Full text of Economic Indicators : September 1976
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Congress, 2d Session
Economic Indicators
September 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MAcAVOY
BURTON G. MALKIEL
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators* *
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
Recently revised figures for the second quarter indicate that gross national product rose $30.0 billion or at an annual
rate of 9,9 percent. Real output (GNP adjusted for price changes) increased at a rate of 4.5 percent compared with
9.2 percent in the first quarter. The inflation rate rose from a 3.2 percent to a 5.2 percent annual rate.
WLUONS OF DOOMS (RATIO SCALE}
1,800
BILLIONS OF DOLLARS {RATO SOUIJ
1,800
1,400
1,600
1,400
1,200
1,000
1,000
800
800
1968
1969
1970
1974
1973
1972
1975
1976
COUNC8. OP ECONOMIC A&YISBtS
SOURCE; DEPARTMENT Of COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Export & and imi>orts of
gooc s and ser vices
Go-*pernment purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense 1
Nondefense
State
and
local
Final
sales
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
688. 1
753.0
796.3
868.5
935. 5
982.4
1, 063. 4
1, 171. 1
1, 306. 6
1, 413. 2
1, 516. 3
430.2
464. 8
490.4
535.9
579.7
618. 8
668.2
733. 0
809. 9
887. 5
973. 2
112. 0
124.5
120.8
131. 5
146. 2
140. 8
160. 0
188. 3
220. 0
215. 0
183. 7
7. 6
5. 1
4.9
2. 3
1.8
3.9
1.6
-3.3
7. 1
7.5
20. 5
39. 5
42. 8
45. 6
49.9
54.7
62.5
65. 6
72. 7
101. 6
144. 4
148. 1
32. 0
37. 7
40. 6
47. 7
52. 9
58. 5
64. 0
75. 9
94. 4
136. 9
127. 6
138.4
158. 7
180.2
198.7
207. 9
218.9
233.7
253. 1
269.5
303. 3
339. 0
67. 3
78. 8
90.9
98.0
97. 5
95. 6
96.2
102. 1
102. 2
111. 6
124. 4
49.4
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77.3
84.3
17.8
18. 5
19. 5
21. 2
21.2
22. 1
26. 0
28. 6
28. 7
34. 3
40. 1
71. 1
79. 8
89. 3
100. 7
110.4
123. 2
137. 5
151. 0
167. 3
191. 6
214. 5
678.6
738.7
786. 2
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1975: I
II...
III..
IV___
1, 446. 2 933. 2
1, 482. 3 960. 3
1, 548. 7 987. 3
1, 588. 2 1, 012. 0
172. 4
164. 4
196. 7
201.4
15. 0
24. 4
21. 4
21. 0
147. 5
142. 9
148. 2
153. 7
132.5
118. 5
126. 8
132. 7
325. 6
333. 2
343. 2
353. 8
120. 3
122.4
124. 6
130.4
82. 0
83.4
84. 6
87. 1
38. 3
39. 0
40. 0
43.2
205. 3
210. 9
218. 6
223. 4
1, 468.
1, 512.
1, 550.
1, 592.
1976:1
1, 636. 2 1, 043. 6
!!___ 1, 675. 2 1, 064. 7
229. 6
239.2
8. 4
9.3
154. 1
160.3
145. 7
151.0
354. 7
362. 0
129. 2
131.2
86. 2
86.9
42.9
442
» This category corresponds closely with budget outlays for national defense,
shown on p. 33.
4
3
6
5
|
225. 5 1 1,621.4
230. 9
1,659.2
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross i>rivate domestic
Exports of go ods
i]avestmenlt
mad service8
Personal
conGross
Change
national sumpNonproduct
Resi- in busition
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
Govern!nent purebases of
gooda and ser</ices
Total
Federal
State
and
local
Final
sales
925.9
981. 0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214. 0
1, 191. 7
558. 1
586.1
603.2
633.4
655.4
668.9
691.9
733.0
767. 7
759. 1
770.3
95.6
106. 1
103. 5
108.0
114. 3
110. 0
108. 0
116. 8
131. 0
128. 5
111.4
43.2
38. 5
37.2
42.8
43. 2
40.4
52.2
62. 0
59.7
45. 0
38.4
11. 3
16.7
12.0
8.7
10.6
4.3
6.6
9.4
16. 5
8.5
-12. 0
8.2
4.3
3. 5
—.4
-1. 3
1,4
—.6
-3.3
7. 6
16.5
22. 6
49. 1
51. 6
54. 2
58. 5
62. 2
67. 1
67.9
72.7
87. 4
97. 2
90.6
41. 0
47.3
50.7
58.9
63.5
65.7
68.5
75.9
79. 9
80. 7
68. 1
209.6
229.3
248.3
259. 2
256.7
250. 2
249.4
253. 1
252. 5
256. 4
261.0
100.5
112.5
125.3
128. 3
121.8
110. 7
103.9
102. 1
96. 6
95. 3
95. 7
109.1
116.8
123. 1
130.9
134.9
139. 5
145.5
151.0
155.9
161. 1
165. 2
914.6
964. 3
995. 7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 161. 1
1975: I
!!___ 1, 177. 1
III._ 1, 209. 3
IV— 1, 219. 2
754.6
767.5
775.3
783.9
114.4
110.6
110. 1
110.5
35. 4
36.8
39.6
41.9
-20.5
-21.2
-1.0
— 5. 5
20.1
24.3
22. 8
23. 1
90. 3
87.7
90.7
93.9
70.2
63.4
67.9
70. 8
257. 1
259. 1
262.4
265.2
94 8
95. 3
95.6
97.2
162. 2
163.8
166. 9
168. 0
1, 181. 6
1, 198. 2
1, 210. 2
1, 224. 7
1976:I_._. 1, 246. 3
II— 1, 260. 0
800. 7
808.6
112.6
114.9
44.1
45.7
10.4
11.1
16. 6
16.0
93. 6
95.4
77.0
79.4
261. 9
263. 6
95.4
96.0
166.6
167.7
1, 235. 9
1, 248. 8
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
_
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona consumi>tion exp€mditures
Total
Gross private
dom estic
invesifcment
Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
goods
fixed
Expor ts and
imports of goods
and scjrvices
Governnlent purchases ()f goods
and s€ rvices
State
Exports Imports Federal and
local
74. 32
76.76
79. 02
82.57
86.72
91.36
96.02
100. 00
105. 80
116. 41
127. 25
77.1
79. 3
81. 3
84.6
88.5
92.5
96. 6
100. 0
105.5
116.9
126.3
85.6
85.7
87.4
90.7
93. 1
95. 5
99. 0
100. 0
101.6
108. 3
117. 7
77.3
80. 1
81.9
85.3
89.4
93. 6
96. 6
100. 0
107.9
124. 0
133.7
74. 3
76. 5
78.8
82.0
86. 1
90. 5
95. 8
100. 0
104.7
113. 5
122. 7
74.5
76. 8
79. 3
82.6
86.6
91. 3
96. 4
100. 0
103.8
116. 1
132. 1
72. 3
74.6
77.0
80. 7
87.7
90. 6
94. 9
100. 0
110. 8
122. 3
133. 2
80.5
82. 8
84. 0
85. 3
87.9
93. 1
96.6
100.0
116. 2
148. 6
163.4
78.0
79. 7
80. 1
80.9
83.3
89. 1
93. 5
100. 0
118. 2
169. 6
187. 4
67. 0
70.1
72. 6
76.4
80.0
86.4
92. 6
100.0
105. 8
117. 1
130. 0
65. 1
68.4
72.5
76.9
81.9
88. 3
94. 5
100. 0
107. 3
119. 0
129. 8
1975:1
II
III
IV
124. 55
125. 93
128. 07
130. 27
123.7
125. 1
127. 3
129. 1
115. 1
117. 1
118. 2
120. 2
131. 2
132. 1
135. 1
136. 2
119. 7
121. 5
123. 6
125.9
129.4
131.8
132. 7
134. 5
131. 5
132. 1
132. 8
135. 9
163.4
163. 0
163. 4
163. 7
188. 9
186. 9
186.6
187. 3
126.8
12a4
130.4
134.2
126.5
128.7
131.0
132.9
1976:1
II
131. 29
132. 96
130. 3
131. 7
121. 8
123.8
136.4
136.9
128.0
129.8
136.2
137.5
139. 0
142.9
164. 6
168. 1
189.2
190.4
135.4
136.7
135.4
137.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
_-__
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Constant
(1972)
dollars
Current
dollars
Period
1965...
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
—
—
1975: I
5.9
5.9
8.2
9.4
5.8
2. 7
9. 1
4.4
2.6
7.7
5.0
8.2
-. 3
3.0
III
IV_____
1976: I
IL_
1.9
1.8
2.9
2.2
3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
3. 1
3.0
4.4
5.0
5.3
5.0
4. 1
6. 0
10. 0
10. 0
7.3
5. 7
5. 5
-1. 7
-1. 8
-.8
-9.9
5.6
10. 1
4. 5
3.3
7. 1
7.3
6.4
9. 2
3.2
5.2
4. 3
11.4
12. 6
9. 9
.
Chain
price
index
Fixedweighted
price
index
(1972
weights)
10.1
11. 6
8. 2
10.4
19. 1
10.6
II
Implicit
price
deflator
Gross domestic product
4.5
5.8
9.3
7.0
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
9.2
9. 2
5. 4
5.4
3. 0
4.3
5.0
5.2
4.9
4.0
6. 0
10. 0
9.2
8.9
5.4
7.3
6. 6
4. 2
5.2
Constant
(1972)
dollars
Current
dollars
8.2
9.6
5.7
9.1
7.8
5.0
8.1
Implicit
price
deflator
2.2
3.3
3.0
4.5
3. 1
3. 1
5.3
5.1
4.1
5.7
9.6
9.5
5.9
10.9
4. 5
9.4
7.0
3.4
7. 1
7.4
6.4
9.0
5.5
7.4
6.7
9.0
4.6
3. 0
4.3
5.4
4.2
5.3
5.9
6. 1
2.7
4.4
2.6
3
2.8
5.8
5.4
10. 1
11. 5
7. 8
7. 7
-1. 7
-1.7
.7
-9.2
10. 1
19. 1
10.8
5. 1
5.4
11.3
12.2
10.1
Chain
price
index
Fixedweighted
price
index
(1972
weights)
5.3
1.9
4.4
5.0
5.3
5.0
4. 1
9. 7
9. 3
5. 5
1.8
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5. 9
9. 7
9.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross d omestic
prodiict of
nonfin ancial
corp<Drate
busi ness
(billic>ns of
dollars)
Current do lar cost a nd profit per unit of outpu t (dollars) i
Total
cost
and
1965
1966
1967
1968
1969
1970
1971 _ _ _ _ _
1972
1973
1974_ __
1975
1975: I
II
III...
IV...
1976: I
II...
Current
dollars
1972
dollars
392. 1
430.7
452.9
498.4
541.8
560. 6
602. 5
671. 0
752.0
810. 0
870.4
822. 3
851. 1
892. 0
916. 1
949. 0
972. 8
494. 6
532.9
545. 8
581. 6
607. 3
600. 6
619. 3
671.0
720. 4
698. 7
676.8
653. 1
668. 1
688.9
696. 1
713. 9
726. 7
profit
2
0.793
.808
.830
.857
. 892
.933
. 973
1. 000
1. 044
1. 159
1. 286
1. 259
1. 274
1. 295
1. 316
1. 329
1. 341
Capital
conComsumption
penallowNet
ances Indirect sation
of
with business
in3
employ- terest
capital taxes
conees
sumption
adjustment
0.066
. 067
. 072
.074
.079
. 088
.094
.093
. 095
. 116
. 143
. 139
. 142
. 143
. 146
. 146
. 147
0.083
.080
.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 138
.135
.138
. 139
. 140
. 136
. 137
1
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted 2 places to the left.
* Indirect business taxes and nontax liability plus business transfer payments
ess subsidies.
Corpc rate profi ts with
invent<Dry valualAon and
capit al consuiription
8tdjustmen ts
Total
0.497 0.012 0. 134
. 014 . 134
.513
. 123
.535
. 016
. 124
. 553
. 017
. 589 . 022
. 109
.628
.028
.086
.645
. 029 . 095
.661
.028
. 107
. 032 . 105
.699
. 794 .041
. 085
. 045 . 107
.853
.863
.046
. 076
.847
. 045 . 101
.842
. 045 . 126
.860
. 124
.046
. 869 . 047 . 131
.132
.876
.049
Profits
tax
liability
0. 055
. 055
. 051
. 058
. 055
. 045
. 048
. 050
. 055
. 061
.059
.046
. 053
. 066
. 068
.072
.074
Profits
after4
tax
0. 079
.078
. 072
. 066
. 055
. 041
. 046
. 057
. 050
. 024
. 048
. 030
. 049
.059
. 055
.059
.058
per
Compensation
ees
hour
of all
employ-
Output
hour
of all
employ(1972
dollars)
6. 6252
6. 7773
6. 8731
7. 1406
7. 2109
7. 2423
7. 5311
7. 7981
7. 9847
7. 7426
7. 9687
7. 6778
7. 9584
8. 1231
8. 0968
8. 1846
8. 2885
per
ees
(dollars)
3. 2957
3. 4781
3. 6761
3. 9483
4. 2401
4. 5468
4. 8579
5. 1579
5. 5832
6. 1470
6. 7949
6. 6242
6. 7446
6. 8426
6. 9619
7. 1116
7. 2595
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employ1
Propri etors'
mcom<2 with
inventor y valuation anc capital
consultip tion
adjust ments
ees
Farm
566.0
396. 5
439.3
622. 2
471.9
655.8
714.4
519.8
571.4
767. 9
609.2
798.4
650. 3
858. 1
715. 1
951. 9
799.2
1, 064. 6
875. 8
1, 135. 7
928. 8
1, 207. 6
904. 0
1,149.7
912. 9
1, 182. 7
935. 2
1, 233. 4
963. 1
1, 264 6
994. 4
1, 304. 7
1, 337. 4 1, 017. 2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1975: I
II
III
IV
1976: I
II
12.6
13.6
12. 1
12.0
13.9
13.9
14.3
18.0
32.0
25.8
24.9
17.9
24. 1
29.2
28.3
21.9
27.5
Nonfarm
44. 1
46. 7
48.9
51.4
52.3
51. 2
53.4
58.1
60.4
61. 1
65.3
63.2
62. 7
66.3
69.0
71.4
72.8
Corpor ate profits with inv<sntory va uation
and capital co nsumptioii adjustments
Rental
with
capital
consumption
adjustment
17.1
18.2
19.4
18.6
18.1
18.6
20.1
21.5
21.6
21. 0
22.4
21.9
22. 3
22.4
22.9
23.3
23. 1
Profits with invc3ntory
valuat ion adjusi ment
and \without ca pital
consum 3 tion adjiistment
Total
Total
77.1
82. 5
79.3
85. 8
81.4
67.9
77.2
92.1
99. 1
84.8
91.6
69. 0
86.6
105. 3
105.6
115. 1
116.4
73.3
78.6
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
87. 8
103. 1
77.7
97.9
117. 9
119. 1
129.6
131.8
Profits
before
tax
Inventory
valuation
adjustment
75.2
80.7
77.3
85.6
83.4
71.5
82.0
96.2
115.8
127. 6
114. 5
94.2
105.8
126. 9
131.3
141. 1
146.2
Capital
consumption
adjustment
Net
interest
-1. 9
-2. 1
3.8
3.9
-1. 7
3.7
-a 4
3.7
-5.5
3. 5
— 5. 1
1. 5
-5. 0
.3
-6. 6
2.5
-18.6
1. 9
-39.8
-3. 0
-11.4 -11. 5
-16. 5
-8.6
-7. 8 -11.4
-a o — 12. 6
-12. 3 -13. 5
-11. 5 -14. 5
— 14.4 -15. 4
18. 5
21.9
24.3
26.8
30.8
37.5
42.8
47.0
52.3
67. 1
74.6
73. 7
74. 0
74. 9
75.8
78.6
80.3
Source: Department of Commerce, Bureau of Economic Analysis.
»Includes employer contributions for social insurance. (See also p. 6.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
430.2
1965
464.8
1966
490.4
1967
535. 9
1968
579. 7
1969
618.8
1970
_ >
668.2
1971
733.0
1972
809.9
1973
887.5
1974_
973.2
1975
933.2
1975: I
II
960. 3
987.3
III___
IV. .. 1, 012. 0
1, 043. 6
1976: I
1, 064. 7
II
1
FurniTotal
durable1
goods
Motor
vehicles
and
parts
62. 8
67.7
69.6
80.0
85.5
84.9
97. 1
111. 2
123. 7
121. 6
131.7
122. 1
127.0
136.0
141.8
151.4
155. 0
29. 8
30. 1
29. 7
35.8
37.7
34.9
43.8
50.6
55.2
47.9
53. 2
47.6
49.5
56.3
59.2
68.0
70.4
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Nondura ble goods
D urable goo is
and
household
equipment
24. 7
27. 7
29. 5
32.6
35.0
36.7
39.4
44.8
50. 7
54. 7
57.6
54.6
57.0
58.2
60.6
61.2
62.3
Services
Total
nondurable1
goods
188.6
204. 7
212. 6
230. 7
247. 0
264. 7
277.7
299. 3
333. 8
376. 2
409. 1
394.4
405.8
414.6
421. 6
429. 1
434. 8
Food
98.9
106. 6
109.6
118. 3
126. 1
136. 3
140. 6
150.4
168. 1
189. 9
209. 5
203. 2
207.8
211. 8
215.2
219.2
223, 1
Clothing
and
shoes
Gasoline
and oil
33.5
36. 6
38.2
41. 8
45. 1
46.6
50. 5
55. 1
61. 3
65. 1
70.0
66.6
69.3
71.3
73. 0
73.5
73.2
14 7
16.0
17. 0
18.4
20.4
22.0
23.4
24. 9
27. 8
36. 3
38. 9
37.9
38.6
39.2
39.9
40. 1
40.3
Domestics
178. 7
192.4
208. 1
225. 6
247. 2
269.1
293.4
322.4
352. 3
389.6
432.4
416.7
427. 4
436. 7
448.6
463.2
474. 9
8. 8
Imports
8.4
7.6
0. 7
.8
8.5
7.1
8.7
9.3
9.7
7.5
1. 1
.1.3
8. 6
1.0
1.6
1.8
1.6
1. 4
1. 6
1. 7
7. 1
6. 7
6. 3
7. 6
7. 7
1.6
8.9
8.7
1.3
1.5
Source: Department of Commerce, Bureau of Economic Analysis.
1. 7
1. 4
SOURCES OF PERSONAL INCOME
Personal income increased $6.1 billion (annual rate) in August, following a revised increase of $13.0 billion in
July* about one-third of which was the result of a cost-of-living increase in social security benefits. Wage and salary
disbursements rose $4.5 billion or about half as much as in July. Farm proprietors' income declined for the second
consecutive month.
BtLUONS OF DOLLARS* (RATIO SCALE)
WLLIONS OF DOLLARS* (RATIO SCALE)
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
"T5"
600
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
200
200
100
100
80
80
40
60
40
.tin
1968
11 M I i I 1 1...1
1969
i i i i t I i i i ii
1970
1 1 1 i 11 11 11 t
1971
1972
i i i i I 1 1 i i i i i \\ \ \ 1 1 1 1 1 .
1973
1974
I I 1M I I I 11 I
1975
I I 1 1 I I M I 1 .40.
I
1976
*SEASONAllY ADJUSTED ANNUAL RATES
SOURCE- DEPARTMENT OF COMMERCE
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Total
Other ProprietyDrs' income income
and
Transfer
Divi- Personal
personal salary
labor 12
payinterest
of
dends
income disburse- income
income ments5
Farm
Nonfarm persons 4
ments ^
685.2
1968
1969
745. 8
1970
801. 3
1971
859. 1
942. 5
1972
1973
1, 052. 4
1974
1, 153.3
1975
1, 249. 7
1975: Aug.._ 1, 267. 5
Sept___ 1, 277. 1
Oct.... 1, 290. 8
Nov
1, 300. 2
Dec
1, 308. 2
1976: Jan
1, 320. 8
Feb
1, 331. 4
Mar... 1, 341. 9
Apr
1, 352. 5
May___ 1, 362. 9
June
1, 370. 4
July.__ 1, 383. 4
Aug*_. 1, 389. 5
1
COUNCIl OF ECONOMIC ADVISERS
469. 5
5146
546. 5
579.4
633. 8
701.3
765. 0
806. 7
813.0
819. 1
828. 5
836. 6
844.0
854. 2
861.4
868.8
876.9
883. 3
883. 1
892.0
896.5
25.1
28.2
32.0
36.2
42.0
48.7
55. 5
62. 5
63.3
63. 9
64 5
65.2
65.8
66.4
67. 1
67.7
68.4
69.0
69.7
70.4
71. 1
12.0
13.9
13.9
143
18. 0
32. 0
25.8
24 9
29. 6
29.4
29.2
28.4
27.3
246
21. 1
20.0
23.3
27.5
31.6
29.2
25.7
51.4
52.3
51.2
53.4
58. 1
60.4
61. 1
65. 3
66.5
67.0
68.3
68.7
69.9
70.6
71.3
72.2
72.7
72.5
73.4
73.8
740
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.
* With inventory valuation and capital consumption adjustments.
«With capital consumption adjustment.
18.6
18.1
18.6
20. 1
21. 5
21.6
21. 0
22.4
22. 5
22.4
22.9
22. 9
22.9
23.2
23.4
23.3
23.3
23.4
22.7
23.4
23.2
21.9
22.6
22.9
23.0
246
27.8
30.8
32. 1
32.6
32.9
32.9
32.9
30.8
32.9
33.3
33.0
33.4
33.9
35.9
35. 2
35. 4
49.6
55.9
643
69.3
746
841
101.4
110.7
110.9
112. 1
113.2
1144
115. 5
116.7
117.9
119. 3
120. 0
120. 7
121. 5
123. 0
125.8
59.9
66.5
79.9
94. 1
104 1
118.9
140.3
175.2
179.3
180.7
182. 1
182. 1
183.4
185.3
189.2
191. 3
188. 7
187. 1
186.8
191. 3
192.9
Less: Per- Nonsonal con- farm
tributions personal
6
for social
insurance income
22.8
26.3
28.0
30.8
342
42.2
47.6
50.0
50.2
50.4
50. 7
51. 0
51.4
53. 1
53. 4
53. 7
54 1
54 4
54 3
54. 9
55. 1
667.5
725.8
780.7
838.0
917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 226. 5
1, 236. 1
1, 249. 9
1? 260. 0
1, 269. 1
1, 284 4
1, 298. 6
1, 310. 1
1, 317. 3
1, 323. 3
1, 326. 6
1, 341. 8
1, 351. 2
s
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose at an annual rate of 4.0 percent in the second quarter of 1976.
BILLIONS OF DOLLARS* {RATIO SCALQ
WU4ONS OF DOLIARS* [RATIO SCAL$
1,200
1,200
400
DOLLARS*
400
DOLIARS*
CAPITA DISPOSABLE PERSONAL INCOME
2,000
2,000
1968
1969
1976
1971
1970
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays *
Per (japita
dispc)sable
persona L income
Equals :
Personal
saving Current
dollars
BiJlions of d ollars
1967
1968
1969
1970
1971
1972
1973
1974
1975
626.6
685. 2
745.8
801.3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
82. 1
544. 5
588. 1
97. 1
630.4
115.4
115.3
685.9
742. 8
116. 3
141. 2
801. 3
150.8
901.7
170.4
982.9
168. 8 1, 080. 9
1972
dollars
Per cap>ita per- Percent
sonal c<msump- change
real
tion exp enditures inper
capita
disposable
Current 1972
perdollars dollars
sonal
income
Saving
as percent of Population
disposable
(thou-2
persands)
sonal
income
Dollars
503. 7
550. 1
595.3
635.4
685. 5
751. 9
831.3
910.7
996. 9
40.9
38. 1
35. 1
50.6
57.3
49.4
70.3
72.2
84. 0
2, 740
2,930
3, 111
3,348
3,588
3,837
4,285
4,639
5,062
3,371
3,464
3,515
3,619
3,714
3, 837
4,062
3,968
4, 007
2,468
2, 670
2,860
3,020
3,227
3,510
3, 849
4, 188
4, 558
3, 035
3,156
3,234
3,265
3,342
3,510
3,649
3,582
3,607
4,383
4, 503
4,618
4, 724
4, 863
4, 954
3,544
3, 599
3, 626
3, 659
3,731
3,762
3.0
2.8
1.5
3.0
2.6
3.3
5.9
7.5
6. 5
1.0
5.6
7.4
7.7
6.2
7.8
7.3
7.8
— 3.4
20. 9
-6.6
4. 1
6.6
9.6
7.4
7.5
5.4
4.0
6. 9
7. 1
-2.3
198, 712
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
Seas onally ad; usted anclual rates
1975:I____ 1, 203. 1 179. 3
II — 1, 230. 3 142.2
III.. 1, 265. 5 174.0
IV-. 1, 299. 7 179.8
1976: I... 1/331. 3 183.8
II _„ 1, 362. 0 189. 5
1
1
1
1
1
1
023.8 956. 7
088. 2 983. 6
091. 5 1, Oil. 1
119.9 1, 036. 2
147.6 1, 068. 0
172. 5 1, 089. 6
67. 2
104. 5
80.5
83.7
79. 5
82.9
4,809
5, 102
5, 105
5, 227
5,347
5, 455
1
Includes personal consumption expenditures, interest paid by consumers
to3business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
3,889
4, 078
4,009
4, 049
4, 103
4, 143
212,897
213, 278
213, 805
214, 245
214, 599
214, 926
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
f ARM INCOME
Farm income including inventory change rose $5.7 billion (annual rate) In the second quarter; excluding inventory
change the increase was $9.1 billion.
BILLIONS 'OF DOLLARS* (RATIO SCAU)
BHUONS OF DOLLARS*
120
120
100
100
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
V
NIT FARM INCOME
INCLUDING NET INVENTORY
V
CHANGE
20
20
10
10
1968
1971
1970
1972
1973
1974
1975
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT OF AGRICULTURE
1976
COUNOl Of ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
[ncome received fro m f armin g
by total farm po pulation
Realize;d gross
Net inc ome per
Nett<> farm
farm incl tiding neta
oper ators
Cash receipts from
inventory change
Period
inarketings
From From From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
tory
tory 2 dollars dollars
and
change change
products
Dollars
Biffior is of dollars
3,859
12.8
12.2
1968
44.2
11.3
51.7
24.1
4,013
25.5
12.3
18.7
39.5
13.9
26.9
12.9
4,372
1969.
14.2
56.3
48.2
4,766
42. 1
28.6
14.3
19.6
14.4
4,202
1970_
_ 27.4
58.6
14.2
14.2
4, 790
50.5
29.6
13. 0
21. 0
44.4
13.4
13.2
4,263
15. 3
1971
28. 7
5,030
60.6
30. 6
22. 3
47.4
52.9
146
34.4
1972
17.6
6,504
70.1
61.2
5,288
16. 8
17.8
35. 7
25.5
52. 3
18.7
48.6
19. 5
87. 1
29. 0
29.9
45. 9
1973
95.5
8,817
41. 1
33.3 11, 727
65.6
21. 5
1974.
45. 1
100.2
23. 5
51.3
9,371
92. 6
41. 4
27.8
6,206
72.4
26. 5
45.5
22. 8
22.7
5,482
98. 2
22. 7
1975
42. 9
9, 100
89. 6
25.6
46.7
75. 5
1975:1
II
III..__
88. 4
99.6
105.2
99. 6
80.0
91. 1
96. 5
90.8
36.3
43. 9
45. 0
46. 4
43. 7
47.2
51. 5
44.4
73. 4
76. 1
76.8
75.7
15. 0
23. 5
28. 4
2a 9
18. 5
24 8
30. 0
29. 1
6,590
8,830
10, 680
10, 360
4,070
5,380
6, 320
6,060
1976: I.....
100. 0
110.8
90.9
101, 5
46.0
50. 4
44. 9
51. 1
79. 3
81.0
20.7
29,8
22.7
28. 4
8, 150
10, 190
4,740
5,860
IV,
II
1 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
13 Based on Census of Agriculture definition of a farm. The number of farms is
eld constant within a year.
77-368°—76
4
Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Profits before fax rose $5.1 billion (annual rate) in the second quarter, according to revised estimates, while profits
with inventory valuation adjustment rose $2.2 billion.
BILLKDNS OF DOUARS
BftUONS OF DOLLARS
1976
1968
-SOURCE, DCfARTMENT OF COMM£*Cf
COUNCH Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Profil bs (before tax) wit h invent ory vahuition
adjustn ient»
Dome stie industries
N onfinanc ial
Period
Total 2
WholeManu- sale
Total Finan3
faccial Total
and
turretail
mg
trade
1965
73.3
70. 1
7. 5
62.5
38. 3
7.9
1966
78.6
75.9
8.5
67. 4
41. 6
8. 0
1967
75.6
72.6
9.0
63. 6
37. 9
8. 9
82.1
1968
41. 2
10. 1
78.9
10.4
68. 5
1969
77.9
74.2
62. 9
11.3
10. 1
36. 8
1970
66.4
62. 6
50. 1
27. 1
9. 4
12.6
1971
72. 4
14. 1
32. 4
76.9
11. 7
58. 2
1972
84.
7
89.6
15. 4
69. 3
40. 6
13. 3
1973_
97.2
74. 1
90. 4
44. 1
14, 7
16. 2
1974
87.8
14. 1
12. 4
76.7
36.9
62.6
1975
_ .._ 103.1
84. 1
97.0
12. 9
46. 4
20. 9
1975: 1
adjusted annual rates]
Profits after tax
Inventory
valuation
adjustment
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
75.2
80. 7
85. 6
83. 4
71.5
82.0
96.2
115. 8
127. 6
114. 5
30. 9
33. 7
32. 5
39.4
39.7
34.5
37.7
41.5
48.7
52. 4
49. 2
44. 3
47. 1
44. 9
46. 2
43.8
37.0
44.3
54. 6
67. 1
75. 2
65.3
19. 1
19.4
20. 1
21. 9
22. 6
22. 9
23. 0
24. 6
27. 8
30. 8
32. 1
25.2
27.6
24. 7
24. 2
21. 2
14. 1
21. 3
30. 0
39.3
44. 4
33. 2
— 1. 7
— 3.4
-5.5
— 5. 1
-5.0
-6.6
-18. 6
-39. 8
— 11.4
TT
7? 3
— 1. 9
__ ^
j_
9 1
II
77.7
97. 9
117. 9
119. 1
72. 1
91. 7
111. 4
112.7
13.9
12. 5
12. 1
12. 9
58. 2
79.2
99. 3
99. 8
29. 7
43. 5
57. 0
55. 3
14.5
19. 6
24. 4 !
25.0 ;
94. 2
105. 8
126. 9
131.3
40. 2
44. 8
54. 8
57. 2
54. 0
61. 0
72. 1
74. 1
31. 7
31. 9
32. 6
32. 2
22. 3
29. 1
39. 5
41.9
-16.5
-7.8
-9.0
-12. 3
1976:1
II
129. 6
131.8
121. 9
125.0
14. 0
13.8
107.9
111.2
61. 2
66. 4
29. 0
26.6
141. 1
146.2
61.4
63. 5
79. 7
82. 7
33. 1
34.4
46.6
48.3
— 11. 5
-14.4
III
IV....
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
8
Includes industries not shown separately.
Source: Department of Commerce, Bureau ol Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $4.5 billion in the second quarter, while residential outlays increased
$4.0 billion. Inventory investment, at $16.0 billion, was up $1.2 billion from the first quarter level.
BILLIONS OF DOIMRS* IRATIO 5CAl$
120
_ NONRESIDENTIAL FIXED INVESTMENT
KLUONS OF DOLLARS* {RATIO SCALQ
-GROSS PRIVATE DOMESTIC INVESTMENT
too
80
STRUCTURES
I i
40
i i i
I
I
1
I
!T
1974
1
I
I
I
1 t I
BILLIONS OF DOLLARS* (RATIO SCALE)
80
RESIDENTIAL FIXED INVESTMENT
40 -CHANGE IN BUSINESS INVENTORIES
-20 -40
40
1974
1972
t
I . I
1972
1976
I I t
1973
I
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT OF COMMERCE
\
I !
\ \
1976
1975
COUNCHOf ECO
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm*mt
Period
1965
1966
1967
1968..
1969
1970
1971
1972
1973
1974
1975
1975:1
II
III
IV. _
1976:1
II
Gross
private
domestic
investment
112.0
124.5
120. 8
131.5
146.2
140.8
160.0
188.3
220. 0
215. 0
183.7
172. 4
164. 4
196. 7
201.4
229.6
239.2
Struc tures
Total
71.3
81.4
82. 1
89.3
98.9
100.5
104. 1
116. 8
136. 0
149. 2
147. 1
148.0
145. 8
146. 1
148. 7
153.4
157.9
Total
Nonfarm
Total
Nonfarm
26. 1
29.2
29. 5
31.6
35. 7
37.7
39.3
42. 5
49. 0
54. 1
52. 0
53. 1
51. 2
51. 8
52. 1
53.2
54.9
25. 1
28. 1
28. 2
30.4
34,3
36. 1
37. 8
41. 1
46. 9
51.8
49.8
50. 9
48.8
49 6
49.9
51.0
52.5
45. 1
52.2
52.6
57. 7
63. 3
62. 8
64. 7
74, 3
87.0
95. 1
95. 1
94. 9
94. 6
94. 3
96. 6
100.2
103.0
41.2
47.9
48. 0
53.4
58. 9
58. 1
59. 9
69. 1
80. 1
87. 2
86. 9
86. 5
86.2
86.7
88.0
91. 3
94. 1
Source: Department of Commerce, Bureau of Economic Analysis.
Prod ucers'
dur able
equip»ment
Resid ential fis ed investment
Prrt
Total
31.2
28.7
28.6
34.5
37.9
36. 6
49. 6
62.0
66. 1
55. 1
51. 2
46. 6
48. 6
52. 6
57.0
61.3
65.3
Nonfarm
structures
Farm dueers*
struc- durable
tures equipment
29.9
27.4
27.2
33. 1
36. 3
35. 1
47. 9
60. 3
64.3
52.7
49. 0
44. 9
46. 7
0.6
7
7
6
7
6
7
7
6
54.2
58.6
62.9
1.4
1.2
.9
5a2
10
8
5
6
10
0. 7
.7
.7
.8
.9
.9
1.0
1. 1
1. 2
1. 3
1.3
1. 2
1.3
1. 4
1.4
1. 5
1. 5
Change in business inv entories
Total
9.5
Nonfarm
8.5
14.3
10. 1
14.5
17.9
10.7
-14 6
-22.2
-30. 0
—2. 0
-4.3
14.8
16.0
14.7
12.2
-17.6
-25.6
-31.2
-4.2
-9.5
12. 7
17.3
7.7
9.4
3.8
6.4
9.4
9.4
7.6
9.2
3.7
5.1
as
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending nearly 7K percent in 1976, according to the survey conducted in late
July and August; this is almost the same as the expected increase reported in the April-May survey.
BILUONS OF DOLLARS (RATIO SCALE)
180
BILUONS OF DOLLARS (RATIO SCALE)
180
SEASONAUY ADJUSTED ANNUAL RATES
160
1'<50
140
140
•120
120
TOTAL NEW PLANT AND EQUIPMENT
100
80
NONMANUFACTURING
X
60
40
40
MANUFACTURING
1
i t
1968
20
i
1969
1971
1970
1972
1973
1974
1975
1976
j/'$EE FOOTNOTE 4 BELOW.
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts o f plant
•EJcpenditurc s for plan t and equ ipment
Miinufacturi ng
Period
Total »
Total
Dur-
Non-
able
goods
durable
goods
and equ ipment
proje ets 3
N onmanuf acturing
Total
Mining
Com-
Transportation
Public
utilities
munication
6.05
6. 04
4. 93
5.72
6.03
6.66
7.57
7. 04
7. 30
7. 05
7.86
7. 60
6. 55
8. 24
11. 61
13. 14
15. 30
17. 00
18. 71
20. 55
20. 14
22. 80
20. 28
19. 52
19. 79
20.91
21. 91
21, 85
8.30
10. 10
10. 77
11, 89
12. 85
13. 96
12.74
13. 87
13. 36
12. 50
12. 95
12. 22
12. 54
12. 62
7. 17
6. 08
23. 09
24. 09
Commercial
and 2
Manufactur-
!
ing
Public
utilities
other
1969
1970
1971
1972
1973_
1974_
1975 4
1976
1975: I
II
III
IV___
1976: I
11
75. 56
79. 71
81. 21
88. 44
99. 74
112. 40
112. 78
31.68
31. 95
111.80
47.39
46.82
114. 72
118. 12
49. 21
50. 64
15. 96
15. 80
14. 15
15. 64
19. 25
22. 62
21.84
28. 36
22. 86
22. 59
21. 01
21.07
21. 63
22. 54
III 4 ___ 122. 96
IV 4 ___. 127. 03
53. 81
56. 29
24. 08
24. 80
121. 15
114, 57
112. 46
112. 16
29.99
31. 35
38.01
46. 01
47. 95
52. 77
49. 05
48. 78
15. 72
16. 15
15. 84
15. 72
18. 76
23. 39
26. 11
29. 42
26. 20
26. 19
26. 38
25. 75
27. 58
28. 09
67.48
1.86
1. 89
2. 16
2. 42
2.74
3. 18
3.79
3. 89
3. 76
3. 78
3.82
3.82
3. 83
3. 83
29. 73
81. 49
69. 16
70. 74
S. 87
4. 02
43.
47.
51.
57.
61.
88
76
22
09
73
66.39
64.82
68.38
65.
63.
64.
64.
65.
52
68
76
98
51
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, institutions, and real estate firms, and certain outlays charged to
current
account.
2
Includes trade, service, construction, finance, and insurance.
8
Starts are estimated by adding changes in carryover to expenditures during
10
16. 05
16. 59
18. 05
20. 07
21. 40
22. 05
20. GO
80. 77
20. 82
20. 83
20. 34
20.44
20. 68
20. 94
48.24
15. 16
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
12. 12
12. 80
11. 29
12. 16
11. 64
12. 77
5.
9.
14.
5.
3.
8.
34.07
29. 18
28. 00
35. 21
47. 57
52. 49
34
19
82
84
43
56
35. 02
36. 56
given period.
* Expenditures estimates based on expect ed capit al expenditures as reported by
business in lale July and August 197G.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
After seasonal adjustment, the civilian labor force, employment, and unemployment showed little change in August.
Since December 1975, the civilian labor force has increased by 2.4 million, a 3.8 percent annual rate, while employment has risen 2.6 million.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS
100
1968
100
1969
1970
1971
1973
1972
t t 1 i I t t i i i t i l l i i i ii I I I i i 1 I i M
1974
1975
1976
*1« YEARS OF AGE AND OVER!
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF 8CONGMIC ADVISERS
[Thousands of persons 16 years of age and over]
Noninstitutional
population
Period
1971
1972*
1973*
1974
1975
Civilian Unememploy- ployment
ment
142, 596 79, 120
145, 775 81, 702
148, 263 84, 409
150, 827 85, 936
153, 449 84, 783
U tiad justed
1975:
Aug
Sept
Oct
Nov
Dec
1976:
Jan
Feb
Mar
Apr
May
June
July
Aug
4,993
4,840
4,304
5,076
7,830
Total
labor
force Civilian
(includ- labor
ing
force
Armed
Forces)
86, 929 84, 113
88, 991 86, 542
91, 040 88, 714
93, 240 91,011
94, 793 92, 613
Civilian eiuploymeD
Total
79,
81,
84,
85,
84,
Unempl<:>yment
Nonagricultural
AgriPart-time
culfor ecoTninl
tural
nomic
reasons l
2,440
3,387 75, 732
3,472 78, 230
2,408
3,452 80, 957
2,311
3,492 82, 443
2,709
3,490
3,380 81, 403
Seas<>nally adj listed
Total
15
weeks
and
over
Labor
force
participation
rate
(per-2
cent)
4,993
4,840
4,304
5,076
7,830
1, 182
1, 158
812
937
2,483
61.0
61. 0
61. 4
61.8
61.8
153,
154,
154,
154,
154,
824
052
256
476
700
86, 612
85, 274
86, 023
85, 556
85, 536
7,696
7,522
7, 244
7,231
7, 195
95, 397
95, 298
95, 377
95, 272
95, 286
93, 212
93, 128
93, 213
93, 117
93, 129
85, 288
85, 158
85, 151
85, 178
85, 394
3,464
3,512
3,408
3,301
3,236
81, 824
81, 646
81, 743
81, 877
82, 158
3,234
3, 291
3, 361
3,353
3,243
7,924
7, 970
8, 062
7,939
7,735
2,878
2,934
2, 719
3,004
3, 080
62.0
61.9
61.8
61.7
61.6
154,
155,
155,
155,
155,
155,
156,
156,
915
106
325
516
711
925
142
367
84, 491
84, 764
85, 588
86, 584
87, 278
88, 460
89, 608
89, 367
8, 174
8,033
7, 525
6,890
6,304
7,655
7,577
7,323
95, 624
95, 601
95, 866
96, 583
96, 699
96, 780
97, 473
97, 634
93, 484
93, 455
93, 719
94, 439
94, 557
94, 643
95, 333
95, 487
86, 194
86, 319
86, 692
87, 399
87, 697
87, 500
87, 907
87, 981
3, 343
3, 170
3, 179
3,417
3,329
3,294
3, 341
3, 424
82, 851
83, 149
83, 513
83, 982
84, 368
84, 206
84, 566
84, 557
3,482
3,262
3,266
3,248
3,382
3, 080
3,012
3,047
7, 290
7, 136
7,027
7, 040
6,860
7, 143
7,426
7,506
2, 785
2, 515
2, 294
2,035
1,998
2,215
2,317
2, 387 1
61.7
61.6
61.7
62. 1
62. 1
62. 1
62.4
62.4
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added about 800,000 to the civilian
npmnstitutional population, 333,000 to the civilian labor force, and 301,000 to
civilian employment. A further adjustment in March 1973 added 60,000 to the
labor force and to employment.
120
702
409
936
783
*
1
Persons
2
at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
TTic seasonally adjusted unemployment rate increased in August by 0.1 percentage point to 7.9 percent. The rate
increased for adult women and teenagers but declined for adult men.
PIRGENT* (SfASONAULY AWUSH0)
PERCENT* {SEASONALLY ADJUSTED}
w-
A
TEENAGERS /
(16-19J
.
Ntf
10
1972
*1972
1976
1975
*UNEMPtOYMENT AS WlCENT OF OVUAN LABOR FOJKX IN GROUP SPECIFIED.
SOURCE: DEPARTMENT Of IABOR
1W6
COUNCll Of ECONOMIC AOVISfRS
[Monthly data seasonally adjusted]
Uneniploymeiat rate (ipercent c>f civiliari labor fc>rce in gi oup)
Total
(all
civilian
workers)
Period
1971
1972
1973
1974
1975
1975: Aug_
Sept
Oct
Nov
5.9
5. 6
_
4.9
5.6
8.5
8.5
8.6
8.6
8.5
Dec
as
1976: Jan
7.8
7.6
7.5
7.5
Feb
Mar
Apr__
May
June...
July
Aug
1
!_
.
7. 3
7. 5
7.8
7.9
By s ex and a ge
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.4
4.0
3.2
3.8
6.7
6.8
7.2
7.2
7.1
6.6
5. 8
5.7
5.6
5.4
5i6
&0
6. 1
5.9
5.7
5.4
4. 8
5. 5
8.0
7.9
7.8
7.9
7.9
8. 0
7. 5
7.5
7.3
7.3
6.8
7. 1
7.6
7.7
16. 9
16.2
14. 5
16. 0
19.9
20. 7
19.4
19. 8
19.0
19. 6
19. 9
19.2
19.1
19. 2
18. 5
18.4
18. 1
19.7
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
I5y select ed group»s
By color
White
5.4
ExpeBlack rienced
wage Houseand
hold
and
other salary
heads
workers
9.9
5. 0
10. 0
5. 0
7. 8
9. 9
13.9
14.3
14.4
14.3
13.9
13. 8
13.2
13.7
12. 5
13. 0
12. 2
13. 3
12.9
13. 6
4.3
7.8
7.8
8.0
7.8
7.6
7. 1
6.8
6.8
6.7
6.6
6. 8
7. 1
7. 1
8.9
5.7
8.1
3.6
3.3
2.9
3.3
5.8
5.7
6.0
6.0
5.8
5.7
7. 4
5. 1
5. 3
4. 5
5. 3
8.2
8. 3
8.3
8.4
8. 3
7.4
7.1
7. 2
7. 2
7.2
7.4
7.5
4.9
5.0
4.8
4.8
5. 1
5.4
5.2
Fulltime
workers
5.5
5. 1
4.3
5. 1
8. 1
8.1
8.4
8. 5
8. 3
7.9
7.3
7. 1
7.0
7.0
6.8
7.4
7.3
7.5
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8. 7
8.6
7.9
8.6
10.3
10. 3
9.9
10.4
10.2
10.5
10.5
10.4
10.3
10.7
10.2
9.0
10.7
9. 9
Labor
force
time
lost
(per-l
cent)
6.4
6.0
5.2
6. 1
9. 1
8.9
9. 1
9.4
9.3
8,9
8.4
8.1
&2
8.2
8.1
7.7
7.9
8.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The small increase in unemployment (80,000) in August was accompanied by a decline in the proportion of job
losers and an increase in the proportion or new labor force entrants.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
AV V
LESS THAN
5 WEEKS
/* T X,
JOB LOSERS
40
40
REENTRANTS
20
20
JOSLEAVERS
NEW ENTRANTS
1973
1974
i i i i t 1 i i i .1 i
1975
i
1976
•SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF LABOR
1973
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Perceiit distrit>ution of unemPerceiit distrib ution of iinem- State programs Insured
1
pic yment by durati on *
unem- Special
Pi oyment by reasoia
unemploy1
TJnem.—
ment,
ployAU
T)lr>v—
JP
J
all
ment
j
Period
27
Insured
ment
Less
Job
Job
Reen- New
5-14
15-26 weeks unem- Initial regular benefit3
(thouenthan
5
proclaims
and
ploy- claims
sands) losers leavers trants trants weeks weeks weeks
grams 2 (unadover
ment
(unad- justed)
justed)
We<jkly avei age, thou sands
1971
4,993
46. 3
29.4
10.4 2, 150
44. 7
12.6
11.8
31.6
13.3
295
2,608
197243.2
4,840
13. 1
29.8
13.9
45.9
11.6 1,848
30.1
12. 3
261
2, 192
1973
4,304
38.7
15.7
30.7
7.8 1, 632
14.9
51. 0
30.1
11.0
246
1,793
1974
5,076
43.4
14.9
28.4
13.3
7.3 2,262
50.6
31.0
363
11. 1
2,558
1975
55.4
7,830
10.4
23. 8
10. 4
15.2 3,973
37.0
31.3
16. 5
472
4,942
1975: Aug.. 7,924
56.2
22. 9
9.7
30.3
11. 1 34. 1
17.7
473
17.9 4,130
4,576
1, 502
Sept- 7, 970
58.2
21.9
10.0
34.4
9.9
29.8
16.5
463
19. 3 4,070
1,312
4,238
Oct._ 8,062
56.0
10.2
23.4
10.4
36.9
29.9
15.1
445
18. 1 3,940
4,039
1,284
Nov__ 7,939
55.6
10.9
23. 1
10.5
32.5
30.4
15.8
392
21.2 3, 576
4, 120
1,340
Dec._ 7,735
51.7
11.3
25.8
33.2
11.3
28. 1
17.7
362
20.9 3,242
4,461
1,411
1976: Jan___ 7,290
48.3
11.8
27.6
12.3
35.7
15.2
27.6
21.5 2, 961
371
4,962
1,482
Feb.. 7,136
12. 1
49. 1
26.6
12. 1
38. 1
26.3
13.6
22. 1 2,859
343
4, 721
1,428
Mar.. 7,027
50.2
10.9
26.6
12.2
38. 3
28.0
13.3
20.4 2,759
4, 366
350
1, 339
Apr.. 7,040
49.6
11.8
26. 0
12.7
43.2
27.3
9.7
361
19.8 2,717
3,917
1, 125
May_. 6,860
49. 6
12. 6
25. 5
12. 3
42. 0
28.6
12. 2
17.2 2, 862
398
3, 564
993
June. 7,143
51. 0
12. 4
25.3
11. 3
36.9
31.9
12.9
18. 3 2, 947
397
3, 458
1, 145
July*. 7,426
51. 5
12. 9
24.9
10. 7
40.4
27.8
15.3
403
16. 5 3,086
3,642
1, 379
Aug *_ 7,506
13. 1
25.2
49. 3
12. 4
37. 0
31.8
15.0
16. 3 3,203
417
3, 446
1,327
1 Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Kico), ex-servicemen (UCX), Federal (TJCFE), and railroad (BE) programs. Also includes
«Federal
- * _ _ _ ! and
. _ „ State
«... extended
, , , ,benefit
" „ . programs. Does
^
'not
* .include
. * , , FSB (Federal
._ . a
Supplemental Benefits) and SUA (Special Unemployment Assistance).
a FSB and STJA. These programs started January 1975 and regular reporting
began March 1975.
«'
-^
,
X ^ T ^ / T ,
, T ^ ^
Source: Department of Labor (Bureau of Labor
Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment increased by 239,000 in August The growth in jobs in goods-producing industries
was retarded by strike activity in mining. Employment increased most rapidly in durable goods manufacturing, trade,
services, and State and local government.
MILLIONS OF PERSONS* (ENLARGED SCAIQ
MILLIONS OF PERSONS*
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
18-
WHOLESALE AND RETAIL TRADE
80
GOVERNMENT
\
..i*"-""
A.
*••***-'
^aj
14
SERVICES
SERVICE-PRODUCING
INDUSTRIES
60
,.««?""""
12
22
iMANUFACTUf ?ING
50
20
^-*^~
,..-•••'"
f
\
\
^+ ****"* ~
18
III I 1 I I 1 ! I I 1 1 t 1 1 1 ) | 1 1 I 1 \ I 1 1 ! I 1 I t 1 I
J 1 ! If I J 1 f I | I ! I 1 1 I 1 1 1 1 IK
GOODS-PRODUCING
INDUSTRIES
30
- ' **1ii—7—]
^
""-"
CONTRACT CONS1'RUCTION
^
-
20
f! I! | J 1 J M I I I t 11 ! I 1 1 M 1
1972
1973
M l I I 1 I M|
J-L
1972
1973
1974
1975
1976
1 | M 1 I I I I 1 I1 1 1 I 1 I M M I
1974
* SEASONALLY ADJUSTED
SOURCE, DEPART/KENT OF LABOR
1975
I 1 1 M 1 1 1 1 1 ft
1976
ADVISERS
COUNCIL OF CONOMIC
i
[Thousands of wage and salary workers;1 seasonally adjusted]
Groods-prc>ducing industries i
Period
1971. ..
1972
1973
1974
1975
1975: Aug...
Sept..
Oct...
Nov..
Dec—
1976: Jan...
Feb- .
Mar. _
Apr__May_.
June_
July*
Aug'..
Total
nonagricultural
employ- Total 2
ment
71, 222
73, 714
76, 896
78, 413
76, 985
77, 023
77, 310
77, 555
77, 574
77, 796
78, 179
78, 368
78, 630
78, 963
78, 923
78, 943
79, 192
79, 431
22, 820
23, 546
24, 727
24, 697
22, 549
22, 418
22, 601
22, 669
22, 657
22, 743
22, 914
22, 901
23, 013
23, 144
23, 123
23, 091
23, 094
23, 113
Contract
construction
3,639
3,831
4, 015
3,957
3,457
3,415
3,432
3,402
3,409
3,406
3,428
3,375
3,366
3, 399
3,386
3, 362
3,369
3,343
Service-pr oducing industric;s
Trans- Whole- Finance,
Gover nment
portainsursale
tion
ance, Services
and
Non- Total
State
and
and
retail
Total Durable
durable
Federal and
public trade
real
goods goods
local
utilities
estate
Ma nufactui ing
18, 572
19, 090
20, 068
20, 046
18, 347
18, 254
18, 417
18, 493
18, 482
18, 568
18, 722
18, 763
18, 877
18, 973
18, 964
18, 950
18, 937
19, 021
10, 597
11, 006
11, 839
11, 895
10, 679
10, 563
10, 650
10, 661
10, 653
10, 717
10, 820
10, 846
10, 937
11, 000
11,046
11, 046
11, 035
11, 103
7,975
8,084
8,229
8, 151
7,668
7,691
7,767
7,832
7, 829
7, 851
7,902
7,917
7,940
7, 973
7,918
7,904
7,902
7,918
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
48, 401
50, 167
52, 169
53, 715
54, 436
54, 605
54, 709
54, 886
54, 917
55, 053
55, 265
55, 467
55, 617
55, 819
55, 800
55, 852
56, 098
56, 318
4,457
4, 517
4,644
4,696
4,498
4,466
4,467
4,476
4,496
4,477
4,494
4, 517
4,498
4,510
4,498
4, 477
4,492
4,495
15, 352
15, 975
16, 674
17, 017
16, 947
17, 016
17, 045
17, 043
17, 010
17, 080
17, 233
17, 326
17, 386
17, 444
17, 439
17? 460
17, 559
17, 612
3,802
3,943
4,091
4, 208
4,223
4,218
4,239
4,246
4, 248
4,264
4,266
4,266
4,276
4,293
4, 278
4,297
4,300
4,312
11, 903
12, 392
13, 021
13, 617
13, 995
14, 050
14, 113
14, 157
14, 188
14, 229
14, 307
14, 360
14, 422
14, 498
14, 514
14, 557
14, 617
14, 694
2,696
2,684
2,663
2,724
2,748
2,756
2,765
2,767
2, 761
2, 755
2, 746
2,740
2,732
25 730
2, 727
2, 725
2, 721
2, 739
10, 192
10, 656
11, 075
11, 453
12, 025
12, 099
12, 080
12, 197
12, 214
12, 248
12, 219
12, 258
12, 303
12, 344
12, 344
12, 336
12, 409
12, 466
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments,
s Includes mining, not shown separately.
Source: Eepartuient of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly <earnings
Aver age weekly ]aours
Total
private
nonagricultural 1
Period
1967
1968
1969
1970
1971
1972
19731974
1975
sao
_
_
„
1975: Aug.
-
Sept
Oct.
Nov
Dec
June
July*
Aug »
Total
37.8
37.7
37. 1
37.0
37. 1
37.1
36.6
36. 1
40.6
40.7
40.6
39.8
39.9
40.6
40.7
40.0
39.4
36.2
36. 1
36.2
36.3
36.4
36.5
36.4
36.2
36. 1
36.2
36. 1
36.2
36.2
1976: Jan
Feb
Mar
Apr
May
Manufstcturing
Adjusted h ourly earnings indexJ —tc>tal private
nonagrieultural
Overtime
Total
private
nonagricultural l
Manufacturing
3.4
$2.68
$2.83
3.6
3.0
2.9
3.5
3.8
3.2
2.6
2.85
3. 04
3.22
3.44
3. 67
3. 92
4. 22
4. 54
39.7
39.8
39.8
39.9
40.3
2.8
2.8
2.8
2.8
ao
4.57
4.60
4.63
4.68
4.68
4.86
4.88
4.90
4.93
4.96
40.5
3.0
3.1
3.2
2.5
3.2
3.1
3.2
3.0
4.73
4.75
4.77
4.78
4.83
4.84
4.87
4.88
5.00
5.04
5.08
5.06
5.13
5. 16
5.21
5.24
4a3
40.2
39.4
40.2
40.2
40.2
39.9
3. 6
Percent ehtange from
a year <earlier *
Index, li)67=100
Current
dollars
3.01
3.19
3.36
3.57
3.81
4.08
4.41
4.81
Current
dollars
1967
dollars 3
100.0
106.3
113.3
120.8
129.4
137.8
146.6
15&6
172.7
174.6
175.2
176. 7
4.8
6.3
6.6
6.6
7.1
6.5
6.4
100.0
102.0
103.2
103.9
106.7
110.0
110.1
107.4
107.1
a2
a9
107. 3
107.2
107.4
107.6
107.3
m.2
17a6
1.9
2.0
1.2
.7
2,7
3.1
.1
-2.5
— *\
8.8
a2
a5
.1
.2
.5
1. 1
.8
8.0
7.8
7.3
7.6
7.7
i.a
1. 1
ai
7.9
107.5
179.6
180.8
181. 4
182. 2
183.7
184.5
185.6
18&5
1967
dollars
ioai
108. 2
108. 3
ioas
ioas
ioae
ioae
1. 2
1.4
1.5
1.2
1.8
1.2
7;1
7.3
as
—PRIVATE NONAGRICULTURJIIi INDUSTRIES
[For production of nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu tural *
Period
Current
dollars
1967
1968
1969
1970
1971
1972
1973
1974
1975
....
.......
1975: Aug
Sept
Oct
Nov
Dec
.
...
«
1976: Jan .
Feb „„._
Mar
Apr
May
June,.
July*..
—
Aug"
1
s
Manufacturing
1967
dollars 3
3
Retail
trade 5
Current
dollars
iCurrent dollars5
1967
dollars
$101. 84
107. 73
114.61
119. 46
127. 28
136. 16
145. 43
154.45
163. 89
$101. 84
103. 39
104.38
102. 72
104.93
108. 67
109. 26
104.57
101. 67
$114. 90
122. 51
129. 51
133. 73
142. 44
154.69
166. 06
176. 40
189. 51
$154. 95
164.49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
$70. 95
74.95
78.66
82.47
86.61
90. 99
95. 57
101. 04
10a22
3. 1
5.8
6.4
4.2
6. 5
7. 0
6. 8
6,2
0.2
1.5
1.0
— 1.6
2.2
165. 43
166. 06
167. 61
169.88
170.35
101. 62
101. 57
101. 89
102. 65
102. 37
192. 94
194.22
195. 02
196. 71
199. 89
267. 91
268. 64
267. 91
272. 69
278. 26
10a 85
108.84
110, 14
110. 83
110. 81
5. 9
-2.5
—2.2
' —1.7
.3
.1
172. 65
172. 90
172.67
172. 56
174.85
174.72
176. 29
176. 66
103. 32
103.35
103. 03
102. 53
103. 28
102. 72
103. 15
102. 83
202. 50
281. 24
282. 73
272. 48
283. 50
284.58
285. 30
285. 94
285. 24
112. 45
112. 08
112. 06
113. 43
113. 37
112,64
Iia25
2oa 11
204. 22
199. 36
206. 23
207. 43
209.44
209. 08
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
§ Current dollar index (or earnings) divided by the consumer price index.
* Monthly changes based on indexes to 2 decimal places.
77-368°—76
Contract
construction
Percent chsinge from a
year eiarlier,
total prhfate nonagnci] Itural 6
112. 93
ai
as
.- -
5. 8
7. 6
7.1
8.2
ai
7.9
7. 5
as
7.6
7.9
as
ae
.5
—4.3
-2.8
13
1. 7
1. 6
1.4
2. 1
16
2.3
L1
6
Includes
8
eating and drinking places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statisttob
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of al
pers ons2
Outf rot1
Output ] >erliour
of aUp ersons
Compe nsation
per I iours
Unit labor
COsts
Implici t price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
prinonprinonprinonnonnonnonprivate
private
private
vate
farm
vate
farm
vate
farm
farm
farm business farm
business
business business
business business business business business business business
business
Period
1967= 100; quai•terly datii seasonsilly adjusl;ed
1965
1966_
1967
1968
1969
1970
1971
1972
1973
1974
1975
---
___
—
1974: III
IV
1975: I
II
III
IV
-_
..
1976: III*
92.7
97.9
100. 0
105.0
108.0
92.3
97.9
100.0
105.2
108.2
98.1
100.3
100.0
101.7
104. 5
96.8
100.0
100.0
102 1
105. 3
94.5
97.6
100. 0
103.2
103.4
95.4
97.9
100.0
103. 1
102.7
88.4
94.7
100. 0
107.6
115. 1
89.1
94.5
100. 0
107.3
114,2
93.6
97.0
100. 0
104.3
111.3
93.4
96.6
100. 0
1041
111.2
944
97.4
100. 0
104 1
109.1
943
97.0
100.0
1040
109.0
107. 1
110. 1
117. 5
124.5
120.8
107. 1
110. 0
117. 8
124.9
121. 1
102.
102.
106.
110.
110.
8
3
0
1
6
104.0
103.7
107.6
112.2
112. 7
104. 2
107. 6
110.9
113.0
109.2
103. 0
106. 1
109.5
111. 3
107. 4
123. 3
131. 5
138.9
150.3
164.3
121.9
129.9
137.4
148. 1
162.0
118.4
122.2
125.2
132. 9
150.4
118.4
122. 5
125.5
133.0
150.8
1142
119. 2
123.2
130.4
143.8
1143
119. 4
122. 9
128.0
142.1
118.0
118.0
105.9
107. 9
111.4
109.4
180.2
177.7
161.7
162.4
157.5
156.4
120.6
117.6
120. 9
117.8
110.9
109.3
113.3
111. 5
108.7
107.6
106.7
105.6
166.7
170.7
164.0
168. 3
153.4
158.6
153.7
159.3
146.0
150.5
1446
149. 2
114. 2
116. 7
120; 1
121. 1
114.3
116.5
119. 9
121. 2
105. 7
1048
105, 7
107. 1
107.9
106.7
107.4
109.2
108.0
111. 3
113.6
113.2
106. 0
109.2
111. 6
111.0
176. 0
179.0
181.3
185. 0
173. 1
176.4
179.3
182.2
162.9
160. 8
159.6
163.5
163.3
161. 6
160.7
1642
154.6
155.9
158.4
160, 9
154 0
155. 0
157. 0
159.4
124.1
125.8
124.3
125.9
107.7
108.1
110.4
110.4
115.2
116.3
112. 6
114. 1
189. 8
193.4
186.4
190.5
164.7
166.2
165.6
167.0
161. 8
163. 8
161.1
162.5
1.7
2.9
3.1
41
47
Perceiit change ; quarterlyp- data at seasonal] y adjuste d annual rates
1965
1966
1967
1968
1969_._
6.6
5.6
£2
5.0
2.9
a9
0.5
3.7
ai
-.3
7.0
5.6
7.6
7.0
3.4
6. 1
5.8
7.3
6.5
4. 3
6.7
3.6
41
6.8
2.0
3.1
2.7
41
48
:8
-.3
3.7
4.3
;4
3.3
3.1
1.9
-3.4
:2
3.0
3.2
1.7
-3.5
7.2
6.6
5.7
8.2
9.3
6.7
6.6
5.8
7.8
9.4
6.4
3.2
2.5
6.2
13.2
6.5
3.4
2.5
6.0
13.4
47
43
3.4
5.8
10.3
49
45
2.9
41
11.0
6.7
6.0
2.1
5.2
2.9
3.1
2.3
-;3
1.7
2.7
3.7
3.3
;0
2.1
3.2
3.4
3.3
2.5
3.2
.-2
— 1.2
2.9
2.6
2.1
ai
0.5
a4
1970
1971
1972..._
1973
1974
-.9
2.8
6.8
5.9
-3.0
-1.0
2.7
7. 1
6.0
-3. 1
-1. 6
—.4
3.6
3.9
:4
1975
-2.3
-2.6
-4.2
-4.3
2. 1
1.8
9.7
9.7
7.5
7.7
9.5
10.1
1974: III
IV
-3.9
-9.4
-3. 8
-9.9
-1.4
5.7
—.6
-6.2
-2.6
-4.0
-3.2
-3.9
12.6
9.9
11.5
10.9
15.5
14.5
15.2
15.5
13.2
12. 9
13.4
13.5
1975: I_
II
III
IV
-11.2
-12.7
-3.3
3.5
5. 2
-12.4
-4.2
2. 5
6. 9
1.6
12.7
8.5
— 1.6
1.3
12.6
9.3
-2.2
iai
12.3
3.6
-11.3
7. 9
12. 1
4.5
6.9
5.2
11. 3
-5. 1
-3.0
10. 1
10. 4
-42
a3
11.8
7.9
6.8
6.6
9.0
11.3
3.5
6. 6
6.6
13.5
2.6
5.3
6.2
1976: I
II*
10.2
5. 5
10.5
5.5
2. 5
1.5
4.4
—.1
7; 5
4.0
5.8
5.6
10.9
7; 7
9.5
9.1
a6
3.5
3.3
2.1
5.2
43
3.6
a9
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily
on3 establishment data.
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
3.2
—
9 £t
9
^^ j£,
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in August, the same as the revised-upward increase in July. Increases for both
months were concentrated in durable materials, ousiness equipment, and construction products.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
UTILITIES AND MINING PRODIiaioN
TOTAL INDUSTRIAL PRODUCTION
140
160
120
140
too
p-^\^TT^
*-r/~\
120
.,'.-^-
1 1 1 1 1 1n11 1
1972
1973
1975
1974
t
UTiLJT1ES
^^
*s~~ ^*«*ViA•i
MINir IG
1976
100
160
MANUFACTURING PRODUCTION
1 M M 1 1 1 III
M i n i u m 1 1 1 1 1 f 1 1 1 1 1 1 1 1 1 1 f 1 11 1 1
1973
1972
1974
r i f f i f f f 1 11
1976
1975
PERCB4T {RATIO SCALE)
-NONDURABLE
140
90
120
^MANUFACTURING CAPACITYUTILIZATION RATE
80
70
100
j |ijjjj i m u t 1 1 1 y fjt y ij fit fit l j t ; t|litJt f m f
1972
1
1973
I
1974
I
1975
I
1976
60
1972
1976
* SEASONALLY ADJUSTED
SOURCE. SOAK) OF GOVERNORS OF TOE FEDERAL RESERVE SYSTEM
Total iiadustrial
prodiiction
i
Percent
Period
Index, change
1967=
from
100
year
earlier
1967 proportion
100. 00
1970
-3. 0
107.8
1971
1.7
109. 6
1972
9.2
119. 7
1973
8.4
129.8
t 4.
1974
129.3
1975
-8.9
117.8
1975: Aug_>.
— 8. 1
121. 0
Sept
-7.4
122. 1
Oct...,
122.2
— 5. 6
Nov
123. 5
— 1.1
Dec...
124.4
4.3
1976: Jan
9. 1
125.7
Feb
13. 0
127. 3
Mar
14. 7
128. 1
Apr
128.4
14.0
May
14.
0
129.6
June
11.7
130. 0
July *___..___ 130. 7
10.4
Aug»___^
8.6
131.4
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try prodiiction inc exes, 1967=100
M anufactur ing
Total
Durable
Nondurable
Mining
87.95
106,4
108.2
118.9
129.8
129.4
116.3
119.7
121. 4
121. 2
122. 7
123.6
125.2
127.0
127. 9
128. 5
129. 6
130. 1
131.0
131. 5
51.98
102. 3
102.4
113.7
127.1
125. 7
109. 3
112.3
113. 5
112. 7
113.4
114.4
115. 8
117. 9
119. 0
120. 1
121.7
122.3
123.9
124. 9
35.97
112. 3
116.6
126. 5
133. 8
134.6
126.4
130. 5
132. 9
133. 6
136. 2
136. 9
138. 4
140. 2
140. 7
140.7
140. 9
141. 1
141. 2
141. 1
6.36
112.2
109.8
113. 1
114. 7
115. 3
112. 8
111.6
111. 6
113. 8
114.2
112, 9
113. 6
112. 7
113. 9
113. 5
113. 0
113. 4
111. 7
113. 2
1
Output as percent of capacity.
f
Quarterly data entered in last month of quarter. Annual data are averages of
Quarterly
data.
1
Quarterly data are for last month in quarter. Annual data are averages of four
nonthly indexes.
Utilities
5.69
124. 5
130. 5
139.4
145.4
143. 7
146. 0
148. 3
144. 6
143. 8
148. 8
147. 2
152. 0
152. 5
151. 4
150. 8
153. 0
151. 6
151. 3
151. 6 1
Manuf acturing capacity
iutilization
rate, percent l
Federal Reserve
seri<2 S 2
ComWharTotal
merce3
ton
manu- Mate- series
series 2
rials
facturing
78.3
75.0
78.6
83.0
78.9
68. 7
84.3
83. 1
88.0
92.5
87.7
73.5
81
80
83
86
83
77
69.0
74.8
79
70.7
77.6
79
81.9
72. 1
78.9
82
83. 7
73.0
80.4
82
84.7
87.9
85.3
89.6
95.8
91.3
79.3
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final p roducts
Total
NonDurable durable
goods
goods
Total
1967 proportion
1968
1969
1970
1971
1972
1973
1974
1975: Aug
Sept
Oct
Nov
Dec
1976: Jan
Feb
Mar
Apr
May
June
July »
Aug *
Equip ment
Corisumer go ods
Period
...
._
47.82
106.2
109.6
105.3
106.3
115.7
1244
125.1
118. 2
120.8
121. 5
120. 9
122. 3
123.5
123.9
125.3
126.4
126.3
127. 3
127.5
127.7
127.9
27.68
105.9
109.8
109.0
114 7
1244
131. 5
128.9
1240
127. 5
129.0
m.7
131. 1
132. 3
133. 1
134 9
136. 1
136. 1
137.4
137.5
137.2
137.2
7.89
111. 1
115. 0
106. 1
118. 8
133.8
146.2
135.3
121. 4
129.2
132.2
131. 9
132. 5
1340
134 7
137.9
140.4
141. 1
143. 2
1443
142. 2
142. 1
lateral ediate
prod ucts
19. 79
103.9
107.7
110. 1
113. 1
120.6
125.6
126.3
125. 1
126.9
127.6
127. 4
130. 6
131. 5
132. 5
133.9
1344
1340
135. 1
1349
135.3
135.3
Total
Business
Total
20.14
106. 5
109.3
100. 1
947
103.8
1145
120.0
110.2
111.4
111. 3
110.0
110.0
111. 5
111.2
112. 1
112.9
112. 9
113. 5
113. 9
1146
115.3
12. 68
105. 5
112. 5
107.0
1041
12. 89
106. 3
112.9
112.9
116.7
126.5
137.2
135.3
123. 1
127.9
127. 6
128.0
129. 3
129. 9
133.6
135. 3
134 9
134 7
135. 0
135.8
136.6
137. 7
nao
1342
142. 4
128.2
129.9
129.2
128. 8
129.6
131.6
131.0
132. 6
134 0
1341
134 6
135.2
136.2
137.0
Materials
Construction
supplies
6.42
106.6
112.3
111. 0
116.8
128.4
139.8
134 5
116. 3
121. 3
122. 3
122,7
123. 1
124 1
126.8
129. 6
128.7
128.0
130.9
131. 9
132.7
134 1
S9.29
106.5
112.5
109.2
111. 3
122.3
133.9
132.4
115.5
119. 0
121. 0
122. 0
123. 1
123.3
125.3
127.3
12a2
129.2
130.6
131.0
132.0
133.2
Sup*
ptementary
group t
Energy
total
12. 2S
125,5
126. 7
1245
124 5
127. 1
126.6
12a8
127. 5
12a6
i2a2
129.3
129.5
128.4
129.0
[1967=100, seasonally adjusted]
Non durable inanufac ;ures
Duirable m*mufactui res
Primaryr metals
Period
Total
1967 proportion
1968
1969
1970
1971—
1972
1973
1974
1975__
1975: Aug...
Sept
Oct.
Nov
Dec.
1976: Jan
Feb
Mar
Apr
May
June
July »
Aug»
Iron
and
steel
4^21
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Foods
& 57
1043
— 113.8
106.6
100.2
112.1
126.7
123.1
96.4
103.2
112.6
1047
96. 1
107. 1
122.3
119.8
95.8
6.9S
105.6
107.9
102.4
103.5
112. 1
1247
124 2
109.9
9.18
101.8
109.3
1044
100.2
116.0
133.7
140. 1
125. 1
8.06
105.5
111.9
108. 1
107. 7
122.2
143.1
143.8
116. 5
&27
111.1
108.4
89.5
97.9
108.2
118.3
108.7
97.4
4.60
120.3
116.5
92,3
118.6
135. 8
148.8
128.2
111.1
1.64
105.5
107. 9
105.6
113. 8
120.8
126.0
116.2
107.6
S.S1
102.9
106. 7
101.4
104 7
109.4
117.3
114 3
107.6
4.72
103.2
107.4
107.0
107. 1
112. 7
118.2
118.2
113.4
7.74
109.5
118.4
120.4
125.9
143.6
154 5
159.4
147.3
8.75
102.6
106. 1
108.9
112.8
116.8
120.9
124.0
123.4
97.7
97.9
95.4
98. 1
92.6
92.7
93.4
92.0
96. 5
89. 1
113.8
115.3
1144
116. 3
117.3
126.2
125.5
125.4
126. 6
128.6
nao
120.2
120.1
120. 1
122. 7
105.0
105.9
1044
104 7
106. 7
123. 7
126.8
126.5
127. 1
130. 1
113.6
115.8
116.8
114 1
116. 4
112.8
111.5
115.9
115.3
114 7
113.2
115.4
118.4
150.8
1544
157.5
161.9
163.3
125.8
126. 2
126. 4
98.1
103.9
101. 4
105.4
113. 2
112. 7
117. 5
121. 0
92.9
100.9
97.7
103. 5
110. 7
112. 0
115.6
118. 0
116. 6
120.9
120.2
121.5
121.4
124 0
1246
126.0
129.0
131.5
132. 9
133.5
134 0
133.5
1343
1349
124.7
126.5
127. 8
130. 0
131.8
132.0
130.9
130.8
105.8
109. 0
111.2
110. 6
112. 9
112.6
112. 7
113.5
126.7
135.2
140. 8
141. 3
144 3
146.5
146.7
147.0
123. 5
123. 9
121. 1
122.8
123. 0
120.3
123.0
123.8
128. 0
126. 3
126. 1
130.3
126.6
120. 0
121. 0
121.0
122.0
120. 5
119. 7
121.4
121. 0
162.9
167.6
170.6
168.7
166.6
169.4
170.3
129.2
130.8
12a3
129.2
131.2
129.8
131.0
Source: Board of Governors of the Federal Reserve System.
18
Transp<>rtation
equipment
na 3
121.2
12&-8
12a5
NEW CONSTRUCTION
3onstructionL contracts1
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total1
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
Commer-
Total value cial and
industrial
index
(1967= floor space
100)
(•millions of
square feet)
Bil lions of doll ars
1969
..
1970.
1971 _ _ _
1972
1973
1974
1975
..«
93.9
94.9
110.0
124.1
137. 9
138. 5
132. 0
66.0
66.8
80.1
93.9
105. 4
100. 2
93. 0
33.2
31.9
43.3
54.3
59. 7
50.4
46. 5
16.2
16.3
17.0
18.1
21. 7
23.8
20. 8
25.9
24. 3
35. 1
44.9
50.1
40.6
34.4
16.6
18.6
19.8
21.5
24. 0
28.0
2a 1
29.9
30.2
32. 5
25. 7
39.0
2a o
3a 3
Seasonally
adjusted
Seasonally / adjusted armual rates
1975: July.......
Adg_
.
Sept.
Oct
—.
Nov
Dec
1976: Jan
Feb
Mar
Apr
May
June »
July*
133. 1
132. 2
136. 3
136 2
138.0
137.8
136. 9
139. 3
144.5
142.0
140. 1
143. 7
141.5
92. 0
92. 1
95.4
95. 6
97.3
98. 1
99.5
102.9
106.4
104. 1
103.8
104 7
105.0
33.4
33.6
35.7
37. 5
3a 9
39.9
39. 3
41. 1
43.8
44.2
43.8
45.2
46.5
46. 1
46.3
48. 4
49.4
50.4
52. 1
53.1
55.6
57.5
56. 0
54. 9
56. 3
57.8
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
8
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floorspace.
20.5
20. 4
20.3
20. 0
20. 1
19.8
19.0
20.6
21. 0
19.8
19.3
18.7
18. 1
12a7
123. 1
145.4
165.3
179.5
169.7
166.0
25.3
25.3
26. 7
26. 2
26. 8
26. 2
27.4
26.6
28.0
28.2
29.7
29.7
29. 1
41. 1
40. 1
40. 9
40. 6
40.7
39.8
37.4
36.4
165
208
157
166
148
137
183
170
185
189
205
187
184
sao
37.9
36.2
38.9
36.6
883
743
727 /
854
1,010
840
569
Seasonally ,
adjusted
annual
rates
631
519
601
649
504,
609
462
496
653
648
657
693
676
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]
*Jew private housing uniibs
Units started, by type of striicture
Period
1969
1970
1971
1972
1973.
1974_
1975
—
-
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
810. 6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
2-4
units
85. 0
84.8
120. 3
141. 3
118.3
68. 1
64.0
5 or more
units
571.2
535.9
780.9
906.2
795. 0
381.6
204.3
New private homes
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period 1 (percent) 2
Units
authorized
Units
completed
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
448
485
656
718
620
501
544
222
220
287
409
450
402
378
1,267
1,315
1, 115
1,386
1,329
1,213
1,299
1,399
1,266
1,360
1, 355
1,248
573
571
610
660
641
573
679
573
628
541
582
609
378
384
389
381
378
379
384
389
394
399
406
410
Homes
sold
5.5
5.3
5.4
5.6
5.8
6.2
6.0
Seasonally adjusted armual rates
1975: Aug
Sept
Oct
Nov
Dec
1976: Jan-__
Feb
Mar
Apr
May
June 9
July 9
Aug » _ _ _ —
1
1,264
1, 304
1,431
1,381
1,283
1,236
1,547
1,417
1,367
1,422
1,510
1,391
1,542
979
966
1, 093
1, 048
962
957
1,295
1, 110
1, 055
1,065
1,139
1,130
1, 195
Seasonally adjusted.
2 Quarterly data entered in last month of quarter.
67
76
103
79
77
70
62
80
76
94
76
69
63
218
262
235
254
244
209
190
227
236
263
295
192
284
998
1, 092
1, 111
1, 127
1,091
1, 147
1, 165
1, 188
1, 082
1, 158
1, 150
1, 215
1,298
Source: Department of Commerce, Bureau of the Census.
&2
5.4
5.5
5.8
BUSINESS SALES AND INVENTORIES—TOTAL JIND TRADE
Business inventories increased $1.6 billion in July, with manufacturing stocks accounting for more than half of the
increase. Business sales declined slightly. According to the advance survey, retail sales rose in August, following a
decline in July.
.,
BILUONS Of DOLLARS* "(RATIO SCALE)
B1U40NS OF DOLLARS? (RATIO SCAL$
80
RETAIL INVENTORIES
70
«0
RETAIL SALES
50
,
40
">~
s**
y*'*
30
1
M 1 Ih
I IiIlIl I I I
RATIO">*
II I l l l 1 I
I M I II M M I
1973
1972
1974
1975
1976
-INVENTORY-SALES RATIO
100
1.40
1972
1972
1976
1975
^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Betail
Whol esale
2
Sales
1976
COUNCIL OF ECONOMIC ADVISERS
Total b\isiness *
Period
I
Inventories 3
bales
Inventories 8
In ventorieg5 s
DurNonable durable
goods goods
stores stores
TVvf-al
TVvf al
DurNonable durable
goods goods
stores stores
Invent(>ry-sal
ral io 4
Total
business *
Retail
Millions of doll ars, seasjonally zadjusted
1970-1971.
1972
1973
1974
1975
1975: July
Aug__
Sept
Oct
Nov
Dec*
1976: Jan
Feb...
Mar
Apr.
May
June^
July *>
Aug»
_ 104,
112,
124,
143,
_. 163,
168,
169,
172,
_. 173,
174,
174,
176,
179,
182,
185,
187,
186,
189,
188,
736
315
289
823
991
009
007
150
448
847
085
710
027
329
488
074
341
007
303
175, 561
184,711
197, 692
224, 401
271, 050
264, 770
263, 345
264, 662
265, 087
266, 867
266, 064
264, 770
266, 285
267, 979
269, 637
270, 599
272, 548
276, 227
277, 816
20, 583
22, 327
24, 862
30, 400
37, 344
36, 583
36, 567
37, 166
37, 604
37, 449
37, 018
37, 360
38, 159
38, 816
39, 094
39, 530
39, 386
40, 780
40, 594
27, 290
29, 695
32, 817
38, 302
46, 564
45, 115
44, 653
45, 501
45, 625
45, 715
45, 554
45, 115
45, 645
46, 307
46, 398
46, 826
47, 799
48, 645
48, 705
31, 294
34, 071
37, 365
41, 943
44, 815
48, 702
49, 411
49, 774
49, 644
49, 995
50, 552
51, 734
51, 592
52, 601
53, 344
53, 696
52, 868
53, 983
53, 797
55, 025
1
The term "business" also includes m anufacturing (see page 21).
28 Monthly average for year and total for month.
4 Book value, end of period, seasonally adjusted,
For annual periods, rati oofweightec average inv entories to £iverage mo tithly
sales; for monthly data, rat io of inventories at end o month to sales for m onth.
20
9,524
10, 985
12, 472
14, 190
13, 943
15, 060
15, 372
15, 410
15, 417
15, 772
15, 904
16, 690
16, 730
17, 397
17, 403
18, 046
17, 419
17, 803
17, 679
18, 347
21, 770
23, 086
24, 893
27, 754
30, 872
33, 642
34, 039
34, 364
34, 227
34, 223
34, 648
35, 044
34, 862
35, 204
35, 941
35, 650
35, 449
36, 180
36, 118
36, 678
46, 626
52, 571
57, 156
65, 229
74, 082
73, 081
71, 503
72, 578
73, 049
74, 642
73, 839
73, 081
73, 610
74, 344
75, 089
75, 652
75, 710
76, 671
77, 287
20, 345
23, 864
26, 056
29, 593
34, 649
33, 592
32, 270
33, 324
33, 471
33, 813
33, 712
33, 592
33, 510
33, 490
33, 920
33, 994
33, 936
34, 150
34, 909
26, 281
28, 707
31, 100
35, 636
39, 433
39, 489
39, 233
39, 254
89, 578
40, 829
40, 127
39, 489
40, 100
40, 854
41, 169
41, 658
41, 774
42, 521
42, 378
1.64
1.61
1.53
1.46
1. 50
1.59
1.56
1.54
1.53
1.53
1.53
1.50
1.49
1.47
1.45
1.45
1.46
1.46
1.48
1.47
1.47
1.46
1.46
1.54
1.49
1.45
1.46
1.47
1.49
1.46
1.41
1.43
1. 41
1.41
1.41
1.43
1.42
1.44
* Be vised.
Source: Be partment o f Commerce (Bureau c)f Economic; Analysis and Bureau
of the Census
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' inventories increased $0.9 billion in July. Unfilled orders rose again in July, but at a slower pace
than in recent months. Shipments declined slightly and new orders were down almost 1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BilUONS OF DOLLARS* (RATIO SCALE)
200
-1NVENTORIES-
160
120
40
80
DURABLE GOODS
2 0 i r i > ill t i n l i t i 1 1 1 1 1 1 1 1 I T 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 . . i n 111
40
NONDURABLE GOODS
BJLLIONS Of DOLLAR$*(RATIO SCALE)
20
RATIO*
220
1972
1973
1974
1975
1976
1975
1976
INVENTORY-SHIPMENTS RATIO
2.00
1.80
160
1.40
1.20
1972
1973
1974
1975
1972
1976
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMIRCi
1973
1974
COUNCIL OF ECONOMIC ADVISERS
Marlufaeturers' new 01•ders1
Durab le goods
Capital NonNongoods durable
Total
Total Durable
goods durable
Total indusgoods
goods
tries,
nondefense
Millie>ns of dollars, seaso]aally adjusted
101, 645 66, 768 34, 877 52, 146 27, 514
7,055 24, 632
102, 445 66, 050 36, 395 55, 754 29, 773
7,324 25, 981
107, 719 70, 218 37, 501 63, 015 34, 368
8,487 28, 648
120, 870 79, 441 41, 429 73, 992 41, 253 10, 310 32, 738
150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009
146, 574 95, 754 50, 820 81, 351 40, 048 10, 261 41, 302
147, 189 98, 189 49, 000 83, 304 41, 435 10, 728 41, 869
146, 583 97, 199 49, 384 85, 137 42, 176 10, 392 42, 961
146, 413 96, 640 49, 773 85, 482 42, 256 10, 214 43, 226
146, 510 96, 215 50, 295 86, 336 42, 307 10, 689 44, 029
146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44, 363
146, 574 95, 754 50, 820 86, 754 42, 837 10, 156 43, 917
147, 030 95, 664 51, 366 88, 083 43, 177 10, 351 44, 906
147, 328 95,696 51, 632 90, 201 44, 975 10, 710 45, 226
148, 150 96, 193 51, 957 93, 389 47, 895 10, 984 45, 494
148, 121 96, 133 51, 988 94, 090 47, 790 11, 530 46, 300
149, 039 96, 579 52, 460 95, 378 49, 565 11, 664 45, 813
150, 911 97, 616 53, 295 95, 596 49, 926 11, 835 45, 670
151, 824 97, 826 53, 998 94, 803 48, 721 13, 243 46, 082
47, 655 11, 694
Manufa<3turers' shipments J Manufaci,urers' inv entories2
Period
NonTotal Durable
goods durable
goods
1970
52, 859 28, 229
1971
55, 917 29, 948
1972
62, 062 33, 489
1973
71, 480 38, 806
1974
81, 832 42, 744
1975
82, 724 41, 527
1975: July.. 83, 029 41, 354
Aug — 85, 210 42, 444
Sept.. 86, 200 43, 192
Oct... 87, 403 43, 607
Nov.. 86, 515 42, 352
Dec... 87, 616 43, 681
1976: Jan___ 89, 276 44, 570
Feb.. 90, 912 45, 700
Mar .. 93, 050 47, 546
Apr _. 93, 848 47, 741
May.. 94, 087 48, 321
June.. 94, 244 48, 475
July.. 93, 912 47, 779
Aug*.
47, 931
24, 629
25, 969
28, 573
32, 674
39, 089
41, 197
41, 675
42, 766
43, 008
43, 796
44, 163
43, 935
44, 706
45, 212
45, 504
46, 107
45, 766
45, 769
46, 133
* Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
* End of period.
< For annual periods, ratio of weighted average inventories to average monthly
Manufacturers'
unfilled
®rders3
77, 093
75, 081
86, 608
117, 034
137, 328
120, 659
123, 545
123, 477
122, 761
121, 697
121, 530
120, 659
119, 468
118, 757
119, 093
119, 340
120, 624
121, 974
122, 870
Manufacturers'
inventory—<
shipments
ratio4
1.89
1.82
1.69
1.58
1. 64
1.80
1.77
1.72
1.70
1.68
1.70
1.67
1.65
1.-62
1.59
1.58
1.-58
1.60
1.62
shipments; for monthly data, ratio of inventories at end of month to shipments for
month.
Source: Department of Commerce, Bureau of the Census;
21
WHOLESALE PRICES
PRICES
In August, the wholesale price index declined 0.3 percent (0.1 percent after seasonal adjustment). Prices of farm
products and processed foods and feeds declined 3.4 percent (2.9 percent seasonally adjusted). Industrial commodity
prices were up 0.5 percent (0.7 percent seasonally adjusted).
INDEX, 1967« 100 (RATIO SCALE)
220
INDBC 1967*100 (RATIO SCAl^
FARM PRODUCTS AND
f I
PROCESSED FOODS AND FEEDS ! \
j
120
120
100
too
1968
1976
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOAUC ADVISERS
[1967=100]
All
commodities
Period
1968.
1969
1970
1971
1972
1973
1974
1975..
....
„_
1975: Aug
Sept
Oct
Nov
Dec
Jan
1976: Feb. __.„.
Mar
Apr
May
..
June
July
Aug
102. 5
106.5
110.4
113. 9
119. 1
134.7
160. 1
174.9
176. 7
177.7
17R9
178. 2
178.7
179.3
179. 3
179. 6
181.3
181. 8
183. 1
184. 3
183. 7
Farm
products
Indusand
trial
processed commodfoods
ities
and
feeds
102.4
102. 5
108. 0
106.0
111. 7
110. 0
114.0
113. 8
117.9
122.4
159. 1
125.9
177.4
153.8
184. 2
171. 5
Unadjusted
172.2
189.0
190.4
173.1
174. 7
190. 5
175.4
186. 1
176. 1
186. 0
184. 6
177.3
182.0
178.0
178.9
180.3
183.7
180.0
184. 9
180.4
181. 3
187. 5
188. 1
182.6
181. 7
183. 6
Special ggroupings
Farm
products
Processed
foods
and
feeds
102. 5
109. 1
111. 0
112.9
125. 0
176. 3
187. 7
186. 7
102. 2
107.3
112. 1
114. 3
120.8
148. 1
170. 9
182. 6
192. 7
196.9
199.9
196. 1
197.2
192.6
187. 7
185. 9
193.8
194.9
195.4
193.4
187; 7
184.8
185.3
186.6
184. 3
181.8
178. 3
175. 5
175.9
179.3
181.6
182. 4
180.8
175. 6
1
Excludes crude foodstuffs and feedstuffs, plant and animalfibers,oilseeds, and
leaf tobacco.
22
Crude
materials i
Inter- Producmediate er finmate-2
ished
rials
goods
102. 0
102. 6
103. 5
106. 1
106,9
110. 6
110.0
111. 9
118.8
122. 7
114. 3
116. 6
119. 5
131. 1
118. 9
155. 2
128. 1
123. 5
141. 0
159. 5
219. 1
178. 6
162. 5
225. 1
Seas onally ad; usted
178.2
163. 1
226. 5
232, 9
179.4
164. 3
231.4
181. 6
166. 3
227.4
183. 3
167. 1
235.4
167. 9
184.6
185. 2
236. 0
169. 1
230. 0
185.7
170. 0
236. 5
186. 3
170. 7
171.3
242.6
186.7
171.4
242. 6
186. 5
172. 1
187. 8
246. 1
172. 9
255. 5
188.7
190. 1
173. 2
255. 7
Consunler finished goods
ex<eluding fo<>ds
Total
102. 1
1046
107.7
111.2
113. 5
118.6
138.6
153. 1
153. 9
155.4
157. 0
158.2
158. 9
159. 1
159.4
159. 1
159.0
159. 0
160.0
161.2
162. 1
NonDurable durable
102.2
102.2
1040
105. 0
107.0
108.3
110.9
111.3
113. 2
113.6
115.8
120. 5
146.8
126.3
138.2
163.0
137. 8
138. 8
140.7
141. 8
141. 9
142. 5
142. 8
143. 1
142.9
142. 9
143. 5
143.5
143. 9
1644
166. 3
167. 9
169. 0
170. 1
170.2
170. 4
169.7
169.9
169. §
170.8
172.6
1742
- Includes supplies and components; excludes intermediate materials for food
nanufacturing and manufactured animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In August, the consumer price index rose 0.5 percent (also 0.5 percent seasonally adjusted). Food prices increased
0.2 percent (0.3 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (also 0.6 percent seasonally
adjusted) and services prices were up 0.6 percent (also 0.6 percent seasonally adjusted).
INDEX, 1967*= 100 (RATIO SCALE)
220
INDEX, 1967 «100 (RATIO SCALE)
220
1968
1969
1971
1970
1972
1973
1974
1975
]
1976
COUNCIL OF ECONOMIC ADVISiKS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Commodities
less
food
Services
All
commodities
103. 7
108. 1
112. 5
116.8
119.4
123. 5
136. 6
149. 1
105.2
112.5
121.6
128.4
133. 3
139. 1
152. 1
166. 6
All
items
Food
.. 104.2
.. 109.8
116. 3
121.3
125. 3
133. 1
147. 7
161.2
103. 6
108.9
1975: Aug....
Sept
Get
Nov...
Dec
162.8
163.6
164.6
165. 6
166.3
178. 1
177.8
179.0
179.8
180. 7
150. 7
151. 4
152.2
152.6
152.8
1976: Jan....
Feb_
Mar
Apr
May...
June
July...
Aug
166. 7
167. 1
167.5
168.2
169. 2
170. 1
171. 1
171.9
180.8
180. 0
178.7
179.2
180.0
180. 9
182. 1
182. 4
152.3
152. 7
153. 3
154.2
155. 5
156.5
157. 1
158.0
Period
1968
1969
1970
1971
1972
1973
1974
1975
1149
118.4
123. 5
141.4
161.7
175.4
Food
Comeaodities le ss food
All
Food
at
home
Food
away
from
home
103. 7
108.4
113. 5
117.4
120.9
129.9
145. 5
158. 4
103.6
108,9
114.9
118. 4
123. 5
141.4
161. 7
175.4
103.2
108.2
113. 7
116.4
121. 6
141.4
162. 4
175. 8
105.2
111.6
119.9
126.1
131. 1
141.4
159.4
174.3
167.4
169.1
170. 1
172.0
173.1
160. 1
160.6
161. 5
162.2
162.9
177. 5
178. 0
179.6
180.6
181.6
178. 1
178.4
180.2
181. 2
182. 1
175.3
176.4
177. 5
178.6
179.5
174.9
176. 1
177.2
177.7
178.4
179.5
180.7
181.8
163. 1
162.7
162.4
163.1
164. 3
164.9
165.6
166.4
181. 2
179. 4
177. 9
178.9
180. 6
181.0
181. 2
181.8
181.4
178. 6
176. 5
177.7
179. 5
179. 8
179.8
180.3
180.9
182.4
183. 4
184.0
185. 0
186. 0
187.1
187.8
Unac justed
Services
All
Durable
Nondurable
103.7
108. 1
112. 5
116.8
119.4
123.5
136.6
149. 1
103. 1
107.0
111.8
116. 5
118.9
121.9
130.6
145.5
104.1
108.8
113. 1
117. 0
119.8
124.8
140.9
151.7
105.2
112.5
121.6
128.4
133.3
139.1
152. 1
166.6
150.7
151. 2
151. 7
152.2
152.8
147. 0
147.6
148. 1
148.5
149. 2
153.4
153.7
154.4
154.8
155. 3
167.6
169.0
170.0
171. 7
172.8
153. 1
153. 5
153. 9
154.4
155. 3
156.0
156.9
157.9
149. 7
150. 6
151. 7
152. 7
153. 6
154. 1
155. 0
155. 7
155.6
155. 7
155. 6
155.7
156. 6
157. 4
158.4
159. 6
174. 7
176. 0
177. 2
178.0
178. 8
179. 9
181.0
182.0
Seasonal! y adjusted
Source: Department of Later, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percen t change from pre ceding
l
perio d; season ally adjus>ted
Industrial
commodities
Farm
products
Processed
foods
and
feeds
_
_
1.0
2.8
4.8
2.2
4.0
6.5
15.4
20.9
4.2
-2.7
4.4
8.4
-4,7
8.1
18. 7
36.1
-1.9
5.5
— 1. 2
3.0
6.8
.8
4.7
11.6
20.3
20.9
— 3.8
1.9
2.7
3.9
3.6
3.2
3.6
10.7
25.6
6.0
1975: Aug..
Sept-.
Oct..
Nov..
Dec_.
;9
.9
1. 1
.1
.3
1.5
2.2
1.5
— 1.9
.6
1.3
.3
.7
-1.2
-1.4
.7
.9
1.2
.7
.6
1976: Jan...
Feb___
Mar..
Apr
May..
June_
July__
Aug..
—.2
—.4
.2
.8
.3
.4
.3
-. 1
-2.3
-2.5
-1.0
4.2
.6
.3
— 1.0
-2.9
-1.9
-1.6
.2
1.9
1.3
.4
—.9
-2.9
Period
1967.
1968_
19691970_
1971
1972
19731974
1975
All
commodities
Percent a aange fro m 3 mon£ is earlier; Percent cjhange from 6mojat is, earlier;
seasonsilly adju sted annus•d rates
season ally adjusted annua 1 rates
AH
commodities
.4
.1
.3
.3
.1
.5
.7
;7
Farm
products
Processed
foods
and
feeds
6.9
10.8
12.2
8.9
6.5
15.2
29.7
22.8
7.2
.6
8.7
11.3
9,3
-1. 1
.9
-1.1
-1.8
2.5
5.5
6.6
4.5
2. 7
-13.8
-16.1
-21.0
2.5
16.2
22. 1
-.8
-14.0
-16.6
-17.8
-12.4
-7.3
2.3
14.6
15.6
3.4
-12.6
Industrial
commodities
All
modities
5.1
8.0
11.8
11.9
10.8
3. 2
3.0
2.9
3.6
5.2
7.8
Processed
foods
and
feeds
Industrial
commodities
5.7
8.6
9.0
7.9
26.0
34.6
26.0
11.2
14.2
3.6
9.0
6.6
3.7
1.6
3.3
5.0
7.2
8.4
9.4
6,4
3.8
2.3
1.7
2.1
2.3
3.5
4.1
-5.1
-10.9
-6.0
— 1.2
-1. 8
2.9
-4.5
-9.8
-9.9
-7.7
-2.9
9.5
ae
7.3
4.4
Farm
products
.7
2.8
.1
.8
.0
8. 1
6.9
5.1
3.7
3.4
4.1
5.3
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percen t change from preceding
perio d; seasontally adjussted *
Period
All
items
Food
Commodities
less
food
Percent c lange fro m 3 mont as earlier; Percent c aange frc>m 6 months earlier;
season?illy adjussted annu al rates
seasonsilly adju sted annual rates
Services
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
3.0
4.7
6. 1
5. 5
3.4
3.4
8.8
12.2
7.0
1.2
4.3
7.2
2.2
4.3
4.7
20. 1
12.2
6. 5
3. 1
3.7
4.5
4.8
2.3
2. 5
5. 0
13. 2
6. 2
4.0
6.1
7.4
8.2
4. 1
3.6
6.2
11.3
8. 1
1975: Aug...
Sept...
Oct- —
Nov...
Dec— .
.4
.4
.6
.6
.5
-.2
.3
.9
.6
.6
.6
.3
.3
.3
.4
.4
.8
.6
1.0
.6
8. 5
7.4
5.8
6.8
7.3
12. 1
8. 0
4. 1
7.2
8.3
7.8
7.5
5.2
4.0
4.3
6. 7
7.4
7.6
10.2
9.3
7.1
7.2
7.4
7.7
7.4
7.6
8.9
10.3
9. 6
8.2
7.0
6.4
5.9
5.9
5.9
6.5
7. 1
7. 1
8.4
8.4
1976: Jan. _ _
Feb__.
Mar
Apr
May...
June__
July...
Aug...
.4
.1
.2
.4
.6
.5
.5
.5
_. 2
-1. 0
-.8
.6
1.0
.2
.1
;3
.2
.3
.3
.3
.6
.o
.6
.6
1. 1
.7
.7
.5
.4
.6
.6
a6
6. 5
4. 4
2.9
2.9
4. 9
6. 1
6.3
6.0
3. 6
-2. 6
-7.9
-5.0
2. 7
7. 2
5.2
2.7
3. 7
3.5
2.9
3.4
4.8
5. 6
6.6
6.9
11.5
10.4
10.6
7.8
6.5
6. 2
6. 9
7.4
6. 1
5. 6
5. 1
4.7
4. 6
4. 5
4.6
5.5
3. 9
2 2
— 1
-8
0
-7
0
2.7
4.5
3.8
3. 6
3.6
4. 1
4.2
5. 0
5.8
9. 6
10. 3
9. 9
9.6
8.4
8.4
7. 3
6.9
1967
1968
1969
1970
1971
1972
1973
1974
1975
i Annual changes are from December to December (unadjusted).
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 4 percent in the month ended August 1 5. Contributing most to the decrease were
lower prices for meat animals, feed and food grains, and oil-bearing crops. Prices paid decreased slightly. Both the
actual and the adjusted parity ratios dropped.
INDEX, 1967«10Q
(RATO SCALE}
PRICES RECBVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGf RATES)
1968
1969
1970
1971
1972
1973
1974
1976
1975
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=400 BASE.
SOURCE. DEPARTMENT OF AGRICULTURE
COUNC*. Of fCONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
Crops
Prices paid by farmers
All
items,
Livestock interest,
ProducFamily
and
living
tion
taxes,
and
products wage rates
items
items
Index, 1967=100
Parity ratiol
Actual
Adjusted 2
1968
1969
1970
1971
1972
1973
1974
1975
102
107
110
113
125
179
192
186
100
97
100
108
114
175
224
201
104
117
118
118
136
183
165
172
103
108
112
120
125
144
166
181
104
109
114
118
123
133
151
166
100
104
108
113
121
146
166
182
73
73
72
69
74
91
85
75
79
79
77
73
79
94
86
76
1975: Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
194
199
195
184
186
212
210
203
189
188
180
189
189
181
184
184
186
185
185
185
169
169
170
171
171
186
189
186
184
186
78
79
77
73
74
79
79
78
74
74
1976: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
186
187
185
189
191
196
19C
187
190
192
194
193
198
211
215
201
183
183
178
186
185
184
179
175
190
191
192
193
193
195
196
195
172
172
173
174
174
175
177
177
191
193
194
197
196
199
199
198
72
72
71
72
73
74
73
71
72
72
71
72
73
74
74
71
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
fanners.
Source: Department of-Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Over the past 3 months (May to August) Mi and M£ have grown at annual rates of 4.0 and 9.6 percent, respectively/
in the previous 3 months, the corresponding rates were 9.5 and 11.5 percent.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
200
200
1968
1969
1970
1976
* SEASONALLY ADJUSTED
SOURCE: 6OARD OF (GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ACJViSERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures l
Deposi ts at co mmercia banks
Period
M,
1971: Dec..
1972: Dec__
1973: Dec..
1974: Dee__
1975: Dec,.
1975: Aug_
Sept..
Oct._
Nov«_
Dec._
1976: Jan™
Feb...
Mar_.
Apr....
May..
June.July..
Aug *_
1
233. 8
255.3
270.5
283. 1
294. 8
293. 2
293. 6
293.4
295. 6
294. 8
295. 1
296, 5
298. 0
301. 7
303.3
303. 1
304.8
306.3
M3
471. 7
525.3
571.4
612.4
664. 3
650. 6
652. 9
655.8
662. 1
664.3
670.2
678.5
683. 4
691. 9
697.2
700.3
707.6
713.4
M,
745.1
844.9
919.5
981.6
1,092.9
1,060.6
1,068.1
1,075.8
1,086.5
1,092.9
1,103.7
1,117.2
1,127.4
1,141.2
1,151.5
1,159.2
1,171.9
1,184.4
Currency
52.6
56. 9
61. 5
67. 8
73. 7
71.9
72. 0
72. 6
73.4
73.7
74.2
75. 1
75. 7
76.7
77.4
77. 6
78. 2
78. 6
Total
Large
CDs
Other
Deposits
at
nonbank
thrift
institutions
271. 2
313. 6
364.4
419. 1
452. 4
436. 2
438. 3
443. 3
448. 3
452. 4
454.4
457. 3
458. 5
461.7
462. 1
467. 9
472.4
471.5
33. 3
43. 6
63. 5
89. 8
82. 9
78. 8
79. 1
80. 9
81. 8
82. 9
79. 2
75.4
73. 1
71.4
68. 2
70.6
69.6
64.3
237. 8
270. 0
300. 9
329. 3
369. (5
357.4
359. 2
362.4
366. 5
369. 6
375. 2
381. 9
385.4
390.2
393.9
397.3
402.8
407. 1
273. 4
319. 6
348. 0
369. 2
428. 6
410. 0
415. 2
420. 0
424. 4
428.6
433.5
438.8
444. 0
449. 3
454. 3
458. 9
464. 3
471. 0
Tim e and sa vings
Demand
181. 3
198.4
209. 0
215. 3
221. 0
221. 3
221. 6
220. 8
222. 1
221. 0
220. 8
221, 5
222. 3
225.0
226. 0
225. 5
226.6
227.6
MI is currency plus demand deposits; Ms is MI j)lus time deposits at commercial banks other than large certificates of deposit (CDs); and MS is Ms plus
deposits at nonbank thrift institutions.
26
Per cent
chajage 2
Comporlents anc [related i terns
1
U.S. Government
demand
deposits
(unadjust-
M1
M2
ed)
6.9
7.4
6. 3
4. 9
4. 1
2.7
3.9
3.4
3.5
4. 1
3.8
4. 5
3.9
3.8
3. 7
4.7
3. 4
3.6
6.5
9.2
6.0
4. 7
4. 1
8.2
6.8
6. 1
11.4
11.4
8. 8
7. 2
8. 5
10. 8
9.8
9. 5
2. 6
9.2
6.9
2.2
2.3
8.8
5.6
3. 0
5. 7
5. 3
5. 7
6. 7
6.7
7. 1
9. 6
11.3
10. 9
11. 1
11. 5
10. 6
Annual changes are from December to December and monthly changes ar<
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Keseree System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAII INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cum?ncy and <ieposits
Total
liquid
assets
Period
1969:
1970:
1971:
1972:
1973:
1974:
1975:
Dee
Dec
Dee
Dec
Dec
Dec
Dec
1975: Aug
Sept
Oct
Nov
Dec
Total
Currency
- _ „ _ „ _ 1, 258. 6
1, 264. 4
1, 275. 4
.
1, 291. 6
1,301.6
1976: Jan
Feb-_ _ Mar
Apr
May
June.
July
Aug *
1, 310. 5
1, 320. 7
1, 329. 5
1, 342. 6
1, 351. 4
1, 362. 8
1, 374. 7
1, 382. 3
:
„
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
46. 1
49. 1
52. 6
56. 9
61. 5
67. 8
73.7
144.8
151.4
160. 3
174.9
180.9
182. 1
189. 0
177.3
199. 3
233. 7
264. 7
294. 9
321. 9
361. 3
214.9
232.7
273.4
319. 6
348. 0
369.2
428. 6
51.7
52.0
54.3
57.6
60. 4
63. 3
67. 2
64.0
52. 6
37. 8
38. 3
50. 3
57. 8
67. 3
9.0
23.0
30.2
39. 7
57. 9
79,6
72. 9
29. 1
24.7
24. 0
27. 5
38. 3
41.8
41. 6
1, 020. 3
1, 027. 4
1, 035. 6
1, 046. 7
1, 052. 6
71. 9
72. 0
72.6
73.4
73.7
189. 6
189. 7
189. 0
190. 7
189. 0
348.8
350. 5
354. 0
358. 2
361. 3
410. 0
415. 2
420.0
424. 4
428. 6
65. 9
66.2
66.6
66. 9
67.2
62. 2
61.0
62. 1
65.4
67.3
69. 1
69. 3
70.6
71.5
72.9
41. 1
40.4
40.5
41. 1
41.6
1, 063. 9
1, 078. 1
1, 088. 1
1, 102. 0
1, 112. 8
1, 120. 0
1, 132. 6
1, 146. 0
74. 2
75. 1
75. 7
76.7
77. 4
77.6
78.2
78.7
189. 1
190.0
190.2
192. 5
193. 7
193. 0
193.8
195. 0
367. 1
374. 3
378.2
383. 6
387. 4
390. 6
396. 2
401. 3
433. 5
438. 8
444. 0
449. 2
454. 3
458. 9
464. 3
471. 0
67. 6
68. 0
68. 3
68. 6
69.0
69.3
69.9
70.6
67.5
66. 4
66. 7
66.7
66.7
67.4
66. 9
65.5
69.6
66. 1
64.0
62. 2
59.0
61. 1
60.0
54.7
41.9
42.1
42.4
43.0
43.9
44. 9
45.4
45.5
583. 1
737.0
632. 5
784. 8
719. 9
866. 3
816. 1
_ _ _ _ 979. 2
885. 4
1, 092. 3
1, 183. 4 940. 9
1, 301. 6 1,052.6
-
U.S. G overnment se curities
Time d eposits
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total *
1975:
1976:
July
Aug..
Sept
Oct.-.
Nov
Dec... ...
.
Jan
Feb
Mar
„_
Apr
May
.
June
July
Total1
Automobile
Bank
credit
cards
Total1
Automobile
Bank
credit
cards
32, 553
29, 965
34, 778
40, 266
46, 105
43, 209
48, 103
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
99,
107,
113,
124,
140,
151,
156,
786
385
788
513
552
056
640
29, 974
30,432
31, 303
34, 705
40, 137
42, 883
45, 472
3,066
5, 615
7, 679
9,472
12, 433
15, 655
19, 208
9, 360
4, 790
9,299
15, 559
19, 676
8, 952
6, 843
2,579
-468
3,476
5, 561
5,968
327
2, 631
1,332
1, 153
699
918
1,430
1,443
1,220
14,
14,
14,
14,
14,
15,
089
048
194
609
579
228
4,104
4, 143
4,330
4,354
4,441
4,642
1, 684
1, 743
1,806
1,781
1,842
1,839
12,
13,
13,
13,
13,
13,
803
211
201
429
255
738
3, 719
3, 884
3, 869
3, 860
3,835
3,883
1,591
1, 634
1, 670
1, 696
1,762
1,832
1,286
838
993
1, 181
1, 324
1,490
386
259
461
494
606
759
94
110
135
85
80
6
15,
15,
15,
15,
15,
15,
15,
132
045
521
003
041
592
240
4, 505
4,523
4,689
4, 583
4,471
4, 600
4, 477
1,
2,
2,
1,
2,
2,
2,
14,
13,
14,
13,
13,
14,
13,
029
923
048
576
566
261
937
3, 966
3,909
4, 026
3,851
3, 819
4,074
3,922
1, 815
1,881
1,926
1,846
1,911
1, 990
1,981
1,103
1, 123
1,473
1,427
1,474
1,330
1, 303
539
614
663
732
652
526
556
106
132
192
139
193
98
171
i Includes some items not shcrwr. separately.
Bank
credit
cards
Net change in amount outstanding
146
175
086
072
228
008
483
109,
112,
123,
140,
160,
160,
163,
1969
1970
1971
1972
1973
1974
1975
Automobile
Instalmcjnt credit lie[uidated
921
012
118
985
103
088
152
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
From July to August, commercial and industrial loans were unchanged while bank holdings of U.S.
securities increased by $2.3 billion.
Government
BILLIONS OF COLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCAtQ
ALL COMMERCIAL BANKS
40
40
1968
1970
1969
1971
1972
•'SEASONALLY ADJUSTED, iND OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1969
1970
1971
1972
1973
1974
1975
1975: Aug
Sept
Oct..Nov
Dec
1976: Jan »
Feb "p
Mar _
Apr »p
May
June v _ _
July »
Aug *
Total
loans
and
investments
401. 7
435. 5
485.7
558.0
633.4
3
690. 4
721. 1
709. 3
712. 7
716. 3
722. 2
721. 1
723. 3
726.7
731. 2
734. 5
737. 6
738. 8
_ 743. 1
748. 7
are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect ol changes in Regulations D and M.
* Keserves available to support private nonbank deposits are defined as (1)
required reserves for (a) private demand deposits, (b) total time and savings
deposits, and (c) nondeposit sources subject to reserve requirements and (2)
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All commercial banks l
All member banks
Borrowiiags (milL( 3ans
IReserves 2 3
Investsaents
lions of dollars,
unadju isted) 2
Total ex- Commer- U.S. Gov- Other
cluding cial and
NonAvailSeasecuernment
Total
Total
inter- industrial securities
borrowed able 4
sonal
rities
bank
279.4
51.2
105.7
27.93
26.81
71. 1
25.46
1,086
292.0
110.0
57.8
85. 7
28. 77
29. 11
321
26.81
320.9
104.2
31.24
31. 12
116. 1
60.6
28. 78
107
378. 9
130.2
31.44
30. 39
116.5
62.6
29. 00
1,049
449.0
156.4
54.5
33.69
34.98
129.9
32.78
1,298
41!
500.2
183.3
50.4
35.90
36.63
139. 8
34.42
703
32
176.0
496.9
79.4
144. 8
34 62
34.75
32. 44
127
13
490.2
144. 1
176. 5
34.88
34.67
211
75.0
32.77
38
175.4
491. 5
76. 7
34.99
34.59
144.5
32.77
396
61
495. 0
176. 3
34.79
34.60
76.0
145.3
32.61
191
65
498. 5
177. 1
34.73
76.8
146. 9
34.67
32.43
61
28
496. 9
176.0
79.4
34. 62
144. 8
34.75
32.44
127
13
497.3
176.6
34.32
34.24
32. 17
145. 0
81.0
79
9
175. 1
497.8
34. 05
33. 97
84.4
144.5
31.85
76
11
6
499.7
171. 4
88.2
33.95
143.3
34.00
31.75
58
8
500. 5
170.5
34. 02
33. 98
90.0
31.87
44
144.0
11
500.6
170.7
34. 14
34.02
93.0
144.0
121
31. 95
11
500.7
170.2
94. 0
144. 1
34.34
34.21
32. 01
120
20
504.7
171.0
92.7
34.25
32. 19
145.7
34.39
123
24
507.6
171.0
95.0
146. 1
34.56
34. 46
32.20
104
28
1
Data are for end of period.
2
Averages 01 daily figures. Annual data
8
28
1973
excess reserves. This series excludes required reserves for new interbank and
U.S.
Government demand deposits.
6
During 1974, total loans and investments were increased $0.6 billion due to
a bank merger and were reduced $1.5 billion due to liquidation of a large bank.
• Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Uses
Sources
External
Period
Total
Internal 1
Credi t market funds
Total
TTVvfol
Longterm 2
Short-3
term
Total
Other
1966
1967
1968
1969
1970
1971
1972
1973.
1974___
1975
96.9
93.3
114.5
118.8
105.2
129.0
154.0
181. 6
181.7
145.5
60.5
61. 3
62. 3
61. 7
58. 9
68.6
80.8
83.8
77.6
103.4
36.4
32.0
52.2
57. 1
46.3
60.4
73.2
97.8
104, 1
42.1
25.6
28.9
32.0
38.6
41.5
46.3
58.8
72.9
BL 9
37.4
16. 0
21. 1
18.9
20.9
32.7
41.6
41.4
37.4
39.6
49.4
9. 5
7.8
12.9
17.6
8.9
4.7
17.3
35.4
42.4
-11.8
10.9
3.2
20.3
1975: I
II
III
IV
82.2
129.0
172. 1
198.3
83.5
101.5
113.6
114.9
— 1.3
27.5
58.5
83.4
345
31.0
30.8
53.5
52. 1
52.4
37.6
55.6
-17.6
-21. 3
— 6. 9
— 2. 1
-35.8
-3.5
27. 7
29.9
1976: I
II*
204.4
217.0
120.7
119.6
83.7
97.4
46.0
51.5
48.6
48.2
-2.7
3.2
37.7
45. 9
* Undistributed profits (after inventory valuation and capital consumption
adjustments) and capital consumption allowances.
* Stocks, bonds, and mortgages.
» Bank loans, commercial rarer, finance efmpany loans, bankers' acceptance^
and Government loans.
las
4.7
14.0
14.4
26.0
22.2
4.6
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
T& o
72.6
77.6
85.0
80.6
8&2
101.0
124.4
134.6
95.9
12.6
16.8
28.8
28.4
15.4
28.8
3&5
41. 1
35.3
35.2
8. 3
3.9
8.2
5.3
9. 1
13.9
16. 4
16. 1
11.9
14.3
159.3
183.6
89.8
80.4
106.5
107. 1
-21.7
33.3
52.8
76.5
14. 1
15.3
12.8
14.7
192.4
203.8
129.3
138. 1
63. 1
65.7
12. 1
13.2
88.6
8§. 4
106.4
113.4
96.0
115.0
137.5
165.5
169.9
131. 1
68.1
na7
* Plant and equipment, residential structures, and inventory investment.
Note. —Series revised beginning 1966.
Source: Beard of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current assets
End of
period
Cash
U.S. Receivables
Govon
from
hand
ernTotal
U.S.
and
ment
Govin 1 securiernties 2
banks
ment 3
1966
364,0
386.2
1967
426.5
1968
1969
473. 6
492.3
1970
1971
529. 6
1972
573. 5
1973
643.3
1974
712.2
1975__.
731.6
1974: III_. 708.6
IV.- 712. 2
1975: I— .698.4
!!___ 703.2
Ill- 716. 5
IV_._ 731. 6
41.9
45.5
48.2
47.9
50. 2
53. 3
57. 5
61.6
62.7
68. 1
60.3
62.7
60.6
63. 7
65.6
68. 1
13.0
10.3
11.5
10.6
7.7
11. 0
9.3
11.0
11.7
19.4
11.0
11.7
12. 1
12.7
14.3
19.4
4.5
5. 1
5. 1
4.8
4.2
3. 5
3.4
3.5
3.5
3.6
3. 5
3.5
3. 2
3.3
3.3
3. 6
1976: !___. 753. 5
68.4
21.7
3.6
1
2 Includes time
Notes
and
accounts
receivable
142. 1
150.2
168. 8
192. 2
201. 9
217. 6
240.0
266. 1
289.7
294. 6
295. 5
289. 7
281.9
284.8
294.7
294 6
307. 3
Current liabilities
Other
Incurvenrent
astories
sets 4
142. 8
153. 1
166. 0
186.4
193. 3
200.4
215. 2
246.7
288.0
285. 8
282. 1
288.0
285.2
281. 4
279. 6
285.8
19.7
22.0
26.9
31. 6
35. 0
43. 8
48. 1
54. 4
56. 6
60.0
56. 1
56.6
55.4
57. 3
59.0
60.0
288. 8
63.6
certificates of deposit.
Includes Federal agency issues.
* Keceivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to fhte tJ.S. Government.
Total
Advances
and
Notes
preand
payacments. counts
U.S.
payable
Govern- 3
ment
199.4
211.3
244. 1
287.8
304. 9
326. 0
352.2
401.0
450. 6
457.5
449. 1
450. 6
44
5.8
6.4
7. 3
6.6
4.9
40
43
5.2
6.4
5. 1
5.2
438. 0
434.2
444 7
457.5
465.9
Federal
income
tax
liabilities
Other
current
liabilities
17.4
13.2
143
12.6
10. 0
13. 1
15. 1
18.1
23.2
20. 7
22.7
23.2
445
51.0
61.0
76.0
83.6
92.4
102. 6
117. 0
1348
148. 8
5.3
5.8
6.2
6.4
133. 1
141.3
162. 4
191. 9
204 7
215.6
230.4
261. 6
287. 5
281.6
287.0
287. 5
271. 2
270. 1
273.4
281. 6
21.8
17. 7
19. 4
20.7
6.4
280. 5
23.9
1343
1348
139. 8
140. 6
145. 6
148. 8
155.0
Net
working
capital
1646
1749
182.4
185. 7
187.4
203. 6
221. 3
242. 3
261. 5
274. 1
259. 5
261. 5
260. 4
269.8°
o
271.
274 1
287.6
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Both short-term and long-term interest rates continued to decline in August and September.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE
'"
MOO
/
' •
/j
.--.,-./ .
1
f—~.
:/
V J
"*V.
^"-" /
\1
\
\ 1
BA NK OF
N£\V YORK
: 1 >
r-* \
\
/
f..*-'
\
1 1 1 I 1 ! IM 1 1
1 1 1 1 1 11 1 1 1 L
1970
1968
^fir^,
8
•- i
V V
Y\ l|
\h / \
^
/ >\l
IILLS
I
b^
J
'
V
*
""VfV
y
~^-N
TREASURY
I
H
4
/
r^i
\/
•1 1 ! ! | 1 ! 1 1 I 1 1
i
.t
*
^^
A
x
/ I
I /
2
/"i
'If
\
RATE
FE DERAL
Rf SERVE
4
:
/
*
DISCOUNT
1
'
\
\•
v\
,'"-f
;
V,^
f\i~
/
crs)
\
\Y V
_v
8
ONDS
fea
i
V
1 111 111 1111
, 1 , 1 III, M l
1971
1972
I 1 I I 1I 1
1973
1 11
1 1 1 1 11 1 1 1 1
1 l'l i 1 i l l i i l 1 l i 1 I i l i 1 l
1974
1975
SOUIKf, SKTMUiacnv
1976
2
^
COUNCHQf. ECONOMIC ADVTSOO
[Percent per aonum]
U.S. Government aeoiirity yields
HighCorporate
grade
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
Period
3-month
Treasury
bills'
3-5 year
issues J
1970
1971
1972_.
1973
1974
1975
1975: Aug._
Sept
6.458
4.348
4.071
7.041
7.886
5.838
6.463
6. 383
6. 081
5. 468
5. 504
4. 961
4. 852
5.047
4. 878
5. 185
5. 443
5.278
5. 153
7.37
5.77
5.85
6.92
7.81
7.55
8. 12
8.22
7.80
7.51
7. 50
7. 18
7. 18
7. 25
6. 99
7. 35
7.40
7. 24
7.04
6.59
5.74
5.63
6.30
6.99
6.98
7.06
7.29
7.29
7.21
7.17
6.94
6.92
6.87
6. 73
6. 99
6.92
6.85
6. 79
6. 51
5. 70
5.27
5. 18
6.09
6. 89
7.02
7.23
7. 22
7.21
7.06
6.80
6. 91
6.86
6.62
6. 87
6. 85
6.64
6. 28
8.04
7.39
7.21
7.44
8.57
8.83
8. 95
8.95
8.86
8.78
8.79
8.60
8. 55
8. 52
8.40
8. 58
8.62
8. 56
8. 45
5.091
5. 087
5. 099
5. 028
6.91
6.88
6.84
6.80
6.77
6. 73
6. 70
6.64
6.21
& 17
6.22
6.22
8.41
8.38
8. 39
8. 36
Oct
Nov
Dec
1976: Jan
Feb..
Mar
Apr
May
June
July
Aug. _ _
Week ended:
1976: Sept 3- _.
10- —
17__.
24 v
1
Kate on
2
Selected
3
Taxable
bonds *
new issues within period.
note and bond issues.
April 1953 to date, bonds dee or callable 10 years and alter.
* Weekly data are Wednesday figures.
*6 Average effective rate for year; opening and closing rate for monl h and week.
Beginning Koreanber 1973, several banks adopted a floating prime rate keyed
30
Prime
commercial
paper,
4—6
months
Discount
rate
(N.Y.
F.K.
Bank)'
Prime
rate
charged
by
banks s '
Newhome
mortgage
yields
(FHLBB)'
7.91
5.70
5.25
8.02
10.80
7.86
8.45
7. 74
7.60
7.95
5. 47
5.95
4.88
4.50
& 44
7.83
6.25
6 -6
6 -6
6 -6
6 ~6
6 -6
6 -5H
5M-5K
5H-5K
5K-5H
5H-5!/2
5H-5H
. 5H-5J4
5>i-5^
5.45
5.50
5. 50
5.38
5H-5M
5H-5K
5H-5H
5H-5/2
7.72
5. 11
4.69
8. 15
9.87
6.33
6.70
6.86
6.48
5.91
5.97
5.27
5.23
a 37
5.23
5.54
5.94
5.67
TH-TT*
7%-8
8 -7%
1%-1%
7H-7K
7tf-67i
6M-63/4
6%-6%
G%-6%
W-S%
7 -7)4
7K-7^
7>4-7
a 92
9.01
a 89
8.94
9.01
9.01
9.01
8.99
8.93
8.93
8. 92
8.97
8.89
8. 97
9. 03
7-7
7-7
7-7
7-7
to money market variables. Beginning April 16, 1973, with the adoption of the
"dual
prime rate", this table shows only the rate charged for large business loans.
7
Effective rate (In the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Eatea beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Eeserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices increased during September after a modest decline in late August.
INDEX, DEC3^1965=50
1 8Q
INDEX, DEC 31,1965«50
80
70
70
COMPOSITE STOCK PRICE INDEX
(NYSE)
20
20
T>
„ 15
_
ARNINGS->RICE RATIO ON COMMON STOCKS
I
''^^V
(S&P)
10
5
0
\ —^
-^^
1
!
1
1968
1
1
1
1969
1
t
!
1970
v
1
1
1
!
1971
1 . 1
1972
I
I I
1973
.
/
I
!
1974
10
^
!
•«
I I I
1975
45. 72
54.22
60.29
57.42
43.84
45. 73
49.54
45.71
44.97
46.87
47.64
46. 78
51. 31
53. 73
54. 01
54. 28
53.87
54.23
55.68
55. 18
48.03
57.92
65.73
63.08
48.08
50. 52
54.96
50. 71
50. 05
52.26
52.91
51. 89
57. 00
59. 79
60. 30
60. 62
60. 22
60. 70
62. 11
61. 14
32. 14
44.35
50. 17
37.74
31. 89
31. 10
32. 90
30.08
29. 46
30.79
32. 09
31. 61
35.78
38.53
39. 17
38. 66
39. 71
40.41
42. 12
40.63
37.24
39. 53
38.48
37. 69
29. 79
31.50
32. 98
31. 02
30.65
31.87
32.99
32. 75
35. 23
36. 12
35.43
35. 69
35. 40
35. 16
36. 49
37. 56
60.00
70.38
78. 35
70. 12
49.67
47. 14
52. 51
46.55
43. 38
44. 36
45. 10
43. 86
48. 83
52. 06
52. 61
52. 71
50. 99
51. 82
54. 06
54. 22
Standard
Dow& Poor's
Jones
composite Dividend- Earningsindustrial8
index
ratio
ratio
average (1941-43=
10) 4
83. 22
753. 20
6.46
3.83
5.41
884. 76
98. 29
3. 14
950. 71
109. 20
2.84
5.50
7.12
923. 88
107. 43
3.06
759. 37
82.85
11.60
4.47
802. 49
86. 16
4. 31
9.03
4.02
856. 28
92.49
815. 51
85.71
4.36
818. 28
84. 67
4.39
9. 12
831. 26
88. 57
4. 22
845. 51
90.07
4.07
840. 80
4. 14
88.70
8. 61
929. 34
96.86
3.80
971. 70
100. 64
3. 67
988. 55
101. 08
8.26
3.65
992. 51
101. 93
3. 66
988. 82
101. 16
3. 76
985. 59
101. 77
3. 75
993. 20
104. 20
3. 64
981. 63
103. 29
3. 74
55. 21
55.91
55. 96
57. 14
61. 11
61. 89
61. 91
63. 32
40. 27
40. 33
40. 04
40.79
37.84
38.47
38.78
39. 35
54. 10
54. 56
54. 30
55.07
980. 50
991. 19
984. 86
1, 008. 49
New York Stock Exch ange indexe,3 (Dec. 31, 11965 = 50) 2
Composite Industrial Transportation
10
17_
24
1
Utility
Averages of daily closing prices.
2 Includes all the stocks (more than 1,475) listed on the N YSE.
*6 Includes 30 stocks.
* Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closineB
prices. Earnings-price ratios based on prices at end of quarter.
i
Common s took5 yields
(percent)
Cominon stock p rices1
1970...
1971
1972
1973
1974
__
1975
...
1975: July_______
Aug___- —
Sept
Oct
Nov
Dec........
1976: Jan
Feb
Mar
Apr
May
June
July
Aug..
Week ended:
1976: Sept 3 _ _ _ _ _
!
1976
COUNCIL OF iCONOMJC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
I
Finance
103. 45
104. 76
104. 82
107. 07
3.74
3. 74
3.64
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 1976 there was a deficit of $65.6 billion, compared to a deficit of $43.6 billion in fiscal 1975.
BILLIONS OF DOLLARS
BILLIONS OF DOUARS
450
450
RECEIPTS AND OUTLAYS
400
400
350
350
300
300
250
250
200,
200
150
150
50
50
SURPLUS (+} OR DEFICIT (-}
-50
-50
-100
-100
1968
1969
1970
1972
1971
1973
1?74
1975
1976
1977
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt (end of period)
Period
Receipts
Fiscal year:
1967
1968
1969
1970
1971
1972_._
.
__
1973 _
. _
_ __
1974 .
1975 _
1976 v
Transition quarter (Mid-Session Review estimates 2)._
1977 (estimates):
Mid-Session Review 2
Second Concurrent Resolution 3
Cumulative total:
July- August 1975_____
July- August 1976
_
1
Excludes
3
non-interest-bearing public debt securities held by IMF.
Mid-Session Review of the 1977 Budget, Office of Management and Budget,
July
16,1976.
Debt figures are very preliminary.
3
Second Concurrent Resolution on the Budget—-Fiscal Year 1977, September 16, 1976.
32
Outlays
149.6
153.7
187.8
193.7
188.4
208.6
232.2
264. 9
281. 0
300.0
82. 1
158.3
178.8
184.5
196.6
211.4
231.9
246.5
268. 4
324.6
365. 6
102. 1
352.5
362.5
43.7
50. 0
Surplus or
deficit (-)
Total .1
Held by
the public
-43.6
-65.6
-20. 0
341.3
369.8
367. 1
382.6
409. 5
437. 3
468.4
486.2
544.1
631.3
648.9
267.5
290.6
279.5
284.9
304. 3
323.8
343.0
346. 1
396.9
479.7
500. 5
400. 0
413. 1
-47.5
-50.6
721.8
700.0
560. 5
61.8
63. 5
-18.1
-13.5
558. 6
644.4
411. 9
494.4
-8.7
-25.2
3.2
-2.8
-23.0
-23.2
-14.3
-a 5
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 1976, receipts were $19.0 billion higher than in fiscal 1975 and outlays $41.0 billion higher.
BlkLIONS^OF DOLLARS
BILUONS OF DOLLARS
50
50
CORPORATION INCOME TAXES
1
300
1
1
!
OUTLAYS
300
250
250
200
200
NONDEFENSE
.3
150
150
NATIONAL DEFENSE
100
100
~~~Y
50
!
1
1968
!
1969
1970
1
1
1971
1972
1973
1974
1975
1976
SOURCES. DEPARTMENT OF THE TREASURY AND OFFiCE Of MANAGEMENT AND BUDGET
50
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Recei pts
Nationa ( defense
Corporation
income
taxes
Other
Total
61. 5
68.7
87. 2
34. 0
28.7
36. 7
54. 1
56. 3
63. 9
158. 3
178. 8
184. 5
69. 1
79.4
80. 2
67. 5
77. 4
77. 9
4. 7
4. 6
3.8
37. 6
43.4
49.0
12.5
13.8
15.8
34.3
37.7
35. 7
7
4
6
2
9
90. 4
86. 2
94. 7
103. 2
119.0
32.8
26. 8
32. 2
36.2
38.6
70. 5
75. 4
81.7
92. 8
107. 4
196.
211.
231.
246.
268.
6
4
9
5
4
79.3
76.8
77.4
75. 1
78.6
77.2
74.5
75. 2
73. 3
77.6
3. G
3. 1
3. 7
3. 0
3.6
56. 1
70. 1
81. 4
91. 8
106. 5
18. 3
19. 6
20. 6
22. 8
28. 1
39. 3
41.8
48. 8
53. 9
51. 7
281.0
300. 0
82. 1
352. 5
122.4
131. 6
39. 7
152. 6
40. 6
41. 4
8.9
53. 1
118. 0
127. 0
33. 5
146. 8
324.6
365. 6
102. 1
400. 0
86. 5
90.2
26. 0
101. 6
85.0
88. 0
24. 5
100. 0
4.4
4. 5
2. 0
7. 1
136. 3
160. 5
42. 1
172.7
31.0
35.5
9.5
40.2
66.5
74.9
22.5
78.4
43.7
50.0
20. 0
23. 3
2. 0
2. 2
21.7
24. 5
61.8
63.5
15.5
14.7
14.5
14. 1
1. 0
1.3
25. 6
28. 0
6. i
5.3
14. 4
13.4
Period
Total
Fiscal year:
1967
1968
1969
149. 6
153. 7
137. 8
1970
1971
1972
1973
1974
1975
1976 *
Transition quarter
1977 l
193.
188.
208.
232.
264.
1
Cumulative total :
July- August 1975 _
July-August 1976
Individual
income
taxes
* Estimates from the Mid-Ses.rion Review c/the Budget, Ju ly 16, 1976.
Total
| Health
Depart- Internaand
Intional
ment of
income terest Other
Defense, affairs security
military
Sources : Department ol the Treasury and Ofl ee of JMariag ement ancI Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates, Federal receipts rose $8.1 billion (annual rate) in the second quarter and expend!
tures fell $1.6 billion, yielding a deficit of $54.1 billion, $9.7 billion less than the first quarter deficit.
BILLIONS OF DOLLARS
440
BILLIONS Of DOLLARS
440
400
400
360
SURPLUS
mm
~~
ii H na m
"Iiiii*!*!
-40
!1
IIi 1i
I
i
4x
"I1
y/(
-40
^
-80
-120
DEFICIT
-80
-120
1968
1970
1969
1971
1972
1973
197 5
1974
1976
CALENDAR YEARS
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal CTovernm ent receip ts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
I'ederal (jovernm ent expe nditures
Surplus
or
GrantsSubsidies Less : deficit
ContriWage
Purin-aid
less
chases Trans- to State Net
butions
current accruals national
Total of goods fer pay- and interest surplus of less
for
income
social inand
ments local
paid Govern- disand
services
governbursesurance
ment enproduct
ments
ments
terprises
accounts
(-),
Fiscal year:
1973
240. 5
1974
. 271.9
1975
283.2
311.4
1976 2*
1977
364. 1
Calendar
year:
1972
227.5
1973
258. 3
1974
288.2
1975
286.5
107.3
122. 6
127.3
136. 3
159.4
41.0
43.8
41. 6
51.2
60.4
20. 7
21.4
22. 1
24.2
24.6
71.5
84. 1
92.2
99.7
119.7
256.2
278.9
329.5
372.6
408. 1
101. 7
104.8
119. 0
127. 6
141. 0
89. 7
104. 7
134. 1
156. 7
170.1
40. 4
41. 6
48. 3
57.0
59.9
15. 9
19.8
21.9
25.8
30.9
9. 1
7.9
5.7
5.8
6.2
108.2
114.6
131.2
125. 7
36. 6
43.0
45. 6
42. 6
20. 0
21.2
21.7
23.9
62. 8
79.4
89. 8
94. 3
244.7
265.0
299.7
357. 8
102.
102.
111.
124.
1
2
6
4
83.2
95.8
117. 6
148.9
37.5
40.6
43. 9
54.4
14.6
18. 2
20.9
23. 5
1975:1
!!___
Ill—
IV___
287. 2
254. 4
297. 7
306. 7
137.6
99. 7
130. 5
135. 1
34. 8
38. 7
47.4
49. 4
21. 9
23.2
25. 2
25. 5
92. 8
92. 9
94. 7
96. 6
337. 0
354. 3
363. 7
376.0
120. 3
122. 4
124. 6
130.4
138. 7
149. 7
152. 1
154. 9
49. 8
53. 2
56.8
58.0
1976: I
II
316. 5
324.6
137.7
141.9
53. 1
54.8
23. 3
102. 9 380.3
104. 6 378.7
129. 2
131. 2
160. 3
158. 7
58. 8
56. 3
1
2 Preliminary; based largely on data
22. a
not seasonally adjusted.
Estimates based on Mid-Session Review of the Budget, July 16,1976.
34
-.' 4 '
.0
.0
-15. 7
-7. 1
-46.3
-61.2
-44. 0
7. 8
8.2
5. 2
6. 5
,5
.0
—.5
.0
-17.3
-6.7
-11.5
-71.2
22. 2
22. 6
23. 6
25. 6
6. 0
6. 4
6.7
7. 1
.0
.0
.0
.0
-49.8
-99.9
-66. 0
-69.4
26.6
27.4
5.4
5.2
.0
.0
-63.8
-54.1
,
0. 5
9 ,
Sources: Department of Commerce (Bureau of Economic Analysis), Depa
ment of the Treasury, and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Coiisumer prices (unadjusted)
Iiidustria] produc tion (seaisonally jadjustec1)
Period
United
States
1969
1970
1971
1972_
1973
1974
1975
1975: III__
IV..
1976: !_._.
II__.
III
JulyAug_
111
108
110
120
130
129
118
121
123
127
129
Japan
Canada
GerFrance many
Italy
127
135
137
142
153
150
142
138
146
150
152
111
118
115
119
134
141
128
125
131
135
142
133
152
156
167
197
189
168
170
172
181
191
111
114
123
131
143
146
139
138
140
144
147
118
124
132
142
150
154
140
137
143
150
152
United United
King- States
dom
Canada
110
116
121
125
133
148
161
163
166
167
169
109
112
116
121
130
145
160
163
166
168
171
111
120
127
133
149
183
205
207
211
217
223
171
172
172
173
225
223
109
111
111
113
122
120
114
112
112
114
115
131
131
GerJapan France many
111
117
124
131
141
160
179
181
185
189
193
Italy
United
Kingdom
105
109
115
121
130
139
147
148
150
152
154
104
109
114
121
134
160
187
188
194
202
215
110
118
128
138
150
174
217
224
232
241
248
155
155
218
251
Sources: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise i mports
Mercb andise e xports
3
Domesti D exports>
Gerleral imp>orts
Period
Monthly
average :
1973
1974
Total
domesFood, Crude
tic and
bever- mate- Manuforeign Total * 2 ages,
facTotal 2
rials
extured
and to- and
ports
goods
bacco fuels
F. a.s. valu e 5
5,902
8, 159
5,811
8,045
1,078
1, 269
1,317
3,728
5,294
8, 159
1974
8,928
1975
1975: Aug.__ 8,980
Sept.__ 9, 104
9,226
Oct
Nov... 9,409
Dec___ 9,250
9, 103
1976: Jan
Feb_... 8,800
8, 956
Mar
9,394
Apr
May_ _ 9, 578
9,716
June
July.... 10, 022
8,045
8,803
1, 269
1, 399
1, 379
1, 358
1,510
1,493
1,409
1,510
1,337
1,305
1, 521
1, 427
1,439
1, 563
1, 317
1,264
1,322
1,199
1, 198
1,330
1,222
1,223
1,138
1,165
1,284
1,377
1,337
1,374
5,294 8,354
5, 913 8,010
6,000 7,877
6, 049 8,196
6,304 8, 169
6, 189 8,201
6,291 8,522
5,971 9,176
6,035 8,941
6,088 9,607
6, 191 9,596
6,443 9, 182
6, 557 10, 094
6, 669 10, 849
895
5,790
8,416
balance
Ex-
ports
Ex(f.a.s.) ports Exports
Food, Crude
less
(f.a.s.) (f.a.s.)
bever- mate- Manu- Total
less
imless
facrials
ages,
(c.i.f.
im- imports
tured value) * ports
and to- and
(c.i.f.)
(cusports
goods
bacco fuels
toms (f.a.s.)
value)
Custom s value
770
892
F.a.s.
* Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
23 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mer ^handise trade
892
827
777
1,020
855
867
825
872
889
1,053
896
932
1,062
1,068
1, 120
2, 653
^value 5
2,672
2,716
2,715
3,005
2,912
2,896
2,852
3,233
2,913
2,885
3,492
2,759
3,409
3, 881
3,750
4,684
6, 131
9,000
4, 602
4,257
4, 178
4,060
4,289
4,365
4,582
4,714
4,782
5,183
5, 307
5, 196
5, 338
5, 722
9,000
8, 616
8,478
8,820
8,794
8, 828
9, 161
9,880
9,593
10, 301
10, 302
9, 873
10, 889
11, 650
-257
-195
-229
-841
-257
-195
-841
112
852
1,054
843
981
1, 134
671
132
-213
-734
-302
282
-516
-917
918
1, 103
908
1, 056
1,208
728
-73
-141
-651
-202
396
-377
-827
312
502
284
432
581
89
-776
-793
— 1,345
-908
-295
-1, 173
- 1, 628
£
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 for 1975 are as revised in July except detail for general imports,
not yet available.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the balance on current account was in surplus by $0.7 billion/ compared with a deficit of $0.1
billion in the first quarter, mainly because of a narrowing of the merchandise trade deficit.
KLUONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
BALANCE ON CURRENT ACCOUNT
1968
1
1970
1969
1972
1971
1973
1975
1974
SOURCE. DEPARTMENT OF COMMERCE
i
1976
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars* quarterly data seasonally adjusted]
Me rchandise
12
Period
Exports
1969
1970
1971
1972
1973
1974
1975
Imports
Net
balance
Direct
expenditures
36, 414 -35,807
607 -4, 856
42, 469 -39, 866 2,603 -4, 855
43, 319 -45, 579 -2, 260-4, 819
49, 381 — 55,797 -6,416 -4, 784
911 -4, 629
71, 410 -70, 499
98, 310 - 103,679 -5, 369 5, 035
107, 088 - 98, 058 9,030 -4, 780
1975: I
!!___
III...
IV___
27,
25,
26,
27,
018
851
562
657
-25,570
-22,568
-24,483
-25, 437
1,
3,
2,
2,
448
283
079
220
Sales
Net
balance
U.S.
Government
3, 471
3,631
5,659
6, 208
8, 188
13, 461
9,430
156
-112
-956
- 1, 888
-3, 010
-3,234
-3,423
915
807
978
197
-402
-378
— 115
12
2, 109
2,349
2, 487
2, 485
-985
-818
—805
-815
-687
-498
-568
-750
1, 145
1, 074
o
-13
3,066
2,889
-787
-732
-754 1,212
-502 1,217
military grants.
from Census data for differences in timing and coverage,
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Private 8
Net
travel
Other
and
trans- servporta- ices,3
tion
net
expenditures
-3, 328
-3, 354
-2,893
-3,621
-2,287
-2,083
-883
1, 528
1, 501
1, 926
I, 163
2, 342
2, 952
3,897
-1,317
-1, 185
- 1, 093
- 1, 185 1,
1976: ! _ _ _ _ 26, 836 -28,510 -1,674 -1,150
II*___ 28, 450 -29, 735 - 1, 285-1,087
1
Excludes
s
Adjusted
3
Net iiavestment i ncome
Militeyry transactions
Balance
on
goods
and
serv-l
ices
- 1, 763 1,833
977
-2,023 2, 190 2, 938
-2, 315 2, 509 -256
-3,028 2, 789 -5, 954
-3,086 3, 188 3,905
-3, 107 3,919 3,586
-2, 503 4, 666 16, 316
1, 125
1, 146
1, 187
1,205
2,608
5, 084
4,265
4,357
Remittances,
Balpenance
sions,
on
curand
other
rent
uniaclateral count
transfers 1
-2, 994-2, 017
-3, 294 -356
-3,701 -3,957
-3,848 -9, 802
-3,883
22
-7, 184 -3, 598
-4,620 11, 697
-1, 179
-1, 146
-1,044
-1,251
1,429
3,938
3,221
3,106
1,058 -1,118
-872
1,574
-60
702
NOTE.—Data revised beginning 1975.
Source: Department of Commerce, Bureau of Econonvie .Analysis.
b.S. INTERNATIONAL TRANSACTIONS—Continued
In the second quarter, U.S. assets abroad (capital outflow), increased $8.8 billion, $1.2 billion less than in the first
quarter. Foreisn assets in the United States (capital inflow), rose $7.2 billion, $1.8 billion more than in the first quarter.
Net inflows from unrecorded transactions (statistical discrepancy) were $1.0 billion, si3nificantiy less than in the first
quarter.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
1
I 15
SEASONALLY ADJUSTED
10
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
-15
-15
1968
1
1969
1970
1971
1972
1974
1973
1975
SOURCE DEPARTMENT OF COMMERCE
1976
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
UJ3. assets abroad, rlet
[incre£ise/capita outflow (-)]
Period
Total
1969
1970
1971
1972
1973
1974
1975
U.S.
official
reserve1
assets
-8,823 -1, 187
-6,032
2,477
-9,596
2,348
32
- 10, 245
_. -16,434
209
—.33, 392 - 1, 434
-31, 593
-607
1975:1
-8,001
-7,943
III_.__ -4,411
IV__._ -11,238
II
1976: I__ _ -10,072
-325
-29
-342
89
Other
U.S.
U.S.
Govern- private
ment
assets
assets
Foreign assets in the U.S., net
[incr ease/capit al inflow (+)]
Total
U.S.
Allocaofficial
Foreign official
tions
reserve
of
Of
SLS& ets
assets,
TVvf
«1
1
otai
special (sum of which:
net 1
Foreign drawing
Seasonal
(unadthe
adjust- justed,
Assets of private rights
items
(SDR) with
foreign
ment
end of
assets
sign discrepofficial
Total
period)
changed) ancy
reserve
agencies
-2, 200 -5,436 12, 270 -1,301 -1,552 13, 571
- 1, 589-6, 920 5,923
7,362
-984
6,907
- 1, 884-10, 060 22, 445 26, 895 27, 405 —4, 450
-1,568 -8, 708 21, 127 10, 705 10, 322 10, 422
-2, 645 -13, 998 18, 519
5, 145 12, 220
6,299
365 32, 323 32, 433 10, 981 10, 257 21, 452
-3,463 -27, 523 15, 326
5, 166
8,427
6, 899
— 899 6,777
— 840 -7, 074
-772 -3, 297
-952 -10, 375
-773
-684 -8, 615
II*_._._ -8,839 - 1, 578 - 1, 032-6,228
2,837
2, 331
3, 907
1,913
2, 708 -1,606 -1,977
5,874
2,272
2,771
3,402
2,958
-565
1,576
4,313
3, 103
5,396
3, 942
3, 960
3, 162
2,460
1,454
3, 197
7, 157
1
Consists of gold, special drawing rights (SDH), convertible currencies, and
the U.S. gold tranche position in the IMF.
NOTE.—Data revised beginning 1975.
Stati stical
disereypaney
- 1, 430
— 402
867
717 -9, 609
710 -1,790
-2, 107
4,557
4,570
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
3, 735
1, 328 16, 256
98
-39 16, 242
-1,517 -2, 561 16, 291
2,258
1,275 16, 226
4,736
979
1,348 16, 941
-108 18, 477
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
_. -. _ ,
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
.-«._ _ ...
Expenditures for New Plant and Equipment
_. .-._._<,__.-..-«...
.
_. _. ... _ ^. _. _ ^ _ ^.
,„
_-. « _
.. _..
. -. _ .
_. ... ... -. ... _. ,
~
~.
.....'
-....-.._.__.-...-.....-..-._,.-..-..-...
..
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
_ -. -. _ -.
-.
.-.
-.-.*....
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
-..-..~. -.....M ................. ^.
..-,.-....-...._..-...^ -.....
^..-.-..
....
17
18
19
19
20
21
PRICES
Wholesale Prices
Consumer Prices
^
Changes in Wholesale Prices
Changes in Consumer Prices.Prices Received and Paid by Farmers.... _
.
.
.-. ~ -..
-...........-. M _ M — ...... ^......—
. ~.-..-..
..........-.
_. ^
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit. .
Bank Loans, Investments, and Reserves
^. ^.... _......
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
^
^
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
_
Federal Budget Receipts by Source and Outlays by Function.- .-........Federal Sector, National Income Accounts Basis
.-. -.......................
32
33
34
Industrial Production and Consumer Prices—Major Industrial Countries... ^. ^. ^. ^. ^...... -. -..-. ^. -. _. ^. -....... -. ^...
U.S. Merchandise Exports and Imports. . . ^. ^-. ^. ^. _..-.......,~ ....-. _. -. _. ^... _.»-.... -.....-. -. _. -.»-. _. ^..-. -..-. -. -. ^.
U.S. International Transactions.. ^. ^.._ ^. „ .-. _..-. ^. ^. _ ^..
^. ^. ^. ^........
...«,.-.....-. ^. ^. -. ^. ^. ^. ^. -. -.
35
35
36
»-....
INTERNATIONAL STATISTICS
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