National Income

Name: National 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 Economic Indicators October 1976 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong HUBERT H HUMPHREY Minnesota Chairman RICHARD BOLLING Missouri Vice Chairman SENATE JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut LLOYD M BENTSEN JR Texas EDWARD M KENNEDY Massachusetts JACOB K JAVITS 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 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 81sT Congress CHAPTER 237 1st SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 3 60 additional per year ii TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the third quarter gross national product rose 34 5 billion or at an annual rate of 8 5 percent Real output GNP adjusted for price changes increased at a rate of 4 0 percent The implicit deflator rose at a 4 4 percent annual rate BILUONS OF DOLLARS RATIO SCALE 1 800 BILLIONS OF DOLLARS RATIO SCALE 1 800 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1972 DOLLARS f I t f t f f f T 1973 f t I 1974 f 1975 I I 1976 COUNCH OF KONOM1C ADV1S5RS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Gross national product Period Personal eonsumption expenditures Gross private domestic investment Export and imj orts of goocIs and ser vices Go yernment purchases of goods and services Net exports Exports Imports Total Total Federal National defense Nondefense State and local Final sales a US m a L II III IV a4 This category corresponds closely with budget outlays for national defense ihown 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 Exp orts of go ods Gross nivate domestic aiad service S iiivestmenl Personal conGross Change national sumpNonResi in busition product Net resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries Period I II III IV II III ia Governrnent pure bases of goods and senrices Total Federal State and local Final sales ae a a ieas ieao a ias ias IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Period Gross national product PersonalI consumj tion expcmditures Total NonResiDurable durable Services Nonres dential idential goods fixed fixed goods 74 32 7a II Ill IV II III State Exports Imports Federal and local R ioa3 Expor ts and Governnaent purimports of goods chases 3f goods andscjrvices and s jrvices Source Department of Commerce Bureau of Economic Analysis Gross private dom estic mves fcment as 7ao sa na a a a sas CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data adjusted annual rates Gross domestic product Gross national product Constant 1972 dollars Current dollars Period Implicit price deflator Mxedweight Chain price index priee index 1972 weights Constant 1972 dollars Current dollars Implicit price deflator Chain price index ilxedweighted price index 1972 weights I II III IV a II m a5 NOTE Annual changes from previous year and quarterly changes from previous quarter 1 9 ai Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Period Gross d omestic prodiict of nonfin ancial corp orate busi ness bfflk ns of doUars Current dollars III IV II dollars Current do ilar cost a nd profit per unit of outpu t dollars i Total cost and profit Capital consumption Comallowpenances Indirect sation Net with business of in3 capital taxes employ terest conees sumption adjustment Output is measured by gross domestic product of nonfinancial corporate Business in 1972 dollars This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left s Indirect business taxes and nontax liability plus business transfer payments less subsidies Corpc rate profi ts with inventi ry valual ion and capit al consuiription sidjustmen ts Total Profits tax liability Profits after tax ComOutput penper sation hour per hour of all employ of all employees 1972 ees doldollars lars 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 I II III IV I II III Compensation of em ployees l Proprietors income3 with inventory valuation and capital consunaption adjust ments Farm Nonfarm Rental income of perwith capital consumption adjustment Corpor ate profits with invijntory val nation and capital co nsumptioii adjustm ents Profits with invcjntory valuat ion adjusl ment and dthout ca pital consum ption adjuistment Total Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest a Source Department of Commerce Bureau of Economic Analysis 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 Period I II III IV I II III 1 Total personal consumption expenditures a 9 FurniTotal durable goods l Motor vehicles and parts L9 Total includes other items not shown separately Retail sales of new passenger cars nlillions of uilits Nondura ble goods Durable goo Is and household equipment Services Total nondurable goods l Food Clothing and shoes Gasoline and oil Domestics Imports 8 8 a a Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income increased 6 8 billion annual rate in September following a revised increase of 4 6 billion in August Wage and salary disbursements rose 5 7 billion or 1 0 billion more than in August Farm proprietors income was down 2 9 billion following revised declines of 5 0 billion in August and 5 6 billion in July BILLIONS OF DOLLARS RATIO SCALE BJUJONS OF DOLLARS RATIO SCALQ WAGE AND SALARY DlSBURSEMBvlTS OTHER INCOME vX TRANSFERPAYMENTS A m lit t I LLJ 1973 f f t t itilt SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE r t i f I 1 1 i t I I COUNCtt OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Wage 3 Rental Other Proprietc rs income Total and income labor personal salary of income disburse income12 Farm Nonfarm persons 4 ments l Dividends Personal Transfer payinterest income ments5 Less PerNonsonal confarm tributions personal for social income 8 insurance ia i a Oil Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept 1 The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments With capital consumption adjustment 1 6 1 Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income in the third quarter was unchanged from its second quarter level BILLIONS OF DOLLARS RATIO SCAL BILLIONS OF DOLLARS RATIO SCAL DOLLARS 400 DOLLARS PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURC DEPARTMENT OF COMMERCE Period Less Personal Pertax sonal and income nontax payments Equals Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less Personal outlays Per capita disp sable persona income Equals Personal saving Current dollars Billions of d ollars dollars Per car ita personal c 3nsumption exp enditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population thou 3 sands Dol iars Seas onally ad usted ann ual rates 1 1975 I II 1 III 1 IV I 1 II 1 III Oil Includes personal consumption expenditures interest paid by consumers toabusiness and personal transfer payments to foreigners net Includes Armed Forces abroad Annual data are for July 1 quarterly data are lor middle of period interpolated from monthly data Source Department of Commerce Bureau of Economic Analysis and Bureai of the Census FARM INCOME Farm income decreased sharply in the third quarter Including inventory change the decrease was 5 8 billion and excluding inventory change 6 2 billion both annual rates BILLIONS OF DOLLARS RATIO SCALE BILUONS OF DOUARS RATIO SCAlU REALIZED GROSS FARM INCOME NET FARM INCOME WCLUDING NET INVENTORY CHANGE A V SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE Period COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Persona 1 income received Income re ceived fro m f armin g by tota farm po pulation Kealiz 3d gross Net income per Nettc farm farm incl uding net oper ators Casti receipts from inventory change 3 inarketings 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 tory 2 dollars dollars and tory change change products Dollars Billioiis of dollars II III IV II III L Cash receipts from marketings Government payments and nonmoney inBome furnished by farms 2 Inventory of crops and livestock valued at the average price for the year 3 Based on Census of Agriculture definition of a farm The number of farms Is held constant within a year 4 Income in current dollars divided by the index of prices paid by fanners for family living items on a 1967 base Source Department of Agriculture CORPORATE PROFITS Profits before tax rose 5 1 billion annualrate in the second quarter according to current estimates while profits with inventory valuation adjustment rose 2 2 billion BILUONS OF DOLLARS BULLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally Profii bs before tax wit ti invent ory valuiition adjustn aent l Dome stic indu stries N onfinanc Lai Period 2 Total WholeManu sale Total Finan3 faecial Total and turretail mg trade I II III Pro fits after tax Inventory valuation adjustment Profits before tax Tax liability Total Dividends Undistributed profits j y 1 Q IV II adjusted annual rates Ill 9 1 See p 4 for profits with inventory valuation and capital consumption adjustments 2 Includes rest of the world not shown separately 8 Includes industries not shown separately Bouree Department of Commerce Bureau oi Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose at an annual rate of 4 6 billion in the third quarter about the same as the second quarter increase Residential outlays rose 3 4 billion slightly less than in the second quarter Inventory investment at 14 4 billion was down 1 6 billion from the second quarter level BILLIONS OF DOLLARS RATIO BILLIONS OF DOLLARS RATIO SCALE GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT 100 2 SO DURABLE EQUIPMENT STRUCTURES I t I I i i i i 40 f I f t i i i r i 1975 I I I 1976 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS CHANGE IN BUSINESS INVENTORIES I I I i I i I I I I I SEASONAiLY ADJUSTED ANNUM RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noriresident ial fixed investmcHit Gross private domestic investment Period Struc tures Total Prodincers dur able equip ment Total II III IV 1976 I II III i Nonfarm Total Source Department of Commerce Bureau of Economic Analysis Pfr Total Nonfarm Resid ential fix ed inves tment Nonfarm struc tures Farm ducers durstrucable tures equipment Change in business inv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending nearly 7H percent in 1976 according to the survey conducted in late July and August this is almost the same as the expected increase reported in the April May survey BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMBNJT NONMANUFAOURING A MANUFACTURING J J J EE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates E3 penditurc Mt mufaeturi ng Period N Dnmanuf acturing Total Durable goods Nondurable goods Total R III IV Total i I II IIL IV 1976 I II 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 Starts are estimated by adding changes in carryover to expenditures during 10 Starts c f plant and equ ipment proje cts 3 for plani and equ ipment Trans Public Mining porta utilition ties Communication Commercial and other Manufacturing Public utilities given period Expenditures estimates based on expected capital expenditures as reported by business in late July and August 1976 N OTE Annual total is the sum of unadjusted quarterly totals Estimates as noted in footnote 4 include adjustments when necessary for sy tematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE After several months of very rapid growth the seasonally adjusted civilian labor force declined by 284 000 in September From December 1975 to September 1976 the civilian labor force increased by 2 1 million 3 0 percent annual rate while employment rose by over 2 4 million MILLIONS OF PERSONS MILLIONS OF PERSONS I 1I 1 I I I I I I 11 I M 1 1 I f I 1 1 1 I 1 1I YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Sept Oct Nov Dec 1976 Jan Feb Mar Apr may June July Aug Sept COUNCIL OF ECONOMIC ADVISERS Uiaadjusted Total labor Civilian force includ labor force ing Armed Forces Oil Noninstitutional population Civilian Unememploy ployment ment Unempl 3yment Nonagri cultural Total Agricultural Trifal JLUbail Part time for economic reasons Total 15 weeks and over Labor force participation rate per 2 cent Seascmally adj usted 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 Civilian eiuploymen t 1 Persons at work in nonagricultural 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 declined in September by 0 1 percentage point to 7 8 percent The unemployment rate declined for adult women and teenagers but increased for adult men PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMI10TMmT PERCENT Of CIV1UAN LABOR FORCE IN GROUP SPECIHED SOURCE DEPARfMENT OF LABOR 1976 COUNCIL OP ECONOMIC A0VJSKS Monthly data seasonally adjusted Uneniploymeiit rate jaercent c f civiliaii labor fc rce in gi oup Total all civilian workers Period Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept By sex and a ge Men Women Both 20 20 sexes years years 16 19 and and years over over s 6 6 0 ai 5 9 ai ao ia 5 ia iae 1 Aggregate hours lost by the unemployed and persons on part tone for economic reasons as percent of potentially available labor force hours 12 3y select ed grouf S By Bolor White ao ExpeBlack rienced House Fulltime wage and hold and other salary heads workers workers Source Department of Labor Bureau of Labor Statistics Parttime work Labor force time lost per cent l ers as ai ai a4 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The decline in unemployment of 122 000 in September was accompanied by a small decline in the proportion un employed 15 weeks or longer from 31 2 percent to 30 5 percent PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS 40 REENTRANTS 20 20 JOB LEAVERS NEW ENTRANTS 1 1 I i M SEASONALLY ADJUSTED SOURCE DEPARTMENT OF USOft COUNCIL OP ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Percer it distribution of unemPercer it distribution of unem State ppograms Insured 1 ployment by durati M i 1 unem Special Pioyment 3y reasoii ployunemTT unem ment ployTilflV pioyall ment 27 Period Insured ment Less Reen New than weeks unem Initial regular benefit3 Job thou Job enproclaims and ploy claims sands losers leavers trants trants weeks weeks weeks grams 2 unadover ment unad justed justed Wee kly aver age thou sands Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Rico ex servicemen UCX Federal UCFE and railroad RB programs Also includes Federal and State extended benefit programs Does not include FSB Federal Supplemental Benefits and SUA Special Unemployment Assistance 3 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 Nonform payroll employment increased by 244 000 in September of which 60 000 is attributable to the settlement of the rubber workers strike Employment declined in the State and local government sector but was still 94 000 above the December level MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 90 ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES J MANUFACTU NG t I 1 1 1 i 1 M I 1 If GOODS PRODUCING INDUSTRIES i i I i i t i 1 1 M 1 1 I 1 1 1 1 I 1 I M IK t ip limit 1 CONTRACT CONS RUCTION fM I 1 I I I I K i 1 111 i M 1 t II 1 1 1 1 f I 1 t 1 1 M 1 I M V SEASONALLY ADJUSTED SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Groods prc ducing industries3 Period Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Total nonagricultural employ Total 2 ment Contract construction Service pr educing industry3S Trans Whole Finance Gover nment porta sale insurtion ance Services and Non Total State 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 nonagrieultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagrieultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY AND HOURLY EARNINGS PRIVATE NON GRICULTURMi INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Total private nonagricultural Period Manufa cturing Total 3ao Adjusted h ourly earnin gs index tc tal private nonagricultural a Average gross hourly cjarnings Aversage weekly 1 lours Overtime Total private nonagricultural l Manufacturing Percent ch ange from a year arlier 4 Index Current dollars Current dollars 1967 dollars 3 1967 dollars 1975 Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug r Sept a2 a ioas ioa 4 AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production of nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total prl vate nonagricu Itural l Period Current dollars Manufacturing 1967 dollars 3 Contract construction Jan Feb Mar Apr Mav June July Aug Sept i 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 Monthly changes based on indexes to 2 decimal places Retail trade s Current dollars Current dollars3 1975 Sept Oct Nov Dec Percent chf inge from a year e arlier total prri ate nonagricijiltural dollars L Includes eating and drinking places Based on unadjusted data Source Department of Labor Bureau ol Labor Statistics PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY Hours of all pers ons2 Outi ut Perfod Output 3er hour of all p ersons Compe nsation per lour 3 Unit labor COsts Implici t price defla tor Private Total Private Total Private Total Private Total Private Total Private Total nonpriprinonnonnonprinonnonprivate private private farm vate farm farm farm vate vate farm farm business business business business business business business business business business business business quai terly datja season illy adjust ed a4 9ae ioao a i2ao III IV I II III IV I II Perceiit change quarterlyr data at seasonal y adjuste 1 annual rates ai ao ai III IV a I II III IV ae I II as a Output refers to gross domestic product originating in the ai sector in 1972 dollars Hours of all persons in private industry engaged in production including hours ol proprietors and unpaid family workers Estimates based primarily on2 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 a6 a6 a2 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 ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production was unchanged in September following increases of 0 5 percent in each of the 2 preceding months The September index was reduced by 0 3 percent as production losses from the auto strike more than offset post strike gains in the rubber and bituminous coal industries INDEX RATIO SCALE 180 UTILITIES AND MINING PRODUCTION INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION UTILITIES t i i 1 1 t i r i n i Uj tJjJ j i r 1 1 M h i 1 1 1 I t t jJ i I L t M f i h n 1 1 1972I 1973 I 1 4 I 1975 I MINING i i n it i it i i T MANUFACTURING PRODUCTION PERCENT RATIO SCALE NONDURABLE 140 v r W r I jn y SEASONALLY ADJUSTED SOURCEi BOARD OF GOVERNORS OF THi FEDERAL RESERVE SYSTEM Total iiidustrial prodtiction COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indus try prodtiction ind exes M anufactun ng PerPeriod Index proportion Sept Oct Nov Dec 1976 Jan Feb Mar Apr May cent change from year earlier Total able Nondur Utilities able June July 8 5 Aug 7 5 Sept 1 Output as percent of capacity Quarterly data entered in last month of quarter Annual data are averages of quarterly data Quarterly data are for last month in quarter Annual data are averages of four monthly indexes Mining ing Dur Manuf acturing icapacity iitilization rate p ercent l Federal Reserve 2 serif s ComWharTotal merce ton Matemanu3 ceries 2 series rials factur Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Proc ucts Final products Equij ment Coiisumer goods Period Total NonDurable durable goods goods Total 1967 proportion Sept i Get Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept a Internelediate proc ucts Materials Construction supplies Total Business Total S a S Supplementary group Energy total seasonally adjusted Diirable m anufactu res Primaryr metals Period Total Transpcortation equip ment Total Motor vehicles and parts Lumber and products Apparel products Print Cheming icals and and pubprodlishing ucts Foods S S S nas Source Board of Governors of the Federal Reserve System Electrical machinery 9a i 1975 Sept Oct Nov Dec 18 Nonelectrical machinery proportion Jan Feb Mar Apr May June July Aug v Sept Iron and steel Fabricated metal products Non durable manufac iures na4 NEW CONSTRUCTION Construction contracts 2 Private Total new construction expenditures Period Resic ential Total Total1 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 BilJions of doll ars L a Seasonally j adjusted at inual rates 1975 Aug Sept j Oct Nov Dec Jan Feb Mar Apr May June July Aug Includes nonhousekeepmg residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floorspace Seasonally Seasonally adjusted adjusted annual rates Note New construction expenditures data prior to 1973 not comparable with later data Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted Tew private housing uni bs Units started by type of striicture Period Total unit units or more units New priv ate homes Units authorized Units completed Homes sold Vacancy rate for Homes for rental sale at housing end of units period 1 percent Seasonally adjusted aimual rates 1975 Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Seasonally adjusted 2 Quarterly data entered in last month of quarter Source Department of Qommerce Bureau of tfce Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business inventories increased 2 8 billion in August with retail stocks accounting for half of the increase Business sales rose 0 7 percent According to the advance survey retail sales were about unchanged in September the increase for August was revised down to 1 4 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOILARS RATIO SGM4 80 RETAIL 70 60 RETAIL SALES t i f t i h i t 11 t n M11 ii 11 r in i t i t 1 1 t i i RATIO INVENTORY SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total b isiness l Who esale Re tail Sales 2 Period Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Q 1 2 bales Inventories Qnlnct 9 bales Inventories 3 Tninl DurNonable durable goods goods stores stores Millions of doll ars seastonally tadjusted The term business also includes manufacturing see page 21 i Monthly average for year and total for month 8 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 I 1976 COUNCIL OF ECONOMIC ADVISERS In ventorie s 3 Tntal DurNonable durable goods goods stores stores InventcDry sales rat io 4 Total business Retail Source Department of Commerce Bureau oi Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers new orders were virtually unchanged in August while shipments rose 0 7 percent Inventories were up 0 9 billion their fourth consecutive monthly increase and unfilled orders fell slightly for the first time since February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE INVENTORIES NONDURABLE GOODS NONDURABLE GOODS INVENTORY SHIPMENTS RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufa cturers sidpments Manufad burers in rentories 2 Period Total Aug Sept Oct Nov Dec Jan 89 276 Feb Mar Apr May June July Aug Sept NonDurable durable goods goods Durab le goods ManufacCapital NonNonDurable durable Total goods durable turers Total unfilled goods Total indusgoods goods orders 3 tries nondefense Milli 3ns of doll ars seaso nally ad listed Monthly average for year and total for month Shipments are the same as sales 2 Book value end of period End of period For annual periods ratio of weighted average inventories to average monthly Mailufacturc jrs new 01rders l Manufacturers inventory shipments ratio shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRICES WHOLESALE PRICES In September the wholesale price index rose 0 5 percent 0 9 percent seasonally adjusted Prices of farm products and processed foods and feeds increased 0 6 percent 1 0 percent seasonally adjusted Industrial commodities prices rose by 0 6 percent 0 9 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE FARM PRODUCTS AND PROCESSED FOODS AND FEEDS f J SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period All commodities Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Farm products Indusand trial processed commodfoods ities and feeds Unadjusted groupings Special Farm products Processed foods and feeds Excludes crude foodstuffs and feedstuffs plant and animal fibers oilseeds and leaf tobacco 22 Crude materials l Inter Producmediate er finmateished goods rials Seas onally ad listed Consunler finishe d goods exciluding f o Dds Total NonDurable durable O Includes supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds Source Department of Labor Bureau of Lsfcor Statistic CONSUMER PRICES In September the consumer price index rose 0 4 percent also 0 4 percent seasonally adjusted Food prices fell 0 4 percent were unchanged seasonally adjusted Nonfood commodity prices rose 0 6 percent 0 4 percent seasonally adjusted and services prices were up 0 8 percent 0 5 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period All items Food Commodities less food Services commodities All Food at home Food away from home i Comeaodities less food Food All All Services Durable Nondurable Seasonal y adjusted Unad justed 1975 Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept a a L isa2 isai isas Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN WHOLESALE PRICES Percent e mnge from 3 montjis earlier Percent jhange from 6 mont is earlier seasonsilly adjujsted annulil rates season ally adjusted annua 1 rates Percen t change from pre ceding pericxI season ally adjus ted J Period Farm products All commodities Processed foods and feeds Industrial commodities All commodities Farm products Jan Feb Mar Apr May June July Aug Sept i L Industrial commodities AH commodities Farm products Processed foods and feeds Industrial commodities SeptOct Nov Dee Processed foods and feeds as ae Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted CHANGES IN CONSUMER PRICES Percecit change5 from preceding penod seasoilally adju sted1 Period All items Food Commodities less food Services Percent c lange f re m 3 mont bis earlier Percent c lange frc m 6 months earlier seasonsilly adjuisted annu al rates seasonsilly adju sted annu al rates All items Food Commodities less food Services All items Food Commodities less food Services Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept LO 2 3 s i Annual changes are from December to December unadjusted 24 as as 6 2 a a i Source Department of Labor Bureau of Labor Statistics as ai a9 a7 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers decreased 0 5 percent in the month ended September 15 Contributing most to the decrease were lower prices for hogs potatoes cattle oranges and wheat Partially offsetting were higher prices for soybeans cotton and milk Prices paid were unchanged INDDC RATIO SCALE PRICES RECEIVE FARM PRODUCTS PRICES PAID ALL HEMS INTEREST TAXES AND WAGE RATES I I I t I t M I I 1 I 11 t I I I I I1II I I I 1971 I I 1976 J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES OH BASE COUNOt OF ECONOMIC ADVISERS SOUKCEi DEPARTMENT OF AGRICW TURE Prices 3received by armers Period All farm products Crops Prices paid by far mers All items Family ProducLivestock interest living tion and taxes and items products wage rates items Index Parity ratio l Actual Adjusted a Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept Percentage ratio of index of prices received by farmers to Index of prices paid interest taxes and wage rates on base The adjusted parity ratio reflects Government payments made directly to formers Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Over the past year from the third quarter of 1975 to the third quarter of 1976 Mi and Ms have grown by 4 4 and t 9 3 percent respectively BILUONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE RATIO SCAL SEASONALLY ADJUSTED SOURC6 BOAR OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Over all measiares l Per cent chaiige 2 Comportents anc related i terns Deposi ts at co mmercia banks Total Large CDs Other Deposits at nonbank thrift institutions Period M M3 M3 Currency 1 Tin te and sa vings Demand 1971 Dec 1972 Dec 1973 Dec 1974 Dec 1975 Dec 1975 Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June Ju y Aug Sept Mi is currency plus demand deposits Mj is MI plus time deposits at commercial banks other than large certificates of deposit CDs and M is M plus deposits at nonbank thrift institutions 26 U S Government demand deposits unadjusted M M as Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate NOTE Series revised beginning January 1976 Source Board of Governors of the Federal Eeserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Curre ncy and leposits Total liquid assets Period Demand deposits Commercial banks ShortNonbank term Savings marketthrift institu bonds able setions curities Negotiable certificates of deposit Commercial paper Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Total Currency Dec Dec Dec Dec Dec Dec Dec U S G overnment se curities Time deposits Source Board of Governors of the Federal Keserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalment credit e tended Period Total Total Automobile Bank credit cards Net change in amount outstanding Total l Automobile Bank credit cards Includes some items not shown separately Bank credit cards Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Automobile Instalm nt credit liejuidated Source Board of Governors of the Federal Keserve System 27 BANK LOANS INVESTMENTS AND RESERVES Commercial and industrial loans increased by 1 billion in September while bank holdings of U S Government securities fell by 1 billion BILLIONS OF DOLLARS RAT1O SCALE ALL BILUONS OF DOLLARS RATO SCALE COMMERCIAL BANKS INVESTMENT IN OTHER SECURITIES SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Sept Oct Nov Dec 1976 Jan Feb Mar pp Apr v May June p July Aug p Sept 1 2 Total loans and investments 4 1976 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All me mber ban ks Allcommercial t anks 1 Borrowiings milIleserves 2 3 L 3ans lions of dollars InvestDaents unadjt isted 2 eluding interbank Commer U S Govcial and ernment industrial securities Data are for end of period Averages oi 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 Other securities Total Nonborrowed Required i i Total Seasonal During 1974 total loans and investments were increased 0 6 billion due to a bank merger and were reduced 1 5 billion due to liquidation of a large bank 6 Loan reclassifications reduced these loans by 1 2 billion as of 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 External Period Internal 1 Total Credi t market funds Total Longterm 2 Tofnl Total Other Shortterm Uses Purchase of physical 4 assets Increase in financial assets Discrepancy sources less uses I II III IV I II Undistributed profits after inventory valuation and capital consumption adjustments and capital consumption allowances 8 Stocks bonds and mortgages Bank loans commercial paper finance company loans bankers acceptances end Government loans 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 Cur rent liab lities C irrent ass 3tS End of period Cash on Total hand and in banks J U S Receivables Govfrom ernU S ment Govsecuriernties 2 ment 1 Notes and accounts receivable Other Incurvenrent tories assets 4 Total Advances and Notes and preacpayments counts payU S able Govern 8 ment Federal income tax liabilities Other current liabilities Ik a I II Ill 716 5 IV III 708 6 IV I II 1 2 Includes time certificates of deposit 1 Includes Federal agency issues Receivables from and payables to the U S Government do not include baounts offset against each other on corporations books or amounts arising from ubcontracting which are not directly due from or to the U S Government Net working capital Wherever possible adjustments have been made to include U S Government advances offset against inventories on corporations books 4 Includes marketable investments other than Government securities and time certificates of deposit as well as sundry current assets Source Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Both short term and long term interest rates continued to decline in September and October PERCENT PER ANNUM PERCENT PER ANNUM d SOURCE SEE TABLE BEOW COUftCK Of ECONOMIC ADVISERS Percent per annum U S Government sectirity yields Period Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Oct Week ended 1976 Oct Highgrade Corporate municipal Aaa bonds bonds Standard Moody s Poor s 4 Discount rate N Y F R Bank 5 3 month Treasury bills1 3 5 year issues 2 Taxable bonds H 5K H 5H 5H 5H 5H SKa SH 5 5H 5K 5K 5K H 5 5 2 5H 5H Rate on new issues T ithin period Selected note and bo ad issues April 1953 to date be nds due or callsible 10 years anc1 after Weekly data are Wee nesday figures 8 Average effective rat e for year opening and closing rate for month ind week 30 Prime commercial paper 4 6 months Prime rate charged by banks H m m 6 m m m T iriy 7K Ji 6J4 6J4 6X Newhome mortgage yields FHLBB j Effective rate in the primary market on conventional mortg ages reflecting1 fees and charges aswell as contrac rate and assunied on the avenige repayment at end of 10 years Rates beginni Qg January 1971J not strictly comparable with pr or rates 3niirf p s TRnard nf frovp rnnrs nf th Federal R ASftrvA Rvstfim RV dAral TTnmrt Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices fell during late September and October INDEX DEC ARNINGS RICE RATIO ON COMi ON STOCKS S P in 10 A f I f 1969 t r i I I 1971 f q A X I V f I 1972 f I I I Aug Sept Oct Nov Dec 1976 Jan Feb Mar Apr May June July Aug Sept Week ended 1976 Octl New York Stock Exch ange indexes Dec Finance Utility Averages of daily dosing prices a Includes all the stocks more than 1 475 listed on the N YSE Includes SOstocks Includes SOOstocks 8 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter f 1 I o 1976 COUNCIL OF ECONOMIC ADVISERS Common stock9 yields perc ent Cominon stock pirices 1 Composite Industrial Transportation 1A SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Period 15 Standard Dow Poor s composite Dividend EarningsJones industrial index ratio ratio average 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 Q FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In fiscal 1976 there was a deficit of 65 6 billion compared to a deficit of 43 6 billion in fiscal 1975 BILLIONS OF DOUARS BILLIONS OF DOLLARS SURPLUS OR DEFICIT I FISCAL YEARS JOURCfSi DEPARTMENT OF THE TREASURY AND OFFICI OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Federal debt end of period Period Receipts Outlays Surplus or deficit TVvfrnl 1 Fiscal year Transition quarter Mid Session Review estimates estimates Mid Session Review 2 Second Concurrent Resolution 3 Cumulative total July August 1975 July August Excludes non interest bearing public debt securities held by IMF 3 Mid Session Review of the 1977 Budget Office of Management and Budget July 16 197i Debt figures are very preliminary3 Second Concurrent Kesolution on the Budget Fiscal Year 1977 September isas a 7 Held by the public a a Sources Department of the Treasury and Office of Management and Budget except as noted FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1976 receipts were 19 0 billion higher than in fiscal 1975 and outlays 41 0 billion higher BILLIONS fOF DOLLARS WLUONS OF DOLLARS 50 OUTLAYS NONDEFENSE NATIONAL DEFENSE p so k I COUNCIL OP ECONOMiC AOVSSERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND WIDGET Billions of dollars utlays Receij3tS Nationali defense Period Fiscal year Total Individual Corporation income income taxes taxes Other Total Transition quarter l Cumulative total July August July August G sa i Estimates from the Mid Session Meview of the Budget July Total Health Depart Internaand Intional income terest Other ment of affairs security Defense military a i 2 0 ai Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS Federal receipts rose 8 1 billion annual rate in the second quarter and expenditures fell 1 6 billion yielding a deficit of 54 1 billion According to preliminary estimates expenditures rose 11 8 billion in the third quarter receipts data are incomplete BILLIONS OF DOLLARS BilUONS OF DOLLARS 440 SURPLUS HU ll ESS PKW l J 23 j I K l i I ii I i n 1 i i DEFICIT i i CALENDAR YEARS SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates I ederal Jovernm ent expe oditures Federal CJovernm ent receip ts Period Indirect Personal Corpo business rate tax and profits tax and Total nontax nontax tax receipts accruals accruals Surplus or GrantsSubsidies Less deficit ContriPurin aid Wage less chases Trans to State Net butions current accruals national for Total of goods fer pay and interest surplus of less income social inand ments local paid Govern disand surance governservices ment en burse product ments terprises ments accounts Fiscal year Calendar year I 316 5 Il III I II III IV Preliminary based largely on data not seasonally adjusted 2 Estimates based on Mid Session Review of the Budget July 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 unadjusted Iiidustrial produc tion sea sonally fidjustec1 Period United States IIIIV 1976 I ELIII July Aug Sept Canada Japan Italy United United King States dom GerFrance many Canada GerJapan France many Italy United Kingdom Sources National sources as reported by Department of Commerce Bureau of Economic Analysis in Business Conditions Digest U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merck andise e sports Merc landise imports Domestic3 exports Gen eral imp orts 3 Period Total domestic and foreign Total i 2 exports Food Crude bever mate ManufacTotal 2 rials ages tured and to and bacco fuels goods F a s valu e Monthly average Custom s value Sept Oct Nov Dec Jan 8 800 Feb 8 956 Mar 9 394 Apr May June July Aug 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 4 C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates Food Crude bever mate Manu Total facages rials c i f tured value 4 and to and goods bacco fuels Mer 3handise trade balance Exports Ex f a s ports Exports less f a s f a s less less ports im imports c i f cus ports toms f a s value F a s value F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Note Data for 1975 are as revised in July except detail for general imports not yet available Souree Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the second quarter the balance on current account was in surplus by 0 7 billion compared with a deficit of 0 1 billion in the first quarter mainly because of a narrowing of the merchandise trade deficit BILLIONS OF DOLLARS 6 BILUONS OF DOLLARS 6 BALANCE ON GOODS AND SERVICES BALANCE ON CURRENT ACCOUNT SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Merehandise Period Exports Imports Net balance Direct expenditures II III IV II Sales Net balance Private 3 U S Government Net travel Other and trans servporta ices 3 tion net expenditures Balance on goods and services Excludes military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services net 36 Netiiivestment income Milit iry transactions RemitBaltances penance sions on curand other rent uniaclateral count transfers Source Department of Commerce Bureau of Economic Analysis S INTERNATIONAL TRANSACTIONS Continued In the second quarter U S assets abroad capital outflow increased 8 8 billion 1 2 billion less than in the First quarter Foreign assets in the United States capital inflow rose 7 2 billion 1 8 billion more than in the first quarter Net inflows from unrecorded transactions statistical discrepancy were 1 0 billion significantly less than in the first quarter BILLIONS OF DOLLARS 1 15 BILLIONS OF DOLLARS 15 SEASONALLY ADJUSTED 10 CHANGE IN FOREIGN ASSETS IN THE U S NET A 10 i L L 1 L t f J COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted except as noted IT 65 assets abroad n et incresise eapital outflow Period Total TJJ3 official reserve assets l Other U S U S Govern private ment assets assets Forei pi assets in the U S net incr 3ase eapit al inflow Total AllocaForeign official tions of assets TVvfal special sum f Foreign drawing the Assets of private rights items SDR with sign foreign asset official Total changed reserve agencies II III IV I II Consists of gold special drawing rights SDR convertible currencies and the U S gold tranche position in the IMF Statistical discre pancy U S official reserve Of assets which net 1 Seasonal unadadjust justed end of ment discrep period ancy 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 375 DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business 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 M FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports M U S International Transactions For sale by the Superintendent of Documents XJ S Government Printing Office Washington D C 20402 Price 86 cents single copy Subscription price 10 10 per year 2 66 additional for foreign mailing 38

National Income

DATE: October 1976

PART OF:

Economic Indicators : October 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-. "National 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-. "October 1976," Economic Indicators (October 1976) : 6-6. https://fraser.stlouisfed.org/title/1/item/206/toc/354974 , accessed on December 15, 2019.

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Economic Data