Full text of Economic Indicators : September 1979
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96th Congress, 1st Session
.V'-MK Or CH:C f '.•."-••'
Economic Indicators
September 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON :1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $37.7 billion or 6.7 percent, both
at annual rates. Real output (GNP adjusted for price changes) fell 2.3 percent from the first quarter level and the implicit price deflator rose at a 9.3 percent annual rate.
BILLIONS OF DOLLARS
2,600
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
2,600
SEASONALLY ADJUSTED ANNUAL RATES
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
1,800
1,800
1,600
1,600
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
J
1,000
L
1972
_l
L_
1973
J
1974
1975
1976
1977
SOURCE: DEPARTMENT OF COMMERCE
I
1,000
L
1980
1979
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates)
Period
Gross
national
product
Personal
consumption
expenditures
1968
868.5 535.9
1969
.. 935,5 579.7
1970.
. 982.4 618. 8
1971
1, 063. 4 668.2
1972
„ 1, 171. 1 733.0
1973
1, 306. 6 809.9
1974
I , 412. 9 889.6
1975
1? 528. 8 979. 1
1976
1, 702. 2 13 089. 9
1977
1, 899. 5 1, 210. 0
1978»__
2, 127. 6 1? 350. 8
1977:111.. 1? 930. 5 1? 220. 6
IV___ 1, 971. 3 I , 259. 7
1978: I
2, Oil. 3 1, 287. 2
I I _ _ _ 2, 104. 2 1, 331. 2
III. _ 2, 159. 6 1, 369. 3
IV___ 2, 235. 2 1, 415. 4
1979:I-,__ 2? 292. 1 1, 454. 2
II-.. 2, 329. 8 1, 475. 9
Net
exports
Exports
Imports
Total
131.5
146.2
140.8
160.0
188.3
220.0
214.6
190.9
243. 0
303.3
351.5
315.7
316. 9
327. 0
352.3
356.2
370. 5
373. 8
395.4
2.3
1.8
3. 9
1.6
-3.3
7. 1
6.0
20.4
8.0
-9.9
-10.3
-6.3
-18. 1
-22. 2
-7.6
-6.8
-4.5
4.0
-8. 1
49.9
547
62.5
65.6
72.7
101. 6
137.9
147.3
163.3
175.9
207. 2
180. 1
174.2
184.4
205. 7
213. 8
224.9
238. 5
243.7
47.7
52.9
58.5
64. 0
75.9
94.4
131.9
126.9
155.4
185. 8
217.5
186.4
192.3
206.6
213.3
220. 6
229.4
234.4
251.9
198.7
207.9
218.9
233.7
253. 1
269.5
302.7
338. 4 '
361.3
396. 2
435. 6
400.5
412,8
419. 4
428.3
440. 9
453. 8
460. 1
466.6
Federal
1
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Goi/eminent purchases of goods and
services
Exporlbs and imf )orts of
goocis and ser vices
Gross
private
domestic
investment
Total
98.0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129.7
144.4
152. 6
145. 6
151.2
150. 9
148.2
152. 3
159.0
163.6
161.7
National
defense!
76.9
76.3
73.5
70.2
73.5
73.5
77.0
83.7
86.4
93.7
99. 0
93.9
96. 4
97.6
98.2
99.0
101. 2
103. 4
106.0
Nondefense
21.2
21. 2
22. 1
26.0
28,6
28.7
34. 1
39.4
43.3
50.6
53. 6
51.7
54. 8
53. 3
50.0
53.3
57.8
60.2
55.7
State
and
locnl
100.7
110.4
123.2
137.5
151.0
167.3
191.5
215.4
231.6
251.8
283. 0
254. 9
261.6
268.5
280. 1
288. 6
294. 8
296.5
304.9
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1,404.0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
1, 902. 9
1, 952. 9
1? 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
2, 272. 9
2, 296. 4
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross 3rivate dc>mestic
iiivestment
Exi3orts of gc>ods
and serviceJS
Governinent pure bases of
gooc s and sendees
Personal
conGross
national sumption
product
expenditures
Nonresidential
fixed
Residential
fixed
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
I, 217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
633.4
655.4
668.9
691.9
733. 0
767.7
760.7
774.6
820.6
861.7
900.8
108.0
114.3
110.0
108.0
116.8
131.0
130.6
113.6
119. 0
129. 3
140. 1
42. 8
43.2
40. 4
52.2
62.0
59.7
45.0
38.8
47. 8
57.7
60. 1
8.7
10.6
4.3
6.6
9.4
16. 5
8.0
-9.8
6.6
13. 1
14. 1
-0.4
— 1.3
1.4
-.6
— 3. 3
7. 6
15.9
22.6
15.8
10. 3
11.0
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9
58.9
63. 5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9
259.2
256.7
250.2
249.4
253. 1
252. 5
257.7
262.6
263.3
268.5
273. 2
128.3
121.8
110.7
103.9
102. 1
96.6
95.8
96. 5
96.4
100. 6
98.6
130.9
134. 9
139.5
145.5
151.0
155.9
161.8
166. 1
166.9
167.9
174.6
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1, 385. 1
1977: III.. 1, 353. 9
IV__ 1, 361. 3
863. 7
880.9
130.8
131.7
59.3
60. 1
16.6
11.3
13.2
5.8
100. 5
97.3
87.3
91.4
270.3
271. 5
101.8
101.8
168.5
169.8
1, 337. 3
1, 350. 0
1, 367. 8
1, 395. 2
1, 407. 3
1, 426. 6
882.7
894.8
905.3
920. 3
133. 1
140.3
141. 6
145.5
59.4
60.9
60. 2
60.0
16.5
15.6
12.2
12.0
5.3
12.3
13.3
12. 9
100. 7
109.2
111.9
113. 8
95.4
96. 9
98.5
101. 0
270.7
271. 3
274.7
276.0
99. 9
96.6
98.5
99. 3
170. 9
174.7
176.2
176.6
1, 351. 3
1? 379. 6
1, 395. 1
1, 414. 6
1979: !____ 1, 430. 6
II— 1, 422. 3
921.8
915.0
147.2
146.9
57.7
56.7
12.3
18. 1
17.0
13.2
117.0
116.0
100.0
102.9
274.7
272. 4
101. 1
98. 1
173. 6
174.3
1, 418. 4
1, 404. 1
Period
1968. ._
1969
1970
1971
1972
1973
1974
1975
1976___
1977___
1978___
1978: I
!!___
III__
IV__
Change
in busiTslW
INcu
Exports Imports
ness in- exports
ventories
Total
Federal
State
and
local
Final
sales
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
;
Gross
national
product
Period
Persona I eonsumj:>tion expenditures
Total
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978_
1979: I
II__
_
NonresNonDurable durable
Services idential
goods
goods
fixed
Residential
fixed
Expor ts and
imports of goods
and scjrvices
Governnlent purchases <yf goods
and seirvices
Exports Imports Federal
State
and
local
82. 57
86.72
91.36
.
96.02
_ _ 100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
84.6
88.5
92.5
96.6
100. 0
105.5
116.9
126.4
132. 8
140.4
150. 0
90.7
93. 1
95.5
99. 0
100.0
101.6
108.4
117.7
124. 3
129. 4
136,5
85.3
89.4
93.6
96.6
100. 0
107.9
123.8
133.4
138. 1
144.7
154.6
82.0
86. 1
90.5
95.8
100.0
104. 7
113.6
123.2
131. 2
140.7
150.9
82.6
86.6
91. 3
96.4
100.0
103.8
115.3
132.2
138. 5
146.6
157.8
80. 7
87.7
90.6
949
100. 0
110.8
122.3
132.8
142. 5
159.3
179.7
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
169. 9
178.7
190.3
80.9
83.3
89. 1
93.5
100.0
118.2
171. 0
188.0
193. 3
210. 7
222. 1
76.4
80.0
86.4
92. 6
100. 0
105.8
115.9
127.5
134.6
143. 6
154. 8
76.9
81.9
88.3
94.5
100. 0
107.3
118.4
129.7
138.8
150.0
162. 1
142. 59
144. 82
141.3
143.0
129. 5
130. 9
145.4
146.8
142.0
144. 1
147.7
150.8
160. 1
166.2
179. 1
179. 1
213.4
210. 3
143. 0
148. 6
151.3
154. 1
05
82
45
68
145.8
148.8
151. 3
153.8
133. 0
135.6
137.9
139.4
150. 0
153.7
155.7
158. 6
146. 8
149.4
152. 3
155. 0
153.0
156.0
159. 6
162.3
169.3
176.7
183. 1
189.5
183. 1
188.4
191. 1
197.6
216.6
220. 2
223.9
227.2
151. 1
153. 4
154.6
160. 1
157. 1
160.3
163.8
166.9
160. 22
163. 81
157. 8
161.3
142.4
144. 1
164. 1
168.9
158. 0
161.0
165.4
169.6
192. 6
199.2
203. 9
210. 1
234. 5
244.9
161.9
164.8
170.8
174.9
1977: III_
IV
1978: I__ _
II—
'
IIIIV
Gross private
domestic
mves ment
147.
150.
_ 153.
156.
_ _
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
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977_
1978_ _
1977:111
IV
_
1978: III
III_ _
IV
1979:1
II
Constant
(1972)
dollars
Current
dollars
-
_
_ _ _
__
Implicit
price
deflator
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4.4
7.0
2.2
1.9
8.3
3.5
5.6
1. 1
-2.3
9.1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.3
11.6
12. 0
12. 1
8.7
8.4
19. 8
10. 9
14.8
10.6
6.7
Gross c lomestic p>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
4.5
5.0
5.4
5. 1
4.1
5.8
9.7
9.6
5.2
6.0
7.3
4.8
6.4
6.3
10.6
7.2
8.7
9.3
9.3
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
4.4
5.0
5.3
5.0
4. 1
6. 0
9.9
9.4
5.6
6. 3
7.4
5.0
6.8
6. 8
9.4
8.2
8.6
9.7
8.8
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.4
7.5
5. 1
7.2
6. 8
9.6
8.3
8.9
9.9
9.5
Constant
(1972)
dollars
Current
dollars
4.4
2.6
2
2.8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4
6.9
2.4
1.8
8. 1
3.6
5.6
.9
-2. 1
9.1
7.8
5.0
8.1
10. 1
11.5
7.9
8.5
11.2
11.5
12.0
12. 0
9. 1
8. 1
19.6
11. 1
14.8
10. 1
6.9
Implicit
price
deflator
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5. 1
5.9
7.3
4.7
6.6
6.2
10.6
7.2
8.7
9. 1
9.2
Chain
price
index
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.6
6.2
7.4
4.9
7.0
6.7
9.4
8.2
8.7
9.6
8.7
Fixedweighted
price
index
(1972
weights)
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
5.0
7.3
6.8
9.7
8.3
8.9
9.9
9.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
prodx LCt of
nonfin ancial
corpc>rate
busi ness
(billie>ns of
doll 3/rs)
Period
C urrent-dol lar cost a nd profit ] >er unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
consumption
Compenallowances Indirect sation
business
with
of
capital taxes 3 employconees
sumption
adjustment
Net
interest
Current
dollars
1972
dollars
452.9
498. 4
541. 8
560. 6
602. 5
671. 0
752. 0
808.8
874. 1
988.0
1, 106. 3
1, 246. 9
545.8
581.6
607. 3
600.6
619.3
671.0
720.4
695.0
680.0
730.4
770.7
818.7
0. 830
.857
.892
.933
.973
1. 000
1.044
1. 164
1.285
1.353
1.436
1.523
0.072
.074
.079
.088
. 094
.093
.095
. 116
. 142
. 146
. 151
. 155
0. 084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
.137
. 140
. 143
0.535
.553
.589
.628
.645
.661
.699
.796
.848
.890
.951
1.020
1977: III__ 1, 128. 9
IV___ 1, 148. 6
778.5
782.9
1. 450
1. 467
. 151
. 154
. 140
. 142
.954
.975
.044
.046
1978:1
II___
III__
IV—
1, 169. 1
1, 236. 5
1, 267. 9
1, 314. 1
789. 8
817. 1
826.3
841.4
1.480
1. 513
1.534
1.562
. 156
. 154
. 155
.155
. 143
. 144
. 142
. 143
1.002
1.009
1.024
1.042
1979:1
1, 346. 4
II.___ 1, 370. 4
846.6
841.0
1. 590
1.629
. 158
. 165
. 145
. 148
1.075
1. 104
1967
1968
1969
1970
1971
1972
1973
1974___
1975
1976
1977
1978
1
Output is measured by gross domestic product of nonflnancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate
business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
4
Corpc rate profi ts with
in vent <3ry valuat ion and
capil,al consuniption
iidjustmen ts
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
employees
(1972
ees
dollars) (dollars)
0.051
.058
.055
.045
.048
.050
.055
.061
.060
.072
.077
.084
0.072
.066
.055
. 041
. 046
.057
.050
.024
.053
.066
.074
.073
6.906
7. 133
7. 154
7. 147
7.389
7.631
7.790
7.492
7.726
7.973
8.086
8.222
3.694
3.944
4.207
4.487
4.766
5. 047
5.447
5.961
6. 554
7.098
7.686
8.384
.161
. 150
.077
.078
.084
.073
8. 138
8. 102
7.765
7.901
.047
.047
.049
.050
. 132
. 159
. 163
. 171
.071
.085
.086
.093
.061
.074
.077
.078
8. 120
8.213
8.259
8.297
8. 136
8.288
8.462
8.643
.052
.054
. 161
. 159
.088
.085
.072
.074
8.259
8. 191
8. 878
9.049
0. 016 0. 123
. 124
.017
.022
. 109
.028
.086
.095
.029
. 028 . 107
.032
. 105
.086
.043
. 113
.045
. 042 . 138
. 151
.043
. 157
.048
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr ietors'
mcom e with
inventor y valuation ancl capital
consurnption
adjust ments
Compensation of
employees l
Farm
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978_
1977: III_
IV
of persons
with
capital
consumption
adjustment
Corpor ate profits5 with inventory va iuation
and capital consumptio ci adjustm ents
Profits with inv entory
valualAon ad jus tment
and ^vithout caipital
consum ption adjiistment
Inventory
valua-
Total
Total
Profits
before
tax
Capital
consumption
adjustment
Net
interest
adjustment
519.8
714.4
571.4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
799.2
___ 1, 064. 6
875.8
_ — 1, 136. 0
931. 1
1, 215. 0
1, 359. 8 1, 037. 8
_ _ 1, 525. 8 1, 156. 9
1, 724. 3 1, 304. 5
12.0
13.9
13.9
14.3
18. 0
32.0
25.4
23.5
18.3
19.6
27.7
51.4
52.3
51.2
53.4
58. 1
60.4
60.9
63.5
71.0
80. 5
89. 1
18.6
18. 1
18.6
20. 1
21.5
21.6
21.4
22.4
22. 1
24.7
25.9
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
126.8
150.0
167.7
82. 1
77.9
66.4
76. 9
89.6
97.2
86.5
107.9
141.3
162. 0
180.8
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120. 4
156.0
177. 1
206. 0
— 3. 4
-5.5
5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14. 6
15.2
-25. 2
3.7
3.5
1.5
.3
2. 5
1.9
-2.9
-12.0
-14. 5
-12.0
-13. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94.0
109.5
1, 551. 1 1, 170. 7
_ 1, 589. 8 1, 205. 5
16.8
24.7
81.7
82. 9
25.2
25.5
160.8
153.0
172.0
166.0
180.9
183.0
-8.9
-17. 0
-11.2
-13. 0
95.8
98.2
-_
„
Nonfarm
Rental
__
_
1978: III
III
IV _
1, 621. 0
1, 703. 9
1, 752. 5
1, 820. 0
1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8
25. 7
27.7
26. 1
31.3
83.4
87.3
91. 3
94.4
25.2
24.4
26. 8
27. 1
141.2
169.4
175.2
184.8
153. 6
182. 0
189. 0
198.6
177.5
207. 2
212.0
227.4
-23.9
-25. 1
-23. 0
-28.8
-12.4
-12. 6
-13.8
-13.8
101. 5
106.8
111.9
117. 6
1979: I _ _ _
II
1, 869. 0 1, 411. 2
1, 897. 9 1, 439. 7
34.2
33.7
94.8
95.5
27.3
26. 8
178. 9
176.6
193. 3
191.3
233.3
227.9
— 39. 9
-36. 6
- 14. 5
-14.7
122. 6
125. 6
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]
Durable goo<Is
Total
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
535.9
579.7
618.8
668.2
733.0
809.9
889.6
979. 1
1, 089. 9
1, 210. 0
1, 350. 8
80.0
85.5
84 9
97. 1
111.2
123. 7
122.0
132. 6
157.4
178.8
200.3
35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.4
70.0
81.6
91.2
32.6
35.0
36. 7
39.4
44.8
50. 7
54. 9
58.0
64. 0
70. 9
77.6
230.4
247. 0
264.7
277.7
299.3
333.8
376.3
408.9
443.9
481.3
530.6
1977: III____ 1, 220. 6
IV
1, 259. 7
1978:1
1, 287. 2
II
1, 331. 2
III
1, 369. 3
IV
1, 415. 4
178.9
186.4
80.5
83.7
71. 6
74.0
185. 3
200.3
203. 5
212. 1
84. 1
93.5
92. 4
94.9
1979: I _ _ _
II
213.8
208.7
97. 7
89. 1
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1
1, 454. 2
1, 475. 9
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Nondura Die goods
Furniture
and
household
equipment
Total
nondurablel
goods
Services
Clothing
and
shoes
Gasoline
and oil
118.3
126. 1
136.3
140.6
150.4
168. 1
189.8
209. 6
227. 1
246.7
271.7
41.8
45. 1
46. 6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91. 2
18.4
20.4
22. 0
23.4
24.9
27.8
36.4
39.5
42.9
46. 7
50.9
225.6
247.2
269. 1
293.4
322. 4
352.3
391.3
437.5
488. 5
549.8
619.8
8.6
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8. 6
9. 1
9.3
1.0
1. 1
1. 3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2. 0
483. 0
499. 2
248.0
254.4
82.8
87.9
46. 4
47.3
558.7
574. 1
8.9
9.0
2.0
2.0
72. 4
76.5
78.9
82.7
505.9
521.8
536.7
558. 1
260.6
267. 7
274. 5
283. 9
85.4
89. 9
92.7
96.8
48. 1
49.0
51. 5
55.0
596.0
609. 1
629. 1
645. 1
8.7
9.9
9.4
9.3
2. 1
2. 1
2.0
1.9
82. 1
84. 2
571. 1
581.2
292. 9
296.7
95.5
96.9
58. 4
60.2
669.3
686. 0
9.3
8.1
2.3
2.5
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $8.4 billion (annual rate) in August, following revised increases of $24.5 billion in July and
$13.6 billion in June. About $11.1 billion of the July rise was due to cost-of-living increases in social security and
veterans* benefits.
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
2,000
1,800
1,600
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
4*"'""
200
200
160
160
120
120
100
100
80
80
60
i i ii
60
I_LJ
1972
1973
1974
1975
1976
1978
1977
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
j
Rental
Total
and
Other Propriety>rs income 3 income
Transfer
Divi- Personal
paypersonal salary
labor 12
interest
dends
of
income disburseincome
income ments 5
Nonfarm persons 4
Farm
l
ments
Period
1980
Less: PerNonsonal confarm
tributions personal
for social income 6
insurance
859. 1
579.4
942.5
633.8
1, 052. 4
701. 3
1, 154. 9
764. 6
805. 9
1, 255. 5
1, 381. 6
890.0
1, 531. 6
984.0
1, 717. 4 1, 103. 3
36.2
42.0
48.7
55.6
65. 1
77.4
91.8
106.5
14.3
18. 0
32. 0
25. 4
23. 5
18. 3
19.6
27.7
53.4
58. 1
60. 4
60.9
63. 5
71. 0
80.5
89. 1
20. 1
21. 5
21. 6
21. 4
22. 4
22. 1
24.7
25. 9
23.0
24. 6
27.8
31. 0
31. 9
37.5
42. 1
47. 2
69.3
74.6
84. 1
103. 0
115.5
127. 0
141. 7
163.3
94. 1
104. 1
118. 9
140.8
178. 2
193. 8
208.4
224. 1
30.8
34.2
42.2
47.7
50. 5
55. 6
61. 3
69.6
838. 0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1978: Aug____
Sept___
Oct
Nov
Dec
1, 741. 3
1, 756. 1
1, 781. 0
1, 801. 4
1, 826. 8
1,
1,
1,
1,
1,
115. 0
125. 9
141. 7
154. 4
166. 8
108.2
109. 3
110.6
111.9
113. 2
25. 7
25. 1
27.5
30.0
36. 5
91.7
92.0
93. 8
94.3
95. 0
26.9
26.9
27. 1
27. 1
27. 1
48.0
48.5
49. 1
49. 6
50.4
167. 1
170.0
172. 3
174. 3
176.4
228. 9
228. 9
230. 1
231. 5
233. 7
70. 1
70.6
71.2
71. 8
72. 3
1, 699. 9
1, 715. 0
1, 737. 3
1, 754. 9
1, 773. 6
1979: Jan____
Feb....
Mar
Apr
May ___
June "__
July *>__
Aug p-,._
1, 834. 3
1, 851. 4
1, 872. 1
1, 880. 7
1, 891. 6
1, 905. 1
1, 929. 7
1, 938. 1
1, 177. 1
1, 188. 5
1, 202. 3
1, 205. 9
1, 210. 8
1, 220. 5
1, 229. 2
1, 233, 1
114.5
116. 0
117.4
118.9
120. 3
121.8
123. 3
124. 9
33.0
34. 2
35.3
34.3
33.5
33.4
31. 0
28. 4
94.8
94. 8
94. 9
95.2
95. 5
95.8
97.2
98.2
27.2
27. 3
27.4
26.0
27. 1
27. 2
27. 4
27. 5
51. 1
51.7
51.7
51.9
52. 5
52.6
52. 5
52. 7
178.7
181.0
183. 3
185.8
187.5
189.4
191.6
193. 4
236.0
236. 7
239.2
242. 3
243. 9
244. 7
258. 1
260. 8
78. 1
78.7
79.4
79.5
79.7
80. 2
80. 7
80.9
1, 784. 3
1, 800. 1
1, 819. 5
1, 828. 8
1, 840. 3
1, 853. 7
1, 880. 6
1, 891. 5
1971
1972___
1973
1974
1975__
1976
1977__
1978
___
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors* fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
e 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.
OF
Real per capita disposable income declined in the second quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
600
600
DOLLARS* (RATIO SCALE)
10,000
PER CAPITA DISPOSABLE PERSONAL INCOME
9,000
DOLLARS* (RATIO SCALE)
10,000
9,000
8,000
8,000
7,000
7,000
6,000
6,000
5,000
5,000
1972 DOLLARS
4,000
4,000
3,000
3,000
J
1972
1973
1975
1974
L
J
1977
1976
1979
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less :
POT
Period
Personal
income
sonal
tax
and
nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays l
Per c apita
dispc>sable
persona income
Equals :
Personal
saving Current
dollars
801. 3 115.3
859. 1 116. 3
942.5 141.2
1, 052. 4 150. 8
1, 154. 9 170.3
1, 255. 5 168.8
1, 381. 6 197. 1
1, 531. 6 226.4
1, 717. 4 259.0
1972
dollars
Per cap>ita personal c(>nsumption exp enditures
Current
dollars
1972
dollars
Percent
change Saving
in real as percent of
per
capita disposable
disposperable
sonal
perincome
sonal
income
Population
( thou-2
sands)
Do!lars
Bil lions of d ollars
1970______
1971
1972
1973
1974
1975
1976
1977
1978
L
1980
685. 9
635.4
742. 8
685. 5
801.3
751.9
901. 7
831.3
984. 6
913. 0
1, 086. 7 1, 003. 0
1, 184. 5 1, 115. 9
1, 305. 1 1, 240. 2
1, 458. 4 1, 386. 4
50.6
57.3
49. 4
70.3
71.7
83. 6
68. 6
65.0
72. 0
3,348
3, 588
3,837
4,285
4,646
5,088
5, 504
6,017
6,672
3,619
3,714
3,837
4, 062
3,973
4,025
4, 144
4,285
4,449
3,020
3,227
3,510
3,849
4, 197
4,584
5,064
5, 579
6, 179
3,265
3,342
3,510
3,648
3, 589
3,627
3,813
3,973
4, 121
-2.2
3. 0
2.6
3.3
5.9
7.4
7. 7
6.2
7. 8
1.3
7.3
7.7
3.4
3.8
5.0
4.9
3. 0
5. 8
204,
207,
208,
210,
211,
213,
215,
216,
218,
878
053
846
410
945
566
203
898
594
Seas onally ad; usted ann ual rates
1977: III__ 1, 548. 5 225. 3 1, 323. 2 1, 251. 3
IV__ 1, 596. 4 235.2 1, 361. 2 1, 291. 7
1978:I____
II___
III__
IV__
1, 634. 8 239. 8
1, 689. 3 252. 1
1, 742. 5 266.0
1, 803. 1 278.2
1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4
1979: I
1, 852. 6 280. 4 1, 572. 2 1, 493. 0
II. __ 1, 892. 5 290.7 1, 601. 7 1, 515. 8
71.9
69.5
6, 094
6,256
4,312
4, 374
5, 622
5, 789
3, 978
4, 049
5.6
5.9
5. 1
5.4
217, 119
217, 586
74.6
71. 2
70. 9
71.5
6,401
6,583
6, 748
6, 954
4,389
4,425
4,461
4,522
5,906
6, 097
6,258
6,455
4,
4,
4,
4,
050
098
137
197
1.4
3.3
3.3
5.6
5.3
5.0
4.8
4. 7
217, 942
218, 335
218, 814
219, 286
79. 2
85.9
7, 157
7,275
4,536
4,510
6,619
6,704
4, 196
4, 156
-2.3
1.2
5.0
5.4
219, 690
220, 166
1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
3
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the second quarter, net farm income before inventory adjustment fell $0.2 billion (annual rate), while income
after inventory adjustment fell $0.4 billion.
BILLIONS OF DOLLARS* (RATIO SCALE}
BILLIONS OF DOLLARS* (RATIO SCALE)
200
WO
100
GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
80
60
60
40
4®
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
20
;SI
20
T
10
1972
1973
1974
1977
1976
1975
1979
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1980
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Person*d income received
by tota i farm population
Income r<seeived fr<>m f armin g
Gross income be rore inven tory adjustnlent
Period
1971
1972
1973
1974
1975
1976___
1977. ._
1978...
From From From
all
farm nonfarm
sources sources sources
28.8
34.6
48.9
45.2
44.5
40. 3
42. 9
54.0
13.5
16.9
29. 2
23.4
21.9
16.8
18.0
25.2
15.3
17.8
19.7
21. 8
22.7
23.5
24. 9
28.8
Tntsil 1
60.6
70. 1
95. 5
100.0
96.9
104. 2
107.5
124.2
Net tc> farm
oper ators
Gas b receipts from
Producinarketings
tion ex- Before
penses invenLivestock
tory
Total
Crops
and
adjustment
products
Billioiis of dollars
13.2
30.6
52.9
22.3
47.4
61.2
17.8
35.7
25.5
52.3
87. 1
41. 1
45.9
29.9
65.6
92. 4
41. 4
51. 1
27.7
72.2
88.2
43.0
21.1
45. 1
75.9
46. 1
94.8
21.0
48. 7
83. 1
47.4
95. 7
48.2
18,7
88.8
26. 3
59. 0
52. 1
111.0
98. 1
After
inventory
adjust-2
ment
Net inco me per
farm a fter inventory adjustmeiit 3
1967
Current
dollars dollars 4
Dol lars
14.6
18.7
33.3
26. 1
24 5
18. 7
19.8
27.9
5,042
6,526
11, 813
9,349
8, 846
6,823
7,301
10, 434
4, 157
5,208
8,875
6,330
5,488
4,002
4,023
5,340
1977: III. _.
103.4
115. 0
92. 1
99.9
47. 1
50.6
44.9
49.4
88.5
92.4
14.9
22.6
16.9
24. 8
6,240
9, 160
3,410
4,940
1978: I__ _
I I ___
III...
IV
119.8
124.3
122. 2
133.4
106.2
111.0
109.0
118.0
53.9
58.3
60.4
63.4
52.4
52.7
48. 6
54.6
95.0
97.0
97. 4
103.0
24.8
27.3
24.8
30.4
25.8
27.8
26.3
31.6
9,660
10, 400
9,840
11, 830
5,110
5,370
4,980
5,860
1979:1
II
140.5
144. 1
127.5
130.5
70.0
67.5
57. 6
63.0
107.5
111.3
33.0
32.8
34.0
33.6
12, 940
12, 790
6,240
5,970
IV
1
Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
23 Inventory of crops and livestock valued at the average price for the year.
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the second quarter, corporate profits before tax fell $5.4 billion (annual rate)
while after-tax profits fell $2.7 billion.
BILLIONS OF DOLLARS
280
BILLIONS OF DOLLARS
280
240
80
40
40
1972
1980
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
>ry valusition
Profit s (before tax) wit i inventc
adjustn lent 1
Dome ?tic indu stries
IS[onfinanc jial
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976__
1977__
1978..
1977:111
IV
1978:1
II
Total 2
_
_
_
III
IV
1979: I
II
82. 1
77.9
66. 4
76.9
89.6
97. 2
86. 5
107.9
141.3
162.0
180.8
172.0
166. 0
153. 6
182.0
189.0
198. 6
193.3
191.3
Total
78.9
74.2
62. 6
72.4
84.7
90.4
76.9
101.8
133. 1
152. 1
170.6
161. 2
156. 9
143. 5
171.0
178.8
189. 0
181. 4
179. 6
Financial
Total5
10.4
11. 3
12. 6
14. 1
15.4
16. 2
14. 4
13.0
17. 8
23.8
29. 7
24. 8
26. 4
27. 2
28.9
30. 6
32. 1
31.9
32.0
68. 5
62. 9
50. 1
58. 2
69. 3
74. 1
62. 5
88.9
115. 3
128.3
140.9
136. 4
130. 5
116.3
142. 1
148.3
156. 9
149. 6
147. 7
Manufaeturmg
Wholesale
and
retail
trade
41. 2
36.8
27. 1
32.4
40.6
44. 1
36. 6
48.3
65.7
73.5
81.7
72. 5
78. 1
67.6
83.4
85. 1
90. 6
94. 1
90. 6
10. 1
10. 1
9.4
11. 7
13. 3
14.7
12.9
20.7
23.3
24. 1
23. 0
31. 0
20.5
17.9
22. 7
25. 5
25.8
18. 6
22.4
* See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
2
Proj its after tax
Profits
before
tax
Tax
liability
Total
Dividends
85.6
83. 4
71.5
82.0
96. 2
115.8
126.9
120. 4
156.0
177. 1
206.0
180.9
183.0
177.5
207. 2
212. 0
227. 4
233.3
227.9
39.4
39.7
34. 5
37.7
41.5
48. 7
52.4
49.8
63.8
72.6
84. 5
73.7
75. 1
70. 8
84.7
87.5
95. 1
91.3
88.7
46.2
43.8
37. 0
44. 3
54.6
67. 1
74. 5
70.6
92. 2
104. 5
121. 5
107. 2
107. 9
106.7
122.4
124. 6
132. 3
142. 0
139.3
21. 9
22. 6
22.9
23.0
24. 6
27.8
31. 0
31.9
37. 5
42. 1
47. 2
42.7
43.4
45. 1
46. 0
47. 8
49.7
51. 5
52. 3
Undistributed
profits
24. 2
21. 2
14. 1
21. 3
30. 0
39.3
43.6
38. 7
54.7
62.4
74.3
64.6
64. 5
61. 6
76.4
76.8
82. 6
90. 5
87.0
Includes rest of the world, not shown separately.
* Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
— 40. 4
-12.4
-14.6
-15. 2
-25. 2
-8. 9
-17.0
-23.9
-25. 1
-23.0
— 28. 8
-39.9
-36.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, business fixed investment rose $5.7 billion (annual rate) as
nonresidential construction outlays rose $5.6 billion and producers1 durable equipment purchases rose $0.1 billion.
Residential investment outlays increased $1.7 billion. Inventory investment amounted to $33.4 billion, up $14.3
billion from the first quarter level.
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
SEASONA LLY ADJUSTED ANNU AL RATES
400
350
GROSS PRIV ATE DOMESTIC
INVESTMENT
/
y
-/I
400
350
X
300
300
250
^^.i^*1
^— ^
f
^^~
NONRESIDENTIAL
F IXED INVESTMEN1
r
X"^
^XS
""-^-N
200
J\
\
~y
250
» ^.^^^
-/^
200
^-*^
150
150
RESII3ENTIAL
FIXED IhDIVESTMENT
100
\
„..,..««•'""* """""
50
100
»*»*****""
CHAN GE IN BUSINESS
IWENTORIES
X-' — -'**,
-50
1
1
i
I
1972
1973
1974
i
%^
*'—~
t
1975
1
-***
"'-'
I
!
1977
1976
50
t i t
1 1 1
1979
1980
1978
SOURCE: DEPARTMENT OF COMMERCE
-50
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident lal fixed investme nt
Gross
private
domestic
investment
Period
1968
1969
1970
1971
1972
1973
„
1974
„
19751976
1977___
1978—
1977: III
IV_
_
1978: I
!!___
Ill
IV
1979: I
II
_
131. 5
146. 2
140.8
160.0
188. 3
220.0
214.6
190.9
243. 0
303.3
351.5
315. 7
316.9
327.0
352.3
356.2
370.5
373. 8
395.4
Struc tures
Total
89.3
98. 9
100. 5
104. 1
116.8
136. 0
150.6
150.2
164. 9
189. 4
221. 1
193.2
198.6
203. 7
218.8
225.9
236. 1
243.4
249. 1
Total
Nonfarm
Total
Nonfarm
31.6
35.7
37.7
39.3
42. 5
49. 0
54.5
53.8
57. 3
62.6
76.5
64.2
66.2
66.9
75.2
79.7
84.4
84.9
90.5
30.4
34. 3
36. 1
37.8
41. 1
46.9
51.8
51.3
54. 7
59. 8
73.3
61.2
63. 3
63. 8
72.0
76.4
81. 1
81. 2
86.8
57.7
63.3
62. 8
64.7
74.3
87.0
96.2
96.4
107.6
126.8
144. 6
129. 0
132.4
136. 8
143. 6
146.3
151.8
158.5
158.6
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.4
116. 3
132. 6
118.8
121.8
126.4
131.9
133. 5
138.9
146. 1
144. 5
Source: Department of Commerce, Bureau of Economic Analysis.
Prodiicers1
dunible
equipment
Resid ential fixed invesi xment
T*rr*
Total
34.5
37.9
36. 6
49.6
62.0
66. 1
55. 1
51.5
68. 1
91. 9
108.0
95.0
99.9
100.5
107. 7
110.2
113.7
111. 2
112.9
Nonfarm
structures
Farm
structures
ducers'
durable
equipment
33. 1
36.3
35. 1
47. 9
60.3
64.3
52. 7
49.5
65. 7
88.8
104.4
91. 7
97.0
96.8
104.3
106.4
110. 0
107.8
109. 1
0.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1. 5
1.8
1.6
1.2
1.9
1.4
1.9
1.9
1.5
1.8
0.8
.9
.9
1. 0
1. 1
1.2
1. 2
1. 1
1.3
1. 6
1.9
1.6
1.7
1.9
2.0
1.9
1.9
1.9
2.0
Change in business inv entories
«Kl£»
Total
Nonfarm
7.7
9.4
3. 8
6.4
9.4
17.9
8.9
-10.7
10. 0
21. 9
22.3
27.5
18.5
22.8
25. 8
20. 0
20.6
19.1
33.4
7.6
9.2
3.7
5. 1
8.8
14.7
10.8
-14.3
12. 1
20. 7
21. 3
25. 6
15. 7
22. 0
25.3
18.5
19.3
18.8
32.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 13.2 percent in 1979, according to the Commerce Department survey
conducted in late July and August. The planned increase is 0.5 percentage point higher than the planned increase
reported in June.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
40
40
20
20
1972
1973
1974
1975
1977
1976
1978
1979
1980
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and eqtlipment
projcjets 3
E]tpenditurc5S for plan t and equipment
M anufacturi ng
Period
N<Dnmanuf acturing
Communication
Commercial
and 2
other
Manufacturing
17. 00
18. 71
20. 55
20. 14
22. 28
25.80
29.48
32. 89
11. 89
12.85
13.96
12.74
13.30
15.45
18. 16
19.77
20.07
21.40
22. 05
20.60
20.99
22.97
25.71
28.50
35. 21
47.57
52.49
48. 24
51. 05
66. 73
72.44
28. 60
38. 13
45. 74
34. 50
29.66
32.54
34.93
8.46
7. 40
8.05
8.43
27. 92
28. 46
29.62
31.73
17. 07
18. 18
18.90
18.46
24.76
24. 71
26.09
27. 12
17.41
18. 10
16.96
19.97
7.98
7. 78
4.40
14.00
10.08
9. 71
10. 29
10.15
32.35
33.24
33. 26
32. 79
18. 75
20. 29
27.73
28. 51
48. 13
49. 08
21.98
19. 56
3. 27
5. 75
Total
Durable
goods
Nondurable
goods
Total
88.44
99. 74
112. 40
112. 78
120. 49
135. 80
153. 82
.174. 11
31.35
38.01
46. 01
47.95
52.48
60. 16
67.62
77.33
15.64
19.25
22.62
21.84
23. 68
27.77
31.66
37.53
15.72
18.76
23.39
26. 11
28. 81
32.39
35.96
40. oo
57.09
61.73
66.39
64.82
68.01
75.64
86. 19
96. 58
2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5. 41
5. 72
6.03
6.66
7.57
7.45
6. 93
8. 05
10. 00
144.
150.
155.
163.
25
76
41
96
61. 57
67. 20
67.75
73.24
28. 72
31.40
32.25
33. 99
32.86
35.80
35.50
39. 26
82. 68
83. 56
87.66
90.71
4.45
4.81
4.99
4.98
_ . 165. 94
173. 48
175. 29
III4___
IV 4
179. 56
71.56
76.42
78. 30
81.95
34.00
36. 86
38. 08
40. 38
37.56
39. 56
40. 27
41.58
94.38
97. 06
96. 99
97. 61
5.46
5. 31
5.30
5.58
Total i
1972
1973
1974
1975
1976
1977
1978 4
1979 _
1978:1
II
III
IV
_
1979: I
II
* Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
Trans- Public
Mining porta- utilition
ties
2
3
Public
utilities
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given period.
« Planned capital expenditures as reported by business in late July and August
1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell 310,000 in August while unemployment rose 301,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
EMPLOYMENT
80
80
10
UNEMPLOYMENT
i I i Ii Ii ii ii
I I i I I I I I II
1972
1971
i i ii I i i ii i
1975
I I I II
1973
1974
1976
1977
i i i i i I i i i i i
1978
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Noninstitutional
population
Period
I
I
I
I
I
I I
1979
Labor
force
participation
rate
(perrtpnf\
2
5,076 93,
7,830 94,
7,288 96,
6,855 99,
6,047 102,
240 91,011
793 92, 613
917 94, 773
534 97, 401
537 100, 420
85,
84,
87,
90,
94,
935
783
485
546
373
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
3, 216
3, 342 91, 031
Seascmally adj usted
5, 076
7,830
7, 288
6, 855
6,047
937
2,483
2,339
1,911
1,379
61.8
61. 8
62. 1
62. 8
63.7
96, 116
95, 041
96, 095
96, 029
95, 906
5,931
5,797
5,460
5, 629
5,725
102,
103,
103,
103,
103,
785
097
199
745
975
100,
100,
101,
101,
101,
663
974
077
628
867
94,
95,
95,
95,
95,
723
010
241
751
855
3,351
3,406
3,374
3,275
3,387
91, 372
91, 604
91, 867
92, 476
92, 468
3,298
3, 203
3, 164
3,131
3, 058
5,940
5,964
5,836
5,877
6, 012
1,234
1,268
1,317
1, 196
1,208
63.7
63.8
63.8
64.0
64. 1
94, 436
94, 765
95, 501
95, 675
96, 220
97, 917
98, 891
98, 226
6,431
6,484
6,165
5,561
5,253
6, 235
6, 104
6, 137
104,
104,
104,
104,
104,
104,
105,
105,
277
621
804
193
325
604
141
139
102,
102,
102,
102,
102,
102,
103,
103,
183
527
714
111
247
528
059
049
96,
96,
96,
96,
96,
96,
97,
96,
300
647
842
174
318
754
210
900
3, 232
3, 311
3,343
3, 186
3, 184
3,260
3,262
3,322
93, 068
93, 335
93, 499
92, 987
93, 134
93, 494
93, 949
93, 578
3, 159
3, 147
3, 179
3,312
3, 307
3, 416
3,340
3,355
5,883
5,881
5,871
5,937
5, 929
5,774
5,848
6, 149
1,251
1,260
1,305
1,235
1, 213
1,086
1,052
1, 191
64. 2
64.3
64.3
63.9
63.9
64.0
64.2
64. 2
1978: Aug*
Sept..
Oct__.
Nov__
Dee__
161,
161,
161,
162,
162,
348
570
829
033
250
1979: Jan__.
Feb__
Mar_ _
Apr
MayJune—
July__
Aug__
162, 448
162, 633
162, 909
163, 008
163, 260
163, 469
163, 685
163, 891
* 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.
I
[Thousands of person,3 16 years of age a nd over]
Unempl<^yment
C ivilian e mploymerit
Total
labor
N onagri cultural
15
force Civilian
Civilian UnemPart-time
weeks
Agrilabor
(includployemployTotal
Total
ecoand
culforce
ing
ment
ment
Total for
nomic 1
over
tural
Armed
reasons
Forces)
827 85, 935
449 84, 783
048 87, 485
559 90, 546
058 94, 373
Uinad justed
_
_
I
COUNCIL OF ECONOMIC ADVISERS
150,
153,
156,
158,
161,
1974
1975
1976.. _
1977___
1978*
I
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 rose to 6.0 percent from 5.7 percent in July.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
v
20
M%*
\H
TEENAGERS*
(16-19)
f
Wv'v
10
10
•/
WOMEN 20 YEARS
AND bVER
»
MEN 20 YEARS
AND OVER
iii11i
1Iiiii
1975
1976
1977
1978
1975
1979
1977
1976
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1974__
1975
1976
1977..
1978
_
_ _
_
_
1978: Aug ,
Sept_
Oct
Nov.
Dec
_
_
_
_
1979:Jan__
Feb. _
Mar
Apr _
May
June _ _
July.
Aug
__
__
_
___
5.6
8.5
7.7
7.0
6.0
5.9
5.9
5.8
5.8
5.9
5.8
5.7
5.7
5.8
5.8
5.6
5.7
6. 0
Uneiuployme nt rate ( percent of civilia n labor f orce in g roup)
By.sex and £ige
By select ed group)S
By race
Men
20
years
and
over
3.8
6.7
5.9
5. 2
4.2
4. 1
4. 1
4.0
3.9
4. 1
4.0
4.0
4.0
4.0
3.9
3.9
4. 1
4. 2
Women
20
years
and
over
Both
sexes
16-19
years
White
5.5
8.0
7.4
7.0
6.0
16. 0
19. 9
19. 0
17. 7
16.3
5.0
7.8
7.0
6.2
5.9
5.9
5.6
5.8
5.8
15.7
16.3
16. 2
16. 2
16. 5
5.7
5.7
5.7
5.7
5.8
5.8
5.5
5.9
15.7
16. 1
15.5
16.5
16. 8
15. 3
15.3
16.5
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
5. 2
5.2
5.2
5. 1
5.0
5.2
5. 1
4.9
5.0
4.9
5. 0
4.9
4. 9
5.3
Experienced House- Fullwage
time
hold
workand
heads
salary
ers
workers
3. 3
5. 3
5. 1
9.9
8.2
8. 1
5. 8
13.9
7.3
13. 1
7.3
5. 1
13. 1
6.5
6.6
4.5
5. 5
5. 6
11.9
3.7
Black
and
other
11.5
11.3
11.3
11.7
11.5
5.5
5.6
5.4
11. 2
11.9
11.2
11.8
11. 6
11.3
10. 8
11.0
5.4
5.3
5.3
5.4
5.3
5.3
5.4
5.7
5. 4
5. 6
Parttime
workers
8.6
10.3
10. 1
Labor
force
time
lost
(per-!
cent)
6. 1
9. 1
9.8
9.0
8,3
7.6
6.5
3. 7
3.6
3.5
3.4
3.5
5.4
5.4
5.2
5.2
5.3
8.7
8.8
9.0
8.9
9.2
6.5
6.4
6.2
6.2
6.2
3.4
3.5
3.4
5. 2
5. 2
5. 1
9. 1
8. 6
6.2
6.2
3. 6
3.4
3.5
3.7
3.8
5.3
5. 2
5.1
5.3
5.4
Source: Department of Labor, Bureau of Labor Statistics.
9.2
8.8
9.6
8.6
8. 2
8.8
6. 1
6.5
6.3
6.3
6.4
6.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In August the percentage of unemployed persons who were job losers and job leavers rose and the percentage who were
reentrants and new entrants fell.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
REENTRANTS
20
20
15-26
WiEKS
NEW ENTRANTS
V
"*
JOB LEAVERS
27 WEEKS
AND OVER
i 1 1 1 1 i i i 11
1976
1977
1978
1979
1980
1977
1976
1978
111
1979
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
PerceEit distrib ution of unemployment Dy reasoii *
Period
Unemployment
(thousands)
Job
Job
Reenlosers leavers trants
New
entrants
Percer it distribution of unemployment b y duratkm 1
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
State pi'ograms Insured
unemployment,
all
Insured
unem- Initial regular
proploy- claims
grams 2
ment
(unadjusted)
Special
unemployment
benefit3
claims
(unadjusted)
Weejkly aver age, thou sands
1974
1075
1976
1977
1978__
1978: Aug__
Sept__
Oct__
Nov__
Dec__
1979: Jan. __
Feb___
Mar__
Apr___
May._
June__
July__
Aug___
1
Detail may
1
5,076
7,830
7,288
6,855
6,047
5,940
5,964
5,836
5,877
6,012
5,883
5,881
5,871
5,937
5,929
5, 774
5,848
6, 149
43.4
55.4
49. 8
45.3
41. 6
41.6
39.7
42.2
40.7
40.2
41. 6
41.8
41.3
42. 2
39. 9
41.0
43. 7
44. 4
14. 9
10.4
12. 2
13. 0
14. 1
14.2
14.3
14. 0
14.2
14.3
15.7
14. 0
14. 6
14. 2
16. 1
15. 1
14. 4
14.6
28.4
23.8
26. 0
28. 1
30.0
29.5
32.4
29.6
30. 1
31.9
28.7
29.6
30.2
30.0
29.8
30.2
29.9
29.3
13.3
10. 4
12. 1
13. 7
14.3
14. 8
13.7
14.2
15. 0
13.6
14. 0
14.7
13. 9
13. 6
14.2
13. 7
12. 0
11.7
50. 6
37. 0
38. 3
41. 7
46.2
47.2
47. 1
46.7
48.8
47.4
46. 4
46.7
46. 5
48. 6
47.0
50. 5
48. 0
52. 4
not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
31.0
31. 3
29. 6
30. 5
31.0
32.0
31.5
30.7
30.6
32.6
32. 1
31.8
31.4
31. 0
32.6
30.8
33.9
28. 3
11. 1
16. 5
13. 8
13. 1
12.3
10.6
11.2
12. 6
11.8
12. 0
12.5
12. 1
12. 3
11. 4
11.9
10. 6
10. 3
10. 7
7.3
15.2
18.3
14.8
10.5
10.3
10.2
10.0
8.8
7.9
9. 0
9.3
9.7
9.0
8.6
8. 1
7.8
8.6
2,262
3,986
2, 991
2,655
2,356
2,448
2,292
2,234
2,230
2, 252
2,367
2, 349
2,323
2,367
2,253
2,255
2,411
2,547
363
478
382
375
342
345
326
325
338
339
350
341
349
433
356
386
395
397
2,558
4,943
3, 822
3, 111
2, 640
1, 173
1,152
572
2,394
2,064
1, 999
2,148
2,567
3, 198
3,209
2,921
2,610
2,230
2, 119
2,429
2,379
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total rtonagrtcultural employment as measured by the payroll survey was unchanged in August.
MILLIONS OF PERSONS*
MILLIONS OF'PERSONS*. (ENLARGED SCALE)
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
\
40
-GOODS-PRODUCINGINDUSTRIES
30
CONSTRUCTION
„„«.,.«..•*'""
k«MtlKHllMW«l«tSl»l'
20
1975
1977
1976
1978
1979
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
CJoods-prc>ducing i ndustries
13
* i
Fenod
1974
1975
1976
1977
1978. _ _ _
1978: Aug__
Sept__
Oct___
Nov___
Dec...
1979: Jan___
Feb___
Mar__
Apr___
May__
June__
July p_
Aug *>_
Total
nonagricultural
employ- Total *
ment
Construction
78, 265
76, 945
79, 382
82, 256
85, 763
86, 149
86, 163
86, 573
87, 036
87, 281
87, 524
87, 818
88, 263
88, 248
88, 539
88, 764
88, 813
88, 815
4,020
3,525
3,576
3,833
4,212
4,298
4,298
4,341
4,368
4,397
4,381
4,385
4, 526
4,507
4,594
4,610
4, 645
4,594
24, 794
22, 600
23, 352
24, 288
25, 381
25, 463
25, 471
25, 670
25, 872
26, 030
26, 111
26, 199
26, 412
26, 351
26, 423
26, 433
26, 441
26, 286
S>ervice-piDeducing Industrie}S
TransFinance,
Gover nment
Ma nufactui ing
insurporta- Wholesale
tion
ance,
Total
and
NonState
and
and Services
retail
durable
Federal and
Total Durable
real
public
goods goods
trade
local
utilities
estate
20, 077
18, 323
18, 997
19, 647
20, 332
20, 278
20, 286
20, 436
20, 601
20, 729
20, 825
20, 895
20, 964
20, 922
20, 906
20, 893
20, 863
20, 740
11, 925
10, 688
11, 077
11, 573
12, 160
12, 146
12, 166
12, 305
12, 410
12, 491
12, 562
12, 647
12, 699
12, 665
12, 645
12, 649
12, 659
12, 600
8, 152
7,635
7,920
8,074
8, 172
8, 132
8, 120
8,131
8, 191
8,238
8,263
8,248
8,265
8,257
8,261
8,244
8, 204
8, 140
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
53, 471
54, 345
56, 030
57, 968
60, 382
60, 686
60, 692
60, 903
61, 164
61, 251
61, 413
61, 619
61, 851
61, 897
62, 116
62, 331
62, 372
62, 529
4,725
4,542
4,582
4, 696
4,859
4,846
4,855
4,922
4,947
4,967
4,974
5, 001
5, 025
4,935
5,031
5,085
5,075
5, 066
16, 987
17, 060
17, 755
18, 492
19, 394
19, 523
19, 546
19, 632
19, 701
19, 697
19, 817
19, 883
19, 945
19, 959
19, 985
19, 980
19, 959
19, 996
4, 148
4, 165
4,271
4,452
4,676
4,707
4,719
4,737
4,774
4,789
4,809
4,829
4,839
4,853
4,867
4,892
4,907
4, 939
13, 441
13, 892
14, 551
15, 249
15, 979
16, 074
16, 127
16, 169
16, 270
16, 327
16, 352
16, 438
16, 535
16, 575
16, 622
16, 706
16, 730
16, 804
2,724
2,748
2,733
2, 727
2,753
2,765
2,752
2,760
2,757
2,734
2,755
2,755
2, 754
2,756
2,770
2, 793
2,788
2,785
11,446
11, 937
12, 138
12, 352
12, 723
12, 771
12, 693
12, 683
12, 715
12, 737
12, 706
12, 713
12, 753
12, 819
12, 841
12, 875
12, 913
12, 939
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports
from employing establishments.
3
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AND HOURLY
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag;e gross
hourly <sarnings
Aver age weekly hours
Manufsicturing
Total
private
nonagrieultural l
Period
Total
Overtime
Total
private
nonagrieultural *
Manufacturing
Adjusted h ourly earnin gs index3 —t stal private
nonagrkmltural
Percent ch ange from
a year earlier 4
Index, 1<^67=100
Current
dollars
1967
dollars *
Current
dollars
1967
dollars
37. 1
36. 9
37.0
36.9
36. 5
36. 1
36. 1
36.0
35,8
39.8
39.9
40.5
40.7
40. 0
39.5
40. 1
40.3
40.4
3.0
2.9
3.5
3.8
3.3
2.6
3. 1
3.4
3.6
$3.23
3.45
3.70
3.94
4.24
4. 53
4.86
5.25
5.69
$3. 35
3.57
3.82
4. 09
4.42
4.83
5.22
5.68
6. 17
120.7
129. 2
137. 5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106.5
109. 7
109. 7
106.6
105.9
107.3
108.4
108.9
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
8. 1
0.7
2.6
3.0
0
-2.8
-.7
1.3
1.0
.5
1978: Aug
Sept
Oct
Nov
Dec
35.8
35. 8
35.9
35.8
35.9
40. 3
40.4
40.5
40.7
40.7
3.4
3.6
3. 6
3.7
3.8
5. 73
5.77
5.82
5.87
5.91
6.20
6.25
6.32
6.38
6.43
214. 6
216. 2
218.0
219.0
220.7
108.7
108.7
108.7
108.5
108.6
8. 2
8.3
8.2
8.2
8.5
.4
.0
-.7
-.6
-.6
1979: Jan
Feb
Mar__ . _
Apr.
May
June __
July v*__ _ _
Aug
35.7
35.7
35.9
35. 4
35.7
35. 7
35. 6
35.6
40.7
40.7
40.8
39.2
40.2
40. 1
40.2
40.0
3.8
3.8
3.8
2.8
3.4
3.2
3.3
3.3
5.97
5.99
6.04
6.04
6.09
6. 13
6. 18
6. 19
6.45
6. 52
6.56
6.56
6. 63
6.67
6. 72
6. 72
222.8
223. 9
225. 3
227. 0
227.4
228. 8
230.4
231. 0
108.6
107. 8
107.3
107. 0
106. 1
105.6
105. 4
104. 6
8.1
8.4
8.2
7.9
7.8
7.8
7. 7
7.6
-1.1
-1.5
-2.0
-2.4
-2.8
-3. 0
-3.4
-3.9
1970
1971
1972
1973
1974
1975
1976
1977 _
1978
_
._
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period
Total pri vate nonagricu Itural *
Current
dollars
1970_
1971
1972..
1973.
__
1974_ _ _
1975
1976_
1977.
1978-__.
1978: Aug
Sept
Oct
Nov
Dec
1979: Jan
Feb
Mar _
Apr _ _
May
June
July v
Aug »_ _ _
1
J
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
205. 13
206. 57
208. 94
210. 15
212. 17
213. 13
213. 84
216. 84
213. 82
217. 41
218. 84
220. 01
220. 36
Manufacturing
1967
dollars s
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
103. 97
103. 86
104. 16
104. 14
104. 41
103. 86
102. 96
103. 31
100. 76
101. 40
101. 03
100. 60
99. 76
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
249. 86
252. 50
255. 96
259. 67
261. 70
262. 52
265. 36
267. 65
257. 15
266. 53
267. 47
270. 14
268. 80
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
319. 19
323. 51
323. 75
323. 61
324. 58
329. 59
320. 23
329. 42
339. 53
326. 14
342. 24
344. 45
342. 06
346. 52
Percent chiinge from a
year e aiiier,
total prr/ate nonagricu Itural 5
Current
dollars
Current dollars5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 31
154. 16
155. 14
156. 93
157. 77
159. 24
159. 73
160. 23
162. 52
164. 00
163. 00
163. 98
164. 96
165. 43
4. 6
6. 2
7.5
6.2
6.4
5. 7
7.3
7.7
7.8
8.5
8.5
8. 1
8.6
9. 1
9.4
9.6
8.7
5. 6
7.6
7.2
7.2
7.3
1967
dollars
1.3
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.0
.4
.6
.2
-. 6
2
.1
.0
-.3
-1.4
-4.6
-3.0
-3.4
-3. 9
-4. 2
4
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 ol 2all
pers<ms
Outiput 1
Output |3er hour
of all p ersons
Compensation
per I lour 3
Unit labor
CO sts
Impliciib price
deflal :or 4
PriNonNonPriNonNonPriNonPrivate
Private
Private Nonfarm
vate
farm
vate
farm
farm
vate
farm business
farm
business
business business
business sector business business business business business business business
sector
sector sector sector sector sector sector sector
sector
sector sector
Period
1967 == 100; quarterly dat a seasomilly adjusl:ed
1966
1967
1968
1969
98. 1
100. 0
105. 1
108.3
98. 1
100.0
105. 3
108.5
100.0
100.0
101.8
104.6
99.8
100.0
102. 1
105.5
98.0
100.0
103. 3
103.5
98.4
100.0
103. 2
102. 9
94.9
100. 0
107. 6
114.9
94.8
100.0
107. 3
114. 1
96.8
100.0
104. 1
111. 0
96. 4
100.0
1040
110. 9
97. 2
100.0
103.9
108.8
96.8
100.0
104. 0
108. 7
1970
1971
1972
1973
1974
107.3
110.3
117.5
124.4
121.4
107. 4
110. 2
117.8
124.9
121. 8
103.0
102.4
105.5
109. 6
110.3
104.2
103.8
107.0
111.5
112. 3
104. 2
107.7
111.4
113.6
110. 1
103.0
106.2
110. 1
112.0
108.5
123. 1
131.4
139.7
151.2
164.9
121. 7
129. 9
138.4
149.2
162.8
118.2
122.0
125.4
133. 1
149.8
118. 1
122. 3
125.7
133.2
150.0
113.9
118.9
123. 2
130.3
143. 1
114. 0
119.2
122.9
127.9
141. 4
1975_
1976
1977
1978
118. 7
126.4
133.8
140.7
118.8
126.9
134. 3
141.5
105.6
108.6
112.6
117.2
107.4
111.0
115. 3
120.2
112.4
116.4
118.8
120. 1
110.5
114.4
116. 5
117. 7
181.3
197.2
213.5
233. 1
178.9
193.8
209.8
229.3
161.3
169.4
179.7
194.2
161. 8
169.4
180. 1
194.7
157. 5
165.5
174.8
187.2
156.4
164.8
174.5
186. 1
1977:111
IV
135.2
136. 1
135.6
136.4
112. 9
114. 0
115.9
116.8
119.7
119.3
117. 0
116.8
215.9
219.5
211. 8
215. 8
180. 3
183.9
181. 0
184.8
176.0
178. 6
176.2
178.3
1978:1
II
III
IV
136.9
140.3
141.8
144.0
137. 3
141. 1
142. 7
145. 0
114.9
117. 1
117. 5
119. 2
117. 6
120. 2
120.6
122.2
119. 1
119.8
120. 6
120. 8
116.7
117.4
118.3
118.6
225.7
230. 3
235. 6
240.7
222.2
226. 5
231.5
236.7
189.5
192.2
195. 3
199. 2
190.3
192.9
195.7
199. 5
180.9
185. 8
188.9
192.9
180.2
184.7
187. 8
191.4
1979: I
144.4
143.3
145.5
144. 1
120.4
120. 1
123. 5
123.7
120.0
117.7
116.5
247.3
252. 9
242. 8
247.4
206. 1
212.0
206.2
212.5
197.2
202.0
195. 1
200.3
3. 2
II 9
119.3
Perce nt change ; quarterl y data at seasonal y adjuste d annual rates
1966
1967— _ _ _
1968
1969
1970
1971—
1972
1973
1974
6.0
1.9
5.3
3.0
2.3
—.0
1.8
2.8
3.3
.2
2. 1
3.4
3.2
2.0
3.3
-1. 1
6.0
— 2. 5
-1.6
—. 6
3.0
3.9
.7
-1. 2
-.4
3. 1
4.2
.7
.7
3.3
3.5
1.9
6.5
5.8
5.2
-2.5
6.9
5.8
5.4
-4.3
2.9
3.7
4. 1
7.6
6.6
2. 4
2.4
5.5
2.0
5. 1
3.0
-.9
2.8
6.6
5.9
-2.4
-2.3
1975
1976
1977
1978
1977: III___
IV
1978: I
II
III
IV
1979: I
II*
2. 5
_.
10.5
4.2
6.4
1.2
-3.1
2.6
6. 9
.2
3.2
-.3
5.5
7.3
6.3
.1
3. 1
7. 1
6. 7
6.7
1. 6
3.7
1.7
6.3
6. 7
6. 5
4. 1
3.5
3.8
4.0
6.7
2.9
2.9
3.3
4.7
4.5
6.4
3.3
2.8
6.5
3.5
2.8
6.0
4.7
4.4
3.6
5.8
9.8
3. 1
4. 1
10.5
3.8
3.3
6.6
7.7
5.0
6.0
7.9
4.7
6.3
10. 1
10. 6
4.7
6. 1
6.2
4.8
5.3
4. 4
10. 2
-4.3
3.3
3.9
4.2
2. 1
1.9
3.5
1.8
9. 9
1. 1
9.9
8.8
8.3
9.2
1.5
3.8
2.7
3.2
6. 1
-1.3
3.8
-.8
9.4
6.9
8.5
7.9
3.2
8.4
4.5
8.7
2.7
11.5
4. 5
6.8
3. 2
7.9
1.5
5.6
2.9
8.9
1.6
5.4
0
2.5
2.6
.8
-. 2
11.8
12. 3
8. 0
9. 1
12.7
12. 5
1. 2
-3.8
4. 1
-.7
4.3
.5
-2.8
-2.4
10.7
14. 6
12. 0
. o
2.4
2.9
1.3
-3. 0
-4. 3
8.4
9. 4
9.0
11. 4
9. 3
4.9
4.5
12.7
-3. 1
2. 1
1. 1
4. 0
6. 2
12. 5
-3.0
3.5
3. 9
7.8
8. 2
9. 1
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross' domestic product.
16
6. 1
7.0
5.3
7.6
6.8
2.5
9. 1
8.3
8.2
9.3
9.4
7.8
8. 1
5.8
6.6
8.2
8. 1
5.5
6.0
8.0
14. 1
12. 7
5.0
5.6
7.1
11.2
6.9
8.7
9.3
10.0
5.4
5.9
6.6
7.0
7.8
8. 1
11. 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
ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 1.1 percent in August following a 0.1 percent increase in July and no change in June. The
August index was 2.0 percent above the year-earlier level.
INDEX, 1967= 100 *
INDEX, 1967=100* (RATIO SCALE)
(RATIO SCALE)
180
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINI NG PRODUCTION
f~**~
160
/ \^-
-A/A/*
r--
UTILITIES
140
i
MINING
% V
* ~'
100
MANUFACTURING PRODUCTION
~4
AWJJi
+*s~~
120
111M 11M 11
lliilllilll
1975
1976
M ill
M MM
1977
MM,
h M M { i i n l
1978
1979
PERC ENT* (RATIO S CALE)
KM)
MANUFA CTURING C APACITY UTILIZATION RATE
90
-V^
fin
120
-*—^7n
^
^
v/1
~^r~
1 1 1 1 1 1 1 1 1 11 iniiiiiiii niiiiiiiii
100
1975
1979
1975
1976
1977
M M I h MM
iMiiiiiiii
1978
1979
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
Percent
Period
Index,
1967= change
from
100
year
earlier
1967 proportion
100. 00
1972
9.2
119. 7
1973
8.4
129. 8
1974_ _
129.3
—. 4
1975. __
117. 8
-8.9
130. 5
1976___ _
10. 8
138.2
1977
5.9
1978
146. 1
5.7
1978:Aug__
6.2
148. 0
Sept__ __
6.4
148.6
149.7
Oct _
6. 9
Nov
150.6
7.3
Dec _
8. 0
151. 8
1979: Jan
_ _ _ 151.5
8. 2
Feb
_ _
152.0
8.3
M a r _ _ _ _ .. _ 153. 0
7. 7
Apr
4. 4
150.8
May
152. 4
5.2
June v_._ _ _ 152. 4
4.3
July _.
152. 6
3.7
Aug ".
2. 0
150.9
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind exes, 1967 = 100
M anufacturi ng
Total
Durable
Nondurable
Mining
Utilities
87. 95
118.9
129.8
129. 4
116.3
130. 3
138.4
146.8
148.6
149. 6
150.7
151. 6
152. 9
152. 5
153. 3
154. 5
151.6
153.8
153. 8
153.8
151.9
51. 98
113.7
127. 1
125. 7
109.3
122. 3
130. 0
139. 7
141.8
142. 9
144. 6
145.5
146. 8
146. 8
147.2
148. 6
144. 6
147.6
147. 6
147. 3
144. 4
35. 97
126. 5
133.8
134. 6
126.4
141. 8
150. 5
156. 9
158. 4
159. 3
159. 5
160. 4
161. 7
160. 7
162.0
163. 0
161. 7
162. 8
162. 7
163.3
162.7
6. 36
113. 1
114. 7
115. 3
112. 8
114. 2
118. 2
124. 0
126.2
124.4
127. 9
128.0
127.4
123. 8
120. 9
122.3
122. 7
122. 8
123.5
124. 0
125. 8
5. 69
139.4
145.4
143. 7
146. 0
151. 7
156. 5
161.4
162.2
163.0
163. 2
163. 7
164.7
166. 2
167. 7
167. 1
167.4
166.5
164.4
164.8
165.0
1 Output as percent of capacity.
2
Annual data are averages of four monthly indexes.
3 Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Manufstcturing GI ipacity utilization
rate, p srcent *
Federal Reserve
seiles
ComWharTotal
merce2
ton
Matemanuseries
series 3
facturrials
ing
83.5
87. 6
83. 8
72.9
79. 5
81.9
84. 4
85. 2
85.5
86.0
86. 3
86.8
86.4
86. 7
87. 1
85.3
86. 3
86. 1
85.9
84.6
87.0
91. 8
87. 1
73.4
81. 1
82. 7
85. 6
86.4
86.8
87. 6
88. 1
88.8
87. 9
87.8
88.3
86. 9
87.4
87.2
87. 5
86.4
83
86
83
77
81
83
84
87.8
93. 1
90. 5
80. 0
86. 1
88.5
91. 8
83
93. 0
84
94. 0
84
94. 1
83
_
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc lucts
Final 1Products
Equij)ment
Co nsumer go ods
Period
Total
1,7.82
105. 3
106. 3
115.7
124. 4
125. 1
118.2
127. 6
135. 9
142.2
144. 2
._
_ _ 144. 5
145. 1
145.3
_
Dec
_ _ _
146. 1
1979: Jan
146. 1
146.8
Feb
148.2
Mar
__ ...
Apr_ . _ _. _
145. 4
May
_ - _ - 147.8
147.6
June ..
July »_
147. 2
Aug »..
_ . _ . 145. 1
1967 proportion
1970
1971
1972
1973
1974 ___
1975
1976
1977
1978
1978: Aug
Sept
Oct.
Nov_
._ _.
Total
Busi-
Total
Construction
supplies
19. 79
so. 14
110. 1
113. 1
120.6
125. 6
100. 1
94.7
103.8
114. 5
120.0
110.2
114. 6
123.0
132. 8
135.3
135. 9
136.6
137. 1
138. 6
139. 9
140.4
141. 7
140. 4
141. 9
142. 0
142. 1
141. 4
12.63
107.0
104. 1
118.0
134. 2
142. 4
128.2
135. 4
147.8
160. 3
163. 4
163. 8
164. 8
165.0
166. 8
168. 1
169.0
170. 8
168. 7
171.4
171. 6
171. 6
170.3
IS. 89
112. 9
116.7
126. 5
137. 2
135. 3
123. 1
137. 2
145. 1
154. 1
155.6
155. 6
156. 4
157.8
159.9
160. 8
161.4
160.4
159. 7
159.5
159.2
159.4
159. 1
6.42
111. 0
116. 8
128.4
139.8
134.5
116.3
132. 6
140. 6
151.7
153.8
153. 5
154.5
156. 1
158. 3
159. 1
159. 3
157. 1
156.0
156.4
156.2
156. 8
156.9
NonDurable durable
goods
goods
Total
27. 68
109. 0
114. 7
124.4
131.5
128.9
124.0
137. 1
145.3
149.1
150.6
150.8
151.2
151. 3
151. 5
150.6
151.5
152.9
149. 1
152.0
151.7
150.9
147.7
7.89
106. 1
118. 8
133. 8
146. 2
135. 3
121. 4
141. 9
154. 0
159.2
161. 5
160. 5
162.6
162.9
161.8
160. 4
161. 1
163.6
151. 6
160.5
158. 5
155. 8
147.4
Sup-
Internlediate
proc ucts
126. 3
125. 1
135. 2
141. 9
145. 1
146.3
147. 0
146. 6
146.7
147.3
146. 7
147.7
148.6
148. 0
148.7
149. 0
148. 9
147.9
Materials
plenientary
group :
Energy
total
39. S9
ie.es
109. 2
111. 3
117. 0
119. 5
125.2
128.3
125. 5
125.5
129. 1
132. 9
135. 4
137. 1
136.0
138. 2
139. 1
139. 1
138. 1
137. 5
138.4
138. 7
137.6
136.6
136.8
137.4
122.3
133.9
132.4
115. 5
131. 7
138. 6
148.3
150. 2
151. 2
153.2
154.5
156.2
155. 0
155.2
156.3
154. 5
155.7
156.0
156.9
155.3
[1967=100, seasonally adjusted]
Non durable inanufad ures
Durable m anufacti ires
Primar Y metals
Period
Total
Iron
steel
1967 proportion
1970... _
1971-. .
1972..
1973
1974
1975
1976 _.
1977..
1978—
1978: Aug
Sept
Oct.
Nov. _.
Deo..
1979: Jan
Feb
Mar _
Apr
May
June
July ». .
Aug "
_ _ .
6. 57
106.6
100.2
112. 1
126.7
123. 1
96. 4
109. 7
111. 1
119. 9
124. 9
127.4
129.4
130.8
132. 1
123.4
120.4
123. 7
121.7
121.0
124.3
126.5
124. 1
4.21
104.7
96. 1
107. 1
122.3
119.8
95.8
104.8
103.8
113.2
118.3
121. 3
123.8
124.4
125.3
113.3
110. 8
116. 2
115.8
114. 3
118.1
118.9
Fabricated
metal
products
ery
Electrical
machinery
Total
Motor
vehicles
and
parts
4.50
5. 93
S.OB
9. S7
9. 16
92. 3
102.4 104. 4 108. 1
89.5
103.5 100.2 107.7
97.9 118. 6
112. 1 116. 0 122. 2 108.2 135. 8
124. 7 133.7 143. 1 118.3 148.8
124. 2 140. 1 143.8 108.7 128.2
109.9 125. 1 116. 5
97. 4 111. 1
123.9 134. 5 134.8 111. 1 142. 0
131.0 143. 6 145.4 122. 2 161. 1
141. 6 153. 6 159. 4 132. 5 169. 9
143.7 155. 5 161. 5 134. 2 171. 6
144.2 156.4 163.3 134. 9 171.0
144.9 157. 5 164. 2 139. 7 178. 9
145. 6 157.8 165. 2 142. 1 181. 9
147. 1 158. 1 167.7 142.9 182. 1
149. 1 161. 2 170.9 141.2 177. 9
150. 8 162. 9 173. 2 139. 9 173. 1
150.2 164. 0 174. 2 143. 7 179. 7
148.8 161.8 170.6 131.6 156.0
150. 3 164. 3 174. 7 141. 9 176. 3
149.4 164.5 175.2 139. 4 169. 6
149.7 165.7 174. 5 135.0 159.5
148. 0 164.9 173. 4 123. 4 136.0
Source: Board of Governors of the Federal Beserve System.
18
Nonelectrical
ma-
Transportation
equif >ment
Lumber
and
products
1. 64
105. 6
113.8
120. 8
126. 0
116. 2
107. 6
123. 2
131. 2
136. 3
136. 0
136.2
138. 1
140. 1
144. 0
137.3
137. 2
137. 7
137.2
136. 1
136.7
137.2
Ar>-
p
pareli
products
3. 31
101.4
104. 7
109. 4
117. 3
114. 3
107. 6
125. 7
134.2
134. 2
137. 7
139.6
136. 8
135. 8
136. 5
130. 3
133. 5
136. 5
130.8
128.2
130. 2
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
4. 7&
7. 74
107. 0 120.4
107. 1 125.9
112. 7 143. 6
118.2 154.5
118. 2 159. 4
113.3 147. 2
122. 5 170.9
127. 6 185.7
131. 5 197.4
131. 9 199. 3
132. 6 201. 3
132. 6 202. 7
133. 7 204. 6
134.4 207.2
135.6 206. 5
138. 2 208. 6
137. 3 207.4
135.7 207. 7
136. 8 209. 7
136.9 207. 8
135. 1 209. 3
135. 3
8. 75
108. 9
112. 8
116. 8
120.9
124. 0
123.4
133. 0
138.8
142. 7
143. 9
143. 7
143. 2
143. 7
144.7
143. 9
145. 5
147. 6
147.0
149. 2
150.0
149. 3
NEW CONSTRUCTION
Constructio n contracts2
Private
Total new
construction
expenditures
Period
Resic iential
Total
Total *
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1972____
1973__
1974
1975
1976
1977
1978__
_
_
124. 1
137.9
138.5
134. 5
151. 1
174. 0
206.2
93.9
105.4
100.2
93.7
111.9
135. 8
160.4
44.9
50. 1
40.6
34.4
47.3
65.7
75.8
54.3
59.7
50.4
46.5
60. 5
81.0
93.4
18. 1
21.7
23.8
20.8
19.9
22. 5
29. 6
21.5
24.0
25.9
26.4
31.5
32.4
37.4
30.2
32.5
38.3
40.9
39. 1
38.2
45.8
Seasonally
adjusted
Seasonalli/ adjusted atinual rates
1978: July.
Aug
Sept
Oct___
Nov
Dec__ _
1979: Jan___
Feb
Mar_
Apr v
May _ _ _ _
June v
July *
A
212. 8
213.7
215.3
217.8
220. 0
223.2
212.2
210.8
216. 8
216. 8
223.2
224.5
230.0
164. 6
165. 1
166.5
168.5
170.7
173.8
165.8
169.3
172. 8
172.0
174.8
178.7
180.0
95. 6
95.8
96.0
95.9
97. 5
99. 7
93.7
97.7
96. 6
96. 0
95.5
98.0
98.9
77. 6
77. 7
77.7
77.6
78.9
80. 7
73.6
77.2
75.9
76. 0
75.7
77.7
77.9
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
30. 8
31.2
31.8
32. 9
33.3
33.9
32.5
32.4
36. 2
35. 5
38. 1
39.5
39.6
100.0
109.2
103.0
101.9
121. 0
153.6
173. 1
38.2
38. 1
38.7
39.7
39.9
40. 1
39. 6
39.2
40. 0
40. 5
41. 2
41.3
41. 6
48. 2
48.6
48. 8
49. 3
49.3
49. 4
46. 4
41. 6
44. 0
44. 8
48.4
45.8
50.0
173
177
182
193
173
184
181
231
186
202
178
177
165
854
1, 010
840
555
592
739
964
Seasonally
adjusted
annual
rates
898
951
1, 037
1,015
1,093
978
1, 062
1,266
1,233
1,123
1, 045
1, 009
1,062
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
>few private housing uni ts
Units started, by type of striicture
Period
1971
1972
1973__
1974
1975
1976
1977
1978
___
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
2-4
units
120. 3
141.3
118.3
68. 1
64.0
85.9
121. 7
125. 0
5 or more
units
780.9
906. 2
795. 0
381.6
204.3
289. 2
414.4
462. 0
New priv ate homes
Units
authorized
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
Units
completed
Homes
sold
Homes for
sale at
end of i
period
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
656
718
634
519
549
646
819
817
287
409
418
346
313
353
401
413
1, 948
1,900
1,883
1,885
1,888
1,815
1,894
1, 957
2,015
2, 016
1, 871
1, 746
778
796
900
803
802
774
697
784
722
709
695
819
418
417
407
412
413
412
410
3
424
425
430
418
416
Vacancy
rate for
rental
housing
units
(percent)2
5. 4
5.6
5.8
6.2
6.0
5.6
5.2
5.0
Seasonally adjusted arinual rates
1978: Aug_^ _
Sept _
Oct__ _ _ _
Nov__
Dec _ _
1979: Jan
Feb
Mar __ _
Apr _
May__
June »
July v
Aug v__
1
Seasonally adjusted.
2
Quarterly data entered
3
2,004
2,024
2,054
2, 107
2,074
1,679
1,381
1,786
1, 745
1,835
1,923
1,791
1, 783
1,431
1, 432
1,436
1, 502
1,539
1, 139
953
1,266
1,278
1, 226
1, 288
1, 225
1,209
in last month of quarter.
New series beginning March 1979.
137
112
135
150
119
124
76
116
115
119
123
135
165
436
480
483
455
416
416
352
404
352
490
512
431
409
1,716
1, 838
1,835
1,789
1,827
1,451
1,425
1, 621
1,517
1,618
1,639
1, 528
1,614
5.0
5.0
4.8
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 1% percent in July while inventories rose $7.7 billion. According to the advance survey, retail
sales rose about % percent in August, following a similar rise in July and a slight decline in June.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
500
(RATIO SCALE)
1201
450 100
400
RETAIL INVENTORIES
90
TOTAL BUSINESS
INVENTORIES
350 -
V
80
70
v
RETAIL
AIL SALES
SALE
60
250 ^ TOTAL BUSINESS
SALES
50
200
40
1975
1977
1976
1978
1979
1978
1979
RATIO*
150
1.80
INVENTORY-SALES RATIO
1.70
1.60
k
1.50
100
TOTAL BUSINESS
1.40
RETAIL
1.30
1.20
1976
1975
1977
1979
1978
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total Imsiness *
Whcdesale
K<3tail
Sales2
Period
Sales2
Inventories3
Sales2
Inventories 3
Tntal
Iiiventorh5S
DurNonable durable
goods goods
stores stores
TWfil
Invento ry-4sales
ra* ,io
DurNonTotal
able durable busigoods goods ness l
stores stores
Retail
Mill ions of c ollars, se asonally adjustec
1972
1973
1974
1975
1976___
1977
1978
130, 049 203, 161 29, 584 39, 786 37, 422 12, 369 25, 054
_ 151, 720 234, 163 36, 822 46, 254 41, 944 14, 132 27, 812
_ _
175, 350 285, 519 45, 836 56, 537 44, 692 13, 921 30, 771
_ _ _ 179, 982 285, 035 44, 633 55, 113 48, 731 15, 106 33, 626
1978: Aug
SeptOct
Nov
Dec
201, 814 301, 736 48, 408 61, 307 54, 597 18, 073 36, 524
224, 686 338, 099 53, 509 67, 998 60, 335 20, 653 39, 682
?54, 125 379, 630 62, 842 80, 771 66, 568 23, 160 43, 409
259, 226
260, 099
266, 724
269, 792
_ 272, 537
366, 574
369, 227
372, 404
376, 812
379, 630
55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
90, 120 43, 414
100, 818 48, 161
30, 841
34, 819
38, 206
38, 388
41, 432
46, 706
52, 657
1.50
1.44
1. 47
1.58
1.48
1.45
1.41
1.40
1. 41
1. 49
1. 45
1. 39
1.40
1. 44
64, 894
64,531
67, 338
67, 552
67, 823
76, 338
77, 113
78, 625
79, 526
80, 771
67, 303
68, 085
68, 971
70, 158
70, 918
23, 617
23, 872
24, 422
24, 954
25, 163
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47, 006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
51, 708
51, 906
52, 273
52, 928
52, 657
1.41
1.42
1.40
1. 40
1. 39
1.45
1. 44
1.44
1.43
1.42
1979: Jan__
_ __ 273, 304 384, 190 67, 148
Feb
_ 274, 579 387, 822 67, 495
Mar
285, 372 391, 893 70, 824
Apr
275, 936 397, 530 70, 444
May_ _
287, 139 401, 504 72, 937
June_ _ _
83, 388 405, 966 72, 625
July * .
87, 993 413, 668 74, 778
81, 543
83, 005
84, 078
84, 973
85, 257
85, 245
88, 040
70, 855
71, 122
72, 045
71, 366
71, 914
71, 803
72, 283
72, 786
25, 250
25, 035
25, 450
24, 614
24, 731
24, 316
24, 389
24, 624
45, 605
46, 087
46, 595
46, 752
47, 183
47, 487
47, 894
48, 162
523 437
51, 808
52, 643
52, 853
53, 357
53, 864
54, 907
1.41
1. 41
1.37
1. 44
1. 40
1.43
1.44
1.44
1.42
1.42
1.45
1.46
1.48
1. 50
Aug *>
1
3
3
4
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
101, 739 49, 302
101? 175 49, 367
102, 226 49, 583
103, 379 50, 526
105, 162 51, 805
106, 382 52, 518
108, 688 53, 781
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' inventories and shipments rose in July, while orders fell. In August, according to advance data, durable
goods new orders and shipments rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
180
BILLIONS OF DOLLARS * (RATIO SCALE)
2m
240
INVENTORY-SHIPMENTS RATIO
40
1979
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Maniifacturers 3' new ore ers l
Manufac iturers' shipments 1 Manufaci burers' in\rentories 2
1972
1973
1974
1975 _ _
1976
1977
1978
63, 042
72, 954
84, 821
86, 617
98, 810
110,842
124, 714
34, 043
39, 703
44, 253
43, 678
50, 697
58, 010
66, 505
28, 999
33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
Durab le goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millie ns of doll ars, seasoilally adju sted
8,803
108, 296 70, 308 37, 987 64, 162 35, 059
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
12,
737
157, 915 101, 866 56, 048 87, 157 46, 740
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 61, 061 99, 184 51, 047 12, 501
179, 981 115, 552 64, 430 112,451 59, 562 15, 084
198, 041 129, 226 68, 816 128, 488 70, 145 18, 308
1978: Aug___
Sept__
Oct___
Nov__
Dec —
127,
127,
130,
132,
133,
029
483
415
082
796
67,
68,
70,
71,
72,
59,
59,
60,
60,
61,
057
007
319
689
159
192,
193,
194,
196,
198,
412
764
500
803
041
124,
126,
126,
128,
129,
952
108
715
422
226
67,
67,
67,
68,
68,
460
657
785
381
816
129,
131,
136,
137,
138,
870
608
714
794
069
70,
72,
76,
76,
76,
593
399
463
912
831
1979: Jan___ 135,
Feb___ 135,
M a r _ _ 142,
134,
Apr
May__ 142,
June _ _ 138,
July *_ 140,
Aug *_
301
962
503
126
288
960
932
72, 897
73, 646
76, 855
70, 996
75, 698
72, 629
73, 516
74, 012
62, 404
62, 316
65, 648
63, 130
66, 590
66, 331
67, 416
200,
203,
205,
209,
211,
214,
216,
908
642
589
178
085
339
940
131,
133,
135,
137,
139,
141,
143,
699
994
278
903
502
700
369
69,
69,
70,
71,
71,
72,
73,
209
648
311
275
583
639
571
141,
144,
148,
139,
143,
142,
139,
748
036
586
332
594
269
777
79,
81,
83,
76,
77,
75,
72,
73,
647
312
088
099
027
820
476
035
Period
Total
NonDurable durable
goods
goods
972
476
096
392
637
1 Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
2
8
4
ManufacNon- turers'
durable unfilled3
goods orders
29,
33,
40,
43,
48,
52,
58,
Manufacturers'
inventoryshipments
ratio *
104
330
417
125
137
889
343
120,
159,
187,
169,
173,
193,
238,
395
468
574
126
646
150
652
1. 67
1.58
1. 65
1.83
1.66
1. 59
1. 52
18, 358
19, 835
21, 032
20, 754
19, 132
59, 277
59, 208
60, 250
60, 882
61, 238
218,
222,
228,
234,
238,
244
368
667
381
652
1.51
1.52
1. 49
1. 49
1.48
21, 410
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
19,911
62, 101
62, 724
65, 498
63, 233
66, 567
66, 449
67, 301
245,
253,
259,
264,
265,
269,
267,
113
187
267
479
782
086
930
1.48
1. 50
1. 44
1. 56
1.48
1. 54
1.54
Source: Department of Commerce, Bureau of the Census.
21
PRICES
In August, the producer price index for all finished goods rose 1.2 percent, seasonally adjusted. Prices of finished
consumer foods also rose 1.2 percent and prices of other finished consumer goods rose 1.8 percent. Prices of capital
equipment increased 0.1 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
240
220
200
140
120
120
100
100
1978
1971
SOURCE: DEPARTMENT OF LABOR
1979
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
Finishec1 goods
In termedi ate
rnaterials
lotali
consumer
CapiFoods
finished Total and 1 Other
tal
equip- goods
feeds
ment
116. 6 112.9 114. 1 111.7 114. 3
119.5 116.6 118.7 118. 5 118. 9
123. 5 129.2 131.6 168.4 128. 1
141. 0 149. 3 162. 9 200. 2 159.5
162. 5 163.6 180.0 195. 3 178. 6
173. 2 169. 0 189.3 186.6 189.5
184. 5 178.9 201.7 191.0 202.4
199. 0 192. 6 215.5 201. 0 216.4
201.0 194.0 216. 8 201. 7 217. 7
202. 1 195. 8 218. 2 204. 9 219. 1
203. 4 197.4 220. 8 210.7 221. 5
205. 1 198. 6 222. 6 208. 7 223. 5
206.4 201.0 224. 2 214. 6 225.0
208. 5 203.8 226.7 212. 6 227.6
210. 3 206. 3 229. 2 219.0 229.9
211. 5 208.6 231.7 218. 8 232. 5
214. 1 210. 1 235. 1 217.7 236.2
215. 1 210. 7 237. 0 219. 2 238. 1
216. 2 211. 7 239. 1 217. 9 240.4
217. 9 214. 2 243. 6 232. 5 244. 3
218.2 217.7 246. 5 226.4 247. 7
Finished goods e xcludin g
eons umer f c>ods
Period
Total
finConished sumer
goods foods Total
Con sumer g oods
Total
Tint*
Nondur-
able
1971
113. 7 115. 3 113. 1 111.4 110.8 111.7
1972
117.2 121. 7 115.4 113.4 113.2 113.6
1973
127. 9 146.4 120. 1 118. 5 115. 8 120. 5
1974
147. 5 166.9 139. 3 138. 6 126. 3 146.8
1975
163.4 181. 0 156. 2 153. 1 138.2 163.0
1976
_. 170.3 180.2 165. 5 161. 8 144. 4 173.3
1977
180. 6 189. 1 176.2 172. 1 152. 2 185. 4
1978
194. 6 206.8 188. 9 183.7 165. 9 195.4
1978: Aug
196. 1 206.6 190.9 185.9 169.8 196.3
Sept . _ _
197.7 209. 7 192. 0 186. 9 171.0 197.2
Oct___
199.2 213. 1 192. 9 187.6 169. 7 199.3
Nov
200.6 214.7 194. 2 188.7 169. 9 201. 1
Dec
202.7 217. 3 196. 1 190.9 172.3 203. 1
1979: Jan__
205.3 221. 3 198. 3 193. 1 174. 2 205. 6
Feb.__
207. 6 225. 3 200.0 194. 8 175.7 207. 4
Mar
__ _
209. 6 227.9 201.8 197.0 176.6 210.4
Apr
211.4 227. 1 204.4 199.6 178. 2 213. 7
May
212. 0 224. 0 206. 2 202. 0 179. 2 217. 1
June_
213. 1 221. 3 208. 4 204. 8 180. 0 221. 4
July
215. 4 221. 3 211. 4 208. 6 181. 8 226. 4
Aug
217.9 224. 0 213.9 212. 3 182.7 232.3
1
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
rip j
Crud e materials
Foodstuffs
Total and Other
feedstuffs
115. 1 114.2 117.0
127. 6 127.5 128.0
174.0 180. 0 162. 5
196. 1 189.4 208. 9
196. 9 191.8 206.9
205. 1 190. 1 233. 6
214.3 190.9 258.4
240. 2 215.4 287. 0
241.5 215.6 290.3
245. 7 219. 5 295.0
252. 7 227. 6 299.9
255. 6 229.6 304. 9
257. 5 230. 3 308. 6
263.4 236. 8 313. 5
272. 2 245. 7 322. 0
275.0 246.4 329.0
273.9 245.4 327. 4
276.0 244.8 334.9
277.9 241. 9 345.8
282. 8 246. 9 350.8
283. 1 246.3 352. 5
NOTE.—Data revised for April 1979.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In August, the consumer price index for all urban consumers rose 1.0 percent (1.1 percent seasonally adjusted). Food
prices fell 0.3 percent (were unchanged seasonally adjusted). Nonfood commodity prices rose 1.3 percent (also 1.3
percent seasonally adjusted) and services prices were up 1.2 percent (also 1.2 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
240
INDEX, 1967=100 (RATIO SCALE)
240
220
120
120
100
100
1979
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
i
Period
1971
1972
1973
1974
1975
1976
1977
1978
_
All
items
Food
Commodities
less
food
121.3
125.3
133. 1
147. 7
161.2
170. 5
181.5
195. 4
118. 4
123. 5
141. 4
161. 7
175. 4
180.8
192. 2
211.4
116.8
119. 4
123.5
136.6
149. 1
156.6
165. 1
174.7
Comnciodities less food
Food
All
zvUL
Services
cornmodities
All
Food
at
home
Food
away
irom
home
All
128.4
133. 3
139. 1
152. 1
166.6
180. 4
194.3
210.9
117.4
120.9
129.9
145.5
158.4
165. 2
174.7
187. 1
118.4
123. 5
141. 4
161.7
175. 4
180. 8
192. 2
211. 4
116.4
121. 6
141. 4
162. 4
175.8
179.5
190.2
210. 2
126. 1
131. 1
141. 4
159.4
174.3
186. 1
200. 3
218.4
116.8
119. 4
123.5
136. 6
149. 1
156.6
165. 1
174. 7
Services
Duraoie
Nondurable
116.5
118. 9
121.9
130. 6
145.5
154. 3
163. 2
173. 9
117.0
119. 8
124.8
140.9
151. 7
158.3
166. 5
174. 3
128. 4
133.3
139. 1
152. 1
166.6
180. 4
194. 3
210.9
Seasonal ly adjust ed
Unac ljusted
1978: A u g _ _ _
Sept___
Oct
Nov_
Dec
197.8
199.3
200.9
202.0
202. 9
215.4
215. 6
216.8
217.8
219.4
176.3
177. 8
179. 1
180.3
181.3
213.4
215. 6
217.6
218. 6
219. 2
188.7
190.2
191. 7
193. 0
194. 6
214. 6
216.0
217.9
219. 2
221. 3
213. 2
214. 5
216.5
217. 8
220. 1
221. 4
223. 1
224. 7
226. 0
227.8
175. 7
177.2
178.5
179. 8
181.3
175. 3
176.8
178.3
180. 1
181.6
175.4
176.5
177. 4
178.3
179. 4
213. 8
215. 7
217.6
218. 7
219.5
1979: Jan
Feb
Mar
Apr
May
June
July...
Aug
204. 7
207. 1
209. 1
211. 5
214. 1
216. 6
218. 9
221. 1
223. 9
228. 2
230. 4
232. 3
234.3
235. 4 !
236. 9 |
236. 3
181.9
183. 7
185.9
188.9
191.6
194. 7
197. 0
199. 5
221. 1
223. 3
225. 1
227.0
229. 5
232. 1
234. 7
237. 6
196. 7
199. 1
201.3
203.8
205. 7
207. 7
209. 5
211. 4
224. 5
228. 1
230.5
232. 7
234. 3
234.7
235. 0
235. 0
223. 7
227.7
230. 0
232.4
233. 5
233.2
233. 0
232. 3
230. 7
233.6
236. 2
238.2
240. 9
242. 9
244. 4
246. 0
182.9
184.8
186. 9
189.4
191. 4
193. 9
196. 3
198. 9
183. 3
185. 1
186.0
187.6
188. 6
190. 1
191. o
192. 8
181.4
182. 9
186.4
190. 0
193.4
197.4
201. 5
205. 4
220. 7
223. 1
225. 1
227. 2
230. 1
232. 5
235.0
237. 8
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1970
1971
1972
1973.
1974
1975
1976
1977
1978
Percen ti change from 3 inonths
earlic r; seasorlally adjilisted
annua , rates
Percen t change from 6 rnonths
earlie r; seasonlally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
__
1978:Aug___
Sept
Oct___
Nov
Dec
Percen t change from pr seeding
periocI; season ally adjtisted l
_
_,
1979: Jan
Feb
Mar
Apr
May__ _ _
June
July
Aug
Capital Total
finequipished
Exclud- ment
goods
Foods
ing
foods
2.2
3.2
3.8
11. 8
18.3
6.6
3.3
6.6
9. 1
-2.5
5.9
8.0
22.5
13.0
5. 5
-2.5
6.6
11.9
3.9
2.0
2.0
7.4
20. 5
6.7
4.9
6.1
8. 3
4.9
2.4
2.0
5.3
22. 6
8.2
6.4
7.2
8.0
.3
.8
.8
.7
1.0
-.4
1.5
1.6
.8
1.2
.5
.5
.4
.6
1.2
.4
.5
.6
.8
.6
1.3
1. 1
1.0
.9
.3
.5
1. 1
1.2
1.8
1.8
1.2
—.4
-1.4
-1.2
0
1.2
1.2
.9
1. 1
1.3
1. 2
1.4
1.9
1. 8
1.0
.9
.6
1. 2
.5
.5
.8
.1
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
7.0
7.4
7.6
9.5
10.5
Capital
equipExclud- ment
Foods
ing
foods
4.4
4.9
11.5
16.6
15.3
8.4
8.8
6.0
6.2
8.8
7.9
7.0
6.8
8.4
8.8
8.3
8.8
8.2
8.3
8.9
6.9
8. 1
9.3
10.3
10.0
9.4
9.6
7.7
7.3
8.8
ao
16.3
12.8
21.3
14.7
21.0
14.3
12.4
10.9
8.8 -2.3
6.8 -11. 1
7.8 -9,8
0
11.6
12.3
13.6
13.4
14.2
15.6
16.8
19.3
22.0
10.4
10.5
10.3
11.2
9.4
9. 2
7.3
5.9
10.2
12. 1
12.4
12.6
11.7
10.5
10. 1
10. 2
13.9
18.9
18.1
13.6
8.9
3.7
0
-1. 2
9. 1
9.8
11.1
13.2
14.6
15. 1
16.7
18.8
8.6
9. &
9.5
10. 8
10.0
9.7
9,2
7.7
8.0
8.1
8.2
7.9
Source: Department of Labor, Bureau of Labor Statistics.
» Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for April 1979.
CHANGES IN CONSUMER PRICES
Perceiit chang 3 from prc^ceding
peric d; seasoiaally adju sted 1
Period
All
items
Food
Commodities
less
food
Services
Percent c hange f r<>m 3 mont hs earlier; Percent c hange fix>m 6 mont hs earlier ;
season*ally adju sted annu al rates
seasomilly adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
_
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
9.0
2.2
4.3
4.7
20. 1
12.2
6.5
.6
8.0
11.8
4.8
2.3
2.5
5. 0
13.2
6.2
5. 1
4. 9
7.7
8.2
4. 1
3.6
6.2
11.3
8. 1
7.3
7.9
9.3
1978: Aug___
Sept__
Oet___
Nov
Dec___
.6
.9
.8
.6
.6
.4
.7
.9
.6
1.0
.6
.9
.7
.7
.8
.8
.9
.9
.5
.4
8. 5
8.5
9.5
9.4
8. 5
8.0
4.8
8. 1
8.9
10.2
7.4
8.3
9.0
9.7
9. 6
10. 1
10.3
10. 6
9.5
7.2
9.4
9.6
9. 5
9. 0
8.5
12. 6
11.3
9.6
8.4
7.4
7.2
7. 8
8.2
8.5
8.9
10.4
10.6
10.6
9. 8
8.7
1979: Jan.. _
Feb___
Mar
Apr _
May__
June _ _
July___
Aug___
.9
1.2
1.0
1. 1
1. 1
1.0
1.0
1. 1
1.4
1.6
1. 1
1.0
.7
.2
.1
0
.9
1. 0
1.1
1. 3
1. 1
1. 3
1. 2
1.3
.5
1. 1
.9
.9
1.3
1.0
1. 1
1. 2
8.8
11.3
13.0
13.9
13. 6
13.4
12. 8
12. 7
12.7
17.3
17.7
15.4
11.3
7.5
4.0
1. 2
10. 2
11.6
12. 9
15. 0
15. 1
15.8
15.4
16. 6
5.8
8.3
10.6
12. 3
13. 2
13.8
14. 5
14. 1
9. 2
10. 4
10.7
11. 4
12.4
13. 2
13. 4
13. 1
10.4
13. 0
13.9
14. 0
14.3
12. 5
9. 6
6. 1
9. 6
10. 6
11.2
12. 6
13. 3
14. 4
15. 2
15.8
8.2
8. 9
8.9
9.0
10.7
12. 2
13.4
13. 6
1970
1971
1972
1973
1974
1975
1976
1977
1978
1
Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 4 percent in August and prices paid by farmers were unchanged in the month ended
August 15.
INDEX, 1967=100
(RATIO SCALE)
280
280
260
260
240
240
220
220
200
200
180
180
PRICES PAID
(ALL ITEMS, INTEREST, TAXES, AND WAGE RATES)
k
160
160
140
140
120
120
100 I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i
RATIO
- 70
60
1971
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by far mers
All
items,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, 1 967=100
Prices received by farmers
Period
All farm
products
Crops
.
1971
1972 __
1973
1974
_
1975
1976
1977_
1978 _-.1978: Aug
Sept _.
_
_
__
Oct
Nov___ _ _
Dec. _ _
1979: Jan
Feb.
Mar_ _
Apr
May __
June..
July_ .
Aug
1
_
_
113
125
179
192
185
186
183
210
211
217
218
216
222
108
114
175
224
201
197
192
204
204
205
202
202
205
118
136
183
165
172
177
175
217
218
227
232
230
239
118
125
144
164
180
192
202
219
221
223
224
225
226
232
241
246
244
246
244
244
234
209
216
214
212
220
233
240
230
252
264
274
272
269
255
250
239
234
238
243
246
248
249
251
251
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
(33)
()
(33)
(3)
()
((»)3)
(33)
( 3)
(3)
()
(33)
(3)
(3)
()
118
123
133
151
166
176
Parity ratio l
Actual
Adjusted 2
113
121
146
166
182
193
200
216
217
220
222
222
225
71
74
91
86
76
71
66
71
70
72
71
71
72
75
79
94
87
76
72
68
72
72
73
73
73
74
230
235
243
246
247
248
250
249
73
75
74
73
73
72
72
69
74
76
76
74
74
74
73
70
3 Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Demand deposit growth decelerated sharply in July and August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIOSCALE)
1,000
1,000
200
200
1971
1979
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollar?, seasonally adjusted, except as noted]
(Overall measur es 1
Deposil ;s at com mercia] banks
Period
Ml
Dec_. 270.5
Dec__ 283.2
Dec__ 295.4
Dec__ 313.8
Dec__ 338.7
Dec__ 361. 2
Aug_ 356.7
Sept. 360.7
Oet__ 361. 2
Nov_ 360.6
Dec_ 361. 2
1979: Jan__ 359.7
Feb__ 358. 6
Mar_ 359.0
Apr__ 364. 3
May_ 364.5
June_ 369. 0
July.. 372. 1
Aug* 374.3
1973:
1974:
1975:
1976:
1977:
1978:
1978:
1
M1 +
397.9
419.5
456.8
517. 2
560. 6
587.2
583.6
589.5
589.9
587.8
587.2
583. 4
580. 1
579.6
585. I
584. 1
590. 1
595. 1
598.3
M2
571.3
612. 2
664.8
740.6
809. 4
875. 8
856.5
865.6
870. 2
873.7
875.8
875.0
876.7
879.5
889.8
893.8
904. 4
914. 1
922. 5
M3
919. 0
981.0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 1
1, 458. 0
1, 474. 1
1, 484. 8
1, 493. 1
1, 500. 1
1, 503. 7
1, 509. 7
1, 517. 5
1, 530. 8
1, 537. 0
1, 552. 3
1, 567. 0
1, 579. 9
Currency
61.6
67.8
73. 8
80.8
88.6
97.5
93. 9
95. 2
95.8
96.6
97.5
98.2
98.9
99.4
100.2
100.7
101.5
102.4
103.6
Demand
209.0
215. 3
221. 7
233.0
250. 1
263. 7
262. 8
265.5
265.3
264. 0
263.7
261. 5
259.7
259.5
264. 1
263.8
267. 5
269.8
270.7
Time and sa vings
Deposits
at nonbank
thrift
Idli 11 l>
Total 2 Large
CDs
Savings
institutions
363. 7 63.0
418. 1 89. 0
450.3 81.0
489. 2 62.4
544.4 73. 7
611.2 96. 6
587.4 87.6
593. 5 88.5
597.7 88. 6
608.5 95.4
611. 2 96.6
615. 8 100. 5
620.2 102. 1
619. 5 99.0
620. 6 95. 0
619.9 90.6
620. 3 84. 9
626.6 84. 7
634.2 85.9
127. 1
135.9
160.7
202. 1
219.7
223. 0
224. 1
226. 0
225. 9
224. 3
223. 0
220.8
218.6
217. 7
217.7
216. 4
217. 8
219. 5
220. 7
347.7
368.7
427.7
495. 0
564.9
624. 4
601. 5
608.5
614.6
619. 5
624.4
628.7
633. 0
638.0
641.0
643. 2
647.9
652. 9
657. 4
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
Peree nt charige 3
(^ompone nts and related items
2
3
U.S.
Government
demand
deposits
(unadjusted)
6.3
4. 9
4. 1
4.4
5. 1
10. 2
3. 5
6.2
4.2
8.0
10. 2
11.9
Ml
6.0
4.7
4.3
6.2
7. 9
6. 6
8.5
10.5
7. 8
5.7
5. 0
3.0
8.3
6.5
5.3
8.4
1. 1
-. 9
9.8
8.9
10. 8
13. 2
1.7
2. 2
4. 4
7. 0
M1H-
5.0
5.4
8.9
13. 2
8.4
4.7
6.6
8.3
6.3
4. 1
3.0
1. 1
-1. 2
-3. 3
-1.6
— 1. 3
1. 0
4. 1
6.4
M2
8.8
7.2
8.6
11.4
9.3
8. 2
9. 3
10.7
19.8
9.0
8.0
6.3
4.8
3.2
4.6
4.7
6.6
9. 1
10.7
Includes time deposits other than large CDs, not shown separately.
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and cleposits
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
Dec.
Dec
Dec
Dec
Dec
Dec.
Dec
Dec__
_
1979: Jan_
Feb
Mar_
AprMay
June
July
Aug 9
_
Other
private
money
market
instruments
Currency
Total
Demand
deposits
Commercial
banks
854.2
967. 1
1, 084. 8
_ _ 1, 169. 8
1, 289. 2
1, 421. 8
1, 588. 6
_
1, 769. 9
721. 1
816.6
887.3
944. 8
1, 054. 5
1, 193. 0
1, 326. 5
1, 452. 0
52.5
56.9
61.6
67.8
73.8
80.8
88.6
97.5
161.8
176. 1
183.7
187.3
192.6
200.2
214. 1
226. 1
233. 5
264.4
294.3
321.0
360.4
417. 1
459.0
504. 0
273.3
319. 1
347.7
368.7
427.7
495.0
564.9
624.4
54.3
57. 6
60.4
63.3
67.3
71. 9
76.6
80.6
31.3
34. 3
43.3
47.0
66. 1
66.2
77.2
85.3
27.6
36. 2
53.8
70.4
58. 1
43.0
52.0
66.7
19.8
22.5
40.0
44.4
43.2
47.7
56. 3
85.3
_._ 1, 704. 9
1, 724. 2
1, 736. 2
_ _ 1, 754. 1
1, 769. 9
1, 410. 6
1, 426. 2
1, 437. 4
1, 445. 7
1, 452. 0
93.9
95. 2
95.8
96.6
97.5
226.3
228.5
228.0
226.5
226. 1
488.9
494. 1
499.0
503. 1
504.0
601.5
608.5
614.6
619. 5
624.4
79.5
79.8
80. 1
80.3
80.6
81. 3
84.0
83.2
82.2
85.3
61.4
61.4
60.5
66. 1
66.7
72.0
72.7
75.2
79.9
85.3
1, 783. 2
1, 795. 3
1, 805. 8
1, 822. 9
1, 830. 2
1, 844. 8
1, 864. 2
1, 882. 1
1, 456. 2
1, 462. 9
1, 470. 6
1, 485. 5
1, 491. 3
1, 505. 5
1, 521. 1
1, 533. 2
98. 2
98.9
99.4
100.2
100.7
101.5
102.4
103.6
224.2
222. 6
221.9
227. 2
225.7
228.0
231.0
231.4
505. 1
508.4
511.3
517. 1
521.7
528.0
534.8
541. 1
628.7
633.0
638. 0
641.0
643. 2
647.9
652.9
657. 1
80.7
80.6
80.6
80.6
80. 6
80.6
80. 6
80.6
87.3
88.7
93.0
97.3
100.4
102.7
102. 6
101.6
69.3
69.4
64.6
58.9
53. 1
46.5
45.3
46.4
89.7
93.7
97.0
100.6
104.8
109.5
114. 6
120.2
_ _
1978: Aug__Sept- _
Oct
Nov~
Dec
U.S. Ti^easury
Negosecuiities
tiable
certifiShortNonbank
cates of
term
thrift
Savings marketdeposit
bonds able seinstitutions
curities
Time d eposits
Total
liquid
assets
_
Source: Board of Governors of the Federal Reserve System.
NOTE.—Date revised beginning March 1979.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installnlent credit e xtended
Installnlent credit li quidated
Net change; in amount outstanding
T%
•
j
Fenod
Total *
1971
1972 _
1973
1974
1975
1976
1977_ _
1978-
Automobile
Revolving
Total *
Automobile
Revolving
Total *
Automobile
4, 194
5, 621
5,910
Revolving
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 351
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 541
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
44, 810
2,976
10, 465
15, 204
19, 557
495
1,044
1, 174
2, 003
1,970
1,340
2, 170
6,248
7,776
1978: July_
Aug _
Sept
Oct___
Nov
Dec
25, 022
25, 669
25, 537
25, 766
25, 956
26, 516
7,652
7,744
7,542
7,501
7,788
7,833
8,700
9,028
9,006
8, 846
9, 176
9,424
21, 556
22, 037
21, 857
22, 390
22, 124
22, 117
5,941
6, 140
6, 010
6, 126
6,033
6,053
8, 100
8,291
8, 384
8,500
8,511
8,555
3,466
3,632
3,680
3,376
3, 832
4,399
1, 711
1,604
1,532
1,375
1, 755
1,780
600
737
622
346
665
869
1979: Jan
Feb
Mar _ _
Apr.
May
June
July
25, 548
26, 452
26, 533
27, 009
27, 901
26, 139
26, 848
7,549
7,756
7,794
7,999
8,260
7, 178
7,447
9,417
9,357
9,714
9, 722
10, 039
10, 136
9,856
22, 481
22, 889
22, 908
22, 904
24, 595
23, 581
24, 405
5,868
6, 191
6, 308
6,612
7,035
6,488
6,831
8,984
9,040
8,972
8, 804
9,290
9,340
9,427
3, 067
3,563
3, 625
4,105
3, 306
2,558
2,443
1,681
1, 565
1,486
1, 387
1,225
433
317
742
918
749
796
429
_
__
_
_
_
_
Includes "mobile home" and "other," not shown separately.
690
616
NOTE.—Date revised beginning October 1978.
Source: Board of Governors of the Federal Eeserve System.
27
INVESTMENTS,
Bank loans continued to expand rapidly in August.
BILLIONS OF DOLLARS *(RATIO I
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
60
40
40
1971
1972
1973
1974
1975
1976
1978
1977
""SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allc ornmercial t>anks l
Borrowirigs (milL<?ans
Investn lents
lions of dollars,
B Reserves 2 3
Total
unadju isted) 2
loans
and
Total ex- Commer- U.S. Gov- Other
invest- cluding cial and
ReNonSeaernment
secuTotal
Total
ments
inter- industrial securities
borrowed quired
sonal
rities
bank
P*»rmr1
1971
1972
1973
1974
1975
1976___
1977
*»__
1979
_ _
_
1978: Aug * _
Sept 9
Oet*__ _ _
Nov 9
Dec v_
1979: Jan 9
Feb v
Mar 9
Apr 9
May 9
June v~July 9
Aug *>_
1
2
485.7
558.0
633.4
691. 1
721.8
785. 1
870.6
977.7
320. 9
378. 9
449.0
500. 2
496. 9
538.9
617.0
715.4
945.9
958. 1
967. 3
977.6
977. 7
998.6
1, 007. 7
1, 012. 6
1, 024. 3
1, 035. 2
1, 048. 7
1, 060. 2
1, 070. 0
680.6
691.6
700.9
715. 1
715. 4
116.2
130. 4
156. 6
183.5
176. 2
179.7
201. 4
230. 9
223. 1
225.2
227.6
230.7
230.9
60.6
62. 6
54.5
51. 1
80. 1
98.0
95.6
88.8
98.3
97.8
96.0
91.4
88.8
104. 2
116. 5
129. 9
139.8
144. 8
148. 2
158.0
173.5
167.0
168.7
170.4
171. 1
173.5
31. 16
31. 34
34.90
36.55
34.67
34. 89
36. 10
41. 27
37. 93
38.21
38. 38
39.75
41. 27
31.03
30. 29
33.60
35.83
34. 54
34.83
35. 53
40.40
36. 79
37. 15
37. 10
39. 05
40.40
30.98
31. 05
34.60
36.30
34.40
34.61
35. 91
41. 04
37.77
38. 02
38.22
39.53
41. 04
732.4
738. 3
743.4
753.0
760.2
771.7
780.5
790.7
237.8
240.6
243.5
247.3
252. 2
255. 6
259. 3
263. 5
89.4
92. 1
90.5
91. 9
94. 6
95. 7
97.4
94. 5
176.8
177.3
178. 7
179. 4
180.4
181.3
182. 3
184.8
41.48
40. 75
40.81
40. 65
40. 48
40. 42
40. 82
41.07
40. 48
39. 78
39.82
39. 73
38. 72
39. 00
39. 65
39.99
41.26
40. 54
40. 66
40.47
40.34
40.20
40.61
40. 85
Data are for end of period.
Averages of daily figures. Annual data are for December.
3 Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
28
107
1,049
1,298
703
127
62
558
874
41
32
13
12
54
134
1, 147
1,068
1,261
188
191
221
185
134
994
973
999
897
112
114
121
134
173
188
168
177
722
874
1,777
1,396
1, 179
1,097
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
1970
1971
1972
1973
1974
1975___.
1976
1977____
1978
Total
__
_
-
1977: I
II
III
IV—.
1978: I_
II_
III
IV
__
_
_ _
1979:1"
_
Internal 1
Credil ; market j unds
Total
Total
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104. 3
127. 1
161.7
199.8
190.8
143.8
205. 0
239. 0
288. 1
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
141.5
45.5
58.5
80.9
115.9
115.1
37.0
80. 3
103.6
146.6
40.7
44. 5
58.3
72.7
81.8
37.0
58.2
78.7
91. 2
32. 1
40.6
40.6
37.0
39. 1
49.3
48.8
46.2
49.3
8.6
3. 9
17.6
35.7
42. 6
-12. 3
9. 5
32. 6
41.8
4.8
14. 1
22. 7
43.3
33.4
.0
22. 0
24.9
55.3
95. 9
119.6
145. 8
185.6
179.0
131.9
184.9
212. 3
274.2
80.3
86. 0
100. 3
123.3
134. 7
99. 9
141.2
164. 6
195.8
15.6
33. 6
45.6
62.3
44.4
32. 0
43. 7
47.8
78.4
8.4
7.5
15.9
14.2
11.8
11.9
20. 1
26.7
13.9
244. 3
198. 6
266.0
247. 1
123.8
134.9
145.5
137.3
120.5
63.7
120.6
109.9
75.9
63.7
80. 1
95.2
34.4
35.3
53.5
61.5
41.6
28. 5
26. 6
33, 7
44. 6
-. 0
40.5
14.7
214. 6
177.3
234.6
222. 7
152.5
162. 4
175.2
168. 0
62. 1
14. 9
59. 4
54.7
29. 6
21. 3
31.4
24. 4
278.2
273.6
290.8
309. 3
127.2
144. 1
146. 1
148.8
151.0
129.5
144.7
160.5
95.8
84.4
86.0
98.4
35.4
54. 2
58.8
48.9
60.5
30.3
27.2
49.5
55.2
45. 1
58. 7
62.2
258.9
264.4
280.7
292.4
180.2
199.9
200. 6
202.4
78.7
64.5
80. 1
90.0
19. 2
9.2
10. 2
17.0
303.6
138.3
165. 3
104. 2
39.8
64. 5
61. 1
291.9
215. 4
76.5
11.7
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
I ISlanfc^efcia^pIr,financecompany loans, bankers' acceptances,
and Government loans.
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
S u
° ™: B°«d <* G°™™rs <* *• F°toal E«*™s^m-
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curre nt assets
End of period
Total
SEC series:2
1970
_ 492.3
1971
529.6
1972
599.3
1973
697.8
1974
790. 7
FTC-FRB series:3
1974___
735. 4
1975—
759.0
1976
826.3
1977
900. 9
1978
1, 028. 1
1977: I
II__
III
IV
1978: I
II
III_
IV___
1979: I
Cash
Cur rent liabi; ities
Notes
U.S.
governand
Invenacment
tories
securi- counts
ties receivable
Total
Net
working
capital
Current
ratio 1
50.2
53. 3
59.0
66.3
71. 1
7.7
11.0
10. 6
12.8
12. 3
206. 1
221. 1
248. 2
288.5
322. 1
193.3
200.4
225.7
263. 9
313. 6
35.0
43. 8
55. 8
66.4
71. 7
304.9
326. 0
375.6
450.9
530. 4
211.3
220. 5
282.9
340.3
402. 3
93.6
105. 5
92.7
110.7
128. 1
187.4
203. 6
223.7
246. 9
260.3
1. 615
1.625
1.595
1.548
1. 491
73. 2
82. 1
87.3
94.3
103. 5
11. 1
19. 0
23.6
18. 7
17.8
265. 8
272. 1
293. 3
325. 0
381.9
319. 5
315. 9
342. 9
375.6
428.3
65. 9
69. 9
79. 2
87. 3
96. 5
453. 4
451. 6
492. 7
546.8
662.2
269. 8
264.2
282. 0
313. 7
375. 1
183. 6
187.4
210. 6
233. 1
287. 1
282. 0
307. 4
333. 6
354. 1
365.9
1.
1.
1.
1.
1.
622
681
677
648
552
844.7
858.5
881.8
900.9
81.4
83.3
83. 5
94. 3
24.2
19.9
19. 3
18. 7
304. 4
313. 0
326. 9
325.0
353.4
359. 9
368.3
375.6
81. 3
82. 5
83.8
87. 3
507. 6
514. 1
533.2
546.8
290. 1
295.9
306. 1
313. 7
217. 5
218. 1
227. 1
233. 1
337. 1
344.5
348. 6
354. 1
1.
1.
1.
1.
664
670
654
648
925. 0
954.2
992. 6
__ 1, 028. 1
88.8
91. 3
91.6
103. 5
18.6
17.3
16. 1
17.8
337.4
356. 0
376. 4
381. 9
390.5
399.3
415.5
428. 3
89. 6
90. 3
92. 9
96. 5
574.2
593. 5
626. 3
662. 2
325. 2
337. 9
356.2
375. 1
249. 0
255. 6
270. 0
287. 1
350. 7
360. 7
366. 3
365. 9
1.
1.
1.
1.
611
608
585
552
1, 078. 2
102. 2
19. 1
405. 0
452.6
99. 3
701. 8
392.6
309. 2
376. 4
1. 536
1
Total current assets divided by total current liabilities.
2
Based on data from Statistfcs of Income, Department of the
3
Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Other
current
assets
Notes
Other
and
current
accounts liabilities
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates climbed further in September, following their sharp August rise.
PERCENT PER ANNUM
PERCENT PER ANNUM
1979
1971
COUNCIl OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
Period
1973
1974
1975
1976
1977
1978
1978: Sept__ .
Oct
Nov
Bee
1979: Jan_
Feb
Mar. _ _ _
Apr_ „
May
June__ _
July
Aug_
_ _
Sept » _ _
Week ended:
1979: Sept 1
8
15
22
29
U.S. Tre asury seeuri ty yields High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
Constant inaturities 2
3-month
(N.y.
bonds
paper,
bonds
bills *
(Standard
F.B,
4-6
3-year
10-year & Poor's)3 (Moody's) months
Bank)*
6.95
6.84
7. 041
5. 18
7. 44
8. 15
6.45
7.82
7.56
7. 886
6. 09
8.57
9. 87
7. 83
7.49
7.99
5.838
6.89
8.83
6.33
6. 25
6. 77
7.61
4. 989
6. 49
8.43
5. 35
5. 50
7.42
6.69
5. 265
5.56
8.02
5. 60
5.46
8.41
8.29
7. 221
5.90
8.73
7.99
7.46
8.41
8.42
7. 836
8.44
5. 93
8.69
7%-8
8.62
8.64
8. 132
5.95
8-8/2
8.89
9.03
9.04
8.81
8.787
9.03
9/2-9/2
6.03
10.23
gy2-gy2
9.01
9.33
9. 122
6. 33
9. 16
10.43
gy2~gy2
9.50
9. 10
9.351
9. 25
10. 32
6.25
gy^-gy^
9.29
9. 10
9.265
6. 19
9.26
10.01
gy2—gy2
9.38
9. 12
9.457
6. 16
9.37
9.96
g y2—g%
9. 18
9.493
9.43
6. 14
9.38
9. 87
9. 42
9. 25
9. 579
6. 10
9.50
9.98
9K-9H
8.95
8.91
9. 045
5.99
9. 29
9. 71
9/-9K
9.262
8.94
8.95
9.82
6.05
9.20
9K-10
9. 14
9. 03
9.450
6. 10
10-10^
9.23
10.39
10. 182
10/-
9.680
9. 855
10. 531
10. 353
9. 989
9.40
9.68
9. 66
9.72
9. 17
9.33
9. 31
9.32
6. 25
6. 37
6.35
6. 45
1 Kate on new Issues within period.
2
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
9.30
9.34
9.42
9.49
10.87
11. 24
11. 70
11. 74
10/2-10/2
10/2-10/
10/2-10/2
10/— 11
11-
Prime
rate
charged
by
banks 4
8.03
10. 81
7. 86
6. 84
6.83
9.06
9)4-9%
10^-11/2
11/2-11%
11%— 11%
11%— 11%
11%— 11%
11%— 11%
1 1%-11%
11%-llK
11^-11%
11%- 12%
12/4-
' Newhome
mortgage
yields
(FHLBB)5
7.95
8.92
9.01
8.99
9. 01
9. 54
9.73
9.83
9.87
10.02
10. 18
10.20
10. 30
10. 36
10.47
10. 66
10.78
11. 02
12-12%
12^-12%
12%— 13
13-13%
13%-
5
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices declined in early September, but rebounded to earlier levels.
INDEX, DEC 31, 1965=50
INDEX, DEC 31,1965=50
80
- 30
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
-i 15
10
-5
1971
1979
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
( percent)
Comiaion stock p rices 1
Period
New York Stock Excllange indexes(Dec. 31, 1965= 50) *
Composite Industrial Transportation
1973 _
1974 __
1975 _
_ _
1976
1977
1978
1978:Aug__
__
Sept
_
Oct
Nov_
Dec_
1979: J a n _ _ _ __
Feb..
Mar
Apr
May__
June_
July
Aug __
Week ended:
1979: Aug25____
Sept 1__
8____
15__
22
57.42
43. 84
45.73
54.46
53. 69
53.70
58.53
58. 58
56.40
52.74
53.69
55.77
55.08
56. 19
57. 50
56.21
57. 61
58. 38
61. 19
63.08
48. 08
50. 52
60. 44
57. 86
58.23
64.07
64.23
61.60
57.50
58.72
61.31
60. 37
61.89
63. 63
62.21
63.57
64. 24
67.71
37.74
31.89
31. 10
39.57
41. 09
43.50
49. 45
50. 19
46.70
41.80
42.49
43.69
42.27
43.22
45. 92
45. 60
47.54
48.85
52.48
37. 69
29.79
31. 50
36.97
40. 92
39.22
40. 20
39.82
39.44
37.88
38.09
38.83
39.21
38.94
38. 63
37. 48
38. 44
38. 88
39. 26
70. 12
49.67
47. 14
52.94
55. 25
56.65
63. 28
63. 22
60.42
54. 95
55.68
57.59
56. 09
57.65
59. 50
58. 80
61.87
64.43
68. 40
923. 88
759. 37
802. 49
974. 92
894. 63
820. 23
887. 93
878. 64
857. 69
804. 29
807. 94
837. 39
825. 18
847. 84
864. 95
837. 41
838. 65
836. 95
873. 54
107. 43
82. 85
86. 16
102. 01
98. 20
•96. 02
103. 92
103. 86
100. 58
94.71
96. 11
99.71
98. 23
100. 11
102. 07
99.73
101. 73
102. 71
107. 36
3.06
4. 47
4.31
3.77
4. 62
5.28
4.93
4. 97
5. 11
5.45
5.39
5.28
5.43
5. 36
5.35
5. 58
5.53
5. 50
5. 30
62. 02
62. 23
61. 09
61. 61
62.24
68. 73
69.20
67. 90
68.70
69.72 ,
53. 23
53. 01
51.60
52. 24
52.72
39. 52
39. 16
38.73
38. 59
38. 22
69. 27
68. 99
67. 19
67. 15
67. 27
883.
885.
870,
873.
883.
108.
109.
107.
108.
109.
5. 22
5. 22
5.37
5. 30
5.32
1
Average of daily closing prices.
2
Includes all the stocks (more than 1,500) listed
3
Includes
30 stocks.
« Includes 500 stocks.
5
on the NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Utility
Standard
& Poor's
DowJones
composite Dividendindex
industrial
ratio
average 3 (1941-43=
10) 4
73
26
05
46
91
79
10
09
02
22
Earningsratio
7. 12
11. 59
9. 15
8.90
10.79
12. 03
11.28
12.83
13. 09
•N-OTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE),
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 11 months of fiscal 1979, the budget deficit was $45.0 billion. A year earlier the deficit was $52.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300 —
300
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
-50
-50
-100
-100
1971
1972
1973
1974
1975
1977
1976
1978
1979
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THi TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period :
1969
1970.
1971_.
. __.„ „
1972
1973__ _ _
1974
1975_
1976
Transition quarter
_,
1977
1978
1979 (estimates):
Mid-Session Review, July 1979 2 __
Third Concurrent Resolution, May 1979 3,
1980 (estimates):
Mid-Session Review, July 1979 2 __
First Concurrent Resolution^ May 1979 4
Cumulative total first 1 1 months :
Fiscal year 1978
Fiscal year 1979
1
2
Excludes non-interest-bearlng public debt securities held by IMF.
Estimates from Mid-Session Review of the 1980 Budget, Office of Management
and
Budget, as revised July 31,1979.
3
Third Concurrent Resolution on the Budget—Fiscal Year 1979, May 24,1979.
32
Outlays
Surplus or
deficit ( — )
3.2
187.8
193.7
188. 4
208.6
232. 2
264. 9
281. 0
300. 0
81.8
357.8
402.0
1845
196. 6
211.4
232. 0
247. 1
269.6
326. 2
366. 4
94.7
402. 7
450. 8
-2.8
—23. 0
-23.4
-14.8
-4. 7
-45.2
-66.4
-13.0
-45.0
-48. 8
466. o
461. 0
496. 8
494. 5
-30.3
-33. 5
513. 9
509. 0
543. 0
532. 0
-29. 1
-23. 0
359.4
418.6
412.0
463. 6
—52.5
—45.0
Federal debt ( end of period)
Tntal 1
Held by
the public
367. 1
382. 6
409. 5
437.3
468.4
486.2
544. 1
631. 9
646.4
709. 1
780. 4
279. 5
284.9
304.3
323.8
343. 0
346. 1
396. 9
480.3
498.3
551. 8
610. 9
773.3
820.4
608. 1
640.3
* First Concurrent Resolution on the Budget—Fiscal Year 1980, May 24,1979,
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1979, budget receipts were $59.2 billion higher than a year earlier and outlays were
$51.6 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS
200
200
100
100
CORPORATION INCOME TAXES
1
OUTLAYS
400
400
300
NONDEFENSE
300
^
^~~~~~
200
200
NATIONAL DEFENSE
100
100
1971
1972
1973
1974
1975
1976
1977
1979
1978
1980
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
<3utlays
Recc;ipts
Nationa I defense
Period
Fiscal year or period :
1969
1970
1971_
1972.
1973.
1974_
1975_
1976.—
Transition quarter.
1977- _
1978
1979 (estimates) 11
1980 (estimates)
Cumulative total first 11
months :
Fiscal year 1978_
Fiscal year 1979-
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
187.8
193.7
188.4
208. 6
232. 2
264. 9
281. 0
300. 0
81. 8
357.8
402.0
466. 5
513.9
87.2
90. 4
86.2
94. 7
103. 2
119.0
122. 4
131. 6
38.8
157.6
181.0
216. 6
234. 2
359.4
418.6
160. 1
194. 5
Total
54. 9
60. 0
67. 8
71.2
63.9
70. 5
75.4
81. 7
92.8
107. 4
118. 0
127.0
34.5
145. 2
161. )
182. I
208. 5
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 2
366.4
94.7
402.7
450. 8
^96. 8
543, 0
79. 4
78. 6
75. 8
76. 6
74.5
77. 8
85. 6
89.4
22. 3
97. 5
105.2
115. 5
126.8
77.9
77. 1
74. 5
75. 1
73.2
77. 6
84. 9
87.9
21. 9
95. 6
103. 0
112.8
123.6
50. 2
56. 0
149, 1
168. 1
412. 0
463. 6
96. 2
106. 6
94. 2
105. 7
36.7
32. 8
26.8
32. 2
36. 2
38.6
40. 6
41. 4
8.5
i Estimates from Mid-Session Review of the 1980 Budget, Office of Mana; ement
and Budget, as revised July 31, 1979.
Total
Interna- Health
In- Other
and
Depart- tional income
terest
ment of affairs security
Defense,
military
4. 6
4. 3
4. 1
4.7
4. 1
5.7
6.9
5. 6
2.2
4. 8
5.9
7.3
9. 0
5.7
4. 7
49.0
56. 1
70. 1
81.4
91. 8
106.5
136. 3
160.9
41.5
176. 7
189.9
211.4
241. 1
38. 0
44.0
53. 0
57.8
35.7
39. 3
41.8
48.8
53.9
51.6
66. 5
76. 1
21. 5
85.7
105.9
109. 5
108.2
173.8
201. 5
40. 7
48.8
95. 5
102. 1
15.8
18. 3
19.6
20. 6
22.8
28.0
30.9
34.5
7.2
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, according to revised estimates, Federal receipts rose $10.8 billion (annual rate) and expenditures rose $6.1 billion, yielding a deficit of $7.0 billion, $4.7 billion lower than the first quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
- 550
550 -
200
150
50
50
SURPLUS
l
B I 19!•11
p\
DEFICIT
-50 -
-100
1972
1974
1973
19 75
197 7
1976
t 3
E221 ^
- -50
-100
1980
1979
1978
CALENDAR YEARS
COUNCIL C)F ECONOMIC ADVISERS
SOURCE! DEPARTMENT Ol COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receipts
Period
Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
F<jderal G<jvernmeiit expenclitures
Subsidies Less:
GrantsWage
Purin-aid
less
Contributions
chases Trans- to State Net
current accruals
Total of goods fer pay- and interest surplus of less
for
ments local
paid Govern- dissocial inand
services
surance
government en- bursements
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
283.5
1975
313. 9
1976
366.0
1977
414.7
1978
127.1
137.0
166.0
186.3
42. 1
51.7
59.1
67.7
22.2
24.3
24. 5
27.2
92. 1
100.9
116.4
133.5
328.7
371. 1
411.4
450. 1
118. 0
125.7
140.3
150.7
134.3
156.5
169.6
182.0
48.4
57. 6
66.3
74.7
21.9
25.2
28.4
33. 1
5.7
6.2
6.9
9.6
-.4
.0
.0
.0
-45.3
-57.3
-45.5
-35.4
Calendar
year:
1975
1976__
1977__
1978
286.2
331.4
375.4
432. 1
125.4
147. 2
169.6
194.9
42.8
54. 6
61.8
72.0
23.9
23.4
25. 1
28. 1
94.2
106. 3
118.9
137.0
356.8
385.0
421.7
459.8
123.1
129. 7
144.4
152.6
149. 1
161.7
172. 7
185.4
54.6
61.1
67.5
77.3
23. 2
26.8
29. 0
34.8
6.8
5.8
8. 1
9. 7
.0
.0
.0
.0
-70.6
-53.6
-46. 3
-27.7
1977:III_- 375.8
IV-.. 388.2
167. 8
176.2
62.6
63.8
25. 6
25.7
119. 7 429. 4
122.6 441.8
145. 6
151.2
175. 6
178.0
71.4
70.4
29.0
30.4
7.9
11.8
.0
.0
-53.6
-53.6
397.8
1978:1
II
424.8
III.. 442. 1
IV— 463.5
178. 9
188.8
200.9
211. 0
60.2
72.2
74.6
81. 2
26.6
28.0
28.4
29.3
132.2
135. 8
138.2
142.0
447. 3
449.4
462.6
479.7
150.9
148.2
152.3
159. 0
179. 8
180.7
188.8
192. 1
74. 4
76. 7
77. 6
80.7
32. 5
34.0
35. 6
37. 1
9.7
9.8
8.4
10.9
.0
.0
.2
.0
-49.4
-24. 6
-20.4
-16.3
475. 0
1979:1
'II — 485.8
213.0
223.4
77.2
74.9
29.4
29.9
155.5 486. 8
157.5 492.9
163. 6
161.7
196. 8
201.9
77.8
77.7
40.0
42. 6
8. 3
9.0
-.2
.0
-11.7
-7.0
Sources: Department of Commerce (Bureau of Economic Analysis), Dep&tment of the Treasury, and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria . produ 3tion (se<isonally adjuste d)
Period
1972__
1973._
1974__
1975 _ —
1976
1977
1978— ----1978: Oct
Nov
Dec
1979: Jan
Feb
Mar. __
Apr J >
May >_
June 3J __
July *__
Aug*__
Japan
United CanStates ada
119.7
129. 8
129.3
117. 8
130.5
138. 2
146. 1
149.7
150. 6
151.8
151. 5
152.0
153.0
150.8
152.4
152.4
152. 6
150. 9
130. 6
143. 5
148.5
139.6
147.4
152. 1
160. 9
165.2
166.2
167. 1
167.8
167. 3
168.4
165.9
167.0
165. 1
France
Germany
Italy
135
145
148
139
148
152
154
157
160
160
159
159
160
157
161
161
138.7
147.7
145. 1
137. 1
149. 1
152.7
155. 8
159
159
159
159
157
161
161
164
165
168
122.7
134.6
140.6
127.6
143.5
145. 1
147.6
154.4
154.8
152.6
152.4
159. 8
156.0
157.2
152.4
146. 0
150.4
167.0
190.5
183. 1
163. 9
182. 0
189. 7
201. 1
205.2
205.9
208.4
208.5
211.3
210.8
212. 5
216.7
217.0
218. 2
Con sumer j:>rices (urladjustec D
United United CanKing- States1 ada
dom
i Beginning January 1978 data relate to all urban consumers.
GerJapan France many
125.3 121.2 132.3
133. 1 130.3 147. 9
147.7 144.5 184.0
161.2 160. 1 205.8
170.5 172. 1 224.9
181.5 185.9 243.0
195.4 202.5 252.3
113.2
123.0
120.0
114.3
117.4
122.8
126. 6
125.6
126.6
129.0
120.5
131. 8
133. 7
132.2
134.3
137.6
136.0
200.9
202.0
202. 9
204.7
207.1
209. 1
211.5
214. 1
216. 6
218.9
221. 1
207.3 256.8
209.0 254. 1
209.6 253. 7
211.2 253.9
213.2
215.7
217.2
219.3
220. 3
222. 1
119. 0
127.2
136. 1
144,2
150.7
156.6
160.7
160.6
161. 1
161.8
163.5
164. 5
165.5
166. 4
167.0
167. 8
168.8
168.8
131. 1
140.7
160. 0
178.9
196. 1
214.5
233. 9
240. 8
242. 1
243. 2
245. 5
247. 1
253. 1
255. 1 249.4
258.6 251.8
261.3 254.5
261. 5 256. 6
263. 8 260.0
222.9
United
King-
Italy
121.
134.
159.
186.
218.
dom
0
0
7
8
1
137.7
150.2
174.3
216. 5
252. 4
292. 4
316.6
323. 1
325. 3
255.2
286. 2
295.5
298. 6
300. 1
305. 1
309.7
328.0
313. 8
317.8
321. 3
324. 5
327.4
330. 7
332.
335.
338.
344.
9
6
3
1
346.8
352. 8
368. 0
370.9
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.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merertandise e xports 1
Merc landise imports
5
Ge neral im ports
Domesti 3 exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
bacco
fuels
bacco fuels
5,902
8, 159
1974_»_.
8, 159
1975
8,966
1976
9,596
1977
10, 096
1978 _ 11, 965
1978: July___ 11, 662
Aug
12. 294
Sep.... 13, 274
Oct
12, 901
Nov
13, 451
Dec
13, 283
1979: Jan____ 13, 132
Feb
13, 507
Mar
14, 452
Apr
13, 883
May___ 13, 862
June
15, 038
July___ 15, 669
Aug
15, 821
3,728
5,294
5,790
8,416
8,045 1,269 1,317 5,294
8,842 1,399 1,266 5,913
9,456 1,436 1, 341 6,437
9,912 1,330 1,548 6, 679
11, 756 1,719 1,746 7,874
11, 497 1,799 1,620 7,728
12, 101 1, 960 1,718 8,094
13, 066 1,877 1, 901 8,586
12, 670 1,786 1,934 8,626
13, 212 1,634 2,040 8,913
13, 054 1,692 2, 047 8,907
12, 923 1,437 2, 143 8,759
13, 283 1,557 2,009 9,078
14, 165 1,765 2,313 9,403
13, 636 1,758 2} 134 9, 056
13, 578 1, 807 1,939 9,068
14, 774 2, 182 2, 286 9, 639
15, 433 2,352 2,441 9, 819
15, 560 2, 262 2,450 10, 071
8,354
8, 048
10, 084
12, 307
14, 336
14, 545
14, 133
14, 820
14, 852
14, 825
15, 032
16, 231
14, 806
15, 273
16, 036
16, 342
16, 937
16, 777
18, 177
5,811
8,045
1,078
1,269
895
1,317
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods and
from monthly detail beginning January 1978.
*3 m !lncludes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
trade
Exports
(f.a.s.)
less
imports
(e.i.f.)
Custonris value
F. a.s. valu<3 5
Monthly
average:
1973
1974_
Manu- Total
fac(c.i.f. 4
tured value)
goods
Mer chandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
imless
imports
(cusports
toms (f.a.s.)
value)
770
892
F.a.s.
892
827
991
1, 186
1, 312
1,313
1,123
1,235
1,358
1,369
1,452
1,486
1,261
1,437
1, 540
1,456
1,552
1,386
1,120
2,653
value 5
2,672
2,718
3,457
4,463
4,329
4,176
4,519
4,513
4,355
4,443
4,578
5,145
4,438
4,890
5, 186
5,206
5,504
5,966
1,411 6, 460 1
3,750
4,684
4,602
4,257
5,398
6,379
8,363
8,729
8,167
8,767
8,755
8,691
8,617
9,291
8,824
8,596
9,023
9,232
9,475
9, 065
9,873
6, 131
9,000
112
-257
-195
9,000
—257 —195
8,654
918
853
10, 825
581 —488
13, 130 —2, 297 —2, 211
15, 261 -2,476 2,371
15, 495
-2, 883
15, 074
-1,839
15, 821
— 1, 546
15, 764
-1,951
17, 770
-1, 374
16, 006
-1,749
17, 282
-3,099
15, 720
-1,300
-821
16, 228
17, 053
-2, 153
17, 350
-2,480
17, 977
-1,900
17, 823
— 1, 108
19, 275
-2, 3571
-229
-841
—841
312
—1, 229
—3, 034
3,297
-3,834
-2, 780
-2, 547
-2, 863
-2, 319
-2, 724
-4, 150
-2, 213
-1,776
-3, 171
-3, 488
-2, 940
-2, 154
-3,455
1
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United
States. Data for 1973 are estimates.
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
3B
U.S. INTERNATIONAL TRANSACTIONS
The current account, which recorded a surplus of $415 million in the first quarter, shifted to a deficit of $965 million in
the second quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
-15
1979
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE,- DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
Exports
1972______
1973______
1974
1975
1976
1977______
1978
49,
71,
98,
107,
114,
120,
141,
Imports
Inv<sstment iricome 3
12
KT^t
ii c v
hnl
Ua/l""
ance
381 -55,797 -6,416
410 -70,499
911
306 - 103, 648 -5,343
088 -98, 041
9, 047
745 -124,051 -9,306
816 -151,689 -30, 873
884 -176, 071 -34, 187
Receipts
Payments
14, 764 -6, 544
21, 808 -9, 655
27, 587 - 12, 084
25, 351 -12,564
29, 286 -13,311
32, 587 - 14, 598
43, 465 -21, 820
1977: III__
IV__
30, 558 -37,996 -7,438
29, 665 -38, 869 -9,204
1978: !.___
IL__
III..
IV. _
30,
35,
36,
39,
1979: !._._
41, 348 -47, 463 -6, 115 14, 115 -7, 251
42, 792 -50,508 -7,716 15, 161 -7, 763
IIv__
811
267
491
315
1
Excludes
1
Adjusted
1
8,420 -3, 686
8,312 -4, 201
-42, 710 -11,899 9, 776 -4, 537
-43, 174 -7,907 10, 256 -5,402
-44, 503 -8, 012 10, 526 -5,574
-45, 684 -6, 369 12, 907 -6, 308
military grants.
from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
N"*»iJlN
Cv
Net
military
transactions
Nettravel
and
transportation
receipts
8,220 -3,420 -3,063
12, 153 -2, 070 -3, 158
15, 503 -1,653 -3, 184
12, 787
-746 -2, 725
674 -2,465
15, 975
17, 989
1,679 -3, 200
492 -2, 985
21, 645
Other
services,
net 1
Balance
on
goods
and
services *
Remittances,
pensions,
andj
otner
uni—
lateral
transfers 1
Balance
on
current
account
2, 789 -1,889 -3, 854 -5, 744
3, 185 11, 022 -3,881
7, 141
3,975
9,298 -7, 186
2, 113
4,590 22, 952 -4, 613 18, 339
4, 725
9, 603 -4, 998
4,605
4, 983 -9,423 -4,670 -14,092
6,226 -8, 809 -5, 086 -13,895
407
357
-693
-787
1,331 -1,659 - 1, 249 -2, 908
1,251 -4, 272 -1,023 -5,295
239
854
952
599
244
237
247
-239
-731
-798
-784
-672
1,439 -5, 707 -1,228 — 6, 935
1, 501 -2, 113 — 1, 313 -3,426
1,603 - 1, 994 -1,233 -3,227
1,682
1, 001 -1,314
-313
6,864
7,398
34
-92
-566
-746
1,520
1, 573
4,734
4, 111
5,
4,
4,
6,
1,737 -1,322
417 - 1, 382
Note.—Data revised beginning 1979.
Source: Department of Commerce, Bureau of Economic Analysis.
415
-965
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the second quarter, private capital outflows of $14.8 billion were roughly matched by private capital inflows of
$13.9 billion. Foreign official assets in the United States, which declined by $9.2 billion in the first quarter, declined
by a further $9.7 billion in the second quarter.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
-10
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-30
-30
-40
-40
1971
1979
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U. S. assets abroad, net
[incre ase/capits il outflow (-)]
Period
Total
Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
ment
12
assets
assets
assets
1972_. ___ -14,497
-4
1973
-22, 874
158
1974
-34,745 -1,467
1975
-39,703 -849
1976
-51,269 -2, 558
1977
-35,793 -375
1978
-60,957
732
-1,568
-2, 644
366
-3,474
-4,214
-3, 693
-4, 656
Fore ign assets in the U S., net
[incirease/capi tal inflow ( + ) ] «
Foreigii official
ass5ets
Total
- 12, 925 21, 461
-20, 388 18, 388
-33,643 34, 241
-35, 380 15, 420
-44, 498 36, 399
-31, 725 50, 823
57, 033 63, 713
Total
Assets ol Other
foreign foreign
official
assets
reserve
agencies
10, 475
6, 026
10, 546
6,777
17, 573
36, 656
33, 758
10, 293
5,090
10, 244
5,259
13, 066
35, 416
31, 004
10, 986
12, 362
23, 696
8,643
18, 826
14, 167
29, 956
112 -1,001 -5, 736 14, 236 8,266
-43
-746 -14,424 19, 991 15, 179
7, 890
15, 101
5,970
4,812
187 -1,009 -14,366 18, 175 15, 618 14, 895
941 -5,265 -5, 129
248 -1,263 -4, 451
115 -1,390 -8, 774 15, 358 4,641
4,519
-994 -29,442 29, 239 18, 764 16, 719
182
2,557
6,206
10, 717
10, 475
1979:1 _ _ -7,637 -3, 585 -1,094 -2, 958 1,476 -9,391 -9,227
II *__ -15,468
343 - 1, 000 -14, 811 4,416 -9,515 -9, 669
10, 868
13, 931
1977:111... -6,625
IV____ -15,213
1978:1
II
III_._
IV „__
-15,188
-5,466
-10,049
-30,254
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Statistical
discre pancy
U.S.
official
Allocareserve
tions
Of
assets,
Total
of
1
special (sum of Seasonal net
(
unadthe
drawing
adjust- justed,
items
rights
ment
(SDR) with sign discrep- end of
reversed) ancy period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
710 -1,930
-2,655
- 1, 609
5,944
10, 265
-937
11, 139
-4, 703 -2, 275 18, 988
1,321 19, 312
517
901
3,947
7,950
517
-2, 082 -2,716
1,301
1,328
1, 139
4,606
12,016
985
748
19, 192
18, 864
18, 850
18, 650
21, 658
21,212
NOTE.—Data revised beginning 1979.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures. . . .
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income.
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders.
•
17
18
19
19
23
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
,
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budge Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
.
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Exports and Imports
U.S. International Transactions
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