Farm Income

Name: Farm Income
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 April 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 BOLUNG Missouri Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut LLOYD M BENTSEN JR Texas EDWARD M KENNEDY Massachusetts JACOB K JAYITS New York CHARLES H PERCY Illinois ROBERT TAFT JR Ohio PAUL J FANNIN Arizona 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 L A W S T Congress C H A P T E R 237 1st SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators 1 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 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 li TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the first quarter gross national product rose 43 4 billion or at an annual rate of 11 5 percent Real output G N P adjusted for price changes increased at a rate of 7 5 percent compared with 5 0 percent in the fourth quarter The inflation rate dropped from 6 8 percent to 3 7 percent BILLIONS OF DOLLARS RATIO SCALE 1 600 BILLIONS O f DOUARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES GNP I N CURRENT DOLLARS v GP N IN 1972 DOLLARS lit r f f f T T 1974 f T T 1975 T I 1976 COUNOL OF ECONOMIC ADVKEXS SOURCE DEPARTMENT O f COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual ratesl Gross national product Period PerGross sonal conprivate sump domestion tic exinvestpendment itures Government purchases of goods and services Federal State NaNonTotal and tional Total delocal de 1 fense fense Exports and imports of goods and services Net exports Exports Imports Final sales III IV JI I H I IV I ory corresponds closely with budget outlays for national defense Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Exports of goods v Government purchases of Gross private domestic and services goods and services investment Persohal conGross Change national sumpNonState Resi in busi Net tion product resiand expend dential dential ness in exports Exports Imports Total Federal local fixed ventoitures fixed ries Period K III IV a I I I I I IV a a Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Period Gross national product Personal consumption expenditures Total Gross private domestic investment ResiNonDurable durable Services Nonres dential idential goods goods fixed fixed G IV II Ill a rv Source Department o Commerce Bureau of Economic Analysis Exports and imports of goods and services Government purchases of goods and services State Exports Imports Federal and local S a a Zo Z CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross national product III rv Chain price index Implicit price deflator IIIIV 1975 I Fixedweighted price index 1967 weights Constant 1972 dollars Current dollars Period Gross domestic product NOTE Animal changes from previous year and quarterly changes from previous quarter Flxedweight Constant 1972 dollars Implicit price deflator Current dollars Chain price index price index 1967 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Period Gross domestic product of nonfinancial corporate business billions of dollars Current dollars 1972 dollars G Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars Total cost and profit Capital conComsumption penallowIndirect sation ances of with business capital taxes 3 employees consumption adjustment I by gross domestic product of nonfinancial corporate Porat hTilH e q u a l t h e dGflator for gross domestic product of nonfinancial cor S40 Net interest l Corporate profite with inventory valuation and capital consumption adjustments Total Profits tax liability Profits after tax CompenOutput sation per per hour hour of all employ of aU employees 1972 CCS dollars dollars 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 III IV 1975 I II III IV I Compensation of employees 1 Proprietors income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital Net consump interest tion adjustment Source Department of Commerce Bureau of Economic Analysis Includes employer con tributions for social insui ance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Period Total personal consumption expendiTotal tures durable goods l S 1974 I I I IV II 950 3 III 977 4 IV I I Motor vehicles and parts Total Includes other Items not shown separately Retail sales of new passenger cars millions of units Nondurable goods Durable goods Furniture and household equipment Services Total nondurable goods Food Clothing and shoes Gasoline and oil Domestics Source Department of Commerce BureaiL of EconomicAnalysis Imports DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose at an annual rate of 5 0 percent in the first quarter of The increase over the 4 quarters in 1975 was 2 7 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADV1SEKS SOlftCEi DEPAXTMENT OF COMMERCE Period Less Personal Equals DisposPertax able sonal and perincome nonsonal tax 1 income payments Less Per s o n a l outlays Per capita disposable income Equals Personal saving Current dollars Billions of dollars dollars Per capita personal consumption expenditures Current dollars 1972 dollars Percent change in real per capita disposable per sonal income Saving as percent of Populadispostion able thou 3 persands sonal income Dollars G Seasonally adjusted annual rates 1974 III I II III IV l jl 140 0 jl 053 6 j Inclndes personal consumption expenditures interest paid by consumers to1business arid personal transfer payments to foreigners net Includes Armed Forces abroad Annual datn are for July 1 quarterly data we for middle of period Interpolated from monthly data G I G i Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census CORPORATE PROFITS Profits before tax rose 2 9 billion annual rate in the fourth quarter according to revised estimates but profits with inventory valuation adjustment declined slightly BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period III IV 1975 I II III IV 1976 I COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly iata at seasonally adjusted annual rates Profits after Profits before tax with inventory valuation adjustment l Domestic industries Tax Profits Nonfinancial liabefore Divibility Total dends tax WholeTotal FinanManu sale Total cial and Total 3 facturretail ing trade G Hi See p 3 for profits with inventory valuation and capital consumption adjustments i Includes rest of the world not shown separately Includes industries not shown separately 8 tax Undistributed profits Eourcc Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment i 4 r SOURCES OF PERSONAL INCOME Personal income rose 7 6 billion in M a r c h following a revised increase of billion in February W a g e and salary disbursements were up 4 2 billion or 1 4 billion less than in February Transfer payments rose 1 3 billion following a 4 2 billion increase in February which was largely due to special factors BILLIONS OF DOLLARS 1400 BILLIONS OF DOLLARS 11 400 SEASONALLY ADJUSTED A N N U A L RATES WAGE AND SALARY DISBURSEMENTS PAYMENTS t I MI 1976 COUNCt OP ECONOMIC ADVISERS SOURCEi DETAXTMENT OF COMMENCE Billions of dollars monthly data at seasonally adjusted annual rates Period 19C Wage Proprietors7 incomes Rental Other Total and income labor personal salary of income disburse income12 Farm Nonfarm persons4 ments l Dividends ISO C Mar May June G Jan 1 313 C Feb M a r July Aug Sept Oct Nov Dec ta a ETOTT m p elnosf two n salary disbursements and other labor income differs S a So S i a l m siu of employees see p 4 in that it excludes employer contribui r J o f em rance and the excess of wage accruals over wage disbursements fonrt i m c n Ployer contributions to private pension health and welfare s SMV I compensation directors fees and a few other minor items Q inventory valuation and capital consumption adjustments Nonfarm personal incomefl o Less PerPersonal Transfer sonal contributions interest payincome ments0 for social insurance 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 or Commerce Bureau of Economic Analysis FARM INCOME Farm income including inventory change declined 3 0 billion annual rate in the first quarter according to preliminary estimates Excluding inventory change the decline was 1 5 billion BILLIONS OF DOLLARS RATIO SCAIfl BfUJONS OF P O U R S RATIO SCALff N N REALIZED GROSS FARM INCOME r NET FAR K INCOME INCLUDING N ET INVENTORY CH NGE ji V SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE Period i i t 1970 i f 1971 f 1972 t t f f 10 T 1976 COUNCIL OF ECONOMIC AOVtSESS Quarterly data at seasonally adjusted annual rates Personal income received Income received from farming by total farm population Net income per Realized gross Net to farm Farm including net operators Cash receipts from inventory change marketings Produc Exclud IncludFrom From From tion ex ing net ing net all farm nonfarm Total1 Livepenses inven inven Current sources sources sources 1967 stock Crops Total tory tory s dollars dollars and change change products Dollars Billions of dollars III IV I II ml IV 1976 I a a osh receipts from marketings Government payments and nonmoncy ini feVCIitory o f cops and livestock valued at the average price for the year held r o n c e n s s of Agriculture definition of a farm The number of farms is eia constant within a year Income in current dollars divided by the index of prices paid by fanners for family living items on a 1067 base Source Department of Agriculture GROSS PRIVATE DOMESTIC INVESTMENT Business Fixed investment rose at an annual rate of 4 9 billion in the first quarter or slightly less than in the preceding quarter Residential outlays increased 3 3 billion also less than in the preceding quarter However inventory investment rose sharply by 16 1 billion from billion in the fourth quarter to 14 1 billion in the first quarter BILLIONS OF DOLLARS RATIO SCALE 120 NONRESIDENTIAL FIXED INVESTMENT BILLJONS OF DOLLARS RATIO SCALE 300 GRQSS PRIVATE DOMESTIC f00 i v I 1 f t BILLIONS OF DOLLARS RATIO SCALE 80 BILLIONS OF DOLLARS 40 CHANGE N BUSINESS INV 20 f X I 1 t I 1972 I I SEASONALIY ADJUSTED A N N U A L RATES SOURCE DEPARTMENT OF COMMERCE 1976 COUNCIL O f ECONOMIC ADVISERS Billions of dollurs quarterly data at seasonally adjusted annual rates Residential fixed investment Nonresidential fixed investment Gross private domestic investment Period Structures Total Producers durable equipment Total 19G5 I I I I IV I lI III IV I v Nonfarm Total Nonfarm Total ryQ Nonfarm structures ProFarm ducers struc durable tures equipment Change in business inventories Total Nonfarm S fl 16 5 7 G G Source Department oi Commerce Bureau of Economic Analysis 9 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 RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL NEW PLANT AND EQUIPMENT I J S E E FOOTNOTE 4 BELOV SOUKC OeFACTMIW OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Starts of plant and equipment projects J Expenditures for plant and equipment Nonmanufacturing Manufacturing Period G ComManu Public merfacturutilicial ing ties and 3 1 other a IS I II Ill IV j Total i 1976 I I I nd half Total Durable goods 1 Nondurable goods Total Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations These figures do not agreo precisely with tho nonrosldontlal fixed investment data in gross naUonal product estimates mainly becauso those data include investment by farmers professionals institutions and real ostate firms and certain outlays charged to current account Includes trade service construction finance and Insurance Starts are estimated by adding changes in carryover to expenditures during 10 Trans Public ComMining porta utili munication ties tion given period Expenditures estimates based on expected capital expenditures as reported bybusiness in late January and February 1070 NOTE Annual total is the sum of unadjusted quarterly totals Estimates as noted In footnote 4 Include adjustments when necessary for systematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted nonagricultural employment increased by 364 000 in March to 83 5 million Nonagricultural and total employment each have increased more than 2 million since March 1975 MIUJONS OF PERSONS 1100 MILLIONS OF PERSONS 100 SEASOtUUY ADJUSTS 90 CIVILIAN LABOR FORCE EMPLOYMENT UNEMPLOYMENT i ftn 1 tii nnlt 1975 l i YEARS OF AGE AND OVER SOURCE DEPARTMENT O f LAAOff Noninstitutional population Period COONCH Of ECONOMIC Gt Seasonally adjusted SO S Mar J t Sept Oct Nov Dec Jan Fob I tltntional Jor data because m data which added about 800 000 to the civilian 333 000 to the civilian labor force and 301 000 to adjustment in March 1973 added 00 000 to the Labor force participation rate per 3 cent j Unadjusted 1975 M a r Apr M a y June July AWtSM Thousands of persons 16 years of age and over Unemployment Civilian employment Total labor Nonagricultural 15 Civilian Unem force Civilian AgriPart time Total weeks employ ploy includ labor Total and for ecoforce culment ing ment Total nomic over tural Armed reasons1 Forces i Persons at work in nonagricultural industries Total laborforceas percent of nonlnstitutlonal population 16 years of age and over 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate declined by 0 1 percentage point to 7 5 percent in March The rate declined for most demographic groups with the largest decline among blacks PERCENT SEASONALLY ADJUSTED f ERCENT SEASONALLY ADJUSTED 20 f TEENAGERS t 4 l V W ft f 70 WOMEN 20 YEARS y AND OVER MEN 2 0 YEARS AND OVER Li in h i n II 1 M 1 t t f UNEMPLOYMENT AS ffRCENT O f CIVIUAN UK ft fO CE H CROUP SPCCIFIEO SOUftCEi DEPARTMENT OF LABOR II COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period MarApr May June July Aug SeptOct Nov Dec 1976 Jan Feb Mar Total all civilian workers S By sex and age By color Men Women Both 20 20 sexes years years 16 19 and and years over over J G o Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 White By selected groups ExpeBlack rienced House Fulland wage time hold and other heads workers races salary workers S S Source Department of Labor Bureau of Labor Statistics Parttime workers Labor force time lost percent S 4 S SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS Long duration unemployment 15 weeks or longer continued to decline in relative importance in March After rcaching a peak of 38 6 percent of the unemployed in December 1975 the proportion declined to 33 7 percent in March PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS DURATION OF UNEMPLOYMENT rx 40 REENTRANTS 20 J O B LEAVERS NEW ENTRANTS i 1 i i i i i i I t I t 11 i i S75 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF 1ABC Period 1976 COUNCIL Of ECONOMIC ADVlSEtt Monthly data seasonally adjusted except as noted Percent distribution of unemPercent distribution of unem State programs Insured ployment by duration l unem Special ployment by reason unemployUnemployment ployment all 27 Insured ment New Less regular benefit ReenJob Job thouenthan 5 weeks weeks weeks unem Initial claims proand ploy claims sands losers leavers trants trants weeks grams i unadover ment unad justed justed iy y not add to lOOpercent because of rounding r 3 S l a t e 5 0 States District of Columbia and Puerto EIco ex servlcep5 UCX t n t e Federal UCFE and railroad P K programs Also includes Inn i a n d s extended benefit prorrams Does not include FSB Federal supplemental benefits and SUA Special Unemployment Assistance S Weekly average thousands 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 NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment seasonally adjusted increased by nearly 200 000 in March to 78 5 million The largest increases were in durable goods manufacturing wholesale and retail trade and State and local government employment MILUONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTS SEASONALLY ADJUSTED ENLARGED SCALE 80 ALL NONAGRICULTURAL ESTABLISHMENTS 76 WHOLESALE AND RETAIL TRADE 72 SERVICES M NONMANUFACTURJNG PRIVATE 40 DURABLE MANUFACTURING 24 NONDURABLE MANUFACTURING MANUFACTURING 20 CONTRAa CONSTRUaiON GOVERNMENT Z 1OURC MFACTMeNT O r UBOC 1976 COUNCIl OF ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted Goods producing industries Period Total nonagricultural employ Total ment Feb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar t Contract construction Service producing industries Trans Whole Finance Government insurporta sale ance Services tion and Total NonState and and Federal and Total Durable durable public retail real goods goods trade estate local utilities Manufacturing Includes all full and part time wage and salary workers in nouagricultural establishment who worked during or received pay for any part of tho pay period which includes the 12th of tho month Excludes proprietors self employed persona 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 C r are not at work because of industrial disputes and which are based on a sample of the workiiiK ape population whereas tho estimates in this table are based on reports from employing establishments a Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICUIiTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Average gross Adjusted hourly earnings index total private Average weekly hours nonagricultural3 hourly earnings Total private nonagri l cultural Period Manufacturing Total Overtime Total private nonagri l cultural Manufacturing Index Current dollars Percent change from a year earlier 4 1967 dollars Current dollars 1967 dollars Feb Mar Apr A l a J v t June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar AVERAGE WEEKLY EARNINGS PRIVATE n NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Percent change from a Average gross weekly earnings Total private nonagricultural x Period Current dollars Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 9 Manufacturing 1967 dollars 3 Retail trade total private nonagricultural Current dollars Current dollarsj 1967 dollars G S deludes other private industry groups shown on p 14 Adjusted for Interindustry employment shuts and tor overtime In manuwnrinR wnrinR Current dollar Index or earnings divided by the consumer price Index G 3 Contract construction Monthly changes based on Indexes to 2 decimal places Includes eating and drinking places Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE ECONOMY Hours of all persons 2 Output 1 Period Total private Private nonfarm Total private Private nonfarm Output per hour of all persons Total private Private nonfarm Unit labor costs Compensation per hour 3 Total private Private nonfarm Total private Implicit price deflator Private nonfarm Total private quarterly data seasonally adjusted iea I II Ill IV I I II Ill IV II Ill IV Percent change quarterly data at seasonally adjusted annual rates S ai as ai ai I II IIIIV I I II III II III IV J Output rofors to gross domestic product originating in the soctor in 1972 dollars Hours of all persons in private Industry engaged in production including tabiiSSSSrtd u n p a l d faially w o r k c r s E s t l m a t o s b a s e d p rlraaril y inLli JSSl JS ppjoyoes plus employers contributions for social insiirancoand private benefit Jplans Also includes an ostlmato of wages salaries and supplemental payments i for the solf employed 16 Current dollar gross domestic product dividod by constant dollar gross domesNOTK Percent changes wo from preceding period and are based on original data thoy therefore may differ slightly from percent changos based on indexes shown hero Sourco Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production increased 0 6 percent in March following rises of 0 7 and 0 8 percent in February and January respectively A l l major market groups contributed to the March increase INDEX RATIO SCALE INDEX RATIO SCALE UTILITIES AND MINING PRODUCTION TOTAL INDUSTRIAL PRODUCTION UO r UTILITIES MINING ttl 1 l l iitiiiiini 11 Ll 111 l i t 1 iniilmii ii i ii 1 i n I l v V MANUFACTURING PRODUCTION 111f i f f r i I I r 111Ii 111 r M 11111 1 M M M tin it i I t i i l i l l l T MANUFACTURING CAPACITY UTIUZATI O N RATE N i t i SEASONALLY ADJUSTED COUNCfL OF CCONOMJC ADV1SKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1067 proportion Mar Apr May J y Aug Sept Oct Nov Dec 1076 Jan Fob Mar Total industrial production Percent Index change 1967 from 100 year earlier C C G Percent of capacity data entered In last month of quarter mal data are averages of quarterly dcta Seasonally adjusted Industry production indexes Manufacturing Total Durable Nondurable Mining S a 100 G G Utilities G G Manufacturing capacity utilization rn t p percent rate nornrmt Federal Reserve series 3 ComWharTotal merce ton Major 4 manuscries s 5 series matefacturrials ing J SO G O L Quarterly data ore for last month in quarter Annual data arc averages of four monthly indexes Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and V harlon School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Products Final products Consumer goods Period Total NonDurable durable goods goods Total 1967 vrovortion Mar Apr May June July Autr Sept Oct Nov Dec 1976 Jan Feb Mar G a Equipment Intermediate products Total Business Total IS Construction S f Materials Supplemen tary croun liinergy total seasonally adjusted Primary metals Period Total 1967 proportion m Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Iron and steel Nondurable manufactures Durable manufactures Transportation ChemiTexequipment FabriPaper icals MaFoods cated Motor Lumber tiles and petrochinand apparel printand metal vehicles leum tobficco Total ery products and products and ing and leather parts rubber Source Board of Governors of the Federal Reserve System 18 U NEW CONSTRUCTION Private Total new construction expenditures Period Construction contracts8 Residential Total Commercial and industrial New housing units Total Other Federal State and local CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Billions of dollars ea o Seasonally adjusted Seasonally adjusted annual rates 1975 Feb Mar Apr fay June July Aug Sept Oct Nov Dec 1976 Jan Feb Includes nonhousekceping residential construction and additions and alterations not shown separately a F W Dodge scries Relates to 50 States beginning 1069 for value Index and beginning 1971 for floor space Seasonally adjusted annual rates Note New construction expenditures scries beginning 1976 not strictly comparable with earlier data Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F V Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private housing units Period Units started by type of structure Total MarApr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar lunit 1 4G Seasonally adjusted Quarterly data entered in last month of quarter 2 4 units 5 or more units New private homes Units authorized Units completed Homes sold Vacancy rate for Homes for rental sale at housing end of1 units percent period Seasonally adjusted annual rates G10 660 G Source Department of Commerce Bureau of tho Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business inventories increased 1 5 billion in February with retail stocks accountins for nearly half of the increase Business sales rose 1 7 percent Retail sales rose briskly in March b y 2 8 percent according to preliminary estimates BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 300 TOTAL BUSINESS INVENTORIES 200 A TOTAL BUSINESS SALES INVENTORY SALES RATIO 100 MO m jjj mii S E A S O N A U Y ADJUSTED SOURCE WfA TM NT OF COMMERCE 1976 COUNCIL OF ECONOMIC ADVISERS Total business x Inventories s Sales Inventories 3 Inventory sales ratio Retail Wholesale Inventories Sales Period I Durable goods stores Total DurNonable durable Total goods I goods stores stores Nondurable goods stores Total i busi I Retail Millions of dollars seasonally adjusted Fcb Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar The term business also includes manufacturing sec page 21 Monthly average for year and total for mouth 1 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 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS5 SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers new orders increased 2 3 percent in February to an all time high of 90 2 billion Transportation industries largely motor vehicles and shipbuilding and railroad equipment accounted for most of the increase Shipments were up 1 8 percent and inventories were up 298 million BILLIONS OF DOLLARS fRATIO SCALE BILLIONS OF DOLLARS RATIO 5CAL9 NONDURABLE GOODS 20 I Miilniii n n i l m i i i milnin i i i i i i n n i mnlitm BILLIONS OF DOLLARS RATIO SCALE INVENTORY SHIPMENTS RATIO TOTAt r ih 20 ttiif itU SEASONALLY ADJUSTED SOUBCEi DEPARTMENT O f COMMERCE Mill TIT mnf tmt nmtnni H T t t t f t t H COUNCA OF ECONOAAIC ADVtSStt Manufacturers new orders 1 Durable goods Capital NonNongoods Durable durable Total Total indus durable goods goods Total goods tries nondefense Millions of dollars seasonally adjusted Manufacturers shipments Manufacturers inventories Period Feb Total r 80 703 May June SI 039 July Sept Oct Nov D Jan Mar p NonDurable durable goods goods on lly a exuge for year and total for month Shipments are the same as sales i v vtBlUe e n d Period E n d of period For annual periods ratio of weighted average inventories to average monthly Manufacturers unfilled orders Manufacturers1 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 PRICES WHOLESALE PRICES In March the wholesale price index rose 0 2 percent also 0 2 percent after seasonal adjustment Prices of farm products and processed foods and feeds dropped 0 9 percent 0 2 percent seasonally adjusted Industrial commodity prices were up 0 6 percent 0 4 percent seasonally adjusted INDEX RATIO SCALfl 1220 INDEX RATIO SCALE FARM PRODUCTS AND PROCESSED FOODS AND FEEDS J COUNCIL OF ECONOMIC ADVISERS SOURCE MPAATMENT OF L U O Farm products Indusand trial processed commodfoods ities and feeda All commodities Period 100819f Mar Apr May June July Aup Sept Oct Nov Dec 1976 Jan Fob Mnr Unadjusted Special groupings Farm products Processed foods and feeds Excludes crude foodstuffs and foodstuffs plant and animal fibers oilseeds and leaf tobacco Include supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds 22 Crude materials1 Inter Producmediate er finmateished rials 3 goods G Seasonally adjusted Consumer finished goods excluding foods Total NonDurable durable Note Seasonally adjusted data revised beginning 1967 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In M a r c h the consumer price index rose 0 2 percent also 0 2 percent seasonally adjusted Food prices declined 0 7 percent 0 8 percent seasonally adjusted Nonfood commodity prices rose 0 4 percent 0 3 percent seasonally adjusted and services prices were up 0 6 percent 0 7 percent seasonally adjusted INDEX RATIO SCALE 220 INDE RATIO SCALE couNcn or ECONOMIC ADVBEKS SOUftCEi DEPARTMENT OF LABOlf All items Food Period Commodities less food Services commodities All Food at home Food away from home June Julv Aug Sept Oct Nov Dec G Jan 166 7 F o b Mar Services Durable Nondurable All Seasonally adjusted Unadjusted M a r Apr 158 G 171 2 M a y Commodities less food Food Alt All na i isa 4 Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN WHOLESALE PRICES Percent change from 3 months earlier Percent change from 6 months earlierseasonally adjusted annual rates t seasonally adjusted annual rates Percent change from preceding period seasonally adjusted Period Farm products All commodities Industrial commodities Processed foods and feeds All commodities Processed foods and feeds Farm products G Jan Feb Mar All commodities Farm products Processed foods and feeds Mar Apr May June JulyAug Sept Oct Nov Dec Industrial commodities Industrial commodities I 2a ao Note Seasonally adjusted data revised beginning 1907 Source Department of Labor Bureau of Labor Statistics Annual changes arc from Deccinlrer to December unadjusted CHANGES IN CONSUMER PRICES Percent change from preceding period seasonally adjusted l Period All items Food Commodities less food Percent change from 3 months earlier Percent change from 6 months earlier seasonally adjusted annual rates seasonally adjusted annual rates Services All items Food Commodities less food Services All items Food Commodities less food Mar Apr May June July Aug Sept Oct Nov Dec r Jan Feb Mar Annual changes arc from December to EccciLfccr ur edjuttcd 24 Services Ecurce J cpartiLcnt of Later Bureau of l a l o r Statistics S f PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers declined 11 2 percent in the month ended March 15 Contributing most to the decline were lower prices for hogs milk eggs and cattle Partially offsetting were higher prices for lettuce tomatoes lemons and cotton Prices paid rose 1 s percent The actual parity ratio was down 2 points and the adjusted ratio 1 point INDEX RATIO SCALE KJ PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID M l ITEMS INTEREST TAXES AND WAGE RATES i I i I i I 1 LJ 1 L L l l l l l l l i n I I I 1 11 1I 1 n I f 1 f t 1 1 M M 1 r i i f T i r T r T i PARITY RATIO ACTUAL Ai in t I 1 I i r t i 1 i i i I 1972 I if i fi M i i 11 I i J RATIO OF IKDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT O f AGMCULftftE Prices paid by farmers All items ProducFamily Livestock interest tion and living taxes and items products wage rates items Index Prices received by farmers Period Feb 15 Mar 15 Apr 15 Mav 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jnn 15 Fob 1 5 Mar 15 All farm products G S Crops Percentage ratio of Index of prices received by farmers to index of prices paid interest taxes and wage rates on base Parity ratio l Actual Adjusteds a The adjusted parity ratio reflects Government I ayments made directly to farmers Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK In March M i growth continued at the strong pace of February while growth in M 2 moderated somewhat BILLIONS OF DOLLARS RATIO SCALE 800 BILLIONS OF DOLLARS RATIO SCAti 800 AVERAGES OF DAILY FIGURES X mi i i i i i r r i i i i i i 11 J J T i 1 r I l f 1 1 t t i j i 1 i i t f t 1 1 l f 1 I M 1 1ii11 i1 i i i ix t 1 1 1 t I SEASONALLY ADJUSTED SOU C K3APD OF OOVWNOTS OF THE FEDE M IESERVE SYSTEM COUNClt Of ECONOMIC Averages of daily figures billions oi dollars seasonally adjusted except as noted Overall measures l Percent change 2 Components anc related items Deposits at commercial banks Period M M Currency Time and savings Demand Total 1971 Dec D e c 1973 D e c 1974 D e c 1975 Dec MarApr May June July Aug Scpt Oct Nov Dec 1976 Jan Feb Mar G C G GG cEH Other G Mi Is currency plus demand deposits Mi Is Mi plus lime deposits at com 26 Deposits at nonbank thrift institutions G U S Government demand deposits unadjusted G AT Ml S J J r r it 0 6 6 G S S Annual changes arc from December to December and monthly cliungesare from 6 months earlier at a seasonally adjusted annual rate Source Board of Governors of the Federal Reserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAII INVESTORS Averages of daily figures billions of dollars seasonally adjusted Currency and deposits Total liquid assets Period Dcc Dec Dec Dec Dec Dec Dec Currency Total Demand deposits Commercial banks a ct Xov Dec 197G Jnn Fob Mar 9 Negotiable certifiShort cates of Nonbank thrift Savings term deposit institu bonds marketable setions curities ll l Feb Mar Apr Alay June Julv AugSopt U S Government securities Time deposits Commercial paper a 2 Source Board of Governors of the Federal Reserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalment credit extended Period Total i Automobile Bank credit cards Instalment credit liquidated Total 1 Auto mobile Feb Mar Apr May June Julv Aug Sept Oct Nov Dec C Jan Feb fill Includes some Items not shown separately Bank credit cards Net change in amount outstanding Total Automobile Bank credit cards Source Board of Governors of the Federal Bcserve System 27 BANK LOANS INVESTMENTS AND RESERVES Commercial and industrial loans continued to decline in March while holdinss of U S Government securities showed another fairly large increase BILUONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS INVESTMENT IN U S GOVERNMENT SECURITIES SEASONALLY ADJUSTED END OF M O N T H i lOAJtO O f GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Mar Apr May June July g Sept Oct Nov Dec Jan Feb Mar Total loans and investments i COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All member banks All commercial banks Borrowings millions of dollars Reserves 2 Loans Investments unadjusted a Total ex Commer U S Gov Other NonAvailSeacluding cial and Total ernment secuTotal able borrowed sonal inter industrial securities rities bank i Data arc 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 defined as 1 required reserves for a private demand deposits b total timo and savinps deposits and c nondeposlt sources subject to reserve requirements and 2 excess reserves This series excludes required reserves for new Interbank and U S Government demand deposits During 1974 a bank merger increased total loans and investments by 0 6 billion and liquidation of a larpe bank reduced total loans and In vestments by 1 5 billion For effect on other categories see Federal Reserve Bulletin Rectification of loans reduced these Joans by about 0 7 billion as of March 31 1 J7O 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 External Period Internal i Total Credit market Funds Total Longterm2 Total G IT Ill IV Gl G Shortterm Undistributed profits after inventory valuation and capital consumption adjustments and capital consumption allowances 2 Stocks bonds and mortgages 1 Bank loans commercial pnpor finance company loans bankers acceptances and Government loans Total Other Uses Purchase of physical assets crease in financial assets In Discrepancy sources less uses Plant and equipment residential structures and Inventory investment Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars Current liabilities Current assets Cash End of period on Total hand and in banks I m 000 2 I I III 70S 0 IV I IT III i o U S Receiva Dies Govtroxn ernment U S securi VJOVemties ment I Notes and ac counts receivable In ventories a Includes time certificates of deposit Includes Federal agency issues Receivables from and payables to the U S Government do not include amounts offset apainst each other on corporations books or amounts arising from subcontracting which are not directly due from or to the U S Government 1 Other current as Total sets Advances and Notes and preacpayments counts payU S Govable eminent Fedprn 1 ClUl income tax liabilities Other current liabilities Net working capital 164 G Wherever possible adjustments have been made to include U S Government advances offset against inventories on corporations books Includes marketable Investments other than Government securities and time certificates of deposit as well as sundry current assets Source Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS In April short term interest rates cased back from the run up which occurred in early March PERCENT PER ANNUM PERCENT P R ANNUM DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK a UKE 5ZE TAME KlOW eOUHCll OP ECONOMIC ADVBSW Percent per annum Highgrade Corporate municipal Aaa Taxable bonds bonds bonds Standard Moody s Poor s 4 U S Government security yields Period Mar Apr May June July Aup Sept Oct Nov Dec 1976 Jan Feb Mar Week ended 1976 Apr month Treasury bills 1 3 5 year issues Prime commercial paper 4 6 months fi Hate on new issues within period Selocted note and bond issues April 1053 to date bonds due or callable 10 years and after Woekiy data arc Wednesday figures A Vl T ag e l T c t I v o te Jorycar openin and closinR rate for month and week Beginning November 1971 several banks adopted a floating prime rate keyed 30 Discount rate N Y F R Bank Prime rate charged by banks s f i hM 5H 5H ViVi 1 VA 7J4 7 7 l i 7H 7H 7 S J4 7J4 7U7 4 Newhome mortgage yields FHLBB T H 5H to ir oney market variables Beginning April with the adoption of th dual prime rate this table shows only the rate charged for larRo business loans 7 Effective rate 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 Soxirces Board of Governors of tho Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices fell in early April but later regained the highs of late March COMPOSITE STCfcK PRICE INDEX 70 V r MI t t t t f i i I r i J i f i i I t I t1 1 t I 11 t l Fcb Mar Apr May June y Aug Sept Oct Nov Dec 1976 Jan Mar Week ended 1973 Apr New York Stock Exchange indexes Dec Utility Finance Averages of daily dosing prices j Includes all the stocks more than 1 475 listed on thoNYSE Includes500stocks Standard Poor s scries Dividend price ratios based on Wednesday closing pnees Earnings price ratios based on prices at end of quarter 1976 Common stock yields percent Common stock prices 1 Composite Indus tria 1 Transportation 1976 COUNCIL OP ECONOMIC AOVUEiS SOURCES NEW Y O STOCK EXCHANGE AND STANDARD t K X t t S G0RKKAHOK Period 50 Standard Poor s Dowcomposite Dividend EarningsJones price price index industrial ratio ratio average T l NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones fc Company Inc and Standw d Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT The estimated budget deficits for fiscal 1976 and 1977 are 76 9 billion and 44 6 billion respectively JMLUONS OF DOUARS 450 BILLIONS OF DOLLARS 4bO RECEIPTS AND OUTLAYS 400 4UU J00 OUTLAYS j REC IPTS A L FISCAL YEARS COUNCIL OF ECONOMIC A0V1SEW SOURCES DEPARTMENT OF THE TREASURf AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Federal debt end of period Period Fiscal year s Receipts Outlays Surplus or deficit Total Held by the public II I Transition quarter2 1977 Cumulative totals for first 8 months Fiscal year 1975 Fiscal year fi S Sources Deportment of the Treasury and Office of Management and Budget March will be revised later 32 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION Fiscal 1976 budgcf receipts are estimated at 297 5 billion and budget outlays at 374 4 billion The corresponding figures for fiscal 1977 are 351 3 billion and 395 8 billion respectively BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS Illl INDIVIDUAL INCOME TAXES i fffflBffltf 100 iss OTHER RECEIPTS I 1 0 r 1 I CORPORATION INCOME TAXES 1 1 I I OUTLAYS NONDEFENSE li NATIONAL DEFENSE A I COUNCIL OF ECONOMIC ADVlSEftS SOURCES DEPARTMENT O f THE TREASURY AND OFFICE O f MANAGEMENT AND BUDGET Billions of dollars Outlays Receipts National defense Period Total Fiscal year Individual Corporation income income taxes taxes Other Total G G G GS G Transition quarter G G Cumulative totals for first 8 months Fiscal year 1975 Fiscal year G G 232 2 2G4 9 Estimates from the Spring Vpdate 1977 Budget transmitted to the Congress 3 G G G o G G Total Health Depart InternaInand ment of tional income terest Other Defense affairs security military G Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter expenditures rose 10 4 billion compared to an 11 5 billion increase in the quarter before With receipts up 8 8 billion in the fourth quarter the deficit rose by 1 6 billion Preliminary estimates for first quarter expenditures indicate a rise of 6 0 billion receipts data are incomplete BWJONS OF DOLLARS BIWQNS OF DOLLARS SURPLUS uu 224 y A I I 80 DEFICIT I OkUNOAK YEARS 5OUICC Df PAlTMf N7 OF COMMttCC W6 COUNOL Of KONOMIC ADY1SOS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Period Personal Corpo Indirect rate business Total tax and profits tax and nontax tax nontax receipts accruals accruals Fiscal year i 364 7 Calendar year III 299 2 IV Federal Government expenditures Surplus or GrantsSubsidies Less deficit ContriPurin aid less Wage butions chases Trans to State Net current accruals national for Total of goods fer pay and interest surplusof less income social inand ments local and paid Govern dissurancc services government en burse product ments terprises ments accounts n G I G II III IV G S I Estimates from The Budget of the United Stctts Government Fiscal transmitted to tho Congress January Year 1U I f I ol Sources Department of Commerce Bureau of Economic Analysis Department of tlio Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan GerFrance many Italy Consumer prices unadjusted United United KingStates dom Canada pan GerFrance many Italy United Kinsdom i I II IIIIV 1975 I II IIIIV 1976 I Jan FebMar H Sources National sources as reported by Deportment of Commerce Bureau of Economic Analysis in Buainest Condition 2Mgett U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merchandise exports Merchandise imports Period Domestic Total domesFood tic and beverforeign Total 3 ages exand toports bacco exports Crude mate ManufacTotal 3 rials tured and fuels goods i F a s value 5 Monthly average M a r Apr May June July Aug Sept Oct Nov Dec Jan Feb Total excludes Deportment of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 1 Total Includes commodities and transactions not classified according to kind 1 Total arrivals of Imported goods other than lntransit shipments Merchandise trade balance ExGeneral imports 3 Exports f a s ports Exports Food Crude less f a s f a s bever mate Manu Total less less imfacrials ages im imports ports c Lf tured and to and if ports cusbacco fuels i goods value toms f a s value Customs value F a s value CJ f cost insurance and freight Import value at first port of entry in the United States Data for 1073 are estimates 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 Cftnsun JJJJ 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 BILUONS OF DOLLARS 4 BALANCE ON GOODS AND SERVICES 1975 COUNCIL O f ECONOMIC ADVISERS SOUftOi DEMKTMENT O f COMMERCE Millions of dollars quarterly data seasonally adjusted Military transactions Merchandise 1 a Period Exports S I II III IV Imports Net balance Direct expenditures S0G I II III GS Sales S Net balance Private U S Government Net travel and Other transservportaices 3 tion net expenditures Balance on goods and services Remittances pensions and other unilateral transfers Balance on current account G l Excludes military prams Adjusted from Census datft for differences in liming and coverape Fees and royalties from U S direct investments abrcad or from foreign direct investments In the United States are eicluCed frcm cct ii vestircnt income end Included in other sen ices net 36 Net investment income Source Department of Commerce Bureau of Economic Analysis U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS 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 BILLIONS OF DOLLARS BALANCE O N CURRENT A C C O U N T A N D LONG TERM CAPITAL OFFICIAL RESERVE TRANSACTIONS BALANCE COUNCIL OF ECONOMIC ADVBEAS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted Period I III IV I Long term capital Balance Nonliquid flows net on shortcurrent term account private U S and long capital Govern Private term flows ment capital net S III IV p Allocations of special drawing rights Errors and omissions net hxcludcs liabilities to foreign official reserve agencies IJH t e forci ncrs exclude the IMF but Include other International and regional orpanlzatlons Includes liabilities to foreign official agencies reported by U S Government J d U S bants aud U S liabilities to the IMF arising from reversible gold sales p w and 11513 of pold deposits with the United States rW 5 1 3 w K ld special drawing rights S SDR convertible currencies and D W y U S pold tranche i osltion in the IM F Minus sign indicates increase inclurirs increases in millions ns follows due to revaluation of the man mark in Oct J28 due to dollar value of foreign currencies t r f l t market exchange rates as of Doc l 0ie due to Net liquidity balance Liquid private capital flows net SDR Changes in lia Changes Official in U S reserve bilities official to transactions foreign reserve assete balance official agencies net net 3 U S official reserve assets net unadjusted end of5 period S chance in par valuo of the dollar on May S 1972 and due to change in par valuo of the dollar on Oct Beginning July 1U74 SDR and reserve position In the IMF based on now method ol valuation On a pre July basis reserve assets for Sept are 15 049 million for Dec million for Mar million for June million for Sept million and for Dec million Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury POSTAGE AND PEES PAID U S GOVERNMENT PRINTING OFFICE UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mall Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price DeflatorsforGross 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 j jj J J 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 Economy jJ 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 Instalment Credit Bank Loans Investments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function M Federal Sector National Income Accounts Basis M INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries M U S Merchandise Exports and Imports M 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 was virtually completed in the March issue Some minor changes may be made in the next few issues For ealo by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Trice 85 cents slnglo copy Subscription price 10 10 per yuar 2 55 additional 38 lor foreign mailing

Farm Income

DATE: April 1976

PART OF:

Economic Indicators : April 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-. "Farm Income," 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-. "April 1976," Economic Indicators (April 1976) : 10-10. https://fraser.stlouisfed.org/title/1/item/200/toc/176942 , accessed on December 10, 2019.

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Economic Data