Status of the Labor Force

Name: Status of the Labor Force
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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Congress 2d Session Economic Indicators May 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 BQLLING Missouri Vice Chairman SENATE JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut LLOYD M BENTSEN JR Texas EDWARD M KENNEDY Massachusetts JACOB K JAVTTS New York CHARLES H PERCY Illinois ROBERT TAFT JR Ohio PAUL J FANNIN Arizona HOUSE OF REPRESENTATIVES HENRY S REUSS Wisconsin WILLIAM S MOORHEAD Pennsylvania LEE H HAMILTON Indiana GILLIS W LONG Louisiana OTIS G PIKE New York CLARENCE J BROWN Ohio GARRY BROWN Michigan MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California 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 81sx Congress CHAPTER 237 1st SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 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 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter gross national product rose 46 3 billion or at an annual rate of 12 3 percent Real output GNP adjusted for price changes increased at a rate of 8 5 percent compared with 5 0 percent in the fourth quarter The inflation rate dropped from 6 8 percent to 3 5 percent BILLIONS OF DOLLARS RATIO SCALE 1 800 BILLIONS OF DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Peri od Gross national product Personal consumption expenditures Gross private domestic investment III IV III IV I Export s and imp orts of goodIs and servoices Net exports Go rernment purchases of goods and services Federal State NaNonTotal and tional Total delocal de l fense fense Exports Imports Final sales I This category corresponds closely with budget outlays for national defense shown on p 33 Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Exports of goods Gross ijrivate domestic aiid services iiivestmenl Personal conGross Change national sumpNonproduct Resi in busition Net resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries Period III IV I II III IV lias Governinent purebases of goods and sen dees T inal j iiiai Total Federal State and local sales c IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Period Gross national product Persona eonsumj tion expejnditures Total Gross private dom estic invesl ment NonDurable durable Services Nonresidential goods fixed goods Residential fixed Expor ts and imports of goods and s rvices Governnlent purchases f goods and scsrvices State Exports Imports Federal and local II III IV IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross national product Constant 1972 dollars Current dollars Period I Chain price index III IV 1975 I II III IV Implicit price deflator Gross domestic product Fixedweighted price index 1967 weights NOTE Animal changes from previous year and quarterly changes from previous quarter Hxedweighted price index 1967 weights as Chain price index Implicit price deflator Constant 1972 dollars Current dollars as Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross c omestic prodiact of nonfir tancial corp orate busi ness billi ns of doll ars Period Current do ilar cost a nd profit per unit of output dollars i Total cost and profit 2 Capital consumption ComallowpenIndirect sation Net ances inwith business of capital taxes 3 employ terest conees sumption adjustment Current dollars 1972 dollars III IV III IV I Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted 2 places to the left 3 Also includes transfer payments less subsidies Corpc rate profitswith invent ory valual Aon and capit al consuniption iidjustmen ts Total Profits tax liability Profits after tax ComOutput penper sation hour per of all hour employ of all employees 1972 ees doldollars lars With inventory valuation and capital consumption adjustments Note Data revised Sources Department of Commerce Bureau of Economic Analysis and De partment of I abor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates ProprjLetors mcom e with inventor y valuation anc capital consur nption adjust ments Com Na tional income Period pensation of em ployl ees f r n III IV 1975 I II III IV 1976 I Farm Nonfarm Rpntfll with capital consumption adjustment Corpor ate profits with inv entory va uation and capital consumptioii adjustm ents Profits with in v 3ntory valualion adjus bment and without ca pital consum ption adjiistment Total Total Profits before tax Invenj tory valua Capital consumption adjustment Net interest adjustment Source Department of Commerce Bureau of Economic Analysis i Includes employer contributions for social insurance See also p 6 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates 1 Period Total personal consumption expenditures Retail sales of new passenger cars naillions of uiaits Nondura ble goods D urable goo ds FurniTotal durable goods 1 Motor vehicles and parts and household Services Total nondurable goods 1 Food Clothing and shoes Gasoline and oil Domestics Imports ment III 907 7 IV II III IV Total includes other items not shown separately ag Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal Income rose 11 6 billion annual rate in April following a revised increase of 10 1 billion in March Wage and salary disbursements were up 6 0 billion about 1 billion more than in March All other major types of income also rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME WitlMHIW TRANSFK PAYMENTS r 60 6Q 40 t t I 1 I t I I I I 1 1 I f I 11 LI t i l l i l t 1 1 M I M t I I I t t t I t t M I t I t 1L M 1 t I I I I I I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Propriet rs income3 Rental Other Total and income personal salary labor of income disburse income12 Farm Nonfarm persons 4 ments 1 Period Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contribuions for social insurance and the excess of wage accruals over wage disbursements 2 I Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments With 6 Dividends Personal Transfer interest payincome ments Less Personal contributions for social insurance Nonfarm personal income capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments 6 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 at an annual rate of 5 3 percent in the first quarter of 1976 The increase over the 4 quarters in 1975 was 2 7 percent BILLIONS OF DOLLARS RATIO SCALQ BILLIONS OF DOLLARS RATIO SCALQ PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Less Personal tax Personal and income nontax payments Equals Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less Personal outlays l Per capita Per caj ita perdisp 3sable sonal c Dnsumppersona 1 income tion exp enditures Equals Personal saving Current dollars Bil lions of d ollars dollars Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Populadispostion able thou 2 persands sonal income Dollars Seas onally ad usted ann ual rates 1974 III 1 IV II 1 III 1 IV i 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 and Bureau of the Census FARM INCOME Farm income including inventory change declined 3 0 billion annual rate in the first quarter excluding inventory change the decline was 1 5 billion BILLIONS OF DOLLARS RATIO SCAL BILUONS OF DOLLARS RATIO SCAL REALIZED GROSS FARM INCOME t NET FARM INCOME JNCLUDING NET INVENTORY CHANGE j A 20 I t i 20 V f 10 r t 1968 r f L SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE J 10 L JL 1976 COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Personsil income received Income r iceived frc m f armiB g by tota farm population Realized gross Net income per Netto farm farm incl uding net opei ators Casl i receipts from inventor y change 3 Period marketing5S From From From Produc Exclud Includall farm nonfarm 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 Do lars Billio us of dollstrs III IV I II III IV I Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 3 Inventory of crops and livestock valued at the average price for the year Based on Census of Agriculture definition of a farm The number of farms is held constant within a year Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base Source Department of Agriculture CORPORATE PROFITS Profits before tax rose 8 4 billion annual rate in the first quarter according to preliminary estimates while profits with inventory valuation adjustment rose 10 1 billion BILLIONS OF DOLLARS BILLIONS OF 40 HI SOURCEs DEPARTMENT OF COMMERCE Period III IV 1975 I II III IV 1976 I Billions of dollars quarterly data at seasonally Profil bs before tax wit i invent 3ry valmition adjustn lent 1 Dome stie industries N onfinanc ial Total 2 Manu WholeTotal Finansale 3 faecial Total and turretail ing trade See p 3 for profits with inventory valuation and capital consumption adjustments 2 Includes rest of the world not shown separately 3 Includes industries not shown separately 8 COUNCIL OF ECONOMIC ADVISERS adjusted annual rates Profits after tax Profits before tax Tax liability Total Dividends TT Undistributed profits Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose at an annual rate of 6 2 billion in the first quarter or 1 0 billion more than in the preceding quarter Inventory investment rose sharply by 17 5 billion from 2 0 billion in the fourth quarter to 15 5 billion in the first quarter Residential outlays also increased 3 2 billion but considerably less than in the preceding quarter BILLIONS OF DOLLARS RATIO SCALE 120 BILLIONS OF DOLLARS RATIO SCALE 300 GROSS PRIVATE DOMESTIC INVESTMENT I I I I I I I I I I I I I I I BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS CHANGE IN BUSINESS INVENTORIES SEASONAILY ADJUSTED ANNUAL RATES SOUiCEs Df PARTMENT OF COMMERCE 1976 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noiiresident ial fixed investmcmt Period Gross private domestic investment Struc tures Total Prodiicers dur able equip ment Total III IV 1975 I II III IV 1976 I Nonfarm Total Source Department of Commerce Bureau of Economic Analysis Prn Total Nonfarm Resid ential fix ed inves ment Nonfarm structures Farm ducers struc durable tures equipment o 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 BILLIONS OF DOLLARS RATIO SCALE 180 BILLIONS OF DOLLARS RATIO SCALE 180 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING v MANUFACTURING 20 t t I 1968 I J SE FOOTHOTf 4 BELOW SOURCE DEPARTMENT Of COMMERCE BiUio ns of doll ars quarl T J data at season ally adjiisted amaual rates Starts f plant and eqtdpment proj iCtS 3 E cpenditun5s for plarit and eqLdpment M anufaetun ng Period Total N onmanuf acturing Total Durable goods Nondurable goods Total Trans Public ComMining porta utili munication tion ties Commercial Manufactur and 2 ing Public utilities S other I II III IV I I I half nd 1 Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates mainly because those data include investment by farmers professionals institutions and real estate firms and certain outlays charged to current account 2 Includes trade service construction finance and insurance 3 Starts are estimated by adding changes in carryover to expenditures during 10 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 systematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment Increased by 707 000 in April to 87 4 million an increase of over 3 million compared to the previous April Nonfarm employment increased by nearly one half million in April MILLIONS OF PERSONS 100 MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Noninstitutional population COUNCIL OF ECONOMIC ADVISERS P liousands of person18 16 yearg of age aid over Unempl oyment Civilian e mploymerit Total labor Nonagri cultural Civilian Civilian Unemforce 15 employ ploy includ labor Agriweeks Part time Total Total ing ment force and ment culfor ecoTV 4 a1 Armed over tural nomic 1 Forces reasons TJ aadjusted 1975 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Oil Seascanally adjusted Data beginning January 1972 not strictly comparable with prior data because of adjustment to 1970 Census data which added about 800 000 to the civilian noninstitutional 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 per cent Labor force participation rate Persons at work in nonagricultoral industries 2 Total labor force as percent of noninstitutional population 16 years of age and over Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate remained at 7 5 percent in April essentially unchanged since February The unemployment rate continued to decline for adult men PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unernployme at rate percent c f civiliaii labor fc rce in gi oup Period Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr Total all civilian workers By gsex and atge Men Women Both 20 20 sexes years years 16 19 and and over over years Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 By color White select ed grouj S 3y ExpeBlack rienced House Fullwage time and hold and other salary heads workers workers Source Department of Labor Bureau of Labor Statistics Parttime workers Labor force time lost per l cent SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS Long duration unemployment has declined sharply in absolute and relative terms The number of persons unemployed 15 weeks or longer fell from 3 1 million in December to 2 0 million in April PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS 40 REENTRANTS V J JOB LEAVERS NEW ENTRANTS f 1 I i SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Perceiit distrifc ution of unemPerceiit distrib ution of unem State p rograms Insured plo yment by duraticm 1 unem Special Pi oyment by reasoiQ ployunemTTnem u ment ployployall ment 27 Insured ment Less Reen New than weeks unem Initial regular benefit3 Job thou Job enclaims proploy claims sands losers leavers trants trants weeks weeks weeks and grams 3 unadover ment unad justed justed Weejkly aver age thou sands Period Mar Apr MayJune July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr 1 2 Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Bico ex servicemen TJCX Federal UCFE and railroad RB programs Also includes Federal and State extended benefit programs Does not include FSB Federal Supplemental Benefits and SUA Special Unemployment Assistance 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 end Training Administration 13 NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment seasonally adjusted increased by 343 000 in April to 78 9 million Employment increased in all of the major private sectors of the economy as well as in State and local sovernment MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS WHOLESALE AND RETAIL TRADE ALL NONAGRICULTURAL ESTABLISHMENTS 80 16 GOVERNMENT i i jv SERVICES 12 SERVICE PRODUCING INDUSTRIES MANUFACTURING 20 V f S 40 18 f1 I J GOODS PRODUCING INDUSTRIES II f l f I I 1 M 1 I 1 1 I 1 I I I 1 1 1 I I I i I I I I 1 1 I 1 1 I I 1 1 1 IK 1r 7H CON TRACT CONS RUCTION i jj i i I i in i i i i i i 1 1 i f I I 1 I 1 1 1 I II I I 1 1 II 1 1 1 1 I I M I 1 I SEASONALLY ADJUSTED SOURCEs DEPARTMENT Of LABOR COUNCH Of ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted G oods prc ducing industries3 Period Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 9 Apr 9 Total nonagricultural employ Total2 ment Contract construction Service pr oducing IndustrieJS Trans Whole Finance Gover nment portainsursale tion ance Services Total and NonState and and retail Total Durable durable Federal and public trade real goods goods local utilities estate Ma nufactui ing Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AMD HOURLY EARNINGS PRIVATE NONAGRICULTUR L INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Period Total private nonagricultural l Manufsicturing Total Adjusted h ourly earnin gs index tc tal private nonagric ultural 2 Averag e gross hourly ciarnings Aversige weekly lours Overtime o Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar v Apr Total private Manufacturing nonagricultural Percent crtange from a year sarlier 4 Index Current dollars 1967 dollars 3 Current dollars 1967 dollars O K j J L AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Average gross weekly earnings Total pri vate nonagricu itural Period Current dollars Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr Manufacturing 1967 dollars s Retail trade s Current dollars Current dollan3 2 Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index Contract construction Percent eh inge from a year e arlier total pri1 ate nonagriciiltural dollars Monthly changes based on indexes to 2 decimal places Includes eating and drinking places Source Department of Labor Bureau of Labor Statistics PRODUCTIVITY AND RELATED DATA PRIVATE ECONOMY Hours of al pers ons2 Outj ut Period Total private Private nonfarm Total private Private nonfarm Output per hour of all p ersons Total private Comp jnsation per 1lour 3 Unit labor CO sts Implic it price defla tor 4 Private Total Private Total Private Total non pri non pri non pri farm vate farm vate farm vate Private nonfarm qua rterly dat i seasoniilly adjusibed III IV I II III IV I II III IV I Perceiit change quarterlyf data at seasonal y ad juste d annual rates o O III IV I II III IV I II III IV i I I Output refers to gross domestic product originating in the sector in 1972 dollars Hours of all persons in private industry engaged in production including hours of proprietors and unpaid family workers Estimates based primarily on8 establishment data Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 16 4 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 7 percent in April following upward revised increases of 0 7 and 1 1 percent in March and February respectively The April increase reflected widespread gains INDEX RATIO SCALE 180 UTILITIES AND MINING PRODUCTION 1NDJEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION MINING L I I 1 I IJ M M v t iii i l l PERCENT RATIO SCALE MANUFACTURING CAPACITY UTILIZATION RATE SEASONAllY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Apr May Jime July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr 9 1 Total iiidustrial prodiiction Percent Index change 1967 from 100 year earlier COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusi ry produ ction ind exes 196 r ioo M aimfactun ng Durable Nondurable Output as percent of capacity Quarterly data entered in last month of quarter Annual data are averages of quarterly data Utilities Total Manuf acturing 3apacity iitilization rate p 3rcent l Federal Reserve sericis 2 ComWharTotal merce3 ton Major manuseries 2 factur mate series rials ing Mining 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 Prod ucts Final products Coiisumer go ods Period Total NonDurable durable goods goods Total 1967 proportion Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb p Mar Apr A Equij ment Internlediate proc ucts Total Business Total SO IS Materials Construction Supplementary group Energy total seasonally adjusted Primaryf metals Period Total Iron andi j steel 1967 proportion e Apr May June July 92 8 Aug 96 5 Sept Oct Nov 98 1 Dec Jan Feb Mar v 105 3 Apr Nondurable manufacti ires Durab le manufiictures Transp ortation ChemiTexequip ment FabriPaper icals MaLumber tiles Foods cated Motor and petrochinand apparel printand metal vehicles products leum tobacco Total ery and products and ing and parts rubber Source Board of Governors oi the Federal Reserve System 18 jr llfi NEW CONSTRUCTION Constructio n contracts2 Private Total new construction expenditures Period Resid ential Total Total Commercial and industrial New housing units Other Federal State and local CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Bil lions of doll ars fcl a sao Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Kelates to 50 States beginning 1969 for value index and beginning 1971 for floor space iea o Seasonally adjusted Seasonally j adjusted at inual rates 1975 Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Seasonally adjusted annual rates Note New construction expenditures series beginning 1976 not strictly comparable with earlier data Sources Department of Commerce Bureau of the Census and McGraw Hill Information systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted T Tew private housing uni bs Units started by type of striicture Period Total unit units or more units New private homes Vacancy rate for rental Homes for sale at housing end of units period l percent 2 Units authorized Units completed Homes sold Seasonally adjusted aiinual rates 1975 Apr May June July Aug Sept Get Nov Dec Jan Feb Mar Apr v Seasonally adjusted Quarterly data entered in last month of quarter Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business inventories increased 1 6 billion in March with manufacturing and retail stocks each accounting for about half of the increase Business sales rose 1 8 percent According to preliminary estimates retail sales were unchanged in April following increases in March and February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 80 RETAIL INVENTORIES TOTAL BUSINESS INVENTORIES RETAIL SALES X m i l l I I t i l l t i l l 30 TOTAL BUSINESS SALES RATIO It I 11 III 11 I INVENTORY SALES RATIO 1 70 TOTAL BUSINESS 1 60 TOO p i ir i tl n i i RETAIL N jfesBL n i i 1 tM 1972I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total biusiness 1 detail Who esale Sales 2 Period Sales 2 Inventories 3 InvenSales2 tories 3 In ventories 3 DurNonable durable goods goods stores stores TVvfral TVktal Inventc ry sales rat io DurNonTotal able durable busigoods goods ness 1 stores stores Retail Millions of doll ars seassonally iadjusted Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr The term business also includes manufacturing see page 21 2 Monthly average for year and total for month 3 Book value end of period seasonally adjusted 4 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 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers new orders increased 3 5 percent in March following a 2 4 percent increase In February Transportation industries again accounted for most of the increase Shipments rose 2 4 percent and inventories were up S22 million BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 200 INVENTORIES DURABLE GOODS I BILLIONS OF DOLLARS RATIO SCALE NONDURABLE GOODS RATIO INVENTORY SHIPMENTS RATIO SIASONAUY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS r entories 2 Manufa eturers sidpments 1 Manufac fcurers in Period Total NonDurable durable goods goods Total NonDurable durable goods goods Mailufaeturc jrs new 01rders Durab le goods ManufacCapital Nongoods durable turers Total unfilled Total indusgoods orders 3 tries nondefense Mar Apr May June July Aug Sept Oet Nov Dec Jan Feb Mar Apr Oil Milli ns of doll ars seaso nally adj usted Monthly aver age for year and total for month Shipments are th same as sales 2 Book value e nd of perio d a End of period For annual p jriods ratic of weighted average inventories to average monthly Manufacturers inventory shipments ratio shipments for moiithly data ratio of in ven tones at end of month to s bipments for month Sour 2e Departnaent cf Conamerce Bur au of the Ce nsus 21 WHOLESALE PRICES PRICES In April the wholesale price index rose 0 9 percent 0 8 percent after seasonal adjustment Prices of farm products and processed foods and feeds increased 1 9 percent 2 8 percent seasonally adjusted Industrial commodity prices were up 0 6 percent 0 3 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE PROCESSED FOODS AND FEEDS COUNCH OF ICONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period Apr May June July Aug Sept Oct Nov Dec 1976 Jan 3 Feb 33 Mar Apr 1 Farm products Indusand trial processed commodfoods ities and feeds Unadjusted Special groupings Farm products Processed foods and feeds Excludes crude foodstuffs and feedstuffs plant and animalfibers oilseeds and leaf tobacco 22 Crude materials l Inter Producmediate er finmateished rials 2 goods Seas onally ad usted Consunler finishe d goods ex sluding f o ods Total NonDurable durable includes supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds s Indexes for all commodities industrial commodities and crude materials revised Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In April the consumer price index rose 0 4 percent also 0 4 percent seasonally adjusted Food prices increased 0 3 percent 0 6 percent seasonally adjusted Nonfood commodity prices rose 0 6 percent 0 3 percent seasonally adjusted and services prices were up 0 3 percent 0 5 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE S COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of LABOR Period All items Food Commodities food Food All Services ComEaodities less food home commodities Food away from home Food of Unac justed All Services Durable Non able Seasonal ly adjust ed 1975 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN WHOLESALE PRICES Percen t change from pre ceding perio d seasonial3y ad jussted 1 Percent c lange fro m 3 mont is earlier Percent 3hange from 6 mont hs earlier seasonsilly adju sted anmi al rates season ally ad justed annuabl rates Industrial commodities Farm products Processed foods and feeds Apr MayJune JulyAug Sept Oct Nov Dec Jan 22 Feb2 Mar Apr Processed foods and feeds Industrial commodities Processed foods and feeds Industrial commodities Period All commodities o 3 All commodities Farm products All commodities Farm products Data revised for all commodities and industrial commodities Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted CHANGES IN CONSUMER PRICES Percerit changei from pre ceding perio d seasoilally adju sted 1 Period All items Food Commodities less food Services Percent c tiange frc m 3 months earlier Percent c hange frc m 6 mont hs earlier season illy adju sted annu al rates season illy adju sted annu al rates All items Food Jan Feb Mar Apr a Services All items Food Commodities less food Services Apr May June July Aug Sept Oct Nov Dec Commodities less food Annual changes are from December to December unadjusted 24 Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 percent in the month ended April 15 Contributing most to the increase were higher prices for meat animals Partially offsetting were lower prices for milk wheat lettuce and corn Prices paid were unchanged The actua parity ratio was up 2 points and the adjusted ratio 1 point INDEX RATIO SCALE 220 PRICES RECEIVED All FARM PRODUQS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMINT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISIRS Prices received by farmers Period All farm products Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr Crops Prices paid by far mers All items Family Livestock Producinterest living tion and taxes and products items items wage rates Index Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base Parity ratio 1 Actual Adjusted The adjusted parity ratio reflects Government payments made directly to fanners Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Growth in Mi accelerated sharply in April raising the growth rate since January to a 9 4 percent annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE RATIO SCALE SEASONALLY ADJUSTED SOURCE BOARD Of GOVERNORS OF THE FEDERAL RESERVB SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Over all meas ures 1 Deposi ts at co mmercia banks Total Period M Dec Dec 1973 Dec 1974 Dec 1975 Dec 1975 Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr Ma AVJ S Ma L Currency Large CD s Other Deposits at nonbank thrift institutions Tim e and sa vings Demand Mi is currency plus demand deposits M2 is MI plus time deposits at commercial banks other than large certificates of deposit CD s and M3 is M2 plus deposits at nonbank thrift institutions 26 Per cent chaiige 2 Compoilents anc1 related iterns U S Government demand deposits unadjusted MI M M Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate Note Data revised beginning October 1975 Source Board of Governors of the Federal Keserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Curre ncy and leposits Total liquid assets Period U S G overnment se curities Negotiable certifiShort cates of Nonbank Savings term deposit thrift institu bonds marketable setions curities Time d eposits Total Currency Demand deposits Commercial banks Commercial paper Oil Dec Dec Dec Dec Dec Dec Dec Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr Source Board of Governors of the Federal Reserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit 63ctended Period Total i Bank credit cards Mar Apr May June July Aug Sept Oct Nov Dec 1976 Automobile Jan Feb Mar i Includes some items not shown separately Instalmcmt credit lieluidated Total Automobile Bank credit cards Net change in amount outstanding Total i Automobile Bank credit cards Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES From January to April commercial and industrial loans fell 4 5 billion while holdings of U S Government securities rose 11 1 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS J SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period v Apr May June July v Aug v Sept Oct vp Nov Dec Jan Feb Mar Apr 1976 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All commercial banks 1 All member banks Borrowiiags mil1 IReserves 2 3 Total L ans Investnlents lions of dollars unadju isted 2 loans and Total exinvest cluding Commer U S Gov Other NonAvailSeacial and Total Total ernment secuments interborrowed able 4 sonal industrial securities rities bank Data are lor end of period Averages oi daily figures Annual data are for December s Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M Reserves available to support private nonbank deposits are defined as 1 required reserves for a private demand deposits b total time and savings deposits and c nondeposit sources subject to reserve requirements and excess reserves This series excludes required reserves for new interbank and U S Government demand deposits 6 During 1974 a bank merger increased total loans and investments by 0 6 billion and liquidation of a large bank reduced total loans and investments by 1 5 billion For effect on other categories see Federal Reserve Bulletin 6 Reclassification of loans reduced these loans by about 0 7 billion as oi March 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 Total Internal 1 Credi t market funds Total Shortterm 3 Longterm 2 Total Other I II III IV I Undistributed profits after inventory valuation and capital consumption adjustments and capital consumption allowances 2 Stocks bonds and mortgages 3 Bank loans commercial paper finance company loans bankers acceptances and Government loans Total Purchase of physical assets 4 In crease in financial assets Discrepancy sources less uses Plant and equipment residential structures and inventory investment Note Data revised for 1966 69 and for 1975 Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars Cur rent liab ilities Ciirrent asscJtS Ad End of period m TV II III Cash on Total hand and in banks U S Receivables Govfrom ernU S ment securi Governties 2 ment Notes and accounts receivable Other Incurven rent tories assets 4 Total vances and Notes preand payacments counts U S payGovable ern 3 ment Federal income tax liabilities Other current liabilities Net working capital Includes 2 Wherever possible adjustments have been made to include U S Government time certificates of deposit advances offset against inventories on corporations books Includes Federal agency issues Receivables from and payables to the U S Government do not include Includes marketable investments other than Government securities and amounts offset against each other on corporations books or amounts arising from time certificates of deposit as well as sundry current assets subcontracting which are not directly duefromor to the U S Government gecurit es and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Interest rates declined from March to April but have been rising since the third week of April PERCENT PER ANNUM PERCENT PER ANNUM 10 10 CORPORATE Aaa BONDS MOO DVS A x r i A t D1SCOUNT 1 RATE FE DERAL Rl SERVE V T 1 L BA NK OF NE YORK V t I i i i Ii i i ii I1 I t T J L L u i U f A I TREASURY JILLS L w V dj i M 1 I I M I i Wfc 0 K V J P Vj i V t I I I t 1 II I M I 1 1 1 1 I M 1 I I I i i M M I I I I I f 1 1 IK SOURCE SiE TABLE SELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Government seen rity yields 3 month Treasury bills Period May June July Aug 6 463 Sept Oct Nov Dec 1976 Jan Feb Mar Apr May year issues 2 Taxable bonds 3 Highgrade municipal bonds Standard Poor s 4 Prime Corporate com Aaa mercial paper bonds Moody s 4 6 months Week ended 1976 May Rate on new issues within period Selected note and bond issues April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 8 6 Average effective rate for year opening and closing rate for month and week Beginning November 1971 several banks adopted a floating prime rate keyed 30 Discount rate N Y F R Bank M H 514 5K l l H 5H SK SK 5M 5V2 5 5H Prime rate charged by banks V2 7y H 7 7 S y K i Newhome mortgage yield FHLBB J4 6J4 m 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 7 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Bates beginning January 1973 not strictly comparable witbJ prior rates Sources Board of Governors of the Federal Eeserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS In early May stock price indexes hovered near their late April highs INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX PERCENT 20 PERCENT I ARMINGS PRICE RATIO ON COMMON STOCKS S P r t I 1970 I t 1 1971 I A I I 1975 SOURCES NEW YORK STOCK EXCHANGE AND STANDARD fc POOR S CORPORATION I COUNCIL OF ECONOMIC ADVISERS Common stock5 yields perc ent Cominon stock pirices l Standard Dow Poor s composite Dividend EarningsJones industrial index ratio ratio average New York Stock Exch ange indexe 3 Dec Period Composite Industrial Transportation Mar Apr May June July Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr Week ended 1976 Apr 30 May ing prices Includes all the stocks more than 1 475 listed on the 1 4 Includes 30 stocks N YSE Includes 500 stocks J Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter Finance Utility 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 9 billion and 44 6 billion respectively BILLIONS OF DOLLARS f50 BILLIONS OF DOLLARS FISCAL YEARS W COUNC OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Federal debt end of period Period Receipts Fiscal year as Excludes non interest bearing public debt securities held by HO1 Estimatesfromthe Spring update 1977 Budget transmitted to the Congress March Federal debt figures are as transmitted in January 1976 they will bo revised later Held by the public z Transitions quarter Total J Cumulative totals for first 9 months Fiscal year 1975 Fiscal year 1976 Outlays Surplus or deficit Sources Department of the Treasury and Office ol 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 374 4 billion The corresponding figures for fiscal 1977 are 351 3 billion and 395 8 billion respectively BILLIONS OF DOLLARS BILLIONS OF DOLLARS 150 OUTLAYS OCA ftft P i NONDEFENSE 150 i i I NATIONAL DEFENSE I I 1975 N COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET i Billions of dollars utlays Recei 3tS Nationa defense Period Fiscal year Total Individual Corporation income income taxes taxes Other Total Total Health Depart InternaInand ment of tional income terest Other Defense affairs security militar G Transition quarter Cumulative totals for first 9 months Fiscal year Fiscal year i Estimates from the Spring Update 1977 Budget transmitted to the Congress March Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter Federal receipts rose 10 1 billion annual rate and expenditures 7 1 billion yielding a defied of 69 1 billion 3 0 billion lower than in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SURPLUS Ka Pi m mi t f i i I i ii i t a l i f I 40 i t I I I II III 1 IIi 40 w t t DEFICIT CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Ifederal jrovernm ent expe nditures Federal jrovernm snt receip ts Period Indirect Personal Corpo business rate tax and profits tax and Total nontax tax nontax receipts accruals accruals GrantsContriPurin aid chases Trans to State Net butions for Total of goods fer pay and interest social inand ments local paid surance governservices ments Surplus or Subsidies Less deficit less Wage current accruals national surplus of less income Govern disand ment en burse product terprises ments accounts Fiscal year i Calendar year i III 299 2 IV I II III IV I i Estimates from The Budget of the United States Government Fiscal Year 1977 transmitted to the Congress January Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Coiisumer prices u nadjusted Iiidustrial production seatsonally idjustec1 Period United States I I I IV 1975 I II III I V 1976 I Jan Feb Mar II Apr Japan Canada GerFrance many Italy United United King States dom Canada Japan United Kingdom GerFrance many Italy 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 Mercb andise exports Merc landise i mports Domesti c exports5 Gerleral imp orts 3 Period Monthly average Total domesFood Crude tic and bever mate Manufac Total 2 foreign Total i 2 ages rials extured and to and ports bacco fuels goods F a s valu e 5 Custom s value Oct 9 409 Nov 9 250 Dec 1976 Jan Feb Mar A p r May June July Aug Sept 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 8 Total arrivals of imported goods other than intransit shipments Food Crude bever mate Manu Total facages rials c i f tured value 4 and to and goods bacco fuels Mer chandise trade balancei Exports Ex f a s ports Exports less f a s f a s less imless ports im imports c i f cus ports 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 In the firsf quarter the merchandise trade balance was in deficit by 1 6 billion compared with a surplus of 2 2 billion in the fourth quarter of BILLIONS OF DOLLARS 4 BALANCE ON GOODS AND SERVICES 3 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Meirchandise 12 Period Exports Imports Net balance Net balance Private 3 U S Government Direct expenditures Sales III IV I II III IV I Excludes military grants Adjusted from Census data for differences in timing and coverage 3 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 Neti avestment i ncome Milit iry trans actions i Net travel Other and servtransportaices 3 tion net expenditures RemitBaltances penance on sions goods and other and servuniices l lateral transfers l Balance on current account Preliminary not charted Source Department of Commerce Bureau of Economic Analysis OT S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS n the fourth quarter the current account and long term capita 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 Presentation of data on U S international transactions will be revised next month in accordance with the new format recently announced BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL SOURC DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC AOV1SERS Millions of dollars quarterly data seasonally adjusted except as noted Period I III IV I Long ter m capital Balance Nonflows3 net liquid on current shortaccount term U S and long private capital Govern Private 2 term capital flows ment 1 net Allocations of special drawing rights SDR Errors and omissions net Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations includes liabilities to foreign official agencies reported by U S Government nd U S banks and U S liabilities to the IMF arising from reversible gold sales p and gold deposits with the United States Net liquidity balance Liquid Official private reserve capital transactions flows balance net 2 Changes in liabilities to foreign official agencies net 3 Changes in U S official reserve assets net 4 U S official reserve assets net unadjusted end of period Consists of gold special drawing rights SDK convertible currencies and the U S gold tranche position in the IMF Minus sign indicates increase Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE 37S DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Page M 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 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 Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function M Federal Sector National Income Accounts Basis FEDERAL FINANCE INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S Balances on Goods Services and Transfers 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 Wot sale by the Superintendent of Documents TJ S Government Printing Office Washington D C 20402 Price 85 cents single copy Subscription price 10 10 per year 2 55 additional for foreign mailing 38 U S SOVERNMEMT PRINTING OFFICE 1976

Status of the Labor Force

DATE: May 1976

PART OF:

Economic Indicators : May 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-. "Status of the Labor Force," 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-. "May 1976," Economic Indicators (May 1976) : 13-13. https://fraser.stlouisfed.org/title/1/item/201/toc/144884 , accessed on December 14, 2019.

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Economic Data