Full text of Economic Indicators : September 1978
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95th Congress, 2d Session
•1-1
^of®^5
-•
Economic indicators
T
September 1978
Prepared for the joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23; 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
11
TOTAL OUTPUT, INCOME,
SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $95.5 billion or 20.6 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased 8.7 percent from the first quarter level
and the implicit price deflator rose at an 11.0 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALQ
2,200
BILLIONS OF DOLLARS (RATIO SCALQ
2,200
SEASONALLY ADJUSTED ANNUAL RATES
2,000
2,000
1,800
1,600
1,600
GNP
IN CURRENT DOLLARS
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
1,000.
1,000
I
1970
1971
1972
1973
1974
1977
1976
1975
SOURCE, DEPARTMENT OF fOMMSRCE
1978
COUNCIL Of ECONOMIC ADVISERS
[Billions of currerit dollars; quarterly data at seasonally adjusted annual ra1bes]
Gross
national
product
Period
Personal
consumption
expenditures
Gross
private
domestic
investment
Go\rernment purchases of goods and
services
Export s and imp>orts of
goodIs and sen/ices
Federal
Net
exports
Exports
Imports
Total
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. ft 809.9
1, 412. 9 889.6
1, 528. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
120.8
131.5
146. 2
140.8
160. 0
188.3
220.0
214.6
190.9
243.0
297.8
4.9
2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
7.4
-11. 1
45.6
49.9
54.7
62.5
65. 6
72.7
101.6
137.9
147.3
163.2
175.5
40.6
47.7
52.9
58.5
64. 0
75.9
94.4
131.9
126.9
155.7
186.6
180.2
198.7
207.9
218.9
233. 7
253. 1
269.5
302.7
338.4
359.5
394.0
1, 806. 8 1, 167. 7
1, 867. 0 1, 188. 6
III.. 1, 916. 8 1, 214. 5
IV.._ 1, 958. 1 1, 255. 2
272.5
295. 6
309.7
313.5
— 8.5
-5.9
-7.0
-23.2
170.9
178. 1
180.8
172.1
179.4
184.0
187.8
195.2
1, 992. 0 1, 276. 7
2, 087. 5 1, 322. 9
322.7
345.4
— 24. 1
-5.5
181.7
205.4
205.8
210.9
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977:1
1978:1
II...
i This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Total
National
defense l
Nondefense
State
and
local
Final
sales
129.9
145. 1
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77.0
83.7
86.8
94.3
19.5
21.2
21. 2
22. 1
26. 0
28.6
28.7
34. 1
39.4
43.1
50.8
89. 3
100.7
110.4
123.2
137.5
151. 0
167. 3
191. 5
215.4
229. 6
248. 9
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
375.0
388.8
399. 5
412. 5
138.3
142.9
146. 8
152.2
91.9
93.7
94,4
97.1
46.4
49. 3
52.4
55. 1
236.7
245. 9
252. 7
260.3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
416.7
424.7
151.5
147.2
97.9
98.6
53.6
48. 6
265.2
277. 6
1, 975. 3
2, 067. 4
90.9
98.0
97.5
95.6
96. 2
102. 1
102.2
11L 1
mi
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 gc>ods
Gross iprivate do mestic
aiad service£
irivestment
Personal
conGross
Change
national sumpNonResi- in busition
product
Net Exports Imports
resiexpend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
1, 007. 7
1967_
1968. -_ -_ 1, 051. 8
1, 07a 8
1969
1, 075. 3
1970
1, 107. 5
1971.
1972.. __ 1, 171. 1
M73_._ _ 1, 235. 0
1974_. _ 1, 217. 8
1, 202. 3
1975.
1, 271. 0
1976.
1, 332. 7
1977.
603.2
633. 4
655. 4
66R9
691.9
733. 0
767. 7
760. 7
774 6
819.4
857.7
103.5
108.0
114. 3
110. 0
108. 0
116. 8
131. 0
130.6
113.6
118.9
129.8
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45. 0
38. 8
47.8
57.7
1977:1—. 1, 306. 7
II_— 1, 325. 5
III— jl, 343. 9
IV... 11, 354. 5
846.6
849. 5
858. 0
876.6
12a8
129.1
130. 8
132. 5
53. 5
58.0
58.8
60.3
1978: 1— . 1, 354. 2
II... 1, 382. 6
873. 5
886. 3
133. 8
140.5
59. 5
59.9
as
Governrnent purebases of
good s and serdees
Tji'
Total
State
and
local
Federal
ni
.rinal
sales
50.7
58.9
63.5
65.7
68.5
75.9
79. 9
77. 1
67. 5
80.5
88. 7
248. 3
259.2
256.7
250.2
249. 4
253. 1
252. 5
257. 7
262. 6
262.8
269. 2
125.3
128. 3
121. 8
15.9
22.6
15.4
9. 5
54.2
58.5
62.2
67. 1
67.9
72.7
87.4
93. 0
90.0
95.9
98.2
110.7
103.9
102. 1
96. 6
95. 8
96.5
96.6
101.6
123. 1
130.9
134. 9
139. 5
145. 5
151. 0
155.9
161. 8
166. 1
166. 2
167. 6
10. 0
12. 2
11.2
11.0
12. 5
3. 1
97.4
98.9
100. 8
96. 0
85. 9
87.9
88.2
92. 9
262.8
267. 9
271.7
274.5
98.7
101.3
102. 9
103. 6
164. 1 1, 300. 9
166. 6 1, 315. 5
168.8 1, 331. 7
170.9 1, 347. 1
12.3
12. 7
2.9
99. 1 ',
108.4 1
96. 2
97. 1
272.1
271.9
101.2
97. 1
12.0
8. 7
10.6
4,3
6.6
9.4
16.5
8.0
~9. 8
6. 7
8.9
5.8
7.5
-.4
-1.3
1.4
—.6
-3.3
7.6
11.3
1
i
170. 8
174.8
995.7
1, 043. 1
1, 068. 2
1,071.0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1,212. 1
1, 264. 4
1, 323. 8
1,341. 8
1, 369. 9
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100]
Period
Gross
national
product
Persona consump tion expe]aditures
Total
Gross ]private
dom estic
invesi ,ment
Nonres- ResiNonDurable durable Services idential dential
goods
goods
fixed
fixed
Expor ts and
Governnlent purimports of goods chases c)f goods
and scjrvices
and se rvices
Exports Imports Federal
State
and
local
1967.
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
79.02
82.57
86.72
91.36
96. 02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61
81.3
84.6
88.5
92.5
96.6
100.0
105.5
116. 9
126. 4
133. 1
140.7
87.4
90.7
93. 1
95.5
99.0
100.0
101.6
108. 4
117.7
124. 4
129.5
81.9
85.3
89.4
93. 6
96.6
100.0
107. 9
123. 8
133.4
138.2
145. 0
78.8
82.0
86. 1
90.5
95.8
100.0
104. 7
113. 6
123.2
131.6
141. 0
79.3
82.6
86. 6
91. 3
96.4
100. 0
103. 8
115. 3
132. 2
138. 4
146.7
77.0
80.7
87.7
90. 6
94, 9
100.0
110. 8
122. 3
132. 8
142. 5
159.4
84. 0
85. 3
87.9
93. 1
96. 6
100.0
116.2
148. 3
163.6
170. 1
178.7
80. 1
80. 9
83. 3
89. 1
93.5
100. 0
118. 2
171. 0
188.0
193. 5
210.3
72. 6
76.4
80.0
86. 4
92. 6
100.0
105.8
115. 9
127.5
134. 4
142.7
72. 5
76.9
81.9
88. 3
94. 5
100.0
107. 3
118.4
129.7
138. 1
148. 5
1977:1
II
III
IV
138. 27
14a86
142. 63
144. 56
137.9
139. 9
141. 6
143.2
128. 4
128.9
129.5
130. 9
142. 4
144.7
145. 7
147. 0
137.4
139. 7
142. 3
144. 4
142. 5
145. 0
147.9
151.2
152.3
157. 6
160.6
166. 1
176. 1
180.0
179.4
179. 2
208. 9
209. 3
212. 9
210.2
140. 1
141. 1
142.7
146. 9
144.3
147.6
149.7
152.3
1978: I
II
147. 10
150. 98
146.2
149. 3
133. 1
135.7
150.4
154.4
147. 1
149.9
153. 6
156. 7
168. 6
175.7
183.3
189.4
213. 8
217. 2
149. 6
151.5
155. 2
158.8
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national p roduct
Constant
(1972)
dollars
Current
dollars
Period
5.8
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
9. 1
7.7
5.0
8.2
10. 1
11. 6
8. 1
__
8.2
11.2
11.0
13.7
14. 0
11. 1
1977: I
II.....
III
IV
8.9
7.1
1978: I
20. 6
II
Implicit
price
deflator
Gross ciomestic ] >roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Current
dollars
Implicit
price
deflator
Constant
(1972)
dollars
Chain
price
index
Fixedweighted
price
index
(1972
weights)
2.7
4.4
2.6
—.3
3. 0
5.7
5.5
-1.4
-1.3
5.7
4.9
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9. 6
5.2
5.9
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5. 6
6.2
3.0
4.3
5.0
5.2
4.9
4. 0
6.0
10.2
9.3
5.6
6.3
5.7
9.1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
11.0
10. 9
2.7
4.4
2.6
—.3
2.8
5.8
5.4
-1.3
— 1. 1
5.6
4.8
3.0
4,5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
3. 1
4.4
5.0
5.3
5. 0
4. 1
5.9
9.6
9.4
5.7
6. 1
3. 0
4. 4
5. 0
5. 2
4. 9
4. 0
5. 9
9.9
9. 3
5.7
6. 3
7. 3
5.9
5.7
3. 2
6.0
7.7
5. 1
5.5
6.6
7. 3
4,6
6.5
7.0
7.4
4.7
6.8
13. 3
7. 1
5.8
5.8
3.5
5.7
7.7
5. 1
5.8
6.4
7.4
4.5
6.7
6. 8
7. 5
4. 6
7.0
7.2
11.0
7.1
10.8
7.0
11.0
6.7
20.1
—.4
7.1
10.9
7. 1
10.9
7.0
11.0
a
ij^i
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
ia 9
11.2
9.5
as
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cijrrent-dol lar cost a nd profit per unit of outpu t (dollars) i
Gross d omestic
prodt ct of
nonfin ancial
corp(>rate
busi ness
(billic>ns of
doll ars)
Period
Total
cost
and
profit 2
Capital
consumption
Compenallowances Indirect sation
Net
inwith business
of
3
employ- terest
capital taxes
ees
consumption
adjustment
Current
dollars
1972
dollars
452. 9
498. 4
541. 8
560. 6
_
602. 5
671. 0
752. 0
808. 8
874. 1
988. 5
1, 103. 2
545. 8
581. 6
607. 3
600. 6
619. 3
671. 0
720. 4
695. 0
680.0
730. 0
769. 3
1} 048. 5
I, 093. 3
1, 124. 6
1, 146. 3
750. 2
766. 9
776. 7
783. 6
1.
1.
1.
1.
398
426
448
463
. 149
. 149
. 151
. 152
.
.
.
.
1978: I _ _ _ _ ll, 161. 6
II
i 1, 233. 0
783.6
811.9
1. 482
1. 519
. 155
. 153
. 145
. 145
1967
1968
1969
1970__
1971
1972
1973
1974
1975
1976
1977
1977:1
II...
Ill—
IV___
1
0.830
. 857
. 892
. 933
. 973
1. 000
1. 044
1. 164
1.285
1. 354
1. 434
0.072
. 074
.079
. 088
. 094
. 093
. 095
. 116
. 142
. 146
. 150
Total
Profits
tax
liability
0.535 0. 016 0. 123
0. 084
0. 051
. 553 .017
. 124
. 058
.089
. 055
. 094
. 589 . 022 . 109
. 045
. 103
.628
. 028
.086
. 645
. 048
. 110
. 029 . 095
. 107
. 661
. 028
.050
. 110
.055
. 112
. 032
. 105
. 699
. 061
. 123
. 796
. 043 . 086
. 136 . 848
. 113
. 060
. 045
. 042
.073
. 136
.891
. 139
. 952
. 044
. 077
. 140
. 148
140
139
140
142
1
Output is measured by gross domestic product of nonfinaneial corporate
business
in 1972 dollars.
2
This is equal to~the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpo rate profi ts with
inventc)ry valuai ion and
capit al consuniption
aidjustmen ts
. 932
.946
. 955
. 973
1.008
1. 017
. 043
.043
. 044
. 045
.
.
.
.
134
148
158
151
.046
.045
. 129
. 157
Profits
after4
tax
0.072
. 066
. 055
. 041
. 046
. 057
.050
. 024
. 053
.066
.071
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
6. 873
7. 105
7. 139
7. 132
7.374
7.595
7. 780
7. 504
7.777
8. 045
8. 190
3.
3.
4.
4.
4.
5.
5.
5.
6.
7.
7.
676
929
198
473
757
024
440
971
597
166
794
7.
7.
7.
8.
550
709
884
027
. 075
.078
. 076
. 077
.059
.070
.082
. 074
8.
8.
8.
8.
.071
.086
.057
.071
8. 198
8. 280
097
152
257
252
8. 264
8. 434
< 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
Compensation of
employees 1
Propri etors'
incom<2 with
inventory valuation anc capital
consunaption
adjust ments
Farm
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
.
Nonfarm
Corpor ate profits5 with inventory valuation
and capital consumptio Q adjusted ente
"R fmtal
income
of persons
with,
capital
consumption
adjustment
Profits with inv entory
valuat,ion adjustment
and Twithout c«tpital
consum ption adjiistment
Profits
before
tax
Inventory
valuation
adjustment
Total
Total
Capital
consumption
adjustment
Net
interest
70.2
79.5
19.4
18.6
18.1
18.6
20. 1
21.5
21. 6
21.4
22. 4
22.5
22.5
79. 3
85.8
81.4
67. 9
77.2
92. 1
99. 1
83. 6
95. 9
127. 0
144. 2
75. 6
82. 1
77.9
66. 4
76. 9
89.6
97.2
86. 5
107.9
141.4
159. 1
77.3
85.6
83. 4
71.5
82.0
96.2
115. 8
126. 9
120. 4
155. 9
173. 9
1.7
— 3.4
-5.5
-5. 1
5. 0
-6.6
-18. 6
-40. 4
-12.4
-14. 5
-14. 8
3.7
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12.0
-14. 4
-14. 9
24.3
26.8
30.8
37.5
42.8
47.0
52.3
69. 0
78. 6
84.3
95. 4
471.9
655. 8
519.8
7144
57L 4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
799. 2
1,064.6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
12.1
12. 0
13.9
13.9
14.3
18.0
32.0
25.4
23. 5
18.4
20.2
4&9
51.4
52. 3
51.2
53.4
58. 1
60.4
60.9
ea 5
1977:1
II
III
IV
1, 447. 5
1, 499. 3
1, 537. 6
1, 576. 9
1, 107. 9
1, 140. 5
1, 165. 8
1, 199. 7
19.4
20.0
16.5
25. 1
76. 1
78.9
80.8
82.3
22. 5
22. 4
22.4
22.7
129.9
143. 7
154. 8
148.2
144.5
158. 5
169. 9
163.5
164.8
175. 1
177. 5
178.3
-20.3
-16. 6
-7.7
-14.8
-14. 6
-14.8
-15.0
-15.3
91.7
93.7
97. 3
99.0
1978:1
II
1, 603. 1 1, 241. 0
1, 688. 1 1, 287. 8
21.9
24.0
83. 1
86. 1
22. 8
22.2
132. 6
163.4
148.7
180. 6
172. 1
205. 5
-23. 5
-24.9
-16. 1
-17.2
101.7
1046
1
Includes employer contributions for social Insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura :>le goods
Durable goo<Is
Period
Total
personal
consumption
expenditures
Total
durableJ
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods *
Food
Clothing
and
shoes
Retail sales of
new passenger
cars (nlillions
of uiaits)
Services
Gasoline
and oil
!
Domestics
Imports
1967
490.4
1968___
535. 9
1969
579. 7
1970
618.8
1971
668.2
1972
733. 0
1973
809. 9
1974
889. 6
1975
__
979. 1
1976
1, 090. 2
1977_.
1, 206. 5
69. 6
80. 0
85.5
849
97. 1
111. 2
123. 7
122. 0
132. 6
156. 6
178. 4
29. 7
35.8
37.7
349
43. 8
50. 6
55. 2
48.0
53. 4
69. 7
81.5
29.5
32.6
35.0
36. 7
39. 4
448
50.7
54 9
58.0
63.9
71. 3
212. 6
230.4
247.0
264 7
277. 7
299.3
333.8
376. 3
408.9
442.6
479. 0
109. 6
118. 3
126. 1
136. 3
140.6
150.4
168. 1
189.8
209. 6
225. 8
245.2
38.2
41.8
45. 1
46. 6
50. 5
55. 1
61. 3
65. 3
70. 1
75.7
81. 5
17.0
18.4
20.4
22. 0
23.4
249
27. 8
36. 4
39.5
42. 8
46. 5
208. 1
225.6
247.2
269. 1
293.4
322. 4
352. 3
391.3
437.5
491.0
549. 2
7.6
8. 6
8. 5
7. 1
8. 7
9. 3
9. 7
7. 5
7. 1
8. 6
9. 1
0. 8
10
1. 1
1. 3
1. 6
1. 6
1. 8
1. 4
1. 6
1. 5
2. 1
1977:1.....
II
III____
IV
1, 167. 7
1, 188. 6
1, 214 5
1, 255. 2
173.2
175. 6
177. 4
187.2
81.3
81.2
79.5
840
68. 0
69.9
72.0
75. 3
465.9
473.6
479. 7
496. 9
237. 5
2445
246.4
252. 6
78.5
79.3
81.4
86.7
46. 1
46. 2
46. 0
47.5
528.6
539.4
557. 5
571. 1
9.4
9. 2
8. 9
9.0
1. 9
2. 3
2 o
1978:1
II
1, 276. 7
1, 322. 9
183.5
197. 8
84 1
92.5
72. 1
76.5
501.4
519.3
257.7
267. 8
82.9
87.5
48.3
49. 1
591.8
605. 8
8.7
10.0
1
Total includes other items not shown separately.
4
2.0
2. 1
2. 1.
Source : Department of Commerce, Buream of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $8.6 billion (annual rate) in August following increases of $24.2 billion in July and $13.5
billion in June. Wages and salaries rose $3.4 billion in August, compared with $11.0 billion in July. Farm proprietors*
income declined slightly again in August, while all other major types of income rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,200
1,800
1,600.
1,400
1,200
1,000
1,000
1,800
1,600
1,400
800
800
600
600
WAG.E AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
200
200
100
100
80
80
60
60
I i t u I I LJ 1 I
1970
1971
1972
1974
1973
I | \ | j | 1 t L i\ It ! t I I II 1 11
1976
1975
1977
t \ 1 I I I I I I 1.1
1978
^SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCls DEPARTMENT OF COMMERCE
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
3
Rental
Total
and
Other Proprietc >rs' income income
Transfer
Divi- Personal
personal salary
labor 1 2
payinterest
of
dends
income disburse- income
income ments 5
Farm
Nonfarm persons 4
ments *
Less: Per- Nonsonal confarm
tributions personal
for social income 8
insurance
546.5
579.4
633. 8
701.3
7646
805.9
890.1
983.6
32.0
36.2
42. 0
48.7
55. 6
65.1
77.0
90.4
13. 9
14. 3
18.0
32.0
25. 4
23.5
18.4
20,2
51. 2
53.4
58. 1
60.4
60.9
63.5
70.2
79. 5
18. 6
20. 1
21.5
21. 6
21.4
22.4
22.5
22. 5
22. 9
23. 0
24.6
27.8
31.0
31.9
37.9
43.7
64. 3
69. 3
74.6
84. 1
103.0
115.5
126.3
141.2
79.9
94. 1
104. 1
118.9
140.8
178.2
193.9
208.8
28.0
30. 8
34. 2
42.2
47.7
50.5
55.5
61. 0
780.7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494. 4
1977: Aug.... 1, 540. 7
Sept... 1, 556. 9
Oct
1, 577. 0
Nov
1, 592. 7
Dec
1, 609. 2
991.5
1, 000. 4
1, 014. 1
1, 022. 3
1, 027. 3
92.2
93.5
94.8
96. 1
97.3
15. 0
18.5
22. 1
24.6
28.5
80.8
81.0
81.4
82.2
83.2
22.4
22.4
22.4
22.6
22.9
44.1
44.4
45,1
45. 5
48.3
143.7
145, 1
145.3
145.5
147.3
212. 1
213.3
214.2
216. 5
217.2
61. 3
61.6
62.4
62.6
62.8
1, 511. 2
1, 523. 9
1, 540. 1
1, 553. 1
1, 565. 5
1978: Jan
1, 615. 5
1, 625. 0
Feb
Mar
1, 646. 3
Apr
1, 669. 4
I, 682. 1
May
June — 1, 695. 7
July »_- 1, 719. 9
Aug »__ 1, 728. 4
1, 038. 3
1, 047. 4
1, 066. 6
1, 083. 9
1, 088. 4
1, 098. 4
1, 109. 4
1, 112. 8
98. 7
100.0
101.3
102.7
104. 0
105.4
106. 7
108.0
25.6
21.5
18.6
22.0
24.8
25.3
24.4
24. 0
82.0
83.0
84.4
85. 5
86. 1
86.7
88.0
88.4
23.0
22.8
22. 6
22. 3
22. 1
22. 1
24. 3
24. 4
46.8
47.0
47.2
47.4
48.0
49. 0
49.2
50.3
149. 6
151.4
153.3
154. 8
156. 5
157. 6
159. 1
160. 6
218.1
219.0
220. 3
219. 7
221. 3
220. 8
229.0
230.4
66. 5
67.0
68.0
68.9
69. 0
69. 6
70.3
70.4
1, 574. 7
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654. 7
1, 679. 7
1, 688. 5
1970
1971
1972
1973
1974
1975
1976
1977
801.3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
--With capital consumption adjustment.
fi
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 DOLLARS* {RATIO SCALE)
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
1
1
1
I
1
1
1
!
1
1
I
!
!
I
f
!
!
I
1
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME-
2,000
2,000
1970
1978
1971
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
T
Period
Personal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays l
Per cjapita
dispc>sable
Equals : persona ] income
Personal
saving Current
1972
dollars dollars
Bil lions of d ollars
115. 4
630.4
595.3
685. 9
115.3
635. 4
742. 8
116. 3
685. 5
141. 2
801. 3
751. 9
150. 8
901.7
831. 3
984. 6
170.3
913. 0
168. 8 1, 086. 7 1, 003. 0
196. 5 1, 184. 4 1, 116. 3
226. 0 1, 303. 0 1, 236. 1
1977: !_.___ 1, 470. 7
!!___ 1, 508. 6
Ill— 1, 543. 7
I V _ _ 1, 593. 0
222. 7
223. 3
224. 6
233. 3
1972
dollars
Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
35. 1
50.6
57. 3
49. 4
70. 3
71. 7
83. 6
68. 0
66.9
3, 111
3,348
3, 588
3, 837
4,285
4, 646
5,088
5,504
6, 009
3,515
3, 619
3,714
3,837
4, 062
3,973
4, 025
4, 136
4, 271
2, 860
3,020
3,227
3,510
3,849
4, 197
4,584
5, 066
5, 564
3,234
3,265
3,342
3, 510
3, 648
3,589
3, 627
3, 808
3,955
1. 5
3. 0
2. 6
3. 3
5. 9
-2. 2
1. 3
2. 8
3. 3
7. 7
6. 2
7. 8
7. 3
7. 7
5. 7
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
213, 191
216, 856
Season ally ad; usted annlual rates
52. 2
5, 772
4, 185
67. 5
5, 934
4, 241
74.3
6, 077
4,293
73.7
6, 250
4, 365
5,401
5,487
5,595
5, 770
3, 916
3,922
3, 953
4,030
1. 1
5. 5
5. 0
6. 9
4. 2
5. 3
5. 6
5. 4
216,
216,
217
217,
5,859
6,060
4, 009
4,060
2.7
5. 9
217, 897
218, 290
1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9
1978:I____ 1, 628. 9 237. 3 1, 391. 6 1, 309. 2
!!.__ 1, 682. 4 249. 1 1, 433. 3 1, 357. 0
82. 4
76. 3
6,387
6, 566
1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
Current
dollars
Percent
change
in real
per
capita
disposable
personal
income
Do!lars
1969
745. 8
1970
801. 3
1971
859. 1
1972
942.5
1973
1, 052. 4
1974
1, 154. 9
1975
1, 255. 5
1976 _.___ 1, 380. 9
1977
1, 529. 0
1, 248. 0
1, 285. 3
1, 319. 1
1, 359. 6
Per cap>ita personal ccmsumption exp enditures
4, 370
4, 399
.5
5. 6
7.4
5.3
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and BureauA
of the Census).
INCOME
In the second quarter, net farm income before inventory adjustment rose $4.2 billion (annual rate) while income
after inventory adjustment rose $2.2 billion,
BILLIONS OF DOLLARS* (RATIO SCAI^
BILLIONS OF DOLLARS* (RATIO SCALi}
120
120
100
.100
GROSS FARM INCOME
BEFORE INVENTORY
80
ADJUSTMENT
60
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
40
40
\
/N
*.
/
20
V
10
10
1970
1971
1972
1975
1974
1973
1977
1976
* SEASON ALLY ADJUSTED ANNUAt RATES
SOURCEVD£PARTMEUT OF AGRICULTURE
1978
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by tota! farm po pulation
Income resceived frc>m farmin S
Gross income be; "ore inven tory adjustnlent
Period
From From From
all
farm nonfarm
]
sources sources sources Total
1970
1971
1972
1973
1974
1975
1976
1977
1977:1
II
III...
27.5
28.8
34.6
48.9
45. 2
44.5
41. 2
43. 0
IV,
1978: I _ _ II
13.0
13.5
16.9
29. 2
23. 4
21.9
16.9
18.3
14.5
15.3
17.8
19.7
21.8
22. 7
24. 4
24. 7
Gas1i receipts from
inarketing s
58.6
60. 6
70. 1
95.5
100. 0
96.9
104. 1
108. 1
108. 1
106. 7
102. 7
114.8
Livestock
Total
Crops
and
products
Billioiis of dolla rs
50. 5
29. 6
21. 0
52. 9
30. 6
22. 3
61.2
35.7
25.5
87. 1
45. 9
41. 1
92. 4
41. 4
51. 1
88. 2
43. 0
45. 1
46.2
94.5
48.3
96. 1
47.6
4a5
97.6
46.3
51.3
4&6
95.7
49. 1
47.8
91.3
43.5
49.5
99.6
50. 1
115.8
122.5
102.2
109.0
1 Cash receipts from marketings, Government payments, and nonmoney inome
furnished by farms.
2
3 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
uteld constant within a year.
33-908 °—78
52.7
57.5
49.5
51.5
Nettx3 farm
oper ators
Production expenses
Before
inventory
adjustment
44. 4
47. 4
52. 3
65.6
72.2
75.9
83.0
88.0
87.5
87.0
86.0
91.4
14,1
13.2
17.8
29.9
27.7
21. 1
21. 1
20. 1
20.6
19. 7
16.7
23.4
93. 5
96.0
22. 3
26.5
Net incc)me per
farm abfter inventory adjustmeiat*
After
invenCurrent
1967 4
tory
adjust-2 dollars dollars
ment
Dol lars
14.2
4, 800
4,130
14.6
5,040
4,160
18.7
6,530
5,210
33.3 11, 810
8,870
26. 1
9,350
6,330
215
8,850
5,490
18.8
6,850
4,020
20.6
7,590
4, 180
19. 6
7,240
4,090
20.2
7,460
4, 130
16.8
6, 210
3,390
25.5
9, 420
5,080
22.3
24.5
8,320
9,140
* Income in current dollars divided by the consumer price Index.
Source: Department of Agriculture,
4,410
4,730
CORPORATE PROFITS
According to revised estimates for the second quarter, profits before tax rose $33.4 billion while after-tax profits rose
$18.4 billion. About one-fourth of the increase was due to a rebound from the effects of the severe weather and coal
strike in the first quarter.
205.5
BILLIONS OF DOLLARS
40
40
1970
1971
SOURCE.- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit s (before tax) wit i inventc3ry valu*ition
adjustn lent *
Prolfits after tax
Dome ?tic indu stries
Period
> onfinanc ;ial
Total 2
Total
1967
1968
1969
1970... _
1971
1972
1973
1974
1975____
1976
1977
1977: I
II
III
IV
1978: I
II
75.6
82. 1
77.9
66. 4
76. 9
89. 6
97.2
86. 5
107.9
141. 4
159. 1
144. 5
158. 5
169.9
163.5
148. 7
180. 6
72.6
7&9
74. 2
62. 6
72. 4
84.7
90. 4
76. 9
101. 8
133. 2
149.5
134. 8
148. 1
159. 5
155.6
139. 2
168.9
Financial
Total3
Manufacturmg
Wholesale
and
retail
trade
63.6
68. 5
62. 9
50. 1
58.2
69,3
74. 1
62. 5
88.9
115.6
128. 6
115. 1
128. 1
137.6
133. 7
116.6
144. 6
37. 9
41.2
36. 8
27. 1
32. 4
40.6
44. 1
36. 6
48. 3
65.6
74 7
66.4
77.4
74. 7
80.2
69.8
87.8
8.9
10. 1
10. 1
9.4
11.7
13.3
14. 7
12. 9
20.7
24,0
24. 0
20. 6
22.8
30. 6
22. 1
16.7
22.0
9. 0
10. 4
11. 3
12.6
14.1
15.4
16. 2
14. 4
13.0
17.5
20. 9
19. 7
19.9
21.9
21. 9
22. 7
24.3
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
8
3
Includes
8
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
77.3
85. 6
83.4
71.5
82.0
96. 2
115. 8
126. 9
120. 4
155.9
173. 9
164. 8
175. 1
177.5
178.3
172. 1
205.5
32.5
39. 4
39.7
34. 5
37.7
41. 5
48. 7
52. 4
49. 8
64. 3
71.8
68.3
72. 3
72. 8
73. 9
70.0
85.0
44.9
46.2
43. 8
37.0
443
54 6
67. 1
74 5
70.6
91. 7
102. 1
96.5
102.8
104 8
1044
102. 1
120.5
20. 1
21.9
22. 6
22. 9
23.0
24 6
27. 8
31. 0
31.9
37. 9
43. 7
41. 5
42.7
44. 1
46. 3
47. 0
48. 1
247
24 2
21. 2
14 1
21.3
30. 0
39. 3
43.6
38. 7
53. 8
58.4
55. 0
60. 1
60. 6
58. 1
55. 1
72.4
rest of the world, not shown separately.
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-1.7
— 3.4
-5.5
-5. 1
-5. 0
— 6. 6
-18.6
— 40. 4
— 12.4
— 14 5
-14.8
-20.3
— 16. 6
— 7. 7
-148
-23.5
-24.9
GROSS PRIVATE
According to revised estimates for the second quarter, business fixed investment rose $14.5 billion (annual rate) as
nonresidential construction outlays rose $8.1 billion and producers' durable equipment purchases increased $6.4
billion. Residential investment outlays increased $5.0 billion, inventory investment amounted to $20.1 billion, up
$3.4 billion from the first quarter level.
BILLIONS OF DOLLARS*(RATIOSCALE)
BILLIONS OF DOLLARS* (RATIO
-NONRESIDENIT1AL FIXED IN\/ESTMENT
340 -GROSS PRIVATE DOMESTIC INVESTMENT
s^\
***
300
120
PRODUCERS'
-
DLARABLE EQUIP/*WMS*^
260
\
100
r-
>•
^
^^.
220
-
80
180
JLJ
L
1
BILLIONS OF DOtLARS
120
110
-
1 I 1
! 1
++~
STRUCTURES
\
60
RESIDENTIAL FIXED INVESTMENT
-x -
i- *
^»» »•*•*%
50
100
t
90
I 1
1
t
t
f
1
1
1
!
!
I
I
1
BILLIONS OF DOLLARS
80
70
60
50
1974
1975
1976
1975
1974
1978
1977
1977
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE! DEPARTAMNT OF COMMERCE
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm<3nt
Gross
private
domes-
Period
tic
investment
1967
1968
1969
1970
1971
1972
1973
1974____
1975
1976___
1977
1978:1
II..
_
„
...
Total
297. 8
82. 1
89. 3
98.9
100. 5
104. 1
116.8
136.0
150. 6
150. 2
164. 6
190. 4
29.5
31.6
35. 7
37. 7
39.3
42. 5
49. 0
54. 5
53.8
57. 3
63.9
28.2
30.4
34. 3
36. 1
37. 8
41. 1
46.9
51. 8
51. 3
54. 7
61.0
52. 6
57.7
63.3
62. 8
64. 7
74. 3
87.0
96. 2
96. 4
107.3
126. 5
48.0
53.4
58. 9
58. 1
59.9
69. 1
80. 1
88. 2
87. 4
97.5
116.7
28.6
34.5
37.9
36.6
49.6
62.0
66. 1
55. 1
51. 5
68.2
91. 9
27.2
33. 1
36.3
35. 1
47.9
60. 3
64. 3
52.7
49.5
65. 8
88.9
272. 5
295. 6
309. 7
313. 5
180.6
187. 2
193.5
200. 3
59. 3
63. 4
65.4
67.4
56. 4
60.4
62.7
64. 5
121. 4
123. 8
128. 1
132. 8
111. 0
113.8
118. 6
123. 4
81. 6
91. 4
94. 3
100. 2
322. 7
205.6
68. 5
76.6
65.2
73.4
137. 1
143.5
127. 2
132. 9
100. 3
105. 3
345.4
220. 1
Source: Department of Commerce, Bureau of Economic Analysis.
farm
structures
farm
243.0
1977:1
II
III—.
IV_
Non-
Total
Non-
220.0
.ProT)
Non-
214. 6
190.9
_ _
Total
Prod ucers'
dur able
equip>ment
Total
120. 8
131. 5
146. 2
140. 8
160. 0
188. 3
__
Strucjtures
Resid ential fis:ed investment
Farm
structures
farm
0.7
Change in business inv entories
ducers'
dur-
able
equipment
Total
0.7
10. 1
.9
9. 4
Nonfarm
-10.7
10. 2
15. 6
9. 4
7. 6
9. 2
3. 7
5. 1
8. 8
14. 7
10. 8
-14. 3
12. 2
15. 0
1. 6
1.4
1.4
1.2
1. 5
1. 6
10.3
17. 0
21. 9
13. 1
11. 1
16. 5
22.0
10.4
1. 3
1. 4
1.7
1.8
16.7
20.1
16. 9
22. 1
.6
.7
.6
.7
.7
.8
.9
1.0
.6
1.2
1. 1
1. 2
1. 2
1. 1
1.5
1.3
1.5
78.6
88.4
91. 2
97. 5
1. 6
97. 3
102. 1
.9
1. 1
1.6
7.7
3.8
6. 4
9.4
17. 9
8.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.3 percent in 1978, according to the Commerce Department survey
conducted in late July and August. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS {RATIO SCALQ
BILLIONS OF DOLLARS (RATIO SCALQ
20
20
1970
1978
1971
J/ SEE FOOTNOTE 4 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts <3f plant
and eqtlipment
proj ects3
Es;penditur€is for plan t and equipment
Mi inufacturi ng
Period
Total l
Total
NcDnmanuf acturing
Durable
goods
Nondurable
goods
Total
Trans- Public ComMining porta- utili- munition
ties
cation
Commercial
and
Manufacturing
Public
utilities
2
1971
1972
1973
1974
1975..
1976
1977
1978*
81. 21
88. 44
99.74
112. 40
112. 78
120. 49
135. 80
152. 50
29.99
31. 35
38. 01
46. 01
47.95
52.48
60. 16
68. 01
14. 15
15. 64
19. 25
22. 62
21. 84
23. 68
27. 77
SI. 66
15. 84
15. 72
18.76
23. 39
26. 11
28. 81
32.39
86. 35
51. 22
57. 09
61. 73
66.39
64.82
68. 01
75.64
84. 49
2. 16
2.42
2.74
3. 18
3.79
4. 00
4. 50
4. 76
493
5.72
6.03
6. 66
7.57
7.45
6. 93
8. 00
15. 30
17.00
18.71
20.55
20. 14
22. 28
25.80
28. 95
10.77
11.89
12.85
13. 96
12. 74
13.30
15.45
17. 71
other
18. 05
20. 07
21. 40
22. 05
20. 60
20. 99
22. 97
25. 07
28. 00
35. 21
47. 57
52.49
48. 24
51. 05
66. 73
22.22
28. 60
38. 13
45. 74
34 50
29. 66
32. 54
1977:1
II
III
130.
134.
140.
138.
16
24
38
11
56. 43
59. 46
63.02
61.41
26.30
27. 26
29. 23
28. 19
30. 13
32. 19
33. 79
33.22
73.74
74. 78
77. 36
76.70
4. 24
4. 49
4.74
4.50
7. 29
6.96
6. 85
6.88
25.35
25. 29
26. 22
26. 23
14. 19
15. 32
16. 40
15. 82
22. 67
22.73
23. 14
23.27
15. 26
15. 15
19. 81
16.54
9. 76
3. 79
10. 23
7.99
1978: I
II
144. 25
150. 76
155. 13
158. 98
61. 57
67. 20
68. 66
73. 62
28.72
31.40
38. 11
33. 89
32. 86
35.80
36.64
39. 72
82.68
83. 56
86.47
85. 36
4.45
4.81
4.80
5. 07
8.46
7.40
8.98
7. 18
27.92
28. 46
29. 26
30. 22
17.07
18. 18
24. 76
24. 71
17.41
18. 10
7.98
7. 78
IV,
III * _ _
IV *.„
i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
43. 44
42. 90
2 Includes trade, service, construction, finance, and insurance.
3
Starts are estimated by adding changes in carryover to expenditures during
given period.
« Planned capital expenditures as reported by business in late July and
August 1978. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment Increased by 156,000 in August, while unemployment decreased by 225,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
"too
100
90
80
10
0 l i n - n l m n i i n i l t M i i i m i h i n i n i n I n n.t i i.n i I t i i n u r i i l n i n i n n h i M i I I i n I t i i ri l i M i l i i i i i l Q
1970
1971
1972
1973 *
1974
1975
1976
1977
*
1978
*16 YEARS OF AGE AND OVER.
SOURCE, DEPARTMENT OF LABOR
Period
Noninstitutional
population
COUNCH. OF ECONOMIC ADVISERS
Total
labor
Civilian Unem- force Civilian
employ- ploy- (includ- labor
ing
ment
force
ment
Armed
Forces)
Total
15
weeks
and
over
Labor
participation
rate
(per_ _ j.\ 2
cent)
88, 714
91, Oil
92, 613
94, 773
97, 401
84, 409
85, 935
84, 783
87, 485
90, 546
2,311
3,452 80, 957
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
Seascmally adj usted
4,304
5,076
7,830
7,288
6,855
812
937
2,483
2,339
1,911
61.4
61.8
61. 8
62. 1
62.8
92, 315
91, 247
92, 230
92, 473
92, 623
6, 757 99, 751
6,437 99, 887
6,221 100, 205
6,346 101, 009
5,880 101, 048
97, 614
97, 756
98, 071
98, 877
98, 919
90, 793
91, 088
91, 383
92, 214
92, 609
3,224
3,199
3,243
3,357
3,323
87, 569
87, 889
88, 140
88, 857
89, 286
3,253
3, 306
3,263
3,285
3,220
6,821
6,668
6,688
6,663
6,310
1,800
1,834
1,848
1,829
1,797
62.8
62.8
62. 9
63.3
63.3
91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
6,897
6, 739
6,479
5,685
5,457
6,326
6,438
5,931
92, 881
93, 003
93, 266
93, 801
94, 112
94, 819
94, 425
94, 581
3,354
3,242
3,310
3,275
3,235
3,473
3,387
3,360
89, 527
89, 761
89, 956
90, 526
90, 877
91, 346
91, 038
91, 221
2,986
3, 193
3, 164
3,327
3,243
3,458
3,330
3, 294
6, 226
6,090
6, 148
5, 983
6, 149
5,754
6, 193
5, 968
1, 688
1, 568
1,463
1,384
1,358
1,231
1,292
1,215
63. 3
63.2
63.3
63. 5
63.7
63.8
63.8
63.6
148, 263 84, 409
150, 827 85, 935
153, 449 84, 783
156, 048 87, 485
158, 559 90, 546
Uiaadjusted
1977: Aug..
Sept.,
Oct..
Nov..
Dec..
158, 899
159, 114
159, 334
159, 522
159,736
1978: Jan*__
Feb.Mar._
Apr.
May.
June..
July..
Aug..
159,
160,
160,
160,
160,
160,
161,
161,
4,304
5,076
7,830
7,288
6,855
101,
101,
101,
101,
102,
102,
102,
102,
228
217
536
902
374
671
734
671
99,
99,
99,
99,
100,
100,
100,
100,
107
093
414
784
261
573
618
549
Persons at work. Economic reasons include slack work, material shortages,
Inability
to find full-time work, etc.
2
Total labor force as percent of noninstitutional population 16 years of age and
over.
Total
Agricultural
N onagri cultural
Part-time
ecoTotal for
nomic 1
reasons
91, 040
93, 240
94,793
96, 917
99, 534
1973
1974
1975
1976
1977
937
128
313
504
713
928
148
348
Unempl<>yment
Civilian einploymenit
Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
in August, the seasonally adjusted unemployment rate declined to 5.9 percent. Unemployment among non-whites fell
to 11.7 percent, a new low for the year.
PERCENT* (SEASONALLY ADJUSTED)
•PERCENT* {SEASONALLY ADJUSTED)
1978
*UN£MPLOYMEm AS PERCfHT OF OVWAN LMOR FORCI IN GROUT SPBOflH).
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1973.
1974
1975
1976
1977
1977: Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
1
_
4.9
5.6
as
.„
„
7.7
7.0
7.0
6.8
as
6.7
6.4
6.3
6.1
6.2
6.0
6.1
5.7
6.2
5.9
Unecaployme nt rate ( percent <yf civiMaia labor f orce in group)
By gsex and $tge
]3y select ed grouj:MS
By race
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
3.2
3.8
6.7
5.9
5.2
5.1
47
5.0
47
46
47
45
45
42
42
3.9
41
41
48
5.5
ao
7. 4
7.0
7. 1
6.9
6.8
6.9
6.6
ai
5.7
5.8
5.8
6.3
ai
ai
6.5
145
ia o
19.9
19.0
17,7
17.3
18.3
17.3
17.2
15. 6
16, 0
17.4
17.3
16.9
16. 5
142
16.3
15.6
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
White
43
5.0
7.8
7.0
6.2
6,1
6.0
6.0
5.9
5. 5
5.5
5.3
5.3
5.2
5.2
49
5.3
5.2
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
8.9
45
43
2,9
9.9
5.3
3.3
5. 1
13.9
8.2
5.8
8. 1
13.1
7.3
7.3
5.1
13. 1
ae 4 5 as
143
a5 4 5 6.6
13. 1
as 4 4 6.4
13.7
as 4 4 6.4
13.7
as 4 2 a 2
12. 7
ao 3.9 5.9
12.7
5.9
3.8
5.8
11.8
5.7
5.7
3.6
12.4
5.7
3.7
5. 6
11.8
5.5
3.6
5.4
12. 3
5.6
3.7
5.6
11.9
5.4
5.2
3.6
12.5
5.7
3.9
5.7
11.7
5.5
3.7
5.5
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
Labor
force
time
lost
(percent) *
7.9
5.2
10.3
10. 1
9. 1
ae
9.8
9.0
9.7
9.6
9.6
a9
8.9
8.6
9.6
9.6
9.2
8.8
8.8
8.6
ai
a3
7.6
7.6
7.4
7.4
7.3
7.0
6.8
6.6
6. 6
6. 3
6.6
6.4
6.8
6.6|
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The decrease in unemployment in August was accompanied by an increase in the proportion of unemployed persons
who were job losers and a decrease in the proportion who were reentrants to the labor force.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
REENTRANTS
~x^—w
20
20
JOB LEAVERS
NEW ENTRANTS
OU.
1975
1977
1976
1978
1975
1978
*SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF LABOR
Period
1973
1974
1975
1976
1977
1977: Aug..
Sept-.
Oet»-_
Nov...
Dec...
1978: Jan.,.
Feb
Mar..
Apr
May_.
June..
July*..
Aug*._
Unemployment
(thousands)
4,304
5,076
7,830
7,288
6,855
6,821
6,668
6,688
6,663
6,310
6,226
6,090
6,148
5,983
6, 149
5, 754
6, 193
5,968
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percecit distrib ution of unem- State pirograms Insured
Percen t distribiution of unemunem- Special
ployment b y duratic>n*
pl<Dyment 1>y reasoii i
unemployment,
ployment
all
27
Insured
Less
New
5-14 15-26 weeks unem- Initial regular benefit3
ReenJob
Job
than 5 weeks
enproclaims
and
ploy- claims
weeks
losers leavers trants trants
weeks
grams 8 (unadover
ment
(unad- justed)
justed)
38.7
43.4
55.4
49. 8
45. 3
46.3
45.3
45. 5
447
43. 4
42.9
41.6
40.3
41.2
42. 5
40.6
41. 3
42. 4
15.7
14.9
10.4
12,2
13. 0
12. 9
12. 9
13. 1
13.3
13.9
13. 6
14.7
13.9
14 5
13.5
14.7
14 1
14 0
30.7
28.4
23.8
26. 0
28. 1
27. 1
27.9
28.6
28.5
29. 8
29. 0
29.4
30. 9
28. 9
29. 2
30.6
30.4
28.8
14 9
13.3
10.4
12. 1
13. 7
13.7
13.9
12. 8
13.6
13.0
145
142
14 9
15.4
14 8
14 1
142
148
51. 0
50. 6
37.0
38.3
41.7
41.5
41. 1
41. 4
42.4
41.3
43.2
43.3
45.8
46.8
48. 1
46.4
49. 0
46.8
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicemen (UCX), Federal (UCFE), and railroad (BE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
30. 1
31. 0
31. 3
29.6
30.5
32. 4
31.8
31. 3
30.3
30.4
29.8
30.5
30.5
29.9
29.6
32.6
30. 0
33.0
11.0
11. 1
16.5
ias
13. 1
ias
13.4
13. 6
13. 9
14 8
13.8
15.0
12.4
12.0
11.2
11. 1
10. 8
10. 5
7.8
7.3
15.2
18.3
148
12. 6
13.7
13.7
13.3
13. 5
13.2
11.2
11.3
11.2
11. 1
9.9
10.2
9.7
Weejkly aver age, thoujsands
1,793
1, 632
246
2,262
363
2,558
3,992
478
4,943
1,173
382
3,822
2,968
1,152
375
3, 112
572
2,473
385
2,751
2,733
535
2, 664
2, 643
368
412
2,624
361
2,649
364
354
2,602
2,853
315
2, 516
346
3,226
259
3,781
344
192
2,461
3,638
2,524
369
143
3,212
102
2,406
326
2,659
2,210
330
60
331
2,369
2, 167
36
2, 194
2,297
348
21
2,392
377
2,581
2, 397
361
2,550
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).
* e±
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 113,000 in August, despite a decline
of 66,000 in employment by goods-producing industries.
MILLIONS OF "PERSONS* (B^LARGED SCAIQ
MILLIONS Of PERSONS*
90
18 —WHOLESALE AND
RETAIL TRADE-
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
GOVERNMENT
.,-.^70
SERVICES
12
-SERVICE-PRODUCING IND
1111111 in f i n t i n i HI in Hilit111n t u t i..i_.n i t.i m hit i u
22
-
-
50
20
\ MANUFACTURING
\
40
\ ^
• •M«**^'
...^
r
•"
18
1 1 1 1 1 1 1 1 1 11
fri f f 1 1 1 1 1 1 1 1 1 i I 1 1 1 1 II I 1 | | | 1 || 1 | U 1 I
1 1 II | 1 I M I If
-GOODS-PRODUCING •INDUSTRIES
30
\
..•••...,:„„..•" •»•«*"""
""-SI""Mm,
CONTRACT CONSTRUCTION
20
1974
1976
1975
1977
1974
1978
1975
1976
1977
1978
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC. ADVISERS
SOURCE, DEPARTMENT OF LABOR
[Thousands of wage and salary workers;* seasonally adjusted]
Groods-prc>ducing iiadustries
.
Period
1973
1974
1975
1976
1977
1977: Aug..
Sept__
Oct__.
Nov__
Dec_._
1978: Jan.__
Feb.Mar___
Apr...
May
June__
July "__
Aug »__
Total
nonagricultural
employ- Total 2
ment
76, 896
78, 413
77, 051
79, 443
82, 142
82, 474
82, 763
82, 902
83, 245
83, 429
83, 719
84, 046
84, 555
85, 223
85, 466
85, 820
86, 003
86, 116
Contract
construction
Service-pi oducing IndustrieJS
TransFinance,
Ma nufactui ing
Gover nment
insurporta- Wholesale
tion
ance,
and
Non- Total
State
and
and Services
Total Durable
Federal and
public retail
real
goods durable
trade
goods
local
utilities
estate
24, 727 4,015 20, 068 11, 839
24, 697 3,957 20, 046 11, 895
22, 603 3,512 18, 347 10, 679
23, 332 3,594 18, 956 11, 026
24, 229 3, 844 19, 554 11, 480
24, 305 3,893 19, 594 11, 527
24, 360 3,892 19, 612 11, 545
24, 436 3,911 19, 666 11, 604
24, 528 3,950 19, 715 11, 625
24, 526 3,947 19, 868 11, 748
24, 593 3, 916 19, 972 11, 828
24, 733 3,947 20, 075 11, 909
24, 945 4, 053 20, 164 11, 965
25, 351 4,237 20, 216 11, 992
25, 429 4,268 20, 258 12, 029
25, 554 4, 355 20, 287 12, 049
25, 614 4, 379 20, 316 12, 110
25, 548 4,356 20, 270 12, 115
8,229
8, 151
7,668
7,930
8,074
8,067
8,067
8,062
8,090
8,120
8, 144
8, 166
8, 199
8,224
8,229
8,238
8,206
8, 155
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
52, 169
53, 715
54, 448
56, 111
57, 912
58, 169
58, 403
58, 466
58, 717
58, 903
59, 126
59, 313
59, 610
59, 872
60, 037
60, 266
60, 389
60, 568
4,644
4,696
4,498
4,509
4, 589
4,581
4,616
4,610
4,634
4,652
4,628
4,651
4,672
4,709
4,714
4,728
4, 696
4, 730
16,674
17, 017
17,000
17, 694
18, 292
18, 377
18, 431
18, 414
18, 512
18, 610
18, 744
18, 744
18, 849
18, 891
18, 967
19, 064
19, 126
19, 205
4,091
4,208
4,223
4, 316
4,508
4,524
4,545
4,572
4,597
4,611
4,630
4,647
4,670
4,683
4,712
4,737
4,754
4,774
13, 021
13, 617
14, 006
14, 644
15, 333
15, 448
15, 482
15, 533
15, 608
15, 663
15, 693
15, 791
15, 875
15, 962
15, 970
16, 031
16, 153
16, 212
2,663
2, 724
2,748
2,733
2,727
2, 732
2,728
2, 730
2, 727
2, 718
2,736
2,736
2,736
2,744
2, 753
2, 772
2, 763
2,769
11, 075
11, 453
11, 973
12, 215
12, 463
12, 507
12, 601
12, 607
12, 639
12, 649
12, 695
12, 744
12, 808
12, 883
12, 921
12, 934
12, 897
12, 878
are not at work because of industrial disputes; and which are based on a sampi«
of the working-age population, whereas the estimates in this table are based c
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 <sarnings
Aver age weekly tours
Period
Total
private
nonagrioultural '
37.7
37. 1
37. 0
37. 1
37.1
1969
1970
1971
1972
1973
1974
36. 6
36. 1
36.2
36. 1
1975
1976
1977
Manuft icturing
Total
40. 6
39.8
39. 9
40. 6
40.7
40.0
39.4
40. 0
40.3
1977: Aug...
Sept
Got
Nov
Dec
36. 0
36. 0
36.2
36. 2
36.2
40. 3
40.3
40. 4
40. 5
40.5
1978: Jan
Feb
Mar
Apr
May
June
July »
Aug*
35.6
35.8
36.2
36.3
36.0
36.1
36.0
35. 9
39.6
39.9
40.6
40.6
40.3
40.4
40.4
40. 3
Overtime
3. 6
3. 0
2.9
3. 5
3.8
, 3.2
2.6
3. 1
3. 4
3.3
3. 3
3.5
3. 5
3.5
3.5
3.8
3.7
3. 6
3.5
3. 5
as
3.5
Total
private
nonagncultural l
Adjusted h ourly earnirigs indexJ —t otal private
nonagricmltural
Manufacturing
Percent eh ange from
a year earlier 4
Index, 1 967=100
Current
dollars
$a 19
1967
dollars 3
Current
dollars
3. 36
3. 57
3. 81
4. 08
4.41
4 81
5. 19
5.63
113.2
120.7
129.2
137.7
146. 5
158. 5
172.5
185. 0
198. 5
103. 1
103.8
106.5
109. 9
110.0
107.3
107. 0
8.8
109. 4
7.3
5. 28
5. 32
5.38
5.41
5.42
5. 68
5. 73
5.79
5. 81
5. 83
199. 9
201.2
203. 3
204 1
205. 2
109.2
109. 5
110.2
110. 2
110.3
5.49
5. 52
5.56
5.62
5. 64
5. 68
5. 73
5. 74
5. 90
5.95
5.97
6.00
6.03
6.08
6. 14
6. 17
208.1
208.8
210.2
212. 1
212.8
213.9
215.8
216. 1
111. 0
110.6
110.5
110.6
109.9
109.5
110.0
109.5
$3. 04
3. 22
3. 44
3.67
3. 92
4.22
4.54
4 87
5. 25
1967
dollars
6. 6
1.7
.6
2.2
6.6
7.0
6. 6
6. 4
8. 2
ioa5
7. 2
ai
.5
— 2.3
—.2
1.4
.8
7. 1
.4
.7
1.3
.8
.8
8. 1
1.2
1.5
1.5
1.7
1.2
.9
.6
.3
7.3
7.9
7.6
7.6
8.1
8.2
8. 4
8. 3
8.4
8.2
8.1
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total prrrate nonagricu Iturali
Period
Current
dollars
Manufacturing
1967
dollars '
$104. 38
102. 72
104 93
108. 67
109. 26
104 57
101. 67
103. 40
104.42
$129. 51
133. 73
14a44
15469
166. 06
176. 40
189. 51
207. 60
1977: Aug
Sept
Oct
Nov
Dec
190. 08
191. 52
19476
195. 84
196. 20
103. 81
104.20
105. 62
105. 75
105. 48
228. 90
230. 92
1978: Jan
Feb
Mar
Apr
195. 44
197. 62
201. 27
204. 01
104. 23
104 73
105. 82
106. 37
10488
10499
105. 08
104. 39
233.
237.
242.
243.
243.
245.
-
1974
1975
1976
1977
-
2oao4
May
205. 05
June
July"
Aug'-
206. 28
206. 07
J
3 Also includes
226. 89
233. 92
235. 31
236. 12
248. 06
248. 65
other private indostry groups shown on p. 14.
Adjusted for intericdcstry employment shiits and for overtime in manufacturing.
i Current dollar index (or earnings) divided by the consumer price index.
Bevised Index for urban wage earners and clerical workers need beginning 1978.
33-908 °—78
3
64
41
38
60
01
63
Percent ch inge from a
year € arlier,
total prrirate nonagricu Ltural •
Current
dollars
Durrent dollars!
$114. 61
119. 46
127. 28
136. 16
145. 43
15445
163. 89
176, 29
189. 53
1969
1970
1971
1972
1973
Contract
construction
Wholesale
and retail
trade
$181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
28493
296. 68
$90. 78
95.66
100. 39
105. 65
111.04
118. 33
126. 75
133. 39
142. 52
29492
294 48
300. 66
301.84
302. 13
143. 09
143. 76
146. 40
145. 75
147. 52
287. 87
297. 02
309. 12
314 16
312. 32
319. 29
322. 76
319. 19
147. 93
148. 26
151. 27
152. 92
152. 46
153. 45
154 77
154. 63
6.4
42
6. 5
7.0
6.8
6.2
6. 1
7. 6
1967
dollars
1.0
-1.6
2. 2
3.6
:5
— 43
—2.8
7.5
1.7
1.0
7.3
:6
1.4
8. 1
8.4
8.2
7.7
7.7
7.0
8.1
8.9
8.1
8.3
8.8
8.4
1.8
1.4
:8
.9
.6
1.6
2.2
1.0
.8
1.0
.6
*1 Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of 2all
pers<>ns
Outf nit*
Output iuer hour
of all p ersons
Compe nsation
per 1lour 3
Unit labor
CO
sts
Implicit price
defla tor 4
NonPriNon~
NonPriNonPriNonPrivate farm
Private
Private Nonvate
farm
vate
farm
vate
farm
farm
farm business
business
business business
business business business business business business
sector business
sector business
sector
sector sector
sector sector sector sector sector
sector
sector
Period
1967= = 100; qua rterly dat a seasoniilly adjuslbed
98.0
100.0
105. 1
108.3
98.1
100. 0
105.4
ioae
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
947
100.0
107.6
115. 1
945
100, 0
107. 3
1143
96.8
100. 0
104 1
111. 0
96.4
100. 0
1040
110,9
97.2
100. 0
103.9
108.8
96.8
100. 0
1040
108.6
107,3
110.3
117.6
124 5
121. 5
107.4
110.2
117.8
125.0
121.9
102. 8
102.3
106. 0
110.3
110.7
104 0
103.7
107.6
112.4
112.9
104 4
107.8
110.9
112.8
109.7
103.2
106. 3
109.5
111.1
108.0
123.3
131.5
138, 9
150.0
164 1
121.9
129.9
137.4
147.8
161.8
118. 1
121.9
125.2
132. 9
149. 5
118. 1
122.2
125.5
133. 0
149. 8
113.9
118.9
123.1
130.2
143. 0
1140
119. 1
122.8
127.9
141.3
118. 8
126. 5
133. 2
127. 0
133. 6
na 8
106.1
109.0
112.7
108.0
111.4
115.6
112.0
116. 1
118. 1
110.0
1140
115.6
180.3
196.3
212.7
177,8
192.9
208.9
161. 1
169.2
180. 1
161.6
169.2
180.7
157. 4
165. 4
1749
156.3
164 8
1746
125.0
126.2
127. 1
127.6
125. 2
126.9
127.7
128. 1
108.6
108.9
108. 8
109.3
111. 1
111.3
111.3
112. 0
115. 1
115. 9
116.8
116.8
112.6
114 1
114.7
1144
190.3
194.2
198.5
202.7
186.8
191.0
1949
198.8
165.3
167. 6
170.0
173.6
165.8
167.4
169.9
173.8
162.4
1645
166.3
168.5
161.8
163.4
165.7
168.2
131.0
133.0
134.6
135.8
111.0
113.1
112.9
113.8
113.8
115.7
115.9
116.7
117.6
117.2
118.9
119. 1
115.2
114.9
116.1
116,4
206.8
210.0
215.2
218.9
203.0
206.5
.
130. 5
132. 5
134.2
135. 5
210.9
215.0
175.9
179. 2
181.0
183.8
176.3
179.7
181. 6
1848
170. 6
174.0
176.3
178.4
170.0
173.6
176. 4
178.1
1978:1
!!».„.
135. 3
138.5
136. 1
139.7
115.0
117. 5
117.9
120.7
117.7
117.9
115.4
115.7
225. 1
229.5
221.2
225. 5
191.4
1947
191.6
1948
181, 3
186,5
180.6
185.2
3.2
2.9
3.9
47
2.9
3.3
40
45
47
44
49
4.5
3.1
41
10.5
1966_.
1967.,
_™
1968
1969
1970_
1971
—
1972..
1973
1974
..
. ,«
1975,—.
1976-.
1977
_—.
1976:1
II
III.....
IV
1977:1—-—
II..—.
II..
IV
Perceiit change ; quarterlyf data at seasonall y adjuste<i annual rates
5.5
2.0
5. 1
3.0
1966
1967._
1968_,
1969., ,
6.0
1.9
5.4
3.0
2.3
-.3
1.7
2.7
3.3
—.0
2. 1
3.2
3.2
2.3
3.3
.3
2.5
1.9
3.2
-.2
7.0
5. 6
7.6
7.0
6.0
5.8
7.3
6.5
41
3.4
3.8
40
6.7
6.4
3.2
2.7
6.1
6.5
3,5
2.7
1970_
1971
1972...
1973
.„
1974_.^ .„ .
-. 9
2.8
6. 6
5.9
-2,4
-1. 1
2.6
6.9
6.0
-2. 5
-1.6
-.4
3. 6
41
.4
— 1.2
-.3
3. 7
4
.4
.7
3,2
2.9
1.7
-2.8
.2
2.9
3.1
1.5
-2.8
7.2
6. 6
5.7
8.0
9.4
6.7
6.6
5.8
7.5
9.5
1975—
1976
1977
....
.„.
-2.3
6. 5
5.3
-2.5
6.9
5,2
-4.2
2.7
3.5
-43
3.2
3.7
2.0
3.7
1.8
1.9
3.6
1.5
9.9
8. 9
8.4
9.9
8.5
8.3
1976:1
„„_
II
III.....
IV.....
11.2
4.0
2.8
1.6
11.5
5.7
2.5
1.2
5.2
1,2
g
1. 7
6.4
.4
.3
2.3
5.8
2.8
3.2
— .1
48
5.3
2.2
— 1.0
10.2
8.6
9. 1
8.7
1977:1.
II
III „„„.
IV.—
9.3
6.5
5.0
4.0
9.4
6.2
5.0
3.5
6.3
7.8
-.7
3.4
6.6
7. 1
.7
2.7
2.8
-1.2
5.8
.6
2.7
-.6
9.9
.7
11. 1
42
9. 1
42
9.8
-47
.8
1978:1
II*
J
2
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
3,7
3.3
6.6
3. 6
5. 8
12.5
6. 0
12. 7
7.7
5.0
6. 5
7.9
4.7
6.7
10.1
5. 1
5.7
10.6
5.4
5.9
8.7
9.2
8.4
8,3
42
5.6
5.8
8.8
3.8
3.8
6.1
9.4
3.2
5.2
44
5.4
49
41
5.8
6.1
4.3
.8
8.3
6.4
10.3
7.0
8.6
7.2
8.8
8.0
5.3
7.7
43
6.3
5.8
8.1
43
7. 1
5.2
8.2
5.2
49
44
8.7
6.5
4.0
-3.3
1.2
11.9
8.0
12,0
17.4
15.8
6.7
5.8
10.7
Q
8.1
7.2
6.9
9.8
12.0
NOTE,—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in August, following revised increases of 0.7 percent in both June and July.
The index for August was 6.2 percent above a year earlier.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTR AL PRODUCTION
160
140
UTItlTIES
120
MINING
100
160
MANUFACTURING PRODUCTION
1 1 ii-tl in 11
M I t ! r 11 1 1
1574
1975
1976
1978
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
80
120
70
100
1974
1975
1976
1974
1978
1977
1975
1976
1977
1978
*SEASONAUY ADJUSTED
COUNCIl OF ECONOMIC ADVSCftS
SOURCE. KOAXD OF GOVESNOCS OF THE FEDERM RESERVE '
Period
1967 proportion
1972
1973
1974._
1975
•
1976.
1977-.
Total iii dustrial
produ Btion
Percent
Index, change
1967=
from
100
year
earlier
100. 00
9. 2
119. 7
8.4
129.8
—. 4
129. 3
— 8. 9
117. 8
10.2
129.8
5. 6
137. 1
mi
1977: Aug
Sept..
Oct
Nov_ • _ _ _
Dec
138. 5
138. 9
139. 3
139.7
1978: Jan
Feb
Mar
-_
Apr_-___ _
May
June
July » .. _•„
Aug"
138.8
139.2
140.9
143.2
143. 9
144. 9
145.9
146. 6
[Seasonally adjusted]
prodiiction ind axes, 1967 = 100
M anufactun ng
Indu,stry
Total
Durable
Nondurable
87. SB
61.98
SB. 97
6.36
5. 69
118. 9
129.8
129.4
116. 3
129. 5
137. 1
113. 7
127. 1
125. 7
109. 3
121. 7
129.5
126. 5
133. 8
134. 6
126. 4
140. 9
148. 1
113. 1
114. 7
115. 3
112. 8
114 2
117. 8
139. 4
145. 4
143. 7
146. 0
151. 0
156. 5
83. 1
87. 5
84. 2
73. 6
80. 2
82. 4
88. 0
92. 4
87. 7
73. 6
80. 4
81. 9
5.0
138. 6
139. 0
139. 4
139.9
140.5
131. 3
131. 7
132.4
132.7
133. 4
149. 4
149. 5
149. 6
150. 1
150. 9
115. 4
118. 0
119. 6
118. 8
113. 4
155. 7
154. 1
154. 0
154. 2
156.7
82.9
82. 9
82. 9
82. 9
83. 0
82.0
82. 0
82. 4
82. 3
81.9
4.9
4. 5
4. 1
5.2
5.0
5. 2
5.2
6.2
138.7
139.4
141. 4
143.5
144. 3
145. 4
146.4
147.3
131. 1
131.5
134. 4
136. 9
137. 6
138. 8
140.8
141. 9
149. 8
150. 6
151. 4
153. 2
154. 0
154.8
154. 7
155. 2
115.0
114.4
119. 3
127.2
126. 7
128.0
126. 6
126. 1
162. 3
163. 5
159. 5
156. 0
157. 0
157. 7
158. 5
159. 3
81.7
81. 9
82.7
83.7
83.9
84.2
84.6
84.8
81.9
81. 3
81.9
84.0
84. 5
85. 1
85. 6
85. 6
5.2
6.0
6.7
5.9
1
Output as percent of capacity.
*1 Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages ot
Quarterly data.
Utilities
Manufswrturing c ipacity utilization
rate, p ercent '
Federal Reserve
sei•ies
ComWharTotal
mercel
ton
Mate- series
manuseries *
facturrials
ing
Mining
i
83
86
83
77
81
83
91. 8
97. 1
93. 0
80.4
87.5
90.2
82
90. 9
82
91. 1
84
90. 1
92.6
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and \Vfaarton School of Finance.
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod uets
Final I*roducte
Coiisumer go ods
Period
Total
Total
1967 proportion
1970
1971
1972
1973
1974
1975
._
1976 .
__
1977
1977: Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July »
Aug » _
—
iias
127.2
„_.„
__
.
47. 82
105.3
106.3
115.7
124.4
125. 1
.—
„_--
_ ._
1349
13&3
136.8
136.5
137.0
137.6
134.9
136.4
138.9
140. 5
140,8
14a9
141.9
142. 5
S7.68
109. 0
114.7
124. 4
131.5
12&9
124. 0
136.2
14a 4
Interim ediate
prod ucts
Equip meat
NonDurable durable
goods
7,89
19. 79
no. i
106. 1
na i
118.8
120.6
133.8
125. 6
146. 2
126.3
135.3
121. 4
125.1
141.4
134 1
153. 1
139.6
Materials
Supplementary
group:
Energy
total
112. 9
116.7
126. 5
137.2
135.3
12ai
137. 2
145. 1
Construction
supplies
6.42
111.0
116.8
12R4
139.8
1345
116.3
132.6
140.8
S9.S9
109.2
111.3
122.3
133.9
132.4
115.5
130. 6
136.9
12. $3
117. 0
119.5
125.2
128.3
Total
Busi-
Total
so. 14
1S.6S
107.0
104 1
118.0
134 2
142.4
128.2
136.3
149.2
IS. 89
100.1
94.7
103.8
114 5
120.0
110.2
1146
12a 2
125. 5
125. 5
128. 8
132.5
144. 7
144.9
1449
145. 2
145. 8
1547
155.6
156.8
155.2
155.8
140. 6
140.7
140. 1
141.2
141.8
1249
125.6
125.0
125. 8
126.2
151. 1
152. 1
152.6
153.5
1540
146. 1
146.5
147.8
148.4
150.4
141.7
143.2
1449
146.5
148.3
137.6
137.9
138.9
139.0
138.8
131.4
141.8
146. 5
151.2
157.5
161.8
160.2
160.5
160.9
160.8
139.9
140.8
141.3
141.8
141.7
141.5
141.7
141.9
125. 4
126.2
129.1
130.8
131.6
152.6
154 2
157.4
159. 3
160.2
161.8
151.6
151.4
151.4
152. 1
152.6
1545
155. 8
156.8
149.2
148.6
147.9
148.5
150.4
139.2
138.6
139.9
143.7
145. 1
132. 5
130.0
129.8
153.8
155.0
147.6
148. 1
143. 8
145.9
147. 5
147.0
146. 9
147. 2
147. 3
isao
leas
1343
135.8
165. 3
152. 1
146.4
132.5
133.0
132. 3
129.7
isa i
1342
135. 1
135.2
135. 5
[1967=100, seasonally adjusted]
Diarable manufactu res
Primar)r metals
Period
Total
Iron
steel
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
_
6. 67
106.6
100.2
112. 1
126.7
123. 1
96.4
108. 9
110.2
1977: Aug
Sept.
Oct
Nov
Dec
112. 5
109.0
1978: Jan
Feb
Mar
Apr
May
June
July »
107.4
AUK*
na s
111.2
111.0
106.2
106. 1
1143
115.5
117. 6
122.5
1244
4. SI
1047
96. 1
107. 1
122.3
119.8
95.8
104 9
ioa4
110. 6
104 6
107.7
104.3
103.8
99.5
96.3
96. 4
109.0
110.5
1145
118.9
Fabricated
metal
products
ery
Electrical
machinery
9.15
104 4
100.2
116. 0
133.7
140. 1
125. 1
135. 0
1448
8.06
108. 1
107.7
122.2
14a 1
143.8
116.5
131. 6
141. 9
S. 27
89. 5
97. 9
108.2
118. 3
108. 7
97.4
110. 6
121. 1
143. 9
1446
135.8
136.4
145.2
147.4
14R 9
149. 7
151.7
144. 2
146.0
124 3
125.5
1243
136. 9
136.9
138. 1
139.5
140.4
142.3
143.5
1447
150. 1
150. 1
151. 5
152.2
152.9
1544
157.2
158.8
144.0
146.4
149. 5
152.3
152,9
1541
155.0
156. 0
5. 93
102.4
ioas
112.1
124.7
1242
109. 9
123.3
130.9
1340
133.6
isas
Source: Board of Governors of the Federal Eeserre System.
18
Non-
trical
ma-
147.3
Non iurable inanufact urea
TranspDrtation
equip meat
Total
122.0
122.2
116.2
118.4
126. 5
130.5
130. 1
130. 1
132. 1
132.9
Motor
veMcles
and
parts
Lumber
and
products
At>*%
parel
products
4.60
1. 64
S.S1
92.3
118. 6
135.8
148.8
128.2
111. 1
140.7
159.7
105.6
113.8
120.8
126. 0
116.2
107.6
125. 1
133.4
101.4
104 7
109.4
117.3
1143
107. 6
122. 2
1242
164 4
131.8
137.1
135.7
137.5
138. 1
146.6
138.5
135.5
136. 5
136.9
136.5
13&5
139.0
165.6
168.4
163.0
161.8
isai
165. 1
171.7
16&3
167. 5
169.3
169. 3
Print- Chemicals
ing
Foods
and
and
pub- prodlishing ucts
4.72
107.0
107. 1
112.7
7.74
8.76
120.4
125.9
143.6
1545
ioa9
1247
120. 6
159.4
147.2
169.3
180.7
112. 8
116.8
120.9
1240
123.4
132.3
137.9
124 1
127. 7
129.0
125. 1
125.8
125.0
1242
125.7
126.2
127.5
182.6
181.3
182.3
183. 1
183.0
139.3
138.3
137.3
139.4
140.4
118. 6
121. 1
122.8
12a 1
125.8
126.8
129. 9
184.4
183.7
185.2
185.5
188.1
190.8
191.4
139.3
140.8
141. 1
143. 1
142.8
141.8
142.3
118. 2
11R2
lias
i2as
129. 1
12R6
12a2
12a7
130.4
131. 4
NEW CONSTRUCTION
Construction contracts'
Private
Total new
Period
tion
expenditures
Read ential
Total
Total1
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Bil lions of dollMrs
1971
1972
1973._-.-.-i
1974
1975
1976
1977
_
___
110.0
124.1
137.9
138.5
1345
148.8
172.6
4as
80,1
9a9
105.4
100.2
9a7
110.6
1347
17.0
35.1
449
50. 1
40.6
344
47.3
65.7
543
59.7
50.4
46.5
60.5
81.0
iai
21.7
2a s
20.8
19.9
22.5
19.8
21.5
240
25.9
26.4
30. 0
31.3
29.9
30. 2
32.5
38.3
40.9
38.3
37.8
3LO
39.1
38.8
39.4
37.4
37; 4
36.8
36.4
35.7
37.7
41.5
45.1
45.1
47.9
Seasonall / adjusted aiinual rates
1977: July
Aug-..._.^
Sept
Oct
Nov
Dec
1978: Jan
Peb
Mar
Apr
-May
176.4
176.4
177.8
17&7
17ai
179.0
171.7
177.9
184.8
192.9
. 19a2
203.3
206.9
June »»
July*
137. 3
137.6
82.9
82,9
139,2
140.6
142.3
135.3
142,2
147. 1
151.3
153.1
15&2
159.0
842
8K2
87.4
79. 7
85.6
87.6
90,0
91.1
92.5
isas
2a4
2as
67.1
67; 1
67.6
69.3
70.7
72.8
65.0
70.9
72.5
744
75.1
76. &
77.5
sao
gas
1
Includes nonhousekeeplng residential construction and additions and alterations,
not shown separately.
1
F. w. Dodge series. Berates to 50 States beginning 1969 for value Indei and
beginning 1971 for floor space.
242
241
243
22.8
22.4
22.8
25.4
26.4
27.3
30.6
30.7
sag
31. 2
30.9
31; 1
32. 1
33.2
33.8
34 1
349
347
35.1
35.1
145.4
165. 3
179.5
169.7
167.9
199.4
252.2
727
854
1,010
840
555
592
738
Seasonally
Seasonally adjusted
annual
adjusted
rates
209
702
853
267
813
279
244
757
258
847
864
299
283
996
266
814
254
863
921
279
332
1,061
999
249
286
898
NOTE.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and MeGraw-Hlll
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
Is ew private lousing units
Units started, by type of stn.icture
Period
Total
1970.-.
1971
1972
1973
1974
1975
1976
1977
.__
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
1 unit
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
2-4
units
848
120.3
141.3
nas
ea i
640
85.9
121.7
6 or more
units
535.9
780.9
906.2
795.0
381.6
2043
289.2
414.4
New priv ate homes
Units
authorized
1, 351. 5
1, 924 6
2, 2ia 9
1, 819. 5
1, 074 4
939.2
1, 29a 2
1, 690. 0
"Units
completed
1, 4ia 4
1, 706. 1
2, ooa 9
2, 100. 5
1, 72a 5
1, 317. 2
1, 377. 2
1, 667. 1
Homes
sold
Homes for
sale at
end of
period *
485
656
718
634
519
549
646
819
220
818
845
870
819
857
813
774
793
389
389
398
401
403
405
404
404
410
415
420
420
287
409
418
346
313
354
403
Vacancy
rate for
rental
housing
units
(percent)'
5.3
5.4
5.6
5.8
6.2
6.0
5.6
5.2
Seasonally adjusted arinual rates
1977: Aug
Sept.
Oot
Nov
Dec
1978: Jan
Feb
Mar
Apr
May *
June *
July "
Aug» -_
1
2,038
2,012
2, 139
2,096
2,203
1,548
1,569
2,047
2,165
2,054
2,124
2,128
2,029
1,454
1,508
1,532
1,544
1,574
1,156
1,103
1, 429
1,492
1,478
1,441
1,453
1,442
Seasonally adjusted
'Quarterly date enteired In last mont h of quarter.
119
124
127
134
153
101
79
126
142
89
148
138
134
465
380
480
418
476
291
387
492
531
487
535
537
453
1,770
1,695
1,781
1,822
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,571
1,677
1,875
1,665
1,769
1,641
1,759
1,696
1, 821
1,943
1,854
1,898
1,924
827
849
833
804
Source: Department of Comme tea. Bureau of he Census.
5,4
5.1
5.0
5. 1
1Q
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales fell slightly in July, while inventories rose about $2 billion. Accordin$ to the advance survey, retail
sales rose in August following a slight decline in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
RETAIL INVENTORIES
350
TOTAL BUSINESS
INVENTORIES
_\
80
70
300
60
250
RETAIL SALES
50
200
TOTAL BUSINESS
SALES
40
150
RATIO*
1.80
100
1974
1975
1976
1977
1978
1977
•SEASONAUY ADJUSTED
SOURCE* DEPARTMENT OF COMMERCE
COMfKtt OF ECONOMIC ADVISERS
Total b usiness!
Who esale
K<:tail
Sales 2
Period
Sales 2
1978
Inventories *
Inven-3
Sales2 tories
Tntnl
Inventory- sales
Iriventories
DurNonable durable
goods goods
stores stores
Durable
rai io *
Nondurable
goods
stores stores
Total
business '
23, 342 50, 063 21, 687 28, 376
25, 054 55, 079 24, 238 30, 841
1.58
goods
Retail
Milli ons of d ollars, seasonally adjustec
1971
1972
1973
1974
1975
1976. 1977
.
1977: Aug_.__
224, 247 327, 639 53, 208 65, 095 59, 020 19, 984 39, 036 84, 462
_ 224, 907 330, 345 53, 307 66, 119 59, 014 19, 763 39, 251 85, 215
_„ 228, 508 330, 832 53, 639 66, 209 60, 778 20,895 39, 883 85, 322
231, 488 333, 186 55, 558 67, 047 61, 588 20, 733 40, 855 86, 299
237, 258 334, 785 57, 266 67, 998 62, 054 20, 915 41, 139 87, 073
39, 303 45, 159
39, 559 45, 656
39, 589 45, 733
40, 087 46, 212
40, 534 46, 539
230, 162 337, 676 55, 985 68, 991 59, 855 19, 782 40, 073 87, 708
103 87, 642
752 89, 097
110 89, 963
41, 060 46, 648
41, 369 46, 273
41,521 47, 576
Sept
Oct
Nov
Dee.
1978: Jan— _ • _ _ _
FebMar
Apr
May...
June
July »__
Aug»
116, 351
130, 049
151, 647
175, 200
188,508
203, 088
233, 749
285, 064
26, 257 35, 823
29, 584 39,' 786
36, 822 46, 254
45, 836 56, 537
179,621 283, 614 44, 633 55, 113
200, 760 309, 238 48, 408 61, 307
.. 223, 793 334, 785 53, 509 67, 998
34, 169 10,
37, 422 12,
41, 871 14,
44, 543 13,
48, 370 14,
27, 781 62, 950
30, 723 70, 716
907 33, 463 70, 623
53, 542 17, 544 35, 998 78, 045
59, 029 19, 901 39, 127 87, 073
238, 278 340, 396 57, 635 70, 361 61, 661 20, 558 41,
242, 668 345, 839 58, 877 72,882 62, 690 20, 938 41,
250, 768 350, 545 62, 152 74, 867 64, 079 21, 969 42,
251, 806 354, 226 64, 01 1 75, 474 34, 229 21, 758 42,
252, 534 356, 920 33,235; 75, .'20 64, 460 21, 987 42,
250, 382 358, 795 63, 190 75, 158 64, 086 21, 515 42,
_
64, 584 21, 846 42,
" ^"cvtiiit wtiaiueeo itiau iiitiuucs'iiimiuiKCMiriBg
!
3 Monthly average for year and total lor month.
vseepage^ij.
Book value, end ol period, seasonally adjusted.
* For annual .periods, ratio otweighted average inventories to average monthly
sales; tor monthly data, ratio ol inventories at end of month to sales for month
20
827
369
091
820
28, 072 34, 878
32, 394
32, 119
36, 417
40, 534
38, 322
38, 504
41, 628
46, 539
41, 881 48, 082
471 91, 063 42, 300 48, 763
473 91, 543 42, 036 49, 507
571 92, 470 42, 359 50, 111
738
1. 50
1.44
1.47
1. 58
1.48
1. 44
1.46
1.47
1.45
1.44
1. 41
1.47
1.43
1.43
1. 40
1. 41
1.41
1. 43
1-39
1. 40
1.41
1. 48
1.43
1.39
1.40
1.43
1. 44
1.40
1.40
1. 40
1.47
1. 42
1.42
1.40
1. 42
1.42
1. 44
Note.—Total (and manufacturing) sales revised beginning February 1978.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments and new orders declined in July, while inventories rose. According to advance data, durable
goods shipments and orders rose in August.
BILLIONS OF.DOLLARS* (RATIOSCALE)'
BILLIONS OF DOLLARS* (RATIO SCAL0
1977
•5EASOMMIY ADJUSTED
SOURCEi DEPARTMENT OF COMMERCE
Manufao turers' sh pments l Manufact urers' inventories 2
Manufacturers ' new ord ers '
55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111, 256
29, 973
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
Durabl e goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
MUlio Da of dollstrs, season ally adjus ted
7,535
102, 622 66, 271 36, 351 56, 016 30, 030
8,832
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115,424 64, 290 112, 842 59, 795 15, 201
1977: Aug_._ 112,019
Sept__ 112,586
Oct._. 114, 091
Nov_ . 114, 342
Dee._. 117, 938
58, 649
59, 285
60, 316
60, 228
62, 130
53, 370
53, 301
53, 775
54, 114
55, 808
178, 082
179, Oil
179, 301
179, 840
179, 714
113,917
114,467
114, 448
115,212
115,424
64, 165
64, 544
64, 853
64, 628
64, 290
112, 615
113, 680
117, 331
117, 024
122, 128
59, 269
60, 364
63, 556
62, 821
66, 165
59, 973 54,349
63, 077 55, 905
64, 457 56, 644
66, 493 58, 044
65, 417 58, 149
66, 293 58, 546
65, 222 57, 884
67, 765
180, 977
182, 393
183, 860
185, 715
187, 689
189, 557
191, 167
116,278
117,511
118, 725
119, 848
121, 471
122, 688
123, 830
64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
117, 899
122, 544
125, 801
128, 175
128, 450
127, 580
123, 279
63, 335
66, 681
69, 016
70, 033
70, 045
68, 840
65, 187
70, 131
Period
1971
1972
1973
1974
1975
1976
1977
1978:
Total
NonDurable durable
goods
goods
Jan.. 114,322
Feb... 118, 982
121, 101
Mar
124, 637
Apr
May__ 123, 566
June__ 124, 839
July * 123, 106
Aug".
1
Monthly average for year and
3
Book ralue, end of period.
3
total for month. Shipments are the same as sales.
End of period,
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
1978
COUNCB. OF ECONOMIC ADYISEHS
ManufacNon- turers'
durable unfilled
goods orders 3
Manufacturers'
inventory—
shipments
ratio '
25, 986
29,104
33, 329
40, 417
43, 125
48, 137
53, 047
107, 657
121, 709
161, 194
189, 678
170, 686
174, 553
193, 659
1.83
1.67
1.58
1.65
1.83
1. 66
1.58
14, 527
16, 124
16, 097
16, 090
16, 988
53, 346
53, 316
53, 775
54, 203
55, 963
182, 453
183, 547
186, 787
189, 469
193, 659
1.59
1.59
1.57
1.57
1.52
16, 511
17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
18, 802
54, 564
55, 863
56, 785
58, 142
58, 405
58, 740
58, 092
197, 235
200, 798
205, 500
209, 133
214, 010
216, 754
216, 922
1.58
1. 53
1.52
1.49
1. 52
1. 52
1.55
Note.—Total and nondurable shipments and new orders revised beginning
February 1978.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In August, the producer price index for all finished soods fell 0.1 percent, seasonally adjusted. Prices of finished
consumer foods fell 1.5 percent and prices of other finished consumer goods rose 0.4 percent. Prices of capital equipment rose 0.4 percent.
INDEX, 1967-100 (RATIO SCALI)
240
INDEX, 1967-100 (RATIO SCALE)
240
SEASONALLY ADJUSTS)
_ FINISHED GOODS
220
220
200
200
CONSUMER FOODS
180
180
.CONSUMER GOODS EXCLUDING FOODS
160
160
CAP TAL EQUIPMENT
140
140
120
120
100
too
II1 1 I 11 1 1 1
1971
i 1 1 1 1 11
1972
1973
1975
1974
1976
t i 1 1 i 11 t i i i
1977
1978
SOUHCEi KFAnMENT OF lABOt
Period
Total
finished
goods
1970 _
110.3
1971
113.7
1972
117.2
1973
127.9
1974
147.5
1975
163.4
1976
__ 170.3
1977
180. 6
1977: Aug
181. 5
Sept
182. 1
Got
183. 2
Nov
184.5
Dec
185. 3
1978: Jan
186. 6
Feb
188.6
Mar
189. 6
Apr
192. 0
May
193.3
194. 7
June
July
195. 7
Aug
195.5
COUNCH Of ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
Fin. shed go<Dds
Iatermediate
material3
Finisheti goods excludlng
corisumer f c>ods
Consumer
foods
113. 5
115.3
121. 7
146.4
166. 9
181.0
180.2
189.1
189.3
189.2
189.5
191.9
192. 6
194.8
200.7
202. 1
205. 8
206.8
209. 1
208.4
205.2
» Formerly called producer &lislicd gooda.
22
1979
Corisumer g oode
Total
109. 1
113.1
115.4
120.2
139.4
156.2
165.5
176.2
177.2
178.2
179.5
180. 3
181.2
182. 2
183.0
183. 9
185. 8
187.2
188. 3
189. 8
190.6
Total
T°hlr
*fill —
able
/-1_ ;
Oapi-
Nondurable
Hhol
bitl
SCjlilp**
Total
ment 1
107. 7 106. 9 108. 3 112. 0
111.4 110.8 111.7 116.6
113.4 113.2 113. 6 119.5
118. 5 115.4 120.5 123.5
138. 6 125.9 146. 8 141. 0
153. 1 138. 2 163. 0 162. 5
161.8 144.4 173. 3 173.2
172.1 152.2 185.4 184.5
173.2 153. 7 186. 3 185.4
174.1 154. 0 187. 5 186.4
174.8 154.9 188. 1 188.9
175.4 155. 5 188.8 189.9
176. 1 156. 1 189.5 191. 3
177. 1 157.4 190. 3 192.3
177. 6 157.7 190.9 193. 5
178. 4 158. 7 191. 5 194. 6
180. 8 163.2 192.4 195. 7
182. 1 165.1 193. 1 197.3
182. 9 165. 5 194. 3 198. 9
184.8 168.4 195. 4 199.9
185.6 169.6 195.9 200.6
109. 9
114. 1
118.7
131.6
162.9
180.0
189.3
201.7
Foods
and
feeds 2
109. 1
111.7
118. 5
168.4
200. 2
195.3
186.6
191.0
202.6 176.2
203. 5 172. 9
204.3 172. 8
205.2 185.4
206.0 183. 3
207. 9 187.2
209.7 191.0
211. 3 201. 1
212.4 201. 2
213.6 206.6
214. 3 201. 0
215.4 204 1
216.4 197. 1
3 Intermediate materialIs for food
feet Is.
Other
Cn.ide mate rials
Total
112. 3
115. 1
127. 6
174 0
Foodstuffs
and
feedstuff;
112. 0
1142
127. 5
180. 0
196. 1 189.4
196. 9 191.8
205. 1 190. 1
202.4 2143 190.9
2042 206. 3 180.2
205. 3 205. 7 179.8
206. 1 207.4 182.2
206.4 2144 189.9
207.4 217. 2 191. 1
209.2 221. 6 196. 4
210.9 228.7 205. 6
212. 0 231. 7 208. 0
213. 1 238. 5 217.0
214 1 238. 9 217.1
215. 1 243. 1 221. 3
216. 0 241. 7 215. 7
217.5 238. 6 211.9
manufactu ring and saanufacture id
109. 9
114.3
118. 9
128.1
159.5
178.6
189.5
Nora.—Data revised for April 1978.
Source: Department of Labor, Bureau of Labor Statistics.
Other
112. 7
117.0
128.0
162. 5
208.9
206. 9
233.6
258.4
255.6
2544
254 9
260. 9
266. 3
269. 4
272. 1
276. 5
278. 8
279. 7
284 4
291. 0|
289.6
animal
CONSUMER PRICES
In August, the consumer price index for all urban consumers rose 0.6 percent (also 0.6 percent seasonally adjusted).
Food prices increased 0.2 percent (0.3 percent seasonally adjusted). Nonfood commodity prices rose 0.5 percent
(also 0.5 percent seasonally adjusted) and services prices were up 0.8 percent (also 0.8 percent seasonally adjusted).
INDEX, 1967=100 {RATIO SCALQ
INDBC 1?67«100 (RATIO SCALE}
220
220
UNADJUSTED
200
200
180
180
FOOD
160
160
/SERVICES,
V'
140
140
"COMMODITIES
LESS FOOD
120
120
100
100
M i l l I M I.I t
1970
1971
1972
1974
1973
1975
1977
1976
SEE NOTE ON TABLE BELOW
SOURCE, DEPARTMENT OF LABOR
1978
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1970
1971
1972__
1973
1974
1975
1976
1977
All
items
Food
Commodities
less
food
116. 3
121. 3
125. 3
133. 1
147.7
161. 2
170. 5
181.5
114.9
118. 4
123.5
141.4
161.7
175. 4
180.8
192.2
112.5
116.8
119.4
123.5
136. 6
149. 1
156.6
165. 1
Comnaodities less food
Food
All
XlJJ.
Services
commodities
All
Food
at
home
Food
away
from
home
All
121. 6
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
113.5
117. 4
120. 9
129. 9
145. 5
158.4
165. 2
174.7
114.9
118.4
123.5
141. 4
161. 7
175.4
180.8
192.2
113.7
116.4
121.6
141.4
162. 4
175.8
179.5
190.2
119.9
126. 1
131. 1
141.4
159.4
174. 3
186. 1
200.3
112.5
116.8
119.4
123.5
136. 6
149. 1
156.6
165. 1
Services
Durable
Nondurable
111. 8
116.5
118.9
121.9
130. 6
145.5
154. 3
163.2
113. 1
117.0
119.8
124. 8
140.9
151.7
158.3
166.5
121. 6
128.4
133.3
139. 1
152. 1
166.6
180.4
1943
Seasonal y adjust ed
Unad justed
1977: Aug....
Sept.._
Oct
Nov._.
Dec
183.3
184. 0
184.5
185. 4
186. 1
195.2
1945
194.4
195. 6
196. 3
166.0
166.7
167.4
168. 1
168.4
196.3
197.7
198.5
199.5
200. 5
175. 7
176.2
176.7
177.5
178.3
194.3
194.7
195. 0
196.0
196. 7
192.0
192.3
192. 5
193. 5
194.2
203. 0
203.8
204.5
205. 1
206. 1
165. 7
166.2
166.8
167.6
168.4
163. 6
163.9
164.4
165. 1
166. 0
167.2
167.8
168.6
169. 4
169.9
196.8
197.9
198.7
199.5
200.3
1978: Jan
Feb.—
Mar
Apr
MayJune
July—
Aug
187.2
188.4
189.8
191. 5
193. 3
195. 3
196. 7
197. 8
199. 2
202. 0
204.2
207.5
210. 3
213. 8
215. 0
215.4
168. 6
168.8
170.0
171.3
173. 0
174.4
175. 4
176.3
202.0
203. 5
204.9
206. 5
208. 0
209. 9
211.7
213.4
179.9
180.8
182.3
184.0
185. 6
187.2
187. 9
188.7
199.2
201. 6
204.3
208. 1
211. 2
214.0
213. 9
214.5
197.0
199.5
202. 5
207.3
211. 1
214.0
213. 2
213. 3
208.4
210.5
212.5
214.0
215.8
218.2
219. 9
221.7
169.5
169.9
170.9
171.8
172.8
173.9
174. 9
175.7
167.6
168.7
169.5
170.4
171.8
173.2
174.4
175.2
170.6
170. 1
171.2
172. 1
172. 8
173.5
1744
175.2
201.5
203. 0
204.7
206.6
208. 7
210. 5
212.2
214 0
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Percent ; change from prcseeding
perioc .; season ally adjuBted i
Period
Total
finished
goods
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
4.8
2.2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
.2
.3
.6
.7
.4
.7
1. 1
.5
1.3
.7
.7
.5
— .1
Consum er goods
Capital
equipExclud- ment
ing
Foods
foods
a2
-2. 5
5. 9
8.0
22. 5
13. 0
5.5
-2.5
6. 6
— 3
—. 1
.2
1.3
.4
1.1
3.0
.7
1.8
.5
1. 1
—.3
-1.5
2.9
3.9
2. 0
2.0
7.4
20.5
6.7
4.9
6.1
3
5
4
3
4
6
3
5
13
7
4
10
4
Percen^ } change from 3 iTaonths
earlier; seasortally adjilisted
annua . rates
Percen t change from 6 imonths
earlie r; seasoilally adj listed
annua L rates
Consum er goods
Consum er goods
Total
finished
goods
4. 6
4.9
2.4
2.0
5.3
22. 6
8. 2
6.4
7.2
.5
.5
1.3
.5
.7
.5
.6
.6
.6
.8
.8
.5
.4
2.0
2.9
4.7
6.8
7.2
7.6
9.2
9. 6
12. 1
10.3
11.2
7. 9
4. 6
1
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
4.0
4.0
5. 2
5.2
4.7
5.4
5.1
5. 3
8. 6
10. 5
10.5
9.1
7.9
— 5. 9
-2.3
Q
"~ . o
5. 6
7.4
11.7
19.6
21.2
24. 6
12.7
14. 6
5.2
—a i
5.8
6.0
9. 9
10. 1
10.9
7.4
7.8
7. 1
7.3
8. 1
9. 1
8.9
6.9
5.6
4.7
4. 5
4.4
5.0
6.2
8.0
8.4
9.8
9.8
10.4
10.0
7.5
Capital
equipExclud- ment
ing
Foods
foods
3.7
1.0
—.1
—.3
2.4
5.2
12.4
14. 1
17.9
16. 1
17.9
14. 5
4.5
6. 2
5.9
4.9
4.6
4.3
5.3
5.1
5.0
7.0
7.8 7.<#
8.9
9.2
6. 2
6.4
8. 1
7. 9
8.4
8, 6
8. 9
9. 0
7.3
7.9
8. 1
8. 1
7.5
Source: Department ©f Labor, Bureau of Labor Statisti«s.
Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for April 1978.
CHANGES IN CONSUMER PRICES
Percen t change from preceding
perio<i; seasonlaUy adjujsted1
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: Aug...
Sept...
Oct...
Nov.__
Dec___
1978: Jan...
Feb...
Mar__
Apr
MayJune..
July—
Aug—
All
items
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
.4
.4
.3
.4
.4
.8
.6
.8
.9
.9
Food
7.2
2.2
4.3
4.7
4.5
4.8
2.3
2.5
5.0
20. 1
12.2
13.2
.6
5. 1
6.5
6.2
8.0
.4
.2
.2
4.9
.2
.4
.5
.5
.9
1.3
1.2
1.3
1.9
1.5
1.3
.6
.3
.5
Commodities
less
food
.0
.3
.4
.5
.7
.2
.6
.5
.6
.6
.6
.5
Services
Percent c" lange fro m 3 mont tis earlier ; Percent c' lange f re m 6 mont bs earlier ;
seasonsJly adjusrfeed annu al rates
seasons lly adjus>ted annu al rates
All
items
Services
AU
items
Food
Commodities
less
food
Services
7.4
8.2
4.1
3.6
6.2
11.3
8.1
7. 3
7.9
.6
.6
.4
.4
.4
.6
.7
.8
.9
1.0
.9
.8
.8
5.0
4. 5
4.5
4,7
4.9
3.6
1.9
ai
3.5
4.2
R9
2.7
2.7
3.4
4.7
5.4
8.3
7.6
6.3
5. 6
4.9
5.1
48
4.7
5.8
7.2
6. 1
7. 5
11.9
6.6
5.6
10.0
11.3
11.4
9. 7
19.1
20.5
20.4
11. 6
5.5
7.0
7.2
7.4
6.9
6.7
9.3
8.3
1
Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.
24
Food
Commodities
less
food
ia4
6.4
6. 1
9. 1
10.5
11. 7
11. 8
11.3
10.6
6.6
6. 1
5.6
7.1
8.3
9.4
10.4
9.8
9.8
7.5
6.6
3.7
3.6
3.0
3.7
3.5
3.3
3.7
4.0
9. 1
6.0
7.7
5. 1
5.0
6.0
6.4
10. 1
13.9
16. 1
18.4
15. 3
13.2
Source: Department of Labor, Bureau of Labor Statistics.
5.7
6.1
6. 3
6.6
6.5
6.9
8.5
7.8
7. 0
6.3
7. 0
8. I
9.4
10.4
10.9
11. 1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell nearly 3 percent in August. Contributing most to the decrease were lower prices for
broilers, corn, potatoes, cattle, and apples. Partially offsetting were higher prices for hogs, milk, and eggs. Prices paid
by farmers were unchanged in the month ended August 1 5.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
70 60
1970
I
1971
1972
1973
'
1974
1976
1975
1978
1977
I/ RATIO OF INDEX OF PRICES RiCEIVED TO INDEX OF PRICES PA», INTEREST, TAXES, AMD WAC€ RATES, ON 1910-14=100 BASE,
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTU8P
Prices ]received by 'armers
Period
1970
1971
1972
1973
1974
1975
1976
1977
All farm
products
„
Crops
Prices paid by far]criers
All
items,
Livestock
Family
Producinterest,
and
tion
living
taxes,
and
products wage rates
items
items
Index, 1<367=100
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
192
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
(s)
1977: Aug
Sept
Oct
Nov
Dec
174
174
177
178
181
172
170
178
184
183
177
177
176
174
180
201
201
201
202
203
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
186
193
200
208
215
217
215
209
188
190
198
208
212
216
212
201
185
196
204
209
217
219
217
217
209
211
214
216
219
220
220
220
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.
3
The adjusted parity ratio reflects Government payments made directly to
farmers.
114
118
123
133
151
166
176
Parity ratio 1
Actual
Adjusted 2
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
66
77
75
79
94
87
76
72
68
(3)
(3s)
(3)
( 3)
()
198
197
198
199
199
64
63
65
65
66
65
65
66
66
67
(3)
(*)
(33)
()
(33)
(3)
(3)
()
203
206
211
214
217
218
218
217
65
67
69
71
72
73
72
70
67
69
71
73
74
75
74
72
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in all of the monetary aggregates accelerated in August.
BILLIONS OF DOLLARS * (RATIO <
BilllONS OF DOLLARS.* (RATIO SCAlQ
300
20O
200
1978
'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 *
Deposi ts at coimmercia banks
Period
Mj
M2
M3
Currency
Tim e and savings
Demand
Total
1972: Dec—
1973: Dee—
1974: Dec—
1975: Dec___
1976: Dec—
1977: Dee___
1977: Aug_._
Sept..
Oct___
Nov
Dec...
1978: Jan —
Feb___
Mar___
Apr
May__
June__
July___
Aug »_
255.3
270. 5
282.9
295.2
313. 5
338. 5
330. 5
333.0
335.9
336. 2
338. 5
341. 7
341. 8
342. 9
348.5
350. 6
352. 8
354. 2
356. 8
525.3
571.4
612. 2
664. 7
740. 5
809. 5
789.2
795. 1
801. 4
805. 4
809. 5
815. 9
819. 1
822. 6
830. 3
835. 2
840. 6
846. 2
853.5
844.4
919. 2
981.2
1, 092. 5
1, 236. 5
1, 376. 1
1, 331. 3
1, 344. 9
1, 357. 9
1, 367. 1
1,376. 1
1, 386. 6
1, 393. 1
1, 400. 3
1, 411. 4
1, 419. 9
1, 429. 8
1, 440, 9
1, 455. 1
56.8
61.5
67.8
73.7
80.7
88. 6
85. 5
86.3
87. 1
87.7
88. 6
89.4
90. 1
90.7
91.2
92. 1
92. 8
93. 3
94. 0
19&4
209. 0
215. 1
221. 5
232.8
249.9
245.0
246.6
248.7
248.5
249. 9
252.2
251. 7
252. 3
257.3
258. 5
259.9
260. 9
262. 8
313.5
363.9
418.3
450. 9
489. 7
545.0
521.9
525.9
531.9
540. 1
545. 0
550.6
556.7
561.7
565.2
571. 6
574. 5
579.4
583.0
'Mi is currency plus demand deposits; Mz is Mi plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ms is M 2 plus
deposits at nonbank thrift institutions.
26
Pensent2
change
Compon ents and related i1 ems
Large
CDs
43.5
63.0
89. 0
81. 3
62. 7
74. 0
63.2
63.8
66.4
70. 9
74.0
76.3
79.4
82. 0
83.4
87. 1
86.7
87.4
86.3
Other
270. 0
300.9
329. 3
369. 6
427. 0
471.0
458.7
462. 1
465. 5
469. 2
471. 0
474.3
477.3
479. 7
481. 8
484. 5
487.8
492.0
496. 7
Deposits
at
nonbank
thrift
institutions
U.S. Government
demand
deposits
(unadjusted)
319. 2
347. 8
369. 1
427. 8
496. 0
566.6
542. 1
549. 8
556. 5
561.7
566.6
570.7
574.0
577. 7
581.2
584. 7
589.2
5947
601.6
7.4
6. 3
4.9
4. 1
4. 4
5. 1
3.4
5. 0
3. 7
3.5
5. 1
4.3
4. 3
4. 8
5. 0
4. 0
(>. 2
4.5
3.6
M,
9. 1
6.0
4.6
4.3
6. 2
8.0
8.5
8.6
8.0
7. 9
8. 1
8. 1
7.0
6.0
7. 6
a7
8.6
7.5
9.0
Ms
11.3
8.8
7. 1
8. 6
11.4
9.3
9. 8
9. 7
9.4
9.5
9.0
8.2
7.7
7. 0
7. 3
7. 5
7.8
7. 6
8.6
2
Annual changes are from December to December and monthly changes ar©
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—Data revised beginning 1975.
Source: Board of Governors of the Federal Keserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and cieposits
Total
769.7
852.5
967.7
1, 079. 3
1, 166. 9
1, 290. 1
1, 423. 3
1, 596. 4
632.7
719.0
816.9
887. 4
945.0
1, 054. 5
1, 194. 1
1, 328. 1
49. 1
52.6
56.8
61. 5
67.8
1977: Aug
Sept
Oct
.Nov_
Dec
1, 530. 3
1, 546. 3
1, 565. 6
1, 582. 4
1, 596. 4
1978: Jan
Feb
Mar
Apr
May
June.
July
Aug *
1, 613. 1
1, 624. 5
1, 636. 4
1, 6~4. 6
1, 670. 4
1, 682. 4
- _ . 1, 695. 7
_ 1, 708. 6
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
—
'...
U.S. Treasury
secuidties
Negotiable
certifiShortNonbank
cates of
term
Savings marketthrift
deposit
institubonds able securities
Time d eposits
Total
liquid
assets
Currency
Demand
deposits
Commercial
banks
19a9
23a6
2644
294.5
321. 2
360. 6
417. 3
459.4
232.7
271. 1
319.3
348. 1
369. 1
428.6
497. 3
566. 6
52.0
54.3
57.5
60.4
80.7
88.6
152.0
161.8
17&4
183.3
186.9
191.5
19a 8
213. 5
1, 284. 8
1, 298. 6
1, 312. 0
1, 320. 0
1, 328. 1
85. 5
86.3
87.1
87.7
88.6
209. 2
210.9
213.7
212.9
213.5
448.0
451.5
454. 7
457.7
459. 4
1, 338. 9
1, 345. 3
1, 352. 7
1, 365. 2
1, 373. 5
1, 383. 5
1, 396. 1
1, 410. 1
89.4
90. 1
90.7
91.3
92.2
92.9
93.4
94.0
215. 9
214.9
215. 1
221.3
222, 2
222.8
224.5
226.2
462.8
466. 2
469. 3
471.4
474.4
478.6
483.5
488. 5
7a7
Other
private
money
market
instruments
eas
67.2
71.9
76.6
41. 9
31.5
34.5
43.3
47.7
6&9
66. 6
76.7
21.8
27. 6
36. 2
53.8
70.4
58.5
43.5
51. 6
21.3
20. 1
22. 5
34. 5
40. 6
43.0
47.3
63.4
542. 1
549. 8
556. 5
561.7
566.6
75. 1
75.4
75.8
76.2
76.6
71.6
73.0
74.9
76.4
76.7
42. 5
42.8
44.9
49. 0
51.6
56.3
56.6
58.0
60.8
63.4
570.7
574.0
577.7
581.2
584.7
589.2
594.7
601.4
77.0
77.4
77.8
78. 2
78.6
78.9
79.3
79.5
78. 8
79.7
79.6
80.5
81.3
80.9
79.1
78.6
52.7
54. 3
56.4
58.2
62.2
61.6
62.4
61.4
65.7
67.9
69.8
72.6
74.9
77.5
78.8
78.9
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total *
Instalm*3nt credit liejuidated
Bank
credit
cards
Total *
094
820
700
399
429
413
988
888
6, 768
8, 377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
107,
113,
121,
138,
147,
156,
172,
194,
444
784
926
156
920
665
795
555
Automobile
1, 153
699
918
1,430
1, 443
1,220
1, 850
2, 911
167
553
814
160
826
402
4,897
5, 104
5,005
5,234
5,089
5,424
2, 382
2, 396
2,567
2,687
2,585
2,723
2,464
2, 651
2, 351
2, 626
2,853
2,736
1, 069
1, 054
1, 105
850
1,241
1,297
184
315
279
287
243
250
17, 162
17, 518
17, 527
18, 398
18, 479
18, 888
19, 031
5,078
5,296
5,300
5,520
5,598
5,698
5, 636
2,788
2,858
2,783
2,944
2,982
3, 120
3,068
2,424
2, 661
4, 068
3,719
3,857
3,792
3,301
1, 185
1, 104
1,522
1, 728
1,789
1,543
1, 520
160
285
448
311
263
362
398
631
204
164
787
680
138
5, 966
6, 158
6, 109
6,083
6,330
6,721
2, 566
2, 711
2,847
2, 973
2, 828
2, 973
16,
16,
16,
17,
16,
17,
1978: Jan
Feb
Mar
Apr_
May
June
July
19,
20,
21,
22,
22,
22,
22,
586
179
595
117
336
680
332
6,263
6,400
6,822
7,248
7,387
7,241
7,156
2,948
3, 143
3,231
3,255
3,245
3,482
3,466
__
„.
* Includes some items not shown separately.
Bank
credit
cards
-347
4,207
5,512
5, 758
500
3, 007
10, 238
13? 235
18,
19,
19,
19,
19,
20,
—
Automobile
4, 852
10, 043
15, 191
19, 707
9, 280
7, 504
20, 533
31, 090
1977: July. _
Aug.. _ _
Sept
Oct
Nov
Dec
_
Total *
5, 615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
296
826
117
863
200
169
328
645
30,
35,
42,
48,
45,
51,
62,
72,
Bank
credit
cards
440
614
188
642
929
406
750
652
112,
123,
137,
157,
157,
164,
193,
225,
1970
19711972 _
1973
1974
1975
1976
_ _
1977 _
Automobile
Net change in amount outstanding
30,
31,
37,
42,
44,
48,
52,
59,
Source; Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans strengthened in August.
BILLIONS OF DOLLARS *(RATKD SCALE)
BILLIONS OF DOLLARS* (RATIO SCAlQ
1,000 -ALL COMMERCIAL BANKS-
1,000
TOTAL
-LOANS AND INVESTMENTS
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
-„«.«««
,,«ii«««*
100
100
80
80
INVESTMENT IN
U5. GOVERNMENT SECURITIES
*******
60
60
i t lit I til I t
1973
40
1971
1970
1972
Ll I [ i l l M M I I I I M I I M I I
1974
1975
l t t l t l . l t 1 1 1 I I I t I I M I LI
1976
"'SEASONALLY ADJUSTED, END Of MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
"P • A
1970
1971
1972
1973
1974
1975___
1976
1977
292. 0
320. 9
378. 9
449. 0
500.2
496.9
538. 9
617. 0
1977: Aug
Sept...
Oct
Nov
Dec
845.
850.
860.
866.
870.
8
8
0
2
6
587. 9
593.9
602. 7
611. 6
617. 0
1978: Jan*
Feb*
Mar * _ _ _
Apr *
May *
June »__
July *
Aug*
880. 6
886. 6
892. 2
906. 0
917. 9
922. 4
935. 2
939.2
624.9
628. 2
636. 5
646. 3
657. 9
661. 2
672. 0
677. 2
1978
COUNCIt OF ECONOMIC ADVISfRS
4
5
6
6
110. 0
116.2
130.4
156. 6
183.5
176. 2
179. 7
201. 4
57.8
60.6
62.6
54. 5
51. 1
80. 1
98.0
95. 6
85.7
104. 2
116. 5
129. 9
139.8
144.8
148. 2
158. 0
29.11
31. 17
31.34
34.91
36. 57
34.68
34. 93
36.14
28. 78
31.04
30.29
33.61
35.84
34. 55
34. 87
35.57
28.86
30.98
31. 06
34. 61
36. 31
34 42
34.65
35. 95
321
107
1,049
1,298
703
127
62
558
41
32
13
12
54
194. 4
196. 0
198.7
200. 2
201. 4
102.4
100.7
99.4
96. 3
95. 6
155.5
156. 2
157.9
158. 3
158.0
35.50
35. 52
35. 81
35. 96
36.14
34.44
34.89
34.50
35. 10
35. 57
35. 30
35.31
35.60
35.71
35.95
1,071
634
1,319
840
558
101
112
114
83
54
203.9
206. 1
210. 3
213. 3
219. 2
220.4
222.3
224. 4
96.3
99.0
95. 6
97. 6
97. 1
98.4
99.7
97. 0
159.4
159.4
160. 1
162. 1
162. 9
162.8
163.5
165.0
36. 60
36.93
36.67
36. 95
37. 27
37. 73
38. 19
37. 91
36. 12
36.53
36.34
36.40
36. 06
36. 63
36.88
36. 77
36.33
36.69
36.47
36.81
37. 05
37. 55
38.00
37.74
481
405
344
539
1,227
1, 111
1,286
1, 147
32
52
47
43
93
120
143
188
*2 Data are for end of period.
Averages of daily figures. Annual data are for December.
s
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
I I1 I II I 1 M 1
[Billions of dollars, seasonally adjusted, except as noted]
All c ommercial I>anks 1
All member ban ks
Borrowiiigs (milL Dans
Investnlents
IReserves 2 3
lions of dollars,
Total
unadJListed) 2
loans
and
Total exinvest- cluding Commer- U.S. Gov- Other
NonReSeacial and
ernment
secuTotal
Total
ments
interborrowed quired
sonal
industrial securities
rities
bank
435. 5
485. 7
558. 0
633. 4
691. 1
721. 8
785. 1
870. 6
28
1977
4
During 1974, total loans and investments were increased $0.6 billion due
a bank
merger and were reduced $1.5 billion due to liquidation of a large bai
6
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1£
6
Loan reclassifications reduced these loans by $0.2 billion in December 1977;
Source: Board of Governors of the Federal Eeserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
Pur-
External
chase
Period
Total
Credit; market i unds
Inter-
nal 1
Total
Total
1970
1971
1972
1973
1974
1975
1976
1977
104.3
127.1
161.7
199. 7
190.8
143.8
205.0
__
238. 9
Longterm 2
Shortterm 3
Total
Other
cal
assets 4
in
financial
assets
Discrepancy
(sources
less
uses)
58.9
68.6
80.8
83. 8
75.7
106.8
124.7
135.3
45.5
58.5
80.9
115. 9
115. 1
37.0
80.3
103.6
40.7
44.5
58.3
72.7
81.8
37.0
58.2
78.7
32. 1
40.6
40.6
37.1
39. 1
49.2
48.7
46.2
8. 6
3.9
17.6
35. 6
42. 6
-12.2
9.4
32,5
4.8
14. 1
22.7
43. 3
33.4
.0
22. 1
25. 0
95. 9
119.6
145. 9
185.6
179. 1
131.9
184. 9
212.4
80. 3
86.0
100.3
123. 3
134. 7
99. 9
141.2
164.6
15.6
33. 6
45. 6
62. 3
44. 4
32.0
43.7
47.8
8.4
7.5
15.9
14.2
11.8
11. 9
20. 1
26.7
214.6
177.3
152.5
162.4
175. 2
168. 0
62. 1
14. 9
59.4
54.7
29.6
21. 3
31.4
24.4
180. 3
198.3
80.2
47.5
21.6
20.8
1977: I
II
III
IV
198. 6
266. 1
247. 2
123.8
134.9
145.5
137.3
120. 5
63.7
120.6
109.9
75.9
63.7
80.1
95.2
34.5
35.2
53.4
61.6
41.4
28. 5
26.7
33.6
44. 5
.0
40.5
14.7
1978: I
II v
282. 2
266. 6
125.6
140.5
156. 6
126. 1
107.0
101.3
40. 3
46. 7
66. 7
54. 6
49. 6
24.8
244.3
of
physi-
Increase
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
» Stocks, bonds, and mortgages.
> Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
234.6
222.7
260. 5
245.8
* Plant and equipment, residential structures, inventory investment, and mineral rights.
NOTE.—Data revised beginning 1971.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabilities
Curreiit assets
Net
U.S.
End of period
Total
Cash
government
securities
Notes
Notes
and
ac-
counts
payable
Inventories
Other
current
assets
Total
and
ac-
counts
payable
Other
current
Mabili-
SEC series:2
1970
1971
1972
_
1973___
1974
FTC-FRB series : 3
1974_._
__ _
492. 3
529.6
599.3
697. 8
790. 7
50. 2
53. 3
59. 0
66.3
71. 1
11.0
10. 6
12. 8
12. 3
7.7
206. 1
221. 1
193. 3
200. 4
248.2
225.7
288. 5
322. 1
35. 0
43.8
55. 8
66. 4
71. 7
375. 6
450. 9
530. 4
375.4
65. 9
69. 9
76. 4
84. 3
451. 8
446. 9
487. 5
543. 9
263. 9
313.6
318. 9
314. 7
341. 4
304.9
326.0
1975.
1976_
1977_
756. 3
823. 1
901. 2
73. 0
80. 0
86.8
94. 4
11.3
19. 6
26. 0
20.8
272. 1
1976: III
IV
817.4
823. 1
79. 5
86.8
24. 1
26. 0
292. 4
342. 2
341.4
73.6
76. 4
484. 0
1977: I
II
III
IV
843. 2
857. 3
881. 7
901.2
80. 9
83.2
83. 6
94.4
26. 9
22. 3
21.7
20. 8
304. 5
313.2
327. 1
352. 4
359. 3
367. 9
375. 4
78. 3
79.2
81. 2
84.3
503. 4
510. 5
530. 2
734.6
265.5
292.4
326. 2
297.9
326.2
i3 Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
8
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
487.5
543.9
work-
ing
Current
ratio 1
capital
93. 6
105. 5
92. 7
110. 7
128. 1
187. 4
203. 6
223. 7
246. 9
260. 3
1. 615
1. 625
1. 595
1. 548
1.491
272. 3
261. 2
273. 2
307. 1
179. 5
185. 7
214. 2
236.8
282. 8
309. 5
335. 6
357. 3
1.
1.
1.
1.
271. 2
273. 2
212. 8
214. 2
333. 4
335. 6
1. 689
1.688
280.6
287.4
222. 9
223. 1
231. 7
236. 8
339. 8
346. 9
351. 6
357. 3
1.675
1. 679
1. 663
1.657
211. 3
220. 5
282. 9
340.3
402. 3
298. 2
307. 1
626
693
688
657
NOTE.—SEC series not available after 1974.
See Federal Reserve Buttetin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates continued to rise during September/ long-term rates turned up late in the month.
PERCENT PER ANNUM
PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODrS)
1970
1978
SOURCEs SEE TABLE BELOW
COUNCIL OF ECONOMIC AtVKERS
[Percent per annum]
U.S. Tre asury security
3-month
bills *
Period
4. 071
7.041
1972__
1973
1974
1975
1976_ .
1977
1977: Aug.
7.886
...
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr__
May
5. 838
4. 989
5. 265
5. 500
5. 770
6. 188
6. 160
6.063
6. 448
_
6.457
6. 319
6. 306
6.430
6.707
7.074
June
July
Aug__ _
7. 036
yields
Constant rnaturities 2
3-year
5.72
6.95
7. 82
7.49
6.77
6.69
6. 79
6. 84
7. 19
7. 22
7. 30
7.61
7.67
7. 70
7. 85
8. 07
8. 30
8.54
8. 33
10-year
6.21
6.84
7.56
7. 99
7.61
7. 42
7. 40
7. 34
7. 52
7. 58
7. 69
7. 96
8.03
8.04
8. 15
8. 35
8.46
8. 64
8.41
High-grade Corporate Prime com- Discount
rate
municipal
mercial
Aaa
(N.Y.
paper,
bonds
bonds
F.R.
(Standard
4-6
(Moody's)
Bank)4
months
& Poor's)3
7. 21
7.44
8.57
8. 83
5.27
5. 18
6. 09
6. 89
6. 49
5. 56
5.46
5.37
5. 53
5. 38
5. 48
5. 60
5. 51
5.49
5. 71
5. 97
6. 13
6. 18
5. 98
a 43
a 02
7.98
7. 92
a 04
a os
8. 19
8. 41
a 47
8.47
8.56
8.69
8.76
8.88
8.69
4 69
8. 15
9.87
6. 33
5. 35
5. 60
5. 84
6. 17
6.55
6. 59
6. 64
6. 79
6.80
6.80
6.86
7. 11
7.63
7.91
7. 90
Sept
Week ended:
1978: Sept 1...
8
15
22
7.323
7.659
7. 695
8.37
8. 35
8. 34
8.45
8.38
8.34
8. 31
8.46
6.04
6. 00
5. 88
5. 93
7.884
8. 106
29....
1 Rate on new issues within period.
2 Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
3 Weekly data are Wednesday figures.
< Average effective rate for year; opening and closing rate for month and week.
30
8.67
8.67
8. 63
8. 70
6
8.03
8.24
8.43
8. 51
4. 50
6. 45
7. 83
6.25
5.50
5.46
5)4-5%
5%—5%
5%— 6
6-6
6-6
6-6X2
6^—6^2
6/4— 6/4
6^2—6^>
6H-7
7-7
7-7
7H-7%
7%7%—7%
7%-7%
7%—7%
7%-8
8 -
Prime
rate
charged
by
banks *
5. 25
8. 03
10. 81
7.86
6.84
6.83
6%-7
7 -7K
7%—7%
7%—7%
7%— 7%
7%—S
8-8
8-8
8-8
8-8H
8^4—9
9-9
9 -9K
Newhome
mortgage
yields
(FHLBB)^
7. 60
7. 95
8.92
9. 01
8.99
9.01
9.02
9. 04
9.07
9.07
9.09
9. 15
9. 18
9.26
9. 30
9.37
9.46
9.57
9.69
Wr-
9 -9M
9%_9^
9^—91^
9^-9K
9K-
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices moved erratically in September.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
COMPOSITE STOCK PRICE INDEX
(NYSE)
40
40
30
- .30
1970
PERCENT
20
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
I
I
!
I
1971
1970
1972
1973
t
T
I
'1974
I
1976
1975
1977
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s tock 5 yields
(perc ent)
Comilion stock p rices l
2
New York Stock Exch ange indexe s(Dec. 31, 11965 = 50)
Period
TransporComposite Industrial
tation
1972
1973
1974 _ _
1975
1976
1977
1977: Aug.. _ _
Sept... _
Oct
._
Nov
Dec...
_
1978: Jan
Feb
Mar_
Apr
May
June . .
Julv
Aug__
Week ended:
1978: Aug 25
Sept 1
8
15
22
Finance
Utility
Standard
& Poor's
Dowcomposite DividendJones
index
industrial3
ratio
(1941-43 =
average
10)*
60.29
57.42
43.84
45.73
54. 46
53. 69
53. 51
52. 66
51. 37
51. 87
51. 83
49. 89
49. 41
49. 50
51. 75
54.49
54.83
54. 61
58.53
65.73
63.08
48. 08
50. 52
60.44
57. 86
57. 30
56. 41
54. 99
55. 62
53. 55
53. 45
52. 80
52. 77
55. 48
59. 14
59. 63
59. 35
64.07
50. 17
37. 74
31.89
31. 10
39. 57
41. 09
41. 04
39. 99
38. 33
39. 30
39.75
39. 15
38.90
38. 95
41. 19
44.21
44. 19
44. 74
49.45
38.48
37. 69
29. 79
31. 50
36. 97
40. 92
41. 50
40.93
40. 38
40. 33
40. 36
39. 06
39.02
39. 26
39. 69
39. 47
39. 41
39. 28
40.20
78. 35
70. 12
49.67
47. 14
52. 94
55. 25
56. 52
55. 33
53. 24
54. 04
53. 85
50. 91
50. 60
51. 44
55. 04
57. 95
58. 31
57. 97
63.28
950. 71
923. 88
759. 37
802. 49
974. 92
894. 63
872. 26
853. 30
823. 96
828. 51
818. 80
781. 09
763. 57
756. 37
794. 66
838. 56
840. 26
831. 72
887. 93
109. 20
107. 43
82. 85
86. 16
102. 01
98. 20
97.75
96. 23
93. 74
94. 28
93. 82
90. 25
88.98
88. 82
92. 71
97.41
97.66
97. 19
103. 92
2. 84
3.06
4. 47
4.31
3. 77
4. 62
4.72
4. 82
4. 97
5. 02
5. 11
5. 32
5. 49
5. 62
5. 42
5.20
5. 19
5.25
4. 93
59. 98
58. 49
59.52
59. 80
57. 63
64. 63
64. 12
65.44
65. 73
63.07
49. 82
50. 03
51.93
51.80
48.70
40. 27
39. 84
39. 89
40. 07
39. 59
63. 94
63. 11
64. 11
64. 70
62.37
894.
880.
895.
895.
862.
104. 62
103. 56
105. 52
105. 91
102. 25
4.
4.
4.
4.
5.
1
Averages of daily closing prices.
2
3 Includes all the stocks (more than 1,500) listed on the
Includes 30 stocks.
* Includes 500 stocks.
8
NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1978
25
39
96
87
49
Earningsratio
5. 50
7. 12
11. 59
9. 15
8. 90
10. 79
11. 09
11. 45
12. 31
90
97
88
85
07
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand"
ard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 11 months of fiscal 1978 the budget deficit was $52.4 billion. A year earlier the deficit was $46.6 billion.
BILLIONS OF DOLLARS
500
BiLUONS OF DOilARS
500
RECEIPTS AND OUTLAYS
.400
400
OUTLAYS
300
300
RECEIPTS
200
200
50*
50
SURPLUS W OR DEFICIT (-)
-50
-50
I
-100
1970
1971
1972
1973
-100
1974
1976
1975
1977
1978'
1979
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCISi DEPARTMENT OF THI TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969— .
1970
1971
1972
1973
1974_
1975
1976
.„
Transition quarter
„
1977
„2 .
1978 (estimates) _ _
1979 (estimates):
Mid-Session Review, July 1978 2 _ _„
„ „
Second Concurrent
Resolution. Septem3
ber 1978 - .
Cumulative total first 11 months:
Fiscal year 1977
Fiscal year 1978
1
2 Excludes
„_
non-interest-bearing public debt securities held by IMF.
Estimates from Mid-Session Review of the 1979 Budget, Office of Management
and Budget, July 6,1978.
3 Second Concurrent Resolution on the Budget—Fiscal Year 1979, September 21 1978.
32
Outlays
187. 8
193. 7
188. 4
208. 6
232. 2
264. 9
281. 0
300. 0
81. 8
357.8
401.2
184.5
196.6
211.4
232. 0
247. 1
269. 6
326. 1
366. 4
94. 7
402. 8
452. 3
448.2
Surplus or
deficit ( — )
Federal debt ( end of period)
Total l
Held by
the public
-45. 1
-66.4
-13.0
-45. 0
— 51. 1
47
367. 1
382. 6
409. 5
437. 3
468. 4
486. 2
544. 1
631. 9
646. 4
709. 1
776. 0
279.5
284. 9
304.3
323. 8
343. 0
346. 1
396. 9
480. 3
498. 3
551. 8
606.8
496.6
-48.5
853. 9
668. 9
448.7
487.5
— 38. 8
321. 1
359.4
367. 7
411.8
-46.6
-52.4
695. 5
773.3
541.8
608. 1
3.2
-2. 8
-23. 0
-23.4
-14. 8
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In *he first 11 months ol fiscal 1978 budget receipts were $38.3 billion higher than a year earlier and expenditures
were $44.1 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
400
400
OUTLAYS
300
300
NONDEFENSE
200
200
100
100
1970
1971
1972
1973
1974
1975
1976
1978
1977
1979
FISCAL YEARS
SOURCES-. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Rec€jipts
<3utlays
Nationa I defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Department of
Defense,
military
Fiscal year or period:
1969..
187. 8
193. 7
1970_ _
1971188. 4
1972. _
208. 6
232. 2
19731974
264. 9
1975
„
_ . _ _ 281. 0
1976
300. 0
Transition quarter
81.8
1977
357. 8
1
1978 (estimates)1
401. 2
1979 (estimates)
448. 2
87. 2
90. 4
86.2
94. 7
103.2
119. 0
122. 4
131. 6
38.8
157. 6
182. 0
200. 1
36.7
32.8
26.8
32.2
36. 2
38. 6
40. 6
41. 4
8. 5
54. 9
59.0
60.8
63.9
70.5
75. 4
81. 7
92. 8
107. 4
118.0
127. 0
34. 5
145.2
160. 2
187. 2
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366. 4
94.7
402. 8
452. 3
496. 6
79.4
78. 6
75. 8
76. 6
74. 5
77.8
85. 6
89. 4
22. 3
97. 5
104. 2
114. 6
77. 9
77. 2
74.5
75. 2
73.3
77.6
85. 0
88. 0
21. 9
95. 7
102. 0
112. 0
Cumulative total first 11 i
months:
Fiscal year 1977___
321. 1
Fiscal year 1978
359.4
140.3
160.1
46. 5
50.2
1343
149. 1
367.7
411.8
89.0
96.2
87. 6
94. 3
1
Estimates from Mid-Session Review of the 1979 Budget, Office of Management
and Budget, July 6,1978.
NOTE.—Earned income credit payments in excess of an individual's tax liability
are classified as outlays for all periods.
184.5
Interna- Health
and
Intional income
terest Other
affairs security
4. 6
4. 3
4. 1
7.4
49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136. 3
160. 9
41. 5
176.7
190. 6
209.4
15.8
18.3
19. 6
20. 6
22. 8
28. 1
31. 0
34. 6
7. 2
38. 1
43. 8
49. 0
35. 7
39. 3
41. 8
48. 8
53. 9
51. 7
66. 5
76. 0
21. 5
85. 7
107. 1
116. 3
3.6
5.7
164.3
173.8
35.4
40.7
75. 5
95. 4
4.7
4.0
5.6
6. 9
5.5
2.2
4. 8
6. 5
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 $28.6 billion (annual rate) and expenditures fell slightly, yielding a deficit of $23.6 billion, less than half the deficit in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
50
i111 I ni Hl| 1
SURPLUS
^-1y/A
DEFICIT
V^A uu t^i
r
*""
-50 -
-100
1970
1971
1973
1972
1974
CALENDAR YEARS
V?75
- -50
-100
1978
1977
1976
-
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receip ts
Period
F(sderal G 3vernmeiat expen ditures
Surplus
or
deficit
GrantsSubsidies Less:
Indirect ContriPurin-aid
less
Wage
Personal Corporate business butions
chases Trans- to State t Net current accruals national
tax
and
Total nontax profits tax and
Total of goods fer pay- and interest surplus of less
for
income
tax
nontax social inand
paid Govern- disments local
and
receipts accruals
services
accruals surance
ment en- burse- product
governterprises ments accounts
ments
(-),
Fiscal year;
1974...
271. 8
283. 5
1975
313.9
1976
365. 3
1977
Calendar
year:
1974. _ _
288.6
1975
286. 2
331. 4
1976. _ _
374. 5
1977
122. 6
127. 1
136.9
165.9
43.7
42. 1
51.9
58. 8
21. 4
22.2
24.2
24. 5
84. 2
92. 1
100.9
116. 1
278.8
328.7
371.5
412.0
104. 6
118. 0
126.2
140.7
104. 7
134.3
156.5
169.6
41. 6
48.4
57. 5
66.2
19. 8
21.9
25.2
28.4
8.0
5.7
6.2
7.0
-0.2
— .4
.0
.0
-7.0
-45. 3
-57. 6
-46.7
131. 1
125.4
146.8
169. 4
45. 9
42.8
54.8
61. 3
21.7
23.9
23. 4
25. 0
89.9
94. 2
106. 4
118.7
299. 3
356.8
385.2
422. 6
111. 1
123. 1
129.9
145. 1
117.6
149. 1
161. 6
172. 7
43.9
54. 6
61. 1
67.4
20. 9
23.2
26. 8
29. 1
5.3
6.8
5.8
8.3
—.5
.0
.0
.0
-10.7
-70.6
-53. 8
-48. 1
1977: I
II___
III__
IV...
366. 6
371. 4
374.3
385.5
168.3
167.0
167. 6
174. 8
58.4
61.8
62. 0
62. 9
24. 4
24. 8
25. 4
25. 6
115.5
117. 7
119. 3
122. 2
403.
411.
430.
444.
9
7
7
1
138.3
142.9
146. 8
152. 2
168. 6
168.2
175. 7
178.3
62. 1
65.4
70. 9
71. 1
28. 1
28. 8
28. 9
30.7
6.4
8.4
6. 7
11.8
.0
.0
.0
.0
-37.3
-40.3
-56. 4
-58. 6
1978: I
II
396.2
424. 8
176.8
186.7
59.6
72.6
26. 5
27.9
133. 3 448. 8
137. 6 448. 3
151. 5
147.2
180. 2
180.7
73. 9
75.9
33.2
34.6
10.0
10.0
.0
.0
-52. 6
-23. a
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 produ<;tion (se*isonally adjuste i)
Period
1971
1972
1973_
1974
1975
1976
1977__1977: Nov_
Dee—..
1978: Jan
Feb.—
Mar
Apr--May V.
June "_
July *_
Aug*—
United CanStates ada
109.6
119. 7
129. 8
129. 3
117.8
129.8
137. 0
139. 3
139. 7
138. 8
139.2
140.9
143. 2
143.9
144. 9
145. 9
146.6
Japan
121.5
130.7
143.0
147.5
139. 6
146. 7
152.6
154.7
155. 4
153. 3
156. 7
157.5
158.2
156.7
158. 6
160.4
France
Germany
128
135
145
148
139
149
152
154
149
154
152
156
160
155
154
133.6
13a7
147.7
145.1
137. 1
149. 1
152.7
153
156
157
152
151
152
151
155
160
155. 8
167.2
190. 5
183. 1
163.9
182.0
189. 5
191. 5
193. 3
194.9
195.4
199.5
199.7
200. 3
200.5
199. 7
Con sumer \trices (uiiadjuste< i)
United United CanGer1
Italy King- States
ada Japan France many
dom
117.5
122.7
1346
140. 6
127.6
143. 5
144.8
142. 1
137.3
143. 4
148. 0
146. 6
143. 1
145.1
143.2
110.6
113. 2
122.5
120.3
114. 3
115. 6
117.2
116. 1
117. 2
117.8
118.7
118. 6
121. 5
118.0
119.2
119.5
121.3
125. 3
133. 1
147.7
161.2
170. 5
181. 5
185.4
186. 1
187. 2
188.4
189. 8
191. 5
193.3
195. 3
196. 7
197.8
12&5
132. 3
147.9
184.0
205. 8
224. 9
243.0
245.7
245. 1
246. 1
247. 1
249.4
252. 1
253. 5
252. 1
253. 1
115.6
121. 2
130. 3
144.5
160. 1
172. 1
185. 9
192. 0
193. 3
194.0
195.3
197. 5
197. 9
200. 7
202.4
205.4
205.5
123.5
131.1
140.7
160. 0
178.9
196. 1
213.9
221. 1
221.7
222. 8
224.4
226.4
228.9
231, 1
232. 8
235.7
Italy
112.7
119.0
127.2
136. 1
144 2
150. 7
156.6
157.5
157. 9
158.9
159.7
160. 3
160. 7
161. 1
161.5
161. 5
161.0
114.4
121.0
134. 1
159. 7
186.8
218. 1
257. 6
270. 7
272. 0
274. 6
277.4
280. 3
283. 3
286.4
288. 8
291. 0
292.3
United
Kingdom
128.5
137. 6
150. 3
174.4
216. 5
252. 4
292. 4
301. 0
302. 6
304.4
306.2
308. 1
312. 6
314.4
316.8
318. 2
320.3
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercttandise exports
Merc landise imports
Domestic3 exports
Period
Total
domestic and
foreign Total * 2
exports
Ge neral im 3orts
Food, Crude
Food, Crude
bever- mate- Manubever- matefac2
rials
rials tured Total
ages,
ages,
and to- and
and to- and
goods
bacco fuels
bacco
fuels
F. a.s. valu e 5
Monthly
average :
1973
1974
balance
ManuTotal
fac(c.i.f. 4
tured value)
goods
Exports
(f.a.s.)
less
imports
(customs
value)
Exports Exports
(f.a.s.) (f.a.s.)
less
less
imimports
ports
(f.a.s.)
Custonis 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
8, 159
1975
8, 966
1976
__ 9, 596
1977
10, 096
1977: Aug,__. 9, 683
Sept
11, 039
Oct
9, 357
N o v _ _ - 9,478
Dee___ 10, 999
1978: Jan
10, 014
Feb__- 9, 922
Mar___ 10, 912
Apr_._ 11, 635
May 11, 754
June___ 12, 126
July— 11, 793
Aug>__ 12, 469
8, 045
8,842
9,456
9, 915
1,269
1,399
1,436
1, 332
1, 341
1,466
1, 023
1, 135
1,472
1,281
1,531
1,604
1,693
1,897
1,963
1, 844
2,008
1,317
1, 266
1,341
1, 548
1,307
1,531
1,466
1, 500
1,493
1,402
1, 282
1,483
1,699
1,781
1, 930
1,636
1,758
5, 294
5,913
6,437
6,681
6,469
7,518
6,277
6, 382
7,463
6,739
6,674
7, 145
7,562
7,548
7, 751
7,859
8, 232
8, 354
8, 048
10, 084
12, 307
12, 101
12, 942
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
14, 779
14, 090
i Total excludes
it ol Defen se shipmen ts of grant-aid militar y supplies and equipment under th e Military jAssistance Program,
28 Total includes commoditu>s and trans actions noi classified a ccording to kind.
Total arrivals ()f imported goods othe r than intninsit shipments.
* C.i.f. (cost, insurance, anc1 freight) iniport value at first po rt of entry n the
United States. Da ta for 1973 iire estimate s.
Mer 3handise trade
3
770
892
F.a.s.
892
827
991
1, 186
1,088
1, 115
998
962
1,442
1,276
1,363
1,370
1,370
1,313
1,135
1,323
1, 141
1,120
2,653
value 5
2, 672
2,718
3,457
4,463
4, 352
4,571
4,680
4,771
3,900
3,912
4,362
3,928
4,139
4,461
4,221
4,147
4,414
3,750
4, 684
6, 131
9,000
4, 602
4,257
5,398
6, 379
6,393
6,844
6,767
6,140
7,556
7,264
8,464
8,043
8, 636
8,247
8, 020
P, 864
8, 195
9,000
8,654
10, 825
13, 130
12, 897
13, 813
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
15, 748
15, 030
112
-257
-195
—257 —195
853
918
—581 —488
—2, 297 —2, 211
-2, 466 -2, 418
-1,967 -1,903
-3,314 -3, 230
-3,011 -2, 929
-2, 581 -2, 475
-2,455 -2, 367
-4, 649-4, 518
-2, 915 -2,787
-2,983 -2,861
-2,358 -2,238
-1, 702 -1, 597
-3, 082 -2, 987
— 1,706 -1, 621
— 229
-841
—841
312
—1, 229
—3, 034
— 3, 214
—2, 775
-4, 074
-3, 725
-3, 371
— 3, 143
— 5,459
-3, 658
— 3, 801
— 3, 141
-2, 482
— 3, 956
—2, 561
* F.a.s. (fi-ee alongside3 ship) valu e basis: at U.S. port of exportation for exports
and at foreig n port ol 63tportation f or imports.
NOTE.— I>ata beginn ing 1975 no t strictly COBapaxable w th earlier <5lata.
Source: D epartment of Commerce, Bureau oif the Censu,3.
00
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the cvrrewt account deficit fell to $3.3 billion, down from $6.9 billion in the first quarter, as the
merchandise trade deficit fell $3.4 billion to $7.8 billion.
BILLIONS OF .DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
Tf70
. '1975
1971
1977
I
1978
COUNCIL Of ECONOMIC 'ADVISERS
SOURCE: »B?ARTMENT Of COMMERCE
[MilMons of dollars; quarterly data seasonally adjusted]
M erchandise
Period
1971
1972
1973
1974
1975
1976
1977
Exports
Imports
Invc,stment in come3
12
"Miaf
jLNeTJ
K«l
UEU.—
ance
43, 319 -45,579 -2,260
49, 381 -55,797 -6,416
911
71, 410 -70,499
98, 306 - 103, 649 -5,343
9,047
107, 088 -98,041
114, 694 -124,047 -9,353
120, 555 -151,658 -31,103
-36, 496 -7, 017
-37,258 -6, 628
-38,265 -7, 253
-39,639 - 10, 205
Receipts
Payments
12, 688 -5,436
14, 694 -6,544
21, 697 -9,655
27, 541 - 12, 084
25, 359 - 12, 564
29, 244 -13,311
32, 100 -14,593
-3, 197
-3,601
-3,610
-4, 185
1977:1--II—
IIIIV__
29, 479
30, 630
31, 012
29, 434
1978: !_._
II*.
30, 664 -41, 865 -11,201 9,381 -4, 503
35, 067 -42, 869 -7, 802 9,917 -5, 297
21 Excludes military grants.
8 Adjusted from Census data
7,796
8,088
8,220
7,997
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
"NW
Xi Cu
7,252
8,150
12, 042
15, 457
12, 795
15, 933
17, 507
NetNet
travel
and
military
transtrans- portaactions
tion
receipts
-2,893 — 2, 315
-3,621 -3,028
-2, 287 -3,086
-2, 080 -3, 105
-876 -2, 522
312 -2, 245
1,334 -3,044
Other
services,
net 3
Balance
on
goods
and
serv-l
ices
2,294
2,509
2,789 -2, 125
3, 185 10, 766
3,975
8,905
4,617 23, 060
4,714
9,361
4,749 -10,558
-1,622
-1,434
— 1,594
-5,905
Remittances,
pensions,
and
otner
unilateral
transfers 1
Balance
on
current
account
-3,701 -1,407
-3,854 -5,979
-3,881
6,885
-7, 186
1, 719
-4,615 18, 445
-5,022
4,339
-4, 708 -15,265
4,599
4,487
4,610
3,812
568
295
467
5
-907
— 759
— 677
-701
1,136
1,171
1,260
1, 183
4,878
4,620
210
575
-823
— 630
1,361 -5, 576 — 1,282 — 6, 858
1,329 — 1,908 -1,353 -3, 261
-1,126
-1,243
-1,277
-1,064
NOTE.—Data revised beginning 1977.
Source: Department of Commerce, Bureau of Economic Analysis.
-2, 748
-2, 677
-2, 871
-6, 969
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. fell by $4.9 billion In the second quarter of 1978, almost offsetting the accumulation of other foreign assets in the U.S.; accumulation of U.S. assets abroad was $5.0 billion, led by only a $4.1 accumulation of U.S. private assets abroad in fhe wake of the declining value of the dollar.
BILLIONS , OF DOLLARS
BHUQNS OF DOLLARS
30 r
SEASONALLY ADJUSTED
20
20
%t
CHANGE IN
FOREIGN ASSETS
m THE U.S., NET
t
I
t
-I-
10
10
CHANGE IN
U.S. ASSETS
ABROAD, NET
-10
-10
-20
-20
-30
-30
1970"
1978
1977
SOURC6 DBPAKTMe'lf Of' COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capita 1 outflow (-)]
Foreigrt official
ass>ets
Period
Total
1971.
1972
1973
1974
1975
1976
1977
Fore ign assets in the U S., net
[inci"ease/eapilbal inflow (+)]«
Other
U.S.
U.S.
official
U.S.
private
reserve2 Govern- assets2
assets *
ment
assets
1978: I_— -15,036
II »_ —4, 966
Assets of Other
foreign foreign
official
assets
reserve
agencies
26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124
27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746
-388
-949
3 2,490
6
— 795 -11,214 14, 064
151 - 1, 098 -5,668 14, 251
-838 -13,862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2,962
7,467
6, 180
7,914
6,005
15, 153
4,522
246
-896 -14,386 18, 095 15, 760 14, 956
329 -1, 151 -4, 144
229 -4, 924 —4, 614
i Consists of gold, special drawing rights (SDR), convertible currencies, and
he U.S. reserve position in the IMF.
f 2 Quarterly data are not seasonally adjusted.
Total
1,884 - 12, 939 22, 987
-1,568 -12,925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 -35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
-12,475
2,348
- 14, 461
32
_ -22,823
209
-34,712 - 1, 434
-39,444
-607
-50,608 -2,530
-34,650
-231
1977: I
- 1, 334
II
-12,003
III... -6,615
IV
-14,700
Total
2, 336
5, 152
Statistical
discre pancy
Allocations
Of
of
Total
which:
special (sum of Seasonal
drawing
the
adjustrights
items
ment
(SDR) with sign discrepreversed) ancy
717 -9,822
710 — 1, 966
-2,725
-1,684
5,449
9,300
-954
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
12, 167
13, 151
14, 378
15,883
16, 226
18, 747
19, 312
1,592
131 19, 120
616
-178 19, 156
— 4,766 -2,230 18, 988
1,604
2,276 19, 312
3,798
7,998
160 19, 192
12 18, 864
NOTE.—Data revised beginning 1977.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits.
National Income
Personal Consumption Expenditures
•
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits.
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
•
-
«
•
*
•
•
«
*
•
•
•
•
•
—
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
•
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
• >t
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
•
•
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures.
New Construction
..
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
•
»
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices. .
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
•
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
26
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
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
....
»,.
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports.
U.S. International Transactions
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