Common Stock Prices and Yields

Name: Common Stock Prices and Yields
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 94th Congress 2d Session LIBRARY APK Z 1Q7R FEDERAL Rfc afc HVE SANK OF CHICAGO Economic Indicators March 1976 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong HUBERT H HUMPHREY Minnesota Chairman RICHARD BOLLING Missouri Vice Chairman SENATE JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut LLOYD M BENTSEN JR Texas EDWARD M KENNEDY Massachusetts JACOB JL JAVITS New York CHARLES H PERCY Illinois ROBERT TAFT JR Ohio PAUL J FANNIN Arizona HOUSE OF REPRBSENTAHVES HENRY S REUSS Wisconsin WILLIAM S MOORHEAD Pennsylvania LEE H HAMILTON Indiana GILLIS W LONG Louisiana OTIS G PIKE New York CLARENCE J BROWN Ohio GARRY BROWN Michigan MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California JOHN R STARK Executive Director LOUGHLIN F McHuGH Senior Economist RICHARD F KAUFMAN General Counsel COUNCIL OF ECONOMIC ADVISERS ALAN GREENSPAN Chairman PAUL W MAcAVOY BURTON G MALKIEL Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sr Congress CHAPTER 237 1st SESSION JOINT RESOLUTION S J Res 5S 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 d that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and t gcant 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 Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 3 60 additional per year ii TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the fourth quarter gross national product increased 44 4 billion or at a 12 1 percent annual rate reflecting an inflation rate of 6 8 percent and a 5 0 percent rate of increase in real GNP MUONS OF DOLLARS RATIO SCALE BILUONS OF DOLLARS RATO SCALE 1JOO SEASONALLY ADJUSTED ANNUAL RATES MOO GNP I CURRENT DOLLARS N 1 200 GNP IN 1972 DOLLARS i t I I f I t 1970 I 1 1971 I t f t t I t 1975 t t t 197 COUNCIL or ECOWOMJC ADveas SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures II III IV II III IV Net exports Exports Imports L This category corresponds closely with budget outlays for national defense shown on p 33 Go eminent purchases of goods and services Federal State NaNonTotal and tional Total delocal de 1 fense fense ExporlDS and imi orts of goocis and services Gross private domestic investment L ioa ia R ao m Source Department of Commerce Bureau of Economic Analysis Itnal sales T a GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Period Exp orts of gc ods Gross imvate dc mestic mnd services i ttvestmen b Personal Gross conChange national sumpNonResi in busition product NTof JLNcu resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries Governinent pure hases of goods and serdees Total Federal State and local Final sales a I II III TV I II III IV I 2ia IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Gross national product Period Persona consumi tion expemditures Total II III IV rv ResiNonDurable durable Services Nonres dential idential goods fixed fixed goods State Exports Imports Federal and local Source Department of Commerce Bureau of Economic Analysis Expor ts and Governnaent purimports of goods chases f goods and s rvices and scjrvices II III Gross private dom estic inves ment na CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross national product Period I II III rv 1975 I II III Constant 1972 dollars Current dollars iv Implicit price deflator Gross domestic product Fixedweighted price index 1967 weights Chain price index NOTE Annual changes from prev ous year an 1 quarterly cjhanges from previous quarter Constant 1972 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1967 weights Sc urce Departjnent of Comimerce Bureau of Bconoioic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Period Gross d omestic prodiict of nonfin ancial corp rate business billicms of dollars Current dollars I II III IY III IV 1972 dollars Current do lar cost a nd profit per unit of outpu t dollars i Total cost and profit Capital conComsumption penallowNet ances Indirect sation with business of incapital taxes 3 employ terest conees sumption adjustment Output is measured by gross domestic product of nonfinancial corporate aslness in 1972 dollars 8 This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted 2 places to the left 8 Also includes transfer payments less subsidies Corpc rate profits with invent sry valua ion and capit al consuniption idjustmen ts Total Profits tax liability Profits after4 tax ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of I abor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period I II III IV I II Ill IV Compensation of employees l Propri etors meom 3 with inventor y valuation anc capital eonsuEaption adjust ments Farm Nonfarm Rental with capital consumption adjustment Corpor ate profits with inv sntory val uatioa and capital co nsumptioii adjustm 3nts Profits with invcintory valuat ion adjuslbment and iwithout ca pital consum 3tion adjiistment Total Total Profits before tax Inventory valua Capital Net coninterest sumption adjustment adjustment fj Source Department of Commerce Bureau ol Economic Analysis Includes employer contributions for social insurance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted all quarterly data at seasonally adjusted annual rates Period II Ill IV II III IV 1 Total personal con sumption Total expendidurable tures goods l Motor vehicles and parts Total includes an all other group not shown separately Retail sales of new passenger cars nlilliona of uiaits Nondura sle goods D urable goo ds Furniture and household equipment Total nondurable goods l Food and beverages Services Clothing and shoes Gasoline and oil Do mestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income rose 12 9 billion in February following a revised increase of 14 8 billion in January Wage and salary disbursements were up 5 3 billion or about one half as much as in January Transfer payments rose 5 5 billion largely because of special factors BILLIONS OF DOLLARS 11 400 BILLIONS OF DOLLARS MOO SEASONAllY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS I 1 t t t t 1 f t I 1 It f f I t i It t COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars monthly data at seasonally adjusted annual rates Period Wage Propriet 3rs income3 Rental Other Total and income labor personal salary of income disburse income12 Farm Nonfarm persons 4 ments Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb i The total of wage and salary disbursements and other labor income differs mm compensation of employees see p 4 in that it excludes employers eontribuons for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items With inventory valuation and capital consumption adjustments Dividends Personal Transfer payinterest income ments Less Personal contributions for social insurance Nonfarm personal income ao 5as With capital consumption adjustment 5 Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of net Income of unincorporated farm enterprises farm wages and agricultural net interest Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose 0 7 percent in 1975 with a 4 9 percent annual rate of increase from the first to the fourth quarter BILLIONS OF DOLLARS WLUONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE i Period Less Personal Pertax sonal and income nontax payments COUNCIL OP ECONOMIC ADVISERS Equals Disposable personal income Less Personal outlays 1 Per cai ita disposable income Equals Personal saving Current dollars 1972 dollars Per caj ita per Percent Saving sonal c nsump change as perreal tion exp enditures inper cent of Population capita disposable thou 2 dispospersands able 1972 Current sonal perdollars dollars sonal income income Billions of d ollars Dol Lars Seasonally adt usted ann ual rates II III IV Ill IV Includes personal consumption expenditures interest paid by consumers to8business and personal transfer payments to foreigners net Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Source Department of Commerce Bureau of Economic Analysis FARM INCOME Farm income including inventory change declined 1 6 billion annual rate in the fourth quarter according to revised estimates Excluding inventory change the decline was 4 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME SO NET FARM INCOME INCLUDING NET INVENTORY CHANGE J L T I I J I COUNCIL OF ECONOMIC ADVJSHS SOURC DEPARTMENT OF AGRICUlTURf Period f Quarterly data at seasonally adjusted annual rates Persona 1 incomereceived Income re eeived frc m f armin g by total farm population Realiz ed gross Net inc ome per Net to farm farm incl tiding net oper ators Casli receipts from inventory change 3 imarketing s From From From Produc Exclud Includall farm nonfann Total1 tion ex ing net ing net Livesources sources sources penses inven inven Current 1967 4 stock Total Crops and tory tory 2 dollars dollars change change products Dollars Billioiis of dolla rs I II III I II III rv IV i Cash receipts from marketings Government payments and nonmoney infeoine furnished by farms 2 Inventory of crops and livestock valued at the average price for the year s Based on Census of Agriculture definition of a farm The mimber of farms is held constant within a year 4 Income in current dollars divided by the index of prices paid by fanners for family living items on a 1967 base NOTE Series revised beginning 1961 Source Department of Agriculture CORPORATE PROFITS Profits before tax rose 4 3 billion annual rate in the fourth quarter according to preliminary estimates but profits with inventory valuation adjustment rose 1 1 billion BttJJONSOF DOLLARS BILLIONS OF DOLLARS somee DEPARTMENT OF COMMERCE Period I II III IV 1975 I II Ill IV Billions of dollars quarterly data at seasonally Profit before tax wit i inventc ry valueition adjustn lent 1 Domesstic indu stries N onfinanc tal 8 Total FinanWholeManu sale Total cial 3 facTotal and turretail mg trade See p 3 tor profits with inventory valuation and capital consumption adjust merits 2 Includes rest of the world not shown separately 8 Includes industries not shown separately 8 COUNCIt Of ECONOMIC ADVISERS adjusted annual rates Pro fits after tax TT Profits before tax Tax liability Total Dividends Undistributed profits Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment after leveling off in the third quarter rose 5 2 billion annual rate in the fourth quarter Residential outlays increased 5 0 billion about the same as in the third quarter Inventory investment was approximately unchanged BILLIONS OF DOLLARS RATIO SCALE 120 NONRESIDENTIAL FIXH INVESTMENT KLUONS OF DOLLARS RATIO SCALE 300 GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT STRUCTURES I I I I I t t BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS 80 I RESIDENTIAL FIXED INVESTMENT I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT Of COMMERCE 1976 COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noiiresidential fixed investmcsnt Gross private domes Period tic investment Struc tures Total Total I II III IV 1975 I II III IV S Non farm Total Source Department of Commerce Bureau of Economic Analysis Prodijeers dur able equip ment Resid ential fix ed inves fcment PTV Non Total Non farm structures farm Farm ducers durstrucable tures equipment Change in business mv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 6 percent in 1976 according to the survey conducted in late January and February In early December the expected increase was 5 percent BILUONS OF DOLLARS RATIO SCALE 180 BILLIONS OF DOLLARS RATIO SCALE 180 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT MANUFACTURING V 20 I t I f 1968 I L J I L J L J 1971 t I J TI t I L J SEE FOOTNOTE 4 BELOW SOURC DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Starts yi plant and eqilipment proj JCtS 3 E s penditur 3s for plarit and equlipment M anufaetur ing Period N onmanuf acturing Total Durable goods ISO II 112 46 III 112 16 I V I nd 4 half Q O S SO Total i Nondurable goods Total Communication Commercial and other Manufacturing Public utilities 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 these data include investment by farmers professionals institutions and real estate firms and certain outlays charged to current account 2 Includes trade service construction finance and insurance a Starts are estimated by adding changes in carryover to expenditures during 10 Trans Public Mining porta utilition ties 1 86 L given period Expenditures estimates based on expected capital expenditures as reported bybusiness in late January and February 1976 NOTE Annual total is the sum of unadjusted quarterly totals Estimates as noted in footnote 4 include adjustments when necessary for sys tematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted nonfarm employment increased by nearly 300 000 in February more than offsetting a decline in farm employment Total civilian employment was 86 3 million an increase of 2 2 million since March 1975 MILLIONS OF PERSONS 100 MILLIONS OF PERSONS t i I t i 1 1 1 i t t n 1 i M ii LJ JJ I 1 t T YEARS OF AGE AND OVER SOURCE DEPARTMENT OF IABOR Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb 7976 COUNOt Of ECONOMIC ADVISERS Civilian Unememploy ployment ment Uinadjusted Unempl 3yment Civilian eiinploymei it Total labor force Civilian includ labor ing force Armed Forces Oil Noninstitutional population Total Nonagricultural AgriPart time culTotal for economic tural reasons Seasc nally adj usted 15 Labor force participation rate percent 2 Total weeks and over Data beginning January 1972 not strictly comparable with prior data because adjustment to 1970 Census data which added about 800 000 to the civilian ininstitutional population to the civilian labor force and 301 000 to civilian employment A further adjustment in March 1973 added 60 000 to the labor force and to employment 1 Persons at work in nonagricultural industries 3 Totallabor force as percent of noninstitutional population 16 years of age and over Source Department of Labor Bureau of Labor Statistic 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate declined by 0 2 percentage point to 7 6 percent in February In the last 4 months the unemployment rate has declined sharply overall and or nearly all demographic groups PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED V r V s j I TEEMAGERS J V f NEGRO AND OTHER 1 RACES WOMEN 20 YEARS AND OVER Mt LLJ V y MEN 20 YEARS AND OVER i f 1 1 1 I 1 I 1 I i r f UN8mOyMeMrMKBC SOURCE Minium 1975 II II l II li 1976 COUNCR Of ECONOMIC ADYlSOtS Monthly data seasonally adjusted linenaployme at rate ercent c f civiliaii labor f c rce in gjroup Total all civilian workers Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb ae a9 a By s ex and a ge Men Women Both 20 20 sexes years years 16 19 and and years over over Aggregate hours tost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 I3y select ed grou 3 By color White 5 4 ExpeNegro rienced House Fulltime and wage hold other and heads workraces salary ers workers S Source Department of Labor Bureau of Labor Statistics Parttime workers Labor force time lost percent f ai SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSU ANCE PROGRAMS in February 49 1 percent of the unemployed were job losers persons unemployed because of a layoff or a d charge The decline in this proportion from 57 4 percent in the third quarter of 1975 reflects a decrease in layoffs PERCENT DISTRIBUTION PERCENT DISTRIBUTION SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LASOt TTnem Period Jan Feb MarApr May June July Aug Sept Oct Nov Dee 976 Jan 1 Feb ment thousands J Monthly data seasonally adjusted except as noted Perceiit distrib ution of unemPercei it distrib ution of unem State p rograms Insured 1 plo yment by durati on l unem Special Pi oyment by reasoia unemployployment all ment 27 Insured New Less Job Job Reen weeks unem Initial regular benefit3 enpro claims losers leavers trants trants than 5 weeks weeks and ploy claims weeks grams unadover ment unad justed justed Weejkly avei age thousands Detail may not add to 100 percent because of rounding Includes State 60 States District of Columbia and Puerto Eico ex servicemen UCX Federal XJCFE and railroad KR programs Also includes Federal and State extended benefit programs Does not include FSB Federal Supplemental Benefits and SUA Special Unemployment Assistance COWOl d KONOWC AWBBS 8 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 Nonfarm payroll employment seasonally adjusted increased by 200 000 in February to 78 3 million bringing the increase since the employment trough in June 1975 to 2 million The February increase in employment was con centrated in the service producing industries MIL LIONS OF WAGE ANI3 SALARY WORKE S MflJLIONS OF WAGE AN SALARY WORK RS SEASONALLY AC JUSTED SEASONALLY DJUSTED ENLARGED SCA LE r Y a 76 V x AIL MONAGRICULTURA l ESTABUSHMENTS r WHOLESALE AND RETAIL TW DE i r rf T SERVICES 1 J 12 x N ONMANUFACTURING PRIVATE l H I m m i J MANUFACl UR1NG ap i J x DURABLE MANUFACTURING NONDURAB LE MANUFAOUR NG B plrt X i I CONTRACT CONSTRUCTION i 12 GOVERNMENT W 8 ft r i r 1 i i i i T l f J 1 I 1 2 t J t I J L 1 1 1 I JOUKE WWJtTMENT Of bUCS 1 t t I IK 1976 COUNCIL OF ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted G oods prc during i ndustries Period Total nonagricultural employ Total ment Jan Feb Mar Apr May June Jidy Aug Sept Oct Nov Dec 1976 Jan Feb Contract construction Service pr oducing Industrie s Ma mifactur ing Finance TransCover nment porta Whole insurtion sale Total ance Nonand and and State Total Durable durable real Services Federal and public retail goods goods utilities trade estate local Includes all full and part time wage and salary workers in nonagrieultural 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 nonagrieultural 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 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 a Includes mining not shown separately Source Department of Labor Bureau of Labor Siatistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRlCUIiTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Averag e gross hourly e arnings Aversige weekly lours Period Manufa cturing Total private nonagricultural l Total Jan Feb Mar Apr May June July Aug Sept Got Nov Bec Jan Feb sas Overtime Total private nonagricultural Z Manufacturing Percent ch ange from a year isarMer Index dollars s Current dollars Current dollars Adjusted h ourly earnin gs index tc tal private nonagrioultural dollars3 173 L I as AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Average gross weekly earnings Total private nonagncuItural J Period Current dollars Manufacturing 1967 dollars 3 Contract construction Retail trade8 Current dollars Current dollar Percent chiinge from a year e arlier total pri1rate nonagriciiltural a Jan R Also includes other private Industry groups shown on p 14 Adjusted for interindustry employment shifts arid for overtime in manufacturing Current dollar index or earnings divided by the consumer price index Feb Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec dollars Monthly changes based on indexes to 2 decimal places Includes eating and drinking places Source Department of Labor Bureau of Labor Btatlstics 15 PRODUCTIVITY AND RELATED DATA PRIVATE ECONOMY Hours of an perssons2 Outi ut l Period Total private Private nonfarm Total private Private nonfarm Output jer hour of all i ersons Total private Private nonfarm Compcjnsation per hour 3 Total private Private nonfarm Unit labor cc sts Total pri vate Implic it price defla tor Private nonfarm Total private Private nonfarm quairterly dat a seasonsilly adjuslbed KM I II III IV I II III IV ioa I II Ill IV ai Perceiat change quarterlyr data at seasonal y adjuste d annual rates as III Ill IV I II III IV I II III IV 5 a a Output refers togross dornest c product ori ginatingintlie sector in 1972 dollars 2 Hours of all pe rsons in prH ate industry engaged in production including hours of proprietoi s and unpaid family w orkers Estiinates based primarily on establishment c ata Wages and salaaries of emp oyees plus c mployers c ontributions for social insurance and priv te benefit pians Also inc ludes an esti mate of wage s salaries and supplemental payments fo c the self em ployed 16 a a4 a4 ai a3 ai Currem dollar gross domestic pr oduct divicled by constant dollar gr oss domestic product NOTE I ereent changes are froni preceding period and are based c n original data they therefore m ay differ sligphtly from percent chan ges based n indexes shown here Source E epartment of Labor Btireau of La bor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production increased 0 5 percent in February following revised increases of 0 8 percent in each of the 3 preceding months February production increases were widespread among the major industry and market groups INDEX RATIO SCALE 180 UTILITIES AND MINING PRODIJCTION INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION r 120 f x X UTILITIES mS I I I 1972 I MINING Mw t J M 1 1 J I I U i n HI 1t I ii 1 1 1 n I1 h M I t MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb v 1 2 Total iiidustrial prodiiction Percent Index change 1967 from 100 year earlier Total Durable Nondurable Output as percent of capacity Quarterly data entered in last month of quarter s Annual data are averages of quarterly data COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indus try produ ction ind exes M anufactur ing S Mining Utilities na Manuf acturing capacity ittilization rate p srcent l Federal Reserve seri 3 S 2 3 ComWharTotal merce4 ton Major manuseries 3 mate series facturrials ing Quarterly data are for last month in quarter Annual data are averages of four monthly indexes 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 seasonally adjusted Proc iucts Final produets Coiisumer goods Period Total NonDurable durable goods goods Total 1967 proportion Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Equip ment Internlediate proc ucts Total Business Total IS Construction Supplementary group Energy total Materials l seasonally adjusted Nondurable Durab le manufiwjtures Transp ortation Primary metals Texequif ment FabriPaper MaPeriod cated Motor Lumber tiles and apparel printchinand Iron metal vehicles Total and Total and products ery and products ing leather steel parts proportion Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 95 5 r Source Board of Governors of the Federal Reserve System 18 tnanufacti ires Chemiicals petro Foods and leum tobacco and rubber NEW CONSTRUCTION Constraetion contracts2 Private Total new construction expenditures Period Resid ential Total Commercial and industrial New housing Total J Other Federal State and local CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Billions of doll ars Seasonally adjusted Seasonalh adjusted atinual rates 1975 Jan Feb Mar Apr May June July Aug Sept Oet Nov Dec 9 1976 Jan Feb i Includes nonhousekeeping residential construction and additions and alterations not shown separately F W Dodge series Eelates to 50 States beginning 1969 for value index and beginning 1971 for floor space s Seasonally adjusted annual rates Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New priv ate homes IJew private housing uniibs Period Units started by type of striicture Total Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 9 Feb 9 1 1 unit Seasonally adjusted 2 Quarterly data entered in last month of quarter 2 4 units 5 or more units Units authorized Units completed Homes sold Vacancy rate for Homes for rental sale at housing end of units period 1 percent Seasonally adjusted arinual rates Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES TOTAL mm TRADE Business inventories increased 1 5 billion in January with increases about equally divided among retail wholesale and manufacturers1 stocks Business sales rose 1 1 percent Retail sales after declining in January rose 1 6 percent in February according to preliminary estimates BILLIONS OF DOLLARS RATIO SCAlQ BILLIONS OF DOLLARS RATIO SCALE INVENTORY SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1976 COUNCIL QF ICQNQMJC ADVISERS Total b usiness 1 Who lesale Iietail Sales 2 Period Jan Feb Mar Apr May Jijnfi July Aug Sept Oct Nov Dec 1976 Jan Feb Sales Inventories InvenQoloe 2 bales tories 3 Tntal Millions of doll ars sea sonally iadjusted The term business also includes manufacturing see page 21 i 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 2 Monthly 1 20 DurNonable durable goods goods stores stores In ventories 3 Tntal Inventc ry sales ra1 io 4 DurNonTotal able durable busigoods goods ness 1 stores stores Retail Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 new orders increased 2 5 percent in February to an all time high of 90 4 billion Transportation industries largely motor vehicles and shipbuilding and railroad equipment accounted for most of the increase Shipments were up 1 9 percent the same as in January and inventories were up 174 million much less than in January BILLIONS OF DOLLARS RATIO SCALi SltLiONS OF DOLLARS RATIO SCAI4 BILLIONS OF DOLLARS RATIO SCALE INVENTORY SHIPMENTS RATIO SEASONAUY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufa eturers sidpments 1 Manufaci urers in rentories 2 Period Total Jan Feb 79 354 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb NonDurable durable goods goods Mailufacturc srs new o rders Durat le goods Capital NonNongoods Total Durable durable Total goods indus durable Total goods goods tries nondefense Millie ns of doll ars seaso nally adj usted ft S Monthly average for year and total for month Shipments are the same as sales 2 Book value end of period End of period For annual periods ratio of weighted average inventories to average monthly Manufacturers1 unfilled orders Manufacturers inventory shipments ratio shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRICES WHOLESALE PRICES In February the wholesale price index was unchanged declined 0 5 percent after seasonal adjustment Prices of farm products and processed foods and feeds dropped 1 4 percent 2 3 percent seasonally adjusted Industrial commodity prices were up 0 5 percent 0 3 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE FARM PRODUCTS AND PROCESSED FOODS AND FEEDS I COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF IAKW Period All commodities Feb Mar Apr May June July Aug Sept Oct Nov 17L Dec 1976 Jan Feb Farm products Indusand trial processed commodfoods ities and feeds Unadjusted Special gjroupings Farm products and feeds Excludes crude foodstuffs and feedstnffs plant and animal fibers oilseeds leaftobacco 22 Processed foods Crude materials l Inter Producmediate er finmateished rials 2 goods Seas onally ad us ted Consunler finishe d goods ex duding fo ads Nondurable Total Durable Includes supplies and components excludes intermediate materials tor food manufacturing and manufactured animal feeds Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In February the consumer price index rose 0 2 percent 0 1 percent seasonally adjusted Food prices declined 0 4 percent 1 0 percent seasonally adjusted Nonfood commodily prices rose 0 3 percent also 0 3 percent seasonally adjusted and services prices were up 0 7 percent also 0 7 percent seasonally adjusted INDEX RATIO SCALQ 220 INDEX RATIO SCAI COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period All items Food Commodities Services food Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan 166 7 Feb Food All Comnaodities less food All commodities All Food t home Food away from home Dur Unac justed Services able Non able Seasonal y adjust ed Source Department of Labor Bureau of Labor Statistics 68 661c 76 23 CHANGES IN WHOLESALE PRICES Percent c lange fro m 3 mont is earlier Percent jhange from 6 mont hs earlier season ally adjusted annua 1 rates seasoniilly adjussted annujal rates Percen t change from preceding perio d seasortally adjujsted 1 Industrial commodities Processed foods and feeds Industrial commodities Processed foods and feeds All commodities Farm products Processed foods and feeds Feb Mar Apr MayJune July Aug Sept Oct Nov Dec ias o LO Industrial commodities Period 1976 Jan Feb a g All commodities Farm products All commodities Farm products O O as a Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted CHANGES IN CONSUMER PRICES PerceEit changej from pre ceding period seasorially adju sted1 Food Commodities less food Feb Mar Apr May June July Aug Sept Oct Nov Dec O l Jan Feb Percent c lange f re m 3 mont hs earlier Percent c hange frc m 6 months earlier seasonsilly adju sted annu al rates seasoni illy adju sted annu al rates Period All items Services Annual changes are from December to December unadjusted 24 Food Commodities less food All items Services Food Commodities less food as All items Source Department of Labor Bureau of Labor Statistics Services PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers increased percent during the month ended February 15 Contributing most to the increase were higher prices for wheat cattle calves hogs and potatoes Partially offsetting were lower prices for milk lettuce eggs celery and tomatoes Prices paid were unchanged Both the actual and adjusted parity ratios also were unchanged INDEX 1967 PRICES RKHVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS WTERBST TAXES AND WAGE RATES J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AKD WAGE RATES ON Hid 14 100 BASE SOURCE DEPARTMENT Of AGWCUtTURE COUNCIL d KONOMIC ABVWERS Prices received by farmers Period Jan 15 Feb MarlS Apr 15 May 15 June 15 July 15 Aug Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 1 All farm products Crops Prices paid by far mers All items Family Livestock interest Producand living tion taxes and products wage rates items items Index Percentage ratio of index of prices receiYed by fanners to index of prices paid Interest taxes and wage rates on base Parity ratio l Actual Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Mi grew by 1 5 billion from January to February after being essentially unchanged from November to January BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SOURCE BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Deposi ts at co mmercia banks PfvrinH f ClivU M M M3 Currency Tim e and sa vings Demand Total 1971 Dec 1972 Dec 1973 Dec 1974 Dec 1975 Dec Feb MarApr May June JulyAug Sept Oct Nov Dec Jan Feb Large CD s Other Mi is currency plus demand deposits Mi is Mi plus lime deposits at commercial banks other than large certificates of deposit CD s and Ma is Mi plus deposits at nonbank thrift insiilulions 26 Per cent cha nge 2 Comporlents anc related iterns Over all meas ures Deposits at nonbnnk thrift institutions U S Government demand deposits unadjust Mi M 3 ed Annual changes are from December to December and monthly changes are trom 6 months earlier at a seasonally adjusted annual rate Source Board of Governors of the Federal Reserve System PRIVATE LIQUID ASSET HOLDINGS HONFINANCIAII INVESTORS Averages of daily figures billions of dollars seasonally adjusted i Curre ncy and cleposits U S G overnment securities Time d eposits Total liquid ShortCur Demand Nonbank assets Total term Comrency deposits Savings marketthrift mercial bonds able seinstitubanks tions curities Period Dec Dec Dec Dec Dec Dec Dec OctL Nov Dec Commercial paper Oil Jan Feb Mar Apr j May June July Aug Sept Negotiable certificates of deposit Jan Feb Source Board of Governors of the Federal Reserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e tended Period Total i Automobile Bank credit cards Instalmcjnt credit lieluidated Total i Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Dec Jan Includes some items not shown separately Automobile Bank credit cards Net change in amount Dutstanding Total Automobile i Bank credit cards Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES Commercial and industrial loans fell by 1 billion in February while holdings of U S Government securities showed the largest monthly increase since April 1975 BILLIONS OF DOLLARS RATIO SCALE All BILLIONS OF DOLLARS RATIO SCAL COMMERCIAL BANKS INVESTMENT IN US GOVERNMENT SECURITIES SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Feb Mar Apr Mav June July Aug 9 Sept 9 Oct 9p Nov p Dec 1976 Jan Feb 9 1 2 Total loans and investments Billions of dollars seasonally adjusted except as noted All me mber ban ks Allc ommereial 1 anks l Borrowi tigs milIReserves 2 3 L Dans lions of dollars Invest nents i unadjiis ted 2 Total ex Commer U S Gov Other NonAvailcluding cial and SeaTotal Total ernment secuborrowed able 4 inter industrial securities sonal rities bank Data are for end of period Averages of daily figures Annual data are for December Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M Reserves available to support private nonbank deposits are denned as 1 required reserves for a private demand deposits b total time and savings 28 COUNC OF KONQMK AOVBCRS deposits and c nondeposit sources subject to reserve requirements and 2 excess reserves This series excludes required reserves for new interbank and U S Government demand deposits 6 Beginning June 1974 a bank merger increased total loans and investments by 0 6 billion and beginning November 1974 liquidation of a large bank reduced total loans and investments by 1 5 billion For eflect on other categories see Federal Reterve Bulletin 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 TVvf al Internal 1 Credit market funds Total TVvfsil II Ill IV Total Other Longterm 2 Shortterm Undistributed profits after inventory valuation and capital consumption adjustments and capital consumption allowances Stocks bonds and mortgages 8 Bank loans commercial paper finance company loans bankers acceptancesf and Government loans Purchase of physical assets Increase in financial assets Discrepancy sources less uses O 9 0 6 a 8 O a Plant and equipment residential structures and inventory investment Note Series revised beginning 1962 Source Board of Governors of the Federal Eeserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars Cu rrent asse ts End of period Current liab ilities Other Cash U S Receiv Notes ables InGovand curon from acven rent ernU S Total hand asand ment counts tories in securi VjrOVsets 2 ern 3 receivable banks ties ment I 666 2 II 685 4 III 708 6 IV I II III sa ea ia Includes time certificates of deposit 2 Includes Federal agency issues Receivables from and payables to the U S Government do not include amounts offset against each other on corporations books or amounts arising from Advances and Notes preand Total payacments counts payU S Govable ern s ment RO R Federal income tax liabilities Other current liabilities Net working capital 164 a subcontracting which are not directly due from or to the U S Government Wherever possible adjustments have been made to include U S Government advances offset against inventories on corporations books 4 Includes marketable investments other than Government securities and time certificates of deposit as well as sundry current assets Source Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Both short term and long term interest rates stabilized in March changing little from their February averages PERCENT PER ANNUM PERCENT PER ANNUM 10 10 CORPORATE fi a BONDS MOO Drs A r J v X X X jd v l I ATE FE DERAL RE SERVE BA NK OF NENV YORK j v r f J i J H A V 1 L n1 KA L M I J TREASURY fJILLS I j s j i V J T 4 I t M I i M M 1 J 1 1 J J U t V L 1 L t A J V M I 1 1 k pisCOUNT 1 vy V t i A 1 t t f 1 1 I t t 1 It 1 1 M 1 t t 1 I 1 1 I 1 M l M I t 1 M K SOURCE SEE TABLE BELOW 1976 COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Govemment seen rity yields Period Mar Apr May June July Aug Sept Oct No f Dec 1976 Jan Feb Mar Week ended 1976 Mar Apr 2 3 month Treasury bills 3 5 year issues 3 Taxable bonds 3 HighCorporate grade municipal Aaa bonds bonds Standard Moody s Poor s Rate on new issues within period s Selected note and bond issues 8 April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 6 8 Average effective rate for year opening and closing rate for month and week jt g j jujjuiAig AT w vojuj ud ot vciai banks auujJi cu UUOLliig pome I M3 JUjytJU Beginning November 1971 several utviuva adopted a floating prime rate keyed to money market variables Beginning April with the adoption of the dual prime rate this table shows only the rate charged for large business loans 30 a a a so 7 Prime commercial paper 4 6 months Discount rate N Y F B gi g 4T H Prime rate charged by banks fi a J4 7H 7 7i Ttf f i 5 2 5M Newhome mortgage yields FHLBB a Effective rate 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 j Sources Board of Governors of the Federal Reserve System Federal Home Loan Board Moody s Investors Service and Standard Poor s Bank Corporation COMMON STOCK PRICES AND YIELDS Stock prices advanced strongly in March INDEX DEC INDEX DEC COMPOSITE PRICE INDEX NYSE PERCENT 1 20 PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Common s tock5yields perc ent Cominon stock pirices 1 Period New York Stock Exch ange indexe 3 Dec Composite Industrial Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Week ended 1976 Mar Transportation Finance Utility Averages of daily closing prices Includes all the stocks more than 1 475 listed on the NYSE s Includes 30 stocks Includes 500 stocks 6 Standard Poor s series Dividend price ratios based on Wednesds ty closing prices Earnings price ratios based on prices at end of quarter St ATlH Tf1 Dow Poor s Jones composite Dividend Earningsindustrial index ratio ratio average iaio NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT The estimated budget deficits for fiscal 1976 and 1977 are 76 0 billion and 43 0 billion respectively BILLIONS OF DOLLARS 450 BILLIONS OF DOLLARS 450 RECHPTS AND OUTLAYS SURPLUS OR DEFICIT FISCAiYiARS COUNCIL Of ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Federal debt end of period Period Fiscal year Cumulative totals for first 8 months Fiscal year 1975 Fiscal year 1976 Total i Held by the public isas as non interest bearing public debt securities held by IMF Estimates from The Budget of the United States Government Fiscal Year 19T7 32 Outlays Transition quarter Excludes 8 Receipts Surplus or deficit Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION Fiscal 1976 budget receipts are estimated at 297 5 billion and budget outlays at 373 5 billion The corresponding figures for fiscal 1977 are 351 3 billion and 394 2 billion respectively BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS OUTLAW NONDEFENSE J NATIONAL DEFENSE J J COUNCIt OF ECONOMIC ADVISERS SOURCfS DIPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Receipts Outlays National defense Health Depart InternaInand tional income terest Other ment of Total Defense affairs security military Individual income taxes Corporation income taxes Other Transition quarter Cumulative totals for first 8 months Fiscal year 1975 Fiscal year Period Fiscal year Total Estimates from The Budget of the United Statei Government Fiscal Year 1877 Total Sources Department of the Treasury and Office of Management and Bodge DERAL SECTOR ACCOUNTS rhe fourth quarter expenditures rose 10 4 billion compared to an 11 5 billion increase in the quarter before th receipts up 9 4 billion in the fourth quarter the deficit rose by 1 0 billion BILLIONS OF DOLLARS 440 BILLIONS OF DOLLARS SURPLUS S mm mm i iii ii Y WA i 40 IPI I i Ii i DEFICIT i i 1976 CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernm ent receipts Period Ifederal jovernm ent expenditures GrantsSubsidies Less Purin aid Wage Indirect Contriless Personal Corpo business butions rate chases Trans to State Net current accruals tax and profits tax and Total nontax Total of goods fer pay and interest surplus of less for tax nontax and ments local paid Govern disreceipts accruals accruals social ingovernsurance services ment en bursements terprises ments Fiscal year V 364 7 Calendar year Surplus or deficit national income and product accounts a II III 299 2 IV II III 293 3 IV Estimates 34 Source Department of Commerce Bureau of Economic Analysis INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Coiisumer prices unadjusted Iiidustrial production seasonally iidjustecI Period United States I II Ill I V 1975 I I I II I I V 1976 I Jan Feb Canada Japan GerFrance many Italy United United King States dom Canada Japan GerFrance many i Annual figure is 11 month average 1975 TV figure is October November average Italy United Kingdom Sources National sources as reported by Department of Commerce Bureau of Economic Analysis in Business Conditions Digest U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mere landise imports Gerteral imp orts 3 Merchtandise e xporfcs Domestic3 exports Period Total domesFood Crude Food Crude Manubever mate Manutic and 2 bever matefacfac Total 2 ages foreign Total i ages rials rials tured extured and to and and to and ports bacco fuels goods bacco fuels goods F a s valu e 5 Custorris value Monthly average Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2 Total includes commodities and transactions not classified according to kind s Total arrivals of imported goods other than intransit shipments Total c i f value 4 Mer shandise trade balance Exports Ex f a s ports Exports less f a s f a s less imless ports im imports c i f cusports toms f a s value F a s value C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates 6 F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Source Department of Commerce Bureau of the Census 35 U S BALANCES ON GOODS SERVICES AND TRANSFERS The current account surplus at 3 0 billion in the fourth quarter was 0 4 billion below that in the third quarter There was little change in the fourth quarter merchandise trade surplus from that in the third quarter and a small decline in net receipts on investment incomes and other services BILLIONS OF DOUARS 4 IALANCE ON GOODS AND SERVICES BALANCE ON CURRENT ACCOUNT SOURCE DEPARTMENT OF COMMERCE COUNOt OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Mesrehandise Period Ex ports Im ports 12 Net bal Milit ITJ transactions Direct expenditures Private ance I II Ill IV Excludes military grants 8 Adjusted from Census data for differences in timing and coverage 8 Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services net 36 U S Government RemitBal tances ance penon sions goods and other and servuniices 1 lateral transfers i Net travel Other and trans servporta ices 3 tion net expenditures Net balance Sales I II III IV Netiinvestment i ncome Balance on current account NOTE Series revised for 1975 Source Department of Commerce Bureau of Economic Analysis U S OVERALL BALANCES ON INTERNATIONALTRANSACTIONS In the fourth quarter the current account and long term capital transactions were approximately in balance compared with a surplus of 1 4 billion in the third quarter In addition liquid private capital flows switched from a 4 6 billion inflow in the third quarter to a 1 3 billion outflow in the fourth quarter BILLIONS Of DOLLARS BJUJONS OF DOLLARS BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL SOURCE DEPARTMENT OF COMMERCE COUNCfl OF ECONOMIC ADVISERS MM ons of dollars quajrterly dtita season ally adjusted excepit as note 1 Period Long ter m capital Balance Nonflows net 3 liquid on current shortaccount term U S and long private 2 capital Govern Private term ment 1 capital flows net III IV I II III IV Allocations of special drawing rights SDR Errors and omissions net Excludes liabilities to foreign official reserve agencies 2 Private foreigners exclude the IMF but include other international and regional organizations Includes liabilities to foreign official agencies reported by U S Government sad U S banks and U S liabilities to the IMF arising from reversible gold sales to and gold deposits with the United States Consists of gold special drawing rights SDR convertible currencies and the U S gold tranche position in the IMF Minus sign indicates increase k Includes increases to millions as follows due to revaluation of the penman mark in Oct due to dollar value of foreign currencies revalued to reflect market exchange rates as of Dec due to Net liquidity balance Changes in liaLiquid Official bilities Changes in U S private reserve to official capital trans foreign reserve flows actions official net 2 balance agencies asset net 4 net 3 U S official reserve assets net unadjusted end of period change in par value ol the dollar on May 8 1972 and due to change in par value of the dollar on Oct Beginning July 1974 SDR and reserve position in the IMF based on new method of valuation On a pre July basis reserve assets for Sept are 15 949 million for Dec million for Mar million for June million for Sept million and for Dec million NOTE Series revised for 1975 Sources Department of Commerce CBiiream of Economic Analysis and Department of the Treasury 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND PEES PAID U S GOVERNMENT PRINTING OFFICE 378 DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail 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 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 Economy H 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 PRICES Wholesale Prices Consumer Prices Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers 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 M M Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S Balances on Goods Services and Transfers M U S Overall Balances on International Transactions NOTE The revision of Economic Indicators which began in the January issue is virtually completed in the March issue Some minor changes may be made in the next few issues 38 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 85 cents single copv Subscription price 10 10 per year 2 55 additional for foreign mailing H 5 G O V E R N M E N T P R I N T I N G OFFICE

Common Stock Prices and Yields

DATE: March 1976

PART OF:

Economic Indicators : March 1976

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Common Stock Prices and Yields," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "March 1976," Economic Indicators (March 1976) : 33-33. https://fraser.stlouisfed.org/title/1/item/199/toc/45673 , accessed on December 12, 2019.

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Economic Data