Full text of Economic Indicators : September 1977
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95th Congress, 1st Session
1 ? 1977
Economic Indicators
September 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vies Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMI^E (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237^™lst SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators**
T^esolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $59.1 billion or 13.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 6.2 percent and
the implicit price deflator rose at a 7.1 percent annual rate.
BILLIONS OF DOLLARS (RATIOSCALE)
BILLIONS'OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
1,800
1,800
1,600
1,600
GNP
IN CURRENT DOLLARS
1,400
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
1,000
1,000
800
f
1969
1970
>
I
1973
1972
1971
I
L_
_J
_J
L_
1975
1974
1976
L.
1977
800
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
Period
tional
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imf )orts of
goocIs and services
Go^^eminent purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
Total
National
f ense l
Nondefense
State
and
local
Final
sales
1966
_
1967__ _ _
1968
1969
1970__ _ _ _
1971
1972_._ _
1973
1974
1975
_ _
1976
753. 0 464. 8
796. 3 490.4
868. 5 535.9
935.5 579. 7
982.4 618.8
1, 063. 4 668. 2
1, 171. 1 733. 0
1, 306. 6 809. 9
1, 412. 9 889.6
1, 528. 8 980.4
1, 706. 5 1, 094. 0
124. 5
120.8
131.5
146. 2
140. 8
160. 0
188. 3
220. 0
214.6
189. 1
243. 3
5. 1
4.9
2. 3
1.8
3. 9
1. 6
— 3. 3
7. 1
6. 0
20. 4
7.8
42. 8
45. 6
49.9
54. 7
62. 5
65.6
72.7
101. 6
137. 9
147. 3
162.9
37.7
40. 6
47. 7
52. 9
58.5
64. 0
75.9
94. 4
131. 9
126. 9
155. 1
158. 7
180.2
198. 7
207.9
218. 9
233.7
253. 1
269. 5
302. 7
338.9
361.4
78. 8
90. 9
98.0
97.5
95.6
96. 2
102. 1
102. 2
111. 1
123.3
130. 1
60.3
71.5
76.9
76. 3
73. 5
70. 2
73. 5
73. 5
77.0
83.9
86. 8
18. 5
19. 5
21. 2
21. 2
22. 1
26.0
28.6
28. 7
34. 1
39.4
43. 3
79.8
89.3
100.7
110. 4
123. 2
137. 5
151. 0
167. 3
191. 5
215. 6
231. 2
738.7
786. 2
860. 8
926. 2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
1976: I
II
III__
IV___
1, 651. 2 1, 056. 0
1, 691. 9 1, 078. 5
1, 727. 3 1, 102. 2
1, 755. 4 1, 139. 0
231. 3
244. 4
254.3
243.4
10. 2
10.2
7.9
3. 0
153.9
160. 6
168. 4
168. 5
143. 7
150.4
160. 6
165. 6
353. 6
358. 9
363. 0
370. 0
127. 6
128. 5
130. 2
134. 2
86. 3
86.0
86.4
88.4
41. 3
42. 5
43.8
45.8
225. 9
230. 4
232.7
235. 8
1, 636. 7
1, 673. 7
1, 705. 8
1, 756. 3
1977: I
1, 810. 8 1, 172. 4
!!___ 1, 869. 9 1, 194. 0
271. 8
294. 9
-8.2
-9.7
170.4
178. 1
178.6
187.7
374.9
390.6
136.3
143.6
89.7
93.4
46. 7
50.2
238. 5
247. 0
1, 797. 0
1, 848. 2
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exp orts of go ods
Gross i>rivate do mestic
aiad service-S
uavestmemb
Personal
Gross
conChange
national sumpNonResi- in busition
product
Net
resiExports Imports
ness
in- exports
expend- dential dential
ventofixed
itures
fixed
ries
Period
ias
93. 1
95.2
97.9
96.9
76.3
78.9
80.9
83. 1
263. 9
264.4
264.6
264.6
96.4
96. 1
96.7
97.1
167.5
168.4
168.0
167.5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
10. 6
9.4
96.9
98.5
86.3
89.1
263.3
270.0
97.0
101.1
iea9
166.4
1, 301. 2
1, 317. 5
9.7
12.1
13.8
-1.8
124.3
52.7
57.6
ia2
9.7
850.4
854.1
m.4
n
16.8
16.4
17.0
448
47.1
47.1
52.0
1,311.0
1,330.7
1977: 1
62.2
67.1
67.9
72.7
87.4
93.0
89.9
95.8
964.3
995.7
1, 043. 1
1, 06a 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
113.7
115.9
118. 5
119.0
1976: 1— - 1, 256. 0
II— 1, 271. 5
III.. 1, 283. 7
IV.- 1, 287. 4
sales
116.8
123,1
13a9
134.9
139.5
145.5
151.0
155.9
161.8
166.3
167,9
lias
807.2
815.5
822.7
839. 8
131.0
130.6
112.7
Federal
112.5
125,3
12a3
121.8
110.7
103.9
102.1
96.6
95.8
96.7
96.5
4.3
3.5
—.4
-1.3
1.4
—.6
— 3.3
7.6
15.9
22.5
16.0
ioao
nas
Total
229.3
248.3
259.2
256.7
250.2
249.4
253. 1
252.5
257.7
263.0
264.4
16.7
12.0
8.7
10.6
4.3
6.6
9.4
16.5
8.0
— 9.9
8.5
106.1
103.5
108.0
114.3
110.0
TTiT» ol
State
and
local
47.3
50.7
58.9
63.5
65.7
68. 5
75.9
79.9
77.1
67.4
79.8
38.5
37.2
42.8
43.2
40,4
52,2
62.0
59.7
45.0
38.8
47.7
586.1
603.2
633.4
655.4
668.9
691. 9
733.0
767.7
760. 7
775.1
821.3
981. 0
1, 007. 7
1, 05L 8
1, 07a 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. S
1, 202. 1
1, 274 7
1966
1967
1968
19691970
1971
1972
1973^
1974
1975
1976
Governinent pure bases of
good s and ser vices
51.6
54.2
sas
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona]I consump tion expe nditures
Total
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
......
Tk
Ul
goods
NonNonres- Residurable Services idential dential
goods
fixed
fixed
80.1
81.9
85.3
89.4
93.6
96.6
100.0
107. 9
123.8
133.1
137.7
76.5
78.8
82. 0
86. 1
90.5
95.8
100. 0
104.7
113.6
123.5
132.3
76.8
79. 3
82. 6
86.6
91. 3
96.4
100.0
103.8
115.3
132.3
138.7
74 6
77.0
80. 7
87.7
90.6
94 9
100.0
110.8
122.3
132. 8
142.5
130. 8
132.3
134. 0
135. 6
85.7
87.4
90. 7
93. 1
95.5
99.0
100.0
101. 6
108.4
117.9
1247
122.2
123.8
125. 3
127.2
136.2
136.9
138.3
139.3
129.2
131. 1
133.2
135. 4
136. 8
137.8
139. 2
140.9
137. 9
139.8
129. 3
129.5
141. 5
143.8
137.8
140.1
142.5
1444
76.76
79.02
82. 57
86. 72
91. 36
96. 02
100. 00
105. 80
116. 02
127. 18
133. 88
100.0
105. 5
116.9
126. 5
133.2
1976: I
II
III
IV
131. 47
133. 06
134. 56
136. 35
1977: 1
II
138. 13
140. 52
79.3
81.3
84.6
sa 5
92. 5
9ae
Source: Department of Commerce, Bureau of Economic Analysis.
Gross ]private
dom estic
invesi ment
Exports and
imports of goods
and sejrvices
GovernEaent purchases <of goods
and s(arvices
Exports Imports Federal
82.8
State
and
local
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.8
170. 0
79.7
80.1
80.9
83.3
89. 1
93.5
100.0
118.2
171. 0
188.2
1943
70.1
72.6
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127.5
1348
68. 4
72.5
76.9
81,9
88.3
94 5
100. 0
107.3
118.4
129.7
137. 7
137. 1
140.7
144 1
147. 5
165.3
168.6
172.0
174 0
188.2
190.7
198. 4
199. 3
132.4
133.7
1347
138.2
134 9
136.8
138.6
140.7
153. 7
157. 6
175. 9
180.8
210.6
207.0
140.6
142.0
143.4
146.2
840
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross 3national product
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Gross c lomestie i>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
priee
index
Fixedweighted
priee
index
(1972
weights)
9.4
5.8
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.6
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5. 5
-1.4
— 1. 3
6.0
3.3
2.9
4. 5
5.0
5.4
5. 1
4.1
5.8
9. 7
9.6
5.3
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.5
5.6
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.4
5.6
9.6
5.7
9.1
7.8
5.0
8. 1
10.1
11.5
7.9
8.5
11.4
6.1
2.7
4.4
2.6
-.3
2.8
5.8
5.4
— 1. 3
— 1. 1
5.9
3.3
3.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
3.1
3. 1
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9.5
5.6
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.4
5.6
1976:1
II
III
IV
13. 2
10.2
8.6
6. 7
8.8
5. 1
3.9
1.2
4.1
4.9
4.6
5.4
4.9
5. 3
4.6
5.9
4.6
5.2
4.8
6. 0
12.4
10.5
8.2
6. 9
8.3
5.2
3.7
1.3
3.8
5.0
4.4
5. 5
4.8
5.4
4.5
6.0
4.6
5.2
4,6
6.1
1977:1
II
13.2
13.7
7. 5
6.2
5.3
7.1
6.9
7.0
7. 1
7.0
12.6
13.6
7.2
6.1
5. 0
7.1
6.7
7.0
7.0
7.0
1966
1967
1968
1969
1970
1971
1972
19731974
1975
1976
1
-
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, ANP PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross c omestic
prodiict of
nonfin ancial
corp Drate
business
(billic>ns of
dollars)
Current-do Liar cost a nd profit per unit of outpu t (dollars]
Total
cost
and
profit 2
Capital
consumption
ComallowpenNet
ances Indirect sation
inwith business
of
3
capital taxes
employ- terest
conees
sumption
adjustment
Corpc>rate profits with
inventsDry valualion and
capit al consuniption
£idjustmen ts
Current
dollars
1972
dollars
430. 7
452.9
498.4
541.8
560.6
602.5
671. 0
752.0
808.8
875.2
991. 0
532.9
545. 8
581. 6
607.3
600. 6
619. 3
671.0
720.4
695.0
678.9
731.0
0.808
.830
.857
.892
.933
.973
1.000
1. 044
1. 164
1.289
1.356
0.067
.072
.074
.079
. 088
.094
.093
. 095
. 116
. 143
. 146
0.080
. 084
. 089
.094
. 103
. 110
. 110
. 112
. 123
.136
. 136
958.4
1976:1
!!_._ 983. 6
Ill— 1, 004. 7
IV___ 1, 017. 2
719.4
731.3
736.6
736. 5
1. 332
1. 345
1. 364
1.381
.145
. 144
. 147
. 150
.134
. 135
. 136
. 139
. 870
.880
.892
.916
.044
.044
.044
.045
.
.
.
.
1977: L___ 1, 049. 3
!!____ 1, 094. 9
753. 3
771.7
1. 393
1. 419
. 149
.148
. 140
.139
.930
.943
.046
.047
.128
. 142
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars,
F 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
s Indirect business tax and nontax liability plus business transfer payments
less subsidies.
1
Total
0. 513 0. 014 0.134
. 535 . 016 . 123
. 553 . 017 . 124
. 022 . 109
.589
.086
.628
.028
.645
. 029 .095
.028
. 107
.661
. 105
. 699 .032
. 043 . 086
.796
. 115
. 849 .045
.139
.044
.890
139
142
145
132
Profits
tax
liability
Profits
after
tax*
CompenOutput
per
sation
hour
per
hour
of all
employ- of all
employees
(1972
ees
dollars) (dollars)
0.055
.051
.058
.055
.045
.048
.050
. 055
.061
.060
.073
0.078
.072
.066
.055
.041
.046
.057
.050
. 024
.055
.066
6.777
6.873
7. 105
7.139
7. 132
7. 374
7. 595
7.781
7.506
7.766
8. 055
3.478
3.676
3.929
4. 198
4.478
4. 757
5.024
5.441
5.972
6.596
7.166
.072
.075
.074
.072
.067
.066
.071
.060
7.987
8.067
8. 109
8. 057
6.952
7.096
7.236
7. 378
. 070
.075
. 058 8.176
.068 »8. 196
7.604
*7. 730
* 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]
Period
National
income
Proprj etors'
incom e with
inventor y valuation anc capital
consur option
adjust ments
Compensation of
employ1
ees
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
Farm
Nonfarm
Corp or ate profits with inv entory va uation
and capital co nsumptioii adjustm ents
Rental
Profits with inv<sntorv
valuat ion adjus tment
and \without ca pital
consum ption adjiis tment
with
capital
consumption
adjustment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
622. 2
439. 3
655.8
471.9
519.8
714.4
571.4
767.
9
....
609. 2
798.4
650. 3
858. 1
951.9
715. 1
799.2
... 1, 064. 6
875.8
1, 136. 0
.
930.3
1, 217. 0
1, 364. 1 1, 036. 3
13.6
12. 1
12. 0
13. 9
13. 9
14. 3
18. 0
32. 0
25.4
23. 2
18. 6
46. 7
48. 9
51.4
52.3
51. 2
53.4
58. 1
60. 4
60.9
62.8
69. 4
18.2
19.4
18. 6
18. 1
18.6
20. 1
21. 5
21. 6
21.4
22. 3
23.3
82.5
79.3
85. 8
81. 4
67. 9
77. 2
92. 1
99. 1
83. 6
99. 3
128. 1
78.6
75. 6
82. 1
77.9
66. 4
76. 9
89. 6
97. 2
86. 5
111. 5
142. 7
80.7
77.3
85.6
83. 4
71. 5
82. 0
96. 2
115. 8
126. 9
123, 5
156. 9
-2. 1
-1.7
— 3. 4
_5. 5
^5. i
-5.0
-6.6
-18. 6
-40.4
-12, 0
-14. 1
-2.9
-12.2
-14.7
21.9
24. 3
26. 8
30. 8
37. 5
42.8
47. 0
52. 3
69.0
79. 1
88.4
999. 6
1, 321. 0
1, 353. 9 1, 024. 9
. 1, 379. 6 1, 046. 5
1,402. 1 1, 074. 2
20. 0
21. 6
16.2
16.6
66. 9
68. 8
70. 0
72.0
23.0
22. 9
23. 3
24. 1
126. 5
129. 2
133. 5
123. 1
141.
143.
148.
137.
1
7
2
9
153.5
159. 2
159. 9
154. 8
-12.4
-15. 5
— 11. 7
-16. 9
-14. 6
-14. 6
-14.7
-14.8
85.0
86. 5
90. 1
92. 0
1, 450. 2 1, 109. 9
1, 505. 7 1, 144. 7
20. 7
19. 7
74.3
77. 3
24. 5
24.9
125.4
140.2
141. 0
156.2
161. 7
174.0
-20.6 -15. 6
-17. 8 i -15. 9
95.3
98.9
1976:
I
1
- II
' " III
IV
-
1977:1
II
3. 9
3. 7
3. 7
3. 5
1.5
.3
2.5
1.9
Source: Department of Commerce, Bureau of Economic Analysis.
i Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION
EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
E urable goo ds
Total
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
464.8
490. 4
535.9
579. 7
618. 8
668.2
733.0
809. 9
889. 6
980. 4
1, 094. 0
67.7
69. 6
80. 0
85. 5
84. 9
97. 1
111. 2
123. 7
122. 0
132. 9
158. 9
30. 1
29. 7
35. 8
37. 7
34. 9
43. 8
50. 6
55. 2
48.0
53.9
71.9
27. 7
29. 5
32. 6
35.0
36, 7
39.4
44.8
50. 7
54. 9
58. 0
63. 9
204. 7
212. 6
230. 4
247. 0
264; 7
277. 7
299. 3
333. 8
376.3
409. 3
442. 7
1, 056. 0
II
1, 078. 5
III.... 1, 102. 2
IV.... 1, 139. 0
153. 3
156. 7
159. 3
166. 3
68. 8
71. 0
72. 1
75. 7
61. 9
63. 0
63.9
66. 5
177.0
178. 6
85.3
84.5
67.4
69. 3
Period
1966__
3967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: I
1977:1
II
1, 172. 4
1, 194. 0
» Total includes other items not shown separately.
Retail sales of
new passenger
cars (millions
of units)
Nondura ble goods
Furniture
and
household
equipment
Total
nondurablel
goods
Services
Clothing
and
shoes
Gasoline
and oil
106. 6
109. 6
118.3
126. 1
136. 3
140. 6
150. 4
168. 1
189. 8
209. 5
225. 5
36.6
38.2
41.8
45. 1
46. 6
50.5
55. 1
61.3
65. 3
70. 2
76.3
16.0
17.0
18. 4
20. 4
22. 0
23. 4
24. 9
27.8
36. 4
39. 1
41. 4
192. 4
208. 1
225. 6
247. 2
269. 1
293.4
322.4
352. 3
391. 3
438. 2
492. 3
430. 4
437. 1
444. 7
458. 8
219. 3
223. 8
227. 0
232. 0
74.2
74.3
76. 9
79. 9
40. 6
40. 3
41.2
43.5
472. 4
484. 6
498. 2
513. 9
466. 6
474. 4
237. 9
244.8
79. 3
80. 4
44. 1
44. 3
528. 8
541. 1
Food
Do-
mestics
8. 4
7.6
8.6
8.5
7. 1
8. 7
9.3
9. 7
7. 5
7. 1
8. 6
8.8
8.7
8.4
8. 5
9.4
9. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Im-
ports
0.7
.8
1. 0
1. 1
1.3
1. 6
1.6
1.8
1.4
1. 6
1. 5
1. 3
1.4
1.5
1.7
1.8
2.4
SOURCES OF PERSONAL INCOME
Personal Income rose $8.0 billion (annual rate) in August, following a $14.9 billion (revised) increase in July. Wages
and salaries were up $2.2 billion compared with a $6.4 billion increase in July. Transfer payments rose $1.4 billion,
following a $7.2 billion rise in July which was largely due to a $5.0 billion cost-of-Iiving increase in social security
benefits.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
800
800
600
600
WAGE AND SALARY DISBURSEMENTS
400
400
„„„...»'"•"
OTHER INCOME
..,....,...-•-""
„.....*•*"""
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
40
1970
1969
1971
1972
i i i i ilj t i ii
1974
1973
\ \i 1 1 1 1 1 1
| | MM
1976
1975
40
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOUKCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billio ns of doll ars; mont lily data at seasonally adjusted annual rsites]
Wage
Period
?
3
Rental
Other Proprieto rs income
Total
and
income
personal salary
labor
of
income disburse- income 12 Farm
Nonfarm persons 4
ments l
1969
745.8
1970
801. 3
859. 1
1971
1972
942. 5
1, 052. 4
1973
1, 154. 9
1974
1, 253. 4
1975
1976
_ 1, 382. 7
1976: Aug
1, 393. 7
Sept
1, 401. 8
1, 414. 2
Oct
Nov
1, 432. 1
Dec
1, 450. 2
1977: Jan
1, 454. 3
Feb
1, 477. 0
Mar
1, 499. 1
Apr r
1, 510. 1
1, 517. 3
Maj
June
1, 524. 3
1, 539. 2
Julv
Aug*___ 1, 547. 2
1
514. 6
546. 5
579.4
633. 8
701. 3
764. 6
805. 7
891.8
899. 8
906. 1
914. 0
923. 9
931. 7
937. 3
951. 7
964. 9
974. 1
982.0
986.5
992.9
995. 1
28.2
32. 0
36.2
42. 0
48. 7
55.6
64.9
75. 9
77.3
78. 1
79. 1
80. 0
81. 0
82. 1
83. 2
84. 4
85. 5
86. 7
87.9
89. 1
90. 3
13.9
13. 9
14.3
18. 0
32. 0
25. 4
23.2
18.6
15.6
14. 6
15. 3
16.4
18. 1
19. 6
21. 0
21. 7
20.9
19. 8
18.4
16.5
15. 5
52.3
51. 2
53. 4
58. 1
60. 4
60. 9
62. 8
69. 4
70. 1
70.5
70.8
72. 1
73. 2
72. 5
74.4
76. 0
76. 9
77. 2
77.6
79.2
80. 0
The total of wage and salary disbursements and other labor income differs
•om compensation of employees (see p. 4) in that it excludes employer contribu.ons
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.
8
With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
18. 1
18. 6
20. 1
21. 5
21. 6
21. 4
22. 3
23. 3
23.3
23. 4
23. 9
24. 1
24. 4
24.4
24. 6
24. 6
24. 3
24. 8
25.6
24. 7
25. 9
Dividends
22. 6
22. 9
23. 0
24.6
27. 8
31. 0
32.4
35.8
36. 0
36. 3
36. 7
37.2
41. 2
37. 9
38.5
39. 0
39.3
39.6
41. 9
42. 0
42.4
Persona] Transfer
interest
payincome ments5
55. 9
64.3
69.3
74.6
84. 1
103. 0
115. 6
130. 3
132. 2
134. 1
135. 2
136.4
137.6
139.0
140. 3
141. 8
143. 5
145. 2
147. 4
149. 1
151. 1
66.5
79.9
94.1
104. 1
118. 9
140. 8
176. 8
192.8
194.9
194. 5
195.5
198. 4
200. 0
200.5
203.
206.
206.
202.
200.
207.
0
9
0
9
0
2
208.6
Less: PerNonsonal confarm
tributions
personal
for social
income 6
insurance
26. 3
28.0
30.8
34.2
42.2
47.7
50. 4
55.2
55. 6
55.9
56. 1
56. 7
57. 0
59.0
59.6
60.2
60.6
60. 9
61. 0
61. 5
61. 7
6
725.8
780. 7
838. 0
917. 3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 365. 0
1, 374. 0
1, 385. 5
1, 402. 1
1, 418. 5
1, 421. 1
1, 442. 4
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
1, 508. 3
1, 517. 2
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source; Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter.
BILLIONS OF DOLLAR'S* (RATIO SCALE)
1,400
B1LUONS OF DOLLARS*- (RATIO SCALQ
—PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
2,000
2,000
1969
1976
1970
1977
^'.SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays 1
Per cjapita
dispc>sable
persona [ inceme
Per cap>ita per- Percent
sonal c<msump- change
real
tion exp enditures inper
1972
dollars
capita
disposable
personal
income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
685.2
745.8
801.3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
97. 1
588. 1
550. 1
115.4
630.4
595.3
115. 3
685. 9
635.4
742. 8
116.3
685. 5
141. 2
801.3
751. 9
150. 8
901. 7
831. 3
170.3
984. 6
913. 0
169. 0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
1976:1... 1, 33a 1 184. 8
II... 1, 366. 7 192. 6
III.. 1, 393. 9 200. 6
IV.. 1, 432. 2 209. 5
1977: L— _ 1, 476. 8 224.4
II... 1, 517. 2 224.8
1
1972
dollars
Dol Lars
38. 1
35. 1
50. 6
57.3
49.4
70. 3
71. 7
80.2
65.9
2,930
3, 111
3,348
3, 588
3,837
4,285
4,646
5,077
5,511
3,464
3,515
3,619
3, 714
3,837
4, 062
3,973
4, 014
4, 137
2,670
2,860
3,020
3,227
3,510
3,849
4,197
4,591
5,084
3,156
3,234
3,265
3,342
3,510
3,648
3,589
3, 629
3,817
Seasonally ad; usted anD ual rates
1, 153. 3 1, 080. 9
72.4
5,374
4, 107
1, 174. 1 1, 103. 8
70.3
5,462
4, 130
1, 193. 3 1, 128. 5
64.8
5,540
4, 135
1, 222. 6 1, 166. 3
56. 3
5, 665
4, 177
1, 252. 4 1, 201. 0
51.4
5, 793
4,202
1, 292. 5 1, 223. 9
68.5
5,967
4,268
4,921
5, 017
5, 117
5,277
5,423
5,512
3,761
3,794
3,820
3,891
3,933
3,943
Includes personal consumption expenditures, interest paid by consumers
to2 business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
Current
dollars
Saving
as percent of Populadispostion
able
(thou-3
persands)
sonal
income
Source: Dei
of the G
2.8
1. 5
3.0
2.6
3.3
5.9
-2.2
6. 5
5.6
7.4
7. 7
6.2
7.8
7. 3
1.0
3.1
7.4
5.6
4. 5
6. 3
6. 0
5. 4
2.3
.5
4. 1
2.4
6.4
4.6
4. 1
5.3
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
214, 608
214, 948
215, 380
215, 827
216, 206
216, 602
and Bureai
FARM INCOME
In the second quarter, farm income excluding inventory change fell $0.8.billion (annual rate). Including inventory
change the decline was $1.0 billion,
BllUONS d DOllARS* (RATIO SCALE)
BH1IONS OF DOLLARS* (RATIO SCALt)
120
120
100
100
REALIZED GROSS
FARM INCOME
80
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
\
/
20
20
I
10
1970
1969
1971
1972
1973
1974
1975
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
197d
10
1977
COUNCIL OF ECONOMIC- ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 incomereceived
]"ncome received from farming5
by total farm po pulation
Realizeid gross
Net inc ome per
Netix> farm
farm incl tiding net3
oper ators
Casti receipts from
inventoryY change
Period
inarketingi3
From From From
Produc- Exclud- Includall
farm nonfarm Total1
tion
exLivenet ing net
sources sources sources
penses ing
1967 4
inven- inven- Current
stock
Total
Crops
and
tory
tory 2 dollars dollars
change change
products
Billioris of dolla rs
Dollars
26.9
13.9
1969
12. 9
56. 3
48.2
28.6
14.2
4,766
4,372
19. 6
42.1
14.3
14.4
1970
27. 4
13.0
58. 6
14.2
4, 790
50. 5
29.6
21. 0
4,202
44.4
14. 1
1971
13.4
28. 7
15. 3
60.6
52. 9
22. 3
13.2
5,030
4, 263
30.6
47.4
14.6
1972
34.4
17.6
16.8
70.1
61.2
6, 504
35.7
25. 5
17. 8
18.7
52.3
5,288
1973
19. 5
48. 6
29.0
95.5
45.9
41. 1
87. 1
33. 3 11, 727
29. 9
65. 6
8,817
44.7
1974
21. 6
23. 1
100.0
92.4
41.4
9,232
51.1
72.2
27. 7
26. 1
6, 114
1975
44.3
21.5
22.8
96.7
88.1
43.0
45. 1
8,637
24.
3
20. 8
75.9
5,203
42. 0
24.2
1976
_
17. 8
103. 6
46.4
94.3
7,203
21. 9
47.9
81.7
20.0
4, 093
102. 1
1976:1
93. 0
46. 3
46.7
21. 5
23.0
7,740
79.1
4,500
II
109.6
100.4
52. 1
48. 3
84.2
25.4
23. 2
8,350
4,800
IIL
100. 9
45. 5
91. 5
46.0
18.6
6,330
82.3
17.6
3,580
IV.___
101. 9
92. 4
45.4
47. 0
20. 7
81. 2
18.0
6,480
3,600
105. 6
1977: 1-___
95.9
45.3
22. 5
50. 6
83. 1
22. 0
7,990
4,370
II
108.8
51. 0
99. 0
48. 0
7,630
87. 1
21.7
21.0
4,080
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.
s
I Based on Census of Agriculture definition of a farm. The number of farms is
eld constant within a year.
< Income in current dollars divided by the index of prices paid by farmers for
96-333°—77-
-2
family living items on a 1967 base. As of January 1977 movement is based on thi
overall change in the consumer price index.
Source: Department of Agriculture;
CORPORATE PROFITS
According to revised estimates for the second quarter, profits before tax rose $12.3 billion (annual rate) while
profits with inventory valuation adjustment rose $1 5.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
1977
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976:
1977:
[Billions of dollars; quarterly data at seasonally
Profi bs (before tax) wit b. invent
ory valu<ition
adjustn aent l
Dome stic indu stries
N onfinanc ial
Period
Total 2
WholeManu- sale
Total Finan3
faecial Total
and
turretail
mg
trade
75. 9
8.5
67.4
78.6
41. 6
8. 0
72. 6
9.0
63. 6
75.6
37. 9
8. 9
82. 1
78.9
10.4
68. 5
41. 2
10. 1 !
74.2
62. 9
77. 9
11.3
_._
36. 8
10. 1
62.6
12. 6
50. 1
66. 4
27. 1
9.4
72.4
14. 1
32. 4
_. _
76. 9
58. 2
11.7
84.7
15. 4
89. 6
69. 3
40. 6
13. 3
90. 4
74. 1
97. 2
16. 2
44. 1
14. 7
76. 9
14.4
86.5
62.5
36. 6
12. 9
105. 4
15.0
90. 3
___ _ 111. 5
22. 1
47. 9
134. 6
142. 7
18. 2 116. 4
66. 3
27. 1
132.4
141. 1
17.8 114. 6
65. 3
I__
26.5
II
136. 1
143. 7
18. 1 118. 0
68.7
25. 5
III
139.
8
18.4 121. 3
148. 2
68. 4
29. 1
IV _ _
137. 9
130. 2
18. 4 111. 8
62. 9
27.4
131. 0
19. 2 111.8
I
_ _ _ 141. 0
65. 2
24.0
156.2
!!_._
145.5
19.9 125.5
76. 4
25.4
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
28 Includes rest of the world, not shown separately.
Includes industries not shown separately.
8
adjusted annual rates]
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
80. 7
77. 3
85.6
83.4
71. 5
82. 0
96.2
115. 8
126. 9
123. 5
156. 9
153. 5
159. 2
159.9
154. 8
161.7
174.0
33. 7
32. 5
39. 4
39. 7
34. 5
37. 7
41. 5
48. 7
52. 4
50. 2
64. 7
63. 1
66. 1
65. 9
63. 9
64. 4
69. 7
47. 1
44. 9
46. 2
43. 8
37. 0
44. 3
54. 6
67. 1
74. 5
73. 4
92. 1
90.4
93. 1
94. 0
90. 9
97. 2
104. 3
19. 4
20. 1
21. 9
22. 6
22. 9
23.0
24. 6
27. 8
31. 0
32. 4
35.8
33. 6
35. 0
36.0
38. 4
38. 5
40. 3
27. 6
24. 7
24.2
21. 2
14. 1
21. 3
30. 0
39.3
43. 6
41. 0
56. 4
56.8
58. 1
58. 0
52. 5
58.8
64.1
Source: Department oi Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-2. 1
-1. 7
-3. 4
-5. 5
-5. 1
-5. 0
-6. 6
-18. 6
-40. 4
— 12. 0
-14. 1
-12. 4
-15. 5
-11.7
-16. 9
-20. 6
-17. 8
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $5.4 billion (annual rate) in the second quarter as investment in structures rose $3.1
billion and purchases of producers' durable equipment increased $2.2 billion. Residential investment increased $9.8
billion. Inventory investment amounted to $21.7 billion, up $7.9 billion from the first quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
120
.NONRESIDENTIAL FIXED INVESTMENT
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
CHANGE IN BUSINESS INVENTORIES
-20 -
-40
1973
1977
*SEASONAILY ADJUSTED ANNUAL RATES
SOURCEs DEPARTMENT OF COMMERCg
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investmc;nt
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974___
1975___
1976
1976: I
II
III
IV___
1977: I
II
Gross
private
domestic
investment
124. 5
120. 8
131. 5
146. 2
140. 8
160.0
188. 3
220. 0
214. 6
189. 1
243. 3
231. 3
244.4
254. 3
243.4
271. 8
294.9
Struc tures
Total
81.4
82. 1
89.3
98.9
100. 5
104. 1
116. 8
136. 0
150.6
149. 1
161. 9
155.4
159.8
164. 9
167. 6
177. 0
182. 4
Total
Nonfarm
Total
Nonfarm
29. 2
29. 5
31. 6
35.7
37.7
39.3
42. 5
49. 0
54. 5
52. 9
55.8
54. 7
55. 8
56. 0
57.0
57.9
61. 0
28. 1
28.2
30.4
34. 3
36. 1
37.8
41. 1
46. 9
51. 8
50. 4
53.4
52. 1
53.4
53. 6
54. 4
55. 1
58. 2
52. 2
52. 6
57.7
63.3
62.8
64.7
74. 3
87. 0
96.2
96.3
106. 1
100.8
104. 0
109. 0
110. 6
119. 2
121.4
47.9
48. 0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87. 1
95.9
90.5
93. 8
98. 4
100. 7
107. 8
110.0
Source: Department of Commerce, Bureau of Economic Analysis.
Prodi aeers'
dur able
equip ment
Resid ential fixed inves tment
PT/->
Total
28. 7
28. 6
34.5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68.0
61.4
66. 3
67. 8
76. 7
81. 0
90.8
Nonfarm
struG""
tures
27.4
27.2
33. 1
36.3
35.1
47.9
60. 3
64. 3
52. 7
49. 5
65.7
58.9
64. 1
65.7
74. 3
78. 5
88.2
Farm ducers'
durstructures equipment
0.7
.7
.6
.7
.6
.7
.7
.6
1. 2
.9
1. 0
1. 2
1. 0
.9
1. 1
1. 1
1.2
0.7
.7
.8
.9
.9
1.0
1. 1
1.2
1. 2
1. 1
1. 3
1.2
1.2
1. 2
1.3
1.4
1.4
Change in business in\ entories
Total
Nonfarm
14.3
10. 1
7.7
9. 4
3.8
6.4
9.4
17.9
8.9
-11.5
13. 3
14.5
18. 3
21. 5
14.5
9.4
7.6
9.2
3.7
5. 1
8. 8
14.7
10.8
-15. 1
14. 9
15.9
20.4
22. 0
1.4
14. 1
22.4
Q
. tJ
13. 8
21.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 13.3 percent in 1977, according to the Commerce July-August survey,
somewhat more than the expected increase reported in June.
BILUONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
180
180
SEASONALLY ADJUSTED ANNUAL RATES
160
160
140
140
•120
120
TOTAL NEW PLANT AND EQUIPMENT
100
100
80
80
NONMANUFAaURING
.„..•'•'"""
"""••..„.....«»««*
60
60
X"""""
\.
MANUFACTURING
40
20
40
!
i_ I
1969
I
I I
1970
1972
1971
1973
1974
20
1975
1976
1977
J/'SEE FOOTNOTE 4 BELOW.
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts o f plant
and equdpment
proje cts 3
E]cpenditurtjs for planit and equ ipment
Total i
Nondurable
goods
15. 80
14. 15
15. 64
19. 25
22. 62
21.84
23. 68
27.92
16. 15
15. 84
15. 72
18.76
23. 39
26. 11
28. 81
32.68
27.58
114. 72
118. 12
122. 55
125. 22
130. 16
134.24
21. 63
22. 54
24.59
25. 50
26. 30
27. 26
III 4*___ 138. 43
IV -._ 14®. 02
61.37
64.32
27.96
29. 74
1
79. 71
81. 21
88.44
99. 74
112. 40
112. 78
120. 49
Total
Durable
goods
31. 95
29.99
31. 35
38.01
46. 01
47.95
52.48
60. 60
49. 21
50. 64
54.78
54.44
56. 43
59. 46
1970-..
1971
1972
1973
1974
1975
1976 4
1977
1976: I
II
III
IV
1977: I
II
N onmanuf acturing
Miinufacturi ng
Period
1S6. 49
Total
1.89
a 04 13. 14
4*45
6.94
26. 29
28. 09
30. 20
28.93
30.13
32. 19
47.76
51. 22
57. 09
61. 73
66. 39
64.82
68. 01
75.88
65.51
67.48
67. 76
70.78
73.74
74.78
3.83
3.83
4.21
4. 13
4.24
4.49
6.55
8.24
7. 25
7. 53
7.29
6.96
21.91
21. 85
21. 67
23.46
25.35
25. 29
33.40
34.68
77.06
77. 70
4.58
4.54
6. 76
6.96
26. 70
27.50
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
a Includes trade, service, construction, finance, and insurance.
10
Trans- Public ComMining porta- utili- munication
tion
ties
2. 16
2.42
2.74
3. 18
3.79
4. 00
4.93
5.72
6.03
6.66
7.57
7.45
15.30
17.00
18.71
20. 55
20. 14
22.28
10. 10
10. 77
11. 89
12. 85
13. 96
12.74
13. 30
15. 19
12. 54
12.62
13. 64
14. 30
14.19
15.32
Commercial
and
other 2
16. 59
18. 05
20.07
21.40
22.05
20.60
20. 99
23. 02
20.68
20.94
20. 99
21. 36
22. 67
22. 73
Manufacturing
Public
utilities
29. 18
28. 00
35. 21
47.57
52.49
48.24
51. 05
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
29. 66
11.64
12.77
13.22
12. 88
15.26
15. 15
3.43
8. 56
7. 54
10. 22
9. 76
3.79
39 .08
38. 70
3
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in late July and August 1977.
,
NOTE.—Annual total is the sum of unadjusted quarterly totals.
'
Estimates (as noted in footnote 4) include adjustments when necessary for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT,UNEMPLOYMENT,AND WAGES
STATUS OF THE LABOR FORCE
In August, seasonally adjusted employment resumed its growth after the first decline in 9 months in July, as civilian
employment rose by 210,000. This was accompanied by increases in the civilian labor force of 392,000 and unemployment of 182,000.
MILLIONS OF PERSONS*
100
MILLIONS OF PERSONS
100
1970
19.69
1971
1974
1973
1972
1975
1977
1976
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
n?housands of persons 16 years of age a nd over]
Period
Noninstitutional
population
1972
1973
1974
1975
1976
145,
148,
150,
153,
156,
1976: Aug_
Sept.
OctNov.
Dee_
156, 367
156, 595
156,788
157, 006
157, 176
1977: Jan..
Feb._
Mar_
Apr__
May.
June_
July_
Aug.
157, 381
157, 584
157, 782
157, 986
158, 228
158, 456
158, 682
158, 899
1
Persons at
2
Civilian Unememploy- ployment
ment
Total
labor
Civilian
force
(includ- labor
ing
force
Armed
Forces)
Unempl*Dyment
Nonagri cultural
Total
Agricultural
nr/tf ai
Part-time
for economic
reasons l
Labor
force
participation
rate
(per-2
cent)
Total
15
weeks
and
over
4,840
4, 304
5,076
7, 830
7,288
1, 158
812
937
2,483
2, 339
61.0
61.4
61.8
61.8
62. 1
4,840
4,304
5,076
7,830
7,288
88, 991
91, 040
93, 240
94, 793
96, 917
86, 542
88, 714
91, Oil
92, 613
94, 773
81, 702
84, 409
85, 935
84, 783
87, 485
3,472 78, 230
2,408
3, 452 80, 957
2,311
3,492 82, 443
2,709
3, 380 81, 403
3,490
3,297 84, 188
3, 272
Seas<anally adjusted
89, 367
87, 949
88, 697
88, 542
88, 494
7,323
7,026
6,833
7,095
7, 022
97,
97,
97,
98,
98,
498
387
449
020
106
95, 351
95, 242
95, 302
95, 871
95, 960
87, 834
87, 794
87, 738
88, 220
88, 441
3,372
3,278
3,310
3,248
3,257
84, 462
84, 516
84, 428
84, 972
85, 184
3, 178
3, 376
3, 448
3, 545
3,454
7, 517
7,448
7, 564
7,651
7,519
2, 341
2, 311
2,360
2,517
2,514
62.4
62.2
62.2
62.4
62.4
86, 856
87, 231
88, 215
89, 258
90, 042
91, 682
92, 372
92, 315
7,848
8, 109
7, 556
6,568
6, 151
7,453
6,941
6,757
97, 649
98, 282
98, 677
98, 892
99, 286
99, 770
99, 440
99, 834
95, 516
96, 145
96, 539
96, 760
97, 158
97, 641
97, 305
97, 697
88, 558
88, 962
89, 475
90, 023
90, 408
90, 679
90, 561
90, 771
3,090
3,090
3,116
3,260
3,386
3,338
3,213
3,252
85, 468
85, 872
86, 359
86, 763
87, 022
87, 341
87, 348
87, 519
3, 320
3,438
3,276
3, 174
3, 290
3, 368
3, 371
3,199
6,958
7, 183
7, 064
6, 737
6, 750
6,962
6,744
6,926
2,283
2, 182
1, 923
1, 816
1,836
1,737
1,834
1,808
62.0
62.4
62.5
62. 6
62.7
63.0
62.7
62.8
775 81, 702
263 84, 409
827 85, 935
449 84, 783
048 87, 485
U nadjusted
work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Civilian eimploymeEit
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate rose to 7.1 percent in August. The rate has fluctuated very slightly around
7 percent since April. Most of the increase in unemployment in August took place among black workers.
PERCENT* (SEASONALLY ADJUSTED)
•PERCENT* (SEASONALLY ADJUSTED)
20
15
BLACK
^ ,«v
AND OTHER / y \
v/*>>/10
10
5 i*
1977
1973
1973
•*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
,
Total
(all
civilian
workers)
Period
1972
1973
1974
1975.
1976-.
1976: Aug
Sept.;
Oct
5.6
4.9
5. 6
8. 5
7.7
7.9
7.8
7.9
8.0
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug._
7. 8
7. 3
7. 5
7.3
7.0
_ _ _
6. 9
7. 1
6. 9
7. 1
1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unernployment rate ( percent ()f civiliaii labor f()rce in g]*oup)
By ssex and iige
]3y select ed grouj)S
By color
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.0
3.2
3.8
6.7
5.9
5.9
6. 1
6.2
6. 3
6.2
5.6
5. 8
5. 4
5. 0
5. 3
5.0
5. 1
5.2
5.4
4. 8
5. 5
8. 0
7.4
7.8
7.6
7. 6
7.6
7.4
6.9
7.2
7.2
7. 0
6. 6
7. 2
6. 9
7. 1
16. 2
14. 5
16. 0
19. 9
19.0
19. 6
18.8
19. 0
19. 2
19. 0
18.7
18. 5
18. 8
17. 8
17. 9
18. 6
17.4
17. 5
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
1976
White
5. 0
4. 3
5.0
7. 8
7.0
7. 1
7. 2
7. 2
7.3
7. 1
6.7
6. 7
6.6
6.3
6. 2
6. 3
6. 1
6. 1
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
10. 0
5. 3
3. 3
5. 1
8. 9
4. 5
2. 9
4.3
9. 9
3.3
5. 3
5. 1
8.2
5. 8
13. 9
8. 1
13. 1
5.1
7.3
7.3
5.2
13. 6
7. 5
7. 5
12. 8
5.4
7. 4
7.5
13. 4
5. 4
7.5
7.6
13. 5
5.3
7.6
7.6
13.4
5. 1
7.4
7.5
12. 5
4. 8
7.0
6. 7
13. 1
4. 9
7. 1
6.9
12. 7
4. 6
6. 9
6.7
12. 3
4. 4
6.5
6.5
12. 9
4.5
6. 5
6.7
13. 2
4.3
6. 5
6. 5
13.2
4.3
6. 4
6. 5
14. 5
4. 6
6.6
6.8
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.6
7.9
8.6
10.3
10. 1
10. 0
9.6
10.3
10. 5
9. 8
10.2
10.7
11. 1
9.9
9. 9
10.7
9.2
8.9
Labor
force
time
lost
(percent) *
6.0
5.2
6. 1
9. 1
8.3
8.4
8.4
8. 6
8.6
8.4
8.0
7.9
7.8
7.4
7. 5
7. 5
7.4
7.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The increase in seasonally adjusted unemployment of 182,000 in August occurred primarily among job losers and
job leavers, as the proportion of reentrants and new entrants decreased.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
REENTRANTS
20
20
JOB LEAVERS
15-26
WEEKS
L-'\
\
NEW ENTRANTS
27 WEEKS
AND OVER
i1 ,
1 I 1 1 1 I 1 | 1M
1974
1975
1976
1974
1977
1976
1975
i1 .
1977
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE) DEPARTMENT OF LABOR
Period
TJneniD!OVpiVJ
ment
(thousands)
1972
1973
1974
1975
1976___
1976: Aug..
Sept__
Oct___
Nov__
Dee__
1977: Jan.._
Feb__
Mar _ _
Apr___
May..
June
July v_
Aug"_
4, 840
4, 304
5, 076
7, 830
7,288
7,517
7,448
7, 564
7, 651
7,519
6, 958
7, 183
7,064
6, 737
6, 750
6,962
6,744
6, 926
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPerceiit distrib ution of unem- O4- JState p rograms Insured
pioyment by reasoii 1
plo yment by durati<m *
unemployment,
all
27
Insured
New
Less
Job
ReenJob
5-14
15-26 w^eeks unem- Initial regular
enthan
5
prolosers leavers trants trants
and
ploy- claims
weeks weeks weeks
grams 2
over
ment
(unadjusted)
Special
unemployment
benefit3
claims
(unadjusted)
Wee;kly aver age, thouisands
43. 2
38. 7
43. 4
55. 4
49. 8
49. 3
49. 7
50. 0
49. 8
50. 0
45. 6
47. 5
44. 4
43. 6
44. 2
42. 7
45.8
46. 6
13. 1
15. 7
14. 9
10. 4
12. 2
12. 9
12.5
12. 5
11. 2
11. 1
13. 2
11. 9
13.0
12. 5
13. 7
13.9
12. 5
12. 9
29. 8
30.7
28. 4
23. 8
26. 0
25. 3
25. 5
25. 6
27.0
26. 2
28. 3
27. 5
28. 4
29. 5
29. 0
27. 6
27. 1
26. 3
13.9
14. 9
13. 3
10. 4
12. 1
12. 4
12. 3
11.9
12. 0
12. 6
12. 9
13. 1
14. 2
14. 4
13. 0
15. 7
14.5
14. 2
45.9
51. 0
50.6
37. 0
38.3
37.5
37. 6
38. 4
35. 5
36. 4
38. 7
39. 5
42. 8
45. 8
41. 5
44. 9
42. 7
40. 9
1
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (EH) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
30. 1
30.1
31.0
31.3
29. 6
31. 8
32. 0
30. 8
32. 1
30. 5
29. 2
29.7
29.9
27. 4
31. 2
29. 7
29.7
33.3
12. 3
11.0
11. 1
16. 5
13.8
14. 7
14.7
14. 2
15. 3
14. 9
14. 6
13. 4
11.1
10. 6
11.9
11.7
13.8
13. 8
11. 6
7.8
7.3
15.2
18.3
15. 9
15. 7
16. 5
17. 1
18.2
17. 5
17.4
16. 3
16. 3
15. 4
13. 8
13. 8
12. 0
1, 848
1, 632
2, 262
3,992
2,968
3, 183
3,260
3,263
3,160
2,969
2, 781
2,774
2,564
2,489
2,515
2,541
2, 649
2,801
261
246
363
478
382
416
421
421
388
361
409
419
335
363
381
373
389
397
2, 192
1, 793
2, 558
4,943
3,822
3,446
3,235
3,217
3,453
3,884
4,442
4,448
3,972
3, 506
3, 105
2, 939
3,065
2,750
1, 173
1, 152
1, 327
986
853
862
903
823
911
901
784
538
484
540
535
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment continued to increase in August, rising by 92,000. However, there were large
decreases in contract construction and manufacturing. The largest gains occurred in services and trade.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
901
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
-SERVICE-PRODUCING"
INDUSTRIES
50
40
18
30
-GOODS-PRODUCING *
INDUSTRIES
^-SB^——
•...A,.,,,,,.'
7n•v
~^^
1
CONTRACT C.ONSTRUCTIO N
20
1973
1974
1975
fj I J 1 1 1 1 1 M 1 M 1 1 t'l f I f t 1 i 1 1 1 1 1 i 1 1 1 1 i j i 1 1 1 1 11 1 1 I! I 1 1 ! I I! 1 IV
1977
'
1973
1976
1974
1975
1977
1976
•SEASONALLY ADJUSTED
SOURCE. DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Cioods-pr()dueing industrie 3
Period
Total
nonagricultural
employ- Total 2
ment
1972
1973
1974_
1975 .
1976
1976: Aug.Sept..
Oct..
Nov..
Dec..
1977: Jan..
Feb__
Mar..
Apr..
May_.
JuneJuly*.
Aug»._
73, 714 23, 546
76, 896 24, 727
78, 413 24, 697
77, 051 22, 603
79, 443 23, 332
79, 618 23, 310
79, 918 23, 463
79, 819 23, 323
80, 106 23, 489
80, 344 23, 508
80, 561 23, 589
80, 824 23, 701
81, 395 24, 005
81, 686 24, 217
81, 921 24, 306
82, 121 24, 353
82, 356 24, 409
82, 448 24, 307
Contract
construction
3,831
4,015
3,957
3, 512
3,594
3,579
3,565
3,582
3,619
3,605
3,561
3,645
3,759
3,842
3,861
3,876
3,916
3,886
Trans- Whole- Finance,
Gover nment
insurportasale
tion
ance,
Total
and
NonState
and
and Services
Total Durable
Federal and
public retail
real
goods durable
trade
goods
local
utilities
estate
Matnufactui ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 979
19, 100
18, 941
19, 065
19, 095
19,211
19, 233
19, 404
19, 528
19, 600
19, 622
19, 666
19, 602
11, 006 8,084
11, 839 8,229
11, 895 8, 151
10, 679 7,668
11, 026 7,930
11, 083 7,896
11, 146 7,954
11, 018 7,923
11, 128 7, 937
11, 158 7,937
11, 236 7,975
11, 230 8,003
11, 370 8, 034
11, 423 8,105
11, 469 8,131
11, 491 8, 131
11, 526 8,140
11, 509 8,093
1
Includes all full- and part-time wage and salary workers in nonagrieultural
establishments who worked during or received pay for any part oi 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 oi the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
Serviee-pi-oducing Industrie38
50, 167 4, 517
52, 169 4,644
53, 715 4,696
£»4, 448 4,498
56, 111 4,509
56, 308 4,501
56, 455 4,528
56, 496 4,506
56, 617 4,519
56, 836 4,553
56, 972 4,549
57, 123 4,553
57, 390 4, 568
57, 469 4,575
57, 615 4,586
57, 768 4,579
57, 947 4, 569
58, 141 4,567
15, 975
16, 674
17, 017
17, 000
17, 694
17, 764
17, 839
17, 824
17, 808
17, 898
17, 981
18, 067
18, 189
18, 203
18, 235
18, 247
18, 295
18, 359
3,943
4,091
4,208
4,223
4,316
4,312
4,338
4, 359
4,381
4,403
4,423
4,431
4,453
4,463
4,480
4,489
4,505
4,525
12, 392
13, 021
13, 617
14, 006
14, 644
14, 751
14, 798
14, 819
14, 873
14, 936
15, 010
15, 068
15, 149
15, 182
15, 197
15, 245
15, 342
15, 418
2,684
2,663
2,724
2,748
2,733
2,732
2,728
2,730
2,734
2,720
2,721
2,721
2,725
2, 719
2,723
2,735
2,721
2,733
10, 656
11, 075
11, 453
11, 973
12, 215
12, 248
12, 224
12, 258
12, 302
12, 326
12, 288
12, 283
12, 306
12, 327
12, 394
12, 473
12, 535
12, 539
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics,
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly t;arnings
Aver age weekly lours
Total
private
nonagri-l
cultural
Period
Manufa cturing
Total
Adjusted h ourly earnin gs index3—tc)tal private
nonagrioultural
Overtime
Total
private
nonagri-x
cultural
Manufacturing
Percent cl ange from
a year earlier *
Index, 1<)67=100
Current
dollars
1967
dollars 3
Current
dollars
37.8
37.7
37.1
37. 0
37.1
37. 1
36.6
36. 1
3&2
40.7
40.6
39.8
39. 9
40.6
40. 7
40. 0
39.4
40.0
3. 6
3. 6
3.0
2. 9
3. 5
3.8
3. 2
2. 6
3. 1
$2. 85
3. 04
3. 22
3. 44
3. 67
3. 92
4. 22
4. 54
4.87
$3. 01
3. 19
3. 36
3. 57
3.81
4 08
4. 41
4. 81
5. 19
106. 2
113.2
120.7
129. 2
137.7
146.5
158.5
172.5
185.0
101. 9
103. 1
103.8
106.6
109.9
110.0
107.3
107. 0
loas
6.2
6. 6
6. 6
7. 1
6. 5
6. 4
8. 2
8. 8
7.3
1976: Aug
Sept
Oct
Nov
Dec
36. 1
36. 0
36. 1
36.2
36.2
40.0
39. 7
39. 9
40. 1
40. 0
3.0
3.0
2. 9
3. 1
3.2
4.91
4.92
4. 95
5.00
5. 02
5.25
5.29
5. 29
5. 34
5. 38
186.8
187.5
188. 4
189.7
190. 6
108. 7
108.7
108.9
109.3
109. 4
7. 1
7. 1
6.8
6.7
6. 9
1977: Jan
Feb
Mar
Apr
May
June
July
Aug'
35.8
36. 3
36.3
36. 2
36. 3
36.2
36. 1
36. 0
39.5
40.3
40.4
40. 3
40.4
40.5
40.3
40. 1
3.2
3. 3
3.3
3.4
3.4
3.4
3.4
3.4
5.07
5. 09
5. 12
5. 17
5. 20
5.22
5.26
5. 26
5. 43
5. 43
5. 49
5. 53
5. 57
5. 61
5. 65
5. 68
192. 7
193.2
194. 1
195.3
196.5
197.5
198.9
199. 1
109.7
109.0
108.8
108.6
108.6
108. 6
10&9
7.3
7. 0
7.0
7.1
7.0
7.2
7. 1
6. 6
1968
1969
1970
1971
1972...
1973.1974
1975
1976
...
___
-.
-
ioa7
1967
dollars
1.9
1. 2
.7
2.7
3. 1
.2
-2. 5
-.3
1.4
1.4
1.5
1.5
1. 6
1.9
2. 1
1.0
.6
.3
.2
.3
.3
.0
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICUL.TURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricul tural '
Period
Current
dollars
1968.-1969
1970
1971.1972
1973-.1974
1975
1976 _-
--
-
- ---
1976: Aug
Sept
Oct
Nov.
Dec
1977: Jan
Feb
Mar
Apr
May
June
July*
Aug»
-
.
— —
Manufacturing
1967
dollars 3
3
Retail
. trade *
$107.73
114.61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
177. 25
177. 12
178. 70
181. 00
181. 72
103. 17
102. 74
103. 29
104. 32
104. 32
210. 00
210. 01
211. 07
214. 13
215. 20
284.
276.
289.
292.
291.
181. 51
184.77
185. 86
187. 15
188. 76
188. 96
189. 89
189. 36
103. 37
104. 21
104. 18
104. 09
104. 34
103. 88
103. 99
103. 36
214. 49
218. 83
221. 80
222. 86
225. 03
227. 21
227. 70
227. 77
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284.93
Percent ch inge from a
year earlier,
total pri vate nonagriciiltural 6
Current
dollars
- Current dollar3
* Also includes other private industry groups shown on p. 14.
' Adjusted (or interindustry employment shifts and for overtime in manuMicturing.
»Current dollar index (or earnings) divided by the consumer price index.
* Monthly change* based on indexes to two decimal places.
96-333°—77
Contract
construction
1967
dollars
$74,95
78.66
82. 47
86.61
90. 99
95.57
101. 04
108. 22
113.96
5. 8
6. 4
4.2
6. 5
7.0
6. 8
6.2
6. 1
7.6
1.5
1.0
-1. 6
2. 2
3. 6
.5
-4.3
-2.8
1.7
83
79
45
09
69
114. 24
115. 56
115. 84
116. 75
7.0
6. 6
6. 9
6.5
6.7
1.3
1.0
1.5
1.5
1.8
281. 08
297. 86
293. 09
296. 54
297. 70
296. 61
297. 71
291. 41
117. 55
119. 25
119. 94
5.6
7.1
7. 7
8.3
7. 5
7.6
7.5
6.4
.4
1.0
1.2
1.5
.7
.7
.8
—.2
ii&5o
(o?)
o
o0
B
Includes eating and drinking places,
unadjusted data.
Data no longer available.
Source: Department of Labor, Bureau of Labor Statistics,
* Based on
1
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons 2
Outjnit1
Output ] jer hour
of all p ersons
Unit labor
CO sts
Compe nsation
per I lour 3
Implicj t price
defla tor*
Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonnonnonpripriprinonnonnonprivate
private
private
vate
farm
vate
farm
vate
farm
farm
farm
farm
business
business
business business
business business business business business business business
business
Period
1967 = 100; quai-terly dat<i seasonsilly adjust,ed
1966
1967
1968
1969
98.0
100. 0
105. 1
108.3
98. 1
100. 0
105.4
108.6
100, 3
100. 0
101. 7
104.5
100.0
100.0
102. 1
105. 3
97.8
100. 0
103.3
103.7
98. 1
100. 0
103.2
103. 1
94.7
100. 0
107.6
115. 1
94. 5
100. 0
107. 3
114.3
96.8
100. 0
104. 1
111.0
96.4
100. 0
103.9
110.9
97.2
100. 0
103.9
108.8
96.8
100.0
104. 0
108.7
1970
1971
1972
1973
1974
107.4
110.3
117.6
124.5
121. 5
104.5
107.8
111.0
113. 1
109.9
121. 9
129.9
137.4
148. 1
162.0
118. 1
121.9
125.2
132. 9
149.5
111.8
116. 5
108. 9
111.7
113. 8
113, 3
115.4
116.3
117.2
117.2
180.2
196. 5
176. 2
179. 0
181. 1
184.7
190.5
194.3
198. 6
202. 7
177.6
193. 1
173.2
176. 2
179. 2
182. 0
161. 1
168.7
118. 1
122.2
125.5
133.0
149.8
161.7
168.9
1-62. 0
160.9
160. 0
163.9
113.9
118.9
123. 2
130. 3
143. 1
158. 0
165.6
154. 2
156. 5
159.4
161. 6
162. 9
164. 8
166.5
168.3
114.0
119.2
122.9
128.0
141. 5
108. 1
111. 4
103. 3
106.3
109.5
111.4
108. 1
109.9
114. 3
123. 3
131.5
138.9
150.3
164.3
118.7
126.9
115. 1
117.2
120.6
121.8
124.9
126. 7
127.7
128. 4
131. 3
134.0
102.8
102.3
106.0
110.1
110.6
106. 1
108.9
105.7
104.9
105.9
107. 5
108. 3
108. 9
109,0
109.5
104.0
103. 7
107.6
112. 2
112. 7
1975
1976
1975:1
II
III
IV
107.4
110.3
117.9
125,0
121.9
118.7
127.4
115. 3
117. 1
120. 6
121. 8
125.2
127.2
128.3
128.7
156.9
165.0
153.4
155.6
158. 1
160. 3
162.1
163. 6
166.0
168. 1
131.6
134.4
110.4
113.0
170.1
173. 3
169.6
172.8
1976:1
II
III
IV _
1977: 1
II
107. 9
106.9
107.7
109.7
111.0
111.3
111.4
112. 2
113.4
115. 7
118.9
118. 5
106.9
109. 5
112. 0
111. 1
112.9
114.4
115.2
114.7
116. 1
116.2
208. 4
211.6
186.9
191. 1
195.2
198. 7
204. 3
208. 0
161. 7
160.4
159. 1
163.0
165. 1
167. 0
169.4
173.0
175.2
178.5
165.6
167. 1
169.5
173.3
176.0
179.0
Perceiit change ; quarterlyf data at seasonal y adjuste d annua) rates
1966
1967
1968
1969
....
1970
1971
1972
1973
1974
1975
1976
1975:1
III
III
IV
1976:1
II
III
IV
1977:1
II
5.5
2.0
5. 1
3.0
6.0
1.9
5.4
3.0
2.3
_.3
1.7
2.7
— .9
2. 8
6.6
5.9
-2.4
-2. 4
7.0
-1. 1
2.7
6.9
6.0
-2.5
-2.6
7.3
-11.6
7.5
12.2
3. 9
10. 8
5.9
3. 1
2. 1
-11.6
6.5
12.5
4.1
-1.6
—.4
3.6
3. 9
.4
-4. 1
2.7
-12. 5
-2. 7
3.9
5.9
11.7
6. 6
3. 2
1.3
2.6
.1
2.1
9.6
R4
9. 5
8.7
3.3
9,9
ao
3.3
-;0
2.1
3.2
—___1. n2
3.7
4.3
.4
—4. 1
3. 1
— 12. 3
— 3. 5
2.9
7.6
4.9
1.0
.4
3.2
4.2
a3
3.2
2.3
2.5
1.9
;3
—.2
;7
3.2
2.9
1. 9
-2.8
;2
2.9
a3
1.8
4.2
1.0
10.4
8.0
-1.9
7.6
3.3
ao
-.0
6,1
-1.4
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
8
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
a2
ao
1.7
-2.9
1.6
4.1
.8
10.3
9.3
-3. 2
a5
5.5
2.9
-1,8
5.0
.4
7.0
5.6
7,6
7.0
6.1
5.8
7.3
7.2
6.6
5.7
8.2
9.4
6.7
6.6
5.8
7,8
9.4
9.6
9. 1
12.9
6.7
4.8
8. 1
13.1
8.3
9.0
8. 6
11.7
6.2
9. 6
8.7
11.8
7. 2
6. 9
6. 4
11. 1
9.4
8.8
7.4
a5
11.7
7.4
3.7
3.3
4. 1
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
47
2.9
3.3
4.0
4.5
6.4
6.5
3.5
2.7
6. 0
12.7
4.7
4.4
3.6
5.8
9. 8
10.4
4.8
49
45
3. 1
41
10. 5
a2
2.7
6.2
12.5
7.7
4.7
11.7
-3.4
— 3. o
10. 2
5. 1
4.9
5.8
8. 6
5.3
7.7
7.9
4.5
10.9
-2. 8
— 2. 2
10.0
4.3
3.7
5. 8
9.4
6. 3
6.9
12.9
6.2
7.5
5.9
3. 1
4.8
4.1
4.6
4.4
7.6
10.9
5. 1
142
5. 7
6.6
5.8
4.4
3.8
6. 0
5. 3
3. 5
7.8
* 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 indexas
shown here.
Data revised beginning 1974.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.5 percent in August, the first decline in the index since January. Output declines were
widespread but were most heavily concentrated in auto production and electric utility power generation, both of
which had increased sharply in July.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE}
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
.120
120
/
100
MINING
1973
1974
1975
1976
iji_i.iJitin n t 11 ( f in i
100
160
V
1977
1973
MANUFACTURING PRODUCTION
1974
1975
1976
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
70
100
1973
1974
1975
1976
1973
1977
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1971
1972
1973
1974
1975
1976
1976: Aug
Sept^ _
Oct
Nov
Dec
1977: Jan..
Feb
' Mar _ . _ „
Apr_ _ _
May___ _ _
June.
Julv »
Aug*
Total iiidustrial
produ ction*
Percent
Index, change
1967=
from
100
year
earlier
100. 00
1.7
109. 6
9. 2
119.7
8.4
129.8
—.4
129.3
— 8. 9
117. 8
10.2
129. 8
8.5
131.3
7.0
130. 6
6.5
130. 2
6. 5
131. 5
6.9
133.0
132. 3
5. 1
4.4
133.2
5.
5
135.3
5.7
136. 1
5.6
137. 0
6.2
137. 9
6.3
138. 9
5. 3
138. 2
COUNCH OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus!,ry produ ction ind exes, 196'r=.ioo*
M anufactur ing
Durable
Nondurable
87.95
108. 2
118. 9
129. 8
129. 4
116.3
129.5
131. 2
130. 5
129.8
131. 4
132. 5
131. 6
132. 6
135. 1
135.8
137. 1
137.6
138. 7
138. 3
61. 98
35. 97
6.36
5. 69
102.4
113.7
127. 1
125.7
109. 3
121.7
125. 0
122. 4
121.4
123.4
125. 0
123.4
124.0
126.8
128.0
129. 3
130.4
131. 6
131. 2
116.6
126.5
133.8
134. 6
126. 4
140. 9
140.4
142. 3
141. 9
143. 0
143. 3
143.4
145.3
147.0
147. 0
148. 5
148. 3
148. 9
148.4
109. 8
113. 1
114. 7
115. 3
112. 8
114. 2
114.0
115. 5
116. 1
115. 3
115. 4
112. 8
116. 3
120. 6
119. 2
119. 5
122. 5
119. 5
117. 8
130. 5
139.4
145.4
143. 7
146. 0
151. 0
150. 5
149. 6
150, 8
154, 6
157. 9
163.8
160. 3
154. 8
154. 0
156.7
157. 1
161. 5
158. 0
* Output as percent of capacity,
s Annual data are averages of four monthly indexes.
s Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Utilities
Total
Mining
Manuf acturing <capacity
\itilization
rate, p 3rcent l
Federal Reserve
sen es
ComWharTotal
merce2
ton
manu- Mate- series
seriess
rials
factur*
ing**
78.0
83. 1
87.5
84.2
73.6
80.2
81. 1
80. 5
79. 9
80.8
81. 2
80.4
80.9
82. 1
82.3
82.8
82.9
83.2
82.7
83. 1
88.0
92. 4
87. 7
73.6
80.4
81. 6
81.0
80.4
80.3
80.2
79.4
80.2
81.6
82. 1
82. 7
82. 9
82.9
82. 7
80
83
86
83
77
81
86.4
91.8
97.1
93.0
80.4
87. 6
80
88.2
81
87. 7
83
88.4
84
90. 3
* Be vised beginning 1976.
**Bevised beginning 1974.
Sources: Board of Governors of the Federal Beserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc lucts
Final products
Equi|sment
Coiisumer go ods
Period
Total
Total
47; 88
109. 6
105. 3
106. 3
115. 7
1967 -proportion
1 QfiQ
1970
1971
1972
1973
1974
1975
1976
124. 4
125. 1
118. 2
127.2
128.0
126. 9
126. 7
1976: Aug
Sept
Oct
129. 3
131.5
130.8
131. 6
133. 3
134. 1
134.7
135.5
136. 9
135.7
Dec
1977' Jan
Feb
Mar
May
June
July v
Aug"__
87.68
109.8
109. 0
114. 7
124. 4
131.5
128. 9
124. 0
136. 2
137. 0
135. 7
135. 9
138.4
141. 3
, 139. 9
140.5
142. 9
142. 9
143. 1
143. 7
145. 5
144. 1
NonDurable durable
goods
goods
19. 79
7.89
107.7
115.0
110. 1
106. 1
113. 1
118.8
120. 6
133.8
125. 6
146. 2
126. 3
135.3
121. 4
141.4
125. 1
134. 1
144.2
138. 7
138.9
143.7
150. 5
145.4
146. 1
152.4
151. 5
134.2
134, 5
134.7
136.2
137.6
137.7
138.3
139.1
139. 4
139.5
139. 0
140. 5
139. 5
152.2
155.5
158. 1
155. 5
Internlediate
proc ucts
Total
Business
so. 14
109.3
100. 1
94. 7
103.8
12.6$
112. 5
107. 0
104.1
118. 0
114.5
120. 0
110. 2
114. 6
115.6
114. 8
114. 2
116. 8
134.
142.
128.
136.
2
4
2
3
137. 6
137. 0
135. 7
140. 1
142. 3
142. 3
118.0
118.4
119. 2
143. 5
120. 0
144. 8
147. 1
148.9
150. 3
151. 6
151. 0
122. 1
123.2
124.2
124.9
124. 5
ConTotal struction
su p
IS. 89
6. 43
112. 9
112. 3
112. 9
111. 0
116. 7
116. 8
126.5
128.4
137. 2
139. 8
135.3
134. 5
116. 3
132. 6
138.4
138. 7
138. 8
139. 0
140. 5
142.2
141.6
141. 8
142. 3
143.5
144.5
145. 9
145. 8
134. 9
134. 1
134. 8
123. 1
137.2
135.8
135. 5
136.2
135. 6
136. 4
137.2
138.7
139.2
140.4
140. 6
Materials
59. S3
112. 5
109. 2
111. 3
122. 3
133. 9
132.4
115. 5
130. 6
133. 0
132.4
131.8
131.9
132.0
131. 1
132. 7
135.5
136. 5
137.8
138. 5
138.9
138. 7
Supplementary
oup:
iergy
total
f
13. 23
111. 1
117. 0
119. 5
125. 2
128. 3
125. 5
125. 5
128.8
128. 5
128. 3
128. 8
130. 6
133. 3
134 1
132. 9
132. 3
132. 1
132. 5
133. 1
134.5
133. 9
[1967=100, seasonally adjusted]
Diarable m anufactu res
Primarf metals
Period
Total
6.67
1967 proportion- .
1969
--- 113.8
106.6
1970
100. 2
1971
112. 1
1972
126.7
1973
123. 1
1974
96.4
1975
10R9
1976
Iron
and
steel
4. si
112.6
104.7
96. 1
107. 1
122. 3
119. 8
95.8
104.9
Nov
104. 6
101. 5
116.0
108.6
105. 1
100.3
93.4
1977: Jan
Feb
100.8
100. 2
108. 3
112.2
117. 1
114. 7
114.7
89.7
91.3
97. 9
103.9
111.0
109. 2
112.3
1976: Aug.
Sept
Oct
.. .
Dee
Mar
Apr
May
June
__
July '___ _ _ _
Aug »
118. 3
113.0
109. 9
115.3
NOTE.—Series revised beginning 1976.
18
Fabricated
metal
products
Nonelectrical
chin-
NOE durable manufac turea
Transportation
equip ment
Electrical
machinery
Total
Motor
vehicles
and
Lumber
and
products
Apparel
1.6J.
S. SI
106.7
ucts
Print- Cheming
icals
and
and Foods
prodpublishing ucts
parts
B.9S
107.9
102.4
103.5
112. 1
124. 7
124. 2
109. 9
123.3
9. IS
109. 3
104.4
100.2
116. 0
133.7
140. 1
125. 1
8. 05
111. 9
108. 1
107.7
122.
143.
143.
116.
2
1
8
5
135. 0
131.6
136. 4
126.5
123. 5
126.7
128.1
136.8
134.3
137.5
141.5
135. 4
133. 9
135. 0
135. 7
135. 1
125. 7
125.8
127.5
127.6
128.2
139.9
139.8
139. 8
142.9
142. 6
144.0
146.0
134. 0
137. 6
137. 6
139.6
141. 8
142. 6
143. 8
145. 0
125. 8
130. 7
131.2
132. 5
9. sr
108.4
4.50
116.5
92.3
118. 6
135.8
148.8
107. 9
128. 2
111. 1
140. 7
105. 6
113. 8
120.8
126. 0
116.2
107.6
125. 1
149. 7
127.9
104. 3
112. 7
117.4
128.4
145. 5
155. 0
129. 6
129. 5
128. 1
113.5
113. 4
120. 5
119. 8
120.3
145. 5
145.4
132. 7
161. 2
158.1
157.7
130. 6
133.0
89. 5
97.9
108.2
118.3
108.7
97.4
110.6
114.6
104.7
123. 5
125.0
121. 1
130.6
162. 6
166. 3
159. 9
128.7
132.2
132. 1
131. 3
134.5
101.4
104. 7
109.4
117.3
114.3
107. 6
122.2
4. 73
107.4
107. 0
107.1
112. 7
118. 2
118. 2
7.74
118.4
120.4
125. 9
143. 6
154.5
159.4
113.3
120. 6
147. 3
169.3
117. 5
119.5
122. 9
122. 7
124. 9
120. 6
120. 6
119.3
119. 7
123.0
169. 7
171.3
170. 7
173. 7
173. 1
123. 0
124.4
124. 7
122.4
172. 2
174.9
180. 0
180.6
182.8
183. 5
182. 9
— _
122. 2
121. 4
123.5
122. 1
124.8
123.4
124.4
124. 1
123.8
124.0
Source: Board ol Governors of the Federal Keserve System.
8. 75
106. 1
108. 9
112.8
116. 8
120.9
124. 0
123.4
132. 3
134. 8
134. 6
134. 8
134. 3
132. 9
134. 2
136.4
138. 7
138.0
138. 3
136. 5
isa o
NEW CONSTRUCTION
Construction contracts J
Private
Total new
construction
expenditures
Period
Besic ential
Total
Total '
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll sirs
94. 9
110.0
124. 1
137.9
138.5
134.3
147.5
1970
1971
1972.. ..
1973
1974
1975
1976
66.8
80. 1
93.9
105.4
100. 2
93. 6
109.5
24 3
35. 1
44.9
50.1
40. 6
34.4
47.3
31. 9
43. 3
54. 3
59. 7
50.4
46. 5
60.5
16.3
17.0
18.1
21.7
23.8
20.8
19.9
1&6
19.8
21.5
24.0
25.9
26.3
29.0
sao
Seasonally
adjusted
Seasonal^ / adjusted atinua/ rates
1976: July
Aug
Sept
Oet
Nov
Dec
1977: Jan
Feb
Mar
Apr
—
May
June r
July" _
145.8
141. 8
145.2
150. 1
153.8
155.4
148.4
157. 1
163. 3
166. 1
170.1
171.7
170.7
107.1
103. 6
107. 4
114. 8
119.0
121.2
116. 4
122.6
127.9
130. 0
131.6
132.4
132. 1
59.2
54. 5
57.7
65.5
69. 6
71. 1
66.8
72.4
76. .2
78. 0
80.2
79. 6
79.8
46.3
47. 1
48.7
50.9
52. 7
54.8
.52. 1
58.3
62.2
63. 5
65.8
66. 1
'66. 1
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
:
* If. W. Dodge series. Relates to 50 States beginning 1069 for value index and
beginning 1971 for floor space.
19.6
20. 1
20.0
19.6
19.3
19. 4
18.7
18.8
20.8
21. 1
20.9
22. 3
22.3
123. 1
145.4
165. 3
179.5
169,7
167.9
194. 1
28. 1
29.9
30.2
32.5
38.3
40.7
28.3
29.0
29.7
29.7
30. 1
30. 7
30.9
31.5
30.9
30.9
30.5
30.4
30.0
38.7
217
189
203
240
210
183
203
212
207
250
317
sa 2
37.9
35.3
34.9
34. 3
32.0
34.5
35.4
36.2
38. 4
39.3
38.6
284
218
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
627
609
582
618
631
658
643
615
309
671
758
733
702
Nora.—New construction expenditures data prior to1973 not comparable wit
later data.
Sources:Department ol Commerce (Bureau ol the Census) and BfcGraw-HIB
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
£?ew private housing uni ts
Units started, by type of stnicture
Period
Total
1969
1970
1971
1972
1973
1974
1975
1976
•
lunit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810.6
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1,530
1,768
1, 715
1, 706
1,889
1,384
1,802
2,089
1,880
1,937
1,897
2,076
2,022
1,172
1,254
1,269
1,236
1,324
1,006
1,424
1,503
1,413
1,455
1,389
1,446
1,440
2-4
units
85.0
84.8
120. 3
141.3
118. 3
68. 1
64.0
85.9
5 or more
units
571.2
535.9
780.9
906.2
795. 0
381. 6
204.3
289.2
New private homes
Units
authorized
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074 4
939.2
1, 280. 0
Units
completed
Homes
sold
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
1,380
1, 402
1,339
1,399
1,444
1, 416
1, 637
1, 707
1, 540
1,536
1,638
1,648
656
714
728
694
808
827
893
867
775
771
799
672
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period ' (percent) '
222
220
287
409
450
403
380
431
5.5
5.3
5.4
5.6
5.8
6.2
6.0
5.6
Seasonally adjusted arinual rates
1976: Aug
Sept
Dot
Nov _ ..
Dec
1977: Jan
Feb
Mar
Apr
May
June "
July
Aug "
1
1 Seasonally
adjusted.
Quarterly date entered in last -month of quarter.
83
106
98
98
120
103
120
113
116
120
105
129
125
275
408
348
372
445
275
.258
473
351
362
403
501
457
1,308
1,481
1, 481
1,583
1,532
1, 333
1,526
1, 687
1,605
1, 615
1,67?
1,639
1,768
410
415
420
429
431
431
434
435
441
441
444
454
5.7
5. 3
5.1
5.3
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories rose $1.7 billion in July and business sales declined slightly. According to the advance survey,
retail sales rose 1% percent in August following an increase of about 1 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* {RATIO SCALE)
100
90
RETAIL INVENTORIES
80
70
60
RETAIL SALES
50
40
RATIO*
1974
1973
1975
1976
1977
100
1977
1973
1977
SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biisiness l
Retail
Whol esale
Sales
Period
Cnlnr, 2
bales
*
Inventories 3
Inven-3
Q 1
bales
*2 tories
Tni a T
2
DurNonable durable TV^tftl
goods goods
stores stores
Millions of doll ars, seafc onally a djusted
112, 323 184, 756 22, 327 29, 695 34, 071 10, 985 23, 086
1971 - ...
1972
125, 269 198, 045 24, 862 32,817 37, 365 12, 472 24, 893
1973__ „ _ _ „ 145, 297 227, 926 30, 400 38, 302 41, 943 14, 190 27, 754
1974
166, 771 278, 386 37, 344 46, 564 44, 815 13, 943 30, 872
1975
172, 511 275, 484 36, 583 45, 115 48, 702 15, 060 33, 642
1976
192, 704 299, 123 40, 212 50, 131 54, 324 17, 847 36, 476
1976: July
193, 302 290, 866 40, 616 48, 805 53, 754 17, 699 36, 055
Aug_> _ _ _ _ 194, 302 293, 308 40, 581 49, 006 54, 643 18, 208 36, 435
Sept
193, 868 296, 537 41, 381 49, 723 54, 100 17, 481 36, 619
Oct
192, 353 298, 179 40, 676 49, 847 54, 634 17, 559 37, 075
Nov^ .
196, 288 298, 941 40, 796 50, 167 55, 573 18, 157 37, 416
Dec- _
204, 140 299, 123 41, 767 50, 131 57, 898 19, 730 38, 168
1977: Jan
202, 160 301, 970 41, 931 50, 872 56, 660 19, 024 37, 636
Feb
207, 541 303, 985 43, 233 51, 658 58, 175 19, 764 38, 411
Mar
214, 642 307, 325 43, 879 52, 549 59, 522 20, 687 38, 835
Apr_
213, 596 309, 847 44, 491 53, 067 59, 465 20, 333 39, 132
May- _ _
213, 821 313, 052 45, 182 53, 247 59, 181 20, 088 39, 093
June. . _
214, 066 315, 455 44, 996 53, 284 58, 390 19, 842 38, 548
July *
„„ 213, 149 317, 174 45, 014 53, 023 58, 927 19, 745 39, 182
Aug"__ _ __
59, 915 20, 450 39, 465
1
The term1 'business" also includes manufacturing (see page 21).
'1 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
«For annual period?, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
In ventoriej3 3
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
79, 917
81, 118
81, 848
81, 658
81, 660
82, 405
83, 616
83, 878
85, 397
86, 033
87, 176
88, 353
89, 580
DurNonable durable
goods goods
stores stores
23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
38, 912
39, 613
39, 581
40, 279
40, 665
41, 774
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
45, 784
46, 452
46, 897
47, 688
47, 806
Inventc>ry~sales
rat io 4
Total
business l
1.61
1.52
1.46
1.51
1.60
1.50
1.50
1.51
1.53
1. 55
1. 52
1.47
1,49
1.46
1.43
1.45
1.46
1.47
1.49
Retail
1.47
1.46
1.46
1. 53
1. 51
1.46
1.49
1.48
1.51
1.49
1.47
1.42
1.48
1. 44
1. 43
1.45
1.47
1.51
1.52
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS* SHIPMENTS/INVENTORIES, AND NEW ORDERS
In July, manufacturers1 new orders and shipments fell while inventories were up $0,8 billion. Preliminary estimates
indicate new orders and shipments of durable soods manufacturers rose in August.
BILLIONS OF.DOLLARS* (RATIO SCALQ
.BILLIONS OF DOLLARS* (RATIO SCALt)
INVENTORIES
240
200
160
120
100
80
DURABLE GOODS
60
V*"»»JIIII1
BILLIONS OF DOLLARS* (RATIO'SCALE)
NONDURABLE GOODS
40
120 „ NEW
ORDERS
TOTAL
100
80
RATIO*
2.20
DURABLE GOODS
INVENTORY-SHIPMENTS RATIO
«L*
*
^*^*>j>''«*'''
NONDURABLE GOODS
1973
1974
1975
1973
1977
1976
1974
1977
1975
*SEASONALLY ADJUSTED
is DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVlSiRS
Manufac turers' shipmentsl Manufaet,urers} mv entories2
Manufacturers' new orelers l
Durabl e goods
Period
Total
1971
55, 925
1972
„. 63, 042
1973_. _._ 72, 954
1974_»
84, 612
1975
87, 226
1976
98, 168
1976: July~. 98, 932
Aug_ 99, 078
Sept._ 98, 387
Oct___ 97, 043
Nov.. 99, 919
Dec... 104, 475
1977: Jan__ 103, 569
Feb_ 106, 133
Mar_. 111, 241
Apr_,_ 109, 640
May__ 109, 458
June__ 110, 680
July__ 109, 208
Aug*__
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 376
51, 090
51, 648
50, 060
49, 029
51, 238
55, 295
53, 341
54, 703
58, 849
56, 764
56, 717
57, 570
56, 820
58, 142
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
47, 842
47, 430
48, 328
48, 014
48, 681
49, 180
50, 228
51, 430
52, 392
52, 876
52, 741
53, 110
52, 388
Total
102,
108,
124,
157,
155,
166,
162,
163,
164,
166,
167,
166,
167,
168,
169,
170,
172,
173,
174,
NonDurable durable
goods
goods
Total
Millio ns of dolLaxs, seasortally ad jussted
490 66, 149 36, 341 55, 937 29, 951
072 70, 098 37, 974 64, 246 35, 142
395 81, 218 43, 177 76, 217 42, 888
971 101, 780 56, 191 86, 988 46, 570
693 100, 310 55, 382 85, 659 42, 164
587 105, 729 60, 858 98, 497 50, 681
144 102, 856 59, 288 98, 811 51, 180
184 103, 282 59, 902 97, 554 50, 380
966 104, 117 60, 850 98, 476 50, 068
674 105, 589 61, 085 99, 006 50, 754
114 106, 128 60, 986 100, 784 52,235
587 105, 729 60, 858 106, 600 57,040
482 106, 562 60, 920 105, 288 55, 037
449 107, 222 61, 227 106, 575 55, 133
379 107, 685 61, 694 111, 788 59, 160
747 108, 190 62, 557 111, 547 58, 652
629 109, 154 63, 475 111, 693 59, 176
818 110, 421 63, 397 111, 524 58, 378
571 110, 978 63, 593 108, 598 56, 031
57, 912
1
Monthly average for year and total for month. Shipments are the same as sales,
23 Book value, end of period.
End
of period.
4
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 820
13, 778
12, 690
13, 468
14, 124
12, 734
13, 835
14, 621
14, 249
14, 561
14, 679
15, 000
15, 535
14, 409
14, 394
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
47, 631
47, 174
48, 409
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
53, 146
52, 567
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
177, 623
178, 167
180, 065
182, 301
183, 150
182, 541
Manufacturers'
inventory—
shipments
ratio *
1. 83
1. 67
1. 58
1. 66
1. 80
1.64
1 64
1. 65
1. 68
1. 72
1 67
1. 59
1. 62
1. 59
1. 52
1. 56
1. 58
1.57
1. 60
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In August, the wholesale price index fell 0.2 percent (rose 0.1 percent seasonally adjusted). Prices of farm products
and processed foods and feeds declined 2.7 percent (2.1 percent seasonally adjusted). Industrial commodities
prices were up 0.6 percent (0.5 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967= 100 (RATIO SCAlfl
220
200
FARM PRODUCTS AND
•'
PROCESSED FOODS AND FEEDS
120
120
100
100
1969
SOURCE. DEPARTMENT OF LASO*
COUNCfl OF CCONOABC ADYI5ER5
[1967 = 100]
All
commodities
Period
1969
1970
1971
1972
1973
1974
1975
1976
ioa 5
_
—
1976: Aug... .
Sept
Oct
Nov
Deo_.
1977: Jan
Feb
Mar
_
Apr
May
June
.
July
Aug _
110.4
114.0
119. 1
134. 7
160. I
174.9
isao
isa s
184.8
185. 3
185. 6
187. 1
mo
190. 0
191. 9
194. 3
195. 2
194.4
194.9
194. 6
Farm
products Industrial
and
processed commodities
foods
and feeds
106.0
108. 0
111.7
110. 0
114. 1
113.9
122. 4
117. 9
125.9
159. 1
177.4
153.8
171.5
184.2
182. 4
183. 1
Unadjusted
183.8
181.7
184.8
182.9
179.5
186. 3
187. 1
178. 3
187.4
183. 9
184. 8
188. 4
188.4
189. 9
190.9
191. 6
193.2
195. 9
194.2
196. 8
194. 6
191.5
189.3
195.8
196. 9
184. 2
Farm
products
ceased
foods
and
feeds
109. 1
111. 0
112.9
125. 0
176.3
187. 7
186.7
191. 0
107.3
112. 1
114. 5
120. 8
148. 1
170. 9
182. 6
178. 0
187. 7
189.2
188.2
187. 1
191. 9
194. 0
198. 3
203. 3
210. 2
205. 3
191.3
187.9
179.9
175. 9
176. 0
174.9
175. 6
178. 8
178. 6
181. 9
185.4
190. 1
193. 5
190. 2
185.6
184. 2
1
Excludes crude foodstuffs and &edstu£s, plant and animal fibers, oilseeds, and
leaf
tobacco.
1
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special $jroupings
Pm
Crude
materials '
Inter- Producmediate er finmateished
rials *
goods
110. 6
106. 1
106. 9
109.9
112. 0
118. 9
122. 7
114. 3
116. 6
131. 1
na 9 119. 5
123.5
155. 2
128. 1
219. 1
159. 5
141.0
178. 6
162. 5
225. 1
249. 9
189. 5
173. 2
Seas onally ad. usted
190. 3
173.6
254. 4
192. 0
174. 5
253. 1
262. 4
193. 3
176. 3
194. 3
271.6
177.0
195. 5
I?a4
265. 9
262. 6
179.2
196.3
197.4
273. 0
180. 1
180. 8
199. 1
279. 3
200. 3
280. 1
181.8
282. 4
200.9
182.8
277. 9
201.4
183. 6
184.4
277.8
202.7
203. 7
185. 2
283. 0
Consunler finished goods
ex sluding fo 3ds
NonTotal Durable durable
104. 6
104. 0
105. 0
107. 7
106.9
108. 3
110.8
111. 2
111. 7
113. 2
113. 5
113.6
118. 6
115. 8
120. 5
138. 6
126.3
146. 8
138. 2
153. 1
163.0
144. 4
173. 3
161. 8
162. 5
163. 7
164. 6
165. 5
165. 8
167. 4
167. 9
169. 2
170. 4
171. 2
171. 9
172. 3
172. 9
144.9
145. 7
146. 5
146.8
146. 9
148. 0
148. 8
149. 4
150. 5
151. 1
151. 6
152.0
153.5
Source* .Department of Labor, Bureau of Labor Statistics.
174. 2
175. 6
176. 7
178.0
178. 4
180. 3
180.7
182. 5
183. 7
184. 6
185. 6
185.9
185. 9
CONSUMER PRICES
In August, the consumer price index rose 0.4 percent (0.3 percent seasonally adjusted). Food prices increased 0.3
percent (also 0.3 percent seasonally adjusted). Nonfood commodity prices rose 0.2 percent (0.3 percent seasonally
adjusted) and services prices were up 0.5 percent (also 0.5 percent seasonally adjusted).
INDEX, 1967~ 100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
120
120
100
100
1977
1969
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
All
items
Food
Commodities
less
food
1969. _ _ _ . _ . _
1970
1971
1972
___.
1973
1974
1975
1976
109. 8
116. 3
121. 3
125.3
133. 1
147. 7
161.2
170.5
108.9
114. 9
118. 4
123. 5
141. 4
161. 7
175.4
180.8
108. 1
112. 5
116.8
119.4
123. 5
136.6
149. 1
156. 6
Comnaodities le ss food
Food
All
Services
commodities
All
Food
at
home
Food
away
from
home
All
Durable
Nondurable
112.5
121.6
128.4
133. 3
139. 1
152. 1
166. 6
180.4
108.4
113.5
117. 4
120.9
129. 9
145. 5
158. 4
165.2
108. 9
114.9
118.4
123.5
141.4
161. 7
175.4
180. 8
108.2
113. 7
116. 4
121. 6
141. 4
162. 4
175.8
179.5
111. 6
119.9
126. 1
131. 1
141. 4
159. 4
174. 3
186. 1
108. 1
112. 5
116.8
119.4
123.5
136.6
149. 1
156.6
107.0
111.8
116.5
118.9
121.9
130.6
145.5
154.3
108.8
113. 1
117. 0
119.8
124.8
140. 9
151. 7
158.3
112. 5
121. 6
128.4
133.3
139. 1
152. 1
166.6
180.4
Services
Seasonal y adjusted
Unac justed
1976: Aug...
Sept___
Oct
Nov
Dec__. .
171.9
172. 6
173. 3
173.8
174.3
182. 4
181. 6
181.6
181. 1
181.7
158. 0
158. 9
159.6
160.3
160. 6
181. 8
183. 2
184. 1
185.1
185.8
166. 2
166. 6
167. 1
167.4
168. 0
181. 8
181. 9
182.2
181.7
181.9
180. 2
180. 1
180.3
179.6
179.7
188.0
188.7
189. 0
189.5
190.4
157. 8
158.3
159.0
159.6
160.5
155.6
156. 1
156.6
157. 3
158.4
159. 3
159.9
160.6
161.3
162.0
182.2
183.2
184.0
184.8
185.5
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
175. 3
177. 1
178.2
179. 6
180. 6
181. 8
182. 6
183.3
183.4
187. 7
188. 6
190. 9
191.7
193. 6
194.6
195.2
160. 6
161. 6
162.6
163. 6
164.7
165. 4
165.6
166.0
187.5
188.7
190.0
191. 3
192.3
193.7
195.3
196.3
169. 4
171.4
172.2
173.6
174. 5
175. 3
175. 5
176. 0
183.5
187. 1
188.2
191.0
192. 4
193. 9
194 0
194. 5
181.3
185. 4
186. 4
189.3
190. 7
192. 1
191. 9
192. 3
192.0
194.0
195. 4
197. 5
199. 5
201. 2
202. 1
203.2
161.6
162.7
163. 4
164. 0
164. 7
165. 1
165. 3
165.8
159.9
161.4
162. 4
163.2
163. 5
163.4
163. 4
163. 5
162.8
163. 7
164.2
164. 7
165. 6
166.3
166.8
167.5
187.2
188.4
189.9
191. 4
192. 7
194. 2
195. 7
196.7
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c lange fro m 3 mont as earlier; Percent (change from 6 mont tis earlier ;
season ally ad jus ted annuaJ rates
season.ally adju sted annuiil rates
Percen t change from preceding
perio d; seasoEtally adju!sted *
Period
All
commodities
1968
1969
1970
1971
1972
1973
1974
__
1975_..- ...
1976
1976: Aug..
Sept.
Oet__
Nov_
Dec_.
1977: Jan__
Feb.Mar_
Apr>_
May.
June.
July.
Aug..
2.8
4.8
2. 2
4. 1
6. 3
15. 4
20.9
4.2
4.7
2
.7
.5
.6
.6
.5
.9
1. 1
1. 1
.4
n
^
.1
Farm
products
4.4
8. 4
-4,7
8. 1
18.7
36. 1
-1.9
5. 5
— 1. 1
-3.3
.8
-. 5
-. 6
2.6
1. 1
2. 2
2. 5
3.4
-2. 3
-6.8
-1.8
-4.3
Processed
foods
and
feeds
3.0
6.8
.8
4.7
11. 6
20. 3
20.9
-3.8
-1. 1
-2. 5
.1
-. 6
.4
1.8
1. 8^
1. 9
2. 5
1. 8
— 1. 7
—2.4
-.8
Industrial
commodities
All
commodities
Processed
foods
and
feeds
Farm
products
Industrial
commodities
All
commodities
Farm
products
4.2
— 2. 2
Processed
foods
and
feeds
Industrial
commodities
2. 7
3.9
3.6
3.4
3.4
10. 7
25. 6
6.0
6.4
6
8
9
6
3
5
6
8
6
4
3
5
5
2.9 -12. 9
-11.0
-11.8
-11.8
— 7
3. 5 -11.9
4. 0 -11.8
7.2 -1. 3
5. 8
7. 1
12. 9
7. 1
8.4
26. 2
26.0
10. 2
37. 8
13. 1
14.9
10.9
3. 6 -21. 6
-1.2 -36. 1
-2.6 -41. 0
6.5
8. 7
15. 1
15.6
28.4
28. 1
10. 8
-9.1
-17.9
7.3
8.0
9.3
9.5
7.6
5.9
5. 1
4.2
5. 0
5. 3
5. 5
5. 9
7.9
8.5
7. 6
7.8
8.6
10. 1
9.7
6.8
5.7
3.9
5.3
4.9
5.3
-0.7
— 1.3
-5. 1
-6.0
-3. 1
-2. 1
6. 9
11. 0
18. 1
21.4
13. 2
8. 0
2.5
2.0
-6. 9
-7.3
— 3. 5
2
11.6
15.5
24. 7
20.4
—.6
— 6. 2
-17.7
5.6
6.4
7.4
8. 4
7. 8
7. 6
7. 7
7. 7
. 7.2
6.7
6. 6
6.7
6.4
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Perceiit change2 from pre ceding
perio d; seasoilally adju sted 1
Period
Percent change f re>m 3 mont hs earlier Percent change frc>m 6 mont hs earlier;
seasomilly adju sted annu al rates
season<ally adju sted annu al rates
All
items
Food
Commodities
less
food
Food
Commodities
less
food
4.7
6. 1
5. 5
3.4
3. 4
8.8
12.2
7.0
4. 8
4.3
7. 2
2. 2
4.3
4,7
20. 1
12. 2
6. 5
.6
3.7
4.5
4.8
2.3
2.5
5. 0
13. 2
6. 2
5. 1
6. 1
7.4
8.2
4. 1
3.6
6. 2
11. 3
8. 1
7.3
1976: Aug_._
Sept
Oct___
Nov___
Dec___
.5
.3
.3
.3
.4
.2
.1
.2
—— 3
.1
.6
.3
.4
.4
.6
.6
.5
.4
.4
.4
5. 5
5. 3
4. 8
4. 0
4.2
2. 2
1. 6
1. 8
-. 2
.0
5. 8
5.5
5.5
4.6
5.7
7.6
7.5
6. 6
5. 8
5. 1
5. 5
5.7
5.5
4.8
4.8
2.6
3.8
3. 1
1.0
.8
5.4
5. 5
5. 8
5.2
5.6
7.4
7.0
7. 0
6.7
6. 3
1977: Jan. _ _
Feb____
Mar__ _
Apr
May. _
June. _
July..
Aug___
.8
1. 0
.6
.8
.6
.6
.4
.3
.9
2.0
.6
1. 5
.7
.8
.1
.3
.7
.7
.4
.4
.4
.2
.1
.3
.9
.6
.8
.8
.7
.8
.8
.5
6. 1
9. 1
10. 0
9. 9
8. 4
8. 1
6.4
5.2
2. 9
12. 4
14.6
17. 4
11. 8
12. 7
6.4
4.4
6. 7
8.0
7.4
6. 1
5.0
4.2
3.2
2.7
7. 1
8.0
9. 8
9. 3
9.4
9.4
9.3
8.6
5.5
6.5
7. 1
8.0
8.7
9.0
8.1
6.8
2.3
5.9
7. 0
9. 9
12. 1
13. 6
11.8
8. 1
6. 1
6.3
6.5
6. 4
6.5
5. 8
46
3.8
6. 9
6. 9
7.4
8. 2
8. 7
9. 6
9. 3
9.0
All
items
1968
1969
1970
1971
1972
1973
1974
1975
1976
Services
Annual changes are from December to December (unadjusted).
24
Services
All
items
Food
Commodities
less
food
Source: Department of Labor, Bureau of Labor Statistics.
Services
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 3 percent in the month ended August 1 5. Contributing most to the decline were lower
prices for soybeans, corn, hogs, broilers, and potatoes. Partially offsetting were higher prices for tobacco, oranges,
and milk. Prices Pgjd by.f^^^^^^^^^^^^^^^^^^S^^ J U ^V-^ level- ______ ,_ „_„„,
__„
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
70 F
60
1969
'
1970 I
1971
1972
1973
1975
1974
1977
1976
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by far mers
All
items,
Livestock interest,
Family
Production
living
and
taxes,
and
items
products wage rates
items
Index, 11)67=100
Prices ireceived by 'armers
Period
All farm
products
1969
1970
1971
1972
1973
1974
1975
1976
—
1976:Augl5
Sept 15
Oct 15_
Nov 15
Dec .15.
1977: Jan 15.Feb 15. _
Mar 15
Apr 15__.
May 15
June 15
July 15
AuglS
—
-
- -
Crops
Actual
Adjusted 2
107
110
113
125
179
192
185
186
97
100
108
114
175
224
201
197
117
118
118
136
183
165
172
177
108
112
118
125
144
164
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
71
74
91
86
76
71
79
77
75
79
94
87
76
72
186
186
178
173
178
201
204
195
186
190
175
172
165
162
169
193
193
192
192
193
177
178
179
180
181
194
194
192
191
193
71
71
68
66
68
72
72
69
67
68
183
187
190
191
194
184
180
174
198
203
211
214
214
198
182
172
170
174
171
172
176
173
179
177
198
200
201
204
204
204
203
202
182
196
199
201
204
205
203
201
199
68
69
69
69
70
67
65
64
69
70
70
70
70
67
66
64
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.
* The adjusted parity ratio refects Government payments made directly to
farmers.
Parity ratio 1
(33)
()
(33)
()
(33)
(3)
()
2 Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning Jaim&iy 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY
MONEY STOCK
The pace of growth in Mi moderated in August following July's rapid advance.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
300
200
200
1969
1977
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiires
1
Deposi ts at co]tnmercia banks
Period
M,
M2
M3
Currency
Tim e and savings
Demand
Total
1972: Dec__.
1973: Dec___
1974: Dec___
1975: Dec...
1976: Dee___
1976: Aug
Sept__..
Oct___
Nov-.
Dec
1977: Jan___
Feb...
Mar__
Apr___
May__
June__
July..
Aug".
255. 3
270. 5
283. 1
294. 8
312. 4
306. 5
306. 9
310. 4
310.4
312.4
313. 8
314. 0
315.4
320. 5
320. 7
321.9
326. 8
328. 3
525.3
571.4
612.4
664. 3
740.3
710. 4
716. 3
725. 9
732. 3
740.3
746.3
750. 7
756. 1
764. 6
767.6
772.8
783. 5
787.7
844. 5
919. 6
981. 5
1, 092. 6
1, 237. 1
1, 180. 8
1, 193. 9
1, 210. 7
1, 223. 4
1, 237. 1
1, 248. 9
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 5
1, 316. 8
1, 329. 1
56. 9
61.5
67.8
73.7
80. 5
78. 6
79.2
79.8
80. 2
80. 5
81. 1
81.8
82. 2
83. 1
83. 6
84. 0
85. 1
85.5
1
198.4
209. 0
215. 3
221.0
231.9
227.9
227. 7
230. 6
230. 2
231. 9
232. 7
232. 1
233. 2
237.4
237. 1
238. 0
241.6
242.8
313. 5
363.9
418. 3
451. 7
491. 1
468.9
472. 5
477. 8
484. 2
491. 1
495. 6
500. 0
502. 8
505. 7
509. 2
514. 8
519. 5
522. 5
1
MI is currency plus demand deposits; Ms is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and M3 is Mz plus
deposits at nonbank thrift institutions.
26
Per sent
chaiige 2
Compoii ents anc . related i terns
Large
CDs
43.5
63. 0
89. 0
82. 1
63. 3
65.0
63. 1
62. 3
62. 2
63. 3
63. 1
63.3
62. 2
61. 6
62. 3
63.9
62.8
63.2
Other
270.0
300. 9
329. 3
369.6
427. 9
403.9
409.4
415. 5
422. 0
427. 9
432.5
436.7
440. 6
444. 1
446. 9
450. 9
456.7
459.4
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjusted)
319. 3
348. 1
369. 1
428. 3
496. 8
470. 5
477. 6
484. 8
491. 0
496.8
502. 6
507.5
512. 1
516. 6
521. 4
526. 6
533. 4
541. 4
7. 4
6. 3
4. 9
4. 1
4. 7
3.7
5.0
4.0
4. 2
4. 7
4. 2
4.4
4. 5
5. 6
3. 8
5.2
3. 9
3.7
Mt
9.2
6.0
4.7
4. 1
6.0
6.6
6. 0
5.8
4.6
6.2
5. 9
5.0
5.6
6.6
6.7
6. 2
8. 5
9.3
M2
11.4
8.8
7. 2
8. 5
11.4
9. 7
10. 1
10. 5
10.8
12.4
12. 0
11. 7
11. 4
10. 9
9. 9
9. 0
10. 2
10. 1
3
Annual changes are from December to December and monthly changes ar
from 6 months earlier at a seasonally adjusted annual rate.
Source: Beard of Governors of the Federal Beserve system.
PRIVATE LIQUID ASSET HOLDINGS— HONFINJINCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and cleposits
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Time deposits
Total
liquid
assets
Period
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Total
Dec
1977: Jan
Feb
Mar
Apr_
May
June
July
Aug'
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institu- bonds able securities
769.5
632.4
852. 5
718.7
967.9
817.0
1, 079. 5 887.4
1, 166. 2 9445
1, 289. 7 1, 053. 3
1, 425. 5 1, 192. 1
49. 1
52.6
56.9
61. 5
67. 8
73.7
80.5
151. 8
161.5
176.5
183. 3
186.5
190. 7
196.8
198.9
233.6
264.4
294.4
321. 1
360.6
418.1
232. 7
271. 1
319.3
348.1
369. 1
428. 3
496.8
52. 0
54 3
57. £
60.4
63.3
67.3
71.9
41.9
31. 7
1, 141. 3
1, 153. 2
1, 168. 9
1, 180. 0
1,192. 1
78.6
79.2
79. 8
80.2
80.5
196. 3
195.5
197.8
196.2
196.8
395. 9
401. 0
406. 5
412.6
418.1
470.5
477. 6
484 8
491. 0
496.8
70.2
70.8
71.1
71.5
71.9
1, 440. 2 1, 205. 5
1, 454. 5 1, 214. 3
1, 464. 3 1, 223. 6
1, 478. 3 1, 237. 1
_ _ 1,486.8 1, 244. 2
1, 499. 1 1, 253. 4
1, 514. 2 1, 270. 6
1, 525. 1 1, 282. 3
81.1
81.8
82. 2
83.1
83.6
84.0
85. 1
85.5
198.9
197.8
198.5
203.3
202.4
202.5
205.8
206.2
422.9
427. 1
430.7
434 1
436.8
440.4
446.3
449. 1
502.6
507. 5
512. 1
516. 6
521. 4
526. 6
533.4
541.5
72.3
72.7
73. 0
73.4
73. 8
1, 378. 5
1, 388. 2
1, 404. 0
1, 414. 8
1, 425. 5
1976: Aug
Sept
Oct_
Nov
U.S. TJreasury
secuiities
345
43. 2
47.4
66. 3
66.9
742
746
75.0
Negotiable
certificates of
deposit
21.8
27.6
36.2
540
Other
private
money
market
instruments
21.4
20.2
22.7
345
70.7
60. 0
40.4
42.8
49.7
71.4
69. 7
69.7
69.5
66.9
46.7
45.3
48.8
49.2
49.5
49. 5
49.7
67.9
71.8
72. 1
72. 3
71. 7
70.8
68.7
67.2
443
50.2
51. 1
52. 3
53. 1
445
56. 1
56.7
56.3
449
448
443
449
44. 6
43.2
42. 4
42.8
43. 7
442
544
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:stended
Period
Total *
1969
1970
1971 _
1972
1973___
1974
1975—
1976
-
1976: July. ___
Aug
Sept
Oct
Nov_
Dec
1977: Jan
Feb.
Mar.
Apr
May
June
July
.
Automobile
Total *
Automobile
Bank
credit
cards
Net change in amount <3utstanding
Total *
109, 146
112, 296
123, 826
137, 117
157, 863
157, 200
164, 169
193, 328
32, 553
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
4,398
6,768
8,377
10,390
13, 863
17, 098
20, 428
25, 862
99, 786
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
29, 974
30,440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
3, 066
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
9, 360
4,852
10, 043
15, 191
19, 707
9,280
7, 504
20, 533
15, 796
16, 118
16, 420
15, 844
16, 712
17, 677
5,097
5,204
5,298
4, 834
5, 312
5,869
2, 185
2,209
2,211
2,266
2,260
2,297
14, 349
14, 589
14, 589
14, 753
15, 077
15, 236
4,389
4,451
4, 532
4, 500
4, 630
4,667
2,002
2,092
2, 007
2,095
2,148
2, 228
1,447
1,528
1,831
1,091
1,634
2,442
17, 072
17, 418
18, 351
18, 609
18, 322
18, 613
18, 416
5,440
5,747
6, 135
6,037
5,973
5,978
5, C77
2, 166
2, 384
2, 381
2,547
2, 589
2,604
2,525
15, 082
15, 594
15, 503
15, 840
15, 803
16, 331
16, 098
4,708
4, 792
4, 809
4, 882
4, 785
5,080
4,871
2, 176
2, 198
2, 136
2,288
2,416
2, 385
2,361
1, 990
1, 824
2,848
2,770
2,519
2,282
2,319
»Includes some items not shown separately.
Bank
credit
cards
Instalmcjnt credit liejuidated
Automobile
2,579
-347
4,207
5,512
5,758
Bank
credit
cards
1.332
1,153
699
918
500
1,430
1,443
1,220
1,850
707
753
766
334
682
184
117
203
171
112
69
732
955
— 10
3,007
10, 238
1,201
1,326
1,155
1, 188
898
1,005
186
245
259
173
219
164
Source: Board of Governors of the Federal Eeserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks rose at an annual rate of 11 percent from June through August.
BILLIONS OF DOLLARS*(RATIO SCALE)
.
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
60
40
40
1970
1969
1971
1972
1973
*"SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
investments
1969
1970
1971 _ _
1972
1973
1974
1975
1976
1976: Aug
Sept
Oct
Nov
Dec
1977: Jan*
F e b »v_ _ _
Mar
Apr *>
May v
June » _
Julyp*
Aug _
4
.
401. 7
435. 5
485. 7
558. 0
633.4
690. 4
721. 1
784. 4
758. 0
762.9
771.6
778. 8
7844
..
786. 6
796.4
803.0
812. 4
819. 4
825. 5
831. 8
840. 4
1
Data are for end of period.
2
Averages of daily figures. Annual
3
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Bill ions of dollsirs, seasonally adjuste d, except as noted]
Allc ommercial b anks 1
All me mber ban ks
Borrow!ngs (milL(mns
Investnlents
Ileserves 2 3
lions of dollars,
unadji isted) 2
1 otal ex- Commer- U.S. GovOther
cluding cial and
ReNonSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
105. 7
279. 4
51. 2
27. 94
26. 82
71. 1
27. 66
1, 086
292. 0
110. 0
57.8
85. 7
29. 12
28.79
28. 87
321
320. 9
116. 1
60. 6
104.2
31. 22
31. 10
31. 04
107
130.2
62. 6
378.9
31. 41
116. 5
30. 36
31. 12
1, 049
156.4
449. 0
54. 5
34. 94
33. 64
129. 9
34. 64
1,298
41
500. 2
183. 3
50. 4
36. 60
139. 8
35. 87
36. 34
703
32
176.
0
496. 9
79.
4
34.
73
34.
60
144.
8
34.
46
127
13
5
179. 5
538.9
97. 3
34, 95
148.2
34. 90
34. 68
62
12
173. 1
95. 6
516. 0
34. 41
34.51
146. 4
34. 31
104
28
174. 1
520. 8
94. 9
147. 2
34. 34
34. 27
34. 14
75
31
176.8
529. 6
94.4
34.
51
34.
41
147.6
34.29
66
32
179.0
533. 1
95. 4
34. 85
150. 3
34. 78
34. 59
84
21
538.9
179.5
97. 3
148. 2
34. 95
34. 90
34. 68
62
12
540. 9
179. 8
96. 9
148. 8
34. 78
34. 71
34. 51
61
8
545. 4
181. 2
101. 5
149.5
34. 40
34. 33
34. 20
12
79
551. 0
182. 9
103. 6
148. 4
34. 31
34. 20
34. 09
110
13
184. 9
557. 7
102. 8
151. 9
34. 68
34.61
34.49
73
14
562. 1
185. 9
104. 6
152. 7
34. 72
34. 52
34. 51
200
31
567.0
188. 3
105. 3
34. 86
153. 2
34. 60
34. 71
262
55
574. 5
189. 6
102. 9
154. 4
35. 35
35. 03
35. 08
336
60
582. 4
191. 6
102. 6
155.4
35. 64
34. 58
35. 44 1 1,071
101
data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with
no adjustment to eliminate the effect of changes in Regulations D and M.
4
During 1974, total loans and investments were increased $0.6 billion due to
28
1974
i bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
6
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.
Source: Eoard of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
„,
Sources
Uses
External
Period
Total
197(L_
1971
1972
1973
1974
1975
1976
_
_ _
1976: I
II
III
IV
,1
1977: I
__
II v
Internal1
Credi t market funds
Total
Total
Longterm 2
Short-3
term
Total
Other
Purchase
of
physical 4
assets
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104.2
127. 2
153. 0
180. 7
180.7
148. 4
213. 5
58.9
68. 6
80.8
83.8
75.7
107.8
125. 8
45.3
58. 6
72. 2
96. 9
105. 0
40.6
87. 7
40. 5
44. 6
57.7
72. 7
81. 8
36.6
58.3
31. 9
40. 5
40.6
37. 2
39. 1
49. 3
48.6
8.7
4. 1
17. 0
35. 6
42. 6
-12.7
9.7
4.7
14.0
14. 5
24. 2
23. 2
4. 1
29. 4
95.6
114. 6
136. 5
162. 7
163. 6
133. 8
197. 2
80. 0
86. 0
100. 3
123.4
134.7
98. 6
140. 3
15. 6
28. 6
36. 2
39. 3
28. 9
35. 2
56. 9
8.6
12.7
16. 5
18. 1
17. 1
14.7
219. 8
220. 5
204. M
209.5
125. 4
125. 0
130. 5
122. 3
94. 4
95.5
73.8
87. 2
52. 1
60. 2
51.7
69. 4
50. 0
46. 7
51.0
46.7
2. 1
13.4
.6
22.7
42. 2
35. 3
22. 1
17.8
203. 2
202.5
192. 5
190. 5
134.3
143. 1
150. 4
133.4
,68.9
59. 4
42. 1
57. 1
16. 6
17.9
11. 7
19.0
274. 1
222. 0
125.7
131. 5
148.4
90. 5
77. 8
87.5
36. 0
49. 5
42. 0
37.9
70. 6
3.0
257. 3
204. 9
153. 3
170.5
104. 0
34.4
16. 8
17.2
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
2
Stocks,
bonds, and mortgages.
3
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
16.3
* Plant and equipment, residential structures, inventory investment, and mineral rights.
NOTE.—Series revised beginning 1967.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Gur rent liab ilities
Ciirrent ass<3tS
End of
period
Cash
on
Total hand
and
in
banks l
492. 3
529. 6
573. 5
643. 3
712. 2
731. 6
816. 8
698. 4
1975: I
II— 703.2
III- 716. 5
IV___ 731. 6
1970
1971
1972
1973
1974
1975... 1976__ _
I— 753.
!!___ 775.
Ill _ 791.
IV.- 816.
1977: I — 845.
1976
50. 2
53.3
57. 5
61. 6
62.7
68. 1
77. 0
5
4
8
8
60. 6
63. 7
65.6
68. 1
68.4
70. 8
71. 1
77.0
3
75.0
U.S.
Government
securities 2
Receivables
from
U.S.
Government s
Notes
and
accounts
receivable
7.7
11. 0
9. 3
11.0
11.7
19. 4
26. 4
12. 1
12. 7
14.3
19. 4
4.2
3.5
3. 4
3.5
3. 5
3. 6
4. 3
3. 2
3. 3
3.3
3. 6
201. 9
217. 6
240. 0
266. 1
289. 7
294. 6
323. 9
21. 7
23. 3
23. 9
26.4
3.6
3. 7
4. 3
4. 3
4. 6
27.3
Other
Incurvenrent
astories
sets 4
35. 0
43. 8
48. 1
54. 4
56. 6
60. 0
69. 8
55. 4
57. 3
59. 0
60. 0
304. 9
326. 0
352. 2
401. 0
450. 6
457. 5
499. 9
281. 9
284. 8
294. 7
294. 6
193. 3
200. 4
215.2
246.7
288. 0
285. 8
315.4
285. 2
281. 4
279. 6
285. 8
307. 3
318. 1
324. 2
323. 9
342. 0
288. 8
295. 6
302. 1
315. 4
322. 1
63. 6
63. 9
66.3
69. 8
74.3
465.9
475. 9
484. 1
499. 9
516. 6
* Includes time certificates of deposit.
23 Includes Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
Total
438.0
434. 2
444.7
457. 5
Advances
and
Notes
and
preacpayments, counts
U.S.
payable
Govern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-5
ties
204. 7
215. 6
230. 4
261. 6
287.5
281. 6
295. 9
271. 2
270. 1
273. 4
281. 6
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
26. 8
21. 8
17.7
19. 4
20. 7
83. 6
92. 4
102.6
117.0
134. 8
148. 8
170. 2
8
6
6
8
187. 4
203. 6
221. 3
242. 3
261. 5
274. 1
316. 9
260. 4
269. 0
271.8
274. 1
280. 5
287. 0
284. 7
295. 9
302. 2
23.9
22. 0
24. 9
26. 8
155. 0
160. 1
167. 5
170.2
287. 6
299. 4
307. 7
316. 9
28. 6
179. 0
328.7
6.6
4. 9
4. 0
4. 3
5.2
6. 4
7. 0
5. 3
5.8
6.2
6. 4
6.4
6. 8
7. 0
7.0
6. 8
139.
140.
145.
148.
Net
working
capital
4
Includes marketable investments (other than Government securities and
time
certificates of deposit) as v ell as sundry current cssets.
5
Includes commercial paper outstanding, the portion of long-term debt du©
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Short-term market interest rates rose about 30 basis points from late August to late September prompting increases
in the discount rate and prime rate.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE ;\aa BONDS
(MOO >Y'S)
%.
}
/<
•
\
f \i '•
\A
A
•: \
I \
/V,\
r^y
A
cT
—'
\
\
\
"
*.
DISCOUNT
RATE
FE DERAL
RE•SERVE
BA NK OF
NE\¥ YORK
(*•
\
\
Li
/^.—LI
|
,J
\ / \ . ,-y
V
^ i I i i 1 i i i i ii i t i i 1 i i i ii
¥
1970
1969
Jft
J
£
/
,-•• H
x
/
r'j
v/^x"v-|—»
v
x"*s
"""x
V IL
UV
\A
y
\ I
:
I
Ml
/
\
h•'-7T-L
w
TREASURY i JILLS
J
^
*\
\
J[
r*
V * —/
'V
•t 1 1 1 1 1 1 I ! 1 1
1 1 1 1 1 I-I-I 1 1 1
1971
1972
1 11 I! 1
1 1 11
! f
t I I I I f l,l t f r f f I i i*r-M
1974
'1973
f f ? 1 1 ! i i n ? 1 1 I f 1 1 1 1 M l|
1975
1977
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE, SEE TABU BELOW
[Percent per annum]
Period
1971
1972
_
1973
1974
1975
1976
1976: Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Week ended:
1977: Sept 2 _ _ _ _
9
16—
23_.._
30
1
2
8
U.S. Gove rnment seciirity yields High-grade Corporate Prime com- Discount
municipal
mercial
rate
Ann
Aaa
3-month
bonds
(N.Y.
paper,
3-5
year
Taxable
bonds
Treasury
(Standard4 (Moody's)
F.R.
4-6
issues 2
bonds * &
bills *
Poor's)
Bank)8
months
4.348
4. 071
7. 041
7.886
5.838
4. 989
5.075
4.930
4.810
4.355
4.597
4. 662
4. 613
4. 540
4. 942
5. 004
5. 146
5. 500
5.770
5.77
5.85
6.92
7.81
7.55
6.94
6. 84
6.50
6.35
5.96
6. 49
6.69
6. 73
6. 58
6. 76
6.58
6.67
6. 90
5.74
5.63
6.30
6.99
6.98
6.78
6.70
6.65
6.62
6. 39
6.68
7. 15
7.20
7. 14
7. 17
6.99
6.97
7. 00
5.70
5.27
5. 18
6. 09
6.89
6.49
6.20
6.06
6.05
5.69
5. 70
5. 75
5. 76
5. 61
5. 64
5. 53
5.50
5.46
8.38
8.32
8.25
7.98
7. 96
8. 04
8. 10
8. 04
8. 05
7.95
7.94
7.98
5. 11
4.69
8. 15
9.87
6.33
5.35
5. 45
5. 22
5.05
4.70
4.74
4.82
4.87
4.87
5. 35
5.49
5. 41
5.84
5.574
5. 554
5. 887
5.851
5.982
6.84
6.86
6.93
6.93
6.90
6.90
6.94
6.95
5.38
5.33
5. 37
5.37
7.92
7.90
7.89
7.92
6.00
5.99
6. 19
6. 22
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
8 Average effective rate for year; opening and closing rate for month and week.
30
7.39
7.21
7.44
8.57
8.83
a 43
4. 88
4.50
6.45
7.83
6.25
5.50
5K-5K
5H-5H
5&-5tf
5&-5K
5K-5tf
5Ji-5«
5H-5Y4
5&-5K
5J£-5tf
5l/i-5^
5^-5^
5y4-5%
5%~5%
5%-5%
5%-5%
5%-5%
Prime
rate
charged
by
banks 5
5. 72
5. 25
8.03
10.81
7.86
6.84
7 -7
7 -6%
6K-6K
m-m
®i-m
6M-6M
6&-6tf
6tf-6«
6^-6%
6%-6%
6%-6%
6J4-7
Newhome
mortgage
yields
(FHLBB)8
7. 74
7. 60
7. 95
8. 92
9. 01
8. 99
9. 08
9.07
9. 05
9. 10
9.05
8. 99
8.95
8.94
8. 96
8.98
9. 00
9. 02
7 -7
7 -7
7 -TJi
7K-7J4
6
Effective rate (in the primary market) on conventicnal mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Reserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices moved generally lower during September.
INDEX, DEC 3; 1965=50
180
NDEX, DEC 31,1965=50
80
rs>/\
70
70
COMPOSITE STOCK PRICE INDEX
60
20
20
15 _
.
10
^
pX^x^
>••!
\\
5
0"
A
EARNINGS-PRICE RATIO ON COMMOK STOCKS
(S&P)
1
1
1969
1
!
I !
1970
I
I
l l
1971
1
1 1
1972
__^S~\
^
^
1
1
1
r
[V
10
N^
^—
—*
I
!
1974
1973
I
i t i
1975
\
\
\
1976
1971
1972
1973
1974
1975
1976
1976: Aug
Sept
Oct
Nov
Dee
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Week ended:
1977: Aug 26
Sept 2
9
16
23
1
New York Stock Exch ange indexe 3 (Dec. 31, 1L965=50) 2
Utility
Finance
54.22
60.29
57.42
43.84
45.73
5446
55. 18
56. 29
54.43
54. 17
56.34
56. 28
54.93
54,67
53.92
53. 96
54. 30
54. 94
53. 51
57.92
65.73
63.08
48.08
50.52
60.44
61. 14
62.35
60. 07
59. 45
61. 54
61. 26
59.65
59. 56
58.47
58. 13
58.44
58. 90
57.30
44.35
50.17
37.74
31.89
31.10
39.57
40. 63
40. 36
38. 37
39.28
41.77
41.93
40.59
40. 52
41.51
43. 25
43.29
43. 52
41.04
39. 53
38.48
37.69
29.79
31. 50
36. 97
37.56
38.77
38.33
38. 85
40. 61
41. 13
40.86
40. 18
40.24
41. 14
41. 59
42. 44
41.50
70.38
78.35
70. 12
49.67
47. 14
52. 94
54. 22
54. 52
52. 74
53. 25
57.45
57.86
55.65
54. 84
54. 30
54. 80
55. 29
57. 29
56.52
53.08
53.01
53.25
52. 72
52. 24
56. 90
56. 93
57. 18
56. 53
55.86
40.63
40.63
40. 65
39. 96
39. 59
40. 96
40. 59
40. 93
40.87
40. 93
56.24
56. 02
55.96
55. 41
54.92
Averages oldaily closing prices.
* Includes all the stocks (more than 1,500) listed on the NYSE.
* Includes 30 stocks.
* Includes 500 stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
I
1
1977
Common stock5 yields
(perc ent)
Comrnon stock pirices 1
Composite Industrial Transportation
I
COUNCIL OF ECONOMIC ADVISERS
SOURCES* NEW YORK STOCK EXCHANGE AND STANDARD 6 POOR'S CORPORATION
Period
15
, ,
a
Dow& Poor's Dividend- EarningsJones
composite
price
price
industrial8
index
ratio
ratio
average (1941-43=
10) 4
884.76
98.29
5.41
3. 14
950. 71
109. 20
2.84
5.50
923. 88
107. 43
7. 12
3. 06
759. 37
82.85
11.59
4.47
802. 49
86. 16
4. 31
9. 15
974. 92
102. 01
8.90
3.77
981. 63
103. 29
3. 74
994.37
105. 45
3. 71
9. 07
951. 95
101. 89
3. 85
944. 58
101. 19
4. 04
976. 86
104. 66
9.22
3.93
970. 62
103. 81
3. 99
941. 77
100. 96
4.21
946. 11
100. 57
10.22
4.37
929. 10
99.05
4.47
926. 31
98. 76
4. 57
916. 56
99.29
4. 60
908. 20
100. 18
4. 59
872. 26
97.75
4. 72
861. 05
864. 33
868. 72
857. 05
844. 51
96. 97
96. 87
97. 34
96. 39
95.39
4. 75
4, 78
4. 72
4. 80
4.88
NOTE.—All data relate to stocks listed on the New York Stock Exchange
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
In the first 11 months of fiscal 1977 (October 1976-Ausust 1977), there was a budget deficit of $46.6 billion. A
year earlier the deficit was $61.2 billion.
BILLIONS OF DOLLARS
500
RECEIPTS AND
BILLIONS OF DOLLARS
1500
OUTLAYS
,400
400
OUTLAYS
300
300
200
200
50
50SURPLUS (+) OR DEFICIT (-)
0
-50
-50
-100
-100
1969
1970
1971
1973
1972
1974
1975
1976
1978
1977'
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCESs DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
' 1972_._ _'
1973
1974
1975__
'
1976 ___
Transition quarter
_
__
1977 (estimates) :
2
Estimates, July 1977 _ __ 3
Third Concurrent Resolution .
1978 (estimates) :
Estimates, July 1977 2
_ _
Second Concurrent Resolution 4
October 1975-August 1976 5 ___
October 1976-August 1977
Receipts
___
* Excludes non-interest-bearing public debt securities held by IMF.
2
Estimates from Mid-Session Review of the Budget, Office of Management and
Budget, July 1,1977. (As of August 1,1977, fiscal year 1977 outlays were estimated
at $404.0 billion and the deficit at $45.7 billion; receipts estimates were unchanged.
Revised outlays by function are not available.)
s Third Concurrent Eesolution on the Budget—Fiscal Year 1977. revised May
17,1977.
32
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Total
1
Held by
the public
187. 8
193.7
188.4
208. 6
232.2
264. 9
281. 0
299. 2
81. 7
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
365. 7
94. 6
-2. 8
-23.0
-23.4
-14.8
-4.7
-45. 1
-66. 5
-13. 0
3.2
367. 1
382. 6
409. 5
437. 3
468. 4
486. 2
544. 1
631.9
646.4
279. 5
284.9
304.3
323. 8
343.0
346. 1
396. 9
480. 3
498. 3
358. 3
356.6
406.4
409. 2
-48. 1
-52. 6
727. 0
571. 3
401. 4
397.0
276. 9
320. 2
462. 9
458. 3
338. 1
366. 8
-61.
-61.
-61.
-46.
802.4
637.1
644. 4
695. 5
494. 4
541.8
5
3
2
6
* Second Concurrent Resolution on the Budget—Fiscal Year 1978, Septemberf 15, 1977.
First 11 months of fiscal year 1977.
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
BUDGET
OUTLAYS BY
BY
In the first 11 months of fiscal 1977 (October 1976-August 1977), bucket receipts were $43.3 billion hisher than a
year earlier and budget outlays, $28.7 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200 _ RECEIPTS -
200
INDIVIDUAL INCOME TAXES
^
100
100
§
CORPORATION INCOME TAXES
""""
'
/
OTHER RECEIPTS
400
.400
OUTLAYS
300
300
200
200
NONDEFENSE
100
100
1969
1970
1971
1973
1972
1974
1975
197.7
1976
1978
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Rece ipts
Nationa i defense
Period
Total
Fiscal year or period:
1969.
1970 _
1971
1972_ _ _
1973_ _
1974_
__
_ _
1975_
_ _
1976_
Transition
quarter.
1977 1 _ „
1978 !___
Indi- Corpovidual ration
Income income
taxes
taxes
Other
Total
Total
Department of
Defense,
military
Interna- Health
and
In- Other
tional
income
affairs security terest
187.8
193.7
188. 4
208, 6
232. 2
264. 9
281. 0
299.2
81. 7
358.3
401.4
' 87. 2
90. 4
86. 2
94. 7
103. 2
119.0
122. 4
130. 8
38. 7
158. 3
178.2
36.7
32.8
26. 8
32. 2
36.2
38.6
40. 6
41. 4
8. 5
54. 6
59. 7
63. 9
70. 5
75. 4
81.7
92. 8
107. 4
118. 0
127. 0
34. 5
145. 4
163.5
184. 5
196.6
211. 4
232. 0
247. 1
269. 6
326. 1
365.7
94. 6
406. 4
462. 9
80. 2
79. 3
76.8
77.4
75. 1
78. 6
86.6
90.0
22. 5
96. 9
113. 0
77. 9
77.2
74.5
75.2
73. 3
77. 6
85. 0
88.0
21. 9
96. 0
109. 3
3. 8
3.6
3. 1
3. 9
3. 5
4. 8
5. 9
5. 1
2.0
6.5
7. 1
49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136. 3
160. 0
41. 4
176. 5
191. 1
15.8
18. 3
19. 6
20.6
22. 8
28. 1
31. 0
34. 6
7. 2
38. 0
41.7
35.7
39. 3
41.8
48. 8
53. 9
51.7
66.4
76. 0
21. 5
88.5
110.0
October 1975- August 1976__
276. 9
October 1976- August 1977 2 _ 320. 2
1
120. 4
139. 4
35. 6
46. 5
120. 9
134. 3
338. 1
366. 8
82.9
87. 7
80. 7
87.7
5.5
4.8
150. 0
161. 3
33. 2
35.4
66. 4
77.6
1 Estimates from Mid-Session Review of the 1978 Budget, July 1, 1977. See also
footnote
2, page 32.
2
First 11 months of fiscal year 1977.
NOTE.—Figures beginning 1976 reflect recent definitional change: Earned
income credit payments in excess of an individual's tax liability, formerly treated
as outlays, now classified as income tax refunds. Deficit figures are not affected.
Source: Department of the Treasury and Office of Management and Budget-
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for the second quarter, Federal receipts rose $6.3 billion (annual rate) and
expenditures $7.8 billion, yielding a deficit of $40.3 billion, $1.5 billion more than the deficit in the first quarter.
BILLIONS OF DOLLARS
440
BILLIONS OF DOLLARS
440
40
40
SURPLUS
PHI
|:j:;|j |^3 fs«n
m
m
^ 1
iiii ^ H H
£^j kZd k^3 t^ \C£A \//\
%//A
Y/A
-40 DEFICIT
|"i I I I j! 1 I 1
1
i
i
i
Ii
-40
WL
-80
-80
-120
-120
1969
1970
1972
1971
1974
1973
1977
1976
197 5
CALENDAR YEARS
SOURCE! DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
I^ederal Cjovernm ent expeiaditures
Federal C•rovernncu3nt receip bs
Period
Fiscal year:
1974
1975
1976
Indirect
Personal Corporate business
tax
and
Total nont/ax profits tax and
tax
nontax
receipts accruals
accruals
GrantsSubsidies Less:
ContriWage
Purin-aid
less
butions
current accruals
chases Trans- to State Net
for
Total of goods fer pay- and interest surplus of less
social inments local
and
paid Govern- disgovernsurance
ment en- burseservices
ments
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
271.8
283. 6
314. 1
122. 6
127.3
137.2
43. 7
42. 1
52.2
21.4
22. 1
24.2
84.2 278.8
92. 1 328.7
100.5 372.3
104. 6
117.9
126.5
104. 7
134.2
156.8
41. 6
48.4
57.5
19. 8
21. 9
25.4
8.0
5.7
-0.2
-.4
.0
-7.0
-45.0
— 58.2
1972
227.5
1973
258. 3
1974_ _ _ 288. 6
1975
286.9
1976
332. 3
108.2
114. 6
131. 1
125. 6
147. 3
36.6
43. 0
45. 9
43. 1
55.9
20. 0
21. 2
21. 7
24. 0
23.4
62. 8
79.4
89.9
94.2
105.7
244. 7
265. 0
299. 3
357. 1
386.3
102. 1
102.2
111. 1
123.3
130. 1
83.2
95.8
117. 6
149. 1
162.0
37. 5
40. 6
43.9
54.6
61.0
14. 6
18.2
20.9
23.3
27.2
7. 8
.5
.0
-.5
.0
.0
-17.3
-6.7
-10.7
-70.2
-54.0
1976: I
III.. 337. 1
IV... 344.5
138.0
143.9
150.3
157. 1
54.4
57. 0
56. 9
55. 1
22. 7
23.2
23. 7
23.8
103.2
105. 0
106.2
108.4
378. 7
375. 3
390.6
400.4
127. 6
128.5
130.2
134.2
160.2
157.8
163.9
166. 3
58. 5
56.8
63. 1
65. 5
26.2
26.7
27.3
28. 5
6.2
5.5
.0
.0
.0
.0
-60.3
—46.2
-53.5
-55.9
364. 9
II..- 371.2
170.0
168.6
55.4
59.9
24.2
24.6
115.4 403. 7
118.1 411.5
136. 3
143.6
170. 7
169.3
62. 0
63. 6
28. 6
29. 1
6. 1
.0
.0
— 38. 8
-40.3
i
Calendar
year:
318.4
II— 329. 1
1977:1
6. 1
8.2
5.3
6.7
5.9
6. 1
6. 0
5.9
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria . produc3tion (se<asonally adjuste d)
Period
Ger-
United
States
Canada
Japan
France
many
Italy
107.8
109. 6
119. 7
129. 8
129. 3
117.8
129. 8
132.3
133. 2
135.3
136. 1
137.0
137.9
138.9
138.2
114. 1
122. 0
130.9
142.7
147.2
140. 1
147.2
152.0
151. 0
151.4
151.0
152. 1
152.9
151.2
151.6
155.8
167. 0
193. 1
187. 6
167. 4
190. 0
198. 3
194.8
199. 1
200. 8
196.7
199. 4
122
127
137
147
151
138
152
159
157
159
156
154
131. 3
133.3
139. 0
149. 1
146. 9
137. 9
147. 8
157. 7
152. 3
152.4
155. 7
153. 0
151. 6
151. 1
116. 9
116. 8
121. 8
133.7
139. 6
126. 8
142. 5
152. 2
152. 9
153.2
143.3
147.0
135. 6
1970
1971
_1972
1973
1974
1975
1976
1977: Jan. __
Feb___
Mar__
Apr
May__
June...
July...
Aug...
Con sumer i>riees (uimdjustec i)
United United
King- States
dom
110
110
114
122
120
113
116
120
119
119
119
116
116.3
121. 3
125.3
133. 1
147.7
161.2
170. 5
175. 3
177. 1
178. 2
179.6
180. 6
181.8
182. 6
183.3
Can- Japan France Gerada
many
112.4
115. 6
121.2
130. 3
144. 5
160. 1
172. 1
178. 0
179.7
181. 5
182. 5
184. 0
185. 3
187. 1
187.9
119. 3
126. 5
132.3
147. 9
184. 0
205. 8
117. 1
123.5
131. 1
140.7
160.0
178.9
224.9 196.1
236. 0 204. 1
237.2 205. 5
238.7 207.3
242. 6 210.0
244. 9 212.0
243. 6 213.6
243.0 215.5
107. 1
112.7
119.0
127.2
136. 1
144.2
150.7
154. 0
154. 9
155. 5
156. 2
156.9
157. 6
157.4
157.3
Italy
109.2
114.4
121. 0
134. 1
159.7
186.8
218. 1
238.8
243.4
246. 5
249.5
252. 6
254.3
259. 3
United
King-
dom
117. 4
128. 5
137.6
150.3
174.4
216.5
252.4
276.9
279.7
282.4
289.6
291. 9
294.9
295.3
296.7
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Besearcn, International Trade Analysis
Staff, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise 63sports
Period
IDomestic
Total
Food,
domesbevertic and
2
foreign Total * ages,
and toexports
bacco
Mere!landise i mports
Ge neral im] :>orts
exports
Crude
Food, Crude
mate- Manubever- mate2
rials
facTotal
rials
ages,
tured
and
and to- and
fuels
goods
bacco
fuels
F. a.s. valu B 5
Monthly
average :
1973
1974
Manu- Total
fac(c.i.f.
tured value) 4
goods
Mer chandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
imless
ports
im(cusports
toms (f.a.s.)
value)
trade
Exports
(f.a.s.)
less
imports
(c.Lf.)
Custom s value
5,902
8,159
5,811
8,045
1,078
1,269
895
1,317
3,728
5,294
5,790
8,416
1974
1975
1976
1976: Aug
Sept.__
Oct
Nov
Dec
8, 159
8, 928
9, 567
9, 733
9,796
9,698
9, 594
10, 397
8,045
8,803
9,427
1,269
1,399
1,436
1,476
1,442
1,639
1,398
1,379
1,317
1,266
1,341
1,283
1,490
1,470
1,482
1,,475
5,294
5, 913
6,437
6, 545
6,448
6,284
6,462
7,324
1977: Jan
Feb
Mar
Apr
May
June
July___
Aug
9,599
9,808
10, 072
9,970
10, 395
10, 112
10, 150
9, 563
1,250
1,265
1,451
1,350
1,376
1,315
1,366
1,305
1,409
1, 574
1,482
1,684
1,789
1,575
1,607
1,247
6,459
6,483
6,745
6,479
6,794
6,700
6,695
6, 531
112
-257
3,750
4,684
8,354
8,010
10, 057
10, 477
10, 651
10, 555
10, 623
11, 020
770 1, 120
892 2,653
F.a.s. 'value 5
892 2,672
827 2,716
991 3,456
972 3,761
998 3, 747
986 3,788
1, 030 3,905
1, 142 3,808
4,602
4, 257
5, 398
5, 546
5, 665
5, 509
5, 724
5,832
9,000
-257 -195
852
8,616
918
10, 797
— 583 -490
11,253
-835 -744
11,449
-965 -855
11, 308
-925 -857
11, 381 -1, 124-1, 029
— 720 -623
11, 789
-841
312
-1,230
— 1, 520
-1,653
-1,611
-1, 787
-1,392
11, 269
11, 674
12, 459
12, 593
11,616
12, 932
12, 476
12, 232
1, 150
1,261
1,291
1,468
1,354
1, 170
1, 107
1,071
3,946
4, 111
4,964
4,572
3,974
4,829
4,459
4,231
5, 861
5,920
6, 069
6,244
6,313
6, 629
6,631
6,724
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
13, 330
13, 051
—2, 460
-2, 655
-3,212
-3, 449
-2, 009
-3, 698
-3, 180
-3,488
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
* Total includes commodities and transactions not classified according to kind.
*4 Total arrivals of imported goods other than intransit shipments.
C.i.f. (cost, insurance, and freight) import value at first port of entry in tbt
'United States. Data for 1973 are estimates.
3
6,131
9,000
-195
-1,758 -1,670
-1,956 -1, 866
-2, 484 -2, 387
-2, 707-2, 623
- 1, 326-1,221
-2, 934 -2, 820
-2, 408-2, 326
-2, 721 -2, 670
-229
-841
6
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. current account balance fell in the second quarter to a deficit of $4.6 billion, reflecting a slightly larger decline
in the merchandise trade balance. Although merchandise exports rose modestly, imports registered a larger increase.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1970.
1969
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M€ rchandise
Period
Exports
1970
1971
1972
1973
1974
1975
1976
1975: III___
IV_._
1976: I
IL___
III__-
1V___
1977:1
II *>___
42,
43,
49,
71,
98,
107,
114,
26,
27,
27,
28,
29,
29,
29,
30,
1
Excludes
2
Adjusted
3
Imports
12
Net
balance
Milita ry trans actions
Direct
expenditures
469 -39, 866 2, 603 -4, 855
319 -45, 579 -2,260 -4,819
381 - 55, 797— 6, 416 4,784
410 — 70, 499
911 -4, 629
306 -103,673 -5, 367 -5, 035
088 — 98, 043 9,045 -4, 795
694 -124,014 -9,320 -4,847
562 — 24, 483 2,079 -1,096
657 -25,431 2, 226 -1, 198
000 -28,343 -1,343 -1,160
380 -29, 955 -1, 575— 1, 228
603 -32,411 -2, 808 -1,237
711 -33, 305-3, 594 -1,222
458 -36, 561 -7, 103-1,329
488 -38,347 -7,859 -1,403
Sales
1, 501
1,926
1, 163
2, 342
2, 952
3,919
5,213
957
1,164
1,095
1,189
1,472
1, 457
1,845
1,867
Net
balance
Private 3
U.S.
Government
-3, 355 3,605 -112
-2,893 5, 575 -956
-3, 621 6, 074 -1,888
-2,287 7,806 -3,010
-2, 083 11, 978 -3,234
-876 9,377 -3,423
366 13, 041 -3,233
-139 2,435 -816
-34 2,404 — 807
-65 3,210 -773
-39 3, 025 -745
235 3,455 -788
235 3, 351 — 927
516 4, 121 -869
464 4,295 -894
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 Mid
included in other services, net.
36
Net iiivestment i ncome
Nettravel
Other
andj
trans- service?,3
porta- n
et
tion
receipts
-2, 023
-2, 315
-3, 028
-3, 086
-3, 105
-2, 552
-2, 145
-604
-684
-669
-337
-458
-681
-953
-737
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
other
unilateral
trans-l
fers
Balance
on
current
account
2, 190 2,912 -3, 294 -382
2, 509 -340 -3, 701 -4,041
2, 789 -6, 088 -3,854 -9, 942
3, 185 3, 520 -3,887 -367
3, 970 2,160 -7, 188 -5,028
4, 594 16, 164 -4, 612 11, 552
4, 888 3,596 -5, 023 -1,427
1, 180 4, 135 -1,070 3,065
1, 184 4,289 -1,238 3, 051
1,192 1,552 -1,029
523
1, 176 1,505 -1,015
490
1,239
875 — 1,936 -1,061
1,279 -337 -1,045 -1,382
1,293 -2, 995 — 1, 163 -4, 158
1,366 -3, 365 -1,240 -4, 605
NOTE.—Data revised beginning 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
The growth of foreign assets in the United States and U.S. assets abroad resumed more normal rates in the second
quarter, following a slight decline in U.S. assets abroad and only a very small increase in foreign assets in the U.S.
during the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
301
130
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
\
10
10
-10
-10
-20
-20
-30
-30
1969
1977
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.£3. assets abroad, rlet
[increEise/capita outflow (-)]
Period
Total
1970
1971___-__1972
1973
1974
1975
1976
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
ment assets
assets 1 2 assets
Forei 5n assets in the U. S., net
[mere ase/capitf il inflow (+)]*
Foreign official
ass ets
Total
2, 477 — 1, 589 - 7, 052 5,
-6, 164
2,348 - 1, 884- 9, 76322,
-9, 299
32 -1, 568- 8, 39221,
-9,929
- 14, 666
209 -2, 645 -12,230 17,
365 -25,960 33,
-27,029 _ 1 434
-31, 548
-607 -3,463 27,478 14,
-42, 959 -2, 530 -4, 213-36,216 34,
1975: I I I _ _ _ -3,081
IV_.__ — 11,836
-342
89
Total
923
445
127
753
612
336
520
-388
6
1,627 2,510
-909
-827 -10,952 12, 991
1
Consists of gold, special drawing rights (SDE), convertible currencies, and
he3 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
7,
27,
10,
5,
10,
5,
13,
362
-984
405 -4,450
322 10, 422
145 11, 454
257 22, 631
259
7,376
007 16, 575
-745 - 1, 994 2,416 - 1, 603 -1, 977
2,832
2, 328
-977 -10,948 5,814
-773
-723 - 9, 254 6, 856
-10,751
1976: I
— 944 - 7, 257 7, 385
II
-9, 779 -1, 578
-407 -1,405
6,597 8,201
I I I _ _ _ -8,409
228 -1, 142 13,108 12, 079
IV
- 14, 022
331
1977: I
II *>__ -11,774
6, 907
26, 895
10, 705
6,299
10, 981
6,960
17, 945
Other
Assets of foreign
foreign
assets
official
reserve
agencies
3,
4,
3,
6,
847
051
070
977
5, 719
6, 935
2, 323
3, 308
1,251
6, 125
4,019
2,982
3,009
3, 333
5, 131
5, 102
5, 007 -3,209
6, 628
6,056
Stati stical
discre pancy
Allocations
of
Of
TYi+ol
special (sum of which :
drawing
Seasonal
the
rights
adjustitems
(SDR) with
ment
sign discrepreversed)
867
-244
717 -9,822
710 -1,966
-2, 720
-1, 555
5, 660
9,866
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
14,
12,
13,
14,
15,
16,
18,
487
167
151
378
883
226
747
-2,400 -2, 475 16, 291
1,316 16, 226
2,971
3, 372
717
1,905
129
1, 268 -2, 622
3,325
1,780
1,317
3,388
524
-205
16,
18,
18,
18,
941
477
945
747
19, 120
19, 156
NOTE.—Data revised beginning 1976.
Sources: Department ot Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
375
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First- Class^Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
....
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
.. .„ .-.
Nonfinancial Corporate Business—Output, Costs, and Profits
,
National Income. ,
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income... ..
Farm Income
Corporate Profits.
.. ..
Gross Private Domestic Investment
Expenditures for New Plant and Equipment.......
Page
•
—
..-..
,.
,
•
.
•
--
.........
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs.
Nonagricultural Employment
%.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries. . ...
Average Weekly Earnings—Private Nonagricultural Industries
..
Productivity and Related Data, Private Business Economy
. . . . _ _ . — ......... -. — .-.
.*
... .
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
.. ..^
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
_.
Manufacturers' Shipments, Inventories, and New Orders
—
.
.
,.,
.
, -,.....
.
17
18
19
19
20
21
.
PRICES
Wholesale Prices
Consumer Prices,
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
.~.
.... ^.... _
22
23
24
24
25
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
-.... M .
.-.
_.
26
27
27
28
29
29
30
31
..
~ ... *
...
,
....
MONEY, CREDIT, AND SECURITY MARKETS
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.
-.
...... _ _ _ ^.. . _ _..
^.... ^. ^. M ^.. „, ^.. ^. ^. ^. _ ^.. ^
35
35
36
INTERNATIONAL STATISTICS
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