46
7.46
8-8H
9M-9H
9%-9^
9J4-9J4
9H-9K
9^_9^
9}4~9^
9J4-9H
9K-10
10—10}^
10^-11
11-12
11-11
11-12
12-12
12-12
12-
Prime
rate
charged
by
banks 4
Newhome
mortgage
yields
(FHLBB)8
7.95
8. 03
10.81
7.86
6. 84
6.83
9.06
9%-10^
lOMr-11/4
11X2-11%
1 1%-11%
11^-11%
11%— 11%
11%— 11%
11%— 11%
11%-llK
ll1^— 1 1%
11%-12H
12K-13/2
13/2-15
13K-13K
13H-HH
141^—141^
14/2-15
15-
8.92
9.01
8.99
9.01
9.54
9.83
9.87
10.02
10. 18
10.20
10.30
10.36
10.47
10.66
10.78
11.01
11. 02
— -
1
* 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 declined sharply in October.
INDEX, DEC. 31, 1965=50
80
50
INDEX, DEC 31,1965=50
c
- 50
40
40
_
30 -
30
1979
1971
PERCENT
20
PERCENT
20
EARNING<>-PR CE RATIC) 0N COMAAON ST<3CK5
( S&f>)
15 -
-i 15
Av
/
X
10
f*~
1
1
.1971
i
1
i
1972
X** -X
—X
***
, ——**~
•
S
*****»•*•~*
^
-:
1974
i
I
1975
1976
I
1977
I
1978
New York Stock Exch ange indexe s(Dec. 31, ]1965=50) *
Composite Industrial Transportation
1
Average
8
Utility
Finance
57.42
43.84
45.73
5446
53.69
53.70
56.40
52.74
53.69
55.77
55.08
56. 19
57.50
56.21
57.61
58.38
61. 19
61.89
59.27
63.08
48.08
50.52
60.44
57. 86
58.23
61.60
57.50
58. 72
61.31
60.37
61.89
63.63
62.21
63.57
64.24
67.71
69. 17
66.68
37.74
31.89
31.10
39.57
41.09
43.50
46,70
41.80
42.49
43.69
42.27
43.22
45.92
45.60
47.54
43.85
52.48
52.21
48.09
37.69
29.79
31.50
36.97
40.92
39.22
39.44
37.88
38.09
38.83
39.21
38.94
38.63
37.48
38.44
38.88
39.26
38.39
36,58
70. 12
49.67
47.14
52.94
55.25
56.65
60.42
54.95
55.68
57.59
56.09
57.65
59.50
58.80
61.87
64.43
68.40
67. 21
61.64
62.45
62.56
60.29
58.43
56.80
70.11
70.33
67.87
65.72
63.91
52.15
52.03
49.41
47. 17
45.07
38.08
38.08
36.98
36.31
35. 39
67.21
66.72
62. 78
60.17
58. 31
of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
»Includes
30 stocks.
< Includes 500 stocks.
; stan?ard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1979
COUNCIL OF ECONOMIC ADVISERS
Common s bock yields
(perc ent)»
Cominon stock p]rices *
1973
1974
1975
1976
1977
1978
1978: Oct_
Nov
Dec
1979: Jan....--..
Feb
Mar
Apr
May
June
July........
Aug
Sept
Oct*
Week ended:
1979: Sept 29.—
Oct 6....
13
20
27
10
••—X
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
x-
-5
I
19 73
p-
«*
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial
ratio
ratio
average * (1941-43=
10) 4
7.12
3.06
107. 43
923. 88
11.59
447
82.85
759. 37
9.15
431
86.16
802.49
8.90
102. 01
3.77
97492
10.79
462
98.20
89463
12. 03
96.02
5.28
820. 23
5.11
100.58
857. 69
5.45
804 29
9471
12.83
5.39
96.11
807. 94
5.28
99.71
837. 39
5.43
98.23
825. 18
13.09
5.36
100. 11
847. 84
5.35
102. 07
864 95
5.58
99.73
837. 41
5.53
101. 73
838. 65
5.50
102. 71
836. 95
5.30
107. 36
873. 54
5.31
108. 60
878. 50
5.56
104 47
840. 39
884 88
886. 23
854 91
827. 22
807. 82
109.
109.
106.
103.
100.
76
84
27
03
40
5.24
5.26
5.49
5.59
5.76
NoTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1979, the bucket deficit was $27.7 billion, compared with a deficit of $48.8 billion in fiscal 1978.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
^++*
300
300
RECEIPTS
200
200
50
50
SURPLUS (+} OR DEFICIT (-)
-50
-50
-100
-100
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969
1970 .
_._
1971
1972
1973
1974
1975 . ..
.
1976
Transition quarter
1977
1978 2
1979
1980 (estimates) :
Mid-Session Review, adjusted 3
First Concurrent Resolution, May 1979 4
1
Excludes non-interest-bearing public debt securities held by IMF.
* Preliminary; from Joint Statement, Secretary of the Treasury and Director
of3the Office of Management and Budget, October 25,1979.
Estimates from Mid-Session Review of the 1980 Budget, Office of Management
and Budget, as revised July 31,1979, and adjusted October 25,1979.
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
465.9
184.5
196.6
211. 4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450.8
493. 6
3.2
-2.8
-23.0
-23.4
-14.8
-4.7
—45. 2
-66.4
-13.0
—45.0
-48.8
-27.7
513.9
509.0
547. 1
532.0
-33.2
-23.0
Federal debt ( end of period)
TWfal 1
367. 1
382. 6
409. 5
437.3
468.4
486.2
544. 1
631. 9
646.4
709. 1
780.4
833.8
Held by
the public
279.5
284.9
304.3
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
644.6
4 First Concurrent Kesolution on the Budget—Fiscal Year 1980, May 24,1979.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1979, budget receipts were $63.9 billion higher than in fiscal 1978 and outlays were $42.8 billion
higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
200
OUTLAYS
400
400
300
300
NONDEFENSE
200
200
100
100
_L
v
1971
_L
1972
1973
1974
1975
1976
1977
1979
1978
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
i3utlays
Rece ipts
Nationa [ defense
Period
Fiscal year or period:
1969__
1970.
19711972
1973
1974_
1975. _
.
1976_
Transition quarter.
1977. _
_ _
1978 1
1979
1980 (estimates) 2
1
2
Total
_
_
187.8
193.7
188.4
208. 6
232.2
264.9
281. 0
300. 0
81.8
357.8
402. 0
465. 9
513. 9
IndiCorpovidual ration
income income
taxes
taxes
87.2
90.4
86. 2
94.7
103. 2
119.0
122.4
131.6
38. 8
157. 6
181. 0
217.8
234.2
36.7
32.8
26.8
32.2
36.2
38. 6
40. 6
41. 4
8.5
54. 9
60. 0
65. 7
71.2
Other
63.9
70.5
75.4
81.7
92. 8
107.4
118. 0
127.0
34.5
145.2
161: 1
182. 4
208. 5
See footnote 2, page 32.
Estimates from Mid-Session Review of the 1980 Budget, Office of Management
-and Budget, as revised July 31, 1979; totals are as adjusted October 25, 1979.
Total
Department of
Defense,
military
79.4
78.6
75. 8
76. 6
74. 5
77.8
85. 6
89.4
22. 3
97. 5
105.2
116. 5
126.8
77. 9
77. 1
74.5
75. 1
73. 2
77. 6
84. 9
87.9
21.9
95. 6
103. 0
115.0
123. 6
Total
184.5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 2
366. 4
94. 7
402. 7
450. 8
493. 6
547. 1
Interna- Health
Inand
tional
income terest Other
affairs security
4. 6
4.3
4. 1
4.7
4. 1
5.7
6.9
5. 6
2. 2
4. 8
6.0
5. 8
9.0
49.0
56. 1
70. 1
81.4
91.8
106.5
136. 3
160. 9
41.5
176. 7
190. 2
210. 1
241. 1
15. 8
18.3
19. 6
20.6
22. 8
28.0
30.9
34.5
7.2
38. 0
44.0
52. 6
57.8
35.7
39.3
41. 8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 4
108. 6
108.2
Sources: Department of the Treasury and Office ol Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts rose $10.8 billion (annual rate) and expenditures rose $6.1 billion, yielding a"
deficit of $7.0 billion, $4.7 billion lower than the first quarter deficit. In the third quarter, according to preliminary
estimates, expenditures rose $22.4 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
550 -
200
150
50
if1I 111i
SURPLUS
DEFICIT
-50 -
-100
1972
1974
1973
15 75
!•««
/^2J
yy/
- -50
-too
1977
1976
|%j i^1
1979
1978
198Q
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
F€;deral Gc)vernmeiit expenclitures
Federal Cjiovernm ent receip ts
Period
Subsidies Less:
GrantsWage
Purless
in-aid
Indirect ContriPersonal Corpochases Trans- to State Net
current accruals
rate business butions
tax
and
Total of goods fer pay- and interest surplus of less
Totai nontax profits tax and
for
paid Govern- disand
ments local
tax
nontax social inreceipts accruals
services
government en- burseaccruals surance
terprises ments
ments
Fiscal year:
1975
__ 283. 5
313.9
1976
366.0
1977
414.7
1978
127. 1
137.0
166.0
186.3
42. 1
51.7
59. 1
67.7
22.2
24.3
24. 5
27.2
92. 1
100.9
116.4
133.5
328.7
371. 1
411.4
450. 1
118.0
125.7
140.3
150. 7
134.3
156.5
169.6
182.0
48.4
57.6
66.3
74.7
21.9
25.2
28.4
33. 1
Calendar
year:
1975
1976
1977
1978
286.2
331.4
375.4
432. 1
125.4
147.2
169. 6
194. 9
42.8
54.6
61. 8
72.0
23.9
23.4
25. 1
28. 1
94.2
106. 3
118. 9
137.0
356. 8
385. 0
421. 7
459.8
123. 1
129. 7
144. 4
152.6
149. 1
161. 7
172.7
185.4
54.6
61. 1
67.5
77.3
23. 2
26.8
29.0
34.8
6.8
5.8
1978: I
!!___ 424.8
III.. 442. 1
397. 8
IV. .. 463. 5
178.9
188.8
200. 9
211. 0
60. 2
72.2
74. 6
81. 2
26. 6
28.0
28.4
29. 3
132. 2
135.8
138.2
142. 0
447. 3
449.4
462. 6
479.7
150. 9
148.2
152. 3
159. 0
179. 8
180. 7
188. 8
192. 1
74.4
76. 7
77.6
80.7
32. 5
34. 0
35. 6
37. 1
475. 0
1979:1
II... 485. 8
III".
213.0
223. 4
235.0
77.2
74.9
29. 4
29.9
30. 3
155. 5 486. 8
157. 5 492.9
160. 1 515.3
163. 6
161.7
162. 5
196. 8
201.9
218. 5
77. 8
77.7
80. 7
40.0
42.6
43. 3
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Surplus
or
deficit
(-),
national
income
and
product
accounts
-.4
.0
.0
.0
-45.3
-57.3
-45.5
-35.4
.0
8. 1
.0
.0
-70.6
-53. 6
-46.3
-27.7
9.7
9.8
8.4
.0
.0
.2
-49.4
-24.6
-20.4
-16.3
8.3
9.0
!'o
-11.7
-7.0
5.7
6.2
6. 9
9.6
9.7
10.9
10. 5
.0
.0
2
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
isonally
ad
juste
3tion
(set
In dustria produ
i)
Period
1972__
1973
1974___
1975
1976
1977
1978
1978: Nov
Dec____
1979: Jan
Feb
Mar
Apr
May
June "__
July p* _ _
Aug _ _
Sept v__
Japan
United CanStates ada
119. 7
129. 8
129. 3
117.8
130.5
138. 2
146. 1
150.6
151. 8
151.5
152.0
153. 0
150.8
152.4
152.6
152.8
151.5
152. 3
130.6
143. 5
148.5
139. 6
147. 4
152. 1
160.9
166.2
167. 1
167.8
167. 3
168.4
165.5
166.8
165. 0
169.0
GerFrance many
Italy
138. 7
147.7
145. 1
137. 1
149. 1
152.7
155.8
159
159
159
157
161
161
164
165
168
164
122. 7
134. 6
140.6
127. 6
143. 5
145. 1
147.6
154.8
152. 6
153. 5
160.8
156. 6
157. 2
152.4
146. 0
150.5
150.4
135
145
148
139
148
152
154
160
160
159
159
161
159
161
161
165
165
167.0
190. 5
183. 1
163. 9
182.0
189.7
201. 1
205.9
208.4
208.5
211.3
210.8
212. 5
216.7
217.0
219.0
219. 8
Con sumer p>rices (urladjustec i)
United United
King- States1
dom
113. 2
123.0
120.0
114. 3
117.4
122.8
126.6
126.8
129.2
120.2
131.8
133.6
132. 7
134.8
138. 1
136.0
129.3
125. 3
133. 1
147.7
161. 2
170.5
181. 5
195. 4
202.0
202. 9
204.7
207. 1
209. 1
211. 5
214. 1
216. 6
218.9
221. 1
223. 4
Can- Japan France Gerada
many
132. 3
147.9
184. 0
205.8
224.9
243. 0
252. 3
254. 1
253.7
253.9
253. 1
255. 1
258.6
261.3
261. 5
263.8
261. 1
121.2
130.3
144. 5
160. 1
172. 1
185. 9
202.5
209.0
209.6
211.2
213.2
215.7
217.2
219. 3
220. 3
222. 1
222. 9
224. 9
131. 1
140.7
160. 0
178. 9
196. 1
214. 5
233.9
242. 1
243. 2
245.5
247. 1
249.4
251.8
254. 5
256. 6
260. 0
262.7
119.0
127.2
136. 1
144.2
150.7
156. 6
160.7
161. 1
161. 8
163.5
164.5
165. 5
166. 4
167. 0
167.8
168. 8
169.0
169.2
United
Kingdom
Italy
121. 0
134.0
159. 7
186. 8
218. 1
255.2
286. 2
298.6
300. 1
305. 1
309.7
313.8
317. 8
321.3
324. 5
327.4
330. 7
339. 0
137.7
150. 2
174. 3
216.5
252.4
292.4
316.6
325.3
328.0
332.9
335.6
338. 3
344. 1
346.8
352.8
368. 0
370.9
374. 6
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.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercllandise e xports 1
Merd landise i mports
General im]ports
Domesti s exports
Period
Total
domestie and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
bacco
fuels
bacco
fuels
F.a.s. value3
Monthly
average :
1973
1974__ _
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4, 684
6, 131
9,000
Mer chandise
balance
Exports
Ex(f.a.s.) ports
(f.a.s.)
less
imless
ports
imports
(customs (f.a.s.)
value)
trade
Exports
(f.a.s.)
les^
imports
(c.i.f.)
Custorris value
5
5,902
8, 159
5,811
8, 045
1,078
1,269
895
1,317
3,728
5,294
5,790
8, 416
1974
8, 159
1975
8,966
1976
9, 596
1977
10, 096
1978
11, 965
1978: Sept___ 13, 274
Oct
12, 901
Nov
13, 451
Dec___. 13, 283
1979: Jan____ 13, 132
Feb
13, 507
Mar
14, 452
Apr
13, 883
May
13, 862
June
15, 038
July
15, 669
A u g _ _ _ 15, 821
Sept.__ 15, 832
8, 045
8,842
9,456
9, 912
11, 756
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
13, 636
13, 578
14, 774
15, 433
15, 560
15, 579
1,269
1, 399
1,436
1, 330
1,719
1,877
1,786
1,634
1, 692
1,437
1,557
1,765
1,758
1,807
2, 182
2,352
2,262
2, 266
1, 317 5,294
1, 266 5,913
1,341 6,437
1, 548 6, 679
1, 746 7,874
1,901 8,586
1,934 8, 626
2, 040 8,913
2, 047 8,907
2, 143 8,759
2,009 9, 078
2,313 9,403
2, 134 9, 056
1,939 9,068
2, 286 9,639
2,441 9, 819
2,450 10, 071
2, 586 10, 092
8,354
8, 048
10, 084
12, 307
14, 336
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
15, 273
16, 036
16, 342
16, 937
16, 777
18, 177
18, 666
J Department of Defense shipments of grant-aid military supplies and equippent under the Military Assistance Program are excluded from totals for all
wiods and
from monthly detail beginning January 1978.
I3 m°taimcludes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
3
770 1, 120
892 2, 653
F.a.s. value 5
892 2, 672
827 2,718
991 3,457
1, 186 4, 463
1, 312 4, 329
1, 235 4,513
1,358 4,355
1,369 4,443
1, 452 4, 578
1,486 5, 145
1,261 4,438
1,437 4, 890
1,540 5, 186
1,456 5,206
1,552 5, 504
1, 386 5,966
1,411 6,460
1,415 7, 046
4, 602
4,257
5, 398
6,379
8,363
8,767
8,755
8, 691
8,617
9,291
8,824
8, 596
9, 023
9, 232
9,475
9, 065
9, 873
9,749
112
257
-195
-229
-841
9, 000
—257
195
—841
8,654
853
312
918
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2,476 -2, 371 -3,297
15, 821
-1,546 -2, 547
15, 764
-1,951 -2, 863
17, 770
-1,374 -2, 319
16, 006
-1,749 -2, 724
17, 282
-3,099 -4, 150
15, 720
-1,300 -2, 213
-821 -1,776
16, 228
17, 053
-2, 153 -3, 171
-2,480 -3, 488
17, 350
17, 977
- 1, 900 -2, 940
17, 823
-1, 108 -2, 154
19, 275
-2, 357 -3,455
-2, 833 -3,945
19, 777
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United
States. Data for 1973 are estimates.
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
The current account, which recorded a surplus of $41 5 million in the first quarter, shifted to a deficit of $965 million in
the second quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
1971
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
Exports
1972
1973
1974
1975
1976
1977
1978
Imports
Invejstment in come 3
12
Net
ance
Receipts
Payments
Npt
J. 1 C M
Net
military
transactions
Nettravel
and
transportation
receipts
Other
services,
net 1
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
other
uni—
lateral
transfers 1
Balance
on
current
account
2,789 -1,889 -3,854 -5, 744
7, 141
3, 185 11, 022 -3,881
2, 113
3,975
9,298 -7, 186
4,590 22, 952 -4, 613 18, 339
4, 605
9,603 -4, 998
4,725
4,983 -9,423 -4,670 -14,092
6,226 -8,809 -5, 086 -13,895
49, 381 -55, 797 -6,416
71, 410 -70,499
911
98, 306 -103,648 -5,343
107, 088 -98,041
9,047
114, 745 -124,051 -9, 306
120, 816 -151, 689 -30,873
141, 884 -176,071 34, 187
14, 764 -6, 544
21, 808 -9, 655
27, 587 - 12, 084
25, 351 -12, 564
29, 286 -13,311
32, 587 -14,598
43, 465 -21, 820
1977: III__
IV. _
30, 558 -37,996 -7,438
29, 665 -38,869 -9,204
8,420 -3,686
8,312 -4, 201
4,734
4, 111
407
357
-693
-787
1,331 - 1, 659 -1,249 -2, 908
1,251 -4, 272 -1,023 -5,295
1978: !..__
30, 811
35, 267
36, 491
39, 315
-42, 710 -11,899 9,776 -4, 537
-43, 174 -7,907 10, 256 -5,402
-44, 503 -8, 012 10, 526 -5,574
-45, 684 -6,369 12, 907 -6,308
5,239
4, 854
4,952
6, 599
244
237
247
-239
-731
-798
— 734
-672
1,439 -5, 707 -1,228 -6, 935
1,501 -2, 113 -1,313 -3, 426
1,603 -1,994 -1, 233 -3,227
-313
1,001 -1,314
1,682
41, 348 -47, 463 -6,115 14, 115 -7,251
42, 792 -50, 508 -7,716 15, 161 -7,763
6, 864
7,398
34
-92
-566
-746
1,520
1,573
II
iri~_~_
IV..
1979: L_._
11
-*~
1
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
» Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
8,220 -3,420 -3,063
12, 153 -2, 070 -3, 158
15, 503 -1, 653 -3, 184
12, 787
-746 -2, 725
674 -2, 465
15, 975
17, 989
1,679 -3, 200
492 -2, 985
21, 645
1,737 -1,322
417 -1,382
Source: Department of Commerce, Bureau of Economic Analysis.
415
-965
f.S. INTERNATIONAL TRANSACTIONS—Continued
ffi the second quarter, private capital outflows of $14.8 billion were roughly matched by private capital inflows of
$13.9 billion. Foreign official assets in the United States, which declined by $9.2 billion in the first quarter, declined
by a further $9.7 billion in the second quarter.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
-10
-20
-20
-30
-30
-40
-40
1979
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U. S. assets abroad, net
[incre ase/capita J outflow ( — ) ]
Period
Total
U.S.
official
reserve
assets ! 2
1972
-14,497
-4
1973
-22, 874
158
1974
. -34, 745-1,467
1975
-39, 703 -849
1976_ . _ _ -51,269 -2, 558
1977
-35, 793 -375
1978
-60,957
732
Other
U.S.
U.S.
Govern- private2
ment
assets
assets
-1,568
— 2, 644
366
-3,474
-4, 214
-3, 693
-4, 656
Fore ign assets in the U. S., net
[inci-ease/capi bal inflow (4- )P
Foreigii official
ass>ets
Total
-12,925 21, 461
-20, 388 18, 388
-33, 643 34, 241
-35,380 15, 420
-44, 498 36, 399
-31, 725 50, 823
-57,033 63, 713
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
10, 475
6,026
10, 546
6,777
17, 573
36, 656
33, 758
10, 293
5,090
10, 244
5,259
13, 066
35, 416
31, 004
10, 986
12, 362
23, 696
8,643
18, 826
14, 167
29, 956
112 -1,001 -5, 736 14, 236 8,266
-43
-746 — 14,424 19, 991 15, 179
7,890
15, 101
5,970
4,812
187 -1,009 -14,366 18, 175 15, 618 14, 895
248 -1,263 -4, 451
941 -5,265 -5, 129
115 -1,390 -8, 774 15, 358 4,641
4,519
182
— 994 -29, 442 29, 239 18, 764 16, 719
2,557
6,206
10, 717
10, 475
1979: I
-7,637 -3,585 -1,094 -2, 958 1,476 -9,391 -9,227
II *»-_ -15,468
343 -1,000 -14,811 4,416 -9,515 -9,669
10, 868
13, 931
1977: III. _ _ -6, 625
IV
-15,213
1978: I
II
III
-15, 188
-5,466
-10,049
-30,254
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Statistical
discre pancy
U.S.
official
Allocareserve
tions
Of
assets,
Total
of
!
special (sum of Seasonal net
(unadthe
drawing
adjust- justed,
items
rights
ment end of
with
sign
(SDR)
reversed) discrepancy period)
710
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
1,930
-2, 655
-1, 609
5,944
10, 265
-937
11, 139
-4, 703 -2, 275 18, 988
1,321 19, 312
517
901
3,947
7,950
517
-2, 082 -2, 716
1,301
1,328
1,139
4,606
12, 016
985
748
19, 192
18, 864
18, 850
18, 650
21, 658
21, 212
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
..
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budge', Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S; International Transactions
35
35
36
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